Never miss an update

NIKE Women's Women's LunarEpic Low Flyknit Running Running Shipping Shoes Sz 6.5 B Free Shipping Rare 3df5f27

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: Nike
Pattern: Geometric Style: Running Shoes
Features: Arch Support, Lace-Up, Lightweight US Shoe Size (Women's): US 6.5
EUR Shoe Size (Women's): EUR 37.5 Product Line: Nike Free
Country/Region of Manufacture: Vietnam Width: Medium (B, M)
Model: FLYKNIT UK Shoe Size (Women's): UK 4
Sub Style: Minimalist UPC: Does not apply
Never miss an update

NIKE Women's Women's LunarEpic Low Flyknit Running Running Shipping Shoes Sz 6.5 B Free Shipping Rare 3df5f27 -

    NIKE Women's Women's LunarEpic Low Flyknit Running Running Shipping Shoes Sz 6.5 B Free Shipping Rare 3df5f27
    NIKE Women's Women's LunarEpic Low Flyknit Running Running Shipping Shoes Sz 6.5 B Free Shipping Rare 3df5f27
    2017 WMNS Adidas Originals Swift Run W SZ 9.5 White Grey One Ice Mint CG4138Inov8 Womens F-Lite 250 Black Cross Training Shoes - Size 7 , Women's Beige & Blue Michael Jordan Tennis Shoes -- Size 8 1/2Man's/Woman's New Balance Women's Sneaker WL574KSE Practical and economical Good market Recommended today , Ecco Touch Sneaker Silver Metallic Women’s Size 41 US 10-10.5 MNEW Womens Sz 7 ADIDAS ClimaWarm Choleah B33138 Fox Brown Boots Sneakers Shoes , NIKE AIR ZOOM "VOMERO 11" RUNNING SHOES NEW WOMENS SIZE 8.5 PLATINUM 818100-002WMNS Nike Air Max 90 PRM Leather SZ 7.5 Black Dark Grey Ivory 904535-001Nike Woman's Air Max 1 Ultra Flyknit (859517 001) Size5.5 Black/Anthracite-WhiteGentleman/Lady Nike Internationalist Blue 6 economic Attractive fashion Elegant and stable packagingadidas Womens Pure Boost X Trainers Red unrestrictive arch support STRETCHWEB , NEW Women's Converse Chuck Taylor All Star Classic Shroud Hi Top Black SneakersNike Free Run Womens 2018 Wild Suede Sneakers Size 9.5 YellowLa Sportiva Womens Boulder X Approach Trail Running Shoes Size US 9 , New The North Face HedgeHog FastPack GTX Gore Tex Hiking Shoe 9.5 , ASICS Women's Gel 1150V Volley Ball Shoe, Black/Black/Silver, 9.5 M USNEW BALANCE Womens 'WX624' White Running Sneakers Sz 6 EEEE - 232244DS 2008 NIKE DUNK 6.0 WMN 8.5 SUPREME SB DENIM FORCE SKINNY LEOPARD VANDAL DENIMNike Duel Racer Womens Size 8 String Chrome White Beige Running Shoes 927243-201Women's Nike Air Huarache City Low Casual Shoes White/White/White AH6804 100New Balance WL515IFA B Turquoise Blue White Suede Women Running Shoes WL515IFABAdidas Samba W Tech Green/Vapour Steel BY2832 Women's , Mizuno Wave Rider 19 W Grey Green Black Women Running Shoes Sneakers J1GD16-0334 , ASICS Women's Gel-Kayano 23 Running Shoe, Shark/Aruba Blue/Aquarium, 7 M USNew Adidas Ultra Boost X women's Shoes Black NWOB , Women's Size 7.5 Nike Air Jordan 1 Retro High SOH Sunset Tint OG AO1847-645Women's Nike Air Max 1 Premium SC Guava Ice/Red Bronze AA0512 800 Size 6.5 AtmosWomen's Nike Classic Cortez Shoes White Black Size 8 807471 101 NIBNew Nike Womens LF1 Duck-Boot Air Force Shoes Boots AA0283-600 Particle Pink 7.5 ,
    NIKE Women's Women's LunarEpic Low Flyknit Running Running Shipping Shoes Sz 6.5 B Free Shipping Rare 3df5f27 ->NIKE Women's Women's LunarEpic Low Flyknit Running Running Shipping Shoes Sz 6.5 B Free Shipping Rare 3df5f27 -
    New in Box Danner Womens Mountain 600 4.5" Hiking Boot Sand Size 8 MSRP $179.95Women's NWOB FRYE Billy Harness Short Western Boots Burgundy Multi Sz 7.5B $425 , NEW WILDERNESS EQUIPMENT | Bush Gaiters - X Large Wilderness Equipment BotanexMan/Woman Hogan Rebel Sneakers H342 Reputation first Optimal price Various latest designsDansko Paisley Taupe Suede - Womens size 41 US 10.5 leather vibram shoes , NIB $190 JEFFREY CAMPBELL Kathlene Rhinestone Bow Black Suede Pumps Loafers 7.5 , Nine West MARY Ballet Flats Cognac Size 7.5 M New No BoxBally Pump Classic NOSA 9 M Black Patent Textured Leather Switzerland Slip On , PRADA Leather Classic Pumps Heel Chocolate Shoes Size 38.5 / 8 Made In ITALYbanana republic Samanda Heeled Sandal Sz 6 Black , PRADA SHOES size 39.5/ 9.5 US , womens ecco brown leather strappy sandals shoes size 40 , FitFlop Glitzie Embellished Slide Sandal - Women's Size 8 BlushNike 832764 Marxman University Leather Yeezy High Top Basketball Sneakers ShoesNike HypervenomX Phelon 3 DF IC Men’s Soccer Shoes 917768-002 Size 6.5 , Nike Dunk Low Size 10 Light Pink “When Pigs Fly” $90 RareNike AIR PENNY IV MENS 864018-101 MSRP:$160 size 8.5 ds no box top , Gentleman/Lady ALBANA NB GREY sell Selected materials Highly appreciated and widely trusted in and outAir Jordan 17+ retro Chicago SZ 10***PRICE REDUCED** , Nike Zoom KD 9 Battle Grey Dark Grey/Wolf Grey Men's Size 18 843392 002 Durant100% authentic Bape x Pharrell Roadsta Purple/Green 10.5 kanye camo nmdGentlemen/Ladies SKECHERS GO WALK 3 TASK TAUPE Special purchase Sufficient supply Breathable shoesRed Wing Mil-1 Congress Chelsea 9077 Leather Boot, Black Cherry, Sz 8.5Sandro Moscoloni Men’s Made In Spain Full Leather Black Dress Formal Shoes,Sz 13 , La Sportiva Women's Wildcat 3.0 Grey/Butter Trail-Running Shoes 6M , Women's Lucky Brand VIAH Slip On Sneakers Moroccan Blue Fisher Woven Size 9New Balance Women's 1400 SIREN Shoes NEW AUTHENTIC ARTIC BLUE WL1400SB , Camper K200573-001 Womens Edy - K200573Blue- Choose SZ/Color. , Huge Demonia 3.25" Monster Platform Black/White Studded Canvas Shoes Goth 6-11 , Womens Rivet Motorcycle Boots Booties Belt Buckle Studs Ankle Boots Shoes Sbox14
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE Women's Women's LunarEpic Low Flyknit Running Running Shipping Shoes Sz 6.5 B Free Shipping Rare 3df5f27 -

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    NIKE Women's Women's LunarEpic Low Flyknit Running Running Shipping Shoes Sz 6.5 B Free Shipping Rare 3df5f27 -

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.


    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?


    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    NIKE Women's Women's LunarEpic Low Flyknit Running Running Shipping Shoes Sz 6.5 B Free Shipping Rare 3df5f27
    Athletic Shoes