Never miss an update

NIKE FLIGHT 38 AIR 29990 FLIGHT 89 Size 38 (6Y) a318405

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Couleur: Rose
Marque: Nike Numéro de pièce fabricant: 555629-600
Matière: Daim Pointure: 38
EAN: Non applicable
Never miss an update

NIKE FLIGHT 38 AIR 29990 FLIGHT 89 Size 38 (6Y) a318405 -

    NIKE FLIGHT 38 AIR 29990 FLIGHT 89 Size 38 (6Y) a318405
    NIKE FLIGHT 38 AIR 29990 FLIGHT 89 Size 38 (6Y) a318405
    Nike Roshe One Mens 511881-023 Wolf Grey White Mesh Running Shoes Size 10.5 , Nike Arrowz SE Mens 916772-401 Obsidian Blue White Knit Running Shoes Size 9.5Nike Arrowz SE Mens 916772-401 Obsidian Blue White Knit Running Shoes Size 10ALDO Men's MX.0 Sneaker Light Grey Textile SneakersAdidas N-5923 Mens CQ2337 Black White Grey One Textile Running Shoes Size 8Adidas HotStreak Mid Black/White-Metallic Silver G21687 Men's , Nike Arrowz SE Mens 916772-401 Obsidian Blue White Knit Running Shoes Size 8.5 , Nike Arrowz SE Mens 916772-401 Obsidian Blue White Knit Running Shoes Size 12 , Nunn Bush Men's Galloway Chukka Boot Dark Brown Suede , Gentleman/Lady Nike Free RN Black/White-Anthracite 831508-001 Men's Clearance price Primary quality Known for its excellent quality , Skechers Men's Energy After Burn Sneaker Black Leather (BLK)Nike Arrowz SE Mens 916772-401 Obsidian Blue White Knit Running Shoes Size 8Vans Authentic Checkerboard Sz 8.5 blue/White/Gum 100% AUTHENTICGentlemen/Ladies New Balance MRL247 Adequate supply and timely delivery excellent British temperamentSkechers Men's Sparta 2.0 TR Training Shoe Gray/Orange , Jordan Trunner LX PR HC GS Men's Casual Shoes Black/Green 897997 030 Sz4-9 K , Nike Eric Koston 2 Max Light Crimson/Black-Base Grey 631047-600 Men's , Nike Kaishi 2.0 SE Mens 844838-009 Black Anthracite Running Shoes Size 7.5Nike Stefan Janoski Mid Warmth Black/Gym Red-Gum Medium Brown 685276-062Diadora N-92 WNT Mens 170943-C6663 Dark Blue Water Grey Running Shoes Size 9Gentlemen/Ladies PUMA Basket Men's Winetasting 36132404 Elegant shape Stylish and fun best seller , Nike Roshe One Mens AJ0068-200 Olive Black Sequoia Mesh Running Shoes Size 9Nike Zoom Strike Mens AJ0189-010 Black Lightweight Mesh Running Shoes Size 8.5 , Adidas SL Loop CT Mens Q16409 St Nomad Yellow Grey Black Running Shoes Size 10.5 , Nunn Bush Men's Linwood Plain Toe Derby Shoe Camel Suede Oxfords , Nike Zoom Strike Mens AJ0189-007 Platinum Equator Blue Running Shoes Size 10 , Men's/Women's New Balance 247 sport Good design real Direct businessNike SB Zoom Stefan Janoski Mens 333824-311 Jungle Green Skate Shoes Size 8 , Nike Air Zoom Pegasus 31 Hot Lava/Black-White-Bright Crimson 652925-803 SZ 7 ,
    NIKE FLIGHT 38 AIR 29990 FLIGHT 89 Size 38 (6Y) a318405 ->NIKE FLIGHT 38 AIR 29990 FLIGHT 89 Size 38 (6Y) a318405 -
    Women's Steve Madden "Overt" Black Leather Over the Knee Boots Size 7.5 M 1055 , ASICS MAN FREE TIME CASUAL SNEAKER SHOES LEATHER CODE HL7X0 GEL-PTG , Nike Wmns Lunarepic Flyknit Shield Water-Repellent Black Silver Women 849665-001Mr/Ms Christian Louboutin Classic Size 37 1/2 High quality and cheap discount price Shopping promotion , INC International Concepts Anton Platform Classic Pumps 676, Gray, 8.5 US , Bucketfeet Pineappleade Navy Slip On Canvas Wns 6Sanita Women's Smart Step Simone Work Shoe - Choose SZ/Color , NEW CHLOE LAUREN ESPADRILLE SIZE 42 IT (12 US) , Women Pull On Patent Leather Pearl Fringe Low Block Heel Spike Loafers Shoes New , Car Shoe By Prada Brown Leather Buckled Kitten Heels 39.5/US9.5~RTL$650Womens Pointed Toe leather Mules Slides Sandals Low Heels Casual Shoes Party , Gentlemen/Ladies Puma Mens Court Star Clean Sneakers for you to choose stable quality Exquisite (processing) processingNike Lunar Legend 7 Pro TF Men's Soccer Cleats NEW! Sz 9DS 2005 NEW BALANCE M574J JNJ JET GRAY m574 Japan Exclusive SZ12 , Nike Air Jordan XX9 Low 29 Black Infrared Wolf Grey Cement (828051-003) Sz 14 , Air Jordan 3 Retro OG Shoe Mens sneakers 854262-001 , Adidas PW Human Race NMD Trail Sun Glow AC7188 Size 13 , Rocky Men's Iron Clad Six in Steel Toe Work Boot - Choose SZ/ColorROCKY LYNX WATERPROOF SNAKE SIDE-ZIP BOOTS 7379 - ALL SIZES - NEW , Bugatchi Men's Portofino Chukka Boot, Indaco, 10 M USSteve Harvey "Madrid" Tan Brown Faux Leather Moc Toe Walking Loafer 12Stacy Adams Mens Brown Leather Snakeskin Shoes Buckle Double Strap Cap Toe sz 7Berluti Palermo Playtime Mens High Top Sneaker , Women Adidas B49557 marathon 10 TR Running shoes black grey white sneakers , PUMA Womens Ignite Dual Disc Wns Running Shoe- Pick SZ/Color.(912928-600) WOMEN'S NIKE AIR PRESTO SE SILT RED/PARTICLE PINK/BLACKNike Air Max 97 SE Womens AQ4137-200 Parachute Beige Running Shoes Size 11 , Bottes CJBIS CHARLES JOURDAN Tout Cuir Noir Mollet Fin 38,5 TRES BON ETAT , New Womens Winter Fashion Pointy Toe Tassel Block High Heels Chic Ankle Boots , Sergio Rossi Black Leather Pointed Toe Heels Mid Calf Boots SZ 38.5 Worn 1 time ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE FLIGHT 38 AIR 29990 FLIGHT 89 Size 38 (6Y) a318405 -

    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 FLIGHT 38 AIR 29990 FLIGHT 89 Size 38 (6Y) a318405 -

    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 FLIGHT 38 AIR 29990 FLIGHT 89 Size 38 (6Y) a318405
    Athletic Shoes