Never miss an update

New NIKE ZOOM New REVIS Wolf Grey Sz 555776 010 Sz 555776 8.5 9b47427

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
Brand: Nike
Style: Athletic Sneakers US Shoe Size (Men's): 8.5
Never miss an update

New NIKE ZOOM New REVIS Wolf Grey Sz 555776 010 Sz 555776 8.5 9b47427 -

    New NIKE ZOOM New REVIS Wolf Grey Sz 555776 010 Sz 555776 8.5 9b47427
    New NIKE ZOOM New REVIS Wolf Grey Sz 555776 010 Sz 555776 8.5 9b47427
    VANS Mens Ferris Low Leather Buck Skater Shoes Plimsolls Brown White TrainersAdidas Originals Tubular Radial Mens Premium Classic Casual Retro Running TraineNew Balance 880v6 Mens Running Shoe, Blue, 12 D USASICS GEL LYTE III 3 SZ 10.5 PATENT LEATHER INDIA INK H7H1L 5858Mens Nike Air Flight Huarache Ultra 880856-001 Black/Black Brand New Size 9.5CONVERSE CHUCK TAYLOR ALL STAR 70 HI SZ 8 BLACK EGRET 1970 CORDUROY 153985C , Asics Tiger Ally Agave Green/Agave Green D701L 8181 Men's SZ 9.5 , Nike Jordan Why Not Zero 1 AA2510-800 Westbrook Orange Pulse Cotton Shot Sz 13 , NEW adidas D Rose - Maroon Basketball Shoes (Men's 15)NIKE AIR JORDAN RETRO 1 JOKER BUZZ LIGHTYEAR SEAHAWKS LAKERS SIZE 11.5 AUTHENTIC , Adidas Originals Court Vantage Mens Leather Trainers shoes - S76209 Navy , ROCKPORT WORLD TOUR BROWN LEATHER COMFORT WALKING SHOES MEN WIDE 12/ 11.5 / 46.5New Balance Men's Fresh Foam Lazr Sport Shoes Black with Black , Nike Meadow Premium White/White 312754-111 Men's SZ 10 , Adidas Orginal Superstar Scarlet Red/White Mens D69299 Us Size 13.5 , Puma Sky II 2 Hi Patent Emboss Puma White 362032 04 Men's SZ 11 , Puma Men Shoes Tx-3 Navy Blue and Cream Color with Metallic Grey Puma Strip , Converse CHUCK TAYLOR ALL STAR PRO HI SKATE SHOES SIZE 11.5 BATTLE BORN NV FLAGNew Balance Men's 574 Beaded Shoes Black with Red , SAUCONY ORIGINALS GRID 8500 HT BROWN BURNISHED PACK MENS SNEAKERS S70390-2 , Nike Jordan J23 Men's Jordan’s Basketball Shoes Style 854557-001 Size 11 BlackSALE! NIB Men's NIKE Air Alvord 10 Trail Running Shoes D & 4E Wide SCRAM 510 412 , Nike BLAZER SB PREMIUM SE Black Metallic Dark Grey Sequoia (D) (579) Men's ShoesAIR JORDAN SUPERFLY 4 PO SZ 11.5 BLACK GYM RED WHITE INFRARED 819163 002 , Nike Jordan Flight Flex Trainer 2 Cross Training Mens Shoes Black 768911-112 , New Balance 373 V1 Modern Classics Mens Burgundy Grey Suede & Mesh Trainers , Nike Flex 2017 RN Men's Size 8.5 Gray Platinum Black Running Shoes 898457 002 , Nike Men's Air Max 1 Ultra 2.0 Essential Ankle-High Running Shoe , ASICS GEL LYTE III SZ 10 BLACK WHITE PURPLE VIOLET ILLUSION PACK H425N 9001
    New NIKE ZOOM New REVIS Wolf Grey Sz 555776 010 Sz 555776 8.5 9b47427 ->New NIKE ZOOM New REVIS Wolf Grey Sz 555776 010 Sz 555776 8.5 9b47427 -
    Cougar MAPLE CREEK Black Waterproof Boots 8483 Woman's Size 6 M NEW!La Canadienne Womens Harlie Knee-High Casual Riding Equestrian Waterproof BootsNIB $239 Lucky Brand Riddick Round Toe Leather Over the Knee Boot New Genuine90s Vintage Dr Martens Oxblood boots US 6 cherry red shoe 8-eye doc 1460 ben uk4 , New Chic Womens Dragon Embroidery Knee High Boots Bowknot Toe Rhinestones CowboyGentleman/Lady Under Armour Speedform Apollo Twist Excellent value a wide range of products Extreme speed logistics , OLD GRINGO ELINA WESTERN CHOCOLATE us $550Womens Tecnica Moon Boot W.E Monaco Low WP Winter Snow Rain Calf BootIvanka Trump Dritz Strappy Pumps 516, Light Natural Patent, 8.5 USMiss Sixty Heter Court Shoes High Heels Sandals Shoes Shoe Wedge Heel 37Womens Fashion Sweet Flowers Round Toe Pumps High Heels Mules Sandals Prom Shoes , NEW Vionic Perk Blakely Slingback Peep Toe Heel WOMENS 9 Natural Snake $150. , NWOB $840 FENDI BROWN PATENT LEATHER HEELS W BUCKLE SZ 39.5 (9, 9.5 US) , $129 New MISS SIXTY ASTRID Yellow White Leather Designer Flat Sandals 9Skechers Women's Reggae - Moon Rock Double Buckle Slide Sandal,Adidas Adizero Javelin Track & Field Shoes Spikes Solar Red Rio SZ ( BB4099 )Merrell Cabelas Brown Leather Moc Comfort & Walking Shoe Size 12Nike Air Zoom Mariah Flyknit Racer Men's Running Shoes Deep Burgundy 918264-600New Asics Men's H6B0N.2390 GEL-Lyte One Eighty Red Running Shoe Size US 14 , VANS CLASSIC SLIP-ON CHECKERBOARD VN0A38F7QCO FRAPPE/WHITE MEN SZ 7.5 (WOMEN 9)$140 Nike Lunarepic Low FK 2 X-Plore White Black 904742-100 Men's Shoes Size 10 , Nike Hyperfeel Koston 3 XT Skateboarding Shoe Size 8.5 (860627-008) WORN ONCE1805 adidas ORIGINALS X_PLR Men's Training Running Shoes CQ2408 , Men's Brand New Air VaporMax Plus "Game Royal" Fashion Sneakers [924453 403]Nike Zoom KEVIN DURANT KD VI 6 SUPREME DC PREHEAT GREY GREEN PINK BLUE WHITE 9 , tops mens slip on casual driving shoes loafers comfort lazy slippers Flats Shoes , Puma Driving Sneakers Shoes Sz 6.5 Women White Leather J3A , FRYE Vintage Western Cowboy Cowgirl Boots Leather Size 6.5 B Brown RedCowboy Riding Boots Size 8.5 M Oil Resist Brown Black J Toe Heel Cat Paw WomensNew Size 7 Dr. Martens Women's Newton Super Soft DF Fashion Boot ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New NIKE ZOOM New REVIS Wolf Grey Sz 555776 010 Sz 555776 8.5 9b47427 -

    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.

    New NIKE ZOOM New REVIS Wolf Grey Sz 555776 010 Sz 555776 8.5 9b47427 -

    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
    New NIKE ZOOM New REVIS Wolf Grey Sz 555776 010 Sz 555776 8.5 9b47427
    Athletic Shoes