Never miss an update

Nike NSW Men Air 23528 Presto Premium [848141-001] [848141-001] Men Casual Shoes Silver/Platinum-White 3f8e90a

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Nike
Style: Athletic MPN: 848141001
US Shoe Size (Men's): 4-18
Never miss an update

Nike NSW Men Air 23528 Presto Premium [848141-001] [848141-001] Men Casual Shoes Silver/Platinum-White 3f8e90a -

    Nike NSW Men Air 23528 Presto Premium [848141-001] [848141-001] Men Casual Shoes Silver/Platinum-White 3f8e90a
    Nike NSW Men Air 23528 Presto Premium [848141-001] [848141-001] Men Casual Shoes Silver/Platinum-White 3f8e90a
    Nike Air Zoom Structure 20 Black White Mens Running Shoes Sneakers 849576-003 , Nike Air Zoom Pegasus 35 [942851-400] Men Running Shoes Blue Orbit/CitronAdidas Originals Campus [BZ0082] Men Casual Shoes Tactile Green/WhiteAdidas Originals Swift Run [CQ2115] Men Casual Shoes Grey/Black-White , Asics Gel - Quantum 360 Sports Running Shoes : Carbon/White/SilverNIKE MENS RUN SWIFT BLACK HEMATITE GREY ANTHRACITE SHOES 2018 **FREE POST AUST , Nike Odyssey React Habanero Red White Men Running Shoes Sneakers AO9819-600Nike Air Max 1 Men's Shoes, Wolf Gray White Fashion Sneakers AH8145 003 , Mens Adidas LA Trainer - CM7181- Brown Trainers[bargain] Brooks Adrenaline GTS 14 Mens Running Shoes (D) (177) | RRP $230.00 , NIKE MENS ZOOM STRIKE THUNDER GREY CRIMSON BLACK SHOES 2018 **FREE POST AUST , Nike Epic React Flyknit Olive Green Matcha Men Running Shoes Sneakers AQ0067-300 , adidas Originals Continental 80 Pink Scarlet Navy Men Women Casual Shoes B41679 , Reebok Flexweave Run [CN1600] Men Running Shoes Black/Ash Grey , Adidas Harden B/E X [CG5982] Men Basketball Shoes James White/Black , adidas Originals Gazalle Red White Mens Vintage Shoes Classic Sneakers S76228 , Nike Air Max 1 Anniversary 2017 White University Red Grey Men's OG 908375-103Mizuno Wave Rider 21 [J1GC180302] Men Running Shoes Blue/White-Aqua-Red , ADIDAS MENS SKATEBOARDING BUSENITZ VULC BLACK WHITE 2 SHOES 2018 *FREE POST AUSTNike Zoom Pegasus 31 Flash [683676-006] Running Reflect Silver/Black-Red , New Balance MS574PCB D [MS574PCBD] Men Casual Shoes Black/Blue , Mizuno Wave Ultima 9 [J1GC170903] Men Running Shoes Black/White-RedNike PG 2.5 EP Paul George Moon Exploration Amarillo Yellow Men Shoes BQ8453-700Adidas Alphabounce 1 M [BW0540] Men Running Shoes Grey/White-Black , Mizuno Wave Rider 21 [J1GC180309] Men Running Shoes Black/Dark GreyAdidas Originals Superstar Foundation [B27140] Men Casual Shoes Black/WhiteUnder Armour Speedform Gemini 3 GR UA White Black Men Running Shoes 129853-5101Nike Air Max 90 EZ [AO1745-001] Men Casual Shoes Black/White , Adidas Alphabounce Beyond M [DB1124] Men Running Shoes Black/Ash Green ,
    Nike NSW Men Air 23528 Presto Premium [848141-001] [848141-001] Men Casual Shoes Silver/Platinum-White 3f8e90a ->Nike NSW Men Air 23528 Presto Premium [848141-001] [848141-001] Men Casual Shoes Silver/Platinum-White 3f8e90a -
    Joe's Jeans Women's Donovan Snow Boot, Vanilla, 8.5 M US , Women Genuine Leather Round Toe Side Zip Causal Worn Winter Ankle Boot Shoes NewWinter Punk Womens Buckle Metal Motorcycle Leather Combat Knee High Boots ShoesDOLCE & GABBANA Velour Fashion Ankle Boots Sz 9-9.5 US / 40 EU $850 NWOB. , VERO CUOIO Women's Black Back-zip Ancle Boots sz40 , Proenza Schouler Women's Black Suede And Leather Over-the-knee Boots Size 38/ 9Casual Genuine Leather Dress Boots Handmade Mens Formal Leather Shoes Wing Tip , BY259 MBT shoes black nabuk women ankle bootsNEW Cole Haan Signature Bayleen II Flats Sandals Nude size 6 $150 , Man/Woman Women's Vince Preston Woven Slip Ons Clearance price Skilled manufacturing Most practicalJ.Renee Womens Prattsi Pointed Toe Classic Pumps Taupe Size 8.0 5RV7CLARKS Womens Keesha Rosa Cap Toe Classic Pumps , Lauren Lorraine Pink Bedazzled Samantha Crystal Pointy Toe Heels Pumps Size 8New BIRKENSTOCK Boston 2018 - Sandals - Colour:Multi-attributeSummer Women Transparent Rhinstone Sandals High Heels Peep Toe Slingback SlipperEnval Soft Sandals 1278900 Womens Shoes Black Suede Made in Italy Comfort CasualRare Asics Cael V3.0 Wrestling Black SerpentASICS Men's Fuzetora Running Sneaker White/Mid Grey/Black Size 8.5 DAdidas NMD R2 PK PrimeKnit Shock Pink Core Black Gum Sole Size 9.5Puma RS-0 Running System - Black & White - Men's 7-11 , Steve Madden Men's Orlando Oxford - Choose SZ/colorNew PIERRE HARDY Canvas Multi-Colored Fashion Designer's Sneakers 43 US-10 , A.P.C CHUKKA BROWN LEATHER SHOES Size 43 / US 9,5 , KEEN UTILITY Men's 1006977 Atlanta Cool Black Steel Toe Waterproof Work Shoes , Lacoste Sport Men's Protect M SPM Leather Black/Orange 19SPM3071Z83 Brand New , ALDO Vtg Mens Wingtips Derby Oxfords 10-10.5 2-Tone Brown Leather Italy Sq Toe , Nike Dunk Low Black/Black 309324-002 Women's SZ 6 , KEEN Gypsum II waterproof leather boots midnight navy size 8.5 $150 , Helly Hansen Leather Hiking Boots Women's Size 7 Tan , Unisa Womens adivan Fabric Closed Toe Over Knee Fashion, Black fabric, Size 11.0
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike NSW Men Air 23528 Presto Premium [848141-001] [848141-001] Men Casual Shoes Silver/Platinum-White 3f8e90a -

    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 NSW Men Air 23528 Presto Premium [848141-001] [848141-001] Men Casual Shoes Silver/Platinum-White 3f8e90a -

    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 NSW Men Air 23528 Presto Premium [848141-001] [848141-001] Men Casual Shoes Silver/Platinum-White 3f8e90a
    Athletic Shoes