Never miss an update

Nike Air Humara 17 Grey ACG mogochinese-29924 Black 17 Varsity Maize Wolf Grey SZ 8.5 ( AJ1102-001 ) e630085

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
Color: Multi-Color Style: Athletic Sneakers
Shade: Black / Varsity Maize / Wolf Grey US Shoe Size (Men's): 8.5
Never miss an update

Nike Air Humara 17 Grey ACG mogochinese-29924 Black 17 Varsity Maize Wolf Grey SZ 8.5 ( AJ1102-001 ) e630085 -

    Nike Air Humara 17 Grey ACG mogochinese-29924 Black 17 Varsity Maize Wolf Grey SZ 8.5 ( AJ1102-001 ) e630085
    Nike Air Humara 17 Grey ACG mogochinese-29924 Black 17 Varsity Maize Wolf Grey SZ 8.5 ( AJ1102-001 ) e630085
    NIKE Hyperdunk 2017 White Pink Kay Yow Basketball Shoes Sneakers NEW Mens Sz 8 , Gentleman/Lady Asics Gel- Respector Running Men's Shoes wholesale Quality and quantity guaranteed A balance between toughness and hardness , Nike Zoom All Out Flyknit - Size 10.5 - Ocean Fog/White-Work Blue - 844134-402 , New Nike Air Jordan Eclipse Chukka Sequoia Black Green Shoes 881453 300 - Size 9 , Merrell Men's Capra Bolt Waterproof Mid-Top Hiking Shoes Suede Hiker Boots NEWNEW MEN'S 10.5 NEW BALANCE 533 V2 NUMERIC PJ STRATFORD SKATE SHOES WHITE & GOLD , Kobe XI 11 Low Sunset Black Crimson Astroid Basketball Shoes 836183-805 Size 13 , Nike x J.Crew Killshot 2 - New in Box - Mens Shoe Size 10.5adidas Tubular Shadow Knit Mens in Brown, 11 , [CQ1771] Mens Adidas Leistung.16 II - Weightlifting Shoe Size 10 - Fast ShipNEW Nike Mercurial Vapor XI SG-PRO Soccer Cleats 831941 303 Green Size 9 / 12RARE ROYAL ELASTICS PENTOR MENS SHOE US SIZE 11 , Nike Men's Air Griffey Max II NEW AUTHENTIC White/Black/Hyper Jade 442171-101 , Asics men's gel nimbus 19 running shoes black safety yellow silver size 9.5 us , UNDER ARMOUR MICRO G ANATOMIX ANOMALY MEN'S BASKETBALL SHOES SIZE 10.5Men's Nike Air Max 95 Dave White Fox Cayenne Limited Rabbit 872640 600 Size 4 , Nike Kobe XI total crimson/ black hyper-violet-university 836183-805 sz 11 , NIKE AIR JORDAN SPIZIKE OG 2017 SZ 8.5 BLACK VARSITY RED CEMENT GREY 315371-034 , WORN 1X Nike LeBron 11 XI South Beach Sport Turquoise Mint 616175-330 Sz 11.5 , nike womens free RN flyknit running trainers 831070 801 sneakers shoesADIDAS ORIGINALS INIKI RUNNER I-5923 BY9729 Size 11, 11.5 or 12 US , RARE!! New Saucony TRIUMPH 11 US SIZE 8.5 RUNNING SHOESNIKE AIR MAX 90 ULTRA 2.0 FLYKNIT ID (914123-992) WHITE-GREY-PINK MNS. SZ.9.5 , NIKE AIR HUARACHE OG [318429 137] NO LUNAR VAPOR PLUS ZERO RACER TRAINER MAX (8) , Nike Vandal High Premium "John Elliott" Sail White AH7171-101 Size 6-12Nike Kobe AD Basketball Shoes Light Bone Pale Grey White ( 852425-011 ) Size 10 , ASICS GEL - Kayano 22 Lite-Show - Grey - Mens , New 14 adidas Derrick ROSE 4 MICHIGAN AVE Night Blue White Purple 4.0 D 773 3.5*NEW* Brooks Ghost 9 Mens Lightweight Running Shoe (D) (404)
    Nike Air Humara 17 Grey ACG mogochinese-29924 Black 17 Varsity Maize Wolf Grey SZ 8.5 ( AJ1102-001 ) e630085 ->Nike Air Humara 17 Grey ACG mogochinese-29924 Black 17 Varsity Maize Wolf Grey SZ 8.5 ( AJ1102-001 ) e630085 -
    Salvatore Ferragamo "Cordelia" Felt Riding/Rain boots Size 9.Excellent condition , Hades Footwear Alternative Ankle Booties DAIRE (Black)New Balance Mens MX624AB4 Black Non Safety Shoe, US11Geox D Maedrys A, Womens Low-Top Sneakers, Beige Skinc8182, 3 EU , Fred de la Bretoniere Womens Espadrilles Espadrilles White Ice White Size 5 , NIB SAS COMFORT Siesta Bone Leather Walking Oxford Shoe Womens 7.5 7 1/2 S AAAEileen Fisher Gatwick Earth Suede Slingback Pump , Women's Dance Shoes Platform Block Heels Ankle Strap 20/18CM High Heels SandalsSalvatore Ferragamo Fioretta 1Brown Leather Pumps, Size 9 , Women's Pointy Toe Chunky Block Heel Real Leather Rivets Hollow Out Shoes Zip , Gentlemen/Ladies Dyeables Womens Minka online sale Quality First Beautiful and charmingBearpaw Women's Jean Thong Sandal Red Faux Leather SandalsIRO Leather Sandals 40US JILOR White Flat Gold Buckle Black Sole NIBAdidas Climachill Rocket Boost Running Shoes F32498 Runner Training SneakersNike Lunarepic Flyknit Men's Running Shoe Size 12 Black/White 818676-007 , NEW Brooks Pure Flow Pureflow 5 Men's Running Shoes - Red/Black - Sz 8 , Air Jordan 1 ath Low White/Black 338145 102 Size 12.5DEMONIA DEFIANT-100 - 1" Platform - Goth Military Combat Boot - Black - Size 7 , Nike Air Jordan one 1 "top 3" gold complexcon x union SZ 9.5 Alaeli DS bredNew in Box Tin Haul Mens Lightning Lucy Square Toe Boots Size 10.5 D $ 335 , men's shoes ROCONI 11,5 () elegant dark brown patent leather AG297-M*Authentic* K Swiss Court Cheswick Mens Casual Training Shoes (D) (002)ZANZARA Men's Monet Oxford, Cognac, 8.5 M USNew Balance Womens 5000v3 Track Spike Running Shoe- Pick SZ/Color. , Mr/Ms Reebok Furylite Graphic Classic Women's Shoes Practical and economical Preferred material Full range of specificationsHOKA ONE ONE CLIFTON 4 CHERRIES JUBILEE/PURPLE PASSION WOMEN'S SHOES SIZE US 9 , Nike Air Max 97 UL 17 Premium Women Size 12 Men Size 10.5 AO2325-001Womens Pointed Toe Mid Calf Heeled Fur Leopard Print Ankle Pull On Boots Shoes , ANNE KLEIN "AKABAZILLE" WOMEN'S BLACK ZIPPER LEATHER KNEE HIGH BOOTS SIZE 7M , The North Face Women’s Thermoball Metro Shorty Boots Waterproof Gray Size 6 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Humara 17 Grey ACG mogochinese-29924 Black 17 Varsity Maize Wolf Grey SZ 8.5 ( AJ1102-001 ) e630085 -

    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 Air Humara 17 Grey ACG mogochinese-29924 Black 17 Varsity Maize Wolf Grey SZ 8.5 ( AJ1102-001 ) e630085 -

    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 Air Humara 17 Grey ACG mogochinese-29924 Black 17 Varsity Maize Wolf Grey SZ 8.5 ( AJ1102-001 ) e630085
    Athletic Shoes