Never miss an update

Nike Men's Air Zoom Mariah Grey Shoe 29115 Flyknit Racer Pure Platinum/Dark Grey Running Shoe 661ecea

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
Width: D(M) Style: Running, Cross Training
Color: White MPN: 918264 011-0888411855651
Model: 918264 011 US Shoe Size (Men's): 9.5
colorname: Pure Platinum/Dark Grey UPC: 888411855651
Never miss an update

Nike Men's Air Zoom Mariah Grey Shoe 29115 Flyknit Racer Pure Platinum/Dark Grey Running Shoe 661ecea -

    Nike Men's Air Zoom Mariah Grey Shoe 29115 Flyknit Racer Pure Platinum/Dark Grey Running Shoe 661ecea
    Nike Men's Air Zoom Mariah Grey Shoe 29115 Flyknit Racer Pure Platinum/Dark Grey Running Shoe 661ecea
    Skechers Men's Go Run Ultra Road 2 Maximum Cushion Shoe - 2018Adidas B37912 Stan smith Running shoes navy sneakersNIKE Vandal High Supreme Satin BLUE US MENS Size 9 , Gentleman/Lady Adidas Mens NMD R1 Gold/Cardboard/White B79760 Fine workmanship Make full use of materials German Outlets , MEN'S SHOES SNEAKERS NIKE AIR VORTEX LEATHER [918206 003] , Nike Lab Internationalist Mid Royal Men's Size 8 Shoes Suede Black Tan 904337-00 , Adidas BasketBall Men's Hoops 2.0 MID Sneakers Size 7 to 13 us DB0106NEW NIKE MENS JORDAN AIR INCLINE BASKET BALL HI TOP SHOES , ADIDAS STAN SMITH WINTER MID US Sizes : 8.5; 9; 9.5; 10; , Gentlemen/Ladies MAN'S ADIDAS GAZELLE - BB5480 Many varieties special function Fashion versatile shoesNike Air Max 1 'Hawaii floral' GPX size 11Nike Air Jordan Retro 7's VII - Hare - Bugs Bunny - Size 9 , NEW adidas - Blue Basketball Shoes (Men's Multiple Sizes) , adidas Climawarm All Terrain Men's Running Shoes Black Fitness Walking BB6583 , Mizuno Wave Bolt 7 [V1GB186008] Women Volleyball Shoes White/Black , NEW MENS NIKE AIR MAX 93 OG DUSTY CACTUS RUNNING SHOES SIZE 10 306551-107 RETROMENS NIKE FREE RN FLYKNIT in colors BLACK / WHITE SIZE 10.5 , Nike SB Zoom Dunk Low Elite QS OSKI Black White Clear 877063 001 Size 8.5NIKE AIR FORCE 1 FOAMPOSITE CUP "LIGHT CARBON" AH6771-002 MENS SIZES , MEN'S SHOES SNEAKERS CONVERSE CHUCK TAYLOR AS HIGH STEET [149426C]MEN'S SHOES SNEAKERS MERRELL ANNEX RECRUIT [J95169]Asics Onitsuka Tiger Mexico 66 Tiger Corsair Sneakers Men's Women's SneakersMizuno Wave Mujin 4 G-TX Men's Gore-Tex Waterproof Trail Running Shoes Grey , NIKE AIR MAX 1 ANNIVERSARY WHITE AQUA GREY BLACK GREEN BLUE SZ 10 [908375 105] , Altra A1633-1-D Gent's Racing Red & White Running ShoeAsics Gel-Court Control Men's Court Shoe Cherry Tomato/White/Tourquoise R505Y...NEW Men's Nike Air Max Zero Shoes Sneakers Size: 6 Color: Gray/Black , Puma Flare Mesh [189028-04] Men Running Shoes Blue/White , Nike Zoom Meriwether ACG Foamposite Camo boots 616215 083 Mens AUTHENTIC! ,
    Nike Men's Air Zoom Mariah Grey Shoe 29115 Flyknit Racer Pure Platinum/Dark Grey Running Shoe 661ecea ->Nike Men's Air Zoom Mariah Grey Shoe 29115 Flyknit Racer Pure Platinum/Dark Grey Running Shoe 661ecea -
    Womens Suede Leather Tassels Over Knee High Riding Boots Rivet Cowboy Shoes SIZESeychelles Womens Renowned Ankle Boot, White Nubuck, Size 8.5Stuart Weitzman HITEST Over the Knee Stretch Suede Slate Grey 5050 Thigh 7 NEWEl Naturalista Women s N915 Pleasant Black Angkor Mocassins, Black Black N01 ,Nanette Lepore Dominik Espadrille Wedge Sandals 581, Dusty Pink, 6 USGIUSEPPE ZANOTTI women shoes Black patent leather stiletto sandal zip glitterNew Django & Juliette Paiges White Womens Shoes Casual Sandals Sandals FlatNIB Jimmy Choo WHIRL Snake Python Cap Toe Ballet Ballerina Flat Shoes 36.5 / 6.5PLEASER Sexy Stripper Dancer 7" Heel Rhinestone Studded Platform Black Shoes , Halston Heritage Karla Strappy Sandals 983, Gold, 6 US , Nike Air Max Prime Men's Running Shoes Black/Black-White 876068-001 , Men's Nike Lunarglide 8 (843725 600) Size 6 No BoxDIESEL D-String Plus hi-top sneakers zipper Sz USA men 12 new $177.00 Black blue , Diesel Exposure I Black White Denim Mens Hi TrainersAsics Men's Running Sneakers Gel-Kayano 24 Silver Black Mid Grey , Authentic Nike Roshe Run NM Flyknit Dark Grey Black White 677243 010 Men sz , size 10.0 Warriors BAIT x Asics Gel Lyte V Splash City Bay PackNike AIR MAX 1 PARRA 7 8 9 10 11 12 WHITE PURE PLATINUM am1 patta 87AUTHENTIC LUXURY PRADA SNEAKERS SHOES 4P2985 WHITE NEW US 10.5Mio Marino Mens Boat Shoes - Comfortable Fashion Sneakers - Black - Size US 1... , MOODA Men Oxfords Dress Leather Shoes Formal Brogues Casual Wing Tip Black BrownMan/Woman Skagen Signatur Watch Adequate supply and timely delivery Sales Italy unique , $200 Cole Haan Mens Warren Wingtip Oxford Shoes, British Tan, US 14 Wide , Propet TravelFit Bootie - Grey - Womens , Nine West Women's Fifth9X9 Pointed Toe Pump Natural Suede Heels , VIA SPIGA Size 8 M Brown Leather Platform Ankle Boot , Brand New Womens Highlander Cottontail Boots Size 6.5 Winter WhiteGB35 Oleesia Casual Ankle Boots, Black Synthetic, 9 US DisplayNew Womens Columbia "Aspen Ridge" -25°F -32°C Waterproof Winter Snow BootsSteve Madden Womens Goldie Block Heel Party Booties Shoes BHFO 5828 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Men's Air Zoom Mariah Grey Shoe 29115 Flyknit Racer Pure Platinum/Dark Grey Running Shoe 661ecea -

    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 Men's Air Zoom Mariah Grey Shoe 29115 Flyknit Racer Pure Platinum/Dark Grey Running Shoe 661ecea -

    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 Men's Air Zoom Mariah Grey Shoe 29115 Flyknit Racer Pure Platinum/Dark Grey Running Shoe 661ecea
    Athletic Shoes