Never miss an update

Nike Air Zoom Pegasus 33 Trainers 33 Mens Running Air Trainers 831352 Sneakers Shoes 001 ace4a73

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
Style: Running Shoes
Sole: Rubber Product Line: Nike Air
Main Colour: black white anthracite 001 Product ID: 831352-001
Brand: Nike Upper Material: Textile
Lining: Textile MPN: 831352-001
Never miss an update

Nike Air Zoom Pegasus 33 Trainers 33 Mens Running Air Trainers 831352 Sneakers Shoes 001 ace4a73 -

    Nike Air Zoom Pegasus 33 Trainers 33 Mens Running Air Trainers 831352 Sneakers Shoes 001 ace4a73
    Nike Air Zoom Pegasus 33 Trainers 33 Mens Running Air Trainers 831352 Sneakers Shoes 001 ace4a73
    SZ 7.5 Nike Free Hypervenom Mid Black Dark Grey Men's Running 705496-001AIR JORDAN 2 RETRO LOW 832819 101nike flyknit rosherun mens running trainers 677243 001 sneakers shoes , Nike Free RN CMTR Commuter 2017 Black/Anthracite Lifestyle Running 880841-003 , Reebok Print Run Next [CN0420] Men Running Shoes Black/Flint Grey-White , Nike Men's LunarEpic Low FlyKnit 2 Running Shoe Style 863779-404Air Force 1 High Bday QS [573752-100] Sz 13Nike Lebron 5 Dunkman Size 10.5 ZoomNEW MEN'S NIKE JORDAN PHASE 23 TREK 535682-002 , {943806-005} MEN'S NIKE KYRIE 4 BASKETBALL SHOE BLACK/DARK GREY *NEW*Gentlemen/Ladies air max 95 Complete specification range comfortability TRUE , Nike Dunk High Rainbow Air Yeezy Force Jordan Roshe SB 8Men/Women Men’s LeBron 15 Low New Listing Modern and stylish fashion Preferential priceNEW Nike Air Jordan Men's SC-3 Shoes Black Red White 629877 009 Size 11 / 12 , Nike Air Jordan 1 Flyknit Bred size 11Reebok Alife Phase 1 Classic - White , WAY OF WADE 4 “ SCREW “ , BROOKS M AMPLITUDE MAN Safety Shoes Size 9EE US (Brand New) , NIKE SB LUNAR STEFAN JANOSKI QS CARGO Suede sneakers Mens US 11nike air jordan westbrook 0 mens hi top trainers 768934 405 sneakers shoes , Nike Mens OMADA 3 Black Grey Rowing Shoes Sz 7 803081-001 $225 , Nike Men Free Trainer V8 Shoes Training Navy Black Sneakers GYM Shoe AH9395-048 , Nike AIR JORDAN 10 RETRO X Size 11 BLACK GOLD CITY PACK NEW YORK NYC City , [B42406] Mens Adidas Crazy Explosive Primeknit Basketball Sneaker - Navy , Air Jordan 1 Retro High, OG Nouveau 'BHM' 836749-045 SZ 10.5Mizuno Wave Stream [J1GC181936] Men Running Shoes Black/Grey , Air Jordan Future Dark Grey Volt 3M Reflective SZ 10 [656503-025]Nike DUNK HIGH PREM FLASH SB Black Black-Clear 806333-001 (567) Men's ShoesNIKE AIR JORDAN RETRO 1 HIGH STRAP DARK GREY PURE PLATINUM 342132 005 SZ 10.5 ,
    Nike Air Zoom Pegasus 33 Trainers 33 Mens Running Air Trainers 831352 Sneakers Shoes 001 ace4a73 ->Nike Air Zoom Pegasus 33 Trainers 33 Mens Running Air Trainers 831352 Sneakers Shoes 001 ace4a73 -
    Womens Barbour Latimer Elastic Leather Quilted Winter Chelsea Boots US 4.5-9.5Casadei Black Leather Biker Motorcycle Boots Sz 10M NWB , Alberto Fermani Women's Brown Side Zipper Boots 6710* Sz 40 EUR , Billionaire Couture Men's Maroon Suede Driver Moccasins Shoes with Logo Clamp , New Balance M999CBL D Made in USA Blue Navy Men Running Shoes Sneakers M999CBLDASICS ONITSUKA TIGER Tokidoki Lunetta LE pink white womens vegan flats shoesASH OPHELIA Stone Studded Leather Designer Platform Ankle Sandals 8 , Man/Woman BCBGeneration Women's Harmony Pump Reliable quality the most economical List of explosions , $219 NEW J. Crew sz 5 Evelyn Block Heel Embossed Leather Suede Pump Red MaroonMan/Woman Intentionally Blank Women's Fran in White Online Shopping Trendy Elegant and solemnMaltese Dog Christmas Print Running Shoes For Women-Free ShippingNWOB Men's Skechers Equalizer 2. 0 Arlor Oxford Shoes 51539/BLK Size us 11.5-M , Adidas RG3 III Boost Trainer White (Size 11.5)DC Shoes Mens Trase Tx Le Skateboarding Shoe 7.5 D US- Pick SZ/Color. , MEN'S ASICS GEL NIMBUS 20 SIZE 7.5 !WORN AROUND 15 MILES!RUNNING! NO INSOLES!! , Adidas Lucas Premier Mid Shoes Black White , NIKE AIR MAX 1 CREPE 2010 OG PREMIUM patta 90 beast safari off white supreme 97Caroliona CA3526 6" Waterproof Steel Toe Work Boots Exc. Cond. With Box 9 1/2 DBogs Men's Turf Stomper Insulated Work Boot , Cool Barca FC Men's Low Top Shoes , Caterpillar Men's CONCLUDE STEEL TOE Leather Black Leather Shoes P90098ZOTA Unique Men's Brogue Solid Plain Toe Leather Formal Oxford Shoes Brown , Florsheim Men's Gallo Black Leather Dress Wing Oxford 13193-001KENNETH COLE NEW YORK SHORE-FOOTED MEN'S DRESS SHOES COGNAC, US; 8M , New Balance M1260v6 Running Shoes, Women's Size 9 D, Blue , Nike Pre-Love O.X. Women's Shoe YELLOW OCHRE BLACK AO3166-700 vintage retro , Custom Aztec Nike Womens Roshe RunsPROPET Faux Fur Collar Insulated Winter Snow Boots Womens Size 8 Wide Thinsulate , Free People Women Daydreamer Heels Open Toe Brown Leather Ankle Wrap Boots Sz 37Vintage Gold Leather Durango Boots Twisted size 5.5 NIB made in Brazil ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Zoom Pegasus 33 Trainers 33 Mens Running Air Trainers 831352 Sneakers Shoes 001 ace4a73 -

    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 Zoom Pegasus 33 Trainers 33 Mens Running Air Trainers 831352 Sneakers Shoes 001 ace4a73 -

    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 Zoom Pegasus 33 Trainers 33 Mens Running Air Trainers 831352 Sneakers Shoes 001 ace4a73
    Athletic Shoes