Never miss an update

New Size Women's Flyknit Nike Lupinek Flyknit - Size 9 - Black/Anthracite Black/Anthracite - 862512-001 1cf19be

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
Heel Height: Flat (0 to 1/2 in.) US Shoe Size (Women's): 9
Color: Black/Anthracite Style: Athletic
Fastening: Lace Up Width: Medium (B, M)
UPC: Does not apply
Never miss an update

New Size Women's Flyknit Nike Lupinek Flyknit - Size 9 - Black/Anthracite Black/Anthracite - 862512-001 1cf19be -

    New Size Women's Flyknit Nike Lupinek Flyknit - Size 9 - Black/Anthracite Black/Anthracite - 862512-001 1cf19be
    New Size Women's Flyknit Nike Lupinek Flyknit - Size 9 - Black/Anthracite Black/Anthracite - 862512-001 1cf19be
    Custom Women's Nike Shoes Size 8.The shoes are New in the Box.Never use.Women's Merrell Eventyr Mid North Waterproof ZipOn Hiker Boot Black J01878 , NEW Tory Burch Lennon Laser Cut Sneakers Perforat White LEATHER Tennis Shoes 9.5WMNS NIKE AIR MAX 1 YOTH QS YEAR OF THE HORSE LIGHT BONE SZ 11W/9.5MW AIR MAX 97 UL '17 PRM LIGHT PUMICE/ANTHRACITE-FIBERGLASS AO2325-001 Sz 11.5HOKA ONE ONE TOR ULTRA HI WP WOMEN HIKING BOOT FOG GREEN US 10 /UK8.5 //3Nike Air VaporMax Flyknit 2 Particle Beige/Smokey Mauve Women's Shoes 942843-203Womens Nike Air Max 90 Hyperfuse Premium iD Gold White Gum SZ 9 ( 822580-997 )Joya Paris Black Women's US Size 8.5 (Euro 39.2) , Nike Flyknit Air Max 620659-406 HOT PUNCH/ALUMINIUM/Black Wmn Sz 8 , Womens Adidas NMD XR1 W Textile PK BB3686 Size 8Nike Air Max 98 White Reflective Silver Womens Size 10 Mens 8.5 New AH6799-103Isabel Marant Beige Suede High Top Wedge Sz 40/10 Women's Sneakers , ECCO Women's Cool GTX High Top Walking , BRAND NEW TORY BURCH SAWTOOTH LOGO SNEAKER SIZE 9 , Adidas NMD_R1 W Women Sun Glow Peach Pink White BY3034 Haze Coral Salmon BrightNEW Women's Air Max 270 Rust Pink Metallic Red Bronze Sail Rose BQ0969-600Mizuno Wave Creation 16 Womens Running Shoes Size 6 Black Pink MSRP $149 , Nike WMNS Free RN Motion Flyknit 2018 [942841-002] Women Running Shoes Black , Isabel Marant Green & Brown Suede "Beckett" High Top Sneakers SZ 37MAISON MARTIN MARGIELA 22 hi-top leather/suede METALLIC MESH sneakers 40/10 NIB , NIKE WMNS AIR MAX 95 LX AA1103 002 SMOKEY BLUE/PINK/TAN/OFF WHITE/GUM SOLE , Nike Air Jordan 1 Rebel XX OG Chicago AT4151 100 New Womens S Size 8.5 Sneakers , ECCO Sport Biom Hybrid Walk Women Shoes , Adidas Women NMD R2 PINK SIZE 6.0 EXCLUSIVESaucony Hurricane ISO 3, Women's Sizes 9.5-10 Medium, GRY/PNK/WHT, NEWNike Air Max Plus Women's Total Orange/White/Black | SE / JDI Pack 62201800Brand New WMNS Nike Shox Gravity Athletic Fashion Sneakers [AQ8554 100]HOGAN INTERACTIVE caramel leather sneakers athletic style shoes women’s size 8.5
    New Size Women's Flyknit Nike Lupinek Flyknit - Size 9 - Black/Anthracite Black/Anthracite - 862512-001 1cf19be ->New Size Women's Flyknit Nike Lupinek Flyknit - Size 9 - Black/Anthracite Black/Anthracite - 862512-001 1cf19be -
    Gentlemen/Ladies Chinese Laundry Women's Benita Winter Boot feature First batch of customers Direct businessSaucony Exodus GTX 5.0 Trail Running Shoe Gore-Tex Mens US 8.5Celine Logo Knee High Double Platform Leather Boots sz 40 Italy , NEW JEFFREY CAMPBELL ORWELL-HMT Harness Boot Natural , Man's/Woman's NEW Sandler Jersey Black Glove Boot main category High quality and economy Suitable for colorFranco Sarto Calesta Heeled Sandals, Tan Leather, 11 US / 41 EU , Ladies Clarks Open Toe Slip On Leather Mule Sandals The Style - Perri ReefSanita Barbie Bliss 41 Women's US 10 Red Croc Print Buckle Pumps $140 464206-3 , Cole Haan Resort Womans Heels Size 8.5 Brown Leather Oval Slides Made In BrazilMr/Ms miss l fire SUZIE MUSTARD 42 Practical and economical Optimal price Personalization trend , L.K. Bennett London Snakeskin White Leather High Heels Pumps /2 38 US 8 , Louboutin Patent Patent Nude So Kate size 38.5 120mm , pre-loved authentic FENDI size 37.5 peektoe PYTHON platform pumps $1800 , NIKE TANJUN 812654 011 BLACK/WHITE MENS US SZ 9.5NEW NEW SUPRA VAIDER BLACK BLACK RED SURF BMX SNOW SKATEBOARD SPORTS SHOES 14Man's/Woman's air jordan alternate 89 size 13 Excellent value modern Superb craftsmanshipMen's adidas I-5923 Runner Casual Shoes Core Black/Footwear White/Gum BY9727 BLKUNDER ARMOUR HOVR PHANTOM RUNNING MEN's BLACK - GHOST GREY - AFTERBURN AUTHENTICThe North Face Mens HedgeHog Fastpack GTX Hiking Shoes Taupe Green/Grey CDF8JX1 , Sanuk Vagabond Tripper - Men's Sidewalk Surfer 1018983 Brown - 9ALLEN EDMONDS Men Sz 10 1/2 B Mapleton Bicycle Toe Oxford Black Leather , Johnston & Murphy Men Cordovan Leather Captoe Ankle Boot Shoe Size 9 M Casual , BROOKS GLYCERIN 14 Aruba Blue Anthracite Purple Love running shoe . women’s 11$110 Nike Air Huarache Run Womens Size 6.5 Black Running Shoes 634835-012 , Adidas Originals Women's Superstar BW Slip-on Shoes Size 6 us BY9139 LAST PAIR , WMNS NIKELAB NIKE VAPORMAX FLYKNIT BE TRUE BETRUE RAINBOW LGBTQHOGAN WOMEN'S SHOES SUEDE TRAINERS SNEAKERS NEW H254 BEIGE FA6 , New Vanilla Moon Viola Bordo Leather Wedge Heel Ankle Boots sz 7.5 $200+ Classy!Womens stylish over the knee high Boots cuban high heels suede Buckle shoes NewFrye Womens Ilanashort Sand-76794 Cowboy, Western Boots Size 11 (426170)
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Size Women's Flyknit Nike Lupinek Flyknit - Size 9 - Black/Anthracite Black/Anthracite - 862512-001 1cf19be -

    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 Size Women's Flyknit Nike Lupinek Flyknit - Size 9 - Black/Anthracite Black/Anthracite - 862512-001 1cf19be -

    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 Size Women's Flyknit Nike Lupinek Flyknit - Size 9 - Black/Anthracite Black/Anthracite - 862512-001 1cf19be
    Athletic Shoes