Never miss an update


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: Basketball Shoes
Brand: Nike Width: Medium
Color: Multi-Color
Never miss an update

NIKE SZ KD 8 PURPLE BLACK GREEN ORANGE PURPLE 749375-013 Men's ORANGE SZ 10 10.5 9ea1f6d -

    NIKE SZ KD 8 PURPLE BLACK GREEN ORANGE PURPLE 749375-013 Men's ORANGE SZ 10 10.5 9ea1f6d
    NIKE SZ KD 8 PURPLE BLACK GREEN ORANGE PURPLE 749375-013 Men's ORANGE SZ 10 10.5 9ea1f6d
    NEW POINTER MEN'S SHOES SIZE US 10.5 , Reebok Men's Classic Nylon Arch Trainers Running Shoes BD3076 - White , nike hyperfr3sh mens mens hi top trainers 759996 603 sneakers shoesNike Hakata Mens Running Trainers Aj8879 Sneakers Shoes 001 , adidas ORIGINALS CLIMA COOL TRAINERS RETRO MEN'S BLACK RUNNING SHOES SNEAKERSNIKE AIR MAX 90 Ultra 2.0 Flyknit size US 10 authentic , Men 12 Nike Running Shoes Tanjun SE Casual Cargo Khaki 844887 303 , Nike Lupinek Flyknit Low Black & Anthracite Men SZ 8 - 13 , Vintage Nike Air Alpha Force Shoes Oaktown Oakland Raiders Edition. Size 11 RareMan's/Woman's Nike Air Max Size 15 fashion Order welcome The first batch of customers' comprehensive specifications , Adidas Originals Tubular Runner Womens Running Trainers B25089 Sneakers Shoes , Nike Zoom Fly Sz 13 Running Shoes Sequoia White 880848 301 NO BOX TOPAdidas Busenitz Remix pro range BY4099 mens trainers sneakers SAMPLEReebok Men's Classic Leather So Trainers Running Shoes BS5208 - Black/Red/Blue , nike mayfly mens running trainers 310703 411 sneakers shoes , Puma x Vashtie R698 NIB Mens Sz 13 Gold 358838-01adidas "White Mountain"ADV Sandal BB2742 Mens Trainers~Originals~to 12 OnlyGentlemen/Ladies Nike Men's Mamba Rage Basketball Shoe Crazy price excellent Great choice , Nike Roshe Tiempo VI FC 6 men lifestyle casual sneakers NEW black 852613-002Nike Cotez Flyknit Mens Trainer Shoe Size 8 9 10 11 Black White RRP /- , adidas top ten size 13 Gray In Box Regular Price , Nike Cortez Basic Leather SE -CHOOSE SIZE - 884412-001 Black Gold White QS RetroNIKE SB BLAZER VAPOR MENS SHOES TRAINERS UK SIZE 7.5 - 9 878365 011 , Nike PG 1 - SIZE 10 - NEW - 878627-044 Paul George Georgetown Navy Blue GreyMen/Women Adidas Zx Flux Nps Men's Shoes Every item described is available Strong value Rich on-time deliveryadidas Super Tobacco Spezial CG2926 Mens Trainers~Originals~3.5 to 7 ONLYAdidas Originals Los Angeles Men's Trainers LA Shoes BA8418 Grey / BlackSZ 14 Nike Men's Romaleos 3 Weightlifting Shoes White Black 852933 100 , Nike Air Zoom Mariah Flyknit Racer Grey White Running Sneaker 918264 009 NIB ,
    NIKE SZ KD 8 PURPLE BLACK GREEN ORANGE PURPLE 749375-013 Men's ORANGE SZ 10 10.5 9ea1f6d ->NIKE SZ KD 8 PURPLE BLACK GREEN ORANGE PURPLE 749375-013 Men's ORANGE SZ 10 10.5 9ea1f6d -
    Womens High Heel Stiletto Over Knee High Thigh Leather Boots Pointy Toe Casual , WOMEN'S JUSTIN L3112 Black Iguana Lizard ROPER WESTERN BOOTS size 6.5 B USADolce Vita Women's Black Vix Thigh High Boot Sz 7.5 2845 *New Element Men's Preston Leather Shoe Rubber Black , ADIDAS CHAUSSURE N-5923 - NVYWHT - 9.5 (4059322634390) , Men's/Women's New Balance Women's Wrl247gy economic Known for its good quality Vintage tide shoes , New Adidas Original STAN SMITH BOLD BLACK / WHITE CG3775 US W 5 - 10 TAKSE AU , Nike Wmns Rivah SE PRM Premium Metallic Silver White Women Shoes AO0796-001Les Tropziennes Snow, Womens Snow Boots, Blue Marine, 6.5 EUMen's/Women's Propet Twilight - Black - Womens Elegant appearance Attractive fashion Popular recommendationSJP by Sarah Jessica Parker Women's Gelsey Ballet Flat Black Suede SZ 38.5 $285 , Vionic Orthaheel CHILL LIVELY Woven Leather Moccasins Loafers BLACK 6 M NIBOccident Womens Genuine Real Leather Chunk Heel Square Toe Pearl Loafers Shoes , Womens Trendy Round Toe Stretchy Pull On Clear Block Mid Heels Sexy Ankle Boots , Cole Haan MARIELA AIR OT Peep Toe PUMP Black Patent Leather Women 8.5 9.5 MSRP , Zumba Zmoji Street Charge Shoes - Shocking Pink , Valentino Garavani Rockstud Rolling leather Sandals Heels IT38.5 UK5.5 NewNEW adidas Jumpstar Allround - Running, Cross Training (Men's Multiple Sizes)Nike Kobe A.D. Mens White Court Basketball Shoes Size 12.5 , NEW MEN'S ADIDAS ORIGINALS EQT SUPPORT ADV SHOES [CP8928] BLACK//BLACK-BLACK , Mr/Ms Air Jordan Retro 13 online sale Used in durability Caramel, gentle , To Boot New York Adam Derrick Cap toe Size 8.5M Men's Cognac Brown Dress ShoesNeuf CLARK'S hommes FILTON Park cuir brun eu 11/10.5Mens Pointy Toe Metal Toe Rhinestone Oxfords Loafer Dress Formal Wedding ShoesInov-8 Race Ultra 290 Women's Purple / Teal Running Shoe Pick Size , ASICS Women's Gel-Cumulus 18 Running Shoe Indigo Blue/Silver/Pink Glow Size 11.5Anne Klein Women's Gabbie Suede Ankle Boot, Dark Green, 11 M US , Sexy Womens Chunky High Heels Patent Leather Square Toe Ankle Boots OL Shoes NewReport Open Toe And Heel Bootie Size 8Donald J. Pliner Bixbi Suede Boots Black Sz 8 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE SZ KD 8 PURPLE BLACK GREEN ORANGE PURPLE 749375-013 Men's ORANGE SZ 10 10.5 9ea1f6d -

    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 SZ KD 8 PURPLE BLACK GREEN ORANGE PURPLE 749375-013 Men's ORANGE SZ 10 10.5 9ea1f6d -

    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 SZ KD 8 PURPLE BLACK GREEN ORANGE PURPLE 749375-013 Men's ORANGE SZ 10 10.5 9ea1f6d
    Athletic Shoes