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
Marque: Nike
Couleur: Blanc / Bleu Pointure: 40
Never miss an update

NIKE VINTAGE LEGEND - 2004 T40// US NEUVES 7 - NEUVES - VINTAGE 2004 81e10f4 -

    NIKE VINTAGE LEGEND - 2004 T40// US NEUVES 7 - NEUVES - VINTAGE 2004 81e10f4
    NIKE VINTAGE LEGEND - 2004 T40// US NEUVES 7 - NEUVES - VINTAGE 2004 81e10f4
    WMNS NIKE HYPERVENOM PHANTOM II 2 FG BLUE LAGOON SZ 13/MENS SZ 11.5 [718752-487]WMNS Nike Air Jordan 3 Retro CHROME PRM HC GG SZ 11 Chrome Silver AA1243-020 , Irregular Choice / Iced Ssssydney Black & Purple Snake Trainers UK4-7.5 , Skechers EZ Flex 2 Drop in Go Womens Slip On Sneakers 7.5- Select SZ/Color. , Mizuno Wave Creation 17 Running Women's Shoes SizeMEPHISTO "Laurie" HIGH-TOP WALKING/HIKING SHOES - US Sz. 10/ , Nike Women's Air Max 95 Casual Shoe , AUTHENTIC New Balance 574 Peach White Comfortable Running Shoes Women size$298 Authentic TORY BURCH Brielle Trainer Sneakers Silver/Navy Sz 11 NEW SALEMerrell Women's Around Town Chukka Fashion Sneaker - Choose SZ/Color , Under Armour Women's Micro G Pursuit D Running Shoe, - Choose SZ/Color , PUMA Women's Pulse XT V2 FT WNS Cross-Trainer Shoe - Choose SZ/ColorIrregular Choice / Iced Magic Moggy Silver / Pink Fluffy Kitty Trainers UK5-8 , D.A.T.E Metallic Embossed Rose Sneakers Anthropologie Sz 38 NIB $218NIB Womens ECCO FARA SLIP ON FASHION BLACK SHOE Size 9 9.5 BELLA SNEAKER , W NIKE AIR FOAMPOSITE ONE CHROME SIZE US 8.5 AA3963 100 PENNY , WMNS NIKE HYPERVENOM PHANTOM II 2 FG BLUE LAGOON SZ 10.5/MENS SZ 9 [718752-487]Reebok RuVilla Villa Womens Gold White Pumps Freestyle High Size 6.5 ClassicMen's/Women's Adidas Adistar Boost W Women's Shoes High-quality Fast delivery At an affordable price , Gentlemen/Ladies ASICS Womens Gel-Quickwalk 3 Walking Shoe Durable service Carefully selected materials List of explosionsADIDAS NMD RAW PINK US R1 GS WOMENS SIZE WHITE GUM PK LADIES , AUTHENTIC PUMA Suede Classic Embroidered Floral Black Red Blue Gold Women size , 2009 WMNS Nike Shox Turbo 9 SZ 6.5 Metallic Silver Grey Pink NZ GS 5Y 366890-161 , PUMA X BTS Turin Sneakers Women Shoes Official Goods Photo Card Original Box , New Balance Fresh Foam Vongos 9 B Womens , WMNS Nike Air Jordan 3 Retro CHROME PRM HC GG SZ 9 Chrome Silver AA1243-020 , Wmns Nike AF1 Flyknit Low White Grey Classic Air Force 1 Women Shoes 820256-103New Balance Women's Fresh Foam Zantev2 Running Shoe , New Balance Wmns 574 Nubuck Women New Casual Shoes Lifestyle Sneakers WL574-NBM ,
    NIKE VINTAGE LEGEND - 2004 T40// US NEUVES 7 - NEUVES - VINTAGE 2004 81e10f4 ->NIKE VINTAGE LEGEND - 2004 T40// US NEUVES 7 - NEUVES - VINTAGE 2004 81e10f4 -
    VINTAGE CODE WEST 51023 COWHIDE SUEDE COWBOY WESTERN BOOTS WOMEN'S 7.5 MAUTHENTIC BURBERRY PATENT BROWN BOOTIES SIZE 38Donald J Pliner Women's Pandra Fashion Boot Black Suede 8 M USMerrell - Siren Sport Q2 Mid Waterproof Wide (D) - Slate Black , Men's/Women's Dr Kong Alex Black/White Sneakers Easy to clean surface Trendy wonderfulNina Armando Tina – Black Ballet Flats , Dr. Martens Women's Oxford shoes, chunky rubber soles, Peanut Brown NEW size 9 , Adrianna Papell Rita Pump- Women's Size 6.5 M, Black/GlitterG.H. Bass & Co. Women's Weejuns Penny Metal Loafers - Gold Textured LeatherANASTASIA RADEVICH THIS WILL DESTROY YOU HEELS US$5999 WITHOUT CRYSTALSNine West 25026599 Womens Fields Leather Dress Sandal- Choose SZ/Color. , Mephisto Helen Thong Comfort Metallic Snake Sandals Size 36 / 6Converse Star Player Ox Mason White Womens Trainers Shoes Unisex New , Gentleman/Lady Sbicca Womens Calynda Economical and practical Carefully selected materials Personalization trend , Men's Nike Free TR Fit 5 Sneakers, New Solid Black Mesh Sport Running Shoes 14 , SALE NIKE TOKI LOW TXT PRINT 631697 003 BLACK GREEN Size 11.5 & 12 NEW , NIKE Men's Reax TR III SL Cross Trainer (9.5 D(M) US, White/Metallic Silver) , ADIDAS WESC COLLABORATION LOW SNEAKERS MEN SHOES BROWN 791001 SIZE 12.5 NEW INSaucony GRID MOMENTUM-M Mens Grid Momentum Walking Shoe- Choose SZ/Color. , Nike SB Stefan Janoski Max Black Pine Green Quickstrike Digi Supreme 4 - 14 , Clarks Men's 13M Black Leather Oxford Bicycle Toe Comfort Casual / Dress ShoesConverse X Varvatos Vintage Slip on Ox Black Beluga Turtledove Mens Size 11 , Cole Haan Men's Connery One Eye US 13 M Black Leather Camp Oxfords Shoes $180 , Cole Haan Mens Madison Split Oxford II Dress ShoesAM786 MADAME PIGALLE shoes black leather suede women sneakersWomen Hidden Heels Sport Sneaker Boot Mesh Sneaker Sandals Shoes Low Top 6Colors , New Sperry STS82436 Oasis Canal Navy Blue Women's Boat Shoes 6.5 US , New Balance Women's Fresh Foam Arishi Sport Shoe Black/Castlerock SneakersDENNIS CLUB MADE IN ITALY BROWN LEATHER BOOTS RIDING BOOTSSUPER HARD TO FIND BEARPAW SHEARLING SUEDE FRINGE WEDGE BOOTS MUKLUKS MOCCASINS
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE VINTAGE LEGEND - 2004 T40// US NEUVES 7 - NEUVES - VINTAGE 2004 81e10f4 -

    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 VINTAGE LEGEND - 2004 T40// US NEUVES 7 - NEUVES - VINTAGE 2004 81e10f4 -

    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 VINTAGE LEGEND - 2004 T40// US NEUVES 7 - NEUVES - VINTAGE 2004 81e10f4
    Athletic Shoes