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 SALE , Merrell Women's Around Town Chukka Fashion Sneaker - Choose SZ/Color , Under Armour Women's Micro G Pursuit D Running Shoe, - Choose SZ/ColorPUMA Women's Pulse XT V2 FT WNS Cross-Trainer Shoe - Choose SZ/Color , Irregular Choice / Iced Magic Moggy Silver / Pink Fluffy Kitty Trainers UK5-8D.A.T.E Metallic Embossed Rose Sneakers Anthropologie Sz 38 NIB $218 , NIB 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 PENNYWMNS 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 priceGentlemen/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 LADIESAUTHENTIC 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 WomensWMNS 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 820256-103 , New Balance Women's Fresh Foam Zantev2 Running ShoeNew 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 -
    ALDO Women's Stefi-n Ankle Bootie, Grey Miscellaneous, 8.5 B USRODARTE Snakeskin Embossed Leather Booties SIZE 40Fly London Mire Leather Flat, 36, Red , CLARKS Women's Everlay Heidi Slip-On Loafer, Black Leather, 7 M US , Greymer High Vamp Moto Shoe W/Gold Trim , Alegria ESS-2003 Essence Bronze Easy NICE Condition Copper Upper/Tangerine SoleAuthentic YSL Saint Laurent Tribute Sandal Heels Black Patent Leather Size 37Via Spiga Womens Fion Suede Open Toe Casual Strappy Sandals, Bark Su, Size 5.5Summer Gladiator Womens Hollow Out Sandals Knee High Boots Black Shoes Zipper USNaot Women's Anika Dress Sandal - Choose SZ/Color , ADIDAS SUPERSTAR VULC ADV #D68718 WHITE / BLACK / WHITEDC Shoes Mens Evan Smith Skateboarding Shoe D US- Select SZ/Color.New Asics T7B3N 9090 GEL Cumulus 19 Men's Running Shoes Black Size 9 or 10 , NIKE AIR MAX MOTION MEN SIZE 8.5 NEW W/O BOX!!!!Gentleman/Lady NIKE M2K TECHNO AV4789-003 MEN'S SHOES Special price The latest technology Very practical , Bona Fide Asics Gel Kayano 22 Mens Fit Running Shoe (D) (4330) , Nike EXP-X14 SE "Just Do It" AO3095-001 Men's size 13 US , NIKE ZOOM KD 11 XI EYBL US10.5 (AO2604 600) HOT PUNCH/ LIME BLASTNew Rock 591-S1 Red Flame Metal Black Leather Heavy Punk Gothic BootsPleaser Men's Wicked-732 Boot,Black Polyurethane,8 M US , Men's Skechers 77009/BRN Workshire, Work Boots Brown , Skechers Men's Work Relaxed Fit Soft Stride Grinnel Comp Black/Gray - 9.5 DM USDC Mens Mike MO Capaldi Glassy Skateboarding Shoes Ocean , England Men’s Nubuck Cow Leather Loafer Tassel Dress Leisure Slip On Plus SizeAllen Edmonds "SANFORD" Oxfords 10.5 D Black (497)MIA Womens Terran Black Size 6-M Nylon Quilted Fashion Sneaker Retails $100+TaxPropét Womens wash & wear Low Top Slip On Running Mushroom Nubuck Size 6.5AUTH YSL Yves Saint Laurent Women Blue Glitter Sneaker 38.5Hot Sexy Womens Platform Shiny High Heel Casual Buckle Zip Knee High Thigh BootsWomens 2018 Vintage Belts Leather Flats Retro Brogue Carved Casual Shoes Slip On
    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