Never miss an update

Air Cat) 29423 Jordan Retro 6 6 (Black Cat) Size 14 f2f7862

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
US Shoe Size (Men's): 14
Style: Basketball Shoes Brand: Nike
Color: Black
Never miss an update

Air Cat) 29423 Jordan Retro 6 6 (Black Cat) Size 14 f2f7862 -

    Air Cat) 29423 Jordan Retro 6 6 (Black Cat) Size 14 f2f7862
    Air Cat) 29423 Jordan Retro 6 6 (Black Cat) Size 14 f2f7862
    Nike Air Max 90 "Premium Sertig" (312334-061) Multi-Color Athletic Shoes Men 10NEW 2018 ASICS GEL LYTE III 3 END CLOTHING WASABI GREEN h7lpk 8512 SZ 9-11 , Air Jordan Retro 7 VII Bordeaux 2011 Release Black Graphite 304775-003 12 NikeMen/Women AIR JORDAN RETRO 8 Long-term reputation The latest technology various kinds , 2007 Nike Air Jordan III 3 Retro WHITE FIRE RED CEMENT GREY BLACK 136064-161 14 , Nike React Element 87 Neptune Green size 11 Confirmed W/Receipt FREE SHIPPINGMen's Nike React Element 87 "Total Orange" Sz 11 Confirmed W/Receipt FREE SHIP , Nike Mens Air Jordan 11 Retro Size 10.5 Midnight Navy Win Like 82 378037-123 , NIKE AIR JORDAN XX3 XXIII 23 TROPHY ROOM BLACK/GOLD/GREY MENS 10.5 , Nike Air Jordan 11 XI Retro Georgetown Grey Mist DS New Size 12 528895-007 , Nike Air Jordan 12 Retro CNY Chinese New Year US 7 - 16 IN HAND 881427-122 XII , NIKE AIR MAX 270 PREMIUM MEN's CASUAL KHAKI - OLIVE - SAIL AUTHENTIC NEW IN BOXDS Nike Air Foamposite One Royal Blue Wolf Gray 8 314996 401 Penny metallic pro , Nike Air Jordan 7 Low NRG Men's Shoe AR4422-407 BRT CONCORD TOURMALINENike Air Jordan Retro 13 GG Sail Metallic Red439358-112 Size Men's 7.5 /8 / 9.5 , Men's/Women's Nike Home Run Pack Size 9 online sale Make full use of materials various kindsNike Hyperdunk 2017 Low BHM Promo Men's sz 14 White Metallic Gold AQ9584 100 , Air Jordan 11 Retro 2001 Bred Black Red White 136046-061 Mens Shoes Size 8.5NIKE AIR VAPORMAX PLUS 924453-009 Black Volt White Men's Sneakers "NEON 95" NEW , Maison Margiela Men's Metallic Silver Leather Future High-top Sneakers 14Nike LeBron 15 XV Lifestyle KITH Concrete 10 Closing Ceremony Kings Cloak 16 8 , New DS Nike Zoom Kobe IV 4 Rice High School sz 10.5 Black Green White Away HS VAir Jordan 5 "Fresh Prince of Bel Air" NRG Grape Size 9 , Air Jordan 1 Retro Black White US 10.5 Collezione 2008 Countdown Pack 332550-011 , Nike Air Jordan Countdown Pack CDP 14 DEADSTOCK !!! Mens Size 8AIR JORDAN 6 (VI) RETRO OLYMPIC 384664 130 sz 13 infrared carmine 1 3 4 7 11 12 , Nike React Element 87 Total Neptune Greenjordan retro 11 low navy/gray size 13.5 new2018 Acronym x Nike Air Presto Mid Black AH7832 001 Men US Size 9 NEW
    Air Cat) 29423 Jordan Retro 6 6 (Black Cat) Size 14 f2f7862 ->Air Cat) 29423 Jordan Retro 6 6 (Black Cat) Size 14 f2f7862 -
    Adidas Human Race NMD (Pink Glow) SIZE 6 , NIKE MENS METCON 4 ATMOSPHERE GREY VAST GREY BROWN SHOES 2018 **BEST SELLERZiera Jericho 40W 9 Tan New In Box heel shoes super comfortableChinese Laundry Haley Peep Toe Pumps, Red, 7 US , Converse Unisex Jack Purcell Mid Basketball Shoe , Franco Sarto Heidi GOLD & PINK shoes size 10.5 , Azzedine Alaia Black Suede BOMBE Flat Ankle Sandals Studded Pumps 36.5 Shoes , PAZZO Women's Kadola Teal and Tan Leather Embroidered Mules Size 7.5 , Grace Women High Heels Nightclub high heels Stilettos floral Bridal Shoes 19CM , Auditions CLASSY Women's Pump Taupe/Black 8 M US , 40247 auth MARNI metallic gold leather & black suede Platform Sandals Shoes 41Clarks Women's Jenness Cloud Dress Pump - Choose SZ/Color , Christian Louboutin Pigalle Plato 120 Nude Patent Leather Point Toe Pumps S 38 , NEW Converse Chuck Taylor All Star High Top Canvas Casual Sneakers Unisex ShoesNike Air Jordan 1 Retro Low OG Premium 905136 010 Black Vachetta , Adidas EQT Support Adv CK Parley AC7804 White Blue Spirit Size 10 Ultraboost , ALIFE COURT CUP-RGB SNEAKERS MEN SHOES GREEN/BLACK/BLUE CCRGBG-F081 SIZE 11 NEWVtg FOOTJOY J5 Style 5165, Sz11-1/2 -67334R 2 Saddle Golf Shoes, w/Leather Soles , Air Jordan Retro 11 Bred 2001 Release 136046-061 VNDS Sz 13Kenneth Cole New York Men's Design 10795 Combat Boot - Choose SZ/ColorOrthofeet 481 Men's Comfort Diabetic Therapeutic Extra Depth Boot Black 11 Wi...Hot Mens Leather Slippers Loafers Slip on Belgian Dress Shoes Flats With Bowtie , Mens Adidas Originals Ransom Canvas High Tops Tan Beige Size 13 , Skechers Relaxed Fit Skech Flex 2.0 Milwee Mens Sneakers Red/Black 9.5 , men's shoes DI MELLA 10 () elegant blue gray leather BZ41-D , adidas Originals Stan Smith Triple White Men Casual Shoes Sneakers CQ2469Adidas NMD R1 STLT Primeknit Womens AC8326 Black Indigo Ash Pink Shoes Size 10Womens Super Stiletto High Heels Platform Clubwear Ankle Boots Patent Leather Sz , Vince Camuto Wonderland Floral Kassie Luxe Bootie Mod Ankle Boots 7.5 SALEIgor Women's Urban Camo short Rain Boot, size 37 M 6.5 M US New in box
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Air Cat) 29423 Jordan Retro 6 6 (Black Cat) Size 14 f2f7862 -

    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.

    Air Cat) 29423 Jordan Retro 6 6 (Black Cat) Size 14 f2f7862 -

    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
    Air Cat) 29423 Jordan Retro 6 6 (Black Cat) Size 14 f2f7862
    Athletic Shoes