Never miss an update

Nike Nike Flyknit Hologram Trainer Chukka FSB - CHOOSE SIZE SIZE - 805093-001 Hologram Reflective fd4605a

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: Running, Cross Training
Brand: Nike Color: Black
Never miss an update

Nike Nike Flyknit Hologram Trainer Chukka FSB - CHOOSE SIZE SIZE - 805093-001 Hologram Reflective fd4605a -

    Nike Nike Flyknit Hologram Trainer Chukka FSB - CHOOSE SIZE SIZE - 805093-001 Hologram Reflective fd4605a
    Nike Nike Flyknit Hologram Trainer Chukka FSB - CHOOSE SIZE SIZE - 805093-001 Hologram Reflective fd4605a
    Nike Roshe One Flyknit Photo Blue/White-University Red-Black 704927-404 , Gentlemen/Ladies Adidas mi Superstar 80s Women/Originals 6.5 Practical and economical Win highly appreciated Caramel, gentleWOMENS BROOKS ADRENALINE GTS 16 LADIES RUNNING/SNEAKERS/TRAINING/RUNNERS SHOESConverse Chuck Tayor Shroud Shroud Hi Sneakers (8)Womens Nike Hypervenom Phantom II 2 TC FG Black Cleats SZ 8 (852645-001)10.5 WOMEN'S NIKE AIR ZOOM VAPOR 9.5 TOUR GREY PURPLE WHITE TENNIS SHOES 631475 , Wmns Nike Air Zoom Pegasus 35 Sz 9 Elemental Rose/Rose 942855-601 FREE SHIPPING , Nike Womens Air Jordan 1 Retro High SOH Barley Grape AO1847-545 Size 8Korean Retro Hottest Womens Mens Leather Speed Flat Trainer Shoes Sneakers 2019 , NIKE AIR MAX ID SIZE 9 746766-993GEOX SHAHIRA A NAPPA+MET.SY.PAT-DK NAVY SNEAKERS sale d44n1a100% Brand New Shoes Sneakers Adidas Y-3 Yohji Yamamoto Summer Plim B26359 , Nike Air Max 90 SE Women's 881105-003 Black White Gum Brown Running Shoes SZ 8.5Adidas D97352 I 5923 Running shoes pink red Sneakers , New Balance Minimus Men’s Size 9 Trail MT10GY Dark Grey Yellow Mesh ShoesNEW BALANCE Sneakers 880 Dusty Pink/Gray Revlite WW880RP2 Shoes US 8 $120 , Adidas by Stella McCartney Womens CrazyMove Pro Pink Sneakers Tennis Shoes 10.5 , adidas Originals Tubular Viral 2 W Aero Pink White Women Running Shoes CQ3011WMNS NIKE AIR MAX + 2013 PRM HIPER BLUE SIZE 9New Nike Air Max 2014 Running Shoes Women's US 8.5 Light Magenta TurquoiseNew NIKE AIR MAX 2017 GS szs: 5Y(23.5); 5.5Y(24cm); 6Y(24cm) BIG KIDS 851622JEFFREY CAMPBELL WOMAN CASUAL FREE TIME WEDGE SNEAKER SHOES CANVAS CODE HOMGNike Wmns Air Zoom Fearless Flyknit 2 Women New Training Sneakers AA1214-100 , Womens Nike Air Revolution Ski Hi High Black Grey Volt SZ 6.5 (599410-012) , Nike Force Sky High Hidden Women's 629746-103 Wedge White Grey Silver RareWMNS NIKE DUNK SKY HI ESSENTIAL 644877 011 SIZE 8 BRAND NEWNike Air Max 90 LX Women's Sneakers Sports Shoes 898512-007 s 9Man/Woman Flyknit Racer Blue Mica (Women's 8) use Impeccable Don't worry when shopping , Nike Women's Air Max 2017 Rio Teal/Menta/White 849560-302 Size 10 ,
    Nike Nike Flyknit Hologram Trainer Chukka FSB - CHOOSE SIZE SIZE - 805093-001 Hologram Reflective fd4605a ->Nike Nike Flyknit Hologram Trainer Chukka FSB - CHOOSE SIZE SIZE - 805093-001 Hologram Reflective fd4605a -
    Doc Dr Martens 1460 Leather Snake Pattern Beige Combat Boots US 9Womens High Heel Over Knee High Boots Pointy Toe Metallic Mirror Shiny LeatherAdidas Falcon Elite 5 W [BB4409] Running Coral/WhitePLEASER Sexy 7" Heel Stripper Pole Red Tinted Platform Ankle Strap Women ShoesDESIGNER NINA BURGUNDY SATIN JEWEL ACCENT -CRAVE GOLD HEELS SLINGBACKS SIZE 8.5M , New In Box TORY BURCH $295 Elana Metallic Heels Silver Pewter Size 10.5 , christian dior MISS DIOR peep toe sz 37,5 , El Naturalista Womens N402 Cork Oak Wedge Sandal Shoes , CL by Chinese Laundry Women's Heather Mule - Choose SZ/ColorBoutique 9 Women's Malia Strappy Wedge Sandals Gold Leather Size 6 MNIB EL NATURALISTA ZUMAIA SANDALS TOAST/WOOD WOMEN'S Sz 38(US 7.5) , Mens Nike Lunarestoa 2 Essential 811372-401 Racer Blue Brand New Size 10.5 , 10 NEW Men's NIKE ROSHE TWO 2 844656-001 Casual Shoes Triple Black BlackoutNike Air Jordan X SoleFly Eclipse SP SZ 15 Arctic Orange 893513-805 , Nike Air Max 93 Nebula Mens 306551-104 White Blue Orange Running Shoes Size 10.5Vans AUTHENTIC PROPER LONG BEACH NATIVE AMERICAN RED WHITE NEW 6.5 5 , Nike Free RN Motion Flyknit 2017 Mens 880845-004 Black Volt Blue Shose Size 9 , 10 NEW! Nike Flyknit Racer Running Shoes STRAWBERRY Pearl Pink Grey 526628-604 , Peak TP 9 II 2 Tony Parker ASG All Star PE Size 12.5 100% Authentic BNIBMen's Leather side Zips Leather Ankle Boots Loafers Dress Formal Shoes Size 5-12 , Lacrosse Men's Venom Scent APG HD Snake BootMens Casual Leather Slippers Loafers Slip on Dress Formal Shoes Flats Bowtie NewMinion High Tops women's size 9-9 1/2 , Gentle Souls by Kenneth Cole Women's Haddie Low Profile, Black Patent, Size 7.5 , Nike Air Max Tavas White/Black 916791-100 Women's SZ 10.5NEW Brooks Ariel 14 Women's Running Shoes - Gray/Purple - Sz 6.5 D Wide$1250 GIVENCY STITCHED STARS SKATE Platform Slip On Sneakers 41 / 11Skechers Women's On the GO Joy Aglow Ankle BootDemonia 5" Chunky Heel White Gothic Ankle Boots 6 7 8 9 10 11 12 , * Demonia Matte Black 5.75" Platform 5 Buckle Stompy Boots Gothic Goth Punk 11
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Nike Flyknit Hologram Trainer Chukka FSB - CHOOSE SIZE SIZE - 805093-001 Hologram Reflective fd4605a -

    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 Nike Flyknit Hologram Trainer Chukka FSB - CHOOSE SIZE SIZE - 805093-001 Hologram Reflective fd4605a -

    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 Nike Flyknit Hologram Trainer Chukka FSB - CHOOSE SIZE SIZE - 805093-001 Hologram Reflective fd4605a
    Athletic Shoes