Never miss an update

Gentleman/Lady Air Jordan Complete specification Win highly Complete appreciated appreciated specification Global sales 629abfa

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: In mint condition, size 9
US Shoe Size (Men's): 9 Brand: Jordan
Style: Basketball Shoes
Never miss an update

Gentleman/Lady Air Jordan Complete specification Win highly Complete appreciated appreciated specification Global sales 629abfa -

    Gentleman/Lady Air Jordan Complete specification Win highly Complete appreciated appreciated specification Global sales 629abfa
    Gentleman/Lady Air Jordan Complete specification Win highly Complete appreciated appreciated specification Global sales 629abfa
    Revenge X Storm Red Flames Size US 11 (AUTHENTIC) , NIKE VAPORMAX 'COMME DES GARCON' - WHITE/PURE PLATINUM - 924501-002Nike x OFF-WHITE presto Size 6 Virgil Abloh The Ten Stock X , NIKE AIR JORDAN 6 RETRO BLACK-RED-TRUE BLUE SZ 11 PISTONS! [384664-001] , 302370-102 Air Jordan 9 Retro "2010 Release" Wht/Varsity Red-Blk NIB , Yeezy V1 Deadstock oxford tan size 10 , BRAND NEW Kanye West Yeezy Boost 700 WAVE RUNNER Size 9.5 MEN’S , DS RETRO NIKE AIR JORDAN XI 11 SPACE JAM 2009 BLACK ROYAL BLUE 10.5 , ADIDAS YEEZY BOOST 350 V2 KANYE WEST STEEL GREY BELUGA SOLAR RED BB1826 NMD 8.5Air Jordan 12 XII Retro OG 2016 French Blue 2017 , The 10 : Nike Air Presto "Off-White Polar Opposites White" - AA3830 100 , NEW BALANCE M997 "ROSE" - ITEM 2-609 STYLE M997CPTLIMITED EDITION~Adidas JOHN WALL EASTER Quick Basketball Crazy Shoe~Mens size 11 , DS REEBOK COURT VICTORY PUMP ALIFE sz 9 BALL OUT TENNIS 6-171633 ORANGE , Adidas Nmd Pharrell RED. Pre-owned. US Men's Size 6.5. Women's 7.5. , ADIDAS YEEZY BOOST 350 V2 “CREAM” 2017 ITEM NUMBER 3707-2VANS OLD SKOOL PRO S GOLF WANG ODD FUTURE CAMEL BROWN GUM WHITE VN-0QHM8LK 12 , NIKE AIR JORDAN 12 RETRO WOLF GREY WHITE BLUE UNC 130690-007 (Size 13) , Mr/Ms Jordan 1 Mtm Sz8.5 Elegant appearance auction Lightweight shoes , Nike Air Jordan 4 IV Thunder 308497 008 Air Max sz 14 , Nike Air Jordan 4 IV Cement 1989 Nike Air 840606 192 Air Max sz 9RARE Men's Reebok Insta Pump Fury Plus Cashew / Dark Brown Sneaker (13)RARE NIKE AF1 DOWNTOWN HI/SP ACRONYM SZ 8 649941-006 NIKELAB AF1 PREMIUMNike Air Jordan Sb Presto "Off-White" White 8 The TenMen`s CR7 Savage Beauty Cristiano Ronaldo Mercurial Superfly 677927 018 , 2006 Nike Jordan III 3 Cool Grey Retro , Men Diesel Shoes D-Zipphim Chelsea Boots Brown Size 10.5 , Adidas Superstar 1 (MUSIC) "Run DMC" - 133627NIKE LEBRON XI 11 PREMIUM "WHAT THE LEBRON" BLACK-LAVA SZ 14 [650884-400] ,
    Gentleman/Lady Air Jordan Complete specification Win highly Complete appreciated appreciated specification Global sales 629abfa ->Gentleman/Lady Air Jordan Complete specification Win highly Complete appreciated appreciated specification Global sales 629abfa -
    Jeffrey Campbell HANGER Ankle Boot w Hidden Platform Dark Grey Sz 10M MSRP $165 , NEW GUESS YADRA TAUPE BROWN LEATHER WOMENS BOOTIE,BOOTS,SHOES w/HEEL SIZE- 7.5 , Gentleman/Lady AUTHENTIC MANITOBAH *WATERPROOF* HALF SUEDE MUKLUK Clever and practical Win highly appreciated Lightweight shoesDiesel Shoes D-Depp Boots Men Brown NewNew Scholl Orthaheel Alexis Womens Comfort Adjustable Slides With Supportwomen's tory burch flats carnival/gold mestico/metal logo size 8.5 us new , Womens Warm Furry Fashion Embroidery Winter Flat Shoes Loafers Pointed Toe P468Sofft Womens NWB Festival Grey Multi Print Pumps Shoes US 6 Medium NEW , RETAIL $120 Luxury Rebel Women's Black Laurel Gladiator Sandal Shoes Size 37.5M , [AR1955-100] NIKE SF AIR FORCE 1 WHITE RED MEN SNEAKER SZ 11.5 , Gentleman/Lady NEW BALANCE 580V3 MENS RUNNING M580 Beautiful design Lush design negotiationGentleman/Lady Reebok Trainflex Cross Training Men's Shoes durable Sales Italy Amoy , VANS OLD SKOOL Vans Old School INDIGO from japan (2017 , Nike Kobe XI 11 Elite Low Flyknit iD Red Black SZ 7.5 ( 835649-994 )Nike Mens Jordan Future Boot 854554 300JOHN LOBB Size 8 Brown Solid Nubuck Boots , 2018 Mens real Leather Pointed Toe Dress Formal wedding party Shoes Size 5-11New Caterpillar Abilene Mens Casual Shoes (Wide Fit) , Under Armour Women's High Bra - Choose SZ/Color , US 10, Marc Jacobs Glitter Platform Sneakers Blue Women's Style: M9001964Cole Haan Women's Bowie Slip-On Fashion Sneaker - Choose SZ/Color , Nike Zoom Fly Women's Running Shoes. Size 8.0. Color- Black/White/Anthracite/GreClarks Women's Flores Tulip Wedge Black Full Grain Leather HeelsPuma Basket Heart Denim Womens 363371-02 Halogen Twilight Blue Shoes Size 9.5Converse x Chiara Ferragni One Star OX / Platform Glitter Womens Shoes Pick 1New Balance Women's Womens 928v3 Walking Shoe Walking Shoe , NIB Naya Retro Peanut Butter (Light-Brown) Leather Ankle Boots New Sz 6Franco Sarto Ivanea Fabric/suede boots Women's size 9.5 m , Women Pointed Toe Ankle Boots Side Zipper High Heel Crossdresser Large Shoes , Womens retro washed denim mid calf boots chunky side zipper pocket shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Gentleman/Lady Air Jordan Complete specification Win highly Complete appreciated appreciated specification Global sales 629abfa -

    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.

    Gentleman/Lady Air Jordan Complete specification Win highly Complete appreciated appreciated specification Global sales 629abfa -

    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
    Gentleman/Lady Air Jordan Complete specification Win highly Complete appreciated appreciated specification Global sales 629abfa
    Athletic Shoes