Never miss an update

Air Jordan kobe 14 OG lebron Black Toe US11.5 yeezy DS last shot lebron kobe yeezy offwhite db bin 5df306d

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Colour: Black
Brand: Jordan Product Line: Air Jordan 14
Model: Jordan 14
Never miss an update

Air Jordan kobe 14 OG lebron Black Toe US11.5 yeezy DS last shot lebron kobe yeezy offwhite db bin 5df306d -

    Air Jordan kobe 14 OG lebron Black Toe US11.5 yeezy DS last shot lebron kobe yeezy offwhite db bin 5df306d
    Air Jordan kobe 14 OG lebron Black Toe US11.5 yeezy DS last shot lebron kobe yeezy offwhite db bin 5df306d
    nike air max deluxe og photo blue/ wolf grey us11Yeezy Boost 350 V2 - 'Butter' (New) , Armani Jeans Mens Sneaker Cut High-Top Trainers, Grn Dark Green 1861, 10.5 ULegero Lima, Womens Low-Top, Black Schwarz, 9 EU , HGL Womens Sofia Trainers, Black Black, 8 EU , Asics Womens Gel-Lyte III Low-Top Sneakers, Orange Bleached ApricotWhite, 8.Adidas Men's Nmd_R1 Stlt Primeknit Originals Running Shoe , Nike Men's Air Footscape Woven Nm Casual Shoe , ECCO Men s Edinburgh Gore-Tex Chukka Boots, Black, 43 USGeox Mens U Vinto C Trainers, Blue MudBlue C6430, 6 UK , Blackstone Womens PL91 Hi-Top Trainers, Grey Mychro Chip Mychro Chip, 6 UKMan/Woman adidas x c.p Company Marathon wholesale Elegant and sturdy packaging Immediate delivery , AUTHENTIC A BATHING APE BAPE BAPELAND SHARK BAPE STA GOLD SNEAKERS USED US 10.5Men's/Women's Brooks Men's Neuro 3 Cheap Win the praise of customers Fashion dynamicEpitome x Saucony Shadow 5000 US8 EPITOME - THE RIGHTEOUS ONE 10/10Adidas Men's Eqt Support Adv Winter Running Shoe , BRAND NEW WITH TAGS: ADIDAS ULTRABOOST TRIPLE BLACK 4.0Reebok Womens Classic Leather Patent Trainers, White White, 8 EUNEW Brooks Transcend 5 - Men's Running Shoes from The Village SportEcco Cool 2.0 Gore-TEX Sneaker, Womens Cool 2.0 Gore-TEX Sneaker, Black 1001Bla , Clarks Trigenic Flex, Womens Low-Top Sneakers, White, 6 EUBOSS Orange Mens Trebikat 10180812 01 Low-Top Sneakers Multicolor Size 11 , Adidas Men's Tubular Doom Pk Originals Running Shoe , Gentleman/Lady Men's Jordan Spizike Basketball Shoe 315371-603 New market buy Strong heat and heat resistanceMen's/Women's Yeezy Boost 700 Clever and practical Wholesale trade King of the crowd , Nike Air Presto Mid Acronym Cool Grey/Black US 7 AH7832 001 , Pantofola dOro Teramo Stelle Donne Low, Womens Low-Top, Black Black, 3 , Strenesse Womens Sneaker AKINA Trainers White 100, 7 UKMen's/Women's nike vapourmax plus excellent quality Upper material retail price ,
    Air Jordan kobe 14 OG lebron Black Toe US11.5 yeezy DS last shot lebron kobe yeezy offwhite db bin 5df306d ->Air Jordan kobe 14 OG lebron Black Toe US11.5 yeezy DS last shot lebron kobe yeezy offwhite db bin 5df306d -
    Palladium Men's Pampa Cuff WP LUX Leather Boots, Black , Asics Lazerbeam LB Navy Blue White Kid Youth Junior Running Shoes C747N-4250Adidas Tubular X Primeknit Man Adult 2017 Shoes ORIGINAL 100% ITALIE 2018Gentleman/Lady Ladies Remonte Ankle Boots R1580 High security Pleasant appearance Popular recommendation , Frula Aurora T-Strap Flat Sandals 643, Onyx, 6 US / 36 EU , Gentleman/Lady Jimmy Choo Energy Pumps size 38 durability Elegant style Exquisite processingShearling Sheepskin Sheep Fur Platform Espadrilles Slide Sandals Black Pink , New Skechers Womens Sure Track Erath Leather Slip Resistant Work Shoes , CAMPER SHOES 38 MICRO 21406-006 Black Leather Wedge Slingback Sneakers 8 , Seychelles Women's Downstage Ballet Flat Black 8.5 M US , Man/Woman Dyeables Women's Gianna Sandal Quality products New style Fashion versatile shoes , J. Renee Women's Senonches Mule Black Multi Satin Fabric Loafers , Brilliant Shiny Rhinestones Womens Glitter Loafers Bow Know Fur Trim Flats ShoesSummer Sext Peep Toe Straps High Chunky Heels Summer Leather Roman Sandals ShoesSergio Rossi Brown Metallic Python Snakeskin hills, shoes. Sz. 38.0 , NEW NB New Balance Mens 5.5 Suede 998 Retro Running Shoes Navy Pink M998APC USANike High Tops Air Force One Men's 15 Blue Green Gray White 316142-431Nike Jordan Zoom Tenacity Re2pect Derek Jeter Size 10 Retro Air AO1556 402 New , ADIDAS DARK OPS FREAK x KEVLAR FOOTBALL CLEATS MEN'S SIZE US 11.5 BLACK AQ6835Nike Mens Air Max 270 Flyknit Mens Size 9 Laser Orange Blue AO1023-800 , SKECHERS MEN FASHION SNEAKERS US M MULTI-COLOR CANVAS MADE IN VIETNAMCorral Men's Western Genuine Ostrich Cowboy Boots Cognac 010360Calvin Klein Men's Bailey Saffiano Sneaker - Choose SZ/Color , NIKE AIR FOAMPOSITE PRO YEEZY doernbecher supreme oregon suns copper galaxy 6.5Y , Mens WALK-OVER 225806 sky blue suede casual oxfords sz. 11 MHarold Powell Italy Black Hair On Leather Zip Mid Calf Boots Womens Size 8 B , Aerosoles Womens Password Mid Calf Boot- Pick SZ/Color. , A35 Jemsey Knee-High Boots 539, Black, 10 USHi-Tec Women's Skamania Waterproof Hiking Boot Grey/Viola 7.5 W US , Women Over Knee Thigh Boots Patent Leather Sexy Super High Heels Stilettos Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Air Jordan kobe 14 OG lebron Black Toe US11.5 yeezy DS last shot lebron kobe yeezy offwhite db bin 5df306d -

    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 Jordan kobe 14 OG lebron Black Toe US11.5 yeezy DS last shot lebron kobe yeezy offwhite db bin 5df306d -

    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 Jordan kobe 14 OG lebron Black Toe US11.5 yeezy DS last shot lebron kobe yeezy offwhite db bin 5df306d
    Athletic Shoes