Never miss an update

Nike Air Max 2 Blue Sequent 2 Men 28917 Running Shoe 10.5 Blue 75d9fec

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
Product Line: Nike Air
Style: Running Shoes Brand: Nike
US Shoe Size (Men's): 10.5 Model: Nike Air Max 2
Color: Blue
Never miss an update

Nike Air Max 2 Blue Sequent 2 Men 28917 Running Shoe 10.5 Blue 75d9fec -

    Nike Air Max 2 Blue Sequent 2 Men 28917 Running Shoe 10.5 Blue 75d9fec
    Nike Air Max 2 Blue Sequent 2 Men 28917 Running Shoe 10.5 Blue 75d9fec
    NIB MENS SIZE 9 ADIDAS ALPHABOUNCE 1 RUNNING SNEAKERS NAVY BW0542 , Adidas Mens Size 10.5 ZX 8000 Boost Running Athletic Shoes Blue Black New $125Mr/Ms adidas Haven - Maroon - Mens Practical and economical Environmentally friendly Famous store , Adidas Adizero 5-Star 4.0 Mid Football Men's Shoes Size 9.5 , Nike FS Lite Run 3 Men's Running Shoe 807144 001 Size 10.5 , Men/Women Lebron 9 Low Floridian Good design First quality Very good color , Adidas Originals CAMPUS Red White Blue Navy 451701 Sz 9 , Mr/Ms Adidas Men's Climacool 02/17 Running Shoe Economical and practical Good market Different stylesadidas Zx Flux Pk - Black - MensAir Jordan Retro Ultra Fly 2 Black White Anthracite Sneakers Men's Size 9 New , Reebok Zprint 3D Mens Running Shoes Gym Fitness Trainers Solar Yellow , Mr/Ms adidas energy boost 11 Guarantee quality and quantity Fast delivery Comfortable and naturalNike Lunar Force 1 Flyknit Men's Workboots, Size 9.5, 855984 200[BD4629] Mens Reebok OSR Sweet Road Running Sneaker - Black Grey WhiteNIKE FREE RN 2017 Running Training Shoes Mens Sz 11 Black White 883282 002Adidas Men's Speed Trainer 2 Slt Ankle-High Training Shoes , ASICS JB Elite V2.0 - Black - MensMENS REEBOK CLUB C 85 in colors BLACK / CHARCOAL SIZE 11 , ADIDAS Skate ADV Black, White & Gum Shoes Suede Size 11 New SneakersJordan Men's Flight 9.5 Shoes "DAMAGED" Black/Gym Red/White 654262-001 Size 8Man/Woman Etnies Skateboard Shoes Fader 2 White/Navy durability Brand Diversified new design , New Nike Air Entertrainer Men's Shoes Gym Red/Sail 819854 600 , adidas Neo Cloudfoam Speed Mens Running Sneakers / Shoes - Black , Nike Pocket Fly DM Sport Royal Men's Running Sneakers 9.5 (New) , Men's Nike Air Stepback Sneaker | Black/Red | Size: 11.5 , NWT Adidas EQT Support ADV Primeknit Sneakers, Men's Size 9VASQUE MEN'S AETHER TECH TRAIL RUNNING SHOES 7698 ORANGE, US SIZE 8, 8.5 NEW , Men's Nike Flylon Train Dynamic Training Shoes Black / White Sz 10.5 852926 001NIKE FLYKNIT STREAK LE RUNNING SHOES Size 13 Gray Black (849655 006) ,
    Nike Air Max 2 Blue Sequent 2 Men 28917 Running Shoe 10.5 Blue 75d9fec ->Nike Air Max 2 Blue Sequent 2 Men 28917 Running Shoe 10.5 Blue 75d9fec -
    Ziera Figaro Boots Sz 40.5 Wide Black Leather Croc Print Ankle BootsNEW MANGO WOMENS LEATHER POINTED ANKLE BOOTSSam Edelman Women's Amelia Ankle Bootie - Choose SZ/colorDerek Lam 10 Crosby Sandy Too Wedge Leather Ankle Bootie Boot Black Sz 11 , Marc Jacobs NY Cleo Studded Black Leather Ballet Flats 7.5 or 9.5 $250 Auth. NWBPrada Pink/Mauve Patent Leather Ladies Sandal/sliders/shoes SZ8 1/2 PreOwnNike Men's Huarache Pro Mid Metal Cleat 599235 001 , ADIDAS SAMBA 80 677568 Size 9.5 RARE COLOR , adidas Men's Tech Response 4.0 Golf Shoe, White/Royal, 9.5 M USNew Balance Men's MRL696DN Decontructed Shoes Blue 696 size 13Altra Footwear Instinct 4 Sneaker - Men's Size 9 Black/WhiteNike Lebron XIII Low USA Olympic Dream Team Gold Mens Basketball Shoes 11 831925 , Men's Nike Zoom MW Posite Sz. 8 (616215 083) , NIKE MERCURIAL SUPERFLY V AG-R Men's Soccer Cleats 831955-305 MSRP $310 , Nike Air More Uptempo - "White/Gum" - 414962 103 , NEW ADIDAS NMD R1 PK Primeknit Khaki Linen BY1912 10 US MensNIKE RETRO AIR JORDAN IV OREO BASKETBALL SHOES LASER UNDFTD RARE AIR 10 , Mens 8" LL BEAN Maine Classic Duck Boot 12.5 13 , Men's Honeywell Safety 7362 Ranger Safety 4 Buckle Work Boot {Black} , Man/Woman Bally shoes Complete specification range Elegant style Diversified new designReebok Women's Speed Her TR Sneaker, Alloy/Black/White/Skull Grey/Silver, 8 M USAdidas Campus W Womens BY9846 CBROWN,White,CRYWHT Womens Size 9 , Steve Madden Women's Eiris Fashion Sneaker - Choose SZ/Color , Gentleman/Lady ASICS Women's Jolt New Listing New products in 2018 Direct business , Carlos by Carlos Santana Womens miles Suede Almond Toe Ankle Fashion Boots , Trendy Womens Square Toe Zipper High Cuban Heels Faux Suede Retro Ankle Boots , New Teva Women's DeLaVina Dos Oxford Shoe - Size 7 - Cognac , PUMA Women's Basket Remaster WN's Fashion Sneaker - Choose SZ/color , Chinese Laundry Women's Cover PA, Black Suede/Patent, 8 M US , Premium Sheepskin - Jumbo double toggle Black size 7 Made In Australia ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Max 2 Blue Sequent 2 Men 28917 Running Shoe 10.5 Blue 75d9fec -

    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 Air Max 2 Blue Sequent 2 Men 28917 Running Shoe 10.5 Blue 75d9fec -

    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 Air Max 2 Blue Sequent 2 Men 28917 Running Shoe 10.5 Blue 75d9fec
    Athletic Shoes