Never miss an update

Nike 29988 Air Jordan 1 mogochinese-29995 Black All Black Size 9.5 53ea966

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: Good conditionNo original box(Please see all pics)
Brand: Nike Style: Basketball Shoes
US Shoe Size (Men's): 9.5 Color: Black
Never miss an update

Nike 29988 Air Jordan 1 mogochinese-29995 Black All Black Size 9.5 53ea966 -

    Nike 29988 Air Jordan 1 mogochinese-29995 Black All Black Size 9.5 53ea966
    Nike 29988 Air Jordan 1 mogochinese-29995 Black All Black Size 9.5 53ea966
    Native Apollo Chukka Size 8 Snapper Red 21100500-6421 , Nike Air Marxman Pure Platinum Mag Ultra Grey Size 9 832766 001 McFly Jordan , Jordan Retro 13 Hyper Royal Blue 10.5 8/10 condition Worn a few times , Native Apollo Moc Size 8 Snapper Red Shell White Stripes 21102409-8193Nike Classic Cortez / Nylon / Ultra BR SE Mens Retro Running Shoe Sneaker Pick 1Reebok Men's Crossfit Lifter Plus 2.0 Green/Green Training Shoes V72385 NEW!Skechers Men's Go Walk Max Wide SneakerSaucony Originals Men's Jazz Running Shoe - Choose SZ/Color , New Balance Men's 101v1 Skate Shoe - Choose SZ/ColorNew Balance Men's 520v3 Running Shoe - Choose SZ/ColorK-Swiss Men's Tubes Millennia Sneaker - Choose SZ/Color , Native Apollo Chukka Size 13 Pigeon Grey 21100500-1507Saucony Originals Men's Jazz Mono Fashion Sneaker - Choose SZ/Color , Native Apollo Moc Size 8.5 Jiffy Black Shell White 21102409-8191 , Native Apollo Moc Size 13 Snapper Red Shell White Stripes 21102409-8193 , PUMA Men's Evoknit FTB FG Soccer Shoe - Choose SZ/ColorVANS KVD True White Flat Slip On Sneakers Fashion Men ShoesSkechers Performance Mens Go 4- Walking Shoe- Select SZ/Color. , Mens Adidas Superstar Adidas Originals White Black C77124 , Fila Men's Memory TKO Tr 5.0 Wide Trail Running Shoe - Choose SZ/Color , ALLBIRDS Mens Wool Runners 8 Shoes Sneakers Black Athletic NEW , Puma Suede Classic Low Mens Womens Classic Shoes Sneakers Pick 1VANS KVD Black White Flat Slip On Sneakers Fashion Men ShoesSkechers Performance Mens GO Walk Max Sneaker- Select SZ/Color. , New Balance Men's M575CB2 Running Shoe - Choose SZ/ColorPuma Mens Enzo Strap Nautical Gray Fashion Running Shoes 12 Medium (D) BHFO 2370 , adidas Men's Freak X Carbon Mid Football ShoeUnder Armour Charged Mens Size 9.5 Black Athletic Sneakers Shoes ZW-4 , NIB-Nike Zoom Assersion Low Basketball Shoes Sz 10 ,
    Nike 29988 Air Jordan 1 mogochinese-29995 Black All Black Size 9.5 53ea966 ->Nike 29988 Air Jordan 1 mogochinese-29995 Black All Black Size 9.5 53ea966 -
    Santana Canada Marta Faux Fur Insulated Waterproof Winter Boot Sz 9 NEWCQ COUTURE CORSET CUSTUM OVERKNEE HEEL BOOTS STIEFEL ITALY LEATHER BLACK 9 39DDL001-2 DOUBLE D RANCH CHOCOLATE BRASS AMMUNITION COWGIRL BOOTSFiorucci Womens FDAA004 Trainers, Black Nero, 6 UK , Men/Women Pleaser SKY-1020 Attractive and durable Win highly appreciated Known for its beautiful quality , New Top End Sharpest Grey Womens Shoes Dress Boots Long , Man/Woman Sperry Topsider Angelfish Boat Shoes Many styles New in stock Preferred boutique , TIBI, ODESSA FLAT, WOMEN'S, NAVY SUEDE/ BLACK, US 10M, SUEDE/LEATHER, NEW IN BOXMUNRO182378 Silver Gray Leather Loafers / Slip On Womens Shoes Size US 7M New , Fashion Womens Sexy Peep Toe Formal Court High Heels Leather Party Pumps Shoes , Man's/Woman's Heel Nine West Markando Silver Metallic Guarantee quality and quantity Settlement Price Acknowledgement feedbackBOTTEGA VENETA SATIN LEOPARD PRINT PUMPS. SIZE 39 , Fendi Beige Pony Hair Animal Print Open Toe Platform Pumps Size 35.5 5.5 , Summer womens pearl decor flat heel summer sandals shoes Roman boho plus sz chic , Nike Women's Kaishi Running Trainers Shoes Purple-White 654845-551Skechers Women's Breathe-Easy-WELL VERSED 23203W Wide Black Brand New , NIB Tory Burch Melinda Gold Thong Patent Leather w/Gold Medallion Sandals 10.5 , Nike Golf Mens Lunar Waverly Spikeless Waterproof Golf Shoes , Mr/Ms 6.5 Jordan Spiz'Ike (GS) High quality and low overhead Medium cost Clearance saleNike Air Huarache Run PRM - SIZE 10 - NEW - 704830-900 Gold White Blur NaturalMen/Women Fila T-1 Mid Men's Red/Gum 13048611 Not so expensive In short supply Pick up at the boutiqueNIKE AIR TRAINER SC HIGH LUX 2002 - ITEM 16-38 STYLE 678082 001 , Spring Mens Casual Oxfords Dress Brogue Elevator Height Business Formal Shoes Sz , Leisure Mens Vogue British Casual Board Shoes Round Toes Leather Slip On Loafers , WOMENS REEBOK FREESTYLE HI CN2964 White/Blue/Primal Red/GreyNike AIR FORCE 1 '07 MID LTHR PRM Womens 857666-100 MSRPCOLE HAAN AIR Wide Calf KNEE LEATHER BUCKLE RIDING BOOT SZ 10M , JBU Womens Whitney Closed Toe Mid-Calf Cold Weather BootsBlowfish Salinas Fog Grey New Fawn Womens Ankle Boot Size 6.5MSanuk Women's Nice Bootah Ankle Bootie - Choose SZ/Color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike 29988 Air Jordan 1 mogochinese-29995 Black All Black Size 9.5 53ea966 -

    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 29988 Air Jordan 1 mogochinese-29995 Black All Black Size 9.5 53ea966 -

    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 29988 Air Jordan 1 mogochinese-29995 Black All Black Size 9.5 53ea966
    Athletic Shoes