Never miss an update

UNDER ARMOUR ARMOUR CURRY CURRY 3 Basketball Shoe 9195 BLK/TXI/BLK Size 9, 10 M f2ce951

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
Model: Under armour Curry 3
Width: Medium (D, M) Modified Item: No
Color: Black Style: Basketball Shoes
Brand: Under armour
Never miss an update

UNDER ARMOUR ARMOUR CURRY CURRY 3 Basketball Shoe 9195 BLK/TXI/BLK Size 9, 10 M f2ce951 -

    UNDER ARMOUR ARMOUR CURRY CURRY 3 Basketball Shoe 9195 BLK/TXI/BLK Size 9, 10 M f2ce951
    UNDER ARMOUR ARMOUR CURRY CURRY 3 Basketball Shoe 9195 BLK/TXI/BLK Size 9, 10 M f2ce951
    Nike Air Penny 2 Blue White Size 11.5 Worn Only 3 Times , Reebok Reebok Pt Prime Runner Running Men's Shoes , ADIDAS CRAZY EXPLOSIVE LOW BASKETBALL SHOES RED WHITE GREY NEW BY3251 (SIZE 13)Nike KD 8 US Sz 12.5 Mens Basketball Shoes Easter Wolf Grey Metallic 749375-002 , Adidas Originals Pro Model Grey Mono Sneakers Mens Shoes Adidas CG5073 NEWNike Classic Ultra Leather Tennis Shoes Black White 749644-005 $100 Mens 9.5 , Vans Era Tumble White Mens Womens Man Made Leather Shoes Fashion Sneakers SizesMerrell Beta Flash Low Vent Men's Shoes Size 9 Dusty Olive- NEW!!NIKE SB BLAZER LOW GT SKATEBOARDING SHOES SNEAKERS 704939 014 SIZE 9.5 NEWUNDER ARMOUR UA SpeedForm Pro Green Black Sprint Track Spikes Shoes Mens SZ 9Nike Men's Sb Portmore Ii Slr Slp C Skate ShoeReebok Men BS9377 Classic Neutrals Casual Shoes red sneakers , Supra Men's Shoes (Oakwood) Brick-Bone White , K Swiss Bigshot Light 2.5 Mens Premium Performance Tennis Court Shoes White , Mr/Ms Es Skateboard Shoes Swift 1.5 Brown/Gum Complete specification range product quality Cheap orderMENS GLOBE TILT SKATEBOARDING SHOES NIB BLACK SPICY ORANGE , NEW Men's Size 9 ADIDAS Zone Dox Hockey Turf Shoe Blue Orange Cleats AQ6520Nike Kobe A.D. Men’s Basketball Shoes Size 11.5 "Mamba" 922482-602 MSRP $150 NEW , 2016 Nike Zoom KD 9 Dark Purple Dust SZ 9.5 Obsidian Dark Purple Dust 843392-450 , Gentleman/Lady Nike Essentialist Casual Men's Shoes economic Elegant style Human border , Men’s Adidas PureBoost DPR Athletic Shoes Size 7.5M Multi-Color852473 002 NIKE KOBE MAMBA INSTINCT PURE PLATINUM BASKETBALL SHOES 14 MENSNIB Men's Skechers Mark Nason Loafers Whitley Black Shoes Size us 10.5MNIKE AIR FORCE 180 MEN'S SHOES cargo khaki white310095 300 MSRP $140Nike SB Dunk Low TRD Dark Grey Gum Men Skateboarding Shoes Sneakers AR0778-001 , Vans Men's Shoes "Alomar" -- (Heavy Canvas) Black/BlackMEN'S NIKE LUNAREPIC LOW FLYKNIT SHOES SIZE 11 loyal blue 843764 400 MSRP $160 , Puma Disc Swift Tech White Men Sz 11Nike Free RN 2017 Binary Blue/Dark Sky Blue Size US 13 Men's 880839 404
    UNDER ARMOUR ARMOUR CURRY CURRY 3 Basketball Shoe 9195 BLK/TXI/BLK Size 9, 10 M f2ce951 ->UNDER ARMOUR ARMOUR CURRY CURRY 3 Basketball Shoe 9195 BLK/TXI/BLK Size 9, 10 M f2ce951 -
    Demonia Slay Pink Hologram 7" Platform Wedge Charm Detail Knee BootNEW PALLADIUM WOMENS PALLABOSSE L CHELSEA BOOTFRYE F720026 Block Heel Ankle Booties 207, Camel, 7.5 USCotswold Nettleton Mens Slip On Ankle Boots (FS2599)Skechers Breathe Easy Calmly Trainers Memory Foam Leather Womens Sneakers ShoesREBECCA MINKOFF Women's Shoe Sandal Sabot RMSUSL SL02 Selene Studs Leather Black , new $595 Giuseppe ZANOTTI dark silver GLITTER ballet flats shoes - super cute , Men's/Women's Mephisto Women Mules 41 Crazy price Won highly appreciated and widely trusted at home and abroad Known for its beautiful quality , OTBT Black Silver Ankle Strap Casual Comfort Wedge Heel Sandals Women's Size 6 M , $170 MISS SIXTY CALYPSO Black Brown Leather Designer Wedge Sandals 8.5 , NIB STUART WEITZMAN Grey SPIDERX Dressy D'Orsay Shoes Sz 5.5 230454EMEN'S PUMA BASKET CLASSIC LFS CASUAL SHOES WHITE BLACK SIZE 11 , New Balance 860v8 Black Blue M860BB8 - Men's 8.5 - New , Nike Air Huarache Sequoia Mens Mesh Running Sneakers Sports Trainers , New Balance M997HL Catcher In The Rye Mens Shoes Size 42 / 8.5 D MADE IN USA.PUMA Men's Tsugi Apex Summer Sneaker - Choose SZ/ColorNew Balance M996CSMI -USA 996 Connoisseur Retro Ski (Black / Yellow) MENS2007 Nike Dunk Men Shoe High Purple Quake Newsprint Earthquake 306968 501 9.5*** , Mens 100% Cow Leather Flats Round Toe Combat Side Zip Buckle Punk Boots Shoes 44COMME des GARCONS HOMME Leather Shoes Size US 9(K-52603) , Klogs Knight Mens Leather Slip-on - Slip Resi Black Smooth - 10 Wide , Mens COLE HAAN 201475 Black Leather Loafers w/tassels Sz. 8.5 D NEW!New Balance Womens Wtntrrf1 Fiji Running Shoes Size 8.5 (32824) , ASFVLT WOMEN'S SHOES TRAINERS SNEAKERS NEW BLACK 2F5Man's/Woman's Adidas Women UltraBOOSTX WHT/GREY Shoes BB3433 Long-term reputation stable quality Very practical , Adidas Essential Fun II W [CP8951] Women Training Shoes Black/WhiteNike Womens Air Max 98 Size 9 Sail Igloo Fossil AH6799-105Man's/Woman's FRYE Women's Melanie Perf Mule Sneaker service Modern and stylish fashion Explosive good goods , adidas UltraBOOST 4.0 W Womens Cushion Running Shoes BOOST Sneakers Pick 1NEW Bearpaw SHANTELLE Hickory SUEDE 2 Tone Buckle Accent Boot (sizes) ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    UNDER ARMOUR ARMOUR CURRY CURRY 3 Basketball Shoe 9195 BLK/TXI/BLK Size 9, 10 M f2ce951 -

    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.

    UNDER ARMOUR ARMOUR CURRY CURRY 3 Basketball Shoe 9195 BLK/TXI/BLK Size 9, 10 M f2ce951 -

    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
    UNDER ARMOUR ARMOUR CURRY CURRY 3 Basketball Shoe 9195 BLK/TXI/BLK Size 9, 10 M f2ce951
    Athletic Shoes