Never miss an update

Nike WMNS Free joinmybrand-24156 RN 2017 [880840-603] Women [880840-603] Running Grey Shoes Wolf Grey/Dark Grey 895996b

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
Brand: Nike
Style: Athletic MPN: 880840010
US Shoe Size (Women's): 4-18
Never miss an update

Nike WMNS Free joinmybrand-24156 RN 2017 [880840-603] Women [880840-603] Running Grey Shoes Wolf Grey/Dark Grey 895996b -

    Nike WMNS Free joinmybrand-24156 RN 2017 [880840-603] Women [880840-603] Running Grey Shoes Wolf Grey/Dark Grey 895996b
    Nike WMNS Free joinmybrand-24156 RN 2017 [880840-603] Women [880840-603] Running Grey Shoes Wolf Grey/Dark Grey 895996b
    New Balance WRT300RV D Wide Suede Ivory Blue Women Shoes Sneakers WRT300RVDMizuno Wave Rider 21 White Green Womens Running Shoes Trainers J1GD1803-04 , Babolat Women Badminton Shoes Shadow Tour Indoor Court Sport Shoe Pink Yellow , New Merrell Barrado Womens Shoes Comfort Sneakers CasualAdidas Originals Eqt Equipment Support RF Shoes Trainers BY9625 NewAdidas Pure Boost x Tr Trainer Zip Ladies Running Shoes Fitness Shoes BB1579 , Asics GEL-Scram 3 [T6K7N-1693] Women Trail Running Shoes Phantom/Silver[bargain] Brooks Pureflow 3 Womens Running Shoes (B) (417) | RRP $200.00 , adidas Originals Stan Smith Bold W Platform White OG Green Leather Women S32266Mizuno Wave Rider 21 Osaka Marathon Multi-Color Women Running Shoes J1GD180844Nike Wmns SF AF1 Mid Special Field Air Force 1 Grey Gum Women Casual AA3966-004 , Asics GEL-Nimbus 19 D [T750N-9693] Women Running Shoes Glacier Grey/SilverNIKE WOMENS FLEX CONTACT GREY ROSE GOLD RUNNING SHOES **ALL SIZES BEST SELLER , Nike WMNS Classic Cortez Leather [807471-010] Women Casual Shoes Black/WhiteAsics Onitsuka Tiger GSM Cream Rose Water Pink Womens Casual Shoes 1182A014-100 , adidas Originals Stan Smith W The FARM Company White Multi-Color Women CQ2814 , Nike Jordan Flyknit Elevation 23 BG UNC Black Carolina Blue Kid Women AO1538-010 , adidas Originals Stan Smith CF W Crystal White Trace Orange Women Shoes CQ2788WMNS Nike Roshe One Print [599432-674] NSW Casual Rosherun Aloha Red/Yellow , Reebok Easytone 2.0 Romance Women's Gym Shoes Sport Shoes Trainers M44970Nike Wmns AF1 Jester XX Classic Casual Lifestyle White/University Red AO1220-106 , NEW WOMENS SAUCONY TRIUMPH ISO RUNNING SHOES - ALL SIZES - SAVE 50% , Nike Air More Uptempo GS Navy White Gold Kid Youth Women Basketball 415082-109 , Nike Wmns Free RN CMTR Commuter 2017 Running Black/Black-Anthracite 880842-003Puma Basket Platform Scallop Wn's Classic Casual Whisper White/Black 366723 04Nike WMNS Free TR 8 [942888-200] Women Running Shoes Particle Beige/WhitePuma Vikky Platform Ribbon Trainers Womens Black Sports Trainers Sneakers , Puma Basket Platform EP Wns En Pointe White Women Casual Shoes Sneaker 365466-01 , **Authentic** Asics Gel Netburner Ballistic Womens Netball Shoes (B) (1401) ,
    Nike WMNS Free joinmybrand-24156 RN 2017 [880840-603] Women [880840-603] Running Grey Shoes Wolf Grey/Dark Grey 895996b ->Nike WMNS Free joinmybrand-24156 RN 2017 [880840-603] Women [880840-603] Running Grey Shoes Wolf Grey/Dark Grey 895996b -
    8100 Melrose Wine Suede Side Zipper Lug Sole Ankle Boot Size 41 , Nine West 25021969 Womens Vain Suede Boot- Choose SZ/Color. , BZ218 ISLO shoes black suede women ankle bootsWomens Corral Vintage Size 9.5 Black Wing Cross BootsNew Windsor Smith Farah Ws Womens Shoes Boots AnkleCHRISTIAN LOUBOUTINE CANONITA BLACK SATIN HIGH HEEL SHOE , Clubwear Womens Peep Toes Pumps Leather Platform Very High Stilettos Heels Shoes , 2017 Pointy toe Suede Stiletto Slip On Tassel Womens Sandal Shoes Slides SizeSESTO MEUCCI, JANDINA PUMP, WOMENS, BLACK TEXAS, US 10 M, LEATHER, NEW W/O BOXSanBLK Womens Yoga Sling Ella Sandal- Choose SZ/Color. , LACOSTE Womens Lancelle 3 Eye 118 1 Leather Fashion Sneaker Light blue NIB $85 , Nike $200 Men’s TW ‘17 Tiger Woods White Golf Shoes (880955-100) - Size 11.5Deadstock Jordan CMFT (Comfort) Air Max 10 Imperial Blue Size 12VTG Tony Lama Cowhide Leather Boots Western Cowboy Men's 9 B Narrow Round ToeMen's Brown Chukka/Classic Boots in Genuine Leather Made in Portugal , VANS × Mastermind JAPAN V36 OG mastermind Shoes Shoes Old School US 10 JP 28 , Puma Mihara Yasohiro My 41 Black White Yellow Leather Sneakers Men 9M Shoe MY-41 , Mens Brogue Tassel pull on British business carved business shoes loafers hot 18PUMA Men's Ferrari Roma Sneaker - Choose SZ/Color , Allen Edmonds Jack Nicklaus Desert Mountain Golf Shoes 11 3EAllen Edmonds Bergamo Black Leather Loafers Dress Shoes Men's 9 AA NarrowNEW $600 DOLCE & GABBANA Shoes Beige Brown Leather Derby Mens Casual EU44 / US11 , chic British mens pointy toe slip on dress formal business shoes metal Toe Shoes , Skechers Ultra Flex Black Gold Women's Sneaker 12843/BKGD , Valentino Rockstud Untitled Leather Sneaker, 39, WhiteMen/Women Reebok Women's Print Run Dist Sneaker main category the most economical Superb craftsmanshipWomens Bowknots Chelsea Ankle Boots Block Heels Plus Size Suede Side Zip ShoesLL BEAN MAINE HUNTING BOOTS WOMEN'S SIZE 9N MADE IN USA , DOLCE VITA Size 6 Black Wedge 5 Buckle Boots , Franco Sarto Women's Crimson Over the Knee Boot - Choose SZ/Color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike WMNS Free joinmybrand-24156 RN 2017 [880840-603] Women [880840-603] Running Grey Shoes Wolf Grey/Dark Grey 895996b -

    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 WMNS Free joinmybrand-24156 RN 2017 [880840-603] Women [880840-603] Running Grey Shoes Wolf Grey/Dark Grey 895996b -

    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 WMNS Free joinmybrand-24156 RN 2017 [880840-603] Women [880840-603] Running Grey Shoes Wolf Grey/Dark Grey 895996b
    Athletic Shoes