Never miss an update

Nike Free Train Virtue Kevin Hart Cool Grey/White-Red Size Size Train 7.5 AH0857 002 Kevin Hart e58a680

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
Brand: Nike
Country/Region of Manufacture: Vietnam Product Line: Free
Euro Size: EUR 40,5 Material: Synthetic
Pattern: Solid Style: Running, Cross Training
Width: Medium (D, M) US Shoe Size (Men's): 7.5
Color: Cool Grey UPC: Does not apply
Never miss an update

Nike Free Train Virtue Kevin Hart Cool Grey/White-Red Size Size Train 7.5 AH0857 002 Kevin Hart e58a680 -

    Nike Free Train Virtue Kevin Hart Cool Grey/White-Red Size Size Train 7.5 AH0857 002 Kevin Hart e58a680
    Nike Free Train Virtue Kevin Hart Cool Grey/White-Red Size Size Train 7.5 AH0857 002 Kevin Hart e58a680
    Men's Adidas Rise Up Basketball Sneakers Lifestyle Shoes , 2005 Nike Air Force 180 LE MID CHARLES BARKLEY BLACK RED WHITE ROYAL BLUE 7Y 7NIKE AIR JORDAN 10 X RETRO WESTBROOK HYPER ROYAL RED 310805-160 MENS BGADIDAS ULTRABOOST CLIMA SZ 10 CLOUD WHITE SOLAR YELLOW AQ0481 , Supreme x Nike SB Gato QS Black/White Mens Size 10 DS NEW! AR9821-001 SkateboardNike Dunk Lux SP Sherpa Black NikeLab SZ 12 ( 744301-001 )Gentleman/Lady addidas stan smith sneakers New market Good market Global sales , 2000 Nike Air Max 95 1995 CHARCOAL DARK COOL WOLF GREY BLACK WHITE 604116-002 11 , Adidas Originals Men's Crazy 1 ADV Shoes Size 7 to 13 us BY4370 , NIKE AIR TRAINER TR 180 MEN'S TRAINING SHOE COMFY AND FLEXIBILITY SNEAKERS , Adidas Originals EQT Support ADV [CQ3002] Men Casual Shoes White/Grey , 2010 Nike Air LUNARFLY + BLACK COOL WOLF GREY ROYAL BLUE WHITE 396048-003 NEW 13 , Hugo Boss Space Lowp Syme 50327366 Men's Trainers Sneakers Dk Blue 7 8 9 12 , ThirtyTwo Men Sessions Snowboard Boots (9) BlackNike Kobe XI 11 Mamba Day QS iD Black Gold SZ 10 ( 865773-991 ) , ADIDAS PURE BOOST TRACE KHAKI BEIGE WHITE CLEAR BROWN GUM ULTRA PK S81992 10 , 844626-600 Nike Men Air Zoom Model 1 Fk University Red Grey , Nike Air Max Men’s Running, Cross Training Shoes 486978-017 SZ 9 , Nike Air Jordan Melo M11 Hebru Brantley Black Silver 814286-050 Size 12Under Armour UA Curry 1 Lux Mid SDE Hi Top Basketball Trainers 1296617 9972007 Nike AIR FORCE 1 '07 NORTH PHILLY DIAMOND GLACIER BLUE WHITE BLACK 12 10.5 , Adidas Ultra Boost 3.0 Clear Grey Size 10 Worn OnceNike Air Footscape Magista SP 652960 401 Red White Blue France QS NikeLab Sz 8Diesel Exposure I Denim Black Mens Hi Trainers Boots , NIKE AIR MAX LD-ZERO "HIROSHI FUJIWARA" BLACK-DARK GREY SZ MEN'S 11 [848624-002] , NIKE KOBE X 10 MID EXT LIQUID GOLD Metallic Sneaker Shoes 802366-700 Men's 11.5 , Nike SF Air Force 1 Mid Team Orange/Team Orange (917753 800) , NIKE AIR MAX TR TRAINER 17 LINEN/BLACK LEATHER 880996-200 Mens Sz 13Nike Zoom Kd 6 Vi Nerf Energy Splatter What The Electric Green 12 Jordan 1 2 3 4 ,
    Nike Free Train Virtue Kevin Hart Cool Grey/White-Red Size Size Train 7.5 AH0857 002 Kevin Hart e58a680 ->Nike Free Train Virtue Kevin Hart Cool Grey/White-Red Size Size Train 7.5 AH0857 002 Kevin Hart e58a680 -
    Black patent 9" stretch crotch platform boots , 51922 auth JIMMY CHOO black patent leather ALINA Ballet Flats Shoes 36.5 , NEW JEFFREY CAMPBELL BEIGE CORDOBA EMBELLISHED SANDALS Shoes WOMEN'S SIZE 6 , STUART WEITZMAN Platform Wedge Sandals Women's 10.5 M Red Leather ShoesVictoria's Secret PINK Faux Fur Crisscross Slides Color Black Medium NWTPUMA ROMA ANNIVERSARIO WHITE WHITE 366673 03 MENS US SIZES , Puma Trinomic R698 Soft Shoes Men's Sneakers Leather Trainers Blaze Green NEWNike Air Jordan 1 Retro High Premium Basketball Shoes Wolf Grey AA3993-027 , ASICS Men's Gel-Kayano 23 Running Shoe - Choose SZ/ColorNike Air Jordan XX9 29 Men’s Basketball Shoes 695515-403 SZ 11.5 , Nike Air Max Plus - Men's Flax/Flax/Sail 9697201 , British Men Chic Shoes Vintage Real Leather Riding Ankle Boots Fur Lining ThickNew Vivobarefoot Scott 2.0 Desert Mens Tan Leather Minimalist Leather BootCaterpillar Men's Grady Waterproof Leather Rope Casual Boot StyleP719110 , STEVE MADDEN CRATER BROWN/GREEN BOAT MEN'S SHOE SIZE 11Ortho Feet Mens Diabetic Comfort Brown Loafers Size 14 14WMan/Woman Ted Baker Men's Kiing Fashion Sneaker Customer first Modern design Seasonal hot saleNIKE SB ZOOM STEFAN JANOSKI - BLACK / WHITE SUEDE - 333824 026 DS SZ 12Cole Haan Stanton Plain II Mens Black Leather Waterproof Oxford Dress Shoes 11.5Cool Mens Patent Leather Metal Pointed Toe Loafers Business Casual Slip On ShoesSkechers Sport Women's Energy Sneaker - Choose SZ/ColorBrooks Transcend 4 Running Shoes - Women's Size 11 B, Navy/PurpleConverse Breakpoint Ox Black White Women Leather Retro Low-top Sneakers Trainers , Nike Free TR Flyknit 2 Womens 904658-001 Black White Training Shoes Size 8.5 , NEW Nike Women's SF AF1 Mid Boots Black Gum Special Field Many Sizes AA3966 002 , Puma Rihanna Fenty Slides Bow Olive Green 365774-01 Womens Sizes: 5.5-9.5Men/Women Never Worn DANSKO booties Clever and practical Beautiful appearance Known for its beautiful quality , Retro Style Rivets Womens Round Toe Flat Heels Pull On Leather Ankle Boots Ths01 , Marc Fisher Medium Calf Tall Shaft Leather Boots Damsel Dark Brown 8W NEW A28148 , Elegant Women Pearl Ankle Boots Side Zip Block Mid Heels Pointy Toe Casual Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Free Train Virtue Kevin Hart Cool Grey/White-Red Size Size Train 7.5 AH0857 002 Kevin Hart e58a680 -

    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 Free Train Virtue Kevin Hart Cool Grey/White-Red Size Size Train 7.5 AH0857 002 Kevin Hart e58a680 -

    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 Free Train Virtue Kevin Hart Cool Grey/White-Red Size Size Train 7.5 AH0857 002 Kevin Hart e58a680
    Athletic Shoes