Never miss an update

Nike Womens Odyssey React Black Black/White/White Womens RN 2018 Running 2018 ALL NEW 0e40b54

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
Activity: Running
Color: Black Style: Running, Cross Training
Brand: Nike Product Line: React
Never miss an update

Nike Womens Odyssey React Black Black/White/White Womens RN 2018 Running 2018 ALL NEW 0e40b54 -

    Nike Womens Odyssey React Black Black/White/White Womens RN 2018 Running 2018 ALL NEW 0e40b54
    Nike Womens Odyssey React Black Black/White/White Womens RN 2018 Running 2018 ALL NEW 0e40b54
    Nike Air Max Thea Joli Womens Shoes Size 5.5 725118-400 Midnight NavyNike W Air Max LD-Zero SE Pearl Pink/Pearl Pink Running 911180-600 Women's US 10 , Gentlemen/Ladies Therafit Women's Sienna quality First batch of customers Seasonal hot sale , Under Armour UAS RLT Knit Fat Tire Women’s Boots Gray Navy White 1307135100 Sz 7NEW AA3964 001 WOMEN'S NIKE AF1 UPSTEP PRM LX SHOES !! DARK STUCCO , Nike Air Max '95 - Black - Womens , Nike Air Max Thea Ultra PRM Summit White 848279-100 Wmn Sz 10Womens Air Max 2014 Dark Violet Reflect Silver Hyper Punch SZ 7.5 (621078-200) , Adidas Womens Terrex Swift R GTX Hiking Shoes BB4635 Black/Tactile Pink 6.5Women's Nike NIKECOURT TENNIS CLASSIC ULTRA FLYKNIT, 833860 001 Sizes 6-11 BlackWMNS AIR FORCE 1 '07 PRM (616725 006) SZ: WMNS 7 , NIKE LF1 FLYKNIT WORKBOOT BLACK/WHITE-COOL GREY SIZE WOMEN'S 9.5 [860558-001] , VIONIC Hiking Shoes Cypress Beige Brown/Mauve Leather H2O Resistant Women's $130Nike WOMEN'S Air Max 180 ULTRAMARINE SIZE 6 BRAND NEWNew Balance Women's Minimus 10 Trail Black/Thunder Running Sneakers , ara Women's Mayfield 48536 GORE-TEX Boot , NEW Allrounder by Mephisto Women's Niwa Sneakers, Multi-Color, 7.5 US, M , Nike Tr6 843988-990 Women's Athletic Shoes Size7.5 , Fitflop Women's Superskate In Velvet Slip On Sneaker Black , Hanwag Rotpunkt Approach Shoes Women's Brown Size 8 US Vibram Hiking New $224 , 2018 WMNS Nike Air Jordan 1 Retro High Premium SZ 11 Red Gold Toe AH7389-607New Balance WW847BK3 Women's 847v3 Black Motion Control Health Walking Shoes , 2018 WMNS Nike Air Jordan 1 Retro High Premium SZ 11 White Gold Toe AH7389-107Hanwag Rotpunkt Approach Shoes Women's Brown Size 7.5 US Vibram Hiking New $224 , WMNS NIKE AIR FORCE 1 HI SUEDE (749266 600) SZ: 9.5 (26.5CM) , NIKE Women's Air Max 1 SE Casual ShoeNike WOMEN'S AF1 Flyknit Low Black/White SIZE 7 BRAND NEWWomens Nike Air Max 1 Ultra 2.0 Flyknit Metallic Black Gold SZ 6.5 (881195-001)Merrell Womens Siren Sport Q2 Mid Waterproof Boots J37446 Slate Black (Brown) 9 ,
    Nike Womens Odyssey React Black Black/White/White Womens RN 2018 Running 2018 ALL NEW 0e40b54 ->Nike Womens Odyssey React Black Black/White/White Womens RN 2018 Running 2018 ALL NEW 0e40b54 -
    Ferrini Men's Roughrider Distressed Cowgirl Boot Narrow Square Toe DistressedGIUSEPPE ZANOTTI ITALY BLACK PATENT LEATHER FABRIC OTK TALL BOOTS EQUESTRIAN~ 38Mens HUSH PUPPIES PRESTIGE Black FORMAL/DRESS/WORK/LEATHER SHOES -EXTRA WIDE FITGentleman/Lady Jordan 4 "Raptors" NRG "Drake" service fashionable best seller , Shoes Colmar Travis Colors 055 Violet Nude Woman Sneakers Casual FashionNEWROCK NR M.NEOTYRE11 S1 Black - New Rock Boots - WomensMINX TRISH LADIES CLARKS LEATHER BUCKLE MID CALF CASUAL WOMENS BIKER BOOTSEcco Light Black Leather Bicycle Toe Oxford Flats Shoes Womens 41D -10/10.5 D , Klogs Women's CAMILA Clogs COFFEE SMOOTH LEATHER Display Model Shoes 7.5 MTwo toned GUESS wedges size 8 1/2Man's/Woman's sam eldeman Yaro Reliable quality Low price Elegant and stable packaging , Anne Klein Women's Abbie Leather Dress Pump - Choose SZ/Color , Merrell Moab Ventilator Walnut Style J86595 Trail/Hiking Shoes Size 9.5 $159.95OG 1996 Reebok Optix 4-28038 sneakers size US8,5 UK7,5 USA41. RARE!!!! , NWB Adidas Originals Men's NMD_r2 Sneaker Grey/Grey/Taupe Size 12 or 8 Deadstock , ADIDAS Superstar Boost sz 12 Coral Hazel Pink Black White Shelltoe BB2731NIKE REACT Mens HYPERDUNK 2017 LOW NEW black 897663-001 Sz 18 , Men's/Women's Rosherun 511881-010 Mens BLACK/ANTHRACITE-SAIL SZ 6 feature Has a long reputation General productMr/Ms NIKE Jordan Trunner LX (11.5 Mens) High-quality Fast delivery At an affordable priceNIKE PENNY V 5 Red Black DEADSTOCK (Size 9.5) kyrie , Nike Air Huarache Doernbecher Freestyle Run Ultra BG Brayden Strong Sz 12Adidas Human Race NMD Pharrell Williams Green Size 8.5 Brand NewEmbroidery Men Patent Leather Loafer Slip On Trend Nightclub Party Perform ShoesPuma Disc Black And White - Black - Womens , Converse Women's Chuck Taylor All Star Coral Ox Sneaker Egret/Egret/White , Man's/Woman's New Balance Women's 574v1 Sneaker wholesale Win the praise of customers King of the crowd , Man/Woman PUMA Tsugi Shinsei Women's Marshmallow/Marshmallow 36412101 Reputation first Environmentally friendly Popular tide shoes , MAX Ladies Women Sneakers Shoes Wedge Ankle Platforms Casual Winter FUR Boots , Women Occident Patent Leather Stilettos High Heels Knee High Boots Clubwear Sexy , STYLE & CO. MADIXE Women Riding Boots (7.5 W, BLACK)
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Womens Odyssey React Black Black/White/White Womens RN 2018 Running 2018 ALL NEW 0e40b54 -

    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 Womens Odyssey React Black Black/White/White Womens RN 2018 Running 2018 ALL NEW 0e40b54 -

    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 Womens Odyssey React Black Black/White/White Womens RN 2018 Running 2018 ALL NEW 0e40b54
    Athletic Shoes