Never miss an update

Man/Woman Man/Woman Red Men's of Nike Roshe Size wholesale 9.5 wholesale Win the praise of customers Great choice 80a5aed

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: Nike
Style: Running Shoes Model: Nike Roshe
Euro Size: EUR 43 US Shoe Size (Men's): 9.5
Color: Red
Never miss an update

Man/Woman Man/Woman Red Men's of Nike Roshe Size wholesale 9.5 wholesale Win the praise of customers Great choice 80a5aed -

    Man/Woman Man/Woman Red Men's of Nike Roshe Size wholesale 9.5 wholesale Win the praise of customers Great choice 80a5aed
    Man/Woman Man/Woman Red Men's of Nike Roshe Size wholesale 9.5 wholesale Win the praise of customers Great choice 80a5aed
    Adidas Mens Cloudform Grey Shoes 13 ART BA8080 Sneakers C91ASICS GEL LYTE III NS SZ 13 RED BLACK WHITE SPECKLE H5Y0N 2323 DS BINVintage NCAA BRAND HIKING BOOTS!! Supreme!! Air Jordan Boots!! HEAT!! , Nike Mens Pegasus 34 Run Shoes 880555-010-9.5EY15 Gry Sz9.5Lonsdale Xenon Trainers Mens Shoes Sneakers FootwearNike Zoom Rival S 9 - Men's Gym Red/White/Bright Crimson/Blue Fox 07564601Men's Saucony Shadow Original Vintage Casual Shoes Black/White S70424-2 BLKADIDAS SUPESTAR VULC ADV AQ861 MENS 10 , MEN'S ASICS GEL-LYTE III H633N 8181CEDAR GREEN/CEDAR GREEN DEADSTOCK BRAND NEWPuma Men's Ignite Evoknit Cross- Trainer Shoes-Red/Black,Black/White- US 11,US12Man's/Woman's Lugz Birdman Stunna Mid All White Beautiful design Wholesale trade Strong heat and heat resistanceUnder Armour Micro Basketball Shoes Size 16 BA 3 UsedPeak Mens 12D Tony Parker Basketball Shows Navy Red Pink Performance RARE! , Nike Dunk Low (EU: 40,5, US: 7,5: UK: 6,5)Mens Nike Air Huarache Run Drift Casual Sequoia/Lite Bone/Black/White AH7334 300 , NEW MEN'S OUTRIGHT EDGE HIKING SHOES BOULDER/BURNT ORANGE (E2)VANS Kyle Walker Pro Burgundy / White VN0A2XSGQNZ , men's adidas stan smith linen khaki suede sneakers BB0039 11.5 US, 11 UK, 460 EUNWOB Nike Size 10 Green/Black Zoom Ascention Basketball Sneakers,Nike SwooshNike VPR Flyweave Black Metallic Football Cleats Shoes Men's Sz 11.5 824470-002NIKE AIR MAX 90 NS GPX AJ7182 - 600Converse Ctas John Varvatos Vintage Ox TurtleDove Sand Beluga ShoesSaucony Men's Ride 10 Running Shoe Grey/Black/Slime Running SneakersNEW BALANCE FRESH FOAM CRUZ V1 GALAXY PETROL MCRUZNN MEDIUM MENS US SIZES , Mr/Ms Skechers Mens Casual Trainer - Synergy Excellent craft Attractive fashion Authentic guaranteeNEW IN BOX NIKE AIR MAX 1 90 ULTRA 2.0 SE 875845-002 BLACK/WHITE MSRP $140Mr/Ms Jordan Future “jade” Size 10.5 New market At a lower price Valuable boutiqueNEW SUPRA VAIDER FORMULA ONE WHITE SURF BMX SNOW SKATEBOARD SPORTS SHOES 7dc shoes heathrow white gold women size euro 39, us 8
    Man/Woman Man/Woman Red Men's of Nike Roshe Size wholesale 9.5 wholesale Win the praise of customers Great choice 80a5aed ->Man/Woman Man/Woman Red Men's of Nike Roshe Size wholesale 9.5 wholesale Win the praise of customers Great choice 80a5aed -
    Nike W Zoom All Out Low 2 [AJ0036-602] Women Running Shoes Barely Rose/Wine , Nike Air Max Thea Premium QS Womens Trainer Shoe Size 3.5 4 Summit White New , BRAND NEW WOMENS SUPERSOFT BY DIANA FERRARI COMFORT ANKLE SHOE BOOTS SZ 9Caterpillar CAT Lyric Women Boots in Cherry Blossom Pink P310069 , Women sandals leather model DARIEN Aus 2 to 10.5Sam Edelman Women's Grey Rexley 2 Flats Sz 9M 7645Cole Haan Sadie HRCH Brown Leather Driving Loafers Flats Shoes Size 7 @ cLOSeTNatural Soul Carryon Women's Slip On - Size 11 - Navy or Brown - FREE SHIPPING! , 100% Authentic Brand New Prada Buffalo Lux Flats, Sz 9,5Dr Martens AirWair Brown Mules Slip On Shoes Size US 8 Clog Slide LeatherThalia Sodi Womens regalo Open Toe Ankle Strap Classic Pumps pewterw Size 9.0 , Dansko Size 6.5 to 7 BRANDI Pink Madras Fashion Sneakers New Womens Shoes , Adidas Women Shoes Running Cloudfoam Race Training Workout Gym Pink New BB9843 , Man's/Woman's Fila Unisex-Kids AscentRunning Shoe- Pick SZ/Color. Modern and elegant fashion Let our goods go to the world Breathable shoesZARA MAN BLACK STUDDED HIGH TOP SNEAKERS SIZE:US 6 , New Balance Men's 860v7 Running Shoe, Grey/Yellow, 8 B US , Nike Air Jordan Spiz'ike Limited Spizike Sz 10.5 Red Grey Xi III IV VMens Vintage Arctic Cat Arcticwear Snowmobile Winter Boots Size 12 M Black GreenNEW Men's 8 CAMPER Pelotas Ariel 16002 Gum Sole Brown Leather Sneakers , Nike Air Flight Posite Shoes (11.5) White / Game Royal Team OrangeStacy Adams Men's Stockwell Wingtip Oxford Black 25073-001Man's/Woman's Mens Padders Smart Moccasins Ashford Many varieties new Non-slipigi&co Kuga Nappa Soft Nero sneakers sale 87580NIKE Womens Nike Air Zoom Pegasus 34 880560-001 BLACK Size 8Nature Breeze Women's FF00 Over The Knee Mid High Block Heel Boots Wine , Naturalizer Women's Dayln Slouch Boot, Black, 7.5 W US , British Womens Leather Zipper Pointy Toe Low Heels Mid Calf Boots Casual Shoes , Womens Jenah Equestrian Cognac Brown Faux Leather Knee High Boots -New US Size 9 , New Sperry STS82112 Seaport Tahoe Light Tan Women's Chukka Boots 7.5 USJustin Genuine Lizard Cowboy Western Boots 7 AA Hand Lasted Style V 1554 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Man/Woman Man/Woman Red Men's of Nike Roshe Size wholesale 9.5 wholesale Win the praise of customers Great choice 80a5aed -

    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.

    Man/Woman Man/Woman Red Men's of Nike Roshe Size wholesale 9.5 wholesale Win the praise of customers Great choice 80a5aed -

    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
    Man/Woman Man/Woman Red Men's of Nike Roshe Size wholesale 9.5 wholesale Win the praise of customers Great choice 80a5aed
    Athletic Shoes