Never miss an update

Jordan Flight Legend Gold/Black Men's Black/Metallic Jordan Gold/Black A2526031 A2526031 9d234ad

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: Air Jordan
Color: Black/Metallic Gold/Black Style: A2526031
Never miss an update

Jordan Flight Legend Gold/Black Men's Black/Metallic Jordan Gold/Black A2526031 A2526031 9d234ad -

    Jordan Flight Legend Gold/Black Men's Black/Metallic Jordan Gold/Black A2526031 A2526031 9d234ad
    Jordan Flight Legend Gold/Black Men's Black/Metallic Jordan Gold/Black A2526031 A2526031 9d234ad
    New Balance Cypher Run Men's Vintage Russet/Veg Tan Leather MSRMCKOadidas Originals EQT Cushion ADV Men's Grey/Grey/White CQ2376Lucky Brand Men's Styles Slip-On Sneaker Grey Washed Canvas SneakersLaCrosse Industrial Men's 14" Utah Brogue BlackUnder Armour Charged Lightning Men's Midnight Navy/Black/Metallic Silver 5681410Skechers Men's Relaxed Fit Superior Gains BlackSkechers Men's Work Relaxed Fit Crankton Steel Toe Shoe Black/CharcoalMen/Women Fila T-1 Mid Men's Red/Gum 13048611 Not so expensive In short supply Pick up at the boutiqueNike Mercurial Vapor 12 Academy MG Clear Jade/Gold/Black/Hyper Turquoise 3721390ASICS GEL-Exalt 4 Men's Carbon/Black/Classic Red 709790SoftScience Men's Cruise Canvas Boating Shoe Sage Washed Canvas , New Balance Men's 365 Walking Sneaker Black Walking Shoes , Dockers Men's Midway Moc Toe Derby Tobacco Waxy Distressed Burnished Full GrainASICS Men's GEL-Torrance Running Shoe Black/Stone Grey Walking Shoes , Men's Nike Air Scream LWP Training Cement Grey/Infared/Black/White AH8517 002Nike Air Force 1 Ultraforce Men's Pure Platinum/Pure Platinum/White 18735005Man/Woman PUMA Avid Evoknit Men's White 36539202 Crazy price delicate Cheap orderPUMA Tsugi Netfit V2 EvoKNIT Men's High Risk Red/Black/Red Dahlia 36749403 , PUMA Tsugi Jun Men's White/Sunny Lime/Ocean Depths 36756401 , New Balance Cypher Run Men's Burgundy/Veg Tan Leather MSRMCKMadidas Originals Gazelle Men's Ice Mint/White/Metallic Old Gold BB5473 , Lucky Brand Men's Styles Slip-On Sneaker Chambray Textile Sneakers , Nike Zoom Span 2 Men's Vast Grey/Black/Volt/Atmosphere Grey/White 08990010 , DC Shoes Men's Net Black/Black/Black Skateboard Shoes , Skechers Men's Relaxed Fit Outland Thrill Seeker Trail Shoe Taupe/Black , Men's/Women's Puma Red Sneakers for Men durable Latest styles Cheap order , PUMA Roma Basic Men's White/Team Gold 36640801Nike Roshe One Men's Bordeaux/Anthracite/Pale Grey 44687604Men's New Balance 574 Sport Camo Casual Shoes Incense/Tan MS574DCB 239 ,
    Jordan Flight Legend Gold/Black Men's Black/Metallic Jordan Gold/Black A2526031 A2526031 9d234ad ->Jordan Flight Legend Gold/Black Men's Black/Metallic Jordan Gold/Black A2526031 A2526031 9d234ad -
    $590 VALENTINO black patent leather ankle booties boots shoes 41 11 , Adidas Originals Swift Run [B37728] Men Casual Shoes Grey/Black , Gentlemen/Ladies Taos Plim Soul Charcoal Shoe Long-term reputation The latest technology Strong heat and heat resistance , Made in Italia Shoes Women Pumps & Heels Blue 78488 BDT ORIGINAL , Stuart Weitzman White Leather 7.5 Silver Walking Shoes Ballet Flats , Women's Reebok Ateron Composite Toe Work Shoe SD RB448Via Spiga Maliah Black Leather Fashion Sneakers Loafers Women’s 7.5M Retail $195 , BCBG MAX AZRIA BLACK SATIN PUMPS 3 3/4" HEELS WMNS size US 7.5 HOT MADE INITALY , *TroPiCaL FloRaL NEW 9 GUESS Pointy Toe CARRIE Stilettos Heels PUMPs WhiteNike Free RN Flyknit Gyakusou Nikelab Men 5.5 Wmn 7 (844101 006)PUMA Basket X Dee & Ricky BW Black 360211-01 Men’s Shoes Size 12 Whimsical , NIKE LEBRON XIV LOW BASKETBALL SHOES 878636 002 Size 9MERRELL MENS HIKING CHAMELEON 7 STRETCH BLACK SIZE 132006 AIR JORDAN 7 RETRO CHAMBRAY LIGHT GRAPHITE BLACK VII SZ 8 MENS 304775-042 , Robert Wayne Men's Thatcher Boot , Air Jordan XV 15 Low OG MOC SL 2000 WHITE/DEEP RED 136035 161 2018 , Nunn Bush Men's Bayside Venetian Slip-on Boat Shoe, Tan, 10.5 Medium USMens Suede Drinving Moccasins Casual Low Top Printed Dress Shoes Loafers FASHIONLANVIN Metallic Burgundy CALFSKIN Leather SNEAKERS Trainers SZ-10/11-US , NIKE WOMENS ROSHE ONE RUNNING SHOES , Sutor Mantellassi Shoes SALE! Mushroom tan loafers , Skechers Women's Go Walk Lite Slip On Walking Shoe Blk/WHT 7 M US , New Balance Men's Classic Suede Running Shoe M530PRA BLK/WHITENIB~Adidas ADIZERO FEATHER 2 Running Gym adistar Trainer Shoe tennis ~Women sz 9 , Nike Womens M2K Tekno - AO3108 600 , Reebok WH7-Instapump_Fury_OB_134 sneaker Women's - colour Fuchsia US , ASICS B752N.9045 Womens Gel-Tactic 2 Volleyball-Shoes- Choose SZ/Color. , Man/Woman COLE HAAN BOOTS SZ5.5B Exquisite (middle) workmanship New products in 2018 retail price , Womens Tassel Suede Casual Knee High Knight Boots Side Zipper Strenchy Shoes , J. Crew Womens size 8 M Black Leather Motorcycle Side Zipper Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Jordan Flight Legend Gold/Black Men's Black/Metallic Jordan Gold/Black A2526031 A2526031 9d234ad -

    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.

    Jordan Flight Legend Gold/Black Men's Black/Metallic Jordan Gold/Black A2526031 A2526031 9d234ad -

    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
    Jordan Flight Legend Gold/Black Men's Black/Metallic Jordan Gold/Black A2526031 A2526031 9d234ad
    Athletic Shoes