Never miss an update

NIKE camo 2012 ROSHE RUN FB YEEZY air 10 580573 063 20418 air max 90 1 camo presto footscape 4f6e789

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
Material: Nylon
Style: Athletic Sneakers Model: ROSHERUN FB
Color: Black Country/Region of Manufacture: Vietnam
Brand: Nike
Never miss an update

NIKE camo 2012 ROSHE RUN FB YEEZY air 10 580573 063 20418 air max 90 1 camo presto footscape 4f6e789 -

    NIKE camo 2012 ROSHE RUN FB YEEZY air 10 580573 063 20418 air max 90 1 camo presto footscape 4f6e789
    NIKE camo 2012 ROSHE RUN FB YEEZY air 10 580573 063 20418 air max 90 1 camo presto footscape 4f6e789
    NIKE ZOOM KD10 KD 10 X ID WHITE-ORANGE SZ 10.5 [AH2928-993] , Nike Roshe Run One SE, Black / Volt, Special Edition, 844687 001, Size 13 , Elevator Shoes Men Sport Casual Height Increasing Shoes 3.54'' Taller CHAMARIPA , Nike KD VII Elite "ELEVATE PACK" Men’s Basketball Shoes 724349-404 SZ 8.5adidas Eqt Support Sk Pk Shoes Grey Men AQ1032 , New Balance MW928HN3 Men's 928Hv3 Tan Leather Hook and Loop Walking ShoesAdidas Stan Smith PK Mens BB3786 Triple White Primeknit Athletic Shoes Size 6.5ADIDAS CRAZY EXPLOSIVE Boost Ultra PRIMEKNIT PK B42405 Andrew Wiggins Sz 8 new , adidas Equipment Support ADV Mens in Black/Power Blue, 12Nike Air Max 90 Leather Mens AH8443-003 Vast Grey Red Running Shoes Size 7NIKE ID ZOOM LEBRON SOLDIER TEN Black/Gold US MEN SZ 9.5 [885681 991] BRAND NEW , adidas Equipment Support ADV Mens in Black/Power Blue, 111806 Nike Blazer Low Men's Sneakers Sports Shoes AO2788-101Adidas Men's Terrex Agravic XT AC7660 Core Black Grey Hi-Res Red Size 9.5PUMA X TRAPSTAR Suede <361500-02> Mens Sizes US 7 ~ 14 / Brand New in Box! , NIKE AIR MAX 180 WHITE/ULTRAMARINE-SOLAR RED SIZE MEN'S 9.5 [615287-100]Nike Air Huarache Mens 318429-003 Black Textile Athletic Running Shoes Size 8Nike Kyrie 4 Year of the Monkey Mens 943806-011 Anthracite Grey Shoes Size 12 , NIKE ZOOM KD10 LMTD LIMITED DARK STUCCO/ANTHRACITE SIZE MEN'S 8.5 [897817-002]1808 adidas NEMEZIZ MESSI TANGO 18.3 Mens FG Soccer Cleats Football Shoes DB2220 , NIKE KOBE AD A.D ID. GREY-WHITE SZ 10 [AQ4789-991] , ASICS MAN FREE TIME CASUAL SNEAKER SHOES SUEDE CODE HL7C1 GEL-KAYANO TRAINERNIKE AIR MAX 90 RED/TAN/PURPLE US MENS SHOE SIZES 858954-600 , New Balance Men's 1080V7 Running-Shoes, Pisces/Black, 9 D USNike Air Max 90 Essential Mens 537384-307 Sequoia Khaki Running Shoes Size 10.5Adidas Pharell Stan Smith TNS Tennis Pack Mens B25389 Orange Shoes Size 10.5 , Mizuno Wave Rider 20 Men's Running Shoes J1GC170357 A 17G , Nike Lunar Force 1 Duckboot Low Men's Lifestyle Shoes Dark Beige water repellentadidas Equipment Support ADV Mens in Black/Power Blue, 10.5 ,
    NIKE camo 2012 ROSHE RUN FB YEEZY air 10 580573 063 20418 air max 90 1 camo presto footscape 4f6e789 ->NIKE camo 2012 ROSHE RUN FB YEEZY air 10 580573 063 20418 air max 90 1 camo presto footscape 4f6e789 -
    Stuart Weitzman Lowjack Over The Knee Stretch Embroidered Velvet Boot 6 , New Balance - 574 Classics - Red/Dark Red , New Julius Marlow Spike Dark Tan Mens Shoes Dress Boots Ankle , Cat Caterpillar Supersede P719137 men's navy nubuck trekking shoes ankle bootsSkechers You - Spirit Trainers Memory Foam Lifestyle Womens Sports Shoes 14960White Stuff Evelyn Smart Shoe Black Boot LG05 17 , NEW Gorgeous DOLCE & GABBANA Black Je Taime Maman Sequined Slingback Pump Shoes , Versace 19.69 E08 VERNICE FUXIA PITONE MULTI ballerina shoes Women's Fuchsia USWomens Leather Woven Platform Strappy Round toe Creepers Slip on Loafers Shoes #Puma Safety 642905 Celerity Knit Womens Blue Low SD Oxford Work ShoesSexy Womens Pointy Toe 16 CM Stiletto Heel Pumps Snakeskin Nightclub Shoes Sz , new $795 Giuseppe ZANOTTI black X-straps JEWELED STUDDED shoes 36 6 - sexy , Gentleman/Lady Nike zoom air white blue nice Special purchase Make full use of materials Sales online store , Men's Hiking Shoes Outdoor Trail Trekking Sneakers Breathable Climbing PlatformPUMA SUEDE CLASSIC+ 356568-77 storm-peacoat-white Size 11 , Nike Mens Air Humara '17 Premium Dark Grey/Army AO2606-002 , Adidas Running Ultra Boost 4.0 SYS Show Your Stripes Cloud White Men CM8114THOROGOOD AMERICAN HERITAGE MOC TOE WEDGE 6" WORK BOOTS 814-4200 - ALL SIZES , NEW Mens Iron Ranger 8114 Black Harness Leather Boots Red WingSperry Top-Sider Gold Cup Men's Brown Suede Deerskin Slip On Loafers Size 10MALDO Men's Eladorwen Fashion Sneaker - Choose SZ/Color , New Loafers Men's British Style Sequins Bling Leisure Dress Moccasins Shoes SzClarks Men's Conwell Cap Toe Shoe Tan Full Grain Leather Business Shoes , Womens Nike Sneakers Platinum Grey/Pink Revolution NEW Women's Size 6 1/2 , Adidas Stan Smith Women's Sneakers Runners Trainers BB1433 Black Gold 7New Balance Women 696 Re-Engineered WL696WA white light grey WL696WA , Asics GEL-Cumulus 18 Women's Sizes US 5.5 ~ 12 /Brand New in Box! , $145 NEW Salomon Womens 8M X ULTRA 2 GTX Shoes Denim/Blue/Melon Trail RunningSheSole Women's Waterproof Rubber Rain Boot Black 9 M USWomen's Colorful Floral Ankle Boots Block High Heels Round Toe Fashion Booties
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE camo 2012 ROSHE RUN FB YEEZY air 10 580573 063 20418 air max 90 1 camo presto footscape 4f6e789 -

    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 camo 2012 ROSHE RUN FB YEEZY air 10 580573 063 20418 air max 90 1 camo presto footscape 4f6e789 -

    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 camo 2012 ROSHE RUN FB YEEZY air 10 580573 063 20418 air max 90 1 camo presto footscape 4f6e789
    Athletic Shoes