Never miss an update

Nike Kyrie 3 3 III III Olympic 10.5 Obsidian Blue & Metallic Gold Sz 10.5 NEW 852395 400 3f97229

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
Color: Obsidian Blue & Metallic Gold US Shoe Size (Men's): Womens 12 & Mens 10.5
Idset_Mpn: 852395-400 Style: Basketball Shoes
UPC: Does not apply
Never miss an update

Nike Kyrie 3 3 III III Olympic 10.5 Obsidian Blue & Metallic Gold Sz 10.5 NEW 852395 400 3f97229 -

    Nike Kyrie 3 3 III III Olympic 10.5 Obsidian Blue & Metallic Gold Sz 10.5 NEW 852395 400 3f97229
    Nike Kyrie 3 3 III III Olympic 10.5 Obsidian Blue & Metallic Gold Sz 10.5 NEW 852395 400 3f97229
    Nike Men's Air Jordan FLTCLB '91 Basketball ShoeAdidas NEO Cloudfoam Ultimate [CG5800] Men Running Shoes Black/Black , Men's Nike Air Jordan 3 III True Blue OG White Red Grey 854262-106 Sz 9 , Inov8 Terra Ultra 260 Mens Trail Running Shoes - Blue/White , Brandblack Delta Cup Triple Black 295BB // BLK FAST SHIPPINGNIKE Men's Air Zoom Spirimic, Black SIZE 10.5 , Men’s Nike Air Max 1 Premium Retro “Dark Curry” Size-10.5 White Tan (908366 700)Nike Air Jordan XX8 SE Mens Concord/Infared 23/Black Basketball Sneakers sz 12{M770SBN} NEW BALANCE 770 Beige / Navy Textile *NEW* , NEW Nike Lunarepic Low Flyknit 2 Explorer White Black Bronze 904742-100 Size 8AIR JORDAN TRUNNER LX HIGH PURE PLATINUM BLACK WHITE AA1347 002 SZ 12 , Nike Metcon DSX Flyknit 2 Training Shoe Sz 10-12 White Black Volt 924423 107 NEW , adidas SM Harden Vol. 2 "Nebraska" March Madness Shoe - Men's Basketball Boost , Mens Nike Air Max Express shoes Sneakers New 525224 011 size 9.5 , NIKE AIR DIAMOND TURF DEION SANDERS 309434 014 BLACK/WHITE - LEATHER/NUBUCKNike Air Force 1 High '07 QS "Harlem" SIZE 12 New 573967-500 Black Raisin HOH Hi , Nike air jordan 12 flu game size 5yAsics Men's Size 7 T707N 9793 GT-2000 5 Running Shoes Gray Black White BlueNike MEN'S Waffle Racer '17 Premium Action Green/Black SIZE 8.5 BRAND NEWNike Air Huarache Men's Sneakers Shoes Black 318429-032 Casual Trainers , Air Jordan 5 Retro Fire Red 2013 , New Nike LEBRON XI 11 Summit Lake Hornets Court Purple/Silver/Blue 616175-500 **Nike Air Max 90 Premium 700155-010 Cool Grey Running Casual Men's Shoes Size 11 , Nike Air Huarache Run Ultra Mushroom/Khaki-Black 10 M US Men's (819685 201) , Nike Kyrie 2 Irving Inferno Crimson Orange Black Men's 819583-680 Size 18 NewNike Air Max Plus TN Athletic Shoes Men Sz 12.5 Black Summit White 898014-001 , Mens Nike Shox Avenue Premium Sneakers New, Black Grey / Blue Yellow 833583-009 , Nike Presto Fly Black Volt Green Yellow White Grey Platinum 11 air Running , NEW New Balance Men's 996 Over The Ankle Shoes Boots Camel Suede Brown Size 8.5 ,
    Nike Kyrie 3 3 III III Olympic 10.5 Obsidian Blue & Metallic Gold Sz 10.5 NEW 852395 400 3f97229 ->Nike Kyrie 3 3 III III Olympic 10.5 Obsidian Blue & Metallic Gold Sz 10.5 NEW 852395 400 3f97229 -
    7“ High Heel Wedge Heelless Sexy Punk Goth Pinup Unisex Lockable Ballet BootsHaider Ackermann Ankle Boot Green-Gray Leather Size 41 Round Toe Stiletto Heel , Women Patron By Perugia Shoes Perugia Boots Stina Boots Brown Size 7.5Man/Woman Adidas Campus BZ0073 selling price Bright colors Popular tide shoesWomen Furry Pointed Toe Sexy Cross Strappy Buckle Pumps Stiletto Nightclub Shoes , BIRKENSTOCK VINTAGE DISCONTINUED BLACK LEATHER SHOES EUROPEAN SZ 40 L 9 M 7 EUC , French Sole FS/NY Women's Passport R Ballet Flat, Brown Patent/Brown Leather, 11 , Women Lady high Heel Peep Toe Gold Ankle Strap High Heel Sandals sexy party ShoeMarc Fisher Femme2 Classic Pumps, Black Multi Suede, 7.5 USGiueseppe Zanotti Light Blue Leather Beaded Mules Size 38/8 , Man's/Woman's THE CHRISTY Shoes 787949 Pink 35 superior discount Cheap order , NANDO MUZI NAPPA PUMPS WOMENS SHOES PLATFORMS HIGH HEELS MADE IN ITALY , NIKE JORDAN WESTBROOK 0.2 MEN'S SHOES SIZE 10 NEW IN BOX 854563 209 , Adidas Men’s Edge PR M Shoes 13 ART CG4627 C86 , Men's Brooks Adrenaline 18 running shoes.Multi-color.US size 8 medium. , Gentleman/Lady MEN'S MOCCASINS WITH METAL LOGO Online Shopping Skilled manufacturing best sellerSilver Glitter Pimp Disco Studio 54 Rhinestone Cowboy Costume Shoes Mens 8 9 10 , Bally Genuine Tejus Lizard Black Leather Tassle Strap Loafers Shoes 6.5Mnew Brooks Adrenaline 11th Edition GTS 1200822A306 Running Shoes Women's 6.5 AANEW! Nike 880844-003 Womens Free RN Flyknit Black/White/Volt 10 117C aaFILA Disruptor || 2 - Light Blue / Grey & White - Women's 4-7David Tate Women's Clever Slingback Black Nubuck Hook and LoopMen/Women ASICS Women's GT-1000 6 Running Shoe Selling Moderate cost Great choiceWomens Slouch embroider Suede High Heel Shoes Over The Knee Thigh High boot SexyLadies mid calf boots embroidery floral retro low heel faux leather/suede shoesAerosoles Women's Willingly Boot, Black Leather, 6.5 M US , Marc Fisher Weity Ankle Boots, Black Leatherb, 8 US , NEW Drew Shoes Womens Jaime Boots 12 M Brown Booties Orthotic Diabetic Comfort , Runway Occident Womens Block Heel Over The Knee High Boots Real Leather Club SInaturalizer Cycle Ankle Boots, Black Leather, 7 W US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Kyrie 3 3 III III Olympic 10.5 Obsidian Blue & Metallic Gold Sz 10.5 NEW 852395 400 3f97229 -

    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 Kyrie 3 3 III III Olympic 10.5 Obsidian Blue & Metallic Gold Sz 10.5 NEW 852395 400 3f97229 -

    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 Kyrie 3 3 III III Olympic 10.5 Obsidian Blue & Metallic Gold Sz 10.5 NEW 852395 400 3f97229
    Athletic Shoes