Never miss an update

DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706

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: Jordan
US Shoe Size (Men's): 13 Style: Basketball Shoes
Color: University Red/University Red-Gum Yellow Country/Region of Manufacture: China
UPC: Does not apply
Never miss an update

DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706 -

    DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706
    DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706
    1801 Nike Air Force Max 93 Men's Sneakers Sports Shoes AH5534-100 , Air Jordan IX 9 Anthracite Oregon Retro Nike Flight Kith Basketball Shoes , “Stranger Things 2” Netflix Limited Edition “Bait” Reebok SneakersNike Air Jordan IX 9 Retro LA City Of Flight US 11/BIN 23/Chicago , Men Diesel Shoes Onice Fashion Black Size 9 , Puma R698 x BAPE 358845-01 Camo Men Size US 5 NEW 100% AuthenticAuthentic Jordan 7 Retro Hare Mens Size 12.5 Deadstock DS 100% AUTHENTIC , NIKE LEBRON XV 15 BLACK/GUM LIGHT BROWN SZ 8.5 [897648-001] , [asics] GEL-QUANTUM 360 KNIT 2 White Men's Running Shoes T8G3N.9601Adidas x Social Status x SNS Consortium UltraBoost LuxDS 2011 JORDAN CMFT 11 VIZ AIR COOL GREY sz 10 CARBON 444905-003 , Nike NIKELAB Air Force 1 Low - 905618 500Nike Odyssey React [AO9819-001] Men Running Shoes Black/White-Wolf GreyNew Authentic Nike Kyrie 4 BHM Equality Black History Month AO3167-900 Size 142015 - Nike Flyknit Lunar 2 - BLACK / WHITE - DARK GREYNike Lebron 13 XIII All Star Mens 835659-309 Alligator Basketball Shoes Size 9.5NIKE KOBE X 10 ELITE LOW FLYKNIT QS ID "MULTI COLOR"-GREY SZ 9.5 [802817-903] , Nike Air Jordan Phly Legend MCMLXXVIII White Varsity Red/Black/Cement Grey US 121806 Nike LeBron 15 Low EP Men's Basketball Shoes AO1756-005Man/Woman Adidas NMD_R1 "3 Stripes" - S76519 Excellent craft Attractive fashion Recommended todayAdidas WH NMD R2 sz 12 (White Mountaineering Hint Grey BB3118 not Bape SNS OG)NEW BALANCE 997 "BUTTERSCOTCH" 2012 - ITEM NUMBER 2631-16 , Nike KD ID VI (6) SZ 9.5 DS Sprite Golden State Warriors Glow In the Dark , NIKE AIR FOAMPOSITE PRO PRM PURE PLATINUM YEEZY 616750-003 CRIMSON GLOW SZ 12 , Air Jordan 9 IX Retro Anthracite/White-Black 302370-013 Size 102016 adidas NMD R2 PK 'Trace Cargo' Sz 7-8.5 Primeknit - BA7198 , Nike Kyrie 1 Driveway size 9.5 705277-001 , NIKE AIR MAX 95 ESSENTIAL Bright Mango-Racer Blue MEN'S SHOES COMFY SNEAKERS , Nike Air Jordan V 5 Retro Olympic Gold Coin White Black Metallic 136027 133 ,
    DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706 ->DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706 -
    Nike Zoom Structure 19 Flash Women Running Trainers 806579 500 Sneakers Shoes , Andrew Charles 3103079 CAMOSCIO SABBIA Décolleté Shoes Women's Grey AUFrye Charlotte Ring Clog SZ 10 Boho Festival brown leather heels shoes , Salvatore Ferragamo Women's "PACAU LET" Leather Loafers Shoes Sz 8.5M 9.5M , Womens Mid Slim Heel Patent Leather Pointy toe Pumps Buckle Strap Pull on ShoesGianvito Rossi Blue Denim Twill Fringed Pointy Toe Pumps/Shoes Size 39100% AUTHENTIC NEW WOMEN LOUBOUTIN NO MATTER 85 WATERSNAKE HEELS/PUMPS US 8.5Nine West Women's Aboutthat Synthetic Dress Sandal, White, 7 M US , Element Men's Cheyenne Shoe Black GG8 Size 12Men's Nike Air Footscape Magista Flyknit Shoes NEW Green/Red/Black SIZE 11.5Nike Air More Uptempo '96 Men's Shoes - Wheat, 8 USNEW ADIDAS 350 LEATHER S76213 MENS BLACK-WHITE CLASSIC SNEAKERS SHOES , Adidas Adistar Comp AD Grey Onix Sz 12 NIB CQ1867Nike Air Max Uptempo 95 Free ShippingNew Balance 998 Made in USA Purple Black White Sz 9.5 M998CMDonald J Pliner Santino-BV Ankle Boots Brown Brushed Suede Italian Pull on-New , Nike Air Jordan 14 Retro Size 11 White Black Red Last Shot 311832-162 2005 BButtercup Yellow Giant Anaconda Print Leather Cowboy Boots Rodeo Exotic Riding , NIKE FREE SB QUICKSTRIKE "ROSE CITY" FORTRESS GREEN CAMO / RED 749677 360 SZ 10 , Men's/Women's Lacoste Men's Saulieu Chunky Fashion Sneaker Many varieties a variety of Speed ​​refundBRAGANO Italian Loafers English Calf Skin Basket Weave Brown Tassels 11.5 N G6B , New Cole Haan Benton II Wingtip Oxfords Dress Shoes Black C24117 Mens Size 8 MASICS GEL UNIFIER TR GRAY TEAL SNEAKERS TRAINING RUNNING SHOES US WOMENS SZ 7.5 , Jack Rogers Women's Violet Slip-On Sneaker , Brooks Ghost 10 Running Shoes-Women's size 8.5 D Black/PinkADIDAS ULTRA BOOST 3.0 REIGNING CHAMP BW1122 Clear Grey Aluminum SZ 8 9.5 NEW RC , Via Spiga Women's Traynor Slip ON Sneaker - Choose SZ/Color , WMNS AIR FORCE 1 AF1 UPSTEP LX LUXE "FLORAL" BINARY BLUE SZ 6.5 [898421-401]Durango Womens 6.5 W RB7482 Black Leather Western Cowboy Boots Great Condition , BEAUTY&YOUTH UNITED ARROWS Shoes 760420 Black 36
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706 -

    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.

    DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706 -

    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
    DS Men's 13/[811645 AIR JORDAN XX3 XX3 CHICAGO 29891 Sz 13/[811645 650] 23 624d706
    Athletic Shoes