Never miss an update

Women's Air Air Jordan Retro 1 High SOH kcnumerology-27925 Size 7 Light Light Aqua Metallic AO1847 440 b0ff183

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: Nike
US Shoe Size (Women's): US 7 Product Line: Jordan Retro
Style: AO1847 440 Accents: Metallic
Color: Light Aqua/White/Metallic Gold Model: Jordan 1
Never miss an update

Women's Air Air Jordan Retro 1 High SOH kcnumerology-27925 Size 7 Light Light Aqua Metallic AO1847 440 b0ff183 -

    Women's Air Air Jordan Retro 1 High SOH kcnumerology-27925 Size 7 Light Light Aqua Metallic AO1847 440 b0ff183
    Women's Air Air Jordan Retro 1 High SOH kcnumerology-27925 Size 7 Light Light Aqua Metallic AO1847 440 b0ff183
    Mizuno Wave Enigma 6-W Womens Running Shoe 6- Choose SZ/Color. , Merrell Siren Edge Gore-tex Black Paradise Grey Women Outdoors Shoes J37186 , Under Armour Speedform Slingride Running Women's Shoes Size 10Adidas Performance Women's Alphabounce Running Shoes Size 5 to 10 us B54202 , Merrell Moab 2 GTX Black Grey Gore-Tex Vibram Men Outdoors Hiking Shoes J06040 , 7.5 NIKE AIR FORCE 1 AF1 SAGE XX OFF WHITE AO1215 CASUAL 2018 CUZTOM FLORAL REDWomen's Nike Roshe One Premium Casual Shoes Black/White/Total Orange 833928 008 , BRAND NEW!!! Nike Air Vapormax Running Shoe (women’s 9.5) RETAIL $175!!!HOKA ONE ONE STINSON ATR 4 Women's Trail Shoe - Asphalt/Griffin - US 10.5KENZO Black / Brown / Green Leather / Mesh Sneakers Size 36 (6 US) Slightly UsedWomens Nike Air Presto Premium Triple Black Leather Shoes Size 7 (878071-002)Nike Wmns Air Huarache Run PRM Running Womens Shoes Linen Sail 683818-201Brooks Glycerin 15 1D Wide Desiree Linden Neutral Purple Women Running 120247 1D , 1804 Reebok CLASSIC LEATHER X STOCKHOLM FACE Women's Sneakers Shoes CN1477 , Puma Ignite Limitless Weave Wns Black White Gum Women Running Shoes 190504-03Women's adidas Swift Run Casual Shoes Core Black/Carbon/White B37723 BLK , Nike WMNS Flyknit Lunar2 [620658-703] Women Running Shoes Volt/Black US 8.0 , Women's Nike Air Max 90 QS - SIZE 6 - 813150-101 Christmas Xmas Candy Cane RedNike Womens Free RN Distance Black White Bright Mango Sz 8 NIB 827116-005Puma Creeper Velvet Glacier Gray Rihanna Fenty 364466 03 Women's SZ 9Nike W Air Max 1 N7 Running Womens Running Shoes White Purple NWOB AO2321-100Nike Wmns Air Foamposite One PRM 2018 Chrome Blue Tint Pro AA3963-100 Size 8.5 , Nike AF1 Explorer XX - CHOOSE SIZE- AO1524-100 Triple Air Force 1 Off Strap One , Men's/Women's Jeffrey Campbell Wifi Charming design Cheaper than the price Non-slip , Nike Womens Air Max 97 Silver Bullet OG QS 885691-001 Metallic Silver Red Sz 8.5ZUMBA SHOES TRAINERS Sneakers HIPHOP Orlando Street Bold BEST SUPPORT Max ImpactVans Vault X VAN Gogh Old Skool Old Vineyard Authentic Exclusive Rare size 8SZ.8 Nike Women's AirForce 1 AF1 Upstep LX 898421-402 DecemberSkyNike Women's Air Huarache Run Ultra Lt Orewood Brown/Siren Red/Sail Running Shoe
    Women's Air Air Jordan Retro 1 High SOH kcnumerology-27925 Size 7 Light Light Aqua Metallic AO1847 440 b0ff183 ->Women's Air Air Jordan Retro 1 High SOH kcnumerology-27925 Size 7 Light Light Aqua Metallic AO1847 440 b0ff183 -
    BEARPAW Women's Jenna Boot Black II Size 9 BM US , Laurence Dacade 'Merli' Floral Embroidered Boots Shoes Black New Size 38 $1748 , NIKE AIR JORDAN 5 RETRO PREMIUM BORDEAUX SIZE 8.5 BNIB DSAdidas Ultraboost Clima [BY8889] Men Running Shoes Grey/Real TealCandice Cooper Womens Camoscio Hi-Top Trainers, Blau Navy 000, 8 UKNew Mollini Queff White Womens Shoes Casual Shoes Flat , Rebecca Minkoff M5191001 Womens Edie Slip-On Loafer- Choose SZ/Color.Women Shoe Clarks Gracelin Mara Speckled Suede Ballet Flat 28607 Aubergine *New*Kenneth Cole Mary Jane Cap Toe, White Stitching, Leather (Up+Sole) Heel Pumps 6M , PLEASER Open Toe Knee High Boot Buckled Waterfall Fringe DELIGHT-2020 Black , BURBERRY Platfrom LEEHAM Wedge Espadrille Sandal Shoe Check Plaid T Strap 8/39 , Women's Summer Rhinestone Flat Sandals Beach Gladiator Crystal Sandals BootsAdidas Gazelle Purple/Black-Gold Metallic BZ0034 Men's SZ 10.5 , Balance Men's Cruz V2 Fresh Foam Running Shoe, military foliage green, 10 D USadidas COPA TANGO 17.1 IN - Blue - Mens , Nike Air Foamposite One Concord Size 9 314996-005 , Nike Trainer Free 5.0 V6 AMP shoes Sneakers New 723939 041 Duke Blue Devils 11.5Nike Air Huarache Mens 318429-201 Medium Olive Sail Gum Running Shoes Size 13adidas x Pharrell Williams Human Race NMD_TR AC7361 6US 6.5US , COGNAC BROWN TONY LAMA USA VINTAGE WESTERN ROCKABILLY COWBOY RANCH BOOTS 10.5DMen's Rustic Brown Leather FRYE 14677 Ankle Moc Toe Heritage Casual Boots Sz-10D , Gentleman/Lady Stacy Adams Men's Madison Ii Oxford for you to choose Pleasant appearance Very practical , Kenneth Cole REACTION Men's Brick Free OxfordDrew Shoes Women Flare White-Blue Leather-Mesh/US 9WW Brand NEW!!! $145.00New Women's ADIDAS ORIGINALS TUBULAR DAWN - BZ0630 - Light Brown , NIKE AIR JORDAN 5 V LANEY GS US 3.5Y RETRO FEAR 4 BRED 1 OREO 6 , VS SUEDE ANKLE BLACK BOOTS, ELEGANT LOOK, MADE IN ITALYWomen's Justin Black Snip-Toe Cowboy/Western Boots Sz. 6B MINTY! , Kamik Jennifer Rain Boot - Women's Charcoal 6.0 , adidas Originals Women's I-5923, - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women's Air Air Jordan Retro 1 High SOH kcnumerology-27925 Size 7 Light Light Aqua Metallic AO1847 440 b0ff183 -

    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.

    Women's Air Air Jordan Retro 1 High SOH kcnumerology-27925 Size 7 Light Light Aqua Metallic AO1847 440 b0ff183 -

    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
    Women's Air Air Jordan Retro 1 High SOH kcnumerology-27925 Size 7 Light Light Aqua Metallic AO1847 440 b0ff183
    Athletic Shoes