Never miss an update

Adidas V2 guptauniver-22594 Yeezy Boost 350 V2 Zebra (WORN/NO Zebra BOX) Size 10.5 ed67f55

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Model: adidas Yeezy Boost 350 V2
Product Line: adidas Yeezy, adidas Boost Euro Size: EUR 44
Brand: adidas Width: Medium (D, M)
MPN: 1001 Color: White
US Shoe Size (Men's): 10.5 Style: Running Shoes
UPC: 0889773948180
Never miss an update

Adidas V2 guptauniver-22594 Yeezy Boost 350 V2 Zebra (WORN/NO Zebra BOX) Size 10.5 ed67f55 -

    Adidas V2 guptauniver-22594 Yeezy Boost 350 V2 Zebra (WORN/NO Zebra BOX) Size 10.5 ed67f55
    Adidas V2 guptauniver-22594 Yeezy Boost 350 V2 Zebra (WORN/NO Zebra BOX) Size 10.5 ed67f55
    SHIP NOW Nike Air Jordan 1 Retro High OG Game Royal 8-13 Black White 555088-403 , NIKE AIR FORCE 1 White/Metallic Gold MENS SZ 9.5 306353 173 , NEW Air Jordan VI Low 304401-123 White Infrared 6 retro red Nike B Grade Sz 11 , Nike React Element 89 Black Neptune Green Size 4 , Jordan 3 Retro Hall of Fame Katrina size 13 New 2018Air Jordan Retro 10 Cool Grey size 13Nike Air Jordan 3 Golf Shoe Green Glow Size 10.5Reebok Twilight Zone Pump Mens sz 10.5 New! , Men's Nike Romaleos 3 Black Red crossfit training weightlifting shoe squat , Nike Lupinek Flyknit Cargo Khaki/Sequoia 862505-300 Men's SZ 11 , NIKE AIR JORDAN RETRO VI (6) TINKEER SIZES 8-13!!!!Nike Kobe 1 Protro Mamba Day Black Gold AQ2728 002 Limited 100%Authentic , Nike React Element 87 Neptune Green Size US11.5 Black Grey AQ1090-005Men's Nike Air Jordan Retro 12 "Bordeaux" Athletic Fashion Sneakers 130690 617Gentleman/Lady Kyrie 1 Dream QS Size 12 the most convenient Optimal price Excellent workmanship , 2018 Nike Air Jordan 3 Retro OG Black Cement 854262 001 Men US Size 9 NEW , Mens Nike x Acronym Air VaporMax Moc 2 Volt Black AQ0996-007Adidas Yeezy Boost 350 v2 Butter Size 11.5 , NEW Nike Air Zoom Generation Low 'White/Silver" sz10 Lebron 1 og rare cavs lbjNEW Nike Lebron 8 V/2 Low Black Out 456849 001 Size 10.5 , Adidas Ultra Boost M 2.0 White Red Multi-Color Running Black Men's BB3911Nike Air Jordan 1 Retro “All Star” Style Size 8.5 , Nike Air Jordan 10 X Retro Cool Grey Shoes 310805-022 Mens Size 10.5 Sneakers , RARE DS Mizuno Wave Tenjin LAMBORGHINI Black Gold 9 410750 9090 Running Shoe 2 3Men/Women Niked Dunk Sb Golf Size 13 Promotion Sufficient supply uniqueMen’s Air Jordan 3 Retro Tinker NRG AQ3835-160 Size 10.5 JTH , Nike Air Jordan 5 V Retro NRG Fresh Prince NEW Grape AV3919-135 Size 9BB4 Nike Shox Size 10.5 OG Vince Carter 2001 Deadstock , Air Jordan Retro 11 XI Low - White Varsity-Red CHERRY 10.5 DEADSTOCK w/ Receipt!
    Adidas V2 guptauniver-22594 Yeezy Boost 350 V2 Zebra (WORN/NO Zebra BOX) Size 10.5 ed67f55 ->Adidas V2 guptauniver-22594 Yeezy Boost 350 V2 Zebra (WORN/NO Zebra BOX) Size 10.5 ed67f55 -
    Corral Women's Leather Grey Woven Embroidery Mule Shoes P5184Dansko Nastacia Croc Black Metallic Leather Comfort Clog Loafers 36 US 5.5 - 6 , Tory Burch Jessa Horse Head Crocodile-Embossed Loafer 38.5 $348.00 , Dansko Black Leather/Metallic Pewter Slip On Shoes/Clogs, Wns 38 , TOD’S CITY GOMMINO LEATHER LOAFERS Size 38.5 Light Brown LeatherRalph Lauren Quaylin Platino Wedge Sandal Women Size 9 MVersace Peep Toe Wedge Leopard Black Red IT 37 US 7 Preowned $1975Gianvito Rossi Vires Grey Perforated Stretch knit Ankle Boots sz 38.5 , Steve Madden Womens 'Meringue' Faux Leather Slingback Sandal , Merrell Accentor Hiking Shoes (For Women) Size 7 Wild Dove , Adidas Mens Powerlift Low Top Running, Silver, Size 14.5 M US MENSAir Jordan XX9 29 Easter Emerald Green Black 695515 403 Men's Size SZ 10.5Nike Air Max 90 Ultra 2.0 Flyknit Men Size 13 Shoes Bright Crimson 875943-600 , New Nike Vapor Speed Turf Trainer CF Shoes 848334-441 Navy Blue Football Sz 9NIKE AIR MAX 1 ID MARK PARKER HTM WHITE-INFRARED SZ 10.5 [874605-991] , Bota Vaquera Rodeo El General Piel Shoulder ID 25657Mens Moccasin Gommino Driving Shoes Suede Leather Slip On Round Toe Loafers SzTommy Hilfiger Women Classic Court H - White / Red - Size 9 MediumMen's Thick Plush Lining Microsuede Indoor Outdoor Slip On Moccasin Slippers... , NEW~Adidas JEREMY SCOTT WINGS 2.0 NASA JS OBYO Mid Sneakers Shoe teddy~Mens sz 9Zumba Street Boss Z-Slide Shoes - Pink , NIB PUMA Fenty Trainer Hi Rihanna FENTY Famous Women's Sneakers LEATHER 4 COLORSAlouette Italy High Top Sneakers Women's Size 37 US 7Asics Women's Gel Quantum 360 Shift T7E7N-9006 Flash Coral NWT NIB $200 MSRPKenneth Cole New York Women's Marcy Boot Leather Charcoal Size 8 M USWomens Ankle Boots Square Toe Side Zipper Kitten Heels Block Heels Casuals Shoes , Eva & Zoe Womens Gabriella Over The Knee Boot Shoes, Black, US 10 , Guess Women Dora Leather Satin Boots Shoes Black Size 7.5 , Manolo Blahnik Brown Shake Skin Knee High boots size 39.5Sbicca REPRISE Womens Reprise Ankle Bootie- Choose SZ/Color. ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas V2 guptauniver-22594 Yeezy Boost 350 V2 Zebra (WORN/NO Zebra BOX) Size 10.5 ed67f55 -

    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.

    Adidas V2 guptauniver-22594 Yeezy Boost 350 V2 Zebra (WORN/NO Zebra BOX) Size 10.5 ed67f55 -

    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
    Adidas V2 guptauniver-22594 Yeezy Boost 350 V2 Zebra (WORN/NO Zebra BOX) Size 10.5 ed67f55
    Athletic Shoes