Never miss an update

NIKE SB SB Stefan Janoski Canvas Floral Canvas Black White 615957 29988 900 - Men 12 New/NoLid 1860aa9

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: New item without box lid, please view all pictures before making a purchase.
Model: Nike SB Stefan Janoski Shoe Height: Low Top
Country/Region of Manufacture: China Upper Material: Synthetic
Style: Skate Shoes Color: Floral Black White
Pattern: Solid MPN: 615957 900
Idset_Mpn: 615957 900 Euro Size: EUR 46
Material: Synthetic Brand: Nike
US Shoe Size (Men's): 12 UPC: 884751906725
Never miss an update

NIKE SB SB Stefan Janoski Canvas Floral Canvas Black White 615957 29988 900 - Men 12 New/NoLid 1860aa9 -

    NIKE SB SB Stefan Janoski Canvas Floral Canvas Black White 615957 29988 900 - Men 12 New/NoLid 1860aa9
    NIKE SB SB Stefan Janoski Canvas Floral Canvas Black White 615957 29988 900 - Men 12 New/NoLid 1860aa9
    (AJ7990-004) MEN'S AIR JORDAN RELENTLESS BLACK/TECH GREY/WHITE , Men's NIKE ZOOM Hi-Top Basketball SHoes Sneakers Size 12 , Nike Jordan Flight Luxe Anthracite/White Men's Size 8-13 New in Box 919715 005New Nike Shox Gravity AR1999-002 Men Casual Shoes Black White Running size 8Nike SB Dunk Low Pro Wolf Grey WhiteAsics Gel Contend 4 Mens Running Shoes (D) (4390) + FREE AUS DELIVERY , Nike LunarEpic Flyknit low size 11 authentic vnds , Adidas Originals Superstar Suede 'Core Black' New Retro (US8) smith Ultra stanMan/Woman Nike Kyrie 1 Letterman Comfortable feeling Online export store Speed ​​refund , Nike SB Air Force II 2 Low Sizes Mens Shoes Lichen Brown Black White AO0300 300NIB NIKE Mens 10 AIR MAX TORCH 3 319116 011 BLACK WHITE RUNNING CASUAL SHOES , DC Net Mens Black Skate Shoes Trainers Size[BS7679] Mens Reebok Zig Pulse LE Referee Sneaker - Black PatentSUPRA Men's Vaider Sneaker Shoe, Color Navy/Copper-White, Size 11.5 M US , Nike Air Max Sequent Running Shoes Size 8.5 Mens Athletic Sneakers Black Crimson , Men's/Women's Nike Air Max 2015 Size 13 Charming design Used in durability Rich on-time deliveryNEW MEN'S ADIDAS ORIGINALS ZX FLUX SHOES [AQ8212] "GLOW IN THE DARK" , Mens Adidas NEO Cloudfoam Ultimate Black Sneaker Athletic Shoes BC0018 Size 9-14Men Nike Air Oscillate XX Tennis Shoes Sneakers White & Midnight Navy 918195-104 , New Mens Nike Lunar TR 529169-001 Running Black Sneakers Shoes Size 9.5Nike Cortez Ultra BLACK WHITE VOLT 833142-002 sz 12 Running Shoes Forrest GumpMan/Woman nike presto Cheap Primary quality Tide shoes listNike Jordan Trainer 2 Flyknit Shoe, Black/Black-Metallic Silver, 10Nike Air Jordan Trainer 1 Low Banned Bred Black Red 845403 001 Mens Size 12 , Air Jordan B. Fly Black Camo White Men SZ 11,12 ! , Nike Free RN Flyknit run running shoes black volt blue lagoon pink yellow Sz 11Nike SB Air Force 2 Black White Habanero Red AO0300-006 Sizes 8-14 , Nike Air Zoom Mariah Flyknit Racer Light Charcoal Black 918264-008 Men's ShoesNike Flex 2017 RN Sz 10.5 Black/White-Anthracite Men's Running Shoes 898457-001
    NIKE SB SB Stefan Janoski Canvas Floral Canvas Black White 615957 29988 900 - Men 12 New/NoLid 1860aa9 ->NIKE SB SB Stefan Janoski Canvas Floral Canvas Black White 615957 29988 900 - Men 12 New/NoLid 1860aa9 -
    Marni brown leather mid-calf boots 6US 36UK Made in Italy , Diane von Furstenberg Night Suede Over the Knee BootsPuma Womens Smash WNS v2 SD Low-Top Sneakers Winsome Orchid, 4.5 UKStuart Weitzman Black Satin Peep Toe Slingback Heels sz 8 M Open Toe PumpsSTEVE MADDEN Mickey Open Toe Sandal Nude Size 9 US NIB ($89 Retail!) , Pelle Moda Bey Ankle Strap Heels - Women's Size 9.5 M - BrownMermaid Women’s Shoes Pointy Toe Sling Back Studded Low Heel Sandals-Black-10$1,195 New Saint Laurent Yves Bianca 105 Magenta Python print Strappy sandals 8 , Gentlemen/Ladies CARESS-450 Diverse new design International choice As of the latest modelSaucony Womens Xodus Iso 2 Running Shoe- Pick SZ/Color.Saucony S60033-85 : Originals Women's Shadow 5000 Classic Retro Running Shoe, BUnder Armour Women's Charged Lightning 1285494-369 Neptune/White/Black NewBrand New Adidas Gameday Uncaged Trainer Sneaker D70164 SZ US M 12.5315371 026 AIR JORDAN SPIZIKE RETRO SPIKE LEE RETRO BLACK GREEN RED MARS 9 MENS , Nike Roshe Two Flyknit - 844833 004Gentlemen/Ladies Men's Jordan SC-3 Basketball Shoe 629877-116 durability buy Pick up at the boutique , Gentleman/Lady Nike React Element 55 BQ2728 200 Outstanding features Attractive fashion Modern and elegantEMT EMS PARAMEDIC FIRST RESPONDER POLICE SWAT BLACK 6'' LEATHER TACTICAL BOOTSWalking sneakers leather shoes Medium (D, M) and -2.4" Tall Height lifts, KT-11 , Giorgio Brutini Men's Contact Smoking Loafers Shoes , Pleaser Women's Classique 01 High Heel Slide Black Patent SandalsBrooks PureCadence 4 Purple Blue Black B Width Women Running Shoe 1201751B559 , ASICS Women's GT-2000 5 Running Shoe Midgrey/White/Pink Glow Running Sneakers , NIKE Womens Nike Downshifter 7 852466-001 COOL GREY Size 7 , Man/Woman Ash Women's AS-Nina Sneaker High security King of quantity cheaper , Bling Nike Roshe Two Breathe Casual Shoes w/ Swarovski Crystal Logo * Blue OmbreSkechers Women's Empress-Resurge Fashion Sneaker - Choose SZ/color , MADDEN GIRL *MOLLIEEE* TALL RIDING BOOTS COLOR~STONE SIZE 6.5 MWomens Multicolor Leather Knee High Boots Catwalks Flats Punk Roma Boots US9 , Ralph Lauren Size 6.5 M RAYNA II Leopard Print Leather Booties New Womens Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE SB SB Stefan Janoski Canvas Floral Canvas Black White 615957 29988 900 - Men 12 New/NoLid 1860aa9 -

    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 SB SB Stefan Janoski Canvas Floral Canvas Black White 615957 29988 900 - Men 12 New/NoLid 1860aa9 -

    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 SB SB Stefan Janoski Canvas Floral Canvas Black White 615957 29988 900 - Men 12 New/NoLid 1860aa9
    Athletic Shoes