Never miss an update

Adidas Stripes Superstar White With Pink Stripes Women's Women's Size 8 mogochinese-29996 Shoes EUC cfab62c

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: adidas
Style: Low Top Product Line: adidas Superstar
Pattern: Striped US Shoe Size (Women's): US 8
Color: White
Never miss an update

Adidas Stripes Superstar White With Pink Stripes Women's Women's Size 8 mogochinese-29996 Shoes EUC cfab62c -

    Adidas Stripes Superstar White With Pink Stripes Women's Women's Size 8 mogochinese-29996 Shoes EUC cfab62c
    Adidas Stripes Superstar White With Pink Stripes Women's Women's Size 8 mogochinese-29996 Shoes EUC cfab62c
    Skechers Flex Appeal 2.0 Newsmaker Trainers Womens Memory Foam Sports ShoesNike Free Run +2 PRM Women's running shoes 555340 201 size 5.5 , Women's 2017 adidas Originals Campus Stitch & Turn Shoes - Size US 10 , adidas Originals Women's Cf Racer Tr W Running Shoe. Size 9 Medium , adidas Volley Light Shoe - Women's Volleyball SKU M18859 SIZE 8 , Adidas Originals Tubular Entrap Womens Classic Casual Gym Trainers Tactile Green , Womens ASICS GEL- Super J33 Purple Running Trainers T3S5N 3689 RRP , PAUL GREEN LEOPARD LEATHER SNEAKERS 6 8.5NWOB! Womens Nike Air Max 1 Ultra Flyknit 859517 600 sz 9.5 shoes sneakersBROOKS Glycerin 15 Women’s Blue Running Jogging Athletic Gym Shoes US 5 B B863New VANS Womens CHECKERBOARD SLIP ON GREEN VN0A38F7RA7 US W 5.5 - 8.5 TAKSE , Nike Free 5.0 TR Fit 5 (704674-111) Women's Running Shoes Sneakers Trainers , NEW BALANCE 840V3 Running Shoes W840BW3 Women’s Size 9 / 2E (extra wide) NEW , Asics Patriot 10 [1012A117-400] Women Running Shoes Aquarium/White , Skechers Ultra Flex - Bright Horizon Black Women Low-top Athletic Sport TrainersReebok Women's CLASSIC LEATHER W&W (Weathered & Washed) Shoes Pink BS7865 bNike Zoom Fit Women's Shoes Size 7 Pink 704658 600 NEW In Box , Nike Court Borough Mid SE Women's Casual Shoes Wheat Sail Bleat 916793 700Asics GT 2000 6 Indigo Blue/Indigo Blue-Smoke Blue T855N 4949 Women's SZ 716 NEW WOMENS NIKE AIR HUARACHE RUN ULTRA BLUE WOMENS SHOES 819151 301 Sz 11.5NIKE Air Max Thea LX Surprise Pack Women's (Size 7.5) Blue / Black 881203 400 , Converse Womens Chuck Taylor All Stars Size 6.5M Two Zipper Bordeaux High TopsHoka One Clifton 3 Women’s 8 Blue Lightweight Athletic Support Running Shoes , The North Face Single-Track II Running Shoe Women's Turquoise Blue Size 5 NWBAsics Gel-Cumulus 19 Athletic Shoes - Women's Size 7, Black/Porcelain Blue/White , ASICS Gel Nimbus 16 Running Shoes Women’s Size 8 US Excellent Plus ConditionNEW Womens Sz 7 ADIDAS Daroga Sleek B40326 Tan Trail Running Sneakers ShoesNew Adidas BB4039 SuperNova SNOVA Glide 8 Running Training Shoes Gray Womens 11 , NEW Saucony Type A running shoes racing flats women's 9 US ViziPro coral citron
    Adidas Stripes Superstar White With Pink Stripes Women's Women's Size 8 mogochinese-29996 Shoes EUC cfab62c ->Adidas Stripes Superstar White With Pink Stripes Women's Women's Size 8 mogochinese-29996 Shoes EUC cfab62c -
    Geox Wliseabx12 Womens Liseabx12 Boot 41 BR/- Choose SZ/Color. , Corral Ladies Brown Floral Embroidered Boot A3527Old West Women's 14 Inch Snip Toe Fashion Wear Cowboy Boot Tan Canyon LeatherMerrell Mens Trainer Mix Master Tuff Black/Crimson J41599 UK8X9 (MR) , NEW EASYSTRAP(TM), | Easy Tie-Down Kit easystrap BotanexPuma Conquest BLACK 630737. Safety Work Boot. Zip Side, 100% WATERPROOF BOOT , Merrell - Mens Moab 2 Ventilator Mid GTX - Walnut , New in box Free People Cecile Block Heel Bootie Retail: $168Vionic Sydney Black Snake Leather Orthaheel Loafers Driving Mocs Flats Size 9 , SO CUTE! Women's $450 Stubbs and Wootton Velvet "ADMIRAL" Slippers Loafers ShoesDiane Von Furstenberg Ithaca Strappy Leather Heels Brown Size 10 DVF $398 , 100% AUTH NEW WOMEN LOUBOUTIN GALU LASER CUT HALF DORSAY PUMP/HEELS US 7.5 , Frye Perry Knot Thong Sandal Size 8 M (Retail $178)Mens Adidas Blue Suede Gazelles size 13 , New Mizuno Wave Prophecy 3 Running Pro Shoes Mens Grey Black J1GC140002Nike Air Force 1 Supreme Patent Leather 313644-011 Black Size 13 Nearly NewNike ACG Air Okwahn Used Size 9.5 (Men's)DS NIKE 2013 AIR MAX 90 TERRA RED DENIM 10 SAFARI ATMOS 1 180 CAMO PATTA 95 , BRAND NEW DEADSTOCK Nike Mens Air Jordan 5 Retro PREMIO BIN 23, Size 10 , Ariat Men's Black Leather Tycoon Western Cowboy Boot Bar Top/Arizona Sky Size 9VINTAGE UNION MADE BROWN LEATHER STEEL TOES WORK BIKER BOOTS, MENS MOC TOE,8.5D , Men's Wild West Genuine Full Quill Ostrich Western Boots Dubai Toe HandmadeNEW adidas Terrex Solo AF5964 Mens Shoes Trainers Sneakers SALE , Men/Women New Cole-Haan D black (737) Diverse new design Low price professional designMan/Woman Prada White Leather Double Strap Sneaker High quality and low overhead King of quantity TRUEJ.M Weston Men's Suede Supple Black Derby Wing-Tip Dress Shoes Sz 9.5 E FranceWomen's Nike Classic Cortez Classic LX Sz 7.5 100% Authentic AA3255 001 , Vintage Under Armour Women's Sneakers Size 7 , Gentleman/Lady NIKE WOMEN AIR HUARACHE RUN SE Packaging diversity Win highly appreciated Superb craftsmanshipcrocs 12812 Allcast Luxe Duck Bt Womens AllCast Boot- Choose SZ/Color. ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas Stripes Superstar White With Pink Stripes Women's Women's Size 8 mogochinese-29996 Shoes EUC cfab62c -

    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 Stripes Superstar White With Pink Stripes Women's Women's Size 8 mogochinese-29996 Shoes EUC cfab62c -

    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 Stripes Superstar White With Pink Stripes Women's Women's Size 8 mogochinese-29996 Shoes EUC cfab62c
    Athletic Shoes