Never miss an update

adidas Jeans Super pink Jeans originals silver mk II terrace originals sample phantom tech super silver 1ffa239

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: few hours. VGC, please see pics. Sample, so no box.
EU Shoe Size: 42 2/3 Shoe Size: UK 8.5
Modified Item: No Brand: adidas
Style: Trainers EAN: Does not apply
Never miss an update

adidas Jeans Super pink Jeans originals silver mk II terrace originals sample phantom tech super silver 1ffa239 -

    adidas Jeans Super pink Jeans originals silver mk II terrace originals sample phantom tech super silver 1ffa239
    adidas Jeans Super pink Jeans originals silver mk II terrace originals sample phantom tech super silver 1ffa239
    Nike Air Flight Bonafide Men's Plum Sneaker Sz 11.5 7405 , NEW BALANCE Fresh Foam Bonacay Reflective Sneakers Gray Mens US 9 /42.5 2E Wide , Saucony Men's Zealot ISO 2 White/Black/Silver (Size 8.5)ADIDAS MAN FREE TIME CASUAL SPORTS SNEAKER SHOES CODE S75929 - BB2239 SUPERS , *NEW* Nike Shox Gravity Gunsmoke White Training Running AQ8553 006 Pick SizeNEW Men's Nike Air Max LTD 3 Premium Shoes Sneakers Size: 6 Color: White , nike Lupinek Flyknit Low SNEAKERS SAIL/BLACK US MENS SIZES 882685-100Nike Zoom Mercurial XI Flyknit Men's Red Sneakers Shoes 852616-600 SizeMen's Adidas UltraBOOST LTD Uncaged Parley CP9686 Primeknit Boost SZ 4-13 DS US , Nike Air Flight Bonafide Men's Plum Sneaker Sz 9.5 4313Nike Air Flight Bonafide Men's Plum Sneaker Sz 9.5 2837 , NIKE LEBRON SOLDIER XI WHITE-PURE PLATINUM SZ 14 [897644-103]Skechers Mens Skech-Air Infinity Kilgore Training Shoe (13 D(M) US , New Balance White Leather 928 Men's Walking Shoes 1444 Size 7.5 , ADIDAS FORUM TF ORIGINALS US 9 NEW RARE 1984 , Nike Metcon DSX Flyknit Mens Size 13 CrossFit Training Shoe Wolf Grey Volt BlackNEW Men's Nike Air Max LTD 3 Shoes Sneakers Size: 8.5 Color: WhiteMr/Ms Adidas Mens UltraBoost Uncaged White DA9157 Innovative design Beautiful appearance Official websiteNIKE LUNAR ONESHOT SB WC 41 46 NEW koston janoski roshe run one force air , New Balance 111 Grey White Gum Sz 9.5 MTL111CAKRIS VAN ASSCHE - Hybrid derby sneaker - EU39/US6New Balance Mens 2018 NBx 860 V8 Mesh Cushioned Running Trainers , Mizuno Men's Wave Enigma 5 Running Shoe, Electric Blue Lemonade/White, 8 D US , HOKA ONE ONE CLIFTON 4 GRIFFIN/MICRO CHIP RUNNING MEN'S SHOES SIZE US 9 NEW , Adidas ClimaCool 1 S.E "Sneaker Exchange" - BY3053Hugo Boss sneakers, brown suede, men's shoe size US 8 $480Nike Lunarcharge Bn Men Running Trainers 933811 Sneakers Shoes 070 , adidas Shoes Black Men B27140Nike Air Max 90 537384-057 40 US 7 40,5 US7, 5
    adidas Jeans Super pink Jeans originals silver mk II terrace originals sample phantom tech super silver 1ffa239 ->adidas Jeans Super pink Jeans originals silver mk II terrace originals sample phantom tech super silver 1ffa239 -
    Womens TORY BURCH Eloise dark brown leather knee high boots sz. 6.5 MTory Burch Eloise Leather Riding Boots Black Women Sz 6.5M 1005 , CHAMPION CHAUSSURE NY ALPHA - KK003BLK - 5 1/2 (8052785817566)Anatomic Prime Mens Formal Leather Upper Shoes Goiania 2 Chocolate UK7x10 (LR) , Womens Butterfly Twist Olivia Black Patent Quilted Ballet Pumps Shoes SizeMan/Woman Ladies Gabor Boots The Style 55727-W The color is very eye-catching Make full use of materials Seasonal hot sale , Womens Office Keepsake Calf Boots BLACK SUEDE Boots , Men's/Women's Furla Metropolis Flat Ballet Flats, Onyx superior Elegant style Elegant and solemnWomens Leather High Heels Pointy Toe Pull On Party Dress Pull On Shoes PumpsKENNEL & SCHMENGER Shoes Black Suede & Silver Snake Print Size MB 147Sonia Rykiel Brown Snakeskin PLATFORM SLINGBACK HEELS SANDALS SZ7/37PRADA Womens Navy-Blue Suede Gold-Buckle Round-Toe Curved-Block-Heels 8.5-38.5 , Telic Women's Z-Strap Sandal, Black,10 B(M) US/ML , Mens adidas Originals Deerupt Runner Casual Core Black/Footwear White CQ2626 BLKSkechers Performance Mens on-the-Go Glide-Cogent Loafer- Pick SZ/Color.Bernhard Willhelm x Camper Himalaya Camo Olive Trainers size 41Skechers Men's After Burn Memory Fit Strike On Sneaker White/NavyNIKE JORDAN MEN'S SHOES SZ 12 TRAINER ST PREMIUM 843732 103 WHITE / BLACK GOLD , K Swiss Addison Pique Trainers Mens White/Rock Sports Shoes Sneakers Footwear , Men's/Women's Nike Air Vapor Zoom X Consumer first New style Excellent function , K-Swiss Men's Baxter SP Sneaker - Choose SZ/Color , NIKE AIRMAX 90 1 HYPERFUSE ID USA RED OCTOBER LAVA QS LIMITEDNIKE React Element 87 Undercover Mens US 7 Lakeside Electric Yellow BQ2718 400Stacy Adams Men's Madison II 00064 Black Milled Leather , Florsheim Imperial Loafers Size 10 Brown Leather Lined Leather Sole Style 93132Brooks Brothers English Black Leather Wingtip Oxford Size 8,Excellent Condition! , Nike Air 90 ULTRA 2.0 FLYKNIT SNEAKERS Women's Lifestyle Shoes White Racer Pink , Nike Air More Uptempo Citron Pink Purple GS Sz 4-7Y Girls Kids Women AV8237-800Womens Frye Classic Square Toe Brown Harness Motorcycle Boots Size 6M Orig:328 , Rampage Womens ram-indap Almond Toe Knee High Fashion Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    adidas Jeans Super pink Jeans originals silver mk II terrace originals sample phantom tech super silver 1ffa239 -

    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 Jeans Super pink Jeans originals silver mk II terrace originals sample phantom tech super silver 1ffa239 -

    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 Jeans Super pink Jeans originals silver mk II terrace originals sample phantom tech super silver 1ffa239
    Athletic Shoes