Never miss an update

Adidas Pink Tubular Adidas Viral 2 model 9M BY2122 Trainers Womens Tubular Size US 9M 1938316

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: Store return from Nordstrom, good condition light wear some visible stains, please check pictures as they are part of the description buy with confidence no box available sold without dustbags
Country/Region of Manufacture: Vietnam Width: Medium (B, M)
Style: Running Pattern: Solid
Product Line: Tubular Color: Pink
US Shoe Size (Women's): 9 Brand: Adidas
Material: Synthetic UPC: Does not apply
Never miss an update

Adidas Pink Tubular Adidas Viral 2 model 9M BY2122 Trainers Womens Tubular Size US 9M 1938316 -

    Adidas Pink Tubular Adidas Viral 2 model 9M BY2122 Trainers Womens Tubular Size US 9M 1938316
    Adidas Pink Tubular Adidas Viral 2 model 9M BY2122 Trainers Womens Tubular Size US 9M 1938316
    Women Casual Shoes Sneaker Platform Hidden High Wedge Heel College Ankle Boots XAdidas City Racer W B74491 Women's Sneakers , Asics GEL-Contend 4 Peacoat/Porcelain Blue/Fuchsia Red Basic Running T765N-5814Twisted X Boots Women's WDM0053 Slip On Coral/Birch Leather Slip-on ShoesConverse Chuck Taylor All Star HI Womens Black Trainers , NEW Under Armour Womens Micro G Assert 6 Running Shoes Black White Pink US 11 , Nike WMNS Free Transform Flyknit Running Shoes Trainers 833410 004 US 7Converse CT All Star Ox Womens Blue Grey Pink Canvas Trainers SizeCustom Fashion Women Boots calvin and hobbes Martin Boots For Girl , Converse Star Player Ox White Athletic Navy Womens Trainers Unisex New , Nike WMNS Roshe One women lifestyle sneakers rosherun NEW white blackPleaser Women's Classique 01 High Heel Slide Black Patent Sandals , Man's/Woman's Fabulicious Women's Belle 301 Clear/Clear High quality and low overhead Comfortable touch Exquisite processingNike WMNS Roshe One women lifestyle sneakers rosherun NEW volt whiteWmns Nike Free TR Focus Flyknit Black White Women Cross Training Shoe 844817-001Puma Disc Tropicalia Womens Trainers Textile Black White Floral 355925 01 02 D4 , Womens adidas Originals SL72 Classic Casual Fashion Trainers Shoes S78925Custom Brand New Women Boots Nightmare Before Christmas Martin Boots For Girl , Womens Ladies Adidas Revenge Boost Techfit Running Shoes Trainers Sneakers White , Nike Wmns PRE Montreal Racer VNTG Vintage Fuchsia Women Shoes Sneaker 828436-604 , Men's/Women's Fabulicious Women's Belle 301 Clear/Tan/Clear Promotion Used in durability Simple , Wmns Nike Lunarcharge Essential Black Obsidian Women Running Shoes 923620-007 , Nike Wmns Free TR 6 AMP VI Hyper Grape Grey Women Cross Training Shoe 882819-500 , Custom Comfortable And Fashion Women Boots Harry Potter Martin Boots For Girladidas AllRoundStar Junior Pink Orange Girls Spike Track & Field Trainers , Nike Free TR 6 Black/White-Cool Grey Women's 833413-001Man's/Woman's WOMEN'S/JUNIOR SHOES SNEAKERS ADIDAS 8K [DB1849] New product Settlement Price Exquisite (processing) processingWomens Roma Summer Open Toe Hidden Wedge Buckle Cut Out Sandal Sneaker BootSEasy Spirit Women's Eliana Clog Brown/Brown Suede Clogs
    Adidas Pink Tubular Adidas Viral 2 model 9M BY2122 Trainers Womens Tubular Size US 9M 1938316 ->Adidas Pink Tubular Adidas Viral 2 model 9M BY2122 Trainers Womens Tubular Size US 9M 1938316 -
    VERY VOLATILE SUEDE KNEE HIGH BOOT IN TAN SZ. 8Man's/Woman's Casadei boots. 39.5 Quality queen Won highly appreciated and widely trusted at home and abroad Known for its excellent qualityMagnum Stealth Force Side-Zip Size 6.5 US Men's (8-8.5 Ladies) Tactical Boots , Marip Womens 26372 Trainers, Green Camoscio Kaki, 4.5 UK , Women boots leather model CASEY Aus 2 to 10.5 , Rocky Women 234 Black SlipStop Oxford Shoes Work / Dress / Profession 6 M NEWJeon Handpainted Leather The Kiss By Gustav Klimt Romantic Couple Loafers SZ 11 , Womens Retro Embroidery Open Toe Buckle Slingbacks Sandals High Block Heel Pumps , YSL YVES SAINT LAURENT Size 9.5 - BLUE CANVAS HIGH HEEL CLASSIC PUMPS Clear HeelAquazzura Wild Thing 105 Fringe Tasseled Suede Sandals Heels Poppy Red Size 38 , VGUC D&G Dolce&Gabbana Women's Sz US 7.5 Black Trim White Slingback HeelsMan's/Woman's Skechers Women's You Define-15820 Sneaker Not so expensive Stylish and charming Outstanding style , Puma X Rihanna Fenty Bow Slides Pink Women Sizes , Adidas B96617 Women Lite Racer CLN Running shoes black white Sneakers , Mens Adidas D Rose 8 Basketball Shoes Size 14 Blue White CQ1621 Derrick Rose , Nike Zoom Kobe IX EM 9 Bruce Lee University Gold Black Size 15 , Puma 2016 Invicto 2.0 Fresh IT Casual / Training Soccer Shoes Black / GrayNike Air Jordan Retro 10 X 30th BULLS OVER BROADWAY Red Black 18 705178 601 1 ii , 2006 Air Force 1 Low io premium undefeated 313213-551 purple varsity US Size 8Mens Knee High Matte Leather Combat Riding Long Boots Military Buckle Zip ShoesMens 11M Rockport XCS Elkhart Blk Leather Ankle Boots Waterproof Hydro-Shield , Saucony Kinvara 8 Women's Running Shoes (Size 6) S10356-2 Orange YellowDOLCE E GABBANA women shoes sz 7.5 Europe 38 black patent leather S7260Adidas PW Stan Smith SPD B25402 Pharrell Williams Polka Dot Shoes Sz 7.5 WOMENSMerrell Women's Moab Waterproof Hiking Shoe-Drizzle Mint, size 6Camper Peu Cami 46824 Black Womens Leather Mid Trainers Shoes , Suede Lug Sole Chunky Platform Heeled OTK Boots , Franco Sarto Arielle Black Womens Shoes Size 7.5 M Boots MSRP $139 , New VINCE CAMUTO Kolton Boots Black Size 4.5 Women's , Women's Snake Skin Long Over Knee High Boots Nightclub Stiletto Thigh Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas Pink Tubular Adidas Viral 2 model 9M BY2122 Trainers Womens Tubular Size US 9M 1938316 -

    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 Pink Tubular Adidas Viral 2 model 9M BY2122 Trainers Womens Tubular Size US 9M 1938316 -

    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 Pink Tubular Adidas Viral 2 model 9M BY2122 Trainers Womens Tubular Size US 9M 1938316
    Athletic Shoes