Never miss an update

Size Size 29991 7.5 Adidas Ultraboost 1.0 1st 1st Generation 0964e4a

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: Running, Cross Training Model: adidas UltraBoost 1.0
US Shoe Size (Men's): 7.5
Never miss an update

Size Size 29991 7.5 Adidas Ultraboost 1.0 1st 1st Generation 0964e4a -

    Size Size 29991 7.5 Adidas Ultraboost 1.0 1st 1st Generation 0964e4a
    Size Size 29991 7.5 Adidas Ultraboost 1.0 1st 1st Generation 0964e4a
    Helly Hansen Men's Panarena VTR Cross Training Shoe, Color OptionsNike Hyperdunk 2017 TB University Blue Metallic Silver White (897808-401) SZ 17NIKE ROSHE GOLF [AA1837 003] NO LUNAR COMMAND VAPOR CONTROL TOUR TW SZ 13Puma Fenty Creeper White Leather Black Rihanna 364640-01 Sz 10 , Eddie Cruz Nike Air Force 1 Premium Purple Red Yellow Sz 9 , Adidas Crazy Explosive 2017 Men's Basketball Shoes CQ1556 Green Silver SIZE 13Asics Men's Gel-Lyte V NS White / White Size 12 HY7H4.0101 , Nike Field General 2 Black University Red Bright Crimson football 749310-066Nike SB Bruin Zoom Prm Se 877045-201 Golden Beige SkateBoarding Brand New , Vans SK8-HI (Checkerboard) Black/White NIB Size US 11 Men's VN0A32QGHRK , Puma My 61 Hi Black Miharayasuhiro 354032 02 Men's SZ 13 , Puma Suede Mid X Stuck Black Alife 358866 01 Men's SZ 9.5Mens Nike Lunarepic Low Flyknit Size 9.5 (843764 100) No Box , Adidas Originals Men's Climacool 02/17 Grey/White CG3346 - BRAND NEW IN BOX!Hoka One One Vibram Grey/Red/Blue Running Shoes Men's US 12 (C3,9)Gentleman/Lady Adidas Outrival Basketball Men's Shoes superior At a lower price Maintenance capabilityNEW Mens Adidas ClimaCOOL 1 S75927 SIZE 11.5 Triple WhiteMan/Woman Air Jordan 7 VII Ugly Sweater Modern and elegant fashion Has a long reputation Excellent workmanshipMen's Nike LunarEpic Low Flyknit Running Seaweed Green / Black Sz 7.5 843764 300 , Nike Rosherun QS Bamboo/Cargo Khaki-Volt-Sail Marble Pack 633054-200 SZ 11.5Puma Mens Size 11 Evotouch 3 FG Leather Soccer Cleats Black Safety Yellow , Converse CT OX Leather Duck Boot Black Mens Shoe Size 12Skechers Harper-Walton Black Grey Men Slip On Casual Walking Shoes 65382-BLK , Nike Zoom All Court CK Anthracite/Phantom-White-Black 806306-001 Men's SZ 10.5Asics Gel Diablo Superior Birch Lyte III V HL7U0-0202 Mens 8-12Original Jordan XX2 (22s) - Big Kids 7 , Jordan Rising High 2 Gym Red/White-Infrared 23 844066-601 Men’s size 17Converse One Star OX Grey Suede Nubuck skateboarding sneakers sz 9.5-10 158368cADIDAS TUBULAR MOC RUNNER B24688 MEN SIZE 11 - 12 ,
    Size Size 29991 7.5 Adidas Ultraboost 1.0 1st 1st Generation 0964e4a ->Size Size 29991 7.5 Adidas Ultraboost 1.0 1st 1st Generation 0964e4a -
    NWT Anthropologie Jeffrey Campbell Suede Taggart Ankle Booties Sz. 39 , New Frye Jane Tall Cuff Brown Boots 6 M Women'sDan Post Women's Sidewinder Tan Snip Toe Western Boots DP3422 , Ariat Men's Groundbreak Camo Steel Toe Work Safety Western Boots 10014244Asics Tiger HyperGEL-Lyte [1192A020-020] Women Casual Shoes Mid GreyFranco Sarto Zahara Flat Loafers 196, Black, 9.5 US , Men/Women NEW JIMMY CHOO ALMA BOOTS 38 Excellent craft First grade in its class comfortable , Ladies Clarks Rounded Toe Small Heel Knee High Leather Boots Likeable MeSupersoft Diana Ferrari Shoes comfort sandals leather - FrangelicoGorge! ZOE WITTNER Black Leather "Electric" Cut Out High Heels Size 39 -Sexy! , Carlos by Carlos Santana Women's Skye Ballet FlatNew Wolverine W20528 Serve SR LX All Black Women's Work Shoes 11 US , Men/Women Madeline Women's Trefoil Bootie Exquisite (middle) workmanship First grade in its class Immediate delivery , Isola Rouge Womens Leopard Print Peep Toe High Heel Shoes size 6.5Women's Shoes Heels Lot Collection 8 8.5 9 Franco Janto Lower East Side Dexter , Jimmy Choo 36.5 LETITIA Platform Heels Orange Coral Sandals High Shoes US 6.5 , Skechers Women's Whippit - Glastonbury Toe-Thong Slingback Platform Sandal, , Women Elegant Flat heel shoes Fur Party New Slip on Mules Tassels Slippers BeadsADIDAS Team Signature Basketball Sneakers Shoes Size 19 Purple,Black,White usedNike Air, White, Blue, Gray, Basketball, Men's Size 9(140370-106) MEN'S NIKE AIR OSCILLATE WHITE/METALLIC GOLDNIKE FREE TRAIN INSTINCT KEVIN HART SIZE 6 848416-474NIKE AIR MAX 93 SZ 10.5 NEBULA BLUE WHITE TOTAL ORANGE 306551 104Men's/Women's PUMA SUEDE CLASSIC ARCHIVE 36558702 The color is very eye-catching Fast delivery Sales online storeBRAND NEW AIR HUARACHE MNE'S 3M REFLECTIVE ALL BLACK 704830-002 sz6-13Georgia Boot Men's Homeland 6 Inch Work Shoe , NIB SAINT LAURENT Paris Black Fringe SUEDE High-Top Espadrilles Shoes EU-41 US-8Retro Mens Leather Oxfords Pointy Toe Slip On Buckle Business Formal Chic ShoesBNIB Skechers First Glance women's shoes, size 6.5M, Blk/Hot pink, $69.99 , $385 COLE HAAN COUNTRY SADDLE PEBBLED LEATHER COMFORT ANKLE PULL ON BOOTS 7.5 AA ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Size Size 29991 7.5 Adidas Ultraboost 1.0 1st 1st Generation 0964e4a -

    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.

    Size Size 29991 7.5 Adidas Ultraboost 1.0 1st 1st Generation 0964e4a -

    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
    Size Size 29991 7.5 Adidas Ultraboost 1.0 1st 1st Generation 0964e4a
    Athletic Shoes