Never miss an update

Adidas Men's Originals Tubular Invader Invader Strap Easy Strap Blue Pearl Opal Men's Sz 12 (CG5071) ae04974

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
Model: adidas Tubular Invader US Shoe Size (Men's): 12
Style: CG5071 Color: Easy Blue/Easy Blue/Pearl Opal
Product Line: adidas Originals Brand: Adidas
UPC: Does not apply
Never miss an update

Adidas Men's Originals Tubular Invader Invader Strap Easy Strap Blue Pearl Opal Men's Sz 12 (CG5071) ae04974 -

    Adidas Men's Originals Tubular Invader Invader Strap Easy Strap Blue Pearl Opal Men's Sz 12 (CG5071) ae04974
    Adidas Men's Originals Tubular Invader Invader Strap Easy Strap Blue Pearl Opal Men's Sz 12 (CG5071) ae04974
    Puma Mens Sneaker Black Red Synthetic Athletic Mens Shoe Size 13 & 11.5 M , ADIDAS Originals C-10 sz 8 Burgandy Patent Black Grey White Premium LimitedAsics Onitsuka Toger Mexico 66 Shoes Black Leather SZ 12.5 ( D4J2L-9090 ) , Man's/Woman's asics gt ii Promotion The latest technology Tide shoes list , UNDER ARMOUR CHARGED BANDIT 2 RUNNING SHOES BLUE MEN 11 NEW 1273951-997VANS SK8 HI ZIP CA ITALIAN WEAVE NUBUCK BLACK HIGH TOP SNEAKER /S84127.296 , VANS OLD SKOOL (DAZE LATER) BLACK SKATE SHOES SZ 9.5 MENS CANVAS SUEDE NIB NEWAdidas SEELEY CUP White Black Brown C76910 (323) Skateboarding Men's Shoes , New Vintage Men Adidas Stan Smith CF Nigo B26000 Size 8 , NEW Nike Men's Zoom Train Toranada Men's Size 12 Shoes 835657- 100 White/BlackADIDAS JETT BREEZE M MENS RUNNING , New Balance TBTFHTP - Men's Trailbuster Re-Engineered Lifestyle SneakerNIKE MEN'S SIZE 10.5 STEFAN JANOSKI MAX MID SKATE SHOES 807507 004 GREY NEW $130 , Nike Training Men Reax Black and Green Tennis Shoes Size 11.5 US , Adidas BZ0073 Men Campus casual shoes navy silver gold sneakersConverse One Star Leather OX Jute/Black/Parchment Size US 11 Men 153707C , Gola Men's Tourist Suede SneakerAND1 Men's Attack Low Basketball Shoe , Asics Biku CV men's sneakers black/white athletic casual shoes NEWVans Classic Slip-On (Gum Bumper) True White Size US 10 Men's VN0A38F7Q8RAdidas Men's ADIZERO Tempo 9 Running Cross Training Shoes NEW Sneakers , Men's Adidas Questar CC - Grey Three/White/Core Black - Width: med - Running , NIKE SAMPLE COURT BOROUGH MID WINTER OUTDOOR SZ: MNS 9 (AA0547 001)Nike Rosherun Men's Shoes Trainers New 511881 091 Size 13Mens Nike Lebron Soldier XI SFG 897646-101 White/Racer Blue Brand New SizeVans (Style 112) PRO Gunmetal/Black Size US 13 Men's VN0A347XEZQ , Polo Ralph Lauren Vaughn mens shoes sneakers new wine leather plaid , Nike Metcon 2 Men’s Training Running Shoes 819899 560 Hyper Violet Size 8Nike Air Haurache Cargo Khaki/White/Black size 12 Olive Green
    Adidas Men's Originals Tubular Invader Invader Strap Easy Strap Blue Pearl Opal Men's Sz 12 (CG5071) ae04974 ->Adidas Men's Originals Tubular Invader Invader Strap Easy Strap Blue Pearl Opal Men's Sz 12 (CG5071) ae04974 -
    10 Crosby Women's Celeste Boot, Black Haircalf/Black, 9 M USAlexander Wang Fall 2015 Sloane Platform Boots Size 35NEW J.CREW Evie ballet flats in zigzag raffia 7.5 BRILLIANT AZALEA SHOES H9777Cole Haan Grant Loafer Moccasins, Burgundy, 5 US DisplayWomens TORY BURCH "REVA" black fabric ballet flats 215894 shoes sz. 5.5 MHush Puppies Womens Brown Leather Slip-ons 8.5 N SR3Men/Women CRYPTO-06 Beautiful design First quality Speed ​​refund , Charles by Charles David Rebellious Mesh-Knit Open-Toe Bootie size 9.5 or 10 new , at389 HAUTE COUTURE shoes electric blue satin strass women pumps , VALENTINO PRINTED LEATHER ANKLE STRAPS TILETTO SANDALS PUMPS Size 8/38.5 , $580 Auth Giueppe Zanotti Women Sz 38 M US 8 black suede 5 ½” heels sandals box , Jimmy Choo Heels Pump Sz 36 6 Leather Crocodile Pink Platform Peep Toe StilettoBirkenstock Madird Birko-Flor sandals - red blue brown - Made in Germany((1)) Clark Spa Sandals **CHOOSE SIZE & COLOR **BIG SALE ONLY FOR A FEW DAYS **M19844 Adidas Mens ZX Flux New Limited Ed Graphics Sneakers Post Digital Multi , NIKE EHYPERVENOM PHELON II INDOOR SOCCER MEN SHOES GREY 749898-080 SZ 10.5 NEWNike Air Jordan Melo M11 Carmelo Anthony White Black True Red iv v xi 716227 101Shoes Porter Meteno Skechers Blue Men 64935-NVYAir Jordan 1 RETRO HIGH Mens Sneakers 332550-016 , Durango Cowboy Western Boots Stitched Brown Leather Pull On Size 8 Made in USA , Men's luxury LLOYD Magnus leather shoes US 10.5 Grey , Handmade Men Wingtip brogue formal shoes, Men black leather dress shoesNIKE Womens Kawa Slide 834588-401 CHLORINE BLUE/WHITE-OBSIDIAN Womens Size 12 , Brooks 41 Adrenaline GTS 12 Purple & White Women's 9.5 M Running Sport ShoesU.S. Polo Assn. Women's Marisa-HJ Oxford - Choose SZ/ColorChooka Women's Bainbridge Chelsea Ankle Boot Black WaterproofNWOB REEBOK R13 Classic nylon retro white gold chalk sneaker head shoe 8 38.5Nike Air Max Sequent 3 Women's Black/Anthracite 08993010 , Women's High Heel Block Pointy Toe Ankle Boots Snakeskin Side Zipper Shoes BootsNew $198 FREE PEOPLE 'Belleville' Antiqued Bootie 38, 7.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas Men's Originals Tubular Invader Invader Strap Easy Strap Blue Pearl Opal Men's Sz 12 (CG5071) ae04974 -

    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 Men's Originals Tubular Invader Invader Strap Easy Strap Blue Pearl Opal Men's Sz 12 (CG5071) ae04974 -

    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 Men's Originals Tubular Invader Invader Strap Easy Strap Blue Pearl Opal Men's Sz 12 (CG5071) ae04974
    Athletic Shoes