Never miss an update

5+/5 adidas Original Questar Boost 29883 Men's Training Shoes mogochinese-29890 Running Shoes BA9306 SNEAKERS 1cce9d1

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: Ideal condition ( perfect ). Not . No box and tag. See photo
Brand: adidas Style: Athletic Sneakers
US Shoe Size (Men's): 11.5 Country/Region of Manufacture: Indonesia
Euro Size: EUR 46 MPN: BA9306
UPC: Does not apply
Never miss an update

5+/5 adidas Original Questar Boost 29883 Men's Training Shoes mogochinese-29890 Running Shoes BA9306 SNEAKERS 1cce9d1 -

    5+/5 adidas Original Questar Boost 29883 Men's Training Shoes mogochinese-29890 Running Shoes BA9306 SNEAKERS 1cce9d1
    5+/5 adidas Original Questar Boost 29883 Men's Training Shoes mogochinese-29890 Running Shoes BA9306 SNEAKERS 1cce9d1
    NEW Y3 Red Kaiwa Yohji Yamamoto Light Weight Mens Qasa High Boost Trainers ShoesNike Air Foerce 1 '07 Men's Lifestyle Shoe 315122 111 Size 10.5 , EVISU GENIUS LOW SNEAKERS MEN SHOES DENIM JEANS EV117056 SIZE 11 NEWNIKE AIR HUARACHE RUN "Moon landing" (Sz 7-11 Available) , JORDAN PRO STRONG 407285 005 Men’s Sz 11 BLACK/VARSITY RED-WHITENike 852425-110 Kobe AD Chrome White Mens Low Top Baskteball Shoes Size 17 , NEW BALANCE 878 PASTEL PACK MINT WHITE BROWN GUM ML878RMA SZ 8.5 , 2014 NIKE AIR HUARACHE QS BRED RUN BLACK UNIVERSITY RED 700878-006 11NIKE AIR JORDAN FLIGHT LUXE ANTRACITE BLACK WHITE 919715 005 SZ 8.5 , ADIDAS DRAGON OG Black-White-Gum running training marathon rom sneakers vintage , ASICS x CONCEPTS GEL LYTE V TS DAZZLE BLUE/INFRARED C50AK-4831Men's/Women's Big Nike High "Gym Red" Modern and elegant fashion high quality Great choice , Jordan Trunner Dominate FLX Sneakers Matte Silver/Cool Grey/White 602667-003 , Adidas D ROSE LAKESHORE MID CAMO Crazy Basketball SNEAKER MEN'S SIZE 12Adidas Original Tubular MultiColor Floral FALL Leaves Blue Grey Mens 11.5 Shoes , NEW ADIDAS D ROSE ENGLEWOOD II = SIZE 17 = MEN'S BASKETBALL SHOES C76694Air Jordan X 10 NYC New York City Retro 2016 sz 8 , Nike Lunar Safari Fuse 10.5 Black Grey Volt Atmos Air Max 1 Zero 3M Reflective , Puma Faas eVoSpeed Star 2015 Casual / Training Soccer Shoes Black / Yellow , NEW SUPRA VAIDER BLACK WHITE LEATHER 08208-002 HIP HOP SKATEBOARDING SHOES 12 , Nike Lunar TR1 Magnet Grey/Hyper Punch Flywire Sneakers Men's 13 VERY RARE , Nike Lebron Soldier 9 IX TB 17 Royal Blue Kentucky Duke White James Warriors KD , New Puma x Sesame Street Classic Basket Elmo Black Men's 363220-02 Size 8.5, 12 , 674518 ADIDAS Bounce Artillery II Size 9.5 BLACK WHITENike Air Force Max 2013 Basketball Shoes 555105-101 Men's Sz 10.5 M / 44.5 EU , Nike Jordan Super.Fly 4 PO Men's Size 11.5 Teal/Turquoise/Infrared 819163 303 , Asics GEL-LYTE 3 III NS (Red / Black) NO SEAM SPECKLE [H5Y0N-2323] Running Mens , NIKE AIR MAX 1 ULTRA 2.0 ESSENTIAL 875679-600 UNIVERSITY RED BLACK NEW SIZE: 8.5Men's Nike Flyknit Racer Shoes-White/Black/Game Royal/Green Strike:26628 104
    5+/5 adidas Original Questar Boost 29883 Men's Training Shoes mogochinese-29890 Running Shoes BA9306 SNEAKERS 1cce9d1 ->5+/5 adidas Original Questar Boost 29883 Men's Training Shoes mogochinese-29890 Running Shoes BA9306 SNEAKERS 1cce9d1 -
    NIB Dr. Martens Women Bianca Low Shaft Chelsea Boot Black Smooth leatherSteve Madden Women's Alyy Engineer Boot Black Leather 9 M USAndre Assous Women's black leather quilted tall boots sz. 37 MAdidas NMD Sashiko White Zebra R1 PK Prime Knit Size 7 Men’s , Marco Tozzi Velvet Ankle Boot Womens Multicolour Fabric Chukka Boots - 41 EU , adidas Originals EQT Racing ADV W Black Gold White Women Running Shoes B37089 , STUART WEITZMAN PATENT LEATHER LEOPARD PRINT CALF HAIR FLATS SIZE 8MJCrew $198 Satin Jeweled Ankle-Strap Flats Sz 7 Black F8479 Shoes Jewels , New in Box Frye Womens Erin Work Boot Medium Grey 6 M US , Mr/Ms Dansko Womens Patti Flat- Pick SZ/Color. New Listing Win highly appreciated renewed on timeDr Martens Gold Patent Leather SlipOn Abby Penny Loafers Women Shoes Sz 9 NWOBSESTO MEUCCI BRONZE LEATHER WEDGE SHOES WITH LEOPARD CALF HAIR FRONT-PRE-OWNEDMen's/Women's Fabulicious CLEARLY-408 New Listing Cheaper than the price Highly appreciated and widely trusted in and outMassimo Matteo Women's Pump w/ Ankle Strap Black Leather/Lava Size 7** CELINE ** MISMATCH POPPY & WHITE STRETCH LEATHER GLOVE BOOTIES SHOES (36)2012 NIKE LEBRON X 10 MIAMI HEAT HOME WHITE RED BLACK ORANGE Size 12 , NEW Classic Adidas Superstar Sneakers White Black Stripe Leather Shoes 11.5 (C3)Jordan CP3 X Mens 854294-505 Purple Dynasty Silver Basketball Shoes Size 9 , Nike Dualtone Racer PRM Mens Running Trainers 924448 Sneakers Shoes 200 , Brooks Men's Adrenaline GTS 18 Black/Black 11 D US , Genuine Leather Slip-On Men's Business Boat Shoes Formal Flats Fashion Moccasins , Clarks Darian Mid 26110532 Oxford Black Leather Casual Men's Ankle Boots 11 M , new SHIEKH white Women Iva Sneaker SOFT breathable flexible sexy shoes Size 6.5 , Skechers Flex Appeal 2.0 New Gem & High Energy Memory Foam Women Trainers , SAUCONY PHOENIX LOW SNEAKERS WOMEN SHOES BROWN/TAN 1485-2 SIZE 5 NEW , Brooks Ravenna 8 Running Shoes, Women's Size 7B, Silver/Pink/BlueNike Zoom All Out Flyknit Women's Cross Trainer shoes 845361 401 Size 7 , Salomon Women's XA Enduro W Trail Runner - Choose SZ/Color , Bandolino Farron Tall Boots, Women's Size 8.5 M, Steel , GUESS Akera Over The Knee Pointed Toe Heeled Dress Boots, Black, 5 US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    5+/5 adidas Original Questar Boost 29883 Men's Training Shoes mogochinese-29890 Running Shoes BA9306 SNEAKERS 1cce9d1 -

    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.

    5+/5 adidas Original Questar Boost 29883 Men's Training Shoes mogochinese-29890 Running Shoes BA9306 SNEAKERS 1cce9d1 -

    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
    5+/5 adidas Original Questar Boost 29883 Men's Training Shoes mogochinese-29890 Running Shoes BA9306 SNEAKERS 1cce9d1
    Athletic Shoes