Never miss an update

Adidas pureboost black 13 mens sneakers Adidas size pureboost 13 4ac17cf

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Modified Item: No
US Shoe Size (Men's): 13 Style: Athletic Sneakers
Color: black Material: knit
Brand: Adidas pureboost UPC: Does not apply
Never miss an update

Adidas pureboost black 13 mens sneakers Adidas size pureboost 13 4ac17cf -

    Adidas pureboost black 13 mens sneakers Adidas size pureboost 13 4ac17cf
    Adidas pureboost black 13 mens sneakers Adidas size pureboost 13 4ac17cf
    Gentleman/Lady Reebok Men's Kamikaze II ATL-LAX Shoes Aesthetic appearance Environmentally friendly buy onlineNike Air Python Premium Mens Shoes Snakeskin Black Size 11 , DS MEN CONVERSE CHUCK TAYLOR ALL STAR WTRPF HIGH LEATHER 157490C SZ 10 NOBOXLID , Nike Men's Air Zoom Spiridon UK GMT Sand & Mars Stone Prime Meridian AJ6300-200Adidas Originals Custom Superstar II Men's Shoes 11.5 White Black New Superstars , Mens Geox U Nebula C Print Suede Anthracite Fashion Sneakers [U74D7C] , ADIDAS CHICAGO WRIGLEY Mens SHOES Halfshells Black Red Sneakers US 11 RARE , NIKE SF AF1 864024 600 DEEP BURGUNDY/GUM SOLE - SPECIAL FIELD AIR FORCE - STRAPSNEW MEN NIKE METCON 2 BRAZIL MULTI CROSSFIT RUNNING TRAINER 819899 701 Sz 11.5Adidas Sobakov Black 10.5 Mens Rare NIB , Nike Air Force 270 "Olympic Dream Team" USA Obsidian/Gold AH6772-400 Size 13 , Asics Gel Kayano 21 Men's Running Shoes Limited Edition NYC 2014 Marathon Sz.16Nike Classic Cortez Leather - SIZE 11 - 749571-154 Forrest Gump Red Blue OG QS , New Asics Gel Lyte V Japan Tiger Aluminum Gray Blue White H737L-9696 Size 9 , Asics Gel-Sonoma 3 G-TX Gore-Tex Black Orange Green Men Running Shoes T727N-002Lacoste Giron Men's Fashion Court Sneakers Shoes Leather , NIKE ZOOM AIR URL "PILGRIMS" NIB Sz 8.5 (305997 331) 100% AUTHENTIC DUNK SB , 10.5 NEW Nike Air Max Sequent 2 2017 White Gray Black Running Shoes 852461-0022010 Air Jordan Retro 6 Oreo Men's Size 12 White Black 384664-101 used , adidas Predator Tango 18+ Trainer Soccer Shoes Size 8-13 Black White Gold CM7685 , Nike Kyrie 4 IV Black Metallic Silver Orange Basketball Men's Irving 943806-010NIKE AIR PRESO QS TURBO GREEN/COURT PURPLE SIZE UK11/US12/CM30 886043-300 , Nike Roshe Cortez Sp Fragment 8,5us 42eu 7,5ukNIKE ZOOM STRUCTURE + 17 UK SIZE 6 - 11 NEW RUNNING TRAINERS SHOES BLACK RARENEW MNS SZ 9.5 NIKE METCON DSX (921215 402) College navy/White-Amarillo MICHIGAN , Nike Air Max 90 Essential Ultramarine Pack White Solar Red Infrared 537384-136 , NIKE MEN'S AIR PRESTO MID UTILITY GRAY SZ 9 SAMPLE [859524-007]2018 Nike Flyknit Trainer Triple Black AH8396-004 Men's SIZE 10 Running Sneaker , Diadora N9000 ITA Alpini Green Laurel 501172304-70142
    Adidas pureboost black 13 mens sneakers Adidas size pureboost 13 4ac17cf ->Adidas pureboost black 13 mens sneakers Adidas size pureboost 13 4ac17cf -
    NEW CHARLOTTE OLYMPIA Trista Calf Hair Leopard Chukka Boot Shoes Sz 37.5 $695Nike Air Max Sequent Mens Running Trainers 719912 Sneakers Shoes 410Gianmarco Lorenzi Italian genuine leather black ankle boots, Size 36.5 , CYNTHIA ROWLEY * ITALY * STRAPPY MULE IN NUDE NAPA * 8 B * EXCELLENTVictoria's Secret Strappy Wedge Leather Sandals Size 8 Women's NEW HTF , PRADA SHOES - Black High Heels Peep-toe Sandal - New , Rocket Dog Women's Hammel Smooth Pu Sandal - Choose SZ/ColorNWOB $990 FENDI BLACK SUEDE PUMPS LEATHER TOE, BACK LOGO DETAIL SIZE 37.5 (7 US) , Sperry Top-Sider Women's Seabrook Swell Flat Sandal - Choose SZ/Color , Man's/Woman's Nike Men's Zoom Sprdn Running Shoe Clearance price a good reputation in the world Famous storeNew Balance 940v3 Sneaker - Men's Size 12.5(4E) GrayMEN'S NIKE SHOX GRAVITY SHOES silver blue white AR1999 046 MSRP $150 , Nike Air Force 1 size 14. Black patent leather.Nike Air Jordan Academy Mens Hi Top Trainers 844515-012 Sneakers Size 11 , Nike Roshe One Watermelon Mens 511881-036 Grey Green Running Shoes Size 9Under Armour FNP Zip Black Hiking Boots Shoes SMS Sample Men's size 9Nike Air Zoom Span 2 Shield 921703-001 Black/Grey/Anthracite Men Running ShoesNEW Salewa Men's MS Firetail EVO Mid GTX Approach Shoe Deep Blue Davos Size 11.5adidas Ultra Boost ST Mens Running Shoes | Art. CQ2146 , Nike Air Max 90 Premium 'Running Man' 312334-311 size 10 2008 Misha P.A.M.CROCS CITILANE GRAPHIC SANTA CRUZ Walu LOAFER SLIP ON SHOE~Camo Black~M 13~NWTBALMAIN Men's Shoes 385470 Beige 43Asics Men's GEL-Kenun Dark Grey/Blk/Green Running Shoes T7C4N.9590 NEW!Women's NEVADOS Tan Leather Mesh Trail/Running Hiking Shoe Sz. 11 MINT! , NEW Helly Hansen Women's Terrak Blue Trail Shoes Size 7.5 10890-237Columbia Women's Redmond Mid Waterproof Trail Shoe , Mid-Calf Boots Female Shoes High Wedge Heel Strappy Zip Korea Style Casual WarmIvanka Trump Women's Alie Over The Knee Boot - Choose SZ/Color , Black 5" High Heel Open Toe/Over Knee THigh High Summer Sexy Boots Size 7Womens Leopard Over Knee Thigh Boots 20CM High Stilettos Nightclub Shoes Chic** ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas pureboost black 13 mens sneakers Adidas size pureboost 13 4ac17cf -

    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 pureboost black 13 mens sneakers Adidas size pureboost 13 4ac17cf -

    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 pureboost black 13 mens sneakers Adidas size pureboost 13 4ac17cf
    Athletic Shoes