Never miss an update

Adidas Swift Run PK Mens CG4128 Grey Mens Run White Primeknit Swift Running Shoes Size 7.5 d8ddd59

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
Stylenumber: CG4128
Style: Running, Cross Training Color: Grey/White
Width: Medium (D, M) Brand: Adidas
US Shoe Size (Men's): 7.5 Gender: Mens
UPC: 190309331032
Never miss an update

Adidas Swift Run PK Mens CG4128 Grey Mens Run White Primeknit Swift Running Shoes Size 7.5 d8ddd59 -

    Adidas Swift Run PK Mens CG4128 Grey Mens Run White Primeknit Swift Running Shoes Size 7.5 d8ddd59
    Adidas Swift Run PK Mens CG4128 Grey Mens Run White Primeknit Swift Running Shoes Size 7.5 d8ddd59
    Adidas Swift Run PK Mens CG4128 Grey White Primeknit Running Shoes Size 12 , Adidas Tubular Radial PK Mens S76714 Vintage White Primeknit Shoes Size 7.5 , Adidas Nmd_R2 Mens CQ2399 Tech Earth Beige Knit Boost Running Shoes Size 10 , ASICS Gel-Lyte III EVO Unisex White / White HN543-0101Nike Free RN 2017 Mens 880839-002 Wolf Grey White Knit Running Shoes Size 11.5 , Nike Jordan Flight Club 80's Mens 599583-032 Black Lime Basketball Shoes Size 11Nike Air Max 90 Ultra 2.0 Flyknit Medium Olive/Medium Olive 875943-200Nike Mamba Instinct Mens 852473-400 Paramount Blue Kobe Basketball Shoes Size 8Jordan Mens Jordan Jumpman Team II Shoe Cool Grey/White/Wolf Grey  819175-003 , Jordan Jumpman Pro Quick Mens 932687-401 Navy Blue Basketball Shoes Size 9.5Jordan Jumpman Pro Quick Mens 932687-010 Triple Black Basketball Shoes Size 11.5Jordan True Flight Mens 342964-725 Golden Harvest Basketball Shoes Size 9 , ASICS Gel-Lyte III EVO Unisex Black/Black HN543-9090 , Adidas Swift Run PK Mens CG4127 Black Grey Primeknit Running Shoes Size 8.5 , BIRKENSTOCK MONTANA 18SEASON SIZE STREET CASUAL SS RFSO8E422W1 , Mr/Ms Saucony Men's Gold TIp Sneakers Attractive and durable excellent Exquisite (processing) processingNEW BALANCE 501 OLIVE BLACK ATHLETIC SHOES MEN'S SELECT YOUR SIZE , Nike Air Jordan Flight Tradition Black/Gym Red-White 819472-001 Men's SZ 10 , Adidas EQT Cushion ADV Mens AH2231 Black White Turbo Running Shoes Size 12.5 , Adidas EQT Cushion ADV Mens AH2232 Grey Sub Green White Running Shoes Size 9.5 , Adidas Tubular Radial PK Mens S76714 Vintage White Primeknit Shoes Size 7 , VTG nike air waffle trainers runners shoes men 90s 80s size 12 retro trainer OGAsics Noosa FF Mens T722N-5006 Insignia Blue Red Clay Running Shoes Size 8.5Adidas Swift Run PK Mens CG4128 Grey White Primeknit Running Shoes Size 11.5Merrell Agility Peak Flex J09643 Mens Beluga Olive Shoes Cross Training Outdoor , Nike PG 1 Black/University Gold Paul George Mens Basketball All NEWPUMA SUEDE MID CLASSIC BIG SEAN 36630001 WHISPER WHITE , NIKE AIR MAX NEW ESSENCIAL 90 AJ1285-600 , Nike Air Max Zero Essential White/White-Wolf Grey 876070-100 Men's ,
    Adidas Swift Run PK Mens CG4128 Grey Mens Run White Primeknit Swift Running Shoes Size 7.5 d8ddd59 ->Adidas Swift Run PK Mens CG4128 Grey Mens Run White Primeknit Swift Running Shoes Size 7.5 d8ddd59 -
    Walking Cradles Women's Zinc Boot - Choose SZ/Colorcrocs Women's Leigh Suede Wedge Boot, Tan, 11 M US , Corral Women's Studded Floral Embroidery Cowgirl Boot - Square Toe - R1373 , NIB CHLOE BLACK PATENT LEATHER, KNEE HIGH BOOTS, LOW HEEL sz 40.5Man/Woman Globe GS Chukka Khaki SIZE: 8 Special price Let our goods go to the world AmoyFly London Women MEXU914FLY Flat Sandals, Black Black 000, 8 EU , Shoes IgieCo 1194622 Sandals DonnaScamosciato taupe Mode Fashion Summer SeaPrada Satin lucite Ambre pumps Stiletto Womens size 40 Approx 9.5 US , Badgley Mischka Daisy Platino Glitter Sparkle Heels - Womens 7Pleaser Pink Label JENNA-06 Womens Jenna06/w-b Dress Pump, Wht-Blk Patent, 15 M , Mr/Ms Prada Logo Plaque Suede Sandal Special purchase Modern and stylish fashion TRUE , K. Swiss Rinzler SP White Grey Blue Mens Leather Trainers , NEW MENS NIKE AIR MAX DOMINATE Size 10.5 SNEAKERS 897651 101ADIDAS ZX FLUX B24390 FTW White / Pearl Grey / Core MEN'S RUNNING SHOES SIZE 10704830-001 Nike Men AIR HUARACHE RUN PRM black white dark greyNike air Jordan spike forty 819952 029 , Adio Snap V.2 Skateboard Shoes Size W9 Skulls White Black Leather SuedeAdidas Originals Nmd_R2 Mens Running Trainers Sneakers BY2500 , Nike Men's Air Max Goadome ACG Black Gum sz 7.5 [865031 017] winter boots boot , COLE HAAN PINCH WEEKENDER MENS SUEDE CHUKKA SHOES C20875 NEW SIZE 11 , Hugo Boss Shoes Dressapp_Zipb_gr Boots Men Black New , Cole Haan Men's Leather Loafers Slip On Lot of 2 Tan & Brown Shoes 11 MSperry Top-Sider 0814913 Men 11 M Dress Wingtip Oxford Shoe Brown Leather Defect , Schneider BORIS Mens Black MADE IN ITALY Sandal Shoes Casual Summer Beach_AR , A-Line Womens 6-A0884 Black Metallic Fog Slouchy Ankle Boot 36 EU / 5 US Women's , 2017 Fashion Women Over the Knee Thigh High Boots Lycra High Heels Stretchy BootMarc Fisher Leather Riding Boots - Taite medium calf ESPRESSO new 9.5M , Dr Martens Womens Pascal Ankle Boots Sz 6 / 37 8 Eyelet Gray Leather ShoesAerosoles Women's My Time Boot, Black Leather, Size 9.5 5ANAGUESS Womens lilly4 Closed Toe Knee High Fashion Boots Gold ll Size 8.0 vsl5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas Swift Run PK Mens CG4128 Grey Mens Run White Primeknit Swift Running Shoes Size 7.5 d8ddd59 -

    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 Swift Run PK Mens CG4128 Grey Mens Run White Primeknit Swift Running Shoes Size 7.5 d8ddd59 -

    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 Swift Run PK Mens CG4128 Grey Mens Run White Primeknit Swift Running Shoes Size 7.5 d8ddd59
    Athletic Shoes