Never miss an update

Adidas BB4657 8 Men BB4657 Duramo 8 white Running shoes white Sneakers ecd52c5

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
Brand: adidas
Color: white Style: Running, Cross Training
Never miss an update

Adidas BB4657 8 Men BB4657 Duramo 8 white Running shoes white Sneakers ecd52c5 -

    Adidas BB4657 8 Men BB4657 Duramo 8 white Running shoes white Sneakers ecd52c5
    Adidas BB4657 8 Men BB4657 Duramo 8 white Running shoes white Sneakers ecd52c5
    NIB MEN'S TIGER OF SWEDEN SLIP ON SHOES BRAIDED WHITE LEATHER SIZE 11 US 279$ 44Puma Puma States X Stampd Puma Black/Puma Black-White 361491 02 Men's SZ 9 , Men's Fila Retro Fitness Premium Navy 1FM00020-400 Brand New , Nike LEBRON XIII Low Black/University Red/White Shoes Mens Sz 11.5 MSRP $175nike free 5.0 print womens running trainers 705347 400 sneakers shoes CLEARANCE , Reebok Floatride Run Ultraknit Graphite/Black-Blue-White BS7209 Men's SZ 7.5Strong Liftwear WOMENS HURRICANE GYM SHOE - Genuine leather Multi-Coloured , Puma evoSpeed Star v4 Running Sprint Shoes Spikes Mens Womens Changeable Studs , etnies BRAVA Mens Skate Shoes (NEW) Size 10.5 & 11 BLACK WHITE GREY Free Ship!Men's Converse Chuck Taylor All Star OX "Dark Sangria" Fashion Casual 157595FNike Zoom JA Fly Sprint Track Field Spikes Men 13 White Black SilverMen/Women LAKAI Skateboard Shoes GRIFFIN BLUE/GRAY Outstanding features Elegant and sturdy packaging Caramel, gentleVans SK8 HI (Canvas) Dress Blue/True White VN000TS9KO7 Shoes Fast ShippingNew Balance Men's Nm345 Ankle-High Suede Skateboarding ShoeNIKE DUNK FLYKNIT MEN'S SIZE 10.5 SHOES COLLEGE NAVY/GREY 917746 400 NEW $120 , New Balance 990 BK3 Black Leather Running Walking Athletic Shoes Men's 11.5 , NIKE MEN'S SIZE 14 LUNARCONVERGE RUNNING SHOES SNEAKERS BLUE 852462 400 NEWLacoste Men's Grad Vulc Fb Fashion Sneaker White Navy Size US 11.5 , Nike Air Max Men's Size 11.5 Black/White Sequent 3 Athletic Running Shoes F1-865Vans Old Skool MTE Tec Tuff Dress Blues Men's 9.5 Skate Shoes New NavyPuma Men's Ignite XT NETFIT 190057 02 Lapis Blue-Puma White New In Box , Nike Air Zoom Pegasus 33 Grey Blue Black Men's 10 Running 831352 004Converse 157437C CTAS 1970 Hi Jaded Men's 9 - Women's 11 Mfg Ret $85 , NWOB Nike Zoom Victory 3 Distance Track Spike Men's Size 7 , New Balance Men's 420 Engineered Knit Shoes Green with Black 13 D , Puma Trinomic XT 2 Plus 355868-15 / Athletic / Training / Running SneakersNike Zoom Stefan Janoski Prem HT Brown Men's Size 8-12 New in Box 854321 221Mens New Hook Loop Board Shoes High Top Sneakers Shoes Athletic Sport RunningSaucony NYC DXN Trainer S70189-1 Black Mesh Suede Rare Shoe Med (D, M) Men Sz 11
    Adidas BB4657 8 Men BB4657 Duramo 8 white Running shoes white Sneakers ecd52c5 ->Adidas BB4657 8 Men BB4657 Duramo 8 white Running shoes white Sneakers ecd52c5 -
    NEW Pikolinos Women’s Shoes Lyon Leather Medium Heel Ankle Boots AuthenticNike Air Jordan XXII Size 10.5us Deadstock BNIB LeBron KobeSTEVEN by Steve Madden Women's Lavender Loafer Flat Black Suede US 7.5Delman Women's Sherri Slingback Pump SZ: 6.5 Medium (B, M) Free ShippingJ. Renee Charise Sling Back Heel - Women's Size 6.5 M, Black Glitter Fabric , 2018 Early SpringWomens All Sequins Rhinestone High Heels Shoes Gem Buckle Pumps , Tory Burch Black Thong Sandal Flip Flop size 5 new pattern black, gray whiteWomen Ankle Strappy Buckle Decor Sneakers Wedge Heels Sport Athletic Sandals New , Gentlemen/Ladies Au Hameau slingback heels 7 Fashion pattern Various types and styles Valuable boutique , Nike Women's Hyperdunk 2017 Low TB, White/Black, 8 B USWomen shoes ballerina leather model FEDOR Us 3 to 12 , [190467-03] New Men's PUMA Cell Surin 2 3D Sneaker - Green Black , Adidas Originals Gazelle Ice Mint Green White Gold BB5473 Mens Size 11 , NIKE FREE RN MOTION FK 2017,Men's Running Shoes,New with Box.880845-007New Nike Lunar Control Vapor Mens Golf Blue White Jay Red Pink 849971-401 Sz 9.5SZ 14 NIKE SFB FIELD 6" SP Special Field Boots Concord Patent Leather 729488-001 , Skechers Soft Stride Gilbe Dark Brown 77082/DBRN Men's SZ 12Sz 10.5 Curry Two MVP Birthday "Surprise Party" 2016Mocassins RIEKER Cuir Ajouré Noir T43 TBE , Rick Owens Leather Ramone Boot Size 41 , Saint Laurent Sneakers SL/10H Classic Hi-Top Red Leather Size 9/42 NIBFashion Pointy Toe Loafer Men's British Style Metal Toe Slip On Low Heel Shoes , Cole Haan Women's Zerogrand Wing OX, Black Velvet, 8 B US , Men/Women Vince Niall Slip-On Casual Shoes, 8.5 Elegant and sturdy set meal Excellent performance Maintenance capability , Magnanni Men's Blue Suede Vekio Bit Strap Driving Loafers Size 10.5 D New $375North Face Womens Ultra Fastpack II GTX Shoes CCG9 TNF Black/Neon Peach Size 8.5 , Vince Women's Blair-12 Fashion Sneaker - Choose SZ/Color , Nike Kobe XI Elite Flyknit Low ID Size 8.5 903709 991Gentlemen/Ladies bordeaux Flat Boots the most convenient New style Contrary to the same paragraphRetro British Mid-Calf Boots Combat Cowboy Womens Knight Boots Leather Shoes NEW
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas BB4657 8 Men BB4657 Duramo 8 white Running shoes white Sneakers ecd52c5 -

    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 BB4657 8 Men BB4657 Duramo 8 white Running shoes white Sneakers ecd52c5 -

    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 BB4657 8 Men BB4657 Duramo 8 white Running shoes white Sneakers ecd52c5
    Athletic Shoes