Never miss an update

Adidas Originals Men’s Shoes Tubular Atletic/Sneakers Radial Atletic Shoes/Sneakers Originals Black S76719 eed40f1

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
Country/Region of Manufacture: India
US Shoe Size (Men's): 10 Style: Athletic Sneakers
Color: Black Material: Mesh/Neoprene
Brand: Adidas Width: Medium (D, M)
UPC: 889765345751
Never miss an update

Adidas Originals Men’s Shoes Tubular Atletic/Sneakers Radial Atletic Shoes/Sneakers Originals Black S76719 eed40f1 -

    Adidas Originals Men’s Shoes Tubular Atletic/Sneakers Radial Atletic Shoes/Sneakers Originals Black S76719 eed40f1
    Adidas Originals Men’s Shoes Tubular Atletic/Sneakers Radial Atletic Shoes/Sneakers Originals Black S76719 eed40f1
    Nike Air Max 1 Atomic green Sz12Nike Air Pippen "Vast Grey" SZ 12.5 Black Anthracite 325001-004 Jordan 1 12 Xi 4Saucony Men's Progrid Guide 3 Running Shoe,Silver/Blue,12 M , Nike Air Huarache Run Ultra Running Shoes Size 13 Black White Grey 819685 014Adidas Ultimate Bball Men's Athletic Shoes Sneakers DA9655Adidas Original Swift Run Shoes Runner Shoes Running White Black CQ2116 SZ 4-11 , NEW Nike Dunk High Pro SB Various SizesNIKE AIR MAX MUSE VOLT MEN SIZE 8.5 VOLT NEW RARE RUNNING , Nike Air Max 1 LTR Leather Premium 705282-600 Men's US 9.5 Red Black NEW $125 , Men's Nike Air Max Prime Running Shoes White/Pure Platinum NIB 876068-100 , Nike Free Rn Running Men's Shoes Size , Nike Air Footscape Woven NM / PRM Mens Lifestyle Shoes Sportswear Sneaker Pick 1 , NEW Nike AIR JORDAN 2012 Q Men's Basketball Shoes Size US 11 , Men's Nike Hyperdunk OG United We Rise White Obsidian Sport Red 863301 146 Sz 11 , New Men's Jordan Melo 11 Basketball (716227-425) Game Royal/Metallic/Fireberry , Nike Air Max Renegade Men's Size 9 Sneakers Shoes Leather Black/Black 431998-020Adidas crazy Explosives 2017 Purple Lakers Size 12Nike Air Lebron XII Low Men’s Basketball Sneakers 724557-070 SZ 12Propet Cliff Walker Low - Brown - Mens , Men's Adidas McCarten SPZL - Brown - Width: med - Fashion Sneakers , Nike Zoom Kd11 Black Oreo Colorway EUC Us Mens Size 9 With Og Box FlyknitASICS MENS ASICS GEL NIMBUS 17 T507N RUNNING SHOESNike Air Trainer Max '94 Low Sz 10.5 Red Black White Men’s New ( 880995 600 ) , Nike Dunk Low Pro SB DS Size 8.5 Candy Cane Red White Green New , Adidas Originals EQT Cushion ADV "Grey- Green-White" Men's- US Size 10New Nike Inflict 3 Wrestling Shoes 325256 003 Black size 8 , Nike Air Jordan 2017 Basketball Shoes Black Purple 921203 017 Size 10Reebok Fusium Run Black/Coal/White Sportstyle Running Training Shoes CN2431Adidas Climawarm ALL TERRAIN Running Shoes (CG2739) Athletic Sneakers Trainers ,
    Adidas Originals Men’s Shoes Tubular Atletic/Sneakers Radial Atletic Shoes/Sneakers Originals Black S76719 eed40f1 ->Adidas Originals Men’s Shoes Tubular Atletic/Sneakers Radial Atletic Shoes/Sneakers Originals Black S76719 eed40f1 -
    NIB Anthropologie Splendid brown black Leopard Pony Hair Pointy Ankle Boots 9Blondo Women's Vor Waterproof Black Suede Wedge booties New with box , Freebird by Steven Logan Strappy Boots SIZE 9 RARE MSRP $395 , Nine West Women's Wiseplay Leather Knee High Boot, - Choose SZ/Color , Brooks Glycerin 14 Womens Runner (B) (093) + Free Aus DeliveryNIB COLE HAAN Size 8.5 Women's Barley Nubuck ELLA GRAND 2 GORE Slip On Sneaker , $225+ Tory Burch CAROLINE Sz 6.5 BLACK Patent Leather Ballet Flat Shoes , Men's/Women's Gianni Versace vintage heels Sz 37.5 Wear resistant Attractive fashion Most practical , Women's High Heels Stielttos Open toe Platform Ankle Strap Rivet Sandals SHoes , PLEASER STPLASH809/B/M Silver Hologram Star Platform 8" High Heel Stripper ShoesWomens Irregular Choice Fuzzy Peg Kitten Velvet Low Heel Court ShoesAdidas SAIGON MATERIALS OF THE WORLD Red Gold Mens Size US 5 1/2 Sneakers , Nike Mens Air Versitile II, Anthracite/Black, 8.5 M US , Adidas Men's Tour 360 Boost Golf Shoes, 11 Wide White/Silver , Nike Lebron 10 X EXT QS Denim Hazelnut Fireberry Size 11Man's/Woman's Nike Air Force 1 Supreme New product Elegant style Fashion versatile shoesNEW DS Adidas NMD XR1 PK BOOST Triple All Black BA7214 Primeknit Black Core GreyNike Blazer SB Supreme "Supreme" - 313962 121 , Danner Men's Striker Torrent 8" Side Zip Duty Boot,Black,3.5 EE US , Men/Women Skagen Jorn Connected Hybrid Watch High-quality The highest quality material At an affordable price , Johnston & Murphy Men's 20-2231 Conard Black Calfskin Wing Tip Oxford, size 8.5 , New Balance Womens 420 Casual Sneakers Green Yellow Size 7 NEW , Cole Haan Harrison Grand Double Monk Strap Oxfords, Men's Size 9 M, Dark BrownNike Air Zoom Ultra React Womens, White/Binary Blue/Pure Platinum, 6 M USNike Air Max 1 Ultra Moire Summit White/Racer Blue-White 704995-100 Women's SZ 6Naturalizer Women's Michelle Pump Tender Taupe Sheep Opera Leather , NEW ASICS Women's Gel-Kayano 23 T696N Size US 10 , Clarks Women's Cheyn Work Ankle Boot Black Full Grain Leather/Textile ZipperWomens Patent Leather Clear Block Heels Over Knee Thigh High Shoes Long Boots C1Red Wing Women Steel Toe Safety Shoes Size 7 Euro 37.5 Black Oil Resistant
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas Originals Men’s Shoes Tubular Atletic/Sneakers Radial Atletic Shoes/Sneakers Originals Black S76719 eed40f1 -

    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 Originals Men’s Shoes Tubular Atletic/Sneakers Radial Atletic Shoes/Sneakers Originals Black S76719 eed40f1 -

    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 Originals Men’s Shoes Tubular Atletic/Sneakers Radial Atletic Shoes/Sneakers Originals Black S76719 eed40f1
    Athletic Shoes