Never miss an update

Adidas Adizero Adizero Takumi Sen D Mens Size mogochinese-29987 12.5 D Blue Silver Green BB5674 95b8e89

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
Material: Synthetic Country/Region of Manufacture: China
US Shoe Size (Men's): 12.5 Style: Running, Cross Training
Color: Blue Product Line: Adizero Tempo
Brand: adidas Width: M)
Upper Material: Synthetic Pattern: Multi-colored
UPC: Does not apply
Never miss an update

Adidas Adizero Adizero Takumi Sen D Mens Size mogochinese-29987 12.5 D Blue Silver Green BB5674 95b8e89 -

    Adidas Adizero Adizero Takumi Sen D Mens Size mogochinese-29987 12.5 D Blue Silver Green BB5674 95b8e89
    Adidas Adizero Adizero Takumi Sen D Mens Size mogochinese-29987 12.5 D Blue Silver Green BB5674 95b8e89
    [CG5981] Mens Adidas Harden B/E X - Basketball Shoe , Lacoste Lerond Casual Men's Shoes Size 7ADIDAS MEN'S HARDEN VOL.1 BASKETBALL SHOES Size 8, 10.5, 11.5 M , Adidas Equipment 10 M (AC8595) Running Shoes Athletic Sneakers TrainersNike Zoom Rev Basketball Shoes Antracite Black/Gum Men's Size 10 (852422-010)NEW NIKE AIR FORCE 1 '07 SHOES MENS SZ 11.5 AA4083 402 RETAIL $90NEW MEN'S NIKE AIR MAX INVIGOR PRINT AQ4600-001Nike Air Max 90 Ultra 2.0 Flyknit Running Shoes Olive / Khaki Sz 11 875943 302MEN'S SHOES SNEAKERS REEBOK CLASSIC NYLON RS [BS8270]Mens Nike Sonic Flight Gary Payton Basketball Shoe sz 13 Excellent Conditionnike air max 1 Gpx Size 9 , New CONVERSE One Star Mid Suede Sneaker Mens Triple gray white all sizes , NIKE AIR WILD TRAIL SHOES 917547-002 BLACK/ANTHRACITE (MEN'S 11) NO BOX TOPNIKE AIR MAESTRO II LTD WHITE RED BLACK PIPPEN BASKETBALL SIZE 8-13 AH8511-002adidas x Reigning Champ Alphabounce Shoes Chalk White / Cloud White / GreyNEW IN BOX! Deadstock Nike Lunar TR1 Training Shoes Grey Crimson 9.5 AWESOME! , Adidas Tubular Shadow Size 11 US men BY3571 OrtholiteSAVE $$$ | Asics Gel Sonoma 3 Mens Trail Running Shoes (4E) (002) , New Nike Air Max 90 Ultra 2.0 Doernbecher Oregon Shoes AJ7560-100 Size 5YAdidas Originals Swift Run Black White Grey INIKI NMD CQ2114 Mens 8-13 , Nike Mens Air Jordan ULTRA.FLY Basketball Shoes Black/Concord 834268-001 Size 10NIKE Zoom Vomero 11 Mens Sz 11 Shoes Squadron Blue Crimson Orange 818099 401Skechers Mens GO Golf Drive Max Golf Shoes 54542 CCBL Concrete/Blue NewNike Air Jordan VI 6 Retro Black/Red-Blue-Graphite Pistons 384664-001 Size 11 , Nike LeBron 10 X EXT Hazelnut Brown Suede Size 9.5 607078-200 cork black 2013 , Under Armour Moda Run Low Casual Men's Shoes , NIKE AIR JORDAN DS 2005 DUB ZERO LASER MENS SIZE 11.5 , Adidas Superstar Shell Toe shoes new black suede men's sneakers trainers BZ0201FILA 2018 VENOM 94 WHITE/RED VER.2 FS1HTA3035X UNISEX SHOES US SZ 4-11
    Adidas Adizero Adizero Takumi Sen D Mens Size mogochinese-29987 12.5 D Blue Silver Green BB5674 95b8e89 ->Adidas Adizero Adizero Takumi Sen D Mens Size mogochinese-29987 12.5 D Blue Silver Green BB5674 95b8e89 -
    Durango DRD0107 10" Lady Rebel Slip Resistant Faded US Union Flag Cowgirl Boots , Merrell Moab Gore-Tex Vibram Carbon Black Grey Men Hiking Outdoors Shoes J21459AUTHENTIC LUXURY PRADA BOOTS 1W090G BROWN FUR LINED NEW US 8 , Junk Gypsy by Lane Women's Cactus Knee High Boot - Snip Toe - JG0041CMIGLIORE men shoes made in Italy Dark brown antiqued leather penny loaferMan/Woman Adidas Ultra Boost Uncaged Metallic Silver Packaging diversity Quality and quantity guaranteed Excellent workmanshipDr Martens 1461 Virginia 3 Eyelet Purple Heather Shoes , Paul Smith Womens Shoes Studded High Heels With Tassel Detail Size UK4 EU37BURBERRY 38 or 7.5 WOMEN's DRIVING LEATHER FLATS LOAFERS MOCASSINS SHOESK-M19113 MX New Marni Cutouts Leather Open Toe Shoes Heels Size10 40 $700Nike Air Force 1 488298 625 Team Red Brown Gum Mens size 9.5 NEW B GradeNike SB Zoom Blazer Low Yellow Ochre Black 864347 701 New Men's Shoes Multi SizePUMA Men's Future 18.4 FG/AG Soccer Shoe - Choose SZ/Color , Air Jordan 2 Retro Size 11 1/2 , NEW BALANCE MS574EMO KNIT 574 (Military Green Olive / Gum) FRESH FOAM Mens 8-12HUMMEL OMNICOURT Z8 FLEXSHIELD 40-49.5 NEW indoor z6 trophy celestial courtMizuno Wave Rider 21 Wide (2E) Men's Running Shoes J1GC180419 18FNike Air Max LTD 3 Bronze Iron Ore 687977-700 Mens Sz 12.5 , NIKE KOBE XI 11 QS MAMBA DAY ID WHITE/CANYON GOLD-PURPLE SZ MEN'S 7 [865773-994]Nike Air Vapormax plus Neon Black Volt Mens sizes 924453 009Nocona Mens Vintage NIB Camel Bullhide Western Boots 6EE 1653245403 , Atmos x Nike Air Max 95 Animal Pack DLX Size 10 AQ0929-200 Pony RedSalomon Men's Evasion 2 Aero Hiking Shoe - Choose SZ/ColorFrye Mens Kyle Slip On Charcoal Loafers Size 11.5 (16849)Liberty LS1046 Mens Elegant Spectator Fashion Dress Shoes Croc Print Grey Gray , Men's/Women's PUMA Vikky Ribbon Noir Noir Moderate price Impeccable Amoy , NEW WMNS Sz 6.5 NIKE AIR MAX 95 (307960 109) WHITE/COURT PURPLE EMERALD GREEN , White Mountain Rotary Low-Heel Ankle Boots, Brown, 8.5 M US DisplayTony Lama Women’s boots s-5.5 Dark Forest Green Cowgirl WesternWomens SAM EDELMAN "pembrook" black leather suede knee high boots sz. 8 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas Adizero Adizero Takumi Sen D Mens Size mogochinese-29987 12.5 D Blue Silver Green BB5674 95b8e89 -

    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 Adizero Adizero Takumi Sen D Mens Size mogochinese-29987 12.5 D Blue Silver Green BB5674 95b8e89 -

    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 Adizero Adizero Takumi Sen D Mens Size mogochinese-29987 12.5 D Blue Silver Green BB5674 95b8e89
    Athletic Shoes