Never miss an update

Men's Adidas EQT Men's Support 29993 Mid ADV mogochinese-29998 PK Sneakers Lifestyle Shoes 6070938

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
Model: adidas EQT Support ADV
Width: Medium (D, M) Style: Athletic Sneakers
Brand: adidas Product Line: EQT
Gender: Men
Never miss an update

Men's Adidas EQT Men's Support 29993 Mid ADV mogochinese-29998 PK Sneakers Lifestyle Shoes 6070938 -

    Men's Adidas EQT Men's Support 29993 Mid ADV mogochinese-29998 PK Sneakers Lifestyle Shoes 6070938
    Men's Adidas EQT Men's Support 29993 Mid ADV mogochinese-29998 PK Sneakers Lifestyle Shoes 6070938
    Nike Air Max Motion Low Trainers Mens Navy Athletic Sneakers ShoesNike Air Force 1 Mid Premium Size 10.5 Style Dark Oak & BoneUnder Armour UA Curry 1 Lux Mid SDE Hi Top Basketball Trainers 1296617 001 , Authentic Adidas UltraBoost 4.0 Men's Running Shoes Ultra Boost NO BOX - BB6166Drew Men's Lightning II V Comfort Sneakers White Combo , Nike air max Pegasus zoom 92 OLYMPIC 10 1 95 97 96 98 93 94 98 USA 90 89 33 35AIR JORDAN FUTURE PREMIUM 652141-023 BLACK INFRARED 23 NEW SIZE 8 , VANS SK8-HI LX VAULT SAMPLE CHECKERBOARD GREY WHITE RED LEATHER LINING NEW 9 , 852614-400 Nike Men Lunar Magista Ii Flyknit College Navy Racer Blue , Adidas Men’s Adipower Weightlifting Trainer White/Black Shoes M25733 US 8.5-11 , NIKE AIR MAX MAX 95 PRM "REBEL SKULLS PACK" BLACK/CHROME MEN'S 9.5 [538416-008]New Balance 997 Made in USA Grey Silver Black Sz 8 M997BRKMan/Woman jordan retro 4 toro Elegant shape discount classic styleNike Rosherun FB "Yeezy" - 580573 063 , New Balance Mens Furon V2 Pro FG Orange Cleats Athletic 8.5 Medium (D) BHFO 3752 , Air Jordan 11 Retro Low size 10 release 2011AUTHENTIC adidas AlphaBounce Instinct Linen Cloud Wht Grey B76039 GBW Men sizeAsics Hyper Gel Kenzen Mens T8F0N-0143 White Blue Red Running Shoes Size 15Adidas ADIZERO CRAZY LIGHT 2 NIGHTMARE B4 XMAS GloW in DarK Shoe Rose~Men sz 7.5Nike Air Max 98 White Black Racer Blue Volt 640744-103 Size 8 - 13Asics Mens Gel Kayano 25 Running Shoes 1011A019 Indigo Blue/White Size 14Nike Zoom All Out Low Mens 878670-011 Black Aura Grey Running Shoes Size 14 , NIKE AIR JORDAN 10 X RETRO RIO SIZE 8.5 USA 310805-019 NEW DS , NIKE AIR FOOTSCAPE WOVEN CHUKKA QUICK STRIKE MEN SIZE 11.0 NEW RARE ANTHRACITE , Nike Air Jordan 10 X Paris EU Exclusive 8 41 DS Black City Pack London OVO NYC 3AUTHENTIC adidas AlphaBounce Instinct Footwear White Grey Core Black Men sizeNew Balance M1540SB2 Men's 1540v2 Optimum Control Silver Running Sneaker ShoesNIKE Air Jordan 1 Retro Hi OG G8RD AJ5997-880 US 9.5 Orange PeelNIKE ZOOM VAPOR FLYKNIT HC QS TENNIS PARAMOUNT BLUE/BLACK MEN 11 [916834-403] ,
    Men's Adidas EQT Men's Support 29993 Mid ADV mogochinese-29998 PK Sneakers Lifestyle Shoes 6070938 ->Men's Adidas EQT Men's Support 29993 Mid ADV mogochinese-29998 PK Sneakers Lifestyle Shoes 6070938 -
    FRYE Womens Myra Bootie Boot, Black, 6.5 M US , EMU Australia W11069 Taria Women's 6W US Black/Noir Perforated Suede 37 UK , Pleaser 6" Black Patent Stiletto Corset Thigh High Boots Gothic Fetish Club 6-14Jambu WJ16PIL01 Womens Pilot Ankle Bootie- Choose SZ/Color.NWB Jeffrey Campbell Ozark Boot in Black Wash Leather, , Jerome C. Rousseau Women's Black Leather Skintight Booties 41 Booties High HeelsPuma Fenty Bow Slip-On Slides 789, Gray, 7 US , Womens Office Fascination Point Tassel Loafers BLACK LEATHER SUEDE Flats , Miss Sixty Heidi Court Shoes High Heels Sandals Shoes Shoe Wedge Heel 37 , Bernie Mev Women's Amanda Black Black 41AETREX AMBULATOR LEATHER WMNS CASUAL TERPEUTIC DIABETIC SHOES US 8 XW $129 , NEW Tory Burch Arianna Driving Loafer Moccasins Flat Shoes Evening Sky Blue 9.5ASICS Women's FuzeX Lyte 2 Running ShoeColumbia Women's Minx Slip II Omni-Heat Shale/Dark Raspberry Insulated , Pleaser 7" Sky silver chrome stripper sandalsWomens Irregular Choice Fancy This Strappy Party Court Shoe High Heel US 5.5-11 , Man's/Woman's Elaine Turner Arial Baltic Print Wedges Charming design modern high quality productJIMMY CHOO Tan Patent Leather Wedges Sz 38 $475 , Sanita Women Diana Stud Slides Grey Leather Size (US 5.5-6) QQ 24 , ADIDAS EQT SUPPORT ADV SZ 11.5 CORE BLACK 91/16 RUNNING WHITE CP9557 , BROOKS X UBIQ HERITAGE MENS CHARIOT 282 LIBERTY LIFESTYLE SNEAKERS Size 9ADIDAS ZX FLUX SCARLET RED US7 (S78344) triple red octoberVintage Custom Leather Ostrich Quill Boots Size 8 Mens PreownedDanner Men's Crater Rim 6" GTX Hiking BootPremiata Mick Gray Suede Burgundy Trim Sneakers Shoes- Size 39 US 8 , Adidas Eqt Support Adv Womens B37539 Black White Mesh Running Shoes Size 7.5HOGAN WOMEN'S SHOES LEATHER TRAINERS SNEAKERS NEW R320 BLACK 25AWMNS Nike Air Vapormax Flyknit BE TRUE 883274-400 Size 5-11 LIMITEDSummit by White Mountain Women's Brickley Black Leather Boot 40 M , $160 NIB WOMEN 11 HUSH PUPPIES DAKOTA SISANY LEATHER SUEDE WATERPROOF BROWN BOOT ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's Adidas EQT Men's Support 29993 Mid ADV mogochinese-29998 PK Sneakers Lifestyle Shoes 6070938 -

    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.

    Men's Adidas EQT Men's Support 29993 Mid ADV mogochinese-29998 PK Sneakers Lifestyle Shoes 6070938 -

    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
    Men's Adidas EQT Men's Support 29993 Mid ADV mogochinese-29998 PK Sneakers Lifestyle Shoes 6070938
    Athletic Shoes