Never miss an update

adidas Boys BB3017 Boys Kanadiak Trail Runner- Trail Choose Choose SZ/Color. 30208ac

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
UPC: 0889766494625
Style: Sport Brand: adidas
US Shoe Size (Baby & Toddler): Multiple Variations Model: BB3017
Size Type: Regular MPN: BB3017
Material Type: Synthetic-and-mesh
Never miss an update

adidas Boys BB3017 Boys Kanadiak Trail Runner- Trail Choose Choose SZ/Color. 30208ac -

    adidas Boys BB3017 Boys Kanadiak Trail Runner- Trail Choose Choose SZ/Color. 30208ac
    adidas Boys BB3017 Boys Kanadiak Trail Runner- Trail Choose Choose SZ/Color. 30208ac
    Adidas Adizero Prime LTD Boost Running Shoes Core Black Cloud SZ 9 ( CP8922 )LI-NING Men's Samurai III Wade Culture Basketball Shoes Sports Sneakers Black US , PUMA 19004603 Mens Carson 2 Terrain Sneaker- Choose SZ/Color.Saucony Men's Freedom ISO Running Shoe, Black, 12.5 M USadidas Performance Men's ZG M Cross-Trainer Shoe - Choose SZ/Coloradidas Performance Men's Rockadia M Trail Runner Dark Grey/White/Electricity , adidas Originals CP9468 Unisex-Kids Tubular Shadow Sneaker 6- Choose SZ/Color.Under Armour Men's Team Bandit 3 Running Shoe - Choose SZ/ColorSkechers Men's Go Walk Outdoors 2-Passage Hiking Shoeadidas Performance Men's Powerlift.3 Cross-Trainer Shoe - Choose SZ/ColorSkechers 54333 Performance Mens Go Vulc 2 Chillout Walking ShoeNIKE AIR HUMARA ‘17 PREMIUM STEEL GREEN/VOLT GLOW (AO2606-300) Size 7.5 , Saucony Men's Grid Omni Walking Shoe - Choose SZ/ColorNike Big Swoosh Basketball Shoes The Glove White Black 832759-100 Size 11PUMA 36290601 Mens Smash Jersey Fashion Sneaker- Choose SZ/Color.Saucony Men's Liteform Miles Running Shoe - Choose SZ/ColorNEW PUMA MEN D MEDIUM COMFY LIGHTWEIGHT BREATHABLE VERSATILE RUNNING BLUE SHOESPUMA Men's Tazon 6 FM Sneaker Black-Red Dahlia 9.5 M US , PUMA MEN'S AXELION D MEDIUM COMFY BREATHABLE WALKING RUNNING SHOES GREY WHITE , Men's/Women's adidas ZX Flux Techfit Men's Sneakers Consumer first First grade in its class Full range of specificationsNike 305919 Men's Air Presto Essential Lightweight Breathable Running Shoes , PUMA 10396302 Mens Evopower Vigor 4 FG Soccer Shoe- Choose SZ/Color. , Adidas 23848795707 adidas Skateboarding Mens Seeley Dark Grey Heather/Solid , ADYS300241 DC Shoes Mens Wes Kremer 2Low Top Blue 11- Choose SZ/Color.adidas BW1385 Mens Alphabounce 5/8 m- Choose SZ/Color. , Reebok BD4415 Mens CL Leather Fashion Sneaker- Choose SZ/Color. , NEW! Nike Vapor Speed Ohio State Buckeyes Turf Shoe Red Black 924776-601 Size 13 , NIKE KOBE X Mid EXT Men's Basketball Shoes Black Gold Hardware Size 10.5PUMA 10396301 Mens Evopower Vigor 4 FG Soccer Shoe- Choose SZ/Color. ,
    adidas Boys BB3017 Boys Kanadiak Trail Runner- Trail Choose Choose SZ/Color. 30208ac ->adidas Boys BB3017 Boys Kanadiak Trail Runner- Trail Choose Choose SZ/Color. 30208ac -
    Shellys London Women's Katherine Chelsea Boot, Snake, 40 EU/9 M USFrye Melissa Button 2 Women's Riding Boots, Black and brown size 9Adidas BOKANITA MID K col. white/Black mod. G03812 , Adidas Originals Tubular Invader 2.0 Decon W [BB2073] Women Casual Shoes WhiteNew Supersoft Florance Womens Shoes Casual Sandals Sandals Flat , Aigle Miss Marion, Women s Rain Boots, Black Noir Ambre , 5.5 EUClarks Raisie Vita Chukka boots 901, Olive, 7 US / 37.5 EUMarc Fisher Graze Espadrille Sandals, Dark Blue, 6 USNINE WEST-   BLACK  PUMPS   HEELS  WOMEN  SIZE 11M , Madison Harding Size 7 M Bobie Army Open Toe Heels New Womens Shoes , Sam Edelman Moccasin Wedge High Heel Brown Suede Size 9MBRIDAL BY BUTTER WOMEN'S CLYDE-B PLATFORM FASHION PUMPS IVORY SATIN US SIZE 7 MStuart Weitzman NWB Sexy Bronze Metallic Gladiator Strappy Open Toe Pump Heels 9Man's/Woman's Echarpe Jacques FATH Crazy price, Birmingham Pleasant appearance cheap priceVIONIC WOMEN'S TIDE II COMFY THONG SANDAL, ARCH SUPPORTSeychelles 10923705839 Melody - Metallic Glitter Suede Tassel Low , BNWT Beautiful Designer CROCS Black Wedge Sandals W9Sandal Nine West Chaylen Dark Natural LeatherNEW adidas Boost - Gray Running, Cross Training (Men's Multiple Sizes)adidas Men's Pureboost DPR Running Shoe - Choose SZ/Color , Air Jordan 14 Retro Desert Sand Mens 487471-021 Black Basketball Shoes Size 10 , Punk Mens Goth Chain Zippers Combat Military Mid Calf Pointy Toes Winter Boots , Dan Post Boots Men's Chandler DP2984 Saddle Brown Leather/Ostrich Cowboy Boots , NWB Nike Women Free TR Fit 5 BRTHE White/FuchsiaPenny Loves Kenny Women's Nookie Glitter Flat Black Microsuede Flats , Vans Era Desert Embellish Safari Tan Floral Embroidered Sneakers NEW Size 5.5 W , 1802 Nike Dualtone Racer Premium Women's Training Running Shoes AH0312-003 , CHINESE LAUNDRY, FLASH BOOT, WOMEN'S, BLACK, US 6.5M, NEW IN BOXWomen's Boots REPORT SIGNATURE Ankle Jackal Boots Sz 9 NordstromVIA SPIGA Boots size 8 Leather Equestrian Riding Boots $395 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    adidas Boys BB3017 Boys Kanadiak Trail Runner- Trail Choose Choose SZ/Color. 30208ac -

    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 Boys BB3017 Boys Kanadiak Trail Runner- Trail Choose Choose SZ/Color. 30208ac -

    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 Boys BB3017 Boys Kanadiak Trail Runner- Trail Choose Choose SZ/Color. 30208ac
    Athletic Shoes