Never miss an update

New Adidas Sonic Drive Response Boost Training Shoes BB2962 Men’s Size Shoes BB2962 Men’s Size 10 a373292

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
US Shoe Size (Men's): 10
Country/Region of Manufacture: Vietnam Width: Medium (D, M)
Pattern: Solid Style: Running, Cross Training
Material: Synthetic Brand: adidas
Color: Neon Yellow Product Line: Response Boost
UPC: Does not apply
Never miss an update

New Adidas Sonic Drive Response Boost Training Shoes BB2962 Men’s Size Shoes BB2962 Men’s Size 10 a373292 -

    New Adidas Sonic Drive Response Boost Training Shoes BB2962 Men’s Size Shoes BB2962 Men’s Size 10 a373292
    New Adidas Sonic Drive Response Boost Training Shoes BB2962 Men’s Size Shoes BB2962 Men’s Size 10 a373292
    Nike MercurialX Proximo II DF IC Indoor Soccer Shoe Mens Size 9 831976-305New Balance Men's Fresh Foam Hierro Trail Shoe , Nike Air Zoom Double Go D Football Cleats 16 White Dark Royal Blue Silver 82101166% OFF new Mens TED BAKER Alcaeus Mid Top Leather Sneaker Black Ret $180Size 8.5 Vans Era X ATCQ Print A Tribe Called Quest Limited Edition Men’s ShoesNike Court Borough Low Khaki/Metallic Pewter Size US 14 Mens 838937 200Jordan Grown V2 – Dark Garnet – Black – Light Bone 414174-601 Size 10-10.5 , Vans Red White And Blue Prepare To Fly Skate Sneakers Mens Sz 7.5 , NEW Nike Zoom Stefan Janoski Mens Sz 11.5 Shoes Blue Recall White 333824 415 , 655206-410 Nike Men Roshe One Print Blue Game Royal Sail Grey , Mens ADIDAS ZX FLUX WEAVE Grey Textile Running Trainers B23600DC COURT GRAFFIK SE 300927 BLACK/GOLD (204) MEN US SZ 8MENS NIKE DYNASTY HIGH LIMITED 365963-141 size 9.5 WHITE BLUE/RED SNEAKERSSAMPLE Under Armour UA Drive 4 Basketball Shoes Blue Black [1298309-003] Mens 9Lakai MJ Size 13 Stonewash Canvas Marc Johnson Pro Model Skate Shoes DeadstockVINTAGE NIKE AIR THRILL FLIGHT WHITE MIDNIGHT NAVY 630184 142 SIZE 10.5 Y653W , NIKE TANJUN 812654 414 MIDNIGHT NAVY/WHITE-ROYAL MENS US SZ 8.5NEW BALANCE 572 ELITE EDITION HALLOWEEN PACK GREY NEON GREEN MRT572GG SZ 11Nike Roshe Two SE 918245-400 Blue/White Men's Size 10.5 , Mens ADIDAS STRONGSIDE New York Knicks White Leather Trainers D66101Under Armour 302067310012 Mens Gray 12 Micro G Assert 7 Running Shoes , ADIDAS ORIGINALS EQT RF EQUIPMENT RUNNING SUPPORT MEN'S SHOE SIZE US 11.5 BA7716 , Adidas Vigor Bounce Mens Running Shoe SKU BB8380 Size 10.5Adidas Men’s Adizero Prime Finesse Track Field Running Shoes Size 12 AF5647MENS ADIDAS C-10 in colors BO ONIX / C BURGUNDY / C BLACK SIZE 11 , Gentlemen/Ladies adidas GAZELLE - Green - Mens Elegant shape Modern and stylish fashion At an affordable priceAir Jordan Spizike White Cements Size 10 , NEW Nike Alpha Menace Mens Size 9 Pro Mid Football Cleats Blk & Green 915414 024Skechers Equalizer - Double Play Black White Mens Memory Foam Trainers
    New Adidas Sonic Drive Response Boost Training Shoes BB2962 Men’s Size Shoes BB2962 Men’s Size 10 a373292 ->New Adidas Sonic Drive Response Boost Training Shoes BB2962 Men’s Size Shoes BB2962 Men’s Size 10 a373292 -
    Women Pointed Toe Thigh High Over the Knee Boots Stiletto Zipper Black CamelAerosoles Women's Incentive Ankle Boot, Black Nubuck, 6 M USWomen boots leather model GEZA Us 3.5 to 12 , Bruno Magli knee-high boots, black leather, women's shoe size US 8.5 $695 , Salomon Women's Ellipse II LTH Walk/Hike Shoes Size 8(US) NewMerrell brand new in box fiery red around town backless slides Size 40New wolky Arena tie sandal in Metallic light grey color 41 10/10.5USSALE!! BNWB Ted Baker Immet 2 - Gold Metallic Women’s Ballet Flats Sz 8 , Anne Klein 25026183 Womens Fatima Nubuck Ballet Flat- Choose SZ/Color.Arnaldo Toscani 1097628_NUDE Loafers Women's - colour Brown US , Supremes 7.5 Wide Taupe Sneakers Women's Shoes , ZARA T-BAR HIGH HEEL SHOES 7 Suede Leather Caged T-Strap Pump Sandals Sexy Shoes , Kenneth Cole Size 9.5 LET IT KNOCK White Leather Wedge Sandals New Womens Shoes , BNIB Converse All Star Sequins Low Top Sneaker Womens Size 13/Mens Size 11 , adidas X TANGO 17.1 Turf - Black - MensNIKE AIR SHAKE NDESTRUKT MENS BASKETBALL SHOES SIZE: 11 MIDNIGHT NAVY 880869 600 , Nike Men's Air Max 90 Ultra 2.0 Essential Ankle-High Fashion Sneaker , NEW Nike X Atmos Air Max 95 Print Black/Crimson AQ0925-002 Sz 8.5Nike Air Penny IV, Kobe, White / Black / Atlantic Blue, 864018 100, Sz 10.5 , NIKE AIR JORDAN 6 RETRO VI LOW "CHROME" 304401 003 DS 2015 RELEASE Sz 13.5Nike MENS Air Jordan 9 Retro "LA" All Star Black White 302370-021 SIZE 12 , 2 pair LOT Dr. Doc Martens Brown boots shoes Size men's 10 England 8053/59Hush Puppies Men's Glitch Parkview Oxford, Dark Brown Leather Perforated, 8 W USMens Printing Metallic Toe Pieced Loafer Slip On Casual Breathable Gommino Shoes , Men's GENUINE ARMADILLO / LIZARD TEJU SQUARE TOE BOOTS BOTAS RODEO , Wolverine Mens Rush Esd Comp Toe Hiker Work Shoe , Brown/Blk Size 10.5 , Nike SB Blazer Size 10 WATERMELON Noble Green Razzle RARE 310801 361 , Gentlemen/Ladies giuseppe zanotti sneakers Every item described is available First grade in its class Preferential price , SAUCONY WOMEN'S SHOES SUEDE TRAINERS SNEAKERS NEW JAZZ ORIGINAL GREEN 54E , Chinese Women Shoe Embroidered Floral High Block Heel Mid-Calf Boots Round Toe ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Adidas Sonic Drive Response Boost Training Shoes BB2962 Men’s Size Shoes BB2962 Men’s Size 10 a373292 -

    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.

    New Adidas Sonic Drive Response Boost Training Shoes BB2962 Men’s Size Shoes BB2962 Men’s Size 10 a373292 -

    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
    New Adidas Sonic Drive Response Boost Training Shoes BB2962 Men’s Size Shoes BB2962 Men’s Size 10 a373292
    Athletic Shoes