Never miss an update

Adidas Pure Women's Boost X TR Zip - Shoes - Shoes Women's Size 8.5 - Black/White 52ebaa9

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Shoes are in condition and show signs of normal wear.Bottom soles are slightly dirty but treads are not down.Sides of both shoes show very little dirt.Insoles are clean.Zippers work properly.
Style: Athletic Shoes Color: Black/White
US Shoe Size (Women's): 8.5 Brand: adidas
UPC: 889136997404
Never miss an update

Adidas Pure Women's Boost X TR Zip - Shoes - Shoes Women's Size 8.5 - Black/White 52ebaa9 -

    Adidas Pure Women's Boost X TR Zip - Shoes - Shoes Women's Size 8.5 - Black/White 52ebaa9
    Adidas Pure Women's Boost X TR Zip - Shoes - Shoes Women's Size 8.5 - Black/White 52ebaa9
    Nike Air Max Sequent 2 Womens Grey Purple Green Running Training 852465 012 NIBNIKE FREE TR FOCUS FLYKNIT Womens 844817 003 $130 NEWNIKE RIFT WRAP SE WOMENS SNEAKERS BLACK/COOL GREY/WHITE/BLACK US 881192-001 , JIMMY CHOO Panama Grey Purple Ponyhair Leopard High Top Wedges Sneaker 10.5/40.5 , Jambu Women's Jackie-Too Vegan Slip On Sneaker , Vans OLD SKOOL Lux Leather Shaved Chocolate/Porcini Men's Shoes 7 - Women's 8.5NEW Womens Nike Air Max HyperAggressor TB Basketball Shoes Green or Black $100 , Women's Nike Free 5.0 Shoes Sneakers 580591 580 Size 6 , NIB-$130 Nike Free TR Focus Flyknit Women's Running/Cross Training Shoe Sz 7.5Nike Payaa Premium - Blue - WomensAdidas Superstar W Women's Shoes Footwear White/Chalk Coral/Off White cg5462NIKE React Womens Hyperdunk 2017 Low Tb 897812-401 MIDNIGHT NAVY Size 12Adidas EQT Support ADV W Womens Purple Glow Triple BY9109 Running Train Gym New , NEW Nike Zoom Winflo 2 Running Shoe 807279-401 Blue Silver Coral Womens 9.5 , Asics Gel-nimbus 18 Running Shoe womens Size 7.5 Coral/BlueAsics Noosa FF Womens T772N-3948 Running Shoes. Size 7.5 , NIKE Women Free RN Motion FK 2017 Black Platinum 880846 001 - Sz 7Nike Free TR 6 Women's Cross Trainer Shoes 833413 600 Size 7.5 , Nike Internationalist Premium Black/Grey/Orange 859545-002 Women's Shoes Sz 7Nike Air Zoom Fitness Black/White 904645-001 Women's SZ 11Nike Air Force 1 07 Premium Women's size 10.5 US Rose/Gray New without the box .Adidas Womens Samba W Consortium Deep Hue Green Grey Gum Sole BY2832 Originals , Nike Women's Air Max Thea Work Blue/White 599409-416 Sz 5 - 10 , Skechers Women's Size 10M 11931 D'Lites Looking Glass Walking Shoes White BlingNike Volley Zoom Hyperspike Volleyball Shoes Flywire 585763-001 Womens Size 5 , Adidas Womens Samba W Consortium Deep Hue Gray Grey Gum Sole BY2833 Originals , Women's Mizuno Wave Shadow Running Shoes Griffin / White /Pink Size 8 , Mizuno 410613 Wave Enigma 4 Running Training Shoes Sneakers White Pink WomensADIDAS TERREX CMTK GTX HIKING TRAIL SHOES WOMEN'S SIZE US 9.5 BLUE BY2773
    Adidas Pure Women's Boost X TR Zip - Shoes - Shoes Women's Size 8.5 - Black/White 52ebaa9 ->Adidas Pure Women's Boost X TR Zip - Shoes - Shoes Women's Size 8.5 - Black/White 52ebaa9 -
    Splendid Women's Dale II Ankle Boot, Black, 8 M USCOLE HAAN Womens 'Tali' Brown Leather Waterproof Mid Calf Sz 10 Boots 229825 , °°° BOTTES HOGAN CUIR NOIR T 38,5 EN EXCELLENT ETATSee By Chloe Womens FA-Janis Boot- Pick SZ/Color. , Mens Hush Puppies Casual Shoes 'Vince Victory' , Circua by Sam Edelman Carmela Pom Ball Fashion Sneakers, Cranberry, 8 US / 38 EU , Skechers Women's D'Lites Ultra 12283 Trainer. Memory Foam Insole. Grey , Church's Bella White Leather Derby Shoes Sz 36/6~RTL$695BOTTEGA VENETA  BLACK  FLATS size 9  Italy , Man/Woman Easy Spirit Women's Traveltime Clog Good world reputation excellent classic style , Imagine Vince Camuto Women's Randal Open Toe Rear Zip Dress Pumps Black , Pleaser - KISS-208R/C/M Womens Kiss-208R Platform Sandal,Clear,5 M US , Very Volatile Womens Tansy Flat Sandal- Pick SZ/Color.adidas D Rose - Light Blue Basketball Shoes (Men's 11.5) - Used , Nike Jordan Instigator Black/Grey/Mist White Men's Basketball Shoes Size 12Puma Blaze Of Glory Athletic Men's Shoe's Size 10.5HOKA ONE ONE TOR TRAFA RED ORANGE SPORTS HIKING LEATHER SANDALS SIZE US 8 MENSDS Nike Air Jordan XX3 23 White Royal Blue Men’s size 9 USEDMENS SALOMON SPEEDCROSS PRO 2MEN'S RUNNING/SNEAKERS/TRAINING/RUNNERS SHOES , Maison Martin Margiela Replica Paint trainers Snearkers Shoes UK7/ IT41 /US8 New , Jutti Indian Men Shoes Mojari Handmade Khussa Loafers & Slip Ons Wedding US 6-9Tod's Ankle Boots Sz. 10 Leather Italy Man Grey XXM39A00D80-HSEB600 PUT OFFER , Dan Post Men Ostrich Alamosa Chocolate (DP3875)Mens Rivet Punk Leopard Print Slip on Casual Loafers Shoes Fashion Nightclub New$750 LANVIN Mid Top Think Sole Sneakers Size 7 New with Box , Skechers Sport Womens Breathe Easy Symphony Fashion Sneaker- Select SZ/Color.adidas Women's Tubular Invader Strap Fashion Sneakers , $200 CIRCA Joan David ENTERTAIN Black Leather Knee Zip Boots Womens 6 NEW IN BOXDan Post Wos Cowboy Boots 77885 US 6.5 Blue Leather Genuine Lizard Pull on 3986 , Women Ankle Chelsea Boots Leather Sequins Block Heels Pointed Toe Zipper Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas Pure Women's Boost X TR Zip - Shoes - Shoes Women's Size 8.5 - Black/White 52ebaa9 -

    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 Pure Women's Boost X TR Zip - Shoes - Shoes Women's Size 8.5 - Black/White 52ebaa9 -

    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 Pure Women's Boost X TR Zip - Shoes - Shoes Women's Size 8.5 - Black/White 52ebaa9
    Athletic Shoes