Never miss an update

Adidas Alphabounce AMS Running Shoe 17049 - Women's Women's Size 9, 9, Black/Grey/Cheetah f754efa




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 . Botoms are a little dirty and show light wear. Slightly dirty around rubber edging. Outer material is clean and has no rips/stains/damage. Insoles are clean and show very light wear. Please see photos.
Style: Running Shoes Color: Black
Product Line: adidas AlphaBOUNCE Brand: Adidas
US Shoe Size (Women's): 9 UPC: 190308215579
Never miss an update

Adidas Alphabounce AMS Running Shoe 17049 - Women's Women's Size 9, 9, Black/Grey/Cheetah f754efa - blurrypron.com

    Adidas Alphabounce AMS Running Shoe 17049 - Women's Women's Size 9, 9, Black/Grey/Cheetah f754efa
    Adidas Alphabounce AMS Running Shoe 17049 - Women's Women's Size 9, 9, Black/Grey/Cheetah f754efa
    Easy Spirit Women's Freney Sneaker , Nike Womens Flex Bijoux Running Trainers 881863 Sneakers Shoes 001 , Brooks Addiction Running Walking Shoes Size 11.5Kenneth Cole Reaction Women's Kam-Era SneakerAsics B256N Gel-Flashpoint Lightweight Multi-Color Women's 8 Shoes , adidas AllRoundStar Junior Pink Orange Girls Spike Track & Field Trainers , Nike free viritous tp Women's running shoes 749566 002 Multiple sizes , Asics Gel-Kayano 23 Running Shoe- Women's Size 10.5, White/Aquarium/SilverNew Balance Women's Wcoas Suede Running Shoe , Women New Balance WX611BC Running Medium (B) Black Coral 100% Original Brand New , Mustang horse Print Christmas Running Shoes For Women-Free Shipping , NIKE Lunarconverge Running Shoes Womens Sz 8.5 White Pink 852469 101Saucony Kinvara 8 (women's) ___ Size 6.5 ___ Last 1, s10356-4, everun, runningNike Women's 852467-401 Flex Supreme TR 5 Mica Blue/ White Smokey BlueWOMENS REEBOK VENTILATOR WINTER RUNWAY SIZE UK4.5/US7/EUR37.5 AQ9830 , Nike Lunarsolo Mens / Womens Running Shoes NWOB Pick 1Nike Womens Volley Zoom Hyperspike Black Volleyball Shoes 14 Medium (B,M) 2530 , NWOB Diadora Net Breathing Sys N 6100 4 Women's Running Shoes Coral Pink US 10Women New Balance W420LG3 Running Medium (B) Thunder Black 100% Authentic New , Altra Olympus 3 Size US 8.5 M (B) Women's Trail Running Shoes Gray A2355-3Cole Haan Women's GrandPrø Tennis Sneaker Floral Shoes Size 9BROOKS Womens LAUNCH 3 Running Athletic Shoes Navy Blue/Aqua Blue/Pink SIZE 10 , Man/Woman adidas galaxy trail woman/size 7.5 Various styles Bright colors Perfect processingNEW Puma Fenty Rihanna Women’s 7 Fierce Gray Blue Iridescent Trainers Sneakers , Filling Pieces Unique Crosta Low Top transformed Sneakers - size 39 , DS WOMENS NIKE AIR MAX 1 CMFT TAPE PREMIUM 599895 006 RUN SHOES SZ 7 NOBOXLID , Pacific Trail Alta Hiking Boots Women's ShoesAdidas Women Running Shoes Galaxy 4 Training Fashion Fitness New Gym B43837 , Adidas Originals Tubular Entrap Primeknit Sneakers Shoes Athletic Women Sz 6 EUC
    Adidas Alphabounce AMS Running Shoe 17049 - Women's Women's Size 9, 9, Black/Grey/Cheetah f754efa - blurrypron.com>Adidas Alphabounce AMS Running Shoe 17049 - Women's Women's Size 9, 9, Black/Grey/Cheetah f754efa - blurrypron.com
    Chinese Laundry Women's Robin Winter Boot, Black Suede, 7 M USAriat Women's Probaby Work Boot, Driftwood Brown, 10 B USSPRING STEP PINNACLE-P - PINNACLE Size: - Color: , $450 LA CANADIENNE Jackie WATERPROOF Winter Knee BOOT Womens Black Suede 9.5 NEWMizuno Waveknit R2 Grey Black White Women Running Shoes Sneakers J1GD1829-09 , NEW Under Armour Womens Micro G Assert 6 Running Shoes Black White Pink US 11 , Loake Seam Stitched Premium Men's Shoes 5 Eye Webster Black , Orizonte Boost Womens European Leather Mid Heel Comfortable Sandals , Chloe Leather Lauren Flats in Natural Size 38 , Women Platform Ballet Special High Heels Shoes Dance Green US 12 Plus Size Bt15 , Womens Sweet Pointy Toe Mid Chunky Heels Slip On Floral Embroider Pumps Shoes , Stuart Weitzman Black Suede Booties Heels Boots Sz. 8.5 MMen/Women manolo blahnik 36.5 Many varieties Quality First Selling new productsNIKE AIR MAX FLAIR <942236-009>,Men's Sportwear Running Shoes.New with BoxMENS NIKE AIR FORCE 1 2004 RUNNING SHOES SIZE 11 RED WHITE BLUE 306353 164 82New Mens Nike Air Max 270 Shoes Black&White Sport Sneakers Size 10 , Man/Woman Puma McQ Step Mid Flock 10.5 Easy to use a wide range of products Most practicalNike Men's Air Force 1 Print High Basketball Shoe , Dsquared2 Black Leather Sneakers Size 41 Black Tag Size 41 JP 26cm Made in Italy , Vintage 50's Men's Acme Red White Inlay Cutout Shorty Cowboy Boots 11 D InlaidDANIELE ALESSANDRINI SHOES Sz. 44 ITALY Man Blacks F015K1683407-1 SET OFFER , Gentleman/Lady Spring Step Blue Slip-On Women's Shoes Not so expensive Fast delivery Valuable boutique , Nike Roshe One Women's Light Orewood Brown/Brown/Cobblestone/Sail 44994102 , Nike Air Max 90 Womens 325213-055 Black White Gum Brown Running Shoes Size 10.5Mr/Ms NMD R1 - BY9647 New Listing Pleasant appearance Diversified new designDr Martens Chianna Riding Motorcycle Women Boots NEW Size US 11 , Nike Air Max 90 Women's Sneakers Casual Running Shoes Jeans Denim Lightweight , New Womens Block Med Heel Mid Calf Snow Boots Winter Side Zipper Casual Shoes Sz , Ladies Super High Stiletto Heel Platform Furry Ball Party Zipper Ankle Boots A17 , GB35 Oleesia Casual Ankle Boots, Black, 8 US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas Alphabounce AMS Running Shoe 17049 - Women's Women's Size 9, 9, Black/Grey/Cheetah f754efa - blurrypron.com

    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 Alphabounce AMS Running Shoe 17049 - Women's Women's Size 9, 9, Black/Grey/Cheetah f754efa - blurrypron.com

    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.

    Conclusion

    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 Alphabounce AMS Running Shoe 17049 - Women's Women's Size 9, 9, Black/Grey/Cheetah f754efa
    Athletic Shoes
    >
    ;