Never miss an update

Under 10 Armour Women's Blue Gray Running hotelcastell-7204 Mesh 7201 Sneakers Ladies Size 10 8f6238e

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: Good. There are a few small stains. Please see all photos.
Activity: Running UK Shoe Size (Women's): 10
Style: sneakers Features: Lace-Up
Product Line: Under Armour Micro g Color: blue gray
Heel Height: Low (3/4 in. to 1 1/2 in.) Brand: Under armour
US Shoe Size (Women's): 10 UPC: Does not apply
Never miss an update

Under 10 Armour Women's Blue Gray Running hotelcastell-7204 Mesh 7201 Sneakers Ladies Size 10 8f6238e -

    Under 10 Armour Women's Blue Gray Running hotelcastell-7204 Mesh 7201 Sneakers Ladies Size 10 8f6238e
    Under 10 Armour Women's Blue Gray Running hotelcastell-7204 Mesh 7201 Sneakers Ladies Size 10 8f6238e
    Anne Klein Zasa Slide Fashion Sneakers 764, White Multi, 8 US , Womens Skechers Flex Appeal Top Story Black Dual Lite Slip On Shoes 7.5Adidas Womens Shoes Roundhouse Size 8 High Top Athletic Sneakers G47246 , Puma Osu NM Womens Trainers Criss Cross Running Shoes Mint Textile 185686 13 D35New Balance WRT580WB B 580 Red Navy Suede Women Retro Running Shoes WRT580WBBNIKE Womens Solay Thong Print 882696-602 ARCTIC PINK/WHITE Womens Size 5 , Adidas Originals Womens Size 6 Tubular Invader Strap Black Leather Shoes Pink , Womens 2007 Nike Air Max Running Shoes Pearl White Baby Blue Size 9 , Womens Nike Air Huarache Classic Max Sneakers, Ember Red 634835-801 sku , New Reebok Womens Cn0997 Gray Cross Training Shoes Size 5.52014 Nike Air Huarache Run Print "Aloha Pack" Black/Teal Running Shoes! Size 8 , Skechers Men's Nampa Food Service Shoe - Choose SZ/ColorNike Air Jordan Future Low GG GS Girls Grey Blue Shoes Sneakers AJ11 724814-014NIKE WOMEN ROSHE ONE FLYKNIT ATHLETIC SHOE SIZE 7.5NIKE WMNS ZOOM FIT 704658 600 PINK, FIREBERRY, BLUE WALKING TRAINING SIZE 10.5 , NEW Sperry Top-Sider 7 Seas Sport Womens White Athletic Water Shoes US 9.5 A885 , PUMA Women's Platform Mid High Top Sneakers Puma Black Size 7.5 , Saucony Hurricane ISO 2 Women's Mesh Running Training Cross-Fit Everun size:8.5Women's Nike Roshe One Flyknit Running Shoes NEW Gold/White/Black, MSRP $120New Balance Women's Classics 515 Black/Coral Pink Sneaker Shoe WL515COL sz 7.5/8 , New Nike Womens Woodside Chukka 2 Suede - Faux Fur Lined Boot 537345-200 sz 7AW9 New Adidas CW Libria Pearl CP Snow Winter Boot Hiking Trail Women 7 BlackNike Mercurial Superfly V FG Soccer Cleats Youth Sz 4.5 Womens Sz 6 Firm GroundNEW PUMA TOREADORE Sneakers Women's 9 M Red Leather Suede ShoesVans Rainbow Weave Authentic Womens Gray Slip On Sneakers Shoes Size 5 , NIB Women's adidas Originals Stan Smith (snakeskin) Shoes Onix 9.5 Style S77345WOMEN'S NIKE AIR MAX COLISEUM 553441-050 SIZE 11 BLACK, PUPLE, LIME , Vintage 1993 Womens Nike Sneakers White Blue Pink Size 9.5, Retro 90’s!NEW BALANCE WRW760WB WOMEN'S WHITE LIGHT BLUE ATHLETIC SNEAKERS NEW IN BOX USA
    Under 10 Armour Women's Blue Gray Running hotelcastell-7204 Mesh 7201 Sneakers Ladies Size 10 8f6238e ->Under 10 Armour Women's Blue Gray Running hotelcastell-7204 Mesh 7201 Sneakers Ladies Size 10 8f6238e -
    Men/Women Rachel Zoe Women's Elizabeth Booties We have won praise from our customers. Used in durability negotiation , Blondo Women's Gracie Waterproof Sneaker, Black Suede, 8.5 M US , Arche Black Leather Wedge Zippered Boots Size 7-71/2MAISON MARTIN MARGIELA split toe white leather high heel shoes tabi boots 39 NEWBally Designer Riding Boots Vintage Leather Authentic Genuine , Reebok Women's Sublite Cushion RB045 Work Boot - Choose SZ/ColorPleaser FLAMINGO-808GF Women's Clear Orange Multi Glitter Heel Platforms SandalsJOHN GALLIANO Pointed Heels Pumps Glittery Black Leather SIZE 38 US 7.5/ 8 , French Connection Kodee Black Suede Grommet d'Orsay Mid Heel PumpsNEW IN BOX Manolo Blahnik Carolyne Cutout OVAL FABRIC Pump, GRAY E- 9 1/2B , Franco Sarto Womens Mallory Leather Open Toe Casual Strappy, Tan, Size 6.0 SEsG , Spenco Yumi Snake - Supportive Sandals Navy - 11NINE WEST WOMEN'S MIMOSA STRAPPY WEDGE SANDAL ORANGE SUEDE US SZ 7.5 MEDIUM (B)MMEN'S NIKE AIR FORCE 1 '82 LOW DEEP ROYAL BLUE WHITE VGUC , NIKE flex speed men's trainers sz 11.5 color enamel green 843694-300Nike Air Huarache Run TP Mens Size 9.5 Tech Pack Running Shoes Cool Grey BlackMen's Nike Air Jordan Shoes XIV 14 Red and White Size 10NIKE ZOOM KD10 EP MENS SHOE US7-11 897998-117 10' , "IRISH SETTER" GORE-TEX RED WING THINSULATED CAMOU 10" BOOTS MEN SIZE 13 EE , ADTEC 1428 STEEL TOE WORK BOOTS MENS 7 1/2 M FREE SHIPPINGMen Genuine Quality Cowhide Leather Cowboy Western Boots Style CR 454Nike Zoom KEVIN DURANT KD IV 4 SCORING TITLE WARRIORS TOUR YELLOW LEMON BLUE 9 , 2004 Proper x Asics GT-II - Size 9.5 - EXTREMELY RARE!!!!! , Nike Air Zoom Kobe V Size 11.5 TB Think Pink Dark Knight 5 Chaos OG B , Florsheim FS2600 Men's Brown Gridley Work Shoes - Size 11EEE - steel toeMen's Fashion Crocodile Print Pointy Toe Busienss Shoes Youth Leather Shoes , Dr. Scholl's Shoes Men's Hewitt Fisherman Sandal Brown 8 M USMen's/Women's Pleaser Women's Sky 308 Clear/Cream Good world reputation modern Exquisite processing , Saucony Kineta Relay - Women's Pink/Black 1524466 , NWB Women's Bruno Bordese Sneakers, White/Silver, Italy, size 39EU MSRP $370
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Under 10 Armour Women's Blue Gray Running hotelcastell-7204 Mesh 7201 Sneakers Ladies Size 10 8f6238e -

    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.

    Under 10 Armour Women's Blue Gray Running hotelcastell-7204 Mesh 7201 Sneakers Ladies Size 10 8f6238e -

    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
    Under 10 Armour Women's Blue Gray Running hotelcastell-7204 Mesh 7201 Sneakers Ladies Size 10 8f6238e
    Athletic Shoes