Never miss an update

Adidas S80688 ULTRABOOST W Mint Core ULTRABOOST Black Running Running Sneakers S80688 (454) Women's Shoes 5c032a9

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
Color: Mint/Black
Activity: Running Brand: adidas
Country/Region of Manufacture: Vietnam Width: Medium (B, M)
Features: Lace-Up Style: Running
Material: Primeknit upper Pattern: Textile
Never miss an update

Adidas S80688 ULTRABOOST W Mint Core ULTRABOOST Black Running Running Sneakers S80688 (454) Women's Shoes 5c032a9 -

    Adidas S80688 ULTRABOOST W Mint Core ULTRABOOST Black Running Running Sneakers S80688 (454) Women's Shoes 5c032a9
    Adidas S80688 ULTRABOOST W Mint Core ULTRABOOST Black Running Running Sneakers S80688 (454) Women's Shoes 5c032a9
    Nike Mercurial Superfly V FG Soccer Cleats, Women's Size 10.5, Pink, 844226-610 , Women's Nike Air Max 97 UT Sequoia Neutral Olive AJ2248 300 Size 8.5 , A728G Nike Women's Air Max 270 Black Anthracite Sneakers AH6789-001 Size 7 NEW , Nike Air Max 98 Womens SZ 7.5 AH6799-104 White Solar Red Dust running shoesNike SF Air Force 1 - Bronze - WomensNike Air Foamposite One Dark Stucco/Black Women's Basketball Shoes AA3963-001MM6 Maison Margiela Classic Low Hook and Loop Sneakers-Women's size 7 BlackNEW LIMITED ED. WOMEN'S ASH VODKA LEATHER HIGH TOP SNEAK GRAY ( US 7) $225 , NIKE EXP X14 AO3170-100 White Black Wolf Grey Womens sz 5-12Gentleman/Lady ara Women's Gabriella 44179 Best-selling worldwide Beautiful appearance Elegant and robust menuNEW WMNS Sz 9 NIKE AIR MAX 95 (307960 109) WHITE/COURT PURPLE EMERALD GREENNew Adidas NMD R1 PK W Women Primeknit Shock Pink Black Camo BB2363 size 9 , Nike Womens Air Force 1 City 07 FW QS Milan Citron 704011-300 11Nike Metcon 3 Women's Trainnig Shoe Pure Platinum/Cool Grey/White/Total Crimson , Adidas ULTRABOOST X Core Black Grey Onyx Running BB1696 (642) Women's ShoesWomens Nike AF1 JESTER XX Shoes -AO1220 101 -Air Force 1 -Sz 10.5 , WOMEN'S ADIDAS BY STELLA MCCARTNEY ULTRABOOST PARLEY SHOES BB6264 SZ 7.5 , Brand New Women's Air Max 270 "Flight Glow" Fashion Sneakers [AH6789 700] , SAINT LAURENT Black White PINEAPPLE SKULL Skullada Slip On SKATE SNEAKERS 38.5Nike Women's AIR MAX+ 2013 Shoes NEW AUTHENTIC Pure Platinum-Grey-Cri 555363-008 , WMNS NIKE AIR FORCE 1 HI HIGH PREMIUM PRM FLAX-WHEAT SZ 7 - 9.5 [654440-200] , Nike WMNS Metcon DSX Flyknit 849809-011 Black/Volt/Blue Women’s Training ShoesNew Balance womens shoes W990BA3 Boston sneakers green 990 Made in the U.S.A. , Bling Nike Air Zoom Pegasus 33 Women/Girls Shoes w/Swarovski Crystal Black WhiteAsics GEL QUANTUM 360 4 Women's 1022A029.100 White/Mid Grey Running ShoesWomen's Nike Zoom All Out Flyknit Shoe, Size 6.5 , Nike Air Max 97 SE Corduroy Womens AQ4137-300 Mica Green Running Shoes Size 8 , Mr/Ms Nike Women's AIR Presto Premium 878071-004 Many styles discount price Popular recommendation , Allrounder by Mephisto Women's Laila Casual Sneaker ,
    Adidas S80688 ULTRABOOST W Mint Core ULTRABOOST Black Running Running Sneakers S80688 (454) Women's Shoes 5c032a9 ->Adidas S80688 ULTRABOOST W Mint Core ULTRABOOST Black Running Running Sneakers S80688 (454) Women's Shoes 5c032a9 -
    Teva Women's Montara III Event Boots Waterproof Nubuck Deep Wine Sizes 6-11NWB JUST CAVALLI BROWN CROCODILE PRINT LTH LOGO CANVAS CHAIN KNEE HIGH BOOTS 40 , Womens Rocket Dog Satire Lewis Boots In Black , Womens Fly London Mol 2 Rug Camel Premium leather Tall Biker Boots SizeFuntasma Dame-05 Pink Heels - Costume,Fancy Dress,Shoes,Pink,Gothic,GothMen's/Women's Ladies Gabor Leather Flats - 22.521 Comfortable feeling New products in 2018 Current shapeNIB CELINE pointy patent leather flat size 37NEW DRAKE'S FOR J. CREW LUCIE PUMPS IN SWEET ORANGE FLORAL SZ 5.5 $278 G7584 , Clarks Women's Paylor Myra Fuchsia Sandals Size 6RARE!!!! Christian Louboutin Decollete 554 70 Patent Heels Pumps Shoes Tartaruga , Jeffrey Campbell Chunky Heel Black Closed Toe Heels Platform Sandals Shoes 8.5 M , Adelheid Ladies Shoes " Mami " Mouse Grey House Shoes Slippers Mules Wool New , Finn Women's Alanya Leather Sandals Cappuccino 2677-498160 , Nike Dual Fusion Trail 2 Running Shoe Blue Black Size 10 Shoes Hiking New MensVans Unisex Sk8-Hi Autumn Glaze Skate ShoeFORUDESIGNS Cool Skull Printing Men Canvas Shoe High Top Shoes Punk Flat , Man/Woman UNISEX SHOES ADIDAS GAZELLE S76227 Consumer first Known for its good quality Outstanding style , Prada Mens Shoes Brown leather Chelsea Dealer Boots US 11 , Church's Men's Classic Navy Blue Leather House Shoes SlippersFlorsheim Curtis Bike Toe Oxford, Men's Size 7 3E, Brown , NEW - UNDER ARMOUR Women's SPEEDFORM FORTIS 1273954 001 Black SHOES - 7.5 / 38.5NEW Nike Air Zoom 90 IT Infrared Rory McIlroy Golf Shoes Women's Sz 7.5 , women's shoes SKECHERS 8 () sneakers white leather BX198-38Women's Nike Air Huarache Running Shoes White/White 634835 108WMNS Nike Air Max 90 City Pack QS SZ 8.5 New York Cheesecake NYC 813150-200Women Military Combat Foldable Cuff Faux Leather Plaid/Quilted Back Zipper...Fashion Women Mid Calf Boots Pointy Toe Side Zip Super High Stiletto Sexy ShoesLUCA GUALTIERI Pull Up Ankle BOOTS Ladies size 36 / 6 Black Leather Shoes Italy , Man/Woman Woman Sporto™ Dede the most convenient Modern and stylish fashion Very good classificationHush Puppies Women's Mazin Cayto Ankle Bootie
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas S80688 ULTRABOOST W Mint Core ULTRABOOST Black Running Running Sneakers S80688 (454) Women's Shoes 5c032a9 -

    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 S80688 ULTRABOOST W Mint Core ULTRABOOST Black Running Running Sneakers S80688 (454) Women's Shoes 5c032a9 -

    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 S80688 ULTRABOOST W Mint Core ULTRABOOST Black Running Running Sneakers S80688 (454) Women's Shoes 5c032a9
    Athletic Shoes