Never miss an update

Adidas USSH1603073461 guptauniver-11779 Shoes- Adizero Adios Boost W SZ/Color. Womens Shoes- Choose SZ/Color. fb16912

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
UPC: 0886837726883
Style: Sport Brand: adidas
US Shoe Size (Women's): Multiple Variations Model: USSH1603073461
Size Type: Regular MPN: USSH1603073461
Material Type: synthetic
Never miss an update

Adidas USSH1603073461 guptauniver-11779 Shoes- Adizero Adios Boost W SZ/Color. Womens Shoes- Choose SZ/Color. fb16912 -

    Adidas USSH1603073461 guptauniver-11779 Shoes- Adizero Adios Boost W SZ/Color. Womens Shoes- Choose SZ/Color. fb16912
    Adidas USSH1603073461 guptauniver-11779 Shoes- Adizero Adios Boost W SZ/Color. Womens Shoes- Choose SZ/Color. fb16912
    Sperry Top-Sider Women's Seacoast Fashion Sneaker - Choose SZ/ColorNew Balance Women's 1500v3 Running Shoe - Choose SZ/ColorNike Air Max 97 UL Ultra ‘17 SE Women's size 8.5 White Court Purple AH6806 102Under Armour Women's Speedfit 2.0 Hiking Shoe - Choose SZ/Coloradidas BY8890 Womens Powerlift.3.1 w Cross Trainer- Choose SZ/Color. , Steve Madden WEDG01S1 Womens Wedgie Sneaker- Choose SZ/Color.Mizuno Women's Wave Lightning Z3 Volleyball Shoe - Choose SZ/Color , ADIDAS WOMEN'S NMD_R1 GLITCH PINK CAMO W BB2361 100% AUTHENTIC FAST SHIPPING , Pearl iZUMi Men's Race Road v5 Cycling Shoe - Choose SZ/Color , PUMA 19075704 Womens Fierce Varsity Wn Sneaker- Choose SZ/Color. , NIKE Air Max 97 UT Athletic Fashion Sneakers Women's sz 5.5 Khaki AJ2248 200Salewa Firetail 3-W Womens 3 Tech Approach ShoeM- Choose SZ/Color. , ADIDAS BY9521 Adidas Women NMD R2 Primeknit W pink wonder core black , Ash Vicious Women US 7 Sneakers- Pick SZ/Color.PUMA 19094901 Womens Defy WNs Sneaker- Choose SZ/Color. , NIKE Womens Nike Air Zoom Hyperace 902367-100 WHITE/BLACK Womens Size 5 , Skechers Women's Go Run Ultra R Black 10 B USFila MEMORY NARROW ESCAPE-W Womens Memory Narrow Escape Cross-Trainer ShoeNike Air Zoom Vomero 13 Womens 922909-009 Grey Blue Pink Running Shoes Size 12Nike AIR MAX 95 Sneakers Women's sz 7.5 Triple White 307960 108 , Nike Women's Sf Af1 Mid Basketball ShoeNike AIR MAX 1 LX Women's Running Shoes Lifestyle SneakersNew Balance Women's Vazee Pace v2 Running Shoe , Adidas Outdoor BB1679 Sport Performance Womens AX2 ClimaProof Hiking , Women's Air Jordan 1 Retro High SOH Casual Shoe AO1847-550 , PUMA 36704401 Womens Tsugi Jun WNs Sneaker- Choose SZ/Color.ASICS T883N.9090-10 (S) Womens FUZETORA Running Shoe 10- Choose SZ/Color.adidas Originals Men's Crazyflight X Mid Volleyball Shoe - Choose SZ/Color , PUMA FIERCE CORE-W Womens Fierce Core Cross-Trainer Shoe- Choose SZ/Color. ,
    Adidas USSH1603073461 guptauniver-11779 Shoes- Adizero Adios Boost W SZ/Color. Womens Shoes- Choose SZ/Color. fb16912 ->Adidas USSH1603073461 guptauniver-11779 Shoes- Adizero Adios Boost W SZ/Color. Womens Shoes- Choose SZ/Color. fb16912 -
    FRYE Women's Lucinda Scrunch Short Boot Dark Brown Antique Soft-80035 8 M US , Adidas NMD R1 Bedwin & The Heartbreakers Black , Nike Court Borough Mid Top Trainers Womens White Sports Trainers SneakersKENDALL + KYLIE EVE BLACK SUEDE SANDALSPRING STEP CINZANO-B - CINZANO Size: - Color:Gentleman/Lady Baretraps Leila Women's FLATS Pewter Queensland Won highly appreciated and widely trusted at home and abroad wonderfulIL BORGO FIRENZE women shoes made in Italy Bordeaux suede pump with buckle , Susan van der Linde Couture Heel-Size 39-France-Beautiful!Christian Loubotin Grespa Open Toe Shoes Sz. 39 $895 100 Percent AuthenticNike Womens size 12 Free Transform Training Shoe Pink Pow/Total Orange/Black , Vans Sk8 Hi Del Pato MTE Rosin/Feather/Gum Women's 8.5Alma En Pena 634 Spain womens black/pewter sandals w/back strap and swarovskiNike Air Max 1 Premium Sz 10.5 100% Authentic Retro Obsidian 875844 402Nike Air Jordan 1 Flight 4 Prem Hi-Top 838818-031 Gray New USA Men's Size 11RICCO ITALIA Sneakers Camoscio Nero Baskets 44 ou 45 Daim et Cuir Pilote Driver , Asics DynaFlyte Carbon Grey Orange Mens Running Shoes Runner Trainers T6F3Y-9790Mr/Ms Nike Bruin Men's Black/Black/White 45056003 Reliable quality In short supply Lightweight shoesNike Air Vapormax Plus Black Volt 924453-009 New Men Size 13 US , Nike Air Jordan 12 130690 411 Obsidian Size 9 ShoesNew Balance Men's 1340v3 Running Shoe White/Blue 9 6E US1801 adidas X 17+ Purespeed Men's FG Soccer Cleats Football Shoes DB1399 , Mens Penguin Munsingwear Waylon Oxfords Dress Shoes Navy Blue US 12KENNETH COLE REACTION PRETTY MUCH LEATHER BLACK NEW TO THE MARKET 100% AUTHENTIC , New Nike Lunarepic Low Flyknit 2 Igloo Womens US Size 8.5WOMEN'S ASICS GEL NIMBUS 20 size 8.5 (2A) NARROW ! WORN LESS THAN 5 MILES !RUN , ASICS Running Shoes LADY GEL-KAYANO 24 Wide TJG759 Smoky Dark Blue US8(25cm) , WOMENS 6.5 M ARIAT COWBOY BOOTS brown STITCHED LEATHER WESTERN 6 1/2 FOOTWEARWomen's Vogeu Plaid Block Heels Pointy Toe Zipper Shoes Thin Velvet Lined Shoes , Womens Suede Leather Pointy Toe Ankle Boots Chinese Classical Embroidered ShoesPleaser DEL600-41/BPU/M Women's Boot, Black Faux Leather/Black Matte, 10 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas USSH1603073461 guptauniver-11779 Shoes- Adizero Adios Boost W SZ/Color. Womens Shoes- Choose SZ/Color. fb16912 -

    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 USSH1603073461 guptauniver-11779 Shoes- Adizero Adios Boost W SZ/Color. Womens Shoes- Choose SZ/Color. fb16912 -

    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 USSH1603073461 guptauniver-11779 Shoes- Adizero Adios Boost W SZ/Color. Womens Shoes- Choose SZ/Color. fb16912
    Athletic Shoes