Never miss an update

Inov-8 - 8 Trailtalon 275 guptauniver-6160 Gtx Running Shoes - Women's Gtx Size 8 - Black/Pink 9068352

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 preowned with heavy wear (marks, stains, scuff, scratches) on inner and outer soles. Shoes show signs of previous wear on tops, ankles, and sides. Shoes have marks/discoloration/dirt.
Pattern: Multi-Colored Color: Pink
Style: Running, Cross Training Brand: Inov8
US Shoe Size (Women's): 8 Fastening: Lace Up
UPC: 5054167501196
Never miss an update

Inov-8 - 8 Trailtalon 275 guptauniver-6160 Gtx Running Shoes - Women's Gtx Size 8 - Black/Pink 9068352 -

    Inov-8 - 8 Trailtalon 275 guptauniver-6160 Gtx Running Shoes - Women's Gtx Size 8 - Black/Pink 9068352
    Inov-8 - 8 Trailtalon 275 guptauniver-6160 Gtx Running Shoes - Women's Gtx Size 8 - Black/Pink 9068352
    Brand New Nike Mayfly Lite Women's Athletic Fashion Sneakers [896287 100] , Adidas Originals Women's Superstar 80s Primeknit Running Shoes BY9206 MM1 Size 6$250 size 9.5 Vince Warren Slip On Black Suede Leather Sneakers Womens Shoes , Womens Nike AF1 Jester XX Black/Black-Black AO1220-001 Size: 7 , Nike Air Force 1s Women’s Size 8 , NIKE React Womens Hyperdunk 2017 Low Tb 897812-400 Game Royal Size 12.5 Free S/H , Adidas Boost Supernova ST Women's Size 6.5 Black/Grey/White NEW Free S/H! BB3505Mizuno - NWB Women's Wave Bolt 3 White/Royal/Silver Vollyball Shoes - Size: W6 , New Balance Women's WT110 NBx Trail Shoe, Purple/Yellow, 7 B USWomen Adidas Shoes Black Run Lux Clima Running Shoes Adidas Bounce Series AQ0817860544-400 Nike Women Air Force 1 Hi Se Binary Blue Sail GumPuma Suede Platform Women Casual Sneakers Shoes 362223 02 Size 6Reebok Classic Instapump Fury Jungle Gurl Swim atmos mita x-girl Size 7 AR2491Nike Size 8 FREE RN Black Lava Flow Off White Running Sneakers New Womens Shoes , Adidas Women's Lite Racer Shoes Black/White Size 6 NWBNew Balance Women's 1765 WW1765V2 Walking Shoes Purple & Mint 6.5 & 7 Wide NEW$130 Nike Air Footscape Woven Black/Grey Running Shoes 917698-002 Women’s Sz 7.5 , Converse Chuck Taylor All Star Shroud High Top Sneakers 553262C Size 9Nike Women’s Air Max Motion LW Running Shoes size 11 NEW 833662-010 , Saucony Zealot ISO 2 Running Shoe - Women's Size 9.5 - GrayNike Women's Roshe Two Flyknit 365 Ankle-High Fashion Sneaker , New Balance 811v2 Graphic Trainer Women's Shoes Overcast Black/Grey wx811pc2 , Skechers Womens Racket Fashion Sneaker- Select SZ/Color.Saucony Zealot ISO 3 Women's Running Shoes Size US 8 M (B) Grey S10399-1 , NIKE Women's Air Max Sequent 2 Running Shoe Black/White/Dark Grey Size 8.5 , New Women's Puma Basket Platform OW - 364090-01 - Black Sneaker$160 WOMEN'S ASICS GEL-NIMBUS 19 CARBON/WHITE/ FLASH CORALRUNNING SHOES , Nike Air Zoom Cage 3 HC Womens Tennis Shoes White/Blue/Pink Sz 7 (918199-100) , ASICS GT-2000 5 - Blue - Womens
    Inov-8 - 8 Trailtalon 275 guptauniver-6160 Gtx Running Shoes - Women's Gtx Size 8 - Black/Pink 9068352 ->Inov-8 - 8 Trailtalon 275 guptauniver-6160 Gtx Running Shoes - Women's Gtx Size 8 - Black/Pink 9068352 -
    GIORGIO ARMANI BLACK LEATHER BOOTIES SIZE 36.5 $1,075NEW PRADA CALZATURE DONNA BLACK SUEDE WEDGE KNEE HIGH BOOTS SIZE 5.5 $950 , Tony Bianco Leather Ankle Boots In Maddison BBWOB & Free Post. SIZE 10 RRP$199MUNRO AMERICAN Womens Leopard Print Suede Loafers Sz 5.5 M NEW! 203299TOD'S Khaki Suede Loafers, US 5.5Man/Woman ballerines marc by marc jacobs 37 New product Win highly appreciated SimpleCole Haan Cranberry Red Patent Leather Open-toe Slides w/Tie Accent 7.5M - GR8!! , PLEASER Womens Strappy Wedge Slingback Sandal Cutout Detail KIMBERLY-04 Red , PLEASER Pole Dancing Sandals Platform Patent Buckle Straps XTREME-873 Black , Gentleman/Lady Shawn Natural Suede Nine West Pump Adequate supply and timely delivery delicate Quality and consumer first$325 Vera Wang Lavender Women's Black Leather Heels 9 MBEST OFFER Christian Louboutin Womens Pumps Size 39.5, 5.5 Black Platform HeelsLucky Women's Larinaa Leather Ankle-High Leather Sandal , DS Nike Air Zoom Mariah Flyknit Racer Size 10/10.5/Size 11.5/Size 13 String 9182 , Nike Air Epic Speed Trainer II Black/Metallic Silver Size US 13 Men's 852456 018 , NEW NIKE KB MENTALITY II MENS ATHLETIC SHOES SIZE 11.5 RED/BLACK 818952 002NIKE AIR MAX 1 PRINT Size 37,5 (6,5US)$149.99 Puma Blackstation Wellenbande Leather (antique white / pussywillow gr) 3{AQ0320} MEN'S ADIDAS CRAZY 1 ADV SHOE WHITE/BLACK *NEW!*Nike Air Presto Off White 2.0 White (The Ten) - US 9 / / / 27cm DSYeezy Boost Wave Runner 700 Size 8 B75571 ORDER CONFIRMED , Sperry Top-Sider Men's Gamefish CVO Sneakers Grey/White Size 7.0M , Lacoste Men's Endliner 416 1 Black Canvas/Suede Sneakers ShoesHandmade Moccasin Suede Leather Dress Shoes, Men Formal Shoes, Men Two Tone ShoePropét Women's TravelActiv Mary Jane Fashion Sneaker , Puma Size 11 SMASH PERFORATED METALLIC White Leather Sneakers New Womens Shoes , New Balance Women's Ww928 Ankle-High Leather Walking ShoeSkechers BOBS Women's Cloudy-Heather Jersey Fashion Sneaker - Choose SZ/Color , Ecco Sport Womens Terrawalk - Choose SZ/ColorNew Aldo Women's Rixon Slouch Boot, Light Brown, 8.5 B US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Inov-8 - 8 Trailtalon 275 guptauniver-6160 Gtx Running Shoes - Women's Gtx Size 8 - Black/Pink 9068352 -

    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.

    Inov-8 - 8 Trailtalon 275 guptauniver-6160 Gtx Running Shoes - Women's Gtx Size 8 - Black/Pink 9068352 -

    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
    Inov-8 - 8 Trailtalon 275 guptauniver-6160 Gtx Running Shoes - Women's Gtx Size 8 - Black/Pink 9068352
    Athletic Shoes