Never miss an update

Nike Air Huarache 8-10 Drift mogochinese-29894 Running Shoes AH7334-601 Sz AH7334-601 8-10 100% Authentic e3d20a3

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
Shoe Type: Running, Cross Training
Product Line: Nike Air, Nike Huarache Size: 6-10
US Shoe Size (Men's): 6-10 Model: huarache
Color: Black,Brown Style: Running Shoes
Brand: Nike
Never miss an update

Nike Air Huarache 8-10 Drift mogochinese-29894 Running Shoes AH7334-601 Sz AH7334-601 8-10 100% Authentic e3d20a3 -

    Nike Air Huarache 8-10 Drift mogochinese-29894 Running Shoes AH7334-601 Sz AH7334-601 8-10 100% Authentic e3d20a3
    Nike Air Huarache 8-10 Drift mogochinese-29894 Running Shoes AH7334-601 Sz AH7334-601 8-10 100% Authentic e3d20a3
    New Nike Air Max 90 Essential Obsidian Mars Stone Men Size 8 Shoe 537384-425 , Nike Air Jordan XXXI 31 Low Shoes Take Flight Camo 897564-051 Men's Size 13 NEWNike Lunarstelos Running Men's Shoes Size 15 , ADIDAS RESPONSE 3 M MENS RUNNING BA8336Fila Sports Men's 96 QUILTED Leather Shoes White/Gum 1BM00034-156 bNike Air Max 90 Ultra 2.0 Flyknit Mens Burgundy Red Pink Running 875943-601 NIBNike Air Zoom Pegasus 33 Men's Running Training Shoes University Red 831352 601Used Worn Size 13 Adidas Terrex Swift Solo Shoes Green Lime Black White , NIB MENS SIZE 11.5 NIKE AIR HUARACHE RUNNING ULTRA SNEAKERS BLUE 819685-413 , NIKE Mens Metcon 3 University Red/Black/White/Wolf Grey (7.5) , Adidas Men Shoes 2016 ORIGINAL DRAGON Running Training Sneakers Blue Shoe S81906Mens Saucony Ride 10 Running Shoes Grey Slime Sneakers S20373-1 NEWAdidas Crazy light boost men's 11 shoes James Harden white red , Men/Women Propet men Warner M5501 Great variety Quality First Shopping promotion , Nike Air Max man shoes size 10.5 , NikeLab Air Max 1 Pinnacle Athletic Shoes Men's Size 11 Silt Red Pink 859554-600DS FILA 95 SLIP Grant Hill Leather men basketball shoes OG vtg Stack Mashburn 90Nike Air Force 1 Mid 07 AF1 men lifestyle sneakers NEW ridgerock 315123-205Nike Jordan RCVR Training Shoes 487117-801 Orange/Vivio Orange-White Mens Size 9NEW Nike Men's Air Max Typha Training Shoes Grey/Black/White metcon d1Adidas Originals Men's Tubular Shadow Fashion Sneakers Size 10.5 , Nike Classic Cortez Men Sz 9.5 Nylon University Red Black 807472 600 , MENS GLOBE FUSION SKATEBOARDING SHOES NIB DUSTY OLIVE BLACKNEW MENS BROOKS GLYCERIN 14 - LAST ONE IN STOCK - SAVE 50%Hummel Hive Marathona OG 'Archive Collection' Sample (US 8.5) New air boost max , NIKE JORDAN MELO M12 SIZE 18 MEN'S BASKETBALL SHOES (827176 008)NIKE SB ZOOM DUNK LOW PRO SIZE UK9.5/US10.5/CM28.5/EUR44.5 854866-003 , Nike Air Max Tr180 Tb Mens Running Trainers 723991 Sneakers Shoes 001 , Merrell Waterpro Maipo Denim Blue/Sulphur Springs Water Adventure Hiker ,
    Nike Air Huarache 8-10 Drift mogochinese-29894 Running Shoes AH7334-601 Sz AH7334-601 8-10 100% Authentic e3d20a3 ->Nike Air Huarache 8-10 Drift mogochinese-29894 Running Shoes AH7334-601 Sz AH7334-601 8-10 100% Authentic e3d20a3 -
    Stuart Weitzman Ankle Boots Gray Suede Fur 8 M WomenVia Spiga Bethany Suede Boot Size 8nike marxman mens hi top trainers 832764 300 sneakers shoes CLEARANCE , Maison Margiela Shoes 110417 Black 36 , Ladies Harley Davidson Mid Calf Length Biker Boot The Style Sackett ~ N , Sam Edelman Women's Florence Black Nappa Luva Leather 9.5 W USAravon Women's Peggy-AR Boot,Black,9 2A US , naturalizer Thea Perforated Platform Espadrilles, Black, 10.5 USAdidas Originals Campus Beige Shoes - US Size 5 , Drew Women's London Comfort Shoes Brown ComboRockport Adelyn Taupe Patent Leather Ballet Flats Size 7M D1807/ , Man/Woman Jack Rogers Regina Pink/White 8.5M Every item described is available Settlement Price Different styles and stylesChic Womens Leather Round Toe Irregular Heel Mid Heels Lady Party Office ShoesChristian Louboutin White Leather Peep Toe Platform Heels Size 36.5 , CHRISTIAN LOUBOUTIN Tudorchic 70 black metal chain embellished bow pumps EU38.5ZEE ALEXIS Womens TRACY Black Metallic Wedge Sandals ; US 9-9.5 (TRACYBLK) , Steve Madden Black Slip on Giggy Silver Star Sneakers NEW , La Pinta 611-241217Y Beige/Tan Leather Lightweight Flat Slip On Sandals , NEW MEN'S ADIDAS ORIGINALS TECH SUPER RUNNING [D67643] WHITE//MID GREY-GOLD , Man/Woman MAX 91 We have won praise from our customers. Selected materials cheap price , Salomon L38155500 Wings Pro 2 Trail Running Shoe - Mens Slate Blue/Light , Klogs Boca Closed Back Unisex Comfort Clogs Enamel Blue - 11 MediumNike Hyperdunk 2014 Gorge Electric Green White Metallic Silver Woman's Sz 11NIKE AIR HUARACHE RUN SE WOMAN SIZE 6.0 "MICA BLUE" PLATINUM NEW RARE , Vince Camuto Pelda Boots, Women's Size 7 M, Brown , Earth Keri Black Nubuck Perforated Leather Peep-toe Ankle Bootie NEW , Women's Platform Rivet Studded Ankle Boots Retro Punk Riding Motorcycle ShoesWomens Vintage Ben Miller Red Leather Roper Cowboy Boots 6.5 B NEW w/o BoxBaretraps New Dallia 2 Brown Womens Shoes Size 9 M Boots MSRP $100STEVEN by Steve Madden Women's Keats Sneaker - Choose SZ/color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Huarache 8-10 Drift mogochinese-29894 Running Shoes AH7334-601 Sz AH7334-601 8-10 100% Authentic e3d20a3 -

    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.

    Nike Air Huarache 8-10 Drift mogochinese-29894 Running Shoes AH7334-601 Sz AH7334-601 8-10 100% Authentic e3d20a3 -

    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
    Nike Air Huarache 8-10 Drift mogochinese-29894 Running Shoes AH7334-601 Sz AH7334-601 8-10 100% Authentic e3d20a3
    Athletic Shoes