Never miss an update

NIKE mogochinese-23886 NikeLab HYPERDUNK 2017 Flyknit React Mens Sz 23880 NIKE 10 Shoes Green Tan 917728 300 c7a9350

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: New 100% Authentic Nike Shoes with NO NIKE BOX TOP (see pics).
Brand: Nike US Shoe Size (Men's): 10
Style: Athletic Sneakers Product Line: NikeLab HYPERDUNK 2017 Flyknit React
Width: Medium (D, M) Color: Green Tan
Idset_Mpn: 917728-300 UPC: Does not apply
Never miss an update

NIKE mogochinese-23886 NikeLab HYPERDUNK 2017 Flyknit React Mens Sz 23880 NIKE 10 Shoes Green Tan 917728 300 c7a9350 -

    NIKE mogochinese-23886 NikeLab HYPERDUNK 2017 Flyknit React Mens Sz 23880 NIKE 10 Shoes Green Tan 917728 300 c7a9350
    NIKE mogochinese-23886 NikeLab HYPERDUNK 2017 Flyknit React Mens Sz 23880 NIKE 10 Shoes Green Tan 917728 300 c7a9350
    Nike Kyrie 3 Cookies and Cream Black White 917724-100 Men's Size 14 NO BOX LID , Mens Nike Zoom Fly SP AJ9282-103 White/Rage Green Brand New Size 11.5NEW NIKE AIR MAX SEQUENT = SIZE 11.5 = MEN'S RUNNING SHOES SNEAKERS 719912-602 , AiR Jordan MaRRoN 6 WHiTe MaRooN BuRGaNDy 6s Size 10 1/2 10.5 , Nike Air Jordan X 10 Retro 30th Bulls Over Broadway Size 10 705178-601 VG in Box , NIKE SFB 6” SPECIAL FIELD BOOT SZ 9 DARK TEAM RED GUM LEATHER 862507 600 , Nike Air Huarache Run Running/Gold Leaf/White Sz 11 [704830 900] Men , NIKE KOBE X BLACKOUT 705317 005 Mens Size 8.5 Persian Violet Purple & Black , NIKE SF AF1 AIR FORCE 1 MID SUEDE SZ 9.5 CORAL STARDUST RED STARDUST AJ9502 600 , Saucony Men Grid 8000 - Desert brown sand S70318-1 , Nike Lebron XIII Mens Basketball Shoes Size 10 Black Silver 807219 003ADIDAS ORIGINALS TUBULAR RISE SZ 11.5 WHITE BEIGE OFF WHITE BY3555Salomon Wings Pro 2 Mens Trail Runnning Shoes - Black/Dark Cloud/Rad , NIB Mizuno Wave Rider 20 Men's running shoes Blue Depths-Silver-Chinese RedAdidas Flavours of the World Adicolor St. Patrick's Day Shoes New , ASICS International Lyte Shoe Unisex Wrestling blue-J701Y.4901 , ECCO Soft 7 Sneaker Navy Leather Size US 10 / 10.5 , NIKE AIR ZOOM MARIAH FLYKNIT RACER - PALE GREY/BLACK 918264-003 , HOKA ONE ONE MEN GAVIOTA WILD DOVE/TRUE BLUE SHOE US 10 / / , New Balance 996 Re Engineered Men's Suede Retro Low Top Shoes in Black/GreyConverse Chuck Taylor All Star Hi '70 x Gore-Tex in Black/White/Brown 162347C , Under Armour UA Rocket [1264224-100] Basketball White/Black-RedASICS GEL LYTE V SZ 9.5 RED BLACK TAN GORETEX PACK HL6E2 2590UNDER ARMOUR C1N PAISLEY CLEATS 1289764-500 GOLD PURPLE SZ 10 Limited EditionNEW NIKE ZOOM = SIZE 13.5 = HYPERREV MEN'S BLACK BASKETBALL SHOES 643301-007NEW MEN'S NIKE AIR MAX LTD 3 TXT Size 9 - 687977-105 , Nike Lebron 14 XIV Low USA Midnight Navy & Gold & Red Sz 8.5 NEW 878636 400K-Swiss Arvee 1.5 Perf Men's Sneakers Shoes Leather White Sneakers 03941-173-m , NIKE AIR MAX 1 MARS STONE AH8145-104 SAIL CORAL MARS STONE SIZE: 10.5
    NIKE mogochinese-23886 NikeLab HYPERDUNK 2017 Flyknit React Mens Sz 23880 NIKE 10 Shoes Green Tan 917728 300 c7a9350 ->NIKE mogochinese-23886 NikeLab HYPERDUNK 2017 Flyknit React Mens Sz 23880 NIKE 10 Shoes Green Tan 917728 300 c7a9350 -
    Gentleman/Lady Vince Women’s Suede Booties Size 6 Elegant appearance Fine art Pick up at the boutiqueAerosoles Women's Jalapeno Ankle BootBlack Fabric6.5 M US , New Rock Metallic Solid Heel Leather Flaming Skull Boots - Black - 8358-S1 - Got , Women's Platform Hidden Wedge heel shoes Real Fur Winter Warm Mid calf boots HOTSUPER RARE Adidas Y3 Honja High 9US BLACK & FLORAL YEEZY RRP $750Adidas Originals I-5923 Pride [B41984] Men Casual Shoes Cream White/Ash GreenNew Django & Juliette Lawyer Womens Shoes Casual Sandals Sandals Flat , CLARKS Ibeeck Ripple Women's Beige Nubuck Loafer 9.5 M USSalvatore Ferragamo Boutique Women's Black Canvas Mary Jane Slip On Shoes 7.5AAAntonio Melani Size 6 Black Leather Loafers New Womens ShoesBCBGeneration Sabrina Flat Mules 220, Rose Gold, 9 US / 39 EU , Fashion Womens Transparent Ankle Strappy Med Block Heels Sandals Open Toes PumpsGiuseppe Zanotti Patent leather 'Harmony' sandal size 38 , Nike SB Dunk Low Premium Newcastle 313170 741 Size 7.5 Supreme Jordan 1 3 11 LotNIKE MENS AIR JORDAN 1 HIGH STRAP RETRO DARK GREY/GREY 342132 005 SZ-11 SRP $140Adidas Men EQT Support RF black core black turbo red BB1319 , Caterpillar Men's Outline Work Boot Seal Brown Full Grain Leather Work BootsMen's K-Swiss Hypercourt Express Size 11 Tennis Shoes Dark Shadow Blazing Orange , Asics GEL ZIRUSS 2 Men's 1011A011.020 Carbon/Black Running Shoes , THE NORTH FACE Edgewood Chukka T933175UJ Sneakers Casual Athletic Boots Mens New , Nike Air Zoom LWP '16 JCRD/KJ x Kim Jones Volt White-Black 878223-710 Size 9.5RED WING 9011 Beckman Boots Men’s Sz 13 Black Cherry FeatherstoneMan's/Woman's Steve Madden Men's Overring Chukka Boot Attractive and durable International choice Brand feast , COLE HAAN Men's Size 8 Brown Walnut Leather Wingtip Oxford Dress ShoeRoyal Elastics Icon 1711 Black White Men Shoes Sneakers Slip-On 02074-998NIKE Dunk Low Pro Graphite White Cloud Women Shoes Sneakers Size 7 *Choose BoxWOMEN'S YONEX SHT-261 LX TENNIS SHOES (WHITE/BLUE) NEW IN BOXAsics Women's GEL-Court Control Black/Silver Court Shoes R555Y.9093 NEW! , HOGAN H222 WOMAN CASUAL FREE TIME SNEAKER SHOES CODE HXW2220N624DZ80564STEVEN by Steve Madden Women's Nc-Padre Ankle Bootie - Choose SZ/Color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE mogochinese-23886 NikeLab HYPERDUNK 2017 Flyknit React Mens Sz 23880 NIKE 10 Shoes Green Tan 917728 300 c7a9350 -

    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 mogochinese-23886 NikeLab HYPERDUNK 2017 Flyknit React Mens Sz 23880 NIKE 10 Shoes Green Tan 917728 300 c7a9350 -

    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 mogochinese-23886 NikeLab HYPERDUNK 2017 Flyknit React Mens Sz 23880 NIKE 10 Shoes Green Tan 917728 300 c7a9350
    Athletic Shoes