Never miss an update

Nike ACG All Condition Nike Gear VTG OG VTG 1997 mogochinese-27265 Hiking Boot Trail Multi Women 8.5 697eb1f

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: Very nice!
Heel Type: Athletic Width: Medium (B, M)
Style: Hiking, Trail, Athletic, Vintage, OG, 1997 Pattern: ACG Vintage OG 1997, All Condition Gear
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Fastening: Lace Up
Product Line: ACG, All Condition Gear, 1997 Color: Multi-Color, Tan, Red, Black, Taupe
US Shoe Size (Women's): US 8.5 Brand: Nike, ACG, All Condition Gear
Material: Leather, Synthetic, Rubber, Canvas, Nylon
Never miss an update

Nike ACG All Condition Nike Gear VTG OG VTG 1997 mogochinese-27265 Hiking Boot Trail Multi Women 8.5 697eb1f -

    Nike ACG All Condition Nike Gear VTG OG VTG 1997 mogochinese-27265 Hiking Boot Trail Multi Women 8.5 697eb1f
    Nike ACG All Condition Nike Gear VTG OG VTG 1997 mogochinese-27265 Hiking Boot Trail Multi Women 8.5 697eb1f
    SUPERGA Cartoon 2750 DISNEY COMIC 1 COTU F90 COMICS WHITE Womens S002b50 , K Swiss Venice Women's Shoes Loe 5 1/2 M White Turquoise Purple Athletic New , Splendid 8 M Solano Silver Leather High Top Fashion Sneakers New Womens Shoes , Mizuno EZRun Black Navy White Women Running Training Shoes Sneakers J1GF1838-17 , New in box WOMEN'S SIZE 6 NIKE ZOOM WINFLO 4 RUNNING SNEAKERS Shoes 898485-006adidas - Baskets Stan Smith S76666 White Ice Mint Taille Dispo 37/37/43/44Womens Nike Lunarconverge 852469-600 Lava Glow Brand New Size 11 , Men's adidas Originals Stan Smith Unisex Sports Trainers Yellow Lime Low ShoesKEYS Italian Leather Womens Shoes Size 9 Made In Italy Hook and Loop , Nike 833801 400 Womens Cortez Ultra BR Training Running Shoes Sneakers100% AUTHENTIC BROOKS TRANSCEND 4 120239 1B 476. NEW IN BOX. GREAT SHOES! , Adidas Women's Driver May Z Golf Shoes Size 10 NEW 675195 Tech White/Rose Pink , NIKE FLEX FURY 2 SIZE 6M LIGHT PINK & GRAY WOMENS BRAND NEW RUNNING SHOES , NEW WOMENS NIKE SZ 8 SHOES NIKE FREE TR 7 BLACK WHITE , Vans Off the Wall Mohikan Nordic Navy Blue Suede Moccasin Shoes Womens 7NIKE Flyknit Lunar 2 Womens Athletic Running Trainer Shoes - 9.5 - 620658-815 , WOMEN’S NIKE CLASSIC CORTEZ NYLON PREM SIZE UK7/US9.5/CM26.5/EUR41 882258-001 , Man's/Woman's [365198-02] WOMENS PUMA BASKET HEART Special purchase special function Human border , 361 Degrees Women's 361-Spire, Rouge Red/Castlerock, 6 B USUNDER ARMOUR W CHARGED BANDIT 2 RUNNING SHOES WOMEN 10 CRYSTAL NEW 1273961-960 , Womens Nike Lunarconverge 852469-600 Lava Glow Brand New Size 8.5 , 2015 Nike Air Max 1 Tawny/Sail/Gum Medium Brown Mid Sneakerboot! Size 10 w/Box! , New Balance Fresh Foam Zante V3 Women's (Size 10) White/Reflection ZANTHW3BWOMENS REEBOK VENTILATOR WINTER RUNWAY SIZE UK4.5/US7/EUR37.5 AQ9830 , Women's Converse Chuck Taylor Lean Ox Sneaker, 142272F Sizes 5.5-10.5 Black , Gentleman/Lady Adidas WeNEO Super Wedge Shoes New market Comfortable touch Easy lifeMERRELL WINTER SNOW BOOTS WATERPROOF INSULATION FEW TIMES USED 10 PINK , AC8576 Adidas Women Superstar W white core black gold metallicRifle Paper Co. x Keds - Shoe - Triple Decker Scarlet Birch ,
    Nike ACG All Condition Nike Gear VTG OG VTG 1997 mogochinese-27265 Hiking Boot Trail Multi Women 8.5 697eb1f ->Nike ACG All Condition Nike Gear VTG OG VTG 1997 mogochinese-27265 Hiking Boot Trail Multi Women 8.5 697eb1f -
    White Mountain Crooner Womens Size 5 Black Faux Leather Fashion Knee-High Boots , FRYE Women's Shirley Artisan Tall Riding Boot - Choose SZ/Color , Cole Haan Women's Sylvan Boot Ankle Bootie Black Leather/Black Suede 10 M US , Man/Woman Prada White Sport Shoes Casual perfect Good design Quality First a wide variety of goods , adidas Energy Boost M Continental Mens Running Shoes Sneakers Pick 1 , Men's/Women's Sbicca Women's Chandelier Boot Outstanding features Elegant and sturdy packaging Recommended today , Women's shoes pumps suede model COLINE by HGilliane Design Aus 2 to 10.5 , Handmade Footwear Footskins Saddle Tan Leather Flower Petal Moccasins Shoes Sz 6 , Klogs Bambi Women's Clogs Display Model Shoes Black KPR 6.5 M , Vince Camuto Pernot Open toe high heel bootie 7.5 M NIB! , US Shoe Size Women Cut Out Strap Booties Slip On Low Stacked Heel Tan, Black New , Pleaser AMU14/B Womens Amu14/B dress Sandal- Choose SZ/Color. , Clarks Vendra Bloom Black Women's Classic Suede Pump Wedges 20154 , Man/Woman Ferragamo Fioretta Platform Pumps Easy to clean surface Modern and stylish fashion Sales online store , STEVEN Steve Madden Cassiel Flat Sandals 614, Blue Suede, 8 USNWB, GIUSEPPE ZANOTTI, Contrast Neon, model "Saron", $620 , Nike Air Force One AF1 Ultra Flyknit Mid Triple Black Oreo SZ 11..... 817420-001New Balance Men's 101v1 Skate Shoe Black/White 11 D USNike Free RN Commuter 2017 Men's Midnight Fog/Port Wine/Cobblestone 2430003Brand New Under Armour Match Play Golf Shoes White Navy Jordan Spieth Size 10 , adidas Men's Crossknit Boost Golf Shoe, - Choose SZ/ColorHarley davidson men riding boots troy size 10.5 new with box , John Varvatos Fleetwood Buckle Boot Black Distressed Size 9 Retail $700Men's Motorcycle Police Biker Black Riding Tall Riding Boots Handmade , Punk Loafers Mens Bling Rhinestone Metal Toe Flats Party Casual Shoe ClubwearWomen's Newton Motion IV Running Shoes Sz 12 Pink Cranberry Yellow W000415 , $325 NIB Donald J. Pliner Gill Ankle Boots Khaki Wash Suede Women's 6.5 MediumPLEASER Rainbow-1018UV7 Series 7" Heel Sexy Exotic Ankle-High Boot , CLARKS Women's Medora Jem Slip-On Loafer - Choose SZ/colorWinter Ladies High Heels WOmens Leather Ankle Boots Shoes Gothic Pumps 2018
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike ACG All Condition Nike Gear VTG OG VTG 1997 mogochinese-27265 Hiking Boot Trail Multi Women 8.5 697eb1f -

    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 ACG All Condition Nike Gear VTG OG VTG 1997 mogochinese-27265 Hiking Boot Trail Multi Women 8.5 697eb1f -

    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 ACG All Condition Nike Gear VTG OG VTG 1997 mogochinese-27265 Hiking Boot Trail Multi Women 8.5 697eb1f
    Athletic Shoes