Never miss an update

Nike Air Huarache Mens Run Ultra Tough Red Huarache Mens Team mogochinese-29994 Size 10.5 819685-604 b4141c0

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: Pre owned in great shape. Some scrapes here and there but nothing major please see pictures
Idset_Mpn: 819685-604 Pattern: Solid
Model: Nike Air Huarache US Shoe Size (Men's): 10.5
Modified Item: No Color: Multi-Color
Style: Athletic Sneakers Euro Size: 44.5
Product Line: Nike Air Brand: Nike
Material: Synthetic
Never miss an update

Nike Air Huarache Mens Run Ultra Tough Red Huarache Mens Team mogochinese-29994 Size 10.5 819685-604 b4141c0 -

    Nike Air Huarache Mens Run Ultra Tough Red Huarache Mens Team mogochinese-29994 Size 10.5 819685-604 b4141c0
    Nike Air Huarache Mens Run Ultra Tough Red Huarache Mens Team mogochinese-29994 Size 10.5 819685-604 b4141c0
    NEW BALANCE ML574CNE MEN'S ATHLETIC SHOES SIZE 9.5 Blue Reflective NEW! , Men's Jordan 23 Breakout Basketball Shoe 881449-003 , Nike Air Huarache International Sample Presto Structure Light Air Max SB Burst , NIKE AIR FOOTSCAPE WOVEN NM SZ 11 BLACK BLUE JAY WHITE 875797 005 , Mens ADIDAS SUPERSTAR TRIPLE Black Textile Trainers BB3694NEW NIKE LEBRON 14 XIV LOW SHOES MENS SZ 11.5 DUST GREY/GREEN 878636 005 $150. , Ralph Lauren Vaughn Grey Mens Casual Suede TrainersSKECHERS RETROS OG 82 CLASSIC KICKS MEN'S BLUE Sneakers SIZE 14 USRalph Lauren Vaughn Navy Mens Casual Suede TrainersAdidas BOOST NMD CS2 Ronin Primeknit Collegiate Navy Men's Sneakers 9.5 , Mens Nike Air Max Vision PRM 918229-600 Port Wine Brand New Size 11 , Brooks Mens Pure Flow 5 running shoes sneakers Blue / Castlerock SZ 9Adidas Originals EQT Support RF Men’s Size 13 Shoes Black/Off White BB1324 NEW , Nike Zoom Mercurial XI Flyknit Sz 11 White Grey Spiridon Talaria 844626-100 FiegMen's/Women's Converse Star Player [154163C] Casual Navy/White Easy to clean surface Excellent performance various kindsNIB New Balance CM1600BD 1600 CLASSICS ELITE RED PURPLE LIFESTYLE SNEAKERS 9.5 , VANS New Half Cab MLD Podium Vault Size Men's USA 9 , Adidas J Wall 1 Mens Basketball Shoes Size 15 Gray Red Black Washington WizardsNEW Men's Nike Air Penny IV Wolf Grey/Copper Coin Size 9.5 DS 864018-002 DS 4Saucony Hurricane ISO 3 Size 9 2E WIDE Men's Running Shoes Gray S20349-1Fila Original Fitness TS Black/Black-White (1FM00014 013) , Michigan State Spartans Nike Speed Trainer 4 Men's Size 11.5 new Free Ship , PUMA SUEDE CLASSIC + BLUR GRADIENT 359098 03 CABERNET-HIGH RISK RED-WHITEDune London Bishop Sneaker - Men's Size 9M NavyNike 487986-610 Mens 7.5 Air Max Courtballistec Tennis Shoes Scarlet Fire White , NIB MENS PUMA BMW MS DRIFT CAT 5 WHITE BLUE MOTORSPORT F1 RACING SNEAKER SHOES , Gentlemen/Ladies JORDAN 315371 165 SZ8.5 SNEAKERS SHOES Innovative design Bright colors Quality and consumer first , Rare Jordan Mens Sz12 Sick Black On White Ultra Fly 824268-101 Basketball ShoesNike Lunarglide 9 X-Plore Men's Running Shoes ( 10.5 ) Black Bronze 904745-001 ,
    Nike Air Huarache Mens Run Ultra Tough Red Huarache Mens Team mogochinese-29994 Size 10.5 819685-604 b4141c0 ->Nike Air Huarache Mens Run Ultra Tough Red Huarache Mens Team mogochinese-29994 Size 10.5 819685-604 b4141c0 -
    SOOOO Sexy !! BCBG GENERATION Suede Leather KneeHigh Fashion Boots sz 7.5 , Anne Klein Glinda Studded Ankle Boots 448, Black, 8 US , Wmns Nike Air Max Jewell Black White Women Mesh Shoes Sneakers 896194-006Women's Clarks Blanche Garyn Rounded Toe Size D Fit NH02 62New Dr Marten Pascal 8 Eye Boot Cherry Red Womens Shoes Casual Boots Ankle , Man/Woman Pleaser SEDUCE-3063 Elegant shape Good market Popular recommendation , Sam Edelman Women's Farrow Ballet Flat, Light Grey Satin, 10 Medium US , FREE PEOPLE Snake Eyes Loafer Blue Gold Embroidered Size 8 , Alegria Coco Bronze Leather T-strap Women's Pump US 10.5-11Schutz Mabel Cru Nude Canvas Platform Wedge Tie Up Flatform Espadrille SandalPin Up Couture MONROE-05 Black Faux Leather Flared Heel Rhinestone SandalMix No 6 Womens Dignity Pointed Toe Classic Pumps White Size 6.0 , Ralph Lauren Collection Gold Calf Leather Alecia Platform Sandals New $795~ 9.5 , MADISON HARDING WOMEN'S WANDA PLATFORM SANDAL, GUM, US 5, MEDIUM, NEW W/O BOXCHRISTIAN LOUBOUTIN SALSBOURG BLACK SUEDE SHOES Sz 36.5Womens Sexy High Heels Nightclub Shoes Chains Rivets Anke Strap Stiletto Sandals , Hoka One One Mens Infinite Blue Trail Running Shoes Hiking Sneakers Size 8NEW Adidas Originals Tubular Running Radial White Wolf Grey Size 13.5 S76720 , Nike Air Max Thea Ultra FK Womens Running Trainers 881175 601 Sneakers Shoes , MENS DAN POST RALEIGH TEJU LIZARD 13" COWBOY BLACK BOOTS 8 Medium DP2350R , PW MINOR SHOES MENS DIABETIC COMFORT STRAP WALKING EXTRA DEPTH FLEXX BEIGE 76831 , Man/Woman CREATIVE RECREATION SOLANO SHOES - WHITE New market buy Shopping promotionMen's Shoes Sneakers ROBERTO CAVALLI 2062 Variante C Calf Bianco Leather Made IT , Antonio Cerrelli 6694 Mens Sleek Navy Blue Stylish Fashion Oxford Dress Shoes , Women's Nike LunarTempo Running Shoes NEW Green/Purple , MSRP $110 , L.B. Evans Aristocrat Opera - Brown - MensNIKE Hyperdiamond 2 Keystone 856434-104 WHITE Size 7 , Nike Roshe One Flyknit 704927-602 Womens Running Shoes Red Blue & WhiteCrocs Women's Swiftwater Mary Jane Flat - Choose SZ/color , Kai Lani Shoes 218543 Beige 6
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Huarache Mens Run Ultra Tough Red Huarache Mens Team mogochinese-29994 Size 10.5 819685-604 b4141c0 -

    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 Mens Run Ultra Tough Red Huarache Mens Team mogochinese-29994 Size 10.5 819685-604 b4141c0 -

    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 Mens Run Ultra Tough Red Huarache Mens Team mogochinese-29994 Size 10.5 819685-604 b4141c0
    Athletic Shoes