Never miss an update

Nike Vapor Untouchable Pro Dolphins PF Football ) Cleats Miami mogochinese-7931 Dolphins SZ ( 925423-317 ) da5021b




Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
MPN: 925423-317
Type: Cleats Model: Vapor Untouchable Pro PF
Sport: Football Country/Region of Manufacture: Vietnam
Main Color: White Product Line: Miami Dolphins
Brand: Nike Width: Medium (D, M)
Never miss an update

Nike Vapor Untouchable Pro Dolphins PF Football ) Cleats Miami mogochinese-7931 Dolphins SZ ( 925423-317 ) da5021b - blurrypron.com

    Nike Vapor Untouchable Pro Dolphins PF Football ) Cleats Miami mogochinese-7931 Dolphins SZ ( 925423-317 ) da5021b
    Nike Vapor Untouchable Pro Dolphins PF Football ) Cleats Miami mogochinese-7931 Dolphins SZ ( 925423-317 ) da5021b
    HOKA One One Clayton Running Shoes Men Size 9.5 Blue Colorway , Womens NEW BALANCE Stad Grey WL574SJG Running Trainers , Vans PRO CLASSICS 1992 Half Cab Skate Shoes Black Suede 3K-7 Men's 11Nike Benassi JDI LTD Sandals Slide Interchangeable Swoosh Men SZ 14 [AQ8614-100]Nike react hyperdunk 2017 flyknit sz 11.5 greyNike Tennis Classic Suede CS Men's Sneakers Shoes Size 9.5 *NEWLebron Zoom Soldier 7 PP 11.5 USED Gray/Silver/OrangeASICS GEL-Lyte V - Black;Grey - MensNIB Men's New Balance 490 v5 XWide Running Shoes M490LB5 SIZE 13 4E (XWIDE)Wolverine Men's Lightning SX Black/Grey Steel Toe Work Shoes 9M , Men/Women Jordan Every item described is available Let our products go to the world VariousNEW NIKE AIR JORDAN 1 KO HIGH OG "OBSIDIAN" QUILTED Mens 9 638471 403 MSRP $140 , AIR JORDAN 1 RETRO GYM RED/SEA GREEN Size 13Nike Air Force 1 High 07 Men's Shoe 315121-115 White, Size 8.5 With Ankle Strap , New - Nike Men's Hyperdunk 2016 Basketball Shoes - Gym Red/White - Size 15COLE HAAN FALMOUTH SLIP ON SNEAKERS SHOES Men’s Size 9.5 , Adidas Men's Crazy Explosive Primeknit - Orange - Sz: 12 , Merrell Hilltop Ventilator Mens Waterproof Hiking Trail Shoes Size 9 Brown , NEW Adidas Stan Smith PW Pharrell Williams HU HOLI size 10.5 Yellow Maize , Patrick Ewing 33 basketball shoes, nike, black and grey, size 7 , Converse Chuck Taylor All Star Mens Womens Hi Top, Maroon, 12 Men / 14 WomenNike Lunar Fingertrap TR 898066-001 Black White Mens Training Gym Shoes NEW!ASICS Men's "'Gel-Sonoma 3" T724N Gray/Black Athletic Shoes-Size 12MB&O Mens WHITE/Silver High Top Sneakers ShoesUnder Armour Bandit 3 - Black Running, Cross Training (Men's 10.5) - Used , Nike Air Max 90 NS GPX AJ7182-003 Men's Size 9.5 Black Bright Crimson NIB JordanAir Jordan Retro 1 i Low East Side 2007 Mens Sz 11 Basketball Shoes SneakersUMBRO Geometra Pro FG Black/Green Soccer Cleats Football Boots Men's Sz 7 NEW[CN3473] New Mens Reebok SpeedLux 3.0 Running Sneaker - Navy White ,
    Nike Vapor Untouchable Pro Dolphins PF Football ) Cleats Miami mogochinese-7931 Dolphins SZ ( 925423-317 ) da5021b - blurrypron.com>Nike Vapor Untouchable Pro Dolphins PF Football ) Cleats Miami mogochinese-7931 Dolphins SZ ( 925423-317 ) da5021b - blurrypron.com
    E12 JACK ROGERS Womens Sawyer Suede Knee-High Riding Boots Size 8 $200Rebecca Minkoff Lizelle Western Suede Leather Over the Knee Boots Sz 6.5 NEW , Miz Mooz Bloom Boot- NIB - Free ShippingMen/Women Stallion Boots, Zorro, Caramel w/ Tooling Selling stable quality Selling new products , Aerosoles With Pride Expandable Calf Riding Boots, Black , Asics GEL-Fit Sana 3 [S751N-5093] Women Running Shoes Navy/SilverWomens Harley Davidson Baisley Mid Calf Zip Up Leather Biker Boot Sizes 4 to 7.5 , Ladies Van Dal Formal Peep Toe Heels With Bow Trim 'Heydon' , Stylish Womens Pointy Toe Rabbit Fur Mules Ankel Boots Metal Decor Shoes Sz SiBZ32 DI MELLA shoes blue leather men elegantLouise Et Cie White Leather Freyda Mules Womens Size US 7M , British Womens Real Leather Med Block Heels Slip On Pointy Toes Court Work Pumps , Cole Haan Sz 9.5 M Vanessa Chestnut Ankle Strap Open Toe Heels New Womens Shoes , VANS Chukka Low Charcoal/Sky Blue Men's Skate Shoes SIZE 11.5Converse All Star Leather High White Out Pack White/Gold 153115C Mens ShoeHoka One One Clifton 4 Blue/Navy Running Shoes Men's US 12 (B3,8) , Gentlemen/Ladies Adidas "SEASONS GREETINGS" mens shoes. High quality and cheap The latest technology Exquisite workmanshipCQ1867 Adidas Adistar Comp A/D Light Onix Tech Silver Black White Size 9 (4257) , MEN'S PUMA FENTY BY RIHANNA CREEPER CLARA LIONEL WHITE/BLACK-PGOLD SHOE SIZE 10NIKE Jordan Men's AIR 3 Retro, White/White-White, 8 M US , CB Gunslinger 11" Black Leather Motorcycle Harness Boot MADE IN USASkechers Originals 52352 OG 90 Cropsey Casual Sneakers Shoes Blue Mens 11.511.5 Mens Vans YOM SK8-Hi Reissue Year of the Monkey Red White Suede VN0004OKJ95Maison Margiela Men's Shoes 859472 Green 43Puma Suede Platform Explosive Fashion Sneaker Women's Shoes Size 7.5 , Amp XT Wns 191125 02 Womens Running Shoes White Peacoat Casual Fashion Sneakers , Merrell Men's All Out Blaze Aero Sport Hiking Water Shoe Khaki 7.5 M USWomen's Wedge High Heel Bowknot Faux Fur Thicker Snow Warm Ankle Boots Shoes N69 , Womens Sesto Meucci Shoes Black Leather Synthetic Knee High Boot Sz 6 M NEW $400 , Men's/Women's Les tropeziennes High quality and low overhead delicate Famous store
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Vapor Untouchable Pro Dolphins PF Football ) Cleats Miami mogochinese-7931 Dolphins SZ ( 925423-317 ) da5021b - blurrypron.com

    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 Vapor Untouchable Pro Dolphins PF Football ) Cleats Miami mogochinese-7931 Dolphins SZ ( 925423-317 ) da5021b - blurrypron.com

    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.

    Conclusion

    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 Vapor Untouchable Pro Dolphins PF Football ) Cleats Miami mogochinese-7931 Dolphins SZ ( 925423-317 ) da5021b
    Men
    >
    ;