Never miss an update

NIKE HyperVenom Phelon 3 Phelon DF TF NIKE Soccer Orange Mens Sz 8.5 Indoor Soccer Shoes 917769-801 e9c1917




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: Brand New Without The Box. 100% Authentic
Idset_Mpn: 917769-801 US Shoe Size (Men's): 8.5
Modified Item: No Color: Orange
Style: Football Shoes Brand: Nike
UPC: 00886668097978
Never miss an update

NIKE HyperVenom Phelon 3 Phelon DF TF NIKE Soccer Orange Mens Sz 8.5 Indoor Soccer Shoes 917769-801 e9c1917 - blurrypron.com

    NIKE HyperVenom Phelon 3 Phelon DF TF NIKE Soccer Orange Mens Sz 8.5 Indoor Soccer Shoes 917769-801 e9c1917
    NIKE HyperVenom Phelon 3 Phelon DF TF NIKE Soccer Orange Mens Sz 8.5 Indoor Soccer Shoes 917769-801 e9c1917
    NEW Mens Nike Rosherun Black Antracite Red White Venom 511881-021 FREE SHIPPING , Nike Rosherun Men's Shoes Trainers New 669985 200 Size 10 , Nike Rosherun Men's Shoes Trainers New 511881 091 Size 12SKECHER GO GOLF SIZE 7.5M MENS CASUAL STYLISH BRAND NEW GOLF SHOES BLACK EURO 40SUPRA MEN'S SKYTOP III RED NAVY WHITE MEN SHOES SIZE 11 , ASICS GEL LYTE III PURPLE GREY SIZE 10 HK5383011 RONNIE FIEGMENS BROOKS GLYCERIN 13 G13 RUNNING SHOES SIZE 12.5 US 46.5 EU BLACK ORANGE REDNIKE DUNK LOW PREMIUM GRUNGE PACK 307696-271 SIZE 10 , Puma X Undefeated Clyde Coral Reef size 10 undftd suedeDVS Luster X Cinelli Size 13 White Blue Leather Bike BMX DC Skate Shoes SneakersDC Council Mid TX SE Men’s Size 12 US BMX Skateboarding Shoes Sneakers Deadstock , Nike Dunk High Pro SB "ST. PATTY'S DAY" size 12 US 305050-373 , NIKE AIR MAX EMERGENT MENS SHOES Size 11 BRAND NEW 818954 001 , NIKE ZOOM MERCURIAL XI FK 11 FLYKNIT SPIRIDON BLACK WHITE GREY HTM 844626-001 10Nike Air Jordan 4 IV Retro Metal Baseball Cleats Oreo Black 807710-010 Size 11Mens NIKE JORDAN ECLIPSE Light Bone Trainers 724010 028 , NIKE AIR FORCE 1 PREMIUM 08 VARSITY RED BLACK MANDARIN ANTHRACITE US 11Nike Zoom Train Toranada Men's Size 11.5 Training Shoes Turquoise 835657-370ASICS GEL LYTE III 3 Mens Sz 11 Shoes Veg Tan Premium Veggie Vachetta h7j2l.1212 , Man/Woman Cardinal 7s Size 10 Pre-owned economic Fine art Very good classification , NIKE KOBE MENTALITY II Midnight 818952-400 NAVY BASKETBALL SHOE USA Men Sz 12.5New Men Sz 11 Nike Free Train Force Flyknit Rainbow 833275 999 , NIKE METCON 1 (704688-616),Men's Training Shoes New with box,NO LID , Nike Men's Size 11 Flight Bonafide Flyknit Shoes Cargo Khaki Green 917742-300 , Adidas SEELEY Black Snakeskin White G99714 (228) Skateboarding Men's ShoesMen Adidas Samba Classic 034563 Black White 100% Authentic Brand New , Mens Cole Haan Grand Trafton Luxe Leather Sneaker Black Sz 10 C25781 , NIKE LUNAR MAGISTA II FLYKNIT MENS ATHLETIC SHOES 852614-002 NEW SIZE 11new mens 9 9.5 13 vans era pro 83 50th stripes/checkers blue/red vn000vfbj6e ,
    NIKE HyperVenom Phelon 3 Phelon DF TF NIKE Soccer Orange Mens Sz 8.5 Indoor Soccer Shoes 917769-801 e9c1917 - blurrypron.com>NIKE HyperVenom Phelon 3 Phelon DF TF NIKE Soccer Orange Mens Sz 8.5 Indoor Soccer Shoes 917769-801 e9c1917 - blurrypron.com
    Cougar Lancaster Brown Faux Fur Winter Snow Boots Womens Size 9 , WOMENS ARIAT 6.5 B BURNISH BROWN LEGEND LEGACY PERFORMANCE WESTERN BOOT 10017383RYDERWEAR RAPTORS D-MAKS II BLACK GYM SHOES FLAT TRAINING LIFTING SPORTS MMA 2New sz 7 / 37 Jimmy Choo Harmony Black Suede Over the Knee Heel Boot Shoes , Epicsnob Women Shoes High Top Wedge Hidden Heel Suede Dance Fashion SneakersNina Armando Samara – Black Stiletto HeelsStuart Weitzman Sx 8M Brown Nubuck Suede Perforated Leather Pumps Heels , ALEXANDER WANG Abbey Black Leather Woven Basketweave Platform Heel Sandals 40/10Manolo Blahnik BB 105 Pointy Pointed Toe Pump Shoe Black Suede 39.5 - 8.5 US , Womens T-Strap Open Toe Stiletto Sandals Casual Shoes Open Toe T Show NightclubNEW! NIB! MATT BERNSON New York DJANGO Cognac Leather Flat Sandal 9 10 $156 , Vans for J Crew Classic Slip On Canvas Sneakers True White US 5.5-7 NIB , Nike Air Trainer 3 LE Sz 12 Team Red White Bo Jackson Gently Used , Nike Air Penny 2 II 2009 333886-401 Atlantic Blue Black/White/Silver SZ 11 RareNew In Box Nike Air Jordan Horizon US 10 , ASICS Men's Gel-fujiendurance Trail Runner - Choose SZ/Color2014 Nike Air Foamposite One Pearlized Pink Size 8 (L956) 314996-600 NO INSOLESNEW MENS NIKE FREE RN (RUN) 2017 RUNNING SHOES TRAINERS WHITE / WHITE / BLACKNike Dunk Low Premium SB CANDY CANE 313170 613 Size 9.5NIKE Air Max 90 Ice sz 14 Gym Red University Red Crimson Volt Translucent , Air Jordan Russell Westbrook Zer0.1 Why Not Black and White Oreo 2-way Zero.1 ASHelly Hansen Men's Black ATCP Ultral Light 8"Boot 8.5MKEEN UTILITY Men's 1013258 MT Vernon 6" Cascade Brown Steel Toe Work BootsKorean Mens Chelsea Boots Genuine Leather Cuban Heels Zip High Top Boots Fashion , Men's 1901 Black Suede Leather Boat Shoes Size 12 M , new adidas STAN SMITH MID women's originals shoes sz 6.5 white shiny sneakers , Men/Women Puma Dare Men Wear resistant Primary quality Elegant and stable packaging , ECCO Women's Intrinsic 1 Fashion Sneaker 860013-54893 in Warm Grey/ Metallic NEWAriat Women's Fatbaby Cowgirl Steel Toe Black Deertan/Black Full Grain LeatherEasy Spirit Cleon Leather Booties - Women's Size 8 M, Brown ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE HyperVenom Phelon 3 Phelon DF TF NIKE Soccer Orange Mens Sz 8.5 Indoor Soccer Shoes 917769-801 e9c1917 - 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 HyperVenom Phelon 3 Phelon DF TF NIKE Soccer Orange Mens Sz 8.5 Indoor Soccer Shoes 917769-801 e9c1917 - 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 HyperVenom Phelon 3 Phelon DF TF NIKE Soccer Orange Mens Sz 8.5 Indoor Soccer Shoes 917769-801 e9c1917
    Athletic Shoes
    >
    ;