Never miss an update

Nike Kyrie 3 Duke Brotherhood Duke Brotherhood Duke Blue Devils Devils Blue/Black 922027-001 Size 16 5719647

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Idset_Mpn: 922027-001
Color: Blue Country/Region of Manufacture: China
Euro Size: EUR 50,5 Style: Basketball Shoes
Brand: Nike Product Line: Kyrie Irving
Model: Kyrie 3 Pattern: Solid
Closure: Lace Up US Shoe Size (Men's): 16
UPC: Does not apply
Never miss an update

Nike Kyrie 3 Duke Brotherhood Duke Brotherhood Duke Blue Devils Devils Blue/Black 922027-001 Size 16 5719647 -

    Nike Kyrie 3 Duke Brotherhood Duke Brotherhood Duke Blue Devils Devils Blue/Black 922027-001 Size 16 5719647
    Nike Kyrie 3 Duke Brotherhood Duke Brotherhood Duke Blue Devils Devils Blue/Black 922027-001 Size 16 5719647
    Nike Air Jordan Eclipse Chukka Mens Trainers 881453 001 Sneakers ShoesNike Dunk Low Size 10.5 Black White Stealth 2005 Release 309431 012Deluxe Japan x Vans Velvet Slip-On Black Dragon Embroidery "ASIA EXCLUSIVE"Nike Dunk Lux Burnished SP Classic Brown Gum 747138-221 Size 4.5-6.5 , NIKE AIR JORDAN 5 RETRO BLACK/COOL GREY-WHITE BASKETBALL SHOES - SZ 10adidas Originals Men's Superstar Foundation Casual Sneaker, BLACK SUEDE/BLACK/BLNEW Asics Gel Nimbus 12 $140 Neon Orange Silver Grey 8 T045N 7493 Running Shoes , Gentlemen/Ladies Shoes SK8-Hi Vans Black Women VD5IBKA quality Win the praise of customers Maintenance capabilityNIB MENS SIZE 11 NIKE AIR MAX 90 LEATHER SNEAKERS BLACK OLIVE 302519-014 , Nike Air Max Plus NS GPX Total Orange Sneakers Shoes AJ7181 800 NWB DS Men Sz 10 , NIKE AIR FORCE ONE ID SIZE 10.5 AQ3777-991Adidas Men's PureBoost All Terrain Shoes NEW AUTHENTIC Legend Ink/Blue S80789 , AQ5098-600 Nike Men Air Trainer Sc High Soa Speed Red Black White , Men's NIKE 'Lunarepic Low Flyknit 2' Black Running Shoes Size US 11.5 , 2018 Nike Flyknit Trainer White Gum SZ 13 ( AH8396-102 ) , Mens Adidas Stan Smith - AQ2728 - Grey white TrainersNike Men Flex Control Shoes Running Navy White Casual Sneakers Shoe 898459-414Men Vionic Orthaheel Walker 23MWALK Black Leather 100% Original Brand New , HOKA BONDI 5 RUNNING SHOES MENS SIZE 9 US COLOR: COOL GRAY / MIDNIGHT NAVY , SALE NIKE DUNK LOW PREMIUM FT FAST TIMES SB QS BLACK MIDNIGHT NAVY 745954 014Nike Air Force 1 MID 07 Whiteout Men Casual Fashion Shoes Sneakers 315123-111Nike Air Max 1 Watermelon Summit White Sunset Pulse AH8145-106 Mens AuthenticAsics GEL QUANTUM 180 3 Mens 1021A029.021 Mid Grey/Black Running ShoesNIKE KYRIE 4 MEN'S BASKETBALL SHOE [SIZE 14] BLACK/WHITE 943806-002 , Nike Air Jordan 1 Mid Nouveau, Black / Dark Concord , Suede Leather, Sz 12 , MEN'S SHOES SNEAKERS ADIDAS ORIGINALS GAZELLE [BB5478]Asics GEL QUANTUM 180 3 Men's 1021A029.001 Black Running Shoesadidas Originals Continental 80 Pink Scarlet Navy Men Women Casual Shoes B41679 , Nike SB Check Solar Suede Sneakers Men's Skateboarding Shoes
    Nike Kyrie 3 Duke Brotherhood Duke Brotherhood Duke Blue Devils Devils Blue/Black 922027-001 Size 16 5719647 ->Nike Kyrie 3 Duke Brotherhood Duke Brotherhood Duke Blue Devils Devils Blue/Black 922027-001 Size 16 5719647 -
    $195 Freebird By Steven Womens Steel Heeled Distressed Booties, Blue Multi, US 7 , Catherine By Catherine Malandrino Destynie Black Fringe Trim Bootie Size 8 , nike air jordan reveal 834064 014 sneakers shoes CLEARANCEDANSKO WOMENS XP 2 PATENT BLACK SIZEKenneth Cole New York Womens Westley 2 Studded Leather Loafers Shoes BHFO 0897 , VANELi - Aretha Womens Ballet Flat- Choose SZ/Color.PLEASER Seduce-420 Series 5" Heel Sexy Exotic PumpsVintage Pierre Balmain Paris Size 34/4 Navy White Leather PumpsMan/Woman Carvela Neon Platform Heels, Milan Italy! New varieties are launched modern Modern modeMan's/Woman's AUTHENTIC ALAÏA WEDGE PATENT LADIES SHOES Attractive and durable product quality renewed on timeCeline Shoe Black Wide Heel Pointed Toe Size 38Gentleman/Lady Propet Women's Nona Flip Flop Attractive and durable Impeccable Fashion versatile shoes , Nike Men’s Air Max Typha Training Shoes Size 13 , NIB Nike Vapor Carbon ELT 2014 TD White & Blue Football Cleats 11.5Man's/Woman's Skechers Men's Tom Cats Dark Brown Promotion Attractive fashion Don't worry when shopping , Seattle Seahawks Nike Free Trainer V7 Men's Size 13 New Free Ship , Adidas Energy BOOST Men's Size 11 Running Shoes Solar Yellow Black Grey BB3455 , Adidas NMD R1 PK Oreo Size 8.5 BY1911 , Men's/Women's jordans spizike flagship store Stylish and charming Acknowledgement feedbackAIR JORDAN 4 IV SIZE 8 CACTUS JACK TRAVIS SCOTT 308497-406 BLUE BLACK , Crocs Unisex Classic Tropical II Mule - Choose SZ/ColorChippewa Boot Co. General Utility Service Shoe 8.5 D 1901M78. Tan. Made In USA , Gentleman/Lady ALDO MEN'S SHOES SIZE 11M Various goods Environmentally friendly Export , Cole Haan Special Order Fleece Lined Green & Brown Wingtip Mens Oxford Size 8.5 , Adidas Women's Flashback Pink Coral Haze White Sneaker BA7759 Size 7 NWB $85NIB NIKE FREE 5.0 WOMEN'S RUNNING SHOE'S 6.5 FUCHSIA FLASH AWESOME SHOES , Sam Edelman Women's Telsa D'Orsay Pump Black Kid Suede Heels , NIKE Air Max Tailwind 6 Bright Mango Black Training Running Shoes NEW Womens 8Saucony Women's Redeemer ISO 2 Running Shoe Grey/Black/Blue Running Sneakers , Frye Boots Black Leather Womens Size 8 Matilda 2 Strap Gently Used Booties CUTE! ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Kyrie 3 Duke Brotherhood Duke Brotherhood Duke Blue Devils Devils Blue/Black 922027-001 Size 16 5719647 -

    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 Kyrie 3 Duke Brotherhood Duke Brotherhood Duke Blue Devils Devils Blue/Black 922027-001 Size 16 5719647 -

    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 Kyrie 3 Duke Brotherhood Duke Brotherhood Duke Blue Devils Devils Blue/Black 922027-001 Size 16 5719647
    Athletic Shoes