Never miss an update

Nike MercurialX Victory Size 6 DF IC 29907 Indoor Soccer Shoes DF Men’s Size 10.5 | 903613-616 46939b3




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, unused, and unworn
Idset_Mpn: 903613-616 Color: Red
Style: Soccer/Football Boot Euro Size: EUR 45
US Shoe Size (Men's): 11 Brand: Nike
UPC: Does not apply
Never miss an update

Nike MercurialX Victory Size 6 DF IC 29907 Indoor Soccer Shoes DF Men’s Size 10.5 | 903613-616 46939b3 - blurrypron.com

    Nike MercurialX Victory Size 6 DF IC 29907 Indoor Soccer Shoes DF Men’s Size 10.5 | 903613-616 46939b3
    Nike MercurialX Victory Size 6 DF IC 29907 Indoor Soccer Shoes DF Men’s Size 10.5 | 903613-616 46939b3
    US Polo Assn Tris 3 Lo Men US 11 White Sneakers size 9/ new in your box , Nike Coast Classic SP Baroque Brown Sail Team Red Sz 7.5 NIBNike Zoom Rival S8 Mens Track Spikes 806554-300 Voltage Green White Size 10Nike Air Trainer Max '94 Men's Size 10.5 Red Black White 880995 600 , Rare Nike Air Force XXV 15 White Blue Swoosh Thompson Orginal Size 11 , Nike Air Jordan 96,97,98 136027 111 Two 3 White w/ Rainbow sz 10 US, 44 EuroNEW NIKE SB BLAZER GRANT TAYLOR 704939-261 BAMBOO /TEAM RED sz10.5 GREAT BUY , Nike Fly Wire Lunarlon Men' s Navy Blue Size 12 , Mens Adidas Original Adi-Rise AR 3.0 Work Wear Q32588 Grey/Yellow Ortholite 12.5 , Air Jordan Retro 6 VI Size 7Y GS Lakers Black Purple Maize 2010 Gradeschool GS 7 , Man/Woman inov8 F-lite 235 Grey/Orange Quality queen Lush design renewed on timeMens Nike Air Diamond Turf Grey Black Basketball shoes size 9 US 309434-012Nike Jordan Westbrook 02 Red & Black Suede Serial Number 854563-001 Size 10.5 , Converse Chuck Taylor Hi Tops Pale Putty Mens Sneakers Tennis Shoes 157617FNew Nike Men's Alpha Shark 2 3/4 Football Cleat, Size 14Nike Mens Running Shoes 316567-042 Size 11BNWT ZARA MAN BLACK SNEAKERS WITH TRANSPARENT DETAIL s.US 10 REF.2350/102NEW Vans Era CA ITALIAN WEAVE NUBUCK Black Men's Skate Shoes Size 8 Women's 9.5 , New Mens 11 CONVERSE CT Dual Collar Black Pine Green Shoes $60 140015F , Puma IGNITE Ultimate PWRcool 188607 02 Size 7Converse Chuck Taylor All Star HI Flyknit Shoes Teal/White 157509C Men's Size 10Brandblack Men's Size 13 Casual Athletic Shoes Leather Green Jamal CrawfordHuarache Nike Elite Zoom Air Running Wine white/black, Color Shoe Men's Sz 13NIKE men's Lunar Super Bad Pro Pf FOOTBALL CLEATS Dallas 534994-009 Silver 14 , NIB Nike Downshifter 7 Running Shoe, Mega Blue, Size US 11,Nike Air Jordan 23 All Star Mens Size 11 Basketball ShoesNew Nike Lunar HyperQuickness TB Basketball Shoe /685778-402 Navy-White $105Nike Men Jordan Prime Flight Basketball shoes 616846-018 Sz 11 FREE SHIPPING , NEW! SFIDA RACER SPIKE Adult Track and Field Shoe
    Nike MercurialX Victory Size 6 DF IC 29907 Indoor Soccer Shoes DF Men’s Size 10.5 | 903613-616 46939b3 - blurrypron.com>Nike MercurialX Victory Size 6 DF IC 29907 Indoor Soccer Shoes DF Men’s Size 10.5 | 903613-616 46939b3 - blurrypron.com
    Womens Floral Stitched Design Leather Cowboy Boots Western Wear Dubai Toe , Stetson Women's Adeline, Burnished Brown, 8.5 M USRick Owens MADE IN ITALY WOMEN DISTRESSED LEATHER HIGH WEDGE BOOTS US 6 , Saint Laurent BB 20 OTK Over The Knee Boots Coffee Fringe 39 9 , ADIDAS MENS QUESTAR RIDE RED BLACK RUNNING SHOES **FREE POST AUSTRALIAIndigo Rd. Women's Gabbie Ballet Flat - Choose SZ/Color , C Wonder Zebra Embroidered Suede Loafers Cara Olive Zebra 5.5M NEW A276964Womens Rhinestone Wedding Bridal Pointy Toe Leather Sequins Pump High Heel Shoes , Spring Womens Sexy 2018 Bowtie High Block Heels Shoes Pumps Party Runway BeadsCasadei Womens High Heels Suede Peep Toe Pumps Mauve Pink Italy Confetti VintageMen's/Women's Jimmy choo pumps size 6.5 selling price Environmentally friendly Exquisite (processing) processingcrocs Womens Crocsrioflatw Ballet FlatUS M- Pick SZ/Color.Nike Air Max Guile PREM Cargo Khaki Green Men Casual Shoes Sneakers 916770-300adidas BB7184 Mens Questar Rise Running Shoe- Choose SZ/Color. , AUTH NIKE AIR FORCE 1 PREMIUM 2007 SNEAKERS SIZE 9 JAPAN SAMURAI WATERWAY NIB , Belvedere Men's Paulo Genuine Ostrich & Calf Sneakers 40486 Night BlueRare Retro NIKE Original OG 1989 Air Pressure Shoes Sneakers Pump + Plastic Case , Tin Haul Shoes Mens Derrick Work Boot, Brown, 9.5 D USClarks Originals Stinson Brown Suede Casual Shoes 63369 Size: 10 , Nike Air Max 1 PRM Shoes (11.5) Dark Obsidian / Metallic Silver OrangeWmns Nike Free RN Distance 2 Run Pink Green Blue Running Shoe Sneaker 863776-601Nike Women Air Huarache Run Ultra Sneakers White 819151-102ASICS Gel-Kayano 21 - Black - WomensNIKE LunarEpic Low Flyknit 2 Running Shoe 904743-100 Size 9NIKE WOMENS AIR HUARACHE RUN PREMIUM BLACK SAIL GREY SNAKE 683818 013 SZ 5.5 , Adidas Originals Superstar 80s Women’s Shoes Snake Effect BY9075 White Size 6 , new TOGA PULLA leopard print silver hardware plate buckled sneakers EU38 US8Cut Out Womens Black Wedge Heel Peep Toe Knee High Boots Sandals Summer 2017 HotBetsey Johnson Keeva Black Velvet Over The Knee Boots-Pearled Heels-Size 6-New , women's fashion pointy toe over the knee thigh high boots block high heels shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike MercurialX Victory Size 6 DF IC 29907 Indoor Soccer Shoes DF Men’s Size 10.5 | 903613-616 46939b3 - 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 MercurialX Victory Size 6 DF IC 29907 Indoor Soccer Shoes DF Men’s Size 10.5 | 903613-616 46939b3 - 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 MercurialX Victory Size 6 DF IC 29907 Indoor Soccer Shoes DF Men’s Size 10.5 | 903613-616 46939b3
    Athletic Shoes
    >
    ;