Never miss an update

PUMA Netfit 19000305 Womens Ignite Dual 7 Netfit Wn Cross Cross Trainer, Black White, 7 M US ac9185d

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
UPC: 0191239765676
Size: 7 B(M) US Brand: PUMA
Style: Sport Model: 19000305
US Shoe Size (Women's): 7.0 MPN: 19000305
Size Type: Regular Color: Puma Black-puma White
EAN: 0191239765676
Never miss an update

PUMA Netfit 19000305 Womens Ignite Dual 7 Netfit Wn Cross Cross Trainer, Black White, 7 M US ac9185d -

    PUMA Netfit 19000305 Womens Ignite Dual 7 Netfit Wn Cross Cross Trainer, Black White, 7 M US ac9185d
    PUMA Netfit 19000305 Womens Ignite Dual 7 Netfit Wn Cross Cross Trainer, Black White, 7 M US ac9185d
    Nike Womens Dualtone Racer Se Running Trainers 940418 Sneakers Shoes 005 , Men's/Women's FRYE Women's Melanie Mule Sneaker Selling Sales Italy Acknowledgement feedbackAdidas Originals Superstar Womens Trainers Sneakers BB2141 ShoesNike Womens Roshe One ENG Running Trainers 833818 010 Sneakers Shoes , Propet Women's TravelFit Sneaker Purple 10 2E US , New Balance Women's WT410v5 Cushioning Trail Running Shoe Black 8 D USKeds Women's Triple Kick Canvas Fashion Sneaker , Champion Women's Gusto Cross Trainer Black Black 8 B(M) USNike Benassi Duo Ultra Slide Womens Style : 819717 WHITE Size 7PUMA Women's Basket Platform Lux Wn Toreador-Toreador 6 M USPUMA SUEDE REMASTER WN'S-W Womens Suede Remaster Wns Fashion Sneaker, Puma , Nike Air Max Fury Womens Running Trainers Aa5740 Sneakers Shoes 008ASICS Women's Gel-Corrido Running Shoe - Choose SZ/ColorNew Balance Women's 669v1 Walking Shoe Grey/Rose Gold 6.5 D US , K-Swiss Women's Hoke CMF Sneaker - Choose SZ/Color , Vibram Five Fingers Kso Grey/Palm/Clay Womens Exercise Fitness Shoes Size 36MAdidas Womens Tubular Defiant Fashion Sneaker Black/Black/Core White S75249Skechers Performance Women's Go Walk 2 - Backswing Walking Shoe Grey/BlueReebok Women's Speed Her TR Sneaker - Choose SZ/ColorPropet Women's TravelActiv Mary Jane Fashion Sneaker Black 8 W USPuma Women'S Basket Satin En Pointe Wn Sneaker , Skechers BOBS from Women's High Notes Wedge Boot Black/Black 8 M USSaucony Men's Excursion TR11 Running Shoe, Grey Green, 8.5 Wide USTretorn Women's Nylite Plus Fashion Sneaker Vintage White/Green 8 B(M) USPUMA 35447305 Womens Axel Cross-Training Shoe- Choose SZ/Color.Nike Air Max Thea Womens 599409-415 Industrial Blue Mesh Running Shoes Size 6.5nike womens roshe LD-1000 trainers 819843 002 sneakers shoesnike womens free 5.0 TR FIT 5 PRT running trainers 704695 500 sneakers shoesReebok Women's Freestyle Hi Walking Shoe Black 8 B(M) US
    PUMA Netfit 19000305 Womens Ignite Dual 7 Netfit Wn Cross Cross Trainer, Black White, 7 M US ac9185d ->PUMA Netfit 19000305 Womens Ignite Dual 7 Netfit Wn Cross Cross Trainer, Black White, 7 M US ac9185d -
    Cole Haan Women's Hayes Ankle Bootie - Choose SZ/ColorLaura Bellariva 5571 Grey Leather Buckles Zip Lightweight Boots 40 / US 10New in Box FRYE Womens Tamara Shearling Otk Winter Boot Smoke 6.5 M US $ 528 , Grenson 9637-39 Mens Brown Grain Smart Leather Slip On Shoes (R44A)NEW BALANCE WOMENS FUELCORE NERGIZE BLACK WHITE WIDE SHOES 2018 **FREE POST AUSTNike Womens Lunarglide 8 Runing Trainers 843726 Sneakers Shoes 408 , * NEW * Brooks Launch 3 Womens Runner (D) (127)Mustang Womens 1146-302-4 Low-Top Sneakers, Beige Beige 4, 4 UKWomens Leather Roman Shoes High Wedge Heel Ankle Strap Open Toe Summer SandalsVidorreta US 10 10.5 Natural Open Toe Wedges New Womens Shoes NWOB , Prada Red Leather Mules with Flower Applique Size 37.5/7.5 , Claudia Ciuti Women's Rockstud Block-heel Metallic Sandals size 9.5 Italy T-Stra , Lacoste Men's Jouer Slip 318 2 CAM Trainers, Black , NEW! NIKE METCON 2 AMP TOTAL CRIMSON-BLACK SIZE  17 [819902-600]Nike Kobe XI 11 TB Promo Mens Basketball Shoes Size 14.5 White Orange 856485-180 , Under Armour UA Speedform Slingride Fade [1288254-987] Running Aqua/White , air jordan alpha 1 kids size 5YDouble H Black Leather Cowboy Work Boots Mens Size 8.5 EE Style 4620 USABritish Style Mens Shoes Real Leather Mid Calf Boots New Embriodery Pointed Toe , New Alexander McQueen Puma 358523 Blue Rush Lo Top Shoes Men's Casual Sneakers , Rockport Men's Style Purpose Plain Toe Oxfords Casual/Dress Shoes,Dk Br.Choc 13MWomens Mizuno Wave Wave Bolt 3 Volleyball Shoes Size 6.5 White Black 430170.0090 , Women's Skechers 12305 Shape-Ups White Work Shoes Mary Janes Size 8Nike 819027 Womens Flex Supreme TR 4 Premium Low Top Training Sneakers Shoes , Under Armour Womens Size 8.5 Speedform Velociti Graphic Athletic Running Shoes , Saucony ProGrid Omni 11 Stability Running Training Shoes Silver Red Womens 11Women Adidas CQ2105 Campus Running shoes blue white sneakersAdidas Tubular Viral2 W Womens BY9745 UTIBLK,CBLACK,White Womens Size 10Fashion women fur trim ankle boots pull on slim heels tassel bowknot pointy toeBottes compensées cuir brun KICKERS taille 39
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    PUMA Netfit 19000305 Womens Ignite Dual 7 Netfit Wn Cross Cross Trainer, Black White, 7 M US ac9185d -

    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.

    PUMA Netfit 19000305 Womens Ignite Dual 7 Netfit Wn Cross Cross Trainer, Black White, 7 M US ac9185d -

    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
    PUMA Netfit 19000305 Womens Ignite Dual 7 Netfit Wn Cross Cross Trainer, Black White, 7 M US ac9185d
    Athletic Shoes