Never miss an update

PUMA Women's Super Elevate PUMA WNS Sneaker 29993 Sneaker - Choose SZ/color 82913cb




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
Binding: Apparel
Publisher: PUMA Department: womens
UPC: Does not apply Label: PUMA
Style: Does not apply Manufacturer: PUMA
Brand: PUMA Model: 18569308
Size Type: Regular ProductGroup: Shoes
US Shoe Size (Women's): Does not apply
Never miss an update

PUMA Women's Super Elevate PUMA WNS Sneaker 29993 Sneaker - Choose SZ/color 82913cb - blurrypron.com

    PUMA Women's Super Elevate PUMA WNS Sneaker 29993 Sneaker - Choose SZ/color 82913cb
    PUMA Women's Super Elevate PUMA WNS Sneaker 29993 Sneaker - Choose SZ/color 82913cb
    Skechers Women's Breathe Easy Fashion Sneaker - Choose SZ/color , PUMA Women's Ignite V2 Running Show - Choose SZ/colorSkechers Women's Parallel-Dusk Ankle Bootie - Choose SZ/colorSkechers Performance Women's Go Walk 3 Reboot Walk - Choose SZ/colorNine West Womens Krayzie Leather Closed Toe Knee High Fashion BootsPUMA Women's Ignite Limitless SR WNS Sneaker - Choose SZ/colorGuess Angeley 9 Fabric Knee High Party Boots Block Heel Glamour Pointed Toe NewColumbia Women's FIRE Venture MID Textile Hiking B - Choose SZ/color , Nine West Women's Andsey Suede Loafer Flat - Choose SZ/color , Nine West Women's Orenda Fabric Loafer Flat - Choose SZ/colorPropet Women's Blizzard Ankle Zip Ii Winter BootGentleman/Lady ALDO Women's Catera Slouch Boot Adequate supply and timely delivery Won highly appreciated and widely trusted at home and abroad International big name , Boot Free People Cecile Velvet Boot Grey , adidas Women's Cloudfoam Qt Racer W Running Shoe, - Choose SZ/colorNew Balance Women's 811 Training Shoe - Choose SZ/color , adidas Originals Women's Tubular Defiant Fashion S - Choose SZ/colorNine West Women's Freeport Ankle Boot - Choose SZ/colorPUMA Women's Basket Heart Patent Wn's Fashion Snea - Choose SZ/colorSkechers Performance Women's Go Walk Zip Walking S - Choose SZ/colorPUMA Women's Flare Metal Wn's Running Shoe - Choose SZ/color , CLARKS Women's Keesha Rosa Dress Pump, - Choose SZ/color , Skechers Women's Hi-Lites-Space Dancer Sneaker - Choose SZ/color , Skechers Women's Cypress-Cedar Ankle Bootie - Choose SZ/colorKamik United Waterproof Thinsulated FK2250T Taupe Size 8 Womens Preowned in EUCHunter Original Ribbed Leg Yelchart Wellington Boots Size 7M/8W (BO1400 , Steve Madden Women's Circuit Dress Sandal - Choose SZ/colorSkechers Women's Comfy Living Chillax Mule - Choose SZ/color , Skechers Women's Hi-Lite - Metallic Patent Sneaker - Choose SZ/color , Aginer leather knee high 3" boots 6 1/2 medium made in Itlay
    PUMA Women's Super Elevate PUMA WNS Sneaker 29993 Sneaker - Choose SZ/color 82913cb - blurrypron.com>PUMA Women's Super Elevate PUMA WNS Sneaker 29993 Sneaker - Choose SZ/color 82913cb - blurrypron.com
    Easy Street Bounty Comfort Ankle Boots, Black Matte, 9 USLadies Clarks Heeled Trouser Boot The Style Arista Flirt4 ~ N , 35068 auth CHRISTIAN DIOR dusty pink SNAKESKIN leather Ballet Flats Shoes 37 , ara Women's Nery 30844 Green Nubuck Loafers , Naot Satisfy Black Reptile Patent Leather Wedge Mules Heels Size 41 US 10 WomenWomens Wing Tip Carved Leather High Wedge Heels British Oxfords Shoes PlatformJUNIORS METAL MULISHA –LOVE MACHINE- BLACK PUMPS WITH METAL SPIKES ON HEELMelissa Women's Be Sneakers Black Beige 8 B(M) USJ Slides JSlides Women's Rosa Fashion Sneaker - Choose SZ/ColorUnder Armour Men's UA Charged One Sneaker Dark Green Men's Shoes Size 8Nike Free Flyknit Chukka Running Men's Shoes SizeNIKE Air Force 1 '07 Lv8 Lthr Mens Aj9507-600 Size 11Nike Air Max 97 UL '17 Mens 918356-201 Sepia Stone Sand Running Shoes Size 9.5 , NIKE AIR MAX SWEEP THRU PE SIZE: 15.0 MEN CHRISTMAS 525015 601 RARE! NEW DS , Wolverine Work Boots Safety Shoes Men's Contractor Size 12 EW Coyote Leather New , La Sportiva Men's Glacier WLF Hiking Boot -CLARKS Men's Cotrell Walk Oxford - Choose SZ/Color , Caporicci Monk Buckle Strap Oxfords Cap Toe Shoes Burgundy Italy Men’s Sz 11 MMen Pointy Toe Slip On Tassel f1c Stripe Slippers Mules Flat Shoe Canvas CasualSperry Top-Sider 7 Seas Sport Shoes 150, Rose, 7.5 US / 38 EUNew Balance Women's 574 Sport Decon Shoes White , Fabric Flyer Runner Trainers Womens Dark Navy Sneakers Sports Shoes FootwearIsabel Marant Size 36/6 Bart Black Leather Sneakers Metallic Red Detail 633 S616 , NIKE ROSHE RUN 3 4 5 6 7 8 9 10 11 12 4.5 5.5 9.5 PALM TREES QS 511882-016 RAREMBT WOMAN SPORTS FITNESS SNEAKER SHOES SUEDE SYNTHETIC CODE MOJA LUX 400263 , Fashion Suede Womens Ankle Boots Stiletto High Heels Pointy Toes Clubwear ShoesWomens Pointed Toe Side Zip Suede Ankle Chelsea Boots Med High Block Heel Shoes , Steve Madden Bryannt Dark Gray Leather Belted Knee High Boots Womens Size 5.5 M* , L.L Bean Ash Grey HIKING Womens boots Sz 8 M Gor-tex Vibram Soles shoes NWTBLACK OR RED LEATHER IMITATATION BALLET PUMPS HEEL-8,5"-PRODUCER POLAND
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    PUMA Women's Super Elevate PUMA WNS Sneaker 29993 Sneaker - Choose SZ/color 82913cb - 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.

    PUMA Women's Super Elevate PUMA WNS Sneaker 29993 Sneaker - Choose SZ/color 82913cb - 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
    PUMA Women's Super Elevate PUMA WNS Sneaker 29993 Sneaker - Choose SZ/color 82913cb
    Boots
    >
    ;