Never miss an update

Puma Grey 29646 Fierce - Varsity Knit - Grey - Womens 449b3fb

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
Brand: Puma
Style: Lifestyle MPN: 190973-03
Closure: Pull Tabs Width: Medium (B, M)
Shaft Height: Mid-Top Material: Textile
Occasion: Athletic Color: Grey
Never miss an update

Puma Grey 29646 Fierce - Varsity Knit - Grey - Womens 449b3fb -

    Puma Grey 29646 Fierce - Varsity Knit - Grey - Womens 449b3fb
    Puma Grey 29646 Fierce - Varsity Knit - Grey - Womens 449b3fb
    Tony Little Cheeks Lighweights Casual Athletic Footwear NIB Size 9Stuart Weitzman Brospo Vecor Suede Sneakers 6.5M BROWN GOLD , Puma Fenty Creepers Velvet Black Sz 9 Worn Once , Vionic Delaney flat weave Sneakers Athletic Shoes Size 7 , SKECHERS D'LITES Biggest Fan shoes for women, Style 11930E, NEW, US size 9 WIDE , Men's/Women's Skechers Rock Around Walking Women's Shoes Year-end special promotions discount price Diversified new designPUMA Womens "FENTY-RIHANNA" CREEPER BOW SANDALS Pink Size 7 #S5 , ASICS GEL GALAXY 5 shoes for women, NEW, Style T281N, US size 7Adidas BOSTON Boost Ver. 5 Women's Running Coral Orange Size 9 41 1/3 EUR $120BNIB Asics Gel-Equation 8 T5Q6N Athletic Shoes, Women, Size 6, silver/grape/pink , VASQUE Hiking Shoes Womens 9 1/2 in Suede Nylon Taupe Tan , PUMA Women's "FENTY-RIHANNA" CREEPER BOW SANDALS Pink - Size 8 #S3Keen NEW Red Women's Size 6.5M Terradora Waterproof Hiking Sneaker $160 033Palladium Gaetane Twl, femme Sneaker Rouge (Cayenne) 38Womens VIBRAM FIVEFINGERS W4485 Barefoot Black Running Shoes SIZE 40 US 8-8.5 , Dansko Christina Saddle Tan Athletic Shoe Size 38 , SKECHERS Originals Woman's Retro CRYSTAL CUTIE Black Sneakers Shoes Size 7 NEWLatigo Rada Suede Embroidery Detail Slip on Sneaker New Size 9NEW BALANCE 210 shoes for women, Style WL210LG, NEW, US size 8.5 , PUMA Women's Basket Swan Pack Fashion Sneakers/Shoes Black US Size 8.5New Balance 515 Medium Women's Shoes Size 5.5Vans Womens Sk8 Hi Slim Perf Stars White Sz 6 NIB , adidas Women's Cloudfoam Advantage White Sneakers - Size 6/6.5/11 NWB AW4286Man's/Woman's Reebok Furylite Casual Women's Shoes selling price online shop As of the latest model , Vans Womens Sk8 Hi Moc Suede Monks Robe Blanc Sz 5.5 NIB Brown , NEW Women's FILA Memory Advance Windmill 2 Energized Cool Max Sneakers Size 10 , Sperry 7 Seas Sport Wool Oatmeal Women's Casual Shoes Size 8.5 Medium NWOB , Brooks Adrenaline GTS 12 Women's Sneakers Shoes, US Size 8.5, White Blue (RF674) , Gentlemen/Ladies Ash Wedge Leather Silver Sneakers 37 online sale Primary quality Diversified new design
    Puma Grey 29646 Fierce - Varsity Knit - Grey - Womens 449b3fb ->Puma Grey 29646 Fierce - Varsity Knit - Grey - Womens 449b3fb -
    $1,370 ROBERTO CAVALLI BLACK PATENT LEATHER OPEN TOE ANKLE BOOTS 38 - 8JIMMY CHOO WOMANS $945.00 NWBOX BLACK PATENT LEATHET BOOTS SIZE 37 1/2Red Wing Iron Ranger Mens Charcoal Leather Boots , Men/Women Arcopedico L19 Ladies Boot in Black Crazy price, Birmingham Year-end sale Outstanding functionKlogs Brisbane Womens Closed-back Clog Black Smooth - 7.5 MediumVintage NEW OLD Stuart Weitzman Pump Heels Camel Gold SZ 8 1/2 Women'sJessica Simpson Women's Cirrus Dress-Pump Lipstick 8 B(M) USlady Pumps Rhinestones patent Leather fringes Rivet Block High Heels Party Shoes , Charlotte Olympia Black Dolly Swarovski Platform Pumps Size 40.5 10.5 New In BoxLadies Superga 2790 Cotropew Platform Holiday Low Top Festival Trainer All Sizes , Adidas Original Tubular Runner K Men Round Toe Canvas Purple Running Shoe 13 NEW , Nike Men's Free Trainer 3.0 V4 Running Shoe , Nike Men's Super Speed Low TD Football Lacrosse Cleats White Orange Size 10.5NIKE AIR FOAMPOSITE PRO DR. DOOM SZ 7-11 BLACK WHITE 624041-006 , GORDON RUSH Chelsea Ankle Boots Buckle Mens 12 Dagger Brown Gray Leather , SUPREME NIKE 16 SS AIR MAX 98 844694-400 sneaker NAVY US 9.5 , Miu Miu by Prada Black and Red Mid Calf Croc Boots (EU38.5 US 8)Men/Women womens running shoes size 9 Packaging diversity auction Good quality , Puma Women's Suede Platform Elemental 36222401 Puma Black-Black Brand New , Baskets Femme samples shoes ETNIES PLUS KINSHASA WHITE LAVENDER WOMENNew Balance 880v4 White Blue Pink Running Shoes 11 Womens SB4Skechers Women's Go Flex Max Strength Walking Grey 7 B(M) USNew Balance 96 V1 Women's Black/Black WRT96PTAWOMENS THE NORTH FACE LITEWAVE AMPERE II TRAIL HIKE RUNNING SHOE SIZE 8 NWBNike Air Max 90 Ultra 2.0 SE GS Team Red Black Youth Women Shoes 917988-600 , NIKE AIR HUARACHE WMNS RUN BLACK-BLACK SZ 6 [634835-009] , Life Stride Women's Xripley Riding Boot , Man/Woman Sanuk Womens Snow Boot- Pick SZ/Color. Customer first Brand Outstanding styleNine West Womens GoW/it Suede Boot- Pick SZ/Color.Man/Woman NUMBER TWENTY-ONE Shoes 439920 Blue 23.5cm Elegant and sturdy set meal Trendy Vintage tide shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Puma Grey 29646 Fierce - Varsity Knit - Grey - Womens 449b3fb -

    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 Grey 29646 Fierce - Varsity Knit - Grey - Womens 449b3fb -

    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 Grey 29646 Fierce - Varsity Knit - Grey - Womens 449b3fb
    Athletic Shoes