Never miss an update

Puma Golf Womens PG Blaze Disc Puma Golf-Shoes- Pick SZ Golf Womens/Color. 328347a

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: 0190274432574
Style: Sport Brand: PUMA
US Shoe Size (Women's): Multiple Variations Model: 18942101
Size Type: Regular MPN: 18942101
Never miss an update

Puma Golf Womens PG Blaze Disc Puma Golf-Shoes- Pick SZ Golf Womens/Color. 328347a -

    Puma Golf Womens PG Blaze Disc Puma Golf-Shoes- Pick SZ Golf Womens/Color. 328347a
    Puma Golf Womens PG Blaze Disc Puma Golf-Shoes- Pick SZ Golf Womens/Color. 328347a
    ASICS T764N.9093 Womens Gel-Flux 4 Running-Shoes- Choose SZ/Color.Saucony Women's Omni 13-W WomensRunning Shoe- Choose SZ/Color. , Amer Sports Winter and Outdoor Company L37326500-5.5 Salomon Womens Instinct ProSpira Wavewalker White/Aqua Womens Walking Size 9.5B , Nike Free RN Flyknit Womens 831070-100 Black White Running Shoes Wmns Size 9.5NIKE Womens Classic Cortez Se Prm AJ0135-001 BLACK Size 6Nike Free RN Flyknit 2018 Womens 942839-800 Crimson Pulse Running Shoes Size 9Nike Air Max 90 LX Womens 898512-600 Particle Rose Pink Running Shoes Size 7Skechers Performance 14079 Womens Go Run Vortex Spiral Running Shoe , New Balance WL1980 FF Summer Utility-W Womens Utility Running- Choose SZ/Color. , Camper Womens Fashion Sneaker /- Pick SZ/Color.Ash Women's AS-NINA Sneaker - Choose SZ/ColorGeox Womens W Trysure 4 Fashion Sneaker /- Pick SZ/Color. , Nike Air Huarache Run Ultra Womens 819151-603 Pink Bone Running Shoes Size 7Nike Air Max Thea Ultra Premium Womens 848279-003 Black Running Shoes Size 6.5Nike Air Huarache Run Prm Txt Womens AA0523-202 Mahogany Running Shoes Size 8Air Jordan 1 High Zip Premium Womens AT0575-600 Bordeaux Leather Shoes Size 8.5Synergy-Lady Luck Skechers Womens Fashion Sneaker- Choose SZ/Color. , Nike Air Force 1 Panache Pack Womens AQ4139-101 Sail Pink Blue Shoes Size 9.5Merrell Women's Encore Q2 Ice Fashion Sneaker - Choose SZ/Color , SKECHERS USA Inc Variation Skechers Womens DLites Be Dazzling- Choose SZ/Color. , Skechers Sport Womans Size 9.5 White Leather Flat All Season's Everyday , adidas Performance Womens Energy Volley Boost 2.0 Shoe- Pick SZ/Color. , adidas G97983-100 Adidas Womens Supernova Sequence 6 W RunWhite/Black1/Glow , ADIDAS ORIGINALS EQT SUPPORT ADV PRIMEKNIT WOMEN'S RUNNING LIFESTYLE COMFY SHOESNike Air Jordan 3 Retro GS Black 441140 045 Grade school 4-6.5 Shoes NEWBY9137 Adidas Womens Superstar Slip On Black 8.0- Choose SZ/Color.Mbt Baridi Black Womens Walking Size 3.5MSalomon Women's Speedcross 4 GTX W Athletic Shoe Lime Green/Virtual Pink 7 BM US ,
    Puma Golf Womens PG Blaze Disc Puma Golf-Shoes- Pick SZ Golf Womens/Color. 328347a ->Puma Golf Womens PG Blaze Disc Puma Golf-Shoes- Pick SZ Golf Womens/Color. 328347a -
    MOMA SZ 37 8 M DESIGNER off WHITE REAL LEATHER BOOTIES ANKLE BOOTS ITALY HIGHEND , Gentlemen/Ladies Ladies Easy B Ankle Boots Adelaide Excellent value The highest quality material Full range of specificationsIGI & CO 11777 women's sandals open wedge heel leather suede nubuck strap , Stuart Weitzman Sparky Grey Suede Jeweled Scallop/Heel Flats Size 5.5M RH12235#STUART WEITZMAN NEW AUTH Women's Gold Pellets Jelly Flat Shoes Size 10 , Gentleman/Lady Stuart Weitzman Women's Linedrive Flat Sandal We have won praise from our customers. International choice Good quality , Vince Women's Warren Sneaker, Steel, 6.5 Medium US , Dansko Black Leather Clogs Mule Shoes Shoe Size 41 (US 10.5- 11 ) , PLEASER Sexy 7" Heel Rhinestone Heart Cutout Platform Stripper Clear Black ShoesDONALD J. PLINER Molly Animal Print Brown SZ 9.5 M Peep-Toe Wedge Shoes $228 NEW , Made in Italia womans Shoes Pumps & Heels Black outlet new 82934 moda1 SALERivet Women Shoes Peep Toe Sandals Slingback Wedge Heel Buckle High Top Cut Out , New Balance - Men Fresh Foam Cruz Retro Sneakers MCRUZHN , Vintage Indigo , Warrior Adonis 2.0 Mens Size 11 Lacrosse Lax Cleats White Grey New $145 , K Swiss Hoke Mens Memory Foam Casual Retro Sneaker Trainers Black , Men's/Women's Jordan 1 Sz 10.5 elegant Win the praise of customers a wide variety of goodsASICS Mens Gel-Kayano Trainer Evo Fashion Sneaker Blue Print/Orange Shoes 10.5 , Saucony Men's Koa Tr Sneaker - Choose SZ/Color , Nike Kyrie 1 NBA Finals PE Size 10.5 Custom Sneakers , NEW Nike Epic React Flyknit Triple Black Racer Blue AQ0067-004 Men's Size 8-15Georgia Comfort Core Logger Waterproof Work Boot Brown GB00096 , Skechers USA Men's Status Ramino Slip On LoaferOlive12 M US , Mens Amali Dress Shoes, Navy, Size 8.5 , New Mens Real Leather Dress Formal Shoes Double Monk Strap Fashion Ch8 Cz8BZ371 FDF SHOES shoes burgundy shiny leather men elegant , New Under Armour Women's Lightning 2 Running Shoes - Size 9.5 - Black / Whiteara Women's Kay 31252 Tassel Loafer Blue Leather Business Shoes , Naturalizer Womens Kepler Leather Closed Toe Ankle, Grey Leather, Size 9.0 , Dolce Vita Women's Saylor Ankle Bootie, Suede/ leather size 7.5 black NWOBARMANI JEANS WOMAN RAIN BOOTS WELLINGTON BOOTS RUBBER MADE IN ITALY CODE U5587
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Puma Golf Womens PG Blaze Disc Puma Golf-Shoes- Pick SZ Golf Womens/Color. 328347a -

    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 Golf Womens PG Blaze Disc Puma Golf-Shoes- Pick SZ Golf Womens/Color. 328347a -

    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 Golf Womens PG Blaze Disc Puma Golf-Shoes- Pick SZ Golf Womens/Color. 328347a
    Athletic Shoes