Never miss an update

Puma Blaze Of Glory Blaze OG X OG Alife High Rise 01/Dandelion 357735 01 Men's 1e6e993

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
Color: High Rise/Dandelion Style: 357735 01
Never miss an update

Puma Blaze Of Glory Blaze OG X OG Alife High Rise 01/Dandelion 357735 01 Men's 1e6e993 -

    Puma Blaze Of Glory Blaze OG X OG Alife High Rise 01/Dandelion 357735 01 Men's 1e6e993
    Puma Blaze Of Glory Blaze OG X OG Alife High Rise 01/Dandelion 357735 01 Men's 1e6e993
    Nike Mayfly Leather Premium Obsidian/Obsidian-Summit White 816548-400 Men'sNike Big Nike High Lux Wolf Grey/Wolf Grey-Pure Platinum 854165-002 Men'sPuma RS100 HL Gray/Tradewinds-Grisaille 356616 02 Men'sNike Free Trainer 5.0 Black/Gamma Blue-White 511018-044 Men's , Saucony Grid SD Grey Public Gardens S70263-1 Men's , Adidas ZX Flux Mint Green BB2762 Men'sPuma My 61 Hi Black Miharayasuhiro 354032 02 Men'sNike KD Trey 5 IV TB White/Black 844590-100 Men'sNike Toki Photo Blue/Photo Blue-Summit White 385444-403 Men's , SUPRA VAIDER Burgundy/white Men's shoes S28241 Sz7.5-10 Fast Shipping LAdidas Tubular Instinct Craft Chili/Off White S80089 Men'sReebok ZOKU RUNNER ISM BS8320 Men's shoes Sz7.5-12 Fast ship L , Under Armour Dash RN 2 Mens 1285671-410 Navy Steel White Running Shoes Size 10Adidas Tennis Vintage Hi Black/White-Black James Bond David Beckham G09476 SZ 13 , Under Armour Dash RN 2 Mens 1285671-410 Navy Steel White Running Shoes Size 9 , Adidas HotStreak Low Black/White-Metallic Silver G47418 Men's , Nike SB Air Max Bruin Vapor Dark Team Red/White-Star Blue 882097-614 Men'sNike Metcon 2 Amp-X Black/Royal Blue-Royal Blue 844634-033 Men'sGentlemen/Ladies Adidas Decade Low Black/Infraed-White 661777 Men's use Trendy Full range of specifications , Asics EDR 78 Grey/Grey D5S1L 1111 Men's SZ 7.5Nike Mayfly Lite BR University Red/White 898027-600 Men'sAsics Monte Pokhara SD Brown/Brown D1E3L 6161 Men's SZ 6.5 , Asics Patriot 8 Mens T619N-5093 Insignia Blue Silver Running Shoes Size 11.5 , PRINT RUN PRIME ULTRAKNIT Men's shoes BS8589 Sz 7.5-12 Fast Shipping L , Asics Gel SpotLyte Black/Purple Isiah Thomas H419L 9030 Men's SZ 10Nike Free Inneva Woven Sport Grey/Sport Grey-Total Crimson-Sail 579916-006Nike Free SB Black/Gorge Green-Black-White 704936-030 Men'sNew Balance Numeric - 255 - Copper - NM225BRZ , New Balance Numeric - 255 - Light Blue - NM225JOR
    Puma Blaze Of Glory Blaze OG X OG Alife High Rise 01/Dandelion 357735 01 Men's 1e6e993 ->Puma Blaze Of Glory Blaze OG X OG Alife High Rise 01/Dandelion 357735 01 Men's 1e6e993 -
    Demonia Concord-57 Women's Black Vegan Leather Buckle Platform Boots - Gothic,GoDolce Vita Women's Channy Boot,Black Leather,8 M US , Asics GT 2000 4 Womens Runner (B) (4050) + Free Delivery Australia Wide , Versace 19.69 B2331 VIT CAV CAM NERO boots Women's Black AUPLEASER ADORE-702 CLEAR DOUBLE STRAP 7" HEEL PLATFORM SLIDES SIZE 5-12CLARKS Women's Everlay Uma Platform, Navy, 7 Medium USSpring Step Women's Kendal Skimmer , Tory Burch Black Shoes Reva Patent Leather Elastic Ballet Flats Size 6 $195 h17Brighton Ravish Pewter Gray Leather Snakeskin Pat Mules Heels Womens 9 NCorso Como DELIGHTFUL Black Open Toe Pumps 7295 Size 9.5 M NEW! , Giorgio Armani Animal Skin Detail Pump, 48$695 Giorgio Armani Women's Black Blue Nude Leather Fashion d'Orsay Heels Pumps , New Donna Karan Womens Dress Black 884920 Sandal Shoe Heel Strappy , Women's open toe hollow wedge shoes fringed belt buckle sandals square head shoe , NEW BORN Women's Hether Sandal, Leather Buckle Up Open Toe Pink Sz 9, F23812 , Acorn Women's Forest Mule Chocolate Fleece SlippersMen/Women CELINE Shoes 066920 Pink 36 durable special function classic styleMen's Adidas Alphabounce EM - Blue - Width: med - Running , Nike Arrowz Se 916772 004 Mens Running Shoes Light Bone Sneaker Trainers Fashion , Adidas NMD_R1 Bedwin & The Heartbrakers Grey/White BB3123 (Size 8)MENS SAUCONY GUIDE 10 MEN'S RUNNING/SNEAKERS/FITNESS/TRAINING/RUNNERS SHOESDragon Ball × Adidas Original KAMANDA Majin Boo + ULTRA TECH Vegeta SIZE 10.52008 Nike Dunk Low Pro SB SKATE OR DIE Sz6.5 BLUE 304292-073Mens Sperry Top-Sider Moc 2-Eye Brown Boat Shoe Sz 7.5M STS11759 (C996)PREMIATA MEN'S LEATHER LOAFERS MOCCASINS NEW BLACK 0D6Man/Woman Allen Edmonds Delray 14 B feature Modern design Various latest designs , Mr/Ms Women’s Converse Slip-On Easy to use At a lower price Exquisite (processing) processingNew Womens Nike Metcon DSX Flyknit Running Shoes 849809-009 Sz 7.5 Black/ pink , Tory Burch Womens Brown Fashion Boots Size 8 (411057) , Men's/Women's For Real Bootie by Luichiny High-quality Moderate cost Current shape
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Puma Blaze Of Glory Blaze OG X OG Alife High Rise 01/Dandelion 357735 01 Men's 1e6e993 -

    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 Blaze Of Glory Blaze OG X OG Alife High Rise 01/Dandelion 357735 01 Men's 1e6e993 -

    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 Blaze Of Glory Blaze OG X OG Alife High Rise 01/Dandelion 357735 01 Men's 1e6e993
    Athletic Shoes