Never miss an update

Mens Puma Tazon 6 guptauniver-23044 FM FM Running Shoes 23031 White/ Black/ Silver/ Red Sz 9.5 18987302 9e80625

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
Style: Running Shoes
Color: White Width: Medium (D, M)
Euro Size: 42.5 US Shoe Size (Men's): 9.5
Brand: PUMA UPC: Does not apply
Never miss an update

Mens Puma Tazon 6 guptauniver-23044 FM FM Running Shoes 23031 White/ Black/ Silver/ Red Sz 9.5 18987302 9e80625 -

    Mens Puma Tazon 6 guptauniver-23044 FM FM Running Shoes 23031 White/ Black/ Silver/ Red Sz 9.5 18987302 9e80625
    Mens Puma Tazon 6 guptauniver-23044 FM FM Running Shoes 23031 White/ Black/ Silver/ Red Sz 9.5 18987302 9e80625
    Mr/Ms Globe Skateboard Shoes Agent Black/Black/Charcoal Louis, elaborate Let our products go to the world Tide shoes list , Man/Woman Converse Men's Shoe's "Breakpoint Pro OX''--White/Black/White Strong heat and wear resistance Quality and quantity guaranteed Very good classificationNike Magista Obra FG Soccer Cleats White/black/volt 641322-370 Sz 6.5 , Nike Sneaker, Gray x Pink, Mesh, Size 11.5 , Gentleman/Lady (BD3223) MEN'S REEBOK ZPRINT 3D BLACK/COAL online sale buy TRUEGentlemen/Ladies Jordans size 10.5 ***Dusty &/or Dirty Online Shopping Attractive fashion Preferred boutiqueNew! Men's ECCO Casual Hybrid Wingtip Golf Shoes Brown Size 9 (42 Eu) 120i mPEAK SHOES XMAS DINNER PEAKMONSTER SIZE 11 GREEN REDNEW Adidas Top Ten LT Suede Retro Low Top Blue  Basketball Shoes Sz 12Adidas Originals Superstar Boost Core White Black Gold Tag BB0188 Rare - NEWadidas MATCHCOURT SLIP Black - Mens - Size 11.5 D , Brooks Glycerin 12 Mens Red Orange White Running Sneakers Shoes Size 9.5 DNike Hyperdunk Low Crft Men's Basketball Shoes, 880881 600 Size 10 NEW , Nike Men's Free Train Versatility Ankle-High Cross Trainer Shoe , adidas NEMEZIZ TANGO 17.3 IN - Black - Mens , NEW ASICS GEL LYTE III FUTURE PACK sz. 9 H637Y.9090 ASICS TIGER RONNIE FIEG , NIKE CURRENT SLIP ON CRIMSON BLACK AIR FLOW ROSHE HUARACHE SZ 8-13 874160-600Nike Men's Stefan Janoski Hyperfeel Xt Ankle-High Skateboarding ShoeNew arrival men's running shoes outdoor sport sneakers for man walking jogging , Adidas Men’s Nemeziz Messi Tango 17.3 Indoor Cleats Soccer Shoes Sneakers CP9106 , Nike Air Force 1 Low Anthracite/White Suede 315122-067 Mens 9 , NIKE ZOOM SB STEFAN JANOSKI CNVS PRM SZ 6 BLEACH DENIM PACK BLUE 705190 401 , Converse 132761C Jack Purcell LTT OX Navy/Grn Men 11 - Women 12.5 Mfg Ret $110 , NIB Mens New Balance 575 Cush+ Men's Running Shoes M575LB2 (Widths - D, 4E)New Balance Mens 1400 Explore By Air Running Shoes Sneakers 1400CBY $169 , Nike Men's Stefan Janoski Slip-On Athletic Snickers Shoes Sizes US 8.5 ; 9 , New Mizuno 410875.991G Wave Inspire 13 Black Men's Running Shoes Size 7 USConverse CONS BREAKPOINT LEATHER OX Shoes Size 11.5 157777C , Converse CTAS II OX 154494C Futura Skyfall Men's 9 - Wmns 11 Mfg Ret $100 ,
    Mens Puma Tazon 6 guptauniver-23044 FM FM Running Shoes 23031 White/ Black/ Silver/ Red Sz 9.5 18987302 9e80625 ->Mens Puma Tazon 6 guptauniver-23044 FM FM Running Shoes 23031 White/ Black/ Silver/ Red Sz 9.5 18987302 9e80625 -
    Frye Melissa Tall Boots Size 8 in Dark BrownNike Tanjun Trainers Mens Black/Black Sports Shoes Sneakers FootwearNew Womens Tommy Hilfiger Black Hillary Leather Boots Ankle ZipVersace 19.69 C17 VELOUR TAUPE boots Women's Taupe AU , Trotters Women's DEA Ballet Flat Blush 7.5 S USKaty Perry Women's The Jessica Ballet Flat - Choose SZ/ColorJ.CREW SATIN SLIDES WITH FLORAL EMBELLISHMENTS SIZE 6M TUSCAN OLIVE G8895OluKai Women's Miki Li Slip-On Sneaker Trench Blue/Vintage Indigo TextileST. JOHN Gold Metallic Leather Slingback Pumps Sz 11 Spain EUC , Sam Edelman Mara Platform Heels - Women's Size 8M - SilverWomens Super High Heels Patent Leather Shoes Pumps Open Toe Ankle Strap Sandals , Chloe Shoes 733321 Pink 37 1/2 , Giuseppe Zanotti Gray Bejeweled Metallic Heel Peep Toe Pumps SZ 37.5 , ANTHROPOLOGIE SCHUTZ MIKELLA PLATFORM HEEL sz. 8B , Man's/Woman's Hogan HXW2300N41055UQER46 Sandals Women's Silver US Guarantee quality and quantity a wide range of products wonderfulNike Running shoes 705394-413 Nike Triple Jump Elite Blue Size 9 , ASICS GEL RESPECTOR SZ 6 INDEPENDENCE 4TH OF JULY PACK RED WHITE H6U3L 2525 , Adidas Superstar Winter Men’s Basketball Shoes Suede Mesa Brown B27574 Size 11.5 , adidas Men's Tech Response WD Ftwwht/C Golf ShoeNike Zoom Hyperrev 2016 Pink Kay Yow Breast Cancer Awareness Basketball Shoe 16 , Hello Asics Gel Cumulus 19 Mens Shoes (2E) (9690) , VANS ULTRARANGE RAPIDWELD MEN'S SHOES LIFESTYLE COMFY SNEAKERS , ❤ Caterpillar Men's Second Shift Steel Toe Work Boot- Size 11 Wide NEW , Men’s McRae 11" Metatarsal Guard Steel Toe Boot Cognac Size 7 #NKVD4-M487 , New Bettye Muller Size 35 Black Suede Booties , Fashion Women Leather Square Toe Back Zipper Mesh Mid Calf Boots Stilettos Shoes , Sexy Roman Womens tassel Pointed Toe Over Knee Riding Boots Gladiator Shoes , Women's Tall Riding Biker Pirate Combat Buckle Black Leather Boots Size 7MNew 9 West women shoe boot vintage knee taupe neutral leather high heel size 8 , Shyanne Womens Daisy Mae Cowgirl Snip Toe Cognac Sz 9 B Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mens Puma Tazon 6 guptauniver-23044 FM FM Running Shoes 23031 White/ Black/ Silver/ Red Sz 9.5 18987302 9e80625 -

    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.

    Mens Puma Tazon 6 guptauniver-23044 FM FM Running Shoes 23031 White/ Black/ Silver/ Red Sz 9.5 18987302 9e80625 -

    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
    Mens Puma Tazon 6 guptauniver-23044 FM FM Running Shoes 23031 White/ Black/ Silver/ Red Sz 9.5 18987302 9e80625
    Athletic Shoes