Never miss an update

Men Work Double-H Men Brown BLUE Leather Comp SQUARE Boot Toe 11.5 D WESTERN Work Boot DH5137 2a134db

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: Work & Safety
Features: ASTM, Composite Toe, Cushioned, Lightweight, Slip Resistant Fastening: Slip On
US Shoe Size (Men's): 11.5 Material: Leather
Color: Brown Width: Medium (D, M)
Brand: Double-H Boots Pattern: western
UPC: Does not apply
Never miss an update

Men Work Double-H Men Brown BLUE Leather Comp SQUARE Boot Toe 11.5 D WESTERN Work Boot DH5137 2a134db -

    Men Work Double-H Men Brown BLUE Leather Comp SQUARE Boot Toe 11.5 D WESTERN Work Boot DH5137 2a134db
    Men Work Double-H Men Brown BLUE Leather Comp SQUARE Boot Toe 11.5 D WESTERN Work Boot DH5137 2a134db
    Marsell mens Sancrispa 007 Boots Excellent condition no marks, scratchesMan's/Woman's Dr. Martens Men's Jace Boot Quality products Comfortable touch Elegant and stable packagingRare Chippewa Apache Ranger Mountaineer Hiking Mens Boots 13 D Tar SpotsRush By Gordon Rush Leather Dexter Chelsea Boot - Choose Your Size, BlackOakley 11188 Men's EU42.5 UK8 US9 Fit (LT) Assault 2 Tactical Boots Coyote*BLACK WHITE PHOENIX EMBROIDERED FRYE MEN'S 13 COWBOY WESTERN BOOTS ZIP SIDE EUC , Kenneth Cole REACTION Men's North Bound LE Combat Boot, Brown, Size 8 M USStacy Adams Chelsea Boot Joffrey Plain Toe Cognac 25227-221 , DSQUARED2 MOTORCYCLE ENGINEER BIKER BOOTS ITALY 42, USA SIZE 9, , Columbia Peakfreak Venture Mid Omni-Heat Men's Boots Winter Hiking Waterproof , Danner Fort Lewis - Insulated Gore-Tex Military Combat Boots USA Men's 8 D BlackVasque St. Elias Gore-Tex Hiking Boots - Size 10Nike Lunar Air Force 1 DUCKBOOT BLACK GUM BOTTOM 805899-003 sz 8.5 WINTER BOOTSMens Columbia BUGABOOT NEO TALL PULL ON RAIN BOOT Insulated Boots NEW , Columbia Men's Peakfreak XCRSN II XCEL MID Outdry Hiking Boot - Choose SZ/ColorMen's ARIAT Tombstone Brown / Maroon Square Toe Cowboy Boots 9 1/2 DReef Men’'s Contoured Voyage Le Flip Flop, Premium - Choose SZ/color , Caterpillar Men's Plan Steel Toe Work Boot - Choose SZ/Color , Sz 12 Cole Haan 10" Brown Leather Side Zipper Boot Zip Moto Ankle Campus RockerCOLE HAAN GARY SUEDE BURNISHED TOE & HEELS CHUKKA ANKLE BOOTS SHOES MEN'S 9.5 M , Ariat Men's Cowtown Western Cowboy Boot, Chocolate Bullfrog Print, 9 D US , Harley Davidson Crossroads Hiker Steel Toe Men's US 9.5M Women's 11 NIBReebok Work Duty Men's Rapid Response RB RB8877 8" Tactical Boot , VTG MENS LUCCHESE COWBOY LEATHER BURGUNDY BOOTS SIZE 9 DUNDER ARMOUR SpeedFit 2.0 HIKE MID BOOTS 3000305 / NORI GREEN 102 - ALL SIZESARIAT 10002194 SEDONA BROWN OILED LEATHER COWBOY WESTERN BOOTS MEN'S 10.5 EERocky Boots 16" Full Zip Sz12 Snakeproof Waterproof 3D Leaf Camo Sniper bootsMen's Adidas GSG-9-7 Boots - Core Black - Width: med - Boots , NEW Dr. Martens Men's 1460 Mono 8-Eye Gothic Black Smooth Leather Boot Shoes
    Men Work Double-H Men Brown BLUE Leather Comp SQUARE Boot Toe 11.5 D WESTERN Work Boot DH5137 2a134db ->Men Work Double-H Men Brown BLUE Leather Comp SQUARE Boot Toe 11.5 D WESTERN Work Boot DH5137 2a134db -
    Sam Edelman Women's Juliana Riding Boot Black 8 B(M) USNew Balance MS574NAP D Rose Red White Men Running Casual Shoes Sneaker MS574NAPD , Fontana 2.0 Shoes Women Ankle boots Red 83098 moda1 ORIGINAL , Pleaser Shoes ADORE-709 Black Velvet Tinted 7 Inch Heel Pole Stripper ExoticCalvin Klein Women's Genevieve Mary Jane Flat , Thalia Sodi Lidiaa Women Open Toe US 5.5MWomens Fringe Rhinestones Nightclub High Heels Open Toe Back Zip Party SandalsNB Christian Louboutin So Kate 120 Rose Gold Pink Leather Classic Heel Pump 38.5 , Nike CJ81 Strike TD Megatron Men's Football Cleats Black/White Size 14 SKU 5965 , PUMA Men's ONE 17.4 FG Soccer Shoe, - Choose SZ/ColorScarpe Italiane Zita Men's Shoes Black Leather Casual Trainers New 2114Nike Air Jordan Super.Fly 5 Dark Grey Volt Anthracite 844677 002 Msrp $140 GWNIKE AIR VRTX VORTEX VAST GREY WHITE BLACK 903896-011 Mens Vintage SneakersGentlemen/Ladies adidas stan smith 10.5 Guarantee quality and quantity Low price Great choice881982-001 Nike Men Air Max Zero Premium Tumbled Grey Wolf Grey , Bruno Marc Men's Urban-06 Black Suede Leather Chukka Ankle Boots - 12 M US , TEVA ARROWOOD UTILITY TALL BLACK WATERPROOF HIKING MENS BOOTS SIZE US 12 NEWCorral Men's Genuine Ostrich Cowboy Square Toe Western Boots Chocolate A3468Diadora Size 11.5 M B. ELITE Doe Brown Peach Pearl Suede Sneakers New Mens ShoesVTG Church's Custom Grade Black Wing-Tip Loafers Dress Shoes Sz. 12 C Narrow , Rockport Men's Plain Toe Tan Leather Dress Shoes CH0241Florshiem Richfield Black Leather Slip On Dress Shoes , Nike Downshifter 8 Running Shoes Size 9 Pink & Dark Gray EXCELLENTAltra Women's Escalante Running Shoe, Grey, 9 B USUnder Armour Women's Charged Bandit 3 XCB Running Shoe - Choose SZ/Color , NIB ASICS GEL-Surveyor 5 Running Shoe Aqua Splash/Silver/Diva Blue Sz 8.5 , Mizuno Wave Sayonara 3 Women's Black/Neon Pink 681903Christian Louboutin Hubertus Donna Metallic Leather Sneakers Size 36.5 NIB $895AUTH LUXURY PRADA SNEAKERS SHOES 3E6026 GREY PINK NEW US 11 , Chic Hot Women Occident Pointy Toe Sequin Snakeskin Zipper Wedge Mid-Calf Boot
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men Work Double-H Men Brown BLUE Leather Comp SQUARE Boot Toe 11.5 D WESTERN Work Boot DH5137 2a134db -

    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.

    Men Work Double-H Men Brown BLUE Leather Comp SQUARE Boot Toe 11.5 D WESTERN Work Boot DH5137 2a134db -

    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
    Men Work Double-H Men Brown BLUE Leather Comp SQUARE Boot Toe 11.5 D WESTERN Work Boot DH5137 2a134db