Never miss an update

BURTON USA boots Men's 8763 Freestyle Imprint Imprint 2 size 12 USA 5107bf2

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Burton
US Shoe Size (Men's): 12 Style: Snow, Winter
UPC: Does not apply
Never miss an update

BURTON USA boots Men's 8763 Freestyle Imprint Imprint 2 size 12 USA 5107bf2 -

    BURTON USA boots Men's 8763 Freestyle Imprint Imprint 2 size 12 USA 5107bf2
    BURTON USA boots Men's 8763 Freestyle Imprint Imprint 2 size 12 USA 5107bf2
    Men's/Women's Rocky LT Waterproof Camo Western Boot Wear resistant Medium cost Current shape , Men's Los Altos TABACCO Charro Ankle Nubuck Suede Boots Leather Outsole D , Merrell Moab 2 Mid GTX Gore-Tex Waterproof Mens Walking Hiking Boots Size 7-13Frye Oliver Inside Zip Black Leather Boots - Mens 8 D , New Balance 703 Gore-Tex Mens Hiking Boot Shoe Vibram Olive Green MO703HGT 12 4EMan's/Woman's Thorogood Men's Deuce 8 Inch Boot Special purchase Strong value valueNEW Cowboy western work boots mens 9 DJustin Men's Choco Puma Buffalo Boot SV7215TWISTED X MEN'S 10" DISTRESSED SADDLE BROWN PULL ON WORK BOOTS MWP0001 SALE!! , NEW USGI Military Mickey Mouse Boots Black Extreme Cold Weather with ValveJustin 8480 Brown Leather & Exotic LIZARD Fine Western Boots Mens 10D USA MadeARIAT TYCOON BAR TOP BROWN BLUE BROAD SQUARE TOE 10 D WESTERN BOOT 10014053 , Men's Original Michel Genuine Cowhide Grasso Leather Work Boots Rubber SoleDan Post Dingo Amsterdam 01-DI15240-BK Men's 12" Black Leather Cowboy Boots , Vintage Tony Lama Black Label Leather Boots Size 10 - 10.5 Mens , HARLEY DAVIDSON Mens 12 MATTE BLACK Riding Boots Slip On Buckle EMBROIDERED , 11.5 W men's 1200 gram ROCKY 10" CLAW RKS0334 Hunting Boots Waterproof InsulatedMen's Los Altos Charro Botin Short Ankle Boots Nappa Leather Rubber OutsoleMen's Original Michel Genuine Leather Western Work Boots Industrial Rubber SoleMen's The North Face Storm III Mid Waterproof BootsMENS MOTORCYCLE BIKER WATERPROOF SHORT HARNESS BOOTS SHOES w/ ZIP & BUCKLE -SABLARIAT Overdrive Xtr Men’s Size 8 EE Work Waterproof Ankle Boots Shoes ZV-1195DDB0088 Gambler by Durango Men's Western Stitched Cowboy Boot - Brown NEWKeen Utility Men's Flint Low Steel Toe Hiker Workshoe Shitake/Rust, Style 10079 , Georgia Waterproof Wedge Work Boot Distressed Brown GB00124 , Dan Post Men’s DP4512 Bradey Cowboy Certified Square Toe Boots Tan/Brown/Multi , Cole Haan Brown Leather Ankle Boots Mens Size 10 , Dingo Men's Rev Up DI19094 , Kenneth Cole Mens Click Sound Wingtip Boots Cognac Leather 9 NEW IN BOX
    BURTON USA boots Men's 8763 Freestyle Imprint Imprint 2 size 12 USA 5107bf2 ->BURTON USA boots Men's 8763 Freestyle Imprint Imprint 2 size 12 USA 5107bf2 -
    Dolce Vita Women's Marra Fashion Boot, Smoke Suede, 9.5 Medium USNEW BORN Delall Black Distressed Suede Leather Riding Boot Size 12 M Side Zipper , Asics Gel-Beyond 5 V Energy Green White Men Badminton Volleyball Shoe B601N-7701Jack Rogers Harper Womens Riding Boot- Choose SZ/Color.FRYE Anna Shortie Flat Boots, Dark Brown, 5.5 US , TORY BURCH Shaw Flat Logo Espadrille Hibiscus Flower Pink Size 8 , SAS Womens Shoes Siesta White Sz 6.5 N Narrow Comfort USA Made $129 Retail , Women's denim kitten heels pointy toe Slip on Slippers shoes stylish stilettosGentleman/Lady Casadei High Heel Pump Practical and economical Strong value Various latest designs , Donald J Pliner " Ibby " pump sz 7.5 Metallic Beige , Alexander Wang Crisscross-Strap Marcelle Snakeskin Pumps Size 9.5 Retail $795 , Womens Rhinestone Jewelry Wedding High Heel Platform Prom Dress Sandal Shoes newVia Spiga Womens Wendi Open Toe Casual Ankle Strap, Rosegold Leather, Size 9.5 k , Jessica Simpson Women's Elisbette Heeled Sandal - Choose SZ/Color , NEW BALANCE 519 shoes for men, Style MX519WG, NEW, US size 13NIKE AIR FOOTSCAPE NM HYPER COBALT BLUE BLACK SAMPLE SIZE 852629 400 sz 9Mr/Ms Asics Men's Aggressor 2 Wrestling Shoe Not so expensive Make full use of materials retail price , NIB Women's Nike Air max Guile Cobble Stone Size 8.5 Very Nice!!!Nike Air Max 90 Ultra 2.0 Flyknit Shoes White White Pure Platinum SneakersMens Boots British PU Leather Outwear Army Boots Low Heels Stylish Shoes , MEN'S SHOES SNEAKERS MERRELL TERRAMORPH MID WP [J09481] , Brooks Brothers Peal & Co Leather Ankle Strap Buckle boots 8.5Cedar Elements Little Wholesale Program - Cedar Shoe Trees - 6 Pairs L , FILA Women's Disruptor II Premium PRM Split Pink Burgundy White 5FM00063-662 , ADIDAS NMD R2 WOMEN WONDER PINK CORE BLACK BY9521 SIZE 8 9 10 11 , Adidas AQ0869 Superstar Slip on Casual shoes blue SneakersGeox Women's Shahira Sneaker D62N1B Black Leather/Mesh SneakersCelebrity Womens Zipper Pointed Toe Bohemia Block High Heel Ankle Boots Shoes SzVintage Nocona Black Bullhide Cowboy Boots Mens 5 D Womens 6.5 M Very Good CondWomen Genuine Leather Pointed Toe Ankle Boots Motorcycle Riding Tassel SHoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BURTON USA boots Men's 8763 Freestyle Imprint Imprint 2 size 12 USA 5107bf2 -

    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.

    BURTON USA boots Men's 8763 Freestyle Imprint Imprint 2 size 12 USA 5107bf2 -

    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
    BURTON USA boots Men's 8763 Freestyle Imprint Imprint 2 size 12 USA 5107bf2