Never miss an update

Under Under Armour SpeedFit Mens Hiking 29992 Boots SpeedFit Brown/Tan Camo 1257447 951 NEW Size 11.5 1fc20e8

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Brand New
Modified Item: No Euro Size: EUR 45,5
Style: Hiking Shoes Brand: Under armour
US Shoe Size (Men's): 11.5 UPC: Does not apply
Never miss an update

Under Under Armour SpeedFit Mens Hiking 29992 Boots SpeedFit Brown/Tan Camo 1257447 951 NEW Size 11.5 1fc20e8 -

    Under Under Armour SpeedFit Mens Hiking 29992 Boots SpeedFit Brown/Tan Camo 1257447 951 NEW Size 11.5 1fc20e8
    Under Under Armour SpeedFit Mens Hiking 29992 Boots SpeedFit Brown/Tan Camo 1257447 951 NEW Size 11.5 1fc20e8
    Nike Air Force 1 Ultra Flyknit Low Men's String/String/White 17419200Nike Air Jordan Westbrook Zero.1 "Why Not" GEORGETOWN HOYAS AA2510-406 Sz 10.5Men's Nike Air Jordan Ultra Fly 2 Black/White Sizes 8-12 New In Box 897998-010Men's Nike Frree RN CMTR 2017 Premium Running Training Shoes Size 10 NEW , Puma X Meek Mill X Silver Basket shoes mens new sneakers 359261 01 , LaMarcus Aldridge PE Sample Nike Air Max Huarache Rare Trailblazers 17 LA12NEW Diadora Mens Diadora Titan Leather L/S 501.160354101 Running SHOES BurgundyNike PG 2.5 EP Paul Goerge Mens Basketball Shoes Sneakers Pick 1 , New Men's Asics Gel-Lyte III - Size 12 - Peacock Blue/Black - H642L 4390 , Nike Flyknit Racer Shoes Style 526628 - 104 Men's Size 8.5 Tranquil GreenNIKE LEBRON SOLDIER XI 11 TB PROMO | 943155 003 | SIZE 14 , NEW US:7.5 adidas Originals Men's SAMBA OG SNEAKERS. CQ2149 RARE LAST1Nike Mercurial Superfly VI Pro FG Soccer Cleats White/Gray/Orange AH7368-107 , Nike Air Jordan Retro 3 iii Infrared 23 Cement True Blue Tinker Katrina Mens 8.5Nike Free Inneva Woven II 2 SP Lakeside Ice Blue Footscape SZ 8.5 ( 813040-440 ) , Nike Kobe XI 11 Men 11 Basketball Shoes Asteroids Sunset Crimson 836183 805 FFMan/Woman Nike Mercurial Superfly  soccer cleats 1/777 Moderate price Medium cost Seasonal hot sale , Nike KD8 Kevin Durant VIII Elite Away Black Gold 834185 071 Mens Size Size 7.5MEN'S NIKE FLYKNIT RACER 526628 301 SPORT TURQUOISE/HYPER GRAPE SIZE 11 USNike KD10 Kevin Durant 'Multicolor' Shoes - Men's Size 11 - BRAND NEW NEVER WORN , Asics Onitsuka Tiger Mexico 66 VIN Vintage Black Men Women Shoes D2J4L-9086 , Nike Kyrie 3 University Red Suede Basketball Shoes 852395-601 Size Men's 12 US , NIB Men's Nike AIR MAX ZERO SE 918232 200 SHOES Velvet Brown Dusty Peach Cargo , Nike Air Max CB34 Grey Red White Size 11.5 New 88341966421214 Barkley Basketball2018 Nike Air Huarache Run 91 OG QS SZ 12 White Magenta Black Volt AH8049-101NIKE Air Max 95 Mens Sz 8.5 Shoes Wolf Gray Black 609048 088NEW SZ 11.5 MENS NIKE AIR MAX 1 FB PREMIUM QS MERCURIAL PACK SHOES $130 665874Nike Lunarepic Low Flyknit 2 Explorer White/Black/Bronze Oreo Mens 904742 100 , Nike Air Huarache 91 QS AH8049 101 OG 1991 Magenta Men ,
    Under Under Armour SpeedFit Mens Hiking 29992 Boots SpeedFit Brown/Tan Camo 1257447 951 NEW Size 11.5 1fc20e8 ->Under Under Armour SpeedFit Mens Hiking 29992 Boots SpeedFit Brown/Tan Camo 1257447 951 NEW Size 11.5 1fc20e8 -
    Eastland Women's Layla Chukka Boot Brown 8 M US , adidas Ace Tango 17.3 IN Football Trainers Mens US 10.5 /3 3920 , Nike Downshifter 8 908984 300 Mens Running Shoes Deep Jungle Pumice SneakersLadies Clarks Smart Slip On Shoes Bodkin Beach , Skechers Women's Cleo-BAM-Engineered Knit Skimmer Ballet Flat Black/Charcoal ... , J. CREW 02959 Monk Strap Cap Toe Loafer Made in Italy Blue Leather $298 sz 7.5**Naturalizer Samantha Flats - Women's Size 7 W - Brocade/Multi-coloredLadies Slingbacks Pointed Toes Shoes Summer T-Strap Slip On High Heel SandalsPLEASER PINK LABEL Pinup-07 Series 4 1/2" Heel Extended Size Platform PumpMan/Woman Fabulicious CHIC-09 Fine workmanship High-quality materials buy onlineMr/Ms Nina Chantelle Women's Sandals Ballet Pink Best-selling worldwide modern Elegant and stable packaging , Under Armour Men's Drift 2 X Camo RFLT  (Size 8)Nike 631658-416 Match Supreme Premium Red White Blue Athletic Men’s Shoes Sz 13 , Nike Air Zoom Talaria '16 OG Wolf Grey 844695 003 New With Tags , Nike Men's "George Paul 1" Black - Gold Basketball Shoes Size 11.5 New , Mens adidas Basketball Sneakers Harden Vol 1 Court Shoes White - World Shipping , MEN'S NIKE KYRIE 4 BASKETBALL SHOES COOL GREY "CELTICS" 943806-001 SZ 11.510 MEN'S Nike Zoom Vapor 9.5 Tour PRM Black Pink Tennis Shoes MULTICOLOR FLORALNike Zoom Vaporfly 4% Bright Crimson Ice Blue 10.5 880847-640 100% Authentic , Pikolinos Men's Nerja Sneaker M1H-6200 Dark Grey Leather Sneakers , Men's Brand New Air Jordan 9 Retro "Anthracite" Athletic Sneakers [302370 013] , Wolverine Men's Raider Oxford Contour WELT-M - Choose SZ/Color , Allen Edmonds "FIFTH AVENUE" Oxfords 11 D Walnut EUCNew Men's Real Leather Formal shoes Loafers Slip On Crocodile Embossed O3515Women AQ1214 Adidas Superstar Running shoes white sneakersAdidas B96474 Women Ultimamotion Running shoes black white sneakers*GUESS* GLINNA MATTE BLACK LASER CUT HIGH TOP SNEAKERS (41)Nike LF1 Flyknit Workboot 860558-600 Deep Burgundy Women's Lifestyle Boots NEW! , Hot Sale! Women's Ankle Boots Zipper Studs Rivets Fashion Martin Boots Leather , Dingo Olivia DI522 Womens Black Pigskin Slouch Western Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Under Under Armour SpeedFit Mens Hiking 29992 Boots SpeedFit Brown/Tan Camo 1257447 951 NEW Size 11.5 1fc20e8 -

    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.

    Under Under Armour SpeedFit Mens Hiking 29992 Boots SpeedFit Brown/Tan Camo 1257447 951 NEW Size 11.5 1fc20e8 -

    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
    Under Under Armour SpeedFit Mens Hiking 29992 Boots SpeedFit Brown/Tan Camo 1257447 951 NEW Size 11.5 1fc20e8
    Athletic Shoes