Never miss an update

Ariat 10018567 Powerline 8" 29557 EH H2O H2O 400g Safety Toe EH Rated Logger Work Boots 872c02f

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: Ariat
Material: Leather Color: Brown
Pattern: Solid Fastening: Lace Up
Style: Work & Safety Features: Cushioned, Composite Toe, Waterproof, Insulated
Never miss an update

Ariat 10018567 Powerline 8" 29557 EH H2O H2O 400g Safety Toe EH Rated Logger Work Boots 872c02f -

    Ariat 10018567 Powerline 8" 29557 EH H2O H2O 400g Safety Toe EH Rated Logger Work Boots 872c02f
    Ariat 10018567 Powerline 8" 29557 EH H2O H2O 400g Safety Toe EH Rated Logger Work Boots 872c02f
    Webyshops UNDE-1261918-290- Under Armour Mens UA Infil GORE-TEX BootsAriat Men's Circuit R Toe Cowboy Boot Spruced Cognac Leather Cowboy Boots , Tin Haul Men's No Trespassing Shotgun Sole Cowboy Boot Square Toe - , Boulet Men’s Embroidered Boot - Square Toe - 6250 , Rancho Illinois - Cowboy Boots with Flames , Vintage Unbranded Men's Tall Rare Black Leather '50s Riding Boots 9.5MVINTAGE 1970s Black Leather US ARMY Combat Military CAP TOE Work Boots - MEN'S 6New Rock M1474-S1XX Mens Studded Ankle Boot , Mens Vulpine Mukluks Genuine Leather Winter Boots with Liners Sz 9 Handmade , Tony Lama Men's OSTRICH LEG KILLEEN CHOCOLATE Cowboy Boot Square Toe TL5300 , MEN'S HARLEY DAVIDSON BOOTS 41 SCARCE MODEL 2002 WORN TWICE PERFECT CONDITION895 Gravati Peccary Chukka Deerskin Boots sz 9MCorral Men's Snip Toe Leather Cowboy Western Boots Tan Chocolate G1301 , US VINTAGE DISTRESSED CHIPPEWA BROWN LEATHER STEEL TOE MOTORCYCLE BOOTS 11 EEJohn Deere Men's 8 Brn Waterproof Farm/Wrk Nst LU - Choose SZ/color , FRYE Men's Edwin Chelsea Boot - Choose SZ/ColorDan Post Caiman Denver Western Boot 11.5 ew US alligator Crocodile mensSendra Boots Style 2605 Brown Leather Western Cowboy Boots , Lowa Mens Renegade Ice GTX G3 Boots 410945 0999 Dark Brown Size 9New ALLEN EDMONDS Brown Yuma Sturgis 2.0 Leather Boots Shoes 12 D , visvim GRIDWOOD MOC TOE-FOLK US10 L.Brown Mouton Boots , FRYE Mens Jones Chelsea Boot D US- Pick SZ/Color.NEW ROCK CLASSIC 272-S1 METALLIC BLACK GOTH KNEE HIGH ZIP LEATHER BUCKLE BOOTS , $765 Peal & Co by Alfred Sargent Burgundy New Men's Chukka Boot Size 10.5 , LUCCHESE Brown Red Leather OSTRICH Struzzo Mens Cowboy Shoes Boots - 9 , NIB - HANWAG Men's TATRA LIGHT GTX Brown GORETEX HIKING BOOTS - 8 , John Varvatos Collection Fleetwood Sharpei Chelsea Boot. Size 9. , Gentlemen/Ladies Mongolian Mukluk Winter Fur Boots Exquisite (middle) workmanship Win highly appreciated Rich on-time delivery , NIB AMI Paris by Alexandre Mattiussi Suede Chelsea Jodhpur Boots (Brown) RRP$650 ,
    Ariat 10018567 Powerline 8>Ariat 10018567 Powerline 8
    FRYE Women's 8R Harness Boot Black-77455 Size 5.5 , NEW BALANCE MENS ARISHI V1 HEMP MOONBEAM 4E SHOES **FREE POST AUSTRALIAAdidas Originals Arkyn W [B37071] Women Casual Shoes Grey/Clear Orange , Kensie Estan Ankle Strap Block Heel Dress Sandals 035, Black, 8.5 US / 40 EULucky Brand Womens Madoz Leather Pointed Toe Slide Flats , [CR LOVE]::NEW! COUNTRY ROAD SZ 8 (39) 'CADIE BROGUE OXFORD' WHITE LEATHER , Authentic Tory Burch 'Melinda' Ballet Flat Shoes Size 4 M , New Sperry Top-Sider Firefish Stripe Multi Tan Leather Boat shoe/ STS98192 $80 , Apex Brand Women's Mary Jane Bone Size US 9 ( ) New !!!!!Brand New Jeffrey Campbell Handmade Havana Last Night Walk Shoes Beige 8 , BLACK OR RED PATENT SUEDE HIGHS BOOTS SIZE 6-16 HEELS-5,5"-PRODUCER POLAND , GUESS Womens kenzie2 Open Toe Ankle Strap Classic Pumps Blush Suede Size 6.5 wGiuseppe Zanotti Black Patent Stiletto Heels IT 38 , Womens Fashion Peep Toe Wedge Woven Heel Strap Buckle Slingbacks Sandals Shoes , Jordan XVI Sz 8.5 Black/Red - air original 2001 16 vintage xv xvii cdp bred ogFITFLOP WOMENS CLARA SHEARLING SUEDE MOCCASIN SLIPPERS TUMBLED TAN SIZE 10 , ASICS GEL KAYANO TRAINER SZ 11 MONOTONE PACK MONO RED H6M4N 2525 , Nike Air Huarache Run Drift AH7334-600 Men's Sizes US 7 ~ 15 / Brand New in Box!2017 Air Force 1 SF AF1 SZ 11.5 Velvet Brown Special Field LTD 864024-203Onitsuka Tiger Mexico 66 DL408 1659 Mens Shoes Birch India Ink Latte Sneakers , Anatomic & Co. Driving Shoe Chocolate Size 9 , OLUKAI MENS SANDALS MEA OLA TAN DARK JAVA SIZE 15NEW British Knights Roco B37-3710-06 Womens Shoes Trainers Sneakers SALESoft Style Women's Angel II Marsala Kid , Womens Archlight Chunky Oversize Rubber Sole Sneakers 90s Futuristic Jaden Smith , Nike Free RN 2018 Summer Womens AO1911-700 Lemon Wash Running Shoes Size 8.5 , Crocs Women's Crocband Jaunt Rain Boot - Choose SZ/Color , Gentleman/Lady SHAKER-52 wholesale Used in durability Sales online store , Burnetie Women's Snow Booties Boots Shoes Grey Leather Full W US Size 10 Eur 41 , Women's Justin Square Toe Sorrel Boots 12" Stampede Boot - Size US 7
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ariat 10018567 Powerline 8

    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.

    Ariat 10018567 Powerline 8" 29557 EH H2O H2O 400g Safety Toe EH Rated Logger Work Boots 872c02f -

    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
    Ariat 10018567 Powerline 8" 29557 EH H2O H2O 400g Safety Toe EH Rated Logger Work Boots 872c02f