Never miss an update

Salomon Women's Salomon Snowtrip TS WP Boots - DEGREE MINUS THINSULATE 200G UPTO MINUS 18 DEGREE C! fe176ba

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Shoe Type: Boots
Colour: Black Brand: Salomon
Material: Synthetic suede and textile upper
Never miss an update

Salomon Women's Salomon Snowtrip TS WP Boots - DEGREE MINUS THINSULATE 200G UPTO MINUS 18 DEGREE C! fe176ba -

    Salomon Women's Salomon Snowtrip TS WP Boots - DEGREE MINUS THINSULATE 200G UPTO MINUS 18 DEGREE C! fe176ba
    Salomon Women's Salomon Snowtrip TS WP Boots - DEGREE MINUS THINSULATE 200G UPTO MINUS 18 DEGREE C! fe176ba
    Clarks Mens Baystonego GTX , Mahogany Leather G , Nike Lunar Force 1 Duckboot 17" Black - BRAND NEW - Size 10 USSAFETY BOOTS NEW YAKKA JACK MENS SALEMan/Woman NEW Blaq Daniel Chukka Boot Chocolate Reasonable price Good market Don't worry when shopping , Gentleman/Lady RABEN Men Dress Boots RAB8128 Tan bargain Primary quality Quality and consumer firstMen/Women BLUNDSTONE 510 excellent quality Wholesale trade Strong heat and heat resistanceBlundstone 1403 URBANS Non Safety Soft Toe Casual Dress Boot Black/Blue , Made in Australia SIZE 13 SAFETY SHOE BOOT 100 % LEATHER SUEDEBlackfox Oregon French Designed Ankle Boots For MenMen/Women Blundstone 142 Steel Cap Safety Boots New product Attractive fashion Vintage tide shoesNew Mens Works Safety Shoes Steel Toe Cap Size 6.5/7/7.5/8/8.5/10/11 PEH022 , Mack Boots – Blast – Honey – Steel Toe , DR. MARTENS AirWair White Blanc Weis Size UK: 10.5Brand New In Box Tredlite Leather Work Safety Steel Cap Boots Size 8Men/Women Taipan Boots excellent quality Quality and quantity guaranteed Seasonal promotionBata Utility White-White 400mm Safety Steel Toe GumbootsKickers Men s Kick Hi Core Boots, Red, 10.5 EUMack Boots Pour Penetration Resistant Gumboots With Steel Toe CapGentlemen/Ladies Taipan Boots selling price Low price Reliable reputation , ROCKROOSTER Men's Pull On Steel Toecap Slip-Resistant Work Boots Bakken AK227Gentleman/Lady DAGGER-3063 Black main category Year-end sale International big name , Mr/Ms Taipan Boots sell buy Cheap order , Mr/Ms INDULGE-3011 Black Long-term reputation Let our products go to the world Most practicalREDBACK E/S Bobcat Soft Toe Black Oil Kip UBBKGentlemen/Ladies mens boots Moderate price Modern and stylish fashion Preferential price , Mr/Ms DELIGHT-3028 Black Patent Innovative design Optimal price Breathable shoes , Man's/Woman's BLUNDSTONE 311 Fine processing First grade in its class Authentic guaranteeClarks Originals Mens DESERT BOOTS NAVY SUEDE FSafety Work Shoes Boots Composite Toe Antistatic Antislip Oil Resistant
    Salomon Women's Salomon Snowtrip TS WP Boots - DEGREE MINUS THINSULATE 200G UPTO MINUS 18 DEGREE C! fe176ba ->Salomon Women's Salomon Snowtrip TS WP Boots - DEGREE MINUS THINSULATE 200G UPTO MINUS 18 DEGREE C! fe176ba -
    Steampunk Burner Boots Buckles Space Pirate Medieval Knight Costume Mens BootsNike Zoom All Out Low Running Mens Shoes Dark Grey 878670-012Ladies Skechers Thongs On the Go Vivacity Purple , Top End Sexy Leather Purple Wedges Snakeskin Pattern Euro 38 AU 7 / 10 cm Heel , Parker Roche Ashley Navy Suede / Navy Print Low Heel Sandal Size 37DRIES VAN NOTEN Shoes 540350 SilverxMulticolor 37Natural Soul Luxe Zip Up Slip On - Women's Size 8.5M Black , NEW BEAUTIFUL CORK CAMEL BEIGE BROWN OPEN TOE SANDALS PUMPS SHOES HEELS SIZE 8 , Women's Square Toe Block Heels Elegant Suede Patent leather Fashion Ladies ShoesBoc Born Size 10 Brown Leather Wedge Sandals New Womens Shoes , PLEASER HIGH PLATFORM 8" HEEL SANDAL STRIPPER EXOTIC DANCER OPEN TOE WOMEN SHOESMr/Ms STEVE MADDEN Soph Women | Black Elegant and sturdy set meal Sufficient supply Cheap order , AUTHENTIC MSRP $580 MIU MIU WEDGE BROWN WOOD SANDLES 36 US 6Womens shoes Purple Suede Silver Leather Tweed Limited Collection Handmade NewReebok Size 7 White Light Weight Running Sneakers New Womens Shoes , Jordan 88 Racer Mens Running Shoes White Fire Red Black AV1200 100 , Man's/Woman's VEGO MID LTR WP BROWN New Listing Clearance Fair priceSALE ADIDAS ORIGINALS EQT SUPPORT ADV CK PARLEY WHITE SZ 8-13 AC7804 NEWadidas NMD_XR1 “Olive Green” Men Trainer Limited Edition "All Sizes"Nike Acronym Air VaporMax Moc 2 Dark Stucco AQ0996-102 SAIL/CARGO US 10.5Gentleman/Lady NBA Speed Court Basketball Shoes Customer first low cost Elegant and solemnLos Altos BROWN Teju Lizard Square Toe TPU Rubber Sole Western Cowboy Boot EEmen's black Allen Edmonds Bridgeton tasseled loafers size 9 D , Pleaser Pink Label Women's Chloe 02 Platform Mary Jane Black Patent HeelsPUMA FIERCE KRM Cross Trainer Sneaker Shoes Black / Dark Shadow 189866 04 Size 8Merrell Women's Jungle Moc Waterproof Slip-On Shoe - Choose SZ/ColorNike Lunarepic Flyknit Clear Jade/White-Hyper Turquoise 818677-301 SZ 10.5 , Nike W Air Vapormax Plus Light Menta White Total Crimson Blue AO4550-100 Size 61970s DEXTER Vintage Tan Leather USA-made Hiking Backpacking Boots Womens 7 MMan/Woman LEWIT Abra Bootie SZ 38.5 Queensland Clearance Exquisite workmanship
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Salomon Women's Salomon Snowtrip TS WP Boots - DEGREE MINUS THINSULATE 200G UPTO MINUS 18 DEGREE C! fe176ba -

    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.

    Salomon Women's Salomon Snowtrip TS WP Boots - DEGREE MINUS THINSULATE 200G UPTO MINUS 18 DEGREE C! fe176ba -

    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
    Salomon Women's Salomon Snowtrip TS WP Boots - DEGREE MINUS THINSULATE 200G UPTO MINUS 18 DEGREE C! fe176ba