Never miss an update

NEW Realtree Habit Men's Camo Waterproof 29918 All-Weather Boots MED 6 MED Realtree Brown FW1008 cdd6ceb

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: Habit
Style: Work & Safety US Shoe Size (Men's): 6
Euro Size: EUR 39 Pattern: Camouflage
Features: Insulated, Slip Resistant, Waterproof Color: Brown
Material: Man Made Width: Medium (D, M)
Country/Region of Manufacture: China Fastening: Slip On
UPC: 817817024781
Never miss an update

NEW Realtree Habit Men's Camo Waterproof 29918 All-Weather Boots MED 6 MED Realtree Brown FW1008 cdd6ceb -

    NEW Realtree Habit Men's Camo Waterproof 29918 All-Weather Boots MED 6 MED Realtree Brown FW1008 cdd6ceb
    NEW Realtree Habit Men's Camo Waterproof 29918 All-Weather Boots MED 6 MED Realtree Brown FW1008 cdd6ceb
    Clarks Men's DARIAN MID Leather/Suede Boots Chestnut 10288 a1 , Herman Survivors Men’s Size 8 Camo 3M Waterproof Thinsulate Ultra 400 Gram BootsHunter for Target Short Low Rain Boots NWT SOLD OUT Size 12 Olive GreenNew Men's Formal faux leather Pointed Toe heel Knee High Boots Retro Shoes #Josef Seibel Men's Black Leather Ankle Boots Size-43Clarks Men's Ankle Chukka Boots Brown Leather Size 10.5 EUCVintage Cowboy Boots Brown Leather Mens 8.5 9 Country Western Rockabilly Shoes , Thorogood Mens sz 9 Wide Brown Leather Non-Slip Safety Toe Work Shoes ZV-1133Unlisted by Kenneth Cole New Men's Fashion Design 301955 - Black- Size 13MEN'S RODEO COWBOY BOOTS GENUINE LEATHER WESTERN SQUARE TOE BOOTS HONEY COLOR2019 Metal Chain Classic Tall Boots Mens Black Leather Motorcycle Zipper Shoes , Men Boots Rivet Chic Show High Top Flat Occident Round Toe Casual Side Zip NewMens Riding Combat Military Leather Back Zipper Knee High Boots Punk Fashion Hot , Nocona Cowboy Boots Brown Leather Mens Size 9 EE Extra Wide Country Western USAAston Grey Mens Ankle Boots BOWERS Distressed Gray Leather Zip Cap Toe Sz US 9.5Sperry Top Sider Mens Boots Size 9M Brown Mens Chelsea Slip On Boots , AdTec Men's 9644 Uniform Composite Toe Work ShoeMen's Military Army Desert Combat Boots Fashion Outdoors Climbing Walking ShoesCobra Men's Work Boot Genuine Leather C11 Brown Oil & Slip Resistant , Skechers Men's Work Relaxed Fit Flex Advantage Bendon SR Sneaker , Mens Boots Julius Marlow 33 Manny Black or Brown Pull on Boot Size ShoesNEW Men's Winter Warm Wool Fur Lined Snow Boots Casual Thicken Faux Suede Shoes , Clarks Men's Bushacre 2 Classic Chukka Boots TW4 Dark Brown Size 7M , Clarks Men's Bushacre Rand Boots Dark Green Style 12319Florsheim Imperial Mens Black Leather Zip Up Beatle Boots 92125 Shoe Size 5.5D , Men's Justin Black Cherry Leather Western Cowboy Roper Boots sz: 9.5 DBriton Favorite Mens Retro Leather Pointy Toe Roman Brogue Zip Punk Ankle Boots , Faranzi Men's Fashion Black Ankle Boots FB41314Western Style 76353 GRAY Dress Ankle Boots Size 9 D
    NEW Realtree Habit Men's Camo Waterproof 29918 All-Weather Boots MED 6 MED Realtree Brown FW1008 cdd6ceb ->NEW Realtree Habit Men's Camo Waterproof 29918 All-Weather Boots MED 6 MED Realtree Brown FW1008 cdd6ceb -
    Ladies Hunter Original Tall Winter Muck Garden Wellies Knee High Boots All Sizes , Corso Como Womens Roster Ankle Bootie- Pick SZ/Color.Reebok Furylite Slip-On RD Road Triple Grey Mens Casual Shoes Sneakers AR0577 , Womens ANYI LU brown leather knee high boots sz. 41.5 NEW! $795 , Man/Woman L.K. Bennett Gold Loafers, Size 42 Online Shopping New style Export , Woman by Common Projects Brown Leather Pointed Toe Flat Sandals 40/ 10~ RTL$390CYDWOQ Women's Blackish Brown Leather Slip-0n Shoes 40.5Klogs Isabella Women's Leather Clogs Display Shoes Model Black KPR 9 M , Pleaser Women's Adore-708 Ankle-Strap Sandal Clear/Neon White 10 M USBig Girl JILL STUART Black Leather Heels with Bow Strap Size 6 ITALY , Donald J Pliner ZAZAS Women's Designer Open Toe Pumps Beige / Bronze/ Pewter 7.5Romans Womens Leather Tassel One Straps High Block Heel Zipper Shoes Sandals SZ , Gentlemen/Ladies Slide Sandals Designer wear Quality products luxurious Beautiful and charmingMr/Ms Van's shoes Every item described is available Various types and styles Excellent function , NEW NIKE JORDAN SUPER.FLY 5 PO SHOES MEN SZ12 EXCELLENT CONDITION , Asics GEL-Tactic [B702N-401] Men Volleyball Badminton Shoes Blue Print/WhiteNEW Puma RBR WSSP Disc Mid Logo 305939-01 Mens Shoes Trainers Sneakers SALE , Converse Malden Arctic Racer Hiking Shoes Boots High Top 12 Weapon Varvatos , Adidas Crazy Explosive Primeknit Boost Basketball Shoes Sneaker Size 13 , adidas Golf Mens Crossknit Boost C/on Shoe- Pick SZ/Color. , DC Men's Heathrow Casual Skate Shoe - Choose SZ/Color , JOHNSTON And MURPHY Heritage 9.5D Brown Leather USA Made Men's Cap Toe Oxfords , New Balance Epictryp Made In England "YARD PACK" Men's Size 8 NEWNike Women's MD Runner 2 BR Running Shoes size 7 style 902858-400 , NIKE AIR MAX 2017 RUNNING SHOES BLACK SIZE 8.5 BRAND NEW WITH BOX (849560-001) , $160 Asics Womens GEL-Kayano 23 Running Shoes, Silver/Pink Glow/Purple, US 11.5 , NIKE AIR MAX THEA PRINT WOMEN's RUNNING MESH BLACK - WHITE AUTHENTIC NEW IN BOX , Hoka One One Women's Vanquish 3 Running ShoeMadden Girl Women's Winwood Block Heel Ankle Boots Black Multi , VTG Zodiac Women's Cowboy Boot Beige Navy Blue Snakeskin Print Western Size 5.5M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW Realtree Habit Men's Camo Waterproof 29918 All-Weather Boots MED 6 MED Realtree Brown FW1008 cdd6ceb -

    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.

    NEW Realtree Habit Men's Camo Waterproof 29918 All-Weather Boots MED 6 MED Realtree Brown FW1008 cdd6ceb -

    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
    NEW Realtree Habit Men's Camo Waterproof 29918 All-Weather Boots MED 6 MED Realtree Brown FW1008 cdd6ceb