Never miss an update

Muck Boots Slip-on Otter 29586/Navy/Fog Women's Arctic Women's Apres Slip-on Boot - Size 9 6658b66

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: The Muck Boot Company
MPN: AP8-201-BLU-090 Style: Boots
US Shoe Size (Women's): 9 UPC: 664911052543
Never miss an update

Muck Boots Slip-on Otter 29586/Navy/Fog Women's Arctic Women's Apres Slip-on Boot - Size 9 6658b66 -

    Muck Boots Slip-on Otter 29586/Navy/Fog Women's Arctic Women's Apres Slip-on Boot - Size 9 6658b66
    Muck Boots Slip-on Otter 29586/Navy/Fog Women's Arctic Women's Apres Slip-on Boot - Size 9 6658b66
    Man's/Woman's Boots Bryan Blake Promotion the most economical Global salesCougar Women's Chamonix Snow Boot Bronze Size 6.0Grinders Jodhpur Unisex Chelsea Boots Black and BrownGentleman/Lady FABIO RUSCONI Shoes Beige 37 Cheap Environmentally friendly Personalization trendBar III Womens Naomi Leather Pointed Toe Knee High Fashion Boots Vamp Size 7.5Franco Sarto Clarity Knee High Boots, Brown (Women) , Bogs Women's Auburn Slip Rubber Rain Boot Sage Size 11.0 , Vince Camuto Womens prini Leather Almond Toe Knee High Fashion Black Size 6.5 , INC International Concepts Womens Delisa 2 Closed Toe Knee High Black Size 5.5Man/Woman House_Commune Shoes 623720 Silver 25cm elegant In short supply Famous storeRebecca Minkoff womens boots 6 combat moto studded strappy Mollie black leatherNaturalizer Womens Maureen Leather Almond Toe Ankle Fashion Black Size 6.5 , Aerosoles Women's Real Fact Knee High Boot Brown Size 10.0 , Marc Fisher Women's Labella Riding Boot Black Size 9.0 , Men/Women carino Shoes 056486 BrownxMulticolor 24.5cm High security auction British temperament , GUESS Womens Tamsin Leather Pointed Toe Ankle Fashion Boots Navy Size 9 , Man/Woman SAKAGUCHI.KOSHI.FOR.BLAZE Shoes 831171 BlackxGrey 36 1/2 Fine workmanship Wholesale trade Contrary to the same paragraph , Trask Womens Gianna Black Size 7.0 , Nina Womens Sayla Suede Round Toe Ankle Fashion Boots , Franco Sarto Women's Fantana Fashion Boot Dark Camel Size 9.0Vince Camuto Womens Whynn Leather Round Toe Mid-Calf Motorcycle BootsGUESS Womens Hadly Closed Toe Mid-Calf Cold Weather Boots chrome bronze, Size 10Kenneth Cole New York Womens New York Suede Almond Toe Natural Multi Size 9.0THEATRE PRODUCTS Shoes 815564 BeigexBluexMulticolor 25cmMen's/Women's ras Shoes 478979 Multicolor 37 flagship store Wholesale trade fine , White Mountain Womens Dover Closed Toe Knee High Fashion BootsTrotters Womens major Closed Toe Ankle Fashion Boots Dark Brown Size 9.0D & G Shoes 675253 Beige 36BOTTES FEMME CAVALIERES CUIR NOIR CHAUSSURES DE LUXE T 37 NEUVES ,
    Muck Boots Slip-on Otter 29586/Navy/Fog Women's Arctic Women's Apres Slip-on Boot - Size 9 6658b66 ->Muck Boots Slip-on Otter 29586/Navy/Fog Women's Arctic Women's Apres Slip-on Boot - Size 9 6658b66 -
    New Men Tactical Shoes Durable Sole Walking Shoes Male Outdoor Climbing 39-45Nine West Onosha Slip-on Fashion Sneakers, Navy, 5.5 USMan's/Woman's Desert Boot Berwich Excellent craft Environmentally friendly Different goods , Corral ladies vintage tan Cowhide boots C1928 , Joules Womens Molly Welly Wellington Boots, Blue Exclusive Navy Floral, 6 UK , NIB Valentino Rockstud Black Nude Leather Ballet Ballerina Espadrille Flat 41 , NIB Musse & Cloud Candide Leather Knotted Block Heel Clogs - Black Size 8Enzo Angiolini New Womens Slendor Black Open Toe Heels 9.5M Shoes NWBLadies Shoes Bridal deb Wedding White Satin Clarice with Diamonte EmbelishmentNew! Alberto Guardiani Gold Leather Slingback Sandal On Butterfly Shaped HeelWomens Charles David leather snakeprint sandals/ shoes sz. 11Reebok Men's Quickchase XW Athletic Running Shoes Black/Silver/White , New Gola Active Gravity Navy Mens Fitness Trainers ALL SIZES , Men's Nike Air Force 1 '07 Casual Light Carbon/Black/Summit White AA4083 006 , New Converse First String CTAS 70 Big C Ivory Red 159679 Mens Size 9Asics GT-1000 7 Men's 1011A042.020 Stone Grey/Black Running Shoes , Nike SB Blazer Premium Blood Splatter Dexter 314070-102 sz10Adidas Swift Run Mens CQ2118 Maroon Black White Knit Running Shoes Size 12 , Shoes Venom Low Fila Black Men 1010255-25Y , NIKE AIR WOVEN WHITE/BLACK SIZE MEN'S 8 [312422-100] , Laredo Men’s Western Cowboy Boots Black Pebbled Leather USA EUC! Size 8 DNWB $1450 MARSELL SIDE ZIP BOOTS MADE IN ITALY 10.5 43.5 BLACKNew Men's Levi's Mason 501 PG Low Top Sneakers Charcoal - Brown Size 12 New!Lacoste Bocana 6 SPM Dark Brown Leather Sneaker Big Crocodile Logo Men 13 US NIBFIRMANI by EMILIO FRANCO BLACK LEATHER LOAFERS MENS 9 SQUARE TOE/SQUARE HEELROSE BUD Shoes 611284 WhitexGrey 36 , Nike AF1 Lover XX Women's sz 7 Slip On Clog Triple Whiteout Off AO1523 100 NIB , adidas Originals CG3056 Womens Energy Boost w Running Shoe- Choose SZ/Color.Fashion Women's Over The Knee Thigh Boots Suede Side Zip Casual Party Shoes Size , Women's Fashion Suede Leather Cuban Heels Square Toe Back Zip Ankle Boots Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Muck Boots Slip-on Otter 29586/Navy/Fog Women's Arctic Women's Apres Slip-on Boot - Size 9 6658b66 -

    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.

    Muck Boots Slip-on Otter 29586/Navy/Fog Women's Arctic Women's Apres Slip-on Boot - Size 9 6658b66 -

    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
    Muck Boots Slip-on Otter 29586/Navy/Fog Women's Arctic Women's Apres Slip-on Boot - Size 9 6658b66