Never miss an update

Rocky mogochinese-29497 RKK0255 Men's Sawblade 9" RKK0255 Composite Toe Toe Waterproof Logger Work Boots~ f3d8cb4

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: Rocky
Modified Item: No Style: Work & Safety
Fastening: Lace Up Color: Crazy Horse (Brown / Black)
Upper Material: Leather MPN: Does Not Apply
Features: ASTM F2892 electrical hazard, Composite Toe, Slip Resistant, Waterproof
Never miss an update

Rocky mogochinese-29497 RKK0255 Men's Sawblade 9" RKK0255 Composite Toe Toe Waterproof Logger Work Boots~ f3d8cb4 -

    Rocky mogochinese-29497 RKK0255 Men's Sawblade 9" RKK0255 Composite Toe Toe Waterproof Logger Work Boots~ f3d8cb4
    Rocky mogochinese-29497 RKK0255 Men's Sawblade 9" RKK0255 Composite Toe Toe Waterproof Logger Work Boots~ f3d8cb4
    Frye Mens Chelsea Boots Cognac George Lug Brogue Size 11.5 M , Lowa Mens Innox Mid Boots 310619 9728 Graphite/Orange Size 11VINTAGE 70'S LEWIS LEATHERS AVIAKIT MOTORCYCLE BOOTS SIZE 8Dan Post Lubbock DP69878 Men's 12" Waterproof Leather Western Style Work Boots~Bottines Dr Martens unisexe 2976 Black Smooth taille Noir Noire Cuir A enfilerBoulet Motorcycle Boot - Square Toe - 2131Ted Baker Men's Orlee Sneaker - Choose SZ/color , Vivobarefoot Tracker FG Mens Leather Hiking Boot Dark Brown - 15 / 49 , NEW Wolverine Men's Clarence 6'' Vintage Black Leather Dress/Casual Boot W40114FRYE 87250 Harness 12 R Belted Black Leather Motorcycle Boots Men's Size 11Rocky Men's FQ0002984 Western Boot - Choose SZ/Color , Man's/Woman's Chippewa Mens 1901M37 Leather Boots Elegant and sturdy set meal Win highly appreciated Fine wildRed Wing® 3139 Classic Chukka Brown Leather Work Boots Men's Size 8 D , Dan Post Men's 8.5 D Badlands Distressed Leather Cowboy Boot Square Toe - Dp3974 , THOROGOOD SAW WAR FIGHTER USA MADE STEEL TOE MILITARY BOOTS 803-8800 - ALL SIZES , OLD GRINGO BASIC Wall 13" Saddle Burnished Goat Leather Boots M2231-1 SZ 9 $348JUSTIN HAND MADE CHOCOLATE GENUINE ALLIGATOR COWBOY BOOTS STYLE 9712 -8 1/2 AAriat Men's Workhog Composite Toe waterproof Work Boot brown 9.5 D us nwt , DANNER Men's Shoes 317839 Brown 9 , O'Keeffe Algy Hand Polished Leather Chelsea Boots US 14 Mr. Porter , Harley-Davidson Mens Hustin 11-Inch Pull-On Harness Motorycle Black Boots D95354NEW Corral Cowboy Boots Men's 9D Cognac ~VINTAGE MESTIZO~ New w/BOX , Lowa Mens Zephyr GTX Mid TF Boots 310537 0999 Black Size 9.5Red Wing® 595 Heritage Work Chukka Brown Leather Work boots Men's Size 12 , Los Altos Ladies Snip Toe Desert w/ leather Pull Up Cowgirl Western BootsCRISPI 2002-2009 TACTICAL BOOTS +BOX RUSSIAN SPECNAZ CSN FSB ALPHA VYMPEL 44EU , LUCCHESE Classic 2K FULL QUILL OSTRICH Embroidered Black Leather Mens Boots 6.5B , Sendra Boots Style 8833 Brown Biker Leather Western Cowboy BootsNEWROCK NEW ROCK 591-S15 BLACK METAL BUCKL CAMOUFLAGE FLAMES LEATHER BIKER BOOTS
    Rocky mogochinese-29497 RKK0255 Men's Sawblade 9>Rocky mogochinese-29497 RKK0255 Men's Sawblade 9
    Franco Sarto Ellyn Over the Knee Boot - Black Size US 7.5 |Rag & Bone Harrow Boot - Women's Size 7 Black DAMAGED , Bearpaw Constance Womens Boots Black Snake 6 US / 4 UK , Clarks Ladies Sillian Bella Black Riptape Flat Shoes D-Fit (R14A)(Jen)New Misano Zephyr Light Gold Womens Shoes Dress Sandals Heeled , Bates Women's GX-8 GORE-TEX Side Zip E02788 Black Slip-Resistant (Non-Skid) , Clarks Sillian Jetay Slip On Comfort Loafers 846, Sand, 6.5 USMarc Fisher Women's Phylicia Loafer, Pewter, 8 Medium USCHARLOTTE OLYMPIA PURRRFECT 225731 leopard print pony skin high tops sz. 38 , RARE VINCE CAMUTO OKELI METALLIC STORM/STEEL LASER CUT DETAIL SANDALS SIZE 8.5 , MANOLO BLAHNIK Black Suede Leather Kitten Heel Pumps Shoes Womans 37 7Gentleman/Lady NEW F.LLI BRUGLIA WOMENS PUMP High security International choice Superb craftsmanship , Nike Men's Zoom All Court Ck Skate Shoe , Adidas PureBoost ZG Running Shoes Orange White Mens SZ 18 ( BA8455 )  Pure Boostadidas ORIGINALS GAZELLE OG TRAINERS NAVY WHITE CLASSIC RETRO 80S CASUALS SHOES , NEW Reebok Cam Ron DMX Run Harlem Nights Black Graphite Killa CN3440 SIZE 9NEW BALANCE 998 MADE IN USA SZ 9.5 COLOR SPECTRUM PURPLE BLACK WHITE M998CMair jordan retro 3 cyber monday Size 11Allen Edmonds Normandy Black Boot Sz 12EEE NIB! , Korea Mens Sneakers Slip On Athletic High Top Casual SportBoard Pointy Toe Shoes , KEEN Utility Mens Size 11.5 D Black Destin Low PTC Soft Toe Boots Shoes ZV-173 , Sperry Top-Sider Women's Authentic Original Metallic Boat Shoe, Platinum, 7 M US , mens handmade slip on loafers shoes embroidery floral nightclub dress shoes tops , PUMA 19002704 Womens Enzo Strap Wn- Choose SZ/Color.FILA Women Court Deluxe Bold Shoes White FS1SIZ3090F Authentic Limited Quantity1710 Nike Air Max Guile Women's Sneakers Sports Shoes 916787-003Joie Womens hachiro Closed Toe Ankle Fashion Boots, Black, Size 6.5 jO0hLAUREN by Ralph Lauren Womens DAMARA Leather Closed Toe Ankle Fashion BootsFranco Sarto Delancy Ankle Boots - Women's Size 8.5M, Java Brown ~NEW~Franco Sarto Kerri Tall Block Heel Boots 324, Mushroom, 9.5 US / 39.5 EU
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Rocky mogochinese-29497 RKK0255 Men's Sawblade 9

    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.

    Rocky mogochinese-29497 RKK0255 Men's Sawblade 9" RKK0255 Composite Toe Toe Waterproof Logger Work Boots~ f3d8cb4 -

    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
    Rocky mogochinese-29497 RKK0255 Men's Sawblade 9" RKK0255 Composite Toe Toe Waterproof Logger Work Boots~ f3d8cb4