Never miss an update

Ariat Men's Cowboy - Circuit Striker Western Cowboy Boot - Men's Choose SZ/Color a74e721

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
Style: Western Manufacturer: Ariat
Size Type: Regular MPN: 689581841013
US Shoe Size (Men's): Multiple Variations Model: 689581841013
Never miss an update

Ariat Men's Cowboy - Circuit Striker Western Cowboy Boot - Men's Choose SZ/Color a74e721 -

    Ariat Men's Cowboy - Circuit Striker Western Cowboy Boot - Men's Choose SZ/Color a74e721
    Ariat Men's Cowboy - Circuit Striker Western Cowboy Boot - Men's Choose SZ/Color a74e721
    Danner Men's Stalwart 8" Black Military and Tactical Boot , Danner Men's Logger 8" Work Boot Black 9.5 D USFRYE Men's Harness 12R BootChestnut 8.5 M US , Caterpillar Men's Scaffold Waterproof Nano Toe/Black Industrial and ConstructionDanner Mens gritstone 8" Work Boot, Brown, 13 D USGentlemen/Ladies Ariat Men's Hybrid Rancher H2O Good world reputation Make full use of materials Diversified new design , Danner Men’s Pronghorn 8” 400G Hunting BootBogs Men's Foundation Leather Waterproof Mid CT Industrial Boot , Bogs Men's Stockman Seamless Waterproof Insulated Work Rain Boots , Chippewa Men's 6" TAN-M Brown 6 EE US , Ariat Men's Turnback Western Cowboy Boot Buckskin 9.5 M US , G.H. Bass & Co. Men's Brigg Chukka Boot - Choose SZ/Color , Caterpillar Men's Control 8" Waterproof TX Comp Toe Industrial and , Ariat Men's Relentless Elite Western Cowboy Boot,Dust Devil Tan,10.5 D US , Lacrosse Men's Venom Scent APG HD Snake Boots Hunting Hiking Waterproof , Irish Setter Men's 807 Wingshooter 7" Upland Hunting Boot , Dan Post Men's Milwaukee 13" Western Boot Black 12 D(M) USAriat Men's Conquest Wide Square 8" GTX Hunting BootHorse Power Western Boots Mens Leather Cowboy Patchwork Brown HP10751883 by Wolverine Men's Orville Boot - Choose SZ/Color1883 by Wolverine Men's Ramon Boot - Choose SZ/ColorAriat Men's Rambler Western Boot - Choose SZ/ColorBaffin Men's James Bay Boot - Choose SZ/Color , Danner Men's Instigator 6 Inch GTX Outdoor BootBrown9 D USAriat Men's Heritage Roughstock Western Cowboy Boot Thunder Brown 9 DDanner Men's Lookout Side-Zip 8" Black Military and Tactical Boot, , KEEN Utility Men's Pittsburgh Steel Toe Work Boot Bison 10 D(M) US , Roper American Flag-br Mens Flag Square Toe Boot D - M- Choose SZ/Color. , Justin Boots Mens Silver Collection 13" Western BootW US- Pick SZ/Color. ,
    Ariat Men's Cowboy - Circuit Striker Western Cowboy Boot - Men's Choose SZ/Color a74e721 ->Ariat Men's Cowboy - Circuit Striker Western Cowboy Boot - Men's Choose SZ/Color a74e721 -
    NIB Cobb Hill CAK02GR Bethany Leather Combat Boot Grey Size 10Geox D64X9A Womens Wfelicityabx12 Ankle Bootie /- Choose SZ/Color. , Converse Men's One Star Ox Suede Trainers, GreenNEW! Joules Ladies Ajusta Floral Print Wellies w/ Adjustable Gusset Size 4 - 7 , SOFT AS PILLOW | Comfiest Leather Flats | Womens | Wide Range Of Sizes | Size 10Ladies Gabor Moccasins Style 84.201 Almanac -W , Women's Natural Soul by Naturalizer Redder Black Fashion Leather Loafer Size 6Drew Magnolia Womens Shoe Size 10W WIDE Black Elastic Comfort Walking Mary JaneElisabetta Franchi Celyn B Heels Platform Ivory Black Peep toe Size 39 9 Italy , Highest Heel Womens 4.5" d'Orsay Pump Ankle Strap Gold Met Snake PU Shoes , ROBERT CLERGERIE Black Patent Leather & Suede Strappy Block-Heel Sandals 8-38 , Tretorn Women's Nylite 2 Shoe in White , Adidas Ronnie Fieg Ace 17+ Kith Flamingo Size 10.5 , adidas Men's Pureboost DPR Running Shoe - Choose SZ/ColorMizuno Wave Creation 19 Nova Men's Running Shoes J1GC182803 18U , Adidas Springblade E-Force Men's Sneakers Running Shoes Bounce Effect NEWMen's Shoe Nike Air VaporMax Inneva Midnight Navy AO2447-400, Size 8.5 , Nike Air Jordan Retro IX 9 Boot NRG Black Concord AR4491-001 Sz 8-13 NEW , Gentlemen/Ladies Men's Black Suede Leather Boots Many varieties International choice Different goodsNike SB Zoom Stefan Janoski DESERT CAMO Medium Khaki Beige 333824 207 DS SZ 11.5Stacy Adams Mens Brown Leather Snakeskin Shoes Buckle Double Strap Cap Toe sz 7Modello Devillo - Handmade Colorful Italian Leather Oxford Dress Shoes Red , VANS SK8 Hi Slim Zip (Mono Python) Angora Leather UltraCush WOMEN'S Size 9 , REEBOK AK KEYS HIDDEN 2" WEDGE HI TOP FASHION SNEAKERS WHITE PURPLE WOMENS 6-11 , NIKE WMNS AIR FORCE 1 ONE LOW LIGHT CASUAL SHOES MTLC GOLD GRAIN US 9 , Vince Camuto Women's Sammson Block Heel Sandal Maple Brown True Suede SandalsWOMENS SALOMON ELLIPSE 2 AERO LADIES RUNNING/SNEAKERS/TRAINING/WALKING SHOES , adidas Originals Falcon Suede Casual Core Black/Core Black/Light Pink B28126 BLKWomens Chunky Low Heels Pointed Toe Crossover Strap Retro Style Shoes Hot B505$179 size 10 Ralph Lauren Margarite Dark Brown Leather Knee High Riding Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ariat Men's Cowboy - Circuit Striker Western Cowboy Boot - Men's Choose SZ/Color a74e721 -

    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 Men's Cowboy - Circuit Striker Western Cowboy Boot - Men's Choose SZ/Color a74e721 -

    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 Men's Cowboy - Circuit Striker Western Cowboy Boot - Men's Choose SZ/Color a74e721