Never miss an update

Original 6 SWAT Box Men's Black Quarter Shoes Size 6 Low Quarter New In Box 46f954a

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
Style: Work & Safety
Color: Black Pattern: Solid
Brand: Original SWAT US Shoe Size (Men's): 6
UPC: Does not apply
Never miss an update

Original 6 SWAT Box Men's Black Quarter Shoes Size 6 Low Quarter New In Box 46f954a -

    Original 6 SWAT Box Men's Black Quarter Shoes Size 6 Low Quarter New In Box 46f954a
    Original 6 SWAT Box Men's Black Quarter Shoes Size 6 Low Quarter New In Box 46f954a
    New Steve Madden Cook Perforated Light Sneakers men's size 13 , Extreme Cold Weather Boots - Wool lining - Medium - Xclusive Shoe Co . , Men's Summer Breathable Hollow Out Loafer Slip On Casual Leather Round Toe Shoes , Johnston & Murphy Tassel Loafers Black & Brown Men's 12 Wide , Men's Rockport Brown/Navy/Burnt Orange 'Seely' Walking Shoes: Size 10 MESQUIVEL George Mens Distressed Penny Loafers Brown Leather Hand Made Sz 10.5 , New Men Embroidery Floral Printed Moccasins Soft Driving Loafer Shoes Faux SuedeDemonia Red Creepers Unisex shoes size US M9 GBX - Very good condition , Kenneth Cole Reaction "Voting Pole" Brown Leather Loafers Shoes US 8.5Mens Large Size Ralph Lauren Polo Sander Blue Shoes 16 D..572B , NEW ADIDAS DRAGON OG (BB1266) All Sz ORIGINALS CASUAL SHOES SNEAKERS , Salvatore Ferragamo Mens Loafers Size 7EE Black Leather Link Detail , NIB $99 Lassen Monaco 8622 CASUAL ATHLETICS COMFORT OXFORD SHOESMan's/Woman's ASOS Mens Light Pink Sneakers Outstanding features First batch of customers Fashion versatile shoesMens Slip On Loafers Driving Moccasins Casual Business Flats Shoes PU Leather szMens Large Size Ralph Lauren Polo Lander 2 Multi Color Shoes 16 D..573B , NIB Zanzara Picasso II Cognac Leather Driving Loafers Size 9.5RIEKER Light Weight,Shock Absorbing,Antistress Shoes Sz./US10 Blue LeatherSamsonite Mens Shoes Sneakers sz 8-8.5 Brown Beige Textile Suede Leather , Mens Large Size Ralph Lauren Polo Faxon Low Gray Shoes 15 D..353A55061 Black GO RUN 600 Skechers Shoe MenComfort Light Sport Mesh Gym Workout New , Apex Mens Sz 9XW Walking Shoes Two Strap Diabetic Brown Leather Ambulator 1261MSperry Top-Sider Men's Shoe styleSPERRY CUP II BOAT SHOE 9mRJ Colt Oxford Black Leather shoes Sz 8M , Mens Ben Sherman Stylish Olive/Brown Ked Sneakers Sz. 11 Men's , GBX 316736 BROWN LEATHER CASUAL OXFORD MENS SHOES 7 M , Fashion Mens Rhinestone Bling Bling Slip On Loafers Pumps Flats 2 Color Shoes C8 , COLE HAAN Men's Wingtip Oxfords Shoes in Brown Suede C12038 Size 10.5 Medium , Puma Shoes Trinomic MNS VS Grey Green Neon Yellow Sneakers 11.5 Mens 355868 01
    Original 6 SWAT Box Men's Black Quarter Shoes Size 6 Low Quarter New In Box 46f954a ->Original 6 SWAT Box Men's Black Quarter Shoes Size 6 Low Quarter New In Box 46f954a -
    Harley-Davidson Women Pavement 6" Boot Red/Black, 81266 , Gentlemen/Ladies Plein Sport Sneaker wholesale Used in durability German OutletsA35 Dolorna Dress Ankle Boots 203, Black, 6 US , G.H. Bass & Co. Women's Whitney Penny Loafer Brown 902 8.5 M US , New Onitsuka Tiger GYMNASTICS D8A6N Navy from Japan Free shipping women , Dr. Martens Ladies 10 Keani Chunky Oxford Distressed Brown Leather Ox ShoesNEW BURBERRY SHIPLEY SCRUNCH CHECK BROWN LEATHER BALLERINA FLATS SIZE 37 $415 , Ann Taylor Eryn Suede Pumps - New - Electric Blue - Size 10MLe Petit Sperone Taupe Suede Sling Backs with Kitten Heel Size 36 , Sexy schwarz black fake fur coat Jacket fetish with high heels XXL sissy 50 , Sexy Stripper Dancer 6 1/2" Heel Peep Toe Platform Hot Pink Ankle High Boots , Callisto of California Womens Jezzie Embellished Slide Sandals Shoes BHFO 5592Womens Fly London Tily Leather Ankle Strap Roman Open Toe Holiday Sandals , Bed Stu Soto Sandal Sand Rustic Leather Size 7VANS CHICAGO CUBS PRO Men Shoes NEW Sz 12 Blue Red Trim MLB BaseballMen's Size 10 Vans Sk8 Hi Zip + Starfish , New Balance 574 Sport Bone Leather Lifestyle Running Shoes Gym Men MS574LSRMr/Ms NIKE ROSHERUN “IGUANA” ITEM NUMBER 150-13 Selling special promotion leading the fashion , NIKE AIR MAX ONE ID (AR1366-991) TEAL GREEN/WHITE MNS. SZ. 6.5 / 8 WMNS , NIKE Free RN Flyknit Men's Running Shoes 831069-601 size 12 (30cm)ASICS TIGER GEL-LYTE V SANZE Mid Grey MEN'S SHOES LIFESTYLE COMFY SNEAKERS , AIR JORDAN 4 RETRO "DUNK FROM ABOVE" SIZE 11.0 DS 100% AUTHENTIC ITEM W/receipt , Klogs Dusty Unisex Clogs - Made In The Usa Purple Rain - 10 Wide , Casual Men's Oxfords Moccasins Slip On Shoes Loafers Flats Driving Shoes Fashion , NEW Caterpillar CAT Thornberry Chukka Boot Brown Sugar Leather 9 M - FREE SHIP , GREAT 10.5 MEPHISTO ILGARABEL CHESTNUT TAN BICYCLE TOE COMFORT MENS OXFORD SHOE , Nike Women's Air Zoom Pegasus 33 Running Shoe, Black/White, 831356-001, Sz 11.0Comfortiva Women's Faye Slingback Ruby Otago NubuckNIKE Womens Nike Free Tr 8 942888-800 CRIMSON TINT/NAVY-WHITE Womens Size 9.5Adrienne Vittadini Womens trend Almond Toe Ankle Fashion Boots, Black, Size 6.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Original 6 SWAT Box Men's Black Quarter Shoes Size 6 Low Quarter New In Box 46f954a -

    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.

    Original 6 SWAT Box Men's Black Quarter Shoes Size 6 Low Quarter New In Box 46f954a -

    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
    Original 6 SWAT Box Men's Black Quarter Shoes Size 6 Low Quarter New In Box 46f954a
    Casual Shoes