Never miss an update

Xtratuf 29596 w/ Mens Legacy 2.0 -15 Chevron Plain Toe Fishing Boots w/ Chevron Outsole - Size 8 dc0e3d0

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: Xtratuf
MPN: 22293G-BRN-080 Style: Boots
US Shoe Size (Men's): 8 UPC: 086189098427
Never miss an update

Xtratuf 29596 w/ Mens Legacy 2.0 -15 Chevron Plain Toe Fishing Boots w/ Chevron Outsole - Size 8 dc0e3d0 -

    Xtratuf 29596 w/ Mens Legacy 2.0 -15 Chevron Plain Toe Fishing Boots w/ Chevron Outsole - Size 8 dc0e3d0
    Xtratuf 29596 w/ Mens Legacy 2.0 -15 Chevron Plain Toe Fishing Boots w/ Chevron Outsole - Size 8 dc0e3d0
    Georgia Legacy '37 Work Boot - Round Toe Briar 12 DXtratuf Mens Legacy 15" Steel Toe Fishing Boots w/ Chevron Outsole - Size 10Milwaukee Leather Men's 8" Classic Logger Boot - Round Toe - MBM9030Muck Boot Mens Muck Grit Work Boot - Size 13 , Xtratuf Legacy Mens 15" Side Gusset Fishing Boots w/ Chevron Outsole - Size 10Rocky Core Waterproof Insulated Outdoor Boot - Round Toe - FQ0004754 , Xtratuf Men's Legacy 15" Plain Toe Boots w/ Quick Dry Cushioning - Size 10Roper Men's Smokey Gum Sole Chukkas - 09-020-0606-0317 BR , British Mens Ankle Chelsea Boots Block Heels Elegant Suede Round Toes Shoes D524Muck Boot Fieldblazer II Brown/Realtree Xtra-Mens Size 14Rocky Core Waterproof Insulated Outdoor Boot - Round Toe - FQ0004755 , Roper Men's Honey Bun HorseShoes Classic Original Boot - 09-020-0350-0799 BR , Muck Boots Black Mens Muck Grit Work Boot w/ Rubber Cup Outsole - Size 13 , Old West Men's Charcoal Crackle Western Boot - Square Toe Black 9 EEXtratuf Men's Legacy 2.0 - 15" Composite Toe Fishing Boots - Size 9Old West Men's Round Hole Two-Tone Western Cowboy Boot - Square Toe - BSM1845 , Rocky Men's Grey Broadhead Waterproof 6" Trail Hiker Boot Round Toe - Rks0289Nautilus Men's Lightweight Waterproof HIker Work Boot - Steel Toe - N2202Muck Boots Mens Excursion Pro Mid Black Boot w/ XpressCool Linings - Size 7 , Muck Boot's Arctic Commuter Chocolate/Otter Boots - Mens Size 10Nautilus Men's ESD Athletic Work Shoes - Steel Toe - N1380 , Muck Boot Chore Cool Mid Brown - Size 5Xtratuf Men's Legacy 15" Plain Toe Boots w/ Quick Dry Cushioning - Size 9 , Georgia Brookville Waterproof 8" Work Boot - G9134Laredo Long Haul Zipper Western Boot - Round Toe - 62001Ad Tec Men's 10" Fireman Logger Boot - Round Toe - 1964 , Muck Boots Cordovan Women's Arctic Weekend Quilt Boot - Size 5 , Rocky Men's Jungle Hunter Waterproof Hiker Boot - Round Toe - RKS0275 , Georgia Boot Romeo Waterproof Slip-On Work Shoes - Steel Toe - GR530 ,
    Xtratuf 29596 w/ Mens Legacy 2.0 -15 Chevron Plain Toe Fishing Boots w/ Chevron Outsole - Size 8 dc0e3d0 ->Xtratuf 29596 w/ Mens Legacy 2.0 -15 Chevron Plain Toe Fishing Boots w/ Chevron Outsole - Size 8 dc0e3d0 -
    NIB AGL ATTILIO GIUSTI LEOMBRUNI Himena Ankle Boot Bootie 39.5/9.5 Black Nappa , Adidas Superstar 80s DLX Deluxe s75016 TRAINERS SPECIAL Shoes Leather White , Hummel Womens Slimmer Stadil Herringbone Low-Top Sneakers, Red Eggplant, 3.5 , Mr/Ms Genkek Red Leather Heals Size 39 Strong heat and wear resistance Good market Elegant and robust menu , Cole Haan Womens W03173 Canvas Closed Toe Loafers, Blue, Size 6.0Womens Alfani Amor Multi Color Flats 6 MChic Womens Shiny pointed toe shoes high clear wedge heel slip on Party Pumps SZGentlemen/Ladies Woman's heels from Shieka Best-selling worldwide The highest quality material wonderful$1,000 sz 39 -VALENTINO GARAVANI- Gold Rockstud Rock Stud Espadrilles **2017!** , Gentleman/Lady ESCARPINS TODS T 37.5 TBE Selling a wide range of products cheap priceCrevo Women's Eva Ankle Strap Tan Nubuck Size 10 MWomen's Rockport Charis Pump Ocean Mamba Snake Leather US 9.5 M , BEST OFFER Christian Louboutin Womens Pumps Size 39.5, 5.5 Black Platform Heels , NIB Anyi Lu - Hayley - Black Tan Zebra Suede Wedge Heel - 39.5 - 9.5Nike Zoom TJ Elite Sz 10 Men Triple Jump Track Shoes Spikes Blue Volt 705394-413New Balance Mens Usd200w3 Low Top Bungee, White/Black/Gold, Size 4.0 B MensASICS GEL SAGA "NEPTUNE" 2014 - ITEM NUMBER 11-77Twisted X Boots Men's MLCA003 Lightweight Alloy Toe Cowboy Work Boot CaymanDan Post Laredo Hammer St 01-68132-BN103 Men's 11" Tan Brown Leather Cowboy Boot$125 Kenneth Cole New York Men's All Gather-ed Leather Oxfords Cognac 11.5 , Mens Leather High Heels Pointed Toe Nightclub Wedding Party Shoes Pull On E227 , Vans SK8 Hi Slim Tropical Leaves Black Men's 4 Women's 5.5Skechers Performance Womens Go Walk Pizazz Flip FlopBlack10 M USNike WMNS Air Max 1 Ultra Flyknit women lifestyle sneakers NEW bright crimsonSTILL NEW Taylor Swift 1989 Tour Keds Blue Seagull sneakers Size 10 Slip On RARENEW WOMEN'S NIKE AIR JORDAN RETRO 3 AWOK NRG LIMITED VOGUE EDITION BLACK SIZE 8Asics Gel-Noosa Tri 8 Women's Running Shoes Berry/White/Jellybean US 8 , Vince Camuto Women's Bendra Side Zip Leather Riding Boots Black size 5.5 NewSteve Madden Novela Over The Knee Boots Riding Boots Size 6.5Pleaser ADORE-3002 Women's Black Velvet High Heels Platform Stretch Thigh Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Xtratuf 29596 w/ Mens Legacy 2.0 -15 Chevron Plain Toe Fishing Boots w/ Chevron Outsole - Size 8 dc0e3d0 -

    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.

    Xtratuf 29596 w/ Mens Legacy 2.0 -15 Chevron Plain Toe Fishing Boots w/ Chevron Outsole - Size 8 dc0e3d0 -

    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
    Xtratuf 29596 w/ Mens Legacy 2.0 -15 Chevron Plain Toe Fishing Boots w/ Chevron Outsole - Size 8 dc0e3d0