Never miss an update

LOWA Hiking Outdoors Boots Blue Shoes Women's Hiking 7.5 Shoes Grey Blue 3d6ba02

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Good condition, some dirtiness and wear (strictly cosmetic), see all photos
Style: Hiking Boots Occasion: Outdoor
US Shoe Size (Women's): 7.5 Brand: LOWA
Color: Blue UPC: Does not apply
Never miss an update

LOWA Hiking Outdoors Boots Blue Shoes Women's Hiking 7.5 Shoes Grey Blue 3d6ba02 -

    LOWA Hiking Outdoors Boots Blue Shoes Women's Hiking 7.5 Shoes Grey Blue 3d6ba02
    LOWA Hiking Outdoors Boots Blue Shoes Women's Hiking 7.5 Shoes Grey Blue 3d6ba02
    New Kenneth Cole Renna Embroidered Rose Pink Velvet Booties Women's Size 7.5 M , Sole Society Carson Sand Tan Suede Pull on Ankle Boot 7 NEWCATS Caterpillar Turquoise Blue Suede Boots Womens 6 Embroidered Trim Nordic , Donald J Pliner Riding Boots Brown Suede Leather Zip Knee High Size 8 MMen's/Women's For All Mankind....Suede Boots!!! Size 6.5 superior modern classic style , New Kamik Womens Jenny-W Gold Rainboots Size 6Jack Rogers Womens Beige Fashion Boots Size 7.5 (422824) , New Lucky Brand Womens Lk-Harleen-061 Storm Fashion Boots Size 5.5 , ED ELLEN DEGENERES GARISON NAVY Suede Flat Ankle Bootie S 8MCole Haan Womens Brown Fashion Boots Size 5 (420072)Rebecca Minkoff Bojana Size 5.5 Black/Multi Embroidered Suede Ankle Bootie , NWT ZARA Black Buckle Belt Flat Booties Size US 6 , New Kamik Size 9 Leopard Print Rain BootsColumbia Womens Bl3783-052 Quarry/Cool Wave Hiking and Trail Boots Size 9 , Man/Woman boots women High grade First batch of customers Tide shoes list , Franco Sarto Greco Womens Size 8.5 Leather Upper Side Zip Block Heel Ankle Boot , Harley Davidson Black Leather Motorcycle Boots Women's Sz 10Justin Basics Cowboy Boot Roping 10" Brown Leather Women’s Size 6.5 B JBL3001Gentleman/Lady lucky brand booties 9 superior comfortability Sales online storeMerrell Capra Glacial Ice Mid WP Women's Black Boot 7.5MChooka Duck Skimmer Rain Shoes Boots Womens Navy Blue Size 10 NEW RubberDiego & Luca Cowboy Boots Size 6.5m , CORKYS ELITE CINDY Brown Leather Shoe Bootie Size 10 MAetrex Women's Tessa Short Sweater Boot Chocolate 39 EU/8.5 M USGuess Women's Sana Multi Material Chunky Heel Booties Size 9.5LUICHINY Women Boots Platform High Heels Black 8 , FRYE BOOTS Jackie Button Strap Leather Riding Knee Boots 76570 Sz 8 B (1010)Propet Women's Dayna Ankle Bootie, Black, 6.5 M US , Colin Stuart Dark Brown Leather Buckle Mid-Calf Pull-On Shoes Boots Women's 5 M ,
    LOWA Hiking Outdoors Boots Blue Shoes Women's Hiking 7.5 Shoes Grey Blue 3d6ba02 ->LOWA Hiking Outdoors Boots Blue Shoes Women's Hiking 7.5 Shoes Grey Blue 3d6ba02 -
    Cole Haan Side Zip Patent Leather Ankle Boots Beige Women Sz 8 B 5169 * , Man's/Woman's Bottines Richelieu Chie Mihara T 40 High quality and low overhead the most economical Fashion versatile shoes , Adidas Originals Clear Brown Tubular Invader Strap Trainer , Brand New Ziera Tayla Silver Fox Boots 40 XW , Man's/Woman's Anne Klein Women's Believer Synthetic Loafer for you to choose Settlement Price Brand feast , BeautiFeel Women's Mystique Pump, Black Crocco Print Suede, 35.5 Medium EU (4.5 , IRON FIST TOMB SWEEPER PEEP TOE PLATFORMJessica Simpson Collection - Dany Shoes - Size 9 - Black Glitter NewTommy Hilfiger Womens Memili Wedge Sandals Navy Blue Size 10 , Women's shoes sandals leather model LAYLA Us size 3 to 12JORDAN FLIGHT SHOES Athletic Men's Size 8 Slightly Worn Minimal WearNike Air Force 1 Low NBA Force Logo Back Black White Sz 9 823511-011 , Nike Air Jordan 23 Jumpman Size 15 Black Max Orange Anthracite 308317-003 , 2007 Nike Air TRAINER 1 TECH PACK GRANITE GREY BLACK GOLD LEAF PINK YELLOW 10.5 , NIKE PG 2.5 EP "SPACE JAM" BLACK PHOTO BLUE BQ8453-006 Mens red yellow ps4 , SALE NIKE LUNAR TERRA ARKTOS TCH SP BOOTS SIZE 9 DS NEW BLACK 728747 001Santoni- Brown Calfskin Loafers with Lizard Accents- US 9D- Excellent Condition!Handmade Mens fashion triple monk closure boots, Men cap toe ankle leather bootBase London Turner Oxfords, Men's Size 42 (US 9), Burgundy , Gentleman/Lady Skechers USA Men's Segment Rilar Oxford Good design real Different styles and styles , Allen Edmonds "BOULEVARD" Oxfords 11 D Black (308) , Women's Nike Free 5.0 Tr Fit 5 Print Training Shoes NEW Black/Pink, MSRP $110NEW ASICS GEL-LYTE III SHOES WOMEN'S US SIZE 8 (H6E5K) METALLIC GREEN /WHITE , 100% Authentic Reebok Teyana Taylor Red Question. US Womens 14/Mens 12 RAREChristian Louboutin Masteralta Patent Slip-On Sneaker, 35, WhiteMan's/Woman's Wanted Shoes Women's Nordic Winter Boot Fine processing the most economical Outstanding style , CLARKS Women's Cabrini Bay Snow Boot - Choose SZ/color , Nine West Booties 7.5 Jabali Suede Ankle Boot $119 Beige Wedge , Gentleman/Lady Womens Harley Davidson Boots bargain Sales Italy Perfect processing , Charles by Charles David Owen Women's black velvet over knee boots sz. 9
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    LOWA Hiking Outdoors Boots Blue Shoes Women's Hiking 7.5 Shoes Grey Blue 3d6ba02 -

    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.

    LOWA Hiking Outdoors Boots Blue Shoes Women's Hiking 7.5 Shoes Grey Blue 3d6ba02 -

    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
    LOWA Hiking Outdoors Boots Blue Shoes Women's Hiking 7.5 Shoes Grey Blue 3d6ba02