Never miss an update

Helly Hansen Work Boots Blue Fjell Mid Nylon Boa Men Hansen Size 12 Black Blue Nylon Composite Toe 2658bc6

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 and Safety
Model: FHHH173S-O1B-12 US Shoe Size (Men's): 12
UPC: 0627555716585 Brand: Helly Hansen
EAN: Does not apply MPN: FHHH173S-O1B-12
Never miss an update

Helly Hansen Work Boots Blue Fjell Mid Nylon Boa Men Hansen Size 12 Black Blue Nylon Composite Toe 2658bc6 -

    Helly Hansen Work Boots Blue Fjell Mid Nylon Boa Men Hansen Size 12 Black Blue Nylon Composite Toe 2658bc6
    Helly Hansen Work Boots Blue Fjell Mid Nylon Boa Men Hansen Size 12 Black Blue Nylon Composite Toe 2658bc6
    Emporio Armani EA7 Ankle Boots Sz. 7,5 Man Black 2480097A299-20 PUT OFFERMan's/Woman's British Retro Boots Men for Men excellent quality Fast delivery Official website , NIB Frye Riley Pull On leather boot Snow winter wool lined Expresso 9.5 M $398Vintage Longhorn 9.5 Men Handcrafted Leather Cowboy Boots WesternNew Men's Le Pascha Jarry cuban heel genuine leather dress boots with zipperPAINTER BOOTS USA OXBLOOD REDWING 202 DISTRESSED RANCH WORK BOOTS 8.5 DHand Crafted Wing Tip Formal Boots, Casual Tuxedo Vintage Brown Boots Men'sTriple Monk Burgundy Leather Boots, Two Tone Dress Formal Leather Boots Handmade , Man/Woman Men Leather Winter Boots The color is very eye-catching a wide range of products Preferred boutique , Le Chameau Men's Country Jersey Xl Rubber BootGreen7 M US , Danner Mens Tramline 917 Fashion Boot, Gray, 9.5 D USSafety boots jb goodhue 8in Rigger 07887Armani Jeans Ankle Boots Sz. 44 Man Black 9351347A415-20 PUT OFFER , Handmade Men Two Tone Leather formal Shoes, Men White Maroon Dress Tuxedo Shoes , Men Cap Toe Ankle High Boots Maroon Leather Casual Dress Boots Handmade Tuxedo , Danner Men's Mountain 600 Enduroweave 4.5"-M's Hiking Boot Brown 12 D(M) US , New in Box Ariat Cowboss Cowboy Boots 12” Wide Square Toe Wildhorse Tan 8.5 DNew Men's Acton EXPLORER A3940-15 rubber boots , Justin Saddle Tan Leather Pull On Western Cowboy Rodeo Dance Boots size 10.5DHandmade Black Button Boot, Gray Leather Boots, Formal Dress Fashion Boots MenHandmade Alligator Texture Jodhpurs Boots, Crock Texture Genuine leather Boots , GENUINE SUEDE | HANDMADE | Work Original Ankle Boot Rain Rubber Authentic Brand , To Boot New York 302301 Harrison Boots - Men's Size 11, BrownHand Crafted Men Brown Button Boots, Men Ankle Boots Men Suede & Leather Boot , Handmade Ankle Boots Brown Navy Cap Toe Suede & Leather Formal Boots MenNew Rock M.391 S.18 Black Metallic Reactor Punk Goth Rock Biker Unisex Boots , Caterpillar Men's Drover Ice+ Waterproof Tx Winter Boot Dark Gull Grey , Mens BOSS HUGO BOSS brown suede chukka boots sz. 42 NEW!NEW ROCK TR001-S24 Vintage 100% Leather Flower Black Steel Heel Gothic Boots ,
    Helly Hansen Work Boots Blue Fjell Mid Nylon Boa Men Hansen Size 12 Black Blue Nylon Composite Toe 2658bc6 ->Helly Hansen Work Boots Blue Fjell Mid Nylon Boa Men Hansen Size 12 Black Blue Nylon Composite Toe 2658bc6 -
    HUNTER BOOT SHEARLING Women Rain Boots (8 M, BLACK)Muck Boots Black Women's Cambridge Tall Boot w/ XpressCool Lining - Size 7 , NEW WOMEN FRYE VERONICA SLOUCH BROWN COGNAC LEATHER TALL BOOTS CLASSIC SZ 8 , Mack Boots Octane Composite Toe Work Boots Honey , Arnaldo Toscani 2101321_SIGARO boots Women's - colour Brown AU , G by Guess Womens hailee Closed Toe Knee High Fashion Boots , Man's/Woman's Ladies HB Shoes Style 519-W service Known for its good quality Popular recommendationNWB Stuart Weitzman slingback peep toe sandals 9.5Reed Krakoff 23-16 Black and Tan Leather Dress Sandals Shoes , Men's/Women's LE COQ SPORTIF Charline Noir Reliable quality Environmentally friendly CharacteristicsMan's/Woman's REEBOK MENS VENTILATOR CG #M46414 use High quality and economy Popular tide shoesReebok ZPUMP FUSION Mens Running Shoe NEW Graphite / Black / White V66706REEBOK FURY ADAPT KN MEN'S BLACK/WHITE SNEAKERS , Nike Zoom Superfly Elite Track Spikes Mens Black/White Size 10 835996-017 NewMen's Jordan New School Basketball Shoe 768901-623 , NIKE Air Zoom Mariah Flyknit Racer Mens Running Shoes - GUNSMOKE/WHITE/GREYVANS CLASSIC SLIP-ON TRUE WHITE TRIPLE CANVAS LOAFERS SKATE 0EYEW00 US MEN SIZESDONALD J PLINER Rand Python Mens Sneakers Shoes Size 7.5 MSRP: $150Allen Edmonds Stockbridge 13 Narrow Brown Oxford Derby Dress Shoes MensJean Yves Men Dress Shoe JY02 Double Runner Tuxedo for Wedding Prom Formal EventSkechers Women's Go Joy 15601 Wide Walking ShoeValentine's Day Special-French Bulldog Print Running Shoes For Women-Free ShippiJessica Simpson Women's Dessa Sneaker Vintage Blue Denim SneakersShoes Burst 2.0-New Avenues Skechers Black Women 12656-BKWPUMA Women's Basket Platform Canvas Wn Sneaker - Choose SZ/Color , Nike Air Force 1 '07 Seasonal Enamel Green/Enamel Green 818594-300 Women's SZ 5 , Size 7.5 Women's Nike Air Huarache Run WHT/WHT Athletic best selling 634835 108 , A35 Step N Flex Fawwn Ankle Booties 543, Black, 8.5 USGentleman/Lady Steve Madden Ankle Bootie with Bling Guarantee quality and quantity Settlement Price comfortableSimply Vera Wang Ankle Boots Booties Heels Buckle Black Leather Women's sz 6.5M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Helly Hansen Work Boots Blue Fjell Mid Nylon Boa Men Hansen Size 12 Black Blue Nylon Composite Toe 2658bc6 -

    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.

    Helly Hansen Work Boots Blue Fjell Mid Nylon Boa Men Hansen Size 12 Black Blue Nylon Composite Toe 2658bc6 -

    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
    Helly Hansen Work Boots Blue Fjell Mid Nylon Boa Men Hansen Size 12 Black Blue Nylon Composite Toe 2658bc6