Never miss an update

MM17 New Merrell Mid Annex Trak Leather Mid S-Dry 29882 New WP Winter Hiking Boots Men 9 Brown 46f180d

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: New Never Buy Now At Wholesale While Supply Lasts
Brand: Merrell Material: Leather , Mesh and TPU print upper
US Shoe Size (Men's): 9 Features: Waterproof
Color: Clay Brown Fastening: Traditional lace closure
Style: Hiking, Trail , Snow , Winter Country/Region of Manufacture: Taiwan
Euro Size: 43 Upper Material: Leather
Width: Medium (D, M) UPC: Does not apply
Never miss an update

MM17 New Merrell Mid Annex Trak Leather Mid S-Dry 29882 New WP Winter Hiking Boots Men 9 Brown 46f180d -

    MM17 New Merrell Mid Annex Trak Leather Mid S-Dry 29882 New WP Winter Hiking Boots Men 9 Brown 46f180d
    MM17 New Merrell Mid Annex Trak Leather Mid S-Dry 29882 New WP Winter Hiking Boots Men 9 Brown 46f180d
    Merrell Everbound Mid Mens Size 8 Goretex NewMens Barbour Monty Tartan Check Cotton Tartan House Indoor Slippers All SizesHIGHLAND CREEK Size 9 Winston Boots Brown Leather Memory Foam Padded Collar New , NWT MEN'S SPERRY TOP-SIDER SEAMOUNT DUCK BOOTS.SIZE 9.CAMO.BRAND NEW FOR 2018.LL Bean Maine Hunting Shoe Tan 8-Eyelet Boots Mens Size 8 Made in USA RubberRED WING SHOES "Irish Setter" Steel Toe Black Leather Work Boots Men's 13 (K5)Redback Boots Mens USBBK Easy Escape Steel Toe Work Boot Australia Black US 11.5Man/Woman Seavees 10.5 Wear resistant discount price Seasonal promotion , Mens Lee Cooper Steel Toe Cap Safety Trainer Work Shoe boots LCSHOE 008CLOS ALTOS Crocodile Tail Western Cowboy Boots Size 7.5 EE Wide Pointed Toe TanRockport Elkhart Hiking Boots-Men's size 8.5 M Black(DAMAGED) , Jack Wolfskin Men's Vojo Texapore Hiking Boot, Burly Yellow, Medium / 8 F(M) UK , HH Brand Black Cap Toe Leather Military Combat Boots 12D , BELLEVILLE MCB 950 Waterproof Gore tex Mountain Combat Boots Mens Size 5.5 W , La Sportiva Suede Leather Mountain Hiking Vibram Soles Boots Red 43.5 US 10.5Elk Woods Leather Oil Resistant Work Safety Boots US Men's Sz 9.5D Wheat USAAriat Brown Leather Round Toe Western Cowboy Boots Mens Size 12 D Style 34372 , Baffin Cyclone CSA Steel Toe Neoprene Boots NEWMen's Original Penguin by Munsingwear "Jodphur" Black Leather Ankle Boots Sz 11MMENS LACROSSE 467223 TALLGRASS WESTERN TOE LEATHER BOOTS NEW/BOX 10.5US 44.5EURMens Size 9 FIORENTINI + BAKER Olive Green Chukka Made in Italy Ankle Boots , New Mens Columbia "Backramp” Techlite Insulated Waterproof Winter Snow BootsJohnston & Murphy Men's Chukka Brown Leather Ankle Boots Size 10.5 $159DR. MARTENS Industrial Wellington Brown Sz 11 M Men Steel-Toe Pull-On Work BootsTony Lama Shrunken Shoulder-Green Bay Packer Colors Western Boots Sz 9.5B MINTY! , Nike Air Max Goaterra 2.0 Men’s Boots Sz US 9 / Burgundy , New Dr Martens Bonny Canvas Men's Black Boots 21867001US 10 MDan Post Black Leather Cowboy Western Boots Mens Size 10.5 EW Extra Wide Casual , GEORGIA BOOT TYBEE ISLAND SLIP-ON OXFORD SHOES GB00147 SIZE 9.5W US
    MM17 New Merrell Mid Annex Trak Leather Mid S-Dry 29882 New WP Winter Hiking Boots Men 9 Brown 46f180d ->MM17 New Merrell Mid Annex Trak Leather Mid S-Dry 29882 New WP Winter Hiking Boots Men 9 Brown 46f180d -
    CLARKS GOBY TOP 100%WARM LINING BROWN SOFT LEATHER / true 11.5NEW OLUKAI HOKUA PAHU MEN'S SANDAL WATER RESISTANT HIKE TRAVEL HOKUA PAHU US 9BROOKS ADRENALINE GTS 18 GREY BLUE EE WIDE MENS 2018 SHOES **FREE POST AUSTRALIA , Comfort Leather Sandals Taos Shoes Universe - 3 coloursNine West Women's BARUTI Denim Loafer Flat, - Choose SZ/Color , Flexus Wellington Brown Leather Low Wedge Loafers Sz 39(US 8-8.5) Never wornRockport Women's Size 10 Wide Charis Black Leather Casual Pumps Heels ZV-1601Dyables Mallory Nude Shimmer Womens Prom Bridesmaid Bridal Low Wedge Sandal Shoe , Clarks Womens Dress Shoes Heels Gold Size 9.5 Medium New MetallicNew J Crew Colorblock Heels Fringe size 7 Coral Rose Pink F7990 Fit 7.5 / 8WOMENS REEBOK GL 6000 WR COLLEGIATE NAVY SIZE UK4.5/US7/EUR37.5 AQ9826 , $148 NEW Jack Rogers Exclusive XOXO Sandals Flat Platinum Gold Pink Embroidery 6New $475 Furla Grace Embellished Jeweled Silver Slides Sandals Open Toe Size 38 , Adidas PureBoost Running Shoes Blue Gum Bottom Size 9 BA8896 , Men's/Women's PUMA Leadcat Men's Ash/Ash 36629601 Reasonable price discount wonderful , Gentlemen/Ladies Lolu, Mens Shoes, US 10 Reputation first Fine art Superb craftsmanship , Neil M Men's Hemingway Nubuck Slip On Suede Loafer Size 10 1/2 ExcellentNEW Hanover Slip-on Loafer Embassy Dress Shoes White Grey Sz.10 D New Old Stock , ASICS GEL VENTURE 6 T7G6N 9796 WOMEN SHOES SIZE 6 & 8adidas performance women's outdoor hiking boots - CW WINTERHIKER II CP - M17332Dr. Scholl's Women's Frankie Mesh Flat Indie Red Mesh Comfort Shoes , NIKE CORTEZ BASIC QS AH3054 600 Pink 6.5Y = 24.5cmNike Womens Sz 14 Gray White Volleybasll Zoom Hyperspike Tennis Shoes 585763-010 , J.Crew Long Brewster Black Leather Equestrian Boots Item 86198 Womens Sz 9M $198 , Hot Womens Knee High Riding Boots Punk Motorcycle Combat Block Heel Zipper ShoesSkechers Women's D'Lites Plaza Snow Boot,Charcoal,7.5 M USWomens COLE HAAN Leather Mid Calf Boots High Heels Size 9BLadies Jer-Ver Brown Snake Skin Pointed Toe Cowboy Western Boots Size: 7.5Spiral Waisted Corset Women's High Top Black Canvas Sneakers [Special Order] - GWomen's Bon Back Strap Sandal - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    MM17 New Merrell Mid Annex Trak Leather Mid S-Dry 29882 New WP Winter Hiking Boots Men 9 Brown 46f180d -

    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.

    MM17 New Merrell Mid Annex Trak Leather Mid S-Dry 29882 New WP Winter Hiking Boots Men 9 Brown 46f180d -

    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
    MM17 New Merrell Mid Annex Trak Leather Mid S-Dry 29882 New WP Winter Hiking Boots Men 9 Brown 46f180d