Never miss an update

Wolverine Belle Outdoor Work 6" Brown Nubuck Leather Steel Toe 6" Outdoor Work Boots, Womens 9M 474d1c8

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Wolverine
Color: Brown Style: Work & Safety
Material: Leather US Shoe Size (Women's): 9
Occasion: Walking, Hiking Width: Medium (B, M)
Fastening: Lace Up
Never miss an update

Wolverine Belle Outdoor Work 6" Brown Nubuck Leather Steel Toe 6" Outdoor Work Boots, Womens 9M 474d1c8 -

    Wolverine Belle Outdoor Work 6" Brown Nubuck Leather Steel Toe 6" Outdoor Work Boots, Womens 9M 474d1c8
    Wolverine Belle Outdoor Work 6" Brown Nubuck Leather Steel Toe 6" Outdoor Work Boots, Womens 9M 474d1c8
    Pop Ankle Boots Helms Brown US 6.5MLucky Brand Gavina Black Oiled Suede OTK Boot Size 8M E498BCBGeneration Women's Dash Slouchy Ankle Boots Black Leather Size 9 M , WOMEN'S DIBA *YEM* BOOTIES COLOR~BLACK SIZE 6Clarks Plaza Steer Women's Oily Suede Double Strap Winter Boots Brown 6.5 M , Bare Traps Shimmer Brush Brown Leather Mid-Calf Buckle Strap Boots, 7.5M - $119BCBG Brown Suede Lunarx Women's Boots ~ Platform Heel~ US Size 8.5 ~ NEWBCBGeneration Sandy Women's Shoes Size 8M Black Ankle BootieNEW! NIB! LUXURY REBEL Taupe Suede Leather DELUYN Ankle Boots 6 $205 , Marc Fisher Brown Suede Quilted Lynsie Hidden Wedge Ankle Boots NEWANTHROPOLOGIE LUIZA PEREA WOMEN'S SANTOS BROWN LEATHER BOOTIES US 10.5 /11Vince Camuto New Womens Shada Black 5.5 M Silk Goat Boots ShoesFergalicious Rookie boot tall over the knee high slouchy black 6.5 Med NEW , Bandolino Calista Womens US 8.5 M Bronze Leather Zip-Up Mid-calf Heels Boots , Bare Traps Alesha low ankle boot work shoes black sz 7.5 Med NEW , Leopard Contrast Vegan Suede High-Low Over-The-Knee Riding Boot , The North Face Primaloft 200 Gram Insulation Black Boots ~ Women's Size 10AK Anne Klein Geordanna Boot - Women's 7.5 M, BlackC La Camadienne Black Womens Knee High Black Suede Boots Sz 6New w/o Box North Face Tan Bridgeton Wedge Zip Boots, Sz 7, $150 , C LABEL Women's Topaz-3 Boot Size 6.5 , Marsell Grey Suede Round Toe Boots Sz 41 $1085 Worn TwiceVia Spiga 8 Black Leather Zip Up Knee High Heeled Fashion Boots Womens 8M EUC! , Antonio Melani Size 7M Black Leather Boots Bikers Mid Calf Casual Shoes Womens , Gian Paolo Mattiozzi NEW! Burgundy Suede Mid-Calf Knee Slouch Boots Womens 9AASTUART WEITZMAN Brown Dark Brown Studded Trim Side Zip Ankle Boot Sz 9 B4259Olivia Milller Ankle Boots Rosewood Brown Embroider Flower Ladies Size 7.5Women's Bandolino Liron Bootie Navy Size 7.5 #NKVIZ-857 , Men/Women Women's Guess silver booties size 8 Quality products a good reputation in the world At an affordable price
    Wolverine Belle Outdoor Work 6>Wolverine Belle Outdoor Work 6
    AUTHENTIC LAURENTIAN CHIEF DEER TAN LEATHER KNICKER BOOT 7 , CLARKS 60939 ORINOCCO STEP WOMEN'S LEATHER OILED RIDING BOOTS BLACK SIZE 6.5 MArturo Chiang cruu wedge boot taupe 9.5 , Gentleman/Lady Prada Boots 38 Quality products auction Human borderNike Vapor Pro 3/4 Destroyer Size 10US 9NEW SLATTERS AYR MENS LEATHER COMFORTABLE CLOSED TOE SANDAL SHOESMan's/Woman's NEW Lipstik Ibbie Cashew Sandal Beige Good design modern high quality productAllrounder by Mephisto Women's Dakona White Air Mesh Sneakers , Womens Leather Pumps High Block Heels Casual Strappy Pointed Toes Zipper ShoesDonald Pliner Posy Slingback Leather Pump, 6, Black , Women's Patent Leather Club Ankle Boots Platform High Heel Shoes Stilettos C321English Springer Spaniel On Pink Print Running Shoes For Women- Free ShippingSoftwalk Women's Hansford Slingback Wedge Sandal - Size 10.5 N, DenimAdidas Originals Seeulater PK Primeknit Winter Pack Trainers Shoe BY9402 U118New Balance Men's FuelCore Coast v4 Running Sneaker Faded Rosin/Black Sneakers2014 Nike KYRIE 1 DREAM BLACK WHITE CRIMSON RED ANTHRACITE GREY 705277-016 11 , nike air jordan iv retro 4 royaltyNike Men's Kobe Ad Pe Basketball ShoeNew Balance Shoes Men Sneakers Black 94445 BDT SALE , AUTHENTIC LUXURY PRADA SNEAKERS SHOES 4E2988 BLACK NEW US 9Tommy Hilfiger Mckenzie2 Shoe - Choose SZ/Color , Mens Kenneth Cole New York In Theme White Leather Driving ShoesBritish Walker Vintage Pebbled Black Leather VCleat Dress Oxford Men's US 8 , Aetrex Apex Shoes Women's White Periwinkle Walkers Size 7.5 Wide V854WW075 , Women's Cole Haan ZEROGRAND Perforated Trainer Sneakers (Black/White, 7.5 C)Brand new Women’s Nike Kaishi 2.0 WVN 917532-001 Size 9 , Converse Chuck Taylor All Star Ox Magenta Glow White Womens Canvas Trainers , Salewa Women's Ws MTN Trainer GTX-wFunghi/Indio6.5 BM US , Women Adidas DA9604 ARKYN Running shoes pink grey white sneakersSam Edelman Size 8.5 Ankle Bootie Golden Caramel Leather New Womens Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Wolverine Belle Outdoor Work 6

    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.

    Wolverine Belle Outdoor Work 6" Brown Nubuck Leather Steel Toe 6" Outdoor Work Boots, Womens 9M 474d1c8 -

    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
    Wolverine Belle Outdoor Work 6" Brown Nubuck Leather Steel Toe 6" Outdoor Work Boots, Womens 9M 474d1c8