Appears to be just water.  I have read that many of these shoe-stretching products are mostly isopropyl &#34;rubbing&#34; alcohol, so I was expecting it to smell like alcohol, or at least chemical-y.  It doesn't.  It has no odor.  It also has the same viscosity and high surface tension as water.  The bottle warns &#34;caution: flammable, danger: inflammable&#34;, but I put small amount of it onto tin foil and put a flame to it - nothing at all. Just like water.<br /><br />If I wanted to just soak my nice new leather shoes in water, I could do so without purchasing a product online.  I am calling foul and requesting my money back.  Also thought it was funny that the brand is called &#34;Moneyworth & Best&#34; - strongly disagree.<br /><br />Update: tried to return it for refund and was informed that there are restrictions in shipping this product, so refund is not possible.  The scam just got scammier.  Bringing it up with Amazon.