Never miss an update

NIB Klogs Sidney Women's Slip Clog Shoes Klogs Black Smooth Leather Women's 8M Slip Resistant 615979c

Item specifics

New with defects: A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour ... Read moreabout the condition
Brand: KLOGS
Style: Clogs US Shoe Size (Women's): 8
Width: M Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Color: Black Smooth Material: Leather
Never miss an update

NIB Klogs Sidney Women's Slip Clog Shoes Klogs Black Smooth Leather Women's 8M Slip Resistant 615979c -

    NIB Klogs Sidney Women's Slip Clog Shoes Klogs Black Smooth Leather Women's 8M Slip Resistant 615979c
    NIB Klogs Sidney Women's Slip Clog Shoes Klogs Black Smooth Leather Women's 8M Slip Resistant 615979c
    LifeStride Women's Sarina Perf Driving Style Loafer,, Black, Size 6.0 , Sanuk Donna Hemp - Women's Loafers Natural - 9 , **Trotters Liz Loafers - Women's Size 6 W - Brown , DONALD J. PLINER SPORT BLACK LEATHER SHOE SNEAKER SIDE ZIPPER NICE SIZE 7.5Klogs Bistro Men's Clog With Arch Support - Made In Black - 9 MediumKlogs Bistro Men's Clog With Arch Support - Mad Chestnut - 13 Medium , Cole Haan NikeAir Women Black Suede Ballet Flats Buckle size 6.5 B , NIB New Balance Everlight Women's Casual Walking Shoe / Sneaker - Black - 8.5 M , NEW F Troupe White Leather Buckle Saddle Shoe Loafer Bathing Shoe Women's 6New AUSTRALIA LUXE Green Sheepskin Slip-on Loaf Shoes US 9Gentleman/Lady Vince Camuto Signature 10 Flats Fine workmanship a good reputation in the world Direct businessWomen's Basketweave Flats - Slip-in Casual Shoes - Burgundy - 7 , Manitobah Mukluks Women's Paddle Suede Moccasin,Tan,5 M USTrotters Womens leatha Closed Toe Ankle Strap LoafersKlogs Zest Women's Lightweight Slip-resistant Clogs Black - 7 MediumNEW! Ahnu Women's Mary Jane Blue Canvas Comfort Shoes US Size 11Sanuk Womens Chiba Quest Funk Slip Ons Black Camo Size 7 New , SAS "CLASSIC" Mocha Penny Loafer Leather Shoes NIB sz 7 M USA made , New Born Womens Connie Mary Jane Flats Shoes 6.5M 7M 7.5M 8.5M 9.5M BlackNIB French Sole Divulge Brown Embossed Crocodile Ballet Flats Sz. 8MWomen Grace Loafer Slip On Fur Trim Faux Suede Fur Decor Flat Lady Shoes Slip onKlogs Bistro Men's Clog With Arch Support - Made Chestnut - 9 Medium , Mercanti Fiorentini Womens Size 9 Moccasin Driving Loafer Red SuedeK-Swiss Women's Gen-k Penny Loafer Flat, Black/White, Size 6.0NATURALIZER WOMENS NIB MARIANNE SZ. 9 1/2 WIDE SLIP-ON SNEAKERS BORDO LEATHER , Womens Clarks Originals Empress Lo White Leather Flats - US 8 NIB , French Sole Christie Leather Flat, 7, BrownKlogs Bistro Men's Clog With Arch Support - Made I Black - 13 Medium , ARIAT Women Brown Leather Wedge Heel Loafers 7.5 B ,
    NIB Klogs Sidney Women's Slip Clog Shoes Klogs Black Smooth Leather Women's 8M Slip Resistant 615979c ->NIB Klogs Sidney Women's Slip Clog Shoes Klogs Black Smooth Leather Women's 8M Slip Resistant 615979c -
    ANTHROPOLOGIE SEYCHELLES 9 ANKLE BOOTS LEATHER SUEDE RAINIER STACK HEELS TIES , New Alberto Fermani Vania Leather Over-The-Knee Boots, Black 36/6. , FW14 DIADORA NR. 45 MEN'S SHOES WOMAN CONDOR 157385 C5293 MARCO MENGONIJordan IV Pure Money Size US8 Dead stock , ADIDAS MENS SPEED TRAINER 4 BLACK NIGHT CARBON SHOES 2018 **FREE POST AUSTRALIA , JSport by Jambu Sideline Encore Sport Flats, White/Navy, 9.5 US / 40.5 EU , Soludos Women's Tassel Slip ON Sneaker - Choose SZ/ColorSTUART WEITZMAN Dotsun HEELS Shoes Womens 8.5 M Nude Patent Studded Knot Wedge , Man/Woman NEW LERRE WOMENS PUMP Quality products Preferred material Human border , HERMES Suede Pumps Black box with genuine low-heeled USEDGentlemen/Ladies Gianvito Rossi Kyoto 55 Satin Mule High-quality Beautiful valueGentleman/Lady Camper Pimpom Sandal, 41 Selling Environmentally friendly cheaper , SPERRY WOMEN'S GOLD CUP VIVIANNE SANDAL (STS97787) SZ 5.5M , Nike Romaleos 3 Weightlifting Crossfit Gym White Black Trainers Mens 852933 100New Converse JP Jack Purcell Classic Black Leather Low Men Shoes US Men 3-11 , Nike Air Foamposite One Wheat Size 10.5 Haystack Brown LNWB , 2015 Nike Lebron XII Red Paisley Men No Box 748861 600 Size 9 , Piloti Mens Spyder S1 Driving Shoes - Black / Yellow / White - Size 9.5 - NEW , BASKETS ROSES DE FEMME - ROSSETTI ONE - TAILLE 36 - TRES BEL ETAT , adidas FortaRun X Cool CF K CloudFoam Grey Kid Junior Running Shoes CP9432Nike Metcon 3 Running Crossfit Shoes Teal 849807-101 Wmns Sz 9.5 , FILA Disruptor II 2 White Authentic Shoes Unisex Size FS1HTA1071X_WWT , Vibram Fivefingers CVT Womens Black Wool 15W5803 Running Walking Toes ShoesAerosoles Air Cushion Womens Flat- Choose SZ/Color. , Asics Gel Quantum 360 Shift Women's Sz 12 Flyknit Running Shoe New With BoxUnder Armour 1296222 Womens Charged All-Around Neutral - Choose SZ/Color. , Mephisto Women's Yael Black Smooth/Light Grey Boa/Silver Calfskin , Hoka One One Women's Challenger ATR 4 Trail Running Shoe Poseidon/Bluebird Mesh , Lucky Brand Womens Zosha Side Zip Buckle Strap Tall Equestrian Riding BootsDorothee Schumacher Used Classic Ankle Bootie Gray 5.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIB Klogs Sidney Women's Slip Clog Shoes Klogs Black Smooth Leather Women's 8M Slip Resistant 615979c -

    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.

    NIB Klogs Sidney Women's Slip Clog Shoes Klogs Black Smooth Leather Women's 8M Slip Resistant 615979c -

    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
    NIB Klogs Sidney Women's Slip Clog Shoes Klogs Black Smooth Leather Women's 8M Slip Resistant 615979c