Never miss an update

Naot Women's Rongo Rongo Quartz Silver Leather/Dusty Women's Silver Leather 25f259b

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
Brand: Naot
Style: 433487_922560 Color: Quartz Leather/Dusty Silver Leather
Never miss an update

Naot Women's Rongo Rongo Quartz Silver Leather/Dusty Women's Silver Leather 25f259b -

    Naot Women's Rongo Rongo Quartz Silver Leather/Dusty Women's Silver Leather 25f259b
    Naot Women's Rongo Rongo Quartz Silver Leather/Dusty Women's Silver Leather 25f259b
    Merrell Women's Sugarbush Waterproof Boot Sunned Full Grain Leather Waterproof , Nike Air VaporMax Flyknit 2 Women's Black/White/Dark Grey/Mtlc Silver 42843001 , Naot Women's Groovy Ankle Boot Olive/Vintage Smoke Suede/Leather ZipperJordan Retro 3 - Women's Bordeaux/Phantom H7859600 , Naot Women's Rongo Vintage Slate/Silver Luster Leather , HOGAN women shoes Black leather Interactive Luxury sneakers HXW00N0J460GOCB999 , Drew Women's Athens Ankle Boot Dark Brown Leather Zipper , BNIB Isabel Marant Etoile Buck Suede Leather Wedge Sneakers Size 36 , Diba True Women's Sunset Sail Riding Boot Black Leather Knee High BootsVince Women's Thalia Slouchy Suede Cutout Flat Sandal Sand Suede Leather SandalsDOLCE & GABBANA Patchwork Leather Fur Brocade High-Top Sneakers Shoes 05871Rick Owens Black Python Geobasket Hi-Top Sneakers , Lucchese Bootmaker Women's M4942 W Toe Cowboy Boot Black Caiman Belly , LANVIN Paris blue high top sneakers - Size 6 US / 36 EU / 37 FR - New in BoxAdidas Ultra Boost W 1.0 Women's Wmns 10 Primeknit Frozen Yellow S77512 Og Solar , HOGAN WOMEN'S SHOES LEATHER TRAINERS SNEAKERS NEW R261 BLACK 5DELucchese Bootmaker Women's M4906 Tan Tassel Cowhide Leather , PHILIPPE MODEL WOMEN'S SHOES LEATHER TRAINERS SNEAKERS NEW BOMBAY BLACK C9DWomen's Rick Owens Black Leather Trainers Sneakers Boots 38 BNWTDan Post Boots Women's Invy DP3582 Black LeatherGIUSEPPE ZANOTTI WOMEN SHOES LOGO RUNNER SNEAKERS TRAINERS MADE IN ITALY RW70122 , Gentle Souls Women's Hanna Sneaker Navy Leather Comfort ShoesHOGAN WOMEN'S SHOES LEATHER TRAINERS SNEAKERS NEW R260 WHITE E49 , WMNS NIKE AIR MAX 97 TRIPLE BLACK GREY US 10.5 9 42.5 921733-001 LIMITED ED , KENZO pink leather slip on platform sneakers , Gentle Souls Women's Haddie Platform Sneaker Heather/Grey Wool Felt SneakersNike W Air More Money LX Summit White AJ1312-101 Grey Rainforest Womens Shoes** CELINE ** DELIVERY Runway SNEAKERS Shoes (40) NIB , Phoebe Philo 2018 , MIU MIU Metal Cap Toe Skate Sneaker, Black Leather, Womens Size 11 / 41
    Naot Women's Rongo Rongo Quartz Silver Leather/Dusty Women's Silver Leather 25f259b ->Naot Women's Rongo Rongo Quartz Silver Leather/Dusty Women's Silver Leather 25f259b -
    New Balance Men's 597 Suede Trainers, MulticolouredFuntasma Electra-2030 Platform Boots - Costume,Fancy Dress,Shoes,Blue,Red,White, , Rialto Women's Vette Black Exotic Mini Croco Polyurethane Mules , Gentlemen/Ladies Rivieras Shoes 959164 BlackxWhite 36 Great variety special promotion Good quality , Heel Jessica Simpson Jayleesa Burnt Umber Atanado Raspado , Womens diamond flowers platform wedding stilettos back bow tassel formal shoesBlack Strappy Heel leather women Sandal | Formal to casual | Made in Brazil , Man/Woman Nike Air Rift BR Outstanding features First batch of customers Valuable boutiqueLanvin Womens Sandals Size 39 9 Silver Tone Metallic Leather Buckle Tapered Heel , FENDI women shoes White leather Karl slip on sneaker sunglasses design studs , AZZEDINE ALAIA Laser Cut-Out Black Patent Leather High Heel Sandal Shoes 38,5 , Nike Mercurial Veloce II Leather FG 2 men soccer cleats football NEW 768808-001 , JORDAN FLIGHT TIME 14.5 MEN BASKETBALL SHOE SIZE 13 MULTI-COLORMan's/Woman's Creative Recreation Desimo Boots Men's Shoes Long-term reputation low cost Pick up at the boutique , Air Jordan 3 Retro "International Flight" - 136064 140Justin Boots Men's Chestnut Brown Real Leather Cowboy Western Style Size 9Funtasma RENAISSANCE-50 Men's Shoes Brown Microfiber Renaissance Medieval BootsNike Air Jordan I Retro High OG AIR JORDAN 1 RETRO "CHICAGO" SZ10.5US 332550 163 , Work Boots Safety Men's Overpass Size 10 Brown Leather Waterproof Composite ToeMens stylish Leather Oxford Cuban Heel Black Pointed Toe Ankle Boots Shoes New Smen's shoes DI MELLA 8 () moccasins / loafer light blue textile AD332-B2015 Nike Brand x Just Don Air Jordan II Retro blue 717170 405 - mens 10.5 , Vasque Mantra 2.0 Hiking Shoe- Women's Size 9.5 M, Bungee Cord/Bright ChartreuseECCO Womens Intrinsic 3 Fashion Sneaker /11-- Pick SZ/Color.Adidas Running Women's Energy Cloud Shoes Size 5 to 10 us BB4115 , adidas Falcon Kylie Jenner Black Pink B28126 Women's Originals 100%AUTHENTIC DSNew DailyShoes Womens Rainbow Rainboots Size 12Joan Boyce 443964 Strappy Wedge Short Winter Booties, Wine, 8.5 US Display , $495 AQUATALIA New Perdi Bootie Weatherproof Cuff Ankle Black Suede Boot 5 6 6.5Skechers Women's Empire Clear As Day Sneaker - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Naot Women's Rongo Rongo Quartz Silver Leather/Dusty Women's Silver Leather 25f259b -

    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.

    Naot Women's Rongo Rongo Quartz Silver Leather/Dusty Women's Silver Leather 25f259b -

    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
    Naot Women's Rongo Rongo Quartz Silver Leather/Dusty Women's Silver Leather 25f259b
    Athletic Shoes