Never miss an update

Dolce Vita NEW Deedee Women's Size Booties 11 Black Suede Deedee 10566 Booties NWOB Retails $150.00 f9a0781

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: Great condition! No flaws or defects. Display Item.
Model: Deedee Features: Side zip closure
Style: Booties Color: Black
Boot Shaft Height: Ankle Occasion: Casual, Dress, Party, Work
US Shoe Size (Women's): US 11 Brand: Dolce Vita
Heel Height: High (3 in. and Up) Toe Type: Almond toe
Material: Suede Heel Type: Slim
Pattern: Solid UPC: Does not apply
Never miss an update

Dolce Vita NEW Deedee Women's Size Booties 11 Black Suede Deedee 10566 Booties NWOB Retails $150.00 f9a0781 -

    Dolce Vita NEW Deedee Women's Size Booties 11 Black Suede Deedee 10566 Booties NWOB Retails $150.00 f9a0781
    Dolce Vita NEW Deedee Women's Size Booties 11 Black Suede Deedee 10566 Booties NWOB Retails $150.00 f9a0781
    Womens Leather Anderson Bean Cowboy Boots Size 6 B Ostrich Full Quill pre-owned , Hunter Original Tall Matte Blue Rubber Rainboots Womens Size 8Los Altos Black Genuine Stingray Leather Exotic Western Boots Womens Size 5M , RARE C la Canadienne Women's Fashion Boot Ankle 11474 US 12 M Black Suede Zip A9 , Masen by ALDO, bordeaux/wine GENUINE suede, 3" heel zip up ankle boots, SZ 7.5 , Bottine CAPRICE chaussure plate femme motard chelsea sneaker chaud CUIR 37- 37,5 , women winter PU leather side zipper chunky heels over knee thigh boots , Jessica Simpson NEW Women's Sz 9.5M Black Temmey Patent Bootie NWOB Retail $129 , Bootsi Tootsi Women's Chelsea Rain Boot Hot Pink 7 M US , Women Sexy Pointed Toe Serpentine High-heeled Ankle Boots Real Leather Shoe 12Nine West Women's Stark Synthetic Dress Pump - Choose SZ/colorMadewell $238 leather Lonny Boots in Distressed Leather 6.5 brown a0550Man/Woman ☼ELEN☼ Bottines - ERYNN- Ref: 0878 Special price online shop Diversified new designClarks Women Emslie 10M Zip Side Ankle Boots Black Shoe Leather Formal WorkPleaser Pink Label CHLOE-115 Platform Wide Width Shaft Calf Boot Size 9-16Black & Orange Fly London Mid-Calf Zip-Up Boots 6Fly London Mabs Black 38 7 Pull On Chelsea Boot Sneaker AnkleCowboy Womens Vintage Punk Mid Calf Boots Suede Leather Chic Motorcycle ShoesBottes MOSQUITOS Tout Cuir Grainé Marron Foncé T 6 / T 39.5 TTBEBandolino Womens Camme Leather Round Toe Riding Boots Shoes BHFO 9522 , Tommy Hilfiger Womens Leslee3 Ankle Bootie- Select SZ/Color.Vintage AMAZON DRY GOODS Black Satin Elastic Gore Ankle Boots England Size 6HEYRAUD Bottines boots Cuir Fripé et Ajouré Rubans T 40 TTBEWomen's Dr. Martens Fusion 2976 Tan Suede Chelsea Boot Casual Pull On Size 6 , Bogs Classic Mid Handles Women Synthetic Rain Boot Black Size 8 Usa. Eur. 39Bandolino Womens Camme Wide Calf Leather Riding Boots Shoes BHFO 4646 , New with Tags Brown & Grey Durango Zip-Up Boots 7 , Gentlemen/Ladies Magnifique Sandales DIOR 40 feature Excellent performance The first batch of customers' comprehensive specificationsWomen's Walter Steiger Brown Elastic Ankle Boots Booties Size 8 1/2 ,
    Dolce Vita NEW Deedee Women's Size Booties 11 Black Suede Deedee 10566 Booties NWOB Retails $150.00 f9a0781 ->Dolce Vita NEW Deedee Women's Size Booties 11 Black Suede Deedee 10566 Booties NWOB Retails $150.00 f9a0781 -
    Laredo Women's Ainsley Steel Toe Cowgirl Boot 51313Gentlemen/Ladies Lucca Lane Damara Women's Boots Black Durable service Preferred material Excellent function , SAUCONY ORIGINALS CHAUSSURE JAZZ OR' - ANTYEL - 5 36 (801100190604) , INOV8 FASTLIFT 400 BOA WOMENS WEIGHTLIFTING GREY SHOES SIZE US10 UK7.5 EU41.5Ladies Clarks Feya Bloom Smart Leather Slip On Shoes D Fitting , Kenneth Cole New York Women's Bowan 2 Slip on Loafer W/ Stud Detail FlatCLARKS Women's Neenah Lark Aubergine Leather 9.5 D US , Alegria Women's Paloma Pewter Dazzler 37 US Women's 7-7.5 Regular , Ivanka Trump Women's Fren Moccasin Gold Multi 5.5 M USWomen Wedge Heels Suede Zipper T-Strappy Fashion Leisure Comfy Slingbacks ShoesIvanka Trump ITKARITA Womens Karita, Black, 6 M USWomens Wedge High Hidden Heel Slip On Pearl Casual Leather Shoes Pointy Toe Chic , Authentic Miu Miu Multicolour Patch Leather Chunky Heel Shoes, Size 37 , Sigerson Morrison Women's Sazie 2 Dress Pump, Dark Purple, 7 M USSkechers Performance Women's Go 4 Walking ShoeChestnut7 M USMizuno Men's Heist IQ Baseball Shoe - Choose SZ/ColorPuma Suede Classic Shoes Green Men 365347-33 , ASICS Men's Volley Elite FF MT Volleyball Shoe , NIKE AIR MAX UPTEMPO 311090-005 BLACK PACK BLACK WHITE DS SIZE: 9.5Gentlemen/Ladies Nike Air Jordan Retro 5 PSG We have won praise from our customers. low cost Elegant and stable packagingNEW adidas Terrex Tivid Mid CP ClimaProof S80935 Mens Shoes Trainers Sneakers SAFlorsheim 11.5 EEE Brown Leather Oxford Wingtip Brogues Casual Dress Shoes Men's , NEW NIKE LUNARELEMENT LUNAR ELEMENT Outlast WOMENS NIB FREE SHIPPING , Womens Nike Air Max 90 325213-037 Black/Black Brand New Size 7MAISON MARTIN MARGIELA - White high top Future strap sneakers 37.5 , Merrell Women's Moab 2 Waterproof Hiking Shoe FalconCrocs Suede Leather Cobbler Soft Sweater Cuff Buckle Ankle Chunky Heel Boot SZ 9 , 4" Black Leather Fetish Dominatrix Ankle Boots Tranny Mens size 12 Womans 14 15 , TEVA FOXY MID Black Olive Nubuck LEATHER SHORT BOOTS Stacked Heel WOMENS 1008316 , $229 size 6.5 Gentle Souls Brenna Gray Suede Ankle Boots Womens Shoes Italy NEW
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Dolce Vita NEW Deedee Women's Size Booties 11 Black Suede Deedee 10566 Booties NWOB Retails $150.00 f9a0781 -

    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.

    Dolce Vita NEW Deedee Women's Size Booties 11 Black Suede Deedee 10566 Booties NWOB Retails $150.00 f9a0781 -

    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
    Dolce Vita NEW Deedee Women's Size Booties 11 Black Suede Deedee 10566 Booties NWOB Retails $150.00 f9a0781