Never miss an update

NWT $1800 EU42/ US9 DOLCE & GABBANA NWT Brown Caiman Crocodile Leather Sandal Shoes EU42/ US9 ca7106c

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
Country/Region of Manufacture: Italy
Color: Brown Style: Slides
Euro Size: EUR 42 Material: 51% Caiman, 49% Leather
Brand: Dolce&Gabbana US Shoe Size (Men's): 9
UPC: Does not apply
Never miss an update

NWT $1800 EU42/ US9 DOLCE & GABBANA NWT Brown Caiman Crocodile Leather Sandal Shoes EU42/ US9 ca7106c -

    NWT $1800 EU42/ US9 DOLCE & GABBANA NWT Brown Caiman Crocodile Leather Sandal Shoes EU42/ US9 ca7106c
    NWT $1800 EU42/ US9 DOLCE & GABBANA NWT Brown Caiman Crocodile Leather Sandal Shoes EU42/ US9 ca7106c
    3.1 PHILLIP LIM CALFSKIN LEATHER SLINGBACK SANDAL SNAKE PRINT 11.5 US 44 EUMen Real Leather Roman Wingtip Carved Oxford Sandals Slides Beach Outdoors Shoes , TOTO X5811 - 2.6 Inches Elevator Height Increase Dark Brown Fisherman SandalsMr/Ms Prada Leather & Textile Sneaker, 46 Good design Selected materials Suitable for colorMen's sandal hollow out platform Gladiator high top shoes Roman ankle boot Roma , New MSGM Black Men's Sandals Pool Slide Size 43 Slip OnsSuicoke TOSSHI-V / OG-050V White Black Vibram Sole Adjustable Sandals SK050VWHMen Hugo Boss Shoes Timeout_Slip_rb Slip-ons Black Size 8 , Saint Laurent Paris Men's Shoes 410905 Black 43Gladiators Roman Leather Mens Sandals Ankle Boots Open Toe Hollow BUCKLE x-1 , 3.1 Phillip Lim Tatami Black Leather Sandals 46 US Men's Size 13-13.5 M , Mephisto Sam Men's Brown Leather Sandal Sz 40 , JOE N JOYCE Perth - Black/Brown - Trekking SandalsBirkenstock Boston Clog - Color Antik Braun - natural leather , Birkenstock Professional A640 with steeltoe clogs - Color Blue - ALPRO-FoamNew Chaco J106161 Z/1 Classic Tri Java Brown Men's Sandals 11 US , Men's Open Toe High Top Leather Rome Style Show Shoes Beach Casual Buckle ChicNIB NEW Salvatore Ferragamo Dash mens Black pool slide sandals Gancio 8 9 10 12 , VALENTINO MEN'S SLIPPERS SANDALS RUBBER NEW GREEN 6FC , 1803 adidas Adilette Cloudfoam Plus Cork Men's Slides Slippers CG3413CHACO MENS SANDALS MEGA Z CLOUD HR BLACK SIZE 13New Chaco J105977 Z Cloud 2 Salute Forest Men's Sandals 13 US , BIRKENSTOCK "ARIZONA" Black SANDALS MEN SIZE 9 Reg EURO 42 NEW , Mens Roma Loafers Knit Straw Summer Casual Sandals Beach Ethnic Handcraft Shoes$ , Men Hugo Boss Shoes Timeout_Slip_rb Slip-ons Black Size 9 , New Authentic Adilette Slides Brazil / USA Flag Colors , $295 RALPH LAUREN *DARNFORD* White Leather Thong Sandals Slides Shoes US-11.5D , BOTTEGA VENETA BROWN CALFSKIN STRAP INTRECIATTO SOLE THONG SANDAL 12 45 NEW GIFT , Cole Haan men sandals, RESORT, Italy, 9M, Awesome and fantastic look. ON SALE !
    NWT $1800 EU42/ US9 DOLCE & GABBANA NWT Brown Caiman Crocodile Leather Sandal Shoes EU42/ US9 ca7106c ->NWT $1800 EU42/ US9 DOLCE & GABBANA NWT Brown Caiman Crocodile Leather Sandal Shoes EU42/ US9 ca7106c -
    Circle G by Corral Ladies Cowgirl Western Boots Brown/Beige Side Cross L5038 , BCBGeneration Kadeer Ankle Boots, Dark Oliv/oak, 10 USMiss Sixty Estefan Court Shoes High Heels Sandals Shoe Shoe Wedge Heel 37BZ427 BASE LONDON shoes black shiny leather men elegant , DANSKO PROFESSIONAL FELT CHARCOAL SIZES 37 38 39 40 NEW IN BOX , Acorn Women's Dara WM - Light Grey Button - S , Skechers Women's Reggae Fest-Folksy Ankle Bootie - Choose SZ/Color , Hollywould "Perrine" Red Ballet Flat Sz 7 37 Satin Bow Rounded Toe $295 NIB , 2018 Auth Saint Laurent Nude Powder Patent Tribute Pumps 5" Heel 41 , Ash 480140 Womens AS-Pulp BIS Flip-Flop- Choose SZ/Color.Bearpaw Krystal Youth - Kids Comfort Boot Pomberry - 4 M Us Big Kid , Nike Mens Blue Running Shoes Size 14 Revolution 3 Lime Green NewBritish Knights Dymacel Control Mid (Blk/Charcoal) Size 11 mens sneakers NEW!! , Adidas CF Racer MID WTR BC0128 Men's Sneakers , adidas ORIGINALS SUPERSTAR WOVEN TRAINERS BLACK MEN'S RETRO VINTAGE SHELL TOENike Flyknit Racer "Blue Lagoon" - 526628 401 - 2015Nike Men's Lunarepic Low FK 2 X-Plore Sneakers Size 7 to 13 us 904742 100NIKE Men's Air Max Plus NS GPX SP Atmosphere Grey/Atmosphere Grey/Black/White N , AIR JORDAN Retro V 5 Low CAVS KNICKS METS 69 Points NIKE Fire NEW DSNike Zoom KD 11 Cool Grey AO2604-002 Kevin Durant Wolf Grey Mens Basketball ShoeDINGO MEN'S 6.5 D BROWN LEATHER COWBOY MOTORCYCLE BOOTS SQUARE TOEMens JULIUS MARLOW FADE FORMAL FORMAL/DRESS/WORK/CASUAL/LEATHER SHOES MEN'S , Rockport Men's Total Motion Dress Cap Toe Shoe, New Brown, 7 W USNew 1st Quality Allen Edmonds Gregory 18 D burgundy , WMNS Nike Free 5.0 SZ 6.5 Pink Glow Metallic Silver White Atomic 5Y 644446-600NIKE FLYKNIT LUNAR3 WOMEN`S SHOES TRAINING RUNNING ATHLETIC size7.5 , Adidas NEO Element Race [DB1481] Women Running Shoes Black/WhiteWhite Women Mid Calf Booties Shoes Ridding Fashion Clubwear Ball Pointed Toe , Chic Womens Winter Suede Fur Furry Warm SNow Boots Casual Flats Loafers Size , Gentleman/Lady Women's Sage 11'' Longhorn Western Boots Selling Selected materials Elegant and stable packaging
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NWT $1800 EU42/ US9 DOLCE & GABBANA NWT Brown Caiman Crocodile Leather Sandal Shoes EU42/ US9 ca7106c -

    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.

    NWT $1800 EU42/ US9 DOLCE & GABBANA NWT Brown Caiman Crocodile Leather Sandal Shoes EU42/ US9 ca7106c -

    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
    NWT $1800 EU42/ US9 DOLCE & GABBANA NWT Brown Caiman Crocodile Leather Sandal Shoes EU42/ US9 ca7106c