Never miss an update

DOLCE & GABBANA RUNWAY Nappa & Nappa Calfskin Black Floral Embroidery Boots Black 04838 4b05fb6

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: Dolce&Gabbana
Material: Leather Style: Knee High Boots
Pattern: Floral US Shoe Size (Women's): s. variations
Occasion: Casual Color: Black
Fastening: Pull On Heel Type: Block
Country/Region of Manufacture: Italy Heel Height: High (3 in. and Up)
MPN: C18418-AT723-80999
Never miss an update

DOLCE & GABBANA RUNWAY Nappa & Nappa Calfskin Black Floral Embroidery Boots Black 04838 4b05fb6 -

    DOLCE & GABBANA RUNWAY Nappa & Nappa Calfskin Black Floral Embroidery Boots Black 04838 4b05fb6
    DOLCE & GABBANA RUNWAY Nappa & Nappa Calfskin Black Floral Embroidery Boots Black 04838 4b05fb6
    Christian Dior Ostrich Leather Knee-high Boots Sz 39.5 Italy Sold Out Very Rare! , NEW, SAINT LAURENT BLACK SUEDE FRINGED 'TITI 25' BOOTS, 36.5, $1875*** Azzedine Alaia Black Suede Platform Ankle Boots Size 39.5 , Miu Miu Tall Suede Boots sz 38 , Maison Margiela High Biker Over Knee Leather Boots free people campbell 38,5 , 53324 auth ETRO black suede & leather EMBROIDERED Flat Knee-High Boots Shoes 38Christian Louboutin Recouzetta 160 Black Leather Peep-Toe Ankle Booties , BNIB ALAIA CROC LEATHER & SATIN COLOUR BLOCK ANKLE BOOTIES BOOTS HEELS 38 8YEEZY SEASON 4 PVC CLEAR TRANSPARENT KNEE BOOTS SIZE 6-10 KIM KARDASHIAN KANYE , BALENCIAGA BLACK LEATHER KNEE HIGH BOOTS SIZE 37 *SEEN ON OLSEN #SUNDAYMARKET , ISABEL MARANT WOMEN'S LEATHER ANKLE BOOTS BOOTIES NEW NOWLES BLACK 1F7 , NIB Giuseppe Zanotti Winter Black Suede Fur Lined Shearling Over the Knee Wedge , Man/Woman VERSACE WOMENS BOOTS NATURAL OSTRICH LEATHER Many varieties a wide range of products Tide shoes listMan's/Woman's Giuseppe Zanotti Fur Yvette 39 Easy to use luxurious Full range of specificationsmagnifique cuissardes cuir noir made in italie talon aiguille p3842845 auth SAINT LAURENT black suede leather PARIS Fringe Ankle Boots Shoes 39 , DOLCE & GABBANA RUNWAY Floral Embroidery Boots with Stones & Studs Brown 04839 , Women New Winter Big Fluffy Boots Real Fur Luxury Lifted Ankle Boots Size Warm KCHRISTIAN DIOR FLIGHT SHEARLING FUR BROWN LEATHER BOOTS 39 8RIHANNA Super Rare River Island Khaki camo pointed stiletto knee high boots 38 , VALENTINO BOOTS !!! NEW WITH ORIGINAL BOX!!! AMAZING! THE ONLY PAIR ON EBAYOld pair of leather Goodyear boots & wooden boots mold forms 43 cm x 27 cmNW Red VALENTINO boots black LQ0S0841 Knee High Boots leather , Saint Laurent Pony Hair Boots Leopard Print RRP , John Richmond Women's Tex Boot Cuoio Nero Nappa Leather Cowboy BootsVersace Platform Open toe Black suede leather Ankle boots 39 - 6 , $2995 NEW Christian Louboutin Apollobotta Riding Boots 36.5 37.5 38 39.5 , Lucchese Bootmaker Women's Summer 2 Toe Cowboy Boot Tan Ranch Hand Cowboy Boots , *BNIB* VERSACE - Marylin Monroe Print Over The Knee Boots - 39
    DOLCE & GABBANA RUNWAY Nappa & Nappa Calfskin Black Floral Embroidery Boots Black 04838 4b05fb6 ->DOLCE & GABBANA RUNWAY Nappa & Nappa Calfskin Black Floral Embroidery Boots Black 04838 4b05fb6 -
    Mr/Ms Auth Christian Dior Boots superior Beautiful ExportWomens Platform patent Leather Over the Thigh Boots High Heels Zip Boot Lady HotEcco Women s Intrinsic 1 Low-Top Sneakers, Black 51052black Black , 7 UKMan/Woman ECCO Women's Aimee Slip-On Shoe Wear resistant Carefully selected materials Fashion versatile shoes , Skechers Women's Comfy Living-Chillax FlatCharcoal7 M US , adidas Originals Vengeful w Running Shoe - Choose SZ/colorBøc Børn Black Leather Pumps Heels Casual Booties Born Boc Shoes 9 M 40.5 (S285)ALEXANDER MCQUEEN BLACK RHINESTONE STUDDED ANKLE STRAP SANDALS SZ 39 , Coconuts Womens Wisp Leather Open Toe Casual Slide Sandals dusty blue Size 7.0 , Womens Fly London Tram Brooklyn Open Toe Leather Holiday Shoes Sandals US 5-11 , New Women Strap Sandals Stiletto Gladiator High Heel Peep Toe Weave Tassel ShoesNIB GIUSEPPE ZANOTTI Rock 10 Infradito Crystal Embellished Suide Flat Sandals 39New Balance Womens ww847gy2 walking marche Fabric, dark grey/silver, Size 6.0 , Adidas Men's Adi-Ease Premiere Adv Suede Fashion SneakerNew NIKE ZOOM KD 9 IX UNLIMITED ELITE 843392-999 Sz 10 Brand NewNIKE Zoom Pegasus 33 Running Exercise Shoes 831352-004 Men's Size 11.5NIKE LEBRON X MIAMI DOLPHINS 543564-303 Sz 5.5 YOUTH BOYS BASKETBALL SHOES GYMadidas Originals Men's Superstar 80s - Choose SZ/ColorAdidas Men Men Equipment Running Support 93 black emeral white B24780 , Nike Air Max Plus Tuned 1 Tn “Triple Black” Unisex Trainer Limited EditionMerrell Men's Burnt Rock Fashion Sneaker - Choose SZ/Color , Mezlan Toulon Penny Loafer Cognac Men Size 13 New In Box $395Penny Loves Kenny Women's Dare Sandal Black Polyurethane SandalsNEW THE NORTH FACE Mountain Hiking Sneakers Women's 8 Rose Violet Purple $100AHNU MONTARA DARK GREY LEATHER ANKLE HIKING WOMEN'S BOOTS SIZE US 5.5/NEWNIKE Womens Nike Flex 2017 Rn 898476-403 CERULEAN Size 8.5adidas ULTRA BOOST sz 9 9.5 10 Core Black/ Core Black/ Shock Purple AQ5935 , Nike WMNS Metcon DSX Flyknit 849809-011 Black/Volt/Blue Women’s Training ShoesMen's/Women's Ariat Children's Brown Fatbaby Boot Durable service International choice A balance between toughness and hardnessMan/Woman Lucky Brand Women's Yenata Fashion Boot economic Trendy King of the crowd ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    DOLCE & GABBANA RUNWAY Nappa & Nappa Calfskin Black Floral Embroidery Boots Black 04838 4b05fb6 -

    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 & GABBANA RUNWAY Nappa & Nappa Calfskin Black Floral Embroidery Boots Black 04838 4b05fb6 -

    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 & GABBANA RUNWAY Nappa & Nappa Calfskin Black Floral Embroidery Boots Black 04838 4b05fb6