Never miss an update

DOLCE & GABBANA Womens 29902 Pumps Mary Mary GABBANA Janes Silver Size 41/10.5 NIB New D&G Leather dfb1b14

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
Theme: Diamond, Party Style: Mary Janes
UK Shoe Size (Women's): UK 8.5 Fastening: Lace Up
EUR Shoe Size (Women's): EUR 41 US Shoe Size (Women's): US 10.5
Color: Silver Heel Height: High (3 in. to 4.5 in.)
Brand: Dolce&Gabbana Material: Leather
Heel Type: Slim UPC: 8056305422810
Never miss an update

DOLCE & GABBANA Womens 29902 Pumps Mary Mary GABBANA Janes Silver Size 41/10.5 NIB New D&G Leather dfb1b14 -

    DOLCE & GABBANA Womens 29902 Pumps Mary Mary GABBANA Janes Silver Size 41/10.5 NIB New D&G Leather dfb1b14
    DOLCE & GABBANA Womens 29902 Pumps Mary Mary GABBANA Janes Silver Size 41/10.5 NIB New D&G Leather dfb1b14
    CELINE FALL 2011 READY TO WEAR RUNWAY SHOES Loafer Heels Pointed Toe Pumps Italy , BEAUTIFUL PRADA CLASSIC ITALIAN WOMENS SHOES SIZE 35-1/2 EU VERY ELEGANT! , $1200 TOM FORD PRINTED PONYHAIR SANDALS-NIB SZE 37.5 , BOTTEGA VENETA Shoes Black Nero Nappa CHERBOURG Leather Pump 38 $840Jimmy Choo Sage 85 Leather Pumps in Vintage Rose NWB Retail $795 , Authentic MIU MIU Nude Patent Leather Platform Pumps Heels Size 38ISABEL MARANT Meirid Black Suede Leather Peep Toe Sling Back Heel Sandals 38/8 , Ralph Lauren , Purple Label , Avianna Python Platform Sandal HIGH HEEL 40BSTUART WEITZMAN GREY CHARCOAL MINGLE SUEDE CUTOUT PUMPS HEELS SIZE 8 , Christian Louboutin sz 41/11 Silver Leather/Patent Leather Sandals Heels Pumps , $745 New Manolo Blahnik WILLIS Chaos Anthracite Sandals 2 ANKLE STRAPS Shoes 41DOLCE & GABBANA Snakeskin Plateau Peep Toes Pumps Heels Green 06188Jimmy Choo Evelyn Bronze Peep Toe Pumps Heels Sz 38.5/8.5 $625 , Yves Saint Laurent’s Gisele Palais Patent Pump Size 39 , Christian Louboutin Dorissima Black Patent Leather Round Toe Pump 37.5 US 7.5 , NIB Sz 9.5 $825 Jimmy Choo 'Mesreen' -Suede Nude Mix -Open Toe Sandals eu 39.5 , Vintage Platform Shoes Snake Skin 1940s Marilyn Shoes New York Size 5.5 MediumSergio Rossi - Alton High Heels, Women's Size 38(US 7), BlackChristian Louboutin Nude Patent Leather Lady Peep 150mm Platform PumpsChristian Louboutin Lady Peep 150 mm Sling Back Sz US 9 , Christian Louboutin - Pigalle Follies 100 Glitter Mini GD21 size 35.5 , New in Box Casadei Ladies Nude Leather Shoe 1H904E , PRADA LEATHER PUMPS WOVEN RAFFIA SHOES SZ US 8 NEW $760 MADE ITALYManolo Blahnik BB Burgundy Liquid Patent Leather Pumps 36.5 US 6.5 $595Jimmy Choo 'Private' Cuff Bronze Glitter Fabric Sandal Sz 38.5 US 8 , Roberto Cavalli Shoes Sz 37 6.5 Kitten Heel Pumps White Floral RareGiorgio Armani New Articolo Black Womens Shoes Size 8 M Heels MSRP $825Jimmy Choo Platform Nude Patent Leather Stilettos - Size 9 US/38 EuroBALENCIAGA Peep Toe Black Suede Ivory Piping Stiletto Heels Boot Sandals Sz 11 ,
    DOLCE & GABBANA Womens 29902 Pumps Mary Mary GABBANA Janes Silver Size 41/10.5 NIB New D&G Leather dfb1b14 ->DOLCE & GABBANA Womens 29902 Pumps Mary Mary GABBANA Janes Silver Size 41/10.5 NIB New D&G Leather dfb1b14 -
    Munro Women's Red Robyn Suede Side Zipper Ankle Boots 1263 Size 5M , Kelsi Dagger Brooklyn Brooklyn Women's Paloma Boot, Desert Grey Suede, 7.5 M USRARE Womens LL Bean Boots 10” Tumbled Leather 8 Shearling Lined Rich Brown tan , Ariat Women's Women's Heritage Western X Toe Boot vintage carmel 8 B USFRYE Molly Button Leather Boot Black Size 7 NEWMan's/Woman's NEW NR RAPISARDI WOMENS BOOTS High grade Modern design VariousL S NEW Petalo Black suede ankle boot Stiletto heel 100 mm Fleur ankle boot 18SSMen's/Women's Brando Mens Shoes Quality products discount Don't worry when shoppingWOMEN SHOES POLE DANCE THIGH OVER KNEE BOOTS 8" HEEL PLATFORM STRAP BUCKLE BLACK , Opening Ceremony Kaatya Slide Sandals 749, Black Multi, 6.5 US / 37 EU , $240 JEAN MICHEL CAZABAT ROMA Black Suede Steel Designer Ballet Flats 9 , Man's/Woman's Joie Temple Women's FLATS Black We have won praise from our customers. New in stock Fine wildCorso Como CANDACE Black Patent Leather Pumps 7012 Size 7.5 M NEW!YSL YVES SAINT LAURENT LIPS KISS SLIDES HEELS Sz 37 VGUC! VintageNine West Wowza T-Strap Sandals 7 M Black with Flower New in BoxNew Men's ADIDAS Speed Trainer 3.0 - Baseball Training Shoe - All Colors & SizesGentlemen/Ladies Mens air force size 16 wholesale Environmentally friendly Speed ​​refundASICS Men's Gel-Quantum 180 TR Running Shoes, Bering Sea/Black/Monument, 10 DM , Magnum Mens Viper Pro 5.0 Waterproof Tactical Boot W US- Pick SZ/Color. , Calvin Klein Mens Miguel Perforated Moc Toe Driving Drivers Loafers Casual ShoesNike Air Zoom Max LeBron James XI 11 NSW Lifestyle Red Cork Black xii 616766 601 , SPERRY A/O 2-EYE BOAT SHOES - WHITEGRAVATI Handmade Brown Mens Shoes Oxfords Leather Italy sz 9DDC Women's Heathrow SE Shoes - Choose SZ/Color , saucony mirage 3 running shoes size 9 , Converse Chuck Taylor All Star XXHi - CHOOSE SIZE - 1V708 Boot High Extra WhitePUMA WOMEN BASKET PLATFORM PEARLIZED 364233 01 WHITE-GOLD WOMEN US SZ 9.51801 Nike Air VaporMax Flyknit Women's Training Running Shoes 849557-502Vince Camuto Women's Armaceli Over The Knee Boot Tornado Size 6.5Women Long Tassel Real Leather Round Toe Ankle Boots Chelsea Mid Heel Oxfords
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    DOLCE & GABBANA Womens 29902 Pumps Mary Mary GABBANA Janes Silver Size 41/10.5 NIB New D&G Leather dfb1b14 -

    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 Womens 29902 Pumps Mary Mary GABBANA Janes Silver Size 41/10.5 NIB New D&G Leather dfb1b14 -

    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 Womens 29902 Pumps Mary Mary GABBANA Janes Silver Size 41/10.5 NIB New D&G Leather dfb1b14