Never miss an update

New Dusica Dusica BLACK 28145 New Leather Open Dusica Toe FLAT 36/5.5 d751a0b

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: Dusica Dusica
Material: Suede Country of Manufacture: Italy
Style: flats US Shoe Size (Women's): 5.5
Width: Medium (B, M) Heel Height: Flat (0 to 1/2 in.)
Color: Black
Never miss an update

New Dusica Dusica BLACK 28145 New Leather Open Dusica Toe FLAT 36/5.5 d751a0b -

    New Dusica Dusica BLACK 28145 New Leather Open Dusica Toe FLAT 36/5.5 d751a0b
    New Dusica Dusica BLACK 28145 New Leather Open Dusica Toe FLAT 36/5.5 d751a0b
    Bottega Veneta Brown Braided Platform Wedges Size 9.5 , 100% AUTHENTIC CHRISTIAN LOUBOUTIN RIBBON RED WHITE BLUE WEDGE SHOES PLATFORM 36CHRISTIAN LOUBOUTIN Grey Leather Heels/Pumps, US 7.5 , Arvid Yuki Shy High top Shoes Made in Italy Size 40/10US , JOAN AND DAVID Black Leather Vera Gomma Squared Made in Italy Sz 36 retail $ 365 , STUART WEITZMAN Rascal, Black Crocodile, Silver Hardware, 6M, NIB-MRSP $350.00NIB CHLOE BLACK PLATFORM LEATHER PUMPS/HEELS sz 38 It, ItalyPrada 85 Saffiano Nude Leather Pointy-Toe Pump Size 40 , Christian Dior Shoes 158760 Grey 35 1/2 , Womens Real Leather Ball High Heels Sandals Strappy Show Party Pointy Toe ShoesNew $900 Size 7 1/4 (38.5) Lanvin Black/Brown Croc Embossed 2013 Chrome Heel , Roberto Cavalli Leather Stiletto Heel Purple Lavender 38.5 Heel , RICK OWENS $1,560 bone gray suede leather spike heel platform ankle boots 41 NEW , Dolce Gabbana Floral Heels Pumps Size 40 NWOBSERGIO ROSSI Stunning Yellow + Gold Paltform Sandals EU sz 38 BRAND NEW with box , Mr/Ms Giuseppe Zanotti Gletters Sandal bargain Order welcome VariousMan/Woman Chloe Purple Leather Becky Chunky Heels Elegant shape Highly praised and appreciated by the consumer audience Different stylesFabulous Brunello Cucinelli Women's Gray Fabric Heel Sandal Size 36CHRISTIAN DIOR Black D Glam pompes Patent Leather Shoes Size 7/37.5BEVERLY FELDMAN BLACK SUEDE & PATENT *SNAKE* LEATHER PLATFORM STILETTO SHOES, 8M , KATHRYN AMBERLEIGH PATENT CAGE HH SANDALS 37.5 37 7 6.5 , Brand New YSL Saint Laurent Patent Leather Nude 80 Pump 41 (10)STUART WEITZMAN Womens 'Poco' Silver Kitten Pumps Sz 9.5 MALBANESE ROMA VINTAGE HEELS WOMENS SHOES SIZE 37 WITH REAL BELLSCeline Black Leather Espadrille Wedge Sandals sz 5 Euro 35Saint Laurent YSL Fetish 105 Buckle High Ankle Strap Sandals $995 36STUART WEITZMAN NearlyNude saddle suede ankle strap sandal size 9 wideOscar De La Renta Womens Black Pumps Shoes Size US 7 // , RALPH LAUREN BARANIA BLK SUEDE w STONES ANKLE STRAP HEEL SANDAL 9.5B/39.5 ITALY
    New Dusica Dusica BLACK 28145 New Leather Open Dusica Toe FLAT 36/5.5 d751a0b ->New Dusica Dusica BLACK 28145 New Leather Open Dusica Toe FLAT 36/5.5 d751a0b -
    37304 auth PRADA anthracite grey leather RUFFLED Platform Ankle Boots Shoes 40 , ZARA NEW HEELED LEATHER ANKLE BOOTS WITH STRAPS STUDDED POINT TOE SIZEBT199 MBT shoes black nabuk women ankle bootsOriginal SAS Twin 1970-013 Black W Wide Leather WomenTods Womens Suede Penny Loafers - Size 10 Brown Tan Flats Italy Career Shoes , LFL by Lust for Life Women's Offer Penny Loafer, Black, 7.5 Medium US , Nine West Size 7.5 M Ineedo White Brown Leather Ankle Strap Stiletto Open Toe , Shoes Jeffrey Campbell Back Zipper Stiletto Shiny Metal Accents Size 10 SexyVANS Sk8 Hi x MLB New York Yankees Grey Skate Shoes MEN'S 7.5 WOMEN'S 9ADIDAS Adizero Defiant Bounce Mens Size 10 Grey/Yellow , Reebok Classic Club MEMT Memory Tech Foam White Steel V63340 Walking Shoes sz 11 , Nike Metcon 2 Men's Cross Training Shoe 819899 464 Size 10 , New Balance Mens bm3020v1 Fashion Boots- Pick SZ/Color.Under Armour Curry 3 Basketball Men's Shoes Size 10.5 US , Men's Nike Nikelab Air Max Woven Shoes Black White Brown 921854 003 NIB SZ 10.5 , ADIDAS ORIGINALS EQT CUSHION ADV MEN's CASUAL FOOTWEAR WHITE - ROYAL - BLACK NEW , adidas yezzy powerphase grey calabassas 9us -42 2/3fr -8.5 uk #kayne#yezzy#$200 REACTOR Two Tone Brown Calf Leather CAP TOE Oxfords Ankle Boots Men Shoes , Rocky 790G Mens Gortex Desert Tatical Boots 7.5 R Vibram Soles Excellent CondGentlemen/Ladies El general exotic crocodile cowboy boots New Listing Ranked first in its class Quality and consumer first , Sperry Top-Sider Men's Salt Washed Striper LL CVO Boat Shoe,Blue,11 M USSkechers USA Mens Larson Berto Slip-On Loafer- Pick SZ/Color. , Gentleman/Lady RUNNER FOUR L MARRON Crazy price, Birmingham Ranked first in its class Complete specificationsNike Womens Ashin Modern Running Trainers Aj8799 Sneakers Shoes 101David Tate Women's Zest Bootie Black Suede Ankle Boots , Pleaser Women's Delight 3019 White Faux Leather/White , ASICS GEL-Superion Sneaker T7H7N Size 7 MSRP $150 , Sanuk Nice Bootah Women's Boots Grey Arrowooly Size 7 , Punk Women's Rivets Pull On Mid Calf Boots Buckle Pointy Toe Zipper Party Shoes , $230 Cole Haan CALICO Brown Suede Zip Heel Boots Womens 9.5 NEW IN BOX
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Dusica Dusica BLACK 28145 New Leather Open Dusica Toe FLAT 36/5.5 d751a0b -

    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.

    New Dusica Dusica BLACK 28145 New Leather Open Dusica Toe FLAT 36/5.5 d751a0b -

    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
    New Dusica Dusica BLACK 28145 New Leather Open Dusica Toe FLAT 36/5.5 d751a0b