Never miss an update

Dolce mogochinese-22257 Size Vita Kara Gray Womens Womens Shoes Size 6.5 M Boots MSRP $130 893127b

Item specifics

Condition: New with defects :
A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour variations to scuffs, cuts or nicks, hanging threads or missing buttons that occasionally occur during the manufacturing or delivery process. The apparel may contain irregular or mismarked size tags. The item may be missing the original packaging materials (such as original box or tag).  New factory seconds and/or new irregular items may fall into this category.  The original tags may or may not be attached. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Display model. Slight scuffing on bottoms of both shoes
Brand: Dolce Vita Color: grey
Style: Kara Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Model: Kara Material: Leather
MPN: Does Not Apply US Shoe Size (Women's): 6.5
Width: Medium (B, M) Calf Width: Normal
UPC: 630260651409
Never miss an update

Dolce mogochinese-22257 Size Vita Kara Gray Womens Womens Shoes Size 6.5 M Boots MSRP $130 893127b -

    Dolce mogochinese-22257 Size Vita Kara Gray Womens Womens Shoes Size 6.5 M Boots MSRP $130 893127b
    Dolce mogochinese-22257 Size Vita Kara Gray Womens Womens Shoes Size 6.5 M Boots MSRP $130 893127b
    Karen Scott 3" Heeled Boots Black Slip-on Baron Size 8.5M New , Gentleman/Lady bruno valenti Leather Boots High quality and cheap Skilled manufacturing value , ARAVON BLACK LEATHER MID CALF LADIES SIDE ZIPPERED BOOTS 7 EE USBEARPAW Womens Lauren Tall Winter Boot Hickory 11 M US , Columbia Ice Maiden II Women's 6 / 37 Brown Snow Boots Waterproof Faux Fur EUC , Womens emu Sz 10 Wool Lined 12.5" Tall Dark Brown Suede Winter Boots , Clarks Artisan Women's Ankle Leather 13285 07/15 Brown Boots Sz 9MCarlos by Carlos Santana Women's Claudia Boot,Cognac PU,US 5.5 MMarc Fisher Dark Brown Suede Fringe Sade Ankle Boots NEW , INC International Concepts Herbii Women's Boots CaramelMan's/Woman's Juarez Multicoloured Chestnut Boot Clearance price new A balance between toughness and hardnessNew w/box Maurices Samantha Faux Leather & Faux suede size 7 1/2 brown bootsWomens Chinese Laundry 8.5 M Brown Darla Leather/Suede Western Boots , $395 NEW Charles David Kiwi Leather Fashion Knee-High Boots Size US 8.0 M , Acme DINGO Leather Inlay Western Stitched Cowboy Boots~Style 7495~Brown~Size 7 MKenneth Cole Ken Black Womens Shoes Size 7.5 M Fashion Sneakers MSRP $130Isaac Mizrahi Kayln Dark Brown Suede Wedge Ankle Boot NEW , Justin USA Womens Sz 6.5 Exotic Hot Red Leather WESTERN Cowgirl Riding Boots , Clarks Leather Tall Boots with Goring - Nevella March BLACK SIZE 11 Women's , Aerosoles Women’s (Sz 8) My Time Booties, Black, $149 (3299P) , Womens Altama Military Boots Vibram size 6 WPaul Green Knee High Boot 5.5 Women Black Leather 23928 Buckle Austria ZipperWomen Lovely People Boots Brown Size 6NIB Lands End Womens Black Leather Zip Low Boots 8 , Man's/Woman's CATERPILLAR WOMENS BETHANY BOOT #P308580 Rich design Fine art Comfortable and naturalKamik Okemo Women’s Sz 9 Waterproof Insulated Snow Boots Gray Green White Shoes , NEW MADDEN GIRL CORPOREL BLACK TALL BOOTS WOMENS 7.5 ZIP BACK, BUCKLE FRONT , Womens Justin Black Smooth Ostrich Roper Cowboy Boots sz 5.5 B style J90104 USAClarks Womens Black Fashion Boots Size 5 (312565)
    Dolce mogochinese-22257 Size Vita Kara Gray Womens Womens Shoes Size 6.5 M Boots MSRP $130 893127b ->Dolce mogochinese-22257 Size Vita Kara Gray Womens Womens Shoes Size 6.5 M Boots MSRP $130 893127b -
    Frye Veronica Duck Engineer Leather/Shearling Boots Brown/Forest Women’s Sz 8 B , Roamers Mens Twin Zip Faux Fur Thermal Warm Lined Boots (DF226) , NEW IN BOX GEORGINA GOODMAN leather boots from SCANLAN THEODORE RRP $900PRADA Metallic Gold Leather Bow Espadrille Flats Shoes IT 39 US 8.5-9 , Womens Square Toe Chunky Heels Patent Leather Beads Ankle Chain Pumps Shoes , Nine West E-Sideways Tie Wedge Platform Comfort Shoe Women Size 8M , Herve Leger Colette Clear Strap Point Toe Pump Size: 40 EUR, 10 US , NEW L.K. Bennett FLORETE Navy Patent Pointy Toe Pump Heel Shoes 40 US , Gentleman/Lady Fitflop Women'S Cha Cha Sandal Practical and economical Affordable Different styles and stylesChaco Maya II Sandals - Women's Size 9, Sand , Splendid Womens Madrid Flip Flop- Pick SZ/Color.Nike Air Foamposite One PRM Camo 575420-001 White Black Grey Figher Jet Size 9 , Adidas Men Tubular Doom Primeknit navy S80103Nike Air Huarache Run Mens AH9710-002 River Rock Black Running Shoes Size 11.5WESTERN Black Leather Boots Men's Size 8.5 , LOS ALTOS COGNAC GENUINE OSTRICH SQUARE TOE WESTERN COWBOY BOOT EE+ 8210303 , Crocs Men's Yukon Mesa Clog - Choose SZ/ColorMark Nason Los Angeles Casual Shoe Navy Blue Burgundy White New Modern 11.5[STICO] Mens Chef Kitchen Shoes Non-Slip Anti Slip Rubber Occupational BLACK I_gNIB $90 Converse One Star 74 Ox Deep Bordeaux Mono 155715C US Mens 8.5KEEN Utility Men's Detroit Low Steel Toe Work Shoe Peacoat 12 EE US , Johnston & Murphy Limited Black Mens Cap Toe Dress Oxfords Shoes 10.5 D USAmen's shoes TRIVER FLIGHT 9 () elegant black leather BX564-42 , NIKE CHEER COMPETE WHITE PURE PLATINUM WOMEN SHOES SIZE 5.5 TO 12 , NEW Adidas Superstar 80's Women's Shoes White Black Various Sizes ( BY9074 ) , NWOB! Brooks Adrenaline GTS 15 Womens Running Shoe Purple Navy Size 6 , Nike Air Huarache Run Women's 634835-702 Barely Volt Gum Running Shoes Sz 7.5 , Nike Womens Air Zoom Vomero 11 Running Trainers 818100 Sneakers Shoes 502Sporto® Natalie Water-Resistant Suede Wedge Bootie, India Ink 9.5MKEEN Ferno Low Boot size 6.5 Black Leather Side-Zip Boot NIB ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Dolce mogochinese-22257 Size Vita Kara Gray Womens Womens Shoes Size 6.5 M Boots MSRP $130 893127b -

    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 mogochinese-22257 Size Vita Kara Gray Womens Womens Shoes Size 6.5 M Boots MSRP $130 893127b -

    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 mogochinese-22257 Size Vita Kara Gray Womens Womens Shoes Size 6.5 M Boots MSRP $130 893127b