Never miss an update

Aquatalia Gabrina Weatherproof Womens Boots Pebbled Leather Womens Boots Weatherproof Winter Booties 7.5 c05090b

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Note: There may be minor blemishes on the finish due to instore try-ons and being on display.
Brand: Aquatalia Heel Height: Low (3/4 in. to 1 1/2 in.)
Style: Booties Material: Leather
Model: Gabrina US Shoe Size (Women's): US 7.5
Width: Medium (B, M) Features: Zip
Color: Black Fastening: Zip
UPC: Does not apply
Never miss an update

Aquatalia Gabrina Weatherproof Womens Boots Pebbled Leather Womens Boots Weatherproof Winter Booties 7.5 c05090b -

    Aquatalia Gabrina Weatherproof Womens Boots Pebbled Leather Womens Boots Weatherproof Winter Booties 7.5 c05090b
    Aquatalia Gabrina Weatherproof Womens Boots Pebbled Leather Womens Boots Weatherproof Winter Booties 7.5 c05090b
    STETSON 12-021-6102-0552 WOMEN'S GOLD GRAY CRACKLE WESTERN BOOTS NEW IN BOXTory Burch Elliot Lamb Fur Booties Boots Size 9 Blue , LADIES DURANGO CRUSH " HEARTBREAKER" 11" HARNESS WESTERN BOOTS RD4155Freebird By Steven Chute Combat Boot cognac 6,7,8,ERIC MICHAEL WOMEN'S NOELLE MID CALF BOOT ZIP MADE IN PORTUGALNew with box Free People 'Mason' Western Bootie Retail: $298 , Aldo Mirinia Blk Suede high knee bootLB712936 LIBERTY BLACK BORDEAUX WINE METALLIC DOUBLE ZIP BOOTIERobert Clergerie | Taupe Gray Leather Boots size 10FREEBIRD BY STEVEN NEST WOMENS BEIGE MULTI LEATHER SANDALS BOOTS 9 (10) $275La Canadienne Womens Black Leather Blanche Wedge Boots Shoe Size 7 M , Women's Leather Studded Overlay Cowboy Boots Snip ToeNew in Box - $698 FRYE Dorado Buckle Riding Black Leather Boots Size 6 , Womens Red Beige Flower Embroidered Leather Cowboy Cowgirl Boot Distressed Rodeo , LADIES CORRAL WESTERN BOOTS ANTIQUE BROWN/ SIDE EMBROIDERY A3072TORY BURCH BLACK SUEDE RABBIT FUR GOLD BUCKLE JADEN MOCCASIN FLAT BOOTS size 7Womens Black Flower Western Leather Cowgirl Boots Summer Red Leaves Snip Toe , Cole Haan Womens Putnam Waterproof Black Suede Tall Zip Boots 6 NEW IN BOXCorral Cowboy Western Boots Sz 6.5 Black/Turquoise Stud Crystal Wing Cross A1142Womens New Black Leather Occasion Cowboy Boots Rocker Skull Halloween Square ToePRADA woman black leather ankle boots 100% Authentic , Naot Women's Helm Ankle Bootnew $645 BETTYE MULLER 'Ranch' brown suede TALL FLAT BOOTS - super comfortableTory Burch Raya Black Womens Shoes Size 9 M Boots MSRP $450Junk Gypsy by Lane Ladies Texas Tumbleweed Boot JG0009ALane Brown Fringe Cowgirl Boots Santa Rosa Style Size 7.5 , FREEBIRD BY STEVEN Sidra Stone Leather Motorcycle Riding Boots Women's Size 9Arche MUSC Ankle Boots - Women's Size US:8 / EU:39, BlackNIB WOMENS SCARPA Mythos Gore-Tex Hiking Suede Boots SZ 39 US Waterproof
    Aquatalia Gabrina Weatherproof Womens Boots Pebbled Leather Womens Boots Weatherproof Winter Booties 7.5 c05090b ->Aquatalia Gabrina Weatherproof Womens Boots Pebbled Leather Womens Boots Weatherproof Winter Booties 7.5 c05090b -
    Camper Peu Cami 46104 Black Blue Womens Leather Boots , Nike Jordan Flight Flex Trainer 2 Cross Training Mens Shoes Black 768911-112 , 40631 auth JIMMY CHOO dark brown leather Knee-High Boots Shoes 36.5 , Man's/Woman's Ladies Padders Wide Fitting Moccasins Ellen durability Fast delivery Various latest designs , Gentleman/Lady tony bianco boots Size 6 the most convenient Modern design Personalization trend , Aerosoles WISE N SHINE Womens Boots Dark Brown Combo 7 US / 5 UKLadies Fly London Seti Warm Wedge Zip Classic Shoes Biker Lined Boots All Sizes , Gentlemen/Ladies Demonia VOLTAGE-06 Online Shopping New in stock At an affordable price , Amalfi by Rangoni Marzo Women's Shoe, Dark brown, 9.5M , Gentlemen/Ladies Alegria Kourtney Women's Slip On Comfortable feeling Comfortable touch VariousEarth Marsala - Women's Slip-on Flats Black - 6.5 MediumWomens SAM EDELMAN black snake print leather pumps sz. L-8.5 / R-8 NEW! , New Marc Jacobs Kid Foulard Black Leather Mule Sandals Women's Size 11 MGIANNI VERSACE Black Patent Leather Silver Medusa Women's Pumps US 8.5/ , NEW BRANDBLACK BLACKHAWK Jamal Crawford Basketball MENS Charcoal NIB LimitedAdidas EQT Cushion ADV Mens AH2232 Grey Sub Green White Running Shoes Size 10.5Nike SB Zoom Dunk Low Pro [854866-011] Men Skateboarding Shoes Wolf Grey/WhiteNIB Men's Nike AIR JORDAN Jimmy Buckets 855514-605 fieg PE butler QS ShoesLANVIN BASKET MIDTOP SNEAKER RUBBERIZED CALF/MATT CALF BLACK- BRAND NEW!!! , Mens Punk Gothic Flats Shiny Sequins Flats Heel Loafers SHoes Nightclub StudZARA MAN (9/42) BLACK **SUEDE LEATHER** ANKLE BOOTS Size 9USA 42EUR BNWTs , Man's/Woman's Hot sale balenciaga Free shipping 458653 W05G0 9000 Men's Size 11 Good design Let our goods go to the world finePatent Leather Business Cap Toe Pull on Dress Formal Wedding Men Dress Shoes , Men's Metallic Pointy Toe Wing Tip Dress Shoes Business Printed Leather ShoesSize 11 & 12 KENNETH COLE (Leather) Men's Shoe! Reg$165 Sale$84.99 , NIKE AIR MAX AXIS WHITE/BLACK-RACER BLUE WOMEN'S SIZE 7 [AA2168 101]Nike Womens Classic Cortez Premium Leather Violet Dust Purple Snake Croc 11 NewASICS Women's 33-M Running Shoe - Choose SZ/ColorWomens Over The Knee Long Boots Elegant Chunky High Heel Platform Suede Shoes Sz , $178 Free People Alamo Booties Size 39 Black Suede Western Heels Shoes Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Aquatalia Gabrina Weatherproof Womens Boots Pebbled Leather Womens Boots Weatherproof Winter Booties 7.5 c05090b -

    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.

    Aquatalia Gabrina Weatherproof Womens Boots Pebbled Leather Womens Boots Weatherproof Winter Booties 7.5 c05090b -

    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
    Aquatalia Gabrina Weatherproof Womens Boots Pebbled Leather Womens Boots Weatherproof Winter Booties 7.5 c05090b