Never miss an update

BURBERRY Gray BURBERRY Check Rainboots 6 Women's 36 Size 36/ 6 Made In ITALY. 8963241

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Country/Region of Manufacture: Italy Material: Rubber
Style: Rainboots Pattern: Plaids & Checks
US Shoe Size (Women's): US 6 Color: Gray
Heel Height: Low (3/4 in. to 1 1/2 in.) Brand: Burberry
UPC: Does not apply
Never miss an update

BURBERRY Gray BURBERRY Check Rainboots 6 Women's 36 Size 36/ 6 Made In ITALY. 8963241 -

    BURBERRY Gray BURBERRY Check Rainboots 6 Women's 36 Size 36/ 6 Made In ITALY. 8963241
    BURBERRY Gray BURBERRY Check Rainboots 6 Women's 36 Size 36/ 6 Made In ITALY. 8963241
    Hunter Original Contrast High Heel Boot Black Maroon Rubber Mid Ankle Siz 8 $240 , TORY BURCH Leena Ankle Bootie Camel Tan Suede Sabe Nutshell Fulton Sz 8.5 #E6ECCO Women's Soft 7 Slip Sneaker - Choose SZ/color , CAbi Black Purple Ankle Boot Booties Leather Womens Size 10 , Classic Fur Snow Boots Womens Winter Calf Tall Faux Leather Fashion Suede ShoesMr/Ms SHAKER-100 Special price Clearance Personalization trendWomen's Genuine Leather Ankle Boots Mid Heel Oxfords Cowboy Western Boots new szRunnway Womens Pointy Toe Block Heel Over The Knee High Boots Real Leather SIBO , Pleaser CLASSIQUE-3011 Womens Black Faux Leather Heels Thigh High Pointed BootsWomen's Genuine Leather Wedge High Heel Ankle Boots Big Fur Winter Warm Sneakers , New KEEN Womens Durand Polar Shell-W-W Beluga/Desert Sage Snow Boots Size 5New Tory Burch Womens Brown Fashion Boots Size 7BOTTES CONFORTABLE EN FAUX FOURRURE BEIGE/NOIR " WRANGLER " P/40 NEUF/EMBALLEBNWT ZARA HIGH HEEL BLACK LEATHER ANKLE BOOTS s.US 10 Ref.6100/101 , Frye Cindy Slouch Brown Boots Size 9 Leather , Wolverine Womens Brown Ankle Boots Size 7 (286208)FACONNABLE WOMENS BOOTS BLACK SIZE 9 M BLACK IB PRISTINE CONDITION , VALENKI Wool Felt Russian Winter Boots Shoes US Women SizesClarks Plaza Pilot Women's Black Leather Boots , TORY BURCH Brown Textured Leather Knee High Boots Gold Logo Hardwear (SIZE 5.5M)GUESS Zafira Over The Knee Bow Tie Boots, Dark Gray , Montrail Women's Gore Tex Hiking Boots Size US 7/KED , JO GHOST BOOTS SIZE 38 WHITE LEATHER MADE IN ITALY WOMEN'S , NEW Charles By Charles David Joan Women’s Black Mid Calf US Sz 7.5 M Shoes , Women's Genuine Leather Ankle Boots Mid Cuban Heel Oxfords Cowboy Western Boots$275 Vince Bray Smoking Loafers Vintage Blue 7.5 - US; 37.5- EU Italy , Shane & Shawn Womens 'Jill' Bootie Shoe, Black, US 7.5 , Demonia BRAVO-100 106 108 109 Women's Gothic 5" Wedge Platform Knee Boots , JOLI BOTTE CONFORTBALE EN CUIR SOUPLE NOIR "DUCA ENRICO" P/39 NEUF/EMBALLE ,
    BURBERRY Gray BURBERRY Check Rainboots 6 Women's 36 Size 36/ 6 Made In ITALY. 8963241 ->BURBERRY Gray BURBERRY Check Rainboots 6 Women's 36 Size 36/ 6 Made In ITALY. 8963241 -
    NEW FENDI SUEDE ANKLE BOOTS! LOVELY! RETAILS AT OVER $700.00 , Nike SB Check CNVS Mens Trainers 705268 001 Sneakers Shoes , SUPER SEXY!!! MAISON MARTIN MARGIELA BLACK LEATHER STRETCH BOOTS US 7 , HOGAN women shoes Olympia black patent leather and suede low sneaker , Geox Nebula Trainers Womens Sports Elasticated Leather Suede ShoesSpring Pointy Toe Satins High Heels Womens Ankle Strap Party Pumps Fashion Shoes , 36 - Dolce & Gabbana Gorgeous Colorful Printed Brocade Espadrilles Shoes 0716MD , Nina Women's Deena Ankle Strap Stiletto Sandal Eggplant Velvet/SatinSteve Madden Womens Colorful Gladiator Flat Sandal ShoesNew Balance Size 10 EUC Made In Indonesia Black Leather Cross Training Sneakers!Keen Men's Citizen Low Magnet/Black WP Shoe 10M , Nike Zoom JA FLY 3 OC Rio Track Field Spikes Pink Volt 882032-999 Mens Sz 10.5Nike Flyknit Streak, Men`s 11.5, Black/DarkGrey/White, 835994 010, NEW , Asics Gel 530TR Mens Crosstraining Shoes (2E) (0158) + FREE AUS DELIVERY2012 NIKE ZOOM KOBE VII 7 SYSTEM ENTOURAGE WBF WARRIORS BLUE GOLD 488371-404 9.5 , Nike Dunk Low Premium SB QS,504750-600, RUKUS, Crawfish, Size 12NIKE AIR FORCE 1 LOW CORK ID NBA CHAMPIONSHIP BLACK-GOLD SZ 10.5 [AH5908-994] , Wolverine Merlin Puncture Resistant Waterproof Composite Toe Work Boots W10257Lacrosse Men's Aerohead Sport 16" 7.0MM Hunting ShoesKenneth Cole New York Mens Gather-Ing Bit Business Casual Loafers Dress ShoesNEW - Keds Women's Gray Tiebreak Nylon/Suede WX Fashion Sneaker - US Size 7Nike Court Royale GS Triple White Leather Kid Youth Women Shoes 833535-102 , Womens New Balance 1080v5 Running Athletic Training Shoes Blue / Purple Size 7.5 , Aerosoles Women's Flower Thong Sandal White Floral Microfiber Thong Sandals , Ryka Women's Kailee Sneaker, Insignia Blue/Yucca Mint/Summer Grey, 9.5 M US , Nike Womens Classic Cortez Nylon Trainers 749864 Sneakers Shoes 605Nike Womens Air Max 90 LTD Running Shoes 302519-001 , NEW Nike Air Max Plus 97 Womens Size 12 Shoes Mica Green Barely Rose AH8143 300Stylish Womens Shoes PU Leather Block Heel Platform Pull On Mid-Calf Boots , naturalizer Jump Side Zip Ankle Boots, Brown Suede, 8 US / 38 EU ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BURBERRY Gray BURBERRY Check Rainboots 6 Women's 36 Size 36/ 6 Made In ITALY. 8963241 -

    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.

    BURBERRY Gray BURBERRY Check Rainboots 6 Women's 36 Size 36/ 6 Made In ITALY. 8963241 -

    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
    BURBERRY Gray BURBERRY Check Rainboots 6 Women's 36 Size 36/ 6 Made In ITALY. 8963241