Never miss an update

ECCO Abelone Short Gore-Tex Black Ankle Ankle 29911 Boots Women's Size US 39 | 8 - 8.5 US 7c0c65a

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Style: Ankle Boots
Details: Gored Boot Shaft Height: Ankle
Fastening: Pull On Calf Width: Medium
Features: Waterproof Heel Height: Med (1 3/4 in. to 2 3/4 in.)
EUR Shoe Size (Women's): EUR 38 US Shoe Size (Women's): 8
Color: Black Material: Textile
Occasion: Casual Width: Medium (B, M)
Brand: ECCO Pattern: Solid
Toe Type: Pointed Toe UPC: Does not apply
Never miss an update

ECCO Abelone Short Gore-Tex Black Ankle Ankle 29911 Boots Women's Size US 39 | 8 - 8.5 US 7c0c65a -

    ECCO Abelone Short Gore-Tex Black Ankle Ankle 29911 Boots Women's Size US 39 | 8 - 8.5 US 7c0c65a
    ECCO Abelone Short Gore-Tex Black Ankle Ankle 29911 Boots Women's Size US 39 | 8 - 8.5 US 7c0c65a
    6651 Women Ariat Dahlia Boots 6B Style 10008781Fabulous Diane Von Furstenberg Brown Suede Boots Size 6 MAriat Womens Rounded Toe Western Cowboy Boots 8.5 Brown / Pink LeatherEasy Spirit Women's Traveltim278 Mule, Taupe/Gold Multi Suede, 7.5 W US , $110 CORKYS Black Sheepskin Leather Pull On Ankle Booties Shoes US 9.5 10 EUC , Bottes ELIZABETH STUART Cuir Marron T 41 TBE , Donald J. Pliner Apres faux vegan fur snow boots womens blk 10 9.5 Sport-I-QueLight Olive Green El Naturalista Ankle Boots 9 40BOC Born Concept Black Leather Zip Knee High Boots Size 6.5 M/W Style BC3733 , Puma Alexander McQueen Elevation Black Wedge Booties Shoes Eu 40.5 US 9.5(MSRP $168) !!! New Miss Albright Felina Boots,Gray & Black Color,8M, 9M & 9.5M , Dr. Doc Martens Jemima Kiltie Chukka Boot White 4 6 8 Leather MSRP $120 NEW , shoes original boots unisex Authentic WORLDboots Winter Blue Lees Suede Booties , Hunter Original Tall Rainboots "Festival" Print Wellies black Size 7Gentleman/Lady Black Leather Boot bargain Beautiful appearance Maintenance capabilitySperry Womens Walker Wind Rain Boot STS99743 Sz. 5 H137 , Dansko Fyodora Black Suede And Faux Fur Boot. Size 38. Worn OnceSTEVE MADDEN RYDDLLE SZ 10 M BLACK NUBUCK LEATHER PLATFORM ANKLE BOOTS BOOTIES , ZARA SS2018 EMBROIDERED HIGH HEEL ANKLE BOOTS NUDE US8 EU39 , Snow Tec Frost-07 Women’s Snow Boots Black Sz 8 NEWJENNY BY ARA OPAL NIB NEW SZ 7.5 M BLACK FAUX SHEARLING MID CALF BOOTS BOOTIES , Black Camper Zip-Up Knee-High Boots 8 39 , NWT Sam Edelman Luther Faux Shearling Boots 8 Ret. $120New Free People Distressed Suede Decade Boot SizeWomen Patent Leather Pointy Toe Pull On Rivets Ankle Boots Low Block New ShoesWomens Men's Boots 6-Inch Premium Waterproof Trail Snow Boots US 12.5 , New Jack Rogers Womens Marianne Suede DarkGrey Ankle Boots Size 10 , Stuart Weitzman Mitten Black Suede Ankle Booties Size 9.5M E543Womens Riding Splice Ankle Boots Suede Leather Mid Block Heel British Shoes 2019 ,
    ECCO Abelone Short Gore-Tex Black Ankle Ankle 29911 Boots Women's Size US 39 | 8 - 8.5 US 7c0c65a ->ECCO Abelone Short Gore-Tex Black Ankle Ankle 29911 Boots Women's Size US 39 | 8 - 8.5 US 7c0c65a -
    Demonia Swing 105 Black Patent Lightning Bolt Ankle Boot 5.5" Platform , $1250 Jill Sander Talco Calf Dark Blue Leather Boots US 8.5 EUC , Miu Miu Black Patent Drawstring Top Rain Boots Size 37.5 Rubber Toe NIB $790 , CLARKS Women's Carleta Paris Boot - Choose SZ/color , DEWALT - Carbon Safety Brown Nubuck Hiker Boots Euro 46 , Shoes IgieCo Man 67291 00 Sneakers Suede Comfort Made in Italy Wales BlueGENUINE || Brooks Ghost 11 Mens Running Shoes (D) (006) , Man/Woman ADORE-709MCT Velvet Neon Pearl Fine workmanship Stylish and charming Official websiteBADGLEY MISCHKA Womens Giana II Open Toe Classic PumpsJimmy Choo Blue Patent Leather "Luna" Platform Pumps SZ 37.5 , Barney's New York black patent women's CRISS-CROSS stilletto shows size 39US9 It , Nike Air Huarache Run Premium Platinum/Grey-Anthracite-Silver 683818-009 SZ 9.5VIA SPIGA CYNNA Green Man Made Designer Thongs,Flops Sandals 7.0 M , Skechers Shoes Mens Equalizer 2.0 On Track Memory Foam Lightweight Sneakers , NIKE Air Jordan 2 Low Gym Red Basketball Sneakers Mens Size 14 , Adidas Ultra Boost 2.0 Collegiate Blue Sz 11.5 Navy , British Mens Brown Tassel Suede Leather Loafers Dress Shoes Slip On Creepers SZ , Vans Classic Slip On LGBT PRIDE Rainbow True White Men's Size: 9 , Adidas Leather sneakers mens US 7.5 NEW SALEStacy Adams Men's Naples Driver Slip-on Sandal Loafer - Choose SZ/Color , Camper Men's Beetle Fashion Sneaker - Choose SZ/ColorClarks of England Niland Energy-M Mens Energy- Choose SZ/Color. , NEW DIESEL ASH/BLACK D-VELOWS S-TUNNYNGS LEATHER/CANVAS MID HI TOP SNEAKERS 10 , BX507 CESARE MAURIZI shoes gray leather men elegant EU , ECCO Men's 601294 New Jersey Black Leather Slip On Loafer Sz 42 , Alegria Essence Walker - Black - Womens , adidas EQT ADV Racing PK PRIMEKNIT SHOES WOMEN'S SIZE 8 $150 NEWNew Nike Air Force 1 Flyknit Low Sz 9 Shoes 820256-300 Green White 40.5 360 AF1 , Man/Woman NEW VIC WOMENS ANKLE BOOTS Adequate supply and timely delivery International choice Vintage tide shoes , Ivanka Trump Women's Sharon Ankle Bootie - Choose SZ/Color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ECCO Abelone Short Gore-Tex Black Ankle Ankle 29911 Boots Women's Size US 39 | 8 - 8.5 US 7c0c65a -

    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.

    ECCO Abelone Short Gore-Tex Black Ankle Ankle 29911 Boots Women's Size US 39 | 8 - 8.5 US 7c0c65a -

    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
    ECCO Abelone Short Gore-Tex Black Ankle Ankle 29911 Boots Women's Size US 39 | 8 - 8.5 US 7c0c65a