Never miss an update

ECCO Women's Touch 75 Mid Cut Cut Boot,Black,40 mogochinese-29540 EU/9-9.5 75 M US ef48c04

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
UPC: 737429596974
Weight: 2.6 lbs EAN: 0737429596974
Dimensions: L 13.15 x W 12.76 x H 4.41 inches Brand: ECCO
PartNumber: 263533-51052 MPN: Touch 75 Mid Cut Boot
SKU: 26353351052_BlackPanama/Dress-40 Binding: Shoes
ISBN: Not Applicable ClothingSize: 40 EU/9-9.5 M US
Style: Not Applicable Color: Black
US Shoe Size (Women's): 40 EU/9-9.5 M US Department: womens
Never miss an update

ECCO Women's Touch 75 Mid Cut Cut Boot,Black,40 mogochinese-29540 EU/9-9.5 75 M US ef48c04 -

    ECCO Women's Touch 75 Mid Cut Cut Boot,Black,40 mogochinese-29540 EU/9-9.5 75 M US ef48c04
    ECCO Women's Touch 75 Mid Cut Cut Boot,Black,40 mogochinese-29540 EU/9-9.5 75 M US ef48c04
    New Merrell Travvy Tall Waterproof Womens Comfort Leather BootsOSCAR SPORT NORMA WHITE BIANCO SPOT LEATHER FUR WINTER SKI BOOTS WOMEN'S 8/39Pleaser Women's Del1017rsf/C-s/Sch Boot, Clear Silver/Silver Chrome, 6 M US , INC International Concepts Tomi Women US 8 Black Knee High Boot , DKNY Black Flat Tall Buckle Boots size 36 /6 , NEW CIRCUS BY SAM EDELMAN HOWELL BLACK BOOTS LEATHER SUEDE OVER THE KNEE SZ 9.5Easy Spirit Women's Batalia Ankle Bootie, Black/Black Leather, 11 W US , Alfani Egila Women US 7.5 Black Knee High BootAQUATALIA MARVIN K ITALY SIZE US 8 CROC EMBOSSED BROWN PATENT LEATHER BOOTSMarc Fisher Women's Ileesia Fashion Boot, Camel, 6.5 Medium US , Chocolat Blu Taupe Beige Brown Leather Emily Bootie Heel Shoe 8 New , Sam Edelman 'Johanna' Over the Knee Suede Boot - Size 7.5M / 38 - $299Harley Davidson Women's Summerdale Black Ankle Boots Shoes D83931Marc Fisher Noreene Women US 5 Tan Knee High BootFRYE WOMEN'S LINDSAY PLATE LEATHER RIDING TALL Cognac 76976 BOOTS $398 Size 6 , Patricia Nash New Sabbia Beige Womens Shoes Size 8 M Boots MSRP $249NATURAL SOUL Women's Heart Ankle Boot, Grey, 9.5 W US , CAROLINNA ESPINOSA 'Elliot' Bootie - Size 8.5M/40 - $399New In Box Johnston & Murphy Womens Keaton Taupe Kid Suede Cuff Bootie Boots , Circle G by Corral Grey Boots with Black Cross Embroidery L5122Frankie Segal Brown Nubuck Leather Doubkle Zippered Ankle Boot , Laredo Women's Flutter Butterfly Cowgirl Boot Medium Toe Taupe 9 M , Naturalizer Women's Josette Wideshaft Riding Boot,Black/Brown,9.5 M US , KENDALL + KYLIE Women's Zola Ankle Bootie, Black, 8 M USSperry Top-Sider Women's Liberty Rosa Ankle Boot, Brown, 6 Medium US , Bandolino Women's Wiser Suede Riding Boot,Black,10 M US , L.K.BENNETT Bottines Boots à Talons Tout Cuir Grainé Noir T 41 TTBE , Madewell $228 Jules high heel Boot 7.5 mahogany brown e5368 leather swag , NEW L'Artiste by Spring Step Natalia Brown Fabric Leather Boots Size 38 US 7.5-8 ,
    ECCO Women's Touch 75 Mid Cut Cut Boot,Black,40 mogochinese-29540 EU/9-9.5 75 M US ef48c04 ->ECCO Women's Touch 75 Mid Cut Cut Boot,Black,40 mogochinese-29540 EU/9-9.5 75 M US ef48c04 -
    Men's real leather Ankle boots Formal Shoes Slip On Side Zip OM7038 , Women's shoes pumps suede model CHERRY by HGilliane Design Aus 2 to 10.5 , Chaco Women's Ionia Loafer Flat - Choose SZ/Color , Dansko Lila Shoe - NIB - Free Shipping , NIB Tory Burch Reese Leather Tassel Ballet Flats Shoes Tory Navy 6 MCorso Como Del Pump - Women's Size 8 M, BlackSexy Pointed toe High Heels Women Heel Shoes Women's Pumps Office Zapatos de Ma , Nine West Women's Talina Leather Ankle Boots Cognac Size 6.5 MNine West Women's Kami Metallic Wedge SandalWedding Shoes For Woman Size 37 by ITALIANTE , NEW TOPSHOP Goddess Slingback Real Leather V CUT PUMPS Heels Black Shoes 6,5 , Talons hauts model 77365 Inello - Matter - ShoesAUTHENTIC NEW CHRISTIAN LOUBOUTIN 36.5 BLACK LADY TURNER HEELS PUMPS $895 NIBTWIN-SET Simona Barbieri Spartiates Tout Cuir Rose T 36 BEMen/Women Reebok Classic Pink Women Size 10 Charming design low cost Preferred boutique , Anne Klein Women's Nicco Leather Wedge Sandal , Reebok CrossFit Nano 4.0 CF74 Mens Shoes Size US 11 Blue Yellow Duracage , Nike Alpha Tebow Denver Broncos PE Player Talon Air Zoom Exclusive Cleats , Ylati Men's Footwear Nero Collection Amalfi White High Sz12 Retail $410-NWOB , New NIKE SB ERIC KOSTON 2 Turbo Green White Rust Factor Men's SZ 11Man/Woman Ladies Waldlaufer Casual Everyday Shoes 496301 High grade comfortability Diversified new design , WMNS Nike Air Unify Pro, Black/White/Green, Size 11Nike Free RN Women's Running Shoe 831509 601 Size 6NEW BALANCE WPACEGW2 Running Shoes Womens 6 m Dark Gray NEWNIB A|X Armani Exchange Sneakers Metallic ACCENT Mesh Black US 8,Adidas Tubular Invader Athletic Women's Shoes Size 8.5Womens Patent Leather Platform Shoes Stiletto Heel Over Knee High Boots Plus sz , JB MARTIN Bottes Cuir Noir Doublées Cuir Mollets forts T 40 TTBE , Cobb Hill Rockport Women's Nicole Boot, Spruce, 6.5 M USMan/Woman Fly London Yip Wedge Bootie Complete specification range Highly praised and appreciated by the consumer audience Non-slip ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ECCO Women's Touch 75 Mid Cut Cut Boot,Black,40 mogochinese-29540 EU/9-9.5 75 M US ef48c04 -

    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 Women's Touch 75 Mid Cut Cut Boot,Black,40 mogochinese-29540 EU/9-9.5 75 M US ef48c04 -

    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 Women's Touch 75 Mid Cut Cut Boot,Black,40 mogochinese-29540 EU/9-9.5 75 M US ef48c04