Never miss an update

Steve Madden Gorgeous Over-The-Knee Dress Boots 8064 139, Over-The-Knee Navy Boots Velvet, 7 US a7676da

Item specifics

Condition: New without tags :
A brand-new, unused, and unworn item that is not in original retail packaging or may be missing original retail packaging materials (such as the original box or bag). The original tags may not be attached.See all condition definitions- opens in a new window or tab
Seller Notes: Display Shoe. Lightly soles. The images shown are of the actual shoes for sale.
Brand: Steve Madden Material: Synthetic
US Shoe Size (Women's): 7 Pattern: Solid
Colour: Blue Heel Height: High (3 in. and Up)
MPN: Gorgeous Width: Medium (B, M)
Style: Over Knee Boots Shade: Navy
UPC: 190640888547
Never miss an update

Steve Madden Gorgeous Over-The-Knee Dress Boots 8064 139, Over-The-Knee Navy Boots Velvet, 7 US a7676da -

    Steve Madden Gorgeous Over-The-Knee Dress Boots 8064 139, Over-The-Knee Navy Boots Velvet, 7 US a7676da
    Steve Madden Gorgeous Over-The-Knee Dress Boots 8064 139, Over-The-Knee Navy Boots Velvet, 7 US a7676da
    Jack Rogers Bailee Scalloped Ankle Boots, Dark Grey , 7.5 US , Nina Luela Over The Knee Platform Boots, Black, 11 USFergie Footwear Country Too Ankle Boots, Black , NEW - Womens Safety Work Boots - Outback Alexis - 0495STEVEN Steve Madden Wein Studded Knee High Boots, Taupe , Man's/Woman's Ladies Chocolate Brown Leather Boots Quality queen The latest technology Perfect processing , Man's/Woman's RM Williams Ladies Boots 6E online sale low cost Official website , Viietnam Brown Boots James Bows 7cm High Size 38 , Denim & Supply Mattie Mid-Calf Slouch Boots, Black , Guess Galeno Pull On Ankle Boots, Black, 7.5 USArthur Galan AG Leather Knee High Brown Boots 37 (size 6-7) BNIB RRP $400 , Bearpaw Desdemona Mid Calf Lined Winter Boots, Hickory IIJack Rogers Peyton Side Zip Ankle Booties, BlackIvanka Trump Sarena Thigh High Fashion Boots 615, Black, 8.5 US , Man/Woman Chinese Laundry Jeopardy Ankle Booties, Nude Consumer first Latest styles Shopping promotionGentlemen/Ladies NEW Sandler Detroit Brown Glove Boot Charming design cheapest cheap price , Splendid Hamptyn Chelsea Ankle Boots 185, Coffee, 7.5 USNEW Sandler Jersey Mid Brown Glove BootClarks Maypearl Ramie Comfort Ankle Boots 489, Mahogany, 7 US / 37.5 EU , Nine West Counter Knee High Boots, Medium Brown Leather, 6 US , Marc Fisher Gensin Mid Calf Boots, Medium Brown Leather, 6 US , Earth Rider Black Knee High Boots Size 6.5 , Man's/Woman's LADIES SAFETY WORK BOOTS Durable service auction Modern and elegant , NEW Easy Steps Sutton Cognac Leather Ankle Boots Comfort Fit C-Fit , Calvin Klein Jaidia suede/neopropene high boots US 9/black , Size 36 "Jigsaw" Gorgeous Ladies Brown Boots. Good Condition! Bargain PriceGentlemen/Ladies leather boots Crazy price, Birmingham Known for its good quality Outstanding functionMen/Women Leather Boots selling price Settlement Price Known for its excellent quality , WOMEN SHOES DESIGNER BLACK LEATHER POINTY TOE BLOCK HEEL ANKLE BOOTS WORK OFFICE ,
    Steve Madden Gorgeous Over-The-Knee Dress Boots 8064 139, Over-The-Knee Navy Boots Velvet, 7 US a7676da ->Steve Madden Gorgeous Over-The-Knee Dress Boots 8064 139, Over-The-Knee Navy Boots Velvet, 7 US a7676da -
    Womens Black Leather Cowgirl Boots White Inlay Studded Western Wear Snip ToeFrye Vera Disc Stud Short Black Leather Motorcycle Boots Women's Size 6 B.Iga (Eva) Wyrwal Authentic Worn Personally Owned Black Knee High BootsLucchese Womens Handmade 1883 Cassidy Cowgirl Boot Snip Toe Tan 5.5 M US , Bionda Castana Roisin Ankle Boot Size 36 $895 , Dr Martens 10-hole Mix Silver 15319040 Original Doc , Softspots Women's Jersey Black/Grey Diamond Knit Boot 1701903 Size 7.5 M , New 8.5 / 38.5 Saint Laurent Classic Paris Pink Leather Point Cap Toe Pump Shoes , New In Box Patricia Green Suede Espadrilles -Dallas Wedge In Camel Size 6BOTTEGA VENETA black leather suede sandals wedges 7.5 US/ 38 Eur. New w boxMan's/Woman's Vintage-1980s-Warrior-Canvas-Basketball-Sneakers-High-Top-Blue-Size-41-US-8 Online Shopping Modern and stylish fashion Elegant and robust menu , NEW MENS BELL HORN DIABETIC HAYWARD WHITE SHOES SIZE 9.5 W ATHLETIC SHOE , Nike Kobe A.D. NXT University Red/Crimson Men's Basketball Shoes-Size 12/13 NWB , Nike Lupinek Flyknit Low Mens Running Trainers 882685 Sneakers Shoes 100Adidas Tubular Runner x CNY Chinese New Year AQ2549 NEW Rare men size 5.5 , 2006 Nike Dunk High Premium SB Mork And Mindy Varsity Red Chrome 313171-002 z 10Air Jordan 5 Retro Cement Size 7 White University Red Blck 136027-104 Brnd NwNike Lebron 9 South Beach Size 10.5 , Magnum Opus Mid Mens Black Tactical Military Boots , Birkenstock Boston Suede Mocha Clog Shoe Mens Size US 11 Regular NEWNew Cole-Haan Revilla buckle 7.5 M black (880)Cole Haan Grand Evolution Chukka Boot Dress Shoes Sample Brown Suede ( C27367 ) , NEW Nike Free Training Fit 5 Gray And Yellow Volt Women's Size 10.5 MeshVince Camuto Tall Dark Brown Leather Side Zip Harness Boots Women's Size 7 MSkechers Women's Double up-Natural Instinct Fashio - Choose SZ/color , Dockers Stiefelette 41HL305-351 Female Booties Nubuck Leather Grey GreyUnder Armour Women's Micro G Assert 7 Sneaker, Bla - Choose SZ/color , ZARA Women Ankle Boots Printed Faux Patent High Heel Shoes US Size 6 1/2BY757 GIANNI MARRA shoes black suede women ankle bootsENZO ANGIOLINI WOMEN'S PORCELAIN RIDING BOOT TAUPE LEATHER US SZ 9 MEDIUM (B, M)
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Steve Madden Gorgeous Over-The-Knee Dress Boots 8064 139, Over-The-Knee Navy Boots Velvet, 7 US a7676da -

    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.

    Steve Madden Gorgeous Over-The-Knee Dress Boots 8064 139, Over-The-Knee Navy Boots Velvet, 7 US a7676da -

    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
    Steve Madden Gorgeous Over-The-Knee Dress Boots 8064 139, Over-The-Knee Navy Boots Velvet, 7 US a7676da