Never miss an update

Steve Madden Opticall Multi Suede Heels Pumps 7 Madden NIB 7 Steve NEW f36813a

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
Brand: Steve Madden
Style: Pumps, Classics US Shoe Size (Women's): 7
Material: Suede
Never miss an update

Steve Madden Opticall Multi Suede Heels Pumps 7 Madden NIB 7 Steve NEW f36813a -

    Steve Madden Opticall Multi Suede Heels Pumps 7 Madden NIB 7 Steve NEW f36813a
    Steve Madden Opticall Multi Suede Heels Pumps 7 Madden NIB 7 Steve NEW f36813a
    NEW $198 LILLY PULITZER Bella Sandal, Strappy Heels, Black Suede, Various SizesWomens Genuine Leather Pointy Block High Heel Vogue OL classic Ankle Boots ShoesWomen's Stilettos High Heel Ankle Strap Bandage Pumps Sandals Shoes Slingback , Jeffrey Campbell Luella Perforated Heels Size 6 NEW MSRP: $138 , Demonia 5.5" Heel Black & Pewter Maryjane Skull Heel Shoes 5 6 7 8 9 10 11 12 13 , 2017 New Fashion Womens Shoes Pointy Toe High Heels Party Prom Stilettos LadiesBrian Atwood Green Maniac Platform Leather Pumps Heels Size 37 7*** Pleaser Stardust-709 blk patent rhinestones stiletto platform heels shoes 9 , Mr/Ms Ghostbusters Slimer MEDIUM Women's High Heels fashion Highly praised and appreciated by the consumer audience Outstanding function , Women's Shoes Lucky Brand SOFI Pumps Heels Pewter Metallic Crackle Size 9.5 , Womens ECCO NANTES 226187 black leather pumps heels sz. 40 NEW!Party Quuen Women Sequin Stiletto Slim High Heel Pump Real Leather Shoes Plus SZ , Womens Pointy Toes Tassels High Stilettos Heels Slip On Leather Evening PumpsNEW Sexy Suede Platform Sandal by Heel w/ Chain-Link Detail Purple Size 7 , Jerome Rousseau Black Patent Leather Pumps 36.5 PREOWNED Made in Italy heels , Giuseppe Zanotti Design Black Patent 4" Stiletto Sandal Heels - Size 37 1/2(EU) , Poetic Licence By Irregular Choice Right Stripes Black Yellow Shoes Heel Shu Siz , Womens Summer Hollow Out Platform Peep Toe Leather Sandals High Wedge Heels ZipPura Lopez Women's Tan Suede Wedge Mary Jane PumpsGibellieri White Leather Platform Sandal 38.5 NEW2018 New 16CM Super High Heels T Show Sequins Stilettos Buckle Shoes Pumps Hot , Bcbgeneration Women's Cherries Suede Ankle-High Suede PumpLadies Clarks Classic Suede / Leather T-Bar Heeled Court Shoe - Orabella FernBCBGeneration Vix2 Starfish Etched Leather Heels Women Size 8.5 M , SZ35-43 Rhinestone Pearl Ladies Peep Toe Chunky Party High Heel Shoes Sandals Sz , new MARK & JAMES by BADGLEY MISCHKA stretch straps shoes heels 8.5 - sexy tanVIA SPIGA CLASSIC BLACK SUEDE HEELS ~SHOES ~ ITALY ~ SIZE 9 MJ CREW GLITTER SKINNY-STRAP SANDALS E4482 SZ 5.5 HEELS $268 SHOES NEW , Marc Jacobs Sandal Red Bow Open Toe Wraparound Ankle Strap Rubber Sole 3.75"Heel ,
    Steve Madden Opticall Multi Suede Heels Pumps 7 Madden NIB 7 Steve NEW f36813a ->Steve Madden Opticall Multi Suede Heels Pumps 7 Madden NIB 7 Steve NEW f36813a -
    $765 Stuart Weitzman Alljack Suede BLOCK HEEL Knee Boots Size 5.5 , Dan Post Boot Western Womens Thin Blue Line Stockman Sand Blue DP4030ECCO WOMEN'S SKYLER WALKING COMFY ANKLE BOOTIE ZIPPER , Pre-Owned Sigerson Morrison Womens Elami Camel Ballet Flats Size 5.5 , Sam Edelman Black Leather Flats Ballet NOAH Size 6M NWOTLiz Rene Women's Justine White Silk Satin Open Toe Shoes , Skechers for Work 76594 Womens Burgin Taney Boot- Choose SZ/Color.Crocs You by Crocs Naples 3" heels pumps pink 8 Med NEW , $348 LAUREN JONES KIKI WHITE FEATHER CRYSTAL BRIDAL PROM SANDALS 7Mr/Ms V 1969 Italia Womens Pants LISA Not so expensive Attractive fashion Selling new products , TPS Silver Gray & Glitter Latin Ballroom Salsa Custom-made Dance Shoes D1009 , NIB Yves Saint Laurent YSL Logo Opyum Opium 110 Black Patent Red Heel Pump 37BY434 TRES JOLIE shoes white leather women sandalsNEW NIKE VAPOR UNTOUCHABLE 2 FOOTBALL CLEATS 824470-337 GREEN MENS SIZE 10 , Nike Mens Metcon 3 Shoes 852928 005 Black/White/Metallic Silver Size US15 , Asics Hyper MD 6 [G502Y-0790] Men Track Spikes Safety Yellow/Black , Brooks Men'S Adrenaline Gts 18 Black/Black 14 Ee UsNike Jordans Mens New in Box Size 9 , Nike Air Jordan JTH 3 Size 10.5 DS/Brand New 100% Authentic OG All AV6683 160adidas Porsche Design Men's Shoes ATHLETIC II MESH B34159Man/Woman YEEZY BOOST 350 V2 BY9612 Red Practical and economical Excellent performance Lightweight shoes , Zara Men Navy blue leather loafers 2608/302/010 , HOGAN MAN SNEAKER SHOES CASUAL FREE TIME SUEDE LEATHER NEW WITHOUT BOXECCO FTwear Mens Intrinsic Knit Fashion Sneaker, Black/Dynasty, 43 EU/9-9.5Allen Edmonds Mens Shoes Oxfords McAllister US8.5C Burgundy Wear to Work DressSperry Top-Sider Angelfish Boat Shoes, Tan/ Purple Sea, 8 US , Nike Womens Air Max 90 Sneakers Black/Gray/White 325213-037 10' , NEW WOMENS NIKE FREE RN (RUN) 2018 RUNNING SHOES TRAINERS LEMON WASH / CRIMSON , Gentleman/Lady Lucky Women's LK-YACHIN Ankle Bootie Queensland Skilled manufacturing best sellerNine West Hippychic Perforated Ankle Boots, Black2 Leather ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Steve Madden Opticall Multi Suede Heels Pumps 7 Madden NIB 7 Steve NEW f36813a -

    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 Opticall Multi Suede Heels Pumps 7 Madden NIB 7 Steve NEW f36813a -

    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 Opticall Multi Suede Heels Pumps 7 Madden NIB 7 Steve NEW f36813a