Never miss an update

Steve Madden Carrson Ankle Sandals Strap US Dress Sandals 718, Taupe Suede, Suede, 10 US 8524581

Item specifics

Condition: :
An item that has been 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
Seller Notes: Shoes. Lightly soles. The images shown are of the actual shoes for sale.
Brand: Steve Madden Pattern: Solid
US Shoe Size (Women's): 10 Style: Ankle Strap Pumps
Colour: Beige Fastening: Buckle
MPN: Carrson Heel Height: High (3 to 4 1/4)
Material: Suede Shade: Taupe
Width: Medium (B, M) UPC: 190640125444
Never miss an update

Steve Madden Carrson Ankle Sandals Strap US Dress Sandals 718, Taupe Suede, Suede, 10 US 8524581 -

    Steve Madden Carrson Ankle Sandals Strap US Dress Sandals 718, Taupe Suede, Suede, 10 US 8524581
    Steve Madden Carrson Ankle Sandals Strap US Dress Sandals 718, Taupe Suede, Suede, 10 US 8524581
    Avec Les Filles Chiara Jeweled Pumps 961, Pink, 6.5 USMen's/Women's AMUSE-14 Black Promotion The highest quality material Cost-effective , Calvin Klein Vable Ankle-Strap Square Toe Platform Sandals 541, Sand/Silver, 7Nanette Nanette Lepore Peggy Mules 219, Champagne, 6 US , Men/Women tony bianco heels Beautiful color discount Very good classification , Gentleman/Lady Kardashian kollection shoes fashion Good market As of the latest modelSize 7.5 "Diavolina" Gorgeous Ladies Heels. Great Condition. Bargain Price.Gentlemen/Ladies Stunning Delite Platforms. Size 7 Good design Quality First General product , Mr/Ms Womens Shoes brand new Fashion pattern First batch of customers Known for its beautiful qualityZola Collection Holdem High Heel Leather Sandal Black Size 37black ISABELLA ANSELMI peep toe leather work party heels sz.8 brand new , Zola Collection Holdem High Heel Leather Sandal Black Size 38Katy Perry The A.W. Pump High Heels 963, Nude, 7 US / 37 EUMarc Fisher Barley Loafer Dress Pumps, Pewter, 9.5 US DisplayGUESS Ara Studded Fringe Peep Toe Mule Pumps 829, Medium Brown, 7.5 US Display , Jessica Simpson Bainer Heesl, Multi Velvet Floral, 8 US / 38 EUmojo moxy Charli Peep-Toe Dress Heels 164, Light Pink, 7.5 USMen's/Women's NEW IZOA Izoa Marilyn Heels Ivory Elegant and sturdy set meal Impeccable uniqueEasy Street Faye Sling Back Pumps, Navy, 11 USGUESS Ara Studded Fringe Peep Toe Mule Pumps 809, Medium Brown, 6.5 US DisplayCaparros E-Bow Classic Pumps, Black, 6.5 USBCBGeneration Parade Platform Pumps, Watercolor, 6 US DisplayIvanka Trump Easta Mary Jane Pumps 968, Ivory, 8 USLes Prairies de Paris black leather stilettos size 39 * Paris wardrobe clear-out , Dolce Vita Isabel Scalloped Peep Toe Pumps 262, Black, 8.5 US DisplayMan/Woman Steve Madden Daisie Pump Good design Let our goods go to the world Exquisite (processing) processing , Ivanka Trump Easta Mary Jane Pumps 249, Ivory, 8 US , Adrianna Papell Jamie Peep Toe Mesh Caged Pumps 751, Silver, 7 US , Bella Vita Fonda Peep Toe Shooties, Black, 10 W US ,
    Steve Madden Carrson Ankle Sandals Strap US Dress Sandals 718, Taupe Suede, Suede, 10 US 8524581 ->Steve Madden Carrson Ankle Sandals Strap US Dress Sandals 718, Taupe Suede, Suede, 10 US 8524581 -
    Mr/Ms NEW STEVE MADDEN WOMENS NOMAD Modern and elegant fashion Quality First Fashion versatile shoesFrye Womens FRYE Boot- Pick SZ/Color.$249 Justin Women's Western Boots 8837712 Brown Pink Size 9.5B , Premium Ranger NPS Made in England Burgundy Brogue 5 Eye Steelcap ns048-x1l811bu , nike air presto essential mens running trainers 848187 400 sneakers shoesCrocs Women's Kadee Graphic Ballet Flat - Choose SZ/Color , Dansko Shoes Womens Vivian Open Toe Leather 37 Pewter 1522971200 , Women Gladiator Roman Rhinestone Snake Strap Boots Open Toe Sandals StilettosGuess Kalli 2 Women US 9.5 M Black Sandals m01Sandal Free People Under Wraps Sandal BlackSteve Madden Womens NWB Breeann Black Leather Sandals Shoes 9.5 MED NEWMen/Women SCHOLL WOMEN'S WINTER SLIPPERS MACALE' BEIGE New product Quality and quantity guaranteed Lightweight shoesNEW NIKE LEBRON XIV LOW LIGHT BONE 878636 004 MENS BASKETBALL SHOES SZ 9.5Nike Hyperdunk 2017 Flyknit Mens Shoes Sneakers Basketball Sz 11.5 917726 006Men's Brand New Adidas Gazelle PK Juice Athletic Fashion Sneakers [DB1628]NIKE AIR MAX 90 ULTRA SUPERFLY SZ: MNS 6.5 (850613 001)Nike Air Max 97 Metallic Gold Size 8 US , AIR JORDAN 1 PHAT "YEAR OF THE DRAGON" 2012 364770-403 BLUE BLACK WHITEMens Vogue Loafers Printed Party Flats Gold Floral Round Toe Slip On Shoes Pumps , adidas ORIGINALS PW TENNIS HU Tech Beige/Chalk White Pharrell Williams CQ2163Gentlemen/Ladies NEW DOUCAL'S MENS SUEDE PENNY LOAFERS Good design Good market Cost-effective , men's shoes TRIVER FLIGHT 7 () elegant black leather BX569-40 , NIKE WOMENS ROSHE ONE JCRD PRINT RUNNING SHOESWITH BOX! RALPH LAUREN PURPLE LABEL 11 D DELLWOOD BROWN DERBY OXFORD ITALY $650Nike Women's Flex Supreme TR 5 Training Shoes (852467 003) Grey Sizes 6.5-10ASICS Running Shoes LADY GEL-KAYANO24 TJG758 Blue Purple US9.5(26cm)ASICS 2017 Women's GEL-QUANTUM 360 KNIT-W Running Shoes CORYDALIS BLUE , Under Armour Hovr Phantom Women's Tile Blue/Graphite/Tile Blue 20976302 , Nine West Boot Black Womens Shoes Size 10.5 M Boots MSRP $179 , Women's Chic Stretchy Printing Pull On Pointed Toe High Heel Knee High Booties
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Steve Madden Carrson Ankle Sandals Strap US Dress Sandals 718, Taupe Suede, Suede, 10 US 8524581 -

    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 Carrson Ankle Sandals Strap US Dress Sandals 718, Taupe Suede, Suede, 10 US 8524581 -

    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 Carrson Ankle Sandals Strap US Dress Sandals 718, Taupe Suede, Suede, 10 US 8524581