Never miss an update

Steve Madden Women's Black Jaydun Boot, Black Steve Nubuck, Madden 8.5 M US 6c27dbc

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
Publisher: Steve Madden
Department: womens MPN: JAYDUN
Model: JAYDUN Brand: Steve Madden
Manufacturer: Steve Madden Binding: Shoes
Catalognumberlist: 4783348 Packagequantity: 1
Partnumber: JAYDUN-005 Productgroup: Shoes
Size: 8.5 B(M) US Label: Steve Madden
UPC: 715924281458 Color: Black Nubuck
EAN: 0715924281458 Producttypename: SHOES
Style: Black Nubuck Studio: Steve Madden
US Shoe Size (Women's): 8.5 B(M) US Numberofitems: 1
Never miss an update

Steve Madden Women's Black Jaydun Boot, Black Steve Nubuck, Madden 8.5 M US 6c27dbc -

    Steve Madden Women's Black Jaydun Boot, Black Steve Nubuck, Madden 8.5 M US 6c27dbc
    Steve Madden Women's Black Jaydun Boot, Black Steve Nubuck, Madden 8.5 M US 6c27dbc
    Nine West 25030492 Womens Shearlingw Suede Knee High Boot 7.5- Choose SZ/Color. , ECCO Womens Touch 35 Bk Ankle Bootie / 8- US- Pick SZ/Color. , Naughty Monkey Women's Lyrics Boot Tan 8.5 M USClarks Womens Maypearl Flora Ankle Bootie, Black, 9 M US , Eileen Fisher Grey Suede Snakeskin Booties 7 EUC , Roper Women's 8" Chunk Boot Brown 8 B - MediumRoper Women's Fringe and Stud Western Boot Brown/Crystal Stud 9 M USThe North Face Women's Stormkat Cold-Weather Boots, Black , Naughty Monkey NMLB0125 Womens Buckle Me up Ankle Bootie- Choose SZ/Color.Demonia Clash-206 goth black canvas platform mid calf studded boots 6-12BEARPAW Women's Demi Winter Boot, Charcoal, 9 M US , Pleaser Delight-3017 matte black stiletto thigh high peep toe boots sizes 6-14 , Ahnu Women's Montara Waterproof Boot,Corduroy,8.5 M USGentle Souls by Kenneth Cole Women's Vicki Low Wedge Bootie Suede Ankle Bootie, , A2 by Aerosoles LEMONADE Womens Lemonade Boot- Choose SZ/Color. , LOEFFLER RANDALL Womens maryl Ankle Bootie- Pick SZ/Color.Vince Camuto Leisha Womens Black Leather Knee High Fashion Boots size 6.5 , Totes Women's Barbara Snow Boot Black 8Pleaser Pink Label Womens Div1050/Ivpu-Salc Boot- Pick SZ/Color. , Lucky Brand Women's Nogales Motorcycle Boot Black 5.5 M US , Vince Camuto VC-JODY Womens Jody Ankle Bootie- Choose SZ/Color.A2 by Aerosoles Womens Lemonade Boot- Pick SZ/Color. , Ariat Women Women's Fatbaby Collection Western Cowboy BootAldo Womens Chiaverini Riding Boot- Pick SZ/Color. , BEARPAW Women's Lauren Tall Winter Boot Hickory II 7 M US , Rocket Dog LANCESS Womens Lance Simone Shepherd Fabric Motorcycle Boot 7Naturalizer Women's January Riding Boot, Camel, 8.5 2W USWomen Winter Rain Snow Boots Size 10 (M) Fur lined Collar PU Leather Boots NEWPleaser Delight-3019 matte red stiletto thigh high platform peep toe boots 5-12
    Steve Madden Women's Black Jaydun Boot, Black Steve Nubuck, Madden 8.5 M US 6c27dbc ->Steve Madden Women's Black Jaydun Boot, Black Steve Nubuck, Madden 8.5 M US 6c27dbc -
    $765 STUART WEITZMAN ALLGOOD BLACK OVER KNEE OTK SUEDE STRETCH BOOT 8 , Leather flat boots Soft tie - Le sansa by CC resorts LolaSofft Mena Peep Toe Strappy Wedge Sandals 023, Black, 9.5 US / 41 EUVIVIENNE WESTWOOD Leather Cutout Flats Shoes UK4 IT37, RRP425GBPEasy Street Women's Chella Mule - Choose SZ/Color , Gentleman/Lady Jenny Atlanta Blue Womens Shoes High quality and cheap Various types and styles Selling new productsNew CLARKS Leisa Wave Tan Fisherman Leather Sandals 7 N Narrow , Retro Vogue Slip On Womens Casual Rivets Shoes Knot Low Heels Vintage Office OL , Palomitas New With Tags Criss Crossing Wedge Taupe 36Pierre Hardy Women Shoes Size 40 (US)9 Heels Sandals Nude-Black Leather$278 COLE HAAN AIR FIONA BLACK PATENT LEATHER PUMP HEELadidas Originals Men's Freak X Carbon Mid Cross Trainer, Onix/Metallic... , Nike Air Jordan Impact TR Training Anthracite Soar 854289-006 8-14 1 11 3 , {487471-005} MEN'S AIR JORDAN RETRO 14 *NEW* 487524-005New Balance Men 580 Deconstructed MRT580DK black white MRT580DK , Gentlemen/Ladies Nike Acg Boots High grade online shop Outstanding style , Mad Bomber Tall Muck & Rain 17" Boots (10)-RTX , Mens Side Zipper Flat Pointed Toe Knee Length Boots Leather Fashion Knight ShoesNew J Slides Mens 1059657 Sand Ankle Boots Size 10.5 , Man/Woman Skidbuster Men's S5072 Black Slip-on Shoes Quality products Excellent performance Popular recommendation , HOT Mens Rivet Buckles Pointy Toe Dress Formal Crack Shoes Croco Slip on LeatherMan/Woman Rider Women's RX Slide White/Black Sandals Online Shopping Pleasant appearance Different styles and stylesNike Free RN Women's Running Shoe 831509 008 Size 12Adidas Women's Climawarm Oscillate Running Shoes AQ3302 AQ3294 Training Trainers881173-400 Nike Women Air Max Zero Si Glacier Blue Black Green White , NIKE METCON 3 PURE PLATINUM/TEA BERRY SIZE WOMEN'S 10 [849807-005]Vogue Womens Wedge High Heel Stitching Casual Shoes Tound Toe Over Knee Boots , New Sam Edelman Petty Chelsea Black Suede Leather Booty 9 Wide, wrong boxWomen's Bogs Classic Fit style 525830 Size 11, Women's Real tree pattern , Cole Haan Callie Slip-On Waterproof Rain Shoes 661, Black, 5 US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Steve Madden Women's Black Jaydun Boot, Black Steve Nubuck, Madden 8.5 M US 6c27dbc -

    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 Women's Black Jaydun Boot, Black Steve Nubuck, Madden 8.5 M US 6c27dbc -

    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 Women's Black Jaydun Boot, Black Steve Nubuck, Madden 8.5 M US 6c27dbc