Never miss an update

Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08

Item specifics

Condition: New with defects :
A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour variations to scuffs, cuts or nicks, hanging threads or missing buttons that occasionally occur during the manufacturing or delivery process. The apparel may contain irregular or mismarked size tags. The item may be missing the original packaging materials (such as original box or tag).  New factory seconds and/or new irregular items may fall into this category.  The original tags may or may not be attached. 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: Sole has minor wear, Insole has minor wear / Please refer to last 3 images.
Brand: Madden Girl Material: Fabric
Style: Pumps, Classics Occasion: Casual
Width: Medium (B, M) US Shoe Size (Women's): 9.5
Color: Black Fastening: Zip
Heel Type: Stiletto Pattern: Solid
UPC: 887865632962
Never miss an update

Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08 -

    Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08
    Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08
    Enzo Angiolini Peep Toe Pump EASully Gold Platform & Heel Black 7.5 SEXY ! , Ivanka Trump Womens Brita Suede Pointed Toe Ankle Strap Purple Size 6.5 , Alfani Womens MADYSON Closed Toe Platform Pumps Nude Size 7.5 , Madden Girl Womens ROCKELLA Fabric Peep Toe Classic BLACK FABRIC Size 10.0 x5D , Nina Womens Idabell Satin Pointed Toe Classic Pumps Black Size 8.0 , Bally Black suede sandals heels sexy size us 8 38.5 , Kenneth Cole Unlisted Womens Hour Friend Open Toe Ankle Strap Silver Size 6.5 , ARRAY Womens le plain Closed Toe Classic Pumps Red Size 10.0 , Carlos by Carlos Santana Womens Posy Fabric Pointed Toe Blue Multi Size 5.0 VyCole Haan Womens Tali Grand Closed Toe Wedge Pumps Pink Size 11.0ESCARPINS GRIS MINALI PARE GABIA T.36 NEUFS!!!!!!!Marc Fisher Women's Dalanna Pump Black 962 Size 8.0 a6jVStyle & Co. Womens Monaee Open Toe Classic PumpsVince Camuto Womens Kansastas Suede Open Toe Ankle Strap Black Size 8.0ARRAY Womens le plain Closed Toe Classic Pumps Yellow Size 10.0BCBG MAXAZRIA Diva Platform Pumps (SIZE 7.5)Toni Pons Donna Womens Espadrille Sandals Made In Spain Cushioned/Comfortable , New Sabatini 1021 Womens Comfort Slides Made In ItalyMarc Fisher Womens Zullys Leather Pointed Toe Ankle Strap Black Size 6.0 , Ivanke Trump Evia4 Glitter Heeled Mules Black Black Size 5.5Born - Womens - Banshee Black/Black Size 6.0 , Nina Womens Forbes Peep Toe Classic PumpsMan's/Woman's tsumori chisato walk Shoes Black 22.5cm Excellent value real General product , Women Patent Leather High Heel Stiletto Pointy toe Multicolor Nightclub Shoes sz , Aerosoles Womens Exit Lane Pointed Toe SlingBack D-orsay Pumps Black Size 7.5 , womens lady black or apricot high heels pumps work shoes dress shoes sizes 4.5-8Gentlemen/Ladies Nine West Tahsin Pointed Heel, 9 New market The highest quality material Maintenance capabilityBetula Rose Birko Flor Womens Comfortable Sandals/Thong Lightweight & AdjustableKelsi Dagger Womens Giulia Leather Open Toe SlingBack Classic Black Size 8.5 ,
    Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08 ->Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08 -
    Nocona Western Leather Boots Women's 8056 Black Size 4 B NEW , Man/Woman Bed|Stu Women's Shrill Ankle Bootie main category Primary quality Vintage tide shoes , Alaia Thigh High Suede Black Boots Sz 36 , DOLCE & GABBANA RUNWAY Baroque Boots Booties Pumps Red Rouge / US 6Men's/Women's Tin Haul Ladies' Man Eater Boots for you to choose The highest quality material professional designCHAMPION CHAUSSURE MOXE - ES514GREY - 41 (8052785956128)Murphy & Nye Flo Flip Flops Shoes Toe post Beach Shoe Multicoloured Size, 37 , Women's Shoes Bernie Mev. Rigged Fly Woven Slip On Flats Navy *New* , Spring Step Women's Carhop Black Leather Comfort Shoes , 5.75" Shiny Black Hidden Platform Pinup Trans Drag Pumps Wide Width Plus 11-15 , Badgley Mischka | Jewel Embellished Satin Heels sizeTed Baker Women's Ayelar Pump - Choose SZ/Color , Lucky Brand Womens Marza Leather Low Top Slip On Fashion SneakersNIKE Lebron Soldier IX 9 "CAMO" Cargo Khaki Shoes 749490-303 Size 16Nike Air Force 1 Mid '07 Ridgerock/Black Ridgerock (315123 205) size 9.5Adidas Originals Superstar 80s Men's Women's Sneaker Sports Shoes Trainersadidas Climacool Vent M Core Navy Lime Men Running Shoes Sneakers CM7397 , Nike Arrowz Trainers Mens Green Sports Shoes Sneakers , air jordan retro 4 navy /yellow size 13 , NEW UNDER ARMOUR BOZEMAN = SIZE 12 = WATERPROOF CAMO MEN'S BOOTS 1262055-905New Mens Shoes Fashion Loafers Flats Mens Black Shoe Zapatillas Zapatos HombreCALTO T52733 - 3.2 Inches Elevator Height Increase Black Slip On Oxford Shoe , Propet Tour Walker Strap - A5500 Women's Diabet Black - 10.5 XX-Wide , ONEMIX Women Light Running Shoes Energy Drops Breathable Jacquard Vamp Sneakers , Reebok Classic Club C 85 Archive White Excellent Red Women Shoes Sneakers CN0907 , NIKE WOMENS AIR HUARACHE RUN ULTRA BRIGHT CRIMSON WHITE 819151 600 SZ 5.5 , Kenneth Cole New York Women's Bryanna Strappy Sandal Silver Leather Sandals , Josef Seibel Faye Ankle Boots - Women's Size 9, BrownNew fashion Womens Alluring Ankle High Heels Round Toe Zipper Fringe Party bootsCole Haan womens black suede knee boots size 7.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08 -

    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.

    Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08 -

    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
    Madden Girl mogochinese-29459 Womens ROCKELLA 29453 Fabric Peep Toe Classic Hpvs BLACK FABRIC Size 9.5 Hpvs da65f08