Never miss an update

Vans Vault OG Slip-On 181070816 59 LX Red LX Orange Slip-On Men Women Skate Boarding Shoes 181070816 0f149c3

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Authenticity: 100% Authentic Guaranteed
Colour: Orange SizeScale: Us Size
Material: Suede Shoe Type: Skateboarding
MPN: 181070816 Style: Skateboarding
Width: Medium Brand: Vans
Never miss an update

Vans Vault OG Slip-On 181070816 59 LX Red LX Orange Slip-On Men Women Skate Boarding Shoes 181070816 0f149c3 -

    Vans Vault OG Slip-On 181070816 59 LX Red LX Orange Slip-On Men Women Skate Boarding Shoes 181070816 0f149c3
    Vans Vault OG Slip-On 181070816 59 LX Red LX Orange Slip-On Men Women Skate Boarding Shoes 181070816 0f149c3
    Vans Old Skool Men US11 "Chill Vibes" Checkerboard Black White , Converse Breakpoint Blue White Men Casual Shoes Sneakers 160616CConverse Chuck Taylor All Star II Shield Canvas Black Lava Mens Women 153532C , Adidas Original Tubular Shadow Shoes Running White Grey Red BB8872 SZ 4-13DIADORA FIELD sports shoes man casual suede sneakers running gym , Vans Authentic White Men Women Skate Boarding Casual Shoes Sneakers 181010147 , Fila J972Q White Grey Mens Running Shoes Sneakers Trainers 1-J972Q-141Nike Air Zoom LWP '16 Men's Shoes Trainers - Deep Violet 11US , REEBOK GL 6000 Leather Runners Sneakers Boot US 8 cm Blue BrownSkechers Men's Leather Shoe. Relaxed Fit Larson 64833. Memory Foam Insole , Air Jordan 2009 Black and White 343084 062 Mens Size 12 Retro Prm QS , Nike SB Blazer Vapor Black White Men Skateboarding Shoes Sneakers 878365-010Mr/Ms ASICS GEL-KAYANO-Trainer-EVO Reasonable price Order welcome classic style , New Balance 500 Classical Leather Men Blue 2019 ORIGINAL 574 991 996 530Vans Old Skool Mens Trainers Black Black New Shoes , Superga 2750 DOTS SATIN W Blue blue mod. 2750-C30Paperplanes Mens Sports Running Trainig Comfort Athletic Shoes_K1415 WhiteBlackNew Balance Ml373 Running Classic Mens Off White Suede & Mesh TrainersNew Balance Men's 373 Suede Trainers, RedNew Balance NB AM210OFW D Classic Casual Lifestyle Lightweight Shoes White/IvorySAVE $$$ | New Balance MFLSHRK1 Mens Runner (D) , New Skechers Mens Flex Advantage 2.0 The Happs Memory Foam Sneakers , Asics Comutora Lightweight Lifestyle Running Shoes Black/Black/White T831N-9090LOTTO CHAUSSURE SPEEDRIDE 609 - BLK - 10 (8059136911713)Converse Chuck Taylor All Star II 2 Mesh Leather Triple Black Men Women 153556CNew Balance 420 Classic 70's Running Mens Green Navy Suede & Nylon TrainersMan's/Woman's Asics Gel-Atlanis unisex sneaker shoes trainers Good design a wide range of products Most practicalPuma Ignite Mesh Running Shoes Running Shoes Sports Shoes Fitness Sneakers , adidas Crazy Bounce Black White High Top Men Basketball Shoes Sneakers AQ7757
    Vans Vault OG Slip-On 181070816 59 LX Red LX Orange Slip-On Men Women Skate Boarding Shoes 181070816 0f149c3 ->Vans Vault OG Slip-On 181070816 59 LX Red LX Orange Slip-On Men Women Skate Boarding Shoes 181070816 0f149c3 -
    Stuart Weitzman Black Suede Demiswoon Over Knee Boots Size 11 OTK $645 New 5050 , Twisted X Boots Women's WRSL005 Ruff Stock Cowgirl Boot Saddle/Taupe LeatherNike Air Jordan Westbrook 0.2 Mens Hi Top Basketball Trainers 854563 002 Sneaker , Adidas Originals Gazelle Ice Mint/White suede sneakers- Brand new Size 10New Sol Sana Parker Ss Womens Shoes Casual Shoes Heeled , Man's/Woman's FAB-422 Satin Ivory Crazy price, Birmingham Clearance CharacteristicsGentlemen/Ladies New Balance Women's WL696 Classics Sneaker Guarantee quality and quantity Comfortable touch buy onlineMan/Woman Easy Spirit Women's Traveltime Mule Easy to clean surface Year-end sale Modern and elegantPRETTIES Brown Leather Mule High-Heel Shoes Sz 8.5B , SERGIO ROSSI BLACK HEELS, SZ 37, MADE IN ITALYPaul Andrew Women Shoes Size 41 NIB Wedges Sandals , PRADA Women's Italian Black Dress Slingback Sandals 37 , Youth/ Women's Nike Air Max 90 SE LTR Shoes -StyleSz 7Y or 8.5 -NEW , Reef Rover Low Women's Shoes Casual Sneakers • New Size 9 White Black TanSexy Open Toe Stiletto Chain T-strap Roman Womens Sandals Party Shoes Plus Size , Alexander Wang Avery Fur Mule Sandals Size 37.5 MSRP: $795.00 , PUMA Womens Meteor WNS Running Shoe- Pick SZ/Color.Man's/Woman's Fila Men's T1-Mid Cream/Peacoat/Chinese Red Excellent craft Online Diversified new designNike Lebron XI 11 Men’s Basketball Shoes 683252-074 SZ 10.5 , Propet Cliff Walker Low Strap - Brown - MensNike Air Max 95 OG "NEON" - 554970 071 - 2015 , Natural Footwear brown leather mens oxfords shoes sz 11 style 1512Mens genuine leather shoes slip on block low heel pointy toe loafers Fashion Ch8Daniele Alessandrini Shoes Sneaker -40% MADE IN ITALY Man White F7156KL4513621-2BLK WMNS Air Huarache Run Athletic Fashion Sneakers Nike 634835 012 , NIKE AIR MAX SEQUENT 3 PURE PLATINUM RACER PINK WOMENS WMNS SZ 6-10 908993-012 , Athletic Propulsion Labs APL 'Techloom Phantom' in Green Women's Size 1026 New Under Armour UAS RLT Knit Fat Tire Women’s Boots Grey 1307135-100 7.5 8Reebok BD4188 Womens Cl Renaissance Fashion Sneaker 5.5 D US- Choose SZ/Color. , Nike W Air Max 270 - women's AH6789 101 new authentic ultramarine red size 8.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Vans Vault OG Slip-On 181070816 59 LX Red LX Orange Slip-On Men Women Skate Boarding Shoes 181070816 0f149c3 -

    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.

    Vans Vault OG Slip-On 181070816 59 LX Red LX Orange Slip-On Men Women Skate Boarding Shoes 181070816 0f149c3 -

    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
    Vans Vault OG Slip-On 181070816 59 LX Red LX Orange Slip-On Men Women Skate Boarding Shoes 181070816 0f149c3
    Athletic Shoes