Never miss an update

Vans Sk8 Hi Vans Pro Checkerboard Size 10.5 10.5 Size Mens!!! 6c9e305

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: VANS
US Shoe Size (Men's): 10.5 Product Line: VANS Sk8-Hi
Style: Skate Shoes UPC: Does not apply
Never miss an update

Vans Sk8 Hi Vans Pro Checkerboard Size 10.5 10.5 Size Mens!!! 6c9e305 -

    Vans Sk8 Hi Vans Pro Checkerboard Size 10.5 10.5 Size Mens!!! 6c9e305
    Vans Sk8 Hi Vans Pro Checkerboard Size 10.5 10.5 Size Mens!!! 6c9e305
    Brooks Heritage Fusion Retro Sneakers Men's Running Shoes Grey Blue 110194$185 VANS Men GRAY BLACK BAXTER LOW TOP CANVAS SKATEBOARDING SNEAKERS SHOES 8Vans Sk8 Hi Pro Checkerboard Size 11 Mens!!!Adidas Originals Tubular Invader Strap Easy Blue Pearl Opal Men's Sz 12 (CG5071) , ASICS Gel-1170 White/Blue/Silver Sneakers Men's Size 10.5 or Women's Size 12Nike Jordan mens slides shoes Hydro 3 New in box size 11 630754 523VANS OTW (CHIMA PRO 2) CHIMA FERGUSON BLACK CANVAS SKATE SHOES SZ 11.5 MENS NIBSUPRA ELLINGTON BLACK BLUE ATOLL WHITE MEN SHOES SIZE 10.5 & 13 S73027Jordan Trunner LX Mens 897992-401 Midnight Navy Running Training Shoes Size 10.5UNDER ARMOUR ROCKET 2 CURRY WARRIORS SZ 8 Style , NEW Brooks Heritage City Regent Running Shoes Blue Red Black Men's Size SZ 7.5 8Nike SB Blazer Low XT Prism Pink 864348-160 , NEW BALANCE STROBE Running MENS 4E WIDE WIDTH MSTROLB1 NEW , Gentleman/Lady Air Jordan Future Gym Red service Pleasant appearance Known for its beautiful quality , Adidas Tubular Shadow Men's Shoes Core TRIPLE BLACK Suede BB8942 YeezyAdidas Men’s Galaxy 4 Cloudfoam Running Training Shoes Sz. 10 NEW CP8822Puma Mens Sneaker Black Red Synthetic Athletic Mens Shoe Size 13 & 11.5 MADIDAS Originals C-10 sz 8 Burgandy Patent Black Grey White Premium Limited , Asics Onitsuka Toger Mexico 66 Shoes Black Leather SZ 12.5 ( D4J2L-9090 )Man's/Woman's asics gt ii Promotion The latest technology Tide shoes listUNDER ARMOUR CHARGED BANDIT 2 RUNNING SHOES BLUE MEN 11 NEW 1273951-997VANS SK8 HI ZIP CA ITALIAN WEAVE NUBUCK BLACK HIGH TOP SNEAKER /S84127.296VANS OLD SKOOL (DAZE LATER) BLACK SKATE SHOES SZ 9.5 MENS CANVAS SUEDE NIB NEWAdidas SEELEY CUP White Black Brown C76910 (323) Skateboarding Men's ShoesNew Vintage Men Adidas Stan Smith CF Nigo B26000 Size 8NEW Nike Men's Zoom Train Toranada Men's Size 12 Shoes 835657- 100 White/BlackADIDAS JETT BREEZE M MENS RUNNING , New Balance TBTFHTP - Men's Trailbuster Re-Engineered Lifestyle Sneaker , NIKE MEN'S SIZE 10.5 STEFAN JANOSKI MAX MID SKATE SHOES 807507 004 GREY NEW $130 ,
    Vans Sk8 Hi Vans Pro Checkerboard Size 10.5 10.5 Size Mens!!! 6c9e305 ->Vans Sk8 Hi Vans Pro Checkerboard Size 10.5 10.5 Size Mens!!! 6c9e305 -
    Men/Women carino Shoes 056486 BrownxMulticolor 24.5cm High security auction British temperament , I35 Fedee Harness Strap Wide Calf Riding Boots 414, Black, 8 US , Men/Women LADIES RIEKER-GOLD WEDGE SANDALS-62479 Charming design Quality and quantity guaranteed Most practicalOriginal SAS Wink Antique Walnut Leather W wide 0094-068 WomenClarks Azella Major Women US lue Espadrille- Choose SZ/Color. , Pleaser Women's Pumps Shoes Black Patent 15 M US , Loeffler Randall Sydnee Suede Pumps Heels Wine Size 7 B PlatformDemonia Women's Shaker 52 Platform Ankle Boot , Man's/Woman's Steve Madden Women's Posey Ankle Bootie Attractive and durable Pleasant appearance Known for its excellent qualityNike Zoom Speed Tr3 Mens Running Trainers 804401 Sneakers Shoes 310 , NEW NIKE LEBRON SOLDIER XI SHOES MENS SZ 14 897644 007 LEBRON JAMES RARE SIZE!! , Nike Mens Air Max Tailwind 8 Running Shoe Ocean Fog/Black Size 8 805941 005 , NIKE AIR FORCE 1 MID '07 SNEAKERS MEN SHOES RIDGEROCK 315123-205 SIZE 12 NEW , adidas Consortium END. x Bodega Iniki Runner Boro Denim Patchwork (BY2104) Sz 12Asics GT-1000 7 Gore-TEX [1011A037-001] Men Running Shoes Black/BlueAdidas x Raf Simons Comfort Stan Smith Comfort Grey White Pumpkin BB2678McRae Army Boots Military Combat Hot Weather 3187 6 RCydwoq Future men's black leather boots, US size 8/8.5, EU size 41.5 BRAND NEWPro Step Anderson Black Leather Slip On Nursing/ Work Shoes size 8 , SONOMA SNDARSONTAN MEN'S Oxford Wingtip shoes Sz 13MED NIB $75 , Frye Jones Oxford, Men's Size 11, Black , Cole Haan Men's Santa Barbara II Penny Loafer, Dark Roast, 12 Medium USRoos Kangaroos Leather Red Flight 8 1/2 Womens Shoes , Jeffrey Campbell 8 Women’s Flat Slip On Sneakers Red Plaid White SoleAsics GEL CUMULUS 20 Women's 1012A008.020 Stone Grey/Black Running ShoesNIKE AIR MAX THEA KJCRD WOMAN SPRING LEAF Size: 7.0 NEW! COMFORTABLE RUNNew 100% Authentic Nike Womens Air Max 98 White Reflective Silver AH6799-103 , B35 Naomi Stitched Over The Knee Boots, Vamp, 8.5 US DisplayOTOT MOVE ON in DARK BROWN Cold Women Weather Boots 7MRoper Women's Starlet Work Boot Brown 7 W US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Vans Sk8 Hi Vans Pro Checkerboard Size 10.5 10.5 Size Mens!!! 6c9e305 -

    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 Sk8 Hi Vans Pro Checkerboard Size 10.5 10.5 Size Mens!!! 6c9e305 -

    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 Sk8 Hi Vans Pro Checkerboard Size 10.5 10.5 Size Mens!!! 6c9e305
    Athletic Shoes