Never miss an update

VANS AV 6.5 Rapidweld Pro Midnight UltraCush Navy White UltraCush RARE 29968 MEN'S 6.5 WOMEN'S 8 ee34e32

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
Width: Medium (D, M) Style: Skateboarding
Material: Synthetic US Shoe Size (Men's): 6.5
Color: Navy UPC: Does not apply
Never miss an update

VANS AV 6.5 Rapidweld Pro Midnight UltraCush Navy White UltraCush RARE 29968 MEN'S 6.5 WOMEN'S 8 ee34e32 -

    VANS AV 6.5 Rapidweld Pro Midnight UltraCush Navy White UltraCush RARE 29968 MEN'S 6.5 WOMEN'S 8 ee34e32
    VANS AV 6.5 Rapidweld Pro Midnight UltraCush Navy White UltraCush RARE 29968 MEN'S 6.5 WOMEN'S 8 ee34e32
    Nike Air Jordan Trunner LX Black Anthracite Gum 897992 021 Men sz. 9.5Hoka One One Bondi 5 Red/Grey Running Shoes Men's US 10.5 (K2,9) , UNDER ARMOUR CHARGED LEGEND MEN'S SHOES SIZE 10.5 BLACK/LIME GREEN , ASICS Gel-Kayano Trainer Evo - Blue - MensAdidas D Rose 5 Boost C75593 Size US 12 - Derrick RoseVans Vault Half Cab Pro 92 LX Our Legacy White Black Suede VN0A38FCN8A HCNew! Nike Mens Flystepper 2k3 Black Yeezy 644576 008 Anthracite Size 13 , Reebok Ventilator Grey/Steel-White-Emerald V52240 Men's SZ 11 , Nike SB Air Max Bruin Suede Vapor Skate Shoe, Sequoia Green/White, 12Converse Chuck Taylor All Star Hi High Top Silver Reflective 3M Size 9 150933C , Nike Fingertrap Max Amp Purple Black Hyper Punch Mens Size 8.5 644672Asics Gel-Contend 4 Men's Shoes Dark Grey/Black/Carbon t715n-9590Adidas Tango 17+ Nemeziz TR Trainers Soccer Cleats Shoes Messi Mens Size 9.5Nike Free RN Distance Team Red/Off White-University Red 827115-601 Men's SZ 9.5 , Nike Free RN CMTR Commuter 2017 SZ 9.5 Black/Anthracite Lifestyle Run 880841-003Nike Men's AIR TRAINER CRUZ LIGHT BONE Shoes 777535-003 aNew Balance 574 Fresh Foam Black White MS574SBK Mens Size 10 , Vans SK8 Hi 46 MTE DX Micro Chip/Gum Men's Classic Skate Shoes Size 8.5Saucony Grid SD Grey Public Gardens S70263-1 Men's SZ 13Nike 830251 Air Dura Mid Basketball Shoes White Sneakers Men's Size 11 , Nike Koston X Heritage Black/Anthracite-Atomic Green 536358-003 Men's SZ 9.5Classic Used Worn Size 13 Nike Cortez Basic Leather '06 Shoes White & Green , Mens New Balance MT510CB3 Trail Running Shoes All Terrain Black Extra Wide 4EPuma x Solebox Blaze of Glory B.O.G. Limitless Champagne Pack 364916-01 $150 IENike SB BRUIN ZOOM PRM SE Prism Pink Black White 877045-601 (655) Men's Shoes , VANS CHIMA FERGUSON PRO BLACK TEAK MEN'S SKATE SHOES /S84151.313New Balance Men's Mtsumbr Trail Running Shoes, Black/Red, 10 D USMan's/Woman's HUF Skateboard Shoes SOTO WHITE/BLACK Rich design King of quantity Elegant and robust menu , 908019-100 Nike Men Presto Fly Triple White ,
    VANS AV 6.5 Rapidweld Pro Midnight UltraCush Navy White UltraCush RARE 29968 MEN'S 6.5 WOMEN'S 8 ee34e32 ->VANS AV 6.5 Rapidweld Pro Midnight UltraCush Navy White UltraCush RARE 29968 MEN'S 6.5 WOMEN'S 8 ee34e32 -
    Women Knee High Boots Leather High Stiletto Heels Pointed Fur Trim Zipper ShoesCloud Aline Dark Grey Plush Wool Slip On Ankle Bootie Comfort Shoe 38NewJessica Simpson Women's Bliths Ankle Bootie Moet-lights 10 M US , New! Fiorentini + Baker 'Ella Eternity' Gray Suede Cuff Boot 37.5 Eu 7.5 USMen/Women Funtasma GOGO-300XRAY Elegant and sturdy set meal Affordable Current shapeSperry Women's Sayel Away Boat Shoes Grey 6.5 M USASH Jungle Cheetah Calf Hair Loafers Sneakers Platform Slip On Shoes Size 38crocs Unisex Classic Spiderman Clog Mule 13US- Pick SZ/Color. , LUCKY BRAND LYNDELL WHITE WEDGE PLATFORM SHOES SIZE 10 M RET. 89.00 NEW , Christian Dior 37/7 M Slingback Heel Strappy Studded Sandals Brown Women , Women's SUpper High Block Heel Platfrom Printed Floral Peep Toe Pumps SHoes SIZENIB Anthropologie Matiko Jessica Pumps, EURO 36.5, Black, $178, Rare&Beautiful!!Fashion Womens Wedge High Heels Shoes Sandals Platform Buckle Roman New Creepers , Flat Coated Retriever Dog Print Slip Ons For Women-Express ShippingNike Revolution 3 University Red/Silver Men's Running Shoes - Assorted Sizes NWBMen's Nike Lunar Prime Iron II 11.5 Thunder Blue 908969 400 Train Run Walk NIBadidas Sm Crazy Explosive Low 2017 Primeknit Mm - White - Mens , Nike PG 2 TS EP NCAA March Madness Paul George Basketball Shoes AJ5164-100 , NEW Adidas Ultra Boost 3.0 Collegiate Navy BA8844 Men Size limited , Cole Haan Men's Millbridge US 13 M Black Leather & Canvas WP Boots $220.00New Men's Casual Bling Bling Sneakers LowTops Rivet Sports Leather Shoes 39-44 , Vans Peanuts Charlie Brown Tree Christmas Skate Shoes Snoopy Men's 11.5 New NIB , Hush Puppies HMT1801 001 Expert MT Black Knit Men's Slip-On Loafer ShoesGentleman/Lady CLARKS Women's Step Allenabay Sneaker Reputation first Good market CharacteristicsNike Air Max Thea Prm Casual Women's Shoes Size 8NEW - 7 Women’s Mizuno Wave Catalyst Running Shoes green yellow , FILA Boveasorus 99 White Green Ugly Shoes Sneakers Next Disruptor , Nike Classic Cortez Goddess Of Victory Womens AR5393-400 Ocean Shoes Size 7.5Women's Rubber Waterproof Rain Boots, 15 1/2 Inches Black 7 M US , The North Face ThermoBall Microbaffle Bootie II Shiney Frost Grey Sz 8 New ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    VANS AV 6.5 Rapidweld Pro Midnight UltraCush Navy White UltraCush RARE 29968 MEN'S 6.5 WOMEN'S 8 ee34e32 -

    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 AV 6.5 Rapidweld Pro Midnight UltraCush Navy White UltraCush RARE 29968 MEN'S 6.5 WOMEN'S 8 ee34e32 -

    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 AV 6.5 Rapidweld Pro Midnight UltraCush Navy White UltraCush RARE 29968 MEN'S 6.5 WOMEN'S 8 ee34e32
    Athletic Shoes