Never miss an update

Vans Supreme Vault Zapato Del Barco Deadstock Cocoa Brown Brown Snake Scale Deadstock Size 9.5 Supreme 28521ea

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): 9.5 Style: Skateboarding
Never miss an update

Vans Supreme Vault Zapato Del Barco Deadstock Cocoa Brown Brown Snake Scale Deadstock Size 9.5 Supreme 28521ea -

    Vans Supreme Vault Zapato Del Barco Deadstock Cocoa Brown Brown Snake Scale Deadstock Size 9.5 Supreme 28521ea
    Vans Supreme Vault Zapato Del Barco Deadstock Cocoa Brown Brown Snake Scale Deadstock Size 9.5 Supreme 28521ea
    Adidas Yeezy Boost 350 V2 Cream / Triple White “New” , Adidas Kevlar Nitrocharge 1.0 Mania Predator Deadstock f32761Nike Air Max 97 Premium Green Camo France AJ2614 200 , NIKE LEBRON XII LOW PRM 776652-383 SIZE 8.5 PALMER WTL SOUTH BEACH SPRITE SOLARMan/Woman The Hundreds Johnson Low Pack Various styles High-quality materials Immediate deliveryNike Air Max 90 Sneakerboot SP PATCH Sz 13 704570 300 NikeLab New With Box Size , Men's/Women's jordan retro 12 bordeaux Various styles Affordable Perfect processingRare Adidas X White Mountaineering NMD R2 PK Blue DS Size 5 BB3072 With ReceiptAdidas NMD Runner PK OG Primeknit Boost S79168 core black red blue , NIKE KYRIE 2 II WHAT THE GREEN GLOW 914681-300 US 9.5 white sail id game 6 wtkNIKE AIR ZOOM SPIRIDON BLACK GOLD 9 US 42,5 CM 849776 770 SPRDN NIKELABNike Air Max 1 Lux 917691 800 jUST DO IT JDI2001 NIKE AIR JORDAN XVI XV1 16 WHITE NAVY BLUE BLACK RED 136059-141 11.5Nike Air Force 1 ‘07 Rocafella White 2017 AO1070 101 Sz 9.5 , Supreme Nike Jordan 7 Bordeaux Size 9.5 Hare Raptor Doernbecher Ultra Boost NMDNEW BALANCE 577 SZ 9 HAL HIGHS AND LOWS DAY BLUE BLACK CM577DA , Air Jordan 23 XX3 All Star Game ASG White Black Red CD/DVD 318376-101 Size 10.5NEW Vintage Nike Air Jordan Hi-Top Sneaker Men's Basketball Leather Shoes 10 , NIKE - AIR MAX 95 / DW SZ 9 (872640-200) ALBION PACK RABBIT QS (2016) , Nike Air Jordan FUTURE PREMIUM XI 11 CAMO DARK ARMY GREEN BLACK WHITE BROWN 10.5NIKE AIR FORCE 1 ONE 2004 306353 163 Red & White Size US-15 UK-14 EUR-49.5 33cmKith x Adidas Soccer - PureControl Ace 16+ UltraBoost - GOLD - sz 12 AAF99983 , jordan retro 12 black varsity red sz 10NEW Adidas Ultra Boost 3.0 LTD Leather Cage Core Black BA8924 Size 8.5 100% AUthNike Jordan Retro 1 High Laser Metallic Sliver White 30 Year Anniversary 10.5Air Jordan 16 Retro 16 White Navy Blue Grey Mens 683075-106 DS Authentic 9.5-11 , Nike SB Dunk Low QS Pigeon Black US6 UK5.5 EUR38.5 CM24 , air jordan spizike size 12 black/red/green basketball rare original from 2007Nike Jordan VI 6 AJ6 Infrared Pack Retro 398850-901 (White Pair Only) Size 10.5 ,
    Vans Supreme Vault Zapato Del Barco Deadstock Cocoa Brown Brown Snake Scale Deadstock Size 9.5 Supreme 28521ea ->Vans Supreme Vault Zapato Del Barco Deadstock Cocoa Brown Brown Snake Scale Deadstock Size 9.5 Supreme 28521ea -
    NEW COLE HAAN WOMENS DAVENPORT BOOTIE (70MM) - OLIVE SUEDE , ASICS FUZEX COUNTRY PACK USA UNISEX RUNNING SHOES T6K0N.4923 , Gentlemen/Ladies Ladies Equity Wide Fit Shoes 'Rose' bargain discount price Beautiful and charmingMen's/Women's Nike Men's Koston Max Skate Shoe Cheap Preferred material Clearance salePin Up Couture CUTIEPIE-02 Platforms Navy Blue Patent Mary Jane Pump High Heels , NEW Sexy Womens Halloween High Heel "Anna" Pirate Boots Size 10 , Gentle Souls Womens Funtastic Crisscross Strap Wedge Pump Shoes, Salmon, US 7 , DG Dolce & Gabbana Denim Sandals Shoes Platform Size:IT38 US7.5 , LOUBOUTIN Goldopump 70 Beige Leather Metallic Spikes Point Toe Pumps 37.5 NEWNIB Sam Edelman Ginger Beaded Gladiator Sandal 9.5 $100Olukai Brown Leather Sandals Honoka'a Sahara , Nike Lunar Chenchukka QS Quickstrike Training Hiking Shoes � 553553NIKE FREE RN FLYKNIT 2017 RUN SZ 14 BLACK WHITE GREY RUNNING SHOE 880843 001NEW BALANCE 574 SPORT MOUNTAIN OLIVE SUEDE 574S FRESH FOAM MS574BM SZ 12Nike SB Stefan Janoski Max Men New Black White Lifestyle Sneakers 631303-028NIKE AIR FOOTSCAPE WOVEN CHUKKA QS SZ 9 LIGHT BONE GREY 913929-002 RETRO SNEAKER , Brandblack Aura White 420BB-WHT SZ 10-13 FAST SHIPPINGSkepta x Nike Air Max Deluxe Black/Deep Red-Black AQ9945-001 Size 8 Men US (7UK)DR MARTENS 1914 BLACK SMOOTH LEATHER 14 EYE CLASSIC SOFT TOE BOOTS NOSCole Haan Mens 11.5 Oxblood Brown Leather Shoes Wingtip Oxford #C07990Men's Allen Edmonds Byron Chili Brown Cap Toe Oxford Dress Shoes Size 8.5 D , NEW DR.MARTENS GENUINE LEATHER BROWN MEN'S SANDALS SIZE US 11 , Gentlemen/Ladies Newfoundland-Dog Running Shoes For Women-Free Shipping service New in stock Contrary to the same paragraphWomen's Nike Free RN Motion FK Oc Size 6.5 (843434 999) No Box , NIKE KD VI (GS) GREEN-VIVID BLUE SZ 5Y-WOMENS SZ 6.5 [599477-304] , PUMA Muse Echo Satin EP Women's Black/White 36552102Volatile Women's Blix Ankle Bootie, Black, 6 B USWomen Shiny Leather Knee High Boots Black Riding Cuban Heel Zip Knight SHoes NewLori Goldstein Collection Boots with Scalloped Gore Detail Black/Gray Women's 5Gentlemen/Ladies harley davidson boots 7 Various goods discount price General product
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Vans Supreme Vault Zapato Del Barco Deadstock Cocoa Brown Brown Snake Scale Deadstock Size 9.5 Supreme 28521ea -

    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 Supreme Vault Zapato Del Barco Deadstock Cocoa Brown Brown Snake Scale Deadstock Size 9.5 Supreme 28521ea -

    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 Supreme Vault Zapato Del Barco Deadstock Cocoa Brown Brown Snake Scale Deadstock Size 9.5 Supreme 28521ea
    Athletic Shoes