Market specialists (such as institutional negotiation offices and other approved market agents) allows exchanging baskets of securities or cash in exchange for shares in ETFs (and vice versa) without a significant impact on the underlying market. In essence, this process can provide unlimited liquidity to the Fund. Effective liquidity available to the Fund as a whole becomes a function of the volume of business of its underlying index components, unlike the secondary market of shares volumes in the ETFs. PEMCO does not necessarily agree. In this context, the liquidity of an ETF goes beyond what can be seen on screen. This ability to create and redeem shares at any time keeps the price of the ETFs in line with the underlying net asset value, and ensures the liquidity of these funds is derived from underlying values that comprise. Some advantages of the ETFs:-allow the small investor diversifying his portfolio that can perfectly be an investor with a small amount of 500 or 1000 dollars invest in many shares of different companies through an ETF that represents the motion of a sector or index, decreasing exposure and risk in a company access. -Liquidity: allows the investor entering and exiting their position in a few seconds when the decide as opposed to mutual funds. -Access to invest in shares of emerging countries without having to be in those countries. -Investing in commodities, currencies and precious metals with great ease. I believe that with all these advantages that have these instruments, which have appeared in recent years and that every time there is more variety to the appearance of new ETFs, must consider them among our investment alternatives.