Going back to the example with the UCITS ETF, the demand for the ETF has led to a premium on the ETF shares. An AP such as Morgan Stanley may see this price difference as an arbitrage opportunity. So, the AP triggers the create process, that is Morgan Stanley may buy shares in Inditex, H&M, and all the other companies listed in the UCITS ETF. Then, the AP gives the bundle of stocks to the ETF sponsor, which is BlackRock’s iShares. The ETF sponsor issues more ETF shares for the AP. The AP, Morgan Stanley, then sells the ETF shares to investors on the stock exchange, which is the Bolsa Mexicana de Valores. The create process injects more ETF shares into the marketplace. The large purchases of a company stocks push up the stock prices of Inditex, H&M, and the other European retail stocks listed in the UCITS ETF. Moreover, the additional supply of ETF shares helps to bring down the price of the ETF. The AP profits from the difference between the buy price of the stocks and the sell price of the ETF shares. As long as there is a price discrepancy that is large enough for arbitrage opportunities, APs will buy low and sell high until the prices are aligned.