How is trading in Motilal Oswal MOSt Shares NASDAQ-100 ETF conducted?

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I have bought some shares in MOSt NASDAQ-100 ETFs through ICICI Demat account. It was always a limit order, since ICICI did not allow me to place a market order, citing low volume as the reason.

But today (June 29th 2018), I was not able to place a buy order for this ETF with my ICICI account. The last tradeed price is 566.31. I tried placing the orer at 567, 566.31, etc… I keep seeing this error Price entered by you is beyond the price range permitted by exchange.:Please modify your price or visit "Stock List".

So I am wondering how ETF trading happens in the exchanges? Is a new ETF stock created whenever a new order is placed and no sellers are there? Any info on this aspect will be helpful.

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I am adding this reply for info. Trading volumes were very low during the time I posted my earlier message. (June 2018). Now trading volumes have improved and I can buy the stock easier.
Disclosure: Holding (about 5% of portfolio).

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Last week added - Motilal Oswal NASDAQ 100 ETF.
This ETF’s last 10 yrs annualized returns are 26%.
This fund has given 10x retruns in last 10 yrs.

Expense Ratio: 0.56%
AUM: 5,704 Cr
The above Fund/ETF has matched last 10 years returns of “Asian Paints”.

I managed to get decent qtys in HDFC Sec, but ICICI Direct did not allow me to buy - stating low volume.
My aim is to get 5% of Equity Portfolio.

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