So if something like an S and P 500 ETF is being traded, its value is in the holdings of the stocks that the fund has (AUM). This means that the price of the ETF should be dependent on the performance of the underlying stocks, whether Magnificent 7 is responsible for most of the gains/or losses, let’s say on given day all the stocks trade higher. My question is that if something like VOO or SPY is being traded, isn’t its price influenced by what people are willing to pay for it on the brokerage more so than what the stock is truly valued out at based on its holdings? Like if the whole S and P 500 market is up, by what mechanism does the index fund go up? If, for whatever reason, people started selling off VOO, couldn’t the index fund go down despite its holdings appreciating in value? Like the supply/demand curve for an index fund isn’t necessarily tied to its underlying holdings right? I apologize for the verbose nature of my question but I’ve just been thinking about this to myself for a long time.