Does the bid/ask spread on an ETF have any affect on its price?

Traditionally, the price of a stock is dictated by supply/demand as expressed in the bid/ask spread. The more buyers that come in, the higher a stock goes up. The more sellers come in, and a stock goes down.

But ETF's are just a collection of individual stocks. Does the bid/ask spread on an ETF have any affect on its price? When I look at TQQQ, is it going up because the individual stocks making up QQQ are experiencing higher demand, or does the actual bid/ask spread on TQQQ also come into play?