Question about inflows and outflows and ETF values

Reading about Cathie Wood and ARKK woes just got me thinking.

Say there are two ETFs. Both have the exact same 10 holdings, equal proportions. Over a period of a month, all 10 stocks went up by 10%.

Let's say the second one was much more popular (such as ARKK during its massive run-up), and much more people bought this ETF during that month.

My question is, are ETF values calculated in a way that both ETFs have gone up exactly by 10% during this time? Or, as so many people bought the second ETF, that one goes up more in value, just like a stock would, due to inflow of cash?

Sorry if the question is naive, and thanks in advance