It’s a good question!
Since a market maker HAS to make markets (they buy when someone wants to sell, and sell when someone wants to buy) - they will either end up with an inventory of ETF/ETPs or be short ETF/ETPs.
Here’s the caveat - MMs don’t want risk. So when they are long or short any product, they have to hedge. In the case of typical index ETFs (like S&P 500 or Nasdaq-100 that trade in Europe), they’d most likely hedge with futures given they trade around the clock. In the case of these ETPs, they hedge with the GDRs (global depository receipts) that trade in Germany (see ticker TL0 for Tesla and APC for Apple). For example, if the market maker (MM) is long the Tesla ETP it bought from you, it will offset this by being short the Tesla GDR - bringing it to a neutral position.
This then begs the question - how are GDRs priced? Just like many depository receipts in the US (like Alibaba), they use price movements in the home market, news that come out after market closes, and demand/trading where the depository receipt itself trades. This is what’s called a price discovery mechanism, b/c trading elsewhere gives a relatively good idea about how the stock will resume trading in its ‘home market.’
I think the post below could provide some clarifications (you need to scroll down a bit to my response to libreus).
https://community.trading212.com/t/what-are-leverage-shares-etps/17991/16