Why the same ETF, listed in different exchanges, vary?

I’m new to the world of ETFs, so I wanted to understand why an ETF, that’s listed in multiples exchanges, albeit following the same trend, have minor variations in their rise and fall?
Is it due to currency?

I think it is because the prices are determined by demand to buy and sell one ETF or another, so values can vary depending on those forces - but never by too much, since then that would provide free money to someone by arbitraging between the ETFs, others ETFs covering the same index, and stocks.

1 Like