The listing date is typically a number of times following the fund inception date. As a result, NAV is used to compute market returns previous to the listing date. In the 1990s, a lot of people believed they ended up making sensible “investments” in Beanie Toddlers and McDonald’s toys. https://financefeeds.com/weekly-market-insights-with-gary-thomson-key-events-and-predictions-for-the-financial-markets/