Not necessarily. Generally, the net value of a new fund is 1. However, during the closed period of the fund, the fund manager will open positions, and the fund will fluctuate during the closed period, so it is impossible to determine the net value of the fund at the time of listing, but the deviation between the net value of the fund at the time of listing and the net value at the time of fund issuance will not be great.

The net fund value represents the price of the fund, and the net fund value = the net asset value of the fund/the total share of the fund. On the trading day before the listing of the Fund, investors should pay attention to the discount risk caused by the large number of sales of the Fund.