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An ETF that invests in initial public offerings won’t benefit from the more than 100% jump in LinkedIn (NYSE:LNKD) shares on their first day of trading Thursday. That’s because IPOs are eligible for the ETF’s tracking index only after trading for at least six days. Stocks are held for as long as 1,000 trading days.

First Trust US IPO Index Fund (NYSEARCA:FPX) only has about $21 million in assets. The ETF holds 100 stocks. IPO’s are screened and are only able to enter the tracking index on the close of the sixth trading day, according to the ETF’s prospectus.

The fund’s top three holdings are Phillip Morris (NYSE:PM), Visa (NYSE:V) and General Motors (NYSE:GM).

The IPO ETF is up 32.5% over the past year, compared with a 22% gain for the S&P 500, according to investment researcher Morningstar.

First Trust US IPO Index Fund

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Source: IPO ETF Won't Catch LinkedIn's First-Day Surge