An exchange traded fund 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 IPO’s 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

See our white paper Social Media’s Impact on Wall Street.

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.