IPO - IPO is down nearly 10% on the week

One of the latest initial public offerings that had investors glued to the screens was Coinbase Global (COIN), which launched back on April 14th, less than one month ago. Shortly after, an exchange traded fund by Renaissance Capital (IPO) added COIN to its ETF.COIN now represents 6.52% of IPOs weighting and is the third-largest holding in the exchange traded fund. Since COIN's launch date high, the stock has cooled off, down nearly -40%. See the chart below.IPO also has come down as well. The ETF has been down as much as -13.04% this week and has now crawled itself up to -9.51% on the week.IPO is not the only exchange traded fund built around IPO’s that is struggling this week. Two other names down on the week are Defiance NextGen SPAC IPO ETF (SPAK): -5.82% and First Trust US Equity Opportunities ETF (FPX): -5.49%.COIN: +3.61% so far in Friday’s trading.IPO: +1.91% so far in Friday’s trading.SPAK: +1.04% so far in Friday’s trading.FPX: +1.42% so far in

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IPO is down nearly 10% on the week