: Renaissance IPO ETF tumbles 3.6% to put its weekly losses close to 10% as Silicon Valley Bank collapse weighs
The Renaissance IPO ETF IPO tumbled 3.6% Friday, caught up in the fallout from the collapse of Silicon Valley Bank, a key lender to companies backed by venture capital and private equity firms in the tech and life sciences spaces. Technology companies and small biotech companies account for many of the initial public offerings in the U.S. market. The ETF has now lost almost 10% on the week and is down 35% in the last 12 months, while the S&P 500 SPX has fallen 9%.
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