IPOs experience their largest retracement since the dot-com bubble popped
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As Wall Street has sold off to start 2022, initial public offerings have been among the casualties, as newly public stocks have found themselves in the worst drawdown since the end of the dot-com bubble. 
This dynamic can be seen in the action of a key IPO-focused exchange traded fund. The Renaissance IPO ETF (NYSEARCA:IPO) has dropped nearly 50% so far this year.
According to Bespoke Investment Group data, IPOs are in a 60% drawdown phase, and at the same time, the IPO ETF has plunged 49.2% in 2022. IPO has also dropped 61.6% from its record trading high dating back to Feb. of 2021. See chart below:

IPO is an ETF that aims to provide exposure to a grouping of the largest, most liquid, newly listed U.S. IPOs on the market. The ETF is rebalanced on a quarterly basis to incorporate the latest IPOs and older constituents are subsequently removed from the fund.
The exchange traded fund also has 100 holdings. Its five largest positions Uber Technologies (UBER), Snowflake (SNOW), CrowdStrike Holdings (CRWD), Datadog (DDOG), and Zoom Video Communications (ZM) represent 27.73% of IPO and are all down more than 25% on the year.
UBER, the top holding, has a 7.54% weighting within IPO. The ride hailing giant has lost 46.3% so far this year. SNOW is the second largest holding at 5.79% and the stock is -56.5% YTD. CRWD makes up the third largest position at 5.78% and is down in 2022 as well, -26.2%.
DDOG and ZM make up IPO's fourth and fifth most significant portfolio weightings at 4.79% and 3.83%, respectively. Additionally year-to-date DDOG is -40.7% and ZM has cratered 51.7%.
IPO has struggled all year and felt additional pressure at the beginning of the month after earnings figures came out from Uber and Lyft.