it was -- isok at to compare it to the broader markets, but also 2000.verage size of the company is a mid-cap company, but we are aiming to match the volatility of the u.s. market in the can see it has done very well the last three months. 3.2% sinceeturned last year. -- it is written is we are looking for long-term appreciation. we anticipate appreciating within the next 12 months. so really, you need a 12 month time frame to judge whether it is working or not working. works, machine learning it will continue to do well over time. learned toonth, it get used to the constraints of an etf. it has done exceptionally better it should improve as time goes on. call this ans, you actively managed etf. what is the human role here? ,the -- we supervise learning how does it perform and behave? is non-supervised. it collects data by itself. involvement isn quality control. overridehe human ever some of the decisions watson makes? like does remove things human bias. >> give me an example. >> the system is making a decision. it is not a person. people have things li

is not leaked -- he isoking at likely to be stepping down and it is possible that some analysts viewtial player who is the current banking regulator. there is a number of people potentially lined up for this pboc role. also may merge the banking and insurance regulators and also have an additional regulatory looking at financial risk and who is going to be the nominee for that as well. they have lined up their man, possibly women as well, most likely man, and it will get them signed off by the national people's congress. yvonne: tom, thank you. joining us live from beijing. one of the year's most anticipated offerings is on the way. ittify is going public but is not going to be a traditional ipo but a direct listing on the new york stock exchange and skips a marketing roadshow. bring in our deals reporter alex barinka and joins francisco,of san alex, they are skipping a lot of what usually is a part of an ipo listing process. how does that tell us about business at spotify is performing? think they are good enough to draw investor demand without having to go out like a company normal

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