jay jacobs joins us to talk about the impact of ipos on the etf world. how soon after a company goes public can they be included in, say, one of your etfs that are already in existence? >> the short answer is it depends. the longer answer is it kind of depends on the strategy of the etf and the index that it's tracking. if you have a u.s. large cap index, it's not necessarily trying to pick up an ipo as quickly as possible, it's trying to reflect those broad benchmark indexes which may include an ipo after a period of seasoning. if it's more thematic, trying to capture these nays sent -- nascent themes that are growing quickly -- liz: yeah. when you think of thematic, look, instacart's been around for many years. it is a grocery delivery company. now we've got the doordashes of the world and, of course, part of uber, uber eats, so those names are in some etfs at the moment. when it eventually matures, do you look at that and say now we've got to put that in one of these etfs that we have at the moment that are thematic? >> ultimately, it's up to the inde

on the round table, ben levisohnings, carlton english and jay con sonnenshein. so -- jacobhein. jay powell's comments really spooked investors this week, ben. >> yeah. you could say that the market is fed up. they were expecting no rate hikes, and they didn't get a rate hike, but they were also expecting the fed to signal that the cuts would start next year and that there would be about four cuts. the fed actually has two. and that combinedded with some comments powell made about maybe a soft landing not being the base case, that was a problem for the market, and it really did sell it off. i think if you're looking for a silver lining, the market looks very oversold right now. sentiment is way down, and the number of stocks that are trading above the 50-day moving average is down to about 20%, and that could be a bullish sign going forward. jack: just because it's so contrarian. a lot of headwinds, ben. the uaw strike, probably a government shutdown and then the economy refuses to play to the tune the that jay powell wants, the jobless claim numbers just came out, and they'