. >> all right dom, thank you my suspicion is maybe it's the icos kathleen smith is here from renaissancetalk a little bit about what more about what is behind all these trends, kathleen you manage the etf there here's the issue seven involved with the new file coin they told us earlier, his dad is asking if he should be buying bitcoin. ipos, are they just not that exciting anymore >> the ipo market is not the place for easy money and that means it's harder on the companies but investors are doing fairly well once the companies accept the fact that they have to value their ipos properly. >> so maybe you're saying it's a safer place than it would have been 20 years ago for investors. but then do you have some of the high profile examples where snap and apron have struggled a little bit >> they have given us a bit of a hit in returns the third quarter between that and little bit of the macro environment. but i would say overall it's the ipo market is unusual. it's kind of a paradox we're hitting all time highs and the overall market and, yet, ipos are being priced more carefully in general