iShares has delivered one of the bigger new ETF success stories of 2015 with the launch of the Exponential Technologies ETF (NYSEARCA:XT). In its eight months in existence, the fund has nabbed almost $700M in assets (although to be fair fund manager Ric Edelman seeded the fund with about $560M). Investors may have bought the ETF expecting exposure to some of the world's most cutting edge technology but a look under the hood reveals something less cutting edge.
According to the fund's profile, this ETF looks for companies with "significant exposure to key areas of technological transformation." It also looks for companies that are "developing and/or leveraging promising technologies" or "driving technological advances." While this ETF certainly holds names that in a vacuum fit this criteria but in many cases these promising technologies and advances come as only a piece of the overall business.
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