BlackRock's ETF business, iShares, has rolled out a new product that invests in what the firm describes as "exponential technology" players.

iShares has launched an exchange-traded fund focused on firms identified as leaders in key areas of technological transformation – from big data and analytics to nanotechnology and bioinformatics.

The New York-listed Exponential Technologies ETF began trading on March 23 and is based on an idea from Edelman Financial Services. It seeks to track the Morningstar Exponential Technologies Index.

The companies in which it invests cross industry sectors such as manufacturing, financial services and healthcare, with the potential to “profoundly transform society and may offer substantial investment growth opportunities,” BlackRock said.

“Exponential technologies move beyond the traditional definition of technology to include entirely new categories such as bioinformatics, financial innovation, energy, and environmental systems,” said Sanjay Arya, head of Morningstar Indexes.

Although inspired by Ric Edelman, neither he nor Edelman Financial Services has received or will receive compensation from BlackRock or Morningstar in connection with the development or operation of XT or the index.