Following hot performance, the number of technology-focused mutual funds has more than tripled over the past five years. Today, there's one more:

Aetna Technology


Elijah Asset Management

, a $1.3 billion San Francisco-based asset manager, will subadvise the fund. The skipper will be Ron Elijah, who has experience in tech, but not a stunning record.

He runs two funds for

RS Investment Management

, including tech fund

(RSIFX) - Get Report

RS Information Age. The fund is up 147.6% over the past year and has posted a 62.8% average annual return over the past three years, but lags its average peer over both time periods, according to



He co-manages


RS Value + Growth, which lags its average large-cap growth peer over the past one-, three- and five-year periods, according to Morningstar.

The Aetna fund's paperwork, filed with the

Securities and Exchange Commission

, indicates it will be a fairly vanilla offering focusing on small- and mid-cap tech stocks with a slightly price-sensitive approach -- if that's still possible in the sector.

The new fund won't be cheap. The maximum front-end load, or sales charge, will be 5.75%, and the maximum back-end loads range from 1% to 5%. Depending on which share class you select, annual expenses are expected to range from 1.75% to 2.5% -- class A shares charge a front-end load, but offer the lowest annual expenses.

Aetna has never offered a tech sector fund. It's only the latest fund shop to hop into the tech-fund fray. Recently

Delaware Funds,

Neuberger Berman and

Loomis Sayles

have rolled out funds.

No doubt it's becoming more of a necessity to offer one. Over the past year, the average tech fund is up 165%, according to


, and more than $33 billion gushed into the funds last year, according to Boston fund-researcher

Financial Research

. The previous calendar-year record was just $4.4 billion.

See Tuesday's

Fund Openings, Closings, Manager Moves.

See Monday's

Fund Openings, Closings, Manager Moves.