The Hartford Financial Services Group

(HIG) - Get Report

, trying to shed its image as a staid investment company, is introducing its first sector funds,

Global Technology


Global Health Sciences


The Simsbury, Conn.-based insurance giant has been focusing on mutual funds in the last few years as it builds up its asset management business, which previously focused mainly on variable annuities. So far, its offerings have included predictable, style-specific fare. The two sector funds are a departure, and a spokeswoman says the company will come out with additional sector funds soon.

Global Healthcare will look for companies that benefit from worldwide demographic trends. It will also seek to capitalize on industry consolidation and technological advances. Even with these considerations, the offering statement says, the managers will also pay attention to valuations. They'll buy stocks that are deemed undervalued and sell them when their price targets are achieved.

Global Technology will invest in subsectors of tech companies around the world, regardless of market cap. The portfolio will be concentrated, the prospectus says, and turnover will be high, though "market timing will not be a significant source of performance."

Both funds are subadvised by

Wellington Management

, which subadvises other Hartford funds. Along with a maximum 5.5% sales charge, the funds will also charge annual expenses of 1.65% to 2.35%, depending on share classes.

X.Com Expands Fund Lineup

Not all giveaway fund companies are struggling with their product lines.

Just a few weeks after

decided to liquidate its no-fee

S&P 500

index fund because it couldn't attract enough assets,

, which also offers a no-fee S&P 500 index, is expanding its fund lineup.

The online bank and fund purveyor is launching its fourth fund, an international index offering.

The Palo Alto, Calif.-based company is trying to establish itself as a low-cost index shop. It already offers a bond index fund, a money market fund and the no-fee S&P 500 index fund, the return of which is supplemented by an additional 0.01% from the firm's own coffers.

Because the new international offering is pegged to an index, investors shouldn't expect anything terribly innovative. What makes the new offering interesting is that it comes from an upstart trying to break into a business that is increasingly relying on intermediaries to sell its products.

The new fund will invest in a master fund that will track the

Morgan Stanley Europe Asia Far East

index. Anyone looking for a free lunch here won't find it. Still, the fund will charge 0.33% in annual expenses, which compares favorably to the 1.87% expense ratio charged by the average international fund tracked by



Alas, the free ride for shareholders of the S&P 500 fund will soon come to an end. chairman Elon Musk says that sometime this year, shareholders will have to pony up for the fund, which had been operating as a loss leader for the company. Musk won't say how much the firm plans to charge. In fact, he won't even say how much the fund has gathered in assets. But the fees will be competitive, he says, landing somewhere in between those charged by the giant

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Vanguard 500 Index (0.18%) and the

Standard & Poor's Depositary Receipts

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Fund Openings, Closings, Manager Moves.

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