ProFunds

, which recently launched 17 sector funds aimed at frequent traders, today adds a

Nasdaq 100

tracking fund to its growing lineup.

The

OTC ProFund

seeks to replicate the return of the Nasdaq 100 index, an unusually simple goal for ProFunds, given the nature of its other funds that track the index.

(UOPIX) - Get Report

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UltraOTC uses leverage to attempt to provide twice the return of the Nasdaq 100. The

(USPIX) - Get Report

UltraShort OTC fund attempts to provide twice the inverse return of the index. (If the index loses $1, the fund should return $2.)

The OTC ProFund won't necessary hold all 100 stocks in the index but will instead seek to replicate the index's return, using futures contracts and options on futures contracts.

Like other ProFunds funds, the new Nasdaq 100 fund does not charge transaction, redemption or other fees, making it especially useful for short-term traders.

The OTC ProFund heads into territory dominated by the Nasdaq 100 tracking stock

(QQQ) - Get Report

, an exchange-traded fund that has attracted more than $13 billion in assets. Both funds are aimed at frequent traders, but ProFunds' hefty annual expense ratio -- 1.33% vs. 0.18% for the QQQ -- means it will be most useful for existing ProFunds shareholders who want to trade in and out of ProFunds' other index and sector funds without incurring fees.