The fall fund season is here. Today ProFunds and Federated took the wraps off new products and Kinetics said that it is readying a new hedge fund.

OTC ProFund is the latest offering from Bethesda, Maryland-based ProFund Advisors and is intended to track the performance of the tech-heavy Nasdaq 100 Index. "This new ProFund complements our UltraOTC ProFund, which seeks daily investment results double the performance of the Nasdaq 100, and our UltraShort OTC ProFund that seeks daily results twice the inverse of the index," explained Michael Sapir, chairman and chief executive of the 28 fund family.

Meanwhile, Federated is rolling out a new concentrated fund that will invest in 40 "new economy stocks." The fund is managed by Linda Duessel, manager of the Equity Income Fund, and Tom Madden, chief investment officer of domestic equity. The managers have a very broad mandate. They are able to select investments from any of the S&P 500's eleven market sectors and from any market capitalization. Yet the managers say that they are trying to identify companies "leading the e-commerce wave."

Lastly, Kinetics Advisers is already known for high-risk offering such as the Internet Fund (and the cool bouncing balls at last year's Schwab Impact). Now it is working on a hedge fund to invest in what it calls the "next-generation" Internet. The new hedge fund will operate as Kinetics New Economy Partners, L.P. with Peter Doyle, Paul Abel and Benjamin Sontheimer acting as co-portfolio managers.  

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