It seems like it won’t be long before there’s an exchange traded fund (ETF) for the most far-flung currency you can think of.

Rydex is bringing us a step closer to that with the creation of four more currency-focused funds to join their growing CurrencyShares family.

These funds will track the:

• Russian ruble
• South African rand
• Hong Kong dollar
• Singapore dollar

During the next several weeks these ETFs will become available, joining the other eight CurrencyShares funds, reports Joanne Von Alroth for Investor’s Business Daily.

Currency-based ETFs hold 65% of Rydex’s total assets. Their other currency-based funds track the Australian dollar, British pound, Canadian dollar, Mexican peso, Swedish Krona, Swiss franc and Japanese yen.

If you’re viewing these funds as an anti-dollar play, Next Investment CEO Dan McCabe says investors shouldn’t. Funds of this type can be a way to get global diversification.

Among the other currency-related ETFs launched this year include:

• Market Vectors Double Long Euro ETN (URR)
• WisdomTree Dreyfus Chinese Yuan Fund (CYB)

Read the disclosure, as Tom Lydon is a board member of Rydex Funds.

Tags: Asia, Currency ETFs, CYB, ETNs, Hong Kong, Russia, Singapore, UNG, URR