Emerging markets have been going strong. Another way to capitalize on this gaining market is through emerging market currencies and their related exchange traded fund (ETF).

Strong numbers from emerging market equities and investor desire to play on the weakness of the U.S. dollar has emerging currencies garnering more attention, writes Carl Delfeld for ETF XRAY. For any interested investor, Delfeld suggests taking a look at WisdomTree Dreyfus Emerging Currency (CEW).

Emerging market currencies may strengthen a globally themed portfolio with higher yields, strong economic growth leading to chances of appreciation and exposure to non-correlated assets. If you are wondering about risk, over the last 10 years, an equally weighted basket of emerging currencies showed an annualized volatility of 6.9%, whereas an equally weighted basket of stocks from the same countries experienced volatility of 25.2%.

Since March 31, 2009, the average rate on the emerging basket of one-month deposit rates was 3.6% higher than deposit rates on the euro and 4.2% than similar rates in the United States.

This brand-new emerging market currency ETF includes emerging market currencies from: Brazil, Chile, China, the Czech Republic, Hungary, India, Israel, Malaysia, Mexico, Poland, Russia, Singapore, South Africa, South Korea, Taiwan, Turkey and Thailand.

• WisdomTree Dreyfus Emerging Currency (CEW): up 0.2% in the last month

Be sure to look at our guide to currency ETFs for more information on currencies.

Max Chen contributed to this article.

Tags: Currency ETFs, Emerging Markets, ETF 101