A normally lightly traded currency ETF has seen an interesting pick-up in volume this week, with nearly 1 million shares trading on Tuesday of this week versus average daily volume of about 146,000 shares.

WisdomTree Dreyfus Emerging Currency (NYSEArca: CEW) is designed to track the currency movements of a select basket of emerging markets countries versus the U.S. Dollar.

In fact, many of the country currencies that are included are often classified as “frontier economies” in many cases as opposed to emerging markets. The respective currencies in the index include the Mexican Peso, Brazilian Real, Chilean Peso, South African Rand, Polish Zloty, Russian Ruble, Turkish New Lira, Chinese Yuan, South Korean Won, Indonesian Rupiah, Indian Rupee, and Malaysian Ringgit. [ETF Spotlight: Emerging Currencies]

This fund will likely appeal to those investors that believe the U.S. dollar will weaken against the currencies of lesser developed emerging and frontier market countries including those listed above. CEW has had a reasonably strong quarter, rallying 6% since the beginning of the year whereas the U.S. Dollar as tracked by PowerShares U.S. Dollar Index Bullish (NYSEArca: UUP) has lost 2.31%.

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