When it comes to currency hedged exchange traded funds, Japan funds, such as the Deutsche X-trackers MSCI Japan Hedged Equity ETF (NYSEArca: DBJP), started the craze and the torch has since been passed to Europe and EAFE ETFs.

The latter group includes rapidly growing funds such as the Deutsche X-Trackers MSCI Europe Hedged Equity ETF (NYSEArca: DBEU) and the Deutsche X-trackers MSCI EAFE Hedged Equity ETF (NYSEArca: DBEF). On a percentage basis, DBEU and DBEF are two of the fastest-growing ETFs on the market today.

On the back of the rising dollar and ex-U.S. developed market central banks actively lowering interest rates and engaging in quantitative easing, DBEF is a now $3.4 billion ETF after starting 2014 with just over $300 million in assets under management. [Hedging Currency Risks With an EAFE ETF]

Currency hedged ETFs are expected to keep delivering for investors in 2015, but the time appears right to consider complements to euro and yen hedged funds.

“The U.S. is further along in its recovery, evidenced by encouraging economic data—and capital growth. Tightening by the Fed with potential rate hikes contrasts with the expansionary monetary policy in Europe and Japan, sending those central bank balance sheets in very different directions. When the Fed does eventually raise rates, diverging policies even more, capital flows should favor U.S. Treasuries over lower-yielding German Bunds and other sovereign debt, strengthening the U.S. dollar even further,” said Deutsche Asset & Wealth Management Head of ETF Strategy Dodd Kittsley in a new research note.

Though unheralded relative to some of its currency hedged peers, the Deutsche X-Trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (NYSEArca: DBAP) merits consideration as an addition to international equity portfolios looking to exploit dollar strength.

A currency hedged ETF focusing on Asia but excluding Japanese stocks may not seem appealing in this era of yen weakness, the opposite is actually true of DBAP. [Hidden Gem Among Currency Hedged ETFs]

While there are a growing number of single-country currency hedged ETFs on the market today, there is not yet a dedicated Australian dollar hedged product in the U.S. In lieu of such an ETF, DBAP serves as a fine alternative with a 22% weight to Australian stocks. The Australia weight is a valid reason to consider DBAP.

The Reserve Bank of Australia surprised global markets Tuesday when it lowered Australia’s benchmark interest rate by 25 basis points to a record low of 2.25% and more cuts could be on the way with Interbank market pricing in a 67% of another RBA cut at its next meeting. [Aussie Braces for More Rate Cuts]

It is also important to remember the current dollar bull cycle is not yet in the late innings.