As investors look to hedge their bets, they're turning more and more to currency funds, according to Investor's Business Daily.

"We frankly were hearing a lot of demand for such a product," said Michael Sapir, CEO of ProFunds, a Bethesda, Md.-based firm that last year launched the Rising U.S. Dollar and the Falling U.S. Dollar funds, the first mutual funds to track performance of the greenback. "We looked at the landscape and it seemed to be an underserved market."

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