Rydex Investments announced that its Russian currency-based exchange-traded fund has begun trading last week on the NYSE Arca exchange.

The CurrencyShares Russian Ruble Trust Fund "tracks the daily price movements of the ruble, offering first-time currency exposure to the Russian economy," Rydex said.

"Currency has historically shown a low correlation to stocks and bonds, which has made it an attractive asset class for financial professionals seeking portfolio diversification," said Edward Lopez, a director of exchange-traded fund strategies at the Rockville, Md., company. "In addition to potential diversification benefits, CurrencyShares Russian Ruble Trust offers pure-play access for investors who wish to participate in the growth of an emerging market economy."

The fund is designed to complement Rydex's lineup of currency-based investment products that track the euro, the Australian dollar, the British pound, the Canadian dollar, the yen, the Mexican peso, the Swedish krona, and the Swiss franc.

The CurrencyShares funds have attracted about $2.2 billion of assets, or 45% of the industry's total currency fund assets, according to Rydex.

Rydex has $12.6 billion of assets under management in nearly 100 mutual and exchange-traded funds.

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