WisdomTree Trust is taking steps to launch two actively managed ETFs with an eye on currency valuations.

The proposed WisdomTree Rising Dollar Fund will bet on the appreciation of the U.S. dollar relative to a basket of other currencies—up to 15 in all—from developed and emerging nations. For such, the fund will invest primarily in short-term U.S. government bonds and money market securities, but also in forward currency contracts, futures contracts and swaps.

The fund will compete head-to-head with the $3+ billion PowerShares DB US Dollar Bullish ETF (NYSEArca: UUP), which has attracted an enormous amount of investor attention and inflows over the past few months.

WisdomTree’s other ETF in registration is the WisdomTree Commodity Currency Fund, which looks for returns based on money market rates and changes to currencies’ values relative to the U.S. dollar in some commodity-producing countries.

While this new ETF seems similar to the WisdomTree Dreyfus Emerging Currency Fund (NYSEArca: CEW), the new offering would ultimately give investors exposure to commodity-producing countries that play a significant role in global exports as well as their currencies relative to the dollar.

This ETF will focus on countries such as Australia, Brazil, Canada, Chile, Indonesia, Mexico, New Zealand, Norway, Russia and South Africa by investing in money market securities and forward currency contracts and swaps. The fund will also invest in other WisdomTree currency ETFs.

WisdomTree is not new to currency ETFs. All together, WisdomTree has eight other currency income ETFs, five of them being linked to emerging markets.

You can read the prospectus for the new funds here.