Until just two years ago, Franklin Templeton had the only foreign currency fund in the market. But since the U.S. dollar sputtered in 2004, others such funds are popping up, and now more companies are likely to cash in on such funds, The New York Times reports. The foreign currency mutual funds, says the Times, appeal to investors who want to guard against currency shifts and want greater portfolio diversification, but are not likely beneficial to those who already have big holdings in foreign stock or bond funds. Joining Franklin in the field is the Merk Hard Currency Fund as well as offerings by ProFunds and Rydex. Performance has been a mixed bag: While the Franklin and Merk offerings have risen in the mid-6% range so far this year, funds by Rydex and ProFunds have lost 8.2% and 3.6%, respectively.