PowerShares has recently released a new ETF called the G10 Currency Harvest Fund and it trades under the symbol DBV. Their website has a pretty good description of the fund; the fund tracks the Deutsche Bank G10 Currency Harvest Index. Despite tracking a very passive index, the fees are around 0.8% per year, which is not bad, but not low either.

The general strategy is to capture a carry trade without leverage. The index goes long the three highest yielding major currencies and short the three lowest yielding currencies. Right now the index is long the US Dollar, New Zealand, and Australia. It is short the Japanese Yen, the Swedish Krona, and the Swiss Franc.

DBV is not as sophisticated as the Uberman Portfolio Quicksilver has developed, but it’s available to retail investors today via a traditional brokerage account.

This one should be worth watching to see how well it performs, as well as how well it tracks the index. I’m curious if one could beat their performance by simply opening up an account at OANDA and following the index yourself…