You knew this was coming. Craig Karmin in the Wall Street Journal reports that Franklin Templeton Investments is launching an open-end mutual fund that will be dedicated to the so-called BRIC countries, i.e. Brazil, Russia, India and China.

Given the fact that these funds were already popular overseas it is not surprising that Franklin is going to exploit their popularity here at home. We posted previously on the consequences of the BRIC fund hype. In short, proceed with caution.