The conversation about individual investment factors has strongly favored value over growth since early 2016. That much is confirmed by the performances by, and inflows, to some well-known value exchange traded funds (ETFs).

Just as the value factor was almost left for dead after several years of struggling against its growth rival, some investors could be glossing over growth at the wrong time. On Tuesday, just over 50 ETFs hit record highs. Nearly 15 of the ETFs hitting all-time highs were dedicated growth or momentum funds and that number does not include a batch of ETFs tracking growth sectors, such as technology, that also rose to record levels.

Potentially increasing the allure of growth ETFs is that this is not a crowded trade, as some are more concerned with value funds. In fact, some popular growth ETFs are seeing assets trickle in at a slow pace or even depart at the start 2017.

Schwab U.S. Large-Cap Growth ETF (SCHG)

The Schwab U.S. Large-Cap Growth ETF is one of the growth ETFs that ascended to a new high Tuesday and it is one of a small amount of growth ETFs to see robust inflows to start 2017. Year-to-date, investors have funneled nearly $144 million into SCHG.

SCHG, which tracks the Dow Jones U.S. Large Cap Growth Total Stock Market Index, is home to nearly 430 stocks. As is the case with value ETFs, growth funds are often dominated by two sectors. While energy and financials dominate value funds, consumer discretionary and technology stocks often loom large in growth funds. SCHG reflects that theme as technology and consumer cyclical names combine for almost 47% of the ETF's weight.

One reason by SCHG's increasing popularity is its paltry annual fee of 0.04%, making it one of the least expensive growth funds on the market.

iShares Russell Top 200 Growth ETF (IWY)

The iShares Russell Top 200 Growth ETF is off to a fine start this year with a gain of 4.4% and a new high on Tuesday, as well. Still, that has not motivated investors to get involved as IWY has seen just $3 million in new assets trickle in.

IWY's underlying index is the Russell Top 200 Growth Index, but the ETF holds 140 stocks. This product is a prime example of the significant presence of technology and discretionary names in growth funds as those two sectors combine for over 55% of the ETF's weight.

IWY's three-year standard deviation of 11.2% is not far above the 10.7% found on the S&P 500, nor is the growth ETF's price-to-earnings ratio of 22.3 alarmingly high compared to the P/E of just over 20 on the S&P 500.

Guggenheim S&P 500 Pure Growth ETF (RPG)

RPG follows the S&P 500 Pure Growth Index and has the smallest roster of stocks of the ETFs mentioned here with 116.

The ETF's index “is a style-concentrated index designed to track the performance of stocks that exhibit the strongest growth characteristics by using a style-attractiveness-weighting scheme,” according to Standard & Poor's.

Speaking of concentration, RPG avoids some concentration risk by not allocating more than 2.7% of its weight to any of its holdings. However, sector-level risk is a potential concern here as technology and discretionary names represent 53.5% of the lineup. RPG's fifth through tenth sector weights do not combine for as much of the ETF's roster as the 23.6% dedicated to consumer cyclicals.

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