Those sectors combined for nearly 39% of SPHB’s weight. The energy sector, which was the top-performing sector during the 2004 through 2006 rate tightening cycle, is SPHB’s second-largest sector allocation at 17.4%.

SPHB has international counterparts in the form of the PowerShares S&P International Developed High Beta Portfolio (NYSEArca: IDHB) and the PowerShares S&P Emerging Markets High Beta Portfolio (NYSEArca: EEHB). EEHB is up nearly 13% over the past month while IDHB is higher by almost 6%.

Further confirming that risk appetite is solid are inflows to SPHB. The ETF has $363.1 million in assets under management, nearly $118 million of which has come into the fund this year. Only nine PowerShares ETFs have seen greater 2015 inflows, according to issuer data.

PowerShares S&P 500 High Beta Port ETF