In contrast, the SPDR S&P 500 Growth ETF (NYSEArca: SPYG), which tracks the S&P 500 Growth Index, includes a robust 34.1% position in information technology, 16.5% health care and 9.2% consumer staples, all areas that have been either flat or down over the past month.

The value play may be seen as a basic type of enhanced or smart beta ETF strategy that specifically targets value stocks that tend to trade at a lower price relative to fundamentals, like dividends, earnings and sales. Along with the simple pure value play, such as RPV and PXLV, the other value-focused ETFs may also incorporate other factors in their screening process.

For example, FTA screens for growth factors including 3-, 6- and 12- month price appreciation, sales to price and one year sales growth, and separately on value factors including book value to price, cash flow to price and return on assets.

The value style has also been a popular play among ETF investors. Over the past month, the Vanguard Value ETF (NYSEArca: VTV) attracted $1.2 billion in net inflows and the iShares S&P 500 Value ETF (NYSEArca: IVE) saw $728 million in net inflows, according to XTF data. Year-to-date, VTV experienced $4.3 billion in inflows while IVE brought in $1.6 billion.