With all due respect to the world of high fashion, low volatility ETFs are the new black. Inflows of $900 million

. Alone, the PowerShares S&P 500 Low Volatility Portfolio (NYSE:

) now has over $4 billion in assets under management. The iShares MSCI USA Minimum Volatility Index Fund (NYSE:

) and the iShares MSCI Emerging Markets Minimum Volatility Index Fund (NYSE:

) have made their presences felt in the "low vol" ETF arena as well with $1.76 billion and $1.56 in AUM, respectively. Bottom line: Investors love low volatility ETFs, but what about the high beta equivalents? It is a question worth exploring, particularly if

. Investors willing to take on some added beta should consider the following three ETFs, all courtesy of Invesco's (NYSE:

) PowerShares unit.

The PowerShares S&P Emerging Markets High Beta Portfolio can be described as the high beta equivalent of the PowerShares S&P Emerging Markets Low Volatility Portfolio (NYSE:

). For its part, EELV got off to a slow start following its January 2012, but has since surpassed the much ballyhooed $100 million in AUM total. The fact that EELV has returned almost 17 percent since inception certainly helps. EEHB is still a small ETF ($2.3 million in AUM). Part of the reason for that is because as a high beta fund, it can be said that EEHB needs a sanguine environment for emerging markets equities in which to thrive. On a related note, the ETF's country lineup is arguably surprising. An almost 25 percent allocation to China is not unexpected, but South Korea and Taiwan combine for nearly 30 percent of EEHB's weight and those are two markets that are viewed as "lower beta" in the emerging world. Additionally, EEHB's allocations to Russia (5.5 percent) and India (3.8 percent) are not that large and those are two higher beta emerging markets. There are some things to like with EEHB. An expense ratio of 0.29 percent is decent among emerging markets ETFs. The fund currently has a P/E ratio of 13.75 and a price-to-book ratio of just 0.59,

, implying it trades at favorable valuations relative to other diversified emerging markets ETFs.

Like EEHB, the PowerShares S&P International Developed High Beta Portfolio has a low volatility cousin in the form of the PowerShares S&P International Developed Low Volatility Portfolio (NYSE:

As was recently noted,

.