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The U.S. stock market has steadied from one of the largest routs seen since Trump win. Not only did several products fall out of investors’ favor, massive withdrawals were noticed in the biggest exchange-traded fund tracking U.S. technology shares last week since the 2000 dot-com bubble burst, per Bloomberg.

According to the article, investors pulled out about $4 billion from the $56 billion worth fund PowerShares QQQ (QQQ - Free Report) in the five days ended Feb 9, beating removals at the height of the financial crisis. As per etf.com,the $19.3-billion Technology Select Sector SPDR Fund (XLK - Free Report) saw heavy withdrawals of $1.02 billion in assets during the week ended Feb 9.

Compared to this, the $261.1 billion worth fund SPDR S&P 500 ETF (SPY - Free Report) underwent a record $23.6 billion of redemptions. Dow Jones-based fund SPDR Dow Jones Industrial Average ETF Trust (DIA - Free Report) , which is worth about $22.9 billion, gained about $115.7 million.

Trading volume for the tech-heavy ETF QQQ soared to over 500 million shares over the five riotous trading sessions, the most since August 2011, indicating the extent of fears that investors harbored. The fall in high-growth high-beta momentum is probably responsible for this move.

Will Investors Shower Love on Tech ETFs Again?

The latest sell-offs were mainly triggered by rising rate worries andovervaluation concerns. But there were probably no reasons for such fears. CNBC noted that Information Technology shot up the most (up 47.99%)  in major rising interest rate time frames.

In any case, emerging technologies like cloud computing, Big Data and Internet of Things are expected to drive the sector in the coming days. Notwithstanding the slide, technology sector is likely to witness a winning trend  on strong earnings, improved overseas industry demand, and innovative technologies (read: How to Invest in the Hottest Technologies With ETFs).

Plus, tech companies hoard huge cash overseas and are poised to benefit the most from Trump's tax repatriation policy. Moreover, after a brutal decline, most of the tech stocks have become relatively cheaper at current levels, offering a nice entry point for investors.

Below we highlight a few tech ETFs that still have relatively low P/E ratios and can excel in the coming days.

PowerShares Dynamic Semiconductor (PSI - Free Report) – P/E 17.61x

The underlying index of the fund  comprises stocks of semiconductor companies. The index screens companies based on a host of investment criteria, including fundamental growth, stock valuation, investment timeliness and risk factors (read: 5 ETF Ways to Tap Hot Semiconductor Stocks).

First Trust NASDAQ Technology Dividend Index Fund (TDIV - Free Report) – P/E 17.99x

The underlying index includes up to 100 Technology and Telecommunications companies that pay a regular or common dividend (read: Play IBM Revenue Growth After 23 Quarters With These ETFs).

John Hancock Multi-Factor Technology ETF(JHMT - Free Report) – 21.59x

The underlying index comprises securities in the technology sector within the U.S. Universe whose market capitalizations are larger than that of the 1001st largest U.S. company.

Global X Internet of Things Thematic ETF (SNSR - Free Report) – 21.72x

The underlying index invests in companies that stand to potentially benefit from the broader adoption of the Internet of Things. This includes the development and manufacturing of semiconductors and sensors, integrated products and solutions, and applications serving smart grids, smart homes, connected cars, and the industrial Internet.

First Trust NASDAQ 100 Technology (QTEC - Free Report) – 22.62x

The underlying index is an equal-weighted index based on the securities of the NASDAQ-100 Index that are classified as technology (read: 7 ETF Picks as Nasdaq Hits 7,000).

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