Bargain shoppers may have their time cut out for them, as many exchange traded funds (ETFs) are touting low price-to-earnings ratios (P/E Ratios).

The P/E Ratio is a valuation of a company’s current share price compared to its per-share earnings. Generally, a high P/E indicates that investors are expecting higher earnings growth in the future.

The exact bottom of some of the most beat up sectors is unknown, but long-tern value seekers should be on the lookout, according to Gary Gordon for ETF Expert.

Gordon points out the Dow Jones US Insurance Index (IAK) which is near its 52-week low, and trading at a multiple of 8.7. It’s been bearing the brunt of the subprime mess, however, don’t forget how profitable insurance companies can be.

iShares Nasdaq Biotechnology Index (IBB) is trading at a P/E of 11, where biotech companies usually have a historic multiple of 20.

At the bottom of the bin is the S&P Homebuilder Index (XHB) at a P/E of 4.25. This is for the hardiest of investors who can see long-term opportunities amidst all the gray.

Tags: Biotechnology, Financial, Real Estate, Sector ETFs