Now that the Nasdaq is trading near its 2000 highs, some venture capitalists fear a growing bubble in the tech space. Exchange traded fund investors seeking to hedge a potential correction in the sector can consider inverse or bearish options.

For instance, the ProShares UltraShort Technology (NYSEArca: REW) takes the -2x or -200% daily performance of the Dow Jones U.S. Technology index and the Direxion Daily Technology Bear 3X Shares (NYSEArca: TECS) reflects the -3x or -300% daily performance of the S&P Technology Select Sector Index. [Inverse ETFs to Hedge a Pullback in the Nasdaq]

Additionally, for targeted exposure to semiconductor names, the ProShares UltraShort Semiconductors (NYSEArca: SSG) takes the -2x or -200% daily performance of the Dow Jones U.S. Semiconductors Index and the Direxion Daily Semiconductors Bear 3x Shares (NYSEArca: SOXS) provides a -3x or -300% performance of the PHLX Semiconductor Select Index.

“We are definitely in a bubble. This one is not as bad as 2000,” Todd Dagres, a founding partner at venture capital firm Spark Capital, said in a Bloomberg article. “If you wake up in a room full of unicorns, you are dreaming and you can’t expect the dream to continue.”

Dagres argues that startups are raising money at a break-neck pace that mirrors the dot.com bubble. According to CB Insights, over 50 U.S. venture-backed tech startups hit valuations of $1 billion or more over the past two years.

Dallas Mavericks owner and venture capitalist Mark Cuban believes the current bubble in the tech space may even be worse than the one that burst 15 years ago.

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