The sell-off in technology stocks is dragging the markets down, but some contrarian traders are betting on a swift turnaround with a leveraged ETF play.

The ProShares UltraPro QQQ (NasdaqGM: TQQQ), which mirrors the triple or 300% daily long performance of the tech-heavy Nasdaq-100, was among the most popular ETF plays over the past week, attracting $493.1 million in net inflows, according to XTF data. Furthermore, the Communication Services Select Sector SPDR Fund (NYSEArca: XLC), which includes many software and internet names, also brought in $620.2 million in net inflows over the past week.

Nevertheless, the PowerShares QQQ (NasdaqGM: QQQ), which tracks the Nasdaq-100 Index, was still the most hated ETF play in the past week as investors pulled $2.8 billion from the fund.

Technology stocks continued to weigh on the broader U.S. equity market Wednesday, with the Nasdaq down 2.3% to 7,552.9 late Wednesday, as rising bond yields and signs of inflation triggered concerns over potentially narrowing profit margins ahead.

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