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.

“Investors are selling the winners and where the momentum has been,” Mark Stoeckle, chief executive of Adams Funds, told the Wall Street Journal. “We’re trying to stay really disciplined and make sure we’re not overreacting to what the market’s doing, but this is always a hard environment.”

Technology stocks have been a major contributor to the ongoing rally, but tightening monetary outlook has many taking a second look at the high flying segment. Many of these growth-oriented tech names have enjoyed the swift rally under an easy-money, post-financial-crisis environment but the easy times is coming to an end, and investors are re-evaluating the play.

“I do not think, necessarily, it’s the beginning of a much larger breakdown. I think the broader market feels better; tech is going to come under pressure as people use it to reallocate cash,” Kenny Polcari, managing director O’Neil Securities, told CNBC.

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