The old saying goes that investors should "buy when there's blood in the streets."
With U.S. equity markets hovering near all-time highs, you might think finding a beaten-down market would be difficult. But with more than 1,700 ETFs on the market, there are always funds in the bargain heap.
Here are five of the "cheapest" ETFs, as defined by price-earnings ratio, and their prospects for the year ahead.