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Five ETFs that are really cheap

Traders work on the floor of the New York Stock Exchange.
Adam Jeffery | CNBC
Traders work on the floor of the New York Stock Exchange.

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.