Technology exchange-traded funds were some of the biggest sellers during the dot-com mania of 10 years ago, even as they loaded up on Internet companies without profits.

Today, one of the biggest poster children for the dot-com crash, ALPS Distributors’  $3.7 billion SPDR Technology Select Sector ETF, no longer looks for highflying companies but takes a sure-and-steady approach, The Wall Street Journal reports. For instance, the companies it invests in are trading at 18 times earnings estimates, compared with the financial sector trading at 25 times earnings and basic materials at 30 times earnings. And as a result, the fund is up 34% this year, compared with the 16% increase in the Standard & Poor’s 500 Index.

“This is about buying solid, dependable, well-established companies with steady cash flows that often pay dividends and trade at reasonable multiples,” explained Dan Dolan, Select Sector ETF product manager at ALPS. “Tech is also a cyclical sector that is bound to grow as the economy rebounds and companies start investing again.”

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