Silicon Valley continues to churn out exciting products and even more exciting profits.

The PowerShares Nasdaq Internet ETF (PNQI) has skyrocketed more than 400% since March 2009, carried higher by enormous gains from the likes of Google (GOOGL), Facebook (FB), Priceline.com (PCLN) and Amazon.com (AMZN).

Imagine how much it would be up if it also owned Apple (AAPL), which has morphed into the world's largest publicly traded company during the current bull market.

Of course, like most things in the tech world, the Internet ETF's holding are looking expensive. The fund's price-to-earnings ratio recently stood at 33, nearly double the valuation of the S&P 500.

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