Image Source: PixabayThe U.S. market is in great shape as 2023 comes to a close, thanks mainly to a less-hawkish Fed, an Artificial Intelligence (AI) boom, and dissipating global growth worries. The S&P 500, the Nasdaq, and the Dow Jones are hovering around their all-time highs as the Santa rally took Wall Street in its grip. The S&P 500 (up 23.8%), the Dow Jones (up 12.8%), the Nasdaq (43.3%), and the Russell 2000 (up 15.5%) – all are up double digits this year.After such astounding gains, thoughts of a correction in the market or overvaluation concerns are justified. Wall Street bears signaled earnings weakness as the main concern for 2024. Notably, earnings projections for the fourth quarter of 2023 have been consistently decreasing since the start of the quarter. This decline is more significant than what we observed in the same periods of the two previous quarters, marking a departure from the positive revision trend we have highlighted in our reports since April 2023.Though the year 2024 should stay strong as well due to hopes of Fed rate cuts, the rally has high chances of slowing down. “The S&P 500 has returned an average of 6.6% in the year following a rally of 20% or more since 1928, slightly below the 7.6% return in all years”, per research from Bespoke Investment Group. After all, the Fed optimism tailwind is already priced in at the current level.Against this backdrop, we highlight a few ETFs under $20 that can prove to be good bets in 2020. These cheap ETFs can be lucrative investing options at the present sky-high pricing level. These ETFs have a Zacks Rank #2 (Buy).First Trust Energy AlphaDEX ETF (FXN) – $16.87The Organization of Petroleum Exporting Countries (OPEC) maintains a hopeful stance on the oil market’s future, despite recent challenges. According to OPEC’s December Oil Market Report, the demand for crude oil is expected to outpace the supply increase from non-OPEC sources. This optimism persists even amidst a recent decline in oil prices, which OPEC attributes to speculative actions and overblown concerns.Meanwhile, EIA expects OPEC+ production cuts to make up for lower global demand growth, prevent increases in global oil inventories, and keep Brent prices above $80/barrel next year. The 2024 annual average Brent price forecast of $83 is, however, lower than the $93 the agency had predicted in its outlook last month (read: 3 Beaten-Down ETFs to Buy for a Turnaround in 2024).Invesco KBW High Dividend Yield Financial ETF (KBWD) – $15.92As the Fed will start acting dovish in 2024, the spread between short-term and long-term bond yields are increasing, resulting in a steepening of the yield curve, which is great for banking stocks’ operation as it boosts net interest margin. If the trend continues, the cheaper valuation of the financial sector will give it a leeway to outperform in 2024.And an exposure to dividend stocks makes the scenario even better.SoFi Select 500 ETF (SFY) – $16.91The SoFi Select 500 ETF is composed of the 500 largest publicly traded U.S. companies and each stock’s contribution to the ETF is based on the company’s growth rates. The year 2024 should be a remarkable year for growth stocks as rates are likely to be lower and growth stocks outperform in a low-rate environment.Motley Fool Next Index ETF (TMFX) – $16.81The Motley Fool Next Index is an index of US stocks, recommended by The Motley Fool, LLC (TMF) analysts, either in the Motley Fool IQ analyst opinion database or TMF research publications. From this recommendation pool, the index features mid and small cap companies and weights them according to market capitalization.Notably, small-caps lagged the S&P 500 this year and are likely to rebound next year due to a resilient U.S. consumer base, decent U.S. economic growth and expectations of low rates. More By This Author:4 High Earnings Yield Value Stocks To Buy Heading Into 20243 Reasons Why Amphastar Is a Great Growth StockThese Two Finance Stocks Could Beat Earnings: Why They Should Be On Your Radar