Azous notes that speculation about China’s plans to possibly reduced the number of SOEs via mergers has contributed to the rally. For example, there is speculation that PetroChina (NYSE: PTR) and China Petroleum & Chemical could be merged to create that country’s equivalent of Exxon Mobil (NYSE: XOM). Those stocks combine for almost 1% of ASHR’s weight.

One notable exception to the recent performance trend in A-shares ETFs is the Market Vectors ChinaAMC SME-ChiNext ETF (NYSEArca: CNXT), this year’s top-performing non-leveraged ETF.

CNXT tracks the SME-ChiNext 100 (SZ399611), which provides exposure to the 100 most liquid mid- and small-cap stocks that trade on the Small and Medium Enterprise (SME) Board and the ChiNext Board of the Shenzhen Stock Exchange (SZSE).

The SME Board is viewed as China’s NASDAQ, leading to CNXT’s heavy tech exposure. That is likely one reason the ETF is up 5.8% over the past week and hit an all-time high Monday. [Meet 2015’s Best ETF]

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF