Chinese markets and A-shares related exchange traded funds experienced their best two-day gain since 2008, but retail investors may have passed over the gains, sitting out the recent volatility and break-neck swings.

Since the Wednesday close, the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (NYSEArca: ASHR) has jumped 25.9%. Additionally, the Market Vectors ChinaAMC SME-ChiNext ETF (NYSEArca: CNXT) and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap Fund (NYSEArca: ASHS), which track more mid-sized Chinese A-shares, surged 51.9% and 42.2%, respectively.

The Chinese markets were bolstered by an unprecedented government intervention, including outright stock support, loosening margin trading requirements, banning large shareholders from selling positions for six months and allowing companies to suspend trading to stem the outflows.

However, investors remained reserved with their bets as many largely passed over the potential opportunity in Chinese equities, following the recent plunge. For instance, ASHR experienced $29.8 million in outflows this week while CNXT saw $1.8 million in outflows and ASHR lost $29.8 million, according to

Furthermore, the Direxion 2x Daily CSI 300 China A Share ETF (NYSEArca: CHAU), the first leveraged A-shares ETF to list in the U.S., saw $3.8 million in redemptions since Wednesday. Incredulous investors who believed the Chinese market was only experiencing a dead cat bounce also added $26.0 million to Direxion Daily CSI 300 China A Share Bear 1x Shares (NYSEArca: CHAD).

“Given the recent volatility and heavy-handed response by the Chinese government, foreign investors may remain on the sidelines for the time being,” writes Morningstar analyst Patrcia Oey.