The small capitalization-weighted China A-shares ETFs include heavier tilts toward the industrial sector and smaller positions in financials. Specifically, CNXT includes 16.0% industrials and 6.7% financials, and ASHS holds 21.9% industrials and 8.7% financials. In contrast, ASHR has 41.1% financials and 15.6% industrials, and PEK has 40.9% financial and 15.0% industrials.

Additionally, Yellen said the U.S. central bank will “proceed cautiously” in raising rates Wednesday, further fueling risk-on sentiment.

“Many investors have been haunted by looming U.S. rate hikes, which is like a sword hanging over the head,” Wu Kan, head of equity trading at investment firm Shanshan Finance, told Reuters. “Yellen’s remarks gave investors some breathing space, and improved risk appetite.”

Moreover, the Fed’s dovish stance gives the Beijing more room to implement looser monetary policies without fear of the U.S. dollar appreciating too much against the yuan.

“A delay in U.S. rate hikes will also give China’s central bank more leeway to loosen its monetary policy and spur hopes for further cuts in rates and banks’ reserve requirements,” Zhang Gang, a strategist at Central China Securities Co., told Bloomberg.

Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap Fund