SEE MORE: 15 Cheap Emerging Market ETFs

The ProShares UltraShort FTSE China 50 (NYSEArca: FXP) attempts to deliver double the daily inverse returns of the same index FXI follows.

Over 260 U.S.-listed ETFs feature some exposure to China with marquee names including the iShares China Large-Cap ETF, which is the largest China-related ETF that tracks Chinese companies listed on the Hong Kong stock exchange. H-shares, or the Chinese stocks trading in Hong Kong are some of the least expensive stocks in the world and FXI has a price-to-earnings ratio below that of the MSCI Emerging Markets Index.

FXI and GXC are trading at  attractive valuations. FXI shows a 9.78 price-to-earnings and a 1.09 price-to-book, and GXC has a 10.71 P/E and a 1.18 P/B, compared to ASHR’s 13.73 P/E and 1.59 P/B. With greater reforms and liberalization of Chinese markets, H-shares may begin to outperform A-shares as the two markets begin to move closer in line with one another.

iShares China Large-Cap ETF (NYSEArca: FXI)