China A-shares exchange traded funds have dipped into a bear market territory as the emerging Asian market suffers from the prolonged trade spate with the U.S.

The VanEck Vectors ChinaAMC SME-ChiNext ETF (NYSEArca: CNXT), which tracks the SME-ChiNext 100 Index, has plunged 22.6% from its early April highs. The underlying benchmark tracks the performance of the 100 largest and most liquid China A-share stocks listed and trading on the Small and Medium Enterprise (“SME”) Board and the ChiNext Board of the Shenzhen Stock Exchange.

Meanwhile, the more widely observed Xtrackers Harvest CSI 300 China A ETF (NYSEArca: ASHR), which tracks track the CSI 300 Index, plummeted 14.7% off its highs.

The Shenzhen-based ChiNext Price Index has dropped of more than 20% from the index’s closing high on April 4, marking the start of a bear market, the Wall Street Journal reported. The ChiNext board was launched by the Shenzhen Stock Exchange as a Chinese version of the U.S. Nasdaq, comprising of technology stocks in mainland China.

However, it should be noted that some of the more prominent Chinese tech names, like Alibaba Group Holdings and Tencent Holdings, are listed abroad, so the ChiNext board remains small in size.

The ChiNext index, though, has attracted greater attention from global investors in recent years after the trading link with Hong Kong and indexer MSCI helped ChiNext-listed companies reach a wider audience.

The Chinese markets have grown out of favor as investors take on a more pessimistic view amid signs that Beijing will go head-to-head with Washington over the trade disputes. Earlier this week, China advised its citizens to reconsider visiting or studying in the U.S. due to safety concerns, citing America’s frequent “shootings, robberies and thefts.”

“Things like the recent government warnings about traveling to America make people think that a resolution to the trade war is unlikely anytime soon,” Amy Lin, senior analyst at Capital Securities told the WSJ.

Furthermore, some investors fear Beijing has less wiggle room to implement accommodative fiscal and monetary measures to combat the uncertainty.

“If you ease monetary policy, money will flow to the property market, instead of the real economy,” Wu Zhaoyin, chief strategist at AVIC Trust Co., told the WSJ.

For more information on Chinese markets, visit our China category.

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