Trade wars have been a major market mover for Chinese equities and if investors can look past the news headlines to zero in on value, China-focused ETFs like the Direxion Daily CSI China Internet Index Bull 2X Shares (NYSEArca: CWEB) could be a double-down play as the shift from U.S. equities becomes more apparent heading deeper into the late market cycle.

CWEB seeks the daily investment results equal to 200% of the daily performance of the CSI Overseas China Internet Index. The fund is comprised of assets that track the index and other financial instruments providing daily leveraged exposure to the index or ETFs that track the index, which is designed to measure the performance of the investable universe of publicly traded China-based companies whose primary business or businesses are in the Internet and Internet-related sectors.

By cornering a specific area of the technology sector, the internet, CWEB can capitalize on an industry that continues to see increased investor interest. Even if tariffs are dominating the headlines, there are also stories, such as Chinese IPO Meituan Dianping, the country’s largest on-demand food delivery service, raising $4.2 billion–a sign that investors are still bullish on the internet economy in China despite a recent tech sell-off.

Furthermore, the capital markets may have received an early smoke signal that the current bull run in U.S. equities might be stopping for air as the latest consumer price index numbers showed inflation rose at a slower pace than expected. During this bull run that has seen a heavy emphasis on growth-oriented plays, U.S. equities have been the default maneuver, but that may change with a steady shift to value, which could benefit China.

Related: Emerging Markets Enter First Big Rate Rise Cycle Since 2011

While the stock market has been largely tepid this week, trade talks between the U.S. and China are set to resume as both economic superpowers are said to be working on a plan that will include a new round of negotiations to end their trade disputes. Treasury Secretary Steven Mnuchin reportedly sent an invitation to Chinese officials, proposing a meeting to discuss trade issues–a positive sign for CWEB.

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