The fund made its debut on June 5. By the end of the month, it was up 5.2 percent compared to 6.9 percent for the S&P 500. Mr. Martin also provided back test data — which may not reflect future returns — showing that the strategy has done well in the past.
Another approach is to invest in an E.T.F. that tracks emerging markets generally but excludes companies listed or domiciled in China and Hong Kong. Such a fund, the Columbia EM Core ex-China E.T.F., gained nearly 33 percent for the five years ending at the start of July, but it lagged the S&P 500 index, which gained nearly 55 percent. Through June, the E.T.F. was up 12 percent, while the S&P 500 gained about 17.3 percent.
Yet another China trade strategy is to seek bargains in beaten-down stocks and play for the potential bounce when the trade war wanes, said Dave Nadig, managing director of ETF.com. “You want to focus on portfolios that include Chinese A shares, the local shares sold on mainland China, which are the most depressed,” he said.
Mr. Nadig cited the Xtrackers Harvest CSI 300 China A-Shares E.T.F., based on an index of the 300 largest and most liquid stocks in the China A-Share market, which trade on the Shanghai and Shenzhen stock exchanges. The index includes stocks that focus on Chinese consumers. Through June, the E.T.F. was up more than 30 percent.
Mr. Sotiroff, the Morningstar analyst, suggested a longer-term strategy, based on E.T.F.s that provide broadly diversified exposure in emerging and developing markets.
Some examples are the iShares Edge MSCI Min Vol EAFE E.T.F., which focuses on developed market equities (excluding the United States and Canada) with lower volatility characteristics, and the iShares Edge MSCI Min Vol Emerging Markets E.T.F., which invests in lower-volatility emerging markets.
“These are very well diversified, not single-industry bets, that you could hold for 10 or 15 years and get a good outcome,” he said. “Plus, both funds are very cheap compared with other options in those categories.”