If the move by China’s largest exchange-traded fund (ETF) is a harbinger for the market, then things might be settling down.

The China 50 ETF jumped 6% on volume of 24.9 billion yuan ($4.01 billion), more than double Friday’s turnover. The fund tracks the 50 biggest companies listed in Shanghai, with heavy exposure to financials and energy.

Over the weekend, “China’s top 21 brokerages pledged to invest at least 120 billion yuan ($19.33 billion) in blue chip ETFs while Central Huijin, a unit of China’s sovereign wealth fund, said it had recently bought ETFs and would continue to do so,” reported Reuters.

The ETF’s big move led many to assume that the brokerages, mutual funds and sovereign wealth funds were buying

Heavy trading was also seen in other ETFs that trade on the Shanghai exchange. The Huatai-PB CSI300 ETF, China AMC CSI300 ETF and Hua An Shanghai 180 ETF all rose

“I start to see more value in oversold sectors, such as Chinese insurance companies, brokers and selected information technology plays,” Raymond Ma, portfolio manager of Fidelity Worldwide Investment, told Reuters. “At the current juncture, I will also accumulate quality stocks with sustainable growth on weakness.”

The iShares China Large-Cap ETF (FXI), the largest US-listed ETF tracking China stocks with $8 billion in assets, was down 4% midday Monday.

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