Dutta noted that many China funds carry a "pretty wide mandate" and aren't necessarily just listed in mainland markets. They could spill into areas like Taiwan or South Korea.

"For most investors, just investing in a broad diversified fund would probably give them enough exposure to China," Dutta said. He said investors determined to invest solely in China should make a long-term commitment so they won't be unnerved by volatile periods.

Guang Yang, portfolio manager of the Templeton Global Opportunities Trust, which invests about 10 percent of its assets in China, contends that there are other ways to gain access to the Chinese market that can likely leave investors who are weary of volatility on more solid footing.

He suggests investing in funds that look more broadly at Asian companies or that invest in companies outside the country doing sizable business in China. He noted that Brazil's Companhia Vale do Rio Doce, the world's largest iron ore producer, draws a big chunk of its business from China. "It's a Brazilian company listed in Brazil, but it's actually a China play," he said.

Also, many Chinese companies such as Sina, an Internet concern, and China Petroleum and Chemical are listed in the United States.

"I do think the market is getting ahead of itself a little bit too fast and too quickly," Yang said, speaking from Hong Kong. "Now you start to see people are trying to jump in and mortgage their homes to buy stock. That's not a good sign."

Still, he sees China, whose increasingly affluent population is more than three times that of the United States, as offering a sensible way for U.S. investors to diversify, provided they do so in moderation.

"I think it's absolutely right for investors to look at the opportunities in China to be able to capture the growth," Yang said. "For some investors it's risky to invest in China, but it's probably even riskier by not being invested in China."

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