How ETFs were impacted by US sanctions against China The US government’s blacklisting of Chinese companies sent ripples through the ETF industry. Alex Rolandi reports on how sanctions may have had more impact on investors and index providers than on the country itself. When US sanctions against Chinese companies increased earlier this year, benchmark providers had to revise their listings and fund managers reassessed portfolios. BlackRock and Vanguard, who were significantly exposed to the newly blacklisted companies, had to offload billions of dollars as a result of Donald Trump’s executive order banning US investment in Chinese securities with military connections.