How Ordinary U.S. Investors Own a Piece of China

China’s enormous stock market, long off-limits to international investors, is now part of many a mom and pop investor’s portfolio outside the country. That’s because the world’s major equity index compilers began including Chinese stocks in their gauges. As a result, funds that track those indexes — for instance, the $51 billion Vanguard FTSE Emerging Markets exchange-traded fund — have loaded up on so-called A-shares that trade in Shanghai and Shenzhen. Now, U.S. President Donald Trump’s admi