Assets under management by exchange-traded funds (ETFs) have grown exponentially in the last two decades, from $79 billion in 2000 to $5,268 billion in the first quarter of 2020. Recent research has discovered the impact of ETFs on the stock market, particularly on U.S. public firms. For example, literature finds that higher ETF ownership leads to higher volatility for the underlying U.S. firms, or higher trading costs, or lower informational efficiencies. However, extant literature only focuses on U.S. firms and no paper examines the impact of ETFs on foreign firms listed in the U.S. market.