Last month, Vanguard, the second-largest U.S. issuer of exchange traded funds, said it is making changes to four of its popular international ETFs, ncluding the Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO). VWO is the largest emerging markets ETF by assets.

Pennsylvania-based Vanguard said VWO will transition to the FTSE Emerging Markets All-Cap China Inclusion Index from the FTSE Emerging Index, meaning the ETF will eventually hold Chinese A-shares, becoming the second diversified emerging markets ETF to do so.

The Vanguard FTSE Developed Markets ETF (NYSEArca: VEA), Vanguard FTSE Europe ETF (NYSEArca: VGK) and the Vanguard FTSE Pacific ETF (NYSEArca: VPL), ETFs with nearly $80 billion in combined assets under management, are also undergoing index changes, including significantly increased exposure to small caps. [Vanguard Tinkers With Some International ETFs]

Not all money managers are fussed on those index changes.

In a blog posted dated July 17, New Frontier, a Boston-based institutional research and investment advisory firm, said it is dropping the aforementioned Vanguard ETFs in favor of competing products from BlackRock’s (NYSE: BLK) iShares unit, the world’s largest ETF issuer.

New Frontier said it is replacing positions in the Vanguard ETFs with the iShares Core MSCI Europe ETF (NYSEArca: IEUR), iShares Core MSCI Emerging Markets ETF (NYSEArca: IEMG) and the iShares Core MSCI Pacific ETF (NYSEArca: IPAC).