LEARN · STRUCTURE
An ADR is a U.S.-listed certificate representing shares of a foreign company. It trades in dollars and files with the SEC under foreign-private-issuer rules that can differ from a 10-K filer.
Fundamentals, fiscal calendars, and disclosures can differ from domestic 10-K names. Theme rules should say when an ADR is included.
Themes such as AI semiconductors may include ADRs (for example TSM, ASML) when they have a usable delayed U.S. quote.