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Home / Markets / Learn / ADR

LEARN · STRUCTURE

American Depositary Receipt (ADR)

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.

Why it matters

Fundamentals, fiscal calendars, and disclosures can differ from domestic 10-K names. Theme rules should say when an ADR is included.

How RomeWay uses it

Themes such as AI semiconductors may include ADRs (for example TSM, ASML) when they have a usable delayed U.S. quote.

FAQ

Is an ADR the same as the home-market share?
It represents the same economics via a depositary, but ratio, fees, and tax treatment can differ.