%0 Journal Article %A Bradley Katinas %T The Compelling Case for ADRs %B Liquidity, Cost-Efficiency, Transparency %D 2004 %J ETFs and Indexing %P 90-93 %V 2004 %N 1 %X The American Depositary Receipt (ADR) security, developed nearly 80 years ago, remains a growing and efficient vehicle for U.S. investors to gain exposure to international equities. While the mechanics of cross-border investment flows can be often costly and complex, ADRs offer investors a convenient avenue for gaining exposure to a universe of 2,100 international issuers from more that 80 countries. Recent developments such as ADR-specific indexes and ADR-ordinary share cross-books are seen as contributing to ADR liquidity. %U https://guides.pm-research.com/content/iijetfind/2004/1/90.full.pdf