American Depositary Receipt

An American depositary receipt (ADR) is a certificate which represents ownership of a non-U.S. stock and can be traded on U.S. stock exchanges.

ADRs are issued by U.S. banks in U.S. dollar amounts, which facilitates trading on U.S. exchanges. An ADR represents a foreign stock and can be exchanged for actual shares if the holder so chooses.

These certificates give their holders most of the same rights enjoyed by shareholders. Trades in ADRs account for the majority of trading in foreign stock on U.S. stock exchanges.

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Daniel Dreier is editor and personal finance expert at moneyland.ch.

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