BNY Mellon’s Classic ADR Index has been selected as the referenced index for a new actively managed international exchange-traded fund to be listed in the US.
The fund’s investment objective is long-term capital appreciation greater than international benchmarks, such as the BNY Mellon Classic ADR Index, which is the fund’s primary benchmark.
The WCM/BNY Mellon Focused Growth ADR ETF is sponsored by AdvisorShares Investments.
The new ETF will trade on the New York Stock Exchange under the symbol AADR.
"In bringing AADR to market, we believe investors who are looking to diversify their portfolios have a more efficient mechanism to invest globally," says Michael Cole-Fontayn, chief executive officer of BNY Mellon’s depositary receipts business. "As a company, BNY Mellon continues to place a high level of importance on devoting resources to developing creative and unique products, as evidenced by the 18 ETFs benchmarked to the family of BNY Mellon DR Indices that trade in the US, Canada and Korea."