Demand For Depositary Receipts

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Demand For Depositary Receipts

September 2022

Despite recent market volatility, depositary receipts have been resilient through turbulent markets and remain an important product used by institutions, wealth managers and retail investors in their international strategies. The accessibility of depositary receipts provides benefits for both issuers and investors. For investors, depositary receipts facilitate U.S. based investors access to international companies’ equity to help diversify their portfolios globally. Issuers benefit from the exposure to a wider investment community and access to U.S. capital markets and exchanges. With over 297 billion DR shares traded across the globe in 2021, the momentum of DRs does not appear to be slowing down.


Our latest research delves deeper into the market trends for depositary receipts and identifies opportunities for institutional and retail investors. It also highlights trends in DR ownership while also revealing the expansion in DRs over the last decade.


2021 By the Numbers:


  • Over 6,000 institutions held over 1.09 trillion in depositary receipts
  • 52 new sponsored DR programs were established
  • $38B in capital raised through DRs

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