First ADR Index ETFs Begin Trading on Nasdaq By IndexFunds.com Staff November 13, 2002

Four new exchange-traded funds tied to Bank of New York American Depository Receipt (ADR) indexes began trading on the Nasdaq Exchange today. Called BLDRS, the new members of the ETF family will have expense ratios of 0.30%. The Bank of New York will serve as trustee and index provider.

The new funds are:

• BLDRS Emerging Markets 50 ADR Index (ADRE)
• BLDRS Developed Markets 100 ADR Index (ADRD)
• BLDRS Europe 100 ADR Index (ADRU)
• BLDRS Asia 50 ADR Index (ADRA)

"The BLDRS Fund family broadens the advantages and enhances the visibility of depositary receipts as a convenient and cost-effective way to invest in non-U.S. securities," said Joseph M. Velli, an executive at The Bank of New York.

ADRs are certificates traded in U.S. markets representing an interest in shares of a foreign market. They were created so international companies could meet domestic security registration requirements.

The Nasdaq helped to develop and sponsors the Nasdaq-100 "cubes" (QQQ), which is the most actively traded ETF in existence.