Calculators
ADRs and CDRs
One worked example: what an ADR price is built from, and where these companies really trade.
ADRs and CDRs
An ADR is a certificate traded in the US that stands for shares of a foreign company; TSMC and ASML trade this way. The price follows the home market shares plus the exchange rate, and the home market may be closed while the ADR still trades. CDRs are the Canadian version: listed in Canada, in Canadian dollars, currency hedged, and sold in smaller slices. To follow the company, watch the home listing too (TSMC in Taiwan, SK Hynix in Korea, ASML in Amsterdam), because time zones mean the home market often moves first.
Where it really trades
Home markets from this site's world map (Hsinchu, Taiwan; Icheon and Pyeongtaek, South Korea; Veldhoven, Netherlands). Home listings are shown with their exchange tickers: the Taiwan Stock Exchange, the Korea Exchange, and Euronext Amsterdam. US lines are the tickers this site uses in its watchlist and earnings calendar. The worked example below uses labelled example numbers, not market prices.
| Company | Home market | Home ticker | US line |
|---|---|---|---|
| TSMC | Taiwan (Hsinchu) | 2330.TW | TSM |
| SK Hynix | South Korea (Icheon) | 000660.KS | SKHY |
| ASML | Netherlands (Veldhoven, Amsterdam listing) | ASML.AS | ASML |
| Samsung | South Korea (Pyeongtaek) | 005930.KS | No US line named in site data |
What an ADR price is built from: a worked example
Every number below is an example, not a market price. Implied ADR price = home price times home shares per ADR times the exchange rate (USD per unit of home currency).
Educational content only, not financial advice. We are not financial advisors. This page works from rules of thumb and published list prices, not quotes. It is a teaching tool, not advice.