The Bank of New York Mellon has launched a new index that comprises a select group of small-cap American depositary receipts (ADRs).
The Bank of New York Small Cap Select ADR Index is a subset of The Bank of New York ADR Index, which is the only index to track all depositary receipts, New York shares and global registered shares that trade on the New York Stock Exchange, American Stock Exchange and NASDAQ.
The indices are calculated on a continuous basis throughout the trading day and are capitalization-weighted and adjusted for free-float, using Dow Jones’ current methodology.
“As the leading depositary bank, we dedicate significant resources to our product development pipeline. As a result, we continuously expand our diverse suite of ADR indices based on market demand. The new small cap index is an ideal benchmarking tool for investors tracking small-cap companies,” says Christopher Sturdy, executive vice president and head of The Bank of New York Mellon’s Depositary Receipt Division.
The Bank of New York Mellon’s Depositary Receipt business is conducted through The Bank of New York subsidiary, which acts as depositary for more than 1,300 American and global depositary receipt programs, acting in partnership with leading companies from 63 countries.