NEW YORK, July 21 /PRNewswire-FirstCall/ -- BNY Mellon's Classic ADR Index(SM) has been selected as the referenced index for a new actively managed international exchange-traded fund (ETF) to be listed in the United States. The Fund's investment objective, as stated in its prospectus (see: http://aadr.advisorshares.com ) 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, LLC. 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," said 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 U.S., Canada and Korea."
"We're pleased to be working with WCM and AdvisorShares in providing innovative and timely solutions that benefit foreign private issuers as well as the U.S. investment community," said Julio Lugo, global head of BNY Mellon's Depositary Receipts Structured Products business.WCM helps clients achieve their financial goals by utilizing a variety of disciplined techniques for security selection and portfolio construction. As of December 31, 2009, WCM had approximately $1.4 billion in assets under management. For more information, visit www.wcminvest.com. AdvisorShares is a turnkey platform for investment managers seeking to offer their investment strategy in an actively managed ETF. AdvisorShares works with money managers to combine their money management expertise with the benefits the ETF structure provides. For more information, visit www.advisorshares.com. BNY Mellon acts as depositary for more than 2,100 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries. With an unrivaled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Learn more at www.bnymellon.com/dr. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $21.8 trillion in assets under custody and administration, $1.0 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. Learn more at www.bnymellon.com. This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.