Are American Depositary Receipts (ADRs) included in the TIC data?
Yes, American Depositary Receipts (ADRs) are included in the TIC data as foreign equities. Although they trade on U.S. exchanges in U.S. dollars, owners of ADRs are entitled to the same dividends, capital gains or losses, and voting rights as if the underlying foreign shares were directly owned. In the monthly securities transactions data, purchases and sales of ADRs are included along with purchases and sales of all other foreign equity. Details on U.S. holdings of ADRs by country are available in the survey reports on U.S. holdings of foreign securities.
