b'CDRsThe Investment World atCanadas FingertipsCanadian Depositary Receipts (CDRs) are a newly developed investment product. These receipts enable Canadian investors to invest in worldwide public companies in Canadian dollars through a Canadian securities exchange. We advised a Canadian financial institution in navigating the U.S. securities and tax considerations in bringing CDRs referencing U.S. companies to market. Many of these U.S. companies, such as the FAANG stocks and NVIDIA, are in high demand. Investing directly in companies listed on exchanges around the world can be expensive and expose inves-tors to an additional investment considerationcurrency fluctuations. CDRs come with a built-in currency hedge.CDRs provide entitlements that are based on the entitlements that would arise from an interest in the number of the underlying shares equal to the CDR Ratio with a notional hedge to Canadian dollars. The CDR Ratio is automatically adjusted on a daily basis to account for the notional currency hedge. If the value of the hedge is positive, the CDR Ratio will increase. Conversely, if the value of the hedge is negative, the CDR Ratio will decrease. This means that an investor should not have to focus on exchange rate movements between the Canadian Dollar and the trading currency of the underlying shares of each referenced company. As of 2025, dozens of CDRs are listed on Cboe Canada, providing access to global mar-kets for Canadian investors. We expect continued growth in the popularity of CDRs and continued expansion of the stocks that CDRs will reference. 19'