BLDRS, a brand from Bank of New York

### The Financial Products Division of the NASDAQ Stock Exchange The Financial Products Division of the NASDAQ Stock Exchange, in collaboration with **Bank of New York**, has developed a family of exchange-traded funds that includes 4 funds. Each fund focuses on a specific geographic region and invests in leading companies from that region. The 4 funds under the **Builders** brand are: 1. **ADRA** – Asia: BLDRS Asia 50
2. **ADRD** – Developed Markets: BLDRS Developed Market 100
3. **ADRE** – Emerging Markets: BLDRS Emerging Market 50
4. **ADRU** – Europe: BLDRS Europe 100 Unlike other exchange-traded funds, the 4 above-mentioned funds do not invest in ordinary shares, but in American Depositary Receipts. American Depositary Receipts are in fact a substitute for shares of foreign companies and further explanation about them appears in Chapter 2. The participation units in the **Builders** funds are traded on the NASDAQ Stock Exchange. Table 24 presents the 10 largest companies in the **BLDRS Europe 100** investment portfolio. #### Table 24: The 10 companies with the highest market capitalization in the BLDRS Europe 100 investment portfolio – **BP** (United Kingdom, oil) – Market capitalization: $149 billion
– **GlaxoSmithKline** (UK, pharmaceuticals) – Market value: $116 billion
– **Novartis** (Switzerland, pharmaceuticals) – Market cap: $105 billion
– **HSBC Holdings** (United Kingdom, Banking) – Market cap: $97 billion
– **Total** (France, oil) – Market value: $93 billion
– **Vodafone** (UK, telecommunications) – Market value: $87 billion
– **Royal Dutch Petroleum** (Netherlands, oil) – Market value: $84 billion
– **Nokia** (Finland, Communications) – Market value: $62 billion
– **Shell** (UK, oil) – Market value: $57 billion
– **AstraZeneca** (UK, pharmaceuticals) – Market value: $50 billion