"The US market rose 18% in 2025, while the MSCI World excluding the USA rose around 32%, highlighting the strength of international equities. Depositary Receipts are a key instrument for investors, particularly US investors who represent over 60% of the global investor universe, to capture this powerful international investment opportunity by buying high-quality international stocks in US dollars as easily as buying domestic US stocks." — Richard O’Connor, Senior Advisor, Former Head of Investor Relations at HSBC