Canadian Depositary Receipts

Depositary receipts are a time-tested way for investors to gain exposure to shares of foreign listed companies. Canadian Depositary Receipts (CDRs) are designed to make it easier for Canadians to access some of the largest publicly listed companies around the world, in Canadian Dollars, and with a built-in currency hedge. A wide variety of CDRs are now listed and trading on Cboe Canada.

A Canadian-First Approach to Global Investing

CDRs make it easy for Canadian investors, financial advisors, and institutions to invest in global blue-chip companies, with the following added benefits:

Exposure to some of the world’s largest public companies in Canadian Dollars.
More affordable access through fractional share ownership.
Built-in currency hedge to minimize foreign currency risk.

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Why Invest in CDRs?

Investing on a Global Stage

CDRs provide Canadian investors exposure to the world’s largest companies in a simple and transparent way, without the need for maintaining international brokerage accounts.

Available in Canadian Dollars, Listed on Cboe Canada

Buying shares of companies listed on exchanges outside of Canada can come with extra hurdles and additional fees to convert cash to a foreign currency.

Removing Barriers to Global Investing

Investing directly in companies listed on exchanges around the world can be expensive and expose the investors to an additional investment consideration – currency fluctuations. CDRs come with a built-in currency hedge so you don’t have to worry about exchange rate movements between the Canadian Dollar and the trading currency of the underlying shares of each company.

With CDRs, changes in the exchange rate do not impact an investor’s Canadian Dollar returns due to the notional currency hedge (though some tracking discrepancies may arise due to the spread embedded in the notional FX forward rate used to provide the hedge, as well as the difference between short-term interest rates around the world and Canada).

Global CDRs

In 2021, innovation hit the market with the first CDRs to list in Canada, providing a simple way for Canadian investors to manage their U.S. stock exposure. Now, in 2025, dozens of CDRs are listed on Cboe Canada, providing access to global markets for Canadian investors.

CDR Listings Directory

Cboe Canada is igniting a community of investors and issuers with a shared vision for the future. We’re home to a growing selection of investment products and public companies, providing more access to innovation and economic opportunities.

Check out our CDR listings, below:

View All Cboe Canada Listed CDRs

Purchase CDRs

Investors can trade CDRs through their usual investment channels, including discount brokerage platforms and full-service dealers. You can buy and sell CDRs today via any of these online retail brokerages, or through your financial advisor.

CDR Issuer

Frequently Asked Questions

What is the value of a CDR?: 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 will be published on the CDR Issuer’s website.
How does the currency hedge work?: 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.
Do investors receive dividends?: Dividends paid on the underlying shares of the CDRs will be passed through to CDR holders in Canadian Dollars.
How liquid are CDRs?: The underlying shares for the CDRs will generally be highly liquid securities that trade on major global exchanges. Generally speaking, where the underlying shares have a high trading volume, the corresponding CDR is expected to have a high degree of liquidity. Liquidity may fluctuate due to differences in settlement cycle and time zones between Canada and other global jurisdictions.
What are the tax implications?: Please seek qualified tax advice on the tax implications of holding CDRs.

Stay in the Know

Stay up to date about current listings and be the first to know about upcoming CDR launches on Cboe Canada.

Subscribe Now Download Brochure

Get in touch

Reach out today and a member of our CDR Listings team will respond promptly.