{"slug":"how-adrs-work-ratios-and-fees","qid":"adr_venues","label":"A year of tape on five large exchange-listed foreign issuer receipts","post_title":"How ADRs Work: Ratios, Fees and Dividends","post_url":"/blog/how-adrs-work-ratios-and-fees#q-adr_venues","columns":["ticker","avg_daily_usd_millions"],"rows":[{"ticker":"TSM","avg_daily_usd_millions":4620.82},{"ticker":"ASML","avg_daily_usd_millions":2328.9},{"ticker":"NVO","avg_daily_usd_millions":821.82},{"ticker":"SAP","avg_daily_usd_millions":516.69},{"ticker":"UL","avg_daily_usd_millions":227.36}],"shape":"ranking","sql":"SELECT\n    ticker,\n    round(avg(toFloat64(close) * volume) / 1e6, 2) AS avg_daily_usd_millions\nFROM global_markets.stocks_daily_aggs\nWHERE ticker IN ('TSM', 'ASML', 'SAP', 'NVO', 'UL')\n  AND date >= today() - 365\n  AND date <  today()\nGROUP BY ticker\nORDER BY avg_daily_usd_millions DESC","computed_at":"2026-08-22T04:08:23.171618+00:00","elapsed":0.032237569}