The BNY Mellon ADR Index saw a 3.72% total return for the year. While that benchmark underperformed the U.S. market, as measured by the S&P 500—which was up +11.96% as of December 30, 2016—the BNY Mellon Emerging Market Regional DR Index outperformed, growing by 13.65%. Sub-indices based on securities of companies from the major emerging markets of Brazil and Russia gained 69.05% and 61.02%, respectively. At year end, BNY Mellon marked a 57% global market share of all sponsored DR programs—more than the total market share of all its competitors combined. "Depositary receipts' cost, convenience and liquidity value proposition remains as intact today as ever," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business. "DRs are an integral component in many investment portfolios and this year's Review celebrates DRs from the point of view of both issuers and investors."