Nasdaq Financial Products Services launched a new family of exchange-traded funds this week (ETFs) in partnership with the Bank of New York.

The product, called BLDRS, also known as "Builders," will be listed on Nasdaq and are based on the Bank of New York’s American Depository Receipt (ADR) Indexes. BLDRS are the first ETFs that are based on ADRs, the companies said, and will allow investors to purchase shares on margin, sell them short or hold for the long term.

Fees for the ETF family have been capped at 0.3%.

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