{"id":73519,"date":"2023-10-03T14:44:22","date_gmt":"2023-10-03T09:14:22","guid":{"rendered":"https:\/\/www.the-next-tech.com\/?post_type=web-story&#038;p=73519"},"modified":"2023-10-03T14:44:28","modified_gmt":"2023-10-03T09:14:28","slug":"understanding-the-american-depositary-receipts","status":"publish","type":"web-story","link":"https:\/\/www.the-next-tech.com\/web-stories\/understanding-the-american-depositary-receipts\/","title":{"rendered":"Understanding The American Depositary Receipts"},"content":{"rendered":"<p><html amp=\"\" lang=\"en\"><head><meta charSet=\"utf-8\"\/><meta name=\"viewport\" content=\"width=device-width,minimum-scale=1,initial-scale=1\"\/><script async=\"\" src=\"https:\/\/cdn.ampproject.org\/v0.js\"><\/script><script async=\"\" src=\"https:\/\/cdn.ampproject.org\/v0\/amp-story-1.0.js\" custom-element=\"amp-story\"><\/script><script async=\"\" src=\"https:\/\/cdn.ampproject.org\/v0\/amp-video-0.1.js\" custom-element=\"amp-video\"><\/script><link 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499w,https:\/\/images.unsplash.com\/photo-1494888427482-242d32babc0b?ixid=M3wxMzcxOTN8MHwxfHNlYXJjaHw0fHxhbWVyaWNhbiUyMGludmVzdG1lbnR8ZW58MHx8fHwxNjk2MzE1NzYxfDA&amp;ixlib=rb-4.0.3&amp;fm=jpg&amp;w=340&amp;h=227&amp;fit=max 340w\" sizes=\"(min-width: 1024px) 120vh, 267vw\" disable-inline-width=\"true\"><\/amp-img><\/div>\n<\/div>\n<\/div>\n<div style=\"position:absolute;pointer-events:none;left:11.8932%;top:18.77023%;width:76.45631%;height:17.31392%;opacity:1\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0.6349206349206349% 0.6349206349206349% 0.6349206349206349% 0.6349206349206349% \/ 1.8691588785046727% 1.8691588785046727% 1.8691588785046727% 1.8691588785046727%\" id=\"el-bb88ce5c-8f92-4d04-a2d0-2b9aae600c99\">\n<h2 class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.13392857142857142% 0;font-family:&quot;Roboto&quot;,&quot;Helvetica Neue&quot;,&quot;Helvetica&quot;,sans-serif;font-size:0.485437em;line-height:1.2;text-align:center;padding:0;color:#000000\"><span class=\"ez-toc-section\" id=\"American_Depositary_Receipts_Pros_and_Cons_of_ADR_Investing\"><\/span><span><span style=\"font-weight: 700; color: #a4133c\">American Depositary Receipts: Pros and Cons of ADR Investing<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><\/amp-story-page><amp-story-page id=\"84bb6235-912b-4475-ba5d-b634279e3be3\" auto-advance-after=\"14s\"><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-8396dbb8-654e-4b3b-ac05-ed521f1f4214\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":200,\"duration\":1400,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script 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1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-ec51bfa5-bd68-4c38-9d0d-c84b03021692\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-27390087-f2a4-4a60-b108-4e06bc2e3d00\",\"keyframes\":{\"transform\":[\"translate3d(0px, -100.31582%, 0)\",\"translate3d(0px, 0px, 0)\"]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\" style=\"background-color:#fef9ef\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:0;top:-9.25926%;width:100%;height:118.51852%;opacity:1\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" class=\"mask\" id=\"el-6a13c859-43a4-4f08-8fbd-74e98d51e662\">\n<div class=\"fill\" style=\"will-change:transform\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:11.65049%;top:58.57605%;width:75.97087%;height:8.73786%;opacity:1\">\n<div id=\"anim-8396dbb8-654e-4b3b-ac05-ed521f1f4214\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-bc4776eb-38ac-42c5-9130-aa927e0cc6b3\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(0px, 580.04145%, 0)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" id=\"el-1da07948-9e43-405d-a304-357a64245c87\">\n<h3 class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:0.6864017571884984% 0;font-family:&quot;Roboto&quot;,sans-serif;font-size:0.404531em;line-height:1;text-align:center;padding:0;color:#000000\"><span class=\"ez-toc-section\" id=\"What_Is_an_American_Depositary_Receipt_ADR\"><\/span><span><span style=\"font-weight: 700; color: #3a566e\">What Is an American Depositary Receipt (ADR)?<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div style=\"position:absolute;pointer-events:none;left:11.16505%;top:69.09385%;width:77.18447%;height:25.88997%;opacity:1\">\n<div id=\"anim-b5122ffb-c5ab-4705-8746-a5bf088882e5\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-c2da33ef-83b1-4d20-a4b1-db9e98368571\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(0px, 155.13888%, 0)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" id=\"el-e5218543-d2e9-48f3-8da8-92a528683711\">\n<p class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.6230345911949688% 0;font-family:&quot;Roboto&quot;,sans-serif;font-size:0.323625em;line-height:1.37;text-align:center;padding:0;color:#000000\"><span><span style=\"font-weight: 700\">ADRs are U.S. certificates for foreign company shares, tradable on major U.S. stock exchanges. 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style=\"position:absolute;pointer-events:none;left:0;top:-9.25926%;width:100%;height:118.51852%;opacity:1\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" class=\"mask\" id=\"el-8777f582-ba62-4e2a-b28e-5828092fe393\">\n<div class=\"fill\" style=\"will-change:transform\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:-20.38835%;top:56.14887%;width:141.01942%;height:52.91262%;opacity:1\">\n<div id=\"anim-b4f984dc-51e2-4b53-880a-47d9a2a28007\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:scale(1)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" class=\"mask\" id=\"el-6ad22a90-323d-45b0-9cfe-4c5c5b6e21ad\">\n<div style=\"position:absolute;width:100.10204%;height:100%;left:-0.05102%;top:0%\" data-leaf-element=\"true\"><amp-video id=\"el-6ad22a90-323d-45b0-9cfe-4c5c5b6e21ad-media\" autoplay=\"autoplay\" loop=\"loop\" noaudio=\"noaudio\" poster=\"https:\/\/media.tenor.com\/KTNavb3ah64AAAAe\/friday-payday.png\" layout=\"fill\" alt=\"Friday Payday GIF\"><source type=\"video\/mp4\" src=\"https:\/\/media.tenor.com\/KTNavb3ah64AAAPo\/friday-payday.mp4\"\/><\/amp-video><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div style=\"position:absolute;pointer-events:none;left:12.13592%;top:11.48867%;width:75.72816%;height:15.53398%;opacity:1\">\n<div id=\"anim-2b49d7a0-dfc3-4653-b438-264d80ee1c1e\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-3f39c3cf-c8ee-4b64-b2cc-a1ffb1eac43e\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(0px, -233.5648%, 0)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0.641025641025641% 0.641025641025641% 0.641025641025641% 0.641025641025641% \/ 2.083333333333333% 2.083333333333333% 2.083333333333333% 2.083333333333333%\" id=\"el-cb8ac1b4-d826-44c0-90b1-97d0846d0835\">\n<h2 class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.1216947115384613% 0;font-family:&quot;Roboto&quot;,&quot;Helvetica Neue&quot;,&quot;Helvetica&quot;,sans-serif;font-size:0.436893em;line-height:1.2;text-align:center;padding:0;color:#000000\"><span class=\"ez-toc-section\" id=\"How_American_Depositary_Receipts_Work\"><\/span><span><span style=\"font-weight: 700; color: #a4133c\">How American Depositary Receipts Work?<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div style=\"position:absolute;pointer-events:none;left:12.13592%;top:29.44984%;width:75.72816%;height:20.22654%;opacity:1\">\n<div id=\"anim-d13f6837-fbdb-4983-bfec-0a170e50b1d0\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0.641025641025641% 0.641025641025641% 0.641025641025641% 0.641025641025641% \/ 1.6% 1.6% 1.6% 1.6%\" id=\"el-09fb1e2d-3a64-46e9-949d-6f9ea8f7372d\">\n<h3 class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.0946514423076922% 0;font-family:&quot;Roboto&quot;,&quot;Helvetica Neue&quot;,&quot;Helvetica&quot;,sans-serif;font-size:0.339806em;line-height:1.2;text-align:center;padding:0;color:#000000\"><span class=\"ez-toc-section\" id=\"To_create_ADRs_a_US_bank_buys_foreign_company_shares_abroad_and_replaces_them_with_ADRs_which_are_traded_in_the_United_States\"><\/span><span><span style=\"font-weight: 700\">To create ADRs, a U.S. bank buys foreign company shares abroad and replaces them with ADRs, which are traded in the United States.<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><\/amp-story-page><amp-story-page id=\"a1ba1783-fd26-4e42-ad3a-4d2abaad878c\" auto-advance-after=\"14s\"><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-440c8967-7c4f-4826-80e3-706a022de9c8\",\"keyframes\":{\"transform\":[\"translate3d(-86.78571%, 0px, 0)\",\"translate3d(0px, 0px, 0)\"]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.4, 0.4, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-72299c07-a3ba-47d9-83af-53485f72b9a1\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.4, 0.4, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-f986a53c-32e3-450f-a94a-f65854e41d85\",\"keyframes\":{\"transform\":[\"scale(0.15)\",\"scale(1)\"]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.4, 0.4, 0.0, 1)\",\"fill\":\"forwards\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-d4a0f326-244b-43dd-9657-7c0db4ed887f\",\"keyframes\":{\"transform\":[\"translate3d(115.33547%, 0px, 0)\",\"translate3d(0px, 0px, 0)\"]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.4, 0.4, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-89aa8f84-614f-4277-b394-3a41c4163249\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.4, 0.4, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-91d37747-5e26-4eba-8bb9-45547cd8287e\",\"keyframes\":{\"transform\":[\"scale(0.15)\",\"scale(1)\"]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.4, 0.4, 0.0, 1)\",\"fill\":\"forwards\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-1ff2b46d-9c11-4674-b076-afd49e08803d\",\"keyframes\":{\"transform\":[\"translate3d(115.97445%, 0px, 0)\",\"translate3d(0px, 0px, 0)\"]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.4, 0.4, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-69dffacc-46de-4c95-92ce-2acd3f0cf4f1\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.4, 0.4, 0.0, 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style=\"will-change:transform\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:-17.96117%;top:61.97411%;width:135.92233%;height:41.90939%;opacity:1\">\n<div id=\"anim-440c8967-7c4f-4826-80e3-706a022de9c8\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(-86.78571%, 0px, 0)\">\n<div id=\"anim-72299c07-a3ba-47d9-83af-53485f72b9a1\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-f986a53c-32e3-450f-a94a-f65854e41d85\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:scale(0.15)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" class=\"mask\" id=\"el-47119deb-ba24-4631-a6a3-292e958a0624\">\n<div style=\"position:absolute;width:100%;height:100.43591%;left:0%;top:-0.21795%\" data-leaf-element=\"true\"><amp-img layout=\"fill\" src=\"https:\/\/t3.ftcdn.net\/jpg\/02\/40\/23\/70\/360_F_240237000_UX21zcYCq0JflH6GznI4nZuSdlz2QSJk.jpg\" alt=\"360_F_240237000_UX21zcYCq0JflH6GznI4nZuSdlz2QSJk.jpg\"><\/amp-img><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div style=\"position:absolute;pointer-events:none;left:12.37864%;top:8.57605%;width:75.97087%;height:10.35599%;opacity:1\">\n<div id=\"anim-d4a0f326-244b-43dd-9657-7c0db4ed887f\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(115.33547%, 0px, 0)\">\n<div id=\"anim-89aa8f84-614f-4277-b394-3a41c4163249\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-91d37747-5e26-4eba-8bb9-45547cd8287e\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:scale(0.15)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0.6389776357827476% 0.6389776357827476% 0.6389776357827476% 0.6389776357827476% \/ 3.125% 3.125% 3.125% 3.125%\" id=\"el-7127410b-b66d-449d-96c4-4bc9180e1197\">\n<h2 class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.12130591054313077% 0;font-family:&quot;Roboto&quot;,&quot;Helvetica Neue&quot;,&quot;Helvetica&quot;,sans-serif;font-size:0.436893em;line-height:1.2;text-align:center;padding:0;color:#000000\"><span class=\"ez-toc-section\" id=\"Sponsored_ADRs_and_Level\"><\/span><span><span style=\"font-weight: 700; color: #6f4518\">Sponsored ADRs and Level<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div style=\"position:absolute;pointer-events:none;left:11.8932%;top:21.84466%;width:75.97087%;height:25.72816%;opacity:1\">\n<div id=\"anim-1ff2b46d-9c11-4674-b076-afd49e08803d\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(115.97445%, 0px, 0)\">\n<div id=\"anim-69dffacc-46de-4c95-92ce-2acd3f0cf4f1\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-393357ed-f10a-4333-80c8-547a9903e069\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:scale(0.15)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0.6389776357827476% 0.6389776357827476% 0.6389776357827476% 0.6389776357827476% \/ 1.257861635220126% 1.257861635220126% 1.257861635220126% 1.257861635220126%\" id=\"el-1dff7aa4-0979-4601-ba5c-88df43b4a752\">\n<p class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.08536341853035155% 0;font-family:&quot;Roboto&quot;,&quot;Helvetica Neue&quot;,&quot;Helvetica&quot;,sans-serif;font-size:0.307443em;line-height:1.2;text-align:center;padding:0;color:#000000\"><span><span style=\"font-weight: 700\">Foreign firms can collaborate with U.S. banks to sponsor ADRs. These fall into three tiers: Level 1 ADRs with minimal reporting traded OTC, and Level 2 and Level 3 ADRs with higher reporting traded on NYSE or Nasdaq.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><\/amp-story-page><amp-story-page id=\"b15302a3-d78a-4a84-8611-cec7ef2d56bd\" auto-advance-after=\"14s\"><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-c4942a67-cb37-419b-8c40-6041fcb85417\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-cc5fed04-8106-4fc1-8721-26db807e9545\",\"keyframes\":{\"transform\":[\"translate3d(0px, -99.80984%, 0)\",\"translate3d(0px, 0px, 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type=\"application\/json\">[{\"selector\":\"#anim-fdb64e9c-74b3-4f51-90b0-54036de29a18\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-15724051-2ec8-4ab1-8764-b89d93d80dd6\",\"keyframes\":{\"transform\":[\"translate3d(114.46540%, 0px, 0)\",\"translate3d(0px, 0px, 0)\"]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\" style=\"background-color:#d2d9e0\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:0;top:-9.25926%;width:100%;height:118.51852%;opacity:1\">\n<div 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1200w,https:\/\/images.unsplash.com\/photo-1535320903710-d993d3d77d29?ixid=M3wxMzcxOTN8MHwxfHNlYXJjaHwzfHxmb3JlaWduJTIwc3RvY2tzfGVufDB8fHx8MTY5NjMxODEyNnww&amp;ixlib=rb-4.0.3&amp;fm=jpg&amp;w=340&amp;h=227&amp;fit=max 340w\" sizes=\"(min-width: 1024px) 67vh, 149vw\" disable-inline-width=\"true\"><\/amp-img><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div style=\"position:absolute;pointer-events:none;left:11.8932%;top:59.54693%;width:75.97087%;height:5.01618%;opacity:1\">\n<div id=\"anim-453dd26e-ce28-41a0-86ba-d2e7e1bf23d2\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-42f371c0-0f47-4312-b781-cc2330ea52cd\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(-115.65495%, 0px, 0)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0.6389776357827476% 0.6389776357827476% 0.6389776357827476% 0.6389776357827476% \/ 6.451612903225806% 6.451612903225806% 6.451612903225806% 6.451612903225806%\" id=\"el-d00738ba-356a-4620-9ce6-dc07eed23f0f\">\n<h2 class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.12130591054313077% 0;font-family:&quot;Roboto&quot;,&quot;Helvetica Neue&quot;,&quot;Helvetica&quot;,sans-serif;font-size:0.436893em;line-height:1.2;text-align:center;padding:0;color:#000000\"><span class=\"ez-toc-section\" id=\"Unsponsored_ADR\"><\/span><span><span style=\"font-weight: 700; color: #ae0d17\">Unsponsored ADR<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div style=\"position:absolute;pointer-events:none;left:11.65049%;top:67.31392%;width:77.18447%;height:23.13916%;opacity:1\">\n<div id=\"anim-fdb64e9c-74b3-4f51-90b0-54036de29a18\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-15724051-2ec8-4ab1-8764-b89d93d80dd6\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(114.46540%, 0px, 0)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0.628930817610063% 0.628930817610063% 0.628930817610063% 0.628930817610063% \/ 1.3986013986013985% 1.3986013986013985% 1.3986013986013985% 1.3986013986013985%\" id=\"el-9bf7ef85-5cdb-4108-aa82-e3752703e9fa\">\n<p class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.0884433962264151% 0;font-family:&quot;Roboto&quot;,&quot;Helvetica Neue&quot;,&quot;Helvetica&quot;,sans-serif;font-size:0.323625em;line-height:1.2;text-align:center;padding:0;color:#000000\"><span><span style=\"font-weight: 700\">Unsponsored ADRs are issued by U.S. banks independently, lacking foreign company involvement, and are OTC-traded. They can have multiple listings for one company, unlike unique sponsored ADRs.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><\/amp-story-page><amp-story-page id=\"77ede0a2-828c-4a19-b923-d01dea17b9e1\" auto-advance-after=\"14s\"><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-35a4cf60-bdae-4f19-831b-04c1896468ba\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-cd172453-1c0a-40ba-b6ac-c685625ff57c\",\"keyframes\":{\"transform\":[\"translate3d(0px, 93.94186%, 0)\",\"translate3d(0px, 0px, 0)\"]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-4dbb7d20-f0de-4560-95e0-d69a86b7b679\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-d74b26f0-1405-4ff5-a874-42676f7f8f1c\",\"keyframes\":{\"transform\":[\"translate3d(0px, -247.83423%, 0)\",\"translate3d(0px, 0px, 0)\"]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-a43661fd-6705-4ade-842c-5570704560c5\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":300,\"duration\":2000,\"easing\":\"cubic-bezier(0.4, 0.4, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\" style=\"background-color:#fff\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:0;top:-9.25926%;width:100%;height:118.51852%;opacity:1\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" class=\"mask\" id=\"el-5d080919-ecac-4443-8538-b248d057618d\">\n<div class=\"fill\" style=\"will-change:transform\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:-16.50485%;top:47.08738%;width:132.52427%;height:66.18123%;opacity:1\">\n<div id=\"anim-35a4cf60-bdae-4f19-831b-04c1896468ba\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-cd172453-1c0a-40ba-b6ac-c685625ff57c\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(0px, 93.94186%, 0)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" class=\"mask\" id=\"el-6363eb86-bd5d-4bd3-891b-84f9f88512f9\">\n<div style=\"position:absolute;width:100.01179%;height:100%;left:-0.00589%;top:0%\" data-leaf-element=\"true\"><amp-video id=\"el-6363eb86-bd5d-4bd3-891b-84f9f88512f9-media\" autoplay=\"autoplay\" loop=\"loop\" noaudio=\"noaudio\" poster=\"https:\/\/media.tenor.com\/Slv04RLk0_kAAAAe\/content-creation-agency-boutique-digital-marketing-agency.png\" layout=\"fill\" alt=\"Content Creation Agency Boutique Digital Marketing Agency GIF\"><source type=\"video\/mp4\" src=\"https:\/\/media.tenor.com\/Slv04RLk0_kAAAPo\/content-creation-agency-boutique-digital-marketing-agency.mp4\"\/><\/amp-video><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div style=\"position:absolute;pointer-events:none;left:11.65049%;top:4.85437%;width:76.94175%;height:9.54693%;opacity:1\">\n<div id=\"anim-4dbb7d20-f0de-4560-95e0-d69a86b7b679\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-d74b26f0-1405-4ff5-a874-42676f7f8f1c\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(0px, -247.83423%, 0)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0.6309148264984227% 0.6309148264984227% 0.6309148264984227% 0.6309148264984227% \/ 3.389830508474576% 3.389830508474576% 3.389830508474576% 3.389830508474576%\" id=\"el-fbc2f50a-9bb3-4738-8a37-c1eadeb2a3cc\">\n<h3 class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.11090299684542587% 0;font-family:&quot;Roboto&quot;,&quot;Helvetica Neue&quot;,&quot;Helvetica&quot;,sans-serif;font-size:0.404531em;line-height:1.2;text-align:center;padding:0;color:#000000\"><span class=\"ez-toc-section\" id=\"Advantages_of_American_Depositary_Receipts\"><\/span><span><span style=\"font-weight: 700; color: #5a189a\">Advantages of American Depositary Receipts<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div style=\"position:absolute;pointer-events:none;left:11.8932%;top:15.69579%;width:76.21359%;height:23.13916%;opacity:1\">\n<div id=\"anim-a43661fd-6705-4ade-842c-5570704560c5\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0.6369426751592357% 0.6369426751592357% 0.6369426751592357% 0.6369426751592357% \/ 1.3986013986013985% 1.3986013986013985% 1.3986013986013985% 1.3986013986013985%\" id=\"el-ee5e65c1-c29b-404c-8760-9cd95b9ad065\">\n<p class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.08957006369426752% 0;font-family:&quot;Roboto&quot;,&quot;Helvetica Neue&quot;,&quot;Helvetica&quot;,sans-serif;font-size:0.323625em;line-height:1.2;text-align:center;padding:0;color:#000000\"><span><span style=\"font-weight: 700\">ADRs provide a convenient avenue for American investors to access foreign markets and diversify their portfolios with ease, making foreign stock investment more accessible.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><\/amp-story-page><amp-story-page id=\"3f2eada7-9170-4d27-830f-3d1d8690dd2a\" auto-advance-after=\"14s\"><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-468afd38-9a75-4dee-a0aa-840b7ae55883 [data-leaf-element=\\\"true\\\"]\",\"keyframes\":{\"transform\":[\"translate3d(34.179687404002955%, 0, 0) translate(25%, 0%) scale(1.5)\",\"translate3d(0%, 0, 0) translate(0%, 0%) 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id=\"el-4e5fc1e8-7664-468a-8bf6-a2d0960b1f9f\">\n<div style=\"position:absolute;width:316.04939%;height:100%;left:-108.02469%;top:0%\" data-leaf-element=\"true\"><amp-video id=\"el-4e5fc1e8-7664-468a-8bf6-a2d0960b1f9f-media\" autoplay=\"autoplay\" loop=\"loop\" noaudio=\"noaudio\" poster=\"https:\/\/media.tenor.com\/MeXxoUFWX2cAAAAe\/3d-stock-market.png\" layout=\"fill\" alt=\"3d Stock Market Representation GIF\"><source type=\"video\/mp4\" src=\"https:\/\/media.tenor.com\/MeXxoUFWX2cAAAPo\/3d-stock-market.mp4\"\/><\/amp-video><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:11.40777%;top:25.72816%;width:76.94175%;height:48.38188%;opacity:1\">\n<div id=\"anim-a11fea29-77b4-4e11-bce3-4303e13d1e4a\" class=\"animation-wrapper\" 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style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-4e1a199f-94ed-482d-913b-2aa353abefb1\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(123.13168%, 0px, 0)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0.7117437722419928% 0.7117437722419928% 0.7117437722419928% 0.7117437722419928% \/ 2.247191011235955% 2.247191011235955% 2.247191011235955% 2.247191011235955%\" id=\"el-da4f3920-5d03-4da9-a7f8-07434fdac68c\">\n<h3 class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.12511120996441283% 0;font-family:&quot;Roboto&quot;,&quot;Helvetica Neue&quot;,&quot;Helvetica&quot;,sans-serif;font-size:0.404531em;line-height:1.2;text-align:center;padding:0;color:#000000\"><span class=\"ez-toc-section\" id=\"Disadvantages_of_American_Depositary_Receipt\"><\/span><span><span style=\"font-weight: 700; color: #c8fdff\">Disadvantages of American Depositary Receipt<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div style=\"position:absolute;pointer-events:none;left:16.99029%;top:43.3657%;width:66.74757%;height:27.02265%;opacity:1\">\n<div id=\"anim-dd99c440-ce3e-4614-a933-77039cc72a92\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-1fba2625-9613-481e-bcb2-b4292afb317f\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(124.36364%, 0px, 0)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0.7272727272727273% 0.7272727272727273% 0.7272727272727273% 0.7272727272727273% \/ 1.1976047904191618% 1.1976047904191618% 1.1976047904191618% 1.1976047904191618%\" id=\"el-02e7e0b6-66a9-48f1-8844-335a93b2ae82\">\n<p class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.10227272727272728% 0;font-family:&quot;Roboto&quot;,&quot;Helvetica Neue&quot;,&quot;Helvetica&quot;,sans-serif;font-size:0.323625em;line-height:1.2;text-align:center;padding:0;color:#000000\"><span><span style=\"font-weight: 700; color: #fff\">-Currency Risk<\/span><br \/>\n<span style=\"font-weight: 700; color: #fff\">-Limited Investment Choices<\/span><br \/>\n<span style=\"font-weight: 700; color: #fff\">-Lack of Voting Rights<\/span><br \/>\n<span style=\"font-weight: 700; color: #fff\">-Custodial Fees<\/span><br \/>\n<span style=\"font-weight: 700; color: #fff\">-Legal Jurisdiction<\/span><br \/>\n<span style=\"font-weight: 700; color: #fff\">&#8211;<\/span><span style=\"font-weight: 700; color: #fff\">Reporting Differences<\/span><br \/>\n<span style=\"font-weight: 700; color: #fff\">Liquidity Issues<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><\/amp-story-page><amp-story-page id=\"ef0ac6d4-8806-44b8-bf89-5cac0201fdb8\" auto-advance-after=\"14s\"><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-835ef2ec-f57c-44de-adf0-ebcce5d96e37\",\"keyframes\":[{\"transform\":\"scale(1)\",\"offset\":0},{\"transform\":\"scale(1.5)\",\"offset\":0.33},{\"transform\":\"scale(0.95)\",\"offset\":0.66},{\"transform\":\"scale(1)\",\"offset\":1}],\"delay\":0,\"duration\":1450,\"easing\":\"ease-in-out\",\"fill\":\"both\",\"iterations\":1}]<\/script><\/amp-story-animation><amp-story-animation 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1)\",\"fill\":\"forwards\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-3e20dd5c-899b-4a64-b98d-b905b501e5c7\",\"keyframes\":{\"transform\":[\"translate3d(115.33547%, 0px, 0)\",\"translate3d(0px, 0px, 0)\"]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.4, 0.4, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-74fb1a8e-fdc6-443a-9383-7a0caa16a3c9\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.4, 0.4, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script 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class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-b841853b-2aca-4542-96b5-fe02344efda6\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:scale(0.15)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0.641025641025641% 0.641025641025641% 0.641025641025641% 0.641025641025641% \/ 3.125% 3.125% 3.125% 3.125%\" id=\"el-ba75677a-4578-4f66-acf4-0f9f34768efd\">\n<h2 class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.1216947115384613% 0;font-family:&quot;Roboto&quot;,&quot;Helvetica Neue&quot;,&quot;Helvetica&quot;,sans-serif;font-size:0.436893em;line-height:1.2;text-align:center;padding:0;color:#000000\"><span class=\"ez-toc-section\" id=\"Real-World_Example_of_ADR\"><\/span><span><span style=\"font-weight: 700; color: #d4e4c0\">Real-World Example of ADR<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div style=\"position:absolute;pointer-events:none;left:12.37864%;top:17.63754%;width:75.97087%;height:27.02265%;opacity:1\">\n<div id=\"anim-3e20dd5c-899b-4a64-b98d-b905b501e5c7\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(115.33547%, 0px, 0)\">\n<div id=\"anim-74fb1a8e-fdc6-443a-9383-7a0caa16a3c9\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-9b7cc43f-0fad-46a9-9c75-cd79b102afb7\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:scale(0.15)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0.6389776357827476% 0.6389776357827476% 0.6389776357827476% 0.6389776357827476% \/ 1.1976047904191618% 1.1976047904191618% 1.1976047904191618% 1.1976047904191618%\" id=\"el-f1031859-04fb-43e9-a6f6-a87e71ecbf7a\">\n<p class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.08985623003194888% 0;font-family:&quot;Roboto&quot;,&quot;Helvetica Neue&quot;,&quot;Helvetica&quot;,sans-serif;font-size:0.323625em;line-height:1.2;text-align:center;padding:0;color:#000000\"><span><span style=\"font-weight: 700; color: #fff\">Between 1988 and 2018, Volkswagen AG traded in the U.S. as a sponsored ADR under VLKAY. After terminating its ADR program, J.P. Morgan established an unsponsored ADR, VWAGY, the next day.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><\/amp-story-page><\/amp-story><\/body><\/html><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ADRs are designed to simplify foreign investing for Americans. 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