What is the difference between an ADR and an ADS?
An American Depositary Receipt (ADR) is a negotiable certificate issued by a U.S. depositary bank that represents a specific number of shares in a foreign security. ADRs are traded on a U.S. exchange and traded in U.S. dollars. An American Depositary Share (ADS) represents the underlying security in the issuer’s home market that is issued to an investor via a depositary receipt. The terms are used synonymously.