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What is the difference between an ADR and an ADS?

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What is the difference between an ADR and an ADS?

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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.

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An American Depositary Receipt (ADR) is the actual physical certificate whereas an American Depositary Share (ADS) is the actual share. An ADR can represent any number of ADSs. The term “ADR” is often used to mean both the certificates and the securities themselves.

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An ADR (American Depositary Receipt) is a negotiable certificate issued by a depositary bank representing a specific number of shares of a non-U.S. company traded on a U.S. stock exchange. An ADS is the share issued under the ADR agreement which is actually traded.

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