9. The value of ETFs is based on the underlying net asset value of the stocks held in the index basket. A) True. B) False 10. Which of the following is not a characteristic of the American depository receipts (ADRs). A) An ADR is a negotiable certificate issued by a U.S. depository bank. B) An ADR represents a specified number of shares in a foreign company's stock. C) Trade in ADRs is conducted entirely in U.S. dollars. D) It allows foreign firms to trade in the United States. E) It is like a demand deposit in a commercial bank. 11. A mortgage is a long-term loan secured by real estate. A) True. B) False 12. Discount points (points) are interest payments made at the end of a loan. A) True. B) False