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Suppose you are a U.S. investor and you purchase an American Depository Receipt (ADR) on Sony (whose underlying stock is listed in its home country
Suppose you are a U.S. investor and you purchase an American Depository Receipt (ADR) on Sony (whose underlying stock is listed in its home country of Japan), and you also buy an Exchange Traded Fund (ETF) that tracks the FTSE 10 index (which is an index that tracks 100 British stocks). Both the ADR and ETF trade on the New York Stock Exchange in U.S. dollars. Which of the following statement is true?
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