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?

	a.	You do not face foreign exchange rate risk with the ADR, but do face foreign exchange rate risk with the ETF.
	b.	You face foreign exchange rate risk with both the ADR and the ETF.
	c.	You face foreign exchange rate risk with the ADR, but do not face foreign exchange rate risk with the ETF.
	d.	You do not face foreign exchange rate risk with either the ADR or the ETF.