Which of the following isincorrect?

I.American Depository Receipts (ADRs), are certificates issued by U.S. banks and traded in foreign markets that represent ownership in shares of a foreign company.

II.Repurchase agreements have high credit risk.

III.The face value and coupon of TIPS are adjusted in proportion to increases in the Consumer Price Index (CPI).

IV.Until 2018, corporations could exclude 40% of dividends arising from preferred stocks owned in domestic corporations.

A.III

B.I and II

C.I, II, and IV

D.II and IV