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Which of the following statements regarding American Depository Receipts ( ADRs ) is false? ADRs are domestically traded securities that represent claims to shares of

Which of the following statements regarding American Depository Receipts $($ ADRs $)$ is false?

ADRs are domestically traded securities that represent claims to shares of foreign stocks

ADRs are quoted in foreign currency

Each ADR can represent $1$ share, a fraction of a share, or multiple shares in a foreign stock

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