ADR levels
The tiering of receipt programmes by depth of access, from over-the-counter trading without US-standard reporting to a full listing with a capital raise.
How to read the number
The higher the level, the stricter the disclosure, and the wider the set of funds whose own rules allow them to buy.
When the metric lies
An unsponsored programme is set up by a bank without the issuer's involvement: the company neither answers for it nor serves the holders of those receipts.
Also known as: sponsored receipt programme