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What does unsponsored ADR mean?

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unsponsored ADR
(UADR)
Noun


An American depositary receipt (ADR) that is issued by a US depositary bank in an unsponsored program without the contractual involvement of the issuer of the underlying stock, usually initiated by the depositary bank in response to broker/investor demand.

Synonym(s): 
  • unsponsored American depositary receipt.
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