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Which of the following is not a step in the supply chain?
American Depository Receipts
Securities that represent shares in foreign public companies and are traded on U.S. stock exchanges, allowing investors to invest in overseas stocks more easily.
World Equity Benchmark Shares
Exchange-traded funds that aim to provide investment results that, before fees and expenses, correspond to the price and yield performance of specific international equity indexes.
ADRs
American Depositary Receipts, a way for investors to own shares in foreign companies, where the shares are held by a US financial institution overseas and traded on American exchanges.
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