Question: When a bank issues an ADR what is occurring? Multiple choice question. A foreign company is purchasing receipts from a trust that has been structured

When a bank issues an ADR what is occurring?
Multiple choice question.
A foreign company is purchasing receipts from a trust that has been structured by a domestic bank.
The bank has purchased shares in a foreign company, placed the shares in a trust, and issued depository receipts against the trust.
The bank has purchased shares in a domestic company, placed the shares in a trust, and issued depository receipts against the trust.
The bank has purchased receipts issued against a trust and is selling the receipts to a foreign company.

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