what is a sponsored vs an unsponsored adr 
in a sponsored adr the depositary bank works with the foreign company and their custodian bank in their home country to register and issue the adrs an unsponsored adr is issued by a depositary bank without the involvement participation or even the consent of the foreign company it represents ownership of unsponsored adrs are usually issued by broker dealers that own common stock in a foreign company and trade over the counter sponsored adrs are more commonly found on exchanges 