I am a resident of USA and want to invest in Sony (SNE), a Japanese stock. My brokerage says I can only do this through an ADR.
American Depositary Receipts (ADRs) are negotiable securities issued by a bank that represent shares in a non-U.S. company. These can trade in the U.S. both on national exchanges and in the Over-The-Counter (OTC) market, are listed in U.S. dollars, and generally represent a number of foreign shares to one ADR. This gives U.S. investors exposure to foreign equities without having to trade on a local exchange in the local currency. Investors can trade ADRs during the U.S. market sessions.
My brokerage only claims on average the ADR fee is 3 cents per share. It made no comment on the frequency of such fees. How would I find the exact cost and frequency for Sony in particular? I'm just making sure it's not some huge amount that can slowly drain on my investment.