All of the Following Are True Regarding American Depository Receipts

All of the following are true regarding American Depository Receipts (ADRs) EXCEPT:

A) Most ADRs are unsponsored, meaning that the DR bank creates a DR program without a formal agreement with the issuing non-US company.
B) An ADR is a derivative instrument traded in the US that usually represents a fixed number of publicly traded shares of a non-US company.
C) ADRs are denominated in US dollars.
D) A Level 1 sponsored ADR is the easiest way for a non-US company to access US markets.