Since 1988, Volkswagen AG shares have been represented via a sponsored American Depositary Receipt (ADR) program in the United States. At the close of trading on Monday, August 13, 2018, (4 p.m. Eastern Daylight Time), Volkswagen will terminate its ADR program (VLKAY). On August 14, 2018, J.P. Morgan (JPM) will establish an unsponsored program for Volkswagen ordinary shares. Therefore, ADR holders in Volkswagen have but one trading day left to make a decision.
Currently, five (5) Volkswagen ADRs represent one ordinary share. The current ADRs trade over the counter ("OTC"). Since