I think the risk would be with your brokerage or the company that manages any ADRs/mutual funds/ETFs. If it collapses, then there’s a question of whether you still own anything, whether there’s a liquidation event that pays out, when that happens, and how guaranteed that is.
Some risks for this:
- Reduction of regulations added to profligate pardons for fraudsters and con artists encourage financial hawks across the US investment space to go ape wild and start doing all sorts of questionable, fantasy math and financial repackaging, basically creating a financial bubble that takes down most of the investment sector and leaves everything in a dumpster fire. Who knows who owns what, or who’s supposed to pay for it?
- The US government trashes its own budget and ruins its credit rating. It refuses to insure investments, bank accounts, etc.
- The US government bans the ownership of foreign assets. Poof. Goo’bye. Or, as above, starts taxing it, claiming it, etc.
Currently, I’m not betting on any of that (maybe a bit of the first…) but it is regrettably funny how plausible it rings these days.