Fact Finder, I own a significant number of shares that I bought from my United States brokers via the ASX. They are "BRN' shares. I have an additional trust in the Cook Islands that bought shares directly. While I appreciate what you stated, I am now only buying the ADR shares because my accountant advised me. Here were a few of his reasons:
Downsides for a U.S. Investor Buying ASX Shares via JP Morgan, Charles Schwab and other brokers:

Buying shares directly on the Australian Securities Exchange (ASX) through US brokers can provide access to native listings and greater liquidity for some companies. However, U.S. investors should be aware of several key downsides:

• Currency Risk

Trades are made in Australian dollars (AUD), exposing your investment to USD/AUD exchange rate fluctuations. Even if the stock rises in AUD, a weakening AUD against the USD can reduce or erase gains.

• Limited Trading Hours

The ASX operates on Australian Eastern Time, typically Sunday through Thursday U.S. time. This makes it harder to respond to real-time market events from the U.S.

• Higher Fees

US brokers may charge international transaction fees, foreign exchange (FX) conversion fees, and commissions that are higher than those for U.S. trades. Additional costs may apply to dividend processing or foreign tax withholding.

• Lower Liquidity for U.S. Investors

Despite strong native volume, US broker's trading interface may reflect lower liquidity due to time zone or routing limitations.

• Complex Tax Implications

Dividends may be subject to foreign withholding tax (typically 15% under the U.S.–Australia tax treaty), and you must report gains and income to the IRS using Forms 8949 and 1116.

• No SIPC Protection

U.S. SIPC protection does not cover securities held on foreign exchanges. You rely instead on Australian regulatory protections.

• Voting Rights and Communications May Be Delayed

Proxy voting and shareholder communications may be delayed or unavailable. Participation in corporate actions could be limited.

• Portfolio Management Complexity

International holdings complicate currency-adjusted valuation, tax treatment, and performance tracking in your portfolio.

Summary Table

	Risk/Cost	Description
1	Currency Exposure	Gains/losses affected by USD/AUD changes
2	Higher Fees	Schwab may charge FX + international trade fees
3	Tax Complexity	Dividend withholding and IRS filing burdens
4	No SIPC	Limited investor protection vs. U.S. stocks
5	Time Zone Misalignment	Limited access to real-time trading
6	Voting/Proxy Delays	Possible lag in participating as a shareholder