Foreign Currency Exposure question

When you buy shares of an international ETF or index fund, are you simply purchasing ADR’s for the represented stocks, which means you still hold all assets in dollars? I’m looking for a cheap way of gaining foreign currency exposure without opening up a specialty bank account or physically holding large amounts of foreign cash. The Rydex CurrencyShares ETF family looks pretty sensible. But if international ETFs/index funds are already held in foreign currencies, than I wouldn’t need the CurrencyShares.

You’ll need to read the fund’s prospectus/marketing materials. Some hedge the foreign currency exposure while others do not.