Isn't this the same as investing in regular foreign index funds? These index funds are first mearsure in their local currency and translated back into USD. We use our USD portfolio to buy it in USD.
When foreign equities are purchased in local currency, you're converting USD in your portfolio into local currency and then purchasing is done in local currency. Isn't this the same as above example because, either way, translation from USD to local currency needs to be done either way?