ISHARES MCSI CANADA INDEX FUND $33 (American Exchange symbol EWC; buy or sell through brokers) is almost a market-cap based index fund, but it tinkers with the index fund formula to try and improve performance by using its proprietary Morgan Stanley Capital International Canada Index. The U.S.-based fund also has to work around foreign ownership restrictions. iShares MCSI Canada Index Fund is managed by Barclays Global Investors and has an MER of 0.54%. We think if you want to own a Canadian index fund then you should buy the iShares CDN LargeCap 60 units. You’ll pay about a third of the management fees. We don’t recommend iShares MCSI Canada Index Fund