I agree Ter.  The other aspect is buying a Cdn listed ETF that invests in US companies (and even other US ETFs) - if this done in your RRSP, you loose the withholding tax to.  So tack on even more costs to the higher MER!   Sure you can't currency hedge and have to pay fx fees at initial purchase but you're saving withholding tax of 15% on the US dividend every year in addition to paying less MER each and every year.