EWC vs FLCA: Grades, Fees and Holdings Compared

iShares MSCI Canada ETF

EWCANYSE Arca

Franklin FTSE Canada ETF

FLCAANYSE Arca

Overlap

96.0%by weight

Expense ratio

FLCA −0.41pt a year

EWC0.50%FLCA0.09%

Avg volume · 30D

EWC 34.3×the volume

EWC1.68MFLCA49K

5Y return · a year

FLCA +0.3pt

EWC+11.4%FLCA+11.7%

EWC vs FLCA Performance

Oct 29, 2021 – Oct 30, 2026

+71.2%EWC+73.7%FLCA

Expense ratio: EWC 0.50%; FLCA 0.09%, better
Fund size: EWC $7.58B; FLCA $857M
1Y total return: EWC +21.1%; FLCA +21.5%, better
Yield (12M): EWC 1.24%; FLCA 1.70%, better
Holdings: EWC 83; FLCA 92
Avg volume (30D): EWC 1.68M sh, better; FLCA 49K sh
NAV per share: EWC $60.62; FLCA $54.21
52W range

ETF.net Grade

Pillar letters and Scores for EWC, FLCA, with each pillar’s weight
Pillar	EWC	FLCA
Cost30% weight	B55	A93Higher
Mission25% weight	A90Higher	B65
Risk15% weight	A87	A87
Tradability15% weight	A97Higher	B69
Holdings10% weight	A78	A81Higher
Durability5% weight	A80Higher	C53

Rank among Developed Single Country funds

How we build Categories ›

Same Category. EWC and FLCA are both graded against the same 38 Developed Single Country funds, so their Grades compare head to head.

Developed Single Country⁠

Category · 38 funds

See all 38 ›

EWC ranks 1st and FLCA 1st of 38 funds in the Developed Single Country Category.

Rank 1AEWCiShares MSCI Canada ETFScore 78
Rank 1AFLCAFranklin FTSE Canada ETFScore 78
Rank 3AFLGBFranklin FTSE United Kingdom ETFScore 76

Our read on each fund

ETF.net Research

EWCAiShares MSCI Canada ETF

FLCAAFranklin FTSE Canada ETF

In short

EWC A 1996 original: Canada's large and mid caps in one ticker, back when single-country funds were still a novelty. About 80 names, held through a capped MSCI index built so one giant can't swamp the basket.

FLCA Canada in one ticker, at index-fund pricing. FLCA tracks the FTSE Canada Capped Index, about 50 large- and mid-cap Canadian names, for 0.09% a year.

Stated mandate

EWC The fund seeks to track an index representing Canadian equities, providing exposure to large- and mid-sized companies in Canada.

FLCA The fund seeks to track the FTSE Canada Capped Index, which measures the performance of Canadian large- and mid-capitalization stocks.

Why people hold it

EWC Running since 1996, which makes it one of the oldest US-listed ETFs still trading, and it is a multi-billion-dollar fund today.
Tracks the MSCI Canada Custom Capped Index closely, one of the tighter index-following records in its single-country developed peer group.ishares.com
Actively traded with among the easiest fills in its peer group, so the cost of getting in and out stays modest.
The capped index trims outsized single-name weights, so roughly 80 holdings stay a basket rather than a wager on two or three giants.ishares.com

FLCA 0.09% a year against a 0.45% median for index-tracking ETFs. On plain-vanilla country exposure, the fee gap is most of the story.
The mandate is refreshingly plain: the FTSE Canada Capped Index, Canadian large and mid caps, no factor tilts, no derivatives overlay.
Live since 2017 and one of the stronger implementations in a crowded field of index trackers.

Worth knowing

EWC At 0.50%, the fee sits right at the median for single-country developed funds, and cheaper Canada exposure exists: BBCA runs 0.19%.
One country, about 80 stocks: a concentrated slice of the world, with Canadian dollar moves riding along in your US-dollar return.ishares.com
Distributions land once or twice a year rather than monthly or quarterly, so income arrives in lumps.

FLCA About 50 stocks in one country. That is a targeted slice of the world, not a diversified core.
Mid-sized and moderately traded, so limit orders are the sane way in and out.
Distributions arrive once or twice a year rather than quarterly, which matters if you spend the income.

Full EWC profile⁠

Full FLCA profile⁠

EWC vs FLCA Holdings

How EWC and FLCA differ

Overlap by weight

96.0%

Shared holdings make up 98.5% of EWC and 96.3% of FLCA.

Level by level

Holdings75 in both96.0%
Sector10 Sectors96.1%
Asset classEquity100%
Countryby domicile99.9%

Sector

Sector weights in EWC and FLCA, widest gap first
Sector	More in EWCMore in FLCA	EWC	FLCA
Materials	FLCA +1.8 points	13.9%	15.7%
Industrials	FLCA +1.5 points	8.9%	10.4%
Financials	EWC +1.3 points	40.4%	39.1%
Energy	EWC +0.9 points	17.7%	16.8%
Utilities	EWC +0.8 points	2.5%	1.7%
Consumer Staples	EWC +0.3 points	3.2%	2.9%
Consumer Discretionary	FLCA +0.4 points	3.0%	3.4%
Communication	EWC +0.3 points	0.7%	0.4%
Real Estate	FLCA +0.2 points	0.0%	0.2%
Technology	EWC +0.1 points	9.6%	9.5%

Country, concentration and asset class

Country by domicile

Country weights in EWC and FLCA, widest gap first
Country	More in EWCMore in FLCA	EWC	FLCA
Canada	FLCA +0.1 points	98.9%	99.0%
United States	EWC +0.1 points	1.1%	1.0%

Concentration

Weight in the 10 largest Holdings

EWC45.9%
FLCA44.7%

Securities held

EWC80
FLCA89

Asset class

EWC: Equity
FLCA: Equity

Holdings

Only in EWC5
In both75
Only in FLCA14

Only in EWC

5 securities, 1.1% of EWC by weight

Rogers Communications Non-Voting I0.38%
Ccl Industries Class B0.33%
Canadian Utilities Ltd Class A0.15%
Brookfield Renewable Subordinate V0.13%
Empire Class A0.13%

Only in FLCA

14 securities, 3.7% of FLCA by weight

Waste Connections Inc1.45%
Aritzia Inc-Subordinate V0.33%
Hudbay Minerals Inc0.29%
Iamgold Corp0.28%
Finning International Inc0.27%
Descartes Systems Grp/The0.24%
First Majestic Silver Cor0.22%
Open Text Corp0.20%
Firstservice Corp0.19%
Quebecor Inc -Cl B0.07%
Net Current Assets0.07%
Lunr Royalties Corp0.02%
Bombardier Inc-A0.02%
Ccp Initial Margin Jpmcad<0.01%

Weight gaps

All 75 Holdings in both funds, largest gap first.

Holding weights in EWC and FLCA, widest gap first
Holding	More in EWCMore in FLCA	EWC	FLCA
Toronto Dominion	EWC +0.24 points	6.65%	6.41%
Royal Bank of Canada	EWC +0.21 points	9.11%	8.90%
Canadian Natural Resources Ltd	EWC +0.18 points	3.77%	3.59%
Shopify Subordinate Voting Class A	EWC +0.13 points	6.18%	6.05%
Bank of Nova Scotia	EWC +0.09 points	3.71%	3.62%
Canadian Imperial Bank of Commerce	EWC +0.09 points	3.44%	3.35%
Constellation Software	EWC +0.08 points	1.58%	1.50%
Canadian Pacific Kansas City	EWC +0.08 points	2.57%	2.49%
Suncor Energy Inc	EWC +0.08 points	3.04%	2.96%
Fairfax Financial Holdings Sub Vot	FLCA +0.08 points	1.09%	1.17%
Agnico Eagle Mines	EWC +0.08 points	2.71%	2.63%
Dollarama	EWC +0.07 points	1.30%	1.23%
Tc Energy	EWC +0.07 points	2.17%	2.10%
Manulife Financial	EWC +0.06 points	2.40%	2.34%
Alimentation Couche Tard Inc	FLCA +0.06 points	1.29%	1.35%
Barrick Mining	EWC +0.06 points	1.99%	1.93%
Brookfield Class A	FLCA +0.06 points	2.51%	2.57%
Wheaton Precious Metals	EWC +0.06 points	1.71%	1.65%
National Bank of Canada	EWC +0.06 points	1.88%	1.82%
Franco Nevada	EWC +0.05 points	1.40%	1.35%
Sun Life Financial Inc	EWC +0.05 points	1.46%	1.41%
Enbridge	EWC +0.05 points	3.49%	3.44%
Brookfield Asset Management Voting	FLCA +0.05 points	0.51%	0.56%
Power Corporation of Canada	EWC +0.05 points	1.19%	1.14%
Gfl Environmental Subordinate Voti	FLCA +0.04 points	0.45%	0.49%
Intact Financial Corp	EWC +0.04 points	1.07%	1.03%
Cameco	EWC +0.03 points	1.08%	1.05%
Loblaw Companies Ltd	EWC +0.04 points	0.88%	0.84%
Fortis	EWC +0.04 points	0.97%	0.93%
Nutrien Ltd	EWC +0.04 points	1.08%	1.04%
Pembina Pipeline	EWC +0.03 points	0.96%	0.93%
Hydro One	EWC +0.03 points	0.42%	0.39%
Great West Lifeco Inc	EWC +0.03 points	0.53%	0.50%
First Quantum Minerals	EWC +0.02 points	0.52%	0.50%
Pan American Silver	EWC +0.02 points	0.51%	0.49%
Magna International	EWC +0.02 points	0.52%	0.50%
Restaurants Brands International	FLCA +0.02 points	0.76%	0.78%
Imperial Oil Ltd	EWC +0.02 points	0.65%	0.63%
Whitecap Resources Inc	EWC +0.02 points	0.55%	0.53%
Lundin Mining	EWC +0.02 points	0.46%	0.44%
Cgi Inc Class A	EWC +0.02 points	0.48%	0.46%
Rb Global	EWC +0.02 points	0.54%	0.52%
Tourmaline Oil Corp	EWC +0.02 points	0.59%	0.57%
Kinross Gold	EWC +0.02 points	0.77%	0.75%
Cae	FLCA +0.02 points	0.24%	0.26%
Emera Inc	EWC +0.02 points	0.49%	0.47%
Wsp Global Inc	EWC +0.02 points	0.58%	0.56%
Cenovus Energy	EWC +0.02 points	1.39%	1.37%
Equinox Gold	EWC +0.02 points	0.34%	0.32%
Altagas	EWC +0.01 points	0.40%	0.39%
Tmx Group Ltd	EWC +0.01 points	0.38%	0.37%
Keyera	EWC +0.02 points	0.38%	0.36%
Ia Financial Inc	EWC +0.02 points	0.44%	0.42%
Saputo	EWC +0.01 points	0.22%	0.21%
Alamos Gold Class A	EWC +0.01 points	0.37%	0.36%
Canadian National Railway	FLCA +0.01 points	2.07%	2.08%
Celestica	EWC +0.01 points	1.04%	1.03%
Atkinsrealis Group Inc	EWC +0.01 points	0.32%	0.31%
Toromont Industries Ltd	EWC +0.01 points	0.36%	0.35%
Tfi International	EWC +0.01 points	0.23%	0.22%
Thomson Reuters Corp	EWC +0.01 points	0.50%	0.49%
Metro	EWC +0.01 points	0.42%	0.41%
Bank of Montreal	FLCA +0.01 points	3.78%	3.79%
Teck Resources Subordinate Voting	EWC +0.01 points	0.90%	0.89%
Bce Inc	Same weight	0.20%	0.20%
Element Fleet Management	EWC +0.01 points	0.20%	0.19%
Telus	EWC +0.01 points	0.15%	0.14%
Ivanhoe Mines Class A	Same weight	0.16%	0.16%
Canadian Tire Ltd Class A	Same weight	0.22%	0.22%
Stantec	Same weight	0.26%	0.26%
George Weston	Same weight	0.37%	0.37%
Igm Financial Inc	Same weight	0.14%	0.14%
Bombardier Class B	Same weight	0.63%	0.63%
Gildan Activewear	Same weight	0.23%	0.23%
Lundin Gold	Same weight	0.18%	0.18%

All 81 EWC holdings⁠All 53 FLCA holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EWC vs FLCA Cost

Overpaying EWC vs FLCA

$8,081

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EWC 0.50%
$9,979
FLCA 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

EWC 0.50%
FLCA 0.09%
Overpaying

Year by year

Year	EWC	FLCA	Overpaying
10	$900	$165	$735
20	$3,460	$646	$2,814
30	$9,979	$1,898	$8,081

Expense ratio

0.50%EWC
0.09%FLCA, cheaper

FLCA0.09%EWC0.50%

0.09%0.95%

Middle half of Developed Single Country funds
Median 0.50%

FLCA cheapest of 38 funds

EWC 14th cheapest of 38 funds

EWC vs FLCA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EWC 1.24%; FLCA 1.70%, better
Payout (12M): EWC $0.75; FLCA $0.92
Last payment: EWC $0.28; FLCA $0.39
Ex-dividend: EWC Jun 15, 2026; FLCA Jun 26, 2026
Paid on: EWC Jun 18, 2026; FLCA Jul 6, 2026
Frequency: EWC Twice a year; FLCA Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

EWCTwice a year · 19 paymentsAll EWC payments⁠

FLCATwice a year · 19 paymentsAll FLCA payments⁠

EWC vs FLCA Risk

Fall from peak · 5 years

EWC
FLCA

Risk facts

VolatilityStd dev, 3 years: EWC 13.1%FLCA 13.1%
Return per unit of riskSharpe ratio, 3 years: EWC 1.54FLCA 1.54
Worst fallMax drawdown, 5 years: EWC −24.8%FLCA −24.2%, better
Market sensitivityBeta, 5 years: EWC 0.88FLCA 0.81; Market = 1

EWC and FLCA in the news

All news⁠

Category Review
Korea and Taiwan made the year in markets not everyone calls developed
Updated Oct 28, 2026EWCFLCA
News
Trump bans Canadian beer, whisky and large motorcycles from September 29
Sep 9, 2026EWCFLCA
Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026EWC
News
Carney's nearly C$500 billion mixes bank loans, 'up to' equity and money still to raise
Sep 15, 2026EWC
News
Carney's EU talks meet an economy still paid for in U.S. orders
Sep 14, 2026EWC
Deep Dive
Unhedged Japan rose 2.5% on the yen; Europe funds slipped
Sep 5, 2026EWC

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EWC vs FLCA

In short

Stated mandate

Why people hold it