Canadian Forex Online Trading

All income in USD: Help with International Equity in TFSA

I thought I had all questions answered after my last post outlining my portfolio structure, but an issue came to light after reviewing my International Equities decisions. Apologies if this has been answered before, I wasn't able to find a definitive answer after quite a few hours of searching PFC for posts addressing this.
I expect to be in a higher tax bracket at retirement than now, therefore I am aiming to max out my TFSA first before looking at RRSPs and taxable accounts. I still have a long way to go before doing that, which means I have to put International Equity ETFs in my TFSA.
Given that all my income is in USD, I am trying to decide which of these options maximizes effective returns:
  1. Convert USD to CAD using Norbert's Gambit, and buy XEF & XEC. This creates losses due to the Forex, and respective Foreign Withholding Taxes (FWT) of 0.26% and 0.63% according to the White Paper by PWL Capital.
  2. Use USD directly to buy VEA and IEMG (US traded ETFs), with respective FWT of 0.59% and 0.63%.
  3. A hybrid of options 1 & 2: Buy XEF using Norbert's Gambit, buy IEMG using USD, thereby avoiding Forex fees on IEMG.
Trying to work out the numbers in Excel, I found that Option 3 is the best, but it would be great if someone with more experience could confirm I'm not missing anything.
Notes:
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