A MOSCAP phase adjuster includes two conductive regions with a thin insulating region therebetween, where charge is accumulated or depleted. In conventional MOSCAP modulators, the conductive and insulating regions are superposed layers, extending horizontally parallel to the substrate, which limits waveguide design and mode confinement, resulting in reduced phase shift performance. An improved MOSCAP phase adjuster and method of fabricating a MOSCAP phase adjuster includes depositing the material for the second conductive region beside and over top of the first conductive region after oxidation, and selectively etching the material to form the second conductive region.