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題名 美國與韓國主動式ETF發展之研究：對臺灣主動式ETF市場成長策略之借鏡
A Study on the Development of Active ETFs in the United States and South Korea: Strategic Implications for the Growth of Taiwan’s Active ETF Market作者 陳薏安
Chen, Yi-An貢獻者 謝明華
Hsieh, Ming-Hua
陳薏安
Chen, Yi-An關鍵詞 ETF
主動式ETF
合成型ETF
共同基金
SWAP
ETF
Active ETF
Synthetic ETF
Mutual Fund
SWAP日期 2026 上傳時間 2-Feb-2026 12:17:06 (UTC+8) 摘要 在全球資產管理典範由被動追蹤向主動策略化轉型之趨勢下，指數股票型基金 (ETF) 憑藉其交易效率與低成本優勢，成為資產管理規模擴張的核心驅動動能。本研究旨在透過比較分析美國與韓國主動式交易所交易基金 (簡稱主動式ETF, Active ETF) 的成功模式與制度性突破，為於2024年底審慎開放的臺灣市場提供前瞻性的策略指引。 研究發現，美國主動式ETF的成功核心動力在於其結構性優勢，尤其是透過實物申贖實現的稅務效率，以及ETF Rule帶來的監管創新。成功的典範包括Dimensional Fund Advisors (DFA) 透過共同基金轉型以達成規模經濟，以及JP Morgan Equity Premium Income ETF (JEPI) 運用衍生性金融商品創造穩定現金流。韓國監管對金融商品創新採前瞻開放態度，各類新型架構引進均能領先亞洲，2013年核准合成型ETF引入交換契約 (SWAP) 架構，完善市場基礎，後續驅動短天期固定收益之現金替代策略產品的規模大幅度擴張。然而，韓國監管要求投資組合每日全透明揭露且設置與基準指數0.7以上的高相關性門檻，實質基金經理人主動操作空間限制在約30%，抑制主動策略的彈性。 臺灣市場的挑戰，在於主採現金申贖，缺乏美國實物申贖之稅務遞延效益。因此，應借鏡過往債券ETF蓬勃發展成功經驗，即透過政策稅負誘因、市場需求與產品設計形成加乘效應。同時，借鏡美、韓成功經驗並規避過度監管，採取結合臺灣產業優勢與投資人偏好之收益機制策略。政策面須加速開放多元資產與建置共同基金轉型框架，以產品創新彌補結構限制，最大化業者先行者優勢與品牌聲譽，進而驅動臺灣主動式ETF市場規模躍升為亞洲主力。
The global asset management industry is undergoing a paradigm shift from passive tracking towards active strategies, with Exchange Traded Funds (ETFs) serving as a core driver of asset expansion due to their trading efficiency and low-cost advantages. This research aims to provide strategic guidance for the careful opening of Taiwan’s Active ETF market by late 2024, utilizing a comparative analysis of successful models and institutional breakthroughs in the United States and South Korea. The success of US Active ETFs is based on structural advantages, notably tax efficiency via in-kind creation and redemption, coupled with regulatory innovation like ETF Rule. Examples include Dimensional Fund Advisors (DFA) achieving scale by converting mutual funds, and JP Morgan Equity Premium Income ETF (JEPI) generating stable cash flow using derivatives. South Korean regulators adopted a progressive stance toward financial innovation, leading Asia in various new structure introductions. In 2013, they approved synthetic ETFs using SWAP contracts, perfecting the market foundation and driving substantial expansion in short-term fixed-income products. However, Korean regulation mandates daily full portfolio transparency and imposes a high correlation threshold (above 0.7) with the benchmark index. This practically limits fund managers' active operation space to approximately 30%, suppressing active strategies' flexibility. The future challenge for Taiwan's Active ETFs stems from the lack of tax deferral benefits of the U.S. in-kind mechanism. Therefore, drawing on bond ETF success, strategies should create a multiplier effect through policy incentives, market demand, and product design. Leveraging U.S. and Korean success while avoiding excessive regulation, the strategy integrates Taiwan's industrial leadership with yield mechanisms matching investor preferences. Regulators must accelerate the opening of diverse asset classes and establish a framework for mutual fund-to-ETF conversions. These innovations aim to offset structural limitations, maximize first-mover advantages, and drive Taiwan's Active ETF market to scale up as a dominant force in Asia.參考文獻 Armour, B. (2024, April 23). Active ETFs Are Soaring. Should You Invest? Morningstar. https://www.morningstar.com/funds/active-etfs-are-soaring-should-you-invest Dimensional Fund Advisors. (2021, June 14). Dimensional Lists Four New ETFs Following the Industry’s Largest Mutual Fund-to-ETF Conversion. Dimensional Fund Advisors. https://www.dimensional.com/us-en/newsroom/dimensional-lists-four-new-etfs-following-the-industrys-largest-mutual-fund-to-etf-conversion Dimensional Fund Advisors. (2023a, September 5). Dimensional Crosses $100 Billion in ETF Assets under Management. 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ETF 107: Passive vs. Active ETFs and Mutual Funds – What’s the Difference? VanEck. Retrieved September 30, 2025 from https://www.vaneck.com/us/en/blogs/thematic-investing/etf-107-passive-vs-active-etfs-and-mutual-funds-whats-the-difference/ VettaFi. (2025). JPMorgan Equity Premium Income ETF (JEPI). ETF Database. Retrieved September 30, 2025 from https://etfdb.com/etf/JEPI/#etf-ticker-profile 中央社. (2024, November 12). 台灣債券ETF市場規模衝破3兆元 受益人數近倍增. 中央社. Retrieved November 19, 2025 from https://www.cna.com.tw/news/afe/202411120072.aspx 中華民國證券投資信託暨顧問商業同業公會. (2025a). ETF產業概況圖表. 中華民國證券投資信託暨顧問商業同業公會. Retrieved November 19, 2025 from https://www.sitca.org.tw/ROC/SITCA_ETF/etf_industry_overview1.aspx 中華民國證券投資信託暨顧問商業同業公會. (2025b). 主動式ETF正式開跑，被動式多資產ETF聯手出擊. 中華民國證券投資信託暨顧問商業同業公會. Retrieved September 30, 2025 from https://www.sitca.org.tw/ROC/SITCA_ETF/ETF_ACMA/index.htm 中華民國證券投資信託暨顧問商業同業公會. (2025c). 投信投顧公會《2024 年臺灣民眾共同基金投資行為調查》出爐: ETF 受青睞、穩健策略成主流，退休規劃意識穩步提升 [新聞稿]. https://www.sitca.org.tw/MemberK0000/CWeb/1140423%E6%8A%95%E4%BF%A1%E6%8A%95%E9%A1%A7%E5%85%AC%E6%9C%83%E6%96%B0%E8%81%9E%E7%A8%BF.pdf 金融監督管理委員會. (2019, August 19). 強化債券ETF投資人分散性及風險控管. 金融監督管理委員會. Retrieved September 30, 2025 from https://www.fsc.gov.tw/ch/home.jsp?id=2&parentpath=0&mcustomize=news_view.jsp&dataserno=201908190001&aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&dtable=News 金融監督管理委員會. (2020, November 17). 放寬單一投資者持有ETF比重及ETF投資人分散標準. 金融監督管理委員會. Retrieved September 30, 2025 from https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0&mcustomize=news_view.jsp&dataserno=202011170001&dtable=News 金融監督管理委員會. (2024a, December 25). 臺灣證券交易所股份有限公司有價證券上市審查準則. 證券暨期貨法令判解查詢系統. Retrieved September 30, 2025 from https://www.selaw.com.tw/Chinese/RegulatoryInformationResult?releaseDate=2024-12-25&sysNumber=LW10836877 金融監督管理委員會. (2024b, December 17). 「證券投資信託基金管理辦法」、「證券投資信託事業募集證券投資信託基金公開說明書應行記載事項準則」及「有價證券得為融資融券標準」等規定修正草案已完成預告程序，將於近期發布. 金融監督管理委員會. Retrieved September 30, 2025 from https://www.fsc.gov.tw/ch/home.jsp?dataserno=202412170001&dtable=News&id=2&mcustomize=news_view.jsp&parentpath=0 保險法 (修正至民國114年6月18日), Pub. L. No. 2025年6月18日修正, § 第 146-4 條 (2025). https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=G0390002 高瑜君. (2025, January 25). 檢視投資內扣成本 2024年市值型台股ETF實際費用率一次看. 經濟日報. https://money.udn.com/money/story/5607/8514532 朝鮮日報. (2022, March 17, 2022). 동학개미 1300만 돌파, 여성 투자자 비율도 역대 최고 47% 東學螞蟻的數量超過 1,300 萬，女性投資者的比例達到歷史新高 47%. 朝鮮日報. Retrieved September 30, 2025 from https://www.chosun.com/economy/money/2022/03/17/GD627ANOFFDYXDEUSNR2Q35VQE/ 楊欣穎. (2025). 主動式ETF國際趨勢：市場發展、政策演進與投資人行為轉型全覽. e添富 (臺灣證券交易所). Retrieved September 30, 2025 from https://www.twse.com.tw/zh/ETFortune/hotetf/8a8216d696fb0940019710e9774a0028 廖賢龍. (2025 年 8 月 19 日). 主動式ETF熱潮該跟風？長期優質基金是首選. 經濟日報. Retrieved September 30, 2025 from https://money.udn.com/money/story/5618/8947971 臺灣指數股份有限公司. (2025). 臺灣ETF市場2024年蓬勃發展:上市櫃ETF資產規模與受益人次雙創新高. 臺灣指數股份有限公司. https://taiwanindex.com.tw/news/343 臺灣集保管結算所. (2025). 基金資訊觀測站：ETF商品資訊統計數據 (2025年11月). Retrieved November 1 from https://www.fundclear.com.tw/home 臺灣證券交易所. (2024, December 31). 主動式ETF與被動式多資產ETF正式開放，臺灣ETF市場邁向新里程碑. e添富 (臺灣證券交易所). Retrieved September 30, 2025 from https://www.twse.com.tw/zh/ETFortune/newsDetail/8a8216d6942a222b01942b6fef110030 臺灣證券交易所. (2025). e添富：台灣證券交易所ETF資訊平台. 臺灣證券交易所. Retrieved November 1 from https://www.twse.com.tw/zh/ETFortune/ 劉沛岑. (2024). 從美國主動型 ETF 探討臺灣主動型 ETF 發展 [碩士論文, 國立政治大學]. 臺北市，臺灣. 劉宗聖. (2024). 亞洲新ETF資產管理中心-台灣 [產業報告]. https://www.sitca.org.tw/ROC/SITCA_ETF/files/20240722-%E4%BA%9E%E6%B4%B2%E6%96%B0ETF%E8%B3%87%E7%94%A2%E7%AE%A1%E7%90%86%E4%B8%AD%E5%BF%83.pdf 劉祥航. (2024, 2024年11月11日). 南韓散戶擁抱美股 持有超千億美元 最愛大型科技股及槓桿ETF. 鉅亨網. Retrieved September 30, 2025 from https://news.cnyes.com/news/id/5775104 蔡靜紋. 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國立政治大學
國際金融碩士學位學程
113ZB1120資料來源 http://thesis.lib.nccu.edu.tw/record/#G0113ZB1120 資料類型 thesis dc.contributor.advisor 謝明華 zh_TW dc.contributor.advisor Hsieh, Ming-Hua en_US dc.contributor.author (Authors) 陳薏安 zh_TW dc.contributor.author (Authors) Chen, Yi-An en_US dc.creator (作者) 陳薏安 zh_TW dc.creator (作者) Chen, Yi-An en_US dc.date (日期) 2026 en_US dc.date.accessioned 2-Feb-2026 12:17:06 (UTC+8) - dc.date.available 2-Feb-2026 12:17:06 (UTC+8) - dc.date.issued (上傳時間) 2-Feb-2026 12:17:06 (UTC+8) - dc.identifier (Other Identifiers) G0113ZB1120 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/161388 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際金融碩士學位學程 zh_TW dc.description (描述) 113ZB1120 zh_TW dc.description.abstract (摘要) 在全球資產管理典範由被動追蹤向主動策略化轉型之趨勢下，指數股票型基金 (ETF) 憑藉其交易效率與低成本優勢，成為資產管理規模擴張的核心驅動動能。本研究旨在透過比較分析美國與韓國主動式交易所交易基金 (簡稱主動式ETF, Active ETF) 的成功模式與制度性突破，為於2024年底審慎開放的臺灣市場提供前瞻性的策略指引。 研究發現，美國主動式ETF的成功核心動力在於其結構性優勢，尤其是透過實物申贖實現的稅務效率，以及ETF Rule帶來的監管創新。成功的典範包括Dimensional Fund Advisors (DFA) 透過共同基金轉型以達成規模經濟，以及JP Morgan Equity Premium Income ETF (JEPI) 運用衍生性金融商品創造穩定現金流。韓國監管對金融商品創新採前瞻開放態度，各類新型架構引進均能領先亞洲，2013年核准合成型ETF引入交換契約 (SWAP) 架構，完善市場基礎，後續驅動短天期固定收益之現金替代策略產品的規模大幅度擴張。然而，韓國監管要求投資組合每日全透明揭露且設置與基準指數0.7以上的高相關性門檻，實質基金經理人主動操作空間限制在約30%，抑制主動策略的彈性。 臺灣市場的挑戰，在於主採現金申贖，缺乏美國實物申贖之稅務遞延效益。因此，應借鏡過往債券ETF蓬勃發展成功經驗，即透過政策稅負誘因、市場需求與產品設計形成加乘效應。同時，借鏡美、韓成功經驗並規避過度監管，採取結合臺灣產業優勢與投資人偏好之收益機制策略。政策面須加速開放多元資產與建置共同基金轉型框架，以產品創新彌補結構限制，最大化業者先行者優勢與品牌聲譽，進而驅動臺灣主動式ETF市場規模躍升為亞洲主力。 zh_TW dc.description.abstract (摘要) The global asset management industry is undergoing a paradigm shift from passive tracking towards active strategies, with Exchange Traded Funds (ETFs) serving as a core driver of asset expansion due to their trading efficiency and low-cost advantages. This research aims to provide strategic guidance for the careful opening of Taiwan’s Active ETF market by late 2024, utilizing a comparative analysis of successful models and institutional breakthroughs in the United States and South Korea. The success of US Active ETFs is based on structural advantages, notably tax efficiency via in-kind creation and redemption, coupled with regulatory innovation like ETF Rule. Examples include Dimensional Fund Advisors (DFA) achieving scale by converting mutual funds, and JP Morgan Equity Premium Income ETF (JEPI) generating stable cash flow using derivatives. South Korean regulators adopted a progressive stance toward financial innovation, leading Asia in various new structure introductions. In 2013, they approved synthetic ETFs using SWAP contracts, perfecting the market foundation and driving substantial expansion in short-term fixed-income products. However, Korean regulation mandates daily full portfolio transparency and imposes a high correlation threshold (above 0.7) with the benchmark index. This practically limits fund managers' active operation space to approximately 30%, suppressing active strategies' flexibility. The future challenge for Taiwan's Active ETFs stems from the lack of tax deferral benefits of the U.S. in-kind mechanism. Therefore, drawing on bond ETF success, strategies should create a multiplier effect through policy incentives, market demand, and product design. Leveraging U.S. and Korean success while avoiding excessive regulation, the strategy integrates Taiwan's industrial leadership with yield mechanisms matching investor preferences. Regulators must accelerate the opening of diverse asset classes and establish a framework for mutual fund-to-ETF conversions. These innovations aim to offset structural limitations, maximize first-mover advantages, and drive Taiwan's Active ETF market to scale up as a dominant force in Asia. en_US dc.description.tableofcontents 摘要 i Abstract ii 表次 v 圖次 vi 第一章 緒論 1 第二章 主動式交易所交易基金之概論 3 第一節 基本定義、分類與產品特性 3 第二節 運作機制、風險屬性與比較分析 6 第三章 美國主動式ETF的發展與成功模式分析 9 第一節 美國主動式ETF結構與績效之探討 9 第二節 美國ETF的發展背景及現況 11 第三節 ETF結構性與稅務優勢之分析 15 第四節 美國主動式ETF監管制度演化 18 第五節 DFA主動式ETF之結構優勢與轉型分析 20 第六節 主動式ETF標竿案例：JEPI之競爭優勢分析 24 第四章 韓國主動式ETF發展之關鍵驅動因子探討 30 第一節 市場生態與結構特徵分析 30 第二節 共同基金與ETF市場之規模消長趨勢 31 第三節 主動式ETF監管架構之演進 35 第四節 主題型與主動式ETF之市場主導地位 38 第五節 合成型ETF架構與SWAP策略之應用效益 40 第六節 散戶投資結構與行為特徵分析 44 第五章 臺灣被動式與主動式ETF發展與現況分析 46 第一節 被動式ETF市場概況與發展沿革 46 第二節 被動式市場之成長驅動因子分析 49 第三節 主動式ETF之法規鬆綁與政策演進 55 第四節 散戶偏好與產業特性對主動式ETF之影響 59 第六章 結論與建議 60 第一節 國際主動式ETF發展之關鍵成功因子 60 第二節 監管比較與在地化策略啟示 61 第三節 臺灣主動式ETF之發展策略與實務建議 64 第七章 參考文獻 65 zh_TW dc.format.extent 3093481 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0113ZB1120 en_US dc.subject (關鍵詞) ETF zh_TW dc.subject (關鍵詞) 主動式ETF zh_TW dc.subject (關鍵詞) 合成型ETF zh_TW dc.subject (關鍵詞) 共同基金 zh_TW dc.subject (關鍵詞) SWAP zh_TW dc.subject (關鍵詞) ETF en_US dc.subject (關鍵詞) Active ETF en_US dc.subject (關鍵詞) Synthetic ETF en_US dc.subject (關鍵詞) Mutual Fund en_US dc.subject (關鍵詞) SWAP en_US dc.title (題名) 美國與韓國主動式ETF發展之研究：對臺灣主動式ETF市場成長策略之借鏡 zh_TW dc.title (題名) A Study on the Development of Active ETFs in the United States and South Korea: Strategic Implications for the Growth of Taiwan’s Active ETF Market en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Armour, B. 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