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| Title: | 從美國主動型ETF探討臺灣主動型ETF發展
Study of the Future of Active ETFs in Taiwan through Development of Active ETFs in the USA |
| Authors: | 劉沛岑
Liu, Pei-Tsen |
| Contributors: | 林靖庭
Lin, Ching-Ting
劉沛岑
Liu, Pei-Tsen |
| Keywords: | 主動型ETF
透明度
案例研究
共同基金
投信公司
Active ETF
Transparency
Case study
Mutual Fund
Asset management |
| Date: | 2024 |
| Issue Date: | 2025-03-03 13:49:50 (UTC+8) |
| Abstract: | 主動型ETF為近年來市場上十分熱絡的新金融商品，美國法規允許ETF可以不需每日揭露持股明細，也就是非透明主動型ETF。臺灣金管會與投信投顧公會於2023年開始討論開放主動型ETF，因此本文欲從美國主動型ETF市場概況，以及共同基金轉變為ETF上市，包括Dimensional Fund Advisors公司及J.P. Morgan Asset Management之案例，以了解主動型ETF於美國的發展，並分析以臺灣目前的市場環境，包括ETF熱潮、共同基金現況等，探討臺灣在發行主動型ETF可採取之作法。
本文發現，美國有許多共同基金申請轉變為主動型ETF，並多採用透明架構，儘管美國開放不需每日揭露持股明細的非透明主動型ETF，但近幾年資產管理公司仍以發行透明型為主，且本文進行美國透明與非透明主動型ETF之績效研究，研究顯示非透明主動型ETF之績效在2022年至2023年並未顯著優於透明主動型ETF。
本文建議，臺灣主動型ETF應採取透明架構，使投資人可更加了解商品資訊。而在臺灣ETF過於熱絡之市場下，在開放投信業者將既有的共同基金轉換為主動型ETF上市時，應針對特定類型基金加以限制，以免ETF與共同基金市場更加失衡。
Active managed ETFs have become a highly popular new financial product in recent years. In the U.S., regulations allow ETFs to operate without daily disclosure of their holdings, known as active non-transparent ETFs (ANTs). Since 2023, Taiwan's Financial Supervisory Commission (FSC) and the Securities Investment Trust & Consulting Association (SITCA) have been discussing the introduction of active ETFs. This paper aims to explore the market of active ETFs in the U.S., including cases of mutual funds converting to ETFs, to understand the development of actively managed ETFs in the U.S. Furthermore, the paper analyzes Taiwan's current market environment, including the ETF boom and the state of mutual funds, to explore possible approaches for issuing actively managed ETFs in Taiwan.
This paper finds that many mutual funds in the U.S. have applied to convert to actively managed ETFs, mostly adopting a transparent structure. Although the U.S. has allowed non-transparent actively managed ETFs that do not require daily disclosure of holdings, asset management companies have predominantly issued transparent ETFs in recent years. The paper conducts a performance study of transparent versus non-transparent ETF in the United States, showing that ANTs did not significantly outperform transparent active ETFs from 2022 to 2023.
The paper suggests that Taiwan's actively managed ETFs should adopt a transparent structure to provide investors with more comprehensive product information. Given the overly active ETF market in Taiwan, when allowing investment trust companies to convert existing mutual funds to actively managed ETFs, specific types of funds should be restricted to prevent further imbalance between the ETF and mutual fund markets. |
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| Description: | 碩士
國立政治大學
金融學系
111352003 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111352003 |
| Data Type: | thesis |
| Appears in Collections: | [金融學系] 學位論文
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