Exchange Traded Funds(ETF) possess the liquidity and convenience of stocks, as well as the investment diversification and compliance rules of mutual funds, ...目前金融市場的投資工具日趨多元化和複雜化，交易所買賣基金(Exchange Traded Fund，ETF)作為一種被動追求指數績效的基金，有較高的流動性、較低的管理費和交易費用。股票指數型基金(ETF)是具有開放式共同基金與封閉式共同基金特色、而在股票交易市場買賣的指數型基金，是近年來發展最為快速的金融商品之一。股票指數型基金是被動式管理 ...Exchange Traded Funds. ETFs are offshoots (分枝) of mutual funds that allow investors to trade some shares of entire portfolios. ETFswere first offered in the ...詳目顯示 ; 多元ETF商品對臺灣證券市場影響之研究 · A Study of the Effect of Diversified ETF Products on the Taiwan Stock Market · 周德瑋 · Chou, De-Wai · 碩士.目前金融市場的投資工具日趨多元化和複雜化，交易所買賣基金(Exchange Traded Fund，ETF)作為一種被動追求指數績效的基金，有較高的流動性、較低的管理費和交易費用。同時 ...In this article, we'll explore why ETFs matter for forex traders, covering their basics, advantages, popular categories, and practical trading ...investment opportunity set for the US investors. However, the US investors can utilize commodity ETFs to enhance their portfolio performance, as measured by.本文係探討美國投資人是否可以透過商品類指數股票型證券投資信託基金（Commodity ETFs），來改善既有的可投資機會集合。藉由均異擴張檢定方法（mean-variance spanning ...Create the stock (equity) side of your portfolio · Handle risk control, diversification, and modern portfolio theory ...Tap into our global network and resources to analyse the financial markets around the world to identify investment opportunities. ETFs reflect the return of the underlying indices. All relevant information are public and transparent, and all information including details of investment products held by ETFs can be accessed on public websites, allowing investors to comprehend and access information with ease. -The major risks of such ETFs are the risk of concentration in a single industry risk and regional risk. -The underlying indices tracked are industrial indices, which track specific industrial stock indices in a single country or worldwide. -The major risks are concentration risk and single-country risk. Furthermore, some investment areas are emerging markets, so capital control and liquidity are among the major risks. -The underlying indices tracked are global indices. -Actively managed by professionals at the fund company for efficient operation and management. -Low frequency on investment portfolio changes, and the investment portfolio is fixed unless the constituents of underlying index change. Exchange Traded Funds(ETF) possess the liquidity and convenience of stocks, as well as the investment diversification and compliance rules of mutual funds, making them highly sought after by global investors, starting to include ETFs in their investment portfolios in order to achieve the goal of allocating assets and diversifying investment risks. ETFs are managed passively. They are funds tracking changes in underlying indices and listed on stock exchanges. Because the purpose of ETFs is to “track underlying indices,” the Trustor buys ETFs to obtain a rate of return similar to changes in underlying indices. Open your account, anywhere anytime with SC Mobile App. -Trades at any time during trading hours and based on real-time revealed prices. -Portfolio changes are frequent and are based on the manager’s discretion to make changes to the portfolio. -Systemic risk is one of the major risks of such ETFs. -The underlying indices tracked are regional and single-country indices. -The major risks of such ETFs are interest rate risk, inflation risk, and credit risk. – Other ETFs managed based on fixed investment rules and themes outside of the abovementioned categories. Investors can trade on the open market on business days of the ETF-listed stock exchange through a non-discretionary money trust. Investment strategies are flexible.This paper investigates whether investors can improve their investment opportunity sets through the addition of commodity exchange traded funds (ETFs) into various groupings of benchmark portfolios from the perspective of the US investors. Applying mean-variance spanning tests, we analyze the monthly returns of commodity ETFs from January 2005 to December 2012 and find that adding commodity ETFs does not lead to a statistically significant increase in the investment opportunity set for the US investors. However, the US investors can utilize commodity ETFs to enhance their portfolio performance, as measured by the Sharpe ratio. We further show that the diversification contribution varies greatly among the different commodity ETFs. Overall, the results confirm that specific-commodity ETF, like Gold or Natural Gas are valuable investments from the perspective of diversification. 本文係探討美國投資人是否可以透過商品類指數股票型證券投資信託基金（Commodity ETFs），來改善既有的可投資機會集合。藉由均異擴張檢定方法（mean-variance spanning tests），我們收集2005年1月至2012年12月的商品類指數股票型證券投資信託基金的月報酬資料，發現就統計檢定的結果而言，商品類指數股票型證券投資信託基金無法顯著改善既有的可投資機會集合，但是，根據夏普指數的衡量結果，商品類指數股票型證券投資信託基金可以增強美國投資人投資組合的表現。本文進一步發現，不同類別下的商品類指數股票型證券投資信託基金，對美國投資人的多角化投資效益有明顯的差異性，總結來說，特定的商品類指數股票型證券投資信託基金，如黃金或天然氣對美國投資人進行多角化投資仍是有幫助的。 Sorry, we just need to make sure you're not a robot. For best results, please make sure your browser is accepting cookies. 股票指數型基金(ETF)是具有開放式共同基金與封閉式共同基金特色、而在股票交易市場買賣的指數型基金，是近年來發展最為快速的金融商品之一。股票指數型基金是被動式管理的代表，其投資組合透明、風險分散、交易方便、成本低廉的特性，深受投資人喜歡。 ETF除了追蹤股票指數外，債券、貨幣、能源、原物料、農產品…等各類資產皆有相關的ETF在證券交易所買賣。ETF豐富多元的類型，讓投資人可以輕鬆投資各類型資產。ETF具有多樣性的投資策略，具有套利、價差、避險等交易上的功能。ETF可以融券放空，這是一般共同基金所做不到的；而槓桿型與放空型ETF，讓投資人有更多的選擇機會與投資策略。ETF投資標的的多樣性，及可多、可空、可槓桿的選擇，大大開展了投資人的投資視野與投資彈性。不管在股市多頭或空頭期間，投資人都可在眾多的ETF中找到適合的投資標的 ETF的績效必須釘住指數。看似簡單，但在實務上，ETF經理人的工作並不如想像中的簡單。舉凡成份股除權、除息；成份股變更；成份股股本變動…等，都可能影響ETF追蹤指數的績效，經理人要隨時注意，而事先作因應。若許多細節未能面面俱到，追蹤誤差可能就會在不知不覺之間被擴大。主動式ETF追蹤的指數有主動選股機制，從績效分析，可以初步判斷主動式ETF所使用的選股指標與平均分配權重的方式確實有增加報酬的效果。而要管理槓桿型ETF和放空型ETF，除了股票外，還必須要大量使用衍生性金融商品，如權益交換契約和指數期貨，對基金公司與主管機關都是一大挑戰。 國內為了發展ETF，財政部與證期局開放的法令就達17條，台灣證券交易所也修訂了14項以上的相關法規。2008年，國內ETF的市場，發行檔數從7檔增加到11檔，管理的總資產從439億成長到474億，ETF管理的資產規模並未因為股市的重挫而下滑，反而逆勢上揚了8.0%。顯見，ETF已獲得國內投資人的認同，漸漸成為國人重要的投資工具之一。台灣要再進一步擴大ETF的市場，除了持續開發適合國內投資人的新產品外，將國內產品推向國際也是可行的方案。能否國際化與國內產品市場健全與否有直接的關係，所以發展重點還是開發新產品。只要能夠推出成功且受投資人歡迎的商品，想要國際化就事半功倍。預期，除了資產規模將持續放大外，ETF也將朝多樣化、客製化、國際化的方向發展。 台灣一直有發展成為亞太金融中心的企圖，而更開放的金融環境、更多元的金融商品，是台灣朝向亞太金融中心不可或缺的元素。目前，海峽兩岸已脫離敵對的情勢，雙方開始展現善意，除了加強經貿交流外，金融產業的互助與交流是台灣很好的重新出發點。發展ETF，建立兩岸交易平台，則是台灣再造金融產業的起步。 為了持續優化網站功能與使用者體驗，本網站將Cookies分析技術用於網站營運、分析和個人化服務之目的。