ETF是Exchange Traded Funds的縮寫，中文稱為「證券市場交易之基金」，由於ETF是被動追蹤某一指數又可在股票市場交易的基金，因此又可稱為「指數股票型基金」。台灣自2003年推出首支ETF---元大台灣50以來，台灣ETF市場以飛快的速度成長。截至2020年3月，台灣ETF上市加上櫃市場上共有218檔，其中125檔在證券交易所上市。ETF是被動投資的一種，它集開放式基金、封閉式基金以及傳統指數基金的優點於一身，具有雙重交易機制、實物申購和贖回以及具有強流動性、高透明度、成本低廉和交易靈活等優勢,被認為是過去十幾年中相當熱門的投資工具。本文整理國內外ETF發展歷程基礎，進而分析ETF的特點及原理，借鑑以往學者對於績效評價的方法，從中選擇用來評價ETF績效的指標，主要運用追蹤誤差指標、折溢價水準指標和夏普指數三大績效評估方法，分析以下三檔ETF:元大台灣50、元大高股息及富邦公司治理100。;An Exchange-Traded Fund (ETF) is an investment fund traded on stock exchanges, it means that ETFs are bought and sold like stocks. ETF would consider a passive investment products and ETF all that it sets out to do is to replicate an index. Taiwan’s ETF market is grow rapidly since the first ETF-“Taiwan Top 50 Tracker Fund” was published. From now on, there are almost 125 ETFs be published on Taiwan stock exchanges corporation. ETF have numerous advantages, for example, low expenses, flexible trading, no minimum investment and can be sold short and bought on margin. As a result, ETF is consider a most popular investment product in recent ten years. This article organizes the basis of development of ETFs and analyzes the characteristics and principles of ETFs. And also using the methods of performance evaluation refer to other scholars which are tracking error index, discount premium index and Sharp ratio to analyze the following ETFs ---Yuanta Taiwan 50, Yuanta High Dividend and Fubon Corporation governs 100.
