{"id":745,"date":"2018-01-22T14:18:00","date_gmt":"2018-01-22T06:18:00","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=745"},"modified":"2018-01-22T14:18:00","modified_gmt":"2018-01-22T06:18:00","slug":"%e7%82%ba%e4%bb%80%e9%ba%bc-%e8%a2%ab%e5%8b%95%e5%9e%8b%e5%9f%ba%e9%87%91-%e6%88%90%e4%ba%86%e5%a4%a7%e8%b4%8f%e5%ae%b6%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=745","title":{"rendered":"\u70ba\u4ec0\u9ebc2025\u5e74ETF\u6210\u4e86\u5927\u8d0f\u5bb6\uff1f"},"content":{"rendered":"\n<p><time datetime=\"2018-01-22T17:45:39+08:00\">2018-01-22<\/time><\/p>\n\n\n\n<p>\u64da\u5f6d\u535a\u793e\u5831\u5c0e\uff0c2017\u5e74\u4e0a\u534a\u5e74\uff0c\u5f9e\u4e3b\u52d5\u578b\u57fa\u91d1\u6d41\u5411 \u88ab\u52d5\u578b\u57fa\u91d1 \u7684\u8cc7\u7522\u898f\u6a21\u5c07\u8fd15000\u5104\u7f8e\u5143\uff0c\u9019\u8b93\u5168\u7403\u6700\u5927\u7684 \u88ab\u52d5\u578b\u57fa\u91d1 \u516c\u53f8\u9818\u822a\u6295\u8cc7\uff08Vangaurd\u00a0 Group\uff09\u8207\u8fd1\u5e74\u4f86\u5927\u5200\u95ca\u65a7\u7e2e\u6e1b\u5176\u4e3b\u52d5\u578b\u80a1\u7968\u57fa\u91d1\u90e8\u9580\uff0c\u4e26\u5c07\u5927\u91cf\u8cc7\u91d1\u8f49\u800c\u6295\u5165 \u88ab\u52d5\u578b\u57fa\u91d1 \u7684\u8c9d\u840a\u5fb7\uff08BlackRock Inc.\uff09\uff0c\u6210\u4e86\u6700\u5927\u8d0f\u5bb6\u3002\u800c\u8457\u773c\u65bc\u4e3b\u52d5\u578b\u57fa\u91d1\u7684\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\uff0c\u50cf\u662f\u5bcc\u9054\u6295\u8cc7\uff08Fidelity Investments\uff09\u548c\u5bcc\u862d\u514b\u6797\u5766\u4f2f\u9813\u57fa\u91d1\u516c\u53f8\uff08Franklin Templeton Investments\uff09\uff0c\u5247\u9762\u81e8\u57fa\u91d1\u898f\u6a21\u5927\u5931\u8840\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1198\" height=\"618\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/01-1.png\" alt=\"\" class=\"wp-image-746\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/01-1.png 1198w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/01-1-300x155.png 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/01-1-1024x528.png 1024w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/01-1-768x396.png 768w\" sizes=\"auto, (max-width: 1198px) 100vw, 1198px\" \/><figcaption>\u5716\u7247\u4f86\u6e90\uff1a\u5f6d\u535a\u793e<\/figcaption><\/figure>\n\n\n\n<p>\u70ba\u4ec0\u9ebc \u88ab\u52d5\u578b\u57fa\u91d1 \u6210\u4e86\u5927\u8d0f\u5bb6\uff1f<\/p>\n\n\n\n<p>\u5728\u9019\u4e4b\u524d\uff0c\u6211\u5011\u8981\u5148\u4e86\u89e3 \u88ab\u52d5\u578b\u57fa\u91d1 \u8207\u4e3b\u52d5\u578b\u57fa\u91d1\u6709\u4f55\u4e0d\u540c\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u5169\u8005\u7684\u5dee\u7570\uff0c\u5f15\u9818 \u88ab\u52d5\u578b\u57fa\u91d1 \u51fa\u7dda<\/strong><\/h4>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0);color:#ff6800\" class=\"has-inline-color\">\u88ab\u52d5\u5f0f\u6295\u8cc7\u7b56\u7565\uff1a\u4ee5\u4f4e\u6210\u672c\u65b9\u5f0f\u8ffd\u8e64\u5e02\u5834\u6307\u6578\uff0c\u8ffd\u6c42\u5e02\u5834\u5831\u916c<\/mark><\/strong><\/p>\n\n\n\n<p>\u88ab\u52d5\u5f0f\u6295\u8cc7\uff0c\u901a\u5e38\u7a31\u70ba\u6307\u6578\u6295\u8cc7\uff0c\u76f8\u4fe1\u6548\u7387\u5e02\u5834\u5047\u8aaa(Efficient market hypothesis, EMH)\u3002\u6548\u7387\u5e02\u5834\u5047\u8aaa\uff0c\u4e3b\u8981\u6838\u5fc3\u6982\u5ff5\u70ba\u80a1\u7968\u50f9\u683c\u5728\u4efb\u6642\u9593\u9ede\uff0c\u7686\u80fd\u5b8c\u5168\u53cd\u6620\u6240\u6709\u516c\u958b\u53ef\u5f97\u8cc7\u8a0a\uff0c\u56e0\u6b64\uff0c\u5728\u7b26\u5408\u6548\u7387\u5e02\u5834\u5047\u8aaa\u7684\u60c5\u6cc1\u4e0b\uff0c\u6295\u8cc7\u4eba\u5f88\u96e3\u4ee5\u7279\u5b9a\u6295\u8cc7\u7b56\u7565\uff0c\u6301\u7e8c\u64ca\u6557\u5e02\u5834\u3002<\/p>\n\n\n\n<p>\u5728\u300c\u6548\u7387\u5e02\u5834\u5047\u8aaa\u300d\u6210\u7acb\u7684\u60c5\u6cc1\u4e0b\uff0c \u88ab\u52d5\u578b\u57fa\u91d1 \u300c\u8ffd\u6c42\u5e02\u5834\u5831\u916c\uff0c\u5e0c\u671b\u57fa\u91d1\u7e3e\u6548\u8868\u73fe\u8207\u5e02\u5834\u6307\u6578\u8868\u73fe\u4e26\u99d5\u9f4a\u9a45\u300d\u7684\u8a2d\u8a08\u5b97\u65e8\uff0c\u5c31\u80fd\u70ba\u6295\u8cc7\u4eba\u5e36\u4f86\u597d\u5831\u916c\u3002 \u88ab\u52d5\u578b\u57fa\u91d1 \u7684\u64cd\u4f5c\u76ee\u6a19\uff0c\u5c31\u662f\u5148\u9078\u5b9a\u67d0\u5e02\u5834\u6307\u6578\u4f5c\u70ba\u6a19\u7aff\u6307\u6578(benchmark index)\uff0c\u900f\u904e\u5404\u7a2e\u8ffd\u8e64\u6307\u6578\u7684\u6280\u8853\uff0c\u4f7f\u57fa\u91d1\u7684\u8d70\u52e2\u80fd\u8cbc\u8fd1\u6a19\u7aff\u6307\u6578\u4e4b\u8d70\u52e2\uff0c\u8ffd\u8e64\u7684\u8aa4\u5dee\u80fd\u8d8a\u5c0f\u8d8a\u597d\uff0c\u5e38\u898b\u7684 \u88ab\u52d5\u578b\u57fa\u91d1 \u662f\u6307\u6578\u578b\u57fa\u91d1\u8207ETF\u3002<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0);color:#ff6800\" class=\"has-inline-color\">\u4e3b\u52d5\u5f0f\u6295\u8cc7\u7b56\u7565\uff1a\u4ee5\u7279\u5b9a\u7b56\u7565\u6311\u9078\u8b49\u5238\u64ca\u6557\u5e02\u5834\u6307\u6578\uff0c\u8ffd\u6c42\u8d85\u984d\u5831\u916c<\/mark><\/strong><\/p>\n\n\n\n<p>\u4e3b\u52d5\u5f0f\u6295\u8cc7\u7b56\u7565\u8a8d\u70ba\uff0c\u5e02\u5834\u4e0a\u7684\u6709\u50f9\u8b49\u5238\uff08\u80a1\u7968\u6216\u50b5\u5238\uff09\u4e0d\u6703\u7e3d\u662f\u53cd\u61c9\u5728\u6b63\u78ba\u7684\u50f9\u683c\u4e0a\u3002\u7684\u78ba\uff0c\u5982\u679c\u4f60\u66fe\u8cb7\u904e\u80a1\u7968\uff0c\u4f60\u53ef\u80fd\u6703\u76f8\u4fe1\u5e02\u5834\u4e26\u975e\u5b8c\u5168\u53cd\u6620\u516c\u958b\u8cc7\u8a0a\uff0c\u56e0\u6b64\uff0c\u80fd\u900f\u904e\u627e\u5230\u932f\u8aa4\u5b9a\u50f9\u7684\u6709\u50f9\u8b49\u5238\u4ee5\u64ca\u6557\u5e02\u5834\u8868\u73fe\u3002<\/p>\n\n\n\n<p>\u4ee5\u4e3b\u52d5\u578b\u57fa\u91d1\u300c\u8ffd\u6c42\u8d85\u984d\u5831\u916c\u300d\u7684\u8a2d\u8a08\u5b97\u65e8\u53ef\u770b\u51fa\uff0c\u5b83\u7684\u524d\u63d0\u5960\u57fa\u5728\u6548\u7387\u5e02\u5834\u5047\u8aaa\u4e0d\u6210\u7acb\u4e4b\u4e0a\uff0c\u6240\u4ee5\u57fa\u91d1\u5728\u64cd\u4f5c\u6642\uff0c\u901a\u5e38\u6703\u4ee5\u6295\u8cc7\u4e4b\u5e02\u5834\u7684\u67d0\u500b\u6307\u6578\u4f5c\u70ba\u6a19\u7aff\u6307\u6578\uff0c\u800c\u7d93\u7406\u4eba\u5229\u7528\u7279\u5b9a\u6295\u8cc7\u7b56\u7565\u627e\u51fa\u932f\u8aa4\u5b9a\u50f9\u7684\u500b\u80a1\uff0c\u4ee5\u7372\u53d6\u8d85\u984d\u5831\u916c\u64ca\u6557\u5e02\u5834\u8868\u73fe\u70ba\u64cd\u4f5c\u76ee\u6a19\u3002\u4f8b\u5982\uff1a\u53f0\u80a1\u4e00\u822c\u80a1\u7968\u578b\u57fa\u91d1\uff0c\u5c31\u662f\u4ee5\u53f0\u7063\u52a0\u6b0a\u80a1\u7968\u6307\u6578\u4f5c\u70ba\u6a19\u7aff\u6307\u6578\uff0c\u800c\u57fa\u91d1\u7d93\u7406\u4eba\u7684\u8077\u8cac\uff0c\u5c31\u662f\u904b\u7528\u5404\u7a2e\u4ea4\u6613\u7b56\u7565\uff0c\u4f7f\u57fa\u91d1\u7684\u7e3e\u6548\u80fd\u5920\u8d85\u8d8a\u6a19\u7aff\u6307\u6578\u3002<\/p>\n\n\n\n<p>\u6839\u64da\u88ab\u52d5\u578b\u8207\u4e3b\u52d5\u578b\u57fa\u91d1\u7684\u8a2d\u8a08\u7406\u5ff5\uff0c\u5169\u8005\u7684\u5dee\u7570\u4e4b\u8655\u5305\u542b\uff1a<\/p>\n\n\n\n<p><strong>(1)&nbsp;<\/strong><strong>\u6295\u8cc7\u6a19\u7684\u4e0d\u540c<\/strong><\/p>\n\n\n\n<p>\u300c\u4e3b\u52d5\u578b\u57fa\u91d1\u300d\uff1a\u6295\u8cc7\u6a19\u7684\u662f\u7531\u57fa\u91d1\u7d93\u7406\u4eba\u4f9d\u64da\u81ea\u5df1\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u6240\u7be9\u9078\u51fa\u7684\u80a1\u7968\u6216\u50b5\u5238\u7d44\u5408\u800c\u6210\u7684\uff0c\u6240\u4ee5\u4e0d\u540c\u7684\u57fa\u91d1\u7d93\u7406\u4eba\u6240\u7ba1\u7406\u7684\u57fa\u91d1\uff0c\u5f80\u5f80\u5dee\u5225\u5f88\u5927\u3002<\/p>\n\n\n\n<p>\u300c \u88ab\u52d5\u578b\u57fa\u91d1 \u300d\uff1a\u6295\u8cc7\u6a19\u7684\u662f\u4ee5\u5176\u8ffd\u8e64\u7684\u5e02\u5834\u6307\u6578\u6240\u6db5\u84cb\u7684\u80a1\u7968\u6216\u50b5\u5238\u70ba\u6295\u8cc7\u6a19\u7684\uff0c\u5176\u8cc7\u8a0a\u8f03\u4e3b\u52d5\u578b\u57fa\u91d1\u900f\u660e\u516c\u958b\u3002<\/p>\n\n\n\n<p><strong>(2)&nbsp;<\/strong><strong>\u6295\u8cc7\u6210\u672c\u4e0d\u540c<\/strong><\/p>\n\n\n\n<p>\u300c\u4e3b\u52d5\u578b\u57fa\u91d1\u300d\uff1a\u8cbb\u7528\u7d50\u69cb\u53ef\u80fd\u5305\u542b\uff0c\u7533\u8cfc\u624b\u7e8c\u8cbb\u3001\u57fa\u91d1\u7ba1\u7406\u8cbb\u3001\u4fe1\u8a17\u7ba1\u7406\u8cbb\u8207\u57fa\u91d1\u8f49\u63db\u8cbb\u3001\u8d16\u56de\u624b\u7e8c\u8cbb\u7b49\uff0c\u82e5\u6295\u8cc7\u4eba\u4e0d\u662f\u76f4\u63a5\u5411\u57fa\u91d1\u516c\u53f8\u7533\u8cfc\uff0c\u9084\u6703\u6709\u984d\u5916\u7684\u7d93\u92b7\u8cbb(distribution fees)\u3002<\/p>\n\n\n\n<p>\u300c \u88ab\u52d5\u578b\u57fa\u91d1 \u300d\uff1a\u56e0\u4e0d\u7528\u9032\u884c\u8b49\u5238\u5206\u6790\uff0c\u53ef\u4ee5\u5927\u5e45\u6e1b\u5c11\u4eba\u4e8b\u8cbb\u7528\uff0c\u4e5f\u4e0d\u7528\u50cf\u5176\u4ed6\u57fa\u91d1\u7d93\u5e38\u9700\u8981\u4f9d\u5206\u6790\u7d50\u679c\u66f4\u63db\u6295\u8cc7\u6a19\u7684\uff0c\u4ea6\u53ef\u964d\u4f4e\u4ea4\u6613\u8cbb\u7528\uff0c\u6240\u4ee5\u57fa\u91d1\u7ba1\u7406\u8cbb\u76f8\u5c0d\u4e3b\u52d5\u578b\u57fa\u91d1\u4f4e\u5ec9\u8a31\u591a\uff0c\u55ae\u7ba1\u7406\u8cbb\u90e8\u5206\u4e4b\u5dee\u984d\u6bcf\u5e74\u5c31\u53ef\u5dee1%~2%\u3002<\/p>\n\n\n\n<p><strong>(3)&nbsp;<\/strong><strong>\u6295\u8cc7\u98a8\u96aa\u4e0d\u540c<\/strong><\/p>\n\n\n\n<p>\u300c\u4e3b\u52d5\u578b\u57fa\u91d1\u300d\uff1a\u56e0\u7d93\u7406\u4eba\u7684\u4e3b\u52d5\u64cd\u4f5c\u5b58\u5728\u4e00\u5b9a\u7a0b\u5ea6\u7684\u9053\u5fb7\u98a8\u96aa\uff1b\u6301\u80a1\u53ef\u80fd\u4e0d\u5920\u5206\u6563\u800c\u5b58\u5728\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\uff1b\u5e02\u5834\u672c\u8eab\u5b58\u5728\u7684\u7cfb\u7d71\u6027\u98a8\u96aa\u3002<\/p>\n\n\n\n<p>\u300c \u88ab\u52d5\u578b\u57fa\u91d1 \u300d\uff1a\u6709\u6548\u964d\u4f4e\u9053\u5fb7\u98a8\u96aa\u8207\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\uff0c\u5176\u4e3b\u8981\u9762\u5c0d\u98a8\u96aa\u70ba\u7cfb\u7d71\u6027\u98a8\u96aa\u3002<\/p>\n\n\n\n<p>\u4e86\u89e3\u5b8c \u88ab\u52d5\u578b\u57fa\u91d1 \u8207\u4e3b\u52d5\u578b\u57fa\u91d1\u7684\u5dee\u7570\u5f8c\uff0c\u6211\u5011\u518d\u4f86\u63a2\u7a76\u70ba\u4ec0\u9ebc \u88ab\u52d5\u578b\u57fa\u91d1 \u6210\u4e86\u5927\u8d0f\u5bb6\uff1f<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>&nbsp;\u88ab\u52d5\u578b\u57fa\u91d1 \u80fd\u70ba\u6295\u8cc7\u4eba\u5275\u9020\u6536\u76ca<\/strong><\/h4>\n\n\n\n<p>\u88ab\u52d5\u578b\u57fa\u91d1 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\u5df2\u7d93\u5f9e\u5341\u5e74\u524d\u50c5\u5360\u4e94\u5206\u4e4b\u4e00\u7684\u898f\u6a21\uff0c\u6500\u5347\u81f3\u76ee\u524d\u8d85\u904e\u4e09\u5206\u4e4b\u4e00\u7684\u8cc7\u7522\u898f\u6a21\u3002<\/p>\n\n\n\n<p>\u4e8b\u5be6\u4e0a\uff0c\u8fd1\u5e74\u4f86\u8a31\u591a\u4e3b\u52d5\u578b\u57fa\u91d1\u5df2\u4e0d\u518d\u5275\u9020\u512a\u65bc\u5927\u76e4\u7684\u7e3e\u6548\u8868\u73fe\uff0c\u52a0\u4e0a\u4e3b\u52d5\u578b\u57fa\u91d1\u6536\u53d6\u904e\u9ad8\u7684\u8cbb\u7387\uff0c\u4f7f\u5f97\u6295\u8cc7\u4eba\u5831\u916c\u7387\u8d8a\u4f86\u8d8a\u4f4e\uff0c\u4fc3\u4f7f\u6295\u8cc7\u4eba\u958b\u59cb\u5c07\u8cc7\u91d1\u8f49\u5f80 \u88ab\u52d5\u578b\u57fa\u91d1 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https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/Outperformed-1-300x147.jpeg 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><figcaption>\u5716\u7247\u4f86\u6e90\uff1a\u6a19\u6e96\u666e\u723e\u9053\u74ca\u65af\u6307\u6578\u516c\u53f8\uff0c2016\/12\/31<\/figcaption><\/figure>\n\n\n\n<p>\u53cd\u89c0 \u88ab\u52d5\u5f0f\u57fa\u91d1 \uff0c\u6839\u64da\u6a19\u6e96\u666e\u723e\u9053\u74ca\u65af\u6307\u6578\u516c\u53f8\u8207\u9818\u822a\u6295\u8cc7\u7684\u7814\u7a76\u986f\u793a\uff0c\u904e\u53bb\u8fd1\u5341\u5e74\uff0c \u88ab\u52d5\u578b\u57fa\u91d1 \u7684\u8868\u73fe\u975e\u5e38\u8cbc\u8fd1\u6307\u6578\uff0c\u4e26\u4e14\u5927\u5e45\u8d85\u8d8a\u4e3b\u52d5\u578b\u57fa\u91d1\u7684\u8868\u73fe\u3002\u56e0\u6b64\uff0c \u88ab\u52d5\u578b\u57fa\u91d1 \u6210\u4e86\u5927\u8d0f\u5bb6\u4e26\u4e0d\u610f\u5916\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"484\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/10_Year_Performance_Market_Vanguard_Active.png\" alt=\"\" class=\"wp-image-748\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/10_Year_Performance_Market_Vanguard_Active.png 600w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/10_Year_Performance_Market_Vanguard_Active-300x242.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><figcaption>\u5716\u7247\u4f86\u6e90\uff1a\u6a19\u6e96\u666e\u723e\u9053\u74ca\u65af\u6307\u6578\u516c\u53f8\u8207\u9818\u822a\u6295\u8cc7\uff0c2016\/12\/31<\/figcaption><\/figure>\n\n\n\n<p>\u6839\u64da\u7a46\u8fea\u6295\u8cc7\u8005\u670d\u52d9\u516c\u53f8(Moody\u2019s Investors Service)\u7814\u7a76\uff0c\u52302023~2024\u5e74 \u88ab\u52d5\u578b\u57fa\u91d1 \u7684\u5e02\u5360\u7387\u5c07\u8d85\u8d8a\u4e3b\u52d5\u578b\u57fa\u91d1\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" 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