Kau-e̍k-só͘ kau-e̍k ki-kim

**Kau-i̍k-sóo kau-i̍k ki-kim** (ing-gú: exchange-traded fund (**ETF**); **tsí-sòo kóo-phiò-hîng ki-kim**) sī tsi̍t-tsióng tâu-tsu ki-kim hām kau-i̍k-sóo kau-i̍k sán-phín, tsik sī in teh tsìng-kuàn kau-i̍k-sóo kau-i̍k. ETF teh tsiânn-tsē hong-bīn kah kiōng-tông ki-kim sio-siâng, bô kāng-khuán ê sóo-tsāi teh ETF tsuân thinn-hāu teh tsìng-kuàn kau-i̍k-sóo uì kî-thann sóo-iú-tsiá bé-bē, lî-tshiánn kiōng-tông ki-kim tio̍h kin-kì i teh tsi̍t-ka-kang kiat-sok hit-tong-sî kè-siàu uì huat-hîng-jîn ê sóo-tsāi bé-bē. ETF tshî-iú kóo-phiò, tsè-kuàn, huè-pè, kî-huè ha̍p-iok hām/hi̍k kim-tiâu tíng-tíng siong-phín ê tsu-sán, thong-siông tshái-iōng thò-lī ki-tsè ūn-tsok, tsú-iàu teh hōo i-ê kau-i̍k tsiap-kīn i-ê tsu-sán tsīng-ti̍t, Sui-bóng ū-tang-sî-á mā-ē huat-sing phian-tsha ê tshut-hiān. Tuā-to-sòo ETF lóng sī : mā tō sī kóng, in í kah bóo tsi̍t-ê kóo-phiò tshī-tiûnn tsí-sòosio-kâng ê pí-lē tshî-iú sio-kâng ê tsìng-kuàn. Bí-kok siong-siū huan-gîng ê ETF hok-tsè piau-tsún S&P 500 tsí-sòo, tsóng tshī-tiûnn tsí-sòo (total market index), NASDAQ-100 tsí-sòo,n̂g-kim kè-siàu, Russell 1000 tsí-sòo tang-tiong ê  "sîng-tióng" kóo-phiò hi̍k-tsiá siōng-tuā kho-ki kong-si ê tsí-sòo. Tû-liáu bô thàu-bîng ê tsú-tōng kuán-lí-hîng ETF tsi-guā; teh tuā-to-sòo ê tsîng-hóng tsi-hā, ta̍k-ki ETF ióng-iú ê kóo-phiò tshing-tuann kah i-ê khuân-tāng tāng lóng--ê -ta̍k-kang huat-pòo teh huat-hîng-jîn ê bāng-tsām tíng-kuân. Siōng-tuā ê ETF ê nî-huì uî taut-su-gia̍h ê 0.03%, sīm-tsì koh-khah kē, sui-bóng tsuan-gia̍p ETF ê nî-huì khó-lîng uán-uán tshiau-kuè tâu-tsu kim-gia̍h ê 1%. Tsia--ê huì-iōng sī thong-kuè uì siong-kuan tshî-kóo hi̍k-tsiá tshut-siū tsu-sán tang-tiong hi̍k-tik ê  tsi-hù hōo ETF huat-hîng-jîn ê.

ETF kā tsū-sin ê sóo-iú-kuân uē-hun tsò kóo-tong tshî-iú ê kóo-hūn. Kiat-kòo ê sè-tsiat (pí-jû kong-si hi̍k-tsiá sìn-thok) kin-kì kok-ka/tē-khu jî-lâi piàn-ī, tsiū-nā teh tsi̍t-ê kok-ka lāi mā khó-lîng tsûn-tsāi tsiânn-tsē tsióng khó-lîng ê kiat-kòo.  Kóo-tong tsi-kan kàn-tsiap ióng-iú ê tsu-sán, in it-puann ē hi̍k-tik nî-tōo pò-kò. Kóo-tong ū-kuân hun-hióng lī-lūn, pí-jû lī-sit hi̍k-tsiá kóo-sit, nā tsún-kóng ki-kim tsìn-hîng tshing-sǹg, in tio̍h-ē ū-kuân hi̍k-tik jīm-hô tshun-ê kè-ta̍t.

Iû-î sîng-pún kē, suè-siu hāu-lu̍t kuân kah khó kau-i̍k-sìng, ETF tsok-uî tâu-tsu khó-lîng kū-iú khip-ín-li̍k.

Tsia̍t-tsí 2021-nî 8-gue̍h, tsuân-kiû 9 bān-ik bí-guân tâu-tsu teh ETF, kî-tiong 6.6 bān-ik bí-guân tâu-tsu teh Bí-kok.

Teh Bí-kok, siōng-tuā ê ETF huat-hîng-jîn sī ióng-iú 35% tshī-tiûnn hūn-gia̍h ê BlackRock iShares, ióng-iú, 28% tshī-tiûnn hūn-gia̍h ê Vanguard Group, ióng-iú 14% tshī-tiûnn hūn-gia̍h ê State Street Global Advisors, ióng-iú 5% tshī-tiûnn hūn-gia̍h ê Invesco, í-ki̍p Charles Schwab kong-si ióng-iú 4% tshī-tiûnn hūn-gia̍h

Hong-pì-sik ki-kim bô hông khuànn-tsò ETF, tsik-sú in sīki-kim pīng-tshiánn teh kau-i̍k-sóo kau-i̍k.  (ETN; tsí-sòo tâu-tsu tsìng-kuàn) m̄ sī kau-i̍k-sóo kau-i̍k ki-kim ê tsè-bū kang-kū.

## Tsù-kái

## Ên-sin ua̍t-to̍k

* Carrell, Lawrence. *ETFs for the Long Run: What They Are, How They Work, and Simple Strategies for Successful Long-Term Investing*. Wiley, September 9, 2008. 
* Ferri, Richard A. *The ETF Book: All You Need to Know About Exchange-Traded Funds*. Wiley, January 4, 2011. 
* Humphries, William. *Leveraged ETFs: The Trojan Horse Has Passed the Margin-Rule Gates*. 34 Seattle U.L. Rev. 299 (August 31, 2010), available at Seattle University Law Review.
* Koesterich, Russ. *The ETF Strategist: Balancing Risk and Reward for Superior Returns*. Penguin Books, May 29, 2008. 
* Lemke, Thomas P.; Lins, Gerald T. & McGuire, W. John. *Regulation of Exchange-Traded Funds*. LexisNexis, 2015. 

## Tsham-ua̍t

*State Street Global Advisors
*The Vanguard Group
*LexisNexis
*Penguin Books
* Wiley
*Fidelity Investments
*Statista
*Business Wire

## Guā-pōo liân-kiat

* A brief history of ETFs – Trackinsight
* Exchange Traded Funds (ETF) – Australian Stock Exchange (ASX)
* Exchange Traded Funds (ETF) – Johannesburg Stock Exchange (JSE)
* Exchange Traded Funds (ETF) – London Stock Exchange (LSE)
* Exchange Traded Funds (ETF) – Toronto Stock Exchange (TSX)
* Exchange Traded Products – New York Stock Exchange
* Funds + ETFs – NASDAQ Stock Market
* The ETF Hall of Fame: 25 People Who Revolutionized the ETF Industry – ETF Database
* What are ETFs? – Trackinsight