台湾证券交易所的 ETF 规模约 2,300 亿美元,仅次于中国约 7,900 亿美元与日本约 6,900 亿美元,位居亚洲第三。尽管拥有全球最大晶圆代工厂台积电,台股总市值约为新台币 91 兆元(约 2.9 兆美元),仍明显小于日本交易所集团逾 7.4 兆美元与中国上海证券交易所约 8.9 兆美元。外资目前约持有台股市值的 47%,显示国际资金对台湾科技产业曝险需求强劲。
台交所正透过跨境 ETF 深化与海外市场合作,首先加强与日本连结。9 月,大和投信推出连结国泰台湾科技龙头 ETF 的产品,野村资产管理则在东京证交所挂牌连结野村台湾创新科技 50 ETF,成为台日间首批 ETF 交叉挂牌。日本具税负优惠的新 NISA 小额投资制度预期将带动更多日本散户资金投入海外 ETF,有利台湾相关商品成长。
展望未来,台交所计划推出与中东连结的 ETF,延续 5 月与杜拜金融市场签署的合作备忘录,并藉 ETF 扩大切入南韩、东南亚等地区。主管机关透过亚洲资产管理中心推动办公室,希望把台湾打造成区域资产管理枢纽,吸引更多全球资金。包括将日本 REIT 为标的的 ETF 引进台湾在内的新商品,为投资人提供除股票与债券外更多元分散选择,即使在日中围绕台湾的地缘政治紧张升温之下亦然。
The Taiwan Stock Exchange (TWSE) operates Asia’s third‑largest ETF market at about $230 billion, behind China’s roughly $790 billion and Japan’s $690 billion. Despite hosting the world’s largest chipmaker, TSMC, the exchange’s total market capitalization is about NT$91 trillion ($2.9 trillion), far smaller than Japan Exchange Group at over $7.4 trillion and the Shanghai Stock Exchange at $8.9 trillion. Foreign investors already hold around 47% of TWSE capitalization, underscoring strong overseas demand for exposure to Taiwan’s technology sector.
TWSE is deepening cross‑border ETF links, starting with Japan. In September, Daiwa Asset Management launched an ETF tied to the Cathay Taiwan Technology Leader ETF, and Nomura Asset Management listed an ETF linked to the Nomura Taiwan Innovation Technology 50 ETF on the Tokyo Stock Exchange, creating the first ETF cross‑listings between the two markets. Japan’s tax‑advantaged Nippon Individual Savings Account (NISA) program is expected to boost Japanese retail flows into foreign ETFs, supporting new Taiwan‑related products.
Looking ahead, TWSE plans ETF products connected to the Middle East, following a May memorandum of understanding with Dubai Financial Market, and aims to expand ETF‑based access to South Korea, Southeast Asia and other regions. Taiwan’s regulators, via the Asian Asset Management Center Promotion Office, seek to turn the island into a regional asset management hub that channels more global capital into local assets. New offerings, such as an ETF on Japanese real estate investment trusts for Taiwanese investors, broaden diversification options even amid rising geopolitical tensions between Japan and China over Taiwan.