最新的美國基金市場統計顯示，標普500 交易所交易基金（ETF）的資產規模最高，其次是先鋒500 指數型基金。有鑑於此，本研究回顧基金市場發展之歷史，闡述指數型基金與ETF 之區別，然後針對台灣最早發行的七檔ETF 進行分析。研究發現：富邦科技的累積報酬最高，台灣50 次之，元大電子第三；就夏普指數進行比較，台灣50 最高，富邦科技次之，元大電子第三。打敗股價報酬指數者，僅有台灣50 與富邦科技。此外，台灣50 對市場報酬指數的追蹤效果最佳；透過七檔ETF 建構投資效率前緣，發現市場報酬指數位置偏離效率前緣，台灣50 與富邦科技則呈現較高的投資效率性。

According to the latest statistics for the U.S. market, iShare SPDY is the largest mutual fund and Vanguard 500 Index is the second in terms of net assets. In face of this trend, this article reviews the history of mutual fund markets, illustrates the difference between index funds and ETFs, and analyzes the seven earliest ETFs in Taiwan. Fubon Technology achieved the greatest cumulative return, followed by Taiwan 50 and Yuanta Electronic. In terms of Sharpe ratios, the Taiwan 50 ranks first, Fubon Technology is second, and Yuanta Electronic comes third. Only Taiwan 50 and Fubon Technology beat the market return index. Moreover, among the seven EFTs, the Taiwan 50 is the most effective at tracking the market return index. After constructing the portfolio frontier based on the seven ETFs, we found the market return index deviates from the portfolio frontier substantially, and only the Taiwan 50 and Fubon Technology outperform the market return index.