1 ETF TTT ETF 50 TTT TTT ETF 1 TTT 1.1 TTT 50 TTT 2003 6 30 TTT ETF 50 1 TTT 50 50 FTSE 17 1000 1 50 1 50 5 7% 9 00-1 30 1 ETF ETF ETF 1
2000 / 2 9 00-3 30 / 100 1.425 1 3 0.32% 0.035% 15 35 0.04% 15 85 0.01% 5 4 30 10 31 5% 3 2 ETF creation / redemption TTT ETF 3 / -1 2
2 TTT 11 6 1000 2003 6 27 36.96 15 50 TTT TTT 6 1.2 TTT TTT 9930 3.6 0.6% 8.56% TTT 0.32% 50 16 TTT 10% 7 249% 20 ETF 11.9% TTT 2 TTT (%) 6 37.40 36.92 2,047 367,884 9,930 8.56 7 42.00 37.09 30,369 9,303,258 232,262 249.74 8 44.92 39.68 14,190 5,220,132 122,885 26.65 9 46.59 44.20 12,343 4,135,135 91,391 13.97 10 49.00 44.06 10,848 7,062,085 149,771 19.81 11 48.77 45.00 9,500 3,907,373 83,451 10.31 6 6 30 TTT 6 30 7 25 23 / -1 3
TTT 80% 2003 4 200 TTT 2003 12 24 TTT 8.47 847 45.61 386.37 TTT50 60,000 50,000 40,000 30,000 20,000 10,000 50 45 40 35 0 6-30 7-14 7-28 8-11 8-25 9-8 9-23 10-7 10-22 11-5 11-19 12-3 12-17 30 1 TTT k TTT TTT 1.3 TTT TTT 4 50 4
5 6 ETF TTT 6 30 125 TTT 1.6% -1.2% 0.032% 52% 2 ETF TTT TTT ETF TTT 0.020 - / 0.015 0.010 0.005 0.000-0.005 6-30 7-18 8-7 8-27 9-17 10-7 10-28 11-17 12-5 -0.010-0.015 2 TTT 2003 6 30 2003 12 23 TTT 5 TTT 6 TTT TTT 25% 5
23.94% 22.37% 1.57% TTT 22.64% 21.10% 1.55% (Tracking Error) n 2 ( di d ) i= 1 = n 1 d i = i - i d n i= = 1 n d i TTT 2003 6 30 2003 12 23 125 d 0.0001 0.05% TTT 7 ETF TTT TTT 50 100 50 100 7 30 6
TTT 0.02 0.01 0.00-0.01 6-30 7-9 7-18 7-29 8-7 8-18 8-27 9-5 9-17 9-26 10-7 10-17 10-28 11-6 11-17 11-26 12-5 12-16 3 TTT 50 3 TTT 50 0.4% 1.4% 1.16% 50 TTT 0.17% -0.23% 0.2% -0.4% TTT 3 TTT (2003 6 30-2003 12 23 ) 52% 0.49% 0.03% 0.00% -1.20% 1.60% 50 100% 0.40% 1.37% 1.50% 0.20% 1.60% 50 64% 0.17% -0.23% -0.30% -0.40% 0.20% 7
TTT 50 50 50.00 47.00 44.00 41.00 38.00 35.00 12-15 12-1 11-17 11-3 10-20 10-6 9-22 9-8 8-25 8-11 7-28 7-14 6-30 6-16 6-2 50 50 4 TTT 50 50 2 TTT 2.1 50 50 FTSE 2002 10 29 600 50 70% 98% 50 2002 4 30 50002002 10 29 15 50 ( p s f ) 5000 / d i i i i= 1 pi 50 si 8
fi free float 0 1 d 50 1 4 7 10 50 50 50 50 50 2.2 TTT 17 TTT TTT 2003 6 20 10 6 25-27 6 30 ETF 2.4 6 30 TTT 1.16 116 6 30 2.3 TTT 9
4 T T 9:00-13:00 ETF 9:00-15:30 16:30-17:00 T+1 9:00-12:00 13:00-13:30 T+2 11:00-15:30 ETF ETF - 100 TTT 8 10
90% 9 T+1 10 (T+2) 1) 2) 3) 4) 5) 9 10 100 11
6) 7) 8) 9) 5 T T 9:00-13:00 ETF 9:00-15:30 T+1 13:00-13:30 T+2 11:00-15:30 ETF - T+1 (T+2) / / 12
2.4 ETF TTT TTT T+2 13
3 TTT TTT TTT TTT TTT TTT 1 TTT 2003 12 24 38,635,637,208 847,000,000 45.61 1,000,000 45,614,684 5,758 14
1216 26,438 1301 37,431 1303 38,472 1326 26,369 1402 21,003 2002 36,627 2105 3,726 2201 7,122 2204 4,163 2301 17,503 2303 94,004 2308 8,645 2311 20,910 2317 14,713 2323 24,849 2324 24,472 2325 11,010 2330 117,467 2344 25,845 2349 16,332 2352 12,073 2353 16,392 2356 15,718 2357 13,326 2379 5,081 2382 10,886 2388 7,419 2401 4,540 2408 13,710 2409 25,418 2412 15,025 2454 3,746 2475 34,282 2603 5,015 2609 7,216 2610 6,533 2801 28,089 2880 27,616 2881 48,425 2882 32,346 15
2883 88,056 2886 67,111 2887 28,717 2890 29,187 2891 42,800 2892 32,423 2912 2,674 3009 18,857 3045 16,974 9904 14,620 1. 5758 2. 4 3. 2003 12 23 2 P ETF P<5 0.01 0.01 0.05 0.05 5 <P<15 0.01 0.05 0.05 0.05 15 <P<50 0.01 0.10 0.10 0.05 50 <P<550 0.05 0.50 0.50 0.05 550 <P<5000 0.05 1.00 1.00 1.00 P>5000 0.05 5.00 5.00 5.00 ETF - 3 TTT / 50ETF 0.1425% ( ) 1.00% 0.1425% ( ) 0.03% 0.35% 1.20% 1.20% No 0.05% 0.15% 0.15% No 16
/ 0.1425% ( ) 0 0.1425% ( ) No 0.1% 0.1% 0.03% ( ) ( ) ETF - 1 50 http://www.tw50etf.com/tw50etf/ 2 2003 ETF http://www.tse.com.tw/etf/ 3 ETF - 4 ETF - 17