Taiwan's active ETF market has entered a phase of rapid expansion since the first batch of products launched in April-May 2025, with the market officially moving into commercial development.

As of June 30, 2026, Taiwan's active ETF count reached 35 funds with total assets of NT$961.5 billion, accounting for approximately 5.94% of Taiwan's total fund assets, making it one of the fastest-growing new product categories in recent years.

This analysis examines the development of Taiwan's active ETF market from the perspectives of regulatory background, market development stages, competitive landscape, and investor structure.

Core Observations

Following the establishment of the active ETF regulatory framework, the market has entered a rapid expansion phase, with product supply and asset scale continuing to grow.

Since launching market operations in 2025, Taiwan's active ETFs have experienced three stages: product introduction, market expansion, and accelerated development.

According to statistics from the Securities Investment Trust & Consulting Association of the R.O.C., the number of active ETF funds increased from 1 in April 2025 to 35 in June 2026, with assets expanding rapidly and investor participation steadily rising.

The competitive landscape has begun to take shape, with leading products and major investment trust institutions commanding higher market shares.

As of June 30, 2026, the top five active ETF products accounted for approximately 67.6% of total market assets, showing a clear concentration of capital allocation.

Major investment trust institutions such as Uni-President, Fuh Hwa, Capital, and Yuanta have established certain advantages in the early stages of market development through brand influence, research capabilities, and distribution channels.

The investor structure shows characteristics of "dispersed holders with concentrated shares," with regular savings plans becoming an important participation method.

As of July 17, 2026, in representative active ETF samples, holders of 1-50,000 units accounted for 96.3% of total sample holders, but large holders of over 50,001 units held 49.0% of shares with just 3.7% of the holder population, showing a significant divergence between investor numbers and capital distribution.

Meanwhile, regular savings plan investments in active ETFs continue to grow, gradually becoming an important channel for acquiring long-term capital.

Risk Disclosure

This report provides descriptive analysis based on public data.

Active ETF products have a relatively short history, and historical performance and investor behavior data samples are limited.

Market size, competitive landscape, and investor structure may adjust with increased product supply, changes in market conditions, and shifts in investor preferences.

Related conclusions require continuous tracking and verification.

The report content does not constitute any investment advice.

Research Background

On June 17, 2026, China Securities Regulatory Commission Chairman Wu Qing expressed support for launching active ETFs at the Lujiazui Forum, and the Shanghai and Shenzhen Stock Exchanges released the Guidelines for Actively Managed ETF Business on the same day.

One month later, from July 16-17, 18 fund companies including E Fund and China AMC collectively filed for the first batch of active ETF products.

Against this backdrop, the market needs to observe potential changes in product rules, issuance pace, investor participation, and competitive landscape as active management strategies enter the exchange-traded fund vehicle.

As mainland China's active ETFs are still in early development, the experience of pioneer markets holds reference value.

This is the first report in a series on active ETFs, selecting Taiwan market as the observation sample to trace its early development process from regulatory opening and first product listings to market expansion.

The report aims to provide overseas experience reference for understanding the potential development path of mainland active ETFs, focusing on institutional and information disclosure arrangements, product supply and market concentration, holder structure, and regular savings plan participation.

It should be noted that Taiwan market experience does not constitute direct extrapolation to the mainland market, as differences in regulatory rules, investor structure, distribution channels, and market environment still require separate consideration.

1. Background of Taiwan's Active ETF Launch

1.1 Long-term Accumulation in the ETF Market Lays the Foundation

The launch of Taiwan's active ETFs was built upon the long-term development of the ETF market.

After more than two decades of market cultivation, Taiwan's ETF market has developed a relatively comprehensive product system covering Taiwan stock ETFs, bond and fixed income ETFs, multi-asset ETFs, futures-based ETFs, and leveraged and inverse ETFs, meeting different investor asset allocation needs.

With advantages including trading convenience, lower fees, and high transparency, ETFs have gradually become important investment tools in Taiwan's capital market.

In recent years, Taiwan's ETF market has entered a phase of rapid expansion.

According to Securities Investment Trust & Consulting Association statistics, as of December 31, 2024, Taiwan's fund assets totaled approximately NT$9.59 trillion, of which index stock ETFs reached NT$6.38 trillion, accounting for approximately 66.5% of total fund assets.

Index stock ETFs have become one of the product categories with the highest proportion in Taiwan's fund market.

Meanwhile, ETF market growth has been primarily driven by index stock ETFs, while traditional active mutual funds have developed at a relatively slower pace.

1.2 Reasons for Regulatory Introduction of Active ETFs

In recent years, the rapid expansion of Taiwan's ETF market has mainly relied on passive index-tracking ETF products.

However, while passive ETF scale grew rapidly, traditional open-end active mutual fund assets grew relatively limited, further widening the scale gap between ETFs and open-end active mutual funds, with active management products facing certain challenges in expanding market share.

At the same time, as investor demand for thematic investing, professional stock selection, and diversified asset allocation increased, passive ETFs relying solely on index replication could not fully meet some investors' asset allocation needs.

Against this backdrop, active ETFs combining ETF trading convenience with active investment management capabilities gradually became an important direction for further ETF market development in Taiwan, and also served as an important market context for regulators promoting the active ETF framework.

1.3 Strategic Considerations for Advancing Asset Management

Taiwan's regulators also had policy goals of upgrading the asset management industry in introducing active ETFs.

According to the Financial Supervisory Commission, opening active ETFs aims to enrich ETF product types, satisfy investors' diversified investment needs, and enhance Taiwan's asset management market competitiveness.

The active ETF regulatory opening is not only a financial product innovation but also an important measure to improve the fund product system and advance asset management industry development.

Regarding information disclosure, Taiwan's active ETFs implement a daily portfolio disclosure system.

Investment trust companies must adopt full transparency by announcing actual fund portfolio contents every business day, enabling investors to timely grasp fund holding changes.

Compared to traditional active mutual funds that primarily rely on periodic reports for portfolio information, active ETFs have higher information update frequency, helping reduce information asymmetry between investors and fund managers.

1.4 Relevant Rules and Effective Dates

1.4.1 Institutional Preparation Phase (2024)

On December 25, 2024, Taiwan's Financial Supervisory Commission announced amendments to the Regulations Governing Securities Investment Trust Funds and related norms, officially opening the system for active ETF and passive multi-asset ETF fundraising, issuance, and listing.

Taiwan's active ETF framework was thus formally established.

In terms of institutional design, Taiwan's active ETFs mainly adopt the following regulatory arrangements: first, allowing fund managers to actively adjust portfolios based on investment strategies rather than being limited to replicating specific indices; second, requiring daily portfolio disclosure mechanisms to enhance product transparency; third, through securities code and fund name identification standards to clearly distinguish active ETF products for investor recognition.

1.4.2 Official Listing Phase (2025)

After the regulatory opening, the first batch of active ETF products completed fundraising and listing from April to May 2025, marking active ETFs' official entry into commercial development.

The first batch was primarily issued by Nomura, Uni-President, and Capital investment trust institutions, with product types mainly focusing on Taiwan stock active management strategies.

As of December 31, 2025, 18 active ETFs had completed listing in Taiwan.

1.5 Product Positioning and Distinctions of Active ETFs

Active ETFs are a new type of fund product combining ETF trading mechanisms with active investment management strategies.

Compared to traditional passive ETFs, active ETFs do not primarily aim to replicate indices but instead have fund managers actively conduct asset allocation and stock selection based on market conditions and investment strategies.

Compared to traditional open-end active mutual funds, active ETFs feature intraday exchange trading and higher information transparency.

From a product positioning perspective, active ETFs combine ETF trading convenience with active management fund strategy flexibility.

In terms of trading mechanisms, active ETFs are closer to traditional ETFs; in terms of investment management approach, they are closer to traditional open-end active mutual funds.

Their core value lies in providing a product vehicle with exchange liquidity for active investment strategies.

2. Development Process of Taiwan's Active ETFs

Taiwan's active ETF framework officially entered market operation in 2025.

With products launching successively, active ETF fund numbers and asset scale continued to grow, and investor participation gradually increased.

Based on Securities Investment Trust & Consulting Association fund statistics, this article divides Taiwan's active ETF market development into three periods: the initial stage (April-July 2025), expansion stage (August-December 2025), and acceleration stage (January-June 2026).

2.1 Initial Stage: April-July 2025

From April to July 2025, Taiwan's active ETF market was in the product introduction phase.

According to Securities Investment Trust & Consulting Association statistics, as of July 31, 2025, 7 active ETFs had completed listing in Taiwan.

In terms of fund scale and beneficiary numbers, the initial stage's overall scale remained relatively limited.

Due to factors including fewer products and limited market awareness, the initial stage's overall scale was significantly lower than mature passive ETF products.

As of July 31, 2025, regular savings plan deduction amounts were approximately NT$27 million, with investors mainly observing market performance, and long-term allocation capital not yet fully reflected.

Overall, the initial stage remained in product introduction and investor awareness cultivation.

2.2 Expansion Stage: August-December 2025

As the first batch of products gradually stabilized, more investment trust institutions launched related products, further increasing active ETF product numbers.

Entering the second half of 2025, active ETF product numbers increased significantly compared to the initial stage, with the market gradually forming a development pattern of multi-institutional competition.

Active ETF asset scale continued to expand, with the market gradually transitioning from product launch to scale expansion.

With increasing product numbers and market attention, active ETF beneficiary account numbers and investment amounts showed continuous growth trends, with investor participation indicators steadily rising.

Compared to the initial stage, expansion stage active ETFs had developed from a few pilot products into a new product category with certain market scale.

2.3 Acceleration Stage: January-June 2026

After entering 2026, active ETF issuance pace further accelerated.

As of June 1, 2026, product numbers reached 35, a significant increase from 18 at the end of 2025.

Asset scale continued rapid growth, with the overall market in a rapid expansion phase.

With continued product expansion, the competitive landscape gradually became clearer, with some leading products commanding higher market shares through larger asset scale and market attention.

Overall, in the first half of 2026, Taiwan's active ETFs had transitioned from institutional innovation to scale expansion, with product numbers, asset scale, and investor participation all achieving rapid growth.

3. Market Size and Competitive Landscape

By June 2026, Taiwan's active ETF market had transitioned from the pilot stage to rapid expansion, with product numbers, asset scale, and investor participation all achieving rapid growth.

With increasing market participants, scale differences between different products and issuing institutions gradually emerged.

This chapter analyzes Taiwan's active ETF market competitive landscape from aspects including market size, product numbers, issuing institutions, and representative products.

3.1 Active ETF Market Size and Industry Proportion

As of June 30, 2026, Taiwan's active ETF assets under management reached NT$961.5 billion, accounting for approximately 5.94% of Taiwan's total public fund scale.

During the same period, Taiwan's market had 35 active ETFs, accounting for 3.23% of total fund numbers, a significant increase from the first batch listing in 2025, with the product system gradually improving.

Although active ETFs still account for a relatively low proportion of the overall public fund market, since Taiwan's first active ETF listed on May 5, 2025, after approximately one year of development, the market has formed nearly NT$1 trillion in management scale, making it one of the fastest-growing new product categories in Taiwan's fund market in recent years.

In terms of individual product scale, as of June 30, 2026, Taiwan's active ETF average assets per product were approximately NT$27.47 billion.

However, significant differences exist between product scales, with some leading products notably above market average, showing a certain concentration trend in market capital allocation.

3.2 Issuing Institution Competitive Landscape

From the perspective of issuing institutions, Taiwan's active ETF market has shown a clear head-concentration pattern.

As of June 30, 2026, market scale was mainly concentrated among a few large investment trust institutions including Uni-President, Fuh Hwa, Capital, and Yuanta, which command higher market shares through brand influence, distribution channels, and product layout advantages.

Active ETFs are active management products, and investors not only focus on product return performance but also have higher requirements for fund managers' research capabilities, historical performance, and brand reputation.

Therefore, issuing institutions' investment management capabilities may become important factors affecting product fundraising scale.

Meanwhile, large investment trust institutions typically have more mature banking, securities, and wealth management channels, with obvious advantages in product issuance and ongoing marketing, helping form scale effects.

Overall, competition in Taiwan's active ETF market is not only at the product level; issuing institutions' comprehensive strengths including research capabilities, brand influence, and distribution channels are gradually becoming key variables determining market share.

3.3 Top Five Product Concentration and Analysis

In terms of product concentration, as of June 30, 2026, the top five active ETFs' assets under management totaled approximately NT$650.4 billion, accounting for 67.6% of total active ETF market scale, indicating that market capital is mainly concentrated in a few leading products with high industry concentration.

High market concentration is mainly affected by three factors.

First, first-mover advantage forms scale accumulation.

Taiwan's active ETFs officially opened for issuance in 2025, with the first listed products entering the market earlier, establishing advantages in fundraising scale, investor awareness, and liquidity.

From general ETF market operating patterns, larger-scale products typically have higher market attention and liquidity advantages, making it easier to attract new capital allocation during product promotion.

Second, leading investment trust institutions' brand and channel advantages.

Most top-ranked products by scale are issued by large investment trust institutions.

These institutions have long cultivated Taiwan's fund market, possessing strong advantages in active investment capabilities, brand recognition, and distribution channels, able to quickly complete product fundraising through banking, securities, and wealth management channels while continuously attracting new capital allocation, resulting in market scale concentration toward leading institutions.

Third, the market is still in early development with no long-term performance differences formed between products.

As of June 30, 2026, most active ETFs have been established for less than one year, with investor evaluations still mainly based on scale, brand, and market attention factors, making staged capital concentration toward leading products reasonable.

As market participants increase and product strategies mature, the competitive landscape may further differentiate.

4. Investor Participation

With continuous increases in active ETF product numbers and rising investor participation, Taiwan's active ETF market has initially formed a relatively clear investor structure.

In terms of holder numbers, small and medium holders occupy a higher proportion; in terms of shares held, large holders contribute a higher proportion, showing characteristics of "dispersed holders with relatively concentrated shares."

4.1 Holder Structure

Taiwan Depository & Clearing Corporation's ETF share tier data can better reflect investor holding structure.

This article selects seven representative active ETFs as samples, whose beneficiary numbers account for approximately 69.6% of the entire market, with high sample coverage that can better reflect major market investor structure.

From the holder structure perspective, Taiwan's active ETF market mainly shows the following characteristics.

First, small and medium holders occupy the dominant position in numbers.

As of July 17, 2026, holders of 1-50,000 units accounted for 96.3% of total sample holders, with active ETF investor coverage relatively broad, and small and medium holders being important components of market participation.

Among them, holders of 1,000-10,000 units had the highest number, accounting for 66.1% of total, the highest proportion holder group in the sample.

Second, shares held are concentrated among large holders.

Holders of over 50,001 units accounted for only 3.7% of numbers but held nearly half of total sample shares.

Although active ETFs have attracted broader small and medium holder participation, large holders still contribute a higher proportion of shares held.

Overall, investor number distribution and capital distribution are not consistent.

A large number of small and medium holders constitute the main body of market participation, while large holders and institutional capital contribute a higher proportion of fund shares, with both types of investors jointly supporting active ETF market development.

4.2 Small and Medium Holder Participation Characteristics

Based on shareholding scale, small and medium investors can be further divided into three tiers, with different tiers showing obvious differences in holder numbers and share contributions.

From the overall structure, light holders are the largest individual holder group in Taiwan's active ETFs.

Investors holding 1,000-10,000 units reached 1.937 million, accounting for 66.1% of total, constituting the main retail client base.

Although this group's capital contribution accounts for only 19.4%, their numerical advantage is obvious, making them an important source for active ETFs to continuously acquire new clients and the core customer base for regular savings plan business development.

Medium holders (10,001-50,000 units) accounted for 17.3% of numbers, contributing 31.3% of shares, with average holdings of 23,261 units per person, significantly higher capital allocation depth than light holders, making them an important capital component of the active ETF market.

In comparison, trial investors hold lower shares with limited contribution to overall shares.

In the future, as product operation time extends and investor awareness improves, this group of investors may further increase allocation scale.

4.3 Large Holder Participation Characteristics

From the shareholding perspective, large holders occupy a higher proportion in some active ETFs, having important influence on product share structure.

Further comparing representative products reveals certain differences in large investor shareholding proportions across different active ETFs, with each product's investor structure showing certain differentiation characteristics.

From representative products, large investor shareholding proportions differ significantly across different active ETFs.

Among them, 00990A had the highest large investor shareholding proportion at 64.0%, significantly higher than other sample products; 00988A's large investor shareholding proportion was 51.9%, also at a relatively high level.

In comparison, 00982A and 00980A had relatively lower large investor shareholding proportions among sample products, with investor holding structures relatively more dispersed.

It is worth noting that from the listed sample cases, product scale and large holder proportion do not correspond one-to-one.

For example, 00981A, as a market-leading active ETF, had 46.0% shareholding by investors of over 50,001 units, at a mid-range sample level; while 00990A, despite relatively smaller product scale, had the highest large investor shareholding proportion.

Large capital concentration levels vary significantly across different products, and investor structure characteristics cannot be explained by product scale alone.

Since each product differs in establishment time, investment positioning, distribution channels, and client base, large investor shareholding proportions may be affected by multiple factors.

At present, Taiwan's active ETF products still have relatively short operation histories, and this article mainly provides descriptive analysis from the holding structure perspective without further inferring causal relationships between different product positioning and institutional capital allocation.

4.4 Regular Savings Plan Investment Trends

Dollar-Cost Averaging is an important investment method long promoted in Taiwan's fund market and an important channel for active ETFs to acquire long-term capital.

Investors can automatically deduct and purchase ETF shares through agreed amounts and frequencies.

According to Securities Investment Trust & Consulting Association statistics, in June 2026, market-wide active ETF regular savings plan deduction amounts reached NT$3.525 billion, with 308,246 deduction accounts and 740,539 deduction transactions, all reaching new highs since market establishment.

To further observe investor capital input levels, this article calculates average per-account regular savings plan amounts based on active ETF regular savings plan investment amounts and account numbers.

From calculation results, active ETF average per-account regular savings plan amounts generally show characteristics of first declining, then recovering and stabilizing.

In the initial product listing period, with rapid increases in participant numbers, average per-account regular savings plan amounts declined from NT$8,696 in May 2025 to NT$5,551 in July, while regular savings plan accounts increased from 115 to 4,864 during the same period.

Large numbers of new investors participating diluted average per-account investment amounts, showing overall small-amount trial investment characteristics.

After entering August 2025, with increased product supply and continuously rising participant numbers, average per-account regular savings plan amounts began gradually recovering, breaking through NT$11,000 in December 2025.

After entering 2026, average per-account amounts fluctuated around NT$10,000, reaching a staged high of NT$11,969 in April 2026.

Although a brief decline occurred in February, regular savings plan amounts and participating accounts still generally showed upward trends.

Overall, average per-account regular savings plan amounts gradually stabilized at higher levels after experiencing the product introduction stage.

Meanwhile, regular savings plan amounts and account numbers continued to grow, indicating continuously increasing active ETF regular savings plan participation.

As an important investment method long promoted in Taiwan's fund market, the regular savings plan mechanism helps enhance long-term capital source stability, providing support for active ETF asset scale continued growth.

5. Risk Disclosure

This report provides descriptive analysis based on public data.

Active ETF products have relatively short establishment histories, and historical performance and investor behavior data samples are limited.

Market size, competitive landscape, and investor structure may adjust with increased product supply, changes in market conditions, and shifts in investor preferences.

Related conclusions require continuous tracking and verification.

The report content does not constitute any investment advice.