ETF同時結合了基金能一次買進分散風險以及比基金買賣更方便的優點，逐漸成為了許多投資人的理財首選，ETF發行的數量與資產規模也隨著投資人的偏好大幅上升，截至2021年6月為止，ETF總受益人超過200萬，總資產規模也突破1.79兆元。但同時，截至2021年6月為止已有高達33檔ETF下市，ETF的流動性更是投資人應重視的風險。過往文獻多認為雜訊交易者是造成高交易量、流動性提高的主因，而標的為臺灣之股票型ETF擁有受益人最多、總發行時間較長及資產規模最大等特點，本研究以2021年5月為止上市滿3年之臺灣股票型ETF為研究對象，投資者情緒指標選用黃金價格、未平倉的買賣權比率及券資餘額比，樣本期間包括2018年5月至2021年5月之日資料，希望投資人可更了解影響流動性之原因，並謹慎調整投資策略。
本研究實證結果發現投資者情緒確實會影響臺灣股票型ETF之流動性，黃金價格及券資餘額比與流動性呈負相關，未平倉的買賣權比率則呈正相關。並進一步找出最能解釋ETF流動性之情緒指標組合為三個情緒指標皆採用。

Abstract
Since ETFs have combined the advantage of risk spreading and easy to buy or sell, more and more investors tend to choose this kind of financial product. The number of ETF is also growing really fast. Until now, the total asset of ETFs has already over 1.79 trillion and people who had buy it are over 200 million. Although ETFs seems so perfect, they are not flawless. If the amount of net asset is too low, ETFs would delisting. Previous studies indicate that noise traders are the main reason that the high trading volume and high liquidity. So it is really important that the investors should known about the risk of ETFs’ liquidity and what would cause the liquidity of ETFs become lower. or higher The research sample is base on Taiwan equity ETF which has released at least three years. All sample period is from 2018 to 2021. And use the gold price, put-call ratio and the ratio of margin buying to margin selling as proxies of investor sentiment to examine whether or not the investor sentiment can affect the liquidity of Taiwan equity ETF. Empirical results showed that all three proxies of investor sentiment could explain the liquidity of Taiwan equity ETF significantly. Gold price and the ratio of margin buying to margin selling are negative relation and put-call ratio is opposite. And adopt all three proxies in the model would be the best.

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