本研究探討臺灣全透明主動式 ETF 官方網站揭露品質與 ETF 市場行為之關聯，並結合訊號理論、資訊過載與投資人有限注意力觀點加以分析。一方面，較高的網站揭露品質可作為發行機構針對 ETF品質與策略透明度之正向訊號，降低資訊不對稱；另一方面，過多或過於複雜的揭露內容亦可能提高資訊處理成本，使投資人注意力過度集中於部分醒目資訊或熱門標的，進而影響交易行為與定價效率。基於此，本研究以三種交易量指標衡量市場關注與交易活絡程度，以溢折價絕對值反映 ETF價格偏離程度，檢驗網站揭露品質各構面對市場效率的影響。 研究樣本為 2025 年 9 月至 2026 年 3 月期間掛牌之 16 檔臺灣股票型全透明主動式 ETF，以週為觀察單位，共 295筆樣本。本研究手動蒐集各基金發行機構官方網站資訊，並從內容揭露、資訊可得性與資訊呈現方式三個構面建構網站揭露品質指標，進一步檢驗其對ETF交易量及溢折價絕對值之影響。 實證結果顯示，網站揭露品質與交易量及市場效率之關係，在拆解為三個構面後效果相異。其中，資訊可得性構面與交易量指標皆呈顯著負向關係，且與溢折價絕對值呈顯著正向關係；相較之下，內容揭露與資訊呈現構面則未有顯著關聯。進一步之穩健性測試結果亦顯示，上述結果不因構面量尺調整而改變。 整體而言，本研究結果顯示，在主動式ETF資訊高度透明之制度環境下，提升網站資訊可得性未必能改善市場效率，反而伴隨著投資人注意力集中與資訊處理負擔提高等現象，降低交易量並使定價偏離幅度變大。本研究除補充主動式 ETF 與網站揭露相關文獻外，亦提供主管機關與發行機構在網站資訊設計與揭露策略上之實務參考。;This study examines how the website disclosure quality of fully transparent active exchange-traded funds (ETFs) in Taiwan relates to ETF market behavior， drawing on signaling theory as well as information overload and limited investor attention perspectives. Higher website disclosure quality can signal better ETF quality and strategy transparency and thus reduce information asymmetry， but excessive or complex disclosure may raise investors’ information processing costs and concentrate limited attention on salient information or popular securities， potentially distorting trading behavior and pricing efficiency. Accordingly， this study employs three trading-volume indicators to measure market attention and trading activity， and uses the absolute value of the premium–discount deviation (AbsPD) to capture the extent of ETF price deviation. By doing so， this study examines the effects of different dimensions of website disclosure quality on market efficiency. The sample comprises 16 Taiwan equity fully transparent active ETFs listed between September 2025 and March 2026， yielding 295 weekly ETF observations. Using manually collected information from issuers’ official websites， the study constructs a website disclosure quality index along three dimensions—content disclosure， information accessibility， and information presentation—and examines their effects on ETF trading volume and the absolute premium–discount deviation(AbsPD). The empirical evidence shows that website disclosure quality， once decomposed into these dimensions， is not uniformly associated with higher trading volume or greater market efficiency. Information accessibility is significantly negatively related to trading volume and significantly positively related to the absolute premium–discount deviation(AbsPD)， whereas content disclosure and information presentation do not exhibit significant effects. Overall， the results suggest that， in a highly transparent environment for active ETFs， enhancing website information accessibility does not necessarily improve market efficiency and may instead coincide with increased investor attention concentration and heavier information processing burden， leading to lower trading volume and larger pricing deviations and offering implications for regulators and ETF issuers when designing website disclosure.
