本研究目的主要是探討投資於不動產ETF (Real Estate ETF)在多變的投資環境中市場其表現如何? 當面臨多頭市場時，投資於不動產ETF可以讓投資人可以獲得穩健的報酬及股息收益，同時在市場環境下跌時可以避免遭受更大的投資損失。本論文研究方法對不動產ETF之報酬做迴歸分析;主要發現當Real Estate ETF 在市場下跌時，有相對於上漲時較高的報酬。

此外，本文所研究內容是以美國前30大不動產ETF作為探討對象。因投資不動產交易需耗費龐大資金、手續繁雜、投資成本相較昂貴，然而投資不動產ETF其標的投資較為分散、選擇性多、操作靈活且交易手續費便宜等優點。故希望透過此研究，當不動產ETF在面臨市場投資風險時，其所擁有的種種投資優勢，未來可作為投資人之資產配置選擇及降低投資風險之參考標的。

The purpose of this research is to explore how the Real Estate ETF ( REITs ETF) market performs in a changing investment environment. When facing a bull market, investing in Real Estate ETF can provide investors with stable returns and dividend income, while avoiding greater investment losses when the market environment falls. The research method of this thesis is the regression analysis on the Real Estate ETF's compensation; it mainly finds that when the Real Estate ETF declines in the market, it has higher compensation than when it rises.

In addition, the research content of this paper is to the top 30 U.S. Real Estate ETF as the object of discussion. Because the investment Real Estate transactions need to spend a lot of money, complicated procedures, investment costs are more expensive. However, investment in Real Estate ETF its target investment is more diversified, more selective, flexible operation and cheap transaction fees and other advantages. Therefore, it is hoped that through this study, when the Real Estate ETF in the face of market investment risk, it has a variety of investment advantages, the future can be used as the investor's asset allocation choice and reduce investment risk reference target.

英文文獻：
1.Curcio, Anderson, and Guirguis ”Managing Risk in the Real Estate Portfolio Through the Use of leveraged and Inverse ETFs”REAL ESTATE FINANCE， Fall 2014, pp. 63-77.

2.Hamid Falatoon , Mohammad R. Safarzadeh Economics , Risk and Return Comparison of MBS, REIT and Non-REIT Etfs .” International Journal of Business, Humanities and Technology Vol. 7, No. 3, September 2017, pp.41-51.

3.Rafiqul Bhuyan , James Kuhle , Nuriddin Ikromov , Charles Chiemeke , “Optimal Portfolio Allocation among REITs, Stocks, and Long-Term Bonds: An Empirical Analysis of US Financial Markets.” Journal of Mathematical Finance, 2014, 4, 104-112 .

4.Fitzpatrick Brian D., “Surprising Comparison Of Risk And Return Factors Between Real Estate Investment Trusts (REITs) And The S&P 500 Index During The 2000-2011 Time Period .” Journal of Business & Economics Research – First Quarter 2014 Volume 12, Number 1,pp.47-54.

5.Hamid Falatoon， Mohammad R. Safarzadeh Economics , “ Risk and Return Comparison of MBS, REIT and Non-REIT Etfs.” International Journal of Business, Humanities and Technology Vol. 7, No. 3, September 2017,pp. 41-51.

6.Li Lingxiao , “ The Determinants of REIT Volatility.” This Draft: April, 2012.
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9.Fabozzi, F.J., S. Stanescu, and R.Tunaru, “Commercial Real Estate Risk Management with Derivatives,” The Journal of Portfolio Management, Vol. 39, No. 5 (2013) pp. 111-119.

10.Jacobius, A.(2011) REIT Returns Beat Real Estate Funds, Other Alts-Pensions & Investments,Retrieved from http://www.pionline.com/article/20111115/online/111119987.

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1.蕭明峰，「我國REITs發行現況及投資風險分析」，金融監理與風險管理選輯，第275-294頁。

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4.鍾惠民、周賓凰、孫而音(2014)「財務計量: EVIEWS 的運用」，修訂版，新路書局。