This study aims to find an efficient and fair policy on using a recycling fund in an uncertain environment. After over a decade's experience on E-waste management, the current policy of Taiwan's Recycling Fund Management Board (RFMB) is reviewed in search of a better policy. RFBM's environmental goal is to maximize the recycling rate with an uncertain fund. The study evaluates the fund on two models, yearly balance and multi-period, and illustrates the concept of two fund settings, offset yearly and earmarked. We generate four scenarios covering the estimated fund incomes in future years, using waste printers as an example in the analysis. The results herein show that the multi-period model provides more benefits than the yearly balance model for any situation under the four scenarios, and that the earmarked setting has an edge over the offset yearly setting in the above situations. We recommend that RFMB switch its fund setting into an earmarked fund and use the multi-period model, as it can obtain more option values against uncertainties in the long run. The finding on how to manage a recycling fund offers reference value for other countries adopting such a subsidy system for extended producer responsibility.