指數股票型基金(ETF)將指數證券化，利用不同的投資組合來分散風險，即以一籃子股票所組成發行，已經逐步成為投資市場上最火熱的商品，又高股息的選股策略為近年來眾多投資者喜愛。本研究主要探討運用技術指標－隨機指標(KD)搭配指數平滑異同移動平均線(MACD)，以日線、週線、月線搭配不同之參數加以分析，對於買賣(0056)台灣高股息ETF績效是有別於市場上常用的KD<20買進、KD>80賣出。實證結果發現，台灣高股息ETF(0056)在日線的操作策略中，當K值<20或40才進場、K值>90才出場之交易報酬較為優異，其中以K(40.90)的操作最佳，但與每年買進待配發現金股息之平均報酬無顯著差異性，可提供投資人作為操作策略之參考。 The index ETF with different portfolios composed of a basket of stocks to diversify risk has gradually became the popular financial product. For instance, high dividend ETF is one of the most popular products for investors.This study mainly investigates the use of technical analysis KD and MACD indicators, with the daily, weekly and monthly basis to analyze Taiwan high dividend ETF performance. Therefore, the signal of KD<20 and KD>80 to determine buy and sell,respectively.The empirical results show that Taiwan high dividend ETF in the daily basis is the best strategy, i.e., K<20 or 40 to buy ETF, and K>90 to sell ETF exists better return, among them, K (40.90) is the best one. But this strategy is indifferent with the annual cash dividend payment.
