{"id":16282,"date":"2026-05-12T17:51:33","date_gmt":"2026-05-12T10:51:33","guid":{"rendered":"https:\/\/www.phfm.vn\/?p=16282"},"modified":"2026-05-12T17:55:57","modified_gmt":"2026-05-12T10:55:57","slug":"phu-hung-fund-management-launches-etf-phfm-vnshine","status":"publish","type":"post","link":"https:\/\/www.phfm.vn\/vi\/phu-hung-fund-management-launches-etf-phfm-vnshine\/","title":{"rendered":"C\u00d4NG TY QU\u1ea2N L\u00dd QU\u1ef8 PH\u00da H\u01afNG (PHFM) RA M\u1eaeT QU\u1ef8 ETF PHFM VNSHINE: \u201cLU\u1ed2NG GI\u00d3 M\u1edaI\u201d T\u1eea CHI\u1ebeN L\u01af\u1ee2C SMART BETA"},"content":{"rendered":"<img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-16283\" src=\"https:\/\/www.phfm.vn\/wp-content\/uploads\/design.png\" alt=\"\" width=\"1920\" height=\"1000\" srcset=\"https:\/\/www.phfm.vn\/wp-content\/uploads\/design.png 1920w, https:\/\/www.phfm.vn\/wp-content\/uploads\/design-768x400.png 768w, https:\/\/www.phfm.vn\/wp-content\/uploads\/design-1536x800.png 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<h1 style=\"text-align: center; color: #c0972d; font-size: 30px;\"><strong>C\u00d4NG TY QU\u1ea2N L\u00dd QU\u1ef8 PH\u00da H\u01afNG (PHFM) RA M\u1eaeT QU\u1ef8 ETF PHFM VNSHINE: \u201cLU\u1ed2NG GI\u00d3 M\u1edaI\u201d T\u1eea CHI\u1ebeN L\u01af\u1ee2C SMART BETA<\/strong><\/h1>\n<p><strong>C\u00f4ng ty C\u1ed5 ph\u1ea7n Qu\u1ea3n l\u00fd Qu\u1ef9 Ph\u00fa H\u01b0ng (PHFM) ch\u00ednh th\u1ee9c \u0111\u01b0\u1ee3c \u1ee6y ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc c\u1ea5p gi\u1ea5y ch\u1ee9ng nh\u1eadn ch\u00e0o b\u00e1n ch\u1ee9ng ch\u1ec9 qu\u1ef9 ra c\u00f4ng ch\u00fang (IPO) cho Qu\u1ef9 ETF PHFM VNSHINE. S\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a ETF PHFM VNSHINE \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng s\u1ebd mang l\u1ea1i m\u1ed9t l\u1ef1a ch\u1ecdn \u0111\u1ea7u t\u01b0 b\u1ec1n v\u1eefng d\u1ef1a tr\u00ean s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh th\u1ef1c th\u1ee5 c\u1ee7a doanh nghi\u1ec7p.<\/strong><\/p>\n<p>Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n n\u00e2ng h\u1ea1ng l\u00ean th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i th\u1ee9 c\u1ea5p, d\u00f2ng v\u1ed1n ETF \u0111\u00e3 v\u00e0 \u0111ang tr\u1edf th\u00e0nh m\u1ed9t ph\u1ea7n kh\u00f4ng th\u1ec3 thi\u1ebfu c\u1ee7a h\u1ec7 sinh th\u00e1i \u0111\u1ea7u t\u01b0. Tuy nhi\u00ean, s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 tr\u1ecdng s\u1ed1 v\u1ed1n h\u00f3a truy\u1ec1n th\u1ed1ng \u0111\u00f4i khi khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ed1i m\u1eb7t v\u1edbi r\u1ee7i ro khi th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh. Tr\u01b0\u1edbc th\u1ef1c t\u1ebf \u0111\u00f3, C\u00f4ng ty Qu\u1ea3n l\u00fd qu\u1ef9 Ph\u00fa H\u01b0ng (PHFM) \u0111\u00e3 ch\u00ednh th\u1ee9c gia nh\u1eadp \u0111\u01b0\u1eddng \u0111ua ETF v\u1edbi m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c kh\u00e1c bi\u1ec7t: <strong>Smart Beta<\/strong>.<\/p>\n<p><strong>Kh\u1eafc ph\u1ee5c \u201cnh\u01b0\u1ee3c \u0111i\u1ec3m\u201d c\u1ee7a ch\u1ec9 s\u1ed1 truy\u1ec1n th\u1ed1ng<\/strong><\/p>\n<p>Kh\u00e1c v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 truy\u1ec1n th\u1ed1ng v\u1ed1n \u01b0u ti\u00ean quy m\u00f4 v\u1ed1n h\u00f3a, ETF PHFM VNSHINE v\u1eadn h\u00e0nh d\u1ef1a tr\u00ean b\u1ed9 quy t\u1eafc \u201cVietnam Shareholder Interest Enhanced Index\u201d do S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n TP.HCM (HSX) ban h\u00e0nh. Theo \u0111\u00f3, danh m\u1ee5c qu\u1ef9 s\u1ebd bao g\u1ed3m t\u1eeb 15 \u0111\u1ebfn 30 c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c s\u00e0ng l\u1ecdc kh\u1eaft khe t\u1eeb r\u1ed5 VNAllshare.<\/p>\n<p>\u0110\u1ea1i di\u1ec7n PHFM cho bi\u1ebft, trong m\u00f4i tr\u01b0\u1eddng d\u00f2ng v\u1ed1n n\u00f3ng ch\u1ea3y v\u00e0o m\u1ea1nh m\u1ebd, c\u00e1c ch\u1ec9 s\u1ed1 truy\u1ec1n th\u1ed1ng d\u1ec5 r\u01a1i v\u00e0o r\u1ee7i ro khi ph\u1ea3i mua v\u00e0o c\u00e1c c\u1ed5 phi\u1ebfu \u0111\u00e3 b\u1ecb \u0111\u1ecbnh gi\u00e1 cao. ETF PHFM VNSHINE ra \u0111\u1eddi \u0111\u1ec3 mang l\u1ea1i m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c th\u00f4ng minh h\u01a1n, k\u1ebft h\u1ee3p gi\u1eefa s\u00e0ng l\u1ecdc \u0111\u1ecbnh l\u01b0\u1ee3ng v\u00e0 ph\u00e2n t\u00edch c\u01a1 b\u1ea3n \u0111\u1ec3 x\u00e2y d\u1ef1ng m\u1ed9t danh m\u1ee5c c\u00f3 kh\u1ea3 n\u0103ng ph\u00f2ng v\u1ec7 v\u01b0\u1ee3t tr\u1ed9i.<\/p>\n<p><strong>\u201cShareholder Yield\u201d \u2013 Khi ti\u1ec1n m\u1eb7t l\u00ean ti\u1ebfng<\/strong><\/p>\n<p>Tr\u1ecdng t\u00e2m c\u1ee7a ETF PHFM VNSHINE ch\u00ednh l\u00e0 kh\u00e1i ni\u1ec7m <strong>\u201cT\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn c\u1ed5 \u0111\u00f4ng\u201d (Shareholder Yield)<\/strong> \u2013 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 ch\u1ee9ng minh \u0111\u01b0\u1ee3c hi\u1ec7u qu\u1ea3 t\u1ea1i c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh ph\u00e1t tri\u1ec3n. Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y t\u1eadp trung v\u00e0o 3 tr\u1ee5 c\u1ed9t ph\u00f2ng th\u1ee7 v\u00e0 t\u0103ng tr\u01b0\u1edfng then ch\u1ed1t:<\/p>\n<ul>\n<li><strong>T\u1ed1i \u01b0u h\u00f3a c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t:<\/strong> \u01afu ti\u00ean c\u00e1c doanh nghi\u1ec7p c\u00f3 ch\u00ednh s\u00e1ch chi tr\u1ea3 ti\u1ec1n m\u1eb7t \u1ed5n \u0111\u1ecbnh cho nh\u00e0 \u0111\u1ea7u t\u01b0.<\/li>\n<li><strong>Ki\u1ec3m so\u00e1t pha lo\u00e3ng c\u1ed5 phi\u1ebfu:<\/strong> Lo\u1ea1i b\u1ecf c\u00e1c doanh nghi\u1ec7p l\u1ea1m d\u1ee5ng vi\u1ec7c t\u0103ng v\u1ed1n, gi\u00fap b\u1ea3o to\u00e0n quy\u1ec1n l\u1ee3i cho c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu.<\/li>\n<li><strong>T\u00e1i c\u1ea5u tr\u00fac v\u00e0 gi\u1ea3m n\u1ee3:<\/strong> T\u1eadp trung v\u00e0o c\u00e1c c\u00f4ng ty c\u00f3 xu h\u01b0\u1edbng gi\u1ea3m \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh \u0111\u1ec3 h\u1ea1 th\u1ea5p chi ph\u00ed l\u00e3i vay v\u00e0 t\u0103ng d\u01b0 \u0111\u1ecba ho\u00e0n tr\u1ea3 ti\u1ec1n m\u1eb7t.<\/li>\n<\/ul>\n<p>L\u00fd gi\u1ea3i v\u1ec1 vi\u1ec7c ch\u1ecdn \u201cTi\u1ec1n m\u1eb7t\u201d l\u00e0m th\u01b0\u1edbc \u0111o, PHFM cho r\u1eb1ng d\u1eef li\u1ec7u th\u1ef1c t\u1ebf t\u1ea1i Vi\u1ec7t Nam cho th\u1ea5y c\u00f3 t\u1edbi 41% c\u1ed5 phi\u1ebfu ni\u00eam y\u1ebft c\u00f3 m\u1ee9c ch\u00eanh l\u1ec7ch EPS sau ki\u1ec3m to\u00e1n tr\u00ean 1% do s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa c\u00e1c chu\u1ea9n m\u1ef1c k\u1ebf to\u00e1n. Trong khi \u0111\u00f3, c\u00e1c kho\u1ea3n m\u1ee5c v\u1ec1 ti\u1ec1n m\u1eb7t lu\u00f4n minh b\u1ea1ch v\u00e0 kh\u00f3 b\u1ecb thao t\u00fang h\u01a1n, gi\u00fap qu\u1ef9 l\u1ecdc nhi\u1ec5u b\u00e1o c\u00e1o t\u00e0i ch\u00ednh m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3.<\/p>\n<p><strong>Minh ch\u1ee9ng t\u1eeb hi\u1ec7u qu\u1ea3 th\u1ef1c t\u1ebf<\/strong><\/p>\n<p>S\u1ed1 li\u1ec7u th\u1ef1c ch\u1ee9ng giai \u0111o\u1ea1n t\u1eeb th\u00e1ng 05\/2020 \u0111\u1ebfn th\u00e1ng 01\/2026 \u0111\u00e3 cho th\u1ea5y \u01b0u th\u1ebf \u00e1p \u0111\u1ea3o c\u1ee7a chi\u1ebfn l\u01b0\u1ee3c n\u00e0y:<\/p>\n<ul>\n<li><strong>L\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i:<\/strong> T\u1ed5ng t\u1ef7 su\u1ea5t sinh l\u1eddi \u0111\u1ea1t <strong>229%<\/strong>, b\u1ecf xa m\u1ee9c t\u0103ng tr\u01b0\u1edfng 140% c\u1ee7a ch\u1ec9 s\u1ed1 VN-Index.<\/li>\n<li><strong>Kh\u1ea3 n\u0103ng \u201ckh\u00e1ng c\u1ef1\u201d r\u1ee7i ro:<\/strong> Trong n\u0103m 2022 \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng, danh m\u1ee5c VNSHINE ch\u1ec9 s\u1ee5t gi\u1ea3m <strong>-27,1%<\/strong>, th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi m\u1ee9c gi\u1ea3m -32,8% c\u1ee7a th\u1ecb tr\u01b0\u1eddng chung.<\/li>\n<li><strong>C\u01a1 c\u1ea5u t\u00e0i ch\u00ednh l\u00e0nh m\u1ea1nh:<\/strong> H\u1ec7 s\u1ed1 n\u1ee3 c\u1ee7a danh m\u1ee5c ch\u1ec9 \u1edf m\u1ee9c <strong>44,7%<\/strong>, trong khi th\u1ecb tr\u01b0\u1eddng chung l\u00ean t\u1edbi 70,0%.<\/li>\n<\/ul>\n<p>PHFM cho bi\u1ebft danh m\u1ee5c ETF PHFM VNSHINE c\u00f3 t\u1ef7 l\u1ec7 n\u1ee3 trung b\u00ecnh ch\u1ec9 44,7%, th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi m\u1ee9c trung b\u00ecnh th\u1ecb tr\u01b0\u1eddng l\u00e0 70%, c\u00f9ng h\u1ec7 s\u1ed1 Sharpe \u0111\u1ea1t 1,06. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y qu\u1ef9 kh\u00f4ng ch\u1ec9 h\u01b0\u1edbng \u0111\u1ebfn t\u0103ng tr\u01b0\u1edfng v\u1ed1n m\u00e0 c\u00f2n t\u1ed1i \u01b0u hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 tr\u00ean m\u1ed7i \u0111\u01a1n v\u1ecb r\u1ee7i ro, \u0111\u00e2y s\u1ebd l\u00e0 l\u1ef1a ch\u1ecdn \u0111\u00e1ng ch\u00fa \u00fd cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 theo \u0111u\u1ed5i chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 \u1ed5n \u0111\u1ecbnh v\u00e0 d\u00e0i h\u1ea1n.<\/p>\n<p>Qu\u1ef9 do C\u00f4ng ty c\u1ed5 ph\u1ea7n Qu\u1ea3n l\u00fd Qu\u1ef9 Ph\u00fa H\u01b0ng th\u00e0nh l\u1eadp v\u00e0 qu\u1ea3n l\u00fd. C\u00e1c th\u00e0nh vi\u00ean tham gia l\u1eadp qu\u1ef9 bao g\u1ed3m: CTCP Ch\u1ee9ng kho\u00e1n HSC, CTCP Ch\u1ee9ng kho\u00e1n Mirae Asset (Vi\u1ec7t Nam), CTCP Ch\u1ee9ng kho\u00e1n Ph\u00fa H\u01b0ng (PHS), CTCP Ch\u1ee9ng kho\u00e1n VietCap, CTCP Ch\u1ee9ng kho\u00e1n B\u1ea3o Vi\u1ec7t (BVSC), CTCP Ch\u1ee9ng kho\u00e1n OCBS, CTCP Ch\u1ee9ng kho\u00e1n Finhay. Ng\u00e2n h\u00e0ng gi\u00e1m s\u00e1t: Ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i c\u1ed5 ph\u1ea7n \u0110\u1ea7u t\u01b0 v\u00e0 Ph\u00e1t tri\u1ec3n Vi\u1ec7t Nam (BIDV) &#8211; Chi nh\u00e1nh Nam K\u1ef3 Kh\u1edfi Ngh\u0129a.<\/p>\n<p>Th\u1eddi gian IPO t\u1eeb ng\u00e0y 22\/5\/2026 \u0111\u1ebfn h\u1ebft ng\u00e0y 22\/6\/2026. Sau IPO, ch\u1ee9ng ch\u1ec9 qu\u1ef9 s\u1ebd \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft tr\u00ean S\u1edf Giao d\u1ecbch ch\u1ee9ng kho\u00e1n TP. H\u1ed3 Ch\u00ed Minh v\u00e0 giao d\u1ecbch nh\u01b0 m\u1ed9t c\u1ed5 phi\u1ebfu ni\u00eam y\u1ebft.","protected":false},"excerpt":{"rendered":"<p>C\u00d4NG TY QU\u1ea2N L\u00dd QU\u1ef8 PH\u00da H\u01afNG (PHFM) RA M\u1eaeT QU\u1ef8 ETF PHFM VNSHINE: \u201cLU\u1ed2NG GI\u00d3 M\u1edaI\u201d T\u1eea CHI\u1ebeN L\u01af\u1ee2C SMART BETA C\u00f4ng ty C\u1ed5 ph\u1ea7n Qu\u1ea3n l\u00fd Qu\u1ef9 Ph\u00fa H\u01b0ng (PHFM) ch\u00ednh th\u1ee9c \u0111\u01b0\u1ee3c \u1ee6y ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc c\u1ea5p gi\u1ea5y ch\u1ee9ng nh\u1eadn ch\u00e0o b\u00e1n ch\u1ee9ng ch\u1ec9 qu\u1ef9 ra c\u00f4ng ch\u00fang (IPO) cho&#8230;<\/p>\n","protected":false},"author":10,"featured_media":16283,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[103,107],"tags":[175,173,174,176,177,178],"_links":{"self":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/16282"}],"collection":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/comments?post=16282"}],"version-history":[{"count":1,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/16282\/revisions"}],"predecessor-version":[{"id":16286,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/16282\/revisions\/16286"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media\/16283"}],"wp:attachment":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media?parent=16282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/categories?post=16282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/tags?post=16282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}