{"id":17870,"date":"2026-09-22T09:33:48","date_gmt":"2026-09-22T02:33:48","guid":{"rendered":"https:\/\/www.phfm.vn\/?p=17870"},"modified":"2026-09-22T09:34:21","modified_gmt":"2026-09-22T02:34:21","slug":"vnshine-and-the-next-step-for-vietnams-etf-market-giving-investors-a-new-way-to-access-the-market","status":"publish","type":"post","link":"https:\/\/www.phfm.vn\/vi\/vnshine-and-the-next-step-for-vietnams-etf-market-giving-investors-a-new-way-to-access-the-market\/","title":{"rendered":"VNSHINE V\u00c0 B\u01af\u1edaC PH\u00c1T TRI\u1ec2N M\u1edaI C\u1ee6A ETF VI\u1ec6T NAM: KHI NH\u00c0 \u0110\u1ea6U T\u01af C\u00d3 TH\u00caM C\u00c1CH TI\u1ebeP C\u1eacN TH\u1eca TR\u01af\u1edcNG"},"content":{"rendered":"\"\"<\/p>\n

VNSHINE V\u00c0 B\u01af\u1edaC PH\u00c1T TRI\u1ec2N M\u1edaI C\u1ee6A ETF VI\u1ec6T NAM: KHI NH\u00c0 \u0110\u1ea6U T\u01af C\u00d3 TH\u00caM C\u00c1CH TI\u1ebeP C\u1eacN TH\u1eca TR\u01af\u1edcNG<\/b><\/strong><\/span><\/h1>\n

B\u00e0i to\u00e1n c\u1ee7a m\u1ed9t th\u1ecb tr\u01b0\u1eddng ETF c\u00f2n non tr\u1ebb<\/strong><\/h1>\n

T\u1eeb ng\u00e0y 21\/9\/2026, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam ch\u00ednh th\u1ee9c \u0111\u01b0\u1ee3c FTSE Russell n\u00e2ng h\u1ea1ng l\u00ean \u201cth\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i th\u1ee9 c\u1ea5p\u201d, v\u1edbi t\u1ef7 tr\u1ecdng trong r\u1ed5 FTSE Emerging All Cap Index t\u0103ng t\u1eeb 0,329% l\u00ean 0,49%, m\u1edf r\u1ed9ng kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn d\u00f2ng v\u1ed1n qu\u1ed1c t\u1ebf, \u0111\u1eb7c bi\u1ec7t l\u00e0 d\u00f2ng v\u1ed1n t\u1eeb c\u00e1c qu\u1ef9 b\u1ecb \u0111\u1ed9ng theo ch\u1ec9 s\u1ed1. S\u1ef1 ki\u1ec7n n\u00e0y \u0111\u1eb7t ra c\u00e2u h\u1ecfi li\u1ec7u c\u00e1c s\u1ea3n ph\u1ea9m \u0111\u1ea7u t\u01b0 n\u1ed9i \u0111\u1ecba, trong \u0111\u00f3 c\u00f3 ETF, \u0111\u00e3 \u0111\u1ee7 \u0111a d\u1ea1ng \u0111\u1ec3 \u0111\u00f3n d\u00f2ng v\u1ed1n m\u1edbi hay ch\u01b0a.<\/p>\n

Nhu c\u1ea7u ph\u00e1t tri\u1ec3n s\u1ea3n ph\u1ea9m ETF m\u1edbi c\u1ee7a PHFM xu\u1ea5t ph\u00e1t t\u1eeb nhu c\u1ea7u ng\u00e0y c\u00e0ng l\u1edbn \u0111\u1ed1i v\u1edbi nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ea7u t\u01b0 c\u00f3 t\u00ednh h\u1ec7 th\u1ed1ng, minh b\u1ea1ch nh\u01b0ng kh\u00f4ng ch\u1ec9 \u0111\u01a1n thu\u1ea7n d\u1ef1a tr\u00ean quy m\u00f4 v\u1ed1n h\u00f3a c\u1ee7a doanh nghi\u1ec7p. Ph\u1ea7n l\u1edbn ETF truy\u1ec1n th\u1ed1ng \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng d\u1ef1a tr\u00ean c\u00e1c ch\u1ec9 s\u1ed1 v\u1ed1n h\u00f3a. Trong khi \u0111\u00f3, VNSHINE \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf theo h\u01b0\u1edbng Smart Beta – v\u1eabn gi\u1eef nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a \u0111\u1ea7u t\u01b0 theo ch\u1ec9 s\u1ed1 nh\u01b0 t\u00ednh minh b\u1ea1ch, k\u1ef7 lu\u1eadt v\u00e0 chi ph\u00ed ti\u1ebfp c\u1eadn th\u1ea5p, nh\u01b0ng b\u1ed5 sung m\u1ed9t b\u1ed9 ti\u00eau ch\u00ed \u0111\u1ecbnh l\u01b0\u1ee3ng nh\u1eb1m l\u1ef1a ch\u1ecdn doanh nghi\u1ec7p d\u1ef1a tr\u00ean c\u00e1ch doanh nghi\u1ec7p t\u1ea1o ra v\u00e0 ph\u00e2n b\u1ed5 gi\u00e1 tr\u1ecb cho c\u1ed5 \u0111\u00f4ng.<\/p>\n

\u1ede g\u00f3c \u0111\u1ed9 nh\u00e0 \u0111\u1ea7u t\u01b0, s\u1ea3n ph\u1ea9m n\u00e0y t\u1ea1o th\u00eam m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng, nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd kh\u00f4ng ph\u1ea3i t\u1ef1 nghi\u00ean c\u1ee9u, l\u1ef1a ch\u1ecdn v\u00e0 t\u00e1i ph\u00e2n b\u1ed5 c\u1ed5 phi\u1ebfu nh\u01b0 khi qu\u1ea3n l\u00fd danh m\u1ee5c ch\u1ee7 \u0111\u1ed9ng, nh\u01b0ng danh m\u1ee5c c\u0169ng kh\u00f4ng \u0111\u01a1n thu\u1ea7n ch\u1ec9 ph\u1ea3n \u00e1nh quy m\u00f4 doanh nghi\u1ec7p. Ch\u00ednh v\u00ec v\u1eady, PHFM kh\u00f4ng ch\u1ec9 mu\u1ed1n b\u1ed5 sung cho th\u1ecb tr\u01b0\u1eddng m\u1ed9t s\u1ea3n ph\u1ea9m ETF truy\u1ec1n th\u1ed1ng, m\u00e0 l\u00e0 b\u1ed5 sung m\u1ed9t ph\u01b0\u01a1ng th\u1ee9c ti\u1ebfp c\u1eadn m\u1edbi, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u00eam c\u00f4ng c\u1ee5 \u0111\u1ec3 x\u00e2y d\u1ef1ng danh m\u1ee5c ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau v\u00e0 quan \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh.<\/p>\n

V\u00ec sao VNSHINE l\u1ea1i ch\u1ecdn Shareholder Yield<\/strong><\/h1>\n

Kh\u00e1c v\u1edbi chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 s\u0103n c\u1ed5 t\u1ee9c truy\u1ec1n th\u1ed1ng, Shareholder Yield mang \u0111\u1ebfn m\u1ed9t c\u00e1ch g\u00f3c nh\u00ecn to\u00e0n di\u1ec7n h\u01a1n trong vi\u1ec7c ti\u1ebfp c\u1eadn danh m\u1ee5c \u0111\u1ea7u t\u01b0, kh\u00f4ng ch\u1ec9 nh\u00ecn v\u00e0o m\u1ee9c c\u1ed5 t\u1ee9c cao, m\u00e0 c\u00f2n \u0111\u00e1nh gi\u00e1 c\u00e1ch doanh nghi\u1ec7p s\u1eed d\u1ee5ng ngu\u1ed3n l\u1ef1c t\u00e0i ch\u00ednh v\u00e0 t\u1ea1o gi\u00e1 tr\u1ecb cho c\u1ed5 \u0111\u00f4ng. M\u1ed9t c\u1ed5 phi\u1ebfu c\u00f3 t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c cao kh\u00f4ng ho\u00e0n to\u00e0n \u0111\u1ed3ng ngh\u0129a v\u1edbi ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i ch\u00ednh t\u1ed1t, doanh nghi\u1ec7p c\u00f3 th\u1ec3 tr\u1ea3 c\u1ed5 t\u1ee9c cao nh\u01b0ng \u0111\u1ed3ng th\u1eddi t\u0103ng n\u1ee3 \u0111\u00e1ng k\u1ec3 ho\u1eb7c ph\u00e1t h\u00e0nh th\u00eam c\u1ed5 phi\u1ebfu khi\u1ebfn l\u1ee3i \u00edch c\u1ee7a c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu b\u1ecb pha lo\u00e3ng. N\u1ebfu ch\u1ec9 nh\u00ecn v\u00e0o c\u1ed5 t\u1ee9c, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 b\u1ecf qua nh\u1eefng thay \u0111\u1ed5i quan tr\u1ecdng trong c\u1ea5u tr\u00fac v\u1ed1n.<\/p>\n

VNSHINE gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 n\u00e0y b\u1eb1ng vi\u1ec7c k\u1ebft h\u1ee3p ba nh\u00f3m y\u1ebfu t\u1ed1: t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t cao \u0111\u1ed3ng th\u1eddi duy tr\u00ec l\u1ecbch s\u1eed tr\u1ea3 c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t li\u00ean t\u1ee5c trong ba n\u0103m, m\u1ee9c \u0111\u1ed9 pha lo\u00e3ng c\u1ed5 phi\u1ebfu th\u1ea5p v\u00e0 kh\u1ea3 n\u0103ng gi\u1ea3m n\u1ee3 r\u00f2ng c\u1ee7a doanh nghi\u1ec7p. Ba ti\u00eau ch\u00ed n\u00e0y x\u00e9t c\u00f9ng nhau \u0111\u00e3 ph\u1ea3n \u00e1nh \u0111\u00fang b\u1ea3n ch\u1ea5t m\u00e0 Shareholder Yield h\u01b0\u1edbng t\u1edbi: doanh nghi\u1ec7p t\u1ea1o ra ti\u1ec1n m\u1eb7t th\u1ef1c, chia s\u1ebb l\u1ee3i \u00edch v\u1edbi c\u1ed5 \u0111\u00f4ng m\u1ed9t c\u00e1ch s\u00f2ng ph\u1eb3ng, v\u00e0 kh\u00f4ng \u0111\u00e1nh \u0111\u1ed5i s\u1ef1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh \u0111\u1ec3 l\u1ea5y t\u0103ng tr\u01b0\u1edfng ng\u1eafn h\u1ea1n.<\/p>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 k\u1ef3 v\u1ecdng g\u00ec v\u1ec1 l\u1ee3i nhu\u1eadn v\u00e0 r\u1ee7i ro c\u1ee7a FUEPHVNS <\/strong><\/h1>\n

VNSHINE l\u00e0 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng theo m\u1ed9t b\u1ed9 ti\u00eau ch\u00ed ri\u00eang \u0111\u1ec3 ch\u1ecdn l\u1ecdc nh\u1eefng kho\u1ea3n \u0111\u1ea7u t\u01b0 mang l\u1ea1i l\u1ee3i nhu\u1eadn nh\u01b0ng v\u1eabn \u0111\u00e1p \u1ee9ng c\u00e1c nguy\u00ean t\u1eafc qu\u1ea3n tr\u1ecb r\u1ee7i ro, t\u1ea1o n\u00ean m\u1ed9t tri\u1ebft l\u00fd \u0111\u1ea7u t\u01b0 \u0111\u1ee7 v\u1eefng ch\u1eafc gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 v\u01b0\u1ee3t qua nh\u1eefng bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng.<\/p>\n

Chi\u1ebfn l\u01b0\u1ee3c Shareholder Yield c\u00f3 th\u1ec3 ph\u00e1t huy l\u1ee3i th\u1ebf trong nh\u1eefng giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng \u0111\u00e1nh gi\u00e1 cao ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i ch\u00ednh, kh\u1ea3 n\u0103ng t\u1ea1o d\u00f2ng ti\u1ec1n, c\u1ed5 t\u1ee9c v\u00e0 k\u1ef7 lu\u1eadt s\u1eed d\u1ee5ng v\u1ed1n. Nh\u1eefng doanh nghi\u1ec7p c\u00f3 b\u1ea3ng c\u00e2n \u0111\u1ed1i l\u00e0nh m\u1ea1nh th\u01b0\u1eddng \u00edt ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c y\u1ebfu t\u1ed1 mang t\u00ednh \u0111\u1ea7u c\u01a1 trong ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i. Ng\u01b0\u1ee3c l\u1ea1i, chi\u1ebfn l\u01b0\u1ee3c c\u00f3 th\u1ec3 k\u00e9m hi\u1ec7u qu\u1ea3 t\u01b0\u01a1ng \u0111\u1ed1i trong c\u00e1c giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c d\u1eabn d\u1eaft m\u1ea1nh b\u1edfi nh\u00f3m c\u1ed5 phi\u1ebfu mang t\u00ednh \u0111\u1ea7u c\u01a1, c\u1ed5 phi\u1ebfu c\u00f3 h\u1ec7 s\u1ed1 bi\u1ebfn \u0111\u1ed9ng l\u1edbn, ho\u1eb7c m\u1ed9t s\u1ed1 doanh nghi\u1ec7p v\u1ed1n h\u00f3a l\u1edbn nh\u01b0ng kh\u00f4ng \u0111\u00e1p \u1ee9ng c\u00e1c ti\u00eau ch\u00ed mang l\u1ea1i l\u1ee3i \u00edch th\u1ef1c cho c\u1ed5 \u0111\u00f4ng.<\/p>\n

V\u00ec v\u1eady, nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean nh\u00ecn nh\u1eadn FUEPHVNS nh\u01b0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn \u0111\u1ea7u t\u01b0 b\u1ec1n v\u1eefng trong d\u00e0i h\u1ea1n, thay v\u00ec m\u1ed9t c\u00f4ng c\u1ee5 t\u1ed1i \u01b0u cho m\u1ed9t giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng c\u1ee5 th\u1ec3.<\/p>\n

B\u1ed1n \u0111i\u1ec1u ki\u1ec7n \u0111\u1ec3 m\u1ed9t \u00fd t\u01b0\u1edfng \u0111\u1ea7u t\u01b0 tr\u1edf th\u00e0nh ETF hi\u1ec7u qu\u1ea3<\/strong><\/h1>\n

S\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a Smart Beta ph\u1ea3n \u00e1nh s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a m\u1ed9t th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. Khi quy m\u00f4 th\u1ecb tr\u01b0\u1eddng t\u0103ng l\u00ean, kinh nghi\u1ec7m c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n v\u00e0 nhu c\u1ea7u ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n tr\u1edf n\u00ean \u0111a d\u1ea1ng h\u01a1n, nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd kh\u00f4ng ch\u1ec9 c\u1ea7n m\u1ed9t c\u00f4ng c\u1ee5 \u0111\u1ec3 m\u00f4 ph\u1ecfng th\u1ecb tr\u01b0\u1eddng chung, m\u00e0 c\u00f2n mu\u1ed1n l\u1ef1a ch\u1ecdn c\u00e1ch m\u00ecnh ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng. M\u1ed9t tri\u1ebft l\u00fd \u0111\u1ea7u t\u01b0 nh\u01b0 ch\u1ea5t l\u01b0\u1ee3ng, gi\u00e1 tr\u1ecb, c\u1ed5 t\u1ee9c, bi\u1ebfn \u0111\u1ed9ng th\u1ea5p hay l\u1ee3i \u00edch c\u1ed5 \u0111\u00f4ng \u0111\u1ec1u c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c chuy\u1ec3n th\u00e0nh m\u1ed9t b\u1ed9 quy t\u1eafc \u0111\u1ecbnh l\u01b0\u1ee3ng v\u00e0 tri\u1ec3n khai d\u01b0\u1edbi h\u00ecnh th\u1ee9c ETF. Song song \u0111\u00f3, c\u00e1c c\u00f4ng ty qu\u1ea3n l\u00fd qu\u1ef9 c\u0169ng c\u1ea7n \u0111a d\u1ea1ng h\u00f3a s\u1ea3n ph\u1ea9m v\u00e0 x\u00e2y d\u1ef1ng nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p lu\u1eadn s\u00e2u h\u01a1n \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u ng\u00e0y c\u00e0ng kh\u00e1c bi\u1ec7t c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n

Tuy nhi\u00ean, m\u1ed9t \u00fd t\u01b0\u1edfng \u0111\u1ea7u t\u01b0 ch\u01b0a ch\u1eafc \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t s\u1ea3n ph\u1ea9m ETF t\u1ed1t. T\u1eeb kinh nghi\u1ec7m ph\u00e1t tri\u1ec3n VNSHINE, PHFM cho r\u1eb1ng b\u1ed1n y\u1ebfu t\u1ed1 sau quy\u1ebft \u0111\u1ecbnh vi\u1ec7c m\u1ed9t \u00fd t\u01b0\u1edfng \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh ETF hi\u1ec7u qu\u1ea3 trong th\u1ef1c t\u1ebf, thay v\u00ec ch\u1ec9 l\u00e0 m\u1ed9t khung l\u00fd thuy\u1ebft tr\u00ean gi\u1ea5y:<\/p>\n

1) T\u00ednh minh b\u1ea1ch c\u1ee7a b\u1ed9 quy t\u1eafc s\u00e0ng l\u1ecdc: <\/strong>Ch\u1ec9 s\u1ed1 ph\u1ea3i \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 c\u00f4ng khai, \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n t\u1ef1 \u0111\u1ed9ng, kh\u00f4ng ph\u1ee5 thu\u1ed9c v\u00e0o ph\u00e1n \u0111o\u00e1n ch\u1ee7 quan.<\/p>\n

2) \u0110\u1ed9 b\u1ec1n qua nhi\u1ec1u chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng: <\/strong>\u0110\u01b0\u1ee3c ki\u1ec3m ch\u1ee9ng b\u1eb1ng d\u1eef li\u1ec7u backtest \u0111\u1ee7 d\u00e0i, bao g\u1ed3m c\u1ea3 giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng t\u0103ng, gi\u1ea3m v\u00e0 \u0111i ngang, thay v\u00ec ch\u1ec9 t\u1ed1i \u01b0u cho m\u1ed9t giai \u0111o\u1ea1n thu\u1eadn l\u1ee3i.<\/p>\n

3) T\u00ednh thanh kho\u1ea3n c\u1ee7a r\u1ed5 c\u1ed5 phi\u1ebfu n\u1ec1n: <\/strong>Danh m\u1ee5c ph\u1ea3i \u0111\u1ee7 thanh kho\u1ea3n \u0111\u1ec3 c\u00f3 th\u1ec3 t\u00e1i c\u00e2n b\u1eb1ng v\u1edbi chi ph\u00ed h\u1ee3p l\u00fd trong th\u1ef1c t\u1ebf.<\/p>\n

4) C\u01a1 ch\u1ebf qu\u1ea3n l\u00fd r\u1ee7i ro t\u1ef1 \u0111\u1ed9ng, c\u00f3 h\u1ec7 th\u1ed1ng: <\/strong>Lo\u1ea1i tr\u1eeb ngay t\u1eeb kh\u00e2u s\u00e0ng l\u1ecdc nh\u1eefng doanh nghi\u1ec7p ti\u1ec1m \u1ea9n r\u1ee7i ro \u0111\u1ea7u t\u01b0, thay v\u00ec x\u1eed l\u00fd r\u1ee7i ro sau khi \u0111\u00e3 ph\u00e1t sinh.<\/p>\n

Nh\u1eefng \u0111i\u1ec3m ngh\u1ebdn c\u1ee7a th\u1ecb tr\u01b0\u1eddng ETF Vi\u1ec7t Nam<\/strong><\/h1>\n

B\u00ean c\u1ea1nh b\u00e0i to\u00e1n quy m\u00f4 v\u00e0 thanh kho\u1ea3n, m\u1ed9t trong nh\u1eefng \u0111i\u1ec3m ngh\u1ebdn quan tr\u1ecdng hi\u1ec7n nay l\u00e0 ph\u1ea1m vi s\u1ea3n ph\u1ea9m m\u00e0 khung ph\u00e1p l\u00fd cho ph\u00e9p tri\u1ec3n khai v\u1eabn c\u00f2n t\u01b0\u01a1ng \u0111\u1ed1i h\u1eb9p so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n. \u1ede Vi\u1ec7t Nam, danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 ch\u1ee7 y\u1ebfu xoay quanh ch\u1ee9ng kho\u00e1n v\u00e0 c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c ph\u00e1p lu\u1eadt quy \u0111\u1ecbnh. \u0110\u00e1ng ch\u00fa \u00fd, vi\u1ec7c s\u1eed d\u1ee5ng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u1ed1i v\u1edbi qu\u1ef9 hi\u1ec7n \u0111\u01b0\u1ee3c gi\u1edbi h\u1ea1n ch\u1ee7 y\u1ebfu cho m\u1ee5c \u0111\u00edch ph\u00f2ng ng\u1eeba r\u1ee7i ro v\u00e0 gi\u1ea3m sai l\u1ec7ch so v\u1edbi ch\u1ec9 s\u1ed1 tham chi\u1ebfu, khi\u1ebfn m\u1ed9t s\u1ed1 d\u1ea1ng ETF ph\u1ed5 bi\u1ebfn tr\u00ean th\u1ebf gi\u1edbi, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m s\u1eed d\u1ee5ng ph\u00e1i sinh d\u1ef1a tr\u00ean h\u00e0ng h\u00f3a ho\u1eb7c c\u00e1c ETF \u0111\u00f2n b\u1ea9y ch\u01b0a ph\u00f9 h\u1ee3p v\u1edbi khu\u00f4n kh\u1ed5 hi\u1ec7n h\u00e0nh.<\/p>\n

\u1ede c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 ti\u1ebfp c\u1eadn v\u00e0ng, b\u1ea1c th\u00f4ng qua c\u00e1c s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 ph\u1ea3n \u00e1nh bi\u1ebfn \u0111\u1ed9ng gi\u00e1 v\u00e0ng, b\u1ea1c m\u00e0 kh\u00f4ng c\u1ea7n tr\u1ef1c ti\u1ebfp mua v\u00e0 l\u01b0u tr\u1eef kim lo\u1ea1i v\u1eadt ch\u1ea5t; t\u01b0\u01a1ng t\u1ef1 v\u1edbi c\u00e1c h\u00e0ng h\u00f3a kh\u00e1c nh\u01b0 d\u1ea7u. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y gi\u1edbi h\u1ea1n trong ph\u00e1t tri\u1ec3n ETF kh\u00f4ng ch\u1ec9 n\u1eb1m \u1edf vi\u1ec7c th\u1ecb tr\u01b0\u1eddng c\u00f3 \u0111\u1ee7 \u00fd t\u01b0\u1edfng \u0111\u1ea7u t\u01b0 hay kh\u00f4ng, m\u00e0 c\u00f2n \u1edf vi\u1ec7c c\u01a1 ch\u1ebf, khung ph\u00e1p l\u00fd, \u0111\u1ecbnh gi\u00e1 v\u00e0 qu\u1ea3n tr\u1ecb r\u1ee7i ro \u0111\u00e3 s\u1eb5n s\u00e0ng \u0111\u1ec3 bi\u1ebfn c\u00e1c \u00fd t\u01b0\u1edfng \u0111\u00f3 th\u00e0nh s\u1ea3n ph\u1ea9m hay ch\u01b0a.<\/p>\n

Nh\u01b0ng d\u00f9 khung ph\u00e1p l\u00fd c\u00f3 \u0111\u01b0\u1ee3c m\u1edf r\u1ed9ng, m\u1ed9t y\u1ebfu t\u1ed1 kh\u00e1c v\u1eabn c\u1ea7n th\u1eddi gian \u0111\u1ec3 thay \u0111\u1ed5i, \u0111\u00f3 ch\u00ednh l\u00e0 th\u00f3i quen \u0111\u1ea7u t\u01b0. Ph\u1ea7n l\u1edbn nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n t\u1ea1i Vi\u1ec7t Nam hi\u1ec7n v\u1eabn quen ch\u1ee7 \u0111\u1ed9ng l\u1ef1a ch\u1ecdn c\u1ed5 phi\u1ebfu ri\u00eang l\u1ebb ho\u1eb7c t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i ng\u1eafn h\u1ea1n, h\u01a1n l\u00e0 ti\u1ebfp c\u1eadn \u0111\u1ea7u t\u01b0 theo h\u01b0\u1edbng t\u00edch s\u1ea3n d\u00e0i h\u1ea1n. Ch\u00ednh v\u00ec v\u1eady, vai tr\u00f2 c\u1ee7a c\u00e1c s\u1ea3n ph\u1ea9m ETF c\u0169ng ch\u01b0a \u0111\u01b0\u1ee3c nh\u00ecn nh\u1eadn \u0111\u1ea7y \u0111\u1ee7, khi\u1ebfn vi\u1ec7c ph\u00e1t tri\u1ec3n c\u00e1c s\u1ea3n ph\u1ea9m ETF m\u1edbi kh\u00f4ng c\u00f3 nhi\u1ec1u \u0111\u1ed9ng l\u1ef1c.<\/p>\n

M\u1ed9t kh\u00f3 kh\u0103n kh\u00e1c \u0111\u1ed1i v\u1edbi c\u00e1c s\u1ea3n ph\u1ea9m ETF l\u00e0 ph\u1ea3i b\u1ea3o \u0111\u1ea3m c\u00f3 \u0111\u1ee7 quy m\u00f4 v\u00e0 thanh kho\u1ea3n \u0111\u1ec3 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng thu\u1eadn ti\u1ec7n. Quy m\u00f4 \u0111\u1ee7 l\u1edbn gi\u00fap qu\u1ef9 v\u1eadn h\u00e0nh hi\u1ec7u qu\u1ea3 h\u01a1n, c\u00f2n thanh kho\u1ea3n t\u1ed1t gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 d\u1ec5 d\u00e0ng mua b\u00e1n m\u00e0 kh\u00f4ng t\u1ea1o ra ch\u00eanh l\u1ec7ch gi\u00e1 qu\u00e1 l\u1edbn. \u0110\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c \u0111i\u1ec1u \u0111\u00f3, ngo\u00e0i vi\u1ec7c thu h\u00fat d\u00f2ng v\u1ed1n ban \u0111\u1ea7u, c\u1ea7n c\u00f3 s\u1ef1 tham gia c\u1ee7a nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng, th\u00e0nh vi\u00ean l\u1eadp qu\u1ef9 v\u00e0 m\u1ed9t danh m\u1ee5c c\u01a1 s\u1edf \u0111\u1ee7 thanh kho\u1ea3n.<\/p>\n

D\u01b0 \u0111\u1ecba ph\u00e1t tri\u1ec3n trong 3\u20135 n\u0103m t\u1edbi<\/strong><\/h1>\n

Trong ph\u1ea1m vi hi\u1ec7n t\u1ea1i, Smart Beta v\u1eabn c\u00f2n nhi\u1ec1u d\u01b0 \u0111\u1ecba ph\u00e1t tri\u1ec3n, v\u1edbi c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ch\u1ecdn l\u1ecdc nh\u01b0 ch\u1ea5t l\u01b0\u1ee3ng, gi\u00e1 tr\u1ecb, c\u1ed5 t\u1ee9c, bi\u1ebfn \u0111\u1ed9ng th\u1ea5p hay k\u1ebft h\u1ee3p nhi\u1ec1u y\u1ebfu t\u1ed1. Tuy nhi\u00ean, v\u1ec1 d\u00e0i h\u1ea1n, d\u01b0 \u0111\u1ecba l\u1edbn h\u01a1n c\u00f3 th\u1ec3 n\u1eb1m \u1edf vi\u1ec7c m\u1edf r\u1ed9ng ETF sang nhi\u1ec1u lo\u1ea1i t\u00e0i s\u1ea3n kh\u00e1c nhau.<\/p>\n

M\u1ed9t s\u1ed1 s\u1ea3n ph\u1ea9m r\u1ea5t h\u1eefu \u00edch v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0ng hi\u1ec7n c\u00f2n kh\u00f3 tri\u1ec3n khai t\u1ea1i Vi\u1ec7t Nam, \u0111i\u1ec3n h\u00ecnh l\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m theo d\u00f5i v\u00e0ng, b\u1ea1c ho\u1eb7c h\u00e0ng h\u00f3a. Tr\u00ean th\u1ef1c t\u1ebf, nh\u00e0 \u0111\u1ea7u t\u01b0 trong n\u01b0\u1edbc \u0111\u00e3 c\u00f3 th\u1ec3 giao d\u1ecbch nh\u1eefng t\u00e0i s\u1ea3n n\u00e0y th\u00f4ng qua h\u1ee3p \u0111\u1ed3ng ph\u00e1i sinh t\u1ea1i S\u1edf Giao d\u1ecbch H\u00e0ng h\u00f3a Vi\u1ec7t Nam, nh\u01b0ng \u0111\u00e2y l\u00e0 k\u00eanh giao d\u1ecbch ph\u00e1i sinh c\u00f3 \u0111\u00f2n b\u1ea9y, \u0111\u00f2i h\u1ecfi chuy\u00ean m\u00f4n nh\u1ea5t \u0111\u1ecbnh, v\u1edbi m\u1ee9c ph\u00ed c\u1ed1 \u0111\u1ecbnh theo l\u00f4 kh\u00e1 cao so v\u1edbi quy m\u00f4 giao d\u1ecbch ph\u1ed5 bi\u1ebfn c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n. N\u00f3i c\u00e1ch kh\u00e1c, k\u00eanh ti\u1ebfp c\u1eadn \u0111\u00e3 t\u1ed3n t\u1ea1i, nh\u01b0ng ch\u01b0a c\u00f3 \u1edf d\u1ea1ng m\u1ed9t s\u1ea3n ph\u1ea9m ETF \u0111\u01a1n gi\u1ea3n, chi ph\u00ed h\u1ee3p l\u00fd v\u00e0 ph\u00f9 h\u1ee3p \u0111\u1ec3 n\u1eafm gi\u1eef d\u00e0i h\u1ea1n. Trong khi \u1edf n\u01b0\u1edbc ngo\u00e0i, \u0111\u00e3 t\u1ed3n t\u1ea1i nhi\u1ec1u s\u1ea3n ph\u1ea9m ETF s\u1eed d\u1ee5ng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u1ec3 ph\u1ea3n \u00e1nh bi\u1ebfn \u0111\u1ed9ng gi\u00e1 h\u00e0ng h\u00f3a.<\/p>\n

N\u1ebfu trong t\u01b0\u01a1ng lai khung ph\u00e1p l\u00fd cho ph\u00e9p ph\u00e1t tri\u1ec3n th\u00eam c\u00e1c s\u1ea3n ph\u1ea9m nh\u01b0 v\u1eady v\u1edbi c\u01a1 ch\u1ebf \u0111\u1ee7 t\u1ed1t trong vi\u1ec7c qu\u1ea3n tr\u1ecb r\u1ee7i ro v\u00e0 b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0, ETF c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng c\u1ee5 ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n ho\u00e0n ch\u1ec9nh h\u01a1n, thay v\u00ec ch\u1ee7 y\u1ebfu gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1ef1a ch\u1ecdn gi\u1eefa c\u00e1c nh\u00f3m c\u1ed5 phi\u1ebfu kh\u00e1c nhau.<\/p>\n

H\u00e0m \u00fd \u0111\u1ea7u t\u01b0<\/strong><\/h2>\n

Smart Beta l\u00e0 b\u01b0\u1edbc chuy\u1ec3n c\u1ea7n thi\u1ebft \u0111\u1ec3 th\u1ecb tr\u01b0\u1eddng ETF tr\u01b0\u1edfng th\u00e0nh h\u01a1n: <\/strong>S\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a c\u00e1c chi\u1ebfn l\u01b0\u1ee3c nh\u01b0 Shareholder Yield mang t\u1edbi nhi\u1ec1u s\u1ef1 l\u1ef1a ch\u1ecdn h\u01a1n cho nh\u00e0 \u0111\u1ea7u t\u01b0, \u0111\u00e1p \u1ee9ng nhu c\u1ea7u ng\u00e0y c\u00e0ng \u0111a d\u1ea1ng trong vi\u1ec7c ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng, thay v\u00ec ch\u1ec9 \u0111\u01a1n thu\u1ea7n m\u00f4 ph\u1ecfng ch\u1ec9 s\u1ed1 v\u1ed1n h\u00f3a. \u0110\u00e2y l\u00e0 xu h\u01b0\u1edbng t\u1ea5t y\u1ebfu \u0111i k\u00e8m v\u1edbi s\u1ef1 ph\u00e1t tri\u1ec3n v\u1ec1 quy m\u00f4 v\u00e0 kinh nghi\u1ec7m c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n

Ch\u1ea5t l\u01b0\u1ee3ng s\u00e0ng l\u1ecdc quy\u1ebft \u0111\u1ecbnh gi\u00e1 tr\u1ecb th\u1ef1c ti\u1ec5n c\u1ee7a m\u1ed9t ETF: <\/strong>T\u00ednh minh b\u1ea1ch quy t\u1eafc, \u0111\u1ed9 b\u1ec1n qua chu k\u1ef3, thanh kho\u1ea3n r\u1ed5 c\u1ed5 phi\u1ebfu n\u1ec1n v\u00e0 c\u01a1 ch\u1ebf qu\u1ea3n l\u00fd r\u1ee7i ro t\u1ef1 \u0111\u1ed9ng l\u00e0 b\u1ed1n \u0111i\u1ec1u ki\u1ec7n c\u1ea7n \u0111\u1ec3 m\u1ed9t \u00fd t\u01b0\u1edfng \u0111\u1ea7u t\u01b0 tr\u1edf th\u00e0nh s\u1ea3n ph\u1ea9m kh\u1ea3 thi, thay v\u00ec d\u1eebng \u1edf khung l\u00fd thuy\u1ebft.<\/p>\n

Ti\u1ec1m n\u0103ng \u0111i c\u00f9ng th\u00e1ch th\u1ee9c: <\/strong>Trong 3-5 n\u0103m t\u1edbi, d\u01b0 \u0111\u1ecba m\u1edf r\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng ETF t\u1ea1i Vi\u1ec7t Nam s\u1ebd ch\u1ecbu s\u1ef1 chi ph\u1ed1i b\u1edfi hai bi\u1ebfn s\u1ed1 c\u1ed1t l\u00f5i: h\u00e0nh lang ph\u00e1p l\u00fd v\u00e0 h\u00e0nh vi c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0. M\u1ed9t m\u1eb7t, nh\u1eefng r\u00e0o c\u1ea3n v\u1ec1 c\u01a1 ch\u1ebf hi\u1ec7n h\u00e0nh \u0111ang k\u00ecm h\u00e3m qu\u00e1 tr\u00ecnh \u0111a d\u1ea1ng h\u00f3a c\u00e1c c\u1ea5u tr\u00fac s\u1ea3n ph\u1ea9m m\u1edbi v\u00e0 ph\u1ee9c t\u1ea1p h\u01a1n. M\u1eb7t kh\u00e1c, kh\u1ea9u v\u1ecb giao d\u1ecbch ng\u1eafn h\u1ea1n c\u1ee7a d\u00f2ng v\u1ed1n c\u00e1 nh\u00e2n c\u0169ng v\u00f4 h\u00ecnh trung l\u00e0m suy gi\u1ea3m \u0111\u1ed9ng l\u1ef1c \u0111\u1ed5i m\u1edbi c\u1ee7a th\u1ecb tr\u01b0\u1eddng. \u0110\u00e2y l\u00e0 hai n\u00fat th\u1eaft ch\u00ednh c\u1ea7n theo d\u00f5i s\u00e1t sao \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 chu k\u1ef3 t\u0103ng tr\u01b0\u1edfng ti\u1ebfp theo c\u1ee7a c\u00e1c qu\u1ef9 ETF.<\/p>\n

\u00a0PHFM<\/em><\/p>","protected":false},"excerpt":{"rendered":"

VNSHINE V\u00c0 B\u01af\u1edaC PH\u00c1T TRI\u1ec2N M\u1edaI C\u1ee6A ETF VI\u1ec6T NAM: KHI NH\u00c0 \u0110\u1ea6U T\u01af C\u00d3 TH\u00caM C\u00c1CH TI\u1ebeP C\u1eacN TH\u1eca TR\u01af\u1edcNG B\u00e0i to\u00e1n c\u1ee7a m\u1ed9t th\u1ecb tr\u01b0\u1eddng ETF c\u00f2n non tr\u1ebb T\u1eeb ng\u00e0y 21\/9\/2026, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam ch\u00ednh th\u1ee9c \u0111\u01b0\u1ee3c FTSE Russell n\u00e2ng h\u1ea1ng l\u00ean \u201cth\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i th\u1ee9 c\u1ea5p\u201d, v\u1edbi…<\/p>\n","protected":false},"author":10,"featured_media":17871,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[103,107],"tags":[],"_links":{"self":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/17870"}],"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=17870"}],"version-history":[{"count":1,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/17870\/revisions"}],"predecessor-version":[{"id":17873,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/17870\/revisions\/17873"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media\/17871"}],"wp:attachment":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media?parent=17870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/categories?post=17870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/tags?post=17870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}