{"id":2486,"date":"2026-04-04T18:50:54","date_gmt":"2026-04-04T18:50:54","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/04\/khi-co-phieu-va-trai-phieu-chao-dao-gioi-dau-tu-pho-wall-do-tien-vao-vu-khi-bi-mat-nay\/"},"modified":"2026-05-03T14:52:53","modified_gmt":"2026-05-03T07:52:53","slug":"khi-co-phieu-va-trai-phieu-chao-dao-gioi-dau-tu-pho-wall-do-tien-vao-vu-khi-bi-mat-nay","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/04\/khi-co-phieu-va-trai-phieu-chao-dao-gioi-dau-tu-pho-wall-do-tien-vao-vu-khi-bi-mat-nay\/","title":{"rendered":"Khi C\u1ed5 Phi\u1ebfu v\u00e0 Tr\u00e1i Phi\u1ebfu Chao \u0110\u1ea3o, Gi\u1edbi \u0110\u1ea7u T\u01b0 Ph\u1ed1 Wall \u0110\u1ed5 Ti\u1ec1n V\u00e0o &#8216;V\u0169 Kh\u00ed B\u00ed M\u1eadt&#8217; N\u00e0y"},"content":{"rendered":"<div>\n<p>Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ch\u00ecm trong s\u1eafc \u0111\u1ecf, khi c\u1ea3 c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu \u0111\u1ec1u ch\u1ecbu \u00e1p l\u1ef1c n\u1eb7ng n\u1ec1 t\u1eeb cu\u1ed9c chi\u1ebfn M\u1ef9-Iran v\u00e0 b\u00f3ng ma l\u1ea1m ph\u00e1t \u0111\u00ecnh \u0111\u1ed1n ki\u1ec3u th\u1eadp ni\u00ean 1970 \u0111ang quay tr\u1edf l\u1ea1i, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u00e0nh s\u1ecfi \u0111ang r\u00e1o ri\u1ebft t\u00ecm ki\u1ebfm m\u1ed9t &#8220;b\u1ebfn \u0111\u1ed7&#8221; m\u1edbi. V\u00e0 l\u1eddi gi\u1ea3i \u0111\u00e1p d\u01b0\u1eddng nh\u01b0 \u0111ang n\u1eb1m \u1edf c\u00e1c chi\u1ebfn l\u01b0\u1ee3c h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd (managed futures) \u2013 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ea7u t\u01b0 \u0111ang thu h\u00fat s\u1ef1 ch\u00fa \u00fd \u0111\u1eb7c bi\u1ec7t.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/taichinhphowall.com\/wp-content\/uploads\/2026\/04\/image-SW4gdGhpcyBhcnRpY2xlTWFuYWdlZCBm.jpg\" alt=\"tin t\u1ee9c t\u00e0i ch\u00ednh\" style=\"width:100%; border-radius:8px;\" \/><\/p>\n<p>C\u00e1c chi\u1ebfn l\u01b0\u1ee3c n\u00e0y, th\u01b0\u1eddng \u0111\u01b0\u1ee3c v\u1eadn h\u00e0nh b\u1edfi c\u00e1c c\u1ed1 v\u1ea5n giao d\u1ecbch h\u00e0ng h\u00f3a (CTA), s\u1eed d\u1ee5ng m\u00f4 h\u00ecnh h\u1ec7 th\u1ed1ng \u0111\u1ec3 giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00ean nhi\u1ec1u lo\u1ea1i t\u00e0i s\u1ea3n kh\u00e1c nhau. Thay v\u00ec ch\u1ea1y theo nh\u1eefng bi\u1ebfn \u0111\u1ed9ng ng\u1eafn h\u1ea1n, ch\u00fang t\u1eadp trung v\u00e0o vi\u1ec7c n\u1eafm b\u1eaft c\u00e1c xu h\u01b0\u1edbng l\u1edbn k\u00e9o d\u00e0i h\u00e0ng th\u00e1ng. Minh ch\u1ee9ng r\u00f5 n\u00e9t nh\u1ea5t cho s\u1ee9c m\u1ea1nh c\u1ee7a ch\u00fang l\u00e0 v\u00e0o n\u0103m 2022: khi S&#038;P 500 lao d\u1ed1c 18% v\u00e0 ch\u1ec9 s\u1ed1 tr\u00e1i phi\u1ebfu Bloomberg U.S. Aggregate Bond m\u1ea5t 13%, c\u00e1c chi\u1ebfn l\u01b0\u1ee3c managed futures l\u1ea1i ng\u01b0\u1ee3c d\u00f2ng ngo\u1ea1n m\u1ee5c v\u1edbi m\u1ee9c sinh l\u1eddi 20%.<\/p>\n<p>\u201c\u0110\u00f3 l\u00e0 m\u1ed9t s\u1ef1 v\u01b0\u1ee3t tr\u1ed9i \u0111\u1ea7y \u00fd ngh\u0129a trong m\u1ed9t m\u00f4i tr\u01b0\u1eddng m\u00e0 c\u1ea3 c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu \u0111\u1ec1u \u0111ang g\u1eb7p kh\u00f3 kh\u0103n,\u201d Nate Geraci, Ch\u1ee7 t\u1ecbch NovaDius, nh\u1eadn \u0111\u1ecbnh tr\u00ean ch\u01b0\u01a1ng tr\u00ecnh &#8220;ETF Edge&#8221; c\u1ee7a CNBC. Andrew Beer, th\u00e0nh vi\u00ean qu\u1ea3n l\u00fd t\u1ea1i DBi &#8211; c\u00f4ng ty \u0111ang qu\u1ea3n l\u00fd qu\u1ef9 ETF managed futures l\u1edbn nh\u1ea5t, iMGP DBi Managed Futures Strategy ETF (DBMF) &#8211; c\u0169ng \u0111\u1ed3ng t\u00ecnh r\u1eb1ng s\u1ef1 b\u1ea5t \u1ed5n v\u1ec1 l\u1ea1m ph\u00e1t, l\u00e3i su\u1ea5t c\u00f9ng v\u1edbi b\u1ed1i c\u1ea3nh \u0111\u1ecba ch\u00ednh tr\u1ecb bi\u1ebfn \u0111\u1ed9ng ch\u00ednh l\u00e0 &#8220;s\u00e2n kh\u1ea5u&#8221; l\u00fd t\u01b0\u1edfng cho ph\u01b0\u01a1ng ph\u00e1p n\u00e0y, v\u1ed1n c\u00f3 th\u1ec3 linh ho\u1ea1t \u0111\u1eb7t l\u1ec7nh mua (long) ho\u1eb7c b\u00e1n (short) \u0111\u1ec3 ph\u1ea3n \u1ee9ng v\u1edbi m\u1ecdi xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng.<\/p>\n<p>S\u1ef1 tr\u1ed7i d\u1eady c\u1ee7a c\u00e1c qu\u1ef9 ETF managed futures, d\u00f9 v\u1eabn l\u00e0 m\u1ed9t ph\u00e2n kh\u00fac t\u01b0\u01a1ng \u0111\u1ed1i nh\u1ecf v\u1edbi t\u1ed5ng t\u00e0i s\u1ea3n kho\u1ea3ng 6.5 t\u1ef7 USD, \u0111ang d\u00e2n ch\u1ee7 h\u00f3a chi\u1ebfn l\u01b0\u1ee3c v\u1ed1n t\u1eebng l\u00e0 &#8220;\u0111\u1eb7c quy\u1ec1n&#8221; c\u1ee7a gi\u1edbi qu\u1ef9 ph\u00f2ng h\u1ed9. Ri\u00eang qu\u1ef9 DBMF \u0111\u00e3 thu h\u00fat kho\u1ea3ng 1 t\u1ef7 USD d\u00f2ng v\u1ed1n trong n\u0103m nay. Theo Geraci, m\u1ed9t t\u00edn hi\u1ec7u kh\u00f4ng th\u1ec3 r\u00f5 r\u00e0ng h\u01a1n cho th\u1ea5y nhu c\u1ea7u \u0111ang b\u00f9ng n\u1ed5 t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n l\u00e0 vi\u1ec7c ba g\u00e3 kh\u1ed5ng l\u1ed3 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n &#8211; BlackRock, Invesco v\u00e0 Fidelity Investments &#8211; \u0111\u1ec1u \u0111\u00e3 nh\u1ea3y v\u00e0o cu\u1ed9c ch\u01a1i v\u1edbi c\u00e1c qu\u1ef9 ETF mang th\u01b0\u01a1ng hi\u1ec7u ri\u00eang trong n\u0103m qua. \u201cS\u1ef1 tham gia c\u1ee7a h\u1ecd l\u00e0 minh ch\u1ee9ng cho nhu c\u1ea7u th\u1ef1c s\u1ef1 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 trong t\u01b0\u01a1ng lai,\u201d \u00f4ng nh\u1ea5n m\u1ea1nh.<\/p>\n<p>Tuy nhi\u00ean, \u0111\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t cu\u1ed9c ch\u01a1i \u0111\u01a1n gi\u1ea3n. C\u00e1c chuy\u00ean gia c\u1ea3nh b\u00e1o r\u1eb1ng ETF managed futures ph\u1ee9c t\u1ea1p h\u01a1n nhi\u1ec1u so v\u1edbi vi\u1ec7c \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu th\u00f4ng th\u01b0\u1eddng. M\u1eb7c d\u00f9 ch\u00fang c\u00f3 th\u1ec3 t\u1ecfa s\u00e1ng trong c\u00e1c giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng c\u0103ng th\u1eb3ng, ch\u00fang c\u0169ng c\u00f3 th\u1ec3 ho\u1ea1t \u0111\u1ed9ng k\u00e9m hi\u1ec7u qu\u1ea3 trong c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u0103ng tr\u01b0\u1edfng \u1ed5n \u0111\u1ecbnh. \u201cNh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i ki\u00ean tr\u00ec v\u1edbi c\u00e1c chi\u1ebfn l\u01b0\u1ee3c n\u00e0y qua nh\u1eefng giai \u0111o\u1ea1n s\u1ee5t gi\u1ea3m hi\u1ec7u su\u1ea5t kh\u00f4ng th\u1ec3 tr\u00e1nh kh\u1ecfi,\u201d Geraci khuy\u00ean. \u201cCh\u00fang ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3 nh\u1ea5t khi b\u1ea1n c\u1ea7n \u0111\u1ebfn ch\u00fang, nh\u01b0ng b\u1ea1n ph\u1ea3i cho ch\u00fang th\u1eddi gian \u0111\u1ec3 ph\u00e1t huy t\u00e1c d\u1ee5ng qua c\u00e1c chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng ho\u00e0n ch\u1ec9nh.\u201d<\/p>\n<p>Andrew Beer g\u1ee3i \u00fd m\u1ed9t t\u1ef7 tr\u1ecdng ph\u00e2n b\u1ed5 h\u1ee3p l\u00fd t\u1eeb 3% \u0111\u1ebfn 5% trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111a d\u1ea1ng h\u00f3a, b\u00ean c\u1ea1nh c\u00e1c t\u00e0i s\u1ea3n h\u1eefu h\u00ecnh ho\u1eb7c c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng, v\u1edbi m\u1ee5c ti\u00eau cu\u1ed1i c\u00f9ng l\u00e0 \u201cv\u1eeba gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng t\u00e0i s\u1ea3n, v\u1eeba c\u00f3 th\u1ec3 ng\u1ee7 ngon m\u1ed7i \u0111\u00eam.\u201d<\/p>\n<p style=\"text-align:right;\"><em>Bi\u00ean t\u1eadp: Ph\u1ed1 Wall (Theo cnbc.com)<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ch\u00ecm trong s\u1eafc \u0111\u1ecf, khi c\u1ea3 c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu \u0111\u1ec1u ch\u1ecbu \u00e1p l\u1ef1c n\u1eb7ng n\u1ec1 t\u1eeb cu\u1ed9c chi\u1ebfn M\u1ef9-Iran v\u00e0 b\u00f3ng ma l\u1ea1m ph\u00e1t \u0111\u00ecnh \u0111\u1ed1n ki\u1ec3u th\u1eadp ni\u00ean 1970 \u0111ang quay tr\u1edf l\u1ea1i, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u00e0nh s\u1ecfi \u0111ang r\u00e1o ri\u1ebft t\u00ecm ki\u1ebfm m\u1ed9t &#8220;b\u1ebfn \u0111\u1ed7&#8221; [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2397,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[39],"tags":[],"class_list":["post-2486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chung-khoang-my-va-pho-wall"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/2486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/comments?post=2486"}],"version-history":[{"count":1,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/2486\/revisions"}],"predecessor-version":[{"id":12151,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/2486\/revisions\/12151"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/2397"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=2486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=2486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=2486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}