{"id":2727,"date":"2026-04-06T23:58:27","date_gmt":"2026-04-06T16:58:27","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/06\/managed-futures-ham-tru-an-moi-trong-boi-canh-thi-truong-chung-day-bien-dong-nam-2026\/"},"modified":"2026-04-06T23:58:27","modified_gmt":"2026-04-06T16:58:27","slug":"managed-futures-ham-tru-an-moi-trong-boi-canh-thi-truong-chung-day-bien-dong-nam-2026","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/06\/managed-futures-ham-tru-an-moi-trong-boi-canh-thi-truong-chung-day-bien-dong-nam-2026\/","title":{"rendered":"Managed Futures: “H\u1ea7m Tr\u00fa \u1ea8n” M\u1edbi Trong B\u1ed1i C\u1ea3nh Th\u1ecb Tr\u01b0\u1eddng Chung \u0110\u1ea7y Bi\u1ebfn \u0110\u1ed9ng N\u0103m 2026?"},"content":{"rendered":"
\n

\"tin<\/p>\n

Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u \u0111\u1ed1i m\u1eb7t v\u1edbi \u00e1p l\u1ef1c gia t\u0103ng t\u1eeb xung \u0111\u1ed9t M\u1ef9-Iran v\u00e0 nguy c\u01a1 l\u1ea1m ph\u00e1t \u0111\u00ecnh tr\u1ec7 (stagflation) ki\u1ec3u nh\u1eefng n\u0103m 1970, c\u00e1c chi\u1ebfn l\u01b0\u1ee3c Managed Futures (Qu\u1ea3n l\u00fd H\u1ee3p \u0111\u1ed3ng T\u01b0\u01a1ng lai) \u0111ang thu h\u00fat s\u1ef1 ch\u00fa \u00fd \u0111\u1eb7c bi\u1ec7t t\u1eeb gi\u1edbi \u0111\u1ea7u t\u01b0. Khi c\u1ea3 c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu \u0111\u1ec1u ch\u1ecbu s\u1ee9c \u00e9p, nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm nh\u1eefng ngu\u1ed3n l\u1ee3i nhu\u1eadn m\u1edbi, v\u00e0 Managed Futures n\u1ed5i l\u00ean nh\u01b0 m\u1ed9t c\u00f4ng c\u1ee5 \u0111a d\u1ea1ng h\u00f3a hi\u1ec7u qu\u1ea3 trong n\u0103m 2026.<\/p>\n

**Ph\u00e2n t\u00edch bi\u1ebfn \u0111\u1ed9ng v\u00e0 hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i:**<\/p>\n

\u0110i\u1ec3m n\u1ed5i b\u1eadt nh\u1ea5t c\u1ee7a Managed Futures l\u00e0 kh\u1ea3 n\u0103ng th\u00edch \u1ee9ng linh ho\u1ea1t v\u1edbi c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng thay \u0111\u1ed5i. Minh ch\u1ee9ng r\u00f5 n\u00e9t nh\u1ea5t l\u00e0 hi\u1ec7u su\u1ea5t \u1ea5n t\u01b0\u1ee3ng v\u00e0o n\u0103m 2022. Khi ch\u1ec9 s\u1ed1 S&P 500 gi\u1ea3m kho\u1ea3ng **18%** v\u00e0 ch\u1ec9 s\u1ed1 Bloomberg U.S. Aggregate Bond Index s\u1ee5t **13%**, c\u00e1c chi\u1ebfn l\u01b0\u1ee3c Managed Futures l\u1ea1i ghi nh\u1eadn m\u1ee9c t\u0103ng tr\u01b0\u1edfng **20%**. Nate Geraci, ch\u1ee7 t\u1ecbch NovaDius, nh\u1eadn \u0111\u1ecbnh tr\u00ean CNBC’s “ETF Edge”: “\u0110\u00f3 l\u00e0 hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i c\u00f3 \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 ch\u1ecbu \u00e1p l\u1ef1c.”<\/p>\n

C\u00e1c chi\u1ebfn l\u01b0\u1ee3c n\u00e0y, th\u01b0\u1eddng \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 t\u01b0 v\u1ea5n giao d\u1ecbch h\u00e0ng h\u00f3a (commodity trading advisors) \u0111i\u1ec1u h\u00e0nh, s\u1eed d\u1ee5ng c\u00e1c 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 t\u1eadp trung v\u00e0o c\u00e1c bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng ng\u1eafn h\u1ea1n trong c\u00e1c l\u1edbp t\u00e0i s\u1ea3n truy\u1ec1n th\u1ed1ng, Managed Futures h\u01b0\u1edbng \u0111\u1ebfn vi\u1ec7c n\u1eafm b\u1eaft c\u00e1c xu h\u01b0\u1edbng r\u1ed9ng l\u1edbn h\u01a1n k\u00e9o d\u00e0i trong nhi\u1ec1u th\u00e1ng. Andrew Beer, th\u00e0nh vi\u00ean qu\u1ea3n l\u00fd t\u1ea1i DBi (\u0111\u01a1n v\u1ecb qu\u1ea3n l\u00fd ETF Managed Futures l\u1edbn nh\u1ea5t, iMGP DBi Managed Futures Strategy ETF – DBMF), chia s\u1ebb r\u1eb1ng s\u1ef1 b\u1ea5t \u1ed5n v\u1ec1 l\u1ea1m ph\u00e1t, l\u00e3i su\u1ea5t v\u00e0 b\u1ed1i c\u1ea3nh \u0111\u1ecba ch\u00ednh tr\u1ecb bi\u1ebfn \u0111\u1ed9ng l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p l\u00fd t\u01b0\u1edfng cho ph\u01b0\u01a1ng ph\u00e1p Managed Futures. Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y c\u00f3 th\u1ec3 linh ho\u1ea1t th\u1ef1c hi\u1ec7n c\u00e1c v\u1ecb th\u1ebf mua (long) ho\u1eb7c b\u00e1n kh\u1ed1ng (short), ph\u1ea3n \u1ee9ng v\u1edbi c\u00e1c xu h\u01b0\u1edbng kh\u00e1c nhau tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n

**S\u1ef1 ph\u1ed5 c\u1eadp qua ETF v\u00e0 d\u00f2ng ti\u1ec1n t\u0103ng v\u1ecdt:**<\/p>\n

D\u00f9 l\u00e0 m\u1ed9t danh m\u1ee5c c\u00f2n t\u01b0\u01a1ng \u0111\u1ed1i nh\u1ecf, v\u1edbi t\u1ed5ng t\u00e0i s\u1ea3n kho\u1ea3ng **6,5 t\u1ef7 USD** theo ETFAction.com, c\u00e1c qu\u1ef9 ETF Managed Futures \u0111ang d\u1ea7n tr\u1edf n\u00ean d\u1ec5 ti\u1ebfp c\u1eadn h\u01a1n v\u1edbi \u0111\u00f4ng \u0111\u1ea3o nh\u00e0 \u0111\u1ea7u t\u01b0. Trong kh\u00f4ng gian n\u00e0y, iMGP DBi Managed Futures Strategy ETF (DBMF) \u0111\u00e3 thu h\u00fat kho\u1ea3ng **1 t\u1ef7 USD** d\u00f2ng v\u1ed1n m\u1edbi ch\u1ec9 trong n\u0103m nay. Vi\u1ec7c s\u1eed d\u1ee5ng c\u1ea5u tr\u00fac ETF \u0111\u00e3 gi\u00fap d\u00e2n ch\u1ee7 h\u00f3a m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c v\u1ed1n g\u1eafn li\u1ec1n v\u1edbi th\u1ebf gi\u1edbi qu\u1ef9 ph\u00f2ng h\u1ed9 (hedge funds), mang l\u1ea1i t\u00ednh thanh kho\u1ea3n v\u00e0 minh b\u1ea1ch cao h\u01a1n.<\/p>\n

“Ch\u00fang t\u00f4i \u0111ang t\u1eadn d\u1ee5ng c\u00f4ng vi\u1ec7c c\u1ee7a c\u00e1c qu\u1ef9 ph\u00f2ng h\u1ed9 l\u1edbn nh\u1ea5t v\u00e0 c\u1ed1 g\u1eafng hi\u1ec7u qu\u1ea3 h\u01a1n, n\u1eafm b\u1eaft nh\u1eefng g\u00ec h\u1ecd \u0111ang l\u00e0m,” Beer n\u00f3i. “Ch\u00fang t\u00f4i ph\u00e1t tri\u1ec3n m\u1ea1nh v\u1edbi nh\u1eefng thay \u0111\u1ed5i trong 3, 6, 9, 12 th\u00e1ng, ch\u1ee9 kh\u00f4ng ph\u1ea3i t\u1eeb th\u1ee9 Hai \u0111\u1ebfn th\u1ee9 N\u0103m.” Geraci c\u0169ng d\u1ef1 \u0111o\u00e1n ng\u00e0nh c\u00f4ng nghi\u1ec7p ETF s\u1ebd ti\u1ebfp t\u1ee5c ra m\u1eaft c\u00e1c s\u1ea3n ph\u1ea9m Managed Futures c\u00f9ng v\u1edbi c\u00e1c chi\u1ebfn l\u01b0\u1ee3c qu\u1ef9 ph\u00f2ng h\u1ed9 kh\u00e1c. D\u1ea5u hi\u1ec7u r\u00f5 r\u00e0ng cho th\u1ea5y s\u1ef1 quan t\u00e2m c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb \u0111ang t\u0103ng l\u00ean l\u00e0 vi\u1ec7c ba trong s\u1ed1 c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n l\u1edbn nh\u1ea5t – BlackRock, Invesco v\u00e0 Fidelity Investments \u2013 \u0111\u00e3 gia nh\u1eadp th\u1ecb tr\u01b0\u1eddng v\u1edbi c\u00e1c qu\u1ef9 ETF Managed Futures mang th\u01b0\u01a1ng hi\u1ec7u c\u1ee7a ri\u00eang h\u1ecd trong n\u0103m qua. “\u0110\u00e2y l\u00e0 m\u1ed9t d\u1ea5u hi\u1ec7u c\u1ee7a nhu c\u1ea7u \u0111\u1ea7u t\u01b0 th\u1ef1c s\u1ef1 trong t\u01b0\u01a1ng lai,” Geraci kh\u1eb3ng \u0111\u1ecbnh, “\u0110\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i.”<\/p>\n

**L\u1eddi khuy\u00ean cho nh\u00e0 \u0111\u1ea7u t\u01b0: N\u1eafm r\u00f5 r\u1ee7i ro v\u00e0 cam k\u1ebft d\u00e0i h\u1ea1n:**<\/p>\n

Tuy nhi\u00ean, Managed Futures ETFs v\u1eabn ph\u1ee9c t\u1ea1p h\u01a1n so v\u1edbi c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu th\u00f4ng th\u01b0\u1eddng. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n hi\u1ec3u r\u1eb1ng, m\u1eb7c d\u00f9 ch\u00fang c\u00f3 th\u1ec3 v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu trong giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng c\u0103ng th\u1eb3ng v\u00e0 bi\u1ebfn \u0111\u1ed9ng, ch\u00fang c\u0169ng c\u00f3 th\u1ec3 b\u1ecb thua k\u00e9m. Geraci c\u1ea3nh b\u00e1o: “T\u00f4i th\u1ef1c s\u1ef1 ngh\u0129 r\u1eb1ng \u0111\u00e2y r\u00f5 r\u00e0ng l\u00e0 ph\u1ee9c t\u1ea1p h\u01a1n c\u00e1c lo\u1ea1i ETF kh\u00e1c tr\u00ean th\u1ecb tr\u01b0\u1eddng. Nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 c\u1ed1 v\u1ea5n c\u1ea7n c\u00f3 s\u1ef1 hi\u1ec3u bi\u1ebft v\u1eefng ch\u1eafc v\u1ec1 c\u00e1ch ch\u00fang ho\u1ea1t \u0111\u1ed9ng.” Quan tr\u1ecdng nh\u1ea5t, “Nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i c\u00f3 kh\u1ea3 n\u0103ng g\u1eafn b\u00f3 v\u1edbi Managed Futures qua nh\u1eefng giai \u0111o\u1ea1n k\u00e9m hi\u1ec7u qu\u1ea3 kh\u00f4ng th\u1ec3 tr\u00e1nh kh\u1ecfi.”<\/p>\n

Beer khuy\u1ebfn ngh\u1ecb r\u1eb1ng nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 xem x\u00e9t ph\u00e2n b\u1ed5 kho\u1ea3ng **3% \u0111\u1ebfn 5%** danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1ed5ng th\u1ec3 cho lo\u1ea1i chi\u1ebfn l\u01b0\u1ee3c n\u00e0y, “ch\u1ec9 n\u1eb1m \u0111\u00f3 c\u00f9ng v\u1edbi c\u00e1c t\u00e0i s\u1ea3n c\u1ee9ng ho\u1eb7c c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng” nh\u01b0 m\u1ed9t ph\u1ea7n c\u1ee7a c\u00e1ch ti\u1ebfp c\u1eadn \u0111a d\u1ea1ng h\u00f3a. “T\u00f4i ngh\u0129 t\u1ea5t c\u1ea3 ch\u00fang ta \u0111\u1ec1u c\u00f3 c\u00f9ng m\u1ee5c ti\u00eau: ch\u00fang ta mu\u1ed1n c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh c\u00f3 th\u1ec3 ph\u00e1t tri\u1ec3n t\u00e0i s\u1ea3n, nh\u01b0ng v\u1eabn ng\u1ee7 ngon gi\u1ea5c,” \u00f4ng n\u00f3i. Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng chung<\/a> ch\u1ecbu \u1ea3nh h\u01b0\u1edfng b\u1edfi c\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4 v\u00e0 \u0111\u1ecba ch\u00ednh tr\u1ecb, Managed Futures mang \u0111\u1ebfn m\u1ed9t l\u1ef1a ch\u1ecdn \u0111\u00e1ng c\u00e2n nh\u1eafc \u0111\u1ec3 b\u1ea3o v\u1ec7 v\u00e0 ph\u00e1t tri\u1ec3n t\u00e0i s\u1ea3n.<\/p>\n

Bi\u00ean t\u1eadp: Ph\u1ed1 Wall (Theo ngu\u1ed3n g\u1ed1c)<\/i>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u \u0111\u1ed1i m\u1eb7t v\u1edbi \u00e1p l\u1ef1c gia t\u0103ng t\u1eeb xung \u0111\u1ed9t M\u1ef9-Iran v\u00e0 nguy c\u01a1 l\u1ea1m ph\u00e1t \u0111\u00ecnh tr\u1ec7 (stagflation) ki\u1ec3u nh\u1eefng n\u0103m 1970, c\u00e1c chi\u1ebfn l\u01b0\u1ee3c Managed Futures (Qu\u1ea3n l\u00fd H\u1ee3p \u0111\u1ed3ng T\u01b0\u01a1ng lai) \u0111ang thu h\u00fat s\u1ef1 ch\u00fa \u00fd \u0111\u1eb7c bi\u1ec7t t\u1eeb gi\u1edbi \u0111\u1ea7u t\u01b0. […]<\/p>\n","protected":false},"author":1,"featured_media":2725,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":["post-2727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-thi-truong-chung-khoan"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/2727","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=2727"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/2727\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/2725"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=2727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=2727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=2727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}