{"id":3018,"date":"2026-04-19T02:11:24","date_gmt":"2026-04-18T19:11:24","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/19\/rui-ro-tiem-an-tu-su-doi-moi-cua-etf-canh-bao-tu-cac-chuyen-gia-pho-wall-2\/"},"modified":"2026-04-19T02:11:24","modified_gmt":"2026-04-18T19:11:24","slug":"rui-ro-tiem-an-tu-su-doi-moi-cua-etf-canh-bao-tu-cac-chuyen-gia-pho-wall-2","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/19\/rui-ro-tiem-an-tu-su-doi-moi-cua-etf-canh-bao-tu-cac-chuyen-gia-pho-wall-2\/","title":{"rendered":"R\u1ee7i ro ti\u1ec1m \u1ea9n t\u1eeb s\u1ef1 \u0111\u1ed5i m\u1edbi c\u1ee7a ETF: C\u1ea3nh b\u00e1o t\u1eeb c\u00e1c chuy\u00ean gia Ph\u1ed1 Wall"},"content":{"rendered":"<div>\n<p>Ng\u00e0nh c\u00f4ng nghi\u1ec7p Qu\u1ef9 ho\u00e1n \u0111\u1ed5i danh m\u1ee5c (ETF) \u0111ang ch\u1ee9ng ki\u1ebfn nh\u1eefng b\u01b0\u1edbc \u0111\u1ed9t ph\u00e1 m\u1ea1nh m\u1ebd, v\u1edbi nhi\u1ec1u s\u1ea3n ph\u1ea9m m\u1edbi ra \u0111\u1eddi s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh ph\u1ee9c t\u1ea1p v\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o th\u1ecb tr\u01b0\u1eddng k\u00e9m minh b\u1ea1ch h\u01a1n. Tuy nhi\u00ean, s\u1ef1 \u0111\u1ed5i m\u1edbi n\u00e0y \u0111ang \u0111i k\u00e8m v\u1edbi nh\u1eefng c\u1ea3nh b\u00e1o r\u00f5 r\u00e0ng t\u1eeb c\u00e1c chuy\u00ean gia t\u00e0i ch\u00ednh h\u00e0ng \u0111\u1ea7u v\u1ec1 nh\u1eefng r\u1ee7i ro ti\u1ec1m \u1ea9n, \u0111\u1eb7c bi\u1ec7t trong c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng c\u1ef1c \u0111oan.<\/p>\n<h2>Thanh kho\u1ea3n: N\u1ed7i lo h\u00e0ng \u0111\u1ea7u khi th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng<\/h2>\n<p>Jamie Harrison, ng\u01b0\u1eddi \u0111\u1ee9ng \u0111\u1ea7u b\u1ed9 ph\u1eadn th\u1ecb tr\u01b0\u1eddng v\u1ed1n ETF t\u1ea1i MFS Investment Management \u2013 m\u1ed9t c\u00f4ng ty n\u1ed5i ti\u1ebfng \u0111\u00e3 ph\u00e1t minh ra qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 m\u1edf t\u1eeb n\u0103m 1924 v\u00e0 \u0111\u01b0\u1ee3c ETF.com vinh danh l\u00e0 nh\u00e0 ph\u00e1t h\u00e0nh ETF m\u1edbi t\u1ed1t nh\u1ea5t n\u0103m ngo\u00e1i \u2013 \u0111\u00e3 l\u00ean ti\u1ebfng c\u1ea3nh b\u00e1o v\u1ec1 nh\u1eefng th\u00e1ch th\u1ee9c m\u00e0 c\u00e1c ETF m\u1edbi n\u00e0y c\u00f3 th\u1ec3 g\u1eb7p ph\u1ea3i. \u00d4ng nh\u1ea5n m\u1ea1nh r\u1eb1ng c\u00e1c ETF tham gia v\u00e0o c\u00e1c s\u1ea3n ph\u1ea9m ph\u00e1i sinh ng\u00e0y c\u00e0ng ph\u1ee9c t\u1ea1p v\u00e0 th\u1ecb tr\u01b0\u1eddng \u00edt minh b\u1ea1ch h\u01a1n c\u00f3 th\u1ec3 \u0111ang &#8220;ti\u1ebfn v\u00e0o l\u00e3nh th\u1ed5 ch\u01b0a t\u1eebng c\u00f3 ti\u1ec1n l\u1ec7&#8221; khi \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng \u0111\u1ee3t suy tho\u00e1i m\u1ea1nh.<\/p>\n<p>Harrison chia s\u1ebb v\u1edbi CNBC r\u1eb1ng: &#8220;\u0110\u00f3 l\u00e0 nh\u1eefng th\u1ee9 b\u1ea1n c\u1ea7n theo d\u00f5i khi s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gia t\u0103ng. Khi s\u1ef1 \u0111\u1ed5i m\u1edbi ti\u1ebfp t\u1ee5c t\u0103ng t\u1ed1c trong l\u1edbp v\u1ecf ETF, \u0111\u00f3 ch\u1eafc ch\u1eafn l\u00e0 \u0111i\u1ec1u ch\u00fang t\u00f4i khuy\u00ean kh\u00e1ch h\u00e0ng c\u1ee7a m\u00ecnh ph\u1ea3i th\u1ef1c s\u1ef1 ch\u1ee7 \u0111\u1ed9ng&#8230; Vi\u1ec7c thi\u1ebfu minh b\u1ea1ch c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t v\u1ea5n \u0111\u1ec1 nghi\u00eam tr\u1ecdng n\u1ebfu ch\u00fang ta b\u1eaft \u0111\u1ea7u ch\u1ee9ng ki\u1ebfn nh\u1eefng \u0111\u1ee3t b\u00e1n th\u00e1o s\u00e2u.&#8221;<\/p>\n<p>\u0110i\u1ec3m m\u1ea5u ch\u1ed1t m\u00e0 Harrison ch\u1ec9 ra l\u00e0 v\u1ea5n \u0111\u1ec1 thanh kho\u1ea3n, \u0111\u1eb7c bi\u1ec7t trong m\u1ed9t \u0111\u1ee3t b\u00e1n th\u00e1o m\u1ea1nh. \u00d4ng khuy\u00ean c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i th\u1ef1c hi\u1ec7n th\u1ea9m \u0111\u1ecbnh k\u1ef9 l\u01b0\u1ee1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0, t\u00ecm ki\u1ebfm c\u00e1c c\u00f4ng ty c\u00f3 \u0111\u1ed1i t\u00e1c s\u00e2u r\u1ed9ng, \u0111\u1ed9i ng\u0169 chuy\u00ean gia gi\u00e0u kinh nghi\u1ec7m v\u00e0 kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn c\u00e1c nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n h\u00e0ng \u0111\u1ea7u tr\u00ean Ph\u1ed1 Wall. &#8220;\u0110i\u1ec1u \u0111\u00f3 l\u00e0 c\u1ef1c k\u1ef3 quan tr\u1ecdng,&#8221; \u00f4ng n\u00f3i.<\/p>\n<h2>Nh\u1eefng c\u00e2u h\u1ecfi kh\u00f3 c\u1ea7n \u0111\u1eb7t ra trong k\u1ecbch b\u1ea3n th\u1ecb tr\u01b0\u1eddng s\u1ee5t gi\u1ea3m<\/h2>\n<p>Harrison c\u0169ng \u0111\u1eb7t ra nh\u1eefng c\u00e2u h\u1ecfi c\u1ed1t l\u00f5i m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 c\u1ed1 v\u1ea5n t\u00e0i ch\u00ednh c\u1ea7n h\u1ecfi c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh ETF:<\/p>\n<ul>\n<li>T\u00ecnh h\u00ecnh s\u1ebd ra sao n\u1ebfu th\u1ecb tr\u01b0\u1eddng gi\u1ea3m 20%?<\/li>\n<li>C\u01a1 ch\u1ebf thanh kho\u1ea3n n\u00e0y ho\u1ea1t \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o?<\/li>\n<li>T\u00f4i c\u00f3 th\u1ec3 mua v\u00e0o v\u00e0 b\u00e1n ra kh\u00f4ng?<\/li>\n<li>N\u1ebfu t\u00f4i c\u00f3 th\u1ec3 b\u00e1n ra, li\u1ec7u t\u00f4i c\u00f3 th\u1ec3 b\u00e1n v\u1edbi m\u1ee9c gi\u00e1 g\u1ea7n v\u1edbi gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng (NAV) kh\u00f4ng?<\/li>\n<li>C\u01a1 s\u1edf h\u1ea1 t\u1ea7ng c\u1ee7a c\u00f4ng ty b\u1ea1n \u0111\u1ec3 qu\u1ea3n l\u00fd nh\u1eefng v\u1ea5n \u0111\u1ec1 n\u00e0y cho t\u00f4i l\u00e0 g\u00ec?<\/li>\n<\/ul>\n<p>        Nh\u1eefng c\u00e2u h\u1ecfi n\u00e0y gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro v\u00e0 kh\u1ea3 n\u0103ng \u1ee9ng ph\u00f3 c\u1ee7a qu\u1ef9 trong c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng b\u1ea5t l\u1ee3i.\n    <\/p>\n<h2>Private Credit v\u00e0 Equity-Linked Notes: \u0110i\u1ec3m n\u00f3ng c\u1ea7n ch\u00fa \u00fd<\/h2>\n<p>Christian Magoon, CEO c\u1ee7a Amplify ETFs, c\u0169ng b\u00e0y t\u1ecf quan ng\u1ea1i v\u1ec1 kh\u1ea3 n\u0103ng ch\u1ed1ng ch\u1ecbu c\u1ee7a c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ETF m\u1edbi h\u01a1n n\u00e0y tr\u01b0\u1edbc m\u1ed9t \u0111\u1ee3t suy tho\u00e1i l\u1edbn. \u00d4ng \u0111\u1eb7c bi\u1ec7t li\u1ec7t k\u00ea &#8220;t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n&#8221; (private credit) l\u00e0 m\u1ed9t t\u00edn hi\u1ec7u \u0111\u1ecf.<\/p>\n<p>&#8220;N\u1ebfu ETF c\u1ee7a b\u1ea1n s\u1edf h\u1eefu t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n, t\u00f4i ngh\u0129 \u0111\u00e1ng \u0111\u1ec3 xem x\u00e9t c\u00e1c ti\u00eau chu\u1ea9n v\u1ec1 thanh kho\u1ea3n v\u00e0 c\u00e1ch ETF \u0111\u00f3 giao d\u1ecbch, b\u1edfi v\u00ec \u0111i\u1ec1u \u0111\u00f3 c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t s\u1ef1 kh\u00f4ng kh\u1edbp gi\u1eefa t\u1ed1c \u0111\u1ed9 giao d\u1ecbch c\u1ee7a ETF v\u00e0 t\u00e0i s\u1ea3n c\u01a1 b\u1ea3n,&#8221; Magoon gi\u1ea3i th\u00edch. C\u00e1c ETF t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n c\u00f3 th\u1ec3 g\u1eb7p ph\u1ea3i t\u00ecnh tr\u1ea1ng &#8220;m\u1edd m\u1ecbt h\u01a1n nhi\u1ec1u&#8221; v\u1ec1 thanh kho\u1ea3n do t\u00ednh ch\u1ea5t \u00edt thanh kho\u1ea3n c\u1ee7a t\u00e0i s\u1ea3n g\u1ed1c.<\/p>\n<p>Ngo\u00e0i ra, Magoon c\u0169ng ch\u1ec9 ra c\u00e1c v\u1ea5n \u0111\u1ec1 ti\u1ec1m \u1ea9n xung quanh c\u00e1c kho\u1ea3n n\u1ee3 li\u00ean k\u1ebft v\u1edbi c\u1ed5 phi\u1ebfu (equity-linked notes). C\u00e1c kho\u1ea3n n\u1ee3 n\u00e0y cung c\u1ea5p m\u1ed9t lo\u1ea1i h\u00ecnh ch\u1ee9ng kho\u00e1n thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh nh\u01b0ng l\u1ea1i mang l\u1ea1i l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng cao h\u01a1n, g\u1eafn li\u1ec1n v\u1edbi c\u1ed5 phi\u1ebfu ho\u1eb7c ch\u1ec9 s\u1ed1 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu. &#8220;Nh\u1eefng c\u00f4ng c\u1ee5 n\u00e0y c\u00f3 th\u1ec3 g\u1eb7p c\u0103ng th\u1eb3ng do vi\u1ec7c mua l\u1ea1i v\u00e0 r\u1ee7i ro t\u00edn d\u1ee5ng c\u01a1 b\u1ea3n. \u0110\u00f3 l\u00e0 m\u1ed9t lo\u1ea1i ph\u00e1i sinh \u0111\u1ed9c \u0111\u00e1o kh\u00e1c,&#8221; Magoon c\u1ea3nh b\u00e1o.<\/p>\n<p>\u00d4ng khuy\u1ebfn ngh\u1ecb: &#8220;T\u00f4i s\u1ebd xem x\u00e9t r\u1ea5t k\u1ef9 b\u1ea5t k\u1ef3 ETF n\u00e0o c\u00f3 c\u00e1c kho\u1ea3n n\u1ee3 li\u00ean k\u1ebft v\u1edbi c\u1ed5 phi\u1ebfu n\u1ebfu ch\u00fang ta r\u01a1i v\u00e0o m\u1ed9t \u0111\u1ee3t suy tho\u00e1i l\u1edbn ho\u1eb7c c\u00f3 s\u1ef1 l\u00e2y lan trong t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n ho\u1eb7c m\u1ed9t \u0111i\u1ec1u g\u00ec \u0111\u00f3 li\u00ean quan \u0111\u1ebfn h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng.&#8221;<\/p>\n<h2>R\u1ee7i ro v\u00e0 C\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0: L\u1eddi khuy\u00ean cho nh\u00e0 \u0111\u1ea7u t\u01b0<\/h2>\n<p>M\u1eb7c d\u00f9 s\u1ef1 \u0111\u1ed5i m\u1edbi trong ng\u00e0nh ETF mang l\u1ea1i nhi\u1ec1u c\u01a1 h\u1ed9i \u0111a d\u1ea1ng h\u00f3a v\u00e0 ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng m\u1edbi, nh\u01b0ng c\u00e1c c\u1ea3nh b\u00e1o t\u1eeb Jamie Harrison v\u00e0 Christian Magoon cho th\u1ea5y nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n h\u1ebft s\u1ee9c th\u1eadn tr\u1ecdng. C\u00e1c ETF v\u1edbi c\u1ea5u tr\u00fac ph\u1ee9c t\u1ea1p, s\u1eed d\u1ee5ng nhi\u1ec1u c\u00f4ng c\u1ee5 ph\u00e1i sinh ho\u1eb7c \u0111\u1ea7u t\u01b0 v\u00e0o t\u00e0i s\u1ea3n k\u00e9m thanh kho\u1ea3n (nh\u01b0 private credit, equity-linked notes) c\u00f3 th\u1ec3 kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng nh\u01b0 k\u1ef3 v\u1ecdng trong m\u00f4i tr\u01b0\u1eddng th\u1ecb tr\u01b0\u1eddng \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng ho\u1eb7c suy tho\u00e1i s\u00e2u.<\/p>\n<p><strong>C\u01a1 h\u1ed9i:<\/strong> \u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 kinh nghi\u1ec7m v\u00e0 kh\u1ea3 n\u0103ng th\u1ea9m \u0111\u1ecbnh s\u00e2u, c\u00e1c ETF \u0111\u1ed5i m\u1edbi c\u00f3 th\u1ec3 m\u1edf ra c\u00e1nh c\u1eeda ti\u1ebfp c\u1eadn c\u00e1c ph\u00e2n kh\u00fac th\u1ecb tr\u01b0\u1eddng \u0111\u1ed9c \u0111\u00e1o v\u00e0 ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn cao.<\/p>\n<p><strong>R\u1ee7i ro:<\/strong> Thi\u1ebfu minh b\u1ea1ch, r\u1ee7i ro thanh kho\u1ea3n cao, v\u00e0 s\u1ef1 ph\u1ee9c t\u1ea1p c\u1ee7a c\u1ea5u tr\u00fac c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn nh\u1eefng t\u1ed5n th\u1ea5t \u0111\u00e1ng k\u1ec3, \u0111\u1eb7c bi\u1ec7t khi th\u1ecb tr\u01b0\u1eddng ch\u1ecbu \u00e1p l\u1ef1c b\u00e1n th\u00e1o.<\/p>\n<p>L\u1eddi khuy\u00ean c\u1ed1t l\u00f5i l\u00e0 &#8220;\u0111\u00e0o s\u00e2u v\u00e0 nh\u00ecn d\u01b0\u1edbi mui xe&#8221; (dig in and look under the hood). Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean h\u1ee3p t\u00e1c ch\u1eb7t ch\u1ebd v\u1edbi c\u00e1c c\u1ed1 v\u1ea5n t\u00e0i ch\u00ednh \u0111\u1ec3 hi\u1ec3u r\u00f5 b\u1ea3n ch\u1ea5t c\u1ee7a c\u00e1c qu\u1ef9 ETF m\u00e0 h\u1ecd \u0111ang c\u00e2n nh\u1eafc, kh\u00f4ng ch\u1ec9 \u1edf danh m\u1ee5c \u0111\u1ea7u t\u01b0 m\u00e0 c\u00f2n \u1edf c\u01a1 ch\u1ebf ho\u1ea1t \u0111\u1ed9ng, \u0111\u1eb7c bi\u1ec7t l\u00e0 kh\u1ea3 n\u0103ng x\u1eed l\u00fd thanh kho\u1ea3n trong c\u00e1c k\u1ecbch b\u1ea3n th\u1ecb tr\u01b0\u1eddng x\u1ea5u nh\u1ea5t. <a href=\"\/bai-viet-lien-quan-ve-quan-ly-rui-ro-etf\" title=\"Qu\u1ea3n l\u00fd r\u1ee7i ro khi \u0111\u1ea7u t\u01b0 ETF\">Qu\u1ea3n l\u00fd r\u1ee7i ro khi \u0111\u1ea7u t\u01b0 ETF<\/a> lu\u00f4n l\u00e0 y\u1ebfu t\u1ed1 then ch\u1ed1t \u0111\u1ec3 b\u1ea3o v\u1ec7 danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n.<\/p>\n<p style=\"text-align: right; margin-top: 20px;\"><i>Ngu\u1ed3n tin: cnbc.com<\/i><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ng\u00e0nh c\u00f4ng nghi\u1ec7p Qu\u1ef9 ho\u00e1n \u0111\u1ed5i danh m\u1ee5c (ETF) \u0111ang ch\u1ee9ng ki\u1ebfn nh\u1eefng b\u01b0\u1edbc \u0111\u1ed9t ph\u00e1 m\u1ea1nh m\u1ebd, v\u1edbi nhi\u1ec1u s\u1ea3n ph\u1ea9m m\u1edbi ra \u0111\u1eddi s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh ph\u1ee9c t\u1ea1p v\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o th\u1ecb tr\u01b0\u1eddng k\u00e9m minh b\u1ea1ch h\u01a1n. Tuy nhi\u00ean, s\u1ef1 \u0111\u1ed5i m\u1edbi n\u00e0y \u0111ang \u0111i k\u00e8m v\u1edbi nh\u1eefng [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40],"tags":[],"class_list":["post-3018","post","type-post","status-publish","format-standard","hentry","category-phan-tich-quy"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/3018","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=3018"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/3018\/revisions"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=3018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=3018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=3018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}