{"id":3052,"date":"2026-04-19T02:22:10","date_gmt":"2026-04-18T19:22:10","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/19\/blackrock-mang-chien-luoc-quy-phong-ho-vao-etf-liquid-alts-da-dang-hoa-danh-muc-hieu-qua-trong-boi-canh-thi-truong-bien-dong-2\/"},"modified":"2026-04-19T02:22:10","modified_gmt":"2026-04-18T19:22:10","slug":"blackrock-mang-chien-luoc-quy-phong-ho-vao-etf-liquid-alts-da-dang-hoa-danh-muc-hieu-qua-trong-boi-canh-thi-truong-bien-dong-2","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/19\/blackrock-mang-chien-luoc-quy-phong-ho-vao-etf-liquid-alts-da-dang-hoa-danh-muc-hieu-qua-trong-boi-canh-thi-truong-bien-dong-2\/","title":{"rendered":"BlackRock Mang Chi\u1ebfn L\u01b0\u1ee3c Qu\u1ef9 Ph\u00f2ng H\u1ed9 V\u00e0o ETF Liquid Alts: \u0110a D\u1ea1ng H\u00f3a Danh M\u1ee5c Hi\u1ec7u Qu\u1ea3 Trong B\u1ed1i C\u1ea3nh Th\u1ecb Tr\u01b0\u1eddng Bi\u1ebfn \u0110\u1ed9ng"},"content":{"rendered":"
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Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u li\u00ean t\u1ee5c bi\u1ebfn \u0111\u1ed9ng v\u00e0 c\u00e1c nguy\u00ean t\u1eafc \u0111\u1ea7u t\u01b0 truy\u1ec1n th\u1ed1ng \u0111ang b\u1ecb th\u00e1ch th\u1ee9c, g\u00e3 kh\u1ed5ng l\u1ed3 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n BlackRock \u0111ang ti\u00ean phong \u00e1p d\u1ee5ng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c qu\u1ef9 ph\u00f2ng h\u1ed9 ph\u1ee9c t\u1ea1p v\u00e0o l\u0129nh v\u1ef1c qu\u1ef9 ho\u00e1n \u0111\u1ed5i danh m\u1ee5c (ETF). \u0110\u1ed9ng th\u00e1i n\u00e0y, d\u1eabn d\u1eaft b\u1edfi Jeffrey Rosenberg, gi\u00e1m \u0111\u1ed1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ea5p cao c\u1ee7a BlackRock tr\u00ean nh\u00f3m thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh c\u00f3 h\u1ec7 th\u1ed1ng, nh\u1eb1m m\u1ee5c \u0111\u00edch cung c\u1ea5p m\u1ed9t gi\u1ea3i ph\u00e1p \u0111a d\u1ea1ng h\u00f3a m\u1edbi m\u1ebb cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang t\u00ecm ki\u1ebfm ngu\u1ed3n l\u1ee3i nhu\u1eadn kh\u00e1c bi\u1ec7t.<\/p>\n

S\u1ef1 Th\u1ea5t B\u1ea1i C\u1ee7a Nguy\u00ean T\u1eafc 60\/40 Truy\u1ec1n Th\u1ed1ng<\/h2>\n

M\u1ed9t trong nh\u1eefng tr\u1ee5 c\u1ed9t c\u1ee7a \u0111\u1ea7u t\u01b0 danh m\u1ee5c \u0111\u1ea7u t\u01b0 trong nhi\u1ec1u th\u1eadp k\u1ef7 l\u00e0 nguy\u00ean t\u1eafc 60\/40, gi\u1ea3 \u0111\u1ecbnh r\u1eb1ng tr\u00e1i phi\u1ebfu s\u1ebd t\u0103ng gi\u00e1 khi c\u1ed5 phi\u1ebfu gi\u1ea3m, t\u1eeb \u0111\u00f3 cung c\u1ea5p m\u1ed9t l\u1edbp \u0111\u1ec7m gi\u1ea3m thi\u1ec3u r\u1ee7i ro. Tuy nhi\u00ean, theo \u00f4ng Rosenberg, nguy\u00ean t\u1eafc n\u00e0y \u0111\u00e3 kh\u00f4ng c\u00f2n gi\u1eef v\u1eefng trong m\u00f4i tr\u01b0\u1eddng h\u1eadu Covid-19, \u0111\u1eb7c bi\u1ec7t l\u00e0 trong nh\u1eefng giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh g\u1ea7n \u0111\u00e2y.<\/p>\n

“C\u00e2u ch\u00e2m ng\u00f4n c\u0169 v\u1ec1 thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh l\u00e0 ‘tr\u00e1i phi\u1ebfu c\u1ee7a t\u00f4i t\u0103ng khi c\u1ed5 phi\u1ebfu c\u1ee7a t\u00f4i gi\u1ea3m.’ Gi\u1edd \u0111\u00e2y, ch\u00fang ta v\u1eeba tr\u1ea3i qua m\u1ed9t giai \u0111o\u1ea1n v\u00e0o th\u00e1ng 3 v\u1edbi r\u1ee7i ro chi\u1ebfn tranh m\u00e0 ch\u00fang ta \u0111\u00e3 th\u1ea5y r\u00f5 r\u00e0ng… \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng c\u00f2n \u0111\u00fang n\u1eefa. V\u00e0, th\u1ef1c s\u1ef1 \u0111\u00e3 th\u1ea5y \u0111i\u1ec1u \u0111\u00f3 v\u00e0o n\u0103m 2022,” Rosenberg chia s\u1ebb tr\u00ean CNBC. “To\u00e0n b\u1ed9 m\u00f4i tr\u01b0\u1eddng h\u1eadu Covid n\u00e0y \u0111\u00e3 th\u1ef1c s\u1ef1 th\u00e1ch th\u1ee9c nguy\u00ean t\u1eafc n\u1ec1n t\u1ea3ng c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0 60\/40 r\u1eb1ng tr\u00e1i phi\u1ebfu l\u00e0 c\u00f4ng c\u1ee5 \u0111a d\u1ea1ng h\u00f3a.”<\/p><\/blockquote>\n

S\u1ef1 ph\u00e1 v\u1ee1 m\u1ed1i t\u01b0\u01a1ng quan truy\u1ec1n th\u1ed1ng gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu \u0111\u00e3 khi\u1ebfn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng th\u00e1ch th\u1ee9c m\u1edbi trong vi\u1ec7c b\u1ea3o v\u1ec7 v\u00e0 t\u0103ng tr\u01b0\u1edfng t\u00e0i s\u1ea3n c\u1ee7a h\u1ecd.<\/p>\n

Gi\u1ea3i Ph\u00e1p T\u1eeb BlackRock: ETF Liquid Alts V\u1edbi Chi\u1ebfn L\u01b0\u1ee3c Qu\u1ef9 Ph\u00f2ng H\u1ed9<\/h2>\n

\u0110\u1ec3 gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 n\u00e0y, BlackRock \u0111ang \u0111\u01b0a c\u00e1c k\u1ef9 thu\u1eadt ph\u00e1t tri\u1ec3n t\u1eeb m\u1ea3ng qu\u1ef9 ph\u00f2ng h\u1ed9 c\u1ee7a m\u00ecnh v\u00e0o c\u00e1c ETF, t\u1eadp trung ch\u1ee7 y\u1ebfu v\u00e0o \u0111\u1ea7u t\u01b0 trung l\u1eadp th\u1ecb tr\u01b0\u1eddng (market-neutral) v\u00e0 chi\u1ebfn l\u01b0\u1ee3c d\u00e0i-ng\u1eafn (long-short). \u00d4ng Rosenberg nh\u1ea5n m\u1ea1nh r\u1eb1ng h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ETF hi\u1ec7n nay \u0111ang ti\u1ebfp x\u00fac v\u1edbi r\u1ee7i ro beta (r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng chung). C\u00e1c ETF thay th\u1ebf thanh kho\u1ea3n (liquid alternatives ETFs) c\u1ee7a BlackRock \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 mang l\u1ea1i kh\u1ea3 n\u0103ng t\u00ecm ki\u1ebfm ngu\u1ed3n l\u1ee3i nhu\u1eadn kh\u00e1c, kh\u00f4ng ch\u1ec9 d\u1ef1a v\u00e0o h\u01b0\u1edbng \u0111i c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n

BlackRock hi\u1ec7n \u0111ang qu\u1ea3n l\u00fd hai ETF liquid alts \u0111\u00e1ng ch\u00fa \u00fd: iShares Systematic Alternatives Active ETF (IALT)<\/a> v\u00e0 iShares Managed Futures Active ETF (ISMF)<\/a>. T\u00ednh \u0111\u1ebfn ng\u00e0y 8 th\u00e1ng 4, hi\u1ec7u su\u1ea5t c\u1ee7a hai qu\u1ef9 n\u00e0y kh\u00e1 \u1ea5n t\u01b0\u1ee3ng trong n\u0103m: IALT t\u0103ng g\u1ea7n 8%<\/strong>, trong khi ISMF t\u0103ng g\u1ea7n 5%<\/strong>. Nh\u1eefng con s\u1ed1 n\u00e0y minh ch\u1ee9ng cho ti\u1ec1m n\u0103ng c\u1ee7a c\u00e1c chi\u1ebfn l\u01b0\u1ee3c n\u00e0y trong vi\u1ec7c t\u1ea1o ra l\u1ee3i nhu\u1eadn \u0111\u1ed9c l\u1eadp v\u1edbi xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng chung.<\/p>\n

L\u1ee3i \u00cdch \u0110a D\u1ea1ng H\u00f3a V\u01b0\u1ee3t Tr\u1ed9i V\u00e0 Gi\u1ea3i Quy\u1ebft R\u1ee7i Ro T\u1eadp Trung<\/h2>\n

Nhu c\u1ea7u c\u1ee7a kh\u00e1ch h\u00e0ng \u0111\u1ed1i v\u1edbi c\u00e1c ETF liquid alts \u0111ang t\u0103ng l\u00ean v\u00ec mong mu\u1ed1n “\u0111a d\u1ea1ng h\u00f3a c\u00e1c c\u00f4ng c\u1ee5 \u0111a d\u1ea1ng h\u00f3a c\u1ee7a b\u1ea1n”. Ngo\u00e0i vi\u1ec7c kh\u1eafc ph\u1ee5c s\u1ef1 c\u1ed1 t\u01b0\u01a1ng quan c\u1ed5 phi\u1ebfu-tr\u00e1i phi\u1ebfu, c\u00e1c qu\u1ef9 n\u00e0y c\u00f2n gi\u1ea3i quy\u1ebft m\u1ed9t th\u00e1ch th\u1ee9c l\u1edbn kh\u00e1c: r\u1ee7i ro t\u1eadp trung trong danh m\u1ee5c c\u1ed5 phi\u1ebfu.<\/p>\n

“C\u00e1c danh m\u1ee5c c\u1ed5 phi\u1ebfu c\u1ee7a ch\u00fang t\u00f4i ng\u00e0y c\u00e0ng b\u1ecb chi ph\u1ed1i b\u1edfi nh\u1eefng c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 v\u1ed1n h\u00f3a l\u1edbn th\u1eafng cu\u1ed9c,” Rosenberg cho bi\u1ebft. “V\u1edbi s\u1ef1 t\u1eadp trung \u0111\u00f3 l\u00e0 s\u1ef1 m\u1ea5t m\u00e1t v\u1ec1 \u0111a d\u1ea1ng h\u00f3a v\u00e0 m\u1ea5t m\u00e1t v\u1ec1 gi\u00e1 tr\u1ecb \u0111a d\u1ea1ng h\u00f3a \u1edf m\u1ea3ng c\u1ed5 phi\u1ebfu. V\u00ec v\u1eady, c\u00e1c liquid alternatives c\u00f3 th\u1ec3 gi\u1ea3i quy\u1ebft c\u1ea3 hai th\u00e1ch th\u1ee9c n\u00e0y \u0111\u1ed1i v\u1edbi vi\u1ec7c x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0.”<\/p><\/blockquote>\n

B\u1eb1ng c\u00e1ch cung c\u1ea5p c\u00e1c chi\u1ebfn l\u01b0\u1ee3c d\u00e0i-ng\u1eafn v\u00e0 trung l\u1eadp th\u1ecb tr\u01b0\u1eddng, c\u00e1c ETF liquid alts cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u1ea3m thi\u1ec3u s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o hi\u1ec7u su\u1ea5t c\u1ee7a m\u1ed9t s\u1ed1 \u00edt c\u1ed5 phi\u1ebfu l\u1edbn v\u00e0 t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn t\u1eeb c\u00e1c y\u1ebfu t\u1ed1 th\u1ecb tr\u01b0\u1eddng kh\u00e1c nh\u01b0 gi\u00e1 tr\u1ecb t\u01b0\u01a1ng \u0111\u1ed1i, \u0111\u1ed9ng l\u01b0\u1ee3ng ho\u1eb7c c\u00e1c s\u1ef1 ki\u1ec7n kinh t\u1ebf v\u0129 m\u00f4.<\/p>\n

Tri\u1ec3n V\u1ecdng Th\u1ecb Tr\u01b0\u1eddng V\u00e0 C\u01a1 H\u1ed9i \u0110\u1ea7u T\u01b0<\/h2>\n

Todd Rosenbluth, tr\u01b0\u1edfng b\u1ed9 ph\u1eadn nghi\u00ean c\u1ee9u c\u1ee7a VettaFi, nh\u1eadn \u0111\u1ecbnh r\u1eb1ng c\u00e1c ETF liquid alts v\u1eabn l\u00e0 m\u1ed9t danh m\u1ee5c m\u1edbi n\u1ed5i. “Nh\u00ecn chung, \u0111\u00e2y v\u1eabn c\u00f2n t\u01b0\u01a1ng \u0111\u1ed1i nh\u1ecf so v\u1edbi c\u1ed5 phi\u1ebfu v\u00e0 thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh truy\u1ec1n th\u1ed1ng, nh\u01b0ng ch\u00fang t\u00f4i \u0111ang th\u1ea5y c\u00e1c c\u1ed1 v\u1ea5n t\u00ecm ki\u1ebfm th\u1ee9 g\u00ec \u0111\u00f3 s\u1ebd ‘zig’ khi th\u1ecb tr\u01b0\u1eddng ‘zag’,” \u00f4ng n\u00f3i. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y s\u1ef1 quan t\u00e2m ng\u00e0y c\u00e0ng t\u0103ng t\u1eeb c\u00e1c chuy\u00ean gia t\u00e0i ch\u00ednh \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 c\u00f3 kh\u1ea3 n\u0103ng ho\u1ea1t \u0111\u1ed9ng ng\u01b0\u1ee3c chi\u1ec1u ho\u1eb7c \u0111\u1ed9c l\u1eadp v\u1edbi th\u1ecb tr\u01b0\u1eddng chung.<\/p>\n

C\u01a1 H\u1ed9i Cho Nh\u00e0 \u0110\u1ea7u T\u01b0:<\/h3>\n