{"id":31297,"date":"2023-12-07T10:30:35","date_gmt":"2023-12-07T10:30:35","guid":{"rendered":"https:\/\/masterskills.org\/blog\/chung-chi-qui-dau-tu-investment-fund-certificates-la-gi.html"},"modified":"2023-12-23T08:01:18","modified_gmt":"2023-12-23T01:01:18","slug":"chung-chi-qui-dau-tu-investment-fund-certificates-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/chung-chi-qui-dau-tu-investment-fund-certificates-la-gi.html","title":{"rendered":"Ch\u1ee9ng ch\u1ec9 qu\u0129 \u0111\u1ea7u t\u01b0 (Investment Fund Certificates) l\u00e0 g\u00ec?"},"content":{"rendered":"
\n

\n

\n
<\/div>\n
\n

H\u00ecnh minh h\u1ecda (Ngu\u1ed3n: Timo).<\/i><\/p>\n<\/div>\n<\/div>\n

Ch\u1ee9ng ch\u1ec9 qu\u0129 \u0111\u1ea7u t\u01b0 (Investment Fund Certificates)<\/font><\/h2>\n

Kh\u00e1i ni\u1ec7m<\/b><\/p>\n

Ch\u1ee9ng ch\u1ec9 qu\u0129 \u0111\u1ea7u t\u01b0<\/b> trong ti\u1ebfng Anh l\u00e0\u00a0Investment Fund Certificates.<\/b><\/p>\n

Ch\u1ee9ng ch\u1ec9 qu\u0129 \u0111\u1ea7u t\u01b0 <\/b>l\u00e0 ch\u1ee9ng kho\u00e1n x\u00e1c nh\u1eadn quy\u1ec1n s\u1edf h\u1eefu c\u1ee7a ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0 \u0111\u1ed1i v\u1edbi m\u1ed9t ph\u1ea7n v\u1ed1n g\u00f3p c\u1ee7a qu\u0129 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n.<\/p>\n

D\u1ef1a tr\u00ean c\u01a1 ch\u1ebf t\u1ed5 ch\u1ee9c v\u00e0 ph\u01b0\u01a1ng th\u1ee9c huy \u0111\u1ed9ng v\u1ed1n qu\u0129 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c chia th\u00e0nh 2 lo\u1ea1i:<\/p>\n

– Qu\u0129 m\u1edf<\/b> (open-ended fund) hay qu\u0129<\/span> t\u01b0\u01a1ng h\u1ed7 l\u00e0 qu\u0129 ph\u00e1t h\u00e0nh li\u00ean t\u1ee5c ch\u1ee9ng ch\u1ec9 ra c\u00f4ng ch\u1ee7ng khi nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 nhu c\u1ea7u mua v\u00e0 s\u1eb5n s\u00e0ng mua l\u1ea1i khi nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 nhu c\u1ea7u b\u1ea3n.<\/p>\n

Ch\u1ee9ng ch\u1ec9 c\u1ee7a qu\u0129 kh\u00f4ng giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1eed c\u1ea5p m\u00e0 giao d\u1ecbch th\u1eb3ng v\u1edbi qu\u0129 ho\u1eb7c nh\u00e0 ph\u00e2n ph\u1ed1i c\u1ee7a qu\u0129.<\/p>\n

– Qu\u0129 \u0111\u00f3ng<\/b> (close-ended fund) l\u00e0 qu\u0129 ph\u00e1t h\u00e0nh m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng ch\u1ee9ng ch\u1ec9 qu\u0129 nh\u1ea5t \u0111\u1ecbnh v\u00e0 kh\u00f4ng c\u00f3 ngh\u0129a v\u1ee5 mua l\u1ea1i ch\u1ee9ng ch\u1ec9 qu\u0129 do qu\u0129 ch\u00e0o b\u00e1n ra c\u00f4ng ch\u00fang theo y\u00eau c\u1ea7u c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n mua b\u00e1n ch\u1ee9ng ch\u1ec9 qu\u0129 s\u1ebd giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p.<\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n<\/b><\/p>\n

\u0110\u00e2y l\u00e0 h\u00ecnh th\u1ee9c \u0111\u1ea7u t\u01b0 gi\u00e1n ti\u1ebfp; c\u00f3 l\u1ee3i th\u1ebf l\u00e0 \u0111a d\u1ea1ng ho\u00e1 \u0111\u01b0\u1ee3c danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u00e0 c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n b\u1edfi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p.<\/p>\n

Ng\u01b0\u1eddi mua kh\u00f4ng c\u00f3 quy\u1ec1n tham gia quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 c\u1ee7a qu\u0129 m\u00e0 u\u1ef7 th\u00e1c qu\u1ea3n l\u00ed qu\u0129 cho c\u00f4ng ty; qu\u0129 kh\u00f4ng c\u00f3 t\u01b0 c\u00e1ch ph\u00e1p nh\u00e2n m\u00e0 \u0111\u01b0\u1ee3c qu\u1ea3n l\u00ed th\u00f4ng qua m\u1ed9t c\u00f4ng ty qu\u1ea3n l\u00ed qu\u0129. Qu\u0129 ph\u1ea3i tr\u1ea3 cho c\u00f4ng ty qu\u1ea3n l\u00ed qu\u0129 m\u1ed9t kho\u1ea3n ph\u00ed qu\u1ea3n l\u00ed qu\u0129 nh\u1edd c\u00e1c d\u1ecbch v\u1ee5 qu\u1ea3n l\u00ed m\u00e0 c\u00f4ng ty cung c\u1ea5p.<\/p>\n

Gi\u00e1 tr\u1ecb c\u1ee7a ch\u1ee9ng ch\u1ec9 qu\u0129 \u0111\u1ea7u t\u01b0<\/b><\/p>\n

\u0110\u1ed1i v\u1edbi qu\u0129<\/span> m\u1edf<\/b><\/p>\n

C\u01a1 s\u1edf \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 ch\u1ee9ng ch\u1ec9 qu\u0129 \u0111\u1ea7u t\u01b0 l\u00e0 gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng tr\u00ean m\u1ed7i ch\u1ee9ng ch\u1ec9 (net asset value per share, vi\u1ebft t\u1eaft l\u00e0 NAV).<\/p>\n

NAV= (t\u1ed5ng gi\u00e1 th\u1ecb tr\u01b0\u1eddng c\u1ee7a t\u00e0i s\u1ea3n qu\u0129 \u0111\u1ea7u t\u01b0 – N\u1ee3\/ t\u1ed5ng s\u1ed1 ch\u1ee9ng ch\u1ec9 \u0111ang l\u01b0u h\u00e0nh)<\/b>.<\/p>\n

V\u00ec gi\u00e1 th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n \u0111\u1ea7u t\u01b0 thay \u0111\u1ed5i n\u00ean NAV \u0111\u1ed5i. M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n mua (ho\u1eb7c b\u1ea3n l\u1ea1i) ch\u1ee9ng ch\u1ec9 qu\u0129 s\u1ebd ph\u1ea3i thanh to\u00e1n (ho\u1eb7c nh\u1eadn) theo gi\u00e1 tr\u1ecb NAV \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n l\u1ea7n k\u1ebf ti\u1ebfp sau khi l\u1ec7nh \u0111\u01b0\u1ee3c \u0111\u01b0a ra. Vi\u1ec7c \u0111\u1ecbnh gi\u00e1 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n \u00edt nh\u1ea5t m\u1ed9t l\u1ea7n m\u1ed9t ng\u00e0y v\u00e0o th\u1eddi \u0111i\u1ec3m S\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n \u0111\u00f3ng c\u1eeda.<\/p>\n

Y\u1ebft gi\u00e1 bao g\u1ed3m gi\u00e1 mua v\u00e0 gi\u00e1 b\u00e1n c\u1ee7a qu\u0129. Gi\u00e1 mua l\u00e0 gi\u00e1 mua l\u1ea1i ch\u1ee9ng ch\u1ec9 th\u00f4ng th\u01b0\u1eddng ch\u00ednh l\u00e0 NAV. Trong m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p, qu\u0129 c\u00f3 th\u1ec3 t\u00ednh th\u00eam m\u1ed9t kho\u1ea3n ph\u00ed nh\u1ecf cho vi\u1ec7c mua l\u1ea1i.<\/p>\n

Gi\u00e1 b\u00e1n c\u1ee7a qu\u0129 hay gi\u00e1 mua c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 l\u00e0 gi\u00e1 t\u1ed1i \u0111a m\u00e0 nh\u00e0 \u0111\u1ea7u t\u1eeb ph\u1ea3i tr\u1ea3 cho qu\u0129 \u0111\u1ec3 mua.<\/p>\n

\u0110\u1ed1i v\u1edbi qu\u0129 \u0111\u00f3ng<\/b><\/p>\n

Ch\u1ee9ng ch\u1ec9 c\u1ee7a qu\u0129 \u0111\u00f3ng \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng, do v\u1eady gi\u00e1 c\u00f3 th\u1ec3 cao h\u01a1n ho\u1eb7c th\u1ea5p h\u01a1n gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng, do t\u00e1c \u0111\u1ed9ng quan h\u1ec7 cung c\u1ea7u. Tuy nhi\u00ean, th\u00f4ng th\u01b0\u1eddng, gi\u00e1 ch\u1ee9ng ch\u1ec9 qu\u0129 \u0111\u00f3ng th\u1ea5p h\u01a1n NAV \u1edf m\u1ee9c chi\u1ebft kh\u1ea5u D.<\/p>\n

D= (NAV – MV)\/NAV\u00a0<\/b><\/p>\n

Trong \u0111\u00f3 MV l\u00e0 gi\u00e1 th\u1ecb tr\u01b0\u1eddng c\u1ee7a m\u1ed9t ch\u1ee9ng ch\u1ec9.<\/p>\n

\u00a0M\u1ee9c chi\u1ebft kh\u1ea5u th\u00f4ng th\u01b0\u1eddng l\u00e0 t\u1eeb 5 \u2013 20%.<\/p>\n

\u00a0L\u00fd do mua b\u00e1n \u1edf m\u1ee9c chi\u1ebft kh\u1ea5u:<\/p>\n

– N\u1ebfu qu\u0129 \u0111\u01b0\u1ee3c thanh l\u00ed th\u00ec m\u1ed9t kho\u1ea3n chi ph\u00ed t\u01b0\u01a1ng \u0111\u1ed1i l\u1edbn s\u1ebd ph\u00e1t sinh, bao g\u1ed3m chi ph\u00ed cho nh\u00e2n vi\u00ean v\u00e0 pha lo\u00e3ng gi\u00e1 th\u1ecb tr\u01b0\u1eddng do b\u1ea3n m\u1ed9t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n r\u1ea5t l\u1edbn.<\/p>\n

– Chi ph\u00ed kh\u00e1c v\u00e0 ph\u00ed qu\u1ea3n l\u00ed ph\u1ea3i \u0111\u01b0\u1ee3c thanh to\u00e1n tr\u01b0\u1edbc khi c\u00e1c kho\u1ea3n thu nh\u1eadp \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i.<\/p>\n

– Th\u1ecb tr\u01b0\u1eddng c\u1ee7a qu\u0129 \u0111\u00f3ng kh\u00f4ng l\u1edbn nh\u01b0 th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u01b0\u1ee3c \u0111\u1ea7u t\u01b0.<\/p>\n

\u01afu \u0111i\u1ec3m c\u1ee7a ch\u1ee9ng ch\u1ec9 qu\u0129<\/span> \u0111\u1ea7u t\u01b0\u00a0<\/font><\/b><\/h3>\n

– Gi\u1ea3m r\u1ee7i ro nh\u1edd vi\u1ec7c \u0111a d\u1ea1ng h\u00f3a \u0111\u1ea7u t\u01b0 c\u1ee7a qu\u0129.<\/p>\n

– Gi\u1ea3m chi ph\u00ed bao g\u1ed3m chi ph\u00ed giao d\u1ecbch, chi ph\u00ed t\u00ecm ki\u1ebfm th\u00f4ng tin…<\/p>\n

– T\u00ednh chuy\u00ean nghi\u1ec7p cao do \u0111\u01b0\u1ee3c qu\u1ea3n l\u00ed b\u1edfi c\u00f4ng ty qu\u1ea3n l\u00ed qu\u0129 v\u1edbi \u0111\u1ed9i ng\u0169 chuy\u00ean gia c\u00f3 tr\u00ecnh \u0111\u1ed9 v\u00e0 kinh nghi\u1ec7m \u0111\u1ea7u t\u01b0.<\/p>\n

– Ngo\u00e0i ra m\u1ed9t s\u1ed1 lo\u1ea1i h\u00ecnh qu\u0129 \u0111\u01b0\u1ee3c mi\u1ec5n ho\u1eb7c ch\u1ecbu thu\u1ebf th\u1ea5p h\u01a1n so v\u1edbi vi\u1ec7c \u0111\u1ea7u t\u01b0.<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: Gi\u00e1o tr\u00ecnh Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, H\u1ecdc vi\u1ec7n Ng\u00e2n h\u00e0ng, NXB Th\u1eddi \u0110\u1ea1i)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Ch\u1ee9ng ch\u1ec9 qu\u0129 \u0111\u1ea7u t\u01b0 (Ti\u1ebfng Anh: Investment Fund Certificates) l\u00e0 ch\u1ee9ng kho\u00e1n x\u00e1c nh\u1eadn quy\u1ec1n s\u1edf h\u1eefu c\u1ee7a ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0 \u0111\u1ed1i v\u1edbi m\u1ed9t ph\u1ea7n v\u1ed1n g\u00f3p c\u1ee7a qu\u0129 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[417],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31297"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=31297"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31297\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}