Not Only SPY – These 5 Country ETFs Hit Record Highs This Week

The ceasefire trade went global.

The S&P 500 — as tracked by the SPDR S&P 500 ETF Trust (NASDAQ:SPY) — closed above 7,000 points for the first time in its history this week.

The story underneath it was bigger.

Five country exchange-traded funds hit all-time highs in the same session window, according to data from CountryETFTracker.com. 

Five Country ETFs Joined SPY At Record Highs This Week

President Donald Trump announced a two-week ceasefire with Iran on March 31.

In the twelve sessions that followed, CountryETFTracker tracked 22 country ETFs delivering double-digit returns.

🚨 THE CEASEFIRE TRADE — FULL SCORECARD

Since March 30 (the day before Donald Trump announced a 2-week Iran ceasefire), global equities went vertical.

Every major country ETF joined the move 👇

🇰🇷 South Korea $EWY +26.6%
🇬🇷 Greece $GREK +18.0%
🇹🇼 Taiwan $EWT +17.9%
🇨🇱 Chile… pic.twitter.com/9qy3FnxMO4

— Country ETF Tracker (@CountryEtf) April 16, 2026

Five of them — representing Israel, Taiwan, Finland, Poland and the Netherlands — cleared their all-time high watermarks this week, joining the elite group of global markets at record highs together with S&P 500.

ETF Name	ATH Price	ATH Date	YTD Return
iShares MSCI Taiwan ETF (NYSE:EWT)	$81.60	Apr 16, 2026	+27.96%
iShares MSCI Israel ETF (NYSE:EIS)	$127.89	Apr 14, 2026	+14.79%
iShares MSCI Finland ETF (CBOE: EFNL)	$54.08	Apr 14, 2026	+11.17%
iShares MSCI Netherlands Index Fund (NYSE:EWN)	$64.02	Apr 14, 2026	+10.70%
iShares MSCI Poland ETF (NYSE:EPOL)	$40.52	Apr 15, 2026	+13.38%
SPDR S&P 500 ETF Trust (NYSE:SPY)	$702.78	Apr 16, 2026	+2.76%

Why These Markets Rallied To Records

Taiwan’s iShares MSCI Taiwan ETF, up +27.96% year-to-date, set its all-time high of $81.60 on Tuesday, April 16.

The record arrived as Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) reported first-quarter 2026 earnings showing AI data center revenue accelerating beyond consensus estimates.

The ceasefire removed the macro headwind — oil cost compression on Taiwan’s energy-import-dependent economy — precisely as the sector fundamental tailwind peaked.

The Netherlands’ record was similarly turbocharged by a chipmaker giant. ASML Holding NV (NASDAQ:ASML) — the dominant holding in EWN’s portfolio — has rallied over 20% since its March lows.

The standout driver in Finland’s iShares MSCI Finland ETF was Nokia Oyj (NYSE:NOK), which has surged more than 150% from its summer 2025 lows and recently traded at levels last seen in February 2011 — a 15-year high for a stock many investors had written off.

Nokia reports earnings on April 23, heading into that print at a multi-year high, carried by network infrastructure demand and a broader rerating of European technology names.

Poland is the most geopolitically charged record of the group. Warsaw’s equity market had already been in a multi-year re-rating as NATO defense spending and nearshoring flows accelerated into Central Europe.

The ceasefire added a further layer: reduced regional conflict risk premium and falling energy costs for a country that imports a significant share of its industrial energy.

The ceasefire alone doesn’t explain Israel’s snapback rally to record highs. The standout single-stock driver is Tower Semiconductor Ltd. (NASDAQ:TSEM), an Israeli analog semiconductor foundry that has become one of the most explosive performers in global equity markets.

TSEM is up more than 76% year-to-date and has surged over 500% in the past year — a run built on surging demand for its silicon photonics and RF infrastructure platforms, direct exposure to AI data center buildout, and a $920 million capital commitment to quintuple SiPho wafer production by December 2026.

In its most recent quarter, TSEM posted earnings per share of $0.78, well above analyst expectations of $0.67, with revenues reaching $440 million.