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.
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.