The ceasefire trade went global.



The S&amp;P 500 — as tracked by the SPDR S&amp;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. 



<h2>Five Country ETFs Joined SPY At Record Highs This Week</h2>



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. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote>🚨 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</blockquote>
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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&amp;P 500.



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>ETF Name</th><th>ATH Price</th><th>ATH Date</th><th>YTD Return</th></tr></thead><tbody><tr><td>iShares MSCI Taiwan ETF (NYSE:EWT)</td><td>$81.60</td><td>Apr 16, 2026</td><td>+27.96%</td></tr><tr><td>iShares MSCI Israel ETF (NYSE:EIS)</td><td>$127.89</td><td>Apr 14, 2026</td><td>+14.79%</td></tr><tr><td>iShares MSCI Finland ETF (CBOE: EFNL)</td><td>$54.08</td><td>Apr 14, 2026</td><td>+11.17%</td></tr><tr><td>iShares MSCI Netherlands Index Fund (NYSE:EWN)</td><td>$64.02</td><td>Apr 14, 2026</td><td>+10.70%</td></tr><tr><td>iShares MSCI Poland ETF (NYSE:EPOL)</td><td>$40.52</td><td>Apr 15, 2026</td><td>+13.38%</td></tr><tr><td>SPDR S&amp;P 500 ETF Trust (NYSE:SPY)</td><td>$702.78</td><td>Apr 16, 2026</td><td>+2.76%</td></tr></tbody></table></figure>



<h2>Why These Markets Rallied To Records</h2>



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.



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The off-table confrontation has escalated! Iran's Foreign Minister presented ceasefire conditions and announced a comprehensive management plan for the Strait of Hormuz. Trump, in turn, decisively canceled his trip to Pakistan and maintained the blockade. Will this "power versus power" contest ignite war or lead to a turning point? Feel free to share your views in the comments section.

The off-table confrontation has escalated! Iran's Foreign Minister presented ceasefire conditions and announced a comprehensive management plan for the Strait of Hormuz. Trump, in turn, decisively canceled his trip to Pakistan and maintained the blockade. Will this "power versus power" contest ignite war or lead to a turning point? Feel free to share your views in the comments section.

With neither side willing to back down, is there any hope for a second round of negotiations?

Five country ETFs — EIS, EWT, EFNL, EPOL, EWN — reached all-time highs this week, coinciding with the S&P 500's historic close above 7,000 points. This surge followed President Trump's announcement of a two-week ceasefire with Iran, which catalyzed a global equities rally. Notable performances included Taiwan's iShares MSCI Taiwan ETF, up 27.96% YTD, and Israel's iShares MSCI Israel ETF, driven by strong earnings from key companies like TSMC and Tower Semiconductor. The ceasefire alleviated regional tensions, further boosting these markets.

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