Records tumble! Hot ASX ETFs smash all-time highs again on Friday

15/06/2024

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It's another day and another loss for the S&P/ASX 200 Index (ASX: XJO) so far this Friday. At the time of writing, the ASX 200 has shed another 0.4%, leaving the index at around 7,720 points.

But this loss for the broader market hasn't stopped a series of ASX exchange-traded funds (ETFs) from smashing out new record highs today.

Let's start with the BetaShares Nasdaq 100 ETF (ASX: NDQ). NDQ units closed at $44.77 each yesterday afternoon. But those same units opened at $44.86 this morning before rising as high as $44.93 after lunchtime today. That's a new all-time high for this ETF.

But it's not just NDQ that's on fire today. We're seeing something similar happening with the Vanguard MSCI Index International Shares ETF (ASX: VGS). VGS units finished up at $125.43 yesterday, and opened at $125.38 this morning. But since then, this index fund has climbed to a new record high of $125.58.

Keeping the train rolling, let's now look at what's happening with the iShares S&P 500 ETF (ASX: IVV). IVV units finished their Thursday at $54.55 each. But this morning, those units opened at $54.68 before hiking up to a new record of $54.75.

A final ASX ETF hitting new records today is the VanEck MSCI Index International Quality ETF (ASX: QUAL). This ETF isn't an index fund like these other three record smashers. But it has still clocked a new all-time high of $57.26 a unit today after closing at $57.02 yesterday and opening at $57.19 this morning.

What's up with these record-smashing ASX ETFs today?

It might seem strange that no fewer than four ASX ETFs are breaking new record highs this Friday on a day that has seen the Australian stock market decisively lose value.

But this isn't new. It was only Tuesday that we were discussing a previous batch of new record heights for three of these four funds. As we covered then, none of the ASX ETFs listed above actually track or cover ASX shares. Rather, they are all funds that are almost entirely exposed to the United States markets.

NDQ and IVV are index funds that mirror the NASDAQ-100 Index (NASDAQ: NDX) and S&P 500 Index (SP: .INX), respectively.

VGS is also an index fund, but it tracks the MSCI World ex-Australia Index. This index covers dozens of advanced economies around the world but is predominantly invested in American shares, as is the QUAL ETF.

As it happens, the US markets have been on a tear themselves this week. We've seen fresh new all-time highs for the S&P 500 Index and the NASDAQ 100. This has, in turn, been driven by new highs for many of the US's largest companies, including Apple, Microsoft,Â and NVIDIA.

Given this favourable backdrop, it's not surprising that these US-based ASX ETFs vaulted higher this Friday despite the bad mood the broader ASX is in.

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What's up with these record-smashing ASX ETFs today?

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