The net asset value of exchange traded funds hit a record high on the back of the bullish run on the local stock market, fueled by eased uncertainties over the Sino-American trade tussle, data showed on Thursday.

The net asset value of ETFs reached 48.83 trillion won ($41.89 billion) as of Wednesday, the highest on record since 2002, when the investment vehicle made a debut on the local stock market, according to the data compiled by the Korea Exchange.

An ETF refers to an investment fund traded on stock exchanges and invests in a basket of stocks that track an index, or commodities and bonds. The net asset value more than doubled in the past five years from the 19 trillion-won level in 2014, as investors sought safer investment destinations.