These All-Time High ETFs Can Keep Going

Scared of stocks and ETFs that are hitting new all-time highs? That is understandable as many investors seemingly have a mental block about pushing securities past new highs. Even if the fundamentals look good, some investors fret about those stocks or ETFs being "overbought" or they are worried about being too late to the party. Those concerns make sense, but there is something to buying ETFs that are making new all-time highs. Investors that need convincing should remember Nicolas Darvas, author of "How I Made $2 Million in the Stock Market." That book was published in 1960, so it is fair to say that $2 million would be equivalent to hundreds of millions today when accounting for inflation. Long story short, Darvas always looked for stocks that had doubled from their 52-week lows

to support further upside. Betting on ETFs that are making new highs works as well. We highlighted a trio of such funds in early March and

. Related:

. The following ETFs are at or flirting with fresh all-time highs and have the potential to keep going.

The PowerShares NASDAQ Internet Portfolio is the epitome of an ETF that would scare a lot of folks away for multiple reasons. PNQI has been making new all-time highs for a good part of 2013

have fueled the fund's almost 14 percent one-month gain. Sure, PNQI looks overbought and it certainly does not look cheap with valuations befitting of its holdings. The ETF has a P/E ratio of 31 and a price-to-book ratio of almost 4.4,

. However, as Internet stocks have shown so many times in the past, lofty valuations can stay that way for extended time frames. More importantly with PNQI, the fundamentals for many of its marquee constituents appear strong.

The Guggenheim Spin-Off closed off its highest levels of the day Thursday, but it still touched a new all-time high earlier in the session. CSD has jumped 7.4 percent since we said it was

in early June. Of the course question is can CSD keep going? Absolutely and that thesis is based on the ETF's legacy of outperforming the broader market. Over the past three years, CSD has outperformed the S&P 500 by over 3,900 basis points.

The First Trust US IPO Index Fund hit another all-time high Thursday for one of the same reasons PNQI: Facebook's

stellar earnings report. Note that FPX's underlying index, the IPOX-100 U.S. Index, can include companies that have come public in the past four years,

. That is why the ETF holds "older" IPOs such as Facebook and General Motors

. FPX is also not limited to pure IPOs as plenty of spin-offs are included in the ETF's lineup as well. Spinoffs found in SPX include Phillips 66

and Marathon Petroleum

and as CSD has proven, playing the right spinoffs can be rewarding. For more on ETFs, click

.