It's looking like this Wednesday's session is turning out to be another rough one for ASX shares. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) has dropped by a chunky 0.52% and is back under 8,350 points. But despite this drop, we've still seen two ASX exchange-traded funds (ETFs) hit new record highs today.

As you would probably guess, these ETFs aren't ASX 200 index funds. Instead, they could be classified as 'under-the-radar' ETFs that you may not have even heard of.

Two ETFs smashing new record highs this Wednesday

VanEck MSCI International Quality ETF (ASX: QUAL)

First up is the Vaneck International Quality ETF. As its name implies, the ASX ETF aims to give investors exposure to a portfolio of global shares selected based on the 'quality' of their business fundamentals. The criteria used to assess this quality include a high return on equity, earnings stability, and low financial leverage.

Although QUAL is technically an international fund, nearly 80% of its holdings are American stocks. Amongst its top positions, you'll find names like Apple, Meta Platforms, Visa, and Procter & Gamble.

QUAL units have hit a new record high of $59.10 each today, following this ASX ETF's close of $58.84 yesterday. These units are now up more than 25% in 2024. As of 30 November, this fund has averaged an annual return of 15.69% over the past ten years.

VanEck Morningstar Wide Moat ETF (ASX: MOAT)

Our second ASX ETF smashing out a new high today is the VanEck Wide Moat ETF. This fund is similar to QUAL in nature, holding a concentrated portfolio of American shares selected based on their perceived possession of a wide economic moat.

A 'moat' is the Warren Buffett term for an intrinsic competitive advantage that a company can possess. This advantage can take several forms, including a strong brand, low-cost advantage, or a networking effect that keeps customers using a product.

You can see these criteria playing out in MOAT's current portfolio. This includes stocks like Walt Disney, Salesforce, Amazon, and Starbucks.

MOAT units have hit a new record high of $135.38 today, although they have slipped away from that high at present. This ASX ETF is up 13.7% in 2024 so far and has averaged a return of 14.3% per annum (as of 30 November) over the past five years.