Have $1,000 to invest? You should pick one of these 8 ASX shares

I think one of these 8 ASX shares would be a great place to invest $1,000 for long-term returns with good growth potential.

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Do you have $1,000 to invest? I think you should choose one of the eight ASX shares I'm going to name in this article.

The coronavirus worries have caused the share market to fall heavily compared to where it was in the middle of February 2020.

You don't need to have $10,000 to invest in ASX shares. In-fact you don't even need $1,000, you could start with half of that.

It may be hard to know where to look with $1,000. I've got you covered. 

Here are some ASX share investment ideas for $1,000:

An exchange-traded fund (ETF)

iShares S&P 500 ETF (ASX: IVV): There are few passive investments remotely as good as a S&P 500 fund. The Australian dollar is strengthening, so it could be a good time to buy this ETF which has very low fees and wonderful shares within.

A great investment conglomerate

Washington H. Soul Pattinson and Co. Ltd (ASX: SOL): It has been around for over 100 years and its investment strategy means it can continue to diversify and expand, whilst paying a growing dividend. It's down around 20% since the start of the falls. It's one of my favourite ASX shares.

Quality listed investment companies (LICs)

WAM Global Limited (ASX: WGB) is a good LIC and Magellan Global Trust (ASX: MGG) is a good listed investment trust (LIT). They both look to invest in quality, undervalued international shares rather than ASX shares. Aussies need more exposure to overseas shares and I think these two could be the way to get it, particularly whilst they're trading attractively cheaper than their net asset values.

Small cap ASX shares

Pushpay Holdings Ltd (ASX: PPH) is an electronic donation company and Bubs Australia Ltd (ASX: BUB) is an infant formula business. Both are under the radar of most investors, but they're currently at around the point of cashflow breakeven status and still reporting strong growth despite the tough conditions. They could be strong ASX share performers over the next five years.

'Alternatives'

Duxton Water Ltd (ASX: D2O) is a company the owns and leases water entitlements and Australian Ethical Investment Limited (ASX: AEF) manage various funds in an ethical manner for its investors. Both businesses are seeing long-term growth in demand for their services.

Foolish takeaway

Each idea is different from a typical ASX 20 share or even an ASX ETF. At the current prices I'm probably most attracted to Soul Patts, Pushpay and Bubs. It depends what you're looking for. However, if overseas shares fall again I'd be very interested in buying more Magellan Global Trust and WAM Global for my portfolio.

Tristan Harrison owns shares of Australian Ethical Investment Ltd., DUXTON FPO, MAGLOBTRST UNITS, WAMGLOBAL FPO, and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Australian Ethical Investment Ltd. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended Australian Ethical Investment Ltd., BUBS AUST FPO, and DUXTON FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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