Exchange Traded Funds are, in simple terms, investment funds that trade on stock exchanges, and they can be included in SmartRisk. It should be noted, however, that given the proliferation and growth of ETFs, a quick look at their history should be considered.
The ETF "vehicle" was created in 1993 and as of 2019, there are now more than 5,000 ETFs in the market place with trillions of dollars in assets. Given that many ETFs are recent additions to the marketplace, they may not have sufficient trading histories for SmartRisk modeling purposes. In these cases, a proxy can easily be found to create a Smart Symbol using a similar ETF with a longer history.