AI-assisted source check by Codex, 2026-10-08. Human editorial review not recorded.
The idea
An index summarises a defined group of securities. An ETF is a fund with its own tradable price. SMA 200 averages 200 valid session closes. Monthly VWAP weights price by traded volume and resets at the first market session of each month.
Illustrative example
Illustrative prices 10 and 20 with volumes 1 and 3 give (10 × 1 + 20 × 3) / 4 = 17.5. This is a calculation example, not a market observation.
Limits
An index does not inherit an ETF’s volume. HLC3 daily-bar VWAP is an approximation. Missing sessions, split conventions and insufficient warm-up can invalidate indicators. An average is not a prediction.