Buffett also includes low beta names and stocks like Coca-Cola (NYSE: KO) and Procter & Gamble (NYSE: PG), which he would hold “forever.” The Consumer Staples Select Sector SPDR (NYSEArca: XLP) allocates 23.6% of its holdings to KO and PG, and Parker notes that four of the top 10 holdings are also owned by Buffett. XLP has a 0.18% expense ratio and dividend yields of over 3%.

Additionally, the PowerShares Dynamic Foods & Beverage Portfolio (NYSEArca: PBJ) covers all the essential basic foods groups, with exposure to companies like Kraft (NasdaqGS: KRFT), Hershey (NYSE: HSY) and Papa John’s Pizza (NasadaqGS: PZZA). PBJ has a 1.47% yield and a 0.63% expense ratio.

Looking at opportunities outside of the U.S., a well-rounded portfolio will also include some international portfolio. In keeping with Buffett’s strategy of investing in solid, reliable, developed companies, investors can consider the iShares MSCI EAFE Index (NYSEArca: EFA), which tracks developed countries in Europe, the Far East and Australasia. EFA has a 0.34% expense ratio, which is lower than the category average of 0.51%, and pays dividends of over 3%.

For more information on ETFs, visit our ETF 101 category.

Max Chen contributed to this article.