Most smoke machine manufacturers present their fluids as top secret formulas that are specific to their particular machine. They warn that if any other manufacturers fluid is used then your machine will be damaged and your warranty will be instantly invalidated. In reality most commercial fluids use triethylene glycol mixed with water, and are generally interchangeable.
To elaborate, smoke fluid is a mixture of between 10 to 75% glycol to water depending on how dense the fog is desired. The water tends to be distilled/deionised/demineralised to remove contaminants that could cause furring of the machines heater block, and it is also pretty sterile to reduce the risk of bacteria growing in the solution. Propylene glycol is sometimes used in combination with the triethylene glycol to create different smoke characteristics, but the older glycerol (glycerine) recipe is rarely used since it's high density fog tends to leave quite a sticky residue after prolonged use.
For effects use the older glycerine recipe can be very useful since it allows the easy creation of a fluid that offers anything from a gentle haze to a thick high persistence white out.