Noted exchange traded fund (ETF) critic and Vanguard Group founder John Bogle recently shared his thoughts about sector and leveraged funds.

At a meeting before the Financial Planning Association, he praised ETFs for their endorsement of the index-fund concept and their generally low costs, says John Spence for MarketWatch. He likes the concept of using broad-market ETFs and holding them for the long-term, and even utilizing them in limited amounts to reach certain goals.

Where the praise ends is with sector funds "that range from the reasonable to the absurd," as well as leveraged funds. He was also critical of some forthcoming ETFs designed to triple returns. "Could quadruple be next?" His concern is that some types of ETFs could hurt more than they help.

We agree on the latter point – three-times leveraged funds could be way too much octane for the average investor.

But as for those ETFs that represent thinly sliced sections of the market – why not let the investors decide for themselves? Not everyone is going to want the same funds, and not every fund works for every investor. Keeping it as individual a choice as possible is the best thing to do.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.