The value category includes cheap assets that are likely to outperform more expensive assets. Momentum investing is based on the tendency of strong performers to continue outperforming assets with weaker performances. Low-volatility assets provide better risk-adjusted returns than high-volatility assets. Lastly, quality stocks include those with high profitability, low leverage and staple earnings.

Lee, though, singles out the Robo-Stox Global Robotics & Automation Index ETF (NasdaqGS: ROBO) as a potentially bad investment idea. He argues that while the technology is interesting, the benefits will come at the expense of investors. Additionally, Lee warns that the Nashville Area ETF (NYSEArca: NASH), which provides targeted exposure to the Nashville area, may close down like the similar Oklahoma and Texas ETF strategies.

The analyst also calls out the ETRACS Monthly Pay 2xLeveraged Closed Fund ETN (NYSEArca: CEFL) and ETRACS Monthly Pay 2xLeveraged Diversified High Income ETN (NYSEArca: DVHL) as odd choices for income portfolios since the two have a leveraged component, which would further increase risk.

Fore information on ETFs, visit our ETFs 101 category.

Max Chen contributed to this article.