While the first exchange traded funds were liquid investments tracking broad-based stock indexes like Standard & Poor’s, MSCI and Dow Jones indexes, they have since morphed and mutated into a jungle of extremely high risk products that cater to the worst instructs of investors according to Vanguard founder John C. Bogle. Mr. Bogle who invented low-cost mutual fund investing, is not a fan of most exchange traded funds and observed, “Some kind of monster was built out of what I created.”