As exchange-traded funds continue to grow in scope and popularity, investment experts warn that some products, such as leveraged and inverse ETFs, may be too dangerous for all but the most experienced investors.

"People get lazy, and they think an ETF is an ETF," said Paul Schatz, the president and CEO of Heritage Capital LLC, a Woodbridge, Conn., registered investment advisory firm. "There are inherent problems with every product, and some products have way too much firepower for the average person to use."

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