Vanguard founder and former CEO Jack Bogle is not a believer in trading 'FANG' stocks.

When asked about Intercontinental Exchange launching a FANG+ index futures contract for traders on Wednesday, Bogle blasted the idea.

The product enables investors to trade an index that tracks the performance of Facebook, Apple, Amazon, Netflix, and Google-parent Alphabet, along with Alibaba, Baidu, Nvidia, Tesla and Twitter.

"If you want to do such a crazy thing, it certainly makes it easy to do. ... I have no doubt it's a liability," Bogle said on CNBC's "Power Lunch" Tuesday. "I think the odds are very bad. It appeals to the trading instincts in investors. ... If you like gambling, if you like casinos, these things are really, really, really good."

Instead he recommended investors focus on the long term with a multidecade time horizon by buying index funds that minimize trading transaction costs.

"Anything that gets investors into trading is a negative," he said. "Trading is a loser's game. Trading is short term speculation."

Bogle founded Vanguard Group in 1975. The firm is widely regarded as the leader of passive index investing. It has approximately $4.7 trillion in assets under management, according to its president.