Based on the aggregated intelligence of 180,000-plus investors participating in Motley Fool CAPS, the Fool's free investing community, ProShares Ultra Silver (NYSE: AGQ) has received a distressing two-star ranking.

With that in mind, let's take a closer look at ProShares Ultra Silver and see what CAPS investors are saying about the ETF right now.

ProShares Ultra Silver facts

Inception December 2008
Total Net Assets $931.4 million
Investment Approach Seeks to provide daily investment results that correspond to twice (200%) the daily performance of silver bullion as measured by the U.S. dollar fixing price for delivery in London.
Expense Ratio 0.95%
Year-to-Date / 1-Year / 3-Year Returns 32.6% / (50.9%) / 23.4%
Alternatives iShares Silver Trust
ETFS Physical Silver
Global X Silver Miners

Sources: S&P Capital IQ and Motley Fool CAPS.

On CAPS, 43% of the 129 All-Star members who have rated ProShares Ultra Silver believe the ETF will underperform the S&P 500 going forward.

Just last month, one of those Fools, TerryHogan, succinctly summed up the bear case for our community:

Silver production has been growing for about the past decade, at the same time that demand for photographic purposes has declined. If prices remain high, industrial uses will also decline due to alternative methods. The previous high prices are not sustainable. Also, it's a leveraged ETF with an expense ratio, so it will inevitably degrade over time with any sort of volatility.

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Want to see how well (or not so well) the stocks in this series are performing? Follow the TrackPoisedTo CAPS account.