Based on the aggregated intelligence of 180,000-plus investors participating in Motley Fool CAPS, the Fool's free investing community, ProShares Ultra Gold (NYSE: UGL) has received the dreaded one-star ranking.

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

ProShares Ultra Gold facts

Inception December 2008
Total Net Assets $372.7 million
Investment Approach Seeks to provide daily investment results that correspond to twice (200%) the daily performance of gold bullion as measured by the U.S. dollar p.m. fixing price for delivery in London
Expense Ratio 0.95%
Year-to-Date / 1-Year / 3-Year Returns 17.3% / (16.0%) / 33.9%
Alternatives PowerShares DB Gold Double Long ETN
SPDR Gold Shares
iShares Gold Trust

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

On CAPS, 42% of the 251 members who have rated ProShares Ultra Gold believe the ETF will underperform the S&P 500 going forward.

Earlier this year, one of those Fools, goeagles2013, succinctly summed up the bear case for our community:

This call might hurt over the next few weeks, months, or even years. But I'd rather own shares of a company that produce something of real value to society than a shiny metal. Inflation hedge aside, there are better places to put your money, and when these doomsday prophecies disappear, so will gold at [$1,700] an ounce.

If you want market-thumping returns, you need to protect your portfolio from any undue risk. Luckily, our special report on ETFs highlights three funds that are poised to soar in the next recovery. It's 100% free, but it won't last forever, so access it now.

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Fool's disclosure policy always gets a perfect score.