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

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

ProShares UltraShort Gold facts

Inception December 2008
Total Net Assets $100.1 million
Investment Approach Seeks to provide daily investment results that correspond to twice (200%) the inverse (opposite) of 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 (27.9%) / (7.0%) / (39.3%)
Alternatives PowerShares DB Gold Short ETN
PowerShares DB Gold Double Short ETN
ProShares UltraShort Silver

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

On CAPS, 57% of the 347 members who have rated ProShares UltraShort Gold believe the ETF will underperform the S&P 500 going forward.

Earlier this year, one of those Fools, All-Star TerryHogan, succinctly summed up the bear case for our community:

With anything other than a straight downward trajectory for the commodity these guys will degrade over time due to the leverage. So as long as there's some volatility they will underperform in the very long run. If there's an up market, they will underperform very quickly in the short run.

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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.