Based on the aggregated intelligence of 180,000-plus investors participating in Motley Fool CAPS, the Fool's free investing community, ProShares Short Dow30 (NYSE: DOG) has received the dreaded one-star ranking.

With that in mind, let's take a closer look at ProShares Short Dow30 and see what CAPS investors are saying about the ETF right now.

ProShares Short Dow30 facts

Inception June 2006
Total Net Assets $270.8 million
Investment Approach Seeks daily investment results that correspond to the inverse (opposite) of the daily performance of the Dow Jones Industrial Average Index.
Expense Ratio 0.95%
1-Year, 3-Year, and 5-Year Returns (20.4%); (15.8%); (8.1%)
Alternatives ProShares UltraShort S&P 500
ProShares Short S&P 500
ProShares UltraShort Dow30

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

On CAPS, 79% of the 215 All-Star members who have rated ProShares Short Dow30 believe the ETF will underperform the S&P 500 going forward.

Just last month, one of those Fools, All-Star TerryHogan, offered a straightforward explanation for his underperform call:

Simple bet on the Dow. Plus, this is a bet on volatility, as these ETFs are set to deliver a return that is the inverse of the DOW for a single day. [O]ver time, they won't match it if there's any volatility at all.

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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 may not 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.