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

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

PSQ facts

Inception December 2006
Total Net Assets $229.1 million
Investment Approach Seeks daily investment results that correspond to the inverse (-1x) of the daily performance of the Nasdaq-100 Index. The index includes 100 of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market based on market capitalization.
Expense Ratio 0.95%
1-Year / 3-Year / 5-Year Returns (25.8%) / (20.3%) / (13.2%)
Alternatives ProShares UltraShort QQQ
Direxion Daily Technology Bear 3X Shares
ProShares UltraShort Technology

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

On CAPS, 45% of the 483 members who have rated ProShares Short QQQ believe the ETF will underperform the S&P 500 going forward.

Just last week, one of those Fools, All-Star TerryHogan, tapped ProShares Short QQQ as a particularly untimely opportunity:

This is another ETF that has an expense limitation that ends at the end of Sept. 2012. Once the expense ratio goes up, underperformance will only increase. Plus, it matches the inverse of daily returns, so it will inevitably decline with any volatility over time.

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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 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.