The ProShares Ultra Gold ETF (NYSEARCA:UGL) saw a bit of a sell-off these days. This is uncharacteristic in a down market, but also reflects a possible tactical buying moment for this leveraged ETF.

UGL was launched in December 2008, and is an exchange-traded fund, or ETF, designed to provide a leveraged return on the daily movements of gold’s price. At an expense ratio of 0.95 percent ...