Consider TBF if you want to play this. Still a small amount of time decay due to use of derivatives. IMO, treasuries still have time before yields start to turn over. Euro crisis will keep yields low for the time being if not move them lower from here.
leveraged etf is just like any leverage..it can hurt you and it can benefit you. the decay/drag is the downside, the compound is the upside, you cant seperate one from another.