Another choice without leverage for averaging into is RYJUX. Since July 2011 it has suffered with all the inverse t-bond funds, but has performed much the same as TBF, the least leveraged of the ETFs. If you want to average into the bubble, you can ope RYJUX with a low intial investment and then dump small amounts in, without getting zinged by brokers fees all the time.
This is a coward's approach, but hey haven't seen a lot of heroes in the short t-bond crowd lately :).
Why buy a dividend stock for 4% when the stock can lose 30% ??.. <<
I'm pretty sure that the same could be said about Why buy a 30 year US bond at 2.7% when it can lose 30%? But of course since the experts are all frontrunning Twist, Benron, etc. that will not be mentioned these daze.
short 30 year t bond ETN. No decay, and in fact tends to have a positive movement due to less volume. Use limit orders, buy small enough amounts you won't lose sleep over every time interest rates drop, and hold. There are no options available for it so you can't write covered calls.