Found this interesting as another way to play ETF's.Haven't done it myself but does give another method for investing in ETF's so the time erosion doesn't kill you.Personally have discussd with a few others the possibility of shorting ETF's instead of going long.By this I mean shorting a bear etf when bullish and vice versa.Just trying to find a way to get around the fact that you can be right about the direction of something and buy an etf and still not make money and the stock price actually erodes because they are always buying the forward month.

http://www.stockhouse.com/Columnists/2010/Feb/11/Profit-from-China-even-if-the-experts-are-wrong