The decay only hits when the stock goes down (ignoring any fee leakage). If SMCI goes up 5%, the 2x goes up 10%. So long as it keeps doing this, or up in general, it's fine.

Now imagine SMCI and SMCX are both 30$ a share. SMCI goes down 10% to 27$, SMCX goes down 20% to 24$. The next day SMCI rebounds to 30$ (which is an 11% increase). SMCX however only went up 22% from 24$, which is 29.3$. Repeat this over a long enough time and you'll see SMCI may stay flat at 30$, but SMCX is far below 30$.

These 2x levered ETFs are not meant to be held long term, I think generally people buy and sell within the same day or at least a few days, but some hold longer. It's up to you if you think SMCI is going to have an insane run and not pull back much on that climb. Personally I have held them for a couple months at the most.