SVXY went through some serious trauma in February 2018. An unprecedented VIX spike and an apparent VIX future liquidity gap in the late afternoon of February 5th, 2018 resulted in a 90% drop in SVXY’s value and the termination of XIV—a similar fund. Proshares moved to reduce the chances of a similar event in the future by lowering SVXY’s leverage from -1X the daily moves of SPVXSP, the VIX futures index it tracks, to -0.5X. This change reduces the chances of a similar drawdown, or of the fund terminating but also reduces the upside potential of SVXY. This leverage change became effective February 28th, 2018.