any leveraged ETF 200% 300% etc is going to lose substantial value during market volatility. Look at SRS, it was at 300 and now its around 8. Why do you think they did reverse splits on FAZ and FAS? It was to try to make it look like they aren't both losing value. Trust me leveraged ETF's are a scam. Only good for day trading, you cant even hold it overnight w/ out the risk of losing value vs the index.