Thanks Ralph, makes sense. FYI I bought some at 121 today- outright buy, not a huge one, dipping the toe in. I've been more about shorting VXX and UVXY, so I am not familiar with the tax consequences of SVXY. I remember someone saying it complicates taxes big time- any insight on this? I thought it was a simple pass through situation where you got a separate statement sent to your address of record at the brokerage. I guess it would be a problem if you traded in and out pretty often.