Direxion reduced the 3X to 2X on some of the funds like their international & some sector ETFs (like India, Russia, Brazil, Energy & Gold stocks). So I just use ITM options on those ETFs. It works almost as good. I do prefer the 3X ETFs since if there is large price correction I can just buy more of the ETF where as in the option if the price goes significantly below the strike price you pretty much have sell it move to a lower strike price. Best strategy is to buy the future if you can. Next is to buy these ETFs then it is to buy options. I'm currently long Russia (only realistic way to invest in Gazprom & Lukoil) with a combination of RUSL (2X RSX Index) & the RSX options.
Nothing was fundamentally wrong about XIV from a trader's perspective IMO, it did exactly was it was designed to do and 'expired' after a long good run with ample opportunity to take profits. But I wouldn't leverage that shit. Of course, as for overall system stability/market maker's financial health it might be another story.