Right. Fades as well as the item volume handle, to be precise. That's quite nice with MIDI that consists of short notes, as there will be no changes during a note's length. Fading in/out a drum item or arpeggio line for example. You have to keep in mind, that a MIDI note happening at the very start of an item will be completely muted (gets velocity=0) IIRC. Best to have the item start a tiny tad ahead of it's first note if you want to use item fades and avoid the first note missing. There has been discussions about changing that (optionally) to CC7 volume, which would be nice, I guess. Of course that would afford a channel selector... BTW.: A track envelope for pre fader volume does work on MIDI velocity as well.