I complained about that quite a while ago but it never got further developed. Not for composite envelopes or opacity pull-down either. I recall fades working on adjustment events if I dropped a GL Transition on it. But I've given up on adjustment events. I've been doing global fades ever since that thread with a fade on a solid-black generated media event on a top track instead of an adjustment event. That works in any version of Vegas and I've found it very easy to work with.
It is what you expect to fade. Fading in/out an adjustment event will fade in/out the FX that have been attached to the adjustment event and that works normally as I just checked. Added a Black/white and zoom effect to the adjustment event and fade that effect in and out..
@lkaybora I agree with @3POINT, although it is a Pan/Crop alteration you have applied to the adjustment event & not an FX, it still has to be considered only as an overlayed 'effect', therefore it's only going to fade out that Pan/Crop 'effect',
@lkaybora No, you are not missing anything. That is how the Adjustment Event accurately behaves in Vegas Pro.... If you now just simply drop a video effect/filter on that same adjustment event and look where the fade is located, you will see exactly how it functions.
If you had a situation like the one in the picture, you would not expect the fade out to go to black, but to show you what's below. It's the same with the adjustment event.
There's a "fade to color" envelope for tracks that do what is says, but I think it is more convoluted that the proposed solution of a solid black color.