When open, the short "deployment end" of the blade will sit beside the opposite leading edge blade, so yes, there is some shielding of the forward edge of both blades. This is typical of the "rear deployment" lever style mechanical broadhead. Some companies sharpen that edge but at a thickness of the SEVRs blade at .032 each (.064 total), it's cutting ability has to be impacted. And their .032 blade is on the thin side compared to .035 or thicker blades commonly found on other mechanicals which would affect durability to some degree.
I e-mailed them and the rep said under pressure the arms flex back more, increasing the angle of the blades and fully exposing the cutting edge. So if you push on the arm is it possible to get it behind the sharpened edge?
I read the info on their web site for the 2.1 and they have a "locking" design so I think they do not move/flex after opening and locking. The picture shows the 2.1" open with shrouded blades but the swivel picture shows them moved behind the edge. Not clear for sure.
FEATURES: Lock-and-Pivot™ Blades – SEVR’s patented Lock-and-Pivot™ non-barbed blades are fully contained in the ferrule, then lock open on impact. The blades then pivot as needed to keep arrows driving straight through game even on steep quartering shots and bone impacts. This increases penetration versus regular rear-deploy non-pivoting broadheads.
There are some videos on line and from those you can see that the blades do lock open and do have travel/flex in each side when they do open. The key element is that with forward pressure on contact, the deployment "short sides" are pressed forward. Pressure from the long cutting side of the blade does this which shrouds the opposite side forward edge of the blade. Which is what we would hope wasn't the case.
Talking to them they said it was the other way, that the short pushed back the long under pressure.
Alternatively, this could be the stretch and slice mechanic they talk about. The dull arms tugging at the skin and guts, bunching it up and then slicing through a larger portion of material than the width.