UVXY seeks the daily investment results that corresponds to two times daily performance of the SP500 VIX short term futures.  This is a horrible investment vehicle and only a good trading one once in a blue moon.  Recently, on 5/20/15 UVXY did a 1 for 5 reverse split.  The recent splits have come after months and months of UVXY being in a downtrend while the SP500 inversely in an uptrend. Splits on the UVXY are sort of like a throw in the towel situation which in the past has not bode well the SP500 in the short term.  There’s only been 4 reverse splits in the UVXY since 2012 (not including the most recent one), however 4 out the 4 have led to a short term decline in the SP500 as you can see in the chart below.