Replies to post #6454 on ProShares Trust Ultra VIX Short Term Futures ETF (UVXY)

[weazelboy]

Ohhh dear. You ARE serious...

I hate to break the news to you, sir. You are NOT rich. In fact, you are still underwater by over 50% just as you were last night when you went to bed.

There was a reverse split of 5 to 1 last night. Meaning, every 5 shares you owned last night, you own only 1 of those shares now ...which multiplied the closing price by 5 ($8.23 x 5 = $41.15).

So, if your broker is still showing the entire allotment of shares you previously owned...that is incorrect (as Eric pointed out in his first post of the day) and will ultimately be corrected by your broker.

Short story, your cost basis is now $85/share ($17 x 5). You got a long way to go........