That was not the only example in 2012. In April 2012, ProShares announced 11 reverse splits. On that list were the ProShares UltraShort Dow30 (NYSEArca: DXD) and the ProShares UltraPro Short QQQ (NasdaqGS: SQQQ). Here is how the S&P 500 and Dow Jones Industrial Average traded from April 25, 2012, the day the splits were announced, through June 4, 2012.
The Reverse Split Indicator can also be used at the sector level. For example, on May 24, 2013 ProShares announced a reverse split of the UltraShort Oil & Gas ProShares (NYSEArca: DUG). DUG attempts to deliver twice the daily inverse returns of the index tracked by the iShares U.S. Energy ETF (NYSEArca: IYE). Over the next month, IYE lost 5.3%.
The approach is also useful for spotting bearish trades in global ETFs. On March 15, 2013, Direxion announced a 1-for-6 reverse split for the Direxion Emerging Markets Bear 3X Shares (NYSEArca: EDZ). By June 14, the MSCI Emerging Markets Index lost more than 8%.