UVXY has done four reverse splits as described below, which can...

UVXY has done four reverse splits as described below, which can be found at http://www.splithistory.com/uvxy/

  
Consequently, the UVXY chart as presented by BullCharts, which I use, is as shown below. The reverse split dates are clearly evident on the chart.



The StockCharts version of the UVXY has obviously 'artificially' removed all of the splits to provide a 'continuous' chart.

But why is the StockCharts version of UVXY 10,000 in February 2012 and only 26.09 now?

I have a theory regarding the above question, but first hopefully somebody more experienced could endeavour to answer this question.