Dephosphorylates a number of phosphatidylinositols. Controls the cellular levels and subcellular distribution of phosphatidylinositol 3,5-bisphosphate and phosphatidylinositol 3,4,5-trisphosphate. Has a role in sperm activation and motility. Influences the localization of the transient receptor potential polycystin (TRPP) complex proteins lov-1 and pkd-2. Observed in reticular structures. Expressed in tail, cilia, dendrites, axon and male head. Reduced mating efficiency. Defective sperm. Abnormal distribution of pkd-2. Belongs to the inositol 1,4,5-trisphosphate 5-phosphatase type II family.