USLV

Credit Suisse AG has announced that it plans to implement a 1-for-10 reverse split of UGLD, its VelocityShares 3x Long Gold ETNs, and USLV, its VelocityShares 3x Long Silver ETNs, the company said.

UGLD and USLV will each begin trading on the Nasdaq Stock Market on a reverse split-adjusted basis on October 15, 2018.

Prologis will hold a 55% stake in the new company, which is dubbed Prologis US Logistics Venture (USLV), while NBIM will own the remaining interest.

Upon completion, which is expected to occur in January 2014, USLV will acquire a USD1bn (EUR731.3m) stabilised portfolio of 66 logistics facilities in the US, which will comprise a portion of assets from Prologis' former North American Industrial Fund III and Prologis Institutional Alliance Fund II, the US partner said.