DNO

The United States Short Oil ETF, LP

The United States Short Oil Fund, LP is an exchange-traded security that is designed to inversely reflect the movements in the price of light, sweet crude oil. DNO issues units that may be purchased and sold on the NYSE Arca. The investment objective of DNO is to have the changes, in percentage terms, of the units’ net asset value inversely reflect the changes, in percentage terms, of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the changes in the price of the futures contract on light, sweet crude oil as traded on the New York Mercantile Exchange that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case the futures contract will be the next month contract to expire, less DNO’s expenses. It is not the intent of DNO to be operated in a fashion such that its NAV will equal, in dollar terms, the spot price of crude oil or any particular futures contract based on crude oil.
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