United States Short Oil Fund

The United States Short Oil Fund^® LP ("DNO") is an exchange-traded security that is designed to inversely reflect the movements of light, sweet crude oil. DNO issues units that may be purchased and sold on the NYSE Arca.

The investment objective of DNO is for the daily changes in percentage terms, of its units' net asset value ("NAV") to inversely reflect the daily 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 NYMEX 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 (the "Benchmark Futures Contract"), less DNO's expenses.

Recent Documents
Title	Date
Prospectus	May 1, 2012
8-K Monthly Account Statement	March 31, 2012
Fact Sheet	March 31, 2012
10-Q	March 31, 2012
10-Q XBRL ZIP Archive	March 31, 2012
8-K	March 30, 2012
8-K	March 22, 2012
8-K Monthly Account Statement	February 29, 2012
8-K Monthly Account Statement	January 31, 2012
10-K	December 31, 2011
10-K XBRL ZIP Archive	December 31, 2011

Fund Facts
DNO	as of 05/18/2012
Ticker	DNO
IIV	DNO.IV
Listing Exchange	NYSE Arca
CUSIP	912613205
ISIN	US9126132052
NAV	$38.83
NAV Change	$0.47
4PM Bid/Ask Midpoint	$39.01
Last Trade Price	$38.96
Premium/Discount (%)	0.46%
Units Outstanding	550,000

Recent quarter end performance data.

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For a copy of the Prospectus contact: ALPS Distributors, Inc., 1290 Broadway, Suite 1100, Denver, Colorado 80203 or call 800.920.0259 or click here. Please read it carefully before investing.

The Commodity Futures Trading Commission has not passed upon the merits of participating in these pools nor has the Commission passed on the adequacy or accuracy of this Prospectus.

Neither the Securities and Exchange Commission ("SEC"), nor any State Securities Commission has approved or disapproved the securities offered in this Prospectus or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

DNO^® is not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation thereunder.

This investment is not suitable for all investors.

Commodity trading is highly speculative. Commodities and futures generally are volatile and are not suitable for all investors. DNO is speculative and involves a high degree of risk. Investing in DNO subjects you to the risks of the oil industry. These risks could result in large fluctuations in the price of DNO's units. An investor may lose all or substantially all of an investment in DNO. Funds that focus on a single sector generally experience greater volatility.

There is a risk that the daily changes in the price of DNO's units on the NYSE Arca will not closely track the inverse of the daily changes in the spot price of crude oil. This could happen if the price of units traded on the NYSE Arca does not correlate closely with DNO's NAV; the changes in DNO's NAV do not correlate closely with the inverse of the changes in the price of the Benchmark Futures Contract; or the changes in the inverse of the price of the Benchmark Futures Contract do not closely correlate with the changes in the cash or spot price of crude oil. If these correlations do not exist, then investors may not be able to use DNO as a cost-effective way to indirectly take short positions in crude oil or as a hedge against the risk of loss in crude oil-related transactions. For further discussion of these and additional risks associated with an investment in DNO units, click here.

Units of DNO may be purchased or sold throughout the day through any brokerage account, which will result in typical brokerage commissions. Investors buy and sell units in the secondary market (i.e., not directly from DNO). Only authorized purchasers may trade directly with DNO, in minimum blocks of 50,000 units.

The United States Short Oil Fund is distributed by ALPS Distributors, Inc.

DNO United States Short Oil Fund^® and Design mark are registered trademarks of The United States Commodity Funds LLC. The United States Commodity Funds^® is a registered trademark. | All rights reserved.