Quarterly Performance

DNO Performance as of 9/30/2011
	1 month	3 month	Year to Date	1 Year	5 Year	Since Inception*
Net Asset Value	10.71%	17.26%	14.30%	0.48%	N/A	-7.60%
Share Price	11.43%	17.19%	14.84%	0.83%	N/A	-7.16%

The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted.

DNO Performance vs. Benchmark as of 9/30/2011

Growth of a $10,000 Investment as of 9/30/2011

The chart above shows how a hypothetical investment of $10,000 in DNO at its inception would have performed versus an investment in the Benchmark Futures Contract. The values indicate what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

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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 .

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.

Commodities and futures generally are volatile and are not suitable for all investors. DNO is speculative and involves a high degree of risk. An investor may lose all or substantially all of an investment in DNO. Funds that focus on a single sector generally experience greater volatility.

Market returns are based on the market close and do not represent the returns an investor would receive if shares were traded at other times.

* DNO commenced operations on 09/23/2009.

** Performance figures presented reflect the expense ratio for DNO.

^ As a specific benchmark, the General Partner will endeavor to place dno’s trades in futures contracts and other crude oil-related investments and otherwise manage DNO's investments so that 'A' will be within 10% +/- of 'B', where: A is the average daily change in DNO's NAV for any period of 30 successive valuation days, i.e., any day as of which dno calculates its NAV, and B is the average daily change in the average of the prices of the Benchmark Futures Contracts over the same period.

For further discussion of these and additional risks associated with an investment in DNO units, click here.

The Fund could terminate at any time and cause the liquidation of your investment which may upset the overall maturity and timing of your investment portfolio. An unanticipated number of redemption requests during a short period of time could have an adverse effect on the NAV of the Fund.

The Fund may not earn trading gains sufficient to compensate for the fees and expenses that it must pay, and as such, the Fund may not earn any profit. You should not invest in DNO if you will need cash distributions from DNO to pay taxes on your share of income and gains of DNO, if any, or for any other reason.

DNO seeks to track the inverse of the total return movement of the Benchmark Futures Contract on a daily basis.

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 could lose all or substantially all of his/her investment.

The price of units may not accurately track the spot price of oil and you may not be able to effectively use DNO as a way to hedge the risk of losses in your oil-related transactions or as a way to indirectly invest in oil.

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 100,000 units.

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