United States Short Oil Fund

The United States Short Oil Fund, LP ("DNO") is a new way for investors and hedgers to manage their exposure to energy.

DNO 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.

Recent Documents
Title	Date
Prospectus	January 30, 2012
8-K Monthly Account Statement	December 31, 2011
8-K	December 28, 2011
Monthly Account Statement	November 30, 2011
Code of Conduct	November 22, 2011
10-Q	November 14, 2011

Fund Facts
DNO	as of 02/03/2012
Ticker	DNO
IIV	DNO.IV
Listing Exchange	NYSE Arca
CUSIP	912613205
ISIN	US9126132052
NAV	$36.41
NAV Change	$-0.57
4PM Bid/Ask Midpoint	$36.41
Last Trade Price	$36.39
Premium/Discount (%)	0.00%
Units Outstanding	300,000

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 .

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.

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.