DNOUnited States Short Oil
DNO Fund Description
The United States Short Oil provides -1x the daily return of futures contracts for light sweet crude oil delivered to Cushing, Oklahoma.
DNO ETF.com Insight
DNO is a front-month-based inverse product tracking the front-month futures contract on light sweet crude oil. As an inverse ETF, it’s not intended as a long-term investment, but to
“returns will reflect price appreciation and futures roll costs” be held only for its one-day exposure period. DNO’s strategy lies in shorting futures contracts, so returns will reflect price appreciation as well any return from “rolling” those futures contracts. Fund-closure risk remains low, but after almost four years, the fund has yet to garner $60M in assets, so investors should monitor this closely. DNO may be small, but its perfect block liquidity score means large investors should be able to get decent liquidity with the help of a market maker. DNO isn’t the cheapest fund in the space, but it’s well within the typical range. The fund’s spread may not be ideal, but can be managed through limit orders.
|Performance [as of 10/22/14]||1 Month||3 Month||YTD||1 Year||3 Years||5 Years||10 Years|
DNO Summary Data
A company that produces and manages ETFs.
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DNO Portfolio Data
A fund’s actual distributed cash flows over the past 12 months as a percent of its NAV
The upcoming date on which the fund trades without its upcoming dividend
DNO Index Data
Sweet Crude Oil
This is the benchmark an ETF is desigend to track or replicate.
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A set of rules that the underlying index provider follows to select its constituent securities.
This is the index that we have chosen as the best-in-class gauge for each segment's broad market.
DNO Fund Structure
“Yes” means the fund uses over the counter derivatives such as swaps and forwards
An indicator of whether or not a fund actively lends its portfolio holdings.
The division of securities lending revenue between the fund and the issuer.
The risk of default by the ETN counterparty.
The likelihood that an issuer will shut down a fund for business or regulatory reasons.
DNO Tax Exposures
The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.
The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.
ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.
It is the daily number of shares traded, averaged over the past 45 trading days.
It is the daily dollar value of shares traded, averaged over the past 45 trading days.
Median number of shares traded over the past 45 trading days.
Median dollar value of shares traded over the past 45 trading days.
The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.
The middle value in the ranked set of all premium/discount values over a maximum 12-month period.
The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.
This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.
The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.
The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.
The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.
The total number of net outstanding options contracts for an ETF.
The total market value of the assets that an ETF holds less fund expenses.
An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.