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 toreturns 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.

1 Year
Performance [as of 11/25/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
DNO 7.64% 20.38% 18.69% 13.51% 2.89% -1.59% --
DNO (NAV) 8.64% 21.66% 20.20% 14.83% 3.40% -1.31% --
-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.


Average Spread
Premium/Discount
Volume

DNO ETF.com/ Block LiquidityAs of 11/26/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of DNO. DNO is rated a 5 out of 5.

DNO Summary Data

US Commodity Funds

A company that produces and manages ETFs.

09/24/09

The first date of a fund's operations, as documented by the issuer.

Commodities Pool

The organizational structure of the fund or ETN.

2.00%

The net total annual fee a fund holder pays to the issuer.

$8.22 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

DNO Portfolio Data

0.00%

A fund’s actual distributed cash flows over the past 12 months as a percent of its NAV

N/A

The upcoming date on which the fund trades without its upcoming dividend

DNO Index Data

Front Month Light
Sweet Crude Oil

This is the benchmark an ETF is desigend to track or replicate.

Single Asset

A set of rules that the underlying index provider follows to weight its constituent securities.

Single Asset

A set of rules that the underlying index provider follows to select its constituent securities.

N/A

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

DNO Fund Structure

No

“Yes” means the fund uses over the counter derivatives such as swaps and forwards

N/A

An indicator of whether or not a fund actively lends its portfolio holdings.

0% / 100%

The division of securities lending revenue between the fund and the issuer.

N/A

The risk of default by the ETN counterparty.

Medium

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

DNO Tax Exposures

27.84% / 27.84%

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.

Yes

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

DNO Tradability

16,566

It is the daily number of shares traded, averaged over the past 45 trading days.

$618.62 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

14,534

Median number of shares traded over the past 45 trading days.

$518.67 K

Median dollar value of shares traded over the past 45 trading days.

0.17%

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.

-0.01%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

0.83% / -1.29%

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.

None

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.

100,000

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.

0.15

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.

0.00%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

550

The total number of net outstanding options contracts for an ETF.

$41.11

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

Related ETFs to DNO

DOIL, DTO, DWTI, SCO, SZO

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

DNO Commentary & News

9 November 2014 Features and News | ETF.com
22 October 2014 Oil ETFs | ETF.com
15 October 2014 66 - ETF.com