United States Short Oil Fund 10-K 24 Mar 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 21, 2016	Jun. 30, 2015
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	United States Short Oil Fund, LP
Entity Central Index Key	1,439,567
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 20,208,000
Trading Symbol	DNO
Entity Common Stock, Shares Outstanding		300,000

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents (Notes 2 and 5)	$ 19,904,157	$ 8,697,839
Equity in trading accounts:
Cash and cash equivalents	3,810,628	1,111,493
Unrealized gain (loss) on open commodity futures contracts	648,394	1,328,190
Receivable from General Partner (Note 3)	109,934	93,807
Dividends receivable	64	0
Directors' fees and insurance receivable	679	1,048
Total assets	24,473,856	11,232,377
Liabilities and Partners' Capital
General Partner management fees payable (Note 3)	12,071	5,142
Professional fees payable	84,243	90,341
Brokerage commissions payable	2,017	572
License fees payable	948	329
Total liabilities	$ 99,279	$ 96,384
Commitments and Contingencies (Notes 3, 4 and 5)
Partners' Capital
General Partner	$ 0	$ 0
Limited Partners	24,374,577	11,135,993
Total Partners' Capital	24,374,577	11,135,993
Total liabilities and partners' capital	$ 24,473,856	$ 11,232,377
Limited Partners' shares outstanding	300,000	200,000
Net asset value per share	$ 81.25	$ 55.68
Market value per share	$ 81.43	$ 55.16

Schedule of Investments

Schedule of Investments		Dec. 31, 2015USD ($)Contracts	Dec. 31, 2014USD ($)Contract
Unrealized Gain (Loss) on Open Commodity Contracts		$ 648,394	$ 1,328,190
Open Futures Contracts - Short [Member] | United States Contracts [Member] | NYMEX WTI Crude Oil Futures CL February 2015, Expiring January 2015 [Member]
Number of Contracts | Contract	[1]		209
Unrealized Gain (Loss) on Open Commodity Contracts	[1]		$ 1,328,190
% of Partners' Capital	[1]		11.93%
Open Cleared Swap and Futures Contract [Member] | United States Contracts [Member] | NYMEX WTI Crude Oil Futures CL February 2016 contracts, expiring January 2016 [Member]
Number of Contracts | Contracts	[2]	658
Unrealized Gain (Loss) on Open Commodity Contracts	[2]	$ 648,394
% of Partners' Capital	[2]	2.66%
Cash Equivalents [Member]
Market Value		$ 15,987,691	$ 2,999,297
% of Partners' Capital		65.59%	26.93%
Cash Equivalents [Member] | United States Treasury Obligations [Member]
Market Value		$ 10,987,691
% of Partners' Capital		45.08%
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills, 0.04%, 3/19/2015 [Member]
Principal Amount			$ 1,000,000
Market Value			$ 999,914
% of Partners' Capital			8.98%
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills, 0.05%, 4/23/2015 [Member]
Principal Amount			$ 1,000,000
Market Value			$ 999,845
% of Partners' Capital			8.98%
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills, 0.09%, 6/25/2015 [Member]
Principal Amount			$ 1,000,000
Market Value			$ 999,538
% of Partners' Capital			8.97%
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills, 0.13%, 1/21/2016 [Member]
Principal Amount		$ 1,000,000
Market Value		$ 999,931
% of Partners' Capital		4.10%
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills, 0.19%, 2/04/2016 [Member]
Principal Amount		$ 1,000,000
Market Value		$ 999,825
% of Partners' Capital		4.10%
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills, 0.23%, 3/03/2016 [Member]
Principal Amount		$ 1,000,000
Market Value		$ 999,608
% of Partners' Capital		4.10%
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills, 0.07%, 4/14/2016 [Member]
Principal Amount		$ 1,000,000
Market Value		$ 999,812
% of Partners' Capital		4.10%
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills, 0.12%, 4/21/2016 [Member]
Principal Amount		$ 1,000,000
Market Value		$ 999,630
% of Partners' Capital		4.10%
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills, 0.33%, 5/12/2016 [Member]
Principal Amount		$ 1,000,000
Market Value		$ 998,790
% of Partners' Capital		4.10%
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills, 0.31%, 5/19/2016 [Member]
Principal Amount		$ 1,000,000
Market Value		$ 998,803
% of Partners' Capital		4.10%
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills, 0.43%, 6/02/2016 [Member]
Principal Amount		$ 1,000,000
Market Value		$ 998,194
% of Partners' Capital		4.10%
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills, 0.48%, 6/16/2016 [Member]
Principal Amount		$ 1,000,000
Market Value		$ 997,774
% of Partners' Capital		4.09%
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills, 0.47%, 6/30/2016 [Member]
Principal Amount		$ 2,000,000
Market Value		$ 1,995,324
% of Partners' Capital		8.19%
Cash Equivalents [Member] | United States - Money Market Funds [Member]
Market Value		$ 5,000,000
% of Partners' Capital		20.51%
Cash Equivalents [Member] | United States - Money Market Funds [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member]
Principal Amount		$ 2,000,000
Market Value		$ 2,000,000
% of Partners' Capital		8.21%
Cash Equivalents [Member] | United States - Money Market Funds [Member] | Goldman Sachs Financial Square Funds - Government Fund - Class FS [Member]
Principal Amount		$ 2,000,000
Market Value		$ 2,000,000
% of Partners' Capital		8.21%
Cash Equivalents [Member] | United States - Money Market Funds [Member] | Morgan Stanley Institutional Liquidity Funds - Government Portfolio [Member]
Principal Amount		$ 1,000,000
Market Value		$ 1,000,000
% of Partners' Capital		4.09%
[1]	Collateral amounted to $1,111,493 on open futures contracts.
[2]	Collateral amounted to $3,810,628 on open future contracts.

Schedule of Investments (Parent

Schedule of Investments (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Collateral Amounted On Open Futures Contracts	$ 3,810,628	$ 1,111,493
U.S. Treasury Bills, 0.04%, 3/19/2015 [Member] | United States Treasury Obligations [Member] | Cash Equivalents [Member]
Interest rate		0.04%
Expiration date		3/19/2015
U.S. Treasury Bills, 0.05%, 4/23/2015 [Member] | United States Treasury Obligations [Member] | Cash Equivalents [Member]
Interest rate		0.05%
Expiration date		4/23/2015
U.S. Treasury Bills, 0.09%, 6/25/2015 [Member] | United States Treasury Obligations [Member] | Cash Equivalents [Member]
Interest rate		0.09%
Expiration date		6/25/2015
U.S. Treasury Bills, 0.13%, 1/21/2016 [Member] | United States Treasury Obligations [Member] | Cash Equivalents [Member]
Interest rate	0.13%
Expiration date	1/21/2016
U.S. Treasury Bills, 0.19%, 2/04/2016 [Member] | United States Treasury Obligations [Member] | Cash Equivalents [Member]
Interest rate	0.19%
Expiration date	02/04/2016
U.S. Treasury Bills, 0.23%, 3/03/2016 [Member] | United States Treasury Obligations [Member] | Cash Equivalents [Member]
Interest rate	0.23%
Expiration date	03/03/2016
U.S. Treasury Bills, 0.07%, 4/14/2016 [Member] | United States Treasury Obligations [Member] | Cash Equivalents [Member]
Interest rate	0.07%
Expiration date	4/14/2016
U.S. Treasury Bills, 0.12%, 4/21/2016 [Member] | United States Treasury Obligations [Member] | Cash Equivalents [Member]
Interest rate	0.12%
Expiration date	4/21/2016
U.S. Treasury Bills, 0.33%, 5/12/2016 [Member] | United States Treasury Obligations [Member] | Cash Equivalents [Member]
Interest rate	0.33%
Expiration date	05/12/2016
U.S. Treasury Bills, 0.31%, 5/19/2016 [Member] | United States Treasury Obligations [Member] | Cash Equivalents [Member]
Interest rate	0.31%
Expiration date	5/19/2016
U.S. Treasury Bills, 0.43%, 6/02/2016 [Member] | United States Treasury Obligations [Member] | Cash Equivalents [Member]
Interest rate	0.43%
Expiration date	06/02/2016
U.S. Treasury Bills, 0.48%, 6/16/2016 [Member] | United States Treasury Obligations [Member] | Cash Equivalents [Member]
Interest rate	0.48%
Expiration date	6/16/2016
U.S. Treasury Bills, 0.47%, 6/30/2016 [Member] | United States Treasury Obligations [Member] | Cash Equivalents [Member]
Interest rate	0.47%
Expiration date	6/30/2016

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed futures contracts	$ 11,046,246	$ 3,019,909	$ (3,569,140)
Change in unrealized gain (loss) on open futures contracts	(679,796)	1,377,510	686,010
Dividend income	909	470	731
Interest income	9,781	2,520	5,477
ETF transaction fees	3,850	2,100	8,400
Total income (loss)	10,380,990	4,402,509	(2,868,522)
Expenses
General Partner management fees (Note 3)	124,216	63,118	125,784
Professional fees	83,877	136,285	110,203
Brokerage commissions	51,218	11,211	21,444
Directors' fees and insurance	2,770	3,400	3,907
License fees	3,105	1,578	3,145
Total expenses	265,186	215,592	264,483
Expense waiver (Note 3)	(109,915)	(131,982)	(78,799)
Net expenses	155,271	83,610	185,684
Net income (loss)	$ 10,225,719	$ 4,318,899	$ (3,054,206)
Net income (loss) per limited partnership share	$ 25.57	$ 21.45	$ (3.66)
Net income (loss) per weighted average limited partnership share	$ 30.05	$ 14.03	$ (5.04)
Weighted average limited partnership shares outstanding	340,274	307,808	606,027

Statements of Changes in Partne

Statements of Changes in Partners' Capital - USD ($)	Total	General Partner [Member]	Limited Partner [Member]
Balances at Dec. 31, 2012	$ 13,262,586	$ 0	$ 13,262,586
Addition of partnership shares	45,194,080	0	45,194,080
Redemption of partnership shares	(45,133,722)	0	(45,133,722)
Net income (loss)	(3,054,206)	0	(3,054,206)
Balances at Dec. 31, 2013	$ 10,268,738	0	10,268,738
Net asset value, beginning of year at Dec. 31, 2012	$ 37.89
Net asset value, end of year at Dec. 31, 2013	$ 34.23
Addition of partnership shares	$ 5,350,864	0	5,350,864
Redemption of partnership shares	(8,802,508)	0	(8,802,508)
Net income (loss)	4,318,899	0	4,318,899
Balances at Dec. 31, 2014	$ 11,135,993	0	11,135,993
Net asset value, end of year at Dec. 31, 2014	$ 55.68
Addition of partnership shares	$ 26,982,695	0	26,982,695
Redemption of partnership shares	(23,969,830)	0	(23,969,830)
Net income (loss)	10,225,719	0	10,225,719
Balances at Dec. 31, 2015	$ 24,374,577	$ 0	$ 24,374,577
Net asset value, end of year at Dec. 31, 2015	$ 81.25

Statements of Changes in Partn7

Statements of Changes in Partners' Capital (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Addition of partnership shares	450,000	150,000	1,350,000
Redemption of partnership shares	350,000	250,000	1,400,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows from Operating Activities:
Net income (loss)	$ 10,225,719	$ 4,318,899	$ (3,054,206)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Increase) decrease in commodity futures trading account - cash and cash equivalents	(2,699,135)	(495,155)	845,338
Unrealized (gain) loss on open futures contracts	679,796	(1,377,510)	(686,010)
(Increase) decrease in receivable from General Partner	(16,127)	(15,008)	28,224
(Increase) decrease in dividends receivable	(64)	51	52
(Increase) decrease in directors' fees and insurance receivable	369	(364)	44
Increase (decrease) in General Partner management fees payable	6,929	(645)	(1,220)
Increase (decrease) in professional fees payable	(6,098)	(19,862)	(15,029)
Increase (decrease) in brokerage commissions payable	1,445	200	(140)
Increase (decrease) in license fees payable	619	(277)	191
Net cash provided by (used in) operating activities	8,193,453	2,410,329	(2,882,756)
Cash Flows from Financing Activities:
Addition of partnership shares	26,982,695	5,350,864	45,194,080
Redemption of partnership shares	(23,969,830)	(8,802,508)	(45,133,722)
Net cash provided by (used in) financing activities	3,012,865	(3,451,644)	60,358
Net Increase (Decrease) in Cash and Cash Equivalents	11,206,318	(1,041,315)	(2,822,398)
Cash and Cash Equivalents, beginning of year	8,697,839	9,739,154	12,561,552
Cash and Cash Equivalents, end of year	$ 19,904,157	$ 8,697,839	$ 9,739,154

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	NOTE 1 - ORGANIZATION AND BUSINESS The United States Short Oil Fund, LP (“DNO”) was organized as a limited partnership under the laws of the state of Delaware on June 30, 2008. DNO is a commodity pool that issues limited partnership shares (“shares”) that may be purchased and sold on the NYSE Arca, Inc. (the “NYSE Arca”). DNO will continue in perpetuity, unless terminated sooner upon the occurrence of one or more events as described in its Second Amended and Restated Agreement of Limited Partnership dated as of March 1, 2013 (the “LP Agreement”). The investment objective of DNO is for the daily changes in percentage terms of its shares’ net asset value (“NAV”) to inversely reflect the daily changes in percentage terms of the spot price of West Texas Intermediate (“WTI”) light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the price of the futures contract for light, sweet crude oil traded on the New York Mercantile Exchange (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. It is not the intent of DNO to be operated in a fashion such that the per share NAV will equal, in dollar terms, the inverse of the spot price of WTI light, sweet crude oil or any particular futures contract based on WTI light, sweet crude oil. It is not the intent of DNO to be operated in a fashion such that its NAV will reflect the inverse of the percentage change of the price of any particular futures contract as measured over a time period greater than one day. United States Commodity Funds LLC (“USCF”), the general partner of DNO, believes that it is not practical to manage the portfolio to achieve such an investment goal when investing in Futures Contracts (as defined below) and Other Crude Oil-Related Investments (as defined below). DNO accomplishes its objective through investments in short positions in futures contracts for WTI light, sweet crude oil and other types of crude oil, diesel-heating oil, gasoline, natural gas and other petroleum-based fuels that are traded on the NYMEX, ICE Futures or other U.S. and foreign exchanges (collectively, “Futures Contracts”) and other crude oil-related investments such as cash-settled options on Futures Contracts, forward contracts for oil, cleared swap contracts and over-the-counter (“OTC”) transactions that are based on the price of crude oil, diesel-heating oil, gasoline, natural gas and other petroleum-based fuels, Futures Contracts and indices based on the foregoing (collectively, “Other Crude Oil-Related Investments”). For convenience, and unless otherwise specified, Futures Contracts and Other Crude Oil-Related Investments are collectively referred to as “Crude Oil Interests.” As of December 31, 2015, DNO held short positions in 658 Crude Oil Futures CL Contracts traded on the NYMEX. DNO did not hold short positions on ICE Futures as of December 31, 2015. DNO commenced investment operations on September 24, 2009 and has a fiscal year ending on December 31. USCF is responsible for the management of DNO. USCF is a member of the National Futures Association (the “NFA”) and became registered as a commodity pool operator registered with the Commodity Futures Trading Commission (the “CFTC”) effective December 1, 2005 and a swaps firm on August 8, 2013. USCF is also the general partner of the United States Oil Fund, LP (“USO”), the United States Natural Gas Fund, LP (“UNG”), the United States 12 Month Oil Fund, LP (“USL”), the United States Gasoline Fund, LP (“UGA”) and the United States Diesel-Heating Oil Fund, LP (“UHN”), which listed their limited partnership shares on the American Stock Exchange (the “AMEX”) under the ticker symbols “USO” on April 10, 2006, “UNG” on April 18, 2007, “USL” on December 6, 2007, “UGA” on February 26, 2008 and “UHN” on April 9, 2008, respectively. As a result of the acquisition of the AMEX by NYSE Euronext, each of USO’s, UNG’s, USL’s, UGA’s and UHN’s shares commenced trading on the NYSE Arca on November 25, 2008. USCF is also the general partner of the United States 12 Month Natural Gas Fund, LP (“UNL”) and the United States Brent Oil Fund, LP (“BNO”), which listed their limited partnership shares on the NYSE Arca under the ticker symbols “UNL” on November 18, 2009 and “BNO” on June 2, 2010, respectively. USCF is also the sponsor of the United States Commodity Index Fund (“USCI”), the United States Copper Index Fund (“CPER”) and the United States Agriculture Index Fund (“USAG”), each of which is a series of the United States Commodity Index Funds Trust. USCI, CPER and USAG listed their shares on the NYSE Arca under the ticker symbol “USCI” on August 10, 2010, “CPER” on November 15, 2011, “USAG” on April 13, 2012, respectively. All funds listed previously are referred to collectively herein as the “Related Public Funds.” DNO issues shares to certain Authorized Participants (“Authorized Participants”) by offering baskets consisting of 50,000 From July 1, 2011 through December 31, 2015 (and continuing at least through April 30, 2016), the applicable transaction fee paid by Authorized Participants is $ 350 1,000 In September 2009, DNO initially registered 25,000,000 September 24, 2009 50.00 200,000 10,000,000 25,000,000

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Summary Of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared in conformity with GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. DNO is an investment company and follows the accounting and reporting guidance in FASB Topic 946. Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. DNO earns income on funds held at the custodian or futures commission merchant (“FCM”) at prevailing market rates earned on such investments. Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis. DNO is not subject to federal income taxes; each partner reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return. In accordance with GAAP, DNO is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. DNO files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states. DNO is not subject to income tax return examinations by major taxing authorities for years before 2012. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in DNO recording a tax liability that reduces net assets. However, DNO’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. DNO recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December 31, 2015. Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 DNO receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in DNO’s statements of financial condition as receivable for shares sold, and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed. Authorized Participants pay DNO a fee of $ 350 Profit or loss shall be allocated among the partners of DNO in proportion to the number of shares each partner holds as of the close of each month. USCF may revise, alter or otherwise modify this method of allocation as described in the LP Agreement. DNO’s per share NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of shares outstanding. DNO uses the closing price for the contracts on the relevant exchange on that day to determine the value of contracts held on such exchange. Net income (loss) per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period. There were no shares held by USCF at December 31, 2015. Offering costs incurred in connection with the registration of additional shares after the initial registration of shares are borne by DNO. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period if warranted. Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less. Certain amounts in the accompanying financial statements were reclassified to conform to the current presentation. The preparation of financial statements in conformity with GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions.

Fees Paid by the Fund and Relat

Fees Paid by the Fund and Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Fees Paid and Related Party Transactions Disclosure [Abstract]
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS	NOTE 3 - FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS USCF Management Fee Under the LP Agreement, USCF is responsible for investing the assets of DNO in accordance with the objectives and policies of DNO. In addition, USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to DNO. For these services, DNO is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.60% per annum of average daily total net assets. Ongoing Registration Fees and Other Offering Expenses DNO pays all costs and expenses associated with the ongoing registration of its shares subsequent to the initial offering. These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other expenses associated with such offer and sale. For the years ended December 31, 2015, 2014 and 2013, DNO did not incur registration fees and other offering expenses. Directors’ Fees and Expenses DNO is responsible for paying its portion of the directors’ and officers’ liability insurance for DNO and the Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of DNO and the Related Public Funds. DNO shares the fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets of each fund computed on a daily basis. These fees and expenses for the year ended December 31, 2015 were $ 569,303 2,770 567,863 3,400 555,465 3,907 Licensing Fees As discussed in Note 4 below, DNO entered into a licensing agreement with the NYMEX on May 22, 2009, as amended on October 20, 2011. Pursuant to the agreement, DNO and the Related Public Funds, other than BNO, USCI, CPER and USAG, pay a licensing fee that is equal to 0.015 on all net assets 3,105 1,578 3,145 Investor Tax Reporting Cost The fees and expenses associated with DNO’s audit expenses and tax accounting and reporting requirements are paid by DNO. These costs were approximately $ 68,000 68,000 140,000 Other Expenses and Fees and Expense Waivers In addition to the fees described above, DNO pays all brokerage fees and other expenses in connection with the operation of DNO, excluding costs and expenses paid by USCF as outlined in Note 4 below. USCF has voluntarily agreed to pay certain expenses typically borne by DNO, to the extent that such expenses exceed 0.15 109,915 Note 4 – Contracts and Agreements

Contracts and Agreements

Contracts and Agreements	12 Months Ended
	Dec. 31, 2015
Contracts and Agreements [Abstract]
CONTRACTS AND AGREEMENTS	NOTE 4 - CONTRACTS AND AGREEMENTS Marketing Agent Agreement DNO is party to a marketing agent agreement, dated as of June 8, 2009, as amended from time to time, with the Marketing Agent and USCF, whereby the Marketing Agent provides certain marketing services for DNO as outlined in the agreement. The fee of the Marketing Agent, which is borne by USCF, is equal to 0.06 3 0.04 3 10 The above fee does not include website construction and development, which are also borne by USCF. Brown Brothers Harriman & Co. Agreements DNO is also party to a custodian agreement, dated October 7, 2008, as amended from time to time, with Brown Brothers Harriman & Co. (“BBH&Co.”) and USCF, whereby BBH&Co. holds investments on behalf of DNO. USCF pays the fees of the custodian, which are determined by the parties from time to time. In addition, DNO is party to an administrative agency agreement, dated October 7, 2008, as amended from time to time, with USCF and BBH&Co., whereby BBH&Co. acts as the administrative agent, transfer agent and registrar for DNO. USCF also pays the fees of BBH&Co. for its services under such agreement and such fees are determined by the parties from time to time. Currently, USCF pays BBH&Co. for its services, in the foregoing capacities, a minimum amount of $ 75,000 20,000 0.06 500 0.0465 500 1 0.035 1 75,000 7 15 Brokerage and Futures Commission Merchant Agreements On October 8, 2013, DNO entered into a brokerage agreement with RBC Capital Markets, LLC (“RBC Capital” or “RBC”) to serve as DNO’s FCM, effective October 10, 2013. The agreement with RBC requires it to provide services to DNO in connection with the purchase and sale of Futures Contracts and Other Crude Oil-Related Investments that may be purchased and sold by or through RBC Capital for DNO’s account. In accordance with the agreement, RBC Capital charges DNO commissions of approximately $ 7 8 For the Year Ended For the Year Ended For the Year Ended December 31, 2015 December 31, 2014 December 31, 2013 Total commissions accrued to brokers $ 51,218 $ 11,211 $ 21,444 Total commissions as an annualized percentage of average total net assets 0.25 % 0.11 % 0.10 % Commissions accrued as a result of rebalancing $ 48,836 $ 11,072 $ 18,763 Percentage of commissions accrued as a result of rebalancing 95.35 % 98.76 % 87.50 % Commissions accrued as a result of creation and redemption activity $ 2,382 $ 139 $ 2,681 Percentage of commissions accrued as a result of creation and redemption activity 4.65 % 1.24 % 12.50 % DNO’s total commissions accrued to brokers for the year ended December 31, 2015, compared to the year ended December 31, 2014, was higher; and was similar for the year ended December 31, 2014, compared to the year ended December 31, 2013, as measured as an annualized percentage of average total net assets. However, there can be no assurance that commission costs and portfolio turnover will not cause commission expenses to rise in future quarters. NYMEX Licensing Agreement DNO and the NYMEX entered into a licensing agreement on May 22, 2009, as amended on October 20, 2011, whereby DNO was granted a non-exclusive license to use certain of the NYMEX’s settlement prices and service marks. Under the licensing agreement, DNO and the Related Public Funds, other than BNO, USCI, CPER and USAG, pay the NYMEX an asset-based fee for the license, the terms of which are described in Note 3. DNO expressly disclaims any association with the NYMEX or endorsement of DNO by the NYMEX and acknowledges that “NYMEX” and “New York Mercantile Exchange” are registered trademarks of the NYMEX.

Financial Instruments, Off-Bala

Financial Instruments, Off-Balance Sheet Risks and Contingencies	12 Months Ended
	Dec. 31, 2015
Disclosure Of Fair Value Off Balance Sheet Risks [Abstract]
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES	NOTE 5 - FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES DNO engages in the trading of futures contracts, options on futures contracts and may engage in cleared swaps (collectively, “derivatives”). DNO is exposed to both market risk, which is the risk arising from changes in the market value of the contracts, and credit risk, which is the risk of failure by another party to perform according to the terms of a contract. DNO may enter into futures contracts, options on futures contracts and cleared swaps to gain exposure to changes in the value of an underlying commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of a commodity at a specified time and place. Some futures contracts may call for physical delivery of the asset, while others are settled in cash. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery. Cleared swaps are OTC agreements that are eligible to be cleared by a clearinghouse, e.g. ICE Clear Europe, but which are not traded on an exchange. A cleared swap is created when the parties to an off-exchange OTC swap transaction agree to extinguish their OTC swap and replace it with a cleared swap. Cleared swaps are intended to provide the efficiencies and benefits that centralized clearing on an exchange offers to traders of futures contracts, including credit risk intermediation and the ability to offset positions initiated with different counterparties. The purchase and sale of futures contracts, options on futures contracts and cleared swaps require margin deposits with an FCM. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. Futures contracts, options on futures contracts and cleared swaps involve, to varying degrees, elements of market risk (specifically commodity price risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure DNO has in the particular classes of instruments. Additional risks associated with the use of futures contracts are an imperfect correlation between movements in the price of the futures contracts and the market value of the underlying securities and the possibility of an illiquid market for a futures contract. Buying and selling options on futures contracts exposes investors to the risks of purchasing or selling futures contracts. All of the futures contracts held by DNO through December 31, 2015 were exchange-traded. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC swaps since, in OTC swaps, a party must rely solely on the credit of its respective individual counterparties. However, in the future, if DNO were to enter into non-exchange traded contracts it would be subject to the credit risk associated with counterparty non-performance. The credit risk from counterparty non-performance associated with such instruments is the net unrealized gain, if any, on the transaction. DNO has credit risk under its futures contracts since the sole counterparty to all domestic and foreign futures contracts is the clearinghouse for the exchange on which the relevant contracts are traded. In addition, DNO bears the risk of financial failure by the clearing broker. DNO’s cash and other property, such as Treasuries, deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited. The insolvency of an FCM could result in the complete loss of DNO’s assets posted with that FCM; however, the majority of DNO’s assets are held in cash and/or cash equivalents with DNO’s custodian and would not be impacted by the insolvency of an FCM. The failure or insolvency of DNO’s custodian, however, could result in a substantial loss of DNO’s assets. USCF invests a portion of DNO’s cash in money market funds that seek to maintain a stable per share NAV. DNO is exposed to any risk of loss associated with an investment in such money market funds. As of December 31, 2015, DNO held investments in money market funds in the amount of $ 5,000,000 18,714,785 9,809,332 For derivatives, risks arise from changes in the market value of the contracts. Theoretically, DNO is exposed to market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short. As both a buyer and a seller of options, DNO pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. DNO’s policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting controls and procedures. In addition, DNO has a policy of requiring review of the credit standing of each broker or counterparty with which it conducts business. The financial instruments held by DNO are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturity.

Financial Highlights

Financial Highlights	12 Months Ended
	Dec. 31, 2015
Supplemental Financial In Formation Disclosure [Abstract]
FINANCIAL HIGHLIGHTS	NOTE 6 - FINANCIAL HIGHLIGHTS Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 Per Share Operating Performance: Net asset value, beginning of year $ 55.68 $ 34.23 $ 37.89 Total income (loss) 26.03 21.72 (3.35) Net expenses (0.46) (0.27) (0.31) Net increase (decrease) in net asset value 25.57 21.45 (3.66) Net asset value, end of year $ 81.25 $ 55.68 $ 34.23 Total Return 45.92 % 62.66 % (9.66) % Ratios to Average Net Assets Total income (loss) 50.14 % 41.85 % (13.68) % Management fees 0.60 % 0.60 % 0.60 % Total expenses excluding management fees 0.68 % 1.45 % 0.66 % Expenses waived (0.53) % (1.25) % (0.38) % Net expenses excluding management fees 0.15 % 0.20 % 0.29 % Net income (loss) 49.39 % 41.06 % (14.57) % Total returns are calculated based on the change in value during the period. An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from DNO.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	NOTE 7 - QUARTERLY FINANCIAL DATA (Unaudited) The following summarized (unaudited) quarterly financial information presents the results of operations and other data for the three-month periods ended March 31, June 30, September 30 and December 31, 2015 and 2014. First Second Third Fourth Quarter Quarter Quarter Quarter 2015 2015 2015 2015 Total income (loss) $ 1,103,222 $ (2,819,391) $ 6,315,826 $ 5,781,333 Total expenses 48,529 59,879 78,871 77,907 Expense waivers (21,797) (24,988) (31,326) (31,804) Net expenses 26,732 34,891 47,545 46,103 Net income (loss) $ 1,076,490 $ (2,854,282) $ 6,268,281 $ 5,735,230 Net income (loss) per share $ 6.01 $ (11.33) $ 13.74 $ 17.15 First Second Third Fourth Quarter Quarter Quarter Quarter 2014 2014 2014 2014 Total income (loss) $ (520,351) $ (864,366) $ 1,199,503 $ 4,587,723 Total expenses 42,639 70,042 68,471 34,440 Expense waivers (18,490) (42,898) (51,324) (19,270) Net expenses 24,149 27,144 17,147 15,170 Net income (loss) $ (544,500) $ (891,510) $ 1,182,356 $ 4,572,553 Net income (loss) per share $ (1.64) $ (2.13) $ 3.62 $ 21.60

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2015
Fair Value Of Financial Instruments [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 8 - FAIR VALUE OF FINANCIAL INSTRUMENTS DNO values its investments in accordance with Accounting Standards Codification 820 – Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurement. The changes to past practice resulting from the application of ASC 820 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurement. ASC 820 establishes a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of DNO (observable inputs) and (2) DNO’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the ASC 820 hierarchy are as follows: Level I – Quoted prices (unadjusted) in active markets for identical Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. The following table summarizes the valuation of DNO’s securities at December 31, 2015 using the fair value hierarchy: At December 31, 2015 Total Level I Level II Level III Short-Term Investments $ 15,987,691 $ 15,987,691 $ — $ — Exchange-Traded Futures Contracts United States Contracts 648,394 648,394 — — During the year ended December 31, 2015, there were no transfers between Level I and Level II. The following table summarizes the valuation of DNO’s securities at December 31, 2014 using the fair value hierarchy: At December 31, 2014 Total Level I Level II Level III Short-Term Investments $ 2,999,297 $ 2,999,297 $ — $ — Exchange-Traded Futures Contracts United States Contracts 1,328,190 1,328,190 — — During the year ended December 31, 2014, there were no transfers between Level I and Level II. Effective January 1, 2009, DNO adopted the provisions of Accounting Standards Codification 815 – Derivatives and Hedging, which require presentation of qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts and gains and losses on derivatives. Fair Value of Derivative Instruments Fair Value at Fair Value at Statements of Financial December 31, December Derivatives not Accounted for as Hedging Instruments Condition Location 2015 31, 2014 Futures - Commodity Contracts Assets $ 648,394 $ 1,328,190 The Effect of Derivative Instruments on the Statements of Operations For the year ended For the year ended For the year ended December 31, 2015 December 31, 2014 December 31, 2013 Change in Derivatives Location of Realized Change in Realized Unrealized Realized Change in not Gain (Loss) Gain (Loss) Unrealized Gain (Loss) Gain (Loss) Gain (Loss) Unrealized Accounted on on Gain (Loss) on on on Gain (Loss) for Derivatives Derivatives on Derivatives Derivatives Derivatives Derivatives on Derivatives as Hedging Recognized Recognized Recognized Recognized Recognized Recognized Recognized Instruments in Income in Income in Income in Income in Income in Income in Income Futures - Commodity Contracts Realized gain (loss) on closed positions $ 11,046,246 $ 3,019,909 $ (3,569,140) Change in unrealized gain (loss) on open positions $ (679,796) $ 1,377,510 $ 686,010

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2015
Recent Accounting Pronouncements [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles	NOTE 9 - RECENT ACCOUNTING PRONOUNCEMENTS In August 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2015-14, Revenue from Contracts with Customers, modifying ASU 2014-09. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2015-14 is effective for fiscal years beginning on or after December 15, 2016, and interim periods within those annual periods. Early application is permitted. At this time, management does not believe there will be any impact to the Fund’s financial statements.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 10 - SUBSEQUENT EVENTS DNO has performed an evaluation of subsequent events through the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Summary Of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The financial statements have been prepared in conformity with GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. DNO is an investment company and follows the accounting and reporting guidance in FASB Topic 946.
Revenue Recognition	Revenue Recognition Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. DNO earns income on funds held at the custodian or futures commission merchant (“FCM”) at prevailing market rates earned on such investments.
Brokerage Commissions	Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis.
Income Taxes	Income Taxes DNO is not subject to federal income taxes; each partner reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return. In accordance with GAAP, DNO is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. DNO files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states. DNO is not subject to income tax return examinations by major taxing authorities for years before 2012. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in DNO recording a tax liability that reduces net assets. However, DNO’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. DNO recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December 31, 2015.
Creations and Redemptions	Creations and Redemptions Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 DNO receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in DNO’s statements of financial condition as receivable for shares sold, and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed. Authorized Participants pay DNO a fee of $ 350
Partnership Capital and Allocation of Partnership Income and Losses	Partnership Capital and Allocation of Partnership Income and Losses Profit or loss shall be allocated among the partners of DNO in proportion to the number of shares each partner holds as of the close of each month. USCF may revise, alter or otherwise modify this method of allocation as described in the LP Agreement.
Calculation of Per Share Net Asset Value	Calculation of Per Share Net Asset Value (“NAV”) DNO’s per share NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of shares outstanding. DNO uses the closing price for the contracts on the relevant exchange on that day to determine the value of contracts held on such exchange.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Net income (loss) per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period. There were no shares held by USCF at December 31, 2015.
Offering Costs	Offering Costs Offering costs incurred in connection with the registration of additional shares after the initial registration of shares are borne by DNO. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period if warranted.
Cash Equivalents	Cash Equivalents Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less.
Reclassification	Reclassification Certain amounts in the accompanying financial statements were reclassified to conform to the current presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions.

Contracts and Agreements (Table

Contracts and Agreements (Tables)	12 Months Ended
	Dec. 31, 2015
Contracts and Agreements [Abstract]
Brokerage Commissions	DNO also incurs commissions to brokers for the purchase and sale of Futures Contracts, Other Crude Oil-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”). For the Year Ended For the Year Ended For the Year Ended December 31, 2015 December 31, 2014 December 31, 2013 Total commissions accrued to brokers $ 51,218 $ 11,211 $ 21,444 Total commissions as an annualized percentage of average total net assets 0.25 % 0.11 % 0.10 % Commissions accrued as a result of rebalancing $ 48,836 $ 11,072 $ 18,763 Percentage of commissions accrued as a result of rebalancing 95.35 % 98.76 % 87.50 % Commissions accrued as a result of creation and redemption activity $ 2,382 $ 139 $ 2,681 Percentage of commissions accrued as a result of creation and redemption activity 4.65 % 1.24 % 12.50 %

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2015
Supplemental Financial In Formation Disclosure [Abstract]
Per Unit Performance Data and Other Supplemental Financial Data	The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2015, 2014 and 2013. This information has been derived from information presented in the financial statements. Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 Per Share Operating Performance: Net asset value, beginning of year $ 55.68 $ 34.23 $ 37.89 Total income (loss) 26.03 21.72 (3.35) Net expenses (0.46) (0.27) (0.31) Net increase (decrease) in net asset value 25.57 21.45 (3.66) Net asset value, end of year $ 81.25 $ 55.68 $ 34.23 Total Return 45.92 % 62.66 % (9.66) % Ratios to Average Net Assets Total income (loss) 50.14 % 41.85 % (13.68) % Management fees 0.60 % 0.60 % 0.60 % Total expenses excluding management fees 0.68 % 1.45 % 0.66 % Expenses waived (0.53) % (1.25) % (0.38) % Net expenses excluding management fees 0.15 % 0.20 % 0.29 % Net income (loss) 49.39 % 41.06 % (14.57) %

Quarterly Financial Data (Una22

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following summarized (unaudited) quarterly financial information presents the results of operations and other data for the three-month periods ended March 31, June 30, September 30 and December 31, 2015 and 2014. First Second Third Fourth Quarter Quarter Quarter Quarter 2015 2015 2015 2015 Total income (loss) $ 1,103,222 $ (2,819,391) $ 6,315,826 $ 5,781,333 Total expenses 48,529 59,879 78,871 77,907 Expense waivers (21,797) (24,988) (31,326) (31,804) Net expenses 26,732 34,891 47,545 46,103 Net income (loss) $ 1,076,490 $ (2,854,282) $ 6,268,281 $ 5,735,230 Net income (loss) per share $ 6.01 $ (11.33) $ 13.74 $ 17.15 First Second Third Fourth Quarter Quarter Quarter Quarter 2014 2014 2014 2014 Total income (loss) $ (520,351) $ (864,366) $ 1,199,503 $ 4,587,723 Total expenses 42,639 70,042 68,471 34,440 Expense waivers (18,490) (42,898) (51,324) (19,270) Net expenses 24,149 27,144 17,147 15,170 Net income (loss) $ (544,500) $ (891,510) $ 1,182,356 $ 4,572,553 Net income (loss) per share $ (1.64) $ (2.13) $ 3.62 $ 21.60

Fair Value of Financial Instr23

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Of Financial Instruments [Abstract]
Valuation of Securities Using Fair Value Hierarchy	The following table summarizes the valuation of DNO’s securities at December 31, 2015 using the fair value hierarchy: At December 31, 2015 Total Level I Level II Level III Short-Term Investments $ 15,987,691 $ 15,987,691 $ — $ — Exchange-Traded Futures Contracts United States Contracts 648,394 648,394 — — During the year ended December 31, 2015, there were no transfers between Level I and Level II. The following table summarizes the valuation of DNO’s securities at December 31, 2014 using the fair value hierarchy: At December 31, 2014 Total Level I Level II Level III Short-Term Investments $ 2,999,297 $ 2,999,297 $ — $ — Exchange-Traded Futures Contracts United States Contracts 1,328,190 1,328,190 — —
Fair Value of Derivative Instruments	Effective January 1, 2009, DNO adopted the provisions of Accounting Standards Codification 815 – Derivatives and Hedging, which require presentation of qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts and gains and losses on derivatives. Fair Value of Derivative Instruments Fair Value at Fair Value at Statements of Financial December 31, December Derivatives not Accounted for as Hedging Instruments Condition Location 2015 31, 2014 Futures - Commodity Contracts Assets $ 648,394 $ 1,328,190
Effect of Derivative Instruments on the Condensed Statements of Operations	The Effect of Derivative Instruments on the Statements of Operations For the year ended For the year ended For the year ended December 31, 2015 December 31, 2014 December 31, 2013 Change in Derivatives Location of Realized Change in Realized Unrealized Realized Change in not Gain (Loss) Gain (Loss) Unrealized Gain (Loss) Gain (Loss) Gain (Loss) Unrealized Accounted on on Gain (Loss) on on on Gain (Loss) for Derivatives Derivatives on Derivatives Derivatives Derivatives Derivatives on Derivatives as Hedging Recognized Recognized Recognized Recognized Recognized Recognized Recognized Instruments in Income in Income in Income in Income in Income in Income in Income Futures - Commodity Contracts Realized gain (loss) on closed positions $ 11,046,246 $ 3,019,909 $ (3,569,140) Change in unrealized gain (loss) on open positions $ (679,796) $ 1,377,510 $ 686,010

Organization and Business (Addi

Organization and Business (Additional Information) (Detail)	1 Months Ended		12 Months Ended
	Sep. 30, 2009	Sep. 24, 2009USD ($)$ / sharesshares	Dec. 31, 2015shares	Dec. 31, 2015$ / shares	Dec. 31, 2015$ / Order	Dec. 31, 2015$ / Units	Dec. 31, 2015	Dec. 31, 2014$ / shares	Dec. 31, 2013$ / shares	Dec. 31, 2012$ / shares
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of initially registered units on Form S-1 with the U.S. Securities and Exchange Commission	25,000,000
Net asset value per unit | $ / shares		$ 50		$ 81.25				$ 55.68	$ 34.23	$ 37.89
Number of units issued		200,000
Value of units issued | $		$ 10,000,000
Commenced investment operations date			Sep. 24, 2009
Number of registered units							25,000,000
Creation Baskets [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of Shares per basket			50,000
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets					350	350
Redemption Baskets [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of Shares per basket			50,000
Prior to July 1, 2011 [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | $ / Units						1,000

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Additional Information) (Detail) - Dec. 31, 2015 - Creation Baskets [Member]	shares	$ / Order	$ / Units
Significant Accounting Policies [Line Items]
Number of Shares per basket	50,000
Fee Paid Per Order		350	350

Fees Paid by the Fund and Rel26

Fees Paid by the Fund and Related Party Transactions (Additional Information) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fees Paid and Related Party Transactions [Line Items]
USCF Management Fee	DNO is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.60% per annum of average daily total net assets.
Estimated directors fees and expenses	$ 2,770	$ 3,400	$ 3,907
Licensing fee incurred	3,105	1,578	3,145
Estimated investor tax reporting cost	$ 68,000	68,000	140,000
Costs and expenses annual limit for reimbursement	0.15%
Expense Waivers	$ 109,915
USSO and the Related Public Funds [Member]
Fees Paid and Related Party Transactions [Line Items]
Estimated directors fees and expenses	$ 569,303	567,863	555,465
Licensing Agreements [Member] | On and after October 20, 2011 [Member]
Fees Paid and Related Party Transactions [Line Items]
Fee percentage	0.015%
Assets basis for determining fee percentage	on all net assets
DNO [Member]
Fees Paid and Related Party Transactions [Line Items]
Estimated directors fees and expenses	$ 2,770	$ 3,400	$ 3,907

Contracts and Agreements (Broke

Contracts and Agreements (Brokerage Commissions) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Long Duration Contracts Assumptions By Product and Guarantee [Line Items]
Brokerage commissions	$ 51,218	$ 11,211	$ 21,444
Percentage of average daily net assets	0.25%	0.11%	0.10%
Rebalancing Investments Transaction [Member]
Long Duration Contracts Assumptions By Product and Guarantee [Line Items]
Brokerage commissions	$ 48,836	$ 11,072	$ 18,763
Percentage of average daily net assets	95.35%	98.76%	87.50%
Trades Necessitated By Creation And Redemption Activity [Member]
Long Duration Contracts Assumptions By Product and Guarantee [Line Items]
Brokerage commissions	$ 2,382	$ 139	$ 2,681
Percentage of average daily net assets	4.65%	1.24%	12.50%

Contracts and Agreements (Addit

Contracts and Agreements (Additional Information) (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Base amount for determining fee percentage	$ 1,000,000,000
Annual Fee for transfer agency services	20,000
Maximum [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Base amount for determining fee percentage	75,000
Transaction fees per transaction	15
Commissions per round-turn trade, including applicable exchange and NFA fees for Oil Futures Contracts and options on Oil Futures Contracts	8
Minimum [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Annual Fee for custody, fund accounting and fund administration services	75,000
Transaction fees per transaction	7
Commissions per round-turn trade, including applicable exchange and NFA fees for Oil Futures Contracts and options on Oil Futures Contracts	$ 7
First $500 million of USSO's, USOF's, USNG's, US12OF's, UGA's, USHO's, US12NG's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Fee percentage	0.06%
Base amount for determining fee percentage	$ 500,000,000
DNO's, USOF's, USNG's, US12OF's, UGA's, USHO's, US12NG's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets greater than 500 million but less than 1 billion[Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Fee percentage	0.0465%
Base amount for determining fee percentage	$ 500,000,000
DNO's, USOF's, USNG's, US12OF's, UGA's, USHO's, US12NG's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets exceed 1 billion [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Fee percentage	0.035%
Base amount for determining fee percentage	$ 1,000,000,000
Marketing Agreement [Member] | DNO's assets up to 3 billion [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Fee percentage	0.06%
Base amount for determining fee percentage	$ 3,000,000,000
Marketing Agreement [Member] | DNO's assets in excess of 3 billion [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Fee percentage	0.04%
Base amount for determining fee percentage	$ 3,000,000,000
Marketing Agreement [Member] | DNO's assets in excess of 3 billion [Member] | Maximum [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Fee percentage	10.00%

Financial Instruments, Off-Ba29

Financial Instruments, Off-Balance Sheet Risks and Contingencies (Additional Information) (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Carrying Amounts and Fair Values of Financial Instruments or Liabilities [Line Items]
Cash investments in money market funds	$ 5,000,000
Deposits in domestic and foreign financial institutions	$ 18,714,785	$ 9,809,332

Financial Highlights (Per Unit

Financial Highlights (Per Unit Performance Data and Other Supplemental Financial Data) (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Per Share Operating Performance:
Net asset value, beginning of year	$ 55.68	$ 34.23	$ 37.89
Total income (loss)	26.03	21.72	(3.35)
Net expenses	(0.46)	(0.27)	(0.31)
Net increase (decrease) in net asset value	25.57	21.45	(3.66)
Net asset value, end of year	$ 81.25	$ 55.68	$ 34.23
Total Return	45.92%	62.66%	(9.66%)
Ratios to Average Net Assets
Total income (loss)	50.14%	41.85%	(13.68%)
Management fees	0.60%	0.60%	0.60%
Total expenses excluding management fees	0.68%	1.45%	0.66%
Expenses waived	(0.53%)	(1.25%)	(0.38%)
Net expenses excluding management fees	0.15%	0.20%	0.29%
Net income (loss)	49.39%	41.06%	(14.57%)

Quarterly Financial Data (Una31

Quarterly Financial Data (Unaudited) (Components of Quarterly Financial Data) (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information [Line Items]
Total income (loss)	$ 5,781,333	$ 6,315,826	$ (2,819,391)	$ 1,103,222	$ 4,587,723	$ 1,199,503	$ (864,366)	$ (520,351)
Total expenses	77,907	78,871	59,879	48,529	34,440	68,471	70,042	42,639	$ 265,186	$ 215,592	$ 264,483
Expense waivers	(31,804)	(31,326)	(24,988)	(21,797)	(19,270)	(51,324)	(42,898)	(18,490)	(109,915)	(131,982)	(78,799)
Net expenses	46,103	47,545	34,891	26,732	15,170	17,147	27,144	24,149	155,271	83,610	185,684
Net income (loss)	$ 5,735,230	$ 6,268,281	$ (2,854,282)	$ 1,076,490	$ 4,572,553	$ 1,182,356	$ (891,510)	$ (544,500)	$ 10,225,719	$ 4,318,899	$ (3,054,206)
Net income (loss) per share (in dollars per share)	$ 17.15	$ 13.74	$ (11.33)	$ 6.01	$ 21.60	$ 3.62	$ (2.13)	$ (1.64)	$ 25.57	$ 21.45	$ (3.66)

Fair Value of Financial Instr32

Fair Value of Financial Instruments (Valuation of Securities Using Fair Value Hierarchy) (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Short-Term Investments [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	$ 15,987,691	$ 2,999,297
Exchange-Traded Futures Contracts [Member] | United States [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	648,394	1,328,190
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	15,987,691	2,999,297
Fair Value, Inputs, Level 1 [Member] | Exchange-Traded Futures Contracts [Member] | United States [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	648,394	1,328,190
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	0	0
Fair Value, Inputs, Level 2 [Member] | Exchange-Traded Futures Contracts [Member] | United States [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	0	0
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	0	0
Fair Value, Inputs, Level 3 [Member] | Exchange-Traded Futures Contracts [Member] | United States [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	$ 0	$ 0

Fair Value of Financial Instr33

Fair Value of Financial Instruments (Fair Value of Derivative Instruments) (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Commodity Contracts [Member] | Futures [Member] | Assets [Member]
Derivatives, Fair Value [Line Items]
Derivatives not accounted for as hedging instruments	$ 648,394	$ 1,328,190

Fair Value of Financial Instr34

Fair Value of Financial Instruments (Effect of Derivative Instruments on Condensed Statements of Operations) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain or (Loss) on Derivatives Recognized in Income	$ 11,046,246	$ 3,019,909	$ (3,569,140)
Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income	(679,796)	1,377,510	686,010
Commodity Contracts [Member] | Futures [Member] | Realized loss on closed positions [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain or (Loss) on Derivatives Recognized in Income	11,046,246	3,019,909	(3,569,140)
Commodity Contracts [Member] | Futures [Member] | Change in unrealized loss on open positions [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income	$ (679,796)	$ 1,377,510	$ 686,010