FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2018

The following table summarizes the valuation of DNO’s securities at June 30, 2018 using the fair value hierarchy:

At June 30, 2018	Total			Level I			Level II		Level III
Short-Term Investments	$	8,988,445		$	8,988,445		$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(1,002,760	)		(1,002,760	)		—		—

During the six months ended June 30, 2018, there were no transfers between Level I and Level II.

The following table summarizes the valuation of DNO’s securities at December 31, 2017 using the fair value hierarchy:

At December 31, 2017	Total			Level I			Level II		Level III
Short-Term Investments	$	8,081,817		$	8,081,817		$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(671,180	)		(671,180	)		—		—

Derivatives not Accounted for as Hedging Instruments		Condensed Statements of Financial Condition Location		Fair Value At June 30, 2018				Fair Value At December 31, 2017
Futures - Commodity Contracts		Assets		$	(1,002,760	)		$	(671,180	)

The Effect of Derivative Instruments on the Condensed Statements of Operations

		For the six months ended June 30, 2018						For the six months ended June 30, 2017
Derivatives not Accounted for as Hedging Instruments	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Gain (Loss) on Derivatives Recognized in Income			Realized Gain (Loss) on Derivatives Recognized in Income		Change in Unrealized Gain (Loss) on Derivatives Recognized in Income
Futures - Commodity Contracts	Realized gain (loss) on closed positions	$	(2,121,540	)				$	1,812,670

	Change in unrealized gain (loss) on open positions				$	(331,580	)			$	215,210

United States Short Oil Fund, LP 10-Q