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DGZ ETN — DB Gold Short ETN
DB Gold Short ETN (DGZ)
Updated October 23, 2026.
DGZ is an ETN. Its expense ratio is 0.75%. Total return is -77.9% over the past 18.6 years, 777.2 points behind SPY at 699.3%.
DB Gold Short ETN is an exchange-traded note that provides inverse exposure to gold prices, allowing investors to profit from declines in the commodity. The fund carries a 0.75% annual expense ratio and does not currently distribute income to shareholders. This product appeals primarily to tactical traders and investors seeking to hedge against gold price movements or express bearish commodity views, rather than traditional income-focused portfolios.
DGZ holdings and sector exposure
The top 1 holdings are 100.0% of the fund.
| Ticker | Name | Weight |
|---|---|---|
| . | 100.00% |
To see how this fund's sectors add up across your own holdings, use True Exposure.
DGZ performance versus SPY
Total return is -77.9% over the past 18.6 years, 777.2 points behind SPY at 699.3%. Over the past year its total return — price change plus distributions reinvested — is -8.2%. Its deepest 1-year drawdown was 36.1%.
| Window | Total return | CAGR |
|---|---|---|
| 1M | 5.1% | — |
| 3M | -0.6% | — |
| 6M | 6.0% | — |
| YTD | -1.9% | — |
| 1Y | -8.2% | — |
| 2Y CAGR | — | -17.70% |
| 3Y CAGR | — | -18.60% |
| 5Y CAGR | — | -11.70% |
| 10Y CAGR | — | -8.90% |
| Since inception (18.6 years) | -77.9% | -7.80% |
DGZ key facts
- Issuer
- Deutsche Bank
- Asset type
- ETN
- Asset class
- Commodity
- Inception date
- 02/27/2008
- Expense ratio
- 0.75%
- Distribution frequency
- None
- Last close
- $5.49 (as of 2026-10-23)
- AUM
- $1,237,551
- Average volume
- 1,900
- Beta
- -0.3
How Dividend Vision calculates returns
Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.
Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology
Sources and review
Primary sources: Deutsche Bank; prices and distributions from Dividend Vision, derived from vendor EOD data.
Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.
DGZ risks and drawbacks
Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 36.1%.
Who may consider DGZ — and who may not
It is a weaker fit for investors who need monthly cash flow (DGZ does not currently distribute); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.
More on DGZ
Frequently asked questions
Does DGZ pay monthly?
No. DGZ does not currently distribute.
What is DGZ's expense ratio?
DGZ's expense ratio is 0.75%.
When does DGZ pay a dividend?
DGZ does not currently distribute.
How has DGZ performed?
Total return is -77.9% over the past 18.6 years, 777.2 points behind SPY at 699.3%. Over the past year its total return — price change plus distributions reinvested — is -8.2%. Its deepest 1-year drawdown was 36.1%.
More securities from Deutsche Bank.
Tickers
Holdings as-of date unavailable.
| Ticker | Name | Weight |
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