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DZZ ETN — DB Gold Double Short ETN
DB Gold Double Short ETN (DZZ)
Updated October 23, 2026.
DZZ is an ETN. Its expense ratio is 0.75%. Total return is -92.2% over the past 18.7 years, 773.7 points behind SPY at 681.5%.
DB Gold Double Short ETN is an exchange-traded note issued by Deutsche Bank that provides inverse exposure to gold futures contracts, designed to move in the opposite direction of gold prices. The fund does not distribute income to shareholders and carries an expense ratio of 0.75%. It appeals to traders and investors seeking short-term hedging or bearish positioning on gold prices rather than those pursuing regular income.
DZZ 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.
DZZ performance versus SPY
Total return is -92.2% over the past 18.7 years, 773.7 points behind SPY at 681.5%. Over the past year its total return — price change plus distributions reinvested — is -38.0%. Its deepest 1-year drawdown was 83.1%.
| Window | Total return | CAGR |
|---|---|---|
| 1M | 9.8% | — |
| 3M | -5.0% | — |
| 6M | -28.2% | — |
| YTD | -50.3% | — |
| 1Y | -38.0% | — |
| 2Y CAGR | — | 10.00% |
| 3Y CAGR | — | -8.60% |
| 5Y CAGR | — | -7.20% |
| 10Y CAGR | — | -10.40% |
| Since inception (18.7 years) | -92.2% | -12.80% |
DZZ 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
- $1.91 (as of 2026-10-23)
- AUM
- $1,148,898
- Average volume
- 18,300
- Beta
- -0.59
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.
DZZ risks and drawbacks
Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 83.1%.
Who may consider DZZ — and who may not
It is a weaker fit for investors who need monthly cash flow (DZZ 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 DZZ
Frequently asked questions
Does DZZ pay monthly?
No. DZZ does not currently distribute.
What is DZZ's expense ratio?
DZZ's expense ratio is 0.75%.
When does DZZ pay a dividend?
DZZ does not currently distribute.
How has DZZ performed?
Total return is -92.2% over the past 18.7 years, 773.7 points behind SPY at 681.5%. Over the past year its total return — price change plus distributions reinvested — is -38.0%. Its deepest 1-year drawdown was 83.1%.
More securities from Deutsche Bank.
Tickers
Holdings as-of date unavailable.
| Ticker | Name | Weight |
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