At a glance
It has $155.0M in assets. Over the past year it returned −8.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned +45.2% a year. At its worst it fell 23.0% in the 2020 crash (S&P 500: 33.7%) and 50.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 23 months after the lows.
The short version
DB Gold Double Long Exchange Traded Notes (DGP) are exchange-traded notes from Deutsche Bank AG. They aim to deliver twice the daily move of a gold index. They are unsecured bank debt, not a fund, and they own no gold. Because the 2× exposure resets every day, the notes swing far more than gold. Their annualized volatility, a measure of how widely the price moves, was 58.4% over the year to October 27, 2026.
Price history
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DGP -8.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DGP price data to Oct 27, 2026 | -20.1% | -8.4% | +45.2% | +27.5% | +17.9% | +9.0% |
- Over the year to Oct 27, 2026, DGP returned -8.4%.
- Its 5-year annualized return was +27.5% and its 10-year +17.9%.
- In the 2020 COVID crash it fell 23% and regained its old high 0.6 months after the low.
- Its worst full calendar year was 2013 (-51.8%); its best was 2025 (+141.4%).
- The deepest fall in its price history was 75.3% (Aug 22, 2011 to Dec 17, 2015), recovered by Oct 22, 2024.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -20.1% |
| 2025 | +141.4% |
| 2024 | +53.2% |
| 2023 | +17.0% |
| 2022 | -5.5% |
| 2021 | -11.3% |
| 2020 | +45.3% |
| 2019 | +32.3% |
| 2018 | -7.5% |
| 2017 | +24.2% |
| 2016 | +10.9% |
| 2015 | -22.8% |
| 2014 | -6.4% |
| 2013 | -51.8% |
| 2012 | +9.3% |
| 2011 | +10.9% |
| 2010 | +62.4% |
| 2009 | +46.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 7.4% over that stretch · deepest drop along the way 23%, back to its old high 0.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.6% over that stretch · deepest drop along the way 50.9%, back to its old high 22.7 months after the low |
How it works
DGP is an exchange-traded note (ETN), so it has no fund prospectus, no portfolio and no holdings reports. Holding DGP means holding a promise from Deutsche Bank AG. The bank promises to pay an amount linked to a gold index, minus fees. The bank does not buy gold or other assets for holders, and there is no basket of holdings to choose, weight or rebalance. The return depends only on the index and the note's terms.
The notes target twice the index's move, and that 2× exposure resets every day. Over a single day, the result should be close to double the index's change. Over longer periods, compounding means returns can differ sharply from twice the index's return. They are usually worse when gold prices rise and fall in a choppy pattern, because losses on down days shrink the base that later gains build on. The notes are built for short-term trading, not long-term holding.
Because DGP is debt, Deutsche Bank's credit matters. The index-linked return is paid only as long as the issuer can pay. If the bank ran into financial trouble, holders could lose money even if gold rose. The issuer can also redeem the notes early. That could force holders out at a time they did not choose.
What it really costs
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- An exchange-traded note: unsecured debt of the issuing bank, not a fund. It owns no assets on investors’ behalf; it pays the index return minus fees only as long as the issuer can pay, so the bank’s credit matters, and the issuer can redeem the notes early.
In a retirement portfolio
DGP is a leveraged note whose 2× exposure resets daily, and it carries Deutsche Bank's credit risk, so it is designed for short-term trading rather than long-term holding.
DGP's history shows how hard leverage can be to hold through a bad stretch. In the 2020 COVID crash it fell 23% between March 5 and March 19, 2020, then recovered by April 6. In the 2022 bear market it dropped 50.9% from March 8 to September 26, 2022, and took about 23 months to recover. Its worst calendar year was 2013, with a 51.8% loss. Its deepest drop was 75.3%, from August 2011 to December 2015, and it did not recover until October 2024, about 106 months later. Someone who had to sell during a stretch like that would lock in steep losses. It pays no income, no expense ratio is reported for it, and holders take on the bank's credit risk. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced short-term traders who want twice the daily move of a gold index and can watch their positions closely.
- Traders comfortable with Deutsche Bank AG credit risk, since the notes are unsecured bank debt and own no gold.
- People who can handle large swings: over the year to October 27, 2026, volatility was 58.4% and the worst drop was 48.8%.
Look elsewhere if
- Retirees who need income: no distributions have been recorded, so the only way to get cash is to sell notes.
- Long-term holders: daily resets distort multi-year returns, and a 75.3% drop took about 106 months to recover.
- Investors who want to own gold itself or compare costs: the notes hold no metal, and no expense ratio is reported.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is DGP an ETF or an ETN?
DGP is an exchange-traded note (ETN), not an ETF. It trades on an exchange like a stock, but it is unsecured debt of Deutsche Bank AG. The bank owns no gold or other assets on holders' behalf. It pays the index-linked return minus fees only as long as it can pay, so the bank's credit matters. Deutsche Bank can also redeem the notes early.
Does DGP pay dividends?
No. No distributions have been recorded for DGP. As a note, it pays no interest or dividends to holders. Any return comes only from changes in the note's price. Holders who need cash have to sell notes, possibly right after a sharp fall. Gold itself pays no income either, so this is normal for gold-linked products. The 2× leverage, though, adds much larger price swings.
Is DGP good for retirement?
DGP is built for short-term trading, not long-term holding, so it fits poorly in most retirement portfolios. Its 2× exposure resets daily. Its worst calendar year was a 51.8% loss in 2013. Its deepest drop, 75.3% from August 2011 to December 2015, took about 106 months to recover. It also carries Deutsche Bank's credit risk and pays no income.
Why doesn't DGP return exactly 2x gold over time?
Because DGP resets its 2× exposure every day. Over any period longer than a day, compounding means the result can differ sharply from twice the gold index's return. It is usually worse when prices swing up and down. The notes' swings show what leverage does: annualized volatility was 58.4% over the year to October 27, 2026. At their worst point in that year, the notes were down 48.8%.
How has DGP performed over the long run?
DGP's results have been extreme in both directions. As of October 27, 2026, it returned an annualized 45.2% over three years, 27.5% over five years and 17.9% over ten years. It lost 8.4% over one year and 20.1% in 2026 through October 27. Its best calendar year was 2025, up 141.4%, and its worst was 2013, down 51.8%. These are price-based returns, and past results don't predict future ones.