At a glance
DGZ charges 0.75% a year. It has $2.3M in assets. Over the past year it returned −16.2% with distributions reinvested (S&P 500: +11.5%); over three years it returned −18.0% a year. At its worst it fell 8.3% in the 2020 crash (S&P 500: 33.7%) and 14.0% in the 2022 bear market (S&P 500: 24.5%).
The short version
DB Gold Short Exchange Traded Notes (DGZ) are unsecured debt of Deutsche Bank AG that aim to pay the opposite (-1×) of a gold index's daily return, minus a 0.75% annual fee. Unlike a fund, the notes own no gold or other assets, so Deutsche Bank's ability to pay matters. The daily reset and an 86% fall from their 2008 peak make the notes a short-term trading tool, not a long-term holding.
Price history
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DGZ -16.2% 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 | |
|---|---|---|---|---|---|---|
| DGZ price data to Oct 27, 2026 | -1.8% | -16.2% | -18.0% | -11.6% | -8.9% | -7.8% |
- Over the year to Oct 27, 2026, DGZ returned -16.2%.
- Its 5-year annualized return was -11.6% and its 10-year -8.9%.
- In the 2020 COVID crash, while stocks fell, it gained 3.7%.
- Its worst full calendar year was 2025 (-32.5%); its best was 2013 (+33.2%).
- The deepest fall in its price history was 86.3% (Nov 12, 2008 to Mar 10, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -1.8% |
| 2025 | -32.5% |
| 2024 | -16.5% |
| 2023 | -4.8% |
| 2022 | +4.9% |
| 2021 | +1.5% |
| 2020 | -20.8% |
| 2019 | -13.4% |
| 2018 | +4.9% |
| 2017 | -11.4% |
| 2016 | -10.2% |
| 2015 | +9.1% |
| 2014 | -0.4% |
| 2013 | +33.2% |
| 2012 | -8.4% |
| 2011 | -15.0% |
| 2010 | -24.1% |
| 2009 | -23.0% |
| 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 | Gained 3.7% over that stretch · deepest drop along the way 8.3%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 10.1% over that stretch · deepest drop along the way 14%, back to its old high 3.9 months after the low |
How it works
DGZ is not a fund, so no manager picks or weights holdings. It is an exchange-traded note (ETN), a form of bank debt issued by Deutsche Bank AG. The notes promise a return linked to a gold index, run in reverse. When the index falls on a given day, the notes aim to rise by about the same percentage. When it rises, they aim to fall. Deutsche Bank takes a 0.75% annual fee out of that return. As a bank note, DGZ has no fund prospectus, no holdings reports and no list of top holdings.
The inverse exposure resets every day. Each day's gain or loss builds on the previous day's value. Over weeks or months, the result can differ sharply from the simple opposite of the index's move. It usually comes out worse when the index swings up and down without a clear trend. That makes the notes a tool for short holding periods, not years.
The notes are unsecured, meaning no assets are set aside to back them. DGZ owns nothing on investors' behalf, so payment depends on Deutsche Bank staying able to pay. The bank can also redeem the notes early, ending a holder's position on its own timetable. The notes have made no distributions.
What it really costs
- DGZ charges 0.75% a year.
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -1× 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
Its inverse gold exposure resets daily, it is unsecured Deutsche Bank debt, and as of October 27, 2026, it had not regained its 2008 peak after an 86% fall.
DGZ is built to gain when gold falls, but holding it for years has been costly. As of October 27, 2026, it returned -11.6% a year over five years and -8.9% a year over ten. It launched in February 2008, so it lacks a full record for the 2008 crisis. It gained 3.7% during the 2020 COVID crash and 10.1% during the 2022 bear market. In 2022 it fell 14% along the way, then recovered in about four months. Its worst calendar year was 2025, at -32.5%. Its deepest drop, about 86%, ran from November 2008 to March 2026 and had not been recovered by October 27, 2026.
Cashing out in a losing stretch could lock in deep losses. It pays no income and charges 0.75% a year. Past results don't predict future ones, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Short-term traders wanting a position against gold that resets daily, who can watch it closely and close it quickly.
- Experienced traders seeking brief protection against falling gold prices without borrowing gold to bet against it directly.
- Traders comfortable with 78.3% one-year volatility as of October 27, 2026, and with taking on Deutsche Bank's credit risk instead of owning fund shares.
Look elsewhere if
- Long-term and retirement investors: the notes lost about 46% over five years and 60% over ten, through October 27, 2026.
- Anyone seeking income: DGZ has made no distributions, and its 0.75% annual fee comes out of returns.
- Investors wary of issuer risk: these are unsecured Deutsche Bank notes the bank can redeem early, with only about $2.3 million in net assets.
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 DGZ good for retirement?
DGZ is designed for short-term trading rather than retirement savings. Its inverse exposure to a gold index resets daily, so returns over months or years can drift far from the opposite of the index's move. As of October 27, 2026, it had lost about 46% over five years and 60% over ten, and it pays no income. It also fell about 86% from its November 2008 peak to March 2026.
How does DGZ work?
DGZ aims to rise when a gold index falls and fall when it rises. It is an exchange-traded note from Deutsche Bank AG that pays the opposite (-1×) of the index's daily return, minus a 0.75% annual fee. Because the exposure resets each day, results over longer periods can differ sharply from the simple opposite of the index's return. They usually come out worse when prices swing back and forth.
Is DGZ an ETF or an ETN?
DGZ is an ETN, not an ETF. An exchange-traded fund owns a portfolio held for its shareholders. DGZ owns nothing on investors' behalf. It is unsecured debt of Deutsche Bank AG, meaning no assets back it, and it pays the index return minus fees only as long as the bank can pay. Deutsche Bank can also redeem the notes early. As a bank note, DGZ has no fund prospectus or holdings reports.
Does DGZ pay dividends?
No. DGZ has recorded no distributions, so it provides no income. Any return comes only from changes in the notes' price, which follows the inverse of a gold index after the 0.75% annual fee. Investors who rely on regular cash payouts, such as retirees drawing income, would get nothing from DGZ. To raise money, they would have to cash out notes, whatever the price at the time.
How volatile is DGZ?
DGZ is highly volatile. As of October 27, 2026, its one-year volatility, a measure of how widely its price swings, was 78.3%. It fell as much as 36.1% in the year to that date. Its worst calendar year was 2025, at -32.5%, and it lost 16.5% in 2024. Its strongest year was 2013, at +33.2%. Its deepest fall, about 86%, ran from November 2008 to March 2026 and had not been recovered.