At a glance
It has $2.0M in assets. Over the past year it returned −78.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned −8.4% a year. At its worst it fell 20.1% in the 2020 crash (S&P 500: 33.7%) and 24.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 68 months and 4 months after the lows.
The short version
Deutsche Bank AG London Gold Double Short Exchange Traded Notes (DZZ) is a bank IOU, not a fund: it targets twice the opposite of a gold index's daily move, minus fees. Because the exposure resets daily, results over weeks or months can stray far from that target; it is a short-term tool for betting against gold. Payment depends on Deutsche Bank's credit, and DZZ lost 78.1% over the 12 months to October 27, 2026.
Price history
The interactive chart needs JavaScript.
DZZ -78.1% 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 | |
|---|---|---|---|---|---|---|
| DZZ price data to Oct 27, 2026 | -52.1% | -78.1% | -8.4% | -7.8% | -10.7% | -12.9% |
- Over the year to Oct 27, 2026, DZZ returned -78.1%.
- Its 5-year annualized return was -7.8% and its 10-year -10.7%.
- In the 2020 COVID crash it fell 20.1% and regained its old high 67.7 months after the low.
- Its worst full calendar year was 2009 (-43.6%); its best was 2025 (+132.8%).
- The deepest fall in its price history was 96.6% (Nov 12, 2008 to Feb 5, 2025), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -52.1% |
| 2025 | +132.8% |
| 2024 | -35.1% |
| 2023 | -8.1% |
| 2022 | +2.8% |
| 2021 | +0.6% |
| 2020 | -37.1% |
| 2019 | -26.6% |
| 2018 | +8.2% |
| 2017 | -21.8% |
| 2016 | -22.7% |
| 2015 | +17.3% |
| 2014 | -1.7% |
| 2013 | +72.0% |
| 2012 | -17.9% |
| 2011 | -31.8% |
| 2010 | -43.1% |
| 2009 | -43.6% |
| 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 5.2% over that stretch · deepest drop along the way 20.1%, back to its old high 67.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 18.5% over that stretch · deepest drop along the way 24.8%, back to its old high 3.9 months after the low |
How it works
DZZ is an exchange-traded note (ETN), not a fund. Deutsche Bank AG issued it as unsecured debt: a promise to pay backed only by the bank's own finances. It owns no gold, futures or other assets on investors' behalf, so there are no holdings to list and no fund prospectus. Instead, the bank promises a return linked to a gold index, minus fees, and it can redeem the notes early.
The target is -2×, meaning twice the opposite of the index's move, and it resets every day. On a day the gold index falls, the note is designed to gain twice that percentage before fees. On a day the index rises, the note loses twice as much. Because of the daily reset, returns over weeks or months can differ sharply from -2× the index's return. They are usually worse when gold swings back and forth without a clear trend.
The ride can be extreme. DZZ's volatility, a measure of how widely its price swings, was 132.5% over the year to October 27, 2026. From a peak on November 12, 2008, it fell 96.6% to a low on February 5, 2025. Holders also depend on Deutsche Bank's ability to pay. Trouble at the bank could hurt the notes no matter what gold does.
What it really costs
Structure and tax notes
- Resets its inverse 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
DZZ is a -2×, daily-reset bet against a gold index, issued as Deutsche Bank debt and designed for short-term trading rather than long holding periods.
DZZ offers no income: it has recorded no distributions, and no expense ratio figure was available. Its history doesn't cover the full 2008 financial crisis, which began before its February 2008 launch. In the 2020 COVID crash it returned -5.2% while stocks fell, and a 20.1% drop starting February 26, 2020, took 67.7 months to recover. In the 2022 bear market it gained 18.5%, after an early 24.8% slide that recovered by July 5, 2022. Its worst calendar year was 2009, at -43.6%. From a November 12, 2008, peak it lost 96.6% by February 5, 2025, and it had not regained that peak as of October 27, 2026. Anyone needing cash after a fall like that would lock in most of the loss.
Past results don't predict future ones, and a plan should look at the whole portfolio, not one holding.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a short-term, -2× bet against gold who can monitor the position daily, since the exposure resets every day.
- Experienced investors who understand ETNs and accept Deutsche Bank's credit risk, plus the chance the bank redeems the notes early.
- Traders aiming to briefly offset gold holdings over days, not years, who can tolerate 132.5% volatility in the year to October 27, 2026.
Look elsewhere if
- Retirees and long-term holders: DZZ lost 68% over the 10 years to October 27, 2026, and fell 96.6% from its 2008 peak.
- Income seekers: DZZ has recorded no distributions, so any return comes solely from changes in the note's price.
- Investors wanting transparent holdings and a known cost: DZZ owns no assets on holders' behalf, and no expense ratio figure was available.
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 DZZ good for retirement?
DZZ isn't built for retirement portfolios. It is a -2× inverse note on a gold index, and its exposure resets daily. That means returns over months or years can drift far from twice the opposite of the index's move. It lost 68% over the 10 years to October 27, 2026, and 78.1% over the last of those years. It pays no distributions, and its value depends on Deutsche Bank's ability to pay.
Is DZZ an ETF or an ETN?
DZZ is an ETN, or exchange-traded note, not an ETF. Deutsche Bank AG issued it as unsecured debt, so it owns no gold or other assets on holders' behalf. It pays the index-linked return minus fees only as long as the bank can pay, and the bank can redeem the notes early. An ETF, by contrast, holds assets for its shareholders, so it doesn't rely on a bank's promise to pay.
What happens to DZZ when gold prices go up?
DZZ falls when its gold index rises, by about twice the index's percentage move on a given day, before fees. Because that -2× exposure resets every day, results compound over longer periods. They can differ sharply from twice the opposite of gold's overall change, usually for the worse when prices zigzag. DZZ lost 78.1% over the year to October 27, 2026, and 52.1% in 2026 through that date.
Does DZZ pay dividends?
No. DZZ has recorded no distributions. As an exchange-traded note, it is a bank's promise to pay an index-linked return, not a fund collecting interest or dividends from holdings. Any gain or loss comes only from changes in the note's price, so it can't serve as a source of regular cash for someone drawing income in retirement.
How risky is DZZ?
Very risky. DZZ's volatility, a measure of how widely its price swings, was 132.5% over the year to October 27, 2026, and it fell as much as 83% within that year. Its deepest decline was 96.6%, from November 12, 2008, to February 5, 2025, and it had not regained that peak by October 27, 2026. On top of market risk, holders depend on Deutsche Bank's ability to pay.