DZZ is a geared inverse ETN promising -2x the daily return of an optimized gold index wherein gold futures contracts are chosen to minimize the effects of contango. The index selects its contracts based on the shape of the futures curve. As a geared product, DZZ is designed to be used as a tactical tool, not as a buy-and-hold investment. Investors holding the note for longer than a day will be subject to the effects of compounding, which can cause the realized performance to drift greatly from its -2x exposure over longer holding periods. Therefore, traders and investors with longer timelines will need to rebalance their positions to maintain the -2x multiple. Structured as an ETN, DZZ carries the counterparty risk of its issuer.