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GAUG is an actively managed “buffer” ETF that uses exchange-traded, customized options (FLEX options) tied to SPY’s price moves to shape a one-year outcome starting each August. The current design targets protection for roughly the first 15% of SPY losses (about 14.
15% after fees) while capping upside at about 12. 07% (about 11. 23% after fees).
The intended payoff is most relevant if you hold through the full target outcome period, because the cap and buffer reset each year and results can differ for mid-period buyers/sellers.
You don’t own the S&P 500 stocks directly—you mainly own a package of SPY-linked options plus collateral to back them. Those options are built to absorb the first chunk of losses, but they also limit how much you can gain.
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Provides downside buffer protection with capped upside over a defined outcome period.
Showing the largest holdings by weight in GAUG
| Logo | Ticker | ETF Weight | Market Value | |
|---|---|---|---|---|
4S | 4SPY 260821C00006450 2026-08-21 State Street® SPDR® S&P 500® ETF Trust C 6.45 | 2026-08-21 State Street® SPDR® S&P 500® ETF Trust C 6.45 | 97.26% | $291.1M |
4S | 4SPY 260821P00643460 2026-08-21 State Street® SPDR® S&P 500® ETF Trust P 643.46 | 2026-08-21 State Street® SPDR® S&P 500® ETF Trust P 643.46 | 2.21% | $6.6M |
$U | $USD US Dollar | US Dollar | 0.53% | $1.6M |
Breakdown of GAUG by sector weightings (%)
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Top countries by weight (%)
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