Borrowed Exposure: How Betashares GGUS (ASX:GGUS) Doubles Up on the S&P 500

Sonal Goyal

28 October 2026 12:31 PM AEDT

Borrowed Exposure: How Betashares GGUS (ASX:GGUS) Doubles Up on the S&P 500

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Key Highlights

Betashares Geared US Equity Currency Hedged Complex ETF (ASX:GGUS) aims to provide geared, AUD-hedged exposure to the US share market.
The portfolio is held through iShares Core S&P 500 ETF, which represents 203.84% of assets.
The fund has a management fee of 2.28% and a fund size of $446.44 million.

As of 27 October, Betashares Geared US Equity Currency Hedged Complex ETF (ASX:GGUS) manages $446.44 million and offers a geared route into US shares, with returns hedged back to Australian dollars. The fund keeps its S&P 500 exposure in one underlying holding and borrows to lift that exposure above its capital base.

Key Fact	Detail
Fund	Betashares Geared US Equity Currency Hedged Complex ETF
ASX code	GGUS
Issuer	Betashares
Category	Equity World - Currency Hedged
Benchmark	S&P 500 TR AUD
ISIN	AU00000GGUS2
Admitted to the ASX	18 August 2015
Fund size	$446.44 million
Management fee	2.28%
Holdings	Two holdings
Latest distribution	Final, $0.870 per unit (ex-date 1 Jul 2025; payment 16 Jul 2025)

How the Gearing Works

Gearing shows up clearly in the fund's balance sheet. Stocks represent 203.35% of the portfolio while cash sits at negative 103.34%, which means the fund holds more equity than it has capital. The equity sleeve is a single position in iShares Core S&P 500 ETF (IVV) at 203.84%. The fund describes its objective as geared exposure to the returns of the U.S. share market, hedged to Australian dollars, and cautions that there is no guarantee the objective will be met.

Costs and Structure

The 2.28% management fee is the highest among Betashares funds covered in this series, reflecting the complex ETF structure. The fund was admitted to the ASX on 18 August 2015 and is categorised as Equity World - Currency Hedged, with a turnover ratio of 17.74%.

Portfolio Snapshot

Sector weights run as follows: Technology (38.69%), Financial Services (12.07%), Communication Services (9.50%), Consumer Cyclical (9.31%). In terms of company size, 98.91% of the portfolio is in companies above $1 billion in market capitalisation. Geographic exposure covers United States (99.52%).

Distribution Schedule

The most recent distribution on record is a final distribution of $0.870 per unit, with an ex-date of 1 July 2025, a record date of 2 July 2025 and payment on 16 July 2025.

Recent Filings

An annual report was lodged on 25 September 2026, and monthly units-on-issue disclosures continue to be published.

Category Context

Betashares Geared US Equity Currency Hedged Complex ETF is classified as Equity World - Currency Hedged. Funds in this category invest in companies listed on global equity markets and seek to protect against foreign currency movements by being predominantly hedged. They may carry a bias towards a style or size characteristic.

Benchmark and Listing History

The fund is benchmarked to the S&P 500 TR AUD index. The fund has been listed since 18 August 2015, a period of about 11 years. It is issued by Betashares under ISIN AU00000GGUS2. The management fee is 2.28%.

Reading the Distribution Dates

The ex-date is the first day on which units trade without the right to the next distribution. The record date is when entitlements are determined from the register, and the payment date is when the distribution is paid to eligible holders.

Closing Notes

GGUS pairs S&P 500 exposure with gearing and currency hedging in a single complex ETF. Its latest recorded distribution was a final payment of $0.870 per unit on 16 July 2025.

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