This article theoretically investigates the propagation of shear horizontal (SH) surface wave in the periodically deposited gold strips separated by vacuum on the magneto-electro-elastic (MEE) substrate. Using field analysis theory based on Bloch-Floquet theorem and electromagnetic open boundary conditions, dispersion equations are derived. The MEE composite is comprised of 80% PZT4 and 20% CoFe2O4. The dispersion, wave mode shape, electric and magnetic potentials are being modelled and computed for the SH wave on the MEE substrate. It is observed that the bandgap occurs at resonance when the wavelength of the SH wave matches with periodicity of the grating. The width of the bandgap can be increased or decreased by increasing the strip height to periodicity ratio. It is found that the gold grating on the surface of MEE substrate can traps the SH wave by slowing down the wave when the wave number is less or equal to wave number at the resonance condition. It is observed that above the resonance condition, SH wave shows supersonic behavior where the phase velocity of SH wave is greater than the surface wave velocity. The trapping and supersonic behavior of SH wave are more pronounced as the strip height to grating periodicity ratio increases. As the strip height to periodicity ratio increases, the wave trapping is enhanced and the leakage of wave energy in the substrate is reduced. The results are relevant to design the surface acoustic wave devices.