State Street Bridgewater All Weather ETF
ALLW
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- SPDR Bridgewater All Weather ETF (ALLW) is an actively managed, diversified global multi-asset allocation exchange-traded fund that seeks long-term capital appreciation by balancing risks across various economic environments, including growth surprises, contractions, rising and falling inflation; it invests in domestic and international equities, nominal government bonds (such as U.S., Europe, Australia, and U.K. bonds), inflation-linked bonds (primarily U.S. TIPS), commodities (broad commodities and gold), and employs derivatives including futures, swaps, and forwards for capital-efficient exposure, often exceeding 100% notional via a Cayman Islands subsidiary for commodity ETPs. The fund follows Bridgewater Associates' proprietary All Weather asset allocation approach, originally developed in 1996, which allocates risk equally across assets responsive to different growth and inflation regimes without market timing, using daily model portfolios provided by sub-adviser Bridgewater Associates and implemented by adviser SSGA Funds Management, Inc., with a gross expense ratio of 0.85%. Launched on March 5, 2025, and listed on NASDAQ, ALLW targets institutional-grade diversification for retail and intermediary investors seeking resilience beyond traditional 60/40 portfolios, with geographic exposures spanning developed markets (U.S., Eurozone, Japan, U.K., Australia) and emerging markets (China, others). State Street Global Advisors, the asset management arm of State Street Corporation headquartered in Boston, Massachusetts, issuer of the SPDR ETFs, partnered with Bridgewater Associates, LP in early 2025 to launch ALLW, marking the first ETF adaptation of Bridgewater's legendary All Weather strategy previously available mainly to large institutions and ultra-high-net-worth clients. This strategic alliance, announced via regulatory filings in late 2024 and trading commencement in March 2025, expands access to Bridgewater's macro-driven portfolio construction expertise, supported by its 300-person investment team, amid heightened market volatility from geopolitical risks and deglobalization trends. As of Q3 2025, the fund maintains active notional exposures of approximately 43% equities, 72.6% nominal bonds, 32.6% inflation-linked bonds, and 36.4% commodities, with ongoing evolution of asset mixes based on global macroeconomic research.