The SPDR Bridgewater All Weather ETF (ALLW), launched on March 6, 2025, offers investors a unique opportunity to access Bridgewater Associates’ renowned All Weather strategy—a risk-parity approach designed to perform across all economic conditions.
What is the ALLW ETF?
The ALLW ETF seeks to provide diversified exposure across global asset classes with a strategic focus on risk balancing, rather than traditional asset allocation. This ETF aims to generate steady returns through a mix of asset types that perform differently across varying macroeconomic environments such as growth, recession, inflation, and deflation.
Investment Strategy
Unlike traditional ETFs that track a fixed index, ALLW is actively managed. State Street Global Advisors (SSGA) implements a model portfolio crafted by Bridgewater Associates, one of the world’s largest and most respected hedge funds.
Asset Allocation Includes:
- U.S. and international equities
- Nominal and inflation-protected government bonds
- Commodities
- Cash and cash equivalents
This dynamic allocation is aimed at delivering risk-adjusted returns regardless of market cycles.
Key Holdings (As of April 7, 2025)
| Holding | Allocation |
|---|---|
| SSI US Gov Money Market Class | 38.72% |
| SPDR Portfolio S&P 500 ETF | 13.83% |
| U.S. Dollar (USD) | 5.87% |
| U.S. Treasury Bill (0% due 07/25) | 5.83% |
| SPDR Portfolio Emerging Markets ETF | 4.17% |
| U.S. Treasury Inflation-Protected Security (1.875% due 07/34) | 3.86% |
💡 Note: Exposure to commodities may be gained via a wholly-owned subsidiary in the Cayman Islands.
Fund Details
- Expense Ratio: 0.85%
- Ticker Symbol: ALLW
- Exchange: NASDAQ
- Currency: USD
- Inception Date: March 6, 2025
Performance Snapshot
- IPO Price (March 6, 2025): $22.99
- Price as of April 9, 2025: $24.32
- Return Since Inception: +4.92%
Due to its recent launch, long-term performance data is not yet available. However, early returns suggest investor confidence in the strategy’s diversified approach.
Why Consider ALLW?
1. Access to Bridgewater’s Expertise:
ALLW provides retail investors access to Bridgewater’s institutional-grade portfolio construction.
2. Enhanced Diversification Beyond 60/40:
The All Weather strategy diversifies by risk, not just asset class, which can potentially lead to more stable returns across economic regimes.
3. Inflation Protection:
With TIPS and commodity exposure, ALLW is better positioned to handle inflationary pressures compared to traditional portfolios.
4. Active Strategy in an ETF Wrapper:
Enjoy the liquidity and transparency of an ETF while benefitting from active macro-driven asset allocation.
Final Thoughts
The SPDR Bridgewater All Weather ETF (ALLW) is designed for long-term investors seeking a resilient portfolio that adapts to changing macroeconomic conditions. It’s a compelling option for those looking to go beyond conventional asset allocation and embrace risk-parity investing grounded in macroeconomic research.
Always consult a financial advisor and review the fund prospectus before making investment decisions.
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