State Street Bridgewater All Weather ETF (ALLW)
The State Street Bridgewater All Weather ETF (ALLW) is an actively managed, global multi-asset allocation ETF that implements Bridgewater Associates’ famous All Weather risk-parity strategy. It is designed to perform well across all macroeconomic environments — growth, recession, inflation, and deflation — by allocating risk equally across different economic regimes rather than predicting which one lies ahead.
The fund launched on March 5, 2025 (listed on NASDAQ) and won Best New ETF at the 2026 ETF.com Awards.
Key Facts
| Field |
Value |
| Ticker |
ALLW |
| Issuer |
State Street Global Advisors (SPDR) |
| Sub-Advisor |
Bridgewater Associates, LP |
| Inception Date |
March 5, 2025 |
| Gross Expense Ratio |
0.85% |
| Benchmark |
MSCI ACWI IMI Index |
| Asset Class |
Multi-Asset (Global Equities, Bonds, Inflation-Linked Bonds, Commodities) |
| AUM |
~$1.55B |
| Dividend Frequency |
Annual |
| 30-Day SEC Yield |
1.64% |
| Fund Distribution Yield |
2.94% |
| Structure |
Actively Managed Open-End ETF |
| Target Volatility |
10%–12% annualised |
| CUSIP |
78470P630 |
Latest Price Data
Data sourced from Yahoo Finance and SSGA.com as of 2026-06-30.
| Field |
Value |
| Last Close |
$29.22 |
| NAV |
$29.19 |
| 52-Week High |
$30.33 |
| 52-Week Low |
$25.71 |
| YTD Return |
+6.29% |
| 1-Year Return |
+17.56% |
| 30-Day Avg Volume |
~679K shares/day |
| Data As Of |
2026-06-30 |
| Period |
NAV Return |
Benchmark (MSCI ACWI IMI) |
| 1 Month |
+0.93% |
+5.00% |
| QTD |
+5.04% |
+15.63% |
| YTD |
+9.42% |
+12.45% |
| 1 Year |
+24.84% |
+30.64% |
| Since Inception (Mar 2025) |
+20.50% |
+27.23% |
Note: ALLW’s lower returns vs. the pure-equity benchmark are expected — the fund holds a diversified mix of bonds and commodities alongside equities, aiming for smoother, more resilient returns across market cycles rather than maximising equity-beta exposure.
Trailing Returns (as of Jun 26, 2026)
| Period |
ALLW |
Category (Tactical Allocation) |
| YTD |
+6.29% |
+6.04% |
| 1 Year |
+17.56% |
+22.26% |
Asset Allocation (as of Jun 26, 2026)
The fund uses leverage (derivatives such as futures and swaps) to achieve its risk-parity targets, so notional exposures exceed 100%.
| Asset Class |
Notional Exposure |
| Global Nominal Bonds |
69.53% |
| Global Equities |
42.25% |
| Inflation-Linked Bonds |
41.19% |
| Commodities |
32.95% |
Exposures reflect notional allocation including derivatives. Total exceeds 100% due to leverage inherent in the risk-parity strategy.
Top 10 Holdings (as of Jun 26, 2026)
| Rank |
Holding |
Type |
Weight (%) |
| 1 |
SSI US GOV MONEY MARKET CLASS |
Cash/Money Market |
35.91% |
| 2 |
State Street SPDR Portfolio S&P 500 ETF (SPLG) |
US Equity |
13.20% |
| 3 |
Treasury Bill 08/26 0.000% |
US Treasury |
5.00% |
| 4 |
State Street SPDR Portfolio Emerging Markets ETF (SPEM) |
EM Equity |
4.25% |
| 5 |
US Treasury Inflation-Indexed 07/35 1.875% |
TIPS |
3.99% |
| 6 |
US Treasury Inflation-Indexed 01/35 2.125% |
TIPS |
3.98% |
| 7 |
US Treasury Inflation-Indexed 01/36 1.875% |
TIPS |
3.83% |
| 8 |
US Dollar |
FX |
3.79% |
| 9 |
US Treasury Inflation-Indexed 07/34 1.875% |
TIPS |
3.72% |
| 10 |
US Treasury Inflation-Indexed 01/34 1.750% |
TIPS |
3.52% |
Note: The large money market (35.91%) position likely reflects cash held as collateral for derivatives positions.
Sector Allocation (Equity Component)
| Sector |
Weight (%) |
| Information Technology |
28.67% |
| Financial Services |
15.36% |
| Consumer Cyclical |
10.52% |
| Communication Services |
9.09% |
| Industrials |
9.03% |
| Healthcare |
8.08% |
| Consumer Defensive |
5.70% |
| Energy |
4.69% |
| Basic Materials |
4.47% |
| Utilities |
2.70% |
| Real Estate |
1.69% |
Risk Metrics
| Metric |
Value |
| Target Volatility |
10%–12% annualised |
| Beta (5Y Monthly, vs. S&P 500) |
~0.00 (limited history) |
| P/E Ratio (TTM) |
20.23 |
| Max Drawdown (since inception) |
Data limited (< 2 years) |
| Premium/Discount (YTD 2026) |
Mostly at premium (50 of 61 days in Q1 2026) |
Investment Thesis
Strengths
- Bridgewater’s proven philosophy: The All Weather strategy is grounded in decades of Ray Dalio / Bridgewater research on risk parity and economic regime allocation.
- True diversification: Simultaneously holds equities, nominal bonds, inflation-linked bonds, and commodities — unlike 60/40 portfolios that ignore inflation regimes.
- Smoother ride: Target volatility of 10%–12% aims to reduce drawdowns vs. a 100% equity portfolio, potentially improving risk-adjusted returns over full cycles.
- Active management with institutional pedigree: Sub-advised by Bridgewater Associates ($100B+ AUM), one of the world’s most respected macro hedge fund managers.
- ETF structure: Daily liquidity, transparency via SSGA holdings disclosure, accessible to retail investors.
- Industry recognition: Won Best New ETF at the 2026 ETF.com Awards, signalling strong investor interest.
Risks
- High expense ratio: 0.85% is expensive vs. passive multi-asset ETFs (e.g. AOR at 0.15%) and significantly more than simple equity ETFs (VOO at 0.03%).
- Short track record: Launched March 2025 — less than 2 years of live data. No real bear-market test yet.
- Derivatives leverage: Notional exposure >100% means leverage is embedded; derivatives carry counterparty and liquidity risk.
- Commodity subsidiary risk: Commodity exposure is via a wholly-owned subsidiary not registered under the Investment Company Act of 1940, with fewer investor protections.
- Manager risk: Active strategy relies on Bridgewater’s model continuing to work. Bridgewater’s performance has been mixed in recent years vs. simple 60/40.
- Tax complexity: Derivatives and multi-asset structure may produce less tax-efficient distributions than simple equity ETFs.
- Underperformance in strong bull markets: The All Weather strategy is designed to protect downside, not maximise upside — will likely lag pure equity ETFs during strong bull runs.
Comparison vs. Peers
| ETF |
Ticker |
Expense Ratio |
AUM |
Strategy |
| State Street Bridgewater All Weather |
ALLW |
0.85% |
$1.55B |
Bridgewater risk-parity multi-asset |
| iShares Core Growth Allocation |
AOR |
0.15% |
$2.5B |
Passive 60/40 (60% equity / 40% fixed income) |
| iShares Core Moderate Allocation |
AOM |
0.15% |
$1.8B |
Passive 40/60 (40% equity / 60% fixed income) |
| RPAR Risk Parity ETF |
RPAR |
0.50% |
$150M |
Systematic risk parity multi-asset |
| Simplify Managed Futures Strategy |
CTA |
0.59% |
$700M |
Managed futures / trend-following |
Recommendation
| Investor Profile |
Recommendation |
| Long-term (10+ year horizon) |
Buy — if you believe in the All Weather philosophy and want true multi-asset diversification in a single ticker |
| Core portfolio building |
Consider — best as a core holding for investors who want risk-parity in one ETF at the cost of a 0.85% expense ratio |
| Tactical / satellite allocation |
Neutral — expensive for a tactical sleeve; consider cheaper alternatives like AOR/AOM for simple multi-asset |
| Cost-sensitive investors |
Consider alternatives — at 0.85%, the fee compounds significantly over decades vs. cheaper multi-asset ETFs |
| Bear market hedgers |
Buy — the risk-parity approach is designed to outperform in recessions/deflation, though this hasn’t been tested yet with live ALLW data |
Data sourced from SSGA.com, Yahoo Finance, and ETF.com. Last updated: 2026-06-30.