At a glance
ALLW charges 0.85% a year. It has $1.61B in assets. Its ten largest positions make up 44.6% of the fund, out of 24 in all.
The short version
SPDR Bridgewater All Weather ETF (ALLW) is an actively managed State Street fund that follows a daily model portfolio from Bridgewater Associates. The portfolio mixes stocks, inflation-linked US Treasuries and commodities and does not track an index. It aims to hold up when economic growth or inflation moves in either direction. It uses derivatives that create leverage. It costs 0.85% a year, which works out to $87 in the first year on $10,000 under the SEC's standard example.
Price history
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ALLW — over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ALLW price data to Oct 27, 2026 | -0.3% | — | — | — | — | — |
- The deepest fall in its price history was 6.1% (Aug 25, 2026 to Sep 30, 2026), not yet recovered.
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 24 securities; the ten largest made up 44.61% of assets, and 39.56% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| State Street SPDR Portfolio S&P 500 ETF | 13.42% | |
| State Street SPDR Portfolio Emerging Markets ETF | 4.33% | |
| United States Treasury Bonds and notes | 3.97% | |
| United States Treasury Bonds and notes | 3.85% | |
| United States Treasury Bonds and notes | 3.79% | |
| United States Treasury Bonds and notes | 3.66% | |
| United States Treasury Bonds and notes | 3.63% | |
| State Street SPDR S&P China ETF | 3.32% | |
| United States Treasury Bonds and notes | 3.18% | |
| United States Treasury Bonds and notes | 1.45% | |
| United States Treasury Bonds and notes | 1.32% | |
| United States Treasury Bonds and notes | 1.19% | |
| United States Treasury Bonds and notes | 1.16% | |
| United States Treasury Bonds and notes | 1.16% | |
| United States Treasury Bonds and notes | 0.97% |
By country
United States 56.89%By issuer
US Treasury 35.82%Other registered funds 21.07%The bonds mature in 13.6 years on average (weighted by size), with an average coupon of 1.57%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $358.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.93%, -2.89%, -0.43%.
How it works
ALLW does not track an index. SSGA Funds Management, State Street's adviser, buys and sells holdings based on a daily model portfolio from sub-adviser Bridgewater Associates. The model follows Bridgewater's All Weather approach, which it calls "environmental balance." The idea is to pair assets expected to do well when economic growth rises, such as stocks and commodities, with assets expected to do well when growth falls, such as fixed-rate and inflation-linked bonds. It does the same for rising inflation versus low or stable inflation. Bridgewater sets weights to balance risk rather than to make short-term market calls, though it may shift allocations as its views change. There is no minimum or maximum for any asset class.
As of July 31, 2026, the largest positions were the State Street SPDR Portfolio S&P 500 ETF (13.4%), the State Street SPDR Portfolio Emerging Markets ETF (4.3%) and the State Street SPDR S&P China ETF (3.3%). Treasury inflation-indexed notes and bonds (TIPS, whose principal rises with inflation) made up 35.8% of assets. Cash was 39.6%, partly held as collateral for futures on the FTSE 100, EURO STOXX 50 and TOPIX and for commodity index swaps.
The prospectus says these derivatives create leverage that may be substantial, which can magnify both gains and losses. Some commodity exposure runs through a Cayman Islands subsidiary, capped at 25% of total assets, to stay within tax rules. Portfolio turnover was 99%.
What it really costs
- ALLW charges 0.85% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ALLW | $87 | $271 | $471 | $1,049 |
In a retirement portfolio
It spreads risk across stocks, inflation-linked Treasuries and commodities with the aim of behaving differently from a stock-heavy portfolio, though its track record is very short.
As of July 31, 2026, about 36% of ALLW sat in Treasury inflation-indexed securities and about 21% in stock ETFs, with futures and swaps adding foreign stocks and commodities. Its beta, a measure of how closely it moves with the stock market, was 0.51 as of October 27, 2026. That figure rests on only a few months of price data.
The fund launched March 5, 2025, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its prospectus shows no full calendar-year results. Its deepest drop was 6.1%, from August 25 to September 30, 2026, and it had not recovered as of October 27, 2026. Anyone planning to sell shares in a bad year has little evidence of how it holds up. Its trailing 12-month yield was 0%, and it costs 0.85% a year. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund that combines US and emerging-market stocks, inflation-linked Treasuries and commodities, balanced by Bridgewater's growth-and-inflation approach.
- Investors worried about inflation: Treasury inflation-indexed notes and bonds made up 35.8% of assets as of July 31, 2026.
- Portfolios looking for something that moved less than stocks: beta was 0.51 as of October 27, 2026, though over a short history.
Look elsewhere if
- Investors who need regular income: the trailing 12-month yield was 0% as of October 27, 2026, and distributions are scheduled once a year.
- Cost-focused investors: the 0.85% expense ratio adds up to about $1,049 over 10 years on $10,000 under the SEC example.
- Anyone wanting a long track record or simple holdings: it launched March 2025 and uses leverage-creating derivatives, swaps and a Cayman subsidiary.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does ALLW invest in?
ALLW holds a mix of stocks, inflation-linked US Treasuries and commodities, following a model portfolio from Bridgewater Associates. As of July 31, 2026, its largest holdings were the State Street SPDR Portfolio S&P 500 ETF (13.4%), the State Street SPDR Portfolio Emerging Markets ETF (4.3%) and the State Street SPDR S&P China ETF (3.3%). Treasury inflation-indexed securities made up 35.8%. Cash was 39.6%, partly held as collateral for futures and swaps that add foreign stock and commodity exposure.
Is ALLW a leveraged ETF?
Not in the usual sense. ALLW does not try to deliver a multiple of an index's daily return, and it does not reset its leverage each day. Even so, its prospectus says its futures, forwards and swaps create leverage that may be substantial and can magnify both gains and losses. Its cash holdings serve partly as collateral for these positions. Some commodity exposure runs through a Cayman Islands subsidiary, which is capped at 25% of total assets.
Does ALLW pay a dividend?
Not much so far. ALLW's trailing 12-month yield was 0% as of October 27, 2026, and its distributions are scheduled once a year. The fund aims for long-term capital appreciation, not steady payouts. Its prospectus also warns that paying out redemptions in cash could lead to higher capital gain distributions. In a taxable account, those distributions can create a tax bill even when no shares are sold.
What is ALLW's expense ratio?
ALLW's expense ratio is 0.85% a year, according to its prospectus filed February 25, 2026. All of it is a management fee, with no waiver. The SEC's standard example assumes $10,000 invested, a 5% annual return and a sale at the end of each period. On that basis, costs come to about $87 after one year, $271 after three, $471 after five and $1,049 after ten. Portfolio turnover of 99% can add trading costs that the expense ratio doesn't include.
Is ALLW good for retirement portfolios?
ALLW may suit retirees looking for a diversifier, but its record is short. It launched March 5, 2025, so it was not around for the 2008, 2020 or 2022 downturns. Price data starts June 9, 2026. Since then, its deepest drop was 6.1%, from August 25 to September 30, 2026, and it had not recovered as of October 27, 2026. Its trailing 12-month yield was 0%, and it costs 0.85% a year. Past results don't predict future ones.