SPDR® Bridgewater® All Weather® ETF Brings Bridgewater’s Investment Process to All Investors
BOSTON, March 06, 2025--(BUSINESS WIRE)--State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), announced today in partnership with Bridgewater Associates, the launch of the SPDR® Bridgewater® All Weather® ETF (ALLW), an actively managed, diversified global multi-asset allocation ETF with an investment approach designed with the goal of generating consistent returns across different economic environments.
The SPDR Bridgewater All Weather ETF leverages Bridgewater’s deep macro understanding and portfolio construction expertise across a global mix of diversified assets. Almost 30 years ago, Bridgewater created the "All Weather approach" to managing portfolios, which focuses on preserving and compounding wealth without needing to time markets.
"For more than three decades, ETFs have eliminated barriers to entry across a range of asset classes and strategies," said Anna Paglia, chief business officer at State Street Global Advisors. "Our launch of ALLW is a testament to our commitment to leveling the playing field for all investors to reach their financial goals and ‘all weather’ diversification is one way we’re helping them get there. We’re thrilled to be partnering with Bridgewater, a firm with a 50-year heritage and a history of managing the investments of some of largest investors in the world, to broaden access to their expertise."
The SPDR Bridgewater All Weather ETF (ALLW) invests based on a daily model portfolio provided by Bridgewater, ALLW’s investment sub-adviser, that is constructed based on the firm’s proprietary All Weather asset allocation approach. The model portfolio provided by Bridgewater allocates assets based on Bridgewater’s views of cause-effect relationships—specifically how those asset classes react to shifts in growth and inflation. Based on Bridgewater’s investment recommendations, SSGA Funds Management. Inc. ("SSGA FM"), ALLW’s investment adviser, purchases and sells investments for ALLW. SSGA FM seeks to implement Bridgewater's investment recommendations, but may change ALLW’s investment allocation at any time. ALLW may invest across a range of global asset classes, such as domestic and international equities, nominal and inflation-linked bonds, and commodity exposures.
"We’ve consistently focused on how to make our clients’ portfolios more resilient to a wider range of economic outcomes. The next 10 years could look very different than the past due to dynamics like geopolitical tensions, heightened inflation, deglobalization, AI, and more. Predicting exactly how this will play out will be extremely difficult, but all investors have a chance to prepare better for what’s ahead. We’re excited that the launch of ALLW gives us the ability to help a broader set of investors do exactly that," said Karen Karniol-Tambour, co-Chief Investment Officer at Bridgewater.
Today, many investors hold undiversified portfolios, where risk is primarily concentrated in a single asset class, specifically equities. For example, equities drive over 90% of the traditional 60/40 portfolio’s overall risk.1 And portfolios that concentrate risk in a single asset class are unbalanced, inheriting the asset class’s boom/bust profile, as well as its vulnerability to macroeconomic shifts. "We believe a resilient, well-balanced diversified portfolio to prepare for a wide range of economic environments can be critical for investors to achieve their goal of wealth accumulation," said Paglia.
Bridgewater Associates is a premier asset management firm, focused on delivering unique insight and partnership for the most sophisticated global investors. As a global macro-investment manager, we take a diversified approach spanning more than 150 different markets. With deep expertise in portfolio construction and risk management, we develop insights and design strategies to deliver value to our clients through any economic environment. Founded in 1975, we are a community of independent thinkers who share a commitment for excellence. By fostering a culture of openness, transparency, and inclusion, we strive to unlock the most complex questions in investment strategy, management, and corporate culture.
About State Street Global Advisors
For over four decades, State Street Global Advisors has served the world’s governments, institutions, and financial advisors. With a rigorous, risk-aware approach built on research, analysis, and market-tested experience, and as pioneers in index and ETF investing, we are always inventing new ways to invest. As a result, we have become the world’s fourth-largest asset manager* with US $4.72 trillion† under our care.
*Pensions & Investments Research Center, as of 12/31/23. †This figure is presented as of December 31, 2024 and includes ETF AUM of $1,577.74 billion USD of which approximately $82.19 billion USD in gold assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated. Please note all AUM is unaudited.
1Bloomberg Finance L.P. as of December 31, 2024 based on a 60/40 blend of the MSCI ACWI Index and the Bloomberg US Aggregate Bond Index
Important Risk Information
Bridgewater provides a daily model portfolio to SSGA Funds Management Inc. (SSGA FM) based on their proprietary All Weather® asset allocation approach. The model portfolio is specific to the Fund. Based on Bridgewater's investment recommendations, SSGA FM purchases and sells securities and/or instruments for the Fund. SSGA FM seeks to implement Bridgewater's investment recommendations, but may change the Fund's investment allocation at any time.
Investing involves risk including the risk loss of principal.
ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.
While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress.
The Fund is actively managed. The Adviser’s judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, commodity or investment strategy may prove to be incorrect, and may cause the Fund to incur losses. There can be no assurance that the Adviser’s investment techniques and decisions will produce the desired results.
Equity securities may fluctuate in value and can decline significantly in response to the activities of individual companies and general market and economic conditions.
The value of the debt securities may increase or decrease as a result of the following: market fluctuations, increases in interest rates, inability of issuers to repay principal and interest or illiquidity in the debt securities markets; the risk of low rates of return due to reinvestment of securities during periods of falling interest rates or repayment by issuers with higher coupon or interest rates; and/or the risk of low income due to falling interest rates.
Commodities and Commodity-Linked Derivatives: Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value of Fund Shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist for certain commodity investments, which may make it difficult for the Fund to sell them at a desirable price or at the price at which it is carrying them.
The Fund may seek exposure to commodities by, among other things, investing in a wholly-owned subsidiary, an exempted limited company organized under the laws of the Cayman Islands ("Subsidiary") and managed by the Adviser. The Subsidiary is not registered under the Investment Company Act of 1940, as amended ("1940 Act") and is not subject to all of the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies.
Derivatives Risk: A derivative is a financial contract the value of which depends on, or is derived from, the value of an underlying asset, interest rate, or index. Derivative transactions typically involve leverage and may have significant volatility. It is possible that a derivative transaction will result in a loss greater than the principal amount invested, and the Fund may not be able to close out a derivative transaction at a favorable time or price.
Market Risk: The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investing in markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity.
Intellectual Property Information:
Bridgewater® and All Weather® are registered trademarks of Bridgewater® Associates, LP.
The S&P 500® Index is a product of S&P Dow Jones Indices LLC or its affiliates ("S&P DJI") and have been licensed for use by State Street Global Advisors. S&P®, SPDR®, S&P 500®,US 500 and the 500 are trademarks of Standard & Poor’s Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and has been licensed for use by S&P Dow Jones Indices; and these trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by State Street Global Advisors. The fund is not sponsored, endorsed, sold or promoted by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of these indices.
SSGA Funds Management, Inc. ("SSGA FM") is the adviser of the fund and has retained Bridgewater Associates, LP ("Bridgewater") as a sub-adviser. SSGA FD and SSGA FM are not affiliated with Bridgewater.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates.
Before investing, consider the funds’ investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information on SSGA Mutual Funds call 1-800-997-7327 or visit www.SSGAfunds.com, and on SPDR ETFs call 1-866-787-2257 or visit www.ssga.com. Read it carefully.
The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor.
State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641
