ETF Evaluator:
State Street® Bridgewater®AllWeather®ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Tactical Allocation Over the Last Year
| 31.2% | Relative Sentiment Tactical Allc ETF (MOOD) |
| 27.5% | RH Tactical Rotation ETF (RHRX) |
| 25.2% | Cambria Global Momentum ETF (GMOM) |
| 24.3% | STF Tactical Growth ETF (TUG) |
| 23.1% | Alexis Practical Tactical ETF (LEXI) |
Risk
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Risk
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ETF Details
State Street® Bridgewater®AllWeather®ETF Overview
State Street® Bridgewater®AllWeather®ETF (ALLW) is an actively managed Allocation Tactical Allocation exchange-traded fund (ETF). State Street Investment Management launched the ETF in 2025.
The investment seeks to achieve long term capital appreciation.
SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”), the investment adviser to the fund, seeks to achieve the fund's investment objective by investing the fund's assets based on a model portfolio provided by Bridgewater Associates, LP (the “Sub-Adviser” or “Bridgewater”), the investment sub-adviser to the fund.
About State Street® Bridgewater®AllWeather®ETF (ALLW)
There are 6 members of the management team with an average tenure of 1.41 years: MARC TOUCHETTE (2025), Christopher Ward (2025), James Kramer (2025), Geoffrey Preston (2025), Karen Karniol-Tambour (2025) and Michael Martel (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
State Street® Bridgewater®AllWeather®ETF has 41 securities in its portfolio. The top 10 holdings constitute 71.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
State Street® Bridgewater®AllWeather®ETF is part of the Allocation global asset class and is within the Allocation ETF group. State Street® Bridgewater®AllWeather®ETF has 37.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 12.1% There is 10.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 55.0% (28.2% domestic bond, 26.8% foreign bond and 0.0% convertible bond). State Street® Bridgewater®AllWeather®ETF has 19.6% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $144 million average for the Tactical Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ALLW Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The State Street® Bridgewater®AllWeather®ETF expense ratio is high compared to funds in the Tactical Allocation category. State Street® Bridgewater®AllWeather®ETF has an expense ratio of 0.85%, which is 13% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. State Street® Bridgewater®AllWeather®ETF has a portfolio turnover rate of 99%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 261% for the Tactical Allocation category.
Recently, in the month of July 2026, State Street® Bridgewater®AllWeather®ETF returned -0.4%, which earned it a grade of C, as the Tactical Allocation category had an average return of -1.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
State Street® Bridgewater®AllWeather®ETF has a trailing yield of 2.91%, which is above the 2.15% category average.
The fund normally distributes its income semi-annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
State Street® Bridgewater®AllWeather®ETF Grades
Year to date, the ETF has returned 5.8%, 1.7 percentage points worse than the category, which translates into a grade of C. The fund has returned 17.2% over the past year (grade of C).
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ALLW Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ALLW Return (NAV) | -0.4% | -2.4% | 17.2% | na | na | na |
| ALLW Return (Price) | -0.3% | -2.5% | 17.5% | na | na | na |
| NAV +/- Price Return | -0.154% | 0.105% | -0.305% | na | na | na |
| Tactical Allocation Avg | -1.4% | 1.6% | 15.9% | 10.6% | 5.4% | 7.4% |
| ALLW Grade (NAV) | C | F | C | na | na | na |
| +/- Category (NAV) | 1.0% | -4.0% | 1.3% | na | na | na |
| ALLW Tax-Cost Ratio | na | na | 1.7% | na | na | na |
ALLW Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ALLW Return (NAV) | 5.8% | na | na | na | na | na | na | na | na | na | na |
| ALLW Return (Price) | 6.2% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.065% | na | na | na | na | na | na | na | na | na | na |
| Tactical Allocation Avg | 7.5% | 12.7% | 11.7% | 10.7% | -13.3% | 16.9% | 7.5% | 14.0% | -6.3% | 19.2% | 7.1% |
| ALLW Grade (NAV) | C | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -1.7% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 2.9% |
| Total Assets: | $ 1,615 Mil |
| Share Class Assets: | $ 1,615 Mil |
| Turnover: | 99.0% |
| Expense Ratio: | 0.85% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Semi-Annually |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 1.4 years | |||
| Average Tenure: 1.4 years | |||
| Managers (Year): TOUCHETTE MARC (2025), Ward Christopher (2025), Kramer James (2025), Preston Geoffrey (2025), Karniol-Tambour Karen (2025), Martel Michael (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 41 |
| % in Top 10 Holdings: | 71.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 37.1% |
Portfolio Allocation |
|
| Domestic Stock: | 12.1% |
| Foreign Stock: | 10.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 28.2% |
| Foreign Bond: | 26.8% |
| Convertible Bond: | 0.0% |
| Other: | 3.0% |
| Cash: | 19.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | State Street Investment Management |
| Phone Number: | 866-787-2257 |
| Website: | www.spdrs.com |
| Inception Date: | March 5, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.85% (Rating: High) |
| Category Average Expense Ratio (%): | 0.97% |
