HomeMarketsRay Dalio’s All-Weather ETF ALLW: Returns, Holdings, Fees

Ray Dalio’s All-Weather ETF ALLW: Returns, Holdings, Fees

Posted: 8 September 2026, 14:33 CET 2 min read

State Street’s Bridgewater All-Weather ETF (ALLW) has about $2 billion AUM, a 0.85% expense ratio and is up roughly 26% since its March launch, trailing the S&P 500 and SCHD.

State Street’s Bridgewater All-Weather ETF (ticker ALLW) launched in March last year to give retail investors access to Bridgewater’s all-weather strategy. The fund has about $2 billion in assets under management and carries a 0.85% expense ratio.

The ETF is actively managed and rebalanced monthly to adjust exposures across different economic environments. The strategy combines U.S. and international stocks, nominal bonds, inflation-linked debt, commodities and gold to spread exposure across inflationary, deflationary, growth and recession scenarios.

Portfolio data show a large cash-like position. The SSI US GOV MONEY MARKET CLASS is the largest holding, representing about 32% of the fund. Equity exposure includes the State Street SPDR Portfolio S&P 500 ETF (SPYM), roughly 13% of the portfolio, and an ETF that tracks large emerging-market companies with top holdings such as Taiwan Semiconductor Manufacturing and Alibaba.

The fund holds allocations to gold and a commodities index. Distributions produce a trailing yield near 2.85%, higher than yields on major growth-focused ETFs such as SPY and QQQ.

Since its March launch the ETF has risen about 26% and is trading close to its all-time high. Over the same period the S&P 500 has gained roughly 40% and the dividend-focused SCHD about 33%. Year-to-date figures show ALLW up about 9.19%, SCHD about 27% and VOO around 13.3%.

State Street classifies ALLW as a mid-sized ETF with assets just north of $2 billion. The 0.85% expense ratio is higher than many passive index funds. Monthly active rebalancing means the fund’s allocations and risk exposures can change more frequently than a passive benchmark fund.

The fund began trading in March last year and has not yet established a multiyear performance history. Key features include the large short-term government money market holding, exposure to broad U.S. and emerging-market equities, allocations to gold and commodities, monthly rebalancing and a 0.85% expense ratio.