资产配置｜美国道富-桥水全天候ETF的海外经验启示

Core Viewpoint - The SPDR Bridgewater All Weather ETF, launched on March 5, 2025, aims to provide a diversified investment strategy across various asset classes, utilizing the renowned Bridgewater All Weather strategy to achieve risk diversification across different economic environments [1][2][15] Product Features - The ETF is actively managed and employs a dual management model with State Street Global Advisors as the primary manager and Bridgewater Associates as the sub-advisor, featuring a relatively high total expense ratio of 0.85% [2][5] - As of March 20, 2025, the ETF had 280,000 shares outstanding and a net asset value of $7.052 million [2][5] Investment Strategy - The ETF aims for a target annualized volatility of 10%-12%, distributing risk evenly across assets that perform well in various economic conditions, including rising growth, declining growth, rising inflation, and declining inflation [6][12] - It utilizes derivatives such as futures and swaps to enhance the volatility of nominal bonds to levels comparable to stocks and commodities [6] Holdings Characteristics - The ETF's core allocation includes equities, nominal bonds, inflation-protected bonds, and commodities, with respective allocation percentages as of March 20, 2025: 42.36% in equities, 71.90% in nominal bonds, 32.33% in inflation-protected bonds, and 36.34% in commodities [7][12] Performance Since Launch - Since its inception, the ETF has achieved a return of 0.33%, demonstrating significant resilience during the recent downturn in the S&P 500 index, with stable performance from bonds and commodities [9][12] Key Insights - The active management of multi-asset ETFs represents a significant innovation trend in overseas products [15] - In the context of declining fees for ETFs in the U.S., multi-asset ETFs command a premium due to their management capabilities [15] - The All Weather strategy's high level of diversification helps mitigate single market risks, making it particularly suitable in volatile market conditions [15]