Ray Dalio’s Bridgewater Associates is teaming up with State Street's (NYSE:STT) asset management business to launch an exchange-traded fund focused on achieving "long term capital appreciation."

The two firms have entered into a strategic relationship, according to a statement from State Street Global Advisors. Meanwhile, a regulatory filing provided details on the fund, to be called the SPDR Bridgewater All Weather ETF.

“We believe a diversified asset allocation is a great step in preparing for the future, and we are excited to broaden access to our approach with an innovative organization like State Street Global Advisors," Karen Karniol-Tambour, Co-CIO of Bridgewater Associates, said.

"Over the last couple of decades, investors have been rewarded through traditional approaches to asset allocation, with abundant liquidity, persistent disinflation and geopolitical stability," she said.

“Going forward, a wide range of economic environments could materialize. We believe enhancing diversification and resilience to a range of outcomes through alternative investment approaches will be a critical wealth management tool in the decades ahead,” Karniol-Tambour added.

Alternative investments remain a favored choice for market participants looking to diversify their portfolios.

The State Street Global Advisors ETF Impact Report revealed that nearly half (45%) of institutional investors worldwide intend to boost their allocations towards alternative assets over the next year. Additionally, 41% of financial advisors in the U.S. are planning to recommend that their clients increase their exposure to such investments the report showed.

SSGA Funds Management will serve as the investment advisor to the SPDR Bridgewater All Weather ETF, and it will invest its assets based on a model portfolio provided by Bridgewater Associates.

At this time, no ticker symbol, fees, or outlined holdings have been made public yet for the ETF.

On a separate note, the major averages trade mixed on Tuesday and traders aiming to keep a pulse on the market may look towards market tracking ETFs.

Market Tracking ETFs: (DIA), (DDM), (UDOW), (DOG), (DXD), (SDOW), (SPY), (VOO), (IVV), (RSP), (SSO), (UPRO), (SH), (SDS), (SPXU), (QQQ), (QQQM), (QLD), (TQQQ), (QID), and (SQQQ).