At a glance
DWAT charges 1.83% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $2.3M in assets, the 8th largest of that group. Over the past year it returned +0.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +10.0% a year. At its worst it fell 32.7% in the 2020 crash (S&P 500: 33.7%) and 19.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 25 months after the lows.
The short version
Arrow DWA Tactical: Macro ETF (DWAT), from Arrow Funds, is a fund of funds: it owns other ETFs, shifting among stock, bond, commodity and other asset classes based on Dorsey Wright & Associates' price-based research, with the goal of long-term growth. Two things set it apart: a 1.83% annual expense ratio even after a fee waiver, high for an ETF, and a tiny asset base of about $2.3 million as of April 30, 2025.
Price history
The interactive chart needs JavaScript.
DWAT 0.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DWAT price data to Oct 27, 2026 | 0.0% | 0.0% | +10.0% | -1.2% | +3.9% | +3.4% |
- Over the year to Oct 27, 2026, DWAT returned 0.0%, 8th of 8 among similar funds.
- Its 5-year annualized return was -1.2% and its 10-year +3.9%.
- In the 2020 COVID crash it fell 32.7% and regained its old high 8.4 months after the low.
- Its worst full calendar year was 2018 (-12.1%); its best was 2017 (+16.4%).
- The deepest fall in its price history was 34.7% (Oct 1, 2018 to Mar 23, 2020), recovered by Dec 17, 2020.
Show as a table
| Year | Price data |
|---|---|
| 2025 | +6.3% |
| 2024 | +12.9% |
| 2023 | -1.6% |
| 2022 | +0.2% |
| 2021 | -8.3% |
| 2020 | +8.9% |
| 2019 | +15.9% |
| 2018 | -12.1% |
| 2017 | +16.4% |
| 2016 | +5.0% |
| 2015 | -5.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.7% over that stretch · deepest drop along the way 32.7%, back to its old high 8.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 2.3% over that stretch · deepest drop along the way 19.2%, back to its old high 25.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.1900 | +11800.0% |
| 2024 | $0.0100 | -80.0% |
| 2023 | $0.0500 | -93.2% |
| 2022 | $0.7300 | +121.2% |
| 2019 | $0.3300 | -2.9% |
| 2018 | $0.3400 | -2.9% |
| 2017 | $0.3500 | +288.9% |
| 2016 | $0.0900 | +800.0% |
| 2015 | $0.0100 |
What's inside
As of Apr 30, 2025, the fund held 10 securities; the ten largest made up 97.37% of assets.
| Fund held | Weight | |
|---|---|---|
| ISHARES S&P 500 | 12.50% | |
| SPDR-INDU SELECT | 11.56% | |
| ISHARES EUROPE ETF | 11.43% | |
| INVESCO DB PRECIOUS METAL | 10.27% | |
| ISHARES MSCI USA | 10.21% | |
| INVESCO S&P 500 | 9.76% | |
| SPDR-FINL SELECT | 9.72% | |
| INVESCO DIVIDEND ACHIEVER | 9.08% | |
| SPROTT PHYSICAL GOLD TRUS | 7.36% | |
| SPROTT PHYSICAL SILVER TR | 5.48% |
By country
United States 84.53%Canada 12.84%By asset type
Stocks 97.37%What changed recently
- Over the three months to Apr 30, 2025, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.58%, -2.77%, -0.26%.
How it works
DWAT is actively managed using Dorsey Wright & Associates' DWA Global Macro model plus the advisor's own methods. The model uses technical analysis: forecasting prices from market data such as past prices and trading volume. When the research suggests an asset class or ETF will outperform, the fund adds it; when it signals the opposite, the fund trims or exits. It can move heavily into bond ETFs or cash when the model favors them.
The prospectus sets wide limits: 0% to 100% in stock ETFs, 0% to 100% in bond ETFs (including junk bonds, rated BB+ or lower), and up to 90% in alternatives such as commodities, master limited partnerships, real estate securities and ETFs holding bitcoin futures (no more than 10%). Up to 25% can go into a wholly owned Cayman Islands subsidiary holding commodity futures. The advisor may trade often; portfolio turnover was 193%, roughly replacing its holdings twice in a year.
As a fund of funds, it owns other funds. As of April 30, 2025, it held 10, led by an iShares S&P 500 ETF (12.5%), the SPDR industrials sector fund (11.6%) and an iShares Europe ETF (11.4%). Precious metals featured too: an Invesco DB precious metals fund (10.3%) and Sprott's physical gold (7.4%) and silver (5.5%) trusts. None were bond funds.
What it really costs
- DWAT charges 1.83% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.9% is the management fee; the rest covers other fund expenses.
- The fee includes a 3.73% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $186 in the first year and $5,220 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DWAT | $186 | $1,327 | $2,455 | $5,220 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
Its high cost, tiny size and model-driven swings between asset classes make it better suited to a small slice of a portfolio than to a foundation role.
DWAT's model can shift toward bonds or cash when its signals favor them, with mixed results in past downturns. Launched in 2014, it has no 2008 record. In the 2020 COVID crash it fell 32.7% between February 19 and March 23, ending its deepest drop: 34.7% from an October 2018 peak, regained by December 17, 2020. In 2022 it lost only 2.3% while the market slid from January 3 to October 12, yet a 19.2% drop from June 8 to September 26 took 25.4 months to recover. Its worst calendar year was 2018, a 12.1% loss.
It paid no distributions in the year to October 27, 2026, so taking money out means parting with shares, possibly at depressed prices. Its 1.83% expense ratio, even after a fee waiver, eats into returns. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small tactical slice that rotates among stock, bond, commodity and other ETFs using Dorsey Wright's price-based model instead of an index.
- Those drawn to its 2022 record, a 2.3% loss while the market slid from January to October, who accept that its signals can miss.
- Growth-focused investors who don't need payouts from it; it paid no distributions in the year to October 27, 2026.
Look elsewhere if
- Cost-conscious investors: the 1.83% expense ratio is after a fee waiver, and the SEC's standard example puts 10-year costs on $10,000 at $5,220.
- Anyone seeking dependable downside protection: it fell 32.7% in the 2020 COVID crash, part of a 34.7% peak-to-trough decline starting October 2018.
- Investors who prefer big funds: DWAT's net assets were about $2.3 million as of April 30, 2025; tiny funds can cost more to trade.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DWAT this fund | 1.83% | $2.3M | 0.0% | +10.0% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What does DWAT invest in?
DWAT invests mainly in other ETFs, picked using Dorsey Wright & Associates' DWA Global Macro model and the advisor's own methods. As of April 30, 2025, it held 10 funds, led by an iShares S&P 500 ETF (12.5%), the SPDR industrials sector fund (11.6%) and an iShares Europe ETF (11.4%), plus precious-metals funds including Sprott's physical gold (7.4%) and silver (5.5%) trusts. Its rules also allow bond ETFs, commodity futures and up to 10% in bitcoin-futures ETFs. The mix can change often.
Does DWAT pay a dividend?
No. DWAT paid no distributions in the year to October 27, 2026, so its yield over that period was 0%. That matches its stated goal of long-term capital appreciation (growth in share price) rather than income. Anyone needing regular cash from this holding would have to cash in shares instead. Like most funds, it can still pay out realized capital gains in some years, which are taxable in ordinary brokerage accounts.
What is DWAT's expense ratio?
DWAT's expense ratio, the annual cost deducted from fund assets, is 1.83%, per its prospectus filed November 27, 2024. That is after a fee waiver of 3.73 percentage points; the management fee alone is 0.90%. In the SEC's standard example, $10,000 earning 5% a year incurs $186 in costs after one year, $1,327 after three, $2,455 after five and $5,220 after ten. The jump after year one reflects SEC rules counting a waiver only for its contractual term.
How has DWAT performed over the long term?
Modestly and unevenly. Based on price, DWAT returned about 3.9% a year over the 10 years to October 27, 2026, and 3.4% a year since its October 2014 launch. It lost 1.2% a year over five years but gained 10% a year over three. Calendar years ranged from a 16.4% gain in 2017 to a 12.1% loss in 2018. Its prospectus shows its strongest quarter, up 14.52% (April–June 2020), right after its weakest, down 19.56% (January–March 2020).
Is DWAT a buffer ETF like BUFR?
No. DWAT is a tactical fund of funds with no built-in limit on losses. Buffer ETFs such as FT Vest Laddered Buffer ETF (BUFR) rely on options to absorb part of a market decline in exchange for a cap on gains, a different strategy. DWAT depends on shifting assets instead, which didn't stop a 32.7% fall in early 2020. BUFR's expense ratio is 0.95% versus DWAT's 1.83%, and BUFR returned 16.8% a year over three years to October 27, 2026, against DWAT's 10%.