At a glance
DWCR charges 1.66% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $6.1M in assets, the 8th largest of that group. Over the past year it returned −3.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +10.8% a year. At its worst it fell 36.9% in the 2020 crash (S&P 500: 33.7%) and 31.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 33 months after the lows.
The short version
Arrow DWA Tactical: International ETF (DWCR), from Arrow Funds, tracks the Dorsey Wright Country and Stock Momentum Index, which favors the non-US stock markets with the strongest recent price trends; as of April 30, 2025, it held them through ten single-country ETFs. It may appeal to investors wanting a rules-based way to follow foreign market leaders. The trade-offs stand out: a 1.66% expense ratio and just $6.1 million in assets on that date.
Price history
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DWCR -3.0% 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 | |
|---|---|---|---|---|---|---|
| DWCR price data to Oct 27, 2026 | -3.0% | -3.0% | +10.8% | +0.4% | — | +3.1% |
- Over the year to Oct 27, 2026, DWCR returned -3.0%, 8th of 8 among similar funds.
- Its 5-year annualized return was +0.4%.
- In the 2020 COVID crash it fell 36.9% and regained its old high 5.1 months after the low.
- Its worst full calendar year was 2022 (-20.0%); its best was 2025 (+24.5%).
- The deepest fall in its price history was 44.6% (Jan 24, 2018 to Mar 18, 2020), recovered by Dec 18, 2020.
Show as a table
| Year | Price data |
|---|---|
| 2025 | +24.5% |
| 2024 | -3.1% |
| 2023 | +7.0% |
| 2022 | -20.0% |
| 2021 | +16.0% |
| 2020 | +15.8% |
| 2019 | +16.5% |
| 2018 | -16.2% |
| 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 35.9% over that stretch · deepest drop along the way 36.9%, back to its old high 5.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29% over that stretch · deepest drop along the way 31%, back to its old high 33 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.9600 | +140.0% |
| 2024 | $0.4000 | -44.4% |
| 2023 | $0.7200 | -56.4% |
| 2022 | $1.6500 | +126.0% |
| 2021 | $0.7300 | +233.5% |
| 2020 | $0.2189 | -60.2% |
| 2019 | $0.5500 | +3.8% |
| 2018 | $0.5300 |
What's inside
As of Apr 30, 2025, the fund held 10 securities; the ten largest made up 100.22% of assets.
| Fund held | Weight | |
|---|---|---|
| ISHARES MSCI SPA | 10.37% | |
| ISHARES MSCI ISRAEL ETF | 10.29% | |
| ISHARES MSCI POL | 10.27% | |
| ISHARES MSCI SOU | 10.26% | |
| ISHARES MSCI ITA | 10.16% | |
| ISHARES MSCI SWE | 10.09% | |
| ISHARES MSCI FRA | 10.02% | |
| GLOBAL X MSCI CO | 9.77% | |
| ISHARES MSCI TAI | 9.74% | |
| ISHARES MSCI CHINA ETF | 9.25% |
By country
United States 100.22%By asset type
Stocks 100.22%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: +2.17%, +0.86%, +2.49%.
How it works
DWCR aims to track the Dorsey Wright Country and Stock Momentum Index. Each quarter, the index ranks 41 foreign countries by relative strength: how each market's prices have performed against the others. It picks at least ten of the strongest and weights each country equally. There is no set split between developed and emerging markets; price trends decide. This momentum approach assumes recent winners tend to keep outperforming.
Within each country, the index picks five to ten stocks with the highest relative strength and weights them equally. A company's country depends on its location and economic ties. Earnings, valuations and other company fundamentals play no part; holdings stay until they lag, and the process repeats every quarter. Portfolio turnover was 138%: the fund traded more than its whole portfolio's value in a year.
The prospectus allows the fund to hold a subset that mirrors the index, plus stand-ins with the same economic exposure, including other exchange-traded funds. As of April 30, 2025, it held ten single-country ETFs, mostly from iShares, at about 10% each, rather than individual stocks. The adviser expects the fund to move in step with the index, with a correlation of 95% or higher before fees. The index always holds foreign stocks, so the fund rotates among countries rather than moving to cash in downturns.
What it really costs
- DWCR charges 1.66% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.7% is the management fee; the rest covers other fund expenses.
- The fee includes a 1.73% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $169 in the first year and $3,560 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DWCR | $169 | $881 | $1,616 | $3,560 |
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
It makes concentrated, equal-weighted bets on at least ten foreign markets chosen by price momentum, fell 36.9% in 2020 and 31% in 2022, and charges 1.66% a year.
DWCR could add foreign stocks that rotate toward leading markets, but it has not cushioned downturns. It fell 36.9% in the 2020 COVID crash, regaining its February 2020 peak by August 20, 2020. The 2022 bear market hurt more: a 31% drop not recovered until June 30, 2025, 33 months later. Its worst calendar year was 2022, a 20% loss. Its deepest decline, 44.6%, ran from January 2018 to March 2020; it recovered nine months later. It launched too late for 2008. Withdrawals during a slump like 2022 would have locked in losses.
It paid no distributions in the year to October 27, 2026, so it adds no income. Costs are steep: a 1.66% expense ratio after waivers, and $3,560 on a $10,000 investment over ten years in the SEC's standard example. Past results don't predict future ones; a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a rules-based momentum tilt abroad, with at least ten developed or emerging markets weighted equally and reshuffled each quarter.
- Those adding a satellite position to a broad international holding who can stomach drops like 2022's 31% fall, which took 33 months to recover.
- Investors who don't need income from it: DWCR paid no distributions in the year to October 27, 2026, so returns came only from price changes.
Look elsewhere if
- Cost-conscious investors: the 1.66% expense ratio comes after a fee waiver, and the SEC example shows $3,560 in costs on $10,000 over ten years.
- Anyone wanting a downturn shield: despite the 'Tactical' name, it stays invested in foreign stocks and fell 36.9% in early 2020.
- Those wanting broad diversification: as of April 30, 2025, it held just ten country ETFs at about 10% each, with only $6.1 million in assets.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DWCR this fund | 1.66% | $6.1M | -3.0% | +10.8% |
| 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 DWCR invest in?
DWCR invests in non-US stock markets with strong price momentum. It tracks the Dorsey Wright Country and Stock Momentum Index, which picks at least ten of 41 foreign countries each quarter. As of April 30, 2025, it held ten single-country ETFs at about 10% each, including iShares funds for Spain, Israel, Poland, Italy, Sweden, France, Taiwan and China. The lineup can change every quarter.
How has DWCR performed since launch?
Unevenly. Based on share price, as of October 27, 2026, DWCR lost 3% over one year, gained 10.8% a year over three years and 0.4% a year over five, and averaged 3.1% a year since its December 2017 launch. Calendar years ranged from a 20.02% loss in 2022 to a 24.46% gain in 2025. Its strongest quarter, ended June 30, 2020, gained 22.72%; its weakest, ended March 31, 2020, lost 26.35%.
Does DWCR pay dividends?
Not in the year to October 27, 2026. DWCR paid no distributions over that period, so its yield for that period was 0%. Its stated objective is long-term capital appreciation, not income, and returns over that stretch came only from price changes. It may not suit investors who rely on regular cash payments from their holdings.
What is DWCR's expense ratio?
DWCR's expense ratio is 1.66% a year after a fee waiver, according to its prospectus filed November 27, 2024. That is roughly double the 0.86% average of a group of buffer ETFs, such as BUFR and PJAN, though those follow a different, options-based strategy and are not close alternatives. In the SEC's standard example, $10,000 earning 5% a year incurs $169 in costs after one year, $881 after three and $3,560 after ten. The steep climb after year one usually means the waiver is assumed to end.
Is DWCR good for retirement?
DWCR fits better as a higher-risk add-on than as the core of a retirement portfolio. It paid no distributions in the year to October 27, 2026, charges 1.66% a year and has fallen hard: 36.9% in the 2020 crash and 31% in 2022, a drop not recovered until June 30, 2025. Withdrawals during a slump like that would have locked in losses. It may suit investors wanting a rules-based momentum tilt alongside broader holdings. Past results don't predict future ones.