The Arrow DWA Tactical: Macro ETF (DWAT) predominantly invests its capital in other exchange-traded funds (ETFs). These underlying ETFs, in turn, target a diverse range of assets across domestic and international markets, including developing economies. Their portfolios may consist of equity securities of any market capitalization, fixed-income instruments regardless of credit quality, or alternative investments. The fund also has the discretion to allocate up to a quarter (25%) of its overall holdings to the Tactical Subsidiary.