DWAT invests in equity, fixed-income and alternative ETFs, with wide latitude regarding how much to invest in each asset class. It can also dabble into commodities through its Cayman Island subsidiary. Primarily, DWAT tries to achieve capital appreciation through equity exposure and uses fixed-income securities to achieve its secondary objective of capital preservation. The fund manager will use Dorsey Wrights Relative Strength Global Macro model to select and weight holdings. This model is based on a technical analysis of historical price and return forecasts. In short, DWAT is a momentum-based, go-anywhere-and-do-anything asset allocation fund. Structured as a fund-of-funds, investors should expect to pay double because of costs compounding.