After staining the lower portion of my shafts, I lightly sand, then hand rub in a good coat of Minwax Polyurethane. After drying, lightly sand between coats and add 4 more coats of Minwax, each a little thicker. Sanding in between coats. I find this gives me the best seal and totally waterproofs them.
Top 8" I dip in Bohning Super Coat after I thin it out. Dip twice, lightly sand then apply my first coat of white paint. Second coat is Hot Pink, let dry thoroughly. Crest and fletch....