The structure and properties of poly(tert-butylstyrene-b-hydrogenated isoprene-b-sulfonated styrene-b-hydrogenated isoprene-b-tert-butylstyrene) (tBS-HI-SS-HI-tBS) films were investigated as a function of "wet dry cycles", where one "cycle" is defined as a 24 h soak in deionized water followed by a 24 h drying period in air. Films were characterized with a variety of complementary measurements that include X-ray scattering, infrared spectroscopy, water uptake, impedance spectroscopy, and tensile tests. We find that cycling drives a structural transition toward increasingly interconnected SS domains, which is favorable for water and ion transport. However, cycling can also induce mechanical deformations that reduce ductility, swelling, and water uptake. The significance of this trade-off is illustrated by comparing the properties for two film thicknesses as a function of cycle number: The ductility of thinner films (15 pm) is lost after four cycles, an effect that is correlated with the appearance of macroscale buckles, and the extent of swelling is also reduced. Therefore, the transport properties reflect a balance between the increased SS domain interactions and reduced water content. The ductility in thick films (30 pm) also declines with cycling, but to a lesser extent, and these systems retain their ability to swell through six cycles. Therefore, the transition to a network-like SS structure enhances both water uptake and transport. These systematic studies demonstrate that successive wet dry-cycles can lead to complex changes in the performance of amphiphilic block copolymer films, which may complicate their design for applications in water treatment or proton conducting layers in electrochemical devices.