Militia Long/Short Equity ETF

Frequently Asked Questions About ORR

What does ORR invest in?

The Militia Long/Short Equity ETF, identified by the symbol ORR, is an actively managed investment vehicle designed to achieve capital appreciation. It employs a dual strategy, taking both long and short positions in equities. For its long-term holdings, the fund primarily focuses on stocks in developed markets that are either deemed undervalued or possess substantial growth potential. ORR has the flexibility to commit capital exceeding 100% of its net asset value to these long positions, typically up to a maximum of 150%. Conversely, its short selling strategy concentrates on U.S.-listed companies and exchange-traded funds whose valuations are anticipated to decline, often driven by unfavorable future cash flow projections. The fund can allocate up to 100% of its portfolio to short exposures and may utilize instruments like inverse or leveraged ETFs within this segment. Due to its dynamic management approach, ORR frequently adjusts its holdings, leading to a high annual portfolio turnover rate. Furthermore, the portfolio has the option to mitigate certain risks by shorting foreign currencies through the use of currency forward contracts.

What is the expense ratio of ORR?

Militia Long/Short Equity ETF (ORR) charges an expense ratio of 10.91%. This is the annual fee deducted from fund assets to cover management and operations.

How big is ORR?

Militia Long/Short Equity ETF (ORR) manages $350.0M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation.

Is ORR actively managed or an index fund?

ORR is actively managed: the manager selects holdings rather than tracking an index. Active funds typically charge higher expense ratios than index funds (ORR's is 10.91%) in exchange for the discretion to over- or under-weight positions.

When was ORR launched?

Militia Long/Short Equity ETF (ORR) launched in January 2025 and is managed by Militia.

How has ORR performed?

ORR's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon.