For educational purposes only. Nothing on this site constitutes investment advice. Disclaimers
ORR — Militia Long/Short Equity ETF
ORR is Militia’s global long/short equity ETF: higher-turnover, fundamental stock selection across regions—longs in mispriced franchises, shorts funding pairs and hedges—with capital appreciation as the objective rather than tracking an index.
ORR price history
Total return (Yahoo adjusted close—dividends and splits per Yahoo), normalized to $10,000 at first available trade date. Educational only.
Strategy
Under normal circumstances the fund invests the bulk of assets in equities and equity ETFs, mixing single names with baskets where it improves liquidity or express a macro view. Turnover is intentionally high versus closet-index funds, so each month’s schedule of investments is more informative than stale marketing blurbs.
Because shorts are economically large, published expense ratios can look eye-watering next to plain equity ETFs: dividend pass-through on borrowed stock and financing costs flow through the expense line even when management fees are mid-single digits—read the “adjusted” fee disclosure and compare net-of-financing performance to peers, not just the headline ratio.
Manager and Issuer Pedigree
Militia is led by founder and CIO David Orr, who also runs a long/short global hedge-fund complex; ORR is the ETF share class of that intellectual property, distributed with operational plumbing typical of advisor-focused ETF launches (compliance docs, shareholder reports, and a dedicated militiaetf.com landing page).
The franchise is boutique by design—capacity, borrow relationships, and PM continuity matter more than brand marketing—verify Form ADV assets, personnel, and prime-broker lineup alongside live AUM on the sponsor site before sizing.
Outperformance
Outperforms when <strong>global leadership diverges</strong> that stock-specific shorts pay for themselves: Japan quality vs. U.S. megacap, EM airports vs. domestic REITs, or thematic unwinds where fundamentals and positioning disagree for months, not days.
Underperforms in macro <strong>risk-on/risk-off</strong> tapes that crush dispersion, or when <strong>short squeezes</strong> lift borrowed names against the thesis. The constructive case is wide cross-regional earnings revision gaps with orderly securities lending, not synchronized liquidity shocks where every book correlates to one factor.
Similar ETFs
| Ticker | Name | Score | MER | AUM |
|---|---|---|---|---|
| ORR | Militia Long/Short Equity ETF | A+ | ~1.30% | ~$22M |
| CLSE | Convergence Long/Short Equity ETF | A+ | ~1.52% | ~$28M |
Official ETF page
Read the official ETF page for current NAV, holdings, and documents: Militia Long/Short Equity ETF (ORR).