Militia Long/Short Equity ETF (ORR)
NASDAQ (NMS) NASDAQ (NMS) Primary Summary
ORR Chart
ORR: A Long/Short Hedge Fund Disguised As An ETF
Militia Long/Short Equity ETF offers retail investors access to a diversified, actively managed global long/short equity strategy, typically reserved for hedge funds. ORR's early performance is strong, with a 31.63% return since inception and a low portfolio beta of 0.43, despite high gross exposure. The fund employs a sophisticated portfolio construction, balancing global long positions with index and structural shorts for factor diversification.
ORR: A Hedge Fund In ETF Clothing, Convincing Buy Opportunity
The Militia Long/Short Equity ETF is rated a buy for its differentiated, non-correlated global long/short strategy and strong risk-adjusted returns since inception. ORR has delivered a 47.1% NAV return since January 2025, outperforming the S&P 500 by 2.5x with lower net market exposure and unique geographic tilts. ORR's portfolio is concentrated in Japanese small/mid-cap value, Mexican infrastructure, and U.S. midstream energy, with mechanical index shorts providing a 0.5 beta hedge.
ORR: Review Of Long-Short ETF After One Year In The Market
Militia Long/Short Equity ETF has delivered a stellar return in its first year, outperforming SPY by over 21%. ORR's long portfolio emphasizes major growth stocks, MLPs and Latin American airports, while its shorts target high-yield equity ETFs, U.S. small caps and BDCs. Despite a headline 14.19% expense ratio, costs are driven by shorting high-yield instruments that have persistently underperformed.
Militia Long/Short Equity ETF Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
| LJB Laura J. Bornheimer GWN SECURITIES Inc. | 25,176 | $899,303.96 | $923,961.72 | $24,657.76 | 2.74% |
| AWM Accurate Wealth Management LLC Accurate Wealth Management LLC | 48,573 | $1.77M | $1.79M | $15,981.97 | 0.9% |
| RS Rebecca Stapp Stapp Wealth Management, Pllc | 247,585 | $7.27M | $9.12M | $1.84M | 25.31% |
 Amber Anderson Aspen Wealth Strategies LLC | 11,718 | $427,121 | $432,511.38 | $5,390.38 | 1.26% |
 Courtney Holt Compound Planning, Inc. | 9,004 | $283,400.81 | $331,797.4 | $48,396.59 | 17.08% |
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Militia Long/Short Equity ETF Profile
| NASDAQ (NMS) Exchange | US Country |
Overview
ORR is an actively managed exchange-traded fund (ETF) designed to achieve capital appreciation through a strategy that incorporates both long and short equity positions. The fund's long portfolio is focused on identifying undervalued companies or those with significant growth potential, particularly in developed markets. Notably, the fund's long positions can exceed 100% of its net assets, typically capping at 150%. The short positions are predominantly aimed at U.S.-listed companies and ETFs anticipated to experience declines, backed by projections of diminishing future cash flows. Additionally, ORR possesses the capability to short foreign currencies through currency forward contracts to effectively manage risk exposure. With a strategy that actively trades positions, ORR experiences a high annual turnover rate in its portfolio.
Products and Services
- Long Equity Positions:
ORR targets equities that are considered undervalued or have promising growth prospects. This segment focuses on investments primarily in developed markets, allowing for broad exposure to potential bullish market movements.
- Short Equity Positions:
This aspect of the fund's strategy involves taking short positions in U.S.-listed companies and ETFs expected to decrease in value due to negative projections of future cash flow. ORR can engage in short-selling up to 100% of its net assets, enhancing the potential for capital appreciation during market downturns.
- Inverse and Leveraged ETFs:
To augment its short exposure strategy, ORR may incorporate inverse or leveraged ETFs that are linked to market indices. This allows the fund to benefit from price movements in a way that is more pronounced than standard short positions.
- Active Trading Strategy:
The fund follows an active trading approach, which results in a high portfolio turnover rate. This strategy aims to capitalize on short-term market fluctuations and opportunities that may not be visible through traditional buy-and-hold approaches.
- Currency Forward Contracts:
To mitigate risk, ORR may short foreign currencies using forward contracts. This financial instrument helps manage underlying currency risks arising from investments in international markets, allowing the fund to better protect its capital against adverse movements in currency exchange rates.
