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ORR

GradeDNASDAQ Global Market

Militia Long/Short Equity ETF

Multi-Asset & Alternatives · Militia · Inception 2025-01-14

$38.05−0.41 (−1.07%)

As of Sep 23, 2026, 3:03 PM EDT

History starts Jan 15, 2025.
Intraday session: down, 66 prints from 38.46 to 38.05. Range 37.92 to 38.32. Use the arrow keys to read each point.$37.90$38.00$38.10$38.20$38.3010 AM12 PM2 PM4 PM
Expense ratio
10.91%
Fund size
$352M
1Y return
+20.9%
Yield · Last 12 months
—
Volume · 30D
0.1M sh
NAV per share
$38.36
52W range
low $30.66high $39.80

The ETF.net ORR Grade

D

34/ 100

Rank 22 of 30 in Alternative Strategies⁠

Confidence Medium

Six-pillar profile for ORR. Scores out of 100: Cost 0, Risk 48, Mission not scored, Tradability 86, Holdings 28, Durability 63. Strongest: Tradability (86). Weakest: Cost (0). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 34 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 0
    Category rank30/30 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 48
    Category rank18/30 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 86
    Category rank2/30 · top 7%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 28
    Category rank15/15 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 63
    Category rank10/30 · top 33%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on ORR

ETF.net Research

DA 2007-vintage long/short equity ETF: one actively managed book that can short stocks as well as own them. The cost of admission is the thing to look at first, a 14.19% expense ratio.

Stated mandate

The Fund seeks capital appreciation.

Why people hold it

  1. 01Long and short in one wrapper. An actively managed equity book that can bet against stocks, not just own them, inside a daily-traded ETF.
  2. 02Launched in 2007, so it has been open through the financial crisis and every market since. Not a new idea chasing a trend.
  3. 03Trades comfortably for a fund its size, so getting in and out has generally not been the friction point.
  4. 04One stated goal, capital appreciation, with no index to hug. That freedom is the whole reason to hire an active manager.

Worth knowing

  1. 01Cost is the headline: a 14.19% expense ratio, many multiples of what typical active US equity ETFs charge. That is a hurdle the strategy has to clear every year.
  2. 02The portfolio runs concentrated rather than broadly diversified, and with no declared index behind it, results ride on the manager's calls.
  3. 03Capital appreciation is the entire mandate. It has not been paying distributions, so there is no income stream attached.

ORR Holdings

As of Sep 20, 2026, 9:22 AM
Asset class
Other
Holdings
—
Top-10 weight
73%
Largest holding
Cash & Other26.3%

Geography

The fund’s holdings, weight-ordered — page 1 of 12.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Cash & Other26.34%92,778,117$93M674
0029435.THikari Tsushin Inc12.33%176,635$43M72
003AXAxos Financial Inc8.04%312,002$28M132
004AMZNAmazon.com Inc4.26%59,217$15M720
005ETEnergy Transfer LP4.22%702,711$15M52
006GOOGAlphabet Inc4.08%41,760$14M471
0077453.TRyohin Keikaku Co Ltd3.77%527,100$13M105
008GMEXICOB.MXGrupo Mexico SAB de CV3.64%1,042,274$13M99
009CSWCCapital Southwest Corp3.35%503,306$12M11
010WESWestern Midstream Partners LP3.11%231,756$11M37
011BNP.PABNP Paribas SA2.56%77,731$9M153
012OMABGrupo Aeroportuario del Centro Norte SAB de CV2.52%91,154$9M23
013PACGrupo Aeroportuario del Pacifico SAB de CV2.31%40,106$8M31
014AGMFederal Agricultural Mortgage Corp2.13%33,963$8M89
015MPLXMPLX LP2.00%118,756$7M38

Showing 1–15 of 169 holdings

ORR Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

ORR$12,087
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. ORR $12,087. SPY $11,723. Use the arrow keys to read each point.$9,300$10,976$12,651Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for ORR. Periods over one year show the average yearly return.
PeriodORR
Year to date+12.6%
1 month−0.6%
3 months+5.2%
1 year+20.9%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for ORR
YearReturn barORR
2026 YTD+12.6%
2025+32.1%

History from Jan 15, 2025

ORR in the news

ETF.net Research hasn’t filed on ORR yet — coverage lands here as it’s written.

ORR Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

ORR Risk

How much the fund’s monthly returns vary, scaled to a year.
12.0%
Annualised · 19 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.71
vs 3-month T-bills · 19 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−9.9%
20 months · trough Jun 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.03
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

ORR Cost

Expense ratio10.91%
  • The middle half of Alternative Strategies funds
  • Median 1.00%

Every other Alternative Strategies fund charges less.

ORR costs $1091.00 a year on $10,000. The median Alternative Strategies fund costs $100.00.