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Launched

Militia Long/Short Equity ETF

ORRNasdaqD

$38.59−0.02 (−0.05%)

At close: Oct 13, 2026, 4:00 PM

D27/ 100

Rank 26 of 30 in Alternative Strategies

D27/100Rank 26 of 30inAlternative Strategies
Intraday session: down, 74 prints from 38.61 to 38.59. Range 38.50 to 38.66. Use the arrow keys to read each point.38.5038.5238.5538.6510 AM12 PM2 PM4 PM
Expense ratio
10.91%
Fund size
$347M
1Y total return
+25.7%
Yield · Last 12 months
—
Holdings
170
Avg volume · 30D
0.1M sh
NAV per share
$38.37
52W range
low $30.76high $39.80
Launched

The ETF.net ORR Grade

Based on 5 of 6 pillars

D

Score 27 out of 100

Category
Alternative Strategies⁠
Rank
26 of 30
Six-pillar profile for ORR. Scores out of 100: Cost 0, Risk 51, Mission not scored, Tradability 51, Holdings 26, Durability 51. Strongest: Risk (51). Weakest: Cost (0). Based on 5 of 6 pillars.

Score 27 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F0 out of 100
    Rank 30 of 30

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C51 out of 100
    Rank 17 of 30

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C51 out of 100
    Rank 17 of 30

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D26 out of 100
    Rank 15 of 15

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C51 out of 100
    Rank 19 of 30

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 Oct 12, 2026
Asset class
Other
Holdings
170
Top-10 weight
76%
Largest holding
Cash & Other28.8%

Geography

  • Japan63.48%
  • Mexico13.61%
  • France5.31%
  • United Kingdom5.09%
  • Ireland3.00%
  • Spain2.62%
  • Luxembourg1.65%
  • Kazakhstan1.43%
  • Other countries (5)3.81%

Developed 83% · Emerging 17% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 12.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Cash & Other28.85%99,829,683$100M672
0029435.THikari Tsushin Inc11.78%174,035$41M72
003AXAxos Financial Inc7.86%307,582$27M127
004AMZNAmazon.com Inc4.43%58,385$15M736
0057453.TRyohin Keikaku Co Ltd4.19%519,300$15M104
006GOOGAlphabet Inc4.14%41,175$14M478
007ETEnergy Transfer LP4.09%692,753$14M53
008GMEXICOB.MXGrupo Mexico SAB de CV3.91%1,027,506$14M100
009CSWCCapital Southwest Corp3.38%496,182$12M12
010WESWestern Midstream Partners LP3.01%228,480$10M38
011GDWN.LGoodwin PLC2.68%49,177$9M20
012OMABGrupo Aeroportuario del Centro Norte SAB de CV2.34%89,867$8M23
013PACGrupo Aeroportuario del Pacifico SAB de CV2.30%39,547$8M31
014BNP.PABNP Paribas SA2.23%76,639$8M154
015AERAerCap Holdings NV2.01%48,041$7M134

Showing 1–15 of 170 holdings

ORR Performance

Launched Jan 14, 2025

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

Not enough history yet.Not enough history yet.Not enough history yet.
ORR$12,568
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. ORR $12,568. SPY $12,044. Use the arrow keys to read each point.$9,518$11,315$13,113Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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+13.0%
1 month−0.6%
3 months+4.3%
1 year+25.7%
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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+13.0%
2025+32.1%

History from Jan 15, 2025

ORR in the news

Filtered to ORR · Alternative Strategies

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.
12.2%
Annualised · 20 months to Sep 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.
1.45
vs 3-month T-bills · 20 months to Sep 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 $100.50.

Other funds in Alternative Strategies

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