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FLSP vs ORR

Franklin Systematic Style Premia ETF

FLSPANYSE Arca

Militia Long/Short Equity ETF

ORRDNasdaq

Overlap

Expense ratio

FLSP −10.26pt a year

FLSP0.65%ORR10.91%

Avg volume · 30D

FLSP 2.4×the volume

FLSP153KORR63.3K

FLSP vs ORR Performance

Nov 7, 2025 – Nov 9, 2026

+12.5%FLSP+23.4%ORR

Nov 7, 2025 to Nov 9, 2026. FLSP +12.5%. ORR +23.4%. Use the arrow keys to read each point.0%5%20%Nov 2025May 2026Nov 2026
Expense ratio
FLSP 0.65%, better
ORR 10.91%
Fund size
FLSP $1.2B
ORR $357M
1Y total return
FLSP +12.5%
ORR +23.4%, better
Yield (12M)
FLSP 2.43%
ORR No data
Holdings
FLSP 287
ORR 196
Avg volume (30D)
FLSP 153K sh, better
ORR 63.3K sh
NAV per share
FLSP $29.00
ORR $39.25
52W range

ETF.net Grade

FLSP: Cost 93, Risk 68, Mission not scored, Tradability 54, Holdings 82, Durability 85. ORR: Cost 0, Risk 55, Mission not scored, Tradability 51, Holdings 39, Durability 54.
Pillar letters and Scores for FLSP, ORR, with each pillar’s weight
PillarFLSPORR
Cost30% weightA93HigherF0
Mission25% weightNot scoredNot scored
Risk15% weightB68HigherB55
Tradability15% weightC54HigherC51
Holdings10% weightA82HigherD39
Durability5% weightA85HigherC54

Rank among Alternative Strategies funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FLSP and ORR are both graded against the same 29 Alternative Strategies funds, so their Grades compare head to head.

Alternative Strategies⁠

Category · 29 funds
See all 29 ›

FLSP ranks 1st and ORR 26th of 29 funds in the Alternative Strategies Category.

  1. Rank 1AFLSPFranklin Systematic Style Premia ETFScore 78
  2. Rank 1AHBDCHilton BDC Corporate Bond ETFScore 78
  3. Rank 25DFFLSThe Future Fund Long/Short ETFScore 33
  4. Rank 26DORRMilitia Long/Short Equity ETFScore 29
  5. Rank 27DEHLSEven Herd Long Short ETFScore 25

Our read on each fund

ETF.net Research

FLSPAFranklin Systematic Style Premia ETF

ORRDMilitia Long/Short Equity ETF

In short

FLSP A hedge-fund style trade in an ETF wrapper. FLSP goes long and short across value, momentum and carry rather than just owning cheap stocks, which makes it the odd one out in a cohort of long-only factor funds.

ORR A hedge-fund-style global long/short equity book in an ETF wrapper, trading since January 2025. The fee is the headline: 10.91%, gross and net alike, with no waiver in place.

Stated mandate

FLSP The fund uses a top-down risk-premia strategy focused on value, momentum, and carry factors, taking both long and short positions.

ORR The Fund seeks capital appreciation.

Why people hold it

  • FLSP Runs both long and short positions, so the outcome hinges on the gap between the stocks it likes and the ones it doesn't, not purely on the market's direction.
  • Three return sources under one ticker: value, momentum and carry, blended top-down instead of stacked onto a single stock screen.
  • Spreads the bet across roughly 300 positions, so no single name carries the fund.
  • Live since 2019 and now a multi-billion-dollar fund, with the daily liquidity and transparency of an ETF wrapper around a strategy usually sold in private vehicles.
  • ORR Does what most alternatives ETFs only gesture at: an actively run equity long book paired with short exposure, in a fund you can buy and sell on an exchange any trading day.
  • The stated goal is capital appreciation, not yield. It has not been paying out income, so nothing here is built around a distribution schedule.
  • A 2025 launch that already runs a few hundred million dollars and changes hands with moderate regularity.

Worth knowing

  • FLSP At 0.65% a year it costs multiples of plain-vanilla factor peers like VONV (0.06%) and FNDX (0.25%). That is the price tag on the long/short machinery.
  • No public index sits behind it, so there is no external yardstick to check it against, and results can look nothing like a US stock index in either direction.
  • Distributions land once or twice a year, not on a monthly rhythm.
  • ORR Cost is the sticking point: 10.91%, with gross and net the same and no waiver in place, against alternatives peers like FLSP (0.65%) and QALT (0.80%).
  • Active picks plus short positions mean it can move very differently from a plain stock index, in either direction, and by a wide margin.
  • It listed in January 2025, so there is limited history across market environments, and its overall review sits in the lower tier of the alternatives funds we grade.

Full FLSP profile⁠

Full ORR profile⁠

FLSP vs ORR Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FLSP vs ORR Cost

Overpaying ORR vs FLSP

$60,383

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FLSP 0.65%

    $12,717

  • ORR 10.91%

    $73,100

$10,000
30 years

Cost over time

  • FLSP 0.65%
  • ORR 10.91%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$20K$40K$60K$80K051015202530ORR $73,100FLSP $12,717

Year by year

YearFLSPORROverpaying
10$1,163$12,961$11,798
20$4,440$34,193$29,753
30$12,717$73,100$60,383

Expense ratio

  • 0.65%FLSP, cheaper
  • 10.91%ORR
  • Middle half of Alternative Strategies funds
  • Median 1.13%

FLSP 3rd cheapest of 29 funds

ORR 29th cheapest of 29 funds

FLSP vs ORR Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
FLSP 2.43%
ORR No data
Payout (12M)
FLSP $0.71
ORR None
Last payment
FLSP $0.71
ORR No data
Ex-dividend
FLSP Dec 19, 2025
ORR No data
Paid on
FLSP Dec 29, 2025
ORR No data
Frequency
FLSP Annual
ORR No data

Distribution history

Per share, 2019 to 2026, same scale for both

FLSPAnnual · 9 paymentsAll FLSP payments⁠
One bar per payment. 9 payments from 2019 to 2026 YTD. Dec 30, 2019 $0.005; Jun 11, 2020 $0.05; Dec 14, 2020 $1.54; Jun 10, 2021 $0.24; Dec 13, 2021 $0.02; Dec 12, 2022 $0.46; Dec 15, 2023 $0.26; Dec 20, 2024 $0.28; Dec 19, 2025 $0.71. Use the arrow keys to read each point.$0$1202020232026YTD
ORRAll ORR payments⁠

No distribution history available.

FLSP vs ORR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FLSP 6.8%ORR 11.9%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
FLSP 0.87ORR 1.49since Feb 2025
Worst fallMax drawdown, 5 years
FLSP −9.5%ORR −9.9%since Jan 2025
Market sensitivityBeta, 5 years
FLSP 0.01ORR 0.03

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