ORR: Review Of Long-Short ETF After One Year In The Market

2026-01-22 14:34:39 ET

ORR Strategy

Militia Long/Short Equity ETF ( ORR ) is an actively managed long-short ETF launched on 1/14/2025 with an objective of capital appreciation. ORR has a management fee of 1.30% and a total expense ratio of 14.19%. This number may be a repellent for many investors, but it is misleading. It includes all costs related to short selling, in particular borrowing costs, brokerage expenses and dividends of short positions. As we will see, the fund’s two largest shorts are income equity ETFs with very high yields suffering from chronic capital decay. An active long-short ETF must be primarily judged on its performance and risk metrics compared to a benchmark and its peers....

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