Militia Long/Short Equity ETF

ORR

時価総額 $3.51億

Militia Long/Short Equity ETF is downgraded to 'Hold' after a year of performance tracking and portfolio analysis. ORR currently functions as a low-volatility, actively managed Japan equities play, closely mirroring EWJ's returns but with better risk-adjusted metrics. Despite its long/short mandate, ORR's portfolio has remained stable, with persistent Japan equity overweight and selective U.S. shorts.

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.

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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.

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.

The Militia Long/Short Equity ETF offers retail investors access to a hedge fund-style, global long/short equity strategy managed by David Orr. ORR has delivered strong performance (+24% since inception), but its high stated expense ratio (14.19%) is largely an accounting artifact of short selling. The fund focuses on foreign value/growth longs and U.S. ETF shorts, aiming for low correlation and volatility compared to broad equity markets.

Since its launch in early 2025, the Militia Long/Short Equity ETF has delivered a strong total return of +17.9%, significantly outperforming the S&P 500 during the same period. ORR is actively managed by David Orr and operates as a long/short equity vehicle. Its long positions are focused on what it considers undervalued names. The fund's portfolio is heavily concentrated in Japanese equities, which the article's author sees as a key diversifier.