Militia Long/Short Equity ETF

ORR

Market cap $294M

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.