Militia Long/Short Equity ETF
ORR
NASDAQ Global Market- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- United States of America
- IPO Date
- Jul 11, 2007
- Website
- militiaetf.com
- Similar Companies
- Business
- Militia Long/Short Equity ETF (ORR) is an actively managed exchange-traded fund that seeks capital appreciation through a high-turnover, fundamental long-short global equity strategy, investing primarily in long and short positions in equity securities or ETFs. The fund, issued under the EA Series Trust and sub-advised by Militia Investments, LLC, allocates at least 80% of its net assets (including borrowings) to equities such as common stocks, depositary receipts including American Depositary Receipts (ADRs), and publicly traded partnerships including master limited partnerships (MLPs), with no more than 25% in MLPs to maintain regulated investment company status; its long portfolio targets domestic and foreign (primarily developed markets) companies with strong net present value of future cash flows from sources like dividends, buybacks, or growth, often featuring significant exposure to Japanese equities alongside holdings in sectors like energy, technology, and financials such as Taiwan Semiconductor Manufacturing, Energy Transfer LP, Hikari Tsushin, Alphabet, Amazon.com, Axos Financial, and airport operators including Grupo Aeroportuario del Centro Norte and del Pacifico; the short portfolio focuses on U.S.-listed companies, ETFs, and closed-end funds expected to decline in value due to negative cash flow prospects or flawed strategies like options-based covered call products, including shorts in high-yield dividend ETFs (e.g., Global X Nasdaq 100 Covered Call ETF, Global X SuperDividend ETF), business development companies, and leveraged/inverse vehicles, with short exposure up to 100% of net assets and potential use of currency forwards, futures like TOPIX, and leverage up to 150% on the long side. ORR trades on the Nasdaq Stock Market LLC under ticker ORR (CUSIP 02072Q820) and targets sophisticated investors comfortable with elevated volatility, leverage, short-selling risks, foreign and currency exposures, and high portfolio turnover. Launched on January 14, 2025, with David Orr—founder and CIO of Militia Investments, LLC and Militia Capital Management, LLC, and manager of a related long-short global hedge fund—serving as portfolio manager, the fund is advised by Empowered Funds, LLC dba EA Advisers and had grown to approximately $159 million in net assets by December 2025 amid a gross expense ratio of 14.19% (1.30% management fee plus estimated 12.89% in short-sale dividend, borrowing, and brokerage costs). Recent developments include a prospectus supplement filed August 13, 2025, reflecting ongoing operational maturation and portfolio evolution with dynamic adjustments to holdings such as increased allocations to Japanese industrials and energy midstreams alongside tactical shorts in yield-focused and small-cap leveraged ETFs, as AUM expanded and liquidity metrics like the 30-day bid/ask spread stabilized at 0.18%; no major acquisitions, funding rounds, or structural reorganizations have been reported since inception, underscoring a focus on strategy execution in global developed markets.