Key Takeaways
- • The Militia Long/Short Equity ETF (BOATS:ORR), issued by Empirical Finance LLC, reported assets under management of approximately $351.35 million as of the page's data snapshot.
- • ORR is an actively managed long/short equity ETF that began trading on January 15, 2025, and is classified under hedge fund strategies.
- • The fund carries a stated expense ratio of 10.91%, among the highest levels for U.S.-listed ETFs, and holds approximately 9.10 million shares outstanding.
- • Long positions may reach 150% of net assets, with short exposure of up to 100%, including potential use of inverse or leveraged ETFs and currency forwards.
- • The fund does not pay dividends and reports no 1-year fund flow data, limiting visibility into investor demand.
Summary
The Militia Long/Short Equity ETF (ticker BOATS:ORR), issued by Empirical Finance LLC and branded Militia, is an actively managed exchange-traded fund that began trading on January 15, 2025, according to its TradingView profile. The fund reports assets under management of $351.35 million and approximately 9.10 million shares outstanding. Its primary advisor is Empowered Funds LLC, and Pine Distributors LLC serves as distributor. The fund is structured as an open-ended fund that uses physical replication and tracks no underlying index.
The fund's stated objective is capital appreciation through a combination of long and short equity positions. The long portfolio targets equities viewed as undervalued or with growth potential, with a focus on developed markets. Long exposure may exceed 100% of net assets, typically capped at 150%. The short book focuses on U.S.-listed companies and ETFs expected to decline, based on deteriorating future cash flow projections. Short exposure can reach 100% of net assets and may include inverse or leveraged ETFs. The fund may also short foreign currencies through currency forward contracts to manage risk, and it notes that its active trading results in high annual portfolio turnover.
TradingView's holdings breakdown shows stocks representing 135.43% of assets, with finance (22.45%), utilities (7.05%), and industrial services (6.27%) as the largest sector weights. Cash is reported at 29.62% and bonds, cash and other items at negative 35.43%, with miscellaneous positions at negative 69.85%, reflecting the fund's substantial short exposure. The stated expense ratio of 10.91% is notably high relative to typical ETF costs, a figure investors weighing the fund against lower-cost alternatives should consider. The fund is not leveraged in the conventional sense, according to TradingView, and pays no dividends. Fund flow and dividend yield data were not available on the page.
The fund's stated objective is capital appreciation through a combination of long and short equity positions. The long portfolio targets equities viewed as undervalued or with growth potential, with a focus on developed markets. Long exposure may exceed 100% of net assets, typically capped at 150%. The short book focuses on U.S.-listed companies and ETFs expected to decline, based on deteriorating future cash flow projections. Short exposure can reach 100% of net assets and may include inverse or leveraged ETFs. The fund may also short foreign currencies through currency forward contracts to manage risk, and it notes that its active trading results in high annual portfolio turnover.
TradingView's holdings breakdown shows stocks representing 135.43% of assets, with finance (22.45%), utilities (7.05%), and industrial services (6.27%) as the largest sector weights. Cash is reported at 29.62% and bonds, cash and other items at negative 35.43%, with miscellaneous positions at negative 69.85%, reflecting the fund's substantial short exposure. The stated expense ratio of 10.91% is notably high relative to typical ETF costs, a figure investors weighing the fund against lower-cost alternatives should consider. The fund is not leveraged in the conventional sense, according to TradingView, and pays no dividends. Fund flow and dividend yield data were not available on the page.
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