The Militia Long/Short Equity ETF, identified by the symbol ORR, is an actively managed investment vehicle designed to achieve capital appreciation. It employs a dual strategy, taking both long and short positions in equities. For its long-term holdings, the fund primarily focuses on stocks in developed markets that are either deemed undervalued or possess substantial growth potential. ORR has the flexibility to commit capital exceeding 100% of its net asset value to these long positions, typically up to a maximum of 150%. Conversely, its short selling strategy concentrates on U.S.-listed companies and exchange-traded funds whose valuations are anticipated to decline, often driven by unfavorable future cash flow projections. The fund can allocate up to 100% of its portfolio to short exposures and may utilize instruments like inverse or leveraged ETFs within this segment. Due to its dynamic management approach, ORR frequently adjusts its holdings, leading to a high annual portfolio turnover rate. Furthermore, the portfolio has the option to mitigate certain risks by shorting foreign currencies through the use of currency forward contracts.