ORR Fees and Costs — Militia Long/Short Equity ETF
Data updated: 2026-07-28
The net expense ratio is 10.91%: a 1.30% management fee plus 9.61% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $124K in broker commissions, 0.1489% of average net assets, and portfolio turnover was 73%.
ORR Fees and Expenses
Annual operating expenses and sales charges of ORR. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.30% |
| 12b-1 fee | 0.00% |
| Other expenses | 9.61% |
| Gross expense ratio | 10.91% |
| Fee waiver | — |
| Net expense ratio | 10.91% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
ORR Costs Over Time
On $10,000 invested in ORR, assuming 5% a year before costs, total costs come to $5,660 over 5 years, cutting the return by 11.61% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 10.91%) | $1,146 | $3,214 | $5,019 |
| Trading costs (broker commissions) | $16 | $44 | $68 |
| Lost growth on money paid in costs | $0 | $173 | $572 |
| Total costs | $1,161 | $3,432 | $5,660 |
| Value after costs | $9,339 | $8,145 | $7,103 |
| Impact on return, per year | 11.61% | 11.61% | 11.61% |
ORR Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1489%
- Total broker commissions: $124K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 73%
- Securities lending: none during the year
ORR Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INTERACTIVE BROKERS LLC | $54K | 43.69% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $44K | 35.42% |
| MISCHLER FINANCIAL GROUP, INC. | $22K | 17.48% |
| PERSHING LLC | $4K | 2.92% |
| BROADCORT CAPITAL CORP. | $613 | 0.49% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.