ORR Long Put Strategy
ORR (Militia Long/Short Equity ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
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.
ORR (Militia Long/Short Equity ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $35.1M, a beta of 0.05 versus the broader market, a 52-week range of 28.76-39.39, average daily share volume of 164K, a public-listing history dating back to 2007. These structural characteristics shape how ORR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.05 indicates ORR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a long put on ORR?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
Current ORR snapshot
As of June 30, 2026, spot at $35.86, ATM IV 10.80%, expected move 3.10%. The long put on ORR below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.
Why this long put structure on ORR specifically: IV rank is unavailable in the current snapshot, so regime-based timing for ORR is inferred from ATM IV at 10.80% alone, with a market-implied 1-standard-deviation move of approximately 3.10% (roughly $1.11 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ORR expiries trade a higher absolute premium for lower per-day decay. Position sizing on ORR should anchor to the underlying notional of $35.86 per share and to the trader's directional view on ORR etf.
ORR long put setup
The ORR long put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ORR near $35.86, the first option leg uses a $36.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ORR chain at a 17-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 ORR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $36.00 | $0.41 |
ORR long put risk and reward
- Net Premium / Debit
- -$41.00
- Max Profit (per contract)
- $3,558.00
- Max Loss (per contract)
- -$41.00
- Breakeven(s)
- $35.59
- Risk / Reward Ratio
- 86.780
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
ORR long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on ORR. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | +$3,558.00 |
| $7.94 | -77.9% | +$2,765.23 |
| $15.87 | -55.8% | +$1,972.45 |
| $23.79 | -33.6% | +$1,179.68 |
| $31.72 | -11.5% | +$386.90 |
| $39.65 | +10.6% | -$41.00 |
| $47.58 | +32.7% | -$41.00 |
| $55.50 | +54.8% | -$41.00 |
| $63.43 | +76.9% | -$41.00 |
| $71.36 | +99.0% | -$41.00 |
When traders use long put on ORR
Long puts on ORR hedge an existing long ORR etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ORR exposure being hedged.
ORR thesis for this long put
The market-implied 1-standard-deviation range for ORR extends from approximately $34.75 on the downside to $36.97 on the upside. A ORR long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long ORR position with one put per 100 shares held. As a Financial Services name, ORR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ORR-specific events.
ORR long put positions are structurally bearish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. ORR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ORR alongside the broader basket even when ORR-specific fundamentals are unchanged. Long-premium structures like a long put on ORR are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current ORR chain quotes before placing a trade.
Frequently asked questions
- What is a long put on ORR?
- A long put on ORR is the long put strategy applied to ORR (etf). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With ORR etf trading near $35.86, the strikes shown on this page are snapped to the nearest listed ORR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ORR long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the ORR long put priced from the end-of-day chain at a 30-day expiry (ATM IV 10.80%), the computed maximum profit is $3,558.00 per contract and the computed maximum loss is -$41.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ORR long put?
- The breakeven for the ORR long put priced on this page is roughly $35.59 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current ORR market-implied 1-standard-deviation expected move is approximately 3.10%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on ORR?
- Long puts on ORR hedge an existing long ORR etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ORR exposure being hedged.
- How does current ORR implied volatility affect this long put?
- Current ORR ATM IV is 10.80%; IV rank context is unavailable in the current snapshot.