ETF Evaluator:
Monarch Ambassador Income ETF ()
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(as of Aug 26)
Best Performing in Intermediate Core-Plus Bond Over the Last Year
| 8.9% | Infrastructure Capital Bond Income ETF (BNDS) |
| 5.2% | Monarch Ambassador Income ETF (MAMB) |
| 4.1% | SanJac Alpha Core Plus Bond ETF (SJCP) |
| 4.1% | F/m Opportunistic Income ETF (ZHOG) |
| 3.9% | PIMCO Active Bond ETF (BOND) |
Risk
Index
Risk
Index
ETF Details
Monarch Ambassador Income ETF Overview
Monarch Ambassador Income ETF (MAMB) is a passively managed Taxable Bond Intermediate Core-Plus Bond exchange-traded fund (ETF). Monarch Funds launched the ETF in 2021.
The investment seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Ambassador Income Index.
The fund generally invests at least 80% of its total assets in the constituents of the index. The index is designed to measure the performance of an investable universe of fixed income securities of varying credit quality and duration, including corporate bonds, lower-quality bonds, known as "high yield" or "junk" bonds, treasury bonds, municipal bonds, mortgage backed securities and convertible bonds, that provide broad exposure to the U.S. and global bond market.
About Monarch Ambassador Income ETF (MAMB)
There are 3 members of the management team with an average tenure of 4.22 years: Dustin Lewellyn (2021), Ernesto Tong (2021) and Christine Johanson (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Monarch Ambassador Income TR USD index with a weighting of 100%. Monarch Ambassador Income ETF has 10 securities in its portfolio. The top 10 holdings constitute 99.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Monarch Ambassador Income ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Monarch Ambassador Income ETF has 2.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 86.3% (83.6% domestic bond, 2.7% foreign bond and 0.0% convertible bond). Monarch Ambassador Income ETF has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $191 million in total assets, which is below the $2 billion average for the Intermediate Core-Plus Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MAMB Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Monarch Ambassador Income ETF expense ratio is high compared to funds in the Intermediate Core-Plus Bond category. Monarch Ambassador Income ETF has an expense ratio of 1.15%, which is 163% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Monarch Ambassador Income ETF has a portfolio turnover rate of 46%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 157% for the Intermediate Core-Plus Bond category.
Recently, in the month of July 2026, Monarch Ambassador Income ETF returned -1.9%, which earned it a grade of F, as the Intermediate Core-Plus Bond category had an average return of -1.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Monarch Ambassador Income ETF has a trailing yield of 2.71%, which is below the 4.67% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Monarch Ambassador Income ETF Grades
Year to date, the ETF has returned -0.3%, 0.0 percentage points worse than the category, which translates into a grade of B. The fund has returned 5.2% over the past year (grade of A), 4.8% over the past three years (grade of B) and 0.2% per year over the past five years (grade of C).
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MAMB Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MAMB Return (NAV) | -1.9% | -1.9% | 5.2% | 4.8% | 0.2% | na |
| MAMB Return (Price) | -2.0% | -1.9% | 5.1% | 4.8% | 0.2% | na |
| NAV +/- Price Return | 0.052% | -0.012% | 0.119% | -0.006% | 0.003% | na |
| Intermediate Core-Plus Bond Avg | -1.2% | -0.6% | 3.2% | 4.6% | 0.4% | 2.1% |
| MAMB Grade (NAV) | F | F | A | B | C | na |
| +/- Category (NAV) | -0.7% | -1.3% | 2.0% | 0.1% | -0.2% | na |
| MAMB Tax-Cost Ratio | na | na | 1.1% | 0.9% | 0.7% | na |
MAMB Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MAMB Return (NAV) | -0.3% | 10.5% | 1.4% | 4.9% | -13.0% | na | na | na | na | na | na |
| MAMB Return (Price) | -0.4% | 10.7% | 1.3% | 4.9% | -13.0% | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.432% | 0.018% | -0.038% | -0.005% | 0.002% | na | na | na | na | na | na |
| Intermediate Core-Plus Bond Avg | -0.2% | 7.5% | 3.0% | 6.6% | -13.2% | -0.7% | 8.0% | 9.8% | -0.2% | 4.3% | 4.9% |
| MAMB Grade (NAV) | B | A | F | F | C | na | na | na | na | na | na |
| +/- Category | -0.0% | 3.0% | -1.6% | -1.7% | 0.2% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.12 |
| R-Squared: | 94% |
| Standard Deviation: | 6.5% |
| Category Risk Index: | 1.17 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.53 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 2.7% |
| Total Assets: | $ 191 Mil |
| Share Class Assets: | $ 191 Mil |
| Turnover: | 46.0% |
| Expense Ratio: | 1.15% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 5.4 years | |||
| Average Tenure: 4.2 years | |||
| Managers (Year): Lewellyn Dustin (2021), Tong Ernesto (2021), Johanson Christine (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 10 |
| % in Top 10 Holdings: | 99.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 83.6% |
| Foreign Bond: | 2.7% |
| Convertible Bond: | 0.0% |
| Other: | 12.7% |
| Cash: | 1.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Monarch Funds |
| Phone Number: | 541-291-4405 |
| Website: | |
| Inception Date: | March 23, 2021 |
Expenses and Fees
| Expense Ratio (%): | 1.15% (Rating: High) |
| Category Average Expense Ratio (%): | 0.44% |
