ETF Evaluator:
Monarch Blue Chips Elite Index ETF ()
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(as of Aug 26)
Best Performing in Large Growth Over the Last Year
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ETF Details
Monarch Blue Chips Elite Index ETF Overview
Monarch Blue Chips Elite Index ETF (MBCE) is a passively managed U.S. Equity Large Growth 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 Blue Chips Elite Index.
The fund invests at least 80% of its total assets in financial instruments that, in total, have rate of return characteristics similar to the index. The index consists of established, well-recognized companies listed on the S&P 500 from a broad range of industries that demonstrate strength in the marketplace based on fundamental company data such as revenue, revenue growth, net income, and net income growth.
About Monarch Blue Chips Elite Index ETF (MBCE)
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: S&P 500 (TR) index with a weighting of 100% and Monarch Blue Chips Elite TR USD index with a weighting of 100%. Monarch Blue Chips Elite Index ETF has 16 securities in its portfolio. The top 10 holdings constitute 43.4% 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 Blue Chips Elite Index ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Monarch Blue Chips Elite Index ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 50.8% 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 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Monarch Blue Chips Elite Index ETF has 49.2% of the portfolio in cash.
Assets Under Management
The fund has $184 million in total assets, which is below the $8 billion average for the Large Growth 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.
MBCE 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 Blue Chips Elite Index ETF expense ratio is high compared to funds in the Large Growth category. Monarch Blue Chips Elite Index ETF has an expense ratio of 1.01%, which is 105% 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 Blue Chips Elite Index ETF has a portfolio turnover rate of 73%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 74% for the Large Growth category.
Recently, in the month of July 2026, Monarch Blue Chips Elite Index ETF returned -13.1%, which earned it a grade of F, as the Large Growth category had an average return of -3.8%. 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 Blue Chips Elite Index ETF has a trailing yield of 0.25%, which is below the 0.53% category average.
The fund normally distributes its income annually.
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 Blue Chips Elite Index ETF Grades
Year to date, the ETF has returned -2.2%, 8.4 percentage points worse than the category, which translates into a grade of F. The fund has returned -1.7% over the past year (grade of F), 9.6% over the past three years (grade of F) and 4.9% per year over the past five years (grade of F).
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MBCE 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 |
|
| MBCE Return (NAV) | -13.1% | -4.3% | -1.7% | 9.6% | 4.9% | na |
| MBCE Return (Price) | -13.0% | -4.1% | -1.5% | 9.7% | 5.0% | na |
| NAV +/- Price Return | -0.069% | -0.174% | -0.192% | -0.088% | -0.067% | na |
| Large Growth Avg | -3.8% | 2.7% | 13.0% | 19.6% | 9.9% | 15.8% |
| MBCE Grade (NAV) | F | F | F | F | F | na |
| +/- Category (NAV) | -9.3% | -7.0% | -14.7% | -10.0% | -4.9% | na |
| MBCE Tax-Cost Ratio | na | na | 0.1% | 0.1% | 0.0% | na |
MBCE Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MBCE Return (NAV) | -2.2% | 7.5% | 18.9% | 22.4% | -20.3% | na | na | na | na | na | na |
| MBCE Return (Price) | -1.9% | 7.4% | 18.9% | 22.3% | -20.3% | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.147% | -0.008% | -0.000% | -0.004% | -0.001% | na | na | na | na | na | na |
| Large Growth Avg | 6.2% | 16.9% | 30.5% | 38.6% | -30.7% | 21.6% | 37.2% | 33.0% | -2.1% | 28.4% | 5.0% |
| MBCE Grade (NAV) | F | F | F | F | A | na | na | na | na | na | na |
| +/- Category | -8.4% | -9.4% | -11.6% | -16.2% | 10.4% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.02 |
| R-Squared: | 67% |
| Standard Deviation: | 16.2% |
| Category Risk Index: | 0.88 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.32 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.3% |
| Total Assets: | $ 185 Mil |
| Share Class Assets: | $ 185 Mil |
| Turnover: | 73.0% |
| Expense Ratio: | 1.01% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
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: | 16 |
| % in Top 10 Holdings: | 43.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 50.8% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 49.2% |
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 (%): | 1.01% (Rating: High) |
| Category Average Expense Ratio (%): | 0.49% |
