ETF Evaluator:
Monarch Dividend Plus ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Mid-Cap Value Over the Last Year
| 45.0% | VictoryShares Free Cash Flow ETF (VFLO) |
| 39.1% | Bushido Capital US SMID Cap Equity ETF (RNIN) |
| 38.8% | Bushido Capital US Equity ETF (SMRI) |
| 37.8% | ProShares Equities for Rising Rates ETF (EQRR) |
| 37.4% | Vanguard US Multifactor ETF (VFMF) |
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Risk
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ETF Details
Monarch Dividend Plus ETF Overview
Monarch Dividend Plus ETF (MDPL) is a passively managed U.S. Equity Mid-Cap Value exchange-traded fund (ETF). Monarch Funds launched the ETF in 2024.
The investment seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Dividend Plus Index.
The fund generally invests at least 80% of its total assets in the constituents of the index. The index consists of 30 equally weighted U.S.stocks from the Russell 1000 Index that represent all economic sectors within the S&P 500 Index and that represent dividend paying value stocks that deliver dividend cash flows across all market cycles.
About Monarch Dividend Plus ETF (MDPL)
There are 3 members of the management team with an average tenure of 2.25 years: Dustin Lewellyn (2024), Ernesto Tong (2024) and Christine Johanson (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: DJ Industrial Average TR USD index with a weighting of 100% and Monarch Dividend Plus USD index with a weighting of 100%. Monarch Dividend Plus ETF has 31 securities in its portfolio. The top 10 holdings constitute 36.3% 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 Dividend Plus ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Monarch Dividend Plus ETF has 3.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.0% There is 3.7% 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 Dividend Plus ETF has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $59 million in total assets, which is below the $2 billion average for the Mid-Cap Value 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.
MDPL 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 Dividend Plus ETF expense ratio is high compared to funds in the Mid-Cap Value category. Monarch Dividend Plus ETF has an expense ratio of 1.19%, which is 154% 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 Dividend Plus ETF has a portfolio turnover rate of 89%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 72% for the Mid-Cap Value category.
Recently, in the month of July 2026, Monarch Dividend Plus ETF returned 13.1%, which earned it a grade of A, as the Mid-Cap Value category had an average return of 3.5%. 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 Dividend Plus ETF has a trailing yield of 1.47%, which is below the 2.05% category average.
The fund normally distributes its income quarterly and its capital gains 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 Dividend Plus ETF Grades
Year to date, the ETF has returned 5.2%, 10.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 10.9% over the past year (grade of F).
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MDPL 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 |
|
| MDPL Return (NAV) | 13.1% | 5.7% | 10.9% | na | na | na |
| MDPL Return (Price) | 13.3% | 5.6% | 11.0% | na | na | na |
| NAV +/- Price Return | -0.219% | 0.043% | -0.103% | na | na | na |
| Mid-Cap Value Avg | 3.5% | 6.1% | 23.5% | 13.9% | 10.2% | 10.8% |
| MDPL Grade (NAV) | A | C | F | na | na | na |
| +/- Category (NAV) | 9.6% | -0.4% | -12.6% | na | na | na |
| MDPL Tax-Cost Ratio | na | na | 0.6% | na | na | na |
MDPL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MDPL Return (NAV) | 5.2% | 7.4% | na | na | na | na | na | na | na | na | na |
| MDPL Return (Price) | 5.2% | 7.6% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.000% | 0.028% | na | na | na | na | na | na | na | na | na |
| Mid-Cap Value Avg | 15.4% | 10.4% | 12.2% | 12.9% | -5.7% | 31.6% | 0.6% | 25.6% | -10.0% | 15.5% | 20.3% |
| MDPL Grade (NAV) | F | D | na | na | na | na | na | na | na | na | na |
| +/- Category | -10.2% | -3.0% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 1.5% |
| Total Assets: | $ 59 Mil |
| Share Class Assets: | $ 59 Mil |
| Turnover: | 89.0% |
| Expense Ratio: | 1.19% |
| Index Fund: | Yes |
| Index Tracked: | DJ Industrial Average TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.4 years | |||
| Average Tenure: 2.2 years | |||
| Managers (Year): Lewellyn Dustin (2024), Tong Ernesto (2024), Johanson Christine (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 31 |
| % in Top 10 Holdings: | 36.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.7% |
Portfolio Allocation |
|
| Domestic Stock: | 96.0% |
| Foreign Stock: | 3.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Monarch Funds |
| Phone Number: | 541-291-4405 |
| Website: | |
| Inception Date: | March 6, 2024 |
Expenses and Fees
| Expense Ratio (%): | 1.19% (Rating: High) |
| Category Average Expense Ratio (%): | 0.47% |
