At a glance
MDPL charges 1.19% a year, above the 0.34% average of the 6 funds most like it (the most expensive of 7). It has $60.8M in assets, the 5th largest of that group; it paid 1.38% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +14.2% with distributions reinvested (S&P 500: +11.5%), 6th of those 7 funds. Its ten largest positions make up 35.8% of the fund, out of 30 in all.
The short version
Monarch Dividend Plus ETF (MDPL) tracks the Monarch Dividend Plus Index. The index holds 30 dividend-paying US stocks in equal amounts, picked from the Russell 1000 by scores for free cash flow, debt, payout ratio, dividend growth and earnings stability. The index can swap holdings every week. Its 1.19% expense ratio is the highest of the seven similar funds compared here, whose average is 0.34%.
Price history
The interactive chart needs JavaScript.
MDPL +14.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MDPL official prospectus, to Dec 31, 2025 | — | +7.36% | — | — | — | +4.94% |
| Monarch Dividend Plus Index index, same period | — | +7.69% | — | — | — | +5.18% |
| Dow Jones Industrial Average Index index, same period | — | +14.92% | — | — | — | +14.66% |
| S&P 500 Composite 1500 Value Index USD TR index, same period | — | +12.72% | — | — | — | +11.41% |
| MDPL price data to Oct 27, 2026 | +12.2% | +14.2% | — | — | — | +7.5% |
- Over the year to Oct 27, 2026, MDPL returned +14.2%, 6th of 7 among similar funds.
- Its worst full calendar year was 2025 (+7.6%); its best was 2025 (+7.6%).
- The deepest fall in its price history was 14.2% (Nov 29, 2024 to Apr 8, 2025), recovered by Aug 22, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.2% | — |
| 2025 | +7.6% | +7.36% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2500 | |
| 2025 | $0.3800 |
What's inside
As of May 31, 2026, the fund held 30 securities; the ten largest made up 35.76% of assets.
| Holding | Weight | |
|---|---|---|
| COGNIZANT TECHNOLOGY SOLUTIONS CORP | 3.83% | |
| KBR INC | 3.76% | |
| FACTSET RESEARCH SYSTEMS INC | 3.74% | |
| GENPACT LTD | 3.67% | |
| ACCENTURE PLC | 3.59% | |
| BOOZ ALLEN HAMILTON HOLDING CORP | 3.53% | |
| OSHKOSH CORP | 3.49% | |
| ANGLOGOLD ASHANTI PLC | 3.40% | |
| ZOETIS INC | 3.39% | |
| SS&C TECHNOLOGIES HOLDINGS INC | 3.38% | |
| AMDOCS LTD | 3.36% | |
| H & R BLOCK INC | 3.34% | |
| LEIDOS HOLDINGS INC | 3.34% | |
| BECTON DICKINSON & COMPANY | 3.32% | |
| GENERAL MILLS INC | 3.32% |
By country
United States 82.53%Ireland 6.84%Bermuda 3.67%United Kingdom 3.4%Guernsey 3.36%By asset type
Stocks 99.79%By sector
Sectors of the companies held, for the 42.3% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of May 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to May 31, 2026, investors added a net $3.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -4.46%, +3.62%, -1.09%.
How it works
MDPL aims to match the Monarch Dividend Plus Index, before fees. Kingsview Wealth Management, the fund's adviser, is also the index provider, so one firm writes the rules and runs the fund. Solactive, an independent firm, calculates the index. Sub-adviser Penserra Capital Management holds the index stocks directly, with no options, leverage or derivatives.
Selection starts with the Russell 1000, the 1,000 largest U.S. companies. Each company gets a composite score from five measures. The first is free cash flow to enterprise value, which compares the cash left after running the business with the company's total value, including debt. The others are debt-to-equity, payout ratio (the share of profits paid out as dividends), dividend growth and earnings stability. The 30 top scorers each get an equal weight, regardless of company size. As of February 28, 2026, no sector made up more than 25% of the index.
Each week, any stock that rises past its target valuation is replaced by the next-ranked company and cannot return for 365 days. Target valuation is judged by price-to-earnings ratio, return on equity, payout ratio and sales growth. The fund does not sell a stock just because it lags. The prospectus filed June 24, 2026, lists portfolio turnover of 89%, and trading costs come on top of the 1.19% annual expense ratio. As of May 31, 2026, Cognizant Technology Solutions was the largest holding, at 3.8%.
What it really costs
- MDPL charges 1.19% a year, versus an average of 0.34% for the similar funds below (7th of 7, cheapest first).
- Of that, 0.85% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $121 in the first year and $1,443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MDPL | $121 | $378 | $654 | $1,443 |
In a retirement portfolio
It is a concentrated, high-turnover, high-cost 30-stock fund with less than three years of history, so it fits better as a small add-on than as a foundation.
MDPL launched in March 2024, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its only full calendar year, 2025, returned 7.36%, behind the S&P 1500 Value Index's 12.72%. Its deepest drop was 14.2%, from November 29, 2024 to April 8, 2025. It got back to its old peak by August 22, 2025, about 4.5 months later. A retiree drawing cash during a slide like that would be taking it from a smaller balance.
Income is modest for a dividend fund. The trailing 12-month yield was 1.38% as of October 27, 2026, and the fund pays quarterly. Cost matters more. In the SEC's standard $10,000 example, expenses come to $121 after one year and $1,443 after ten. Past results don't predict future ones, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want an equal-weighted, rules-based mix of 30 dividend payers. No holding topped 4% of assets as of May 31, 2026.
- Those drawn to a quality screen built on free cash flow, debt, payout ratio and earnings stability rather than on high yield alone.
- Investors who would keep it small, as a satellite, and can accept weekly index changes and 89% portfolio turnover.
Look elsewhere if
- Cost-focused investors: the 1.19% expense ratio compares with 0.06% for Schwab US Dividend Equity ETF (SCHD) and a 0.34% peer average.
- Income seekers who need larger payouts. The trailing 12-month yield was 1.38% as of October 27, 2026, paid quarterly.
- Anyone wanting a long track record: it launched in March 2024 and trailed both the Dow and the S&P 1500 Value Index in 2025.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MDPL this fund | — | 1.19% | $60.8M | +14.2% | — |
| BUSA Brandes U.S. Value ETF | 15% | 0.6% | $298.4M | +18.2% | +21.4% |
| FLOW Global X U.S. Cash Flow Kings 100 ETF | 13% | 0.25% | $33.1M | +31.1% | +24.4% |
| VFLO VictoryShares Free Cash Flow ETF | 10% | 0.39% | $7.76B | +42.0% | +31.5% |
| GMOV GMO US Value ETF | 8% | 0.5% | $107.1M | +25.5% | — |
| SCHD Schwab US Dividend Equity ETF | 6% | 0.06% | $112.34B | +38.9% | +19.9% |
| NXTV Simplify Next Intangible Value Index ETF | 6% | 0.25% | $1.3M | -0.3% | — |
Questions investors ask
Does MDPL pay monthly dividends?
No. MDPL pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.41 per share, a trailing yield of 1.38%. That is modest for a fund with "dividend" in its name. The fund's screen favors cash flow, low debt and dividend growth over the highest yields. The prospectus warns that companies can cut or stop their dividends, and past payments don't guarantee future ones.
What is MDPL's expense ratio?
MDPL's expense ratio is 1.19%, according to its prospectus filed June 24, 2026. That includes a 0.85% management fee. It is the highest of the seven similar funds compared here, whose average is 0.34%. In the SEC's standard example ($10,000 invested, 5% yearly return), total costs come to $121 after one year, $378 after three, $654 after five and $1,443 after ten.
What's the difference between MDPL and SCHD?
Both focus on dividend-paying US stocks, but they differ sharply in size and cost. Schwab US Dividend Equity ETF (SCHD) charges 0.06%, against MDPL's 1.19%. SCHD had about $112 billion in net assets as of August 31, 2026, while MDPL had about $61 million as of May 31, 2026. MDPL holds 30 equal-weighted stocks and can swap them weekly. The two share only about 6% of their holdings.
What ETFs are similar to MDPL?
No ETF is a close match. None of the funds compared shares 20% or more of MDPL's holdings. The biggest overlap is with Brandes U.S. Value ETF (BUSA), at 15%. Next come Global X U.S. Cash Flow Kings 100 ETF (FLOW) at 13% and VictoryShares Free Cash Flow ETF (VFLO) at 10%. All three cost less: 0.60%, 0.25% and 0.39%, against MDPL's 1.19%.
How has MDPL performed since launch?
MDPL has lagged broad value benchmarks. In 2025, its only full calendar year, it returned 7.36%. Its own index returned 7.69%, the Dow Jones Industrial Average 14.92% and the S&P 1500 Value Index 12.72%. From its March 2024 launch through December 31, 2025, it averaged 4.94% a year. Its price-based return was 14.2% for the year ended October 27, 2026, and 12.2% year to date.