Monarch ProCap Index ETF

Monarch ProCap Index ETF (MPRO) is a fund of funds, meaning it owns other ETFs. It tracks the Monarch ProCap Index, a rules-based mix of 6 to 9 bond and stock-sector ETFs that changes with the economic cycle. As of August 31, 2026, about half of the fund sat in a single iShares Core U.S. bond fund and the other half in eight stock-sector funds. Its 1.03% expense ratio is high for a fund that holds index funds.

• Over the year to Oct 27, 2026, MPRO returned +8.0%, 8th of 8 among similar funds.
• Its 5-year annualized return was +5.7%.
• Its worst full calendar year was 2022 (-9.4%); its best was 2023 (+10.5%).
• The deepest fall in its price history was 14.5% (Jan 4, 2022 to Oct 14, 2022), recovered by Feb 1, 2024.

As of Aug 31, 2026, the fund held 9 securities; the ten largest made up 99.99% of assets.

• Over the three months to Aug 31, 2026, investors withdrew a net $30K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.47%, -0.61%, +0.09%.

MPRO tracks the Monarch ProCap Index. The fund's adviser, Kingsview Wealth Management, designs the index, and Solactive calculates and publishes it. The index holds 6 to 9 ETFs. Bond ETFs and stock ETFs together must make up at least 90% of it, and each side must stay between 15% and 75%. Up to 10% can go to an "alternative" sleeve, such as currency or commodity ETFs like gold.

The rules use employment data to judge which phase the economy is in: expansion, peak, contraction or trough. That phase sets the split between bonds and stocks and the credit quality of the bond funds. On the stock side, the index usually splits money equally among five of the 11 GICS sectors (GICS is the standard system for sorting companies into industries) that have historically done well in that phase. As of August 31, 2026, the mix looked different from that usual pattern. The fund held eight sector funds. Health care (10.4%) and communication services (10.0%) had about twice the weight of the other six, which were near 5% each: technology, consumer staples, financials, consumer discretionary, real estate and industrials.

A sub-adviser, Penserra Capital Management, runs the money by replication, which means it buys the index's holdings in about the same proportions. The fund uses no leverage or options, and it held no derivatives as of August 31, 2026. Portfolio turnover was 75%, which means the fund traded a large share of its holdings over the year as the model's signals changed.

• MPRO charges 1.03% a year, versus an average of 0.86% for the similar funds below (8th of 8, 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 $105 in the first year and $1,259 over 10 years (assuming a 5% annual return).

With roughly half in bonds and half in U.S. stock-sector funds, MPRO works like a one-fund balanced portfolio, though at a higher cost than holding the pieces separately.

MPRO could anchor a balanced portfolio in one ticker. Its one-year volatility (how much returns swing) was 7% as of October 27, 2026. The fund launched in March 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market it fell 14.3% between January 4 and October 12, 2022. It did not regain its earlier peak until February 1, 2024, about 16 months after the low. Its worst calendar year was 2022, with a 9.31% loss. Anyone who sold shares to cover spending during that stretch would have sold below the earlier peak for more than a year.

Income is modest. The trailing 12-month yield was 1.79% as of October 27, 2026, and the fund pays quarterly. In the SEC's standard example, the 1.03% expense ratio costs about $105 in the first year on $10,000. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by other buffer (defined-outcome) funds, largest first.