Investment objective & strategy
As of June 25, 2025 · prospectusObjective. The Monarch ProCap Index ETF (the ?Fund?) seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch ProCap Index (the ?Index?).
Strategy. The Fund invests at least 80% of its total assets in the component securities of the Index. The Index consists of fixed income and equity ETFs that provide broad exposure to the U.S. and global bond market and to the S&P Global Industry Classification Standard (?GICS?) sectors. The Index is comprised of 6-9 constituents, with fixed income ETFs and equity ETFs collectively comprising at least 90% of the Index, with each being no less than 15% and no more than 75% of the Index. The equity allocation of the Index is further divided into sector allocations that represent the GICS sectors. The Index may have up to 10% in an alternative sleeve of instruments that could range from currency ETFs … The Fund invests at least 80% of its total assets in the component securities of the Index. The Index consists of fixed income and equity ETFs that provide broad exposure to the U.S. and global bond market and to the S&P Global Industry Classification Standard (?GICS?) sectors. The Index is comprised of 6-9 constituents, with fixed income ETFs and equity ETFs collectively comprising at least 90% of the Index, with each being no less than 15% and no more than 75% of the Index. The equity allocation of the Index is further divided into sector allocations that represent the GICS sectors. The Index may have up to 10% in an alternative sleeve of instruments that could range from currency ETFs to commodity ETFs, such as gold. The Index factors in macroeconomic data about employment trends to determine the phase of the economic cycle and its relative strength, and to determine the portfolio allocations that are best suited for the particular phase. The equity portion of the Index is typically equally weighted among five of the eleven GICS sectors that have historically had the best performance during the identified phase of the economic cycle. The phases of the economic cycle are expansion, peak, contraction and trough. During the expansion phase, the economy experiences relatively rapid growth, interest rates tend to be low, production increases, and inflationary pressures build. The peak of a cycle is reached when growth hits its maximum rate. Peak growth typically creates some imbalances in the economy that need to be corrected. This correction occurs through a period of contraction when growth slows, employment falls, and prices stagnate. The trough of the cycle is reached when the economy hits a low point and growth begins to recover. Kingsview Wealth Management LLC (the ?Adviser?) is the Index provider . The Index follows a proprietary rules-based methodology that reviews the current phase of the economic cycle to select both the fixed income ETFs of varying credit quality for the fixed income portion of the Fund as well as the individual sector ETFs for the equity portion of the Fund. The Adviser may also consider certain corporate actions, such as initial public offerings, mergers, acquisitions, bankruptcies, suspensions, de-listing, tender offers and spin-offs when developing the constituents of the Index. The Adviser utilizes a sub-adviser, Penserra Capital Management LLC (the ?Sub-Adviser?), to manage the assets of the Fund. The Sub-Adviser uses a replication indexing strategy to manage the Fund. ?Replication indexing? is a strategy in which a fund invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index. The index is sponsored by Solactive A.G. (?Solactive?), which is independent of the Fund, the Adviser and the Sub-Adviser. Solactive calculates and publishes the market value of the Index based on the Index?s constituents. The Index is unmanaged and cannot be invested in directly.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| iShares Trust CORE US AGGREGATE BD ETF | AGG | $125.34M | 50.04% |
| State Street Health Care Select Sector SPDR ETF USD Class | XLV | $25.61M | 10.22% |
| State Street Communication Services Select Sector SPDR ETF | XLC | $24.93M | 9.95% |
| State Street Consumer Staples Select Sector SPDR ETF | XLP | $12.82M | 5.12% |
| STATE STREET REAL ESTATE SELECT SECTOR SPDR ETF MUTUAL FUND | XLRE | $12.71M | 5.07% |
| State Street Industrial Select Sector SPDR ETF USD Class | XLI | $12.65M | 5.05% |
| STATE STREET CONSUMER DISCRETIONARY SELECT S SPDR | XLY | $12.26M | 4.90% |
| TECHNOLOGY SELECT SECT SPDR MUTUAL FUND | XLK | $12.09M | 4.82% |
| State StreetFinSelSectSPDRETF | XLF | $11.92M | 4.76% |
Portfolio moves
Nov 30, 2025 → Feb 28, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Overlay Shares Core Bond ETF · OVB | 50% | 0.79% |
| Simplify Aggregate Bond ETF · AGGH | 50% | 0.30% |
| iShares Interest Rate Hedged U.S. Aggregate Bond ETF · AGRH | 50% | 0.13% |
Advisers
| Firm | Role |
|---|---|
| Penserra Capital Management LLC | Sub-adviser |
| Kingsview Wealth Management LLC | Adviser |
Footnotes
- Expense ratio as of June 25, 2025, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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