GMOD vs MPRO

GMODAGMO Dynamic Allocation ETF

MPROCMonarch ProCap ETF

In short

GMOD GMO's 7-year asset class forecasts, finally wrapped in an ETF. It tilts toward what the firm's valuation models call cheap and away from what they call expensive, shifting between stocks, bonds and alternatives inside one ticker.

MPRO MPRO reads employment data to place the economy in one of four cycle phases, then rotates a 6-to-9 ETF portfolio across bonds, five stock sectors and a dash of gold. Rules-based macro allocation in one ticker, at 1.03% with no waiver.

Stated mandate

GMOD The Fund seeks positive total return. It allocates among asset classes using GMO's multi-year return forecasts and relative-risk assessments.

MPRO The Fund seeks to replicate, before fees and expenses, the performance of the Monarch ProCap Index. It uses a replication-indexing strategy to pursue that objective.

Why people hold it

• GMOD 0.50% all-in, about half the typical fee in its tactical-allocation peer group, and a contractual waiver offsets the fees of the GMO funds it holds so costs are not stacked.sec.gov
• GMO's first multi-asset strategy in an ETF, run by the asset allocation team behind the firm's long-running 7-year asset class forecasts.gmo.com
• The equity dial can swing between 40% and 80% of assets under normal conditions, so the fund handles the reallocating rather than you selling positions to do it.gmo.com
• Sits in the upper tier of a crowded tactical multi-asset group on cost and process clarity.

• MPRO The macro playbook in one ticker: the index sorts the cycle into expansion, peak, contraction or trough, then sets the bond/stock split and picks five of the eleven GICS sectors.sec.gov
• Guardrails are written down, not improvised: 6 to 9 holdings, stocks and bonds each held between 15% and 75%, and up to 10% in alternatives such as gold or currency ETFs.sec.gov
• Running since 2021 and now a fund in the hundreds of millions, with Kingsview building the index and Penserra on the trading desk. Distributions come quarterly.sec.gov

Worth knowing

• GMOD New in 2025 and lightly traded so far, which can mean wider bid-ask spreads than the big allocation ETFs.
• It owns other GMO funds, and the single 0.50% rate leans on a contractual waiver with an expiration date rather than a permanent cap.sec.gov
• Cheaper tactical allocators exist (ENDW at 0.22%, ONOF at 0.39%), though each runs a different process.

• MPRO At 1.03% it sits above the typical fee in its tactical multi-asset category, and above rules-based peers like ENDW at 0.22% or GMOD at 0.50% net of a waiver through June 30, 2027.
• The equity sleeve owns five of eleven sectors at a time, so when the cycle call changes the portfolio reshuffles and sector bets can run well off the broad market.sec.gov
• It buys other ETFs, so those funds' own expenses ride underneath, and shares trade lightly enough that the bid/ask gap is worth checking.sec.gov

Full GMOD profile⁠

Full MPRO profile⁠