Monarch at Academy appears to be an Academy branding. You dont see the ammo for sale under this name from other suppliers (at least I havent).
It is mostly barnaul ammo, which has an excellent reputation. Barnaul still uses lacquer for their steel cases, which I never had a problem with. It is NOT all from barnaul, however.
The brass cased stuff is NOT Academy's brand. Academy doesnt make ammo. Currently, the brass cased Monarch ammo I have shot in .223 is from Prvi Partisan - Serbia. They have a pretty decent reputation - however - this ammo, like Barnaul and Wolf, is not very "hot" and did not cycle well in my weapon. However - a buddy had a new, clean, and well lubricated Stag arms M4, and his ate it like candy.
It is, what it is - good cheap blasting ammo. Not super hot, not super accurate, but another choice out there when you need some ammo. Just like any ammo that isnt "top tier", you just need to see how *your* weapons like it.