As I understand it, Monarch uses PPU brass, but isn't actually PPU-assembled.
Well since I unpack and shelve it weekly if not daily, I'll say that every shipping carton (case lot) of Brass-cased Monarch is clearly marked as having come directly from Privi Partizan and every box of PPU marked ammo is marked "Made in Serbia" and if i remember the rules/law regarding imports correctly, that has to refer to the completed ammo not simply the brass.
Yes the brass cased Monarch varies in quality and load efficiency based on what caliber/load it is, and not every firearm will like it. My personal experience is that the .308 won't group well and uses cases too soft to reload, and the .45acp goes bang every time but is filthy, leaving unburned powder all over the shooter and anything near/within a few feet of the muzzle,and noticably more amounts of soft/sooty fouling inside the pistol.
But we (those of us who work the counter at my store) receive tremendously more
positive feedback on it than negative. especially the pistol loads, it beats the heck out of Blazer!!
the steel case loads are all Barnaul btw
also just a side Note "Monarch" is a sort of universal "Store brand" within academy it's also the branding of our "store brand" lawn furniture, grill accessories, etc. there is no actual "monarch" company.