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Leuthold Core ETF

We believe that purchasing a collection of asset classes has the potential to provide steady growth and foster long-term investment success. Adding the element of flexibility toward portfolio weightings will complement the asset diversification and increase the opportunities to make the most of special market and economic attributes that surface as business cycles evolve.

ETF Summary

As of October 14, 2024

Morningstar Rating™ Overall among 222 Tactical Allocation funds as of 06.30.24 based on risk-adjusted returns.†

Quarterly Report
  • Fund Inception:
    1/6/2020
  • Ticker:
    LCR
  • Net Assets:
    $92,511,678
  • Shares Outstanding:
    2,600,000
  • Primary Exchange:
    NYSE
  • CUSIP:
    527289 789
  • Fund Type:
    Tactical Asset Allocation
  • Investment Objective:
    Capital appreciation and income (or "total return")
  • Management Fee:
    0.50%
  • All Remaining Other Expenses:
    0.44%
  • Acquired Fund Fee & Expenses:
    0.21%
  • Expense Reimbursement:
    0.08%
  • Total Annual Fund Operating Expenses After Expense Reimbursement:
    0.86%
  • Portfolio Managers:
    Doug Ramsey, Scott Opsal, Chun Wang
  • Number of Holdings:
    27

Fund Prices

as of October 14, 2024
NAV Price
Net Asset Value $35.58 Closing Price $35.54
Daily Change $0.16 Daily Change $0.13
Daily Change 0.46% Daily Change 0.37%
    Premium/Discount -0.11%
Bid-Ask Spead (30 day median) 0.14%

Month End Performance

as of September 30, 2024
Cumulative
1 MO. 3 MO. 6 MO. SINCE INCEPTION
Fund NAV 1.14% 5.00% 5.02% 46.11%
Closing Price 1.30% 5.19% 5.01% 46.30%
Avg. Annualized
1 YR. 3 YR. 5 YR. SINCE INCEPTION
Fund NAV 18.67% 6.49% NA% 8.32%
Closing Price 18.81% 6.50% NA% 8.35%

Quarter End Performance

as of September 30, 2024
Cumulative
1 MO. 3 MO. 6 MO. SINCE INCEPTION
Fund NAV 1.14% 5.00% 5.02% 46.11%
Closing Price 1.30% 5.19% 5.01% 46.30%
Avg. Annualized
1 YR. 3 YR. 5 YR. SINCE INCEPTION
Fund NAV 18.67% 6.49% NA% 8.32%
Closing Price 18.81% 6.50% NA% 8.35%

Percentage of Net Assets Name Identifier (Cusip) Shares Held Market Value
13.32% Technology Select Sector SPDR Fund XLK (81369Y803) 52,704 $12,323,249.28
12.28% Financial Select Sector SPDR Fund XLF (81369Y605) 242,691 $11,357,938.80
10.03% FIDELITY INV MMKT GOVT-I 12/31/2031 FIGXX (316175108) 9,278,408 $9,278,408.31
9.11% iShares 1-3 Year Treasury Bond ETF SHY (464287457) 102,112 $8,424,240.00
8.95% Communication Services Select Sector SPDR Fund XLC (81369Y852) 91,166 $8,282,431.10
5.54% ISHARES TRUST DJ HOME CONSTN ITB (464288752) 40,553 $5,123,060.49
4.25% Health Care Select Sector SPDR Fund XLV (81369Y209) 25,433 $3,935,502.42
4.09% iShares U.S. Healthcare Providers ETF IHF (464288828) 66,646 $3,787,492.18
3.91% Industrial Select Sector SPDR Fund XLI (81369Y704) 25,958 $3,614,651.50
3.37% Direxion Daily S&P 500 Bear 1x Shares SPDN (25460E869) 282,331 $3,114,110.93
3.18% iShares 5-10 Year Investment Grade Corporate Bond ETF IGIB (464288638) 55,611 $2,943,490.23
2.83% ProShares Short QQQ PSQ (74349Y837) 67,565 $2,620,170.70
2.66% iShares U.S. Insurance ETF IAK (464288786) 18,790 $2,457,732.00
2.60% SPDR BARCLAYS CAPITAL INTL TREASURY BOND ETF BWX (78464A516) 106,638 $2,402,554.14
2.26% SPDR S&P Retail ETF XRT (78464A714) 27,442 $2,089,982.72
1.74% iShares 7-10 Year Treasury Bond ETF IEF (464287440) 16,802 $1,607,783.38
1.42% Simplify MBS ETF MTBA (82889N525) 25,781 $1,311,737.28
1.31% SPDR Bloomberg International Corporate Bond ETF IBND (78464A151) 40,553 $1,210,507.05
1.31% Invesco CurrencyShares Euro Currency Trust FXE (46138K103) 12,016 $1,209,770.88
1.14% SPDR S&P Regional Banking ETF KRE (78464A698) 18,089 $1,058,025.61
0.99% iShares MBS ETF MBB (464288588) 9,763 $919,381.71
0.90% VanEck Gold Miners ETF/USA GDX (92189F106) 20,627 $828,380.32
0.90% Invesco CurrencyShares Japanese Yen Trust FXY (46138W107) 13,526 $834,013.16
0.67% VanEck J. P. Morgan EM Local Currency Bond ETF EMLC (92189H300) 25,236 $622,067.40
0.67% SPDR S&P Homebuilders ETF XHB (78464A888) 5,045 $623,915.15
0.66% iShares U.S. Telecommunications ETF IYZ (464287713) 23,622 $608,975.16
-0.08% Cash & Other Cash&Other $-78,374.74

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. An investment in the funds involves risk, including possible loss of principal. The Prospectus contains this and other information about the Fund. For a current Prospectus, call toll-free 1-866-306-8117. Please read the Prospectus carefully before you invest. Investing involves risk, including the possibility of loss of principal.

Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. The Adviser has voluntarily agreed to reimburse fees. This agreement may change or end at any time. Performance would have been lower without expense reimbursement in effect.

†Morningstar Rating™ or “star rating”: For funds with at least a 3-year history, a risk-adjusted-return measure is calculated to account for variation in monthly performance, placing more emphasis on downward variations and rewarding consistency. The top 10% of funds in each category receive 5 stars, next 22.5%=4 stars, next 35%=3 stars, next 22.5%=2 stars, and bottom 10%=1 star. The “Overall” Rating is derived from a weighted average of the 3-, 5-, and 10-year ratings (if applicable). Within the Tactical Allocation category, for the 3-, 5-, and 10-year periods, LCR is rated 4, NA, and NA stars, among 222, NA, and NA funds. ©2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from using this information. Leuthold Funds’ adviser pays a license fee for the use of Morningstar Ratings.™

Risks of Investing in the Fund

Asset Allocation Risk: The Fund may favor an asset category or investment strategy that performs poorly to other asset categories and investment strategies for short or long periods of time.

Foreign and Emerging Markets Securities Risk: Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities, can involve additional risks relating to political, economic, or regulatory conditions not associated with investment in U.S. securities and instruments.

Market Risks: Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence and perceptions of their issuers change.

Fixed Income Securities Risk: Issuers of bonds may not be able to make interest or principal payments, or may suffer adverse changes in financial condition that could lower the credit quality.

Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. There may be market conditions where the quantitative investment approach performs poorly.

Managed Futures Strategy/Commodities Risk: Investments in managed futures programs or commodities may subject an Underlying Investment to greater volatility than investments in traditional securities.

Sector Risk: The Fund’s investing approach may dictate an emphasis on certain sectors, industries, or sub-sectors of the market. The Fund may invest more heavily in one sector, industry, or sub-sector; or may lack exposure to one or more sectors, which may adversely affect performance.

Distributor: Quasar Distributors, LLC