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LST
Leuthold Select Industries ETF
Long-Only Equity (U.S. traded; industry-group rotation & sector concentrations)

We believe that focusing on a diverse range of industries offers the potential to capture growth opportunities across various sectors of the economy. By emphasizing flexibility in industry selection and weightings, the all-cap fund seeks to capitalize on unique market dynamics and economic trends as they unfold throughout the business cycle, fostering long-term investment success.

ETF Summary

As of May 21, 2025

Morningstar Rating™ Overall among 379 Mid-Cap Blend funds as of 03.31.25 based on risk-adjusted returns.†

Fact Sheet
  • Fund Inception:
    June 19, 2000
  • Ticker:
    LST
  • Net Assets:
    $19,247,802
  • Shares Outstanding:
    556,875
  • Primary Exchange:
    NYSE
  • CUSIP:
    56167R705
  • Fund Type:
    Long-Only Equity (U.S. traded; industry-group rotation & sector concentrations)
  • Investment Objective:
    Capital appreciation through equity group selection and rotation
  • Management Fee:
    0.50%
  • All Remaining Other Expenses:
    0.41%
  • Acquired Fund Fee & Expenses:
    0.00%
  • Expense Reimbursement:
    0.26%
  • Total Annual Fund Operating Expenses After Expense Reimbursement:
    0.65%
  • Portfolio Managers:
  • Number of Holdings:
    112

Fund Prices

as of May 21, 2025
NAV Price
Net Asset Value $34.56 Closing Price $34.61
Daily Change $-0.45 Daily Change $-0.43
Daily Change -1.29% Daily Change -1.22%
    Premium/Discount 0.14%
Bid-Ask Spead (30 day median) 0.21%

Month End Performance

as of April 30, 2025
Avg. Annualized
1 YR. 3 YR. 5 YR. INCEPTION
Fund NAV 6.58% 9.87% 15.46% 8.64%
Closing Price 6.75% 9.93% 15.50% 8.65%
Cumulative
YTD 1 MO. 3 MO. 6 MO. INCEPTION
Fund NAV -2.58% 0.58% -8.15% -2.98% 684.92%
Closing Price -2.43% 0.61% -8.17% -2.83% 686.14%

Quarter End Performance

as of March 31, 2025
Avg. Annualized
1 YR. 3 YR. 5 YR. INCEPTION
Fund NAV -1.01% 7.39% 18.36% 8.64%
Closing Price -0.89% 7.44% 18.39% 8.65%
Cumulative
YTD 1 MO. 3 MO. 6 MO. INCEPTION
Fund NAV -3.14% -4.87% -3.14% -5.54% 680.42%
Closing Price -3.02% -4.79% -3.02% -5.43% 681.39%

Percentage of Net Assets Name Identifier (Cusip) Shares Held Market Value
4.14% Microsoft Corp MSFT (594918104) 1,761 $796,975.77
3.42% Meta Platforms Inc META (30303M102) 1,037 $659,013.50
3.13% Netflix Inc NFLX (64110L106) 505 $603,288.15
2.07% Alphabet Inc GOOGL (02079K305) 2,363 $398,307.28
2.03% McKesson Corp MCK (58155Q103) 543 $390,270.39
1.93% Oracle Corp ORCL (68389X105) 2,363 $371,416.34
1.80% Jabil Inc JBL (466313103) 2,099 $346,754.80
1.76% Goldman Sachs Group Inc/The GS (38141G104) 570 $338,272.20
1.70% Cardinal Health Inc CAH (14149Y108) 2,136 $327,470.16
1.61% Kinross Gold Corp KGC (496902404) 21,178 $310,045.92
1.60% T-Mobile US Inc TMUS (872590104) 1,283 $308,895.08
1.58% Cencora Inc COR (03073E105) 1,045 $304,471.20
1.57% Mastercard Inc MA (57636Q104) 529 $301,286.66
1.48% Flex Ltd FLEX (Y2573F102) 6,934 $285,542.12
1.47% JPMORGAN CHASE & CO. JPM (46625H100) 1,083 $282,706.32
1.44% Morgan Stanley MS (617446448) 2,216 $277,664.80
1.31% Visa Inc V (92826C839) 702 $251,526.60
1.23% Bank of America Corp BAC (060505104) 5,473 $236,707.25
1.21% US BANK MMDA - USBGFS 9 09/01/2037 8AMMF0JA0 (8AMMF0JA0) 232,115 $232,114.78
1.20% Deutsche Bank AG DB (D18190898) 8,103 $230,530.35
1.19% Check Point Software Technologies Ltd CHKP (M22465104) 1,039 $229,567.05
1.18% AT&T Inc T (00206R102) 8,251 $226,654.97
1.16% Fortinet Inc FTNT (34959E109) 2,164 $222,545.76
1.13% TE Connectivity PLC TEL (G87052109) 1,358 $216,614.58
1.09% HCA Healthcare Inc HCA (40412C101) 547 $208,850.07
1.08% Citigroup Inc C (172967424) 2,843 $208,733.06
1.07% Adtalem Global Education Inc ATGE (00737L103) 1,580 $206,506.00
1.05% Stride Inc LRN (86333M108) 1,296 $202,020.48
1.04% Walt Disney Co/The DIS (254687106) 1,819 $200,926.74
1.01% VeriSign Inc VRSN (92343E102) 691 $194,226.28
1.00% UGI Corp UGI (902681105) 5,397 $192,133.20
0.99% Agnico Eagle Mines Ltd AEM (008474108) 1,641 $189,748.83
0.99% IAMGOLD Corp IAG (450913108) 28,688 $191,062.08
0.96% Canadian Imperial Bank of Commerce CM (136069101) 2,760 $184,368.00
0.96% SS&C Technologies Holdings Inc SSNC (78467J100) 2,342 $183,917.26
0.95% Cisco Systems Inc CSCO (17275R102) 2,905 $183,596.00
0.94% Barclays PLC BCS (06738E204) 10,264 $180,338.48
0.94% MDU Resources Group Inc MDU (552690109) 10,543 $180,601.59
0.91% ONE Gas Inc OGS (68235P108) 2,345 $175,382.55
0.89% Spire Inc SR (84857L101) 2,313 $171,717.12
0.88% Concentrix Corp CNXC (20602D101) 3,057 $169,938.63
0.88% Universal Technical Institute Inc UTI (913915104) 4,782 $168,900.24
0.86% Genpact Ltd G (G3922B107) 3,791 $165,552.97
0.86% New Jersey Resources Corp NJR (646025106) 3,594 $165,503.70
0.85% Tenet Healthcare Corp THC (88033G407) 1,010 $164,458.30
0.80% Maximus Inc MMS (577933104) 2,081 $153,328.08
0.79% CSG Systems International Inc CSGS (126349109) 2,375 $151,905.00
0.79% M&T Bank Corp MTB (55261F104) 850 $152,957.50
0.78% Dycom Industries Inc DY (267475101) 674 $151,063.62
0.78% Laureate Education Inc LAUR (518613203) 6,879 $150,374.94
0.78% Travelers Cos Inc/The TRV (89417E109) 555 $150,488.25
0.76% Hartford Insurance Group Inc/The HIG (416515104) 1,135 $147,118.70
0.76% Twilio Inc TWLO (90138F102) 1,282 $146,853.10
0.75% PNC Financial Services Group Inc/The PNC (693475105) 843 $145,223.61
0.74% US Bancorp USB (902973304) 3,343 $143,381.27
0.73% ADT Inc ADT (00090Q103) 16,605 $140,478.30
0.73% GoDaddy Inc GDDY (380237107) 767 $140,736.83
0.73% Primoris Services Corp PRIM (74164F103) 1,881 $140,134.50
0.72% Huntington Bancshares Inc/OH HBAN (446150104) 9,011 $138,048.52
0.71% Allstate Corp/The ALL (020002101) 669 $137,352.39
0.70% Nokia Oyj NOK (654902204) 25,377 $135,513.18
0.70% Okta Inc OKTA (679295105) 1,111 $135,608.66
0.68% Comcast Corp CMCSA (20030N101) 3,755 $131,800.50
0.66% F5 Inc FFIV (315616102) 441 $126,240.66
0.65% Citizens Financial Group Inc CFG (174610105) 3,177 $125,936.28
0.65% ENCOMPASS HEALTH CORP EHC (29261A100) 1,051 $125,962.35
0.65% Raymond James Financial Inc RJF (754730109) 837 $124,261.02
0.65% WNS Holdings Ltd WNS (G98196101) 2,225 $125,378.75
0.64% Telefonaktiebolaget LM Ericsson ERIC (294821608) 13,942 $123,526.12
0.62% Eldorado Gold Corp EGO (284902509) 5,999 $118,780.20
0.62% Strategic Education Inc STRA (86272C103) 1,346 $118,946.02
0.62% Universal Health Services Inc UHS (913903100) 632 $120,174.80
0.61% Akamai Technologies Inc AKAM (00971T101) 1,532 $117,075.44
0.61% Equinox Gold Corp EQX (29446Y502) 17,714 $117,443.82
0.61% Valmont Industries Inc VMI (920253101) 374 $117,252.74
0.60% Frontdoor Inc FTDR (35905A109) 2,175 $115,209.75
0.60% PayPal Holdings Inc PYPL (70450Y103) 1,603 $114,854.95
0.59% Assurant Inc AIZ (04621X108) 589 $113,459.07
0.58% Qualys Inc QLYS (74758T303) 821 $111,516.43
0.57% Merck & Co Inc MRK (58933Y105) 1,426 $109,773.48
0.56% Arch Capital Group Ltd ACGL (G0450A105) 1,154 $107,148.90
0.56% Markel Group Inc MKL (570535104) 58 $108,143.90
0.56% Perdoceo Education Corp PRDO (71363P106) 3,492 $108,042.48
0.55% Charter Communications Inc CHTR (16119P108) 254 $105,521.76
0.54% Pan American Silver Corp PAAS (697900108) 4,329 $104,328.90
0.54% Virtu Financial Inc VIRT (928254101) 2,506 $104,024.06
0.53% Old National Bancorp/IN ONB (680033107) 4,919 $101,675.73
0.52% Verizon Communications Inc VZ (92343V104) 2,295 $100,406.25
0.51% Life Time Group Holdings Inc LTH (53190C102) 3,462 $98,840.10
0.47% Columbia Banking System Inc COLB (197236102) 3,818 $90,410.24
0.47% Expedia Group Inc EXPE (30212P303) 567 $90,345.78
0.47% Pearson PLC PSO (705015105) 5,490 $90,749.70
0.46% Graham Holdings Co GHC (384637104) 95 $88,823.10
0.46% Royal Caribbean Cruises Ltd RCL (V7780T103) 376 $89,394.00
0.46% Travel + Leisure Co TNL (894164102) 1,853 $89,221.95
0.45% Carnival Corp CCL (143658300) 3,901 $85,978.04
0.45% United Parks & Resorts Inc PRKS (81282V100) 1,895 $85,881.40
0.43% Cadence Bank CADE (12740C103) 2,699 $82,103.58
0.42% Hyatt Hotels Corp H (448579102) 636 $80,644.80
0.42% Hanover Insurance Group Inc/The THG (410867105) 480 $80,088.00
0.39% White Mountains Insurance Group Ltd WTM (G9618E107) 41 $75,235.41
0.38% DigitalOcean Holdings Inc DOCN (25402D102) 2,573 $74,050.94
0.37% Kemper Corp KMPR (488401100) 1,150 $71,863.50
0.36% Jazz Pharmaceuticals PLC JAZZ (G50871105) 648 $70,158.96
0.34% Norwegian Cruise Line Holdings Ltd NCLH (G66721104) 3,751 $64,592.22
0.33% Global Payments Inc GPN (37940X102) 844 $63,907.68
0.33% Wix.com Ltd WIX (M98068105) 418 $63,678.12
0.31% Block Inc XYZ (852234103) 1,082 $59,986.08
0.29% Digi International Inc DGII (253798102) 1,711 $55,162.64
0.24% Concentra Group Holdings Parent Inc CON (20603L102) 2,124 $46,451.88
0.20% Select Medical Holdings Corp SEM (81619Q105) 2,633 $38,836.75
0.09% Cash & Other Cash&Other $16,532.25

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. Prior to January 21, 2025, the Fund was operated as a mutual fund, not as an ETF. The ETF has the same investment objective, strategy, restrictions, and portfolio managers as the mutual fund. The quoted NAV performance reflects mutual fund performance prior to the conversion date.

Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. The Prospectus contains this and other information about the Fund. For the current Prospectus, call toll-free 1-866-306-8117. Please read the Prospectus carefully before you invest.

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 Mid-Cap Blend category, for the 3-, 5-, and 10-year periods, LST is rated 4, 5, and 4 stars, among 379, 349, and 241 funds. ©2025 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 any use of this information. Leuthold Funds’ adviser pays a license fee for the use of Morningstar Ratings.™

Risks of Investing in the Fund

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.

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

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