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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 October 6, 2025
Star for Morningstar Rating Star for Morningstar Rating Star for Morningstar Rating Star for Morningstar Rating Star for Morningstar Rating

Morningstar Rating™ Overall among 379 Mid-Cap Blend funds as of 07.31.25 based on risk-adjusted returns.†

Fact Sheet
  • Fund Inception:
    June 19, 2000
  • Ticker:
    LST
  • Net Assets:
    $47,119,886
  • Shares Outstanding:
    1,181,875
  • 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:
    104

Fund Prices

as of October 6, 2025
NAV Price
Net Asset Value $39.87 Closing Price $39.92
Daily Change $0.16 Daily Change $0.17
Daily Change 0.41% Daily Change 0.42%
    Premium/Discount 0.13%
Bid-Ask Spead (30 day median) 0.20%

Month/Quarter End Performance

as of September 30, 2025
Avg. Annualized
1 YR. 3 YR. 5 YR. INCEPTION
Fund NAV 16.03% 22.83% 15.81% 9.35%
Closing Price 16.14% 22.87% 15.83% 9.36%
Cumulative
YTD 1 MO. 3 MO. 6 MO. INCEPTION
Fund NAV 18.99% 4.66% 8.44% 22.84% 858.68%
Closing Price 19.10% 4.72% 8.49% 22.81% 859.59%

Percentage of Net Assets Name Identifier (Cusip) Shares Held Market Value
4.21% Microsoft Corp MSFT (594918104) 3,749 $1,981,608.93
3.35% Meta Platforms Inc META (30303M102) 2,205 $1,578,030.30
2.67% Alphabet Inc GOOGL (02079K305) 5,030 $1,259,662.90
2.65% Netflix Inc NFLX (64110L106) 1,074 $1,249,394.94
2.47% US BANK MMDA - USBGFS 9 09/01/2037 8AMMF0JA0 (8AMMF0JA0) 1,163,864 $1,163,863.63
2.18% Oracle Corp ORCL (68389X105) 3,530 $1,029,312.70
2.05% Goldman Sachs Group Inc/The GS (38141G104) 1,211 $964,900.58
1.92% Jabil Inc JBL (466313103) 4,467 $903,227.40
1.82% McKesson Corp MCK (58155Q103) 1,154 $855,448.66
1.79% Flex Ltd FLEX (Y2573F102) 14,764 $845,681.92
1.79% Kinross Gold Corp KGC (496902404) 33,250 $842,887.50
1.62% Cisco Systems Inc CSCO (17275R102) 11,045 $761,110.95
1.58% Morgan Stanley MS (617446448) 4,715 $745,394.35
1.51% JPMORGAN CHASE & CO. JPM (46625H100) 2,303 $712,041.54
1.50% Cardinal Health Inc CAH (14149Y108) 4,550 $706,114.50
1.44% Cencora Inc COR (03073E105) 2,226 $679,597.80
1.38% Mastercard Inc MA (57636Q104) 1,123 $650,003.63
1.37% TE Connectivity PLC TEL (G87052109) 2,893 $645,023.28
1.30% T-Mobile US Inc TMUS (872590104) 2,729 $613,915.84
1.28% Deutsche Bank AG DB (D18190898) 17,252 $602,784.88
1.26% Citigroup Inc C (172967424) 6,055 $593,692.75
1.25% Bank of America Corp BAC (060505104) 11,654 $587,245.06
1.23% IAMGOLD Corp IAG (450913108) 42,300 $580,356.00
1.21% F5 Inc FFIV (315616102) 1,727 $568,183.00
1.18% Primoris Services Corp PRIM (74164F103) 4,002 $558,238.98
1.11% Visa Inc V (92826C839) 1,493 $521,475.04
1.07% Aptiv PLC APTV (G3265R107) 5,745 $503,262.00
1.07% Adtalem Global Education Inc ATGE (00737L103) 3,365 $504,312.55
1.07% HCA Healthcare Inc HCA (40412C101) 1,162 $503,785.10
1.05% Telefonaktiebolaget LM Ericsson ERIC (294821608) 59,032 $497,049.44
1.05% Magna International Inc MGA (559222401) 10,012 $492,590.40
1.02% Canadian Imperial Bank of Commerce CM (136069101) 5,877 $479,974.59
1.00% Autoliv Inc ALV (052800109) 3,688 $469,777.44
0.98% Uber Technologies Inc UBER (90353T100) 4,621 $462,562.10
0.96% Barclays PLC BCS (06738E204) 21,856 $450,889.28
0.96% AT&T Inc T (00206R102) 17,568 $454,484.16
0.94% Check Point Software Technologies Ltd CHKP (M22465104) 2,209 $443,920.64
0.93% Walt Disney Co/The DIS (254687106) 3,870 $436,342.50
0.93% Laureate Education Inc LAUR (518613203) 14,645 $437,812.28
0.92% SS&C Technologies Holdings Inc SSNC (78467J100) 4,984 $435,202.88
0.91% Tenet Healthcare Corp THC (88033G407) 2,149 $429,284.24
0.88% Dycom Industries Inc DY (267475101) 1,435 $414,227.10
0.85% Maximus Inc MMS (577933104) 4,428 $402,770.88
0.85% Perdoceo Education Corp PRDO (71363P106) 11,176 $401,330.16
0.84% Fortinet Inc FTNT (34959E109) 4,606 $397,866.28
0.84% VeriSign Inc VRSN (92343E102) 1,470 $398,046.60
0.82% Agnico Eagle Mines Ltd AEM (008474108) 2,274 $387,512.34
0.82% Stride Inc LRN (86333M108) 2,758 $387,912.70
0.81% Sanmina Corp SANM (801056102) 2,735 $382,900.00
0.80% Vertex Pharmaceuticals Inc VRTX (92532F100) 930 $374,697.00
0.77% Amgen Inc AMGN (031162100) 1,235 $363,238.20
0.77% NETGEAR Inc NTGR (64111Q104) 11,176 $364,225.84
0.77% Regeneron Pharmaceuticals Inc REGN (75886F107) 623 $364,754.04
0.77% WNS Holdings Ltd WNS (G98196101) 4,739 $361,633.09
0.75% AECOM ACM (00766T100) 2,736 $354,366.72
0.75% Gilead Sciences Inc GILD (375558103) 3,094 $351,416.52
0.75% PNC Financial Services Group Inc/The PNC (693475105) 1,797 $351,529.14
0.72% Garrett Motion Inc GTX (366505105) 25,317 $340,513.65
0.72% Lear Corp LEA (521865204) 3,295 $339,121.40
0.72% US Bancorp USB (902973304) 7,115 $339,527.80
0.72% Visteon Corp VC (92839U206) 2,772 $337,019.76
0.71% Travelers Cos Inc/The TRV (89417E109) 1,184 $334,752.32
0.70% NetScout Systems Inc NTCT (64115T104) 12,347 $330,776.13
0.69% Universal Technical Institute Inc UTI (913915104) 10,181 $323,857.61
0.68% CSG Systems International Inc CSGS (126349109) 5,059 $322,713.61
0.68% Hartford Insurance Group Inc/The HIG (416515104) 2,418 $320,481.72
0.67% Eldorado Gold Corp EGO (284902509) 10,645 $317,966.15
0.67% Valmont Industries Inc VMI (920253101) 794 $317,885.84
0.66% Concentrix Corp CNXC (20602D101) 6,507 $309,342.78
0.65% Goodyear Tire & Rubber Co/The GT (382550101) 40,690 $307,616.40
0.63% Allstate Corp/The ALL (020002101) 1,425 $297,582.75
0.63% Raymond James Financial Inc RJF (754730109) 1,781 $298,566.84
0.60% Plexus Corp PLXS (729132100) 1,897 $282,368.45
0.59% Assurant Inc AIZ (04621X108) 1,252 $277,555.88
0.59% ENCOMPASS HEALTH CORP EHC (29261A100) 2,236 $276,414.32
0.59% Pearson PLC PSO (705015105) 19,425 $275,835.00
0.59% Universal Health Services Inc UHS (913903100) 1,344 $277,992.96
0.57% Expedia Group Inc EXPE (30212P303) 1,206 $269,938.98
0.55% Biogen Inc BIIB (09062X103) 1,691 $260,498.55
0.54% Royal Caribbean Cruises Ltd RCL (V7780T103) 798 $253,205.40
0.53% Equinox Gold Corp EQX (29446Y502) 22,433 $249,006.30
0.52% Travel + Leisure Co TNL (894164102) 3,943 $244,308.28
0.52% United Therapeutics Corp UTHR (91307C102) 541 $245,224.48
0.51% Carnival Corp CCL (143658300) 8,304 $241,563.36
0.51% CVS Health Corp CVS (126650100) 3,138 $241,123.92
0.51% Markel Group Inc MKL (570535104) 122 $238,873.56
0.51% StoneX Group Inc SNEX (861896108) 2,450 $242,550.00
0.49% Graham Holdings Co GHC (384637104) 202 $232,726.22
0.48% Qualys Inc QLYS (74758T303) 1,744 $226,022.40
0.47% United Parks & Resorts Inc PRKS (81282V100) 4,033 $220,080.81
0.46% Asbury Automotive Group Inc ABG (043436104) 868 $214,838.68
0.46% Granite Construction Inc GVA (387328107) 2,010 $217,683.00
0.45% Bread Financial Holdings Inc BFH (018581108) 3,864 $211,631.28
0.45% Lazard Inc LAZ (52110M109) 4,202 $212,327.06
0.43% Verizon Communications Inc VZ (92343V104) 4,885 $202,434.40
0.42% Life Time Group Holdings Inc LTH (53190C102) 7,368 $198,788.64
0.42% Pan American Silver Corp PAAS (697900108) 4,993 $199,869.79
0.41% Norwegian Cruise Line Holdings Ltd NCLH (G66721104) 7,983 $192,390.30
0.40% Hanover Insurance Group Inc/The THG (410867105) 1,020 $188,312.40
0.36% Benchmark Electronics Inc BHE (08160H101) 4,453 $171,841.27
0.34% CTS Corp CTS (126501105) 3,988 $159,878.92
0.33% White Mountains Insurance Group Ltd WTM (G9618E107) 83 $154,751.84
0.28% Digi International Inc DGII (253798102) 3,644 $133,953.44
0.02% Cash & Other Cash&Other $8,649.43

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 5, 5, and 4 stars, among 379, 354, and 252 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