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
Morningstar Rating™ Overall among 378 Mid-Cap Blend funds as of 05.31.25 based on risk-adjusted returns.†
-
Fund Inception:
June 19, 2000 -
Ticker:
LST -
Net Assets:
$27,824,002 -
Shares Outstanding:
756,875 -
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:
106
Fund Prices
as of July 29, 2025| NAV | Price | ||
|---|---|---|---|
| Net Asset Value | $36.76 | Closing Price | $36.78 |
| Daily Change | $0.02 | Daily Change | $0.04 |
| Daily Change | 0.06% | Daily Change | 0.10% |
| Premium/Discount | 0.04% | ||
| Bid-Ask Spead (30 day median) | 0.22% |
Month/Quarter End Performance
as of June 30, 2025Avg. Annualized
| 1 YR. | 3 YR. | 5 YR. | INCEPTION | |
|---|---|---|---|---|
| Fund NAV | 15.03% | 17.71% | 16.08% | 9.10% |
| Closing Price | 15.08% | 17.73% | 16.09% | 9.10% |
Cumulative
| YTD | 1 MO. | 3 MO. | 6 MO. | INCEPTION | |
|---|---|---|---|---|---|
| Fund NAV | 9.73% | 5.18% | 13.28% | 9.73% | 784.06% |
| Closing Price | 9.78% | 5.11% | 13.19% | 9.78% | 784.48% |
All Holdings Top 10 Holdings
| Percentage of Net Assets | Name | Identifier (Cusip) | Shares Held | Market Value |
|---|---|---|---|---|
| 4.42% | Microsoft Corp | MSFT (594918104) | 2,398 | $1,229,142.86 |
| 3.55% | Meta Platforms Inc | META (30303M102) | 1,412 | $988,400.00 |
| 2.89% | Netflix Inc | NFLX (64110L106) | 689 | $805,261.86 |
| 2.89% | Oracle Corp | ORCL (68389X105) | 3,217 | $804,185.66 |
| 2.37% | Jabil Inc | JBL (466313103) | 2,858 | $658,426.04 |
| 2.26% | Alphabet Inc | GOOGL (02079K305) | 3,217 | $629,727.75 |
| 2.04% | Goldman Sachs Group Inc/The | GS (38141G104) | 776 | $568,016.48 |
| 1.89% | McKesson Corp | MCK (58155Q103) | 739 | $526,278.85 |
| 1.76% | Flex Ltd | FLEX (Y2573F102) | 9,440 | $488,992.00 |
| 1.66% | Kinross Gold Corp | KGC (496902404) | 28,833 | $461,616.33 |
| 1.65% | Cardinal Health Inc | CAH (14149Y108) | 2,909 | $457,847.51 |
| 1.57% | JPMORGAN CHASE & CO. | JPM (46625H100) | 1,475 | $438,134.00 |
| 1.56% | Morgan Stanley | MS (617446448) | 3,017 | $433,120.52 |
| 1.50% | T-Mobile US Inc | TMUS (872590104) | 1,747 | $417,969.75 |
| 1.48% | Cencora Inc | COR (03073E105) | 1,424 | $412,632.48 |
| 1.46% | Cisco Systems Inc | CSCO (17275R102) | 5,968 | $405,585.28 |
| 1.46% | Mastercard Inc | MA (57636Q104) | 721 | $406,153.72 |
| 1.39% | TE Connectivity PLC | TEL (G87052109) | 1,850 | $386,964.50 |
| 1.31% | Citigroup Inc | C (172967424) | 3,871 | $365,732.08 |
| 1.31% | Deutsche Bank AG | DB (D18190898) | 11,033 | $365,081.97 |
| 1.28% | Bank of America Corp | BAC (060505104) | 7,452 | $357,323.40 |
| 1.21% | Visa Inc | V (92826C839) | 956 | $335,833.24 |
| 1.12% | US BANK MMDA - USBGFS 9 09/01/2037 | 8AMMF0JA0 (8AMMF0JA0) | 311,684 | $311,684.39 |
| 1.11% | Check Point Software Technologies Ltd | CHKP (M22465104) | 1,415 | $308,936.95 |
| 1.11% | Fortinet Inc | FTNT (34959E109) | 2,946 | $308,652.42 |
| 1.11% | AT&T Inc | T (00206R102) | 11,234 | $307,923.94 |
| 1.07% | Walt Disney Co/The | DIS (254687106) | 2,477 | $297,017.07 |
| 1.01% | Agnico Eagle Mines Ltd | AEM (008474108) | 2,235 | $282,280.50 |
| 1.01% | Barclays PLC | BCS (06738E204) | 13,974 | $280,178.70 |
| 0.98% | Canadian Imperial Bank of Commerce | CM (136069101) | 3,758 | $272,417.42 |
| 0.98% | IAMGOLD Corp | IAG (450913108) | 39,056 | $272,220.32 |
| 0.98% | SS&C Technologies Holdings Inc | SSNC (78467J100) | 3,188 | $271,808.88 |
| 0.94% | F5 Inc | FFIV (315616102) | 877 | $262,433.48 |
| 0.94% | UGI Corp | UGI (902681105) | 7,348 | $262,470.56 |
| 0.94% | VeriSign Inc | VRSN (92343E102) | 940 | $260,821.80 |
| 0.93% | Uber Technologies Inc | UBER (90353T100) | 2,957 | $257,584.27 |
| 0.92% | HCA Healthcare Inc | HCA (40412C101) | 745 | $256,652.50 |
| 0.89% | Dycom Industries Inc | DY (267475101) | 918 | $246,657.42 |
| 0.88% | Adtalem Global Education Inc | ATGE (00737L103) | 2,152 | $245,198.88 |
| 0.88% | MDU Resources Group Inc | MDU (552690109) | 14,354 | $244,448.62 |
| 0.87% | Concentrix Corp | CNXC (20602D101) | 4,162 | $240,730.08 |
| 0.85% | Primoris Services Corp | PRIM (74164F103) | 2,561 | $237,379.09 |
| 0.83% | ONE Gas Inc | OGS (68235P108) | 3,192 | $232,249.92 |
| 0.82% | Stride Inc | LRN (86333M108) | 1,765 | $226,908.40 |
| 0.82% | Spire Inc | SR (84857L101) | 3,150 | $229,414.50 |
| 0.81% | Twilio Inc | TWLO (90138F102) | 1,745 | $226,588.25 |
| 0.81% | WNS Holdings Ltd | WNS (G98196101) | 3,031 | $226,658.18 |
| 0.80% | New Jersey Resources Corp | NJR (646025106) | 4,893 | $222,729.36 |
| 0.80% | PNC Financial Services Group Inc/The | PNC (693475105) | 1,149 | $222,182.13 |
| 0.77% | Laureate Education Inc | LAUR (518613203) | 9,366 | $215,137.02 |
| 0.77% | Tenet Healthcare Corp | THC (88033G407) | 1,376 | $214,738.56 |
| 0.76% | Telefonaktiebolaget LM Ericsson | ERIC (294821608) | 28,721 | $211,673.77 |
| 0.76% | Sanmina Corp | SANM (801056102) | 1,751 | $211,450.76 |
| 0.75% | Nokia Oyj | NOK (654902204) | 50,180 | $209,752.40 |
| 0.75% | US Bancorp | USB (902973304) | 4,551 | $209,755.59 |
| 0.74% | Perdoceo Education Corp | PRDO (71363P106) | 7,238 | $206,717.28 |
| 0.74% | Universal Technical Institute Inc | UTI (913915104) | 6,510 | $205,520.70 |
| 0.73% | Fluor Corp | FLR (343412102) | 3,615 | $202,403.85 |
| 0.73% | Maximus Inc | MMS (577933104) | 2,833 | $203,296.08 |
| 0.72% | CSG Systems International Inc | CSGS (126349109) | 3,235 | $201,443.45 |
| 0.71% | Travelers Cos Inc/The | TRV (89417E109) | 757 | $196,683.74 |
| 0.69% | Hartford Insurance Group Inc/The | HIG (416515104) | 1,546 | $192,693.44 |
| 0.69% | Raymond James Financial Inc | RJF (754730109) | 1,141 | $191,710.82 |
| 0.68% | ADT Inc | ADT (00090Q103) | 22,607 | $188,542.38 |
| 0.67% | Valmont Industries Inc | VMI (920253101) | 510 | $185,221.80 |
| 0.63% | Allstate Corp/The | ALL (020002101) | 911 | $176,642.90 |
| 0.63% | Pearson PLC | PSO (705015105) | 12,413 | $176,016.34 |
| 0.62% | Eldorado Gold Corp | EGO (284902509) | 8,168 | $171,528.00 |
| 0.62% | Frontdoor Inc | FTDR (35905A109) | 2,962 | $172,921.56 |
| 0.62% | GoDaddy Inc | GDDY (380237107) | 1,045 | $172,466.80 |
| 0.62% | Royal Caribbean Cruises Ltd | RCL (V7780T103) | 513 | $171,531.81 |
| 0.60% | Akamai Technologies Inc | AKAM (00971T101) | 2,087 | $165,895.63 |
| 0.60% | Comcast Corp | CMCSA (20030N101) | 5,113 | $167,859.79 |
| 0.60% | Pan American Silver Corp | PAAS (697900108) | 5,895 | $167,300.10 |
| 0.58% | Markel Group Inc | MKL (570535104) | 80 | $161,480.00 |
| 0.57% | Carnival Corp | CCL (143658300) | 5,311 | $157,736.70 |
| 0.57% | Travel + Leisure Co | TNL (894164102) | 2,523 | $157,838.88 |
| 0.57% | Virtu Financial Inc | VIRT (928254101) | 3,572 | $157,310.88 |
| 0.56% | ENCOMPASS HEALTH CORP | EHC (29261A100) | 1,431 | $154,920.06 |
| 0.56% | Plexus Corp | PLXS (729132100) | 1,213 | $155,894.76 |
| 0.56% | PayPal Holdings Inc | PYPL (70450Y103) | 2,183 | $155,975.35 |
| 0.55% | Equinox Gold Corp | EQX (29446Y502) | 24,116 | $152,895.44 |
| 0.55% | Qualys Inc | QLYS (74758T303) | 1,118 | $153,646.74 |
| 0.54% | Okta Inc | OKTA (679295105) | 1,513 | $149,771.87 |
| 0.53% | Assurant Inc | AIZ (04621X108) | 802 | $148,514.36 |
| 0.51% | Expedia Group Inc | EXPE (30212P303) | 772 | $141,129.32 |
| 0.50% | Universal Health Services Inc | UHS (913903100) | 861 | $140,188.02 |
| 0.49% | Arch Capital Group Ltd | ACGL (G0450A105) | 1,573 | $135,466.76 |
| 0.49% | Life Time Group Holdings Inc | LTH (53190C102) | 4,713 | $135,074.58 |
| 0.48% | Verizon Communications Inc | VZ (92343V104) | 3,124 | $133,426.04 |
| 0.46% | United Parks & Resorts Inc | PRKS (81282V100) | 2,580 | $127,452.00 |
| 0.45% | Cigna Group/The | CI (125523100) | 431 | $125,925.27 |
| 0.45% | Hyatt Hotels Corp | H (448579102) | 866 | $126,314.76 |
| 0.44% | Asbury Automotive Group Inc | ABG (043436104) | 556 | $122,503.48 |
| 0.43% | CVS Health Corp | CVS (126650100) | 2,008 | $120,480.00 |
| 0.43% | Graham Holdings Co | GHC (384637104) | 130 | $120,125.20 |
| 0.43% | Norwegian Cruise Line Holdings Ltd | NCLH (G66721104) | 5,107 | $119,554.87 |
| 0.42% | Lithia Motors Inc | LAD (536797103) | 404 | $117,067.08 |
| 0.41% | Benchmark Electronics Inc | BHE (08160H101) | 2,848 | $114,461.12 |
| 0.39% | Hanover Insurance Group Inc/The | THG (410867105) | 654 | $108,858.30 |
| 0.38% | CTS Corp | CTS (126501105) | 2,551 | $105,228.75 |
| 0.36% | White Mountains Insurance Group Ltd | WTM (G9618E107) | 56 | $100,625.84 |
| 0.35% | Charter Communications Inc | CHTR (16119P108) | 346 | $97,115.28 |
| 0.34% | Kemper Corp | KMPR (488401100) | 1,566 | $94,288.86 |
| 0.28% | Digi International Inc | DGII (253798102) | 2,330 | $78,357.90 |
| 0.03% | Cash & Other | Cash&Other | $8,365.03 |
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