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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 July 3, 2025

Morningstar Rating™ Overall among 378 Mid-Cap Blend funds as of 05.31.25 based on risk-adjusted returns.†

Fact Sheet
  • Fund Inception:
    June 19, 2000
  • Ticker:
    LST
  • Net Assets:
    $28,092,830
  • 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:
    108

Fund Prices

as of July 3, 2025
NAV Price
Net Asset Value $37.12 Closing Price $37.13
Daily Change $0.43 Daily Change $0.41
Daily Change 1.17% Daily Change 1.11%
    Premium/Discount 0.03%
Bid-Ask Spead (30 day median) 0.20%

Month/Quarter End Performance

as of June 30, 2025
Avg. 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%

Percentage of Net Assets Name Identifier (Cusip) Shares Held Market Value
4.26% Microsoft Corp MSFT (594918104) 2,398 $1,196,218.32
3.61% Meta Platforms Inc META (30303M102) 1,412 $1,015,242.12
3.18% Netflix Inc NFLX (64110L106) 689 $893,757.02
2.72% Oracle Corp ORCL (68389X105) 3,217 $763,458.44
2.30% Jabil Inc JBL (466313103) 2,858 $645,936.58
2.06% Alphabet Inc GOOGL (02079K305) 3,217 $577,548.01
2.00% Goldman Sachs Group Inc/The GS (38141G104) 776 $561,575.68
1.89% McKesson Corp MCK (58155Q103) 739 $531,562.70
1.74% Flex Ltd FLEX (Y2573F102) 9,440 $487,953.60
1.71% Cardinal Health Inc CAH (14149Y108) 2,909 $479,781.37
1.63% Kinross Gold Corp KGC (496902404) 28,833 $457,291.38
1.55% US BANK MMDA - USBGFS 9 09/01/2037 8AMMF0JA0 (8AMMF0JA0) 436,736 $436,736.46
1.55% JPMORGAN CHASE & CO. JPM (46625H100) 1,475 $436,600.00
1.55% Morgan Stanley MS (617446448) 3,017 $434,870.38
1.50% Cencora Inc COR (03073E105) 1,424 $421,831.52
1.50% T-Mobile US Inc TMUS (872590104) 1,747 $420,590.25
1.47% Cisco Systems Inc CSCO (17275R102) 5,968 $414,000.16
1.46% Mastercard Inc MA (57636Q104) 721 $410,422.04
1.30% Bank of America Corp BAC (060505104) 7,452 $364,626.36
1.22% Citigroup Inc C (172967424) 3,871 $343,435.12
1.22% Visa Inc V (92826C839) 956 $343,070.16
1.15% Deutsche Bank AG DB (D18190898) 11,033 $322,715.25
1.15% TE Connectivity PLC TEL (G87052109) 1,850 $322,436.50
1.13% Check Point Software Technologies Ltd CHKP (M22465104) 1,415 $316,436.45
1.13% AT&T Inc T (00206R102) 11,234 $318,596.24
1.11% Fortinet Inc FTNT (34959E109) 2,946 $311,274.36
1.09% Walt Disney Co/The DIS (254687106) 2,477 $307,148.00
1.04% IAMGOLD Corp IAG (450913108) 39,056 $292,138.88
1.00% HCA Healthcare Inc HCA (40412C101) 745 $280,552.10
0.99% Uber Technologies Inc UBER (90353T100) 2,957 $276,863.91
0.97% Canadian Imperial Bank of Commerce CM (136069101) 3,758 $271,139.70
0.96% Agnico Eagle Mines Ltd AEM (008474108) 2,235 $268,334.10
0.96% VeriSign Inc VRSN (92343E102) 940 $269,140.80
0.95% SS&C Technologies Holdings Inc SSNC (78467J100) 3,188 $266,198.00
0.94% Adtalem Global Education Inc ATGE (00737L103) 2,152 $264,803.60
0.94% F5 Inc FFIV (315616102) 877 $263,214.01
0.93% Nokia Oyj NOK (654902204) 50,180 $260,434.20
0.93% UGI Corp UGI (902681105) 7,348 $260,119.20
0.91% Barclays PLC BCS (06738E204) 13,974 $255,165.24
0.87% Telefonaktiebolaget LM Ericsson ERIC (294821608) 28,721 $245,277.34
0.87% Stride Inc LRN (86333M108) 1,765 $244,629.00
0.86% MDU Resources Group Inc MDU (552690109) 14,354 $241,290.74
0.85% Concentrix Corp CNXC (20602D101) 4,162 $237,899.92
0.84% Tenet Healthcare Corp THC (88033G407) 1,376 $235,984.00
0.83% ONE Gas Inc OGS (68235P108) 3,192 $232,856.40
0.83% Spire Inc SR (84857L101) 3,150 $233,289.00
0.82% Dycom Industries Inc DY (267475101) 918 $229,747.86
0.80% PNC Financial Services Group Inc/The PNC (693475105) 1,149 $225,858.93
0.79% Laureate Education Inc LAUR (518613203) 9,366 $221,412.24
0.79% New Jersey Resources Corp NJR (646025106) 4,893 $222,044.34
0.78% US Bancorp USB (902973304) 4,551 $218,129.43
0.77% Primoris Services Corp PRIM (74164F103) 2,561 $216,942.31
0.76% CSG Systems International Inc CSGS (126349109) 3,235 $213,639.40
0.75% Twilio Inc TWLO (90138F102) 1,745 $209,871.15
0.75% Universal Technical Institute Inc UTI (913915104) 6,510 $210,273.00
0.73% Maximus Inc MMS (577933104) 2,833 $204,145.98
0.71% Travelers Cos Inc/The TRV (89417E109) 757 $199,946.41
0.71% WNS Holdings Ltd WNS (G98196101) 3,031 $198,166.78
0.69% Hartford Insurance Group Inc/The HIG (416515104) 1,546 $193,234.54
0.68% ADT Inc ADT (00090Q103) 22,607 $191,481.29
0.66% Comcast Corp CMCSA (20030N101) 5,113 $184,016.87
0.66% GoDaddy Inc GDDY (380237107) 1,045 $185,299.40
0.65% Raymond James Financial Inc RJF (754730109) 1,141 $182,560.00
0.64% Allstate Corp/The ALL (020002101) 911 $180,378.00
0.64% Sanmina Corp SANM (801056102) 1,751 $179,197.34
0.63% Frontdoor Inc FTDR (35905A109) 2,962 $177,512.66
0.62% Valmont Industries Inc VMI (920253101) 510 $174,205.80
0.61% ENCOMPASS HEALTH CORP EHC (29261A100) 1,431 $170,346.24
0.61% Pan American Silver Corp PAAS (697900108) 5,895 $172,134.00
0.61% Royal Caribbean Cruises Ltd RCL (V7780T103) 513 $171,588.24
0.60% Eldorado Gold Corp EGO (284902509) 8,168 $169,649.36
0.60% Plexus Corp PLXS (729132100) 1,213 $169,820.00
0.60% PayPal Holdings Inc PYPL (70450Y103) 2,183 $167,195.97
0.60% Qualys Inc QLYS (74758T303) 1,118 $167,778.26
0.59% Akamai Technologies Inc AKAM (00971T101) 2,087 $165,874.76
0.57% Carnival Corp CCL (143658300) 5,311 $159,117.56
0.57% Markel Group Inc MKL (570535104) 80 $160,162.40
0.57% Universal Health Services Inc UHS (913903100) 861 $158,880.33
0.57% Virtu Financial Inc VIRT (928254101) 3,572 $158,989.72
0.55% Assurant Inc AIZ (04621X108) 802 $155,162.94
0.54% Perdoceo Education Corp PRDO (71363P106) 4,755 $152,255.10
0.54% Strategic Education Inc STRA (86272C103) 1,834 $153,047.30
0.53% Okta Inc OKTA (679295105) 1,513 $149,953.43
0.51% Asbury Automotive Group Inc ABG (043436104) 556 $143,814.96
0.51% Charter Communications Inc CHTR (16119P108) 346 $144,271.62
0.51% Lithia Motors Inc LAD (536797103) 404 $142,571.60
0.51% Travel + Leisure Co TNL (894164102) 2,523 $141,943.98
0.50% Arch Capital Group Ltd ACGL (G0450A105) 1,573 $140,295.87
0.50% Equinox Gold Corp EQX (29446Y502) 24,116 $139,872.80
0.49% Cigna Group/The CI (125523100) 431 $137,812.25
0.49% Life Time Group Holdings Inc LTH (53190C102) 4,713 $137,760.99
0.48% CVS Health Corp CVS (126650100) 2,008 $135,399.44
0.48% Expedia Group Inc EXPE (30212P303) 772 $136,242.56
0.48% Verizon Communications Inc VZ (92343V104) 3,124 $136,050.20
0.45% Hyatt Hotels Corp H (448579102) 866 $127,709.02
0.45% United Parks & Resorts Inc PRKS (81282V100) 2,580 $126,445.80
0.44% Graham Holdings Co GHC (384637104) 130 $123,840.60
0.41% Benchmark Electronics Inc BHE (08160H101) 2,848 $114,831.36
0.41% CTS Corp CTS (126501105) 2,551 $113,825.62
0.40% Norwegian Cruise Line Holdings Ltd NCLH (G66721104) 5,107 $112,251.86
0.40% Pearson PLC PSO (705015105) 7,474 $111,287.86
0.38% Hanover Insurance Group Inc/The THG (410867105) 654 $107,242.92
0.36% DigitalOcean Holdings Inc DOCN (25402D102) 3,504 $102,316.80
0.36% White Mountains Insurance Group Ltd WTM (G9618E107) 56 $99,976.80
0.35% Kemper Corp KMPR (488401100) 1,566 $99,566.28
0.33% Wix.com Ltd WIX (M98068105) 571 $93,809.59
0.30% Digi International Inc DGII (253798102) 2,330 $83,740.20
-0.41% Cash & Other Cash&Other $-114,449.74

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. 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