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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 September 30, 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:
    $44,107,186
  • Shares Outstanding:
    1,106,875
  • 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 September 30, 2025
NAV Price
Net Asset Value $39.85 Closing Price $39.89
Daily Change $0.06 Daily Change $0.05
Daily Change 0.14% Daily Change 0.12%
    Premium/Discount 0.1%
Bid-Ask Spead (30 day median) 0.20%

Month End Performance

as of August 31, 2025
Avg. Annualized
1 YR. 3 YR. 5 YR. INCEPTION
Fund NAV 12.29% 17.23% 14.28% 9.19%
Closing Price 12.32% 17.24% 14.29% 9.19%
Cumulative
YTD 1 MO. 3 MO. 6 MO. INCEPTION
Fund NAV 13.69% 3.89% 8.98% 11.66% 816.02%
Closing Price 13.73% 4.05% 8.90% 11.65% 816.34%

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
4.12% Microsoft Corp MSFT (594918104) 3,512 $1,819,040.40
3.44% Meta Platforms Inc META (30303M102) 2,067 $1,517,963.46
2.74% Netflix Inc NFLX (64110L106) 1,008 $1,208,511.36
2.60% Alphabet Inc GOOGL (02079K305) 4,712 $1,145,487.20
2.26% US BANK MMDA - USBGFS 9 09/01/2037 8AMMF0JA0 (8AMMF0JA0) 996,273 $996,273.40
2.11% Oracle Corp ORCL (68389X105) 3,308 $930,341.92
2.06% Jabil Inc JBL (466313103) 4,185 $908,856.45
2.05% Goldman Sachs Group Inc/The GS (38141G104) 1,136 $904,653.60
1.90% McKesson Corp MCK (58155Q103) 1,082 $835,888.28
1.82% Flex Ltd FLEX (Y2573F102) 13,828 $801,609.16
1.75% Kinross Gold Corp KGC (496902404) 31,141 $773,853.85
1.60% Cisco Systems Inc CSCO (17275R102) 10,346 $707,873.32
1.59% Morgan Stanley MS (617446448) 4,418 $702,285.28
1.54% JPMORGAN CHASE & CO. JPM (46625H100) 2,159 $681,013.37
1.51% Cardinal Health Inc CAH (14149Y108) 4,262 $666,786.92
1.48% Cencora Inc COR (03073E105) 2,085 $651,625.05
1.39% T-Mobile US Inc TMUS (872590104) 2,558 $612,334.04
1.36% Mastercard Inc MA (57636Q104) 1,054 $599,525.74
1.35% TE Connectivity PLC TEL (G87052109) 2,710 $594,926.30
1.31% Citigroup Inc C (172967424) 5,671 $575,606.50
1.30% Deutsche Bank AG DB (D18190898) 16,160 $572,225.60
1.28% Bank of America Corp BAC (060505104) 10,916 $563,156.44
1.19% F5 Inc FFIV (315616102) 1,619 $523,244.61
1.17% Primoris Services Corp PRIM (74164F103) 3,750 $514,987.50
1.16% IAMGOLD Corp IAG (450913108) 39,618 $512,260.74
1.10% Adtalem Global Education Inc ATGE (00737L103) 3,152 $486,826.40
1.08% Visa Inc V (92826C839) 1,400 $477,932.00
1.05% Aptiv PLC APTV (G3265R107) 5,382 $464,036.04
1.05% HCA Healthcare Inc HCA (40412C101) 1,090 $464,558.00
1.05% AT&T Inc T (00206R102) 16,455 $464,689.20
1.04% Telefonaktiebolaget LM Ericsson ERIC (294821608) 55,288 $457,231.76
1.01% Magna International Inc MGA (559222401) 9,379 $444,377.02
1.00% Canadian Imperial Bank of Commerce CM (136069101) 5,505 $439,794.45
0.98% Laureate Education Inc LAUR (518613203) 13,718 $432,665.72
0.97% Autoliv Inc ALV (052800109) 3,454 $426,569.00
0.97% Check Point Software Technologies Ltd CHKP (M22465104) 2,071 $428,510.61
0.96% Barclays PLC BCS (06738E204) 20,470 $423,114.90
0.96% Uber Technologies Inc UBER (90353T100) 4,330 $424,210.10
0.94% Walt Disney Co/The DIS (254687106) 3,627 $415,291.50
0.94% SS&C Technologies Holdings Inc SSNC (78467J100) 4,669 $414,420.44
0.93% Tenet Healthcare Corp THC (88033G407) 2,014 $408,922.56
0.89% Dycom Industries Inc DY (267475101) 1,345 $392,417.20
0.89% Perdoceo Education Corp PRDO (71363P106) 10,468 $394,224.88
0.87% Stride Inc LRN (86333M108) 2,584 $384,860.96
0.87% VeriSign Inc VRSN (92343E102) 1,377 $384,967.89
0.86% Maximus Inc MMS (577933104) 4,149 $379,094.13
0.82% Fortinet Inc FTNT (34959E109) 4,315 $362,805.20
0.81% Agnico Eagle Mines Ltd AEM (008474108) 2,130 $359,032.80
0.78% Vertex Pharmaceuticals Inc VRTX (92532F100) 873 $341,901.72
0.77% NETGEAR Inc NTGR (64111Q104) 10,468 $339,058.52
0.77% PNC Financial Services Group Inc/The PNC (693475105) 1,683 $338,165.19
0.77% WNS Holdings Ltd WNS (G98196101) 4,439 $338,562.53
0.76% AECOM ACM (00766T100) 2,565 $333,988.65
0.74% Amgen Inc AMGN (031162100) 1,157 $326,505.40
0.74% Regeneron Pharmaceuticals Inc REGN (75886F107) 584 $328,365.68
0.73% Gilead Sciences Inc GILD (375558103) 2,899 $321,789.00
0.73% Garrett Motion Inc GTX (366505105) 23,712 $322,957.44
0.73% US Bancorp USB (902973304) 6,665 $322,119.45
0.71% Visteon Corp VC (92839U206) 2,598 $311,396.28
0.70% Lear Corp LEA (521865204) 3,088 $310,683.68
0.70% Travelers Cos Inc/The TRV (89417E109) 1,109 $309,654.98
0.70% Universal Technical Institute Inc UTI (913915104) 9,536 $310,396.80
0.69% CSG Systems International Inc CSGS (126349109) 4,738 $305,032.44
0.68% Hartford Insurance Group Inc/The HIG (416515104) 2,265 $302,128.35
0.68% NetScout Systems Inc NTCT (64115T104) 11,564 $298,698.12
0.67% Sanmina Corp SANM (801056102) 2,564 $295,142.04
0.66% Valmont Industries Inc VMI (920253101) 746 $289,246.58
0.65% Allstate Corp/The ALL (020002101) 1,335 $286,557.75
0.65% Eldorado Gold Corp EGO (284902509) 9,970 $288,033.30
0.65% Goodyear Tire & Rubber Co/The GT (382550101) 38,110 $285,062.80
0.65% Raymond James Financial Inc RJF (754730109) 1,670 $287,407.00
0.64% Concentrix Corp CNXC (20602D101) 6,096 $281,330.40
0.60% ENCOMPASS HEALTH CORP EHC (29261A100) 2,095 $265,708.85
0.58% Assurant Inc AIZ (04621X108) 1,174 $254,288.40
0.58% Plexus Corp PLXS (729132100) 1,777 $257,114.13
0.58% Pearson PLC PSO (705015105) 18,195 $257,641.20
0.58% Universal Health Services Inc UHS (913903100) 1,260 $257,594.40
0.55% Expedia Group Inc EXPE (30212P303) 1,131 $241,751.25
0.55% Royal Caribbean Cruises Ltd RCL (V7780T103) 750 $242,685.00
0.53% Equinox Gold Corp EQX (29446Y502) 21,011 $235,743.42
0.53% StoneX Group Inc SNEX (861896108) 2,297 $231,813.24
0.51% Carnival Corp CCL (143658300) 7,779 $224,890.89
0.51% Graham Holdings Co GHC (384637104) 190 $223,688.90
0.50% Biogen Inc BIIB (09062X103) 1,586 $222,166.88
0.50% CVS Health Corp CVS (126650100) 2,940 $221,646.60
0.50% Markel Group Inc MKL (570535104) 116 $221,717.76
0.50% Travel + Leisure Co TNL (894164102) 3,694 $219,756.06
0.49% Qualys Inc QLYS (74758T303) 1,636 $216,491.88
0.48% United Therapeutics Corp UTHR (91307C102) 508 $212,958.68
0.47% Granite Construction Inc GVA (387328107) 1,884 $206,580.60
0.47% Lazard Inc LAZ (52110M109) 3,938 $207,847.64
0.46% Bread Financial Holdings Inc BFH (018581108) 3,621 $201,943.17
0.46% Verizon Communications Inc VZ (92343V104) 4,576 $201,115.20
0.45% Asbury Automotive Group Inc ABG (043436104) 814 $198,982.30
0.44% United Parks & Resorts Inc PRKS (81282V100) 3,778 $195,322.60
0.43% Life Time Group Holdings Inc LTH (53190C102) 6,903 $190,522.80
0.42% Norwegian Cruise Line Holdings Ltd NCLH (G66721104) 7,479 $184,207.77
0.41% Pan American Silver Corp PAAS (697900108) 4,678 $181,178.94
0.39% Hanover Insurance Group Inc/The THG (410867105) 957 $173,819.91
0.36% Benchmark Electronics Inc BHE (08160H101) 4,171 $160,792.05
0.34% CTS Corp CTS (126501105) 3,736 $149,215.84
0.30% White Mountains Insurance Group Ltd WTM (G9618E107) 80 $133,721.60
0.28% Digi International Inc DGII (253798102) 3,413 $124,437.98
0.15% Cash & Other Cash&Other $64,106.75

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