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
-
Fund Inception:
June 19, 2000 -
Ticker:
LST -
Net Assets:
$17,095,741 -
Shares Outstanding:
531,875 -
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:
0.64% -
Acquired Fund Fee & Expenses:
0.00% -
Expense Reimbursement:
0.49% -
Total Annual Fund Operating Expenses After Expense Reimbursement:
0.65% -
Portfolio Managers:
-
Number of Holdings:
112
Fund Prices
as of April 24, 2025| NAV | Price | ||
|---|---|---|---|
| Net Asset Value | $32.14 | Closing Price | $32.18 |
| Daily Change | $0.53 | Daily Change | $0.50 |
| Daily Change | 1.66% | Daily Change | 1.59% |
| Premium/Discount | 0.11% | ||
| Bid-Ask Spead (30 day median) | 0.22% |
Month/Quarter End Performance
as of March 31, 2025Avg. 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% |
All Holdings Top 10 Holdings
| Percentage of Net Assets | Name | Identifier (Cusip) | Shares Held | Market Value |
|---|---|---|---|---|
| 3.81% | Microsoft Corp | MSFT (594918104) | 1,682 | $651,438.60 |
| 3.10% | Netflix Inc | NFLX (64110L106) | 483 | $529,788.21 |
| 3.09% | Meta Platforms Inc | META (30303M102) | 991 | $528,351.65 |
| 2.10% | Alphabet Inc | GOOGL (02079K305) | 2,257 | $359,494.96 |
| 2.09% | McKesson Corp | MCK (58155Q103) | 519 | $357,295.17 |
| 1.88% | T-Mobile US Inc | TMUS (872590104) | 1,226 | $321,432.68 |
| 1.82% | Oracle Corp | ORCL (68389X105) | 2,257 | $310,360.07 |
| 1.74% | Goldman Sachs Group Inc/The | GS (38141G104) | 545 | $297,226.65 |
| 1.74% | Kinross Gold Corp | KGC (496902404) | 20,228 | $296,744.76 |
| 1.72% | Jabil Inc | JBL (466313103) | 2,005 | $292,990.65 |
| 1.65% | Cencora Inc | COR (03073E105) | 999 | $282,107.61 |
| 1.62% | Cardinal Health Inc | CAH (14149Y108) | 2,041 | $277,249.44 |
| 1.59% | Mastercard Inc | MA (57636Q104) | 506 | $270,942.76 |
| 1.48% | JPMORGAN CHASE & CO. | JPM (46625H100) | 1,035 | $253,202.40 |
| 1.43% | Morgan Stanley | MS (617446448) | 2,117 | $244,725.20 |
| 1.34% | Flex Ltd | FLEX (Y2573F102) | 6,623 | $229,553.18 |
| 1.32% | Visa Inc | V (92826C839) | 671 | $225,261.41 |
| 1.27% | AT&T Inc | T (00206R102) | 7,881 | $216,963.93 |
| 1.22% | Fortinet Inc | FTNT (34959E109) | 2,067 | $208,188.24 |
| 1.21% | Bank of America Corp | BAC (060505104) | 5,228 | $206,924.24 |
| 1.21% | Check Point Software Technologies Ltd | CHKP (M22465104) | 993 | $207,417.84 |
| 1.15% | IAMGOLD Corp | IAG (450913108) | 27,401 | $197,013.19 |
| 1.14% | Deutsche Bank AG | DB (D18190898) | 7,740 | $195,048.00 |
| 1.10% | Agnico Eagle Mines Ltd | AEM (008474108) | 1,568 | $187,579.84 |
| 1.09% | TE Connectivity PLC | TEL (G87052109) | 1,298 | $186,288.96 |
| 1.08% | Citigroup Inc | C (172967424) | 2,716 | $185,122.56 |
| 1.05% | HCA Healthcare Inc | HCA (40412C101) | 523 | $178,557.43 |
| 1.03% | ONE Gas Inc | OGS (68235P108) | 2,240 | $175,862.40 |
| 1.01% | Genpact Ltd | G (G3922B107) | 3,621 | $173,156.22 |
| 1.01% | Stride Inc | LRN (86333M108) | 1,238 | $172,812.42 |
| 1.01% | MDU Resources Group Inc | MDU (552690109) | 10,070 | $171,794.20 |
| 1.01% | Spire Inc | SR (84857L101) | 2,210 | $172,291.60 |
| 1.01% | SS&C Technologies Holdings Inc | SSNC (78467J100) | 2,237 | $173,210.91 |
| 0.99% | New Jersey Resources Corp | NJR (646025106) | 3,433 | $169,521.54 |
| 0.99% | UGI Corp | UGI (902681105) | 5,155 | $168,516.95 |
| 0.98% | VeriSign Inc | VRSN (92343E102) | 660 | $166,709.40 |
| 0.93% | Canadian Imperial Bank of Commerce | CM (136069101) | 2,637 | $159,195.69 |
| 0.92% | Adtalem Global Education Inc | ATGE (00737L103) | 1,510 | $157,719.50 |
| 0.92% | Walt Disney Co/The | DIS (254687106) | 1,738 | $156,437.38 |
| 0.91% | Cisco Systems Inc | CSCO (17275R102) | 2,775 | $156,204.75 |
| 0.90% | Barclays PLC | BCS (06738E204) | 9,804 | $153,236.52 |
| 0.87% | Concentrix Corp | CNXC (20602D101) | 2,920 | $148,269.57 |
| 0.81% | Travelers Cos Inc/The | TRV (89417E109) | 531 | $138,272.40 |
| 0.80% | US BANK MMDA - USBGFS 9 09/01/2037 | 8AMMF0JA0 (8AMMF0JA0) | 136,657 | $136,657.27 |
| 0.80% | Maximus Inc | MMS (577933104) | 1,988 | $136,774.40 |
| 0.80% | M&T Bank Corp | MTB (55261F104) | 812 | $137,357.92 |
| 0.78% | CSG Systems International Inc | CSGS (126349109) | 2,269 | $133,167.61 |
| 0.77% | GoDaddy Inc | GDDY (380237107) | 733 | $132,247.86 |
| 0.76% | Hartford Insurance Group Inc/The | HIG (416515104) | 1,085 | $129,375.40 |
| 0.75% | Laureate Education Inc | LAUR (518613203) | 6,571 | $128,857.31 |
| 0.75% | PNC Financial Services Group Inc/The | PNC (693475105) | 806 | $128,758.50 |
| 0.75% | US Bancorp | USB (902973304) | 3,193 | $127,879.65 |
| 0.75% | WNS Holdings Ltd | WNS (G98196101) | 2,126 | $127,474.96 |
| 0.74% | Universal Technical Institute Inc | UTI (913915104) | 4,568 | $127,173.12 |
| 0.73% | Allstate Corp/The | ALL (020002101) | 639 | $124,515.54 |
| 0.73% | Huntington Bancshares Inc/OH | HBAN (446150104) | 8,607 | $125,231.85 |
| 0.72% | ADT Inc | ADT (00090Q103) | 15,860 | $122,915.00 |
| 0.70% | Comcast Corp | CMCSA (20030N101) | 3,587 | $119,052.53 |
| 0.70% | Tenet Healthcare Corp | THC (88033G407) | 965 | $119,891.60 |
| 0.69% | Nokia Oyj | NOK (654902204) | 24,238 | $117,796.68 |
| 0.68% | Akamai Technologies Inc | AKAM (00971T101) | 1,464 | $115,948.80 |
| 0.67% | Citizens Financial Group Inc | CFG (174610105) | 3,035 | $113,630.40 |
| 0.67% | Equinox Gold Corp | EQX (29446Y502) | 16,919 | $115,049.20 |
| 0.67% | Twilio Inc | TWLO (90138F102) | 1,225 | $114,574.25 |
| 0.66% | F5 Inc | FFIV (315616102) | 422 | $113,163.52 |
| 0.65% | Eldorado Gold Corp | EGO (284902509) | 5,730 | $111,219.30 |
| 0.64% | Assurant Inc | AIZ (04621X108) | 563 | $108,765.97 |
| 0.64% | Telefonaktiebolaget LM Ericsson | ERIC (294821608) | 13,317 | $109,598.91 |
| 0.64% | Merck & Co Inc | MRK (58933Y105) | 1,362 | $108,742.08 |
| 0.64% | Raymond James Financial Inc | RJF (754730109) | 800 | $109,808.00 |
| 0.63% | Okta Inc | OKTA (679295105) | 1,062 | $107,835.48 |
| 0.63% | Pan American Silver Corp | PAAS (697900108) | 4,135 | $107,551.35 |
| 0.63% | Primoris Services Corp | PRIM (74164F103) | 1,797 | $106,813.68 |
| 0.62% | Dycom Industries Inc | DY (267475101) | 644 | $105,918.68 |
| 0.62% | Universal Health Services Inc | UHS (913903100) | 604 | $105,096.00 |
| 0.62% | Valmont Industries Inc | VMI (920253101) | 358 | $106,147.00 |
| 0.60% | ENCOMPASS HEALTH CORP | EHC (29261A100) | 1,004 | $101,815.64 |
| 0.60% | Life Time Group Holdings Inc | LTH (53190C102) | 3,307 | $101,690.25 |
| 0.60% | Strategic Education Inc | STRA (86272C103) | 1,286 | $102,905.72 |
| 0.59% | Arch Capital Group Ltd | ACGL (G0450A105) | 1,103 | $101,586.30 |
| 0.59% | Markel Group Inc | MKL (570535104) | 56 | $101,270.96 |
| 0.58% | Old National Bancorp/IN | ONB (680033107) | 4,699 | $98,350.07 |
| 0.58% | PayPal Holdings Inc | PYPL (70450Y103) | 1,532 | $99,227.64 |
| 0.57% | Qualys Inc | QLYS (74758T303) | 785 | $98,038.65 |
| 0.57% | Virtu Financial Inc | VIRT (928254101) | 2,506 | $96,581.24 |
| 0.55% | Verizon Communications Inc | VZ (92343V104) | 2,192 | $93,839.52 |
| 0.51% | Expedia Group Inc | EXPE (30212P303) | 542 | $86,476.10 |
| 0.50% | Columbia Banking System Inc | COLB (197236102) | 3,647 | $85,048.04 |
| 0.49% | Frontdoor Inc | FTDR (35905A109) | 2,078 | $84,117.44 |
| 0.49% | Graham Holdings Co | GHC (384637104) | 91 | $83,514.34 |
| 0.49% | Pearson PLC | PSO (705015105) | 5,244 | $83,274.72 |
| 0.48% | Charter Communications Inc | CHTR (16119P108) | 243 | $81,485.19 |
| 0.48% | Perdoceo Education Corp | PRDO (71363P106) | 3,336 | $82,632.72 |
| 0.47% | Cash & Other | Cash&Other | $79,988.30 | |
| 0.46% | United Parks & Resorts Inc | PRKS (81282V100) | 1,810 | $79,042.70 |
| 0.45% | Royal Caribbean Cruises Ltd | RCL (V7780T103) | 360 | $76,071.60 |
| 0.45% | Travel + Leisure Co | TNL (894164102) | 1,770 | $77,419.80 |
| 0.44% | Cadence Bank | CADE (12740C103) | 2,578 | $74,942.46 |
| 0.44% | Hanover Insurance Group Inc/The | THG (410867105) | 459 | $75,225.51 |
| 0.43% | DigitalOcean Holdings Inc | DOCN (25402D102) | 2,458 | $73,617.10 |
| 0.42% | White Mountains Insurance Group Ltd | WTM (G9618E107) | 40 | $70,884.00 |
| 0.41% | Carnival Corp | CCL (143658300) | 3,726 | $69,676.20 |
| 0.40% | Hyatt Hotels Corp | H (448579102) | 608 | $68,612.80 |
| 0.39% | Jazz Pharmaceuticals PLC | JAZZ (G50871105) | 619 | $67,458.62 |
| 0.39% | Wix.com Ltd | WIX (M98068105) | 400 | $66,092.00 |
| 0.38% | Kemper Corp | KMPR (488401100) | 1,099 | $64,621.20 |
| 0.36% | Norwegian Cruise Line Holdings Ltd | NCLH (G66721104) | 3,583 | $61,448.45 |
| 0.35% | Block Inc | XYZ (852234103) | 1,034 | $59,455.00 |
| 0.34% | Global Payments Inc | GPN (37940X102) | 807 | $58,152.42 |
| 0.26% | Digi International Inc | DGII (253798102) | 1,635 | $44,978.85 |
| 0.25% | Concentra Group Holdings Parent Inc | CON (20603L102) | 2,029 | $43,136.54 |
| 0.24% | Select Medical Holdings Corp | SEM (81619Q105) | 2,515 | $41,698.70 |
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.
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