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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 24, 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:
    $49,211,802
  • Shares Outstanding:
    1,231,875
  • 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:
    103

Fund Prices

as of October 24, 2025
NAV Price
Net Asset Value $39.95 Closing Price $40.01
Daily Change $0.33 Daily Change $0.37
Daily Change 0.82% Daily Change 0.93%
    Premium/Discount 0.15%
Bid-Ask Spead (30 day median) 0.2%

Month/Quarter End Performance

as of September 30, 2025
Avg. Annualized
1 YR. 3 YR. 5 YR. 10 YR. 15 YR. 20 YR. 25 YR. INCEPTION
Fund NAV 16.03% 22.83% 15.81% 12.20% 12.35% 9.34% 8.68% 9.35%
Closing Price 16.14% 22.87% 15.83% 12.21% 12.36% 9.35% 8.69% 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
4.16% Microsoft Corp MSFT (594918104) 3,907 $2,045,744.27
3.45% Meta Platforms Inc META (30303M102) 2,297 $1,696,012.92
2.77% Alphabet Inc GOOGL (02079K305) 5,242 $1,362,500.64
2.49% Netflix Inc NFLX (64110L106) 1,118 $1,223,863.42
2.12% Oracle Corp ORCL (68389X105) 3,678 $1,042,087.74
2.01% Flex Ltd FLEX (Y2573F102) 15,388 $989,140.64
2.01% Goldman Sachs Group Inc/The GS (38141G104) 1,261 $988,472.68
2.01% Jabil Inc JBL (466313103) 4,655 $988,908.20
1.96% McKesson Corp MCK (58155Q103) 1,202 $963,607.34
1.69% Kinross Gold Corp KGC (496902404) 34,656 $829,664.64
1.65% Cisco Systems Inc CSCO (17275R102) 11,511 $813,021.93
1.64% Morgan Stanley MS (617446448) 4,913 $805,044.18
1.57% Cencora Inc COR (03073E105) 2,320 $771,887.20
1.56% Cardinal Health Inc CAH (14149Y108) 4,742 $767,682.38
1.46% JPMORGAN CHASE & CO. JPM (46625H100) 2,399 $720,755.56
1.44% TE Connectivity PLC TEL (G87052109) 3,015 $710,484.75
1.38% US BANK MMDA - USBGFS 9 09/01/2037 8AMMF0JA0 (8AMMF0JA0) 679,402 $679,401.53
1.36% Mastercard Inc MA (57636Q104) 1,169 $670,620.23
1.30% Bank of America Corp BAC (060505104) 12,146 $638,515.22
1.27% Citigroup Inc C (172967424) 6,311 $623,400.58
1.26% T-Mobile US Inc TMUS (872590104) 2,843 $619,120.11
1.23% Deutsche Bank AG DB (D18190898) 17,980 $604,487.60
1.21% Primoris Services Corp PRIM (74164F103) 4,170 $593,682.90
1.18% Telefonaktiebolaget LM Ericsson ERIC (294821608) 61,528 $581,439.60
1.10% HCA Healthcare Inc HCA (40412C101) 1,210 $540,918.40
1.10% Visa Inc V (92826C839) 1,555 $540,175.90
1.09% Adtalem Global Education Inc ATGE (00737L103) 3,507 $536,465.79
1.09% F5 Inc FFIV (315616102) 1,799 $536,713.66
1.07% EMCOR Group Inc EME (29084Q100) 705 $527,509.20
1.06% IAMGOLD Corp IAG (450913108) 44,088 $523,765.44
1.05% Aptiv PLC APTV (G3265R107) 5,987 $516,019.53
1.05% Gilead Sciences Inc GILD (375558103) 4,254 $514,478.76
1.03% Vertex Pharmaceuticals Inc VRTX (92532F100) 1,205 $507,774.95
1.02% Canadian Imperial Bank of Commerce CM (136069101) 6,125 $503,965.00
0.98% Magna International Inc MGA (559222401) 10,434 $482,155.14
0.97% Regeneron Pharmaceuticals Inc REGN (75886F107) 827 $477,964.65
0.96% Amgen Inc AMGN (031162100) 1,621 $472,942.96
0.96% Barclays PLC BCS (06738E204) 22,780 $471,090.40
0.96% Tenet Healthcare Corp THC (88033G407) 2,239 $471,040.82
0.94% AT&T Inc T (00206R102) 18,310 $460,313.40
0.93% Laureate Education Inc LAUR (518613203) 15,263 $455,447.92
0.92% Walt Disney Co/The DIS (254687106) 4,032 $450,293.76
0.92% Uber Technologies Inc UBER (90353T100) 4,815 $452,947.05
0.91% Garrett Motion Inc GTX (366505105) 26,387 $448,315.13
0.90% Autoliv Inc ALV (052800109) 3,844 $444,712.36
0.90% Check Point Software Technologies Ltd CHKP (M22465104) 2,301 $441,792.00
0.89% Dycom Industries Inc DY (267475101) 1,495 $436,480.20
0.89% Stride Inc LRN (86333M108) 2,874 $437,164.14
0.89% SS&C Technologies Holdings Inc SSNC (78467J100) 5,194 $439,568.22
0.87% Perdoceo Education Corp PRDO (71363P106) 11,648 $429,578.24
0.83% Fortinet Inc FTNT (34959E109) 4,800 $410,688.00
0.82% Maximus Inc MMS (577933104) 4,614 $404,740.08
0.79% Agnico Eagle Mines Ltd AEM (008474108) 2,370 $387,139.50
0.78% NETGEAR Inc NTGR (64111Q104) 11,648 $384,267.52
0.77% AECOM ACM (00766T100) 2,850 $378,708.00
0.77% Sanmina Corp SANM (801056102) 2,849 $381,110.73
0.77% VeriSign Inc VRSN (92343E102) 1,532 $378,526.56
0.74% Biogen Inc BIIB (09062X103) 2,436 $365,132.04
0.74% Universal Technical Institute Inc UTI (913915104) 10,611 $365,973.39
0.73% US Bancorp USB (902973304) 7,415 $357,847.90
0.72% CSG Systems International Inc CSGS (126349109) 5,273 $355,505.66
0.71% Lear Corp LEA (521865204) 3,433 $349,857.03
0.71% PNC Financial Services Group Inc/The PNC (693475105) 1,873 $349,202.12
0.70% NetScout Systems Inc NTCT (64115T104) 12,869 $345,532.65
0.70% Valmont Industries Inc VMI (920253101) 826 $345,268.00
0.69% Granite Construction Inc GVA (387328107) 3,228 $337,519.68
0.68% Travelers Cos Inc/The TRV (89417E109) 1,234 $333,044.26
0.68% United Therapeutics Corp UTHR (91307C102) 797 $333,608.26
0.65% Concentrix Corp CNXC (20602D101) 6,781 $318,232.33
0.64% Hartford Insurance Group Inc/The HIG (416515104) 2,520 $315,277.20
0.63% Visteon Corp VC (92839U206) 2,888 $311,384.16
0.62% Goodyear Tire & Rubber Co/The GT (382550101) 42,410 $307,048.40
0.61% Pearson PLC PSO (705015105) 20,245 $302,460.30
0.61% Raymond James Financial Inc RJF (754730109) 1,855 $301,326.20
0.60% ENCOMPASS HEALTH CORP EHC (29261A100) 2,330 $293,882.90
0.60% Universal Health Services Inc UHS (913903100) 1,400 $294,952.00
0.59% Eldorado Gold Corp EGO (284902509) 11,095 $288,913.80
0.58% Allstate Corp/The ALL (020002101) 1,485 $286,887.15
0.58% Plexus Corp PLXS (729132100) 1,977 $284,529.84
0.56% Assurant Inc AIZ (04621X108) 1,304 $276,265.44
0.56% Expedia Group Inc EXPE (30212P303) 1,256 $274,875.60
0.54% Bread Financial Holdings Inc BFH (018581108) 4,026 $263,703.00
0.54% CVS Health Corp CVS (126650100) 3,270 $267,911.10
0.54% Travel + Leisure Co TNL (894164102) 4,109 $267,865.71
0.53% Royal Caribbean Cruises Ltd RCL (V7780T103) 830 $262,653.50
0.52% Carnival Corp CCL (143658300) 8,654 $254,427.60
0.52% Equinox Gold Corp EQX (29446Y502) 23,381 $257,892.43
0.52% StoneX Group Inc SNEX (861896108) 2,552 $255,174.48
0.48% Markel Group Inc MKL (570535104) 126 $236,740.14
0.47% Qualys Inc QLYS (74758T303) 1,816 $232,538.80
0.44% Graham Holdings Co GHC (384637104) 210 $214,670.40
0.44% Lazard Inc LAZ (52110M109) 4,378 $215,441.38
0.42% United Parks & Resorts Inc PRKS (81282V100) 4,203 $208,889.10
0.40% Benchmark Electronics Inc BHE (08160H101) 4,641 $196,964.04
0.40% Life Time Group Holdings Inc LTH (53190C102) 7,678 $198,936.98
0.40% Norwegian Cruise Line Holdings Ltd NCLH (G66721104) 8,319 $195,246.93
0.40% Verizon Communications Inc VZ (92343V104) 5,091 $197,632.62
0.38% Pan American Silver Corp PAAS (697900108) 5,203 $189,077.02
0.38% Hanover Insurance Group Inc/The THG (410867105) 1,062 $185,626.98
0.36% CTS Corp CTS (126501105) 4,156 $175,216.96
0.33% White Mountains Insurance Group Ltd WTM (G9618E107) 85 $162,871.90
0.30% Digi International Inc DGII (253798102) 3,798 $147,438.36
-0.09% Cash & Other Cash&Other $-44,763.27

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