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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 June 20, 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:
    $21,396,530
  • Shares Outstanding:
    606,875
  • 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:
    112

Fund Prices

as of June 20, 2025
NAV Price
Net Asset Value $35.26 Closing Price $35.30
Daily Change $-0.12 Daily Change $-0.07
Daily Change -0.33% Daily Change -0.21%
    Premium/Discount 0.12%
Bid-Ask Spead (30 day median) 0.20%

Month End Performance

as of May 31, 2025
Avg. Annualized
1 YR. 3 YR. 5 YR. INCEPTION
Fund NAV 9.51% 11.62% 15.30% 8.91%
Closing Price 9.64% 11.67% 15.33% 8.91%
Cumulative
YTD 1 MO. 3 MO. 6 MO. INCEPTION
Fund NAV 4.32% 7.09% 2.46% -3.03% 740.54%
Closing Price 4.44% 7.04% 2.53% -2.92% 741.48%

Quarter End Performance

as of March 31, 2025
Avg. 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%

Percentage of Net Assets Name Identifier (Cusip) Shares Held Market Value
4.28% Microsoft Corp MSFT (594918104) 1,919 $916,130.60
3.60% Meta Platforms Inc META (30303M102) 1,129 $770,373.15
3.16% Netflix Inc NFLX (64110L106) 549 $676,044.09
2.47% Oracle Corp ORCL (68389X105) 2,575 $528,312.75
2.20% Jabil Inc JBL (466313103) 2,287 $471,579.40
2.01% Alphabet Inc GOOGL (02079K305) 2,575 $429,098.00
1.99% McKesson Corp MCK (58155Q103) 591 $426,063.72
1.86% Goldman Sachs Group Inc/The GS (38141G104) 620 $397,296.00
1.78% Cardinal Health Inc CAH (14149Y108) 2,326 $380,068.40
1.67% Kinross Gold Corp KGC (496902404) 23,078 $357,247.44
1.63% Flex Ltd FLEX (Y2573F102) 7,556 $347,802.68
1.56% Cencora Inc COR (03073E105) 1,137 $333,891.42
1.52% JPMORGAN CHASE & CO. JPM (46625H100) 1,179 $324,225.00
1.50% Morgan Stanley MS (617446448) 2,414 $320,361.94
1.45% T-Mobile US Inc TMUS (872590104) 1,397 $309,463.44
1.43% US BANK MMDA - USBGFS 9 09/01/2037 8AMMF0JA0 (8AMMF0JA0) 306,424 $306,423.94
1.43% Mastercard Inc MA (57636Q104) 575 $306,457.75
1.27% Bank of America Corp BAC (060505104) 5,963 $271,316.50
1.21% Visa Inc V (92826C839) 764 $258,667.48
1.17% AT&T Inc T (00206R102) 8,991 $249,680.07
1.15% Check Point Software Technologies Ltd CHKP (M22465104) 1,131 $246,795.51
1.14% Citigroup Inc C (172967424) 3,097 $242,959.65
1.14% Deutsche Bank AG DB (D18190898) 8,829 $243,768.69
1.13% TE Connectivity PLC TEL (G87052109) 1,478 $241,209.60
1.10% Fortinet Inc FTNT (34959E109) 2,358 $235,446.30
1.09% Walt Disney Co/The DIS (254687106) 1,981 $233,025.03
1.06% IAMGOLD Corp IAG (450913108) 31,262 $226,649.50
1.05% HCA Healthcare Inc HCA (40412C101) 595 $224,612.50
1.01% Agnico Eagle Mines Ltd AEM (008474108) 1,787 $216,262.74
1.01% Adtalem Global Education Inc ATGE (00737L103) 1,720 $215,137.60
1.00% UGI Corp UGI (902681105) 5,881 $213,597.92
0.99% VeriSign Inc VRSN (92343E102) 753 $211,389.69
0.98% Cisco Systems Inc CSCO (17275R102) 3,165 $209,902.80
0.97% Canadian Imperial Bank of Commerce CM (136069101) 3,006 $207,083.34
0.96% Stride Inc LRN (86333M108) 1,412 $205,968.44
0.95% SS&C Technologies Holdings Inc SSNC (78467J100) 2,552 $202,705.36
0.92% Barclays PLC BCS (06738E204) 11,184 $196,614.72
0.86% MDU Resources Group Inc MDU (552690109) 11,489 $183,709.11
0.86% ONE Gas Inc OGS (68235P108) 2,555 $184,164.40
0.86% Spire Inc SR (84857L101) 2,519 $183,559.53
0.86% Tenet Healthcare Corp THC (88033G407) 1,100 $184,811.00
0.81% New Jersey Resources Corp NJR (646025106) 3,916 $173,439.64
0.81% Universal Technical Institute Inc UTI (913915104) 5,210 $173,597.20
0.80% Dycom Industries Inc DY (267475101) 734 $171,756.00
0.80% M&T Bank Corp MTB (55261F104) 926 $171,365.56
0.79% Laureate Education Inc LAUR (518613203) 7,495 $168,487.60
0.78% Concentrix Corp CNXC (20602D101) 3,331 $167,049.65
0.78% Genpact Ltd G (G3922B107) 4,131 $167,925.15
0.76% PNC Financial Services Group Inc/The PNC (693475105) 917 $162,666.63
0.76% Twilio Inc TWLO (90138F102) 1,396 $162,634.00
0.75% CSG Systems International Inc CSGS (126349109) 2,587 $161,144.23
0.75% Travelers Cos Inc/The TRV (89417E109) 603 $159,782.94
0.74% US Bancorp USB (902973304) 3,643 $157,705.47
0.73% Huntington Bancshares Inc/OH HBAN (446150104) 9,819 $155,532.96
0.73% Hartford Insurance Group Inc/The HIG (416515104) 1,235 $155,758.20
0.71% Maximus Inc MMS (577933104) 2,267 $151,889.00
0.71% Primoris Services Corp PRIM (74164F103) 2,049 $151,626.00
0.69% ADT Inc ADT (00090Q103) 18,095 $147,474.25
0.68% GoDaddy Inc GDDY (380237107) 835 $146,016.45
0.67% Allstate Corp/The ALL (020002101) 729 $142,395.57
0.67% Citizens Financial Group Inc CFG (174610105) 3,461 $144,358.31
0.66% Comcast Corp CMCSA (20030N101) 4,091 $141,262.23
0.66% Nokia Oyj NOK (654902204) 27,655 $141,870.15
0.65% Frontdoor Inc FTDR (35905A109) 2,369 $138,704.95
0.64% Eldorado Gold Corp EGO (284902509) 6,537 $136,165.71
0.64% ENCOMPASS HEALTH CORP EHC (29261A100) 1,145 $136,461.10
0.64% F5 Inc FFIV (315616102) 479 $137,535.27
0.63% Pan American Silver Corp PAAS (697900108) 4,717 $135,236.39
0.63% Raymond James Financial Inc RJF (754730109) 911 $135,693.45
0.63% WNS Holdings Ltd WNS (G98196101) 2,423 $133,749.60
0.61% Akamai Technologies Inc AKAM (00971T101) 1,668 $130,737.84
0.60% Valmont Industries Inc VMI (920253101) 406 $129,363.78
0.59% Assurant Inc AIZ (04621X108) 641 $125,732.15
0.59% Telefonaktiebolaget LM Ericsson ERIC (294821608) 15,192 $126,093.60
0.59% Strategic Education Inc STRA (86272C103) 1,466 $126,369.20
0.57% Markel Group Inc MKL (570535104) 62 $121,539.84
0.57% Merck & Co Inc MRK (58933Y105) 1,554 $122,859.24
0.57% Perdoceo Education Corp PRDO (71363P106) 3,804 $122,412.72
0.57% PayPal Holdings Inc PYPL (70450Y103) 1,745 $122,237.25
0.57% Qualys Inc QLYS (74758T303) 893 $121,206.89
0.56% Okta Inc OKTA (679295105) 1,209 $120,198.78
0.55% Universal Health Services Inc UHS (913903100) 688 $118,129.60
0.54% Equinox Gold Corp EQX (29446Y502) 19,304 $116,017.04
0.54% Virtu Financial Inc VIRT (928254101) 2,730 $116,079.60
0.53% Arch Capital Group Ltd ACGL (G0450A105) 1,256 $113,253.52
0.52% Royal Caribbean Cruises Ltd RCL (V7780T103) 408 $111,135.12
0.51% Old National Bancorp/IN ONB (680033107) 5,359 $109,966.68
0.50% Charter Communications Inc CHTR (16119P108) 276 $106,638.12
0.50% Life Time Group Holdings Inc LTH (53190C102) 3,772 $107,011.64
0.49% Verizon Communications Inc VZ (92343V104) 2,501 $104,291.70
0.48% Expedia Group Inc EXPE (30212P303) 617 $101,730.96
0.47% Carnival Corp CCL (143658300) 4,251 $101,046.27
0.46% Graham Holdings Co GHC (384637104) 103 $97,912.83
0.46% Travel + Leisure Co TNL (894164102) 2,019 $98,809.86
0.44% Columbia Banking System Inc COLB (197236102) 4,160 $93,392.00
0.43% Hyatt Hotels Corp H (448579102) 692 $91,150.24
0.43% United Parks & Resorts Inc PRKS (81282V100) 2,065 $90,963.25
0.42% Cadence Bank CADE (12740C103) 2,941 $89,053.48
0.41% Pearson PLC PSO (705015105) 5,982 $87,397.02
0.41% Hanover Insurance Group Inc/The THG (410867105) 522 $87,742.98
0.37% Kemper Corp KMPR (488401100) 1,252 $79,176.48
0.36% DigitalOcean Holdings Inc DOCN (25402D102) 2,803 $76,690.08
0.36% Norwegian Cruise Line Holdings Ltd NCLH (G66721104) 4,087 $77,080.82
0.35% Jazz Pharmaceuticals PLC JAZZ (G50871105) 706 $75,902.06
0.35% White Mountains Insurance Group Ltd WTM (G9618E107) 43 $75,094.77
0.35% Block Inc XYZ (852234103) 1,178 $74,909.02
0.34% Wix.com Ltd WIX (M98068105) 454 $71,695.68
0.33% Global Payments Inc GPN (37940X102) 918 $70,346.34
0.29% Digi International Inc DGII (253798102) 1,863 $61,329.96
0.22% Concentra Group Holdings Parent Inc CON (20603L102) 2,314 $47,992.36
0.20% Select Medical Holdings Corp SEM (81619Q105) 2,869 $42,575.96
0.06% Cash & Other Cash&Other $13,761.45

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