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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 18, 2026
Star for Morningstar Rating Star for Morningstar Rating Star for Morningstar Rating Star for Morningstar Rating Star for Morningstar Rating

Morningstar Rating™ Overall among 365 Mid-Cap Blend funds as of 06.30.26 based on risk-adjusted returns.†

Fact Sheet
  • Fund Inception:
    June 19, 2000
  • Ticker:
    LST
  • Net Assets:
    $126,259,259
  • Shares Outstanding:
    2,656,875
  • 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:
    0.35%
  • Acquired Fund Fee & Expenses:
    0.00%
  • Expense Reimbursement:
    0.20%
  • Total Annual Fund Operating Expenses After Expense Reimbursement:
    0.65%
  • Portfolio Managers:
  • Number of Holdings:
    119

Fund Prices

as of September 18, 2026
NAV Price
Net Asset Value $47.52 Closing Price $47.52
Daily Change $-0.21 Daily Change $-0.23
Daily Change -0.44% Daily Change -0.48%
    Premium/Discount 0%
Bid-Ask Spead (30 day median) 0.08%

Month End Performance

as of August 31, 2026
Avg. Annualized
1 YR. 3 YR. 5 YR. 10 YR. 15 YR. 20 YR. 25 YR. INCEPTION
Fund NAV 27.88% 20.83% 12.43% 14.13% 13.54% 10.00% 9.61% 9.85%
Closing Price 27.94% 20.86% 12.45% 14.14% 13.54% 10.01% 9.61% 9.85%
Cumulative
YTD 1 MO. 3 MO. 6 MO. INCEPTION
Fund NAV 19.85% 4.15% 3.32% 10.88% 1,071.40%
Closing Price 19.70% 4.20% 3.31% 10.89% 1,072.33%

Quarter End Performance

as of June 30, 2026
Avg. Annualized
1 YR. 3 YR. 5 YR. 10 YR. 15 YR. 20 YR. 25 YR. INCEPTION
Fund NAV 29.02% 19.97% 12.81% 14.35% 12.32% 9.77% 9.23% 9.80%
Closing Price 28.88% 19.94% 12.80% 14.34% 12.31% 9.76% 9.22% 9.80%
Cumulative
YTD 1 MO. 3 MO. 6 MO. INCEPTION
Fund NAV 16.71% 0.61% 15.69% 16.71% 1,040.65%
Closing Price 16.39% 0.45% 15.53% 16.39% 1,039.89%

as of September 18, 2026
Percentage of Net Assets Name Identifier (Cusip) Shares Held Market Value
2.65% Dell Technologies Inc DELL (24703L202) 5,897 $3,349,849.82
2.12% Alphabet Inc GOOGL (02079K305) 7,667 $2,679,923.18
2.00% Advanced Micro Devices Inc AMD (007903107) 4,507 $2,523,108.74
1.97% Microsoft Corp MSFT (594918104) 5,036 $2,486,676.08
1.81% Cardinal Health Inc CAH (14149Y108) 10,157 $2,289,184.66
1.79% McKesson Corp MCK (58155Q103) 2,587 $2,262,719.55
1.69% Cisco Systems Inc CSCO (17275R102) 19,451 $2,130,079.01
1.69% Meta Platforms Inc META (30303M102) 3,200 $2,128,720.00
1.43% JPMORGAN CHASE & CO. JPM (46625H100) 5,155 $1,802,548.85
1.41% Citigroup Inc C (172967424) 13,537 $1,783,770.49
1.39% FedEx Corp FDX (31428X106) 5,770 $1,752,060.50
1.34% Flex Ltd FLEX (Y2573F102) 15,649 $1,698,072.99
1.32% F5 Inc FFIV (315616102) 3,868 $1,671,092.04
1.29% ServiceNow Inc NOW (81762P102) 12,034 $1,630,245.98
1.28% Kinross Gold Corp KGC (496902404) 57,510 $1,614,880.80
1.28% United Parcel Service Inc UPS (911312106) 16,301 $1,614,777.06
1.25% RenaissanceRe Holdings Ltd RNR (G7496G103) 4,838 $1,582,606.56
1.22% Cencora Inc COR (03073E105) 4,996 $1,542,664.88
1.22% Everest Group Ltd EG (G3223R108) 4,113 $1,541,758.05
1.19% Bank of America Corp BAC (060505104) 25,986 $1,500,171.78
1.19% Canadian Imperial Bank of Commerce CM (136069101) 13,108 $1,505,715.96
1.19% Jabil Inc JBL (466313103) 5,029 $1,506,537.53
1.19% Marathon Petroleum Corp MPC (56585A102) 3,544 $1,505,810.16
1.13% HF Sinclair Corp DINO (403949100) 12,316 $1,427,424.40
1.12% Paycom Software Inc PAYC (70432V102) 6,277 $1,420,359.56
1.10% Johnson & Johnson JNJ (478160104) 5,142 $1,388,288.58
1.10% Regeneron Pharmaceuticals Inc REGN (75886F107) 1,769 $1,388,399.65
1.09% IAMGOLD Corp IAG (450913108) 67,595 $1,375,558.25
1.07% Gilead Sciences Inc GILD (375558103) 9,037 $1,356,544.07
1.07% NVIDIA Corp NVDA (67066G104) 6,083 $1,352,068.41
1.06% Amgen Inc AMGN (031162100) 3,465 $1,336,277.25
1.06% Telefonaktiebolaget LM Ericsson ERIC (294821608) 131,553 $1,337,894.01
1.06% TE Connectivity PLC TEL (G87052109) 6,488 $1,332,764.96
1.05% Chevron Corp CVX (166764100) 6,348 $1,329,969.48
1.04% Vertex Pharmaceuticals Inc VRTX (92532F100) 2,578 $1,310,500.52
1.02% ExxonMobil Holdings Corp XOM (30233Q108) 7,883 $1,289,185.82
1.00% Tenet Healthcare Corp THC (88033G407) 4,799 $1,257,290.01
0.99% EOG Resources Inc EOG (26875P101) 8,647 $1,247,156.81
0.99% Reinsurance Group of America Inc RGA (759351604) 5,113 $1,256,161.84
0.97% Sanmina Corp SANM (801056102) 6,123 $1,221,905.88
0.96% Barclays PLC BCS (06738E204) 48,706 $1,211,318.22
0.96% ELEVANCE HEALTH INC ELV (036752103) 2,950 $1,212,302.50
0.95% Broadcom Inc AVGO (11135F101) 3,376 $1,205,096.96
0.93% Laureate Education Inc LAUR (518613203) 32,641 $1,179,319.33
0.93% Merck & Co Inc MRK (58933Y105) 7,982 $1,172,316.34
0.91% Qualys Inc QLYS (74758T303) 6,594 $1,153,686.24
0.90% Biogen Inc BIIB (09062X103) 5,252 $1,131,806.00
0.89% HCA Healthcare Inc HCA (40412C101) 2,617 $1,119,317.07
0.87% SLB Ltd SLB (806857108) 21,396 $1,093,763.52
0.84% PBF Energy Inc PBF (69318G106) 13,783 $1,063,909.77
0.83% NetScout Systems Inc NTCT (64115T104) 27,553 $1,052,800.13
0.83% Plexus Corp PLXS (729132100) 4,267 $1,052,796.91
0.82% Bristol-Myers Squibb Co BMY (110122108) 16,394 $1,033,805.64
0.81% Agnico Eagle Mines Ltd AEM (008474108) 5,102 $1,017,797.98
0.81% Eldorado Gold Corp EGO (284902509) 23,724 $1,025,351.28
0.81% GEN DIGITAL INC GEN (668771108) 35,131 $1,019,150.31
0.80% Expeditors International of Washington Inc EXPD (302130109) 5,322 $1,016,182.68
0.80% Oceaneering International Inc OII (675232102) 21,848 $1,011,343.92
0.80% Travelers Cos Inc/The TRV (89417E109) 2,681 $1,004,356.22
0.79% Automatic Data Processing Inc ADP (053015103) 3,687 $999,988.14
0.77% Lam Research Corp LRCX (512807306) 3,359 $967,761.49
0.76% Covista Inc CVSA (00737L103) 7,526 $953,694.72
0.75% Baker Hughes Co BKR (05722G100) 16,613 $951,094.25
0.75% Paychex Inc PAYX (704326107) 8,142 $945,611.88
0.75% Pfizer Inc PFE (717081103) 34,435 $952,472.10
0.75% PNC Financial Services Group Inc/The PNC (693475105) 4,043 $942,706.31
0.75% US Bancorp USB (902973304) 15,868 $953,032.08
0.74% Check Point Software Technologies Ltd CHKP (M22465104) 7,036 $933,747.56
0.67% United Therapeutics Corp UTHR (91307C102) 1,703 $842,354.89
0.65% GSK PLC GSK (37733W204) 16,288 $817,983.36
0.65% Shell PLC SHEL (780259305) 8,731 $825,428.74
0.64% Allstate Corp/The ALL (020002101) 3,220 $804,452.60
0.64% Perdoceo Education Corp PRDO (71363P106) 24,918 $811,080.90
0.63% US BANK MMDA - USBGFS 9 09/01/2037 8AMMF0JA0 (8AMMF0JA0) 801,112 $801,112.07
0.63% Assurant Inc AIZ (04621X108) 2,810 $793,066.30
0.61% CH Robinson Worldwide Inc CHRW (12541W209) 5,025 $768,774.75
0.59% Benchmark Electronics Inc BHE (08160H101) 9,941 $749,551.40
0.57% Hartford Insurance Group Inc/The HIG (416515104) 5,425 $715,503.25
0.56% Paylocity Holding Corp PCTY (70438V106) 4,936 $709,451.28
0.56% Tenaris SA TS (88031M109) 12,651 $711,618.75
0.55% TriNet Group Inc TNET (896288107) 10,319 $694,365.51
0.54% UiPath Inc PATH (90364P105) 51,176 $685,246.64
0.54% Pearson PLC PSO (705015105) 43,301 $680,258.71
0.53% Analog Devices Inc ADI (032654105) 1,776 $667,278.72
0.53% HealthEquity Inc HQY (42226A107) 6,968 $662,935.52
0.53% United Airlines Holdings Inc UAL (910047109) 6,210 $675,089.10
0.50% Archrock Inc AROC (03957W106) 20,091 $634,071.96
0.50% CVS Health Corp CVS (126650100) 7,038 $625,255.92
0.50% Progress Software Corp PRGS (743312100) 15,657 $628,002.27
0.49% ENCOMPASS HEALTH CORP EHC (29261A100) 5,032 $612,646.00
0.49% Equinox Gold Corp EQX (29446Y502) 50,000 $622,500.00
0.49% SiriusPoint Ltd SPNT (G8192H106) 25,020 $619,245.00
0.48% Carnival Corp Ltd CCL (G2004J103) 27,960 $610,646.40
0.48% NOV Inc NOV (62955J103) 30,376 $609,646.32
0.48% QUALCOMM Inc QCOM (747525103) 3,443 $611,889.96
0.47% Mercury General Corp MCY (589400100) 5,827 $588,177.38
0.46% Digi International Inc DGII (253798102) 8,138 $586,993.94
0.45% Markel Group Inc MKL (570535104) 320 $568,425.60
0.44% Pan American Silver Corp PAAS (697900108) 11,169 $558,338.31
0.44% Robert Half Inc RHI (770323103) 14,911 $557,373.18
0.43% NETGEAR Inc NTGR (64111Q104) 24,918 $540,969.78
0.42% Graham Holdings Co GHC (384637104) 465 $531,694.95
0.42% Universal Health Services Inc UHS (913903100) 3,010 $531,836.90
0.42% Weatherford International PLC WFRD (G48833118) 6,419 $526,550.57
0.41% CTS Corp CTS (126501105) 8,929 $520,560.70
0.41% Hanover Insurance Group Inc/The THG (410867105) 2,301 $523,040.31
0.39% Urban Outfitters Inc URBN (917047102) 6,516 $488,765.16
0.39% White Mountains Insurance Group Ltd WTM (G9618E107) 236 $486,466.80
0.38% Korn Ferry KFY (500643200) 6,301 $483,790.78
0.37% GXO Logistics Inc GXO (36262G101) 10,111 $464,297.12
0.37% NXP Semiconductors NV NXPI (N6596X109) 2,066 $471,027.34
0.33% Diodes Inc DIOD (254543101) 4,474 $413,263.38
0.33% OneSpan Inc OSPN (68287N100) 24,089 $421,798.39
0.32% Gap Inc/The GAP (364760108) 19,697 $404,576.38
0.32% Hub Group Inc HUBG (443320106) 12,266 $399,810.27
0.29% Cirrus Logic Inc CRUS (172755100) 3,084 $366,440.88
0.29% GLOBALFOUNDRIES Inc GFS (G39387108) 7,577 $362,332.14
0.27% Fedex Freight Holding Co Inc FDXF (314352105) 2,883 $346,334.79
0.01% Cash & Other Cash&Other $17,475.75

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 4, 5, and 5 stars among 365, 345, and 264 funds. ©2026 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 is 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