Leuthold Select Industries ETF
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
Morningstar Rating™ Overall among 366 Mid-Cap Blend funds as of 09.30.26 based on risk-adjusted returns.†
-
Fund Inception:
June 19, 2000 -
Ticker:
LST -
Net Assets:
$213,644,999 -
Shares Outstanding:
4,556,875 -
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:
120
Fund Prices
as of November 10, 2026| NAV | Price | ||
|---|---|---|---|
| Net Asset Value | $46.88 | Closing Price | $46.90 |
| Daily Change | $0.07 | Daily Change | $0.07 |
| Daily Change | 0.16% | Daily Change | 0.15% |
| Premium/Discount | 0.03% | ||
| Bid-Ask Spead (30 day median) | 0.08% |
Month End Performance
as of October 31, 2026Avg. Annualized
| 1 YR. | 3 YR. | 5 YR. | 10 YR. | 15 YR. | 20 YR. | 25 YR. | INCEPTION | |
|---|---|---|---|---|---|---|---|---|
| Fund NAV | 23.06% | 23.77% | 12.24% | 14.54% | 13.59% | 9.62% | 10.29% | 9.77% |
| Closing Price | 22.86% | 23.78% | 12.25% | 14.54% | 13.59% | 9.62% | 10.29% | 9.77% |
Cumulative
| YTD | 1 MO. | 3 MO. | 6 MO. | INCEPTION | |
|---|---|---|---|---|---|
| Fund NAV | 19.42% | 2.38% | 3.77% | 8.13% | 1,067.12% |
| Closing Price | 19.20% | 2.41% | 3.76% | 8.13% | 1,067.46% |
Quarter End Performance
as of September 30, 2026Avg. Annualized
| 1 YR. | 3 YR. | 5 YR. | 10 YR. | 15 YR. | 20 YR. | 25 YR. | INCEPTION | |
|---|---|---|---|---|---|---|---|---|
| Fund NAV | 18.91% | 21.71% | 13.05% | 13.92% | 14.34% | 9.83% | 10.24% | 9.70% |
| Closing Price | 18.80% | 21.71% | 13.05% | 13.92% | 14.34% | 9.83% | 10.24% | 9.70% |
Cumulative
| YTD | 1 MO. | 3 MO. | 6 MO. | INCEPTION | |
|---|---|---|---|---|---|
| Fund NAV | 16.64% | -2.68% | -0.06% | 15.62% | 1,039.98% |
| Closing Price | 16.40% | -2.76% | 0.01% | 15.53% | 1,039.97% |
All Holdings Top 10 Holdings
as of November 10, 2026| Percentage of Net Assets | Name | Identifier (Cusip) | Shares Held | Market Value |
|---|---|---|---|---|
| 2.25% | Cardinal Health Inc | CAH (14149Y108) | 17,377 | $4,809,779.83 |
| 2.24% | McKesson Corp | MCK (58155Q103) | 4,411 | $4,775,304.49 |
| 2.15% | Microsoft Corp | MSFT (594918104) | 8,608 | $4,589,441.28 |
| 1.86% | Advanced Micro Devices Inc | AMD (007903107) | 7,699 | $3,966,601.79 |
| 1.77% | Alphabet Inc | GOOGL (02079K305) | 13,139 | $3,775,885.82 |
| 1.65% | Meta Platforms Inc | META (30303M102) | 5,480 | $3,514,817.20 |
| 1.58% | Dell Technologies Inc | DELL (24703L202) | 10,077 | $3,369,547.26 |
| 1.53% | Cisco Systems Inc | CSCO (17275R102) | 33,359 | $3,274,185.85 |
| 1.48% | FedEx Corp | FDX (31428X106) | 9,874 | $3,154,545.52 |
| 1.48% | UnitedHealth Group Inc | UNH (91324P102) | 7,809 | $3,163,582.08 |
| 1.45% | United Parcel Service Inc | UPS (911312106) | 27,929 | $3,101,515.45 |
| 1.40% | Cencora Inc | COR (03073E105) | 8,568 | $2,987,747.28 |
| 1.38% | Everest Group Ltd | EG (G3223R108) | 7,001 | $2,956,662.32 |
| 1.38% | RenaissanceRe Holdings Ltd | RNR (G7496G103) | 8,258 | $2,938,609.30 |
| 1.28% | Amgen Inc | AMGN (031162100) | 5,897 | $2,743,461.31 |
| 1.28% | Regeneron Pharmaceuticals Inc | REGN (75886F107) | 2,985 | $2,734,439.10 |
| 1.24% | Gilead Sciences Inc | GILD (375558103) | 15,497 | $2,647,972.39 |
| 1.20% | Paycom Software Inc | PAYC (70432V102) | 10,761 | $2,560,687.56 |
| 1.16% | Johnson & Johnson | JNJ (478160104) | 8,790 | $2,468,056.20 |
| 1.13% | TE Connectivity PLC | TEL (G87052109) | 11,124 | $2,422,362.24 |
| 1.13% | Vertex Pharmaceuticals Inc | VRTX (92532F100) | 4,402 | $2,411,811.78 |
| 1.12% | Reinsurance Group of America Inc | RGA (759351604) | 8,761 | $2,401,039.66 |
| 1.12% | Tenet Healthcare Corp | THC (88033G407) | 8,219 | $2,385,729.13 |
| 1.10% | Costco Wholesale Corp | COST (22160K105) | 2,204 | $2,349,772.56 |
| 1.10% | Marathon Petroleum Corp | MPC (56585A102) | 6,052 | $2,357,556.60 |
| 1.09% | Walmart Inc | WMT (931142103) | 18,538 | $2,327,445.90 |
| 1.07% | Chevron Corp | CVX (166764100) | 10,832 | $2,287,935.04 |
| 1.07% | Target Corp | TGT (87612E106) | 14,184 | $2,294,687.52 |
| 1.06% | Biogen Inc | BIIB (09062X103) | 8,976 | $2,273,172.00 |
| 1.05% | EOG Resources Inc | EOG (26875P101) | 14,803 | $2,242,802.53 |
| 1.05% | HCA Healthcare Inc | HCA (40412C101) | 4,441 | $2,240,129.22 |
| 1.04% | ExxonMobil Holdings Corp | XOM (30233Q108) | 13,507 | $2,221,496.29 |
| 1.01% | Centene Corp | CNC (15135B101) | 30,836 | $2,164,378.84 |
| 1.01% | ELEVANCE HEALTH INC | ELV (036752103) | 5,002 | $2,149,109.30 |
| 1.01% | Jabil Inc | JBL (466313103) | 8,601 | $2,148,701.82 |
| 0.98% | Dollar Tree Inc | DLTR (256746108) | 14,895 | $2,097,662.85 |
| 0.97% | HF Sinclair Corp | DINO (403949100) | 21,056 | $2,079,490.56 |
| 0.96% | Flex Ltd | FLEX (Y2573F102) | 26,821 | $2,040,809.89 |
| 0.96% | ServiceNow Inc | NOW (81762P102) | 20,622 | $2,054,157.42 |
| 0.95% | Merck & Co Inc | MRK (58933Y105) | 13,682 | $2,025,620.10 |
| 0.93% | Qualys Inc | QLYS (74758T303) | 11,306 | $1,979,793.66 |
| 0.92% | Laureate Education Inc | LAUR (518613203) | 55,973 | $1,956,816.08 |
| 0.90% | Automatic Data Processing Inc | ADP (053015103) | 6,271 | $1,915,414.24 |
| 0.89% | Broadcom Inc | AVGO (11135F101) | 5,732 | $1,902,909.36 |
| 0.86% | SLB Ltd | SLB (806857108) | 36,672 | $1,829,932.80 |
| 0.86% | Travelers Cos Inc/The | TRV (89417E109) | 4,581 | $1,835,973.18 |
| 0.85% | GEN DIGITAL INC | GEN (668771108) | 60,211 | $1,806,932.11 |
| 0.83% | BJ's Wholesale Club Holdings Inc | BJ (05550J101) | 16,087 | $1,776,004.80 |
| 0.83% | Bristol-Myers Squibb Co | BMY (110122108) | 28,098 | $1,764,554.40 |
| 0.82% | Check Point Software Technologies Ltd | CHKP (M22465104) | 12,052 | $1,742,357.64 |
| 0.82% | NVIDIA Corp | NVDA (67066G104) | 10,415 | $1,758,989.35 |
| 0.81% | Expeditors International of Washington Inc | EXPD (302130109) | 9,122 | $1,725,791.18 |
| 0.81% | Pfizer Inc | PFE (717081103) | 59,059 | $1,733,972.24 |
| 0.80% | United Therapeutics Corp | UTHR (91307C102) | 2,919 | $1,718,152.59 |
| 0.79% | Anheuser-Busch InBev SA/NV | BUD (03524A108) | 19,707 | $1,695,787.35 |
| 0.79% | Dollar General Corp | DG (256677105) | 12,240 | $1,680,674.40 |
| 0.76% | Paychex Inc | PAYX (704326107) | 13,918 | $1,617,271.60 |
| 0.76% | Sanmina Corp | SANM (801056102) | 10,455 | $1,625,020.65 |
| 0.75% | ADT Inc | ADT (00090Q103) | 161,078 | $1,594,672.20 |
| 0.73% | PBF Energy Inc | PBF (69318G106) | 23,587 | $1,554,619.17 |
| 0.72% | Assurant Inc | AIZ (04621X108) | 4,786 | $1,541,857.76 |
| 0.72% | TD SYNNEX Corp | SNX (87162W100) | 6,611 | $1,537,057.50 |
| 0.71% | US BANK MMDA - USBGFS 9 09/01/2037 | 8AMMF0JA0 (8AMMF0JA0) | 1,511,075 | $1,511,075.25 |
| 0.71% | Paylocity Holding Corp | PCTY (70438V106) | 8,432 | $1,509,328.00 |
| 0.70% | Covista Inc | CVSA (00737L103) | 12,846 | $1,496,559.00 |
| 0.70% | HP Inc | HPQ (40434L105) | 52,720 | $1,498,302.40 |
| 0.70% | Plexus Corp | PLXS (729132100) | 7,307 | $1,499,250.26 |
| 0.69% | Arrow Electronics Inc | ARW (042735100) | 7,592 | $1,473,910.88 |
| 0.69% | Carnival Corp Ltd | CCL (G2004J103) | 47,948 | $1,473,921.52 |
| 0.68% | Shell PLC | SHEL (780259305) | 14,963 | $1,455,451.01 |
| 0.67% | Allstate Corp/The | ALL (020002101) | 5,500 | $1,436,160.00 |
| 0.67% | GSK PLC | GSK (37733W204) | 27,916 | $1,430,136.68 |
| 0.64% | Baker Hughes Co | BKR (05722G100) | 28,469 | $1,359,964.13 |
| 0.64% | CGI Inc | GIB (12532H104) | 16,662 | $1,374,781.62 |
| 0.63% | PayPal Holdings Inc | PYPL (70450Y103) | 22,952 | $1,349,118.56 |
| 0.61% | Oceaneering International Inc | OII (675232102) | 37,428 | $1,312,225.68 |
| 0.61% | Tenaris SA | TS (88031M109) | 21,695 | $1,306,906.80 |
| 0.61% | Western Digital Corp | WDC (958102105) | 4,498 | $1,300,821.60 |
| 0.60% | Hartford Insurance Group Inc/The | HIG (416515104) | 9,301 | $1,281,677.80 |
| 0.60% | Pearson PLC | PSO (705015105) | 74,233 | $1,280,519.25 |
| 0.59% | Cognizant Technology Solutions Corp | CTSH (192446102) | 19,238 | $1,250,470.00 |
| 0.59% | Lam Research Corp | LRCX (512807306) | 5,715 | $1,270,958.85 |
| 0.58% | HealthEquity Inc | HQY (42226A107) | 11,908 | $1,232,954.32 |
| 0.58% | Perdoceo Education Corp | PRDO (71363P106) | 42,702 | $1,232,806.74 |
| 0.57% | ENCOMPASS HEALTH CORP | EHC (29261A100) | 8,604 | $1,226,156.04 |
| 0.55% | Progress Software Corp | PRGS (743312100) | 26,829 | $1,175,110.20 |
| 0.55% | SiriusPoint Ltd | SPNT (G8192H106) | 42,880 | $1,174,054.40 |
| 0.55% | TriNet Group Inc | TNET (896288107) | 17,691 | $1,172,913.30 |
| 0.53% | Gartner Inc | IT (366651107) | 5,978 | $1,129,363.76 |
| 0.53% | UiPath Inc | PATH (90364P105) | 87,732 | $1,125,601.56 |
| 0.52% | CH Robinson Worldwide Inc | CHRW (12541W209) | 8,597 | $1,108,927.03 |
| 0.52% | Ingram Micro Holding Corp | INGM (457152106) | 40,286 | $1,105,447.84 |
| 0.51% | Benchmark Electronics Inc | BHE (08160H101) | 17,009 | $1,082,452.76 |
| 0.51% | Cenovus Energy Inc | CVE (15135U109) | 39,585 | $1,095,316.95 |
| 0.51% | Markel Group Inc | MKL (570535104) | 548 | $1,081,998.60 |
| 0.51% | Robert Half Inc | RHI (770323103) | 25,551 | $1,099,204.02 |
| 0.50% | CVS Health Corp | CVS (126650100) | 12,054 | $1,072,926.54 |
| 0.50% | WEX Inc | WEX (96208T104) | 5,921 | $1,068,799.71 |
| 0.49% | PriceSmart Inc | PSMT (741511109) | 6,264 | $1,044,271.44 |
| 0.48% | Avnet Inc | AVT (053807103) | 12,042 | $1,024,774.20 |
| 0.48% | Fidelity National Information Services Inc | FIS (31620M106) | 36,079 | $1,021,396.49 |
| 0.47% | Universal Health Services Inc | UHS (913903100) | 5,138 | $1,004,016.58 |
| 0.46% | Hanover Insurance Group Inc/The | THG (410867105) | 3,897 | $975,068.37 |
| 0.45% | Archrock Inc | AROC (03957W106) | 34,455 | $960,605.40 |
| 0.45% | GXO Logistics Inc | GXO (36262G101) | 17,331 | $958,750.92 |
| 0.45% | Urban Outfitters Inc | URBN (917047102) | 11,152 | $969,889.44 |
| 0.44% | CTS Corp | CTS (126501105) | 15,313 | $941,443.24 |
| 0.44% | Graham Holdings Co | GHC (384637104) | 769 | $939,902.56 |
| 0.43% | Diebold Nixdorf Inc | DBD (253651202) | 16,095 | $922,887.30 |
| 0.43% | NOV Inc | NOV (62955J103) | 52,036 | $919,996.48 |
| 0.43% | Weatherford International PLC | WFRD (G48833118) | 10,979 | $925,639.49 |
| 0.42% | OneSpan Inc | OSPN (68287N100) | 41,265 | $904,528.80 |
| 0.41% | White Mountains Insurance Group Ltd | WTM (G9618E107) | 388 | $884,640.00 |
| 0.39% | Mercury General Corp | MCY (589400100) | 9,931 | $836,289.51 |
| 0.39% | ScanSource Inc | SCSC (806037107) | 18,165 | $825,235.95 |
| 0.38% | Korn Ferry | KFY (500643200) | 10,785 | $819,444.30 |
| 0.35% | Gap Inc/The | GAP (364760108) | 33,757 | $741,641.29 |
| 0.30% | Fedex Freight Holding Co Inc | FDXF (314352105) | 4,935 | $640,711.05 |
| 0.24% | Hub Group Inc | HUBG (443320106) | 21,006 | $513,596.70 |
| 0.00% | Cash & Other | Cash&Other | $7,752.87 |
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 5 stars among 366, 349, and 277. ©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