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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 November 9, 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 366 Mid-Cap Blend funds as of 09.30.26 based on risk-adjusted returns.†

Fact Sheet
  • Fund Inception:
    June 19, 2000
  • Ticker:
    LST
  • Net Assets:
    $213,306,406
  • 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 9, 2026
NAV Price
Net Asset Value $46.81 Closing Price $46.83
Daily Change $1.02 Daily Change $1.07
Daily Change 2.22% Daily Change 2.33%
    Premium/Discount 0.04%
Bid-Ask Spead (30 day median) 0.08%

Month End Performance

as of October 31, 2026
Avg. 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, 2026
Avg. 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%

as of November 9, 2026
Percentage of Net Assets Name Identifier (Cusip) Shares Held Market Value
2.23% Cardinal Health Inc CAH (14149Y108) 17,377 $4,766,337.33
2.20% Microsoft Corp MSFT (594918104) 8,608 $4,692,909.44
2.19% McKesson Corp MCK (58155Q103) 4,411 $4,672,881.07
1.84% Advanced Micro Devices Inc AMD (007903107) 7,699 $3,915,557.42
1.77% Alphabet Inc GOOGL (02079K305) 13,139 $3,786,002.85
1.65% Meta Platforms Inc META (30303M102) 5,480 $3,514,707.60
1.64% Dell Technologies Inc DELL (24703L202) 10,077 $3,489,765.87
1.54% Cisco Systems Inc CSCO (17275R102) 33,359 $3,290,865.35
1.48% FedEx Corp FDX (31428X106) 9,874 $3,148,226.16
1.46% UnitedHealth Group Inc UNH (91324P102) 7,809 $3,105,014.58
1.45% United Parcel Service Inc UPS (911312106) 27,929 $3,099,001.84
1.39% Cencora Inc COR (03073E105) 8,568 $2,962,471.68
1.35% Everest Group Ltd EG (G3223R108) 7,001 $2,889,662.75
1.35% RenaissanceRe Holdings Ltd RNR (G7496G103) 8,258 $2,878,738.80
1.29% Amgen Inc AMGN (031162100) 5,897 $2,743,461.31
1.29% Regeneron Pharmaceuticals Inc REGN (75886F107) 2,985 $2,746,080.60
1.23% Gilead Sciences Inc GILD (375558103) 15,497 $2,623,952.04
1.19% Paycom Software Inc PAYC (70432V102) 10,761 $2,544,546.06
1.16% Johnson & Johnson JNJ (478160104) 8,790 $2,479,746.90
1.14% TE Connectivity PLC TEL (G87052109) 11,124 $2,433,375.00
1.14% Vertex Pharmaceuticals Inc VRTX (92532F100) 4,402 $2,424,929.74
1.11% Marathon Petroleum Corp MPC (56585A102) 6,052 $2,359,553.76
1.11% Tenet Healthcare Corp THC (88033G407) 8,219 $2,375,291.00
1.10% Costco Wholesale Corp COST (22160K105) 2,204 $2,349,860.72
1.10% Reinsurance Group of America Inc RGA (759351604) 8,761 $2,336,996.75
1.10% Target Corp TGT (87612E106) 14,184 $2,336,672.16
1.09% Walmart Inc WMT (931142103) 18,538 $2,329,485.08
1.07% Biogen Inc BIIB (09062X103) 8,976 $2,287,713.12
1.07% Chevron Corp CVX (166764100) 10,832 $2,283,168.96
1.07% Qualys Inc QLYS (74758T303) 11,306 $2,289,012.76
1.05% HCA Healthcare Inc HCA (40412C101) 4,441 $2,242,216.49
1.04% ExxonMobil Holdings Corp XOM (30233Q108) 13,507 $2,225,008.11
1.03% EOG Resources Inc EOG (26875P101) 14,803 $2,197,209.29
1.02% Jabil Inc JBL (466313103) 8,601 $2,172,268.56
0.99% Centene Corp CNC (15135B101) 30,836 $2,113,499.44
0.99% ServiceNow Inc NOW (81762P102) 20,622 $2,119,116.72
0.98% HF Sinclair Corp DINO (403949100) 21,056 $2,100,546.56
0.98% ELEVANCE HEALTH INC ELV (036752103) 5,002 $2,092,086.50
0.98% Flex Ltd FLEX (Y2573F102) 26,821 $2,096,597.57
0.96% Dollar Tree Inc DLTR (256746108) 14,895 $2,044,040.85
0.95% Merck & Co Inc MRK (58933Y105) 13,682 $2,035,334.32
0.91% Laureate Education Inc LAUR (518613203) 55,973 $1,934,426.88
0.89% Automatic Data Processing Inc ADP (053015103) 6,271 $1,894,218.26
0.87% NVIDIA Corp NVDA (67066G104) 10,415 $1,860,848.05
0.87% SLB Ltd SLB (806857108) 36,672 $1,847,535.36
0.86% Broadcom Inc AVGO (11135F101) 5,732 $1,831,259.36
0.85% Travelers Cos Inc/The TRV (89417E109) 4,581 $1,810,411.20
0.84% GEN DIGITAL INC GEN (668771108) 60,211 $1,794,287.80
0.83% BJ's Wholesale Club Holdings Inc BJ (05550J101) 16,087 $1,766,352.60
0.82% Bristol-Myers Squibb Co BMY (110122108) 28,098 $1,746,009.72
0.81% Check Point Software Technologies Ltd CHKP (M22465104) 12,052 $1,735,005.92
0.81% Expeditors International of Washington Inc EXPD (302130109) 9,122 $1,729,439.98
0.81% Pfizer Inc PFE (717081103) 59,059 $1,726,294.57
0.80% United Therapeutics Corp UTHR (91307C102) 2,919 $1,700,200.74
0.79% Anheuser-Busch InBev SA/NV BUD (03524A108) 19,707 $1,676,868.63
0.78% Dollar General Corp DG (256677105) 12,240 $1,672,963.20
0.77% PBF Energy Inc PBF (69318G106) 23,587 $1,640,475.85
0.75% US BANK MMDA - USBGFS 9 09/01/2037 8AMMF0JA0 (8AMMF0JA0) 1,593,819 $1,593,819.07
0.75% ADT Inc ADT (00090Q103) 161,078 $1,599,504.54
0.75% Paychex Inc PAYX (704326107) 13,918 $1,597,229.68
0.73% Sanmina Corp SANM (801056102) 10,455 $1,564,486.20
0.71% Assurant Inc AIZ (04621X108) 4,786 $1,518,167.06
0.71% TD SYNNEX Corp SNX (87162W100) 6,611 $1,509,489.63
0.70% HP Inc HPQ (40434L105) 52,720 $1,489,340.00
0.70% Paylocity Holding Corp PCTY (70438V106) 8,432 $1,499,293.92
0.70% Plexus Corp PLXS (729132100) 7,307 $1,502,611.48
0.69% Carnival Corp Ltd CCL (G2004J103) 47,948 $1,477,277.88
0.69% Covista Inc CVSA (00737L103) 12,846 $1,464,187.08
0.69% Shell PLC SHEL (780259305) 14,963 $1,479,541.44
0.68% Arrow Electronics Inc ARW (042735100) 7,592 $1,456,449.28
0.67% GSK PLC GSK (37733W204) 27,916 $1,438,790.64
0.65% Allstate Corp/The ALL (020002101) 5,500 $1,395,845.00
0.65% PayPal Holdings Inc PYPL (70450Y103) 22,952 $1,378,267.60
0.64% Baker Hughes Co BKR (05722G100) 28,469 $1,372,775.18
0.64% CGI Inc GIB (12532H104) 16,662 $1,375,781.34
0.61% Oceaneering International Inc OII (675232102) 37,428 $1,304,365.80
0.61% Western Digital Corp WDC (958102105) 4,498 $1,303,430.44
0.60% Pearson PLC PSO (705015105) 74,233 $1,276,065.27
0.60% Tenaris SA TS (88031M109) 21,695 $1,290,418.60
0.59% Hartford Insurance Group Inc/The HIG (416515104) 9,301 $1,254,332.86
0.59% Lam Research Corp LRCX (512807306) 5,715 $1,264,786.65
0.57% Cognizant Technology Solutions Corp CTSH (192446102) 19,238 $1,223,536.80
0.57% ENCOMPASS HEALTH CORP EHC (29261A100) 8,604 $1,214,454.60
0.57% HealthEquity Inc HQY (42226A107) 11,908 $1,215,925.88
0.56% Progress Software Corp PRGS (743312100) 26,829 $1,191,475.89
0.55% Perdoceo Education Corp PRDO (71363P106) 42,702 $1,171,742.88
0.54% Gartner Inc IT (366651107) 5,978 $1,141,917.56
0.54% TriNet Group Inc TNET (896288107) 17,691 $1,143,369.33
0.53% UiPath Inc PATH (90364P105) 87,732 $1,138,761.36
0.53% SiriusPoint Ltd SPNT (G8192H106) 42,880 $1,132,460.80
0.52% CH Robinson Worldwide Inc CHRW (12541W209) 8,597 $1,108,927.03
0.51% Cenovus Energy Inc CVE (15135U109) 39,585 $1,092,150.15
0.51% Robert Half Inc RHI (770323103) 25,551 $1,081,573.83
0.51% WEX Inc WEX (96208T104) 5,921 $1,080,760.13
0.50% Benchmark Electronics Inc BHE (08160H101) 17,009 $1,077,009.88
0.50% Ingram Micro Holding Corp INGM (457152106) 40,286 $1,056,298.92
0.50% Markel Group Inc MKL (570535104) 548 $1,069,290.48
0.49% PriceSmart Inc PSMT (741511109) 6,264 $1,039,260.24
0.48% Avnet Inc AVT (053807103) 12,042 $1,021,041.18
0.48% CVS Health Corp CVS (126650100) 12,054 $1,027,603.50
0.48% Fidelity National Information Services Inc FIS (31620M106) 36,079 $1,022,478.86
0.47% Archrock Inc AROC (03957W106) 34,455 $998,850.45
0.47% Universal Health Services Inc UHS (913903100) 5,138 $1,013,008.08
0.46% GXO Logistics Inc GXO (36262G101) 17,331 $971,922.48
0.46% Urban Outfitters Inc URBN (917047102) 11,152 $984,387.04
0.45% Diebold Nixdorf Inc DBD (253651202) 16,095 $967,148.55
0.45% Hanover Insurance Group Inc/The THG (410867105) 3,897 $955,661.31
0.44% Graham Holdings Co GHC (384637104) 769 $934,919.44
0.44% OneSpan Inc OSPN (68287N100) 41,265 $932,176.35
0.44% Weatherford International PLC WFRD (G48833118) 10,979 $938,704.50
0.43% CTS Corp CTS (126501105) 15,313 $926,436.50
0.43% NOV Inc NOV (62955J103) 52,036 $920,516.84
0.41% White Mountains Insurance Group Ltd WTM (G9618E107) 388 $875,405.60
0.39% Mercury General Corp MCY (589400100) 9,931 $821,690.94
0.38% Korn Ferry KFY (500643200) 10,785 $809,953.50
0.38% ScanSource Inc SCSC (806037107) 18,165 $800,349.90
0.35% Gap Inc/The GAP (364760108) 33,757 $750,418.11
0.30% Fedex Freight Holding Co Inc FDXF (314352105) 4,935 $636,861.75
0.24% Hub Group Inc HUBG (443320106) 21,006 $518,848.20
-0.03% Cash & Other Cash&Other $-71,296.48

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