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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 December 3, 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 373 Mid-Cap Blend funds as of 09.30.25 based on risk-adjusted returns.†

Fact Sheet
  • Fund Inception:
    June 19, 2000
  • Ticker:
    LST
  • Net Assets:
    $50,929,053
  • Shares Outstanding:
    1,281,875
  • 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:
    105

Fund Prices

as of December 3, 2025
NAV Price
Net Asset Value $39.73 Closing Price $39.74
Daily Change $0.18 Daily Change $0.19
Daily Change 0.45% Daily Change 0.48%
    Premium/Discount 0.03%
Bid-Ask Spead (30 day median) 0.18%

Month End Performance

as of November 30, 2025
Avg. Annualized
1 YR. 3 YR. 5 YR. 10 YR. 15 YR. 20 YR. 25 YR. INCEPTION
Fund NAV 11.77% 16.48% 14.07% 11.78% 12.13% 9.27% 8.68% 9.33%
Closing Price 11.82% 16.50% 14.08% 11.79% 12.13% 9.27% 8.69% 9.34%
Cumulative
YTD 1 MO. 3 MO. 6 MO. INCEPTION
Fund NAV 20.25% 2.16% 5.77% 15.27% 868.88%
Closing Price 20.30% 2.01% 5.78% 15.19% 869.30%

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
2.85% Microsoft Corp MSFT (594918104) 3,037 $1,450,866.01
2.32% Alphabet Inc GOOGL (02079K305) 3,699 $1,182,311.37
2.15% Goldman Sachs Group Inc/The GS (38141G104) 1,311 $1,096,743.27
2.04% Jabil Inc JBL (466313103) 4,843 $1,036,644.15
1.98% McKesson Corp MCK (58155Q103) 1,250 $1,006,712.50
1.95% Meta Platforms Inc META (30303M102) 1,549 $990,740.40
1.93% Cardinal Health Inc CAH (14149Y108) 4,934 $985,369.14
1.92% Kinross Gold Corp KGC (496902404) 36,062 $978,362.06
1.85% Flex Ltd FLEX (Y2573F102) 16,012 $941,025.24
1.83% Cisco Systems Inc CSCO (17275R102) 11,977 $931,211.75
1.74% Morgan Stanley MS (617446448) 5,111 $887,882.92
1.59% Cencora Inc COR (03073E105) 2,414 $809,438.34
1.56% Oracle Corp ORCL (68389X105) 3,826 $794,774.98
1.53% JPMORGAN CHASE & CO. JPM (46625H100) 2,495 $778,764.35
1.47% Netflix Inc NFLX (64110L106) 7,219 $750,487.24
1.42% TE Connectivity PLC TEL (G87052109) 3,137 $724,019.60
1.38% Citigroup Inc C (172967424) 6,567 $700,830.24
1.35% IAMGOLD Corp IAG (450913108) 45,876 $689,516.28
1.34% Bank of America Corp BAC (060505104) 12,638 $683,589.42
1.32% Deutsche Bank AG DB (D18190898) 18,708 $673,113.84
1.32% Mastercard Inc MA (57636Q104) 1,215 $672,781.95
1.22% Telefonaktiebolaget LM Ericsson ERIC (294821608) 64,024 $619,752.32
1.22% Regeneron Pharmaceuticals Inc REGN (75886F107) 859 $621,632.53
1.21% T-Mobile US Inc TMUS (872590104) 2,957 $616,564.07
1.20% HCA Healthcare Inc HCA (40412C101) 1,258 $612,356.66
1.14% Amgen Inc AMGN (031162100) 1,685 $582,032.70
1.14% Vertex Pharmaceuticals Inc VRTX (92532F100) 1,253 $580,301.89
1.09% Canadian Imperial Bank of Commerce CM (136069101) 6,373 $553,431.32
1.09% Gilead Sciences Inc GILD (375558103) 4,426 $553,250.00
1.08% Barclays PLC BCS (06738E204) 23,704 $551,355.04
1.08% Dycom Industries Inc DY (267475101) 1,555 $548,604.00
1.07% Primoris Services Corp PRIM (74164F103) 4,338 $544,462.38
1.06% Magna International Inc MGA (559222401) 10,856 $537,372.00
1.05% Visa Inc V (92826C839) 1,617 $532,979.37
1.01% Johnson & Johnson JNJ (478160104) 2,500 $513,325.00
0.97% Tenet Healthcare Corp THC (88033G407) 2,329 $492,210.86
0.96% Aptiv PLC APTV (G3265R107) 6,229 $486,422.61
0.96% Laureate Education Inc LAUR (518613203) 15,881 $491,199.33
0.95% AT&T Inc T (00206R102) 19,052 $482,396.64
0.94% Autoliv Inc ALV (052800109) 4,000 $479,120.00
0.92% Sanmina Corp SANM (801056102) 2,963 $466,553.98
0.92% SS&C Technologies Holdings Inc SSNC (78467J100) 5,404 $467,500.04
0.90% Biogen Inc BIIB (09062X103) 2,534 $458,020.50
0.90% Check Point Software Technologies Ltd CHKP (M22465104) 2,393 $457,302.30
0.90% Garrett Motion Inc GTX (366505105) 27,457 $459,081.04
0.89% Uber Technologies Inc UBER (90353T100) 5,009 $454,216.12
0.88% EMCOR Group Inc EME (29084Q100) 733 $448,596.00
0.88% F5 Inc FFIV (315616102) 1,871 $450,218.73
0.87% Walt Disney Co/The DIS (254687106) 4,194 $443,473.56
0.83% CSG Systems International Inc CSGS (126349109) 5,487 $424,803.54
0.82% Agnico Eagle Mines Ltd AEM (008474108) 2,466 $417,197.88
0.82% CRH PLC CRH (G25508105) 3,444 $417,963.84
0.81% Fortinet Inc FTNT (34959E109) 4,994 $413,303.44
0.80% Bristol-Myers Squibb Co BMY (110122108) 7,967 $405,998.32
0.80% Maximus Inc MMS (577933104) 4,800 $407,328.00
0.78% Merck & Co Inc MRK (58933Y105) 3,888 $397,625.76
0.78% United Parcel Service Inc UPS (911312106) 4,039 $396,670.19
0.78% United Therapeutics Corp UTHR (91307C102) 829 $398,715.84
0.78% VeriSign Inc VRSN (92343E102) 1,594 $398,404.36
0.77% Lear Corp LEA (521865204) 3,571 $390,274.59
0.77% SLB Ltd SLB (806857108) 10,403 $390,632.65
0.77% US Bancorp USB (902973304) 7,715 $392,924.95
0.76% FedEx Corp FDX (31428X106) 1,425 $385,391.25
0.76% GSK PLC GSK (37733W204) 7,915 $387,597.55
0.76% Goodyear Tire & Rubber Co/The GT (382550101) 44,130 $387,020.10
0.76% PNC Financial Services Group Inc/The PNC (693475105) 1,949 $385,902.00
0.72% NetScout Systems Inc NTCT (64115T104) 13,391 $364,369.11
0.72% Sanofi SA SNY (80105N105) 7,401 $367,755.69
0.72% Travelers Cos Inc/The TRV (89417E109) 1,284 $365,002.68
0.71% Granite Construction Inc GVA (387328107) 3,358 $359,272.42
0.70% Eldorado Gold Corp EGO (284902509) 11,545 $355,008.75
0.70% Valmont Industries Inc VMI (920253101) 858 $355,323.54
0.68% Adtalem Global Education Inc ATGE (00737L103) 3,649 $344,283.15
0.68% Hartford Insurance Group Inc/The HIG (416515104) 2,622 $348,830.88
0.68% Perdoceo Education Corp PRDO (71363P106) 12,120 $344,086.80
0.66% Equinox Gold Corp EQX (29446Y502) 24,329 $335,253.62
0.66% Universal Health Services Inc UHS (913903100) 1,456 $335,098.40
0.63% Allstate Corp/The ALL (020002101) 1,545 $322,317.90
0.62% NETGEAR Inc NTGR (64111Q104) 12,120 $317,665.20
0.60% AECOM ACM (00766T100) 2,964 $307,929.96
0.60% Plexus Corp PLXS (729132100) 2,057 $305,073.67
0.60% Raymond James Financial Inc RJF (754730109) 1,929 $306,305.91
0.60% Visteon Corp VC (92839U206) 3,004 $305,326.56
0.59% Assurant Inc AIZ (04621X108) 1,356 $301,479.48
0.59% Bread Financial Holdings Inc BFH (018581108) 4,188 $298,353.12
0.55% Oceaneering International Inc OII (675232102) 10,636 $279,088.64
0.55% Qualys Inc QLYS (74758T303) 1,888 $281,557.44
0.54% ENCOMPASS HEALTH CORP EHC (29261A100) 2,424 $274,008.96
0.54% Pearson PLC PSO (705015105) 21,065 $277,004.75
0.54% Universal Technical Institute Inc UTI (913915104) 11,041 $276,135.41
0.53% Markel Group Inc MKL (570535104) 130 $267,399.60
0.51% Concentrix Corp CNXC (20602D101) 7,055 $260,541.15
0.50% CVS Health Corp CVS (126650100) 3,402 $255,150.00
0.49% StoneX Group Inc SNEX (861896108) 2,654 $247,883.60
0.48% Lazard Inc LAZ (52110M109) 4,554 $243,547.92
0.47% Graham Holdings Co GHC (384637104) 218 $241,751.10
0.47% Pan American Silver Corp PAAS (697900108) 5,413 $240,553.72
0.44% Benchmark Electronics Inc BHE (08160H101) 4,829 $224,645.08
0.42% Verizon Communications Inc VZ (92343V104) 5,297 $215,428.99
0.40% US BANK MMDA - USBGFS 9 09/01/2037 8AMMF0JA0 (8AMMF0JA0) 204,370 $204,370.18
0.39% Hanover Insurance Group Inc/The THG (410867105) 1,104 $198,697.92
0.38% CTS Corp CTS (126501105) 4,324 $195,142.12
0.35% White Mountains Insurance Group Ltd WTM (G9618E107) 87 $176,222.85
0.33% Digi International Inc DGII (253798102) 3,952 $169,619.84
-0.01% Cash & Other Cash&Other $-6,022.32

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 373, 348, and 254 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