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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 21, 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:
    $127,149,719
  • 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 21, 2026
NAV Price
Net Asset Value $47.86 Closing Price $47.87
Daily Change $0.34 Daily Change $0.35
Daily Change 0.71% Daily Change 0.74%
    Premium/Discount 0.03%
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 21, 2026
Percentage of Net Assets Name Identifier (Cusip) Shares Held Market Value
2.67% Dell Technologies Inc DELL (24703L202) 5,897 $3,392,603.07
2.18% Advanced Micro Devices Inc AMD (007903107) 4,507 $2,774,148.64
2.14% Alphabet Inc GOOGL (02079K305) 7,667 $2,721,554.99
1.99% Microsoft Corp MSFT (594918104) 5,036 $2,526,107.96
1.87% Meta Platforms Inc META (30303M102) 3,200 $2,371,984.00
1.80% Cardinal Health Inc CAH (14149Y108) 10,157 $2,292,942.75
1.80% McKesson Corp MCK (58155Q103) 2,587 $2,293,297.89
1.71% Cisco Systems Inc CSCO (17275R102) 19,451 $2,168,008.46
1.44% Citigroup Inc C (172967424) 13,537 $1,828,171.85
1.43% JPMORGAN CHASE & CO. JPM (46625H100) 5,155 $1,814,766.20
1.37% F5 Inc FFIV (315616102) 3,868 $1,740,986.80
1.37% Flex Ltd FLEX (Y2573F102) 15,649 $1,746,584.89
1.34% FedEx Corp FDX (31428X106) 5,770 $1,706,708.30
1.30% ServiceNow Inc NOW (81762P102) 12,034 $1,656,841.12
1.26% Kinross Gold Corp KGC (496902404) 57,510 $1,598,202.90
1.24% Cencora Inc COR (03073E105) 4,996 $1,581,184.04
1.24% RenaissanceRe Holdings Ltd RNR (G7496G103) 4,838 $1,578,591.02
1.21% United Parcel Service Inc UPS (911312106) 16,301 $1,544,519.75
1.20% Canadian Imperial Bank of Commerce CM (136069101) 13,108 $1,523,936.08
1.20% Jabil Inc JBL (466313103) 5,029 $1,527,156.43
1.19% Everest Group Ltd EG (G3223R108) 4,113 $1,519,424.46
1.18% Bank of America Corp BAC (060505104) 25,986 $1,506,148.56
1.12% Marathon Petroleum Corp MPC (56585A102) 3,544 $1,426,034.72
1.12% Paycom Software Inc PAYC (70432V102) 6,277 $1,420,108.48
1.11% Regeneron Pharmaceuticals Inc REGN (75886F107) 1,769 $1,411,962.73
1.09% Johnson & Johnson JNJ (478160104) 5,142 $1,385,614.74
1.09% NVIDIA Corp NVDA (67066G104) 6,083 $1,383,152.54
1.07% Amgen Inc AMGN (031162100) 3,465 $1,362,299.40
1.07% Gilead Sciences Inc GILD (375558103) 9,037 $1,360,610.72
1.07% IAMGOLD Corp IAG (450913108) 67,595 $1,360,687.35
1.07% TE Connectivity PLC TEL (G87052109) 6,488 $1,362,544.88
1.06% HF Sinclair Corp DINO (403949100) 12,316 $1,346,015.64
1.06% Telefonaktiebolaget LM Ericsson ERIC (294821608) 131,553 $1,348,418.25
1.04% Vertex Pharmaceuticals Inc VRTX (92532F100) 2,578 $1,316,636.16
1.02% Chevron Corp CVX (166764100) 6,348 $1,292,897.16
1.01% Sanmina Corp SANM (801056102) 6,123 $1,282,584.81
0.99% Reinsurance Group of America Inc RGA (759351604) 5,113 $1,253,349.69
0.98% Tenet Healthcare Corp THC (88033G407) 4,799 $1,252,395.03
0.98% ExxonMobil Holdings Corp XOM (30233Q108) 7,883 $1,247,878.90
0.97% Barclays PLC BCS (06738E204) 48,706 $1,232,261.80
0.96% Broadcom Inc AVGO (11135F101) 3,376 $1,224,340.16
0.96% EOG Resources Inc EOG (26875P101) 8,647 $1,222,512.86
0.95% ELEVANCE HEALTH INC ELV (036752103) 2,950 $1,207,464.50
0.94% Merck & Co Inc MRK (58933Y105) 7,982 $1,193,309.00
0.94% Qualys Inc QLYS (74758T303) 6,594 $1,193,711.82
0.93% Laureate Education Inc LAUR (518613203) 32,641 $1,184,215.48
0.90% Biogen Inc BIIB (09062X103) 5,252 $1,150,555.64
0.88% HCA Healthcare Inc HCA (40412C101) 2,617 $1,114,763.49
0.87% SLB Ltd SLB (806857108) 21,396 $1,107,456.96
0.85% Plexus Corp PLXS (729132100) 4,267 $1,076,820.12
0.84% NetScout Systems Inc NTCT (64115T104) 27,553 $1,072,913.82
0.81% Bristol-Myers Squibb Co BMY (110122108) 16,394 $1,026,592.28
0.81% GEN DIGITAL INC GEN (668771108) 35,131 $1,024,068.65
0.80% Expeditors International of Washington Inc EXPD (302130109) 5,322 $1,022,622.30
0.80% Lam Research Corp LRCX (512807306) 3,359 $1,015,358.52
0.79% Agnico Eagle Mines Ltd AEM (008474108) 5,102 $1,007,542.96
0.79% Eldorado Gold Corp EGO (284902509) 23,724 $1,005,185.88
0.79% Oceaneering International Inc OII (675232102) 21,848 $1,003,478.64
0.79% PBF Energy Inc PBF (69318G106) 13,783 $998,991.84
0.78% Automatic Data Processing Inc ADP (053015103) 3,687 $995,268.78
0.78% Travelers Cos Inc/The TRV (89417E109) 2,681 $994,999.53
0.76% Baker Hughes Co BKR (05722G100) 16,613 $960,729.79
0.75% Pfizer Inc PFE (717081103) 34,435 $955,226.90
0.75% US Bancorp USB (902973304) 15,868 $959,061.92
0.74% Check Point Software Technologies Ltd CHKP (M22465104) 7,036 $944,583.00
0.74% Covista Inc CVSA (00737L103) 7,526 $946,695.54
0.74% Paychex Inc PAYX (704326107) 8,142 $936,411.42
0.74% PNC Financial Services Group Inc/The PNC (693475105) 4,043 $943,029.75
0.66% United Therapeutics Corp UTHR (91307C102) 1,703 $839,749.30
0.65% GSK PLC GSK (37733W204) 16,288 $831,991.04
0.64% US BANK MMDA - USBGFS 9 09/01/2037 8AMMF0JA0 (8AMMF0JA0) 816,854 $816,854.12
0.64% Shell PLC SHEL (780259305) 8,731 $814,340.37
0.63% Perdoceo Education Corp PRDO (71363P106) 24,918 $805,598.94
0.62% Allstate Corp/The ALL (020002101) 3,220 $782,009.20
0.61% Assurant Inc AIZ (04621X108) 2,810 $779,437.80
0.60% Benchmark Electronics Inc BHE (08160H101) 9,941 $767,047.56
0.60% CH Robinson Worldwide Inc CHRW (12541W209) 5,025 $768,021.00
0.56% Hartford Insurance Group Inc/The HIG (416515104) 5,425 $709,210.25
0.56% Paylocity Holding Corp PCTY (70438V106) 4,936 $712,857.12
0.56% Tenaris SA TS (88031M109) 12,651 $708,076.47
0.56% United Airlines Holdings Inc UAL (910047109) 6,210 $710,361.90
0.55% UiPath Inc PATH (90364P105) 51,176 $695,481.84
0.54% Pearson PLC PSO (705015105) 43,301 $688,485.90
0.54% TriNet Group Inc TNET (896288107) 10,319 $687,864.54
0.53% Analog Devices Inc ADI (032654105) 1,776 $680,208.00
0.53% QUALCOMM Inc QCOM (747525103) 3,443 $668,733.89
0.52% HealthEquity Inc HQY (42226A107) 6,968 $658,615.36
0.50% Progress Software Corp PRGS (743312100) 15,657 $632,699.37
0.50% SiriusPoint Ltd SPNT (G8192H106) 25,020 $629,753.40
0.49% Archrock Inc AROC (03957W106) 20,091 $617,396.43
0.49% Carnival Corp Ltd CCL (G2004J103) 27,960 $623,787.60
0.48% CVS Health Corp CVS (126650100) 7,038 $616,528.80
0.48% ENCOMPASS HEALTH CORP EHC (29261A100) 5,032 $611,689.92
0.48% Equinox Gold Corp EQX (29446Y502) 50,000 $608,000.00
0.48% NOV Inc NOV (62955J103) 30,376 $612,076.40
0.47% Digi International Inc DGII (253798102) 8,138 $591,958.12
0.46% Mercury General Corp MCY (589400100) 5,827 $584,681.18
0.45% Markel Group Inc MKL (570535104) 320 $567,884.80
0.44% NETGEAR Inc NTGR (64111Q104) 24,918 $553,677.96
0.43% Pan American Silver Corp PAAS (697900108) 11,169 $544,488.75
0.43% Robert Half Inc RHI (770323103) 14,911 $551,110.56
0.42% Graham Holdings Co GHC (384637104) 465 $532,941.15
0.41% CTS Corp CTS (126501105) 8,929 $523,864.43
0.41% Universal Health Services Inc UHS (913903100) 3,010 $525,967.40
0.41% Weatherford International PLC WFRD (G48833118) 6,419 $527,641.80
0.40% Hanover Insurance Group Inc/The THG (410867105) 2,301 $513,606.21
0.38% Korn Ferry KFY (500643200) 6,301 $480,262.22
0.38% NXP Semiconductors NV NXPI (N6596X109) 2,066 $480,159.06
0.38% Urban Outfitters Inc URBN (917047102) 6,516 $483,552.36
0.38% White Mountains Insurance Group Ltd WTM (G9618E107) 236 $485,416.60
0.36% GXO Logistics Inc GXO (36262G101) 10,111 $459,039.40
0.33% Gap Inc/The GAP (364760108) 19,697 $418,561.25
0.33% OneSpan Inc OSPN (68287N100) 24,089 $423,966.40
0.32% Diodes Inc DIOD (254543101) 4,474 $405,926.02
0.31% Hub Group Inc HUBG (443320106) 12,266 $388,586.88
0.29% Cirrus Logic Inc CRUS (172755100) 3,084 $370,018.32
0.29% GLOBALFOUNDRIES Inc GFS (G39387108) 7,577 $368,014.89
0.27% Fedex Freight Holding Co Inc FDXF (314352105) 2,883 $339,040.80
0.00% Cash & Other Cash&Other $3,141.37

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