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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 October 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:
    $208,834,812
  • Shares Outstanding:
    4,331,875
  • 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 October 21, 2026
NAV Price
Net Asset Value $48.21 Closing Price $48.22
Daily Change $0.16 Daily Change $0.17
Daily Change 0.34% Daily Change 0.35%
    Premium/Discount 0.02%
Bid-Ask Spead (30 day median) 0.08%

Month/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 October 21, 2026
Percentage of Net Assets Name Identifier (Cusip) Shares Held Market Value
2.23% Dell Technologies Inc DELL (24703L202) 9,582 $4,655,702.16
2.09% Microsoft Corp MSFT (594918104) 8,185 $4,362,195.75
2.04% Cardinal Health Inc CAH (14149Y108) 16,522 $4,253,754.12
2.04% McKesson Corp MCK (58155Q103) 4,195 $4,260,022.50
2.00% Alphabet Inc GOOGL (02079K305) 12,491 $4,181,487.16
1.94% Advanced Micro Devices Inc AMD (007903107) 7,321 $4,046,463.12
1.74% Meta Platforms Inc META (30303M102) 5,210 $3,634,079.20
1.63% Cisco Systems Inc CSCO (17275R102) 31,712 $3,401,429.12
1.48% UnitedHealth Group Inc UNH (91324P102) 7,431 $3,098,727.00
1.44% ServiceNow Inc NOW (81762P102) 19,605 $3,001,917.60
1.34% FedEx Corp FDX (31428X106) 9,388 $2,799,783.24
1.34% RenaissanceRe Holdings Ltd RNR (G7496G103) 7,853 $2,788,364.71
1.33% Cencora Inc COR (03073E105) 8,145 $2,772,802.35
1.29% Marathon Petroleum Corp MPC (56585A102) 5,755 $2,693,224.90
1.28% Paycom Software Inc PAYC (70432V102) 10,230 $2,670,132.30
1.27% United Parcel Service Inc UPS (911312106) 26,552 $2,643,782.64
1.26% Everest Group Ltd EG (G3223R108) 6,659 $2,628,840.02
1.20% HF Sinclair Corp DINO (403949100) 20,021 $2,514,036.97
1.18% Amgen Inc AMGN (031162100) 5,609 $2,458,649.06
1.12% Chevron Corp CVX (166764100) 10,301 $2,336,060.78
1.10% Jabil Inc JBL (466313103) 8,178 $2,297,936.22
1.10% Regeneron Pharmaceuticals Inc REGN (75886F107) 2,841 $2,288,908.47
1.10% ExxonMobil Holdings Corp XOM (30233Q108) 12,841 $2,286,853.69
1.08% Gilead Sciences Inc GILD (375558103) 14,732 $2,262,393.24
1.08% TE Connectivity PLC TEL (G87052109) 10,575 $2,264,001.75
1.07% Reinsurance Group of America Inc RGA (759351604) 8,329 $2,242,000.22
1.06% EOG Resources Inc EOG (26875P101) 14,074 $2,222,003.12
1.05% Flex Ltd FLEX (Y2573F102) 25,498 $2,199,202.50
1.05% NVIDIA Corp NVDA (67066G104) 9,902 $2,197,946.94
1.05% Vertex Pharmaceuticals Inc VRTX (92532F100) 4,186 $2,195,640.72
1.03% Johnson & Johnson JNJ (478160104) 8,358 $2,154,525.24
1.01% Qualys Inc QLYS (74758T303) 10,748 $2,114,131.60
1.01% Tenet Healthcare Corp THC (88033G407) 7,814 $2,102,981.82
1.00% Costco Wholesale Corp COST (22160K105) 2,096 $2,092,457.76
0.99% Centene Corp CNC (15135B101) 29,315 $2,059,085.60
0.99% ELEVANCE HEALTH INC ELV (036752103) 4,759 $2,066,024.67
0.99% Walmart Inc WMT (931142103) 17,629 $2,076,696.20
0.98% Biogen Inc BIIB (09062X103) 8,535 $2,056,764.30
0.98% Laureate Education Inc LAUR (518613203) 53,210 $2,038,475.10
0.98% Target Corp TGT (87612E106) 13,491 $2,055,758.58
0.94% US BANK MMDA - USBGFS 9 09/01/2037 8AMMF0JA0 (8AMMF0JA0) 1,968,169 $1,968,168.94
0.93% HCA Healthcare Inc HCA (40412C101) 4,225 $1,940,965.00
0.93% Merck & Co Inc MRK (58933Y105) 13,007 $1,949,489.16
0.88% Broadcom Inc AVGO (11135F101) 5,453 $1,842,023.40
0.88% PBF Energy Inc PBF (69318G106) 22,426 $1,828,616.04
0.85% Dollar Tree Inc DLTR (256746108) 14,166 $1,777,549.68
0.85% SLB Ltd SLB (806857108) 34,863 $1,781,499.30
0.84% Automatic Data Processing Inc ADP (053015103) 5,965 $1,756,692.50
0.83% Travelers Cos Inc/The TRV (89417E109) 4,356 $1,737,826.20
0.82% Expeditors International of Washington Inc EXPD (302130109) 8,672 $1,708,470.72
0.82% Sanmina Corp SANM (801056102) 9,942 $1,710,719.94
0.80% Pfizer Inc PFE (717081103) 56,143 $1,675,868.55
0.79% Check Point Software Technologies Ltd CHKP (M22465104) 11,458 $1,643,420.94
0.79% Plexus Corp PLXS (729132100) 6,947 $1,658,318.37
0.78% Bristol-Myers Squibb Co BMY (110122108) 26,712 $1,632,637.44
0.78% Western Digital Corp WDC (958102105) 4,282 $1,620,779.82
0.76% Arrow Electronics Inc ARW (042735100) 7,223 $1,582,703.76
0.76% TD SYNNEX Corp SNX (87162W100) 6,287 $1,578,917.18
0.75% BJ's Wholesale Club Holdings Inc BJ (05550J101) 15,295 $1,566,360.95
0.75% HP Inc HPQ (40434L105) 50,119 $1,569,727.08
0.75% Oceaneering International Inc OII (675232102) 35,583 $1,568,854.47
0.75% United Therapeutics Corp UTHR (91307C102) 2,775 $1,563,684.75
0.74% Anheuser-Busch InBev SA/NV BUD (03524A108) 18,735 $1,541,703.15
0.74% Covista Inc CVSA (00737L103) 12,216 $1,550,454.72
0.74% Dollar General Corp DG (256677105) 11,637 $1,537,480.44
0.73% Baker Hughes Co BKR (05722G100) 27,065 $1,515,640.00
0.72% Shell PLC SHEL (780259305) 14,225 $1,498,746.00
0.71% Paychex Inc PAYX (704326107) 13,234 $1,488,825.00
0.68% Lam Research Corp LRCX (512807306) 5,436 $1,417,763.16
0.66% GEN DIGITAL INC GEN (668771108) 57,241 $1,380,652.92
0.65% Paylocity Holding Corp PCTY (70438V106) 8,018 $1,357,687.94
0.64% GSK PLC GSK (37733W204) 26,539 $1,327,480.78
0.64% Perdoceo Education Corp PRDO (71363P106) 40,596 $1,331,142.84
0.63% Allstate Corp/The ALL (020002101) 5,230 $1,312,939.20
0.62% Assurant Inc AIZ (04621X108) 4,552 $1,294,133.60
0.61% Cognizant Technology Solutions Corp CTSH (192446102) 18,293 $1,272,278.15
0.61% Pearson PLC PSO (705015105) 70,570 $1,280,845.50
0.60% Carnival Corp Ltd CCL (G2004J103) 45,581 $1,244,361.30
0.60% Cenovus Energy Inc CVE (15135U109) 37,632 $1,246,748.16
0.60% Fidelity National Information Services Inc FIS (31620M106) 34,306 $1,249,424.52
0.60% CGI Inc GIB (12532H104) 15,843 $1,260,627.51
0.60% Gartner Inc IT (366651107) 5,690 $1,249,353.30
0.60% PayPal Holdings Inc PYPL (70450Y103) 21,827 $1,248,504.40
0.58% Hartford Insurance Group Inc/The HIG (416515104) 8,842 $1,200,920.44
0.58% Tenaris SA TS (88031M109) 20,624 $1,210,010.08
0.57% TriNet Group Inc TNET (896288107) 16,818 $1,194,582.54
0.55% Benchmark Electronics Inc BHE (08160H101) 16,172 $1,152,255.00
0.55% CH Robinson Worldwide Inc CHRW (12541W209) 8,174 $1,152,125.30
0.55% UiPath Inc PATH (90364P105) 83,403 $1,143,455.13
0.53% HealthEquity Inc HQY (42226A107) 11,323 $1,108,295.24
0.53% Progress Software Corp PRGS (743312100) 25,506 $1,115,122.32
0.51% Avnet Inc AVT (053807103) 11,448 $1,066,152.24
0.51% CVS Health Corp CVS (126650100) 11,460 $1,063,316.10
0.51% Ingram Micro Holding Corp INGM (457152106) 38,297 $1,058,146.11
0.51% WEX Inc WEX (96208T104) 5,633 $1,056,412.82
0.50% ADT Inc ADT (00090Q103) 153,131 $1,041,290.80
0.50% Diebold Nixdorf Inc DBD (253651202) 15,303 $1,043,052.48
0.50% ScanSource Inc SCSC (806037107) 17,274 $1,054,577.70
0.50% SiriusPoint Ltd SPNT (G8192H106) 40,765 $1,046,845.20
0.49% PriceSmart Inc PSMT (741511109) 5,958 $1,021,975.74
0.48% Mercury General Corp MCY (589400100) 9,445 $992,669.50
0.47% Archrock Inc AROC (03957W106) 32,754 $975,086.58
0.47% ENCOMPASS HEALTH CORP EHC (29261A100) 8,181 $985,565.07
0.47% Markel Group Inc MKL (570535104) 521 $975,280.74
0.46% NOV Inc NOV (62955J103) 49,471 $953,306.17
0.44% Urban Outfitters Inc URBN (917047102) 10,603 $922,036.88
0.43% Graham Holdings Co GHC (384637104) 733 $896,774.19
0.43% Universal Health Services Inc UHS (913903100) 4,886 $893,502.82
0.43% Weatherford International PLC WFRD (G48833118) 10,439 $892,430.11
0.41% Hanover Insurance Group Inc/The THG (410867105) 3,708 $859,996.44
0.40% Robert Half Inc RHI (770323103) 24,291 $841,440.24
0.39% CTS Corp CTS (126501105) 14,557 $818,540.11
0.39% White Mountains Insurance Group Ltd WTM (G9618E107) 370 $817,681.50
0.38% GXO Logistics Inc GXO (36262G101) 16,476 $797,932.68
0.36% Korn Ferry KFY (500643200) 10,254 $749,259.78
0.35% Gap Inc/The GAP (364760108) 32,092 $728,167.48
0.35% OneSpan Inc OSPN (68287N100) 39,231 $740,288.97
0.25% Hub Group Inc HUBG (443320106) 19,971 $520,244.55
0.24% Fedex Freight Holding Co Inc FDXF (314352105) 4,692 $506,501.40
-0.29% Cash & Other Cash&Other $-596,127.68

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