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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 14, 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:
    $184,676,471
  • Shares Outstanding:
    3,881,875
  • 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 14, 2026
NAV Price
Net Asset Value $47.57 Closing Price $47.58
Daily Change $-0.32 Daily Change $-0.34
Daily Change -0.67% Daily Change -0.71%
    Premium/Discount 0.01%
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 14, 2026
Percentage of Net Assets Name Identifier (Cusip) Shares Held Market Value
2.49% Dell Technologies Inc DELL (24703L202) 5,787 $3,091,878.36
2.12% Alphabet Inc GOOGL (02079K305) 7,523 $2,628,460.97
2.01% Microsoft Corp MSFT (594918104) 4,942 $2,497,736.22
1.89% Cardinal Health Inc CAH (14149Y108) 9,967 $2,341,148.63
1.86% McKesson Corp MCK (58155Q103) 2,539 $2,312,902.05
1.76% Advanced Micro Devices Inc AMD (007903107) 4,423 $2,182,352.43
1.69% Cisco Systems Inc CSCO (17275R102) 19,085 $2,100,495.10
1.69% Meta Platforms Inc META (30303M102) 3,140 $2,089,984.00
1.46% Citigroup Inc C (172967424) 13,283 $1,808,878.94
1.43% FedEx Corp FDX (31428X106) 5,662 $1,769,771.34
1.43% JPMORGAN CHASE & CO. JPM (46625H100) 5,059 $1,771,307.67
1.36% ServiceNow Inc NOW (81762P102) 11,808 $1,680,868.80
1.34% Flex Ltd FLEX (Y2573F102) 15,355 $1,663,253.60
1.32% United Parcel Service Inc UPS (911312106) 15,995 $1,638,847.70
1.29% Cencora Inc COR (03073E105) 4,902 $1,599,179.46
1.28% Kinross Gold Corp KGC (496902404) 56,428 $1,590,141.04
1.26% US BANK MMDA - USBGFS 9 09/01/2037 8AMMF0JA0 (8AMMF0JA0) 1,568,838 $1,568,837.92
1.26% F5 Inc FFIV (315616102) 3,796 $1,562,016.04
1.26% RenaissanceRe Holdings Ltd RNR (G7496G103) 4,748 $1,567,837.08
1.24% Everest Group Ltd EG (G3223R108) 4,037 $1,532,202.98
1.22% Bank of America Corp BAC (060505104) 25,498 $1,516,366.06
1.19% Jabil Inc JBL (466313103) 4,935 $1,474,183.20
1.18% Canadian Imperial Bank of Commerce CM (136069101) 12,862 $1,468,454.54
1.11% Marathon Petroleum Corp MPC (56585A102) 3,478 $1,378,853.10
1.11% Paycom Software Inc PAYC (70432V102) 6,159 $1,372,533.15
1.11% Regeneron Pharmaceuticals Inc REGN (75886F107) 1,737 $1,378,726.38
1.08% Johnson & Johnson JNJ (478160104) 5,046 $1,343,850.72
1.07% Chevron Corp CVX (166764100) 6,230 $1,321,819.10
1.06% IAMGOLD Corp IAG (450913108) 66,323 $1,312,532.17
1.06% Vertex Pharmaceuticals Inc VRTX (92532F100) 2,530 $1,314,360.30
1.05% Amgen Inc AMGN (031162100) 3,401 $1,297,481.50
1.05% Telefonaktiebolaget LM Ericsson ERIC (294821608) 129,079 $1,297,243.95
1.04% HF Sinclair Corp DINO (403949100) 12,086 $1,292,114.26
1.04% Gilead Sciences Inc GILD (375558103) 8,867 $1,290,946.53
1.04% TE Connectivity PLC TEL (G87052109) 6,366 $1,294,653.42
1.03% ExxonMobil Holdings Corp XOM (30233Q108) 7,735 $1,276,893.80
1.02% EOG Resources Inc EOG (26875P101) 8,485 $1,260,361.90
1.02% NVIDIA Corp NVDA (67066G104) 5,969 $1,259,220.24
1.01% Reinsurance Group of America Inc RGA (759351604) 5,017 $1,249,483.85
1.00% Barclays PLC BCS (06738E204) 47,790 $1,235,849.40
1.00% Tenet Healthcare Corp THC (88033G407) 4,709 $1,245,577.59
0.99% ELEVANCE HEALTH INC ELV (036752103) 2,896 $1,228,599.04
0.95% Sanmina Corp SANM (801056102) 6,009 $1,178,004.36
0.93% Laureate Education Inc LAUR (518613203) 32,027 $1,147,527.41
0.92% Broadcom Inc AVGO (11135F101) 3,314 $1,142,402.08
0.91% Merck & Co Inc MRK (58933Y105) 7,832 $1,127,808.00
0.90% Biogen Inc BIIB (09062X103) 5,154 $1,120,273.44
0.90% Qualys Inc QLYS (74758T303) 6,470 $1,118,727.70
0.90% SLB Ltd SLB (806857108) 20,994 $1,119,400.08
0.88% HCA Healthcare Inc HCA (40412C101) 2,569 $1,093,083.81
0.87% GEN DIGITAL INC GEN (668771108) 34,471 $1,082,734.11
0.83% Bristol-Myers Squibb Co BMY (110122108) 16,086 $1,031,112.60
0.82% Expeditors International of Washington Inc EXPD (302130109) 5,222 $1,011,031.42
0.81% Automatic Data Processing Inc ADP (053015103) 3,619 $1,001,123.97
0.81% NetScout Systems Inc NTCT (64115T104) 27,035 $1,010,297.95
0.81% Plexus Corp PLXS (729132100) 4,187 $1,003,330.81
0.80% Agnico Eagle Mines Ltd AEM (008474108) 5,006 $988,935.30
0.80% Oceaneering International Inc OII (675232102) 21,438 $998,153.28
0.80% Travelers Cos Inc/The TRV (89417E109) 2,631 $994,649.55
0.79% US Bancorp USB (902973304) 15,570 $975,927.60
0.78% PNC Financial Services Group Inc/The PNC (693475105) 3,967 $962,870.24
0.77% Check Point Software Technologies Ltd CHKP (M22465104) 6,904 $956,169.48
0.77% Eldorado Gold Corp EGO (284902509) 23,278 $958,122.48
0.77% PBF Energy Inc PBF (69318G106) 13,525 $952,160.00
0.76% Paychex Inc PAYX (704326107) 7,990 $946,894.90
0.76% Pfizer Inc PFE (717081103) 33,787 $936,575.64
0.75% Baker Hughes Co BKR (05722G100) 16,301 $925,570.78
0.75% Covista Inc CVSA (00737L103) 7,386 $926,869.14
0.73% Lam Research Corp LRCX (512807306) 3,297 $901,696.53
0.68% United Therapeutics Corp UTHR (91307C102) 1,671 $840,011.70
0.67% Shell PLC SHEL (780259305) 8,567 $826,287.15
0.66% Allstate Corp/The ALL (020002101) 3,160 $816,796.80
0.65% Perdoceo Education Corp PRDO (71363P106) 24,450 $808,317.00
0.64% GSK PLC GSK (37733W204) 15,982 $799,899.10
0.63% Assurant Inc AIZ (04621X108) 2,758 $781,258.66
0.63% CH Robinson Worldwide Inc CHRW (12541W209) 4,931 $775,695.61
0.59% Hartford Insurance Group Inc/The HIG (416515104) 5,323 $732,391.57
0.59% UiPath Inc PATH (90364P105) 50,214 $736,137.24
0.58% Paylocity Holding Corp PCTY (70438V106) 4,844 $716,766.68
0.57% Benchmark Electronics Inc BHE (08160H101) 9,755 $704,798.75
0.56% TriNet Group Inc TNET (896288107) 10,125 $695,688.75
0.55% Pearson PLC PSO (705015105) 42,487 $684,465.57
0.55% Tenaris SA TS (88031M109) 12,413 $684,452.82
0.54% United Airlines Holdings Inc UAL (910047109) 6,094 $664,002.24
0.53% CVS Health Corp CVS (126650100) 6,906 $659,868.30
0.53% HealthEquity Inc HQY (42226A107) 6,838 $656,721.52
0.53% Progress Software Corp PRGS (743312100) 15,363 $662,606.19
0.51% Analog Devices Inc ADI (032654105) 1,744 $629,618.88
0.50% Carnival Corp Ltd CCL (G2004J103) 27,434 $618,911.04
0.49% ENCOMPASS HEALTH CORP EHC (29261A100) 4,938 $605,053.14
0.49% NOV Inc NOV (62955J103) 29,806 $612,215.24
0.49% QUALCOMM Inc QCOM (747525103) 3,379 $608,726.85
0.49% SiriusPoint Ltd SPNT (G8192H106) 24,550 $604,421.00
0.48% Archrock Inc AROC (03957W106) 19,713 $601,049.37
0.48% Mercury General Corp MCY (589400100) 5,719 $591,573.36
0.47% Equinox Gold Corp EQX (29446Y502) 49,060 $581,361.00
0.46% Markel Group Inc MKL (570535104) 314 $564,716.44
0.46% Robert Half Inc RHI (770323103) 14,631 $566,658.63
0.43% Digi International Inc DGII (253798102) 7,986 $532,266.90
0.43% Graham Holdings Co GHC (384637104) 457 $533,606.91
0.43% Pan American Silver Corp PAAS (697900108) 10,959 $533,045.76
0.43% Weatherford International PLC WFRD (G48833118) 6,299 $532,013.54
0.42% NETGEAR Inc NTGR (64111Q104) 24,450 $523,963.50
0.42% Hanover Insurance Group Inc/The THG (410867105) 2,259 $522,258.21
0.41% Universal Health Services Inc UHS (913903100) 2,954 $511,780.50
0.40% CTS Corp CTS (126501105) 8,761 $499,552.22
0.40% Urban Outfitters Inc URBN (917047102) 6,394 $492,401.94
0.39% Korn Ferry KFY (500643200) 6,183 $484,623.54
0.38% GXO Logistics Inc GXO (36262G101) 9,921 $465,592.53
0.38% White Mountains Insurance Group Ltd WTM (G9618E107) 232 $477,224.00
0.37% NXP Semiconductors NV NXPI (N6596X109) 2,028 $454,738.44
0.34% Hub Group Inc HUBG (443320106) 12,036 $424,389.36
0.33% Gap Inc/The GAP (364760108) 19,327 $404,320.84
0.33% OneSpan Inc OSPN (68287N100) 23,637 $414,120.24
0.32% Diodes Inc DIOD (254543101) 4,390 $396,460.90
0.30% Fedex Freight Holding Co Inc FDXF (314352105) 2,829 $366,185.76
0.28% Cirrus Logic Inc CRUS (172755100) 3,026 $352,044.84
0.26% GLOBALFOUNDRIES Inc GFS (G39387108) 7,435 $323,719.90
-0.63% Cash & Other Cash&Other $-778,107.08

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