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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 24, 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:
    $194,870,217
  • Shares Outstanding:
    4,131,875
  • 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 24, 2026
NAV Price
Net Asset Value $47.16 Closing Price $47.18
Daily Change $-0.31 Daily Change $-0.43
Daily Change -0.66% Daily Change -0.90%
    Premium/Discount 0.04%
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 24, 2026
Percentage of Net Assets Name Identifier (Cusip) Shares Held Market Value
2.51% Dell Technologies Inc DELL (24703L202) 9,307 $4,988,738.14
2.26% Advanced Micro Devices Inc AMD (007903107) 7,111 $4,474,667.86
2.09% Alphabet Inc GOOGL (02079K305) 12,131 $4,153,169.16
2.00% Microsoft Corp MSFT (594918104) 7,950 $3,958,543.50
1.98% Meta Platforms Inc META (30303M102) 5,060 $3,934,605.40
1.80% Cardinal Health Inc CAH (14149Y108) 16,047 $3,572,383.14
1.79% McKesson Corp MCK (58155Q103) 4,075 $3,542,642.00
1.66% Cisco Systems Inc CSCO (17275R102) 30,797 $3,294,355.09
1.43% Citigroup Inc C (172967424) 21,411 $2,828,393.10
1.40% Flex Ltd FLEX (Y2573F102) 24,763 $2,783,361.20
1.39% JPMORGAN CHASE & CO. JPM (46625H100) 8,131 $2,752,831.36
1.37% F5 Inc FFIV (315616102) 6,100 $2,723,955.00
1.32% ServiceNow Inc NOW (81762P102) 19,040 $2,623,331.20
1.28% FedEx Corp FDX (31428X106) 9,118 $2,548,845.72
1.27% RenaissanceRe Holdings Ltd RNR (G7496G103) 7,628 $2,520,443.76
1.24% Cencora Inc COR (03073E105) 7,910 $2,451,071.70
1.24% Jabil Inc JBL (466313103) 7,943 $2,467,810.67
1.21% Everest Group Ltd EG (G3223R108) 6,469 $2,406,209.24
1.20% United Parcel Service Inc UPS (911312106) 25,787 $2,373,693.35
1.16% Bank of America Corp BAC (060505104) 41,114 $2,303,617.42
1.16% Canadian Imperial Bank of Commerce CM (136069101) 20,734 $2,310,182.28
1.12% Amgen Inc AMGN (031162100) 5,449 $2,212,511.96
1.12% Kinross Gold Corp KGC (496902404) 91,052 $2,223,489.84
1.11% Johnson & Johnson JNJ (478160104) 8,118 $2,197,380.24
1.11% Paycom Software Inc PAYC (70432V102) 9,935 $2,193,747.35
1.11% Regeneron Pharmaceuticals Inc REGN (75886F107) 2,761 $2,197,811.22
1.11% TE Connectivity PLC TEL (G87052109) 10,270 $2,194,390.90
1.10% Marathon Petroleum Corp MPC (56585A102) 5,590 $2,185,410.50
1.09% NVIDIA Corp NVDA (67066G104) 9,617 $2,159,785.86
1.08% Gilead Sciences Inc GILD (375558103) 14,307 $2,141,614.83
1.08% Sanmina Corp SANM (801056102) 9,657 $2,142,695.16
1.07% Vertex Pharmaceuticals Inc VRTX (92532F100) 4,066 $2,123,997.08
1.04% Chevron Corp CVX (166764100) 10,006 $2,057,733.90
1.04% HF Sinclair Corp DINO (403949100) 19,446 $2,057,192.34
1.04% IAMGOLD Corp IAG (450913108) 107,027 $2,072,042.72
1.02% ExxonMobil Holdings Corp XOM (30233Q108) 12,471 $2,022,047.94
1.00% Telefonaktiebolaget LM Ericsson ERIC (294821608) 208,247 $1,980,428.97
1.00% Reinsurance Group of America Inc RGA (759351604) 8,089 $1,985,121.49
0.99% Laureate Education Inc LAUR (518613203) 51,675 $1,969,334.25
0.98% EOG Resources Inc EOG (26875P101) 13,669 $1,952,753.34
0.96% Qualys Inc QLYS (74758T303) 10,438 $1,909,527.72
0.95% Barclays PLC BCS (06738E204) 77,102 $1,883,601.86
0.95% Biogen Inc BIIB (09062X103) 8,290 $1,876,524.40
0.95% Tenet Healthcare Corp THC (88033G407) 7,589 $1,893,759.06
0.94% Broadcom Inc AVGO (11135F101) 5,298 $1,856,207.28
0.94% Merck & Co Inc MRK (58933Y105) 12,632 $1,869,283.36
0.93% ELEVANCE HEALTH INC ELV (036752103) 4,624 $1,841,508.00
0.89% US BANK MMDA - USBGFS 9 09/01/2037 8AMMF0JA0 (8AMMF0JA0) 1,760,473 $1,760,473.00
0.89% Plexus Corp PLXS (729132100) 6,747 $1,765,082.67
0.88% HCA Healthcare Inc HCA (40412C101) 4,105 $1,738,385.40
0.88% SLB Ltd SLB (806857108) 33,858 $1,741,316.94
0.86% NetScout Systems Inc NTCT (64115T104) 43,611 $1,711,731.75
0.82% Lam Research Corp LRCX (512807306) 5,281 $1,622,111.96
0.81% Oceaneering International Inc OII (675232102) 34,558 $1,612,821.86
0.80% Bristol-Myers Squibb Co BMY (110122108) 25,942 $1,595,433.00
0.80% Eldorado Gold Corp EGO (284902509) 37,550 $1,581,981.50
0.79% Agnico Eagle Mines Ltd AEM (008474108) 8,078 $1,566,162.64
0.79% PBF Energy Inc PBF (69318G106) 21,781 $1,566,053.90
0.78% Expeditors International of Washington Inc EXPD (302130109) 8,422 $1,546,784.52
0.78% Pfizer Inc PFE (717081103) 54,523 $1,548,998.43
0.77% Automatic Data Processing Inc ADP (053015103) 5,795 $1,524,722.45
0.77% Travelers Cos Inc/The TRV (89417E109) 4,231 $1,533,272.09
0.76% Baker Hughes Co BKR (05722G100) 26,285 $1,505,867.65
0.76% Check Point Software Technologies Ltd CHKP (M22465104) 11,128 $1,516,635.12
0.74% Covista Inc CVSA (00737L103) 11,866 $1,473,282.56
0.74% US Bancorp USB (902973304) 25,106 $1,466,190.40
0.72% PNC Financial Services Group Inc/The PNC (693475105) 6,399 $1,429,152.66
0.67% Shell PLC SHEL (780259305) 13,815 $1,320,714.00
0.66% Paychex Inc PAYX (704326107) 12,854 $1,305,837.86
0.65% Benchmark Electronics Inc BHE (08160H101) 15,707 $1,290,330.05
0.65% GEN DIGITAL INC GEN (668771108) 55,591 $1,282,484.37
0.64% GSK PLC GSK (37733W204) 25,774 $1,279,679.10
0.64% United Therapeutics Corp UTHR (91307C102) 2,695 $1,272,605.95
0.63% Perdoceo Education Corp PRDO (71363P106) 39,426 $1,249,015.68
0.58% Assurant Inc AIZ (04621X108) 4,422 $1,157,944.92
0.58% Allstate Corp/The ALL (020002101) 5,080 $1,154,023.60
0.58% CH Robinson Worldwide Inc CHRW (12541W209) 7,939 $1,160,681.80
0.56% Paylocity Holding Corp PCTY (70438V106) 7,788 $1,118,668.32
0.56% Tenaris SA TS (88031M109) 20,029 $1,119,220.52
0.55% Dollar Tree Inc DLTR (256746108) 9,656 $1,095,956.00
0.55% Pearson PLC PSO (705015105) 68,535 $1,097,930.70
0.54% Hartford Insurance Group Inc/The HIG (416515104) 8,587 $1,079,300.03
0.54% TriNet Group Inc TNET (896288107) 16,333 $1,070,464.82
0.53% Analog Devices Inc ADI (032654105) 2,768 $1,059,064.48
0.53% QUALCOMM Inc QCOM (747525103) 5,427 $1,054,249.02
0.51% UiPath Inc PATH (90364P105) 80,998 $1,020,574.80
0.51% SiriusPoint Ltd SPNT (G8192H106) 39,590 $1,021,422.00
0.50% Digi International Inc DGII (253798102) 12,850 $986,237.50
0.50% Progress Software Corp PRGS (743312100) 24,771 $996,537.33
0.49% Archrock Inc AROC (03957W106) 31,809 $975,900.12
0.49% Carnival Corp Ltd CCL (G2004J103) 44,266 $964,556.14
0.49% ENCOMPASS HEALTH CORP EHC (29261A100) 7,946 $969,491.46
0.49% HealthEquity Inc HQY (42226A107) 10,998 $974,422.80
0.48% CVS Health Corp CVS (126650100) 11,130 $946,606.50
0.48% NOV Inc NOV (62955J103) 48,046 $956,115.40
0.47% Equinox Gold Corp EQX (29446Y502) 79,140 $928,312.20
0.45% Mercury General Corp MCY (589400100) 9,175 $901,810.75
0.44% Markel Group Inc MKL (570535104) 506 $878,026.38
0.44% NETGEAR Inc NTGR (64111Q104) 39,426 $872,103.12
0.43% Robert Half Inc RHI (770323103) 23,591 $844,321.89
0.43% Weatherford International PLC WFRD (G48833118) 10,139 $852,994.07
0.42% CTS Corp CTS (126501105) 14,137 $841,716.98
0.42% Pan American Silver Corp PAAS (697900108) 17,679 $839,929.29
0.42% Universal Health Services Inc UHS (913903100) 4,746 $839,994.54
0.41% Graham Holdings Co GHC (384637104) 713 $816,406.39
0.40% Hanover Insurance Group Inc/The THG (410867105) 3,603 $785,201.79
0.39% Urban Outfitters Inc URBN (917047102) 10,298 $770,084.44
0.38% NXP Semiconductors NV NXPI (N6596X109) 3,244 $746,639.04
0.37% White Mountains Insurance Group Ltd WTM (G9618E107) 360 $730,558.80
0.36% GXO Logistics Inc GXO (36262G101) 16,001 $706,764.17
0.36% Korn Ferry KFY (500643200) 9,959 $717,048.00
0.34% Diodes Inc DIOD (254543101) 7,078 $670,569.72
0.34% Gap Inc/The GAP (364760108) 31,167 $676,012.23
0.34% OneSpan Inc OSPN (68287N100) 38,101 $673,625.68
0.29% Cirrus Logic Inc CRUS (172755100) 4,882 $579,981.60
0.29% Hub Group Inc HUBG (443320106) 19,396 $582,461.88
0.28% GLOBALFOUNDRIES Inc GFS (G39387108) 11,979 $563,611.95
0.26% Fedex Freight Holding Co Inc FDXF (314352105) 4,557 $518,632.17
0.03% Cash & Other Cash&Other $61,652.75

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