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
Morningstar Rating™ Overall among 378 Mid-Cap Blend funds as of 05.31.25 based on risk-adjusted returns.†
-
Fund Inception:
June 19, 2000 -
Ticker:
LST -
Net Assets:
$27,638,380 -
Shares Outstanding:
756,875 -
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:
108
Fund Prices
as of July 11, 2025| NAV | Price | ||
|---|---|---|---|
| Net Asset Value | $36.52 | Closing Price | $36.57 |
| Daily Change | $-0.28 | Daily Change | $-0.25 |
| Daily Change | -0.75% | Daily Change | -0.69% |
| Premium/Discount | 0.15% | ||
| Bid-Ask Spead (30 day median) | 0.19% |
Month/Quarter End Performance
as of June 30, 2025Avg. Annualized
| 1 YR. | 3 YR. | 5 YR. | INCEPTION | |
|---|---|---|---|---|
| Fund NAV | 15.03% | 17.71% | 16.08% | 9.10% |
| Closing Price | 15.08% | 17.73% | 16.09% | 9.10% |
Cumulative
| YTD | 1 MO. | 3 MO. | 6 MO. | INCEPTION | |
|---|---|---|---|---|---|
| Fund NAV | 9.73% | 5.18% | 13.28% | 9.73% | 784.06% |
| Closing Price | 9.78% | 5.11% | 13.19% | 9.78% | 784.48% |
All Holdings Top 10 Holdings
| Percentage of Net Assets | Name | Identifier (Cusip) | Shares Held | Market Value |
|---|---|---|---|---|
| 4.37% | Microsoft Corp | MSFT (594918104) | 2,398 | $1,206,961.36 |
| 3.67% | Meta Platforms Inc | META (30303M102) | 1,412 | $1,013,124.12 |
| 3.10% | Netflix Inc | NFLX (64110L106) | 689 | $857,880.79 |
| 2.68% | Oracle Corp | ORCL (68389X105) | 3,217 | $741,711.52 |
| 2.30% | Jabil Inc | JBL (466313103) | 2,858 | $634,533.16 |
| 2.10% | Alphabet Inc | GOOGL (02079K305) | 3,217 | $579,671.23 |
| 1.98% | Goldman Sachs Group Inc/The | GS (38141G104) | 776 | $547,041.20 |
| 1.90% | McKesson Corp | MCK (58155Q103) | 739 | $524,387.01 |
| 1.78% | Flex Ltd | FLEX (Y2573F102) | 9,440 | $492,673.60 |
| 1.69% | Cardinal Health Inc | CAH (14149Y108) | 2,909 | $468,261.73 |
| 1.62% | Kinross Gold Corp | KGC (496902404) | 28,833 | $448,353.15 |
| 1.55% | Morgan Stanley | MS (617446448) | 3,017 | $429,258.76 |
| 1.53% | JPMORGAN CHASE & CO. | JPM (46625H100) | 1,475 | $423,118.50 |
| 1.52% | Cencora Inc | COR (03073E105) | 1,424 | $420,379.04 |
| 1.47% | Cisco Systems Inc | CSCO (17275R102) | 5,968 | $405,525.60 |
| 1.44% | Mastercard Inc | MA (57636Q104) | 721 | $396,679.78 |
| 1.44% | T-Mobile US Inc | TMUS (872590104) | 1,747 | $397,896.72 |
| 1.26% | Bank of America Corp | BAC (060505104) | 7,452 | $348,231.96 |
| 1.21% | Citigroup Inc | C (172967424) | 3,871 | $335,731.83 |
| 1.20% | Visa Inc | V (92826C839) | 956 | $332,621.08 |
| 1.19% | TE Connectivity PLC | TEL (G87052109) | 1,850 | $327,653.50 |
| 1.18% | Deutsche Bank AG | DB (D18190898) | 11,033 | $327,018.12 |
| 1.16% | US BANK MMDA - USBGFS 9 09/01/2037 | 8AMMF0JA0 (8AMMF0JA0) | 319,850 | $319,849.83 |
| 1.10% | Check Point Software Technologies Ltd | CHKP (M22465104) | 1,415 | $304,932.50 |
| 1.10% | AT&T Inc | T (00206R102) | 11,234 | $302,980.98 |
| 1.07% | Walt Disney Co/The | DIS (254687106) | 2,477 | $296,917.99 |
| 1.06% | Fortinet Inc | FTNT (34959E109) | 2,946 | $291,830.76 |
| 1.02% | Uber Technologies Inc | UBER (90353T100) | 2,957 | $282,068.23 |
| 1.01% | HCA Healthcare Inc | HCA (40412C101) | 745 | $280,172.15 |
| 1.00% | IAMGOLD Corp | IAG (450913108) | 39,056 | $275,344.80 |
| 0.99% | Canadian Imperial Bank of Commerce | CM (136069101) | 3,758 | $274,597.06 |
| 0.97% | Agnico Eagle Mines Ltd | AEM (008474108) | 2,235 | $267,931.80 |
| 0.96% | VeriSign Inc | VRSN (92343E102) | 940 | $264,506.60 |
| 0.95% | SS&C Technologies Holdings Inc | SSNC (78467J100) | 3,188 | $263,010.00 |
| 0.95% | UGI Corp | UGI (902681105) | 7,348 | $261,441.84 |
| 0.93% | Barclays PLC | BCS (06738E204) | 13,974 | $257,121.60 |
| 0.93% | F5 Inc | FFIV (315616102) | 877 | $255,987.53 |
| 0.92% | Adtalem Global Education Inc | ATGE (00737L103) | 2,152 | $253,914.48 |
| 0.90% | Nokia Oyj | NOK (654902204) | 50,180 | $249,896.40 |
| 0.88% | Concentrix Corp | CNXC (20602D101) | 4,162 | $243,976.44 |
| 0.87% | Tenet Healthcare Corp | THC (88033G407) | 1,376 | $241,832.00 |
| 0.86% | Stride Inc | LRN (86333M108) | 1,765 | $237,374.85 |
| 0.86% | MDU Resources Group Inc | MDU (552690109) | 14,354 | $237,702.24 |
| 0.85% | Spire Inc | SR (84857L101) | 3,150 | $234,486.00 |
| 0.84% | Dycom Industries Inc | DY (267475101) | 918 | $231,703.20 |
| 0.84% | Telefonaktiebolaget LM Ericsson | ERIC (294821608) | 28,721 | $230,916.84 |
| 0.84% | ONE Gas Inc | OGS (68235P108) | 3,192 | $233,399.04 |
| 0.82% | PNC Financial Services Group Inc/The | PNC (693475105) | 1,149 | $226,375.98 |
| 0.82% | WNS Holdings Ltd | WNS (G98196101) | 3,031 | $226,415.70 |
| 0.81% | New Jersey Resources Corp | NJR (646025106) | 4,893 | $223,756.89 |
| 0.80% | Laureate Education Inc | LAUR (518613203) | 9,366 | $220,756.62 |
| 0.80% | Primoris Services Corp | PRIM (74164F103) | 2,561 | $221,808.21 |
| 0.78% | US Bancorp | USB (902973304) | 4,551 | $214,534.14 |
| 0.74% | Universal Technical Institute Inc | UTI (913915104) | 6,510 | $203,502.60 |
| 0.73% | Maximus Inc | MMS (577933104) | 2,833 | $202,531.17 |
| 0.72% | CSG Systems International Inc | CSGS (126349109) | 3,235 | $200,084.75 |
| 0.71% | Twilio Inc | TWLO (90138F102) | 1,745 | $197,464.20 |
| 0.70% | ADT Inc | ADT (00090Q103) | 22,607 | $192,611.64 |
| 0.70% | Travelers Cos Inc/The | TRV (89417E109) | 757 | $192,641.36 |
| 0.68% | Hartford Insurance Group Inc/The | HIG (416515104) | 1,546 | $186,973.24 |
| 0.66% | Sanmina Corp | SANM (801056102) | 1,751 | $182,401.67 |
| 0.65% | Comcast Corp | CMCSA (20030N101) | 5,113 | $178,903.87 |
| 0.65% | Pan American Silver Corp | PAAS (697900108) | 5,895 | $178,795.35 |
| 0.65% | Raymond James Financial Inc | RJF (754730109) | 1,141 | $180,734.40 |
| 0.64% | Allstate Corp/The | ALL (020002101) | 911 | $176,123.63 |
| 0.63% | GoDaddy Inc | GDDY (380237107) | 1,045 | $175,413.70 |
| 0.63% | Royal Caribbean Cruises Ltd | RCL (V7780T103) | 513 | $173,655.63 |
| 0.62% | Frontdoor Inc | FTDR (35905A109) | 2,962 | $171,825.62 |
| 0.62% | Valmont Industries Inc | VMI (920253101) | 510 | $170,911.20 |
| 0.61% | Eldorado Gold Corp | EGO (284902509) | 8,168 | $167,280.64 |
| 0.61% | ENCOMPASS HEALTH CORP | EHC (29261A100) | 1,431 | $169,473.33 |
| 0.59% | Plexus Corp | PLXS (729132100) | 1,213 | $162,457.09 |
| 0.58% | Akamai Technologies Inc | AKAM (00971T101) | 2,087 | $161,492.06 |
| 0.57% | Markel Group Inc | MKL (570535104) | 80 | $158,176.00 |
| 0.57% | Universal Health Services Inc | UHS (913903100) | 861 | $157,149.72 |
| 0.57% | Virtu Financial Inc | VIRT (928254101) | 3,572 | $157,025.12 |
| 0.56% | PayPal Holdings Inc | PYPL (70450Y103) | 2,183 | $155,778.88 |
| 0.55% | Carnival Corp | CCL (143658300) | 5,311 | $152,213.26 |
| 0.55% | Qualys Inc | QLYS (74758T303) | 1,118 | $151,611.98 |
| 0.54% | Assurant Inc | AIZ (04621X108) | 802 | $150,423.12 |
| 0.54% | Equinox Gold Corp | EQX (29446Y502) | 24,116 | $150,242.68 |
| 0.53% | Asbury Automotive Group Inc | ABG (043436104) | 556 | $146,350.32 |
| 0.53% | Strategic Education Inc | STRA (86272C103) | 1,834 | $147,123.48 |
| 0.52% | Travel + Leisure Co | TNL (894164102) | 2,523 | $144,466.98 |
| 0.51% | Expedia Group Inc | EXPE (30212P303) | 772 | $141,770.08 |
| 0.51% | Lithia Motors Inc | LAD (536797103) | 404 | $141,606.04 |
| 0.51% | Life Time Group Holdings Inc | LTH (53190C102) | 4,713 | $139,976.10 |
| 0.50% | Arch Capital Group Ltd | ACGL (G0450A105) | 1,573 | $138,172.32 |
| 0.50% | Okta Inc | OKTA (679295105) | 1,513 | $138,530.28 |
| 0.50% | Perdoceo Education Corp | PRDO (71363P106) | 4,755 | $139,369.05 |
| 0.49% | Charter Communications Inc | CHTR (16119P108) | 346 | $135,701.20 |
| 0.47% | Cigna Group/The | CI (125523100) | 431 | $130,709.37 |
| 0.47% | CVS Health Corp | CVS (126650100) | 2,008 | $130,078.24 |
| 0.47% | Hyatt Hotels Corp | H (448579102) | 866 | $130,402.28 |
| 0.47% | Verizon Communications Inc | VZ (92343V104) | 3,124 | $130,020.88 |
| 0.44% | United Parks & Resorts Inc | PRKS (81282V100) | 2,580 | $122,446.80 |
| 0.43% | Graham Holdings Co | GHC (384637104) | 130 | $119,791.10 |
| 0.42% | Norwegian Cruise Line Holdings Ltd | NCLH (G66721104) | 5,107 | $115,520.34 |
| 0.41% | Benchmark Electronics Inc | BHE (08160H101) | 2,848 | $113,264.96 |
| 0.39% | CTS Corp | CTS (126501105) | 2,551 | $106,886.90 |
| 0.39% | Pearson PLC | PSO (705015105) | 7,474 | $107,177.16 |
| 0.39% | Hanover Insurance Group Inc/The | THG (410867105) | 654 | $106,889.76 |
| 0.37% | White Mountains Insurance Group Ltd | WTM (G9618E107) | 56 | $100,897.44 |
| 0.36% | DigitalOcean Holdings Inc | DOCN (25402D102) | 3,504 | $98,917.92 |
| 0.35% | Kemper Corp | KMPR (488401100) | 1,566 | $95,635.62 |
| 0.31% | Wix.com Ltd | WIX (M98068105) | 571 | $86,946.17 |
| 0.28% | Digi International Inc | DGII (253798102) | 2,330 | $78,544.30 |
| 0.02% | Cash & Other | Cash&Other | $6,545.44 |
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 4 stars, among 379, 349, and 241 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