Leuthold Select Industries ETF
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 365 Mid-Cap Blend funds as of 06.30.26 based on risk-adjusted returns.†
-
Fund Inception:
June 19, 2000 -
Ticker:
LST -
Net Assets:
$208,216,570 -
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 23, 2026| NAV | Price | ||
|---|---|---|---|
| Net Asset Value | $48.07 | Closing Price | $48.05 |
| Daily Change | $-0.11 | Daily Change | $-0.11 |
| Daily Change | -0.24% | Daily Change | -0.22% |
| Premium/Discount | -0.03% | ||
| Bid-Ask Spead (30 day median) | 0.08% |
Month/Quarter End Performance
as of September 30, 2026Avg. 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% |
All Holdings Top 10 Holdings
as of October 23, 2026| Percentage of Net Assets | Name | Identifier (Cusip) | Shares Held | Market Value |
|---|---|---|---|---|
| 2.10% | Dell Technologies Inc | DELL (24703L202) | 9,582 | $4,373,608.08 |
| 2.06% | Microsoft Corp | MSFT (594918104) | 8,185 | $4,293,114.35 |
| 2.02% | McKesson Corp | MCK (58155Q103) | 4,195 | $4,198,230.15 |
| 1.98% | Cardinal Health Inc | CAH (14149Y108) | 16,522 | $4,123,395.54 |
| 1.92% | Alphabet Inc | GOOGL (02079K305) | 12,491 | $3,999,743.11 |
| 1.82% | Advanced Micro Devices Inc | AMD (007903107) | 7,321 | $3,783,419.59 |
| 1.62% | Cisco Systems Inc | CSCO (17275R102) | 31,712 | $3,377,328.00 |
| 1.61% | Meta Platforms Inc | META (30303M102) | 5,210 | $3,348,050.20 |
| 1.50% | ServiceNow Inc | NOW (81762P102) | 19,605 | $3,116,410.80 |
| 1.49% | UnitedHealth Group Inc | UNH (91324P102) | 7,431 | $3,106,826.79 |
| 1.35% | FedEx Corp | FDX (31428X106) | 9,388 | $2,804,383.36 |
| 1.35% | Paycom Software Inc | PAYC (70432V102) | 10,230 | $2,809,055.70 |
| 1.33% | RenaissanceRe Holdings Ltd | RNR (G7496G103) | 7,853 | $2,768,967.80 |
| 1.29% | Cencora Inc | COR (03073E105) | 8,145 | $2,695,995.00 |
| 1.29% | United Parcel Service Inc | UPS (911312106) | 26,552 | $2,683,345.12 |
| 1.27% | Everest Group Ltd | EG (G3223R108) | 6,659 | $2,654,277.40 |
| 1.26% | Marathon Petroleum Corp | MPC (56585A102) | 5,755 | $2,631,301.10 |
| 1.18% | Amgen Inc | AMGN (031162100) | 5,609 | $2,463,809.34 |
| 1.17% | HF Sinclair Corp | DINO (403949100) | 20,021 | $2,435,754.86 |
| 1.15% | Chevron Corp | CVX (166764100) | 10,301 | $2,402,296.21 |
| 1.13% | ExxonMobil Holdings Corp | XOM (30233Q108) | 12,841 | $2,352,599.61 |
| 1.12% | Qualys Inc | QLYS (74758T303) | 10,748 | $2,329,091.60 |
| 1.10% | EOG Resources Inc | EOG (26875P101) | 14,074 | $2,294,484.22 |
| 1.10% | Gilead Sciences Inc | GILD (375558103) | 14,732 | $2,298,781.28 |
| 1.10% | Regeneron Pharmaceuticals Inc | REGN (75886F107) | 2,841 | $2,287,061.82 |
| 1.08% | Jabil Inc | JBL (466313103) | 8,178 | $2,240,526.66 |
| 1.06% | Johnson & Johnson | JNJ (478160104) | 8,358 | $2,204,923.98 |
| 1.06% | Reinsurance Group of America Inc | RGA (759351604) | 8,329 | $2,198,356.26 |
| 1.06% | TE Connectivity PLC | TEL (G87052109) | 10,575 | $2,200,128.75 |
| 1.05% | Vertex Pharmaceuticals Inc | VRTX (92532F100) | 4,186 | $2,193,170.98 |
| 1.03% | Biogen Inc | BIIB (09062X103) | 8,535 | $2,139,639.15 |
| 1.02% | Walmart Inc | WMT (931142103) | 17,629 | $2,113,540.81 |
| 1.01% | Costco Wholesale Corp | COST (22160K105) | 2,096 | $2,102,958.72 |
| 1.01% | ELEVANCE HEALTH INC | ELV (036752103) | 4,759 | $2,093,722.05 |
| 1.01% | Tenet Healthcare Corp | THC (88033G407) | 7,814 | $2,097,668.30 |
| 1.00% | Laureate Education Inc | LAUR (518613203) | 53,210 | $2,076,786.30 |
| 1.00% | NVIDIA Corp | NVDA (67066G104) | 9,902 | $2,088,925.92 |
| 0.99% | Centene Corp | CNC (15135B101) | 29,315 | $2,057,033.55 |
| 0.99% | Target Corp | TGT (87612E106) | 13,491 | $2,060,885.16 |
| 0.95% | HCA Healthcare Inc | HCA (40412C101) | 4,225 | $1,981,651.75 |
| 0.94% | Flex Ltd | FLEX (Y2573F102) | 25,498 | $1,951,871.90 |
| 0.91% | Merck & Co Inc | MRK (58933Y105) | 13,007 | $1,889,526.89 |
| 0.89% | SLB Ltd | SLB (806857108) | 34,863 | $1,849,830.78 |
| 0.88% | Check Point Software Technologies Ltd | CHKP (M22465104) | 11,458 | $1,822,165.74 |
| 0.87% | Automatic Data Processing Inc | ADP (053015103) | 5,965 | $1,814,314.40 |
| 0.85% | Dollar Tree Inc | DLTR (256746108) | 14,166 | $1,775,141.46 |
| 0.84% | Broadcom Inc | AVGO (11135F101) | 5,453 | $1,754,121.04 |
| 0.83% | Travelers Cos Inc/The | TRV (89417E109) | 4,356 | $1,734,907.68 |
| 0.82% | Expeditors International of Washington Inc | EXPD (302130109) | 8,672 | $1,701,533.12 |
| 0.82% | PBF Energy Inc | PBF (69318G106) | 22,426 | $1,708,188.42 |
| 0.81% | HP Inc | HPQ (40434L105) | 50,119 | $1,686,003.16 |
| 0.81% | Pfizer Inc | PFE (717081103) | 56,143 | $1,685,974.29 |
| 0.79% | Bristol-Myers Squibb Co | BMY (110122108) | 26,712 | $1,642,253.76 |
| 0.78% | BJ's Wholesale Club Holdings Inc | BJ (05550J101) | 15,295 | $1,618,822.80 |
| 0.78% | United Therapeutics Corp | UTHR (91307C102) | 2,775 | $1,630,312.50 |
| 0.77% | Covista Inc | CVSA (00737L103) | 12,216 | $1,610,313.12 |
| 0.76% | Anheuser-Busch InBev SA/NV | BUD (03524A108) | 18,735 | $1,578,611.10 |
| 0.75% | TD SYNNEX Corp | SNX (87162W100) | 6,287 | $1,555,026.58 |
| 0.74% | Dollar General Corp | DG (256677105) | 11,637 | $1,544,113.53 |
| 0.74% | Paychex Inc | PAYX (704326107) | 13,234 | $1,546,392.90 |
| 0.74% | Sanmina Corp | SANM (801056102) | 9,942 | $1,548,068.82 |
| 0.74% | Shell PLC | SHEL (780259305) | 14,225 | $1,538,860.50 |
| 0.73% | Arrow Electronics Inc | ARW (042735100) | 7,223 | $1,515,096.48 |
| 0.73% | Baker Hughes Co | BKR (05722G100) | 27,065 | $1,511,850.90 |
| 0.72% | Plexus Corp | PLXS (729132100) | 6,947 | $1,507,360.06 |
| 0.71% | Western Digital Corp | WDC (958102105) | 4,282 | $1,471,594.94 |
| 0.68% | GEN DIGITAL INC | GEN (668771108) | 57,241 | $1,424,156.08 |
| 0.68% | Paylocity Holding Corp | PCTY (70438V106) | 8,018 | $1,420,709.42 |
| 0.67% | Oceaneering International Inc | OII (675232102) | 35,583 | $1,397,344.41 |
| 0.66% | Perdoceo Education Corp | PRDO (71363P106) | 40,596 | $1,376,204.40 |
| 0.65% | US BANK MMDA - USBGFS 9 09/01/2037 | 8AMMF0JA0 (8AMMF0JA0) | 1,361,199 | $1,361,199.21 |
| 0.65% | GSK PLC | GSK (37733W204) | 26,539 | $1,346,854.25 |
| 0.64% | Allstate Corp/The | ALL (020002101) | 5,230 | $1,324,183.70 |
| 0.63% | Gartner Inc | IT (366651107) | 5,690 | $1,310,293.20 |
| 0.62% | Assurant Inc | AIZ (04621X108) | 4,552 | $1,296,182.00 |
| 0.62% | Cognizant Technology Solutions Corp | CTSH (192446102) | 18,293 | $1,290,388.22 |
| 0.62% | Fidelity National Information Services Inc | FIS (31620M106) | 34,306 | $1,287,504.18 |
| 0.62% | CGI Inc | GIB (12532H104) | 15,843 | $1,298,809.14 |
| 0.62% | Pearson PLC | PSO (705015105) | 70,570 | $1,287,196.80 |
| 0.61% | TriNet Group Inc | TNET (896288107) | 16,818 | $1,274,468.04 |
| 0.60% | Lam Research Corp | LRCX (512807306) | 5,436 | $1,250,823.60 |
| 0.60% | PayPal Holdings Inc | PYPL (70450Y103) | 21,827 | $1,244,575.54 |
| 0.59% | Cenovus Energy Inc | CVE (15135U109) | 37,632 | $1,237,340.16 |
| 0.58% | Hartford Insurance Group Inc/The | HIG (416515104) | 8,842 | $1,209,231.92 |
| 0.58% | Tenaris SA | TS (88031M109) | 20,624 | $1,200,935.52 |
| 0.57% | Carnival Corp Ltd | CCL (G2004J103) | 45,581 | $1,190,119.91 |
| 0.57% | HealthEquity Inc | HQY (42226A107) | 11,323 | $1,177,252.31 |
| 0.57% | UiPath Inc | PATH (90364P105) | 83,403 | $1,178,484.39 |
| 0.57% | Progress Software Corp | PRGS (743312100) | 25,506 | $1,184,753.70 |
| 0.55% | CH Robinson Worldwide Inc | CHRW (12541W209) | 8,174 | $1,153,923.58 |
| 0.54% | Robert Half Inc | RHI (770323103) | 24,291 | $1,114,228.17 |
| 0.53% | WEX Inc | WEX (96208T104) | 5,633 | $1,112,292.18 |
| 0.51% | ADT Inc | ADT (00090Q103) | 153,131 | $1,056,603.90 |
| 0.51% | Benchmark Electronics Inc | BHE (08160H101) | 16,172 | $1,064,279.32 |
| 0.51% | CVS Health Corp | CVS (126650100) | 11,460 | $1,071,166.20 |
| 0.51% | Diebold Nixdorf Inc | DBD (253651202) | 15,303 | $1,058,661.54 |
| 0.51% | Ingram Micro Holding Corp | INGM (457152106) | 38,297 | $1,060,443.93 |
| 0.51% | ScanSource Inc | SCSC (806037107) | 17,274 | $1,054,577.70 |
| 0.50% | SiriusPoint Ltd | SPNT (G8192H106) | 40,765 | $1,050,106.40 |
| 0.49% | ENCOMPASS HEALTH CORP | EHC (29261A100) | 8,181 | $1,015,180.29 |
| 0.49% | PriceSmart Inc | PSMT (741511109) | 5,958 | $1,018,520.10 |
| 0.48% | Avnet Inc | AVT (053807103) | 11,448 | $1,008,339.84 |
| 0.47% | Mercury General Corp | MCY (589400100) | 9,445 | $971,418.25 |
| 0.47% | Markel Group Inc | MKL (570535104) | 521 | $974,316.89 |
| 0.47% | NOV Inc | NOV (62955J103) | 49,471 | $977,546.96 |
| 0.46% | Archrock Inc | AROC (03957W106) | 32,754 | $953,796.48 |
| 0.44% | Universal Health Services Inc | UHS (913903100) | 4,886 | $913,144.54 |
| 0.44% | Urban Outfitters Inc | URBN (917047102) | 10,603 | $917,689.65 |
| 0.44% | Weatherford International PLC | WFRD (G48833118) | 10,439 | $906,627.15 |
| 0.43% | Graham Holdings Co | GHC (384637104) | 733 | $889,480.84 |
| 0.42% | Hanover Insurance Group Inc/The | THG (410867105) | 3,708 | $881,502.84 |
| 0.40% | White Mountains Insurance Group Ltd | WTM (G9618E107) | 370 | $823,338.80 |
| 0.39% | Korn Ferry | KFY (500643200) | 10,254 | $802,888.20 |
| 0.38% | GXO Logistics Inc | GXO (36262G101) | 16,476 | $797,932.68 |
| 0.38% | OneSpan Inc | OSPN (68287N100) | 39,231 | $792,073.89 |
| 0.37% | CTS Corp | CTS (126501105) | 14,557 | $772,394.42 |
| 0.34% | Gap Inc/The | GAP (364760108) | 32,092 | $716,293.44 |
| 0.25% | Fedex Freight Holding Co Inc | FDXF (314352105) | 4,692 | $516,354.60 |
| 0.25% | Hub Group Inc | HUBG (443320106) | 19,971 | $513,254.70 |
| 0.01% | Cash & Other | Cash&Other | $12,306.10 |
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