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:
$22,263,047 -
Shares Outstanding:
606,875 -
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 1, 2025| NAV | Price | ||
|---|---|---|---|
| Net Asset Value | $36.68 | Closing Price | $36.72 |
| Daily Change | $-0.06 | Daily Change | $-0.04 |
| Daily Change | -0.17% | Daily Change | -0.11% |
| Premium/Discount | 0.1% | ||
| Bid-Ask Spead (30 day median) | 0.20% |
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 |
|---|---|---|---|---|
| 4.24% | Microsoft Corp | MSFT (594918104) | 2,395 | $1,178,459.75 |
| 3.65% | Meta Platforms Inc | META (30303M102) | 1,408 | $1,012,661.76 |
| 3.19% | Netflix Inc | NFLX (64110L106) | 684 | $884,822.40 |
| 2.53% | Oracle Corp | ORCL (68389X105) | 3,214 | $703,737.44 |
| 2.22% | Jabil Inc | JBL (466313103) | 2,854 | $616,863.56 |
| 2.04% | Alphabet Inc | GOOGL (02079K305) | 3,214 | $565,149.76 |
| 1.96% | Goldman Sachs Group Inc/The | GS (38141G104) | 772 | $545,387.12 |
| 1.93% | McKesson Corp | MCK (58155Q103) | 736 | $535,616.64 |
| 1.72% | Cardinal Health Inc | CAH (14149Y108) | 2,907 | $477,910.80 |
| 1.65% | Flex Ltd | FLEX (Y2573F102) | 9,430 | $457,260.70 |
| 1.61% | Kinross Gold Corp | KGC (496902404) | 28,810 | $447,419.30 |
| 1.54% | JPMORGAN CHASE & CO. | JPM (46625H100) | 1,470 | $426,902.70 |
| 1.53% | Morgan Stanley | MS (617446448) | 3,011 | $424,761.77 |
| 1.52% | T-Mobile US Inc | TMUS (872590104) | 1,742 | $420,710.42 |
| 1.51% | Cencora Inc | COR (03073E105) | 1,417 | $418,482.61 |
| 1.48% | Cisco Systems Inc | CSCO (17275R102) | 5,958 | $411,697.80 |
| 1.46% | Mastercard Inc | MA (57636Q104) | 716 | $404,260.76 |
| 1.29% | Bank of America Corp | BAC (060505104) | 7,441 | $358,284.15 |
| 1.22% | Visa Inc | V (92826C839) | 952 | $338,407.44 |
| 1.20% | Citigroup Inc | C (172967424) | 3,864 | $333,347.28 |
| 1.17% | AT&T Inc | T (00206R102) | 11,221 | $324,062.48 |
| 1.14% | Deutsche Bank AG | DB (D18190898) | 11,024 | $316,499.04 |
| 1.13% | TE Connectivity PLC | TEL (G87052109) | 1,849 | $314,829.23 |
| 1.12% | Check Point Software Technologies Ltd | CHKP (M22465104) | 1,410 | $311,722.80 |
| 1.10% | Walt Disney Co/The | DIS (254687106) | 2,471 | $305,143.79 |
| 1.09% | Fortinet Inc | FTNT (34959E109) | 2,943 | $301,451.49 |
| 1.04% | HCA Healthcare Inc | HCA (40412C101) | 741 | $288,641.73 |
| 1.02% | IAMGOLD Corp | IAG (450913108) | 39,023 | $284,087.44 |
| 0.98% | Uber Technologies Inc | UBER (90353T100) | 2,952 | $271,967.76 |
| 0.98% | VeriSign Inc | VRSN (92343E102) | 940 | $271,735.20 |
| 0.96% | US BANK MMDA - USBGFS 9 09/01/2037 | 8AMMF0JA0 (8AMMF0JA0) | 265,392 | $265,391.97 |
| 0.96% | Adtalem Global Education Inc | ATGE (00737L103) | 2,151 | $267,584.40 |
| 0.96% | Canadian Imperial Bank of Commerce | CM (136069101) | 3,755 | $267,018.05 |
| 0.96% | SS&C Technologies Holdings Inc | SSNC (78467J100) | 3,185 | $265,374.20 |
| 0.95% | Agnico Eagle Mines Ltd | AEM (008474108) | 2,228 | $262,814.88 |
| 0.94% | Nokia Oyj | NOK (654902204) | 50,145 | $262,258.35 |
| 0.93% | F5 Inc | FFIV (315616102) | 870 | $257,493.90 |
| 0.93% | UGI Corp | UGI (902681105) | 7,340 | $257,487.20 |
| 0.92% | Barclays PLC | BCS (06738E204) | 13,963 | $255,941.79 |
| 0.90% | Stride Inc | LRN (86333M108) | 1,762 | $249,411.10 |
| 0.88% | Telefonaktiebolaget LM Ericsson | ERIC (294821608) | 28,696 | $245,350.80 |
| 0.88% | Tenet Healthcare Corp | THC (88033G407) | 1,372 | $243,433.96 |
| 0.87% | MDU Resources Group Inc | MDU (552690109) | 14,340 | $240,481.80 |
| 0.84% | Concentrix Corp | CNXC (20602D101) | 4,157 | $233,748.11 |
| 0.84% | ONE Gas Inc | OGS (68235P108) | 3,188 | $231,927.00 |
| 0.83% | Spire Inc | SR (84857L101) | 3,142 | $231,156.94 |
| 0.81% | Dycom Industries Inc | DY (267475101) | 916 | $223,797.12 |
| 0.80% | New Jersey Resources Corp | NJR (646025106) | 4,887 | $221,087.88 |
| 0.79% | Laureate Education Inc | LAUR (518613203) | 9,358 | $218,509.30 |
| 0.79% | PNC Financial Services Group Inc/The | PNC (693475105) | 1,143 | $220,050.36 |
| 0.77% | CSG Systems International Inc | CSGS (126349109) | 3,228 | $212,886.60 |
| 0.76% | US Bancorp | USB (902973304) | 4,546 | $211,343.54 |
| 0.76% | Universal Technical Institute Inc | UTI (913915104) | 6,501 | $212,062.62 |
| 0.74% | Twilio Inc | TWLO (90138F102) | 1,741 | $204,097.43 |
| 0.73% | Maximus Inc | MMS (577933104) | 2,828 | $202,852.44 |
| 0.73% | Primoris Services Corp | PRIM (74164F103) | 2,556 | $203,483.16 |
| 0.73% | Travelers Cos Inc/The | TRV (89417E109) | 757 | $202,119.00 |
| 0.71% | WNS Holdings Ltd | WNS (G98196101) | 3,029 | $195,764.27 |
| 0.70% | Hartford Insurance Group Inc/The | HIG (416515104) | 1,545 | $195,597.00 |
| 0.69% | ADT Inc | ADT (00090Q103) | 22,590 | $192,466.80 |
| 0.67% | GoDaddy Inc | GDDY (380237107) | 1,041 | $185,714.40 |
| 0.66% | Allstate Corp/The | ALL (020002101) | 910 | $182,127.40 |
| 0.66% | Comcast Corp | CMCSA (20030N101) | 5,105 | $183,780.00 |
| 0.63% | Frontdoor Inc | FTDR (35905A109) | 2,955 | $174,197.25 |
| 0.63% | Raymond James Financial Inc | RJF (754730109) | 1,136 | $175,671.04 |
| 0.62% | ENCOMPASS HEALTH CORP | EHC (29261A100) | 1,429 | $172,080.18 |
| 0.62% | Sanmina Corp | SANM (801056102) | 1,745 | $171,865.05 |
| 0.62% | Cash & Other | Cash&Other | $172,748.00 | |
| 0.61% | Valmont Industries Inc | VMI (920253101) | 505 | $169,270.95 |
| 0.60% | Akamai Technologies Inc | AKAM (00971T101) | 2,080 | $165,588.80 |
| 0.60% | Eldorado Gold Corp | EGO (284902509) | 8,159 | $166,117.24 |
| 0.60% | Pan American Silver Corp | PAAS (697900108) | 5,887 | $167,190.80 |
| 0.60% | Plexus Corp | PLXS (729132100) | 1,212 | $165,753.12 |
| 0.59% | PayPal Holdings Inc | PYPL (70450Y103) | 2,182 | $164,282.78 |
| 0.58% | Qualys Inc | QLYS (74758T303) | 1,112 | $160,650.64 |
| 0.58% | Royal Caribbean Cruises Ltd | RCL (V7780T103) | 507 | $159,755.70 |
| 0.58% | Universal Health Services Inc | UHS (913903100) | 858 | $162,110.52 |
| 0.57% | Assurant Inc | AIZ (04621X108) | 799 | $157,930.34 |
| 0.57% | Strategic Education Inc | STRA (86272C103) | 1,829 | $157,458.61 |
| 0.56% | Perdoceo Education Corp | PRDO (71363P106) | 4,746 | $154,529.76 |
| 0.55% | Carnival Corp | CCL (143658300) | 5,306 | $151,963.84 |
| 0.55% | Markel Group Inc | MKL (570535104) | 76 | $151,559.96 |
| 0.53% | Okta Inc | OKTA (679295105) | 1,506 | $148,416.30 |
| 0.52% | Arch Capital Group Ltd | ACGL (G0450A105) | 1,566 | $143,289.00 |
| 0.52% | Charter Communications Inc | CHTR (16119P108) | 344 | $143,867.68 |
| 0.52% | Cigna Group/The | CI (125523100) | 430 | $143,787.70 |
| 0.50% | Asbury Automotive Group Inc | ABG (043436104) | 554 | $137,901.68 |
| 0.50% | CVS Health Corp | CVS (126650100) | 2,005 | $139,507.90 |
| 0.50% | Equinox Gold Corp | EQX (29446Y502) | 24,094 | $139,263.32 |
| 0.50% | Lithia Motors Inc | LAD (536797103) | 401 | $137,823.70 |
| 0.50% | Life Time Group Holdings Inc | LTH (53190C102) | 4,707 | $138,574.08 |
| 0.49% | Travel + Leisure Co | TNL (894164102) | 2,519 | $135,320.68 |
| 0.49% | Verizon Communications Inc | VZ (92343V104) | 3,122 | $136,368.96 |
| 0.48% | Expedia Group Inc | EXPE (30212P303) | 769 | $133,836.76 |
| 0.45% | Hyatt Hotels Corp | H (448579102) | 862 | $125,326.18 |
| 0.45% | United Parks & Resorts Inc | PRKS (81282V100) | 2,577 | $124,881.42 |
| 0.45% | Virtu Financial Inc | VIRT (928254101) | 2,863 | $124,196.94 |
| 0.44% | Graham Holdings Co | GHC (384637104) | 128 | $123,180.80 |
| 0.41% | Pearson PLC | PSO (705015105) | 7,465 | $112,721.50 |
| 0.40% | Benchmark Electronics Inc | BHE (08160H101) | 2,840 | $110,106.80 |
| 0.40% | CTS Corp | CTS (126501105) | 2,548 | $110,404.84 |
| 0.39% | Norwegian Cruise Line Holdings Ltd | NCLH (G66721104) | 5,100 | $106,998.00 |
| 0.39% | Hanover Insurance Group Inc/The | THG (410867105) | 650 | $108,784.00 |
| 0.36% | Kemper Corp | KMPR (488401100) | 1,561 | $101,059.14 |
| 0.35% | DigitalOcean Holdings Inc | DOCN (25402D102) | 3,498 | $98,013.96 |
| 0.33% | Wix.com Ltd | WIX (M98068105) | 565 | $90,981.95 |
| 0.33% | White Mountains Insurance Group Ltd | WTM (G9618E107) | 51 | $91,290.51 |
| 0.29% | Digi International Inc | DGII (253798102) | 2,323 | $81,839.29 |
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