Leuthold Core ETF

Leuthold Core ETF (LCR) is an actively managed fund of funds. Rather than buying stocks and bonds directly, it holds about 35 other ETFs and moves money among stock sectors, bonds and cash using The Leuthold Group's quantitative model. Its swings have been smaller than the stock market's. But it is a small fund, with $68.6 million in net assets as of June 30, 2026, and it costs 0.83% a year.

• Over the year to Oct 27, 2026, LCR returned +7.1%, 8th of 8 among similar funds.
• Its 5-year annualized return was +6.7%.
• In the 2020 COVID crash it fell 17.4% and regained its old high 3.8 months after the low.
• Its worst full calendar year was 2022 (-7.6%); its best was 2023 (+12.8%).
• The deepest fall in its price history was 17.4% (Feb 19, 2020 to Mar 20, 2020), recovered by Jul 15, 2020.

As of Jun 30, 2026, the fund held 35 securities; the ten largest made up 66% of assets, and 3.36% sat in cash and money-market holdings.

• Over the three months to Jun 30, 2026, investors withdrew a net $3.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +4.04%, +2.31%, +0.32%.

LCR does not track an index. Its adviser, The Leuthold Group, picks other ETFs. Most are run by other firms, but it can also buy its own Leuthold Select Industries ETF (LST). A proprietary model scores sectors, industry groups and individual ETFs on economic conditions (interest rates, inflation, investor confidence), price trends, relative value, earnings growth, profitability, very long-term momentum and debt levels. The adviser changes the portfolio whenever it judges other sectors more attractive, not on a fixed schedule. Portfolio turnover was 57%, meaning it replaced a bit over half its holdings in a year.

In normal markets, the prospectus targets 30% to 70% in stock funds, 10% to 70% in bond funds and up to 20% in cash-like funds. The adviser may go outside these ranges, but no single fund can exceed 25%. As of June 30, 2026, the largest positions were the Technology Select Sector SPDR ETF (XLK) at 15.0%, the iShares 1-3 Year Treasury Bond ETF (SHY) at 14.6% and the iShares 0-5 Year TIPS Bond ETF (STIP) at 9.5%. The top 10 made up 66% of assets.

Underlying funds can bet against stocks. A 4.2% stake in the Direxion Daily S&P 500 Bear 1X ETF (SPDN) aims to move opposite the S&P 500 each day, which partly hedges against stock declines. Holders also bear a share of the underlying funds' expenses.

• LCR charges 0.83% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
• Of that, 0.5% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.18% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $85 in the first year and $1,220 over 10 years (assuming a 5% annual return).

LCR combines stock, bond and cash ETFs in one actively adjusted mix, so it can work as a broad foundation rather than a narrow add-on.

LCR could serve as a single fund holding a mix of stocks, bonds and cash that the manager adjusts over time. Its ups and downs have been fairly mild: volatility, a measure of how much returns swing, was 8.1% over three years as of October 27, 2026. It still fell 17.4% in the 2020 COVID crash, from February 19 to March 20, 2020, and recovered by July 15, 2020, about 3.8 months later. In the 2022 bear market it lost 13.4% and needed 9.7 months to recover, by July 18, 2023. Its worst calendar year was 2022, at −7.42%. Anyone selling shares in years like those would have sold at lower prices. Income is modest: the trailing yield was 1.29% as of October 27, 2026, paid once a year. In the SEC's standard example, costs come to $85 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by other buffer (defined-outcome) funds, largest first.