Leuthold Select Industries ETF

Leuthold Select Industries ETF (LST) is an actively managed stock fund. It uses a quantitative model to rotate among about 120 industry groups, and it held 119 stocks as of June 30, 2026. Unlike index-based peers, it makes group bets and trades heavily, with 78% portfolio turnover. That approach costs more: its 0.65% expense ratio is the highest among comparable funds, which averaged 0.34%.

• Over the year to Oct 27, 2026, LST returned +21.7%, 1st of 4 among similar funds.
• The deepest fall in its price history was 19.5% (Feb 5, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.

No distribution history is available for this fund.

As of Jun 30, 2026, the fund held 119 securities; the ten largest made up 18.49% of assets.

By sector

• Over the three months to Jun 30, 2026, investors withdrew a net $33.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +9.47%, +5.04%, +0.61%.

LST does not track an index. Its adviser, Leuthold Weeden Capital Management, uses a disciplined, quantitative approach it calls the Select Industries Strategy. The idea is that choosing the right industry groups matters as much as choosing individual stocks. The adviser monitors about 120 groups. These are narrow themes such as airlines, health care facilities and semiconductors. The fund stays invested in stocks from the groups the adviser's models rank as most attractive.

The fund can own companies of any size, both growth and value stocks. It can also own foreign companies through American Depositary Receipts (ADRs), which are certificates that trade in the US and represent shares of a foreign company. As of June 30, 2026, the largest positions were Alphabet, Advanced Micro Devices, Dell Technologies, Flex and Cardinal Health, each about 2% of assets. The 10 largest holdings made up 18.5% of the fund. About 81% was in US companies, and Canada was next at 6.8%.

The fund has no fixed rebalancing schedule. The adviser changes the portfolio whenever its discipline points to different groups, which can mean heavy trading. The prospectus reports 78% turnover. High turnover can raise trading costs and may produce taxable capital gains. The fund held no derivatives as of June 30, 2026.

• LST charges 0.65% a year, versus an average of 0.34% for the similar funds below (4th of 4, cheapest first).
• Of that, 0.5% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.2% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $1,030 over 10 years (assuming a 5% annual return).

It is a higher-cost, high-turnover active fund that makes concentrated industry-group bets, so it fits better as a small addition to a broad core holding than as the core itself.

LST could add a rules-based industry-rotation tilt next to a broad core fund. The ETF has traded only since January 21, 2025, but the prospectus shows a record going back to 2016. In that record, the worst calendar year was 2022, down 13.12%. The worst quarter was early 2020, down 24.3%. The 2008 crisis is not covered. Since listing, the fund's deepest drop was 19.5%, from February 5 to April 8, 2025. It recovered by June 24, 2025, about 2.5 months later. Anyone forced to sell during a drop like that would lock in losses. Income is modest: the trailing yield was 1.12% as of October 27, 2026, paid twice a year. The fund costs 0.65% a year, or $66 on $10,000 in the first year under the SEC's standard example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.