ETF Evaluator:
Leuthold Core ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Tactical Allocation Over the Last Year
| 31.2% | Relative Sentiment Tactical Allc ETF (MOOD) |
| 27.5% | RH Tactical Rotation ETF (RHRX) |
| 25.2% | Cambria Global Momentum ETF (GMOM) |
| 24.3% | STF Tactical Growth ETF (TUG) |
| 23.1% | Alexis Practical Tactical ETF (LEXI) |
Risk
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Risk
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ETF Details
Leuthold Core ETF Overview
Leuthold Core ETF (LCR) is an actively managed Allocation Tactical Allocation exchange-traded fund (ETF). Leuthold launched the ETF in 2020.
The investment seeks capital appreciation and income (or "total return").
The fund is an actively-managed "exchanged-traded fund of funds" and seeks to achieve its objective by investing primarily in other registered investment companies, including other actively-managed exchange-traded funds ("ETFs") and index-based ETFs (collectively, "underlying funds"), that provide exposure to a broad range of asset classes. The underlying funds may invest in equity securities of U.S. or foreign companies; debt obligations of U.S. or foreign companies or governments; or investments such as commodities, volatility indexes and managed futures.
About Leuthold Core ETF (LCR)
There are 3 members of the management team with an average tenure of 6.58 years: Chun Wang (2020), Scott Opsal (2020) and Douglas Ramsey (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Bloomberg Global Aggregate TR USD index with a weighting of 100%. Leuthold Core ETF has 37 securities in its portfolio. The top 10 holdings constitute 64.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Leuthold Core ETF is part of the Allocation global asset class and is within the Allocation ETF group. Leuthold Core ETF has 7.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 53.5% There is 3.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 32.4% (28.8% domestic bond, 3.6% foreign bond and 0.0% convertible bond). Leuthold Core ETF has 10.3% of the portfolio in cash.
Assets Under Management
The fund has $67 million in total assets, which is below the $144 million average for the Tactical Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
LCR Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Leuthold Core ETF expense ratio is high compared to funds in the Tactical Allocation category. Leuthold Core ETF has an expense ratio of 0.84%, which is 14% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Leuthold Core ETF has a portfolio turnover rate of 57%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 261% for the Tactical Allocation category.
Recently, in the month of July 2026, Leuthold Core ETF returned -0.7%, which earned it a grade of C, as the Tactical Allocation category had an average return of -1.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Leuthold Core ETF has a trailing yield of 1.32%, which is below the 2.15% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Leuthold Core ETF Grades
Year to date, the ETF has returned 3.8%, 3.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 10.9% over the past year (grade of D), 9.4% over the past three years (grade of D) and 6.5% per year over the past five years (grade of B).
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LCR Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| LCR Return (NAV) | -0.7% | 2.0% | 10.9% | 9.4% | 6.5% | na |
| LCR Return (Price) | -0.6% | 2.0% | 10.9% | 9.4% | 6.5% | na |
| NAV +/- Price Return | -0.047% | -0.066% | -0.037% | -0.041% | -0.002% | na |
| Tactical Allocation Avg | -1.4% | 1.6% | 15.9% | 10.6% | 5.4% | 7.4% |
| LCR Grade (NAV) | C | C | D | D | B | na |
| +/- Category (NAV) | 0.7% | 0.4% | -5.1% | -1.3% | 1.1% | na |
| LCR Tax-Cost Ratio | na | na | 0.6% | 0.6% | 0.5% | na |
LCR Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LCR Return (NAV) | 3.8% | 12.4% | 8.8% | 12.6% | -7.4% | 11.9% | na | na | na | na | na |
| LCR Return (Price) | 3.3% | 12.9% | 8.7% | 12.8% | -7.6% | 12.1% | na | na | na | na | na |
| NAV +/- Price Ret | -0.139% | 0.041% | -0.013% | 0.011% | 0.020% | 0.017% | na | na | na | na | na |
| Tactical Allocation Avg | 7.5% | 12.7% | 11.7% | 10.7% | -13.3% | 16.9% | 7.5% | 14.0% | -6.3% | 19.2% | 7.1% |
| LCR Grade (NAV) | F | C | D | B | A | F | na | na | na | na | na |
| +/- Category | -3.6% | -0.3% | -2.9% | 1.9% | 5.8% | -5.0% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.81 |
| R-Squared: | 91% |
| Standard Deviation: | 8.0% |
| Category Risk Index: | 0.68 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.65 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 1.3% |
| Total Assets: | $ 67 Mil |
| Share Class Assets: | $ 67 Mil |
| Turnover: | 57.0% |
| Expense Ratio: | 0.84% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 6.6 years | |||
| Average Tenure: 6.6 years | |||
| Managers (Year): Wang Chun (2020), Opsal Scott (2020), Ramsey Douglas (2020) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 37 |
| % in Top 10 Holdings: | 64.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.5% |
Portfolio Allocation |
|
| Domestic Stock: | 53.5% |
| Foreign Stock: | 3.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 28.8% |
| Foreign Bond: | 3.6% |
| Convertible Bond: | 0.0% |
| Other: | -0.1% |
| Cash: | 10.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Leuthold |
| Phone Number: | 800-273-6886 |
| Website: | www.leutholdfunds.com |
| Inception Date: | January 3, 2020 |
Expenses and Fees
| Expense Ratio (%): | 0.84% (Rating: High) |
| Category Average Expense Ratio (%): | 0.97% |
