ETF Evaluator:
Leuthold Select Industries ETF ()
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(as of Aug 26)
Best Performing in Mid-Cap Blend Over the Last Year
| 58.8% | Castellan Targeted Equity ETF (CTEF) |
| 53.8% | Invesco S&P Spin-Off ETF (CSD) |
| 43.0% | Counterpoint Quantitative Equity ETF (CPAI) |
| 40.8% | Optimize Strategy Index ETF (OPTZ) |
| 37.3% | Tema U.S. Manufacturing & Reshoring ETF (WELD) |
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Risk
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ETF Details
Leuthold Select Industries ETF Overview
Leuthold Select Industries ETF (LST) is an actively managed U.S. Equity Mid-Cap Blend exchange-traded fund (ETF). Leuthold launched the ETF in 2000.
The investment seeks capital appreciation.
The fund seeks capital appreciation by investing substantially all of its assets in equity securities traded in the U.S. securities markets (including common stocks, preferred stocks, convertible preferred stocks, warrants, options, and American Depositary Receipts). It invests in companies of all sizes and industries as well as in “growth” stocks and “value” stocks.
About Leuthold Select Industries ETF (LST)
There are 3 members of the management team with an average tenure of 11.99 years: Chun Wang (2011), Greg Swenson (2013) and Scott Opsal (2019). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P Composite 1500 (TR) USD index with a weighting of 100% and S&P 500 (TR) (1970) index with a weighting of 100%. Leuthold Select Industries ETF has 122 securities in its portfolio. The top 10 holdings constitute 17.8% 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 Select Industries ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Leuthold Select Industries ETF has 12.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 87.1% There is 12.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Leuthold Select Industries ETF has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $108 million in total assets, which is below the $4 billion average for the Mid-Cap Blend 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.
LST 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 Select Industries ETF expense ratio is above average compared to funds in the Mid-Cap Blend category. Leuthold Select Industries ETF has an expense ratio of 0.65%, which is 44% higher than its category average, making the fund expense ratio grade a D. 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 Select Industries ETF has a portfolio turnover rate of 78%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 84% for the Mid-Cap Blend category.
Recently, in the month of July 2026, Leuthold Select Industries ETF returned -1.4%, which earned it a grade of C, as the Mid-Cap Blend category had an average return of -1.6%. 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 Select Industries ETF has a trailing yield of 0.33%, which is below the 0.85% 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 Select Industries ETF Grades
Year to date, the ETF has returned 15.1%, 1.1 percentage points better than the category, which translates into a grade of B. The fund has returned 27.6% over the past year (grade of A), 18.4% over the past three years (grade of A) and 12.0% per year over the past five years (grade of A) and 13.7% per year over the past 10 years (grade of A).
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LST 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 |
|
| LST Return (NAV) | -1.4% | 4.2% | 27.6% | 18.4% | 12.0% | 13.7% |
| LST Return (Price) | -1.3% | 4.2% | 27.8% | 18.4% | 12.0% | 13.7% |
| NAV +/- Price Return | -0.097% | -0.003% | -0.195% | -0.016% | -0.009% | -0.005% |
| Mid-Cap Blend Avg | -1.6% | 4.4% | 20.8% | 14.8% | 8.8% | 11.6% |
| LST Grade (NAV) | C | C | A | A | A | A |
| +/- Category (NAV) | 0.2% | -0.2% | 6.8% | 3.5% | 3.2% | 2.1% |
| LST Tax-Cost Ratio | na | na | 0.4% | 1.8% | 1.5% | 1.4% |
LST Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LST Return (NAV) | 15.1% | 21.3% | 13.2% | 21.8% | -13.1% | 29.5% | 17.0% | 26.4% | -11.9% | 21.8% | 5.3% |
| LST Return (Price) | 14.9% | 21.6% | 13.2% | 21.8% | -13.1% | 29.5% | 17.0% | 26.4% | -11.9% | 21.8% | 5.3% |
| NAV +/- Price Ret | -0.013% | 0.012% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | 0.0% |
| Mid-Cap Blend Avg | 14.0% | 10.6% | 16.1% | 16.9% | -14.4% | 23.3% | 15.6% | 27.4% | -9.1% | 19.1% | 14.8% |
| LST Grade (NAV) | B | A | D | A | C | A | B | D | F | A | F |
| +/- Category | 1.1% | 10.7% | -2.9% | 4.9% | 1.3% | 6.2% | 1.4% | -1.0% | -2.8% | 2.8% | -9.4% |
| Risk Measures | |
| Beta: | 1.05 |
| R-Squared: | 79% |
| Standard Deviation: | 15.4% |
| Category Risk Index: | 0.98 |
| Category Risk Rating: | Average |
| Total Risk Index: | 1.26 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 0.3% |
| Total Assets: | $ 109 Mil |
| Share Class Assets: | $ 109 Mil |
| Turnover: | 78.0% |
| Expense Ratio: | 0.65% |
| Index Fund: | No |
| Index Tracked: | S&P Composite 1500 (TR) USD |
| 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: 15.5 years | |||
| Average Tenure: 12.0 years | |||
| Managers (Year): Wang Chun (2011), Swenson Greg (2013), Opsal Scott (2019) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 122 |
| % in Top 10 Holdings: | 17.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.5% |
Portfolio Allocation |
|
| Domestic Stock: | 87.1% |
| Foreign Stock: | 12.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 0.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Leuthold |
| Phone Number: | 800-273-6886 |
| Website: | www.tortoiseadvisors.com |
| Inception Date: | June 19, 2000 |
Expenses and Fees
| Expense Ratio (%): | 0.65% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.45% |
