Leuthold Select Industries ETF
  
Schedule of Investments
  
June 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 98.8%
  
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Value
 
Banks - 7.4%
        
Bank of America Corp.
    
5,971
    
$
282,548
  
Barclays PLC - ADR
    
11,197
      
208,152
  
Canadian Imperial Bank of Commerce
    
3,011
      
213,269
  
Citigroup, Inc.
    
3,102
      
264,042
  
JPMorgan Chase & Co.
    
1,182
      
342,674
  
The PNC Financial Services Group, Inc.
    
921
      
171,693
  
US Bancorp
    
3,646
      
164,981
  
             
1,647,359
  
                 
Capital Markets - 5.9%
          
Deutsche Bank AG
    
8,840
      
258,835
  
Goldman Sachs Group, Inc.
    
622
      
440,220
  
Morgan Stanley
    
2,417
      
340,459
  
Raymond James Financial, Inc.
    
914
      
140,180
  
Virtu Financial, Inc. - Class A
    
2,863
      
128,234
  
             
1,307,928
  
                 
Communications Equipment - 4.5%
          
Cisco Systems, Inc.
    
4,782
      
331,775
  
Digi International, Inc. (a)
    
1,867
      
65,083
  
F5, Inc. (a)
    
702
      
206,613
  
Nokia Oyj - ADR
    
40,209
      
208,283
  
Telefonaktiebolaget LM Ericsson - ADR
    
23,014
      
195,159
  
             
1,006,913
  
                 
Construction & Engineering - 2.1%
          
Dycom Industries, Inc. (a)
    
736
      
179,871
  
Primoris Services Corp.
    
2,052
      
159,933
  
Valmont Industries, Inc.
    
409
      
133,567
  
             
473,371
  
                 
Diversified Consumer Services - 6.8%
          
ADT, Inc.
    
18,114
      
153,425
  
Adtalem Global Education, Inc. (a)
    
1,725
      
219,472
  
Frontdoor, Inc. (a)
    
2,373
      
139,864
  
Graham Holdings Co. - Class B
    
104
      
98,402
  
Laureate Education, Inc. (a)
    
7,504
      
175,443
  
Pearson PLC - ADR
    
5,989
      
89,416
  
Perdoceo Education Corp.
    
3,810
      
124,549
  
Strategic Education, Inc.
    
1,469
      
125,056
  
Stride, Inc. (a)
    
1,414
      
205,299
  
Universal Technical Institute, Inc. (a)
    
5,217
      
176,804
  
             
1,507,730
  
                 
Diversified Telecommunication Services - 1.6%
          
AT&T, Inc.
    
9,001
      
260,489
  
Verizon Communications, Inc.
    
2,504
      
108,348
  
             
368,837
  
                 
Electronic Equipment, Instruments & Components - 7.0%
          
Benchmark Electronics, Inc.
    
2,282
      
88,610
  
CTS Corp.
    
2,044
      
87,095
  
Flex, Ltd. (a)
    
7,564
      
377,595
  
Jabil, Inc.
    
2,290
      
499,449
  
Plexus Corp. (a)
    
972
      
131,521
  
Sanmina Corp. (a)
    
1,403
      
137,255
  
TE Connectivity PLC
    
1,483
      
250,138
  
             
1,571,663
  
                 
Entertainment - 4.4%
          
Netflix, Inc. (a)
    
552
      
739,200
  
Walt Disney Co.
    
1,985
      
246,160
  
             
985,360
  
                 
Financial Services - 3.2%
          
Mastercard, Inc. - Class A
    
578
      
324,802
  
PayPal Holdings, Inc. (a)
    
1,750
      
130,060
  
Visa, Inc. - Class A
    
766
      
271,968
  
             
726,830
  
                 
Gas Utilities - 4.3%
          
MDU Resources Group, Inc.
    
11,502
      
191,738
  
New Jersey Resources Corp.
    
3,921
      
175,739
  
ONE Gas, Inc.
    
2,558
      
183,818
  
Spire, Inc.
    
2,524
      
184,227
  
UGI Corp.
    
5,888
      
214,441
  
             
949,963
  
                 
Health Care Providers & Services - 9.3%
          
Cardinal Health, Inc.
    
2,331
      
391,608
  
Cencora, Inc.
    
1,141
      
342,129
  
Cigna Group
    
346
      
114,381
  
CVS Health Corp.
    
1,609
      
110,989
  
Encompass Health Corp.
    
1,147
      
140,656
  
HCA Healthcare, Inc.
    
597
      
228,711
  
McKesson Corp.
    
592
      
433,806
  
Tenet Healthcare Corp. (a)
    
1,102
      
193,952
  
Universal Health Services, Inc. - Class B
    
690
      
124,993
  
             
2,081,225
  
                 
Hotels, Restaurants & Leisure - 3.3%
          
Carnival Corp. (a)
    
4,256
      
119,679
  
Hyatt Hotels Corp. - Class A
    
694
      
96,917
  
Life Time Group Holdings, Inc. (a)
    
3,777
      
114,556
  
Norwegian Cruise Line Holdings, Ltd. (a)
    
4,092
      
82,986
  
Royal Caribbean Cruises, Ltd.
    
411
      
128,700
  
SeaWorld Entertainment, Inc. (a)
    
2,067
      
97,459
  
Travel + Leisure Co.
    
2,021
      
104,304
  
             
744,601
  
                 
Insurance - 4.9%
          
Allstate Corp.
    
730
      
146,956
  
Arch Capital Group, Ltd.
    
1,260
      
114,723
  
Assurant, Inc.
    
643
      
126,986
  
Hanover Insurance Group, Inc.
    
524
      
89,012
  
Hartford Insurance Group, Inc.
    
1,239
      
157,192
  
Kemper Corp.
    
1,255
      
80,998
  
Markel Group, Inc. (a)
    
64
      
127,831
  
Travelers Cos., Inc.
    
607
      
162,397
  
White Mountains Insurance Group Ltd.
    
45
      
80,807
  
             
1,086,902
  
                 
Interactive Media & Services - 5.8%
          
Alphabet, Inc. - Class A
    
2,578
      
454,321
  
Meta Platforms, Inc. - Class A
    
1,132
      
835,518
  
             
1,289,839
  
                 
Internet & Direct Marketing Retail - 0.5%
          
Expedia Group, Inc. - Class A
    
619
      
104,413
  
                 
IT Services - 5.7%
          
Akamai Technologies, Inc. (a)
    
1,672
      
133,359
  
CSG Systems International, Inc.
    
2,592
      
169,284
  
DigitalOcean Holdings, Inc. (a)
    
2,808
      
80,196
  
GoDaddy, Inc. - Class A (a)
    
837
      
150,710
  
MAXIMUS, Inc.
    
2,270
      
159,354
  
Okta, Inc. (a)
    
1,212
      
121,164
  
Twilio, Inc. - Class A (a)
    
1,399
      
173,980
  
VeriSign, Inc.
    
754
      
217,755
  
Wix.com, Ltd. (a)
    
457
      
72,416
  
             
1,278,218
  
                 
Media - 1.2%
          
Charter Communications, Inc. - Class A (a)
    
278
      
113,649
  
Comcast Corp. - Class A
    
4,097
      
146,222
  
             
259,871
  
                 
Metals & Mining - 5.3%
          
Agnico Eagle Mines, Ltd.
    
1,790
      
212,885
  
Eldorado Gold Corp. (a)
    
6,545
      
133,125
  
Equinox Gold Corp. (a)
    
19,324
      
111,113
  
IAMGOLD Corp. (a)
    
31,295
      
230,018
  
Kinross Gold Corp.
    
23,104
      
361,116
  
Pan American Silver Corp.
    
4,723
      
134,133
  
             
1,182,390
  
                 
Professional Services - 1.5%
          
Concentrix Corp.
    
3,335
      
176,271
  
WNS Holdings Ltd. (a)
    
2,429
      
153,610
  
             
329,881
  
                 
Road & Rail - 1.0%
          
Uber Technologies, Inc. (a)
    
2,370
      
221,121
  
                 
Software - 10.6%
          
Check Point Software Technologies, Ltd. (a)
    
1,134
      
250,897
  
Fortinet, Inc. (a)
    
2,361
      
249,605
  
Microsoft Corp.
    
1,921
      
955,525
  
Oracle Corp.
    
2,578
      
563,628
  
Qualys, Inc. (a)
    
896
      
128,012
  
SS&C Technologies Holdings, Inc.
    
2,555
      
211,554
  
             
2,359,221
  
                 
Specialty Retail - 1.0%
          
Asbury Automotive Group, Inc. (a)
    
446
      
106,389
  
Lithia Motors, Inc. - Class A
    
323
      
109,116
  
             
215,505
  
                 
Wireless Telecommunication Services - 1.5%
          
T-Mobile US, Inc.
    
1,400
      
333,564
  
TOTAL COMMON STOCKS (Cost $17,393,507)
      
22,032,705
  
                 
TOTAL INVESTMENTS - 98.8% (Cost $17,393,507)
      
22,032,705
  
Money Market Deposit Account - 1.2% (b)
      
257,129
  
Other Assets in Excess of Liabilities - 0.0% (c)
      
11,052
  
TOTAL NET ASSETS - 100.0%
          
$
22,300,886
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%
   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
  

ADR - American Depositary Receipt
AG – Aktiengesellschaft
OYJ – Julkinen Asakeyhtio
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.20%.
(c)
Represents less than 0.05% of net assets.


Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
 
Leuthold Select Industries ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
22,032,705
    
$
–
    
$
–
    
$
22,032,705
  
Total Investments
  
$
22,032,705
    
$
–
    
$
–
    
$
22,032,705
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.