Leuthold Core ETF | ||||||||
Schedule of Investments | ||||||||
June 30, 2023 (Unaudited) | ||||||||
Shares | Fair Value | |||||||
INVESTMENT COMPANIES - 86.39% | ||||||||
Exchange Traded Funds - 86.39% | ||||||||
Communication Services Select Sector SPDR Fund | 59,715 | $ | 3,886,252 | |||||
Direxion Daily S&P 500 Bear 1x Shares | 199,994 | 2,853,914 | ||||||
Fidelity MSCI Energy Index ETF | 64,401 | 1,427,126 | ||||||
Health Care Select Sector SPDR Fund | 18,134 | 2,406,926 | ||||||
Industrial Select Sector SPDR Fund | 26,397 | 2,832,926 | ||||||
Invesco CurrencyShares Euro Currency Trust | 10,125 | 1,020,701 | ||||||
Invesco CurrencyShares Japanese Yen Trust (a) | 11,633 | 750,794 | ||||||
Invesco S&P 500 Equal Weight Consumer Discretionary ETF | 7,636 | 1,053,157 | ||||||
iShares 1-3 Year Treasury Bond ETF | 86,073 | 6,978,799 | ||||||
iShares 7-10 Year Treasury Bond ETF | 8,924 | 862,058 | ||||||
iShares 20+ Year Treasury Bond ETF | 5,062 | 521,082 | ||||||
iShares Gold Trust (a) | 35,441 | 1,289,698 | ||||||
iShares MBS ETF | 8,857 | 826,048 | ||||||
iShares MSCI Global Metals & Mining Producers ETF | 11,521 | 466,140 | ||||||
iShares U.S. Healthcare Providers ETF | 9,090 | 2,325,222 | ||||||
iShares U.S. Home Construction ETF | 35,427 | 3,026,883 | ||||||
iShares U.S. Insurance ETF | 8,356 | 734,409 | ||||||
iShares U.S. Transportation ETF | 6,972 | 1,741,745 | ||||||
SPDR Bloomberg 1-3 Month T-Bill ETF | 10,478 | 962,090 | ||||||
SPDR Bloomberg International Corporate Bond ETF | 34,064 | 966,736 | ||||||
SPDR Bloomberg International Treasury Bond ETF | 89,872 | 2,026,614 | ||||||
SPDR Bloomberg Short Term High Yield Bond ETF | 17,719 | 437,659 | ||||||
SPDR S&P Homebuilders ETF | 10,420 | 836,726 | ||||||
SPDR S&P Metals & Mining ETF | 14,587 | 741,311 | ||||||
SPDR S&P Retail ETF | 47,167 | 3,006,896 | ||||||
SPDR S&P Semiconductor ETF | 5,557 | 1,229,709 | ||||||
SPDR S&P Software & Services ETF | 5,746 | 766,225 | ||||||
Technology Select Sector SPDR Fund | 64,852 | 11,275,169 | ||||||
VanEck J.P. Morgan EM Local Currency Bond ETF | 12,647 | 323,257 | ||||||
Vanguard Short-Term Inflation-Protected Securities ETF | 13,597 | 644,770 | ||||||
TOTAL INVESTMENT COMPANIES (Cost $52,774,784) | $ | 58,221,042 | ||||||
SHORT-TERM INVESTMENTS - 13.64% | ||||||||
Money Market Funds - 13.64% | ||||||||
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 4.985% (b) | 9,190,120 | $ | 9,190,120 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $9,190,120) | $ | 9,190,120 | ||||||
Total Investments (Cost $61,964,904) - 100.03% | $ | 67,411,162 | ||||||
Liabilities in Excess of Other Assets - (0.03)% | (17,768 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 67,393,394 |
Percentages are stated as a percent of net assets. | ||||||||
(a) | Non-income producing security. | |||||||
(b) | Variable rate security. The rate shown is the rate in effect at June 30, 2023. | |||||||
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |
Leuthold Core ETF | |||||||
Summary of Fair Value Exposure at June 30, 2023 (Unaudited) | |||||||
The Fund has adopted fair valuation 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 and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the following three levels: | |||||||
Level 1 - Quoted prices in active markets for identical securities. | |||||||
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |||||||
Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). | |||||||
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. | |||||||
The following is a summary of the inputs used to value the Fund's net assets as of June 30, 2023: |
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Exchange Traded Funds | $ | 58,221,042 | $ | – | $ | – | $ | 58,221,042 | ||||||||
Money Market Funds | 9,190,120 | – | – | 9,190,120 | ||||||||||||
Total Investments in Securities | $ | 67,411,162 | $ | – | $ | – | $ | 67,411,162 | ||||||||