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Annual Fund Operating Expenses

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Portfolio Turnover

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The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Core Predecessor Fund’s portfolio turnover rate was 68.00% of the average value of its portfolio. The portfolio turnover rate is calculated without regard to short positions intended to be held for less than a year and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate might be significantly higher.

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68.00%

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Other Expenses have been restated to reflect current expenses of the Fund. The Fund is the accounting successor as a result of a reorganization in which the Fund acquired all of the assets and liabilities of the Leuthold Core Investment Fund, a former series of Leuthold Funds, Inc. (the “Core Predecessor Fund”).

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Example

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This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.

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Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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Principal Investment Strategies of the Fund

Strategy Portfolio Concentration [Text]

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The Fund is a “flexible” fund, meaning that it allocates its investments among:

➣ Common stocks and other equity securities (including common stocks, preferred stocks, convertible preferred stocks, warrants, options, and American Depositary Receipts, and short sales of equity securities);

➣ Bonds and other debt securities (including U.S. and some developed and emerging foreign government-related securities (including those issued by sovereign and local governments and their sponsored entities), U.S. and some foreign corporate securities, and securitized debts, both above and below investment grade, speculative investments also known as “junk bonds”);

➣ Real estate investment trusts;

➣ Commodities (including both physical commodities and commodity-based exchange-traded funds); and

➣ Money market instruments;

in proportions which reflect the judgment of Leuthold Weeden Capital Management (referred to as the Adviser) of the potential returns and risks of each asset class. The Adviser considers a number of factors when making these allocations, including economic conditions and monetary factors, inflation and interest rate levels and trends, investor confidence, and technical stock market measures. The Adviser analyzes the factors listed as a whole and does not rely on any one factor to make allocation decisions. The Adviser's Major Trend Index is designed to recognize the stock market’s overall underlying health in terms of its longer-term path. This analysis of the investment environment guides the Adviser's decision about how much risk is prudent to take within the Fund’s equity allocation.

The Fund expects that normally:

➣ 30% to 70% of its net assets will be invested in common stocks and other equity securities;

➣ 30% to 70% of its net assets will be invested in bonds and other debt securities (other than money market instruments), except during prolonged periods of low interest rates; and

➣ up to 20% of its assets will be invested in money market instruments.

The Fund’s investments in common stocks and other equity securities may consist of:

➣ Large, mid, or small capitalization common stocks;

➣ Growth stocks, value stocks, or cyclical stocks;

➣ Aggressive stocks or defensive stocks;

➣ Stocks in any industry or sector;

➣ Equity mutual funds and exchange-traded funds;

➣ Stocks in emerging and less developed markets;

➣ Common stocks of foreign issuers; and

➣ Options.

In investing in equity securities and debt securities, the Fund uses a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Select Industries Strategy).

Pursuant to the Select Industries Strategy, the Adviser believes that as shifts among industry groups in the equity market have become more dramatic, group selection has become as important as individual stock selection in determining investment performance. The Adviser considers a group to be a collection of stocks whose investment performance tends to be similarly influenced by a variety of factors. The Adviser currently monitors about 120 groups. The major types of sectors the Adviser monitors as part of the Select Industries Strategy are specific groups within each industry sector comprised of narrower themes, such as “Airlines,” “Health Care Facilities” and “Semiconductors.”

In implementing the Select Industries Strategy, the Adviser uses a proprietary model that evaluates sectors, groups and individual securities using a number of factors. Factors evaluated under the model include:

➣ Technical: measures of equity performance that differentiate groups that have outperformed versus underperformed

➣ Relative Value: finding undervalued industries and groups relative to their fundamentals, such as earnings, sales, cash flow book value

➣ Growth: industry groups with the ability to persistently grow earnings and revenues

➣ Profitability: industries that generate a high degree of consistent profitability

➣ Very Long Momentum: identify through securities’ price action industries that are overbought or oversold

➣ Capital Discipline: companies that have favorable debt to equity ratios

The Adviser constructs the Select Industries Strategy portfolio by first evaluating industry sectors and industry groups to help determine attractive segments of the market, evaluating factors related to each sector and group. Each factor is assigned a potential weight determined by the Adviser based on its experience with equity group analysis. Industries that exhibit particularly strong leadership and/or appear poised to gain momentum in the existing market environment are chosen for possible inclusion in the portfolio.

Following the selection of attractive groups, individual securities are chosen by the Adviser using the Adviser's selection model. Securities scoring in the upper tiers by the selection model are typically considered for investment. Equity portfolio weightings are determined in part by market capitalization, stock score, and trading volume.

The Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. Such adjustments may often result in high portfolio turnover.

The Fund may invest in U.S. and some foreign (developed and emerging) government-related securities, including those issued by sovereign and local governments and their sponsored entities, U.S. and some foreign corporate securities, and securitized debts. The Fund may invest in both above and below investment grade securities or mutual funds and exchange-traded funds that invest in these securities.

The Fund may engage in short sales of index-related and other equity securities to reduce its equity exposure or to profit from an anticipated decline in the price of the security sold short.

The Fund’s investments are allocated among common stocks, corporate bonds, government bonds, real estate investment trusts, commodities (including both physical commodities and commodity-based exchange-traded funds), and cash equivalents. Portfolio weightings in these asset classes are driven by models that (1) determine the relative appeal of each asset class in relation to the others, and (2) the return potential of each asset class on an absolute, or stand-alone, basis.

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The Fund expects that normally:➣ 30% to 70% of its net assets will be invested in common stocks and other equity securities;➣ 30% to 70% of its net assets will be invested in bonds and other debt securities (other than money market instruments), except during prolonged periods of low interest rates; and➣ up to 20% of its assets will be invested in money market instruments.

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Principal Risks of Investing in the Fund

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Performance Information

Performance Information Illustrates Variability of Returns [Text]

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As of the date of this Prospectus, the Fund does not have a full calendar year of performance as a mutual fund. Prior performance shown below is for the Core Predecessor Fund which commenced operations on November 20, 1995. The Fund has adopted the performance of the Core Predecessor Fund as a result of a reorganization in which the Fund will acquire all the assets and liabilities of the Core Predecessor Fund (the “Reorganization”). Prior to the Reorganization, the Fund was a “shell” Fund with no assets and had not commenced operations. The Fund’s portfolio management team served as the portfolio management team of the Core Predecessor Fund and has been the Fund’s portfolio management team since inception.

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare with those of an index that reflects a broad measure of market performance, as well as additional benchmarks that reflect the performance of investments similar to those of the Fund. For additional information on the indices, please see “Index Descriptions” in the Prospectus. The bar chart shows the performance of the Fund’s Retail Class Shares, and performance of the Fund’s Institutional Class Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. Updated performance information is available on the Fund’s website, https://funds.leutholdgroup.com/funds/48-leuthold-core-investment-fund.

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As of the date of this Prospectus, the Fund does not have a full calendar year of performance as a mutual fund.

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https://funds.leutholdgroup.com/funds/48-leuthold-core-investment-fund.

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Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.

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Leuthold Core Investment Fund Total Return of the Retail Class Shares(per calendar year)

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Note: For the calendar year-to-date period ended June 30, 2024, the total return for the Retail Class Shares of the Fund was 5.27%.

During the ten-year period shown on the bar chart, the Fund’s highest total return for a quarter was 10.42% (quarter ended June 30, 2020) and the lowest total return for a quarter was -10.97% (quarter ended March 31, 2020).

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Average Annual Total Returns(for the periods ended December 31, 2023)

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The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table One Class of after Tax Shown [Text]

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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

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After-tax returns are shown for Retail Class Shares only and after-tax returns for Institutional Class Shares will vary.

Leuthold Core Investment Fund | Risk Lose Money [Member]

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We use the Morningstar Tactical Allocation Category Average and Bloomberg Global Aggregate Index as additional benchmarks because those benchmarks compare the Fund’s performance with the returns of peer groups reflecting the performance of investments similar to those of the Fund.

The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Retail Class Shares only and after-tax returns for Institutional Class Shares will vary.

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Leuthold Core Investment Fund | Market Risk Member

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Investors in the Fund may lose money.

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Leuthold Core Investment Fund | Equity Risk Member

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Market Risk: The prices of the securities in which the Fund invests may decline in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Policy and legislative changes in foreign countries and other events affecting global markets, such as the recent armed conflicts between Ukraine and Russia in Europe and among Israel, Hamas, and other militant groups in the Middle East, may contribute to decreased liquidity and increased volatility in the financial markets. Similarly, the impact of any epidemic, pandemic or natural disaster, such as COVID-19, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. The price declines of common stocks, in particular, may be steep, sudden and/or prolonged. Price and liquidity changes may occur in the market as a whole, or they may occur in only a particular company, industry, sector, or geographical region of the market. These effects could negatively impact the Fund’s performance.

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Leuthold Core Investment Fund | Interest Rate Risk Member

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Equity Risk: The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

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Leuthold Core Investment Fund | Credit Risk Member

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Interest Rate Risk: Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. The Fund may take steps to attempt to reduce the exposure of its portfolio to interest rate changes; however, there can be no guarantee that the Fund will take such actions or that the Fund will be successful in reducing the impact of interest rate changes on the portfolio. In the past, governmental financial regulators, including the U.S. Federal Reserve, took steps to maintain historically low interest rates. Recently, government regulators have increased interest rates to combat the rise in inflation and are now considering lowering them again as inflation appears to have subsided and unemployment rates have increased. These changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets.

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Leuthold Core Investment Fund | Real Estate And REITs Risk Member

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Credit Risk: The issuers of the bonds and other debt securities held by the Fund or by the mutual funds in which the Fund invests may not be able to make interest or principal payments. Even if these issuers are able to make interest or principal payments, they may suffer adverse changes in financial condition that would lower the credit quality of the security, leading to greater volatility in the price of the security.

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Leuthold Core Investment Fund | Value Investing Risk Member

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Real Estate and REITs Risk: REITs are companies that invest in real estate or interests therein. Investments in real estate securities are subject to risks inherent in the real estate market, including risks related to possible declines in the value of and demand for real estate, which may cause the value of the Fund to decline. Share prices of REITs may decline because of adverse developments affecting the residential and commercial real estate industry, residential and commercial property values, including supply and demand

for residential and commercial properties, the credit performance of residential and commercial mortgages, the economic health of the country or of different regions, and interest rates. In particular, the commercial real estate segment of the real estate market has been under pressure in recent years due to various factors, including the COVID pandemic, rising interest rates and the trend of more employees working from home. There is no way to predict how long this trend will continue, and investments tied to commercial real estate, as well as residential real estate, could see significant declines moving forward.

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Leuthold Core Investment Fund | Foreign And Emerging Markets Securities Risk Member

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Value Investing Risk: The value approach to investing involves the risk that stocks of undervalued companies may remain undervalued. The Fund may suffer losses if stocks the Adviser identifies as undervalued and/or temporarily out of favor in the market were improperly identified by the Adviser as undervalued or out of favor, or if those stocks remain undervalued for an extended period of time.

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Leuthold Core Investment Fund | Depositary Receipt Risk Member

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Foreign and Emerging Markets Securities Risk: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions are often higher in foreign countries than the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Policy and legislative changes in foreign countries and other events affecting global markets, such as the recent armed conflicts between Ukraine and Russia in Europe and among Israel, Hamas, and other militant groups in the Middle East, may contribute to decreased liquidity and increased volatility in the financial markets. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. government and the U.S. economy. The risks associated with international investing will be greater in emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments.

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Leuthold Core Investment Fund | Short Sales Risk Member

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Depositary Receipts Risk: Depositary Receipts are certificates evidencing ownership of shares of a foreign issuer and are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, they continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include the social, political and economic risks of the underlying issuer’s country, as well as in the case of depositary receipts traded on non-U.S. markets, exchange risk.

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Leuthold Core Investment Fund | Asset Allocation Risk Member

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Short Sales Risk: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund’s long positions will decline in value at the same time that the value of its securities sold short increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open securities sold short. These expenses may negatively impact the performance of the Fund. Securities sold short introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the

shorted security. Since a security’s price in theory has no maximum, there is also no maximum potential loss to the Fund for short sales and thus a potential risk of losing the entire value of the Fund's investment.

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Leuthold Core Investment Fund | Medium And Small Capitalization Risk Member

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Asset Allocation Risk: The Fund’s performance will also be affected by the Adviser’s ability to anticipate correctly the relative potential returns and risks of the asset classes in which the Fund invests. For example, the Fund’s relative investment performance would suffer if only a small portion of its assets were allocated to stocks during a significant stock market advance, and its absolute investment performance would suffer if a major portion of its assets were allocated to stocks during a market decline. Finally, since the Fund intends to assume only prudent investment risk, there will be periods in which the Fund underperforms mutual funds that are willing to assume greater risk.

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Leuthold Core Investment Fund | Large Capitalization Risk Member

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Medium and Small Capitalization Risk: Investing in medium and small capitalization companies may involve special risks because those companies may have narrower product lines, more limited financial resources, fewer experienced managers, dependence on a few key employees, and a more limited trading market for their stocks, as compared with larger companies. Securities of medium and smaller capitalization issuers may be subject to greater price volatility and may decline more significantly in market downturns than securities of larger companies.

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Leuthold Core Investment Fund | Growth Investing Risk Member

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Large Capitalization Risk: Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

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Leuthold Core Investment Fund | Quantitative Investment Approach And Model Risk Member

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Growth Investing Risk: Growth stocks can be volatile. Growth companies usually invest a high portion of earnings in their businesses and may lack the dividends of value stocks that can cushion stock prices in a falling market. The prices of growth stocks are based largely on projections of the issuer’s future earnings and revenues. If a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically. Growth stocks may also be more expensive relative to their earnings or assets compared to value or other stocks.

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Leuthold Core Investment Fund | Liquidity Risk Member

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Leuthold Core Investment Fund | Options Risk Member

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Liquidity Risk: Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund’s investments.

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Leuthold Core Investment Fund | Managed Futures Strategy/Commodities Risk Member

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Options Risk: An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for cash an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during a period of time or on a specified date. Investments in options are considered speculative. When the Fund purchases an option, it may lose the premium paid for it if the price of the underlying security or other assets decreased or remained the same (in the case of a call option) or increased or remained the same (in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. By writing put options, the Fund takes on the risk of declines in the value of the underlying instrument, including the possibility of a loss up to the entire exercise price of each option it sells but without the corresponding opportunity to benefit from potential increases in the value of the underlying instrument. By writing a call option, the Fund may be obligated to deliver instruments underlying an option at less than the market price. In the case of an uncovered call option, there is a risk of unlimited loss.

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Leuthold Core Investment Fund | Mortgage- And Asset-Backed Securities Risk Member

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Managed Futures Strategy/Commodities Risk: Investments in managed futures programs may be subject to greater volatility than investments in traditional securities. Prices of commodities and related contracts may fluctuate significantly over short periods for a variety of reasons, including weather and natural disasters; governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; acts of terrorism, tariffs and U.S. and international economic, political, military and regulatory developments. The demand and supply of these commodities may also fluctuate widely based on such factors as interest rates, investors’ expectation with respect to the rate of inflation, currency exchange rates, the production and cost levels of the producers and/or forward selling by such producers, global or regional political, economic or financial events, purchases and sales by central banks, and trading activities by hedge funds and other commodity funds. Commodity investments may use derivatives, such as futures, options, and swaps, which expose them to further risks, including counterparty risk (i.e., the risk that the institution on the other side of the trade will default).

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Leuthold Core Investment Fund | Tax Law Change Risk Member

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Mortgage- and Asset-Backed Securities Risk: Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. The rate of defaults and losses on mortgage loans will be affected by a number of factors, including general economic

conditions and those in the geographic area where the mortgaged property is located, the terms of the mortgage loan, the borrower’s equity in the mortgaged property, and the financial circumstances of the borrower. The Fund’s investments in mortgage-backed securities with several classes may be in the lower classes that have greater risks than the higher classes, including greater interest rate, credit and prepayment risks. Certain mortgage-backed securities in which the Fund may invest may also provide a degree of investment leverage, which could cause the Fund to lose all or substantially all of its investment. The Fund’s investments in asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets. These securities also are subject to the risk of default on the underlying mortgage or assets, particularly during periods of economic downturn or rising interest rates. Asset-backed securities entail certain risks not presented by mortgage-backed securities, including the risk that in certain states it may be difficult to perfect the liens securing the collateral backing certain asset-backed securities. In addition, certain asset-backed securities are based on loans that are unsecured, which means that there is no collateral to seize if the underlying borrower defaults.

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Leuthold Core Investment Fund | Morningstar Tactical Allocation Category Average

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Morningstar Tactical Allocation Category Average

rr_AverageAnnualReturnYear01

10.55%

rr_AverageAnnualReturnYear05

5.69%

Leuthold Core Investment Fund | Bloomberg Global Aggregate Index

rr_AverageAnnualReturnYear10

3.45%

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rr_AverageAnnualReturnLabel

Bloomberg Global Aggregate Index

rr_AverageAnnualReturnYear01

5.72%

rr_AverageAnnualReturnYear05

(0.32%)

Leuthold Core Investment Fund | S&P 500® Index

rr_AverageAnnualReturnYear10

0.38%

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rr_AverageAnnualReturnLabel

S&P 500® Index

rr_AverageAnnualReturnYear01

26.29%

rr_AverageAnnualReturnYear05

15.69%

Leuthold Core Investment Fund | Leuthold Core Investment Fund Retail Class

rr_AverageAnnualReturnYear10

12.03%

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Redemption Fee (as a percentage of Amount Redeemed)

dei_TradingSymbol

LCORX

rr_RedemptionFeeOverRedemption

(2.00%)

rr_ExchangeFeeOverRedemption

2.00%

Shareholder Servicing Plan Fee

rr_ManagementFeesOverAssets

0.90%

rr_Component1OtherExpensesOverAssets

0.10%

rr_Component2OtherExpensesOverAssets

0.16%

rr_Component3OtherExpensesOverAssets

0.16%

rr_OtherExpensesOverAssets

0.42%

^[1]

rr_AcquiredFundFeesAndExpensesOverAssets

0.04%

rr_ExpensesOverAssets

1.36%

rr_ExpenseExampleYear01

$ 138

rr_ExpenseExampleYear03

431

rr_ExpenseExampleYear05

745

rr_ExpenseExampleYear10

$ 1,635

rr_AnnualReturn2014

8.58%

rr_AnnualReturn2015

(0.98%)

rr_AnnualReturn2016

4.51%

rr_AnnualReturn2017

15.76%

rr_AnnualReturn2018

(6.21%)

rr_AnnualReturn2019

11.58%

rr_AnnualReturn2020

10.09%

rr_AnnualReturn2021

15.17%

rr_AnnualReturn2022

(6.79%)

rr_AnnualReturn2023

11.70%

rr_YearToDateReturnLabel

year-to-date

rr_BarChartYearToDateReturnDate

Jun. 30, 2024

rr_BarChartYearToDateReturn

5.27%

rr_HighestQuarterlyReturnLabel

highest total return

rr_BarChartHighestQuarterlyReturnDate

Jun. 30, 2020

rr_BarChartHighestQuarterlyReturn

10.42%

rr_LowestQuarterlyReturnLabel

lowest total return

rr_BarChartLowestQuarterlyReturnDate

Mar. 31, 2020

rr_BarChartLowestQuarterlyReturn

(10.97%)

rr_AverageAnnualReturnLabel

Return Before Taxes

rr_AverageAnnualReturnYear01

11.70%

rr_AverageAnnualReturnYear05

8.05%

Leuthold Core Investment Fund | Leuthold Core Investment Fund Retail Class | After Taxes on Distributions

rr_AverageAnnualReturnYear10

6.04%

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rr_AverageAnnualReturnLabel

Return After Taxes on Distributions

rr_AverageAnnualReturnYear01

10.21%

rr_AverageAnnualReturnYear05

7.06%

Leuthold Core Investment Fund | Leuthold Core Investment Fund Retail Class | After Taxes on Distributions and Sales

rr_AverageAnnualReturnYear10

4.92%

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rr_AverageAnnualReturnLabel

Return After Taxes on Distributions and Sale of Fund Shares

rr_AverageAnnualReturnYear01

7.89%

rr_AverageAnnualReturnYear05

6.27%

Leuthold Core Investment Fund | Leuthold Core Investment Fund Institutional Class

rr_AverageAnnualReturnYear10

4.62%

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Redemption Fee (as a percentage of Amount Redeemed)

dei_TradingSymbol

LCRIX

rr_RedemptionFeeOverRedemption

(2.00%)

rr_ExchangeFeeOverRedemption

2.00%

Shareholder Servicing Plan Fee

rr_ManagementFeesOverAssets

0.90%

rr_Component1OtherExpensesOverAssets

none

rr_Component2OtherExpensesOverAssets

0.16%

rr_Component3OtherExpensesOverAssets

0.16%

rr_OtherExpensesOverAssets

0.32%

^[1]

rr_AcquiredFundFeesAndExpensesOverAssets

0.04%

rr_ExpensesOverAssets

1.26%

rr_ExpenseExampleYear01

$ 128

rr_ExpenseExampleYear03

400

rr_ExpenseExampleYear05

692

rr_ExpenseExampleYear10

$ 1,523

rr_AverageAnnualReturnLabel

Return Before Taxes

rr_AverageAnnualReturnYear01

11.85%

rr_AverageAnnualReturnYear05

8.15%

rr_AverageAnnualReturnYear10

6.14%

Leuthold Global Fund

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Leuthold Global Fund

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Investment Objective

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Leuthold Global Fund seeks capital appreciation and income (or “total return”).

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Fund Fees and Expenses

Shareholder Fees Caption [Text]

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Shareholder Fees

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Annual Fund Operating Expenses

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Portfolio Turnover

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The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Global Predecessor Fund’s portfolio turnover rate was 67.20% of the average value of its portfolio. The portfolio turnover rate is calculated without regard to short positions intended to be held for less than a year and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate might be significantly higher.

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67.20%

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Other Expenses have been restated to reflect current expenses of the Fund. The Fund is the accounting successor as a result of a reorganization in which the Fund acquired all of the assets and liabilities of the Leuthold Global Fund, a former series of Leuthold Funds, Inc. (the “Global Predecessor Fund”).

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Example

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Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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Principal Investment Strategies of the Fund

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Leuthold Global Fund is a “flexible” fund, meaning that it allocates its investments in global developed and emerging markets among the following asset classes, in proportions which reflect the judgment of Leuthold Weeden Capital Management (referred to as the Adviser) of the potential returns and risks of each asset class:

➣ Bonds and other debt securities (including global developed and emerging government-related securities (including those issued by sovereign and local governments and their sponsored entities), global corporate securities, and securitized debts both above and below investment grade); and

➣ Money market instruments from around the world.

The Adviser considers a number of factors when making these allocations, including economic conditions and monetary factors, inflation and interest rate levels and trends, investor confidence, and technical stock market measures. Normally, the Fund will invest at least 40% of its assets in securities from international (non-U.S.) markets in at least three different countries, unless market conditions are not deemed favorable by the Adviser, in which case the Fund may invest less than 40% of its assets in securities from international markets (non-U.S.) (but in any event not less than 30%). While at least 40% of the Fund’s assets will be invested in securities from international markets (non-U.S.), the Fund’s investments will be allocated among the following categories, with portions of each being made up of domestic and international securities:

➣ 30% to 70% of its net assets will be invested in common stocks and other equity securities;

➣ 30% to 70% of its net assets will be invested in bonds and other debt securities (other than money market instruments), except during prolonged periods of low interest rates; and

➣ up to 20% of its assets will be invested in money market instruments.

The Fund’s investments in common stocks and other equity securities may consist of the following from around the world:

➣ Large, mid, or small capitalization common stocks;

➣ Growth stocks, value stocks, or cyclical stocks;

➣ Aggressive stocks or defensive stocks;

➣ Stocks in any industry or sector;

➣ Equity mutual funds and exchange-traded funds; and

➣ Options.

In investing in equity securities and debt securities, the Fund utilizes a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Global Group Strategy). The Fund will invest in domestic and foreign companies of all sizes and industries as well as in “growth” stocks and “value” stocks.

The Adviser currently monitors about 90 global groups. The Adviser considers a group to be a collection of stocks whose investment performance tend to be similarly influenced by a variety of factors. The major types of groups the Adviser monitors are specific groups within each industry sector comprised of narrower themes, such as “Airlines,” “Health Care Facilities” and “Semiconductors”.

The Fund may invest in global (developed and emerging) government related securities, including those issued by sovereign and local governments and their sponsored entities, global corporate securities, and securitized

debts. The Fund may invest in both above and below investment grade securities or mutual funds and exchange-traded funds that invest in these securities.

The Fund may engage in short sales of index-related and other equity securities to reduce its equity exposure or to profit from an anticipated decline in the price of the security sold short.

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Normally, the Fund will invest at least 40% of its assets in securities from international (non-U.S.) markets in at least three different countries, unless market conditions are not deemed favorable by the Adviser, in which case the Fund may invest less than 40% of its assets in securities from international markets (non-U.S.) (but in any event not less than 30%). While at least 40% of the Fund’s assets will be invested in securities from international markets (non-U.S.), the Fund’s investments will be allocated among the following categories, with portions of each being made up of domestic and international securities:➣ 30% to 70% of its net assets will be invested in common stocks and other equity securities;➣ 30% to 70% of its net assets will be invested in bonds and other debt securities (other than money market instruments), except during prolonged periods of low interest rates; and➣ up to 20% of its assets will be invested in money market instruments.

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Principal Risks of Investing in the Fund

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Performance Information

Performance Information Illustrates Variability of Returns [Text]

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As of the date of this Prospectus, the Fund does not have a full calendar year of performance as a mutual fund. Prior performance shown below is for the Global Predecessor Fund which commenced operations on April 30, 2008. The Fund has adopted the performance of the Global Predecessor Fund as a result of a reorganization in which the Fund will acquire all the assets and liabilities of the Global Predecessor Fund (the “Reorganization”). Prior to the Reorganization, the Fund was a “shell” Fund with no assets and had not commenced operations. The Fund’s portfolio management team served as the portfolio management team of the Global Predecessor Fund and has been the Fund’s portfolio management team since inception.

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. For additional information on the indices, please see “Index Descriptions” in the Prospectus. The bar chart shows the performance of the Fund’s Retail Class Shares, and performance of the Fund’s Institutional Class Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. Updated performance information is available on the Fund’s website, https://funds.leutholdgroup.com/funds/1-leuthold-global-fund.

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As of the date of this Prospectus, the Fund does not have a full calendar year of performance as a mutual fund.

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https://funds.leutholdgroup.com/funds/1-leuthold-global-fund

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. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.

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Leuthold Global FundTotal Return of the Retail Class Shares(per calendar year)

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Note: For the calendar year-to-date period ended June 30, 2024, the total return for the Retail Class Shares of the Fund was 1.30%.

During the ten-year period shown on the bar chart, the Fund’s highest total return for a quarter was 9.99% (quarter ended June 30, 2020) and the lowest return for a quarter was -13.13% (quarter-ended March 31, 2020).

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Average Annual Total Returns(for the periods ended December 31, 2023)

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The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes

Performance Table One Class of after Tax Shown [Text]

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After-tax returns are shown for Retail Class Shares only and after-tax returns for Institutional Class Shares will vary.

Performance Table Explanation after Tax Higher

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The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

Leuthold Global Fund | Risk Lose Money [Member]

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We use the Bloomberg Global Aggregate Index and the S&P 500® Index as additional indices because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

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Leuthold Global Fund | Market Risk Member

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Investors in the Fund may lose money.

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Leuthold Global Fund | Equity Risk Member

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Leuthold Global Fund | Interest Rate Risk Member

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Leuthold Global Fund | Credit Risk Member

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Leuthold Global Fund | Foreign Securities Risk Member

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Leuthold Global Fund | Value Investing Risk Member

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Foreign Securities Risk: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions are often higher in foreign countries than the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of

such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Policy and legislative changes in foreign countries and other events affecting global markets, such as the recent armed conflicts between Ukraine and Russia in Europe and among Israel, Hamas, and other militant groups in the Middle East, may contribute to decreased liquidity and increased volatility in the financial markets. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. government and the U.S. economy.

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Leuthold Global Fund | Depositary Receipt Risk Member

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Leuthold Global Fund | Short Sales Risk Member

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Leuthold Global Fund | High Portfolio Turnover Risk Member

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Leuthold Global Fund | Asset Allocation Risk Member

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High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate may exceed 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) The Fund’s portfolio turnover rate is calculated without regard to short positions intended to be held for less than a year and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate might be significantly higher. High portfolio turnover will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s shareholders of increased taxes on realized gains. Distributions to the Fund’s shareholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

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Leuthold Global Fund | Medium And Small Capitalization Risk Member

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Leuthold Global Fund | Large Capitalization Risk Member

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Leuthold Global Fund | Growth Investing Risk Member

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Leuthold Global Fund | Quantitative Investment Approach And Model Risk Member

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Leuthold Global Fund | Liquidity Risk Member

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Leuthold Global Fund | Options Risk Member

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Leuthold Global Fund | Tax Law Change Risk Member

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Leuthold Global Fund | MSCI ACWI

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MSCI ACWI

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22.20%

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11.72%

Leuthold Global Fund | Bloomberg Global Aggregate Index

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7.93%

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Bloomberg Global Aggregate Index

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5.72%

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(0.32%)

Leuthold Global Fund | S&P 500® Index

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0.38%

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S&P 500® Index

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26.29%

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15.69%

Leuthold Global Fund | Leuthold Global Fund Retail Class

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12.03%

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Redemption Fee (as a percentage of Amount Redeemed)

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GLBLX

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(2.00%)

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2.00%

Distribution and Service (12b-1) Fees

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0.90%

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0.25%

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0.30%

rr_Component3OtherExpensesOverAssets

0.62%

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0.92%

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0.04%

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2.11%

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$ 214

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661

rr_ExpenseExampleYear05

1,134

rr_ExpenseExampleYear10

$ 2,441

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3.15%

rr_AnnualReturn2015

(1.82%)

rr_AnnualReturn2016

1.42%

rr_AnnualReturn2017

16.53%

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(13.08%)

rr_AnnualReturn2019

9.14%

rr_AnnualReturn2020

7.27%

rr_AnnualReturn2021

15.01%

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(7.95%)

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8.01%

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year-to-date

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Jun. 30, 2024

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1.30%

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highest total return

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Jun. 30, 2020

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9.99%

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lowest return

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Mar. 31, 2020

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(13.13%)

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Return Before Taxes

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8.01%

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6.01%

Leuthold Global Fund | Leuthold Global Fund Retail Class | After Taxes on Distributions

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3.37%

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Return After Taxes on Distributions

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7.37%

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5.46%

Leuthold Global Fund | Leuthold Global Fund Retail Class | After Taxes on Distributions and Sales

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2.07%

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Return After Taxes on Distributions and Sale of Shares

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5.18%

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4.65%

Leuthold Global Fund | Leuthold Global Fund Institutional Class

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2.39%

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Redemption Fee (as a percentage of Amount Redeemed)

dei_TradingSymbol

GLBIX

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(2.00%)

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2.00%

Distribution and Service (12b-1) Fees

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0.90%

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none

rr_Component2OtherExpensesOverAssets

0.30%

rr_Component3OtherExpensesOverAssets

0.62%

rr_OtherExpensesOverAssets

0.92%

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rr_AcquiredFundFeesAndExpensesOverAssets

0.04%

rr_ExpensesOverAssets

1.86%

rr_ExpenseExampleYear01

$ 189

rr_ExpenseExampleYear03

585

rr_ExpenseExampleYear05

1,006

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$ 2,180

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Return Before Taxes

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8.29%

rr_AverageAnnualReturnYear05

6.17%

Leuthold Grizzly Short Fund

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3.56%

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Leuthold Grizzly Short Fund

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Investment Objective

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Leuthold Grizzly Short Fund (GRZZX) seeks capital appreciation.

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Fund Fees and Expenses

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Shareholder Fees

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Annual Fund Operating Expenses

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Portfolio Turnover

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The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Grizzly Predecessor Fund’s portfolio turnover rate was 0.00% of the average value of its portfolio. The portfolio turnover rate is calculated without regard to short positions intended to be held for less than a year and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate might be significantly higher.

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none

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Other Expenses have been restated to reflect current expenses of the Fund. The Fund is the accounting successor as a result of a reorganization in which the Fund acquired all of the assets and liabilities of the Leuthold Grizzly Short Fund, a former series of Leuthold Funds, Inc. (the “Grizzly Predecessor Fund”).

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Example

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Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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Principal Investment Strategies of the Fund

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Leuthold Grizzly Short Fund sells stocks and exchange traded funds short. Short selling involves the sale of borrowed securities. When the Fund sells a stock short, it incurs an obligation to replace the stock borrowed at whatever its price may be at the time it purchases the stock for delivery to the securities lender. The Fund will realize a gain if at that time the price of the stock is less than the price of the stock when it was sold short, and will realize a loss if at that time the price of the stock is greater than the price of the stock when it was sold short. The aggregate amount of its outstanding securities sold short typically will be approximately equal to, or slightly

less than, its net assets. When the Fund’s outstanding securities sold short equal its net assets, it is “100% short.” The Fund utilizes a disciplined, unemotional, quantitative investment approach.

The Fund believes that in all market conditions there will exist some companies whose stocks are overvalued by the market and that capital appreciation can be realized by selling short those stocks. However, the best overall results typically will be achieved in declining stock markets. In rising stock markets the risk of loss is likely.

The Fund expects to typically hold between approximately 80 and 120 short positions. The Fund will generally tend toward the higher end of this range when the portfolio sees positive returns from its short sales (when stock prices decrease), because the decreased value of the portfolio holdings will require the Fund to purchase additional holdings to maintain the same short exposure. On the other hand, the Fund will generally tend toward the lower end of the range when the portfolio sees negative returns from its short sales (when stock prices increase), because the increased value of the portfolio holdings will require fewer holdings to maintain the same short exposure.

In determining which stocks to sell short, Leuthold Weeden Capital Management (referred to as the Adviser) calculates a quantitative index for each security that it follows that is designed to identify those securities that are most likely to decline in price or underperform the market (the “Vulnerability Index”). The Adviser calculates the Vulnerability Index for a universe of roughly 1500 securities that are the largest and most liquid securities that trade on domestic exchanges. In calculating the Vulnerability Index, the Adviser considers twelve or more components. Some of the components include fundamental factors such as earnings growth or dividends, while other components consider market factors such as institutional trading activity or insider buying or selling. The Fund also follows a disciplined approach in determining when to purchase a security to "cover," or replace the security that was borrowed and sold in order to return it to the lender. The Adviser typically determines to cover shorted securities when factors used to monitor existing positions indicate the stock could be poised to increase in price. The factors the Adviser considers in determining when to cover securities sold short include:

➣ Price movements of the stocks sold short;

➣ Changes in the Vulnerability Index;

➣ Daily trading volume of the stock; and

➣ News and articles concerning the stock appearing in financial services and publications.

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Principal Risks of Investing in the Fund

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Performance Information

Performance Information Illustrates Variability of Returns [Text]

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As of the date of this Prospectus, the Fund does not have a full calendar year of performance as a mutual fund. Prior performance shown below is for the Grizzly Predecessor Fund which commenced operations on June 19, 2000. The Fund has adopted the performance of the Grizzly Predecessor Fund as a result of a reorganization in which the Fund will acquire all the assets and liabilities of the Grizzly Predecessor Fund (the “Reorganization”). Prior to the Reorganization, the Fund was a “shell” Fund with no assets and had not commenced operations. The Fund’s portfolio management team served as the portfolio management team of the Grizzly Predecessor Fund and has been the Fund’s portfolio management team since inception.

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. For additional information on the indices, please see “Index Descriptions” in the Prospectus. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. Updated performance information is available on the Fund’s website, https://funds.leutholdgroup.com/funds/47-leuthold-grizzly-short-fund.

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As of the date of this Prospectus, the Fund does not have a full calendar year of performance as a mutual fund.

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https://funds.leutholdgroup.com/funds/47-leuthold-grizzly-short-fund.

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Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance.

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Leuthold Grizzly Short FundTotal Return(per calendar year)

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Note: For the calendar year-to-date period ended June 30, 2024, the total return for the Fund was 0.31%

During the ten-year period shown on the bar chart, the Fund’s highest total return for a quarter was 25.81% (quarter ended March 31, 2020) and the lowest total return for a quarter was -29.82% (quarter ended June 30, 2020).

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year-to-date

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Jun. 30, 2024

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0.31%

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highest total return

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Mar. 31, 2020

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25.81%

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lowest total return

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Jun. 30, 2020

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(29.82%)

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Average Annual Total Returns(for the periods ended December 31, 2023)

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The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Explanation after Tax Higher

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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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Leuthold Grizzly Short Fund | Risk Lose Money [Member]

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We use the S&P MidCap 400® Index as an additional index because this index compares the Fund’s performance with the returns of an index reflecting the performance of investments similar to those of the Fund.

The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

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Leuthold Grizzly Short Fund | Market Risk Member

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Investors in the Fund may lose money.

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Leuthold Grizzly Short Fund | Short Sales Risk Member

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Market Risk: The prices of the securities in which the Fund invests may increase in response to issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and shifting investor sentiment or publicity. Policy and legislative changes in foreign countries and other events affecting global markets, such as the recent armed conflicts between Ukraine and Russia in Europe and among Israel, Hamas, and other militant groups in the Middle East, may contribute to decreased liquidity and increased volatility in the financial markets. Similarly, the impact of any epidemic, pandemic or natural disaster, such as COVID-19, or widespread fear that such events may occur, could affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. The price increases of common stocks, in particular, may be steep, sudden and/or prolonged. Price and liquidity changes may occur in the market as a whole, or they may occur in only a particular company, industry, sector, or geographical region of the market. These effects could negatively impact the Fund’s performance.

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Leuthold Grizzly Short Fund | Rising Stock Market Risk Member

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position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open securities sold short. These expenses may negatively impact the performance of the Fund. Securities sold short introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Since a security’s price in theory has no maximum, there is also no maximum potential loss to the Fund for short sales and thus a potential risk of losing the entire value of the Fund's investment.

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Leuthold Grizzly Short Fund | Quantitative Investment Approach And Model Risk Member

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Rising Stock Market Risk: The Fund typically will be approximately “100% short.” Accordingly, in rising stock markets its risk of loss will be greater than in declining stock markets. Over time stock markets have risen more often than they have declined.

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Leuthold Grizzly Short Fund | Liquidity Risk Member

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Quantitative Investment Approach and Model Risk: The Fund utilizes a quantitative investment approach and proprietary models designed to assist the Adviser’s judgment about the attractiveness, value, and potential appreciation or depreciation of a particular security or instrument in which the Fund invests. While the Adviser continuously reviews and refines, if necessary, its investment approach and proprietary models, there is a risk that the quantitative investment approach and proprietary models may be inaccurate or depend on a poorly defined data collection, analysis, or assumptions, and there may be market conditions where the quantitative investment approach and proprietary models perform poorly. The Adviser’s Vulnerability Index is used to narrow down the 1500 stock universe to securities that appear to be attractive short sale candidates and to provide ongoing monitoring of the short positions that are held in the portfolio. There is a risk that the Vulnerability Index may not correctly identify stocks that will decline in price.

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Leuthold Grizzly Short Fund | Smaller And Medium Capitalization Companies Risk Member

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Liquidity Risk: Liquidity risk is the risk, due to certain investments trading in lower volumes or due to market and economic conditions, that the Fund may be unable to find securities to sell short or to buy securities to cover short positions at the price it expects based on the Fund’s valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the Fund’s ability to buy securities to cover short positions when it needs to dispose of them. If the Fund is forced to cover its short positions at an unfavorable time and/or under conditions adverse to the Fund in order to meet redemption requests, such activity could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund’s investments.

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Leuthold Grizzly Short Fund | Tax Law Change Risk Member

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Smaller and Medium Capitalization Companies Risk: The securities of smaller and medium capitalization companies are generally riskier than larger capitalization companies since they don’t have the financial resources or the well established businesses of the larger companies. The Fund considers smaller and medium capitalization companies to be those with market capitalization values within the combined range represented in the S&P SmallCap 600® and the S&P MidCap 400® Index. As of July 31, 2024, the combined market capitalization range of these two indexes was between approximately $150 million and $20.8 billion. Generally, the share prices of stocks of smaller capitalization companies are more volatile than those of larger capitalization companies. The returns of stocks of smaller capitalization companies may vary, sometimes significantly, from the returns of the overall market. Smaller capitalization companies tend to perform poorly during times of economic stress. Finally, relative to large company stocks, the stocks of smaller capitalization companies may be thinly traded, and purchases and sales may result in higher transaction costs. The securities of medium capitalization companies generally trade in lower volumes than those of large capitalization companies and tend to be more volatile because mid-cap companies tend to be more susceptible to adverse business or economic events than larger more established companies.

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Leuthold Grizzly Short Fund | S&P 500® Index

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tax on repurchases of stock may cause some corporations in which the Fund invests to reduce liquidity opportunities for its investors, which could potentially reduce the value of your investment in the Fund. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the tax consequences of your investment in the Fund and the Fund’s investments or holding structures.

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S&P 500® Index

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26.29%

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15.69%

Leuthold Grizzly Short Fund | S&P MidCap 400® Index

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12.03%

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S&P MidCap 400® Index

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16.44%

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12.62%

Leuthold Grizzly Short Fund | Leuthold Grizzly Short Fund

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9.27%

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GRZZX

Shareholder Fee, Other

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none

Shareholder Servicing Plan Fee

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1.25%

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0.08%

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1.07%

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0.26%

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1.41%

^[3]

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0.13%

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2.79%

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$ 282

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865

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1,474

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$ 3,119

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(11.04%)

rr_AnnualReturn2015

3.81%

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(14.40%)

rr_AnnualReturn2017

(19.84%)

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0.50%

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(29.42%)

rr_AnnualReturn2020

(41.33%)

rr_AnnualReturn2021

(15.87%)

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22.43%

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(18.65%)

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Return before taxes

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(18.65%)

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(19.08%)

Leuthold Grizzly Short Fund | Leuthold Grizzly Short Fund | After Taxes on Distributions

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(14.01%)

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Return after taxes on distributions

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(20.64%)

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(19.55%)

Leuthold Grizzly Short Fund | Leuthold Grizzly Short Fund | After Taxes on Distributions and Sales

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(14.26%)

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Return after taxes on distributions and sale of Fund shares

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(10.98%)

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(12.97%)

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(8.66%)

Leuthold Core ETF

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Leuthold Core ETF

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Investment Objective

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The Leuthold Core ETF (the “Fund”) seeks capital appreciation and income (or “total return”).

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Fund Fees and Expenses

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This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

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Annual Fund Operating Expenses

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Portfolio Turnover

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The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Core Predecessor ETF's portfolio turnover rate was 50.36% of the average value of its portfolio. The portfolio turnover rate is calculated without regard to short positions intended to be held for

less than a year and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate might be higher.

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50.36%

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Other Expenses have been restated to reflect current expenses of the Fund. The Fund is the accounting successor as a result of a reorganization in which the Fund acquired all of the assets and liabilities of the Leuthold Core ETF, a former series of Leuthold Funds, Inc. (the “Core Predecessor ETF”).

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Example

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This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, taking into account the expense limitation during the contractual period noted above.

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Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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Principal Investment Strategies of the Fund

Strategy Portfolio Concentration [Text]

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The Fund is an actively-managed “exchange-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 Fund will not invest more than 25% in any Underlying Fund. 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. The Fund allocates its assets across asset classes, geographic regions, and industries, subject to certain diversification and liquidity considerations, with the goal of selecting those investments with the greatest opportunity to offer both capital appreciation and income opportunities for the Fund. The Fund’s investments in foreign countries may include exposure to emerging markets. The Fund generally defines emerging market countries as countries that are not included in the MSCI World Index of major world economies.

The Fund uses a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through sector selection. Pursuant to this approach, the investment adviser believes that as shifts among industry sectors in the equity market have become more dramatic, sector selection has become an important aspect in determining investment performance. The investment adviser considers a sector to be a collection of stocks whose investment performance tends to be similarly influenced by a variety of factors. Examples include “Information Technology,” “Health Care,” and “Consumer Discretionary.” The investment adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in sectors which the Adviser believes are the most attractive.

In implementing its investment approach, the Adviser uses a proprietary model that evaluates sectors, groups and individual ETFs using a number of factors. Factors evaluated under the model include:

➣ Economic conditions: monetary factors, inflation and interest rate levels and trends, and investor confidence

➣ Technical: measures of equity performance that differentiate groups that have outperformed versus underperformed

➣ Relative Value: finding undervalued industries and groups relative to their fundamentals, such as earnings, sales, cash flow book value

➣ Growth: industry groups with the ability to persistently grow earnings and revenues

➣ Profitability: industries that generate a high degree of consistent profitability

➣ Very Long Momentum: identify through securities’ price action industries that are overbought or oversold

➣ Capital Discipline: companies that have favorable debt to equity ratios.

Section 12(d)(1)(A) of the Investment Company Act, in relevant part, restricts investments by investment companies in the securities of other investment companies. As permitted by the Securities and Exchange Commission in the adopting release for Rule 6c-11, the Fund is permitted to invest in investment companies, including Underlying Funds, in excess of the limits in Section 12 of the Investment Company Act subject to the terms and conditions in recent ETF exemptive orders.

The Fund expects that normally:

➣ 30% to 70% of its total assets will be invested in Underlying Funds that principally invest in common stocks and other equity securities (such Underlying Funds may invest principally in specific sectors of the economy, such as healthcare, financials, real estate, and energy or in broader swaths of domestic, foreign, or global equity market;

➣ 30% to 70% of its net assets will be invested in Underlying Funds that principally invest in bonds and other debt securities (other than money market instruments), except during prolonged periods of low interest rates; and

➣ up to 20% of its assets will be invested in Underlying Funds that principally invest in cash or cash equivalent investments, including money market instruments.

Underlying Funds that invest in bonds and other debt securities may invest in U.S. government debt, sovereign debt, U.S. and foreign corporate debt, high-yield debt (also known as “junk bonds”), U.S. government agency issued mortgage debt, structured debt, and U.S. government agency issued asset-backed securities (including commercial mortgage-backed securities and residential mortgage-backed securities). Such Underlying Funds may hold debt denominated in U.S. dollars or foreign currencies. The Fund has no limitation on the range of maturities or credit quality of the debt, or the class or tranche of mortgage-backed securities, in which Underlying Funds may invest. High-yield debt is generally considered speculative because it presents a greater risk of loss, including default, than higher quality debt securities.

Underlying Funds used for real estate exposure may invest some or all of their assets in real estate investment trusts (“REITs”), and Underlying Funds used for energy exposure may invest some or all of their assets in master limited partnerships (“MLPs”).

In addition to the Underlying Funds, the Fund may invest in non-investment company exchange-traded products such as Exchange-Traded Notes (“ETNs”) and MLP's (together with the Underlying Funds, “Underlying Investments”). ETNs are debt obligations of investment banks which are traded on exchanges and the returns of which are linked to the performance of market indexes. Exchange-traded MLPs are limited partnerships in which the ownership units are publicly traded. MLP units are registered with the SEC and are freely traded on a securities exchange or in the over-the-counter market.

The Fund may invest up to 20% of its total assets in Underlying Investments that invest some or all of their assets in volatility indexes, managed futures, and commodities such as oil, agriculture, livestock, industrial metals, and precious metals such as gold or silver. Commodity Underlying Investments may also use derivatives, such as futures, options, and swaps. The Fund may engage in short sales of equity securities to reduce its equity exposure or to profit from an anticipated decline in the price of the security sold short.

The Fund will invest in Underlying Investments that may include the following equity strategies:

➣ Large, mid, or small capitalization common stocks;

➣ Growth stocks, value stocks, or cyclical stocks;

➣ Aggressive stocks or defensive stocks;

➣ Stocks in any industry or sector;

➣ Stocks in emerging and less developed markets;

➣ Common stocks of foreign issuers; and

➣ Options.

Leuthold Weeden Capital Management (referred to as the “Adviser”) selects specific Underlying Investments based on an evaluation of their market exposure, liquidity, cost, and historic tracking error relative to their underlying index or benchmark. The Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in Underlying Investments which the Adviser believes are the most attractive. Such adjustments usually result in high portfolio turnover.

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The Fund expects that normally:➣ 30% to 70% of its total assets will be invested in Underlying Funds that principally invest in common stocks and other equity securities (such Underlying Funds may invest principally in specific sectors of the economy, such as healthcare, financials, real estate, and energy or in broader swaths of domestic, foreign, or global equity market;➣ 30% to 70% of its net assets will be invested in Underlying Funds that principally invest in bonds and other debt securities (other than money market instruments), except during prolonged periods of low interest rates; and➣ up to 20% of its assets will be invested in Underlying Funds that principally invest in cash or cash equivalent investments, including money market instruments.

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Principal Risks of Investing in the Fund

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Performance Information

Performance Information Illustrates Variability of Returns [Text]

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As of the date of this Prospectus, the Fund does not have a full calendar year of performance as an ETF. Prior performance shown below is for the Core Predecessor ETF which commenced operations on January 3, 2020. The Fund has adopted the performance of the Core Predecessor ETF as a result of a reorganization in which the Fund will acquire all the assets and liabilities of the Core Predecessor ETF (the “Reorganization”). Prior to the Reorganization, the Fund was a “shell” Fund with no assets and had not commenced operations. The Fund’s portfolio management team served as the portfolio management team of the Core Predecessor ETF and has been the Fund’s portfolio management team since inception.

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare with those of an index that reflects a broad measure of market performance, as well as additional benchmarks that reflect the performance of investments similar to those of the Fund. For additional information on the indices, please see “Index Descriptions” in the Prospectus. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. Updated performance information is available on the Fund’s website, https://funds.leutholdgroup.com/etf/LCR.

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As of the date of this Prospectus, the Fund does not have a full calendar year of performance as an ETF.

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https://funds.leutholdgroup.com/etf/LCR

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Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.

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Leuthold Core ETF Total Return(per calendar year)

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Note: For the calendar year-to-date period ended June 30, 2024, the total return for the Fund was 4.69%.

During the period shown on the bar chart, the Fund’s highest total return for a quarter was 7.70% (quarter ended December 31, 2023) and the lowest total return for a quarter was -8.34% (quarter ended June 30, 2022).

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year-to-date

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Jun. 30, 2024

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4.69%

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highest total return

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Dec. 31, 2023

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7.70%

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lowest total return

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Jun. 30, 2022

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(8.34%)

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Average Annual Total Returns(for the periods ended December 31, 2023)

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The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes.

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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Leuthold Core ETF | Risk Lose Money [Member]

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Leuthold Core ETF | Market Risk Member

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As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund.

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Leuthold Core ETF | Equity Risk Member

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Leuthold Core ETF | Interest Rate Risk Member

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Leuthold Core ETF | Credit Risk Member

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Leuthold Core ETF | Currency Exchange Rate Risk Member

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Credit Risk: The issuers of the bonds and other debt securities held by the Underlying Investments in which the Fund invests may not be able to make interest or principal payments. Even if these issuers are able to make interest or principal payments, they may suffer adverse changes in financial condition that would lower the credit quality of the security, leading to greater volatility in the price of the security. ETNs may be riskier than ordinary debt securities and may have no principal protection.

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Leuthold Core ETF | Foreign And Emerging Markets Securities Risk Member

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Currency Exchange Rate Risk: Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s Underlying Investments with underlying foreign shares and the value of your Shares. Because the Fund’s NAV is determined on the basis of U.S. dollars, the U.S. dollar value of your investment in the Fund may go down if the value of the local currency of the non-U.S. markets in which the Fund invests through Underlying Investments depreciates against the U.S. dollar. This is true even if the local currency value of securities held by the Fund goes up. Conversely, the dollar value of your investment in the Fund may go up if the value of the local currency appreciates against the U.S. dollar. The value of the U.S. dollar measured against other currencies is influenced by a variety of factors. These factors include: national debt levels and trade deficits, changes in balances of payments and trade, domestic and foreign interest and inflation rates, global or regional political, economic or financial events, monetary policies of governments, actual or potential government intervention, and global energy prices. Political instability, the possibility of government intervention and restrictive or opaque business and investment policies may also reduce the value of a country’s currency. Government monetary policies and the buying or selling of currency by a country’s government may also influence exchange rates. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning, and you may lose money.

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Leuthold Core ETF | Short Sales Risk Member

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companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Policy and legislative changes in foreign countries and other events affecting global markets, such as the recent armed conflicts between Ukraine and Russia in Europe and among Israel, Hamas, and other militant groups in the Middle East, may contribute to decreased liquidity and increased volatility in the financial markets. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. government and the U.S. economy. The risks associated with international investing will be greater in emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments.

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Leuthold Core ETF | High Portfolio Turnover Risk Member

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Short Sales Risk: A short sale is the sale by the Fund of a security which it does not own in anticipation of purchasing the same security in the future at a lower price to close the short position. A short sale will be successful if the price of the shorted security decreases. However, if the underlying security goes up in price during the period in which the short position is outstanding, the Fund will realize a loss. The risk on a short sale is unlimited because the Fund must buy the shorted security at the higher price to complete the transaction. Therefore, short sales may be subject to greater risks than investments in long positions. With a long position, the maximum sustainable loss is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. The Fund would also incur increased transaction costs associated with selling securities short. In addition, if the Fund sells securities short, it must maintain a segregated account with its custodian containing cash or high-grade securities equal to (i) the greater of the current market value of the securities sold short or the market value of such securities at the time they were sold short, less (ii) any collateral deposited with the Fund’s broker (not including the proceeds from the short sales).

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Leuthold Core ETF | Asset Allocation Risk Member

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High Portfolio Turnover Risk: The Fund’s annual portfolio turnover may exceed 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s shareholders of increased taxes on realized gains. Distributions to the Fund’s shareholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

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Leuthold Core ETF | Quantitative Investment Approach And Model Risk Member

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Asset Allocation Risk: The Fund’s performance will also be affected by the Adviser’s ability to anticipate correctly the relative potential returns and risks of the asset classes in which the Fund invests. For example, the Fund’s relative investment performance would suffer if only a small portion of its assets were allocated to Underlying Investments invested in stocks during a significant stock market advance, and its absolute investment performance would suffer if a major portion of its assets were allocated to Underlying Investments invested in stocks during a market decline. Finally, since the Fund intends to assume only prudent investment risk, there will be periods in which the Fund underperforms mutual funds that are willing to assume greater risk.

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Leuthold Core ETF | Liquidity Risk Member

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Leuthold Core ETF | High Yield Securities Risk Member

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Leuthold Core ETF | Investment Company Risk Member

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High-Yield Securities Risk: The Fund may invest in Underlying Investments that primarily invest in high-yield securities (also known as “junk bonds”). Although high-yield securities generally pay higher rates of interest than investment grade bonds, high- yield securities are speculative, high risk investments that may cause income and principal losses for such Underlying Investments and, consequently, negatively affect the value of the Fund’s investment in such Underlying Investments. High-yield securities may be issued by companies that are restructuring, are smaller and less creditworthy, or are more highly indebted than other companies. This means that they may have more difficulty making scheduled payments of principal and interest. Changes in the value of high-yield securities are influenced more by changes in the financial and business position of the issuing company than by changes in interest rates when compared to investment grade securities. The Fund’s exposure to high-yield securities may subject it to a substantial degree of credit risk.

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Leuthold Core ETF | Options Risk Member

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Investment Company Risk: The risks of investing in investment companies, such as the Underlying Funds, typically reflect the risks of the underlying investments. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. The Fund may be subject to statutory limits with respect to the amount it can invest in other ETFs, which may adversely affect the Fund’s ability to achieve its investment objective. Investments in ETFs are also subject to the following risks: (i) an ETF’s shares may trade at a market price above or below their net asset value (“NAV”); (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) trading of an ETF’s shares may be halted for a number of reasons.

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Leuthold Core ETF | Managed Futures Strategy/Commodities Risk Member

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Leuthold Core ETF | Mortgage- And Asset-Backed Securities Risk Member

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Managed Futures Strategy/Commodities Risk: Investments in managed futures programs may subject an Underlying Investment to greater volatility than investments in traditional securities. Prices of commodities and related contracts may fluctuate significantly over short periods for a variety of reasons, including weather and natural disasters; governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; acts of terrorism, tariffs and U.S. and international economic, political, military and regulatory developments. The demand and supply of these commodities may also fluctuate widely based on such factors as interest rates, investors’ expectation with respect to the rate of inflation, currency exchange rates, the production and cost levels of the producers and/or forward selling by such producers, global or regional political, economic or financial events, purchases and sales by central banks, and trading activities by hedge funds and other commodity funds. Commodity Underlying Investments that use derivatives, such as futures, options,

and swaps, which expose them to further risks, including counterparty risk (i.e., the risk that the institution on the other side of the trade will default).

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Leuthold Core ETF | Small Cap Stocks Risk Member

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Mortgage- and Asset-Backed Securities Risk: The Fund may invest in Underlying Investments that principally invest in mortgage- and asset- backed securities. Such securities are subject to credit, interest rate, prepayment, and extension risks (see “Fixed Income Securities Risk”). These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn or rising interest rates. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities.

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Leuthold Core ETF | REIT Investment Risk Member

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Small Cap Stocks Risk: Stocks of smaller capitalization companies tend to be riskier investments than stocks of larger capitalization companies. Smaller capitalization companies may have limited product lines, markets, market share, and financial resources or they may be dependent on a small or inexperienced management team. Stocks of smaller capitalization companies may trade less frequently and in more limited volume and may be subject to greater and more abrupt price swings than stocks of larger companies.

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Leuthold Core ETF | Sector Risk Member

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REIT Investment Risk: The Fund may invest in Underlying Investments that primarily invest in REITs. Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. REITs are also subject to heavy cash flow dependency, defaults by borrowers, and self-liquidation.

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Leuthold Core ETF | ETF Risks Member

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Sector Risk: To the extent the Fund invests in Underlying Investments that are more heavily invested in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

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Leuthold Core ETF | ETF Risks, Authorized Participants, Market Makers, And Liquidity Providers Concentration Risk Member

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ETF Risks: The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:

•Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

•Cash Redemption Risk. The Fund’s investment strategy may require it to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a

redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

•Costs of Buying or Selling Shares. Due to the costs of buying or selling shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly reduce investment results and an investment in shares may not be advisable for investors who anticipate regularly making small investments.

•Shares May Trade at Prices Other Than NAV. As with all ETFs, shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of shares will approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of a security and the security’s last quoted price from the closed foreign market. This may result in premiums and discounts that are greater than those experienced by domestic ETFs.

•Trading. Although shares are listed for trading on the NYSE Arca, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares, and this could lead to differences between the market price of the shares and the underlying value of those shares

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Leuthold Core ETF | ETF Risks, Cash Redemption Risk Member

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Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

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Leuthold Core ETF | ETF Risks, Costs Of Buying Or Selling Shares Risk Member

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Cash Redemption Risk. The Fund’s investment strategy may require it to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a

redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

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Leuthold Core ETF | ETF Risks, Shares May Trade At Prices Other Than NAV Risk Member

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Costs of Buying or Selling Shares. Due to the costs of buying or selling shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly reduce investment results and an investment in shares may not be advisable for investors who anticipate regularly making small investments.

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Leuthold Core ETF | ETF Risks, Trading Risk Member

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Shares May Trade at Prices Other Than NAV. As with all ETFs, shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of shares will approximate the Fund’s NAV, there may be times when the market price of shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of a security and the security’s last quoted price from the closed foreign market. This may result in premiums and discounts that are greater than those experienced by domestic ETFs.

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Leuthold Core ETF | Small- And Mid-Capitalization Company Stock Risk Member

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Trading. Although shares are listed for trading on the NYSE Arca, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares, and this could lead to differences between the market price of the shares and the underlying value of those shares

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Leuthold Core ETF | MLP Risks Member

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Small and Mid-Capitalization Company Stock Risk: The Fund may invest in Underlying Investments that primarily invest in the common stock of small- or mid-capitalization companies. Small to mid-capitalization company stocks have historically been subject to greater investment risk than large company stocks. The prices of small- to mid-capitalization company stocks tend to be more volatile and less liquid than large company stocks.

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Leuthold Core ETF | Tax Law Change Risk Member

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MLP Risk: The risks of investing in a MLP are generally those involved in investing in a partnership as opposed to a corporation, with fewer protections afforded investors in a MLP than investors in a corporation. Additional risks involved with investing in a MLP include risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate, or oil and gas industries.

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Leuthold Core ETF | Morningstar Tactical Allocation Category Average

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Tax Law Change Risk: All statements contained in this Prospectus regarding the U.S. federal income tax consequences of an investment in the Fund are based on current law, which is subject to change at any time, potentially with retroactive effect. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Code (some of which are set to expire in the next few years). More recently, the Inflation Reduction Act of 2022 will add a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The excise tax on repurchases of stock may cause some corporations in which the Fund invests to reduce liquidity opportunities for its investors, which could potentially reduce the value of your investment in the Fund. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the tax consequences of your investment in the Fund and the Fund’s investments or holding structures. As a result, the Fund is a suitable investment only for those investors who have medium to long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund. The Adviser does not intend the Fund to be a fixed, balanced investment program. Rather, the Fund is intended to be a flexible core investment suitable for long-term investors. Long- term investors may wish to supplement an investment in the Fund with other investments to satisfy their short- term financial needs and to diversify their exposure to various markets and asset classes.

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Morningstar Tactical Allocation Category Average

rr_AverageAnnualReturnYear01

10.55%

Leuthold Core ETF | Bloomberg Global Aggregate Index

rr_AverageAnnualReturnInceptionDate

Jan. 06, 2020

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rr_AverageAnnualReturnLabel

Bloomberg Global Aggregate Index

rr_AverageAnnualReturnYear01

5.72%

rr_AverageAnnualReturnSinceInception

(2.11%)

Leuthold Core ETF | S&P 500® Index

rr_AverageAnnualReturnInceptionDate

Jan. 06, 2020

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rr_AverageAnnualReturnLabel

S&P 500® Index

rr_AverageAnnualReturnYear01

26.29%

rr_AverageAnnualReturnSinceInception

12.02%

Leuthold Core ETF | Leuthold Core ETF

rr_AverageAnnualReturnInceptionDate

Jan. 06, 2020

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dei_TradingSymbol

LCR

rr_ManagementFeesOverAssets

0.50%

rr_OtherExpensesOverAssets

0.48%

^[4]

rr_AcquiredFundFeesAndExpensesOverAssets

0.20%

Fee Waiver or Reimbursement

rr_ExpensesOverAssets

1.18%

rr_FeeWaiverOrReimbursementOverAssets

(0.33%)

^[5]

Net Expenses (as a percentage of Assets)

rr_NetExpensesOverAssets

0.85%

rr_ExpenseExampleYear01

$ 87

rr_ExpenseExampleYear03

308

rr_ExpenseExampleYear05

584

rr_ExpenseExampleYear10

$ 1,371

rr_AnnualReturn2021

11.92%

rr_AnnualReturn2022

(7.42%)

rr_AnnualReturn2023

12.65%

rr_AverageAnnualReturnLabel

Return before taxes

rr_AverageAnnualReturnYear01

12.65%

rr_AverageAnnualReturnSinceInception

7.32%

Leuthold Core ETF | Leuthold Core ETF | After Taxes on Distributions

rr_AverageAnnualReturnInceptionDate

Jan. 06, 2020

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rr_AverageAnnualReturnLabel

Return after taxes on distributions

rr_AverageAnnualReturnYear01

12.00%

Leuthold Core ETF | Leuthold Core ETF | After Taxes on Distributions and Sales

rr_AverageAnnualReturnSinceInception

7.04%

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rr_AverageAnnualReturnLabel

Return after taxes on distributions and sale of ETF shares

rr_AverageAnnualReturnYear01

7.57%

Leuthold Select Industries ETF

rr_AverageAnnualReturnSinceInception

5.62%

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Leuthold Select Industries ETF

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Investment Objective

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Leuthold Select Industries ETF (LST) seeks capital appreciation.

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Fund Fees and Expenses

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The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_OperatingExpensesCaption

Annual Fund Operating Expenses

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two years from the date of the Reorganization.

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Portfolio Turnover

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The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Select Industries Predecessor Fund’s portfolio turnover rate was 103.61% of the average value of its portfolio.

rr_PortfolioTurnoverRate

103.61%

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Other Expenses have been restated to reflect current expenses of the Fund. The Fund is the accounting successor as a result of a reorganization in which the Fund acquired all of the assets and liabilities of the Leuthold Select Industries Fund, a former series of Leuthold Funds, Inc. (the “Select Industries Predecessor Fund”).

^[6]

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Example

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Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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Principal Investment Strategies of the Fund

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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). The Fund invests in companies of all sizes and industries as well

as in “growth” stocks and “value” stocks. In investing in equity securities, the Fund uses a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Select Industries Strategy).

Pursuant to the Select Industries Strategy, Leuthold Weeden Capital Management (referred to as the Adviser) believes that as shifts among industry groups in the equity market have become more dramatic, group selection has become as important as individual stock selection in determining investment performance. The Adviser considers a group to be a collection of stocks whose investment performance tends to be similarly influenced by a variety of factors. The Adviser currently monitors about 120 groups. The major types of groups the Adviser monitors are specific groups within each industry sector comprised of narrower themes, such as “Airlines,” “Health Care Facilities” and “Semiconductors.”

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Principal Risks of Investing in the Fund

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Performance Information

Performance Information Illustrates Variability of Returns [Text]

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As of the date of this Prospectus, the Fund does not have a full calendar year of performance as an ETF. Prior performance shown below is for the Select Industries Predecessor Fund which commenced operations on June 19, 2000. The past performance of the Select Industries Predecessor Fund may have been different had it operated as an ETF rather than an open-end mutual fund, due to factors including, but not limited to, different fund expenses. The Fund has adopted the performance of the Select Industries Predecessor Fund as a result of a reorganization in which the Fund will acquire all the assets and liabilities of the Select Industries Predecessor Fund (the “Reorganization”). Prior to the Reorganization, the Fund was a “shell” Fund with no assets and had not commenced operations. The Fund’s portfolio management team served as the portfolio management team of the Select Industries Predecessor Fund and has been the Fund’s portfolio management team since inception.

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare to the performance with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. For additional information on the indices, please see “Index Descriptions” in the Prospectus. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. Updated performance information is available on the Fund’s website, https://funds.leutholdgroup.com/funds/49-leuthold-select-industries-fund.

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rr_PerformanceOneYearOrLess

As of the date of this Prospectus, the Fund does not have a full calendar year of performance as an ETF.

rr_PerformanceAdditionalMarketIndex

rr_PerformanceAvailabilityWebSiteAddress

https://funds.leutholdgroup.com/funds/49-leuthold-select-industries-fund

rr_PerformancePastDoesNotIndicateFuture

Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance.

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Leuthold Select Industries ETFTotal Return(per calendar year)

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Note: For the calendar year-to-date period ended June 30, 2024, the total return for the Fund was 7.99%.

During the ten-year period shown on the bar chart, the Fund’s highest total return for a quarter was 24.86% (quarter ended June 30, 2020) and the lowest total return for a quarter was -24.30% (quarter ended March 31, 2020).

rr_YearToDateReturnLabel

year-to-date

rr_BarChartYearToDateReturnDate

Jun. 30, 2024

rr_BarChartYearToDateReturn

7.99%

rr_HighestQuarterlyReturnLabel

highest total return

rr_BarChartHighestQuarterlyReturnDate

Jun. 30, 2020

rr_BarChartHighestQuarterlyReturn

24.86%

rr_LowestQuarterlyReturnLabel

lowest total return

rr_BarChartLowestQuarterlyReturnDate

Mar. 31, 2020

rr_BarChartLowestQuarterlyReturn

(24.30%)

rr_PerformanceTableHeading

Average Annual Total Returns(for the periods ended December 31, 2023)

rr_PerformanceTableUsesHighestFederalRate

The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes.

rr_PerformanceTableNotRelevantToTaxDeferred

Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts

Leuthold Select Industries ETF | Risk Lose Money [Member]

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We use the S&P MidCap 400® Index and the S&P 600® Index as additional indices because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

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Leuthold Select Industries ETF | Market Risk Member

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Investors in the Fund may lose money.

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Leuthold Select Industries ETF | Equity Risk Member

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Leuthold Select Industries ETF | Foreign Securities Risk Member

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Leuthold Select Industries ETF | Value Investing Risk Member

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relative to these other currencies will adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Policy and legislative changes in foreign countries and other events affecting global markets, such as the recent armed conflicts between Ukraine and Russia in Europe and among Israel, Hamas, and other militant groups in the Middle East, may contribute to decreased liquidity and increased volatility in the financial markets. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. government and the U.S. economy.

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Leuthold Select Industries ETF | Depositary Receipt Risk Member

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Leuthold Select Industries ETF | High Portfolio Turnover Risk Member

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Leuthold Select Industries ETF | Growth Investing Risk Member

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High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate may exceed 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one-year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark- downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s shareholders of increased taxes on realized gains. Distributions to the Fund’s shareholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

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Leuthold Select Industries ETF | Quantitative Investment Approach And Model Risk Member

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Leuthold Select Industries ETF | Liquidity Risk Member

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Leuthold Select Industries ETF | Options Risk Member

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Leuthold Select Industries ETF | ETF Risks Member

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Leuthold Select Industries ETF | ETF Risks, Authorized Participants, Market Makers, And Liquidity Providers Concentration Risk Member

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ETF Risks: The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:

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Leuthold Select Industries ETF | ETF Risks, Cash Redemption Risk Member

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Leuthold Select Industries ETF | ETF Risks, Costs Of Buying Or Selling Shares Risk Member

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Leuthold Select Industries ETF | ETF Risks, Shares May Trade At Prices Other Than NAV Risk Member

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Leuthold Select Industries ETF | ETF Risks, Trading Risk Member

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Leuthold Select Industries ETF | Tax Law Change Risk Member

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Leuthold Select Industries ETF | S&P 500® Index

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investment in the Fund. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the tax consequences of your investment in the Fund and the Fund’s investments or holding structures. As a result, the Fund is a suitable investment only for those investors who have long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund.

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rr_AverageAnnualReturnLabel

S&P 500® Index

rr_AverageAnnualReturnYear01

26.29%

rr_AverageAnnualReturnYear05

15.69%

Leuthold Select Industries ETF | S&P MidCap 400® Index

rr_AverageAnnualReturnYear10

12.03%

rr_ProspectusLineItems

rr_AverageAnnualReturnLabel

S&P MidCap 400® Index

rr_AverageAnnualReturnYear01

16.44%

rr_AverageAnnualReturnYear05

12.62%

Leuthold Select Industries ETF | S&P 600® Index

rr_AverageAnnualReturnYear10

9.27%

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rr_AverageAnnualReturnLabel

S&P 600® Index

rr_AverageAnnualReturnYear01

16.05%

rr_AverageAnnualReturnYear05

11.03%

Leuthold Select Industries ETF | Leuthold Select Industries ETF

rr_AverageAnnualReturnYear10

8.66%

rr_ProspectusLineItems

dei_TradingSymbol

LST

rr_ManagementFeesOverAssets

0.50%

rr_OtherExpensesOverAssets

0.64%

^[6]

Fee Waiver or Reimbursement

rr_ExpensesOverAssets

1.14%

rr_FeeWaiverOrReimbursementOverAssets

(0.49%)

^[7]

Net Expenses (as a percentage of Assets)

rr_NetExpensesOverAssets

0.65%

rr_ExpenseExampleYear01

$ 66

rr_ExpenseExampleYear03

262

rr_ExpenseExampleYear05

530

rr_ExpenseExampleYear10

$ 1,296

rr_AnnualReturn2014

16.27%

rr_AnnualReturn2015

(0.73%)

rr_AnnualReturn2016

5.33%

rr_AnnualReturn2017

21.84%

rr_AnnualReturn2018

(11.89%)

rr_AnnualReturn2019

26.39%

rr_AnnualReturn2020

16.97%

rr_AnnualReturn2021

29.53%

rr_AnnualReturn2022

(13.12%)

rr_AnnualReturn2023

21.84%

rr_AverageAnnualReturnLabel

Return before taxes

rr_AverageAnnualReturnYear01

21.84%

rr_AverageAnnualReturnYear05

15.18%

Leuthold Select Industries ETF | Leuthold Select Industries ETF | After Taxes on Distributions

rr_AverageAnnualReturnYear10

10.22%

rr_ProspectusLineItems

rr_AverageAnnualReturnLabel

Return after taxes on distributions

rr_AverageAnnualReturnYear01

20.73%

rr_AverageAnnualReturnYear05

13.88%

Leuthold Select Industries ETF | Leuthold Select Industries ETF | After Taxes on Distributions and Sales

rr_AverageAnnualReturnYear10

9.22%

rr_ProspectusLineItems

rr_AverageAnnualReturnLabel

Return after taxes on distributions and sale of Fund shares

rr_AverageAnnualReturnYear01

13.62%

rr_AverageAnnualReturnYear05

11.90%