Fund Description: Leuthold Core ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Leuthold Funds, Inc., an open-end investment management company. INVESTMENT OBJECTIVE: The Leuthold Core ETF seeks capital appreciation and income (or total return).. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specific index. Rather, the Adviser has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: The Fund 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 volatility indexes and managed futures. The Fund allocates its assets across asset classes, geographic regions, and industries, subject to certain diversification and liquidity considerations. The Fund’s investments in foreign countries may include exposure to emerging markets. The Fund considers a number of factors when making its allocations, including economic conditions and monetary factors, inflation and interest rate levels and trends, investor confidence, and technical stock market measures. The Fund may invest up to 20% of its total assets in Underlying Investments that invest some or all of their assets in commodities, volatility indexes, and managed futures. FUND MANAGEMENT: Leuthold Weeden Capital Management is the investment adviser to the Fund.