WEBs ETF Trust
WEBs Consumer Discretionary XLY Defined Volatility ETF
Schedule of Investments
January 31, 2026 (unaudited)
| SECURITY DESCRIPTION | SHARES | VALUE | ||||||
| EXCHANGE-TRADED FUNDS – 52.3% | ||||||||
| United States – 52.3% | ||||||||
| Consumer Discretionary Select Sector SPDR Fund(1) | 1,118 | $ | 135,468 | |||||
| TOTAL EXCHANGE-TRADED FUNDS | ||||||||
| (Cost - $126,043) | 135,468 | |||||||
| PRINCIPAL | ||||||||
| AMOUNT | ||||||||
| SHORT-TERM INVESTMENTS – 46.3% | ||||||||
| Time Deposits – 46.3% | ||||||||
| Citibank, New York, 2.98% 02/02/2026(2) | $ | 120,000 | 120,000 | |||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost - $120,000) | 120,000 | |||||||
| TOTAL INVESTMENTS – 98.6% | ||||||||
| (Cost - $246,043) | 255,468 | |||||||
| OTHER ASSETS LESS LIABILITIES – 1.4% | 3,584 | |||||||
| NET ASSETS – 100.0% | $ | 259,052 | ||||||
TOTAL RETURN SWAPS
| Counterparty & Reference Instrument | Rate Paid/ Received | Payment Frequency | Current Notional (000) | Maturity Date | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||||||
| Receive Total Return on Reference Instrument | ||||||||||||||||||||
| Clear Street LLC Consumer Discretionary Select Sector SPDR Fund | OBFR + 1.25% | Varies(3) | USD | 231 | 08/25/2026 | $ | 3,945 | |||||||||||||
| (1) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
| (2) | Position, or a portion thereof, has been segregated to collateralize derivatives outstanding. |
| (3) | Payment frequency is monthly for financing fee, at maturity for total return, including dividends. |
Abbreviations used in this schedule:
LLC – Limited Liability Company
OBFR – Overnight Bank Funding Rate