WEBs ETF Trust
WEBs Industrials XLI Defined Volatility ETF
Schedule of Investments
January 31, 2026 (unaudited)
| SECURITY DESCRIPTION | SHARES | VALUE | ||||||
| EXCHANGE-TRADED FUNDS – 48.1% | ||||||||
| United States – 48.1% | ||||||||
| Industrial Select Sector SPDR Fund(1) | 826 | $ | 136,654 | |||||
| TOTAL EXCHANGE-TRADED FUNDS | ||||||||
| (Cost - $124,743) | 136,654 | |||||||
| PRINCIPAL | ||||||||
| AMOUNT | ||||||||
| SHORT-TERM INVESTMENTS – 42.0% | ||||||||
| Time Deposits – 42.0% | ||||||||
| Citibank, New York, 2.98% 02/02/2026(2) | $ | 119,172 | 119,172 | |||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost - $119,172) | 119,172 | |||||||
| TOTAL INVESTMENTS – 90.1% | ||||||||
(Cost - $243,915) | 255,826 | |||||||
| OTHER ASSETS LESS LIABILITIES – 9.9% | 28,238 | |||||||
| NET ASSETS – 100.0% | $ | 284,064 | ||||||
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 | ||||||||||||||||||||
| Cantor Fitzgerald Industrial Select Sector SPDR Fund | OBFR + 1.20% | Varies(3) | USD | 254 | 08/24/2026 | $ | 28,432 | |||||||||||||
| (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:
OBFR – Overnight Bank Funding Rate