WEBs ETF Trust
WEBs Health Care XLV Defined Volatility ETF
Schedule of Investments
January 31, 2026 (unaudited)
| SECURITY DESCRIPTION | SHARES | VALUE | ||||||
| EXCHANGE-TRADED FUNDS – 47.4% | ||||||||
| United States – 47.4% | ||||||||
| Health Care Select Sector SPDR Fund(1) | 2,853 | $ | 441,474 | |||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost - $413,581) | 441,474 | |||||||
| PRINCIPAL AMOUNT | ||||||||
| SHORT-TERM INVESTMENTS – 45.5% | ||||||||
| Time Deposits – 45.5% | ||||||||
| Citibank, New York, 2.98% 02/02/2026 | $ | 44,388 | 44,388 | |||||
| JPMorgan Chase, New York, 2.98% 02/02/2026(2) | 380,000 | 380,000 | ||||||
| TOTAL TIME DEPOSITS (Cost - $424,388) | 424,388 | |||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost - $424,388) | 424,388 | |||||||
| TOTAL INVESTMENTS – 92.9% (Cost - $837,969) | 865,862 | |||||||
| OTHER ASSETS LESS LIABILITIES – 7.1% | 66,357 | |||||||
| NET ASSETS – 100.0% | $ | 932,219 | ||||||
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 Health Care Select Sector SPDR Fund | OBFR + 1.25% | Varies(3) | USD | 865 | 08/25/2026 | $ | 67,022 | |||||||
| (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