WEBs ETF Trust
WEBs Communication Services XLC Defined Volatility ETF
Schedule of Investments
January 31, 2026 (unaudited)
| SECURITY DESCRIPTION | SHARES | VALUE | ||||||
| EXCHANGE-TRADED FUNDS – 46.6% | ||||||||
| United States – 46.6% | ||||||||
| Communication Services Select Sector SPDR Fund(1) | 1,161 | $ | 139,413 | |||||
TOTAL EXCHANGE-TRADED FUNDS (Cost - $125,225) | 139,413 | |||||||
| PRINCIPAL | ||||||||
| AMOUNT | ||||||||
| SHORT-TERM INVESTMENTS – 39.2% | ||||||||
| Time Deposits – 39.2% | ||||||||
| Citibank, New York, 2.98% 02/02/2026 | $ | 23,717 | 23,717 | |||||
| JPMorgan Chase, New York, 2.98% 02/02/2026(2) | 93,635 | 93,635 | ||||||
TOTAL TIME DEPOSITS (Cost - $117,352) | 117,352 | |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost - $117,352) | 117,352 | |||||||
TOTAL INVESTMENTS – 85.8% (Cost - $242,577) | 256,765 | |||||||
| OTHER ASSETS LESS LIABILITIES – 14.2% | 42,324 | |||||||
| NET ASSETS – 100.0% | $ | 299,089 | ||||||
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 Communication Services Select Sector SPDR Fund | OBFR + 1.20% | Varies(3) | USD | 401 | 08/24/2026 | $ | 42,523 | |||||||
| (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