Fund name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a % of a $10,000 investment^{Footnote Reference**}
WEBs SPY Defined Volatility ETF	$78	0.85%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from date of commencement of operations through October 31, 2025. Expenses would be higher if the Fund had been in operations for a full one year reporting period.
Footnote^**	Annualized.

	WEBs SPY Defined Volatility ETF	S&P 500 Total Return Index	Syntax Defined Volatility US Large Cap 500 Index
12/17/2024	$10,000	$10,000	$10,000
12/31/2024	$9,378	$9,687	$9,375
01/31/2025	$9,624	$9,957	$9,636
02/28/2025	$9,300	$9,827	$9,330
03/31/2025	$8,566	$9,273	$8,620
04/30/2025	$8,304	$9,210	$8,382
05/31/2025	$8,659	$9,790	$8,739
06/30/2025	$9,325	$10,288	$9,421
07/31/2025	$9,696	$10,519	$9,808
08/31/2025	$10,026	$10,732	$10,168
09/30/2025	$10,701	$11,124	$10,870
10/31/2025	$10,985	$11,384	$11,159

Name	Since Inception^{Footnote Reference(1)}
WEBs SPY Defined Volatility ETF	9.85%
S&P 500 Total Return Index	13.84%
Syntax Defined Volatility US Large Cap 500 Index	11.59%

Footnote	Description
Footnote⁽¹⁾	The Fund commenced operations on December 17, 2024.

Total Net Assets	$2,752,790
# of Portfolio Holdings	4
Portfolio Turnover Rate	28.5%
Advisory Fees Paid	$15,317

Exchange-Traded Funds	46.0%
Time deposits	50.8%
Total Return Swaps	3.3%
Other Assets less Liabilities	-0.1%

SPDR S&P 500 ETF Trust	46.0%
Citibank, New York 3.21% 11/03/2025	34.1%
JPMorgan Chase, New York 3.21% 11/03/2025	16.7%
Total Return Swap SPDR S&P 500 ETF Trust Overnight Bank Funding Rate + 1.25% 01/20/2026	3.3%

Fund name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a % of a $10,000 investment^{Footnote Reference**}
WEBs QQQ Defined Volatility ETF	$79	0.85%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from date of commencement of operations through October 31, 2025. Expenses would be higher if the Fund had been in operations for a full one year reporting period.
Footnote^**	Annualized.

	WEBs QQQ Defined Volatility ETF	NASDAQ 100 TR Index	Syntax Defined Volatility Triple Q's Index
12/17/2024	$10,000	$10,000	$10,000
12/31/2024	$9,185	$9,511	$9,177
01/31/2025	$9,322	$9,725	$9,340
02/28/2025	$8,888	$9,463	$8,910
03/31/2025	$8,168	$8,743	$8,185
04/30/2025	$8,101	$8,879	$8,125
05/31/2025	$8,618	$9,690	$8,640
06/30/2025	$9,385	$10,305	$9,414
07/31/2025	$9,764	$10,553	$9,804
08/31/2025	$9,906	$10,650	$9,953
09/30/2025	$10,892	$11,233	$10,962
10/31/2025	$11,388	$11,772	$11,462

Name	Since Inception^{Footnote Reference(1)}
WEBs QQQ Defined Volatility ETF	13.88%
NASDAQ 100 TR Index	17.72%
Syntax Defined Volatility Triple Q's Index	14.62%

Footnote	Description
Footnote⁽¹⁾	The Fund commenced operations on December 17, 2024.

Total Net Assets	$4,013,423
# of Portfolio Holdings	4
Portfolio Turnover Rate	23.5%
Advisory Fees Paid	$16,363

Exchange-Traded Funds	46.3%
Time deposits	49.9%
Total Return Swaps	3.8%
Other Assets less Liabilities	0.0%

Invesco QQQ Trust Series 1	46.3%
ANZ, London 3.21% 11/03/2025	28.4%
Sumitomo Mitsui Trust Bank, Tokyo 3.21% 11/03/2025	21.5%
Total Return Swap Invesco QQQ Trust Series 1 Overnight Bank Funding Rate + 1.25% 01/20/2026	3.8%

Fund name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a % of a $10,000 investment^{Footnote Reference**}
WEBs Energy XLE Defined Volatility ETF	$24	0.85%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from date of commencement of operations through October 31, 2025. Expenses would be higher if the Fund had been in operations for a full one year reporting period.
Footnote^**	Annualized.

	WEBs Energy XLE Defined Volatility ETF	S&P 500 Total Return Index	Syntax Defined Volatility XLE Index	Energy Select Sector Index TR
07/23/2025	$10,000	$10,000	$10,000	$10,000
07/31/2025	$10,308	$10,049	$10,309	$10,197
08/31/2025	$11,094	$10,253	$11,107	$10,567
09/30/2025	$10,898	$10,627	$10,960	$10,541
10/31/2025	$10,460	$10,876	$10,543	$10,395

Name	Since Inception^{Footnote Reference(1)}
WEBs Energy XLE Defined Volatility ETF	4.60%
S&P 500 Total Return Index	8.76%
Syntax Defined Volatility XLE Index	5.43%
Energy Select Sector Index TR	3.95%

Footnote	Description
Footnote⁽¹⁾	The Fund commenced operations on July 23, 2025.

Total Net Assets	$261,254
# of Portfolio Holdings	3
Portfolio Turnover Rate	0.0%
Advisory Fees Paid	$615

Exchange-Traded Funds	49.5%
Time deposits	47.7%
Total Return Swaps	2.9%
Other Assets less Liabilities	-0.1%

Energy Select Sector SPDR Fund	49.5%
Citibank, New York 3.21% 11/03/2025	47.7%
Total Return Swap Energy Select Sector SPDR Fund Federal Funds Composite Interest Rate + 1.00% 08/25/2026	2.9%

Fund name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a % of a $10,000 investment^{Footnote Reference**}
WEBs Materials XLB Defined Volatility ETF	$22	0.85%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from date of commencement of operations through October 31, 2025. Expenses would be higher if the Fund had been in operations for a full one year reporting period.
Footnote^**	Annualized.

	WEBs Materials XLB Defined Volatility ETF	S&P 500 Total Return Index	Syntax Defined Volatility XLB Index	Materials Select Sector Index TR
07/23/2025	$10,000	$10,000	$10,000	$10,000
07/31/2025	$9,205	$10,049	$9,202	$9,544
08/31/2025	$10,006	$10,253	$10,030	$10,037
09/30/2025	$9,461	$10,627	$9,493	$9,800
10/31/2025	$8,594	$10,876	$8,642	$9,361

Name	Since Inception^{Footnote Reference(1)}
WEBs Materials XLB Defined Volatility ETF	-14.06%
S&P 500 Total Return Index	8.76%
Syntax Defined Volatility XLB Index	-13.58%
Materials Select Sector Index TR	-6.39%

Footnote	Description
Footnote⁽¹⁾	The Fund commenced operations on July 23, 2025.

Total Net Assets	$215,071
# of Portfolio Holdings	4
Portfolio Turnover Rate	0.0%
Advisory Fees Paid	$560

Exchange-Traded Funds	54.6%
Time deposits	56.8%
Total Return Swaps	-11.4%
Other Assets less Liabilities	0.0%

JPMorgan Chase, New York 3.21% 11/03/2025	55.8%
Materials Select Sector SPDR Fund	54.6%
Citibank, New York 3.21% 11/03/2025	1.0%
Total Return Swap Materials Select Sector SPDR Fund Overnight Bank Funding Rate + 1.25% 08/25/2026	-11.4%

Fund name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a % of a $10,000 investment^{Footnote Reference**}
WEBs Industrials XLI Defined Volatility ETF	$24	0.85%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from date of commencement of operations through October 31, 2025. Expenses would be higher if the Fund had been in operations for a full one year reporting period.
Footnote^**	Annualized.

	WEBs Industrials XLI Defined Volatility ETF	S&P 500 Total Return Index	Syntax Defined Volatility XLI Index	Industrial Select Sector Index TR
07/23/2025	$10,000	$10,000	$10,000	$10,000
07/31/2025	$10,116	$10,049	$10,105	$10,063
08/31/2025	$10,056	$10,253	$10,049	$10,063
09/30/2025	$10,361	$10,627	$10,374	$10,259
10/31/2025	$10,363	$10,876	$10,374	$10,308

Name	Since Inception^{Footnote Reference(1)}
WEBs Industrials XLI Defined Volatility ETF	3.63%
S&P 500 Total Return Index	8.76%
Syntax Defined Volatility XLI Index	3.74%
Industrial Select Sector Index TR	3.08%

Footnote	Description
Footnote⁽¹⁾	The Fund commenced operations on July 23, 2025.

Total Net Assets	$258,880
# of Portfolio Holdings	4
Portfolio Turnover Rate	0.0%
Advisory Fees Paid	$595

Exchange-Traded Funds	49.4%
Time deposits	47.4%
Total Return Swaps	3.2%
Other Assets less Liabilities	0.0%

Industrial Select Sector SPDR Fund	49.4%
JPMorgan Chase, New York 3.21% 11/03/2025	36.8%
Sumitomo Mitsui Trust Bank, London 3.21% 11/03/2025	10.6%
Total Return Swap Industrial Select Sector SPDR Fund Overnight Bank Funding Rate + 1.20% 08/24/2026	3.2%

Fund name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a % of a $10,000 investment^{Footnote Reference**}
WEBs Consumer Discretionary XLY Defined Volatility ETF	$24	0.85%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from date of commencement of operations through October 31, 2025. Expenses would be higher if the Fund had been in operations for a full one year reporting period.
Footnote^**	Annualized.

	WEBs Consumer Discretionary XLY Defined Volatility ETF	S&P 500 Total Return Index	Syntax Defined Volatility XLY Index	Consumer Discretionary Select Sector Index TR
07/23/2025	$10,000	$10,000	$10,000	$10,000
07/31/2025	$9,621	$10,049	$9,614	$9,818
08/31/2025	$10,196	$10,253	$10,192	$10,276
09/30/2025	$10,727	$10,627	$10,737	$10,648
10/31/2025	$10,547	$10,876	$10,547	$10,657

Name	Since Inception^{Footnote Reference(1)}
WEBs Consumer Discretionary XLY Defined Volatility ETF	5.47%
S&P 500 Total Return Index	8.76%
Syntax Defined Volatility XLY Index	5.47%
Consumer Discretionary Select Sector Index TR	6.57%

Footnote	Description
Footnote⁽¹⁾	The Fund commenced operations on July 23, 2025.

Total Net Assets	$263,473
# of Portfolio Holdings	4
Portfolio Turnover Rate	0.0%
Advisory Fees Paid	$603

Exchange-Traded Funds	50.9%
Time deposits	46.3%
Total Return Swaps	2.9%
Other Assets less Liabilities	-0.1%

Consumer Discretionary Select Sector SPDR Fund	50.9%
Citibank, New York 3.21% 11/03/2025	45.5%
Sumitomo Mitsui Trust Bank, Tokyo 3.21% 11/03/2025	0.8%
Total Return Swap Consumer Discretionary Select Sector SPDR Fund Overnight Bank Funding Rate + 1.25% 08/25/2026	2.9%

Fund name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a % of a $10,000 investment^{Footnote Reference**}
WEBs Consumer Staples XLP Defined Volatility ETF	$22	0.85%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from date of commencement of operations through October 31, 2025. Expenses would be higher if the Fund had been in operations for a full one year reporting period.
Footnote^**	Annualized.

WEBs ETF Trust

Annual Financial Statements

and Additional Information

October 31, 2025

Exchange-Traded Funds:

WEBs SPY Defined Volatility ETF (DVSP)

WEBs QQQ Defined Volatility ETF (DVQQ)

WEBs Energy XLE Defined Volatility ETF (DVXE)

WEBs Materials XLB Defined Volatility ETF (DVXB)

WEBs Industrials XLI Defined Volatility ETF (DVIN)

WEBs Consumer Discretionary XLY Defined Volatility ETF (DVXY)

WEBs Consumer Staples XLP Defined Volatility ETF (DVXP)

WEBs Health Care XLV Defined Volatility ETF (DVXV)

WEBs Financial XLF Defined Volatility ETF (DVXF)

WEBs Technology XLK Defined Volatility ETF (DVXK)

WEBs Communication Services XLC Defined Volatility ETF (DVXC)

WEBs Utilities XLU Defined Volatility ETF (DVUT)

WEBs Real Estate XLRE Defined Volatility ETF (DVRE)

Want to know more?

www.websinv.com

(844) 455-WEBS / (844) 455-9327

TABLE OF CONTENTS

		Page
Schedules of Investments		1
Statements of Assets and Liabilities		14
Statements of Operations		21
Statements of Changes in Net Assets		28
Financial Highlights		35
Notes to Financial Statements		42
Report of Independent Registered Public Accounting Firm		70
Important Tax Information (unaudited)		72
Additional Information (unaudited)		73

WEBs ETF Trust

WEBs SPY Defined Volatility ETF

Schedule of Investments

October 31, 2025

SECURITY DESCRIPTION	SHARES	VALUE
EXCHANGE-TRADED FUNDS – 46.0%
United States – 46.0%
SPDR S&P 500 ETF Trust(1)	1,856	$	1,265,904
TOTAL EXCHANGE-TRADED FUNDS (Cost - $1,111,705)			1,265,904

	PRINCIPAL AMOUNT
SHORT-TERM INVESTMENTS – 50.8%
Time Deposits – 50.8%
Citibank, New York, 3.21% 11/03/2025(2)	$	940,000		940,000
JPMorgan Chase, New York, 3.21% 11/03/2025		458,895		458,895
TOTAL TIME DEPOSITS (Cost - $1,398,895)				1,398,895
TOTAL SHORT-TERM INVESTMENTS (Cost - $1,398,895)				1,398,895

TOTAL INVESTMENTS – 96.8% (Cost - $2,510,600)				2,664,799
OTHER ASSETS LESS LIABILITIES – 3.2%				87,991
NET ASSETS – 100.0%			$	2,752,790

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
SPDR S&P 500
ETF Trust

OBFR + 1.25%

Varies(3)

USD

2,211

01/20/2026

89,611

(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

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

WEBs QQQ Defined Volatility ETF

Schedule of Investments

October 31, 2025

SECURITY DESCRIPTION	SHARES	VALUE
EXCHANGE-TRADED FUNDS – 46.3%
United States – 46.3%
Invesco QQQ Trust Series 1(1)	2,955	$	1,858,902
TOTAL EXCHANGE-TRADED FUNDS (Cost - $1,664,278)			1,858,902

	PRINCIPAL AMOUNT
SHORT-TERM INVESTMENTS – 49.9%
Time Deposits – 49.9%
ANZ, London, 3.21% 11/03/2025(2)	$	1,140,000		1,140,000
Sumitomo Mitsui Trust Bank, Tokyo, 3.21% 11/03/2025		863,219		863,219
TOTAL TIME DEPOSITS (Cost - $2,003,219)				2,003,219
TOTAL SHORT-TERM INVESTMENTS (Cost - $2,003,219)				2,003,219

TOTAL INVESTMENTS – 96.2% (Cost - $3,667,497)				3,862,121
OTHER ASSETS LESS LIABILITIES – 3.8%				151,302
NET ASSETS – 100.0%			$	4,013,423

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
Invesco QQQ
Trust Series 1

OBFR + 1.25%

Varies(3)

USD

2,162

01/20/2026

153,694

(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

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

WEBs Energy XLE Defined Volatility ETF

Schedule of Investments

October 31, 2025

SECURITY DESCRIPTION	SHARES	VALUE
EXCHANGE-TRADED FUNDS – 49.5%
United States – 49.5%
Energy Select Sector SPDR Fund(1)	1,466	$	129,198
TOTAL EXCHANGE-TRADED FUNDS (Cost - $125,298)			129,198

	PRINCIPAL AMOUNT
SHORT-TERM INVESTMENTS – 47.7%
Time Deposits – 47.7%
Citibank, New York, 3.21% 11/03/2025	$	124,672		124,672
TOTAL SHORT-TERM INVESTMENTS (Cost - $124,672)				124,672

TOTAL INVESTMENTS – 97.2% (Cost - $249,970)				253,870
OTHER ASSETS LESS LIABILITIES – 2.8%				7,384
NET ASSETS – 100.0%			$	261,254

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

Wells Fargo
Energy Select Sector
SPDR Fund

USONFFE + 1.00%

Varies(2)

USD

313

08/25/2026

7,572

(2) Payments for financing fee, dividends and total return occur at sale/reduction of the notional and at maturity date.

Abbreviations used in this schedule:

USONFFE – Federal Funds Composite Interest Rate

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

WEBs Materials XLB Defined Volatility ETF

Schedule of Investments

October 31, 2025

SECURITY DESCRIPTION	SHARES	VALUE
EXCHANGE-TRADED FUNDS – 54.6%
United States – 54.6%
Materials Select Sector SPDR Fund(1)	1,371	$	117,453
TOTAL EXCHANGE-TRADED FUNDS (Cost - $126,036)			117,453

	PRINCIPAL AMOUNT
SHORT-TERM INVESTMENTS – 56.8%
Time Deposits – 56.8%
Citibank, New York, 3.21% 11/03/2025	$	2,203		2,203
JPMorgan Chase, New York, 3.21% 11/03/2025(2)		120,000		120,000
TOTAL TIME DEPOSITS (Cost - $122,203)				122,203
TOTAL SHORT-TERM INVESTMENTS (Cost - $122,203)				122,203

TOTAL INVESTMENTS – 111.4% (Cost - $248,239)				239,656
OTHER ASSETS LESS LIABILITIES – (11.4)%				(24,585	)
NET ASSETS – 100.0%			$	215,071

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
Materials Select
Sector SPDR Fund

OBFR + 1.25%

Varies(3)

USD

307

08/25/2026

(24,418

)

(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

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

WEBs Industrials XLI Defined Volatility ETF

Schedule of Investments

October 31, 2025

SECURITY DESCRIPTION	SHARES	VALUE
EXCHANGE-TRADED FUNDS – 49.4%
United States – 49.4%
Industrial Select Sector SPDR Fund(1)	826	$	128,080
TOTAL EXCHANGE-TRADED FUNDS (Cost - $124,743)			128,080

	PRINCIPAL AMOUNT
SHORT-TERM INVESTMENTS – 47.4%
Time Deposits – 47.4%
JPMorgan Chase, New York, 3.21% 11/03/2025(2)	$	95,179		95,179
Sumitomo Mitsui Trust Bank, London, 3.21% 11/03/2025		27,405		27,405
TOTAL TIME DEPOSITS (Cost - $122,584)				122,584
TOTAL SHORT-TERM INVESTMENTS (Cost - $122,584)				122,584

TOTAL INVESTMENTS – 96.8% (Cost - $247,327)				250,664
OTHER ASSETS LESS LIABILITIES – 3.2%				8,216
NET ASSETS – 100.0%			$	258,880

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

297

08/24/2026

8,401

(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

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

WEBs Consumer Discretionary XLY Defined Volatility ETF

Schedule of Investments

October 31, 2025

SECURITY DESCRIPTION	SHARES	VALUE
EXCHANGE-TRADED FUNDS – 50.9%
United States – 50.9%
Consumer Discretionary Select Sector SPDR Fund(1)	559	$	134,122
TOTAL EXCHANGE-TRADED FUNDS (Cost - $126,044)			134,122

	PRINCIPAL AMOUNT
SHORT-TERM INVESTMENTS – 46.3%
Time Deposits – 46.3%
Citibank, New York, 3.21% 11/03/2025(2)	$	120,000		120,000
Sumitomo Mitsui Trust Bank, Tokyo, 3.21% 11/03/2025		2,020		2,020
TOTAL TIME DEPOSITS (Cost - $122,020)				122,020
TOTAL SHORT-TERM INVESTMENTS (Cost - $122,020)				122,020

TOTAL INVESTMENTS – 97.2% (Cost - $248,064)				256,142
OTHER ASSETS LESS LIABILITIES – 2.8%				7,331
NET ASSETS – 100.0%			$	263,473

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

158

08/25/2026

7,519

(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

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

WEBs Consumer Staples XLP Defined Volatility ETF

Schedule of Investments

October 31, 2025

SECURITY DESCRIPTION	SHARES	VALUE
EXCHANGE-TRADED FUNDS – 53.7%
United States – 53.7%
Consumer Staples Select Sector SPDR Fund(1)	1,542	$	117,624
TOTAL EXCHANGE-TRADED FUNDS (Cost - $125,858)			117,624

	PRINCIPAL AMOUNT
SHORT-TERM INVESTMENTS – 56.0%
Time Deposits – 56.0%
JPMorgan Chase, New York, 3.21% 11/03/2025(2)	$	122,735		122,735
TOTAL SHORT-TERM INVESTMENTS (Cost - $122,735)				122,735

TOTAL INVESTMENTS – 109.7% (Cost - $248,593)				240,359
OTHER ASSETS LESS LIABILITIES – (9.7)%				(21,315	)
NET ASSETS – 100.0%			$	219,044

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
Consumer Staples
Select Sector SPDR
Fund

OBFR + 1.20%

Varies(3)

USD

218

08/24/2026

(21,148

)

(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

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

WEBs Health Care XLV Defined Volatility ETF

Schedule of Investments

October 31, 2025

SECURITY DESCRIPTION	SHARES	VALUE
EXCHANGE-TRADED FUNDS – 50.4%
United States – 50.4%
Health Care Select Sector SPDR Fund(1)	951	$	137,182
TOTAL EXCHANGE-TRADED FUNDS (Cost - $126,987)			137,182

	PRINCIPAL AMOUNT
SHORT-TERM INVESTMENTS – 44.8%
Time Deposits – 44.8%
JPMorgan Chase, New York, 3.21% 11/03/2025(2)	$	122,092		122,092
TOTAL SHORT-TERM INVESTMENTS (Cost - $122,092)				122,092

TOTAL INVESTMENTS – 95.2% (Cost - $249,079)				259,274
OTHER ASSETS LESS LIABILITIES – 4.8%				13,028
NET ASSETS – 100.0%			$	272,302

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

396

08/25/2026

13,225

(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

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

WEBs Financial XLF Defined Volatility ETF

Schedule of Investments

October 31, 2025

SECURITY DESCRIPTION	SHARES	VALUE
EXCHANGE-TRADED FUNDS – 51.2%
United States – 51.2%
Financial Select Sector SPDR Fund(1)	2,375	$	124,379
TOTAL EXCHANGE-TRADED FUNDS (Cost - $125,115)			124,379

	PRINCIPAL AMOUNT
SHORT-TERM INVESTMENTS – 50.3%
Time Deposits – 50.3%
JPMorgan Chase, New York, 3.21% 11/03/2025(2)	$	122,168		122,168
TOTAL SHORT-TERM INVESTMENTS (Cost - $122,168)				122,168

TOTAL INVESTMENTS – 101.5% (Cost - $247,283)				246,547
OTHER ASSETS LESS LIABILITIES – (1.5)%				(3,760	)
NET ASSETS – 100.0%			$	242,787

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
Financial Select Sector
SPDR Fund

OBFR + 1.20%

Varies(3)

USD

295

08/24/2026

(3,580

)

(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

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

WEBs Technology XLK Defined Volatility ETF

Schedule of Investments

October 31, 2025

SECURITY DESCRIPTION	SHARES	VALUE
EXCHANGE-TRADED FUNDS – 45.3%
United States – 45.3%
Technology Select Sector SPDR Fund(1)	477	$	143,425
TOTAL EXCHANGE-TRADED FUNDS (Cost - $123,453)			143,425

	PRINCIPAL AMOUNT
SHORT-TERM INVESTMENTS – 43.9%
Time Deposits – 43.9%
JPMorgan Chase, New York, 3.21% 11/03/2025	$	139,239		139,239
TOTAL SHORT-TERM INVESTMENTS (Cost - $139,239)				139,239

TOTAL INVESTMENTS – 89.2% (Cost - $262,692)				282,664
OTHER ASSETS LESS LIABILITIES – 10.8%				34,247
NET ASSETS – 100.0%			$	316,911

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

Wells Fargo
Technology Select
Sector SPDR Fund

USONFFE + 1.00%

Varies(2)

USD

233

08/25/2026

34,465

(2) Payments for financing fee, dividends and total return occur at sale/reduction of the notional and at maturity date.

Abbreviations used in this schedule:

USONFFE – Federal Funds Composite Interest Rate

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

WEBs Communication Services XLC Defined Volatility ETF

Schedule of Investments

October 31, 2025

SECURITY DESCRIPTION	SHARES	VALUE
EXCHANGE-TRADED FUNDS – 48.1%
United States – 48.1%
Communication Services Select Sector SPDR Fund(1)	1,161	$	133,295
TOTAL EXCHANGE-TRADED FUNDS (Cost - $125,226)			133,295

	PRINCIPAL AMOUNT
SHORT-TERM INVESTMENTS – 43.9%
Time Deposits – 43.9%
Citibank, New York, 3.21% 11/03/2025	$	28,086		28,086
JPMorgan Chase, New York, 3.21% 11/03/2025(2)		93,635		93,635
TOTAL TIME DEPOSITS (Cost - $121,721)				121,721
TOTAL SHORT-TERM INVESTMENTS (Cost - $121,721)				121,721

TOTAL INVESTMENTS – 92.0% (Cost - $246,947)				255,016
OTHER ASSETS LESS LIABILITIES – 8.0%				22,319
NET ASSETS – 100.0%			$	277,335

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

397

08/24/2026

22,523

(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

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

WEBs Utilities XLU Defined Volatility ETF

Schedule of Investments

October 31, 2025

SECURITY DESCRIPTION	SHARES	VALUE
EXCHANGE-TRADED FUNDS – 48.9%
United States – 48.9%
Utilities Select Sector SPDR Fund(1)	1,489	$	132,670
TOTAL EXCHANGE-TRADED FUNDS (Cost - $126,640)			132,670

	PRINCIPAL AMOUNT
SHORT-TERM INVESTMENTS – 46.3%
Time Deposits – 46.3%
Citibank, New York, 3.21% 11/03/2025	$	125,783		125,783
TOTAL SHORT-TERM INVESTMENTS (Cost - $125,783)				125,783

TOTAL INVESTMENTS – 95.2% (Cost - $252,423)				258,453
OTHER ASSETS LESS LIABILITIES – 4.8%				13,121
NET ASSETS – 100.0%			$	271,574

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

Wells Fargo
Utilities Select Sector
SPDR Fund

USONFFE + 1.00%

Varies(2)

USD

384

08/25/2026

13,323

(2) Payments for financing fee, dividends and total return occur at sale/reduction of the notional and at maturity date.

Abbreviations used in this schedule:

USONFFE – Federal Funds Composite Interest Rate

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

WEBs Real Estate XLRE Defined Volatility ETF

Schedule of Investments

October 31, 2025

SECURITY DESCRIPTION	SHARES	VALUE
EXCHANGE-TRADED FUNDS – 53.4%
United States – 53.4%
Real Estate Select Sector SPDR Fund(1)	2,973	$	121,596
TOTAL EXCHANGE-TRADED FUNDS (Cost - $127,036)			121,596

	PRINCIPAL AMOUNT
SHORT-TERM INVESTMENTS – 49.1%
Time Deposits – 49.1%
DNB, Oslo, 3.21% 11/03/2025	$	111,895		111,895
TOTAL SHORT-TERM INVESTMENTS (Cost - $111,895)				111,895

TOTAL INVESTMENTS – 102.5% (Cost - $238,931)				233,491
OTHER ASSETS LESS LIABILITIES – (2.5)%				(5,649	)
NET ASSETS – 100.0%			$	227,842

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

Wells Fargo
Real Estate Select
Sector SPDR Fund

USONFFE + 1.00%

Varies(2)

USD

224

08/25/2026

(5,476

)

(2) Payments for financing fee, dividends and total return occur at sale/reduction of the notional and at maturity date.

Abbreviations used in this schedule:

USONFFE – Federal Funds Composite Interest Rate

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Assets and Liabilities

October 31, 2025

	WEBs SPY Defined Volatility ETF		WEBs QQQ Defined Volatility ETF
ASSETS
Investments, at value	$	2,664,799	$	3,862,121
Unrealized appreciation on Swap Agreements		89,611		153,694
TOTAL ASSETS		2,754,410		4,015,815

LIABILITIES
Payable to the Adviser		1,620		2,392
TOTAL LIABILITIES		1,620		2,392

NET ASSETS	$	2,752,790	$	4,013,423

COMPONENTS OF NET ASSETS
Paid-in capital		2,591,915		3,744,540
Total distributable earnings (accumulated loss)		160,875		268,883
NET ASSETS	$	2,752,790	$	4,013,423

NET ASSET VALUE PER SHARE
Net Asset Value	$	27.53	$	28.67
Shares Outstanding		100,000		140,000

COST OF INVESTMENTS
Investments, at cost	$	2,510,600	$	3,667,497

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Assets and Liabilities

October 31, 2025 (continued)

	WEBs Energy XLE Defined Volatility ETF		WEBs Materials XLB Defined Volatility ETF
ASSETS
Investments, at value	$	253,870	$	239,656
Unrealized appreciation on Swap Agreements		7,572		—
TOTAL ASSETS		261,442		239,656

LIABILITIES
Unrealized depreciation on Swap Agreements		—		24,418
Payable to the Adviser		188		167
TOTAL LIABILITIES		188		24,585

NET ASSETS	$	261,254	$	215,071

COMPONENTS OF NET ASSETS
Paid-in capital		249,875		250,362
Total distributable earnings (accumulated loss)		11,379		(35,291	)
NET ASSETS	$	261,254	$	215,071

NET ASSET VALUE PER SHARE
Net Asset Value	$	26.13	$	21.51
Shares Outstanding		10,000		10,000

COST OF INVESTMENTS
Investments, at cost	$	249,970	$	248,239

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Assets and Liabilities

October 31, 2025 (continued)

	WEBs Industrials XLI Defined Volatility ETF		WEBs Consumer Discretionary XLY Defined Volatility ETF
ASSETS
Investments, at value	$	250,664	$	256,142
Unrealized appreciation on Swap Agreements		8,401		7,519
TOTAL ASSETS		259,065		263,661

LIABILITIES
Payable to the Adviser		185		188
TOTAL LIABILITIES		185		188

NET ASSETS	$	258,880	$	263,473

COMPONENTS OF NET ASSETS
Paid-in capital		249,921		249,916
Total distributable earnings (accumulated loss)		8,959		13,557
NET ASSETS	$	258,880	$	263,473

NET ASSET VALUE PER SHARE
Net Asset Value	$	25.89	$	26.35
Shares Outstanding		10,000		10,000

COST OF INVESTMENTS
Investments, at cost	$	247,327	$	248,064

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Assets and Liabilities

October 31, 2025 (continued)

	WEBs Consumer Staples XLP Defined Volatility ETF			WEBs Health Care XLV Defined Volatility ETF
ASSETS
Investments, at value	$	240,359		$	259,274
Unrealized appreciation on Swap Agreements		—			13,225
TOTAL ASSETS		240,359			272,499

LIABILITIES
Unrealized depreciation on Swap Agreements		21,148			—
Payable to the Adviser		167			197
TOTAL LIABILITIES		21,315			197

NET ASSETS	$	219,044		$	272,302

COMPONENTS OF NET ASSETS
Paid-in capital		250,509			249,877
Total distributable earnings (accumulated loss)		(31,465	)		22,425
NET ASSETS	$	219,044		$	272,302

NET ASSET VALUE PER SHARE
Net Asset Value	$	21.90		$	27.23
Shares Outstanding		10,000			10,000

COST OF INVESTMENTS
Investments, at cost	$	248,593		$	249,079

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Assets and Liabilities

October 31, 2025 (continued)

	WEBs Financial XLF Defined Volatility ETF			WEBs Technology XLK Defined Volatility ETF
ASSETS
Investments, at value	$	246,547		$	282,664
Unrealized appreciation on Swap Agreements		—			34,465
TOTAL ASSETS		246,547			317,129

LIABILITIES
Unrealized depreciation on Swap Agreements		3,580			—
Payable to the Adviser		180			218
TOTAL LIABILITIES		3,760			218

NET ASSETS	$	242,787		$	316,911

COMPONENTS OF NET ASSETS
Paid-in capital		249,964			249,832
Total distributable earnings (accumulated loss)		(7,177	)		67,079
NET ASSETS	$	242,787		$	316,911

NET ASSET VALUE PER SHARE
Net Asset Value	$	24.28		$	31.69
Shares Outstanding		10,000			10,000

COST OF INVESTMENTS
Investments, at cost	$	247,283		$	262,692

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Assets and Liabilities

October 31, 2025 (continued)

	WEBs Communication Services XLC Defined Volatility ETF		WEBs Utilities XLU Defined Volatility ETF
ASSETS
Investments, at value	$	255,016	$	258,453
Unrealized appreciation on Swap Agreements		22,523		13,323
TOTAL ASSETS		277,539		271,776

LIABILITIES
Payable to the Adviser		204		202
TOTAL LIABILITIES		204		202

NET ASSETS	$	277,335	$	271,574

COMPONENTS OF NET ASSETS
Paid-in capital		249,796		250,671
Total distributable earnings (accumulated loss)		27,539		20,903
NET ASSETS	$	277,335	$	271,574

NET ASSET VALUE PER SHARE
Net Asset Value	$	27.73	$	27.16
Shares Outstanding		10,000		10,000

COST OF INVESTMENTS
Investments, at cost	$	246,947	$	252,423

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Assets and Liabilities

October 31, 2025 (continued)

	WEBs Real Estate XLRE Defined Volatility ETF
ASSETS
Investments, at value	$	233,491
TOTAL ASSETS		233,491

LIABILITIES
Unrealized depreciation on Swap Agreements		5,476
Payable to the Adviser		173
TOTAL LIABILITIES		5,649

NET ASSETS	$	227,842

COMPONENTS OF NET ASSETS
Paid-in capital		250,296
Total distributable earnings (accumulated loss)		(22,454	)
NET ASSETS	$	227,842

NET ASSET VALUE PER SHARE
Net Asset Value	$	22.78
Shares Outstanding		10,000

COST OF INVESTMENTS
Investments, at cost	$	238,931

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Operations

	WEBs SPY Defined Volatility ETF			WEBs QQQ Defined Volatility ETF
	For the Period Ended October 31, 2025*			For the Period Ended October 31, 2025*
INVESTMENT INCOME
Interest Income	$	38,275		$	40,871
Dividend Income		12,913			6,115
Total Investment Income		51,188			46,986

EXPENSES
Advisory fees		15,317			16,363
Total Expenses		15,317			16,363
NET INVESTMENT INCOME (LOSS)		35,871			30,623

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in securities		(33,889	)		(40,572	)
Swap Agreements		(84,917	)		(69,486	)
Redemptions In-Kind		(55,006	)		(25,020	)
Net realized gain (loss)		(173,812	)		(135,078	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities		154,199			194,624
Swap Agreements		89,611			153,694
Net change in unrealized appreciation (depreciation)		243,810			348,318
NET REALIZED AND UNREALIZED GAIN (LOSS)		69,998			213,240
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	105,869		$	243,863

* The Fund commenced operations on December 17, 2024.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Operations (continued)

	WEBs Energy XLE Defined Volatility ETF			WEBs Materials XLB Defined Volatility ETF
	For the Period Ended October 31, 2025**			For the Period Ended October 31, 2025**
INVESTMENT INCOME
Interest Income	$	1,254		$	1,237
Dividend Income		1,098			588
Total Investment Income		2,352			1,825

EXPENSES
Advisory fees		615			560
Total Expenses		615			560
NET INVESTMENT INCOME (LOSS)		1,737			1,265

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Swap Agreements		(1,830	)		(3,555	)
Redemptions In-Kind		—			—
Net realized gain (loss)		(1,830	)		(3,555	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities		3,900			(8,583	)
Swap Agreements		7,572			(24,418	)
Net change in unrealized appreciation (depreciation)		11,472			(33,001	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		9,642			(36,556	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	11,379		$	(35,291	)

** The Fund commenced operations on July 23, 2025.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Operations (continued)

	WEBs Industrials XLI Defined Volatility ETF			WEBs Consumer Discretionary XLY Defined Volatility ETF
	For the Period Ended October 31, 2025**			For the Period Ended October 31, 2025**
INVESTMENT INCOME
Interest Income	$	1,231		$	1,235
Dividend Income		520			238
Total Investment Income		1,751			1,473

EXPENSES
Advisory fees		595			603
Total Expenses		595			603
NET INVESTMENT INCOME (LOSS)		1,156			870

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Swap Agreements		(3,935	)		(2,910	)
Redemptions In-Kind		—			—
Net realized gain (loss)		(3,935	)		(2,910	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities		3,337			8,078
Swap Agreements		8,401			7,519
Net change in unrealized appreciation (depreciation)		11,738			15,597
NET REALIZED AND UNREALIZED GAIN (LOSS)		7,803			12,687
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,959		$	13,557

** The Fund commenced operations on July 23, 2025.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Operations (continued)

	WEBs Consumer Staples XLP Defined Volatility ETF			WEBs Health Care XLV Defined Volatility ETF
	For the Period Ended October 31, 2025**			For the Period Ended October 31, 2025**
INVESTMENT INCOME
Interest Income	$	1,241		$	1,231
Dividend Income		834			594
Total Investment Income		2,075			1,825

EXPENSES
Advisory fees		565			608
Total Expenses		565			608
NET INVESTMENT INCOME (LOSS)		1,510			1,217

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Swap Agreements		(3,593	)		(2,212	)
Redemptions In-Kind		—			—
Net realized gain (loss)		(3,593	)		(2,212	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities		(8,234	)		10,195
Swap Agreements		(21,148	)		13,225
Net change in unrealized appreciation (depreciation)		(29,382	)		23,420
NET REALIZED AND UNREALIZED GAIN (LOSS)		(32,975	)		21,208
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(31,465	)	$	22,425

** The Fund commenced operations on July 23, 2025.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Operations (continued)

	WEBs Financial XLF Defined Volatility ETF			WEBs Technology XLK Defined Volatility ETF
	For the Period Ended October 31, 2025**			For the Period Ended October 31, 2025**
INVESTMENT INCOME
Interest Income	$	1,239		$	1,290
Dividend Income		423			171
Total Investment Income		1,662			1,461

EXPENSES
Advisory fees		591			648
Total Expenses		591			648
NET INVESTMENT INCOME (LOSS)		1,071			813

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Swap Agreements		(3,932	)		11,829
Redemptions In-Kind		—			—
Net realized gain (loss)		(3,932	)		11,829
Net change in unrealized appreciation (depreciation) on:
Investments in securities		(736	)		19,972
Swap Agreements		(3,580	)		34,465
Net change in unrealized appreciation (depreciation)		(4,316	)		54,437
NET REALIZED AND UNREALIZED GAIN (LOSS)		(8,248	)		66,266
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,177	)	$	67,079

** The Fund commenced operations on July 23, 2025.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Operations (continued)

	WEBs Communication Services XLC Defined Volatility ETF			WEBs Utilities XLU Defined Volatility ETF
	For the Period Ended October 31, 2025**			For the Period Ended October 31, 2025**
INVESTMENT INCOME
Interest Income	$	1,224		$	1,241
Dividend Income		481			845
Total Investment Income		1,705			2,086

EXPENSES
Advisory fees		641			610
Total Expenses		641			610
NET INVESTMENT INCOME (LOSS)		1,064			1,476

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Swap Agreements		(4,117	)		74
Redemptions In-Kind		—			—
Net realized gain (loss)		(4,117	)		74
Net change in unrealized appreciation (depreciation) on:
Investments in securities		8,069			6,030
Swap Agreements		22,523			13,323
Net change in unrealized appreciation (depreciation)		30,592			19,353
NET REALIZED AND UNREALIZED GAIN (LOSS)		26,475			19,427
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	27,539		$	20,903

** The Fund commenced operations on July 23, 2025.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Operations (continued)

	WEBs Real Estate XLRE Defined Volatility ETF
	For the Period Ended October 31, 2025**
INVESTMENT INCOME
Interest Income	$	1,197
Dividend Income		942
Total Investment Income		2,139

EXPENSES
Advisory fees		563
Total Expenses		563
NET INVESTMENT INCOME (LOSS)		1,576

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Swap Agreements		(13,114	)
Redemptions In-Kind		—
Net realized gain (loss)		(13,114	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities		(5,440	)
Swap Agreements		(5,476	)
Net change in unrealized appreciation (depreciation)		(10,916	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(24,030	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(22,454	)

** The Fund commenced operations on July 23, 2025.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Changes in Net Assets

	WEBs SPY Defined Volatility ETF			WEBs QQQ Defined Volatility ETF
	For the Period Ended October 31, 2025*			For the Period Ended October 31, 2025*
OPERATIONS
Net investment income (loss)	$	35,871		$	30,623
Net realized gain (loss)		(173,812	)		(135,078	)
Net change in unrealized appreciation (depreciation)		243,810			348,318
Net increase (decrease) in net assets resulting from operations		105,869			243,863

CAPITAL TRANSACTIONS
Proceeds from Shares issued		3,460,345			5,002,976
Cost of Shares redeemed		(813,424	)		(1,233,416	)
Net increase (decrease) in net assets from capital transactions		2,646,921			3,769,560

Total increase (decrease) in net assets		2,752,790			4,013,423

NET ASSETS
Beginning of Period		—			—
End of Period	$	2,752,790		$	4,013,423

CHANGES IN SHARES OUTSTANDING
Shares outstanding, Beginning of Period		—			—
Shares issued		140,000			200,000
Shares redeemed		(40,000	)		(60,000	)
Net increase (decrease) in Shares Outstanding		100,000			140,000
Shares Outstanding, End of Period		100,000			140,000

* The Fund commenced operations on December 17, 2024.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Changes in Net Assets (continued)

	WEBs Energy XLE Defined Volatility ETF			WEBs Materials XLB Defined Volatility ETF
	For the Period Ended October 31, 2025**			For the Period Ended October 31, 2025**
OPERATIONS
Net investment income (loss)	$	1,737		$	1,265
Net realized gain (loss)		(1,830	)		(3,555	)
Net change in unrealized appreciation (depreciation)		11,472			(33,001	)
Net increase (decrease) in net assets resulting from operations		11,379			(35,291	)

CAPITAL TRANSACTIONS
Proceeds from Shares issued		249,875			250,362
Net increase (decrease) in net assets from capital transactions		249,875			250,362

Total increase (decrease) in net assets		261,254			215,071

NET ASSETS
Beginning of Period		—			—
End of Period	$	261,254		$	215,071

CHANGES IN SHARES OUTSTANDING
Shares outstanding, Beginning of Period		—			—
Shares issued		10,000			10,000
Shares redeemed		—			—
Net increase (decrease) in Shares Outstanding		10,000			10,000
Shares Outstanding, End of Period		10,000			10,000

** The Fund commenced operations on July 23, 2025.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Changes in Net Assets (continued)

	WEBs Industrials XLI Defined Volatility ETF			WEBs Consumer Discretionary XLY Defined Volatility ETF
	For the Period Ended October 31, 2025**			For the Period Ended October 31, 2025**
OPERATIONS
Net investment income (loss)	$	1,156		$	870
Net realized gain (loss)		(3,935	)		(2,910	)
Net change in unrealized appreciation (depreciation)		11,738			15,597
Net increase (decrease) in net assets resulting from operations		8,959			13,557

CAPITAL TRANSACTIONS
Proceeds from Shares issued		249,921			249,916
Net increase (decrease) in net assets from capital transactions		249,921			249,916

Total increase (decrease) in net assets		258,880			263,473

NET ASSETS
Beginning of Period		—			—
End of Period	$	258,880		$	263,473

CHANGES IN SHARES OUTSTANDING
Shares outstanding, Beginning of Period		—			—
Shares issued		10,000			10,000
Shares redeemed		—			—
Net increase (decrease) in Shares Outstanding		10,000			10,000
Shares Outstanding, End of Period		10,000			10,000

** The Fund commenced operations on July 23, 2025.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Changes in Net Assets (continued)

	WEBs Consumer Staples XLP Defined Volatility ETF			WEBs Health Care XLV Defined Volatility ETF
	For the Period Ended October 31, 2025**			For the Period Ended October 31, 2025**
OPERATIONS
Net investment income (loss)	$	1,510		$	1,217
Net realized gain (loss)		(3,593	)		(2,212	)
Net change in unrealized appreciation (depreciation)		(29,382	)		23,420
Net increase (decrease) in net assets resulting from operations		(31,465	)		22,425

CAPITAL TRANSACTIONS
Proceeds from Shares issued		250,509			249,877
Net increase (decrease) in net assets from capital transactions		250,509			249,877

Total increase (decrease) in net assets		219,044			272,302

NET ASSETS
Beginning of Period		—			—
End of Period	$	219,044		$	272,302

CHANGES IN SHARES OUTSTANDING
Shares outstanding, Beginning of Period		—			—
Shares issued		10,000			10,000
Shares redeemed		—			—
Net increase (decrease) in Shares Outstanding		10,000			10,000
Shares Outstanding, End of Period		10,000			10,000

** The Fund commenced operations on July 23, 2025.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Changes in Net Assets (continued)

	WEBs Financial XLF Defined Volatility ETF			WEBs Technology XLK Defined Volatility ETF
	For the Period Ended October 31, 2025**			For the Period Ended October 31, 2025**
OPERATIONS
Net investment income (loss)	$	1,071		$	813
Net realized gain (loss)		(3,932	)		11,829
Net change in unrealized appreciation (depreciation)		(4,316	)		54,437
Net increase (decrease) in net assets resulting from operations		(7,177	)		67,079

CAPITAL TRANSACTIONS
Proceeds from Shares issued		249,964			249,832
Net increase (decrease) in net assets from capital transactions		249,964			249,832

Total increase (decrease) in net assets		242,787			316,911

NET ASSETS
Beginning of Period		—			—
End of Period	$	242,787		$	316,911

CHANGES IN SHARES OUTSTANDING
Shares outstanding, Beginning of Period		—			—
Shares issued		10,000			10,000
Shares redeemed		—			—
Net increase (decrease) in Shares Outstanding		10,000			10,000
Shares Outstanding, End of Period		10,000			10,000

** The Fund commenced operations on July 23, 2025.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Changes in Net Assets (continued)

	WEBs Communication Services XLC Defined Volatility ETF			WEBs Utilities XLU Defined Volatility ETF
	For the Period Ended October 31, 2025**			For the Period Ended October 31, 2025**
OPERATIONS
Net investment income (loss)	$	1,064		$	1,476
Net realized gain (loss)		(4,117	)		74
Net change in unrealized appreciation (depreciation)		30,592			19,353
Net increase (decrease) in net assets resulting from operations		27,539			20,903

CAPITAL TRANSACTIONS
Proceeds from Shares issued		249,796			250,671
Net increase (decrease) in net assets from capital transactions		249,796			250,671

Total increase (decrease) in net assets		277,335			271,574

NET ASSETS
Beginning of Period		—			—
End of Period	$	277,335		$	271,574

CHANGES IN SHARES OUTSTANDING
Shares outstanding, Beginning of Period		—			—
Shares issued		10,000			10,000
Shares redeemed		—			—
Net increase (decrease) in Shares Outstanding		10,000			10,000
Shares Outstanding, End of Period		10,000			10,000

** The Fund commenced operations on July 23, 2025.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Statements of Changes in Net Assets (continued)

	WEBs Real Estate XLRE Defined Volatility ETF
	For the Period Ended October 31, 2025**
OPERATIONS
Net investment income (loss)	$	1,576
Net realized gain (loss)		(13,114	)
Net change in unrealized appreciation (depreciation)		(10,916	)
Net increase (decrease) in net assets resulting from operations		(22,454	)

CAPITAL TRANSACTIONS
Proceeds from Shares issued		250,296
Net increase (decrease) in net assets from capital transactions		250,296

Total increase (decrease) in net assets		227,842

NET ASSETS
Beginning of Period		—
End of Period	$	227,842

CHANGES IN SHARES OUTSTANDING
Shares outstanding, Beginning of Period		—
Shares issued		10,000
Shares redeemed		—
Net increase (decrease) in Shares Outstanding		10,000
Shares Outstanding, End of Period		10,000

** The Fund commenced operations on July 23, 2025.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Financial Highlights

For a share outstanding throughout the period presented.

	WEBs SPY Defined Volatility ETF		WEBs QQQ Defined Volatility ETF
	For the Period Ended October 31, 2025		For the Period Ended October 31, 2025*
NET ASSET VALUE, Beginning of Period	$	25.06	$	25.17
Income (loss) from operations:
Net investment income (loss)(1)		0.41		0.33
Net realized and unrealized gain (loss)		2.06		3.17
Total income (loss) from operations		2.47		3.50

NET ASSET VALUE, End of Period	$	27.53	$	28.67
MARKET PRICE, End of Period	$	27.59	$	28.67

NET ASSET VALUE, Total Return(2)		9.85%		13.88%
MARKET PRICE, Total Return(3)		10.76%		14.42%

Net assets, End of Period (thousands)		$2,753		$4,013

Ratios of Average Net Assets
Net Expenses(4)(5)		0.85%		0.85%
Net Investment Income (Loss)(4)(5)(6)		1.99%		1.59%
Portfolio turnover(7)		28.46%		23.48%

*		Commencement of investment operations on December 17, 2024.
(1)		Based on average daily shares outstanding.
(2)		Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the Period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total return calculated for a period of less than one year is not annualized.
(3)		Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all distributions at net asset value during the period and sale at the market price on the last day of the period. Total return calculated for a period of less than one year is not annualized.
(4)		Annualized.
(5)		Excludes expenses of the underlying funds.
(6)		Net investment income (loss) represents income earned by the Funds from their underlying investments less expenses incurred by the Funds during the period.
(7)		Portfolio turnover rate is not annualized for periods less than one year and does not include in-kind transactions, if any, from processing creations or redemptions, short term investments and derivative instruments.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Financial Highlights (continued)

For a share outstanding throughout the period presented.

	WEBs Energy XLE Defined Volatility ETF		WEBs Materials XLB Defined Volatility ETF
	For the Period Ended October 31, 2025**		For the Period Ended October 31, 2025**
NET ASSET VALUE, Beginning of Period	$	24.98	$	25.03
Income (loss) from operations:
Net investment income (loss)(1)		0.17		0.13
Net realized and unrealized gain (loss)		0.98		(3.65	)
Total income (loss) from operations		1.15		(3.52	)

NET ASSET VALUE, End of Period	$	26.13	$	21.51
MARKET PRICE, End of Period	$	26.15	$	21.52

NET ASSET VALUE, Total Return(2)		4.60%		(14.06)%
MARKET PRICE, Total Return(3)		2.23%		(14.58)%

Net assets, End of Period (thousands)		$261		$215

Ratios of Average Net Assets
Net Expenses(4)(5)		0.85%		0.85%
Net Investment Income (Loss)(4)(5)(6)		2.40%		1.92%
Portfolio turnover(7)		0%		0%

**		Commencement of investment operations on July 23, 2025.
(1)		Based on average daily shares outstanding.
(2)		Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the Period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total return calculated for a period of less than one year is not annualized.
(3)		Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all distributions at net asset value during the period and sale at the market price on the last day of the period. Total return calculated for a period of less than one year is not annualized.
(4)		Annualized.
(5)		Excludes expenses of the underlying funds.
(6)		Net investment income (loss) represents income earned by the Funds from their underlying investments less expenses incurred by the Funds during the period.
(7)		Portfolio turnover rate is not annualized for periods less than one year and does not include in-kind transactions, if any, from processing creations or redemptions, short term investments and derivative instruments.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Financial Highlights (continued)

For a share outstanding throughout the period presented.

	WEBs Industrials XLI Defined Volatility ETF		WEBs Consumer Discretionary XLY Defined Volatility ETF
	For the Period Ended October 31, 2025**		For the Period Ended October 31, 2025**
NET ASSET VALUE, Beginning of Period	$	24.98	$	24.98
Income (loss) from operations:
Net investment income (loss)(1)		0.12		0.09
Net realized and unrealized gain (loss)		0.79		1.28
Total income (loss) from operations		0.91		1.37

NET ASSET VALUE, End of Period	$	25.89	$	26.35
MARKET PRICE, End of Period	$	25.92	$	26.37

NET ASSET VALUE, Total Return(2)		3.63%		5.47%
MARKET PRICE, Total Return(3)		0.20%		4.71%

Net assets, End of Period (thousands)		$259		$263

Ratios of Average Net Assets
Net Expenses(4)(5)		0.85%		0.85%
Net Investment Income (Loss)(4)(5)(6)		1.65%		1.23%
Portfolio turnover(7)		0%		0%

**		Commencement of investment operations on July 23, 2025.
(1)		Based on average daily shares outstanding.
(2)		Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the Period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total return calculated for a period of less than one year is not annualized.
(3)		Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all distributions at net asset value during the period and sale at the market price on the last day of the period. Total return calculated for a period of less than one year is not annualized.
(4)		Annualized.
(5)		Excludes expenses of the underlying funds.
(6)		Net investment income (loss) represents income earned by the Funds from their underlying investments less expenses incurred by the Funds during the period.
(7)		Portfolio turnover rate is not annualized for periods less than one year and does not include in-kind transactions, if any, from processing creations or redemptions, short term investments and derivative instruments.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Financial Highlights (continued)

For a share outstanding throughout the period presented.

	WEBs Consumer Staples XLP Defined Volatility ETF			WEBs Health Care XLV Defined Volatility ETF
	For the Period Ended October 31, 2025**			For the Period Ended October 31, 2025**
NET ASSET VALUE, Beginning of Period	$	25.04		$	24.98
Income (loss) from operations:
Net investment income (loss)(1)		0.15			0.12
Net realized and unrealized gain (loss)		(3.29	)		2.13
Total income (loss) from operations		(3.14	)		2.25

NET ASSET VALUE, End of Period	$	21.90		$	27.23
MARKET PRICE, End of Period	$	21.93		$	27.27

NET ASSET VALUE, Total Return(2)		(12.53)%			9.02%
MARKET PRICE, Total Return(3)		(12.43)%			6.25%

Net assets, End of Period (thousands)		$219			$272

Ratios of Average Net Assets
Net Expenses(4)(5)		0.85%			0.85%
Net Investment Income (Loss)(4)(5)(6)		2.27%			1.70%
Portfolio turnover(7)		0%			0%

**		Commencement of investment operations on July 23, 2025.
(1)		Based on average daily shares outstanding.
(2)		Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the Period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total return calculated for a period of less than one year is not annualized.
(3)		Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all distributions at net asset value during the period and sale at the market price on the last day of the period. Total return calculated for a period of less than one year is not annualized.
(4)		Annualized.
(5)		Excludes expenses of the underlying funds.
(6)		Net investment income (loss) represents income earned by the Funds from their underlying investments less expenses incurred by the Funds during the period.
(7)		Portfolio turnover rate is not annualized for periods less than one year and does not include in-kind transactions, if any, from processing creations or redemptions, short term investments and derivative instruments.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Financial Highlights (continued)

For a share outstanding throughout the period presented.

	WEBs Financial XLF Defined Volatility ETF			WEBs Technology XLK Defined Volatility ETF
	For the Period Ended October 31, 2025**			For the Period Ended October 31, 2025**
NET ASSET VALUE, Beginning of Period	$	24.99		$	24.97
Income (loss) from operations:
Net investment income (loss)(1)		0.11			0.08
Net realized and unrealized gain (loss)		(0.82	)		6.64
Total income (loss) from operations		(0.71	)		6.72

NET ASSET VALUE, End of Period	$	24.28		$	31.69
MARKET PRICE, End of Period	$	24.30		$	31.72

NET ASSET VALUE, Total Return(2)		(2.83)%			26.90%
MARKET PRICE, Total Return(3)		(4.10)%			25.70%

Net assets, End of Period (thousands)		$243			$317

Ratios of Average Net Assets
Net Expenses(4)(5)		0.85%			0.85%
Net Investment Income (Loss)(4)(5)(6)		1.54%			1.07%
Portfolio turnover(7)		0%			0%

**		Commencement of investment operations on July 23, 2025.
(1)		Based on average daily shares outstanding.
(2)		Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the Period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total return calculated for a period of less than one year is not annualized.
(3)		Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all distributions at net asset value during the period and sale at the market price on the last day of the period. Total return calculated for a period of less than one year is not annualized.
(4)		Annualized.
(5)		Excludes expenses of the underlying funds.
(6)		Net investment income (loss) represents income earned by the Funds from their underlying investments less expenses incurred by the Funds during the period.
(7)		Portfolio turnover rate is not annualized for periods less than one year and does not include in-kind transactions, if any, from processing creations or redemptions, short term investments and derivative instruments.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Financial Highlights (continued)

For a share outstanding throughout the period presented.

	WEBs Communication Services XLC Defined Volatility ETF		WEBs Utilities XLU Defined Volatility ETF
	For the Period Ended October 31, 2025**		For the Period Ended October 31, 2025**
NET ASSET VALUE, Beginning of Period	$	24.97	$	25.06
Income (loss) from operations:
Net investment income (loss)(1)		0.11		0.15
Net realized and unrealized gain (loss)		2.65		1.95
Total income (loss) from operations		2.76		2.10

NET ASSET VALUE, End of Period	$	27.73	$	27.16
MARKET PRICE, End of Period	$	27.76	$	27.20

NET ASSET VALUE, Total Return(2)		11.07%		8.38%
MARKET PRICE, Total Return(3)		10.00%		10.21%

Net assets, End of Period (thousands)		$277		$272

Ratios of Average Net Assets
Net Expenses(4)(5)		0.85%		0.85%
Net Investment Income (Loss)(4)(5)(6)		1.41%		2.06%
Portfolio turnover(7)		0%		0%

**		Commencement of investment operations on July 23, 2025.
(1)		Based on average daily shares outstanding.
(2)		Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the Period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total return calculated for a period of less than one year is not annualized.
(3)		Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all distributions at net asset value during the period and sale at the market price on the last day of the period. Total return calculated for a period of less than one year is not annualized.
(4)		Annualized.
(5)		Excludes expenses of the underlying funds.
(6)		Net investment income (loss) represents income earned by the Funds from their underlying investments less expenses incurred by the Funds during the period.
(7)		Portfolio turnover rate is not annualized for periods less than one year and does not include in-kind transactions, if any, from processing creations or redemptions, short term investments and derivative instruments.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Financial Highlights (continued)

For a share outstanding throughout the period presented.

	WEBs Real Estate XLRE Defined Volatility ETF
	For the Period Ended October 31, 2025**
NET ASSET VALUE, Beginning of Period	$	25.02
Income (loss) from operations:
Net investment income (loss)(1)		0.16
Net realized and unrealized gain (loss)		(2.40	)
Total income (loss) from operations		(2.24	)

NET ASSET VALUE, End of Period	$	22.78
MARKET PRICE, End of Period	$	22.81

NET ASSET VALUE, Total Return(2)		(8.93)%
MARKET PRICE, Total Return(3)		(9.29)%

Net assets, End of Period (thousands)		$228

Ratios of Average Net Assets
Net Expenses(4)(5)		0.85%
Net Investment Income (Loss)(4)(5)(6)		2.38%
Portfolio turnover(7)		0%

**		Commencement of investment operations on July 23, 2025.
(1)		Based on average daily shares outstanding.
(2)		Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the Period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total return calculated for a period of less than one year is not annualized.
(3)		Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all distributions at net asset value during the period and sale at the market price on the last day of the period. Total return calculated for a period of less than one year is not annualized.
(4)		Annualized.
(5)		Excludes expenses of the underlying funds.
(6)		Net investment income (loss) represents income earned by the Funds from their underlying investments less expenses incurred by the Funds during the period.
(7)		Portfolio turnover rate is not annualized for periods less than one year and does not include in-kind transactions, if any, from processing creations or redemptions, short term investments and derivative instruments.

The accompanying notes are an integral part of the financial statements.

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025

NOTE 1 — ORGANIZATION

WEBs ETF Trust (formerly, Syntax ETF Trust) (the “Trust”) is a Delaware statutory trust organized on June 27, 2013 and is authorized to issue multiple series or portfolios. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently consists of multiple series, of which the following thirteen series are covered in this report (each a “Fund” and collectively, the “Funds”): WEBs SPY Defined Volatility ETF (formerly known as WEBs Defined Volatility SPY ETF), WEBs QQQ Defined Volatility ETF (formerly known as WEBs Defined Volatility QQQ ETF), WEBs Energy XLE Defined Volatility ETF (formerly known as WEBs Defined Volatility XLE ETF), WEBs Materials XLB Defined Volatility ETF (formerly known as WEBs Defined Volatility XLB ETF), WEBs Industrials XLI Defined Volatility ETF (formerly known as WEBs Defined Volatility XLI ETF), WEBs Consumer Discretionary XLY Defined Volatility ETF (formerly known as WEBs Defined Volatility XLY ETF), WEBs Consumer Staples XLP Defined Volatility ETF (formerly known as WEBs Defined Volatility XLP ETF), WEBs Health Care XLV Defined Volatility ETF (formerly known as WEBs Defined Volatility XLV ETF), WEBs Financial XLF Defined Volatility ETF (formerly known as WEBs Defined Volatility XLF ETF), WEBs Technology XLK Defined Volatility ETF (formerly known as WEBs Defined Volatility XLK ETF), WEBs Communication Services XLC Defined Volatility ETF (formerly known as WEBs Defined Volatility XLC ETF), WEBs Utilities XLU Defined Volatility ETF (formerly known as WEBs Defined Volatility XLU ETF) and WEBs Real Estate XLRE Defined Volatility ETF (formerly known as WEBs Defined Volatility XLRE ETF). Each investment series operates as an exchange-traded fund (“ETF”). Shares of the Funds (“Shares”) are listed on Nasdaq, Inc. The Funds are classified as “non-diversified” under the 1940 Act.

Each Fund is managed by WEBs Investments Inc. (the “Adviser”), who serves as the investment adviser to the Funds. Vident Advisory, LLC (d/b/a Vident Asset Management) (“Vident” or the “Sub-Adviser”) serves as investment sub-adviser to the Funds. The Adviser and Vident are referred collectively as the “Advisers”. The investment objective of the Funds is to provide investment results that, before fees and expenses, correspond to the performance of their respective index (each, an “Index”). The following table details the Index and commencement of operations of each Fund.

Fund Name	Index	Commencement of operations
WEBs SPY Defined Volatility ETF	Syntax Defined Volatility US Large Cap 500 Index	December 17, 2024
WEBs QQQ Defined Volatility ETF	Syntax Defined Volatility Triple Q’s Index	December 17, 2024
WEBs Energy XLE Defined Volatility ETF	Syntax Defined Volatility XLE Index	July 23, 2025
WEBs Materials XLB Defined Volatility ETF	Syntax Defined Volatility XLB Index	July 23, 2025
WEBs Industrials XLI Defined Volatility ETF	Syntax Defined Volatility XLI Index	July 23, 2025
WEBs Consumer Discretionary XLY Defined Volatility ETF	Syntax Defined Volatility XLY Index	July 23, 2025
WEBs Consumer Staples XLP Defined Volatility ETF	Syntax Defined Volatility XLP Index	July 23, 2025
WEBs Health Care XLV Defined Volatility ETF	Syntax Defined Volatility XLV Index	July 23, 2025
WEBs Financial XLF Defined Volatility ETF	Syntax Defined Volatility XLF Index	July 23, 2025
WEBs Technology XLK Defined Volatility ETF	Syntax Defined Volatility XLK Index	July 23, 2025
WEBs Communication Services XLC Defined Volatility ETF	Syntax Defined Volatility XLC Index	July 23, 2025
WEBs Utilities XLU Defined Volatility ETF	Syntax Defined Volatility XLU Index	July 23, 2025
WEBs Real Estate XLRE Defined Volatility ETF	Syntax Defined Volatility XLRE Index	July 23, 2025

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (‘‘GAAP’’), which require the use of estimates and assumptions to be made by management. These may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements.

a. Basis of Presentation

The financial statements have been prepared in conformity with GAAP as detailed in the FASB Accounting Standards Codification (‘‘ASC’’). Each Fund is an investment company and follows the accounting and reporting guidance in FASB ASC Topic 946 ‘‘Financial Services — Investment Companies.’’

b. Investment Valuation

Net asset value (“NAV”) per Share for each Fund is computed by dividing the value of the net assets of such Fund (i.e., the value of its total assets less total liabilities) by the total number of Shares outstanding. Expenses and fees are accrued daily and taken into account for purposes of determining NAV. The Funds’ NAVs are calculated by the Administrator and determined as of the close of the regular trading session on the NYSE (ordinarily 4:00 p.m. Eastern time) on each day that such exchange is open.

The Funds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Trust’s Board of Trustees (“Board”) designated the Adviser as the valuation designee (“Valuation Designee”) responsible for the fair valuation function and performing fair value determinations as needed. The Valuation Designee is responsible for assessing and managing valuation risks, administering the pricing and valuation guidelines approved by the Board, and overseeing pricing services utilized in valuing the Trust’s security holdings, among other responsibilities outlined in rule 2a-5 of the 1940 Act. When the Valuation Designee determines that the price of a security is not readily available or deemed unreliable, it may in good faith establish a fair value for that security in accordance with the pricing and valuation guidelines. The prices used by a Fund may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

Exchange-traded funds listed on an exchange or on the Nasdaq National Market System are valued at the last quoted sale price or the official closing price of the day. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized as Level 1 in the fair value hierarchy. If no sales occurred during the day, investments are valued at the mean between closing bid and asked prices and categorized as Level 2.

Fixed-income securities are valued according to prices as furnished by an independent pricing service, generally at the mean of the bid and asked quotes for U.S. Treasury securities and at the bid or evaluated bid price for corporate bonds. The Funds place excess cash balances into overnight time deposits with one

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

or more eligible deposit institutions that meet credit and risk standards approved by the Funds. These are classified as short-term investments in the Funds’ Schedule of Investments. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value, and characterized as Level 2.

Non-exchange traded derivatives (e.g. non-exchange traded swap agreements) are generally valued using independent sources and/or agreement with counterparties or other procedures approved by the Board and are typically categorized as Level 2 in the fair value hierarchy.

The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). The three levels defined by the hierarchy are as follows:

• Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities

• Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

The following tables summarize the valuation of the Funds’ assets and liabilities under the fair value hierarchy levels as of October 31, 2025:

WEBs SPY Defined Volatility ETF
	Level 1		Level 2		Level 3		Total
Assets
Exchange-Traded Funds	$	1,265,904	$	—	$	—	$	1,265,904
Short-Term Investments
Time Deposits		—		1,398,895		—		1,398,895
Total Investments	$	1,265,904	$	1,398,895	$	—	$	2,664,799
Other Financial Instruments
Assets
Total Return Swaps		—		89,611		—		89,611

WEBs QQQ Defined Volatility ETF
	Level 1		Level 2		Level 3		Total
Assets
Exchange-Traded Funds	$	1,858,902	$	—	$	—	$	1,858,902
Short-Term Investments
Time Deposits		—		2,003,219		—		2,003,219
Total Investments	$	1,858,902	$	2,003,219	$	—	$	3,862,121
Other Financial Instruments
Assets
Total Return Swaps		—		153,694		—		153,694

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

WEBs Energy XLE Defined Volatility ETF
	Level 1		Level 2		Level 3		Total
Assets
Exchange-Traded Funds	$	129,198	$	—	$	—	$	129,198
Short-Term Investments
Time Deposits		—		124,672		—		124,672
Total Investments	$	129,198	$	124,672	$	—	$	253,870
Other Financial Instruments
Assets
Total Return Swaps		—		7,572		—		7,572

WEBs Materials XLB Defined Volatility ETF
	Level 1		Level 2			Level 3		Total
Assets
Exchange-Traded Funds	$	117,453	$	—		$	—	$	117,453
Short-Term Investments
Time Deposits		—		122,203			—		122,203
Total Investments	$	117,453	$	122,203		$	—	$	239,656
Other Financial Instruments
Liabilities
Total Return Swaps		—		(24,418	)		—		(24,418	)

WEBs Industrials XLI Defined Volatility ETF
	Level 1		Level 2		Level 3		Total
Assets
Exchange-Traded Funds	$	128,080	$	—	$	—	$	128,080
Short-Term Investments
Time Deposits		—		122,584		—		122,584
Total Investments	$	128,080	$	122,584	$	—	$	250,664
Other Financial Instruments
Assets
Total Return Swaps		—		8,401		—		8,401

WEBs Consumer Discretionary XLY Defined Volatility ETF
	Level 1		Level 2		Level 3		Total
Assets
Exchange-Traded Funds	$	134,122	$	—	$	—	$	134,122
Short-Term Investments
Time Deposits		—		122,020		—		122,020
Total Investments	$	134,122	$	122,020	$	—	$	256,142
Other Financial Instruments
Assets
Total Return Swaps		—		7,519		—		7,519

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

WEBs Consumer Staples XLP Defined Volatility ETF
	Level 1		Level 2			Level 3		Total
Assets
Exchange-Traded Funds	$	117,624	$	—		$	—	$	117,624
Short-Term Investments
Time Deposits		—		122,735			—		122,735
Total Investments	$	117,624	$	122,735		$	—	$	240,359
Other Financial Instruments
Liabilities
Total Return Swaps		—		(21,148	)		—		(21,148	)

WEBs Health Care XLV Defined Volatility ETF
	Level 1		Level 2		Level 3		Total
Assets
Exchange-Traded Funds	$	137,182	$	—	$	—	$	137,182
Short-Term Investments
Time Deposits		—		122,092		—		122,092
Total Investments	$	137,182	$	122,092	$	—	$	259,274
Other Financial Instruments
Assets
Total Return Swaps		—		13,225		—		13,225

WEBs Financial XLF Defined Volatility ETF
	Level 1		Level 2			Level 3		Total
Assets
Exchange-Traded Funds	$	124,379	$	—		$	—	$	124,379
Short-Term Investments
Time Deposits		—		122,168			—		122,168
Total Investments	$	124,379	$	122,168		$	—	$	246,547
Other Financial Instruments
Liabilities
Total Return Swaps		—		(3,580	)		—		(3,580	)

WEBs Technology XLK Defined Volatility ETF
	Level 1		Level 2		Level 3		Total
Assets
Exchange-Traded Funds	$	143,425	$	—	$	—	$	143,425
Short-Term Investments
Time Deposits		—		139,239		—		139,239
Total Investments	$	143,425	$	139,239	$	—	$	282,664
Other Financial Instruments
Assets
Total Return Swaps		—		34,465		—		34,465

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

WEBs Communication Services XLC Defined Volatility ETF
	Level 1		Level 2		Level 3		Total
Assets
Exchange-Traded Funds	$	133,295	$	—	$	—	$	133,295
Short-Term Investments
Time Deposits		—		121,721		—		121,721
Total Investments	$	133,295	$	121,721	$	—	$	255,016
Other Financial Instruments
Assets
Total Return Swaps		—		22,523		—		22,523

WEBs Utilities XLU Defined Volatility ETF
	Level 1		Level 2		Level 3		Total
Assets
Exchange-Traded Funds	$	132,670	$	—	$	—	$	132,670
Short-Term Investments
Time Deposits		—		125,783		—		125,783
Total Investments	$	132,670	$	125,783	$	—	$	258,453
Other Financial Instruments
Assets
Total Return Swaps		—		13,323		—		13,323

WEBs Real Estate XLRE Defined Volatility ETF
	Level 1		Level 2			Level 3		Total
Assets
Exchange-Traded Funds	$	121,596	$	—		$	—	$	121,596
Short-Term Investments
Time Deposits		—		111,895			—		111,895
Total Investments	$	121,596	$	111,895		$	—	$	233,491
Other Financial Instruments
Liabilities
Total Return Swaps		—		(5,476	)		—		(5,476	)

The Funds did not hold any investments during the current period ended October 31, 2025, with significant unobservable inputs categorized as Level 3.

c. Derivatives

SWAP AGREEMENTS

The Funds invest in swap agreements that reference their respective underlying ETF (the “Underlying ETF”), by investing, under normal market conditions, at least 80% of their net assets (including borrowings for investment purposes) in financial instruments that achieve the investment results of the respective Index. Swap agreements are contracts entered into primarily with major financial institutions for a specified period ranging from a day to more than one year. In a “swap” transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on predetermined investments or instruments for a specified time period. The Funds expect to enter into one or more over-the-counter (“OTC”) swap agreements with major global financial institutions for a specified period ranging from a day to more than one year to provide exposure to the investment performance of the Index. The terms of the Funds’ OTC

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

swap agreement are expected to provide payments whereby only the net amount is paid to the counterparty entitled to receive the net payment. The Funds’ obligations (or rights) under the OTC swap agreement will be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each counterparty. Certain agreements are structured so that the finance fee is paid at regular intervals, while asset income and any capital appreciation or depreciation are settled at maturity. Alternatively, all three components may be paid periodically upon a change in the notional value of the contract, with a final settlement at maturity. The payment frequency of open swap agreements as of period-end is disclosed in the Schedule of Investments.

Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as change in unrealized appreciation or depreciation in the Statements of Operations. Net receipts or payments are recorded as realized gains or losses, respectively. Gains and losses are realized upon reset and/or termination of a swap contract or when receipts or payments are exchanged.

TOTAL RETURN SWAPS

The Funds enter into total return swaps to gain exposure and benefit from a reference asset (single asset, or a basket of assets) without actually having to own it. Total return swaps are agreements where the total return of a reference asset is paid in exchange for periodic cash flows, either fixed or variable, and typically a floating rate such as OBFR (Overnight Bank Funding Rate) +/- a basis point spread. The deal is structured such that the total return (asset income plus capital appreciation/depreciation) is exchanged, in the cash flows. Periodic payments received or made by the Funds are recorded as realized gain or loss from swap agreements on the Statements of Operations.

d. Summary of Derivatives Information

The following tables present the value of derivatives held as of October 31, 2025, by the primary underlying risk exposure and respective location in the Statements of Assets and Liabilities:

		Asset Derivatives		Liability Derivatives
Fund name	Derivatives Not Accounted for as Hedging Instruments under ASC 815	Statements of Assets and Liabilities	Unrealized Appreciation	Statements of Assets and Liabilities	Unrealized Depreciation
WEBs SPY Defined Volatility ETF	Equity Contacts	Unrealized appreciation on swap agreements	$89,611	Unrealized depreciation on swap agreements	$—
	Total		$89,611		$—
WEBs QQQ Defined Volatility ETF	Equity Contacts	Unrealized appreciation on swap agreements	$153,694	Unrealized depreciation on swap agreements	$—
	Total		$153,694		$—
WEBs Energy XLE Defined Volatility ETF	Equity Contacts	Unrealized appreciation on swap agreements	$7,572	Unrealized depreciation on swap agreements	$—
	Total		$7,572		$—
WEBs Materials XLB Defined Volatility ETF	Equity Contacts	Unrealized appreciation on swap agreements	$—	Unrealized depreciation on swap agreements	$24,418
	Total		$—		$24,418

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

		Asset Derivatives		Liability Derivatives
Fund name	Derivatives Not Accounted for as Hedging Instruments under ASC 815	Statements of Assets and Liabilities	Unrealized Appreciation	Statements of Assets and Liabilities	Unrealized Depreciation
WEBs Industrials XLI Defined Volatility ETF	Equity Contacts	Unrealized appreciation on swap agreements	$8,401	Unrealized depreciation on swap agreements	$—
	Total		$8,401		$—
WEBs Consumer Discretionary XLY Defined Volatility ETF	Equity Contacts	Unrealized appreciation on swap agreements	$7,519	Unrealized depreciation on swap agreements	$—
	Total		$7,519		$—
WEBs Consumer Staples XLP Defined Volatility ETF	Equity Contacts	Unrealized appreciation on swap agreements	$—	Unrealized depreciation on swap agreements	$21,148
	Total		$—		$21,148
WEBs Health Care XLV Defined Volatility ETF	Equity Contacts	Unrealized appreciation on swap agreements	$13,225	Unrealized depreciation on swap agreements	$—
	Total		$13,225		$—
WEBs Financial XLF Defined Volatility ETF	Equity Contacts	Unrealized appreciation on swap agreements	$—	Unrealized depreciation on swap agreements	$3,580
	Total		$—		$3,580
WEBs Technology XLK Defined Volatility ETF	Equity Contacts	Unrealized appreciation on swap agreements	$34,465	Unrealized depreciation on swap agreements	$—
	Total		$34,465		$—
WEBs Communication Services XLC Defined Volatility ETF	Equity Contacts	Unrealized appreciation on swap agreements	$22,523	Unrealized depreciation on swap agreements	$—
	Total		$22,523		$—
WEBs Utilities XLU Defined Volatility ETF	Equity Contacts	Unrealized appreciation on swap agreements	$13,323	Unrealized depreciation on swap agreements	$—
	Total		$13,323		$—
WEBs Real Estate XLRE Defined Volatility ETF	Equity Contacts	Unrealized appreciation on swap agreements	$—	Unrealized depreciation on swap agreements	$5,476
	Total		$—		$5,476

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

The following tables present the effect of derivatives in the Statements of Operations for the period ended October 31, 2025, by primary underlying risk exposure:

Fund name	Derivatives Not Accounted for as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives	Realized Gain (Loss) on Derivatives	Change in Unrealized Appreciation (Depreciation) on Derivatives
WEBs SPY Defined Volatility ETF	Equity Contacts	Net realized gain (loss) on swap agreements; Net change in unrealized appreciation (depreciation) on swap agreements	$(84,917)	$89,611
	Total		$(84,917)	$89,611
WEBs QQQ Defined Volatility ETF	Equity Contacts	Net realized gain (loss) on swap agreements; Net change in unrealized appreciation (depreciation) on swap agreements	$(69,486)	$153,694
	Total		$(69,486)	$153,694
WEBs Energy XLE Defined Volatility ETF	Equity Contacts	Net realized gain (loss) on swap agreements; Net change in unrealized appreciation (depreciation) on swap agreements	$(1,830)	$7,572
	Total		$(1,830)	$7,572
WEBs Materials XLB Defined Volatility ETF	Equity Contacts	Net realized gain (loss) on swap agreements; Net change in unrealized appreciation (depreciation) on swap agreements	$(3,555)	$(24,418)
	Total		$(3,555)	$(24,418)
WEBs Industrials XLI Defined Volatility ETF	Equity Contacts	Net realized gain (loss) on swap agreements; Net change in unrealized appreciation (depreciation) on swap agreements	$(3,935)	$8,401
	Total		$(3,935)	$8,401
WEBs Consumer Discretionary XLY Defined Volatility ETF	Equity Contacts	Net realized gain (loss) on swap agreements; Net change in unrealized appreciation (depreciation) on swap agreements	$(2,910)	$7,519
	Total		$(2,910)	$7,519

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

Fund name	Derivatives Not Accounted for as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives	Realized Gain (Loss) on Derivatives	Change in Unrealized Appreciation (Depreciation) on Derivatives
WEBs Consumer Staples XLP Defined Volatility ETF	Equity Contacts	Net realized gain (loss) on swap agreements; Net change in unrealized appreciation (depreciation) on swap agreements	$(3,593)	$(21,148)
	Total		$(3,593)	$(21,148)
WEBs Health Care XLV Defined Volatility ETF	Equity Contacts	Net realized gain (loss) on swap agreements; Net change in unrealized appreciation (depreciation) on swap agreements	$(2,212)	$13,225
	Total		$(2,212)	$13,225
WEBs Financial XLF Defined Volatility ETF	Equity Contacts	Net realized gain (loss) on swap agreements; Net change in unrealized appreciation (depreciation) on swap agreements	$(3,932)	$(3,580)
	Total		$(3,932)	$(3,580)
WEBs Technology XLK Defined Volatility ETF	Equity Contacts	Net realized gain (loss) on swap agreements; Net change in unrealized appreciation (depreciation) on swap agreements	$11,829	$34,465
	Total		$11,829	$34,465
WEBs Communication Services XLC Defined Volatility ETF	Equity Contacts	Net realized gain (loss) on swap agreements; Net change in unrealized appreciation (depreciation) on swap agreements	$(4,117)	$22,523
	Total		$(4,117)	$22,523
WEBs Utilities XLU Defined Volatility ETF	Equity Contacts	Net realized gain (loss) on swap agreements; Net change in unrealized appreciation (depreciation) on swap agreements	$74	$13,323
	Total		$74	$13,323
WEBs Real Estate XLRE Defined Volatility ETF	Equity Contacts	Net realized gain (loss) on swap agreements; Net change in unrealized appreciation (depreciation) on swap agreements	$(13,114)	$(5,476)
	Total		$(13,114)	$(5,476)

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

The table below disclose the monthly average notional contract amount of the Funds’ derivatives contracts traded during the period ended October 31, 2025 (for the months when Funds invested in the instrument):

Fund Name	Average notional amount
WEBs SPY Defined Volatility ETF
Swap Agreements(1)	$	2,038,330
WEBs QQQ Defined Volatility ETF
Swap Agreements(1)		1,737,389
WEBs Energy XLE Defined Volatility ETF
Swap Agreements(2)		321,318
WEBs Materials XLB Defined Volatility ETF
Swap Agreements(2)		332,045
WEBs Industrials XLI Defined Volatility ETF
Swap Agreements(2)		354,155
WEBs Consumer Discretionary XLY Defined Volatility ETF
Swap Agreements(2)		250,446
WEBs Consumer Staples XLP Defined Volatility ETF
Swap Agreements(2)		305,563
WEBs Health Care XLV Defined Volatility ETF
Swap Agreements(2)		227,649
WEBs Financial XLF Defined Volatility ETF
Swap Agreements(2)		354,177
WEBs Technology XLK Defined Volatility ETF
Swap Agreements(2)		339,940
WEBs Communication Services XLC Defined Volatility ETF
Swap Agreements(2)		391,094
WEBs Utilities XLU Defined Volatility ETF
Swap Agreements(2)		371,639
WEBs Real Estate XLRE Defined Volatility ETF
Swap Agreements(2)		296,131

(1) Positions were open for eleven months during the reporting period.

(2) Positions were open for four months during the reporting period.

The Funds typically enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement” or “MA”) with their OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Funds typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Funds’ net liability, held by the defaulting party, may be delayed or denied. The Funds’ ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Funds decline below specific levels (“net asset contingent features”). If these levels are triggered, the Funds’ OTC counterparty has the right to terminate such transaction and require the Funds to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting

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Notes to Financial Statements
October 31, 2025 (continued)

arrangements by the OTC counterparty tables below for additional details. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Funds’ derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements and net of the related collateral received/pledged by the Funds as of October 31, 2025.

WEBs SPY Defined Volatility ETF

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset		Net Amount^		Collateral Received*		Net Amount of Derivatives Assets
Clear Street LLC	$	89,611	$	—	$	89,611	$	—	$	89,611
Total	$	89,611	$	—	$	89,611	$	—	$	89,611

WEBs QQQ Defined Volatility ETF

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset		Net Amount^		Collateral Received*		Net Amount of Derivatives Assets
Clear Street LLC	$	153,694	$	—	$	153,694	$	—	$	153,694
Total	$	153,694	$	—	$	153,694	$	—	$	153,694

WEBs Energy XLE Defined Volatility ETF

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset		Net Amount^		Collateral Received*		Net Amount of Derivatives Assets
Wells Fargo	$	7,572	$	—	$	7,572	$	—	$	7,572
Total	$	7,572	$	—	$	7,572	$	—	$	7,572

WEBs Materials XLB Defined Volatility ETF

Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset		Net Amount^		Collateral Pledged*			Net Amount of Derivatives Liabilities
Clear Street LLC	$	24,418	$	—	$	24,418	$	(24,418	)	$	—
Total	$	24,418	$	—	$	24,418	$	(24,418	)	$	—

WEBs Industrials XLI Defined Volatility ETF

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset		Net Amount^		Collateral Received*		Net Amount of Derivatives Assets
Cantor Fitzgerald	$	8,401	$	—	$	8,401	$	—	$	8,401
Total	$	8,401	$	—	$	8,401	$	—	$	8,401

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

WEBs Consumer Discretionary XLY Defined Volatility ETF

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset		Net Amount^		Collateral Received*		Net Amount of Derivatives Assets
Clear Street LLC	$	7,519	$	—	$	7,519	$	—	$	7,519
Total	$	7,519	$	—	$	7,519	$	—	$	7,519

WEBs Consumer Staples XLP Defined Volatility ETF

Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset		Net Amount^		Collateral Pledged*			Net Amount of Derivatives Liabilities
Cantor Fitzgerald	$	21,148	$	—	$	21,148	$	(21,148	)	$	—
Total	$	21,148	$	—	$	21,148	$	(21,148	)	$	—

WEBs Health Care XLV Defined Volatility ETF

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset		Net Amount^		Collateral Received*		Net Amount of Derivatives Assets
Clear Street LLC	$	13,225	$	—	$	13,225	$	—	$	13,225
Total	$	13,225	$	—	$	13,225	$	—	$	13,225

WEBs Financial XLF Defined Volatility ETF

Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset		Net Amount^		Collateral Pledged*			Net Amount of Derivatives Liabilities
Cantor Fitzgerald	$	3,580	$	—	$	3,580	$	(3,580	)	$	—
Total	$	3,580	$	—	$	3,580	$	(3,580	)	$	—

WEBs Technology XLK Defined Volatility ETF

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset		Net Amount^		Collateral Received*		Net Amount of Derivatives Assets
Wells Fargo	$	34,465	$	—	$	34,465	$	—	$	34,465
Total	$	34,465	$	—	$	34,465	$	—	$	34,465

WEBs Communication Services XLC Defined Volatility ETF

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset		Net Amount^		Collateral Received*		Net Amount of Derivatives Assets
Cantor Fitzgerald	$	22,523	$	—	$	22,523	$	—	$	22,523
Total	$	22,523	$	—	$	22,523	$	—	$	22,523

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

WEBs Utilities XLU Defined Volatility ETF

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset		Net Amount^		Collateral Received*		Net Amount of Derivatives Assets
Wells Fargo	$	13,323	$	—	$	13,323	$	—	$	13,323
Total	$	13,323	$	—	$	13,323	$	—	$	13,323

WEBs Real Estate XLRE Defined Volatility ETF

Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset		Net Amount^		Collateral Pledged*		Net Amount of Derivatives Liabilities
Wells Fargo	$	5,476	$	—	$	5,476	$	—	$	5,476
Total	$	5,476	$	—	$	5,476	$	—	$	5,476

^		Net amount represents the net receivable (payable) that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.
*		The actual collateral received/pledged may be more than the amount reported due to overcollateralization.

e. Security Transactions and Net Investment Income

Security transactions are recorded on the trade date. Net realized gains and losses from sales of securities are determined using the specific identification method. Dividend income is recognized on the ex-dividend date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premiums and accretion of discounts using the constant yield method. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expenses.

f. Short-term Instruments

The Funds may invest in short-term instruments (with maturities of less than one year), including money market instruments, cash and cash equivalents, on an ongoing basis to achieve its investment objective, provide liquidity or for other reasons.

g. Dividend Distributions

The Funds expect to declare and distribute all its net investment income, if any, to shareholders as dividends annually. The Funds will distribute capital gains, if any, at least annually. Distributions to shareholders are determined in accordance with federal income tax regulations and recorded on the ex-dividend date.

h. Reclassification

GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or the NAV per share.

i. Federal Income Taxes

It is the Funds’ intention to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable net investment income and capital gains, if any, to their shareholders. Therefore, no federal income tax provision is required.

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

NOTE 3 — INVESTMENT ADVISORY AND OTHER AGREEMENTS

Adviser

WEBs Investments Inc. serves as the investment adviser to the Funds and, subject to the supervision of the Board, is responsible for the investment management of the Funds, executed through the selection of the sub-adviser(s) for portfolio management and other agreed upon activities. In addition, the Adviser continuously reviews, supervises and administers the Funds’ investment program. The Adviser has been a registered investment adviser since October 2024.

Pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the “Investment Management Agreement”), each Fund has agreed to pay an annual unitary management fee to the Adviser in an amount equal to 0.85% of its average daily net assets under which the investment adviser pays substantially all expenses of the Funds (including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services and license fees, if any, and any expenses incurred by the Trust and allocated to each Fund), excluding the fee paid to the investment adviser, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the trustees that are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), their counsel, the execution of portfolio transactions (including any net account or similar fees charged by futures commission merchants), distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. The Adviser maintains the right to make payment of other expenses in connection with the Independent Trustees and their counsel, provided, however, if the Adviser does not make these payments when due, such payments shall be payable by the Trust and allocated to the Funds.

Under the terms of the Westwood Management Company (“WMC”) Agreement with the Adviser, WMC, located at 200 Crescent Court, Suite 1200 Dallas, TX 75201, provides the Trust sales and distribution services, administers the Trust’s proxy voting services, and other support services related to liquidity monitoring and derivatives risk management. For sales and distribution services, the Adviser pays fees to Salient Capital, LP, an affiliate of WMC, which fees are reimbursed by WMC up to certain thresholds. Westwood Holdings Group, Inc. (“Westwood”), the parent company of WMC, has made a minority investment in WEBs Investments, Inc. and has a representation on the Adviser’s board of directors.

Sub-Adviser

Pursuant to an investment sub-advisory agreement between the Adviser, Vident and the Trust, on behalf of the Funds (the “Vident Agreement”), the Adviser has agreed to pay an annual sub-advisory fee to Vident based on the Funds’ average daily net assets. The Adviser is responsible for paying the entirety of Vident’s sub-advisory fee. The Funds do not directly pay Vident.

Vident serves as sub-adviser to the Funds and performs the day-to-day management of the Funds’ assets and places orders for the purchase and sale of securities for the Funds. Vident was established in 2016.

Administrator, Custodian and Transfer Agent

Brown Brothers Harriman & Co is the Administrator for the Funds, the Transfer Agent to the Funds and the Custodian for the Funds’ assets. As of October 31, 2025, there were no fees incurred by the Funds for these services as the Adviser bore all such costs.

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

Distributor and Fund Officers

Foreside Fund Services, LLC (the “Distributor”) is the distributor of the Creation Units of the Funds. The Distributor will not distribute Shares in less than Creation Units, and it does not maintain a secondary market in the Shares. The Distributor may enter into selected dealer agreements with other broker-dealers or other qualified financial institutions for the sale of Creation Units of Shares. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”).

Adviser Compliance Associates, LLC doing business as ACA Group (“ACA”) provides the Trust with a Chief Compliance Officer and Principal Financial Officer. As of October 31, 2025, there were no fees incurred by the Funds for these services as the Adviser bore all such costs.

Independent Registered Public Accounting Firm

Cohen & Company, Ltd serves as the independent registered public accounting firm for the Trust. As of October 31, 2025, there were no fees incurred by the Funds for these services as the Adviser bore all such costs.

Legal Counsel

Chapman and Cutler LLP serves as legal counsel to the Trust. As of October 31, 2025, there were no fees incurred by the Funds for these services as the Adviser bore all such costs.

Board of Trustees

The Board of Trustees is responsible for overseeing the management and business affairs of the Funds. The Board oversees the operations of the Funds by its officers. The Board also reviews management of each Fund’s assets by the investment adviser and sub-adviser. The Adviser maintains the right to make payment of other expenses in connection with the Independent Trustees and their counsel, provided, however, if the Adviser does not make these payments when due, such payments shall be payable by the Trust and allocated to the Funds.

NOTE 4 — INVESTMENT TRANSACTIONS

Investment transactions (excluding in-kind subscriptions and redemptions, derivatives and short-term investments) for the period ended October 31, 2025 were as follows:

Fund	Purchases		Sales
WEBs SPY Defined Volatility ETF	$	418,409	$	296,205
WEBs QQQ Defined Volatility ETF		892,542		261,879
WEBs Energy XLE Defined Volatility ETF		—		—
WEBs Materials XLB Defined Volatility ETF		—		—
WEBs Industrials XLI Defined Volatility ETF		—		—
WEBs Consumer Discretionary XLY Defined Volatility ETF		—		—
WEBs Consumer Staples XLP Defined Volatility ETF		—		—
WEBs Health Care XLV Defined Volatility ETF		—		—
WEBs Financial XLF Defined Volatility ETF		—		—
WEBs Technology XLK Defined Volatility ETF		—		—
WEBs Communication Services XLC Defined Volatility ETF		—		—
WEBs Utilities XLU Defined Volatility ETF		—		—
WEBs Real Estate XLRE Defined Volatility ETF		—		—

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

For the period ended October 31, 2025, the cost of in-kind subscriptions and the proceeds from in-kind redemptions were as follows:

Fund	Purchases		Sales
WEBs SPY Defined Volatility ETF	$	1,434,793	$	356,397
WEBs QQQ Defined Volatility ETF		1,711,638		612,430
WEBs Energy XLE Defined Volatility ETF		125,299		—
WEBs Materials XLB Defined Volatility ETF		126,036		—
WEBs Industrials XLI Defined Volatility ETF		124,743		—
WEBs Consumer Discretionary XLY Defined Volatility ETF		126,043		—
WEBs Consumer Staples XLP Defined Volatility ETF		125,858		—
WEBs Health Care XLV Defined Volatility ETF		126,987		—
WEBs Financial XLF Defined Volatility ETF		125,115		—
WEBs Technology XLK Defined Volatility ETF		123,452		—
WEBs Communication Services XLC Defined Volatility ETF		125,225		—
WEBs Utilities XLU Defined Volatility ETF		126,639		—
WEBs Real Estate XLRE Defined Volatility ETF		127,036		—

NOTE 5 — ISSUANCE AND REDEMPTION OF FUND SHARES

Individual Funds Shares may only be purchased and sold on a national securities exchange through a broker-dealer. The price of Fund Shares is based on market price, and because ETF shares trade at market prices rather than at NAV, Fund Shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Additionally, a shareholder may incur costs attributable to the difference between the highest price a buyer is willing to pay for Fund Shares (bid) and the lowest price a seller is willing to accept for Fund Shares (ask) when buying or selling Fund Shares on the secondary market (“bid-ask spread”). A Fund will only issue or redeem shares that have been aggregated into blocks of shares or multiples thereof (“Creation Units”) to Authorized Participants who have entered into agreements with the Fund’s distributor. A Fund generally will issue or redeem Creation Units in return for a designated portfolio of securities (and an amount of cash) that the Fund specifies each day. A transaction fee of $250 is imposed for the transfer and other transaction costs associated with the purchase or redemption of Creation Units, as applicable. The Creation/Redemption Transaction Fee may be waived for a Fund when the Adviser believes that waiver of such fee is in the best interest of the Fund. An additional charge or a variable charge will be applied to certain creation and redemption transactions, including non-standard orders and whole or partial cash purchases or redemptions.

NOTE 6 — FEDERAL INCOME TAXES

Each Fund intends to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to federal income tax to the extent they distribute substantially all of their net investment income and net capital gains to their shareholders. Management of the Funds is required to determine whether a tax position taken by a Fund is more likely than not to be sustained upon examination by the applicable taxing authority. Management of the Funds has reviewed tax positions taken in the tax periods that remain subject to examination by all major tax jurisdictions, including federal, and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the period ended October 31, 2025, the Funds did not incur any interest or penalties.

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

There were no distributions paid by the Funds during the period ended October 31, 2025.

The Funds’ components of distributable earnings (accumulated losses) on a tax basis as of October 31, 2025 were as follows:

Fund	Undistributed Ordinary Income		Late Year Loss Deferrals			Capital Loss Carryforward			Net Unrealized Appreciation (Depreciation)
WEBs SPY Defined Volatility ETF	$	—	$	(21,398	)	$	(30,371	)	$	212,644
WEBs QQQ Defined Volatility ETF		—		(49,177	)		(17,006	)		335,066
WEBs Energy XLE Defined Volatility ETF		—		(1,673	)		—			13,052
WEBs Materials XLB Defined Volatility ETF		—		(2,220	)		(34	)		(33,037	)
WEBs Industrials XLI Defined Volatility ETF		—		(2,790	)		—			11,749
WEBs Consumer Discretionary XLY Defined Volatility ETF		—		(2,767	)		—			16,324
WEBs Consumer Staples XLP Defined Volatility ETF		—		(873	)		(605	)		(29,987	)
WEBs Health Care XLV Defined Volatility ETF		—		(53	)		(472	)		22,950
WEBs Financial XLF Defined Volatility ETF		—		(3,186	)		—			(3,991	)
WEBs Technology XLK Defined Volatility ETF		9,387		—			—			57,692
WEBs Communication Services XLC Defined Volatility ETF		—		(3,292	)		—			30,831
WEBs Utilities XLU Defined Volatility ETF		—		(1,638	)		—			22,541
WEBs Real Estate XLRE Defined Volatility ETF		10,802		—			(11,170	)		(22,086	)

For the period ended October 31, 2025, due to permanent book-to-tax differences the Funds reclassified amounts primarily relating to swap income and redemption in-kind transactions.

The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation (depreciation) as of October 31, 2025 were as follows:

Fund	Tax Cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation)
WEBs SPY Defined Volatility ETF	$	2,541,766	$	154,199	$	(31,166	)	$	123,033
WEBs QQQ Defined Volatility ETF		3,680,749		199,781		(18,409	)		181,372
WEBs Energy XLE Defined Volatility ETF		248,390		5,480		—			5,480
WEBs Materials XLB Defined Volatility ETF		248,275		—		(8,619	)		(8,619	)
WEBs Industrials XLI Defined Volatility ETF		247,316		3,348		—			3,348
WEBs Consumer Discretionary XLY Defined Volatility ETF		247,337		8,805		—			8,805

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

Fund	Tax Cost	Gross unrealized appreciation	Gross unrealized depreciation		Net unrealized appreciation (depreciation)
WEBs Consumer Staples XLP Defined Volatility ETF	249,198	—	(8,839	)	(8,839	)
WEBs Health Care XLV Defined Volatility ETF	249,549	10,195	(470	)	9,725
WEBs Financial XLF Defined Volatility ETF	246,958	325	(736	)	(411	)
WEBs Technology XLK Defined Volatility ETF	259,437	23,227	—		23,227
WEBs Communication Services XLC Defined Volatility ETF	246,708	8,308	—		8,308
WEBs Utilities XLU Defined Volatility ETF	249,235	9,218	—		9,218
WEBs Real Estate XLRE Defined Volatility ETF	250,101	—	(16,610	)	(16,610	)

The reason for the differences between book and tax basis unrealized appreciation/(depreciation) is due primarily to swap adjustments and wash sales.

The Funds intend to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. As of October 31, 2025, the Funds’ capital loss carryforwards were as follows:

	Capital Loss Carryforward
Fund	Short-Term			Long-Term
WEBs SPY Defined Volatility ETF	$	(30,371	)	$	—
WEBs QQQ Defined Volatility ETF		(17,006	)		—
WEBs Energy XLE Defined Volatility ETF		—			—
WEBs Materials XLB Defined Volatility ETF		(34	)		—
WEBs Industrials XLI Defined Volatility ETF		—			—
WEBs Consumer Discretionary XLY Defined Volatility ETF		—			—
WEBs Consumer Staples XLP Defined Volatility ETF		(605	)		—
WEBs Health Care XLV Defined Volatility ETF		(472	)		—
WEBs Financial XLF Defined Volatility ETF		—			—
WEBs Technology XLK Defined Volatility ETF		—			—
WEBs Communication Services XLC Defined Volatility ETF		—			—
WEBs Utilities XLU Defined Volatility ETF		—			—
WEBs Real Estate XLRE Defined Volatility ETF		(11,170	)		—

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

As of October 31, 2025, the Funds elected to defer to the year ending October 31, 2026, late year ordinary losses in the amount of:

Fund	Late Year Ordinary Loss
WEBs SPY Defined Volatility ETF	$	(21,398	)
WEBs QQQ Defined Volatility ETF		(49,177	)
WEBs Energy XLE Defined Volatility ETF		(1,673	)
WEBs Materials XLB Defined Volatility ETF		(2,220	)
WEBs Industrials XLI Defined Volatility ETF		(2,790	)
WEBs Consumer Discretionary XLY Defined Volatility ETF		(2,767	)
WEBs Consumer Staples XLP Defined Volatility ETF		(873	)
WEBs Health Care XLV Defined Volatility ETF		(53	)
WEBs Financial XLF Defined Volatility ETF		(3,186	)
WEBs Technology XLK Defined Volatility ETF		—
WEBs Communication Services XLC Defined Volatility ETF		(3,292	)
WEBs Utilities XLU Defined Volatility ETF		(1,638	)
WEBs Real Estate XLRE Defined Volatility ETF		—

NOTE 7 — INDEMNIFICATION

In the normal course of business, the Trust, on behalf of the Funds, enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Trust organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss due to these warranties and indemnities to be remote.

NOTE 8 — RISKS

As with all investments, there are certain risks of investing in the Funds. Fund Shares will change in value, and you could lose money by investing in the Funds. Each risk summarized below is considered a “principal risk” of investing in the Funds, regardless of the order in which it appears. Additional principal risks are disclosed in each Fund’s respective prospectus. Please refer to the respective Fund’s prospectus for a complete description of the principal risks of investing in a Fund.

Cash Position Risk

A Fund’s Cash Position may include obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury, money market funds, short term bond ETFs and corporate debt securities, such as commercial paper. Some securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may not be backed by the full faith and credit of the United States, in which case the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Although the Funds may hold securities that carry U.S. Government guarantees, these guarantees do not extend to Fund Shares.

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

Money market funds are subject to management fees and other expenses. Therefore, investments in money market funds will cause a Fund to bear indirectly a proportional share of the fees and costs of the money market funds in which it invests. At the same time, the Fund will continue to pay its own management fees and expenses with respect to all of its assets, including any portion invested in the shares of the money market fund. It is possible to lose money by investing in money market funds.

Concentration Risk

Each Fund will concentrate in the securities of a particular industry or group of industries to the same extent as its Underlying ETF. To the extent a Fund has significant exposure in a single asset class or the securities of issuers within the same state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund was more broadly diversified. A significant exposure makes a Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.

Defined Volatility Strategy Risk

A Fund, in seeking to implement the Index strategy, will likely experience returns that differ in amount, and possibly even direction, from the returns of the Underlying ETF. The defined volatility strategy employed by the Funds may reduce exposure to the respective Underlying ETF when short-term volatility is higher than the Defined Volatility Rate and Underlying ETF returns are in a negative trend, which could result in the strategy not participating in positive returns when markets switch from a negative trend to a positive trend. Conversely, the Funds may increase exposure to their respective Underlying ETF when short-term volatility is lower than the Defined Volatility Rate and market returns are in a positive trend, which could result in increased negative returns when markets switch from a positive trend to a negative trend.

Derivatives Risk

The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfil its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.

Equity Securities Risk

The Funds’ exposure to equity securities may decline in value because of declines in the price of a particular holding or the broad stock market. Such declines may relate directly to the issuer of a security or broader economic or market events, including changes in interest rates.

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

Market Risk

Overall securities market risks will affect the value of individual instruments in which the Funds invest, and the market price of a security may fluctuate, sometimes rapidly and unpredictably. Markets may additionally be impacted by negative external and or direct and indirect economic factors such as global trade policies, economic growth and market conditions, interest rates, war, terrorism, natural and environmental disasters, public health emergencies and political events affect the markets in which the Funds invest. The adverse impact of any one or more of these events on the market value of the Funds’ investments could be significant and cause losses. In stressed market conditions, the market for the Funds’ shares may become less liquid in response to deteriorating liquidity in the markets for the Funds’ underlying portfolio holdings. This adverse effect on liquidity in turn could lead to wider bid-ask spreads and differences between the market price of the Funds and the underlying value of those shares.

Non-Diversification Risk

Each Fund is classified as “non-diversified” under the 1940 Act. As a result, the Funds are only limited as to the percentage of their assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended (the “Code”). A Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, a Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain issuers.

Swap Agreement Risk

Each Fund expects to use swap agreements as a means to achieve its investment objective. Swap agreements are generally traded in OTC markets and have only recently become subject to regulation by the Commodity Futures Trading Commission (“CFTC”). CFTC rules, however, do not cover all types of swap agreements. Investors, therefore, may not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act in connection with the Funds’ swap agreements. The lack of regulation in these markets could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants. Unlike in futures contracts, the counterparty to uncleared OTC swap agreements is generally a single bank or other financial institution, rather than a clearing organization backed by a group of financial institutions. As a result, a Fund is subject to increased counterparty risk with respect to the amount it expects to receive from counterparties to uncleared swaps. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund could suffer significant losses on these contracts and the value of an investor’s investment in the Fund may decline. OTC swaps of the type that may be utilized by the Funds are less liquid than futures contracts because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in general, are not transferable without the consent of the counterparty. Swaps are also subject to the risk of imperfect correlation between the value of the reference asset underlying the swap and the swap. Leverage inherent in derivatives will tend to magnify a Fund’s gains and losses. Moreover, with respect to the use of swap agreements, if the strategy has a dramatic intraday move that causes a material decline in a Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with the Fund’s investment objective. This, in turn, may prevent the Fund from achieving their investment objective. As a result, the value of an investment in the Fund may change quickly and without warning.

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

The Funds will be subject to regulatory constraints relating to level of value at risk (“VaR”) that the Funds may incur through their derivative portfolio. To the extent a Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.

Underlying ETF Risk

Because the Funds seek exposure to their respective Underlying ETF, the Funds’ investment performance largely depends on the investment performance and associated risks of the Underlying ETF. Each Underlying ETF is subject to many of the same structural risks as the Funds. However, the risks of investing in an ETF also include the risks associated with the underlying investments held by the ETF. As such, each Fund may be subject to the following risks as a result of its exposure to its respective Underlying ETF:

Equity Securities Risk

Each Underlying ETF invests in equity securities, and therefore each Fund has exposure to the equity securities markets due to its investment in the Underlying ETF or in other instruments that reference the Underlying ETF. Equity securities may decline in value because of declines in the price of a particular holding or the broad stock market. Such declines may relate directly to the issuer of a security or broader economic or market events, including changes in interest rates. The value of shares will fluctuate with changes in the value of the equity securities the Underlying ETF invests in.

Information Technology Companies Risk (WEBs SPY Defined Volatility ETF and WEBs QQQ Defined Volatility ETF)

Each Underlying ETF invests significantly in information technology companies, which results in each Fund having significant exposure to such companies through its exposure to the Underlying ETF by virtue of its investment in the Underlying ETF or in other instruments that reference the Underlying ETF. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Information technology companies are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action.

Energy Sector Risk (WEBs Energy XLE Defined Volatility ETF)

The Underling ETF’s assets will be concentrated in the energy sector, which means the Fund will be more affected by the performance of the energy sector than a fund that is more diversified. Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures and to incur significant amounts of debt, in order to

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims.

Materials Sector Risk (WEBs Materials XLB Defined Volatility ETF)

The Underling ETF’s assets will be concentrated in the materials sector, which means the Fund will be more affected by the performance of the materials sector than a fund that is more diversified. Many materials companies are significantly affected by the level and volatility of commodity prices, exchange rates, import controls, worldwide competition, environmental policies and consumer demand. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations.

Industrials Sector Risk (WEBs Industrials XLI Defined Volatility ETF)

The Underling ETF’s assets will be concentrated in the industrials sector, which means the Fund will be more affected by the performance of the industrials sector than a fund that is more diversified. Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.

Consumer Discretionary Sector Risk (WEBs Consumer Discretionary XLY Defined Volatility ETF)

The Underling ETF’s assets will be concentrated in the consumer discretionary sector, which means the Fund will be more affected by the performance of the consumer discretionary sector than a fund that is more diversified. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and global economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace.

Consumer Staples Sector Risk (WEBs Consumer Staples XLP Defined Volatility ETF)

The Underling ETF’s assets will be concentrated in the consumer staples sector, which means the Fund will be more affected by the performance of the consumer staples sector than a fund that is more diversified. Consumer staples companies are subject to government regulation affecting their products

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

which may negatively impact such companies’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food, beverage, household and personal product companies may be strongly affected by consumer interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending.

Health Care Sector Risk (WEBs Health Care XLV Defined Volatility ETF)

The Underling ETF’s assets will be concentrated in the health care sector, which means the Fund will be more affected by the performance of the health care sector than a fund that is more diversified. Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.

Financial Sector Risk (WEBs Financial XLF Defined Volatility ETF)

The Underling ETF’s assets will be concentrated in the financial sector, which means the Fund will be more affected by the performance of the financial sector than a fund that is more diversified. Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

Technology Sector Risk (WEBs Technology XLK Defined Volatility ETF)

The Underling ETF’s assets will be concentrated in the technology sector, which means the Fund will be more affected by the performance of the technology sector than a fund that is more diversified. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund’s investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

Communication Services Sector Risk (WEBs Communication Services XLC Defined Volatility ETF)

The Underling ETF’s assets will be concentrated in the communication services sector, which means the Fund will be more affected by the performance of the communication services sector than a fund that is more diversified. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communication services sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication services company’s profitability. While all companies may be susceptible to network security breaches, certain companies in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.

Utilities Sector Risk (WEBs Utilities XLU Defined Volatility ETF)

The Underling ETF’s assets will be concentrated in the utilities sector, which means the Fund will be more affected by the performance of the utilities sector than a fund that is more diversified. Utility companies are affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. Although rate changes of a regulated utility usually fluctuate in approximate correlation with financing costs, due to political and regulatory factors rate changes ordinarily occur only following a delay after the changes in financing costs. This factor will tend to favorably affect a regulated utility company’s earnings and dividends in times of decreasing costs, but conversely, will tend to adversely affect earnings and dividends when costs are rising. The value of regulated utility equity securities may tend to have an inverse relationship to the movement of interest rates. Certain utility companies have experienced full or partial deregulation in recent years. These utility companies are frequently more similar to industrial companies in that they are subject to greater competition and have been permitted by regulators to diversify outside of their original geographic regions and their traditional lines of

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

business. These opportunities may permit certain utility companies to earn more than their traditional regulated rates of return. Some companies, however, may be forced to defend their core business and may be less profitable. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company’s equipment unusable or obsolete and negatively impact profitability. Among the risks that may affect utility companies are the following: risks increase in fuel and other operating costs; the high cost of borrowing to finance capital construction during inflationary periods; restrictions on operations and increased costs and delays associated with compliance with environmental and nuclear safety regulations; and the difficulties involved in obtaining natural gas for resale or fuel for generating electricity at reasonable prices. Other risks include those related to the construction and operation of nuclear power plants, the effects of energy conservation and the effects of regulatory changes.

Real Estate Sector Risk (WEBs Real Estate XLRE Defined Volatility ETF)

The Underling ETF’s assets will be concentrated in the real estate sector, which means the Fund will be more affected by the performance of the real estate sector than a fund that is more diversified. An investment in a real property company may be subject to risks similar to those associated with direct ownership of real estate, including, by way of example, the possibility of declines in the value of real estate, losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, environmental liability, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. Some real property companies have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property.

REIT Risk (WEBs Real Estate XLRE Defined Volatility ETF)

REITs are subject to the risks associated with investing in the securities of real property companies. In particular, REITs may be affected by changes in the values of the underlying properties that they own or operate. Further, REITs are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs are also subject to heavy cash flow dependency and, as a result, are particularly reliant on the proper functioning of capital markets. A variety of economic and other factors may adversely affect a lessee’s ability to meet its obligations to a REIT. In the event of a default by a lessee, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments. In addition, a REIT could fail to qualify for favorable tax or regulatory treatment.

Large Capitalization Companies Risk

Each Underlying ETF invests in the securities of large capitalization companies, which results in each Fund having significant exposure to such companies through its exposure to the Underlying ETF by virtue of its investment in the Underlying ETF or in other instruments that reference the Underlying ETF. Large capitalization companies may grow at a slower rate and be less able to adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market cycles.

WEBs ETF Trust

Notes to Financial Statements
October 31, 2025 (continued)

NOTE 9 — SEGMENT REPORTING

The Trust adopted Financial Accounting Standards Board’s (‘‘FASB’’) Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Funds’ financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entities’ chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Trust. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

NOTE 10 — SUBSEQUENT EVENTS

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Management has determined that there are no other material events that would require recognition or disclosure in the Funds’ financial statements.

WEBs ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
WEBs ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of WEBs ETF Trust comprising the funds listed below (the “Funds”) as of October 31, 2025, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

Fund Name

Statements of
Operations

Statements of
Changes in Net
Assets

Financial
Highlights

WEBs SPY Defined Volatility ETF (formerly known as WEBs Defined Volatility SPY ETF)

WEBs QQQ Defined Volatility ETF (formerly known as WEBs Defined Volatility QQQ ETF)

For the period from December 17, 2024 (commencement of operations) through October 31, 2025

WEBs Energy XLE Defined Volatility ETF (formerly known as WEBs Defined Volatility XLE ETF)

WEBs Materials XLB Defined Volatility ETF (formerly known as WEBs Defined Volatility XLB ETF)

WEBs Industrials XLI Defined Volatility ETF (formerly known as WEBs Defined Volatility XLI ETF)

WEBs Consumer Discretionary XLY Defined Volatility ETF (formerly known as WEBs Defined Volatility XLY ETF)

WEBs Consumer Staples XLP Defined Volatility ETF (formerly known as WEBs Defined Volatility XLP ETF)

WEBs Health Care XLV Defined Volatility ETF (formerly known as WEBs Defined Volatility XLV ETF)

WEBs Financial XLF Defined Volatility ETF (formerly known as WEBs Defined Volatility XLF ETF)

WEBs Technology XLK Defined Volatility ETF (formerly known as WEBs Defined Volatility XLK ETF)

WEBs Communication Services XLC Defined Volatility ETF (formerly known as WEBs Defined Volatility XLC ETF)

WEBs Utilities XLU Defined Volatility ETF (formerly known as WEBs Defined Volatility XLU ETF)

WEBs Real Estate XLRE Defined Volatility ETF (formerly known as WEBs Defined Volatility XLRE ETF)

For the period from July 23, 2025 (commencement of operations) through October 31, 2025

WEBs ETF Trust

Report of Independent Registered Public Accounting Firm (continued)

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2024.

COHEN & COMPANY, LTD.

Cleveland, Ohio
December 23, 2025

WEBs ETF Trust

Important Tax Information (unaudited)

The following information is provided with respect to the distributions paid during the taxable period ended October 31, 2025:

Fund

Qualified
Dividend
Income for
Individuals

Dividends
Qualifying for
the Dividends
Received
Deduction for
Corporations

Foreign
Taxes
Paid

Foreign
Source
Income

Foreign
Tax Paid
Per Share

Foreign
Source
Income
Per Share

WEBs SPY Defined Volatility ETF

—

WEBs QQQ Defined Volatility ETF

—

WEBs Energy XLE Defined Volatility ETF

—

WEBs Materials XLB Defined Volatility ETF

—

WEBs Industrials XLI Defined Volatility ETF

—

WEBs Consumer Discretionary XLY Defined Volatility ETF

—

WEBs Consumer Staples XLP Defined Volatility ETF

—

WEBs Health Care XLV Defined Volatility ETF

—

WEBs Financial XLF Defined Volatility ETF

—

WEBs Technology XLK Defined Volatility ETF

—

WEBs Communication Services XLC Defined Volatility ETF

—

WEBs Utilities XLU Defined Volatility ETF

—

WEBs Real Estate XLRE Defined Volatility ETF

—

WEBs ETF Trust

Additional Information (unaudited)
October 31, 2025

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Funds’ accountants during the period ended October 31, 2025.

Proxy Disclosures

There were no matters submitted for vote by shareholders of any Fund during the period ended October 31, 2025.

Remuneration Paid to Directors, Officers, and Others

Pursuant to the Advisory Agreement, the Adviser is paid a unitary management fee which is designed to pay the Funds’ ordinary operating expenses, subject to certain exclusions. The Adviser maintains the right to make payment of other expenses in connection with the Independent Trustees and their counsel, provided, however, if the Adviser does not make these payments when due, such payments shall be payable by the Trust and allocated to the Funds. As such, the Adviser pays remuneration to the Independent Trustees on behalf of the Funds. No officer, director or employee of the Adviser, its affiliates or subsidiaries receives any compensation from the Trust for serving as an officer or trustee of the Trust. ACA provides the Trust with a Chief Compliance Officer and Principal Financial Officer. As of October 31, 2025, there were no fees incurred by the Funds for these services as the Adviser bore all such costs.

Board Considerations Regarding Approval of Investment Management Agreement and Sub-Advisory Agreement

At a meeting held on March 4, 2025, the Board of Trustees (the “Board” or the “Trustees”) of the WEBs ETF Trust (the “Trust”), including the Trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940 Act, as amended (the “Independent Trustees”), considered, on behalf of WEBs Energy XLE Defined Volatility ETF (formerly, WEBs Defined Volatility XLE ETF), WEBs Materials XLB Defined Volatility ETF (formerly, WEBs Defined Volatility XLB ETF), WEBs Industrials XLI Defined Volatility ETF (formerly, WEBs Defined Volatility XLI ETF), WEBs Consumer Discretionary XLY Defined Volatility ETF (formerly, WEBs Defined Volatility XLY ETF), WEBs Consumer Staples XLP Defined Volatility ETF (formerly, WEBs Defined Volatility XLP ETF), WEBs Health Care XLV Defined Volatility ETF (formerly, WEBs Defined Volatility XLV ETF), WEBs Financial XLF Defined Volatility ETF (formerly, WEBs Defined Volatility XLF ETF), WEBs Technology XLK Defined Volatility ETF (formerly, WEBs Defined Volatility XLK ETF), WEBs Communication Services XLC Defined Volatility ETF (formerly, WEBs Defined Volatility XLC ETF), WEBs Utilities XLU Defined Volatility ETF (formerly, WEBs Defined Volatility XLU ETF) and WEBs Real Estate XLRE Defined Volatility ETF (formerly, WEBs Defined Volatility XLRE ETF). Each (each a “Fund” and together, the “Funds”), the approval of the Investment Management Agreement (the “Advisory Agreement”) between WEBs Investments Inc. (the “Adviser”) and the Trust, along with the Sub-Advisory Agreement (the “Sub-Advisory Agreement” and together with the Advisory Agreement, the “Agreements”) between the Adviser and Vident Asset Management, LLC (the “Sub-Adviser”).

In connection with its consideration regarding the initial approval of the Agreements for each Fund, the Board received and reviewed a substantial amount of information provided by the Adviser and Sub-Adviser in response to detailed requests from counsel for the Independent Trustees, on behalf of the Independent Trustees. The Board considered the information provided by the Adviser and the Sub-Adviser in response thereto and concluded that such information allowed them to evaluate the terms of the Agreements and each

WEBs ETF Trust

Additional Information (unaudited)
October 31, 2025 (continued)

Fund’s investment advisory fees. In the course of their consideration of the Agreements, the Independent Trustees were advised by their counsel and, in addition to meeting with management of the Adviser, they met separately in executive session with their counsel.

In reviewing the Agreements, the Board considered, among other things, its duties under the Investment Company Act of 1940, as amended (the “1940 Act”), as well as under applicable general principles of state law. In this regard, the Board reviewed with counsel the fiduciary duties owed by investment advisers to their clients, including funds, particularly with respect to advisory agreements and advisory agreement compensation. The Board considered the standards applied by courts when reviewing approvals of advisory agreements by investment company boards and the factors to be considered by boards in voting on such agreements.

With respect to the Agreements, the Board considered, among other matters, the following factors for each Fund to the extent applicable: (1) the nature, extent, and quality of the services to be provided to the Fund by the Adviser and Sub-Adviser; (2) the fees and other expenses to be paid by the Fund and expense information for comparable funds; (3) the projected profitability to the Adviser and Sub-Adviser based upon their services to be provided to the Fund; (4) the extent to which economies of scale might be realized as the Fund grows and whether fee levels reflect these economies of scale, if any, for the benefit of the Fund’s shareholders; and (5) other benefits anticipated to be derived and identified by the Adviser and Sub-Adviser from their relationship with the Fund. Each Trustee may have afforded different weight or importance to different factors.

The Board, including the Independent Trustees, determined that the terms of the Agreements for the Funds were fair in light of the nature, extent and quality of the services to be provided by the Adviser, Sub-Adviser and their affiliates, as applicable, the proposed fees to be charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. The Board did not identify any particular information that was most relevant to its consideration. Following such consideration, the Board, including all of the Independent Trustees, unanimously approved the Advisory Agreement and Sub-Advisory Agreement on behalf of the Funds.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services to be provided by the Adviser and Sub-Adviser under the Agreements. In this regard, among other matters, the Board considered that each Fund would employ an adviser/sub-adviser management structure and, in such structure the Adviser and Sub-Adviser would provide distinct and different services to the Fund. In particular, the Board considered that the Adviser would be responsible for the overall investment strategy and administration of each Fund and, in this context, reviewed the services to be provided by the Adviser to the Fund, including oversight of the Sub-Adviser. Similarly, the Board considered that the Sub-Adviser would be responsible for the day-to-day trading of each Fund’s portfolio and reviewed the services that the Sub-Adviser would provide to the Fund.

The Board considered that Adviser is a recently formed investment adviser with approximately $4.7 million in assets under management and a limited operating history. The Board noted, however, the overall financial strength and stability of the Adviser’s joint venture partner, Westwood Holdings Group (“Westwood”), as well as its substantial investment in the Adviser, its initial funding of the Adviser, and its material contractual funding commitments to the Adviser through 2027. In addition, the Board considered: the Adviser’s research, analysis and portfolio construction, which utilizes quantitative research; the Adviser’s efforts to attract qualified personnel and to develop its resources and systems; the administrative and compliance support provided to the Adviser by Westwood; the Adviser’s policies, procedures and systems to assure

WEBs ETF Trust

Additional Information (unaudited)
October 31, 2025 (continued)

compliance with applicable laws and regulations as well as its engagement of a qualified third-party compliance consultant; and the processes developed by the Adviser, in conjunction with Westwood and its consultant, to keep the Board informed about matters relevant to each Fund.

The Board noted that the Sub-Adviser is an institutional asset management firm with substantial experience sub-advising exchange-traded funds, including passively managed strategies that, like each Fund, seek to track an index. The Board considered background information on the key investment personnel at the Sub-Adviser who would be responsible for servicing each Fund, including their experience, qualifications, integrity and professional background. The Board also considered the compliance reports provided by the Trust’s Chief Compliance Officer about the Adviser and Sub-Adviser. Under the totality of the circumstances, the Board determined, in the exercise of its business judgment, that the nature, extent and quality of the services to be provided by the Adviser and Sub-Adviser to each Fund under the Agreements were fair and reasonable.

Performance. Because the Funds had yet to commence investment operations and did not yet have any assets, the Board did not consider the investment performance of the Funds. The Board observed, however, that each Fund would be a passively-managed exchange-traded fund, and that the Adviser and Sub-Adviser would have the responsibility to track each Fund’s target index to the best of their ability, recognizing that an index, unlike a Fund, does not have expenses. In this regard, the Board considered the Adviser’s and Sub-Adviser’s ability over the last calendar quarter to manage other series of the Trust tracking substantially similar indexes. The Board also considered the Adviser’s confidence in the investment strategy embodied in the indexes’ methodologies to deliver favorable performance over a complete market cycle.

Fees and Expenses. The Board considered the proposed unitary advisory fee rate payable by each Fund under the Advisory Agreement for the services to be provided by the Adviser and the Sub-Adviser. The Board also considered the fee rate to be paid by the Adviser to the Sub-Adviser under the Sub-Advisory Agreement. The Board considered that the unitary fee rate to be paid by the Fund does not contain breakpoints but provides investors with stability and fee certainty during the entirety of the contractual period.

To evaluate the fairness of the proposed unitary advisory fee rate, the Trustees reviewed comparative fee and expense data. The Trustees noted that, based on such data, the fee rate proposed for each Fund was within the range of funds in its respective peer group. The Board considered how each Fund’s peer group was determined, including the methodology employed by the Adviser in establishing such peer groups. The Board also considered representations made by the Adviser regarding its rationale for the proposed unitary advisory fee rate, including competitive consideration. The Board further considered, with respect to the Adviser and Sub-Adviser, the type and complexity of the services provided, the cost of providing services, the risk assumed in the provision of services, the marketplace in which each Fund would compete, and the attractiveness of potential returns to prospective investors in the Fund. Based on these factors, the Trustees concluded that each Fund’s proposed advisory fee was not unreasonable.

Economies of Scale. The Board considered whether economies of scale may be realized by each Fund as it grows larger and the extent to which any such economies are reflected in contractual fee rates. Noting that the Funds had yet to commence operations and did not yet have any assets, the Board concluded that economies of scale were not a material factor for the Board to consider in approving the Agreements.

Costs of Services and Profitability. The Board considered the estimated profits to be realized by the Adviser and Sub-Adviser in connection with the operation of each Fund and whether those estimated profits were fair entrepreneurial profits for the management of such Fund. With respect to the Sub-Adviser, the Board considered that the Sub-Adviser would be paid by the Adviser from each Fund’s unitary fee and that the sub-advisory fee rate was the product of an arm’s length negotiation. With respect to the Adviser, the Board

WEBs ETF Trust

Additional Information (unaudited)
October 31, 2025 (continued)

considered each Fund’s estimated operating expenses during the term of the Advisory Agreement, which would be paid by the Adviser under the unitary fee arrangement and would impact the profitability of each Fund to the Adviser. The Board noted the Adviser’s representation that it did not expect any Fund to be profitable to it during the term of the Advisory Agreement. Based on these and such other considerations as each Trustee believed to be reasonable in his or her business judgment, the Board concluded that the profits of the Adviser and Sub-Adviser with respect to the Funds, each individually, would not be excessive during the term of the Agreements.

Other Benefits Derived from the Relationship with each Fund. The Board considered whether the Adviser, Sub-Adviser or any of their affiliates would receive other benefits as a result of the proposed relationship with the Trust or the Funds. In this regard, the Board considered that the Adviser and Sub-Adviser were not affiliated with any of the Funds’ proposed service providers. The Board also considered that the Sub-Adviser would not obtain fall-out benefits in the form of soft dollars in connection with trading on behalf of the Funds. Under the circumstances, the Board concluded that neither the Adviser nor the Sub-Adviser would enjoy material fall-out benefits from its relationship with the Trust and Funds.

Conclusion. The Board reviewed a memorandum from counsel discussing the legal standards applicable to its consideration of the Advisory Agreement and Sub-Advisory Agreement. Based on its review, including consideration of each of the factors referenced above and of such other information as deemed relevant, the Board determined, in the exercise of its business judgment, that the advisory arrangements, as outlined in the Advisory Agreement and Sub-Advisory Agreement, were fair and reasonable in light of the services performed or to be performed, expenses incurred or to be incurred, and such other matters as the Board considered relevant. Accordingly, the Board approved the Agreements with respect to each Fund through March 31, 2027.

WEBs ETF Trust

Adviser

WEBs Investments Inc.
2497 Aspen Springs Drive
Park City, UT 84060

Sub-Adviser

Vident
1125 Sanctuary Parkway, Suite 515
Alpharetta, Georgia 30009

Administrator, Custodian and Transfer Agent

Brown Brothers Harriman & Co.
50 Post Office Square
Boston, Massachusetts 02110

Distributor

Foreside Fund Services, LLC
190 Middle Street, Suite 301
Portland, ME 04101

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115

Legal Counsel

Chapman and Cutler LLP
320 South Canal Street, 27th Floor
Chicago, Illinois 60606

Name	Since Inception^{Footnote Reference(1)}
WEBs Consumer Staples XLP Defined Volatility ETF	-12.53%
S&P 500 Total Return Index	8.76%
Syntax Defined Volatility XLP Index	-12.09%
Consumer Staples Select Sector Index TR	-5.84%

Total Net Assets	$219,044
# of Portfolio Holdings	3
Portfolio Turnover Rate	0.0%
Advisory Fees Paid	$565

Exchange-Traded Funds	53.7%
Time deposits	56.0%
Total Return Swaps	-9.7%
Other Assets less Liabilities	0.0%

Total Net Assets	$272,302
# of Portfolio Holdings	3
Portfolio Turnover Rate	0.0%
Advisory Fees Paid	$608

Exchange-Traded Funds	50.4%
Time deposits	44.8%
Total Return Swaps	4.9%
Other Assets less Liabilities	-0.1%

Health Care Select Sector SPDR Fund	50.4%
JPMorgan Chase, New York 3.21% 11/03/2025	44.8%
Total Return Swap Health Care Select Sector SPDR Fund Overnight Bank Funding Rate + 1.25% 08/25/2026	4.9%

Name	Since Inception^{Footnote Reference(1)}
WEBs Financial XLF Defined Volatility ETF	-2.83%
S&P 500 Total Return Index	8.76%
Syntax Defined Volatility XLF Index	-2.40%
Financial Select Sector Index TR	-0.29%

Total Net Assets	$242,787
# of Portfolio Holdings	3
Portfolio Turnover Rate	0.0%
Advisory Fees Paid	$591

Exchange-Traded Funds	51.2%
Time deposits	50.3%
Total Return Swaps	-1.5%
Other Assets less Liabilities	0.0%

Financial Select Sector SPDR Fund	51.2%
JPMorgan Chase, New York 3.21% 11/03/2025	50.3%
Total Return Swap Financial Select Sector SPDR Fund Overnight Bank Funding Rate + 1.20% 08/24/2026	-1.5%

Total Net Assets	$316,911
# of Portfolio Holdings	3
Portfolio Turnover Rate	0.0%
Advisory Fees Paid	$648

Exchange-Traded Funds	45.3%
Time deposits	43.9%
Total Return Swaps	10.9%
Other Assets less Liabilities	-0.1%

Technology Select Sector SPDR Fund	45.3%
JPMorgan Chase, New York 3.21% 11/03/2025	43.9%
Total Return Swap Technology Select Sector SPDR Fund Federal Funds Composite Interest Rate + 1.00% 08/25/2026	10.9%

Total Net Assets	$277,335
# of Portfolio Holdings	4
Portfolio Turnover Rate	0.0%
Advisory Fees Paid	$641

Exchange-Traded Funds	48.1%
Time deposits	43.9%
Total Return Swaps	8.1%
Other Assets less Liabilities	-0.1%

Total Net Assets	$271,574
# of Portfolio Holdings	3
Portfolio Turnover Rate	0.0%
Advisory Fees Paid	$610

Exchange-Traded Funds	48.9%
Time deposits	46.3%
Total Return Swaps	4.9%
Other Assets less Liabilities	-0.1%

Utilities Select Sector SPDR Fund	48.9%
Citibank, New York 3.21% 11/03/2025	46.3%
Total Return Swap Utilities Select Sector SPDR Fund Federal Funds Composite Interest Rate + 1.00% 08/25/2026	4.9%

Name	Since Inception^{Footnote Reference(1)}
WEBs Real Estate XLRE Defined Volatility ETF	-8.93%
S&P 500 Total Return Index	8.76%
Syntax Defined Volatility XLRE Index	-8.79%
Real Estate Select Sector Index TR	-3.60%

Total Net Assets	$227,842
# of Portfolio Holdings	3
Portfolio Turnover Rate	0.0%
Advisory Fees Paid	$563

Annual Shareholder Report as of October 31, 2025

What were the Fund's costs for the period?

What affected Fund performance during the reporting period?

Growth of a $10,000 investment

Average Annual Total Returns (%)

Key Fund Statistics

Top Ten Holdings (% of Net Assets)

Changes in or Disagreements with Accountants

Annual Shareholder Report as of October 31, 2025

What were the Fund's costs for the period?

What affected Fund performance during the reporting period?

Growth of a $10,000 investment

Average Annual Total Returns (%)

Key Fund Statistics

Top Ten Holdings (% of Net Assets)

Changes in or Disagreements with Accountants

Annual Shareholder Report as of October 31, 2025

What were the Fund's costs for the period?

What affected Fund performance during the reporting period?

Growth of a $10,000 investment

Average Annual Total Returns (%)

Key Fund Statistics

Top Ten Holdings (% of Net Assets)

Changes in or Disagreements with Accountants

Annual Shareholder Report as of October 31, 2025

What were the Fund's costs for the period?

What affected Fund performance during the reporting period?

Growth of a $10,000 investment

Average Annual Total Returns (%)

Key Fund Statistics

Top Ten Holdings (% of Net Assets)

Changes in or Disagreements with Accountants

Annual Shareholder Report as of October 31, 2025

What were the Fund's costs for the period?

What affected Fund performance during the reporting period?

Growth of a $10,000 investment

Average Annual Total Returns (%)

Key Fund Statistics

Top Ten Holdings (% of Net Assets)

Changes in or Disagreements with Accountants

Annual Shareholder Report as of October 31, 2025

What were the Fund's costs for the period?

What affected Fund performance during the reporting period?

Growth of a $10,000 investment

Average Annual Total Returns (%)

Key Fund Statistics

Top Ten Holdings (% of Net Assets)

Changes in or Disagreements with Accountants

Annual Shareholder Report as of October 31, 2025

What were the Fund's costs for the period?

What affected Fund performance during the reporting period?

Growth of a $10,000 investment

Average Annual Total Returns (%)

Key Fund Statistics

Top Ten Holdings (% of Net Assets)

Changes in or Disagreements with Accountants

Annual Shareholder Report as of October 31, 2025

What were the Fund's costs for the period?

What affected Fund performance during the reporting period?

Growth of a $10,000 investment

Average Annual Total Returns (%)

Key Fund Statistics

Top Ten Holdings (% of Net Assets)

Changes in or Disagreements with Accountants

Annual Shareholder Report as of October 31, 2025

What were the Fund's costs for the period?

What affected Fund performance during the reporting period?

Growth of a $10,000 investment

Average Annual Total Returns (%)

Key Fund Statistics

Top Ten Holdings (% of Net Assets)

Changes in or Disagreements with Accountants

Annual Shareholder Report as of October 31, 2025

What were the Fund's costs for the period?

What affected Fund performance during the reporting period?

Growth of a $10,000 investment

Average Annual Total Returns (%)

Key Fund Statistics

Top Ten Holdings (% of Net Assets)

Changes in or Disagreements with Accountants

Exchange-Traded Funds	53.4%
Time deposits	49.1%
Total Return Swaps	-2.4%
Other Assets less Liabilities	-0.1%

Real Estate Select Sector SPDR Fund	53.4%
DNB, Oslo 3.21% 11/03/2025	49.1%
Total Return Swap Real Estate Select Sector SPDR Fund Federal Funds Composite Interest Rate + 1.00% 08/25/2026	-2.4%