A type of international fund traded on the American Stock Exchange that follows the Morgan Stanley Capital International (MSCI) country indexes. It was introduced in 1996 by Morgan Stanley and is a type of hybrid security that possesses qualities from both open and closed-end funds. Investors can use WEBS to achieve international diversification effectively and efficiently.

WEBS is available for many different countries, including Australia, Austria, Belgium, Canada, France, Germany, Hong Kong, Italy, Japan, Malaysia, Mexico, the Netherlands, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The MSCI the WEBS follows reflects around 60% of the capitalization of a country’s stock market.