AB Active ETFs

CAM

November 30, 2025

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Fund Information

AB California Intermediate Municipal ETF

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the AB California Intermediate Municipal ETF (the “Fund”) for the period of October 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/CAM-A. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last period?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB California Intermediate Municipal ETF	$5	0.28%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Prior to commencing operations, the Fund acquired the assets and liabilities of California Intermediate Municipal Portfolio (the "Predecessor Fund"), a portfolio of Sanford C. Bernstein Fund, Inc. and adopted the accounting and performance history of that fund (the "Reorganization"), as of the close of business on October 3, 2025. The Fund has the same investment objective, strategies, policies and portfolio management team as the Predecessor Fund.

The performance of the Predecessor Fund shown below has not been adjusted to reflect the lower fees and expenses that will be incurred by the Fund. The Predecessor Fund was a mutual fund. The average annual total returns as shown below are based on NAV per share, and are not based on market prices for an ETF as traded on an exchange. The Predecessor Fund performance is based on the performance of Advisor Class shares. Prior to the Fund's acquisition of the Predecessor Fund, the other share classes of the Predecessor Fund were converted into Advisor Class shares.

How did the Fund perform last period? What affected the Fund’s performance?

During the 12-month period, the Fund underperformed the Bloomberg 1-10 Year Blend Index (the “benchmark”). Security selection was the primary detractor, relative to the benchmark, while gains from industry allocation offset the losses. Security selection within airports/ports, prepay energy, special tax and multi-family housing detracted, while local general obligation, water & sewer, mortgage pass-throughs, and electric utility contributed to overall performance. Alternatively, industry allocation to mortgage pass-throughs, along with allocation to single family housing detracted from relative performance, while allocation to airports/ports and multi-family housing contributed throughout the period. Overall yield-curve positioning detracted from performance.

Performance Highlights

Top contributors to performance:

Industry allocation was the primary contributor throughout the 12-month period.

Top detractors from performance:

Overall security selection detracted from performance throughout the 12-month period.

CAM

Fund Performance

The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

	AB California Intermediate Municipal ETF	Bloomberg Municipal Bond Index	Bloomberg 1-10 Yr Municipal Bond Blend
11/15	$10,000	$10,000	$10,000
11/16	$9,964	$9,978	$9,952
11/17	$10,266	$10,535	$10,308
11/18	$10,368	$10,654	$10,441
11/19	$10,965	$11,559	$11,104
11/20	$11,319	$12,125	$11,564
11/21	$11,488	$12,364	$11,655
11/22	$10,906	$11,295	$11,054
11/23	$11,317	$11,779	$11,431
11/24	$11,894	$12,360	$11,815
11/25	$12,302	$12,686	$12,291

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
AB California Intermediate Municipal ETF	3.43%	1.68%	2.09%
Bloomberg Municipal Bond Index	2.64%	0.91%	2.41%
Bloomberg 1-10 Yr Municipal Bond Blend	4.03%	1.23%	2.08%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/fixed-income/ab-california-intermediate-municipal-etf.-.00039J772.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$1,098,152,689
# of Portfolio Holdings	378
Portfolio Turnover Rate	2%
Total Advisory Fees Paid (Net)	$508,383

CAM

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote
Reference*}

AAA	7.2%
AA	48.8%
A	20.3%
BBB	8.8%
BB	3.1%
B	0.1%
A-1+	4.7%
Not Rated	7.0%
Total	100.0%

Footnote	Description
Footnote^*	The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.

Footnote

Description

Footnote^*

The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.

State Breakdown (% of Net Assets)

California	92.0%
Guam	1.9%
New Jersey	1.3%
Puerto Rico	0.8%
Illinois	0.6%
Kentucky	0.4%
Wisconsin	0.3%
Georgia	0.2%
American Samoa	0.1%
Ohio	0.1%
Pennsylvania	0.1%
Washington	0.1%
Other	0.6%
Other Assets Less Liabilities	1.5%
Total	100.0%

Changes in or Disagreements with Accountants

Ernst & Young LLP serves as the independent registered public accounting firm for the Fund, including for the fiscal year ended November 30, 2025. Ernst & Young LLP serves as the independent registered public accounting firm for all funds in AB Active ETFs, Inc. PricewaterhouseCoopers LLP ("PwC") ceased to serve as the independent registered public accounting firm of the Predecessor Fund upon closing of the Reorganization. There were no disagreements with PwC during the Predecessor Fund's fiscal years ended September 30, 2024 and September 30, 2025 and the subsequent interim period ended October 3, 2025.

CAM

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/CAM-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-CAM-0153-1125

CAM

CORB

November 30, 2025

AB Core Bond ETF

Principal Listing Exchange: NYSE Arca

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Fund Information

Annual Shareholder Report

This annual shareholder report contains important information about the AB Core Bond ETF (the “Fund”) for the period of October 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/ab/CORB-A. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last period?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Core Bond ETF	$6	0.38%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Prior to commencing operations, the Fund acquired the assets and liabilities of Bernstein Intermediate Duration Institutional Portfolio (the "Predecessor Fund"), a portfolio of Sanford C. Bernstein Fund II, Inc. and adopted the accounting and performance history of that fund (the "Reorganization"), as of the close of business on November 7, 2025. The Fund has the same investment objective, strategies, policies and portfolio management team as the Predecessor Fund.

How did the Fund perform last period? What affected the Fund’s performance?

During the 12-month period, the Fund outperformed the Bloomberg US Aggregate Bond Index (the “benchmark”). Relative results were driven by duration and yield‑curve positioning, security selection in investment‑grade corporates and agency mortgage‑backed securities and sector allocations to credit‑risk transfer and high‑yield corporates. These positives more than offset security selection in asset‑backed securities and emerging‑market corporates.

During the 12-month period, the Fund utilized derivatives in the form of treasury futures and interest rate swaps to manage duration, country exposure and yield-curve positioning. Currency forwards were used to hedge currency risk.

Performance Highlights

Top contributors to performance:

During the 12-month period, duration and yield‑curve positioning, security selection within investment‑grade corporates and agency mortgage‑backed securities and sector allocation to credit‑risk transfer and high‑yield corporates, were the leading contributors to performance.

Top detractors from performance:

During the 12-month period, security selection within asset‑backed securities and emerging‑market corporates, were the primary detractors from performance.

CORB

Fund Performance

The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

	AB Core Bond ETF	Bloomberg U.S. Aggregate Bond Index
11/15	$10,000	$10,000
11/16	$10,333	$10,217
11/17	$10,728	$10,546
11/18	$10,589	$10,404
11/19	$11,681	$11,527
11/20	$12,569	$12,366
11/21	$12,527	$12,224
11/22	$10,776	$10,654
11/23	$10,928	$10,780
11/24	$11,823	$11,521
11/25	$12,505	$12,178

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
AB Core Bond ETF	5.64%	-0.11%	2.26%
Bloomberg U.S. Aggregate Bond Index	5.70%	-0.31%	1.99%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/fixed-income/ab-core-bond-etf.-.00039J756.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$876,551,908
# of Portfolio Holdings	588
Portfolio Turnover Rate	33%
Total Advisory Fees Paid (Net)	$433,300

CORB

Graphical Representation of Holdings

Security Type Breakdown (% of Net Assets)

Governments - Treasuries	30.9%
Corporates - Investment Grade	25.6%
Mortgage Pass-Throughs	20.8%
Asset-Backed Securities	5.6%
Collateralized Mortgage Obligations	5.6%
Agencies	1.5%
Commercial Mortgage-Backed Securities	1.3%
Inflation-Linked Securities	1.2%
Others	3.3%
Short-Term Investments	2.0%
Other assets less liabilities	2.2%
Total	100.0%

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/ab/CORB-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-CORB-0153-1125

CORB

EMOP

November 30, 2025

AB Emerging Markets Opportunities ETF

Principal Listing Exchange: NYSE Arca

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Fund Information

Annual Shareholder Report

This annual shareholder report contains important information about the AB Emerging Markets Opportunities ETF (the “Fund”) for the period of June 17, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/EMOP-A. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last period?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Emerging Markets Opportunities ETF	$34	0.70%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets	$53,523,677
# of Portfolio Holdings	57
Portfolio Turnover Rate	16%
Total Advisory Fees Paid (Net)	$52,598

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd.	$5,478,286	10.2%
Tencent Holdings Ltd. - Class H	$3,958,539	7.4%
Samsung Electronics Co., Ltd.	$2,167,790	4.1%
ICICI Bank Ltd. (Sponsored ADR)	$1,834,700	3.4%
PetroChina Co., Ltd. - Class H	$1,609,885	3.0%
NetEase, Inc. - Class H	$1,607,969	3.0%
Delta Electronics, Inc.	$1,579,812	2.9%
State Bank of India (GDR)	$1,529,514	2.8%
TIM SA/Brazil	$1,422,523	2.7%
Midea Group Co., Ltd. - Class A	$1,397,698	2.6%
Total	$22,586,716	42.1%

EMOP

Sector Breakdown (% of Net Assets)

Information Technology	25.7%
Financials	23.0%
Communication Services	14.6%
Consumer Discretionary	11.3%
Industrials	6.8%
Energy	5.6%
Materials	4.1%
Real Estate	3.6%
Health Care	2.8%
Consumer Staples	1.6%
Short-Term Investments	0.8%
Other assets less liabilities	0.1%
Total	100.0%

Country Breakdown (% of Net Assets)

China	33.3%
Taiwan	15.9%
South Korea	14.0%
India	10.9%
Brazil	5.8%
United Arab Emirates	5.6%
Poland	5.0%
Chile	2.6%
Mexico	2.5%
Greece	2.2%
South Africa	1.3%
Short-Term Investments	0.8%
Other assets less liabilities	0.1%
Total	100.0%

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/EMOP-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-EMO-0153-1125

EMOP

BUFI

November 30, 2025

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Fund Information

AB International Buffer ETF

Principal Listing Exchange: NASDAQ

Annual Shareholder Report

This annual shareholder report contains important information about the AB International Buffer ETF (the “Fund”) for the period of December 9, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/BUFI-A. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last period?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB International Buffer ETF	$72	0.69%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform last period? What affected the Fund’s performance?

From fund inception (December 9th, 2024) through November 30, 2025, the Fund returned 12.61%, as equity markets appreciated. Consistent with expectations for strong markets, AB International Buffer ETF captured 58% of the MSCI EAFE (net) upside performance. AB International Buffer ETF triggered the ratchet feature four times this year, providing additional upside availability during appreciating markets.

During the 12-month period, the Fund used derivatives to create the options collar which consisted of long calls, long puts, short calls, and short puts.

Performance Highlights

Top contributors to performance:

The Fund's long calls and short puts contributed over the 12-month period.

Top detractors from performance:

The Fund's short calls and long puts detracted over the 12-month period.

BUFI

Fund Performance

	AB International Buffer ETF	MSCI EAFE Index (net)
12/24	$10,000	$10,000
11/25	$11,261	$12,205

Average Annual Total Returns

AATR	Since Inception 12/9/24
AB International Buffer ETF	12.61%
MSCI EAFE Index (net)	22.05%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/alternatives/ab-international-buffer-etf.00039J814.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$73,899,786
# of Portfolio Holdings	3
Portfolio Turnover Rate	0%
Total Advisory Fees Paid (Net)	$267,759

BUFI

Graphical Representation of Holdings

Security Type Breakdown (% of Net Assets)

Options on Equity Indices	100.8%
Short-Term Investments	0.5%
Other assets less liabilities	-1.3%
Total	100.0%

Country Breakdown (% of Net Assets)

United States	100.8%
Short-Term Investments	0.5%
Other assets less liabilities	-1.3%
Total	100.0%

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/BUFI-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-IB-0153-1125

BUFI

IGGY

November 30, 2025

AB International Growth ETF

Principal Listing Exchange: NYSE Arca

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Fund Information

Annual Shareholder Report

This annual shareholder report contains important information about the AB International Growth ETF (the “Fund”) for the period of September 16, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/IGGY-A. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last period?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB International Growth ETF	$11	0.55%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets	$4,297,099
# of Portfolio Holdings	51
Portfolio Turnover Rate	1%
Total Advisory Fees Paid (Net)	$5,004

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)	$343,107	8.0%
Tencent Holdings Ltd. - Class H	$211,279	4.9%
ASML Holding NV	$205,495	4.8%
Kingspan Group PLC	$148,273	3.4%
Sea Ltd. (ADR)	$131,921	3.1%
3i Group PLC	$124,986	2.9%
Beijer Ref AB	$117,325	2.7%
SAP SE	$117,144	2.7%
InterContinental Hotels Group PLC	$110,803	2.6%
Weir Group PLC (The)	$110,444	2.6%
Total	$1,620,777	37.7%

IGGY

Sector Breakdown (% of Net Assets)

Information Technology	31.9%
Industrials	28.0%
Consumer Discretionary	18.0%
Financials	7.2%
Communication Services	6.4%
Health Care	5.1%
Consumer Staples	1.9%
Materials	1.0%
Short-Term Investments	0.4%
Other assets less liabilities	0.1%
Total	100.0%

Country Breakdown (% of Net Assets)

China	17.3%
United Kingdom	12.4%
Netherlands	9.3%
Sweden	8.6%
Taiwan	8.0%
Canada	7.9%
France	5.1%
Denmark	4.8%
United States	4.6%
Germany	3.5%
Ireland	3.5%
Brazil	3.3%
Singapore	3.1%
Israel	2.0%
Others	6.1%
Short-Term Investments	0.4%
Other assets less liabilities	0.1%
Total	100.0%

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/IGGY-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-IG-0153-1125

IGGY

ILOW

November 30, 2025

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Fund Information

AB International Low Volatility Equity ETF

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the AB International Low Volatility Equity ETF (the “Fund”) for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ILOW-A. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB International Low Volatility Equity ETF	$55	0.50%

How did the Fund perform last year? What affected the Fund’s performance?

During the 12-month period ended November 30, 2025, the Fund underperformed the Morgan Stanley Capital International Europe, Australia and the Far East (“MSCI EAFE”) Index (the “benchmark”). Overall, sector allocation was broadly in line with the benchmark, while security selection detracted from relative performance. In terms of sector allocation, an overweight to consumer staples and consumer discretionary detracted, while an underweight to materials and an overweight to financials contributed positively. Security selection within consumer staples and real estate contributed the most, while selection within industrials and technology detracted. Country allocation (a result of bottom-up security analysis combined with fundamental research) contributed, led by an underweight to Australia, while an underweight to Japan detracted.

During the 12-month period, the Fund used derivatives in the form of forwards for hedging purposes, which added to overall performance.

Performance Highlights

Top contributors to performance:

During the 12-month period, country allocation and security selection within consumer staples and real estate, along with an underweight to materials and an overweight to financials contributed to performance.

Top detractors from performance:

During the 12-month period, security selection within industrials, technology and communication services detracted.

ILOW

Fund Performance

	AB International Low Volatility Equity ETF	MSCI EAFE Index (net)
11/15	$10,000	$10,000
11/16	$9,973	$9,634
11/17	$12,391	$12,262
11/18	$11,998	$11,288
11/19	$13,218	$12,692
11/20	$13,623	$13,501
11/21	$15,075	$14,955
11/22	$13,509	$13,438
11/23	$14,719	$15,099
11/24	$17,456	$16,893
11/25	$20,993	$21,033

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
AB International Low Volatility Equity ETF	20.26%	9.03%	7.70%
MSCI EAFE Index (net)	24.50%	9.27%	7.72%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/equities/ab-international-low-volatility-equity-etf.00039J822.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$1,494,446,565
# of Portfolio Holdings	89
Portfolio Turnover Rate	27%
Total Advisory Fees Paid (Net)	$5,907,797

ILOW

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Shell PLC	$33,347,254	2.2%
KBC Group NV	$30,889,273	2.1%
SAP SE	$30,593,675	2.0%
Taiwan Semiconductor Manufacturing Co., Ltd.	$30,052,573	2.0%
Tesco PLC	$29,734,309	2.0%
BAE Systems PLC	$29,090,200	2.0%
AstraZeneca PLC	$28,948,506	1.9%
Nordea Bank Abp	$28,600,225	1.9%
AIB Group PLC	$27,767,006	1.9%
RELX PLC	$26,859,629	1.8%
Total	$295,882,650	19.8%

Sector Breakdown (% of Net Assets)

Financials	27.8%
Industrials	18.1%
Consumer Discretionary	11.7%
Information Technology	10.2%
Health Care	9.6%
Consumer Staples	8.7%
Communication Services	4.4%
Utilities	3.1%
Energy	2.9%
Real Estate	1.5%
Materials	0.5%
Short-Term Investments	0.7%
Other assets less liabilities	0.8%
Total	100.0%

Country Breakdown (% of Net Assets)

United Kingdom	23.1%
Japan	14.6%
Netherlands	7.0%
Italy	6.9%
United States	5.1%
France	5.0%
Canada	4.7%
Switzerland	3.8%
Germany	3.3%
Ireland	3.2%
Denmark	2.4%
Spain	2.4%
Australia	2.3%
Singapore	2.3%
Others	12.4%
Short-Term Investments	0.7%
Other assets less liabilities	0.8%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund during the reporting period.

During the reporting period, the Fund added the following risk[s] to its Principal Risk as set forth in its prospectus.

Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the financials sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.

ILOW

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/ILOW-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-ILVE-0153-1125

ILOW

BUFM

November 30, 2025

AB Moderate Buffer ETF

Principal Listing Exchange: NASDAQ

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Fund Information

Annual Shareholder Report

This annual shareholder report contains important information about the AB Moderate Buffer ETF (the “Fund”) for the period of December 9, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/BUFM-A. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last period?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Moderate Buffer ETF	$71	0.69%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform last period? What affected the Fund’s performance?

From fund inception (December 9th, 2024) through November 30, 2025, the Fund returned 10.96%, as equity markets appreciated. Consistent with expectations for strong markets, AB Moderate Buffer ETF captured 51% of the S&P 500 upside performance. AB Moderate Buffer ETF triggered the ratchet feature three times this year, providing additional upside availability during appreciating markets.

During the 12-month period, the Fund used derivatives in the form of purchased options and written options for hedging purposes, which added to performance.

Performance Highlights

Top contributors to performance:

The Fund's long calls and short puts contributed over the 12-month period.

Top detractors from performance:

The Fund's short calls and long puts detracted over the 12-month period.

BUFM

Fund Performance

	AB Moderate Buffer ETF	S&P 500 Index
12/24	$10,000	$10,000
11/25	$11,096	$11,456

Average Annual Total Returns

AATR	Since Inception 12/9/24
AB Moderate Buffer ETF	10.96%
S&P 500 Index	14.56%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/alternatives/ab-moderate-buffer-etf.00039J798.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$268,945,473
# of Portfolio Holdings	3
Portfolio Turnover Rate	0%
Total Advisory Fees Paid (Net)	$1,008,297

BUFM

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Options on Equity Indices	100.6%
Short-Term Investments	0.5%
Other assets less liabilities	-1.1%
Total	100.0%

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/BUFM-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-MB-0153-1125

BUFM

NYM

November 30, 2025

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Fund Information

AB New York Intermediate Municipal ETF

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the AB New York Intermediate Municipal ETF (the “Fund”) for the period of October 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/NYM-A. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last period?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB New York Intermediate Municipal ETF	$5	0.30%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Prior to commencing operations, the Fund acquired the assets and liabilities of New York Intermediate Municipal Portfolio (the "Predecessor Fund"), a portfolio of Sanford C. Bernstein Fund, Inc. and adopted the accounting and performance history of that fund (the "Reorganization"), as of the close of business on November 7, 2025. The Fund has the same investment objective, strategies, policies and portfolio management team as the Predecessor Fund.

How did the Fund perform last period? What affected the Fund’s performance?

During the 12-month period ended November 30, 2025, the Fund underperformed the Bloomberg 1-10 Year Blend Index (the “benchmark”). Overall security selection and yield-curve positioning detracted from performance, relative to the benchmark. Security selection within special tax, local general obligation and miscellaneous revenue detracted, while prerefunded municipal bonds, multi-family housing and prepay energy contributed. Alternatively, underweights to prepay energy and multi-family housing and an overweight to private higher education detracted, while overweights to industry Industrial Development Revenue and asset-backed securities contributed.

Performance Highlights

Top contributors to performance:

Overall industry allocation contributed to relative performance for the 12-month period.

Top detractors from performance:

Security selection and yield-curve positioning detracted from overall performance throughout the 12-month period.

NYM

Fund Performance

	AB New York Intermediate Municipal ETF	Bloomberg Municipal Bond Index	Bloomberg 1-10 Yr Municipal Bond Blend
11/15	$10,000	$10,000	$10,000
11/16	$9,984	$9,978	$9,952
11/17	$10,298	$10,535	$10,308
11/18	$10,362	$10,654	$10,441
11/19	$10,991	$11,559	$11,104
11/20	$11,251	$12,125	$11,564
11/21	$11,546	$12,364	$11,655
11/22	$10,871	$11,295	$11,054
11/23	$11,281	$11,779	$11,431
11/24	$11,815	$12,360	$11,815
11/25	$12,145	$12,686	$12,291

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
AB New York Intermediate Municipal ETF	2.79%	1.54%	1.96%
Bloomberg Municipal Bond Index	2.64%	0.91%	2.41%
Bloomberg 1-10 Yr Municipal Bond Blend	4.03%	1.23%	2.08%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/fixed-income/ab-new-york-intermediate-municipal-etf.-.00039J764.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$1,292,950,270
# of Portfolio Holdings	385
Portfolio Turnover Rate	1%
Total Advisory Fees Paid (Net)	$775,888

NYM

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote
Reference*}

AAA	7.5%
AA	53.8%
A	17.3%
BBB	11.1%
BB	2.6%
B	0.4%
A-1+	3.9%
Not Rated	3.4%
Total	100.0%

Footnote

Description

Footnote^*

State Breakdown (% of Net Assets)

New York	87.9%
New Jersey	2.1%
Guam	2.0%
Michigan	1.2%
Puerto Rico	1.0%
Nebraska	0.8%
Connecticut	0.7%
Alabama	0.5%
South Carolina	0.4%
Wisconsin	0.2%
Other	0.2%
Georgia	0.2%
Illinois	0.2%
Texas	0.2%
Other States	0.4%
Other Assets Less Liabilities	2.0%
Total	100.0%

Changes in or Disagreements with Accountants

NYM

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/NYM-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-NYM-0153-1125

NYM

SYFI

November 30, 2025

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Fund Information

AB Short Duration High Yield ETF

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the AB Short Duration High Yield ETF (the “Fund”) for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/SYFI-A. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Short Duration High Yield ETF	$41	0.40%

How did the Fund perform last year? What affected the Fund’s performance?

During the 12-month period, the Fund underperformed the Bloomberg US High Yield 1-5 Year Cash Pay 2% Total Return Index (the "benchmark"). Security selection among consumer noncyclical, media and real estate investment trusts ("REITs") detracted, relative to the benchmark, while selection among retailers, banking and railroads contributed to overall performance. In the US, yield-curve positioning on the six-month and two-year parts of the curve detracted, while positioning on the five- to ten-year parts of the curve contributed. At the country allocation level, off-benchmark exposure to the eurozone detracted from relative performance. Currency decisions did not impact investment results during the period.

During the 12-month period, the Fund used derivatives in the form of treasury futures and currency forwards for hedging purposes. Treasury futures were utilized to manage duration and yield-curve positioning. Currency forwards were utilized to hedge currency risk.

Performance Highlights

Top contributors to performance:

Overall security selection and yield-curve positioning contributed throughout the 12-month period.

Top detractors from performance:

Industry and country allocation detracted from performance.

SYFI

Fund Performance

	AB Short Duration High Yield ETF	Bloomberg U.S. Corporate Bond Index	Bloomberg U.S. High Yield 1-5 Year Cash Pay 2% Total Return Index
11/15	$10,000	$10,000	$10,000
11/16	$10,689	$10,458	$11,154
11/17	$11,199	$11,103	$12,034
11/18	$11,268	$10,765	$12,349
11/19	$12,148	$12,471	$13,043
11/20	$12,636	$13,689	$13,633
11/21	$13,109	$13,616	$14,525
11/22	$12,181	$11,511	$13,907
11/23	$13,242	$11,920	$15,083
11/24	$14,599	$12,952	$16,909
11/25	$15,567	$13,716	$18,102

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
AB Short Duration High Yield ETF	6.63%	4.26%	4.52%
Bloomberg U.S. Corporate Bond Index	5.90%	0.04%	3.21%
Bloomberg U.S. High Yield 1-5 Year Cash Pay 2% Total Return Index	7.06%	5.83%	6.11%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/fixed-income/ab-short-duration-high-yield-etf.00039J830.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$837,800,765
# of Portfolio Holdings	562
Portfolio Turnover Rate	72%
Total Advisory Fees Paid (Net)	$3,133,931

SYFI

Graphical Representation of Holdings

Security Type Breakdown (% of Net Assets)

Corporates - Non-Investment Grade	79.1%
Corporates - Investment Grade	12.2%
Bank Loans	3.0%
Emerging Markets - Corporate Bonds	1.3%
Emerging Markets - Sovereigns	0.5%
Quasi-Sovereigns	0.1%
Common Stocks	0.1%
Commercial Mortgage-Backed Securities	0.1%
Others	0.0%
Short-Term Investments	2.0%
Other assets less liabilities	1.6%
Total	100.0%

Country Breakdown (% of Net Assets)

United States	78.8%
Canada	3.4%
United Kingdom	3.2%
Italy	2.3%
France	1.4%
Ireland	1.2%
Germany	1.2%
Spain	1.2%
Luxembourg	0.6%
Hong Kong	0.5%
Israel	0.3%
Puerto Rico	0.3%
Japan	0.2%
Switzerland	0.2%
Others	1.6%
Short-Term Investments	2.0%
Other assets less liabilities	1.6%
Total	100.0%

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/SYFI-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-SDHY-0153-1125

SYFI

SDFI

November 30, 2025

AB Short Duration Income ETF

Principal Listing Exchange: NYSE Arca

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Fund Information

Annual Shareholder Report

This annual shareholder report contains important information about the AB Short Duration Income ETF (the “Fund”) for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https:/www.abfunds.com/link/AB/SDFI-A. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Short Duration Income ETF	$31	0.30%

How did the Fund perform last year? What affected the Fund’s performance?

During the 12-month period, the Fund outperformed the Bloomberg 1-5 Year US Government/Credit Index (the "benchmark"). Industry allocation was the primary contributor to performance, relative to the benchmark, from an underweight to US Treasuries and exposure to conventional 30-year mortgage-backed securities, commercial mortgage-backed securities and banking that were partially offset by losses from car loan asset-backed securities in the US. Security selection also contributed from selections in consumer noncyclical and high-yield credit default swaps, while car loan asset-backed securities and investment-grade credit default swaps detracted. Overall yield-curve positioning in the US detracted from performance. Overall country allocation and currency decisions did not impact performance during the period.

During the 12-month period, derivatives were used in the form of interest rate futures, currency forwards, swaptions and credit default swaps. Interest rate futures were used to manage and hedge duration risk and/or take active yield curve positioning, while currency forwards were used to hedge foreign currency exposure. Swaptions were utilized to capture significant market movement; credit default swaps were also utilized to effectively obtain credit/sector exposure.

Performance Highlights

Top contributors to performance:

Overall industry allocation, yield-curve positioning and security selection added to performance.

Top detractors from performance:

During the period, industry allocation and security selection within some sectors detracted from performance.

SDFI

Fund Performance

	AB Short Duration Income ETF	Bloomberg U.S. Aggregate Bond Index	Bloomberg 1-5 Year U.S. Government/Credit Index
12/18	$10,000	$10,000	$10,000
11/19	$10,704	$10,994	$10,565
11/20	$11,049	$11,795	$11,067
11/21	$11,106	$11,659	$10,995
11/22	$10,392	$10,162	$10,369
11/23	$10,914	$10,282	$10,707
11/24	$11,673	$10,989	$11,302
11/25	$12,386	$11,615	$11,951

Average Annual Total Returns

AATR	1 Year	5 Years	Since Inception 12/12/18
AB Short Duration Income ETF	6.11%	2.31%	3.12%
Bloomberg U.S. Aggregate Bond Index	5.70%	-0.31%	2.17%
Bloomberg 1-5 Year U.S. Government/Credit Index	5.74%	1.55%	2.59%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/fixed-income/ab-short-duration-income-etf.00039J848.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$145,142,535
# of Portfolio Holdings	484
Portfolio Turnover Rate	73%
Total Advisory Fees Paid (Net)	$347,826

SDFI

Graphical Representation of Holdings

Security Type Breakdown (% of Net Assets)

Corporates - Investment Grade	37.8%
Governments - Treasuries	29.7%
Asset-Backed Securities	13.9%
Corporates - Non-Investment Grade	8.8%
Mortgage Pass-Throughs	4.6%
Collateralized Loan Obligations	4.6%
Commercial Mortgage-Backed Securities	0.8%
Collateralized Mortgage Obligations	0.2%
Others	0.2%
Short-Term Investments	0.6%
Other assets less liabilities	-1.2%
Total	100.0%

Availability of Additional Information

You can find additional information on the Fund’s website at https:/www.abfunds.com/link/AB/SDFI-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-SDI-0153-1125

SDFI

BUFC

November 30, 2025

AB Conservative Buffer ETF

Principal Listing Exchange: NASDAQ

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Fund Information

Annual Shareholder Report

This annual shareholder report contains important information about the AB Conservative Buffer ETF (the “Fund”) for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/BUFC-A. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Conservative Buffer ETF	$71	0.69%

How did the Fund perform last year? What affected the Fund’s performance?

During the 12-month period ended November 30, 2025, the Fund returned 4.62%, as equity markets appreciated. Consistent with expectations for strong markets, AB Conservative Buffer ETF captured 30% of the S&P 500 upside performance. The Fund triggered the ratchet feature two times this year, providing additional upside availability during appreciating markets.

During the 12-month period, the Fund used derivatives to create the options collar which consisted of long calls, long puts, short calls, and short puts.

Performance Highlights

Top contributors to performance:

The Fund's long calls and short puts contributed over the 12-month period.

Top detractors from performance:

The Fund's short calls and long puts detracted over the 12-month period.

BUFC

Fund Performance

	AB Conservative Buffer ETF	S&P 500 Index
12/23	$10,000	$10,000
11/24	$11,231	$13,165
11/25	$11,750	$15,140

Average Annual Total Returns

AATR	1 Year	Since Inception 12/13/23
AB Conservative Buffer ETF	4.62%	17.49%
S&P 500 Index	15.00%	23.44%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/alternatives/ab-conservative-buffer-etf.00039J806.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$976,687,375
# of Portfolio Holdings	3
Portfolio Turnover Rate	0%
Total Advisory Fees Paid (Net)	$5,913,030

BUFC

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Options on Equity Indices	101.6%
Short-Term Investments	0.5%
Other assets less liabilities	-2.1%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund during the reporting period.

During the reporting period, the Fund added the following risks to its Principal Risk as set forth in its prospectus in connection with its exposure to exchange traded funds (each an “Underlying ETF”) through its usage of FLexible EXchange Options (“FLEX options”).

Equity Securities Risk: The Underlying ETF invests in publicly-traded equity securities, and their value may fluctuate, sometimes rapidly and unpredictably, which means a security may be worth more or less than when it was purchased. These fluctuations can be based on a variety of factors including a company’s financial condition as well as macro-economic factors such as interest rates, inflation rates, global market conditions, and non-economic factors such as market perceptions and social or political events.
Large-Capitalization Companies Risk: The Underlying ETF invests in the securities of large capitalization companies, which results in the Fund having significant exposure to such companies through its exposure to the Underlying ETFs by virtue of its usage of FLEX Options. 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.
Tax Risk: The Fund intends to elect and to qualify each year to be treated as a regulated investment company (“RIC”) under Subchapter M of the Code. If, in any year, the Fund fails to qualify as a RIC under the applicable tax laws, the Fund would be taxed as an ordinary corporation. The federal income tax treatment of some aspects of the Fund’s investment operations are not guaranteed. There are some uncertainties in how the Code would apply to the Fund’s options strategy and hedging strategies, and the application of “straddle” rules, and loss limitation provisions of the Code.

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/BUFC-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-CB-0153-1125

BUFC

CPLS

November 30, 2025

AB Core Plus Bond ETF

Principal Listing Exchange: NASDAQ

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Fund Information

Annual Shareholder Report

This annual shareholder report contains important information about the AB Core Plus Bond ETF (the “Fund”) for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/CPLS-A. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Core Plus Bond ETF	$30	0.29%

How did the Fund perform last year? What affected the Fund’s performance?

During the 12-month period, the Fund underperformed the Bloomberg US Aggregate Bond Index (the "benchmark"). Yield-curve positioning detracted, relative to the benchmark, as losses from overweights to the two- to 20-year parts of the curve were greater than the gain from being overweight to the six-month part of the curve. Security selection among mortgage pass-throughs, treasury futures and government sovereign bonds detracted from performance, while selection within high-yield and investment grade corporate bonds and commercial mortgage-backed securities ("CMBS") contributed. Country allocation and currency decisions did not impact performance.

During the 12-month period, treasury futures were utilized to manage duration, country exposure and yield-curve positioning.

Performance Highlights

Top contributors to performance:

Security selection within high-yield and investment grade corporate bonds and CMBS contributed.

Top detractors from performance:

Yield-curve positioning and allocation to mortgage pass-throughs, treasury futures and government sovereign bonds detracted.

CPLS

Fund Performance

	AB Core Plus Bond ETF	Bloomberg U.S. Aggregate Bond Index
12/23	$10,000	$10,000
11/24	$10,619	$10,561
11/25	$11,212	$11,163

Average Annual Total Returns

AATR	1 Year	Since Inception 12/13/23
AB Core Plus Bond ETF	5.57%	5.98%
Bloomberg U.S. Aggregate Bond Index	5.70%	5.75%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/fixed-income/ab-core-plus-bond-etf.00039J855.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$195,913,051
# of Portfolio Holdings	731
Portfolio Turnover Rate	114%
Total Advisory Fees Paid (Net)	$417,565

CPLS

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Governments - Treasuries	43.0%
Industrial	21.8%
Financial Institutions	17.2%
Agency Fixed Rate 30-Year	4.9%
CLO - Floating Rate	2.0%
Autos - Fixed Rate	1.7%
Non-Agency Fixed Rate CMBS	1.6%
Utility	1.5%
Other ABS - Fixed Rate	0.9%
Risk Share Floating Rate	0.4%
Credit Cards - Fixed Rate	0.1%
Non-Agency Floating Rate	0.0%
Others	0.0%
Short-Term Investments	5.6%
Other assets less liabilities	-0.7%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund during the reporting period.

The Fund's advisory fee was reduced, effective February 7, 2025, from .33% of the Fund's average daily net assets to .30% of the Fund's average daily net assets, resulting in a reduction in the Fund's total annual fund operating expenses, as set forth in the Annual Fund Operating Expenses table in the Fund's prospectus, from .33% to .30%.

During the reporting period, the Fund added the following risk[s] to its Principal Risks as set forth in its prospectus.

Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the industrials sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.
Active Trading Risk: The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/CPLS-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-CPB-0153-1125

CPLS

EYEG

November 30, 2025

AB Corporate Bond ETF

Principal Listing Exchange: NASDAQ

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Fund Information

Annual Shareholder Report

This annual shareholder report contains important information about the AB Corporate Bond ETF (the “Fund”) for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/EYEG-A. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Corporate Bond ETF	$31	0.30%

How did the Fund perform last year? What affected the Fund’s performance?

During the 12-month period, the Fund underperformed the Bloomberg US Corporate Bond Index (the "benchmark"). Yield-curve positioning detracted, relative to the benchmark, primarily from overweights to the five- to 20-year parts of the curve, which were partially offset by gains to the six-month and two-year parts of the curve. Security selection among investment-grade and high-yield corporate bonds contributed to overall performance. Country allocation and currency decisions did not impact the Fund's performance over the 12-month period.

During the 12-month period, treasury futures were utilized to manage duration and yield-curve positioning.

Performance Highlights

Top contributors to performance:

Investment-grade and high-yield corporate bonds were the largest contributors to performance.

Top detractors from performance:

Yield-curve positioning detracted from overall performance throughout the period.

EYEG

Fund Performance

	AB Corporate Bond ETF	Bloomberg U.S. Corporate Bond Index
12/23	$10,000	$10,000
11/24	$10,825	$10,711
11/25	$11,460	$11,343

Average Annual Total Returns

AATR	1 Year	Since Inception 12/13/23
AB Corporate Bond ETF	5.87%	7.16%
Bloomberg U.S. Corporate Bond Index	5.90%	6.61%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/fixed-income/ab-corporate-bond-etf.00039J863.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$27,142,293
# of Portfolio Holdings	399
Portfolio Turnover Rate	90%
Total Advisory Fees Paid (Net)	$78,275

EYEG

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Industrial	49.4%
Financial Institutions	42.7%
Utility	5.6%
Short-Term Investments	0.9%
Other assets less liabilities	1.4%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund during the reporting period.

During the reporting period, the Fund added the following risk[s] to its Principal Risks as set forth in its prospectus.

Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the industrials sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.
Active Trading Risk: The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/EYEG-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-COB-0153-1125

EYEG

FWD

November 30, 2025

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Fund Information

AB Disruptors ETF

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the AB Disruptors ETF (the “Fund”) for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/FWD-A. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Disruptors ETF	$74	0.65%

How did the Fund perform last year? What affected the Fund’s performance?

During the 12-month period ended November 30, 2025, the Fund outperformed the Morgan Stanley Capital International (“MSCI”) All Country World Index (“ACWI”) (the “benchmark”). Security selection was the largest contributor, relative to the benchmark, led by selection within technology, industrials and consumer discretionary; selection within communication services, health care and materials detracted from overall performance. Overall sector allocation contributed to performance. Underweights to financials, consumer discretionary and consumer staples offset losses from an underweight to communication services and overweights to industrials and utilities.

Performance Highlights

Top contributors to performance:

During the 12-month period, although overall security selection was positive, allocation to some sectors also contributed to performance.

Top detractors from performance:

During the 12-month period, selection within, and allocation to, some sectors detracted from performance.

FWD

Fund Performance

	AB Disruptors ETF	MSCI All Country World Index (net)	MSCI ACWI Growth Index
03/23	$10,000	$10,000	$10,000
11/23	$11,546	$11,210	$11,633
11/24	$16,625	$14,138	$15,004
11/25	$21,215	$16,712	$18,407

Average Annual Total Returns

AATR	1 Year	Since Inception 3/22/23
AB Disruptors ETF	27.47%	32.12%
MSCI All Country World Index (net)	18.21%	20.96%
MSCI ACWI Growth Index	22.68%	25.37%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/equities/ab-disruptors-etf.00039J509.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$1,288,531,206
# of Portfolio Holdings	112
Portfolio Turnover Rate	196%
Total Advisory Fees Paid (Net)	$5,044,841

FWD

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
NVIDIA Corp.	$50,362,164	3.9%
Broadcom, Inc.	$38,965,023	3.0%
Alphabet, Inc. - Class A	$34,497,154	2.7%
Taiwan Semiconductor Manufacturing Co., Ltd.	$26,822,816	2.1%
Tesla, Inc.	$23,816,792	1.9%
Applied Materials, Inc.	$20,483,205	1.6%
Amazon.com, Inc.	$19,840,025	1.6%
Lam Research Corp.	$19,637,592	1.5%
Agilent Technologies, Inc.	$18,525,301	1.4%
Lumentum Holdings, Inc.	$18,492,174	1.4%
Total	$271,442,246	21.1%

Sector Breakdown (% of Net Assets)

Information Technology	48.8%
Industrials	18.0%
Health Care	13.9%
Consumer Discretionary	7.5%
Communication Services	5.9%
Utilities	1.5%
Materials	1.2%
Financials	1.1%
Energy	1.0%
Short-Term Investments	2.0%
Other assets less liabilities	-0.9%
Total	100.0%

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/FWD-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-DR-0153-1125

FWD

HYFI

November 30, 2025

AB High Yield ETF

Principal Listing Exchange: NYSE Arca

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Fund Information

Annual Shareholder Report

This annual shareholder report contains important information about the AB High Yield ETF (the “Fund”) for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/HYFI-A. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB High Yield ETF	$42	0.40%

How did the Fund perform last year? What affected the Fund’s performance?

During the 12-month period, the Fund outperformed the Bloomberg US Corporate HY 2% Issuer Capped Index (the “benchmark”). Industry allocation was the primary contributor to relative outperformance, from an overweight to banking and consumer cyclical-retailers and underweights to basics and energy. Security selection contributed, as gains from selections in consumer cyclical-retailers, capital goods and consumer non-cyclical were partially offset by losses from energy, basics and services. Yield-curve positioning also contributed, because of an overweight to the six-month part of the curve and an underweight to the 10-year part of the curve that more than offset losses from underweights to the two- and five-year parts of the yield-curve.

During the 12-month period, the Fund utilized treasury futures to manage duration and yield-curve positioning. Currency forwards were used to hedge currency risk. Credit default swaps were used to maintain overall account risk relative to benchmark and to actively take single issuer exposure.

Performance Highlights

Top contributors to performance:

During the 12-month period, industry allocation including an overweight to banking and consumer cyclical-retailers and underweights to basics and energy, along with security selection in consumer cyclical-retailers, capital goods and consumer non-cyclical, were the leading contributors to performance.

Top detractors from performance:

During the 12-month period, security selection in energy, basics, and services, along with underweight positioning on the two- and five-year parts of the yield-curve, were the primary detractors from performance.

HYFI

Fund Performance

	AB High Yield ETF	Bloomberg U.S. Corporate Bond Index	Bloomberg U.S. Corporate HY 2% Issuer Capped Index
11/15	$10,000	$10,000	$10,000
11/16	$11,045	$10,458	$11,211
11/17	$11,900	$11,103	$12,238
11/18	$11,960	$10,765	$12,282
11/19	$13,160	$12,471	$13,471
11/20	$14,249	$13,689	$14,436
11/21	$15,258	$13,616	$15,197
11/22	$13,844	$11,511	$13,836
11/23	$14,940	$11,920	$15,039
11/24	$16,764	$12,952	$16,950
11/25	$18,107	$13,716	$18,229

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
AB High Yield ETF	8.02%	4.91%	6.12%
Bloomberg U.S. Corporate Bond Index	5.90%	0.04%	3.21%
Bloomberg U.S. Corporate HY 2% Issuer Capped Index	7.55%	4.78%	6.19%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/fixed-income/ab-high-yield-etf.00039J608.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$305,450,364
# of Portfolio Holdings	699
Portfolio Turnover Rate	83%
Total Advisory Fees Paid (Net)	$845,922

HYFI

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Industrial	84.0%
Financial Institutions	11.5%
Utility	2.0%
Communication Services	0.1%
Industrials	0.1%
Financials	0.0%
Energy	0.0%
Utilities	0.0%
Consumer Staples	0.0%
Consumer Discretionary	0.0%
Short-Term Investments	1.3%
Other assets less liabilities	1.0%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund during the reporting period.

During the reporting period, the Fund added the following risk[s] to its Principal Risk as set forth in its prospectus.

Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the industrials sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/HYFI-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-HY-0153-1125

HYFI

TAFM

November 30, 2025

AB Tax-Aware Intermediate Municipal ETF

Principal Listing Exchange: NYSE Arca

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Fund Information

Annual Shareholder Report

This annual shareholder report contains important information about the AB Tax-Aware Intermediate Municipal ETF (the “Fund”) for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/TAFM-A. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Tax-Aware Intermediate Municipal ETF	$28	0.28%

How did the Fund perform last year? What affected the Fund’s performance?

During the 12-month period, the Fund outperformed the Bloomberg Municipal Bond Index (the "benchmark"). Overall industry allocation and yield-curve positioning were the primary contributors, relative to the benchmark. Overweights to prepay energy and money markets and an underweight to guaranteed contributed, while overweights to public primary/secondary education and mortgage pass-throughs and an underweight to state general obligation detracted from relative performance. Overall security selection detracted from performance. Security selection within senior living, airline Industrial Development Revenue and mortgage pass-throughs could not offset the losses from selection within local general obligation, special tax and miscellaneous revenue.

During the 12-month period, the Fund used derivatives in the form of interest rate swaps for hedging purposes, which contributed to performance.

Performance Highlights

Top contributors to performance:

Overall industry allocation and yield-curve positioning contributed to performance.

Top detractors from performance:

Security selection was the primary detractor during the 12-month period.

TAFM

Fund Performance

	AB Tax-Aware Intermediate Municipal ETF	Bloomberg Municipal Bond Index
12/23	$10,000	$10,000
11/24	$10,581	$10,433
11/25	$10,902	$10,707

Average Annual Total Returns

AATR	1 Year	Since Inception 12/13/23
AB Tax-Aware Intermediate Municipal ETF	3.03%	4.48%
Bloomberg Municipal Bond Index	2.64%	3.53%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/fixed-income/ab-tax-aware-intermediate-municipal-etf.00039J889.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$420,507,850
# of Portfolio Holdings	434
Portfolio Turnover Rate	10%
Total Advisory Fees Paid (Net)	$710,846

TAFM

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Municipal Obligations	96.5%
Commercial Mortgage-Backed Securities	0.3%
Warrants	0.0%
Short-Term Investments	2.7%
Other assets less liabilities	0.5%
Total	100.0%

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/TAFM-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-TAIM-0153-1125

TAFM

TAFL

November 30, 2025

AB Tax-Aware Long Municipal ETF

Principal Listing Exchange: NYSE Arca

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Fund Information

Annual Shareholder Report

This annual shareholder report contains important information about the AB Tax-Aware Long Municipal ETF (the “Fund”) for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/TAFL-A. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Tax-Aware Long Municipal ETF	$28	0.28%

How did the Fund perform last year? What affected the Fund’s performance?

During the 12-month period, the Fund underperformed the Bloomberg Municipal Bond Index (the "benchmark"). Security selection within local general obligation, tobacco master settlement agreement securitization and tax-supported local state lease detracted, relative to the benchmark, while selection within prepay energy, guaranteed, industry industrial development revenue ("IDR") contributed. Losses from underweights to single family housing and prerefunded and an overweight to industry IDR were offset by gains to airports/ports and local general obligation.

During the 12-month period, the Fund used derivatives in the form of interest rate swaps for hedging purposes, which contributed to performance.

Performance Highlights

Top contributors to performance:

Overall security selection was the primary contributor to performance throughout the 12-month period.

Top detractors from performance:

Industry allocation and security selection within some sectors detracted from the Fund's overall performance.

TAFL

Fund Performance

	AB Tax-Aware Long Municipal ETF	Bloomberg Municipal Bond Index	Bloomberg 20 Year (17-22) Municipal Index
12/23	$10,000	$10,000	$10,000
11/24	$10,619	$10,433	$10,561
11/25	$10,850	$10,707	$10,692

Average Annual Total Returns

AATR	1 Year	Since Inception 12/13/23
AB Tax-Aware Long Municipal ETF	2.18%	4.23%
Bloomberg Municipal Bond Index	2.64%	3.53%
Bloomberg 20 Year (17-22) Municipal Index	1.24%	3.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/fixed-income/ab-tax-aware-long-municipal-etf.00039J871.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$42,820,423
# of Portfolio Holdings	101
Portfolio Turnover Rate	50%
Total Advisory Fees Paid (Net)	$87,829

TAFL

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Municipal Obligations	98.8%
Short-Term Investments	1.9%
Other assets less liabilities	-0.7%
Total	100.0%

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/TAFL-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-TALM-0153-1125

TAFL

TAFI

November 30, 2025

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Fund Information

AB Tax-Aware Short Duration Municipal ETF

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the AB Tax-Aware Short Duration Municipal ETF (the “Fund”) for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/TAFI-A. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Tax-Aware Short Duration Municipal ETF	$27	0.27%

How did the Fund perform last year? What affected the Fund’s performance?

During the 12-month period, the Fund outperformed the Bloomberg 1-5 Year Municipal Bond Index (the "benchmark"). Overall yield-curve positioning was the primary contributor, relative to the benchmark. Overweights to airport/ports and prepay energy contributed and could not be offset by losses from overweights to money market and asset-backed securities. Security selection within airport/ports, state general obligation and special tax contributed, while selection within local general obligation, prepay energy and guaranteed detracted.

Performance Highlights

Top contributors to performance:

Security selection and yield-curve positioning contributed to performance throughout the 12-month period.

Top detractors from performance:

Throughout the 12-month period, overall industry allocation was the primary detractor from relative performance.

TAFI

Fund Performance

	AB Tax-Aware Short Duration Municipal ETF	Bloomberg Municipal Bond Index	Bloomberg 1-5 Year Municipal Bond Index
09/22	$10,000	$10,000	$10,000
11/22	$10,022	$10,106	$10,031
11/23	$10,364	$10,539	$10,308
11/24	$10,793	$11,058	$10,657
11/25	$11,185	$11,349	$11,020

Average Annual Total Returns

AATR	1 Year	Since Inception 9/14/22
AB Tax-Aware Short Duration Municipal ETF	3.64%	3.55%
Bloomberg Municipal Bond Index	2.64%	4.01%
Bloomberg 1-5 Year Municipal Bond Index	3.41%	3.07%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/fixed-income/ab-tax-aware-short-duration-municipal-etf.00039J202.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$1,044,152,755
# of Portfolio Holdings	577
Portfolio Turnover Rate	35%
Total Advisory Fees Paid (Net)	$2,092,910

TAFI

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote
Reference*}

AAA	8.7%
AA	39.8%
A	27.3%
BBB	9.1%
BB	4.9%
B	0.2%
A-1+	5.1%
Not Rated	4.9%
Total	100.0%

Footnote

Description

Footnote^*

Portfolio Breakdown (% of Net Assets)

Local Governments - US Municipal Bonds	82.3%
Short-Term Municipal Notes	13.1%
Asset-Backed Securities	0.5%
Commercial Mortgage-Backed Securities	0.3%
Collateralized Mortgage Obligations	0.2%
Corporates - Investment Grade	0.1%
Short-Term Investments	3.0%
Other assets less liabilities	0.5%
Total	100.0%

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/TAFI-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-TASDM-0153-1125

TAFI

YEAR

November 30, 2025

AB Ultra Short Income ETF

Principal Listing Exchange: NYSE Arca

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Fund Information

Annual Shareholder Report

This annual shareholder report contains important information about the AB Ultra Short Income ETF (the “Fund”) for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/YEAR-A. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Ultra Short Income ETF	$25	0.24%

How did the Fund perform last year? What affected the Fund’s performance?

During the 12-month period, the Fund outperformed the FTSE 3-Month US T-Bill Index (the “benchmark”). Sector allocation and security selection contributed, mainly from investment-grade corporate bonds and asset-backed securities. Country and yield-curve positioning also contributed, from overweights on the six-month, and two- and five-year parts of the curve. In addition, the Fund benefited from positive relative returns in both sector and yield-curve exposures, with investment-grade corporates and asset-backed securities providing notable excess returns compared to the benchmark. Currency decisions had no material impact on performance during the period.

During the 12-month period, the Fund used derivatives in the form or currency futures for hedging purposes, which added to overall performance.

Performance Highlights

Top contributors to performance:

During the 12-month period, sector and security selection in investment-grade corporate bonds and asset-backed securities, along with country and yield-curve positioning on the six-month, and two- and five-year parts of the curve, were the leading contributors to performance.

Top detractors from performance:

During the 12-month period, sector allocation to treasury futures and security selection in certain government cash-equivalent holdings, along with underweight positioning in parts of the yield-curve that did not keep pace with the benchmark, were the primary detractors from performance.

YEAR

Fund Performance

	AB Ultra Short Income ETF	Bloomberg U.S. Aggregate Bond Index	FTSE 3-Month US T-Bill Index
09/22	$10,000	$10,000	$10,000
11/22	$10,046	$9,942	$10,065
11/23	$10,616	$10,059	$10,580
11/24	$11,240	$10,750	$11,165
11/25	$11,776	$11,363	$11,663

Average Annual Total Returns

AATR	1 Year	Since Inception 9/14/22
AB Ultra Short Income ETF	4.75%	5.22%
Bloomberg U.S. Aggregate Bond Index	5.70%	4.05%
FTSE 3-Month US T-Bill Index	4.46%	4.90%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/fixed-income/ab-ultra-short-income-etf.00039J103.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$1,499,275,212
# of Portfolio Holdings	167
Portfolio Turnover Rate	114%
Total Advisory Fees Paid (Net)	$3,268,884

YEAR

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Governments - Treasuries	39.2%
Financial Institutions	21.9%
Industrial	13.3%
Autos - Fixed Rate	5.7%
Other ABS - Fixed Rate	4.4%
Utility	1.1%
Credit Cards - Fixed Rate	0.7%
Short-Term Investments	12.9%
Other assets less liabilities	0.8%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund during the reporting period.

During the reporting period, the Fund added the following risk[s] to its Principal Risk as set forth in its prospectus.

Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the financial institutions sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/YEAR-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-USI-0153-1125

YEAR

HIDV

November 30, 2025

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Fund Information

AB US High Dividend ETF

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the AB US High Dividend ETF (the “Fund”) for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/HIDV-A. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB US High Dividend ETF	$39	0.37%

How did the Fund perform last year? What affected the Fund’s performance?

During the 12-month period, the Fund underperformed the Standard & Poor’s (“S&P”) 500 Total Return Index (the “benchmark”). Both security and sector selection detracted, relative to the benchmark. Within security selection, positions within Broadcom and Robert Half were the largest detractors, while holdings within United Health Group and Netflix contributed the most. An overweight to real estate and an underweight to technology detracted, while an underweight to industrials and an overweight to energy contributed to overall performance.

Performance Highlights

Top contributors to performance:

Security selection within United Health Group, Netflix and Walgreens Boots Alliance contributed to performance.

Top detractors from performance:

Overall security selection and sector allocation detracted from performance.

HIDV

Fund Performance

	AB US High Dividend ETF	S&P 500 Index
03/23	$10,000	$10,000
11/23	$11,374	$11,541
11/24	$15,570	$15,452
11/25	$17,206	$17,769

Average Annual Total Returns

AATR	1 Year	Since Inception 3/22/23
AB US High Dividend ETF	10.53%	22.31%
S&P 500 Index	15.00%	23.74%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/equities/ab-us-high-dividend-etf.00039J400.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$132,430,721
# of Portfolio Holdings	110
Portfolio Turnover Rate	181%
Total Advisory Fees Paid (Net)	$262,889

HIDV

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
NVIDIA Corp.	$11,060,553	8.3%
Apple, Inc.	$10,161,573	7.7%
Microsoft Corp.	$9,523,837	7.2%
Alphabet, Inc. - Class A	$4,988,084	3.8%
Amazon.com, Inc.	$4,103,972	3.1%
Broadcom, Inc.	$3,256,320	2.4%
Eli Lilly & Co.	$2,946,788	2.2%
Alphabet, Inc. - Class C	$2,198,584	1.7%
Meta Platforms, Inc. - Class A	$2,038,451	1.5%
Micron Technology, Inc.	$1,809,781	1.4%
Total	$52,087,943	39.3%

Sector Breakdown (% of Net Assets)

Information Technology	32.3%
Financials	18.2%
Communication Services	9.0%
Health Care	7.7%
Consumer Discretionary	6.6%
Utilities	5.7%
Real Estate	5.4%
Industrials	5.0%
Consumer Staples	3.7%
Materials	3.7%
Energy	2.3%
Short-Term Investments	0.2%
Other assets less liabilities	0.2%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund during the reporting period.

The Fund's advisory fee was reduced, effective May 9, 2025, from .45% of the Fund’s average daily net assets to .35% of the Fund’s average daily net assets, resulting in a reduction in the Fund's total annual fund operating expenses, as set forth in the Annual Fund Operating Expenses table in the Fund's prospectus, from .45% to .35%.

During the reporting period, the Fund added the following risk[s] to its Principal Risk as set forth in its prospectus.

Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/HIDV-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-UHD-0153-1125

HIDV

LRGC

November 30, 2025

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Fund Information

AB US Large Cap Strategic Equities ETF

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the AB US Large Cap Strategic Equities ETF (the “Fund”) for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/LRGC-A. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB US Large Cap Strategic Equities ETF	$44	0.41%

How did the Fund perform last year? What affected the Fund’s performance?

During the 12-month period, the Fund underperformed the Standard & Poor’s (“S&P”) 500 Index (the "benchmark"). Overall security selection was the largest detractor, relative to the benchmark, as a result of selection within health care, communication services and industrials; selection within consumer staples, utilities and financials contributed. An underweight to technology and overweights to financials and health care offset the gains from an overweight to communication services and underweights to consumer discretionary and real estate.

Performance Highlights

Top contributors to performance:

Overall sector allocation contributed to the Fund's relative performance.

Top detractors from performance:

Security selection throughout the 12-month period was the largest detractor.

LRGC

Fund Performance

	AB US Large Cap Strategic Equities ETF	S&P 500 Index
09/23	$10,000	$10,000
11/23	$10,392	$10,313
11/24	$13,945	$13,808
11/25	$15,698	$15,879

Average Annual Total Returns

AATR	1 Year	Since Inception 9/20/23
AB US Large Cap Strategic Equities ETF	12.57%	22.78%
S&P 500 Index	15.00%	23.39%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/equities/ab-us-large-cap-strategic-equities-etf.00039J707.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$672,760,259
# of Portfolio Holdings	66
Portfolio Turnover Rate	21%
Total Advisory Fees Paid (Net)	$1,829,587

LRGC

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Microsoft Corp.	$52,372,497	7.8%
NVIDIA Corp.	$49,701,069	7.4%
Alphabet, Inc. - Class C	$41,631,286	6.2%
Amazon.com, Inc.	$32,489,412	4.8%
Apple, Inc.	$31,777,467	4.7%
Broadcom, Inc.	$25,575,065	3.8%
Meta Platforms, Inc. - Class A	$23,470,045	3.5%
Visa, Inc. - Class A	$20,776,751	3.1%
Charles Schwab Corp. (The)	$13,490,453	2.0%
Walmart, Inc.	$13,048,689	1.9%
Total	$304,332,734	45.2%

Sector Breakdown (% of Net Assets)

Information Technology	31.4%
Financials	14.9%
Communication Services	12.3%
Health Care	10.4%
Industrials	9.3%
Consumer Discretionary	8.6%
Consumer Staples	4.5%
Energy	2.0%
Utilities	1.9%
Materials	1.8%
Real Estate	1.4%
Short-Term Investments	1.4%
Other assets less liabilities	0.1%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund during the reporting period.

The Fund's advisory fee was reduced, effective May 9, 2025, from .48% of the Fund’s average daily net assets to .39% of the Fund’s average daily net assets, resulting in a reduction in the Fund's total annual fund operating expenses, as set forth in the Annual Fund Operating Expenses table in the Fund's prospectus, from .48% to .39%.

During the reporting period, the Fund added the following risk[s] to its Principal Risk as set forth in its prospectus.

Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/LRGC-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-ULCSE-0153-1125

LRGC

LOWV

November 30, 2025

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Fund Information

AB US Low Volatility Equity ETF

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the AB US Low Volatility Equity ETF (the “Fund”) for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/LOWV-A. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB US Low Volatility Equity ETF	$44	0.42%

How did the Fund perform last year? What affected the Fund’s performance?

During the 12-month period ended November 30, 2025, the Fund underperformed the S&P 500 Index (the “benchmark”). The Fund's results were primarily impacted by negative security selection across several sectors, which was the leading detractor from performance. While sector allocation contributed positively, it was not sufficient to offset the broader challenges faced during the period. Overall, the Fund’s performance reflected the effects of active management decisions and market conditions across different sectors.

Performance Highlights

Top contributors to performance:

During the 12-month period, an overweight to defensive sectors and positive security selection within health care and consumer staples were the leading contributors to performance.

Top detractors from performance:

During the 12-month period, security selection within technology and communication services, along with underweights to certain growth-oriented sectors, were the primary detractors from performance.

LOWV

Fund Performance

	AB US Low Volatility Equity ETF	S&P 500 Index
03/23	$10,000	$10,000
11/23	$11,609	$11,541
11/24	$14,681	$15,452
11/25	$16,230	$17,769

Average Annual Total Returns

AATR	1 Year	Since Inception 3/22/23
AB US Low Volatility Equity ETF	10.58%	19.70%
S&P 500 Index	15.00%	23.74%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/etf/equities/ab-us-low-volatility-equity-etf.00039J301.html#performance for the most recent performance information.

Key Fund Statistics

Net Assets	$166,448,304
# of Portfolio Holdings	77
Portfolio Turnover Rate	34%
Total Advisory Fees Paid (Net)	$491,828

LOWV

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Microsoft Corp.	$13,350,199	8.0%
Alphabet, Inc. - Class C	$10,292,498	6.2%
Apple, Inc.	$9,093,577	5.5%
NVIDIA Corp.	$7,410,282	4.4%
Broadcom, Inc.	$6,367,171	3.8%
Amazon.com, Inc.	$6,300,439	3.8%
Visa, Inc. - Class A	$3,651,416	2.2%
McKesson Corp.	$3,651,361	2.2%
Merck & Co., Inc.	$3,128,442	1.9%
Gilead Sciences, Inc.	$3,069,993	1.8%
Total	$66,315,378	39.8%

Sector Breakdown (% of Net Assets)

Information Technology	32.2%
Financials	14.6%
Health Care	12.3%
Industrials	10.0%
Communication Services	9.3%
Consumer Discretionary	9.2%
Utilities	3.8%
Consumer Staples	3.6%
Energy	1.7%
Real Estate	0.8%
Short-Term Investments	2.4%
Other assets less liabilities	0.1%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund during the reporting period.

At meetings held on May 6-8, 2025, the Board of Directors approved the Fund's unitary advisory fee reduction from .48% of the Fund’s average daily net assets to .39% of the Funds average daily net assets, effective May 9,2025. For more information on the unitary advisory fee reduction, please see the supplement to the Fund's statutory prospectus dated May 9 2025.

During the reporting period, the Fund added the following risk[s] to its Principal Risk as set forth in its prospectus.

Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/LOWV-A, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-ULVE-0153-1125

LOWV

AB Active ETFs

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB CALIFORNIA INTERMEDIATE MUNICIPAL ETF

(NYSE Arca: CAM)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. AB publishes full portfolio holdings for the Fund daily at www.abfunds.com.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 98.0%
Long-Term Municipal Bonds – 90.6%
California – 84.6%
Bay Area Toll Authority (Bay Area Toll Authority) Series 2021 3.09% (MUNIPSA + 0.30%), 04/01/2056^(a)	$	5,000	$	4,954,705
3.20% (MUNIPSA + 0.41%), 04/01/2056^(a)		13,415		13,209,351
Burbank-Glendale-Pasadena Airport Authority Brick Campaign (Burbank-Glendale-Pasadena Airport Authority Brick Campaign) Series 2024-B 5.25%, 07/01/2042		950		1,019,493
5.25%, 07/01/2044		8,865		9,361,068
AG Series 2024-B 4.00%, 07/01/2039		4,500		4,539,717
4.125%, 07/01/2041		3,000		2,982,056
California Community Choice Financing Authority (American General Life Insurance) Series 2023-D 5.50%, 05/01/2054		5,000		5,293,220
Series 2024 5.00%, 08/01/2055		7,600		8,073,145
California Community Choice Financing Authority (Athene Annuity & Life Co.) Series 2024 5.00%, 01/01/2055		10,000		10,517,636
5.00%, 11/01/2055		10,000		10,495,425
California Community Choice Financing Authority (Bank of Nova Scotia (The)) Series 2025 5.00%, 10/01/2056		2,800		3,070,305
California Community Choice Financing Authority (Canadian Imperial Bank of Commerce) Series 2025 5.00%, 11/01/2033		1,250		1,369,028
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054		10,000		10,646,820
California Community Choice Financing Authority (Goldman Sachs Group) Series 2021 4.00%, 10/01/2052		7,015		7,118,718
Series 2023 5.00%, 12/01/2053		9,590		10,128,471



ABFunds.com		AB California Intermediate Municipal ETF 1

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California Community Choice Financing Authority (Morgan Stanley) Series 2021-B 4.00%, 02/01/2052	$	4,435	$	4,515,766
Series 2023 4.283% (SOFR + 1.63%), 07/01/2053^(a)		5,000		5,013,163
4.323% (SOFR + 1.67%), 02/01/2054^(a)		5,000		5,014,889
5.00%, 02/01/2054		14,770		15,776,335
California Community Choice Financing Authority (New York Life Insurance) Series 2024 5.00%, 01/01/2056		12,250		13,514,734
California Community Choice Financing Authority (Pacific Life Insurance) Series 2024-F 5.00%, 02/01/2055		6,045		6,603,004
California Community Choice Financing Authority (Royal Bank of Canada) Series 2024 5.00%, 02/01/2055		10,000		10,905,289
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021-A 4.00%, 08/01/2047^(b)		4,450		3,421,855
California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) Series 2021 4.00%, 08/01/2046^(b)		1,330		1,128,070
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) Series 2021 4.00%, 02/01/2050^(b)		3,390		2,579,681
California County Tobacco Securitization Agency (Los Angeles County Securitization) Series 2020-A 4.00%, 06/01/2037		510		499,724
4.00%, 06/01/2038		1,000		968,120
5.00%, 06/01/2027		800		823,737
5.00%, 06/01/2028		700		733,944
5.00%, 06/01/2030		500		535,211
5.00%, 06/01/2031		400		426,274
5.00%, 06/01/2032		300		317,907
California Earthquake Authority (California Earthquake Authority) Series 2022-A 5.603%, 07/01/2027		1,520		1,539,115



2 AB California Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California Educational Facilities Authority (St. Mary’s College of California) Series 2023 5.25%, 10/01/2033	$	1,375	$	1,459,421
California Enterprise Development Authority (Real Journey Academies Obligated Group) Series 2024-A 5.00%, 06/01/2044^(b)		2,000		1,945,217
California Enterprise Development Authority (Rocketship Education Obligated Group) Series 2022 4.00%, 06/01/2027^(b)		615		611,935
4.00%, 06/01/2031^(b)		2,000		1,974,317
California Health Facilities Financing Authority (Adventist Health System/West Obligated Group) Series 2024 5.00%, 12/01/2034		1,265		1,424,092
5.00%, 12/01/2036		1,000		1,107,763
Series 2025 5.00%, 12/01/2032		5,500		6,116,874
California Health Facilities Financing Authority (Cedars-Sinai Medical Center) Series 2015 5.00%, 11/15/2027		6,500		6,514,654
5.00%, 11/15/2028		6,000		6,013,657
5.00%, 11/15/2029		7,000		7,015,910
California Health Facilities Financing Authority (Children’s Hospital Los Angeles) Series 2017-A 5.00%, 08/15/2032		1,215		1,246,433
California Health Facilities Financing Authority (CommonSpirit Health Obligated Group) Series 2020-A 5.00%, 04/01/2034		750		815,365
California Health Facilities Financing Authority (Sutter Health) Series 2018-A 5.00%, 11/15/2029		1,280		1,341,675
California Housing Finance Agency (CAHFA 2019-2) Series 2019-2, Class A 4.00%, 03/20/2033		9,873		10,125,272
California Housing Finance Agency (CAHFA 2021-1) Series 2021-1, Class A 3.50%, 11/20/2035		9,272		9,211,385



ABFunds.com		AB California Intermediate Municipal ETF 3

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California Housing Finance Agency (CAHFA 2021-2) Series 2021-2, Class A 3.75%, 03/25/2035	$	7,532	$	7,606,675
Series 2021-2, Class X 0.825%, 03/25/2035^(c)		3,766		147,701
California Housing Finance Agency (CAHFA 2021-3) Series 2021-3, Class A 3.25%, 08/20/2036		1,872		1,805,091
Series 2021-3, Class X 0.793%, 08/20/2036^(c)		3,182		141,225
California Infrastructure & Economic Development Bank (Adventist Health System/West Obligated Group) Series 2024 5.00%, 07/01/2042		2,355		2,459,128
5.00%, 07/01/2044		2,000		2,049,220
California Infrastructure & Economic Development Bank (California Academy of Sciences) Series 2024 3.25%, 08/01/2029		4,750		4,792,304
California Infrastructure & Economic Development Bank (Museum Associates) Series 2021 3.49% (MUNIPSA + 0.70%), 12/01/2050^(a)		4,000		3,992,979
California Municipal Finance Authority (Ascent 613) Series 2025-A 5.25%, 01/01/2045^(b)		2,500		2,484,419
California Municipal Finance Authority (California Municipal Finance Authority) Series 2025 4.325%, 11/20/2040		5,172		5,059,925
Series 2025-2, Class A1 3.537%, 02/20/2041		3,581		3,353,100
California Municipal Finance Authority (Emerson College) Series 2017-B 5.00%, 01/01/2030		1,000		1,028,289
California Municipal Finance Authority (LAX Integrated Express Solutions) Series 2018 5.00%, 12/31/2026		2,200		2,233,828
5.00%, 12/31/2028		1,000		1,033,071
5.00%, 06/30/2029		1,050		1,082,192
5.00%, 12/31/2029		2,150		2,216,186
5.00%, 12/31/2031		1,930		1,983,944
5.00%, 12/31/2033		1,500		1,536,509



4 AB California Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.00%, 12/31/2043	$	2,000	$	2,011,667
California Municipal Finance Authority (PRS-California Obligated Group) Series 2024 5.00%, 04/01/2034		410		453,635
5.00%, 04/01/2035		720		794,240
5.00%, 04/01/2038		500		541,927
5.00%, 04/01/2044		1,415		1,457,167
California Municipal Finance Authority (United Airlines, Inc.) Series 2019 4.00%, 07/15/2029		5,000		5,038,425
California Pollution Control Financing Authority (Channelside Water Resources) Series 2012 5.00%, 07/01/2027^(b)		1,580		1,581,580
California Pollution Control Financing Authority (San Diego County Water Authority Desalination Project Pipeline) Series 2019 5.00%, 07/01/2029^(b)		2,900		2,986,652
5.00%, 07/01/2039^(b)		2,465		2,533,258
California Public Finance Authority (California University of Science & Medicine Obligated Group) Series 2019 6.25%, 07/01/2054^(b)		1,500		1,545,113
California School Finance Authority (KIPP SoCal Public Schools Obligated Group) Series 2020-A 4.00%, 07/01/2040^(b)		1,305		1,238,575
California School Finance Authority (Lighthouse Community Public Schools Obligated Group) Series 2022 6.25%, 06/01/2042^(b)		1,000		1,042,365
California School Finance Authority (Partnerships to Uplift Communities Series 2023 Obligated Group) Series 2023 5.00%, 08/01/2033^(b)		650		671,986
5.25%, 08/01/2038^(b)		500		515,173
California School Finance Authority (Rex & Margaret Fortune School of Education) Series 2024 5.00%, 06/01/2044^(b)		2,000		1,866,580



ABFunds.com		AB California Intermediate Municipal ETF 5

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California School Finance Authority (Rocketship Education Obligated Group) Series 2015-A 4.25%, 03/01/2028^(b)	$	570	$	569,859
Series 2016-A 5.00%, 06/01/2031^(b)		1,700		1,669,245
California State Public Works Board (California State Public Works Board Lease) Series 2017-H 5.00%, 04/01/2030		2,000		2,066,903
5.00%, 04/01/2031		2,000		2,067,084
5.00%, 04/01/2032		1,270		1,311,842
Series 2025 5.00%, 04/01/2043		2,000		2,203,783
5.00%, 04/01/2044		2,000		2,181,964
5.00%, 04/01/2045		2,385		2,588,913
California State Public Works Board (State of California Lease) Series 2022-A 5.00%, 08/01/2027		7,000		7,300,136
Series 2022-B 5.00%, 06/01/2026		10,000		10,127,565
Series 2023 5.00%, 09/01/2026		5,000		5,095,714
Series 2024 5.05%, 04/01/2032		2,000		2,081,825
5.06%, 04/01/2033		1,000		1,039,903
California State University (California State University) Series 2017-A 5.00%, 11/01/2033		5,620		5,815,110
Series 2020-A 5.00%, 11/01/2030		600		664,191
5.00%, 11/01/2031		400		442,661
Series 2020-D 1.49%, 11/01/2028		1,500		1,407,427
Series 2021-B 2.274%, 11/01/2034		7,000		5,981,762
California Statewide Communities Development Authority (CHF-Irvine LLC) Series 2017-A 5.00%, 05/15/2029		1,210		1,243,255
California Statewide Communities Development Authority (Emanate Health Obligated Group) Series 2020-A 5.00%, 04/01/2027		720		740,769



6 AB California Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.00%, 04/01/2028	$	535	$	561,313
California Statewide Communities Development Authority (John Muir Health Obligated Group) Series 2024-A 5.00%, 12/01/2041		3,250		3,586,456
5.25%, 12/01/2040		2,400		2,731,602
5.25%, 12/01/2044		2,725		2,960,962
California Statewide Communities Development Authority (Lancer Educational Housing) Series 2016 5.00%, 06/01/2036^(b)		3,250		3,259,299
Series 2019 5.00%, 06/01/2034^(b)		755		776,784
5.00%, 06/01/2039^(b)		1,800		1,819,226
California Statewide Communities Development Authority (Loma Linda University Medical Center) Series 2014 5.25%, 12/01/2034		4,500		4,512,247
Series 2018-A 5.00%, 12/01/2027^(b)		250		258,644
5.00%, 12/01/2033^(b)		1,000		1,032,422
California Statewide Communities Development Authority (NCCD-Hooper Street LLC) Series 2019 5.00%, 07/01/2029^(b)		570		580,997
California Statewide Communities Development Authority (Redlands Community Hospital Obligated Group) Series 2016 5.00%, 10/01/2027		2,360		2,380,835
5.00%, 10/01/2028		1,230		1,243,504
5.00%, 10/01/2033		2,135		2,155,378
California Statewide Communities Development Authority (Southern California Edison) Series 2023 4.50%, 11/01/2033		6,700		7,024,221
Central Valley Energy Authority (Pacific Life Insurance) Series 2025 5.00%, 12/01/2055		1,000		1,109,684
City of Fremont CA Community Facilities District No. 1 (City of Fremont CA Community Facilities District No. 1) Series 2015 5.00%, 09/01/2027		1,000		1,004,145
City of Los Angeles CA Wastewater System Revenue (City of Los Angeles CA Wastewater System Revenue) Series 2025-C 5.00%, 06/01/2043		2,000		2,230,513



ABFunds.com		AB California Intermediate Municipal ETF 7

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

City of Los Angeles Department of Airports (City of Los Angeles Dept. of Airports) Series 2017 5.00%, 05/15/2029	$	1,145	$	1,154,778
Series 2017-A 5.00%, 05/15/2028		1,440		1,483,770
5.00%, 05/15/2031		1,275		1,311,462
Series 2018 5.00%, 05/15/2031		3,000		3,194,830
5.00%, 05/15/2035		1,190		1,236,461
Series 2019 4.00%, 05/15/2044		4,205		3,954,446
Series 2019-A 5.00%, 05/15/2038		4,315		4,507,782
Series 2020-C 5.00%, 05/15/2031		5,000		5,430,016
5.00%, 05/15/2039		2,655		2,798,109
Series 2021 5.00%, 05/15/2030		5,020		5,465,026
5.00%, 05/15/2033		4,735		5,248,296
5.00%, 05/15/2035		1,685		1,840,090
Series 2021-D 4.00%, 05/15/2040		2,165		2,153,721
Series 2022 4.00%, 05/15/2036		1,300		1,325,188
4.00%, 05/15/2041		1,100		1,080,391
5.00%, 05/15/2032		4,000		4,455,074
Series 2022-A 4.00%, 05/15/2041		6,160		6,050,188
Series 2025 5.00%, 05/15/2026		3,500		3,536,272
5.00%, 05/15/2030		4,500		4,898,928
5.00%, 05/15/2036		1,050		1,193,958
5.00%, 05/15/2037		1,065		1,199,577
City of Los Angeles Department of Airports (Prerefunded – US Treasuries) Series 2021 5.00%, 05/15/2033		265		292,203
City of Roseville CA (City of Roseville CA Fiddyment Ranch Community Facilities District No. 1) Series 2017 5.00%, 09/01/2028		1,010		1,044,120
5.00%, 09/01/2030		1,295		1,333,386
City of Roseville CA (HP Campus Oaks Community Facilities District No. 1) Series 2016 5.00%, 09/01/2031		995		1,006,569



8 AB California Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

City of San Jose CA Airport Revenue (Norman Y Mineta San Jose Intl Airport SJC) Series 2017-A 5.00%, 03/01/2027	$	2,480	$	2,539,361
City of Santa Rosa CA Wastewater Revenue (City of Santa Rosa CA Wastewater Revenue) AMBAC Series 2002-B Zero Coupon, 09/01/2029		3,000		2,701,752
CMFA Special Finance Agency VIII Elan Huntington Beach (CMFA Special Finance Agency VIII Elan Huntington Beach) Series 2021 4.00%, 08/01/2047^(b)		340		311,184
Compton Community Redevelopment Agency Successor Agency (Compton Community Redevelopment Agency Successor Agency) AG Series 2022-A 5.25%, 08/01/2032		3,925		4,421,811
Contra Costa Transportation Authority Sales Tax Revenue (Contra Costa Transportation Authority Sales Tax Revenue) Series 2017-A 5.00%, 03/01/2030		1,250		1,291,552
Coronado Community Development Agency Successor Agency (Coronado Community Development Agency Successor Agency) Series 2018-A 5.00%, 09/01/2033		675		675,758
County of Sacramento CA Airport System Revenue (County of Sacramento CA Airport System Revenue) Series 2018-C 5.00%, 07/01/2033		1,005		1,048,250
Series 2025-A 5.00%, 07/01/2029		2,100		2,245,965
5.00%, 07/01/2040		2,250		2,427,985
5.25%, 07/01/2043		1,150		1,230,786
5.25%, 07/01/2044		1,500		1,599,045
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.60%, 05/01/2047^(b)		1,500		1,235,438
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) Series 2021 3.35%, 04/01/2047^(b)		3,325		2,827,990



ABFunds.com		AB California Intermediate Municipal ETF 9

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2046^(b)	$	4,000	$	3,227,568
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 3.50%, 10/01/2046^(b)		4,985		4,310,076
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) Series 2021-A1 2.875%, 08/01/2041^(b)		3,315		3,068,761
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.375%, 07/01/2043^(b)		1,000		814,731
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Oceanaire Apartments) Series 2021 3.20%, 09/01/2046^(b)		5,000		3,570,697
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) Series 2021 2.65%, 12/01/2046^(b)		2,355		1,996,380
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 3.50%, 05/01/2047^(b)		2,000		1,691,552
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A 3.10%, 07/01/2045^(b)		3,000		2,526,476
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 4.00%, 10/01/2048^(b)		4,000		3,100,591



10 AB California Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) Series 2021-A 3.00%, 09/01/2056^(b)	$	1,500	$	1,024,318
East County Advanced Water Purification Joint Powers Authority (East County Advanced Water Purification Joint Powers Authority) Series 2024 5.00%, 09/01/2026		5,500		5,570,922
Fontana Redevelopment Agency Successor Agency (Fontana Redevelopment Agency Successor Agency) Series 2017-A 5.00%, 10/01/2031		1,750		1,825,607
Foothill-De Anza Community College District (Foothill-De Anza Community College District) AMBAC Series 2007-A Zero Coupon, 08/01/2034		1,000		777,412
Foothill-Eastern Transportation Corridor Agency (Foothill-Eastern Transportation Corridor Agency) Series 2021-A 4.00%, 01/15/2046		3,290		3,187,458
Series 2021-C 4.00%, 01/15/2043		1,889		1,889,208
Fremont Union High School District (Fremont Union High School District) Series 2024 5.00%, 08/01/2026		1,000		1,018,170
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization Lease) Series 2021 2.746%, 06/01/2034		3,165		2,907,162
3.115%, 06/01/2038		2,500		2,223,643
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization) Series 2021 3.85%, 06/01/2050		5,670		5,198,685
Long Beach Bond Finance Authority (Bank of America Corp.) Series 2007-A 5.50%, 11/15/2037		3,700		4,400,962
Los Angeles Department of Water & Power (Los Angeles Dept. of Water & Power Power System Revenue) Series 2022-C 5.00%, 07/01/2039		2,500		2,698,435



ABFunds.com		AB California Intermediate Municipal ETF 11

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2024-B 5.00%, 07/01/2036	$	2,000	$	2,253,902
5.00%, 07/01/2037		1,405		1,578,676
5.00%, 07/01/2038		2,055		2,281,730
5.00%, 07/01/2039		1,845		2,033,175
Series 2024-C 5.00%, 07/01/2041		1,070		1,161,920
Series 2024-D 5.00%, 07/01/2043		4,165		4,456,984
Series 2024-E 5.00%, 07/01/2039		2,000		2,214,805
Series 2025-B 5.00%, 07/01/2033		3,665		4,180,488
5.00%, 07/01/2034		2,000		2,304,516
BAM Series 2025-A 5.00%, 07/01/2043		1,750		1,885,522
Los Angeles Department of Water & Power Power System Revenue (Los Angeles Dept. of Water & Power Power System Revenue) Series 2016-A 5.00%, 07/01/2036		1,130		1,131,134
Series 2021 5.00%, 07/01/2038		1,000		1,079,375
Los Angeles Department of Water & Power Water System Revenue (Los Angeles Dept. of Water & Power Water System Revenue) Series 2023-A 5.00%, 07/01/2035		1,040		1,174,576
5.00%, 07/01/2042		2,125		2,276,458
Series 2025-A 5.00%, 01/01/2030		10,000		10,760,370
Series 2025-B 5.00%, 07/01/2031		1,625		1,806,705
5.00%, 07/01/2032		1,000		1,127,303
5.00%, 07/01/2033		1,300		1,482,847
Los Angeles Department of Water & Power Water System Revenue (Prerefunded – US Treasuries) Series 2016-B 5.00%, 07/01/2030		1,495		1,498,227
Los Angeles Unified School District/CA (Los Angeles Unified School District/CA) Series 2016-B 5.00%, 07/01/2030		2,500		2,537,256



12 AB California Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2018-B 5.00%, 07/01/2029	$	9,020	$	9,533,026
Series 2019-A 5.00%, 07/01/2027		1,045		1,089,978
Series 2024-A 5.00%, 07/01/2030		1,590		1,793,973
5.00%, 07/01/2032		21,740		25,547,372
Series 2025-A 5.00%, 07/01/2043		2,000		2,224,251
M-S-R Energy Authority (Citigroup, Inc.) Series 2009-A 6.50%, 11/01/2039		5,285		6,500,863
Series 2009-B 7.00%, 11/01/2034		5,555		6,776,872
Middle Fork Project Finance Authority (Middle Fork Project Finance Authority) Series 2020 5.00%, 04/01/2033		1,650		1,745,633
5.00%, 04/01/2034		1,100		1,160,460
5.00%, 04/01/2035		1,150		1,211,059
Northern California Energy Authority (Pacific Life Insurance) Series 2024 5.00%, 12/01/2054		10,000		10,755,728
Pittsburg Successor Agency Redevelopment Agency (Pittsburg Successor Agency Redevelopment Agency) AG Series 2016-A 5.00%, 09/01/2027		2,785		2,832,892
Port of Los Angeles (Port of Los Angeles) Series 2024-A 5.00%, 08/01/2029		1,295		1,390,453
5.00%, 08/01/2030		2,110		2,307,193
5.00%, 08/01/2035		2,330		2,651,104
River Islands Public Financing Authority (River Islands Public Financing Authority Cmnty Facs District No. 2003-1 Area 1) Series 2022 4.50%, 09/01/2037		2,905		2,958,926
5.00%, 09/01/2042		2,510		2,582,656
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 3.54% (CME Term SOFR 3 Month + 0.57%), 06/01/2039^(a)		5,700		5,198,340



ABFunds.com		AB California Intermediate Municipal ETF 13

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

San Diego Community College District (Prerefunded – US Treasuries) Series 2016 4.00%, 08/01/2041	$	4,000	$	4,045,903
San Diego County Regional Airport Authority (San Diego County Regional Airport Authority) Series 2021-B 5.00%, 07/01/2028		5,245		5,519,725
Series 2023 5.00%, 07/01/2041		10,320		11,032,611
Series 2025 5.00%, 07/01/2029		1,000		1,072,677
San Diego Unified School District/CA (San Diego Unified School District/CA) Series 2025-Z 5.00%, 07/01/2039		875		1,020,097
San Francisco City & County Public Utilities Commission Wastewater Revenue (San Francisco City & County Public Utilities Commission Wastewater Revenue) Series 2024 4.655%, 10/01/2027		2,650		2,692,782
San Francisco Intl Airport (San Francisco Intl Airport) Series 2019-A 5.00%, 05/01/2034		11,015		11,663,861
5.00%, 05/01/2035		1,000		1,054,611
Series 2019-E 5.00%, 05/01/2034		3,450		3,653,229
5.00%, 05/01/2035		3,275		3,453,850
5.00%, 05/01/2036		3,385		3,557,613
Series 2022-A 5.00%, 05/01/2031		1,500		1,657,969
Series 2022-C 2.583%, 05/01/2030		1,625		1,542,507
Series 2024 5.00%, 05/01/2035		13,000		14,667,292
5.00%, 05/01/2036		1,950		2,180,370
5.00%, 05/01/2039		5,860		6,404,930
5.25%, 05/01/2044		10,000		10,651,721
San Joaquin Valley Clean Energy Authority (Goldman Sachs Group) Series 2025 5.50%, 01/01/2056		2,840		3,236,917
San Mateo Joint Powers Financing Authority (County of San Mateo CA Lease) Series 2019-A 5.00%, 07/15/2026		3,310		3,363,223



14 AB California Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Saugus/Hart School Facilities Financing Authority (Saugus Union School District Community Facilities District No. 06-01) Series 2016 5.00%, 09/01/2029	$	1,000	$	1,004,080
5.00%, 09/01/2030		1,365		1,370,645
South San Francisco Unified School District (South San Francisco Unified School District) Series 2025 5.00%, 09/01/2026		3,510		3,582,055
5.00%, 09/01/2027		2,160		2,263,452
5.00%, 09/01/2029		1,000		1,106,489
5.00%, 09/01/2030		1,675		1,900,509
5.00%, 09/01/2032		1,380		1,631,522
Southern California Public Power Authority (American General Life Insurance) Series 2024-A 5.00%, 04/01/2055		3,500		3,745,134
Southern California Public Power Authority (Los Angeles Dept. of Water & Power Power System Revenue) Series 2023 5.00%, 07/01/2035		2,645		2,996,823
5.00%, 07/01/2036		2,000		2,244,307
5.00%, 07/01/2039		2,000		2,211,178
5.00%, 07/01/2041		1,100		1,195,489
Series 2024 5.00%, 07/01/2040		3,200		3,521,282
5.00%, 07/01/2042		1,650		1,790,725
5.00%, 07/01/2044		1,995		2,124,091
BAM Series 2025 5.25%, 07/01/2042		2,175		2,427,283
Southern California Public Power Authority (Southern California Public Power Authority) BAM Series 2025 5.00%, 07/01/2035		1,950		2,277,352
5.25%, 07/01/2044		1,200		1,313,623
5.25%, 07/01/2045		1,730		1,882,753
State of California (State of California) Series 2009 7.30%, 10/01/2039		1,000		1,180,649
7.55%, 04/01/2039		1,000		1,231,110
Series 2016 5.00%, 09/01/2034		3,500		3,559,352
Series 2019 5.00%, 04/01/2028		1,625		1,723,579



ABFunds.com		AB California Intermediate Municipal ETF 15

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.00%, 04/01/2037	$	615	$	656,275
Series 2023 5.00%, 09/01/2038		10,000		11,354,614
6.00%, 03/01/2033		4,000		4,443,684
Series 2024 5.15%, 09/01/2034		2,000		2,107,092
Series 2025 5.00%, 11/01/2027		7,000		7,347,769
5.00%, 03/01/2042		5,000		5,580,695
Sweetwater Union High School District (Sweetwater Union High School District) Series 2016 5.00%, 08/01/2030		3,205		3,218,944
Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization) Series 2021 4.00%, 06/01/2034		1,000		1,013,443
4.00%, 06/01/2036		1,015		1,017,602
4.00%, 06/01/2038		1,210		1,189,772
4.00%, 06/01/2040		1,150		1,107,888
5.00%, 06/01/2026		1,360		1,373,582
5.00%, 06/01/2027		1,500		1,546,292
5.00%, 06/01/2028		1,220		1,281,566
5.00%, 06/01/2030		1,500		1,621,928
5.00%, 06/01/2032		1,300		1,399,672
Transbay Joint Powers Authority (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment) Series 2020 5.00%, 10/01/2031		500		526,965
5.00%, 10/01/2032		950		997,278
5.00%, 10/01/2034		600		626,429
5.00%, 10/01/2035		600		624,030
5.00%, 10/01/2036		800		828,407
5.00%, 10/01/2037		1,375		1,417,538
5.00%, 10/01/2038		1,000		1,028,389
University of California (University of California) Series 2017-A 5.00%, 05/15/2028		1,000		1,039,412
5.00%, 05/15/2029		3,000		3,117,804
5.00%, 05/15/2031		2,465		2,560,906
Series 2017-M 5.00%, 05/15/2031		4,000		4,154,459
Series 2023-B 4.693%, 05/15/2033		6,260		6,444,137
Series 2024-B 5.00%, 05/15/2026		20,000		20,254,866



16 AB California Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Washington Township Health Care District (Washington Township Health Care District) Series 2023-A 5.00%, 07/01/2040	$	400	$	413,291
5.00%, 07/01/2041		360		368,715
5.00%, 07/01/2042		350		355,848
5.00%, 07/01/2043		275		277,659
AG Series 2023-B 4.125%, 08/01/2041		750		773,239
4.125%, 08/01/2042		275		281,585
4.25%, 08/01/2043		370		378,786
Yucaipa Valley Water District Financing Authority (Yucaipa Valley Water District Water & Sewer Revenue) Series 2024-A 5.00%, 06/01/2026		10,000		10,058,708

				928,943,937

American Samoa – 0.1%
American Samoa Economic Development Authority (American Samoa Economic Development Authority) Series 2025-A 5.00%, 09/01/2030^(b)(d)		1,000		1,045,470
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028^(b)		470		490,803

				1,536,273

Florida – 0.1%
City of Tampa FL (State of Florida Cigarette Tax Revenue) Series 2020-A Zero Coupon, 09/01/2033		175		132,513
County of Osceola FL Transportation Revenue (County of Osceola FL Transportation Revenue) Series 2020-A Zero Coupon, 10/01/2030		150		124,428
Zero Coupon, 10/01/2031		185		147,189
Zero Coupon, 10/01/2032		100		76,188
Zero Coupon, 10/01/2033		250		181,950
Zero Coupon, 10/01/2034		270		187,671
New River Community Development District (New River Community Development District) Series 2006-B 5.00%, 05/01/2013^(e)(f)		405		4

				849,943



ABFunds.com		AB California Intermediate Municipal ETF 17

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Georgia – 0.2%
Municipal Electric Authority of Georgia (Municipal Electric Authority of Georgia) Series 2019 5.00%, 01/01/2032	$	460	$	483,472
5.00%, 01/01/2035		250		261,423
5.00%, 01/01/2036		1,590		1,657,952

				2,402,847

Guam – 1.9%
Antonio B Won Pat International Airport Authority (Antonio B Won Pat Intl Airport Authority) Series 2021-A 2.899%, 10/01/2027		825		804,391
Series 2023 5.00%, 10/01/2028		960		990,614
5.125%, 10/01/2034		140		152,056
5.375%, 10/01/2040		275		294,516
Series 2024-A 5.00%, 10/01/2027		155		158,489
5.00%, 10/01/2031		600		642,335
5.00%, 10/01/2033		600		649,288
5.00%, 10/01/2034		450		488,740
Guam Department of Education (Guam Dept. of Education COP) Series 2020 4.25%, 02/01/2030		1,500		1,503,792
5.00%, 02/01/2040		1,090		1,101,458
Guam Education Financing Foundation (Guam Education Financing Foundation COP) Series 2016-B 5.00%, 10/01/2026^(b)		1,045		1,044,932
Guam Power Authority (Guam Power Authority) Series 2022-A 5.00%, 10/01/2028		3,000		3,163,348
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2026		1,000		1,015,466
5.00%, 12/01/2029		455		460,979
5.00%, 12/01/2030		730		739,786
5.00%, 12/01/2032		675		683,317
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 5.00%, 01/01/2031		1,000		1,085,845



18 AB California Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Territory of Guam (Territory of Guam Hotel Occupancy Tax) Series 2021-A 5.00%, 11/01/2027	$	795	$	822,163
5.00%, 11/01/2028		955		1,004,299
5.00%, 11/01/2029		1,000		1,068,564
5.00%, 11/01/2030		820		890,465
Territory of Guam (Territory of Guam) Series 2019 5.00%, 11/15/2031		355		374,869
Series 2025-G 5.00%, 01/01/2033		1,200		1,330,299

				20,470,011

Illinois – 0.6%
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2032		100		101,346
5.00%, 09/01/2033		200		201,962
Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) Series 2017-B 5.00%, 12/15/2026		3,250		3,313,769
Village of Bolingbrook IL Sales Tax Revenue (Village of Bolingbrook IL Sales Tax Revenue) Series 2005 6.00%, 01/01/2026^(f)(g)(h)		4,450		3,159,500

				6,776,577

Indiana – 0.0%
City of Fort Wayne IN (Do Good Foods Fort Wayne Obligated Group) 10.75%, 12/01/2029^(f)(h)		25		2


Kentucky – 0.4%
City of Ashland KY (Royal Blue Health Obligated Group) Series 2019 5.00%, 02/01/2026		230		230,547
5.00%, 02/01/2027		260		264,610
5.00%, 02/01/2030		160		170,912
5.00%, 02/01/2031		200		213,800
Kentucky Economic Development Finance Authority (Owensboro Health Obligated Group) Series 2017-A 5.00%, 06/01/2029		3,500		3,563,147

				4,443,016



ABFunds.com		AB California Intermediate Municipal ETF 19

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Missouri – 0.0%
Howard Bend Levee District (Howard Bend Levee District) XLCA Series 2005 5.75%, 03/01/2027	$	150	$	154,185


Nevada – 0.0%
Sparks Tourism Improvement District No. 1 (Prerefunded – US Treasuries) Series 2019-A 2.75%, 06/15/2028^(b)		145		145,002


New Jersey – 1.3%
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2027		1,410		1,423,627
5.00%, 06/15/2029		6,660		6,730,713
Series 2018-A 5.00%, 06/15/2028		2,710		2,739,555
5.00%, 06/15/2029		1,290		1,303,766
Tobacco Settlement Financing Corp./NJ (Tobacco Settlement Financing Corp/NJ) Series 2018-A 5.00%, 06/01/2026		1,000		1,010,036
5.00%, 06/01/2028		1,000		1,051,433

				14,259,130

New York – 0.0%
New York Transportation Development Corp. (Laguardia Gateway Partners) Series 2016-A 5.00%, 07/01/2046		220		219,140


Ohio – 0.1%
Buckeye Tobacco Settlement Financing Authority (Buckeye Tobacco Settlement Financing Authority) Series 2020-A 5.00%, 06/01/2036		1,175		1,227,727


Pennsylvania – 0.1%
Allentown Neighborhood Improvement Zone Development Authority (Allentown Neighborhood Improvement Zone Center City Investment Revenue) Series 2018 5.00%, 05/01/2033^(b)		1,000		1,027,833



20 AB California Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Puerto Rico – 0.8%
Commonwealth of Puerto Rico (Commonwealth of Puerto Rico) Series 2021-A Zero Coupon, 07/01/2033	$	1,680	$	1,209,245
Puerto Rico Commonwealth Aqueduct & Sewer Authority (Puerto Rico Commonwealth Aqueduct & Sewer Authority) Series 2020-A 5.00%, 07/01/2030^(b)		2,440		2,541,461
5.00%, 07/01/2035^(b)		1,735		1,795,878
Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) AG Series 2007-V 5.25%, 07/01/2027		1,720		1,729,772
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) Series 2024 6.25%, 01/01/2040		1,665		1,891,158

				9,167,514

Washington – 0.1%
Washington Health Care Facilities Authority (CommonSpirit Health Obligated Group) Series 2019-A 5.00%, 08/01/2031		825		881,480


Wisconsin – 0.3%
Wisconsin Public Finance Authority (UMA Education, Inc.) Series 2019 5.00%, 10/01/2026^(b)		770		777,233
5.00%, 10/01/2027^(b)		805		821,703
5.00%, 10/01/2028^(b)		700		722,722
5.00%, 10/01/2029^(b)		320		333,212

				2,654,870

Total Long-Term Municipal Bonds (cost $999,425,161)				995,159,487


Short-Term Municipal Notes – 7.4%
California – 7.4%
Anaheim Housing & Public Improvements Authority (City of Anaheim CA Water System Revenue) Series 2024, Class A 2.55%, 10/01/2054⁽ⁱ⁾		4,045		4,045,000



ABFunds.com		AB California Intermediate Municipal ETF 21

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Bay Area Toll Authority (Bay Area Toll Authority) Series 2024 2.40%, 04/01/2059⁽ⁱ⁾	$	5,000	$	5,000,000
City of Los Angeles CA (City of Los Angeles CA) Series 2025 5.00%, 06/25/2026		50,000		50,741,485
County of Riverside CA (County of Riverside CA) Series 2025-A 2.55%, 10/16/2026		2,780		2,785,906
Irvine Ranch Water District (Irvine Ranch Water District) Series 2009-B 2.25%, 10/01/2041⁽ⁱ⁾		300		300,000
Municipal Water District Of Orange County Water Facilities Corp. (Municipal Water District Of Orange County Water Facilities) Series 2021-A 2.00%, 08/01/2042⁽ⁱ⁾		3,000		3,000,000
Nuveen California AMT-Free Quality Municipal Income Fund (Nuveen California AMT-Free Quality Municipal Income Fund) Series 2017 3.24%, 10/01/2047^(b)(i)		5,000		5,000,000
State of California (State of California) Series 2024-A 1.40%, 05/01/2053⁽ⁱ⁾		8,220		8,220,000
1.40%, 05/01/2054⁽ⁱ⁾		1,600		1,600,000


Total Short-Term Municipal Notes (cost $80,484,206)				80,692,391


Total Municipal Obligations (cost $1,079,909,367)				1,075,851,878


COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4%
Agency CMBS – 0.4%
Federal Home Loan Mortgage Corp. Multifamily ML Certificates Series 2021-ML10, Class AUS 2.032%, 01/25/2038		4,727		3,883,331
Series 2022-ML13, Class ACA 2.875%, 07/25/2036		923		873,508



22 AB California Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2022-ML13, Class XCA 0.965%, 07/25/2036^(c)	$	2,492	$	134,693


Total Commercial Mortgage-Backed Securities (cost $5,822,711)				4,891,532


ASSET-BACKED SECURITIES – 0.1%
Autos – Fixed Rate – 0.1%
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028^(b) (cost $493,995)		494		499,225


COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%
Risk Share Floating Rate – 0.0%
Federal National Mortgage Association Connecticut Avenue Securities Series 2016-C01, Class 1M2 10.936% (CME Term SOFR + 6.86%), 08/25/2028^(a)		25		24,998
Series 2016-C02, Class 1M2 10.186% (CME Term SOFR + 6.11%), 09/25/2028^(a)		5		4,629


Total Collateralized Mortgage Obligations (cost $29,859)				29,627


Total Investments – 98.5% (cost $1,086,255,932)				1,081,272,262
Other assets less liabilities – 1.5%				16,880,427


Net Assets – 100.0%			$	1,098,152,689

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at November 30, 2025			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 45, 5 Year Index, 12/20/2030*		(5.00	)%		Quarterly		3.23	%		USD 7,600	$	(641,410	)	$	(567,893	)	$	(73,517	)

*	Termination date



ABFunds.com		AB California Intermediate Municipal ETF 23

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note D)


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	19,630	10/15/2028	CPI^#	2.565%	Maturity	$	1,943		$	(116,379	)	$	118,322
USD	17,750	10/15/2029	2.569%	CPI^#	Maturity		(45,257	)		78,173			(123,430	)
USD	17,250	10/15/2029	2.485%	CPI^#	Maturity		26,400			143,056			(116,656	)
USD	13,425	10/15/2029	2.516%	CPI^#	Maturity		304			92,041			(91,737	)
USD	13,413	10/15/2029	2.451%	CPI^#	Maturity		42,519			132,196			(89,677	)
USD	13,412	10/15/2029	2.499%	CPI^#	Maturity		11,397			102,525			(91,128	)
USD	20,620	10/15/2030	CPI^#	2.531%	Maturity		51,191			(105,634	)		156,825

						$	88,497		$	325,978		$	(237,481	)

#	Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	2,000	10/15/2030	1 Day SOFR	4.092%	Annual	$	70,831		$	65,753		$	5,078
USD	10,000	08/15/2031	1 Day SOFR	4.053%	Annual		355,336			331,557			23,779
USD	13,500	06/01/2032	1 Day SOFR	3.717%	Annual		210,555			209,093			1,462
USD	12,400	11/05/2032	1 Day SOFR	3.516%	Annual		69,229			– 0	–		69,229
USD	6,200	06/15/2034	3.543%	1 Day SOFR	Annual		17,798			13,334			4,464
USD	11,000	08/15/2034	3.545%	1 Day SOFR	Annual		22,855			28,472			(5,617	)
USD	3,670	08/15/2034	3.272%	1 Day SOFR	Annual		86,059			84,529			1,530
USD	3,900	02/15/2035	3.893%	1 Day SOFR	Annual		(92,233	)		(88,831	)		(3,402	)
USD	7,800	09/25/2035	3.587%	1 Day SOFR	Annual		17,544			26,129			(8,585	)
USD	11,700	10/25/2035	3.521%	1 Day SOFR	Annual		88,238			– 0	–		88,238

						$	846,212		$	670,036		$	176,176

(a)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2025.

(b)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At November 30, 2025, the aggregate market value of these securities amounted to $84,044,488 or 7.7% of net assets.

(c)	IO – Interest Only.

(d)	When-Issued or delayed delivery security.

(e)	Defaulted matured security.



24 AB California Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

(f)	Non-income producing security.

(g)	Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at November 30, 2025.

(h)	Defaulted.

(i)

Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

As of November 30, 2025, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 3.4% and 0.0%, respectively.

Glossary:

AG – Assured Guaranty Inc.

AMBAC – Ambac Assurance Corporation

BAM – Build American Mutual

CDX-NAHY – North American High Yield Credit Default Swap Index

CHF – Collegiate Housing Foundation

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

MUNIPSA – Municipal Swap Index

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

XLCA – XL Capital Assurance Inc.

See notes to financial statements.



ABFunds.com		AB California Intermediate Municipal ETF 25

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value (cost $1,086,255,932)	$	1,081,272,262
Cash		6,101,146
Cash collateral due from broker		2,295,438
Interest receivable		12,792,245
Receivable for investment securities sold		95,000
Receivable for variation margin on centrally cleared swaps		16,420
Receivable for newly entered centrally cleared interest rate swaps		14,466

Total assets		1,102,586,977

Liabilities
Payable for investment securities purchased		4,042,643
Advisory fee payable		227,595
Other liabilities		164,050

Total liabilities		4,434,288

Net Assets	$	1,098,152,689

Composition of Net Assets
Capital stock, at par	$	4,361
Additional paid-in capital		1,107,777,069
Accumulated loss		(9,628,741	)

Net Assets	$	1,098,152,689

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 43,605,552 common shares outstanding)	$	25.18

See notes to financial statements.



26 AB California Intermediate Municipal ETF		ABFunds.com

STATEMENT OF OPERATIONS


	October 1, 2025 to November 30, 2025^(a)			Year Ended September 30, 2025^(b)
Investment Income
Interest	$	6,343,870		$	36,691,026
Dividend—Affiliated issuers		3,646			– 0	–
Other income		– 0	–		7,977	^(c)

Total income		6,347,516			36,699,003

Expenses
Advisory fee (see Note B)		508,576			4,418,892
Shareholder servicing fee (see Note B)		12,364			860,972
Distribution fee—Class A		– 0	–		115,061
Distribution fee—Class C		– 0	–		16,673
Transfer Agent fee—Non-Retail Class		– 0	–		26,290
Transfer agency—Class A		– 0	–		12,578
Transfer agency—Class C		– 0	–		467
Transfer agency—Advisor Class		4,274			38,334
Legal		68,581			85,902
Audit and tax		19,439			46,194
Printing		10,416			27,460
Custody and accounting		2,636			137,694
Registration fees		1,942			44,762
Directors’ fees		– 0	–		33,270
Miscellaneous		– 0	–		25,705

Total expenses before bank overdraft expense		628,228			5,890,254
Bank overdraft expense		– 0	–		74,715

Total expenses		628,228			5,964,969
Less: expenses waived and reimbursed by the Adviser (see Note B)		(193	)		– 0	–

Net expenses		628,035			5,964,969

Net investment income		5,719,481			30,734,034

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions		270,399			(1,049,370	)
Swaps		1,021,995			1,146,517
Net change in unrealized appreciation (depreciation) of:
Investments		6,655,988			(5,748,457	)
Swaps		(1,279,360	)		(1,674,624	)

Net gain (loss) on investment transactions		6,669,022			(7,325,934	)

Net Increase in Net Assets from Operations	$	12,388,503		$	23,408,100

(a)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(b)	After the close of business on October 3, 2025, California Municipal Portfolio (the “Acquired Portfolio”) was reorganized into AB California Intermediate Municipal ETF. The amounts disclosed include those of the Acquired Portfolio. See Note A for additional information on the reorganization.

(c)	Other income includes a non-recurring reimbursement for overpayment of prior years’ omnibus account services, sub-accounting services and related transfer agency expenses (see Note B).

See notes to financial statements.



ABFunds.com		AB California Intermediate Municipal ETF 27

STATEMENT OF CHANGES IN NET ASSETS


	October 1, 2025 to November 30, 2025^(a)			Year Ended September 30, 2025^(b)			Year Ended September 30, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	5,719,481		$	30,734,034		$	28,458,557
Net realized gain on investment transactions		1,292,394			97,147			2,598,358
Net change in unrealized appreciation (depreciation) of investments		5,376,628			(7,423,081	)		47,362,016

Net increase in net assets from operations		12,388,503			23,408,100			78,418,931
Distributions to Shareholders
Municipal Class		– 0	–		(25,034,821	)		(24,325,394	)
Class A		– 0	–		(1,258,916	)		(1,234,267	)
Class C		– 0	–		(33,186	)		(49,162	)
Advisor Class		(3,097,434	)		(4,053,384	)		(3,291,300	)
Return of Capital
Municipal Class		– 0	–		(462,148	)		– 0	–
Class A		– 0	–		(23,240	)		– 0	–
Class C		– 0	–		(613	)		– 0	–
Advisor Class		– 0	–		(74,826	)		– 0	–
Transactions in Shares of the Fund
Net increase (decrease)		3,019,310			62,559,581			(3,932,300	)
Other capital		7,545			– 0	–		– 0	–

Total increase		12,317,924			55,026,547			45,586,508
Net Assets
Beginning of period		1,085,834,765			1,030,808,218			985,221,710

End of period	$	1,098,152,689		$	1,085,834,765		$	1,030,808,218

(a)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(b)	After the close of business on October 3, 2025, California Municipal Portfolio (the “Acquired Portfolio”) was reorganized into AB California Intermediate Municipal ETF. The amounts disclosed include those of the Acquired Portfolio. See Note A for additional information on the reorganization.

See notes to financial statements.



28 AB California Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

AB Active ETFs, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Corporation, which is a Maryland corporation, operates as a series company comprised of 23 funds currently in operation. Each fund is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB California Intermediate Municipal ETF (the “Fund”), a diversified portfolio. The Fund commenced investment operations on October 6, 2025. At meetings held on May 6-8, 2025, the Fund’s Board of Directors (the “Board”) approved the reorganization of California Municipal Portfolio, a portfolio of Sanford C. Bernstein Fund, Inc. (the “Acquired Portfolio) into the Fund (the “Conversion”), to be managed by AllianceBernstein L.P. (the “Adviser”). Pursuant to an Agreement and Plan of Acquisition and Termination (the “Plan”) the Acquired Portfolio was converted into an ETF, the Fund (the “Acquiring Portfolio”) with the same investment objective, and the same investment policies and investment strategies as the Acquired Portfolio on the closing date of the Conversion, October 3, 2025. In connection with the Conversion, the assets and liabilities of the Acquired Portfolio were transferred to the Acquiring Portfolio, and stockholders of the Acquired Portfolio received shares of the Acquiring Portfolio equal in aggregate net asset value (“NAV”) to the NAV of their shares of the Acquired Portfolio (less cash corresponding to any fractional share amount). The Acquired Portfolio had a fiscal year end of September 30, however the Fund has a fiscal year end of November 30. See Note I for additional information regarding the Conversion. The Acquired Portfolio was the accounting survivor in the Conversion and as such, the financial statements and the financial highlights reflect the financial information of the Acquired Portfolio through October 3, 2025. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board. Pursuant to these procedures, the Adviser serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.



ABFunds.com		AB California Intermediate Municipal ETF 29

NOTES TO FINANCIAL STATEMENTS (continued)

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed and over-the-counter (“OTC”) put and call options are valued using market quotations when available. Listed options are generally valued at the last reported sale price, provided such price is within the bid-ask range, otherwise, they are valued based on the bid or ask price, as determined by a pricing service; options on futures may be valued at their settlement prices; OTC options, including flexible exchange-traded options (“Flex Options”), are generally valued using models that consider the terms of the option and relevant market inputs and are typically valued at transaction price on the trade date; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange-traded funds are valued at the closing market price per share.



30 AB California Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.



ABFunds.com		AB California Intermediate Municipal ETF 31

NOTES TO FINANCIAL STATEMENTS (continued)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

995,159,487

– 0

–

995,159,487

Short-Term Municipal Notes

– 0

–

80,692,391

– 0

–

80,692,391

Commercial Mortgage-Backed Securities

– 0

–

4,891,532

– 0

–

4,891,532

Asset-Backed Securities

– 0

–

499,225

– 0

–

499,225

Collateralized Mortgage Obligations

– 0

–

29,627

– 0

–

29,627

Total Investments in Securities

– 0

–

1,081,272,262

– 0

–

1,081,272,262

Other Financial Instruments^(a):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

133,754

– 0

–

133,754

^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

938,445

– 0

–

938,445

^(b)

Liabilities:

Centrally Cleared Credit Default Swaps

– 0

–

(641,410

)

– 0

–

(641,410

)^(b)

Centrally Cleared Inflation (CPI) Swaps

– 0

–

(45,257

)

– 0

–

(45,257

)^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

(92,233

)

– 0

–

(92,233

)^(b)

Total

– 0

–

1,081,565,561

– 0

–

1,081,565,561

(a)

Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

(b)

Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.



32 AB California Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

4. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

Prior to the Conversion, all income earned and expenses incurred by the Acquired Portfolio were borne on a pro-rata basis by each settled class of shares, based on the proportionate interest in the Acquired Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of Sanford C. Bernstein Fund, Inc. were charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses were allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.



ABFunds.com		AB California Intermediate Municipal ETF 33

NOTES TO FINANCIAL STATEMENTS (continued)

8. Offering Expenses

The Adviser has agreed to pay all of the Fund’s organization and offering costs. The Fund is not obligated to repay any such organizational expenses or offering costs paid by the Adviser.

9. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

10. Segment Information

The Fund represents a single operating segment. An operating segment is defined in U.S. GAAP 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 entity’s 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 Fund’s President is the CODM. The CODM monitors the operating results of the Fund as a whole and the pre-determined Fund’s long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser a unitary advisory fee at an annual rate of .27% of the Fund’s daily net assets. The fees are accrued daily and paid monthly. Prior to October 3, 2025, the Acquired Portfolio paid the Adviser an advisory fee of the Fund’s average daily net assets at an annual rate 0.425% of the first $1 billion, .375% of the next $2 billion, .325% of the next $2 billion and .275% thereafter.

Prior to October 3, 2025, under the Shareholder Servicing Agreement between the Acquired Portfolio and the Adviser, the Adviser paid expenses it incurred in providing shareholder servicing to the Fund, the Acquired Portfolio and individual shareholders. The Shareholder Servicing Agreement does not apply to the Retail Classes. Such services include, but are not limited to, providing information to shareholders concerning their fund investments, systematic withdrawal plans, fund dividend payments and reinvestments, shareholder account or transactions status, net asset value of shares, fund performance, fund services, plans and options, fund investment policies, portfolio holdings and tax consequences of fund investments; dealing with shareholder complaints and other correspondence relating to fund matters; and communications with shareholders



34 AB California Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

when proxies are being solicited from them with respect to voting their fund shares. Under the agreement, the fee paid by the Acquired Portfolio to the Adviser for services is .10 of 1%, annualized, of the average net assets attributable to the Bernstein Class during the month.

Prior to October 3, 2025, under a Transfer Agency Agreement between Sanford C. Bernstein Fund, Inc. on behalf of the Retail Classes, and AllianceBernstein Investor Services, Inc. (“ABIS”), the Retail Classes compensate ABIS, a wholly owned subsidiary of the Adviser, for providing personnel and facilities to perform transfer agency services. ABIS may make payments to intermediaries that provide omnibus account services, sub accounting services and/or networking services. For the period ended November 30, 2025 and the year September 30, 2025, the compensation retained by ABIS amounted to $0 and $18,022, respectively.

Prior to October 3, 2025, under the Distribution Agreement between Sanford C. Bernstein Fund, Inc., on behalf of the Acquired Portfolio, and Sanford C. Bernstein & Co., LLC (the “Distributor”), the Distributor agreed to act as agent to sell shares of the Acquired Portfolio. The Distributor received no fee for this service, and furthermore agreed to pay all expenses arising from the performance of its obligations under this agreement. The Distributor is a wholly owned subsidiary of the Adviser.

Under the investment advisory agreement, in accordance with the unitary fee structure, the Adviser bears the cost of various third-party services required by the Fund, including audit, custodial, accounting, legal, transfer agency and printing costs and the fees and expenses of the Corporation’s directors and their counsel. Also under the investment advisory agreement, the Adviser will reimburse the Fund for the Fund’s share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser. For the period ended November 30, 2025, such waiver/reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $193, and the years September 30, 2025, there was no such reimbursement.

During the year ended September 30, 2025, the Adviser reimbursed the $7,977 for overpayment of prior years’ omnibus account services, sub-accounting services and related transfer agency expenses.

A summary of the Fund’s transactions in AB mutual funds for the period ended November 30, 2025 is as follows:


Fund	Market Value 9/30/25 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)			Dividend Income (000)
AB Government Money Market Portfolio	$	– 0	–	$	19,697	$	19,697	$	– 0	–	$	4



ABFunds.com		AB California Intermediate Municipal ETF 35

NOTES TO FINANCIAL STATEMENTS (continued)

There were none in AB mutual funds transactions for the year ended September 30, 2025.

NOTE C

Distribution Services Agreement

Effective October 3, 2025, the Fund has adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 of the Act which permits the Fund to pay distribution and servicing fees not to exceed .25% per year of the Fund’s average daily net assets, provided that the Fund will not make any 12b-1 payments under the Plan without prior Board and stockholder approval. No such fees are currently paid.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the period ended November 30, 2025 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	34,400,486		$	23,216,614
U.S. government securities		– 0	–		– 0	–

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the year end September 30, 2025 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	297,245,088		$	251,525,078
U.S. government securities		– 0	–		58,545

For the period ended November 30, 2025, there were no in-kind purchases and in-kind sales in the Fund.

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	1,086,255,932

Gross unrealized appreciation	$	17,273,843
Gross unrealized depreciation		(22,372,354	)

Net unrealized depreciation	$	(5,098,511	)

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.



36 AB California Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

The principal type of derivative utilized by the Fund, as well as the methods in which they may be used are:

•

Swaps

The Fund may enter into swaps for investment purposes or to hedge its exposure to interest rates, credit risk, inflation risk, equity markets or currencies. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices, rates or indexes for a specified amount of an underlying asset or inflation. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates, inflation or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swaps on the statement of operations, in addition to any realized gain (loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain (loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation (depreciation) of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate, inflation and credit default swaps, are subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in



ABFunds.com		AB California Intermediate Municipal ETF 37

NOTES TO FINANCIAL STATEMENTS (continued)

basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Fund may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Fund may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Fund anticipates purchasing at a later date. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments).

During the period ended November 30, 2025, the Fund held interest rate swaps for hedging purposes. During the year ended September 30, 2025, the Fund held interest rate swaps for hedging purposes.



38 AB California Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Inflation (CPI) Swaps:

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Fund against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the period ended November 30, 2025, the Fund held inflation (CPI) swaps for hedging purposes. During the year ended September 30, 2025, the Fund held inflation (CPI) swaps for hedging purposes.

Credit Default Swaps:

The Fund may enter into credit default swaps for multiple reasons, including to manage their it’s exposure to the market or certain sectors of the market, to reduce their it’s risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. The Fund may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Fund receive/(pay) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.



ABFunds.com		AB California Intermediate Municipal ETF 39

NOTES TO FINANCIAL STATEMENTS (continued)

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the schedule of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the market’s assessment of the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the period ended November 30, 2025, the Fund held credit default swaps for hedging purposes. During the year ended September 30, 2025, the Acquired Portfolio held credit default swaps for hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its 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 Fund 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 Fund’s net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund 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 arrangements by the OTC counterparty table below for additional details.



40 AB California Intermediate Municipal ETF		ABFunds.com

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During the period ended November 30, 2025, the Fund had entered into the following derivatives:

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Credit contracts

Payable for
variation margin on
centrally cleared swaps

73,517

Interest rate contracts

Receivable for
variation margin
on centrally
cleared swaps

468,927

Payable for variation
margin on centrally
cleared swaps

530,232

Total

468,927

603,749

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations for Period ended October 1, 2025 to November 30, 2025	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	1,001,697	$	(1,218,636	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		20,298		(60,724	)

Total		$	1,021,995	$	(1,279,360	)

Derivative Type

Location of
Gain or (Loss)
on Derivatives
Within Statement
of Operations
for the Year ended

September 30, 2025

Realized Gain
or (Loss) on
Derivatives

Change in
Unrealized
Appreciation or
(Depreciation)

Interest rate contracts

Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps

1,464,161

(1,661,831

)



ABFunds.com		AB California Intermediate Municipal ETF 41

NOTES TO FINANCIAL STATEMENTS (continued)


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations for the Year ended September 30, 2025	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	(317,644	)	$	(12,793	)

Total		$	1,146,517		$	(1,674,624	)

The following table represents the average monthly volume of the Fund’s derivative transactions during the period ended November 30, 2025:


Centrally Cleared Interest Rate Swaps:
Average notional amount	$	75,203,333
Centrally Cleared Inflation Swaps:
Average notional amount	$	115,500,000
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	7,600,000

The following table represents the average monthly volume of the Acquired Portfolio’s derivative transactions during the year ended September 30, 2025:


Interest Rate Swaps:
Average notional amount	$	12,395,000	^(a)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	81,218,923
Centrally Cleared Inflation Swaps:
Average notional amount	$	104,833,333
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	6,516,667

(a)	Positions were open for eleven month during the year.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of November 30, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by



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NOTES TO FINANCIAL STATEMENTS (continued)

taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E

Shares of the Fund

The Fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because exchange-traded fund (“ETF”) shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund issues and redeems shares at its NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). A fixed transaction fee is imposed on authorized participants in connection with creation unit redemption and creation transactions. Authorized participants may be required to pay an additional variable charge to cover certain costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statement of Changes in Net Assets.

Transactions in shares of the Fund were as follows:


	Shares									Amount
	Period Ended November 30, 2025^(a)			Year Ended September 30, 2025^(b)			Year Ended September 30, 2024			Period Ended November 30, 2025^(a)			Year Ended September 30, 2025^(b)			Year Ended September 30, 2024

Class A
Shares sold		– 0	–		785,766			1,143,793		$	– 0	–	$	10,849,321		$	15,559,375

Shares issued in reinvestment of dividends		– 0	–		59,727			62,246			– 0	–		822,742			858,967

Shares converted from Class C		– 0	–		23,205			41,898			– 0	–		322,542			562,475

Shares converted to Advisor Class		– 0	–		(3,338,500	)		– 0	–		– 0	–		(46,040,583	)		– 0	–

Shares redeemed		– 0	–		(920,518	)		(1,093,079	)		– 0	–		(12,617,623	)		(14,894,715	)

Net increase (decrease)		– 0	–		(3,390,320	)		154,858		$	– 0	–	$	(46,663,601	)	$	2,086,102



ABFunds.com		AB California Intermediate Municipal ETF 43

NOTES TO FINANCIAL STATEMENTS (continued)


	Shares									Amount
	Period Ended November 30, 2025^(a)			Year Ended September 30, 2025^(b)			Year Ended September 30, 2024			Period Ended November 30, 2025^(a)			Year Ended September 30, 2025^(b)			Year Ended September 30, 2024

Class C
Shares sold		– 0	–		20,253			40,895		$	– 0	–	$	280,482		$	559,911

Shares issued in reinvestment of dividends		– 0	–		1,441			2,312			– 0	–		19,863			31,889

Shares converted to Advisor Class		– 0	–		(110,592	)		– 0	–		– 0	–		(1,524,737	)		– 0	–

Shares converted to Class A		– 0	–		(23,216	)		(41,890	)		– 0	–		(322,542	)		(562,475	)

Shares redeemed		– 0	–		(57,560	)		(75,447	)		– 0	–		(797,757	)		(1,032,840	)

Net increase (decrease)		– 0	–		(169,674	)		(74,130	)	$	– 0	–	$	(2,344,691	)	$	(1,003,515	)


Municipal Class
Shares sold		– 0	–		14,774,861			26,295,912		$	– 0	–	$	203,955,177		$	361,273,562

Shares issued in reinvestment of dividends		– 0	–		1,439,037			1,305,229			– 0	–		19,847,683			18,012,224

Shares converted to Adviser Class		(64,725,760	)		– 0	–		– 0	–		(903,040,854	)		– 0	–		– 0	–

Shares redeemed		(4,258	)		(12,776,513	)		(28,523,916	)		(59,354	)		(176,281,939	)		(391,232,532	)

Net increase (decrease)		(64,730,018	)		3,437,385			(922,775	)	$	(903,100,208	)	$	47,520,921		$	(11,946,746	)


Advisor Class
Shares sold		500,040			5,175,800			4,360,075		$	12,542,210		$	71,339,926		$	59,278,972

Shares issued in reinvestment of dividends		– 0	–		189,065			149,417			– 0	–		2,608,202			2,061,911

Shares converted from Class A		– 0	–		3,338,790			– 0	–		– 0	–		46,040,583			– 0	–

Shares converted from Class C		– 0	–		110,572			– 0	–		– 0	–		1,524,737			– 0	–

Shares converted from Municipal Class		36,121,634			– 0	–		– 0	–		903,040,854			– 0	–		– 0	–

Shares redeemed		(376,377	)		(4,184,795	)		(4,008,555	)		(9,463,546	)		(57,466,496	)		(54,409,024	)

Net increase		36,245,297			4,629,432			500,937		$	906,119,518		$	64,046,952		$	6,931,859

(a)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(b)	After the close of business on October 3, 2025, California Municipal Portfolio (the “Acquired Portfolio”) was reorganized into AB California Intermediate Municipal ETF. The amounts disclosed include those of the Acquired Portfolio. See Note A for additional information on the reorganization.

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the markets for securities in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, changing interest rate levels, the imposition of new or additional tariffs, and regional and global conflicts, that affect large portions of the market.



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NOTES TO FINANCIAL STATEMENTS (continued)

Credit Risk—An issuer or guarantor of a fixed-income security may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Interest Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed-income security with a duration of three years will likely decrease in value by approximately 3% if interest rates increase by 1%.

Municipal Market Risk—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Fund’s investments in municipal securities. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. There have been some municipal issuers that have defaulted on obligations, been downgraded or commenced insolvency proceedings. The Fund may invest a substantial portion of its assets in California municipal securities. These investments in California municipal securities may be vulnerable to events adversely affecting California’s economy, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as droughts, wildfires, flooding and earthquakes, which may be further exacerbated by recent environmental conditions and climate change patterns. California’s economy continues to be affected by fiscal constraints partly as a result of voter-passed initiatives that limit the ability of state and local governments to raise revenues, particularly with



ABFunds.com		AB California Intermediate Municipal ETF 45

NOTES TO FINANCIAL STATEMENTS (continued)

respect to real property taxes. The Fund’s investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, are subject to the risk that factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

The municipal securities issued by Puerto Rico and its government agencies and municipalities may have more risks than those of other U.S. issuers of municipal securities. Puerto Rico continues to face a challenging economic and fiscal environment. If the general economic situation in Puerto Rico persists or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Non-diversification Risk—Concentration of investments in a small number of securities tends to increase risk. The Fund is not “diversified”. This means that the Fund can invest more of its assets in a relatively small number of issuers with greater concentration of risk. Matters affecting these issuers can have a more significant effect on the Fund’s net asset value (“NAV”).

Illiquid Investments Risk—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. Foreign fixed-income securities may have more illiquid investments risk because secondary trading markets for these securities may be smaller and less well developed and the securities may trade less frequently than domestic securities. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down.

Redemption Risk—The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or unfavorable prices or increase or accelerate taxable gains or transaction costs and may negatively affect the Fund’s NAV, or performance, which could cause the value of your



46 AB California Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

investment to decline. Redemption risk is heightened during periods of overall market turmoil.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

Tax Risk—From time to time, the U.S. Government and the U.S. Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Fund by increasing taxes on that income. In such event, the Fund’s NAV could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax-exempt status of municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield.

Lower-rated Securities Risk—Lower-rated securities, or junk bonds/high-yield securities, are subject to greater risk of loss of principal and interest and greater market risk than higher-rated securities. The capacity of issuers of lower-rated securities to pay interest and repay principal is more likely to weaken than is that of issuers of higher-rated securities in times of deteriorating economic conditions or rising interest rates.

Prepayment and Extension Risk—Prepayment risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. If this happens, particularly during a time of declining interest rates or credit spreads, the Fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and may not be able to invest the proceeds in securities providing as much income, resulting in a lower yield to the Fund. Conversely, extension risk is the risk that as interest rates rise or spreads widen, payments of securities may occur more slowly than anticipated by the market. If this happens, the values of these securities may go down because their interest rates are lower than current market rates and they remain outstanding longer than anticipated.



ABFunds.com		AB California Intermediate Municipal ETF 47

NOTES TO FINANCIAL STATEMENTS (continued)

Cash Transactions Risk—The Fund intends to effectuate all or a portion of the issuance and redemption of Creation Units (as defined below) for cash, rather than in-kind securities. As a result, an investment in the Fund is expected to be less tax-efficient than an investment in an ETF that effectuates its transactions in Creation Units primarily on an in-kind basis. A fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required as compared to an ETF that distributes portfolio securities in-kind in redemption of Creation Units. The Fund intends to distribute gains that arise by virtue of the issuance and redemption of Creation Units being effectuated in cash to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with applicable tax requirements. This may cause shareholders to be subject to tax on gains to which they would not otherwise be subject, or at an earlier date than if they had made an investment in another ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. Brokerage fees, which will be higher than if the Fund sold and redeemed its shares principally in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and ask prices of Fund shares than for ETFs that receive and distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the NYSE Arca, Inc. (the “Exchange”). The Fund’s shares are generally bought and sold in the secondary market at market prices. The NAV per share of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on the Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may



48 AB California Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.

Authorized Participant Risk—Only a limited number of financial institutions that enter into an authorized participant relationship with the Fund (“Authorized Participants”) may engage in creation or redemption transactions. If the Fund’s Authorized Participants decide not to create or redeem shares, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share, or the Fund could face trading halts or de-listing.

Active Trading Market Risk—There is no guarantee that an active trading market for Fund shares will exist at all times. In times of market stress, markets can suffer erratic or unpredictable trading activity, extraordinary volatility or wide bid/ask spreads, which could cause some market makers and Authorized Participants to reduce their market activity or “step away” from making a market in ETF shares. Market makers and Authorized Participants are not obligated to place or execute purchase and redemption orders. This could cause the Fund’s market price to deviate, materially, from the NAV, and reduce the effectiveness of the ETF arbitrage process. Any absence of an active trading market for Fund shares could lead to a heightened risk that there will be a difference between the market price of a Fund share and the underlying value of the Fund share.

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Fund is subject to management risk because it is an actively-managed ETF. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE G

Joint Credit Facility

A number of ETFs managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short-term liquidity requirements, which will expire on June 23, 2026. A commitment fee of 0.15% per annum related to the Facility is paid by the Adviser. The Fund did not utilize the Facility during the year ended November 30, 2025.



ABFunds.com		AB California Intermediate Municipal ETF 49

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the fiscal period ended November 30, 2025 and the years ended September 30, 2025 and September 30, 2024 were as follows:


	October 1, 2025 to November 30, 2025			Year ended September 30, 2025			Year ended September 30, 2024
Distributions paid from:
Ordinary income	$	223,090		$	946,728			1,315,430
Long-term capital gains		– 0	–		– 0	–		– 0	–
Total taxable distributions		223,090			946,728			1,315,430
Tax exempt distributions		2,874,344			29,433,579			27,584,693
Tax return of capital		– 0	–		560,827			– 0	–

Total taxable distributions paid	$	3,097,434		$	30,941,134		$	28,900,123

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed tax-exempt income	$	2,622,439
Accumulated capital and other losses		(7,152,669	)^(a)
Unrealized appreciation (depreciation)		(5,098,511	)^(b)

Total accumulated earnings (deficit)	$	(9,628,741	)

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $7,152,669. During the fiscal year, the Fund utilized $1,277,548 of capital loss carry forwards to offset current year net realized gains.

(b)	The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of swaps.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $7,152,669, which may be carried forward for an indefinite period.

During the current fiscal period, there were no permanent differences that resulted in adjustments to accumulated loss or additional paid-in capital.

NOTE I

Reorganization



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NOTES TO FINANCIAL STATEMENTS (continued)

October 3, 2025. Pursuant to the Plan, the assets and liabilities of the Acquired Portfolio’s shares were transferred in exchange for Fund shares, in a tax-free exchange as follows:

Portfolio

Shares
outstanding
before the
Conversion

Shares
outstanding
immediately
after the
Conversion

Aggregate net
assets before
the Conversion

Aggregate net
assets
immediately
after the
Conversion

Acquired Portfolio*

77,897,816

– 0

–

1,086,830,672

– 0

–

The Fund

– 0

–

43,455,512

– 0

–

1,086,830,672

*	Represents the accounting survivor.

+	Includes distributions in excess of net investment income of $445,802 and unrealized depreciation on investments of $10,343,024, with a fair value of $1,065,337,559 and identified cost of $1,075,680,583.


Acquired Portfolio’s Share Class	Shares outstanding before Conversion		Conversion Ratio		Shares outstanding immediately after the Conversion
Advisor Class		13,172,056		0.55811597		7,351,535
Sanford C. Bernstein Class		64,725,760		0.55779920		36,103,977
Total		77,897,816				43,455,512

For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

NOTE J

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.



ABFunds.com		AB California Intermediate Municipal ETF 51

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period^(a)


	October 1, 2025 to November 30, 2025^(b)			Year Ended September 30,
	October 1, 2025 to November 30, 2025^(b)			2025			2024			2023			2022			2021
Net asset value, beginning of period		$ 24.98			$ 25.16			$ 23.94			$ 23.79			$ 26.16			$ 26.02

Income From Investment Operations

Net investment income^(c)		.13			.73	†		.72	^(d)		.61			.47			.45

Net realized and unrealized gain on investment transactions		.14			(.16	)		1.22			.19			(2.39	)		.14

Net increase in net asset value from operations		.27			.57			1.94			.80			(1.92	)		.59

Less: Dividends

Dividends from net investment income		(.07	)		(.73	)		(.72	)		(.65	)		(.45	)		(.45	)

Return of capital		– 0	–		(.02	)		– 0	–		– 0	–		– 0	–		– 0	–


Total dividends and distributions		(.07	)		(.75	)		(.72	)		(.65	)		(.45	)		(.45	)

Net asset value, end of period		$ 25.18			$ 24.98			$ 25.16			$ 23.94			$ 23.79			$ 26.16

Total Return

Total investment return based on net asset value^(e)		1.00	%		2.34	%^†		8.19	%		3.28	%		(7.40	)%		2.28	%
Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,098,153			$183,794			$120,177			$107,640			$102,466			$82,692

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)		.28	%^{^}		.50	%		.50	%		.51	%		.48	%		.48	%

Expenses, before waivers/reimbursements^(f)		.28	%^{^}		.50	%		.50	%		.51	%		.48	%		.48	%

Net investment income		3.18	%^{^}		3.01	%^†		2.88	%^(d)		2.50	%		1.86	%		1.71	%

Portfolio turnover rate^(g)		2	%		26	%		39	%		31	%		23	%		27	%

(a)

After the close of business on October 3, 2025, California Municipal Portfolio (the “Acquired Portfolio”) was converted into AB California Intermediate Municipal ETF. The performance and financial history of the Acquired Portfolio’s Advisor Class Shares have been adopted by the Fund and will be used going forward. As a result, the Financial Highlight information includes that of the Acquired Portfolio’s Advisor Class Shares and has been adjusted retroactively for the periods from September 30, 2021 through the Reorganization.

(b)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(c)	Based on average shares outstanding.

(d)	Net of expenses waived by the Adviser.

(e)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.



52 AB California Intermediate Municipal ETF		ABFunds.com

FINANCIAL HIGHLIGHTS (contined)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period^(a)

(f)	The expense ratios presented below exclude bank overdraft expense:


	October 1, 2025 to November 30, 2025			Year Ended September 30,
	October 1, 2025 to November 30, 2025			2025			2024			2023			2022			2021
Net of waivers/reimbursements		.28	%^{^}		.49	%		.50	%		.51	%		.48	%		.48	%
Before waivers/reimbursements		.28	%^{^}		.49	%		.50	%		.51	%		.48	%		.48	%

(g)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

(h)	Amount is less than $.005.

(i)	Less than .005%.

†	During the year ended September 30, 2025, the Adviser reimbursed the Fund for overpayment of prior years’ omnibus account services, sub-accounting services and related transfer agency expenses. The impact of the reimbursement to the financial highlights is as follows:

Net Investment
Income Per
Share

Net Investment
Income Ratio

Total Return

Adviser Class

.00

^(h)

.00

%⁽ⁱ⁾

.00

%⁽ⁱ⁾

^	Annualized.

See notes to financial statements.



ABFunds.com		AB California Intermediate Municipal ETF 53

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB California Intermediate Municipal ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB California Intermediate Municipal ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statements of operations, changes in net assets, and the financial highlights for the period from October 1, 2025 to November 30, 2025, 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations, changes in its net assets and its financial highlights for the period from October 1, 2025 to November 30, 2025, in conformity with U.S. generally accepted accounting principles.

The statement of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, and the financial highlights for each of the five years in the period ended September 30, 2025, before the effects of adjustments to retrospectively adjust the financial highlights for the effect of the reorganization discussed in Note I to the financial statements, were audited by other auditors, whose report dated November 26, 2025, expressed an unqualified opinion on those statements.

We also have audited the adjustments to the financial highlights for each of the five years in the period ended September 30, 2025 to retrospectively adjust the financial highlights to give effect to the reorganization described in Note I to the financial statements. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the financial statements of the Fund for periods prior to October 1, 2025 other than with respect to the adjustments, and accordingly, we do not express an opinion or any other form of assurance on the financial statements taken as a whole for periods prior to October 1, 2025.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. 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 Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.



54 AB California Intermediate Municipal ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

We conducted our audit 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. The Corporation is not required to have, nor were we engaged to perform, an audit of the Corporation’s internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit 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 November 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audit 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 audit provides a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 29, 2026



ABFunds.com		AB California Intermediate Municipal ETF 55

2025 FEDERAL TAX INFORMATION

(unaudited)

The Fund designates $107,368 of distributions paid during the fiscal year ended November 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2026.



56 AB California Intermediate Municipal ETF		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of AB California Intermediate Municipal ETF (the “Fund”) for an initial two-year period at a meeting held in-person on May 6-8, 2025 (the “Meeting”).

Prior to approval of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed approval in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services to be provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, including the other series of the Company that are organized as exchange-traded funds (“ETFs”), their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the AB Funds.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the proposed advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the proposed advisory fee, were fair and reasonable in light of the services to be performed, expenses to be incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services to be Provided

The directors considered the scope and quality of services to be provided by the Adviser under the Advisory Agreement, including the quality of the investment



ABFunds.com		AB California Intermediate Municipal ETF 57

research capabilities of the Adviser and the other resources it has dedicated to performing services for the AB Funds. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements will be subject to the directors’ approval on a quarterly basis. The directors noted that the Adviser does not expect to request such reimbursements. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services to be provided to the Fund under the Advisory Agreement.

Costs of Services to be Provided and Profitability

Because the Fund had not yet commenced operations, the directors were unable to consider historical information about the profitability of the Fund. However, the Adviser agreed to provide the directors with profitability information in connection with future proposed continuances of the Advisory Agreement. They also considered the costs to be borne by the Adviser in providing services to the Fund and that the Fund was unlikely to be profitable to the Adviser unless it achieves a material level of net assets.

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its proposed relationship with the Fund. The directors recognized that the Adviser’s future profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

Since the Fund was newly formed and had not yet commenced operations, no performance or other historical information for the Fund was available. However, it was proposed that the Fund would receive the assets of AB California Municipal Portfolio (the “Acquired Portfolio”), a series of Sanford C. Bernstein Fund, Inc. (a mutual fund), in exchange for shares of the Fund (an exchange traded fund) and the assumption by the Fund of all the liabilities of the Acquired Portfolio. Shareholders of the Acquired Portfolio would receive shares of the Fund in a liquidating distribution of the Acquired Portfolio (the “Conversion”). The Conversion is expected to be consummated on or about October 3, 2025. Based on the Adviser’s written and oral presentations regarding the proposed management of the Fund and their general knowledge and confidence in the Adviser’s expertise in managing mutual funds and ETFs, the directors concluded that they were satisfied that the Adviser was capable of providing high quality Fund management services to the Fund.



58 AB California Intermediate Municipal ETF		ABFunds.com

Advisory Fees and Other Expenses

The directors considered the proposed advisory fee rate payable by the Fund to the Adviser and information prepared by an independent service provider (the “15(c) service provider”), concerning advisory fee rates payable by other ETFs in the same category as the Fund, based on the Fund’s projected net assets of $1.05 billion (the Acquired Portfolio’s current asset size). The directors noted that the proposed advisory fee is a unitary fee and that the Adviser will pay all expenses of the Fund except for certain expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors considered the Fund’s proposed contractual advisory fee rate against a peer group median and noted that it was equal to the median.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s proposed fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also noted that the proposed advisory fee rate for the Fund would be lower than that for the Acquired Portfolio.

The Adviser reviewed with the directors the significantly greater scope of the services it will provide to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations. The directors noted that the proposed unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser.



ABFunds.com		AB California Intermediate Municipal ETF 59

In connection with their review of the Fund’s proposed advisory fee, the directors also considered the Fund’s projected total expense ratio in comparison to the medians for a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”) selected by the 15(c) service provider. The directors view the Fund’s projected expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser will be responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s projected expense ratio was lower than the median of a peer group and above the median of a peer universe. Based on their review, the directors concluded that the Fund’s projected expense ratio was acceptable.

Economies of Scale

The directors noted that the proposed advisory fee schedule for the Fund does not contain breakpoints and that they had discussed their strong preference for breakpoints in advisory contracts with the Adviser. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



60 AB California Intermediate Municipal ETF		ABFunds.com

LOGO

AB CALIFORNIA INTERMEDIATE MUNICIPAL ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-CAIM-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB CONSERVATIVE BUFFER ETF

(NASDAQ: BUFC)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


		Notional Amount		U.S. $ Value

PURCHASED OPTIONS - CALLS – 99.0%
Options on Equity Indices – 99.0%
SPDR S&P 500 ETF Trust Expiration: Feb 2026; Contracts: 14,245; Exercise Price: USD 3.42; Counterparty: Sg Americas Securities LLC^(a) (premium paid $965,518,618)	USD		4,871,790	$	966,419,974


PURCHASED OPTIONS - PUTS – 2.6%
Options on Equity Indices – 2.6%
SPDR S&P 500 ETF Trust Expiration: Feb 2026; Contracts: 14,245; Exercise Price: USD 683.00; Counterparty: Sg Americas Securities LLC^(a) (premium paid $28,770,664)	USD		972,933,500		25,277,610


		Shares
SHORT-TERM INVESTMENTS – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(b)(c)(d) (cost $5,214,878)			5,214,878		5,214,878


Total Investments – 102.1% (cost $999,504,160)					996,912,462
Other assets less liabilities – (2.1)%					(20,225,087	)


Net Assets – 100.0%				$	976,687,375

CALL OPTIONS WRITTEN (see Note D)

Description

Counterparty

Contracts

Exercise
Price

Expiration
Month

Notional
(000)

Premiums
Received

U.S. $ Value

SPDR S&P 500 ETF Trust^(e)

SG Americas
Securities
LLC

14,245

USD

707.93

February 2026

USD

1,008,446

19,934,298

(15,064,230

)

PUT OPTIONS WRITTEN (see Note D)

Description

Counterparty

Contracts

Exercise
Price

Expiration
Month

Notional
(000)

Premiums
Received

U.S. $ Value

SPDR S&P 500 ETF Trust^(e)

SG Americas
Securities
LLC

14,245

USD

580.55

February 2026

USD

826,993

6,325,762

(4,669,369

)

(a)	Non-income producing security.

(b)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.



ABFunds.com		AB Conservative Buffer ETF 1

PORTFOLIO OF INVESTMENTS (continued)

(c)	The rate shown represents the 7-day yield as of period end.

(d)	Affiliated investments.

(e)	One contract relates to 100 shares.

Glossary:

ETF – Exchange Traded Fund

SPDR – Standard & Poor’s Depository Receipt

See notes to financial statements.



2 AB Conservative Buffer ETF		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $994,289,282)	$	991,697,584
Affiliated issuers (cost $5,214,878)		5,214,878
Cash collateral due from broker		2,000
Interest receivable		14,733
Receivable due from Adviser		759

Total assets		996,929,954

Liabilities
Written Options, at value (premiums received $26,260,060)		19,733,599
Advisory fee payable		508,980

Total liabilities		20,242,579

Net Assets	$	976,687,375

Composition of Net Assets
Capital stock, at par	$	2,375
Additional paid-in capital		978,352,503
Accumulated loss		(1,667,503	)

Net Assets	$	976,687,375

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 23,750,028 common shares outstanding)	$	41.12

See notes to financial statements.



ABFunds.com		AB Conservative Buffer ETF 3

STATEMENT OF OPERATIONS

Year Ended November 30, 2025


Investment Income
Dividends—Affiliated issuers	$	187,385		$	187,385

Expenses
Advisory fee (see Note B)		5,922,408

Total expenses before bank overdraft expense		5,922,408
Bank overdraft expense		708

Total expenses		5,923,116
Less: expenses waived and reimbursed by the Adviser (see Note B)		(9,378	)

Net expenses					5,913,738

Net investment loss					(5,726,353	)

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions					93,514,922
In-kind redemptions					647,162
Written options					(44,198,456	)
Net change in unrealized appreciation (depreciation) of:
Investments					(5,365,267	)
Written options					5,370,386

Net gain on investment transactions					49,968,747

Net Increase in Net Assets from Operations				$	44,242,394

See notes to financial statements.



4 AB Conservative Buffer ETF		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2025			December 13, 2023^(a) November 30, 2024
Increase (Decrease) in Net Assets from Operations
Net investment loss	$	(5,726,353	)	$	(3,283,251	)
Net realized gain on investment transactions		49,963,628			58,158,075
Net change in unrealized appreciation (depreciation) of investments		5,119			3,929,644

Net increase in net assets from operations		44,242,394			58,804,468
Transactions in Shares of the Fund
Net increase		235,652,725			637,933,635
Other capital		53,565			588

Total increase		279,948,684			696,738,691
Net Assets
Beginning of period		696,738,691			– 0	–

End of period	$	976,687,375		$	696,738,691

(a)	Commencement of operations.

See notes to financial statements.



ABFunds.com		AB Conservative Buffer ETF 5

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

AB Active ETFs, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Corporation, which is a Maryland corporation, operates as a series company comprised of 23 funds currently in operation. Each fund is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Conservative Buffer ETF (the “Fund”), a non-diversified portfolio. The Fund commenced investment operations on December 13, 2023. The Fund is an actively managed exchange-traded fund (“ETF”). The Fund seeks to achieve its investment objective by investing, under normal conditions, substantially all of its assets in a combination of exchange-traded options contracts on an underlying ETF (“Underlying ETF”). The Underlying ETF (initially expected to be the SPDR^® S&P 500^® ETF Trust) is an ETF that seeks to track the investment results of the S&P 500 Index (the “Underlying ETF’s Index”), which measures the performance of the large capitalization sector of the U.S. equity market, as determined by S&P Dow Jones Indices LLC. The Fund uses an options strategy that seeks to produce investment outcomes based on the performance of the Underlying ETF, subject to an approximate upside limit typically between 2 and 4% (“Hedge Period Cap”), while also seeking to provide protection against Underlying ETF share price declines of up to a 15% limit (“Hedge Period Buffer”), over a designated period (typically 90 days, but may be up to 120 days, after portfolio rebalance) (each, a “Hedge Period”). Periodically, the Fund may bear a “first loss” of 1% when doing so permits the Fund to maintain a higher Hedge Period Cap. AllianceBernstein L.P. (the “Adviser”) seeks to monitor the performance of this Options Portfolio (“Options Portfolio”) and may rebalance the portfolio (by liquidating all or a portion of the options portfolio) at any time to protect capital or lock-in some portfolio gains of the Fund (“Upside Ratchet”) depending on its evaluation of market conditions. If there is an Upside Ratchet, the Hedge Period may be shorter. The Fund typically utilizes customized call and put equity or index exchange-traded options contracts that reference the Underlying ETF, referred to as Flexible Exchange Options (“FLEX Options”), as well as other listed options that reference the price performance of the Underlying ETF, the Underlying ETF’s Index, or ETFs that replicate the Underlying ETF’s Index. FLEX Options provide investors with the ability to customize key option contract terms such as strike price, style and expiration date and are typically centrally cleared. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.



6 AB Conservative Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, the Adviser serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed and over-the-counter (“OTC”) put and call options are valued using market quotations when available. Listed options are generally valued at the last reported sale price, provided such price is within the bid-ask range, otherwise, they are valued based on the bid or ask price, as determined by a pricing service; options on futures may be valued at their settlement prices; OTC options, including FLEX Options, are generally valued using models that consider the terms of the option and relevant market inputs and are typically valued at transaction price on the trade date; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily



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NOTES TO FINANCIAL STATEMENTS (continued)

basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value (“NAV”) per share, while exchange-traded funds are valued at the closing market price per share.

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)



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NOTES TO FINANCIAL STATEMENTS (continued)

determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on an exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Purchased Options – Calls

– 0

–

966,419,974

– 0

–

966,419,974

Purchased Options – Puts

– 0

–

25,277,610

– 0

–

25,277,610

Short-Term Investments

5,214,878

– 0

–

– 0

–

5,214,878

Total Investments in Securities

5,214,878

991,697,584

– 0

–

996,912,462

Other Financial Instruments^(a):

Assets

– 0

–

– 0

–

– 0

–

– 0

–

Liabilities:

Call Options Written

– 0

–

(15,064,230

)

– 0

–

(15,064,230

)

Put Options Written

– 0

–

(4,669,369

)

– 0

–

(4,669,369

)

Total

5,214,878

971,963,985

– 0

–

977,178,863

(a)

3. Currency Translation



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NOTES TO FINANCIAL STATEMENTS (continued)

the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

4. Taxes

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and prior tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. Investment transactions are accounted for on the date the securities are purchased or sold. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are



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NOTES TO FINANCIAL STATEMENTS (continued)

determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

7. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

8. Segment Information

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser a unitary advisory fee at an annual rate of .69% of the Fund’s average daily net assets. The fees are accrued daily and paid monthly.

Under the investment advisory agreement, in accordance with the unitary fee structure, the Adviser bears the cost of various third-party services required by the Fund, including audit, custodial, accounting, legal, transfer agency and printing costs and the fees and expenses of the Corporation’s directors and their counsel. Also under the investment advisory agreement, the Adviser will reimburse the Fund for the Fund’s share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser. For the year ended November 30, 2025, such waiver/reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $9,378.



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NOTES TO FINANCIAL STATEMENTS (continued)

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	3,851	$	21,155	$	19,791	$	5,215	$	187

NOTE C

Distribution Plan

The Fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 of the Act which permits the Fund to pay distribution and servicing fees not to exceed .25% per year of the Fund’s average daily net assets. No such fees are currently paid, and the Board has not approved the commencement of payments under the Rule 12b-1 Distribution and Service Plan.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the year ended November 30, 2025 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	– 0	–	$	– 0	–
U.S. government securities		– 0	–		– 0	–

During the year ended November 30, 2025, the Fund delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction. For the year ended November 30, 2025, the Fund had in-kind purchases and in-kind sales as follows:


	Purchases			Sales
In-kind transactions (excluding U.S. government securities)	$	817,723		$	1,674,964,229
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	999,504,160

Gross unrealized appreciation	$	7,427,817
Gross unrealized depreciation		(3,493,054	)

Net unrealized appreciation	$	3,934,763



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NOTES TO FINANCIAL STATEMENTS (continued)

1. Derivative Financial Instruments

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

•

Option Transactions

For hedging and investment purposes, the Fund may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, the Fund may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions” and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call purchased option by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. Put and call purchased options are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option. The Fund’s maximum payment for written put options equates to the number of shares multiplied by the strike price. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. Premiums received from written options which expire unexercised are recorded by the Fund on the expiration date as realized gains from written options. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized



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NOTES TO FINANCIAL STATEMENTS (continued)

a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Fund. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of the written option by the Fund could result in the Fund selling or buying a security or currency at a price different from the current market value.

During the year ended November 30, 2025, the Fund held purchased options for non-hedging purposes. During the year ended November 30, 2025, the Fund held written options for non-hedging purposes.

During the year ended November 30, 2025, the Fund had entered into the following derivatives:


	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location		Fair Value
Equity contracts	Investments in securities, at value	$	991,697,584

Equity contracts					Written Options, at value	$	19,733,599

Total		$	991,697,584			$	19,733,599


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments	$	57,677,330		$	(5,365,267	)

Equity contracts	Net realized gain (loss) on written options; Net change in unrealized appreciation (depreciation) of written options		(7,713,702	)		5,370,386

Total		$	49,963,628		$	5,119

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended November 30, 2025:


Purchased Options:
Average notional amount	$	855,991,488
Options Written:
Average notional amount	$	1,603,464,881



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NOTES TO FINANCIAL STATEMENTS (continued)

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E

Shares of the Fund

Transactions in shares of the Fund were as follows:


	Shares						Amount
	Year Ended November 30, 2025			December 13, 2023^(a)November 30, 2024			Year Ended November 30, 2025			December 13, 2023^(a)November 30, 2024

Shares sold		6,750,000			65,900,028		$	264,780,720		$	2,473,663,303

Shares redeemed		(725,000	)		(48,175,000	)		(29,127,995	)		(1,835,729,668	)

Net increase		6,025,000			17,725,028		$	235,652,725		$	637,933,635

(a)	Commencement of operations.

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund’s investments



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NOTES TO FINANCIAL STATEMENTS (continued)

may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, interest rate levels, tariffs and trade disputes, and regional and global conflicts, that affect large portions of the market. The Fund is exposed to market risk indirectly through its targeted exposure to the Underlying ETF.

Buffered Loss Risk—There can be no guarantee that the Hedge Period Buffer will be successful in protecting the Fund from the impact of Underlying ETF price declines. Despite the intended Hedge Period Buffer, a shareholder may lose money by investing in the Fund. Declines in excess of the Hedge Period Buffer may result in the loss of an investor’s entire investment. If, during a Hedge Period, an investor purchases shares of the Fund after the date on which the Fund has entered into FLEX Options or sells shares of the Fund prior to the expiration of the FLEX Options, the Hedge Period Buffer that the Fund seeks to provide may not be available and the investor may not receive the full, or any, benefit of the Hedge Period Buffer. The Fund does not provide principal protection, and an investor may experience significant losses on an investment in the Fund.

A blended portfolio of expiring options and new options could impact the Fund’s ability to realize the full, or any, benefit of the Hedge Period Buffer and may subject the Fund’s return to an upside limit that is slightly lower or higher than the Hedge Period Cap for the applicable Hedge Period. Accordingly, an investor may bear losses against which the Hedge Period Buffer is anticipated to protect and may be subject to an upside limit that is lower than the Hedge Period Cap.

Buffer/Cap Change Risk—A new Hedge Period Buffer and a new Hedge Period Cap are established each time the Options Portfolio is implemented, including after an Upside Ratchet event. The duration of a Hedge Period Cap or Hedge Period Buffer may vary.

Capped Upside Risk—If an investor purchases shares of the Fund after the first day of a Hedge Period and the value of the Underlying ETF shares is at or near to the Hedge Period Cap for that Hedge Period, there may be little or no ability for that investor to experience an investment gain on their Fund shares unless the Fund engages in an Upside Ratchet of the Fund’s Options Portfolio. If an investor does not hold its shares of the Fund for an entire Hedge Period, the returns realized by that investor may not replicate those the Fund seeks to achieve. If the Underlying ETF experiences gains during a Hedge Period in excess of the Hedge Period Cap, unless the Fund has engaged in an Upside Ratchet, the Fund will not participate in those gains beyond the Hedge Period Cap.

FLEX Options Correlation Risk—Although the value of the FLEX Options structure held by the Fund generally correlates with the share price of the Under-



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NOTES TO FINANCIAL STATEMENTS (continued)

lying ETF, the FLEX Options are exercisable at the strike price only on their expiration date, and their daily valuation will not change at the same percentage as the share price of the Underlying ETF. Accordingly, the Fund’s net asset value, or NAV, or market price will not directly correlate on a day-to-day basis with the share price of the Underlying ETF.

FLEX Options Liquidity Risk—The FLEX Options are listed on an exchange; however, there is no guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. The trading market for FLEX Options may lack depth and liquidity when compared to the trading market for certain other securities. FLEX Options may be less liquid than certain non-customized options. In a less liquid market for the FLEX Options, the liquidation of a large number of options may significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment.

FLEX Options Valuation Risk—FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of a FLEX Option prior to its expiration date may vary because of related factors other than the value of the Underlying ETF. Factors that may influence the value of a FLEX Option, other than changes in the value of the Underlying ETF, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options and changing volatility levels of the Underlying ETF. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, FLEX Options may become more difficult to value and the judgment of the Adviser, as the Fund’s valuation designee, may play a greater role in the valuation of the Fund’s holdings due to reduced availability of reliable objective pricing data.

Hedge Period Risk—The Fund’s investment strategy is designed to deliver returns that reference an Underlying ETF and are based on options contracts that are designed to be in place for 90-day periods, although in some cases, the Fund will hold options contracts of longer duration. The Fund may not hold its Options Portfolio for the full duration of the options contracts, and the Adviser may change the Options Portfolio at any time, which would begin a new Hedge Period. Investors acquiring shares of the Fund at different time periods will have different investment results based on the price of shares of the Underlying ETF and how the Hedge Period Buffer and Hedge Period Cap are applied. Engaging



ABFunds.com		AB Conservative Buffer ETF 17

NOTES TO FINANCIAL STATEMENTS (continued)

in Upside Ratchets may potentially cause the Fund to have a higher portfolio turnover rate, and higher cost, than a fund that does not actively adjust its options portfolio prior to expiration. There is no guarantee that any Upside Ratchet will be successfully implemented, or that it will deliver the desired investment result.

The Fund’s Hedge Period Cap and Hedge Period Buffer are designed to work over a particular time frame, the Hedge Period. Investors that acquire Fund shares after the Hedge Period has commenced, or sell Fund shares before the Hedge Period ends or an Upside Ratchet is performed, may have a different investment result than investors who held Fund shares during the entire Hedge Period. The degree to which an investor may benefit from the Hedge Period Buffer or Hedge Period Cap will depend on the point in time when the investor purchases Fund shares and whether the Adviser effectuates an Upside Ratchet. At the time of purchasing Fund shares, an investor may be unable to determine the Fund’s position relative to the Hedge Period Cap and Hedge Period Buffer. If the price of the Underlying ETF is near or has exceeded the strike price of the Fund’s Options Portfolio, there may be little remaining upside potential during a particular Hedge Period, until the Options Portfolio expires or the Adviser effectuates an Upside Ratchet. Investors purchasing Fund shares during this period would still remain subject to significant downside risk before the sought-after protection from the Hedge Period Buffer began. Similarly, if the Underlying ETF has decreased in price significantly to equal or exceed the Fund’s anticipated Hedge Period Buffer, investors would also remain subject to significant downside risk and would receive no benefit from the Hedge Period Buffer. The Fund is continuously offered and a new Hedge Period begins after the end of the prior Hedge Period, with a new Hedge Period Cap and a new Hedge Period Buffer. An investor that holds Fund shares over multiple continuous Hedge Periods may have a different investment result than an investor holding Fund shares for one Hedge Period. The Fund’s return is measured, with respect to the Hedge Period Cap and Hedge Period Buffer, over a single Hedge Period. The Fund’s return over a period longer than a single Hedge Period could differ in amount and direction from the return of the Underlying ETF.

Active Trading Risk—The Fund expects to engage in active and frequent trading of its portfolio securities. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders. The Fund’s higher portfolio turnover could also result in deferral of losses, acceleration of gains or treatment of short-term capital gains as ordinary income, all of which could adversely impact Fund shareholders.

Non-Diversification Risk—The Fund may have more risk because it is “non-diversified”, meaning that it can invest more of its assets in a smaller



18 AB Conservative Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

number of issuers. Accordingly, changes in the value of a single security, such as the Underlying ETF, may have a more significant effect, either negative or positive, on the Fund’s NAV.

Underlying ETF Risk—The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the risks of owning shares of an ETF, as well as the types of instruments in which the Underlying ETF invests. The Underlying ETF is an exchange-traded unit investment trust that uses a full replication strategy, meaning it invests entirely in the S&P 500 Index. The investment objective of the Underlying ETF is to seek to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500 Index, which includes five hundred (500) selected companies, all of which are listed on national stock exchanges and spans over 24 separate industry groups. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to authorized participant concentration risk, market maker risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due to differences between the portfolio of the ETF and the components of the index, expenses, and other factors.

The risks of investing in an ETF also include the risks associated with the underlying investments held by the ETF. As such, the Fund may be subject to the following risks as a result of its exposure to the Underlying ETF through its usage of FLEX options.

Equity Securities Risk—The Underlying ETF invests in publicly-traded equity securities, and their value may fluctuate, sometimes rapidly and unpredictably, which means a security may be worth more or less than when it was purchased. These fluctuations can be based on a variety of factors including a company’s financial condition as well as macro-economic factors such as interest rates, inflation rates, global market conditions, and non-economic factors such as market perceptions and social or political events.

Large-Capitalization Companies Risk—The Underlying ETF invests in the securities of large capitalization companies, which results in the Fund having significant exposure to such companies through its exposure to the Underlying ETFs by virtue of its usage of FLEX Options. 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



ABFunds.com		AB Conservative Buffer ETF 19

NOTES TO FINANCIAL STATEMENTS (continued)

in securities of small- and/or mid-capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different parts of market cycles.

Cash Transactions Risk—The Fund intends to effectuate all or a portion of the issuance and redemption of Creation Units for cash, rather than in-kind securities. As a result, an investment in the Fund is expected to be less tax-efficient than an investment in an ETF that effectuates its transactions in Creation Units (as defined below) primarily on an in-kind basis. A fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required as compared to an ETF that distributes portfolio securities in-kind in redemption of Creation Units. The Fund intends to distribute gains that arise by virtue of the issuance and redemption of Creation Units being effectuated in cash to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with applicable tax requirements. This may cause shareholders to be subject to tax on gains to which they would not otherwise be subject, or at an earlier date than if they had made an investment in another ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. Brokerage fees, which will be higher than if the Fund sold and redeemed its shares principally in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and ask prices of Fund shares than for ETFs that receive and distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.



20 AB Conservative Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the Nasdaq Stock Market LLC (“Nasdaq” or an “Exchange”). The Fund’s shares are generally bought and sold in the secondary market at market prices. The NAV per share of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on an Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.



ABFunds.com		AB Conservative Buffer ETF 21

NOTES TO FINANCIAL STATEMENTS (continued)

bid/ask spreads, which could cause some market makers and Authorized Participants to reduce their market activity or “step away” from making a market in ETF shares. Market makers and Authorized Participants are not obligated to place or execute purchase and redemption orders. This could cause the Fund’s market price to deviate, materially, from the NAV, and reduce the effectiveness of the ETF arbitrage process. Any absence of an active trading market for Fund shares could lead to a heightened risk that there will be a difference between the market price of a Fund share and the underlying value of the Fund share.

Tax Risk—The Fund intends to elect and to qualify each year to be treated as a regulated investment company (“RIC”) under Subchapter M of the U.S. Internal Revenue Code (the “Code”). If, in any year, the Fund fails to qualify as a RIC under the applicable tax laws, the Fund would be taxed as an ordinary corporation. The federal income tax treatment of some aspects of the Fund’s investment operations are not guaranteed. There are some uncertainties in how the Code would apply to the Fund’s options strategy and hedging strategies, and the application of “straddle” rules, and loss limitation provisions of the Code. The Fund intends to treat any income it may derive from the FLEX Options as “qualifying income” under the provisions of the Code applicable to RICs. The Fund also intends to treat the issuer of FLEX Options as a referenced asset for federal income tax purposes. The FLEX Options included in the portfolio are exchange-traded options. Under Section 1256 of the Code, certain types of exchange-traded options are treated as if they were sold (i.e., “marked to market”) at the end of each year. The Fund does not believe that the positions held by the Fund will be subject to Section 1256, which means that the positions will not be marked to market. If the income is not qualifying income, or if the issuer of the FLEX Options is not appropriately treated as the referenced asset, or if the Fund cannot distribute the correct percentage of all income annually, the Fund could lose its status as a RIC, which could cause the Fund’s income to be taxed at higher rates. If a shareholder purchases Fund shares after the hedge period has begun, or shortly before a distribution by the Fund, then the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.



22 AB Conservative Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE G

Joint Credit Facility

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the fiscal year ended November 30, 2025 and fiscal period ended November 30, 2024 were as follows:


	2025			2024
Distributions paid from:
Ordinary income	$	– 0	–	$	– 0	–

Total taxable distributions	$	– 0	–	$	– 0	–

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Accumulated capital and other losses	$	(5,602,266	)^(a)
Unrealized appreciation (depreciation)		3,934,763

Total accumulated earnings (deficit)	$	(1,667,503	)

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $5,602,266. During the fiscal year, the Fund utilized $49,336,601 of capital loss carry forwards to offset current year net realized gains.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $5,602,266, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the tax treatment of gains from a redemption-in-kind and the disallowance of a net operating loss resulted in a net decrease in accumulated loss and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.



ABFunds.com		AB Conservative Buffer ETF 23

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE I

Subsequent Events



24 AB Conservative Buffer ETF		ABFunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Year Ended November 30, 2025			December 13, 2023^(a) November 30, 2024

Net asset value, beginning of period		$ 39.31			$ 35.00

Income From Investment Operations

Net investment loss^(b)(c)		(.26	)		(.24	)

Net realized and unrealized gain on investment transactions		2.07			4.55

Net increase in net asset value from operations		1.81			4.31

Net asset value, end of period		$ 41.12			$ 39.31


Total Return

Total investment return based on net asset value^(d)		4.62	%		12.31	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$976,687			$696,739

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.69	%^{^}		.69	%^{^}

Expenses, before waivers/reimbursements		.69	%^{^}		.69	%^{^}

Net investment loss^(c)		(.67	)%^{^}		(.66	)%^{^}

Portfolio turnover rate^(e)		0	%		0	%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)

(e)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the Fund’s capital shares, including ETF Creation Units.

^	Annualized.

See	notes to financial statements.



ABFunds.com		AB Conservative Buffer ETF 25

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB Conservative Buffer ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Conservative Buffer ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statement of operations for the year then ended and the statements of changes in net assets and the financial highlights for the year then ended and the period from December 13, 2023 (commencement of operations) to November 30, 2024 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations for the year then ended and the changes in its net assets and its financial highlights for the year then ended and the period from December 13, 2023 (commencement of operations) to November 30, 2024, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s 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 Corporation 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. The Corporation is not required to have, nor were we engaged to perform, an audit of the Corporation’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion.



26 AB Conservative Buffer ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

performed other auditing procedures. 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.

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



ABFunds.com		AB Conservative Buffer ETF 27

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Conservative Buffer ETF (the “Fund”) at a meeting held in-person on November 4-6, 2025 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, including the other series of the Company that are organized as exchange-traded funds (“ETFs”), their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment



28 AB Conservative Buffer ETF		ABFunds.com

research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and may from time to time propose changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements will be subject to the directors’ approval on a quarterly basis. The directors noted that the Adviser does not expect to request such reimbursements. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar year 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of profitability of the Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its relationship with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.



ABFunds.com		AB Conservative Buffer ETF 29

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended July 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Fund’s underperformance in the period reviewed, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The Adviser informed the directors that there were no institutional accounts managed by the Adviser that utilize investment strategies similar to those of the Fund.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s expense ratio was equal to the median of a peer group and lower than the median of a peer universe. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



30 AB Conservative Buffer ETF		ABFunds.com

had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



ABFunds.com		AB Conservative Buffer ETF 31

NOTES



32 AB Conservative Buffer ETF		ABFunds.com

LOGO

AB CONSERVATIVE BUFFER ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-CB-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB CORPORATE BOND ETF

(NASDAQ: EYEG)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


	Principal Amount (000)		U.S. $ Value

CORPORATES - INVESTMENT GRADE – 97.7%
Industrial – 49.4%
Basic – 1.3%
Amcor Flexibles North America, Inc. 4.80%, 03/17/2028	$	25	$	25,345
5.10%, 03/17/2030		25		25,669
Amcor Group Finance PLC 5.45%, 05/23/2029		22		22,779
BHP Billiton Finance USA Ltd. 5.00%, 02/15/2036		8		8,139
Dow Chemical Co. (The) 4.80%, 01/15/2031		27		26,936
5.35%, 03/15/2035		27		26,900
5.65%, 03/15/2036		27		27,145
EIDP, Inc. 5.125%, 05/15/2032		26		26,784
LYB International Finance III LLC 6.15%, 05/15/2035		7		7,246
Nucor Corp. 4.30%, 05/23/2027		133		133,676
Rio Tinto Finance USA PLC 4.875%, 03/14/2030		25		25,718

				356,337

Capital Goods – 3.3%
3M Co. 2.875%, 10/15/2027		136		133,541
3.375%, 03/01/2029		136		133,360
4.00%, 09/14/2048		43		35,039
AGCO Corp. 5.80%, 03/21/2034		127		132,688
Caterpillar Financial Services Corp. Series K 4.10%, 08/15/2028		26		26,176
CNH Industrial Capital LLC 4.75%, 03/21/2028		20		20,267
CRH America Finance, Inc. 4.40%, 02/09/2031		136		136,239
5.00%, 02/09/2036		27		27,279
John Deere Capital Corp. 4.375%, 10/15/2030		26		26,357
Johnson Controls International PLC/Tyco Fire & Security Finance SCA 1.75%, 09/15/2030		29		25,949
Parker-Hannifin Corp. 4.25%, 09/15/2027		132		132,904
Regal Rexnord Corp. 6.05%, 04/15/2028		34		35,186



ABFunds.com		AB Corporate Bond ETF 1

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

RTX Corp. 3.125%, 05/04/2027	$	29	$	28,653

				893,638

Communications - Media – 2.3%
Charter Communications Operating LLC/Charter Communications Operating Capital 6.484%, 10/23/2045		128		122,866
Cox Communications, Inc. 5.95%, 09/01/2054^(a)		145		128,508
Meta Platforms, Inc. 4.65%, 08/15/2062		74		62,037
Paramount Global 4.375%, 03/15/2043		87		65,787
4.95%, 01/15/2031		113		111,545
4.95%, 05/19/2050		170		132,297

				623,040

Communications - Telecommunications – 0.3%
AT&T, Inc. 5.70%, 11/01/2054		27		26,502
6.05%, 08/15/2056		26		26,824
Verizon Communications, Inc. 5.25%, 04/02/2035		27		27,654

				80,980

Consumer Cyclical - Automotive – 4.1%
American Honda Finance Corp. 4.25%, 09/01/2028		27		27,130
5.15%, 07/09/2032		28		28,860
Series G 4.45%, 10/22/2027		25		25,207
4.50%, 09/04/2030		27		27,142
Cummins, Inc. 5.15%, 02/20/2034		130		135,255
5.45%, 02/20/2054		135		134,964
Ford Motor Co. 3.25%, 02/12/2032		35		30,782
4.75%, 01/15/2043		166		133,655
5.291%, 12/08/2046		159		134,110
General Motors Co. 5.15%, 04/01/2038		138		133,966
6.60%, 04/01/2036		72		78,732
General Motors Financial Co., Inc. 2.40%, 04/10/2028		5		4,800
4.20%, 10/27/2028		17		17,012
6.10%, 01/07/2034		119		126,627
Honda Motor Co., Ltd. 4.436%, 07/08/2028		27		27,233



2 AB Corporate Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Hyundai Capital America 4.25%, 09/18/2028^(a)	$	27	$	26,976
5.15%, 03/27/2030^(a)		27		27,690

				1,120,141

Consumer Cyclical - Other – 0.8%
JH North America Holdings, Inc. 6.125%, 07/31/2032^(a)		59		60,551
Las Vegas Sands Corp. 5.625%, 06/15/2028		20		20,453
5.90%, 06/01/2027		130		132,401

				213,405

Consumer Cyclical - Retailers – 3.5%
Dick’s Sporting Goods, Inc. 4.10%, 01/15/2052		87		64,492
Dollar Tree, Inc. 4.20%, 05/15/2028		133		132,875
Genuine Parts Co. 4.95%, 08/15/2029		133		135,051
Home Depot, Inc. (The) 4.65%, 09/15/2035		27		26,989
5.30%, 06/25/2054		137		133,727
5.875%, 12/16/2036		122		133,316
Lowe’s Cos., Inc. 3.95%, 10/15/2027		22		21,994
4.00%, 10/15/2028		27		26,998
Tapestry, Inc. 5.10%, 03/11/2030		131		134,610
5.50%, 03/11/2035		132		135,378

				945,430

Consumer Non-Cyclical – 13.3%
AbbVie, Inc. 4.80%, 03/15/2029		131		134,443
5.50%, 03/15/2064		109		109,056
Altria Group, Inc. 3.875%, 09/16/2046		23		17,540
4.25%, 08/09/2042		160		135,589
4.50%, 08/06/2030		27		27,224
5.25%, 08/06/2035		27		27,486
5.625%, 02/06/2035		25		26,065
5.95%, 02/14/2049		108		109,980
Archer-Daniels-Midland Co. 3.25%, 03/27/2030		140		135,295
BAT Capital Corp. 5.282%, 04/02/2050		120		109,691
6.25%, 08/15/2055		25		26,198
7.079%, 08/02/2043		103		116,544



ABFunds.com		AB Corporate Bond ETF 3

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Bristol-Myers Squibb Co. 4.35%, 11/15/2047	$	34	$	29,372
5.55%, 02/22/2054		25		25,213
Cardinal Health, Inc. 3.41%, 06/15/2027		133		131,849
4.50%, 09/15/2030		27		27,248
5.125%, 02/15/2029		51		52,594
5.15%, 09/15/2035		27		27,576
5.35%, 11/15/2034		25		25,882
Cargill, Inc. 4.125%, 10/23/2030^(a)		27		26,969
Cencora, Inc. 3.45%, 12/15/2027		136		134,497
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC 5.60%, 01/15/2031^(a)		27		27,145
CVS Health Corp. 6.20%, 09/15/2055		26		26,970
Dentsply Sirona, Inc. 3.25%, 06/01/2030		138		127,464
Eli Lilly & Co. 4.00%, 10/15/2028		26		26,169
4.25%, 03/15/2031		26		26,206
4.55%, 10/15/2032		26		26,510
4.90%, 10/15/2035		26		26,706
4.95%, 02/27/2063		146		135,760
5.20%, 08/14/2064		13		12,527
5.55%, 10/15/2055		26		26,849
5.60%, 02/12/2065		83		85,164
5.65%, 10/15/2065		26		26,901
Gilead Sciences, Inc. 5.60%, 11/15/2064		29		29,443
HCA, Inc. 4.30%, 11/15/2030		11		10,978
4.60%, 11/15/2032		27		26,992
Kenvue, Inc. 4.90%, 03/22/2033		133		136,371
5.05%, 03/22/2053		28		26,011
5.10%, 03/22/2043		140		135,668
Keurig Dr. Pepper, Inc. 4.50%, 04/15/2052		97		79,663
4.60%, 05/15/2030		26		26,118
5.05%, 03/15/2029		74		75,535
Series 31* 2.25%, 03/15/2031		150		133,681
Mars, Inc. 5.65%, 05/01/2045^(a)		131		134,027



4 AB Corporate Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

McKesson Corp. 4.95%, 05/30/2032	$	26	$	26,830
Northwell Healthcare, Inc. 3.809%, 11/01/2049		131		98,765
Philip Morris International, Inc. 2.10%, 05/01/2030		96		87,973
4.00%, 10/29/2030		27		26,749
4.125%, 04/28/2028		26		26,106
4.25%, 10/29/2032		27		26,637
4.375%, 11/01/2027		25		25,216
4.375%, 04/30/2030		26		26,188
4.625%, 10/29/2035		27		26,586
4.90%, 11/01/2034		25		25,318
Reynolds American, Inc. 5.85%, 08/15/2045		136		135,389
Sysco Corp. 5.10%, 09/23/2030		24		24,812
Thermo Fisher Scientific, Inc. 4.20%, 03/01/2031		27		27,057
Viatris, Inc. 3.85%, 06/22/2040		60		45,853
4.00%, 06/22/2050		198		132,593

				3,607,241

Energy – 2.0%
Energy Transfer LP 6.20%, 04/01/2055		25		24,971
Enterprise Products Operating LLC Series E 5.25%, 08/16/2077		122		121,784
MPLX LP 6.20%, 09/15/2055		26		26,279
ONEOK Partners LP 6.85%, 10/15/2037		123		136,561
ONEOK, Inc. 6.625%, 09/01/2053		96		101,566
Targa Resources Corp. 6.50%, 02/15/2053		127		134,069

				545,230

Services – 2.6%
Amazon.com, Inc. 4.10%, 04/13/2062		150		118,608
4.25%, 08/22/2057		164		135,674
Mastercard, Inc. 3.85%, 03/26/2050		165		132,254
Quanta Services, Inc. 4.30%, 08/09/2028		27		27,151



ABFunds.com		AB Corporate Bond ETF 5

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

RELX Capital, Inc. 4.75%, 03/27/2030	$	27	$	27,589
S&P Global, Inc. 2.45%, 03/01/2027		136		133,627
4.25%, 05/01/2029		136		136,820

				711,723

Technology – 14.8%
Allegion US Holding Co., Inc. 5.60%, 05/29/2034		109		114,852
Amphenol Corp. 2.20%, 09/15/2031		150		134,472
3.80%, 11/15/2027		27		26,951
3.90%, 11/15/2028		27		26,999
4.125%, 11/15/2030		27		26,971
4.375%, 06/12/2028		26		26,270
4.40%, 02/15/2033		27		26,880
4.625%, 02/15/2036		27		26,730
Analog Devices, Inc. 2.10%, 10/01/2031		153		136,141
5.30%, 12/15/2045		136		134,685
Apple, Inc. 2.55%, 08/20/2060		235		136,079
2.85%, 08/05/2061		225		137,124
Applied Materials, Inc. 4.00%, 01/15/2031		27		26,936
4.60%, 01/15/2036		27		26,837
5.85%, 06/15/2041		124		133,016
Cisco Systems, Inc. 4.75%, 02/24/2030		25		25,729
5.30%, 02/26/2054		138		135,453
5.35%, 02/26/2064		139		134,912
5.50%, 01/15/2040		54		56,884
Dell International LLC/EMC Corp. 4.15%, 02/15/2029		27		26,970
4.50%, 02/15/2031		27		26,984
4.75%, 10/06/2032		27		27,066
5.00%, 04/01/2030		25		25,647
5.10%, 02/15/2036		22		21,987
Fiserv, Inc. 4.40%, 07/01/2049		167		133,174
5.45%, 03/02/2028		30		30,692
Gartner, Inc. 3.625%, 06/15/2029^(a)		69		66,339
Hewlett Packard Enterprise Co. 4.05%, 09/15/2027		27		26,983
4.15%, 09/15/2028		27		27,005
4.40%, 09/25/2027		134		134,661



6 AB Corporate Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.40%, 10/15/2030	$	27	$	26,923
4.55%, 10/15/2029		102		102,767
Honeywell International, Inc. 1.10%, 03/01/2027		139		134,367
2.70%, 08/15/2029		54		51,646
4.25%, 01/15/2029		31		31,281
5.25%, 03/01/2054		127		122,886
Intel Corp. 3.75%, 03/25/2027		10		9,952
Lam Research Corp. 4.00%, 03/15/2029		135		135,209
Nokia Oyj 4.375%, 06/12/2027		134		134,064
NXP BV/NXP Funding LLC/NXP USA, Inc. 4.30%, 08/19/2028		27		27,073
Open Text Corp. 6.90%, 12/01/2027^(a)		125		129,653
Oracle Corp. 2.30%, 03/25/2028		99		94,413
2.80%, 04/01/2027		65		63,720
3.25%, 11/15/2027		101		98,936
3.95%, 03/25/2051		154		107,218
4.45%, 09/26/2030		27		26,607
4.80%, 08/03/2028		24		24,244
4.80%, 09/26/2032		27		26,545
5.20%, 09/26/2035		19		18,623
5.875%, 09/26/2045		27		25,388
5.95%, 09/26/2055		27		25,209
6.00%, 08/03/2055		24		22,293
6.10%, 09/26/2065		27		25,136
6.125%, 08/03/2065		24		22,329
QUALCOMM, Inc. 6.00%, 05/20/2053		116		124,651
ServiceNow, Inc. 1.40%, 09/01/2030		154		135,799
Texas Instruments, Inc. 5.05%, 05/18/2063		24		22,065
VMware LLC 1.80%, 08/15/2028		81		76,458
3.90%, 08/21/2027		120		119,815

				4,006,699

Transportation - Airlines – 0.9%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028^(a)		131		131,868
Southwest Airlines Co. 4.375%, 11/15/2028		9		8,997



ABFunds.com		AB Corporate Bond ETF 7

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

United Airlines 2020-1 Class A Pass Through Trust Series 20-1 5.875%, 04/15/2029	$	109	$	112,004

				252,869

Transportation - Services – 0.2%
Element Fleet Management Corp. 5.037%, 03/25/2030^(a)		27		27,662
Ryder System, Inc. 4.30%, 12/01/2030		27		26,966

				54,628

				13,411,361

Financial Institutions – 42.7%
Banking – 24.3%
Ally Financial, Inc. 5.737%, 05/15/2029		20		20,456
American Express Co. 4.351%, 07/20/2029		26		26,213
4.731%, 04/25/2029		26		26,435
4.804%, 10/24/2036		27		26,897
4.918%, 07/20/2033		26		26,634
5.016%, 04/25/2031		26		26,848
5.085%, 01/30/2031		25		25,836
5.098%, 02/16/2028		103		104,341
Bank of America Corp. 2.551%, 02/04/2028		135		132,627
3.419%, 12/20/2028		84		83,000
3.705%, 04/24/2028		45		44,773
3.824%, 01/20/2028		60		59,819
4.376%, 04/27/2028		35		35,130
5.518%, 10/25/2035		25		25,832
5.744%, 02/12/2036		94		98,727
Series G 3.593%, 07/21/2028		124		123,030
Bank of Montreal 4.062%, 09/22/2028		27		27,014
4.35%, 09/22/2031		27		27,042
Bank of Nova Scotia (The) 4.043%, 09/15/2028		27		26,972
4.338%, 09/15/2031		27		26,992
4.932%, 02/14/2029		132		134,418
5.13%, 02/14/2031		130		134,088
Canadian Imperial Bank of Commerce 4.58%, 09/08/2031		27		27,249
5.245%, 01/13/2031		25		25,908
Capital One Financial Corp. 2.359%, 07/29/2032		149		130,144
5.197%, 09/11/2036		68		67,894



8 AB Corporate Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

6.183%, 01/30/2036	$	61	$	64,004
7.964%, 11/02/2034		111		131,398
Citigroup, Inc. 3.668%, 07/24/2028		61		60,588
3.887%, 01/10/2028		131		130,655
4.503%, 09/11/2031		26		26,162
4.542%, 09/19/2030		25		25,248
4.658%, 05/24/2028		22		22,180
5.333%, 03/27/2036		27		27,880
5.827%, 02/13/2035		127		132,714
6.02%, 01/24/2036		24		25,305
6.174%, 05/25/2034		124		132,585
Series VAR 3.07%, 02/24/2028		134		132,301
Citizens Financial Group, Inc. 5.253%, 03/05/2031		16		16,407
5.718%, 07/23/2032		25		26,239
Goldman Sachs Group, Inc. (The) 2.64%, 02/24/2028		135		132,579
3.615%, 03/15/2028		134		133,142
3.814%, 04/23/2029		103		102,287
4.017%, 10/31/2038		55		49,959
4.153%, 10/21/2029		27		27,021
4.223%, 05/01/2029		37		37,074
4.369%, 10/21/2031		27		27,031
4.937%, 04/23/2028		28		28,314
4.939%, 10/21/2036		27		27,117
5.049%, 07/23/2030		25		25,681
5.218%, 04/23/2031		26		26,942
5.33%, 07/23/2035		25		25,952
5.536%, 01/28/2036		24		25,170
5.727%, 04/25/2030		13		13,617
5.851%, 04/25/2035		18		19,328
HSBC Holdings PLC 6.50%, 09/15/2037		121		131,686
JPMorgan Chase & Co. 2.947%, 02/24/2028		91		89,776
2.956%, 05/13/2031		136		128,374
3.54%, 05/01/2028		134		133,077
3.782%, 02/01/2028		121		120,625
4.323%, 04/26/2028		102		102,423
4.603%, 10/22/2030		25		25,409
5.04%, 01/23/2028		25		25,264
5.14%, 01/24/2031		24		24,900
5.571%, 04/22/2028		24		24,481
5.766%, 04/22/2035		24		25,830
M&T Bank Corp. 5.179%, 07/08/2031		26		26,659



ABFunds.com		AB Corporate Bond ETF 9

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Morgan Stanley 2.475%, 01/21/2028	$	135	$	132,569
4.21%, 04/20/2028		96		96,147
5.173%, 01/16/2030		25		25,723
5.192%, 04/17/2031		26		26,929
5.23%, 01/15/2031		24		24,824
5.449%, 07/20/2029		116		119,912
5.831%, 04/19/2035		109		116,940
Series G 2.699%, 01/22/2031		76		71,435
3.772%, 01/24/2029		123		122,176
Series I 4.133%, 10/18/2029		16		15,998
4.356%, 10/22/2031		27		27,022
4.892%, 10/22/2036		27		27,095
PNC Financial Services Group, Inc. (The) 4.899%, 05/13/2031		26		26,642
5.068%, 01/24/2034		53		54,411
5.373%, 07/21/2036		27		27,984
5.401%, 07/23/2035		25		26,035
5.575%, 01/29/2036		6		6,304
5.676%, 01/22/2035		116		122,756
Royal Bank of Canada 4.498%, 08/06/2029		27		27,293
4.696%, 08/06/2031		16		16,251
Series G 5.153%, 02/04/2031		24		24,776
Santander Holdings USA, Inc. 2.49%, 01/06/2028		92		90,144
5.473%, 03/20/2029		75		76,537
6.174%, 01/09/2030		128		133,696
State Street Corp. 2.203%, 02/07/2028		137		134,165
3.031%, 11/01/2034		143		135,076
4.784%, 10/23/2036		27		27,077
Synchrony Financial 2.875%, 10/28/2031		152		135,978
5.935%, 08/02/2030		55		57,152
Toronto-Dominion Bank (The) 4.109%, 10/13/2028		27		27,069
4.861%, 01/31/2028		25		25,435
Truist Financial Corp. 4.964%, 10/23/2036		27		26,877
US Bancorp 2.215%, 01/27/2028		138		135,061
4.967%, 07/22/2033		133		134,177
5.046%, 02/12/2031		26		26,779
5.083%, 05/15/2031		26		26,843



10 AB Corporate Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.424%, 02/12/2036	$	26	$	27,194
Wells Fargo & Co. 3.526%, 03/24/2028		134		133,016
4.078%, 09/15/2029		27		26,998
4.97%, 04/23/2029		26		26,519
5.605%, 04/23/2036		26		27,546

				6,600,264

Brokerage – 2.0%
Apollo Global Management, Inc. 5.80%, 05/21/2054		133		131,671
Blue Owl Finance LLC 6.25%, 04/18/2034		126		130,337
Jefferies Financial Group, Inc. 6.20%, 04/14/2034		129		136,633
Raymond James Financial, Inc. 5.65%, 09/11/2055		137		135,438

				534,079

Finance – 6.8%
Apollo Debt Solutions BDC 6.90%, 04/13/2029		93		97,531
Ares Capital Corp. 5.10%, 01/15/2031		27		26,689
5.50%, 09/01/2030		26		26,223
5.875%, 03/01/2029		107		109,849
5.95%, 07/15/2029		130		133,661
Ares Strategic Income Fund 4.85%, 01/15/2029^(a)		27		26,663
5.15%, 01/15/2031^(a)		27		26,552
5.70%, 03/15/2028		25		25,321
Barings BDC, Inc. 5.20%, 09/15/2028		27		26,886
Blackstone Secured Lending Fund 5.125%, 01/31/2031		27		26,742
Blue Owl Capital Corp. 5.95%, 03/15/2029		129		130,722
6.20%, 07/15/2030		23		23,474
Blue Owl Credit Income Corp. 6.60%, 09/15/2029		87		89,431
Brookfield Finance, Inc. 5.33%, 01/15/2036		27		27,203
5.813%, 03/03/2055		27		26,804
5.968%, 03/04/2054		129		131,536
Carlyle Secured Lending, Inc. 5.75%, 02/15/2031		27		26,557
Franklin BSP Capital Corp. 6.00%, 10/02/2030^(a)		27		26,699



ABFunds.com		AB Corporate Bond ETF 11

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

FS KKR Capital Corp. 3.125%, 10/12/2028	$	144	$	133,343
6.125%, 01/15/2030		25		24,859
6.875%, 08/15/2029		24		24,424
Golub Capital BDC, Inc. 6.00%, 07/15/2029		131		133,589
Golub Capital Private Credit Fund 5.875%, 05/01/2030		23		23,311
HA Sustainable Infrastructure Capital, Inc. 6.375%, 07/01/2034		132		134,900
6.75%, 07/15/2035		26		26,985
HPS Corporate Lending Fund 4.90%, 09/11/2028^(a)		26		25,814
5.30%, 06/05/2027^(a)		26		26,109
5.45%, 11/15/2030^(a)		26		25,846
5.85%, 06/05/2030^(a)		26		26,276
Main Street Capital Corp. 5.40%, 08/15/2028		27		27,063
North Haven Private Income Fund LLC 5.125%, 09/25/2028^(a)		27		26,879
Oaktree Specialty Lending Corp. 6.34%, 02/27/2030		26		26,065
Oaktree Strategic Credit Fund 6.19%, 07/15/2030^(a)		132		132,995
Sixth Street Lending Partners 6.50%, 03/11/2029		10		10,390

				1,837,391

Financial Services – 0.7%
Omnis Funding Trust 6.722%, 05/15/2055^(a)		138		145,669
Sammons Financial Group Global Funding 4.95%, 06/12/2030^(a)		26		26,420
5.05%, 01/10/2028^(a)		25		25,403

				197,492

Insurance – 6.1%
Athene Holding Ltd. 6.25%, 04/01/2054		129		127,591
6.625%, 05/19/2055		8		8,292
Brighthouse Financial, Inc. 4.70%, 06/22/2047		36		26,939
Centene Corp. 2.625%, 08/01/2031		15		12,860
3.00%, 10/15/2030		151		134,719
3.375%, 02/15/2030		146		134,202
Cigna Group (The) 4.90%, 12/15/2048		149		135,262
CNO Global Funding 5.875%, 06/04/2027^(a)		24		24,586



12 AB Corporate Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Corebridge Global Funding 4.45%, 10/02/2030^(a)	$	27	$	26,942
Health Care Service Corp. A Mutual Legal Reserve Co. 2.20%, 06/01/2030^(a)		149		135,644
Jackson National Life Global Funding 4.55%, 09/09/2030^(a)		27		27,009
MetLife, Inc. 9.25%, 04/08/2068^(a)		102		122,271
New York Life Global Funding 4.55%, 01/28/2033^(a)		122		121,980
Northwestern Mutual Life Insurance Co. (The) 6.17%, 05/29/2055^(a)		26		28,006
Prudential Financial, Inc. 4.50%, 09/15/2047		136		134,216
5.70%, 09/15/2048		130		131,332
RGA Global Funding 4.35%, 08/25/2028^(a)		26		26,120
5.00%, 08/25/2032^(a)		26		26,167
Sammons Financial Group, Inc. 6.875%, 04/15/2034^(a)		115		127,384
SBL Holdings, Inc. 7.20%, 10/30/2034^(a)		134		129,901
Unum Group 6.00%, 06/15/2054		25		24,843

				1,666,266

REITs – 2.8%
CBRE Services, Inc. 4.80%, 06/15/2030		26		26,484
5.50%, 04/01/2029		118		122,477
5.95%, 08/15/2034		119		127,950
Crown Castle, Inc. 2.90%, 03/15/2027		136		133,674
5.00%, 01/11/2028		61		61,920
Store Capital LLC 5.40%, 04/30/2030^(a)		26		26,536
WEA Finance LLC
2.875%, 01/15/2027^(a)		126		123,663
3.50%, 06/15/2029^(a)		131		127,129

				749,833

				11,585,325

Utility – 5.6%
Electric – 5.4%
Eversource Energy 5.45%, 03/01/2028		131		134,149
5.95%, 02/01/2029		127		132,936
Jersey Central Power & Light Co. 4.15%, 01/15/2029^(a)		27		27,015



ABFunds.com		AB Corporate Bond ETF 13

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.40%, 01/15/2031^(a)	$	27	$	26,938
NextEra Energy Capital Holdings, Inc. 5.65%, 05/01/2079		123		124,467
Niagara Mohawk Power Corp. 4.647%, 10/03/2030^(a)		27		27,220
Pacific Gas & Electric Co. 3.75%, 07/01/2028		79		77,849
5.05%, 10/15/2032		27		27,209
PacifiCorp 2.90%, 06/15/2052		211		126,129
3.30%, 03/15/2051		199		128,825
4.125%, 01/15/2049		171		130,399
Public Service Co. of Oklahoma 5.45%, 01/15/2036		26		26,789
San Diego Gas & Electric Co. 5.40%, 04/15/2035		27		28,126
Sempra 3.40%, 02/01/2028		137		134,922
Southern California Edison Co. 5.30%, 03/01/2028		132		134,603
5.85%, 11/01/2027		70		71,921
Southwestern Public Service Co. 6.00%, 06/01/2054		25		25,957
Vistra Operations Co. LLC 4.30%, 10/15/2028^(a)		27		26,930
4.60%, 10/15/2030^(a)		27		26,949
Xcel Energy, Inc. 4.75%, 03/21/2028		26		26,365

				1,465,698

Other Utility – 0.2%
Boston Gas Co. 3.15%, 08/01/2027^(a)		38		37,411

				1,503,109

Total Corporates - Investment Grade (cost $26,157,958)				26,499,795


	Shares
SHORT-TERM INVESTMENTS – 0.9%
Investment Companies – 0.9%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(b)(c)(d) (cost $251,488)		251,488		251,488


Total Investments – 98.6% (cost $26,409,446)				26,751,283
Other assets less liabilities – 1.4%				391,010


Net Assets – 100.0%			$	27,142,293



14 AB Corporate Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		5		March 2026	$	581,016	$	(94	)
U.S. Long Bond (CBT) Futures		28		March 2026		3,288,250		16,461
U.S. T-Note 5 Yr (CBT) Futures		27		March 2026		2,963,672		11,133

Sold Contracts
U.S. T-Note 2 Yr (CBT) Futures		15		March 2026		3,132,891		(1,758	)
U.S. T-Note 10 Yr (CBT) Futures		8		March 2026		906,750		(1,125	)
U.S. Ultra Bond (CBT) Futures		12		March 2026		1,451,250		(6,398	)

							$	18,219

(a)

(b)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(c)	The rate shown represents the 7-day yield as of period end.

(d)	Affiliated investments.

Glossary:

CBT – Chicago Board of Trade

HFC – Housing Finance Corporation

REIT – Real Estate Investment Trust

See notes to financial statements.



ABFunds.com		AB Corporate Bond ETF 15

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $26,157,958)	$	26,499,795
Affiliated issuers (cost $251,488)		251,488
Cash		13
Cash collateral due from broker		102,149
Unaffiliated dividends and interest receivable		314,588
Affiliated dividends receivable		1,015
Receivable due from Adviser		49

Total assets		27,169,097

Liabilities
Payable for variation margin on futures		20,538
Advisory fee payable		6,266

Total liabilities		26,804

Net Assets	$	27,142,293

Composition of Net Assets
Capital stock, at par	$	75
Additional paid-in capital		26,753,527
Distributable earnings		388,691

Net Assets	$	27,142,293

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 750,028 common shares outstanding)	$	36.19

See notes to financial statements.



16 AB Corporate Bond ETF		ABFunds.com

STATEMENT OF OPERATIONS

Year Ended November 30, 2025


Investment Income
Interest	$	1,374,180
Dividends—Affiliated issuers		17,676
Other income		223		$	1,392,079

Expenses
Advisory fee (see Note B)		79,159

Total expenses before bank overdraft expense		79,159
Bank overdraft expense		120

Total expenses		79,279
Less: expenses waived and reimbursed by the Adviser (see Note B)		(884	)

Net expenses					78,395

Net investment income					1,313,684

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions					(81,827	)
In-kind redemptions					383,875
Futures					17,716
Net change in unrealized appreciation (depreciation) of:
Investments					(96,500	)
Futures					(2,226	)

Net gain on investment transactions					221,038

Net Increase in Net Assets from Operations				$	1,534,722

See notes to financial statements.



ABFunds.com		AB Corporate Bond ETF 17

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,313,684		$	1,238,291
Net realized gain on investment transactions		319,764			258,944
Net change in unrealized appreciation (depreciation) of investments		(98,726	)		458,782
Contributions from Affiliates (see Note B)		– 0	–		69

Net increase in net assets from operations		1,534,722			1,956,086
Distribution to Shareholders		(1,506,283	)		(1,119,835	)
Transactions in Shares of the Fund
Net increase		1,755,345			24,514,930
Other capital		67			7,261

Total increase		1,783,851			25,358,442
Net Assets
Beginning of period		25,358,442			– 0	–

End of period	$	27,142,293		$	25,358,442

(a)	Commencement of operations.

See notes to financial statements.



18 AB Corporate Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.



ABFunds.com		AB Corporate Bond ETF 19

NOTES TO FINANCIAL STATEMENTS (continued)

using models that consider the terms of the option and relevant market inputs and are typically valued at transaction price on the trade date; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value (“NAV”) per share, while exchange-traded funds are valued at the closing market price per share.

2. Fair Value Measurements



20 AB Corporate Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)



ABFunds.com		AB Corporate Bond ETF 21

NOTES TO FINANCIAL STATEMENTS (continued)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates—Investment Grade

– 0

–

26,499,795

– 0

–

26,499,795

Short-Term Investments

251,488

– 0

–

– 0

–

251,488

Total Investments in Securities

251,488

26,499,795

– 0

–

26,751,283

Other Financial Instruments^(a):

Assets:

Futures

27,594

– 0

–

– 0

–

27,594

^(b)

Liabilities:

Futures

(9,375

)

– 0

–

– 0

–

(9,375

)^(b)

Total

269,707

26,499,795

– 0

–

26,769,502

(a)

(b)

3. Currency Translation

4. Taxes



22 AB Corporate Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current tax year) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Dividends and Distributions

7. Offering Expenses

The Adviser has agreed to pay all of the Fund’s organization and offering costs. The Fund is not obligated to repay any such organizational expenses or offering costs paid by the Adviser.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.



ABFunds.com		AB Corporate Bond ETF 23

NOTES TO FINANCIAL STATEMENTS (continued)

9. Segment Information

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the investment advisory agreement, in accordance with the unitary fee structure, the Adviser bears the cost of various third-party services required by the Fund, including audit, custodial, accounting, legal, transfer agency and printing costs and the fees and expenses of the Corporation’s directors and their counsel. Also under the investment advisory agreement, the Adviser will reimburse each Fund for the Fund’s share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser. For the year ended November 30, 2025, such waiver/reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $884.

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	511	$	14,044	$	14,304	$	251	$	18

During the year ended November 30, 2024, the Adviser reimbursed the Fund $69 for trading losses incurred due to NAV error.



24 AB Corporate Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE C

Distribution Plan

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the year ended November 30, 2025 were as follows:


	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	36,611,975	$	22,956,547
U.S. government securities


	Purchases			Sales
In-kind transactions
(excluding U.S. government securities)	$	7,399,525		$	19,370,106
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	26,421,233

Gross unrealized appreciation	$	412,806
Gross unrealized depreciation		(82,756	)

Net unrealized appreciation	$	330,050

1. Derivative Financial Instruments



ABFunds.com		AB Corporate Bond ETF 25

NOTES TO FINANCIAL STATEMENTS (continued)

The principal type of derivative utilized by the Fund, as well as the methods in which they may be used are:

•

Futures

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Fund enters into futures, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the year ended November 30, 2025, the Fund held futures for hedging purposes.



26 AB Corporate Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

During the year ended November 30, 2025, the Fund had entered into the following derivatives:

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable
for variation
margin on
futures

27,594

Payable for
variation
margin on
futures

9,375

Total

27,594

9,375

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	17,716	$	(2,226	)

Total		$	17,716	$	(2,226)

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended November 30, 2025:


Futures:
Average notional amount of buy contracts	$	6,127,282
Average notional amount of sale contracts	$	5,415,794

2. Currency Transactions



ABFunds.com		AB Corporate Bond ETF 27

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE E

Shares of the Fund

Transactions in shares of the Fund were as follows:


	Shares						Amount
	Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024			Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024

Shares sold		650,000			900,028		$	23,078,855		$	31,674,325

Shares redeemed		(600,000	)		(200,000	)		(21,323,510	)		(7,159,395	)

Net increase		50,000			700,028		$	1,755,345		$	24,514,930

(a)	Commencement of operations.

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, interest rate levels, tariffs and trade disputes, and regional and global conflicts, that affect large portions of the market.

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer, guarantor or counterparty may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.



28 AB Corporate Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Foreign (Non-U.S.) Investments Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade than domestic securities due to adverse market, economic, political, regulatory or other factors. In addition, the value of the Fund’s investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

Leverage Risk—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A



ABFunds.com		AB Corporate Bond ETF 29

NOTES TO FINANCIAL STATEMENTS (continued)

short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

Illiquid Investments Risk—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. Foreign fixed-income securities may have more illiquid investments risk because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently than domestic securities. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down.

Below Investment Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific municipal or corporate developments and negative performance of the junk bond market generally and may be more difficult to trade than other types of securities.

Active Trading Risk—The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the Nasdaq Stock Market LLC (“Nasdaq” or an “Exchange”). Shares are generally bought and sold in the secondary market at market prices. The NAV per share of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on the Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between



30 AB Corporate Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.



ABFunds.com		AB Corporate Bond ETF 31

NOTES TO FINANCIAL STATEMENTS (continued)

securities market is relatively illiquid and may involve considerable brokerage fees and taxes. Brokerage fees, which will be higher than if the Fund sold and redeemed its shares principally in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and ask prices of Fund shares than for ETFs that receive and distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.

Sector Risk—The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the industrials sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.

Management Risk—The Fund is subject to management risk because it is an actively-managed ETF. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Many of these techniques incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE G

Joint Credit Facility



32 AB Corporate Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the year ended November 30, 2025 and during the fiscal year ended November 30, 2024 were as follows:


	2025		2024
Distributions paid from:
Ordinary income	$	1,506,283	$	1,119,835

Total taxable distributions paid	$	1,506,283	$	1,119,835

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income	$	118,488
Accumulated capital and other losses		(59,847	)^(a)
Unrealized appreciation (depreciation)		330,050	^(b)

Total accumulated earnings (deficit)	$	388,691

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $59,847.

(b)	The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains (losses) on certain derivative instruments, the tax treatment of callable bonds, and the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $59,847, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the tax treatment of gains from a redemption-in-kind resulted in a net decrease in distributable earnings and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE I

Subsequent Events



ABFunds.com		AB Corporate Bond ETF 33

FINANCIAL HIGHLIGHTS

Selected Data For A Share of Capital Stock Outstanding Throughout Each Period


	Year Ended November 30, 2025			December 13, 2023^(a) November 30, 2024


Net asset value, beginning of period		$ 36.22			$ 35.00

Income From Investment Operations

Net investment income^(b)(c)		1.77			1.77

Net realized and unrealized gain (loss) on investment transactions		.26			1.05

Contributions from Affiliates		– 0	–		.00	^(d)

Net increase in net asset value from operations		2.03			2.82


Less: Dividends and Distributions

Dividends from net investment income		(1.79	)		(1.60	)

Distributions from net realized gain on investment transactions		(.27	)		– 0	–


Total dividends and distributions		(2.06	)		(1.60	)

Net asset value, end of period		$ 36.19			$ 36.22


Total Return

Total investment return based on net asset value^(e)		5.87	%		8.24	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$27,142			$25,358

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.30	%		.30	%^{^}

Expenses, before waivers/reimbursements		.30	%		.30	%^{^}

Net investment income^(c)		4.98	%		5.13	%^{^}

Portfolio turnover rate^(f)		90	%		175	%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	Amount is less than $.005.

(e)

(f)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

^	Annualized.

See notes to financial statements.



34 AB Corporate Bond ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB Corporate Bond ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Corporate Bond ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statement of operations for the year then ended and the statements of changes in net assets and the financial highlights for the year then ended and the period from December 13, 2023 (commencement of operations) to November 30, 2024, 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations for the year then ended and the changes in its net assets and its financial highlights for the year then ended and the period from December 13, 2023 (commencement of operations) to November 30, 2024, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s 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 Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.



ABFunds.com		AB Corporate Bond ETF 35

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. 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.

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



36 AB Corporate Bond ETF		ABFunds.com

2025 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended November 30, 2025. For foreign shareholders, 90.86% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends. The Fund designates $1,182,929 of distributions paid during the fiscal year ended November 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.



ABFunds.com		AB Corporate Bond ETF 37

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Corporate Bond ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment



38 AB Corporate Bond ETF		ABFunds.com

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar year 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of profitability of the Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the period reviewed.

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its relationship with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results



ABFunds.com		AB Corporate Bond ETF 39

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors noted that the unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser. The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial



40 AB Corporate Bond ETF		ABFunds.com

risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe of ETFs selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund does not contain breakpoints and that they had discussed their strong preference for breakpoints in advisory contracts with the Adviser. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



ABFunds.com		AB Corporate Bond ETF 41

NOTES



42 AB Corporate Bond ETF		ABFunds.com

NOTES



ABFunds.com		AB Corporate Bond ETF 43

NOTES



44 AB Corporate Bond ETF		ABFunds.com

LOGO

AB CORPORATE BOND ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-COB-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB CORE BOND ETF

(NYSE Arca: CORB)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


		Principal Amount (000)		U.S. $ Value

GOVERNMENTS - TREASURIES – 30.9%
Japan – 0.8%
Japan Government Thirty Year Bond Series 86 2.40%, 03/20/2055	JPY		1,270,600	$	6,754,983


United States – 30.1%
U.S. Treasury Bonds 1.875%, 02/15/2051	U.S.$		3,799		2,193,692
2.00%, 08/15/2051			9,349		5,536,963
2.25%, 08/15/2046			2,357		1,590,515
2.25%, 08/15/2049			13,313		8,591,174
2.25%, 02/15/2052			1,672		1,047,425
2.375%, 11/15/2049			4,905		3,242,473
2.50%, 02/15/2046			932		664,778
2.50%, 05/15/2046			5,327		3,788,068
2.875%, 08/15/2045			51		39,452
2.875%, 11/15/2046			1,123		850,126
2.875%, 05/15/2052			2,950		2,125,656
3.00%, 05/15/2045			129		101,108
3.00%, 11/15/2045			363		284,169
3.00%, 05/15/2047			1,447		1,114,133
3.00%, 02/15/2048			5,490		4,192,130
3.25%, 05/15/2042			1,539		1,308,380
3.375%, 08/15/2042			6,591		5,679,161
3.50%, 02/15/2039			8,105		7,493,642
3.625%, 08/15/2043			1,943		1,711,634
3.625%, 02/15/2053			4,596		3,833,736
3.625%, 05/15/2053			4,008		3,339,218
3.75%, 11/15/2043			295		263,944
3.875%, 02/15/2043			3,999		3,669,432
3.875%, 05/15/2043			999		914,565
4.00%, 11/15/2042			5,931		5,541,173
4.125%, 08/15/2053			3,432		3,128,922
4.25%, 02/15/2054			5,131		4,779,124
4.375%, 02/15/2038			899		918,394
4.375%, 11/15/2039			10,740		10,749,649
4.375%, 08/15/2043			7,123		6,943,993
4.50%, 02/15/2044			5,053		4,992,798
4.50%, 11/15/2054			3,858		3,747,039
4.625%, 05/15/2044			2,775		2,782,628
4.625%, 05/15/2054			1,354		1,342,113
4.75%, 02/15/2037			1,525		1,617,930
4.75%, 11/15/2043			7,167		7,315,126
4.75%, 11/15/2053			4,499		4,543,863
U.S. Treasury Notes 2.625%, 02/15/2029			3,914		3,809,103
3.50%, 04/30/2028			8,269		8,269,469



ABFunds.com		AB Core Bond ETF 1

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

3.625%, 09/30/2030	U.S.$		6,683	$	6,690,470
3.75%, 12/31/2028			20,607		20,757,025
3.875%, 12/31/2027			7,359		7,414,092
4.00%, 02/29/2028			14,451		14,606,396
4.125%, 03/31/2029			6,400		6,520,296
4.25%, 02/28/2029			16,977		17,355,208
4.25%, 06/30/2029			12,176		12,468,341
4.375%, 11/30/2028			6,169		6,321,092
4.375%, 05/15/2034			1,996		2,063,729
4.50%, 11/15/2033			13,172		13,748,066
4.625%, 09/30/2028			8,685		8,947,749
4.875%, 10/31/2028			12,567		13,040,019

					263,989,381

Total Governments - Treasuries (cost $293,881,007)					270,744,364


CORPORATES - INVESTMENT GRADE – 25.6%
Industrial – 13.6%
Basic – 0.6%
Freeport Indonesia PT 4.763%, 04/14/2027^(a)			324		324,709
Glencore Funding LLC 4.907%, 04/01/2028^(a)			841		856,508
5.186%, 04/01/2030^(a)			356		366,972
5.338%, 04/04/2027^(a)			509		517,190
6.50%, 10/06/2033^(a)			390		432,818
LYB International Finance III LLC 6.15%, 05/15/2035			334		345,720
Nexa Resources SA 6.75%, 04/09/2034^(a)			441		468,377
WRKCo, Inc. 4.00%, 03/15/2028			1,732		1,729,662

					5,041,956

Capital Goods – 1.4%
Boeing Co. (The) 3.25%, 02/01/2028			970		952,618
Caterpillar Financial Services Corp. 4.45%, 10/16/2026			1,888		1,898,176
4.80%, 01/08/2030			44		45,650
Entegris, Inc. 4.75%, 04/15/2029^(a)			1,270		1,268,197
General Electric Co. 4.90%, 01/29/2036			865		886,703
Regal Rexnord Corp. 6.05%, 02/15/2026			1,381		1,383,983
Republic Services, Inc. 4.75%, 07/15/2030			2,083		2,139,595



2 AB Core Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Waste Management, Inc. 4.50%, 03/15/2028	U.S.$		1,884	$	1,910,395
Westinghouse Air Brake Technologies Corp. 4.90%, 05/29/2030			2,075		2,127,103

					12,612,420

Communications - Media – 0.4%
Charter Communications Operating LLC/Charter Communications Operating Capital 2.25%, 01/15/2029			537		499,721
5.125%, 07/01/2049			467		375,356
Meta Platforms, Inc. 5.50%, 11/15/2045			777		776,681
5.75%, 11/15/2065			801		796,675
Prosus NV 3.257%, 01/19/2027^(a)			489		482,276
Time Warner Cable Enterprises LLC 8.375%, 07/15/2033			379		439,193
Time Warner Cable LLC 4.50%, 09/15/2042			505		393,188

					3,763,090

Communications - Telecommunications – 0.1%
AT&T, Inc. 4.50%, 05/15/2035			408		396,629
T-Mobile USA, Inc. 3.875%, 04/15/2030			352		346,646

					743,275

Consumer Cyclical - Automotive – 1.3%
BMW US Capital LLC 4.60%, 08/13/2027^(a)			1,889		1,907,191
4.65%, 03/19/2027^(a)			188		189,528
Ford Motor Co. 3.25%, 02/12/2032			1,299		1,142,445
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			215		212,160
5.918%, 03/20/2028			298		304,660
6.125%, 03/08/2034			526		534,932
General Motors Financial Co., Inc. 2.40%, 04/10/2028			190		182,396
4.20%, 10/27/2028			1,250		1,250,863
Honda Motor Co., Ltd. 4.436%, 07/08/2028			2,110		2,128,230
Hyundai Capital America 4.30%, 09/24/2027^(a)			35		35,065
4.50%, 09/18/2030^(a)			201		201,287
5.25%, 01/08/2027^(a)			443		447,851
5.30%, 03/19/2027^(a)			513		520,120
6.10%, 09/21/2028^(a)			871		913,261



ABFunds.com		AB Core Bond ETF 3

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Qnity Electronics, Inc. 5.75%, 08/15/2032^(a)	U.S.$		992	$	1,019,111

					10,989,100

Consumer Cyclical - Entertainment – 0.1%
Hasbro, Inc. 6.05%, 05/14/2034			450		477,369


Consumer Cyclical - Other – 0.9%
DR Horton, Inc. 4.85%, 10/15/2030			763		782,456
5.00%, 10/15/2034			1,134		1,155,353
Flutter Treasury DAC 5.875%, 06/04/2031^(a)			745		752,562
6.375%, 04/29/2029^(a)			849		876,372
Las Vegas Sands Corp. 5.625%, 06/15/2028			568		580,871
6.00%, 06/14/2030			435		456,546
Marriott International, Inc./MD 4.20%, 07/15/2027			2,129		2,135,919
Sekisui House US, Inc. 6.00%, 01/15/2043			968		907,868

					7,647,947

Consumer Cyclical - Restaurants – 0.2%
Starbucks Corp. 4.85%, 02/08/2027			1,837		1,853,478


Consumer Cyclical - Retailers – 0.3%
AutoNation, Inc. 4.45%, 01/15/2029			445		446,290
Ross Stores, Inc. 4.70%, 04/15/2027			1,925		1,934,240

					2,380,530

Consumer Non-Cyclical – 2.8%
Altria Group, Inc. 3.40%, 05/06/2030			1,745		1,682,756
BAT Capital Corp. 4.625%, 03/22/2033			571		569,298
5.35%, 08/15/2032			1,294		1,348,581
7.75%, 10/19/2032			141		165,111
Baxter International, Inc. 5.65%, 12/15/2035			1,260		1,283,146
Cargill, Inc. 4.125%, 10/23/2030^(a)			1,250		1,248,588
5.125%, 10/11/2032^(a)			835		867,849
General Mills, Inc. 4.70%, 01/30/2027			496		499,705
4.875%, 01/30/2030			1,398		1,432,950



4 AB Core Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Imperial Brands Finance PLC 5.875%, 07/01/2034^(a)	U.S.$		1,460	$	1,530,095
JBS USA Holding Lux Sarl/JBS USA Food Co/JBS Lux Co. SARL 6.75%, 03/15/2034			784		870,852
Mars, Inc. 4.60%, 03/01/2028^(a)			1,212		1,228,338
Mondelez International, Inc. 4.50%, 05/06/2030			1,311		1,325,106
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031			1,480		1,273,214
Philip Morris International, Inc. 4.875%, 02/13/2026			1,753		1,756,594
5.375%, 02/15/2033			1,688		1,770,408
Roche Holdings, Inc. 4.075%, 12/02/2030^(a)			235		235,202
4.203%, 09/09/2029^(a)			1,902		1,919,308
Takeda US Financing, Inc. 5.20%, 07/07/2035			2,111		2,167,089
Tyson Foods, Inc. 5.70%, 03/15/2034			600		634,308
Viatris, Inc. 2.70%, 06/22/2030			1,050		956,970

					24,765,468

Energy – 2.5%
Cenovus Energy, Inc. 4.65%, 03/20/2031			517		518,742
5.40%, 03/20/2036			552		557,724
ConocoPhillips Co. 5.65%, 01/15/2065			1,910		1,887,672
Continental Resources, Inc./OK 2.875%, 04/01/2032^(a)			1,630		1,424,767
5.75%, 01/15/2031^(a)			718		740,035
Devon Energy Corp. 5.20%, 09/15/2034			1,900		1,907,581
Energy Transfer LP 5.60%, 09/01/2034			1,831		1,896,806
Eni SpA 5.75%, 05/19/2035^(a)			2,092		2,194,487
Kinder Morgan, Inc. 5.85%, 06/01/2035			483		512,415
Occidental Petroleum Corp. 5.20%, 08/01/2029			578		592,173
ONEOK, Inc. 5.40%, 10/15/2035			771		782,102
6.05%, 09/01/2033			707		755,253



ABFunds.com		AB Core Bond ETF 5

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Plains All American Pipeline LP/PAA Finance Corp. 5.60%, 01/15/2036	U.S.$		221	$	224,742
5.70%, 09/15/2034			1,842		1,908,294
Raizen Fuels Finance SA 6.70%, 02/25/2037^(a)			1,177		982,795
Targa Resources Corp. 4.90%, 09/15/2030			385		392,496
5.65%, 02/15/2036			425		438,880
Var Energi ASA 7.50%, 01/15/2028^(a)			1,132		1,198,471
Williams Cos., Inc. (The) 4.625%, 06/30/2030			1,242		1,255,774
4.80%, 11/15/2029			855		871,972
Woodside Finance Ltd. 5.40%, 05/19/2030			308		317,600
6.00%, 05/19/2035			802		841,025

					22,201,806

Services – 0.5%
Amazon.com, Inc. 3.90%, 11/20/2028			1,075		1,079,332
4.65%, 11/20/2035			1,075		1,086,567
Mastercard, Inc. 4.55%, 01/15/2035			1,365		1,374,009
Moody’s Corp. 5.00%, 08/05/2034			960		985,671

					4,525,579

Technology – 1.7%
Apple, Inc. 4.10%, 08/08/2062			1,148		927,837
Broadcom, Inc. 4.15%, 02/15/2028			309		310,554
4.90%, 07/15/2032			484		497,412
5.05%, 07/12/2027			707		719,436
Cisco Systems, Inc. 4.75%, 02/24/2030			2,030		2,089,174
Dell International LLC/EMC Corp. 4.35%, 02/01/2030			1,930		1,931,235
5.50%, 04/01/2035			413		428,570
Fiserv, Inc. 3.50%, 07/01/2029			2,539		2,456,051
Foundry JV Holdco LLC 5.90%, 01/25/2030^(a)			453		476,597
Hewlett Packard Enterprise Co. 4.40%, 09/25/2027			791		794,900
International Business Machines Corp. 5.00%, 02/10/2032			2,010		2,079,144



6 AB Core Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Oracle Corp. 5.20%, 09/26/2035	U.S.$		940	$	921,341
5.50%, 08/03/2035			1,652		1,656,064

					15,288,315

Transportation - Airlines – 0.2%
AS Mileage Plan IP Ltd. 5.021%, 10/20/2029^(a)			710		713,749
5.308%, 10/20/2031^(a)			752		755,083
Southwest Airlines Co. 4.375%, 11/15/2028			615		614,766

					2,083,598

Transportation - Railroads – 0.1%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036^(a)			200		192,766
5.875%, 07/05/2034^(a)			316		326,731

					519,497

Transportation - Services – 0.5%
ENA Master Trust 4.00%, 05/19/2048^(a)			380		292,630
ERAC USA Finance LLC 4.60%, 05/01/2028^(a)			517		524,357
Ryder System, Inc. 5.375%, 03/15/2029			1,458		1,510,809
TTX Co. 5.50%, 09/25/2026^(a)			1,677		1,692,563

					4,020,359

					118,913,787

Financial Institutions – 9.4%
Banking – 7.7%
AIB Group PLC 5.32%, 05/15/2031^(a)			1,621		1,675,547
Ally Financial, Inc. 5.543%, 01/17/2031			291		297,149
5.737%, 05/15/2029			480		490,944
6.992%, 06/13/2029			976		1,027,640
American Express Co. 5.098%, 02/16/2028			1,827		1,850,788
Banco Bilbao Vizcaya Argentaria SA 5.381%, 03/13/2029			400		414,928
7.883%, 11/15/2034			200		234,514
Banco Santander SA 3.80%, 02/23/2028			200		198,372
4.175%, 03/24/2028			800		799,272
5.565%, 01/17/2030			800		836,008
6.921%, 08/08/2033			800		892,848



ABFunds.com		AB Core Bond ETF 7

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Bank of America Corp. 5.744%, 02/12/2036	U.S.$		2,019	$	2,120,536
Bank of Ireland Group PLC 5.601%, 03/20/2030^(a)			365		380,107
Banque Federative du Credit Mutuel SA 5.538%, 01/22/2030^(a)			1,937		2,023,836
Barclays PLC 5.335%, 09/10/2035			734		750,390
5.674%, 03/12/2028			351		357,399
6.224%, 05/09/2034			740		800,880
BNP Paribas SA 2.591%, 01/20/2028^(a)			751		737,287
4.625%, 02/25/2031^(a)(b)			388		351,082
5.497%, 05/20/2030^(a)			1,133		1,174,321
BPCE SA 6.508%, 01/18/2035^(a)			1,793		1,916,574
CaixaBank SA 6.037%, 06/15/2035^(a)			843		904,067
6.684%, 09/13/2027^(a)			994		1,013,115
Capital One Financial Corp. 5.468%, 02/01/2029			416		426,779
6.377%, 06/08/2034			1,163		1,264,728
Capital One NA 5.974%, 08/09/2028			386		400,664
Citigroup, Inc. 4.643%, 05/07/2028			2,031		2,046,070
6.02%, 01/24/2036			44		46,392
Series W 4.00%, 12/10/2025^(b)			788		786,708
Series Y 4.15%, 11/15/2026^(b)			139		136,544
Credit Agricole SA 5.222%, 05/27/2031^(a)			573		590,557
6.251%, 01/10/2035^(a)			1,441		1,533,440
Danske Bank A/S 4.613%, 10/02/2030^(a)			846		853,927
Deutsche Bank AG/New York NY 4.95%, 08/04/2031			920		933,202
7.146%, 07/13/2027			323		328,501
Goldman Sachs Group, Inc. (The) 2.65%, 10/21/2032			67		60,667
4.937%, 04/23/2028			1,123		1,135,589
Series V 4.125%, 11/10/2026^(b)			764		750,485
HSBC Holdings PLC 2.804%, 05/24/2032			581		532,283
2.848%, 06/04/2031			1,675		1,569,006
7.399%, 11/13/2034			1,536		1,758,612
8.113%, 11/03/2033			767		903,265



8 AB Core Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Intesa Sanpaolo SpA 7.20%, 11/28/2033^(a)	U.S.$		919	$	1,054,856
JPMorgan Chase & Co. 2.963%, 01/25/2033			2,609		2,406,098
KBC Group NV 4.454%, 09/23/2031^(a)			200		199,884
4.932%, 10/16/2030^(a)			1,350		1,377,094
Lloyds Banking Group PLC 4.976%, 08/11/2033			420		428,824
5.087%, 11/26/2028			746		759,368
5.462%, 01/05/2028			216		219,011
7.953%, 11/15/2033			461		539,153
Mizuho Financial Group, Inc. 5.376%, 05/26/2030			550		570,058
Morgan Stanley 4.994%, 04/12/2029			174		177,492
Series I 4.133%, 10/18/2029			526		525,942
Morgan Stanley Bank NA 5.504%, 05/26/2028			1,013		1,033,615
Nationwide Building Society 2.972%, 02/16/2028^(a)			1,238		1,220,173
5.537%, 07/14/2036^(a)			433		449,324
NatWest Group PLC 3.032%, 11/28/2035			378		348,697
5.115%, 05/23/2031			1,742		1,792,657
Santander Holdings USA, Inc. 5.473%, 03/20/2029			132		134,706
Santander UK Group Holdings PLC 4.32%, 09/22/2029			601		601,751
4.858%, 09/11/2030			1,139		1,155,424
5.694%, 04/15/2031			378		395,668
Societe Generale SA 2.797%, 01/19/2028^(a)			1,389		1,364,554
5.249%, 05/22/2029^(a)			636		648,625
5.519%, 01/19/2028^(a)			502		508,149
Standard Chartered PLC 5.244%, 05/13/2031^(a)			1,087		1,122,414
5.545%, 01/21/2029^(a)			217		222,523
5.61% (CME Term SOFR 3 Month + 1.77%), 01/30/2027^(a)(b)(c)			400		387,736
6.187%, 07/06/2027^(a)			407		411,534
Sumitomo Mitsui Financial Group, Inc. 5.316%, 07/09/2029			1,485		1,542,974
Sumitomo Mitsui Trust Bank Ltd. 4.45%, 09/10/2027^(a)			306		308,601
Synchrony Financial 5.45%, 03/06/2031			661		675,601



ABFunds.com		AB Core Bond ETF 9

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Toronto-Dominion Bank (The) 5.146%, 09/10/2034	U.S.$		661	$	671,556
5.298%, 01/30/2032			944		990,445
UBS Group AG 2.095%, 02/11/2032^(a)			202		179,746
3.091%, 05/14/2032^(a)			1,265		1,178,588
4.194%, 04/01/2031^(a)			549		545,250
4.398%, 09/23/2031^(a)			202		201,937
7.125%, 08/10/2034^(a)(b)			440		448,954
Wells Fargo & Co. 3.35%, 03/02/2033			2,456		2,308,026
5.499%, 01/23/2035			192		202,005
Series BB 3.90%, 03/15/2026^(b)			635		632,085

					67,246,121

Brokerage – 0.2%
Charles Schwab Corp. (The) 4.914%, 11/14/2036			197		197,388
Series I 4.00%, 06/01/2026^(b)			1,949		1,929,276

					2,126,664

Finance – 0.2%
Aircastle Ltd. 5.95%, 02/15/2029^(a)			310		323,442
Aviation Capital Group LLC 1.95%, 01/30/2026^(a)			1,131		1,126,532
1.95%, 09/20/2026^(a)			390		382,886
3.50%, 11/01/2027^(a)			212		208,538
4.75%, 04/14/2027^(a)			124		124,619

					2,166,017

Insurance – 0.6%
Athene Global Funding 5.033%, 07/17/2030^(a)			2,222		2,246,842
Massachusetts Mutual Life Insurance Co. 3.729%, 10/15/2070^(a)			11		7,266
MetLife Capital Trust IV 7.875% (CME Term SOFR 3 Month + 3.96%), 12/15/2067^(a)(c)			970		1,078,582
MetLife, Inc. 10.75%, 08/01/2069			25		33,287
Principal Life Global Funding II 5.10%, 01/25/2029^(a)			1,265		1,298,952
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049^(a)			600		604,704

					5,269,633



10 AB Core Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

REITs – 0.7%
American Tower Corp. 3.65%, 03/15/2027	U.S.$		466	$	463,050
5.20%, 02/15/2029			626		644,179
5.25%, 07/15/2028			462		474,631
Crown Castle, Inc. 5.60%, 06/01/2029			380		394,934
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032			1,036		937,000
4.00%, 01/15/2031			364		348,890
5.25%, 02/15/2033			656		658,795
Omega Healthcare Investors, Inc. 5.20%, 07/01/2030			364		371,134
Realty Income Corp. 5.125%, 04/15/2035			230		235,371
Simon Property Group LP 4.75%, 09/26/2034			1,112		1,113,346
Trust Fibra Uno 4.869%, 01/15/2030^(a)			258		249,615

					5,890,945

					82,699,380

Utility – 2.6%
Electric – 2.6%
AES Andes SA 6.25%, 03/14/2032^(a)			1,242		1,289,817
AES Panama Generation Holdings SRL 4.375%, 05/31/2030^(a)			455		421,026
Alexander Funding Trust II 7.467%, 07/31/2028^(a)			406		433,178
American Electric Power Co., Inc. 6.95%, 12/15/2054			681		734,098
CenterPoint Energy Houston Electric LLC 4.95%, 04/01/2033			76		77,850
5.05%, 03/01/2035			1,731		1,767,870
Series AQ 4.95%, 08/15/2035			165		167,191
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2043			920		745,504
Electricite de France SA 9.125%, 03/15/2033^(a)(b)			366		421,723
Enel Finance International NV 4.125%, 09/30/2028^(a)			611		611,171
5.50%, 06/26/2034^(a)			1,243		1,298,326
Engie Energia Chile SA 6.375%, 04/17/2034^(a)			200		212,802



ABFunds.com		AB Core Bond ETF 11

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple 7.25%, 01/31/2041^(a)	U.S.$		474	$	496,714
Florida Power & Light Co. 5.30%, 06/15/2034			694		730,484
Israel Electric Corp., Ltd. Series G 4.25%, 08/14/2028^(a)			354		349,536
LG Energy Solution Ltd. 5.375%, 04/02/2030^(a)			2,091		2,155,277
Niagara Mohawk Power Corp. 4.647%, 10/03/2030^(a)			1,453		1,464,827
5.29%, 01/17/2034^(a)			652		665,659
NRG Energy, Inc. 4.734%, 10/15/2030^(a)			380		379,130
Public Service Co. of Colorado 5.15%, 09/15/2035			2,139		2,180,368
Virginia Electric & Power Co. Series C 4.90%, 09/15/2035			1,845		1,849,483
Vistra Operations Co. LLC 3.70%, 01/30/2027^(a)			2,868		2,845,228
4.30%, 10/15/2028^(a)			571		569,510
5.05%, 12/30/2026^(a)			62		62,552
6.95%, 10/15/2033^(a)			726		810,543

					22,739,867

Total Corporates - Investment Grade (cost $221,364,342)					224,353,034


MORTGAGE PASS-THROUGHS – 20.8%
Agency Fixed Rate 30-Year – 20.6%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 10/01/2049			316		297,570
3.50%, 11/01/2049			456		428,524
Series 2020 3.50%, 01/01/2050			980		921,591
Series 2022 2.00%, 03/01/2052			5,294		4,360,538
2.50%, 04/01/2052			6,102		5,273,068
3.00%, 03/01/2052			3,324		2,991,611
3.00%, 05/01/2052			3,825		3,410,933
3.00%, 07/01/2052			1,217		1,085,284
Series 2024 5.50%, 11/01/2054			1,346		1,363,520
Federal Home Loan Mortgage Corp. Gold Series 2005 5.50%, 01/01/2035			12		12,252



12 AB Core Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)			U.S. $ Value

Series 2007 5.50%, 07/01/2035	U.S.$		74		$	76,925
Series 2016 4.00%, 02/01/2046			763			751,405
Series 2017 4.00%, 07/01/2044			488			480,905
Series 2018 4.50%, 03/01/2048			259			259,111
4.50%, 10/01/2048			505			504,591
4.50%, 11/01/2048			682			680,978
5.00%, 11/01/2048			292			297,755
Federal National Mortgage Association Series 2003 5.50%, 04/01/2033			63			64,699
5.50%, 07/01/2033			121			124,930
Series 2004 5.50%, 02/01/2034			1			1,403
5.50%, 04/01/2034			31			31,984
5.50%, 05/01/2034			25			26,206
5.50%, 11/01/2034			121			125,429
Series 2005 5.50%, 02/01/2035			187			194,147
Series 2006 5.50%, 04/01/2036			38			39,683
Series 2007 5.50%, 05/01/2036			2			1,950
5.50%, 09/01/2036			1			1,141
5.50%, 08/01/2037			44			46,128
Series 2008 5.50%, 08/01/2037			0	**		276
Series 2009 5.00%, 12/01/2039			8			8,050
Series 2010 4.00%, 12/01/2040			295			290,690
5.00%, 06/01/2040			7			7,571
Series 2012 3.50%, 02/01/2042			251			240,604
3.50%, 11/01/2042			2,735			2,615,013
3.50%, 01/01/2043			460			438,910
Series 2013 3.50%, 04/01/2043			1,613			1,539,697
4.00%, 10/01/2043			1,001			980,974
Series 2015 3.00%, 05/01/2045			401			367,452
3.00%, 08/01/2045			584			533,918
Series 2018 4.50%, 09/01/2048			930			928,419



ABFunds.com		AB Core Bond ETF 13

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2019 3.50%, 08/01/2049	U.S.$		1,109	$	1,043,150
3.50%, 09/01/2049			492		462,484
3.50%, 11/01/2049			1,020		959,285
Series 2020 3.50%, 01/01/2050			946		889,574
Series 2021 2.00%, 07/01/2051			5,644		4,629,255
2.00%, 12/01/2051			8,197		6,720,889
2.50%, 01/01/2052			1,652		1,429,898
Series 2022 2.50%, 03/01/2052			3,662		3,168,234
2.50%, 04/01/2052			3,815		3,294,442
2.50%, 05/01/2052			5,037		4,350,879
3.00%, 02/01/2052			4,033		3,632,317
3.00%, 03/01/2052			5,107		4,595,845
Series 2024 5.00%, 12/01/2054			2,030		2,026,500
Series 2025 4.50%, 03/01/2055			3,549		3,475,443
5.50%, 02/01/2055			3,789		3,837,814
6.00%, 02/01/2055			1,362		1,393,991
Government National Mortgage Association Series 2016 3.00%, 04/20/2046			129		117,866
3.00%, 05/20/2046			371		339,500
Series 2023 5.50%, 04/20/2053			2,916		2,961,887
Series 2025 4.00%, 12/01/2055, TBA			3,275		3,106,628
4.50%, 12/01/2055, TBA			7,445		7,281,983
5.00%, 12/01/2055, TBA			12,561		12,546,980
5.50%, 12/01/2055, TBA			5,036		5,086,696
6.00%, 12/01/2055, TBA			7,343		7,482,529
Uniform Mortgage-Backed Security Series 2025 2.00%, 12/01/2055, TBA			13,051		10,624,435
2.50%, 12/01/2055, TBA			11,044		9,399,306
5.00%, 12/01/2055, TBA			11,114		11,093,243
5.50%, 12/01/2055, TBA			16,035		16,238,126
6.00%, 12/01/2055, TBA			10,459		10,710,346
6.50%, 12/01/2055, TBA			5,583		5,783,189

					180,488,549

Agency Fixed Rate 15-Year – 0.2%
Federal National Mortgage Association Series 2016 2.50%, 10/01/2031			25		24,031
2.50%, 11/01/2031			1,331		1,288,141



14 AB Core Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)			U.S. $ Value

2.50%, 12/01/2031	U.S.$		6		$	5,817
Series 2017 2.50%, 01/01/2032			415			401,413
2.50%, 02/01/2032			427			411,887

						2,131,289

Agency ARMs – 0.0%
Federal Home Loan Mortgage Corp. Series 2006 7.125%, 12/01/2036			0	**		75
Series 2007 6.975%, 03/01/2037			0	**		176
Federal National Mortgage Association Series 2007 6.46%, 02/01/2037			1			864
6.63%, 03/01/2037			0	**		153

						1,268

Total Mortgage Pass-Throughs (cost $186,762,310)						182,621,106


ASSET-BACKED SECURITIES – 5.6%
Autos - Fixed Rate – 2.7%
ACM Auto Trust Series 2024-2A, Class A 6.06%, 02/20/2029^(a)			322			322,154
Series 2025-1A, Class A 5.38%, 06/20/2029^(a)			337			336,849
Series 2025-2A, Class A 5.55%, 06/20/2028^(a)			1,304			1,304,287
American Credit Acceptance Receivables Trust Series 2025-2, Class B 4.85%, 05/14/2029^(a)			1,999			2,008,224
Arivo Acceptance Auto Loan Receivables Trust Series 2024-1A, Class A 6.46%, 04/17/2028^(a)			74			74,325
Series 2025-1A, Class A2 4.92%, 05/15/2029^(a)			1,055			1,053,643
AutoNation Finance Trust Series 2025-1A, Class A2 4.72%, 04/10/2028^(a)			1,681			1,684,159
Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class A 5.44%, 02/22/2028^(a)			1,016			1,028,683
Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028			75			72,982
Series 2021-N4, Class D 2.30%, 09/11/2028			124			121,428



ABFunds.com		AB Core Bond ETF 15

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2021-P4, Class D 2.61%, 09/11/2028	U.S.$		989	$	953,151
Series 2024-P3, Class A2 4.61%, 11/10/2027			64		64,267
Series 2024-P4, Class A2 4.62%, 02/10/2028			303		303,360
CPS Auto Receivables Trust Series 2021-C, Class D 1.69%, 06/15/2027^(a)			92		91,445
Series 2024-C, Class A 5.88%, 02/15/2028^(a)			102		102,668
Flagship Credit Auto Trust Series 2024-3, Class A 4.88%, 11/15/2028^(a)			326		325,304
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033^(a)			1,390		1,374,840
GLS Auto Receivables Issuer Trust Series 2024-3A, Class A2 5.35%, 08/16/2027^(a)			74		73,997
Lendbuzz Securitization Trust Series 2025-1A, Class A2 5.10%, 10/15/2030^(a)			1,383		1,381,777
Series 2025-2A, Class A2 5.18%, 05/15/2030^(a)			1,366		1,366,135
Lobel Automobile Receivables Trust Series 2025-1, Class A 5.06%, 11/15/2027^(a)			784		785,035
OCCU Auto Receivables Trust Series 2025-1A, Class A2 4.82%, 04/17/2028^(a)			1,955		1,958,889
Prestige Auto Receivables Trust Series 2025-1A, Class A2 4.87%, 12/15/2027^(a)			1,338		1,338,193
Research-Driven Pagaya Motor Asset Trust Series 2025-4A, Class A2 5.124%, 04/25/2034^(a)			2,131		2,140,170
Research-Driven Pagaya Motor Trust Series 2024-1A, Class A 7.09%, 06/25/2032^(a)			296		297,654
Santander Drive Auto Receivables Trust Series 2023-3, Class B 5.61%, 07/17/2028			596		597,962
SBNA Auto Receivables Trust Series 2025-SF1, Class B 5.12%, 03/17/2031^(a)			147		147,093
Tesla Auto Lease Trust Series 2024-A, Class A3 5.30%, 06/21/2027^(a)			354		355,086



16 AB Core Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Tricolor Auto Securitization Trust Series 2024-2A, Class A 6.36%, 12/15/2027^(d)(e)(f)	U.S.$		119	$	113,646
Series 2025-1A, Class A 4.94%, 02/15/2029^(d)(e)(f)			1,273		891,015
United Auto Credit Securitization Trust Series 2025-1, Class A 4.80%, 06/10/2027^(a)			662		662,165

					23,330,586

Other ABS - Fixed Rate – 2.3%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051^(a)			1,995		1,894,664
Affirm Asset Securitization Trust Series 2024-X2, Class A 5.22%, 12/17/2029^(a)			139		138,957
Series 2025-X1, Class A 5.08%, 04/15/2030^(a)			763		764,130
College Ave Student Loans LLC Series 2021-C, Class B 2.72%, 07/26/2055^(a)			423		395,405
Dext ABS LLC Series 2023-1, Class A2 5.99%, 03/15/2032^(a)			347		348,710
Diamond Infrastructure Funding LLC Series 2021-1A, Class B 2.355%, 04/15/2049^(a)			935		907,656
Diamond Issuer LLC Series 2021-1A, Class A 2.305%, 11/20/2051^(a)			1,941		1,845,333
Equify ABS LLC Series 2024-1A, Class A 5.43%, 04/18/2033^(a)			556		556,995
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046^(a)			448		418,992
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048^(a)			758		751,672
Series 2020-1A, Class A2 3.981%, 12/20/2050^(a)			466		450,200
MVW LLC Series 2021-2A, Class B 1.83%, 05/20/2039^(a)			266		253,290
Neighborly Issuer LLC Series 2022-1A, Class A2 3.695%, 01/30/2052^(a)			1,938		1,827,029
Series 2023-1A, Class A2 7.308%, 01/30/2053^(a)			1,365		1,383,957



ABFunds.com		AB Core Bond ETF 17

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Nelnet Student Loan Trust Series 2021-BA, Class B 2.68%, 04/20/2062^(a)	U.S.$		620	$	558,608
Series 2021-CA, Class B 2.53%, 04/20/2062^(a)			907		800,383
Series 2021-DA, Class B 2.90%, 04/20/2062^(a)			798		722,723
NMEF Funding LLC Series 2024-A, Class A2 5.15%, 12/15/2031^(a)			1,034		1,039,847
Oportun Funding Trust Series 2024-3, Class A 5.26%, 08/15/2029^(a)			204		203,333
Oportun Issuance Trust Series 2024-2, Class A 5.86%, 02/09/2032^(a)			51		50,724
Pagaya AI Debt Grantor Trust Series 2024-5, Class A 6.278%, 10/15/2031^(a)			274		275,988
Series 2024-9, Class B 5.306%, 03/15/2032^(a)			1,142		1,145,350
Series 2025-3, Class A2 5.365%, 12/15/2032^(a)			265		267,565
Series 2025-6, Class A2 4.497%, 04/15/2033^(a)			430		430,243
Pagaya AI Debt Trust Series 2024-2, Class A 6.319%, 08/15/2031^(a)			226		227,182
Series 2024-3, Class A 6.258%, 10/15/2031^(a)			314		315,345
Pagaya Point of Sale Holdings Grantor Trust Series 2025-1, Class A 5.715%, 01/20/2034^(a)			676		683,141
SoFi Consumer Loan Program Trust Series 2025-4, Class A 4.24%, 08/25/2035^(a)			1,858		1,858,558

					20,515,980

Credit Cards - Fixed Rate – 0.6%
Brex Commercial Charge Card Master Trust Series 2024-1, Class A1 6.05%, 07/15/2027^(a)			1,188		1,192,829
Mission Lane Credit Card Master Trust Series 2024-A, Class A1 6.20%, 08/15/2029^(a)			811		816,697
Series 2024-B, Class A 5.88%, 01/15/2030^(a)			1,890		1,903,270



18 AB Core Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2025-A, Class A 5.80%, 05/15/2030^(a)	U.S.$		1,086	$	1,097,389

					5,010,185

Other ABS - Floating Rate – 0.0%
Pagaya AI Debt Grantor Trust Series 2025-1, Class A 5.156%, 07/15/2032^(a)			137		138,456
Series 2025-5, Class A 4.84%, 03/15/2033^(a)			289		289,054

					427,510

Total Asset-Backed Securities (cost $50,303,252)					49,284,261


COLLATERALIZED MORTGAGE OBLIGATIONS – 5.6%
Risk Share Floating Rate – 4.1%
Connecticut Avenue Securities Series 2025-R01, Class 1A1 5.022% (CME Term SOFR + 0.95%), 01/25/2045^(a)(c)			1,740		1,741,455
Connecticut Avenue Securities Trust Series 2021-R03, Class 1M1 4.922% (CME Term SOFR + 0.85%), 12/25/2041^(a)(c)			148		147,695
Series 2022-R02, Class 2M1 5.272% (CME Term SOFR + 1.20%), 01/25/2042^(a)(c)			77		77,429
Series 2022-R03, Class 1M2 7.572% (CME Term SOFR + 3.50%), 03/25/2042^(a)(c)			1,545		1,590,656
Series 2022-R05, Class 2M2 7.072% (CME Term SOFR + 3.00%), 04/25/2042^(a)(c)			1,206		1,229,323
Series 2023-R02, Class 1M1 6.372% (CME Term SOFR + 2.30%), 01/25/2043^(a)(c)			488		497,432
Series 2023-R03, Class 2M1 6.572% (CME Term SOFR + 2.50%), 04/25/2043^(a)(c)			467		471,337
Series 2023-R04, Class 1M1 6.372% (CME Term SOFR + 2.30%), 05/25/2043^(a)(c)			912		929,704
Series 2023-R06, Class 1M1 5.772% (CME Term SOFR + 1.70%), 07/25/2043^(a)(c)			595		597,500
Series 2024-R02, Class 1M1 5.172% (CME Term SOFR + 1.10%), 02/25/2044^(a)(c)			317		317,730



ABFunds.com		AB Core Bond ETF 19

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2024-R05, Class 2M1 5.072% (CME Term SOFR + 1.00%), 07/25/2044^(a)(c)	U.S.$		196	$	196,143
Series 2024-R06, Class 1M1 5.122% (CME Term SOFR + 1.05%), 09/25/2044^(a)(c)			256		255,589
Series 2025-R02, Class 1A1 5.072% (CME Term SOFR + 1.00%), 02/25/2045^(a)(c)			505		505,803
Series 2025-R03, Class 2M1 5.672% (CME Term SOFR + 1.60%), 03/25/2045^(a)(c)			1,307		1,312,076
Series 2025-R05, Class 2M1 5.272% (CME Term SOFR + 1.20%), 07/25/2045^(a)(c)			1,923		1,922,644
Series 2025-R06, Class 1A1 4.972% (CME Term SOFR + 0.90%), 09/25/2045^(a)(c)			689		688,787
Series 2025-R06, Class 1M1 5.022% (CME Term SOFR + 0.95%), 09/25/2045^(a)(c)			939		937,394
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2021-DNA5, Class M2 5.722% (CME Term SOFR + 1.65%), 01/25/2034^(a)(c)			186		186,842
Series 2021-DNA6, Class M2 5.572% (CME Term SOFR + 1.50%), 10/25/2041^(a)(c)			2,052		2,059,993
Series 2021-DNA7, Class M2 5.872% (CME Term SOFR + 1.80%), 11/25/2041^(a)(c)			2,412		2,426,443
Series 2021-HQA4, Class M2 6.422% (CME Term SOFR + 2.35%), 12/25/2041^(a)(c)			1,530		1,548,634
Series 2022-DNA3, Class M1B 6.972% (CME Term SOFR + 2.90%), 04/25/2042^(a)(c)			711		730,112
Series 2022-DNA4, Class M1B 7.422% (CME Term SOFR + 3.35%), 05/25/2042^(a)(c)			1,358		1,402,618
Series 2022-DNA5, Class M1B 8.572% (CME Term SOFR + 4.50%), 06/25/2042^(a)(c)			2,274		2,391,944
Series 2022-DNA7, Class M1A 6.572% (CME Term SOFR + 2.50%), 03/25/2052^(a)(c)			540		544,287



20 AB Core Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2023-DNA1, Class M1A 6.142% (CME Term SOFR + 2.10%), 03/25/2043^(a)(c)	U.S.$		505	$	512,472
Series 2023-DNA2, Class M1A 6.142% (CME Term SOFR + 2.10%), 04/25/2043^(a)(c)			1,703		1,726,342
Series 2024-DNA3, Class A1 5.122% (CME Term SOFR + 1.05%), 10/25/2044^(a)(c)			996		998,131
Series 2024-HQA1, Class M1 5.322% (CME Term SOFR + 1.25%), 03/25/2044^(a)(c)			671		670,709
Series 2024-HQA2, Class M1 5.272% (CME Term SOFR + 1.20%), 08/25/2044^(a)(c)			1,028		1,029,064
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA1 Series 2025-DNA1, Class A1 5.022% (CME Term SOFR + 0.95%), 01/25/2045^(a)(c)			815		816,096
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA2 Series 2025-DNA2, Class A1 5.172% (CME Term SOFR + 1.10%), 05/25/2045^(a)(c)			485		486,111
Series 2025-DNA2, Class M1 5.272% (CME Term SOFR + 1.20%), 05/25/2045^(a)(c)			512		512,356
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-Dna3 Series 2025-DNA3, Class A1 5.022% (CME Term SOFR + 0.95%), 09/25/2045^(a)(c)			1,996		1,997,085
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA4 Series 2025-DNA4, Class M1 5.172% (CME Term SOFR + 1.10%), 10/25/2045^(a)(c)			1,668		1,667,240
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-Hqa1 Series 2025-HQA1, Class A1 5.022% (CME Term SOFR + 0.95%), 02/25/2045^(a)(c)			1,085		1,085,893

					36,211,069

Non-Agency Fixed Rate – 0.6%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 07/25/2035			49		32,152



ABFunds.com		AB Core Bond ETF 21

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2006-24CB, Class A16 5.75%, 08/25/2036	U.S.$		337	$	163,530
Series 2006-J1, Class 1A13 5.50%, 02/25/2036			135		90,834
CHL Mortgage Pass-Through Trust Series 2006-13, Class 1A19 6.25%, 09/25/2036			73		32,012
FIGRE Trust Series 2025-HE7, Class A 5.15%, 11/25/2055^(a)			1,577		1,578,670
Series 2025-HE8, Class A 5.206%, 11/25/2055^(a)			1,854		1,857,690
JP Morgan Mortgage Trust Series 2025-HE3, Class A1 5.422%, 03/25/2056^(a)			1,800		1,800,259

					5,555,147

Non-Agency Floating Rate – 0.6%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 4.449% (CME Term SOFR 1 Month + 0.49%), 12/25/2036^(c)			762		241,183
Federal Home Loan Mortgage Corp. Mscr Trust Mn1 Series 2021-MN1, Class M1 6.072% (CME Term SOFR + 2.00%), 01/25/2051^(a)(c)			65		64,635
Home Equity Asset Trust Series 2007-3, Class M1 4.594% (CME Term SOFR 1 Month + 0.64%), 08/25/2037^(c)			3,453		4,177,278
HomeBanc Mortgage Trust Series 2005-1, Class A1 4.569% (CME Term SOFR 1 Month + 0.61%), 03/25/2035^(c)			93		76,946
JPMorgan Chase Bank NA – CHASE Series 2019-CL1, Class M3 6.169% (CME Term SOFR 1 Month + 2.21%), 04/25/2047^(a)(c)			152		153,427
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates Series 2004-1, Class 1A 4.669% (CME Term SOFR 1 Month + 0.71%), 04/25/2034^(c)			25		25,265

					4,738,734

Agency Floating Rate – 0.2%
Federal Home Loan Mortgage Corp. REMICS Series 4416, Class BS 1.844% (5.99% – CME Term SOFR), 12/15/2044^(c)(g)			956		107,448



22 AB Core Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 4693, Class SL 1.894% (6.04% – CME Term SOFR), 06/15/2047^(c)(g)	U.S.$		1,037	$	127,493
Series 4954, Class SL 1.864% (5.94% – CME Term SOFR), 02/25/2050^(c)(g)			1,354		166,486
Series 4981, Class HS 1.914% (5.99% – CME Term SOFR), 06/25/2050^(c)(g)			3,148		351,506
Federal National Mortgage Association REMICS Series 2016-106, Class ES 1.814% (5.89% – CME Term SOFR), 01/25/2047^(c)(g)			958		120,201
Series 2017-73, Class SA 1.964% (6.04% – CME Term SOFR), 09/25/2047^(c)(g)			1,250		163,427
Series 2017-97, Class LS 2.014% (6.09% – CME Term SOFR), 12/25/2047^(c)(g)			937		116,130
Series 2017-97, Class SW 2.014% (6.09% – CME Term SOFR), 12/25/2047^(c)(g)			847		111,425
Government National Mortgage Association Series 2017-134, Class SE 2.126% (6.09% – CME Term SOFR 1 Month), 09/20/2047^(c)(g)			639		86,002
Series 2017-43, Class ST 2.026% (5.99% – CME Term SOFR 1 Month), 03/20/2047^(c)(g)			1,279		161,608
Series 2017-65, Class ST 2.076% (6.04% – CME Term SOFR 1 Month), 04/20/2047^(c)(g)			1,137		148,028

					1,659,754

Agency Fixed Rate – 0.1%
Federal Home Loan Mortgage Corp. REMICS Series 4973, Class BI 4.50%, 05/25/2050^(h)			3,688		865,710
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 4.273%, 05/28/2035			212		207,620

					1,073,330

Total Collateralized Mortgage Obligations (cost $44,962,195)					49,238,034


AGENCIES – 1.5%
Agency Debentures – 1.5%
Federal Home Loan Banks 4.00%, 06/30/2028			10,600		10,725,822
4.75%, 12/08/2028			1,785		1,845,387



ABFunds.com		AB Core Bond ETF 23

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Federal National Mortgage Association 6.25%, 05/15/2029	U.S.$		355	$	386,346
6.625%, 11/15/2030			260		295,046


Total Agencies (cost $13,097,183)					13,252,601


COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.3%
Non-Agency Floating Rate CMBS – 0.8%
ALA Trust Series 2025-OANA, Class A 5.702% (CME Term SOFR 1 Month + 1.74%), 06/15/2040^(a)(c)			1,520		1,526,056
AREIT Trust Series 2022-CRE6, Class A 5.355% (CME Term SOFR + 1.25%), 01/20/2037^(a)(c)			1,656		1,656,450
BHMS Commercial Mortgage Trust Series 2025-ATLS, Class A 5.809% (CME Term SOFR 1 Month + 1.85%), 08/15/2042^(a)(c)			1,442		1,444,707
BX Commercial Mortgage Trust Series 2019-IMC, Class D 5.905% (CME Term SOFR 1 Month + 1.95%), 04/15/2034^(a)(c)			207		203,258
Series 2019-IMC, Class E 6.155% (CME Term SOFR 1 Month + 2.20%), 04/15/2034^(a)(c)			839		822,930
CLNY Trust Series 2019-IKPR, Class D 6.382% (CME Term SOFR 1 Month + 2.39%), 11/15/2038^(a)(c)			744		688,387
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 5.538% (CME Term SOFR 1 Month + 1.58%), 07/15/2036^(a)(c)			566		532,557

					6,874,345

Non-Agency Fixed Rate CMBS – 0.5%
GS Mortgage Securities Trust Series 2011-GC5, Class D 5.314%, 08/10/2044^(a)			28		21,208
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class A1 1.433%, 08/15/2026^(e)			338		336,437
Series 2021-1, Class A2 2.435%, 08/15/2026^(e)			1,801		1,793,094
Series 2021-1, Class AS 2.638%, 08/15/2026^(e)			59		58,277



24 AB Core Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

JPMBB Commercial Mortgage Securities Trust Series 2013-C14, Class D 4.172%, 08/15/2046^(a)	U.S.$		472	$	364,550
Series 2014-C22, Class XA 0.551%, 09/15/2047^(h)			283		9
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19, Class D 3.25%, 12/15/2047^(a)			448		427,796
Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class C 4.487%, 11/15/2049			1,030		993,350

					3,994,721

Total Commercial Mortgage-Backed Securities (cost $11,064,188)					10,869,066


INFLATION-LINKED SECURITIES – 1.2%
United States – 1.2%
U.S. Treasury Inflation Index 0.25%, 07/15/2029 (TIPS) (cost $9,886,464)			10,600		10,254,271


CORPORATES - NON-INVESTMENT GRADE – 1.1%
Industrial – 1.0%
Basic – 0.1%
Solstice Advanced Materials, Inc. 5.625%, 09/30/2033^(a)			563		566,519


Capital Goods – 0.1%
Axon Enterprise, Inc. 6.125%, 03/15/2030^(a)			655		678,122
6.25%, 03/15/2033^(a)			476		495,311

					1,173,433

Communications - Media – 0.2%
Discovery Communications LLC 5.20%, 09/20/2047			6		3,928
VZ Vendor Financing II BV 2.875%, 01/15/2029^(a)	EUR		540		589,465
Warnermedia Holdings, Inc. 4.279%, 03/15/2032	U.S.$		1,061		970,284

					1,563,677

Communications - Telecommunications – 0.0%
Altice France SA 4.75%, 10/15/2030^(a)	EUR		199		221,169


Consumer Cyclical - Other – 0.1%
Hilton Domestic Operating Co., Inc. 5.875%, 04/01/2029^(a)	U.S.$		455		465,861



ABFunds.com		AB Core Bond ETF 25

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

6.125%, 04/01/2032^(a)	U.S.$		261	$	270,631

					736,492

Consumer Cyclical - Retailers – 0.1%
Advance Auto Parts, Inc. 7.00%, 08/01/2030^(a)			1,250		1,276,137


Consumer Non-Cyclical – 0.1%
CVS Health Corp. 6.75%, 12/10/2054			47		48,580
7.00%, 03/10/2055			786		829,018
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028^(a)	EUR		320		357,271

					1,234,869

Energy – 0.1%
Sunoco LP 5.625%, 03/15/2031^(a)	U.S.$		753		757,781


Technology – 0.2%
Kioxia Holdings Corp. 6.625%, 07/24/2033^(a)			1,268		1,316,450

					8,846,527

Utility – 0.1%
Electric – 0.1%
Vistra Corp. 7.00%, 12/15/2026^(a)(b)			648		656,366


Total Corporates - Non-Investment Grade (cost $9,428,885)					9,502,893


LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.6%
United States – 0.6%
State Board of Administration Finance Corp. (Florida Hurricane Catastrophe Fund) Series 2020-A 1.705%, 07/01/2027			1,634		1,581,610
State of California (State of California) Series 2010 7.625%, 03/01/2040			2,040		2,498,088
University of California (University of California) Series 2021-B 3.071%, 05/15/2051			2,070		1,433,744


Total Local Governments - US Municipal Bonds (cost $5,803,344)					5,513,442



26 AB Core Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

GOVERNMENTS - SOVEREIGN BONDS – 0.6%
Chile – 0.1%
Chile Electricity Lux MPC II SARL 5.58%, 10/20/2035^(a)	U.S.$		623	$	639,810
5.672%, 10/20/2035^(a)			310		320,070

					959,880

Colombia – 0.1%
Colombia Government International Bond 3.125%, 04/15/2031			696		603,954


Ecuador – 0.1%
Amazon Conservation DAC 6.034%, 01/16/2042^(a)			927		967,454


Mexico – 0.1%
Mexico Government International Bond 5.375%, 03/22/2033			716		714,210


Romania – 0.2%
Romanian Government International Bond 5.75%, 09/16/2030^(a)			2,010		2,060,341


Total Governments - Sovereign Bonds (cost $5,275,288)					5,305,839


EMERGING MARKETS - CORPORATE BONDS – 0.5%
Industrial – 0.3%
Basic – 0.1%
Braskem Netherlands Finance BV 4.50%, 01/10/2028^(a)			1,440		561,600


Consumer Cyclical - Other – 0.1%
Wynn Macau Ltd. 5.625%, 08/26/2028^(a)			730		724,415


Energy – 0.1%
Ecopetrol SA 8.375%, 01/19/2036			461		471,949
8.625%, 01/19/2029			667		716,918
Oleoducto Central SA 4.00%, 07/14/2027^(a)			248		243,737

					1,432,604

					2,718,619

Utility – 0.2%
Electric – 0.0%
Terraform Global Operating LP 6.125%, 03/01/2026^(a)			45		44,539



ABFunds.com		AB Core Bond ETF 27

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Other Utility – 0.2%
Aegea Finance SARL 7.625%, 01/20/2036^(a)	U.S.$		1,283	$	1,216,566

					1,261,105

Total Emerging Markets - Corporate Bonds (cost $4,752,776)					3,979,724


COLLATERALIZED LOAN OBLIGATIONS – 0.2%
CLO - Floating Rate – 0.2%
Ballyrock CLO 27 Ltd. Series 2024-27A, Class A1A 5.208% (CME Term SOFR 3 Month + 1.35%), 10/25/2037^(a)(c)			714		714,426
Benefit Street Partners CLO XXXVIII Ltd. Series 2024-38A, Class A 5.168% (CME Term SOFR 3 Month + 1.31%), 01/25/2038^(a)(c)			819		820,407
OCP CLO Ltd. Series 2024-34A, Class A1 5.265% (CME Term SOFR 3 Month + 1.36%), 10/15/2037^(a)(c)			561		562,210


Total Collateralized Loan Obligations (cost $2,092,976)					2,097,043


QUASI-SOVEREIGNS – 0.1%
Quasi-Sovereign Bonds – 0.1%
Mexico – 0.1%
Comision Federal de Electricidad 4.688%, 05/15/2029^(a)			478		471,392
5.70%, 01/24/2030^(a)			705		715,046


Total Quasi-Sovereigns (cost $1,182,635)					1,186,438


EMERGING MARKETS - SOVEREIGNS – 0.1%
Mexico – 0.1%
Eagle Funding Luxco SARL 5.50%, 08/17/2030^(a) (cost $859,941)			862		874,404


GOVERNMENTS - SOVEREIGN AGENCIES – 0.1%
Kazakhstan – 0.1%
Baiterek National Managing Holding JSC 5.45%, 05/08/2028^(a) (cost $354,401)			356		360,169



28 AB Core Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

U.S. $ Value

COMMON STOCKS – 0.0%

Communication Services – 0.0%

Diversified Telecommunication Services – 0.0%

Altice France SA/LuxCo3^(d)(i)(j)
(cost $24,345)

1,339

24,475

Principal
Amount
(000)

SHORT-TERM INVESTMENTS – 2.0%

U.S. Treasury Bills – 2.0%

U.S. Treasury Bill
Zero Coupon, 01/02/2026
(cost $17,596,994)

U.S.$

17,658

17,597,700

Total Investments – 97.8%
(cost $878,692,526)

857,058,864

Other assets less liabilities – 2.2%

19,493,044

Net Assets – 100.0%

876,551,908

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		141		March 2026	$	29,449,172	$	469
U.S. T-Note 5 Yr (CBT) Futures		898		March 2026		98,569,531		368,250
U.S. T-Note 10 Yr (CBT) Futures		97		March 2026		10,994,344		(8,563	)
U.S. Ultra Bond (CBT) Futures		187		March 2026		22,615,313		(6,773	)

Sold Contracts
Japan 10 Yr Bond (OSE) Futures		25		December 2025		21,648,510		123,358

							$	476,741

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.		USD	823		JPY	128,783		01/23/2026	$	5,884
State Street Bank & Trust Co.		EUR	727		USD	841		01/29/2026		(5,018	)
State Street Bank & Trust Co.		JPY	1,185,894		USD	7,783		01/30/2026		146,641

									$	147,507

**	Principal amount less than 500.

(a)



ABFunds.com		AB Core Bond ETF 29

PORTFOLIO OF INVESTMENTS (continued)

(b)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(c)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2025.

(d)	Non-income producing security.

(e)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.36% of net assets as of November 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class A1 1.433%, 08/15/2026		12/20/2021- 08/03/2023	$	315,015	$	336,437		0.04	%
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021- 09/06/2022		1,809,598		1,793,094		0.20	%
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021- 04/01/2021		59,232		58,277		0.01	%
Tricolor Auto Securitization Trust Series 2024-2A, Class A 6.36%, 12/15/2027		05/14/2024		118,921		113,646		0.01	%
Tricolor Auto Securitization Trust Series 2025-1A, Class A 4.94%, 02/15/2029		03/11/2025		1,273,007		891,015		0.10	%

(f)	Defaulted.

(g)	Inverse interest only security.

(h)	IO - Interest Only.

(i)	Fair valued by the Adviser.

(j)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.

Currency Abbreviations:

EUR – Euro

JPY – Japanese Yen

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CBT – Chicago Board of Trade

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

OSE – Osaka Securities Exchange

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

TIPS – Treasury Inflation Protected Security

See notes to financial statements.



30 AB Core Bond ETF		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities at value (cost $878,692,526)	$	857,058,864
Cash		115,380,346
Cash collateral due from broker		2,878,151
Unaffiliated interest and dividends		6,169,136
Unrealized appreciation of forward currency exchange contracts		152,525
Receivable due from Adviser		20,800
Affiliated dividends		12,499

Total assets		981,672,321

Liabilities
Payable for investment securities purchased		104,254,094
Payable for variation margin on futures		455,717
Advisory fee		205,085
Foreign capital gains taxes		9,781
Unrealized depreciation of forward currency exchange contracts		5,018
Other liabilities		190,718

Total liabilities		105,120,413

Net Assets	$	876,551,908

Composition of Net Assets
Capital stock, at par	$	2,907
Additional paid-in capital		983,555,148
Accumulated loss		(107,006,147	)

	$	876,551,908

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 29,068,003 common shares outstanding)	$	30.16

See notes to financial statements.



ABFunds.com		AB Core Bond ETF 31

STATEMENT OF OPERATIONS


	October 1, 2025 to November 30, 2025^(a)			Year Ended September 30, 2025^(b)
Investment Income
Income:
Interest	$	6,350,435		$	37,785,776
Dividends – Affiliated issuers		134,136			1,271,691

Total income		6,484,571			39,057,467

Expenses:
Advisory fee (see Note B)		552,941			3,671,355
Transfer Agent fee		3,229			18,614
Legal fees		60,813			75,433
Administrative		0			115,208
Auditing and tax fees		17,368			93,918
Custody and accounting fees		14,855			147,370
Printing fees		8,772			15,700
Directors’ fees and expenses		6,499			25,811
Registration fees		0			43,043
Miscellaneous		854			32,583

Total expenses		665,331			4,239,035

Less: expenses waived and reimbursed by the Adviser (see Note B)		(119,641	)		(625,887	)

Net expenses		545,690			3,613,148

Net investment income		5,938,881			35,444,319

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		232,069			(1,645,014	)^(c)
Forward currency exchange contracts		439,326			(6,830	)
Futures		1,186,004			216,427
Swaps		131,005			116,917
Foreign currency transactions		1,927			379,178

Net change in unrealized appreciation (depreciation) of:
Investments		2,301,077			(9,300,805	)^(d)
Forward currency exchange contracts		52,650			173,165
Futures		(343,372	)		477,849
Swaps		(155,766	)		(22,266	)
Foreign currency denominated assets and liabilities		(1,538	)		(2,881	)

Net realized and unrealized gain (loss) on investment and foreign currency transactions		3,843,382			(9,614,260	)

Net Increase in Net Assets from Operations	$	9,782,263		$	25,830,059

(a)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(b)	After the close of business on November 7, 2025, Bernstein Intermediate Duration Institutional Portfolio (the “Acquired Portfolio”) was reorganized into AB Core Bond ETF. The amounts disclosed include those of the Acquired Portfolio. See Note A for additional information on the reorganization.

(c)	Net of foreign realized capital gains taxes of $4,092.

(d)	Net of increase in accrued foreign capital gain taxes on unrealized gains of $1,990.

See notes to financial statements.



32 AB Core Bond ETF		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS


	October 1, 2025 to November 30, 2025^(a)			Year Ended September 30, 2025^(b)			Year Ended September 30, 2024
Increase in Net Assets from Operations
Net investment income	$	5,938,881		$	35,444,319		$	31,465,700
Net realized gain (loss) on investment and foreign currency transactions		1,990,331			(939,322	)		(10,647,246	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		1,853,051			(8,674,938	)		66,265,516

Net increase in net assets resulting from operations		9,782,263			25,830,059			87,083,970

Distributions to shareholders		(3,584,580	)		(34,541,099	)		(31,542,428	)

Transactions in Shares of the Fund
Net increase		16,719,933			91,558,182			57,783,577

Other capital		5,036			– 0	–		– 0	–
Total increase		22,922,652			82,847,142			113,325,119
Net Assets:
Beginning of period		853,629,256			770,782,114			657,456,995

End of period	$	876,551,908		$	853,629,256		$	770,782,114

(a)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(b)	After the close of business on November 7, 2025, Bernstein Intermediate Duration Institutional Portfolio (the “Acquired Portfolio”) was reorganized into AB Core Bond ETF. The amounts disclosed include those of the Acquired Portfolio. See Note A for additional information on the reorganization.

See notes to financial statements.



ABFunds.com		AB Core Bond ETF 33

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

AB Active ETFs, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Corporation, which is a Maryland corporation, operates as a series company comprised of 23 portfolios currently in operation. Each fund is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Core Bond ETF (the “Fund”), a diversified portfolio. The Fund commenced investment operations on November 10, 2025. At meetings held on May 6-8, 2025, the Fund’s Board of Directors the Board of Directors of the Fund (the “Board”) approved the reorganization of Bernstein Intermediate Duration Institutional Portfolio, a portfolio of Sanford C. Bernstein Fund II, Inc. (the “Acquired Portfolio”) into a newly-created exchanged-traded fund (“ETF”) (a “Conversion”), which will be managed by AllianceBernstein L.P. (the “Adviser”). Pursuant to an Agreement and Plan of Acquisition and Termination (the “Plan”), the Acquired Portfolio was converted into an ETF, the Fund (the “Acquiring Portfolio”) with the same investment objective, and the same investment policies and investment strategies as the Acquired Portfolio on the closing date of the Conversion, November 7, 2025. In connection with the Conversion, the assets and liabilities of the Acquired Portfolio were transferred to the Acquiring Portfolio, and stockholders of the Acquired Portfolio received shares of the Acquiring Portfolio equal in aggregate net asset value (“NAV”) to the NAV of their shares of the Acquired Portfolio (less cash corresponding to any fractional share amount). The Acquired Portfolio had a fiscal year end of September 30, however the Fund has a fiscal year end of November 30. See Note I for additional information regarding the Conversion. The Acquired Portfolio was the accounting survivor in the Conversion and as such, the financial statements and the financial highlights reflect the financial information of the Acquired Portfolio through November 7, 2025. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation



34 AB Core Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed and over-the-counter (“OTC”) put and call options are valued using market quotations when available. Listed options are generally valued at the last reported sale price, provided such price is within the bid-ask range, otherwise, they are valued based on the bid or ask price, as determined by a pricing service; options on futures may be valued at their settlement prices; OTC options, including flexible exchange-traded options (“Flex Options”), are generally valued using models that consider the terms of the option and relevant market inputs and are typically valued at transaction price on the trade date; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value price is available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange-traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate



ABFunds.com		AB Core Bond ETF 35

NOTES TO FINANCIAL STATEMENTS (continued)

by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents.

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)



36 AB Core Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Governments – Treasuries

– 0

–

270,744,364

– 0

–

270,744,364

Corporates – Investment Grade

– 0

–

224,353,034

– 0

–

224,353,034

Mortgage Pass-Throughs

– 0

–

182,621,106

– 0

–

182,621,106

Asset-Backed Securities

– 0

–

49,284,261

– 0

–

49,284,261

Collateralized Mortgage Obligations

– 0

–

49,238,034

– 0

–

49,238,034

Agencies

– 0

–

13,252,601

– 0

–

13,252,601

Commercial Mortgage-Backed Securities

– 0

–

10,869,066

– 0

–

10,869,066

Inflation-Linked Securities

– 0

–

10,254,271

– 0

–

10,254,271

Corporates – Non-Investment Grade

– 0

–

9,502,893

– 0

–

9,502,893

Local Governments – US Municipal Bonds

– 0

–

5,513,442

– 0

–

5,513,442

Governments – Sovereign Bonds

– 0

–

5,305,839

– 0

–

5,305,839

Emerging Markets – Corporate Bonds

– 0

–

3,979,724

– 0

–

3,979,724



ABFunds.com		AB Core Bond ETF 37

NOTES TO FINANCIAL STATEMENTS (continued)

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Collateralized Loan Obligations

– 0

–

2,097,043

– 0

–

2,097,043

Quasi-Sovereigns

– 0

–

1,186,438

– 0

–

1,186,438

Emerging Markets – Sovereigns

– 0

–

874,404

– 0

–

874,404

Governments – Sovereign Agencies

– 0

–

360,169

– 0

–

360,169

Common Stocks

– 0

–

– 0

–

24,475

Short-Term Investments

– 0

–

17,597,700

– 0

–

17,597,700

Total Investments in Securities

– 0

–

857,034,389

24,475

857,058,864

Other Financial Instruments^(a):

Assets:

Futures

492,077

– 0

–

– 0

–

492,077

^(b)

Forward Currency Exchange Contracts

– 0

–

152,525

– 0

–

152,525

Liabilities:

Futures

(15,336

)

– 0

–

– 0

–

(15,336

)^(b)

Forward Currency Exchange Contracts

– 0

–

(5,018

)

– 0

–

(5,018

)

Total

476,741

857,181,896

24,475

857,683,112

(a)

(b)

3. Currency Translation

4. Taxes



38 AB Core Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

5. Investment Income and Investment Transactions

6. Dividends and Distributions

7. Offering Expenses

The Adviser has agreed to pay all of the Fund’s organization and offering costs. The Fund is not obligated to repay any such organizational expenses or offering costs paid by the Adviser.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.



ABFunds.com		AB Core Bond ETF 39

NOTES TO FINANCIAL STATEMENTS (continued)

9. Segment Information

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser a unitary advisory fee at an annual rate of .28% of the Fund’s average daily net assets. Prior to November 7, 2025, the Acquired Portfolio paid the Adviser an advisory fee at an annual rate of 0.45% of the first $2.5 billion, 0.40% of the next $2.5 billion, 0.35% of the next $5 billion and 0.30% in excess of $8 billion of the average daily net assets of the Acquired Portfolio. Pursuant to an Expense Limitation Agreement, the Adviser waived a portion of its advisory fee or reimbursed the Acquired Portfolio for a portion of its expenses to the extent necessary to limit the Acquired Portfolio’s expenses to 0.45%. This waiver extended through January 28, 2026 and may be extended by the Adviser for additional one-year terms. For the period ended November 30, 2025 and the year ended September 30, 2025, such reimbursements/waiver amounted to $112,390 and $566,715, respectively.

Prior to November 7, 2025, Under the Distribution Agreement between the Acquired Portfolio and Sanford C. Bernstein & Co., LLC (the “Distributor”), the Distributor agreed to act as agent to sell shares of the Fund. The Distributor received no fee for this service, and furthermore agreed to pay all expenses arising from the performance of its obligations under this agreement. The Distributor is a wholly owned subsidiary of the Adviser.

The Fund may invest in AB Government Money Market Portfolio which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory



40 AB Core Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

fee of .15%) until August 31, 2024. In connection with the investment by the Fund in AB Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to Fund’s pro rata share of the effective advisory fee of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the period ended November 30, 2025 and the year ended September 30, 2025, such waiver/reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $7,251 and $59,172, respectively.

A summary of the Fund’s transactions in AB mutual funds for the period ended November 30, 2025 is as follows:


Fund	Market Value 9/30/25 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	34,457	$	45,304	$	79,761	$	– 0 –	$	134

A summary of the Portfolio’s transactions in AB mutual funds for the year ended September 30, 2025 is as follows:


Fund	Market Value 9/30/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	40,682	$	565,065	$	571,290	$	34,457	$	1,272

NOTE C

Distribution Services Agreement

Effective November 7, 2025, the Fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 of the Act which permits the Fund to pay distribution and servicing fees not to exceed .25% per year of the Fund’s average daily net assets. No such fees are currently paid, and the Board has not approved the commencement of payments under the Rule 12b-1 Distribution and Service Plan.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the period ended November 30, 2025 were as follows:


	Purchases		Sales
Investment securities (excluding U.S. government securities)...................	$	19,570,805	$	15,986,062
U.S. government securities......................		272,990,756		253,756,607



ABFunds.com		AB Core Bond ETF 41

NOTES TO FINANCIAL STATEMENTS (continued)

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the year end September 30, 2025 were as follows:


	Purchases		Sales
In-Kind transactions (excluding U.S. government securities)	$	176,355,507	$	101,854,814
U.S. government securities		1,336,240,839		1,303,659,192

During the period ended November 30, 2025, the Fund delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction. For the period ended November 30, 2025, the Fund had in-kind purchases and in-kind sales as follows:


	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	4,996,777	$	– 0	–
U.S. government securities		3,401,267		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	879,021,901

Gross unrealized appreciation	$	16,184,440
Gross unrealized depreciation		(38,039,525	)

Net unrealized depreciation	$	(21,855,085	)

1. Derivative Financial Instruments

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

•

Futures



42 AB Core Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Fund enters into futures, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Portfolio agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. The Fund may enter into futures only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transactions; therefore, the Fund’s credit risk is subject to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the period ended November 30, 2025, the Fund held futures for hedging and non-hedging purposes. During the year ended September 30, 2025, the Portfolio held futures for hedging and non-hedging purposes.

•

Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or



ABFunds.com		AB Core Bond ETF 43

NOTES TO FINANCIAL STATEMENTS (continued)

loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the period ended November 30, 2025, the Fund held forward currency exchange contracts for hedging purposes. During the year ended September 30, 2025, the Portfolio held forward currency exchange contracts for hedging purposes.

•

Swaps

The Portfolio may enter into swaps for investment purposes or to hedge its exposure to interest rates, credit risk, or inflation. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures, including by making direct investments in foreign currencies, as described below under “Currency Transactions”. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices, rates or indexes for a specified amount of an underlying asset or inflation. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.



44 AB Core Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain (loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps are subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts, or adjustments or payments are known as variation margin and are recorded by the Portfolio as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:



ABFunds.com		AB Core Bond ETF 45

NOTES TO FINANCIAL STATEMENTS (continued)

During the period ended November 30, 2025, the Fund held interest rate swaps for hedging and non-hedging purposes. During the year ended September 30, 2025, the Portfolio held interest rate swaps for hedging and non-hedging purposes.



46 AB Core Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

During the period ended November 30, 2025, the Fund had entered into the following derivatives:

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on futures

492,077

Payable for variation margin on futures

15,336

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

152,525

Unrealized depreciation on forward currency exchange contracts

5,018

Total

644,602

20,354

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the schedule of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations for Period ended October 1, 2025 to November 30, 2025	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	1,186,004	$	(343,372	)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		439,326		52,650

Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		131,005		(155,766	)

Total		$	1,756,335	$	(446,488	)



ABFunds.com		AB Core Bond ETF 47

NOTES TO FINANCIAL STATEMENTS (continued)


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations for the Year ended September 30, 2025	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	216,427		$	477,849

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(6,830	)		173,165

Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		116,917			(22,266	)

Total		$	326,514		$	628,748

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended November 30, 2025:


Futures:
Average notional amount of buy contracts	$	160,672,231
Average notional amount of sale contracts	$	22,348,623
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	355,586
Average principal amount of sale contracts	$	8,902,404
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	4,950,000	^(a)

(a)	Positions were open for less than one month during the year.

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended September 30, 2025:


Futures:
Average notional amount of buy contracts	$	185,323,209
Average notional amount of sale contracts	$	14,016,798	^(a)
Forward Currency Exchange Contracts:
Average notional amount of buy contracts	$	1,209,698	^(b)
Average notional amount of sale contracts	$	6,513,992
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	4,950,000

(a)	Positions were open for eleven months during the year.

(b)	Positions were open for five months during the year.



48 AB Core Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.


Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
State Street Bank & Trust Co.	$	152,525	$	(5,018	)	$	– 0	–	$	– 0	–	$	147,507

Total	$	152,525	$	(5,018	)	$	– 0	–	$	– 0	–	$	147,507	^


Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
State Street Bank & Trust Co.	$	5,018	$	(5,018	)	$	– 0	–	$	– 0	–	$	– 0	–

Total	$	5,018	$	(5,018	)	$	– 0	–	$	– 0	–	$	– 0	–

*	The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^	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.

2. Currency Transactions



ABFunds.com		AB Core Bond ETF 49

NOTES TO FINANCIAL STATEMENTS (continued)

3. TBA and Dollar Rolls

The Fund may invest in TBA mortgage-backed securities. A TBA, or “To Be Announced”, trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agreed-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions.

The Fund may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and Fund simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the period ended November 30, 2025 and for the year ended September 30, 2025, the Fund earned drop income of $48,246 and $527,574, respectively, which is included in interest income in the accompanying statement of operations.

NOTE E

Shares of the Fund



50 AB Core Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

charges, if any, are included in other capital within the Statement of Changes in Net Assets. Transactions in shares of the Fund were as follows:


	Shares									Amount
	Period Ended November 30, 2025^(a)			Year Ended September 30, 2025^(b)			Year Ended September 30, 2024			Period Ended November 30, 2025^(a)			Year Ended September 30, 2025^(b)			Year Ended September 30, 2024

Advisor Class
Shares sold		1,156,990			12,979,855			12,771,067		$	34,823,537		$	167,178,062		$	163,794,615

Shares issued in reinvestment of dividends and distributions		125,161			2,253,626			2,043,452			3,770,223			29,078,647			26,156,909

Shares converted from Intermediate Duration Institutional Class		(28,468,036	)		– 0	–		– 0	–		(854,041,087	)		– 0	–		– 0	–

Shares converted to Adviser Class		28,468,036			– 0	–		– 0	–		854,041,087			– 0	–		– 0	–

Shares redeemed		(727,384	)		(8,093,165	)		(10,350,616	)		(21,873,827	)		(104,698,527	)		(132,167,947	)

Net increase		554,767			7,140,316			4,463,903		$	16,719,933		$	91,558,182		$	57,783,577

(a)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(b)	After the close of business on November 7, 2025, Bernstein Intermediate Duration Institutional Portfolio (the “Acquired Portfolio”) was reorganized into AB Core Bond ETF. The amounts disclosed include those of the Acquired Portfolio. See Note A for additional information on the reorganization.

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, changing interest rate levels, the imposition of new or additional tariffs, and regional and global conflicts, that affect large portions of the market.

Interest-Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.



ABFunds.com		AB Core Bond ETF 51

NOTES TO FINANCIAL STATEMENTS (continued)

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed income security with a duration of three years will likely decrease in value by approximately 3% if interest rates increase by 1%.

Inflation-Protected Securities Risk—The terms of inflation-protected securities provide for the coupon and/or maturity value to be adjusted based on changes in an inflation index. Decreases in the inflation rate or in investors’ expectations about inflation could cause these securities to underperform non-inflation-adjusted securities on a total-return basis. In addition, there can be no assurance that the relevant inflation index will accurately measure the rate of inflation, in which case the securities may not work as intended. These securities may be more difficult to trade or dispose of than other types of securities.

Foreign (Non-U.S.) Securities Risk—Investments in foreign securities entail significant risks in addition to those customarily associated with investing in U.S. securities such as less liquid, less transparent, less regulated and more volatile markets. These risks include risks related to unfavorable or unsuccessful government actions, reduction of government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, social instability, armed conflict, and other adverse market, economic, political and regulatory factors, all of which could disrupt the financial markets in which the Fund invests and adversely affect the value of the Fund’s assets.

Emerging-Markets Securities Risk—The risks of investing in foreign (non-U.S.) securities are heightened with respect to issuers in emerging-market



52 AB Core Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

countries because the markets are less developed, less liquid and subject to increased potential for market manipulation, and there may be a greater amount of economic, political and social uncertainty. These risks are even more pronounced in “frontier” markets, which are investable markets with lower total market capitalization and liquidity than the more developed emerging markets. Emerging markets typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a pandemic, climate change, or a natural disaster.

Derivatives Risk—Derivatives may be difficult to price or unwind and may be leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

Mortgage-Related Securities Risk—Mortgage-related securities represent interests in “pools” of mortgages, including consumer loans or receivables held in trust. Mortgage-related securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-related securities. Asset-related securities entail certain risks not presented by mortgage-backed securities, including the risk that it may be difficult to perfect the liens securing any collateral backing certain asset-backed securities.

Subordination Risk—The Fund may invest in securities that are subordinated to more senior securities of an issuer, or which represent interests in pools of such subordinated securities. Subordinated securities will be disproportionately



ABFunds.com		AB Core Bond ETF 53

NOTES TO FINANCIAL STATEMENTS (continued)

affected by a default or even a perceived decline in creditworthiness of the issuer. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, any loss incurred by the subordinated securities is likely to be proportionately greater, and any recovery of interest or principal may take more time.

Redemption Risk—The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or unfavorable prices or increase or accelerate taxable gains or transaction costs and may negatively affect the Portfolio’s net asset value (“NAV”) or performance, which could cause the value of your investment to decline. Redemption risk is heightened during periods of overall market turmoil.

Foreign Currency Risk—This is the risk that changes in foreign (non-U.S.) currency exchange rates may negatively affect the value of the Fund’s investments or reduce the returns of the Fund. For example, the value of the Fund’s investments in foreign securities and foreign currency positions may decrease if the U.S. Dollar is strong (i.e., gaining value relative to other currencies) and other currencies are weak (i.e., losing value relative to the U.S. Dollar).

Actions by a Few Major Investors—In certain countries, volatility may be heightened by actions of a few major investors. For example, substantial increases or decreases in cash flows of mutual funds investing in these markets could significantly affect local securities prices and, therefore, share prices of the Fund.

Active Trading Risk—The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed



54 AB Core Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.



ABFunds.com		AB Core Bond ETF 55

NOTES TO FINANCIAL STATEMENTS (continued)

of a share on the Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.



56 AB Core Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE G

Joint Credit Facility

Note H

Distributions to Shareholders

The tax character of distributions paid during the fiscal period ended November 30, 2025 and the years ended September 30, 2025 and September 30, 2024 were as follows:


	November 10, 2025 to November 30, 2025		Year ended September 30, 2025		Year ended September 30, 2024
Distributions paid from:
Ordinary income	$	3,584,580	$	34,541,099	$	31,542,428
Total taxable distributions paid	$	3,584,580	$	34,541,099	$	31,542,428

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income	$	4,838,427
Accumulated capital and other losses		(89,977,812	)^(a)
Unrealized appreciation (depreciation)		(21,858,970	)^(b)

Total accumulated earnings (deficit)	$	(106,998,355	)

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $89,865,748. During the fiscal year, the Fund utilized $994,845 of capital loss carry forwards to offset current year net realized gains. As of November 30, 2025, the cumulative deferred loss on straddles was $112,064.

(b)	The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains (losses) on certain derivative instruments, the tax treatment of callable bonds, and the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $43,047,223 and a net long-term capital loss carryforward of $46,818,525, which may be carried forward for an indefinite period.



ABFunds.com		AB Core Bond ETF 57

NOTES TO FINANCIAL STATEMENTS (continued)

During the current fiscal year, there were no permanent differences that resulted in adjustments to accumulated loss or additional paid-in capital.

NOTE I

Reorganization

At meetings held on May 6—8, 2025, the Board, on behalf of the Fund, and the Board of Directors of the Acquired Portfolio approved the Conversion providing for the tax-free acquisition by the Fund of the assets and liabilities of the Acquired Portfolio. The acquisition was completed at the close of business November 7, 2025. Pursuant to the Plan, the assets and liabilities of the Acquired Portfolio’s shares were transferred in exchange for Fund shares, in a tax-free exchange as follows:

Portfolio

Shares
outstanding
before the
Conversion

Shares
outstanding
immediately
after the
Conversion

Aggregate
net assets
before the
Conversion

Aggregate
net assets
immediately
after the
Conversion

Acquired Portfolio*

64,921,899

– 0

–

854,037,950

– 0

–

The Fund

– 0

–

28,467,970

– 0

–

854,037,950

*	Represents the accounting survivor.

+	Includes distributions in excess of net investment income of $616,256 and unrealized depreciation on investments of $23,738,750, with a fair value of $818,947,577 and identified cost of $842,683,884.

Acquired Portfolio’s Share Class

Shares
outstanding
before
Conversion

Conversion
Ratio

Shares
outstanding
immediately
after the
Conversion

Advisor Class

64,921,899

0.43849565

28,467,970

NOTE J

Subsequent Events



58 AB Core Bond ETF		ABFunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period^(a)


	October 1, 2025 to November 30, 2025^(b)			Year Ended September 30,
	October 1, 2025 to November 30, 2025^(b)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$ 29.94			$ 30.38			$ 28.07			$ 29.01			$ 35.35			$ 36.58

Income From Investment Operations

Net investment income^(c)(d)		.21			1.28			1.28			1.07			0.59			0.68

Net realized and unrealized gain on investment transactions		.14			(.47	)		2.31			(.94	)		(5.81	)		(.66	)


Net increase in net asset value from operations		.35			.81			3.59			0.13			(5.22	)		0.02

Less: Dividends and distributions
Dividends from net investment income		(.13	)		(1.25	)		(1.28	)		(1.07	)		(.62	)		(.75	)
Distributions		– 0	–		– 0	–		– 0	–		– 0	–		(.50	)		(.50	)

Total dividends and distributions		(.13	)		(1.25	)		(1.28	)		(1.07	)		(1.12	)		(1.25	)

Net asset value, end of period		$ 30.16			$ 29.94			$ 30.38			$ 28.07			$ 29.01			$ 35.35

Total Return
Total investment return based on net asset value^(e)		.52	%		2.84	%		13.01	%		.45	%		(15.13	)%		.02	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$876,552			$853,629			$770,782			$657,457			$708,490			$1,016,985

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)		.38	%^{^}		.44	%		.45	%		.45	%		.45	%		.45	%

Expenses, before waivers/reimbursements^(f)		.46	%^{^}		.52	%		.52	%		.54	%		.51	%		.52	%

Net investment income^(d)		4.14	%		4.34	%		4.36	%		3.63	%		1.85	%		1.92	%

Portfolio turnover rate^(g)(h)		33	%		180	%		206	%		169	%		129	%		118	%

See footnote summary on page 60.



ABFunds.com		AB Core Bond ETF 59

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period^(a)

(a)

After the close of business on November 7, 2025, Bernstein Intermediate Duration Institutional Portfolio (the “Acquired Portfolio”) was converted into AB Core Bond ETF. The performance and financial history of the Acquired Portfolio’s Advisor Class Shares have been adopted by the Fund and will be used going forward. As a result, the Financial Highlight information includes that of the Acquired Portfolio’s Advisor Class Shares and has been adjusted retroactively for the periods from September 30, 2021 through the reorganization.

(b)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(c)	Based on average shares outstanding.

(d)	Net of expenses waived by the Adviser.

(e)

(f)

In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the year ended September 30, 2025, such waiver amounted to .01%.

(g)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

(h)	The Portfolio accounts for dollar roll transactions as purchases and sales.

^	Annualized.

See notes to financial statements.



60 AB Core Bond ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB Core Bond ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Core Bond ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statements of operations for the period from October 1, 2025 to November 30, 2025 and for the year ended September 30, 2025, the statements of changes in net assets for the period from October 1, 2025 to November 30, 2025 and for each of the two years in the period ended September 30, 2025, the financial highlights for the period from October 1, 2025 to November 30, 2025 and for each of the five years in the period ended September 30, 2025, 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations for the period from October 1, 2025 to November 30, 2025 and for the year ended September 30, 2025, the changes in its net assets for the period from October 1, 2025 to November 30, 2025 and for each of the two years in the period ended September 30, 2025 and its financial highlights for the period from October 1, 2025 to November 30, 2025 and for each of the five years in the period ended September 30, 2025, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s 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 Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and



ABFunds.com		AB Core Bond ETF 61

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

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 November 30, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. 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.

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 29, 2026



62 AB Core Bond ETF		ABFunds.com

2025 FEDERAL TAX INFORMATION

(unaudited)

The Fund designates $1,484,052 of distributions paid during the fiscal year ended November 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.



ABFunds.com		AB Core Bond ETF 63

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of AB Core Bond ETF (the “Fund”) for an initial two-year period at a meeting held in-person on May 6-8, 2025 (the “Meeting”).

Nature, Extent and Quality of Services to be Provided

The directors considered the scope and quality of services to be provided by the Adviser under the Advisory Agreement, including the quality of the investment



64 AB Core Bond ETF		ABFunds.com

Costs of Services to be Provided and Profitability

Fall-Out Benefits

Investment Results

Since the Fund was newly formed and had not yet commenced operations, no performance or other historical information for the Fund was available. However, it was proposed that the Fund would receive the assets of Bernstein Intermediate Duration Institutional Portfolio (the “Acquired Portfolio”), a series of Sanford C. Bernstein Fund II, Inc. (a mutual fund), in exchange for shares of the Fund (an exchange traded fund) and the assumption by the Fund of all the liabilities of the Acquired Portfolio. Shareholders of the Acquired Portfolio would receive shares of the Fund in a liquidating distribution of the Acquired Portfolio (the “Conversion”). The Conversion is expected to be consummated on or about November 7, 2025. Based on the Adviser’s written and oral presentations regarding the proposed management of the Fund and their general knowledge and confidence in the Adviser’s expertise in managing mutual funds and ETFs, the directors concluded that they were satisfied that the Adviser was capable of providing high quality Fund management services to the Fund.



ABFunds.com		AB Core Bond ETF 65

Advisory Fees and Other Expenses

The directors considered the proposed advisory fee rate payable by the Fund to the Adviser and information prepared by an independent service provider (the “15(c) service provider”), concerning advisory fee rates payable by other ETFs in the same category as the Fund, based on the Fund’s projected net assets of $842 million (the Acquired Portfolio’s current asset size). The directors noted that the proposed advisory fee is a unitary fee and that the Adviser will pay all expenses of the Fund except for certain expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors considered the Fund’s proposed contractual advisory fee rate against a peer group median and noted that it was lower than the median.



66 AB Core Bond ETF		ABFunds.com

comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser.

In connection with their review of the Fund’s proposed advisory fee, the directors also considered the Fund’s projected total expense ratio in comparison to the medians for a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”) selected by the 15(c) service provider. The directors view the Fund’s projected expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser will be responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s projected expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s projected expense ratio was acceptable.

Economies of Scale



ABFunds.com		AB Core Bond ETF 67

NOTES



68 AB Core Bond ETF		ABFunds.com

LOGO

AB CORE BOND ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-CORB-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB Core Plus Bond ETF

(NASDAQ: CPLS)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


	Principal Amount (000)		U.S. $ Value

GOVERNMENTS - TREASURIES – 43.0%
United States – 43.0%
U.S. Treasury Bonds 2.875%, 05/15/2049	$	1,175	$	865,782
3.00%, 02/15/2049		51		38,583
3.125%, 05/15/2048		7,012		5,462,786
3.375%, 11/15/2048		2,141		1,736,803
4.125%, 08/15/2053		725		661,053
4.375%, 05/15/2040		291		290,318
4.50%, 11/15/2054		64		62,162
4.625%, 02/15/2055		1,698		1,683,872
4.75%, 02/15/2045		352		357,541
4.75%, 08/15/2055		1,925		1,949,138
5.00%, 05/15/2045		2,730		2,862,128
U.S. Treasury Notes 1.25%, 04/30/2028		1,414		1,341,146
1.375%, 12/31/2028		4,972		4,665,911
1.375%, 11/15/2031		306		268,085
1.50%, 11/30/2028		1,682		1,586,862
1.875%, 02/15/2032		1,159		1,040,338
2.375%, 03/31/2029		6,727		6,485,248
2.625%, 02/15/2029		1,180		1,148,287
2.75%, 08/15/2032		1,001		940,627
2.875%, 05/15/2032		2,163		2,055,188
3.125%, 08/31/2029		1,949		1,920,222
3.25%, 06/30/2029		6,084		6,025,061
3.50%, 10/15/2028		353		353,055
3.875%, 11/30/2029		4,396		4,447,172
4.00%, 02/15/2026		1,345		1,345,368
4.00%, 02/28/2030		4,218		4,289,179
4.00%, 07/31/2032		950		963,062
4.125%, 10/31/2026		171		171,681
4.125%, 01/31/2027		3,204		3,222,523
4.125%, 11/30/2029		7,164		7,313,996
4.125%, 08/31/2030		1,113		1,138,260
4.25%, 01/31/2026		679		679,345
4.25%, 12/31/2026		6,170		6,209,768
4.25%, 11/15/2034		6,759		6,911,606
4.25%, 05/15/2035		2,299		2,346,776
4.25%, 08/15/2035		187		190,674
4.375%, 05/15/2034		799		826,154
4.625%, 02/15/2035		431		452,769


Total Governments - Treasuries (cost $83,194,458)				84,308,529



ABFunds.com		AB Core Plus Bond ETF 1

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

CORPORATES - INVESTMENT GRADE – 34.6%
Financial Institutions – 17.0%
Banking – 10.8%
Ally Financial, Inc. 5.737%, 05/15/2029	$	41	$	41,935
American Express Co. 4.351%, 07/20/2029		59		59,483
4.731%, 04/25/2029		62		63,037
4.804%, 10/24/2036		77		76,707
4.918%, 07/20/2033		59		60,440
5.016%, 04/25/2031		62		64,022
5.098%, 02/16/2028		292		295,802
5.667%, 04/25/2036		62		65,850
Banco Santander SA 2.749%, 12/03/2030		400		365,240
6.921%, 08/08/2033		400		446,424
Bank of America Corp. 2.496%, 02/13/2031		166		155,170
2.687%, 04/22/2032		315		290,131
2.972%, 02/04/2033		332		305,420
3.419%, 12/20/2028		55		54,345
3.705%, 04/24/2028		129		128,349
4.623%, 05/09/2029		59		59,815
5.425%, 08/15/2035		295		303,968
5.511%, 01/24/2036		26		27,409
5.518%, 10/25/2035		296		305,851
5.744%, 02/12/2036		20		21,006
Bank of Montreal 4.062%, 09/22/2028		71		71,037
4.35%, 09/22/2031		71		71,109
5.203%, 02/01/2028		61		62,570
Bank of New York Mellon Corp. (The) 5.188%, 03/14/2035		342		354,387
6.474%, 10/25/2034		272		305,206
Series J 4.967%, 04/26/2034		297		304,562
Bank of Nova Scotia (The) 4.043%, 09/15/2028		72		71,924
4.338%, 09/15/2031		72		71,980
4.932%, 02/14/2029		20		20,366
Canadian Imperial Bank of Commerce 4.243%, 09/08/2028		69		69,174
4.58%, 09/08/2031		69		69,635
4.857%, 03/30/2029		63		63,993
5.245%, 01/13/2031		25		25,907
Capital One Financial Corp. 4.493%, 09/11/2031		72		71,958
5.197%, 09/11/2036		72		71,888



2 AB Core Plus Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.468%, 02/01/2029	$	250	$	256,477
6.183%, 01/30/2036		22		23,083
6.377%, 06/08/2034		282		306,667
7.964%, 11/02/2034		291		344,477
Citigroup, Inc. 2.976%, 11/05/2030		376		358,832
3.52%, 10/27/2028		118		116,728
3.887%, 01/10/2028		121		120,682
4.503%, 09/11/2031		71		71,444
4.542%, 09/19/2030		298		300,953
4.658%, 05/24/2028		52		52,424
4.786%, 03/04/2029		60		60,857
5.174%, 09/11/2036		71		72,480
5.333%, 03/27/2036		31		32,010
5.827%, 02/13/2035		288		300,957
6.174%, 05/25/2034		286		305,800
6.27%, 11/17/2033		29		31,776
Series VAR 3.07%, 02/24/2028		30		29,620
Citizens Financial Group, Inc. 5.253%, 03/05/2031		36		36,917
5.841%, 01/23/2030		118		122,937
Comerica, Inc. 5.982%, 01/30/2030		232		241,788
Goldman Sachs Group, Inc. (The) 2.383%, 07/21/2032		403		362,281
2.615%, 04/22/2032		336		307,420
2.65%, 10/21/2032		257		232,708
3.615%, 03/15/2028		129		128,174
4.017%, 10/31/2038		173		157,145
4.153%, 10/21/2029		75		75,058
4.369%, 10/21/2031		75		75,087
4.937%, 04/23/2028		33		33,370
4.939%, 10/21/2036		75		75,324
5.049%, 07/23/2030		24		24,654
5.207%, 01/28/2031		95		98,439
5.218%, 04/23/2031		62		64,247
HSBC Holdings PLC 2.357%, 08/18/2031		374		341,402
5.874%, 11/18/2035		320		335,565
6.50%, 09/15/2037		327		355,877
7.399%, 11/13/2034		313		358,363
Huntington Bancshares, Inc./OH 5.709%, 02/02/2035		288		302,895
JPMorgan Chase & Co. 2.963%, 01/25/2033		331		305,258
3.782%, 02/01/2028		129		128,600
3.882%, 07/24/2038		411		374,002



ABFunds.com		AB Core Plus Bond ETF 3

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.323%, 04/26/2028	$	53	$	53,220
5.04%, 01/23/2028		46		46,486
5.103%, 04/22/2031		61		63,237
5.14%, 01/24/2031		26		26,975
5.502%, 01/24/2036		26		27,459
5.571%, 04/22/2028		22		22,441
5.576%, 07/23/2036		60		62,796
5.581%, 04/22/2030		68		71,116
5.717%, 09/14/2033		284		303,210
5.766%, 04/22/2035		20		21,525
M&T Bank Corp. 5.179%, 07/08/2031		60		61,520
Morgan Stanley 2.475%, 01/21/2028		48		47,136
4.994%, 04/12/2029		61		62,224
5.042%, 07/19/2030		25		25,681
5.192%, 04/17/2031		61		63,180
5.23%, 01/15/2031		26		26,893
5.25%, 04/21/2034		185		192,069
5.297%, 04/20/2037		86		88,116
5.32%, 07/19/2035		161		167,289
5.449%, 07/20/2029		84		86,832
5.587%, 01/18/2036		26		27,454
5.652%, 04/13/2028		76		77,579
5.656%, 04/18/2030		14		14,636
5.664%, 04/17/2036		61		64,768
5.831%, 04/19/2035		24		25,748
Series G 2.239%, 07/21/2032		344		306,886
Series I 4.133%, 10/18/2029		43		42,995
4.356%, 10/22/2031		75		75,060
4.892%, 10/22/2036		75		75,265
National Australia Bank Ltd. 2.332%, 08/21/2030^(a)		397		361,048
2.99%, 05/21/2031^(a)		394		362,709
Northern Trust Corp. 4.15%, 11/19/2030		78		78,347
PNC Financial Services Group, Inc. (The) 4.626%, 06/06/2033		309		307,229
4.899%, 05/13/2031		59		60,458
5.222%, 01/29/2031		24		24,872
5.373%, 07/21/2036		148		153,393
5.575%, 01/29/2036		24		25,215
5.939%, 08/18/2034		98		105,764
Royal Bank of Canada 3.995%, 11/03/2028		78		77,878
4.305%, 11/03/2031		78		77,945



4 AB Core Plus Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series G 4.715%, 03/27/2028	$	63	$	63,566
4.965%, 01/24/2029		26		26,464
4.97%, 05/02/2031		63		64,658
5.153%, 02/04/2031		26		26,841
Santander Holdings USA, Inc. 5.473%, 03/20/2029		68		69,394
5.741%, 03/20/2031		31		32,102
6.174%, 01/09/2030		260		271,570
6.499%, 03/09/2029		18		18,761
Skandinaviska Enskilda Banken AB 4.50%, 09/03/2030^(a)		200		201,252
Societe Generale SA 7.367%, 01/10/2053^(a)		273		297,133
State Street Corp. 4.536%, 02/28/2028		60		60,919
4.729%, 02/28/2030		60		61,541
4.784%, 10/23/2036		77		77,219
4.821%, 01/26/2034		296		301,381
4.834%, 04/24/2030		62		63,939
Synchrony Financial 5.935%, 08/02/2030		10		10,391
7.25%, 02/02/2033		366		392,224
Toronto-Dominion Bank (The) 4.109%, 10/13/2028		75		75,191
4.574%, 06/02/2028		59		59,775
4.808%, 06/03/2030		59		60,379
Truist Financial Corp. 4.964%, 10/23/2036		77		76,648
5.071%, 05/20/2031		59		60,749
UBS Group AG 4.151%, 12/23/2029^(a)		200		199,992
4.398%, 09/23/2031^(a)		200		199,938
US Bancorp 4.839%, 02/01/2034		299		302,842
4.967%, 07/22/2033		298		300,637
5.046%, 02/12/2031		20		20,599
5.083%, 05/15/2031		60		61,945
5.10%, 07/23/2030		25		25,799
Wells Fargo & Co. 3.35%, 03/02/2033		326		306,358
3.584%, 05/22/2028		5		4,962
4.078%, 09/15/2029		72		71,994
4.808%, 07/25/2028		51		51,555
4.892%, 09/15/2036		72		72,653
4.97%, 04/23/2029		62		63,238
5.15%, 04/23/2031		62		64,213
5.244%, 01/24/2031		118		122,587



ABFunds.com		AB Core Plus Bond ETF 5

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.574%, 07/25/2029	$	284	$	294,423
5.605%, 04/23/2036		21		22,249
5.707%, 04/22/2028		76		77,633
Wells Fargo Bank NA 5.95%, 08/26/2036		333		357,705

				21,076,951

Brokerage – 0.9%
Apollo Global Management, Inc. 4.60%, 01/15/2031		79		79,572
5.80%, 05/21/2054		385		381,154
Ares Management Corp. 5.60%, 10/11/2054		368		349,368
BGC Group, Inc. 6.15%, 04/02/2030		55		56,711
Blackstone Holdings Finance Co. LLC 2.50%, 01/10/2030^(a)		384		359,582
Blue Owl Finance LLC 6.25%, 04/18/2034		336		347,565
Charles Schwab Corp. (The) 4.343%, 11/14/2031		78		78,231
LPL Holdings, Inc. 5.20%, 03/15/2030		60		61,496

				1,713,679

Finance – 0.8%
Ares Capital Corp. 5.10%, 01/15/2031		69		68,206
5.50%, 09/01/2030		59		59,506
Ares Strategic Income Fund 4.85%, 01/15/2029^(a)		72		71,100
5.15%, 01/15/2031^(a)		72		70,806
Barings BDC, Inc. 5.20%, 09/15/2028		72		71,697
Blackstone Reg Finance Co. LLC 4.30%, 11/03/2030		78		78,080
4.95%, 02/15/2036		78		77,715
Blackstone Secured Lending Fund 5.125%, 01/31/2031		75		74,285
Blue Owl Credit Income Corp. 5.80%, 03/15/2030		25		24,957
Brookfield Finance, Inc. 5.33%, 01/15/2036		66		66,496
Carlyle Secured Lending, Inc. 5.75%, 02/15/2031		34		33,442
Franklin BSP Capital Corp. 6.00%, 10/02/2030^(a)		71		70,210
FS KKR Capital Corp. 6.875%, 08/15/2029		24		24,424



6 AB Core Plus Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Goldman Sachs Private Credit Corp. 5.875%, 01/31/2031^(a)	$	78	$	78,205
Golub Capital Private Credit Fund 5.45%, 08/15/2028^(a)		60		60,345
HA Sustainable Infrastructure Capital, Inc. 6.75%, 07/15/2035		60		62,273
HPS Corporate Lending Fund 4.90%, 09/11/2028^(a)		71		70,491
5.30%, 06/05/2027^(a)		55		55,231
5.45%, 11/15/2030^(a)		71		70,578
Main Street Capital Corp. 5.40%, 08/15/2028		66		66,155
North Haven Private Income Fund LLC 5.125%, 09/25/2028^(a)		70		69,685
Oaktree Specialty Lending Corp. 6.34%, 02/27/2030		59		59,148
Sixth Street Specialty Lending, Inc. 5.625%, 08/15/2030		59		59,743
USAA Capital Corp. 4.375%, 06/01/2028^(a)		150		151,733

				1,594,511

Financial Services – 0.2%
Equinix Europe 2 Financing Corp. LLC 4.60%, 11/15/2030		79		79,530
Intercontinental Exchange, Inc. 3.95%, 12/01/2028		79		79,102
4.20%, 03/15/2031		79		79,137
Lincoln Financial Global Funding 4.625%, 08/18/2030^(a)		69		69,400
Sammons Financial Group Global Funding 4.95%, 06/12/2030^(a)		60		60,969
5.05%, 01/10/2028^(a)		25		25,403

				393,541

Insurance – 3.6%
American National Global Funding 5.25%, 06/03/2030^(a)		59		60,115
Athene Global Funding 5.583%, 01/09/2029^(a)		286		294,111
Athene Holding Ltd. 3.95%, 05/25/2051		403		284,413
6.25%, 04/01/2054		269		266,063
Brown & Brown, Inc. 4.70%, 06/23/2028		60		60,599
Corebridge Global Funding 4.45%, 10/02/2030^(a)		71		70,847
4.85%, 06/06/2030^(a)		59		59,988
4.90%, 01/07/2028^(a)		25		25,396



ABFunds.com		AB Core Plus Bond ETF 7

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Elevance Health, Inc. 4.00%, 09/15/2028	$	72	$	71,845
F&G Global Funding 4.65%, 09/08/2028^(a)		69		69,179
Farmers Exchange Capital III 5.454%, 10/15/2054^(a)		330		312,187
GA Global Funding Trust 4.50%, 09/18/2030^(a)		150		148,265
5.50%, 04/01/2032^(a)		150		153,313
Global Atlantic Fin Co. 6.75%, 03/15/2054^(a)		378		387,665
Guardian Life Global Funding 4.066%, 09/05/2028^(a)		69		69,090
4.327%, 10/06/2030^(a)		74		74,414
4.673%, 09/05/2032^(a)		69		69,670
4.798%, 04/28/2030^(a)		62		63,545
Health Care Service Corp. A Mutual Legal Reserve Co. 5.875%, 06/15/2054^(a)		363		355,301
Jackson National Life Global Funding 4.70%, 06/05/2028^(a)		150		151,499
Liberty Mutual Group, Inc. 4.30%, 02/01/2061^(a)		581		375,140
Lincoln National Corp. 5.35%, 11/15/2035		76		76,282
Massachusetts Mutual Life Insurance Co. 3.729%, 10/15/2070^(a)		588		388,403
National Life Insurance Co. 5.25%, 07/19/2068^(a)		432		350,892
New York Life Global Funding 4.15%, 07/25/2028^(a)		59		59,258
4.40%, 04/25/2028^(a)		62		62,712
4.60%, 06/03/2030^(a)		59		60,126
5.35%, 01/23/2035^(a)		25		26,180
New York Life Insurance Co. 4.45%, 05/15/2069^(a)		449		356,888
Northwestern Mutual Global Funding 4.125%, 08/25/2028^(a)		71		71,361
4.60%, 06/03/2030^(a)		59		60,103
Northwestern Mutual Life Insurance Co. (The) 6.17%, 05/29/2055^(a)		60		64,629
Pacific Life Global Funding II 4.45%, 05/01/2028^(a)		62		62,731
Pricoa Global Funding I 4.35%, 11/25/2030^(a)		150		150,452
4.70%, 05/28/2030^(a)		150		152,891
4.75%, 08/26/2032^(a)		150		151,260



8 AB Core Plus Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Principal Life Global Funding II 4.25%, 08/18/2028^(a)	$	69	$	69,319
4.80%, 01/09/2028^(a)		130		131,759
Protective Life Global Funding 4.803%, 06/05/2030^(a)		150		153,043
Prudential Financial, Inc. 4.50%, 09/15/2047		301		297,051
5.70%, 09/15/2048		292		294,993
RGA Global Funding 4.35%, 08/25/2028^(a)		71		71,328
4.60%, 11/25/2030^(a)		78		78,190
5.00%, 08/25/2032^(a)		71		71,457
5.25%, 01/09/2030^(a)		25		25,876
5.448%, 05/24/2029^(a)		24		24,914
Trustage Financial Group, Inc. 4.625%, 04/15/2032^(a)		370		357,612
Western-Southern Global Funding 4.50%, 07/16/2028^(a)		60		60,499

				7,152,854

REITs – 0.7%
American Homes 4 Rent LP 4.95%, 06/15/2030		59		60,288
CBRE Services, Inc. 4.80%, 06/15/2030		62		63,153
4.90%, 01/15/2033		79		80,014
5.95%, 08/15/2034		245		263,426
Cousins Properties LP 5.25%, 07/15/2030		59		60,451
EPR Properties 4.75%, 11/15/2030		76		75,712
Mid-America Apartments LP 4.65%, 01/15/2033		76		76,292
National Health Investors, Inc. 5.35%, 02/01/2033		73		72,712
Omega Healthcare Investors, Inc. 5.20%, 07/01/2030		11		11,216
Phillips Edison Grocery Center Operating Partnership I LP 5.25%, 08/15/2032		60		61,519
Piedmont Operating Partnership LP 5.625%, 01/15/2033		79		79,606
Public Storage Operating Co. 4.375%, 07/01/2030		60		60,661
Realty Income Corp. 3.95%, 02/01/2029		71		70,783
Simon Property Group LP 4.375%, 10/01/2030		67		67,509



ABFunds.com		AB Core Plus Bond ETF 9

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Ventas Realty LP 5.10%, 07/15/2032	$	55	$	56,534
VICI Properties LP 4.75%, 04/01/2028		55		55,631
WEA Finance LLC 2.875%, 01/15/2027^(a)		133		130,533
WP Carey, Inc. 4.65%, 07/15/2030		39		39,401

				1,385,441

				33,316,977

Industrial – 16.2%
Basic – 1.0%
AptarGroup, Inc. 4.75%, 03/30/2031		78		78,751
BHP Billiton Finance USA Ltd. 5.00%, 02/15/2036		19		19,330
CF Industries, Inc. 4.50%, 12/01/2026^(a)		127		127,554
Dow Chemical Co. (The) 4.80%, 01/15/2031		69		68,836
5.55%, 11/30/2048		401		360,082
EIDP, Inc. 5.125%, 05/15/2032		60		61,809
FMC Corp. 4.50%, 10/01/2049		540		353,711
Glencore Funding LLC 4.907%, 04/01/2028^(a)		63		64,162
5.186%, 04/01/2030^(a)		29		29,894
5.338%, 04/04/2027^(a)		293		297,714
LYB International Finance III LLC 5.125%, 01/15/2031		78		78,296
5.875%, 01/15/2036		78		78,375
Rio Tinto Finance USA PLC 4.875%, 03/14/2030		65		66,868
5.00%, 03/14/2032		65		67,186
5.25%, 03/14/2035		65		67,465
Steel Dynamics, Inc. 4.00%, 12/15/2028		78		77,813

				1,897,846

Capital Goods – 0.7%
Caterpillar Financial Services Corp. 3.95%, 11/14/2028		78		78,217
4.80%, 01/08/2030		25		25,937
Series K 4.10%, 08/15/2028		69		69,468
CNH Industrial Capital LLC 4.75%, 03/21/2028		46		46,614



10 AB Core Plus Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

CRH America Finance, Inc. 4.40%, 02/09/2031	$	75	$	75,132
5.00%, 02/09/2036		75		75,774
General Electric Co. 4.30%, 07/29/2030		59		59,664
John Deere Capital Corp. 4.375%, 10/15/2030		59		59,809
4.65%, 01/07/2028		25		25,435
Johnson Controls International PLC/Tyco Fire & Security Finance SCA 2.00%, 09/16/2031		409		360,762
Lockheed Martin Corp. 4.15%, 08/15/2028		60		60,409
4.40%, 08/15/2030		60		60,814
Republic Services, Inc. 4.75%, 07/15/2030		65		66,766
RTX Corp. 3.125%, 05/04/2027		131		129,432
Textron, Inc. 4.95%, 03/15/2036		78		78,045
Westinghouse Air Brake Technologies Corp. 4.90%, 05/29/2030		60		61,507

				1,333,785

Communications - Media – 1.0%
Meta Platforms, Inc. 4.20%, 11/15/2030		70		70,498
4.60%, 11/15/2032		70		71,071
4.65%, 08/15/2062		434		363,839
5.55%, 08/15/2064		354		342,403
5.625%, 11/15/2055		70		69,796
5.75%, 05/15/2063		104		103,841
5.75%, 11/15/2065		66		65,644
Paramount Global 4.375%, 03/15/2043		502		379,597
4.85%, 07/01/2042		448		358,713
4.95%, 05/19/2050		154		119,846

				1,945,248

Communications - Telecommunications – 0.3%
AT&T, Inc. 2.30%, 06/01/2027		135		131,595
4.70%, 08/15/2030		59		60,139
T-Mobile USA, Inc. 2.625%, 02/15/2029		10		9,542
Verizon Communications, Inc. 4.75%, 01/15/2033		78		78,469
5.00%, 01/15/2036		78		78,092
5.75%, 11/30/2045		78		78,669



ABFunds.com		AB Core Plus Bond ETF 11

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.875%, 11/30/2055	$	78	$	78,669
6.00%, 11/30/2065		78		78,835

				594,010

Consumer Cyclical - Automotive – 1.2%
American Honda Finance Corp. 4.25%, 09/01/2028		69		69,333
4.55%, 07/09/2027		60		60,529
Series G 4.50%, 09/04/2030		69		69,364
BMW US Capital LLC 4.15%, 08/11/2027^(a)		70		70,184
4.50%, 08/11/2030^(a)		70		70,557
4.75%, 03/21/2028^(a)		65		66,030
5.05%, 03/21/2030^(a)		61		62,864
Ford Motor Co. 3.25%, 02/12/2032		410		360,587
4.75%, 01/15/2043		451		363,123
5.291%, 12/08/2046		420		354,253
Honda Motor Co., Ltd. 4.436%, 07/08/2028		60		60,518
Hyundai Capital America 4.25%, 09/18/2028^(a)		71		70,938
4.30%, 09/24/2027^(a)		25		25,046
4.50%, 09/18/2030^(a)		71		71,102
4.55%, 09/26/2029^(a)		17		17,094
5.10%, 06/24/2030^(a)		54		55,353
5.15%, 03/27/2030^(a)		63		64,610
5.30%, 06/24/2029^(a)		25		25,753
5.35%, 03/19/2029^(a)		9		9,265
6.10%, 09/21/2028^(a)		179		187,685
PACCAR Financial Corp. 4.00%, 08/08/2028		70		70,412
Series R 4.00%, 11/07/2028		79		79,381
Toyota Motor Credit Corp. 4.05%, 09/05/2028		69		69,268

				2,353,249

Consumer Cyclical - Other – 0.4%
Las Vegas Sands Corp. 5.625%, 06/15/2028		44		44,997
Marriott International, Inc./MD 4.20%, 07/15/2027		71		71,231
4.90%, 04/15/2029		293		299,739
Voyager Parent LLC 9.25%, 07/01/2032^(a)		334		353,896

				769,863



12 AB Core Plus Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Consumer Cyclical - Restaurants – 0.1%
McDonald’s Corp. 4.40%, 02/12/2031	$	71	$	71,654
4.60%, 05/15/2030		65		66,283
Starbucks Corp. 4.50%, 05/15/2028		59		59,604

				197,541

Consumer Cyclical - Retailers – 0.3%
7-Eleven, Inc. 1.30%, 02/10/2028^(a)		144		135,528
AutoNation, Inc. 4.45%, 01/15/2029		18		18,052
Home Depot, Inc. (The) 3.75%, 09/15/2028		72		71,964
3.95%, 09/15/2030		72		71,770
4.65%, 09/15/2035		72		71,970
Lowe’s Cos., Inc. 3.95%, 10/15/2027		55		54,986
4.00%, 10/15/2028		64		63,996
Walmart, Inc. 4.10%, 04/28/2027		62		62,420
4.35%, 04/28/2030		62		63,158

				613,844

Consumer Non-Cyclical – 3.6%
Altria Group, Inc. 4.25%, 08/09/2042		247		209,315
4.50%, 08/06/2030		70		70,581
5.25%, 08/06/2035		70		71,260
5.95%, 02/14/2049		386		393,075
BAT Capital Corp. 2.259%, 03/25/2028		55		52,792
4.625%, 03/22/2033		19		18,943
5.282%, 04/02/2050		335		306,220
5.35%, 08/15/2032		41		42,729
5.65%, 03/16/2052		288		276,183
Baxter International, Inc. 4.90%, 12/15/2030		78		78,475
Bayer US Finance LLC 6.875%, 11/21/2053^(a)		334		361,722
Bunge Ltd. Finance Corp. 4.55%, 08/04/2030		69		69,805
Cardinal Health, Inc. 4.50%, 09/15/2030		66		66,606
5.15%, 09/15/2035		66		67,407
Cargill, Inc. 4.125%, 10/23/2030^(a)		77		76,913
4.625%, 02/11/2028^(a)		20		20,320



ABFunds.com		AB Core Plus Bond ETF 13

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Constellation Brands, Inc. 4.80%, 05/01/2030	$	62	$	63,133
Dentsply Sirona, Inc. 3.25%, 06/01/2030		329		303,881
Eli Lilly & Co. 4.00%, 10/15/2028		71		71,462
4.25%, 03/15/2031		71		71,562
4.55%, 02/12/2028		66		67,179
4.55%, 10/15/2032		71		72,392
4.75%, 02/12/2030		200		206,208
4.90%, 10/15/2035		71		72,927
5.10%, 02/09/2064		37		35,041
5.20%, 08/14/2064		13		12,527
5.55%, 10/15/2055		71		73,317
5.65%, 10/15/2065		71		73,462
HCA, Inc. 4.30%, 11/15/2030		31		30,938
4.60%, 11/15/2032		77		76,976
5.00%, 03/01/2028		59		60,143
Japan Tobacco, Inc. 4.85%, 05/15/2028^(a)		150		152,807
5.25%, 06/15/2030^(a)		150		155,921
Johnson & Johnson 4.85%, 03/01/2032		59		61,544
5.00%, 03/01/2035		59		61,873
Keurig Dr. Pepper, Inc. 4.60%, 05/15/2030		62		62,282
Mars, Inc. 4.60%, 03/01/2028^(a)		39		39,526
4.80%, 03/01/2030^(a)		67		68,659
5.00%, 03/01/2032^(a)		67		69,222
McKesson Corp. 4.65%, 05/30/2030		60		61,200
4.95%, 05/30/2032		60		61,916
Merck & Co., Inc. 3.85%, 09/15/2027		69		69,224
4.15%, 09/15/2030		69		69,450
4.55%, 09/15/2032		69		70,115
4.95%, 09/15/2035		69		70,836
Novartis Capital Corp. 3.90%, 11/05/2028		76		76,352
4.10%, 11/05/2030		76		76,312
4.30%, 11/05/2032		76		76,170
5.20%, 11/05/2045		76		75,738
5.30%, 11/05/2055		76		75,336
PepsiCo, Inc. 4.30%, 07/23/2030		59		59,806



14 AB Core Plus Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.45%, 02/07/2028	$	20	$	20,303
4.60%, 02/07/2030		20		20,500
Philip Morris International, Inc. 2.10%, 05/01/2030		144		131,960
4.00%, 10/29/2030		77		76,285
4.125%, 04/28/2028		62		62,252
4.25%, 10/29/2032		77		75,966
4.375%, 04/30/2030		62		62,448
4.625%, 10/29/2035		77		75,818
4.875%, 04/30/2035		62		62,536
5.25%, 02/13/2034		196		203,434
5.375%, 02/15/2033		286		299,963
Reynolds American, Inc. 6.15%, 09/15/2043		362		374,876
Stryker Corp. 4.70%, 02/10/2028		20		20,313
Sysco Corp. 5.10%, 09/23/2030		56		57,895
Thermo Fisher Scientific, Inc. 4.20%, 03/01/2031		74		74,158
Tyson Foods, Inc. 3.55%, 06/02/2027		132		130,878
Viatris, Inc. 4.00%, 06/22/2050		577		386,394

				7,123,762

Energy – 1.1%
BG Energy Capital PLC 5.125%, 10/15/2041^(a)		370		359,074
Chevron USA, Inc. 3.95%, 08/13/2027		69		69,364
4.05%, 08/13/2028		69		69,616
4.30%, 10/15/2030		69		69,838
4.405%, 02/26/2027		37		37,292
4.475%, 02/26/2028		60		60,933
4.50%, 10/15/2032		69		70,014
4.687%, 04/15/2030		60		61,556
4.819%, 04/15/2032		60		61,934
Continental Resources, Inc./OK 4.90%, 06/01/2044		436		350,531
Enbridge, Inc. 4.20%, 11/20/2028		78		78,200
4.50%, 02/15/2031		78		78,308
4.60%, 06/20/2028		59		59,644
4.90%, 06/20/2030		17		17,403
Energy Transfer LP 5.95%, 05/15/2054		402		387,781



ABFunds.com		AB Core Plus Bond ETF 15

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Enterprise Products Operating LLC Series E 5.25%, 08/16/2077	$	129	$	128,772
MPLX LP 4.80%, 02/15/2031		67		67,808
5.00%, 01/15/2033		67		67,546
Plains All American Pipeline LP/PAA Finance Corp. 4.70%, 01/15/2031		65		65,461
Woodside Finance Ltd. 4.90%, 05/19/2028		60		60,882

				2,221,957

Other Industrial – 0.4%
President & Fellows of Harvard College 6.50%, 01/15/2039^(a)		165		191,433
University of Southern California 4.976%, 10/01/2053		324		307,405
Washington University (The) 4.349%, 04/15/2122		440		342,280

				841,118

Services – 1.1%
Amazon.com, Inc. 2.70%, 06/03/2060		140		81,423
3.25%, 05/12/2061		587		388,576
3.90%, 11/20/2028		78		78,314
4.10%, 11/20/2030		78		78,445
4.10%, 04/13/2062		500		395,360
4.25%, 08/22/2057		474		392,131
4.35%, 03/20/2033		78		78,567
4.65%, 11/20/2035		78		78,839
5.45%, 11/20/2055		78		78,732
5.55%, 11/20/2065		78		78,435
Cintas Corp. No. 2 4.20%, 05/01/2028		62		62,340
eBay, Inc. 4.25%, 03/06/2029		76		76,318
Mastercard, Inc. 4.55%, 03/15/2028		59		60,031
4.95%, 03/15/2032		59		61,449
Quanta Services, Inc. 4.30%, 08/09/2028		70		70,391
RELX Capital, Inc. 4.75%, 03/27/2030		63		64,374

				2,123,725

Technology – 4.1%
Alphabet, Inc. 4.10%, 11/15/2030		76		76,700



16 AB Core Plus Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.375%, 11/15/2032	$	76	$	76,873
4.70%, 11/15/2035		43		43,702
5.30%, 05/15/2065		398		391,409
5.35%, 11/15/2045		76		77,685
Amphenol Corp. 3.80%, 11/15/2027		77		76,861
3.90%, 11/15/2028		77		76,996
4.125%, 11/15/2030		77		76,917
4.375%, 06/12/2028		60		60,624
4.40%, 02/15/2033		77		76,659
4.625%, 02/15/2036		77		76,230
5.30%, 11/15/2055		77		75,013
Analog Devices, Inc. 4.50%, 06/15/2030		60		61,060
Apple, Inc. 2.80%, 02/08/2061		451		273,671
2.85%, 08/05/2061		648		394,917
3.95%, 08/08/2052		486		395,021
4.10%, 08/08/2062		488		394,411
Applied Materials, Inc. 4.00%, 01/15/2031		71		70,831
4.60%, 01/15/2036		71		70,573
Broadcom, Inc. 4.15%, 02/15/2028		297		298,494
4.20%, 10/15/2030		54		54,144
4.60%, 07/15/2030		60		61,170
4.80%, 04/15/2028		25		25,475
4.90%, 07/15/2032		27		27,748
5.05%, 07/12/2027		290		295,101
5.05%, 04/15/2030		25		25,880
Cisco Systems, Inc. 4.55%, 02/24/2028		59		59,945
5.30%, 02/26/2054		400		392,616
5.35%, 02/26/2064		404		392,118
5.50%, 02/24/2055		59		59,480
Dell International LLC/EMC Corp. 4.15%, 02/15/2029		73		72,919
4.50%, 02/15/2031		73		72,955
4.75%, 04/01/2028		55		55,751
4.75%, 10/06/2032		73		73,179
5.00%, 04/01/2030		55		56,423
5.10%, 02/15/2036		63		62,962
5.30%, 04/01/2032		55		56,860
Fiserv, Inc. 2.65%, 06/01/2030		141		129,717
Hewlett Packard Enterprise Co. 4.05%, 09/15/2027		72		71,955
4.15%, 09/15/2028		72		72,014



ABFunds.com		AB Core Plus Bond ETF 17

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.40%, 10/15/2030	$	72	$	71,795
Honeywell International, Inc. 5.25%, 03/01/2054		386		373,497
Intel Corp. 3.75%, 03/25/2027		128		127,384
International Business Machines Corp. 4.65%, 02/10/2028		100		101,534
NXP BV/NXP Funding LLC/NXP USA, Inc. 4.30%, 08/19/2028		67		67,182
Oracle Corp. 3.85%, 04/01/2060		446		291,394
4.10%, 03/25/2061		427		288,298
4.375%, 05/15/2055		93		68,025
4.45%, 09/26/2030		71		69,966
4.80%, 08/03/2028		20		20,204
4.80%, 09/26/2032		71		69,802
5.20%, 09/26/2035		49		48,027
5.25%, 02/03/2032		9		9,089
5.55%, 02/06/2053		377		330,516
5.875%, 09/26/2045		71		66,762
5.95%, 09/26/2055		71		66,289
6.10%, 09/26/2065		71		66,099
6.90%, 11/09/2052		284		294,886
Roper Technologies, Inc. 4.25%, 09/15/2028		67		67,291
Salesforce, Inc. 1.50%, 07/15/2028		141		133,287
Texas Instruments, Inc. 4.50%, 05/23/2030		60		61,249
Tyco Electronics Group SA 4.50%, 02/09/2031		62		62,810

				8,018,445

Transportation - Airlines – 0.3%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028^(a)		297		298,969
Southwest Airlines Co. 4.375%, 11/15/2028		23		22,992
United Airlines 2024-1 Class AA Pass Through Trust Series AA 5.45%, 08/15/2038		283		293,164

				615,125

Transportation - Railroads – 0.4%
Canadian Pacific Railway Co. 6.125%, 09/15/2115		384		392,517
Norfolk Southern Corp. 4.10%, 05/15/2121		546		388,725

				781,242



18 AB Core Plus Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Transportation - Services – 0.2%
Element Fleet Management Corp. 4.641%, 11/24/2030^(a)	$	78	$	78,397
5.037%, 03/25/2030^(a)		63		64,546
Penske Truck Leasing Co. LP/PTL Finance Corp. 5.25%, 07/01/2029^(a)		9		9,286
5.25%, 02/01/2030^(a)		24		24,761
5.35%, 03/30/2029^(a)		57		58,859
Ryder System, Inc. 4.30%, 12/01/2030		77		76,902

				312,751

				31,743,511

Utility – 1.4%
Electric – 1.4%
AEP Transmission Co. LLC 5.15%, 04/01/2034		34		34,874
5.375%, 06/15/2035		27		28,071
Black Hills Corp. 4.55%, 01/31/2031		71		71,135
Connecticut Light & Power Co. (The) 4.95%, 01/15/2030		25		25,690
Dominion Energy, Inc. 4.60%, 05/15/2028		59		59,733
Duke Energy Florida LLC 4.20%, 12/01/2030		79		79,226
Eversource Energy 4.45%, 12/15/2030		75		74,808
MidAmerican Energy Co. 5.50%, 11/15/2056		76		75,766
National Rural Utilities Cooperative Finance Corp. Series D 4.15%, 08/25/2028		71		71,469
NextEra Energy Capital Holdings, Inc. 4.685%, 09/01/2027		35		35,376
4.85%, 02/04/2028		20		20,368
Niagara Mohawk Power Corp. 4.647%, 10/03/2030^(a)		60		60,488
NRG Energy, Inc. 4.734%, 10/15/2030^(a)		14		13,968
NSTAR Electric Co. 4.85%, 03/01/2030		60		61,595
Oncor Electric Delivery Co. LLC 4.65%, 11/01/2029		25		25,504
5.35%, 04/01/2035^(a)		47		48,947
Pacific Gas & Electric Co. 5.05%, 10/15/2032		74		74,572
5.55%, 05/15/2029		294		303,875



ABFunds.com		AB Core Plus Bond ETF 19

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

PacifiCorp 3.30%, 03/15/2051	$	127	$	82,215
5.35%, 12/01/2053		386		344,991
5.50%, 05/15/2054		377		345,347
5.80%, 01/15/2055		327		311,834
Pinnacle West Capital Corp. 4.90%, 05/15/2028		60		60,998
5.15%, 05/15/2030		60		61,981
Public Service Co. of New Hampshire 4.40%, 07/01/2028		59		59,627
RWE Finance US LLC 5.125%, 09/18/2035^(a)		150		149,236
San Diego Gas & Electric Co. 5.40%, 04/15/2035		63		65,628
Virginia Electric & Power Co. Series C 4.90%, 09/15/2035		60		60,146
Xcel Energy, Inc. 4.75%, 03/21/2028		63		63,885

				2,771,353

Total Corporates - Investment Grade (cost $66,887,733)				67,831,841


CORPORATES - NON-INVESTMENT GRADE – 5.9%
Industrial – 5.6%
Basic – 0.1%
Celanese US Holdings LLC 6.665%, 07/15/2027^(b)		33		33,998
Cleveland-Cliffs, Inc. 6.75%, 04/15/2030^(a)		119		121,425

				155,423

Capital Goods – 0.2%
Camelot Return Merger Sub, Inc. 8.75%, 08/01/2028^(a)		424		354,647
Smyrna Ready Mix Concrete LLC 6.00%, 11/01/2028^(a)		129		129,370

				484,017

Communications - Media – 0.6%
DIRECTV Financing LLC 8.875%, 02/01/2030^(a)		357		354,572
DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. 10.00%, 02/15/2031^(a)		366		363,804
Gray Media, Inc. 7.25%, 08/15/2033^(a)		367		369,158

				1,087,534



20 AB Core Plus Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Consumer Cyclical - Automotive – 1.3%
American Axle & Manufacturing, Inc. 5.00%, 10/01/2029	$	375	$	358,811
7.75%, 10/15/2033^(a)		391		394,758
Goodyear Tire & Rubber Co. (The) 5.25%, 04/30/2031		428		410,212
5.25%, 07/15/2031		423		399,143
Nissan Motor Acceptance Co. LLC 5.625%, 09/29/2028^(a)		53		52,842
6.125%, 09/30/2030^(a)		52		51,548
Nissan Motor Co., Ltd. 4.81%, 09/17/2030^(a)		325		305,035
8.125%, 07/17/2035^(a)		200		211,882
ZF North America Capital, Inc. 6.75%, 04/23/2030^(a)		370		360,998

				2,545,229

Consumer Cyclical - Retailers – 0.5%
Advance Auto Parts, Inc. 7.375%, 08/01/2033^(a)		225		229,061
Kohl’s Corp. 5.125%, 05/01/2031^(b)		462		398,868
S&S Holdings LLC 8.375%, 10/01/2031^(a)		369		348,830

				976,759

Consumer Non-Cyclical – 1.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 4.625%, 01/15/2027^(a)		122		122,116
B&G Foods, Inc. 8.00%, 09/15/2028^(a)		240		238,289
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031^(a)		137		123,009
5.25%, 05/15/2030^(a)		327		309,061
9.75%, 01/15/2034^(a)		33		35,151
10.875%, 01/15/2032^(a)		269		290,746
HAH Group Holding Co. LLC 9.75%, 10/01/2031^(a)		415		391,615
Owens & Minor, Inc. 6.625%, 04/01/2030^(a)		566		362,461
US Acute Care Solutions LLC 9.75%, 05/15/2029^(a)		371		377,737
Viking Baked Goods Acquisition Corp. 8.625%, 11/01/2031^(a)		300		302,805

				2,552,990



ABFunds.com		AB Core Plus Bond ETF 21

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Energy – 1.0%
Civitas Resources, Inc. 8.75%, 07/01/2031^(a)	$	349	$	363,714
9.625%, 06/15/2033^(a)		55		59,407
Crescent Energy Finance LLC 8.375%, 01/15/2034^(a)		55		54,246
Hilcorp Energy I LP/Hilcorp Finance Co. 6.875%, 05/15/2034^(a)		404		379,069
7.25%, 02/15/2035^(a)		405		385,260
Moss Creek Resources Holdings, Inc. 8.25%, 09/01/2031^(a)		403		386,433
Vital Energy, Inc. 7.875%, 04/15/2032^(a)		354		343,486

				1,971,615

Services – 0.3%
Mobius Merger Sub, Inc. 9.00%, 06/01/2030^(a)		419		299,589
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027^(a)		133		129,950
Sabre GLBL, Inc. 11.125%, 07/15/2030^(a)		97		83,872

				513,411

Transportation - Airlines – 0.1%
JetBlue Airways Corp./JetBlue Loyalty LP 9.875%, 09/20/2031^(a)		266		262,646


Transportation - Services – 0.2%
Hertz Corp. (The) 12.625%, 07/15/2029^(a)		376		376,207

				10,925,831

Financial Institutions – 0.2%
Finance – 0.2%
Navient Corp. 5.625%, 08/01/2033		434		390,986


Financial Services – 0.0%
Herc Holdings, Inc. 7.00%, 06/15/2030^(a)		38		39,935


REITs – 0.0%
Rithm Capital Corp. 8.00%, 07/15/2030^(a)		59		60,171

				491,092

Utility – 0.1%
Electric – 0.1%
NRG Energy, Inc. 5.75%, 01/15/2034^(a)		71		71,478



22 AB Core Plus Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Natural Gas – 0.0%
AmeriGas Partners LP/AmeriGas Finance Corp. 9.50%, 06/01/2030^(a)	$	25	$	26,517

				97,995

Total Corporates - Non-Investment Grade (cost $11,473,756)				11,514,918


MORTGAGE PASS-THROUGHS – 4.9%
Agency Fixed Rate 30-Year – 4.9%
Federal Home Loan Mortgage Corp. Series 2022 3.00%, 03/01/2052		724		651,707
Federal Home Loan Mortgage Corp. Gold Series 2005 5.50%, 01/01/2035		50		51,744
Series 2007 5.50%, 07/01/2035		7		7,205
Series 2016 4.00%, 02/01/2046		342		336,834
Series 2017 4.00%, 07/01/2044		207		203,546
Series 2018 4.50%, 03/01/2048		110		110,271
4.50%, 11/01/2048		240		239,811
5.00%, 11/01/2048		132		134,392
Federal National Mortgage Association Series 2003 5.50%, 04/01/2033		13		13,897
5.50%, 07/01/2033		30		31,233
Series 2004 5.50%, 04/01/2034		4		3,971
5.50%, 05/01/2034		9		9,523
5.50%, 11/01/2034		14		14,390
5.50%, 01/01/2035		135		139,578
Series 2005 5.50%, 02/01/2035		19		19,759
Series 2007 5.50%, 08/01/2037		92		95,550
Series 2012 3.50%, 02/01/2042		98		93,835
Series 2013 3.50%, 04/01/2043		534		510,002
Series 2018 4.50%, 09/01/2048		151		150,553
Series 2021 2.00%, 07/01/2051		1,610		1,320,653
2.00%, 12/01/2051		709		580,969



ABFunds.com		AB Core Plus Bond ETF 23

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2022 2.50%, 03/01/2052	$	1,139	$	985,608
Government National Mortgage Association Series 2023 5.50%, 04/20/2053		429		435,846
Series 2025 2.00%, 12/01/2055, TBA		395		329,146
2.50%, 12/01/2055, TBA		394		341,980
3.00%, 12/01/2055, TBA		195		175,942
3.50%, 12/01/2055, TBA		150		137,578
4.50%, 12/01/2055, TBA		163		159,434
5.00%, 12/01/2055, TBA		460		459,497
6.00%, 12/01/2055, TBA		88		89,671
Uniform Mortgage-Backed Security Series 2025 5.00%, 12/01/2055, TBA		133		132,750
5.50%, 12/01/2055, TBA		492		498,227
6.00%, 12/01/2055, TBA		885		906,226
6.50%, 12/01/2055, TBA		229		237,212


Total Mortgage Pass-Throughs (cost $9,937,842)				9,608,540


ASSET-BACKED SECURITIES – 2.7%
Autos - Fixed Rate – 1.7%
Arivo Acceptance Auto Loan Receivables Trust Series 2024-1A, Class A 6.46%, 04/17/2028^(a)		32		32,020
Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class A 5.44%, 02/22/2028^(a)		475		480,929
Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028		26		25,241
Series 2021-N4, Class D 2.30%, 09/11/2028		42		40,731
CPS Auto Receivables Trust Series 2021-C, Class D 1.69%, 06/15/2027^(a)		32		31,836
Enterprise Fleet Financing LLC Series 2023-2, Class A2 5.56%, 04/22/2030^(a)		151		151,674
FHF Trust Series 2023-1A, Class A2 6.57%, 06/15/2028^(a)		38		37,783
Flagship Credit Auto Trust
Series 2019-3, Class E 3.84%, 12/15/2026^(a)		185		184,861



24 AB Core Plus Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2020-1, Class E 3.52%, 06/15/2027^(a)	$	511	$	510,157
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033^(a)		542		536,089
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028^(a)		163		164,495
Series 2023-2A, Class A2 7.09%, 10/16/2028^(a)		72		72,563
Octane Receivables Trust Series 2021-2A, Class C 2.53%, 05/21/2029^(a)		541		538,362
Research-Driven Pagaya Motor Trust Series 2024-1A, Class A 7.09%, 06/25/2032^(a)		70		70,700
Santander Drive Auto Receivables Trust Series 2023-3, Class B 5.61%, 07/17/2028		163		163,865
Tesla Auto Lease Trust Series 2024-A, Class A3 5.30%, 06/21/2027^(a)		84		84,716
Tricolor Auto Securitization Trust Series 2024-2A, Class A 6.36%, 12/15/2027^(c)(d)(e)		28		26,916
US Bank NA Series 2023-1, Class B 6.789%, 08/25/2032^(a)		94		94,911

				3,247,849

Other ABS - Fixed Rate – 0.9%
Atalaya Equipment Leasing Trust 21-1 Series 2021-1A, Class C 2.69%, 06/15/2028^(a)		189		188,793
College Ave Student Loans LLC Series 2021-C, Class C 3.06%, 07/26/2055^(a)		151		142,775
Dext ABS LLC Series 2023-1, Class A2 5.99%, 03/15/2032^(a)		97		97,107
Diamond Issuer LLC Series 2021-1A, Class B 2.701%, 11/20/2051^(a)		566		534,083
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046^(a)		185		172,792
Granite Park Equipment Leasing LLC Series 2023-1A, Class A3 6.46%, 09/20/2032^(a)		78		78,514



ABFunds.com		AB Core Plus Bond ETF 25

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

MVW LLC Series 2021-2A, Class C 2.23%, 05/20/2039^(a)	$	226	$	214,688
Nelnet Student Loan Trust Series 2021-BA, Class B 2.68%, 04/20/2062^(a)		220		198,216
Pagaya AI Debt Trust Series 2024-1, Class A 6.66%, 07/15/2031^(a)		85		84,974
Series 2024-2, Class A 6.319%, 08/15/2031^(a)		52		51,881
Series 2024-3, Class A 6.258%, 10/15/2031^(a)		89		89,692

				1,853,515

Credit Cards - Fixed Rate – 0.1%
Brex Commercial Charge Card Master Trust Series 2024-1, Class A1 6.05%, 07/15/2027^(a)		251		252,020


Total Asset-Backed Securities (cost $5,435,036)				5,353,384


COLLATERALIZED LOAN OBLIGATIONS – 2.0%
CLO - Floating Rate – 2.0%
Bain Capital Credit CLO Series 2019-1A, Class AR2 5.114% (CME Term SOFR 3 Month + 1.23%), 04/19/2034^(a)(f)		300		300,502
Elmwood CLO 45 Ltd. Series 2025-8A, Class A1 5.13% (CME Term SOFR 3 Month + 1.25%), 10/17/2038^(a)(f)		750		751,075
Flatiron CLO 25 Ltd. Series 2024-2A, Class A 5.232% (CME Term SOFR 3 Month + 1.35%), 10/17/2037^(a)(f)		460		461,233
Neuberger Berman Loan Advisers CLO 59 Ltd. Series 2024-59A, Class A1 5.15% (CME Term SOFR 3 Month + 1.29%), 01/23/2039^(a)(f)		500		501,175
Pikes Peak CLO 8 Series 2021-8A, Class A1R 5.214% (CME Term SOFR 3 Month + 1.33%), 01/20/2038^(a)(f)		300		300,599
Pikes Peak CLO 18 Series 2025-18A, Class A1 5.104% (CME Term SOFR 3 Month + 1.22%), 04/20/2038^(a)(f)		500		500,471



26 AB Core Plus Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Signal Peak CLO 14 Ltd. Series 2024-14A, Class A 5.157% (CME Term SOFR 3 Month + 1.30%), 01/22/2038^(a)(f)	$	300	$	300,736
Silver Point CLO 12 Ltd. Series 2025-12A, Class A1 5.288% (CME Term SOFR 3 Month + 1.31%), 10/15/2038^(a)(f)		750		751,783


Total Collateralized Loan Obligations (cost $3,864,543)				3,867,574


COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.6%
Non-Agency Fixed Rate CMBS – 1.6%
BANK5 Series 2025-5YR14, Class A3 5.646%, 04/15/2058		600		629,870
BMO Mortgage Trust Series 2025-5C10, Class A3 5.578%, 05/15/2058		500		522,980
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class A1 1.433%, 08/15/2026^(d)		79		78,779
Series 2021-1, Class A2 2.435%, 08/15/2026^(d)		719		715,844
Series 2021-1, Class AS 2.638%, 08/15/2026^(d)		25		24,693
Wells Fargo Commercial Mortgage Trust Series 2024-5C2, Class A3 5.92%, 11/15/2057		500		528,413
Series 2025-5C5, Class A3 5.59%, 07/15/2058		500		524,644

				3,025,223

Agency CMBS – 0.0%
Government National Mortgage Association Series 2006-39, Class IO 0.163%, 07/16/2046^(g)		104		1


Total Commercial Mortgage-Backed Securities (cost $3,017,284)				3,025,224


COLLATERALIZED MORTGAGE OBLIGATIONS – 0.4%
Risk Share Floating Rate – 0.4%
Bellemeade Re Ltd. Series 2023-1, Class M1A 6.272% (CME Term SOFR + 2.20%), 10/25/2033^(a)(f)		113		113,792



ABFunds.com		AB Core Plus Bond ETF 27

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Connecticut Avenue Securities Trust Series 2022-R02, Class 2M1 5.272% (CME Term SOFR + 1.20%), 01/25/2042^(a)(f)	$	20	$	20,282
Series 2023-R02, Class 1M1 6.372% (CME Term SOFR + 2.30%), 01/25/2043^(a)(f)		137		139,865
Series 2024-R02, Class 1M1 5.172% (CME Term SOFR + 1.10%), 02/25/2044^(a)(f)		76		76,024
Series 2024-R04, Class 1M1 5.172% (CME Term SOFR + 1.10%), 05/25/2044^(a)(f)		112		112,003
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2024-DNA1, Class M1 5.422% (CME Term SOFR + 1.35%), 02/25/2044^(a)(f)		169		169,541
Series 2024-HQA1, Class M1 5.322% (CME Term SOFR + 1.25%), 03/25/2044^(a)(f)		152		152,286

				783,793

Non-Agency Floating Rate – 0.0%
Federal Home Loan Mortgage Corp. Mscr Trust Mn1 Series 2021-MN1, Class M1 6.072% (CME Term SOFR + 2.00%), 01/25/2051^(a)(f)		26		26,204


Total Collateralized Mortgage Obligations (cost $806,743)				809,997


	Shares
SHORT-TERM INVESTMENTS – 5.6%
Investment Companies – 5.6%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(h)(i)(j) (cost $10,994,723)		10,994,723		10,994,723


Total Investments – 100.7% (cost $195,612,118)				197,314,730
Other assets less liabilities – (0.7)%				(1,401,679	)


Net Assets – 100.0%			$	195,913,051



28 AB Core Plus Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		59		March 2026	$	6,855,984	$	(1,312	)
U.S. Long Bond (CBT) Futures		111		March 2026		13,035,563		65,039
U.S. T-Note 2 Yr (CBT) Futures		4		March 2026		835,438		(266	)
U.S. T-Note 5 Yr (CBT) Futures		21		March 2026		2,305,078		8,492

Sold Contracts
U.S. T-Note 10 Yr (CBT) Futures		66		March 2026		7,480,687		(9,281	)
U.S. Ultra Bond (CBT) Futures		63		March 2026		7,619,063		(43,922	)

							$	18,750

(a)

(b)	Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at November 30, 2025.

(c)	Non-income producing security.

(d)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.43% of net assets as of November 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class A1 1.433%, 08/15/2026		04/01/2021 - 08/03/2023	$	75,664	$	78,779		0.04	%
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021 - 09/06/2022		722,444		715,844		0.37	%
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021 - 04/01/2021		25,101		24,693		0.01	%
Tricolor Auto Securitization Trust Series 2024-2A, Class A 6.36%, 12/15/2027		05/14/2024		28,165		26,916		0.01	%

(e)	Defaulted.

(f)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2025.

(g)	IO – Interest Only.

(h)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(i)	The rate shown represents the 7-day yield as of period end.

(j)	Affiliated investments.



ABFunds.com		AB Core Plus Bond ETF 29

PORTFOLIO OF INVESTMENTS (continued)

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

See notes to financial statements.



30 AB Core Plus Bond ETF		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $184,617,395)	$	186,320,007
Affiliated issuers (cost $10,994,723)		10,994,723
Cash		8,931
Cash collateral due from broker		300,870
Interest receivable		1,758,317
Receivable for investment securities sold		1,386,874
Affiliated dividends receivable		33,057
Receivable due from Adviser		1,702

Total assets		200,804,481

Liabilities
Payable for investment securities purchased		4,822,836
Advisory fee payable		44,734
Payable for variation margin on futures		22,098
Foreign capital gains tax payable		202
Other liabilities		1,560

Total liabilities		4,891,430

Net Assets	$	195,913,051

Composition of Net Assets
Capital stock, at par	$	544
Additional paid-in capital		240,047,514
Accumulated loss		(44,135,007	)

Net Assets	$	195,913,051

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 5,441,144 common shares outstanding)	$	36.01

See notes to financial statements.



ABFunds.com		AB Core Plus Bond ETF 31

STATEMENT OF OPERATIONS

Year Ended November 30, 2025


Investment Income
Interest	$	6,726,326
Dividends—Affiliated issuers		298,063
Other income		2,037		$	7,026,426

Expenses
Advisory fee (see Note B)		432,589

Total expenses before bank overdraft expense		432,589
Bank overdraft expense		26

Total expenses		432,615
Less: expenses waived and reimbursed by the Adviser (see Note B)		(15,024	)

Net expenses					417,591

Net investment income					6,608,835

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions^(a)					(6,047	)
In-kind redemptions					(69,340	)
Futures					532,487
Net change in unrealized appreciation (depreciation) of:
Investments					915,870
Futures					(2,992	)

Net gain on investment transactions					1,369,978

Net Increase in Net Assets from Operations				$	7,978,813

(a)	Net of foreign realized capital gains taxes of $6,352.

See notes to financial statements.



32 AB Core Plus Bond ETF		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2025			December 13, 2023^(a)to November 30, 2024
Increase in Net Assets from Operations
Net investment income	$	6,608,835		$	2,050,685
Net realized gain on investment transactions		457,100			16,776
Net change in unrealized appreciation (depreciation) of investments		912,878			808,484

Net increase in net assets from operations		7,978,813			2,875,945
Distribution to Shareholders		(6,108,010	)		(1,814,999	)
Transactions in Shares of the Fund
Net increase		138,643,204			54,310,250
Other capital		16,056			11,792

Total increase		140,530,063			55,382,988
Net Assets
Beginning of period		55,382,988			– 0	–

End of period	$	195,913,051		$	55,382,988

(a)	Commencement of operations.

See notes to financial statements.



ABFunds.com		AB Core Plus Bond ETF 33

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Board. Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.



34 AB Core Plus Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

market quotations when available. Listed options are generally valued at the last reported sale price, provided such price is within the bid-ask range, otherwise, they are valued based on the bid or ask price, as determined by a pricing service; options on futures may be valued at their settlement prices; OTC options, including flexible exchange-traded options (“Flex Options”), are generally valued using models that consider the terms of the option and relevant market inputs and are typically valued at transaction price on the trade date; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value (“NAV”) per share, while exchange-traded funds are valued at the closing market price per share.

2. Fair Value Measurements



ABFunds.com		AB Core Plus Bond ETF 35

NOTES TO FINANCIAL STATEMENTS (continued)

their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)



36 AB Core Plus Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Governments – Treasuries

– 0

–

84,308,529

– 0

–

84,308,529

Corporates – Investment Grade

– 0

–

67,831,841

– 0

–

67,831,841

Corporates – Non-Investment Grade

– 0

–

11,514,918

– 0

–

11,514,918

Mortgage Pass-Throughs

– 0

–

9,608,540

– 0

–

9,608,540

Asset-Backed Securities

– 0

–

5,353,384

– 0

–

5,353,384

Collateralized Loan Obligations

– 0

–

3,867,574

– 0

–

3,867,574

Commercial Mortgage-Backed Securities

– 0

–

3,025,224

– 0

–

3,025,224

Collateralized Mortgage Obligations

– 0

–

809,997

– 0

–

809,997

Short-Term Investments

10,994,723

– 0

–

– 0

–

10,994,723

Total Investments in Securities

10,994,723

186,320,007

– 0

–

197,314,730

Other Financial Instruments^(a):

Assets:

Futures

73,531

– 0

–

– 0

–

73,531

^(b)

Liabilities:

Futures

(54,781

)

– 0

–

– 0

–

(54,781

)^(b)

Total

11,013,473

186,320,007

– 0

–

197,333,480

(a)

(b)

3. Currency Translation



ABFunds.com		AB Core Plus Bond ETF 37

NOTES TO FINANCIAL STATEMENTS (continued)

4. Taxes

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current tax year) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

6. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are



38 AB Core Plus Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

7. Offering Expenses

The Adviser has agreed to pay all of the Fund’s organization and offering costs. The Fund is not obligated to repay any such organizational expenses or offering costs paid by the Adviser.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser a unitary advisory fee at an annual rate of .30% of the Fund’s average daily net assets. Prior to February 7, 2025, the Fund paid the Advisor a unitary advisory fee at annual rate of .33% of the Fund’s average daily net assets. The fees are accrued daily and paid monthly.



ABFunds.com		AB Core Plus Bond ETF 39

NOTES TO FINANCIAL STATEMENTS (continued)

expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser. For the year ended November 30, 2025, such waiver/reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $15,024.

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	4,234	$	48,414	$	41,653	$	10,995	$	298

NOTE C

Distribution Plan

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the year ended November 30, 2025 were as follows:


	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	85,873,067	$	72,898,731
U.S. government securities		88,065,523		82,141,512


	Purchases		Sales
In-kind transactions
Investment securities (excluding U.S. government securities)	$	28,427,789	$	23,487,098
U.S. government securities		27,782,038		20,420,784



40 AB Core Plus Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	195,628,041

Gross unrealized appreciation	$	2,750,550
Gross unrealized depreciation		(1,063,862	)

Net unrealized appreciation	$	1,686,688

1. Derivative Financial Instruments

The principal type of derivative utilized by the Fund, as well as the methods in which they may be used are:

•

Futures



ABFunds.com		AB Core Plus Bond ETF 41

NOTES TO FINANCIAL STATEMENTS (continued)

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the year ended November 30, 2025, the Fund held futures for hedging purposes.

During the year ended November 30, 2025, the Fund had entered into the following derivatives:

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation
margin on futures

73,531

Payable for variation
margin on futures

54,781

Total

73,531

54,781

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	532,487	$	(2,992	)

Total		$	532,487	$	(2,992	)

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended November 30, 2025:


Futures:
Average notional amount of buy contracts	$	14,582,275
Average notional amount of sale contracts	$	6,418,541



42 AB Core Plus Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

2. Currency Transactions

NOTE E

Shares of the Fund

Transactions in shares of the Fund were as follows:


	Shares						Amount
	Year Ended			December 13, 2023^(a)			Year Ended			December 13, 2023^(a)
	November 30, 2025			November 30, 2024			November 30, 2025			November 30, 2024

Shares sold		2,250,000			1,800,028		$	81,223,223			$ 63,219,245

Shares issued in connection with the Reorganization		3,091,116			– 0	–		132,651,834			– 0	–

Shares redeemed		(1,450,000	)		(250,000	)		(75,231,853	)		(8,908,995	)

Net increase		3,891,116			1,550,028		$	138,643,204			$ 54,310,250

(a)	Commencement of operations.



ABFunds.com		AB Core Plus Bond ETF 43

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE F

Risks Involved in Investing in the Fund

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer, guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Tax Risk—From time to time, the U.S. Government and the U.S. Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Fund by increasing taxes on that income. In such event, the Fund’s net asset value (“NAV”) could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax-exempt status of municipal bonds could also result in significant shareholder redemptions of Fund



44 AB Core Plus Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield.

Mortgage-Related and Other Asset-Backed Securities Risk—Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by nongovernmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities. Some mortgage-backed securities are “TBA” securities, which have additional risks.

Emerging-Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.



ABFunds.com		AB Core Plus Bond ETF 45

NOTES TO FINANCIAL STATEMENTS (continued)

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

Illiquid Investments Risk—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. Foreign fixed-income securities may have more illiquid investments risk because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently than domestic securities. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down.

Variable and Floating-Rate Securities Risk—Variable and floating-rate securities pay interest at rates that are adjusted periodically, according to a specific formula. Because the interest rate is reset only periodically, changes in the interest rate on these securities may lag behind changes in the prevailing market interest rates. The value of the security may rise or fall depending on changes in interest rates between periodic resets.



46 AB Core Plus Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the Nasdaq Stock Market LLC (“Nasdaq” or an “Exchange”). Shares are generally bought and sold in the secondary market at market prices. The NAV per share of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on an Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may



ABFunds.com		AB Core Plus Bond ETF 47

NOTES TO FINANCIAL STATEMENTS (continued)

invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.

Authorized Participant Risk—Only a limited number of financial institutions that enter into an authorized participant relationship with the Fund (“Authorized Participants”) may engage in creation or redemption transactions. If the Fund’s Authorized Participants decide not to create or redeem shares, Fund shares may trade at a larger premium or discount to the Fund’s NAV, or the Fund could face trading halts or de-listing.

Management Risk—The Fund is subject to management risk because it is an actively-managed ETF. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Many of these techniques incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.



48 AB Core Plus Bond ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE G

Joint Credit Facility

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the fiscal year ended November 30, 2025 and November 30, 2024 was as follows:


	2025		2024
Distributions paid from:
Ordinary income	$	6,108,010	$	1,814,999

Total taxable distributions	$	6,108,010	$	1,814,999

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income	$	949,258
Accumulated capital and other losses		(47,044,985	)^(a)
Unrealized appreciation (depreciation)		1,960,922	^(b)

Total accumulated earnings (deficit)	$	(44,134,805	)^(c)

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $46,613,314. As of November 30, 2025, the cumulative deferred loss on straddles was $431,671.

(b)	The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of callable bonds, and the tax deferral of losses on wash sales.

(c)	The differences between book-basis and tax-basis components of accumulated earnings (deficit) is attributable primarily to the accrual of foreign capital gains tax.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $16,905,328 and a net long-term capital loss carryforward of $29,707,986, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the tax treatment of gains from a redemption-in-kind and the tax treatment of a corporate restructuring resulted in a net decrease in distributable earnings and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.



ABFunds.com		AB Core Plus Bond ETF 49

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE I

Reorganization

At meetings held on November 5-7, 2024, the Board, on behalf of the Fund, and the Board of Directors of the Acquired Portfolio approved the conversion providing for the tax-free acquisition by the Fund of the assets and liabilities of the Acquired Portfolio. The acquisition was completed at the close of business February 7, 2025. Pursuant to the Plan, the assets and liabilities of the Acquired Portfolio’s shares were transferred in exchange for Fund shares, in a tax-free exchange as follows:


Portfolio	Shares outstanding before the Reorganization		Shares outstanding immediately after the Reorganization			Aggregate net assets before the Reorganization			Aggregate net assets immediately after the Reorganization
AB Total Return Bond Portfolio		14,331,948		– 0	–	$	132,651,834	+	$	– 0	–
AB Core Plus Bond ETF		1,250,028		5,039,723			43,755,214			176,407,048

+	Includes unrealized depreciation of $1,408,433.

Acquired Portfolio’s Share Class

Shares
outstanding
before Conversion

Conversion
Ratio

Shares
outstanding
immediately after
the Conversion

Advisor Class

14,331,948

0.35164257

5,039,723

The acquisition of the Acquired Portfolio was completed on February 7, 2025. If the Reorganization had been completed as of the beginning of the annual reporting period, the Acquiring Portfolio’s pro forma results of the operations for the year ended November 30, 2025 would have been as follows:


Net investment income	$	7,703,324
Net realized and unrealized gain on investments		404,718

Net increase in net assets resulting from operations	$	8,108,042

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio’s Statement of Operations since February 7, 2025.

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.



50 AB Core Plus Bond ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

NOTE J

Subsequent Events



ABFunds.com		AB Core Plus Bond ETF 51

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024


Net asset value, beginning of period		$ 35.73			$ 35.00

Income From Investment Operations

Net investment income^(b)(c)		1.62			1.58

Net realized and unrealized gain on investment transactions		.31			.55

Net increase in net asset value from operations		1.93			2.13

Less: Dividends and Distributions

Dividends from net investment income		(1.63	)		(1.40	)

Distributions from net realized gain on investment transactions		(.02	)		– 0	–

Total dividends and distributions		(1.65	)		(.00	)

Net asset value, end of period		$ 36.01			$ 35.73

Total Return

Total investment return based on net asset value^(d)		5.57	%		6.19	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$195,913			$55,383

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(e)(f)^‡		.29	%		.32	%^{^}

Expenses, before waivers/reimbursements^(e)(f)^‡		.30	%		.33	%^{^}

Net investment income^(c)		4.62	%		4.62	%^{^}

Portfolio turnover rate^(g)		114	%		232	%


^‡ Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying
portfolio		.01	%		.01	%^{^}

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)

(e)

In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the years ended November 30, 2025 and November 30, 2024, such waiver amounted to .01% and .01%, respectively.

(f)	The expense ratios presented below exclude bank overdraft expense:


	Year Ended November 30, 2025			December 13, 2023^(a)to November 30, 2024

Net of waivers/reimbursements		.29	%		.32	%^{^}
Before waivers/reimbursements		.30	%		.33	%^{^}

(g)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

^	Annualized.

See notes to financial statements.



52 AB Core Plus Bond ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB Core Plus Bond ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Core Plus Bond ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statement of operations for the year then ended and the statements of changes in net assets and the financial highlights for the year then ended and the period from December 13, 2023 (commencement of operations) to November 30, 2024, 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations for the year then ended and the changes in its net assets and its financial highlights for the year then ended and the period from December 13, 2023 (commencement of operations) to November 30, 2024, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s 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 Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.



ABFunds.com		AB Core Plus Bond ETF 53

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 29, 2026



54 AB Core Plus Bond ETF		ABFunds.com

2025 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended November 30, 2025. For foreign shareholders, 91.27% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends. The Fund designates $5,784,165 of distributions paid during the fiscal year ended November 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.



ABFunds.com		AB Core Plus Bond ETF 55

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Core Plus Bond ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment



56 AB Core Plus Bond ETF		ABFunds.com

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar year 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of profitability of the Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the period reviewed.

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its relationship with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results



ABFunds.com		AB Core Plus Bond ETF 57

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses



58 AB Core Plus Bond ETF		ABFunds.com

large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe of ETFs selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The information provided included a pro forma expense ratio for the Fund’s latest fiscal year adjusted to reflect a reduction in the Fund’s unitary fee effective February 2025. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s pro expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s pro forma expense ratio was acceptable.

Economies of Scale



ABFunds.com		AB Core Plus Bond ETF 59

NOTES



60 AB Core Plus Bond ETF		ABFunds.com

LOGO

AB CORE PLUS BOND ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-CPB-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB DISRUPTORS ETF

(NYSE Arca: FWD)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


Company	Shares		U.S. $ Value

COMMON STOCKS – 98.9%
Information Technology – 48.8%
Communications Equipment – 3.6%
Arista Networks, Inc.^(a)		71,580	$	9,354,075
Ciena Corp.^(a)		47,973		9,796,566
F5, Inc.^(a)		38,800		9,279,408
Lumentum Holdings, Inc.^(a)		56,871		18,492,174

				46,922,223

Electronic Equipment, Instruments & Components – 7.4%
Amphenol Corp. – Class A		125,961		17,747,905
Celestica, Inc.^(a)		39,533		13,615,560
Corning, Inc.		121,278		10,211,608
Delta Electronics, Inc.		306,000		9,086,889
Fabrinet^(a)		24,031		11,040,082
Flex Ltd.^(a)		152,438		9,010,610
Luxshare Precision Industry Co., Ltd. – Class A		735,100		5,999,799
Teledyne Technologies, Inc.^(a)		19,283		9,632,244
Yaskawa Electric Corp.		330,000		8,541,301

				94,885,998

IT Services – 3.7%
Akamai Technologies, Inc.^(a)		107,342		9,609,256
MongoDB, Inc.^(a)		24,678		8,202,227
Shopify, Inc. – Class A^(a)		104,867		16,636,101
Snowflake, Inc.^(a)		51,345		12,899,917

				47,347,501

Semiconductors & Semiconductor Equipment – 24.9%
Advanced Micro Devices, Inc.^(a)		62,906		13,683,942
Advantest Corp.		113,400		14,951,650
Ambarella, Inc.^(a)		69,362		5,145,273
Analog Devices, Inc.		38,824		10,301,560
Applied Materials, Inc.		81,202		20,483,205
ASML Holding NV (REG)		12,090		12,815,400
Broadcom, Inc.		96,697		38,965,023
Credo Technology Group Holding Ltd.^(a)		20,591		3,656,962
Infineon Technologies AG		350,244		14,767,268
Intel Corp.^(a)		308,296		12,504,486
Lam Research Corp.		125,882		19,637,592
Lattice Semiconductor Corp.^(a)		98,724		6,931,412
Micron Technology, Inc.		40,640		9,610,547
Monolithic Power Systems, Inc.		14,334		13,304,389
NVIDIA Corp.		284,532		50,362,164
Semtech Corp.^(a)		147,512		10,939,490
Silicon Laboratories, Inc.^(a)		22,498		2,870,295
SiTime Corp.^(a)		26,168		7,790,214
SK hynix, Inc.		32,776		11,811,974
Taiwan Semiconductor Manufacturing Co., Ltd.		584,607		26,822,816



ABFunds.com		AB Disruptors ETF 1

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Teradyne, Inc.		70,838	$	12,884,724

				320,240,386


Software – 6.3%
Autodesk, Inc.^(a)		32,206		9,769,368
Cloudflare, Inc. – Class A^(a)		30,754		6,157,258
Crowdstrike Holdings, Inc. – Class A^(a)		20,725		10,552,341
Microsoft Corp.		12,556		6,177,678
Nebius Group NV^(a)(b)		68,920		6,538,440
Palantir Technologies, Inc. – Class A^(a)		105,418		17,757,662
ServiceNow, Inc.^(a)		17,911		14,551,076
Synopsys, Inc.^(a)		7,715		3,224,947
Unity Software, Inc.^(a)		151,519		6,442,588

				81,171,358

Technology Hardware, Storage & Peripherals – 2.9%
Pure Storage, Inc. – Class A^(a)		82,836		7,369,090
Samsung Electronics Co., Ltd.		262,610		17,946,014
Sandisk Corp./DE^(a)		28,476		6,358,121
Western Digital Corp.		36,608		5,979,185

				37,652,410

				628,219,876

Industrials – 18.0%
Aerospace & Defense – 6.9%
Boeing Co. (The)^(a)		27,752		5,245,128
Carpenter Technology Corp.		43,660		13,907,456
Hensoldt AG		75,745		6,008,369
Howmet Aerospace, Inc.		59,413		12,155,306
Karman Holdings, Inc.^(a)		170,381		11,420,638
Kratos Defense & Security Solutions, Inc.^(a)		129,237		9,834,936
L3Harris Technologies, Inc.		39,486		11,004,353
Leonardo SpA		99,460		5,414,744
Rocket Lab Corp.^(a)		106,635		4,493,599
Rolls-Royce Holdings PLC		700,195		9,908,459

				89,392,988


Construction & Engineering – 1.0%
Quanta Services, Inc.		27,514		12,790,708


Electrical Equipment – 5.5%
ABB Ltd. (REG)		119,076		8,602,686
Bloom Energy Corp. – Class A^(a)		60,647		6,625,078
BWX Technologies, Inc.		50,488		9,031,293
Doosan Enerbility Co., Ltd.^(a)		111,784		5,807,159
Prysmian SpA		129,610		12,981,156
Rockwell Automation, Inc.		34,345		13,595,812
Vertiv Holdings Co. – Class A		76,601		13,767,498

				70,410,682



2 AB Disruptors ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Industrial Conglomerates – 0.6%
Hitachi Ltd.		218,500	$	6,956,155


Machinery – 4.0%
Caterpillar, Inc.		26,197		15,083,185
Daifuku Co., Ltd.		201,700		6,386,413
Kawasaki Heavy Industries Ltd.		82,600		5,230,716
Mitsubishi Heavy Industries Ltd.		697,800		17,649,578
Westinghouse Air Brake Technologies Corp.		35,383		7,379,124

				51,729,016

				231,279,549

Health Care – 13.9%
Biotechnology – 2.3%
AbbVie, Inc.		54,501		12,409,878
Argenx SE (ADR)^(a)		8,228		7,503,771
Genmab A/S (Sponsored ADR)^(a)		280,906		9,090,118

				29,003,767

Health Care Equipment & Supplies – 3.8%
Boston Scientific Corp.^(a)		124,101		12,606,180
Edwards Lifesciences Corp.^(a)		114,450		9,919,382
Intuitive Surgical, Inc.^(a)		15,028		8,618,257
Straumann Holding AG (REG)^(a)		77,707		8,864,763
Stryker Corp.		24,868		9,230,504

				49,239,086

Life Sciences Tools & Services – 5.4%
Agilent Technologies, Inc.		120,686		18,525,301
Bruker Corp.		186,032		9,080,222
IQVIA Holdings, Inc.^(a)		53,074		12,207,551
Lonza Group AG (REG)^(a)		13,387		9,169,749
Sartorius AG (Preference Shares)		24,905		7,260,562
Thermo Fisher Scientific, Inc.		23,524		13,898,685

				70,142,070

Pharmaceuticals – 2.4%
AstraZeneca PLC		74,925		13,872,775
Eli Lilly & Co.		16,229		17,453,803

				31,326,578

				179,711,501

Consumer Discretionary – 7.5%
Automobiles – 2.4%
Rivian Automotive, Inc. – Class A^(a)		400,004		6,744,068
Tesla, Inc.^(a)		55,366		23,816,792

				30,560,860

Broadline Retail – 2.5%
Alibaba Group Holding Ltd. – Class H		664,200		12,924,669
Amazon.com, Inc.^(a)		85,070		19,840,025

				32,764,694



ABFunds.com		AB Disruptors ETF 3

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Hotels, Restaurants & Leisure – 0.8%
DoorDash, Inc. – Class A^(a)		50,155	$	9,949,247


Household Durables – 0.3%
SharkNinja, Inc.^(a)		33,490		3,267,619


Specialty Retail – 1.5%
Carvana Co.^(a)		28,026		10,495,737
Wayfair, Inc. – Class A^(a)		85,241		9,444,703

				19,940,440

				96,482,860

Communication Services – 5.9%
Entertainment – 1.2%
Netflix, Inc.^(a)		82,781		8,905,580
Spotify Technology SA^(a)		11,876		7,112,180

				16,017,760

Interactive Media & Services – 4.7%
Alphabet, Inc. – Class A		107,743		34,497,154
Meta Platforms, Inc. – Class A		24,774		16,052,313
Reddit, Inc. – Class A^(a)		44,971		9,734,873

				60,284,340

				76,302,100

Utilities – 1.5%
Electric Utilities – 0.9%
Constellation Energy Corp.		32,002		11,660,249


Independent Power and Renewable Electricity Producers – 0.6%
Vistra Corp.		44,898		8,030,456

				19,690,705

Materials – 1.2%
Chemicals – 0.7%
Solstice Advanced Materials, Inc.^(a)		206,141		9,828,803


Containers & Packaging – 0.5%
Avery Dennison Corp.		35,190		6,065,700

				15,894,503

Financials – 1.1%
Capital Markets – 1.1%
Robinhood Markets, Inc. – Class A^(a)		106,559		13,691,766


Energy – 1.0%
Oil, Gas & Consumable Fuels – 1.0%
Cameco Corp.		146,695		12,983,974


Total Common Stocks (cost $989,388,705)				1,274,256,834



4 AB Disruptors ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

SHORT-TERM INVESTMENTS – 1.5%
Investment Companies – 1.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(c)(d)(e) (cost $19,836,418)		19,836,418	$	19,836,418


Total Investments Before Security Lending Collateral for Securities Loaned – 100.4% (cost $1,009,225,123)				1,294,093,252


INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(c)(d)(e) (cost $6,601,253)		6,601,253		6,601,253


Total Investments – 100.9% (cost $1,015,826,376)				1,300,694,505
Other assets less liabilities – (0.9)%				(12,163,299	)


Net Assets – 100.0%			$	1,288,531,206

(a)	Non-income producing security.

(b)	Represents entire or partial securities out on loan. See Note E for securities lending information.

(c)	The rate shown represents the 7-day yield as of period end.

(d)	Affiliated investments.

(e)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

See notes to financial statements.



ABFunds.com		AB Disruptors ETF 5

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $989,388,705)	$	1,274,256,834	^(a)
Affiliated issuers (cost $26,437,671—including investment of cash collateral for securities loaned of $6,601,253)		26,437,671
Cash		33,884
Foreign currencies, at value (cost $844,312)		846,671
Unaffiliated dividends receivable		479,412
Affiliated dividends receivable		69,334
Receivable due from Adviser		3,544

Total assets		1,302,127,350

Liabilities
Payable for collateral received on securities loaned		6,601,253
Payable for investment securities purchased		6,358,928
Advisory fee payable		635,963

Total liabilities		13,596,144

Net Assets	$	1,288,531,206

Composition of Net Assets
Capital stock, at par	$	1,238
Additional paid-in capital		1,025,699,895
Distributable earnings		262,830,073

Net Assets	$	1,288,531,206

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 12,380,020 shares outstanding)	$	104.08

(a)	Includes securities on loan with a value of $6,472,980 (see Note E).

See notes to financial statements.



6 AB Disruptors ETF		ABFunds.com

STATEMENT OF OPERATIONS

Year Ended November 30, 2025


Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $169,016)	$	3,684,743
Affiliated issuers		658,327
Interest		10,421
Securities lending income, net		295,128		$	4,648,619

Expenses
Advisory fee (see Note B)		5,079,497

Total expenses before bank overdraft expense		5,079,497
Bank overdraft expense		5,128

Total expenses		5,084,625
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(34,656	)

Net expenses					5,049,969

Net investment loss					(401,350	)

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions					(21,653,147	)
In-kind redemptions					67,383,363
Foreign currency transactions					(62,009	)
Net change in unrealized appreciation (depreciation) of:
Investments					185,455,727
Foreign currency denominated assets and liabilities					11,290

Net gain on investment and foreign currency transactions					231,135,224

Net Increase in Net Assets from Operations				$	230,733,874

See notes to financial statements.



ABFunds.com		AB Disruptors ETF 7

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2025			Year Ended November 30, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	(401,350	)	$	55,472
Net realized gain on investment and foreign currency transactions		45,668,207			27,004,194
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		185,467,017			80,392,187

Net increase in net assets from operations		230,733,874			107,451,853
Distribution to Shareholders		(8,952,609	)		– 0	–
Capital Stock Transactions
Net increase		577,938,378			202,927,861
Other capital		21,766			17,646

Total increase		799,741,409			310,397,360
Net Assets
Beginning of period		488,789,797			178,392,437

End of period	$	1,288,531,206		$	488,789,797

See notes to financial statements.



8 AB Disruptors ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.



ABFunds.com		AB Disruptors ETF 9

NOTES TO FINANCIAL STATEMENTS (continued)

and are typically valued at transaction price on the trade date; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value (“NAV”) per share, while exchange-traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices at the discretion of the Adviser.

2. Fair Value Measurements



10 AB Disruptors ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

1,274,256,834

– 0

–

– 0

–

1,274,256,834

Short-Term Investments

19,836,418

– 0

–

– 0

–

19,836,418

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

6,601,253

– 0

–

– 0

–

6,601,253

Total Investments in Securities

1,300,694,505

– 0

–

– 0

–

1,300,694,505

Other Financial Instruments^(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

1,300,694,505

– 0

–

– 0

–

1,300,694,505

(a)	See Portfolio of Investments for sector classifications.

(b)



ABFunds.com		AB Disruptors ETF 11

NOTES TO FINANCIAL STATEMENTS (continued)

3. Currency Translation

4. Taxes

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and prior tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions



12 AB Disruptors ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Dividends and Distributions

7. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

8. Segment Information

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser a unitary advisory fee at an annual rate of .65% of the Fund’s average daily net assets. The fees are accrued daily and paid monthly.



ABFunds.com		AB Disruptors ETF 13

NOTES TO FINANCIAL STATEMENTS (continued)

for which the Adviser serves as investment adviser. For the year ended November 30, 2025, such waiver/reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $32,981.

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	6,655		$	590,946	$	577,764	$	19,837	$	658
AB Government Money Market Portfolio*		– 0	–		41,212		34,611		6,601		12

Total								$	26,438	$	670

*	Investments of cash collateral for securities lending transactions (see Note E).

NOTE C

Distribution Plan

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the year ended November 30, 2025 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	1,721,579,650		$	1,526,061,515
U.S. government securities		– 0	–		– 0	–


	Purchases			Sales
In-kind transactions (excluding U.S. government securities)	$	539,919,544		$	173,206,258
U.S. government securities		– 0	–		– 0	–



14 AB Disruptors ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	1,029,879,582

Gross unrealized appreciation	$	299,499,242
Gross unrealized depreciation		(28,684,319	)

Net unrealized appreciation	$	270,814,923

1. Derivative Financial Instruments

The Fund did not engage in derivatives transactions for the year ended November 30, 2025.

2. Currency Transactions

NOTE E

Securities Lending

The Fund may enter into securities lending transactions. Under the Fund’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If the Fund cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Fund will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Fund in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative



ABFunds.com		AB Disruptors ETF 15

NOTES TO FINANCIAL STATEMENTS (continued)

expenses. If the Fund receives non-cash collateral, the Fund will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Fund will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Fund amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Fund will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Fund, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and AB Government Money Market Portfolio are reflected in the statement of operations. When the Fund earns net securities lending income from AB Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

A summary of the Fund’s transactions surrounding securities lending for the year ended November 30, 2025 is as follows:


									AB Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*			Income from Borrowers		Income Earned		Advisory Fee Waived
$	6,472,980	$	6,601,253	$	– 0	–	$	282,969	$	12,159	$	1,675

*	As of November 30, 2025.



16 AB Disruptors ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE F

Shares of the Fund

Transactions in shares of the Fund were as follows:


	Shares						Amount
	Year Ended November 30, 2025			Year Ended November 30, 2024			Year Ended November 30, 2025			Year Ended November 30, 2024

Shares sold		8,470,000			3,370,000		$	763,333,632		$	248,296,848

Shares redeemed		(1,970,000	)		(580,000	)		(185,395,254	)		(45,368,987	)

Net increase		6,500,000			2,790,000		$	577,938,378		$	202,927,861

NOTE G

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, tariffs and trade disputes, and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may be underperforming the market generally.

Equity Securities Risk—The Fund invests in publicly-traded equity securities, and their value may fluctuate, sometimes rapidly and unpredictably, which means a security may be worth more or less than when it was purchased. These fluctuations can be based on a variety of factors including a company’s financial condition as well as macro-economic factors such as interest rates, inflation rates, global market conditions, and non-economic factors such as market perceptions and social or political events.

Foreign (Non-U.S.) Investments Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may



ABFunds.com		AB Disruptors ETF 17

NOTES TO FINANCIAL STATEMENTS (continued)

fluctuate more widely in price and may be more difficult to trade than domestic securities due to adverse market, economic, political, regulatory or other factors. In addition, the value of the Fund’s investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

Global Risk—The Fund invests in companies in multiple countries, and companies in which the Fund invests may experience differing outcomes with respect to safety and security, economic uncertainties, natural and environmental conditions, health conditions (including pandemics such as Covid-19) and/or systemic market dislocations (including market dislocations due to events outside a company’s country or region, including supply chain events). The global interconnectivity of industries and companies, especially with respect to goods, can be negatively impacted by events occurring beyond a company’s principal geographic location. These events can contribute to volatility, valuation and liquidity issues, and can affect specific companies, countries, regions and global markets.

Emerging Market Risk—Investments in emerging market countries may have more risk because the markets are less developed, less liquid and are subject to increased potential for market manipulation, and increased economic, political, regulatory or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets, or financial resources.

Sector Risk—The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments. Because the Fund may invest to a significant extent in the information technology sector, the Fund’s performance largely depends on the general condition of that sector. Companies in the information technology sector could be affected by, among other things, changes in interest rates, overall economic conditions, short product cycles, rapid obsolescence of products, competition, and government regulation. Companies in the software industry may be adversely affected by, among other things, the decline or fluctuation of subscription renewal rates for their products and services and actual or perceived vulnerabilities in their products or services.



18 AB Disruptors ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Depositary Receipts Risk—Investing in depositary receipts involves risks that are similar to the risks of direct investments in foreign securities. For example, investing in depositary receipts may involve risks relating to political, economic or regulatory conditions in foreign countries. In addition, the issuers of the securities underlying certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts.

Non-Diversification Risk—The Fund may have more risk because it is “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund’s net asset value (“NAV”) than on the NAV of a diversified fund.

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the NYSE Arca, Inc. (“NYSE Arca” or an “Exchange”). The Fund’s shares are generally bought and sold in the secondary market at market prices. The NAV of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on an Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.



ABFunds.com		AB Disruptors ETF 19

NOTES TO FINANCIAL STATEMENTS (continued)

trade at a larger premium or discount to the Fund’s NAV per share, or the Fund could face trading halts or de-listing.

NOTE H

Joint Credit Facility



20 AB Disruptors ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE I

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended November 30, 2025 and November 30, 2024 were as follows:


	2025		2024
Distributions paid from:
Ordinary income	$	5,078,720	$	– 0	–
Net long-term capital gains		3,873,889

Total taxable distributions paid	$	8,952,609	$	– 0	–

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income	$	1,282,074
Undistributed capital gains		(9,270,665	)^(a)
Unrealized appreciation (depreciation)		270,818,664	^(b)

Total accumulated earnings (deficit)	$	262,830,073

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $9,270,665.

(b)	The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $9,270,665, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the tax treatment of gains from a redemption-in-kind and prior year post-financial statement adjustments resulted in a net decrease in distributable earnings and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J

Subsequent Events



ABFunds.com		AB Disruptors ETF 21

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Year Ended November 30, 2025			Year Ended November 30, 2024			March 22, 2023^(a) to November 30, 2023


Net asset value, beginning of period		$ 83.13			$ 57.73			$ 50.00

Income From Investment Operations

Net investment income (loss)^(b)(c)		(.05	)		.01			(.01	)

Net realized and unrealized gain on investment transactions		22.50			25.39			7.74

Net increase in net asset value from operations		22.45			25.40			7.73

Less: Dividends and Distributions

Dividends from net investment income		(0.0	)^(d)		– 0	–		– 0	–

Distributions from net realized gain on investment transactions		(1.50	)		– 0	–		– 0	–

Total dividends and distributions		(1.50	)		– 0	–		– 0	–

Net asset value, end of period		$ 104.08			$ 83.13			$ 57.73

Total Return

Total investment return based on net asset value^(e)		27.47	%		43.99	%		15.46	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,288,531			$488,790			$178,392

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.65	%		.65	%		.65	%^{^}

Expenses, before waivers/reimbursements		.65	%		.65	%		.65	%^{^}

Net investment income (loss)^(c)		(.05	)%		.02	%		(.04	)%^{^}

Portfolio turnover rate^(f)		196	%		163	%		90	%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	Amount is less than $.005.

(e)

(f)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

^	Annualized.

See notes to financial statements.



22 AB Disruptors ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB Disruptors ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Disruptors ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the two years in the period then ended and the period from March 22, 2023 (commencement of operations) to November 30, 2023 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended and the period from March 22, 2023 (commencement of operations) to November 30, 2023, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s 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 Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.



ABFunds.com		AB Disruptors ETF 23

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. 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.

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



24 AB Disruptors ETF		ABFunds.com

2025 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable period ended November 30, 2025. For individual shareholders, the Fund designates 27.37% of dividends paid as qualified dividend income. For corporate shareholders, 16.84% of dividends paid qualify for the dividends received deduction.

The fund designates $3,873,889 of dividends as long-term capital gain dividends.

The Fund designates $61 of distributions paid during the fiscal year ended November 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.



ABFunds.com		AB Disruptors ETF 25

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Disruptors ETF (the “Fund”) at a meeting held in-person on May 6-8, 2025 (the “Meeting”).

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment



26 AB Disruptors ETF		ABFunds.com

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for the period ended December 31, 2023 and calendar 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted that the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its relationship with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors have received detailed performance information for the Fund at each regular Board meeting since the Fund’s inception.



ABFunds.com		AB Disruptors ETF 27

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended February 28, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider, concerning advisory fee rates payable by other ETFs in the same category as the Fund. The directors noted that the advisory fee is a unitary fee and that the Adviser pays all expenses of the Fund except for certain expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors compared the Fund’s contractual advisory fee rate against a peer group median and noted that it was lower than the median.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.



28 AB Disruptors ETF		ABFunds.com

and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations. The directors noted that the unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s expense ratio was lower than the median of a peer group and above the median of a peer universe. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



ABFunds.com		AB Disruptors ETF 29

NOTES



30 AB Disruptors ETF		ABFunds.com

NOTES



ABFunds.com		AB Disruptors ETF 31

NOTES



32 AB Disruptors ETF		ABFunds.com

LOGO

AB DISRUPTORS ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-DR-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB EMERGING MARKETS OPPORTUNITIES ETF

(NYSE Arca: EMOP)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


Company	Shares		U.S. $ Value

COMMON STOCKS – 99.1%
Information Technology – 25.7%
Communications Equipment – 0.4%
Accton Technology Corp.		7,500	$	244,942


Electronic Equipment, Instruments & Components – 2.9%
Delta Electronics, Inc.		53,200		1,579,812


IT Services – 2.0%
Infosys Ltd. (Sponsored ADR)		60,149		1,051,405


Semiconductors & Semiconductor Equipment – 12.8%
Realtek Semiconductor Corp.		20,200		335,326
SK hynix, Inc.		2,143		772,304
SK hynix, Inc. (GDR)^(a)		740		267,140
Taiwan Semiconductor Manufacturing Co., Ltd.		119,400		5,478,286

				6,853,056

Technology Hardware, Storage & Peripherals – 7.6%
Asustek Computer, Inc.		44,400		850,228
Samsung Electronics Co., Ltd.		31,722		2,167,790
Samsung Electronics Co., Ltd. (GDR)^(a)		597		1,032,810

				4,050,828

				13,780,043

Financials – 23.0%
Banks – 17.9%
Abu Dhabi Islamic Bank PJSC		54,542		295,516
Bank Polska Kasa Opieki SA		23,485		1,288,133
Emirates NBD Bank PJSC		114,913		763,407
Grupo Financiero Banorte SAB de CV		138,367		1,321,409
HDFC Bank Ltd. (ADR)		9,051		333,258
ICICI Bank Ltd. (Sponsored ADR)		58,748		1,834,700
Itau Unibanco Holding SA (Preference Shares)		142,000		1,106,618
Itau Unibanco Holding SA (Sponsored ADR) – Class H		74,230		578,994
Piraeus Financial Holdings SA^(b)		62,801		515,288
State Bank of India (GDR)^(a)		13,930		1,529,514

				9,566,837

Insurance – 5.1%
New China Life Insurance Co., Ltd. – Class H		61,800		368,152
People’s Insurance Co. Group of China Ltd. (The) – Class H		296,000		268,033
PICC Property & Casualty Co., Ltd. – Class H		572,000		1,297,462
Samsung Fire & Marine Insurance Co., Ltd.		2,515		823,427

				2,757,074

				12,323,911



ABFunds.com		AB Emerging Markets Opportunities ETF 1

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Communication Services – 14.6%
Diversified Telecommunication Services – 0.7%
KT Corp. (Sponsored ADR)		21,352	$	392,023


Entertainment – 3.0%
NetEase, Inc. – Class H		58,500		1,607,969


Interactive Media & Services – 8.2%
NAVER Corp.		2,671		443,153
Tencent Holdings Ltd. – Class H		50,400		3,958,539

				4,401,692

Wireless Telecommunication Services – 2.7%
TIM SA/Brazil		300,072		1,422,523

				7,824,207

Consumer Discretionary – 11.3%
Automobile Components – 0.7%
Huayu Automotive Systems Co., Ltd. – Class A		130,400		357,717


Automobiles – 2.6%
Kia Corp.		12,703		985,559
Mahindra & Mahindra Ltd. (Sponsored GDR)^(a)		9,358		398,651

				1,384,210

Broadline Retail – 1.0%
Alibaba Group Holding Ltd. – Class H		28,600		556,527


Hotels, Restaurants & Leisure – 1.3%
OPAP SA		33,932		693,872


Household Durables – 3.1%
Hisense Visual Technology Co., Ltd. – Class A		69,900		255,834
Midea Group Co., Ltd. – Class A		123,900		1,397,698

				1,653,532

Specialty Retail – 1.9%
Pop Mart International Group Ltd. – Class H^(a)		35,150		1,014,915


Textiles, Apparel & Luxury Goods – 0.7%
Bosideng International Holdings Ltd. – Class H		586,000		373,325

				6,034,098

Industrials – 6.8%
Construction & Engineering – 0.7%
Larsen & Toubro Ltd. (GDR)^(a)		8,247		376,063


Electrical Equipment – 0.6%
Contemporary Amperex Technology Co., Ltd. – Class A		6,200		326,848


Machinery – 2.9%
HD Korea Shipbuilding & Offshore Engineering Co., Ltd.		2,220		618,910
Yutong Bus Co., Ltd. – Class A		213,300		937,354

				1,556,264



2 AB Emerging Markets Opportunities ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Passenger Airlines – 2.6%
Latam Airlines Group SA (ADR)^(b)		28,574	$	1,378,124

				3,637,299

Energy – 5.6%
Oil, Gas & Consumable Fuels – 5.6%
ORLEN SA		53,471		1,379,073
PetroChina Co., Ltd. – Class H		1,444,000		1,609,885

				2,988,958

Materials – 4.1%
Chemicals – 1.5%
Yunnan Yuntianhua Co., Ltd. – Class A		181,200		792,706


Metals & Mining – 2.6%
Gold Fields Ltd. (Sponsored ADR)		9,045		387,940
Zijin Mining Group Co., Ltd. – Class A		86,500		349,214
Zijin Mining Group Co., Ltd. – Class H		164,000		646,681

				1,383,835

				2,176,541

Real Estate – 3.6%
Real Estate Management & Development – 3.6%
Aldar Properties PJSC		39,047		86,645
Emaar Development PJSC		188,566		754,705
Emaar Properties PJSC		300,762		1,089,109

				1,930,459

Health Care – 2.8%
Pharmaceuticals – 2.8%
Dr. Reddy’s Laboratories Ltd. (ADR)		20,554		288,784
Sino Biopharmaceutical Ltd. – Class H		1,325,000		1,199,811

				1,488,595

Consumer Staples – 1.6%
Food Products – 1.6%
AVI Ltd.		52,737		319,332
Uni-President China Holdings Ltd. – Class H		489,000		520,052

				839,384

Total Common Stocks (cost $52,331,346)				53,023,495


SHORT-TERM INVESTMENTS – 0.8%
Investment Companies – 0.8%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(c)(d)(e)(cost $430,229)		430,229		430,229


Total Investments – 99.9% (cost $52,761,575)				53,453,724
Other assets less liabilities – 0.1%				69,953


Net Assets – 100.0%			$	53,523,677



ABFunds.com		AB Emerging Markets Opportunities ETF 3

PORTFOLIO OF INVESTMENTS (continued)

Country Breakdown (% of Net Assets)


China	33.3	%
Taiwan	15.9	%
South Korea	14.0	%
India	10.9	%
Brazil	5.8	%
United Arab Emirates	5.6	%
Poland	5.0	%
Chile	2.6	%
Mexico	2.5	%
Greece	2.2	%
South Africa	1.3	%
Short-Term Investments	0.8	%
Other assets less liabilities	0.1	%
Total	100.0	%

FUTURES (see Note D)

Description

Number of
Contracts

Expiration
Month

Current
Notional

Value and
Unrealized
Appreciation
(Depreciation)

Purchased Contracts

MSCI Emerging Markets Index Futures

December 2025

206,640

850

(a)

(b)	Non-income producing security.

(c)	The rate shown represents the 7-day yield as of period end.

(d)	Affiliated investments.

(e)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

Glossary:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

MSCI – Morgan Stanley Capital International

PJSC – Public Joint Stock Company

See notes to financial statements.



4 AB Emerging Markets Opportunities ETF		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $52,331,346)	$	53,023,495
Affiliated issuers (cost $430,229)		430,229
Cash		3,395
Cash collateral due from broker		6,072
Foreign currencies, at value (cost $54,875)		55,372
Unaffiliated dividends receivable		30,088
Affiliated dividends receivable		2,391
Receivable for variation margin on futures		732
Receivable due from Adviser		197

Total assets		53,551,971

Liabilities
Advisory fee payable		28,294

Total liabilities		28,294

Net Assets	$	53,523,677

Composition of Net Assets
Capital stock, at par	$	135
Additional paid-in capital		52,882,423
Distributable earnings		641,119

Net Assets	$	53,523,677

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 1,350,028 shares outstanding)	$	39.65

See notes to financial statements.



ABFunds.com		AB Emerging Markets Opportunities ETF 5

STATEMENT OF OPERATIONS

For the Period from June 17, 2025^(a) to November 30, 2025


Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $18,007)	$	123,055
Affiliated issuers		4,265		$	127,320

Expenses
Advisory fee (see Note B)		52,817

Total expenses		52,817
Less: expenses waived and reimbursed by the Adviser (see Note B)		(219	)

Net expenses					52,598

Net investment income					74,722

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized loss on:
Investment transactions					(79,710	)
Futures					(5	)
Foreign currency transactions					(47,380	)
Net change in unrealized appreciation (depreciation) of:
Investments					692,149
Futures					850
Foreign currency denominated assets and liabilities					493

Net gain on investment and foreign currency transactions					566,397

Net Increase in Net Assets from Operations				$	641,119

(a)	Commencement of operations.

See notes to financial statements.



6 AB Emerging Markets Opportunities ETF		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS


	June 17, 2025^(a) to November 30, 2025
Increase (Decrease) in Net Assets from Operations
Net investment income	$	74,722
Net realized loss on investment and foreign currency transactions		(127,095	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		693,492

Net increase in net assets from operations		641,119
Transactions in Shares of the Fund
Net increase		52,800,450
Other capital		82,108

Total increase		53,523,677
Net Assets
Beginning of period		– 0	–

End of period	$	53,523,677

(a)	Commencement of Operations.

See notes to financial statements.



ABFunds.com		AB Emerging Markets Opportunities ETF 7

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.



8 AB Emerging Markets Opportunities ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

and are typically valued at transaction price on the trade date; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange-traded funds are valued at the closing market price per share.

2. Fair Value Measurements



ABFunds.com		AB Emerging Markets Opportunities ETF 9

NOTES TO FINANCIAL STATEMENTS (continued)

participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

53,023,495

– 0

–

– 0

–

53,023,495

Short-Term Investments

430,229

– 0

–

– 0

–

430,229

Total Investments in Securities

53,453,724

– 0

–

– 0

–

53,453,724

Other Financial Instruments^(b):

Assets:

Futures

850

– 0

–

– 0

–

850

^(c)

Liabilities

– 0

–

– 0

–

– 0

–

– 0

–

Total

53,454,574

– 0

–

– 0

–

53,454,574

(a)	See Portfolio of Investments for sector classifications.

(b)

(c)

Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the schedule of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the



10 AB Emerging Markets Opportunities ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

4. Taxes

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current tax year) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions



ABFunds.com		AB Emerging Markets Opportunities ETF 11

NOTES TO FINANCIAL STATEMENTS (continued)

6. Class Allocations

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

8. Offering Expenses

The Adviser has agreed to pay all of the Fund’s organization and offering costs. The Fund is not obligated to repay any such organizational expenses or offering costs paid by the Adviser.

9. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

10. Segment Information



12 AB Emerging Markets Opportunities ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE B

Management Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser a unitary advisory fee at an annual rate of .70% of the Fund’s average daily net assets. The fees are accrued daily and paid monthly.

A summary of the Fund’s transactions in AB mutual funds for the period ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	– 0	–	$	18,425	$	17,995	$	430	$	4

NOTE C

Distribution Plan

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the period ended November 30, 2025 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	49,302,919		$	2,974,175
U.S. government securities		– 0	–		– 0	–

During the period ended November 30, 2025, the Fund delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio



ABFunds.com		AB Emerging Markets Opportunities ETF 13

NOTES TO FINANCIAL STATEMENTS (continued)

securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction. For the period ended November 30, 2025, the Fund had in-kind purchases and in-kind sales as follows:


	Purchases			Sales
In-kind transactions (excluding U.S. government securities)	$	6,082,310		$	– 0	–
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	52,810,704

Gross unrealized appreciation	$	1,842,913
Gross unrealized depreciation		(1,199,893	)

Net unrealized appreciation	$	643,020

1. Derivative Financial Instruments

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

•

Futures



14 AB Emerging Markets Opportunities ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the period ended November 30, 2025, the Fund held futures for hedging purposes.

During the period ended November 30, 2025, the Fund had entered into the following derivatives:

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Equity contracts

Receivable for
variation margin
on futures

850

Total

850

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	(5	)	$	850

Total		$	(5	)	$	850



ABFunds.com		AB Emerging Markets Opportunities ETF 15

NOTES TO FINANCIAL STATEMENTS (continued)

The following table represents the average monthly volume of the Fund’s derivative transactions during the period ended November 30, 2025:


Futures:
Average notional amount of buy contracts	$	205,790	^(a)

(a)	Positions were open for two months during the period.

2. Currency Transactions

NOTE E

Shares of the Fund


	Shares		Amount
	June 17, 2025^(a) to November 30, 2025		June 17, 2025^(a) to November 30, 2025

Shares sold		1,350,028	$	52,800,450

Net increase		1,350,028	$	52,800,450

(a)	Commencement of operations.



16 AB Emerging Markets Opportunities ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE F

Risks Involved in Investing in the Fund

Emerging Market Risk—Investments in foreign securities entail significant risks in addition to those customarily associated with investing in U.S. equities. These risks include risks related to unfavorable or unsuccessful government actions, reduction of government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs, in adequate accounting standards and auditing and financial recordkeeping requirements, lack of information, social instability, armed conflict, and other adverse market, economic, political and regulatory factors, all of which could disrupt the financial markets in which the Fund invests and adversely affect the value of the Fund’s assets. These risks are heightened with respect to issuers in emerging-market countries because the markets are less developed, less liquid and subject to increased potential for market manipulation, and there may be a greater amount of economic, political and social uncertainty. These risks are even more pronounced in “frontier” markets, which are investable markets with lower total market capitalization and liquidity than the more developed emerging markets. Emerging markets typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a pandemic, climate change, or a natural disaster.

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, changing interest rate levels, the imposition of new or additional tariffs, and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may be underperforming the market generally.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.



ABFunds.com		AB Emerging Markets Opportunities ETF 17

NOTES TO FINANCIAL STATEMENTS (continued)

Country Concentration Risk—The Fund may not be diversified among countries or geographic regions and the effect on the Fund’s net asset value, or NAV, of the specific risks identified above, such as political, regulatory and currency risks, may be magnified due to concentration of the Fund’s investments in a particular country or region, such as China. Risks of the Fund’s investments in securities of companies economically tied to China may include the volatility of the Chinese stock market, the Chinese economy’s heavy dependence on exports, and the continuing importance of the role of the Chinese Government. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on the economy of Asian countries and a commensurately negative impact on the Fund. China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion. Military conflict between China and Taiwan may adversely affect securities of Chinese, Taiwan-based and other issuers both in and outside the region. While the Chinese economy has grown at a rapid rate in recent years, the rate of growth has been declining, and there can be no assurance that China’s economy will continue to grow in the future.

China/Single Country Risk—Investments in issuers located in a particular country or geographic region typically involve more risk than investments in U.S. issuers because of particular market factors affecting that country or region, including political instability, geopolitical risks or unpredictable economic conditions. Risks of the Fund’s investments in securities of companies economically tied to China may include the volatility of the Chinese stock market; the Chinese economy’s heavy dependence on exports, which may be affected adversely by trade barriers or disputes or may decrease, sometimes significantly, when the world economy weakens; and the continuing importance of the role of the Chinese Government, which may take legal or regulatory actions that affect the contractual arrangements of a company or economic and market practices, and cause the value of the securities of an issuer held by the Fund to decrease significantly. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on the economy of Asian countries and a commensurately negative impact on the Fund. In addition, the Fund’s investments in companies owned or controlled directly or indirectly by the central, provincial or municipal governments of the People’s Republic of China or by the People’s Liberation Army (the military arm of the Chinese Communist Party) involve risks that political changes, social instability, regulatory uncertainty, adverse diplomatic developments, asset expropriation or nationalization,



18 AB Emerging Markets Opportunities ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

economic sanctions, trade embargos, cancellation of investors’ interests, or confiscatory taxation could adversely affect the performance of such companies and therefore investments by the Fund in those companies. China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion. Military conflict between China and Taiwan may adversely affect securities of Chinese, Taiwan-based and other issuers both in and outside the region. While the Chinese economy has grown at a rapid rate in recent years, the rate of growth has been declining, and there can be no assurance that China’s economy will continue to grow in the future. Investments in China A shares are subject to various licenses and quotas that may restrict daily trading and to additional risks that could affect liquidity compared to investments in companies in developed markets. Risks of investments in companies based in Hong Kong include heavy reliance on the Chinese economy, plus regional Asian and global economies such as the U.S. economy, which makes these investments vulnerable to changes in these economies.

Allocation Risk—The allocation of Fund assets among different asset classes, such as equity securities, debt securities and currencies, may have a significant adverse effect on the Fund’s NAV when one of these asset classes is performing better or worse than others. The diversification benefits typically associated with investing in both equity and debt securities may be limited in the emerging markets context, as movements in emerging market equity and emerging market debt markets may be more correlated than movements in the equity and debt markets of developed countries.

Capitalization Risk—Investments in mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Actions by a Few Major Investors—In certain countries, volatility may be heightened by actions of a few major investors. For example, substantial increases or decreases in cash flows of funds investing in these markets could significantly affect local stock prices and, therefore, share prices of the Fund.



ABFunds.com		AB Emerging Markets Opportunities ETF 19

NOTES TO FINANCIAL STATEMENTS (continued)

Sector Risk—The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology or financials sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the NYSE Arca, Inc. (the “Exchange”). Shares are generally bought and sold in the secondary market at market prices. The NAV per share of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on the Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and



20 AB Emerging Markets Opportunities ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.



ABFunds.com		AB Emerging Markets Opportunities ETF 21

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE G

Distributions to Shareholders

The tax character of distributions paid during the period ended November 30, 2025 were as follows:


	2025
Distributions paid from:
Ordinary income	$	– 0	–

Total taxable distributions paid	$	– 0	–

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income	$	74,038
Accumulated capital and other losses		(76,432	)^(a)
Unrealized appreciation (depreciation)		643,513	^(b)

Total accumulated earnings (deficit)	$	641,119

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $76,432.

(b)

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of passive foreign investment companies (PFICs), and the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $76,432, which may be carried forward for an indefinite period.

During the current fiscal period, there were no permanent differences that resulted in adjustments to distributable earnings or additional paid-in capital.

NOTE H

Subsequent Events

At meetings held on August 5-6, 2025, the Board approved the reorganization of Sanford C. Bernstein Emerging Markets Portfolio (the” Acquired Portfolio”) into AB Emerging Markets Opportunities ETF (the “Acquiring Portfolio” and together with the Acquired Portfolio, the “Portfolios”), a series of AB Active ETFs, Inc., an existing ETF (the “Acquisition”). The Acquisition occurred on January 23, 2026, and the Acquired Portfolio is the accounting survivor of the Acquisition.

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no other material events that would require disclosure in the Fund’s financial statements through this date.



22 AB Emerging Markets Opportunities ETF		ABFunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	June 17, 2025^(a) to November 30, 2025


Net asset value, beginning of period		$35.00

Income From Investment Operations
Net investment gain^(b)(c)		.18
Net realized and unrealized gain on investment and foreign currency transactions		4.47

Net decrease in net asset value from operations		4.65

Net asset value, end of period		$39.65

Total Return
Total investment return based on net asset value^(d)		13.27	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$53,524
Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.70	%^{^}

Expenses, before waivers/reimbursements		.70	%^{^}

Net investment gain^(c)		.99	%^{^}
Portfolio turnover rate^(e)		16	%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)

(e)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

^	Annualized.

See notes to financial statements.



ABFunds.com		AB Emerging Markets Opportunities ETF 23

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB Emerging Markets Opportunities ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Emerging Markets Opportunities ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statements of operations and changes in net assets and the financial highlights for the period from June 17, 2025 (commencement of operations) to November 30, 2025, 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations, the changes in its net assets and its financial highlights for the period from June 17, 2025 (commencement of operations) to November 30, 2025, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion



24 AB Emerging Markets Opportunities ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

formed other auditing procedures. Our audit 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 audit provides a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



ABFunds.com		AB Emerging Markets Opportunities ETF 25

2025 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable period ended November 30, 2025. For Individual shareholders, the Fund designates 100% of dividends paid as qualified dividend income. The Fund designates $473 of distributions paid during the fiscal period ended November 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.

The Fund intends to make an election to pass through foreign taxes to its shareholders. For the taxable period ended November 30, 2025, $16,043 of foreign taxes may be passed through and the associated foreign source income for information reporting purposes is $141,045.



26 AB Emerging Markets Opportunities ETF		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of AB Emerging Markets Opportunities ETF (the “Fund”) for an initial two-year period at meetings held by video conference on March 12, 2025 and in-person on May 6-8, 2025 (the “Meetings”).

Nature, Extent and Quality of Services to be Provided

The directors considered the scope and quality of services to be provided by the Adviser under the Advisory Agreement, including the quality of the investment



ABFunds.com		AB Emerging Markets Opportunities ETF 27

Costs of Services to be Provided and Profitability

Fall-Out Benefits

Investment Results

Since the Fund had not yet commenced operations, no performance or other historical information for the Fund was available. Based on the Adviser’s written and oral presentations regarding the proposed management of the Fund and their general knowledge and confidence in the Adviser’s expertise in managing mutual funds and ETFs, the directors concluded that they were satisfied that the Adviser was capable of providing high quality Fund management services to the Fund.

Advisory Fees and Other Expenses



28 AB Emerging Markets Opportunities ETF		ABFunds.com

the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors considered the Fund’s proposed contractual advisory fee rate against a peer group median and noted that it was lower than the median.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s proposed fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the proposed advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it will provide to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations. The directors noted that the proposed unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser.



ABFunds.com		AB Emerging Markets Opportunities ETF 29

services provided to the Fund by others and, in most cases, the Adviser will be responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s projected expense ratio was lower than the median of a peer group and above the median of a peer universe. Based on their review, the directors concluded that the Fund’s projected expense ratio was acceptable.

Economies of Scale

The directors noted that the proposed advisory fee schedule for the Fund does not contain breakpoints and that they had discussed their strong preference for breakpoints in advisory contracts with the Adviser. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meetings. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



30 AB Emerging Markets Opportunities ETF		ABFunds.com

NOTES



ABFunds.com		AB Emerging Markets Opportunities ETF 31

NOTES



32 AB Emerging Markets Opportunities ETF		ABFunds.com

LOGO

AB EMERGING MARKETS OPPORTUNITIES ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-EMO-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB High Yield ETF

(NYSE Arca: HYFI)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


		Principal Amount (000)		U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 80.6%
Industrial – 71.3%
Basic – 4.4%
Advanced Drainage Systems, Inc. 6.375%, 06/15/2030^(a)	U.S.$		150	$	152,869
Alcoa Nederland Holding BV 4.125%, 03/31/2029^(a)			2,058		2,020,071
Arsenal AIC Parent LLC 11.50%, 10/01/2031^(a)			1,672		1,840,772
ASP Unifrax Holdings, Inc. 7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029^(a)(b)			281		42,103
11.175% (10.425% Cash or 11.175% PIK or 6.425% Cash and 4.75% PIK), 09/30/2029^(a)(b)(c)			698		550,119
Big River Steel LLC/BRS Finance Corp. 6.625%, 01/31/2029^(a)			50		50,151
Celanese US Holdings LLC 6.879%, 07/15/2032^(c)			206		210,211
Cerdia Finanz GmbH 9.375%, 10/03/2031^(a)			200		206,394
Champion Iron Canada, Inc. 7.875%, 07/15/2032^(a)			1,234		1,300,858
Clydesdale Acquisition Holdings, Inc. 8.75%, 04/15/2030^(a)			506		506,658
Commercial Metals Co. 5.75%, 11/15/2033^(a)			227		232,053
Compass Minerals International, Inc. 8.00%, 07/01/2030^(a)			145		150,904
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028^(a)			1,519		1,516,327
GPD Cos., Inc. 12.50% (12.50% Cash and 2.375% PIK), 12/31/2029^(a)(b)			49		27,445
INEOS Finance PLC 7.25%, 03/31/2031^(a)	EUR		355		366,787
INEOS Quattro Finance 2 PLC 6.75%, 04/15/2030^(a)			141		133,806
Inversion Escrow Issuer LLC 6.75%, 08/01/2032^(a)	U.S.$		327		319,777
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2023^{(d)(e)(f)(g)(h)}			60		– 0	–
Novelis Corp. 4.75%, 01/30/2030^(a)			868		836,570
Olympus Water US Holding Corp. 7.25%, 06/15/2031^(a)			410		410,890
Rain Carbon, Inc. 12.25%, 09/01/2029^(a)			64		66,058



ABFunds.com		AB High Yield ETF 1

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Roller Bearing Co. of America, Inc. 4.375%, 10/15/2029^(a)	U.S.$		408	$	401,705
SunCoke Energy, Inc. 4.875%, 06/30/2029^(a)			68		62,236
Vibrantz Technologies, Inc. 9.00%, 02/15/2030^(a)			240		67,200
WR Grace Holdings LLC 4.875%, 06/15/2027^(a)			117		116,163
5.625%, 08/15/2029^(a)			136		128,317
6.625%, 08/15/2032^(a)			1,588		1,577,424

					13,293,868

Capital Goods – 6.3%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 5.00%, 01/30/2031^(a)	EUR		177		207,227
6.00%, 06/15/2027^(a)	U.S.$		238		240,911
6.25%, 01/30/2031^(a)			213		216,681
Artera Services LLC 8.50%, 02/15/2031^(a)			93		79,727
Bombardier, Inc. 6.00%, 02/15/2028^(a)			302		302,794
7.25%, 07/01/2031^(a)			413		439,787
7.45%, 05/01/2034^(a)			337		377,332
7.50%, 02/01/2029^(a)			121		126,329
7.875%, 04/15/2027^(a)			7		7,000
8.75%, 11/15/2030^(a)			1,007		1,086,976
Calderys Financing LLC 11.25%, 06/01/2028^(a)			307		326,762
Camelot Return Merger Sub, Inc. 8.75%, 08/01/2028^(a)			798		667,471
Clean Harbors, Inc. 6.375%, 02/01/2031^(a)			294		302,426
Cornerstone Building Brands, Inc. 9.50%, 08/15/2029^(a)			120		96,274
Dycom Industries, Inc. 4.50%, 04/15/2029^(a)			91		89,934
EnerSys 4.375%, 12/15/2027^(a)			80		79,442
Esab Corp. 6.25%, 04/15/2029^(a)			1,298		1,337,316
GFL Environmental, Inc. 4.375%, 08/15/2029^(a)			438		431,824
Griffon Corp. 5.75%, 03/01/2028			408		408,865
Hillenbrand, Inc. 6.25%, 02/15/2029			176		180,451
LSB Industries, Inc. 6.25%, 10/15/2028^(a)(c)			764		760,532



2 AB High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Luna 2 5SARL 5.50%, 07/01/2032^(a)	EUR		125	$	146,641
Madison IAQ LLC 5.875%, 06/30/2029^(a)	U.S.$		1,600		1,583,184
Maxam Prill SARL 7.75%, 07/15/2030^(a)			483		492,568
MIWD Holdco II LLC/MIWD Finance Corp. 5.50%, 02/01/2030^(a)			1,358		1,289,801
Moog, Inc. 4.25%, 12/15/2027^(a)			894		888,600
Mueller Water Products, Inc. 4.00%, 06/15/2029^(a)			1,157		1,126,363
Reworld Holding Corp. 4.875%, 12/01/2029^(a)			407		386,048
Spirit AeroSystems, Inc. 9.375%, 11/30/2029^(a)			197		206,945
Terex Corp. 5.00%, 05/15/2029^(a)			178		177,014
TransDigm, Inc. 4.625%, 01/15/2029			1,229		1,214,338
6.375%, 03/01/2029^(a)			2,195		2,263,594
6.75%, 08/15/2028^(a)			690		705,152
6.875%, 12/15/2030^(a)			916		955,278
WESCO Distribution, Inc. 7.25%, 06/15/2028^(a)			124		125,859

					19,327,446

Communications - Media – 6.7%
AMC Networks, Inc. 10.25%, 01/15/2029^(a)			184		193,156
Arches Buyer, Inc. 6.125%, 12/01/2028^(a)			617		604,666
Clear Channel Outdoor Holdings, Inc. 7.125%, 02/15/2031^(a)			445		463,392
CSC Holdings LLC 4.50%, 11/15/2031^(a)			199		112,829
4.625%, 12/01/2030^(a)			1,536		547,953
5.375%, 02/01/2028^(a)			298		215,692
5.50%, 04/15/2027^(a)			356		307,100
5.75%, 01/15/2030^(a)			400		148,096
6.50%, 02/01/2029^(a)			351		219,628
7.50%, 04/01/2028^(a)			200		119,480
11.25%, 05/15/2028^(a)			449		348,078
11.75%, 01/31/2029^(a)			305		212,637
DIRECTV Financing LLC 8.875%, 02/01/2030^(a)			140		139,132
DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027^(a)			410		410,951



ABFunds.com		AB High Yield ETF 3

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

10.00%, 02/15/2031^(a)	U.S.$		725	$	720,650
Discovery Communications LLC 3.625%, 05/15/2030			442		409,871
4.125%, 05/15/2029			544		529,007
DISH DBS Corp. 5.125%, 06/01/2029			941		791,099
5.25%, 12/01/2026^(a)			1,276		1,245,363
5.75%, 12/01/2028^(a)			447		431,654
7.375%, 07/01/2028			462		430,552
EW Scripps Co. (The) 9.875%, 08/15/2030^(a)			201		202,162
Gray Media, Inc. 4.75%, 10/15/2030^(a)			185		143,534
5.375%, 11/15/2031^(a)			17		12,789
7.25%, 08/15/2033^(a)			311		312,829
9.625%, 07/15/2032^(a)			676		702,709
iHeartCommunications, Inc. 9.125%, 05/01/2029^(a)			232		214,290
LCPR Senior Secured Financing DAC 5.125%, 07/15/2029^(a)			654		414,237
6.75%, 10/15/2027^(a)			400		271,792
McGraw-Hill Education, Inc. 5.75%, 08/01/2028^(a)			1,144		1,145,213
Millennium Escrow Corp. 6.625%, 08/01/2026^(a)			1,082		1,054,073
National CineMedia, Inc. 5.75%, 08/15/2026^(e)(f)(h)(i)			21		– 0	–
Neptune Bidco US, Inc. 9.29%, 04/15/2029^(a)			1,552		1,546,583
Paramount Global 6.375%, 03/30/2062			385		377,385
Sinclair Television Group, Inc. 5.50%, 03/01/2030^(a)			142		125,393
8.125%, 02/15/2033^(a)			443		461,163
Snap, Inc. 6.875%, 03/15/2034^(a)			377		386,365
Summer BC Holdco B SARL 5.875%, 02/15/2030^(a)	EUR		113		119,002
Veritiv Operating Co. 10.50%, 11/30/2030^(a)	U.S.$		199		214,176
Versant Media Group, Inc. 7.25%, 01/30/2031^(a)			1,302		1,336,815
Warnermedia Holdings, Inc. 4.279%, 03/15/2032			1,644		1,503,438
5.05%, 03/15/2042			1,541		1,232,800
5.141%, 03/15/2052			147		110,306

					20,488,040



4 AB High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Communications - Telecommunications – 2.3%
Altice Financing SA 5.75%, 08/15/2029^(a)	U.S.$		261	$	178,258
Altice France Lux 3/Altice Holdings 1 10.00%, 01/15/2033^(g)			50		48,397
Altice France SA 6.50%, 04/15/2032^(a)			493		479,295
6.875%, 10/15/2030^(a)			512		505,366
6.875%, 07/15/2032^(a)			570		554,733
9.50%, 11/01/2029^(a)			273		280,725
APLD ComputeCo LLC 9.25%, 12/15/2030^(a)			240		231,386
Cogent Communications Group LLC/Cogent Finance, Inc. 7.00%, 06/15/2027^(a)			150		148,394
Connect Finco SARL/Connect US Finco LLC 9.00%, 09/15/2029^(a)			200		212,716
EchoStar Corp. 6.75% (6.75% Cash or 6.75% PIK), 11/30/2030^(b)(c)			746		775,175
10.75%, 11/30/2029			689		760,040
Fibercop SpA 6.00%, 09/30/2034^(a)			640		603,507
7.20%, 07/18/2036^(a)			564		560,577
7.721%, 06/04/2038^(a)			405		408,536
Series 2033 6.375%, 11/15/2033^(a)			200		196,006
GCI LLC 4.75%, 10/15/2028^(a)			200		194,064
Lorca Telecom Bondco SA 4.00%, 09/18/2027^(a)	EUR		142		164,973
Vmed O2 UK Financing I PLC 4.75%, 07/15/2031^(a)	U.S.$		200		184,344
Windstream Services LLC/Windstream Escrow Finance Corp. 8.25%, 10/01/2031^(a)			456		474,030

					6,960,522

Consumer Cyclical - Automotive – 3.7%
Adient Global Holdings Ltd. 8.25%, 04/15/2031^(a)			928		976,599
Allison Transmission, Inc. 5.875%, 12/01/2033^(a)			232		234,160
Aston Martin Capital Holdings Ltd. 10.00%, 03/31/2029^(a)			974		861,045
Clarios Global LP/Clarios US Finance Co. 6.75%, 09/15/2032^(a)			593		610,446
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024^{(d)(e)(f)(g)(h)(i)}			32		– 0	–



ABFunds.com		AB High Yield ETF 5

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Exide Technologies (First Lien) 11.00%, 10/31/2024^{(d)(e)(f)(g)(h)(i)}	U.S.$		13	$	– 0	–
Goodyear Tire & Rubber Co. (The) 5.00%, 07/15/2029			676		658,133
5.25%, 07/15/2031			528		498,221
5.625%, 04/30/2033			502		474,254
6.625%, 07/15/2030			382		388,525
IHO Verwaltungs GmbH 6.75% (6.75% Cash or 7.50% PIK), 11/15/2029^(a)(b)	EUR		144		176,408
7.75% (7.75% Cash or 8.50% PIK), 11/15/2030^(a)(b)	U.S.$		200		207,990
JB Poindexter & Co., Inc. 8.75%, 12/15/2031^(a)			150		156,671
New Flyer Holdings, Inc. 9.25%, 07/01/2030^(a)			102		109,349
Nissan Motor Acceptance Co. LLC 2.75%, 03/09/2028^(a)			211		198,397
6.125%, 09/30/2030^(a)			153		151,670
7.05%, 09/15/2028^(a)			1,767		1,821,865
Nissan Motor Co., Ltd. 4.81%, 09/17/2030^(a)			1,062		996,761
8.125%, 07/17/2035^(a)			606		642,003
PM General Purchaser LLC 9.50%, 10/01/2028^(a)			873		735,599
Tenneco, Inc. 8.00%, 11/17/2028^(a)			814		814,041
Titan International, Inc. 7.00%, 04/30/2028			17		17,085
ZF North America Capital, Inc. 7.125%, 04/14/2030^(a)			464		459,805

					11,189,027

Consumer Cyclical - Entertainment – 1.8%
Boyne USA, Inc. 4.75%, 05/15/2029^(a)			755		743,532
Lindblad Expeditions LLC 7.00%, 09/15/2030^(a)			1,277		1,310,662
Live Nation Entertainment, Inc. 3.75%, 01/15/2028^(a)			232		227,230
6.50%, 05/15/2027^(a)			262		264,845
NCL Corp., Ltd. 5.875%, 01/15/2031^(a)			552		545,232
Patrick Industries, Inc. 6.375%, 11/01/2032^(a)			162		166,154
SeaWorld Parks & Entertainment, Inc. 5.25%, 08/15/2029^(a)			1,161		1,122,141



6 AB High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Six Flags Entertainment Corp. 7.25%, 05/15/2031^(a)	U.S.$		869	$	828,035
Viking Cruises Ltd. 7.00%, 02/15/2029^(a)			50		50,252
9.125%, 07/15/2031^(a)			121		129,747

					5,387,830

Consumer Cyclical - Other – 6.6%
Affinity Interactive 6.875%, 12/15/2027^(a)			59		25,451
Allwyn Entertainment Financing UK PLC 7.875%, 04/30/2029^(a)			438		453,448
AmeriTex HoldCo Intermediate LLC 7.625%, 08/15/2033^(a)			634		667,463
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 4.875%, 02/15/2030^(a)			1,187		1,105,702
Builders FirstSource, Inc. 5.00%, 03/01/2030^(a)			1,667		1,659,782
Caesars Entertainment, Inc. 4.625%, 10/15/2029^(a)			533		504,932
6.00%, 10/15/2032^(a)			224		213,765
CD&R Smokey Buyer, Inc./Radio Systems Corp. 9.50%, 10/15/2029^(a)			222		150,594
Churchill Downs, Inc. 5.50%, 04/01/2027^(a)			106		106,151
Cirsa Finance International SARL 6.50%, 03/15/2029^(a)	EUR		220		264,977
CP Atlas Buyer, Inc. 9.75%, 07/15/2030^(a)	U.S.$		790		798,785
Full House Resorts, Inc. 8.25%, 02/15/2028^(a)			62		53,762
Great Canadian Gaming Corp./Raptor LLC 8.75%, 11/15/2029^(a)			1,469		1,478,828
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032^(a)			736		683,928
3.75%, 05/01/2029^(a)			729		708,165
5.75%, 05/01/2028^(a)			11		11,035
5.875%, 04/01/2029^(a)			419		429,002
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 4.875%, 07/01/2031^(a)			562		520,704
5.00%, 06/01/2029^(a)			1,093		1,052,297
6.625%, 01/15/2032^(a)			115		116,955
Jacobs Entertainment, Inc. 6.75%, 02/15/2029^(a)			100		96,429
K Hovnanian Enterprises, Inc. 8.00%, 04/01/2031^(a)			189		194,891



ABFunds.com		AB High Yield ETF 7

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029^(a)	U.S.$		1,258	$	1,195,477
6.50%, 10/01/2033^(a)			249		236,871
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC 8.25%, 04/15/2030^(a)			311		323,745
11.875%, 04/15/2031^(a)			290		303,401
Standard Building Solutions, Inc. 6.25%, 08/01/2033^(a)			266		272,975
6.50%, 08/15/2032^(a)			365		376,735
Standard Industries, Inc./NY 3.375%, 01/15/2031^(a)			327		299,924
4.375%, 07/15/2030^(a)			700		679,161
4.75%, 01/15/2028^(a)			779		776,328
Station Casinos LLC 4.50%, 02/15/2028^(a)			1,577		1,560,962
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028^(a)			284		290,171
Thor Industries, Inc. 4.00%, 10/15/2029^(a)			295		282,510
Travel & Leisure Co. 4.50%, 12/01/2029^(a)			478		466,413
4.625%, 03/01/2030^(a)			12		11,698
6.00%, 04/01/2027^(c)			55		55,768
6.625%, 07/31/2026^(a)			473		476,240
Wyndham Hotels & Resorts, Inc. 4.375%, 08/15/2028^(a)			1,349		1,329,439

					20,234,864

Consumer Cyclical - Restaurants – 1.1%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029^(a)			70		67,780
3.875%, 01/15/2028^(a)			778		769,209
4.00%, 10/15/2030^(a)			366		349,215
4.375%, 01/15/2028^(a)			1,363		1,352,628
5.625%, 09/15/2029^(a)			271		276,206
BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. 9.50%, 07/01/2032^(a)			104		101,382
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. 4.625%, 01/15/2029^(a)			404		389,286
Papa John’s International, Inc. 3.875%, 09/15/2029^(a)			22		21,185

					3,326,891

Consumer Cyclical - Retailers – 6.2%
Advance Auto Parts, Inc. 7.00%, 08/01/2030^(a)			1,888		1,927,478



8 AB High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

7.375%, 08/01/2033^(a)	U.S.$		267	$	271,819
Arko Corp. 5.125%, 11/15/2029^(a)			76		63,412
Asbury Automotive Group, Inc. 4.625%, 11/15/2029^(a)			1,526		1,495,160
5.00%, 02/15/2032^(a)			185		180,118
Beach Acquisition Bidco LLC 5.25%, 07/15/2032^(a)	EUR		229		272,113
Boots Group Finco LP 5.375%, 08/31/2032^(a)			421		502,737
Carvana Co. 5.50%, 04/15/2027^(a)	U.S.$		39		38,547
9.00%, 06/01/2030^(a)(b)(c)			824		861,434
9.00%, 06/01/2031^(a)(b)(c)			1,093		1,231,693
Champ Acquisition Corp. 8.375%, 12/01/2031^(a)			68		72,370
FirstCash, Inc. 4.625%, 09/01/2028^(a)			515		510,895
Gap, Inc. (The) 3.625%, 10/01/2029^(a)			338		321,076
Global Auto Holdings Ltd/AAG FH UK Ltd. 8.375%, 01/15/2029^(a)			318		305,369
8.75%, 01/15/2032^(a)			668		637,205
11.50%, 08/15/2029^(a)			255		263,795
Group 1 Automotive, Inc. 4.00%, 08/15/2028^(a)			833		814,941
6.375%, 01/15/2030^(a)			597		613,418
LCM Investments Holdings II LLC 4.875%, 05/01/2029^(a)			1,703		1,677,200
Michaels Cos., Inc. (The) 5.25%, 05/01/2028^(a)			127		120,453
7.875%, 05/01/2029^(a)			153		139,158
Murphy Oil USA, Inc. 3.75%, 02/15/2031^(a)			411		385,756
Park River Holdings, Inc. 8.00%, 03/15/2031^(a)			152		157,204
Penske Automotive Group, Inc. 3.75%, 06/15/2029			1,115		1,077,569
PetSmart LLC/PetSmart Finance Corp. 7.50%, 09/15/2032^(a)			748		753,438
10.00%, 09/15/2033^(a)			498		509,339
QXO Building Products, Inc. 6.75%, 04/30/2032^(a)			793		830,255
Saks Global Enterprises LLC 11.00%, 12/15/2029^(a)			97		34,015
Sonic Automotive, Inc. 4.625%, 11/15/2029^(a)			87		85,047
4.875%, 11/15/2031^(a)			100		96,312



ABFunds.com		AB High Yield ETF 9

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Specialty Building Products Holdings LLC/SBP Finance Corp. 7.75%, 10/15/2029^(a)	U.S.$		766	$	758,263
Staples, Inc. 10.75%, 09/01/2029^(a)			1,120		1,107,075
12.75%, 01/15/2030^(a)			254		200,960
VF Corp. 2.95%, 04/23/2030			91		81,739
White Cap Supply Holdings LLC 7.375%, 11/15/2030^(a)			206		210,052
William Carter Co. (The) 7.375%, 02/15/2031^(a)			396		403,972
Wolverine World Wide, Inc. 4.00%, 08/15/2029^(a)			89		81,681

					19,093,068

Consumer Non-Cyclical – 9.7%
Acadia Healthcare Co., Inc. 5.00%, 04/15/2029^(a)			150		145,728
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029^(a)			874		839,940
5.875%, 02/15/2028^(a)			985		987,581
Bausch & Lomb Corp. 8.375%, 10/01/2028^(a)			832		868,442
Bausch Health Americas, Inc. 8.50%, 01/31/2027^(a)			59		58,793
Bausch Health Cos., Inc. 4.875%, 06/01/2028^(a)			261		237,291
11.00%, 09/30/2028^(a)			1,530		1,611,365
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031^(a)			155		139,171
5.25%, 05/15/2030^(a)			1,286		1,215,450
6.00%, 01/15/2029^(a)			20		20,107
6.875%, 04/15/2029^(a)			423		388,682
10.875%, 01/15/2032^(a)			353		381,536
CVS Health Corp. 6.75%, 12/10/2054			33		34,109
7.00%, 03/10/2055			495		522,091
Embecta Corp. 5.00%, 02/15/2030^(a)			1,244		1,184,052
Emergent BioSolutions, Inc. 3.875%, 08/15/2028^(a)			747		667,743
Genmab A/S/Genmab Finance LLC 6.25%, 12/15/2032^(a)			748		768,824
7.25%, 12/15/2033^(a)			263		275,314
Grifols SA 3.875%, 10/15/2028^(a)	EUR		312		356,595
4.75%, 10/15/2028^(a)	U.S.$		1,003		981,556



10 AB High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Gruppo San Donato SpA 6.50%, 10/31/2031^(a)	EUR		335	$	395,860
IQVIA, Inc. 5.00%, 10/15/2026^(a)	U.S.$		400		399,692
5.00%, 05/15/2027^(a)			197		197,024
Kedrion SpA 6.50%, 09/01/2029^(a)			350		343,000
LifePoint Health, Inc. 9.875%, 08/15/2030^(a)			632		680,411
10.00%, 06/01/2032^(a)			80		84,682
11.00%, 10/15/2030^(a)			1,146		1,264,279
Medline Borrower LP 3.875%, 04/01/2029^(a)			1,064		1,034,942
Mehilainen Yhtiot Oy 5.125%, 06/30/2032^(a)	EUR		261		307,729
ModivCare, Inc. 5.00%, 10/01/2029^(c)(f)(g)(j)	U.S.$		459		574
5.00%, 10/01/2029^(f)(g)(j)			13		41
MPH Acquisition Holdings LLC 5.75%, 12/31/2030^(a)			291		256,071
6.75% (6.00% Cash and 0.75% PIK), 03/31/2031^(a)(b)(c)			302		263,692
11.50% (6.50% Cash and 5.00% PIK), 12/31/2030^(a)(b)(c)			141		150,817
Neogen Food Safety Corp. 8.625%, 07/20/2030^(a)			111		118,252
Newell Brands, Inc. 8.50%, 06/01/2028^(a)			247		257,636
Organon & Co./Organon Foreign Debt Co-Issuer BV 4.125%, 04/30/2028^(a)			865		845,615
5.125%, 04/30/2031^(a)			649		544,057
7.875%, 05/15/2034^(a)			440		371,276
Owens & Minor, Inc. 6.625%, 04/01/2030^(a)			88		56,354
Paradigm Parent LLC & Paradigm Parent CO-Issuer, Inc. 8.75%, 04/17/2032^(a)			1,385		1,312,398
Performance Food Group, Inc. 5.50%, 10/15/2027^(a)			373		373,343
Perrigo Finance Unlimited Co. 4.90%, 06/15/2030^(c)			315		303,578
Post Holdings, Inc. 6.25%, 02/15/2032^(a)			490		506,400
Surgery Center Holdings, Inc. 7.25%, 04/15/2032^(a)			208		213,560
Tenet Healthcare Corp. 4.25%, 06/01/2029			1,859		1,824,441
4.375%, 01/15/2030			797		780,885



ABFunds.com		AB High Yield ETF 11

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

5.50%, 11/15/2032^(a)	U.S.$		674	$	684,845
6.00%, 11/15/2033^(a)			215		221,979
US Foods, Inc. 4.75%, 02/15/2029^(a)			1,838		1,828,902
6.875%, 09/15/2028^(a)			208		215,234
Whirlpool Corp. 6.125%, 06/15/2030			1,818		1,841,507
6.50%, 06/15/2033			226		224,536

					29,587,982

Energy – 10.8%
Aethon United BR LP/Aethon United Finance Corp. 7.50%, 10/01/2029^(a)			191		199,557
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, 06/15/2029^(a)			1,348		1,353,176
5.75%, 01/15/2028^(a)			199		199,306
6.625%, 02/01/2032^(a)			78		80,883
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 5.875%, 06/30/2029^(a)			132		132,457
Baytex Energy Corp. 8.50%, 04/30/2030^(a)			248		261,615
BKV Upstream Midstream LLC 7.50%, 10/15/2030^(a)			104		104,861
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.00%, 07/15/2029^(a)			491		512,182
Buckeye Partners LP 4.50%, 03/01/2028^(a)			996		991,399
6.75%, 02/01/2030^(a)			188		196,954
California Resources Corp. 8.25%, 06/15/2029^(a)			246		257,614
Caturus Energy LLC 8.50%, 02/15/2030^(a)			91		94,049
Chord Energy Corp. 6.00%, 10/01/2030^(a)			269		271,238
CITGO Petroleum Corp. 8.375%, 01/15/2029^(a)			227		236,788
Civitas Resources, Inc. 8.375%, 07/01/2028^(a)			572		591,088
8.625%, 11/01/2030^(a)			858		898,704
8.75%, 07/01/2031^(a)			179		186,547
9.625%, 06/15/2033^(a)			459		495,775
CNX Resources Corp. 7.375%, 01/15/2031^(a)			334		346,909
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.50%, 06/15/2031^(a)			197		195,781



12 AB High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Crescent Energy Finance LLC 7.375%, 01/15/2033^(a)	U.S.$		448	$	424,359
7.625%, 04/01/2032^(a)			28		27,290
Delek Logistics Partners LP/Delek Logistics Finance Corp. 7.375%, 06/30/2033^(a)			378		387,635
8.625%, 03/15/2029^(a)			1,177		1,234,649
Excelerate Energy LP 8.00%, 05/15/2030^(a)			497		528,619
Genesis Energy LP/Genesis Energy Finance Corp. 7.875%, 05/15/2032			441		455,288
8.00%, 05/15/2033			796		821,974
Global Partners LP/GLP Finance Corp. 8.25%, 01/15/2032^(a)			954		1,001,185
Harvest Midstream I LP 7.50%, 09/01/2028^(a)			354		359,218
7.50%, 05/15/2032^(a)			932		969,793
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029^(a)			1,596		1,568,309
6.00%, 04/15/2030^(a)			81		78,423
6.00%, 02/01/2031^(a)			324		305,360
6.25%, 04/15/2032^(a)			43		40,481
6.875%, 05/15/2034^(a)			214		200,794
8.375%, 11/01/2033^(a)			74		75,942
ITT Holdings LLC 6.50%, 08/01/2029^(a)			1,445		1,403,514
Kraken Oil & Gas Partners LLC 7.625%, 08/15/2029^(a)			68		67,071
Matador Resources Co. 6.875%, 04/15/2028^(a)			611		625,615
Nabors Industries, Inc. 9.125%, 01/31/2030^(a)			223		233,869
NFE Financing LLC 12.00%, 11/15/2029^(a)(f)(j)			1,412		357,516
NuStar Logistics LP 5.625%, 04/28/2027			1,036		1,047,489
6.00%, 06/01/2026			286		286,709
6.375%, 10/01/2030			29		30,385
PBF Holding Co. LLC/PBF Finance Corp. 7.875%, 09/15/2030^(a)			39		38,423
9.875%, 03/15/2030^(a)			357		375,253
SM Energy Co. 6.75%, 08/01/2029^(a)			1,646		1,642,543
Sunoco LP 4.625%, 05/01/2030^(a)			347		338,346
5.625%, 03/15/2031^(a)			376		378,388
6.625%, 08/15/2032^(a)			245		252,811
7.00%, 05/01/2029^(a)			613		638,066



ABFunds.com		AB High Yield ETF 13

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

7.875%, 09/18/2030^(a)(k)	U.S.$		261	$	266,272
Sunoco LP/Sunoco Finance Corp. 5.875%, 03/15/2028			16		16,060
6.00%, 04/15/2027			888		888,284
Superior Plus LP/Superior General Partner, Inc. 4.50%, 03/15/2029^(a)			117		113,209
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 5.50%, 01/15/2028^(a)			1		1,000
7.375%, 02/15/2029^(a)			290		300,776
Talos Production, Inc. 9.00%, 02/01/2029^(a)			55		57,301
9.375%, 02/01/2031^(a)			1,361		1,433,990
TerraForm Power Operating LLC 4.75%, 01/15/2030^(a)			300		288,420
TGNR Intermediate Holdings LLC 5.50%, 10/15/2029^(a)			150		146,888
Transocean Aquila Ltd. 8.00%, 09/30/2028^(a)			81		83,218
Transocean International Ltd. 7.875%, 10/15/2032^(a)			116		121,030
8.75%, 02/15/2030^(a)			200		208,765
Venture Global LNG, Inc. 8.125%, 06/01/2028^(a)			315		322,620
8.375%, 06/01/2031^(a)			140		140,329
9.00%, 09/30/2029^(a)(k)			375		318,724
9.875%, 02/01/2032^(a)			2,756		2,869,768
Vermilion Energy, Inc. 6.875%, 05/01/2030^(a)			32		31,341
Viridien 10.00%, 10/15/2030^(a)			200		210,406
Vital Energy, Inc. 7.875%, 04/15/2032^(a)			842		816,993
WBI Operating LLC 6.25%, 10/15/2030^(a)			311		311,386
Weatherford International Ltd. 6.75%, 10/15/2033^(a)			296		302,968
Wildfire Intermediate Holdings LLC 7.50%, 10/15/2029^(a)			78		79,080

					33,131,028

Other Industrial – 1.4%
Belden, Inc. 3.375%, 07/15/2031^(a)	EUR		153		173,272
Clue Opco LLC 9.50%, 10/15/2031^(a)	U.S.$		152		157,708
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028^(a)			603		600,238



14 AB High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Pachelbel Bidco SpA 6.324% (EURIBOR 3 Month + 4.25%), 05/17/2031^(a)(l)	EUR		100	$	117,246
7.125%, 05/17/2031^(a)			125		154,462
RB Global Holdings, Inc. 7.75%, 03/15/2031^(a)	U.S.$		337		353,213
Resideo Funding, Inc. 6.50%, 07/15/2032^(a)			1,308		1,340,242
Steelcase, Inc. 5.125%, 01/18/2029			88		86,265
Stena International SA 7.25%, 01/15/2031^(a)			400		407,988
Velocity Vehicle Group LLC 8.00%, 06/01/2029^(a)			813		799,472

					4,190,106

Services – 4.7%
Allied Universal Holdco LLC 7.875%, 02/15/2031^(a)			1,026		1,081,681
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 4.625%, 06/01/2028^(a)			1,398		1,373,054
4.875%, 06/01/2028^(a)	GBP		100		128,465
ANGI Group LLC 3.875%, 08/15/2028^(a)	U.S.$		1,577		1,434,644
Belron UK Finance PLC 5.75%, 10/15/2029^(a)			1,393		1,417,155
Clarivate Science Holdings Corp. 4.875%, 07/01/2029^(a)			1,689		1,596,527
Deepocean Ltd. 6.00%, 04/08/2031^(a)	EUR		221		260,447
Engineering - Ingegneria Informatica - SpA 7.75% (EURIBOR 3 Month + 5.75%), 02/15/2030^(a)(l)			103		121,219
8.625%, 02/15/2030^(a)			119		147,334
Garda World Security Corp. 6.00%, 06/01/2029^(a)	U.S.$		1,007		983,789
6.50%, 01/15/2031^(a)			207		212,574
8.25%, 08/01/2032^(a)			518		529,935
8.375%, 11/15/2032^(a)			124		127,148
ION Platform Finance US, Inc./ION Platform Finance SARL 8.75%, 05/01/2029^(a)			200		198,910
Matthews International Corp. 8.625%, 10/01/2027^(a)			104		107,434
Monitronics International, Inc. 9.125%, 04/01/2020^{(d)(e)(f)(h)(i)}			14		– 0	–



ABFunds.com		AB High Yield ETF 15

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027^(a)	U.S.$		1,368	$	1,336,632
5.75%, 04/15/2026^(a)			182		182,588
Rakuten Group, Inc. 9.75%, 04/15/2029^(a)			542		600,720
Sabre GLBL, Inc. 10.75%, 11/15/2029^(a)			541		476,415
11.125%, 07/15/2030^(a)			927		801,540
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. 5.50%, 05/15/2033^(a)	EUR		412		494,208
Sotheby’s 7.375%, 10/15/2027^(a)	U.S.$		386		383,271
Techem Verwaltungsgesellschaft 675 mbH 5.375%, 07/15/2029^(a)	EUR		178		213,087
TriNet Group, Inc. 3.50%, 03/01/2029^(a)	U.S.$		188		177,871

					14,386,648

Technology – 2.6%
Almaviva-The Italian Innovation Co. SpA 5.00%, 10/30/2030^(a)	EUR		206		240,159
AthenaHealth Group, Inc. 6.50%, 02/15/2030^(a)	U.S.$		28		27,801
Cloud Software Group, Inc. 6.50%, 03/31/2029^(a)			1,465		1,477,936
8.25%, 06/30/2032^(a)			436		460,516
9.00%, 09/30/2029^(a)			400		413,056
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028^(a)			72		72,301
Dye & Durham Ltd. 8.625%, 04/15/2029^(a)			105		96,225
Ellucian Holdings, Inc. 6.50%, 12/01/2029^(a)			120		122,179
Gen Digital, Inc. 6.75%, 09/30/2027^(a)			1,446		1,471,941
GoTo Group, Inc. 5.50%, 05/01/2028^(a)			218		149,280
IPD 3 BV 5.50%, 06/15/2031^(a)	EUR		159		186,389
Open Text Corp. 3.875%, 02/15/2028^(a)	U.S.$		593		579,580
3.875%, 12/01/2029^(a)			91		86,284
Pagaya US Holdings Co. LLC 8.875%, 08/01/2030^(a)			200		180,190
Playtika Holding Corp. 4.25%, 03/15/2029^(a)			739		668,300



16 AB High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Rackspace Finance LLC 3.50%, 05/15/2028^(a)	U.S.$		526	$	212,324
Rackspace Technology Global, Inc. 5.375%, 12/01/2028^(a)			109		25,872
Rocket Software, Inc. 9.00%, 11/28/2028^(a)			217		223,584
TeamSystem SpA 5.00%, 07/01/2031^(a)	EUR		322		375,764
TTM Technologies, Inc. 4.00%, 03/01/2029^(a)	U.S.$		91		88,518
Viasat, Inc. 6.50%, 07/15/2028^(a)			22		21,484
7.50%, 05/30/2031^(a)			60		56,946
Virtusa Corp. 7.125%, 12/15/2028^(a)			50		48,175
Western Digital Corp. 4.75%, 02/15/2026			187		186,968
WULF Compute LLC 7.75%, 10/15/2030^(a)			334		345,313

					7,817,085

Transportation - Airlines – 0.9%
Allegiant Travel Co. 7.25%, 08/15/2027^(a)			648		656,573
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026^(a)			47		47,537
5.75%, 04/20/2029^(a)			1,930		1,950,361
JetBlue Airways Corp./JetBlue Loyalty LP 9.875%, 09/20/2031^(a)			189		186,617

					2,841,088

Transportation - Services – 2.1%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.375%, 05/21/2030^(a)	EUR		158		188,851
Alta Equipment Group, Inc. 9.00%, 06/01/2029^(a)	U.S.$		50		44,406
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028^(a)			1,004		977,153
5.375%, 03/01/2029^(a)			890		863,433
5.75%, 07/15/2027^(a)			6		5,991
8.375%, 06/15/2032^(a)			103		106,020
Beacon Mobility Corp. 7.25%, 08/01/2030^(a)			1,044		1,092,494
Danaos Corp. 6.875%, 10/15/2032^(a)			259		263,670
Dcli Bidco LLC 7.75%, 11/15/2029^(a)			140		137,326



ABFunds.com		AB High Yield ETF 17

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Edge Finco PLC 8.125%, 08/15/2031^(a)	GBP		134	$	186,886
FTAI Aviation Investors LLC 7.00%, 05/01/2031^(a)	U.S.$		289		301,988
Hertz Corp. (The) 4.625%, 12/01/2026^(a)			284		276,173
12.625%, 07/15/2029^(a)			170		170,093
Kapla Holding SAS 5.00%, 04/30/2031^(a)	EUR		359		421,921
NESCO Holdings II, Inc. 5.50%, 04/15/2029^(a)	U.S.$		168		166,345
PROG Holdings, Inc. 6.00%, 11/15/2029^(a)			918		902,431
Rand Parent LLC 8.50%, 02/15/2030^(a)			179		184,153
United Rentals North America, Inc. 4.00%, 07/15/2030			204		197,072
Upbound Group, Inc. 6.375%, 02/15/2029^(a)			82		80,498

					6,566,904

					217,822,397

Financial Institutions – 7.4%
Banking – 0.4%
Ally Financial, Inc. Series C 4.70%, 05/15/2028^(k)			28		25,836
Armor Holdco, Inc. 8.50%, 11/15/2029^(a)			151		150,959
Bread Financial Holdings, Inc. 6.75%, 05/15/2031^(a)			569		580,892
8.375%, 06/15/2035^(a)			243		248,193
Credit Acceptance Corp. 6.625%, 03/15/2030^(a)			197		196,784
Freedom Mortgage Corp. 12.25%, 10/01/2030^(a)			29		32,173

					1,234,837

Brokerage – 1.4%
AG Issuer LLC 6.25%, 03/01/2028^(a)			269		269,167
Aretec Group, Inc. 7.50%, 04/01/2029^(a)			101		101,613
10.00%, 08/15/2030^(a)			640		694,278
Hightower Holding LLC 6.75%, 04/15/2029^(a)			11		11,003
9.125%, 01/31/2030^(a)			322		343,201
Jane Street Group/JSG Finance, Inc. 4.50%, 11/15/2029^(a)			1,990		1,956,747



18 AB High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

7.125%, 04/30/2031^(a)	U.S.$		464	$	488,810
Osaic Holdings, Inc. 6.75%, 08/01/2032^(a)			20		20,714
8.00%, 08/01/2033^(a)			189		194,334
StoneX Group, Inc. 7.875%, 03/01/2031^(a)			201		212,919

					4,292,786

Finance – 3.4%
Burford Capital Global Finance LLC 9.25%, 07/01/2031^(a)			575		598,000
CNG Holdings, Inc. 16.50% (16.50% Cash or 17.50% PIK), 06/30/2031^(a)(b)(e)(h)			30		27,144
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029^(a)			817		761,080
Enova International, Inc. 9.125%, 08/01/2029^(a)			1,362		1,438,572
11.25%, 12/15/2028^(a)			119		125,998
Freedom Mortgage Holdings LLC 9.25%, 02/01/2029^(a)			62		65,333
GGAM Finance Ltd. 8.00%, 06/15/2028^(a)			512		542,167
goeasy Ltd. 6.875%, 05/15/2030^(a)			88		84,248
7.625%, 07/01/2029^(a)			317		314,363
9.25%, 12/01/2028^(a)			83		85,479
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028^(a)			1,650		1,565,652
Midcap Financial Issuer Trust 6.50%, 05/01/2028^(a)			202		199,138
Navient Corp. 5.625%, 08/01/2033			1,832		1,650,431
9.375%, 07/25/2030			373		412,590
11.50%, 03/15/2031			65		72,626
Phoenix Aviation Capital Ltd. 9.25%, 07/15/2030^(a)			1,204		1,279,443
Planet Financial Group LLC 10.50%, 12/15/2029^(a)			122		127,807
Rfna LP 7.875%, 02/15/2030^(a)			458		463,743
Stonebriar ABF Issuer LLC 8.125%, 12/15/2030^(a)			510		518,884
Terawulf, Inc. Zero Coupon, 05/01/2032^(a)(m)			17		17,269

					10,349,967



ABFunds.com		AB High Yield ETF 19

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Financial Services – 1.1%
1261229 BC Ltd. 10.00%, 04/15/2032^(a)	U.S.$		684	$	708,077
Cipher Compute LLC 7.125%, 11/15/2030^(a)			664		674,677
Coinbase Global, Inc. 3.375%, 10/01/2028^(a)			200		189,210
Encore Capital Group, Inc. 9.25%, 04/01/2029^(a)			1,130		1,193,472
Jefferson Capital Holdings LLC 8.25%, 05/15/2030^(a)			172		180,032
PRA Group, Inc. 8.875%, 01/31/2030^(a)			252		261,173
Titanium 2l Bondco SARL 6.25%, 01/14/2031^(b)	EUR		109		29,192

					3,235,833

Insurance – 0.5%
Acrisure LLC/Acrisure Finance, Inc. 6.00%, 08/01/2029^(a)	U.S.$		162		160,004
8.25%, 02/01/2029^(a)			109		113,449
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 04/15/2028^(a)			60		61,102
AmWINS Group, Inc. 6.375%, 02/15/2029^(a)			407		418,734
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Inves 7.875%, 11/01/2029^(a)			151		152,338
Ardonagh Finco Ltd. 6.875%, 02/15/2031^(a)	EUR		202		240,939
Ardonagh Group Finance Ltd. 8.875%, 02/15/2032^(a)	U.S.$		289		298,580
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC 8.125%, 02/15/2032^(a)			190		192,058

					1,637,204

REITs – 0.6%
Aedas Homes Opco SL 4.00%, 08/15/2026^(a)	EUR		111		128,828
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 5.75%, 05/15/2026^(a)	U.S.$		2		1,997
Five Point Operating Co. LP 8.00%, 10/01/2030^(a)			297		310,332
Howard Hughes Corp. (The) 4.125%, 02/01/2029^(a)			418		406,238



20 AB High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Hunt Cos., Inc. 5.25%, 04/15/2029^(a)	U.S.$		83	$	81,123
Rithm Capital Corp. 8.00%, 04/01/2029^(a)			106		108,320
RLJ Lodging Trust LP 4.00%, 09/15/2029^(a)			107		101,180
Service Properties Trust 8.375%, 06/15/2029			302		296,736
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC 8.625%, 06/15/2032^(a)			328		317,265

					1,752,019

					22,502,646

Utility – 1.9%
Electric – 1.9%
Calpine Corp. 4.50%, 02/15/2028^(a)			1,207		1,205,069
5.125%, 03/15/2028^(a)			745		747,779
ContourGlobal Power Holdings SA 6.75%, 02/28/2030^(a)			211		217,436
NRG Energy, Inc. 3.375%, 02/15/2029^(a)			641		613,597
5.75%, 07/15/2029^(a)			647		650,209
10.25%, 03/15/2028^(a)(k)			47		51,333
Vistra Corp. 7.00%, 12/15/2026^(a)(k)			28		28,362
8.00%, 10/15/2026^(a)(k)			29		29,632
Vistra Operations Co. LLC 4.375%, 05/01/2029^(a)			1,852		1,827,387
5.625%, 02/15/2027^(a)			413		413,363
6.875%, 04/15/2032^(a)			184		193,478

					5,977,645

Total Corporates - Non-Investment Grade (cost $245,413,849)					246,302,688


CORPORATES - INVESTMENT GRADE – 12.3%
Industrial – 8.5%
Basic – 0.1%
Glencore Funding LLC 5.634%, 04/04/2034^(a)			137		143,602
Huntsman International LLC 4.50%, 05/01/2029			278		266,099

					409,701



ABFunds.com		AB High Yield ETF 21

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Communications - Media – 1.4%
Charter Communications Operating LLC/Charter Communications Operating Capital 5.125%, 07/01/2049	U.S.$		1,159	$	931,558
5.375%, 04/01/2038			97		90,050
5.375%, 05/01/2047			82		68,769
Cox Communications, Inc. 5.80%, 12/15/2053^(a)			929		807,152
Meta Platforms, Inc. 5.50%, 11/15/2045			493		492,798
5.75%, 11/15/2065			508		505,257
Paramount Global 4.375%, 03/15/2043			497		375,817
4.95%, 05/19/2050			783		609,346
6.875%, 04/30/2036			182		191,102
Time Warner Cable LLC 7.30%, 07/01/2038			104		110,637

					4,182,486

Communications - Telecommunications – 0.1%
TELUS Corp. 6.625%, 10/15/2055			259		265,814


Consumer Cyclical - Automotive – 0.6%
Adient Global Holdings Ltd. 7.00%, 04/15/2028^(a)			570		585,065
Ford Motor Co. 3.25%, 02/12/2032			212		186,450
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			200		197,358
2.90%, 02/10/2029			150		140,303
4.95%, 05/28/2027			200		200,440
6.532%, 03/19/2032			430		450,756
Phinia, Inc. 6.75%, 04/15/2029^(a)			197		203,749

					1,964,121

Consumer Cyclical - Entertainment – 0.3%
Carnival Corp. 4.00%, 08/01/2028^(a)			425		417,745
5.75%, 03/15/2030^(a)			377		387,338

					805,083

Consumer Cyclical - Other – 0.7%
Flutter Treasury DAC 4.00%, 06/04/2031^(a)	EUR		131		150,820
5.00%, 04/29/2029^(a)			103		123,203
5.875%, 06/04/2031^(a)	U.S.$		200		202,030
6.125%, 06/04/2031^(a)	GBP		200		265,798



22 AB High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/16/2029^(a)	U.S.$		600	$	528,534
Voyager Parent LLC 9.25%, 07/01/2032^(a)			846		896,396

					2,166,781

Consumer Cyclical - Retailers – 0.1%
Levi Strauss & Co. 3.50%, 03/01/2031^(a)			212		198,292


Consumer Non-Cyclical – 1.0%
Amer Sports Co. 6.75%, 02/16/2031^(a)			290		302,798
Charles River Laboratories International, Inc. 3.75%, 03/15/2029^(a)			200		193,280
Jazz Securities DAC 4.375%, 01/15/2029^(a)			1,380		1,363,605
Utah Acquisition Sub, Inc. 5.25%, 06/15/2046			1,454		1,204,014

					3,063,697

Energy – 2.3%
Continental Resources, Inc./OK 4.90%, 06/01/2044			16		12,863
Energy Transfer LP 8.00%, 05/15/2054			89		94,845
Harbour Energy PLC 6.327%, 04/01/2035^(a)			1,188		1,218,805
Hess Midstream Operations LP 5.125%, 06/15/2028^(a)			799		799,184
Permian Resources Operating LLC 5.875%, 07/01/2029^(a)			1,532		1,537,822
7.00%, 01/15/2032^(a)			413		430,185
Var Energi ASA 5.875%, 05/22/2030^(a)			241		251,392
6.50%, 05/22/2035^(a)			241		257,207
7.50%, 01/15/2028^(a)			200		211,744
Venture Global Calcasieu Pass LLC 3.875%, 08/15/2029^(a)			1,913		1,798,870
Woodside Finance Ltd. 5.40%, 05/19/2030			137		141,270
6.00%, 05/19/2035			354		371,226

					7,125,413

Other Industrial – 0.8%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028^(a)			1,259		1,245,403
RB Global Holdings, Inc. 6.75%, 03/15/2028^(a)			1,304		1,334,748

					2,580,151



ABFunds.com		AB High Yield ETF 23

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Services – 0.3%
Block, Inc. 2.75%, 06/01/2026	U.S.$		977	$	969,477


Technology – 0.5%
Oracle Corp. 5.375%, 09/27/2054			516		441,402
5.95%, 09/26/2055			758		707,706
6.90%, 11/09/2052			203		210,781

					1,359,889

Transportation - Airlines – 0.0%
AS Mileage Plan IP Ltd. 5.021%, 10/20/2029^(a)			46		46,243


Transportation - Services – 0.3%
United Rentals North America, Inc. 3.875%, 11/15/2027			1,000		989,630

					26,126,778

Financial Institutions – 3.7%
Banking – 3.2%
Ally Financial, Inc. 5.543%, 01/17/2031			177		180,740
5.737%, 05/15/2029			221		226,039
6.646%, 01/17/2040			397		399,056
6.70%, 02/14/2033			330		345,510
6.848%, 01/03/2030			83		87,741
Series B 4.70%, 05/15/2026^(k)			164		160,366
Banco Bilbao Vizcaya Argentaria SA 6.033%, 03/13/2035			200		214,018
Banco Santander SA 6.35%, 03/14/2034			200		216,508
6.921%, 08/08/2033			400		446,424
Barclays PLC 5.785%, 02/25/2036			482		509,127
BNP Paribas SA 4.625%, 02/25/2031^(a)(k)			454		410,802
BPCE SA 6.508%, 01/18/2035^(a)			250		267,230
CaixaBank SA 5.581%, 07/03/2036^(a)			216		223,895
6.84%, 09/13/2034^(a)			235		264,138
Capital One Financial Corp. 6.183%, 01/30/2036			184		193,060
Citigroup, Inc. 5.827%, 02/13/2035			211		220,493
Series AA 7.625%, 11/15/2028^(k)			32		33,405



24 AB High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series W 4.00%, 12/10/2025^(k)	U.S.$		18	$	17,970
Series Y 4.15%, 11/15/2026^(k)			46		45,187
Deutsche Bank AG/New York NY 3.729%, 01/14/2032			387		366,818
3.742%, 01/07/2033			200		186,656
7.079%, 02/10/2034			204		224,218
Lloyds Banking Group PLC 6.00%, 06/07/2032^(k)	GBP		8		9,837
6.068%, 06/13/2036	U.S.$		327		345,796
Societe Generale SA 3.625%, 03/01/2041^(a)			250		186,305
5.512%, 05/22/2031^(a)			539		557,698
7.367%, 01/10/2053^(a)			600		653,040
Synchrony Financial
5.45%, 03/06/2031			101		103,231
5.935%, 08/02/2030			82		85,208
7.25%, 02/02/2033			1,094		1,172,385
UBS Group AG 7.125%, 08/10/2034^(a)(k)			297		303,044
9.25%, 11/13/2028^(a)(k)			355		388,317
UniCredit SpA 5.861%, 06/19/2032^(a)			600		609,924
Wells Fargo & Co. Series BB 3.90%, 03/15/2026^(k)			111		110,490

					9,764,676

Brokerage – 0.0%
CI Financial Corp. 3.20%, 12/17/2030			158		142,560


Finance – 0.0%
Air Lease Corp. Series B 4.65%, 06/15/2026^(k)			50		49,405
Aircastle Ltd. 5.25%, 06/15/2026^(a)(k)			29		28,866

					78,271

Insurance – 0.1%
ACE Capital Trust II 9.70%, 04/01/2030			20		24,048
Global Atlantic Fin Co. 6.75%, 03/15/2054^(a)			214		219,472

					243,520



ABFunds.com		AB High Yield ETF 25

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

REITs – 0.4%
Highwoods Realty LP 5.35%, 01/15/2033	U.S.$		188	$	188,784
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75%, 06/15/2029^(a)			84		82,730
Newmark Group, Inc. 7.50%, 01/12/2029			630		676,248
Omega Healthcare Investors, Inc. 5.20%, 07/01/2030			131		133,568

					1,081,330

					11,310,357

Utility – 0.1%
Electric – 0.1%
American Electric Power Co., Inc. 6.95%, 12/15/2054			80		86,238
Vistra Operations Co. LLC 6.95%, 10/15/2033^(a)			71		79,268

					165,506

Total Corporates - Investment Grade (cost $36,783,362)					37,602,641


BANK LOANS – 3.2%
Industrial – 2.8%
Basic – 0.2%
INEOS US Petrochem LLC
7.766% (CME Term SOFR 1 Month + 3.75%), 03/14/2030⁽ⁿ⁾			99		73,690
8.266% (CME Term SOFR 1 Month + 4.25%), 04/02/2029⁽ⁿ⁾			731		557,737

					631,427

Capital Goods – 0.0%
ACProducts Holdings, Inc. 8.513% (SOFR + 4.25%), 05/17/2028⁽ⁿ⁾			95		79,553


Communications - Media – 0.4%
DIRECTV Financing LLC 9.352% (SOFR + 5.25%), 08/02/2029⁽ⁿ⁾			257		257,154
Gray Television, Inc. 7.099% (CME Term SOFR 3 Month + 3.00%), 12/01/2028⁽ⁿ⁾			188		188,415
iHeartCommunications, Inc. 10.629% (CME Term SOFR 3 Month + 5.78%), 05/01/2029⁽ⁿ⁾			245		218,137
MJH Healthcare Holdings LLC 7.666% (CME Term SOFR 1 Month + 3.75%), 01/28/2029^(e)(h)(n)			460		416,300



26 AB High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Radiate Holdco, LLC
1.500% (PIK Interest 12 + 1.50%), 09/25/2029⁽ⁿ⁾	U.S.$		145	$	105,898
7.530% (CME Term SOFR 1 Month + 3.50%), 09/25/2029⁽ⁿ⁾			145		105,897

					1,291,801

Communications - Telecommunications – 0.0%
Crown Subsea Commercial Holding, Inc. 7.416% (CME Term SOFR 1 Month + 3.50%), 01/30/2031⁽ⁿ⁾			50		49,809


Consumer Cyclical - Automotive – 0.1%
RealTruck Group, Inc. 10.310% (CME Term SOFR 3 Month + 5.00%), 01/31/2028⁽ⁿ⁾			218		171,303


Consumer Cyclical - Other – 0.1%
CP Atlas Buyer, Inc. 9.166% (CME Term SOFR 1 Month + 5.25%), 07/08/2030⁽ⁿ⁾			100		95,325
PHRG Intermediate LLC 8.002% (CME Term SOFR 3 Month + 4.00%), 02/20/2032⁽ⁿ⁾			259		255,245

					350,570

Consumer Cyclical - Retailers – 0.1%
Specialty Building Products Ho 7.766%, 10/15/2028^(o)			400		385,000


Consumer Non-Cyclical – 0.5%
Hertz Corp. (The) 7.530%, 06/30/2028^(o)			283		233,767
ModivCare, Inc.
10.951% (CME Term SOFR 1 Month + 7.00%), 02/22/2026^(e)(h)(n)			102		99,179
11.006% (CME Term SOFR 1 Month + 7.00%), 02/22/2026^(e)(h)(n)			16		15,979
MPH Acquisition Holdings LLC 7.590% (CME Term SOFR 3 Month + 3.75%), 12/31/2030⁽ⁿ⁾			57		56,573
Neptune Bidco US, Inc. 9.012% (CME Term SOFR 3 Month + 5.00%), 04/11/2029⁽ⁿ⁾			570		555,260
Opal US LLC 6.902% (CME Term SOFR 3 Month + 3.00%), 04/28/2032⁽ⁿ⁾			356		358,282
US Radiology Specialists, Inc. 8.752% (SOFR + 4.75%), 12/15/2027⁽ⁿ⁾			86		86,455
Weber-Stephen Products LLC 7.735% (CME Term SOFR 3 Month + 3.75%), 10/01/2032⁽ⁿ⁾			210		209,649

					1,615,144



ABFunds.com		AB High Yield ETF 27

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Other Industrial – 0.2%
Liberty Tire Recycling LLC 8.854%, 11/19/2032^(e)(h)(o)	U.S.$		390	$	389,513
LTR Intermediate Holdings, Inc. 8.530% (CME Term SOFR 1 Month + 4.50%), 05/05/2028⁽ⁿ⁾			190		189,446

					578,959

Technology – 1.1%
Clover Holdings 2, LLC 7.750%, 12/09/2031^(e)(h)(n)			400		400,242
Clover Holdings SPV III LLC 15.000%, 12/09/2027^(e)(h)(n)			13		13,433
Commscope, Inc. 9.597% (CME Term SOFR 1 Month + 4.75%), 12/17/2029⁽ⁿ⁾			584		586,574
Loyalty Ventures, Inc. 14.000% (CME Term SOFR 3 Month + 5.50%), 11/03/2027^{(e)(f)(h)(j)(n)}			115		864
Metropolis Technologies, Inc. 8.98% (CME Term SOFR 6 Month + 5.25%), 11/03/2032^(e)(h)(n)			560		554,299
Peraton Corp.
7.690% (CME Term SOFR 3 Month + 3.75%), 02/01/2028⁽ⁿ⁾			614		537,515
12.604% (CME Term SOFR 3 Month + 7.75%), 02/01/2029⁽ⁿ⁾			378		198,316
Ping Identity Corp. 6.591% (CME Term SOFR 3 Month + 2.75%), 11/15/2032^(e)(h)(n)			290		291,088
Polaris Newco LLC 8.102% (CME Term SOFR 3 Month + 4.00%), 06/02/2028⁽ⁿ⁾			469		441,501
Project Alpha Intermediate Holdings, Inc. 10.122% (CME Term SOFR 1 Month + 5.00%), 05/09/2033^(e)(h)(n)			260		251,875
Veritas US, Inc.
4.500% (PIK Interest 4 + 4.50%), 12/09/2029⁽ⁿ⁾			16		15,873
12.002% (CME Term SOFR 3 Month + 8.00%), 12/09/2029⁽ⁿ⁾			16		15,873

					3,307,453

Transportation - Airlines – 0.1%
JetBlue Airways Corp. 8.753% (CME Term SOFR 3 Month + 4.75%), 08/27/2029⁽ⁿ⁾			198		182,259

					8,643,278



28 AB High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Financial Institutions – 0.4%
Brokerage – 0.1%
Jane Street Group LLC 5.822% (CME Term SOFR 3 Month + 2.00%), 12/15/2031⁽ⁿ⁾	U.S.$		317	$	313,372


Finance – 0.1%
Nexus Buyer LLC 9.666% (CME Term SOFR 1 Month + 5.75%), 02/16/2032⁽ⁿ⁾			410		405,814


Financial Services – 0.1%
Colossus Acquireco LLC 5.870% (SOFR 4 + 1.75%), 07/30/2032⁽ⁿ⁾			120		119,494
Rackspace Finance LLC 6.824% (CME Term SOFR 1 Month + 2.75%), 05/15/2028⁽ⁿ⁾			363		147,527

					267,021

Insurance – 0.1%
Asurion LLC 8.266% (SOFR + 4.25%), 08/19/2028⁽ⁿ⁾			156		155,632

					1,141,839

Total Bank Loans (cost $10,367,362)					9,785,117


EMERGING MARKETS - CORPORATE BONDS – 1.4%
Industrial – 1.4%
Basic – 0.2%
First Quantum Minerals Ltd. 8.00%, 03/01/2033^(a)			227		238,357
9.375%, 03/01/2029^(a)			201		212,202

					450,559

Consumer Cyclical - Other – 1.1%
Melco Resorts Finance Ltd. 5.375%, 12/04/2029^(a)			1,384		1,345,075
6.50%, 09/24/2033^(a)			493		489,016
MGM China Holdings Ltd. 4.75%, 02/01/2027^(a)			221		219,619
7.125%, 06/26/2031^(a)			331		347,136
Studio City Co., Ltd. 7.00%, 02/15/2027^(a)			200		200,312
Wynn Macau Ltd. 5.125%, 12/15/2029^(a)			390		380,149
6.75%, 02/15/2034^(a)			417		416,062

					3,397,369

Consumer Cyclical - Retailers – 0.0%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022^{(d)(e)(f)(g)(h)}			15		– 0	–



ABFunds.com		AB High Yield ETF 29

PORTFOLIO OF INVESTMENTS (continued)

Company

Principal
Amount
(000)

U.S. $ Value

K2016470260 South Africa Ltd.
25.00%, 12/31/2022^{(d)(e)(f)(g)(h)}

U.S.$

– 0

–

– 0

–

Transportation - Services – 0.1%

InPost SA
4.00%, 04/01/2031^(a)

EUR

284

330,803

4,178,731

Utility – 0.0%

Electric – 0.0%

Terraform Global Operating LP
6.125%, 03/01/2026^(a)

U.S.$

9,897

Total Emerging Markets - Corporate Bonds
(cost $4,141,940)

4,188,628

COMMON STOCKS – 0.1%

Communication Services – 0.1%

Diversified Telecommunication Services – 0.1%

Altice France SA/LuxCo3^(e)(f)(h)

14,338

262,080

Financials – 0.0%

Financial Services – 0.0%

Curo Group Holdings LLC^(e)(f)(h)

9,491

73,555

Energy – 0.0%

Energy Equipment & Services – 0.0%

BIS Industries Holdings Ltd.^(e)(f)(h)

21,027

– 0

–

CHC Group LLC^(e)(f)(h)

468

– 0

–

– 0

–

Oil, Gas & Consumable Fuels – 0.0%

New Fortress Energy, Inc.^(f)

5,687

6,938

Industrials – 0.0%

Electrical Equipment – 0.0%

Exide Technologies^(e)(f)(h)

2,366

Consumer Staples – 0.0%

Household Products – 0.0%

Southeastern Grocers, Inc.^(e)(f)(h)(i)

3,584

144

Consumer Discretionary – 0.0%

Broadline Retail – 0.0%

K201640219 South Africa Ltd.^(e)(f)(h)

678

– 0

–

K2016470219 South Africa Ltd. – Class A^(e)(f)(h)

191,574

– 0

–

K2016470219 South Africa Ltd. – Class B^(e)(f)(h)

30,276

– 0

–

– 0

–

Total Common Stocks
(cost $540,302)

345,083



30 AB High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company		Shares		U.S. $ Value

PREFERRED STOCKS – 0.1%
Industrials – 0.1%
Consumer Cyclical - Automotive – 0.1%
Exide International Holdings LP 0.00%^(e)(f)(g)(h)	U.S.$		39	$	42,900


Consumer Cyclical - Other – 0.0%
Hovnanian Enterprises, Inc. 7.625%			490		9,928


Other Industrial – 0.0%
Asphalt ATD Holdco – Class A 0.00%^(e)(f)(h)			194		4,813


Technology – 0.0%
Veritas US, Inc. 0.00%^(e)(f)(g)(h)			678		15,594

					73,235

Financials – 0.0%
Brokerage – 0.0%
Osaic Financial Services, Inc. Series A 8.00%			2,175		39,367

Total Preferred Stocks (cost $68,409)					112,602


RIGHTS – 0.0%
Utilities – 0.0%
Independent Power and Renewable Electricity Producers – 0.0%
Vistra Energy Corp., expiring 12/31/2099^(e)(f)(h)			3,442		4,216


Communication Services – 0.0%
Diversified Telecommunication Services – 0.0%
Altice France SA (CVR)^(e)(f)(g)(h)			210		2,803

Total Rights (cost $1,232)					7,019


SHORT-TERM INVESTMENTS – 1.3%
Investment Companies – 1.3%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(p)(q)(r) (cost $3,911,372)			3,911,372		3,911,372


Total Investments – 99.0% (cost $301,227,828)					302,255,150
Other assets less liabilities – 1.0%					3,195,214


Net Assets – 100.0%				$	305,450,364



ABFunds.com		AB High Yield ETF 31

PORTFOLIO OF INVESTMENTS (continued)

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		8		March 2026	$	929,625	$	3,063
U.S. T-Note 5 Yr (CBT) Futures		70		March 2026		7,683,593		27,156
U.S. T-Note 10 Yr (CBT) Futures		62		March 2026		7,027,313		(1,891	)

Sold Contracts
U.S. Long Bond (CBT) Futures		24		March 2026		2,818,500		(14,250	)
U.S. T-Note 2 Yr (CBT) Futures		40		March 2026		8,354,375		(4,688	)
U.S. Ultra Bond (CBT) Futures		22		March 2026		2,660,625		(15,531	)

							$	(6,141	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)
Standard Chartered Bank	EUR	6,525	USD	7,561		01/29/2026	$	(35,292	)
State Street Bank & Trust Co.	GBP	403	USD	551		12/05/2025	$	16,333

							$	(18,959	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at November 30, 2025			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 45, 5 Year Index, 12/20/2030*		(5.00	)%		Quarterly		3.23	%	USD	190	$	(15,982	)	$	(13,956	)	$	(2,026	)

Sale Contracts
Hertz Corp. (The), 5.000%, 12/01/2029, 06/20/2029*		5.00			Quarterly		18.88		USD	80		(27,474	)		(8,789	)		(18,685	)

											$	(43,456	)	$	(22,745	)	$	(20,711	)

*	Termination date

(a)

(b)	Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at November 30, 2025.

(c)	Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at November 30, 2025.

(d)	Defaulted matured security.



32 AB High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

(e)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(f)	Non-income producing security.

(g)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.04% of net assets as of November 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost			Market Value			Percentage of Net Assets
Altice France Lux 3/Altice Holdings 1 10.00%, 01/15/2033		10/01/2025	$	50,338		$	48,397			0.02	%
Altice France SA (CVR)		10/01/2025		1,232			2,803			0.00	%
Exide International Holdings LP 0.00%		11/05/2020		29,328			42,900			0.01	%
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024		10/29/2020		– 0	–		– 0	–		0.00	%
Exide Technologies (First Lien) 11.00%, 10/31/2024		10/29/2020		– 0	–		– 0	–		0.00	%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022		02/05/2020- 06/30/2022		14,181			– 0	–		0.00	%
K2016470260 South Africa Ltd. 25.00%, 12/31/2022		08/16/2023		– 0	–		– 0	–		0.00	%
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2023		02/19/2015		36,767			– 0	–		0.00	%
ModivCare, Inc. 5.00%, 10/01/2029		03/07/2025- 04/01/2025		364,911			574			0.00	%
ModivCare, Inc. 5.00%, 10/01/2029		05/02/2024		9,716			41			0.00	%
Veritas US, Inc.		12/09/2024		11,482			15,594			0.01	%

(h)	Fair valued by the Adviser.

(i)	Escrow shares.

(j)	Defaulted.

(k)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(l)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2025.

(m)	Convertible security.

(n)	The stated coupon rate represents the greater of the SOFR or an alternate base rate such as the PRIME or the SOFR/PRIME floor rate plus a spread at November 30, 2025.

(o)	This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be determined at the time of settlement and will be based upon the SOFR plus a premium which was determined at the time of purchase.

(p)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(q)	The rate shown represents the 7-day yield as of period end.

(r)	Affiliated investments.



ABFunds.com		AB High Yield ETF 33

PORTFOLIO OF INVESTMENTS (continued)

Currency Abbreviations:

EUR – Euro

GBP – Great British Pound

USD – United States Dollar

Glossary:

CBT – Chicago Board of Trade

CDX-NAHY – North American High Yield Credit Default Swap Index

CME – Chicago Mercantile Exchange

CVR – Contingent Value Right

EURIBOR – Euro Interbank Offered Rate

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

See notes to financial statements.



34 AB High Yield ETF		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $297,316,456)	$	298,343,778
Affiliated issuers (cost $3,911,372)		3,911,372
Cash		56,138
Cash collateral due from broker		183,275
Foreign currencies, at value (cost $275,593)		275,163
Unaffiliated interest and dividends receivable		5,198,986
Affiliated dividends receivable		23,261
Unrealized appreciation on forward currency exchange contracts		16,333
Receivable due from Adviser		1,246
Receivable for investment securities sold		500
Receivable for variation margin on futures		466
Receivable for variation margin on centrally cleared swaps		127
Other assets		41,706

Total assets		308,052,351

Liabilities
Payable for investment securities purchased		2,461,488
Advisory fee payable		91,599
Unrealized depreciation on forward currency exchange contracts		35,292
Foreign capital gains tax payable		8,684
Other liabilities		4,924

Total liabilities		2,601,987

Net Assets	$	305,450,364

Composition of Net Assets
Shares of beneficial interest, at par	$	809
Additional paid-in capital		315,167,733
Accumulated loss		(9,718,178	)

Net Assets	$	305,450,364

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 8,089,045 shares outstanding)	$	37.76

See notes to financial statements.



ABFunds.com		AB High Yield ETF 35

STATEMENT OF OPERATIONS

Year Ended November 30, 2025


Investment Income
Interest	$	15,398,867
Dividends
Affiliated issuers		189,281
Unaffiliated issuers		8,748
Other income		7,555		$	15,604,451

Expenses
Advisory fee (see Note B)		855,447

Total expenses before bank overdraft expense		855,447
Bank overdraft expense		2,826

Total expenses		858,273
Less: expenses waived and reimbursed by the Adviser (see Note B)		(9,525	)

Net expenses					848,748

Net investment income					14,755,703

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions^(a)					1,299,860
In-kind redemptions					(43,487	)
Forward currency exchange contracts					35,526
Futures					276,698
Swaps					203,916
Foreign currency transactions					(233,323	)
Net change in unrealized appreciation (depreciation) of:
Investments^(b)					233,817
Forward currency exchange contracts					(90,845	)
Futures					44,336
Swaps					(6,569	)
Foreign currency denominated assets and liabilities					897

Net gain on investment and foreign currency transactions					1,720,826

Net Increase in Net Assets from Operations				$	16,476,529

(a)	Net of foreign realized capital gains taxes of $3,021.

(b)	Net of increase in accrued foreign capital gains taxes on unrealized gains of $820.

See notes to financial statements.



36 AB High Yield ETF		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2025			Year Ended November 30, 2024
Increase in Net Assets from Operations
Net investment income	$	14,755,703		$	8,896,134
Net realized gain on investment and foreign currency transactions		1,539,190			896,392
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		181,636			4,271,590

Net increase in net assets from operations		16,476,529			14,064,116
Distribution to Shareholders		(13,808,737	)		(8,311,593	)
Transactions in Shares of the Fund
Net increase		127,652,321			89,695,258
Other capital		23,564			4,362

Total increase		130,343,677			95,452,143
Net Assets
Beginning of period		175,106,687			79,654,544

End of period	$	305,450,364		$	175,106,687

See notes to financial statements.



ABFunds.com		AB High Yield ETF 37

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Director’s (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.



38 AB High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value (“NAV”) per share, while exchange-traded funds are valued at the closing market price per share.

2. Fair Value Measurements



ABFunds.com		AB High Yield ETF 39

NOTES TO FINANCIAL STATEMENTS (continued)

information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)



40 AB High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as a significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:


Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Corporates – Non-Investment Grade	$	– 0	–	$	246,275,544		$	27,144	^(a)	$	246,302,688
Corporates – Investment Grade		– 0	–		37,602,641			– 0	–		37,602,641
Bank Loans		– 0	–		7,352,345			2,432,772			9,785,117
Emerging Markets – Corporate Bonds		– 0	–		4,188,628			0	^(a)		4,188,628
Common Stocks		6,938			– 0	–		338,145	^(a)		345,083
Preferred Stocks		9,928			39,367			63,307			112,602
Rights		– 0	–		– 0	–		7,019			7,019
Short-Term Investments		3,911,372			– 0	–		– 0	–		3,911,372

Total Investments in Securities		3,928,238			295,458,525			2,868,387	^(a)		302,255,150
Other Financial Instruments^(b):
Assets:
Futures		30,219			– 0	–		– 0	–		30,219	^(c)
Forward Currency Exchange Contracts		– 0	–		16,333			– 0	–		16,333
Liabilities:
Futures		(36,360	)		– 0	–		– 0	–		(36,360	)^(c)
Forward Currency Exchange Contracts		– 0	–		(35,292	)		– 0	–		(35,292	)
Centrally Cleared Credit Default Swaps		– 0	–		(43,456	)		– 0	–		(43,456	)^(c)

Total	$	3,922,097		$	295,396,110		$	2,868,387	^(a)	$	302,186,594

(a)	The Fund held securities with zero market value at period end.

(b)



ABFunds.com		AB High Yield ETF 41

NOTES TO FINANCIAL STATEMENTS (continued)

(c)

3. Currency Translation

4. Taxes

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and prior tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions



42 AB High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

Prior to the Conversion, all income earned and expenses incurred by the Acquired Portfolio were borne on a pro-rata basis by each settled class of shares, based on the proportionate interest in the Acquired Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of AB Bond Fund, Inc. were charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses were allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information



ABFunds.com		AB High Yield ETF 43

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the investment advisory agreement, in accordance with the unitary fee structure, the Adviser bears the cost of various third-party services required by the Fund, including audit, custodial, accounting, legal, transfer agency and printing costs and the fees and expenses of the Corporation’s directors and their counsel. Also under the investment advisory agreement, the Adviser will reimburse each Fund for the Fund’s share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser. For the year ended November 30, 2025, such waiver/ reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $9,525.

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	2,002	$	80,503	$	78,594	$	3,911	$	189

NOTE C

Distribution Plan

The Fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 of the Act which permits the Fund to pay distribution and servicing fees not to exceed .25% per year of the Fund’s average daily net assets, provided that the Fund will not make any 12b-1 payments under the Plan without prior Board and stockholder approval. No such fees are currently paid.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the year ended November 30, 2025 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	204,138,733		$	176,340,667
U.S. government securities		– 0	–		– 0	–



44 AB High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)


	Purchases			Sales
In kind transactions (excluding U.S. government securities)	$	121,979,605		$	24,578,910
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	301,689,251

Gross unrealized appreciation	$	5,898,973
Gross unrealized depreciation		(5,353,906	)

Net unrealized appreciation	$	545,067

1. Derivative Financial Instruments

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

•

Futures



ABFunds.com		AB High Yield ETF 45

NOTES TO FINANCIAL STATEMENTS (continued)

collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed. Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the year ended November 30, 2025, the Fund held futures for hedging purposes.

•

Forward Currency Exchange Contracts

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the year ended November 30, 2025, the Fund held forward currency exchange contracts for hedging purposes.

•

Swaps

The Fund may enter into swaps for investment purposes or to hedge its exposure to interest rates, credit risk, equity markets or currencies. The



46 AB High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions” or in order to take a “long” or “short” position with respect to an underlying referenced asset described below under “Total Return Swaps”. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices, rates or indexes for a specified amount of an underlying asset or inflation. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates, inflation or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain(loss) on swaps on the statement of operations, in addition to any realized gain(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation (depreciation) of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in



ABFunds.com		AB High Yield ETF 47

NOTES TO FINANCIAL STATEMENTS (continued)

basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Credit Default Swaps:

The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.



48 AB High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the year ended November 30, 2025, the Fund held credit default swaps for hedging and non-hedging purposes.



ABFunds.com		AB High Yield ETF 49

NOTES TO FINANCIAL STATEMENTS (continued)

please refer to netting arrangements by the OTC counterparty table below for additional details.

During the year ended November 30, 2025, the Fund had entered into the following derivatives:

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair
Value

Statement of
Assets and
Liabilities
Location

Fair
Value

Interest rate contracts

Receivable for variation margin on futures

30,219

Payable for variation margin on futures

36,360

Credit contracts

Payable for variation margin on centrally cleared swaps

20,711

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

16,333

Unrealized depreciation on forward currency exchange contracts

35,292

Total

46,552

92,363

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	276,698	$	44,336

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		35,526		(90,845	)



50 AB High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	203,916	$	(6,569	)

Total		$	516,140	$	(53,078	)

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended November 30, 2025:


Futures:
Average notional amount of buy contracts	$	11,695,102
Average notional amount of sale contracts	$	6,595,387
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	419,018	^(a)
Average principal amount of sale contracts	$	5,978,564
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	190,000	^(b)
Average notional amount of sale contracts	$	2,507,692

(a)	Positions were open for two months during the year.

(b)	Positions were open for six months during the year.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.


Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
State Street Bank & Trust Co.	$	16,333	$	– 0	–	$	– 0	–	$	– 0	–	$	16,333

Total	$	16,333	$	– 0	–	$	– 0	–	$	– 0	–	$	16,333	^



ABFunds.com		AB High Yield ETF 51

NOTES TO FINANCIAL STATEMENTS (continued)


Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Standard Chartered Bank	$	35,292	$	– 0	–	$	– 0	–	$	– 0	–	$	35,292

Total	$	35,292	$	– 0	–	$	– 0	–	$	– 0	–	$	35,292	^

*	The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^	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.

2. Currency Transactions

NOTE E

Shares of the Fund



52 AB High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Transactions in shares of the Fund were as follows:


	Shares						Amount
	Year Ended November 30, 2025			Year Ended November 30, 2024			Year Ended November 30, 2025			Year Ended November 30, 2024

Shares sold		4,075,000			2,575,000		$	152,418,193		$	94,326,820

Shares redeemed		(675,000	)		(125,000	)		(24,765,872	)		(4,631,562	)

Net increase		3,400,000			2,450,000		$	127,652,321		$	89,695,258

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the markets for securities in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, interest rate levels, tariffs and trade disputes, and regional and global conflicts, that affect large portions of the market.

Below Investment Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.



ABFunds.com		AB High Yield ETF 53

NOTES TO FINANCIAL STATEMENTS (continued)

Foreign (Non-US) Investments Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade than domestic securities due to adverse market, economic, political, regulatory or other factors. In addition, the value of the Fund’s investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

Emerging Market Risk—Investments in emerging market countries may have more risk because the markets are less developed, less liquid and are subject to



54 AB High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

increased potential for market manipulation, and increased economic, political, regulatory or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments in fixed-income securities denominated in foreign currencies or reduce the Fund’s returns.

Illiquid Investments Risk—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. Foreign fixed-income securities may have more illiquid investments risk because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently than domestic securities. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down.

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the NYSE Arca, Inc. (“NYSE Arca” or an “Exchange”). The Fund’s shares are generally bought and sold in the secondary market at market prices. The NAV per share of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on an Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.



ABFunds.com		AB High Yield ETF 55

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE G

Joint Credit Facility

A number of ETFs mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short-term liquidity requirements, which will expire on June 23, 2026. A commitment fee of 0.15% per annum related to the Facility is paid by the Adviser. The Fund did not utilize the Facility during the year ended November 30, 2025.



56 AB High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended November 30, 2025 and November 30, 2024 were as follows:


	2025		2024
Distributions paid from:
Ordinary income	$	13,808,737	$	8,311,593

Total taxable distributions paid		13,808,737		8,311,593

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income	$	1,571,217
Accumulated capital and other losses		(11,787,608	)^(a)
Unrealized appreciation (depreciation)		541,328	^(b)

Total accumulated earnings (deficit)	$	(9,675,063	)^(c)

^(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $11,787,608. During the fiscal year, the Fund utilized $2,018,308 of capital loss carry forwards to offset current year net realized gains.

^(b)

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of callable bonds, the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of partnership investments.

^(c)	The differences between book-basis and tax-basis components of accumulated earnings/(deficit) are attributable primarily to the accrual of foreign capital gains tax and the tax treatment of defaulted securities.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $5,798,731 and a net long-term capital loss carryforward of $5,988,877, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the tax treatment of gains from a redemption-in-kind resulted in a net decrease in accumulated loss and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE I

Subsequent Events



ABFunds.com		AB High Yield ETF 57

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period^(a)


	Year Ended November 30, 2025			Year Ended November 30, 2024			November 1, 2023 to November 30, 2023^(b)			Year Ended October 31,						January 1, 2021 to October 31, 2021^(c)
										Year Ended October 31,
										2023			2022

Net asset value, beginning of period		$ 37.34			$ 35.58			$ 34.15			$ 34.62			$ 42.09			$ 41.58

Income From Investment Operations

Net investment income^(d)(e)		2.56			2.53			.21			2.34			1.90			1.60

Net realized and unrealized gain (loss) on investment transactions		.31			1.67			1.44			(.32	)		(7.09	)		.68

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(f)		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		2.87			4.20			1.65			2.02			(5.19	)		2.28

Less: Dividends and Distributions

Dividends from net investment income		(2.45	)		(2.44	)		(.16	)		(2.49	)		(2.28	)		(1.77	)

Return of capital		– 0	–		– 0	–		(.06	)		– 0	–		– 0	–		– 0	–

Total dividends and distributions		(2.45	)		(2.44	)		(.22	)		(2.49	)		(2.28	)		(1.77	)

Net asset value, end of period		$ 37.76			$ 37.34			$ 35.58			$ 34.15			$ 34.62			$ 42.09


Total Return

Total investment return based on net asset value^(g)		8.02	%		12.21	%		4.84	%		5.86	%		(12.68	)%		5.56	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$305,450			$175,107			$79,655			$73,899			$67,249			$63,608

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(h)(i)+		.40	%		.40	%		.40	%^{^}		.50	%		.60	%		.51	%^{^}

Expenses, before waivers/reimbursements^(h)(i)+		.40	%		.40	%		.40	%^{^}		.86	%		1.35	%		1.74	%^{^}

Net investment income^(e)		6.90	%		6.92	%		7.21	%^{^}		6.68	%		5.00	%		4.60	%^{^}

Portfolio turnover rate^(j)++		83	%		75	%		4	%		57	%		48	%		36	%

See footnote summary on page 59.



58 AB High Yield ETF		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period^(a)

(a)

After the close of business on May 12, 2023, AB High Yield Portfolio (the “Acquired Portfolio”) was converted into AB High Yield ETF. The performance and financial history of the Acquired Portfolio’s Advisor Class Shares have been adopted by the Fund and will be used going forward. As a result, the Financial Highlight information includes that of the Acquired Portfolio’s Advisor Class Shares and has been adjusted retroactively for the periods from November 1, 2018 through the Reorganization.

(b)	The Acquired Portfolio had a fiscal year end of October 31. The Fund has a fiscal year end of November 30.

(c)	The Acquired Portfolio changed its fiscal year end from December 31 to October 31.

(d)	Based on average shares outstanding.

(e)	Net of expenses waived/reimbursed by the Adviser.

(f)	Amount is less than $.005.

(g)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(h)

(i)	The expense ratios presented below exclude interest/bank overdraft expense:


	Year Ended November 30,						November 1, 2023 to November 30, 2023^(b)			Year Ended October 31,						January 1, 2021 to October 31, 2021^(c)
	2025			2024			November 1, 2023 to November 30, 2023^(b)			2023			2022			January 1, 2021 to October 31, 2021^(c)
Net of waivers/reimbursements		.40	%		.40	%		.40	%^{^}		.50	%		.60	%		.51	%^{^}
Before waivers/reimbursements		.40	%		.40	%		.40	%^{^}		.86	%		1.35	%		1.74	%^{^}

(j)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units..

^	Annualized.

+	The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

++	Portfolio turnover is calculated for the Fund as a whole for the full fiscal year or period, as applicable, and is not annualized.

See notes to financial statements



ABFunds.com		AB High Yield ETF 59

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB High Yield ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB High Yield ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein through November 30, 2025, 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations for the year then ended, and the changes in its net assets for the year for each of the two years in the period then ended and its financial highlights for each of the periods indicated therein through November 30, 2025, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s 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 Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.



60 AB High Yield ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



ABFunds.com		AB High Yield ETF 61

2025 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable period ended November 30, 2025. For foreign shareholders, 72.29% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends. The Fund designates $13,045,737 of distributions paid during the fiscal year ended November 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.



62 AB High Yield ETF		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB High Yield ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment



ABFunds.com		AB High Yield ETF 63

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for the period ended December 31, 2023 and calendar year 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted that the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its relationship with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results



64 AB High Yield ETF		ABFunds.com

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund (including its predecessor mutual fund) against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the performance of the Fund (including its predecessor mutual fund) against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2025. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The directors noted that the unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser. The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail



ABFunds.com		AB High Yield ETF 65

investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe of ETFs selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others, and in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s expense ratio was equal to the median of a peer group and lower than the median of a peer universe. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



66 AB High Yield ETF		ABFunds.com

NOTES



ABFunds.com		AB High Yield ETF 67

NOTES



68 AB High Yield ETF		ABFunds.com

LOGO

AB HIGH YIELD ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-HY-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB INTERNATIONAL BUFFER ETF

(NASDAQ: BUFI)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


		Notional Amount		U.S. $ Value

PURCHASED OPTIONS - CALLS – 98.3%
Options on Equity Indices – 98.3%
iShares MSCI EAFE ETF Expiration: Feb 2026; Contracts: 7,811; Exercise Price: USD 0.47; Counterparty: Morgan Stanley & Co. LLC^(a) (premium paid $71,839,360)	USD		367,117	$	72,634,567


PURCHASED OPTIONS - PUTS – 2.5%
Options on Equity Indices – 2.5%
iShares MSCI EAFE ETF Expiration: Feb 2026; Contracts: 7,811; Exercise Price: USD 94.02; Counterparty: Morgan Stanley & Co. LLC^(a) (premium paid $2,346,206)	USD		73,439,022		1,818,167


		Shares
SHORT-TERM INVESTMENTS – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(b)(c)(d) (cost $397,630)			397,630		397,630


Total Investments – 101.3% (cost $74,583,196)					74,850,364
Other assets less liabilities – (1.3)%					(950,578	)


Net Assets – 100.0%				$	73,899,786

CALL OPTIONS WRITTEN (see Note D)

Description

Counterparty

Contracts

Exercise
Price

Expiration
Month

Notional
(000)

Premiums
Received

U.S. $
Value

iShares MSCI EAFE ETF^(e)

Morgan Stanley
& Co. LLC

7,811

USD 99.57

February 2026

USD 77,774

451,956

(488,266

)

PUT OPTIONS WRITTEN (see Note D)

Description

Counterparty

Contracts

Exercise
Price

Expiration
Month

Notional
(000)

Premiums
Received

U.S. $
Value

iShares MSCI EAFE ETF^(e)

Morgan Stanley
& Co. LLC

7,811

USD 84.62

February 2026

USD 66,097

602,560

(427,652

)

(a)	Non-income producing security.

(b)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(c)	The rate shown represents the 7-day yield as of period end.

(d)	Affiliated investments.

(e)	One contract relates to 100 shares.



ABFunds.com		AB International Buffer ETF 1

PORTFOLIO OF INVESTMENTS (continued)

Glossary:

EAFE – Europe, Australia, and Far East

ETF – Exchange Traded Fund

MSCI – Morgan Stanley Capital International

See notes to financial statements.



2 AB International Buffer ETF		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $74,185,566)	$	74,452,734
Affiliated issuers (cost $397,630)		397,630
Cash collateral due from broker		2,000
Affiliated dividends receivable		1,119
Receivable due from Adviser		57

Total assets		74,853,540

Liabilities
Written Options, at value (premiums received $1,054,516)		915,918
Advisory fee payable		37,836

Total liabilities		953,754

Net Assets	$	73,899,786

Composition of Net Assets
Capital stock, at par	$	188
Additional paid-in capital		74,957,812
Accumulated loss		(1,058,214	)

Net Assets	$	73,899,786

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 1,875,028 common shares outstanding)	$	39.41

See notes to financial statements.



ABFunds.com		AB International Buffer ETF 3

STATEMENT OF OPERATIONS

For the Period from December 9, 2024^(a) to November 30, 2025


Investment Income
Dividends—Affiliated issuers	$	8,314		$	8,314
Expenses
Advisory fee (see Note B)		268,178

Total expenses before bank overdraft expense		268,178
Bank overdraft expense		25

Total expenses		268,203
Less: expenses waived and reimbursed by the Adviser (see Note B)		(419	)

Net expenses					267,784

Net investment loss					(259,470	)

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions					(1,884,121	)
In-kind redemptions					5,526,066
Written options					677,546
Net change in unrealized appreciation (depreciation) of:
Investments					267,168
Written options					138,598

Net gain on investment transactions					4,725,257

Net Increase in Net Assets from Operations				$	4,465,787

(a)	Commencement of operations.

See notes to financial statements.



4 AB International Buffer ETF		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS


	December 9, 2024^(a) November 30, 2025
Increase (Decrease) in Net Assets from Operations
Net investment loss	$	(259,470	)
Net realized gain on investment transactions		4,319,491
Net change in unrealized appreciation (depreciation) of investments		405,766

Net increase in net assets from operations		4,465,787
Transactions in Shares of the Fund
Net increase		69,372,420
Other capital		61,579

Total increase		73,899,786
Net Assets
Beginning of period		– 0	–

End of period	$	73,899,786

(a)	Commencement of operations.



ABFunds.com		AB International Buffer ETF 5

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

AB Active ETFs, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Corporation, which is a Maryland corporation, operates as a series company comprised of 23 funds currently in operation. Each fund is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the International Buffer ETF (the “Fund”), a non-diversified portfolio. The Fund commenced investment operations on December 9, 2024. The Fund is an actively managed exchange-traded fund (“ETF”). The Fund seeks to achieve its investment objective by investing, under normal conditions, substantially all of its assets in a combination of exchange-traded options contracts on an underlying ETF (“Underlying ETF”). The Underlying ETF (initially expected to be the iShares MSCI EAFE ETF) is an ETF that seeks to track the investment results of the MSCI EAFE Index (the “Underlying ETF’s Index”), which measures the equity market performance of developed markets outside of the U.S. and Canada, including countries in Europe, Australasia and the Far East, as determined by MSCI, Inc. The Fund uses an options strategy that seeks to produce investment outcomes based on the performance of the Underlying ETF, subject to an approximate upside limit typically between 4% and 5% (“Hedge Period Cap”), while also seeking to provide protection against Underlying ETF share price declines of up to a 10% limit (“Hedge Period Buffer”), over a designated period (typically 90 days, but may be up to 120 days, after portfolio rebalance) (each, a “Hedge Period”). Periodically, the Fund may bear a “first loss” of 2% when doing so permits the Fund to maintain a higher Hedge Period Cap. AllianceBernstein L.P. (the “Adviser”) seeks to monitor the performance of this Options Portfolio (“Options Portfolio”) and may rebalance the portfolio (by liquidating all or a portion of the Options Portfolio) at any time to protect capital or lock-in some portfolio gains of the Fund (“Upside Ratchet”) depending on its evaluation of market conditions. If there is an Upside Ratchet, the Hedge Period may be shorter. The Fund typically utilizes customized call and put equity or index exchange-traded options contracts that reference the Underlying ETF, referred to as Flexible Exchange Options (“FLEX Options”), as well as other listed options that reference the price performance of the Underlying ETF, the Underlying ETF’s Index, or ETFs that replicate the Underlying ETF’s Index. FLEX Options provide investors with the ability to customize key option contract terms such as strike price, style and expiration date and are typically centrally cleared. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.



6 AB International Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, the Adviser serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ listed and over-the-counter (“OTC”) put and call options are valued using market quotations when available. Listed options are generally valued at the last reported sale price, provided such price is within the bid-ask range, otherwise, they are valued based on the bid or ask price, as determined by a pricing service; options on futures may be valued at their settlement prices; OTC options, including FLEX Options, are generally valued using models that consider the terms of the option and relevant market inputs and are typically valued at transaction price on the trade date; Official Closing Price; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps



ABFunds.com		AB International Buffer ETF 7

NOTES TO FINANCIAL STATEMENTS (continued)

and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value (“NAV”) per share, while exchange-traded funds are valued at the closing market price per share.

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)



8 AB International Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Purchased Options – Calls

– 0

–

72,634,567

– 0

–

72,634,567

Purchased Options – Puts

– 0

–

1,818,167

– 0

–

1,818,167

Short-Term Investments

397,630

– 0

–

– 0

–

397,630

Total Investments in Securities

397,630

74,452,734

– 0

–

74,850,364

Other Financial Instruments^(a):

Assets

– 0

–

– 0

–

– 0

–

– 0

–

Liabilities:

Call Options Written

– 0

–

(488,266

)

– 0

–

(488,266

)

Put Options Written

– 0

–

(427,652

)

– 0

–

(427,652

)

Total

397,630

73,536,816

– 0

–

73,934,446

(a)

3. Currency Translation



ABFunds.com		AB International Buffer ETF 9

NOTES TO FINANCIAL STATEMENTS (continued)

4. Taxes

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current tax year) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

6. Dividends and Distributions



10 AB International Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

7. Offering Expenses

The Adviser has agreed to pay all of the Fund’s organization and offering costs. The Fund is not obligated to repay any such organizational expenses or offering costs paid by the Adviser.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the investment advisory agreement, in accordance with the unitary fee structure, the Adviser bears the cost of various third-party services required by the Fund, including audit, custodial, accounting, legal, transfer agency and printing costs and the fees and expenses of the Corporation’s directors and their counsel. Also under the investment advisory agreement, the Adviser will reimburse each Fund for the Fund’s share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser. For the period ended November 30, 2025, such waiver/reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $419.



ABFunds.com		AB International Buffer ETF 11

NOTES TO FINANCIAL STATEMENTS (continued)

A summary of the Fund’s transactions in AB mutual funds for the period ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	– 0	–	$	1,477	$	1,079	$	398	$	8

NOTE C

Distribution Plan

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the period ended November 30, 2025 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	– 0	–	$	– 0	–
U.S. government securities		– 0	–		– 0	–


	Purchases			Sales
In-kind transactions (excluding U.S. government securities)	$	194,709		$	107,422,818
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows


Cost	$	74,583,196

Gross unrealized appreciation	$	795,207
Gross unrealized depreciation		(389,441	)

Net unrealized appreciation	$	405,766



12 AB International Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

1. Derivative Financial Instruments

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

•

Option Transactions



ABFunds.com		AB International Buffer ETF 13

NOTES TO FINANCIAL STATEMENTS (continued)

During the period ended November 30, 2025, the Fund held purchased options for non-hedging purposes. During the period ended November 30, 2025, the Fund held written options for non-hedging purposes.

During the period ended November 30, 2025, the Fund had entered into the following derivatives:


	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location		Fair Value
Equity contracts	Investments in securities, at value	$	74,452,734

Equity contracts					Written Options, at value	$	915,918

Total		$	74,452,734			$	915,918


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments	$	2,258,229	$	267,168

Equity contracts	Net realized gain (loss) on written options; Net change in unrealized appreciation (depreciation) of written options		2,061,262		138,598

Total		$	4,319,491	$	405,766

The following table represents the average monthly volume of the Fund’s derivative transactions during the period ended November 30, 2025:


Purchased Options:
Average notional amount	$	40,630,769
Written Options:
Average notional amount	$	79,528,511



14 AB International Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

2. Currency Transactions

NOTE E

Shares of the Fund

Transactions in shares of the Fund were as follows:


	Shares			Amount
	December 9, 2024^(a)November 30, 2025			December 9, 2024^(a)November 30, 2025

Shares sold		4,675,028		$	177,101,725

Shares redeemed		(2,800,000	)		(107,729,305	)

Net increase		1,875,028		$	69,372,420

(a)	Commencement of operations.



ABFunds.com		AB International Buffer ETF 15

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets for securities in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, tariffs and trade disputes, interest rate levels and regional and global conflicts, that affect large portions of the market. The Fund is exposed to market risk indirectly through its targeted exposure to the Underlying ETF.

Buffered Loss Risk—There can be no guarantee that the Hedge Period Buffer will be successful in protecting the Fund from the impact of Underlying ETF price declines. Despite the intended Hedge Period Buffer, a shareholder may lose money by investing in the Fund. Declines in excess of the Hedge Period Buffer may result in the loss of an investor’s entire investment beyond the Hedge Period Buffer. If, during a Hedge Period, an investor purchases shares of the Fund after the date on which the Fund has entered into FLEX Options or sells shares of the Fund prior to the expiration of the FLEX Options, the Hedge Period Buffer that the Fund seeks to provide may not be available and the investor may not receive the full, or any, benefit of the Hedge Period Buffer. The Fund does not provide principal protection, and an investor may experience significant losses on an investment in the Fund.



16 AB International Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Ratchet, the Fund will not participate in those gains beyond the Hedge Period Cap.

FLEX Options Correlation Risk—Although the value of the FLEX Options structure held by the Fund generally correlates with the share price of the Underlying ETF, the FLEX Options are exercisable at the strike price only on their expiration date, and their daily valuation will not change at the same percentage as the share price of the Underlying ETF. Accordingly, the Fund’s net asset value, or NAV, or market price will not directly correlate on a day-to-day basis with the share price of the Underlying ETF.



ABFunds.com		AB International Buffer ETF 17

NOTES TO FINANCIAL STATEMENTS (continued)

will hold options contracts of longer duration. The Fund may not hold its Options Portfolio for the full duration of the options contracts, and the Adviser may change the Options Portfolio at any time, which would begin a new Hedge Period. Investors acquiring shares of the Fund at different time periods will have different investment results based on the price of shares of the Underlying ETF and how the Hedge Period Buffer and Hedge Period Cap are applied. Engaging in Upside Ratchets may potentially cause the Fund to have a higher portfolio turnover rate, and higher cost, than a fund that does not actively adjust its options portfolio prior to expiration. There is no guarantee that any Upside Ratchet will be successfully implemented, or that it will deliver the desired investment result.



18 AB International Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

treatment of short-term capital gains as ordinary income, all of which could adversely impact Fund shareholders.

Non-Diversification Risk—The Fund may have more risk because it is “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, changes in the value of a single security, such as the Underlying ETF, may have a more significant effect, either negative or positive, on the Fund’s NAV.

Underlying ETF Risk—The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the risks of owning shares of an ETF, as well as the types of instruments in which the Underlying ETF invests. The Underlying ETF generally will invest at least 80% of its assets in the component securities of the MSCI EAFE Index and in investments that have economic characteristics that are substantially identical to the component securities of the MSCI EAFE Index (i.e., depositary receipts representing securities of the Underlying Index) and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by its adviser or its affiliates, as well as in securities not included in the MSCI EAFE Index, but which its adviser believes will help the Underlying ETF track the MSCI EAFE Index. The investment objective of the Underlying ETF is to seek to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to authorized participant concentration risk, market maker risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due to differences between the portfolio of the ETF and the components of the index, expenses, and other factors.

Foreign (Non-U.S.) Investments Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade than domestic securities due to adverse market, economic, political, regulatory or other factors. The Underlying ETF is specifically exposed to Asian and European economic risks. In addition, the value of the Fund’s investments may decline because of



ABFunds.com		AB International Buffer ETF 19

NOTES TO FINANCIAL STATEMENTS (continued)

factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of investments denominated in a non-U.S. currency. The value of investments held by the Underlying ETF (and therefore the value of the Underlying ETF), and therefore the value of the Fund’s FLEX Options, could change based on changes in currency exchange rates. The Fund’s NAV could therefore decline based on changes in the value of currencies or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably.

Sector Risk—The Underlying ETF may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the financials sector and industrials sector, which results in the Fund having significant exposure to such sectors through its exposure to the Underlying ETF by virtue of its usage of FLEX Options. To the extent the Underlying Fund does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Underlying ETF’s investments.

Concentration Risk—The Underlying ETF may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Underlying ETF’s investments more than the market as a whole, to the extent that the Underlying ETF’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector, market segment or asset class.



20 AB International Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Cash Transactions Risk—The Fund may transact many of its creation and redemption orders for cash, rather than in-kind securities. To the extent creation and redemption orders are effected for cash, an investment in the Fund would be expected to be less tax-efficient than an investment in an ETF that effectuates its transactions in Creation Units primarily on an in-kind basis. When a fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required as compared to an ETF that distributes portfolio securities in-kind in redemption of Creation Units. The Fund intends to distribute gains that arise by virtue of the issuance and redemption of Creation Units being effectuated in cash to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with applicable tax requirements. This may cause shareholders to be subject to tax on gains to which they would not otherwise be subject, or at an earlier date than if they had made an investment in another ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. Brokerage fees, which will be higher than if the Fund sold and redeemed its shares principally in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and ask prices of Fund shares than for ETFs that receive and distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.



ABFunds.com		AB International Buffer ETF 21

NOTES TO FINANCIAL STATEMENTS (continued)

also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the Nasdaq Stock Market LLC (the “Exchange”). Shares are generally bought and sold in the secondary market at market prices. The NAV per share of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on an Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.



22 AB International Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

market price to deviate, materially, from the NAV, and reduce the effectiveness of the ETF arbitrage process. Any absence of an active trading market for Fund shares could lead to a heightened risk that there will be a difference between the market price of a Fund share and the underlying value of the Fund share.

NOTE G

Joint Credit Facility

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the fiscal period ended November 30, 2025 was as follows:


	2025
Distributions paid from:
Ordinary income	$	– 0	–

Total taxable distributions	$	– 0	–



ABFunds.com		AB International Buffer ETF 23

NOTES TO FINANCIAL STATEMENTS (continued)

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Accumulated capital losses	$	(1,206,575	)^(a)
Other losses		(257,405	)^(b)
Unrealized appreciation (depreciation)		405,766

Total accumulated earnings (deficit)	$	(1,058,214	)

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $1,206,575.

(b)	As of November 30, 2025, the Fund had a qualified late-year ordinary loss deferral of $257,405.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $1,206,575 which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the tax treatment of gains from a redemption-in-kind and the disallowance of a net operating loss resulted in a net decrease in distributable earnings and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE I

Subsequent Events



24 AB International Buffer ETF		ABFunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	December 9, 2024^(a) to November 30, 2025


Net asset value, beginning of period		$ 35.00

Income From Investment Operations

Net investment loss^(b)(c)		(.24	)

Net realized and unrealized gain (loss) on investment transactions		4.65

Net increase in net asset value from operations		4.41

Net asset value, end of period		$ 39.41


Total Return

Total investment return based on net asset value^(d)		12.61	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$73,900

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.69	%^{^}

Expenses, before waivers/reimbursements		.69	%^{^}

Net investment loss^(c)		(.67	)%^{^}

Portfolio turnover rate^(e)		– 0	–%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)

(e)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the Fund’s capital shares, including ETF Creation Units.

^	Annualized.

See notes to financial statements.



ABFunds.com		AB International Buffer ETF 25

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB International Buffer ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB International Buffer ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statements of operations and changes in net assets and the financial highlights for the period from December 9, 2024 (commencement of operations) to November 30, 2025, 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations, the changes in its net assets and its financial highlights for the period from December 9, 2024 (commencement of operations) to November 30, 2025, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion



26 AB International Buffer ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

performed other auditing procedures. Our audit 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 audit provides a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



ABFunds.com		AB International Buffer ETF 27

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of AB International Buffer ETF (the “Fund”) for an initial two-year period at a meeting held in-person on July 30-31, 2024 (the “Meeting”).

The directors considered their knowledge of the nature and quality of the services to be provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, including the other series of the Company that are organized as exchange-traded funds (“ETFs), their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the AB Funds.

Nature, Extent and Quality of Services to be Provided

The directors considered the scope and quality of services to be provided by the Adviser under the Advisory Agreement, including the quality of the investment



28 AB International Buffer ETF		ABFunds.com

Costs of Services to be Provided and Profitability

Fall-Out Benefits

Investment Results

Advisory Fees and Other Expenses



ABFunds.com		AB International Buffer ETF 29

expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors considered the Fund’s proposed contractual advisory fee rate against a peer group median and noted that it was lower than the median.

The Adviser informed the directors that there were no institutional accounts managed by the Adviser that utilize investment strategies similar to those proposed for the Fund.

In connection with their review of the Fund’s proposed advisory fee, the directors also considered the Fund’s projected total expense ratio in comparison to the medians for a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”) selected by the 15(c) service provider. The directors view the projected expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser will be responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s projected expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s projected expense ratio was acceptable.

Economies of Scale



30 AB International Buffer ETF		ABFunds.com

NOTES



ABFunds.com		AB International Buffer ETF 31

NOTES



32 AB International Buffer ETF		ABFunds.com

LOGO

AB INTERNATIONAL BUFFER ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-IB-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB INTERNATIONAL GROWTH ETF

(NASDAQ: BUFC)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


Company	Shares		U.S. $ Value

COMMON STOCKS – 99.5%
Information Technology – 31.9%
Electronic Equipment, Instruments & Components – 1.9%
Halma PLC		1,715	$	80,897


IT Services – 4.4%
Netcompany Group A/S^(a)(b)		785		39,424
Shopify, Inc. – Class A^(b)		385		61,076
Wix.com Ltd.^(b)		915		87,575

				188,075

Semiconductors & Semiconductor Equipment – 15.3%
ASML Holding NV		196		205,495
BE Semiconductor Industries NV		714		107,639
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		1,177		343,107

				656,241

Software – 8.1%
Atlassian Corp. – Class A^(b)		148		22,129
Constellation Software, Inc./Canada		36		87,344
Monday.com Ltd.^(b)		628		90,344
SAP SE		484		117,144
Xero Ltd.^(b)		410		32,870

				349,831

Technology Hardware, Storage & Peripherals – 2.2%
Topicus.com, Inc.^(b)		1,004		94,757

				1,369,801

Industrials – 28.0%
Aerospace & Defense – 2.4%
Safran SA		310		104,441


Air Freight & Logistics – 1.5%
DSV A/S		115		26,224
Mainfreight Ltd.		970		37,419

				63,643

Building Products – 3.4%
Kingspan Group PLC		1,730		148,273


Electrical Equipment – 2.0%
Schneider Electric SE		315		84,447


Ground Transportation – 3.4%
Canadian Pacific Kansas City Ltd.		1,304		94,691
Full Truck Alliance Co., Ltd. (ADR)		4,587		52,062

				146,753

Industrial Conglomerates – 1.9%
Lifco AB – Class B		2,243		82,569



ABFunds.com		AB International Growth ETF 1

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Machinery – 4.5%
Atlas Copco AB – Class A		2,031	$	34,497
Trelleborg AB – Class B		1,121		47,161
Weir Group PLC (The)		3,007		110,444

				192,102

Passenger Airlines – 1.6%
Ryanair Holdings PLC		2,130		69,759


Trading Companies & Distributors – 7.3%
AddTech AB – Class B		2,608		89,701
Beijer Ref AB		7,360		117,325
Diploma PLC		1,462		105,865

				312,891

				1,204,878

Consumer Discretionary – 18.0%
Broadline Retail – 6.6%
MercadoLibre, Inc.^(b)		39		80,799
PDD Holdings, Inc. (ADR)^(b)		605		70,228
Sea Ltd. (ADR)^(b)		949		131,921

				282,948

Hotels, Restaurants & Leisure – 5.3%
DPC Dash Ltd. – Class H^(b)		4,400		43,234
InterContinental Hotels Group PLC		835		110,803
Yum China Holdings, Inc.		1,488		71,632

				225,669

Leisure Products – 2.2%
H World Group Ltd. (ADR)		2,027		93,445


Textiles, Apparel & Luxury Goods – 3.9%
adidas AG		174		32,391
ANTA Sports Products Ltd. – Class H		5,000		54,492
LVMH Moet Hennessy Louis Vuitton SE		112		82,603

				169,486

				771,548

Financials – 7.2%
Banks – 3.3%
HDFC Bank Ltd. (ADR)		2,110		77,690
NU Holdings Ltd./Cayman Islands – Class A^(b)		3,483		60,570

				138,260

Capital Markets – 2.9%
3i Group PLC		2,987		124,986


Financial Services – 1.0%
Adyen NV^(b)		28		43,563

				306,809



2 AB International Growth ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Communication Services – 6.4%
Interactive Media & Services – 4.9%
Tencent Holdings Ltd. – Class H		2,690	$	211,279


Wireless Telecommunication Services – 1.5%
Tencent Music Entertainment Group (ADR)		3,539		65,295

				276,574

Health Care – 5.1%
Health Care Equipment & Supplies – 3.0%
Ambu A/S – Class B		5,786		78,489
Straumann Holding AG (REG)^(b)		428		48,826

				127,315

Life Sciences Tools & Services – 0.7%
Sartorius Stedim Biotech		134		32,238


Pharmaceuticals – 1.4%
Novo Nordisk A/S – Class B		1,218		59,997

				219,550

Consumer Staples – 1.9%
Beverages – 1.9%
Budweiser Brewing Co. APAC Ltd. – Class H^(a)		78,900		81,174


Materials – 1.0%
Chemicals – 1.0%
IMCD NV		492		44,126


Total Common Stocks (cost $4,469,555)				4,274,460


SHORT-TERM INVESTMENTS – 0.4%
Investment Companies – 0.4%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(c)(d)(e) (cost $19,431)		19,431		19,431


Total Investments – 99.9% (cost $4,488,986)				4,293,891
Other assets less liabilities – 0.1%				3,208


Net Assets – 100.0%			$	4,297,099



ABFunds.com		AB International Growth ETF 3

PORTFOLIO OF INVESTMENTS (continued)

Country Breakdown (% of Net Assets)


China	17.3	%
United Kingdom	12.4	%
Netherlands	9.3	%
Sweden	8.6	%
Taiwan	8.0	%
Canada	7.9	%
France	5.1	%
Denmark	4.8	%
United States	4.6	%
Germany	3.5	%
Ireland	3.5	%
Brazil	3.3	%
Singapore	3.1	%
Israel	2.0	%
Others	6.1	%
Short-Term Investments	0.4	%
Other assets less liabilities	0.1	%

Total	100.0	%

(a)

(b)	Non-income producing security.

(c)	The rate shown represents the 7-day yield as of period end.

(d)	Affiliated investments.

(e)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

See notes to financial statements.



4 AB International Growth ETF		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $4,469,555)	$	4,274,460
Affiliated issuers (cost $19,431)		19,431
Foreign currencies, at value (cost $3,514)		3,521
Unaffiliated dividends receivable		1,445
Affiliated dividends receivable		59
Receivable due from Adviser		29

Total assets		4,298,945

Liabilities
Advisory fee payable		1,846

Total liabilities		1,846

Net Assets	$	4,297,099

Composition of Net Assets
Capital stock, at par	$	15
Additional paid-in capital		4,499,813
Accumulated loss		(202,729	)

Net Assets	$	4,297,099

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 150,033 shares outstanding)	$	28.64

See notes to financial statements.



ABFunds.com		AB International Growth ETF 5

STATEMENT OF OPERATIONS

For the Period from September 16, 2025^(a) to November 30, 2025


Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $376)	$	3,711
Affiliated issuers		558		$	4,269

Expenses
Advisory fee (see Note B)		5,033

Total expenses		5,033
Less: expenses waived and reimbursed by the Adviser (see Note B)		(29	)

Net expenses					5,004

Net investment loss					(735	)

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized loss on:
Investment transactions					(7,641	)
Foreign currency transactions					(427	)
Net change in unrealized appreciation (depreciation) of:
Investments transactions					(195,095	)
Foreign currency denominated assets and liabilities					7

Net loss on investment and foreign currency transactions					(203,156	)

Net Decrease in Net Assets from Operations				$	(203,891	)

(a)	Commencement of operations.

See notes to financial statements.



6 AB International Growth ETF		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS


	September 16, 2025^(a) to November 30, 2025
Decrease in Net Assets from Operations
Net investment loss	$	(735	)
Net realized loss on investment and foreign currency transactions		(8,068	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(195,088	)

Net decrease in net assets from operations		(203,891	)
Transactions in Shares of the Fund
Net increase		4,500,990

Total increase		4,297,099
Net Assets
Beginning of period		– 0	–

End of period	$	4,297,099

(a)	Commencement of operations.

See notes to financial statements.



ABFunds.com		AB International Growth ETF 7

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.



8 AB International Growth ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

and are typically valued at transaction price on the trade date; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value (“NAV”) per share, while exchange-traded funds are valued at the closing market price per share.

2. Fair Value Measurements



ABFunds.com		AB International Growth ETF 9

NOTES TO FINANCIAL STATEMENTS (continued)

use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

4,274,460

– 0

–

– 0

–

4,274,460

Short-Term Investments

19,431

– 0

–

– 0

–

19,431

Total Investments in Securities

4,293,891

– 0

–

– 0

–

4,293,891

Other Financial Instruments^(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

4,293,891

– 0

–

– 0

–

4,293,891

(a)	See Portfolio of Investments for sector classifications.

(b)

3. Currency Translation



10 AB International Growth ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

4. Taxes

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current tax year) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

6. Class Allocations



ABFunds.com		AB International Growth ETF 11

NOTES TO FINANCIAL STATEMENTS (continued)

charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

8. Offering Expenses

The Adviser has agreed to pay all of the Fund’s organization and offering costs. The Fund is not obligated to repay any such organizational expenses or offering costs paid by the Adviser.

9. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

10. Segment Information

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser a unitary advisory fee at an annual rate of .55% of the Fund’s average daily net assets. The fees are accrued daily and paid monthly.



12 AB International Growth ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

A summary of the Fund’s transactions in AB mutual funds for the period ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	– 0	–	$	2,798	$	2,779	$	19	$	1

NOTE C

Distribution Plan

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the period ended November 30, 2025 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	4,523,159		$	45,963
U.S. government securities		– 0	–		– 0	–

For the period ended November 30, 2025, there were no in-kind purchases and in-kind sales in the fund.



ABFunds.com		AB International Growth ETF 13

NOTES TO FINANCIAL STATEMENTS (continued)

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	4,488,986

Gross unrealized appreciation	$	185,895
Gross unrealized depreciation		(380,990	)

Net unrealized depreciation	$	(195,095	)

1. Derivative Financial Instruments

The Fund did not engage in derivatives transactions for the period ended November 30, 2025.

2. Currency Transactions

NOTE E

Shares of the Fund



14 AB International Growth ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statement of Changes in Net Assets. Transactions in shares of the Fund were as follows:


	Shares		Amount
	September 16, 2025^(a) to November 30, 2025		September 16, 2025^(a) to November 30, 2024

Shares sold		150,033	$	4,500,990

Net increase		150,033	$	4,500,990

(a)	Commencement of operations.

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, changing interest rate levels, the imposition of new or additional tariffs, and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may be underperforming the market generally.



ABFunds.com		AB International Growth ETF 15

NOTES TO FINANCIAL STATEMENTS (continued)

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.



16 AB International Growth ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

significantly. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on the economy of Asian countries and a commensurately negative impact on the Fund. In addition, the Fund’s investments in companies owned or controlled directly or indirectly by the central, provincial or municipal governments of the People’s Republic of China or by the People’s Liberation Army (the military arm of the Chinese Communist Party) involve risks that political changes, social instability, regulatory uncertainty, adverse diplomatic developments, asset expropriation or nationalization, economic sanctions, trade embargos, cancellation of investors’ interests, or confiscatory taxation could adversely affect the performance of such companies and therefore investments by the Fund in those companies. China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion. Military conflict between China and Taiwan may adversely affect securities of Chinese, Taiwan-based and other issuers both in and outside the region. While the Chinese economy has grown at a rapid rate in recent years, the rate of growth has been declining, and there can be no assurance that China’s economy will continue to grow in the future. Investments in China A shares are subject to various licenses and quotas that may restrict daily trading and to additional risks that could affect liquidity compared to investments in companies in developed markets. Risks of investments in companies based in Hong Kong include heavy reliance on the Chinese economy, plus regional Asian and global economies such as the U.S. economy, which makes these investments vulnerable to changes in these economies.



ABFunds.com		AB International Growth ETF 17

NOTES TO FINANCIAL STATEMENTS (continued)

index, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

Actions by a Few Major Investors—In certain countries, volatility may be heightened by actions of a few major investors. For example, substantial increases or decreases in cash flows of funds investing in these markets could significantly affect local stock prices and, therefore, share prices of the Fund.



18 AB International Growth ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.



ABFunds.com		AB International Growth ETF 19

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE G

Joint Credit Facility

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the period ended November 30, 2025 were as follows:


	2025
Distributions paid from:
Ordinary income	$	– 0	–

Total taxable distributions paid	$	– 0	–

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income	$	– 0	–
Accumulated capital and other losses		(7,641	)^(a)
Unrealized appreciation (depreciation)		(195,088	)

Total accumulated earnings (deficit)	$	(202,729	)

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $7,641.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $7,641, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the disallowance of a net operating loss resulted in a net decrease in accumulated loss and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE I

Subsequent Events



20 AB International Growth ETF		ABFunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	September 16, 2025^(a) to November 30, 2025

Net asset value, beginning of period		$ 30.00

Income From Investment Operations

Net investment loss^(b)(c)		(.00	)^(d)

Net realized and unrealized loss on investment and foreign currency transactions		(1.36	)

Net decrease in net asset value from operations		(1.36	)

Net asset value, end of period		$ 28.64


Total Return

Total investment return based on net asset value^(e)		(4.53	)%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$4,297

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.55	%^{^}

Expenses, before waivers/reimbursements		.55	%^{^}

Net investment loss^(c)		(.08	)%^{^}

Portfolio turnover rate^(f)		1	%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	Amount is less than $.005.

(e)

(f)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

^	Annualized.

See notes to financial statements.



ABFunds.com		AB International Growth ETF 21

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB International Growth ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB International Growth ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statements of operations and changes in net assets and the financial highlights for the period from September 16, 2025 (commencement of operations) to November 30, 2025, 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations, the changes in its net assets and its financial highlights for the period from September 16, 2025 (commencement of operations) to November 30, 2025, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion



22 AB International Growth ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

Our audit 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 November 30, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audit 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 audit provides a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



ABFunds.com		AB International Growth ETF 23

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of AB International Growth ETF (the “Fund”) for an initial two-year period at a meeting held in-person on May 6-8, 2025 (the “Meeting”).

Nature, Extent and Quality of Services to be Provided

The directors considered the scope and quality of services to be provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to



24 AB International Growth ETF		ABFunds.com

performing services for the AB Funds. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements will be subject to the directors’ approval on a quarterly basis. The directors noted that the Adviser does not expect to request such reimbursements. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services to be provided to the Fund under the Advisory Agreement.

Costs of Services to be Provided and Profitability

Fall-Out Benefits

Investment Results

Advisory Fees and Other Expenses



ABFunds.com		AB International Growth ETF 25

expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors considered the Fund’s proposed contractual advisory fee rate against a peer group median and noted that it was equal to the median.

The Adviser reviewed with the directors the significantly greater scope of the services it will provide to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations. The directors noted that the proposed unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser.

In connection with their review of the Fund’s proposed advisory fee, the directors also considered the projected total expense ratio of the shares of the Fund in comparison to the medians for a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”) selected by the 15(c) service provider. The directors view the Fund’s projected expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser will be responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s projected expense ratio was equal to the median of a peer group and lower than



26 AB International Growth ETF		ABFunds.com

the median of a peer universe. Based on their review, the directors concluded that the Fund’s projected expense ratio was acceptable.

Economies of Scale



ABFunds.com		AB International Growth ETF 27

NOTES



28 AB International Growth ETF		ABFunds.com

LOGO

AB INTERNATIONAL GROWTH ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-IG-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB INTERNATIONAL LOW VOLATILITY EQUITY ETF

(NYSE: ILOW)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


Company	Shares		U.S. $ Value

COMMON STOCKS – 98.5%
Financials – 27.8%
Banks – 16.7%
AIB Group PLC		2,703,471	$	27,767,006
Bank Leumi Le-Israel BM		966,988		20,227,265
BAWAG Group AG^(a)(b)		115,834		15,513,362
KBC Group NV		250,740		30,889,273
Mitsubishi UFJ Financial Group, Inc.		1,307,600		20,307,393
NatWest Group PLC		3,081,573		25,813,258
Nordea Bank Abp		1,614,787		28,600,225
Oversea-Chinese Banking Corp., Ltd.		1,695,580		24,219,766
Royal Bank of Canada		48,111		7,459,353
Sumitomo Mitsui Financial Group, Inc.		548,700		16,519,017
Toronto-Dominion Bank (The)		135,899		11,469,113
UniCredit SpA		280,301		20,848,700

				249,633,731

Capital Markets – 3.8%
Euronext NV^(a)		142,622		21,898,302
IG Group Holdings PLC		1,034,965		15,564,579
London Stock Exchange Group PLC		70,774		8,353,526
Singapore Exchange Ltd.		789,600		10,278,852

				56,095,259

Insurance – 7.3%
AIA Group Ltd. – Class H		1,398,000		14,472,719
AXA SA		515,137		23,256,075
Beazley PLC		945,383		9,989,744
Medibank Pvt. Ltd.		4,366,926		13,603,194
NN Group NV		356,773		25,870,038
Tryg A/S		908,249		22,510,405

				109,702,175

				415,431,165

Industrials – 18.1%
Aerospace & Defense – 3.7%
BAE Systems PLC		1,330,195		29,090,200
Safran SA		79,045		26,630,879

				55,721,079

Construction & Engineering – 2.2%
Stantec, Inc.		200,358		19,315,026
Vinci SA		98,220		13,935,189

				33,250,215

Electrical Equipment – 4.3%
ABB Ltd. (REG)		278,165		19,995,870
Prysmian SpA		211,761		21,209,032
Schneider Electric SE		86,466		23,180,426

				64,385,328



ABFunds.com		AB International Low Volatility Equity ETF 1

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Machinery – 0.8%
Weir Group PLC (The)		328,948	$	12,081,931


Passenger Airlines – 0.9%
Ryanair Holdings PLC		382,863		12,539,045


Professional Services – 3.9%
Persol Holdings Co., Ltd.		9,195,132		16,551,827
RELX PLC		668,803		26,859,629
Wolters Kluwer NV		142,066		15,102,530

				58,513,986

Trading Companies & Distributors – 2.3%
BOC Aviation Ltd. – Class H^(a)		1,748,300		15,909,763
Brenntag SE		137,760		7,905,940
Bunzl PLC		343,826		9,858,523

				33,674,226

				270,165,810

Consumer Discretionary – 11.7%
Automobiles – 0.8%
Honda Motor Co., Ltd.		1,232,000		12,410,791


Broadline Retail – 1.0%
Canadian Tire Corp., Ltd. – Class A		119,739		14,603,511


Diversified Consumer Services – 1.1%
Pearson PLC		1,318,663		17,430,351


Hotels, Restaurants & Leisure – 4.5%
Amadeus IT Group SA		205,033		15,071,827
Aristocrat Leisure Ltd.		345,242		13,208,743
Booking Holdings, Inc.		947		4,654,211
Compass Group PLC		605,127		19,018,536
Lottomatica Group SpA		578,956		14,795,408

				66,748,725

Household Durables – 2.9%
Open House Group Co., Ltd.		337,500		19,841,237
Sony Group Corp.		811,400		23,788,241

				43,629,478

Specialty Retail – 1.4%
Industria de Diseno Textil SA		367,485		20,577,898

				175,400,754

Information Technology – 10.2%
IT Services – 3.4%
Amdocs Ltd.		73,570		5,626,634
BIPROGY, Inc.		452,100		17,443,730
Nomura Research Institute Ltd.		319,900		12,779,600
Obic Co., Ltd.		445,111		14,324,559

				50,174,523



2 AB International Low Volatility Equity ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Semiconductors & Semiconductor Equipment – 3.1%
ASML Holding NV		16,059	$	16,836,920
Taiwan Semiconductor Manufacturing Co., Ltd.		655,000		30,052,573

				46,889,493

Software – 3.7%
Constellation Software, Inc./Canada		7,088		17,196,935
Nice Ltd.^(b)		77,348		8,065,993
SAP SE		126,403		30,593,675

				55,856,603

				152,920,619

Health Care – 9.6%
Health Care Providers & Services – 1.2%
Fresenius SE & Co. KGaA		186,485		10,243,408
Galenica AG^(a)(b)		66,071		7,500,307

				17,743,715

Pharmaceuticals – 8.4%
AstraZeneca PLC		156,347		28,948,506
Chugai Pharmaceutical Co., Ltd.		169,800		9,111,856
Haleon PLC		2,363,600		11,615,735
Novartis AG (REG)		157,174		20,451,509
Novo Nordisk A/S – Class B		275,626		13,576,792
Recordati Industria Chimica e Farmaceutica SpA		124,967		7,382,054
Roche Holding AG		61,754		23,641,795
Takeda Pharmaceutical Co., Ltd.		376,000		10,857,136

				125,585,383

				143,329,098

Consumer Staples – 8.7%
Consumer Staples Distribution & Retail – 2.8%
Koninklijke Ahold Delhaize NV		277,888		11,497,235
Tesco PLC		4,983,564		29,734,309

				41,231,544

Food Products – 3.7%
Danone SA		126,352		11,291,117
Glanbia PLC		1,175,232		20,172,320
Nestle SA (REG)		52,198		5,189,571
Salmar ASA		114,736		6,705,528
Toyo Suisan Kaisha Ltd.		173,000		12,427,619

				55,786,155

Tobacco – 2.2%
British American Tobacco PLC		376,293		22,042,585
Philip Morris International, Inc.		69,485		10,942,498

				32,985,083

				130,002,782

Communication Services – 4.4%
Diversified Telecommunication Services – 1.9%
HKT Trust & HKT Ltd. – Class H		9,809,000		14,992,692
Koninklijke KPN NV		3,024,356		13,829,077

				28,821,769



ABFunds.com		AB International Low Volatility Equity ETF 3

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Interactive Media & Services – 1.1%
Auto Trader Group PLC		942,346	$	7,978,608
Rightmove PLC		1,188,692		8,640,542

				16,619,150

Media – 1.4%
Informa PLC		1,643,347		20,899,019

				66,339,938

Utilities – 3.1%
Electric Utilities – 1.7%
Enel SpA		2,492,948		25,772,556


Multi-Utilities – 1.4%
National Grid PLC		1,321,783		20,079,370

				45,851,926

Energy – 2.9%
Oil, Gas & Consumable Fuels – 2.9%
ENEOS Holdings, Inc.		1,432,800		9,443,350
Shell PLC		904,176		33,347,254

				42,790,604

Real Estate – 1.5%
Real Estate Management & Development – 1.5%
Mitsui Fudosan Co., Ltd.		1,918,800		22,544,824


Materials – 0.5%
Metals & Mining – 0.5%
Rio Tinto Ltd.		92,412		8,016,670


Total Common Stocks (cost $1,190,391,682)				1,472,794,190


WARRANTS – 0.0%
Information Technology – 0.0%
Software – 0.0%
Constellation Software, Inc./Canada, expiring 03/31/2040^(b)(c)(d) (cost $0)		9,807		– 0	–


SHORT-TERM INVESTMENTS – 0.7%
Investment Companies – 0.7%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(e)(f)(g) (cost $9,760,263)		9,760,263		9,760,263


Total Investments – 99.2% (cost $1,200,151,945)				1,482,554,453
Other assets less liabilities – 0.8%				11,892,112


Net Assets – 100.0%			$	1,494,446,565



4 AB International Low Volatility Equity ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

Country Breakdown (% of Net Assets)


United Kingdom	23.1	%
Japan	14.6	%
Netherlands	7.0	%
Italy	6.9	%
United States	5.1	%
France	5.0	%
Canada	4.7	%
Switzerland	3.8	%
Germany	3.3	%
Ireland	3.2	%
Denmark	2.4	%
Spain	2.4	%
Australia	2.3	%
Singapore	2.3	%
Others	12.4	%
Short-Term Investments	0.7	%
Other assets less liabilities	0.8	%

Total	100.0	%

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America NA	GBP	115,885	USD	158,334		12/05/2025	$	4,787,590
Bank of America NA	USD	13,949	GBP	10,624		12/05/2025		127,575
Bank of America NA	USD	118,329	JPY	17,833,993		01/23/2026		(3,454,861	)
Bank of America NA	TWD	716,955	USD	23,279		02/12/2026		370,930
Bank of New York (The)	USD	4,395	JPY	682,884		01/23/2026		4,119
Deutsche Bank AG	GBP	2,557	USD	3,428		12/05/2025		39,559
Deutsche Bank AG	JPY	1,100,514	USD	7,188		01/23/2026		99,397
Deutsche Bank AG	JPY	627,057	USD	4,031		01/23/2026		(7,638	)
Deutsche Bank AG	USD	7,271	JPY	1,096,330		01/23/2026		(208,911	)
Morgan Stanley Capital Services, Inc.	GBP	7,503	USD	10,036		12/05/2025		93,737
Morgan Stanley Capital Services, Inc.	GBP	2,879	USD	3,807		12/05/2025		(7,918	)
Morgan Stanley Capital Services, Inc.	USD	4,002	GBP	3,041		12/05/2025		27,766
Morgan Stanley Capital Services, Inc.	USD	7,695	GBP	5,726		12/05/2025		(108,369	)
Morgan Stanley Capital Services, Inc.	SGD	47,026	USD	37,090		12/18/2025		736,452
Morgan Stanley Capital Services, Inc.	ILS	50,106	USD	15,169		12/22/2025		(224,289	)
Morgan Stanley Capital Services, Inc.	JPY	792,321	USD	5,207		01/23/2026		103,586
Morgan Stanley Capital Services, Inc.	JPY	573,981	USD	3,691		01/23/2026		(5,810	)
Morgan Stanley Capital Services, Inc.	USD	4,192	JPY	652,256		01/23/2026		9,372
Morgan Stanley Capital Services, Inc.	USD	5,979	JPY	914,179		01/23/2026		(90,977	)



ABFunds.com		AB International Low Volatility Equity ETF 5

PORTFOLIO OF INVESTMENTS (continued)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.	EUR	3,404	USD	3,937		01/29/2026	$	(25,747	)
Morgan Stanley Capital Services, Inc.	USD	38,233	EUR	32,980		01/29/2026		160,190
Morgan Stanley Capital Services, Inc.	CAD	81,543	USD	58,455		02/05/2026		(227,703	)
NatWest Markets PLC	GBP	2,850	USD	3,839		12/05/2025		62,408
NatWest Markets PLC	USD	9,257	GBP	7,062		12/05/2025		100,093
NatWest Markets PLC	USD	3,657	JPY	569,979		01/23/2026		14,499
NatWest Markets PLC	USD	61,594	CHF	49,037		01/29/2026		(111,007	)
Standard Chartered Bank	GBP	2,178	USD	2,916		12/05/2025		30,467
Standard Chartered Bank	USD	2,889	NOK	29,235		02/13/2026		970
State Street Bank & Trust Co.	GBP	6,404	USD	8,626		12/05/2025		140,167
State Street Bank & Trust Co.	USD	5,488	GBP	4,115		12/05/2025		(35,948	)
State Street Bank & Trust Co.	USD	8,964	SGD	11,519		12/18/2025		(59,560	)
State Street Bank & Trust Co.	JPY	623,139	USD	4,065		01/23/2026		51,276
State Street Bank & Trust Co.	USD	65,295	AUD	100,499		01/28/2026		636,844
State Street Bank & Trust Co.	USD	4,130	EUR	3,550		01/29/2026		2,634
State Street Bank & Trust Co.	CAD	9,900	USD	7,092		02/05/2026		(32,679	)
State Street Bank & Trust Co.	USD	19,021	SEK	179,355		02/13/2026		74,670

							$	3,072,884

(a)

(b)	Non-income producing security.

(c)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(d)	Fair valued by the Adviser.

(e)	The rate shown represents the 7-day yield as of period end.

(f)	Affiliated investments.

(g)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – Great British Pound

ILS – Israeli Shekel

JPY – Japanese Yen

NOK – Norwegian Krone

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – New Taiwan Dollar

USD – United States Dollar

Glossary:

REG – Registered Shares

See notes to financial statements.



6 AB International Low Volatility Equity ETF		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,190,391,682)	$	1,472,794,190
Affiliated issuers (cost $9,760,263)		9,760,263
Cash		3,889
Foreign currencies, at value (cost $2,671,506)		2,671,085
Unaffiliated dividends receivable		7,758,486
Unrealized appreciation on forward currency exchange contracts		7,674,301
Receivable for investment securities sold and foreign currency transactions		2,427,602
Affiliated dividends receivable		16,337
Receivable due from Adviser		1,131
Other assets		42,113

Total assets		1,503,149,397

Liabilities
Unrealized depreciation on forward currency exchange contracts		4,601,417
Payable for investment securities purchased		3,269,705
Management fee payable		565,496
Cash collateral due to broker		261,000
Other liabilities		5,214

Total liabilities		8,702,832

Net Assets	$	1,494,446,565

Composition of Net Assets
Capital stock, at par	$	3,540
Additional paid-in capital		1,198,180,500
Distributable earnings		296,262,525

Net Assets	$	1,494,446,565

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 35,401,020 common shares outstanding)	$	42.21

See notes to financial statements.



ABFunds.com		AB International Low Volatility Equity ETF 7

STATEMENT OF OPERATIONS

Year Ended November 30, 2025


Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $3,283,225)	$	33,760,944
Affiliated issuers		546,058
Interest (net of foreign taxes withheld of $204,377)		416,921
Securities lending income, net		11,031
Other income^(a)		466		$	34,735,420

Expenses
Advisory fee (see Note B)		5,936,011

Total expenses before bank overdraft expense		5,936,011
Bank overdraft expense		2,370

Total expenses		5,938,381
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(28,214	)

Net expenses					5,910,167

Net investment income					28,825,253

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions					(8,005,719	)
In-kind redemptions					80,686,521
Forward currency exchange contracts					4,888,572
Foreign currency transactions					(9,766,679	)
Net change in unrealized appreciation (depreciation) of:
Investments					104,524,493
Forward currency exchange contracts					2,425,101
Foreign currency denominated assets and liabilities					267,768

Net gain on investment and foreign currency transactions					175,020,057

Contributions from Affiliates (see Note B)					44,617

Net Increase in Net Assets from Operations				$	203,889,927

(a)	Other income includes a non-recurring reimbursement for overpayment of prior years’ omnibus account services, sub-accounting services and related transfer agency expenses (see Note B).

See notes to financial statements.



8 AB International Low Volatility Equity ETF		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2025			July 1, 2024 to November 30 2024^(a)			Year Ended June 30, 2024^(b)
Increase in Net Assets from Operations
Net investment income	$	28,825,253		$	5,686,290		$	16,963,389
Net realized gain on investment and foreign currency transactions		67,802,695			16,611,440			4,704,300
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		107,217,362			18,665,933			78,770,040
Contributions from Affiliates (see Note B)		44,617			58,457			– 0	–

Net increase in net assets from operations		203,889,927			41,022,120			100,437,729

Distribution to Shareholders
Class A		– 0	–		– 0	–		(118,126	)
Class C		– 0	–		– 0	–		(3,388	)
Advisor Class		(6,787,260	)		(7,514,658	)		(15,606,346	)
Class Z		– 0	–		– 0	–		(1,296	)
Capital Stock Transactions
Net increase		471,390,715			2,989,526			23,177,768

Total increase		668,493,382			36,496,988			107,886,341
Net Assets
Beginning of period		825,953,183			789,456,195			681,569,854

End of period	$	1,494,446,565		$	825,953,183		$	789,456,195

(a)	The Acquired Portfolio had a fiscal year end of June 30. The Fund has a fiscal year end of November 30.

(b)

After the close of business on July 12, 2024, AB International Low Volatility Equity Portfolio (the “Acquired Portfolio”) was reorganized into AB International Low Volatility Equity ETF. The amounts disclosed include those of the Acquired Portfolio. See Note A for additional information on the reorganization.

See notes to financial statements.



ABFunds.com		AB International Low Volatility Equity ETF 9

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

AB Active ETFs, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Corporation, which is a Maryland corporation, operates as a series company comprised of 23 funds currently in operation. Each fund is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB International Low Volatility Equity ETF (the “Fund”) a diversified portfolio. The Fund commenced investment operations on July 12, 2024. At meetings held on October 31—November 2, 2023, the Fund’s Board of Directors (the “Board”) approved the reorganization of AB International Low Volatility Equity Portfolio, a portfolio of AB Cap Fund, Inc. (the “Acquired Portfolio”) into the Fund (the “Conversion”), to be managed by AllianceBernstein L.P. (the “Adviser”). Pursuant to an Agreement and Plan of Acquisition and Termination (“The Plan”), the Acquired Portfolio was converted into an exchange traded fund (“ETF”), (the “Acquiring Portfolio”) with the same investment objective, and the same investment policies and investment strategies as the Acquired Portfolio on the closing date of the Conversion, July 12, 2024. In connection with the Conversion, the assets and liabilities of the Acquired Portfolio were transferred to the Acquiring Portfolio, and stockholders of the Acquired Portfolio received shares of the Acquiring Portfolio equal in aggregate net asset value (“NAV”) to the NAV of their shares of the Acquired Portfolio (less cash corresponding to any fractional share amount). The Acquired Portfolio had a fiscal year end of June 30, however the Fund has a fiscal year end of November 30. See Note J for additional information regarding the Conversion. The Acquired Portfolio was the accounting survivor in the Conversion and as such, the financial statements and the financial highlights reflect the financial information of the Acquired Portfolio through July 12, 2024. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Board. Pursuant to these procedures, the Adviser serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair



10 AB International Low Volatility Equity ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed and over-the-counter (“OTC”) put and call options are valued using market quotations when available. Listed options are generally valued at the last reported sale price, provided such price is within the bid-ask range, otherwise, they are valued based on the bid or ask price, as determined by a pricing service; options on futures may be valued at their settlement prices; OTC options, including flexible exchange-traded options (“Flex Options”), are generally valued using models that consider the terms of the option and relevant market inputs and are typically valued at transaction price on the trade date; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange-traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate



ABFunds.com		AB International Low Volatility Equity ETF 11

NOTES TO FINANCIAL STATEMENTS (continued)

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)



12 AB International Low Volatility Equity ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

1,472,794,190

– 0

–

– 0

–

1,472,794,190

Warrants

– 0

–

– 0

–

^(b)

– 0

–

Short-Term Investments

9,760,263

– 0

–

– 0

–

9,760,263

Total Investments in Securities

1,482,554,453

– 0

–

^(b)

1,482,554,453

Other Financial Instruments^(c):

Assets:

Forward Currency Exchange Contracts

– 0

–

7,674,301

– 0

–

7,674,301

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(4,601,417

)

– 0

–

(4,601,417

)

Total

1,482,554,453

3,072,884

^(b)

1,485,627,337

(a)	See Portfolio of Investments for sector classifications.

(b)	The Portfolio held securities with zero market value at period end.

(c)

3. Currency Translation



ABFunds.com		AB International Low Volatility Equity ETF 13

NOTES TO FINANCIAL STATEMENTS (continued)

exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

5. Investment Income and Investment Transactions

6. Class Allocations

Prior to the Conversion, all income earned and expenses incurred by the Acquired Portfolio were borne on a pro-rata basis by each settled class of shares, based on the proportionate interest in the Acquired Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of AB Cap Fund, Inc. were charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses were allocated among the various share classes based on respective net assets.

7. Dividends and Distributions



14 AB International Low Volatility Equity ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

NOTE B

Management Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser a unitary advisory fee at an annual rate of .50% of the Fund’s average daily net assets. The fees are accrued daily and paid monthly. Prior to July 12, 2024, the Acquired Portfolio paid the Adviser an advisory fee at an annual rate .65% of the first $2.5 billion, .55% of the excess of $2.5 billion up to $5 billion and .50% of the excess over $5 billion of the Fund’s average daily net assets. The Adviser had agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs) on an annual basis (the “Expense Caps”) to 1.00%, 1.75%, .75% and .75% of the daily average net assets for Class A, Class C, Advisor Class and Class Z shares, respectively.



ABFunds.com		AB International Low Volatility Equity ETF 15

NOTES TO FINANCIAL STATEMENTS (continued)

counsel. Also under the investment advisory agreement, the Adviser will reimburse each Fund for the Fund’s share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser. For the year ended November 30, 2025, such waiver/reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $26,883.

During the year ended November 30, 2025, the Adviser reimbursed the Fund $466 for overpayment of prior years’ omnibus account services, sub-accounting services and related transfer agency expenses.

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)			Dividend Income (000)
AB Government Money Market Portfolio	$	12,904		$	383,584	$	386,728	$	9,760		$	546
AB Government Money Market Portfolio*		– 0	–		21,881		21,881		– 0	–		2

Total								$	9,760		$	548

*	Investments of cash collateral for securities lending transactions (see Note E).

During the year ended November 30, 2025 and the year ended November 30, 2024, the Adviser reimbursed the Fund $44,617 and $58,457, respectively, for trading losses incurred due to a trade entry error.

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 of the Act which permits the Fund to pay distribution and servicing fees not to exceed .25% per year of the Fund’s average daily net assets, provided that the Fund will not make any 12b-1 payments under the Plan without prior Board and stockholder approval. No such fees are currently paid.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchase and sales) for the year ended November 30, 2025 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	553,204,827		$	314,558,944
U.S. government securities		– 0	–		– 0	–



16 AB International Low Volatility Equity ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)


	Purchases			Sales
In-kind transactions (excluding U.S. government securities)	$	437,697,227		$	187,703,413
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	1,206,436,558

Gross unrealized appreciation	$	304,809,407
Gross unrealized depreciation		(27,643,690	)

Net unrealized appreciation	$	277,165,717

1. Derivative Financial Instruments

The principal type of derivative utilized by the Fund, as well as the methods in which they may be used are:

•

Forward Currency Exchange Contracts



ABFunds.com		AB International Low Volatility Equity ETF 17

NOTES TO FINANCIAL STATEMENTS (continued)

During the year ended November 30, 2025, the Fund held forward currency exchange contracts for hedging purposes.

During the year ended November 30, 2025, the Fund had entered into the following derivatives:


	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location		Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	7,674,301		Unrealized depreciation on forward currency exchange contracts	$	4,601,417

Total		$	7,674,301			$	4,601,417



18 AB International Low Volatility Equity ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts	$	4,888,572	$	2,425,101

Total		$	4,888,572	$	2,425,101

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended November 30, 2025:


Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	299,266,473
Average principal amount of sale contracts	$	277,075,586

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.


Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Bank of America NA	$	5,286,095	$	(3,454,861	)	$	(261,000	)	$	– 0	–	$	1,570,234
Bank of New York (The)		4,119		– 0	–		– 0	–		– 0	–		4,119
Deutsche Bank AG		138,956		(138,956	)		– 0	–		– 0	–		– 0	–
Morgan Stanley Capital Services, Inc.		1,131,103		(690,813	)		– 0	–		– 0	–		440,290
NatWest Markets PLC		177,000		(111,007	)		– 0	–		– 0	–		65,993
Standard Chartered Bank		31,437		– 0	–		– 0	–		– 0	–		31,437
State Street Bank & Trust Co.		905,591		(128,187	)		– 0	–		– 0	–		777,404

Total	$	7,674,301	$	(4,523,824	)	$	(261,000	)	$	– 0	–	$	2,889,477	^



ABFunds.com		AB International Low Volatility Equity ETF 19

NOTES TO FINANCIAL STATEMENTS (continued)


Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Bank of America NA	$	3,454,861	$	(3,454,861	)	$	– 0	–	$	– 0	–	$	– 0	–
Deutsche Bank AG		216,549		(138,956	)		– 0	–		– 0	–		77,593
Morgan Stanley Capital Services, Inc.		690,813		(690,813	)		– 0	–		– 0	–		– 0	–
NatWest Markets PLC		111,007		(111,007	)		– 0	–		– 0	–		– 0	–
State Street Bank & Trust Co.		128,187		(128,187	)		– 0	–		– 0	–		– 0	–

Total	$	4,601,417	$	(4,523,824	)	$	– 0	–	$	– 0	–	$	77,593	^

*	The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^	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.

2. Currency Transactions

NOTE E

Securities Lending



20 AB International Low Volatility Equity ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Fund amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Fund will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Fund, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and AB Government Money Market Portfolio are reflected in the statement of operations. When the Fund earns net securities lending income from AB Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

A summary of the Fund’s transactions surrounding securities lending for the year ended November 30, 2025 is as follows:

Market Value
of Securities

on Loan*

Cash
Collateral*

Market Value of
Non-Cash
Collateral*

Income from
Borrowers

AB Government
Money Market
Portfolio

Income
Earned

Advisory Fee
Waived

$ – 0 –

– 0

–

– 0

–

8,889

2,142

1,331

*	As of November 30, 2025.

NOTE F

Shares of the Fund



ABFunds.com		AB International Low Volatility Equity ETF 21

NOTES TO FINANCIAL STATEMENTS (continued)

NAV (a premium) or less than NAV (a discount). The Fund issues and redeems shares at its NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). A fixed transaction fee is imposed on authorized participants in connection with creation unit redemption and creation transactions. Authorized participants may be required to pay an additional variable charge to cover certain costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statement of Changes in Net Assets. Transactions in shares of the Fund were as follows:

Amount

Year Ended
November 30,
2025

Period Ended
November 30,
2024^(a)

Year Ended
June 30,
2024^(b)

Year Ended
November 30,
2025

Period Ended
November 30,
2024^(a)

Year Ended
June 30,

2024^(b)

Class A

Shares sold

– 0

–

– 0

–

22,737

– 0

–

– 0

–

291,465

Shares issued in reinvestment of dividends

– 0

–

– 0

–

3,303

– 0

–

– 0

–

42,140

Shares converted from Class C

– 0

–

– 0

–

241

– 0

–

– 0

–

2,977

Shares converted to Advisor Class

– 0

–

– 0

–

(398,869

)

– 0

–

– 0

–

(5,532,794

)

Shares redeemed

– 0

–

– 0

–

(80,607

)

– 0

–

– 0

–

(1,082,025

)

Net increase (decrease)

– 0

–

– 0

–

(453,195

)

– 0

–

– 0

–

(6,278,237

)

Class C

Shares sold

– 0

–

– 0

–

– 0

–

– 0

–

– 0

–

– 0

–

Shares issued in reinvestment of dividends

– 0

–

– 0

–

271

– 0

–

– 0

–

3,387

Shares converted to Class A

– 0

–

– 0

–

(248

)

– 0

–

– 0

–

(2,977

)

Shares converted to Advisor Class

– 0

–

– 0

–

(18,496

)

– 0

–

– 0

–

(250,743

)

Shares redeemed

– 0

–

– 0

–

(400

)

– 0

–

– 0

–

(5,023

)

Net increase (decrease)

– 0

–

– 0

–

(18,873

)

– 0

–

– 0

–

(255,356

)



22 AB International Low Volatility Equity ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)


	Shares									Amount
	Year Ended November 30, 2025			Period Ended November 30, 2024^(a)			Year Ended June 30, 2024^(b)			Year Ended November 30, 2025			Period Ended November 30, 2024^(a)			Year Ended June 30, 2024^(b)
Advisor Class
Shares sold		17,400,000			384,694			4,099,852		$	685,894,955		$	13,267,240		$	128,904,731

Shares issued in reinvestment of dividends		– 0	–		173,444			402,830			– 0	–		5,868,612			12,266,118

Shares converted from Class A		– 0	–		– 0	–		167,053			– 0	–		– 0	–		5,532,794

Shares converted from Class C		– 0	–		– 0	–		7,571			– 0	–		– 0	–		250,743

Shares converted from Class Z		– 0	–		– 0	–		1,731			– 0	–		– 0	–		57,319

Shares redeemed		(5,350,000	)		(463,216	)		(3,746,529	)		(214,504,240	)		(16,146,326	)		(117,241,564	)

Net increase		12,050,000			94,922			932,508		$	471,390,715		$	2,989,526		$	29,770,141


Class Z
Shares sold		– 0	–		– 0	–		383		$	– 0	–	$	– 0	–	$	4,933

Shares issued in reinvestment of dividends		– 0	–		– 0	–		82			– 0	–		– 0	–		1,049

Shares converted to Advisor Class		– 0	–		– 0	–		(4,099	)		– 0	–		– 0	–		(57,319	)

Shares redeemed		– 0	–		– 0	–		(551	)		– 0	–		– 0	–		(7,443	)

Net increase (decrease)		– 0	–		– 0	–		(4,185	)	$	– 0	–	$	– 0	–	$	(58,780	)

(a)	The Acquired Portfolio had a fiscal year end of June 30. The Fund has a fiscal year end of November 30.

(b)

After the close of business on July 12, 2024, AB International Low Volatility Equity Portfolio (the “Acquired Portfolio”) was reorganized into AB International Low Volatility Equity ETF. The amounts disclosed include those of the Acquired Portfolio. The Advisor class shares have been adjusted retroactively for the periods presented.

See Note A and Note J for additional information on the reorganization.

NOTE G

Risks Involved in Investing in the Fund



ABFunds.com		AB International Low Volatility Equity ETF 23

NOTES TO FINANCIAL STATEMENTS (continued)

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors. In addition, the value of the Fund’s investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

Capitalization Risk—Investments in mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in mid-capitalization companies may have additional risks because these companies may have limited product lines, markets or financial resources.

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the NYSE Arca, Inc. (“NYSE Arca” or an “Exchange”). Shares are generally bought and sold in the secondary market at market prices. The net asset value (“NAV”) per share of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on the Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.



24 AB International Low Volatility Equity ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Sector Risk—The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the financials sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.

Capital Gain Risk—As of the date of the this Prospectus, a substantial portion of the Fund’s NAV is attributable to realized and/or net unrealized capital gains on portfolio securities. If the Fund realizes capital gains in excess of realized capital losses in any fiscal year, it generally expects to make capital gain distributions to shareholders. You may receive distributions that are attributable to appreciation of portfolio securities that happened before you made your investment. Unless you purchase shares through a tax-advantaged account (such as an IRA or 401(k) plan), these distributions will be taxable to you even though they economically represent a return of a portion of your investment. You should consult your tax professional about your investment in the Fund.



ABFunds.com		AB International Low Volatility Equity ETF 25

NOTES TO FINANCIAL STATEMENTS (continued)

incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE H

Joint Credit Facility

NOTE I

Distributions to Shareholders

The tax character of distributions paid during the fiscal year ended November 30, 2025, the fiscal period ended November 30, 2024, and the fiscal year ended June 30, 2024 were as follows:


	Year Ended November 30, 2025		July 1, 2024 to November 30, 2024		Year Ended June 30, 2024
Distributions paid from:
Ordinary income	$	6,787,260	$	7,514,658	$	15,729,156

Total taxable distributions paid	$	6,787,260	$	7,514,658	$	15,729,156

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income	$	23,704,570
Accumulated capital and other losses		(4,762,324	)^(a)
Unrealized appreciation (depreciation)		277,320,279	^(b)

Total accumulated earnings (deficit)	$	296,262,525

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $4,762,324.

(b)

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains (losses) on certain derivative instruments, the tax treatment of passive foreign investment companies (PFICs), and the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $4,168,046 and a net long-term capital loss carryforward of $594,278, which may be carried forward for an indefinite period.



26 AB International Low Volatility Equity ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

During the current fiscal year, permanent differences primarily due to the utilization of earnings and profits distributed to shareholders on redemption of shares, the tax treatment of gains from a redemption-in-kind, and contributions from the Adviser resulted in a net decrease in distributable earnings and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J

Reorganization

At meetings held on October 31—November 2, 2023, the Board, on behalf of the Fund, and the Board of Directors of the Acquired Portfolio approved the Conversion providing for the tax-free acquisition by the Fund of the assets and liabilities of the Acquired Portfolio. The acquisition was completed at the close of business July 12, 2024. Pursuant to the Plan, the assets and liabilities of the Acquired Portfolio’s shares were transferred in exchange for Fund shares, in a tax-free exchange as follows:

Portfolio

Shares
outstanding
before the
Conversion

Shares
outstanding
immediately
after the
Conversion

Aggregate
net assets
before the
Conversion

Aggregate
net assets
immediately
after the
Conversion

Acquired Portfolio*

54,816,748

– 0

–

810,284,720

– 0

–

The Fund

– 0

–

23,150,992

– 0

–

810,284,720

*	Represents the accounting survivor.

+	Includes distributions in excess of net investment income of $8,189,662 and unrealized depreciation on investments of $186,338,704, with a fair value of $794,318,619 and identified cost of $607,979,915.

NOTE K

Subsequent Events



ABFunds.com		AB International Low Volatility Equity ETF 27

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period^(a)


	Year Ended November 30, 2025			July 1, 2024 to November 30, 2024^(b)			Year Ended June 30,

							2024			2023			2022			2021


Net asset value, beginning of period		$ 35.37			$ 33.95			$ 30.26			$ 27.06			$ 31.87			$ 26.28

Income From Investment Operations

Net investment income^(c)(d)		.96	^†		0.24			0.76			0.71			0.62			0.50

Net realized and unrealized gain (loss) on investment transactions		6.14			1.50			3.64			2.49			(5.26	)		5.56

Contributions from Affiliates		.00	^(e)		.00	^(e)		– 0	–		– 0	–		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		7.10			1.74			4.40			3.20			(4.64	)		6.06

Less: Dividends

Dividends from net investment income		(.26	)		(.32	)		(0.71	)		– 0	–		(0.17	)		(0.47	)

Net asset value, end of period		$ 42.21			$ 35.37			$ 33.95			$ 30.26			$ 27.06			$ 31.87


Total Return

Total investment return based on net asset value^(f)		20.26	%^†		5.17	%		14.80	%		11.81	%		(14.66	)%		23.26	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,494,447			$825,953			$789,456			$675,542			$584,252			$656,592

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.50	%		.52	%^{^}		.75	%		.75	%		.74	%		.78	%

Expenses, before waivers/reimbursements		.50	%		.52	%^{^}		.76	%		.76	%		.75	%		.79	%

Net investment income^(d)		2.43	%^†		1.64	%^{^}		2.38	%		2.51	%		1.96	%		1.70	%

Portfolio turnover rate^(g)		27	%		14	%		43	%		42	%		35	%		35	%

See footnote summary on page 29.



28 AB International Low Volatility Equity ETF		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period^(a)

(a)

After the close of business on July 12, 2024, AB International Low Volatility Equity Portfolio (the “Acquired Portfolio”) was converted into AB International Low Volatility Equity ETF. The performance and financial history of the Acquired Portfolio’s Advisor Class Shares have been adopted by the Fund and will be used going forward. As a result, the Financial Highlight information includes that of the Acquired Portfolio’s Advisor Class Shares and has been adjusted retroactively for the periods from June 30, 2020 through the Reorganization.

(b)	The Acquired Portfolio had a fiscal year end of June 30. The Fund has a fiscal year end of November 30.

(c)	Based on average shares outstanding.

(d)	Net of expenses waived/reimbursed by the Adviser.

(e)	Amount is less than $.005.

(f)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(g)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the Fund’s capital shares, including ETF Creation Units.

(h)	Amount is less than .005%

^†	During the year ended November 30, 2025, the Adviser reimbursed the Fund for overpayment of prior years’ omnibus account services, sub-accounting services and related transfer agency expenses. The impact of the reimbursement to the financial highlights is as follows:


	Net Investment Income Per Share			Net Investment Income Ratio			Total Return

Class A	$	.00	^(e)		.00	%^(h)		.00	%^(h)

Class C	$	.00	^(e)		.00	%^(h)		.00	%^(h)

Advisor Class	$	.00	^(e)		.00	%^(h)		.00	%^(h)

^	Annualized.

See notes to financial statements.



ABFunds.com		AB International Low Volatility Equity ETF 29

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB International Low Volatility Equity ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB International Low Volatility Equity ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended and the period from July 1, 2024 to November 30, 2024 and the year ended June 30, 2024, and the financial highlights for the year then ended and the period from July 1, 2024 to November 30, 2024 and for each of the four years in the period ended June 30, 2024 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations for the year then ended and the changes in its net assets for the year then ended and the period from July 1, 2024 to November 30, 2024 and the year ended June 30, 2024 and its financial highlights for the year then ended and the period from July 1, 2024 to November 30, 2024 and for each of the four years in the period ended June 30, 2024, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s 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 Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and



30 AB International Low Volatility Equity ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



ABFunds.com		AB International Low Volatility Equity ETF 31

2025 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended November 30, 2025. For Individual shareholders, the Fund designates 100% of dividends paid as qualified dividend income. For corporate shareholders, 2.14% of dividends paid qualify for the dividends received deduction.

The Fund intends to make an election to pass through foreign taxes to its shareholders. For the taxable year ended November 30, 2025, $2,532,140 of foreign taxes may be passed through and the associated foreign source income for information reporting purposes is $40,489,788.

The Fund designates $69,215 of distributions paid during the fiscal year ended November 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.



32 AB International Low Volatility Equity ETF		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of AB International Low Volatility Equity ETF (the “Fund”) for an initial two-year period at a meeting held in-person on October 31-November 2, 2023 (the “Meeting”).

Nature, Extent and Quality of Services to be Provided

The directors considered the scope and quality of services to be provided by the Adviser under the Advisory Agreement, including the quality of the investment



ABFunds.com		AB International Low Volatility Equity ETF 33

Costs of Services to be Provided and Profitability

Fall-Out Benefits

Investment Results

Since the Fund was newly formed and had not yet commenced operations, no performance or other historical information for the Fund was available. However, it was proposed that the Fund would receive the assets of AB International Low Volatility Equity Portfolio (the “Acquired Portfolio”), a series of AB Cap Fund, Inc. (a mutual fund), in exchange for shares of the Fund (an exchange traded fund) and the assumption by the Fund of all the liabilities of the Acquired Portfolio. Shareholders of the Acquired Portfolio would receive shares of the Fund in a liquidating distribution of the Acquired Portfolio (the “Conversion”). The Conversion is expected to be consummated on or about July 2024. Based on the Adviser’s written and oral presentations regarding the proposed management of the Fund and their general knowledge and confidence in the Adviser’s expertise in managing mutual funds and ETFs, the directors concluded that they were satisfied that the Adviser was capable of providing high quality Fund management services to the Fund.



34 AB International Low Volatility Equity ETF		ABFunds.com

Advisory Fees and Other Expenses

The directors considered the proposed advisory fee rate payable by the Fund to the Adviser and information prepared by an independent service provider (the “15(c) service provider”), concerning advisory fee rates payable by other ETFs in the same category as the Fund, based on the Fund’s projected net assets of $600 million. The directors noted that the proposed advisory fee is a unitary fee and that the Adviser will pay all expenses of the Fund except for certain expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors considered the Fund’s proposed contractual advisory fee rate against a peer group median and noted that it was lower than the median.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s proposed fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the proposed advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it will provide to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advisory fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations. The directors noted that



ABFunds.com		AB International Low Volatility Equity ETF 35

the proposed unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser.

In connection with their review of the Fund’s proposed advisory fee, the directors also considered the projected total expense ratio of the shares of the Fund in comparison to a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”) selected by the 15(c) service provider. The directors view the projected expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser will be responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s projected expense ratio was higher than a median. Based on their review, the directors concluded that the Fund’s projected expense ratio was acceptable.

Economies of Scale



36 AB International Low Volatility Equity ETF		ABFunds.com

LOGO

AB International Low Volatility Equity ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-ILVE-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB MODERATE BUFFER ETF

(NASDAQ: BUFM)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


		Notional Amount		U.S. $ Value

PURCHASED OPTIONS - CALLS – 100.0%
Options on Equity Indices – 100.0%
SPDR S&P 500 ETF Trust Expiration: Dec 2025; Contracts: 3,967; Exercise Price: USD 3.30; Counterparty: Morgan Stanley & Co. LLC^(a) (premium paid $259,761,512)	USD		1,309,110	$	268,815,821


PURCHASED OPTIONS - PUTS – 0.6%
Options on Equity Indices – 0.6%
SPDR S&P 500 ETF Trust Expiration: Dec 2025; Contracts: 3,967; Exercise Price: USD 654.98; Counterparty: Morgan Stanley & Co. LLC^(a) (premium paid $6,163,843)	USD		259,830,566		1,654,239


		Shares
SHORT-TERM INVESTMENTS – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(b)(c)(d) (cost $1,419,875)			1,419,875		1,419,875


Total Investments – 101.1% (cost $267,345,230)					271,889,935
Other assets less liabilities – (1.1)%					(2,944,462	)


Net Assets – 100.0%				$	268,945,473

CALL OPTIONS WRITTEN (see Note D)

Description

Counterparty

Contracts

Exercise
Price

Expiration
Month

Notional
(000)

Premiums
Received

U.S. $ Value

SPDR S&P 500 ETF Trust^(e)

Morgan Stanley
& Co. LLC

3,967

USD 693.00

December 2025

USD 274,913

2,703,796

(2,526,979

)

PUT OPTIONS WRITTEN (see Note D)

Description

Counterparty

Contracts

Exercise
Price

Expiration
Month

Notional
(000)

Premiums
Received

U.S. $ Value

SPDR S&P 500 ETF Trust^(e)

Morgan Stanley
& Co. LLC

3,967

USD 594.00

December 2025

USD 235,640

2,266,689

(341,162

)

(a)	Non-income producing security.

(b)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(c)	The rate shown represents the 7-day yield as of period end.

(d)	Affiliated investments.

(e)	One contract relates to 100 shares.



ABFunds.com		AB Moderate Buffer ETF 1

PORTFOLIO OF INVESTMENTS (continued)

Glossary:

ETF – Exchange Traded Fund

SPDR – Standard & Poor’s Depository Receipt

See notes to financial statements.



2 AB Moderate Buffer ETF		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $265,925,355)	$	270,470,060
Affiliated issuers (cost $1,419,875)		1,419,875
Cash collateral due from broker		2,000
Receivable for shares of beneficial interest sold		1,941,840
Receivable for investment securities sold		20,145
Affiliated dividends receivable		3,990
Receivable due from Adviser		206

Total assets		273,858,116

Liabilities
Written Options, at value (premiums received $4,970,485)		2,868,141
Payable for investment securities purchased		1,909,168
Advisory fee payable		135,334

Total liabilities		4,912,643

Net Assets	$	268,945,473

Composition of Net Assets
Capital stock, at par	$	693
Additional paid-in capital		264,943,830
Distributable earnings		4,000,950

Net Assets	$	268,945,473

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 6,925,028 common shares outstanding)	$	38.84

See notes to financial statements.



ABFunds.com		AB Moderate Buffer ETF 3

STATEMENT OF OPERATIONS

For the Period from December 9, 2024^(a) to November 30, 2025


Investment Income
Dividends—Affiliated issuers	$	32,548		$	32,548

Expenses
Advisory fee (see Note B)		1,009,950

Total expenses		1,009,950
Less: expenses waived and reimbursed by the Adviser (see Note B)		(1,653	)

Net expenses					1,008,297

Net investment loss					(975,749	)

Realized and Unrealized Gain on Investment Transactions
Net realized gain on:
Investment transactions					1,974,922
In-kind redemptions					18,209,939
Written options					(4,621,021	)
Net change in unrealized appreciation (depreciation) of:
Investments					4,544,705
Written options					2,102,344

Net gain on investment transactions					22,210,889

Net Increase in Net Assets from Operations				$	21,235,140

(a)	Commencement of operations.

See notes to financial statements.



4 AB Moderate Buffer ETF		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS


	December 9, 2024^(a) to November 30, 2025
Increase (Decrease) in Net Assets from Operations
Net investment loss	$	(975,749	)
Net realized gain on investment transactions		15,563,840
Net change in unrealized appreciation (depreciation) of investments		6,647,049

Net increase in net assets from operations		21,235,140
Transactions in Shares of the Fund
Net increase		247,659,617
Other capital		50,716

Total increase		268,945,473
Net Assets
Beginning of period		– 0	–

End of period	$	268,945,473

(a)	Commencement of operations.

See notes to financial statements.



ABFunds.com		AB Moderate Buffer ETF 5

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

AB Active ETFs, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Corporation, which is a Maryland corporation, operates as a series company comprised of 23 funds currently in operation. Each fund is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the Moderate Buffer ETF (the “Fund”), a non-diversified portfolio. The Fund commenced investment operations on December 9, 2024. The Fund is an actively managed exchange-traded fund (“ETF”). The Fund seeks to achieve its investment objective by investing, under normal conditions, substantially all of its assets in a combination of exchange-traded options contracts on an underlying ETF (“Underlying ETF”). The Underlying ETF (initially expected to be the SPDR^® S&P 500^® ETF Trust) is an ETF that seeks to track the investment results of the S&P 500 Index (the “Underlying ETF’s Index”), which measures the performance of the large capitalization sector of the U.S. equity market, as determined by S&P Dow Jones Indices LLC. The Fund uses an options strategy that seeks to produce investment outcomes based on the performance of the Underlying ETF, subject to an approximate upside limit typically between 4% and 5% (“Hedge Period Cap”), while also seeking to provide protection against Underlying ETF share price declines of up to a 10% limit (“Hedge Period Buffer”), over a designated period (typically 90 days, but may be up to 120 days, after portfolio rebalance) (each, a “Hedge Period”). Periodically, the Fund may bear a “first loss” of 2% when doing so permits the Fund to maintain a higher Hedge Period Cap. AllianceBernstein L.P. (the “Adviser”) seeks to monitor the performance of this Options Portfolio (“Options Portfolio”) and may rebalance the portfolio (by liquidating all or a portion of the Options Portfolio) at any time to protect capital or lock-in some portfolio gains of the Fund (“Upside Ratchet”) depending on its evaluation of market conditions. If there is an Upside Ratchet, the Hedge Period may be shorter. The Fund typically utilizes customized call and put equity or index exchange-traded options contracts that reference the Underlying ETF, referred to as Flexible Exchange Options (“FLEX Options”), as well as other listed options that reference the price performance of the Underlying ETF, the Underlying ETF’s Index, or ETFs that replicate the Underlying ETF’s Index. FLEX Options provide investors with the ability to customize key option contract terms such as strike price, style and expiration date and are typically centrally cleared. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.



6 AB Moderate Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, the Adviser serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed and over-the-counter (“OTC”) put and call options are valued using market quotations when available. Listed options are generally valued at the last reported sale price, provided such price is within the bid-ask range, otherwise, they are valued based on the bid or ask price, as determined by a pricing service; options on futures may be valued at their settlement prices; OTC options, including FLEX Options, are generally valued using models that consider the terms of the option and relevant market inputs and are typically valued at transaction price on the trade date; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily



ABFunds.com		AB Moderate Buffer ETF 7

NOTES TO FINANCIAL STATEMENTS (continued)

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)



8 AB Moderate Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Purchased Options – Calls

– 0

–

268,815,821

– 0

–

268,815,821

Purchased Options – Puts

– 0

–

1,654,239

– 0

–

1,654,239

Short-Term Investments

1,419,875

– 0

–

– 0

–

1,419,875

Total Investments in Securities

1,419,875

270,470,060

– 0

–

271,889,935

Other Financial Instruments^(a):

Assets

– 0

–

– 0

–

– 0

–

– 0

–

Liabilities:

Call Options Written

– 0

–

(2,526,979

)

– 0

–

(2,526,979

)

Put Options Written

– 0

–

(341,162

)

– 0

–

(341,162

)

Total

1,419,875

267,601,919

– 0

–

269,021,794

(a)

3. Currency Translation



ABFunds.com		AB Moderate Buffer ETF 9

NOTES TO FINANCIAL STATEMENTS (continued)

Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

4. Taxes

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current tax year) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

6. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are



10 AB Moderate Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

7. Offering Expenses

The Adviser has agreed to pay all of the Fund’s organization and offering costs. The Fund is not obligated to repay any such organizational expenses or offering costs paid by the Adviser.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the investment advisory agreement, in accordance with the unitary fee structure, the Adviser bears the cost of various third-party services required by the Fund, including audit, custodial, accounting, legal, transfer agency and printing costs and the fees and expenses of the Corporation’s directors and their counsel. Also under the investment advisory agreement, the Adviser will reimburse each Fund for the Fund’s share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser. During the period ended



ABFunds.com		AB Moderate Buffer ETF 11

NOTES TO FINANCIAL STATEMENTS (continued)

November 30, 2025, such waiver/reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $1,653.

A summary of the Fund’s transactions in AB mutual funds for the period ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	– 0 –	$	5,797	$	4,377	$	1,420	$	33

NOTE C

Distribution Plan

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the period ended November 30, 2025 were as follows:


	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	– 0 –	$	– 0	–
U.S. government securities		– 0 –		– 0	–


	Purchases			Sales
In-kind transactions (excluding U.S. government securities)	$	7,867,801		$	262,027,642
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	267,345,230

Gross unrealized appreciation	$	11,156,653
Gross unrealized depreciation		(4,509,604	)

Net unrealized appreciation	$	6,647,049



12 AB Moderate Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

1. Derivative Financial Instruments

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

•

Option Transactions



ABFunds.com		AB Moderate Buffer ETF 13

NOTES TO FINANCIAL STATEMENTS (continued)

During the period ended November 30, 2025, the Fund held purchased options for non-hedging purposes. During the period ended November 30, 2025, the Fund held written options for non-hedging purposes.

During the period ended November 30, 2025, the Fund had entered into the following derivatives:


	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location		Fair Value
Equity contracts	Investments in securities, at value	$	270,470,060

Equity contracts					Options written, at value	$	2,868,141

Total		$	270,470,060			$	2,868,141


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments	$	17,288,790		$	4,544,705

Equity contracts	Net realized gain (loss) on written options; Net change in unrealized appreciation (depreciation) of written options		(1,724,950	)		2,102,344

Total		$	15,563,840		$	6,647,049



14 AB Moderate Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

The following table represents the average monthly volume of the Fund’s derivative transactions during the period ended November 30, 2025:


Purchased Options:
Average notional amount	$	156,589,265
Written Options:
Average notional amount	$	306,219,823

2. Currency Transactions

NOTE E

Shares of the Fund

Transactions in shares of the Fund were as follows:


	Shares			Amount
	December 9, 2024^(a) November 30, 2025			December 9, 2024^(a) November 30, 2025

Shares sold		13,825,028		$	501,257,904

Shares redeemed		(6,900,000	)		(253,598,287	)

Net increase		6,925,028		$	247,659,617

(a)	Commencement of operations.



ABFunds.com		AB Moderate Buffer ETF 15

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets for securities in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, interest rate levels, tariffs and trade disputes, and regional and global conflicts, that affect large portions of the market. The Fund is exposed to market risk indirectly through its targeted exposure to the Underlying ETF.



16 AB Moderate Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)



ABFunds.com		AB Moderate Buffer ETF 17

NOTES TO FINANCIAL STATEMENTS (continued)

different investment results based on the price of shares of the Underlying ETF and how the Hedge Period Buffer and Hedge Period Cap are applied. Engaging in Upside Ratchets may potentially cause the Fund to have a higher portfolio turnover rate, and higher cost, than a fund that does not actively adjust its options portfolio prior to expiration. There is no guarantee that any Upside Ratchet will be successfully implemented, or that it will deliver the desired investment result.



18 AB Moderate Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Non-Diversification Risk—The Fund may have more risk because it is “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, changes in the value of a single security, such as the Underlying ETF, may have a more significant effect, either negative or positive, on the Fund’s NAV.



ABFunds.com		AB Moderate Buffer ETF 19

NOTES TO FINANCIAL STATEMENTS (continued)

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 parts of market cycles.

Cash Transactions Risk—The Fund may transact many of its creation and redemption orders for cash, rather than in-kind securities. To the extent creation and redemption orders are effected for cash, an investment in the Fund would be expected to be less tax-efficient than an investment in an ETF that effectuates its transactions in Creation Units primarily on an in-kind basis. When a fund that effects redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required as compared to an ETF that distributes portfolio securities in-kind in redemption of Creation Units. The Fund intends to distribute gains that arise by virtue of the issuance and redemption of Creation Units being effectuated in cash to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with applicable tax requirements. This may cause shareholders to be subject to tax on gains to which they would not otherwise be subject, or at an earlier date than if they had made an investment in another ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. Brokerage fees, which will be higher than if the Fund sold and redeemed its shares principally in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and ask prices of Fund shares than for ETFs that receive and distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.

Leverage Risk—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to



20 AB Moderate Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.



ABFunds.com		AB Moderate Buffer ETF 21

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE G

Joint Credit Facility

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the fiscal period ended November 30, 2025 was as follows:


	2025
Distributions paid from:
Ordinary income	$	– 0	–

Total taxable distributions	$	– 0	–



22 AB Moderate Buffer ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Accumulated capital and other losses	$	(2,646,099	)^(a)
Unrealized appreciation (depreciation)		6,647,049

Total accumulated earnings (deficit)	$	4,000,950

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $2,646,099.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $2,646,099 which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the tax treatment of gains from a redemption-in-kind and the disallowance of a net operating loss resulted in a net decrease in distributable earnings and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE I

Subsequent Events



ABFunds.com		AB Moderate Buffer ETF 23

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	December 9, 2024^(a) to November 30, 2025

Net asset value, beginning of period		$ 35.00

Income From Investment Operations

Net investment loss^(b)(c)		(.24	)

Net realized and unrealized gain on investment transactions		4.08


Net increase in net asset value from operations		3.84

Net asset value, end of period		$ 38.84


Total Return

Total investment return based on net asset value^(d)		10.96	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$268,945

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.69	%^{^}

Expenses, before waivers/reimbursements		.69	%^{^}

Net investment loss^(c)		(.67	)%^{^}

Portfolio turnover rate^(e)		0	%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)

(e)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

^	Annualized.

See notes to financial statements.



24 AB Moderate Buffer ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB Moderate Buffer ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Moderate Buffer ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statements of operations and changes in net assets and the financial highlights for the period from December 9, 2024 (commencement of operations) to November 30, 2025, 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations, the changes in its net assets and its financial highlights for the period from December 9, 2024 (commencement of operations) to November 30, 2025, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion



ABFunds.com		AB Moderate Buffer ETF 25

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



26 AB Moderate Buffer ETF		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of AB Moderate Buffer ETF (the “Fund”) for an initial two-year period at a meeting held in-person on July 30-31, 2024 (the “Meeting”).

The directors considered their knowledge of the nature and quality of the services to be provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, including the other series of the Company that are organized as exchange-traded funds (“ETFs), their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the AB Funds.

Nature, Extent and Quality of Services to be Provided

The directors considered the scope and quality of services to be provided by the Adviser under the Advisory Agreement, including the quality of the investment



ABFunds.com		AB Moderate Buffer ETF 27

Costs of Services to be Provided and Profitability

Fall-Out Benefits

Investment Results

Advisory Fees and Other Expenses



28 AB Moderate Buffer ETF		ABFunds.com

The Adviser informed the directors that there were no institutional accounts managed by the Adviser that utilize investment strategies similar to those proposed for the Fund.

In connection with their review of the Fund’s proposed advisory fee, the directors also considered the Fund’s projected total expense ratio in comparison to the medians for a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”) selected by the 15(c) service provider. The directors view the projected expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser will be responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s projected expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s projected expense ratio was acceptable.

Economies of Scale



ABFunds.com		AB Moderate Buffer ETF 29

NOTES



30 AB Moderate Buffer ETF		ABFunds.com

NOTES



ABFunds.com		AB Moderate Buffer ETF 31

NOTES



32 AB Moderate Buffer ETF		ABFunds.com

LOGO

AB MODERATE BUFFER ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-MB-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB NEW YORK INTERMEDIATE MUNICIPAL ETF

(NYSE Arca: NYM)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 97.8%
Long-Term Municipal Bonds – 88.0%
New York – 78.1%
Albany Capital Resource Corp. (Albany Medical Center Hospital Obligated Group) Series 2025 5.25%, 05/01/2042	$	1,500	$	1,661,241
5.25%, 05/01/2043		2,250		2,467,615
Albany County Airport Authority (Albany County Airport Authority) Series 2020-B 5.00%, 12/15/2026		855		871,512
Broome County Local Development Corp. (United Health Services Hospitals Obligated Group) AG Series 2020 3.00%, 04/01/2035		2,220		2,117,527
3.00%, 04/01/2036		2,000		1,877,112
3.00%, 04/01/2037		1,500		1,380,878
4.00%, 04/01/2034		725		745,198
4.00%, 04/01/2038		2,900		2,924,939
4.00%, 04/01/2040		1,500		1,485,802
5.00%, 04/01/2032		2,000		2,152,956
5.00%, 04/01/2033		1,000		1,073,060
Build NYC Resource Corp. (East Harlem Scholars Academy Charter School Obligated Group) Series 2022 5.00%, 06/01/2032^(a)		1,150		1,185,724
5.75%, 06/01/2042^(a)		2,250		2,291,181
Build NYC Resource Corp. (Grand Concourse Academy Charter School) Series 2022 5.00%, 07/01/2042		550		554,781
Build NYC Resource Corp. (Integration Charter Schools) Series 2021 5.00%, 06/01/2041^(a)		800		714,846
Build NYC Resource Corp. (Metropolitan College of New York) Series 2014 5.00%, 11/01/2025^(b)(c)		1,750		1,225,000
5.25%, 11/01/2029^(b)(d)		2,100		1,470,000
Build NYC Resource Corp. (Success Academy Charter Schools Obligated Group) Series 2024 4.00%, 09/01/2040		1,060		1,046,128
4.00%, 09/01/2041		1,725		1,683,829



ABFunds.com		AB New York Intermediate Municipal ETF 1

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.00%, 09/01/2042	$	1,175	$	1,129,691
5.00%, 09/01/2038		1,485		1,583,816
5.00%, 09/01/2039		1,125		1,192,703
Build NYC Resource Corp. (TrIPs Obligated Group) Series 2025 5.50%, 07/01/2045		1,535		1,624,540
City of New York NY (City of New York NY) Series 2016-C 5.00%, 08/01/2028		11,165		11,200,757
Series 2016-E 5.00%, 08/01/2027		1,495		1,518,216
Series 2018-A 5.00%, 08/01/2026		7,690		7,812,556
Series 2018-D 5.00%, 12/01/2038		9,665		10,046,332
Series 2020-C 4.00%, 08/01/2037		3,445		3,481,267
4.00%, 08/01/2039		1,450		1,455,584
5.00%, 08/01/2026		3,000		3,047,811
Series 2021 1.216%, 08/01/2026		5,360		5,269,616
1.396%, 08/01/2027		4,950		4,761,501
1.623%, 08/01/2028		3,255		3,073,713
Series 2021-F 4.00%, 03/01/2040		1,000		998,786
Series 2023 5.00%, 08/01/2036		2,500		2,811,478
5.00%, 08/01/2040		1,000		1,088,769
5.00%, 08/01/2043		5,000		5,293,728
Series 2023-E 5.25%, 04/01/2044		4,000		4,264,916
Series 2024-A 5.00%, 08/01/2026		1,000		1,015,937
Series 2024-B 5.00%, 09/01/2027		5,000		5,209,274
Series 2024-C 4.61%, 09/01/2037		2,000		1,968,676
5.00%, 03/01/2026		2,000		2,011,806
5.00%, 09/01/2044		1,000		1,056,459
Series 2024-I 5.00%, 04/01/2034		7,000		8,056,679
Series 2025-A 5.00%, 08/01/2035		2,000		2,319,853
Series 2025-B 5.00%, 08/01/2028		9,745		10,317,244



2 AB New York Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

AG Series 2024-A 5.00%, 08/01/2026	$	4,985	$	5,068,441
AG Series 2024-C 5.00%, 10/01/2026		5,310		5,417,279
5.00%, 10/01/2027		1,000		1,043,662
City of New York NY (Prerefunded – US Treasuries) Series 2021 1.216%, 08/01/2026		640		628,420
1.623%, 08/01/2028		745		704,037
City of Yonkers NY (City of Yonkers NY) AG Series 2024-A 5.00%, 02/15/2037		1,100		1,237,536
5.00%, 02/15/2040		1,000		1,100,298
5.00%, 02/15/2041		2,120		2,313,051
County of Nassau NY (County of Nassau NY) Series 2017-C 5.00%, 10/01/2026		2,220		2,267,205
Series 2024-A 5.00%, 04/01/2040		5,705		6,418,496
5.00%, 04/01/2041		2,855		3,181,207
5.00%, 04/01/2043		9,280		10,089,545
County of Suffolk NY (County of Suffolk NY) Series 2022 5.00%, 09/01/2029		1,770		1,932,885
Dutchess County Local Development Corp. (Bard College) Series 2020-A 5.00%, 07/01/2040		2,400		2,455,213
Series 2020-B 5.918%, 07/01/2039		4,355		4,307,751
Empire State Development Corp. (Prerefunded – US Govt Agencies) Series 2016-A 5.00%, 03/15/2028		5,010		5,046,054
Empire State Development Corp. (State of New York Pers Income Tax) Series 2017 5.00%, 03/15/2031		5,000		5,143,466
Series 2020-E 5.00%, 03/15/2026		10,000		10,071,507
Series 2022 5.00%, 09/15/2029		6,830		7,442,836



ABFunds.com		AB New York Intermediate Municipal ETF 3

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Hempstead Town Local Development Corp. (Evergreen Charter School) Series 2022-A 5.25%, 06/15/2042	$	4,000	$	4,063,082
Hudson Yards Infrastructure Corp. (Hudson Yards Infrastructure) Series 2017-A 5.00%, 02/15/2031		17,060		17,546,171
5.00%, 02/15/2032		5,590		5,746,588
Metropolitan Transportation Authority (Metropolitan Transportation Authority Dedicated Tax Fund) Series 2017-A 5.00%, 11/15/2031		2,060		2,126,368
Metropolitan Transportation Authority (Metropolitan Transportation Authority) Series 2010 6.814%, 11/15/2040		1,215		1,383,697
Series 2016-D 5.00%, 11/15/2027		1,210		1,233,847
Series 2017 5.00%, 11/15/2027		5,050		5,271,463
5.00%, 11/15/2028		4,020		4,283,452
Series 2017-C 5.00%, 11/15/2027		9,140		9,540,826
5.00%, 11/15/2028		7,400		7,803,754
5.00%, 11/15/2029		1,790		1,888,826
5.00%, 11/15/2031		29,930		31,506,159
Series 2020-C 4.75%, 11/15/2045		1,000		1,003,252
Series 2021 3.117% (SOFR + 0.43%), 11/01/2026^(e)		250		249,843
Series 2025 5.00%, 11/15/2035		2,815		3,232,010
5.00%, 11/15/2044		2,000		2,109,273
AG Series 2021 3.487% (SOFR + 0.80%), 11/01/2032^(e)		3,715		3,715,496
Metropolitan Transportation Authority Dedicated Tax Fund (Metropolitan Transportation Authority Dedicated Tax Fund) Series 2022-A 4.00%, 11/15/2038		3,000		3,044,919
Monroe County Industrial Development Corp./NY (Academy of Health Sciences Charter School) Series 2022 5.00%, 07/01/2032^(a)		250		257,461
5.625%, 07/01/2042^(a)		2,000		2,007,990



4 AB New York Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Monroe County Industrial Development Corp./NY (Eugenio Maria de Hostos Charter School) Series 2024 5.00%, 07/01/2044^(a)	$	3,445	$	3,275,828
Monroe County Industrial Development Corp./NY (Rochester Regional Health Obligated Group) Series 2020 5.00%, 12/01/2028		1,210		1,273,430
Monroe County Industrial Development Corp./NY (St. Ann’s of Greater Rochester Obligated Group) Series 2019 4.00%, 01/01/2030		1,485		1,465,160
Monroe County Industrial Development Corp./NY (True North Rochester Prep Charter School) Series 2020 5.00%, 06/01/2040^(a)		2,265		2,279,324
Nassau County Local Economic Assistance Corp. (Roosevelt Children’s Academy Charter School) Series 2023 4.00%, 07/01/2033		750		758,881
Nassau Health Care Corp. (Nassau Health Care Corp.) Series 2021 5.00%, 08/01/2029		6,000		6,530,412
New York City Health & Hospitals Corp. (New York City Health & Hospital Lease) Series 2025-A 5.00%, 02/15/2041		4,000		4,389,895
5.00%, 02/15/2042		1,000		1,086,509
New York City Housing Development Corp. (8 Spruce NY Owner LLC) Series 2024 4.00%, 12/15/2031		550		563,352
4.375%, 12/15/2031		1,070		1,093,471
5.25%, 12/15/2031		2,620		2,698,072
New York City Industrial Development Agency (Yankee Stadium LLC) AG Series 2020 4.00%, 03/01/2031		4,760		4,946,152
New York City Municipal Water Finance Authority (New York City Municipal Water Finance Authority) Series 2021-B 4.00%, 06/15/2039		2,000		2,023,350
Series 2023 5.00%, 06/15/2035		13,345		15,479,796



ABFunds.com		AB New York Intermediate Municipal ETF 5

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New York City Municipal Water Finance Authority (Prerefunded – Others) Series 2021 5.00%, 06/15/2027	$	10,000	$	10,019,494
New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue State Lease) Series 2018-S 5.00%, 07/15/2031		2,065		2,183,829
5.00%, 07/15/2032		16,090		16,997,228
New York City Transitional Finance Authority Building Aid Revenue (Prerefunded – US Treasuries) Series 2016-S 5.00%, 07/15/2034		2,000		2,005,889
New York City Transitional Finance Authority Building Aid Revenue (State of New York State Lease) Series 2021-S 4.00%, 07/15/2040		2,500		2,525,794
New York City Transitional Finance Authority Building Aid Revenue (State of New York) Series 2025-S 5.00%, 07/15/2027		3,745		3,884,193
5.00%, 07/15/2028		2,500		2,659,447
New York City Transitional Finance Authority Future Tax Secured Revenue (New York City Transitional Finance Authority Future Tax Secured Revenue) Series 2016-B 5.00%, 08/01/2031		2,200		2,231,392
Series 2017-F 5.00%, 05/01/2032		1,220		1,255,466
Series 2020 5.00%, 11/01/2027		2,580		2,700,153
Series 2021-E 4.00%, 02/01/2038		3,750		3,806,428
4.00%, 02/01/2040		12,575		12,605,528
Series 2022 5.00%, 11/01/2026		4,000		4,090,360
Series 2023 5.50%, 05/01/2043		5,000		5,514,388
Series 2024 5.01%, 05/01/2034		2,000		2,074,973
Series 2025 5.00%, 05/01/2043		5,500		5,911,112



6 AB New York Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

NEW York Energy Finance Development Corp. (Athene Annuity & Life Co.) Series 2025 5.00%, 07/01/2056	$	9,115	$	9,764,546
New York Liberty Development Corp. (3 World Trade Center LLC) Series 2014 5.375%, 11/15/2040^(a)		2,000		1,999,992
7.25%, 11/15/2044^(a)		3,260		3,262,393
New York Liberty Development Corp. (One Bryant Park LLC) Series 2019 2.45%, 09/15/2069		20,000		18,945,452
2.625%, 09/15/2069		22,240		20,946,935
2.80%, 09/15/2069		6,470		6,051,140
New York Liberty Development Corp. (Port Authority of New York & New Jersey) Series 2021-1 3.00%, 02/15/2042		20,000		17,229,444
New York Power Authority (New York Power Authority SFP Transmission Project) AG Series 2023 5.25%, 11/15/2040		1,000		1,147,679
5.25%, 11/15/2041		1,000		1,135,691
New York State Dormitory Authority (Catholic Health System Obligated Group) Series 2019 5.00%, 07/01/2036		1,000		963,108
New York State Dormitory Authority (Garnet Health Medical Center Obligated Group) Series 2017 5.00%, 12/01/2026^(a)		1,500		1,507,469
5.00%, 12/01/2034^(a)		2,500		2,513,554
New York State Dormitory Authority (Icahn School of Medicine at Mount Sinai) Series 2015-A 5.00%, 07/01/2026		3,745		3,746,759
New York State Dormitory Authority (Iona College) Series 2022-2 5.00%, 07/01/2026		620		626,909
5.00%, 07/01/2027		325		333,794
5.00%, 07/01/2029		500		529,319
5.00%, 07/01/2030		300		321,869
5.00%, 07/01/2031		320		347,492
5.00%, 07/01/2032		280		306,650



ABFunds.com		AB New York Intermediate Municipal ETF 7

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New York State Dormitory Authority (Iona University) AG Series 2025 5.00%, 07/01/2039	$	1,000	$	1,114,158
5.00%, 07/01/2040		1,000		1,104,341
5.50%, 07/01/2044		1,250		1,369,664
New York State Dormitory Authority (Memorial Sloan-Kettering Cancer Center) Series 2025 5.00%, 07/01/2035		1,000		1,194,766
New York State Dormitory Authority (Montefiore Obligated Group) Series 2024 5.25%, 11/01/2041		2,150		2,308,547
5.25%, 11/01/2043		1,500		1,578,957
5.50%, 11/01/2044		2,900		3,093,903
New York State Dormitory Authority (Mount Sinai Hospital Obligated Group) Series 2025 5.00%, 07/01/2045		5,250		5,331,804
New York State Dormitory Authority (New York & Presbyterian Hospital Obligated Group) Series 2023 5.00%, 08/01/2036		4,250		4,892,225
New York State Dormitory Authority (New York State Dormitory Authority Lease) AG Series 2020 5.00%, 10/01/2026		3,045		3,106,722
5.00%, 10/01/2029		2,130		2,276,607
New York State Dormitory Authority (New York State Sales Tax) Series 2018-C 5.00%, 03/15/2040		2,000		2,068,673
Series 2023-A 4.00%, 03/15/2043		4,350		4,268,455
New York State Dormitory Authority (New York University) Series 2019-A 5.00%, 07/01/2032		2,975		3,214,961
New York State Dormitory Authority (Northwell Health Obligated Group) Series 2022 4.00%, 05/01/2039		2,500		2,515,245
4.00%, 05/01/2040		6,000		5,997,442
Series 2025 5.00%, 05/01/2027		2,300		2,371,812
5.00%, 05/01/2029		10,635		11,394,095



8 AB New York Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New York State Dormitory Authority (NYU Langone Hospitals Obligated Group) Series 2024 5.00%, 07/01/2030	$	1,600	$	1,767,454
5.00%, 07/01/2034		1,700		1,985,192
New York State Dormitory Authority (Pace University) Series 2024-A 5.25%, 05/01/2039		1,050		1,135,612
5.25%, 05/01/2042		1,325		1,390,572
5.25%, 05/01/2044		1,050		1,083,187
5.50%, 05/01/2049		1,500		1,557,452
New York State Dormitory Authority (Prerefunded – US Govt Agencies) Series 2021 1.187%, 03/15/2026		5,500		5,455,981
New York State Dormitory Authority (Prerefunded – US Treasuries) AG Series 2020 5.00%, 10/01/2026		5		5,099
5.00%, 10/01/2029		5		5,326
New York State Dormitory Authority (Rochester Institute of Technology) Series 2020-A 5.00%, 07/01/2026		1,000		1,013,758
New York State Dormitory Authority (St. John’s University/NY) Series 2021-A 4.00%, 07/01/2031		1,400		1,476,324
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2009 5.628%, 03/15/2039		2,430		2,522,000
Series 2017-B 5.00%, 02/15/2037		5,520		5,686,835
Series 2019-A 5.00%, 03/15/2026		4,500		4,532,178
Series 2021-A 4.00%, 03/15/2039		1,000		1,011,290
Series 2021-E 4.00%, 03/15/2037		4,645		4,761,677
Series 2022-A 4.00%, 03/15/2039		2,000		2,023,481
Series 2024-A 5.00%, 03/15/2046		3,000		3,140,253



ABFunds.com		AB New York Intermediate Municipal ETF 9

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New York State Dormitory Authority (Wagner College) Series 2022 5.00%, 07/01/2035	$	1,000	$	956,665
5.00%, 07/01/2037		1,000		946,511
5.00%, 07/01/2039		1,500		1,409,178
5.00%, 07/01/2042		1,630		1,497,121
New York State Dormitory Authority (White Plains Hospital Obligated Group) Series 2024 5.00%, 10/01/2035		1,300		1,422,172
5.00%, 10/01/2036		1,700		1,844,742
5.00%, 10/01/2037		1,800		1,937,318
New York State Energy Research & Development Authority (Rochester Gas & Electric) Series 2025 4.00%, 05/15/2032		6,800		6,951,571
New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority) Series 2019-B 5.00%, 06/15/2027		445		462,481
Series 2023 5.125%, 09/01/2050^(a)		1,800		1,877,195
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road) Series 2021-O 4.00%, 01/01/2042		5,750		5,720,808
New York State Thruway Authority (State of New York Pers Income Tax) Series 2022-A 5.00%, 03/15/2039		7,250		7,968,522
Series 2025-A 5.00%, 03/15/2045		5,645		5,991,606
New York Transportation Development Corp. (American Airlines, Inc.) Series 2016 5.00%, 08/01/2026		375		375,095
Series 2021 2.25%, 08/01/2026		420		417,282
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2030		24,485		25,248,753
5.00%, 01/01/2032		2,355		2,422,191
5.00%, 01/01/2036		2,000		2,033,035
Series 2023 5.625%, 04/01/2040		4,165		4,374,901
6.00%, 04/01/2035		1,500		1,655,390



10 AB New York Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New York Transportation Development Corp. (Elevated Accessibility Enhancements Holding) Series 2023 6.971%, 06/30/2051	$	2,000	$	1,982,223
New York Transportation Development Corp. (Empire State Thruway Partners) Series 2021 4.00%, 10/31/2034		500		503,963
4.00%, 10/31/2041		2,075		1,978,678
New York Transportation Development Corp. (JFK Intl Air Terminal) Series 2020 5.00%, 12/01/2027		2,210		2,286,066
5.00%, 12/01/2030		1,010		1,087,933
5.00%, 12/01/2031		400		429,469
5.00%, 12/01/2032		1,035		1,105,004
5.00%, 12/01/2035		1,000		1,053,763
5.00%, 12/01/2036		1,050		1,100,895
Series 2022 5.00%, 12/01/2027		2,115		2,187,796
5.00%, 12/01/2031		2,035		2,208,556
5.00%, 12/01/2039		4,580		4,821,566
5.00%, 12/01/2040		3,310		3,459,198
5.00%, 12/01/2042		2,860		2,940,747
New York Transportation Development Corp. (JFK NTO LLC) Series 2024 5.25%, 06/30/2043		8,500		8,758,913
5.25%, 06/30/2044		10,895		11,155,685
Series 2025 6.00%, 06/30/2044		2,650		2,893,174
AG Series 2023 5.50%, 06/30/2043		2,250		2,367,130
5.50%, 06/30/2044		2,500		2,617,285
AG Series 2024 4.25%, 06/30/2042		10,000		9,749,799
New York Transportation Development Corp. (Laguardia Gateway Partners) Series 2016-A 5.25%, 01/01/2050		2,535		2,534,959
Niagara Area Development Corp. (Reworld Holding Corp.) Series 2018-A 4.75%, 11/01/2042^(a)		1,000		896,284
Onondaga Civic Development Corp. (Crouse Health Hospital Obligated Group) Series 2024 5.00%, 08/01/2033		825		808,737



ABFunds.com		AB New York Intermediate Municipal ETF 11

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Onondaga Civic Development Corp. (Le Moyne College) Series 2022 4.00%, 07/01/2034	$	300	$	304,080
4.00%, 07/01/2036		350		350,591
4.00%, 07/01/2039		450		437,165
Port Authority of New York & New Jersey (Port Authority of New York & New Jersey) Series 2017 5.00%, 10/15/2028		6,925		7,093,246
Series 2018-2 5.00%, 09/15/2026		1,000		1,015,093
5.00%, 09/15/2027		1,000		1,034,230
5.00%, 09/15/2028		8,000		8,305,731
5.00%, 09/15/2031		5,000		5,204,998
5.00%, 09/15/2033		5,335		5,538,223
Series 2019 5.00%, 11/01/2039		9,000		9,323,287
Series 2020-2 5.00%, 07/15/2033		3,000		3,213,702
5.00%, 07/15/2034		4,860		5,186,149
5.00%, 07/15/2035		5,095		5,412,489
Series 2022-2 5.00%, 08/01/2030		7,185		7,798,866
5.00%, 08/01/2035		1,390		1,517,750
Series 2023-2 5.00%, 12/01/2036		1,750		1,923,596
5.00%, 12/01/2038		2,000		2,167,139
5.00%, 12/01/2041		1,005		1,063,398
Saratoga County Capital Resource Corp. (Washington Saratoga Warren Hamilton & Essex Boces) Series 2025 4.875%, 07/01/2044		6,000		6,220,830
State of New York (State of New York) Series 2023-A 5.00%, 03/15/2026		1,395		1,405,668
5.00%, 03/15/2031		5,600		6,355,210
5.00%, 03/15/2032		1,815		2,095,592
5.00%, 03/15/2033		1,750		2,049,690
5.00%, 03/15/2036		1,500		1,732,403
5.00%, 03/15/2038		1,500		1,707,084
5.00%, 03/15/2039		2,000		2,261,498
5.00%, 03/15/2040		2,250		2,514,887
Series 2023-C 5.00%, 03/15/2037		1,670		1,913,959



12 AB New York Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Suffolk County Economic Development Corp. (Peconic Landing at Southold) Series 2020 5.00%, 12/01/2029	$	500	$	511,447
5.00%, 12/01/2034		1,000		1,036,186
Suffolk Regional Off-Track Betting Corp. (Suffolk Regional Off-Track Betting) Series 2024 5.75%, 12/01/2044		4,300		4,372,206
Suffolk Tobacco Asset Securitization Corp. (Suffolk Tobacco Asset Securitization) Series 2021 4.00%, 06/01/2035		2,300		2,303,041
4.00%, 06/01/2036		2,425		2,401,825
4.00%, 06/01/2038		1,000		964,000
4.00%, 06/01/2050		1,970		1,797,638
5.00%, 06/01/2034		2,275		2,415,964
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021 5.00%, 05/15/2050		15,035		15,184,308
Series 2021-A 2.511%, 05/15/2035		10,000		8,517,720
Series 2022 3.737% (SOFR + 1.05%), 04/01/2026^(e)		7,500		7,502,871
5.00%, 05/15/2041		1,750		1,878,019
Series 2023 5.25%, 11/15/2042		10,420		11,500,240
Series 2024 5.00%, 11/15/2033		3,000		3,495,556
Series 2024-B 5.00%, 03/15/2027		5,000		5,158,010
Series 2025 5.00%, 03/15/2027		10,000		10,316,021
Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) Series 2025-A 5.00%, 02/01/2028		10,865		11,433,989
5.00%, 03/01/2028		2,500		2,633,739
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute) Series 2020 4.00%, 09/01/2040		1,190		1,180,062
5.00%, 09/01/2031		2,570		2,799,459
5.00%, 09/01/2032		7,890		8,573,978
5.00%, 09/01/2033		3,010		3,260,648
5.00%, 09/01/2034		1,370		1,480,501



ABFunds.com		AB New York Intermediate Municipal ETF 13

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Trust for Cultural Resources of The City of New York (The) (Lincoln Center for the Performing Arts) Series 2016-A 5.00%, 12/01/2026	$	13,175	$	13,490,761
Series 2020 4.00%, 12/01/2033		1,160		1,200,071
5.00%, 12/01/2031		1,800		1,998,744
5.00%, 12/01/2032		2,000		2,212,195
Utility Debt Securitization Authority (Utility Debt Securitization Authority) Series 2015 5.00%, 12/15/2033		2,000		2,001,758
Westchester County Local Development Corp. (Kendal on Hudson Obligated Group) Series 2022 5.00%, 01/01/2027		270		273,184
5.00%, 01/01/2032		520		549,263
5.00%, 01/01/2037		530		556,294
5.00%, 01/01/2041		720		742,721

				1,009,519,285

Alabama – 0.5%
Black Belt Energy Gas District (Pacific Life Insurance) Series 2024-C 5.00%, 05/01/2055		5,000		5,380,198
Southeast Energy Authority A Cooperative District (Athene Annuity & Life Co.) Series 2025-A 5.00%, 01/01/2056		1,000		1,044,253

				6,424,451

American Samoa – 0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028^(a)		670		699,656


California – 0.1%
California Community Choice Financing Authority (Goldman Sachs Group) Series 2023 5.25%, 11/01/2054		1,215		1,299,537


Colorado – 0.0%
Vauxmont Metropolitan District (Vauxmont Metropolitan District) AG Series 2020 5.00%, 12/01/2050		160		162,289



14 AB New York Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Connecticut – 0.7%
State of Connecticut (State of Connecticut) Series 2018-C 5.00%, 06/15/2027	$	4,715	$	4,891,503
Series 2018-F 5.00%, 09/15/2027		4,025		4,199,940

				9,091,443

Florida – 0.0%
County of Osceola FL Transportation Revenue (County of Osceola FL Transportation Revenue) Series 2020-A Zero Coupon, 10/01/2030		100		82,952
Zero Coupon, 10/01/2032		100		76,188
Zero Coupon, 10/01/2033		100		72,780
Zero Coupon, 10/01/2034		110		76,458

				308,378

Georgia – 0.2%
Municipal Electric Authority of Georgia (Municipal Electric Authority of Georgia) Series 2019 5.00%, 01/01/2031		905		952,011
5.00%, 01/01/2032		565		593,831
Municipal Electric Authority of Georgia (PowerSouth Energy Cooperative) Series 2019 5.00%, 01/01/2035		1,185		1,225,731

				2,771,573

Guam – 2.0%
Antonio B Won Pat International Airport Authority (Antonio B Won Pat Intl Airport Authority) Series 2021-A 3.099%, 10/01/2028		1,430		1,381,664
Series 2023 5.125%, 10/01/2034		250		271,528
5.25%, 10/01/2031		1,025		1,110,676
5.25%, 10/01/2035		265		292,137
5.375%, 10/01/2033		525		580,967
Series 2024-A 5.00%, 10/01/2028		325		336,425
5.00%, 10/01/2030		855		907,220
5.00%, 10/01/2032		1,875		2,015,003
Guam Government Waterworks Authority (Guam Govt Waterworks Authority) Series 2017 5.00%, 07/01/2028		1,250		1,285,390



ABFunds.com		AB New York Intermediate Municipal ETF 15

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Guam Government Waterworks Authority (Guam Waterworks Authority Water & Wastewater System) Series 2024-A 5.00%, 07/01/2045	$	1,100	$	1,129,107
Guam Government Waterworks Authority (Guam Waterworks Authority Water And Wastewater System) Series 2025-A 5.25%, 07/01/2041		1,050		1,132,493
Guam Power Authority (Guam Power Authority) Series 2017-A 5.00%, 10/01/2026		1,225		1,244,677
5.00%, 10/01/2027		1,230		1,273,616
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2026		1,150		1,167,786
5.00%, 12/01/2029		770		780,118
5.00%, 12/01/2030		1,000		1,013,405
5.00%, 12/01/2032		925		936,397
5.00%, 12/01/2033		1,725		1,745,756
5.00%, 12/01/2034		1,250		1,265,039
Territory of Guam (Territory of Guam) Series 2019 5.00%, 11/15/2031		175		184,795
Series 2025-G 5.00%, 01/01/2032		2,000		2,197,348
5.00%, 01/01/2033		2,500		2,771,457
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 5.00%, 01/01/2030		1,250		1,339,366

				26,362,370

Illinois – 0.2%
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2032		365		369,915
5.00%, 09/01/2033		200		201,962
5.00%, 09/01/2034		100		100,556
Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) Series 2017-B 5.00%, 12/15/2028		2,000		2,072,582

				2,745,015



16 AB New York Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Indiana – 0.0%
City of Fort Wayne IN (Do Good Foods Fort Wayne Obligated Group) 10.75%, 12/01/2029^(b)(d)	$	32	$	3


Kentucky – 0.1%
City of Ashland KY (Royal Blue Health Obligated Group) Series 2019 5.00%, 02/01/2026		350		350,832
5.00%, 02/01/2027		375		381,650
5.00%, 02/01/2030		210		224,322
5.00%, 02/01/2031		275		293,974

				1,250,778

Michigan – 1.2%
City of Detroit MI (City of Detroit MI) Series 2018 5.00%, 04/01/2029		250		259,188
Michigan Strategic Fund (Michigan Strategic Fund – I 75 Improvement Project) Series 2018 5.00%, 12/31/2029		8,600		8,955,952
5.00%, 12/31/2030		4,000		4,165,772
5.00%, 06/30/2032		1,690		1,755,054

				15,135,966

Missouri – 0.0%
Howard Bend Levee District (Howard Bend Levee District) XLCA Series 2005 5.75%, 03/01/2027		275		282,673


Nebraska – 0.8%
Central Plains Energy Project (Goldman Sachs Group) Series 2022-1 5.00%, 05/01/2053		10,000		10,520,007


Nevada – 0.0%
Sparks Tourism Improvement District No. 1 (Prerefunded – US Treasuries) Series 2019-A 2.75%, 06/15/2028^(a)		195		195,002



ABFunds.com		AB New York Intermediate Municipal ETF 17

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New Jersey – 2.1%
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2027	$	5,000	$	5,048,323
Series 2018-A 5.00%, 06/15/2028		11,680		11,807,381
New Jersey Transportation Trust Fund Authority (Prerefunded – US Treasuries) Series 2019-B 5.00%, 06/15/2030		230		246,710
New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) Series 2018-A 5.00%, 12/15/2030		3,360		3,580,462
Series 2024-A 5.00%, 06/15/2042		4,805		5,195,510
New Jersey Transportation Trust Fund Authority (State of New Jersey) Series 2019-B 5.00%, 06/15/2030		1,270		1,354,306

				27,232,692

Puerto Rico – 1.0%
Commonwealth of Puerto Rico (Commonwealth of Puerto Rico) Series 2021-A Zero Coupon, 07/01/2033		2,420		1,741,889
5.625%, 07/01/2029		760		806,586
Series 2022-C Zero Coupon, 11/01/2043		771		493,714
Puerto Rico Commonwealth Aqueduct & Sewer Authority (Puerto Rico Commonwealth Aqueduct & Sewer Authority) Series 2020-A 5.00%, 07/01/2030^(a)		3,090		3,218,490
5.00%, 07/01/2035^(a)		2,310		2,391,054
Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) AG Series 2007-V 5.25%, 07/01/2031		1,390		1,416,808
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) Series 2024 6.25%, 01/01/2040		1,000		1,135,830
6.50%, 01/01/2041		1,250		1,426,973

				12,631,344



18 AB New York Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

South Carolina – 0.4%
South Carolina Public Service Authority (South Carolina Public Service Authority) Series 2020-A 5.00%, 12/01/2043	$	1,500	$	1,536,097
Series 2021-B 4.00%, 12/01/2038		2,125		2,139,583
5.00%, 12/01/2040		1,000		1,053,378

				4,729,058

Texas – 0.2%
Texas Municipal Gas Acquisition & Supply Corp. V (Bank of America Corp.) Series 2024 5.00%, 01/01/2055		2,000		2,205,157


Washington – 0.1%
Washington State Housing Finance Commission (WSHFC 2021-1) Series 2021-1, Class A 3.50%, 12/20/2035		931		903,617
Series 2021-1, Class X 0.727%, 12/20/2035^(f)		931		35,429

				939,046

Wisconsin – 0.2%
Wisconsin Public Finance Authority (UMA Education, Inc.) Series 2019 5.00%, 10/01/2026^(a)		1,050		1,059,863
5.00%, 10/01/2027^(a)		1,090		1,112,617
5.00%, 10/01/2028^(a)		900		929,214
5.00%, 10/01/2029^(a)		275		286,353

				3,388,047

Total Long-Term Municipal Bonds (cost $1,146,956,159)				1,137,893,770


Short-Term Municipal Notes – 9.8%
New York – 9.8%
Build NYC Resource Corp. (Asia Society/The) Series 2015 2.84%, 04/01/2045^(g)		1,585		1,585,000
City of Buffalo NY (City of Buffalo NY) Series 2025-A 4.00%, 09/30/2026		5,000		5,061,313



ABFunds.com		AB New York Intermediate Municipal ETF 19

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

City of New Rochelle NY (City of New Rochelle NY) Series 2025 4.00%, 12/09/2026^(h)	$	8,000	$	8,112,999
City of New York NY (City of New York NY) Series 2008-L 2.90%, 04/01/2038^(g)		2,820		2,820,000
Series 2013-D 2.85%, 08/01/2040^(g)		1,800		1,800,000
Series 2015 2.85%, 06/01/2044^(g)		3,215		3,215,000
Series 2022-A 2.85%, 09/01/2049^(g)		3,900		3,900,000
City of Rochester NY (City of Rochester NY) Series 2025-I 4.00%, 07/30/2026		2,000		2,018,293
Connetquot Central School District of Islip (Connetquot Central School District of Islip) Series 2025 4.00%, 06/18/2026		1,000		1,008,029
Dutchess County Industrial Development Agency (Marist College) Series 2008 2.84%, 07/01/2038^(g)		1,105		1,105,000
Metropolitan Transportation Authority (Metropolitan Transportation Authority) Series 2015 2.79%, 11/01/2026^(g)		100		100,000
Series 2019-2 2.85%, 11/01/2032^(g)		6,300		6,300,000
Series 2021-E 2.75%, 11/01/2035^(g)		6,710		6,710,000
New York City Health & Hospitals Corp. (New York City Health & Hospitals) Series 28-D 2.68%, 02/15/2026^(g)		240		240,000
New York City Housing Development Corp. (201 Pearl LLC) Series 2006-A 2.90%, 10/15/2041^(g)		250		250,000
New York City Housing Development Corp. (Hewitt Westchester LP) Series 2011 2.85%, 11/01/2048^(g)		3,400		3,400,000



20 AB New York Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New York City Housing Development Corp. (New York City Housing Development) Series 2012-A 2.68%, 09/01/2049^(g)	$	1,000	$	1,000,000
New York State Housing Finance Agency (8 East 102nd Street LLC) Series 2023 2.75%, 05/01/2044^(g)		5,790		5,790,000
New York State Housing Finance Agency (DD 11th Avenue LLC) Series 2009 2.90%, 05/15/2041^(g)		1,075		1,075,000
New York State Housing Finance Agency (Liberty Street Realty LLC) Series 2005 2.68%, 05/01/2035^(g)		3,473		3,473,000
New York State Housing Finance Agency (New York State Housing Finance Agency) Series 2006 2.92%, 11/15/2036^(g)		7,800		7,800,000
Series 2009 2.75%, 05/15/2039^(g)		400		400,000
Nuveen New York AMT-Free Quality Municipal Income Fund (Nuveen New York AMT-Free Quality Municipal Income Fund) Series 2017 3.24%, 05/01/2047^(a)(g)		7,200		7,200,000
Town of Oyster Bay NY (Town of Oyster Bay NY) Series 2025 4.00%, 03/06/2026		13,000		13,045,929
4.00%, 08/21/2026		15,150		15,305,871
Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) Series 2018-2 2.90%, 01/01/2031^(g)		5,000		5,000,000
Series 2023-B 2.85%, 01/01/2032^(g)		1,900		1,900,000
Series 2025 5.00%, 05/15/2026		5,125		5,181,854
Trust for Cultural Resources of The City of New York (The) (New York Botanical Garden/The) Series 2009 2.78%, 07/01/2032^(g)		6,385		6,385,000



ABFunds.com		AB New York Intermediate Municipal ETF 21

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Trust for Cultural Resources of The City of New York (The) (Pierpont Morgan Library) Series 2004 2.85%, 02/01/2034^(g)	$	5,465	$	5,465,000


Total Short-Term Municipal Notes (cost $126,650,771)				126,647,288


Total Municipal Obligations (cost $1,273,606,930)				1,264,541,058


GOVERNMENTS - TREASURIES – 0.2%
United States – 0.2%
U.S. Treasury Notes 2.625%, 02/15/2029 (cost $2,432,756)		2,377		2,313,118


ASSET-BACKED SECURITIES – 0.0%
Autos - Fixed Rate – 0.0%
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028^(a) (cost $493,995)		494		499,225


COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%
Risk Share Floating Rate – 0.0%
Federal National Mortgage Association Connecticut Avenue Securities Series 2016-C02, Class 1M2 10.186% (CME Term SOFR + 6.11%), 09/25/2028^(e)		5		4,629
Series 2016-C01, Class 1M2 10.936% (CME Term SOFR + 6.86%), 08/25/2028^(e)		54		54,683


Total Collateralized Mortgage Obligations (cost $59,689)				59,312


Total Investments – 98.0% (cost $1,276,593,370)				1,267,412,713
Other assets less liabilities – 2.0%				25,537,557


Net Assets – 100.0%			$	1,292,950,270



22 AB New York Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note D)


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	25,120	10/15/2028	CPI^#	2.565%	Maturity	$	2,487		$	(53,967	)	$	56,454
USD	22,000	10/15/2029	2.569%	CPI^#	Maturity		(56,093	)		6,527			(62,620	)
USD	21,500	10/15/2029	2.485%	CPI^#	Maturity		32,905			92,259			(59,354	)
USD	17,177	10/15/2029	2.516%	CPI^#	Maturity		389			48,353			(47,964	)
USD	17,162	10/15/2029	2.499%	CPI^#	Maturity		14,583			62,207			(47,624	)
USD	17,161	10/15/2029	2.451%	CPI^#	Maturity		54,400			101,184			(46,784	)
USD	26,380	10/15/2030	CPI^#	2.531%	Maturity		65,490			(23,191	)		88,681

						$	114,161		$	233,372		$	(119,211	)

#	Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	25,000	01/15/2027	1 Day SOFR	2.540%	Annual	$	(646,355	)	$	(264,471	)	$	(381,884	)
USD	17,500	10/15/2029	1 Day SOFR	3.785%	Annual		322,027			286,594			35,433
USD	7,600	10/15/2030	1 Day SOFR	4.082%	Annual		265,888			241,963			23,925
USD	10,400	12/02/2032	1 Day SOFR	3.427%	Annual		3,681			– 0	–		3,681
USD	8,200	06/15/2034	3.543%	1 Day SOFR	Annual		23,262			30,380			(7,118	)
USD	9,620	08/15/2034	3.314%	1 Day SOFR	Annual		193,356			206,922			(13,566	)
USD	4,200	02/15/2035	3.747%	1 Day SOFR	Annual		(44,907	)		(39,956	)		(4,951	)

						$	116,952		$	461,432		$	(344,480	)

INTEREST RATE SWAPS (see Note D)

Rate Type

Swap
Counterparty

Notional
Amount
(000)

Termination
Date

Payments
made
by the
Fund

Payments
received
by the
Fund

Payment
Frequency
Paid/
Received

Market
Value

Upfront
Premiums
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Citibank, NA

USD

16,980

10/09/2029

1.125%

1 Week SIFMA*

Quarterly

846,968

– 0

–

846,968

*	Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap index.

(a)

(b)	Non-income producing security.

(c)	Defaulted matured security.



ABFunds.com		AB New York Intermediate Municipal ETF 23

PORTFOLIO OF INVESTMENTS (continued)

(d)	Defaulted.

(e)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2025.

(f)	IO – Interest Only.

(g)

(h)	When-Issued or delayed delivery security.

Glossary:

AG – Assured Guaranty Inc.

AMT – Alternative Minimum Tax (subject to)

CME – Chicago Mercantile Exchange

SOFR – Secured Overnight Financing Rate

XLCA – XL Capital Assurance Inc.

See notes to financial statements.



24 AB New York Intermediate Municipal ETF		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value (cost $1,276,593,370)	$	1,267,412,713
Cash		22,757,330
Cash collateral due from broker		1,929,478
Interest receivable		14,932,092
Unrealized appreciation on interest rate swaps		846,968
Receivable for investment securities sold		335,000
Receivable for variation margin on centrally cleared swaps		28,831

Total assets		1,308,242,412

Liabilities
Payable for investment securities purchased		14,835,385
Advisory fee payable		292,722
Other liabilities		164,035

Total liabilities		15,292,142

Net Assets	$	1,292,950,270

Composition of Net Assets
Capital stock, at par	$	5,163
Additional paid-in capital		1,327,557,225
Accumulated loss		(34,612,118	)

Net Assets	$	1,292,950,270

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 51,625,758 common shares outstanding)	$	25.04

See notes to financial statements.



ABFunds.com		AB New York Intermediate Municipal ETF 25

STATEMENT OF OPERATIONS


	October 1, 2025 to November 30, 2025^(a)			Year Ended September 30, 2025^(b)
Investment Income
Interest	$	7,075,163		$	42,466,489
Other income		– 0	–		83,795	^(c)

Total income		7,075,163			42,550,284

Expenses
Advisory fee (see Note B)		775,888			5,297,425
Shareholder servicing fee (see Note B)		127,019			1,156,224
Distribution fee—Class A		3,333			175,431
Distribution fee—Class C		605			19,055
Transfer agency—Class A		646			24,667
Transfer agency—Class C		30			716
Transfer agency—Advisor Class		6,199			17,770
Transfer agency—Non-Retail Class		3,180			33,858
Legal		60,496			79,717
Custody and accounting		15,363			141,438
Audit and tax		15,132			52,747
Printing		8,772			47,097
Directors’ fees		7,514			38,696
Registration fees		1,705			64,667
Miscellaneous		892			19,172

Total expenses before bank overdraft expense		1,026,774			7,168,680
Bank overdraft expense		– 0	–		79,381

Total expenses		1,026,774			7,248,061

Net investment income		6,048,389			35,302,223

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions		46,704			(3,820,015	)
Swaps		569,231			321,616
Net change in unrealized appreciation (depreciation) of:
Investments		6,230,286			(8,295,454	)
Swaps		(1,039,865	)		319,078

Net gain (loss) on investment transactions		5,806,356			(11,474,775	)

Net Increase in Net Assets from Operations	$	11,854,745		$	23,827,448

(a)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(b)	After the close of business on November 7, 2025, New York Municipal Portfolio (the “Acquired Portfolio”) was reorganized into AB New York Intermediate Municipal ETF. The amounts disclosed include those of the Acquired Portfolio. See Note A for additional information on the reorganization.

(c)	Other income includes a non-recurring reimbursement for overpayment of prior years’ omnibus account services, sub-accounting services and related transfer agency expenses (see Note B).

See notes to financial statements.



26 AB New York Intermediate Municipal ETF		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS


	October 1, 2025 to November 30, 2025^(a)			Year Ended September 30, 2025^(b)			Year Ended September 30, 2024
Increase in Net Assets from Operations
Net investment income	$	6,048,389		$	35,302,223		$	36,219,704
Net realized gain (loss) on investment transactions		615,935			(3,498,399	)		171,268
Net change in unrealized appreciation (depreciation) of investments		5,190,421			(7,976,376	)		64,095,176

Net increase in net assets from operations		11,854,745			23,827,448			100,486,148
Distributions to Shareholders
Class A		– 0	–		(1,801,246	)		(1,922,062	)
Class C		– 0	–		(34,459	)		(45,728	)
Advisor Class		(3,614,529	)		(1,436,296	)		(1,586,798	)
Municipal Class		– 0	–		(31,911,836	)		(32,190,707	)
Transactions in Shares of the Fund
Net increase (decrease)		3,715,650			(51,699,999	)		(61,971,979	)

Total increase (decrease)		11,955,866			(63,056,388	)		2,768,874
Net Assets
Beginning of period		1,280,994,404			1,344,050,792			1,341,281,918

End of period	$	1,292,950,270		$	1,280,994,404		$	1,344,050,792

(a)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(b)	After the close of business on November 7, 2025, New York Municipal Portfolio (the “Acquired Portfolio”) was reorganized into AB New York Intermediate Municipal ETF. The amounts disclosed include those of the Acquired Portfolio. See Note A for additional information on the reorganization.

See notes to financial statements.



ABFunds.com		AB New York Intermediate Municipal ETF 27

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

AB Active ETFs, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Corporation, which is a Maryland corporation, operates as a series company comprised of 23 funds currently in operation. Each fund is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB New York Intermediate Municipal ETF (the “Fund”), a diversified portfolio. The Fund commenced investment operations on November 10, 2025. At meetings held on May 6-8, 2025, the Fund’s Board of Directors (the “Board”) approved the reorganization of New York Municipal Portfolio, a portfolio of Sanford C. Bernstein Fund, Inc. (the “Acquired Portfolio”) into the Fund (the “Conversion”), to be managed by AllianceBernstein L.P. (the “Adviser”). Pursuant to an Agreement and Plan of Acquisition and Termination (the “Plan”) the Acquired Portfolio was converted into an ETF, the Fund (the “Acquiring Portfolio”) with the same investment objective, and the same investment policies and investment strategies as the Acquired Portfolio on the closing date of the Conversion, November 7, 2025. In connection with the Conversion, the assets and liabilities of the Acquired Portfolio were transferred to the Acquiring Portfolio, and stockholders of the Acquired Portfolio received shares of the Acquiring Portfolio equal in aggregate net asset value (“NAV”) to the NAV of their shares of the Acquired Portfolio (less cash corresponding to any fractional share amount). The Acquired Portfolio had a fiscal year end of September 30, however the Fund has a fiscal year end of November 30. See Note I for additional information regarding the Conversion. The Acquired Portfolio was the accounting survivor in the Conversion and as such, the financial statements and the financial highlights reflect the financial information of the Acquired Portfolio through November 7, 2025. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation



28 AB New York Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed



ABFunds.com		AB New York Intermediate Municipal ETF 29

NOTES TO FINANCIAL STATEMENTS (continued)

appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents.

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)



30 AB New York Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in

Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

1,137,893,770

– 0

–

1,137,893,770

Short-Term Municipal Notes

– 0

–

126,647,288

– 0

–

126,647,288

Governments – Treasuries

– 0

–

2,313,118

– 0

–

2,313,118

Asset-Backed Securities

– 0

–

499,225

– 0

–

499,225

Collateralized Mortgage Obligations

– 0

–

59,312

– 0

–

59,312

Total Investments in Securities

– 0

–

1,267,412,713

– 0

–

1,267,412,713

Other Financial Instruments^(a):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

170,254

– 0

–

170,254

^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

808,214

– 0

–

808,214

^(b)

Interest Rate Swaps

– 0

–

846,968

– 0

–

846,968

Liabilities:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

(56,093

)

– 0

–

(56,093

)^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

(691,262

)

– 0

–

(691,262

)^(b)

Total

– 0

–

1,268,490,794

– 0

–

1,268,490,794

(a)

(b)

3. Currency Translation



ABFunds.com		AB New York Intermediate Municipal ETF 31

NOTES TO FINANCIAL STATEMENTS (continued)

from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

5. Investment Income and Investment Transactions

6. Class Allocations

Prior to the conversion, all income earned and expenses incurred by the Acquired Portfolio were borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Acquired Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Sanford Bernstein Fund, Inc. were charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.



32 AB New York Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

7. Dividends and Distributions

8. Offering Expenses

The Adviser has agreed to pay all of the Fund’s organization and offering costs. The Fund is not obligated to repay any such organizational expenses or offering costs paid by the Adviser.

9. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

10. Segment Information

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser a unitary advisory fee at an annual rate of .27% of the Fund’s daily net assets. The fees are accrued daily and paid monthly. Prior to November 10, 2025, the Acquired Portfolio paid the Adviser an advisory fee of the Fund’s average daily net assets at an annual rate 0.425% of the first $1 billion, .375% of the next $2 billion, .325% of the next $2 billion and .275% thereafter.

Prior to November 7, 2025, under the Shareholder Servicing Agreement between the Acquired Portfolio and the Adviser, the Adviser paid expenses it



ABFunds.com		AB New York Intermediate Municipal ETF 33

NOTES TO FINANCIAL STATEMENTS (continued)

incurred in providing shareholder servicing to Sanford C. Bernstein Fund, Inc., the Acquired Portfolio and individual shareholders. The Shareholder Servicing Agreement does not apply to the Retail Classes. Such services include, but are not limited to, providing information to shareholders concerning their fund investments, systematic withdrawal plans, fund dividend payments and reinvestments, shareholder account or transactions status, net asset value of shares, fund performance, fund services, plans and options, fund investment policies, portfolio holdings and tax consequences of fund investments; dealing with shareholder complaints and other correspondence relating to fund matters; and communications with shareholders when proxies are being solicited from them with respect to voting their fund shares. Under the agreement, the fee paid by the Acquired Portfolio to the Adviser for services is .10 of 1%, annualized, of the average net assets attributable to the Bernstein Class during the month.

Prior to November 7, 2025, under a Transfer Agency Agreement between Sanford C. Bernstein Fund, Inc. on behalf of the Retail Classes, and AllianceBernstein Investor Services, Inc. (“ABIS”), the Retail Classes compensated ABIS, a wholly owned subsidiary of the Adviser, for providing personnel and facilities to perform transfer agency services. ABIS may make payments to intermediaries that provide omnibus account services, sub accounting services and/or networking services. For the period ended November 30, 2025 and the year ended September 30, 2025, the compensation retained by ABIS amounted to $0 and $18,067, respectively.

Prior to November 7, 2025, under the Distribution Agreement between the Acquired Portfolio, and Sanford C. Bernstein & Co., LLC (the “Distributor”), the Distributor agreed to act as agent to sell shares of the Acquired Portfolio. The Distributor received no fee for this service, and furthermore agreed to pay all expenses arising from the performance of its obligations under this agreement. The Distributor is a wholly owned subsidiary of the Adviser.

During the year ended September 30, 2025, the Adviser reimbursed the Acquired Portfolio $83,795 for overpayment of prior years’ omnibus account services, sub-accounting services and related transfer agency expenses.



34 AB New York Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

A summary of the Fund’s transactions in AB mutual funds for the period ended November 30, 2025 is as follows:

Fund

Market Value
9/30/25
(000)

Purchases
at Cost
(000)

Sales
Proceeds
(000)

Market Value
11/30/25
(000)

Dividend
Income
(000)

AB Government Money Market Portfolio

– 0

–

– 0

–

– 0

–

There were no transactions in AB mutual funds for the year ended September 30, 2025.

NOTE C

Distribution Services Agreement

Effective November 7, 2025, the Fund has adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 of the Act which permits the Fund to pay distribution and servicing fees not to exceed .25% per year of the Fund’s average daily net assets, provided that the Fund will not make any 12b-1 payments under the Plan without prior Board and stockholder approval. No such fees are currently paid.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the period ended November 30, 2025 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	17,107,197		$	29,368,332
U.S. government securities		– 0	–		– 0	–

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the year end September 30, 2025 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	358,947,749		$	330,715,118
U.S. government securities		– 0	–		– 0	–

For the period ended November 30, 2025, there were no in-kind purchases and in-kind sales in the fund.



ABFunds.com		AB New York Intermediate Municipal ETF 35

NOTES TO FINANCIAL STATEMENTS (continued)

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	1,276,734,725

Gross unrealized appreciation	$	13,377,157
Gross unrealized depreciation		(22,029,824	)

Net unrealized depreciation	$	(8,652,667	)

1. Derivative Financial Instruments

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

•

Swaps

The Fund may enter into swaps for investment purposes or to hedge its exposure to interest rates, credit risk or inflation, equity markets or currencies. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices, rates or indexes for a specified amount of an underlying asset or inflation. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates, inflation or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded



36 AB New York Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation (depreciation) of swaps on the statement of operations.

Interest Rate Swaps:



ABFunds.com		AB New York Intermediate Municipal ETF 37

NOTES TO FINANCIAL STATEMENTS (continued)

During the period ended November 30, 2025, the Fund held interest rate swaps for hedging purposes. During the year ended September 30, 2025, the Fund held interest rate swaps for hedging purposes.

Inflation (CPI) Swaps:



38 AB New York Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

please refer to netting arrangements by the OTC counterparty table below for additional details.

During the period ended November 30, 2025, the Fund had entered into the following derivatives:

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for

variation margin
on centrally
cleared swaps

208,174

Payable for
variation margin on
centrally cleared
swaps

671,865

Interest rate contracts

Unrealized
appreciation on
interest rate swaps

846,968

Total

1,055,142

671,865

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations for Period ended October 1, 2025 to November 30, 2025	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	569,231	$	(1,039,865	)

Total		$	569,231	$	(1,039,865	)


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations for the Year ended September 30, 2025	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	321,616	$	319,078

Total		$	321,616	$	319,078



ABFunds.com		AB New York Intermediate Municipal ETF 39

NOTES TO FINANCIAL STATEMENTS (continued)

The following table represents the average monthly volume of the Fund’s derivative transactions during the period ended November 30, 2025:


Interest Rate Swaps:
Average notional amount	$	16,980,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	78,753,333
Centrally Cleared Inflation Swaps:
Average notional amount	$	146,500,000

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended September 30, 2025:


Interest Rate Swaps:
Average notional amount	$	16,980,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	102,258,462
Centrally Cleared Inflation Swaps:
Average notional amount	$	133,125,000

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.


Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Citibank, NA	$	846,968	$	– 0	–	$	– 0	–	$	– 0	–	$	846,968

Total	$	846,968	$	– 0	–	$	– 0	–	$	– 0	–	$	846,968	^

*	The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^	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.

2. Currency Transactions



40 AB New York Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E

Shares of the Fund



ABFunds.com		AB New York Intermediate Municipal ETF 41

NOTES TO FINANCIAL STATEMENTS (continued)

Transactions in shares of the Fund were as follows:


	Shares									Amount
	Period Ended November 30, 2025^(a)			Year Ended September 30, 2025^(b)			Year Ended September 30, 2024			Period Ended November 30, 2025^(a)			Year Ended September 30, 2025^(b)			Year Ended September 30, 2024

Class A
Shares sold		231,238			478,705			511,550		$	3,119,394		$	6,444,742		$	6,856,811

Shares issued in reinvestment of dividends		– 0	–		87,023			96,636			– 0	–		1,163,828			1,293,291

Shares converted from Class C		– 0	–		36,803			89,224			– 0	–		491,109			1,179,567

Shares converted to Advisor Class		(5,364,578	)		– 0	–		– 0	–		(72,384,257	)		– 0	–		– 0	–

Shares redeemed		(26,003	)		(1,032,061	)		(1,250,242	)		(356,147	)		(13,801,795	)		(16,631,590	)

Net decrease		(5,159,343	)		(429,530	)		(552,832	)	$	(69,621,010	)	$	(5,702,116	)	$	(7,301,921	)


Class C
Shares sold		240,529			103,614			3,959		$	3,244,738		$	1,396,070		$	53,025

Shares issued in reinvestment of dividends		– 0	–		1,916			2,820			– 0	–		25,622			37,695

Shares converted to Class A		– 0	–		(36,808	)		(89,220	)		– 0	–		(491,109	)		(1,179,567	)

Shares converted to Advisor Class		(434,443	)		– 0	–		– 0	–		(5,862,286	)		– 0	–		– 0	–

Shares redeemed		(1,708	)		(46,980	)		(21,395	)		(23,036	)		(632,415	)		(284,563	)

Net increase (decrease)		(195,622	)		21,742			(103,836	)	$	(2,640,584	)	$	298,168		$	(1,373,410	)


Municipal Class
Shares sold		1,063,719			12,390,680			35,241,900		$	14,388,990		$	166,136,309		$	469,614,601

Shares issued in reinvestment of dividends		220,443			1,776,990			1,825,316			2,986,997			23,771,829			24,433,295

Shares converted to Adviser Class		(85,702,331	)		– 0	–		– 0	–		(1,160,958,050	)		– 0	–		– 0	–

Shares redeemed		(1,009,716	)		(17,872,527	)		(40,208,328	)		(13,664,268	)		(239,549,123	)		(535,750,259	)

Net decrease		(85,427,885	)		(3,704,857	)		(3,141,112	)	$	(1,157,246,331	)	$	(49,640,985	)	$	(41,702,363	)


Advisor Class
Shares sold		220,938			2,095,450			1,375,768		$	5,503,803		$	27,991,632		$	18,427,073

Shares converted from Class A		2,905,241			– 0	–		– 0	–		72,384,257			– 0	–		– 0	–

Shares converted from Class C		235,277			– 0	–		– 0	–		5,862,286			– 0	–		– 0	–

Shares converted from Municipal Class		46,438,322			– 0	–		– 0	–		1,160,958,050			– 0	–		– 0	–

Shares issued in reinvestment of dividends		10,312			70,628			84,614			257,817			944,644			1,131,119

Shares redeemed		(469,817	)		(1,913,739	)		(2,333,393	)		(11,742,638	)		(25,591,342	)		(31,152,477	)

Net increase (decrease)		49,340,273			252,339			(873,011	)	$	1,233,223,575		$	3,344,934		$	(11,594,285	)

(a)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(b)	After the close of business on November 7, 2025, New York Municipal Portfolio (the “Acquired Portfolio”) was reorganized into AB New York Intermediate Municipal ETF. The amounts disclosed include those of the Acquired Portfolio. See Note A for additional information on the reorganization.



42 AB New York Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, changing interest rate levels, the imposition of new or additional tariffs, and regional and global conflicts, that affect large portions of the market.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed income security with a duration of three years will likely decrease in value by approximately 3% if interest rates increase by 1%.



ABFunds.com		AB New York Intermediate Municipal ETF 43

NOTES TO FINANCIAL STATEMENTS (continued)

insolvency proceedings. Most of the Fund’s investments are in New York municipal securities. Thus, the Fund may be vulnerable to events adversely affecting New York’s economy, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, wildfires, flooding and blizzards, which may be further exacerbated by recent environmental conditions and climate change patterns. New York’s economy has a relatively large share of the nation’s financial activities. With the financial services sector contributing a significant portion of the state’s wages, the state’s economy is especially vulnerable to adverse events affecting the financial markets. The Fund’s investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, are subject to the risk that factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.



44 AB New York Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

trading volumes and large positions. Foreign fixed-income securities may have more illiquid investments risk because secondary trading markets for these securities may be smaller and less well developed and the securities may trade less frequently than domestic securities. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down.



ABFunds.com		AB New York Intermediate Municipal ETF 45

NOTES TO FINANCIAL STATEMENTS (continued)



46 AB New York Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.



ABFunds.com		AB New York Intermediate Municipal ETF 47

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE G

Joint Credit Facility

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the fiscal period ended November 30, 2025 and the years ended September 30, 2025 and September 30, 2024 were as follows:


	October 1, 2025 to November 30, 2025			Year ended September 30, 2025			Year ended September 30, 2024
Distributions paid from:
Ordinary income	$	124,863		$	964,191			1,837,686
Long-term capital gains		– 0	–		– 0	–		– 0	–
Total taxable distributions		124,863			964,191			1,837,686
Tax exempt distributions		3,489,666			34,219,646			33,907,609

Total distributions paid	$	3,614,529		$	35,183,837		$	35,745,295

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed tax-exempt income	$	2,201,084
Accumulated capital and other losses		(28,020,699	)^(a)
Unrealized appreciation (depreciation)		(8,792,504	)^(b)

Total accumulated earnings (deficit)	$	(34,612,119	)

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $28,020,699. During the fiscal year, the Fund utilized $624,906 of capital loss carry forwards to offset current year net realized gains.

(b)	The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of bond restructuring.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $27,938,209 and a net long-term capital loss carryforward of $82,490, which may be carried forward for an indefinite period.



48 AB New York Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

During the current fiscal period, there were no permanent differences that resulted in adjustments to accumulated loss or additional paid-in capital.

NOTE I

Reorganization

Portfolio

Shares
outstanding
before the
Conversion

Shares
outstanding
immediately
after the
Conversion

Aggregate
net assets
before the
Conversion

Aggregate
net assets
immediately
after the
Conversion

Acquired Portfolio*

95,056,720

– 0

–

1,287,610,520

⁺

– 0

–

The Fund

– 0

–

51,425,718

– 0

–

1,287,610,520

*	Represents the accounting survivor.

+	Includes distributions in excess of net investment income of $150,524 and unrealized depreciation on investments of $8,558,388, with a fair value of $1,260,803,927 and identified cost of $1,269,362,315.


Acquired Portfolio’s Share Class	Shares outstanding before Conversion		Conversion Ratio		Shares outstanding immediately after the Conversion
Advisor Class		9,351,572		0.53314408		4,985,735
Sanford C. Bernstein Class		85,705,148		0.54185757		46,439,983

Total		95,056,720				51,425,718

NOTE J

Subsequent Events



ABFunds.com		AB New York Intermediate Municipal ETF 49

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period^(a)


	October 1, 2025 to November 30, 2025^(b)			Year Ended September 30,
	October 1, 2025 to November 30, 2025^(b)			2025			2024			2023			2022			2021
Net asset value, beginning of period		$ 24.89			$ 25.09			$ 23.91			$ 23.78			$ 26.29			$ 25.91

Income From Investment Operations

Net investment income^(c)		.12			.70	^†		.68	^(d)		.59			.50			.50

Net realized and unrealized gain on investment transactions		.10			(.20	)		1.16			0.13			(2.51	)		.38


Contributions from affiliates		– 0	–		– 0	–		– 0	–		.00	^(g)		– 0	–		– 0	–
Net increase in net asset value from operations		.22			.50			1.84			0.72			(2.01	)		.88

Less: Dividends

Dividends from net investment income		(.07	)		(.70	)		(.66	)		(.59	)		(.50	)		(.50	)

Net asset value, end of period		$ 25.04			$ 24.89			$ 25.09			$ 23.91			$ 23.78			$ 26.29

Total Return

Total investment return based on net asset value^(e)		.96	%		2.03	%^†		7.81	%		3.04			(7.77	)		3.44

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,292,950			$56,875			$53,919			$62,682			$61,511			$67,388

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)		.30	%^{^}		.50	%		.49	%		.51	%		.48	%		.48	%

Expenses, before waivers/reimbursements^(f)		.30	%^{^}		.50	%		.50	%		.51	%		.48	%		.48	%

Net investment income		3.06	%^{^}		2.82	%^†		2.74	%^(d)		2.40	%		1.96	%		1.91	%

Portfolio turnover rate^(h)		1	%		28	%		33	%		20	%		14	%		18	%

(a)

After the close of business on November 7, 2025, New York Municipal Portfolio (the “Acquired Portfolio”) was converted into AB New York Intermediate Municipal ETF. The performance and financial history of the Acquired Portfolio’s Advisor Class Shares have been adopted by the Fund and will be used going forward. As a result, the Financial Highlight information includes that of the Acquired Portfolio’s Advisor Class Shares and has been adjusted retroactively for the periods from September 30, 2021 through the Reorganization.

(b)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(c)	Based on average shares outstanding.

(d)	Net of expenses waived by the Adviser.

(e)



50 AB New York Intermediate Municipal ETF		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period^(a)

(f)	The expense ratios presented below exclude bank overdraft expense:


	October 1, 2025 to November 30, 2025			Year Ended September 30,
	October 1, 2025 to November 30, 2025			2025			2024			2023			2022			2021
Net of waivers/reimbursements		.30	%^{^}		.49	%		.49	%		.51	%		.48	%		.48	%
Before waivers/reimbursements		.30	%^{^}		.49	%		.50	%		.51	%		.48	%		.48	%

†	During the year ended September 30, 2025, the Adviser reimbursed the Fund for overpayment of prior years’ omnibus account services, sub-accounting services and related transfer agency expenses. The impact of the reimbursement to the financial highlights is as follows.


Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$ .00^(g)	.01%	.01%

(g)	Amount is less than $.005.

(h)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the Fund’s capital shares, including ETF Creation Units.

^	Annualized.

See notes to financial statements.



ABFunds.com		AB New York Intermediate Municipal ETF 51

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB New York Intermediate Municipal ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB New York Intermediate Municipal ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statements of operations, changes in net assets, and the financial highlights for the period from October 1, 2025 to November 30, 2025, 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations, changes in its net assets and its financial highlights for the period from October 1, 2025 to November 30, 2025, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion



52 AB New York Intermediate Municipal ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 29, 2026



ABFunds.com		AB New York Intermediate Municipal ETF 53

2025 FEDERAL TAX INFORMATION

(unaudited)

The Fund designates $23,936 of distributions paid during the fiscal year ended November 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.



54 AB New York Intermediate Municipal ETF		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of AB New York Intermediate Municipal ETF (the “Fund”) for an initial two-year period at a meeting held in-person on May 6-8, 2025 (the “Meeting”).

Nature, Extent and Quality of Services to be Provided

The directors considered the scope and quality of services to be provided by the Adviser under the Advisory Agreement, including the quality of the investment



ABFunds.com		AB New York Intermediate Municipal ETF 55

Costs of Services to be Provided and Profitability

Fall-Out Benefits

Investment Results

Since the Fund was newly formed and had not yet commenced operations, no performance or other historical information for the Fund was available. However, it was proposed that the Fund would receive the assets of AB New York Municipal Portfolio (the “Acquired Portfolio”), a series of Sanford C. Bernstein Fund, Inc. (a mutual fund), in exchange for shares of the Fund (an exchange traded fund) and the assumption by the Fund of all the liabilities of the Acquired Portfolio. Shareholders of the Acquired Portfolio would receive shares of the Fund in a liquidating distribution of the Acquired Portfolio (the “Conversion”). The Conversion is expected to be consummated on or about November 7, 2025. Based on the Adviser’s written and oral presentations regarding the proposed management of the Fund and their general knowledge and confidence in the Adviser’s expertise in managing mutual funds and ETFs, the directors concluded that they were satisfied that the Adviser was capable of providing high quality Fund management services to the Fund.



56 AB New York Intermediate Municipal ETF		ABFunds.com

Advisory Fees and Other Expenses

The directors considered the proposed advisory fee rate payable by the Fund to the Adviser and information prepared by an independent service provider (the “15(c) service provider”), concerning advisory fee rates payable by other ETFs in the same category as the Fund, based on the Fund’s projected net assets of $1.3 billion (the Acquired Portfolio’s current asset size). The directors noted that the proposed advisory fee is a unitary fee and that the Adviser will pay all expenses of the Fund except for certain expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors considered the Fund’s proposed contractual advisory fee rate against a peer group median and noted that it was lower than the median.



ABFunds.com		AB New York Intermediate Municipal ETF 57

Economies of Scale



58 AB New York Intermediate Municipal ETF		ABFunds.com

NOTES



ABFunds.com		AB New York Intermediate Municipal ETF 59

NOTES



60 AB New York Intermediate Municipal ETF		ABFunds.com

LOGO

AB NEW YORK INTERMEDIATE MUNICIPAL ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-NYIM-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB SHORT DURATION HIGH YIELD ETF

(NYSE Arca: SYFI)

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Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


		Principal Amount (000)		U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 79.1%
Industrial – 69.2%
Basic – 4.1%
Ahlstrom Holding 3 Oy 4.875%, 02/04/2028^(a)	U.S.$		392	$	382,776
Alcoa Nederland Holding BV 4.125%, 03/31/2029^(a)			1,587		1,557,752
7.125%, 03/15/2031^(a)			3,880		4,116,331
Alumina Pty Ltd. 6.125%, 03/15/2030^(a)			7		7,191
ASP Unifrax Holdings, Inc. 7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029^(a)(b)			2,458		368,839
11.175% (10.425% Cash or 11.175% PIK or 6.425% Cash and 4.75% PIK), 09/30/2029^(a)(b)(c)			960		756,688
Celanese US Holdings LLC 6.83%, 07/15/2029^(c)			213		219,382
6.879%, 07/15/2032^(c)			1,303		1,329,633
Cerdia Finanz GmbH 9.375%, 10/03/2031^(a)			380		392,149
Champion Iron Canada, Inc. 7.875%, 07/15/2032^(a)			1,193		1,257,637
Constellium SE 3.75%, 04/15/2029^(a)			1,105		1,065,540
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028^(a)			2,887		2,881,919
Element Solutions, Inc. 3.875%, 09/01/2028^(a)			2,974		2,910,862
Hudbay Minerals, Inc. 6.125%, 04/01/2029^(a)			200		202,784
INEOS Finance PLC 7.25%, 03/31/2031^(a)	EUR		715		738,740
INEOS Quattro Finance 2 PLC 6.75%, 04/15/2030^(a)			1,103		1,046,727
Novelis Corp. 4.75%, 01/30/2030^(a)	U.S.$		4,657		4,488,370
Olympus Water US Holding Corp. 3.875%, 10/01/2028^(a)	EUR		100		114,989
Roller Bearing Co. of America, Inc. 4.375%, 10/15/2029^(a)	U.S.$		680		669,508
SNF Group SACA 3.125%, 03/15/2027^(a)			1,989		1,949,459
SunCoke Energy, Inc. 4.875%, 06/30/2029^(a)			3,188		2,917,753



ABFunds.com		AB Short Duration High Yield ETF 1

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

WR Grace Holdings LLC 4.875%, 06/15/2027^(a)	U.S.$		2,388	$	2,370,926
6.625%, 08/15/2032^(a)			2,667		2,649,238

					34,395,193

Capital Goods – 9.3%
Arcosa, Inc. 4.375%, 04/15/2029^(a)			2,896		2,835,705
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 5.00%, 01/30/2031^(a)	EUR		597		698,953
6.00%, 06/15/2027^(a)	U.S.$		1,300		1,315,899
6.25%, 01/30/2031^(a)			537		546,279
Bombardier, Inc. 6.00%, 02/15/2028^(a)			2,251		2,256,920
7.25%, 07/01/2031^(a)			884		941,336
7.50%, 02/01/2029^(a)			2,585		2,698,843
7.875%, 04/15/2027^(a)			39		39,000
8.75%, 11/15/2030^(a)			905		976,875
Dycom Industries, Inc. 4.50%, 04/15/2029^(a)			867		856,848
Efesto Bidco SpA Efesto US LLC Series XR 7.50%, 02/15/2032^(a)			2,793		2,845,564
EnerSys 4.375%, 12/15/2027^(a)			1,214		1,205,538
Esab Corp. 6.25%, 04/15/2029^(a)			4,964		5,114,360
GFL Environmental, Inc. 4.00%, 08/01/2028^(a)			2,856		2,803,564
4.375%, 08/15/2029^(a)			3,376		3,328,398
6.75%, 01/15/2031^(a)			507		532,614
IMA Industria Macchine Automatiche SpA 3.75%, 01/15/2028^(a)	EUR		650		753,045
LSB Industries, Inc. 6.25%, 10/15/2028^(a)(c)	U.S.$		4,694		4,672,689
Luna 2 5SARL 5.50%, 07/01/2032^(a)	EUR		266		312,053
Madison IAQ LLC 5.875%, 06/30/2029^(a)	U.S.$		5,911		5,848,875
Maxam Prill SARL 7.75%, 07/15/2030^(a)			2,831		2,887,082
MIWD Holdco II LLC/MIWD Finance Corp. 5.50%, 02/01/2030^(a)			7,455		7,080,610
Moog, Inc. 4.25%, 12/15/2027^(a)			4,778		4,749,141
Mueller Water Products, Inc. 4.00%, 06/15/2029^(a)			3,980		3,874,610



2 AB Short Duration High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Silgan Holdings, Inc. 2.25%, 06/01/2028	EUR		412	$	466,949
Spirit AeroSystems, Inc. 9.375%, 11/30/2029^(a)	U.S.$		2,105		2,211,260
Terex Corp. 5.00%, 05/15/2029^(a)			4,146		4,123,031
TK Elevator Midco GmbH 4.375%, 07/15/2027^(a)	EUR		180		209,079
TransDigm, Inc. 6.375%, 03/01/2029^(a)	U.S.$		3,656		3,770,250
6.75%, 08/15/2028^(a)			2,775		2,835,939
6.875%, 12/15/2030^(a)			4,119		4,295,623
Trinity Industries, Inc. 7.75%, 07/15/2028^(a)			863		897,460

					77,984,392

Communications - Media – 4.3%
AMC Networks, Inc. 10.25%, 01/15/2029^(a)			663		695,991
Banijay Entertainment SAS 7.00%, 05/01/2029^(a)	EUR		442		532,225
8.125%, 05/01/2029^(a)	U.S.$		234		242,674
Clear Channel Outdoor Holdings, Inc. 7.125%, 02/15/2031^(a)			1,149		1,196,488
CSC Holdings LLC 5.375%, 02/01/2028^(a)			1,973		1,428,057
5.50%, 04/15/2027^(a)			491		423,556
6.50%, 02/01/2029^(a)			233		145,793
DIRECTV Financing LLC 8.875%, 02/01/2030^(a)			701		696,654
DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027^(a)			973		975,257
Discovery Communications LLC 4.125%, 05/15/2029			3,357		3,264,481
DISH DBS Corp. 5.25%, 12/01/2026^(a)			2,160		2,108,139
5.75%, 12/01/2028^(a)			754		728,115
EW Scripps Co. (The) 9.875%, 08/15/2030^(a)			795		799,595
LCPR Senior Secured Financing DAC 5.125%, 07/15/2029^(a)			1,179		746,767
6.75%, 10/15/2027^(a)			2,212		1,503,010
McGraw-Hill Education, Inc. 5.75%, 08/01/2028^(a)			4,479		4,483,748
7.375%, 09/01/2031^(a)			2,537		2,631,148
Millennium Escrow Corp. 6.625%, 08/01/2026^(a)			2,152		2,096,457



ABFunds.com		AB Short Duration High Yield ETF 3

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Sinclair Television Group, Inc. 5.50%, 03/01/2030^(a)	U.S.$		67	$	59,164
Summer BC Holdco B SARL 5.875%, 02/15/2030^(a)	EUR		196		206,411
TEGNA, Inc. 5.00%, 09/15/2029	U.S.$		223		221,129
Veritiv Operating Co. 10.50%, 11/30/2030^(a)			1,662		1,788,744
Versant Media Group, Inc. 7.25%, 01/30/2031^(a)			3,890		3,994,019
Virgin Media Secured Finance PLC 5.50%, 05/15/2029^(a)			4,101		4,028,576
Warnermedia Holdings, Inc. 4.279%, 03/15/2032			751		686,790

					35,682,988

Communications - Telecommunications – 2.0%
Altice Financing SA 5.00%, 01/15/2028^(a)			1,198		837,905
Altice France SA 6.50%, 04/15/2032^(a)			1,993		1,938,363
6.875%, 10/15/2030^(a)			377		371,615
6.875%, 07/15/2032^(a)			1,465		1,425,812
9.50%, 11/01/2029^(a)			453		466,289
Connect Finco SARL/Connect US Finco LLC 9.00%, 09/15/2029^(a)			220		233,988
EchoStar Corp. 10.75%, 11/30/2029			2,131		2,349,428
Fibercop SpA Series 2033 6.375%, 11/15/2033^(a)			1,306		1,279,919
Lorca Telecom Bondco SA 4.00%, 09/18/2027^(a)	EUR		1,164		1,352,313
Nexstar Media, Inc. 5.625%, 07/15/2027^(a)	U.S.$		1,308		1,309,373
United Group BV 4.25% (EURIBOR 3 Month + 4.25%), 02/01/2029^(a)(d)	EUR		210		244,983
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031^(a)	U.S.$		316		288,916
4.75%, 07/15/2031^(a)			2,196		2,024,097
Windstream Services LLC/Windstream Escrow Finance Corp. 8.25%, 10/01/2031^(a)			2,506		2,605,087

					16,728,088

Consumer Cyclical - Automotive – 2.9%
Adient Global Holdings Ltd. 8.25%, 04/15/2031^(a)			3,749		3,945,335



4 AB Short Duration High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

American Axle & Manufacturing, Inc. 6.375%, 10/15/2032^(a)	U.S.$		427	$	430,425
Clarios Global LP/Clarios US Finance Co. 6.75%, 02/15/2030^(a)			150		155,915
Dana, Inc. 5.625%, 06/15/2028			165		165,120
Garrett Motion Holdings, Inc./Garrett LX I SARL 7.75%, 05/31/2032^(a)			205		217,001
Goodyear Tire & Rubber Co. (The) 5.25%, 04/30/2031			2,242		2,148,822
5.25%, 07/15/2031			4,357		4,111,265
IHO Verwaltungs GmbH 6.375% (6.375% Cash or 7.1250% PIK), 05/15/2029^(a)(b)			662		662,060
6.75% (6.75% Cash or 7.50% PIK), 11/15/2029^(a)(b)	EUR		520		637,028
7.75% (7.75% Cash or 8.50% PIK), 11/15/2030^(a)(b)	U.S.$		1,427		1,484,009
JB Poindexter & Co., Inc. 8.75%, 12/15/2031^(a)			396		413,610
New Flyer Holdings, Inc. 9.25%, 07/01/2030^(a)			1,067		1,143,877
Nissan Motor Acceptance Co. LLC 1.85%, 09/16/2026^(a)			450		437,292
2.75%, 03/09/2028^(a)			3,427		3,222,305
5.30%, 09/13/2027^(a)			618		616,165
Nissan Motor Co., Ltd. 4.81%, 09/17/2030^(a)			883		828,757
7.50%, 07/17/2030^(a)			792		826,896
PM General Purchaser LLC 9.50%, 10/01/2028^(a)			3,530		2,974,413

					24,420,295

Consumer Cyclical - Entertainment – 2.0%
Boyne USA, Inc. 4.75%, 05/15/2029^(a)			2,305		2,269,987
CPUK Finance Ltd. 4.50%, 08/28/2027^(a)	GBP		400		519,458
Lindblad Expeditions LLC 7.00%, 09/15/2030^(a)	U.S.$		1,938		1,989,086
Live Nation Entertainment, Inc. 3.75%, 01/15/2028^(a)			2,695		2,639,591
NCL Corp., Ltd. 5.875%, 01/15/2031^(a)			2,664		2,631,339
6.75%, 02/01/2032^(a)			814		826,951
SeaWorld Parks & Entertainment, Inc. 5.25%, 08/15/2029^(a)			4,562		4,409,310
Viking Cruises Ltd. 5.875%, 10/15/2033^(a)			506		514,658
9.125%, 07/15/2031^(a)			729		781,699

					16,582,079



ABFunds.com		AB Short Duration High Yield ETF 5

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Consumer Cyclical - Other – 6.5%
Allwyn Entertainment Financing UK PLC 7.875%, 04/30/2029^(a)	U.S.$		616	$	637,726
AmeriTex HoldCo Intermediate LLC 7.625%, 08/15/2033^(a)			1,373		1,445,467
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 4.875%, 02/15/2030^(a)			1,159		1,079,620
Builders FirstSource, Inc. 5.00%, 03/01/2030^(a)			223		222,035
Cirsa Finance International SARL 6.50%, 03/15/2029^(a)	EUR		668		804,567
Great Canadian Gaming Corp./Raptor LLC 8.75%, 11/15/2029^(a)	U.S.$		560		563,746
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032^(a)			985		915,311
3.75%, 05/01/2029^(a)			2,274		2,209,009
4.00%, 05/01/2031^(a)			683		652,682
5.75%, 05/01/2028^(a)			354		355,136
5.875%, 04/01/2029^(a)			3,092		3,165,806
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 4.875%, 07/01/2031^(a)			1,925		1,783,551
5.00%, 06/01/2029^(a)			5,154		4,962,065
6.625%, 01/15/2032^(a)			404		410,868
Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029^(a)			5,393		5,124,968
MGM Resorts International 6.125%, 09/15/2029			413		422,239
Miller Homes Group Finco PLC 6.314% (EURIBOR 3 Month + 4.25%), 10/15/2030^(a)(d)	EUR		194		227,671
7.00%, 05/15/2029^(a)	GBP		276		366,735
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC 8.25%, 04/15/2030^(a)	U.S.$		2,180		2,269,337
Playtech PLC 5.875%, 06/28/2028^(a)	EUR		620		718,030
Standard Building Solutions, Inc. 6.50%, 08/15/2032^(a)	U.S.$		173		178,562
Standard Industries, Inc./NY 3.375%, 01/15/2031^(a)			2,452		2,248,974
4.375%, 07/15/2030^(a)			3,159		3,064,957
4.75%, 01/15/2028^(a)			1,847		1,840,665
Station Casinos LLC 4.50%, 02/15/2028^(a)			4,183		4,140,459
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028^(a)			1,010		1,031,947



6 AB Short Duration High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Thor Industries, Inc. 4.00%, 10/15/2029^(a)	U.S.$		3,601	$	3,448,534
Travel & Leisure Co. 4.50%, 12/01/2029^(a)			3,291		3,211,226
6.625%, 07/31/2026^(a)			2,634		2,652,043
Wyndham Hotels & Resorts, Inc. 4.375%, 08/15/2028^(a)			4,840		4,769,820

					54,923,756

Consumer Cyclical - Restaurants – 1.0%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029^(a)			1,208		1,169,694
3.875%, 01/15/2028^(a)			2,378		2,351,129
4.375%, 01/15/2028^(a)			3,033		3,009,919
5.625%, 09/15/2029^(a)			492		501,451
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 4.75%, 06/01/2027^(a)			410		410,636
Papa John’s International, Inc. 3.875%, 09/15/2029^(a)			938		903,256

					8,346,085

Consumer Cyclical - Retailers – 7.1%
Advance Auto Parts, Inc. 3.90%, 04/15/2030			448		411,237
7.00%, 08/01/2030^(a)			6,504		6,639,998
Asbury Automotive Group, Inc. 4.625%, 11/15/2029^(a)			6,525		6,393,130
5.00%, 02/15/2032^(a)			889		865,539
Beach Acquisition Bidco LLC 5.25%, 07/15/2032^(a)	EUR		668		793,761
Boots Group Finco LP 5.375%, 08/31/2032^(a)			781		932,630
Carvana Co. 9.00%, 06/01/2030^(a)(b)(c)	U.S.$		2,076		2,170,230
9.00%, 06/01/2031^(a)(b)(c)			367		413,664
Champ Acquisition Corp. 8.375%, 12/01/2031^(a)			1,100		1,170,686
FirstCash, Inc. 4.625%, 09/01/2028^(a)			5,655		5,609,930
Gap, Inc. (The) 3.625%, 10/01/2029^(a)			3,564		3,385,550
Global Auto Holdings Ltd/AAG FH UK Ltd. 8.375%, 01/15/2029^(a)			3,265		3,135,314
Group 1 Automotive, Inc. 4.00%, 08/15/2028^(a)			4,243		4,151,012
6.375%, 01/15/2030^(a)			1,352		1,389,180
LCM Investments Holdings II LLC 4.875%, 05/01/2029^(a)			521		513,107
8.25%, 08/01/2031^(a)			208		219,613



ABFunds.com		AB Short Duration High Yield ETF 7

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Lithia Motors, Inc. 3.875%, 06/01/2029^(a)	U.S.$		3,422	$	3,292,306
Murphy Oil USA, Inc. 3.75%, 02/15/2031^(a)			3,548		3,330,082
4.75%, 09/15/2029			225		223,092
Park River Holdings, Inc. 8.00%, 03/15/2031^(a)			451		466,442
Penske Automotive Group, Inc. 3.75%, 06/15/2029			3,854		3,724,621
PetSmart LLC/PetSmart Finance Corp. 7.50%, 09/15/2032^(a)			1,658		1,670,054
QXO Building Products, Inc. 6.75%, 04/30/2032^(a)			5		5,235
Sonic Automotive, Inc. 4.625%, 11/15/2029^(a)			1,840		1,798,692
4.875%, 11/15/2031^(a)			1,739		1,674,866
Staples, Inc. 10.75%, 09/01/2029^(a)			1,864		1,842,489
VF Corp. 2.95%, 04/23/2030			2,070		1,859,336
William Carter Co. (The) 7.375%, 02/15/2031^(a)			1,295		1,321,068

					59,402,864

Consumer Non-Cyclical – 8.4%
Acadia Healthcare Co., Inc. 5.50%, 07/01/2028^(a)			372		368,343
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029^(a)			4,452		4,278,506
4.625%, 01/15/2027^(a)			700		700,665
5.50%, 03/31/2031^(a)			648		657,726
5.875%, 02/15/2028^(a)			1,865		1,869,886
Bausch & Lomb Corp. 8.375%, 10/01/2028^(a)			3,128		3,265,006
Bausch Health Cos., Inc. 11.00%, 09/30/2028^(a)			460		484,463
CAB SELAS 3.375%, 02/01/2028^(a)	EUR		859		937,507
Embecta Corp. 5.00%, 02/15/2030^(a)	U.S.$		3,492		3,323,721
6.75%, 02/15/2030^(a)			366		361,864
Emergent BioSolutions, Inc. 3.875%, 08/15/2028^(a)			1,030		920,717
Grifols SA 3.875%, 10/15/2028^(a)	EUR		1,524		1,741,831
4.75%, 10/15/2028^(a)	U.S.$		3,183		3,114,947
Gruenenthal GmbH 4.125%, 05/15/2028^(a)	EUR		907		1,056,430



8 AB Short Duration High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Gruppo San Donato SpA 6.50%, 10/31/2031^(a)	EUR		1,056	$	1,247,846
Iceland Bondco PLC 7.564% (EURIBOR 3 Month + 5.50%), 12/15/2027^(a)(d)			199		233,003
10.875%, 12/15/2027^(a)	GBP		114		159,174
IQVIA, Inc. 1.75%, 03/15/2026^(a)	EUR		798		922,785
5.00%, 10/15/2026^(a)	U.S.$		1,570		1,568,791
5.00%, 05/15/2027^(a)			413		413,050
Kedrion SpA 6.50%, 09/01/2029^(a)			1,578		1,546,440
LifePoint Health, Inc. 9.875%, 08/15/2030^(a)			2,365		2,546,159
11.00%, 10/15/2030^(a)			1,991		2,196,491
Medline Borrower LP 3.875%, 04/01/2029^(a)			2,504		2,435,616
Mehilainen Yhtiot Oy 5.125%, 06/30/2032^(a)	EUR		419		494,017
ModivCare, Inc. 5.00%, 10/01/2029^(c)(e)(f)(g)	U.S.$		1,626		2,033
5.00%, 10/01/2029^(e)(f)(g)			47		148
Neogen Food Safety Corp. 8.625%, 07/20/2030^(a)			1,166		1,242,175
Organon & Co./Organon Foreign Debt Co-Issuer BV 4.125%, 04/30/2028^(a)			4,080		3,988,567
Owens & Minor, Inc. 4.50%, 03/31/2029^(a)			3		2,129
6.625%, 04/01/2030^(a)			158		101,182
Performance Food Group, Inc. 5.50%, 10/15/2027^(a)			1,982		1,983,823
Perrigo Finance Unlimited Co. 4.90%, 06/15/2030^(c)			1,305		1,257,681
Premier Foods Finance PLC 3.50%, 10/15/2026^(a)	GBP		200		261,876
Surgery Center Holdings, Inc. 7.25%, 04/15/2032^(a)	U.S.$		2,935		3,013,453
Tenet Healthcare Corp. 4.25%, 06/01/2029			3,354		3,291,649
4.375%, 01/15/2030			3,665		3,590,894
5.50%, 11/15/2032^(a)			2,299		2,335,991
US Foods, Inc. 4.75%, 02/15/2029^(a)			5,606		5,578,250
Whirlpool Corp.
6.125%, 06/15/2030			6,265		6,346,006
6.50%, 06/15/2033			697		692,483

					70,533,324



ABFunds.com		AB Short Duration High Yield ETF 9

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Energy – 9.4%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, 06/15/2029^(a)	U.S.$		3,675	$	3,689,112
5.75%, 01/15/2028^(a)			481		481,741
6.625%, 02/01/2032^(a)			829		859,640
Baytex Energy Corp. 8.50%, 04/30/2030^(a)			1,396		1,472,640
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.00%, 07/15/2029^(a)			1,139		1,188,136
Buckeye Partners LP 4.50%, 03/01/2028^(a)			2,369		2,358,055
6.75%, 02/01/2030^(a)			1,245		1,304,299
6.875%, 07/01/2029^(a)			1,316		1,370,772
California Resources Corp. 8.25%, 06/15/2029^(a)			1,167		1,222,094
Chord Energy Corp. 6.00%, 10/01/2030^(a)			805		811,698
CITGO Petroleum Corp. 8.375%, 01/15/2029^(a)			1,075		1,121,354
CNX Resources Corp. 6.00%, 01/15/2029^(a)			4,201		4,224,316
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.50%, 06/15/2031^(a)			400		397,524
Delek Logistics Partners LP/Delek Logistics Finance Corp. 8.625%, 03/15/2029^(a)			3,276		3,436,458
Excelerate Energy LP 8.00%, 05/15/2030^(a)			1,907		2,028,323
Genesis Energy LP/Genesis Energy Finance Corp. 7.875%, 05/15/2032			1,538		1,587,831
8.875%, 04/15/2030			1,307		1,380,845
Global Partners LP/GLP Finance Corp. 8.25%, 01/15/2032^(a)			790		829,073
Gulfport Energy Operating Corp. 6.75%, 09/01/2029^(a)			150		154,943
Harvest Midstream I LP 7.50%, 09/01/2028^(a)			2,869		2,911,289
7.50%, 05/15/2032^(a)			883		918,806
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029^(a)			383		376,355
6.00%, 04/15/2030^(a)			2,266		2,193,919
6.25%, 04/15/2032^(a)			2,543		2,394,031
Howard Midstream Energy Partners LLC 7.375%, 07/15/2032^(a)			1,275		1,347,114
ITT Holdings LLC 6.50%, 08/01/2029^(a)			3,361		3,264,506



10 AB Short Duration High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Kraken Oil & Gas Partners LLC 7.625%, 08/15/2029^(a)	U.S.$		2,559	$	2,524,044
Matador Resources Co. 6.875%, 04/15/2028^(a)			1,361		1,393,555
Murphy Oil Corp. 6.375%, 07/15/2028			517		518,422
NFE Financing LLC 12.00%, 11/15/2029^(a)(e)(g)			5,690		1,440,343
NuStar Logistics LP 5.625%, 04/28/2027			1,317		1,331,606
6.00%, 06/01/2026			1,163		1,165,884
6.375%, 10/01/2030			769		805,720
SM Energy Co. 6.75%, 08/01/2029^(a)			5,570		5,558,303
Sunoco LP 4.50%, 10/01/2029^(a)			2,409		2,355,761
4.625%, 05/01/2030^(a)			1,304		1,271,478
5.625%, 03/15/2031^(a)			894		899,677
5.875%, 07/15/2027^(a)			3		3,002
6.625%, 08/15/2032^(a)			1,145		1,181,503
Sunoco LP/Sunoco Finance Corp. 4.50%, 05/15/2029			392		384,019
7.00%, 09/15/2028^(a)			4,746		4,891,560
Talos Production, Inc. 9.00%, 02/01/2029^(a)			610		635,522
Transocean International Ltd. 8.75%, 02/15/2030^(a)			1,313		1,368,308
Venture Global LNG, Inc. 8.125%, 06/01/2028^(a)			300		307,257
8.375%, 06/01/2031^(a)			1,009		1,011,371
9.50%, 02/01/2029^(a)			3,743		3,955,490
9.875%, 02/01/2032^(a)			1,254		1,305,765
Venture Global Plaquemines LNG LLC 7.50%, 05/01/2033^(a)			387		422,561
Wildfire Intermediate Holdings LLC 7.50%, 10/15/2029^(a)			729		739,097

					78,795,122

Other Industrial – 0.9%
Belden, Inc. 3.375%, 07/15/2031^(a)	EUR		693		784,822
Gates Corp./DE 6.875%, 07/01/2029^(a)	U.S.$		340		354,158
Resideo Funding, Inc. 6.50%, 07/15/2032^(a)			3,787		3,880,349
Velocity Vehicle Group LLC 8.00%, 06/01/2029^(a)			2,952		2,902,879

					7,922,208



ABFunds.com		AB Short Duration High Yield ETF 11

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Services – 5.9%
Allied Universal Holdco LLC 7.875%, 02/15/2031^(a)	U.S.$		3,691	$	3,891,311
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, 06/01/2028^(a)	EUR		160		183,241
4.625%, 06/01/2028^(a)	U.S.$		4,085		4,012,238
ANGI Group LLC 3.875%, 08/15/2028^(a)			5,221		4,749,700
Aramark International Finance SARL 4.375%, 04/15/2033^(a)	EUR		120		139,106
Belron UK Finance PLC 5.75%, 10/15/2029^(a)	U.S.$		6,921		7,041,010
Cars.com, Inc. 6.375%, 11/01/2028^(a)			1,545		1,549,388
Clarivate Science Holdings Corp. 4.875%, 07/01/2029^(a)			7,611		7,194,298
Deepocean Ltd. 6.00%, 04/08/2031^(a)	EUR		416		490,253
Engineering - Ingegneria Informatica - SpA 7.75% (EURIBOR 3 Month + 5.75%), 02/15/2030^(a)(d)			666		783,802
8.625%, 02/15/2030^(a)			399		494,001
Garda World Security Corp. 6.00%, 06/01/2029^(a)	U.S.$		3,189		3,115,494
6.50%, 01/15/2031^(a)			613		629,508
7.75%, 02/15/2028^(a)			250		256,330
8.25%, 08/01/2032^(a)			183		187,216
8.375%, 11/15/2032^(a)			833		854,150
Getty Images, Inc. 11.25%, 02/21/2030^(a)			250		240,150
ION Platform Finance US, Inc./ION Platform Finance SARL 8.75%, 05/01/2029^(a)			115		114,373
Matthews International Corp. 8.625%, 10/01/2027^(a)			725		748,940
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027^(a)			5,715		5,583,955
5.75%, 04/15/2026^(a)			1,374		1,378,438
Raven Acquisition Holdings LLC 6.875%, 11/15/2031^(a)			2,423		2,499,712
Sabre GLBL, Inc. 11.125%, 07/15/2030^(a)			2,137		1,847,778
Techem Verwaltungsgesellschaft 675 mbH 5.375%, 07/15/2029^(a)	EUR		777		930,162
Wand NewCo 3, Inc. 7.625%, 01/30/2032^(a)	U.S.$		209		220,332

					49,134,886



12 AB Short Duration High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Technology – 2.1%
Almaviva-The Italian Innovation Co. SpA 5.00%, 10/30/2030^(a)	EUR		1,870	$	2,180,082
Diebold Nixdorf, Inc. 7.75%, 03/31/2030^(a)	U.S.$		2,080		2,214,368
Dye & Durham Ltd. 8.625%, 04/15/2029^(a)			786		720,314
Ellucian Holdings, Inc. 6.50%, 12/01/2029^(a)			2,003		2,039,374
Gen Digital, Inc. 6.75%, 09/30/2027^(a)			1,022		1,040,335
GoTo Group, Inc. 5.50%, 05/01/2028^(a)			608		337,529
IPD 3 BV 5.50%, 06/15/2031^(a)	EUR		633		742,041
NCR Atleos Corp. 9.50%, 04/01/2029^(a)	U.S.$		372		402,541
Open Text Corp. 3.875%, 02/15/2028^(a)			1,215		1,187,505
Playtika Holding Corp. 4.25%, 03/15/2029^(a)			4,040		3,653,493
Rackspace Finance LLC 3.50%, 05/15/2028^(a)			1,075		433,752
SS&C Technologies, Inc. 6.50%, 06/01/2032^(a)			817		850,881
TeamSystem SpA 5.00%, 07/01/2031^(a)	EUR		1,044		1,218,315
Western Digital Corp. 4.75%, 02/15/2026	U.S.$		884		883,850

					17,904,380

Transportation - Airlines – 1.2%
Allegiant Travel Co. 7.25%, 08/15/2027^(a)			2,480		2,512,810
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026^(a)			435		435,375
5.75%, 04/20/2029^(a)			6,458		6,526,132
Avianca Midco 2 PLC 9.00%, 12/01/2028^(a)			425		423,530

					9,897,847

Transportation - Services – 2.1%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.375%, 05/21/2030^(a)	EUR		246		294,035
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028^(a)	U.S.$		1,270		1,236,040
5.375%, 03/01/2029^(a)			1,342		1,301,941
5.75%, 07/15/2027^(a)			20		19,969
8.00%, 02/15/2031^(a)			830		849,464



ABFunds.com		AB Short Duration High Yield ETF 13

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

BCP V Modular Services Finance II PLC 4.75%, 11/30/2028^(a)	EUR		1,295	$	1,425,362
Beacon Mobility Corp. 7.25%, 08/01/2030^(a)	U.S.$		2,446		2,559,617
Boels Topholding BV 6.25%, 02/15/2029^(a)	EUR		492		588,760
Hertz Corp. (The) 4.625%, 12/01/2026^(a)	U.S.$		864		840,188
12.625%, 07/15/2029^(a)			571		571,314
Kapla Holding SAS 5.00%, 04/30/2031^(a)	EUR		1,498		1,760,549
Loxam SAS 4.50%, 02/15/2027^(a)			104		121,249
6.375%, 05/31/2029^(a)			185		221,265
Mundys SpA 1.875%, 02/12/2028^(a)			450		509,938
Rand Parent LLC 8.50%, 02/15/2030^(a)	U.S.$		215		221,190
United Rentals North America, Inc. 4.00%, 07/15/2030			4,316		4,169,429
5.50%, 05/15/2027			300		299,817
Upbound Group, Inc. 6.375%, 02/15/2029^(a)			407		399,544

					17,389,671

					580,043,178

Financial Institutions – 8.5%
Banking – 0.6%
Armor Holdco, Inc. 8.50%, 11/15/2029^(a)			1,360		1,359,633
Bread Financial Holdings, Inc. 6.75%, 05/15/2031^(a)			2,547		2,600,232
Credit Acceptance Corp. 6.625%, 03/15/2030^(a)			250		249,725
Freedom Mortgage Corp. 12.25%, 10/01/2030^(a)			548		607,957

					4,817,547

Brokerage – 1.2%
AG Issuer LLC 6.25%, 03/01/2028^(a)			2,056		2,057,275
Aretec Group, Inc. 10.00%, 08/15/2030^(a)			3,423		3,713,304
Jane Street Group/JSG Finance, Inc. 4.50%, 11/15/2029^(a)			4,101		4,032,472
Osaic Holdings, Inc. 6.75%, 08/01/2032^(a)			217		224,747

					10,027,798



14 AB Short Duration High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Finance – 4.3%
Burford Capital Global Finance LLC 9.25%, 07/01/2031^(a)	U.S.$		995	$	1,034,800
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029^(a)			1,086		1,011,258
Curo SPV LLC 13.00%, 08/21/2027^(h)(i)			1,181		1,169,601
Enova International, Inc. 9.125%, 08/01/2029^(a)			2,874		3,035,576
11.25%, 12/15/2028^(a)			1,667		1,765,036
GGAM Finance Ltd. 8.00%, 02/15/2027^(a)			674		689,468
8.00%, 06/15/2028^(a)			4,650		4,923,978
goeasy Ltd. 7.625%, 07/01/2029^(a)			241		238,995
9.25%, 12/01/2028^(a)			954		982,496
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028^(a)			4,857		4,608,710
Midcap Financial Issuer Trust 6.50%, 05/01/2028^(a)			3,001		2,958,476
Navient Corp. 7.875%, 06/15/2032			506		523,933
9.375%, 07/25/2030			3,409		3,770,831
11.50%, 03/15/2031			1,126		1,258,114
Phoenix Aviation Capital Ltd. 9.25%, 07/15/2030^(a)			1,327		1,410,150
Rfna LP 7.875%, 02/15/2030^(a)			4,840		4,900,694
Stonebriar ABF Issuer LLC 8.125%, 12/15/2030^(a)			1,411		1,435,580

					35,717,696

Financial Services – 0.9%
Cipher Compute LLC 7.125%, 11/15/2030^(a)			1,537		1,561,715
Encore Capital Group, Inc. 8.50%, 05/15/2030^(a)			2,366		2,519,482
9.25%, 04/01/2029^(a)			3,186		3,364,958
PRA Group, Inc. 8.875%, 01/31/2030^(a)			265		274,646

					7,720,801

Insurance – 1.1%
Acrisure LLC/Acrisure Finance, Inc. 7.50%, 11/06/2030^(a)			410		426,150
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 04/15/2028^(a)			254		258,666



ABFunds.com		AB Short Duration High Yield ETF 15

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

AmWINS Group, Inc. 4.875%, 06/30/2029^(a)	U.S.$		1,738	$	1,696,149
6.375%, 02/15/2029^(a)			4,378		4,504,218
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Inves 7.875%, 11/01/2029^(a)			416		419,686
Ardonagh Finco Ltd. 6.875%, 02/15/2031^(a)	EUR		1,374		1,638,862

					8,943,731

REITs – 0.4%
Aedas Homes Opco SL 4.00%, 08/15/2026^(a)			826		958,663
Five Point Operating Co. LP 8.00%, 10/01/2030^(a)	U.S.$		977		1,020,857
Service Properties Trust 8.375%, 06/15/2029			1,788		1,756,835
Vivion Investments SARL Series E 6.50% Series E, 02/28/2029^(a)(b)(c)	EUR		1		827

					3,737,182

					70,964,755

Utility – 1.4%
Electric – 1.4%
Calpine Corp. 5.125%, 03/15/2028^(a)	U.S.$		1,177		1,181,390
ContourGlobal Power Holdings SA 6.75%, 02/28/2030^(a)			214		220,527
NRG Energy, Inc. 3.375%, 02/15/2029^(a)			5,941		5,687,022
5.75%, 07/15/2029^(a)			1,309		1,315,493
Vistra Operations Co. LLC 4.375%, 05/01/2029^(a)			3,618		3,569,917

					11,974,349

Total Corporates - Non-Investment Grade (cost $661,313,041)					662,982,282


CORPORATES - INVESTMENT GRADE – 12.2%
Industrial – 8.1%
Communications - Media – 0.3%
Meta Platforms, Inc. 4.20%, 11/15/2030			2,467		2,484,540


Consumer Cyclical - Automotive – 1.1%
Adient Global Holdings Ltd. 7.00%, 04/15/2028^(a)			1,163		1,193,738
Ford Motor Co. 3.25%, 02/12/2032			2,353		2,069,417



16 AB Short Duration High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Ford Motor Credit Co. LLC 2.70%, 08/10/2026	U.S.$		254	$	250,645
2.90%, 02/10/2029			425		397,524
4.95%, 05/28/2027			731		732,608
5.80%, 03/08/2029			846		862,742
5.875%, 11/07/2029			514		526,033
6.80%, 05/12/2028			648		675,177
7.35%, 11/04/2027			1,437		1,499,797
Jaguar Land Rover Automotive PLC 6.875%, 11/15/2026^(a)	EUR		478		568,667

					8,776,348

Consumer Cyclical - Entertainment – 1.6%
Carnival Corp. 4.00%, 08/01/2028^(a)	U.S.$		4,226		4,153,862
5.125%, 05/01/2029^(a)			789		793,923
5.75%, 01/15/2030^(a)	EUR		189		235,883
5.75%, 03/15/2030^(a)	U.S.$		1,306		1,341,810
Royal Caribbean Cruises Ltd. 3.70%, 03/15/2028			1,122		1,106,954
4.25%, 07/01/2026^(a)			300		299,835
5.375%, 07/15/2027^(a)			1,021		1,029,015
5.50%, 08/31/2026^(a)			792		793,814
5.50%, 04/01/2028^(a)			3,687		3,752,924
Viking Ocean Cruises Ship VII Ltd. 5.625%, 02/15/2029^(a)			227		226,891

					13,734,911

Consumer Cyclical - Other – 1.0%
Brightstar Lottery PLC 5.25%, 01/15/2029^(a)			55		54,910
Flutter Treasury DAC 4.00%, 06/04/2031^(a)	EUR		852		980,909
5.00%, 04/29/2029^(a)			139		166,264
5.875%, 06/04/2031^(a)	U.S.$		361		364,664
6.125%, 06/04/2031^(a)	GBP		456		606,019
6.375%, 04/29/2029^(a)	U.S.$		205		211,609
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/16/2029^(a)			3,000		2,642,670
Voyager Parent LLC 9.25%, 07/01/2032^(a)			3,042		3,223,212

					8,250,257

Consumer Non-Cyclical – 0.5%
Charles River Laboratories International, Inc. 3.75%, 03/15/2029^(a)			3,040		2,937,856
Jazz Securities DAC 4.375%, 01/15/2029^(a)			1,028		1,015,787

					3,953,643



ABFunds.com		AB Short Duration High Yield ETF 17

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Energy – 1.7%
EQT Corp. 4.50%, 01/15/2029	U.S.$		202	$	202,105
6.50%, 07/01/2027			1,101		1,124,594
Harbour Energy PLC 5.50%, 10/15/2026^(a)			315		315,284
Hess Midstream Operations LP 5.125%, 06/15/2028^(a)			3,772		3,772,868
Permian Resources Operating LLC 5.875%, 07/01/2029^(a)			55		55,209
6.25%, 02/01/2033^(a)			1,017		1,043,340
7.00%, 01/15/2032^(a)			5,245		5,463,245
8.00%, 04/15/2027^(a)			355		359,533
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030^(a)			242		223,321
Var Energi ASA 7.50%, 01/15/2028^(a)			703		744,280
Venture Global Calcasieu Pass LLC 3.875%, 08/15/2029^(a)			1,104		1,038,135

					14,341,914

Other Industrial – 0.5%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028^(a)			3,523		3,484,952
RB Global Holdings, Inc. 6.75%, 03/15/2028^(a)			502		513,837

					3,998,789

Services – 0.5%
Block, Inc. 2.75%, 06/01/2026			3,947		3,916,608
Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV 8.50%, 01/15/2031^(a)	GBP		132		187,085

					4,103,693

Transportation - Airlines – 0.9%
AS Mileage Plan IP Ltd. 5.021%, 10/20/2029^(a)	U.S.$		762		766,023
United Airlines, Inc. 4.375%, 04/15/2026^(a)			7,121		7,109,963

					7,875,986

Transportation - Railroads – 0.0%
Lima Metro Line 2 Finance Ltd.
4.35%, 04/05/2036^(a)			158		152,145
5.875%, 07/05/2034^(a)			76		78,730

					230,875

Transportation - Services – 0.0%
Adani Ports & Special Economic Zone Ltd. 4.375%, 07/03/2029^(a)			202		195,246



18 AB Short Duration High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

United Rentals North America, Inc. 3.875%, 11/15/2027	U.S.$		50	$	49,481

					244,727

					67,995,683

Financial Institutions – 4.0%
Banking – 3.6%
Ally Financial, Inc. 6.70%, 02/14/2033			1,313		1,374,711
6.848%, 01/03/2030			1,201		1,269,601
8.00%, 11/01/2031			809		921,313
Bank of Ireland Group PLC 5.601%, 03/20/2030^(a)			752		783,125
BPCE SA 5.876%, 01/14/2031^(a)			686		718,818
CaixaBank SA 5.673%, 03/15/2030^(a)			1,324		1,379,383
5.875%, 10/09/2027^(a)(j)	EUR		200		239,937
Capital One Financial Corp. 5.463%, 07/26/2030	U.S.$		1,573		1,631,846
5.70%, 02/01/2030			751		781,603
Citigroup, Inc. Series AA 7.625%, 11/15/2028^(j)			205		214,000
Series W 4.00%, 12/10/2025^(j)			207		206,661
Series X 3.875%, 02/18/2026^(j)			154		153,287
Deutsche Bank AG/New York NY 3.729%, 01/14/2032			3,990		3,781,922
3.742%, 01/07/2033			230		214,654
7.146%, 07/13/2027			574		583,775
Intesa Sanpaolo SpA 4.198%, 06/01/2032^(a)			2,636		2,514,480
5.71%, 01/15/2026^(a)			2,436		2,439,094
Synchrony Financial 5.935%, 08/02/2030			610		633,863
7.25%, 02/02/2033			5,915		6,338,810
Truist Financial Corp. Series N 6.669%, 03/01/2026^(j)			626		627,114
UBS Group AG 3.875%, 06/02/2026^(a)(j)			445		439,616
4.375%, 02/10/2031^(a)(j)			507		459,616
UniCredit SpA 5.861%, 06/19/2032^(a)			1,787		1,816,557
Wells Fargo & Co. Series BB 3.90%, 03/15/2026^(j)			878		873,970

					30,397,756



ABFunds.com		AB Short Duration High Yield ETF 19

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Finance – 0.0%
FS KKR Capital Corp. 3.125%, 10/12/2028	U.S.$		115	$	106,489
3.40%, 01/15/2026			115		114,761

					221,250

Insurance – 0.1%
Athene Global Funding 5.583%, 01/09/2029^(a)			93		95,638
Hartford Insurance Group, Inc. (The) Series ICON 6.238% (CME Term SOFR 3 Month + 2.39%), 02/12/2047^(a)(d)			859		815,328

					910,966

REITs – 0.3%
Newmark Group, Inc. 7.50%, 01/12/2029			2,027		2,175,802
Trust Fibra Uno 4.869%, 01/15/2030^(a)			211		204,142

					2,379,944

					33,909,916

Utility – 0.1%
Electric – 0.1%
Empresa Electrica Cochrane SpA 5.50%, 05/14/2027^(a)			100		99,080
Empresas Publicas de Medellin ESP 4.25%, 07/18/2029^(a)			427		403,515

					502,595

Total Corporates - Investment Grade (cost $100,196,449)					102,408,194


BANK LOANS – 3.0%
Industrial – 2.5%
Basic – 0.1%
INEOS US Petrochem LLC 8.266% (CME Term SOFR 1 Month + 4.25%), 04/02/2029^(k)			1,895		1,447,122


Capital Goods – 0.1%
ACProducts Holdings, Inc. 8.513% (CME Term SOFR 3 Month + 4.25%), 05/17/2028^(k)			646		542,405


Communications - Media – 0.5%
DIRECTV Financing LLC 9.352% (CME Term SOFR 3 Month + 5.25%), 08/02/2029^(k)			1,284		1,285,037



20 AB Short Duration High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Gray Television, Inc. 7.099% (CME Term SOFR 1 Month + 3.00%), 12/01/2028^(k)	U.S.$		1,025	$	1,024,804
MJH Healthcare Holdings LLC 7.666% (CME Term SOFR 1 Month + 3.75%), 01/28/2029^(i)(k)			1,450		1,312,250
Radiate Holdco, LLC 1.500% (PIK Interest 12 + 1.50%), 09/25/2029^(k)			385		281,539
7.530% (CME Term SOFR 1 Month + 3.50%), 09/25/2029^(k)			385		281,539

					4,185,169

Communications - Telecommunications – 0.1%
Crown Subsea Commercial Holding, Inc. 7.416% (CME Term SOFR 1 Month + 3.50%), 01/30/2031^(k)			475		477,668


Consumer Cyclical - Automotive – 0.1%
RealTruck Group, Inc. 10.31% (CME Term SOFR 3 Month + 5.00%), 01/31/2028^(k)			963		755,291


Consumer Cyclical - Other – 0.1%
PHRG Intermediate LLC 8.002% (CME Term SOFR 3 Month + 4.00%), 02/20/2032^(k)			808		795,185


Consumer Non-Cyclical – 0.6%
Bausch & Lomb Corp. 8.166% (CME Term SOFR 1 Month + 4.25%), 01/15/2031^(k)			935		939,826
Hertz Corp. (The) 7.53%, 06/30/2028^(l)			950		784,728
ModivCare, Inc. 10.951% (CME Term SOFR 1 Month + 7.00%), 02/22/2026^(i)(k)			29		27,980
11.006% (CME Term SOFR 1 Month + 7.00%), 02/22/2026^(i)(k)			58		56,640
MPH Acquisition Holdings LLC 7.59% (CME Term SOFR 3 Month + 3.75%), 12/31/2030^(k)			854		852,697
Neptune Bidco US, Inc. 9.012% (CME Term SOFR 3 Month + 5.00%), 04/11/2029^(k)			738		719,625
Opal US LLC 6.902% (CME Term SOFR 3 Month + 3.00%), 04/28/2032^(k)			1,206		1,213,730



ABFunds.com		AB Short Duration High Yield ETF 21

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

US Radiology Specialists, Inc. 8.752% (CME Term SOFR 3 Month + 4.75%), 12/15/2027^(k)	U.S.$		517	$	518,728
Weber-Stephen Products LLC 7.735% (CME Term SOFR 3 Month + 3.75%), 10/01/2032^(k)			620		618,965

					5,732,919

Technology – 0.8%
Clover Holdings 2, LLC 7.75%, 12/09/2031⁽ⁱ⁾			1,796		1,797,106
Loyalty Ventures, Inc. 14.00% (PRIME 3 Month + 5.50%), 11/03/2027^{(e)(g)(h)(i)(k)}			550		4,124
Peraton Corp. 7.69% (CME Term SOFR 3 Month + 3.75%), 02/01/2028^(k)			2,370		2,074,594
Ping Identity Corp. 6.591% (CME Term SOFR 3 Month + 2.75%), 11/15/2032^(i)(k)			790		792,962
Playtika Holding Corp. 6.78% (CME Term SOFR 1 Month + 2.75%), 03/13/2028^(k)			771		746,085
Polaris Newco LLC 8.102% (CME Term SOFR 3 Month + 4.00%), 06/02/2028^(k)			1,263		1,188,636

					6,603,507

Transportation - Airlines – 0.1%
JetBlue Airways Corp. 8.753% (CME Term SOFR 3 Month + 4.75%), 08/27/2029^(k)			851		783,714

					21,322,980

Financial Institutions – 0.5%
Banking – 0.0%
Armor Holding II LLC 7.549% (CME Term SOFR 6 Month + 3.75%), 12/11/2031^(k)			106		105,618


Brokerage – 0.3%
Jane Street Group LLC 5.822% (CME Term SOFR 3 Month + 2.00%), 12/15/2031^(k)			2,539		2,513,010


Financial Services – 0.1%
Colossus Acquireco LLC 5.87% (SOFR 4 + 1.75%), 07/30/2032^(k)			520		517,806



22 AB Short Duration High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value


Insurance – 0.1%
Asurion LLC 8.266% (CME Term SOFR 1 Month + 4.25%), 08/19/2028^(k)	U.S.$		965	$	962,972

					4,099,406

Total Bank Loans (cost $26,830,186)					25,422,386


EMERGING MARKETS - CORPORATE BONDS – 1.3%
Industrial – 1.2%
Basic – 0.1%
Braskem Idesa SAPI 6.99%, 02/20/2032^(a)(e)(g)			486		292,018
Braskem Netherlands Finance BV 4.50%, 01/10/2028^(a)			341		132,990
CSN Resources SA 7.625%, 04/17/2026^(a)			274		269,753
First Quantum Minerals Ltd. 9.375%, 03/01/2029^(a)			549		579,596

					1,274,357

Consumer Cyclical - Other – 0.5%
Melco Resorts Finance Ltd. 5.375%, 12/04/2029^(a)			2,150		2,089,531
5.625%, 07/17/2027^(a)			356		354,776
5.75%, 07/21/2028^(a)			1,178		1,169,153
MGM China Holdings Ltd. 5.875%, 05/15/2026^(a)			216		215,892
Wynn Macau Ltd. 5.625%, 08/26/2028^(a)			345		342,361

					4,171,713

Consumer Non-Cyclical – 0.3%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 5.25%, 04/27/2029^(a)			28		27,407
Teva Pharmaceutical Finance Netherlands II BV 3.75%, 05/09/2027	EUR		482		563,486
Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/01/2026	U.S.$		193		190,226
4.75%, 05/09/2027			1,620		1,617,975
5.125%, 05/09/2029			372		374,790

					2,773,884

Energy – 0.1%
Ecopetrol SA 8.625%, 01/19/2029			216		232,165



ABFunds.com		AB Short Duration High Yield ETF 23

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Gran Tierra Energy, Inc. 9.50%, 10/15/2029^(a)	U.S.$		216	$	159,570
Oleoducto Central SA 4.00%, 07/14/2027^(a)			560		550,374

					942,109

Technology – 0.1%
ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C 7.875%, 02/03/2030^(a)			470		480,528


Transportation - Services – 0.1%
InPost SA 4.00%, 04/01/2031^(a)	EUR		966		1,125,195

					10,767,786

Utility – 0.1%
Electric – 0.1%
India Clean Energy Holdings 4.50%, 04/18/2027^(a)	U.S.$		200		194,250
Investment Energy Resources Ltd. 6.25%, 04/26/2029^(a)			247		245,765
Terraform Global Operating LP 6.125%, 03/01/2026^(a)			42		41,569

					481,584

Total Emerging Markets - Corporate Bonds (cost $11,447,108)					11,249,370


EMERGING MARKETS - SOVEREIGNS – 0.5%
Angola – 0.1%
Angolan Government International Bond 9.125%, 11/26/2049^(a)			850		721,438


Bahrain – 0.1%
Bahrain Government International Bond 7.00%, 10/12/2028^(a)			570		592,977


Egypt – 0.0%
Egypt Government International Bond 7.50%, 01/31/2027^(a)			200		204,938


Ivory Coast – 0.1%
Ivory Coast Government International Bond 6.375%, 03/03/2028^(a)			760		768,508


Lebanon – 0.0%
Lebanon Government International Bond Series 10Y 6.85%, 03/23/2027^(a)(e)(g)			11		2,415



24 AB Short Duration High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series E 6.10%, 10/04/2022^(a)(e)(m)	U.S.$		210	$	46,095
Series G 6.60%, 11/27/2026^(a)(e)(g)			51		11,194

					59,704

Senegal – 0.1%
Senegal Government International Bond 4.75%, 03/13/2028^(a)	EUR		499		425,649
6.75%, 03/13/2048^(a)	U.S.$		483		270,934

					696,583

South Africa – 0.1%
Republic of South Africa Government International Bond Series 10Y 4.85%, 09/27/2027			540		547,096
Series 12Y 4.30%, 10/12/2028			208		206,752

					753,848

Ukraine – 0.0%
Ukraine Government International Bond 0.00%, 02/01/2030^(a)(c)			16		9,005
4.50%, 02/01/2035^(a)(c)			119		68,500
4.50%, 02/01/2036^(a)(c)			89		50,617

					128,122

Total Emerging Markets - Sovereigns (cost $4,509,989)					3,926,118


QUASI-SOVEREIGNS – 0.1%
Quasi-Sovereign Bonds – 0.1%
Mexico – 0.0%
Petroleos Mexicanos 6.75%, 09/21/2047			191		155,480
6.95%, 01/28/2060			58		46,853

					202,333

South Africa – 0.1%
Transnet/South Africa 8.25%, 02/06/2028^(a)			370		392,200


Total Quasi-Sovereigns (cost $597,220)					594,533



ABFunds.com		AB Short Duration High Yield ETF 25

PORTFOLIO OF INVESTMENTS (continued)


		Shares		U.S. $ Value

COMMON STOCKS – 0.1%
Communication Services – 0.1%
Diversified Telecommunication Services – 0.1%
Altice France SA/LuxCo3^(e)(h)(i)			26,338	$	481,423


Energy – 0.0%
Oil, Gas & Consumable Fuels – 0.0%
New Fortress Energy, Inc.^(e)			38,964		47,536

Industrials – 0.0%
Transportation Infrastructure – 0.0%
Spirit Airlines LLC^(e)			22,351		6,929


Total Common Stocks (cost $1,103,907)					535,888


		Principal Amount (000)
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.1%
Non-Agency Fixed Rate CMBS – 0.1%
CD Mortgage Trust Series 2016-CD1, Class XA 1.472%, 08/10/2049⁽ⁿ⁾	U.S.$		3,556		7,979
Citigroup Commercial Mortgage Trust Series 2017-C4, Class XA 1.122%, 10/12/2050⁽ⁿ⁾			2,402		35,059
Commercial Mortgage Trust Series 2012-CR3, Class D 4.291%, 10/15/2045^(a)			100		82,632
GS Mortgage Securities Trust Series 2011-GC5, Class C 5.314%, 08/10/2044^(a)			210		191,201
Series 2011-GC5, Class D 5.314%, 08/10/2044^(a)			236		181,548
Wells Fargo Commercial Mortgage Trust Series 2016-LC24, Class XA 1.725%, 10/15/2049⁽ⁿ⁾			1,913		13,105
WFRBS Commercial Mortgage Trust Series 2011-C4, Class E 5.15%, 06/15/2044^(a)			25		23,891


Total Commercial Mortgage-Backed Securities (cost $631,263)					535,415



26 AB Short Duration High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

COLLATERALIZED LOAN OBLIGATIONS – 0.0%
CLO - Floating Rate – 0.0%
GREYWOLF CLO VI Ltd. Series 2018-1A, Class A1 5.15% (CME Term SOFR 3 Month + 1.29%), 04/26/2031^(a)(d)	U.S.$		13	$	13,359
Magnetite XXV Ltd. Series 2020-25A, Class D 7.42% (CME Term SOFR 3 Month + 3.56%), 01/25/2032^(a)(d)			250		250,652
Sound Point CLO XIX Ltd. Series 2018-1A, Class A 5.166% (CME Term SOFR 3 Month + 1.26%), 04/15/2031^(a)(d)			50		50,117


Total Collateralized Loan Obligations (cost $313,454)					314,128


		Shares
PREFERRED STOCKS – 0.0%
Industrials – 0.0%
Other Industrial – 0.0%
Asphalt ATD Holdco – Class A 0.00%^(e)(h)(i) (cost $66,596)			2,684		66,590


		Principal Amount (000)
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%
Risk Share Floating Rate – 0.0%
Federal National Mortgage Association Connecticut Avenue Securities Series 2016-C01, Class 2M2 11.136% (CME Term SOFR + 7.06%), 08/25/2028^(d)	U.S.$		10		9,767
Series 2017-C07, Class 2M2 6.686% (CME Term SOFR + 2.61%), 05/25/2030^(d)			4		4,120


Total Collateralized Mortgage Obligations (cost $13,704)					13,887



ABFunds.com		AB Short Duration High Yield ETF 27

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

SHORT-TERM INVESTMENTS – 2.0%
Investment Companies – 2.0%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(o)(p)(q) (cost $16,758,903)		16,758,903	$	16,758,903


Total Investments – 98.4% (cost $823,781,820)				824,807,694
Other assets less liabilities – 1.6%				12,993,071


Net Assets – 100.0%			$	837,800,765

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		39		March 2026	$	4,531,922	$	10,320
U.S. T-Note 5 Yr (CBT) Futures		341		March 2026		37,430,078		103,844

Sold Contracts
Euro-BOBL Futures		13		December 2025		1,779,530		(2,867	)
U.S. Long Bond (CBT) Futures		8		March 2026		939,500		(4,750	)
U.S. T-Note 2 Yr (CBT) Futures		120		March 2026		25,063,125		(14,063	)
U.S. T-Note 10 Yr (CBT) Futures		407		March 2026		46,130,906		(46,687	)

							$	45,797

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America NA	GBP	1,097	USD	1,498		12/05/2025	$	44,570
Morgan Stanley Capital Services, Inc.	EUR	32,206	USD	37,319		01/29/2026		(173,354	)
State Street Bank & Trust Co.	EUR	574	USD	667		01/29/2026		(453	)

							$	(129,237	)

(a)

(b)	Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at November 30, 2025.

(c)	Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at November 30, 2025.

(d)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2025.

(e)	Non-income producing security.



28 AB Short Duration High Yield ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

(f)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.00% of net assets as of November 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
ModivCare, Inc. 5.00%, 10/01/2029		03/07/2025 - 04/01/2025	$	1,342,631	$	2,033		0.00	%
ModivCare, Inc. 5.00%, 10/01/2029		11/09/2023		39,273		148		0.00	%

(g)	Defaulted.

(h)	Fair valued by the Adviser.

(i)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(j)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(k)	The stated coupon rate represents the greater of the SOFR or an alternate base rate such as the PRIME or the SOFR/PRIME floor rate plus a spread at November 30, 2025.

(l)	This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be determined at the time of settlement and will be based upon the SOFR plus a premium which was determined at the time of purchase.

(m)	Defaulted matured security.

(n)	IO – Interest Only.

(o)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(p)	The rate shown represents the 7-day yield as of period end.

(q)	Affiliated investments.

Currency Abbreviations:

EUR – Euro

GBP – Great British Pound

USD – United States Dollar

Glossary:

BOBL – Bundesobligationen

CBT – Chicago Board of Trade

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

EURIBOR – Euro Interbank Offered Rate

PRIME – US Bank Prime Loan Rate

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

See notes to financial statements.



ABFunds.com		AB Short Duration High Yield ETF 29

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $807,022,917)	$	808,048,791
Affiliated issuers (cost $16,758,903)		16,758,903
Cash		315,590
Cash collateral due from broker		675,319
Foreign currencies, at value (cost $316,586)		310,337
Interest receivable		13,580,070
Receivable for investment securities sold and foreign currency transactions		311,360
Receivable for variation margin on futures		217,413
Affiliated dividends receivable		73,773
Unrealized appreciation on forward currency exchange contracts		44,570
Receivable due from Adviser		3,695
Other assets		12,572

Total assets		840,352,393

Liabilities
Payable for investment securities purchased		2,084,849
Advisory fee payable		253,901
Unrealized depreciation on forward currency exchange contracts		173,807
Foreign capital gains tax payable		38,182
Other liabilities		889

Total liabilities		2,551,628

Net Assets	$	837,800,765

Composition of Net Assets
Capital stock, at par	$	2,330
Additional paid-in capital		863,230,780
Accumulated loss		(25,432,345	)

Net Assets	$	837,800,765

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 23,295,150 common shares outstanding)	$	35.96

See notes to financial statements.



30 AB Short Duration High Yield ETF		ABFunds.com

STATEMENT OF OPERATIONS

Year Ended November 30, 2025


Investment Income
Interest	$	53,657,172
Dividends—Affiliated issuers		638,036
Other income		20,857		$	54,316,065

Expenses
Advisory fee (see Note B)		3,165,603

Total expenses before bank overdraft expense		3,165,603
Bank overdraft expense		3,057

Total expenses		3,168,660
Less: expenses waived and reimbursed by the Adviser (see Note B)		(31,672	)

Net expenses					3,136,988

Net investment income					51,179,077

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions^(a)					3,649,626
In-kind redemptions					530,061
Forward currency exchange contracts					72,176
Futures					(2,129,778	)
Foreign currency transactions					(1,603,445	)
Net change in unrealized appreciation (depreciation) of:
Investments^(b)					(2,986,541	)
Forward currency exchange contracts					(841,836	)
Futures					705,948
Foreign currency denominated assets and liabilities					7,203

Net loss on investment and foreign currency transactions					(2,596,586	)

Net Increase in Net Assets from Operations				$	48,582,491

(a)	Net of foreign realized capital gains taxes of $1,952.

(b)	Net of increase in accrued foreign capital gains taxes on unrealized gains of $12,894.

See notes to financial statements.



ABFunds.com		AB Short Duration High Yield ETF 31

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2025			October 1, 2024 to November 30, 2024^(a)			Year Ended September 30, 2024^(b)
Increase (Decrease) in Net Assets from Operations
Net investment income	$	51,179,077		$	7,232,493		$	42,293,397
Net realized gain on investment and foreign currency transactions		518,640			3,327,261			1,154,250
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(3,115,226	)		(4,238,393	)		32,317,493

Net increase in net assets from operations		48,582,491			6,321,361			75,765,140
Distribution to Shareholders
Class A		– 0	–		– 0	–		(780,942	)
Class C		– 0	–		– 0	–		(249,857	)
Advisor Class		(47,922,615	)		(6,492,042	)		(37,058,903	)
Class R		– 0	–		– 0	–		(114	)
Class K		– 0	–		– 0	–		(114	)
Class I		– 0	–		– 0	–		(108	)
Transactions in Shares of the Fund
Net increase		82,729,034			95,393,603			102,217,126
Other capital		60,872			5,614			5,214

Total increase		83,449,782			95,228,536			139,897,442
Net Assets
Beginning of period		754,350,983			659,122,447			519,225,005

End of period	$	837,800,765		$	754,350,983		$	659,122,447

(a)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(b)	After the close of business on June 7, 2024, AB Short Duration High Yield Portfolio (the “Acquired Portfolio”) was reorganized into AB Short Duration High Yield ETF. The amounts disclosed include those of the Acquired Portfolio. See Note A for additional information on the reorganization.

See notes to financial statements.



32 AB Short Duration High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

AB Active ETFs, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Corporation, which is a Maryland corporation, operates as a series company comprised of 23 portfolios currently in operation. Each fund is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Short Duration High Yield ETF (the “Fund”), a diversified portfolio. The Fund commenced investment operations on June 7, 2024. At meetings held on October 31—November 2, 2023, the Fund’s Board of Directors of AB Bond Fund, Inc. (the “Board”) approved the reorganization of AB Short Duration High Yield Portfolio, a portfolio of AB Bond Fund, Inc. (the “Acquired Portfolio”) into the Fund (the “Conversion”), to be managed by AllianceBernstein L.P. (the “Adviser”). Pursuant to an Agreement and Plan of Acquisition and Termination (the “Plan”), the Acquired Portfolio was converted into an ETF, the Fund (the “Acquiring Portfolio”) with the same investment objective, and the same investment policies and investment strategies as the Acquired Portfolio on the closing date of the Conversion, June 7, 2024. In connection with the Conversion, the assets and liabilities of the Acquired Portfolio were transferred to the Acquiring Portfolio, and stockholders of the Acquired Portfolio received shares of the Acquiring Portfolio equal in aggregate net asset value (“NAV”) to the NAV of their shares of the Acquired Portfolio (less cash corresponding to any fractional share amount). The Acquired Portfolio had a fiscal year end of September 30, however the Fund has a fiscal year end of November 30. See Note I for additional information regarding the Conversion. The Acquired Portfolio was the accounting survivor in the Conversion and as such, the financial statements and the financial highlights reflect the financial information of the Acquired Portfolio through June 7, 2024. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Board. Pursuant to these procedures, the Adviser serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making



ABFunds.com		AB Short Duration High Yield ETF 33

NOTES TO FINANCIAL STATEMENTS (continued)

all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed and over-the-counter (“OTC”) put and call options are valued using market quotations when available. Listed options are generally valued at the last reported sale price, provided such price is within the bid-ask range, otherwise, they are valued based on the bid or ask price, as determined by a pricing service; options on futures may be valued at their settlement prices; OTC options, including flexible exchange-traded options (“Flex Options”), are generally valued using models that consider the terms of the option and relevant market inputs and are typically valued at transaction price on the trade date; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange-traded funds are valued at the closing market price per share.



34 AB Short Duration High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)



ABFunds.com		AB Short Duration High Yield ETF 35

NOTES TO FINANCIAL STATEMENTS (continued)

an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.



36 AB Short Duration High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates – Non-Investment Grade

– 0

–

661,812,681

1,169,601

662,982,282

Corporates – Investment Grade

– 0

–

102,408,194

– 0

–

102,408,194

Bank Loans

– 0

–

21,431,324

3,991,062

25,422,386

Emerging Markets – Corporate Bonds

– 0

–

11,249,370

– 0

–

11,249,370

Emerging Markets – Sovereigns

– 0

–

3,926,118

– 0

–

3,926,118

Quasi-Sovereigns

– 0

–

594,533

– 0

–

594,533

Common Stocks^(a)

54,465

– 0

–

481,423

535,888

Commercial Mortgage-Backed Securities

– 0

–

535,415

– 0

–

535,415

Collateralized Loan Obligations

– 0

–

314,128

– 0

–

314,128

Preferred Stocks

– 0

–

– 0

–

66,590

Collateralized Mortgage Obligations

– 0

–

13,887

– 0

–

13,887

Short-Term Investments

16,758,903

– 0

–

– 0

–

16,758,903

Total Investments in Securities

16,813,368

802,285,650

5,708,676

824,807,694

Other Financial Instruments^(b):

Assets:

Futures

114,164

– 0

–

– 0

–

114,164

^(c)

Forward Currency Exchange Contracts

– 0

–

44,570

– 0

–

44,570

Liabilities:

Futures

(68,367

)

– 0

–

– 0

–

(68,367

)^(c)

Forward Currency Exchange Contracts

– 0

–

(173,807

)

– 0

–

(173,807

)

Total

16,859,165

802,156,413

5,708,676

824,724,254

(a)	See Portfolio of Investments for sector classification.

(b)

(c)

3. Currency Translation

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income



ABFunds.com		AB Short Duration High Yield ETF 37

NOTES TO FINANCIAL STATEMENTS (continued)

investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

5. Investment Income and Investment Transactions

6. Class Allocations

Prior to the Conversion, all income earned and expenses incurred by the Acquired Portfolio were borne on a pro-rata basis by each settled class of shares, based on the proportionate interest in the Acquired Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of AB Bond Fund, Inc. were charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses were allocated among the various share classes based on respective net assets.



38 AB Short Duration High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

7. Dividends and Distributions

8. Offering Expenses

The Adviser has agreed to pay all of the Fund’s organization and offering costs. The Fund is not obligated to repay any such organizational expenses or offering costs paid by the Adviser.

9. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

10. Segment Information

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser a unitary advisory fee at an annual rate of .40% of the Fund’s average daily net assets. The fees are accrued daily and paid monthly. Prior to June 7, 2024, the Acquired Portfolio paid the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .50% of the next $2.5 billion and .45% in excess of $5 billion, of the Fund’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser had agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding acquired fund fees and expenses other than the advisory fees of any AB mutual



ABFunds.com		AB Short Duration High Yield ETF 39

NOTES TO FINANCIAL STATEMENTS (continued)

funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annual basis (the “Expense Caps”) to .95%, 1.70%, .70%, 1.20%, .95% and .70% of the daily average net assets for the Class A, Class C, Advisor Class, Class R, Class K and Class I shares, respectively.

Under the investment advisory agreement, in accordance with the unitary fee structure, the Adviser bears the cost of various third-party services required by the Fund, including audit, custodial, accounting, legal, transfer agency and printing costs and the fees and expenses of the Corporation’s directors and their counsel. Also under the investment advisory agreement, the Adviser will reimburse each Fund for the Fund’s share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser. For the year ended November 30, 2025, such waiver/reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $31,672.

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	24,970	$	276,830	$	285,041	$	16,759	$	638

NOTE C

Distribution Services Agreement

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the year ended November 30, 2025 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	634,377,910		$	554,003,932
U.S. government securities		– 0	–		33,107



40 AB Short Duration High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)


	Purchases			Sales
In-kind transactions (excluding U.S. government securities)	$	168,380,945		$	157,775,336
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	824,206,788

Gross unrealized appreciation	$	16,248,459
Gross unrealized depreciation		(15,647,552	)

Net unrealized appreciation	$	600,907

1. Derivative Financial Instruments

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

•

Futures



ABFunds.com		AB Short Duration High Yield ETF 41

NOTES TO FINANCIAL STATEMENTS (continued)

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the year ended November 30, 2025, the Fund held futures for hedging purposes.

•

Forward Currency Exchange Contracts

During the year ended November 30, 2025, the Fund held forward currency exchange contracts for hedging purposes.



42 AB Short Duration High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable
for variation
margin on
futures

114,164

Payable for
variation
margin on
futures

68,367

Foreign currency contracts

Unrealized
appreciation
on forward
currency
exchange
contracts

44,570

Unrealized
depreciation
on forward
currency
exchange
contracts

173,807

Total

158,734

242,174

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.



ABFunds.com		AB Short Duration High Yield ETF 43

NOTES TO FINANCIAL STATEMENTS (continued)


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	(2,129,778	)	$	705,948

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		72,176			(841,836	)

Total		$	(2,057,602	)	$	(135,888	)

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended November 30, 2025:


Futures:
Average notional amount of buy contracts	$	20,793,203	^(a)
Average notional amount of sale contracts	$	67,246,090
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	727,855	^(b)
Average principal amount of sale contracts	$	35,926,082

(a)	Positions were open for eight months during the year.

(b)	Positions were open for six months during the year.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.


Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Bank of America NA	$	44,570	$	– 0	–	$	– 0	–	$	– 0	–	$	44,570

Total	$	44,570	$	– 0	–	$	– 0	–	$	– 0	–	$	44,570	^



44 AB Short Duration High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Counterparty

Derivative
Liabilities
Subject to a
MA

Derivatives
Available
for Offset

Cash
Collateral
Pledged*

Security
Collateral
Pledged*

Net Amount
of Derivative
Liabilities

Morgan Stanley Capital Services, Inc.

173,354

– 0

–

– 0

–

– 0

–

173,354

State Street Bank & Trust Co.

453

– 0

–

– 0

–

– 0

–

453

Total

173,807

– 0

–

– 0

–

– 0

–

173,807

*	The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^	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.

2. Currency Transactions

NOTE E

Shares of the Fund



ABFunds.com		AB Short Duration High Yield ETF 45

NOTES TO FINANCIAL STATEMENTS (continued)

creation unit transactions. Such variable charges, if any, are included in other capital within the Statement of Changes in Net Assets. Transactions in shares of the Fund were as follows:

Amount

Year Ended
November 30
2025

Period Ended
November 30,
2024^(a)

Year Ended
September 30,
2024^(b)

Year Ended
November 30
2025

Period Ended
November 30,
2024^(a)

Year Ended
September 30,
2024^(b)

Class A

Shares sold

– 0

–

– 0

–

707,532

– 0

–

– 0

–

6,436,204

Shares issued in reinvestment of dividends

– 0

–

– 0

–

38,351

– 0

–

– 0

–

349,404

Shares converted from Class C

– 0

–

– 0

–

63,732

– 0

–

– 0

–

575,526

Shares converted to Advisor Class

– 0

–

– 0

–

(3,191,027

)

– 0

–

– 0

–

(29,414,571

)

Shares redeemed

– 0

–

– 0

–

(393,280

)

– 0

–

– 0

–

(3,575,126

)

Net (decrease)

– 0

–

– 0

–

(2,774,692

)

– 0

–

– 0

–

(25,628,563

)

Class C

Shares sold

– 0

–

– 0

–

231,832

– 0

–

– 0

–

2,102,528

Shares issued in reinvestment of dividends

– 0

–

– 0

–

13,742

– 0

–

– 0

–

124,955

Shares converted to Class A

– 0

–

– 0

–

(63,747

)

– 0

–

– 0

–

(575,526

)

Shares converted to Advisor Class

– 0

–

– 0

–

(1,107,946

)

– 0

–

– 0

–

(10,205,398

)

Shares redeemed

– 0

–

– 0

–

(160,292

)

– 0

–

– 0

–

(1,453,261

)

Net (decrease)

– 0

–

– 0

–

(1,086,411

)

– 0

–

– 0

–

(10,006,702

)

Advisor Class

Shares sold

6,775,000

2,675,000

11,073,325

242,196,014

95,393,603

384,220,491

Shares issued in reinvestment of dividends

– 0

–

– 0

–

558,390

– 0

–

– 0

–

19,431,978

Shares converted from Class A

– 0

–

– 0

–

841,923

– 0

–

– 0

–

29,414,571

Shares converted from Class C

– 0

–

– 0

–

292,699

– 0

–

– 0

–

10,205,398

Shares redeemed

(4,525,000

)

– 0

–

(8,741,384

)

(159,466,980

)

– 0

–

(305,393,211

)

Net increase

2,250,000

2,675,000

4,024,953

82,729,034

95,393,603

137,879,227



46 AB Short Duration High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Amount

Year Ended
November 30
2025

Period Ended
November 30,
2024^(a)

Year Ended
September 30,
2024^(b)

Year Ended
November 30
2025

Period Ended
November 30,
2024^(a)

Year Ended
September 30,
2024^(b)

Class R

Shares redeemed

– 0

–

– 0

–

(1,004

)

– 0

–

– 0

–

(9,128

)

Net (decrease)

– 0

–

– 0

–

(1,004

)

– 0

–

– 0

–

(9,128

)

Class K

Shares redeemed

– 0

–

– 0

–

(1,004

)

– 0

–

– 0

–

(9,130

)

Net (decrease)

– 0

–

– 0

–

(1,004

)

– 0

–

– 0

–

(9,130

)

Class I

Shares redeemed

– 0

–

– 0

–

(943

)

– 0

–

– 0

–

(8,578

)

Net (decrease)

– 0

–

– 0

–

(943

)

– 0

–

– 0

–

(8,578

)

(a)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30

(b)

After the close of business on June 7, 2024, AB Short Duration High Yield Portfolio (the “Acquired Portfolio”) was reorganized into AB Short Duration High Yield ETF. The amounts disclosed include those of the Acquired Portfolio and has been adjusted retroactively for the periods presented. See Note A and Note I for additional information on the reorganization.

NOTE F

Risks Involved in Investing in the Fund

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.



ABFunds.com		AB Short Duration High Yield ETF 47

NOTES TO FINANCIAL STATEMENTS (continued)

Below Investment Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade than domestic securities due to adverse market, economic, political, regulatory or other factors. In addition, the value of the Fund’s investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

Emerging-Market Risk—Investments in emerging market countries may have more risk because the markets are less developed, less liquid and are subject to increased potential for market manipulation, and increased economic, political, regulatory or other uncertainties.



48 AB Short Duration High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

Loan Participations and Assignments Risk—When the Fund purchases loan participations and assignments, it is subject to the credit risk associated with the underlying corporate borrower. In addition, the lack of a liquid secondary market for loan participations and assignments may have an adverse impact on the value of such investments and the Fund’s ability to dispose of particular assignments or participations when necessary to meet the Fund’s liquidity needs or in response to a specific economic event such as a deterioration in the creditworthiness of the borrower.

Illiquid Investments Risk—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. Foreign fixed-income securities may have more illiquid investments risk because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently than domestic securities. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down.



ABFunds.com		AB Short Duration High Yield ETF 49

NOTES TO FINANCIAL STATEMENTS (continued)

ask prices of Fund shares than for ETFs that receive and distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.



50 AB Short Duration High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE G

Joint Credit Facility

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the fiscal year ended November 30, 2025, the fiscal period ended November 30, 2024, and the fiscal year ended September 30, 2024 were as follows:


	Year Ended November 30, 2025		October 1, 2024 to November 30, 2024		Year Ended September 30, 2024
Distributions paid from:
Ordinary income	$	47,922,615	$	6,492,042	$	38,090,038

Total taxable distributions paid	$	47,922,615	$	6,492,042	$	38,090,038

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income	$	3,262,036
Accumulated capital and other losses		(29,096,648	)^(a)
Unrealized appreciation (depreciation)		574,325	^(b)

Total accumulated earnings (deficit)	$	(25,260,287	)^(c)



ABFunds.com		AB Short Duration High Yield ETF 51

NOTES TO FINANCIAL STATEMENTS (continued)

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $29,096,648. During the fiscal year, the Fund utilized $1,979,606 of capital loss carry forwards to offset current year net realized gains.

(b)	The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of callable bonds, and the tax deferral of losses on wash sales.

(c)	The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the accrual of foreign capital gains tax and the tax treatment of defaulted securities.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $7,970,082 and a net long-term capital loss carryforward of $21,126,566, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the tax treatment of gains from a redemption-in-kind resulted in a net increase in accumulated loss and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE I

Reorganization

At meetings held on October 31—November 2, 2023, the Board, on behalf of the Fund, and the Board of Directors of the Acquired Portfolio approved the Conversion providing for the tax-free acquisition by the Fund of the assets and liabilities of the Acquired Portfolio. The acquisition was completed at the close of business June 7, 2024. Pursuant to the Plan, the assets and liabilities of the Acquired Portfolio’s shares were transferred in exchange for Fund shares, in a tax-free exchange as follows:

Portfolio

Shares
outstanding
before the
Conversion

Shares
outstanding
immediately
after the
Conversion

Aggregate
net assets
before the
Conversion

Aggregate
net assets
immediately
after the
Conversion

Acquired Portfolio*

73,474,038

– 0

–

675,330,250

– 0

–

The Fund

– 0

–

19,295,122

– 0

–

675,330,250

*	Represents the accounting survivor.

+	Includes distributions in excess of net investment income of $3,942,798 and unrealized depreciation on investments of $3,405132, with a fair value of $650,158,849 and identified cost of $653,563,981.



52 AB Short Duration High Yield ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE J

Subsequent Events



ABFunds.com		AB Short Duration High Yield ETF 53

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period^(a)


	Year ended November 30, 2025			October 1, 2024^(b) to November 30, 2024			Year Ended September 30,

							2024			2023			2022			2021


Net asset value, beginning of period		$ 35.84			$ 35.88			$ 33.81			$ 33.24			$ 39.37			$ 37.81

Income From Investment Operations

Net investment income^(c)(d)		2.31			.36			2.27			1.94			1.45			1.49

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.03	)		(.06	)		1.84			1.30			(5.98	)		1.71

Contribution from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(e)		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		2.28			.30			4.11			3.24			(4.53	)		3.20

Less: Dividends

Dividends from net investment income		(2.16	)		(.34	)		(2.04	)		(2.67	)		(1.60	)		(1.64	)

Net asset value, end of period		$ 35.96			$ 35.84			$ 35.88			$ 33.81			$ 33.24			$ 39.37


Total Return

Total investment return based on net asset value^(f)		6.63	%		.93	%		12.50	%		10.04	%		(11.78	)%		8.52	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$837,801			$754,351			$659,122			$484,876			$283,354			$334,801

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(g)^‡		.40	%		.39	%^{^}		.58	%		.70	%		.70	%		.70	%

Expenses, before waivers/reimbursements^(g)^‡		.40	%		.40	%^{^}		.61	%		.78	%		.75	%		.77	%

Net investment income^(d)		6.47	%		6.12	%^{^}		6.51	%		5.71	%		3.97	%		3.77	%

Portfolio turnover rate^(h)		72	%		4	%		41	%		67	%		62	%		57	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.00	%^{^}		.01	%		.00	%		.00	%		.00	%

See footnote summary on page 55.



54 AB Short Duration High Yield ETF		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period^(a)

(a)

After the close of business on June 7, 2024, AB Short Duration High Yield Portfolio (the “Acquired Portfolio”) was converted into AB Short Duration High Yield ETF. The performance and financial history of the Acquired Portfolio’s Advisor Class Shares have been adopted by the Fund and will be used going forward. As a result, the Financial Highlight information includes that of the Acquired Portfolio’s Advisor Class Shares and has been adjusted retroactively for the periods from September 30, 2020 through the Reorganization.

(b)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(c)	Based on average shares outstanding.

(d)	Net of expenses waived/reimbursed by the Adviser.

(e)	Amount is less than $.005.

(f)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(g)

In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the period ended November 30, 2024 and for the year ended September 30, 2024, such waiver amounted to .01% (annualized) and .01%, respectively.

(h)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

^	Annualized.

See notes to financial statements.



ABFunds.com		AB Short Duration High Yield ETF 55

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB Short Duration High Yield ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Short Duration High Yield ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statements of operations for the period then ended, the statement of changes in net assets for the period then ended and the period from October 1, 2024 to November 30, 2024 and the period ended September 30, 2024 and the financial highlights for the period then ended and the period from October 1, 2024 to November 30, 2024, and each of the four years in the period then ended as on September 30,2024 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, and the related statements of operations for the period then ended , changes in net assets for the period then ended and the period from October 1, 2024 to November 30, 2024 and the period ended September 30, 2024 and the financial highlights for the period then ended and the period from October 1, 2024 to November 30, 2024, and each of the four years in the period then ended as on September 30,2024 in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s 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 Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.



56 AB Short Duration High Yield ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

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 November 30, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. 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.

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



ABFunds.com		AB Short Duration High Yield ETF 57

2025 FEDERAL TAX INFORMATION

(unaudited)

The Fund designates $45,950,337 of distributions paid during the fiscal year ended November 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.



58 AB Short Duration High Yield ETF		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Short Duration High Yield ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment



ABFunds.com		AB Short Duration High Yield ETF 59

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for the period ended December 31, 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of profitability of the Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

Investment Results



60 AB Short Duration High Yield ETF		ABFunds.com

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund (including its predecessor mutual fund) against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance (including its predecessor mutual fund) against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10- year periods ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The directors noted that the unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser. The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore fund or sub-advisory accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications



ABFunds.com		AB Short Duration High Yield ETF 61

about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe of ETFs selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s expense ratio was lower than the medians. Based their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



62 AB Short Duration High Yield ETF		ABFunds.com

NOTES



ABFunds.com		AB Short Duration High Yield ETF 63

NOTES



64 AB Short Duration High Yield ETF		ABFunds.com

LOGO

AB SHORT DURATION HIGH YIELD ETF

66 Hudson Boulevard East,

New York, NY 10001

800 221 5672

ETF-SDHY-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB SHORT DURATION INCOME ETF

(NYSE Arca: SDFI)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


		Principal Amount (000)		U.S. $ Value

CORPORATES - INVESTMENT GRADE – 37.8%
Industrial – 23.3%
Basic – 0.8%
BHP Billiton Finance USA Ltd. 4.75%, 02/28/2028	U.S.$		570	$	579,462
Georgia-Pacific LLC 0.95%, 05/15/2026^(a)			9		8,876
Glencore Funding LLC 5.186%, 04/01/2030^(a)			72		74,219
5.338%, 04/04/2027^(a)			435		441,999

					1,104,556

Capital Goods – 2.6%
BAE Systems PLC 5.00%, 03/26/2027^(a)			374		378,454
Boeing Co. (The) 2.196%, 02/04/2026			426		424,637
3.25%, 02/01/2028			272		267,126
6.259%, 05/01/2027			104		106,793
Northrop Grumman Corp. 3.25%, 01/15/2028			184		181,341
Parker-Hannifin Corp. 3.25%, 06/14/2029			66		64,404
4.25%, 09/15/2027			496		499,398
Regal Rexnord Corp. 6.05%, 02/15/2026			377		377,814
Republic Services, Inc. 4.875%, 04/01/2029			348		357,375
RTX Corp. 3.50%, 03/15/2027			202		200,786
5.75%, 11/08/2026			421		427,172
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/2026			444		441,212

					3,726,512

Communications - Media – 0.3%
Netflix, Inc. 4.875%, 06/15/2030^(a)			458		471,172


Communications - Telecommunications – 1.0%
AT&T, Inc. 3.80%, 02/15/2027			393		391,860
Rogers Communications, Inc. 3.20%, 03/15/2027			629		620,886
T-Mobile USA, Inc. 3.75%, 04/15/2027			417		415,107

					1,427,853



ABFunds.com		AB Short Duration Income ETF 1

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Consumer Cyclical - Automotive – 1.9%
American Honda Finance Corp. 2.00%, 03/24/2028	U.S.$		107	$	102,221
Series G 4.45%, 10/22/2027			290		292,401
Ford Motor Credit Co. LLC 3.815%, 11/02/2027			219		215,047
5.303%, 09/06/2029			200		200,840
5.80%, 03/08/2029			383		390,580
General Motors Financial Co., Inc. 2.70%, 08/20/2027			597		582,248
5.40%, 05/08/2027			344		349,655
Hyundai Capital America 1.30%, 01/08/2026^(a)			61		60,805
4.30%, 09/24/2027^(a)			35		35,065
4.50%, 09/18/2030^(a)			71		71,102
4.55%, 09/26/2029^(a)			38		38,209
5.15%, 03/27/2030^(a)			100		102,556
5.25%, 01/08/2027^(a)			25		25,274
5.30%, 03/19/2027^(a)			322		326,469

					2,792,472

Consumer Cyclical - Entertainment – 0.6%
Carnival Corp. 5.125%, 05/01/2029^(a)			81		81,505
5.75%, 03/15/2030^(a)			16		16,439
Royal Caribbean Cruises Ltd. 5.375%, 07/15/2027^(a)			436		439,423
5.50%, 08/31/2026^(a)			31		31,071
Viking Ocean Cruises Ship VII Ltd. 5.625%, 02/15/2029^(a)			14		13,993
VOC Escrow Ltd. 5.00%, 02/15/2028^(a)			263		262,905

					845,336

Consumer Cyclical - Other – 0.8%
CK Hutchison International 24 Ltd. 5.375%, 04/26/2029^(a)			447		464,263
Flutter Treasury DAC 5.875%, 06/04/2031^(a)			200		202,030
Las Vegas Sands Corp. 3.50%, 08/18/2026			424		420,731
5.625%, 06/15/2028			112		114,538

					1,201,562

Consumer Cyclical - Restaurants – 0.2%
McDonald’s Corp. Series G 5.00%, 05/17/2029			255		262,979



2 AB Short Duration Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Starbucks Corp. 4.75%, 02/15/2026	U.S.$		52	$	52,027

					315,006

Consumer Cyclical - Retailers – 0.4%
AutoNation, Inc. 4.45%, 01/15/2029			148		148,429
Ralph Lauren Corp. 2.95%, 06/15/2030			423		402,349

					550,778

Consumer Non-Cyclical – 5.8%
Altria Group, Inc. 3.40%, 05/06/2030			466		449,378
Amer Sports Co. 6.75%, 02/16/2031^(a)			68		71,001
BAT Capital Corp. 3.557%, 08/15/2027			124		122,812
4.70%, 04/02/2027			299		300,818
BAT International Finance PLC 1.668%, 03/25/2026			431		427,505
Baxter International, Inc. 4.45%, 02/15/2029			206		206,884
Becton Dickinson & Co. 3.70%, 06/06/2027			193		191,910
4.693%, 02/13/2028			479		485,260
CVS Health Corp. 2.875%, 06/01/2026			401		398,305
3.00%, 08/15/2026			107		106,090
3.625%, 04/01/2027			283		281,070
DH Europe Finance II SARL 2.60%, 11/15/2029			490		464,848
General Mills, Inc. 4.20%, 04/17/2028			582		583,688
HCA, Inc. 3.125%, 03/15/2027			362		357,439
5.25%, 06/15/2026			263		263,160
Imperial Brands Finance PLC 3.50%, 07/26/2026^(a)			376		373,932
Kraft Heinz Foods Co. 3.00%, 06/01/2026			381		378,680
Medtronic Global Holdings SCA 4.25%, 03/30/2028			579		583,111
Molson Coors Beverage Co. 3.00%, 07/15/2026			393		390,280
Novartis Capital Corp. 3.10%, 05/17/2027			129		127,934
Philip Morris International, Inc. 2.75%, 02/25/2026			65		64,769



ABFunds.com		AB Short Duration Income ETF 3

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

3.375%, 08/15/2029	U.S.$		49	$	47,801
4.375%, 11/01/2027			126		127,090
4.875%, 02/13/2026			131		131,269
4.875%, 02/15/2028			43		43,810
4.875%, 02/13/2029			272		278,343
5.125%, 11/17/2027			144		147,027
5.625%, 11/17/2029			41		43,182
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026			486		482,544
Takeda Pharmaceutical Co., Ltd. 2.05%, 03/31/2030			503		460,537

					8,390,477

Energy – 4.2%
Cenovus Energy, Inc. 4.65%, 03/20/2031			281		281,947
Continental Resources, Inc./OK 2.268%, 11/15/2026^(a)			29		28,408
4.375%, 01/15/2028			295		294,038
Energy Transfer LP 4.00%, 10/01/2027			500		498,775
5.50%, 06/01/2027			345		350,389
Eni SpA Series X-R 4.75%, 09/12/2028^(a)			522		530,942
EQT Corp. 3.90%, 10/01/2027			340		338,011
Hess Midstream Operations LP 5.875%, 03/01/2028^(a)			172		174,957
Permian Resources Operating LLC 5.875%, 07/01/2029^(a)			197		197,749
Pioneer Natural Resources Co. 1.90%, 08/15/2030			285		258,030
Targa Resources Corp. 4.90%, 09/15/2030			57		58,110
5.20%, 07/01/2027			538		546,420
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.50%, 03/01/2030			350		356,272
TotalEnergies Capital International SA 3.455%, 02/19/2029			450		443,200
Var Energi ASA 5.875%, 05/22/2030^(a)			200		208,624
7.50%, 01/15/2028^(a)			446		472,189
Williams Cos., Inc. (The) 3.75%, 06/15/2027			580		576,358
Woodside Finance Ltd. 4.50%, 03/04/2029^(a)			290		290,841



4 AB Short Duration Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

5.40%, 05/19/2030	U.S.$		174	$	179,423

					6,084,683

Other Industrial – 0.1%
RB Global Holdings, Inc. 6.75%, 03/15/2028^(a)			187		191,409


Services – 1.5%
Expedia Group, Inc. 3.80%, 02/15/2028			364		361,714
Global Payments, Inc. 4.50%, 11/15/2028			159		159,557
4.875%, 11/15/2030			226		226,725
Mastercard, Inc. 2.95%, 06/01/2029			170		164,864
4.875%, 03/09/2028			568		581,246
S&P Global, Inc. 2.45%, 03/01/2027			481		472,607
4.25%, 05/01/2029			205		206,236

					2,172,949

Technology – 3.0%
Analog Devices, Inc. 3.50%, 12/05/2026			486		484,270
Apple, Inc. 2.90%, 09/12/2027			591		583,352
Broadcom, Inc. 4.15%, 02/15/2028			143		143,719
5.05%, 07/12/2027			443		450,792
Fiserv, Inc. 3.20%, 07/01/2026			416		413,271
5.15%, 03/15/2027			253		255,381
Foundry JV Holdco LLC 5.90%, 01/25/2030^(a)			220		231,460
International Business Machines Corp. 1.70%, 05/15/2027			164		159,059
3.30%, 05/15/2026			158		157,477
Oracle Corp. 1.65%, 03/25/2026			166		164,529
2.65%, 07/15/2026			68		67,389
2.80%, 04/01/2027			430		421,529
3.25%, 11/15/2027			187		183,178
4.50%, 05/06/2028			15		15,034
VMware LLC 1.40%, 08/15/2026			442		434,004
Workday, Inc. 3.50%, 04/01/2027			176		174,800

					4,339,244



ABFunds.com		AB Short Duration Income ETF 5

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Transportation - Airlines – 0.1%
AS Mileage Plan IP Ltd. 5.021%, 10/20/2029^(a)	U.S.$		43	$	43,227
Southwest Airlines Co. 4.375%, 11/15/2028			121		120,954

					164,181

					33,778,190

Financial Institutions – 12.8%
Banking – 11.4%
Ally Financial, Inc. 4.75%, 06/09/2027			519		522,057
Banco Bilbao Vizcaya Argentaria SA 6.138%, 09/14/2028			600		620,412
Banco Santander SA 1.722%, 09/14/2027			400		392,308
4.25%, 04/11/2027			400		400,732
4.379%, 04/12/2028			200		200,834
Bank of Ireland Group PLC 5.601%, 03/20/2030^(a)			464		483,205
Barclays PLC 2.279%, 11/24/2027			200		196,276
4.837%, 09/10/2028			401		405,447
5.20%, 05/12/2026			111		111,376
5.501%, 08/09/2028			450		459,171
CaixaBank SA 6.208%, 01/18/2029^(a)			343		357,077
Capital One Financial Corp. 1.878%, 11/02/2027			643		629,304
4.927%, 05/10/2028			280		283,002
Citigroup, Inc. 1.122%, 01/28/2027			23		22,885
1.462%, 06/09/2027			424		417,975
3.887%, 01/10/2028			118		117,690
4.45%, 09/29/2027			124		124,598
4.658%, 05/24/2028			185		186,510
Series VAR 3.07%, 02/24/2028			125		123,415
Credit Agricole SA 5.23%, 01/09/2029^(a)			275		280,514
Danske Bank A/S 4.298%, 04/01/2028^(a)			451		451,510
Deutsche Bank AG/New York NY 2.552%, 01/07/2028			385		377,712
Goldman Sachs Bank USA/New York NY 5.283%, 03/18/2027			241		241,749
Goldman Sachs Group, Inc. (The) 1.431%, 03/09/2027			267		264,957



6 AB Short Duration Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

HSBC Holdings PLC 4.583%, 06/19/2029	U.S.$		214	$	215,990
5.21%, 08/11/2028			226		229,659
5.597%, 05/17/2028			506		515,887
ING Groep NV 4.017%, 03/28/2028			482		481,325
JPMorgan Chase & Co. 1.04%, 02/04/2027			268		266,521
1.47%, 09/22/2027			72		70,496
Lloyds Banking Group PLC 1.627%, 05/11/2027			395		390,477
3.75%, 03/18/2028			394		392,050
5.985%, 08/07/2027			175		177,105
Macquarie Group Ltd. 1.34%, 01/12/2027^(a)			432		430,497
Mitsubishi UFJ Financial Group, Inc. 1.538%, 07/20/2027			440		432,758
2.341%, 01/19/2028			487		477,426
Morgan Stanley 3.95%, 04/23/2027			587		586,929
5.652%, 04/13/2028			12		12,249
Nationwide Building Society 2.972%, 02/16/2028^(a)			454		447,462
NatWest Group PLC 1.642%, 06/14/2027			416		410,347
3.073%, 05/22/2028			273		269,031
Santander UK Group Holdings PLC 2.469%, 01/11/2028			200		196,124
Societe Generale SA 5.249%, 05/22/2029^(a)			200		203,970
5.519%, 01/19/2028^(a)			443		448,427
Standard Chartered PLC 5.545%, 01/21/2029^(a)			236		242,006
Synchrony Financial 3.95%, 12/01/2027			59		58,510
5.019%, 07/29/2029			348		351,396
7.25%, 02/02/2033			179		191,825
UBS Group AG 1.494%, 08/10/2027^(a)			226		221,794
4.703%, 08/05/2027^(a)			367		368,119
UniCredit SpA 1.982%, 06/03/2027^(a)			404		399,378
Westpac New Zealand Ltd. 5.195%, 02/28/2029^(a)			449		463,934

					16,622,408

Finance – 0.1%
Aviation Capital Group LLC 4.75%, 04/14/2027^(a)			155		155,773



ABFunds.com		AB Short Duration Income ETF 7

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

REITs – 1.3%
Digital Realty Trust LP 3.60%, 07/01/2029	U.S.$		132	$	129,495
Host Hotels & Resorts LP 4.25%, 12/15/2028			268		267,694
Newmark Group, Inc. 7.50%, 01/12/2029			260		279,087
Simon Property Group LP 1.75%, 02/01/2028			347		331,746
VICI Properties LP/VICI Note Co., Inc. 4.25%, 12/01/2026^(a)			371		370,844
Welltower OP LLC 3.10%, 01/15/2030			492		473,255

					1,852,121

					18,630,302

Utility – 1.7%
Electric – 1.7%
EDP Finance BV 1.71%, 01/24/2028^(a)			510		484,199
Enel Finance International NV 2.125%, 07/12/2028^(a)(b)			474		450,035
NRG Energy, Inc. 4.734%, 10/15/2030^(a)			26		25,940
Sempra 3.25%, 06/15/2027			223		219,709
Southern Co. (The) 5.113%, 08/01/2027^(b)			568		576,906
Vistra Operations Co. LLC 3.70%, 01/30/2027^(a)			483		479,165
4.30%, 07/15/2029^(a)			207		205,735
5.05%, 12/30/2026^(a)			10		10,089

					2,451,778

Total Corporates - Investment Grade (cost $54,373,287)					54,860,270


GOVERNMENTS - TREASURIES – 29.7%
United States – 29.7%
U.S. Treasury Bonds 4.75%, 02/15/2045			145		147,283
4.875%, 08/15/2045			77		79,406
U.S. Treasury Notes 3.50%, 09/30/2027			1,452		1,451,546
3.625%, 08/31/2027			3,600		3,606,047
3.625%, 08/31/2030			2,760		2,763,450
3.75%, 04/30/2027			1,171		1,173,927
3.75%, 10/31/2032			1,700		1,696,281



8 AB Short Duration Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

3.875%, 05/31/2027	U.S.$		1,800	$	1,808,367
3.875%, 07/31/2027			272		273,456
3.875%, 03/15/2028			589		594,039
3.875%, 07/31/2030			3,498		3,540,359
3.875%, 09/30/2032			1,669		1,678,519
4.00%, 01/31/2029			1,445		1,465,772
4.00%, 07/31/2029			2,591		2,631,687
4.00%, 02/28/2030			2,375		2,415,078
4.125%, 01/31/2027			14		14,081
4.125%, 02/28/2027			856		861,484
4.125%, 03/31/2029			1,158		1,179,803
4.25%, 02/28/2029			1,190		1,216,496
4.25%, 06/30/2029			3,813		3,903,940
4.25%, 01/31/2030			2,220		2,278,275
4.375%, 08/31/2028			398		407,268
4.375%, 11/30/2028			970		993,947
4.375%, 12/31/2029			900		927,563
4.625%, 09/30/2028			3,835		3,951,248
4.625%, 04/30/2029			1,060		1,097,183
4.875%, 10/31/2028			950		985,773


Total Governments - Treasuries (cost $42,514,148)					43,142,278


ASSET-BACKED SECURITIES – 13.9%
Other ABS - Fixed Rate – 8.4%
Affirm Asset Securitization Trust Series 2024-X2, Class A 5.22%, 12/17/2029^(a)			13		12,693
Series 2025-X2, Class A 4.45%, 10/15/2030^(a)			350		350,336
APL Finance DAC Series 2025-1A, Class A 4.81%, 03/20/2036^(a)			325		325,473
Avant Loans Funding Trust Series 2024-REV1, Class A 5.92%, 10/15/2033^(a)			255		257,159
Series 2025-REV1, Class A 5.12%, 05/15/2034^(a)			250		251,085
BHG Securitization Trust Series 2023-A, Class A 5.55%, 04/17/2036^(a)			14		13,693
Series 2023-B, Class A 6.92%, 12/17/2036^(a)			101		105,674
Series 2025-2CON, Class A 4.84%, 09/17/2036^(a)			276		279,264



ABFunds.com		AB Short Duration Income ETF 9

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Castlelake Aircraft Structured Trust Series 2025-2A, Class A 5.465%, 08/15/2050^(a)	U.S.$		588	$	596,530
Series 2025-3A, Class A 5.087%, 11/15/2050^(a)			250		251,360
Cherry Securitization Trust Series 2024-1A, Class A 5.70%, 04/15/2032^(a)			600		604,033
Series 2025-1A, Class A 6.13%, 11/15/2032^(a)			400		405,962
Dailypay Securitization Trust Series 2025-1A, Class A 5.63%, 06/26/2028^(a)			600		604,424
Dext ABS LLC Series 2023-1, Class A2 5.99%, 03/15/2032^(a)			43		43,667
Equify ABS LLC Series 2024-1A, Class A 5.43%, 04/18/2033^(a)			71		71,227
Granite Park Equipment Leasing LLC Series 2023-1A, Class A3 6.46%, 09/20/2032^(a)			95		95,284
Lendmark Funding Trust Series 2024-1A, Class A 5.53%, 06/21/2032^(a)			300		304,069
Series 2025-1A, Class A 4.94%, 09/20/2034^(a)			300		303,603
Series 2025-3A, Class A 4.51%, 05/20/2035^(a)			100		100,056
Onemain Financial Issuance Trust Series 2025-1A, Class A 4.82%, 07/14/2038^(a)			420		425,287
Oportun Funding Trust Series 2024-3, Class A 5.26%, 08/15/2029^(a)			30		30,301
Oportun Issuance Trust Series 2025-B, Class A 4.88%, 05/09/2033^(a)			600		601,888
Series 2025-C, Class A 4.49%, 07/08/2033^(a)			600		600,789
OWN Equipment Fund II LLC Series 2025-1M, Class A 5.48%, 09/26/2033^(a)			564		560,603
Pagaya AI Debt Grantor Trust Series 2024-10, Class A 5.183%, 06/15/2032^(a)			52		52,055



10 AB Short Duration Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Pagaya AI Debt Trust Series 2024-1, Class A 6.66%, 07/15/2031^(a)	U.S.$		44	$	44,054
Series 2024-2, Class A 6.319%, 08/15/2031^(a)			48		48,154
Series 2024-3, Class A 6.258%, 10/15/2031^(a)			41		41,337
Pagaya Point of Sale Holdings Grantor Trust Series 2025-1, Class A 5.715%, 01/20/2034^(a)			292		295,083
PK Alift Loan Funding 7 LP Series 2025-2, Class A 4.75%, 03/15/2043^(a)			359		355,920
Purchasing Power Funding LLC Series 2024-A, Class A 5.89%, 08/15/2028^(a)			550		551,690
Reach ABS Trust Series 2025-2A, Class A 4.93%, 08/18/2032^(a)			331		332,560
Regional Management Issuance Trust Series 2024-2, Class A 5.11%, 12/15/2033^(a)			220		221,662
Series 2025-1, Class A 4.99%, 04/17/2034^(a)			585		588,874
Republic Finance Issuance Trust Series 2024-A, Class A 5.91%, 08/20/2032^(a)			250		252,750
Series 2024-B, Class A 5.42%, 11/20/2037^(a)			150		152,985
Sotheby’s Artfi Master Trust Series 2024-1A, Class A1 6.43%, 12/22/2031^(a)			550		552,469
Sunbit Asset Securitization Trust Series 2025-1, Class A 5.36%, 07/15/2030^(a)			300		301,962
Upgrade Master Pass-Thru Trust Series 2025-ST6, Class A 4.611%, 10/15/2032^(a)			294		294,053
Series 2025-ST8, Class A 4.618%, 12/15/2033^(a)			285		285,129
Upstart Securitization Trust Series 2023-3, Class A 6.90%, 10/20/2033^(a)			17		16,940
Series 2024-1, Class A 5.33%, 11/20/2034^(a)			59		59,282
Verdant Receivables 2023-1 LLC Series 2023-1A, Class A2 6.24%, 01/13/2031^(a)			215		218,239



ABFunds.com		AB Short Duration Income ETF 11

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

VFI ABS LLC Series 2025-1A, Class A 4.78%, 06/24/2030^(a)	U.S.$		387	$	388,767

					12,248,425

Autos - Fixed Rate – 3.6%
ACM Auto Trust Series 2025-1A, Class A 5.38%, 06/20/2029^(a)			46		45,848
Series 2025-2A, Class A 5.55%, 06/20/2028^(a)			358		358,525
Series 2025-3A, Class A 5.01%, 01/22/2030^(a)			677		675,610
Credit Acceptance Auto Loan Trust Series 2025-1A, Class A 5.02%, 03/15/2035^(a)			250		252,891
FHF Trust Series 2023-1A, Class A2 6.57%, 06/15/2028^(a)			37		37,604
FinBe USA Trust Series 2025-1A, Class A 5.70%, 12/15/2028^(a)			416		417,250
Hertz Vehicle Financing III LLC Series 2024-1A, Class A 5.44%, 01/25/2029^(a)			154		157,331
Series 2025-1A, Class A 4.91%, 09/25/2029^(a)			250		252,832
Series 2025-3A, Class A 5.06%, 12/26/2029^(a)			600		609,117
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028^(a)			47		47,426
Series 2023-2A, Class A2 7.09%, 10/16/2028^(a)			60		60,953
Series 2023-3A, Class A2 7.50%, 12/15/2028^(a)			59		59,597
Series A2, Class 24-1A 6.19%, 08/15/2029^(a)			94		94,593
Lobel Automobile Receivables Trust Series 2025-1, Class A 5.06%, 11/15/2027^(a)			94		93,814
Merchants Fleet Funding LLC Series 2023-1A, Class A 7.21%, 05/20/2036^(a)			188		189,069
Research-Driven Pagaya Motor Asset Trust Series 2023-3A, Class A 7.13%, 01/26/2032^(a)			168		168,510
Series 2023-4A, Class A 7.54%, 03/25/2032^(a)			218		218,323



12 AB Short Duration Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2024-3A, Class A 5.281%, 03/25/2033^(a)	U.S.$		299	$	300,085
Series 2025-1A, Class A 5.044%, 06/27/2033^(a)			296		297,323
Research-Driven Pagaya Motor Trust Series 2024-1A, Class A 7.09%, 06/25/2032^(a)			44		44,018
SAFCO Auto Receivables Trust Series 2025-1A, Class A 5.46%, 09/10/2029^(a)			171		170,836
Tricolor Auto Securitization Trust Series 2024-1A, Class A 6.61%, 10/15/2027^(c)			25		23,944
Series 2024-3A, Class A 5.22%, 06/15/2028^(c)(d)(e)			142		125,356
Series 2025-1A, Class A 4.94%, 02/15/2029^(c)(d)(e)			105		73,496
Series 2025-2A, Class A 5.12%, 01/16/2029^(c)(d)(e)			547		376,518

					5,150,869

Credit Cards - Fixed Rate – 1.3%
Brex Commercial Charge Card Master Trust Series 2024-1, Class A1 6.05%, 07/15/2027^(a)			325		326,321
Continental Finance Credit Card ABS Master Trust Series 2024-A, Class A 5.78%, 12/15/2032^(a)			250		253,778
Mission Lane Credit Card Master Trust Series 2025-A, Class A 5.80%, 05/15/2030^(a)			600		606,293
Series 2025-B, Class A 5.06%, 09/15/2031^(a)			371		373,798
Series 2025-C, Class A 4.78%, 12/16/2030^(a)			345		346,542

					1,906,732

Other ABS - Floating Rate – 0.6%
Capital Street Master Trust Series 2024-1, Class A 5.492% (CME Term SOFR + 1.35%), 10/16/2028^(a)(f)			62		62,156
Gracie Point International Funding LLC Series 2025-1A, Class A 5.709% (CME Term SOFR + 1.50%), 08/15/2028^(a)(f)			650		649,980
Pagaya AI Debt Series 2024-S1, Class ABC 7.295%, 09/15/2031^(a)(g)			118		119,440



ABFunds.com		AB Short Duration Income ETF 13

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Pagaya AI Debt Grantor Trust Series 2025-1, Class A 5.156%, 07/15/2032^(a)	U.S.$		87	$	87,381

					918,957

Total Asset-Backed Securities (cost $20,330,647)					20,224,983


CORPORATES - NON-INVESTMENT GRADE – 8.8%
Industrial – 7.6%
Basic – 0.4%
Arsenal AIC Parent LLC 8.00%, 10/01/2030^(a)			38		40,387
ASP Unifrax Holdings, Inc. 7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029^(a)(h)			9		1,367
Graphic Packaging International LLC 3.50%, 03/15/2028^(a)			125		120,965
INEOS Finance PLC 6.375%, 04/15/2029^(a)	EUR		101		107,862
INEOS Quattro Finance 2 PLC 8.50%, 03/15/2029^(a)			222		226,215
Sealed Air Corp./Sealed Air Corp. US 6.125%, 02/01/2028^(a)	U.S.$		27		27,469

					524,265

Capital Goods – 0.7%
Axon Enterprise, Inc. 6.125%, 03/15/2030^(a)			85		88,000
6.25%, 03/15/2033^(a)			66		68,678
Ball Corp. 6.00%, 06/15/2029			300		309,162
Bombardier, Inc. 8.75%, 11/15/2030^(a)			190		205,090
Esab Corp. 6.25%, 04/15/2029^(a)			26		26,787
GFL Environmental, Inc. 6.75%, 01/15/2031^(a)			178		186,993
LSB Industries, Inc. 6.25%, 10/15/2028^(a)(b)			147		146,333
Quikrete Holdings, Inc. 6.375%, 03/01/2032^(a)			47		48,858
Trinity Industries, Inc. 7.75%, 07/15/2028^(a)			22		22,878

					1,102,779



14 AB Short Duration Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Communications - Media – 0.8%
Banijay Entertainment SAS 7.00%, 05/01/2029^(a)	EUR		170	$	204,702
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030^(a)	U.S.$		26		24,444
DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027^(a)			35		35,081
10.00%, 02/15/2031^(a)			124		123,256
Discovery Communications LLC 4.125%, 05/15/2029			303		294,649
DISH DBS Corp. 5.25%, 12/01/2026^(a)			67		65,391
5.75%, 12/01/2028^(a)			32		30,902
McGraw-Hill Education, Inc. 5.75%, 08/01/2028^(a)			26		26,028
Neptune Bidco US, Inc. 9.29%, 04/15/2029^(a)			91		90,682
Univision Communications, Inc. 8.00%, 08/15/2028^(a)			196		202,450
Versant Media Group, Inc. 7.25%, 01/30/2031^(a)			66		67,765

					1,165,350

Consumer Cyclical - Automotive – 0.3%
Goodyear Tire & Rubber Co. (The) 5.25%, 04/30/2031			138		132,265
6.625%, 07/15/2030			30		30,512
Nissan Motor Acceptance Co. LLC 6.125%, 09/30/2030^(a)			25		24,783
Tenneco, Inc. 8.00%, 11/17/2028^(a)			51		51,003
ZF North America Capital, Inc. 6.75%, 04/23/2030^(a)			160		156,107

					394,670

Consumer Cyclical - Entertainment – 0.0%
Lindblad Expeditions LLC 7.00%, 09/15/2030^(a)			15		15,395
NCL Corp., Ltd. 5.875%, 01/15/2031^(a)			42		41,485

					56,880

Consumer Cyclical - Other – 1.0%
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 6.25%, 09/15/2027^(a)			86		86,045
Churchill Downs, Inc. 4.75%, 01/15/2028^(a)			97		96,576



ABFunds.com		AB Short Duration Income ETF 15

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Cirsa Finance International SARL 6.50%, 03/15/2029^(a)	EUR $		100	$	120,444
Hilton Domestic Operating Co., Inc. 5.875%, 04/01/2029^(a)	U.S.$		465		476,100
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 4.875%, 07/01/2031^(a)			145		134,345
5.00%, 06/01/2029^(a)			45		43,324
Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029^(a)			103		97,881
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. 6.625%, 02/01/2033^(a)			36		36,512
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028			11		10,901
Standard Industries, Inc./NY 4.75%, 01/15/2028^(a)			109		108,626
Thor Industries, Inc. 4.00%, 10/15/2029^(a)			182		174,294
Travel & Leisure Co. 6.625%, 07/31/2026^(a)			117		117,802

					1,502,850

Consumer Cyclical - Restaurants – 0.2%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028^(a)			17		16,808
4.375%, 01/15/2028^(a)			35		34,733
6.125%, 06/15/2029^(a)			193		198,686

					250,227

Consumer Cyclical - Retailers – 0.2%
Advance Auto Parts, Inc. 7.00%, 08/01/2030^(a)			237		241,956


Consumer Non-Cyclical – 1.3%
Acadia Healthcare Co., Inc. 7.375%, 03/15/2033^(a)			68		69,582
AdaptHealth LLC 5.125%, 03/01/2030^(a)			263		255,646
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029^(a)			40		38,441
6.50%, 02/15/2028^(a)			114		116,158
Amneal Pharmaceuticals LLC 6.875%, 08/01/2032^(a)			30		31,759
Bausch & Lomb Corp. 8.375%, 10/01/2028^(a)			57		59,497
DaVita, Inc. 4.625%, 06/01/2030^(a)			311		301,835



16 AB Short Duration Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Embecta Corp. 5.00%, 02/15/2030^(a)	U.S.$		29	$	27,602
LifePoint Health, Inc. 9.875%, 08/15/2030^(a)			203		218,550
Medline Borrower LP 3.875%, 04/01/2029^(a)			26		25,290
MPH Acquisition Holdings LLC 5.75%, 12/31/2030^(a)			5		4,442
6.75% (6.00% Cash and 0.75% PIK), 03/31/2031^(a)(b)(h)			43		37,876
11.50% (6.50% Cash and 5.00% PIK), 12/31/2030^(a)(b)(h)			8		8,479
Newell Brands, Inc. 6.375%, 09/15/2027			15		15,039
8.50%, 06/01/2028^(a)			52		54,239
Post Holdings, Inc. 6.25%, 02/15/2032^(a)			26		26,870
Tenet Healthcare Corp. 4.25%, 06/01/2029			202		198,245
4.375%, 01/15/2030			72		70,544
US Foods, Inc. 4.75%, 02/15/2029^(a)			273		271,649

					1,831,743

Energy – 1.4%
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.00%, 07/15/2029^(a)			73		76,149
Buckeye Partners LP 6.875%, 07/01/2029^(a)			23		23,957
CITGO Petroleum Corp. 8.375%, 01/15/2029^(a)			186		194,020
Civitas Resources, Inc. 8.375%, 07/01/2028^(a)			168		173,606
Delek Logistics Partners LP/Delek Logistics Finance Corp. 8.625%, 03/15/2029^(a)			112		117,486
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25%, 11/01/2028^(a)			73		73,353
NFE Financing LLC 12.00%, 11/15/2029^(a)(d)(e)			256		64,727
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.125%, 02/15/2029^(a)			105		108,334
NuStar Logistics LP 5.625%, 04/28/2027			312		315,460
Summit Midstream Holdings LLC 8.625%, 10/31/2029^(a)			258		266,243
Sunoco LP 7.00%, 05/01/2029^(a)			251		261,264



ABFunds.com		AB Short Duration Income ETF 17

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Venture Global LNG, Inc. 9.875%, 02/01/2032^(a)	U.S.$		303	$	315,508

					1,990,107

Other Industrial – 0.3%
RB Global Holdings, Inc. 7.75%, 03/15/2031^(a)			189		198,093
Velocity Vehicle Group LLC 8.00%, 06/01/2029^(a)			253		248,790

					446,883

Services – 0.7%
Allied Universal Holdco LLC 7.875%, 02/15/2031^(a)			407		429,088
ANGI Group LLC 3.875%, 08/15/2028^(a)			127		115,536
Garda World Security Corp. 6.00%, 06/01/2029^(a)			51		49,824
6.50%, 01/15/2031^(a)			24		24,646
7.75%, 02/15/2028^(a)			48		49,215
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027^(a)			235		229,612
Raven Acquisition Holdings LLC 6.875%, 11/15/2031^(a)			32		33,013
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. 5.50%, 05/15/2033^(a)	EUR		112		134,348

					1,065,282

Technology – 0.1%
Diebold Nixdorf, Inc. 7.75%, 03/31/2030^(a)	U.S.$		17		18,098
Gen Digital, Inc. 6.75%, 09/30/2027^(a)			42		42,754
Virtusa Corp. 7.125%, 12/15/2028^(a)			10		9,635
Western Digital Corp. 4.75%, 02/15/2026			33		32,994

					103,481

Transportation - Airlines – 0.0%
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.75%, 04/20/2029^(a)			44		44,464


Transportation - Services – 0.2%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028^(a)			165		160,588



18 AB Short Duration Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Loxam SAS 4.50%, 02/15/2027^(a)	EUR $		100	$	116,585

					277,173

					10,998,110

Financial Institutions – 0.7%
Banking – 0.1%
Bread Financial Holdings, Inc. 6.75%, 05/15/2031^(a)	U.S.$		209		213,368


Brokerage – 0.1%
Jane Street Group/JSG Finance, Inc. 6.75%, 05/01/2033^(a)			121		126,433


Finance – 0.4%
Enova International, Inc. 9.125%, 08/01/2029^(a)			155		163,714
GGAM Finance Ltd. 8.00%, 02/15/2027^(a)			12		12,275
8.00%, 06/15/2028^(a)			77		81,537
Navient Corp. 6.75%, 06/15/2026			259		261,575
SLM Corp. 3.125%, 11/02/2026			23		22,588
6.50%, 01/31/2030			57		59,421

					601,110

Insurance – 0.0%
Acrisure LLC/Acrisure Finance, Inc. 7.50%, 11/06/2030^(a)			61		63,403


REITs – 0.1%
Iron Mountain, Inc. 5.00%, 07/15/2028^(a)			76		75,640

					1,079,954

Utility – 0.5%
Electric – 0.5%
Calpine Corp. 4.625%, 02/01/2029^(a)			184		183,058
NRG Energy, Inc. 3.375%, 02/15/2029^(a)			208		199,108
5.75%, 07/15/2029^(a)			272		273,349

					655,515

Total Corporates - Non-Investment Grade (cost $12,702,777)					12,733,579



ABFunds.com		AB Short Duration Income ETF 19

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

MORTGAGE PASS-THROUGHS – 4.6%
Agency Fixed Rate 30-Year – 4.6%
Federal Home Loan Mortgage Corp. Series 2024 5.50%, 11/01/2054	U.S.$		882	$	893,944
Federal National Mortgage Association Series 2024 5.50%, 10/01/2054			877		888,811
6.00%, 06/01/2054			787		806,782
6.00%, 09/01/2054			792		811,621
Government National Mortgage Association Series 2025 5.50%, 04/20/2055			176		177,341
Uniform Mortgage-Backed Security Series 2025 4.00%, 12/01/2055, TBA			653		622,268
4.50%, 12/01/2055, TBA			635		621,668
5.00%, 12/01/2055, TBA			620		618,369
5.50%, 12/01/2055, TBA			1,213		1,228,203


Total Mortgage Pass-Throughs (cost $6,569,802)					6,669,007


COLLATERALIZED LOAN OBLIGATIONS – 4.6%
CLO - Floating Rate – 4.6%
AGL CLO 44 Ltd. Series 2025-44A, Class A 5.103% (CME Term SOFR 3 Month + 1.15%), 10/22/2037^(a)(f)			250		250,226
Apidos CLO XXX Series XXXA, Class A1AR 4.964% (CME Term SOFR 3 Month + 1.08%), 10/18/2031^(a)(f)			72		72,185
Bain Capital Credit CLO Series 2019-1A, Class AR2 5.114% (CME Term SOFR 3 Month + 1.23%), 04/19/2034^(a)(f)			100		100,167
Bain Capital Credit CLO Ltd. Series 2021-4A, Class A1R 5.084% (CME Term SOFR 3 Month + 1.20%), 10/20/2034^(a)(f)			350		350,494
Series 2021-6A, Class A1R 4.96% (CME Term SOFR 3 Month + 1.09%), 10/21/2034^(a)(f)			300		300,214
Buttermilk Park CLO Ltd. Series 2018-1A, Class A1R 4.985% (CME Term SOFR 3 Month + 1.08%), 10/15/2031^(a)(f)			128		127,640



20 AB Short Duration Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Dryden 113 CLO Ltd. Series 2022-113A, Class AR3 4.995% (CME Term SOFR 3 Month + 1.09%), 10/15/2037^(a)(f)	U.S.$		680	$	679,318
Goldentree Loan Management US CLO 8 Ltd. Series 2020-8A, Class ARR 5.034% (CME Term SOFR 3 Month + 1.15%), 10/20/2034^(a)(f)			450		450,476
Invesco CLO Ltd. Series 2021-2A, Class AR 5.005% (CME Term SOFR 3 Month + 1.10%), 07/15/2034^(a)(f)			650		650,144
Juniper Valley Park CLO Ltd. Series 2023-1A, Class ARR 4.964% (CME Term SOFR 3 Month + 1.08%), 07/20/2036^(a)(f)			690		689,306
KKR CLO 21 Ltd. Series 21, Class A 5.166% (CME Term SOFR 3 Month + 1.26%), 04/15/2031^(a)(f)			88		88,320
Neuberger Berman Loan Advisers CLO 47 Ltd. Series 2022-47A, Class AR 5.205% (CME Term SOFR 3 Month + 1.09%), 04/16/2035^(a)(f)			350		350,490
OCP CLO Ltd. Series 2023-26A, Class AR 4.962% (CME Term SOFR 3 Month + 1.08%), 04/17/2037^(a)(f)			700		699,643
PPM CLO 5 Ltd. Series 2021-5A, Class A 5.346% (CME Term SOFR 3 Month + 1.46%), 10/18/2034^(a)(f)			500		500,000
Rad CLO 14 Ltd. Series 2021-14A, Class A 5.336% (CME Term SOFR 3 Month + 1.43%), 01/15/2035^(a)(f)			550		550,186
Regatta XVI Funding Ltd. Series 2019-2A, Class A1R 5.105% (CME Term SOFR 3 Month + 1.20%), 01/15/2033^(a)(f)			216		216,713
VERDE CLO Ltd. Series 2019-1A, Class ARR 5.015% (CME Term SOFR 3 Month + 1.11%), 04/15/2032^(a)(f)			124		123,701
Voya CLO Ltd. Series 2018-1A, Class A1 5.096% (CME Term SOFR 3 Month + 1.21%), 04/19/2031^(a)(f)			103		102,973



ABFunds.com		AB Short Duration Income ETF 21

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2022-3A, Class A1R2 5.014% (CME Term SOFR 3 Month + 1.13%), 10/20/2036^(a)(f)	U.S.$		350	$	349,577


Total Collateralized Loan Obligations (cost $6,639,226)					6,651,773


COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.8%
Non-Agency Fixed Rate CMBS – 0.8%
BANK Series 2020-BN28, Class XA 1.875%, 03/15/2063⁽ⁱ⁾			1,999		134,508
Series 2020-BN29, Class XA 1.405%, 11/15/2053⁽ⁱ⁾			949		49,015
Barclays Commercial Mortgage Trust Series 2019-C3, Class XA 1.467%, 05/15/2052⁽ⁱ⁾			928		32,946
BBCMS Mortgage Trust Series 2017-C1, Class XA 1.609%, 02/15/2050⁽ⁱ⁾			1,146		11,963
CD Mortgage Trust Series 2016-CD1, Class XA 1.472%, 08/10/2049⁽ⁱ⁾			1,412		3,168
CFCRE Commercial Mortgage Trust Series 2016-C4, Class XA 1.62%, 05/10/2058⁽ⁱ⁾			38		48
Series 2017-C8, Class XA 1.629%, 06/15/2050⁽ⁱ⁾			258		3,529
Citigroup Commercial Mortgage Trust Series 2016-GC36, Class A5 3.616%, 02/10/2049			127		126,629
Series 2017-P7, Class XA 1.251%, 04/14/2050⁽ⁱ⁾			768		7,097
Commercial Mortgage Trust Series 2014-CR16, Class D 4.937%, 04/10/2047^(a)			100		84,771
Series 2016-DC2, Class XA 0.967%, 02/10/2049⁽ⁱ⁾			1,074		68
GS Mortgage Securities Trust Series 2013-GC13, Class D 3.989%, 07/10/2046^(a)			100		72,814
Series 2016-GS3, Class XA 1.282%, 10/10/2049⁽ⁱ⁾			1,157		3,841
Series 2017-GS5, Class XA 0.969%, 03/10/2050⁽ⁱ⁾			1,383		10,569
Series 2017-GS7, Class XA 1.168%, 08/10/2050⁽ⁱ⁾			3,076		38,360



22 AB Short Duration Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2019-GC39, Class XA 1.223%, 05/10/2052⁽ⁱ⁾	U.S.$		3,484	$	109,759
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-LC9, Class G 3.689%, 12/15/2047^(a)			100		58,499
Series 2013-LC11, Class B 3.499%, 04/15/2046			49		45,009
JPMBB Commercial Mortgage Securities Trust Series 2013-C14, Class D 4.172%, 08/15/2046^(a)			75		57,865
UBS Commercial Mortgage Trust Series 2017-C1, Class XA 1.616%, 06/15/2050⁽ⁱ⁾			868		11,963
Series 2017-C2, Class XA 1.197%, 08/15/2050⁽ⁱ⁾			1,809		22,046
Series 2018-C14, Class XA 1.05%, 12/15/2051⁽ⁱ⁾			727		15,609
Series 2018-C15, Class XA 1.045%, 12/15/2051⁽ⁱ⁾			554		11,973
Series 2019-C18, Class XA 1.108%, 12/15/2052⁽ⁱ⁾			1,182		33,548
UBS-Barclays Commercial Mortgage Trust Series 2013-C6, Class D 4.06%, 04/10/2046^(a)			69		63,460
Wells Fargo Commercial Mortgage Trust Series 2016-LC24, Class XA 1.725%, 10/15/2049⁽ⁱ⁾			683		4,680
Series 2018-C48, Class XA 1.099%, 01/15/2052⁽ⁱ⁾			712		16,014
Series 2019-C52, Class XA 1.71%, 08/15/2052⁽ⁱ⁾			821		36,906
WFRBS Commercial Mortgage Trust Series 2011-C4, Class D 5.15%, 06/15/2044^(a)			37		35,887
Series 2011-C4, Class E 5.15%, 06/15/2044^(a)			25		23,558

					1,126,102

Non-Agency Floating Rate CMBS – 0.0%
Starwood Retail Property Trust Series 2014-STAR, Class A 7.00% (PRIME 1 Month + 0.00%), 11/15/2027^(a)(f)			76		46,244


Total Commercial Mortgage-Backed Securities (cost $1,292,849)					1,172,346



ABFunds.com		AB Short Duration Income ETF 23

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

COLLATERALIZED MORTGAGE OBLIGATIONS – 0.2%
Risk Share Floating Rate – 0.2%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2021-DNA6, Class M2 5.572% (CME Term SOFR + 1.50%), 10/25/2041^(a)(f)	U.S.$		122	$	122,946
Federal National Mortgage Association Connecticut Avenue Securities Series 2016-C04, Class 1B 14.436% (CME Term SOFR + 10.36%), 01/25/2029^(f)			117		122,954

					245,900

Agency Fixed Rate – 0.0%
Federal Home Loan Mortgage Corp. REMICS Series 4913, Class IO 6.00%, 04/15/2041⁽ⁱ⁾			48		9,253
Federal National Mortgage Association REMICS Series 2016-26, Class IO 5.00%, 05/25/2046⁽ⁱ⁾			95		12,885
Series 2016-31, Class IO 5.00%, 06/25/2046⁽ⁱ⁾			129		16,717
Series 2016-64, Class BI 5.00%, 09/25/2046⁽ⁱ⁾			15		1,985

					40,840

Agency Floating Rate – 0.0%
Federal Home Loan Mortgage Corp. REMICS Series 4372, Class JS 1.844% (5.99% – CME Term SOFR), 08/15/2044^(f)(j)			64		7,194
Federal National Mortgage Association REMICS Series 2012-17, Class ES 2.364% (6.44% – CME Term SOFR), 03/25/2041^(f)(j)			15		224
Series 2012-17, Class SE 1.764% (5.84% – CME Term SOFR), 03/25/2042^(f)(j)			49		5,904
Series 2019-25, Class SA 1.864% (5.94% – CME Term SOFR), 06/25/2049^(f)(j)			31		3,505
Series 2019-42, Class SQ 1.864% (5.94% – CME Term SOFR), 08/25/2049^(f)(j)			28		3,241

					20,068

Total Collateralized Mortgage Obligations (cost $305,346)					306,808



24 AB Short Duration Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

BANK LOANS – 0.2%
Industrial – 0.1%
Capital Goods – 0.0%
Chamberlain Group, Inc. 6.916% (CME Term SOFR 1 Month + 3.00%), 09/08/2032^(k)	U.S.$		10	$	9,644


Communications - Media – 0.1%
DIRECTV Financing LLC 9.352% (CME Term SOFR 3 Month + 5.25%), 08/02/2029^(k)			20		20,168
DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. 9.580% (CME Term SOFR 3 Month + 5.50%), 02/17/2031^(k)			82		81,046
Radiate Holdco, LLC 1.500% (PIK Interest 12 + 1.50%), 09/25/2029^(k)			42		30,408
7.530% (CME Term SOFR 1 Month + 3.50%), 09/25/2029^(k)			42		30,408

					162,030

Technology – 0.0%
Loyalty Ventures, Inc. 14.000% (PRIME 3 Month + 5.50%), 11/03/2027^{(d)(e)(g)(k)(l)}			72		543

					172,217

Financial Institutions – 0.1%
Financial Services – 0.1%
Colossus Acquireco LLC 5.870% (SOFR 4 + 1.75%), 07/30/2032^(k)			100		99,578


Total Bank Loans (cost $364,465)					271,795


		Shares
COMMON STOCKS – 0.0%
Energy – 0.0%
Oil, Gas & Consumable Fuels – 0.0%
New Fortress Energy, Inc.^(d) (cost $19,137)			2,218		2,706



ABFunds.com		AB Short Duration Income ETF 25

PORTFOLIO OF INVESTMENTS (continued)


	Shares		U.S. $ Value

SHORT-TERM INVESTMENTS – 0.6%
Investment Companies – 0.6%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(m)(n)(o) (cost $805,779)		805,779	$	805,779


Total Investments – 101.2% (cost $145,917,463)				146,841,324
Other assets less liabilities – (1.2)%				(1,698,789	)


Net Assets – 100.0%			$	145,142,535

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr (CBT) Futures		58		March 2026	$	6,366,406	$	23,828
U.S. T-Note 10 Yr (CBT) Futures		25		March 2026		2,833,594		(1,173	)

Sold Contracts
U.S. 10 Yr Ultra Futures		23		March 2026		2,672,672		(6,578	)
U.S. Long Bond (CBT) Futures		7		March 2026		822,063		(4,156	)
U.S. Ultra Bond (CBT) Futures		1		March 2026		120,938		(773	)

							$	11,148

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty

Contracts to
Deliver
(000)

In Exchange
For
(000)

Settlement
Date

Unrealized
Appreciation
(Depreciation)

State Street Bank & Trust Co.

EUR

759

USD

879

01/29/2026

(4,525

)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at November 30, 2025			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
iTraxx Australia Series 44, 5 Year Index, 12/20/2030*		(1.00	)%		Quarterly		0.66	%	USD	2,720	$	(46,975	)	$	(42,200	)	$	(4,775	)



26 AB Short Duration Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at November 30, 2025			Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Sale Contracts
CDX-NAHY Series 45, 5 Year Index, 12/20/2030*		5.00	%		Quarterly		3.23	%	USD	2,370	$	199,360	$	174,862	$	24,498
CDX-NAIG Series 45, 5 Year Index, 12/20/2030*		1.00			Quarterly		0.51		USD	2,210		53,869		48,858		5,011

											$	206,254	$	181,520	$	24,734

*	Termination date

(a)

(b)	Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at November 30, 2025.

(c)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.42% of net assets as of November 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Tricolor Auto Securitization Trust Series 2025-1A, Class A 4.94%, 02/15/2029		03/11/2025	$	105,005	$	73,496		0.05	%
Tricolor Auto Securitization Trust Series 2025-2A, Class A 5.12%, 01/16/2029		06/10/2025		546,523		376,518		0.26	%
Tricolor Auto Securitization Trust Series 2024-3A, Class A 5.22%, 06/15/2028		09/18/2025		131,695		125,356		0.09	%
Tricolor Auto Securitization Trust Series 2024-1A, Class A 6.61%, 10/15/2027		01/25/2024		24,707		23,944		0.02	%

(d)	Non-income producing security.

(e)	Defaulted.

(f)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2025.

(g)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(h)	Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at November 30, 2025.

(i)	IO - Interest Only.

(j)	Inverse interest only security.

(k)	The stated coupon rate represents the greater of the SOFR or an alternate base rate such as the PRIME or the SOFR/PRIME floor rate plus a spread at November 30, 2025.



ABFunds.com		AB Short Duration Income ETF 27

PORTFOLIO OF INVESTMENTS (continued)

(l)	Fair valued by the Adviser.

(m)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(n)	The rate shown represents the 7-day yield as of period end.

(o)	Affiliated investments.

Currency Abbreviations:

EUR – Euro

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CDX-NAHY – North American High Yield Credit Default Swap Index

CDX-NAIG – North American Investment Grade Credit Default Swap Index

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

PRIME – US Bank Prime Loan Rate

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

See notes to financial statements.



28 AB Short Duration Income ETF		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $145,111,684)	$	146,035,545
Affiliated issuers (cost $805,779)		805,779
Cash		1,702,526
Cash collateral due from broker		284,608
Foreign currencies, at value (cost $25,378)		24,845
Interest receivable		1,400,016
Affiliated dividends receivable		4,532
Receivable for variation margin on centrally cleared swaps		2,651
Receivable due from Adviser		239

Total assets		150,260,741

Liabilities
Payable for investment securities purchased		4,991,039
Advisory fee payable		32,988
Unrealized depreciation on forward currency exchange contracts		4,525
Payable for variation margin on futures		4,222
Foreign capital gains tax payable		134
Other liabilities		85,298

Total liabilities		5,118,206

Net Assets	$	145,142,535

Composition of Net Assets
Capital stock, at par	$	404
Additional paid-in capital		149,332,680
Accumulated loss		(4,190,549	)

Net Assets	$	145,142,535

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 4,038,461 common shares outstanding)	$	35.94

See notes to financial statements.



ABFunds.com		AB Short Duration Income ETF 29

STATEMENT OF OPERATIONS

Year Ended November 30, 2025


Investment Income
Interest	$	5,843,199
Dividends—Affiliated issuers		46,779
Other income^(a)		8,263		$	5,898,241

Expenses
Advisory fee (see Note B)		350,187

Total expenses before bank overdraft expense		350,187
Bank overdraft expense		565

Total expenses		350,752
Less: expenses waived and reimbursed by the Adviser (see Note B)		(2,361	)

Net expenses					348,391

Net investment income					5,549,850

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions^(b)					439,323
In-kind redemptions					44,271
Forward currency exchange contracts					15,153
Futures					289,471
Swaps					245,516
Written swaptions					(8,811	)
Foreign currency transactions					(31,161	)
Net change in unrealized appreciation (depreciation) of:
Investments^(c)					536,883
Forward currency exchange contracts					(13,614	)
Futures					(61,157	)
Swaps					(12,177	)
Foreign currency denominated assets and liabilities					(2,343	)

Net gain on investment and foreign currency transactions					1,441,354

Net Increase in Net Assets from Operations				$	6,991,204

(a)	Other income includes a non-recurring reimbursement for overpayment of prior years’ omnibus account services, sub-accounting services and related transfer agency expenses (see Note B).

(b)	Net of foreign realized capital gains taxes of $620.

(c)	Net of decrease in accrued foreign capital gains taxes on unrealized gains of $1,050.

See notes to financial statements.



30 AB Short Duration Income ETF		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2025			November 1, 2024 to November 30, 2024^(a)			Year Ended October 31, 2024^(b)
Increase (Decrease) in Net Assets from Operations
Net investment income	$	5,549,850		$	373,784		$	5,422,490
Net realized gain (loss) on investment transactions and foreign currency transactions		993,762			(128,457	)		701,864
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		447,592			273,091			2,445,482

Net increase in net assets from operations		6,991,204			518,418			8,569,836
Distribution to Shareholders
Class A		– 0	–		– 0	–		(52,498	)
Class C		– 0	–		– 0	–		(4,384	)
Advisor Class		(5,535,810	)		(378,246	)		(4,991,883	)
Transactions in Shares of the Fund
Net increase (decrease)		55,182,805			– 0	–		(23,813,083	)
Other capital		972			5			150

Total increase (decrease)		56,639,171			140,177			(20,291,862	)
Net Assets
Beginning of period		88,503,364			88,363,187			108,655,049

End of period	$	145,142,535		$	88,503,364		$	88,363,187

(a)	The Acquired Portfolio had a fiscal year end of October 31. The Fund has a fiscal year end of November 30.

(b)	After the close of business on June 7, 2024, AB Short Duration Income Portfolio (the “Acquired Portfolio”) was reorganized into AB Short Duration Income ETF. The amounts disclosed include those of the Acquired Portfolio. See Note A for additional information on the reorganization.

See notes to financial statements.



ABFunds.com		AB Short Duration Income ETF 31

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

AB Active ETFs, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Corporation, which is a Maryland corporation, operates as a series company comprised of 23 portfolios currently in operation. Each fund is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Short Duration Income ETF (the “Fund”), a diversified portfolio. The Fund commenced investment operations on June 7, 2024. At meetings held on October 31 – November 2, 2023, the Fund’s Board of Directors of AB Bond Fund, Inc. (the “Board”) approved the reorganization of AB Short Duration Income Portfolio, a portfolio of AB Bond Fund, Inc. (the “Acquired Portfolio”) into the Fund (the “Conversion”), to be managed by AllianceBernstein L.P. (the “Adviser”). Pursuant to an Agreement and Plan of Acquisition and Termination (the “Plan”), the Acquired Portfolio was converted into an ETF, the Fund (the “Acquiring Portfolio”) with the same investment objective, and the same investment policies and investment strategies as the Acquired Portfolio on the closing date of the Conversion, June 7, 2024. In connection with the Conversion, the assets and liabilities of the Acquired Portfolio were transferred to the Acquiring Portfolio, and stockholders of the Acquired Portfolio received shares of the Acquiring Portfolio equal in aggregate net asset value (“NAV”) to the NAV of their shares of the Acquired Portfolio (less cash corresponding to any fractional share amount). The Acquired Portfolio had a fiscal year end of October 31, however the Fund has a fiscal year end of November 30. See Note I for additional information regarding the Conversion. The Acquired Portfolio was the accounting survivor in the Conversion and as such, the financial statements and the financial highlights reflect the financial information of the Acquired Portfolio through June 7, 2024. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation



32 AB Short Duration Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed and over-the-counter (“OTC”) put and call options are valued using market quotations when available. Listed options are generally valued at the last reported sale price, provided such price is within the bid-ask range, otherwise, they are valued based on the bid or ask price, as determined by a pricing service; options on futures may be valued at their settlement prices; OTC options, including flexible exchange-traded options (“Flex Options”), are generally valued using models that consider the terms of the option and relevant market inputs and are typically valued at transaction price on the trade date; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per (“NAV”) share, while exchange-traded funds are valued at the closing market price per share.



ABFunds.com		AB Short Duration Income ETF 33

NOTES TO FINANCIAL STATEMENTS (continued)

2. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)



34 AB Short Duration Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)



ABFunds.com		AB Short Duration Income ETF 35

NOTES TO FINANCIAL STATEMENTS (continued)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates – Investment Grade

– 0

–

54,860,270

– 0

–

54,860,270

Governments – Treasuries

– 0

–

43,142,278

– 0

–

43,142,278

Asset-Backed Securities

– 0

–

20,105,543

119,440

20,224,983

Corporates – Non-Investment Grade

– 0

–

12,733,579

– 0

–

12,733,579

Mortgage Pass-Throughs

– 0

–

6,669,007

– 0

–

6,669,007

Collateralized Loan Obligations

– 0

–

6,651,773

– 0

–

6,651,773

Commercial Mortgage-Backed Securities

– 0

–

1,172,346

– 0

–

1,172,346

Collateralized Mortgage Obligations

– 0

–

306,808

– 0

–

306,808

Bank Loans

– 0

–

271,252

543

271,795

Common Stocks

2,706

– 0

–

– 0

–

2,706

Short-Term Investments

805,779

– 0

–

– 0

–

805,779

Total Investments in Securities

808,485

145,912,856

119,983

146,841,324

Other Financial Instruments^(a):

Assets:

Futures

23,828

– 0

–

– 0

–

23,828

^(b)

Centrally Cleared Credit Default Swaps

– 0

–

253,229

– 0

–

253,229

^(b)

Liabilities:

Futures

(12,680

)

– 0

–

– 0

–

(12,680

)^(b)

Forward Currency Exchange Contracts

– 0

–

(4,525

)

– 0

–

(4,525

)

Centrally Cleared Credit Default Swaps

– 0

–

(46,975

)

– 0

–

(46,975

)^(b)

Total

819,633

146,114,585

119,983

147,054,201

(a)

(b)

3. Currency Translation



36 AB Short Duration Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

5. Investment Income and Investment Transactions

6. Class Allocations

Prior to the Conversion, all income earned and expenses incurred by the Acquired Portfolio were borne on a pro-rata basis by each settled class of shares, based on the proportionate interest in the Acquired Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of AB Bond Fund, Inc. were charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses were allocated among the various share classes based on respective net assets.



ABFunds.com		AB Short Duration Income ETF 37

NOTES TO FINANCIAL STATEMENTS (continued)

7. Dividends and Distributions

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser a unitary advisory fee at an annual rate of .30% of the Fund’s average daily net assets. The fees are accrued daily and paid monthly. Prior to June 7, 2024, the Acquired Portfolio paid the Adviser an advisory fee at an annual rate of .35% of the first $2.5 billion of the Fund’s average daily net assets and .30% of the excess over $2.5 billion of the Fund’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser had agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annual basis (the “Expense Caps”) to .65%, 1.45% and .45% of daily average net assets for Class A, Class C, and Advisor Class shares, respectively.



38 AB Short Duration Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Under the investment advisory agreement, in accordance with the unitary fee structure, the Adviser bears the cost of various third-party services required by the Fund, including audit, custodial, accounting, legal, transfer agency and printing costs and the fees and expenses of the Corporation’s directors and their counsel. Also under the investment advisory agreement, the Adviser will reimburse each Fund for the Fund’s share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser. For the year ended November 30, 2025, such waiver/reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $2,361.

During the year ended November 30, 2025, the Adviser reimbursed the Fund $55 for overpayment of prior years’ omnibus account services, sub-accounting services and related transfer agency expenses.

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	494	$	36,799	$	36,487	$	806	$	47

NOTE C

Distribution Services Agreement

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the year ended November 30, 2025 were as follows:


	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	60,460,757	$	47,457,879
U.S. government securities		43,639,972		37,954,008



ABFunds.com		AB Short Duration Income ETF 39

NOTES TO FINANCIAL STATEMENTS (continued)

each in-kind redemption transaction. For the year ended November 30, 2025, the Fund had in-kind purchases and in-kind sales as follows:


	Purchases		Sales
In-kind transactions (excluding U.S. government securities)	$	31,546,085	$	2,107,881
U.S. government securities		20,315,330		3,115,278

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	145,926,465

Gross unrealized appreciation	$	1,688,692
Gross unrealized depreciation		(768,856	)

Net unrealized appreciation	$	919,836

1. Derivative Financial Instruments

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

•

Futures



40 AB Short Duration Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the year ended November 30, 2025, the Fund held futures for hedging and non-hedging purposes.

•

Forward Currency Exchange Contracts

During the year ended November 30, 2025, the Fund held forward currency exchange contracts for hedging purposes.

•

Option Transactions



ABFunds.com		AB Short Duration Income ETF 41

NOTES TO FINANCIAL STATEMENTS (continued)

a means of making direct investments in foreign currencies, as described below under “Currency Transactions” and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The Fund may also invest in options on swap agreements, also called “swaptions”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based “premium”. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return on a specified asset, reference rate, or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties.



42 AB Short Duration Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

The Fund’s maximum payment for written put swaptions equates to the notional amount of the underlying swap. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract.

During the year ended November 30, 2025, the Fund held written swaptions for non-hedging purposes.

•

Swaps

The Fund may enter into swaps for investment purposes or to hedge its exposure to interest rates, credit risk, equity markets or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions” or in order to take a “long” or “short” position with respect to an underlying referenced asset described below under “Total Return Swaps”. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices, rates or indexes for a specified amount of an underlying asset or inflation. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.



ABFunds.com		AB Short Duration Income ETF 43

NOTES TO FINANCIAL STATEMENTS (continued)

(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation (depreciation) of swaps on the statement of operations.

Credit Default Swaps:



44 AB Short Duration Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the year ended November 30, 2025, the Fund held credit default swaps for non-hedging purposes.



ABFunds.com		AB Short Duration Income ETF 45

NOTES TO FINANCIAL STATEMENTS (continued)

During the year ended November 30, 2025, the Fund had entered into the following derivatives:

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on futures

23,828

Payable for variation margin on futures

12,680

Credit contracts

Receivable for variation margin on centrally cleared swaps

29,509

Payable for variation margin on centrally cleared swaps

4,775

Foreign currency contracts

Unrealized depreciation on forward currency exchange contracts

4,525

Total

53,337

21,980

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	289,471	$	(61,157	)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		15,153		(13,614	)



46 AB Short Duration Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)

Interest rate contracts	Net realized gain (loss) on written swaptions; Net change in unrealized appreciation (depreciation) of written swaptions		(8,811	)		– 0	–

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		245,516			(12,177	)

Total		$	541,329		$	(86,948	)

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended November 30, 2025:


Futures:
Average notional amount of buy contracts	$	12,514,521
Average notional amount of sale contracts	$	2,379,764
Forward Currency Exchange Contracts:
Average principal amount of sale contracts	$	913,780
Written Swaptions
Average notional amount	$	1,150,000	^(a)
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	3,635,385
Average notional amount of sale contracts	$	5,721,933

(a)	Positions were open for one month during the year.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.


Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
State Street Bank & Trust Co.	$	4,525	$	– 0	–	$	– 0	–	$	– 0	–	$	4,525

Total	$	4,525	$	– 0	–	$	– 0	–	$	– 0	–	$	4,525	^{^}

*	The actual collateral received/pledged may be more than the amount reported due to over-collateralization.



ABFunds.com		AB Short Duration Income ETF 47

NOTES TO FINANCIAL STATEMENTS (continued)

^	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.

2. Currency Transactions

3. TBA and Dollar Rolls

The Fund may invest in TBA mortgage-backed securities. A TBA, or “To Be Announced”, trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agree-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions.

The Fund may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Fund of securities for delivery in the current month and the Fund’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the year ended November 30, 2025, the Fund earned drop income of $5,099 which is included in interest income in the accompanying statement of operations.

NOTE E

Shares of the Fund

The Fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because exchange-traded fund (“ETF”) shares



48 AB Short Duration Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund issues and redeems shares at its NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). A fixed transaction fee is imposed on authorized participants in connection with creation unit redemption and creation transactions. Authorized participants may be required to pay an additional variable charge to cover certain costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statement of Changes in Net Assets.

Transactions in shares of the Fund were as follows:

Amount

Year Ended
November 30,
2025

Period Ended
November 30,
2024^(a)

Year Ended
October 31,
2024^(b)

Year Ended
November 30,
2025

Period Ended
November 30,
2024^(a)

Year Ended
October 31,
2024^(b)

Class A

Shares sold

– 0

–

– 0

–

83,992

– 0

–

– 0

–

745,203

Shares issued in reinvestment of dividends

– 0

–

– 0

–

4,782

– 0

–

– 0

–

42,536

Shares converted from Class C

– 0

–

– 0

–

– 0

–

– 0

–

– 0

–

– 0

–

Shares converted to Advisor Class

– 0

–

– 0

–

(250,959

)

– 0

–

– 0

–

(2,222,542

)

Shares redeemed

– 0

–

– 0

–

(137,359

)

– 0

–

– 0

–

(1,218,920

)

Net decrease

– 0

–

– 0

–

(299,544

)

– 0

–

– 0

–

(2,653,723

)

Class C

Shares sold

– 0

–

– 0

–

4,927

– 0

–

– 0

–

43,888

Shares issued in reinvestment of dividends

– 0

–

– 0

–

266

– 0

–

– 0

–

2,363

Shares converted to Class A

– 0

–

– 0

–

– 0

–

– 0

–

– 0

–

– 0

–

Shares converted to Advisor Class

– 0

–

– 0

–

(23,735

)

– 0

–

– 0

–

(209,915

)

Shares redeemed

– 0

–

– 0

–

(31,981

)

– 0

–

– 0

–

(282,701

)

Net increase (decrease)

– 0

–

– 0

–

(50,523

)

– 0

–

– 0

–

(446,365

)



ABFunds.com		AB Short Duration Income ETF 49

NOTES TO FINANCIAL STATEMENTS (continued)

Amount

Year Ended
November 30,
2025

Period Ended
November 30,
2024^(a)

Year Ended
October 31,
2024^(b)

Year Ended
November 30,
2025

Period Ended
November 30,
2024^(a)

Year Ended
October 31,
2024^(b)

Advisor Class

Shares sold

1,700,000

– 0

–

1,339,069

60,488,135

– 0

–

47,194,795

Shares issued in reinvestment of dividends

– 0

–

– 0

–

70,699

– 0

–

– 0

–

2,482,228

Shares converted from Class A

– 0

–

– 0

–

63,345

– 0

–

– 0

–

2,222,542

Shares converted from Class C

– 0

–

– 0

–

5,991

– 0

–

– 0

–

209,915

Shares redeemed

(150,000

)

– 0

–

(2,065,622

)

(5,305,330

)

– 0

–

(72,822,475

)

Net increase (decrease)

1,550,000

– 0

–

(586,518

)

55,182,805

– 0

–

(20,712,995

)

(a)	The Acquired Portfolio had a fiscal year end of October 31. The Fund has a fiscal year end of November 30.

(b)

After the close of business on June 7, 2024, AB Short Duration Income Portfolio (the “Acquired Portfolio”) was reorganized into AB Short Duration Income ETF. The amounts disclosed include those of the Acquired Portfolio. The Advisor class shares have been adjusted retroactively for the periods presented. See Note A and Note I for additional information on the reorganization.

NOTE F

Risks Involved in Investing in the Fund

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.



50 AB Short Duration Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Below Investment Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

Mortgage-Related and/or Other Asset-Backed Securities Risk—Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in



ABFunds.com		AB Short Duration Income ETF 51

NOTES TO FINANCIAL STATEMENTS (continued)

interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by non-governmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities. Some mortgage-backed securities are “TBA” securities, which have additional risks.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

Illiquid Investments Risk—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. Foreign fixed-income securities may have more illiquid investments risk because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently than domestic securities. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down.



52 AB Short Duration Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required as compared to an ETF that distributes portfolio securities in-kind in redemption of Creation Units. The Fund intends to distribute gains that arise by virtue of the issuance and redemption of Creation Units being effectuated in cash to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with applicable tax requirements. This may cause shareholders to be subject to tax on gains to which they would not otherwise be subject, or at an earlier date than if they had made an investment in another ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. Brokerage fees, which will be higher than if the Fund sold and redeemed its shares principally in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and ask prices of Fund shares than for ETFs that receive and distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the NYSE Arca, Inc. (“NYSE Arca” or an “Exchange”). Shares are generally bought and sold in the secondary market at market prices. The NAV per share of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on the Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.



ABFunds.com		AB Short Duration Income ETF 53

NOTES TO FINANCIAL STATEMENTS (continued)

trade at a larger premium or discount to the Fund’s NAV per share, or the Fund could face trading halts or de-listing.

NOTE G

Joint Credit Facility



54 AB Short Duration Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the fiscal year ended November 30, 2025, the fiscal period ended November 30, 2024 and the fiscal year ended October 31, 2024 were as follows:


	Year Ended November 30, 2025		November 1, 2024 to November 30, 2024		Year Ended October 31, 2024
Distributions paid from:
Ordinary income	$	5,535,810	$	378,246	$	5,048,765

Total taxable distributions paid	$	5,535,810	$	378,246	$	5,048,765

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income	$	584,485
Accumulated capital and other losses		(5,691,593	)^(a)
Unrealized appreciation (depreciation)		919,213	^(b)

Total accumulated earnings (deficit)	$	(4,187,895	)^(c)

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $5,595,448. During the fiscal year, the Fund utilized $875,590 of capital loss carry forwards to offset current year net realized gains. As of November 30, 2025, the cumulative deferred loss on straddles was $96,145.

(b)

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of callable bonds, the tax treatment of swaps, and the tax deferral of losses on wash sales.

(c)	The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the accrual of foreign capital gains tax and the tax treatment of defaulted securities.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $1,569,826 and a net long-term capital loss carryforward of $4,025,622, which may be carried forward for an indefinite period.



ABFunds.com		AB Short Duration Income ETF 55

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE I

Reorganization

At meetings held on October 31 – November 2, 2023, the Board, on behalf of the Fund, and the Board of Directors of the Acquired Portfolio approved the Conversion providing for the tax-free acquisition by the Fund of the assets and liabilities of the Acquired Portfolio. The acquisition was completed at the close of business June 7, 2024. Pursuant to the Plan, the assets and liabilities of the Acquired Portfolio’s shares were transferred in exchange for Fund shares, in a tax-free exchange as follows:

Portfolio

Shares
outstanding
before the
Conversion

Shares
outstanding
immediately
after the
Conversion

Aggregate
net assets
before the
Conversion

Aggregate
net assets
immediately
after the
Conversion

Acquired Portfolio*

11,443,352

– 0

–

101,095,155

– 0

–

The Fund

– 0

–

2,888,433

– 0

–

101,095,155

*	Represents the accounting survivor.

+	Includes distributions in excess of net investment income of $331,428 and unrealized depreciation on investments of $209,880, with a fair value of $99,296,404 and identified cost of $99,506,284.

NOTE J

Subsequent Events



56 AB Short Duration Income ETF		ABFunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period^(a)


	Year Ended November 30, 2025			November 1, 2024 to November 30, 2024^(b)			Year Ended October 31,
	Year Ended November 30, 2025			November 1, 2024 to November 30, 2024^(b)			2024			2023			2022			2021


Net asset value, beginning of period		$ 35.57			$ 35.51			$ 34.35			$ 34.43			$ 39.18			$ 39.42

Income From Investment Operations

Net investment income^(c)(d)		1.69	^†		.15			1.84			1.51			.79			.99

Net realized and unrealized gain (loss) on investment and foreign currency transactions		.42			.06			1.04			.27	^(e)		(4.15	)		.00	^(e)(f)

Contribution from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		.00	^(f)		– 0	–

Net increase (decrease) in net asset value from operations		2.11			.21			2.88			1.78			(3.36	)		.99

Less: Dividends and Distributions

Dividends from net investment income		(1.74	)		(.15	)		(1.72	)		(1.86	)		(.95	)		(1.23	)

Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		– 0	–		(.44	)		– 0	–

Total dividends and distributions		(1.74	)		(.15	)		(1.72	)		(1.86	)		(1.39	)		(1.23	)

Net asset value, end of period		$ 35.94			$ 35.57			$ 35.51			$ 34.35			$ 34.43			$ 39.18


Total Return

Total investment return based on net asset value^(g)		6.11	%^†		.59	%		8.52	%		5.22	%		(8.76	)%		2.48	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$145,143			$88,503			$88,363			$105,618			$64,972			$56,593

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(h)		.30	%		.30	%^{^}		.39	%		.71	%		.77	%		.47	%

Expenses, before waivers/reimbursements^(h)		.30	%		.30	%^{^}		.70	%		1.26	%		1.48	%		1.18	%

Net investment income^(d)		4.75	%^†		5.14	%^{^}		5.23	%		4.29	%		2.17	%		2.52	%

Portfolio turnover rate⁽ⁱ⁾*		73	%		1	%		116	%		185	%		60	%		163	%

See footnote summary on page 58



ABFunds.com		AB Short Duration Income ETF 57

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period^(a)

(a)

After the close of business on June 7, 2024, AB Short Duration Income Portfolio (the “Acquired Portfolio”) was converted into AB Short Duration Income ETF. The performance and financial history of the Acquired Portfolio’s Advisor Class Shares have been adopted by the Fund and will be used going forward. As a result, the Financial Highlight information includes that of the Acquired Portfolio’s Advisor Class Shares and has been adjusted retroactively for the periods from October 31, 2020 through the Reorganization.

(b)	The Acquired Portfolio had a fiscal year end of October 31. The Fund has a fiscal year end of November 30.

(c)	Based on average shares outstanding.

(d)	Net of expenses waived/reimbursed by the Adviser.

(e)	Due to timing of sales and repurchase of capital shares, the net realized and unrealized gain (loss) per share is not in accordance with the Fund’s change in net realized and unrealized gain (loss) on investment transactions for the period.

(f)	Amount is less than $.005.

(g)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(h)	The expense ratios presented below exclude interest/bank overdraft expense:


	Year Ended November 30, 2025			November 1, 2024 to November 30, 2024^(b)			Year Ended October 31,
	Year Ended November 30, 2025			November 1, 2024 to November 30, 2024^(b)			2024			2023			2022			2021
Net of waivers/reimbursements		.30	%		.30	%^{^}		.39	%		.45	%		.45	%		.45	%
Before waivers/reimbursements		.30	%		.30	%^{^}		.70	%		1.00	%		1.16	%		1.16	%

(i)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

(j)	Amount is less than .005%

*	The Fund accounts for dollar roll transactions as purchases and sales.

†	During the year ended November 30, 2025, the Adviser reimbursed the Fund for overpayment of prior years’ omnibus account services, sub-accounting services and related transfer agency expenses. The impact of the reimbursement to the financial highlights is as follows:


	Net Investment Income Per Share			Net Investment Income Ratio			Total Return

Class A	$	.00	^(f)		.00	%^(j)		.00	%^(j)

Class C	$	.00	^(f)		.00	%^(j)		.00	%^(j)

Advisor Class	$	.00	^(f)		.00	%^(j)		.00	%^(j)

^	Annualized.

See notes to financial statements.



58 AB Short Duration Income ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB Short Duration Income ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Short Duration Income ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statements of operations for the year then ended and changes in net assets for period then ended and from November 1, 2024 to November 30, 2024 and the year ended October 31, 2024. and the financial highlights for the period then ended and from November 1, 2024 to November 30, 2024 and for each of the four years in the period ended October 31, 2024, 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations for the year then ended and, the statements of changes in net assets for period then ended and from November 1, 2024 to November 30, 2024 and the year then ended October 31, 2024 and the financial highlights for the period then ended and from November 1, 2024 to November 30, 2024 and for each of the four years in the period ended October 31, 2024, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s 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 Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and



ABFunds.com		AB Short Duration Income ETF 59

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



60 AB Short Duration Income ETF		ABFunds.com

2025 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended November 30, 2025. For foreign shareholders, 75.18% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends. The Fund designates $4,978,246 of distributions paid during the fiscal year ended November 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.



ABFunds.com		AB Short Duration Income ETF 61

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Short Duration Income ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment



62 AB Short Duration Income ETF		ABFunds.com

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for the period ended December 31, 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of profitability of the Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the period reviewed.

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its relationship with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results



ABFunds.com		AB Short Duration Income ETF 63

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund (including its predecessor mutual fund) against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance (including its predecessor mutual fund) against a broad-based securities market index, in each case for the 1-, 3- and 5-year periods ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The directors noted that the unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser. The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations;



64 AB Short Duration Income ETF		ABFunds.com

(iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe of ETFs selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



ABFunds.com		AB Short Duration Income ETF 65

NOTES



66 AB Short Duration Income ETF		ABFunds.com

NOTES



ABFunds.com		AB Short Duration Income ETF 67

NOTES



68 AB Short Duration Income ETF		ABFunds.com

LOGO

AB SHORT DURATION INCOME ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-SDI-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB TAX-AWARE INTERMEDIATE

MUNICIPAL ETF

(NYSE: TAFM)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 96.5%
Long-Term Municipal Bonds – 87.7%
Alabama – 4.1%
Black Belt Energy Gas District (BP PLC) Series 2024-D 5.00%, 03/01/2055	$	2,250	$	2,440,346
Black Belt Energy Gas District (Canadian Imperial Bank of Commerce) Series 2022-E 5.00%, 05/01/2053		1,000		1,051,273
Black Belt Energy Gas District (Goldman Sachs Group) Series 2024-B 5.00%, 10/01/2055		2,750		2,972,203
Black Belt Energy Gas District (Nomura Holdings, Inc.) Series 2022-A 4.00%, 12/01/2052		1,100		1,129,437
County of Jefferson AL Sewer Revenue (County of Jefferson AL Sewer Revenue) Series 2024 5.25%, 10/01/2040		1,250		1,371,789
5.25%, 10/01/2044		100		106,104
Energy Southeast A Cooperative District (Goldman Sachs Group) Series 2025-A 5.00%, 11/01/2035		1,000		1,079,465
Energy Southeast A Cooperative District (Morgan Stanley) Series 2024-B 5.25%, 07/01/2054		1,460		1,587,309
Lauderdale County Agriculture Center Authority (Lauderdale County Agriculture Center Authority Spl Tax) Series 2024 5.00%, 07/01/2041		1,000		1,062,204
Southeast Alabama Gas Supply District (The) (Morgan Stanley) Series 2024 5.00%, 06/01/2049		200		214,500
Southeast Energy Authority A Cooperative District (Athene Annuity & Life Co.) Series 2025-A 5.00%, 01/01/2056		500		522,126



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 1

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Southeast Energy Authority A Cooperative District (Deutsche Bank AG) Series 2024-A 5.00%, 11/01/2035	$	400	$	423,705
Southeast Energy Authority A Cooperative District (JPMorgan Chase & Co.) Series 2025-E 5.00%, 10/01/2030		1,100		1,183,862
Southeast Energy Authority A Cooperative District (New York Life Insurance) Series 2025 5.00%, 09/01/2035		1,000		1,095,836
Southeast Energy Authority A Cooperative District (Pacific Life Insurance) Series 2024-C 5.00%, 10/01/2055		750		817,256

				17,057,415

Arizona – 2.6%
Arizona Industrial Development Authority (Equitable School Revolving Fund Obligated Group) Series 2023 5.25%, 11/01/2053		1,000		1,020,853
Series 2024 5.00%, 11/01/2044		150		152,818
5.00%, 11/01/2049		1,000		1,011,605
Arizona Industrial Development Authority (ISF Ativo Portfolio Obligated Group) Series 2025 6.875%, 03/01/2055^(a)		1,000		1,019,940
Arizona Industrial Development Authority (State of Nebraska Lease) Series 2020 5.00%, 02/01/2026		1,000		1,003,968
Chandler Industrial Development Authority (Intel Corp.) Series 2022 5.00%, 09/01/2042		300		304,905
5.00%, 09/01/2052		1,000		1,016,498
Industrial Development Authority of the City of Phoenix Arizona (The) (Downtown Phoenix Student Housing) Series 2018-A 5.00%, 07/01/2037		1,000		1,010,801
La Paz County Industrial Development Authority (Harmony Public Schools) Series 2016 5.00%, 02/15/2036^(a)		400		400,492



2 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Maricopa County Industrial Development Authority (HonorHealth Obligated Group) Series 2019-A 4.125%, 09/01/2042	$	250	$	243,106
Salt River Project Agricultural Improvement & Power District (Salt River Project Agricultural Improvement & Power District) Series 2025-C 5.00%, 01/01/2046		2,000		2,157,493
Salt Verde Financial Corp. (Citigroup, Inc.) Series 2007 5.00%, 12/01/2037		1,500		1,627,401

				10,969,880

California – 8.0%
California Community Choice Financing Authority (American General Life Insurance) Series 2023-D 5.50%, 05/01/2054		1,575		1,667,364
Series 2024 5.00%, 08/01/2055		3,200		3,399,219
California Community Choice Financing Authority (Apollo Global Management) Series 2025-A 5.00%, 01/01/2056		1,000		1,062,331
California Community Choice Financing Authority (Athene Annuity & Life Co.) Series 2024 5.00%, 11/01/2055		750		787,157
California Community Choice Financing Authority (Bank of Nova Scotia (The)) Series 2025 5.00%, 10/01/2056		1,250		1,370,672
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054		200		212,936
California Community Choice Financing Authority (New York Life Insurance) Series 2024 5.00%, 01/01/2056		500		551,622
California Community Choice Financing Authority (Pacific Life Insurance) Series 2024-F 5.00%, 02/01/2055		750		819,231



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 3

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021 4.00%, 02/01/2056^(a)	$	100	$	82,624
California Health Facilities Financing Authority (Adventist Health System/West Obligated Group) Series 2024 5.25%, 12/01/2044		1,000		1,057,000
Series 2025 5.00%, 12/01/2035		1,000		1,132,855
California Infrastructure & Economic Development Bank (Desertxpress Enterprises) Series 2025 12.00%, 01/01/2065		795		675,750
California Municipal Finance Authority (CHF-Riverside II LLC) Series 2019 5.00%, 05/15/2033		500		528,219
California Public Finance Authority (ISF Ativo Portfolio Obligated Group) Series 2025 6.75%, 03/01/2055^(a)		1,000		1,025,299
City of Los Angeles CA Wastewater System Revenue (City of Los Angeles CA Wastewater System Revenue) Series 2025-A 5.00%, 06/01/2055		1,000		1,068,325
City of Los Angeles Department of Airports (City of Los Angeles Dept. of Airports) Series 2020-C 5.00%, 05/15/2045		1,000		1,023,823
Series 2022 5.50%, 05/15/2038		2,000		2,220,977
Series 2025 5.25%, 05/15/2045		500		535,582
CMFA Special Finance Agency VII (CMFA Special Finance Agency VII The Breakwater Apartments) Series 2021 3.00%, 08/01/2056^(a)		100		68,922
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization) Series 2021-B Zero Coupon, 06/01/2066		455		48,782
Series 2022 5.00%, 06/01/2051		1,460		1,461,956



4 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Los Angeles Department of Water & Power (Los Angeles Dept. of Water & Power Power System Revenue) Series 2024-C 5.00%, 07/01/2041	$	500	$	542,953
Los Angeles Department of Water & Power Power System Revenue (Los Angeles Dept. of Water & Power Power System Revenue) Series 2016-B 5.00%, 07/01/2036		3,100		3,103,111
M-S-R Energy Authority (Citigroup, Inc.) Series 2009-C 7.00%, 11/01/2034		1,000		1,219,959
San Francisco Bay Area Rapid Transit District (San Francisco Bay Area Rapid Transit District) Series 2017 4.00%, 08/01/2037		300		303,816
San Francisco Intl Airport (San Francisco Intl Airport) Series 2019-A 5.00%, 05/01/2044		1,000		1,017,925
Series 2024 5.00%, 05/01/2034		500		569,237
5.25%, 05/01/2042		1,250		1,352,839
San Francisco Intl Airport (SFO Fuel Co. LLC) Series 2019 5.00%, 01/01/2047		1,000		1,012,611
San Joaquin Valley Clean Energy Authority (Goldman Sachs Group) Series 2025 5.50%, 01/01/2056		1,000		1,139,759
Southern California Public Power Authority (Los Angeles Dept. of Water & Power Power System Revenue) Series 2023 5.00%, 07/01/2034		1,000		1,144,467
5.00%, 07/01/2040		1,000		1,090,231
State of California (State of California) Series 2024 5.00%, 08/01/2044		200		218,952

				33,516,506



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 5

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Colorado – 2.3%
City & County of Denver CO Airport System Revenue (City & County of Denver CO Airport System Revenue) Series 2022-A 5.00%, 11/15/2047	$	1,000	$	1,026,817
Series 2022-D 5.75%, 11/15/2045		1,315		1,419,146
City & County of Denver CO Airport System Revenue (Denver Intl Airport) Series 2018-A 5.00%, 12/01/2031		305		320,721
5.00%, 12/01/2034		400		452,520
Colorado Educational & Cultural Facilities Authority (Ascent Classical Academy Charter Schools) Series 2024 5.50%, 04/01/2044^(a)		100		99,715
Colorado Health Facilities Authority (Christian Living Neighborhoods Obligated Group) Series 2021 4.00%, 01/01/2042		250		223,333
Colorado Health Facilities Authority (CommonSpirit Health Obligated Group) Series 2025 5.00%, 09/01/2035		1,000		1,133,263
Regional Transportation District (Regional Transportation District COP) Series 2025 5.00%, 06/01/2038		1,500		1,714,672
Town of Vail CO (Town of Vail CO COP) Series 2025 5.50%, 12/01/2064		3,000		3,239,327

				9,629,514

Connecticut – 0.8%
Connecticut State Health & Educational Facilities Authority (Stamford Hospital Obligated Group) Series 2022 4.00%, 07/01/2039		1,000		993,986
Stamford Housing Authority (TJH Senior Living Obligated Group) Series 2025 6.375%, 10/01/2045		300		308,533
State of Connecticut (State of Connecticut) Series 2024-A 5.00%, 01/15/2028		2,000		2,100,850

				3,403,369



6 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

District of Columbia – 2.1%
District of Columbia (District of Columbia Union Market TIF Area) Series 2024-A 5.125%, 06/01/2034^(a)	$	1,000	$	1,029,531
District of Columbia (KIPP DC Obligated Group) Series 2017-B 5.00%, 07/01/2037		200		204,276
District of Columbia Income Tax Revenue (District of Columbia Income Tax Revenue) Series 2025-A 5.00%, 06/01/2044		1,000		1,079,813
Metropolitan Washington Airports Authority Aviation Revenue (Metropolitan Washington Airports Authority Aviation Revenue) Series 2020-A 5.00%, 10/01/2033		250		269,894
Series 2022-A 5.00%, 10/01/2031		345		380,899
Series 2023-A 5.00%, 10/01/2035		1,000		1,099,334
Metropolitan Washington Airports Authority Dulles Toll Road Revenue (Metropolitan Washington Airports Authority Dulles Toll Road Revenue) Series 2010-B 6.50%, 10/01/2044^(b)		1,000		1,066,850
Metropolitan Washington Airports Authority Dulles Toll Road Revenue (Prerefunded – US Treasuries) AG Series 2009 6.50%, 10/01/2041^(b)		1,275		1,314,766
Washington Metropolitan Area Transit Authority (Washington Metropolitan Area Transit Authority State Lease) Series 2020-A 5.00%, 07/15/2045		400		413,490
Series 2024 5.25%, 07/15/2059		1,750		1,844,844

				8,703,697

Florida – 5.3%
Brevard County Health Facilities Authority (Health First Obligated Group) Series 2022 5.00%, 04/01/2042		1,350		1,406,917



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 7

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Capital Projects Finance Authority/FL (Navigator Academy of Leadership Obligated Group) Series 2024 5.00%, 06/15/2034^(a)	$	150	$	152,964
Capital Projects Finance Authority/FL (PRG – UnionWest Properties) Series 2024 5.00%, 06/01/2058^(a)		1,000		930,494
5.25%, 06/01/2044^(a)		500		501,308
Capital Trust Authority (Mason Classical Academy) Series 2024 5.00%, 06/01/2054^(a)		1,150		1,045,416
Central Florida Tourism Oversight District (Central Florida Tourism Oversight District) Series 2024-A 5.00%, 06/01/2044		1,000		1,070,901
City of Tampa FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group) Series 2020 4.00%, 07/01/2038		375		372,303
City of Venice FL (Southwest Florida Retirement Center Obligated Group) Series 2024 5.625%, 01/01/2060^(a)		100		99,033
County of Lee FL Airport Revenue (County of Lee FL Airport Revenue) Series 2024 5.25%, 10/01/2044		1,000		1,056,521
County of Miami-Dade FL (County of Miami-Dade FL) Series 2024 5.00%, 04/01/2046		1,000		1,052,215
County of Miami-Dade FL Aviation Revenue (County of Miami-Dade FL Aviation Revenue) Series 2024-A 5.00%, 10/01/2033		1,000		1,115,839
5.00%, 10/01/2034		1,005		1,125,022
5.00%, 10/01/2035		1,000		1,111,465
County of Miami-Dade Seaport Department (County of Miami-Dade Seaport Dept.) Series 2023-A 5.00%, 10/01/2035		1,035		1,123,657
County of Palm Beach FL Airport System Revenue (County of Palm Beach FL Airport System Revenue) Series 2024-B 5.25%, 10/01/2042		300		324,767



8 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Florida Development Finance Corp. (Brightline Trains Florida) AG Series 2024 5.00%, 07/01/2044	$	350	$	347,515
Florida Development Finance Corp. (GFL Solid Waste Southeast) Series 2024 4.375%, 10/01/2054^(a)		250		253,519
Florida Development Finance Corp. (SFP – Tampa I LLC) Series 2024 5.00%, 06/01/2044^(a)		1,000		979,732
Florida Higher Educational Facilities Financing Authority (Florida Institute of Technology) Series 2019 5.00%, 10/01/2036		155		160,149
Florida Local Government Finance Commission (Ponte Vedra Pine Obligated Group) Series 2025 4.20%, 11/15/2030^(a)		1,000		1,005,557
Greater Orlando Aviation Authority (Greater Orlando Aviation Authority) Series 2024 5.00%, 10/01/2034		500		567,052
5.25%, 10/01/2040		1,095		1,209,002
Greater Orlando Aviation Authority (United Airlines, Inc.) Series 2025 5.50%, 11/01/2037		1,000		1,077,836
Hillsborough County Aviation Authority (Hillsborough County Aviation Authority) Series 2024 5.25%, 10/01/2044		300		320,570
Orange County Health Facilities Authority (Orlando Health Obligated Group) Series 2025 5.00%, 10/01/2044		500		532,108
Palm Beach County Educational Facilities Authority (Palm Beach Atlantic University Obligated Group) Series 2024 5.25%, 10/01/2048		255		257,165
Palm Beach County Health Facilities Authority (Jupiter Medical Center Obligated Group) Series 2022 5.00%, 11/01/2036		700		744,849
Series 2025 5.00%, 11/01/2043		1,000		1,027,880



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 9

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

School Board of Miami-Dade County (The) (Miami-Dade County School Board Foundation COP) Series 2025-A 5.00%, 05/01/2026	$	1,000	$	1,009,449
Village Community Development District No. 15 (Village Community Development District No. 15 Series 2024 Special Assessment) Series 2024 4.20%, 05/01/2039^(a)		250		248,453

				22,229,658

Georgia – 3.6%
City of Atlanta GA Department of Aviation (City of Atlanta GA Dept. of Aviation) Series 2022-A 5.00%, 07/01/2047		1,310		1,368,492
Fayette County Development Authority (United States Soccer Federation) Series 2024 5.00%, 10/01/2042		1,100		1,167,926
5.00%, 10/01/2043		1,140		1,199,118
5.25%, 10/01/2054		1,050		1,087,259
Main Street Natural Gas, Inc. (Citigroup, Inc.) Series 2022-B 5.00%, 12/01/2052		1,555		1,631,659
Main Street Natural Gas, Inc. (Macquarie Group Ltd.) Series 2019-A 5.00%, 05/15/2043		1,000		1,018,491
Main Street Natural Gas, Inc. (Royal Bank of Canada) Series 2024-B 5.00%, 12/01/2054		2,000		2,159,260
Main Street Natural Gas, Inc. (Toronto-Dominion Bank) Series 2024-D 5.00%, 04/01/2054		1,000		1,079,292
Municipal Electric Authority of Georgia (Municipal Electric Authority of Georgia) Series 2019 5.00%, 01/01/2063		700		699,665
Private Colleges & Universities Authority (Emory University) Series 2023 5.00%, 09/01/2033^(a)		2,000		2,305,468



10 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Savannah Economic Development Authority (SSU Community Development I) Series 2021 4.00%, 06/15/2038	$	1,000	$	1,012,678
Savannah Hospital Authority (St. Joseph’s/Candler Health System Obligated Group) Series 2019 4.00%, 07/01/2039		500		493,083

				15,222,391

Guam – 0.6%
Antonio B Won Pat International Airport Authority (Antonio B Won Pat Intl Airport Authority) Series 2024-A 5.25%, 10/01/2040		385		411,697
Guam Government Waterworks Authority (Guam Waterworks Authority Water And Wastewater System) Series 2024-A 5.00%, 07/01/2039		270		291,384
Guam Power Authority (Guam Power Authority) Series 2017-A 5.00%, 10/01/2033		1,000		1,029,815
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 4.00%, 01/01/2042		1,000		960,593

				2,693,489

Hawaii – 0.5%
City & County Honolulu HI Wastewater System Revenue (City & County Honolulu HI Wastewater System Revenue) Series 2020-A 2.624%, 07/01/2045		250		178,654
State of Hawaii Airports System Revenue (State of Hawaii Airports System Revenue) Series 2022-A 5.00%, 07/01/2047		1,000		1,021,572
Series 2025-C 5.00%, 07/01/2041		1,000		1,077,491

				2,277,717

Illinois – 6.6%
Chicago Board of Education (Chicago Board of Education) Series 2017-A 7.00%, 12/01/2046^(a)		1,000		1,027,093



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 11

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2021-A 5.00%, 12/01/2036	$	120	$	119,468
Series 2023-A 5.00%, 12/01/2034		100		100,505
6.00%, 12/01/2049		1,300		1,309,288
Series 2025-B 6.00%, 12/01/2043		1,000		1,027,524
Chicago Midway International Airport (Chicago Midway Intl Airport) Series 2024-C 5.00%, 01/01/2034		1,000		1,106,522
Chicago O’Hare International Airport (Chicago O’Hare Intl Airport) Series 2024-A 5.00%, 01/01/2036		500		550,270
Series 2024-C 5.00%, 01/01/2034		1,000		1,114,726
5.25%, 01/01/2042		250		269,752
Series 2025-A 5.00%, 01/01/2037		1,000		1,105,869
Chicago Transit Authority Sales Tax Receipts Fund (Chicago Transit Authority Sales Tax Receipts Fund) Series 2024-A 5.00%, 12/01/2049		1,535		1,582,043
City of Chicago IL (City of Chicago IL) Series 2024-B 5.00%, 01/01/2034		1,000		1,062,171
Series 2025-B 5.50%, 01/01/2040		1,000		1,051,292
Illinois Finance Authority (Advocate Aurora Health Obligated Group) Series 2014 4.00%, 08/01/2038		1,000		986,660
Illinois Finance Authority (Centerpoint Joliet Terminal Railroad) Series 2024 4.125%, 12/01/2043^(a)		100		99,790
4.125%, 12/01/2050^(a)		1,000		997,904
Series 2025 4.80%, 12/01/2043^(a)		1,000		1,031,336
Illinois State Toll Highway Authority (Illinois State Toll Highway Authority) Series 2017-A 5.00%, 01/01/2042		2,245		2,294,607
Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) Series 2017 0.00%, 12/15/2042^(b)		100		76,423



12 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2020 5.00%, 06/15/2050	$	1,000	$	994,034
Series 2022 4.00%, 12/15/2042		1,375		1,286,483
NATL Series 2002 Zero Coupon, 06/15/2035		150		105,751
Sales Tax Securitization Corp. (Sales Tax Securitization) Series 2025-A 5.00%, 01/01/2041^(c)		1,000		1,055,634
State of Illinois (State of Illinois) Series 2020 5.50%, 05/01/2039		1,085		1,159,001
Series 2020-B 4.00%, 10/01/2033		100		102,164
4.00%, 10/01/2035		1,000		1,009,321
Series 2023-B 5.50%, 05/01/2047		1,000		1,051,755
Series 2024 5.00%, 02/01/2039		1,000		1,084,464
State of Illinois Sales Tax Revenue (State of Illinois Sales Tax Revenue) Series 2025 5.00%, 06/15/2041		1,000		1,083,826
Series 2025-B 5.00%, 06/15/2040		1,000		1,095,350
Upper Illinois River Valley Development Authority (High Point Residence Fox Valley Obligated Group) Series 2025 7.00%, 11/01/2060		1,000		975,831

				27,916,857

Indiana – 2.1%
City of Valparaiso IN (Pratt Paper IN LLC) Series 2024 4.875%, 01/01/2044^(a)		100		100,786
City of Whiting IN (BP PLC) Series 2025 4.20%, 06/01/2044		1,000		1,050,977
Hancock County Redevelopment Authority (County of Hancock IN Mt Comfort North Allocation Area No. 1 Lease) Series 2025 5.00%, 08/15/2036		1,150		1,301,277



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 13

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Indiana Finance Authority (Ascension Health Credit Group) Series 2025 5.00%, 11/15/2043^(c)	$	1,000	$	1,071,417
Indiana Finance Authority (Parkview Health System Obligated Group) Series 2024-A 5.00%, 11/01/2054		1,265		1,287,495
Indiana Finance Authority (SFP-PUFW I LLC) Series 2024 4.25%, 07/01/2044		1,000		931,786
Indianapolis Local Public Improvement Bond Bank (Indianapolis Local Public Improvement Bond Bank) Series 2025 5.00%, 01/15/2039		1,000		1,118,033
Indianapolis Local Public Improvement Bond Bank (Pan Am Plaza Hotel) Series 2023 6.00%, 03/01/2053		150		156,941
Series 2023-F 7.75%, 03/01/2067		100		110,704
BAM Series 2023 5.25%, 03/01/2067		1,600		1,664,418

				8,793,834

Iowa – 0.0%
Iowa Tobacco Settlement Authority (Iowa Tobacco Settlement Authority) Series 2021-B Zero Coupon, 06/01/2065		965		144,247


Kentucky – 1.6%
Kenton County Airport Board (Cincinnati/Northern Kentucky Intl Airport) Series 2024-A 5.00%, 01/01/2033		1,885		2,104,955
5.00%, 01/01/2035		1,095		1,228,531
5.25%, 01/01/2044		350		369,608
Kentucky Public Energy Authority (BP PLC) Series 2024-B 5.00%, 01/01/2055		1,155		1,241,934
Kentucky Public Energy Authority (Goldman Sachs Group) Series 2024-A 5.00%, 05/01/2055		500		530,833



14 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Kentucky Public Energy Authority (Morgan Stanley) Series 2023-A 5.25%, 04/01/2054	$	200	$	216,944
Series 2025-A
5.25%, 06/01/2055		1,000		1,065,423

				6,758,228

Louisiana – 1.0%
City of New Orleans LA (City of New Orleans LA) Series 2024-A 5.00%, 12/01/2041		1,000		1,072,321
Louisiana Public Facilities Authority (Calcasieu Bridge Partners) Series 2024 5.50%, 09/01/2054		100		102,203
New Orleans Aviation Board (New Orleans Aviation Board) Series 2024 5.25%, 01/01/2040		1,000		1,094,405
5.25%, 01/01/2045		1,000		1,049,985
Parish of St. John the Baptist LA (Marathon Oil Corp.) Series 2024 3.30%, 06/01/2037		500		501,075
State of Louisiana Gasoline & Fuels Tax Revenue (State of Louisiana Gasoline & Fuels Tax Revenue) Series 2024-A 5.00%, 05/01/2039		200		223,503

				4,043,492

Maine – 0.6%
Finance Authority of Maine (Casella Waste Systems) Series 2024 4.625%, 12/01/2047^(a)		1,000		1,007,919
Maine Governmental Facilities Authority (State of Maine Lease) Series 2025-A 5.25%, 10/01/2044		1,460		1,573,500

				2,581,419

Maryland – 1.1%
Maryland Economic Development Corp. (Purple Line Transit Partners) Series 2022 5.25%, 06/30/2047		1,070		1,076,042



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 15

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Maryland Stadium Authority (Baltimore City Public Schools Construction & Revitalization Program) Series 2018 5.00%, 05/01/2036	$	445	$	464,630
State of Maryland (State of Maryland) Series 2020 5.00%, 08/01/2027		1,000		1,041,006
State of Maryland Department of Transportation (Baltimore/Washington Intl Thurgood Marshall Airport) Series 2021 5.00%, 08/01/2046		1,000		1,020,193
State of Maryland Department of Transportation (Maryland Aviation Administration) AG Series 2024 5.25%, 08/01/2043		1,000		1,078,163

				4,680,034

Massachusetts – 5.0%
City of Quincy MA (City of Quincy MA) Series 2022-B 5.00%, 07/01/2047		1,000		1,047,813
Series 2025 5.00%, 07/24/2026		1,000		1,014,846
Commonwealth of Massachusetts (Commonwealth of Massachusetts) Series 2025-A 5.00%, 04/01/2044		1,000		1,086,809
5.00%, 04/01/2045		2,500		2,689,218
5.00%, 04/01/2055		1,500		1,574,820
Series 2025-F 5.00%, 08/01/2049		1,000		1,059,651
Massachusetts Bay Transportation Authority Sales Tax Revenue (Massachusetts Bay Transportation Authority Sales Tax Revenue) Series 2023-A 5.25%, 07/01/2048		1,000		1,071,883
Series 2025-B 5.25%, 07/01/2055		2,000		2,148,935
Massachusetts Development Finance Agency (Boston Medical Center Obligated Group) Series 2015-D 5.00%, 07/01/2044		500		493,008



16 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Massachusetts Development Finance Agency (Emerson College) Series 2016-A 5.25%, 01/01/2042	$	1,000	$	1,003,338
Series 2017-A 5.00%, 01/01/2040		500		504,318
Series 2025 5.25%, 01/01/2043		460		471,790
Massachusetts Development Finance Agency (Lifespan Obligated Group) Series 2025 5.50%, 08/15/2050		1,000		1,041,105
Massachusetts Development Finance Agency (UMass Memorial Health Care Obligated Group) Series 2025 5.00%, 07/01/2045		1,000		1,031,874
Massachusetts Port Authority (Massachusetts Port Authority) Series 2021-E 5.00%, 07/01/2038		975		1,035,883
5.00%, 07/01/2046		1,500		1,529,636
University of Massachusetts Building Authority (University of Massachusetts) Series 2017-1 5.25%, 11/01/2042		2,000		2,052,846

				20,857,773

Michigan – 1.1%
City of Detroit MI (City of Detroit MI) Series 2023-C 6.00%, 05/01/2043		1,000		1,104,472
Michigan State Hospital Finance Authority (Corewell Health Obligated Group) Series 2025-A 5.00%, 08/15/2046		2,500		2,634,913
Michigan Strategic Fund (Michigan Strategic Fund – I 75 Improvement Project) AG Series 2018 4.50%, 06/30/2048		1,000		937,537

				4,676,922

Minnesota – 0.5%
City of Center City MN (Hazelden Betty Ford Foundation) Series 2025 5.00%, 11/01/2044		160		165,116



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 17

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

City of St. Cloud MN (CentraCare Health System Obligated Group) Series 2024 5.00%, 05/01/2035	$	1,000	$	1,135,980
5.00%, 05/01/2042		500		532,983
City of Woodbury MN (Math & Science Academy/MN) Series 2025 5.50%, 06/01/2055^(a)		500		469,837

				2,303,916

Mississippi – 0.4%
City of Gulfport MS (Memorial Hospital at Gulfport Obligated Group) Series 2025 5.00%, 07/01/2034		715		794,662
5.50%, 07/01/2050		900		944,362

				1,739,024

Missouri – 0.3%
Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group) Series 2025-A 5.00%, 04/01/2040		1,000		1,160,544


Nebraska – 0.5%
Central Plains Energy Project (Bank of Montreal) Series 2023-A 5.00%, 05/01/2054		1,000		1,070,753
Central Plains Energy Project (Royal Bank of Canada) Series 2025-A 5.00%, 08/01/2055		1,000		1,075,530

				2,146,283

Nevada – 0.4%
Clark County School District (Prerefunded – US Treasuries) Series 2015-C 5.00%, 06/15/2027		1,000		1,000,894
Reno-Tahoe Airport Authority (Reno-Tahoe Airport Authority) Series 2024 5.25%, 07/01/2044		300		317,226
State of Nevada Department of Business & Industry (Desertxpress Enterprises) Series 2025 12.00%, 01/01/2065		145		123,250



18 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Tahoe-Douglas Visitors Authority (Tahoe-Douglas Visitors Authority) Series 2020 5.00%, 07/01/2035	$	235	$	248,154

				1,689,524

New Hampshire – 1.7%
New Hampshire Business Finance Authority (ARC70 2025-1) Series 2025-1, Class A1 4.75%, 06/20/2041		999		1,030,080
New Hampshire Business Finance Authority (Bridgeland Water & Utility Districts 490, 491 & 158) Series 2024 5.375%, 12/15/2035^(a)		100		99,907
New Hampshire Business Finance Authority (Collin County Municipal Utility District No. 4) Series 2025 5.50%, 12/01/2030^(a)		100		99,851
New Hampshire Business Finance Authority (NFA 2024-2) Series 2024-2, Class A 3.625%, 08/20/2039		99		94,834
New Hampshire Business Finance Authority (NFA 2025-1) Series 2025 5.75%, 04/28/2042		1,000		1,044,591
5.875%, 12/15/2033^(a)		1,000		989,820
New Hampshire Business Finance Authority (NFA 2025-2) Series 2025-2, Class A1 4.217%, 11/20/2042		997		968,549
New Hampshire Business Finance Authority (Novant Health Obligated Group) Series 2025 5.25%, 06/01/2045		1,000		1,052,264
New Hampshire Business Finance Authority (Tamarron Project) Series 2024 5.25%, 12/01/2035^(a)		777		773,979
New Hampshire Business Finance Authority (University of Nevada Reno) BAM Series 2023 4.50%, 06/01/2053		960		937,577

				7,091,452



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 19

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New Jersey – 2.6%
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) AG Series 2006-C Zero Coupon, 12/15/2033	$	100	$	77,457
New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) Series 2022 4.00%, 06/15/2039		1,390		1,396,519
Series 2022-A 4.00%, 06/15/2039		1,085		1,090,460
Series 2023-A 4.25%, 06/15/2044		1,000		975,677
Series 2023-B 5.25%, 06/15/2050		1,950		2,054,882
Series 2024-A 4.00%, 06/15/2042		1,200		1,161,398
New Jersey Transportation Trust Fund Authority (State of New Jersey) Series 2025-A 5.00%, 06/15/2045		1,000		1,062,709
New Jersey Turnpike Authority (New Jersey Turnpike Authority) Series 2024-A 5.00%, 01/01/2033		2,015		2,312,799
Tobacco Settlement Financing Corp./NJ (Tobacco Settlement Financing Corp/NJ) Series 2018-B 5.00%, 06/01/2046		940		912,523

				11,044,424

New York – 8.4%
Build NYC Resource Corp. (KIPP NYC Public Charter Schools) Series 2023 5.00%, 07/01/2032		555		603,044
City of New York NY (City of New York NY) Series 2025-A 5.00%, 08/01/2035		1,000		1,159,927
5.00%, 08/01/2046		1,000		1,050,961
Series 2025-E 5.00%, 08/01/2041		1,000		1,087,232
Empire State Development Corp. (New York State Sales Tax) Series 2024-A 5.00%, 03/15/2047		1,000		1,051,049



20 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Empire State Development Corp. (State of New York Pers Income Tax) Series 2020-A 4.00%, 03/15/2038	$	1,000	$	1,013,119
Long Island Power Authority (Long Island Power Authority) Series 2024-A 5.00%, 09/01/2049		1,000		1,047,401
Metropolitan Transportation Authority (Metropolitan Transportation Authority) Series 2017 Zero Coupon, 11/15/2033		425		324,320
Series 2020-C 4.75%, 11/15/2045		400		401,301
Series 2024-A 5.25%, 11/15/2049		1,060		1,116,165
Series 2024-B 5.00%, 11/15/2039		330		362,099
Series 2025 5.25%, 11/15/2045		1,895		2,027,881
Monroe County Industrial Development Corp./NY (Eugenio Maria de Hostos Charter School) Series 2024 5.00%, 07/01/2044^(a)		150		142,634
New York City Municipal Water Finance Authority (New York City Municipal Water Finance Authority) Series 2021-B 4.00%, 06/15/2045		1,000		951,563
New York City Transitional Finance Authority Future Tax Secured Revenue (New York City Transitional Finance Authority Future Tax Secured Revenue) Series 2024 5.00%, 11/01/2037		1,030		1,163,551
Series 2025 5.00%, 05/01/2046		1,000		1,048,017
Series 2025-H 5.25%, 11/01/2045		1,000		1,077,970
New York Liberty Development Corp. (Goldman Sachs Headquarters) Series 2007 5.50%, 10/01/2037		1,000		1,200,865
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2024-A 5.00%, 03/15/2039		2,225		2,494,736



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 21

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2023 5.625%, 04/01/2040	$	500	$	525,198
New York Transportation Development Corp. (JFK Intl Air Terminal) Series 2022 5.00%, 12/01/2041		1,000		1,037,781
New York Transportation Development Corp. (JFK Millennium Partners) Series 2024 5.50%, 12/31/2054		500		512,888
New York Transportation Development Corp. (JFK NTO LLC) Series 2023 6.00%, 06/30/2054		1,995		2,074,232
Series 2025 6.00%, 06/30/2059		1,000		1,062,538
New York Transportation Development Corp. (Laguardia Gateway Partners) Series 2016-A 5.00%, 07/01/2046		250		249,022
5.25%, 01/01/2050		100		99,998
Onondaga Civic Development Corp. (Syracuse University) Series 2025 5.50%, 12/01/2056		1,000		1,098,382
Port Authority of New York & New Jersey (Port Authority of New York & New Jersey) Series 2020-2 4.00%, 07/15/2037		900		905,341
Series 2022 5.25%, 08/01/2041		855		922,452
5.25%, 08/01/2047		1,285		1,342,698
Suffolk Regional Off-Track Betting Corp. (Suffolk Regional Off-Track Betting) Series 2024 5.75%, 12/01/2044		100		101,679
Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority Real Estate Transfer Tax) Series 2025 5.00%, 12/01/2046		500		531,700
Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) Series 2025-A 5.00%, 02/01/2028		1,000		1,052,369
5.00%, 03/01/2028		1,000		1,053,496



22 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Triborough Bridge & Tunnel Authority Sales Tax Revenue (Triborough Bridge & Tunnel Authority Sales Tax Revenue) Series 2024-A 5.00%, 05/15/2054	$	1,065	$	1,107,708
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute) Series 2020 5.00%, 09/01/2030		1,000		1,090,611
5.00%, 09/01/2034		1,125		1,215,740

				35,307,668

North Carolina – 1.3%
County of Guilford NC (County of Guilford NC) Series 2017-B 4.00%, 05/01/2033		1,140		1,156,619
Greater Asheville Regional Airport Authority (Greater Asheville Regional Airport Authority) AG Series 2023 5.25%, 07/01/2042		1,000		1,058,594
Nash Health Care Systems (Nash Health Care Systems) Series 2025 5.75%, 02/01/2050		1,000		1,084,050
North Carolina Medical Care Commission (United Methodist Retirement Homes Obligated Group) Series 2025 5.00%, 10/01/2050^(c)		1,000		996,564
Raleigh Durham Airport Authority (Raleigh Durham Airport Authority) Series 2015-A 5.00%, 05/01/2029		1,225		1,226,411

				5,522,238

Ohio – 2.1%
Buckeye Tobacco Settlement Financing Authority (Buckeye Tobacco Settlement Financing Authority) Series 2020-B 5.00%, 06/01/2055		1,000		842,062
Columbus Regional Airport Authority (Columbus Regional Airport Authority) Series 2025 5.25%, 01/01/2042		1,800		1,923,973
5.50%, 01/01/2050		1,955		2,076,867
Jefferson County Port Authority/OH (JSW Steel USA Ohio, Inc.) Series 2021 3.50%, 12/01/2051^(a)		100		82,877



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 23

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Lancaster Port Authority (Royal Bank of Canada) Series 2024-A 5.00%, 02/01/2055	$	1,000	$	1,067,970
Ohio Higher Educational Facility Commission (John Carroll University) Series 2025 5.00%, 10/01/2034		1,140		1,221,232
Ohio Higher Educational Facility Commission (Xavier University) Series 2024 5.00%, 05/01/2042		400		417,389
Port of Greater Cincinnati Development Authority (Duke Energy Convention Center Project) Series 2024 5.00%, 12/01/2063		1,190		1,207,667

				8,840,037

Oklahoma – 1.0%
Oklahoma Turnpike Authority (Oklahoma Turnpike Authority) Series 2025-A 5.00%, 01/01/2045		1,000		1,070,016
Series 2025-B 5.00%, 01/01/2040		1,000		1,128,957
Tulsa Municipal Airport Trust Trustees/OK (American Airlines, Inc.) Series 2025 6.25%, 12/01/2040		1,000		1,122,546
University of Oklahoma (The) (University of Oklahoma/The) BAM Series 2024-A 5.00%, 07/01/2044		890		948,550

				4,270,069

Oregon – 0.1%
Port of Portland OR Airport Revenue (Port of Portland OR Airport Revenue) Series 2022-2 4.00%, 07/01/2047		500		455,016


Pennsylvania – 3.2%
Adams County General Authority (Gettysburg College) Series 2025 5.00%, 08/15/2043		660		701,871



24 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Allentown Neighborhood Improvement Zone Development Authority (Allentown Neighborhood Improvement Zone Center City Investment Revenue) Series 2022 5.25%, 05/01/2042^(a)	$	1,000	$	1,021,471
Bucks County Industrial Development Authority (Grand View Hospital/Sellersville PA Obligated Group) Series 2021 4.00%, 07/01/2046		100		87,240
5.00%, 07/01/2030		100		106,549
City of Philadelphia PA Water & Wastewater Revenue (City of Philadelphia PA Water & Wastewater Revenue) Series 2015-B 5.00%, 07/01/2032		1,000		1,001,320
Series 2020-A 5.00%, 11/01/2045		1,000		1,039,867
AG Series 2024-C 5.25%, 09/01/2049		1,000		1,076,601
Commonwealth of Pennsylvania (Commonwealth of Pennsylvania) Series 2024 4.00%, 08/15/2043		200		198,560
Delaware County Authority (Elwyn Obligated Group) Series 2017 5.00%, 06/01/2037		1,000		1,001,800
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Dept. of Transportation) Series 2022 5.50%, 06/30/2039		300		321,560
6.00%, 06/30/2061		1,000		1,060,648
Pennsylvania Economic Development Financing Authority (Noble Environmental, Inc.) Series 2025 6.875%, 09/01/2047^(a)		250		259,798
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) Series 2022-A 5.00%, 02/15/2039		1,145		1,228,251



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 25

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson University Obligated Group) AG Series 2024 5.25%, 11/01/2048	$	1,250	$	1,333,176
Pennsylvania Turnpike Commission (Pennsylvania Turnpike Commission) Series 2021-B 5.00%, 12/01/2025		1,000		1,000,000
Philadelphia Gas Works Co. (Philadelphia Gas Works) Series 2024 5.00%, 08/01/2030		1,000		1,098,503
Pittsburgh Water & Sewer Authority (Pittsburgh Water & Sewer Authority) AG Series 2019-A 5.00%, 09/01/2044		1,000		1,035,974

				13,573,189

Puerto Rico – 0.3%
Commonwealth of Puerto Rico (Commonwealth of Puerto Rico) Series 2022-A 0.00%, 11/01/2051		1,000		267,500
Series 2022-C Zero Coupon, 11/01/2043		154		98,743
Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) Series 2008-W 5.50%, 07/01/2021^(d)(e)		1,050		698,250
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) Series 2024 6.75%, 01/01/2046		100		112,225
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue (Puerto Rico Sales Tax Financing Sales Tax Revenue) Series 2019-A 5.00%, 07/01/2058		100		97,261

				1,273,979

South Carolina – 2.4%
Charleston Educational Excellence Finance Corp. (Charleston County School District) Series 2023 5.00%, 12/01/2025		1,675		1,675,000
South Carolina Jobs-Economic Development Authority (Beaufort Memorial Hospital Obligated Group) Series 2024 5.50%, 11/15/2044		395		403,453



26 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

South Carolina Jobs-Economic Development Authority (Bon Secours Mercy Health) Series 2020 5.00%, 12/01/2046	$	1,000	$	1,022,111
South Carolina Jobs-Economic Development Authority (Novant Health Obligated Group) Series 2024 5.00%, 11/01/2038		1,000		1,105,275
5.25%, 11/01/2044		2,095		2,246,266
South Carolina Jobs-Economic Development Authority (Rolling Green Village) Series 2025 5.80%, 12/01/2050		1,000		1,011,921
South Carolina Public Service Authority (South Carolina Public Service Authority) Series 2021-A 4.00%, 12/01/2035		1,000		1,026,798
Series 2025-A 5.00%, 12/01/2043		1,000		1,067,166
Series 2025-B 5.00%, 12/01/2044		500		529,463

				10,087,453

Tennessee – 1.1%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035^(a)		505		485,025
Series 2016-B Zero Coupon, 12/01/2031^(a)		100		71,964
Metropolitan Government of Nashville & Davidson County TN (Metropolitan Govt of Nashville & Davidson County TN) Series 2024-C 4.00%, 01/01/2044		1,500		1,461,715
Metropolitan Nashville Airport Authority (The) (Metropolitan Nashville Airport Authority/The) Series 2022-B 5.50%, 07/01/2041		1,290		1,401,185
Shelby County Health & Educational Facilities Board (Madrone Memphis Student Housing I) Series 2024 5.25%, 06/01/2056^(a)		100		95,482
Tennessee Energy Acquisition Corp. (Pacific Life Insurance) Series 2025-A 5.00%, 12/01/2035		1,000		1,086,892

				4,602,263



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 27

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Texas – 5.4%
Aledo Independent School District (Aledo Independent School District) Series 2023 5.00%, 02/15/2042	$	1,000	$	1,065,463
Arlington Higher Education Finance Corp. (BASIS Texas Charter Schools) Series 2024 5.00%, 06/15/2064^(a)		1,000		898,281
Series 2025 5.00%, 06/15/2030^(a)		1,000		1,034,273
Board of Regents of the University of Texas System (Board of Regents of the University of Texas System) Series 2019-B 5.00%, 08/15/2049		1,000		1,126,100
Central Texas Turnpike System (Central Texas Turnpike System) Series 2024-C 5.00%, 08/15/2038		100		111,613
City of Austin TX (City of Austin TX) Series 2023 5.00%, 09/01/2034		1,095		1,259,751
City of Dallas TX (City of Dallas TX) Series 2024-C 5.00%, 02/15/2032		1,000		1,131,541
City of Georgetown TX Utility System Revenue (City of Georgetown TX Utility System Revenue) BAM Series 2024 5.00%, 08/15/2044		1,535		1,613,620
City of Houston TX Airport System Revenue (City of Houston TX Airport System Revenue) AG Series 2023 5.00%, 07/01/2038		500		539,351
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2024-B 5.25%, 07/15/2034		1,000		1,082,770
5.50%, 07/15/2036		1,000		1,091,429
5.50%, 07/15/2038		1,000		1,081,646
City of San Antonio TX Electric & Gas Systems Revenue (City of San Antonio TX Electric & Gas Systems Revenue) Series 2021-A 5.00%, 02/01/2037		1,250		1,350,934



28 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Dallas Fort Worth International Airport (Dallas Fort Worth Intl Airport) Series 2025-A 5.25%, 11/01/2039	$	1,000	$	1,116,270
Hidalgo County Regional Mobility Authority (Hidalgo County Regional Mobility Authority) Series 2022-B 5.00%, 12/01/2036		300		311,405
Lower Colorado River Authority (Lower Colorado River Authority) AG Series 2022 5.00%, 05/15/2034		1,000		1,106,333
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031^(a)		1,000		1,002,852
North East Texas Regional Mobility Authority (North East Texas Regional Mobility Authority) Series 2025-A 5.00%, 01/01/2041		1,000		1,081,146
North Texas Tollway Authority (North Texas Tollway Authority) Series 2024-B 5.00%, 01/01/2032		1,000		1,124,243
Port of Beaumont Industrial Development Authority (Jefferson 2020 Bond Lessee & Borrower Obligated Group) Series 2021 4.10%, 01/01/2028^(a)		1,000		906,092
Port of Beaumont Navigation District (Jefferson 2020 Bond Lessee & Borrower Obligated Group) Series 2024 5.125%, 01/01/2044^(a)		100		97,328
Sherman Independent School District/TX (Sherman Independent School District/TX) Series 2023-B 5.00%, 02/15/2041		1,475		1,601,697
Texas Municipal Gas Acquisition & Supply Corp. II (JPMorgan Chase & Co.) Series 2007 3.751% (CME Term SOFR 3 Month + 1.05%), 09/15/2027^(f)		715		716,528
Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) Series 2023-B 5.50%, 01/01/2054		200		227,139



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 29

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3) Series 2019 5.00%, 06/30/2058	$	100	$	97,600

				22,775,405

Utah – 0.7%
City of Salt Lake City UT Airport Revenue (City of Salt Lake City UT Airport Revenue) Series 2023-A 5.50%, 07/01/2053		2,000		2,095,884
Utah Infrastructure Agency (Utah Infrastructure Agency) Series 2024 5.50%, 10/15/2044		500		521,158
Wolf Creek Infrastructure Financing District No. 1 (Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1) Series 2025 5.75%, 12/01/2044		200		204,619

				2,821,661

Virginia – 1.0%
Fairfax County Industrial Development Authority (Inova Health System Obligated Group) Series 2022 4.00%, 05/15/2042		1,000		990,088
Henrico County Economic Development Authority (Bon Secours Mercy Health) Series 2025 5.00%, 11/01/2048		1,000		1,044,368
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay Obligated Group) Series 2023 7.00%, 09/01/2059		100		109,522
Virginia Small Business Financing Authority (95 Express Lanes LLC) Series 2022 4.00%, 07/01/2041		1,000		946,684
Virginia Small Business Financing Authority (LifeSpire of Virginia Obligated Group) Series 2024 4.50%, 12/01/2044		1,000		964,431

				4,055,093



30 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Washington – 2.7%
City of Federal Way WA (City of Federal Way WA) Series 2024 5.00%, 12/01/2049	$	1,000	$	1,056,112
King & Snohomish Counties School District No. 417 Northshore (King & Snohomish Counties School District No. 417 Northshore) Series 2024 5.00%, 12/01/2040		100		111,726
Port of Seattle WA (Port of Seattle WA) Series 2019 5.00%, 04/01/2044		1,000		1,016,996
Series 2024 5.25%, 07/01/2049		1,000		1,043,006
Series 2025-B 5.00%, 10/01/2029		1,000		1,072,634
5.00%, 10/01/2039		1,555		1,713,656
Vancouver Housing Authority (Vancouver Housing Authority) Series 2025 4.25%, 02/01/2038		2,000		2,052,024
Washington Health Care Facilities Authority (Fred Hutchinson Cancer Center Obligated Group) Series 2020 5.00%, 09/01/2045		1,000		1,026,343
Series 2025 4.00%, 03/01/2041		1,000		1,002,201
Washington State Housing Finance Commission (WSHFC 2024-1) Series 2024-1, Class A 4.221%, 03/01/2050		298		291,877
Washington State Housing Finance Commission (WSHFC 2025-1) Series 2025-1, Class A1 4.079%, 08/20/2063		998		959,136

				11,345,711

West Virginia – 0.3%
West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group) Series 2023 5.00%, 06/01/2041		1,000		1,071,558



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 31

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Wisconsin – 2.3%
Wisconsin Health & Educational Facilities Authority (Chiara Housing & Services Obligated Group) Series 2024 5.00%, 07/01/2035	$	595	$	607,011
Series 2025 6.375%, 07/01/2045		1,000		1,045,227
Wisconsin Health & Educational Facilities Authority (Forensic Science & Protective Medicine Collaboration) Series 2024 5.00%, 08/01/2027^(a)		150		151,423
Wisconsin Public Finance Authority (Alpha Ranch Water Control & Improvement District of Denton & Wise Counties) Series 2024 Zero Coupon, 12/15/2038^(a)		100		46,094
Wisconsin Public Finance Authority (Foundation Academy Charter School A NJ Nonprofit) Series 2024 5.00%, 07/01/2060^(a)		500		445,947
Wisconsin Public Finance Authority (Heritage Bend Project) Series 2025 Zero Coupon, 12/15/2042^(a)		1,000		305,251
Wisconsin Public Finance Authority (Puerto Rico Tollroads LLC) Series 2024 5.50%, 07/01/2044		1,000		1,034,323
Wisconsin Public Finance Authority (Queens University of Charlotte) Series 2022 5.25%, 03/01/2047		1,000		1,000,095
Wisconsin Public Finance Authority (Southeast Overtown Park West Community Redevelopment Agency) Series 2024 5.00%, 06/01/2041^(a)		100		101,562
Wisconsin Public Finance Authority (SR 400 Peach Partners LLC) Series 2025 5.75%, 06/30/2060		1,875		1,948,722
6.50%, 06/30/2060		2,125		2,347,728
Wisconsin Public Finance Authority (Triad Math & Science Academy) Series 2025 5.25%, 06/15/2045		500		497,223

				9,530,606

Total Long-Term Municipal Bonds (cost $363,812,195)				368,863,555



32 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Short-Term Municipal Notes – 8.8%
Arizona – 0.4%
Arizona Health Facilities Authority (Banner Health Obligated Group) Series 2017-C 2.85%, 01/01/2046^(g)	$	1,590	$	1,590,000
Arizona Industrial Development Authority (Phoenix Children’s Hospital) Series 2024 2.85%, 02/01/2048^(g)		260		260,000

				1,850,000

California – 0.4%
Anaheim Housing & Public Improvements Authority (City of Anaheim CA Water System Revenue) Series 2024, Class A 2.55%, 10/01/2054^(g)		600		600,000
City of Los Angeles CA (City of Los Angeles CA) Series 2025 5.00%, 06/25/2026		1,000		1,014,830

				1,614,830

Colorado – 0.7%
Colorado Educational & Cultural Facilities Authority (Jewish Federation of South Palm Beach County) Series 2008 2.85%, 02/01/2038^(g)		500		500,000
Colorado Educational & Cultural Facilities Authority (Miami Beach Jewish Community Center) Series 2022 2.85%, 07/01/2041^(g)		1,000		1,000,000
Colorado Educational & Cultural Facilities Authority (Michael Ann Russell Jewish Community Center) Series 2012 2.85%, 01/01/2039^(g)		350		350,000
Colorado State Education Loan Program (Colorado State Education Loan Program) Series 2025 5.00%, 06/30/2026		1,150		1,165,806

				3,015,806

Florida – 0.5%
School Board of Miami-Dade County (The) (School Board of Miami-Dade County/The) Series 2025 4.00%, 01/07/2026		1,000		1,001,314



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 33

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

School District of Broward County/FL (School District of Broward County/FL) Series 2025 4.00%, 06/25/2026	$	1,000	$	1,007,596

				2,008,910

Hawaii – 0.3%
State of Hawaii Department of Budget & Finance (Queen’s Health Systems Obligated Group) Series 2025 2.45%, 07/01/2060^(g)		1,200		1,200,000


Idaho – 0.3%
Idaho Health Facilities Authority (St. Luke’s Health System Obligated Group/ID) Series 2018-C 2.90%, 03/01/2048^(g)		1,370		1,370,000


Illinois – 0.2%
Illinois Finance Authority (University of Chicago Medical Center Obligated Group) Series 2023 2.80%, 08/01/2043^(g)		655		655,000


Maryland – 0.4%
Maryland Health & Higher Educational Facilities Authority (Johns Hopkins Health System Obligated Group) Series 2024 2.80%, 06/01/2046^(g)		450		450,000
2.80%, 06/01/2048^(g)		810		810,000
Maryland Health & Higher Educational Facilities Authority (University of Maryland Medical System Obligated Group) Series 2008 2.85%, 07/01/2041^(g)		600		600,000

				1,860,000

Massachusetts – 0.2%
City of Quincy MA (City of Quincy MA) Series 2025 5.00%, 09/29/2026		1,000		1,019,212


Michigan – 0.2%
Green Lake Township Economic Development Corp. (Interlochen Center for the Arts) Series 2023 2.85%, 06/01/2034^(g)		700		700,000



34 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Missouri – 0.2%
Health & Educational Facilities Authority of the State of Missouri (St. Louis University/US) Series 2013-B 2.80%, 10/01/2035^(g)	$	860	$	860,000


New Jersey – 0.7%
City of Hoboken NJ (City of Hoboken NJ) Series 2025-A 4.00%, 03/10/2026		1,000		1,003,573
Jersey City Redevelopment Agency (Jersey City Redevelopment Agency) Series 2025 5.00%, 12/09/2026^(c)		1,000		1,020,236
Township of Gloucester NJ (Township of Gloucester NJ) Series 2025-A 4.00%, 07/21/2026		1,008		1,017,243

				3,041,052

New York – 1.8%
City of New York NY (City of New York NY) Series 2008-L 2.90%, 04/01/2038^(g)		3,725		3,725,000
Metropolitan Transportation Authority Dedicated Tax Fund (Metropolitan Transportation Authority Dedicated Tax Fund) Series 2017-A 2.85%, 11/01/2031^(g)		490		490,000
Town of Oyster Bay NY (Town of Oyster Bay NY) Series 2025 4.00%, 03/06/2026		1,000		1,003,533
4.00%, 08/21/2026		1,120		1,131,523
Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) Series 2025 3.77% (MUNIPSA + 0.98%), 05/01/2026^(f)		1,000		1,000,000

				7,350,056

North Carolina – 0.1%
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health Obligated Group) AG Series 2017-E 2.85%, 01/15/2044^(g)		570		570,000



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 35

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Ohio – 0.8%
County of Montgomery OH (Premier Health Partners Obligated Group) Series 2019 2.85%, 11/15/2045^(g)	$	3,280	$	3,280,000


Pennsylvania – 0.1%
Delaware Valley Regional Finance Authority (Delaware Valley Regional Finance Authority) Series 2024-B 2.85%, 09/01/2059^(g)		500		500,000


South Carolina – 0.5%
Berkeley County School District (Berkeley County School District) Series 2025-A 5.00%, 06/01/2026		1,000		1,011,143
Orangeburg County School District (Orangeburg County School District) Series 2025 5.00%, 08/13/2026		1,000		1,016,639

				2,027,782

Texas – 0.5%
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Obligated Group) Series 2024, Class F 2.15%, 08/01/2050^(g)		2,000		2,000,000


Virginia – 0.2%
Hampton Roads Sanitation District (Hampton Roads Sanitation District) Series 2025-A 5.00%, 07/15/2026		1,000		1,015,101


West Virginia – 0.2%
West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group) Series 2018 2.79%, 06/01/2034^(g)		600		600,000


Wisconsin – 0.1%
Wisconsin Health & Educational Facilities Authority (Medical College of Wisconsin) Series 2023-B 2.85%, 12/01/2033^(g)		465		465,000


Total Short-Term Municipal Notes (cost $36,998,300)				37,002,749


Total Municipal Obligations (cost $400,810,495)				405,866,304



36 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.3%
Agency CMBS – 0.0%
Federal Home Loan Mortgage Corp. Multifamily ML Certificates Series 2024-ML21, Class AUS 4.615%, 08/25/2041	$	99	$	102,134


Non-Agency Fixed Rate CMBS – 0.3%
MAD Commercial Mortgage Trust Series 2025-11MD, Class A 4.912%, 10/15/2042^(a)		1,000		1,004,768


Total Commercial Mortgage-Backed Securities (cost $1,100,069)				1,106,902


	Shares
WARRANTS – 0.0%
Industrials – 0.0%
Construction & Engineering – 0.0%
DesertXpress Enterprises LLC, expiring 12/31/2026^(d)(h)(i) (cost $0)		7,800		– 0	–


SHORT-TERM INVESTMENTS – 2.7%
Investment Companies – 2.7%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(j)(k)(l) (cost $11,334,488)		11,334,488		11,334,488


Total Investments – 99.5% (cost $413,245,052)				418,307,694
Other assets less liabilities – 0.5%				2,200,156


Net Assets – 100.0%			$	420,507,850

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at November 30, 2025			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 45, 5 Year Index, 12/20/2030*		(5.00	)%		Quarterly		3.23	%		USD 3,350	$	(282,578	)	$	(231,667	)	$	(50,911	)

*	Termination date



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 37

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note D)

Rate Type

Notional
Amount
(000)

Termination
Date

Payments
made
by the
Fund

Payments
received
by the
Fund

Payment
Frequency
Paid/
Received

Market
Value

Upfront
Premiums
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

USD 2,290

10/15/2028

CPI#

2.565%

Maturity

227

– 0

–

227

USD 3,100

10/15/2029

2.569%

CPI#

Maturity

(7,904

)

– 0

–

(7,904

)

USD 3,000

10/15/2029

2.485%

CPI#

Maturity

4,591

– 0

–

4,591

USD 1,568

10/15/2029

2.516%

CPI#

Maturity

– 0

–

USD 1,566

10/15/2029

2.451%

CPI#

Maturity

4,964

– 0

–

4,964

USD 1,566

10/15/2029

2.499%

CPI#

Maturity

1,331

– 0

–

1,331

USD 2,410

10/15/2030

CPI#

2.531%

Maturity

5,983

– 0

–

5,983

9,228

– 0

–

9,228

#	Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	1,300		10/15/2030	1 Day SOFR	4.082%	Annual	$	45,469	$	– 0	–	$	45,469
USD	800		10/15/2030	1 Day SOFR	4.092%	Annual		28,333		– 0	–		28,333
USD	1,700		12/03/2031	1 Day SOFR	3.967%	Annual		50,653		– 0	–		50,653
USD	1,700		12/03/2031	1 Day SOFR	4.212%	Annual		76,500		– 0	–		76,500
USD	1,600		12/03/2031	1 Day SOFR	4.088%	Annual		58,976		– 0	–		58,976
USD	1,500		12/03/2031	1 Day SOFR	4.036%	Annual		50,333		– 0	–		50,333
USD	1,190		12/03/2031	1 Day SOFR	4.146%	Annual		48,527		18			48,509
USD	700		12/03/2031	1 Day SOFR	3.898%	Annual		17,242		(93	)		17,335
USD	390		12/03/2031	1 Day SOFR	4.125%	Annual		15,327		– 0	–		15,327
USD	13,100		03/12/2032	1 Day SOFR	3.660%	Annual		151,545		– 0	–		151,545
USD	2,980		03/12/2032	1 Day SOFR	3.826%	Annual		64,854		– 0	–		64,854
USD	3,460		03/15/2033	1 Day SOFR	3.776%	Annual		62,149		– 0	–		62,149
USD	700		08/15/2034	3.314%	1 Day SOFR	Annual		14,079		– 0	–		14,079
USD	400		08/15/2034	3.231%	1 Day SOFR	Annual		10,639		– 0	–		10,639
USD	200		08/15/2034	3.304%	1 Day SOFR	Annual		4,181		– 0	–		4,181



38 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	4,600		09/25/2035	3.494%	1 Day SOFR %	Annual	$	43,603	$	– 0	–	$	43,603

							$	742,410	$	(75	)	$	742,485

(a)

(b)	Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at November 30, 2025.

(c)	When-Issued or delayed delivery security.

(d)	Non-income producing security.

(e)	Defaulted matured security.

(f)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2025.

(g)

(h)	Fair valued by the Adviser.

(i)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(j)	The rate shown represents the 7-day yield as of period end.

(k)	Affiliated investments.

(l)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

As of November 30, 2025, the Fund’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 3.9% and 0.0%, respectively.

Glossary:

AG – Assured Guaranty Inc.

BAM – Build American Mutual

CHF – Collegiate Housing Foundation

CMBS – Commercial Mortgage-Backed Securities

COP – Certificate of Participation

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

UPMC – University of Pittsburgh Medical Center

See notes to financial statements.



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 39

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $401,910,564)	$	406,973,206
Affiliated issuers (cost $11,334,488)		11,334,488
Cash		230,109
Cash collateral due from broker		691,977
Interest receivable		5,503,059
Receivable for variation margin on centrally cleared swaps		46,958
Receivable for investment securities sold		35,000
Affiliated dividends receivable		19,619
Receivable due from Adviser		909
Receivable for terminated centrally cleared interest rate swaps		770

Total assets		424,836,095

Liabilities
Payable for investment securities purchased		4,140,490
Advisory fee payable		86,996
Payable for terminated centrally cleared interest rate swaps		82,232
Other liabilities		18,527

Total liabilities		4,328,245

Net Assets	$	420,507,850

Composition of Net Assets
Capital stock, at par	$	1,645
Additional paid-in capital		413,699,749
Distributable earnings		6,806,456

Net Assets	$	420,507,850

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 16,450,040 common shares outstanding)	$	25.56

See notes to financial statements.



40 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

STATEMENT OF OPERATIONS

Year Ended November 30, 2025


Investment Income
Interest	$	10,520,420
Dividends—Affiliated issuers		178,574		$	10,698,994

Expenses
Advisory fee (see Note B)		719,676

Total expenses before bank overdraft expense		719,676
Bank overdraft expense		734

Total expenses		720,410
Less: expenses waived and reimbursed by the Adviser (see Note B)		(8,830	)

Net expenses					711,580

Net investment income					9,987,414

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on:
Investment transactions					(96,328	)
Swaps					(333,405	)
Net change in unrealized appreciation (depreciation) of:
Investments					4,177,811
Swaps					665,198

Net gain on investment transactions					4,413,276

Net Increase in Net Assets from Operations				$	14,400,690

See notes to financial statements.



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 41

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	9,987,414		$	1,343,789
Net realized loss on investment transactions		(429,733	)		(85,713	)
Net change in unrealized appreciation (depreciation) of investments		4,843,009			920,435

Net increase in net assets from operations		14,400,690			2,178,511
Distribution to Shareholders		(8,743,650	)		(1,029,095	)
Transactions in Shares of the Fund
Net increase		322,081,425			91,257,835
Other capital		293,363			68,771

Total increase		328,031,828			92,476,022
Net Assets
Beginning of period		92,476,022			– 0	–

End of period	$	420,507,850		$	92,476,022

(a)	Commencement of operations.

See notes to financial statements.



42 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 43

NOTES TO FINANCIAL STATEMENTS (continued)

including flexible exchange-traded options (“Flex Options”), are generally valued using models that consider the terms of the option and relevant market inputs and are typically valued at transaction price on the trade date; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value (“NAV”) per share, while exchange-traded funds are valued at the closing market price per share.

2. Fair Value Measurements



44 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 45

NOTES TO FINANCIAL STATEMENTS (continued)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in

Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

368,863,555

– 0

–

368,863,555

Short-Term Municipal Notes

– 0

–

37,002,749

– 0

–

37,002,749

Commercial Mortgage-Backed Securities

– 0

–

1,106,902

– 0

–

1,106,902

Warrants

– 0

–

– 0

–

^(a)

– 0

–

Short-Term Investments

11,334,488

– 0

–

– 0

–

11,334,488

Total Investments in Securities

11,334,488

406,973,206

^(a)

418,307,694

Other Financial Instruments^(b):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

17,132

– 0

–

17,132

^(c)

Centrally Cleared Interest Rate Swaps

– 0

–

742,410

– 0

–

742,410

^(c)

Liabilities:

Centrally Cleared Credit Default Swaps

– 0

–

(282,578

)

– 0

–

(282,578

)^(c)

Centrally Cleared Inflation (CPI) Swaps

– 0

–

(7,904

)

– 0

–

(7,904

)^(c)

Total

11,334,488

407,442,266

^(a)

418,776,754

(a)	The Fund held securities with zero market value at period end.

(b)

(c)

3. Currency Translation



46 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

4. Taxes

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and prior tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

6. Dividends and Distributions



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 47

NOTES TO FINANCIAL STATEMENTS (continued)

7. Offering Expenses

The Adviser has agreed to pay all of the Fund’s organization and offering costs. The Fund is not obligated to repay any such organizational expenses or offering costs paid by the Adviser.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser a unitary advisory fee at an annual rate of .28% of the Fund’s average daily net assets. The fees are accrued daily and paid monthly.

Under the investment advisory agreement, in accordance with the unitary fee structure, the Adviser bears the cost of various third-party services required by the Fund, including audit, custodial, accounting, legal, transfer agency and printing costs and the fees and expenses of the Corporation’s directors and their counsel. Also under the investment advisory agreement, the Adviser will reimburse the Fund for the Fund’s share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser. For the year ended November 30, 2025, such waiver/reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $8,830.



48 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	137	$	172,343	$	161,146	$	11,334	$	179

NOTE C

Distribution Plan

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the year ended November 30, 2025 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	293,535,962		$	24,037,036
U.S. government securities		– 0	–		– 0	–

During the year ended November 30, 2025, the Fund delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction. for the year ended November 30, 2025, the Fund had in-kind purchases and in-kind sales as follows:


	Purchases			Sales
In-kind transactions (excluding U.S. government securities)	$	21,744,496		$	– 0	–
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	413,228,387

Gross unrealized appreciation	$	7,276,294
Gross unrealized depreciation		(1,390,607	)

Net unrealized appreciation	$	5,885,687



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 49

NOTES TO FINANCIAL STATEMENTS (continued)

1. Derivative Financial Instruments

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

•

Swaps

The Fund may enter into swaps for investment purposes or to hedge its exposure to interest rates, inflation, credit risk, equity markets or currencies. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices, rates or indexes for a specified amount of an underlying asset or inflation. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.



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NOTES TO FINANCIAL STATEMENTS (continued)

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 51

NOTES TO FINANCIAL STATEMENTS (continued)

“notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments).

During the year ended November 30, 2025, the Fund held interest rate swaps for hedging purposes.

Inflation (CPI) Swaps:

During the year ended November 30, 2025, the Fund held inflation (CPI) swaps for hedging purposes.

Credit Default Swaps:



52 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the year ended November 30, 2025, the Fund held credit default swaps for hedging and non-hedging purposes.

During the year ended November 30, 2025, the Fund had entered into the following derivatives:

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Credit contracts

Payable for
variation margin on
centrally cleared
swaps

50,911

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

759,617

Payable for
variation margin
on centrally
cleared swaps

7,904

Total

759,617

58,815

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 53

NOTES TO FINANCIAL STATEMENTS (continued)


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	(346,096	)	$	734,851

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		12,691			(69,653	)

Total		$	(333,405	)	$	665,198

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended November 30, 2025:


Centrally Cleared Interest Rate Swaps:
Average notional amount	$	38,120,000
Centrally Cleared Inflation Swaps:
Average notional amount	$	14,792,308
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	950,000	^(a)
Average notional amount of sale contracts	$	700,000	^(b)

(a)	Positions were open for seven months during the year.

(b)	Positions were open for less than one month during the year.

2. Currency Transactions

NOTE E

Shares of the Fund

The Fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because exchange-traded fund (“ETF”)



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NOTES TO FINANCIAL STATEMENTS (continued)

shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund issues and redeems shares at its NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). A fixed transaction fee is imposed on authorized participants in connection with creation unit redemption and creation transactions. Authorized participants may be required to pay an additional variable charge to cover certain costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statement of Changes in Net Assets.

Transactions in shares of the Fund were as follows:


	Shares						Amount
	Year Ended November 30, 2025			December 13, 2023^(a)November 30, 2024			Year Ended November 30, 2025			December 13, 2023^(a)November 30, 2024

Shares sold		13,000,000			3,650,040		$	325,776,180		$	92,515,240

Shares redeemed		(150,000	)		(50,000	)		(3,694,755	)		(1,257,405	)

Net increase		12,850,000			3,600,040		$	322,081,425		$	91,257,835

(a)	Commencement of operations.

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, tariffs and trade disputes, and regional and global conflicts, that affect large portions of the market.

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Interest Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 55

NOTES TO FINANCIAL STATEMENTS (continued)

greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

Municipal Market Risk—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Fund’s investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Fund invests more of its assets in a particular state’s municipal securities, the Fund may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. The Fund’s investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

The municipal securities issued by Puerto Rico and its government agencies and municipalities may have more risks than those of other U.S. issuers of municipal securities. Puerto Rico continues to face a challenging economic and fiscal environment. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

Tax Risk—From time to time, the U.S. Government and the U.S. Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Fund by increasing taxes on that income. In such event, the Fund’s net asset value (“NAV”) could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax-exempt status of municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields



56 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield.



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 57

NOTES TO FINANCIAL STATEMENTS (continued)

Illiquid Investments Risk—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. Municipal securities may have more illiquid investments risk than other fixed-income securities because they trade less frequently and the market for municipal securities is generally smaller than many other markets.

When-Issued and Forward Commitment Risks—These securities are purchased before the securities are actually issued or delivered. These securities are subject to the risk that, when delivered, they will be worth less than the agreed-upon purchase price.



58 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

also result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the NYSE Arca, Inc. (“NYSE Arca” or an “Exchange”). Shares are generally bought and sold in the secondary market at market prices. The NAV per share of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on the Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 59

NOTES TO FINANCIAL STATEMENTS (continued)

had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

NOTE G

Joint Credit Facility

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended November 30, 2025 and November 30, 2024 were as follows:


	2025		2024
Distributions paid from:
Ordinary income	$	331,557	$	118,072
Total taxable distributions	$	331,557		118,072
Tax-exempt income		8,412,093		911,023

Total distributions paid	$	8,743,650	$	1,029,095

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed tax-exempt income	$	1,441,626
Accumulated capital and other losses		(520,857	)^(a)
Unrealized appreciation (depreciation)		5,885,687	^(b)

Total accumulated earnings (deficit)	$	6,806,456

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $520,857.

(b)	The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of swaps and the tax treatment of bond restructuring.



60 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $520,857, which may be carried forward for an indefinite period.

During the current fiscal year, there were no permanent differences that resulted in in adjustments to distributable earnings or additional paid-in capital.

NOTE I

Subsequent Events



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 61

FINANCIAL HIGHLIGHTS

Selected Data For A Share of Capital Stock Outstanding Throughout Each Period


	Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024


Net asset value, beginning of period		$ 25.69			$ 25.00

Income From Investment Operations

Net investment income^(b)(c)		.97			.91

Net realized and unrealized gain (loss) on investment transactions		(.22	)		.52

Net increase in net asset value from operations		.75			1.43

Less: Dividends

Dividends from net investment income		(.88	)		(.74	)

Net asset value, end of period		$ 25.56			$ 25.69


Total Return

Total investment return based on net asset value^(d)		3.03	%		5.81	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$420,508			$92,476

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.28	%		.28	%^{^}

Expenses, before waivers/reimbursements		.28	%		.28	%^{^}

Net investment income^(c)		3.89	%		3.74	%^{^}

Portfolio turnover rate^(e)		10	%		9	%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)

(e)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

^	Annualized.

See notes to financial statements.



62 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB Tax-Aware Intermediate Municipal ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Tax-Aware Intermediate Municipal ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statement of operations for the year then ended and the statements of changes in net assets and the financial highlights for the year then ended and the period from December 13, 2023 (commencement of operations) to November 30, 2024, 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations for the year then ended and the changes in its net assets and its financial highlights for the year then ended and the period from December 13, 2023 (commencement of operations) to November 30, 2024, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s 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 Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 63

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

owned as of November 30, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. 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.

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



64 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

2025 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable period ended November 30, 2025. For foreign shareholders, 66.46% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends. The Fund designates $270,451 of distributions paid during the fiscal year ended November 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 65

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Tax-Aware Intermediate Municipal ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment



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Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar year 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of profitability of the Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the period reviewed.

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its relationship with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 67

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses



68 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe of ETFs selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 69

NOTES



70 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

NOTES



ABFunds.com		AB Tax-Aware Intermediate Municipal ETF 71

NOTES



72 AB Tax-Aware Intermediate Municipal ETF		ABFunds.com

LOGO

AB TAX-AWARE INTERMEDIATE MUNICIPAL ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-TAIM-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB TAX-AWARE LONG MUNICIPAL ETF

(NYSE: TAFL)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 98.8%
Long-Term Municipal Bonds – 98.4%
Alabama – 0.8%
County of Jefferson AL Sewer Revenue (County of Jefferson AL Sewer Revenue) Series 2024 5.50%, 10/01/2053	$	325	$	342,273


Arizona – 2.2%
Arizona Industrial Development Authority (Equitable School Revolving Fund Obligated Group) Series 2023 5.25%, 11/01/2053		200		204,171
Arizona Industrial Development Authority (Pinecrest Academy of Nevada) Series 2020-A 4.00%, 07/15/2040^(a)		125		113,969
Maricopa County Industrial Development Authority (HonorHealth Obligated Group) Series 2019-A 4.125%, 09/01/2042		500		486,213
Maricopa County Industrial Development Authority (Valley Christian Schools) Series 2023 6.375%, 07/01/2058^(a)		150		146,874

				951,227

California – 5.3%
California Community Choice Financing Authority (American General Life Insurance) Series 2024 5.00%, 08/01/2055		400		424,902
California Community Choice Financing Authority (Athene Annuity & Life Co.) Series 2024 5.00%, 11/01/2055		350		367,340
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021 4.00%, 02/01/2056^(a)		100		82,624
City of Los Angeles CA Wastewater System Revenue (City of Los Angeles CA Wastewater System Revenue) Series 2025-A 5.00%, 06/01/2055		200		213,665
City of Los Angeles Department of Airports (City of Los Angeles Dept. of Airports) Series 2025 5.50%, 05/15/2055		100		107,235



ABFunds.com		AB Tax-Aware Long Municipal ETF 1

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

CMFA Special Finance Agency VII (CMFA Special Finance Agency VII The Breakwater Apartments) Series 2021 3.00%, 08/01/2056^(a)	$	100	$	68,922
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization) Series 2021-B Zero Coupon, 06/01/2066		1,000		107,214
Series 2022 5.00%, 06/01/2051		360		360,482
Los Angeles Department of Water & Power (Los Angeles Dept. of Water & Power Power System Revenue) BAM Series 2025-A 5.00%, 07/01/2053		500		521,511

				2,253,895

Colorado – 2.1%
Colorado Educational & Cultural Facilities Authority (Ascent Classical Academy Charter Schools) Series 2024 5.80%, 04/01/2054^(a)		100		98,842
Town of Vail CO (Town of Vail CO COP) Series 2025 5.50%, 12/01/2064		750		809,832

				908,674

Connecticut – 0.2%
Stamford Housing Authority (TJH Senior Living Obligated Group) Series 2025 6.50%, 10/01/2055		100		102,022


District of Columbia – 2.7%
District of Columbia (District of Columbia Union Market TIF Area) Series 2024-A 5.125%, 06/01/2034^(a)		100		102,953
Metropolitan Washington Airports Authority Aviation Revenue (Metropolitan Washington Airports Authority Aviation Revenue) Series 2025-A 5.50%, 10/01/2055		1,000		1,070,509

				1,173,462



2 AB Tax-Aware Long Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Florida – 3.5%
Capital Projects Finance Authority/FL (Navigator Academy of Leadership Obligated Group) Series 2024 5.00%, 06/15/2034^(a)	$	100	$	101,976
City of Venice FL (Southwest Florida Retirement Center Obligated Group) Series 2024 5.625%, 01/01/2060^(a)		100		99,033
County of Miami-Dade FL Aviation Revenue (County of Miami-Dade FL Aviation Revenue) Series 2024-A 5.00%, 10/01/2035		1,000		1,111,464
Florida Development Finance Corp. (Brightline Trains Florida) AG Series 2024 5.25%, 07/01/2053		100		99,689
Florida Development Finance Corp. (SFP – Tampa I LLC) Series 2024 5.25%, 06/01/2059^(a)		100		95,616

				1,507,778

Georgia – 3.3%
Fayette County Development Authority (United States Soccer Federation) Series 2024 5.00%, 10/01/2044		200		208,544
5.25%, 10/01/2054		200		207,097
Municipal Electric Authority of Georgia (Municipal Electric Authority of Georgia) Series 2019 5.00%, 01/01/2063		1,000		999,522

				1,415,163

Guam – 0.6%
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 5.00%, 01/01/2030		250		267,873


Hawaii – 0.2%
City & County Honolulu HI Wastewater System Revenue (City & County Honolulu HI Wastewater System Revenue) Series 2020-A 2.624%, 07/01/2045		100		71,462



ABFunds.com		AB Tax-Aware Long Municipal ETF 3

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value


Illinois – 8.9%
Chicago Board of Education (Chicago Board of Education) Series 2023-A 5.00%, 12/01/2034	$	150	$	150,758
6.00%, 12/01/2049		300		302,144
Chicago O’Hare International Airport (Chicago O’Hare Intl Airport) Series 2025-E 5.50%, 01/01/2055		1,000		1,049,526
City of Chicago IL (City of Chicago IL) Series 2019-A 5.50%, 01/01/2049		300		295,988
Illinois State Toll Highway Authority (Illinois State Toll Highway Authority) Series 2025 5.00%, 01/01/2047^(b)		1,000		1,052,084
Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) Series 2017 0.00%, 12/15/2042^(c)		350		267,482
Series 2020 5.00%, 06/15/2050		310		308,151
State of Illinois (State of Illinois) Series 2023-B 5.50%, 05/01/2047		350		368,114

				3,794,247

Indiana – 2.5%
City of Valparaiso IN (Pratt Paper IN LLC) Series 2024 4.875%, 01/01/2044^(a)		100		100,786
Indiana Finance Authority (Parkview Health System Obligated Group) Series 2024-A 5.00%, 11/01/2054		100		101,778
Indiana Finance Authority (University of Evansville) Series 2022 5.25%, 09/01/2057		100		96,685
Indianapolis Local Public Improvement Bond Bank (Pan Am Plaza Hotel) Series 2023 6.00%, 03/01/2053		150		156,941



4 AB Tax-Aware Long Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2023-F 7.75%, 03/01/2067	$	100	$	110,704
BAM Series 2023 5.25%, 03/01/2067		500		520,131

				1,087,025

Kentucky – 1.4%
Kentucky Public Energy Authority (BP PLC) Series 2024-B 5.00%, 01/01/2055		540		580,645


Maine – 0.5%
Finance Authority of Maine (Casella Waste Systems) Series 2024 4.625%, 12/01/2047^(a)		200		201,584


Maryland – 1.7%
Maryland Economic Development Corp. (Purple Line Transit Partners) Series 2022 5.25%, 06/30/2047		570		573,219
Maryland Stadium Authority (Baltimore City Public School Construction Financing Fund) Series 2020 5.00%, 05/01/2050		150		162,551

				735,770

Massachusetts – 5.1%
Commonwealth of Massachusetts (Commonwealth of Massachusetts) Series 2021-B 2.00%, 04/01/2050		180		108,267
Massachusetts Bay Transportation Authority Sales Tax Revenue (Massachusetts Bay Transportation Authority Sales Tax Revenue) Series 2023-A 5.25%, 07/01/2048		835		895,022
Series 2025-B 5.25%, 07/01/2055		100		107,447
Massachusetts School Building Authority (Massachusetts School Building Authority Sales Tax) Series 2025 5.25%, 02/15/2050		1,000		1,072,769

				2,183,505



ABFunds.com		AB Tax-Aware Long Municipal ETF 5

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New Hampshire – 2.9%
New Hampshire Business Finance Authority (NFA 2025-1) Series 2025 5.75%, 04/28/2042	$	150	$	156,689
New Hampshire Business Finance Authority (Novant Health Obligated Group) Series 2025 5.50%, 06/01/2055		100		104,913
New Hampshire Business Finance Authority (University of Nevada Reno) BAM Series 2023 4.50%, 06/01/2053		1,000		976,642

				1,238,244

New Jersey – 4.5%
New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) Series 2023-B 5.25%, 06/15/2050		825		869,373
Series 2024-C 5.00%, 06/15/2045		1,000		1,057,389

				1,926,762

New York – 15.1%
Metropolitan Transportation Authority (Metropolitan Transportation Authority) Series 2017 Zero Coupon, 11/15/2033		575		438,786
Series 2024-A 5.25%, 11/15/2049		510		537,023
Metropolitan Transportation Authority Dedicated Tax Fund (Metropolitan Transportation Authority Dedicated Tax Fund) Series 2024 5.00%, 11/15/2052		1,000		1,043,051
New York City Transitional Finance Authority Future Tax Secured Revenue (New York City Transitional Finance Authority Future Tax Secured Revenue) Series 2025 5.00%, 05/01/2050		1,000		1,037,828
New York Liberty Development Corp. (7 World Trade Center II) Series 2022 3.00%, 09/15/2043		500		413,514
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2025-C 5.00%, 03/15/2055		1,210		1,257,244



6 AB Tax-Aware Long Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New York Transportation Development Corp. (JFK NTO LLC) Series 2023 5.375%, 06/30/2060	$	500	$	501,514
Onondaga Civic Development Corp. (Syracuse University) Series 2025 5.50%, 12/01/2056		100		109,838
Suffolk Regional Off-Track Betting Corp. (Suffolk Regional Off-Track Betting) Series 2024 6.00%, 12/01/2053		100		101,507
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2022 5.00%, 05/15/2057		1,000		1,025,944

				6,466,249

North Carolina – 1.7%
Nash Health Care Systems (Nash Health Care Systems) Series 2025 5.75%, 02/01/2050		600		650,430
North Carolina Turnpike Authority (North Carolina Turnpike Authority) AG Series 2024 Zero Coupon, 01/01/2052		250		70,845

				721,275

Ohio – 2.8%
Buckeye Tobacco Settlement Financing Authority (Buckeye Tobacco Settlement Financing Authority) Series 2020-B 5.00%, 06/01/2055		100		84,206
Port of Greater Cincinnati Development Authority (Duke Energy Convention Center Project) Series 2024 5.00%, 12/01/2053		100		102,328
State of Ohio (University Hospitals Health System Obligated Group) Series 2016 4.00%, 01/15/2046		1,100		1,011,028

				1,197,562

Oklahoma – 0.9%
Oklahoma Turnpike Authority (Oklahoma Turnpike Authority) Series 2025-B 5.00%, 01/01/2040		250		282,239



ABFunds.com		AB Tax-Aware Long Municipal ETF 7

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Tulsa Municipal Airport Trust Trustees/OK (American Airlines, Inc.) Series 2025 6.25%, 12/01/2040	$	100	$	112,255

				394,494

Oregon – 1.1%
Port of Portland OR Airport Revenue (Port of Portland OR Airport Revenue) Series 2022-2 4.00%, 07/01/2047		500		455,016


Pennsylvania – 2.8%
Pennsylvania Higher Educational Facilities Authority (University of Pennsylvania Health System Obligated Group) Series 2025 5.00%, 08/15/2055		120		124,271
Pennsylvania State University (The) (Pennsylvania State University) Series 2023 5.25%, 09/01/2053		1,000		1,062,737

				1,187,008

Puerto Rico – 0.1%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue (Puerto Rico Sales Tax Financing Sales Tax Revenue) Series 2018-A Zero Coupon, 07/01/2051		100		24,794


South Carolina – 1.2%
South Carolina Jobs-Economic Development Authority (Novant Health Obligated Group) Series 2024 5.50%, 11/01/2054		500		532,142


Tennessee – 1.0%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.125%, 12/01/2042^(a)		280		264,657
Series 2016-B Zero Coupon, 12/01/2031^(a)		100		71,964
Shelby County Health & Educational Facilities Board (Madrone Memphis Student Housing I) Series 2024 5.25%, 06/01/2056^(a)		100		95,482

				432,103



8 AB Tax-Aware Long Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Texas – 8.1%
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2024-B 5.50%, 07/15/2038	$	100	$	108,165
Dallas Fort Worth International Airport (Dallas Fort Worth Intl Airport) Series 2025-A 5.50%, 11/01/2050		1,000		1,069,696
Hidalgo County Regional Mobility Authority (Hidalgo County Regional Mobility Authority) Series 2022-B Zero Coupon, 12/01/2046		335		109,440
Port of Beaumont Navigation District (Jefferson 2020 Bond Lessee & Borrower Obligated Group) Series 2024 5.25%, 01/01/2054^(a)		100		95,859
Texas Transportation Finance Corp. (Texas Transportation Finance) Series 2025 5.25%, 10/01/2055		1,000		1,070,053
Texas Water Development Board (State Water Implementation Revenue Fund for Texas) Series 2023-A 5.00%, 10/15/2058		1,000		1,031,089

				3,484,302

Utah – 0.3%
Utah Infrastructure Agency (Utah Infrastructure Agency) Series 2024 5.50%, 10/15/2044		100		104,232


Virginia – 3.2%
Fairfax County Industrial Development Authority (Inova Health System Obligated Group) Series 2022 4.00%, 05/15/2042		1,000		990,088
Henrico County Economic Development Authority (Bon Secours Mercy Health) Series 2025 5.00%, 11/01/2048		100		104,437
James City County Economic Development Authority (Williamsburg Landing Obligated Group) Series 2024-A 6.875%, 12/01/2058		100		108,185



ABFunds.com		AB Tax-Aware Long Municipal ETF 9

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Virginia College Building Authority (Regent University Obligated Group) Series 2025 6.00%, 06/01/2055	$	150	$	159,478

				1,362,188

Washington – 7.4%
City of Tacoma WA Electric System Revenue (City of Tacoma WA Electric System Revenue) Series 2025-A 5.25%, 01/01/2050		1,000		1,069,132
Vancouver Housing Authority (Vancouver Housing Authority) Series 2025 4.25%, 02/01/2038		1,000		1,026,012
Washington Health Care Facilities Authority (CommonSpirit Health Obligated Group) Series 2025 5.50%, 09/01/2055		1,000		1,066,828

				3,161,972

Wisconsin – 4.3%
Wisconsin Health & Educational Facilities Authority (Forensic Science & Protective Medicine Collaboration) Series 2024 5.00%, 08/01/2027^(a)		150		151,423
Wisconsin Public Finance Authority (Inperium Obligated Group) Series 2024 5.75%, 12/01/2054^(a)		100		100,418
Wisconsin Public Finance Authority (Puerto Rico Tollroads LLC) Series 2024 5.50%, 07/01/2044		200		206,865
Wisconsin Public Finance Authority (SR 400 Peach Partners LLC) Series 2025 5.75%, 12/31/2065		1,350		1,399,988

				1,858,694

Total Long-Term Municipal Bonds (cost $41,921,743)				42,123,642



10 AB Tax-Aware Long Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Short-Term Municipal Notes – 0.4%
Illinois – 0.4%
Illinois Finance Authority (OSF Healthcare System Obligated Group) Series 2018 2.85%, 11/15/2037^(d) (cost $170,000)	$	170	$	170,000


Total Municipal Obligations (cost $42,091,743)				42,293,642


	Shares
SHORT-TERM INVESTMENTS – 1.9%
Investment Companies – 1.9%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(e)(f)(g) (cost $816,309)		816,309		816,309


Total Investments – 100.7% (cost $42,908,052)				43,109,951
Other assets less liabilities – (0.7)%				(289,528	)


Net Assets – 100.0%			$	42,820,423

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at November 30, 2025			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 45, 5 Year Index, 12/20/2030*		(5.00	)%		Quarterly		3.23	%		USD 490	$	(41,197	)	$	(33,945	)	$	(7,252	)

*	Termination date

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note D)

Rate Type

Notional
Amount
(000)

Termination
Date

Payments
made
by the
Fund

Payments
received
by the
Fund

Payment
Frequency
Paid/
Received

Market
Value

Upfront
Premiums
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

USD

1,270

10/15/2028

CPI#

2.565%

Maturity

126

– 0

–

126

USD

1,200

10/15/2029

2.569%

CPI#

Maturity

(3,060

)

– 0

–

(3,060

)

USD

1,100

10/15/2029

2.485%

CPI#

Maturity

1,684

– 0

–

1,684

USD

867

10/15/2029

2.499%

CPI#

Maturity

737

– 0

–

737

USD

867

10/15/2029

2.516%

CPI#

Maturity

– 0

–



ABFunds.com		AB Tax-Aware Long Municipal ETF 11

PORTFOLIO OF INVESTMENTS (continued)


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	866		10/15/2029	2.451%	CPI#	Maturity	$	2,745	$	– 0	–	$	2,745
USD	1,330		10/15/2030	CPI#	2.531%	Maturity		3,302		– 0	–		3,302

							$	5,554	$	– 0	–	$	5,554

#	Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	200		10/15/2030	1 Day SOFR	4.092%	Annual	$	7,083		$	– 0	–	$	7,083
USD	1,200		12/03/2031	1 Day SOFR	4.036%	Annual		40,266			– 0	–		40,266
USD	400		06/15/2034	3.543%	1 Day SOFR	Annual		1,142			44			1,098
USD	300		08/15/2034	3.231%	1 Day SOFR	Annual		7,979			– 0	–		7,979
USD	240		08/15/2034	3.450%	1 Day SOFR	Annual		2,286			– 0	–		2,286
USD	210		08/15/2034	3.183%	1 Day SOFR	Annual		6,382			– 0	–		6,382
USD	1,220		12/30/2044	1 Day SOFR	4.166%	Annual		34,012			– 0	–		34,012
USD	600		12/30/2044	1 Day SOFR	4.240%	Annual		23,249			– 0	–		23,249
USD	240		01/05/2045	1 Day SOFR	4.283%	Annual		10,785			– 0	–		10,785
USD	200		01/13/2045	1 Day SOFR	4.156%	Annual		5,438			(81	)		5,519
USD	200		01/13/2045	1 Day SOFR	4.189%	Annual		6,375			– 0	–		6,375
USD	270		12/09/2053	3.584%	1 Day SOFR	Annual		19,535			(107	)		19,642
USD	335		11/15/2054	3.924%	1 Day SOFR	Annual		2,230			(162	)		2,392
USD	265		02/05/2055	3.942%	1 Day SOFR	Annual		1,677			– 0	–		1,677
USD	300		05/05/2055	3.962%	1 Day SOFR	Annual		488			– 0	–		488
USD	200		05/05/2055	3.806%	1 Day SOFR	Annual		5,983			– 0	–		5,983
USD	400		11/15/2055	3.943%	1 Day SOFR	Annual		1,028			– 0	–		1,028
USD	300		11/15/2055	4.004%	1 Day SOFR	Annual		(2,451	)		– 0	–		(2,451	)

							$	173,487		$	(306	)	$	173,793

(a)

(b)	When-Issued or delayed delivery security.

(c)	Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at November 30, 2025.

(d)

(e)	The rate shown represents the 7-day yield as of period end.

(f)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(g)	Affiliated investments.



12 AB Tax-Aware Long Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

Glossary:

AG – Assured Guaranty Inc.

BAM – Build American Mutual

CDX-NAHY – North American High Yield Credit Default Swap Index

COP – Certificate of Participation

OSF – Order of St. Francis

SOFR – Secured Overnight Financing Rate

See notes to financial statements.



ABFunds.com		AB Tax-Aware Long Municipal ETF 13

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $42,091,743)	$	42,293,642
Affiliated issuers (cost $816,309)		816,309
Cash		98,157
Cash collateral due from broker		140,334
Interest receivable		533,644
Affiliated dividends receivable		4,243
Receivable for variation margin on centrally cleared swaps		1,840
Receivable due from Adviser		227

Total assets		43,888,396

Liabilities
Payable for investment securities purchased		1,059,290
Advisory fee payable		8,683

Total liabilities		1,067,973

Net Assets	$	42,820,423

Composition of Net Assets
Capital stock, at par	$	170
Additional paid-in capital		42,701,720
Distributable earnings		118,533

Net Assets	$	42,820,423

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 1,700,040 common shares outstanding)	$	25.19

See notes to financial statements.



14 AB Tax-Aware Long Municipal ETF		ABFunds.com

STATEMENT OF OPERATIONS

Year Ended November 30, 2025


Investment Income
Interest	$	1,408,653
Dividends—Affiliated issuers		12,598		$	1,421,251

Expenses
Advisory fee (see Note B)		88,484

Total expenses before bank overdraft expense		88,484
Bank overdraft expense		314

Total expenses		88,798
Less: expenses waived and reimbursed by the Adviser (see Note B)		(655	)

Net expenses					88,143

Net investment income					1,333,108

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions					(292,088	)
In-kind redemptions					51,743
Swaps					24,244
Net change in unrealized appreciation (depreciation) of:
Investments					(389,097	)
Swaps					18,830

Net loss on investment transactions					(586,368	)

Net Increase in Net Assets from Operations				$	746,740

See notes to financial statements.



ABFunds.com		AB Tax-Aware Long Municipal ETF 15

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,333,108		$	1,050,363
Net realized loss on investment transactions		(216,101	)		(136,175	)
Net change in unrealized appreciation (depreciation) of investments		(370,267	)		744,261
Contributions from Affiliates (see Note B)		– 0	–		1,147

Net increase in net assets from operations		746,740			1,659,596
Distribution to Shareholders		(1,295,116	)		(940,944	)
Transactions in Shares of the Fund
Net increase		13,798,975			28,803,830
Other capital		43,062			4,280

Total increase		13,293,661			29,526,762
Net Assets
Beginning of period		29,526,762			– 0	–

End of period	$	42,820,423		$	29,526,762

(a)	Commencement of operations.

See notes to financial statements.



16 AB Tax-Aware Long Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.



ABFunds.com		AB Tax-Aware Long Municipal ETF 17

NOTES TO FINANCIAL STATEMENTS (continued)

price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value (“NAV”) per share, while exchange-traded funds are valued at the closing market price per share.

2. Fair Value Measurements



18 AB Tax-Aware Long Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

42,123,642

– 0

–

42,123,642

Short-Term Municipal Notes

– 0

–

170,000

– 0

–

170,000

Short-Term Investments

816,309

– 0

–

– 0

–

816,309

Total Investments in Securities

816,309

42,293,642

– 0

–

43,109,951

Other Financial Instruments^(a):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

8,614

– 0

–

8,614

^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

175,938

– 0

–

175,938

^(b)

Liabilities:

Centrally Cleared Credit Default Swaps

– 0

–

(41,197

)

– 0

–

(41,197

)^(b)

Centrally Cleared Inflation (CPI) Swaps

– 0

–

(3,060

)

– 0

–

(3,060

)^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

(2,451

)

– 0

–

(2,451

)^(b)

Total

816,309

42,431,486

– 0

–

43,247,795

(a)



ABFunds.com		AB Tax-Aware Long Municipal ETF 19

NOTES TO FINANCIAL STATEMENTS (continued)

(b)

3. Currency Translation

4. Taxes

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and prior tax year) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions



20 AB Tax-Aware Long Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Dividends and Distributions

7. Offering Expenses

The Adviser has agreed to pay all of the Fund’s organization and offering costs. The Fund is not obligated to repay any such organizational expenses or offering costs paid by the Adviser.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the investment advisory agreement, in accordance with the unitary fee structure, the Adviser bears the cost of various third-party services required by



ABFunds.com		AB Tax-Aware Long Municipal ETF 21

NOTES TO FINANCIAL STATEMENTS (continued)

the Fund, including audit, custodial, accounting, legal, transfer agency and printing costs and the fees and expenses of the Corporation’s directors and their counsel. Also under the investment advisory agreement, the Adviser will reimburse the Fund for the Fund’s share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser. For the year ended November 30, 2025, such waiver/reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $655.

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	256	$	11,920	$	11,360	$	816	$	13

During the period ended November 30, 2024, the Adviser reimbursed the Fund $1,147 for trading losses incurred due to NAV error.

NOTE C

Distribution Plan

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the year ended November 30, 2025 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	31,111,808		$	15,877,407
U.S. government securities		– 0	–		– 0	–



22 AB Tax-Aware Long Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

each in-kind redemption transaction. For the year ended November 30, 2025, the Fund had in-kind purchases and in-kind sales as follows:


	Purchases			Sales
In-kind transactions (excluding U.S. government securities)	$	– 0	–	$	1,084,905
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	42,880,626

Gross unrealized appreciation	$	691,873
Gross unrealized depreciation		(288,867	)

Net unrealized appreciation	$	403,006

1. Derivative Financial Instruments

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

•

Swaps



ABFunds.com		AB Tax-Aware Long Municipal ETF 23

NOTES TO FINANCIAL STATEMENTS (continued)

counterparty. Additionally, risks may arise from unanticipated movements in interest rates, inflation or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swaps on the statement of operations, in addition to any realized gain (loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain (loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation (depreciation) of swaps on the statement of operations.

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:



24 AB Tax-Aware Long Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

prevailing market rates, the Fund may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Fund may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

During the year ended November 30, 2025, the Fund held interest rate swaps for hedging purposes.

Inflation (CPI) Swaps:

During the year ended November 30, 2025, the Fund held inflation (CPI) swaps for hedging purposes.

Credit Default Swaps:



ABFunds.com		AB Tax-Aware Long Municipal ETF 25

NOTES TO FINANCIAL STATEMENTS (continued)

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the year ended November 30, 2025, the Fund held credit default swaps for hedging purposes.



26 AB Tax-Aware Long Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

During the year ended November 30, 2025, the Fund had entered into the following derivatives:

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Credit contracts

Payable for variation margin on centrally cleared swaps

7,252

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

184,858

Payable for variation margin on centrally cleared swaps

5,511

Total

184,858

12,763

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	5,771	$	45,359

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		18,473		(26,529	)

Total		$	24,244	$	18,830

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended November 30, 2025:


Centrally Cleared Interest Rate Swaps:
Average notional amount	$	8,508,538
Centrally Cleared Inflation Swaps:
Average notional amount	$	7,230,769
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	147,143	^(a)
Average notional amount of sale contracts	$	720,000	^(b)

(a)	Positions were open for seven months during the year.

(b)	Positions were open for less than one month during the year.

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by



ABFunds.com		AB Tax-Aware Long Municipal ETF 27

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE E

Shares of the Fund

Transactions in shares of the Fund were as follows:


	Shares						Amount
	Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024			Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024

Shares sold		900,000			1,150,040		$	22,458,945		$	28,803,830

Shares redeemed		(350,000	)		– 0	–		(8,659,970	)		– 0	–

Net increase		550,000			1,150,040		$	13,798,975		$	28,803,830

(a)	Commencement of operations.

NOTE F

Risks Involved in Investing in the Fund



28 AB Tax-Aware Long Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

of a contagious disease or illness), terrorism, war, interest rate levels, tariffs and trade disputes, and regional and global conflicts, that affect large portions of the market.

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Municipal Market Risk—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Fund’s investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Fund invests more of its assets in a particular state’s municipal securities, the Fund may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. The Fund’s investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

The municipal securities issued by Puerto Rico and its government agencies and municipalities may have more risks than those of other U.S. issuers of municipal



ABFunds.com		AB Tax-Aware Long Municipal ETF 29

NOTES TO FINANCIAL STATEMENTS (continued)

securities. Puerto Rico continues to face a challenging economic and fiscal environment. If the general economic situation in Puerto Rico persists or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

Tax Risk—From time to time, the U.S. Government and the U.S. Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Fund by increasing taxes on that income. In such event, the Fund’s net asset value (“NAV”) could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax-exempt status of municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield.



30 AB Tax-Aware Long Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Illiquid Investments Risk—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. Municipal securities may have more illiquid investments risk than other fixed-income securities because they trade less frequently and the market for municipal securities is generally smaller than many other markets.



ABFunds.com		AB Tax-Aware Long Municipal ETF 31

NOTES TO FINANCIAL STATEMENTS (continued)

by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required as compared to an ETF that distributes portfolio securities in-kind in redemption of Creation Units. The Fund intends to distribute gains that arise by virtue of the issuance and redemption of Creation Units being effectuated in cash to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with applicable tax requirements. This may cause shareholders to be subject to tax on gains to which they would not otherwise be subject, or at an earlier date than if they had made an investment in another ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. Brokerage fees, which will be higher than if the Fund sold and redeemed its shares principally in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and ask prices of Fund shares than for ETFs that receive and distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the NYSE Arca, Inc. (“NYSE Arca” or an “Exchange”). Shares are generally bought and sold in the secondary market at market prices. The NAV per share of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on the Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.



32 AB Tax-Aware Long Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE G

Joint Credit Facility

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the fiscal year ended November 30, 2025 and during the fiscal period ended November 30, 2024 were as follows:


	2025		2024
Distributions paid from:
Ordinary income	$	51,101	$	85,262

Total taxable distributions		51,101		85,262
Tax-exempt distributions		1,244,015		855,682

Total distributions paid	$	1,295,116	$	940,944



ABFunds.com		AB Tax-Aware Long Municipal ETF 33

NOTES TO FINANCIAL STATEMENTS (continued)

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed tax-exempt income	$	154,005
Accumulated capital and other losses		(438,478	)^(a)
Unrealized appreciation (depreciation)		403,006	^(b)

Total accumulated earnings (deficit)	$	118,533

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $438,478.

(b)	The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of swaps and the tax treatment of bond restructuring.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $241,503 and a net long-term capital loss carryforward of $196,975, which may be carried forward for an indefinite period.

NOTE I

Subsequent Events



34 AB Tax-Aware Long Municipal ETF		ABFunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024


Net asset value, beginning of period		$ 25.67			$ 25.00

Income From Investment Operations

Net investment income^(b)(c)		1.04			.95

Net realized and unrealized gain (loss) on investment transactions		(.50	)		.57

Contributions from Affiliates		– 0	–		.00	^(d)

Net increase in net asset value from operations		.54			1.52

Less: Dividends

Dividends from net investment income		(1.02	)		(.85	)

Net asset value, end of period		$ 25.19			$ 25.67


Total Return

Total investment return based on net asset value^(e)		2.18	%		6.19	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$42,820			$29,527

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.28	%		.28	%^{^}

Expenses, before waivers/reimbursements		.28	%		.28	%^{^}

Net investment income^(c)		4.22	%		3.90	%^{^}

Portfolio turnover rate^(f)		50	%		12	%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	Amount is less than $.005.

(e)

(f)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

^	Annualized.

See notes to financial statements.



ABFunds.com		AB Tax-Aware Long Municipal ETF 35

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB Tax-Aware Long Municipal ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Tax-Aware Long Municipal ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statement of operations for the year then ended and the statements of changes in net assets and the financial highlights for the year then ended and the period from December 13, 2023 (commencement of operations) to November 30, 2024, 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations for the year then ended and the changes in its net assets and its financial highlights for the year then ended and the period from December 13, 2023 (commencement of operations) to November 30, 2024, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s 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 Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.



36 AB Tax-Aware Long Municipal ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

when replies were not received from brokers or others, we performed other auditing procedures. 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.

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



ABFunds.com		AB Tax-Aware Long Municipal ETF 37

2025 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended November 30, 2025. For foreign shareholders, 23.05% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends. The Fund designates $26,588 of distributions paid during the fiscal year ended November 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.



38 AB Tax-Aware Long Municipal ETF		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Tax-Aware Long Municipal ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment



ABFunds.com		AB Tax-Aware Long Municipal ETF 39

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar year 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of profitability of the Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the period reviewed.

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its relationship with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results



40 AB Tax-Aware Long Municipal ETF		ABFunds.com

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The Adviser informed the directors that there were no institutional accounts managed by the Adviser that utilize investment strategies similar to those of the Fund.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe of ETFs selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



ABFunds.com		AB Tax-Aware Long Municipal ETF 41

scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



42 AB Tax-Aware Long Municipal ETF		ABFunds.com

NOTES



ABFunds.com		AB Tax-Aware Long Municipal ETF 43

NOTES



44 AB Tax-Aware Long Municipal ETF		ABFunds.com

LOGO

AB TAX-AWARE LONG MUNICIPAL ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-TALM-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB TAX-AWARE SHORT DURATION MUNICIPAL ETF

(NYSE Arca: TAFI)

LOGO

AllianceBernstein L.P. would like to thank you for your interest in the Fund.



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 95.4%
Long-Term Municipal Bonds – 82.3%
Alabama – 4.2%
Black Belt Energy Gas District (Black Belt Energy Gas District) Series 2025-C 5.50%, 11/01/2056^(a)	$	1,000	$	1,060,077
Black Belt Energy Gas District (BP PLC) Series 2024-D 5.00%, 03/01/2055		3,000		3,253,794
Series 2025-E 5.00%, 12/01/2055		2,000		2,160,142
Black Belt Energy Gas District (Goldman Sachs Group) Series 2021-B 4.00%, 10/01/2052		1,200		1,207,013
Series 2023-D 4.503% (SOFR + 1.85%), 06/01/2049^(b)		1,000		1,019,562
Series 2024-B 5.00%, 10/01/2055		2,750		2,972,203
Black Belt Energy Gas District (Prerefunded – US Treasuries) Series 2019-A 4.00%, 12/01/2049		2,000		2,000,000
Black Belt Energy Gas District (Royal Bank of Canada) Series 2022-D 4.00%, 12/01/2025		650		650,000
Series 2023-B 5.25%, 12/01/2053		2,210		2,392,886
City of Huntsville AL (City of Huntsville AL) Series 2016-B 5.00%, 05/01/2028		470		474,613
County of Jefferson AL Sewer Revenue (County of Jefferson AL Sewer Revenue) Series 2024 5.00%, 10/01/2034		1,005		1,132,925
Southeast Alabama Gas Supply District (The) (Morgan Stanley) Series 2024 5.00%, 06/01/2049		1,000		1,072,502
Southeast Alabama Gas Supply District (The) (Pacific Life Insurance) Series 2024-A 5.00%, 08/01/2054		6,000		6,489,278



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 1

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Southeast Energy Authority A Cooperative District (Deutsche Bank AG) Series 2024-A 5.00%, 11/01/2035	$	1,000	$	1,059,262
Southeast Energy Authority A Cooperative District (Goldman Sachs Group) Series 2022-B 5.00%, 05/01/2053		1,000		1,040,156
Southeast Energy Authority A Cooperative District (JPMorgan Chase & Co.) Series 2025-E 5.00%, 10/01/2030		2,005		2,157,857
Southeast Energy Authority A Cooperative District (Morgan Stanley) Series 2022-A 5.50%, 01/01/2053		2,000		2,149,082
Southeast Energy Authority A Cooperative District (New York Life Insurance) Series 2025 5.00%, 09/01/2035		1,000		1,095,836
Southeast Energy Authority A Cooperative District (Pacific Life Insurance) Series 2024-C 5.00%, 10/01/2055		1,500		1,634,513
Southeast Energy Authority A Cooperative District (Royal Bank of Canada) Series 2023-B 5.00%, 01/01/2054		3,110		3,306,432
Series 2025-C 5.00%, 05/01/2055		1,620		1,739,056
Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group) Series 2023-A 5.00%, 07/01/2027		1,500		1,535,732
5.25%, 01/01/2054		2,500		2,644,447

				44,247,368

Arizona – 1.8%
Arizona Department of Transportation State Highway Fund Revenue (Arizona Dept. of Transportation State Highway Fund Revenue) Series 2016 5.00%, 07/01/2034		2,575		2,605,041
Chandler Industrial Development Authority (Intel Corp.) Series 2022 5.00%, 09/01/2042		3,000		3,049,055



2 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.00%, 09/01/2052	$	3,000	$	3,049,495
Series 2024 4.00%, 06/01/2049		3,000		3,044,816
City of Glendale AZ Water & Sewer Revenue (City of Glendale AZ Water & Sewer Revenue) Series 2022-B 5.00%, 07/01/2026		1,000		1,013,845
Industrial Development Authority of the City of Phoenix Arizona (The) (AZ GFF Tiyan LLC Lease) Series 2014 5.00%, 02/01/2029		900		894,603
La Paz County Industrial Development Authority (Harmony Public Schools) Series 2016 5.00%, 02/15/2036^(a)		1,100		1,101,352
Maricopa County Industrial Development Authority (HonorHealth Obligated Group) Series 2024-D 5.00%, 12/01/2025		2,000		2,000,000
Salt River Project Agricultural Improvement & Power District (Salt River Project Agricultural Improvement & Power District) Series 2016-A 5.00%, 01/01/2030		2,000		2,052,549

				18,810,756

Arkansas – 0.0%
Arkansas Development Finance Authority (Hybar LLC) Series 2023 6.875%, 07/01/2048^(a)		115		123,776


California – 9.2%
Bay Area Toll Authority (Bay Area Toll Authority) Series 2021 3.20% (MUNIPSA + 0.41%), 04/01/2056^(b)		3,000		2,954,011
California Community Choice Financing Authority (American General Life Insurance) Series 2023-D 5.50%, 05/01/2054		5,000		5,293,220
Series 2024 5.00%, 08/01/2055		2,000		2,124,512
California Community Choice Financing Authority (Athene Annuity & Life Co.) Series 2024 5.00%, 11/01/2055		2,000		2,099,085



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 3

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California Community Choice Financing Authority (Bank of Nova Scotia (The)) Series 2025 5.00%, 10/01/2056	$	1,250	$	1,370,672
California Community Choice Financing Authority (Canadian Imperial Bank of Commerce) Series 2025 5.00%, 11/01/2033		1,000		1,095,222
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054		1,000		1,064,682
California Community Choice Financing Authority (Goldman Sachs Group) Series 2021 4.00%, 10/01/2052		1,000		1,014,785
California Community Choice Financing Authority (Morgan Stanley) Series 2024 5.00%, 05/01/2054		3,500		3,747,469
California Community Choice Financing Authority (New York Life Insurance) Series 2024 5.00%, 01/01/2056		1,000		1,103,244
California Community Choice Financing Authority (Pacific Life Insurance) Series 2024-F 5.00%, 02/01/2055		1,750		1,911,540
California Health Facilities Financing Authority (Adventist Health System/West Obligated Group) Series 2025 5.00%, 12/01/2032		2,000		2,224,318
California Infrastructure & Economic Development Bank (Desertxpress Enterprises) Series B 12.00%, 01/01/2065		795		675,750
California Municipal Finance Authority (Azusa Pacific University) Series 2015-B 5.00%, 04/01/2026		500		499,989
California Municipal Finance Authority (LAX Integrated Express Solutions) Series 2018 5.00%, 12/31/2025		1,000		1,001,144
5.00%, 06/30/2029		1,000		1,030,659
5.00%, 12/31/2033		1,500		1,536,509



4 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California Municipal Finance Authority (United Airlines, Inc.) Series 2019 4.00%, 07/15/2029	$	1,285	$	1,294,875
California Pollution Control Financing Authority (Waste Management, Inc.) Series 2024 4.25%, 11/01/2038		1,000		1,031,187
California State Public Works Board (California State Public Works Board Lease) Series 2017-H 5.00%, 04/01/2031		1,425		1,472,797
California State Public Works Board (State of California Lease) Series 2024 5.00%, 09/01/2035		2,040		2,402,649
California Statewide Communities Development Authority (Redlands Community Hospital Obligated Group) Series 2016 3.75%, 10/01/2035		1,735		1,656,930
California Statewide Communities Development Authority (Southern California Edison) Series 2023 4.50%, 11/01/2033		1,000		1,048,391
City of Los Angeles Department of Airports (City of Los Angeles Dept. of Airports) Series 2017-A 5.00%, 05/15/2030		3,385		3,481,838
Series 2023 5.00%, 05/15/2028		1,610		1,691,423
Series 2025 5.00%, 05/15/2026		1,000		1,010,364
5.00%, 05/15/2034		2,045		2,338,756
County of Sacramento CA Airport System Revenue (County of Sacramento CA Airport System Revenue) Series 2025-A 5.00%, 07/01/2031		1,800		1,980,755
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization) Series 2021 3.85%, 06/01/2050		2,025		1,856,673
Los Angeles County Sanitation Districts Financing Authority (Los Angeles County Sanitation District No. 20) Series 2016-A 5.00%, 10/01/2030		1,140		1,160,421



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 5

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Los Angeles Department of Water & Power (Los Angeles Dept. of Water & Power Power System Revenue) Series 2018-A 5.00%, 07/01/2032	$	1,680	$	1,750,297
Series 2018-D 5.00%, 07/01/2032		1,955		2,055,726
Series 2022-B 5.00%, 07/01/2028		1,100		1,161,837
Series 2025-A 5.00%, 07/01/2028		4,520		4,726,272
Los Angeles Department of Water & Power Power System Revenue (Los Angeles Dept. of Water & Power Power System Revenue) Series 2020-A 5.00%, 07/01/2027		2,035		2,114,508
Series 2021-B 5.00%, 07/01/2032		2,060		2,266,725
Los Angeles Department of Water & Power Water System Revenue (Los Angeles Dept. of Water & Power Water System Revenue) Series 2018-B 5.00%, 07/01/2028		1,150		1,214,647
Los Angeles Department of Water & Power Water System Revenue (Prerefunded – US Treasuries) Series 2016-B 5.00%, 07/01/2028		780		781,684
Montebello Public Financing Authority (City of Montebello CA Lease) Series 2016 5.00%, 06/01/2030		1,000		1,011,057
Newport Mesa Unified School District (Newport Mesa Unified School District) NATL Series 2007 Zero Coupon, 08/01/2031		2,000		1,713,915
Port of Oakland (Port of Oakland) Series 2017 5.00%, 11/01/2029		1,500		1,555,615
Series 2021 5.00%, 11/01/2029		1,575		1,695,062
San Diego County Regional Airport Authority (San Diego County Regional Airport Authority) Series 2017-B 5.00%, 07/01/2029		1,725		1,778,152



6 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2023 5.00%, 07/01/2029	$	1,610	$	1,727,011
San Francisco Intl Airport (San Francisco Intl Airport) Series 2018 5.00%, 05/01/2027		1,530		1,573,032
Series 2019-H 5.00%, 05/01/2027		1,500		1,541,346
Series 2024 5.00%, 05/01/2029		2,500		2,671,873
San Joaquin Valley Clean Energy Authority (Goldman Sachs Group) Series 2025 5.50%, 01/01/2056		3,000		3,419,278
Southern California Public Power Authority (American General Life Insurance) Series 2024-A 5.00%, 04/01/2055		1,000		1,070,038
Southern California Public Power Authority (Goldman Sachs Group) Series 2007-A 5.00%, 11/01/2033		1,000		1,098,111
Southern California Public Power Authority (Los Angeles Dept. of Water & Power Power System Revenue) Series 2016 5.00%, 07/01/2028		1,080		1,081,877
State of California (State of California) Series 2015-C 5.00%, 09/01/2030		50		50,089
Series 2016 5.00%, 09/01/2034		1,500		1,525,437
Series 2024 5.00%, 08/01/2029		1,885		2,060,160
Washington Township Health Care District (Washington Township Health Care District) Series 2020-A 5.00%, 07/01/2031		650		698,606

				95,516,225

Colorado – 2.8%
Adams & Weld Counties School District No. 27J Brighton/CO (Adams & Weld Counties School District No. 27J Brighton/CO) Series 2016-A 2.50%, 12/01/2027		1,500		1,481,258



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 7

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

City & County of Broomfield CO Sales & Use Tax Revenue (City & County of Broomfield CO Sales & Use Tax Revenue) Series 2017 5.00%, 12/01/2034	$	2,000	$	2,076,711
City & County of Denver CO Airport System Revenue (City & County of Denver CO Airport System Revenue) Series 2022-A 5.50%, 11/15/2035		3,250		3,696,825
Series 2022-D 5.25%, 11/15/2026		1,020		1,043,022
City & County of Denver CO Airport System Revenue (Denver Intl Airport) Series 2018-A 5.00%, 12/01/2025		1,000		1,000,000
5.00%, 12/01/2029		3,000		3,170,163
5.00%, 12/01/2030		1,370		1,495,565
5.00%, 12/01/2031		2,020		2,124,117
Colorado Educational & Cultural Facilities Authority (Ascent Classical Academy Charter Schools) Series 2024 4.75%, 04/01/2034^(a)		1,000		1,017,540
Colorado Health Facilities Authority (CommonSpirit Health Obligated Group) Series 2025 5.00%, 09/01/2035		1,500		1,699,895
Colorado Housing & Finance Authority (Albion Apartments LLLP) Series 2025 3.375%, 07/01/2044		3,000		3,016,158
Douglas County School District No. Re-1 Douglas & Elbert Counties (Douglas County School District No. Re-1 Douglas & Elbert Counties) Series 2019 5.00%, 12/15/2025		4,480		4,484,201
E-470 Public Highway Authority (E-470 Public Highway Authority) Series 2024-B 3.437% (SOFR + 0.75%), 09/01/2039^(b)		2,000		1,996,319
State of Colorado (State of Colorado COP) Series 2018-A 5.00%, 12/15/2027		1,000		1,048,509

				29,350,283



8 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Connecticut – 0.5%
City of New Haven CT (City of New Haven CT) AG Series 2016-A 5.00%, 08/15/2027	$	1,875	$	1,904,581
Stamford Housing Authority (TJH Senior Living Obligated Group) Series 2025 4.75%, 10/01/2032		2,000		2,061,137
Town of Hamden CT (Town of Hamden CT) BAM Series 2017-A 5.00%, 08/15/2026		1,000		1,014,875

				4,980,593

District of Columbia – 1.6%
District of Columbia (District of Columbia) Series 2016-A 5.00%, 06/01/2027		2,500		2,529,287
District of Columbia (Plenary Infrastructure DC State Lease) Series 2022 5.00%, 02/28/2026		1,485		1,490,462
5.00%, 08/31/2026		1,410		1,426,493
5.00%, 08/31/2028		1,275		1,328,001
Metropolitan Washington Airports Authority Aviation Revenue (Metropolitan Washington Airports Authority Aviation Revenue) Series 2017 5.00%, 10/01/2026		465		473,771
Series 2018-A 5.00%, 10/01/2034		1,075		1,121,292
Series 2019-A 5.00%, 10/01/2027		1,025		1,062,445
Series 2020-A 5.00%, 10/01/2032		2,000		2,169,189
Series 2022-A 5.00%, 10/01/2030		3,000		3,272,798
Series 2025-A 5.00%, 10/01/2031		2,000		2,208,113

				17,081,851

Florida – 4.9%
Capital Projects Finance Authority/FL (CAPFA Capital Corp. 2000F) Series 2020-A 5.00%, 10/01/2026		1,500		1,518,380



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 9

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

City of Jacksonville FL (Genesis Health Obligated Group) Series 2017 5.00%, 11/01/2026	$	600	$	609,453
City of Port St. Lucie FL Utility System Revenue (City of Port St. Lucie FL Utility System Revenue) Series 2016 4.00%, 09/01/2032		3,560		3,577,688
City of Venice FL (Southwest Florida Retirement Center Obligated Group) Series 2024 4.25%, 01/01/2030^(a)		900		901,671
Collier County Industrial Development Authority (NCH Healthcare System Obligated Group) Series 2024 5.00%, 10/01/2054		2,000		2,171,013
County of Brevard FL (County of Brevard FL Fuel Tax) AG Series 2016 5.00%, 08/01/2028		1,445		1,466,475
County of Charlotte FL (County of Charlotte FL) Series 2015 5.00%, 10/01/2027		1,080		1,081,710
County of Miami-Dade FL (County of Miami-Dade FL) Series 2016 5.00%, 07/01/2032		1,040		1,052,036
Series 2025 5.00%, 07/01/2028		1,000		1,059,941
County of Miami-Dade FL Aviation Revenue (County of Miami-Dade FL Aviation Revenue) Series 2024-A 5.00%, 10/01/2030		1,540		1,672,805
5.00%, 10/01/2033		2,500		2,789,597
5.00%, 10/01/2034		1,000		1,119,425
County of Miami-Dade Seaport Department (County of Miami-Dade Seaport Dept.) Series 2023-A 5.00%, 10/01/2030		1,145		1,237,059
5.00%, 10/01/2034		1,000		1,092,018
Florida Development Finance Corp. (GFL Solid Waste Southeast) Series 2024 4.375%, 10/01/2054^(a)		1,950		1,977,446



10 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Florida Development Finance Corp. (Waste Pro USA, Inc.) Series 2025 4.45%, 07/01/2037^(a)	$	1,500	$	1,507,768
Florida Insurance Assistance Interlocal Agency, Inc. (Florida Insurance Guaranty Association) Series 2023-A 5.00%, 09/01/2027		1,500		1,523,032
5.00%, 09/01/2028		1,060		1,077,114
Florida Local Government Finance Commission (Ponte Vedra Pine Obligated Group) Series 2025 4.20%, 11/15/2030^(a)		1,000		1,005,557
Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) Series 2025 5.00%, 10/01/2026		1,100		1,118,818
Greater Orlando Aviation Authority (Greater Orlando Aviation Authority) Series 2022-A 5.00%, 10/01/2029		1,040		1,117,101
Series 2024 5.00%, 10/01/2027		1,000		1,036,895
Greater Orlando Aviation Authority (United Airlines, Inc.) Series 2025 5.25%, 11/01/2034		2,000		2,153,864
Hillsborough County Aviation Authority (Hillsborough County Aviation Authority) Series 2024 5.00%, 10/01/2033		2,295		2,582,764
Lee County Industrial Development Authority/FL (Shell Point Obligated Group) Series 2024 4.125%, 11/15/2029		1,000		1,004,530
Miami-Dade County Expressway Authority (Miami-Dade County Expressway Authority) Series 2016-A 5.00%, 07/01/2028		1,625		1,642,297
5.00%, 07/01/2033		1,000		1,008,618
Mid-Bay Bridge Authority (Mid-Bay Bridge Authority) AG Series 2025 5.00%, 10/01/2030		2,000		2,187,334
North Sumter County Utility Dependent District (North Sumter County Utility Dependent District) Series 2020 5.00%, 10/01/2026		900		914,792



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 11

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Palm Beach County Health Facilities Authority (Jupiter Medical Center Obligated Group) Series 2025 5.00%, 11/01/2030	$	2,015	$	2,182,226
School Board of Miami-Dade County (The) (Miami-Dade County School Board Foundation COP) Series 2016-A 5.00%, 05/01/2030		1,340		1,350,572
Series 2025-A 5.00%, 05/01/2026		1,500		1,514,174
Village Community Development District No. 15 (Village Community Development District No. 15 Series 2024 Special Assessment) Series 2024 3.75%, 05/01/2029^(a)		695		698,121
West Palm Beach Community Redevelopment Agency (West Palm Beach Community Redevelopment Agency City Center Community Redev Area) Series 2015 5.00%, 03/01/2026		2,590		2,594,512

				51,546,806

Georgia – 3.8%
City of Atlanta GA Airport Passenger Facility Charge (City of Atlanta GA Airport Passenger Facility Charge) Series 2023 5.00%, 07/01/2030		2,000		2,172,496
City of Atlanta GA Department of Aviation (City of Atlanta GA Dept. of Aviation) Series 2023-G 5.00%, 07/01/2027		1,000		1,031,110
Series 2025-B 5.00%, 07/01/2031		2,100		2,322,244
Development Authority of Burke County (The) (Georgia Power Co.) Series 2023 3.875%, 10/01/2032		2,250		2,255,045
Series 2024 3.30%, 12/01/2049		1,500		1,502,330
Development Authority of Cobb County (The) (MT Bethel Christian Academy) Series 2025 5.00%, 06/01/2035^(a)		1,160		1,195,142
Fayette County Development Authority (United States Soccer Federation) Series 2024 5.00%, 10/01/2033		1,100		1,240,121



12 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Main Street Natural Gas, Inc. (Citadel LP) Series 2022-C 4.00%, 08/01/2052^(a)	$	4,500	$	4,501,469
Main Street Natural Gas, Inc. (Citigroup, Inc.) Series 2019-C 4.00%, 03/01/2050		1,000		1,006,550
Series 2022-B 5.00%, 12/01/2052		4,000		4,197,193
Series 2023-A 5.00%, 06/01/2053		2,000		2,115,924
Series 2024-C 5.00%, 12/01/2054		3,500		3,766,634
Main Street Natural Gas, Inc. (Royal Bank of Canada) Series 2023 4.387% (SOFR + 1.70%), 12/01/2053^(b)		1,000		1,033,479
Series 2024-B 5.00%, 12/01/2054		1,000		1,079,630
Main Street Natural Gas, Inc. (Toronto-Dominion Bank) Series 2024-D 5.00%, 04/01/2054		1,500		1,618,938
Municipal Electric Authority of Georgia (Municipal Electric Authority of Georgia) Series 2016-A 5.00%, 01/01/2028		1,840		1,864,177
Series 2018-H 5.00%, 01/01/2026		1,985		1,988,716
Series 2019-A 5.00%, 01/01/2033		1,200		1,271,173
Series 2020 5.00%, 01/01/2029		500		533,069
Series 2024 5.00%, 01/01/2030		1,000		1,082,731
Private Colleges & Universities Authority (Emory University) Series 2023 5.00%, 09/01/2033^(a)		2,000		2,305,467

				40,083,638

Guam – 1.4%
Guam Government Waterworks Authority (Guam Waterworks Authority Water And Wastewater System) Series 2024-B 5.00%, 07/01/2027		1,000		1,028,658



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 13

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2025	$	4,500	$	4,500,000
5.00%, 12/01/2026		2,000		2,030,932
5.00%, 12/01/2031		3,000		3,038,653
Territory of Guam (Territory of Guam) Series 2019 5.00%, 11/15/2031		715		755,018
Series 2025-G 5.00%, 01/01/2028		1,625		1,684,841
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 5.00%, 01/01/2031		1,250		1,357,306

				14,395,408

Hawaii – 0.5%
City & County of Honolulu HI (City & County of Honolulu HI) Series 2019-D 5.00%, 08/01/2026		1,050		1,067,253
State of Hawaii (State of Hawaii) Series 2016-F 5.00%, 10/01/2028		1,855		1,890,111
State of Hawaii Harbor System Revenue (State of Hawaii Harbor System Revenue) Series 2020-A 4.00%, 07/01/2035		2,280		2,318,896

				5,276,260

Idaho – 0.4%
Idaho Health Facilities Authority (St. Luke’s Health System Obligated Group/ID) Series 2018 5.00%, 03/01/2027		1,000		1,027,914
Idaho State Building Authority (State of Idaho Sales Tax Revenue) Series 2024-A 5.00%, 06/01/2028		2,500		2,651,641

				3,679,555

Illinois – 6.2%
Chicago Board of Education (Chicago Board of Education) Series 2017-C 5.00%, 12/01/2030		1,000		1,013,222



14 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2019-A 5.00%, 12/01/2030	$	1,575	$	1,606,251
Series 2025-B 5.50%, 12/01/2033		4,000		4,159,229
AG Series 2018-C 5.00%, 12/01/2031		1,000		1,043,878
Chicago O’Hare International Airport (Chicago O’Hare Intl Airport) Series 2024-C 5.00%, 01/01/2027		2,750		2,804,159
5.00%, 01/01/2028		3,000		3,108,080
5.00%, 01/01/2034		1,015		1,131,446
Series 2025-A 5.00%, 01/01/2036		2,195		2,447,896
Chicago Transit Authority (Chicago Transit Authority) Series 2017 5.00%, 06/01/2026		1,695		1,710,605
Chicago Transit Authority Capital Grant Receipts Revenue (City of Chicago IL Fed Hwy Grant) Series 2021 5.00%, 06/01/2027		1,750		1,793,545
5.00%, 06/01/2028		1,750		1,830,442
Chicago Transit Authority Sales Tax Receipts Fund (Chicago Transit Authority Sales Tax Receipts Fund) Series 2024-A 5.00%, 12/01/2029		1,780		1,928,441
City of Chicago IL (City of Chicago IL) Series 2020-A 5.00%, 01/01/2026		2,125		2,126,907
City of Chicago IL (Prerefunded – US Treasuries) Series 2016-C 5.00%, 01/01/2026		2,000		2,003,586
City of Chicago IL Waterworks Revenue (City of Chicago IL Waterworks Revenue) AMBAC Series 2001 5.75%, 11/01/2030		635		683,031
City of Springfield IL Electric Revenue (City of Springfield IL Electric Revenue) BAM Series 2024 5.00%, 03/01/2027		2,000		2,053,536
City of Waukegan IL (City of Waukegan IL) AG Series 2018-B 5.00%, 12/30/2026		1,125		1,150,092



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 15

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

County of Cook IL (County of Cook IL) Series 2021-A 5.00%, 11/15/2033	$	970	$	1,059,091
Illinois Finance Authority (Ann & Robert H Lurie Children’s Hospital of Chicago Obligated Group) Series 2017 5.00%, 08/15/2026		2,265		2,299,044
Illinois Finance Authority (Centerpoint Joliet Terminal Railroad) Series 2024 4.125%, 12/01/2050^(a)		1,500		1,496,856
Series 2025 4.80%, 12/01/2043^(a)		1,000		1,031,336
Illinois Municipal Electric Agency (Illinois Municipal Electric Agency) Series 2025-A 5.00%, 02/01/2027		1,000		1,025,003
Illinois State Toll Highway Authority (Illinois State Toll Highway Authority) Series 2019-A 5.00%, 01/01/2026		1,025		1,026,961
Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) Series 2023 5.00%, 12/15/2027		1,000		1,036,206
Metropolitan Water Reclamation District of Greater Chicago (Metropolitan Water Reclamation District of Greater Chicago) Series 2016-A 5.00%, 12/01/2030		2,620		2,674,353
Series 2016-B 5.00%, 12/01/2031		850		866,621
Northern Illinois University (Northern Illinois University) BAM Series 2020-B 5.00%, 04/01/2031		725		773,873
Sales Tax Securitization Corp. (Sales Tax Securitization) Series 2018-C 5.50%, 01/01/2031		2,000		2,142,037
Sangamon County School District No. 186 Springfield (Sangamon County School District No. 186 Springfield) AG Series 2020-B 5.00%, 02/01/2032		735		796,941



16 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

State of Illinois (State of Illinois) Series 2017-D 5.00%, 11/01/2026	$	2,000	$	2,037,148
Series 2018-A 5.00%, 10/01/2029		2,000		2,111,233
Series 2019-A 5.00%, 11/01/2029		695		748,404
Series 2020 5.50%, 05/01/2030		2,040		2,186,403
Series 2024 5.00%, 02/01/2031		2,000		2,197,887
Series 2024-B 5.00%, 05/01/2026		1,000		1,008,392
Series 2025-B 5.25%, 09/01/2027		1,500		1,559,977
State of Illinois Sales Tax Revenue (State of Illinois Sales Tax Revenue) Series 2021-A 4.00%, 06/15/2028		605		621,476
Series 2024-A 5.00%, 06/15/2030		1,790		1,947,438
Series 2025 5.00%, 06/15/2028		1,680		1,766,173

				65,007,199

Indiana – 0.9%
City of Valparaiso IN (Pratt Paper IN LLC) Series 2024 4.50%, 01/01/2034^(a)		835		860,950
City of Whiting IN (BP PLC) Series 2025 4.20%, 06/01/2044		1,000		1,050,976
Hamilton Southeastern Schools (Hamilton Southeastern Schools) Series 2024-A 5.00%, 12/31/2025		1,750		1,753,034
Indiana Finance Authority (Ohio Valley Electric) Series 2020 3.00%, 11/01/2030		500		488,512
Series 2022-A 4.25%, 11/01/2030		2,040		2,104,552
Indiana Finance Authority (Parkview Health System Obligated Group) Series 2024-B 3.517% (SOFR + 0.71%), 11/01/2046^(b)(c)		2,000		1,987,832



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 17

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Indianapolis Local Public Improvement Bond Bank (Indianapolis Airport Authority) Series 2023 5.00%, 01/01/2033	$	1,000	$	1,116,687

				9,362,543

Kansas – 0.2%
Seward County Unified School District No. 480 Liberal (Seward County Unified School District No. 480 Liberal) Series 2017-B 5.00%, 09/01/2026		1,500		1,502,555


Kentucky – 0.4%
Kentucky Public Energy Authority (BP PLC) Series 2024-B 5.00%, 01/01/2055		1,000		1,075,268
Kentucky Public Energy Authority (Morgan Stanley) Series 2023-A 5.25%, 04/01/2054		2,000		2,169,440
Series 2025-A 5.25%, 06/01/2055		1,000		1,065,423

				4,310,131

Louisiana – 0.7%
City of Shreveport LA (City of Shreveport LA) BAM Series 2016 5.00%, 03/01/2027		1,400		1,419,584
Louisiana Local Government Environmental Facilities & Community Development Auth (Louisiana Insurance Guaranty Association) Series 2022 5.00%, 08/15/2029		665		686,613
New Orleans Aviation Board (New Orleans Aviation Board) Series 2024 5.00%, 01/01/2029		1,000		1,051,391
Parish of St. James LA (NuStar Logistics LP) Series 2020 6.10%, 06/01/2038^(a)		1,500		1,646,414
Parish of St. John the Baptist LA (Marathon Oil Corp.) Series 2024 3.30%, 06/01/2037		2,000		2,004,300

				6,808,302



18 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Maryland – 1.5%
County of Montgomery MD (County of Montgomery MD) Series 2017-B 5.00%, 06/01/2026	$	1,520	$	1,538,683
Series 2024-B 5.00%, 12/01/2025		1,925		1,925,000
County of Prince George’s MD (County of Prince George’s MD) Series 2018-A 5.00%, 07/15/2033		1,500		1,586,110
Maryland Economic Development Corp. (Purple Line Transit Partners) Series 2022 5.00%, 11/12/2028		3,000		3,020,653
Maryland Stadium Authority Sports Entertainment Facilities Revenue (Maryland Stadium Authority Sports Entertainment Facilities Revenue State Lease) Series 2025 5.00%, 06/15/2029		2,000		2,152,380
State of Maryland (State of Maryland) Series 2025-B 5.00%, 08/01/2028		1,500		1,596,773
State of Maryland Department of Transportation (Baltimore/Washington Intl Thurgood Marshall Airport) Series 2021 5.00%, 08/01/2030		1,000		1,085,528
5.00%, 08/01/2033		1,150		1,249,294
State of Maryland Department of Transportation (Maryland Aviation Administration) AG Series 2024 5.00%, 08/01/2027		950		981,717

				15,136,138

Massachusetts – 1.5%
City of Quincy MA (City of Quincy MA) Series 2025 5.00%, 07/24/2026		4,440		4,505,917
Commonwealth of Massachusetts (Commonwealth of Massachusetts) Series 2016-B 5.00%, 07/01/2033		1,050		1,062,988



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 19

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Massachusetts Development Finance Agency (Beth Israel Lahey Health Obligated Group) Series 2019 5.00%, 07/01/2031	$	870	$	932,147
Series 2023 5.00%, 07/01/2034		1,000		1,132,282
Massachusetts Development Finance Agency (Care Communities Obligated Group) Series 2025 5.50%, 07/15/2035^(a)		1,000		1,021,779
Massachusetts Development Finance Agency (Emerson College) Series 2017-A 5.00%, 01/01/2026		1,240		1,241,384
Massachusetts Development Finance Agency (GingerCare Living Obligated Group) Series 2024 4.75%, 12/01/2029^(a)		1,000		1,000,466
Massachusetts Development Finance Agency (UMass Memorial Health Care Obligated Group) Series 2016 5.00%, 07/01/2030		1,295		1,308,160
Massachusetts Port Authority (Massachusetts Port Authority) Series 2017-A 5.00%, 07/01/2027		1,120		1,153,422
Series 2019-A 5.00%, 07/01/2027		2,255		2,322,997

				15,681,542

Michigan – 0.7%
City of Detroit MI (City of Detroit MI) Series 2018 5.00%, 04/01/2026		1,000		1,005,122
Detroit Downtown Development Authority (Detroit Downtown Development Authority Catalyst Development Area) Series 2024 5.00%, 07/01/2048		1,090		1,138,375
Great Lakes Water Authority Water Supply System Revenue (Great Lakes Water Authority Water Supply System Revenue) Series 2018-A 5.00%, 07/01/2028		1,000		1,059,709



20 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Michigan State Building Authority (State of Michigan Lease) Series 2016-I 5.00%, 10/15/2032	$	1,765	$	1,800,223
Michigan State Hospital Finance Authority (Prerefunded – Others) Series 2019 5.00%, 11/01/2026		2,000		2,040,564

				7,043,993

Minnesota – 0.6%
City of Shakopee MN Senior Housing Revenue (Benedictine Living Community of Shakopee Obligated Group) Series 2025 4.45%, 11/01/2035		1,300		1,305,300
City of St. Cloud MN (CentraCare Health System Obligated Group) Series 2016-A 5.00%, 05/01/2026		1,225		1,235,512
State of Minnesota (State of Minnesota) Series 2024-A 5.00%, 08/01/2026		1,665		1,692,402
Series 2024-B 5.00%, 08/01/2026		1,200		1,219,749
University of Minnesota (University of Minnesota) Series 2017-A 5.00%, 09/01/2032		1,020		1,058,423

				6,511,386

Mississippi – 0.2%
City of Gulfport MS (Memorial Hospital at Gulfport Obligated Group) Series 2016 5.00%, 07/01/2030		2,450		2,460,351


Missouri – 0.7%
County of St. Louis MO (County of St. Louis MO Lease) Series 2020-A 4.00%, 12/01/2030		755		780,270
Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group) Series 2021-B 4.00%, 05/01/2051		2,000		2,009,904



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 21

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Health & Educational Facilities Authority of the State of Missouri (SSM Health Care Obligated Group) Series 2022-A 5.00%, 06/01/2027	$	1,015	$	1,044,042
Missouri Highway & Transportation Commission (Missouri Highway & Transportation Commission) Series 2025 5.00%, 05/01/2027^(d)		2,500		2,585,014
Missouri Joint Municipal Electric Utility Commission (Missouri Joint Municipal Electric Utility Commission Plum Point Project Revenue) Series 2024 5.00%, 01/01/2031		1,000		1,106,516

				7,525,746

Nebraska – 0.2%
Central Plains Energy Project (Bank of Montreal) Series 2023-A 5.00%, 05/01/2054		1,000		1,070,753
Central Plains Energy Project (Royal Bank of Canada) Series 2025-A 5.00%, 08/01/2055		1,000		1,075,530

				2,146,283

Nevada – 0.2%
Clark County School District (Clark County School District) Series 2025-B 5.00%, 06/15/2028		1,000		1,058,458
Tahoe-Douglas Visitors Authority (Tahoe-Douglas Visitors Authority) Series 2020 5.00%, 07/01/2033		1,000		1,065,314

				2,123,772

New Hampshire – 1.2%
New Hampshire Business Finance Authority (Brazoria-Fort Bend County Municipal Utility District No. 3) Series 2024 4.875%, 12/01/2033^(a)		400		399,229
New Hampshire Business Finance Authority (Bridgeland Water & Utility Districts 490, 491 & 158) Series 2024 5.375%, 12/15/2035^(a)		1,623		1,621,495



22 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New Hampshire Business Finance Authority (Collin County Municipal Utility District No. 4) Series 2025 5.50%, 12/01/2030^(a)	$	800	$	798,807
New Hampshire Business Finance Authority (Emberly & Canterra Creek Projects) Series 2024 5.375%, 12/01/2031^(a)		950		948,431
New Hampshire Business Finance Authority (Lakes Fresh Water Supply District of Denton County) Series 2024 5.00%, 12/01/2028^(a)		720		719,248
New Hampshire Business Finance Authority (NFA 2025-1) Series 2025 5.875%, 12/15/2033^(a)		3,000		2,969,459
New Hampshire Business Finance Authority (Novant Health Obligated Group) Series 2025 5.00%, 06/01/2032		1,500		1,656,166
New Hampshire Business Finance Authority (Tamarron Project) Series 2024 5.25%, 12/01/2035^(a)		623		620,578
New Hampshire Business Finance Authority (The Highlands Project) Series 2024 5.125%, 12/15/2030		1,493		1,490,821
New Hampshire Business Finance Authority (Valencia Project) Series 2024 5.30%, 12/01/2032^(a)		1,500		1,496,977

				12,721,211

New Jersey – 5.9%
Atlantic County Improvement Authority (The) (Island Campus Redevelopment Urban Renewal Associates) AG Series 2016 5.00%, 09/01/2028		2,400		2,440,008
City of Jersey City NJ (City of Jersey City NJ) Series 2025 4.00%, 10/01/2035		3,915		4,134,943
City of Newark NJ (City of Newark NJ) AG Series 2020-A 5.00%, 10/01/2027		1,290		1,341,303



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 23

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Garden State Preservation Trust (Garden State Preservation Trust) AG Series 2005-A 5.75%, 11/01/2028	$	1,950	$	2,056,411
New Brunswick Parking Authority (New Brunswick Parking Authority) BAM Series 2016-A 5.00%, 09/01/2030		2,000		2,033,270
New Jersey Economic Development Authority (DRP Urban Renewal 4 LLC) Series 2025 6.375%, 01/01/2035^(a)		1,500		1,555,920
New Jersey Economic Development Authority (New Jersey-American Water) Series 2023 3.75%, 11/01/2034		3,500		3,541,666
New Jersey Economic Development Authority (State of New Jersey Lease) Series 2015-X 5.25%, 06/15/2027		1,395		1,396,465
Series 2016-A 5.50%, 06/15/2028		1,500		1,542,056
NATL Series 2005-N 5.50%, 09/01/2027		2,000		2,098,886
5.50%, 09/01/2029		5,910		6,522,848
New Jersey Economic Development Authority (State of New Jersey Motor Vehicle Surcharge Revenue Lease) Series 2017-A 5.00%, 07/01/2033		1,280		1,302,912
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.75%, 09/15/2027		1,625		1,627,706
New Jersey Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group) Series 2016 5.00%, 07/01/2043		2,405		2,417,463
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2027		1,085		1,095,486
5.00%, 06/15/2028		2,115		2,137,839
Series 2018-A 5.00%, 06/15/2028		1,050		1,061,451
5.00%, 06/15/2029		1,000		1,010,671
5.00%, 06/15/2030		5,370		5,426,074



24 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New Jersey Transportation Trust Fund Authority (Prerefunded – US Treasuries) Series 2019 5.00%, 06/15/2030	$	255	$	274,302
New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) Series 2010-A Zero Coupon, 12/15/2027		1,500		1,411,728
Series 2019 5.00%, 12/15/2027		1,040		1,089,603
New Jersey Transportation Trust Fund Authority (State of New Jersey) Series 2025-A 5.00%, 06/15/2035		2,370		2,749,723
New Jersey Turnpike Authority (New Jersey Turnpike Authority) Series 2025-B 5.00%, 01/01/2031		5,015		5,587,219
Newark Board of Education (Newark Board of Education) BAM Series 2021 5.00%, 07/15/2029		1,210		1,303,345
South Jersey Transportation Authority (South Jersey Transportation Authority) AG Series 2019-A 5.00%, 11/01/2030		1,675		1,821,146
Tobacco Settlement Financing Corp./NJ (Tobacco Settlement Financing Corp/NJ) Series 2018-A 5.00%, 06/01/2029		2,645		2,778,478

				61,758,922

New York – 6.1%
City of New York NY (City of New York NY) Series 2024-C 5.00%, 03/01/2026		3,000		3,017,708
Series 2024-D 5.00%, 04/01/2033		1,660		1,894,537
Series 2025-B 5.00%, 08/01/2028		2,000		2,117,444
Metropolitan Transportation Authority (Metropolitan Transportation Authority) Series 2016-D 5.00%, 11/15/2031		1,510		1,539,990
Series 2017 5.00%, 11/15/2028		2,010		2,141,726



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 25

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2017-C 5.00%, 11/15/2029	$	1,880	$	1,983,794
Series 2025 5.00%, 11/15/2031		4,535		5,071,776
5.00%, 11/15/2032		1,505		1,701,518
New York City Municipal Water Finance Authority (Prerefunded – Others) Series 2018-E 5.00%, 06/15/2032		1,410		1,412,749
New York City Transitional Finance Authority Future Tax Secured Revenue (New York City Transitional Finance Authority Future Tax Secured Revenue) Series 2016-F 4.00%, 02/01/2034		2,000		2,002,084
Series 2024 5.00%, 11/01/2026		1,000		1,022,590
Series 2025-H 5.00%, 11/01/2027		1,000		1,046,571
New York State Dormitory Authority (Montefiore Obligated Group) Series 2018 5.00%, 08/01/2028		1,000		1,044,329
5.00%, 08/01/2033		1,500		1,536,921
Series 2020 5.00%, 09/01/2027		1,400		1,433,419
Series 2024 5.00%, 11/01/2026		900		914,187
New York State Dormitory Authority (New York State Dormitory Authority Lease) Series 2018 5.00%, 10/01/2031		1,775		1,805,572
New York State Dormitory Authority (Northwell Health Obligated Group) Series 2019 5.00%, 05/01/2048		1,000		1,001,481
Series 2025 5.00%, 05/01/2030		1,070		1,166,708
New York State Dormitory Authority (Wagner College) Series 2022 5.00%, 07/01/2033		1,000		978,703
New York State Dormitory Authority (White Plains Hospital Obligated Group) Series 2024 5.00%, 10/01/2029		750		794,977



26 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New York Transportation Development Corp. (JFK Intl Air Terminal) Series 2020 5.00%, 12/01/2026	$	1,050	$	1,068,110
5.00%, 12/01/2031		1,000		1,073,673
Series 2022 5.00%, 12/01/2030		2,065		2,224,338
Port Authority of New York & New Jersey (Port Authority of New York & New Jersey) Series 2018-2 5.00%, 09/15/2029		1,530		1,590,314
5.00%, 09/15/2030		2,500		2,601,534
5.00%, 09/15/2031		2,575		2,680,574
Series 2021-2 3.00%, 10/01/2028		3,950		3,917,873
5.00%, 07/15/2027		2,480		2,553,014
Series 2024-2 5.00%, 09/01/2032		1,235		1,376,291
Suffolk Regional Off-Track Betting Corp. (Suffolk Regional Off-Track Betting) Series 2024 5.00%, 12/01/2034		1,500		1,545,881
Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) Series 2017-B 5.00%, 11/15/2033		1,205		1,243,752
Series 2025-A 5.00%, 03/01/2028		3,500		3,687,235
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute) Series 2015 5.00%, 08/01/2028		1,000		1,002,976
Series 2020 5.00%, 09/01/2028		1,270		1,337,842

				63,532,191

North Carolina – 1.3%
County of Guilford NC (County of Guilford NC) Series 2017-B 4.00%, 05/01/2033		3,000		3,043,735
County of New Hanover NC (County of New Hanover NC) Series 2018 5.00%, 09/01/2026		1,010		1,028,628



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 27

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Cumberland County Industrial Facilities & Pollution Control Financing Authority (American Titanium Metal) Series 2025 3.125%, 12/01/2027	$	3,500	$	3,499,540
North Carolina Department of Transportation (I-77 Mobility Partners) Series 2015 5.00%, 12/31/2037		1,405		1,406,157
North Carolina Medical Care Commission (Caromont Health Obligated Group) Series 2021-B 5.00%, 02/01/2051		1,250		1,253,552
North Carolina Medical Care Commission (Pennybyrn at Maryfield) Series 2025 5.00%, 10/01/2035		560		592,183
North Carolina Medical Care Commission (United Methodist Retirement Homes Obligated Group) Series 2025 3.40%, 10/01/2029^(d)		2,000		2,000,631
State of North Carolina (Prerefunded – US Govt Agencies) Series 2014-C 3.00%, 05/01/2028		1,000		1,000,121

				13,824,547

North Dakota – 0.1%
County of Ward ND (Trinity Health Obligated Group) Series 2017-C 5.00%, 06/01/2029		1,300		1,314,847


Ohio – 3.5%
American Municipal Power, Inc. (American Municipal Power Combined Hydroelectric Revenue) Series 2020 5.00%, 02/15/2026		1,035		1,039,768
American Municipal Power, Inc. (American Municipal Power Greenup Hydroelectric Revenue) Series 2025 5.00%, 02/15/2035		1,000		1,161,526
Buckeye Tobacco Settlement Financing Authority (Buckeye Tobacco Settlement Financing Authority) Series 2020-A 5.00%, 06/01/2028		1,425		1,500,082



28 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Columbus Regional Airport Authority (Columbus Regional Airport Authority) Series 2025 5.00%, 01/01/2034	$	3,160	$	3,520,167
County of Allen OH Hospital Facilities Revenue (Bon Secours Mercy Health) Series 2025 5.00%, 11/01/2033		2,000		2,278,882
County of Cuyahoga OH (MetroHealth System/The) Series 2017 5.00%, 02/15/2028		1,115		1,132,066
Jefferson County Port Authority/OH (JSW Steel USA Ohio, Inc.) Series 2023 5.00%, 12/01/2053^(a)		4,000		4,098,811
Lancaster Port Authority (Royal Bank of Canada) Series 2024-A 5.00%, 02/01/2055		1,000		1,067,970
Ohio Air Quality Development Authority (American Electric Power) Series 2019 2.40%, 12/01/2038		500		474,656
Series 2024 3.70%, 07/01/2028		4,000		4,000,678
3.70%, 10/01/2028		1,500		1,500,296
3.75%, 01/01/2029		1,500		1,503,785
Ohio Air Quality Development Authority (Duke Energy Corp.) Series 2022 4.00%, 09/01/2030		4,175		4,229,394
Ohio Higher Educational Facility Commission (John Carroll University) Series 2025 5.00%, 10/01/2033		1,085		1,162,604
Ohio Higher Educational Facility Commission (Xavier University) Series 2024 5.00%, 05/01/2033		650		721,325
Polaris Career Center (Prerefunded – US Treasuries) Series 2017 5.00%, 11/01/2041		2,000		2,000,375
Reynoldsburg City School District (Reynoldsburg City School District) Series 2013 4.919%, 09/01/2030		700		733,665



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 29

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

State of Ohio (Prerefunded – US Treasuries) Series 2016 5.00%, 01/15/2030	$	1,090	$	1,093,006
State of Ohio (State of Ohio Fed Hwy Grant) Series 2016-2 5.00%, 12/15/2028		1,015		1,027,566
Series 2018-1 5.00%, 12/15/2028		1,000		1,012,381
State of Ohio (University Hospitals Health System Obligated Group) Series 2025 5.00%, 01/15/2030		1,000		1,073,475

				36,332,478

Oklahoma – 0.3%
Oklahoma Development Finance Authority (OU Medicine Obligated Group) Series 2018-B 5.00%, 08/15/2029		1,000		1,032,849
Oklahoma Municipal Power Authority (Oklahoma Municipal Power Authority) AG Series 2025-A 5.00%, 01/01/2033		740		838,650
Tulsa Municipal Airport Trust Trustees/OK (American Airlines, Inc.) Series 2025 6.25%, 12/01/2035		1,000		1,153,118

				3,024,617

Oregon – 0.4%
Medford Hospital Facilities Authority (Asante Health System Obligated Group) Series 2020-A 5.00%, 08/15/2027		1,000		1,035,344
Port of Portland OR Airport Revenue (Port of Portland OR Airport Revenue) Series 2022-2 5.00%, 07/01/2030		1,015		1,104,812
Port of Portland OR Airport Revenue (Portland Intl Airport) Series 2017-2 5.00%, 07/01/2029		1,000		1,019,083
5.00%, 07/01/2031		1,100		1,120,524

				4,279,763



30 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Pennsylvania – 2.2%
Allegheny County Hospital Development Authority (UPMC Obligated Group) Series 2022 3.49% (MUNIPSA + 0.70%), 11/15/2047^(b)	$	1,000	$	990,410
City of Philadelphia PA Airport Revenue (City of Philadelphia PA Airport Revenue) Series 2020-C 5.00%, 07/01/2030		1,220		1,322,500
Commonwealth of Pennsylvania (Commonwealth of Pennsylvania) Series 2023 5.00%, 09/01/2027		1,500		1,562,467
Series 2025-A 5.00%, 08/15/2027		2,000		2,081,867
County of Allegheny PA (County of Allegheny PA) Series 2016-C 5.00%, 11/01/2029		2,000		2,038,213
General Authority of Southcentral Pennsylvania (UPMC Pinnacle Hanover) Series 2015 5.00%, 12/01/2027		1,275		1,275,916
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) Series 2017 5.00%, 07/01/2032		1,980		2,013,244
Montgomery County Higher Education & Health Authority (Thomas Jefferson University Obligated Group) Series 2018 5.00%, 09/01/2030		1,000		1,056,905
5.00%, 09/01/2031		1,500		1,584,511
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Dept. of Transportation) Series 2022 5.00%, 12/31/2032		2,000		2,199,574
Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) Series 2015 5.00%, 12/31/2027		4,000		4,034,982



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 31

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Pennsylvania Economic Development Financing Authority (Philadelphia Water Dept.) Series 2020 4.00%, 01/01/2026	$	1,220	$	1,220,570
Pennsylvania Turnpike Commission Registration Fee Revenue (Pennsylvania Turnpike Commission Registration Fee Revenue) Series 2023 3.64% (MUNIPSA + 0.85%), 07/15/2041^(b)		1,000		998,884
Scranton School District/PA (Scranton School District/PA) BAM Series 2017-E 5.00%, 12/01/2029		1,000		1,043,403

				23,423,446

Puerto Rico – 0.8%
Commonwealth of Puerto Rico (Commonwealth of Puerto Rico) Series 2021-A 5.625%, 07/01/2027		1,108		1,133,266
5.625%, 07/01/2029		675		716,375
Puerto Rico Commonwealth Aqueduct & Sewer Authority (Puerto Rico Commonwealth Aqueduct & Sewer Authority) Series 2020-A 5.00%, 07/01/2030^(a)		1,000		1,041,583
Series 2021-C 3.50%, 07/01/2026^(a)		2,000		1,960,782
3.75%, 07/01/2027^(a)		2,000		1,901,817
Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) Series 2010-A 5.25%, 07/01/2027^(e)(f)		1,565		1,040,725

				7,794,548

South Carolina – 1.0%
SCAGO Educational Facilities Corp. for Pickens School District (Prerefunded – US Treasuries) Series 2015 5.00%, 12/01/2029		1,500		1,501,500
5.00%, 12/01/2030		1,000		1,001,000
South Carolina Jobs-Economic Development Authority (Novant Health Obligated Group) Series 2024 5.00%, 11/01/2031		3,185		3,552,801



32 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

South Carolina Jobs-Economic Development Authority (Rolling Green Village) Series 2025 4.00%, 12/01/2030	$	1,000	$	1,003,373
South Carolina Public Service Authority (South Carolina Public Service Authority) Series 2016-A 5.00%, 12/01/2034		1,500		1,514,370
Series 2025-B 5.00%, 12/01/2031		1,775		1,984,325

				10,557,369

Tennessee – 1.1%
Memphis-Shelby County Airport Authority (Memphis-Shelby County Airport Authority) Series 2021-A 5.00%, 07/01/2034		1,355		1,463,908
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (EC Burning Tree LLC) Series 2025 5.00%, 10/01/2028		2,000		2,062,894
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Vanderbilt University Medical Center Obligated Group) Series 2023 5.00%, 07/01/2028		1,000		1,050,543
Metropolitan Nashville Airport Authority (The) (Metropolitan Nashville Airport Authority/The) Series 2019-B 5.00%, 07/01/2030		1,005		1,084,968
Tennergy Corp./TN (Nomura Holdings, Inc.) Series 2022-A 5.50%, 10/01/2053		1,500		1,624,122
Tennessee Energy Acquisition Corp. (Goldman Sachs Group) Series 2023-A 5.00%, 05/01/2053		2,000		2,069,050
Tennessee Energy Acquisition Corp. (Pacific Life Insurance) Series 2025-A 5.00%, 12/01/2035		2,000		2,173,784

				11,529,269



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 33

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Texas – 7.0%
Central Texas Regional Mobility Authority (Central Texas Regional Mobility Authority) Series 2016 5.00%, 01/01/2028	$	1,065	$	1,066,955
Series 2020-E 5.00%, 01/01/2031		1,420		1,539,920
City of Houston TX Airport System Revenue (City of Houston TX Airport System Revenue) Series 2025-A 5.00%, 07/01/2028		1,600		1,675,257
AG Series 2023 5.00%, 07/01/2031		1,420		1,557,244
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2020 5.00%, 07/15/2027		1,500		1,525,872
Series 2024-B 5.25%, 07/15/2034		1,500		1,624,156
City of San Antonio TX Airport System (City of San Antonio TX Airport System) Series 2019-A 5.00%, 07/01/2029		550		584,760
City of San Antonio TX Electric & Gas Systems Revenue (Prerefunded – US Treasuries) Series 2015 4.00%, 02/01/2030		1,000		1,002,046
County of Harris TX (County of Harris TX) Series 2025-A 5.00%, 09/15/2027		1,175		1,223,676
Dallas Area Rapid Transit (Prerefunded – US Govt Agencies) Series 2016-A 5.00%, 12/01/2041		510		510,000
Dallas Fort Worth International Airport (Dallas Fort Worth Intl Airport) Series 2025-A 5.00%, 11/01/2031		5,000		5,509,296
5.00%, 11/01/2033		1,000		1,120,141
Frisco Independent School District (Frisco Independent School District) Series 2025-B 5.00%, 02/15/2033		4,000		4,577,751



34 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Goose Creek Consolidated Independent School District (Goose Creek Consolidated Independent School District) Series 2016-A 5.00%, 02/15/2029	$	2,000	$	2,008,860
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group) Series 2022 3.64% (MUNIPSA + 0.85%), 07/01/2049^(b)		2,000		2,000,111
Series 2024 5.00%, 07/01/2054		3,600		3,826,979
Harris County Housing Finance Corp. (Kobayashi Baypointe Apartments) Series 2025 2.95%, 09/01/2043		2,500		2,478,916
Harris County Industrial Development Corp. (Energy Transfer LP) Series 2023 4.05%, 11/01/2050		2,000		2,068,317
Irving Hospital Authority (Baylor Medical Center at Irving) Series 2017-A 5.00%, 10/15/2033		1,000		1,006,493
Lamar Consolidated Independent School District (Lamar Consolidated Independent School District) Series 2021-A 5.00%, 02/15/2026		1,500		1,507,245
Legacy Denton Public Facility Corp. (2100 Spencer Road TX Owner) Series 2025 2.70%, 10/01/2043		4,000		3,938,483
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031^(a)		2,000		2,005,703
North Texas Tollway Authority (North Texas Tollway System) Series 2025-A 5.00%, 01/01/2033		600		684,894
North Texas Tollway Authority (Prerefunded – US Govt Agencies) Series 2016-A 5.00%, 01/01/2028		2,575		2,579,945



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 35

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Northwest Independent School District (Northwest Independent School District) Series 2021 5.00%, 02/15/2029	$	2,000	$	2,146,729
Port Freeport TX (Port Freeport TX) Series 2019-A 5.00%, 06/01/2031		1,085		1,139,119
Port of Beaumont Industrial Development Authority (Jefferson 2020 Bond Lessee & Borrower Obligated Group) Series 2021 4.10%, 01/01/2028^(a)		1,800		1,630,965
Port of Beaumont Navigation District (Jefferson 2020 Bond Lessee & Borrower Obligated Group) Series 2024 10.00%, 07/01/2026^(a)		1,000		1,003,691
Tarrant County Cultural Education Facilities Finance Corp. (Ascension Health Credit Group) Series 2025 5.00%, 11/15/2051^(d)		1,000		1,137,538
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources Obligated Group) Series 2025 5.00%, 11/15/2064		2,000		2,147,932
Texas A&M University (Texas A&M University) Series 2017-E 5.00%, 05/15/2026		1,650		1,668,078
Texas Municipal Gas Acquisition & Supply Corp. II (JPMorgan Chase & Co.) Series 2007 3.751% (CME Term SOFR 3 Month + 1.05%), 09/15/2027^(b)		1,430		1,433,056
Series 2012-C 3.528% (CME Term SOFR 3 Month + 0.86%), 09/15/2027^(b)		1,730		1,730,891
Texas Municipal Gas Acquisition & Supply Corp. III (Macquarie Group Ltd.) Series 2021 5.00%, 12/15/2032		2,000		2,166,707



36 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) Series 2023-A 5.50%, 01/01/2054	$	4,000	$	4,283,732
Series 2023-B 5.50%, 01/01/2054		1,500		1,703,539
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC) Series 2019 5.00%, 12/31/2030		1,000		1,073,608
Texas Water Development Board (State Water Implementation Revenue Fund for Texas) Series 2023-A 5.00%, 10/15/2026		1,000		1,020,787
University of Houston (University of Houston) Series 2020-A 5.00%, 02/15/2027		1,000		1,029,456

				72,938,848

Utah – 1.0%
Grapevine Wash Local District (Grapevine Wash Local District Assessment Area No. 1) Series 2024-A 5.25%, 12/01/2044^(a)		1,000		982,343
Intermountain Power Agency (Intermountain Power Agency) Series 2022-A 5.00%, 07/01/2027		1,095		1,133,456
5.00%, 07/01/2028		1,680		1,776,553
Utah Board of Higher Education (University of Utah/The) NATL Series 1998 5.50%, 04/01/2029		1,440		1,508,824
Utah Infrastructure Agency (Utah Infrastructure Agency) Series 2017-A 5.00%, 10/15/2029		1,000		1,024,459
Series 2022 5.00%, 10/15/2032		1,135		1,225,594
Series 2024 5.00%, 10/15/2026		440		445,836
Utah Transit Authority (Utah Transit Authority Sales Tax) NATL Series 2007-A 5.00%, 06/15/2031		1,000		1,103,698



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 37

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Wolf Creek Infrastructure Financing District No. 1 (Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1) Series 2025 5.75%, 12/01/2044	$	1,000	$	1,023,095

				10,223,858

Virginia – 0.4%
Fairfax County Industrial Development Authority (Inova Health System Obligated Group) Series 2024 5.00%, 05/15/2032		1,000		1,131,765
Louisa Industrial Development Authority (Virginia Electric & Power) Series 2025 3.125%, 11/01/2035		2,000		2,005,768
Virginia College Building Authority (Marymount University) Series 2015 5.25%, 07/01/2030^(a)		1,000		932,692

				4,070,225

Washington – 2.3%
City of Seattle WA (City of Seattle WA) Series 2021-A 5.00%, 12/01/2025		2,185		2,185,000
FYI Properties (State of Washington Consolidated Technology Services Lease) Series 2019 5.00%, 06/01/2026		1,965		1,987,259
King County School District No. 414 Lake Washington (King County School District No. 414 Lake Washington) Series 2017 5.00%, 12/01/2026		1,060		1,084,304
Pierce County School District No. 10 Tacoma (Prerefunded – US Govt Agencies) Series 2015 5.00%, 12/01/2033		2,190		2,190,000
Port of Seattle WA (Port of Seattle WA) Series 2017-C 5.00%, 05/01/2028		1,260		1,294,929
Series 2018-A 5.00%, 05/01/2030		2,185		2,241,895
5.00%, 05/01/2036		1,035		1,054,017



38 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2018-B 5.00%, 05/01/2027	$	1,000	$	1,027,845
Series 2025-B 5.00%, 10/01/2028		2,000		2,110,744
State of Washington (State of Washington) Series 2017 5.00%, 08/01/2030		1,000		1,040,127
Series 2025-R 5.00%, 07/01/2028		4,500		4,781,801
University of Washington (University of Washington) Series 2025-A 5.00%, 04/01/2033		1,000		1,153,441
Washington State Housing Finance Commission (Josephine Caring Community Obligated Group) Series 2025 4.20%, 07/01/2030^(a)		1,000		994,770
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) Series 2019-A 5.00%, 01/01/2034^(a)		1,225		1,252,029

				24,398,161

West Virginia – 0.6%
Tobacco Settlement Finance Authority/WV (Tobacco Settlement Finance Authority/WV) Series 2020 4.875%, 06/01/2049		230		211,028
West Virginia Economic Development Authority (Appalachian Power Co.) Series 2024 3.375%, 03/01/2040		3,000		3,031,700
West Virginia Economic Development Authority (Provident Group – Marshall Properties) AG Series 2023 5.00%, 07/01/2030		2,665		2,894,494

				6,137,222

Wisconsin – 2.0%
City of Milwaukee WI (City of Milwaukee WI) Series 2020-N 5.00%, 04/01/2027		1,000		1,027,096
AG Series 2023 5.00%, 04/01/2031		1,025		1,132,393
AG Series 2023-N 5.00%, 04/01/2028		1,690		1,771,089



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 39

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

City of Milwaukee WI Sewerage System Revenue (City of Milwaukee WI Sewerage System Revenue) Series 2016-S 4.00%, 06/01/2028	$	350	$	351,817
Wisconsin Health & Educational Facilities Authority (Forensic Science & Protective Medicine Collaboration) Series 2024 5.00%, 08/01/2027^(a)		2,500		2,523,716
Wisconsin Health & Educational Facilities Authority (Froedtert ThedaCare Health Obligated Group) Series 2025 5.00%, 10/01/2032		1,640		1,843,074
Wisconsin Health & Educational Facilities Authority (Hospital Sisters Services Obligated Group) Series 2025 5.00%, 08/15/2028		1,000		1,055,003
Wisconsin Public Finance Authority (Alpha Ranch Water Control & Improvement District of Denton & Wise Counties) Series 2024 Zero Coupon, 12/15/2038^(a)		2,000		921,883
Wisconsin Public Finance Authority (Inperium Obligated Group) Series 2024 5.00%, 12/01/2034^(a)		1,540		1,613,397
Wisconsin Public Finance Authority (Kaiser Obligated Group) Series 2023-A 5.00%, 10/01/2027		1,305		1,353,859
Wisconsin Public Finance Authority (North San Gabriel Municipal Utility District No. 1) Series 2023 Zero Coupon, 09/01/2029^(a)		700		532,770
Wisconsin Public Finance Authority (Renown Regional Medical Center Obligated Group) Series 2020 5.00%, 06/01/2029		975		1,043,224
Wisconsin Public Finance Authority (Signorelli Projects) Series 2024 5.375%, 12/15/2032^(a)		1,799		1,794,385
Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) Series 2022 5.00%, 02/01/2030		1,000		1,006,882
5.00%, 02/01/2033		1,460		1,460,200



40 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Wisconsin Public Finance Authority (Waterstone Projects) Series 2024 5.50%, 12/15/2038^(a)	$	1,000	$	1,003,951

				20,434,739

Total Long-Term Municipal Bonds (cost $851,111,525)				859,008,721


Short-Term Municipal Notes – 13.1%
Arizona – 0.5%
Arizona Health Facilities Authority (Banner Health Obligated Group) Series 2017-C 2.85%, 01/01/2046^(g)		5,720		5,720,000


California – 0.7%
City of Los Angeles CA (City of Los Angeles CA) Series 2025 5.00%, 06/25/2026		5,000		5,074,149
County of Los Angeles CA (County of Los Angeles CA) Series 2025-A 5.00%, 06/30/2026		1,500		1,523,509
Nuveen California AMT-Free Quality Municipal Income Fund (Nuveen California AMT-Free Quality Municipal Income Fund) Series 2017 3.24%, 10/01/2047^(a)(g)		1,000		1,000,000

				7,597,658

Colorado – 1.0%
Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J (Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J) Series 2024 5.00%, 12/15/2025		1,560		1,561,463
Colorado Educational & Cultural Facilities Authority (Jewish Federation of South Palm Beach County) Series 2008 2.85%, 02/01/2038^(g)		350		350,000
Colorado Educational & Cultural Facilities Authority (Miami Beach Jewish Community Center) Series 2022 2.85%, 07/01/2041^(g)		1,400		1,400,000



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 41

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Colorado Educational & Cultural Facilities Authority (Michael Ann Russell Jewish Community Center) Series 2012 2.85%, 01/01/2039^(g)	$	775	$	775,000
Colorado Health Facilities Authority (Children’s Hospital Colorado Obligated Group) Series 2020 2.85%, 12/01/2052^(g)		1,345		1,345,000
Colorado State Education Loan Program (Colorado State Education Loan Program) Series 2025 5.00%, 06/30/2026		4,650		4,713,911

				10,145,374

District of Columbia – 0.1%
District of Columbia (MedStar Health Obligated Group) Series 2017-A 2.85%, 08/15/2038^(g)		1,210		1,210,000


Florida – 1.3%
County of Miami-Dade FL Water & Sewer System Revenue (County of Miami-Dade FL Water & Sewer System Revenue) Series 2025-B 5.00%, 10/01/2026^(d)		1,650		1,682,145
Hillsborough County Industrial Development Authority (BayCare Obligated Group) Series 2020 2.85%, 11/01/2038^(g)		6,350		6,350,000
3.00%, 11/15/2042^(g)		1,480		1,480,000
School Board of Miami-Dade County (The) (School Board of Miami-Dade County/The) Series 2025 4.00%, 01/07/2026		3,330		3,334,377
School District of Broward County/FL (School District of Broward County/FL) Series 2025 4.00%, 06/25/2026		1,000		1,007,596

				13,854,118

Hawaii – 0.2%
City & County of Honolulu HI (City & County of Honolulu HI) Series 2025 5.00%, 01/01/2026		2,410		2,414,829



42 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Idaho – 0.6%
Idaho Health Facilities Authority (St. Luke’s Health System Obligated Group/ID) Series 2018-C 2.90%, 03/01/2048^(g)	$	1,675	$	1,675,000
Series 2025 2.85%, 03/01/2060^(g)		4,600		4,600,000

				6,275,000

Illinois – 0.7%
Illinois Finance Authority (OSF Healthcare System Obligated Group) Series 2018 2.85%, 11/15/2037^(g)		7,080		7,080,000


Iowa – 0.1%
Iowa Finance Authority (Iowa Health System Obligated Group) Series 2018 2.35%, 02/15/2041^(g)		800		800,000


Maryland – 0.3%
Maryland Health & Higher Educational Facilities Authority (Johns Hopkins Health System Obligated Group) Series 2024 2.80%, 06/01/2046^(g)		300		300,000
Maryland Health & Higher Educational Facilities Authority (University of Maryland Medical System Obligated Group) Series 2008 2.85%, 07/01/2041^(g)		2,545		2,545,000

				2,845,000

Massachusetts – 1.0%
City of Quincy MA (City of Quincy MA) Series 2025 5.00%, 09/29/2026		5,705		5,814,606
Massachusetts Development Finance Agency (Emerson College) Series 2025 5.00%, 01/01/2026		1,120		1,121,250
Massachusetts Development Finance Agency (Trustees of Boston University) Series 2013-U 2.05%, 10/01/2042^(g)		3,000		3,000,000

				9,935,856



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 43

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Michigan – 0.4%
Green Lake Township Economic Development Corp. (Interlochen Center for the Arts) Series 2023 2.85%, 06/01/2034^(g)	$	4,700	$	4,700,000


Missouri – 0.2%
Health & Educational Facilities Authority of the State of Missouri (St. Louis University/US) Series 2013-B 2.80%, 10/01/2035^(g)		2,130		2,130,000


New Jersey – 1.0%
City of Hoboken NJ (City of Hoboken NJ) Series 2025-A 4.00%, 03/10/2026		1,000		1,003,574
City of Jersey City NJ (City of Jersey City NJ) Series 2025-C 4.00%, 10/20/2026		4,073		4,123,967
Essex County Improvement Authority (County of Essex NJ) Series 2025 5.00%, 03/17/2026		3,000		3,020,930
Jersey City Redevelopment Agency (Jersey City Redevelopment Agency) Series 2025 5.00%, 12/09/2026^(d)		2,000		2,040,471

				10,188,942

New York – 1.9%
City of New York NY (City of New York NY) Series 2018-E 2.85%, 03/01/2048^(g)		950		950,000
City of Rochester NY (City of Rochester NY) Series 2025-I 4.00%, 07/30/2026		3,000		3,030,045
Town of Oyster Bay NY (Town of Oyster Bay NY) Series 2025 4.00%, 08/21/2026		4,670		4,718,047
Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) Series 2018-2 2.90%, 01/01/2031^(g)		7,900		7,900,000



44 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2022-B 2.90%, 01/01/2033^(g)	$	500	$	500,000
Series 2023-C 2.85%, 01/01/2032^(g)		260		260,000
Series 2025 3.77% (MUNIPSA + 0.98%), 05/01/2026^(b)		2,400		2,400,000

				19,758,092

North Carolina – 0.1%
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health Obligated Group) AG Series 2017-E 2.85%, 01/15/2044^(g)		1,570		1,570,000


Ohio – 0.7%
County of Montgomery OH (Premier Health Partners Obligated Group) Series 2019 2.85%, 11/15/2045^(g)		6,850		6,850,000


Oregon – 0.2%
Oregon State Facilities Authority (PeaceHealth Obligated Group) Series 2018-A 2.80%, 08/01/2034^(g)		800		800,000
Series 2018-B 2.85%, 08/01/2034^(g)		1,750		1,750,000

				2,550,000

Other – 0.2%
Nuveen AMT-Free Municipal Credit Income Fund (Nuveen AMT-Free Municipal Credit Income Fund) Series 2019 3.24%, 03/01/2029^(g)		1,000		1,000,000
Nuveen AMT-Free Quality Municipal Income Fund (Nuveen AMT-Free Quality Municipal Income Fund) Series 2021 3.24%, 03/01/2029^(g)		1,000		1,000,000

				2,000,000

South Carolina – 0.8%
Berkeley County School District (Berkeley County School District) Series 2025-A 5.00%, 06/01/2026		2,000		2,022,286
Orangeburg County School District (Orangeburg County School District) Series 2025 5.00%, 08/13/2026		2,500		2,541,598



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 45

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

South Carolina Association of Governmental Organizations (South Carolina Association of Governmental Organizations) Series 2025-B 5.00%, 03/02/2026	$	3,510	$	3,531,385

				8,095,269

Texas – 0.1%
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Obligated Group) Series 2024, Class F 2.15%, 08/01/2050^(g)		1,370		1,370,000


Virginia – 0.6%
County of Spotsylvania VA (County of Spotsylvania VA) Series 2025 5.00%, 01/15/2026		3,070		3,078,862
Hampton Roads Sanitation District (Hampton Roads Sanitation District) Series 2025-A 5.00%, 07/15/2026		3,000		3,045,301
Roanoke Economic Development Authority (Carilion Clinic Obligated Group) Series 2024 2.85%, 07/01/2052^(g)		400		400,000

				6,524,163

Wisconsin – 0.4%
Wisconsin Health & Educational Facilities Authority (Medical College of Wisconsin) Series 2023-B 2.85%, 12/01/2033^(g)		3,665		3,665,000


Total Short-Term Municipal Notes (cost $137,246,014)				137,279,301


Total Municipal Obligations (cost $988,357,539)				996,288,022


ASSET-BACKED SECURITIES – 0.5%
Autos - Fixed Rate – 0.5%
Arivo Acceptance Auto Loan Receivables Trust Series 2024-1A, Class A 6.46%, 04/17/2028^(a)		71		71,754



46 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028^(a)	$	247	$	249,612
Series 2025-1A, Class A2 5.10%, 10/15/2030^(a)		1,780		1,779,129
Santander Bank Auto Credit-Linked Notes Series 2023-A, Class B 6.493%, 06/15/2033^(a)		10		9,699
Tricolor Auto Securitization Trust Series 2025-2A, Class A 5.12%, 01/16/2029^(c)(e)(f)		3,644		2,510,118

				4,620,312

Other ABS - Fixed Rate – 0.0%
Dext ABS LLC Series 2023-1, Class A2 5.99%, 03/15/2032^(a)		103		103,969
Pagaya AI Debt Trust Series 2024-1, Class A 6.66%, 07/15/2031^(a)		24		24,125

				128,094

Total Asset-Backed Securities (cost $5,879,302)				4,748,406


COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.3%
Non-Agency Fixed Rate CMBS – 0.1%
MAD Commercial Mortgage Trust Series 2025-11MD, Class A 4.912%, 10/15/2042^(a)		1,500		1,507,151


Non-Agency Floating Rate CMBS – 0.2%
DBC Mortgage Trust Series 2025-DBC, Class B 5.559% (CME Term SOFR 1 Month + 1.60%), 11/15/2042^(a)(b)		1,624		1,623,684


Total Commercial Mortgage-Backed Securities (cost $3,123,684)				3,130,835


COLLATERALIZED MORTGAGE OBLIGATIONS – 0.2%
Risk Share Floating Rate – 0.2%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2023-DNA1, Class M1A 6.142% (CME Term SOFR + 2.10%), 03/25/2043^(a)(b)		518		524,857



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 47

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2023-DNA2, Class M1A 6.142% (CME Term SOFR + 2.10%), 04/25/2043^(a)(b)	$	274	$	277,973
Connecticut Avenue Securities Trust Series 2024-R03, Class 2M1 5.222% (CME Term SOFR + 1.15%), 03/25/2044^(a)(b)		674		674,027
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA4 Series 2025-DNA4, Class M1 5.172% (CME Term SOFR + 1.10%), 10/25/2045^(a)(b)		948		947,559


Total Collateralized Mortgage Obligations (cost $2,414,085)				2,424,416


CORPORATES - INVESTMENT GRADE – 0.1%
Industrial – 0.1%
Consumer Non-Cyclical – 0.1%
Altria Group, Inc. 3.40%, 05/06/2030		215		207,331
BAT Capital Corp. 4.906%, 04/02/2030		230		235,331
Philip Morris International, Inc. 5.625%, 11/17/2029		250		263,305

				705,967

Technology – 0.0%
CDW LLC/CDW Finance Corp. 2.67%, 12/01/2026		370		364,039

				1,070,006

Financial Institutions – 0.0%
Banking – 0.0%
Citigroup, Inc. Series AA 7.625%, 11/15/2028^(j)		184		192,078
Wells Fargo & Co. 7.625%, 09/15/2028^(j)		27		28,742

				220,820

Finance – 0.0%
Aviation Capital Group LLC 1.95%, 01/30/2026^(a)		290		288,855

				509,675

Total Corporates - Investment Grade (cost $1,532,403)				1,579,681



48 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Shares		U.S. $ Value

WARRANTS – 0.0%
Industrials – 0.0%
Construction & Engineering – 0.0%
DesertXpress Enterprises LLC, expiring 12/31/2026^(e)(h)(i) (cost $0)		6,600	$	– 0	–


SHORT-TERM INVESTMENTS – 3.0%
Investment Companies – 3.0%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(k)(l)(m) (cost $30,907,169)		30,907,169		30,907,169


Total Investments – 99.5% (cost $1,032,214,182)				1,039,078,529
Other assets less liabilities – 0.5%				5,074,226


Net Assets – 100.0%			$	1,044,152,755

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at November 30, 2025			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 45, 5 Year Index, 12/20/2030*		(5.00	)%		Quarterly		3.23	%		USD	3,730	$	(314,638	)	$	(258,673	)	$	(55,965	)

*	Termination date

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note D)


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	6,580		10/15/2028	CPI#	2.565%	Maturity	$	651		$	– 0	–	$	651
USD	6,000		10/15/2029	2.485%	CPI#	Maturity		9,183			– 0	–		9,183
USD	6,000		10/15/2029	2.569%	CPI#	Maturity		(15,298	)		– 0	–		(15,298	)
USD	4,503		10/15/2029	2.516%	CPI#	Maturity		102			– 0	–		102
USD	4,499		10/15/2029	2.451%	CPI#	Maturity		14,262			– 0	–		14,262
USD	4,498		10/15/2029	2.499%	CPI#	Maturity		3,822			– 0	–		3,822
USD	6,920		10/15/2030	CPI#	2.531%	Maturity		17,180			– 0	–		17,180

							$	29,902		$	– 0	–	$	29,902

#	Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 49

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	2,336		10/15/2029	1 Day SOFR	3.814%	Annual	$	45,470	$	– 0	–	$	45,470
USD	2,500		10/15/2030	1 Day SOFR	4.082%	Annual		87,441		– 0	–		87,441

							$	132,911	$	– 0	–	$	132,911

(a)

(b)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2025.

(c)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.43% of net assets as of November 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Indiana Finance Authority (Parkview Health System Obligated Group) Series 2024-B 3.517%, 11/01/2046		06/24/2024	$	2,000,000	$	1,987,832		0.19	%
Tricolor Auto Securitization Trust Series 2025-2A, Class A 5.12%, 01/16/2029		06/10/2025		3,643,489		2,510,118		0.24	%

(d)	When-Issued or delayed delivery security.

(e)	Non-income producing security.

(f)	Defaulted.

(g)

(h)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(i)	Fair valued by the Adviser.

(j)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(k)	The rate shown represents the 7-day yield as of period end.

(l)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(m)	Affiliated investments.



50 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

Glossary:

ABS – Asset-Backed Securities

AG – Assured Guaranty Inc.

AMBAC – Ambac Assurance Corporation

AMT – Alternative Minimum Tax (subject to)

BAM – Build American Mutual

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

ID – Improvement District

MUNIPSA – SIFMA Municipal Swap Index

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

UPMC – University of Pittsburgh Medical Center

See notes to financial statements.



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 51

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,001,307,013)	$	1,008,171,360
Affiliated issuers (cost $30,907,169)		30,907,169
Cash		133,549
Cash collateral due from broker		577,113
Interest receivable		13,240,096
Receivable for investment securities sold		807,000
Receivable due from Adviser		4,639

Total assets		1,053,840,926

Liabilities
Payable for investment securities purchased		9,432,054
Advisory fee payable		210,981
Payable for variation margin on centrally cleared swaps		17,651
Other liabilities		27,485

Total liabilities		9,688,171

Net Assets	$	1,044,152,755

Composition of Net Assets
Capital stock, at par	$	4,130
Additional paid-in capital		1,035,214,896
Distributable earnings		8,933,729

Net Assets	$	1,044,152,755

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 41,302,000 shares outstanding)	$	25.28

See notes to financial statements.



52 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

STATEMENT OF OPERATIONS

Year Ended November 30, 2025


Investment Income
Interest	$	27,957,989
Dividends—Affiliated issuers		673,303		$	28,631,292

Expenses
Advisory fee (see Note B)		2,126,953

Total expenses before bank overdraft expense		2,126,953
Bank overdraft expense		6,602

Total expenses		2,133,555
Less: expenses waived and reimbursed by the Adviser (see Note B)		(34,043	)

Net expenses					2,099,512

Net investment income					26,531,780

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions					(20,059	)
In-kind redemptions					84,387
Swaps					(303,092	)
Net change in unrealized appreciation (depreciation) of:
Investments					2,772,948
Swaps					47,635

Net gain on investment transactions					2,581,819

Contributions from Affiliates (see Note B)					2,723

Net Increase in Net Assets from Operations				$	29,116,322

See notes to financial statements.



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 53

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2025			Year Ended November 30, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	26,531,780		$	17,324,315
Net realized loss on investment transactions		(238,764	)		(1,106,189	)
Net change in unrealized appreciation (depreciation) of investments		2,820,583			3,299,623
Contributions from Affiliates (see Note B)		2,723			– 0	–

Net increase in net assets from operations		29,116,322			19,517,749
Distribution to Shareholders		(25,495,866	)		(15,573,808	)
Transactions in Shares of the Fund
Net increase		389,795,505			356,373,925
Other capital		143,158			154,521

Total increase		393,559,119			360,472,387
Net Assets
Beginning of period		650,593,636			290,121,249

End of period	$	1,044,152,755		$	650,593,636

See notes to financial statements.



54 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 55

NOTES TO FINANCIAL STATEMENTS (continued)

2. Fair Value Measurements



56 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 57

NOTES TO FINANCIAL STATEMENTS (continued)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

859,008,721

– 0

–

859,008,721

Short-Term Municipal Notes

– 0

–

137,279,301

– 0

–

137,279,301

Asset-Backed Securities

– 0

–

4,748,406

– 0

–

4,748,406

Commercial Mortgage-Backed Securities

– 0

–

3,130,835

– 0

–

3,130,835

Collateralized Mortgage Obligations

– 0

–

2,424,416

– 0

–

2,424,416

Corporates—Investment Grade

– 0

–

1,579,681

– 0

–

1,579,681

Warrants

– 0

–

– 0

–

^(a)

– 0

–

Investment Companies

30,907,169

– 0

–

– 0

–

30,907,169

Total Investments in Securities

30,907,169

1,008,171,360

^(a)

1,039,078,529

Other Financial Instruments^(b):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

45,200

– 0

–

45,200

^(c)

Centrally Cleared Interest Rate Swaps

– 0

–

132,911

– 0

–

132,911

^(c)

Liabilities:

Centrally Cleared Credit Default Swaps

– 0

–

(314,638

)

– 0

–

(314,638

)^(c)

Centrally Cleared Inflation (CPI) Swaps

– 0

–

(15,298

)

– 0

–

(15,298

)^(c)

Total

30,907,169

1,008,019,535

^(a)

1,038,926,704

(a)	The Fund held securities with zero market value at period end.

(b)

(c)

3. Currency Translation



58 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

4. Taxes

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and open prior two tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

6. Dividends and Distributions

7. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 59

NOTES TO FINANCIAL STATEMENTS (continued)

8. Segment Information

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser a unitary advisory fee at an annual rate of .27% of the Fund’s average daily net assets. The fees are accrued daily and paid monthly.

Under the investment advisory agreement, in accordance with the unitary fee structure, the Adviser bears the cost of various third-party services required by the Fund, including audit, custodial, accounting, certain legal and transfer agency costs. Also under the investment advisory agreement, the Adviser will reimburse the Fund for the Fund’s share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser. For the year ended November 30, 2025, such waiver/reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $34,043.

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	138	$	482,689	$	451,920	$	30,907	$	673

During the year ended November 30, 2025, the Adviser reimbursed the Fund $2,723 for trading losses incurred due to a trade entry error.



60 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE C

Distribution Plan

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the year ended November 30, 2025 were as follows:


	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	450,297,165	$	241,300,119
U.S. government securities		1,000,000		– 0	–


	Purchases			Sales
In-kind transactions (excluding U.S. government securities)	$	98,103,263		$	6,028,505
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	1,032,214,182

Gross unrealized appreciation	$	9,084,577
Gross unrealized depreciation		(2,082,985	)

Net unrealized appreciation	$	7,001,592

1. Derivative Financial Instruments



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 61

NOTES TO FINANCIAL STATEMENTS (continued)

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

•

Swaps

The Fund may enter into swaps for investment purposes or to hedge its exposure to interest rates, credit risk, or inflation, equity markets or currencies. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices, rates or indexes for a specified amount of an underlying asset or inflation. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates, inflation or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain(loss) on swaps on the statement of operations, in addition to any realized gain(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation (depreciation) of swaps on the statement of operations.



62 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Interest Rate Swaps:

During the year ended November 30, 2025, the Fund held interest rate swaps for hedging purposes.

Inflation (CPI) Swaps:

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 63

NOTES TO FINANCIAL STATEMENTS (continued)

Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Fund against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the year ended November 30, 2025, the Fund held inflation (CPI) swaps for hedging purposes.

Credit Default Swaps:



64 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the year ended November 30, 2025, the Fund held credit default swaps for hedging purposes.

During the year ended November 30, 2025, the Fund had entered into the following derivatives:

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Credit contracts

Payable for variation
margin on centrally
cleared swaps

55,965

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

178,111

Payable for variation
margin on centrally
cleared swaps

15,298

Total

178,111

71,263

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This	amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	(288,980	)	$	103,600

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(14,112	)		(55,965	)

Total		$	(303,092	)	$	47,635



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 65

NOTES TO FINANCIAL STATEMENTS (continued)

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended November 30, 2025:


Centrally Cleared Interest Rate Swaps:
Average notional amount	$	26,929,385
Centrally Cleared Inflation Swaps:
Average notional amount	$	37,615,385
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	1,158,571	^(a)

(a)	Positions were open for seven months during the year.

2. Currency Transactions

NOTE E

Shares of the Fund



66 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Transactions in shares of the Fund were as follows:


	Shares						Amount
	Year Ended November 30, 2025			Year Ended November 30, 2024			Year Ended November 30, 2025			Year Ended November 30, 2024

Shares sold		17,700,000			16,900,000		$	444,735,955		$	423,947,895

Shares redeemed		(2,200,000	)		(2,700,000	)		(54,940,450	)		(67,573,970	)

Net increase		15,500,000			14,200,000		$	389,795,505		$	356,373,925

NOTE F

Risks Involved in Investing in the Fund

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 67

NOTES TO FINANCIAL STATEMENTS (continued)

as hurricanes, fires or earthquakes. The Fund’s investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

Tax Risk—From time to time, the U.S. Government and the U.S. Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Fund by increasing taxes on that income. In such event, the Fund’s net asset value (“NAV”) could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax-exempt status of municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield.



68 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed-income security with a duration of three years will likely decrease in value by approximately 3% if interest rates increase by 1%.

Illiquid Investments Risk—Illiquid investments risk exists when certain investments become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. Municipal securities may have more illiquid investments risk than other fixed-income securities because they trade less frequently and the market for municipal securities is generally smaller than many other markets.



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 69

NOTES TO FINANCIAL STATEMENTS (continued)

interest rates. The value of the security may rise or fall depending on changes in interest rates between periodic resets.

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the NYSE Arca, Inc. (“NYSE Arca” or an “Exchange”). The Fund’s shares are generally bought and sold in the secondary market at market prices. The NAV per share of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on an Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.



70 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE G

Joint Credit Facility

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended November 30, 2025 and November 30, 2024 were as follows:


	2025		2024
Distributions paid from:
Ordinary income	$	1,495,094	$	1,688,107

Total taxable distributions		1,495,094		1,688,107
Tax-exempt distributions		24,000,772		13,885,701

Total distributions paid	$	25,495,866	$	15,573,808

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed tax-exempt income	$	3,019,925
Accumulated capital and other losses		(1,087,788	)^(a)
Unrealized appreciation (depreciation)		7,001,592	^(b)

Total accumulated earnings (deficit)	$	8,933,729

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $1,087,788.

(b)	The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of swaps.



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 71

NOTES TO FINANCIAL STATEMENTS (continued)

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $1,087,788, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the tax treatment of gains from a redemption-in-kind and contributions from the Adviser resulted in a net decrease in distributable earnings and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE I

Subsequent Events



72 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Year Ended November 30,									September 14, 2022^(a) to November 30, 2022
	2025			2024			2023			September 14, 2022^(a) to November 30, 2022


Net asset value, beginning of period		$ 25.21			$ 25.01			$ 24.97			$ 25.00

Income From Investment Operations

Net investment income^(b)(c)		.84			.87			.86			.16

Net realized and unrealized gain (loss) on investment transactions		.06			.14			(.03	)		(.10	)

Contributions from Affiliates		.00	^(d)		– 0	–		– 0	–		– 0	–

Net increase in net asset value from operations		.90			1.01			.83			.06

Less: Dividends

Dividends from net investment income		(.83	)		(.81	)		(.79	)		(.09	)

Net asset value, end of period		$ 25.28			$ 25.21			$ 25.01			$ 24.97


Total Return^(e)

Total investment return based on net asset value		3.64	%		4.14	%		3.41	%		.22	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,044,153			$650,594			$290,121			$47,492

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.27	%		.27	%		.27	%		.27	%^{^}

Expenses, before waivers/reimbursements		.27	%		.27	%		.27	%		.27	%^{^}

Net investment income^(c)		3.37	%		3.49	%		3.46	%		2.99	%^{^}

Portfolio turnover rate^(f)		35	%		29	%		25	%		11	%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	Amount is less than $.005.

(e)

(f)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

^	Annualized.

See notes to financial statements.



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 73

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB Tax-Aware Short Duration Municipal ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Tax-Aware Short Duration Municipal ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended and the period from September 14, 2022 (commencement of operations) to November 30, 2022 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the three years in the period then ended and the period from September 14, 2022 (commencement of operations) to November 30, 2022, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s 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 Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.



74 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 75

2025 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended November 30, 2025. For foreign shareholders, 85.56% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends. The Fund designates $1,474,163 of distributions paid during the fiscal year ended November 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.



76 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Tax-Aware Short Duration Municipal ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 77

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2023 and 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted that the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its relationship with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results



78 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the Fund’s performance against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.



ABFunds.com		AB Tax-Aware Short Duration Municipal ETF 79

and generally must be priced to compete with larger, more established funds resulting in lack of to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations. The directors noted that the unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others, and in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s expense ratio was close to the median of a peer group and above the median of a peer universe. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



80 AB Tax-Aware Short Duration Municipal ETF		ABFunds.com

LOGO

AB TAX-AWARE SHORT DURATION MUNICIPAL ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-TASDM-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB US HIGH DIVIDEND ETF

(NYSE: HIDV)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


Company	Shares		U.S. $ Value

COMMON STOCKS – 99.6%
Information Technology – 32.3%
Communications Equipment – 0.2%
Cisco Systems, Inc.		3,732	$	287,140


Electronic Equipment, Instruments & Components – 0.5%
Avnet, Inc.		13,842		657,633


Semiconductors & Semiconductor Equipment – 14.7%
Broadcom, Inc.		8,081		3,256,320
Cirrus Logic, Inc.^(a)		5,425		652,845
Lam Research Corp.		10,120		1,578,720
Micron Technology, Inc.		7,653		1,809,781
NVIDIA Corp.		62,489		11,060,553
Skyworks Solutions, Inc.		16,444		1,084,482

				19,442,701

Software – 8.4%
Microsoft Corp.		19,357		9,523,837
Oracle Corp.		8,325		1,681,234

				11,205,071

Technology Hardware, Storage & Peripherals – 8.5%
Apple, Inc.		36,441		10,161,573
HP, Inc.		44,499		1,086,666

				11,248,239

				42,840,784

Financials – 18.2%
Banks – 5.2%
Bank of America Corp.		25,596		1,373,225
Citigroup, Inc.		14,481		1,500,232
Citizens Financial Group, Inc.		9,096		492,094
First Hawaiian, Inc.		9,014		224,629
JPMorgan Chase & Co.		2,887		903,862
NU Holdings Ltd./Cayman Islands – Class A^(a)		36,719		638,543
TFS Financial Corp.		36,957		526,637
US Bancorp		24,755		1,214,233
Zions Bancorp NA		837		44,553

				6,918,008

Capital Markets – 6.3%
Blackstone, Inc.		3,687		539,851
Franklin Resources, Inc.		48,005		1,084,433
Goldman Sachs Group, Inc. (The)		2,012		1,661,992
Invesco Ltd.		45,703		1,117,438
Janus Henderson Group PLC		14,714		643,149
Jefferies Financial Group, Inc.		11,770		677,481



ABFunds.com		AB US High Dividend ETF 1

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Morgan Stanley		9,243	$	1,568,167
T. Rowe Price Group, Inc.		10,686		1,094,033

				8,386,544

Consumer Finance – 1.0%
Ally Financial, Inc.		16,537		682,978
OneMain Holdings, Inc.		10,748		666,699

				1,349,677

Financial Services – 2.3%
Berkshire Hathaway, Inc. – Class B^(a)		2,085		1,071,294
MGIC Investment Corp.		17,615		499,385
UWM Holdings Corp.		124,446		728,009
Visa, Inc. – Class A		667		223,072
Western Union Co. (The)^(b)		62,399		548,487

				3,070,247

Insurance – 1.4%
Lincoln National Corp.		15,808		650,341
Prudential Financial, Inc.		10,376		1,123,202

				1,773,543

Mortgage Real Estate Investment Trusts (REITs) – 2.0%
AGNC Investment Corp.^(b)		61,727		647,516
Annaly Capital Management, Inc.		28,388		647,247
Rithm Capital Corp.		57,374		659,227
Starwood Property Trust, Inc.		35,700		654,738

				2,608,728

				24,106,747

Communication Services – 9.0%
Diversified Telecommunication Services – 1.0%
Verizon Communications, Inc.		34,184		1,405,304


Interactive Media & Services – 7.0%
Alphabet, Inc. – Class A		15,579		4,988,084
Alphabet, Inc. – Class C		6,868		2,198,584
Meta Platforms, Inc. – Class A		3,146		2,038,451

				9,225,119

Media – 0.5%
Nexstar Media Group, Inc.		3,252		624,839


Wireless Telecommunication Services – 0.5%
Millicom International Cellular SA^(b)		12,204		647,667

				11,902,929

Health Care – 7.7%
Biotechnology – 1.7%
AbbVie, Inc.		6,159		1,402,404
Gilead Sciences, Inc.		6,820		858,229

				2,260,633



2 AB US High Dividend ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Pharmaceuticals – 6.0%
Bristol-Myers Squibb Co.		26,656	$	1,311,475
Eli Lilly & Co.		2,740		2,946,788
Johnson & Johnson		379		78,423
Merck & Co., Inc.		15,838		1,660,297
Perrigo Co. PLC		41,027		547,710
Pfizer, Inc.		52,509		1,351,582

				7,896,275

				10,156,908

Consumer Discretionary – 6.6%
Automobile Components – 0.1%
Lear Corp.		903		96,946


Automobiles – 1.4%
General Motors Co.		2,124		156,156
Tesla, Inc.^(a)		3,877		1,667,769

				1,823,925

Broadline Retail – 3.6%
Amazon.com, Inc.^(a)		17,597		4,103,972
Macy’s, Inc.		31,541		705,257

				4,809,229

Leisure Products – 0.7%
Hasbro, Inc.		11,265		930,489


Specialty Retail – 0.8%
Best Buy Co., Inc.		13,731		1,088,594

				8,749,183

Utilities – 5.7%
Electric Utilities – 2.2%
Edison International		18,232		1,073,683
Eversource Energy		16,695		1,121,570
Pinnacle West Capital Corp.		7,690		698,713

				2,893,966

Gas Utilities – 0.5%
UGI Corp.		17,132		677,571


Independent Power and Renewable Electricity Producers – 1.3%
AES Corp. (The)		76,673		1,078,022
Clearway Energy, Inc. – Class A		19,142		654,657

				1,732,679

Multi-Utilities – 1.7%
Consolidated Edison, Inc.		10,799		1,083,788
Public Service Enterprise Group, Inc.		13,728		1,146,562

				2,230,350

				7,534,566



ABFunds.com		AB US High Dividend ETF 3

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Real Estate – 5.4%
Health Care REITs – 0.5%
Omega Healthcare Investors, Inc.		14,210	$	652,523


Hotel & Resort REITs – 1.2%
Host Hotels & Resorts, Inc.		60,047		1,058,628
Park Hotels & Resorts, Inc.		48,690		526,826

				1,585,454

Office REITs – 0.4%
Highwoods Properties, Inc.		18,456		513,077


Retail REITs – 0.1%
NNN REIT, Inc.		2,873		118,799


Specialized REITs – 3.2%
EPR Properties		12,292		642,503
Gaming & Leisure Properties, Inc.		14,251		620,346
Lamar Advertising Co. – Class A		5,236		693,194
Millrose Properties, Inc.		20,768		632,594
Rayonier, Inc.		27,363		607,732
VICI Properties, Inc.		37,821		1,090,001

				4,286,370

				7,156,223

Industrials – 5.0%
Aerospace & Defense – 1.2%
Huntington Ingalls Industries, Inc.		2,762		866,218
RTX Corp.		4,182		731,474

				1,597,692

Air Freight & Logistics – 0.2%
United Parcel Service, Inc. – Class B		3,650		349,633


Construction & Engineering – 0.5%
Comfort Systems USA, Inc.		722		705,351


Electrical Equipment – 0.1%
Vertiv Holdings Co. – Class A		612		109,995


Machinery – 2.0%
Mueller Industries, Inc.		5,976		656,583
Snap-on, Inc.		2,456		835,163
Stanley Black & Decker, Inc.		15,698		1,122,721

				2,614,467

Passenger Airlines – 0.1%
Southwest Airlines Co.		3,762		130,955


Professional Services – 0.4%
Robert Half, Inc.		18,681		505,134



4 AB US High Dividend ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Trading Companies & Distributors – 0.5%
MSC Industrial Direct Co., Inc. – Class A		7,204	$	640,868

				6,654,095

Consumer Staples – 3.7%
Beverages – 1.1%
PepsiCo, Inc.		9,906		1,473,419


Food Products – 1.6%
Conagra Brands, Inc.		57,414		1,024,840
Flowers Foods, Inc.		48,437		519,729
Smithfield Foods, Inc.		29,432		636,025

				2,180,594

Tobacco – 1.0%
Altria Group, Inc.		21,389		1,262,165

				4,916,178

Materials – 3.7%
Chemicals – 1.6%
FMC Corp.		40,003		571,643
LyondellBasell Industries NV – Class A		17,728		868,495
Scotts Miracle-Gro Co. (The)		11,955		676,892

				2,117,030

Containers & Packaging – 0.6%
Amcor PLC		94,793		807,636


Metals & Mining – 1.5%
Anglogold Ashanti PLC		7,995		685,012
Newmont Corp.		13,824		1,254,251

				1,939,263

				4,863,929

Energy – 2.3%
Oil, Gas & Consumable Fuels – 2.3%
Antero Midstream Corp.		36,099		650,143
Chevron Corp.		11,069		1,672,858
Exxon Mobil Corp.		905		104,907
HF Sinclair Corp.		11,746		621,481

				3,049,389

Total Common Stocks (cost $118,085,802)				131,930,931


SHORT-TERM INVESTMENTS – 0.2%
Investment Companies – 0.2%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(c)(d)(e) (cost $227,810)		227,810		227,810


Total Investments Before Security Lending Collateral for Securities Loaned – 99.8% (cost $118,313,612)				132,158,741



ABFunds.com		AB US High Dividend ETF 5

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.0%
Investment Companies – 0.0%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(c)(d)(e) (cost $41,602)		41,602	$	41,602


Total Investments – 99.8% (cost $118,355,214)				132,200,343
Other assets less liabilities – 0.2%				230,378


Net Assets – 100.0%			$	132,430,721

(a)	Non-income producing security.

(b)	Represents entire or partial securities out on loan. See Note E for securities lending information.

(c)	The rate shown represents the 7-day yield as of period end.

(d)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(e)	Affiliated investments.

Glossary:

REIT – Real Estate Investment Trust

See notes to financial statements.



6 AB US High Dividend ETF		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $118,085,802)	$	131,930,931	^(a)
Affiliated issuers (cost $269,412—including investment of cash collateral for securities loaned of $41,602)		269,412
Cash		1,471
Unaffiliated dividends receivable		304,675
Affiliated dividends receivable		816
Receivable due from Adviser		45

Total assets		132,507,350

Liabilities
Payable for collateral received on securities loaned		41,602
Advisory fee payable		35,027

Total liabilities		76,629

Net Assets	$	132,430,721

Composition of Net Assets
Capital stock, at par	$	164
Additional paid-in capital		120,460,607
Distributable earnings		11,969,950

Net Assets	$	132,430,721

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 1,640,020 shares outstanding)	$	80.75

(a)	Includes securities on loan with a value of $1,730,569 (see Note E).

See notes to financial statements.



ABFunds.com		AB US High Dividend ETF 7

STATEMENT OF OPERATIONS

Year Ended November 30, 2025


Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $5,397)	$	2,184,506
Affiliated issuers		5,996
Interest		681
Securities lending income, net		1,850		$	2,193,033

Expenses
Advisory fee (see Note B)		263,236

Total expenses before bank overdraft expense		263,236
Bank overdraft expense		48

Total expenses		263,284
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(347	)

Net expenses					262,937

Net investment income					1,930,096

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions					(2,398,433	)
In-kind redemptions					4,134,375
Net change in unrealized appreciation (depreciation) of investments					10,721,801

Net gain on investment transactions					12,457,743

Net Increase in Net Assets from Operations				$	14,387,839

See notes to financial statements.



8 AB US High Dividend ETF		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2025			Year Ended November 30, 2024
Increase in Net Assets from Operations
Net investment income	$	1,930,096		$	385,578
Net realized gain on investment transactions		1,735,942			1,400,025
Net change in unrealized appreciation (depreciation) of investments		10,721,801			2,582,443

Net increase in net assets from operations		14,387,839			4,368,046
Distribution to Shareholders		(1,465,698	)		(285,495	)
Transactions in Shares of the Fund
Net increase		94,051,226			14,636,368

Total increase		106,973,367			18,718,919
Net Assets
Beginning of period		25,457,354			6,738,435

End of period	$	132,430,721		$	25,457,354

See notes to financial statements.



ABFunds.com		AB US High Dividend ETF 9

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

AB Active ETFs, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940 (the “1940 Act”), as an open-end management investment company. The Corporation, which is a Maryland corporation, operates as a series company comprised of 23 funds currently in operation. Each fund is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB US High Dividend ETF (the “Fund”), a non-diversified portfolio. The Fund commenced investment operations on March 22, 2023. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.



10 AB US High Dividend ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

2. Fair Value Measurements



ABFunds.com		AB US High Dividend ETF 11

NOTES TO FINANCIAL STATEMENTS (continued)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

131,930,931

– 0

–

– 0

–

131,930,931

Short-Term Investments

227,810

– 0

–

– 0

–

227,810

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

41,602

– 0

–

– 0

–

41,602

Total Investments in Securities

132,200,343

– 0

–

– 0

–

132,200,343

Other Financial Instruments^(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

132,200,343

– 0

–

– 0

–

132,200,343

(a)	See Portfolio of Investments for sector classifications.

(b)

3. Currency Translation



12 AB US High Dividend ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

4. Taxes

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and prior years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

6. Dividends and Distributions



ABFunds.com		AB US High Dividend ETF 13

NOTES TO FINANCIAL STATEMENTS (continued)

their federal tax basis treatment; temporary differences do not require such reclassification.

7. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

8. Segment Information

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Advisor a unitary advisory fee at an annual rate of .35% of the Fund’s average daily net assets. The fees are accrued daily and paid monthly. Prior to May 9, 2025, the fund paid the Advisor a unitary advisory fee at annual rate of .45% of the Fund’s average daily net assets.

Under the investment advisory agreement, in accordance with the unitary fee structure, the Adviser bears the cost of various third-party services required by the Fund, including audit, custodial, accounting, legal, transfer agency and printing costs and the fees and expenses of the Corporation’s directors and their counsel. Also under the investment advisory agreement, the Adviser will reimburse the Fund for the Fund’s share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser. For the year ended November 30, 2025, such waiver/reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $303.



14 AB US High Dividend ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	57		$	2,442	$	2,272	$	227	$	6
AB Government Money Market Portfolio*		– 0	–		3,985		3,943		42		0	**

Total								$	269	$	6

*	Investments of cash collateral for securities lending transactions (see Note E).

**	Amount is less than $500.

NOTE C

Distribution Plan

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the year ended November 30, 2025 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	132,774,750		$	132,226,957
U.S. government securities		– 0	–		– 0	–


	Purchases			Sales
In-kind transactions (excluding U.S. government securities)	$	124,361,694		$	30,661,436
U.S. government securities		– 0	–		– 0	–



ABFunds.com		AB US High Dividend ETF 15

NOTES TO FINANCIAL STATEMENTS (continued)

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	119,365,291

Gross unrealized appreciation	$	16,028,415
Gross unrealized depreciation		(3,193,363	)

Net unrealized appreciation	$	12,835,052

1. Derivative Financial Instruments

The Fund did not engage in derivatives transactions for the year ended November 30, 2025.

2. Currency Transactions

NOTE E

Securities Lending



16 AB US High Dividend ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

A summary of the Fund’s transactions surrounding securities lending for the year ended November 30, 2025 is as follows:


Market Value of Securities on Loan*	Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		AB Government Money Market Portfolio
Market Value of Securities on Loan*	Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$ 1,730,569	$	41,602	$	1,736,534	$	1,793	$	57	$	44

*	As of November 30, 2025.



ABFunds.com		AB US High Dividend ETF 17

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE F

Shares of the Fund

Transactions in shares of the Fund were as follows:


	Shares						Amount
	Year Ended November 30, 2025			Year Ended November 30, 2024			Year Ended November 30, 2025			Year Ended November 30, 2024

Shares sold		1,700,000			380,000		$	124,741,662		$	25,475,234

Shares redeemed		(400,000	)		(160,000	)		(30,690,436	)		(10,838,866	)

Net increase		1,300,000			220,000		$	94,051,226		$	14,636,368

NOTE G

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, tariffs and trade disputes, and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may be underperforming the market generally.

Dividend Paying Securities Risk—The Fund invests in securities that pay dividends. There can be no assurance that dividends will be declared or paid on



18 AB US High Dividend ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

securities held by the Fund in the future, or that dividends will remain at current levels or increase.

Quantitative Models—The Adviser uses quantitative models to identify investment opportunities. These models are based on the assumption that price movements in most markets display very similar patterns. There is the risk that market behavior will change and that the patterns upon which the forecasts in the models are based will weaken or disappear, which would reduce the ability of the models to generate an excess return. Further, as market dynamics shift over time, a previously highly successful model may become outdated, perhaps without the Adviser recognizing that fact before substantial losses are incurred. Successful operation of a model is also reliant upon the information technology systems of the Adviser and its ability to ensure those systems remain operational and that appropriate disaster recovery procedures are in place. There can be no assurance that the Adviser will be successful in maintaining effective and operational quantitative models and the related hardware and software systems.



ABFunds.com		AB US High Dividend ETF 19

NOTES TO FINANCIAL STATEMENTS (continued)

Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.



20 AB US High Dividend ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE H

Joint Credit Facility

NOTE I

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended November 30, 2025 and November 30, 2024 were as follows:


	2025		2024
Distributions paid from:
Ordinary income	$	1,465,698	$	285,495

Total taxable distributions	$	1,465,698	$	285,495



ABFunds.com		AB US High Dividend ETF 21

NOTES TO FINANCIAL STATEMENTS (continued)

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income	$	606,299
Accumulated capital and other losses		(1,471,401	)^(a)
Unrealized appreciation (depreciation)		12,835,052	^(b)

Total accumulated earnings (deficit)	$	11,969,950

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $1,471,401.

(b)	The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to return of capital distributions received from underlying securities and the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $1,468,167 and a net long-term capital loss carryforward of $3,234, which may be carried forward for an indefinite period.

NOTE J

Subsequent Events



22 AB US High Dividend ETF		ABFunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Year Ended November 30,						March 22, 2023^(a) to November 30, 2023
	2025			2024			March 22, 2023^(a) to November 30, 2023


Net asset value, beginning of period		$ 74.87			$ 56.14			$ 50.00

Income From Investment Operations

Net investment income^(b)(c)		2.02			1.87			1.05

Net realized and unrealized gain on investment transactions		5.68			18.49			5.79


Net increase in net asset value from operations		7.70			20.36			6.84

Less: Dividends

Dividends from net investment income		(1.82	)		(1.63	)		(.70	)

Net asset value, end of period		$ 80.75			$ 74.87			$ 56.14

Total Return

Total investment return based on net asset value^(d)		10.53	%		36.89	%		13.74	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$132,431			$25,457			$6,738

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.37	%		.45	%		.45	%^{^}

Expenses, before waivers/reimbursements		.37	%		.45	%		.45	%^{^}

Net investment income^(c)		2.70	%		2.83	%		2.82	%^{^}

Portfolio turnover rate^(e)		181	%		175	%		100	%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)

(e)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the Fund’s capital shares, including ETF Creation Units.

^	Annualized.

See notes to financial statements.



ABFunds.com		AB US High Dividend ETF 23

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB US High Dividend ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB US High Dividend ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the two years in the period then ended and the period from March 22, 2023 (commencement of operations) to November 30, 2023 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended and the period from March 22, 2023 (commencement of operations) to November 30, 2023, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s 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 Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.



24 AB US High Dividend ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. 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.

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



ABFunds.com		AB US High Dividend ETF 25

2025 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended November 30, 2025. For individual shareholders, the Fund designates 76.83% of dividends paid as qualified dividend income. For corporate shareholders, 74.54% of dividends paid qualify for the dividends received deduction.



26 AB US High Dividend ETF		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB US High Dividend ETF (the “Fund”) at a meeting held in-person on November 4-6, 2025 (the “Meeting”).

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment



ABFunds.com		AB US High Dividend ETF 27

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for the period ended December 31, 2023 and calendar year 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted that the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors were also mindful that they had approved a reduction in the Fund’s advisory fee (a unitary fee) from 0.45% to 0.35% earlier in 2025. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its relationship with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.



28 AB US High Dividend ETF		ABFunds.com

Investment Results

At the Meeting, the directors reviewed information prepared by an independent service provider (the “15(c) service provider”), showing the Fund’s performance against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended July 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other ETFs in the same category as the Fund. The directors noted that the advisory fee is a unitary fee and that the Adviser pays all expenses of the Fund except for certain expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors compared the Fund’s contractual advisory fee rate against a peer group median and noted that it was lower than the median. The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.



ABFunds.com		AB US High Dividend ETF 29

in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations. The directors noted that the unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The information provided included a pro forma expense ratio to reflect the reduction in the Fund’s advisory fee earlier in 2025. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others, and in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s pro forma expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s pro forma expense ratio was acceptable.

Economies of Scale



30 AB US High Dividend ETF		ABFunds.com

NOTES



ABFunds.com		AB US High Dividend ETF 31

NOTES



32 AB US High Dividend ETF		ABFunds.com

LOGO

AB US HIGH DIVIDEND ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-UHD-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB US LARGE CAP STRATEGIC

EQUITIES ETF

(NYSE: LRGC)

LOGO

A discussion of the Fund’s investment performance is not included in this report. AllianceBernstein L.P. would like to thank you for your interest in the Fund.



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


Company	Shares		U.S. $ Value

COMMON STOCKS – 98.5%
Information Technology – 31.4%
Communications Equipment – 0.5%
Motorola Solutions, Inc.		9,809	$	3,626,191


Semiconductors & Semiconductor Equipment – 14.9%
Applied Materials, Inc.		24,382		6,150,360
ASML Holding NV (REG)		2,578		2,732,680
Broadcom, Inc.		63,468		25,575,065
NVIDIA Corp.		280,797		49,701,069
NXP Semiconductors NV		29,239		5,699,851
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		35,644		10,390,582

				100,249,607

Software – 11.3%
HubSpot, Inc.^(a)		5,765		2,117,600
Intuit, Inc.		12,383		7,851,813
Microsoft Corp.		106,446		52,372,497
Oracle Corp.		48,176		9,729,143
ServiceNow, Inc.^(a)		4,718		3,832,950

				75,904,003

Technology Hardware, Storage & Peripherals – 4.7%
Apple, Inc.		113,959		31,777,467

				211,557,268

Financials – 14.9%
Banks – 3.4%
Bank of America Corp.		187,900		10,080,835
Wells Fargo & Co.		151,444		13,001,467

				23,082,302

Capital Markets – 5.1%
Charles Schwab Corp. (The)		145,481		13,490,453
Goldman Sachs Group, Inc. (The)		15,567		12,858,965
S&P Global, Inc.		15,710		7,836,619

				34,186,037

Consumer Finance – 1.0%
Capital One Financial Corp.		30,413		6,662,576


Financial Services – 3.1%
Visa, Inc. – Class A		62,124		20,776,751


Insurance – 2.3%
Everest Group Ltd.		10,141		3,187,215
Marsh & McLennan Cos., Inc.		21,385		3,923,078
Progressive Corp. (The)		20,736		4,744,190
Willis Towers Watson PLC		12,270		3,938,670

				15,793,153

				100,500,819



ABFunds.com		AB US Large Cap Strategic Equities ETF 1

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Communication Services – 12.3%
Entertainment – 1.7%
Walt Disney Co. (The)		108,979	$	11,385,036


Interactive Media & Services – 9.7%
Alphabet, Inc. – Class C		130,049		41,631,286
Meta Platforms, Inc. – Class A		36,222		23,470,045

				65,101,331

Wireless Telecommunication Services – 0.9%
T-Mobile US, Inc.		29,147		6,092,014

				82,578,381

Health Care – 10.4%
Biotechnology – 1.0%
Vertex Pharmaceuticals, Inc.^(a)		15,278		6,624,694


Health Care Equipment & Supplies – 2.1%
Medtronic PLC		75,690		7,972,428
Stryker Corp.		16,350		6,068,793

				14,041,221

Health Care Providers & Services – 2.3%
Labcorp Holdings, Inc.		19,363		5,204,387
UnitedHealth Group, Inc.		31,378		10,347,523

				15,551,910

Life Sciences Tools & Services – 3.2%
IQVIA Holdings, Inc.^(a)		39,593		9,106,786
Thermo Fisher Scientific, Inc.		20,344		12,019,845

				21,126,631

Pharmaceuticals – 1.8%
Eli Lilly & Co.		5,207		5,599,972
Merck & Co., Inc.		44,262		4,639,986
Roche Holding AG (Sponsored ADR)		44,164		2,112,364

				12,352,322

				69,696,778

Industrials – 9.3%
Aerospace & Defense – 1.9%
Hexcel Corp.		52,741		4,020,446
RTX Corp.		50,179		8,776,809

				12,797,255

Building Products – 0.8%
Otis Worldwide Corp.		60,484		5,374,003


Commercial Services & Supplies – 0.8%
Veralto Corp.		56,248		5,693,423


Electrical Equipment – 2.4%
Eaton Corp. PLC		27,191		9,405,095
GE Vernova, Inc.		11,596		6,954,933

				16,360,028



2 AB US Large Cap Strategic Equities ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Ground Transportation – 1.3%
CSX Corp.		240,103	$	8,490,042


Machinery – 1.1%
Deere & Co.		15,474		7,187,518


Professional Services – 0.4%
Booz Allen Hamilton Holding Corp.		30,939		2,582,169


Trading Companies & Distributors – 0.6%
United Rentals, Inc.		5,103		4,159,864

				62,644,302

Consumer Discretionary – 8.6%
Broadline Retail – 4.8%
Amazon.com, Inc.^(a)		139,308		32,489,412


Hotels, Restaurants & Leisure – 0.4%
Hyatt Hotels Corp. – Class A^(b)		17,701		2,909,867


Specialty Retail – 3.4%
AutoZone, Inc.^(a)		2,120		8,383,180
Home Depot, Inc. (The)		21,250		7,584,550
TJX Cos., Inc. (The)		44,772		6,801,762

				22,769,492

				58,168,771

Consumer Staples – 4.5%
Beverages – 1.3%
Coca-Cola Co. (The)		122,267		8,940,163


Consumer Staples Distribution & Retail – 3.2%
Costco Wholesale Corp.		2,315		2,114,961
Dollar Tree, Inc.^(a)		53,587		5,937,976
Walmart, Inc.		118,077		13,048,689

				21,101,626

				30,041,789

Energy – 2.0%
Energy Equipment & Services – 0.8%
Baker Hughes Co.		114,987		5,772,347


Oil, Gas & Consumable Fuels – 1.2%
EOG Resources, Inc.		73,946		7,975,076

				13,747,423

Utilities – 1.9%
Electric Utilities – 1.2%
American Electric Power Co., Inc.		66,006		8,169,562


Multi-Utilities – 0.7%
Ameren Corp.		46,054		4,897,843

				13,067,405



ABFunds.com		AB US Large Cap Strategic Equities ETF 3

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Materials – 1.8%
Chemicals – 1.8%
Corteva, Inc.		97,511	$	6,579,067
Linde PLC		13,194		5,413,762

				11,992,829

Real Estate – 1.4%
Specialized REITs – 1.4%
Digital Realty Trust, Inc.		27,706		4,436,285
Extra Space Storage, Inc.		35,450		4,720,876

				9,157,161

Total Common Stocks (cost $558,664,925)				663,152,926


SHORT-TERM INVESTMENTS – 1.4%
Investment Companies – 1.4%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(c)(d)(e) (cost $9,256,065)		9,256,065		9,256,065


Total Investments – 99.9% (cost $567,920,990)				672,408,991
Other assets less liabilities – 0.1%				351,268


Net Assets – 100.0%			$	672,760,259

(a)	Non-income producing security.

(b)	Represents entire or partial securities out on loan. See Note E for securities lending information.

(c)	The rate shown represents the 7-day yield as of period end.

(d)	Affiliated investments.

(e)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

REIT – Real Estate Investment Trust

See notes to financial statements.



4 AB US Large Cap Strategic Equities ETF		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $558,664,925)	$	663,152,926	^(a)
Affiliated issuers (cost $9,256,065)		9,256,065
Cash		1,856
Unaffiliated dividends receivable		514,896
Affiliated dividends receivable		27,079
Receivable due from Adviser		1,549

Total assets		672,954,371

Liabilities
Advisory fee payable		194,112

Total liabilities		194,112

Net Assets	$	672,760,259

Composition of Net Assets
Capital stock, at par	$	863
Additional paid-in capital		574,503,802
Distributable earnings		98,255,594

Net Assets	$	672,760,259

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 8,625,020 shares outstanding)	$	78.00

(a)	Includes securities on loan with a value of $2,579,443 (see Note E).

See notes to financial statements.



ABFunds.com		AB US Large Cap Strategic Equities ETF 5

STATEMENT OF OPERATIONS

Year Ended November 30, 2025


Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $42,029)	$	4,723,491
Affiliated issuers		299,824
Interest		56
Securities lending income, net		6,265		$	5,029,636

Expenses
Advisory fee (see Note B)		1,845,796

Total expenses before bank overdraft expense		1,845,796
Bank overdraft expense		109

Total expenses		1,845,905
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(16,209	)

Net expenses					1,829,696

Net investment income					3,199,940

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions					(9,272,011	)
In-kind redemptions					8,977,834
Foreign currency transactions					(44	)
Net change in unrealized appreciation (depreciation) of:
Investments					68,986,140
Foreign currency denominated assets and liabilities					(5	)

Net gain on investment and foreign currency transactions					68,691,914

Net Increase in Net Assets from Operations				$	71,891,854

See notes to financial statements.



6 AB US Large Cap Strategic Equities ETF		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2025			Year Ended November 30, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	3,199,940		$	966,355
Net realized gain (loss) on investment and foreign currency transactions		(294,221	)		663,998
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		68,986,135			33,947,179

Net increase in net assets from operations		71,891,854			35,577,532
Distribution to Shareholders		(1,173,105	)		(74,652	)
Transactions in Shares of the Fund
Net increase		342,084,086			187,042,367

Total increase		412,802,835			222,545,247
Net Assets
Beginning of period		259,957,424			37,412,177

End of period	$	672,760,259		$	259,957,424

See notes to financial statements.



ABFunds.com		AB US Large Cap Strategic Equities ETF 7

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.



8 AB US Large Cap Strategic Equities ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value (“NAV”) per share, while exchange-traded funds are valued at the closing market price per share.

2. Fair Value Measurements



ABFunds.com		AB US Large Cap Strategic Equities ETF 9

NOTES TO FINANCIAL STATEMENTS (continued)

based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

663,152,926

– 0

–

– 0

–

663,152,926

Short-Term Investments

9,256,065

– 0

–

– 0

–

9,256,065

Total Investments in Securities

672,408,991

– 0

–

– 0

–

672,408,991

Other Financial Instruments^(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

672,408,991

– 0

–

– 0

–

672,408,991

(a)	See Portfolio of Investments for sector classifications.

(b)

3. Currency Translation



10 AB US Large Cap Strategic Equities ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

4. Taxes

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and prior years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

6. Dividends and Distributions



ABFunds.com		AB US Large Cap Strategic Equities ETF 11

NOTES TO FINANCIAL STATEMENTS (continued)

7. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

8. Segment Information

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser a unitary advisory fee at an annual rate of .39% of the Fund’s average daily net assets. Prior to May 9, 2025, the Fund paid the Adviser a unitary advisory fee at an annual rate of .48% of the Fund’s average daily net assets. The fees are accrued daily and paid monthly.

Under the investment advisory agreement, in accordance with the unitary fee structure, the Adviser bears the cost of various third-party services required by the Fund, including audit, custodial, accounting, legal, transfer agency and printing costs and the fees and expenses of the Corporation’s directors and their counsel. Also under the investment advisory agreement, the Adviser will reimburse the Fund for the Fund’s share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser. For the year ended November 30, 2025, such waiver/reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $14,965.



12 AB US Large Cap Strategic Equities ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)			Dividend Income (000)
AB Government Money Market Portfolio	$	4,578		$	31,700	$	27,022	$	9,256		$	300
AB Government Money Market Portfolio*		– 0	–		6,336		6,336		– 0	–		6

Total								$	9,256		$	306

*	Investments of cash collateral for securities lending transactions (see Note E).

NOTE C

Distribution Plan

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the year ended November 30, 2025 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	117,741,810		$	93,194,423
U.S. government securities		– 0	–		– 0	–


	Purchases			Sales
In-kind transactions (excluding U.S. government securities)	$	351,718,181		$	36,996,599
U.S. government securities		– 0	–		– 0	–



ABFunds.com		AB US Large Cap Strategic Equities ETF 13

NOTES TO FINANCIAL STATEMENTS (continued)

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	567,996,875

Gross unrealized appreciation	$	116,159,963
Gross unrealized depreciation		(11,747,847	)

Net unrealized appreciation	$	104,412,116

1. Derivative Financial Instruments

The Fund did not engage in derivatives transactions for the year ended November 30, 2025.

2. Currency Transactions

NOTE E

Securities Lending



14 AB US Large Cap Strategic Equities ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Fund will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Fund amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Fund will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Fund, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and AB Government Money Market Portfolio are reflected in the statement of operations. When the Fund earns net securities lending income from AB Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

A summary of the Fund’s transactions surrounding securities lending for the year ended November 30, 2025 is as follows:


Market Value of Securities on Loan*	Cash Collateral*	Market Value of Non-Cash Collateral*	Income from Borrowers	AB Government Money Market Portfolio
Market Value of Securities on Loan*	Cash Collateral*	Market Value of Non-Cash Collateral*	Income from Borrowers	Income Earned	Advisory Fee Waived
$ 2,579,443	$ – 0 –	$ 2,659,401	$ 600	$ 5,665	$ 1,244

*	As of November 30, 2025.

NOTE F

Shares of the Fund

The Fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because exchange-traded fund (“ETF”) shares



ABFunds.com		AB US Large Cap Strategic Equities ETF 15

NOTES TO FINANCIAL STATEMENTS (continued)

Transactions in shares of the Fund were as follows:


	Shares						Amount
	Year Ended November 30, 2025			Year Ended November 30, 2024			Year Ended November 30, 2025			Year Ended November 30, 2024

Shares sold		5,490,000			3,075,000		$	384,634,157		$	191,117,853

Shares redeemed		(600,000	)		(60,000	)		(42,550,071	)		(4,075,486	)

Net increase		4,890,000			3,015,000		$	342,084,086		$	187,042,367

NOTE G

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, tariffs and trade disputes, and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may be underperforming the market generally.

Foreign (Non-U.S.) Investments Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may



16 AB US Large Cap Strategic Equities ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the NYSE Arca, Inc. (“NYSE Arca” or an “Exchange”). The Fund’s shares are generally bought and sold in the secondary market at market prices. The NAV of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on the Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.



ABFunds.com		AB US Large Cap Strategic Equities ETF 17

NOTES TO FINANCIAL STATEMENTS (continued)

place or execute purchase and redemption orders. This could cause the Fund’s market price to deviate, materially, from the NAV, and reduce the effectiveness of the ETF arbitrage process. Any absence of an active trading market for Fund shares could lead to a heightened risk that there will be a difference between the market price of a Fund share and the underlying value of the Fund share.

NOTE H

Joint Credit Facility

A number of ETFs managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short-term liquidity requirements, which will expire on June 24, 2026. A commitment fee of 0.15% per annum related to the Facility is paid by the Adviser. The Fund did not utilize the Facility during the year ended November 30, 2025.

NOTE I

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended November 30, 2025 and November 30, 2024 were as follows:


	2025		2024
Distributions paid from:
Ordinary income	$	1,173,105	$	74,652

Total taxable distributions	$	1,173,105	$	74,652



18 AB US Large Cap Strategic Equities ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed Ordinary income	$	2,963,089
Accumulated capital and other losses		(9,119,611	)^(a)
Unrealized appreciation (depreciation)		104,412,116	^(b)

Total accumulated earnings (deficit)	$	98,255,594

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $9,119,611.

(b)	The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $5,490,247 and a net long-term capital loss carryforward of $3,629,364, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the tax treatment of gains from a redemption-in-kind and prior year post-financial statement adjustment resulted in a net decrease in distributable earnings and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J

Subsequent Events



ABFunds.com		AB US Large Cap Strategic Equities ETF 19

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Year Ended November 30,						September 20 2023^(a) to November 30, 2023
	2025			2024			September 20 2023^(a) to November 30, 2023


Net asset value, beginning of period		$ 69.60			$ 51.96			$ 50.00

Income From Investment Operations

Net investment income^(b)(c)		.51			.47			.12

Net realized and unrealized gain on investment transactions		8.20			17.26			1.84

Net increase in net asset value from operations		8.71			17.73			1.96


Less: Dividends

Dividends from net investment income		(.31	)		(.09	)		– 0	–

Net asset value, end of period		$ 78.00			$ 69.60			$ 51.96


Total Return

Total investment return based on net asset value^(d)		12.57	%		34.20	%		3.92	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$672,760			$259,957			$37,412

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.41	%		.48	%		.48	%^{^}

Expenses, before waivers/reimbursements		.42	%		.48	%		.48	%^{^}

Net investment income^(c)		.72	%		.76	%		1.24	%^{^}

Portfolio turnover rate^(e)		21	%		19	%		4	%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)

(e)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

^	Annualized.

See notes to financial statements.



20 AB US Large Cap Strategic Equities ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB US Large Cap Strategic Equities ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB US Large Cap Strategic Equities ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the two years in the period then ended and the period from September 20, 2023 (commencement of operations) to November 30, 2023 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended and the period from September 20, 2023 (commencement of operations) to November 30, 2023, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s 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 Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.



ABFunds.com		AB US Large Cap Strategic Equities ETF 21

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian, and others; when replies were not received from others, we performed other auditing procedures. 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.

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



22 AB US Large Cap Strategic Equities ETF		ABFunds.com

2025 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended November 30, 2025. For foreign shareholders, 6.72% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends. For individual shareholders, the Fund designates 100% of dividends paid as qualified dividend income. For corporate shareholders, 100% of dividends paid qualify for the dividends received deduction.

The Fund designates $14,058 of distributions paid during the fiscal year ended November 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.



ABFunds.com		AB US Large Cap Strategic Equities ETF 23

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

At a meeting of the Board of Directors of AB Active ETFs, Inc. (the “Company”) held in-person on May 6-8, 2025 (the “Meeting”), the Adviser recommended an amendment to the Company’s then-current Advisory Agreement with the Adviser (the “Amended Advisory Agreement”) to effect a fee reduction in respect of AB US Large Cap Strategic Equities ETF (the “Fund”). The amendment would reduce the Fund’s advisory fee from 0.48% to 0.39%, effective May 9, 2025.

At the recommendation of the Adviser, the disinterested directors (the “directors”) unanimously approved the Amended Advisory Agreement. At the Meeting, the directors also approved the continuance of the Amended Advisory Agreement for an additional annual term.

Prior to approval of the Amended Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed Amended Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed approvals in private sessions with counsel.



24 AB US Large Cap Strategic Equities ETF		ABFunds.com

proposed advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The directors noted that the proposed lowering of the advisory fee would benefit the Fund and its shareholders. The directors noted that the Adviser was reducing the advisory fee for business reasons, and had assured them that there would be no diminution in the nature or quality of services to the Fund. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services to be provided by the Adviser under the Amended Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and may from time to time propose changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Amended Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements will be subject to the directors’ approval on a quarterly basis. The directors noted that the Adviser does not expect to request such reimbursements. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services to be provided to the Fund under the Amended Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for the period ended December 31, 2023 and calendar year 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted that the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the then-current Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the



ABFunds.com		AB US Large Cap Strategic Equities ETF 25

Fund was not profitable to the Adviser in the periods reviewed and would not have been profitable if the reduced advisory fee approved at the Meeting had been in effect during those periods.

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its relationship with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the 15(c) service provider”), showing the performance of the Fund against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended February 28, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the proposed advisory fee rate payable by the Fund to the Adviser under the Amended Advisory Agreement, and information prepared by the 15(c) service provider concerning advisory fee rates payable by other ETFs in the same category as the Fund. The directors noted that the proposed advisory fee is a unitary fee and that the Adviser pays all expenses of the Fund except for certain expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors considered the Fund’s proposed contractual advisory fee rate against a peer group median and noted that it was lower than the median.



26 AB US Large Cap Strategic Equities ETF		ABFunds.com

in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations. The directors noted that the proposed unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser.

In connection with their review of the Fund’s proposed advisory fee, the directors also considered the Fund’s pro forma total expense ratio (pertaining to the Adviser’s proposed fee reduction) in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Fund’s pro forma expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s pro forma expense ratio was below the medians. Based on their review, the directors concluded that the Fund’s pro forma expense ratio was acceptable.

Economies of Scale



ABFunds.com		AB US Large Cap Strategic Equities ETF 27

received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



28 AB US Large Cap Strategic Equities ETF		ABFunds.com

LOGO

AB US LARGE CAP STRATEGIC EQUITIES ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-ULCSE-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB US LOW VOLATILITY

EQUITY ETF

(NYSE: LOWV)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


Company	Shares		U.S. $ Value

COMMON STOCKS – 97.5%
Information Technology – 32.2%
Communications Equipment – 2.5%
Cisco Systems, Inc.		35,023	$	2,694,669
Motorola Solutions, Inc.		3,863		1,428,074

				4,122,743

IT Services – 0.4%
Amdocs Ltd.		8,534		652,680


Semiconductors & Semiconductor Equipment – 11.2%
Analog Devices, Inc.		7,500		1,990,050
Broadcom, Inc.		15,801		6,367,171
NVIDIA Corp.		41,866		7,410,282
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		9,907		2,887,990

				18,655,493

Software – 12.6%
Intuit, Inc.		3,988		2,528,711
Microsoft Corp.		27,134		13,350,199
Nice Ltd. (Sponsored ADR)^(a)		9,235		979,557
Oracle Corp.		4,543		917,459
Roper Technologies, Inc.		2,007		895,564
ServiceNow, Inc.^(a)		2,957		2,402,296

				21,073,786

Technology Hardware, Storage & Peripherals – 5.5%
Apple, Inc.		32,611		9,093,577

				53,598,279

Financials – 14.6%
Banks – 3.6%
Bank of America Corp.		48,322		2,592,475
JPMorgan Chase & Co.		8,356		2,616,097
M&T Bank Corp.		4,199		798,734

				6,007,306

Capital Markets – 3.1%
Cboe Global Markets, Inc.		6,923		1,787,311
CME Group, Inc.		2,114		595,006
MSCI, Inc.		1,215		684,920
S&P Global, Inc.		4,324		2,156,941

				5,224,178

Financial Services – 3.9%
Corpay, Inc.^(a)		2,859		845,692
Mastercard, Inc. – Class A		3,653		2,011,086
Visa, Inc. – Class A		10,918		3,651,416

				6,508,194



ABFunds.com		AB US Low Volatility Equity ETF 1

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Insurance – 4.0%
American Financial Group, Inc./OH		5,238	$	721,377
Everest Group Ltd.		1,293		406,377
Hanover Insurance Group, Inc. (The)		4,380		812,709
Marsh & McLennan Cos., Inc.		6,247		1,146,012
Reinsurance Group of America, Inc. – Class A		2,543		482,840
Travelers Cos., Inc. (The)		6,264		1,834,475
Willis Towers Watson PLC		3,596		1,154,316

				6,558,106

				24,297,784

Health Care – 12.3%
Biotechnology – 3.4%
AbbVie, Inc.		11,255		2,562,763
Gilead Sciences, Inc.		24,396		3,069,993

				5,632,756

Health Care Equipment & Supplies – 1.1%
Medtronic PLC		17,345		1,826,949


Health Care Providers & Services – 2.9%
McKesson Corp.		4,144		3,651,361
UnitedHealth Group, Inc.		3,752		1,237,297

				4,888,658

Life Sciences Tools & Services – 0.7%
Thermo Fisher Scientific, Inc.		1,841		1,087,718


Pharmaceuticals – 4.2%
Eli Lilly & Co.		2,780		2,989,807
Merck & Co., Inc.		29,843		3,128,442
Zoetis, Inc.		7,108		911,103

				7,029,352

				20,465,433

Industrials – 10.0%
Aerospace & Defense – 2.4%
BAE Systems PLC (Sponsored ADR)		17,283		1,481,326
L3Harris Technologies, Inc.		9,316		2,596,276

				4,077,602

Commercial Services & Supplies – 0.3%
Veralto Corp.		4,793		485,147


Construction & Engineering – 0.5%
Stantec, Inc.		9,295		897,525


Electrical Equipment – 0.4%
Eaton Corp. PLC		1,848		639,205


Professional Services – 6.4%
Automatic Data Processing, Inc.		4,211		1,075,068
Experian PLC (Sponsored ADR)		32,574		1,433,582
Genpact Ltd.		15,528		684,164



2 AB US Low Volatility Equity ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Jacobs Solutions, Inc.		6,622	$	892,712
Leidos Holdings, Inc.		12,971		2,478,758
RELX PLC (Sponsored ADR)		38,221		1,536,866
SS&C Technologies Holdings, Inc.		19,568		1,681,674
Wolters Kluwer NV (Sponsored ADR)		7,649		815,001

				10,597,825

				16,697,304

Communication Services – 9.3%
Entertainment – 1.0%
Netflix, Inc.^(a)		15,162		1,631,128


Interactive Media & Services – 7.5%
Alphabet, Inc. – Class C		32,152		10,292,498
Meta Platforms, Inc. – Class A		3,534		2,289,856

				12,582,354

Media – 0.8%
New York Times Co. (The) – Class A		19,938		1,286,001

				15,499,483

Consumer Discretionary – 9.2%
Broadline Retail – 3.8%
Amazon.com, Inc.^(a)		27,015		6,300,439


Diversified Consumer Services – 0.4%
ADT, Inc.		74,509		614,699


Hotels, Restaurants & Leisure – 2.9%
Booking Holdings, Inc.		323		1,587,445
Compass Group PLC (Sponsored ADR)		60,415		1,899,447
Yum! Brands, Inc.		9,065		1,388,849

				4,875,741

Specialty Retail – 2.1%
AutoZone, Inc.^(a)		661		2,613,812
O’Reilly Automotive, Inc.^(a)		8,323		846,449

				3,460,261

				15,251,140

Utilities – 3.8%
Electric Utilities – 2.4%
American Electric Power Co., Inc.		22,552		2,791,261
NextEra Energy, Inc.		14,440		1,246,028

				4,037,289

Multi-Utilities – 1.4%
Ameren Corp.		21,416		2,277,591

				6,314,880

Consumer Staples – 3.6%
Beverages – 1.3%
Coca-Cola Co. (The)		17,276		1,263,221
Monster Beverage Corp.^(a)		12,168		912,478

				2,175,699



ABFunds.com		AB US Low Volatility Equity ETF 3

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Household Products – 1.1%
Colgate-Palmolive Co.		15,822	$	1,271,930
Procter & Gamble Co. (The)		4,567		676,647

				1,948,577

Tobacco – 1.2%
Philip Morris International, Inc.		12,441		1,959,209

				6,083,485

Energy – 1.7%
Oil, Gas & Consumable Fuels – 1.7%
Exxon Mobil Corp.		8,140		943,589
Shell PLC (ADR)		24,916		1,838,053

				2,781,642

Real Estate – 0.8%
Office REITs – 0.4%
COPT Defense Properties		22,662		696,404


Specialized REITs – 0.4%
Extra Space Storage, Inc.		4,572		608,853

				1,305,257


Total Common Stocks (cost $137,189,877)				162,294,687


SHORT-TERM INVESTMENTS – 2.4%
Investment Companies – 2.4%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(b)(c)(d) (cost $4,058,825)		4,058,825		4,058,825


Total Investments – 99.9% (cost $141,248,702)				166,353,512
Other assets less liabilities – 0.1%				94,792


Net Assets – 100.0%			$	166,448,304

(a)	Non-income producing security.

(b)	The rate shown represents the 7-day yield as of period end.

(c)	Affiliated investments.

(d)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

Glossary:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

See notes to financial statements.



4 AB US Low Volatility Equity ETF		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $137,189,877)	$	162,294,687
Affiliated issuers (cost $4,058,825)		4,058,825
Cash		1,918
Unaffiliated dividends receivable		130,656
Affiliated dividends receivable		10,413
Receivable due from Adviser		525

Total assets		166,497,024

Liabilities
Advisory fee payable		48,720

Total liabilities		48,720

Net Assets	$	166,448,304

Composition of Net Assets
Capital stock, at par	$	210
Additional paid-in capital		145,171,961
Distributable earnings		21,276,133

Net Assets	$	166,448,304

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 2,100,020 shares outstanding)	$	79.26

See notes to financial statements.



ABFunds.com		AB US Low Volatility Equity ETF 5

STATEMENT OF OPERATIONS

Year Ended November 30, 2025


Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $10,235)	$	1,524,241
Affiliated issuers		67,448
Interest		353
Securities lending income, net		3,062		$	1,595,104

Expenses
Advisory fee (see Note B)		495,296

Total expenses before bank overdraft expense		495,296
Bank overdraft expense		71

Total expenses		495,367
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(3,468	)

Net expenses					491,899

Net investment income					1,103,205

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions					(4,036,323	)
In-kind redemptions					3,240,223
Foreign currency transactions					4
Net change in unrealized appreciation (depreciation) of investments					14,674,065

Net gain on investment and foreign currency transactions					13,877,969

Net Increase in Net Assets from Operations				$	14,981,174

See notes to financial statements.



6 AB US Low Volatility Equity ETF		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2025			Year Ended November 30, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,103,205		$	443,278
Net realized gain (loss) on investment transactions and foreign currency transactions		(796,096	)		253,875
Net change in unrealized appreciation (depreciation) of investments		14,674,065			9,088,077

Net increase in net assets from operations		14,981,174			9,785,230
Distribution to Shareholders		(1,066,987	)		(317,880	)
Transactions in Shares of the Fund
Net increase		75,816,262			52,231,037

Total increase		89,730,449			61,698,387
Net Assets
Beginning of period		76,717,855			15,019,468

End of period	$	166,448,304		$	76,717,855

See notes to financial statements.



ABFunds.com		AB US Low Volatility Equity ETF 7

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.



8 AB US Low Volatility Equity ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

2. Fair Value Measurements



ABFunds.com		AB US Low Volatility Equity ETF 9

NOTES TO FINANCIAL STATEMENTS (continued)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

162,294,687

– 0

–

– 0

–

162,294,687

Short-Term Investments

4,058,825

– 0

–

– 0

–

4,058,825

Total Investments in Securities

166,353,512

– 0

–

– 0

–

166,353,512

Other Financial Instruments^(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

166,353,512

– 0

–

– 0

–

166,353,512

(a)	See Portfolio of Investments for sector classifications.

(b)

3. Currency Translation



10 AB US Low Volatility Equity ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

4. Taxes

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and prior tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

6. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined



ABFunds.com		AB US Low Volatility Equity ETF 11

NOTES TO FINANCIAL STATEMENTS (continued)

in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

7. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

8. Segment Information

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser a unitary advisory fee at an annual rate of .39% of the Fund’s average daily net assets. The fees are accrued daily and paid monthly. Prior to May 9, 2025, the fund paid the Advisor a unitary advisory fee at annual rate of .48% of the Fund’s average daily net assets.

Under the investment advisory agreement, in accordance with the unitary fee structure, the Adviser bears the cost of various third-party services required by the Fund, including audit, custodial, accounting, legal, transfer agency and printing costs and the fees and expenses of the Corporation’s directors and their counsel. Also under the investment advisory agreement, the Adviser will reimburse the Fund for the Fund’s share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser. For the year ended November 30, 2025, such waiver/reimbursements relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $3,360.



12 AB US Low Volatility Equity ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)			Dividend Income (000)
AB Government Money Market Portfolio	$	546		$	20,507	$	16,994	$	4,059		$	67
AB Government Money Market Portfolio*		– 0	–		8,790		8,790		– 0	–		1

Total								$	4,059		$	68

*	Investments of cash collateral for securities lending transactions (see Note E).

NOTE C

Distribution Plan

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the year ended November 30, 2025 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	44,523,363		$	40,227,379
U.S. government securities		– 0	–		– 0	–


	Purchases			Sales
In-kind transactions (excluding U.S. government securities)	$	77,517,240		$	9,517,190
U.S. government securities		– 0	–		– 0	–



ABFunds.com		AB US Low Volatility Equity ETF 13

NOTES TO FINANCIAL STATEMENTS (continued)

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	141,608,984

Gross unrealized appreciation	$	27,953,343
Gross unrealized depreciation		(3,208,815	)

Net unrealized appreciation	$	24,744,528

1. Derivative Financial Instruments

The Fund did not engage in derivatives transactions for the year ended November 30, 2025.

2. Currency Transactions

NOTE E

Securities Lending



14 AB US Low Volatility Equity ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Fund amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Fund will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Fund, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and AB Government Money Market Portfolio are reflected in the statement of operations. When the Fund earns net securities lending income from AB Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

A summary of the Fund’s transactions surrounding securities lending for the year ended November 30, 2025 is as follows:

Market

Value of

Securities

on Loan*

Cash
Collateral*

Market
Value of
Non-Cash
Collateral*

Income from
Borrowers

AB Government
Money Market Portfolio

Income
Earned

Advisory Fee
Waived

$ – 0 –

– 0

–

– 0

–

1,619

1,443

108

*	As of November 30, 2025.

NOTE F

Shares of the Fund



ABFunds.com		AB US Low Volatility Equity ETF 15

NOTES TO FINANCIAL STATEMENTS (continued)

creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). A fixed transaction fee is imposed on authorized participants in connection with creation unit redemption and creation transactions. Authorized participants may be required to pay an additional variable charge to cover certain costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statement of Changes in Net Assets.

Transactions in shares of the Fund were as follows:


	Shares						Amount
	Year Ended November 30, 2025			Year Ended November 30, 2024			Year Ended November 30, 2025			Year Ended November 30, 2024

Shares sold		1,190,000			820,000		$	87,081,758		$	53,679,497

Shares redeemed		(150,000	)		(20,000	)		(11,265,496	)		(1,448,460	)

Net increase		1,040,000			800,000		$	75,816,262		$	52,231,037

NOTE G

Risks Involved in Investing in the Fund

Capitalization Risk—Investments in mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in mid-capitalization companies have additional risks because these companies may have limited product lines, markets or financial resources.



16 AB US Low Volatility Equity ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

In addition, the value of the Fund’s investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the NYSE Arca, Inc. (“Exchange”). The Fund’s shares are generally bought and sold in the secondary market at market prices. The NAV of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on an Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.



ABFunds.com		AB US Low Volatility Equity ETF 17

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE H

Joint Credit Facility

A number of ETFs managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short-term liquidity requirements, which will expire on June 24, 2026. A commitment fee of 0.15% per annum related to the Facility is paid by the Adviser. The Fund did not utilize the Facility during the year ended November 30, 2025.

NOTE I

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended November 30, 2025 and November 30, 2024 were as follows:


	2025		2024
Distributions paid from:
Ordinary income	$	1,066,987	$	317,880

Total taxable distributions paid	$	1,066,987	$	317,880



18 AB US Low Volatility Equity ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income	$	214,449
Accumulated capital and other losses		(3,682,844	)^(a)
Unrealized appreciation (depreciation)		24,744,528	^(b)

Total accumulated earnings (deficit)	$	21,276,133

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $3,682,844.

(b)	The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $2,752,039 and a net long-term capital loss carryforward of $930,805, which may be carried forward for an indefinite period.

NOTE J

Subsequent Events



ABFunds.com		AB US Low Volatility Equity ETF 19

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Year Ended November 30,						March 22, 2023^(a) to November 30,
	2025			2024			2023


Net asset value, beginning of period		$ 72.37			$ 57.76			$ 50.00

Income From Investment Operations

Net investment income^(b)(c)		.69			.69			.47

Net realized and unrealized gain on investment transactions		6.92			14.51			7.56

Net increase in net asset value from operations		7.61			15.20			8.03

Less: Dividends

Dividends from net investment income		(.72	)		(.59	)		(.27	)

Net asset value, end of period		$ 79.26			$ 72.37			$ 57.76


Total Return

Total investment return based on net asset value^(d)		10.58	%		26.47	%		16.09	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$166,448			$76,718			$15,019

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.42	%		.48	%		.48	%^{^}

Expenses, before waivers/reimbursements		.42	%		.48	%		.48	%^{^}

Net investment income^(c)		.93	%		1.04	%		1.24	%^{^}

Portfolio turnover rate^(e)		34	%		30	%		22	%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)

(e)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

^	Annualized.

See	notes to financial statements.



20 AB US Low Volatility Equity ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB US Low Volatility Equity ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB US Low Volatility Equity ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the two years in the period then ended and the period from March 22, 2023 (commencement of operations) to November 30, 2023 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended and the period from March 22, 2023 (commencement of operations) to November 30, 2023, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s 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 Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.



ABFunds.com		AB US Low Volatility Equity ETF 21

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



22 AB US Low Volatility Equity ETF		ABFunds.com

2025 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable period ended November 30, 2025. For individual shareholders, the Fund designates 100% of dividends paid as qualified dividend income. For corporate shareholders, 100% of dividends paid qualify for the dividends received deduction. For foreign shareholders, 3.57% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest related dividends.

The Fund designates $37,395 of distributions paid during the fiscal year ended November 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.



ABFunds.com		AB US Low Volatility Equity ETF 23

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

At a meeting of the Board of Directors of AB Active ETFs, Inc. (the “Company”) held in-person on May 6-8, 2025 (the “Meeting”), the Adviser recommended an amendment to the Company’s then-current Advisory Agreement with the Adviser (the “Amended Advisory Agreement”) to effect a fee reduction in respect of AB US Low Volatility Equity ETF (the “Fund”). The amendment would reduce the Fund’s advisory fee from 0.48% to 0.39%, effective May 9, 2025.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the proposed advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Amended Advisory Agreement, including the proposed advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered



24 AB US Low Volatility Equity ETF		ABFunds.com

relevant in the exercise of their business judgment. The directors noted that the proposed lowering of the advisory fee would benefit the Fund and its shareholders. The directors noted that the Adviser was reducing the advisory fee for business reasons, and had assured them that there would be no diminution in the nature or quality of services to the Fund. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for the period ended December 31, 2023 and calendar year 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted that the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the then-current Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed and would not have been profitable if the reduced advisory fee approved at the Meeting had been in effect during those periods.



ABFunds.com		AB US Low Volatility Equity ETF 25

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its relationship with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

Advisory Fees and Other Expenses

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s proposed fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.



26 AB US Low Volatility Equity ETF		ABFunds.com

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations. The directors noted that the proposed unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser.

Economies of Scale

The directors noted that the proposed advisory fee schedule for the Fund in the Amended Advisory Agreement does not contain breakpoints and that they had discussed their strong preference for breakpoints in advisory contracts with the Adviser. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in



ABFunds.com		AB US Low Volatility Equity ETF 27

respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



28 AB US Low Volatility Equity ETF		ABFunds.com

LOGO

AB US LOW VOLATILITY EQUITY ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-ULVE-0151-1125 LOGO

November 30, 2025

LOGO

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB ULTRA SHORT INCOME ETF

(NYSE: YEAR)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

November 30, 2025


		Principal Amount (000)		U.S. $ Value

GOVERNMENTS - TREASURIES – 39.2%
United States – 39.2%
U.S. Treasury Notes 3.50%, 10/31/2027	$		81,423	$	81,407,097
3.75%, 04/30/2027			35,227		35,315,067
3.875%, 03/31/2027			44,306		44,470,417
3.875%, 07/15/2028			36,967		37,320,786
3.94% (CME Term SOFR 3 Month + 0.16%), 04/30/2027^(a)			45,000		44,992,482
3.962% (CME Term SOFR 3 Month + 0.18%), 07/31/2026^(a)			111,000		110,994,941
4.00%, 03/31/2030			28,039		28,514,349
4.025% (CME Term SOFR 3 Month + 0.25%), 01/31/2026^(a)			20,000		19,997,444
4.25%, 12/31/2026			62,295		62,696,511
4.25%, 02/15/2028			119,973		121,871,010


Total Governments - Treasuries (cost $583,684,405)					587,580,104


CORPORATES - INVESTMENT GRADE – 36.3%
Financial Institutions – 21.9%
Banking – 16.7%
ABN AMRO Bank NV 4.80%, 04/18/2026^(b)			14,702		14,715,232
American Express Co. 4.90%, 02/13/2026			4,791		4,794,689
Bank of America Corp. 4.45%, 03/03/2026			19,527		19,516,846
Bank of Montreal 0.949%, 01/22/2027			6,200		6,170,054
Bank of Nova Scotia (The) 4.50%, 12/16/2025			11,940		11,940,597
Barclays PLC 4.375%, 01/12/2026			12,295		12,294,631
5.20%, 05/12/2026			14,273		14,321,385
BNP Paribas SA 4.375%, 05/12/2026^(b)			15,464		15,451,320
BPCE SA 4.875%, 04/01/2026^(b)			13,939		13,952,660
Capital One Financial Corp. 3.75%, 07/28/2026			1,346		1,341,787
4.50%, 01/30/2026			8,119		8,119,000
Capital One NA 4.25%, 03/13/2026			5,334		5,331,546
Citigroup, Inc. 4.60%, 03/09/2026			20,610		20,622,366



ABFunds.com		AB Ultra Short Income ETF 1

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Cooperatieve Rabobank UA 3.75%, 07/21/2026	$		20,631	$	20,557,554
Lloyds Banking Group PLC 4.582%, 12/10/2025			13,326		13,325,734
4.65%, 03/24/2026			1,491		1,491,268
Mitsubishi UFJ Financial Group, Inc. 3.85%, 03/01/2026			7,379		7,372,359
Nationwide Building Society 4.00%, 09/14/2026^(b)			7,180		7,162,768
Nordea Bank Abp 1.50%, 09/30/2026^(b)			2,192		2,147,480
Royal Bank of Canada Series G 4.65%, 01/27/2026			6,034		6,032,793
Societe Generale SA 4.25%, 08/19/2026^(b)			7,378		7,357,342
UBS Group AG 4.125%, 04/15/2026^(b)			7,159		7,157,926
US Bancorp 3.10%, 04/27/2026			1,424		1,418,660
Wells Fargo & Co. 4.10%, 06/03/2026			21,021		20,997,457
Western Union Co. (The) 1.35%, 03/15/2026			6,725		6,664,408

					250,257,862

Brokerage – 1.3%
Charles Schwab Corp. (The) 1.15%, 05/13/2026			5,000		4,936,250
Mizuho Markets Cayman LP 4.682% (SOFR + 0.53%), 01/09/2026^(a)(b)			10,000		9,993,200
5.19% (SOFR + 1.10%), 01/09/2026^(a)(b)			4,000		4,003,400
Nomura Holdings, Inc. 5.709%, 01/09/2026			1,213		1,214,480

					20,147,330

Finance – 2.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 1.75%, 01/30/2026			2,314		2,304,397
2.45%, 10/29/2026			5,148		5,069,545
Air Lease Corp. Series G 3.75%, 06/01/2026			7,472		7,451,601
Aircastle Ltd. 4.25%, 06/15/2026			7,564		7,559,083
Aviation Capital Group LLC 1.95%, 01/30/2026^(b)			6,946		6,918,563
1.95%, 09/20/2026^(b)			368		361,288

					29,664,477



2 AB Ultra Short Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Insurance – 1.4%
Athene Global Funding 5.62%, 05/08/2026^(b)	$		6,955	$	6,994,226
Cigna Group (The) 1.25%, 03/15/2026			6,695		6,635,548
Elevance Health, Inc. 4.50%, 10/30/2026			6,795		6,819,870

					20,449,644

REITs – 0.5%
Equinix, Inc. 1.45%, 05/15/2026			7,382		7,288,396

					327,807,709


Industrial – 13.3%
Basic – 1.2%
ArcelorMittal SA 4.55%, 03/11/2026			6,500		6,500,650
BHP Billiton Finance USA Ltd. 6.42%, 03/01/2026			4,510		4,535,211
Westlake Corp. 3.60%, 08/15/2026			7,601		7,559,651

					18,595,512

Capital Goods – 0.9%
Boeing Co. (The) 2.196%, 02/04/2026			6,275		6,254,920
CNH Industrial Capital LLC 1.875%, 01/15/2026			7,398		7,374,622

					13,629,542

Communications - Media – 0.5%
Cox Communications, Inc. 3.35%, 09/15/2026^(b)			7,220		7,173,648


Communications - Telecommunications – 0.5%
AT&T, Inc. 1.70%, 03/25/2026			7,238		7,181,471


Consumer Cyclical - Automotive – 0.7%
BMW US Capital LLC 2.80%, 04/11/2026^(b)			1,100		1,094,434
Ford Motor Credit Co. LLC 6.95%, 06/10/2026			1,731		1,748,829
Series G 4.389%, 01/08/2026			1,853		1,852,370
General Motors Financial Co., Inc. 1.50%, 06/10/2026			5,604		5,522,294
Hyundai Capital America 1.30%, 01/08/2026^(b)			380		378,784

					10,596,711



ABFunds.com		AB Ultra Short Income ETF 3

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Consumer Cyclical - Retailers – 0.1%
Lowe’s Cos., Inc. 2.50%, 04/15/2026	$		1,768	$	1,757,215


Consumer Non-Cyclical – 3.0%
BAT International Finance PLC 1.668%, 03/25/2026			4,884		4,844,391
Bunge Ltd. Finance Corp. 3.25%, 08/15/2026			7,423		7,378,462
CVS Health Corp. 3.00%, 08/15/2026			6,082		6,030,303
5.00%, 02/20/2026			1,329		1,330,209
HCA, Inc. 5.25%, 06/15/2026			1,935		1,936,180
Kraft Heinz Foods Co. 3.00%, 06/01/2026			7,405		7,359,904
Molson Coors Beverage Co. 3.00%, 07/15/2026			7,500		7,448,100
Philip Morris International, Inc. 2.75%, 02/25/2026			6,182		6,159,992
Zimmer Biomet Holdings, Inc. 3.05%, 01/15/2026			1,750		1,746,815

					44,234,356

Energy – 3.2%
Continental Resources, Inc./OK 2.268%, 11/15/2026^(b)			7,664		7,507,655
Energy Transfer LP 4.75%, 01/15/2026			5,176		5,176,569
EQT Corp. 3.125%, 05/15/2026^(b)			2,401		2,385,826
Marathon Petroleum Corp. 5.125%, 12/15/2026			7,426		7,486,076
MPLX LP 1.75%, 03/01/2026			4,154		4,127,539
ONEOK, Inc. 4.85%, 07/15/2026			4,803		4,811,790
5.55%, 11/01/2026			2,503		2,531,384
Phillips 66 1.30%, 02/15/2026			1,714		1,703,150
Spectra Energy Partners LP 3.375%, 10/15/2026			7,500		7,456,800
Western Midstream Operating LP 4.65%, 07/01/2026			5,236		5,239,194

					48,425,983

Technology – 2.3%
Broadridge Financial Solutions, Inc. 3.40%, 06/27/2026			7,497		7,455,092



4 AB Ultra Short Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Dell International LLC/EMC Corp. 4.90%, 10/01/2026	$		2,039	$	2,049,603
6.02%, 06/15/2026			1,451		1,459,154
Fidelity National Information Services, Inc. 1.15%, 03/01/2026			7,217		7,162,006
Fiserv, Inc. 3.20%, 07/01/2026			1,911		1,898,464
Jabil, Inc. 1.70%, 04/15/2026			7,005		6,937,892
Oracle Corp. 2.65%, 07/15/2026			7,378		7,311,672

					34,273,883

Transportation - Services – 0.9%
FedEx Corp. 3.25%, 04/01/2026			7,424		7,402,470
Ryder System, Inc. 1.75%, 09/01/2026			6,421		6,309,018

					13,711,488

					199,579,809

Utility – 1.1%
Electric – 1.1%
CMS Energy Corp. 3.00%, 05/15/2026			1,020		1,014,033
Entergy Corp. 2.95%, 09/01/2026			7,523		7,456,346
Southwestern Electric Power Co. Series K 2.75%, 10/01/2026			7,570		7,487,033

					15,957,412

Total Corporates - Investment Grade (cost $542,998,101)					543,344,930


ASSET-BACKED SECURITIES – 10.8%
Autos - Fixed Rate – 5.7%
ACM Auto Trust Series 2024-2A, Class A 6.06%, 02/20/2029^(b)			1,070		1,069,886
Series 2025-1A, Class A 5.38%, 06/20/2029^(b)			566		565,710
Series 2025-2A, Class A 5.55%, 06/20/2028^(b)			3,028		3,028,914
American Credit Acceptance Receivables Trust Series 2025-2, Class A 4.81%, 09/12/2028^(b)			4,239		4,244,764
Arivo Acceptance Auto Loan Receivables Trust Series 2024-1A, Class A 6.46%, 04/17/2028^(b)			231		232,556



ABFunds.com		AB Ultra Short Income ETF 5

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2025-1A, Class A2 4.92%, 05/15/2029^(b)	$		5,573	$	5,565,834
BOF VII AL Funding Trust I Series 2023-CAR3, Class A2 6.291%, 07/26/2032^(b)			690		700,493
Bridgecrest Lending Auto Securitization Trust Series 2025-2, Class A2 4.84%, 01/18/2028			3,467		3,472,507
CarMax Select Receivables Trust Series 2025-A, Class A2A 4.76%, 05/15/2028			4,563		4,571,986
Consumer Portfolio Services Auto Trust Series 2025-B, Class A 4.74%, 02/15/2029^(b)			4,041		4,050,087
CPS Auto Receivables Trust Series 2024-C, Class A 5.88%, 02/15/2028^(b)			576		577,462
Exeter Automobile Receivables Trust Series 2025-2A, Class A2 4.78%, 06/15/2027			1,870		1,870,891
Exeter Select Automobile Receivables Trust Series 2025-1, Class A2 4.83%, 10/16/2028			4,374		4,385,854
FHF Issuer Trust Series 2023-2A, Class A2 6.79%, 10/15/2029^(b)			445		448,308
GLS Auto Receivables Issuer Trust Series 2025-2A, Class A2 4.75%, 03/15/2028^(b)			5,866		5,876,259
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028^(b)			277		279,566
Series 2023-2A, Class A2 7.09%, 10/16/2028^(b)			418		423,769
Series 2023-3A, Class A2 7.50%, 12/15/2028^(b)			507		516,503
Lobel Automobile Receivables Trust Series 2025-1, Class A 5.06%, 11/15/2027^(b)			2,341		2,345,348
Merchants Fleet Funding LLC Series 2023-1A, Class A 7.21%, 05/20/2036^(b)			1,334		1,340,671
OCCU Auto Receivables Trust Series 2025-1A, Class A2 4.82%, 04/17/2028^(b)			7,079		7,093,084
Prestige Auto Receivables Trust Series 2025-1A, Class A2 4.87%, 12/15/2027^(b)			4,235		4,234,857



6 AB Ultra Short Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Research-Driven Pagaya Motor Asset Trust Series 2023-3A, Class A 7.13%, 01/26/2032^(b)	$		841	$	842,548
Series 2023-4A, Class A 7.54%, 03/25/2032^(b)			515		516,037
Series 2025-4A, Class A2 5.124%, 04/25/2034^(b)			7,300		7,332,523
Research-Driven Pagaya Motor Trust Series 2024-1A, Class A 7.09%, 06/25/2032^(b)			485		488,165
SAFCO Auto Receivables Trust Series 2025-1A, Class A 5.46%, 09/10/2029^(b)			4,612		4,599,435
Santander Bank Auto Credit-Linked Notes Series 2023-A, Class B 6.493%, 06/15/2033^(b)			24		24,246
Santander Drive Auto Receivables Trust Series 2025-2, Class A2 4.71%, 06/15/2028			3,585		3,591,374
SBNA Auto Receivables Trust Series 2025-SF1, Class B 5.12%, 03/17/2031^(b)			501		500,949
Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-AA, Class A2 4.63%, 07/20/2027^(b)			5,982		6,000,533
Strike Acceptance Auto Funding Trust Series 2025-1A, Class A 5.84%, 04/15/2032^(b)			1,887		1,892,933
Tricolor Auto Securitization Trust Series 2024-1A, Class A 6.61%, 10/15/2027^(c)			424		410,436
Series 2024-2A, Class A 6.36%, 12/15/2027^(c)(d)(e)			369		352,616
Series 2024-3A, Class A 5.22%, 06/15/2028^(c)(d)(e)			785		691,250
Series 2025-1A, Class A 4.94%, 02/15/2029^(c)(d)(e)			2,015		1,410,522
US Bank NA Series 2023-1, Class B 6.789%, 08/25/2032^(b)			681		688,102

					86,236,978

Other ABS - Fixed Rate – 4.4%
ACHV ABS Trust Series 2024-2PL, Class A 5.07%, 10/27/2031^(b)			2,355		2,366,967



ABFunds.com		AB Ultra Short Income ETF 7

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Affirm Asset Securitization Trust Series 2024-X2, Class A 5.22%, 12/17/2029^(b)	$		635	$	635,326
Series 2025-X1, Class A 5.08%, 04/15/2030^(b)			2,646		2,651,380
Series 2025-X2, Class A 4.45%, 10/15/2030^(b)			3,700		3,703,549
BHG Securitization Trust Series 2023-A, Class A 5.55%, 04/17/2036^(b)			122		122,384
Dext ABS LLC Series 2023-1, Class A2 5.99%, 03/15/2032^(b)			162		163,230
Equify ABS LLC Series 2024-1A, Class A 5.43%, 04/18/2033^(b)			1,736		1,737,463
Marlette Funding Trust Series 2025-1A, Class A 4.75%, 07/16/2035^(b)			3,679		3,684,874
NMEF Funding LLC Series 2023-A, Class A2 6.57%, 06/17/2030^(b)			451		453,615
Oportun Funding Trust Series 2024-3, Class A 5.26%, 08/15/2029^(b)			957		956,383
Oportun Issuance Trust Series 2024-2, Class A 5.86%, 02/09/2032^(b)			281		280,760
Pagaya AI Debt Grantor Trust Series 2024-5, Class A 6.278%, 10/15/2031^(b)			333		335,290
Series 2025-3, Class A2 5.365%, 12/15/2032^(b)			3,609		3,639,136
Pagaya AI Debt Grantor Trust And Pagaya AI Debt Trust Series 2024-6, Class A 6.093%, 11/15/2031^(b)			611		614,919
Pagaya AI Debt Trust Series 2024-1, Class A 6.66%, 07/15/2031^(b)			313		314,672
Series 2024-2, Class A 6.319%, 08/15/2031^(b)			556		558,377
Series 2024-3, Class A 6.258%, 10/15/2031^(b)			354		355,640
Series 2025-R1, Class A2 5.338%, 06/15/2032^(b)			7,000		7,059,188



8 AB Ultra Short Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Pagaya Point of Sale Holdings Grantor Trust Series 2025-1, Class A 5.715%, 01/20/2034^(b)	$		7,000	$	7,073,918
PEAC Solutions Receivables LLC Series 2024-2A, Class A2 4.74%, 04/20/2027^(b)			3,255		3,261,283
RCKT Trust Series 2025-1A, Class A 4.90%, 07/25/2034^(b)			7,475		7,493,418
Service Experts Issuer LLC Series 2024-1A, Class A 6.39%, 11/20/2035^(b)			3,582		3,668,330
Upgrade Master Pass-Thru Trust Series 2025-ST5, Class A 4.794%, 09/15/2032^(b)			5,588		5,598,708
Upstart Securitization Trust Series 2023-3, Class A 6.90%, 10/20/2033^(b)			140		140,282
Series 2024-1, Class A 5.33%, 11/20/2034^(b)			2,322		2,327,800
Verdant Receivables 2023-1 LLC Series 2023-1A, Class A2 6.24%, 01/13/2031^(b)			546		555,086
VFI ABS LLC Series 2025-1A, Class A 4.78%, 06/24/2030^(b)			5,482		5,500,922

					65,252,900

Credit Cards - Fixed Rate – 0.7%
Brex Commercial Charge Card Master Trust Series 2024-1, Class A1 6.05%, 07/15/2027^(b)			4,805		4,824,533
Mission Lane Credit Card Master Trust Series 2024-B, Class A 5.88%, 01/15/2030^(b)			5,900		5,941,425

					10,765,958

Total Asset-Backed Securities (cost $162,387,344)					162,255,836


		Shares
SHORT-TERM INVESTMENTS – 12.9%
Investment Companies – 8.8%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%^(f)(g)(h) (cost $131,537,147)			131,537,147		131,537,147



ABFunds.com		AB Ultra Short Income ETF 9

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Commercial Paper – 4.1%
American Honda Finance Corp. Zero Coupon, 01/05/2026	$		14,000	$	13,939,411
Charles Schwab Corp. (The) Zero Coupon, 06/05/2026^(b)			7,300		7,153,177
General Motors Financial Co., Inc. Zero Coupon, 03/20/2026^(b)			9,550		9,427,699
HSBC USA, Inc. Zero Coupon, 01/15/2026^(b)			7,000		6,962,611
Intesa Sanpaolo Funding LLC Zero Coupon, 02/27/2026			10,000		9,892,056
Sysco Corp. Zero Coupon, 02/18/2026^(b)			7,400		7,332,320
VW Credit, Inc. Zero Coupon, 03/03/2026^(b)			7,400		7,320,728


Total Commercial Paper (cost $62,039,339)					62,028,002


Total Short-Term Investments (cost $193,576,486)					193,565,149


Total Investments – 99.2% (cost $1,482,646,336)					1,486,746,019
Other assets less liabilities – 0.8%					12,529,193


Net Assets – 100.0%				$	1,499,275,212

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		358		March 2026	$	74,771,657	$	16,657
U.S. T-Note 5 Yr (CBT) Futures		358		March 2026		39,296,094		146,781

							$	163,438

(a)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2025.

(b)



10 AB Ultra Short Income ETF		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

(c)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.19% of net assets as of November 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Tricolor Auto Securitization Trust Series 2024-1A, Class A 6.61%, 10/15/2027		01/25/2024	$	423,522	$	410,436		0.03	%
Tricolor Auto Securitization Trust Series 2024-2A, Class A 6.36%, 12/15/2027		05/14/2024		368,983		352,616		0.02	%
Tricolor Auto Securitization Trust Series 2024-3A, Class A 5.22%, 06/15/2028		10/07/2024		784,852		691,250		0.05	%
Tricolor Auto Securitization Trust Series 2025-1A, Class A 4.94%, 02/15/2029		03/11/2025		2,015,235		1,410,522		0.09	%

(d)	Non-income producing security.

(e)	Defaulted.

(f)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(g)	The rate shown represents the 7-day yield as of period end.

(h)	Affiliated investments.

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

See notes to financial statements.



ABFunds.com		AB Ultra Short Income ETF 11

STATEMENT OF ASSETS & LIABILITIES

November 30, 2025


Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,351,109,189)	$	1,355,208,872
Affiliated issuers (cost $131,537,147)		131,537,147
Cash collateral due from broker		877,100
Receivable for shares of beneficial interest sold		24,073,903
Interest receivable		10,739,480
Receivable due from Adviser		17,467

Total assets		1,522,453,969

Liabilities
Due to custodian		14,430
Payable for shares of beneficial interest redeemed		22,811,490
Advisory fee payable		285,712
Payable for variation margin on futures		67,125

Total liabilities		23,178,757

Net Assets	$	1,499,275,212

Composition of Net Assets
Capital stock, at par	$	2,958
Additional paid-in capital		1,490,596,984
Distributable earnings		8,675,270

Net Assets	$	1,499,275,212

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 29,576,000 shares outstanding)	$	50.69

See notes to financial statements.



12 AB Ultra Short Income ETF		ABFunds.com

STATEMENT OF OPERATIONS

Year Ended November 30, 2025


Investment Income
Interest	$	61,163,883
Dividends—Affiliated issuers		2,900,943		$	64,064,826

Expenses
Advisory fee (see Note B)		3,414,704

Total expenses before bank overdraft expense		3,414,704
Bank overdraft expense		2,787

Total expenses		3,417,491
Less: expenses waived and reimbursed by the Adviser (see Note B)		(145,820	)

Net expenses					3,271,671

Net investment income					60,793,155

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions					(1,192,459	)
Futures					1,080,739
Net change in unrealized appreciation (depreciation) of:
Investments					3,167,646
Futures					(348,313	)

Net gain on investment transactions					2,707,613

Net Increase in Net Assets from Operations				$	63,500,768

See notes to financial statements.



ABFunds.com		AB Ultra Short Income ETF 13

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2025			Year Ended November 30, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	60,793,155		$	51,540,448
Net realized gain (loss) on investment transactions		(111,720	)		2,493,713
Net change in unrealized appreciation (depreciation) of investments		2,819,333			583,343

Net increase in net assets from operations		63,500,768			54,617,504
Distribution to Shareholders		(60,695,920	)		(48,760,403	)
Transactions in Shares of the Fund
Net increase		353,341,290			550,731,353
Other capital		– 0	–		344

Total increase		356,146,138			556,588,798
Net Assets
Beginning of period		1,143,129,074			586,540,276

End of period	$	1,499,275,212		$	1,143,129,074

See notes to financial statements.



14 AB Ultra Short Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS

November 30, 2025

NOTE A

Significant Accounting Policies

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.



ABFunds.com		AB Ultra Short Income ETF 15

NOTES TO FINANCIAL STATEMENTS (continued)

settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value (“NAV”) per share, while exchange-traded funds are valued at the closing market price per share.

2. Fair Value Measurements



16 AB Ultra Short Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)



ABFunds.com		AB Ultra Short Income ETF 17

NOTES TO FINANCIAL STATEMENTS (continued)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2025:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Governments – Treasuries

– 0

–

587,580,104

– 0

–

587,580,104

Corporates – Investment Grade

– 0

–

543,344,930

– 0

–

543,344,930

Asset-Backed Securities

– 0

–

162,255,836

– 0

–

162,255,836

Short-Term Investments:

Investment Companies

131,537,147

– 0

–

– 0

–

131,537,147

Commercial Paper

– 0

–

62,028,002

– 0

–

62,028,002

Total Investments in Securities

131,537,147

1,355,208,872

– 0

–

1,486,746,019

Other Financial Instruments^(a):

Assets:

Futures

163,438

– 0

–

– 0

–

163,438

^(b)

Liabilities

– 0

–

– 0

–

– 0

–

– 0

–

Total

131,700,585

1,355,208,872

– 0

–

1,486,909,457

(a)

(b)

3. Currency Translation



18 AB Ultra Short Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

4. Taxes

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and two prior years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

6. Dividends and Distributions

7. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

8. Segment Information



ABFunds.com		AB Ultra Short Income ETF 19

NOTES TO FINANCIAL STATEMENTS (continued)

operating results that are regularly reviewed by the public entity’s 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 Fund’s President is the CODM. The CODM monitors the operating results of the Fund as a whole and the pre-determined Fund’s long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser a unitary advisory fee at an annual rate of .25% of the Fund’s average daily net assets. The fees are accrued daily and paid monthly.

Under the investment advisory agreement, in accordance with the unitary fee structure, the Adviser bears the cost of various third-party services required by the Fund, including audit, custodial, accounting, certain legal and transfer agency costs. Also under the investment advisory agreement, the Adviser will reimburse the Fund for the Fund’s share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser. For the year ended November 30, 2025, such waiver/reimbursement relating to the Fund’s investment in AB Government Money Market Portfolio amounted to $145,820.

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2025 is as follows:


Fund	Market Value 11/30/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	77,872	$	1,573,108	$	1,519,443	$	131,537	$	2,901

NOTE C

Distribution Plan



20 AB Ultra Short Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the year ended November 30, 2025 were as follows:


	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	237,875,477	$	132,485,139
U.S. government securities		473,735,872		272,240,429

During the year ended November 30, 2025, were no in-kind purchases and in-kind sales.

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	1,482,654,940

Gross unrealized appreciation	$	5,123,511
Gross unrealized depreciation		(1,032,432	)

Net unrealized appreciation	$	4,091,079

1. Derivative Financial Instruments

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

•

Futures



ABFunds.com		AB Ultra Short Income ETF 21

NOTES TO FINANCIAL STATEMENTS (continued)

effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the year ended November 30, 2025, the Fund held futures for hedging purposes.

During the year ended November 30, 2025, the Fund had entered into the following derivatives:

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on futures

163,438

Total

163,438

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.



22 AB Ultra Short Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	1,080,739	$	(348,313	)

Total		$	1,080,739	$	(348,313	)

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended November 30, 2025:


Futures:
Average notional amount of buy contracts	$	114,672,945

2. Currency Transactions

NOTE E

Shares of the Fund



ABFunds.com		AB Ultra Short Income ETF 23

NOTES TO FINANCIAL STATEMENTS (continued)

Transactions in shares of the Fund were as follows:


	Shares						Amount
	Year Ended November 30, 2025			Year Ended November 30, 2024			Year Ended November 30, 2025			Year Ended November 30, 2024

Shares sold		13,700,000			18,875,000		$	692,256,432		$	952,667,558

Shares redeemed		(6,700,000	)		(7,950,000	)		(338,915,142	)		(401,936,205	)

Net increase		7,000,000			10,925,000		$	353,341,290		$	550,731,353

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, interest rate levels, tariffs, and trade disputes, and regional and global conflicts, that affect large portions of the market.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As



24 AB Ultra Short Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Illiquid Investments Risk—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. Foreign fixed-income securities may have more illiquid investments risk because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently than domestic securities. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down.



ABFunds.com		AB Ultra Short Income ETF 25

NOTES TO FINANCIAL STATEMENTS (continued)

Investment in Other Investment Companies Risk—As with other investments, investments in other investment companies are subject to market and selection risk. In addition, shareholders of the Fund bear both their proportionate share of expenses in the Fund (including management fees) and, indirectly, the expenses of the investment companies in which the Fund invests (to the extent these expenses are not waived or reimbursed by the Adviser).

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the NYSE Arca, Inc. (“NYSE Arca” or an “Exchange”). The Fund’s shares are generally bought and sold in the secondary market at market prices. The net asset value per share (“NAV”) of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on an Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.



26 AB Ultra Short Income ETF		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Sector Risk—The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the financial institutions sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments

Note G

Joint Credit Facility

NOTE H

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended November 30, 2025 and November 30, 2024 were as follows:


	2025		2024
Distributions paid from:
Ordinary income	$	60,695,920	$	48,760,403

Total taxable distributions	$	60,695,920	$	48,760,403



ABFunds.com		AB Ultra Short Income ETF 27

NOTES TO FINANCIAL STATEMENTS (continued)

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income	$	5,789,670
Accumulated capital and other losses		(1,205,479	)^(a)
Unrealized appreciation (depreciation)		4,091,079	^(b)

Total accumulated earnings (deficit)	$	8,675,270

(a)	As of November 30, 2025, the Fund had a net capital loss carryforward of $1,205,479.

(b)	The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains (losses) on certain derivative instruments and the tax treatment of callable bonds.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2025, the Fund had a net short-term capital loss carryforward of $1,205,479, which may be carried forward for an indefinite period.

During the current fiscal year, there were no permanent differences that resulted in adjustments to distributable earnings or additional paid-in capital.

NOTE I

Subsequent Events



28 AB Ultra Short Income ETF		ABFunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Year Ended November 30,									September 14, 2022^(a) to November 30, 2022
	2025			2024			2023			September 14, 2022^(a) to November 30, 2022


Net asset value, beginning of period		$ 50.63			$ 50.34			$ 49.98			$ 50.00

Income From Investment Operations

Net investment income^(b)(c)		2.25			2.66			2.63			.42

Net realized and unrealized gain (loss) on investment transactions		.10			.22			.14			(.20	)

Net increase in net asset value from operations		2.35			2.88			2.77			.22

Less: Dividends

Dividends from net investment income		(2.29	)		(2.59	)		(2.41	)		(.24	)

Net asset value, end of period		$ 50.69			$ 50.63			$ 50.34			$ 49.98

Total Return

Total investment return based on net asset value^(d)		4.75	%		5.87	%		5.66	%		.46	%
Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,499,275			$1,143,129			$586,540			$150,002

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(e)		.24	%		.24	%		.25	%		.25	%^{^}

Expenses, before waivers/reimbursements^(e)		.25	%		.25	%		.25	%		.25	%^{^}

Net investment income^(c)		4.45	%		5.28	%		5.30	%		3.98	%^{^}

Portfolio turnover rate^(f)		114	%		59	%		114	%		35	%


^‡ Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying
portfolio		.01	%		.01	%		.00	%		.00	%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)

(e)

In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the years ended November 30, 2025 and November 30, 2024, such waiver amounted to .01% and .01%, respectively.

(f)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

^	Annualized.

See	notes to financial statements.



ABFunds.com		AB Ultra Short Income ETF 29

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

AB Ultra Short Income ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Ultra Short Income ETF (the “Fund”) (one of the funds constituting AB Active ETFs, Inc. (the “Corporation”)), including the portfolio of investments, as of November 30, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended and the period from September 14, 2022 (commencement of operations) to November 30, 2022 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 the Fund (one of the funds constituting AB Active ETFs, Inc.) at November 30, 2025, the results of its operations for the year then ended and the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the three years in the period then ended and the period from September 14, 2022 (commencement of operations) to November 30, 2022, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s 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 Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.



30 AB Ultra Short Income ETF		ABFunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 28, 2026



ABFunds.com		AB Ultra Short Income ETF 31

2025 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended November 30, 2025. For foreign shareholders, 76.28% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends. The Fund designates $55,032,827 of distributions paid during the fiscal year ended November 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.



32 AB Ultra Short Income ETF		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Ultra Short Income ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment



ABFunds.com		AB Ultra Short Income ETF 33

Costs of Services Provided and Profitability

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its relationship with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results



34 AB Ultra Short Income ETF		ABFunds.com

At the Meeting, the directors reviewed information prepared by an independent service provider (the “15(c) service provider”), showing the Fund’s performance against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses



ABFunds.com		AB Ultra Short Income ETF 35

risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe of ETFs selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others, and in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s expense ratio was close to the median of a peer group and higher than the median of a peer universe. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



36 AB Ultra Short Income ETF		ABFunds.com

LOGO

AB ULTRA SHORT INCOME ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-USI-0151-1125 LOGO

CAM

Please scan QR code for

Fund Information

AB California Intermediate Municipal ETF

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report

What were the Fund costs for the last period?

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Performance Highlights

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Average Annual Total Returns

Key Fund Statistics

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Householding

CORB

AB Core Bond ETF

Principal Listing Exchange: NYSE Arca

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Householding

EMOP

AB Emerging Markets Opportunities ETF

Annual Shareholder Report

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10 Top Holdings

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BUFI

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Fund Information

AB International Buffer ETF

Principal Listing Exchange: NASDAQ

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Performance Highlights

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IGGY

AB International Growth ETF

Annual Shareholder Report

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Key Fund Statistics

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10 Top Holdings

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ILOW

AB International Low Volatility Equity ETF

Annual Shareholder Report

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Performance Highlights

Fund Performance

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Credit Rating Breakdown^{Footnote
Reference*}

Credit Rating Breakdown^{Footnote
Reference*}