# EDGAR Filing Document

**Accession Number:** 0001496608
**File Stem:** 0001193125-23-075480
**Filing Date:** 2023-3
**Character Count:** 17384
**Document Hash:** 1e76f7544295c580077f41ece84d5a49
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-075480.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0001193125-23-075480

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230321

**DATE AS OF CHANGE**: 20230321

**EFFECTIVENESS DATE**: 20230321

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB Active ETFs, Inc.
- **CENTRAL INDEX KEY:** 0001496608
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-264818
- **FILM NUMBER:** 23748415

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ALLIANCEBERNSTEIN L.P.
- **STREET 2:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 212-969-1000

**MAIL ADDRESS:**
- **STREET 1:** C/O ALLIANCEBERNSTEIN L.P.
- **STREET 2:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AllianceBernstein Active ETFs, Inc.
- **DATE OF NAME CHANGE:** 20100714

## Series and Classes Contracts Data

### AB US High Dividend ETF (Series ID: S000079471)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000240508 | AB US High Dividend ETF | HIDV            |

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| | |
|:---|:---|
| ![LOGO](g468529g67z55.jpg) | SUMMARY PROSPECTUS March 22, 2023 |

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## AB US High Dividend ETF
**Ticker:** HIDV

**Exchange:** NYSE Arca

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, both dated February 17, 2023, as may be amended or supplemented, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund's Prospectus, reports to shareholders and other information about the Fund, go to <u>www.abfunds.com/go/prospectus</u>, email a request to prorequest@alliancebernstein.com, call (800) 243-5994, or ask any financial advisor, bank, or broker-dealer who offers shares of the Fund. The Fund's reports to shareholders are also available at <u>www.abfunds.com/go/ABHIDV</u>.

**PRO-ETF02-UHD-0323** 

**INVESTMENT OBJECTIVE** 

The Fund's investment objective is current income and long-term growth of capital.

**FEES AND EXPENSES OF THE FUND** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in shares, which are not reflected in the tables or the examples below.**

**Shareholder Fees** (fees paid directly from your investment)

None

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

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| | | |
|:---|:---|:---|
|  Management Fees | 0.45% | (a) |
|  Distribution and/or Service (12b-1) Fees |  |  |
|  Other Expenses(b) | 0.00% |  |
|  Total Annual Fund Operating Expenses | 0.45% |  |

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(a) The Fund's investment advisory agreement provides that AllianceBernstein L.P. (the "Adviser") will pay
substantially all expenses of the Fund (including expenses of AB Active ETFs, Inc. relating to the Fund), except for the advisory fees, payments under the Fund's 12b-1 plan (if any), interest expenses,
taxes, acquired fund fees and expenses (other than fees and expenses for funds advised by the Adviser and/or its affiliates), and litigation and extraordinary expenses not incurred in the ordinary course of the Fund's business. Additionally,
the Fund shall be responsible for its non-operating expenses, including brokerage commissions.

(b) Total other expenses are based on estimated amounts for the current fiscal year.

**Examples** 

The Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year and that the Fund's operating expenses stay the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | |
|:---|:---|
|  After 1 Year | $46 |
| After 3 Years | $144 |

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**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys or sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund's performance. While the Fund has not commenced operations and therefore has no portfolio turnover information, the Fund expects that its portfolio turnover will be higher than 100% of the average value of its portfolio.

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**PRINCIPAL STRATEGIES** 

The Fund is an actively-managed exchange-traded fund ("ETF"). The Adviser seeks to achieve the Fund's investment objective by investing, under normal circumstances, at least 80% of its net assets in the equity securities of U.S. companies. A company is considered to be a U.S. company if: (i) the company is domiciled or organized in the U.S.; (ii) the company has securities that are traded principally in the U.S.; or (iii) the company conducts a substantial part of its economic activities in the U.S. The Fund may also invest to a lesser degree in the equity securities of non-U.S. companies. The Fund primarily invests in dividend-paying equity securities.

The Fund invests in companies that are determined to be attractive by the Adviser with an emphasis on income generation.

The Adviser employs a systematic approach to identify attractive companies that pay dividends and have the potential for long-term capital generation. Using this approach, the Adviser systematically analyzes thousands of companies across styles and sectors to identify factors that are complementary to the payment of high dividends with the goal of consistently delivering returns and income. Factors that the Adviser considers in this regard include quantitative metrics such as dividend yield, balance sheet quality, price momentum, among others. While its emphasis is on investing in companies that currently pay a dividend, the Adviser may also invest in non-dividend paying companies. The Fund primarily invests in mid- and large-capitalization companies, which are currently defined for the Fund as companies that have market capitalizations of $2 billion or more. The Fund may use derivatives, such as options, futures contracts, forwards, and swaps, for hedging (reducing risks), efficient portfolio management and other investment purposes.

The Fund is "non-diversified."

**PRINCIPAL RISKS** 

• **Market Risk:** The value of the Fund's assets will fluctuate as the stock market fluctuates. The value
of its 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), interest rate levels, and regional
and global conflicts, that affect large portions of the market.

• **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.

• **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 securities held by the Fund in the future, or that dividends will remain at current levels or increase.

• **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.

• **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.

• **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.

• **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.

• **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.

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• **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, 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.

• **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 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.

• **Authorized Participant Risk:** Only a limited number of financial institutions that enter into an authorized
participant agreement 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 premium or
discount to the Fund's NAV, 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, and 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.

• **Management Risk:** The Fund is subject to management risk because it is an actively-managed investment fund.
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.

As with all investments, you may lose money by investing in the Fund.

**BAR CHART AND PERFORMANCE INFORMATION** 

No performance information is presented for the Fund because it has not yet been in operation for a full calendar year.

**INVESTMENT ADVISER** 

AllianceBernstein L.P. is the investment adviser for the Fund.

**PORTFOLIO MANAGERS** 

The following table lists the persons responsible for day-to-day management of the Fund's portfolio:

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| | | |
|:---|:---|:---|
| **Employee** | **Length of Service** | **Title** |
| Vikas Kapoor | Since March 2023 | Senior Vice President of the Adviser |
| Eugene Smit | Since March 2023 | Vice President of the Adviser |
| Cherie Tian | Since March 2023 | Vice President of the Adviser |

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**PURCHASE AND SALE OF FUND SHARES** 

The Fund is an actively-managed ETF and does not seek to track the performance of an index. Individual shares of the Fund are listed on the Exchange. Most investors will buy and sell shares of the Fund through a broker-dealer. The price of Fund shares is based on market price, and because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund will only issue or redeem shares that have been aggregated into blocks

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of 20,000 shares or multiples thereof ("Creation Units") to a limited number of Authorized Participants who have entered into agreements with the Fund's distributor. The Fund generally will issue or redeem Creation Units in return for a designated basket of portfolio securities and/or cash that the Fund specifies each day. To the extent the Fund's Creation Units are issued or redeemed for cash, the Fund may incur brokerage expenses, transaction and other costs, and/or capital gains, which may or may not be offset, in whole or in part, by a transaction fee paid by an Authorized Participant.

Information about the Fund's NAV, market price, premiums and discounts, and bid-ask spreads are available on the Fund's website at <u>www.abfunds.com</u>.

**TAX INFORMATION** 

The Fund may pay income dividends or make capital gains distributions, which may be subject to federal income taxes and taxable as ordinary income or capital gains, and may also be subject to state and local taxes.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

The Adviser and its affiliates make payments to brokers, dealers and other financial intermediaries for the sale of Fund shares and other services. These payments may create a conflict of interest by influencing the broker, dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| | |
|:---|:---|
| **PRO-ETF02-UHD-0323** | ![LOGO](g468529g22c48.jpg) |

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