# EDGAR Filing Document

**Accession Number:** 0001496608
**File Stem:** 0001193125-26-041622
**Filing Date:** 2026-2
**Character Count:** 2784466
**Document Hash:** f43c295a70a9f156d5e35f7a34f20c7f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-041622.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0001193125-26-041622

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 151

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB Active ETFs, Inc.
- **CENTRAL INDEX KEY:** 0001496608

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23799
- **FILM NUMBER:** 26609353

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ALLIANCEBERNSTEIN L.P.
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-969-1000

**MAIL ADDRESS:**
- **STREET 1:** C/O ALLIANCEBERNSTEIN L.P.
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

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

## Series and Classes Contracts Data

### AB Tax-Aware Short Duration Municipal ETF (Series ID: S000076879)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000237018 | AB Tax-Aware Short Duration Municipal ETF | TAFI            |

### AB Ultra Short Income ETF (Series ID: S000076880)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000237019 | AB Ultra Short Income ETF | YEAR            |

### AB Disruptors ETF (Series ID: S000079470)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000240507 | AB Disruptors ETF | FWD             |

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

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

### AB US Low Volatility Equity ETF (Series ID: S000079472)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000240509 | AB US Low Volatility Equity ETF | LOWV            |

### AB High Yield ETF (Series ID: S000079881)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000241312 | AB High Yield ETF | HYFI            |

### AB US Large Cap Strategic Equities ETF (Series ID: S000080208)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000241953 | AB US Large Cap Strategic Equities ETF | LRGC            |

### AB Conservative Buffer ETF (Series ID: S000082566)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000245882 | AB Conservative Buffer ETF | BUFC            |

### AB Core Plus Bond ETF (Series ID: S000082567)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000245883 | AB Core Plus Bond ETF | CPLS            |

### AB Corporate Bond ETF (Series ID: S000082568)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000245884 | AB Corporate Bond ETF | EYEG            |

### AB Tax-Aware Intermediate Municipal ETF (Series ID: S000082569)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000245885 | AB Tax-Aware Intermediate Municipal ETF | TAFM            |

### AB Tax-Aware Long Municipal ETF (Series ID: S000082570)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000245886 | AB Tax-Aware Long Municipal ETF | TAFL            |

### AB Short Duration High Yield ETF (Series ID: S000083864)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000247934 | AB Short Duration High Yield ETF | SYFI            |

### AB Short Duration Income ETF (Series ID: S000083865)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000247935 | AB Short Duration Income ETF | SDFI            |

### AB International Low Volatility Equity ETF (Series ID: S000083870)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000247940 | AB International Low Volatility Equity ETF | ILOW            |

### AB International Buffer ETF (Series ID: S000088373)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000254634 | AB International Buffer ETF | BUFI            |

### AB Moderate Buffer ETF (Series ID: S000088374)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000254635 | AB Moderate Buffer ETF | BUFM            |

### AB Emerging Markets Opportunities ETF (Series ID: S000092962)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000261013 | AB Emerging Markets Opportunities ETF | EMOP            |

### AB International Growth ETF (Series ID: S000093934)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000262396 | AB International Growth ETF | IGGY            |

### AB California Intermediate Municipal ETF (Series ID: S000093944)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000262410 | AB California Intermediate Municipal ETF | CAM             |

### AB Core Bond ETF (Series ID: S000093945)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000262411 | AB Core Bond ETF | CORB            |

### AB New York Intermediate Municipal ETF (Series ID: S000093946)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000262412 | AB New York Intermediate Municipal ETF | NYM             |

?xml version='1.0' encoding='ASCII'? AB Active ETFs

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-23799

## AB ACTIVE ETFs, INC.

#### (Exact name of registrant as specified in charter)

#### 66 Hudson Boulevard East

#### New York, New York 10005

#### (Address of principal executive offices) (Zip code)

#### Stephen M. Woetzel

#### AllianceBernstein L.P.

#### 66 Hudson Boulevard East

#### New York, New York 10005

#### (Name and address of agent for service)

#### Registrant's telephone number, including area code: (800) 221-5672

#### Date of fiscal year end: November 30, 2025

#### Date of reporting period: November 30, 2025

------

#### ITEM 1. REPORTS TO STOCKHOLDERS.

# CAM
November 30, 2025

![Image](g38326g50w61.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/CAM-A](g38326g83h11.jpg)

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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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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.

![Growth of 10K Chart](g38326g47o33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **AB California Intermediate Municipal ETF** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-10 Yr Municipal Bond Blend** |
| **11/15** | $10000 | $10000 | $10000 |
| **11/16** | $9964 | $9978 | $9952 |
| **11/17** | $10266 | $10535 | $10308 |
| **11/18** | $10368 | $10654 | $10441 |
| **11/19** | $10965 | $11559 | $11104 |
| **11/20** | $11319 | $12125 | $11564 |
| **11/21** | $11488 | $12364 | $11655 |
| **11/22** | $10906 | $11295 | $11054 |
| **11/23** | $11317 | $11779 | $11431 |
| **11/24** | $11894 | $12360 | $11815 |
| **11/25** | $12302 | $12686 | $12291 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;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 | $1098152689 |
| # of Portfolio Holdings | 378 |
| Portfolio Turnover Rate | 2% |
| Total Advisory Fees Paid (Net) | $508383 |

---

CAM

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| 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 |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-CAM-0153-1125

CAM

# CORB
November 30, 2025

![Image](g38326g50w61.jpg)

# AB Core Bond ETF

## Principal Listing Exchange: NYSE Arca
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/ab/CORB-A](g38326g22p08.jpg)

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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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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.

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 Intermediate Duration Institutional Class shares.

## 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.

![Growth of 10K Chart](g38326g68r52.jpg)

---

| | | |
|:---|:---|:---|
| | **AB Core Bond ETF** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/15** | $10000 | $10000 |
| **11/16** | $10333 | $10217 |
| **11/17** | $10728 | $10546 |
| **11/18** | $10589 | $10404 |
| **11/19** | $11681 | $11527 |
| **11/20** | $12569 | $12366 |
| **11/21** | $12527 | $12224 |
| **11/22** | $10776 | $10654 |
| **11/23** | $10928 | $10780 |
| **11/24** | $11823 | $11521 |
| **11/25** | $12505 | $12178 |

---

## 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 | $876551908 |
| # of Portfolio Holdings | 588 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid (Net) | $433300 |

---

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-CORB-0153-1125

CORB

# EMOP
November 30, 2025

![Image](g38326g26o86.jpg)

# AB Emerging Markets Opportunities ETF
Principal Listing Exchange: NYSE Arca

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/EMOP-A](g38326g03x53.jpg)

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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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $53523677 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid (Net) | $52598 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Taiwan Semiconductor Manufacturing Co., Ltd. | $5478286 | 10.2% |
| Tencent Holdings Ltd. - Class H | $3958539 | 7.4% |
| Samsung Electronics Co., Ltd. | $2167790 | 4.1% |
| ICICI Bank Ltd. (Sponsored ADR) | $1834700 | 3.4% |
| PetroChina Co., Ltd. - Class H | $1609885 | 3.0% |
| NetEase, Inc. - Class H | $1607969 | 3.0% |
| Delta Electronics, Inc. | $1579812 | 2.9% |
| State Bank of India (GDR) | $1529514 | 2.8% |
| TIM SA/Brazil | $1422523 | 2.7% |
| Midea Group Co., Ltd. - Class A | $1397698 | 2.6% |
| Total | $22586716 | 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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-EMO-0153-1125

EMOP

# BUFI
November 30, 2025

![Image](g38326g50w61.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/BUFI-A](g38326g99f53.jpg)

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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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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
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.

![Growth of 10K Chart](g38326g86m59.jpg)

---

| | | |
|:---|:---|:---|
| | **AB International Buffer ETF** | **MSCI EAFE Index (net)** |
| **12/24** | $10000 | $10000 |
| **11/25** | $11261 | $12205 |

---

## Average Annual Total Returns

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;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 | $73899786 |
| # of Portfolio Holdings | 3 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid (Net) | $267759 |

---

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-IB-0153-1125

BUFI

# IGGY
November 30, 2025

![Image](g38326g26o86.jpg)

# 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $4297099 |
| # of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 1% |
| Total Advisory Fees Paid (Net) | $5004 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR) | $343107 | 8.0% |
| Tencent Holdings Ltd. - Class H | $211279 | 4.9% |
| ASML Holding NV | $205495 | 4.8% |
| Kingspan Group PLC | $148273 | 3.4% |
| Sea Ltd. (ADR) | $131921 | 3.1% |
| 3i Group PLC | $124986 | 2.9% |
| Beijer Ref AB | $117325 | 2.7% |
| SAP SE | $117144 | 2.7% |
| InterContinental Hotels Group PLC | $110803 | 2.6% |
| Weir Group PLC (The) | $110444 | 2.6% |
| Total | $1620777 | 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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-IG-0153-1125

IGGY

# ILOW
November 30, 2025

![Image](g38326g50w61.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ILOW-A](g38326g11d57.jpg)

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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
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.

![Growth of 10K Chart](g38326g17g73.jpg)

---

| | | |
|:---|:---|:---|
| | **AB International Low Volatility Equity ETF** | **MSCI EAFE Index (net)** |
| **11/15** | $10000 | $10000 |
| **11/16** | $9973 | $9634 |
| **11/17** | $12391 | $12262 |
| **11/18** | $11998 | $11288 |
| **11/19** | $13218 | $12692 |
| **11/20** | $13623 | $13501 |
| **11/21** | $15075 | $14955 |
| **11/22** | $13509 | $13438 |
| **11/23** | $14719 | $15099 |
| **11/24** | $17456 | $16893 |
| **11/25** | $20993 | $21033 |

---

## 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 | $1494446565 |
| # of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid (Net) | $5907797 |

---

ILOW

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Shell PLC | $33347254 | 2.2% |
| KBC Group NV | $30889273 | 2.1% |
| SAP SE | $30593675 | 2.0% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | $30052573 | 2.0% |
| Tesco PLC | $29734309 | 2.0% |
| BAE Systems PLC | $29090200 | 2.0% |
| AstraZeneca PLC | $28948506 | 1.9% |
| Nordea Bank Abp | $28600225 | 1.9% |
| AIB Group PLC | $27767006 | 1.9% |
| RELX PLC | $26859629 | 1.8% |
| Total | $295882650 | 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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-ILVE-0153-1125

ILOW

# BUFM
November 30, 2025

![Image](g38326g50w61.jpg)

# AB Moderate Buffer ETF

## Principal Listing Exchange: NASDAQ
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/BUFM-A](g38326g04h59.jpg)

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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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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
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.

![Growth of 10K Chart](g38326g34k46.jpg)

---

| | | |
|:---|:---|:---|
| | **AB Moderate Buffer ETF** | **S&P 500 Index** |
| **12/24** | $10000 | $10000 |
| **11/25** | $11096 | $11456 |

---

## 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 | $268945473 |
| # of Portfolio Holdings | 3 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid (Net) | $1008297 |

---

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-MB-0153-1125

BUFM

# NYM
November 30, 2025

![Image](g38326g50w61.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/NYM-A](g38326g15c71.jpg)

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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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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.

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 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
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.

![Growth of 10K Chart](g38326g19m37.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **AB New York Intermediate Municipal ETF** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-10 Yr Municipal Bond Blend** |
| **11/15** | $10000 | $10000 | $10000 |
| **11/16** | $9984 | $9978 | $9952 |
| **11/17** | $10298 | $10535 | $10308 |
| **11/18** | $10362 | $10654 | $10441 |
| **11/19** | $10991 | $11559 | $11104 |
| **11/20** | $11251 | $12125 | $11564 |
| **11/21** | $11546 | $12364 | $11655 |
| **11/22** | $10871 | $11295 | $11054 |
| **11/23** | $11281 | $11779 | $11431 |
| **11/24** | $11815 | $12360 | $11815 |
| **11/25** | $12145 | $12686 | $12291 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;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 | $1292950270 |
| # of Portfolio Holdings | 385 |
| Portfolio Turnover Rate | 1% |
| Total Advisory Fees Paid (Net) | $775888 |

---

NYM

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| 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 |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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)

---

| | |
|:---|:---|
| 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
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 November 7, 2025.

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-NYM-0153-1125

NYM

# SYFI
November 30, 2025

![Image](g38326g50w61.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/SYFI-A](g38326g75o58.jpg)

SCAN ME

# Please scan QR code for

# 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
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.

![Growth of 10K Chart](g38326g31a82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **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** | $10000 | $10000 | $10000 |
| **11/16** | $10689 | $10458 | $11154 |
| **11/17** | $11199 | $11103 | $12034 |
| **11/18** | $11268 | $10765 | $12349 |
| **11/19** | $12148 | $12471 | $13043 |
| **11/20** | $12636 | $13689 | $13633 |
| **11/21** | $13109 | $13616 | $14525 |
| **11/22** | $12181 | $11511 | $13907 |
| **11/23** | $13242 | $11920 | $15083 |
| **11/24** | $14599 | $12952 | $16909 |
| **11/25** | $15567 | $13716 | $18102 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;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 | $837800765 |
| # of Portfolio Holdings | 562 |
| Portfolio Turnover Rate | 72% |
| Total Advisory Fees Paid (Net) | $3133931 |

---

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-SDHY-0153-1125

SYFI

# SDFI
November 30, 2025

![Image](g38326g50w61.jpg)

# AB Short Duration Income ETF

## Principal Listing Exchange: NYSE Arca
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.abfunds.com/link/AB/SDFI-A](g38326g71m40.jpg)

SCAN ME

# Please scan QR code for

# 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
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.

![Growth of 10K Chart](g38326g36a59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **AB Short Duration Income ETF** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg 1-5 Year U.S. Government/Credit Index** |
| **12/18** | $10000 | $10000 | $10000 |
| **11/19** | $10704 | $10994 | $10565 |
| **11/20** | $11049 | $11795 | $11067 |
| **11/21** | $11106 | $11659 | $10995 |
| **11/22** | $10392 | $10162 | $10369 |
| **11/23** | $10914 | $10282 | $10707 |
| **11/24** | $11673 | $10989 | $11302 |
| **11/25** | $12386 | $11615 | $11951 |

---

## 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 | $145142535 |
| # of Portfolio Holdings | 484 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid (Net) | $347826 |

---

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-SDI-0153-1125

SDFI

# BUFC
November 30, 2025

![Image](g38326g50w61.jpg)

# AB Conservative Buffer ETF

## Principal Listing Exchange: NASDAQ
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/BUFC-A](g38326g85f26.jpg)

SCAN ME

# Please scan QR code for

# 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
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.

![Growth of 10K Chart](g38326g27z16.jpg)

---

| | | |
|:---|:---|:---|
| | **AB Conservative Buffer ETF** | **S&P 500 Index** |
| **12/23** | $10000 | $10000 |
| **11/24** | $11231 | $13165 |
| **11/25** | $11750 | $15140 |

---

## 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 | $976687375 |
| # of Portfolio Holdings | 3 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid (Net) | $5913030 |

---

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-CB-0153-1125

BUFC

# CPLS
November 30, 2025

![Image](g38326g50w61.jpg)

# AB Core Plus Bond ETF

## Principal Listing Exchange: NASDAQ
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/CPLS-A](g38326g94a30.jpg)

SCAN ME

# Please scan QR code for

# 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
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.

![Growth of 10K Chart](g38326g67j43.jpg)

---

| | | |
|:---|:---|:---|
| | **AB Core Plus Bond ETF** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/23** | $10000 | $10000 |
| **11/24** | $10619 | $10561 |
| **11/25** | $11212 | $11163 |

---

## 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 | $195913051 |
| # of Portfolio Holdings | 731 |
| Portfolio Turnover Rate | 114% |
| Total Advisory Fees Paid (Net) | $417565 |

---

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-CPB-0153-1125

CPLS

# EYEG
November 30, 2025

![Image](g38326g50w61.jpg)

# AB Corporate Bond ETF

## Principal Listing Exchange: NASDAQ
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/EYEG-A](g38326g86f81.jpg)

SCAN ME

# Please scan QR code for

# 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
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.

![Growth of 10K Chart](g38326g09q75.jpg)

---

| | | |
|:---|:---|:---|
| | **AB Corporate Bond ETF** | **Bloomberg U.S. Corporate Bond Index** |
| **12/23** | $10000 | $10000 |
| **11/24** | $10825 | $10711 |
| **11/25** | $11460 | $11343 |

---

## 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 | $27142293 |
| # of Portfolio Holdings | 399 |
| Portfolio Turnover Rate | 90% |
| Total Advisory Fees Paid (Net) | $78275 |

---

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-COB-0153-1125

EYEG

# FWD
November 30, 2025

![Image](g38326g50w61.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/FWD-A](g38326g28a04.jpg)

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# Please scan QR code for

# 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
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.

![Growth of 10K Chart](g38326g95i32.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **AB Disruptors ETF** | **MSCI All Country World Index (net)** | **MSCI ACWI Growth Index** |
| **03/23** | $10000 | $10000 | $10000 |
| **11/23** | $11546 | $11210 | $11633 |
| **11/24** | $16625 | $14138 | $15004 |
| **11/25** | $21215 | $16712 | $18407 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;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 | $1288531206 |
| # of Portfolio Holdings | 112 |
| Portfolio Turnover Rate | 196% |
| Total Advisory Fees Paid (Net) | $5044841 |

---

FWD

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| NVIDIA Corp. | $50362164 | 3.9% |
| Broadcom, Inc. | $38965023 | 3.0% |
| Alphabet, Inc. - Class A | $34497154 | 2.7% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | $26822816 | 2.1% |
| Tesla, Inc. | $23816792 | 1.9% |
| Applied Materials, Inc. | $20483205 | 1.6% |
| Amazon.com, Inc. | $19840025 | 1.6% |
| Lam Research Corp. | $19637592 | 1.5% |
| Agilent Technologies, Inc. | $18525301 | 1.4% |
| Lumentum Holdings, Inc. | $18492174 | 1.4% |
| Total | $271442246 | 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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-DR-0153-1125

FWD

# HYFI
November 30, 2025

![Image](g38326g50w61.jpg)

# AB High Yield ETF

## Principal Listing Exchange: NYSE Arca
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/HYFI-A](g38326g20y38.jpg)

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# Please scan QR code for

# 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
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.

![Growth of 10K Chart](g38326g58b62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **AB High Yield ETF** | **Bloomberg U.S. Corporate Bond Index** | **Bloomberg U.S. Corporate HY 2% Issuer Capped Index** |
| **11/15** | $10000 | $10000 | $10000 |
| **11/16** | $11045 | $10458 | $11211 |
| **11/17** | $11900 | $11103 | $12238 |
| **11/18** | $11960 | $10765 | $12282 |
| **11/19** | $13160 | $12471 | $13471 |
| **11/20** | $14249 | $13689 | $14436 |
| **11/21** | $15258 | $13616 | $15197 |
| **11/22** | $13844 | $11511 | $13836 |
| **11/23** | $14940 | $11920 | $15039 |
| **11/24** | $16764 | $12952 | $16950 |
| **11/25** | $18107 | $13716 | $18229 |

---

## 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 | $305450364 |
| # of Portfolio Holdings | 699 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid (Net) | $845922 |

---

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-HY-0153-1125

HYFI

# TAFM
November 30, 2025

![Image](g38326g50w61.jpg)

# AB Tax-Aware Intermediate Municipal ETF

## Principal Listing Exchange: NYSE Arca
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/TAFM-A](g38326g38n41.jpg)

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# Please scan QR code for

# 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
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.

![Growth of 10K Chart](g38326g64o51.jpg)

---

| | | |
|:---|:---|:---|
| | **AB Tax-Aware Intermediate Municipal ETF** | **Bloomberg Municipal Bond Index** |
| **12/23** | $10000 | $10000 |
| **11/24** | $10581 | $10433 |
| **11/25** | $10902 | $10707 |

---

## 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 | $420507850 |
| # of Portfolio Holdings | 434 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid (Net) | $710846 |

---

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-TAIM-0153-1125

TAFM

# TAFL
November 30, 2025

![Image](g38326g50w61.jpg)

# AB Tax-Aware Long Municipal ETF

## Principal Listing Exchange: NYSE Arca
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/TAFL-A](g38326g86l54.jpg)

SCAN ME

# Please scan QR code for

# 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
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.

![Growth of 10K Chart](g38326g01k30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **AB Tax-Aware Long Municipal ETF** | **Bloomberg Municipal Bond Index** | **Bloomberg 20 Year (17-22) Municipal Index** |
| **12/23** | $10000 | $10000 | $10000 |
| **11/24** | $10619 | $10433 | $10561 |
| **11/25** | $10850 | $10707 | $10692 |

---

## 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 | $42820423 |
| # of Portfolio Holdings | 101 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (Net) | $87829 |

---

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-TALM-0153-1125

TAFL

# TAFI
November 30, 2025

![Image](g38326g50w61.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/TAFI-A](g38326g50y92.jpg)

SCAN ME

# Please scan QR code for

# 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
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.

![Growth of 10K Chart](g38326g31b23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **AB Tax-Aware Short Duration Municipal ETF** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-5 Year Municipal Bond Index** |
| **09/22** | $10000 | $10000 | $10000 |
| **11/22** | $10022 | $10106 | $10031 |
| **11/23** | $10364 | $10539 | $10308 |
| **11/24** | $10793 | $11058 | $10657 |
| **11/25** | $11185 | $11349 | $11020 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;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 | $1044152755 |
| # of Portfolio Holdings | 577 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid (Net) | $2092910 |

---

TAFI

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| 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 |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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. |

---

### 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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-TASDM-0153-1125

TAFI

# YEAR
November 30, 2025

![Image](g38326g50w61.jpg)

# AB Ultra Short Income ETF

## Principal Listing Exchange: NYSE Arca
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/YEAR-A](g38326g39y11.jpg)

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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
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.

![Growth of 10K Chart](g38326g99x74.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **AB Ultra Short Income ETF** | **Bloomberg U.S. Aggregate Bond Index** | **FTSE 3-Month US T-Bill Index** |
| **09/22** | $10000 | $10000 | $10000 |
| **11/22** | $10046 | $9942 | $10065 |
| **11/23** | $10616 | $10059 | $10580 |
| **11/24** | $11240 | $10750 | $11165 |
| **11/25** | $11776 | $11363 | $11663 |

---

## 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 | $1499275212 |
| # of Portfolio Holdings | 167 |
| Portfolio Turnover Rate | 114% |
| Total Advisory Fees Paid (Net) | $3268884 |

---

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-USI-0153-1125

YEAR

# HIDV
November 30, 2025

![Image](g38326g50w61.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/HIDV-A](g38326g49o95.jpg)

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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
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.

![Growth of 10K Chart](g38326g55s19.jpg)

---

| | | |
|:---|:---|:---|
| | **AB US High Dividend ETF** | **S&P 500 Index** |
| **03/23** | $10000 | $10000 |
| **11/23** | $11374 | $11541 |
| **11/24** | $15570 | $15452 |
| **11/25** | $17206 | $17769 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;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 | $132430721 |
| # of Portfolio Holdings | 110 |
| Portfolio Turnover Rate | 181% |
| Total Advisory Fees Paid (Net) | $262889 |

---

HIDV

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| NVIDIA Corp. | $11060553 | 8.3% |
| Apple, Inc. | $10161573 | 7.7% |
| Microsoft Corp. | $9523837 | 7.2% |
| Alphabet, Inc. - Class A | $4988084 | 3.8% |
| Amazon.com, Inc. | $4103972 | 3.1% |
| Broadcom, Inc. | $3256320 | 2.4% |
| Eli Lilly & Co. | $2946788 | 2.2% |
| Alphabet, Inc. - Class C | $2198584 | 1.7% |
| Meta Platforms, Inc. - Class A | $2038451 | 1.5% |
| Micron Technology, Inc. | $1809781 | 1.4% |
| Total | $52087943 | 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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-UHD-0153-1125

HIDV

# LRGC
November 30, 2025

![Image](g38326g50w61.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/LRGC-A](g38326g47i39.jpg)

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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
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.

![Growth of 10K Chart](g38326g92y64.jpg)

---

| | | |
|:---|:---|:---|
| | **AB US Large Cap Strategic Equities ETF** | **S&P 500 Index** |
| **09/23** | $10000 | $10000 |
| **11/23** | $10392 | $10313 |
| **11/24** | $13945 | $13808 |
| **11/25** | $15698 | $15879 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;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 | $672760259 |
| # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (Net) | $1829587 |

---

LRGC

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Microsoft Corp. | $52372497 | 7.8% |
| NVIDIA Corp. | $49701069 | 7.4% |
| Alphabet, Inc. - Class C | $41631286 | 6.2% |
| Amazon.com, Inc. | $32489412 | 4.8% |
| Apple, Inc. | $31777467 | 4.7% |
| Broadcom, Inc. | $25575065 | 3.8% |
| Meta Platforms, Inc. - Class A | $23470045 | 3.5% |
| Visa, Inc. - Class A | $20776751 | 3.1% |
| Charles Schwab Corp. (The) | $13490453 | 2.0% |
| Walmart, Inc. | $13048689 | 1.9% |
| Total | $304332734 | 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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-ULCSE-0153-1125

LRGC

# LOWV
November 30, 2025

![Image](g38326g50w61.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/LOWV-A](g38326g77b47.jpg)

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# Please scan QR code for

# 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
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.

![Growth of 10K Chart](g38326g15u84.jpg)

---

| | | |
|:---|:---|:---|
| | **AB US Low Volatility Equity ETF** | **S&P 500 Index** |
| **03/23** | $10000 | $10000 |
| **11/23** | $11609 | $11541 |
| **11/24** | $14681 | $15452 |
| **11/25** | $16230 | $17769 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;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 | $166448304 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 34% |
| Total Advisory Fees Paid (Net) | $491828 |

---

LOWV

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Microsoft Corp. | $13350199 | 8.0% |
| Alphabet, Inc. - Class C | $10292498 | 6.2% |
| Apple, Inc. | $9093577 | 5.5% |
| NVIDIA Corp. | $7410282 | 4.4% |
| Broadcom, Inc. | $6367171 | 3.8% |
| Amazon.com, Inc. | $6300439 | 3.8% |
| Visa, Inc. - Class A | $3651416 | 2.2% |
| McKesson Corp. | $3651361 | 2.2% |
| Merck & Co., Inc. | $3128442 | 1.9% |
| Gilead Sciences, Inc. | $3069993 | 1.8% |
| Total | $66315378 | 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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-ULVE-0153-1125

LOWV

------

#### ITEM 2. CODE OF ETHICS.
(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant's code of ethics is filed herewith as Exhibit 19(a)(1).

(b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

#### ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's Board of Directors has determined that independent directors Garry L. Moody, Jorge A. Bermudez, Jeffrey R. Holland, R. Jay Gerken and Ms. Carol C. McMullen qualify as audit committee financial experts.

#### ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) - (c) The following table sets forth the aggregate fees billed by the independent registered public accounting firm Ernst & Young LLP, for the Fund's last two fiscal years, for professional services rendered for: (i) the audit of the Fund's annual financial statements included in the Fund's annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund's financial statements and are not reported under (i), which include advice and education related to accounting and auditing issues, quarterly press release review (for those Funds that issue quarterly press releases), testing related to fund reorganizations, and preferred stock maintenance testing (for those Funds that issue preferred stock); and (iii) tax compliance, tax advice and tax return preparation.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Audit Fees** | **Audit - Related<br>Fees** | **Tax Fees** |
|  AB Tax Aware Short Duration Municipal ETF | 2024 | $25000 | $— | $15788 |
|  | 2025 | $29000 | $— | $16226 |
|  AB Ultra Short Income ETF | 2024 | $25000 | $— | $17543 |
|  | 2025 | $25000 | $— | $16226 |
|  AB Disruptors ETF | 2024 | $23000 | $— | $17361 |
|  | 2025 | $23000 | $— | $17598 |
|  AB US Low Volatility Equity ETF | 2024 | $23000 | $— | $18647 |
|  | 2025 | $23000 | $— | $15103 |
|  AB High Yield ETF | 2024 | $60000 | $— | $23710 |
|  | 2025 | $60000 | $— | $19811 |
|  AB US High Dividend ETF | 2024 | $23000 | $— | $21753 |
|  | 2025 | $23000 | $— | $16497 |
|  AB US Large Cap Strategic Equities ETF | 2024 | $23000 | $— | $30043 |
|  | 2025 | $23000 | $— | $14726 |
|  AB Conservative Buffer ETF | 2024 | $23000 | $— | $13646 |
|  | 2025 | $23000 | $— | $26392 |
|  AB Core Plus Bond ETF | 2024 | $29000 | $— | $16014 |
|  | 2025 | $55000 \* | $— | $22121 |
|  AB Corporate Bond ETF | 2024 | $25000 | $— | $16014 |
|  | 2025 | $25000 | $— | $15726 |
|  AB Tax-Aware Intermediate Municipal ETF | 2024 | $29000 | $— | $13336 |
|  | 2025 | $29000 | $— | $14725 |
|  AB Tax-Aware Long Municipal ETF | 2024 | $29000 | $— | $13336 |
|  | 2025 | $29000 | $— | $14725 |
|  AB Short Duration High Yield ETF | 2024 | $99000 \* | $— | $35074 |
|  | 2025 | $60000 | $5500 | $18340 |
|  AB Short Duration Income ETF | 2024 | $95700 \* | $— | $39574 |
|  | 2025 | $50000 | $5500 | $14725 |
|  AB International Low Volatility Equity ETF | 2024 | $76201 \* | $— | $38367 |
|  | 2025 | $29000 | $6500 | $19017 |
|  AB California Intermediate Municipal ETF | 2025 | $29000 | $— | $8400 |
|  AB Core Bond ETF | 2025 | $115500 \* | $— | $14000 |
|  AB Emerging Markets Opportunities ETF | 2025 | $29000 | $— | $11000 |
|  AB International Buffer ETF | 2025 | $23000 | $— | $24468 |
|  AB International Growth ETF | 2025 | $29000 | $— | $13050 |
|  AB Moderate Buffer ETF | 2025 | $23000 | $— | $24468 |
|  AB New York Intermediate Municipal ETF | 2025 | $29000 | $— | $8300 |

---

(d) Not applicable.

\* These fees include fees for services provided to the Acquired Portfolio and the Fund.

(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund's Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund's independent registered public accounting firm. The Fund's Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

------

(e) (2) No percentage of services addressed by (b) and (c) of this Item 4 were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. No amounts are reported for Item 4 (d).

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund's Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | | **All Fees for<br>Non-Audit Services<br>Provided to the<br>Portfolio, the Adviser<br>and Service Affiliates** | **Pre-approved by the<br>Audit Committee<br>(Portion Comprised of<br>Audit Related Fees)<br>(Portion Comprised of<br>Tax Fees)** |
|  AB Tax Aware Short Duration Municipal ETF | 2024 | $1732246 | $15788 |
|  |  |  | $— |
|  |  |  | $(15788) |
|  | 2025 | $1642238 | $16226 |
|  |  |  | $— |
|  |  |  | $(16226) |
|  AB Ultra Short Income ETF | 2024 | $1734001 | $17543 |
|  |  |  | $— |
|  |  |  | $(17543) |
|  | 2025 | $1642238 | $16226 |
|  |  |  | $— |
|  |  |  | $(16226) |
|  AB Disruptors ETF | 2024 | $1733819 | $17361 |
|  |  |  | $— |
|  |  |  | $(17361) |
|  | 2025 | $1643610 | $17598 |
|  |  |  | $— |
|  |  |  | $(17598) |
|  AB US Low Volatility Equity ETF | 2024 | $1735105 | $18647 |
|  |  |  | $— |
|  |  |  | $(18647) |
|  | 2025 | $1641115 | $15103 |
|  |  |  | $— |
|  |  |  | $(15103) |
|  AB US High Dividend ETF | 2024 | $1738211 | $21753 |
|  |  |  | $— |
|  |  |  | $(21753) |
|  | 2025 | $1642509 | $16497 |
|  |  |  | $— |
|  |  |  | $(16497) |
|  AB High Yield ETF | 2024 | $1740168 | $23710 |
|  |  |  | $— |
|  |  |  | $(23710) |
|  | 2025 | $1645823 | $19811 |
|  |  |  | $— |
|  |  |  | $(19811) |
|  AB US Large Cap Strategic Equities ETF | 2024 | $1746501 | $30043 |
|  |  |  | $— |
|  |  |  | $(30043) |
|  | 2025 | $1640738 | $14726 |
|  |  |  | $— |
|  |  |  | $(14726) |
|  AB Conservative Buffer ETF | 2024 | $1730104 | $13646 |
|  |  |  | $— |
|  |  |  | $(13646) |
|  | 2025 | $1652404 | $26392 |
|  |  |  | $— |
|  |  |  | $(26392) |
|  AB Core Plus Bond ETF | 2024 | $1732472 | $16014 |
|  |  |  | $— |
|  |  |  | $(16014) |
|  | 2025 | $1648133 | $22121 |
|  |  |  | $— |
|  |  |  | $(22121) |
|  AB Corporate Bond ETF | 2024 | $1732472 | $16014 |
|  |  |  | $— |
|  |  |  | $(16014) |
|  | 2025 | $1641738 | $15726 |
|  |  |  | $— |
|  |  |  | $(15726) |
|  AB Tax-Aware Intermediate Municipal ETF | 2024 | $1729794 | $13336 |
|  |  |  | $— |
|  |  |  | $(13336) |
|  | 2025 | $1640737 | $14725 |
|  |  |  | $— |
|  |  |  | $(14725) |
|  AB Tax-Aware Long Municipal ETF | 2024 | $1729794 | $13336 |
|  |  |  | $— |
|  |  |  | $(13336) |
|  | 2025 | $1640737 | $14725 |
|  |  |  | $— |
|  |  |  | $(14725) |
|  AB Short Duration High Yield ETF | 2024 | $1751532 | $35074 |
|  |  |  | $— |
|  |  |  | $(35074) |
|  | 2025 | $1644352 | $23840 |
|  |  |  | $(5500) |
|  |  |  | $(18340) |
|  AB Short Duration Income ETF | 2024 | $1756032 | $39574 |
|  |  |  | $— |
|  |  |  | $(39574) |
|  | 2025 | $1640737 | $20225 |
|  |  |  | $(5500) |
|  |  |  | $(14725) |
|  AB International Low Volatility Equity ETF | 2024 | $1754825 | $38367 |
|  |  |  | $— |
|  |  |  | $(38367) |
|  | 2025 | $1645029 | $25517 |
|  |  |  | $(6500) |
|  |  |  | $(19017) |
|  AB California Intermediate Municipal ETF | 2025 | $1634412 | $8400 |
|  |  |  | $— |
|  |  |  | $(8400) |
|  AB Core Bond ETF | 2025 | $1640012 | $14000 |
|  |  |  | $— |
|  |  |  | $(14000) |
|  AB Emerging Markets Opportunities ETF | 2025 | $1637012 | $11000 |
|  |  |  | $— |
|  |  |  | $(11000) |
|  AB International Buffer ETF | 2025 | $1650480 | $24468 |
|  |  |  | $— |
|  |  |  | $(24468) |
|  AB International Growth ETF | 2025 | $1639062 | $13050 |
|  |  |  | $— |
|  |  |  | $(13050) |
|  AB Moderate Buffer ETF | 2025 | $1650480 | $24468 |
|  |  |  | $— |
|  |  |  | $(24468) |
|  AB New York Intermediate Municipal ETF | 2025 | $1634312 | $8300 |
|  |  |  | $— |
|  |  |  | $(8300) |

---

(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund's independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the auditor's independence.

(i) Not applicable.

(j) Not applicable.

#### ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant has a separately designated standing audit committee established in accordance with Section (3)(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee members are as follows:

Jorge A. Bermudez Carol C. McMullen R. Jay Gerken Emilie D. Wrapp Garry L. Moody Jeanette Loeb Jeffrey R. Holland

#### ITEM 6. INVESTMENTS.
Please see Schedule of Investments contained in the Financial Statements included under Item 7 of this Form N-CSR.

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

#### November 30, 2025
![LOGO](g35899g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB CALIFORNIA INTERMEDIATE MUNICIPAL ETF

(NYSE Arca: CAM)

![LOGO](g35899g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS

#### November 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MUNICIPAL OBLIGATIONS – 98.0% |  |  |
|  Long-Term Municipal Bonds – 90.6% |  |  |
|  **California – 84.6%** |  |  |
|  Bay Area Toll Authority<br>(Bay Area Toll Authority) <br>Series 2021 <br>3.09% (MUNIPSA + 0.30%), 04/01/2056<sup>(a)</sup> | $5000 | $4954705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20% (MUNIPSA + 0.41%), 04/01/2056<sup>(a)</sup> | 13415 | 13209351 |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign<br>(Burbank-Glendale-Pasadena Airport Authority Brick Campaign) <br>Series 2024-B <br>5.25%, 07/01/2042 | 950 | 1019493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2044 | 8865 | 9361068 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024-B <br>4.00%, 07/01/2039 | 4500 | 4539717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 07/01/2041 | 3000 | 2982056 |
|  California Community Choice Financing Authority<br>(American General Life Insurance) <br>Series 2023-D <br>5.50%, 05/01/2054 | 5000 | 5293220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 08/01/2055 | 7600 | 8073145 |
|  California Community Choice Financing Authority<br>(Athene Annuity & Life Co.) <br>Series 2024 <br>5.00%, 01/01/2055 | 10000 | 10517636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2055 | 10000 | 10495425 |
|  California Community Choice Financing Authority<br>(Bank of Nova Scotia (The)) <br>Series 2025 <br>5.00%, 10/01/2056 | 2800 | 3070305 |
|  California Community Choice Financing Authority<br>(Canadian Imperial Bank of Commerce) <br>Series 2025 <br>5.00%, 11/01/2033 | 1250 | 1369028 |
|  California Community Choice Financing Authority<br>(Deutsche Bank AG) <br>Series 2023 <br>5.25%, 01/01/2054 | 10000 | 10646820 |
|  California Community Choice Financing Authority<br>(Goldman Sachs Group) <br>Series 2021 <br>4.00%, 10/01/2052 | 7015 | 7118718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.00%, 12/01/2053 | 9590 | 10128471 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 1 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Community Choice Financing Authority<br>(Morgan Stanley) <br>Series 2021-B <br>4.00%, 02/01/2052 | $4435 | $4515766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>4.283% (SOFR + 1.63%), 07/01/2053<sup>(a)</sup> | 5000 | 5013163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.323% (SOFR + 1.67%), 02/01/2054<sup>(a)</sup> | 5000 | 5014889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2054 | 14770 | 15776335 |
|  California Community Choice Financing Authority<br>(New York Life Insurance) <br>Series 2024 <br>5.00%, 01/01/2056 | 12250 | 13514734 |
|  California Community Choice Financing Authority<br>(Pacific Life Insurance) <br>Series 2024-F <br>5.00%, 02/01/2055 | 6045 | 6603004 |
|  California Community Choice Financing Authority<br>(Royal Bank of Canada) <br>Series 2024 <br>5.00%, 02/01/2055 | 10000 | 10905289 |
|  California Community Housing Agency<br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments) <br>Series 2021-A <br>4.00%, 08/01/2047<sup>(b)</sup> | 4450 | 3421855 |
|  California Community Housing Agency<br>(California Community Housing Agency Fountains at Emerald Park) <br>Series 2021 <br>4.00%, 08/01/2046<sup>(b)</sup> | 1330 | 1128070 |
|  California Community Housing Agency<br>(California Community Housing Agency Summit at Sausalito Apartments) <br>Series 2021 <br>4.00%, 02/01/2050<sup>(b)</sup> | 3390 | 2579681 |
|  California County Tobacco Securitization Agency<br>(Los Angeles County Securitization) <br>Series 2020-A <br>4.00%, 06/01/2037 | 510 | 499724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 | 1000 | 968120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 800 | 823737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 700 | 733944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 500 | 535211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 400 | 426274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 300 | 317907 |
|  California Earthquake Authority<br>(California Earthquake Authority) <br>Series 2022-A <br>5.603%, 07/01/2027 | 1520 | 1539115 |

---

---

| | |
|:---|:---|
| 2 AB California Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Educational Facilities Authority<br>(St. Mary's College of California) <br>Series 2023 <br>5.25%, 10/01/2033 | $1375 | $1459421 |
|  California Enterprise Development Authority<br>(Real Journey Academies Obligated Group) <br>Series 2024-A <br>5.00%, 06/01/2044<sup>(b)</sup> | 2000 | 1945217 |
|  California Enterprise Development Authority<br>(Rocketship Education Obligated Group) <br>Series 2022 <br>4.00%, 06/01/2027<sup>(b)</sup> | 615 | 611935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2031<sup>(b)</sup> | 2000 | 1974317 |
|  California Health Facilities Financing Authority <br>(Adventist Health System/West Obligated Group)<br>Series 2024<br>5.00%, 12/01/2034 | 1265 | 1424092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 | 1000 | 1107763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 12/01/2032 | 5500 | 6116874 |
|  California Health Facilities Financing Authority<br>(Cedars-Sinai Medical Center) <br>Series 2015 <br>5.00%, 11/15/2027 | 6500 | 6514654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 6000 | 6013657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 7000 | 7015910 |
|  California Health Facilities Financing Authority<br>(Children's Hospital Los Angeles) <br>Series 2017-A <br>5.00%, 08/15/2032 | 1215 | 1246433 |
|  California Health Facilities Financing Authority<br>(CommonSpirit Health Obligated Group) <br>Series 2020-A <br>5.00%, 04/01/2034 | 750 | 815365 |
|  California Health Facilities Financing Authority<br>(Sutter Health) <br>Series 2018-A <br>5.00%, 11/15/2029 | 1280 | 1341675 |
|  California Housing Finance Agency<br>(CAHFA 2019-2) <br>Series 2019-2, Class A <br>4.00%, 03/20/2033 | 9873 | 10125272 |
|  California Housing Finance Agency<br>(CAHFA 2021-1) <br>Series 2021-1, Class A <br>3.50%, 11/20/2035 | 9272 | 9211385 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Housing Finance Agency<br>(CAHFA 2021-2) <br>Series 2021-2, Class A <br>3.75%, 03/25/2035 | $7532 | $7606675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class X <br>0.825%, 03/25/2035<sup>(c)</sup> | 3766 | 147701 |
|  California Housing Finance Agency<br>(CAHFA 2021-3) <br>Series 2021-3, Class A <br>3.25%, 08/20/2036 | 1872 | 1805091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class X <br>0.793%, 08/20/2036<sup>(c)</sup> | 3182 | 141225 |
|  California Infrastructure & Economic Development Bank<br>(Adventist Health System/West Obligated Group) <br>Series 2024 <br>5.00%, 07/01/2042 | 2355 | 2459128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 | 2000 | 2049220 |
|  California Infrastructure & Economic Development Bank<br>(California Academy of Sciences) <br>Series 2024 <br>3.25%, 08/01/2029 | 4750 | 4792304 |
|  California Infrastructure & Economic Development Bank<br>(Museum Associates)<br>Series 2021<br>3.49% (MUNIPSA + 0.70%), 12/01/2050<sup>(a)</sup> | 4000 | 3992979 |
|  California Municipal Finance Authority<br>(Ascent 613) <br>Series 2025-A <br>5.25%, 01/01/2045<sup>(b)</sup> | 2500 | 2484419 |
|  California Municipal Finance Authority<br>(California Municipal Finance Authority)<br>Series 2025 <br>4.325%, 11/20/2040 | 5172 | 5059925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A1 <br>3.537%, 02/20/2041 | 3581 | 3353100 |
|  California Municipal Finance Authority<br>(Emerson College) <br>Series 2017-B <br>5.00%, 01/01/2030 | 1000 | 1028289 |
|  California Municipal Finance Authority<br>(LAX Integrated Express Solutions) <br>Series 2018 <br>5.00%, 12/31/2026 | 2200 | 2233828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2028 | 1000 | 1033071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2029 | 1050 | 1082192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2029 | 2150 | 2216186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2031 | 1930 | 1983944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2033 | 1500 | 1536509 |

---

---

| | |
|:---|:---|
| 4 AB California Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2043 | $2000 | $2011667 |
|  California Municipal Finance Authority<br>(PRS-California Obligated Group) <br>Series 2024 <br>5.00%, 04/01/2034 | 410 | 453635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 | 720 | 794240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038 | 500 | 541927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2044 | 1415 | 1457167 |
|  California Municipal Finance Authority<br>(United Airlines, Inc.) <br>Series 2019 <br>4.00%, 07/15/2029 | 5000 | 5038425 |
|  California Pollution Control Financing Authority<br>(Channelside Water Resources) <br>Series 2012 <br>5.00%, 07/01/2027<sup>(b)</sup> | 1580 | 1581580 |
|  California Pollution Control Financing Authority<br>(San Diego County Water Authority Desalination Project Pipeline) <br>Series 2019 <br>5.00%, 07/01/2029<sup>(b)</sup> | 2900 | 2986652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039<sup>(b)</sup> | 2465 | 2533258 |
|  California Public Finance Authority<br>(California University of Science & Medicine Obligated Group) <br>Series 2019 <br>6.25%, 07/01/2054<sup>(b)</sup> | 1500 | 1545113 |
|  California School Finance Authority<br>(KIPP SoCal Public Schools Obligated Group) <br>Series 2020-A <br>4.00%, 07/01/2040<sup>(b)</sup> | 1305 | 1238575 |
|  California School Finance Authority<br>(Lighthouse Community Public Schools Obligated<br>Group)<br>Series 2022 <br>6.25%, 06/01/2042<sup>(b)</sup> | 1000 | 1042365 |
|  California School Finance Authority<br>(Partnerships to Uplift Communities Series 2023 Obligated Group) <br>Series 2023 <br>5.00%, 08/01/2033<sup>(b)</sup> | 650 | 671986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2038<sup>(b)</sup> | 500 | 515173 |
|  California School Finance Authority<br>(Rex & Margaret Fortune School of Education) <br>Series 2024 <br>5.00%, 06/01/2044<sup>(b)</sup> | 2000 | 1866580 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 5 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California School Finance Authority<br>(Rocketship Education Obligated Group) <br>Series 2015-A <br>4.25%, 03/01/2028<sup>(b)</sup> | $570 | $569859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A <br>5.00%, 06/01/2031<sup>(b)</sup> | 1700 | 1669245 |
|  California State Public Works Board<br>(California State Public Works Board Lease) <br>Series 2017-H <br>5.00%, 04/01/2030 | 2000 | 2066903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 | 2000 | 2067084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 1270 | 1311842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 04/01/2043 | 2000 | 2203783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2044 | 2000 | 2181964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2045 | 2385 | 2588913 |
|  California State Public Works Board<br>(State of California Lease) <br>Series 2022-A <br>5.00%, 08/01/2027 | 7000 | 7300136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B <br>5.00%, 06/01/2026 | 10000 | 10127565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.00%, 09/01/2026 | 5000 | 5095714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.05%, 04/01/2032 | 2000 | 2081825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 04/01/2033 | 1000 | 1039903 |
|  California State University<br>(California State University) <br>Series 2017-A <br>5.00%, 11/01/2033 | 5620 | 5815110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>5.00%, 11/01/2030 | 600 | 664191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 400 | 442661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D <br>1.49%, 11/01/2028 | 1500 | 1407427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>2.274%, 11/01/2034 | 7000 | 5981762 |
|  California Statewide Communities Development Authority<br>(CHF-Irvine LLC)<br>Series 2017-A<br>5.00%, 05/15/2029 | 1210 | 1243255 |
|  California Statewide Communities Development Authority<br>(Emanate Health Obligated Group) <br>Series 2020-A <br>5.00%, 04/01/2027 | 720 | 740769 |

---

---

| | |
|:---|:---|
| 6 AB California Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 | $535 | $561313 |
|  California Statewide Communities Development Authority<br>(John Muir Health Obligated Group) <br>Series 2024-A <br>5.00%, 12/01/2041 | 3250 | 3586456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2040 | 2400 | 2731602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2044 | 2725 | 2960962 |
|  California Statewide Communities Development Authority<br>(Lancer Educational Housing) <br>Series 2016 <br>5.00%, 06/01/2036<sup>(b)</sup> | 3250 | 3259299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>5.00%, 06/01/2034<sup>(b)</sup> | 755 | 776784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2039<sup>(b)</sup> | 1800 | 1819226 |
|  California Statewide Communities Development Authority<br>(Loma Linda University Medical Center) <br>Series 2014 <br>5.25%, 12/01/2034 | 4500 | 4512247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 12/01/2027<sup>(b)</sup> | 250 | 258644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033<sup>(b)</sup> | 1000 | 1032422 |
|  California Statewide Communities Development Authority<br>(NCCD-Hooper Street LLC) <br>Series 2019 <br>5.00%, 07/01/2029<sup>(b)</sup> | 570 | 580997 |
|  California Statewide Communities Development Authority<br>(Redlands Community Hospital Obligated Group) <br>Series 2016 <br>5.00%, 10/01/2027 | 2360 | 2380835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 1230 | 1243504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 2135 | 2155378 |
|  California Statewide Communities Development Authority<br>(Southern California Edison) <br>Series 2023 <br>4.50%, 11/01/2033 | 6700 | 7024221 |
|  Central Valley Energy Authority<br>(Pacific Life Insurance) <br>Series 2025 <br>5.00%, 12/01/2055 | 1000 | 1109684 |
|  City of Fremont CA Community Facilities District No. 1<br>(City of Fremont CA Community Facilities District No. 1)<br>Series 2015 <br>5.00%, 09/01/2027 | 1000 | 1004145 |
|  City of Los Angeles CA Wastewater System Revenue<br>(City of Los Angeles CA Wastewater System Revenue) <br>Series 2025-C <br>5.00%, 06/01/2043 | 2000 | 2230513 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 7 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Los Angeles Department of Airports<br>(City of Los Angeles Dept. of Airports) <br>Series 2017 <br>5.00%, 05/15/2029 | $1145 | $1154778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A <br>5.00%, 05/15/2028 | 1440 | 1483770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 | 1275 | 1311462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>5.00%, 05/15/2031 | 3000 | 3194830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | 1190 | 1236461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>4.00%, 05/15/2044 | 4205 | 3954446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 05/15/2038 | 4315 | 4507782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C <br>5.00%, 05/15/2031 | 5000 | 5430016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2039 | 2655 | 2798109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>5.00%, 05/15/2030 | 5020 | 5465026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033 | 4735 | 5248296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | 1685 | 1840090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D <br>4.00%, 05/15/2040 | 2165 | 2153721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 05/15/2036 | 1300 | 1325188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2041 | 1100 | 1080391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2032 | 4000 | 4455074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.00%, 05/15/2041 | 6160 | 6050188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 05/15/2026 | 3500 | 3536272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2030 | 4500 | 4898928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2036 | 1050 | 1193958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037 | 1065 | 1199577 |
|  City of Los Angeles Department of Airports<br>(Prerefunded – US Treasuries) <br>Series 2021 <br>5.00%, 05/15/2033 | 265 | 292203 |
|  City of Roseville CA<br>(City of Roseville CA Fiddyment Ranch Community Facilities District No. 1) <br>Series 2017 <br>5.00%, 09/01/2028 | 1010 | 1044120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 1295 | 1333386 |
|  City of Roseville CA<br>(HP Campus Oaks Community Facilities District No. 1) <br>Series 2016 <br>5.00%, 09/01/2031 | 995 | 1006569 |

---

---

| | |
|:---|:---|
| 8 AB California Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of San Jose CA Airport Revenue<br>(Norman Y Mineta San Jose Intl Airport SJC) <br>Series 2017-A <br>5.00%, 03/01/2027 | $2480 | $2539361 |
|  City of Santa Rosa CA Wastewater Revenue<br>(City of Santa Rosa CA Wastewater Revenue) <br>AMBAC Series 2002-B <br>Zero Coupon, 09/01/2029 | 3000 | 2701752 |
|  CMFA Special Finance Agency VIII Elan Huntington Beach<br>(CMFA Special Finance Agency VIII Elan Huntington Beach) <br>Series 2021 <br>4.00%, 08/01/2047<sup>(b)</sup> | 340 | 311184 |
|  Compton Community Redevelopment Agency Successor Agency<br>(Compton Community Redevelopment Agency Successor Agency) <br>AG Series 2022-A <br>5.25%, 08/01/2032 | 3925 | 4421811 |
|  Contra Costa Transportation Authority Sales Tax Revenue<br>(Contra Costa Transportation Authority Sales Tax Revenue) <br>Series 2017-A <br>5.00%, 03/01/2030 | 1250 | 1291552 |
|  Coronado Community Development Agency Successor Agency<br>(Coronado Community Development Agency Successor Agency) <br>Series 2018-A <br>5.00%, 09/01/2033 | 675 | 675758 |
|  County of Sacramento CA Airport System Revenue<br>(County of Sacramento CA Airport System Revenue) <br>Series 2018-C <br>5.00%, 07/01/2033 | 1005 | 1048250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 07/01/2029 | 2100 | 2245965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 2250 | 2427985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2043 | 1150 | 1230786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2044 | 1500 | 1599045 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority 777 Place-Pomona) <br>Series 2021 <br>3.60%, 05/01/2047<sup>(b)</sup> | 1500 | 1235438 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) <br>Series 2021 <br>3.35%, 04/01/2047<sup>(b)</sup> | 3325 | 2827990 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) <br>Series 2021 <br>4.00%, 10/01/2046<sup>(b)</sup> | $4000 | $3227568 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Altana Apartments)<br>Series 2021<br>3.50%, 10/01/2046<sup>(b)</sup> | 4985 | 4310076 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) <br>Series 2021-A1 <br>2.875%, 08/01/2041<sup>(b)</sup> | 3315 | 3068761 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) <br>Series 2021 <br>3.375%, 07/01/2043<sup>(b)</sup> | 1000 | 814731 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Oceanaire Apartments) <br>Series 2021 <br>3.20%, 09/01/2046<sup>(b)</sup> | 5000 | 3570697 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Pasadena Portfolio) <br>Series 2021 <br>2.65%, 12/01/2046<sup>(b)</sup> | 2355 | 1996380 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Theo Apartments)<br>Series 2021 <br>3.50%, 05/01/2047<sup>(b)</sup> | 2000 | 1691552 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Union South Bay) <br>Series 2021-A <br>3.10%, 07/01/2045<sup>(b)</sup> | 3000 | 2526476 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Vineyard Gardens Apartments)<br>Series 2021 <br>4.00%, 10/01/2048<sup>(b)</sup> | 4000 | 3100591 |

---

---

| | |
|:---|:---|
| 10 AB California Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Waterscape Apartments) <br>Series 2021-A <br>3.00%, 09/01/2056<sup>(b)</sup> | $1500 | $1024318 |
|  East County Advanced Water Purification Joint Powers Authority<br>(East County Advanced Water Purification Joint Powers Authority) <br>Series 2024 <br>5.00%, 09/01/2026 | 5500 | 5570922 |
|  Fontana Redevelopment Agency Successor Agency<br>(Fontana Redevelopment Agency Successor Agency) <br>Series 2017-A <br>5.00%, 10/01/2031 | 1750 | 1825607 |
|  Foothill-De Anza Community College District<br>(Foothill-De Anza Community College District)<br>AMBAC Series 2007-A<br>Zero Coupon, 08/01/2034 | 1000 | 777412 |
|  Foothill-Eastern Transportation Corridor Agency<br>(Foothill-Eastern Transportation Corridor Agency) <br>Series 2021-A <br>4.00%, 01/15/2046 | 3290 | 3187458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C <br>4.00%, 01/15/2043 | 1889 | 1889208 |
|  Fremont Union High School District<br>(Fremont Union High School District)<br>Series 2024 <br>5.00%, 08/01/2026 | 1000 | 1018170 |
|  Golden State Tobacco Securitization Corp.<br>(Golden State Tobacco Securitization Lease) <br>Series 2021 <br>2.746%, 06/01/2034 | 3165 | 2907162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.115%, 06/01/2038 | 2500 | 2223643 |
|  Golden State Tobacco Securitization Corp.<br>(Golden State Tobacco Securitization) <br>Series 2021 <br>3.85%, 06/01/2050 | 5670 | 5198685 |
|  Long Beach Bond Finance Authority<br>(Bank of America Corp.) <br>Series 2007-A <br>5.50%, 11/15/2037 | 3700 | 4400962 |
|  Los Angeles Department of Water & Power<br>(Los Angeles Dept. of Water & Power Power<br>System Revenue) <br>Series 2022-C <br>5.00%, 07/01/2039 | 2500 | 2698435 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 11 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.00%, 07/01/2036 | $2000 | $2253902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1405 | 1578676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | 2055 | 2281730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 1845 | 2033175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C <br>5.00%, 07/01/2041 | 1070 | 1161920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D <br>5.00%, 07/01/2043 | 4165 | 4456984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E <br>5.00%, 07/01/2039 | 2000 | 2214805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.00%, 07/01/2033 | 3665 | 4180488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 2000 | 2304516 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2025-A <br>5.00%, 07/01/2043 | 1750 | 1885522 |
|  Los Angeles Department of Water & Power Power System Revenue<br>(Los Angeles Dept. of Water & Power Power System Revenue) <br>Series 2016-A <br>5.00%, 07/01/2036 | 1130 | 1131134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>5.00%, 07/01/2038 | 1000 | 1079375 |
|  Los Angeles Department of Water & Power Water System Revenue<br>(Los Angeles Dept. of Water & Power Water System Revenue) <br>Series 2023-A <br>5.00%, 07/01/2035 | 1040 | 1174576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 | 2125 | 2276458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 01/01/2030 | 10000 | 10760370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.00%, 07/01/2031 | 1625 | 1806705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 1000 | 1127303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 1300 | 1482847 |
|  Los Angeles Department of Water & Power Water System Revenue<br>(Prerefunded – US Treasuries) <br>Series 2016-B <br>5.00%, 07/01/2030 | 1495 | 1498227 |
|  Los Angeles Unified School District/CA<br>(Los Angeles Unified School District/CA) <br>Series 2016-B <br>5.00%, 07/01/2030 | 2500 | 2537256 |

---

---

| | |
|:---|:---|
| 12 AB California Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B <br>5.00%, 07/01/2029 | $9020 | $9533026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 07/01/2027 | 1045 | 1089978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.00%, 07/01/2030 | 1590 | 1793973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 21740 | 25547372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 07/01/2043 | 2000 | 2224251 |
|  M-S-R Energy Authority<br>(Citigroup, Inc.) <br>Series 2009-A <br>6.50%, 11/01/2039 | 5285 | 6500863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-B <br>7.00%, 11/01/2034 | 5555 | 6776872 |
|  Middle Fork Project Finance Authority<br>(Middle Fork Project Finance Authority) <br>Series 2020 <br>5.00%, 04/01/2033 | 1650 | 1745633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 1100 | 1160460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 | 1150 | 1211059 |
|  Northern California Energy Authority<br>(Pacific Life Insurance) <br>Series 2024 <br>5.00%, 12/01/2054 | 10000 | 10755728 |
|  Pittsburg Successor Agency Redevelopment Agency<br>(Pittsburg Successor Agency Redevelopment Agency)<br>AG Series 2016-A <br>5.00%, 09/01/2027 | 2785 | 2832892 |
|  Port of Los Angeles<br>(Port of Los Angeles) <br>Series 2024-A <br>5.00%, 08/01/2029 | 1295 | 1390453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 | 2110 | 2307193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 2330 | 2651104 |
|  River Islands Public Financing Authority<br>(River Islands Public Financing Authority Cmnty Facs District No. 2003-1 Area 1) <br>Series 2022 <br>4.50%, 09/01/2037 | 2905 | 2958926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2042 | 2510 | 2582656 |
|  Sacramento County Water Financing Authority<br>(Sacramento County Water Agency)<br>NATL Series 2007-B <br>3.54% (CME Term SOFR 3 Month + 0.57%), 06/01/2039<sup>(a)</sup> | 5700 | 5198340 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 13 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  San Diego Community College District<br>(Prerefunded – US Treasuries) <br>Series 2016 <br>4.00%, 08/01/2041 | $4000 | $4045903 |
|  San Diego County Regional Airport Authority<br>(San Diego County Regional Airport Authority) <br>Series 2021-B <br>5.00%, 07/01/2028 | 5245 | 5519725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.00%, 07/01/2041 | 10320 | 11032611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 07/01/2029 | 1000 | 1072677 |
|  San Diego Unified School District/CA<br>(San Diego Unified School District/CA) <br>Series 2025-Z <br>5.00%, 07/01/2039 | 875 | 1020097 |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue<br>(San Francisco City & County Public Utilities Commission Wastewater Revenue) <br>Series 2024 <br>4.655%, 10/01/2027 | 2650 | 2692782 |
|  San Francisco Intl Airport<br>(San Francisco Intl Airport) <br>Series 2019-A <br>5.00%, 05/01/2034 | 11015 | 11663861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 | 1000 | 1054611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-E <br>5.00%, 05/01/2034 | 3450 | 3653229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 | 3275 | 3453850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 | 3385 | 3557613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.00%, 05/01/2031 | 1500 | 1657969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>2.583%, 05/01/2030 | 1625 | 1542507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 05/01/2035 | 13000 | 14667292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 | 1950 | 2180370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2039 | 5860 | 6404930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2044 | 10000 | 10651721 |
|  San Joaquin Valley Clean Energy Authority<br>(Goldman Sachs Group) <br>Series 2025 <br>5.50%, 01/01/2056 | 2840 | 3236917 |
|  San Mateo Joint Powers Financing Authority<br>(County of San Mateo CA Lease) <br>Series 2019-A <br>5.00%, 07/15/2026 | 3310 | 3363223 |

---

---

| | |
|:---|:---|
| 14 AB California Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Saugus/Hart School Facilities Financing Authority<br>(Saugus Union School District Community Facilities<br>District No. 06-01) <br>Series 2016 <br>5.00%, 09/01/2029 | $1000 | $1004080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 1365 | 1370645 |
|  South San Francisco Unified School District<br>(South San Francisco Unified School District) <br>Series 2025 <br>5.00%, 09/01/2026 | 3510 | 3582055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 2160 | 2263452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 1000 | 1106489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 1675 | 1900509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 1380 | 1631522 |
|  Southern California Public Power Authority<br>(American General Life Insurance) <br>Series 2024-A <br>5.00%, 04/01/2055 | 3500 | 3745134 |
|  Southern California Public Power Authority<br>(Los Angeles Dept. of Water & Power Power System Revenue) <br>Series 2023 <br>5.00%, 07/01/2035 | 2645 | 2996823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 2000 | 2244307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 2000 | 2211178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 | 1100 | 1195489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 07/01/2040 | 3200 | 3521282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 | 1650 | 1790725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 | 1995 | 2124091 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2025 <br>5.25%, 07/01/2042 | 2175 | 2427283 |
|  Southern California Public Power Authority<br>(Southern California Public Power Authority)<br>BAM Series 2025 <br>5.00%, 07/01/2035 | 1950 | 2277352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2044 | 1200 | 1313623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2045 | 1730 | 1882753 |
|  State of California<br>(State of California) <br>Series 2009 <br>7.30%, 10/01/2039 | 1000 | 1180649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 04/01/2039 | 1000 | 1231110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016 <br>5.00%, 09/01/2034 | 3500 | 3559352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>5.00%, 04/01/2028 | 1625 | 1723579 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 15 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2037 | $615 | $656275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.00%, 09/01/2038 | 10000 | 11354614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2033 | 4000 | 4443684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.15%, 09/01/2034 | 2000 | 2107092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 11/01/2027 | 7000 | 7347769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2042 | 5000 | 5580695 |
|  Sweetwater Union High School District<br>(Sweetwater Union High School District) <br>Series 2016 <br>5.00%, 08/01/2030 | 3205 | 3218944 |
|  Tobacco Securitization Authority of Northern California<br>(Sacramento County Tobacco Securitization)<br>Series 2021<br>4.00%, 06/01/2034 | 1000 | 1013443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2036 | 1015 | 1017602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 | 1210 | 1189772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2040 | 1150 | 1107888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 1360 | 1373582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 1500 | 1546292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 1220 | 1281566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 1500 | 1621928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 1300 | 1399672 |
|  Transbay Joint Powers Authority<br>(Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment) <br>Series 2020 <br>5.00%, 10/01/2031 | 500 | 526965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 950 | 997278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 600 | 626429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 | 600 | 624030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 800 | 828407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 | 1375 | 1417538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 | 1000 | 1028389 |
|  University of California<br>(University of California) <br>Series 2017-A <br>5.00%, 05/15/2028 | 1000 | 1039412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 3000 | 3117804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 | 2465 | 2560906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M <br>5.00%, 05/15/2031 | 4000 | 4154459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B <br>4.693%, 05/15/2033 | 6260 | 6444137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.00%, 05/15/2026 | 20000 | 20254866 |

---

---

| | |
|:---|:---|
| 16 AB California Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Washington Township Health Care District<br>(Washington Township Health Care District) <br>Series 2023-A <br>5.00%, 07/01/2040 | $400 | $413291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 | 360 | 368715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 | 350 | 355848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 | 275 | 277659 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023-B <br>4.125%, 08/01/2041 | 750 | 773239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/01/2042 | 275 | 281585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/2043 | 370 | 378786 |
|  Yucaipa Valley Water District Financing Authority<br>(Yucaipa Valley Water District Water & Sewer Revenue)<br>Series 2024-A <br>5.00%, 06/01/2026 | 10000 | 10058708 |
|  |  | 928943937 |
|  **American Samoa – 0.1%** |  |  |
|  American Samoa Economic Development Authority<br>(American Samoa Economic Development Authority) <br>Series 2025-A <br>5.00%, 09/01/2030<sup>(b)(d)</sup> | 1000 | 1045470 |
|  American Samoa Economic Development Authority<br>(Territory of American Samoa) <br>Series 2018 <br>6.50%, 09/01/2028<sup>(b)</sup> | 470 | 490803 |
|  |  | 1536273 |
|  **Florida – 0.1%** |  |  |
|  City of Tampa FL<br>(State of Florida Cigarette Tax Revenue) <br>Series 2020-A <br>Zero Coupon, 09/01/2033 | 175 | 132513 |
|  County of Osceola FL Transportation Revenue<br>(County of Osceola FL Transportation Revenue) <br>Series 2020-A <br>Zero Coupon, 10/01/2030 | 150 | 124428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2031 | 185 | 147189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2032 | 100 | 76188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2033 | 250 | 181950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2034 | 270 | 187671 |
|  New River Community Development District<br>(New River Community Development District) <br>Series 2006-B <br>5.00%, 05/01/2013<sup>(e)(f)</sup> | 405 | 4 |
|  |  | 849943 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 17 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Georgia – 0.2%** |  |  |
|  Municipal Electric Authority of Georgia<br>(Municipal Electric Authority of Georgia) <br>Series 2019 <br>5.00%, 01/01/2032 | $460 | $483472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 | 250 | 261423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 | 1590 | 1657952 |
|  |  | 2402847 |
|  **Guam – 1.9%** |  |  |
|  Antonio B Won Pat International Airport Authority<br>(Antonio B Won Pat Intl Airport Authority) <br>Series 2021-A <br>2.899%, 10/01/2027 | 825 | 804391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.00%, 10/01/2028 | 960 | 990614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/01/2034 | 140 | 152056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 10/01/2040 | 275 | 294516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.00%, 10/01/2027 | 155 | 158489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 600 | 642335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 600 | 649288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 450 | 488740 |
|  Guam Department of Education<br>(Guam Dept. of Education COP) <br>Series 2020 <br>4.25%, 02/01/2030 | 1500 | 1503792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2040 | 1090 | 1101458 |
|  Guam Education Financing Foundation<br>(Guam Education Financing Foundation COP)<br>Series 2016-B<br>5.00%, 10/01/2026<sup>(b)</sup> | 1045 | 1044932 |
|  Guam Power Authority<br>(Guam Power Authority) <br>Series 2022-A <br>5.00%, 10/01/2028 | 3000 | 3163348 |
|  Territory of Guam<br>(Guam Section 30 Income Tax) <br>Series 2016-A <br>5.00%, 12/01/2026 | 1000 | 1015466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 455 | 460979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 730 | 739786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 675 | 683317 |
|  Territory of Guam<br>(Territory of Guam Business Privilege Tax) <br>Series 2021-F <br>5.00%, 01/01/2031 | 1000 | 1085845 |

---

---

| | |
|:---|:---|
| 18 AB California Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Territory of Guam<br>(Territory of Guam Hotel Occupancy Tax) <br>Series 2021-A <br>5.00%, 11/01/2027 | $795 | $822163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 955 | 1004299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 1000 | 1068564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 820 | 890465 |
|  Territory of Guam<br>(Territory of Guam) <br>Series 2019 <br>5.00%, 11/15/2031 | 355 | 374869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-G <br>5.00%, 01/01/2033 | 1200 | 1330299 |
|  |  | 20470011 |
|  **Illinois – 0.6%** |  |  |
|  Illinois Finance Authority<br>(Illinois Institute of Technology)<br>Series 2019 <br>5.00%, 09/01/2032 | 100 | 101346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 200 | 201962 |
|  Metropolitan Pier & Exposition Authority<br>(Metropolitan Pier & Exposition Authority) <br>Series 2017-B <br>5.00%, 12/15/2026 | 3250 | 3313769 |
|  Village of Bolingbrook IL Sales Tax Revenue<br>(Village of Bolingbrook IL Sales Tax Revenue) <br>Series 2005 <br>6.00%, 01/01/2026<sup>(f)(g)(h)</sup> | 4450 | 3159500 |
|  |  | 6776577 |
|  **Indiana – 0.0%** |  |  |
|  City of Fort Wayne IN<br>(Do Good Foods Fort Wayne Obligated Group) <br>10.75%, 12/01/2029<sup>(f)(h)</sup> | 25 | 2 |
|  **Kentucky – 0.4%** |  |  |
|  City of Ashland KY<br>(Royal Blue Health Obligated Group) <br>Series 2019 <br>5.00%, 02/01/2026 | 230 | 230547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 260 | 264610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 160 | 170912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 200 | 213800 |
|  Kentucky Economic Development Finance Authority<br>(Owensboro Health Obligated Group) <br>Series 2017-A <br>5.00%, 06/01/2029 | 3500 | 3563147 |
|  |  | 4443016 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 19 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Missouri – 0.0%** |  |  |
|  Howard Bend Levee District<br>(Howard Bend Levee District) XLCA<br>Series 2005 <br>5.75%, 03/01/2027 | $150 | $154185 |
|  **Nevada – 0.0%** |  |  |
|  Sparks Tourism Improvement District No. 1<br>(Prerefunded – US Treasuries) <br>Series 2019-A <br>2.75%, 06/15/2028<sup>(b)</sup> | 145 | 145002 |
|  **New Jersey – 1.3%** |  |  |
|  New Jersey Transportation Trust Fund Authority<br>(New Jersey Transportation Fed Hwy Grant) <br>Series 2016 <br>5.00%, 06/15/2027 | 1410 | 1423627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 | 6660 | 6730713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 06/15/2028 | 2710 | 2739555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 | 1290 | 1303766 |
|  Tobacco Settlement Financing Corp./NJ<br>(Tobacco Settlement Financing Corp/NJ) <br>Series 2018-A <br>5.00%, 06/01/2026 | 1000 | 1010036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 1000 | 1051433 |
|  |  | 14259130 |
|  **New York – 0.0%** |  |  |
|  New York Transportation Development Corp.<br>(Laguardia Gateway Partners) <br>Series 2016-A <br>5.00%, 07/01/2046 | 220 | 219140 |
|  **Ohio – 0.1%** |  |  |
|  Buckeye Tobacco Settlement Financing Authority<br>(Buckeye Tobacco Settlement Financing Authority) <br>Series 2020-A <br>5.00%, 06/01/2036 | 1175 | 1227727 |
|  **Pennsylvania – 0.1%** |  |  |
|  Allentown Neighborhood Improvement Zone Development Authority<br>(Allentown Neighborhood Improvement Zone Center City Investment Revenue) <br>Series 2018 <br>5.00%, 05/01/2033<sup>(b)</sup> | 1000 | 1027833 |

---

---

| | |
|:---|:---|
| 20 AB California Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Puerto Rico – 0.8%** |  |  |
|  Commonwealth of Puerto Rico<br>(Commonwealth of Puerto Rico) <br>Series 2021-A <br>Zero Coupon, 07/01/2033 | $1680 | $1209245 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority<br>(Puerto Rico Commonwealth Aqueduct & Sewer Authority) <br>Series 2020-A <br>5.00%, 07/01/2030<sup>(b)</sup> | 2440 | 2541461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035<sup>(b)</sup> | 1735 | 1795878 |
|  Puerto Rico Electric Power Authority<br>(Puerto Rico Electric Power Authority)<br>AG Series 2007-V <br>5.25%, 07/01/2027 | 1720 | 1729772 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth<br>(San Juan Cruise Port LLC) <br>Series 2024 <br>6.25%, 01/01/2040 | 1665 | 1891158 |
|  |  | 9167514 |
|  **Washington – 0.1%** |  |  |
|  Washington Health Care Facilities Authority<br>(CommonSpirit Health Obligated Group) <br>Series 2019-A <br>5.00%, 08/01/2031 | 825 | 881480 |
|  **Wisconsin – 0.3%** |  |  |
|  Wisconsin Public Finance Authority<br>(UMA Education, Inc.) <br>Series 2019 <br>5.00%, 10/01/2026<sup>(b)</sup> | 770 | 777233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027<sup>(b)</sup> | 805 | 821703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(b)</sup> | 700 | 722722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(b)</sup> | 320 | 333212 |
|  |  | 2654870 |
|  Total Long-Term Municipal Bonds <br>(cost $999,425,161) |  | 995159487 |
|  Short-Term Municipal Notes – 7.4% |  |  |
|  **California – 7.4%** |  |  |
|  Anaheim Housing & Public Improvements Authority<br>(City of Anaheim CA Water System Revenue) <br>Series 2024, Class A <br>2.55%, 10/01/2054<sup>(i)</sup> | 4045 | 4045000 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 21 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Bay Area Toll Authority<br>(Bay Area Toll Authority) <br>Series 2024 <br>2.40%, 04/01/2059<sup>(i)</sup> | $5000 | $5000000 |
|  City of Los Angeles CA<br>(City of Los Angeles CA) <br>Series 2025 <br>5.00%, 06/25/2026 | 50000 | 50741485 |
|  County of Riverside CA<br>(County of Riverside CA) <br>Series 2025-A <br>2.55%, 10/16/2026 | 2780 | 2785906 |
|  Irvine Ranch Water District<br>(Irvine Ranch Water District)<br>Series 2009-B <br>2.25%, 10/01/2041<sup>(i)</sup> | 300 | 300000 |
|  Municipal Water District Of Orange County Water Facilities Corp.<br>(Municipal Water District Of Orange County Water Facilities) <br>Series 2021-A <br>2.00%, 08/01/2042<sup>(i)</sup> | 3000 | 3000000 |
|  Nuveen California AMT-Free Quality Municipal Income Fund<br>(Nuveen California AMT-Free Quality Municipal Income Fund) <br>Series 2017 <br>3.24%, 10/01/2047<sup>(b)(i)</sup> | 5000 | 5000000 |
|  State of California<br>(State of California) <br>Series 2024-A <br>1.40%, 05/01/2053<sup>(i)</sup> | 8220 | 8220000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 05/01/2054<sup>(i)</sup> | 1600 | 1600000 |
|  Total Short-Term Municipal Notes <br>(cost $80,484,206) |  | 80692391 |
|  Total Municipal Obligations <br>(cost $1,079,909,367) |  | 1075851878 |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4% |  |  |
|  **Agency CMBS – 0.4%** |  |  |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates <br>Series 2021-ML10, Class AUS <br>2.032%, 01/25/2038 | 4727 | 3883331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class ACA <br>2.875%, 07/25/2036 | 923 | 873508 |

---

---

| | |
|:---|:---|
| 22 AB California Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XCA <br>0.965%, 07/25/2036<sup>(c)</sup> | $2492 | $134693 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $5,822,711) |  | 4891532 |
|  ASSET-BACKED SECURITIES – 0.1% |  |  |
|  **Autos – Fixed Rate – 0.1%** |  |  |
|  Lendbuzz Securitization Trust <br>Series 2023-1A, Class A2 <br>6.92%, 08/15/2028<sup>(b)</sup> <br>(cost $493,995) | 494 | 499225 |
|  COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% |  |  |
|  **Risk Share Floating Rate – 0.0%** |  |  |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2016-C01, Class 1M2<br>10.936% (CME Term SOFR + 6.86%), 08/25/2028<sup>(a)</sup> | 25 | 24998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2 <br>10.186% (CME Term SOFR + 6.11%), 09/25/2028<sup>(a)</sup> | 5 | 4629 |
|  Total Collateralized Mortgage Obligations <br>(cost $29,859) |  | 29627 |
|  Total Investments – 98.5% <br>(cost $1,086,255,932) |  | 1081272262 |
|  Other assets less liabilities – 1.5% |  | 16880427 |
|  **Net Assets – 100.0%** |  | $**1098152689** |

---

#### CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>November 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Buy Contracts** |  |  |  |  |  |  |  |
|  CDX-NAHY Series 45, 5 Year Index, 12/20/2030\* | (5.00)% | Quarterly | 3.23% | USD 7,600 | $(641410) | $(567893) | $(73517) |

---

\* Termination date

---

| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 23 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 19630 | 10/15/2028 | CPI<sup>#</sup> | 2.565% | Maturity | $1943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116379) | $118322 |
| USD | 17750 | 10/15/2029 | 2.569% | CPI<sup>#</sup> | Maturity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45257) | 78173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123430) |
| USD | 17250 | 10/15/2029 | 2.485% | CPI<sup>#</sup> | Maturity | 26400 | 143056 | (116656) |
| USD | 13425 | 10/15/2029 | 2.516% | CPI<sup>#</sup> | Maturity | 304 | 92041 | (91737) |
| USD | 13413 | 10/15/2029 | 2.451% | CPI<sup>#</sup> | Maturity | 42519 | 132196 | (89677) |
| USD | 13412 | 10/15/2029 | 2.499% | CPI<sup>#</sup> | Maturity | 11397 | 102525 | (91128) |
| USD | 20620 | 10/15/2030 | CPI<sup>#</sup> | 2.531% | Maturity | 51191 | (105634) | 156825 |
|  |  |  |  |  |  | $88497 | $325978 | $(237481) |

---

# 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** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 2000 | 10/15/2030 | 1 Day<br>SOFR | 4.092% | Annual | $70831 | $65753 | $5078 |
| USD | 10000 | 08/15/2031 | 1 Day<br>SOFR | 4.053% | Annual | 355336 | 331557 | 23779 |
| USD | 13500 | 06/01/2032 | 1 Day<br>SOFR | 3.717% | Annual | 210555 | 209093 | 1462 |
| USD | 12400 | 11/05/2032 | 1 Day<br>SOFR | 3.516% | Annual | 69229 | – 0 | 69229 |
| USD | 6200 | 06/15/2034 | 3.543% | 1 Day<br>SOFR | Annual | 17798 | 13334 | 4464 |
| USD | 11000 | 08/15/2034 | 3.545% | 1 Day<br>SOFR | Annual | 22855 | 28472 | (5617) |
| USD | 3670 | 08/15/2034 | 3.272% | 1 Day<br>SOFR | Annual | 86059 | 84529 | 1530 |
| USD | 3900 | 02/15/2035 | 3.893% | 1 Day<br>SOFR | Annual | (92233) | (88831) | (3402) |
| USD | 7800 | 09/25/2035 | 3.587% | 1 Day<br>SOFR | Annual | 17544 | 26129 | (8585) |
| USD | 11700 | 10/25/2035 | 3.521% | 1 Day<br>SOFR | Annual | 88238 | – 0 | 88238 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670036 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176176 |

---

(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** |

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------

**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 | Assets |
|  Investments in securities, at value (cost $1,086,255,932) | $1081272262 |
|  Cash | 6101146 |
|  Cash collateral due from broker | 2295438 |
|  Interest receivable | 12792245 |
|  Receivable for investment securities sold | 95000 |
|  Receivable for variation margin on centrally cleared swaps | 16420 |
|  Receivable for newly entered centrally cleared interest rate swaps | 14466 |
|  Total assets | 1102586977 |
| Liabilities | Liabilities |
|  Payable for investment securities purchased | 4042643 |
|  Advisory fee payable | 227595 |
|  Other liabilities | 164050 |
|  Total liabilities | 4434288 |
|  Net Assets | $**1098152689** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $4361 |
|  Additional paid-in capital | 1107777069 |
|  Accumulated loss | (9628741) |
|  **Net Assets** | $**1098152689** |
|  **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** |

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------

#### STATEMENT OF OPERATIONS

---

| | | |
|:---|:---|:---|
|  | **October 1,<br>2025 to<br>November 30,<br>2025<sup>(a)</sup>** | **Year Ended<br>September 30,<br>2025<sup>(b)</sup>** |
| Investment Income |  |  |
|  Interest | $6343870 | $36691026 |
|  Dividend—Affiliated issuers | 3646 | – 0 |
|  Other income | – 0 | 7977 |
|  Total income | 6347516 | 36699003 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 508576 | 4418892 |
|  Shareholder servicing fee (see Note B) | 12364 | 860972 |
|  Distribution fee—Class A | – 0 | 115061 |
|  Distribution fee—Class C | – 0 | 16673 |
|  Transfer Agent fee—Non-Retail Class | – 0 | 26290 |
|  Transfer agency—Class A | – 0 | 12578 |
|  Transfer agency—Class C | – 0 | 467 |
|  Transfer agency—Advisor Class | 4274 | 38334 |
|  Legal | 68581 | 85902 |
|  Audit and tax | 19439 | 46194 |
|  Printing | 10416 | 27460 |
|  Custody and accounting | 2636 | 137694 |
|  Registration fees | 1942 | 44762 |
|  Directors' fees | – 0 | 33270 |
|  Miscellaneous | – 0 | 25705 |
|  Total expenses before bank overdraft expense | 628228 | 5890254 |
|  Bank overdraft expense | – 0 | 74715 |
|  Total expenses | 628228 | 5964969 |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (193) | – 0 |
|  Net expenses | 628035 | 5964969 |
|  Net investment income | 5719481 | 30734034 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 270399 | (1049370) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 1021995 | 1146517 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 6655988 | (5748457) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (1279360) | (1674624) |
|  Net gain (loss) on investment transactions | 6669022 | (7325934) |
|  **Net Increase in Net Assets from Operations** | $**12388503** | $**23408100** |

---

(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,<br>2025 to**<br>**November 30,<br>2025<sup>(a)</sup>** | **Year Ended<br>September 30,<br>2025<sup>(b)</sup>** | **Year Ended<br>September 30,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |  |
|  Net investment income | $5719481 | $30734034 | $28458557 |
|  Net realized gain on investment transactions | 1292394 | 97147 | 2598358 |
|  Net change in unrealized appreciation (depreciation) of investments | 5376628 | (7423081) | 47362016 |
|  Net increase in net assets from operations | 12388503 | 23408100 | 78418931 |
| Distributions to Shareholders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Class | – 0 | (25034821) | (24325394) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | – 0 | (1258916) | (1234267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | – 0 | (33186) | (49162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (3097434) | (4053384) | (3291300) |
|  Return of Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Class | – 0 | (462148) | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | – 0 | (23240) | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | – 0 | (613) | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | – 0 | (74826) | – 0 |
| Transactions in Shares of the Fund |  |  |  |
|  Net increase (decrease) | 3019310 | 62559581 | (3932300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other capital | 7545 | – 0 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase | 12317924 | 55026547 | 45586508 |
| Net Assets |  |  |  |
|  Beginning of period | 1085834765 | 1030808218 | 985221710 |
|  **End of period** | $**1098152689** | $**1085834765** | $**1030808218** |

---

(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.

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| | |
|:---|:---|
| 28 AB California Intermediate Municipal ETF | **ABFunds.com** |

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------

#### 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.

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| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 29 |

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------

**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.

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.

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| | |
|:---|:---|
| 30 AB California Intermediate Municipal ETF | **ABFunds.com** |

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------

**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.

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| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 31 |

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------

**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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Long-Term Municipal Bonds | $– 0 | $995159487 | $– 0 | $995159487 |
|  Short-Term Municipal Notes | – 0 | 80692391 | – 0 | 80692391 |
|  Commercial Mortgage-Backed Securities | – 0 | 4891532 | – 0 | 4891532 |
|  Asset-Backed Securities | – 0 | 499225 | – 0 | 499225 |
|  Collateralized Mortgage Obligations | – 0 | 29627 | – 0 | 29627 |
|  Total Investments in Securities | – 0 | 1081272262 | – 0 | 1081272262 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 133754 | – 0 | 133754 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 938445 | – 0 | 938445 <sup>(b)</sup> |
|  **Liabilities:** |  |  |  |  |
|  Centrally Cleared Credit Default Swaps | – 0 | (641410) | – 0 | (641410)<sup>(b)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (45257) | – 0 | (45257)<sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (92233) | – 0 | (92233)<sup>(b)</sup> |
|  **Total** | $**– 0** | $**1081565561** | $**– 0** | $**1081565561** |

---

(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.

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| | |
|:---|:---|
| 32 AB California Intermediate Municipal ETF | **ABFunds.com** |

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------

**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.

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| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 33 |

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**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

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| | |
|:---|:---|
| 34 AB California Intermediate Municipal ETF | **ABFunds.com** |

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**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<br>9/30/25<br>(000)** | **Purchases at<br>Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34400486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23216614 |
|  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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297245088 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251525078 |
|  U.S. government securities | – 0 | 58545 |

---

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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086255932 |
|  Gross unrealized appreciation | $17273843 |
|  Gross unrealized depreciation | (22372354) |
|  Net unrealized depreciation | $**(5098511)** |

---

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** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Credit contracts |  |  | Payable for<br>variation margin on<br>centrally cleared swaps | $73517 \* |
|  Interest rate contracts | Receivable for<br>variation margin<br>on centrally<br>cleared swaps | $468927 \* | Payable for variation<br>margin on centrally<br>cleared swaps | 530232 \* |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468927 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603749 |

---

\* 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<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations<br>for Period ended**<br> **October 1, 2025 to**<br> **November 30, 2025** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $1001697 | $(1218636) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 20298 | (60724) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1279360) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations<br>for the Year ended**<br> **September 30, 2025** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $1464161 | $(1661831) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 41 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations<br>for the Year ended**<br> **September 30, 2025** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $(317644) | $(12793) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146517 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1674624) |

---

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: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75203333 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115500000 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $7600000 |

---

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: | Interest Rate Swaps: |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12395000 <sup>(a)</sup> |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $81218923 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $104833333 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $6516667 |

---

(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

---

| | |
|:---|:---|
| 42 AB California Intermediate Municipal ETF | **ABFunds.com** |

---

------

**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 | Shares | Shares | Amount | Amount | Amount |
|  | Period Ended<br>November 30,<br>2025<sup>(a)</sup> | Year Ended<br>September 30,<br>2025<sup>(b)</sup> | Year Ended<br>September 30,<br>2024 | Period Ended<br>November 30,<br>2025<sup>(a)</sup> | Year Ended<br>September 30,<br>2025<sup>(b)</sup> | Year Ended<br>September 30,<br>2024 |
| **Class A** |  |  |  |  |  |  |
|  Shares sold | – 0 | 785766 | 1143793 | $– 0 | $10849321 | $15559375 |
|  Shares issued in reinvestment of dividends | – 0 | 59727 | 62246 | – 0 | 822742 | 858967 |
|  Shares converted from Class C | – 0 | 23205 | 41898 | – 0 | 322542 | 562475 |
|  Shares converted to Advisor Class | – 0 | (3338500) | – 0 | – 0 | (46040583) | – 0 |
|  Shares redeemed | – 0 | (920518) | (1093079) | – 0 | (12617623) | (14894715) |
|  **Net increase (decrease)** | **– 0** | **(3390320)** | **154858** | $**– 0** | $**(46663601)** | $**2086102** |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 43 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares | Shares | Shares | Amount | Amount | Amount |
|  | Period Ended<br>November 30,<br>2025<sup>(a)</sup> | Year Ended<br>September 30,<br>2025<sup>(b)</sup> | Year Ended<br>September 30,<br>2024 | Period Ended<br>November 30,<br>2025<sup>(a)</sup> | Year Ended<br>September 30,<br>2025<sup>(b)</sup> | Year Ended<br>September 30,<br>2024 |
| Class C |  |  |  |  |  |  |
|  Shares sold | – 0 | 20253 | 40895 | $– 0 | $280482 | $559911 |
|  Shares issued in reinvestment of dividends | – 0 | 1441 | 2312 | – 0 | 19863 | 31889 |
|  Shares converted to Advisor Class | – 0 | (110592) | – 0 | – 0 | (1524737) | – 0 |
|  Shares converted to Class A | – 0 | (23216) | (41890) | – 0 | (322542) | (562475) |
|  Shares redeemed | – 0 | (57560) | (75447) | – 0 | (797757) | (1032840) |
|  **Net increase (decrease)** | **– 0** | **(169674** | **(74130** | $**– 0** | $**(2344691** | $**(1003515** |
| **Municipal Class** |  |  |  |  |  |  |
|  Shares sold | – 0 | 14774861 | 26295912 | $– 0 | $203955177 | $361273562 |
|  Shares issued in reinvestment of dividends | – 0 | 1439037 | 1305229 | – 0 | 19847683 | 18012224 |
|  Shares converted to Adviser Class | (64725760) | – 0 | – 0 | (903040854) | – 0 | – 0 |
|  Shares redeemed | (4258) | (12776513) | (28523916) | (59354) | (176281939) | (391232532) |
|  **Net increase (decrease)** | **(64730018** | **3437385** | **(922775** | $**(903100208** | $**47520921** | $**(11946746** |
| **Advisor Class** |  |  |  |  |  |  |
|  Shares sold | 500040 | 5175800 | 4360075 | $12542210 | $71339926 | $59278972 |
|  Shares issued in reinvestment of dividends | – 0 | 189065 | 149417 | – 0 | 2608202 | 2061911 |
|  Shares converted from Class A | – 0 | 3338790 | – 0 | – 0 | 46040583 | – 0 |
|  Shares converted from Class C | – 0 | 110572 | – 0 | – 0 | 1524737 | – 0 |
|  Shares converted from Municipal Class | 36121634 | – 0 | – 0 | 903040854 | – 0 | – 0 |
|  Shares redeemed | (376377) | (4184795) | (4008555) | (9463546) | (57466496) | (54409024) |
|  **Net increase**  | **36245297** | **4629432** | **500937** | $**906119518** | $**64046952** | $**6931859** |

---

(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.

---

| | |
|:---|:---|
| 44 AB California Intermediate Municipal ETF | **ABFunds.com** |

---

------

**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

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| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 45 |

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**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

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| | |
|:---|:---|
| 46 AB California Intermediate Municipal ETF | **ABFunds.com** |

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**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.

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| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 47 |

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**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

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| | |
|:---|:---|
| 48 AB California Intermediate Municipal ETF | **ABFunds.com** |

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**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.

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|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 49 |

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**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:

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| | | | |
|:---|:---|:---|:---|
|  | **October 1, 2025 to<br>November 30, 2025** | **Year ended<br>September 30, 2025** | **Year ended<br>September 30, 2024** |
|  Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223090 | $946728 | 1315430 |
|  Long-term capital gains | – 0 | – 0 | – 0 |
|  Total taxable distributions | 223090 | 946728 | 1315430 |
|  Tax exempt distributions | 2874344 | 29433579 | 27584693 |
|  Tax return of capital | – 0 | 560827 | – 0 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097434 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30941134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28900123 |

---

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

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| | |
|:---|:---|
|  Undistributed tax-exempt income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622439 |
|  Accumulated capital and other losses | (7152669)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (5098511)<sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9628741) |

---

(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

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

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| | |
|:---|:---|
| 50 AB California Intermediate Municipal ETF | **ABFunds.com** |

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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:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Shares<br>outstanding<br>before the<br>Conversion** | **Shares<br>outstanding<br>immediately<br>after the<br>Conversion** | **Aggregate net<br>assets before<br>the Conversion** | **Aggregate net<br>assets<br>immediately<br>after the<br>Conversion** |
|  Acquired Portfolio\* | 77897816 | – 0 | $1086830672 | $– 0 |
|  The Fund | – 0 | 43455512 | $– 0 | $1086830672 |

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\* Represents the accounting survivor.

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| | |
|:---|:---|
| + | 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.  |

---

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| | | | |
|:---|:---|:---|:---|
| **Acquired Portfolio's Share Class** | **Shares<br>outstanding<br>before<br>Conversion** | **Conversion<br>Ratio** | **Shares<br>outstanding<br>immediately<br>after the<br>Conversion** |
|  Advisor Class | 13172056 | 0.55811597 | 7351535 |
|  Sanford C. Bernstein Class | 64725760 | 0.55779920 | 36103977 |
|  Total | 77897816 |  | 43455512 |

---

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.

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| | |
|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 51 |

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#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period<sup>(a)</sup>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **October 1,<br>2025 to<br>November 30,<br>2025<sup>(b)</sup>** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **October 1,<br>2025 to<br>November 30,<br>2025<sup>(b)</sup>** | **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<sup>(c)</sup> | .13 | .73 | .72 | .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<sup>(e)</sup> | 1.00 | 2.34 | 8.19 | 3.28 | (7.40) | 2.28 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $1098153 | $183794 | $120177 | $107640 | $102466 | $82692 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup> | .28 | .50 | .50 | .51 | .48 | .48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup> | .28 | .50 | .50 | .51 | .48 | .48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.18 | 3.01 | 2.88 | 2.50 | 1.86 | 1.71 |
|  Portfolio turnover rate<sup>(g)</sup> | 2 | 26 | 39 | 31 | 23 | 27 |

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(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.

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|:---|:---|
| 52 AB California Intermediate Municipal ETF | **ABFunds.com** |

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**FINANCIAL HIGHLIGHTS** (contined)

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **October 1,<br>2025 to<br>November 30,<br>2025** | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **October 1,<br>2025 to<br>November 30,<br>2025** | | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net of waivers/reimbursements | .28 | %<sup>^</sup> | .49% | .50% | .51% | .48% | .48% |
|  Before waivers/reimbursements | .28 | %<sup>^</sup> | .49% | .50% | .51% | .48% | .48% |

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(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:

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| | | | |
|:---|:---|:---|:---|
|  | **Net Investment**<br>**Income Per**<br>**Share** | **Net Investment**<br>**Income Ratio** | **Total Return** |
|  Adviser Class | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.00 <sup>(h)</sup> | .00 %<sup>(i)</sup> | .00 %<sup>(i)</sup> |

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^ Annualized.

See notes to financial statements.

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|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 53 |

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#### 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.

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| 54 AB California Intermediate Municipal ETF | **ABFunds.com** |

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#### 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](g35899g91r55.jpg)

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

New York, New York

January 29, 2026

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|:---|:---|
| **ABFunds.com** | AB California Intermediate Municipal ETF 55 |

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#### 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, 40.77% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends.

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.

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|:---|:---|
| 56 AB California Intermediate Municipal ETF | **ABFunds.com** |

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#### 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](g35899g28a43.jpg)

AB CALIFORNIA INTERMEDIATE MUNICIPAL ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-CAIM-0151-1125 ![LOGO](g35899g22c48.jpg)

------

#### November 30, 2025
![LOGO](g133327g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB CONSERVATIVE BUFFER ETF

(NASDAQ: BUFC)

![LOGO](g133327g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS

#### November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | | **Notional<br>Amount** | **U.S. $ Value** |
|  PURCHASED OPTIONS - CALLS – 99.0% |  |  |  |
|  **Options on Equity Indices – 99.0%** |  |  |  |
|  SPDR S&P 500 ETF Trust <br>Expiration: Feb 2026; Contracts: 14,245; Exercise Price: USD 3.42; <br>Counterparty: Sg Americas Securities LLC<sup>(a)</sup> <br>(premium paid $965,518,618) | USD | 4871790 | $966419974 |
|  PURCHASED OPTIONS - PUTS – 2.6% | PURCHASED OPTIONS - PUTS – 2.6% | PURCHASED OPTIONS - PUTS – 2.6% | PURCHASED OPTIONS - PUTS – 2.6% |
|  **Options on Equity Indices – 2.6%** | **Options on Equity Indices – 2.6%** | **Options on Equity Indices – 2.6%** | **Options on Equity Indices – 2.6%** |
|  SPDR S&P 500 ETF Trust <br>Expiration: Feb 2026; Contracts: 14,245; Exercise Price: USD 683.00; <br>Counterparty: Sg Americas Securities LLC<sup>(a)</sup> <br>(premium paid $28,770,664) | USD | 972933500 | 25277610 |
|  |  | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 0.5% | SHORT-TERM INVESTMENTS – 0.5% | SHORT-TERM INVESTMENTS – 0.5% | SHORT-TERM INVESTMENTS – 0.5% |
|  **Investment Companies – 0.5%** | **Investment Companies – 0.5%** | **Investment Companies – 0.5%** | **Investment Companies – 0.5%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, <br>3.82%<sup>(b)(c)(d)</sup> <br>(cost $5,214,878) |  | 5214878 | 5214878 |
|  Total Investments – 102.1% <br>(cost $999,504,160) |  |  | 996912462 |
|  Other assets less liabilities – (2.1)% |  |  | (20225087) |
|  **Net Assets – 100.0%** |  |  | $**976687375** |

---

#### CALL OPTIONS WRITTEN (see Note D)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Contracts** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Month** | **Notional<br>(000)** | **Notional<br>(000)** | **Premiums<br>Received** | **U.S. $ Value** |
|  SPDR S&P 500 ETF Trust<sup>(e)</sup> | SG Americas<br>Securities<br>LLC | 14245 | USD | 707.93 | February 2026 | USD | 1008446 | $19934298 | $(15064230) |

---

#### PUT OPTIONS WRITTEN (see Note D)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Contracts** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Month** | **Notional<br>(000)** | **Notional<br>(000)** | **Premiums<br>Received** | **U.S. $ Value** |
|  SPDR S&P 500 ETF Trust<sup>(e)</sup> | SG Americas<br>Securities<br>LLC | 14245 | USD | 580.55 | February 2026 | USD | 826993 | $6325762 | $(4669369) |

---

(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.

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| | |
|:---|:---|
| **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** |

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#### STATEMENT OF ASSETS & LIABILITIES

#### November 30, 2025

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| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $994,289,282) | $991697584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $5,214,878) | 5214878 |
|  Cash collateral due from broker | 2000 |
|  Interest receivable | 14733 |
|  Receivable due from Adviser | 759 |
|  Total assets | 996929954 |
| Liabilities |  |
|  Written Options, at value (premiums received $26,260,060) | 19733599 |
|  Advisory fee payable | 508980 |
|  Total liabilities | 20242579 |
|  Net Assets | $**976687375** |
| Composition of Net Assets |  |
|  Capital stock, at par | $2375 |
|  Additional paid-in capital | 978352503 |
|  Accumulated loss | (1667503) |
|  **Net Assets** | $**976687375** |
|  **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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Conservative Buffer ETF 3 |

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#### STATEMENT OF OPERATIONS

#### Year Ended November 30, 2025

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| | | |
|:---|:---|:---|
| Investment Income | Investment Income | Investment Income |
|  Dividends—Affiliated issuers | $187385 | $187385 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 5922408 |  |
|  Total expenses before bank overdraft expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5922408 |  |
|  Bank overdraft expense | 708 |  |
|  Total expenses | 5923116 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (9378) |  |
|  Net expenses |  | 5913738 |
|  Net investment loss |  | (5726353) |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | 93514922 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 647162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | (44198456) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (5365267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | 5370386 |
|  Net gain on investment transactions |  | 49968747 |
|  **Net Increase in Net Assets from Operations** |  | $**44242394** |

---

See notes to financial statements.

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| | |
|:---|:---|
| 4 AB Conservative Buffer ETF | **ABFunds.com** |

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#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>November 30,<br>2025** | **December 13,**<br>**2023<sup>(a)</sup><br>November 30,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment loss | $(5726353) | $(3283251) |
|  Net realized gain on investment transactions | 49963628 | 58158075 |
|  Net change in unrealized appreciation (depreciation) of investments | 5119 | 3929644 |
|  Net increase in net assets from operations | 44242394 | 58804468 |
| Transactions in Shares of the Fund |  |  |
|  Net increase | 235652725 | 637933635 |
|  Other capital | 53565 | 588 |
|  Total increase | 279948684 | 696738691 |
| Net Assets |  |  |
|  Beginning of period | 696738691 | – 0 |
|  End of period | $**976687375** | $**696738691** |

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(a) Commencement of operations.

See notes to financial statements.

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| | |
|:---|:---|
| **ABFunds.com** | AB Conservative Buffer ETF 5 |

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#### 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<sup>®</sup> S&P 500<sup>®</sup> 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.

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| | |
|:---|:---|
| 6 AB Conservative Buffer ETF | **ABFunds.com** |

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**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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| | |
|:---|:---|
| **ABFunds.com** | AB Conservative Buffer ETF 7 |

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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.

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.

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)

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

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| | |
|:---|:---|
| 8 AB Conservative Buffer ETF | **ABFunds.com** |

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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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Purchased Options – Calls | $– 0 | $966419974 | $– 0 | $966419974 |
|  Purchased Options – Puts | – 0 | 25277610 | – 0 | 25277610 |
|  Short-Term Investments | 5214878 | – 0 | – 0 | 5214878 |
|  Total Investments in Securities | 5214878 | 991697584 | – 0 | 996912462 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets** | – 0 | – 0 | – 0 | – 0 |
|  **Liabilities:** |  |  |  |  |
|  Call Options Written | – 0 | (15064230) | – 0 | (15064230) |
|  Put Options Written | – 0 | (4669369) | – 0 | (4669369) |
|  **Total** | $**5214878** | $**971963985** | $**– 0** | $**977178863** |

---

(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.

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

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| | |
|:---|:---|
| **ABFunds.com** | AB Conservative Buffer ETF 9 |

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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.

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.

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 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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| | |
|:---|:---|
| 10 AB Conservative Buffer ETF | **ABFunds.com** |

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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

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 .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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| | |
|:---|:---|
| **ABFunds.com** | AB Conservative Buffer ETF 11 |

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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<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3851 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19791 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5215 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817723 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674964229 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999504160 |
|  Gross unrealized appreciation | $7427817 |
|  Gross unrealized depreciation | (3493054) |
|  Net unrealized appreciation | $3934763 |

---

---

| | |
|:---|:---|
| 12 AB Conservative Buffer ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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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| | |
|:---|:---|
| **ABFunds.com** | AB Conservative Buffer ETF 13 |

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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** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Equity contracts | Investments<br> in securities,<br> at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991697584 |  |  |
|  Equity contracts |  |  | Written Options,<br>at value | $19733599 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991697584 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19733599 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | $57677330 | $(5365267) |
|  Equity contracts | Net realized gain (loss) on written options; Net change in unrealized appreciation (depreciation) of written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7713702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370386 |
|  Total |  | $49963628 | $5119 |

---

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

---

| | |
|:---|:---|
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $855991488 |
|  Options Written: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603464881 |

---

---

| | |
|:---|:---|
| 14 AB Conservative Buffer ETF | **ABFunds.com** |

---

------

**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

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 | Shares | Amount | Amount |
|  | Year Ended<br>November 30,<br>2025 | December 13,<br> 2023<sup>(a)</sup>November 30,<br>2024 | Year Ended<br>November 30,<br>2025 | December 13,<br> 2023<sup>(a)</sup>November 30,<br>2024 |
|  Shares sold | 6750000 | 65900028 | $264780720 | $2473663303 |
|  Shares redeemed | (725000) | (48175000) | (29127995) | (1835729668) |
|  **Net increase** | **6025000** | **17725028** | $**235652725** | $**637933635** |

---

(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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| | |
|:---|:---|
| **ABFunds.com** | AB Conservative Buffer ETF 15 |

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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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| | |
|:---|:---|
| 16 AB Conservative Buffer ETF | **ABFunds.com** |

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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 |

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**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 |

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**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.

**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.

**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

---

| | |
|:---|:---|
| 20 AB Conservative Buffer ETF | **ABFunds.com** |

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------

**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.

**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. 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 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.

**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

---

| | |
|:---|:---|
| **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.

**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

---

| | |
|:---|:---|
| 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

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.

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: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $– 0 | $– 0 |
|  Total taxable distributions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |

---

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

---

| | |
|:---|:---|
|  Accumulated capital and other losses | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5602266)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 3934763 |
|  Total accumulated earnings (deficit) | $(1667503) |

---

(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

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.

---

| | |
|:---|:---|
| 24 AB Conservative Buffer ETF | **ABFunds.com** |

---

------

#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>November 30,<br>2025** | **December 13,**<br> **2023<sup>(a)</sup><br>November 30,<br>2024** |
|  Net asset value, beginning of period | $39.31 | $35.00 |
|  Income From Investment Operations |  |  |
|  Net investment loss<sup>(b)(c)</sup> | (.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<sup>(d)</sup> | 4.62 | 12.31 |
|  Ratios/Supplemental Data |  |  |
|  Net assets, end of period (000's omitted) | $976687 | $696739 |
|  Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .69 | .69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .69 | .69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(c)</sup> | (.67 | (.66 |
|  Portfolio turnover rate<sup>(e)</sup> | 0 | 0 |

---

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Net of expenses waived/reimbursed by the Adviser.

(d) 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.

(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.

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

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| | |
|:---|:---|
| 26 AB Conservative Buffer ETF | **ABFunds.com** |

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------

#### 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](g133327g91r55.jpg)

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.

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| | |
|:---|:---|
| **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 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 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
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

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| | |
|:---|:---|
| 30 AB Conservative Buffer ETF | **ABFunds.com** |

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------

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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Conservative Buffer ETF 31 |

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#### NOTES

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| | |
|:---|:---|
| 32 AB Conservative Buffer ETF | **ABFunds.com** |

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![LOGO](g133327g28a43.jpg)

AB CONSERVATIVE BUFFER ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-CB-0151-1125 ![LOGO](g133327g22c48.jpg)

------

#### November 30, 2025
![LOGO](g937756g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB CORPORATE BOND ETF

(NASDAQ: EYEG)

![LOGO](g937756g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS

#### November 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CORPORATES - INVESTMENT GRADE – 97.7% |  |  |
|  Industrial – 49.4% |  |  |
|  **Basic – 1.3%** |  |  |
|  Amcor Flexibles North America, Inc.<br>4.80%, 03/17/2028 | $25 | $25345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/17/2030 | 25 | 25669 |
|  Amcor Group Finance PLC<br>5.45%, 05/23/2029 | 22 | 22779 |
|  BHP Billiton Finance USA Ltd.<br>5.00%, 02/15/2036 | 8 | 8139 |
|  Dow Chemical Co. (The)<br>4.80%, 01/15/2031 | 27 | 26936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/15/2035 | 27 | 26900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/15/2036 | 27 | 27145 |
|  EIDP, Inc.<br>5.125%, 05/15/2032 | 26 | 26784 |
|  LYB International Finance III LLC<br>6.15%, 05/15/2035 | 7 | 7246 |
|  Nucor Corp.<br>4.30%, 05/23/2027 | 133 | 133676 |
|  Rio Tinto Finance USA PLC<br>4.875%, 03/14/2030 | 25 | 25718 |
|  |  | 356337 |
|  **Capital Goods – 3.3%** |  |  |
|  3M Co.<br>2.875%, 10/15/2027 | 136 | 133541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 03/01/2029 | 136 | 133360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/14/2048 | 43 | 35039 |
|  AGCO Corp.<br>5.80%, 03/21/2034 | 127 | 132688 |
|  Caterpillar Financial Services Corp.<br>Series K<br>4.10%, 08/15/2028 | 26 | 26176 |
|  CNH Industrial Capital LLC<br>4.75%, 03/21/2028 | 20 | 20267 |
|  CRH America Finance, Inc.<br>4.40%, 02/09/2031 | 136 | 136239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/09/2036 | 27 | 27279 |
|  John Deere Capital Corp.<br>4.375%, 10/15/2030 | 26 | 26357 |
|  Johnson Controls International PLC/Tyco Fire & Security Finance SCA<br>1.75%, 09/15/2030 | 29 | 25949 |
|  Parker-Hannifin Corp.<br>4.25%, 09/15/2027 | 132 | 132904 |
|  Regal Rexnord Corp.<br>6.05%, 04/15/2028 | 34 | 35186 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Bond ETF 1 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  RTX Corp.<br>3.125%, 05/04/2027 | $29 | $28653 |
|  |  | 893638 |
|  **Communications - Media – 2.3%** |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>6.484%, 10/23/2045 | 128 | 122866 |
|  Cox Communications, Inc.<br>5.95%, 09/01/2054<sup>(a)</sup> | 145 | 128508 |
|  Meta Platforms, Inc.<br>4.65%, 08/15/2062 | 74 | 62037 |
|  Paramount Global<br>4.375%, 03/15/2043 | 87 | 65787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/2031 | 113 | 111545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/19/2050 | 170 | 132297 |
|  |  | 623040 |
|  **Communications - Telecommunications – 0.3%** |  |  |
|  AT&T, Inc.<br>5.70%, 11/01/2054 | 27 | 26502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 08/15/2056 | 26 | 26824 |
|  Verizon Communications, Inc.<br>5.25%, 04/02/2035 | 27 | 27654 |
|  |  | 80980 |
|  **Consumer Cyclical - Automotive – 4.1%** |  |  |
|  American Honda Finance Corp.<br>4.25%, 09/01/2028 | 27 | 27130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 07/09/2032 | 28 | 28860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>4.45%, 10/22/2027 | 25 | 25207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/04/2030 | 27 | 27142 |
|  Cummins, Inc.<br>5.15%, 02/20/2034 | 130 | 135255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 02/20/2054 | 135 | 134964 |
|  Ford Motor Co.<br>3.25%, 02/12/2032 | 35 | 30782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2043 | 166 | 133655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.291%, 12/08/2046 | 159 | 134110 |
|  General Motors Co.<br>5.15%, 04/01/2038 | 138 | 133966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/2036 | 72 | 78732 |
|  General Motors Financial Co., Inc.<br>2.40%, 04/10/2028 | 5 | 4800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/27/2028 | 17 | 17012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/07/2034 | 119 | 126627 |
|  Honda Motor Co., Ltd.<br>4.436%, 07/08/2028 | 27 | 27233 |

---

---

| | |
|:---|:---|
| 2 AB Corporate Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Hyundai Capital America<br>4.25%, 09/18/2028<sup>(a)</sup> | $| 27 | $| 26976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/27/2030<sup>(a)</sup> |  | 27 |  | 27690 |
|  |  |  |  | 1120141 |
|  **Consumer Cyclical - Other – 0.8%** |  |  |  |  |
|  JH North America Holdings, Inc.<br>6.125%, 07/31/2032<sup>(a)</sup> |  | 59 |  | 60551 |
|  Las Vegas Sands Corp.<br>5.625%, 06/15/2028 |  | 20 |  | 20453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 06/01/2027 |  | 130 |  | 132401 |
|  |  |  |  | 213405 |
|  **Consumer Cyclical - Retailers – 3.5%** | **Consumer Cyclical - Retailers – 3.5%** | **Consumer Cyclical - Retailers – 3.5%** | **Consumer Cyclical - Retailers – 3.5%** | **Consumer Cyclical - Retailers – 3.5%** |
|  Dick's Sporting Goods, Inc.<br>4.10%, 01/15/2052 |  | 87 |  | 64492 |
|  Dollar Tree, Inc.<br>4.20%, 05/15/2028 |  | 133 |  | 132875 |
|  Genuine Parts Co.<br>4.95%, 08/15/2029 |  | 133 |  | 135051 |
|  Home Depot, Inc. (The)<br>4.65%, 09/15/2035 |  | 27 |  | 26989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 06/25/2054 |  | 137 |  | 133727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 12/16/2036 |  | 122 |  | 133316 |
|  Lowe's Cos., Inc.<br>3.95%, 10/15/2027 |  | 22 |  | 21994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2028 |  | 27 |  | 26998 |
|  Tapestry, Inc.<br>5.10%, 03/11/2030 |  | 131 |  | 134610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/11/2035 |  | 132 |  | 135378 |
|  |  |  |  | 945430 |
|  **Consumer Non-Cyclical – 13.3%** |  |  |  |  |
|  AbbVie, Inc.<br>4.80%, 03/15/2029 |  | 131 |  | 134443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/2064 |  | 109 |  | 109056 |
|  Altria Group, Inc.<br>3.875%, 09/16/2046 |  | 23 |  | 17540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/09/2042 |  | 160 |  | 135589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/06/2030 |  | 27 |  | 27224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/06/2035 |  | 27 |  | 27486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 02/06/2035 |  | 25 |  | 26065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/14/2049 |  | 108 |  | 109980 |
|  Archer-Daniels-Midland Co.<br>3.25%, 03/27/2030 |  | 140 |  | 135295 |
|  BAT Capital Corp.<br>5.282%, 04/02/2050 |  | 120 |  | 109691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/15/2055 |  | 25 |  | 26198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%, 08/02/2043 |  | 103 |  | 116544 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Bond ETF 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Bristol-Myers Squibb Co.<br>4.35%, 11/15/2047 | $34 | $29372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/22/2054 | 25 | 25213 |
|  Cardinal Health, Inc.<br>3.41%, 06/15/2027 | 133 | 131849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2030 | 27 | 27248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 02/15/2029 | 51 | 52594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/15/2035 | 27 | 27576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/2034 | 25 | 25882 |
|  Cargill, Inc.<br>4.125%, 10/23/2030<sup>(a)</sup> | 27 | 26969 |
|  Cencora, Inc.<br>3.45%, 12/15/2027 | 136 | 134497 |
|  Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC<br>5.60%, 01/15/2031<sup>(a)</sup> | 27 | 27145 |
|  CVS Health Corp.<br>6.20%, 09/15/2055 | 26 | 26970 |
|  Dentsply Sirona, Inc.<br>3.25%, 06/01/2030 | 138 | 127464 |
|  Eli Lilly & Co.<br>4.00%, 10/15/2028 | 26 | 26169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/2031 | 26 | 26206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/15/2032 | 26 | 26510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/15/2035 | 26 | 26706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/27/2063 | 146 | 135760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 08/14/2064 | 13 | 12527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 10/15/2055 | 26 | 26849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 02/12/2065 | 83 | 85164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 10/15/2065 | 26 | 26901 |
|  Gilead Sciences, Inc.<br>5.60%, 11/15/2064 | 29 | 29443 |
|  HCA, Inc.<br>4.30%, 11/15/2030 | 11 | 10978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/15/2032 | 27 | 26992 |
|  Kenvue, Inc.<br>4.90%, 03/22/2033 | 133 | 136371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/22/2053 | 28 | 26011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/22/2043 | 140 | 135668 |
|  Keurig Dr. Pepper, Inc.<br>4.50%, 04/15/2052 | 97 | 79663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/2030 | 26 | 26118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2029 | 74 | 75535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 31\*<br>2.25%, 03/15/2031 | 150 | 133681 |
|  Mars, Inc.<br>5.65%, 05/01/2045<sup>(a)</sup> | 131 | 134027 |

---

---

| | |
|:---|:---|
| 4 AB Corporate Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  McKesson Corp.<br>4.95%, 05/30/2032 | $26 | $26830 |
|  Northwell Healthcare, Inc.<br>3.809%, 11/01/2049 | 131 | 98765 |
|  Philip Morris International, Inc.<br>2.10%, 05/01/2030 | 96 | 87973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/29/2030 | 27 | 26749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 04/28/2028 | 26 | 26106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/29/2032 | 27 | 26637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/01/2027 | 25 | 25216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/30/2030 | 26 | 26188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/29/2035 | 27 | 26586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/01/2034 | 25 | 25318 |
|  Reynolds American, Inc.<br>5.85%, 08/15/2045 | 136 | 135389 |
|  Sysco Corp.<br>5.10%, 09/23/2030 | 24 | 24812 |
|  Thermo Fisher Scientific, Inc.<br>4.20%, 03/01/2031 | 27 | 27057 |
|  Viatris, Inc.<br>3.85%, 06/22/2040 | 60 | 45853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/22/2050 | 198 | 132593 |
|  |  | 3607241 |
|  **Energy – 2.0%** |  |  |
|  Energy Transfer LP<br>6.20%, 04/01/2055 | 25 | 24971 |
|  Enterprise Products Operating LLC<br>Series E<br>5.25%, 08/16/2077 | 122 | 121784 |
|  MPLX LP<br>6.20%, 09/15/2055 | 26 | 26279 |
|  ONEOK Partners LP<br>6.85%, 10/15/2037 | 123 | 136561 |
|  ONEOK, Inc.<br>6.625%, 09/01/2053 | 96 | 101566 |
|  Targa Resources Corp.<br>6.50%, 02/15/2053 | 127 | 134069 |
|  |  | 545230 |
|  **Services – 2.6%** |  |  |
|  Amazon.com, Inc.<br>4.10%, 04/13/2062 | 150 | 118608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/22/2057 | 164 | 135674 |
|  Mastercard, Inc.<br>3.85%, 03/26/2050 | 165 | 132254 |
|  Quanta Services, Inc.<br>4.30%, 08/09/2028 | 27 | 27151 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Bond ETF 5 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  RELX Capital, Inc.<br>4.75%, 03/27/2030 | $27 | $27589 |
|  S&P Global, Inc.<br>2.45%, 03/01/2027 | 136 | 133627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/2029 | 136 | 136820 |
|  |  | 711723 |
|  **Technology – 14.8%** |  |  |
|  Allegion US Holding Co., Inc.<br>5.60%, 05/29/2034 | 109 | 114852 |
|  Amphenol Corp.<br>2.20%, 09/15/2031 | 150 | 134472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/2027 | 27 | 26951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/2028 | 27 | 26999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/2030 | 27 | 26971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/12/2028 | 26 | 26270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/15/2033 | 27 | 26880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/2036 | 27 | 26730 |
|  Analog Devices, Inc.<br>2.10%, 10/01/2031 | 153 | 136141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/15/2045 | 136 | 134685 |
|  Apple, Inc.<br>2.55%, 08/20/2060 | 235 | 136079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/05/2061 | 225 | 137124 |
|  Applied Materials, Inc.<br>4.00%, 01/15/2031 | 27 | 26936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 01/15/2036 | 27 | 26837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 06/15/2041 | 124 | 133016 |
|  Cisco Systems, Inc.<br>4.75%, 02/24/2030 | 25 | 25729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/26/2054 | 138 | 135453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/26/2064 | 139 | 134912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2040 | 54 | 56884 |
|  Dell International LLC/EMC Corp.<br>4.15%, 02/15/2029 | 27 | 26970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2031 | 27 | 26984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/06/2032 | 27 | 27066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 25 | 25647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/15/2036 | 22 | 21987 |
|  Fiserv, Inc.<br>4.40%, 07/01/2049 | 167 | 133174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/02/2028 | 30 | 30692 |
|  Gartner, Inc.<br>3.625%, 06/15/2029<sup>(a)</sup> | 69 | 66339 |
|  Hewlett Packard Enterprise Co.<br>4.05%, 09/15/2027 | 27 | 26983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/2028 | 27 | 27005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/25/2027 | 134 | 134661 |

---

---

| | |
|:---|:---|
| 6 AB Corporate Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/15/2030 | $27 | $26923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/15/2029 | 102 | 102767 |
|  Honeywell International, Inc.<br>1.10%, 03/01/2027 | 139 | 134367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/15/2029 | 54 | 51646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029 | 31 | 31281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/2054 | 127 | 122886 |
|  Intel Corp.<br>3.75%, 03/25/2027 | 10 | 9952 |
|  Lam Research Corp.<br>4.00%, 03/15/2029 | 135 | 135209 |
|  Nokia Oyj<br>4.375%, 06/12/2027 | 134 | 134064 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc.<br>4.30%, 08/19/2028 | 27 | 27073 |
|  Open Text Corp.<br>6.90%, 12/01/2027<sup>(a)</sup> | 125 | 129653 |
|  Oracle Corp.<br>2.30%, 03/25/2028 | 99 | 94413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/2027 | 65 | 63720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/2027 | 101 | 98936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/2051 | 154 | 107218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/26/2030 | 27 | 26607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/03/2028 | 24 | 24244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/26/2032 | 27 | 26545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/26/2035 | 19 | 18623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/26/2045 | 27 | 25388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 09/26/2055 | 27 | 25209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/03/2055 | 24 | 22293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 09/26/2065 | 27 | 25136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 08/03/2065 | 24 | 22329 |
|  QUALCOMM, Inc.<br>6.00%, 05/20/2053 | 116 | 124651 |
|  ServiceNow, Inc.<br>1.40%, 09/01/2030 | 154 | 135799 |
|  Texas Instruments, Inc.<br>5.05%, 05/18/2063 | 24 | 22065 |
|  VMware LLC<br>1.80%, 08/15/2028 | 81 | 76458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/21/2027 | 120 | 119815 |
|  |  | 4006699 |
|  **Transportation - Airlines – 0.9%** |  |  |
|  Delta Air Lines, Inc./SkyMiles IP Ltd.<br>4.75%, 10/20/2028<sup>(a)</sup> | 131 | 131868 |
|  Southwest Airlines Co.<br>4.375%, 11/15/2028 | 9 | 8997 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Bond ETF 7 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  United Airlines 2020-1 Class A Pass Through Trust<br>Series 20-1<br>5.875%, 04/15/2029 | $109 | $112004 |
|  |  | 252869 |
|  **Transportation - Services – 0.2%** |  |  |
|  Element Fleet Management Corp.<br>5.037%, 03/25/2030<sup>(a)</sup> | 27 | 27662 |
|  Ryder System, Inc.<br>4.30%, 12/01/2030 | 27 | 26966 |
|  |  | 54628 |
|  |  | 13411361 |
|  Financial Institutions – 42.7% |  |  |
|  **Banking – 24.3%** |  |  |
|  Ally Financial, Inc.<br>5.737%, 05/15/2029 | 20 | 20456 |
|  American Express Co.<br>4.351%, 07/20/2029 | 26 | 26213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.731%, 04/25/2029 | 26 | 26435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.804%, 10/24/2036 | 27 | 26897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.918%, 07/20/2033 | 26 | 26634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%, 04/25/2031 | 26 | 26848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.085%, 01/30/2031 | 25 | 25836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.098%, 02/16/2028 | 103 | 104341 |
|  Bank of America Corp.<br>2.551%, 02/04/2028 | 135 | 132627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 12/20/2028 | 84 | 83000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.705%, 04/24/2028 | 45 | 44773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.824%, 01/20/2028 | 60 | 59819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.376%, 04/27/2028 | 35 | 35130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.518%, 10/25/2035 | 25 | 25832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.744%, 02/12/2036 | 94 | 98727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>3.593%, 07/21/2028 | 124 | 123030 |
|  Bank of Montreal<br>4.062%, 09/22/2028 | 27 | 27014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/22/2031 | 27 | 27042 |
|  Bank of Nova Scotia (The)<br>4.043%, 09/15/2028 | 27 | 26972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.338%, 09/15/2031 | 27 | 26992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%, 02/14/2029 | 132 | 134418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/14/2031 | 130 | 134088 |
|  Canadian Imperial Bank of Commerce<br>4.58%, 09/08/2031 | 27 | 27249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.245%, 01/13/2031 | 25 | 25908 |
|  Capital One Financial Corp.<br>2.359%, 07/29/2032 | 149 | 130144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.197%, 09/11/2036 | 68 | 67894 |

---

---

| | |
|:---|:---|
| 8 AB Corporate Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.183%, 01/30/2036 | $61 | $64004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.964%, 11/02/2034 | 111 | 131398 |
|  Citigroup, Inc.<br>3.668%, 07/24/2028 | 61 | 60588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%, 01/10/2028 | 131 | 130655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.503%, 09/11/2031 | 26 | 26162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%, 09/19/2030 | 25 | 25248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.658%, 05/24/2028 | 22 | 22180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333%, 03/27/2036 | 27 | 27880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%, 02/13/2035 | 127 | 132714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 01/24/2036 | 24 | 25305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.174%, 05/25/2034 | 124 | 132585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VAR<br>3.07%, 02/24/2028 | 134 | 132301 |
|  Citizens Financial Group, Inc.<br>5.253%, 03/05/2031 | 16 | 16407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.718%, 07/23/2032 | 25 | 26239 |
|  Goldman Sachs Group, Inc. (The)<br>2.64%, 02/24/2028 | 135 | 132579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615%, 03/15/2028 | 134 | 133142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.814%, 04/23/2029 | 103 | 102287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.017%, 10/31/2038 | 55 | 49959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.153%, 10/21/2029 | 27 | 27021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.223%, 05/01/2029 | 37 | 37074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.369%, 10/21/2031 | 27 | 27031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.937%, 04/23/2028 | 28 | 28314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.939%, 10/21/2036 | 27 | 27117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%, 07/23/2030 | 25 | 25681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.218%, 04/23/2031 | 26 | 26942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33%, 07/23/2035 | 25 | 25952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.536%, 01/28/2036 | 24 | 25170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.727%, 04/25/2030 | 13 | 13617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.851%, 04/25/2035 | 18 | 19328 |
|  HSBC Holdings PLC<br>6.50%, 09/15/2037 | 121 | 131686 |
|  JPMorgan Chase & Co.<br>2.947%, 02/24/2028 | 91 | 89776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.956%, 05/13/2031 | 136 | 128374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 05/01/2028 | 134 | 133077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.782%, 02/01/2028 | 121 | 120625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.323%, 04/26/2028 | 102 | 102423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.603%, 10/22/2030 | 25 | 25409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 01/23/2028 | 25 | 25264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 01/24/2031 | 24 | 24900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.571%, 04/22/2028 | 24 | 24481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.766%, 04/22/2035 | 24 | 25830 |
|  M&T Bank Corp.<br>5.179%, 07/08/2031 | 26 | 26659 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Bond ETF 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Morgan Stanley<br>2.475%, 01/21/2028 | $135 | $132569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/2028 | 96 | 96147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.173%, 01/16/2030 | 25 | 25723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.192%, 04/17/2031 | 26 | 26929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 01/15/2031 | 24 | 24824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%, 07/20/2029 | 116 | 119912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.831%, 04/19/2035 | 109 | 116940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>2.699%, 01/22/2031 | 76 | 71435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.772%, 01/24/2029 | 123 | 122176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>4.133%, 10/18/2029 | 16 | 15998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.356%, 10/22/2031 | 27 | 27022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%, 10/22/2036 | 27 | 27095 |
|  PNC Financial Services Group, Inc. (The)<br>4.899%, 05/13/2031 | 26 | 26642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.068%, 01/24/2034 | 53 | 54411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%, 07/21/2036 | 27 | 27984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.401%, 07/23/2035 | 25 | 26035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.575%, 01/29/2036 | 6 | 6304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.676%, 01/22/2035 | 116 | 122756 |
|  Royal Bank of Canada<br>4.498%, 08/06/2029 | 27 | 27293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.696%, 08/06/2031 | 16 | 16251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>5.153%, 02/04/2031 | 24 | 24776 |
|  Santander Holdings USA, Inc.<br>2.49%, 01/06/2028 | 92 | 90144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.473%, 03/20/2029 | 75 | 76537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.174%, 01/09/2030 | 128 | 133696 |
|  State Street Corp.<br>2.203%, 02/07/2028 | 137 | 134165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.031%, 11/01/2034 | 143 | 135076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.784%, 10/23/2036 | 27 | 27077 |
|  Synchrony Financial<br>2.875%, 10/28/2031 | 152 | 135978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.935%, 08/02/2030 | 55 | 57152 |
|  Toronto-Dominion Bank (The)<br>4.109%, 10/13/2028 | 27 | 27069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.861%, 01/31/2028 | 25 | 25435 |
|  Truist Financial Corp.<br>4.964%, 10/23/2036 | 27 | 26877 |
|  US Bancorp<br>2.215%, 01/27/2028 | 138 | 135061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.967%, 07/22/2033 | 133 | 134177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.046%, 02/12/2031 | 26 | 26779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.083%, 05/15/2031 | 26 | 26843 |

---

---

| | |
|:---|:---|
| 10 AB Corporate Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%, 02/12/2036 | $26 | $27194 |
|  Wells Fargo & Co.<br>3.526%, 03/24/2028 | 134 | 133016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.078%, 09/15/2029 | 27 | 26998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 04/23/2029 | 26 | 26519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605%, 04/23/2036 | 26 | 27546 |
|  |  | 6600264 |
|  **Brokerage – 2.0%** |  |  |
|  Apollo Global Management, Inc.<br>5.80%, 05/21/2054 | 133 | 131671 |
|  Blue Owl Finance LLC<br>6.25%, 04/18/2034 | 126 | 130337 |
|  Jefferies Financial Group, Inc.<br>6.20%, 04/14/2034 | 129 | 136633 |
|  Raymond James Financial, Inc.<br>5.65%, 09/11/2055 | 137 | 135438 |
|  |  | 534079 |
|  **Finance – 6.8%** |  |  |
|  Apollo Debt Solutions BDC<br>6.90%, 04/13/2029 | 93 | 97531 |
|  Ares Capital Corp.<br>5.10%, 01/15/2031 | 27 | 26689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2030 | 26 | 26223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/01/2029 | 107 | 109849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 07/15/2029 | 130 | 133661 |
|  Ares Strategic Income Fund<br>4.85%, 01/15/2029<sup>(a)</sup> | 27 | 26663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 01/15/2031<sup>(a)</sup> | 27 | 26552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/15/2028 | 25 | 25321 |
|  Barings BDC, Inc.<br>5.20%, 09/15/2028 | 27 | 26886 |
|  Blackstone Secured Lending Fund<br>5.125%, 01/31/2031 | 27 | 26742 |
|  Blue Owl Capital Corp.<br>5.95%, 03/15/2029 | 129 | 130722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 07/15/2030 | 23 | 23474 |
|  Blue Owl Credit Income Corp.<br>6.60%, 09/15/2029 | 87 | 89431 |
|  Brookfield Finance, Inc.<br>5.33%, 01/15/2036 | 27 | 27203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.813%, 03/03/2055 | 27 | 26804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.968%, 03/04/2054 | 129 | 131536 |
|  Carlyle Secured Lending, Inc.<br>5.75%, 02/15/2031 | 27 | 26557 |
|  Franklin BSP Capital Corp.<br>6.00%, 10/02/2030<sup>(a)</sup> | 27 | 26699 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Bond ETF 11 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  FS KKR Capital Corp.<br>3.125%, 10/12/2028 | $144 | $133343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 01/15/2030 | 25 | 24859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 08/15/2029 | 24 | 24424 |
|  Golub Capital BDC, Inc.<br>6.00%, 07/15/2029 | 131 | 133589 |
|  Golub Capital Private Credit Fund<br>5.875%, 05/01/2030 | 23 | 23311 |
|  HA Sustainable Infrastructure Capital, Inc.<br>6.375%, 07/01/2034 | 132 | 134900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/2035 | 26 | 26985 |
|  HPS Corporate Lending Fund<br>4.90%, 09/11/2028<sup>(a)</sup> | 26 | 25814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 06/05/2027<sup>(a)</sup> | 26 | 26109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/15/2030<sup>(a)</sup> | 26 | 25846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 06/05/2030<sup>(a)</sup> | 26 | 26276 |
|  Main Street Capital Corp.<br>5.40%, 08/15/2028 | 27 | 27063 |
|  North Haven Private Income Fund LLC<br>5.125%, 09/25/2028<sup>(a)</sup> | 27 | 26879 |
|  Oaktree Specialty Lending Corp.<br>6.34%, 02/27/2030 | 26 | 26065 |
|  Oaktree Strategic Credit Fund<br>6.19%, 07/15/2030<sup>(a)</sup> | 132 | 132995 |
|  Sixth Street Lending Partners<br>6.50%, 03/11/2029 | 10 | 10390 |
|  |  | 1837391 |
|  **Financial Services – 0.7%** |  |  |
|  Omnis Funding Trust<br>6.722%, 05/15/2055<sup>(a)</sup> | 138 | 145669 |
|  Sammons Financial Group Global Funding<br>4.95%, 06/12/2030<sup>(a)</sup> | 26 | 26420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 01/10/2028<sup>(a)</sup> | 25 | 25403 |
|  |  | 197492 |
|  **Insurance – 6.1%** |  |  |
|  Athene Holding Ltd.<br>6.25%, 04/01/2054 | 129 | 127591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 05/19/2055 | 8 | 8292 |
|  Brighthouse Financial, Inc.<br>4.70%, 06/22/2047 | 36 | 26939 |
|  Centene Corp.<br>2.625%, 08/01/2031 | 15 | 12860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 | 151 | 134719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 02/15/2030 | 146 | 134202 |
|  Cigna Group (The)<br>4.90%, 12/15/2048 | 149 | 135262 |
|  CNO Global Funding<br>5.875%, 06/04/2027<sup>(a)</sup> | 24 | 24586 |

---

---

| | |
|:---|:---|
| 12 AB Corporate Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Corebridge Global Funding<br>4.45%, 10/02/2030<sup>(a)</sup> | $27 | $26942 |
|  Health Care Service Corp. A Mutual Legal Reserve Co.<br>2.20%, 06/01/2030<sup>(a)</sup> | 149 | 135644 |
|  Jackson National Life Global Funding<br>4.55%, 09/09/2030<sup>(a)</sup> | 27 | 27009 |
|  MetLife, Inc.<br>9.25%, 04/08/2068<sup>(a)</sup> | 102 | 122271 |
|  New York Life Global Funding<br>4.55%, 01/28/2033<sup>(a)</sup> | 122 | 121980 |
|  Northwestern Mutual Life Insurance Co. (The)<br>6.17%, 05/29/2055<sup>(a)</sup> | 26 | 28006 |
|  Prudential Financial, Inc.<br>4.50%, 09/15/2047 | 136 | 134216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/15/2048 | 130 | 131332 |
|  RGA Global Funding<br>4.35%, 08/25/2028<sup>(a)</sup> | 26 | 26120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/25/2032<sup>(a)</sup> | 26 | 26167 |
|  Sammons Financial Group, Inc.<br>6.875%, 04/15/2034<sup>(a)</sup> | 115 | 127384 |
|  SBL Holdings, Inc.<br>7.20%, 10/30/2034<sup>(a)</sup> | 134 | 129901 |
|  Unum Group<br>6.00%, 06/15/2054 | 25 | 24843 |
|  |  | 1666266 |
|  **REITs – 2.8%** |  |  |
|  CBRE Services, Inc.<br>4.80%, 06/15/2030 | 26 | 26484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2029 | 118 | 122477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/2034 | 119 | 127950 |
|  Crown Castle, Inc.<br>2.90%, 03/15/2027 | 136 | 133674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/11/2028 | 61 | 61920 |
|  Store Capital LLC<br>5.40%, 04/30/2030<sup>(a)</sup> | 26 | 26536 |
|  WEA Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 01/15/2027<sup>(a)</sup> | 126 | 123663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/2029<sup>(a)</sup> | 131 | 127129 |
|  |  | 749833 |
|  |  | 11585325 |
|  Utility – 5.6% |  |  |
|  **Electric – 5.4%** |  |  |
|  Eversource Energy<br>5.45%, 03/01/2028 | 131 | 134149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/2029 | 127 | 132936 |
|  Jersey Central Power & Light Co.<br>4.15%, 01/15/2029<sup>(a)</sup> | 27 | 27015 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Bond ETF 13 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/15/2031<sup>(a)</sup> | $| 27 | $26938 |
|  NextEra Energy Capital Holdings, Inc.<br>5.65%, 05/01/2079 |  | 123 | 124467 |
|  Niagara Mohawk Power Corp.<br>4.647%, 10/03/2030<sup>(a)</sup> |  | 27 | 27220 |
|  Pacific Gas & Electric Co.<br>3.75%, 07/01/2028 |  | 79 | 77849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 10/15/2032 |  | 27 | 27209 |
|  PacifiCorp<br>2.90%, 06/15/2052 |  | 211 | 126129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/2051 |  | 199 | 128825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/15/2049 |  | 171 | 130399 |
|  Public Service Co. of Oklahoma<br>5.45%, 01/15/2036 |  | 26 | 26789 |
|  San Diego Gas & Electric Co.<br>5.40%, 04/15/2035 |  | 27 | 28126 |
|  Sempra<br>3.40%, 02/01/2028 |  | 137 | 134922 |
|  Southern California Edison Co.<br>5.30%, 03/01/2028 |  | 132 | 134603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/01/2027 |  | 70 | 71921 |
|  Southwestern Public Service Co.<br>6.00%, 06/01/2054 |  | 25 | 25957 |
|  Vistra Operations Co. LLC<br>4.30%, 10/15/2028<sup>(a)</sup> |  | 27 | 26930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/15/2030<sup>(a)</sup> |  | 27 | 26949 |
|  Xcel Energy, Inc.<br>4.75%, 03/21/2028 |  | 26 | 26365 |
|  |  |  | 1465698 |
|  **Other Utility – 0.2%** |  |  |  |
|  Boston Gas Co.<br>3.15%, 08/01/2027<sup>(a)</sup> |  | 38 | 37411 |
|  |  |  | 1503109 |
|  Total Corporates - Investment Grade<br>(cost $26,157,958) |  |  | 26499795 |
|  | **Shares** | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 0.9% | SHORT-TERM INVESTMENTS – 0.9% | SHORT-TERM INVESTMENTS – 0.9% | SHORT-TERM INVESTMENTS – 0.9% |
|  **Investment Companies – 0.9%** | **Investment Companies – 0.9%** | **Investment Companies – 0.9%** | **Investment Companies – 0.9%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%<sup>(b)(c)(d)</sup><br>(cost $251,488) |  | 251488 | 251488 |
|  Total Investments – 98.6%<br>(cost $26,409,446) |  |  | 26751283 |
|  Other assets less liabilities – 1.4% |  |  | 391010 |
|  **Net Assets – 100.0%** |  |  | $**27142293** |

---

---

| | |
|:---|:---|
| 14 AB Corporate Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

#### FUTURES (see Note D)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  U.S. 10 Yr Ultra Futures | 5 | March 2026 | $581016 | $(94) |
|  U.S. Long Bond (CBT) Futures | 28 | March 2026 | 3288250 | 16461 |
|  U.S. T-Note 5 Yr (CBT) Futures | 27 | March 2026 | 2963672 | 11133 |
|  **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  U.S. T-Note 2 Yr (CBT) Futures | 15 | March 2026 | 3132891 | (1758) |
|  U.S. T-Note 10 Yr (CBT) Futures | 8 | March 2026 | 906750 | (1125) |
|  U.S. Ultra Bond (CBT) Futures | 12 | March 2026 | 1451250 | (6398) |
|  |  |  |  | $18219 |

---

(a) 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 $2,574,514 or 9.5% of net assets.

(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 | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $26,157,958) | $26499795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $251,488) | 251488 |
|  Cash | 13 |
|  Cash collateral due from broker | 102149 |
|  Unaffiliated dividends and interest receivable | 314588 |
|  Affiliated dividends receivable | 1015 |
|  Receivable due from Adviser | 49 |
|  Total assets | 27169097 |
| Liabilities | Liabilities |
|  Payable for variation margin on futures | 20538 |
|  Advisory fee payable | 6266 |
|  Total liabilities | 26804 |
|  Net Assets | $**27142293** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $75 |
|  Additional paid-in capital | 26753527 |
|  Distributable earnings | 388691 |
|  **Net Assets** | $**27142293** |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374180 |  |
|  Dividends—Affiliated issuers | 17676 |  |
|  Other income | 223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392079 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 79159 |  |
|  Total expenses before bank overdraft expense | 79159 |  |
|  Bank overdraft expense | 120 |  |
|  Total expenses | 79279 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (884) |  |
|  Net expenses |  | 78395 |
|  Net investment income |  | 1313684 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (81827) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 383875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 17716 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (96500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (2226) |
|  Net gain on investment transactions |  | 221038 |
|  **Net Increase in Net Assets from Operations** |  | $**1534722** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Bond ETF 17 |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>November 30,<br>2025** | **December 13,**<br>**2023<sup>(a)</sup> to<br>November 30,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $1313684 | $1238291 |
|  Net realized gain on investment transactions | 319764 | 258944 |
|  Net change in unrealized appreciation (depreciation) of investments | (98726) | 458782 |
|  Contributions from Affiliates (see Note B) | – 0 | 69 |
|  Net increase in net assets from operations | 1534722 | 1956086 |
|  Distribution to Shareholders | (1506283) | (1119835) |
| Transactions in Shares of the Fund |  |  |
|  Net increase | 1755345 | 24514930 |
|  Other capital | 67 | 7261 |
|  Total increase | 1783851 | 25358442 |
| Net Assets | Net Assets | Net Assets |
|  Beginning of period | 25358442 | – 0 |
|  End of period | $**27142293** | $**25358442** |

---

(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

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 Corporate Bond ETF (the "Fund"), a diversified portfolio. The Fund commenced investment operations on December 13, 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.

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

---

| | |
|:---|:---|
| **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.

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.

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

---

| | |
|:---|:---|
| 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)

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 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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Corporates—Investment Grade | $– 0 | $26499795 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $26499795 |
|  Short-Term Investments | 251488 | – 0 | – 0 | 251488 |
|  Total Investments in Securities | 251488 | 26499795 | – 0 | 26751283 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Futures | 27594 | – 0 | – 0 | 27594 <sup>(b)</sup> |
|  **Liabilities:** |  |  |  |  |
|  Futures | (9375) | – 0 | – 0 | (9375)<sup>(b)</sup> |
|  **Total** | $**269707** | $**26499795** | $**– 0** | $**26769502** |

---

(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.

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

---

| | |
|:---|:---|
| 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

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. 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.

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

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 .30% 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 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<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36611975 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22956547 |
|  U.S. government securities |  |  |

---

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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7399525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19370106 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26421233 |
|  Gross unrealized appreciation | $412806 |
|  Gross unrealized depreciation | (82756) |
|  Net unrealized appreciation | $330050 |

---

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.

---

| | |
|:---|:---|
| **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** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable<br>for variation<br>margin on<br>futures | $27594 \* | Payable for<br>variation<br>margin on<br>futures | $9375 \* |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27594 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9375 |

---

\* 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<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $17716 | $(2226) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17716 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2226) |

---

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

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $6127282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5415794 |

---

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).

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Bond ETF 27 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 | Shares | Amount | Amount |
|  | Year Ended<br>November 30, 2025 | December 13,<br> 2023<sup>(a)</sup> to<br>November 30, 2024 | Year Ended<br>November 30, 2025 | December 13,<br> 2023<sup>(a)</sup> to<br>November 30, 2024 |
|  Shares sold | 650000 | 900028 | $23078855 | $31674325 |
|  Shares redeemed | (600000) | (200000) | (21323510) | (7159395) |
|  **Net increase** | **50000** | **700028** | $**1755345** | $**24514930** |

---

(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)

**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%.

**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.

**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.

**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.

**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

---

| | |
|:---|:---|
| **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.

**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. 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

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.

---

| | |
|:---|:---|
| 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: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506283 | $1119835 |
|  Total taxable distributions paid | $1506283 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119835 |

---

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

---

| | |
|:---|:---|
|  Undistributed ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118488 |
|  Accumulated capital and other losses | (59847)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 330050 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $388691 |

---

(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

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 Corporate Bond ETF 33 |

---

------

#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share of Capital Stock Outstanding Throughout Each Period

---

| | | |
|:---|:---|:---|
|  | **Year<br>Ended<br>November 30,<br>2025** | **December 13,**<br> **2023<sup>(a)</sup><br>November 30,<br>2024** |
|  Net asset value, beginning of period | $36.22 | $35.00 |
|  Income From Investment Operations |  |  |
|  Net investment income<sup>(b)(c)</sup> | 1.77 | 1.77 |
|  Net realized and unrealized gain (loss) on investment transactions | .26 | 1.05 |
|  Contributions from Affiliates | – 0 | .00 |
|  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<sup>(e)</sup> | 5.87 | 8.24 |
|  Ratios/Supplemental Data |  |  |
|  Net assets, end of period (000's omitted) | $27142 | $25358 |
|  Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .30 | .30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .30 | .30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 4.98 | 5.13 |
|  Portfolio turnover rate<sup>(f)</sup> | 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) 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.

(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.

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.

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,

---

| | |
|:---|:---|
| **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](g937756g91r55.jpg)

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.

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.

---

| | |
|:---|:---|
| **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").

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

---

| | |
|:---|:---|
| 38 AB Corporate Bond 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 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
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 since the Fund's inception.

---

| | |
|:---|:---|
| **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 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 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** |

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---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Bond ETF 43 |

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| | |
|:---|:---|
| 44 AB Corporate Bond ETF | **ABFunds.com** |

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------

![LOGO](g937756g28a43.jpg)

AB CORPORATE BOND ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-COB-0151-1125 ![LOGO](g937756g22c48.jpg)

------

#### November 30, 2025
![LOGO](g109424g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB CORE BOND ETF

(NYSE Arca: CORB)

![LOGO](g109424g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS

#### November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  GOVERNMENTS - TREASURIES – 30.9% |  |  |  |
|  **Japan – 0.8%** |  |  |  |
|  Japan Government Thirty Year Bond <br>Series 86 <br>2.40%, 03/20/2055 | JPY | 1270600 | $6754983 |
|  **United States – 30.1%** |  |  |  |
|  U.S. Treasury Bonds<br>1.875%, 02/15/2051 | U.S.$| 3799 | 2193692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 |  | 9349 | 5536963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 |  | 2357 | 1590515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2049 |  | 13313 | 8591174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 |  | 1672 | 1047425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/2049 |  | 4905 | 3242473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2046 |  | 932 | 664778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/2046 |  | 5327 | 3788068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 08/15/2045 |  | 51 | 39452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/15/2046 |  | 1123 | 850126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2052 |  | 2950 | 2125656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2045 |  | 129 | 101108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/2045 |  | 363 | 284169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2047 |  | 1447 | 1114133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2048 |  | 5490 | 4192130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 |  | 1539 | 1308380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/2042 |  | 6591 | 5679161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2039 |  | 8105 | 7493642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 08/15/2043 |  | 1943 | 1711634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/2053 |  | 4596 | 3833736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/15/2053 |  | 4008 | 3339218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/2043 |  | 295 | 263944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/2043 |  | 3999 | 3669432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 05/15/2043 |  | 999 | 914565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 |  | 5931 | 5541173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/2053 |  | 3432 | 3128922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2054 |  | 5131 | 4779124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/15/2038 |  | 899 | 918394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/2039 |  | 10740 | 10749649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/15/2043 |  | 7123 | 6943993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 |  | 5053 | 4992798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2054 |  | 3858 | 3747039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/15/2044 |  | 2775 | 2782628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/15/2054 |  | 1354 | 1342113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 |  | 1525 | 1617930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043 |  | 7167 | 7315126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053 |  | 4499 | 4543863 |
|  U.S. Treasury Notes<br>2.625%, 02/15/2029 |  | 3914 | 3809103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/30/2028 |  | 8269 | 8269469 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 1 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 09/30/2030 | U.S.$| 6683 | $6690470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/2028 |  | 20607 | 20757025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/2027 |  | 7359 | 7414092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/29/2028 |  | 14451 | 14606396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/31/2029 |  | 6400 | 6520296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 |  | 16977 | 17355208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/30/2029 |  | 12176 | 12468341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/2028 |  | 6169 | 6321092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/2034 |  | 1996 | 2063729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 |  | 13172 | 13748066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/30/2028 |  | 8685 | 8947749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/2028 |  | 12567 | 13040019 |
|  |  |  | 263989381 |
|  Total Governments - Treasuries <br>(cost $293,881,007) |  |  | 270744364 |
|  CORPORATES - INVESTMENT GRADE – 25.6% |  |  |  |
|  Industrial – 13.6% |  |  |  |
|  **Basic – 0.6%** |  |  |  |
|  Freeport Indonesia PT <br>4.763%, 04/14/2027<sup>(a)</sup> |  | 324 | 324709 |
|  Glencore Funding LLC<br>4.907%, 04/01/2028<sup>(a)</sup> |  | 841 | 856508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 04/01/2030<sup>(a)</sup> |  | 356 | 366972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.338%, 04/04/2027<sup>(a)</sup> |  | 509 | 517190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/06/2033<sup>(a)</sup> |  | 390 | 432818 |
|  LYB International Finance III LLC <br>6.15%, 05/15/2035 |  | 334 | 345720 |
|  Nexa Resources SA <br>6.75%, 04/09/2034<sup>(a)</sup> |  | 441 | 468377 |
|  WRKCo, Inc. <br>4.00%, 03/15/2028 |  | 1732 | 1729662 |
|  |  |  | 5041956 |
|  **Capital Goods – 1.4%** |  |  |  |
|  Boeing Co. (The) <br>3.25%, 02/01/2028 |  | 970 | 952618 |
|  Caterpillar Financial Services Corp.<br>4.45%, 10/16/2026 |  | 1888 | 1898176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 01/08/2030 |  | 44 | 45650 |
|  Entegris, Inc. <br>4.75%, 04/15/2029<sup>(a)</sup> |  | 1270 | 1268197 |
|  General Electric Co. <br>4.90%, 01/29/2036 |  | 865 | 886703 |
|  Regal Rexnord Corp. <br>6.05%, 02/15/2026 |  | 1381 | 1383983 |
|  Republic Services, Inc. <br>4.75%, 07/15/2030 |  | 2083 | 2139595 |

---

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| | |
|:---|:---|
| 2 AB Core Bond ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Waste Management, Inc. <br>4.50%, 03/15/2028 | U.S.$| 1884 | $1910395 |
|  Westinghouse Air Brake Technologies Corp. <br>4.90%, 05/29/2030 |  | 2075 | 2127103 |
|  |  |  | 12612420 |
|  **Communications - Media – 0.4%** |  |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>2.25%, 01/15/2029 |  | 537 | 499721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 07/01/2049 |  | 467 | 375356 |
|  Meta Platforms, Inc.<br>5.50%, 11/15/2045 |  | 777 | 776681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2065 |  | 801 | 796675 |
|  Prosus NV <br>3.257%, 01/19/2027<sup>(a)</sup> |  | 489 | 482276 |
|  Time Warner Cable Enterprises LLC <br>8.375%, 07/15/2033 |  | 379 | 439193 |
|  Time Warner Cable LLC <br>4.50%, 09/15/2042 |  | 505 | 393188 |
|  |  |  | 3763090 |
|  **Communications - Telecommunications – 0.1%** |  |  |  |
|  AT&T, Inc. <br>4.50%, 05/15/2035 |  | 408 | 396629 |
|  T-Mobile USA, Inc. <br>3.875%, 04/15/2030 |  | 352 | 346646 |
|  |  |  | 743275 |
|  **Consumer Cyclical - Automotive – 1.3%** |  |  |  |
|  BMW US Capital LLC<br>4.60%, 08/13/2027<sup>(a)</sup> |  | 1889 | 1907191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/19/2027<sup>(a)</sup> |  | 188 | 189528 |
|  Ford Motor Co. <br>3.25%, 02/12/2032 |  | 1299 | 1142445 |
|  Ford Motor Credit Co. LLC<br>2.70%, 08/10/2026 |  | 215 | 212160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.918%, 03/20/2028 |  | 298 | 304660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/08/2034 |  | 526 | 534932 |
|  General Motors Financial Co., Inc.<br>2.40%, 04/10/2028 |  | 190 | 182396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/27/2028 |  | 1250 | 1250863 |
|  Honda Motor Co., Ltd. <br>4.436%, 07/08/2028 |  | 2110 | 2128230 |
|  Hyundai Capital America<br>4.30%, 09/24/2027<sup>(a)</sup> |  | 35 | 35065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/18/2030<sup>(a)</sup> |  | 201 | 201287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/08/2027<sup>(a)</sup> |  | 443 | 447851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/19/2027<sup>(a)</sup> |  | 513 | 520120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 09/21/2028<sup>(a)</sup> |  | 871 | 913261 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Qnity Electronics, Inc. <br>5.75%, 08/15/2032<sup>(a)</sup> | U.S.$| 992 | $1019111 |
|  |  |  | 10989100 |
|  **Consumer Cyclical - Entertainment – 0.1%** |  |  |  |
|  Hasbro, Inc. <br>6.05%, 05/14/2034 |  | 450 | 477369 |
|  **Consumer Cyclical - Other – 0.9%** |  |  |  |
|  DR Horton, Inc.<br>4.85%, 10/15/2030 |  | 763 | 782456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2034 |  | 1134 | 1155353 |
|  Flutter Treasury DAC<br>5.875%, 06/04/2031<sup>(a)</sup> |  | 745 | 752562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 04/29/2029<sup>(a)</sup> |  | 849 | 876372 |
|  Las Vegas Sands Corp.<br>5.625%, 06/15/2028 |  | 568 | 580871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/14/2030 |  | 435 | 456546 |
|  Marriott International, Inc./MD <br>4.20%, 07/15/2027 |  | 2129 | 2135919 |
|  Sekisui House US, Inc. <br>6.00%, 01/15/2043 |  | 968 | 907868 |
|  |  |  | 7647947 |
|  **Consumer Cyclical - Restaurants – 0.2%** |  |  |  |
|  Starbucks Corp. <br>4.85%, 02/08/2027 |  | 1837 | 1853478 |
|  **Consumer Cyclical - Retailers – 0.3%** |  |  |  |
|  AutoNation, Inc. <br>4.45%, 01/15/2029 |  | 445 | 446290 |
|  Ross Stores, Inc. <br>4.70%, 04/15/2027 |  | 1925 | 1934240 |
|  |  |  | 2380530 |
|  **Consumer Non-Cyclical – 2.8%** |  |  |  |
|  Altria Group, Inc. <br>3.40%, 05/06/2030 |  | 1745 | 1682756 |
|  BAT Capital Corp.<br>4.625%, 03/22/2033 |  | 571 | 569298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 08/15/2032 |  | 1294 | 1348581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/19/2032 |  | 141 | 165111 |
|  Baxter International, Inc. <br>5.65%, 12/15/2035 |  | 1260 | 1283146 |
|  Cargill, Inc.<br>4.125%, 10/23/2030<sup>(a)</sup> |  | 1250 | 1248588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/11/2032<sup>(a)</sup> |  | 835 | 867849 |
|  General Mills, Inc.<br>4.70%, 01/30/2027 |  | 496 | 499705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/30/2030 |  | 1398 | 1432950 |

---

---

| | |
|:---|:---|
| 4 AB Core Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Imperial Brands Finance PLC <br>5.875%, 07/01/2034<sup>(a)</sup> | U.S.$| 1460 | $1530095 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co/JBS Lux Co. SARL <br>6.75%, 03/15/2034 |  | 784 | 870852 |
|  Mars, Inc. <br>4.60%, 03/01/2028<sup>(a)</sup> |  | 1212 | 1228338 |
|  Mondelez International, Inc. <br>4.50%, 05/06/2030 |  | 1311 | 1325106 |
|  Ochsner LSU Health System of North Louisiana <br>Series 2021 <br>2.51%, 05/15/2031 |  | 1480 | 1273214 |
|  Philip Morris International, Inc.<br>4.875%, 02/13/2026 |  | 1753 | 1756594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/15/2033 |  | 1688 | 1770408 |
|  Roche Holdings, Inc.<br>4.075%, 12/02/2030<sup>(a)</sup> |  | 235 | 235202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.203%, 09/09/2029<sup>(a)</sup> |  | 1902 | 1919308 |
|  Takeda US Financing, Inc. <br>5.20%, 07/07/2035 |  | 2111 | 2167089 |
|  Tyson Foods, Inc. <br>5.70%, 03/15/2034 |  | 600 | 634308 |
|  Viatris, Inc. <br>2.70%, 06/22/2030 |  | 1050 | 956970 |
|  |  |  | 24765468 |
|  **Energy – 2.5%** |  |  |  |
|  Cenovus Energy, Inc.<br>4.65%, 03/20/2031 |  | 517 | 518742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/20/2036 |  | 552 | 557724 |
|  ConocoPhillips Co. <br>5.65%, 01/15/2065 |  | 1910 | 1887672 |
|  Continental Resources, Inc./OK<br>2.875%, 04/01/2032<sup>(a)</sup> |  | 1630 | 1424767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031<sup>(a)</sup> |  | 718 | 740035 |
|  Devon Energy Corp. <br>5.20%, 09/15/2034 |  | 1900 | 1907581 |
|  Energy Transfer LP <br>5.60%, 09/01/2034 |  | 1831 | 1896806 |
|  Eni SpA <br>5.75%, 05/19/2035<sup>(a)</sup> |  | 2092 | 2194487 |
|  Kinder Morgan, Inc. <br>5.85%, 06/01/2035 |  | 483 | 512415 |
|  Occidental Petroleum Corp. <br>5.20%, 08/01/2029 |  | 578 | 592173 |
|  ONEOK, Inc.<br>5.40%, 10/15/2035 |  | 771 | 782102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 09/01/2033 |  | 707 | 755253 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 5 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Plains All American Pipeline LP/PAA Finance Corp.<br>5.60%, 01/15/2036 | U.S.$| 221 | $224742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/15/2034 |  | 1842 | 1908294 |
|  Raizen Fuels Finance SA <br>6.70%, 02/25/2037<sup>(a)</sup> |  | 1177 | 982795 |
|  Targa Resources Corp.<br>4.90%, 09/15/2030 |  | 385 | 392496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/15/2036 |  | 425 | 438880 |
|  Var Energi ASA <br>7.50%, 01/15/2028<sup>(a)</sup> |  | 1132 | 1198471 |
|  Williams Cos., Inc. (The)<br>4.625%, 06/30/2030 |  | 1242 | 1255774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/2029 |  | 855 | 871972 |
|  Woodside Finance Ltd.<br>5.40%, 05/19/2030 |  | 308 | 317600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/19/2035 |  | 802 | 841025 |
|  |  |  | 22201806 |
|  **Services – 0.5%** |  |  |  |
|  Amazon.com, Inc.<br>3.90%, 11/20/2028 |  | 1075 | 1079332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/20/2035 |  | 1075 | 1086567 |
|  Mastercard, Inc. <br>4.55%, 01/15/2035 |  | 1365 | 1374009 |
|  Moody's Corp. <br>5.00%, 08/05/2034 |  | 960 | 985671 |
|  |  |  | 4525579 |
|  **Technology – 1.7%** |  |  |  |
|  Apple, Inc. <br>4.10%, 08/08/2062 |  | 1148 | 927837 |
|  Broadcom, Inc.<br>4.15%, 02/15/2028 |  | 309 | 310554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/15/2032 |  | 484 | 497412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/12/2027 |  | 707 | 719436 |
|  Cisco Systems, Inc. <br>4.75%, 02/24/2030 |  | 2030 | 2089174 |
|  Dell International LLC/EMC Corp.<br>4.35%, 02/01/2030 |  | 1930 | 1931235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2035 |  | 413 | 428570 |
|  Fiserv, Inc. <br>3.50%, 07/01/2029 |  | 2539 | 2456051 |
|  Foundry JV Holdco LLC <br>5.90%, 01/25/2030<sup>(a)</sup> |  | 453 | 476597 |
|  Hewlett Packard Enterprise Co. <br>4.40%, 09/25/2027 |  | 791 | 794900 |
|  International Business Machines Corp. <br>5.00%, 02/10/2032 |  | 2010 | 2079144 |

---

---

| | |
|:---|:---|
| 6 AB Core Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Oracle Corp.<br>5.20%, 09/26/2035 | U.S.$| 940 | $921341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/03/2035 |  | 1652 | 1656064 |
|  |  |  | 15288315 |
|  **Transportation - Airlines – 0.2%** |  |  |  |
|  AS Mileage Plan IP Ltd.<br>5.021%, 10/20/2029<sup>(a)</sup> |  | 710 | 713749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.308%, 10/20/2031<sup>(a)</sup> |  | 752 | 755083 |
|  Southwest Airlines Co. <br>4.375%, 11/15/2028 |  | 615 | 614766 |
|  |  |  | 2083598 |
|  **Transportation - Railroads – 0.1%** |  |  |  |
|  Lima Metro Line 2 Finance Ltd.<br>4.35%, 04/05/2036<sup>(a)</sup> |  | 200 | 192766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/05/2034<sup>(a)</sup> |  | 316 | 326731 |
|  |  |  | 519497 |
|  **Transportation - Services – 0.5%** |  |  |  |
|  ENA Master Trust <br>4.00%, 05/19/2048<sup>(a)</sup> |  | 380 | 292630 |
|  ERAC USA Finance LLC <br>4.60%, 05/01/2028<sup>(a)</sup> |  | 517 | 524357 |
|  Ryder System, Inc. <br>5.375%, 03/15/2029 |  | 1458 | 1510809 |
|  TTX Co. <br>5.50%, 09/25/2026<sup>(a)</sup> |  | 1677 | 1692563 |
|  |  |  | 4020359 |
|  |  |  | 118913787 |
|  Financial Institutions – 9.4% |  |  |  |
|  **Banking – 7.7%** |  |  |  |
|  AIB Group PLC <br>5.32%, 05/15/2031<sup>(a)</sup> |  | 1621 | 1675547 |
|  Ally Financial, Inc.<br>5.543%, 01/17/2031 |  | 291 | 297149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.737%, 05/15/2029 |  | 480 | 490944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.992%, 06/13/2029 |  | 976 | 1027640 |
|  American Express Co. <br>5.098%, 02/16/2028 |  | 1827 | 1850788 |
|  Banco Bilbao Vizcaya Argentaria SA<br>5.381%, 03/13/2029 |  | 400 | 414928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.883%, 11/15/2034 |  | 200 | 234514 |
|  Banco Santander SA<br>3.80%, 02/23/2028 |  | 200 | 198372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.175%, 03/24/2028 |  | 800 | 799272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.565%, 01/17/2030 |  | 800 | 836008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.921%, 08/08/2033 |  | 800 | 892848 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 7 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Bank of America Corp. <br>5.744%, 02/12/2036 | U.S.$| 2019 | $2120536 |
|  Bank of Ireland Group PLC <br>5.601%, 03/20/2030<sup>(a)</sup> |  | 365 | 380107 |
|  Banque Federative du Credit Mutuel SA <br>5.538%, 01/22/2030<sup>(a)</sup> |  | 1937 | 2023836 |
|  Barclays PLC<br>5.335%, 09/10/2035 |  | 734 | 750390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.674%, 03/12/2028 |  | 351 | 357399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.224%, 05/09/2034 |  | 740 | 800880 |
|  BNP Paribas SA<br>2.591%, 01/20/2028<sup>(a)</sup> |  | 751 | 737287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/25/2031<sup>(a)(b)</sup> |  | 388 | 351082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.497%, 05/20/2030<sup>(a)</sup> |  | 1133 | 1174321 |
|  BPCE SA <br>6.508%, 01/18/2035<sup>(a)</sup> |  | 1793 | 1916574 |
|  CaixaBank SA<br>6.037%, 06/15/2035<sup>(a)</sup> |  | 843 | 904067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.684%, 09/13/2027<sup>(a)</sup> |  | 994 | 1013115 |
|  Capital One Financial Corp.<br>5.468%, 02/01/2029 |  | 416 | 426779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.377%, 06/08/2034 |  | 1163 | 1264728 |
|  Capital One NA <br>5.974%, 08/09/2028 |  | 386 | 400664 |
|  Citigroup, Inc.<br>4.643%, 05/07/2028 |  | 2031 | 2046070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 01/24/2036 |  | 44 | 46392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W<br>4.00%, 12/10/2025<sup>(b)</sup> |  | 788 | 786708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y<br>4.15%, 11/15/2026<sup>(b)</sup> |  | 139 | 136544 |
|  Credit Agricole SA<br>5.222%, 05/27/2031<sup>(a)</sup> |  | 573 | 590557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.251%, 01/10/2035<sup>(a)</sup> |  | 1441 | 1533440 |
|  Danske Bank A/S <br>4.613%, 10/02/2030<sup>(a)</sup> |  | 846 | 853927 |
|  Deutsche Bank AG/New York NY<br>4.95%, 08/04/2031 |  | 920 | 933202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.146%, 07/13/2027 |  | 323 | 328501 |
|  Goldman Sachs Group, Inc. (The)<br>2.65%, 10/21/2032 |  | 67 | 60667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.937%, 04/23/2028 |  | 1123 | 1135589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V<br>4.125%, 11/10/2026<sup>(b)</sup> |  | 764 | 750485 |
|  HSBC Holdings PLC<br>2.804%, 05/24/2032 |  | 581 | 532283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.848%, 06/04/2031 |  | 1675 | 1569006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.399%, 11/13/2034 |  | 1536 | 1758612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.113%, 11/03/2033 |  | 767 | 903265 |

---

---

| | |
|:---|:---|
| 8 AB Core Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Intesa Sanpaolo SpA <br>7.20%, 11/28/2033<sup>(a)</sup> | U.S.$| 919 | $1054856 |
|  JPMorgan Chase & Co. <br>2.963%, 01/25/2033 |  | 2609 | 2406098 |
|  KBC Group NV<br>4.454%, 09/23/2031<sup>(a)</sup> |  | 200 | 199884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%, 10/16/2030<sup>(a)</sup> |  | 1350 | 1377094 |
|  Lloyds Banking Group PLC<br>4.976%, 08/11/2033 |  | 420 | 428824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.087%, 11/26/2028 |  | 746 | 759368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.462%, 01/05/2028 |  | 216 | 219011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.953%, 11/15/2033 |  | 461 | 539153 |
|  Mizuho Financial Group, Inc. <br>5.376%, 05/26/2030 |  | 550 | 570058 |
|  Morgan Stanley<br>4.994%, 04/12/2029 |  | 174 | 177492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>4.133%, 10/18/2029 |  | 526 | 525942 |
|  Morgan Stanley Bank NA <br>5.504%, 05/26/2028 |  | 1013 | 1033615 |
|  Nationwide Building Society<br>2.972%, 02/16/2028<sup>(a)</sup> |  | 1238 | 1220173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.537%, 07/14/2036<sup>(a)</sup> |  | 433 | 449324 |
|  NatWest Group PLC<br>3.032%, 11/28/2035 |  | 378 | 348697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.115%, 05/23/2031 |  | 1742 | 1792657 |
|  Santander Holdings USA, Inc. <br>5.473%, 03/20/2029 |  | 132 | 134706 |
|  Santander UK Group Holdings PLC<br>4.32%, 09/22/2029 |  | 601 | 601751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858%, 09/11/2030 |  | 1139 | 1155424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.694%, 04/15/2031 |  | 378 | 395668 |
|  Societe Generale SA<br>2.797%, 01/19/2028<sup>(a)</sup> |  | 1389 | 1364554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.249%, 05/22/2029<sup>(a)</sup> |  | 636 | 648625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%, 01/19/2028<sup>(a)</sup> |  | 502 | 508149 |
|  Standard Chartered PLC<br>5.244%, 05/13/2031<sup>(a)</sup> |  | 1087 | 1122414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.545%, 01/21/2029<sup>(a)</sup> |  | 217 | 222523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61% (CME Term SOFR 3 Month + 1.77%), 01/30/2027<sup>(a)(b)(c)</sup> |  | 400 | 387736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.187%, 07/06/2027<sup>(a)</sup> |  | 407 | 411534 |
|  Sumitomo Mitsui Financial Group, Inc. <br>5.316%, 07/09/2029 |  | 1485 | 1542974 |
|  Sumitomo Mitsui Trust Bank Ltd. <br>4.45%, 09/10/2027<sup>(a)</sup> |  | 306 | 308601 |
|  Synchrony Financial <br>5.45%, 03/06/2031 |  | 661 | 675601 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Toronto-Dominion Bank (The)<br>5.146%, 09/10/2034 | U.S.$| 661 | $671556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.298%, 01/30/2032 |  | 944 | 990445 |
|  UBS Group AG<br>2.095%, 02/11/2032<sup>(a)</sup> |  | 202 | 179746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%, 05/14/2032<sup>(a)</sup> |  | 1265 | 1178588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.194%, 04/01/2031<sup>(a)</sup> |  | 549 | 545250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.398%, 09/23/2031<sup>(a)</sup> |  | 202 | 201937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 08/10/2034<sup>(a)(b)</sup> |  | 440 | 448954 |
|  Wells Fargo & Co.<br>3.35%, 03/02/2033 |  | 2456 | 2308026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.499%, 01/23/2035 |  | 192 | 202005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB<br>3.90%, 03/15/2026<sup>(b)</sup> |  | 635 | 632085 |
|  |  |  | 67246121 |
|  **Brokerage – 0.2%** |  |  |  |
|  Charles Schwab Corp. (The)<br>4.914%, 11/14/2036 |  | 197 | 197388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>4.00%, 06/01/2026<sup>(b)</sup> |  | 1949 | 1929276 |
|  |  |  | 2126664 |
|  **Finance – 0.2%** |  |  |  |
|  Aircastle Ltd. <br>5.95%, 02/15/2029<sup>(a)</sup> |  | 310 | 323442 |
|  Aviation Capital Group LLC<br>1.95%, 01/30/2026<sup>(a)</sup> |  | 1131 | 1126532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/20/2026<sup>(a)</sup> |  | 390 | 382886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027<sup>(a)</sup> |  | 212 | 208538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/14/2027<sup>(a)</sup> |  | 124 | 124619 |
|  |  |  | 2166017 |
|  **Insurance – 0.6%** |  |  |  |
|  Athene Global Funding <br>5.033%, 07/17/2030<sup>(a)</sup> |  | 2222 | 2246842 |
|  Massachusetts Mutual Life Insurance Co. <br>3.729%, 10/15/2070<sup>(a)</sup> |  | 11 | 7266 |
|  MetLife Capital Trust IV <br>7.875% (CME Term SOFR 3 Month + 3.96%), 12/15/2067<sup>(a)(c)</sup> |  | 970 | 1078582 |
|  MetLife, Inc. <br>10.75%, 08/01/2069 |  | 25 | 33287 |
|  Principal Life Global Funding II <br>5.10%, 01/25/2029<sup>(a)</sup> |  | 1265 | 1298952 |
|  Swiss Re Finance Luxembourg SA <br>5.00%, 04/02/2049<sup>(a)</sup> |  | 600 | 604704 |
|  |  |  | 5269633 |

---

---

| | |
|:---|:---|
| 10 AB Core Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **REITs – 0.7%** |  |  |  |
|  American Tower Corp.<br>3.65%, 03/15/2027 | U.S.$| 466 | $463050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 02/15/2029 |  | 626 | 644179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2028 |  | 462 | 474631 |
|  Crown Castle, Inc. <br>5.60%, 06/01/2029 |  | 380 | 394934 |
|  GLP Capital LP/GLP Financing II, Inc.<br>3.25%, 01/15/2032 |  | 1036 | 937000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2031 |  | 364 | 348890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2033 |  | 656 | 658795 |
|  Omega Healthcare Investors, Inc. <br>5.20%, 07/01/2030 |  | 364 | 371134 |
|  Realty Income Corp. <br>5.125%, 04/15/2035 |  | 230 | 235371 |
|  Simon Property Group LP <br>4.75%, 09/26/2034 |  | 1112 | 1113346 |
|  Trust Fibra Uno <br>4.869%, 01/15/2030<sup>(a)</sup> |  | 258 | 249615 |
|  |  |  | 5890945 |
|  |  |  | 82699380 |
|  Utility – 2.6% |  |  |  |
|  **Electric – 2.6%** |  |  |  |
|  AES Andes SA <br>6.25%, 03/14/2032<sup>(a)</sup> |  | 1242 | 1289817 |
|  AES Panama Generation Holdings SRL <br>4.375%, 05/31/2030<sup>(a)</sup> |  | 455 | 421026 |
|  Alexander Funding Trust II <br>7.467%, 07/31/2028<sup>(a)</sup> |  | 406 | 433178 |
|  American Electric Power Co., Inc. <br>6.95%, 12/15/2054 |  | 681 | 734098 |
|  CenterPoint Energy Houston Electric LLC<br>4.95%, 04/01/2033 |  | 76 | 77850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/01/2035 |  | 1731 | 1767870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AQ<br>4.95%, 08/15/2035 |  | 165 | 167191 |
|  Duke Energy Carolinas NC Storm Funding LLC <br>Series A-2 <br>2.617%, 07/01/2043 |  | 920 | 745504 |
|  Electricite de France SA <br>9.125%, 03/15/2033<sup>(a)(b)</sup> |  | 366 | 421723 |
|  Enel Finance International NV<br>4.125%, 09/30/2028<sup>(a)</sup> |  | 611 | 611171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/26/2034<sup>(a)</sup> |  | 1243 | 1298326 |
|  Engie Energia Chile SA <br>6.375%, 04/17/2034<sup>(a)</sup> |  | 200 | 212802 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 11 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple <br>7.25%, 01/31/2041<sup>(a)</sup> | U.S.$| 474 | $496714 |
|  Florida Power & Light Co. <br>5.30%, 06/15/2034 |  | 694 | 730484 |
|  Israel Electric Corp., Ltd. <br>Series G <br>4.25%, 08/14/2028<sup>(a)</sup> |  | 354 | 349536 |
|  LG Energy Solution Ltd. <br>5.375%, 04/02/2030<sup>(a)</sup> |  | 2091 | 2155277 |
|  Niagara Mohawk Power Corp.<br>4.647%, 10/03/2030<sup>(a)</sup> |  | 1453 | 1464827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 01/17/2034<sup>(a)</sup> |  | 652 | 665659 |
|  NRG Energy, Inc. <br>4.734%, 10/15/2030<sup>(a)</sup> |  | 380 | 379130 |
|  Public Service Co. of Colorado <br>5.15%, 09/15/2035 |  | 2139 | 2180368 |
|  Virginia Electric & Power Co. <br>Series C <br>4.90%, 09/15/2035 |  | 1845 | 1849483 |
|  Vistra Operations Co. LLC<br>3.70%, 01/30/2027<sup>(a)</sup> |  | 2868 | 2845228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/15/2028<sup>(a)</sup> |  | 571 | 569510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 12/30/2026<sup>(a)</sup> |  | 62 | 62552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 10/15/2033<sup>(a)</sup> |  | 726 | 810543 |
|  |  |  | 22739867 |
|  Total Corporates - Investment Grade <br>(cost $221,364,342) |  |  | 224353034 |
|  MORTGAGE PASS-THROUGHS – 20.8% |  |  |  |
|  **Agency Fixed Rate 30-Year – 20.6%** |  |  |  |
|  Federal Home Loan Mortgage Corp.<br>Series 2019<br>3.50%, 10/01/2049 |  | 316 | 297570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2049 |  | 456 | 428524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>3.50%, 01/01/2050 |  | 980 | 921591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>2.00%, 03/01/2052 |  | 5294 | 4360538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 |  | 6102 | 5273068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 |  | 3324 | 2991611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2052 |  | 3825 | 3410933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2052 |  | 1217 | 1085284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.50%, 11/01/2054 |  | 1346 | 1363520 |
|  Federal Home Loan Mortgage Corp. Gold<br>Series 2005<br>5.50%, 01/01/2035 |  | 12 | 12252 |

---

---

| | |
|:---|:---|
| 12 AB Core Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** |  | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>5.50%, 07/01/2035 | U.S.$| 74 |  | $76925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>4.00%, 02/01/2046 |  | 763 |  | 751405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>4.00%, 07/01/2044 |  | 488 |  | 480905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>4.50%, 03/01/2048 |  | 259 |  | 259111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2048 |  | 505 |  | 504591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2048 |  | 682 |  | 680978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2048 |  | 292 |  | 297755 |
|  Federal National Mortgage Association<br>Series 2003<br>5.50%, 04/01/2033 |  | 63 |  | 64699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2033 |  | 121 |  | 124930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004<br>5.50%, 02/01/2034 |  | 1 |  | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2034 |  | 31 |  | 31984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2034 |  | 25 |  | 26206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2034 |  | 121 |  | 125429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005<br>5.50%, 02/01/2035 |  | 187 |  | 194147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006<br>5.50%, 04/01/2036 |  | 38 |  | 39683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>5.50%, 05/01/2036 |  | 2 |  | 1950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2036 |  | 1 |  | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/2037 |  | 44 |  | 46128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008<br>5.50%, 08/01/2037 |  | 0 | \*\* | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009<br>5.00%, 12/01/2039 |  | 8 |  | 8050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010<br>4.00%, 12/01/2040 |  | 295 |  | 290690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2040 |  | 7 |  | 7571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012<br>3.50%, 02/01/2042 |  | 251 |  | 240604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2042 |  | 2735 |  | 2615013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2043 |  | 460 |  | 438910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013<br>3.50%, 04/01/2043 |  | 1613 |  | 1539697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2043 |  | 1001 |  | 980974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015<br>3.00%, 05/01/2045 |  | 401 |  | 367452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2045 |  | 584 |  | 533918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>4.50%, 09/01/2048 |  | 930 |  | 928419 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 13 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>3.50%, 08/01/2049 | U.S.$| 1109 | $1043150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2049 |  | 492 | 462484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2049 |  | 1020 | 959285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>3.50%, 01/01/2050 |  | 946 | 889574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>2.00%, 07/01/2051 |  | 5644 | 4629255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2051 |  | 8197 | 6720889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2052 |  | 1652 | 1429898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>2.50%, 03/01/2052 |  | 3662 | 3168234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 |  | 3815 | 3294442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2052 |  | 5037 | 4350879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2052 |  | 4033 | 3632317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 |  | 5107 | 4595845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 12/01/2054 |  | 2030 | 2026500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>4.50%, 03/01/2055 |  | 3549 | 3475443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2055 |  | 3789 | 3837814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2055 |  | 1362 | 1393991 |
|  Government National Mortgage Association<br>Series 2016<br>3.00%, 04/20/2046 |  | 129 | 117866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/2046 |  | 371 | 339500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.50%, 04/20/2053 |  | 2916 | 2961887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>4.00%, 12/01/2055, TBA |  | 3275 | 3106628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2055, TBA |  | 7445 | 7281983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2055, TBA |  | 12561 | 12546980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2055, TBA |  | 5036 | 5086696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2055, TBA |  | 7343 | 7482529 |
|  Uniform Mortgage-Backed Security<br>Series 2025<br>2.00%, 12/01/2055, TBA |  | 13051 | 10624435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2055, TBA |  | 11044 | 9399306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2055, TBA |  | 11114 | 11093243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2055, TBA |  | 16035 | 16238126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2055, TBA |  | 10459 | 10710346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/2055, TBA |  | 5583 | 5783189 |
|  |  |  | 180488549 |
|  **Agency Fixed Rate 15-Year – 0.2%** |  |  |  |
|  Federal National Mortgage Association<br>Series 2016<br>2.50%, 10/01/2031 |  | 25 | 24031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2031 |  | 1331 | 1288141 |

---

---

| | |
|:---|:---|
| 14 AB Core Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** |  | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2031 | U.S.$| 6 |  | $5817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>2.50%, 01/01/2032 |  | 415 |  | 401413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2032 |  | 427 |  | 411887 |
|  |  |  |  | 2131289 |
|  **Agency ARMs – 0.0%** |  |  |  |  |
|  Federal Home Loan Mortgage Corp.<br>Series 2006<br>7.125%, 12/01/2036 |  | 0 | \*\* | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>6.975%, 03/01/2037 |  | 0 | \*\* | 176 |
|  Federal National Mortgage Association<br>Series 2007<br>6.46%, 02/01/2037 |  | 1 |  | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/01/2037 |  | 0 | \*\* | 153 |
|  |  |  |  | 1268 |
|  Total Mortgage Pass-Throughs <br>(cost $186,762,310) |  |  |  | 182621106 |
|  ASSET-BACKED SECURITIES – 5.6% |  |  |  |  |
|  **Autos - Fixed Rate – 2.7%** |  |  |  |  |
|  ACM Auto Trust<br>Series 2024-2A, Class A<br>6.06%, 02/20/2029<sup>(a)</sup> |  | 322 |  | 322154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A<br>5.38%, 06/20/2029<sup>(a)</sup> |  | 337 |  | 336849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A<br>5.55%, 06/20/2028<sup>(a)</sup> |  | 1304 |  | 1304287 |
|  American Credit Acceptance Receivables Trust <br>Series 2025-2, Class B <br>4.85%, 05/14/2029<sup>(a)</sup> |  | 1999 |  | 2008224 |
|  Arivo Acceptance Auto Loan Receivables Trust<br>Series 2024-1A, Class A<br>6.46%, 04/17/2028<sup>(a)</sup> |  | 74 |  | 74325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2<br>4.92%, 05/15/2029<sup>(a)</sup> |  | 1055 |  | 1053643 |
|  AutoNation Finance Trust <br>Series 2025-1A, Class A2 <br>4.72%, 04/10/2028<sup>(a)</sup> |  | 1681 |  | 1684159 |
|  Avis Budget Rental Car Funding AESOP LLC <br>Series 2023-3A, Class A <br>5.44%, 02/22/2028<sup>(a)</sup> |  | 1016 |  | 1028683 |
|  Carvana Auto Receivables Trust<br>Series 2021-N3, Class C<br>1.02%, 06/12/2028 |  | 75 |  | 72982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N4, Class D<br>2.30%, 09/11/2028 |  | 124 |  | 121428 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 15 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P4, Class D<br>2.61%, 09/11/2028 | U.S.$| 989 | $953151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P3, Class A2<br>4.61%, 11/10/2027 |  | 64 | 64267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4, Class A2<br>4.62%, 02/10/2028 |  | 303 | 303360 |
|  CPS Auto Receivables Trust<br>Series 2021-C, Class D<br>1.69%, 06/15/2027<sup>(a)</sup> |  | 92 | 91445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A<br>5.88%, 02/15/2028<sup>(a)</sup> |  | 102 | 102668 |
|  Flagship Credit Auto Trust <br>Series 2024-3, Class A <br>4.88%, 11/15/2028<sup>(a)</sup> |  | 326 | 325304 |
|  Ford Credit Auto Owner Trust <br>Series 2021-1, Class D <br>2.31%, 10/17/2033<sup>(a)</sup> |  | 1390 | 1374840 |
|  GLS Auto Receivables Issuer Trust <br>Series 2024-3A, Class A2 <br>5.35%, 08/16/2027<sup>(a)</sup> |  | 74 | 73997 |
|  Lendbuzz Securitization Trust<br>Series 2025-1A, Class A2<br>5.10%, 10/15/2030<sup>(a)</sup> |  | 1383 | 1381777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2<br>5.18%, 05/15/2030<sup>(a)</sup> |  | 1366 | 1366135 |
|  Lobel Automobile Receivables Trust <br>Series 2025-1, Class A <br>5.06%, 11/15/2027<sup>(a)</sup> |  | 784 | 785035 |
|  OCCU Auto Receivables Trust <br>Series 2025-1A, Class A2 <br>4.82%, 04/17/2028<sup>(a)</sup> |  | 1955 | 1958889 |
|  Prestige Auto Receivables Trust <br>Series 2025-1A, Class A2 <br>4.87%, 12/15/2027<sup>(a)</sup> |  | 1338 | 1338193 |
|  Research-Driven Pagaya Motor Asset Trust <br>Series 2025-4A, Class A2 <br>5.124%, 04/25/2034<sup>(a)</sup> |  | 2131 | 2140170 |
|  Research-Driven Pagaya Motor Trust <br>Series 2024-1A, Class A <br>7.09%, 06/25/2032<sup>(a)</sup> |  | 296 | 297654 |
|  Santander Drive Auto Receivables Trust <br>Series 2023-3, Class B <br>5.61%, 07/17/2028 |  | 596 | 597962 |
|  SBNA Auto Receivables Trust <br>Series 2025-SF1, Class B <br>5.12%, 03/17/2031<sup>(a)</sup> |  | 147 | 147093 |
|  Tesla Auto Lease Trust <br>Series 2024-A, Class A3 <br>5.30%, 06/21/2027<sup>(a)</sup> |  | 354 | 355086 |

---

---

| | |
|:---|:---|
| 16 AB Core Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Tricolor Auto Securitization Trust<br>Series 2024-2A, Class A<br>6.36%, 12/15/2027<sup>(d)(e)(f)</sup> | U.S.$| 119 | $113646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A<br>4.94%, 02/15/2029<sup>(d)(e)(f)</sup> |  | 1273 | 891015 |
|  United Auto Credit Securitization Trust <br>Series 2025-1, Class A <br>4.80%, 06/10/2027<sup>(a)</sup> |  | 662 | 662165 |
|  |  |  | 23330586 |
|  **Other ABS - Fixed Rate – 2.3%** |  |  |  |
|  AB Issuer LLC <br>Series 2021-1, Class A2 <br>3.734%, 07/30/2051<sup>(a)</sup> |  | 1995 | 1894664 |
|  Affirm Asset Securitization Trust<br>Series 2024-X2, Class A<br>5.22%, 12/17/2029<sup>(a)</sup> |  | 139 | 138957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-X1, Class A<br>5.08%, 04/15/2030<sup>(a)</sup> |  | 763 | 764130 |
|  College Ave Student Loans LLC <br>Series 2021-C, Class B <br>2.72%, 07/26/2055<sup>(a)</sup> |  | 423 | 395405 |
|  Dext ABS LLC <br>Series 2023-1, Class A2 <br>5.99%, 03/15/2032<sup>(a)</sup> |  | 347 | 348710 |
|  Diamond Infrastructure Funding LLC <br>Series 2021-1A, Class B <br>2.355%, 04/15/2049<sup>(a)</sup> |  | 935 | 907656 |
|  Diamond Issuer LLC <br>Series 2021-1A, Class A <br>2.305%, 11/20/2051<sup>(a)</sup> |  | 1941 | 1845333 |
|  Equify ABS LLC <br>Series 2024-1A, Class A <br>5.43%, 04/18/2033<sup>(a)</sup> |  | 556 | 556995 |
|  GCI Funding I LLC <br>Series 2021-1, Class A <br>2.38%, 06/18/2046<sup>(a)</sup> |  | 448 | 418992 |
|  Hardee's Funding LLC<br>Series 2018-1A, Class A23<br>5.71%, 06/20/2048<sup>(a)</sup> |  | 758 | 751672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2<br>3.981%, 12/20/2050<sup>(a)</sup> |  | 466 | 450200 |
|  MVW LLC <br>Series 2021-2A, Class B <br>1.83%, 05/20/2039<sup>(a)</sup> |  | 266 | 253290 |
|  Neighborly Issuer LLC<br>Series 2022-1A, Class A2<br>3.695%, 01/30/2052<sup>(a)</sup> |  | 1938 | 1827029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2<br>7.308%, 01/30/2053<sup>(a)</sup> |  | 1365 | 1383957 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 17 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Nelnet Student Loan Trust<br>Series 2021-BA, Class B<br>2.68%, 04/20/2062<sup>(a)</sup> | U.S.$| 620 | $558608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B<br>2.53%, 04/20/2062<sup>(a)</sup> |  | 907 | 800383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class B<br>2.90%, 04/20/2062<sup>(a)</sup> |  | 798 | 722723 |
|  NMEF Funding LLC <br>Series 2024-A, Class A2 <br>5.15%, 12/15/2031<sup>(a)</sup> |  | 1034 | 1039847 |
|  Oportun Funding Trust <br>Series 2024-3, Class A <br>5.26%, 08/15/2029<sup>(a)</sup> |  | 204 | 203333 |
|  Oportun Issuance Trust <br>Series 2024-2, Class A <br>5.86%, 02/09/2032<sup>(a)</sup> |  | 51 | 50724 |
|  Pagaya AI Debt Grantor Trust<br>Series 2024-5, Class A<br>6.278%, 10/15/2031<sup>(a)</sup> |  | 274 | 275988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-9, Class B<br>5.306%, 03/15/2032<sup>(a)</sup> |  | 1142 | 1145350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A2<br>5.365%, 12/15/2032<sup>(a)</sup> |  | 265 | 267565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class A2<br>4.497%, 04/15/2033<sup>(a)</sup> |  | 430 | 430243 |
|  Pagaya AI Debt Trust<br>Series 2024-2, Class A<br>6.319%, 08/15/2031<sup>(a)</sup> |  | 226 | 227182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A<br>6.258%, 10/15/2031<sup>(a)</sup> |  | 314 | 315345 |
|  Pagaya Point of Sale Holdings Grantor Trust <br>Series 2025-1, Class A <br>5.715%, 01/20/2034<sup>(a)</sup> |  | 676 | 683141 |
|  SoFi Consumer Loan Program Trust <br>Series 2025-4, Class A <br>4.24%, 08/25/2035<sup>(a)</sup> |  | 1858 | 1858558 |
|  |  |  | 20515980 |
|  **Credit Cards - Fixed Rate – 0.6%** |  |  |  |
|  Brex Commercial Charge Card Master Trust <br>Series 2024-1, Class A1 <br>6.05%, 07/15/2027<sup>(a)</sup> |  | 1188 | 1192829 |
|  Mission Lane Credit Card Master Trust<br>Series 2024-A, Class A1<br>6.20%, 08/15/2029<sup>(a)</sup> |  | 811 | 816697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A<br>5.88%, 01/15/2030<sup>(a)</sup> |  | 1890 | 1903270 |

---

---

| | |
|:---|:---|
| 18 AB Core Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A<br>5.80%, 05/15/2030<sup>(a)</sup> | U.S.$| 1086 | $1097389 |
|  |  |  | 5010185 |
|  **Other ABS - Floating Rate – 0.0%** |  |  |  |
|  Pagaya AI Debt Grantor Trust<br>Series 2025-1, Class A<br>5.156%, 07/15/2032<sup>(a)</sup> |  | 137 | 138456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5, Class A<br>4.84%, 03/15/2033<sup>(a)</sup> |  | 289 | 289054 |
|  |  |  | 427510 |
|  Total Asset-Backed Securities <br>(cost $50,303,252) |  |  | 49284261 |
|  COLLATERALIZED MORTGAGE OBLIGATIONS – 5.6% |  |  |  |
|  **Risk Share Floating Rate – 4.1%** |  |  |  |
|  Connecticut Avenue Securities <br>Series 2025-R01, Class 1A1 <br>5.022% (CME Term SOFR + 0.95%), 01/25/2045<sup>(a)(c)</sup> |  | 1740 | 1741455 |
|  Connecticut Avenue Securities Trust<br>Series 2021-R03, Class 1M1<br>4.922% (CME Term SOFR + 0.85%), 12/25/2041<sup>(a)(c)</sup> |  | 148 | 147695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M1<br>5.272% (CME Term SOFR + 1.20%), 01/25/2042<sup>(a)(c)</sup> |  | 77 | 77429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M2<br>7.572% (CME Term SOFR + 3.50%), 03/25/2042<sup>(a)(c)</sup> |  | 1545 | 1590656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2<br>7.072% (CME Term SOFR + 3.00%), 04/25/2042<sup>(a)(c)</sup> |  | 1206 | 1229323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1<br>6.372% (CME Term SOFR + 2.30%), 01/25/2043<sup>(a)(c)</sup> |  | 488 | 497432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R03, Class 2M1<br>6.572% (CME Term SOFR + 2.50%), 04/25/2043<sup>(a)(c)</sup> |  | 467 | 471337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M1<br>6.372% (CME Term SOFR + 2.30%), 05/25/2043<sup>(a)(c)</sup> |  | 912 | 929704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M1<br>5.772% (CME Term SOFR + 1.70%), 07/25/2043<sup>(a)(c)</sup> |  | 595 | 597500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M1<br>5.172% (CME Term SOFR + 1.10%), 02/25/2044<sup>(a)(c)</sup> |  | 317 | 317730 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 19 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M1<br>5.072% (CME Term SOFR + 1.00%), 07/25/2044<sup>(a)(c)</sup> | U.S.$| 196 | $196143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R06, Class 1M1<br>5.122% (CME Term SOFR + 1.05%), 09/25/2044<sup>(a)(c)</sup> |  | 256 | 255589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1A1<br>5.072% (CME Term SOFR + 1.00%), 02/25/2045<sup>(a)(c)</sup> |  | 505 | 505803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R03, Class 2M1<br>5.672% (CME Term SOFR + 1.60%), 03/25/2045<sup>(a)(c)</sup> |  | 1307 | 1312076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R05, Class 2M1<br>5.272% (CME Term SOFR + 1.20%), 07/25/2045<sup>(a)(c)</sup> |  | 1923 | 1922644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1A1<br>4.972% (CME Term SOFR + 0.90%), 09/25/2045<sup>(a)(c)</sup> |  | 689 | 688787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1<br>5.022% (CME Term SOFR + 0.95%), 09/25/2045<sup>(a)(c)</sup> |  | 939 | 937394 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2021-DNA5, Class M2<br>5.722% (CME Term SOFR + 1.65%), 01/25/2034<sup>(a)(c)</sup> |  | 186 | 186842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M2<br>5.572% (CME Term SOFR + 1.50%), 10/25/2041<sup>(a)(c)</sup> |  | 2052 | 2059993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class M2<br>5.872% (CME Term SOFR + 1.80%), 11/25/2041<sup>(a)(c)</sup> |  | 2412 | 2426443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M2<br>6.422% (CME Term SOFR + 2.35%), 12/25/2041<sup>(a)(c)</sup> |  | 1530 | 1548634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B<br>6.972% (CME Term SOFR + 2.90%), 04/25/2042<sup>(a)(c)</sup> |  | 711 | 730112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1B<br>7.422% (CME Term SOFR + 3.35%), 05/25/2042<sup>(a)(c)</sup> |  | 1358 | 1402618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1B<br>8.572% (CME Term SOFR + 4.50%), 06/25/2042<sup>(a)(c)</sup> |  | 2274 | 2391944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M1A<br>6.572% (CME Term SOFR + 2.50%), 03/25/2052<sup>(a)(c)</sup> |  | 540 | 544287 |

---

---

| | |
|:---|:---|
| 20 AB Core Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1A<br>6.142% (CME Term SOFR + 2.10%), 03/25/2043<sup>(a)(c)</sup> | U.S.$| 505 | $512472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class M1A<br>6.142% (CME Term SOFR + 2.10%), 04/25/2043<sup>(a)(c)</sup> |  | 1703 | 1726342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA3, Class A1<br>5.122% (CME Term SOFR + 1.05%), 10/25/2044<sup>(a)(c)</sup> |  | 996 | 998131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA1, Class M1<br>5.322% (CME Term SOFR + 1.25%), 03/25/2044<sup>(a)(c)</sup> |  | 671 | 670709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA2, Class M1<br>5.272% (CME Term SOFR + 1.20%), 08/25/2044<sup>(a)(c)</sup> |  | 1028 | 1029064 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA1 <br>Series 2025-DNA1, Class A1 <br>5.022% (CME Term SOFR + 0.95%), 01/25/2045<sup>(a)(c)</sup> |  | 815 | 816096 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA2<br>Series 2025-DNA2, Class A1<br>5.172% (CME Term SOFR + 1.10%), 05/25/2045<sup>(a)(c)</sup> |  | 485 | 486111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA2, Class M1<br>5.272% (CME Term SOFR + 1.20%), 05/25/2045<sup>(a)(c)</sup> |  | 512 | 512356 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-Dna3 <br>Series 2025-DNA3, Class A1 <br>5.022% (CME Term SOFR + 0.95%), 09/25/2045<sup>(a)(c)</sup> |  | 1996 | 1997085 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA4 <br>Series 2025-DNA4, Class M1 <br>5.172% (CME Term SOFR + 1.10%), 10/25/2045<sup>(a)(c)</sup> |  | 1668 | 1667240 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-Hqa1 <br>Series 2025-HQA1, Class A1 <br>5.022% (CME Term SOFR + 0.95%), 02/25/2045<sup>(a)(c)</sup> |  | 1085 | 1085893 |
|  |  |  | 36211069 |
|  **Non-Agency Fixed Rate – 0.6%** |  |  |  |
|  Alternative Loan Trust<br>Series 2005-20CB, Class 3A6<br>5.50%, 07/25/2035 |  | 49 | 32152 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 21 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A16<br>5.75%, 08/25/2036 | U.S.$| 337 | $163530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J1, Class 1A13<br>5.50%, 02/25/2036 |  | 135 | 90834 |
|  CHL Mortgage Pass-Through Trust <br>Series 2006-13, Class 1A19 <br>6.25%, 09/25/2036 |  | 73 | 32012 |
|  FIGRE Trust<br>Series 2025-HE7, Class A<br>5.15%, 11/25/2055<sup>(a)</sup> |  | 1577 | 1578670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE8, Class A<br>5.206%, 11/25/2055<sup>(a)</sup> |  | 1854 | 1857690 |
|  JP Morgan Mortgage Trust <br>Series 2025-HE3, Class A1 <br>5.422%, 03/25/2056<sup>(a)</sup> |  | 1800 | 1800259 |
|  |  |  | 5555147 |
|  **Non-Agency Floating Rate – 0.6%** |  |  |  |
|  Deutsche Alt-A Securities Mortgage Loan Trust <br>Series 2006-AR4, Class A2 <br>4.449% (CME Term SOFR 1 Month + 0.49%), 12/25/2036<sup>(c)</sup> |  | 762 | 241183 |
|  Federal Home Loan Mortgage Corp. Mscr Trust Mn1 <br>Series 2021-MN1, Class M1 <br>6.072% (CME Term SOFR + 2.00%), 01/25/2051<sup>(a)(c)</sup> |  | 65 | 64635 |
|  Home Equity Asset Trust <br>Series 2007-3, Class M1 <br>4.594% (CME Term SOFR 1 Month + 0.64%), 08/25/2037<sup>(c)</sup> |  | 3453 | 4177278 |
|  HomeBanc Mortgage Trust <br>Series 2005-1, Class A1 <br>4.569% (CME Term SOFR 1 Month + 0.61%), 03/25/2035<sup>(c)</sup> |  | 93 | 76946 |
|  JPMorgan Chase Bank NA – CHASE <br>Series 2019-CL1, Class M3 <br>6.169% (CME Term SOFR 1 Month + 2.21%), 04/25/2047<sup>(a)(c)</sup> |  | 152 | 153427 |
|  Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates <br>Series 2004-1, Class 1A <br>4.669% (CME Term SOFR 1 Month + 0.71%), 04/25/2034<sup>(c)</sup> |  | 25 | 25265 |
|  |  |  | 4738734 |
|  **Agency Floating Rate – 0.2%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICS<br>Series 4416, Class BS<br>1.844% (5.99% – CME Term SOFR), 12/15/2044<sup>(c)(g)</sup> |  | 956 | 107448 |

---

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| | |
|:---|:---|
| 22 AB Core Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4693, Class SL<br>1.894% (6.04% – CME Term SOFR), 06/15/2047<sup>(c)(g)</sup> | U.S.$| 1037 | $127493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4954, Class SL<br>1.864% (5.94% – CME Term SOFR), 02/25/2050<sup>(c)(g)</sup> |  | 1354 | 166486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4981, Class HS<br>1.914% (5.99% – CME Term SOFR), 06/25/2050<sup>(c)(g)</sup> |  | 3148 | 351506 |
|  Federal National Mortgage Association REMICS<br>Series 2016-106, Class ES<br>1.814% (5.89% – CME Term SOFR), 01/25/2047<sup>(c)(g)</sup> |  | 958 | 120201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-73, Class SA<br>1.964% (6.04% – CME Term SOFR), 09/25/2047<sup>(c)(g)</sup> |  | 1250 | 163427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-97, Class LS<br>2.014% (6.09% – CME Term SOFR), 12/25/2047<sup>(c)(g)</sup> |  | 937 | 116130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-97, Class SW<br>2.014% (6.09% – CME Term SOFR), 12/25/2047<sup>(c)(g)</sup> |  | 847 | 111425 |
|  Government National Mortgage Association<br>Series 2017-134, Class SE<br>2.126% (6.09% – CME Term SOFR 1 Month), 09/20/2047<sup>(c)(g)</sup> |  | 639 | 86002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-43, Class ST<br>2.026% (5.99% – CME Term SOFR 1 Month), 03/20/2047<sup>(c)(g)</sup> |  | 1279 | 161608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-65, Class ST<br>2.076% (6.04% – CME Term SOFR 1 Month), 04/20/2047<sup>(c)(g)</sup> |  | 1137 | 148028 |
|  |  |  | 1659754 |
|  **Agency Fixed Rate – 0.1%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICS <br>Series 4973, Class BI <br>4.50%, 05/25/2050<sup>(h)</sup> |  | 3688 | 865710 |
|  Federal National Mortgage Association Grantor Trust <br>Series 2004-T5, Class AB4 <br>4.273%, 05/28/2035 |  | 212 | 207620 |
|  |  |  | 1073330 |
|  Total Collateralized Mortgage Obligations <br>(cost $44,962,195) |  |  | 49238034 |
|  AGENCIES – 1.5% |  |  |  |
|  **Agency Debentures – 1.5%** |  |  |  |
|  Federal Home Loan Banks<br>4.00%, 06/30/2028 |  | 10600 | 10725822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/08/2028 |  | 1785 | 1845387 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 23 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Federal National Mortgage Association<br>6.25%, 05/15/2029 | U.S.$| 355 | $386346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 11/15/2030 |  | 260 | 295046 |
|  Total Agencies <br>(cost $13,097,183) |  |  | 13252601 |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.3% |  |  |  |
|  **Non-Agency Floating Rate CMBS – 0.8%** |  |  |  |
|  ALA Trust <br>Series 2025-OANA, Class A <br>5.702% (CME Term SOFR 1 Month + 1.74%), 06/15/2040<sup>(a)(c)</sup> |  | 1520 | 1526056 |
|  AREIT Trust <br>Series 2022-CRE6, Class A <br>5.355% (CME Term SOFR + 1.25%), 01/20/2037<sup>(a)(c)</sup> |  | 1656 | 1656450 |
|  BHMS Commercial Mortgage Trust <br>Series 2025-ATLS, Class A <br>5.809% (CME Term SOFR 1 Month + 1.85%), 08/15/2042<sup>(a)(c)</sup> |  | 1442 | 1444707 |
|  BX Commercial Mortgage Trust<br>Series 2019-IMC, Class D<br>5.905% (CME Term SOFR 1 Month + 1.95%), 04/15/2034<sup>(a)(c)</sup> |  | 207 | 203258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC, Class E<br>6.155% (CME Term SOFR 1 Month + 2.20%), 04/15/2034<sup>(a)(c)</sup> |  | 839 | 822930 |
|  CLNY Trust <br>Series 2019-IKPR, Class D <br>6.382% (CME Term SOFR 1 Month + 2.39%), 11/15/2038<sup>(a)(c)</sup> |  | 744 | 688387 |
|  Natixis Commercial Mortgage Securities Trust <br>Series 2019-MILE, Class A <br>5.538% (CME Term SOFR 1 Month + 1.58%), 07/15/2036<sup>(a)(c)</sup> |  | 566 | 532557 |
|  |  |  | 6874345 |
|  **Non-Agency Fixed Rate CMBS – 0.5%** |  |  |  |
|  GS Mortgage Securities Trust <br>Series 2011-GC5, Class D <br>5.314%, 08/10/2044<sup>(a)</sup> |  | 28 | 21208 |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class A1<br>1.433%, 08/15/2026<sup>(e)</sup> |  | 338 | 336437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2<br>2.435%, 08/15/2026<sup>(e)</sup> |  | 1801 | 1793094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class AS<br>2.638%, 08/15/2026<sup>(e)</sup> |  | 59 | 58277 |

---

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| | |
|:---|:---|
| 24 AB Core Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  JPMBB Commercial Mortgage Securities Trust<br>Series 2013-C14, Class D<br>4.172%, 08/15/2046<sup>(a)</sup> | U.S.$| 472 | $364550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class XA<br>0.551%, 09/15/2047<sup>(h)</sup> |  | 283 | 9 |
|  Morgan Stanley Bank of America Merrill Lynch Trust <br>Series 2014-C19, Class D <br>3.25%, 12/15/2047<sup>(a)</sup> |  | 448 | 427796 |
|  Wells Fargo Commercial Mortgage Trust <br>Series 2016-NXS6, Class C <br>4.487%, 11/15/2049 |  | 1030 | 993350 |
|  |  |  | 3994721 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $11,064,188) |  |  | 10869066 |
|  INFLATION-LINKED SECURITIES – 1.2% |  |  |  |
|  **United States – 1.2%** |  |  |  |
|  U.S. Treasury Inflation Index <br>0.25%, 07/15/2029 (TIPS) <br>(cost $9,886,464) |  | 10600 | 10254271 |
|  CORPORATES - NON-INVESTMENT GRADE – 1.1% |  |  |  |
|  Industrial – 1.0% |  |  |  |
|  **Basic – 0.1%** |  |  |  |
|  Solstice Advanced Materials, Inc. <br>5.625%, 09/30/2033<sup>(a)</sup> |  | 563 | 566519 |
|  **Capital Goods – 0.1%** |  |  |  |
|  Axon Enterprise, Inc.<br>6.125%, 03/15/2030<sup>(a)</sup> |  | 655 | 678122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033<sup>(a)</sup> |  | 476 | 495311 |
|  |  |  | 1173433 |
|  **Communications - Media – 0.2%** |  |  |  |
|  Discovery Communications LLC <br>5.20%, 09/20/2047 |  | 6 | 3928 |
|  VZ Vendor Financing II BV <br>2.875%, 01/15/2029<sup>(a)</sup> | EUR | 540 | 589465 |
|  Warnermedia Holdings, Inc. <br>4.279%, 03/15/2032 | U.S.$| 1061 | 970284 |
|  |  |  | 1563677 |
|  **Communications - Telecommunications – 0.0%** |  |  |  |
|  Altice France SA <br>4.75%, 10/15/2030<sup>(a)</sup> | EUR | 199 | 221169 |
|  **Consumer Cyclical - Other – 0.1%** |  |  |  |
|  Hilton Domestic Operating Co., Inc.<br>5.875%, 04/01/2029<sup>(a)</sup> | U.S.$| 455 | 465861 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 25 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/01/2032<sup>(a)</sup> | U.S.$| 261 | $270631 |
|  |  |  | 736492 |
|  **Consumer Cyclical - Retailers – 0.1%** |  |  |  |
|  Advance Auto Parts, Inc. <br>7.00%, 08/01/2030<sup>(a)</sup> |  | 1250 | 1276137 |
|  **Consumer Non-Cyclical – 0.1%** |  |  |  |
|  CVS Health Corp.<br>6.75%, 12/10/2054 |  | 47 | 48580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/10/2055 |  | 786 | 829018 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV <br>2.875%, 04/30/2028<sup>(a)</sup> | EUR | 320 | 357271 |
|  |  |  | 1234869 |
|  **Energy – 0.1%** |  |  |  |
|  Sunoco LP <br>5.625%, 03/15/2031<sup>(a)</sup> | U.S.$| 753 | 757781 |
|  **Technology – 0.2%** |  |  |  |
|  Kioxia Holdings Corp. <br>6.625%, 07/24/2033<sup>(a)</sup> |  | 1268 | 1316450 |
|  |  |  | 8846527 |
|  Utility – 0.1% |  |  |  |
|  **Electric – 0.1%** |  |  |  |
|  Vistra Corp. <br>7.00%, 12/15/2026<sup>(a)(b)</sup> |  | 648 | 656366 |
|  Total Corporates - Non-Investment Grade <br>(cost $9,428,885) |  |  | 9502893 |
|  LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.6% |  |  |  |
|  **United States – 0.6%** |  |  |  |
|  State Board of Administration Finance Corp. <br>(Florida Hurricane Catastrophe Fund)<br>Series 2020-A<br>1.705%, 07/01/2027 |  | 1634 | 1581610 |
|  State of California <br>(State of California)<br>Series 2010<br>7.625%, 03/01/2040 |  | 2040 | 2498088 |
|  University of California <br>(University of California)<br>Series 2021-B<br>3.071%, 05/15/2051 |  | 2070 | 1433744 |
|  Total Local Governments - US Municipal Bonds <br>(cost $5,803,344) |  |  | 5513442 |

---

---

| | |
|:---|:---|
| 26 AB Core Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  GOVERNMENTS - SOVEREIGN BONDS – 0.6% |  |  |  |
|  **Chile – 0.1%** |  |  |  |
|  Chile Electricity Lux MPC II SARL<br>5.58%, 10/20/2035<sup>(a)</sup> | U.S.$| 623 | $639810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.672%, 10/20/2035<sup>(a)</sup> |  | 310 | 320070 |
|  |  |  | 959880 |
|  **Colombia – 0.1%** |  |  |  |
|  Colombia Government International Bond <br>3.125%, 04/15/2031 |  | 696 | 603954 |
|  **Ecuador – 0.1%** |  |  |  |
|  Amazon Conservation DAC <br>6.034%, 01/16/2042<sup>(a)</sup> |  | 927 | 967454 |
|  **Mexico – 0.1%** |  |  |  |
|  Mexico Government International Bond <br>5.375%, 03/22/2033 |  | 716 | 714210 |
|  **Romania – 0.2%** |  |  |  |
|  Romanian Government International Bond <br>5.75%, 09/16/2030<sup>(a)</sup> |  | 2010 | 2060341 |
|  Total Governments - Sovereign Bonds <br>(cost $5,275,288) |  |  | 5305839 |
|  EMERGING MARKETS - CORPORATE BONDS – 0.5% |  |  |  |
|  Industrial – 0.3% |  |  |  |
|  **Basic – 0.1%** |  |  |  |
|  Braskem Netherlands Finance BV <br>4.50%, 01/10/2028<sup>(a)</sup> |  | 1440 | 561600 |
|  **Consumer Cyclical - Other – 0.1%** |  |  |  |
|  Wynn Macau Ltd. <br>5.625%, 08/26/2028<sup>(a)</sup> |  | 730 | 724415 |
|  **Energy – 0.1%** |  |  |  |
|  Ecopetrol SA<br>8.375%, 01/19/2036 |  | 461 | 471949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 01/19/2029 |  | 667 | 716918 |
|  Oleoducto Central SA <br>4.00%, 07/14/2027<sup>(a)</sup> |  | 248 | 243737 |
|  |  |  | 1432604 |
|  |  |  | 2718619 |
|  Utility – 0.2% |  |  |  |
|  **Electric – 0.0%** |  |  |  |
|  Terraform Global Operating LP <br>6.125%, 03/01/2026<sup>(a)</sup> |  | 45 | 44539 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 27 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Other Utility – 0.2%** |  |  |  |
|  Aegea Finance SARL <br>7.625%, 01/20/2036<sup>(a)</sup> | U.S.$| 1283 | $1216566 |
|  |  |  | 1261105 |
|  Total Emerging Markets - Corporate Bonds <br>(cost $4,752,776) |  |  | 3979724 |
|  COLLATERALIZED LOAN OBLIGATIONS – 0.2% |  |  |  |
|  **CLO - Floating Rate – 0.2%** |  |  |  |
|  Ballyrock CLO 27 Ltd. <br>Series 2024-27A, Class A1A <br>5.208% (CME Term SOFR 3 Month + 1.35%), 10/25/2037<sup>(a)(c)</sup> |  | 714 | 714426 |
|  Benefit Street Partners CLO XXXVIII Ltd. <br>Series 2024-38A, Class A <br>5.168% (CME Term SOFR 3 Month + 1.31%), 01/25/2038<sup>(a)(c)</sup> |  | 819 | 820407 |
|  OCP CLO Ltd. <br>Series 2024-34A, Class A1 <br>5.265% (CME Term SOFR 3 Month + 1.36%), 10/15/2037<sup>(a)(c)</sup> |  | 561 | 562210 |
|  Total Collateralized Loan Obligations <br>(cost $2,092,976) |  |  | 2097043 |
|  QUASI-SOVEREIGNS – 0.1% |  |  |  |
|  Quasi-Sovereign Bonds – 0.1% |  |  |  |
|  **Mexico – 0.1%** |  |  |  |
|  Comision Federal de Electricidad<br>4.688%, 05/15/2029<sup>(a)</sup> |  | 478 | 471392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 01/24/2030<sup>(a)</sup> |  | 705 | 715046 |
|  Total Quasi-Sovereigns <br>(cost $1,182,635) |  |  | 1186438 |
|  EMERGING MARKETS - SOVEREIGNS – 0.1% |  |  |  |
|  **Mexico – 0.1%** |  |  |  |
|  Eagle Funding Luxco SARL <br>5.50%, 08/17/2030<sup>(a)</sup> <br>(cost $859,941) |  | 862 | 874404 |
|  GOVERNMENTS - SOVEREIGN AGENCIES – 0.1% |  |  |  |
|  **Kazakhstan – 0.1%** |  |  |  |
|  Baiterek National Managing Holding JSC <br>5.45%, 05/08/2028<sup>(a)</sup> <br>(cost $354,401) |  | 356 | 360169 |

---

---

| | |
|:---|:---|
| 28 AB Core Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Shares** | **U.S. $ Value** |
|  COMMON STOCKS – 0.0% |  |  |  |
|  Communication Services – 0.0% |  |  |  |
|  **Diversified Telecommunication Services – 0.0%** |  |  |  |
|  Altice France SA/LuxCo3<sup>(d)(i)(j)</sup> <br>(cost $24,345) |  | 1339 | $24475 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  SHORT-TERM INVESTMENTS – 2.0% |  |  |  |
|  **U.S. Treasury Bills – 2.0%** |  |  |  |
|  U.S. Treasury Bill <br>Zero Coupon, 01/02/2026 <br>(cost $17,596,994) | U.S.$| 17658 | 17597700 |
|  Total Investments – 97.8% <br>(cost $878,692,526) |  |  | 857058864 |
|  Other assets less liabilities – 2.2% |  |  | 19493044 |
|  **Net Assets – 100.0%** |  |  | $**876551908** |

---

#### FUTURES (see Note D)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  U.S. T-Note 2 Yr (CBT) Futures | 141 | March 2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29449172 | $469 |
|  U.S. T-Note 5 Yr (CBT) Futures | 898 | March 2026 | 98569531 | 368250 |
|  U.S. T-Note 10 Yr (CBT) Futures | 97 | March 2026 | 10994344 | (8563) |
|  U.S. Ultra Bond (CBT) Futures | 187 | March 2026 | 22615313 | (6773) |
|  **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  Japan 10 Yr Bond (OSE) Futures | 25 | December 2025 | 21648510 | 123358 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476741 |

---

#### FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  State Street Bank & Trust Co. | USD | 823 | JPY | 128783 | 01/23/2026 | $5884 |
|  State Street Bank & Trust Co. | EUR | 727 | USD | 841 | 01/29/2026 | (5018) |
|  State Street Bank & Trust Co. | JPY | 1185894 | USD | 7783 | 01/30/2026 | 146641 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147507 |

---

\*\* Principal amount less than 500. 

(a) 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 $191,714,373 or 21.9% of net assets.

---

| | |
|:---|:---|
| **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 &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class A1 <br>1.433%, 08/15/2026 | 12/20/2021-<br>08/03/2023 | $315015 | $336437 | 0.04% |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class A2 <br>2.435%, 08/15/2026 | 02/25/2021-<br>09/06/2022 | 1809598 | 1793094 | 0.20% |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class AS <br>2.638%, 08/15/2026 | 02/25/2021-<br>04/01/2021 | 59232 | 58277 | 0.01% |
|  Tricolor Auto Securitization Trust <br>Series 2024-2A, Class A <br>6.36%, 12/15/2027 | 05/14/2024 | 118921 | 113646 | 0.01% |
|  Tricolor Auto Securitization Trust <br>Series 2025-1A, Class A <br>4.94%, 02/15/2029 | 03/11/2025 | 1273007 | 891015 | 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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857058864 |
|  Cash | 115380346 |
|  Cash collateral due from broker | 2878151 |
|  Unaffiliated interest and dividends | 6169136 |
|  Unrealized appreciation of forward currency exchange contracts | 152525 |
|  Receivable due from Adviser | 20800 |
|  Affiliated dividends | 12499 |
|  Total assets | 981672321 |
| Liabilities |  |
|  Payable for investment securities purchased | 104254094 |
|  Payable for variation margin on futures | 455717 |
|  Advisory fee | 205085 |
|  Foreign capital gains taxes | 9781 |
|  Unrealized depreciation of forward currency exchange contracts | 5018 |
|  Other liabilities | 190718 |
|  Total liabilities | 105120413 |
|  Net Assets | $**876551908** |
| Composition of Net Assets |  |
|  Capital stock, at par | $2907 |
|  Additional paid-in capital | 983555148 |
|  Accumulated loss | (107006147) |
|  | $**876551908** |
|  **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<br>November 30,<br>2025<sup>(a)</sup>** | **Year Ended<br>September 30,<br>2025<sup>(b)</sup>** |
| Investment Income | Investment Income | Investment Income |
|  Income: | Income: | Income: |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $6350435 | $37785776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends – Affiliated issuers | 134136 | 1271691 |
|  Total income | 6484571 | 39057467 |
|  Expenses: | Expenses: | Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee (see Note B) | 552941 | 3671355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee | 3229 | 18614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 60813 | 75433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative | 0 | 115208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auditing and tax fees | 17368 | 93918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees | 14855 | 147370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing fees | 8772 | 15700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 6499 | 25811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 0 | 43043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 854 | 32583 |
|  Total expenses | 665331 | 4239035 |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (119641) | (625887) |
|  Net expenses | 545690 | 3613148 |
|  Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5938881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35444319 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 232069 | (1645014)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 439326 | (6830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 1186004 | 216427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 131005 | 116917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 1927 | 379178 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 2301077 | (9300805)<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 52650 | 173165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (343372) | 477849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (155766) | (22266) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | (1538) | (2881) |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3843382 | (9614260) |
|  **Net Increase in Net Assets from Operations** | $**9782263** | $**25830059** |

---

(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,<br>2025 to<br>November 30,<br>2025<sup>(a)</sup>** | **Year Ended<br>September 30,<br>2025<sup>(b)</sup>** | **Year Ended<br>September 30,<br>2024** |
| Increase in Net Assets from Operations |  |  |  |
|  Net investment income | $5938881 | $35444319 | $31465700 |
|  Net realized gain (loss) on investment and foreign currency transactions | 1990331 | (939322) | (10647246) |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 1853051 | (8674938) | 66265516 |
|  Net increase in net assets resulting from operations | 9782263 | 25830059 | 87083970 |
|  Distributions to shareholders | (3584580) | (34541099) | (31542428) |
| Transactions in Shares of the Fund |  |  |  |
|  Net increase | 16719933 | 91558182 | 57783577 |
|  Other capital | 5036 | – 0 | – 0 |
|  Total increase | 22922652 | 82847142 | 113325119 |
| Net Assets: |  |  |  |
|  Beginning of period | 853629256 | 770782114 | 657456995 |
|  End of period | $**876551908** | $**853629256** | $**770782114** |

---

(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

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

---

| | |
|:---|:---|
| 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

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.

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,

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| | |
|:---|:---|
| 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.

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.

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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Governments – Treasuries | $– 0 | $270744364 | $– 0 | $270744364 |
|  Corporates – Investment Grade | – 0 | 224353034 | – 0 | 224353034 |
|  Mortgage Pass-Throughs | – 0 | 182621106 | – 0 | 182621106 |
|  Asset-Backed Securities | – 0 | 49284261 | – 0 | 49284261 |
|  Collateralized Mortgage Obligations | – 0 | 49238034 | – 0 | 49238034 |
|  Agencies | – 0 | 13252601 | – 0 | 13252601 |
|  Commercial Mortgage-Backed Securities | – 0 | 10869066 | – 0 | 10869066 |
|  Inflation-Linked Securities | – 0 | 10254271 | – 0 | 10254271 |
|  Corporates – Non-Investment Grade | – 0 | 9502893 | – 0 | 9502893 |
|  Local Governments – US Municipal Bonds | – 0 | 5513442 | – 0 | 5513442 |
|  Governments – Sovereign Bonds | – 0 | 5305839 | – 0 | 5305839 |
|  Emerging Markets – Corporate Bonds | – 0 | 3979724 | – 0 | 3979724 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 37 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Collateralized Loan Obligations | $– 0 | $2097043 | $– 0 | $2097043 |
|  Quasi-Sovereigns | – 0 | 1186438 | – 0 | 1186438 |
|  Emerging Markets – Sovereigns | – 0 | 874404 | – 0 | 874404 |
|  Governments – Sovereign Agencies | – 0 | 360169 | – 0 | 360169 |
|  Common Stocks | – 0 | – 0 | 24475 | 24475 |
|  Short-Term Investments | – 0 | 17597700 | – 0 | 17597700 |
|  Total Investments in Securities | – 0 | 857034389 | 24475 | 857058864 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Futures | 492077 | – 0 | – 0 | 492077 <sup>(b)</sup> |
|  Forward Currency Exchange Contracts | – 0 | 152525 | – 0 | 152525 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  Futures | (15336) | – 0 | – 0 | (15336)<sup>(b)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (5018) | – 0 | (5018) |
|  **Total** | $**476741** | $**857181896** | $**24475** | $**857683112** |

---

(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.

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.

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| | |
|:---|:---|
| 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.

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. 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.

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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 39 |

---

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**NOTES TO FINANCIAL STATEMENTS** (continued)

9. 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 .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** |

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------

**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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>9/30/25<br>(000)** | **Purchases at<br>Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $34457 | $45304 | $79761 | $– 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<br>9/30/24<br>(000)** | **Purchases at<br>Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>9/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $40682 | $565065 | $571290 | $34457 | $1272 |

---

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:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities)................... | $19570805 | $15986062 |
|  U.S. government securities...................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272990756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253756607 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 41 |

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------

**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) | $176355507 | $101854814 |
|  U.S. government securities | 1336240839 | 1303659192 |

---

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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4996777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  U.S. government securities | 3401267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |

---

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

---

| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879021901 |
|  Gross unrealized appreciation | $16184440 |
|  Gross unrealized depreciation | (38039525) |
|  Net unrealized depreciation | $(21855085) |

---

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.

The principal types of derivatives 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

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| | |
|:---|:---|
| 42 AB Core Bond ETF | **ABFunds.com** |

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**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

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| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 43 |

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**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.

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

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| | |
|:---|:---|
| 44 AB Core Bond ETF | **ABFunds.com** |

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**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:
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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 45 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 and non-hedging purposes. During the year ended September 30, 2025, the Portfolio held interest rate swaps for hedging and non-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.

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| | |
|:---|:---|
| 46 AB Core Bond ETF | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable for variation margin on futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492077 \* | Payable for variation margin on futures | $15336 \* |
|  Foreign currency contracts | <br>Unrealized appreciation on forward currency exchange contracts | <br>152525 | <br>Unrealized depreciation on forward currency exchange contracts | <br>5018 |
|  Total |  | $644602 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20354 |

---

\* 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. 

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| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain or<br>(Loss) on Derivatives<br>Within Statement of<br>Operations for<br>Period ended**<br> **October 1, 2025 to**<br> **November 30, 2025** | **Realized<br>Gain or<br>(Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | $1186004 | $(343372) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | 439326 | 52650 |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 131005 | (155766) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756335 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446488) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 47 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain or<br>(Loss) on Derivatives<br>Within Statement of<br>Operations for the**<br> **Year ended**<br> **September 30, 2025** | **Realized<br>Gain or<br>(Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $216427 | $477849 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | (6830) | 173165 |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 116917 | (22266) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326514 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628748 |

---

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

---

| | |
|:---|:---|
|  Futures: | Futures: |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160672231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $22348623 |
|  Forward Currency Exchange Contracts: | Forward Currency Exchange Contracts: |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $355586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $8902404 |
|  Centrally Cleared Interest Rate Swaps: | Centrally Cleared Interest Rate Swaps: |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $4950000 <sup>(a)</sup> |

---

(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: | Futures: |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185323209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $14016798 <sup>(a)</sup> |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $1209698 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $6513992 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $4950000 |

---

(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.

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  State Street Bank & Trust Co. | $152525 | $(5018) | $– 0 | $– 0 | $147507 |
|  Total | $152525 | $(5018) | $– 0 | $– 0 | $147507 |
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  State Street Bank & Trust Co. | $5018 | $(5018) | $– 0 | $– 0 | $– 0 |
|  Total | $5018 | $(5018) | $– 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

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).

---

| | |
|:---|:---|
| **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

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

---

| | |
|:---|:---|
| 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 | Shares | Shares | Amount | Amount | Amount |
|  | Period Ended<br>November 30,<br>2025<sup>(a)</sup> | Year Ended<br>September 30,<br>2025<sup>(b)</sup> | Year Ended<br>September 30,<br>2024 | Period Ended<br>November 30,<br>2025<sup>(a)</sup> | Year Ended<br>September 30,<br>2025<sup>(b)</sup> | Year Ended<br>September 30,<br>2024 |
| **Advisor Class** |  |  |  |  |  |  |
|  Shares sold | 1156990 | 12979855 | 12771067 | $34823537 | $167178062 | $163794615 |
|  Shares issued in reinvestment of dividends and distributions | 125161 | 2253626 | 2043452 | 3770223 | 29078647 | 26156909 |
|  Shares converted from Intermediate Duration Institutional Class | (28468036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | – 0 | (854041087) | – 0 | – 0 |
|  Shares converted to Adviser Class | 28468036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | 854041087 | – 0 | – 0 |
|  Shares redeemed | (727384) | (8093165) | (10350616) | (21873827) | (104698527) | (132167947) |
|  **Net increase** | **554767** | **7140316** | **4463903** | $**16719933** | $**91558182** | $**57783577** |

---

(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 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.

**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.

**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.

**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.

**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 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.

**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.

**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.

**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.

**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"). 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

---

| | |
|:---|:---|
| **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.

**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 he intended results. Many of these techniques incorporate,

---

| | |
|:---|:---|
| 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

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.

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,<br>2025 to<br>November 30,<br>2025** | **Year ended<br>September 30,<br>2025** | **Year ended<br>September 30,<br>2024** |
|  Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3584580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34541099 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31542428 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3584580 | $34541099 | $31542428 |

---

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

---

| | |
|:---|:---|
|  Undistributed ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4838427 |
|  Accumulated capital and other losses | (89977812)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (21858970)<sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106998355) |

---

(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<br>outstanding<br>before the<br>Conversion** | **Shares<br>outstanding<br>immediately**<br>**after the<br>Conversion** | **Aggregate**<br>**net assets**<br>**before the<br>Conversion** | **Aggregate<br>net assets<br>immediately**<br>**after the<br>Conversion** |
|  Acquired Portfolio\* | 64921899 | – 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854037950 | $– 0 |
|  The Fund | – 0 | 28467970 | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854037950 |

---

\* 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<br>outstanding<br>before<br>Conversion** | **Shares<br>outstanding<br>before<br>Conversion** | **Conversion<br>Ratio** | **Conversion<br>Ratio** | **Shares<br>outstanding<br>immediately**<br>**after the<br>Conversion** | **Shares<br>outstanding<br>immediately**<br>**after the<br>Conversion** |
|  Advisor Class |  | 64921899 |  | 0.43849565 |  | 28467970 |

---

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.

---

| | |
|:---|:---|
| 58 AB Core Bond ETF | **ABFunds.com** |

---

------

#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period<sup>(a)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **October 1,<br>2025 to**<br> **November 30,**<br> **2025<sup>(b)</sup>** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **October 1,<br>2025 to**<br> **November 30,**<br> **2025<sup>(b)</sup>** | **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<sup>(c)(d)</sup> | .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<sup>(e)</sup> | .52 | 2.84 | 13.01 | .45 | (15.13)% | .02% |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period<br>(000's omitted) | $876552 | $853629 | $770782 | $657457 | $708490 | $1016985 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of<br>waivers/reimbursements<sup>(f)</sup> | .38 | .44 | .45 | .45 | .45% | .45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before<br>waivers/reimbursements<sup>(f)</sup> | .46 | .52 | .52 | .54 | .51% | .52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(d)</sup> | 4.14 | 4.34 | 4.36 | 3.63 | 1.85% | 1.92% |
|  Portfolio turnover rate<sup>(g)(h)</sup> | 33 | 180 | 206 | 169 | 129% | 118% |

---

See footnote summary on page 60.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 59 |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

(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) 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.

(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.

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.

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](g109424g91r55.jpg)

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)

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, 77.32% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends.

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.

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.

---

| | |
|:---|:---|
| **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").

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

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| | |
|:---|:---|
| 64 AB Core Bond ETF | **ABFunds.com** |

---

------

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 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.

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| | |
|:---|:---|
| **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.

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

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|:---|:---|
| 66 AB Core Bond ETF | **ABFunds.com** |

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------

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
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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Core Bond ETF 67 |

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------

#### NOTES

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|:---|:---|
| 68 AB Core Bond ETF | **ABFunds.com** |

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![LOGO](g109424g28a43.jpg)

AB CORE BOND ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-CORB-0151-1125 ![LOGO](g109424g22c48.jpg)

------

#### November 30, 2025
![LOGO](g937763g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB Core Plus Bond ETF

(NASDAQ: CPLS)

![LOGO](g937763g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS

#### November 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  GOVERNMENTS - TREASURIES – 43.0% | GOVERNMENTS - TREASURIES – 43.0% | GOVERNMENTS - TREASURIES – 43.0% |
|  **United States – 43.0%** | **United States – 43.0%** | **United States – 43.0%** |
|  U.S. Treasury Bonds <br>2.875%, 05/15/2049 | $1175 | $865782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2049 | 51 | 38583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 05/15/2048 | 7012 | 5462786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/2048 | 2141 | 1736803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/2053 | 725 | 661053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/2040 | 291 | 290318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2054 | 64 | 62162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/2055 | 1698 | 1683872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2045 | 352 | 357541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/2055 | 1925 | 1949138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2045 | 2730 | 2862128 |
|  U.S. Treasury Notes <br>1.25%, 04/30/2028 | 1414 | 1341146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 12/31/2028 | 4972 | 4665911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/2031 | 306 | 268085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/2028 | 1682 | 1586862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/2032 | 1159 | 1040338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 03/31/2029 | 6727 | 6485248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 02/15/2029 | 1180 | 1148287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 1001 | 940627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2032 | 2163 | 2055188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/31/2029 | 1949 | 1920222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/2029 | 6084 | 6025061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/2028 | 353 | 353055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/2029 | 4396 | 4447172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/2026 | 1345 | 1345368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/28/2030 | 4218 | 4289179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/31/2032 | 950 | 963062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/2026 | 171 | 171681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/31/2027 | 3204 | 3222523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/2029 | 7164 | 7313996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/31/2030 | 1113 | 1138260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/2026 | 679 | 679345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/31/2026 | 6170 | 6209768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 6759 | 6911606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 2299 | 2346776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 187 | 190674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/2034 | 799 | 826154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/2035 | 431 | 452769 |
|  Total Governments - Treasuries <br>(cost $83,194,458) |  | 84308529 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 1 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CORPORATES - INVESTMENT GRADE – 34.6% | CORPORATES - INVESTMENT GRADE – 34.6% | CORPORATES - INVESTMENT GRADE – 34.6% |
|  Financial Institutions – 17.0% | Financial Institutions – 17.0% | Financial Institutions – 17.0% |
|  **Banking – 10.8%** | **Banking – 10.8%** | **Banking – 10.8%** |
|  Ally Financial, Inc. <br>5.737%, 05/15/2029 | $41 | $41935 |
|  American Express Co. <br>4.351%, 07/20/2029 | 59 | 59483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.731%, 04/25/2029 | 62 | 63037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.804%, 10/24/2036 | 77 | 76707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.918%, 07/20/2033 | 59 | 60440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%, 04/25/2031 | 62 | 64022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.098%, 02/16/2028 | 292 | 295802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.667%, 04/25/2036 | 62 | 65850 |
|  Banco Santander SA <br>2.749%, 12/03/2030 | 400 | 365240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.921%, 08/08/2033 | 400 | 446424 |
|  Bank of America Corp. <br>2.496%, 02/13/2031 | 166 | 155170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%, 04/22/2032 | 315 | 290131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972%, 02/04/2033 | 332 | 305420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 12/20/2028 | 55 | 54345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.705%, 04/24/2028 | 129 | 128349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.623%, 05/09/2029 | 59 | 59815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.425%, 08/15/2035 | 295 | 303968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511%, 01/24/2036 | 26 | 27409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.518%, 10/25/2035 | 296 | 305851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.744%, 02/12/2036 | 20 | 21006 |
|  Bank of Montreal <br>4.062%, 09/22/2028 | 71 | 71037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/22/2031 | 71 | 71109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.203%, 02/01/2028 | 61 | 62570 |
|  Bank of New York Mellon Corp. (The) <br>5.188%, 03/14/2035 | 342 | 354387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.474%, 10/25/2034 | 272 | 305206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J <br>4.967%, 04/26/2034 | 297 | 304562 |
|  Bank of Nova Scotia (The) <br>4.043%, 09/15/2028 | 72 | 71924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.338%, 09/15/2031 | 72 | 71980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%, 02/14/2029 | 20 | 20366 |
|  Canadian Imperial Bank of Commerce <br>4.243%, 09/08/2028 | 69 | 69174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 09/08/2031 | 69 | 69635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.857%, 03/30/2029 | 63 | 63993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.245%, 01/13/2031 | 25 | 25907 |
|  Capital One Financial Corp. <br>4.493%, 09/11/2031 | 72 | 71958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.197%, 09/11/2036 | 72 | 71888 |

---

---

| | |
|:---|:---|
| 2 AB Core Plus Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.468%, 02/01/2029 | $250 | $256477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.183%, 01/30/2036 | 22 | 23083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.377%, 06/08/2034 | 282 | 306667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.964%, 11/02/2034 | 291 | 344477 |
|  Citigroup, Inc. <br>2.976%, 11/05/2030 | 376 | 358832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 10/27/2028 | 118 | 116728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%, 01/10/2028 | 121 | 120682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.503%, 09/11/2031 | 71 | 71444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%, 09/19/2030 | 298 | 300953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.658%, 05/24/2028 | 52 | 52424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.786%, 03/04/2029 | 60 | 60857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%, 09/11/2036 | 71 | 72480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333%, 03/27/2036 | 31 | 32010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%, 02/13/2035 | 288 | 300957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.174%, 05/25/2034 | 286 | 305800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 11/17/2033 | 29 | 31776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VAR <br>3.07%, 02/24/2028 | 30 | 29620 |
|  Citizens Financial Group, Inc. <br>5.253%, 03/05/2031 | 36 | 36917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.841%, 01/23/2030 | 118 | 122937 |
|  Comerica, Inc. <br>5.982%, 01/30/2030 | 232 | 241788 |
|  Goldman Sachs Group, Inc. (The) <br>2.383%, 07/21/2032 | 403 | 362281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%, 04/22/2032 | 336 | 307420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/21/2032 | 257 | 232708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615%, 03/15/2028 | 129 | 128174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.017%, 10/31/2038 | 173 | 157145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.153%, 10/21/2029 | 75 | 75058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.369%, 10/21/2031 | 75 | 75087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.937%, 04/23/2028 | 33 | 33370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.939%, 10/21/2036 | 75 | 75324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%, 07/23/2030 | 24 | 24654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.207%, 01/28/2031 | 95 | 98439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.218%, 04/23/2031 | 62 | 64247 |
|  HSBC Holdings PLC <br>2.357%, 08/18/2031 | 374 | 341402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.874%, 11/18/2035 | 320 | 335565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/2037 | 327 | 355877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.399%, 11/13/2034 | 313 | 358363 |
|  Huntington Bancshares, Inc./OH <br>5.709%, 02/02/2035 | 288 | 302895 |
|  JPMorgan Chase & Co. <br>2.963%, 01/25/2033 | 331 | 305258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.782%, 02/01/2028 | 129 | 128600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.882%, 07/24/2038 | 411 | 374002 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.323%, 04/26/2028 | $53 | $53220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 01/23/2028 | 46 | 46486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103%, 04/22/2031 | 61 | 63237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 01/24/2031 | 26 | 26975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.502%, 01/24/2036 | 26 | 27459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.571%, 04/22/2028 | 22 | 22441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576%, 07/23/2036 | 60 | 62796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.581%, 04/22/2030 | 68 | 71116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.717%, 09/14/2033 | 284 | 303210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.766%, 04/22/2035 | 20 | 21525 |
|  M&T Bank Corp. <br>5.179%, 07/08/2031 | 60 | 61520 |
|  Morgan Stanley <br>2.475%, 01/21/2028 | 48 | 47136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.994%, 04/12/2029 | 61 | 62224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.042%, 07/19/2030 | 25 | 25681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.192%, 04/17/2031 | 61 | 63180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 01/15/2031 | 26 | 26893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/21/2034 | 185 | 192069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.297%, 04/20/2037 | 86 | 88116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 07/19/2035 | 161 | 167289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%, 07/20/2029 | 84 | 86832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.587%, 01/18/2036 | 26 | 27454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.652%, 04/13/2028 | 76 | 77579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.656%, 04/18/2030 | 14 | 14636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.664%, 04/17/2036 | 61 | 64768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.831%, 04/19/2035 | 24 | 25748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G <br>2.239%, 07/21/2032 | 344 | 306886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I <br>4.133%, 10/18/2029 | 43 | 42995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.356%, 10/22/2031 | 75 | 75060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%, 10/22/2036 | 75 | 75265 |
|  National Australia Bank Ltd. <br>2.332%, 08/21/2030<sup>(a)</sup> | 397 | 361048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 05/21/2031<sup>(a)</sup> | 394 | 362709 |
|  Northern Trust Corp. <br>4.15%, 11/19/2030 | 78 | 78347 |
|  PNC Financial Services Group, Inc. (The) <br>4.626%, 06/06/2033 | 309 | 307229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.899%, 05/13/2031 | 59 | 60458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.222%, 01/29/2031 | 24 | 24872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%, 07/21/2036 | 148 | 153393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.575%, 01/29/2036 | 24 | 25215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.939%, 08/18/2034 | 98 | 105764 |
|  Royal Bank of Canada <br>3.995%, 11/03/2028 | 78 | 77878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.305%, 11/03/2031 | 78 | 77945 |

---

---

| | |
|:---|:---|
| 4 AB Core Plus Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G <br>4.715%, 03/27/2028 | $63 | $63566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.965%, 01/24/2029 | 26 | 26464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 05/02/2031 | 63 | 64658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.153%, 02/04/2031 | 26 | 26841 |
|  Santander Holdings USA, Inc. <br>5.473%, 03/20/2029 | 68 | 69394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.741%, 03/20/2031 | 31 | 32102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.174%, 01/09/2030 | 260 | 271570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.499%, 03/09/2029 | 18 | 18761 |
|  Skandinaviska Enskilda Banken AB <br>4.50%, 09/03/2030<sup>(a)</sup> | 200 | 201252 |
|  Societe Generale SA <br>7.367%, 01/10/2053<sup>(a)</sup> | 273 | 297133 |
|  State Street Corp. <br>4.536%, 02/28/2028 | 60 | 60919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.729%, 02/28/2030 | 60 | 61541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.784%, 10/23/2036 | 77 | 77219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.821%, 01/26/2034 | 296 | 301381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.834%, 04/24/2030 | 62 | 63939 |
|  Synchrony Financial <br>5.935%, 08/02/2030 | 10 | 10391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/02/2033 | 366 | 392224 |
|  Toronto-Dominion Bank (The) <br>4.109%, 10/13/2028 | 75 | 75191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.574%, 06/02/2028 | 59 | 59775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.808%, 06/03/2030 | 59 | 60379 |
|  Truist Financial Corp. <br>4.964%, 10/23/2036 | 77 | 76648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.071%, 05/20/2031 | 59 | 60749 |
|  UBS Group AG <br>4.151%, 12/23/2029<sup>(a)</sup> | 200 | 199992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.398%, 09/23/2031<sup>(a)</sup> | 200 | 199938 |
|  US Bancorp <br>4.839%, 02/01/2034 | 299 | 302842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.967%, 07/22/2033 | 298 | 300637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.046%, 02/12/2031 | 20 | 20599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.083%, 05/15/2031 | 60 | 61945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/23/2030 | 25 | 25799 |
|  Wells Fargo & Co. <br>3.35%, 03/02/2033 | 326 | 306358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.584%, 05/22/2028 | 5 | 4962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.078%, 09/15/2029 | 72 | 71994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.808%, 07/25/2028 | 51 | 51555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%, 09/15/2036 | 72 | 72653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 04/23/2029 | 62 | 63238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 04/23/2031 | 62 | 64213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%, 01/24/2031 | 118 | 122587 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 5 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.574%, 07/25/2029 | $| 284 | $| 294423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605%, 04/23/2036 |  | 21 |  | 22249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.707%, 04/22/2028 |  | 76 |  | 77633 |
|  Wells Fargo Bank NA <br>5.95%, 08/26/2036 |  | 333 |  | 357705 |
|  |  |  |  | 21076951 |
|  **Brokerage – 0.9%** | **Brokerage – 0.9%** | **Brokerage – 0.9%** | **Brokerage – 0.9%** | **Brokerage – 0.9%** |
|  Apollo Global Management, Inc. <br>4.60%, 01/15/2031 |  | 79 |  | 79572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/21/2054 |  | 385 |  | 381154 |
|  Ares Management Corp. <br>5.60%, 10/11/2054 |  | 368 |  | 349368 |
|  BGC Group, Inc. <br>6.15%, 04/02/2030 |  | 55 |  | 56711 |
|  Blackstone Holdings Finance Co. LLC <br>2.50%, 01/10/2030<sup>(a)</sup> |  | 384 |  | 359582 |
|  Blue Owl Finance LLC <br>6.25%, 04/18/2034 |  | 336 |  | 347565 |
|  Charles Schwab Corp. (The) <br>4.343%, 11/14/2031 |  | 78 |  | 78231 |
|  LPL Holdings, Inc. <br>5.20%, 03/15/2030 |  | 60 |  | 61496 |
|  |  |  |  | 1713679 |
|  **Finance – 0.8%** | **Finance – 0.8%** | **Finance – 0.8%** | **Finance – 0.8%** | **Finance – 0.8%** |
|  Ares Capital Corp. <br>5.10%, 01/15/2031 |  | 69 |  | 68206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2030 |  | 59 |  | 59506 |
|  Ares Strategic Income Fund <br>4.85%, 01/15/2029<sup>(a)</sup> |  | 72 |  | 71100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 01/15/2031<sup>(a)</sup> |  | 72 |  | 70806 |
|  Barings BDC, Inc. <br>5.20%, 09/15/2028 |  | 72 |  | 71697 |
|  Blackstone Reg Finance Co. LLC <br>4.30%, 11/03/2030 |  | 78 |  | 78080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/2036 |  | 78 |  | 77715 |
|  Blackstone Secured Lending Fund <br>5.125%, 01/31/2031 |  | 75 |  | 74285 |
|  Blue Owl Credit Income Corp. <br>5.80%, 03/15/2030 |  | 25 |  | 24957 |
|  Brookfield Finance, Inc. <br>5.33%, 01/15/2036 |  | 66 |  | 66496 |
|  Carlyle Secured Lending, Inc. <br>5.75%, 02/15/2031 |  | 34 |  | 33442 |
|  Franklin BSP Capital Corp. <br>6.00%, 10/02/2030<sup>(a)</sup> |  | 71 |  | 70210 |
|  FS KKR Capital Corp. <br>6.875%, 08/15/2029 |  | 24 |  | 24424 |

---

---

| | |
|:---|:---|
| 6 AB Core Plus Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Goldman Sachs Private Credit Corp. <br>5.875%, 01/31/2031<sup>(a)</sup> | $| 78 | $| 78205 |
|  Golub Capital Private Credit Fund <br>5.45%, 08/15/2028<sup>(a)</sup> |  | 60 |  | 60345 |
|  HA Sustainable Infrastructure Capital, Inc. <br>6.75%, 07/15/2035 |  | 60 |  | 62273 |
|  HPS Corporate Lending Fund <br>4.90%, 09/11/2028<sup>(a)</sup> |  | 71 |  | 70491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 06/05/2027<sup>(a)</sup> |  | 55 |  | 55231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/15/2030<sup>(a)</sup> |  | 71 |  | 70578 |
|  Main Street Capital Corp. <br>5.40%, 08/15/2028 |  | 66 |  | 66155 |
|  North Haven Private Income Fund LLC <br>5.125%, 09/25/2028<sup>(a)</sup> |  | 70 |  | 69685 |
|  Oaktree Specialty Lending Corp. <br>6.34%, 02/27/2030 |  | 59 |  | 59148 |
|  Sixth Street Specialty Lending, Inc. <br>5.625%, 08/15/2030 |  | 59 |  | 59743 |
|  USAA Capital Corp. <br>4.375%, 06/01/2028<sup>(a)</sup> |  | 150 |  | 151733 |
|  |  |  |  | 1594511 |
|  **Financial Services – 0.2%** | **Financial Services – 0.2%** | **Financial Services – 0.2%** | **Financial Services – 0.2%** | **Financial Services – 0.2%** |
|  Equinix Europe 2 Financing Corp. LLC <br>4.60%, 11/15/2030 |  | 79 |  | 79530 |
|  Intercontinental Exchange, Inc. <br>3.95%, 12/01/2028 |  | 79 |  | 79102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/2031 |  | 79 |  | 79137 |
|  Lincoln Financial Global Funding <br>4.625%, 08/18/2030<sup>(a)</sup> |  | 69 |  | 69400 |
|  Sammons Financial Group Global Funding <br>4.95%, 06/12/2030<sup>(a)</sup> |  | 60 |  | 60969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 01/10/2028<sup>(a)</sup> |  | 25 |  | 25403 |
|  |  |  |  | 393541 |
|  **Insurance – 3.6%** | **Insurance – 3.6%** | **Insurance – 3.6%** | **Insurance – 3.6%** | **Insurance – 3.6%** |
|  American National Global Funding <br>5.25%, 06/03/2030<sup>(a)</sup> |  | 59 |  | 60115 |
|  Athene Global Funding <br>5.583%, 01/09/2029<sup>(a)</sup> |  | 286 |  | 294111 |
|  Athene Holding Ltd. <br>3.95%, 05/25/2051 |  | 403 |  | 284413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/2054 |  | 269 |  | 266063 |
|  Brown & Brown, Inc. <br>4.70%, 06/23/2028 |  | 60 |  | 60599 |
|  Corebridge Global Funding <br>4.45%, 10/02/2030<sup>(a)</sup> |  | 71 |  | 70847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 06/06/2030<sup>(a)</sup> |  | 59 |  | 59988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/07/2028<sup>(a)</sup> |  | 25 |  | 25396 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 7 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Elevance Health, Inc. <br>4.00%, 09/15/2028 | $72 | $71845 |
|  F&G Global Funding <br>4.65%, 09/08/2028<sup>(a)</sup> | 69 | 69179 |
|  Farmers Exchange Capital III <br>5.454%, 10/15/2054<sup>(a)</sup> | 330 | 312187 |
|  GA Global Funding Trust <br>4.50%, 09/18/2030<sup>(a)</sup> | 150 | 148265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2032<sup>(a)</sup> | 150 | 153313 |
|  Global Atlantic Fin Co. <br>6.75%, 03/15/2054<sup>(a)</sup> | 378 | 387665 |
|  Guardian Life Global Funding <br>4.066%, 09/05/2028<sup>(a)</sup> | 69 | 69090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.327%, 10/06/2030<sup>(a)</sup> | 74 | 74414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.673%, 09/05/2032<sup>(a)</sup> | 69 | 69670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.798%, 04/28/2030<sup>(a)</sup> | 62 | 63545 |
|  Health Care Service Corp. A Mutual Legal Reserve Co. 5.875%, 06/15/2054<sup>(a)</sup> | 363 | 355301 |
|  Jackson National Life Global Funding <br>4.70%, 06/05/2028<sup>(a)</sup> | 150 | 151499 |
|  Liberty Mutual Group, Inc. <br>4.30%, 02/01/2061<sup>(a)</sup> | 581 | 375140 |
|  Lincoln National Corp. <br>5.35%, 11/15/2035 | 76 | 76282 |
|  Massachusetts Mutual Life Insurance Co. <br>3.729%, 10/15/2070<sup>(a)</sup> | 588 | 388403 |
|  National Life Insurance Co. <br>5.25%, 07/19/2068<sup>(a)</sup> | 432 | 350892 |
|  New York Life Global Funding <br>4.15%, 07/25/2028<sup>(a)</sup> | 59 | 59258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/25/2028<sup>(a)</sup> | 62 | 62712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/03/2030<sup>(a)</sup> | 59 | 60126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 01/23/2035<sup>(a)</sup> | 25 | 26180 |
|  New York Life Insurance Co. <br>4.45%, 05/15/2069<sup>(a)</sup> | 449 | 356888 |
|  Northwestern Mutual Global Funding <br>4.125%, 08/25/2028<sup>(a)</sup> | 71 | 71361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/03/2030<sup>(a)</sup> | 59 | 60103 |
|  Northwestern Mutual Life Insurance Co. (The) <br>6.17%, 05/29/2055<sup>(a)</sup> | 60 | 64629 |
|  Pacific Life Global Funding II <br>4.45%, 05/01/2028<sup>(a)</sup> | 62 | 62731 |
|  Pricoa Global Funding I <br>4.35%, 11/25/2030<sup>(a)</sup> | 150 | 150452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/28/2030<sup>(a)</sup> | 150 | 152891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/26/2032<sup>(a)</sup> | 150 | 151260 |

---

---

| | |
|:---|:---|
| 8 AB Core Plus Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Principal Life Global Funding II <br>4.25%, 08/18/2028<sup>(a)</sup> | $| 69 | $| 69319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 01/09/2028<sup>(a)</sup> |  | 130 |  | 131759 |
|  Protective Life Global Funding <br>4.803%, 06/05/2030<sup>(a)</sup> |  | 150 |  | 153043 |
|  Prudential Financial, Inc. <br>4.50%, 09/15/2047 |  | 301 |  | 297051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/15/2048 |  | 292 |  | 294993 |
|  RGA Global Funding <br>4.35%, 08/25/2028<sup>(a)</sup> |  | 71 |  | 71328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/25/2030<sup>(a)</sup> |  | 78 |  | 78190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/25/2032<sup>(a)</sup> |  | 71 |  | 71457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/09/2030<sup>(a)</sup> |  | 25 |  | 25876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.448%, 05/24/2029<sup>(a)</sup> |  | 24 |  | 24914 |
|  Trustage Financial Group, Inc. <br>4.625%, 04/15/2032<sup>(a)</sup> |  | 370 |  | 357612 |
|  Western-Southern Global Funding <br>4.50%, 07/16/2028<sup>(a)</sup> |  | 60 |  | 60499 |
|  |  |  |  | 7152854 |
|  **REITs – 0.7%** | **REITs – 0.7%** | **REITs – 0.7%** | **REITs – 0.7%** | **REITs – 0.7%** |
|  American Homes 4 Rent LP <br>4.95%, 06/15/2030 |  | 59 |  | 60288 |
|  CBRE Services, Inc. <br>4.80%, 06/15/2030 |  | 62 |  | 63153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/15/2033 |  | 79 |  | 80014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/2034 |  | 245 |  | 263426 |
|  Cousins Properties LP <br>5.25%, 07/15/2030 |  | 59 |  | 60451 |
|  EPR Properties <br>4.75%, 11/15/2030 |  | 76 |  | 75712 |
|  Mid-America Apartments LP <br>4.65%, 01/15/2033 |  | 76 |  | 76292 |
|  National Health Investors, Inc. <br>5.35%, 02/01/2033 |  | 73 |  | 72712 |
|  Omega Healthcare Investors, Inc. <br>5.20%, 07/01/2030 |  | 11 |  | 11216 |
|  Phillips Edison Grocery Center Operating Partnership I LP <br>5.25%, 08/15/2032 |  | 60 |  | 61519 |
|  Piedmont Operating Partnership LP <br>5.625%, 01/15/2033 |  | 79 |  | 79606 |
|  Public Storage Operating Co. <br>4.375%, 07/01/2030 |  | 60 |  | 60661 |
|  Realty Income Corp. <br>3.95%, 02/01/2029 |  | 71 |  | 70783 |
|  Simon Property Group LP <br>4.375%, 10/01/2030 |  | 67 |  | 67509 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Ventas Realty LP <br>5.10%, 07/15/2032 | $| 55 | $| 56534 |
|  VICI Properties LP <br>4.75%, 04/01/2028 |  | 55 |  | 55631 |
|  WEA Finance LLC <br>2.875%, 01/15/2027<sup>(a)</sup> |  | 133 |  | 130533 |
|  WP Carey, Inc. <br>4.65%, 07/15/2030 |  | 39 |  | 39401 |
|  |  |  |  | 1385441 |
|  |  |  |  | 33316977 |
|  Industrial – 16.2% | Industrial – 16.2% | Industrial – 16.2% | Industrial – 16.2% | Industrial – 16.2% |
|  **Basic – 1.0%** | **Basic – 1.0%** | **Basic – 1.0%** | **Basic – 1.0%** | **Basic – 1.0%** |
|  AptarGroup, Inc. <br>4.75%, 03/30/2031 |  | 78 |  | 78751 |
|  BHP Billiton Finance USA Ltd. <br>5.00%, 02/15/2036 |  | 19 |  | 19330 |
|  CF Industries, Inc. <br>4.50%, 12/01/2026<sup>(a)</sup> |  | 127 |  | 127554 |
|  Dow Chemical Co. (The) <br>4.80%, 01/15/2031 |  | 69 |  | 68836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/30/2048 |  | 401 |  | 360082 |
|  EIDP, Inc. <br>5.125%, 05/15/2032 |  | 60 |  | 61809 |
|  FMC Corp. <br>4.50%, 10/01/2049 |  | 540 |  | 353711 |
|  Glencore Funding LLC <br>4.907%, 04/01/2028<sup>(a)</sup> |  | 63 |  | 64162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 04/01/2030<sup>(a)</sup> |  | 29 |  | 29894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.338%, 04/04/2027<sup>(a)</sup> |  | 293 |  | 297714 |
|  LYB International Finance III LLC <br>5.125%, 01/15/2031 |  | 78 |  | 78296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 01/15/2036 |  | 78 |  | 78375 |
|  Rio Tinto Finance USA PLC <br>4.875%, 03/14/2030 |  | 65 |  | 66868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/14/2032 |  | 65 |  | 67186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/14/2035 |  | 65 |  | 67465 |
|  Steel Dynamics, Inc. <br>4.00%, 12/15/2028 |  | 78 |  | 77813 |
|  |  |  |  | 1897846 |
|  **Capital Goods – 0.7%** | **Capital Goods – 0.7%** | **Capital Goods – 0.7%** | **Capital Goods – 0.7%** | **Capital Goods – 0.7%** |
|  Caterpillar Financial Services Corp. <br>3.95%, 11/14/2028 |  | 78 |  | 78217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 01/08/2030 |  | 25 |  | 25937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K <br>4.10%, 08/15/2028 |  | 69 |  | 69468 |
|  CNH Industrial Capital LLC <br>4.75%, 03/21/2028 |  | 46 |  | 46614 |

---

---

| | |
|:---|:---|
| 10 AB Core Plus Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  CRH America Finance, Inc. <br>4.40%, 02/09/2031 | $| 75 | $| 75132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/09/2036 |  | 75 |  | 75774 |
|  General Electric Co. <br>4.30%, 07/29/2030 |  | 59 |  | 59664 |
|  John Deere Capital Corp. <br>4.375%, 10/15/2030 |  | 59 |  | 59809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/07/2028 |  | 25 |  | 25435 |
|  Johnson Controls International PLC/Tyco Fire & Security Finance SCA <br>2.00%, 09/16/2031 |  | 409 |  | 360762 |
|  Lockheed Martin Corp. <br>4.15%, 08/15/2028 |  | 60 |  | 60409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/15/2030 |  | 60 |  | 60814 |
|  Republic Services, Inc. <br>4.75%, 07/15/2030 |  | 65 |  | 66766 |
|  RTX Corp. <br>3.125%, 05/04/2027 |  | 131 |  | 129432 |
|  Textron, Inc. <br>4.95%, 03/15/2036 |  | 78 |  | 78045 |
|  Westinghouse Air Brake Technologies Corp. <br>4.90%, 05/29/2030 |  | 60 |  | 61507 |
|  |  |  |  | 1333785 |
|  **Communications - Media – 1.0%** | **Communications - Media – 1.0%** | **Communications - Media – 1.0%** | **Communications - Media – 1.0%** | **Communications - Media – 1.0%** |
|  Meta Platforms, Inc. <br>4.20%, 11/15/2030 |  | 70 |  | 70498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/15/2032 |  | 70 |  | 71071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/2062 |  | 434 |  | 363839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 08/15/2064 |  | 354 |  | 342403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/15/2055 |  | 70 |  | 69796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/2063 |  | 104 |  | 103841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2065 |  | 66 |  | 65644 |
|  Paramount Global <br>4.375%, 03/15/2043 |  | 502 |  | 379597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/01/2042 |  | 448 |  | 358713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/19/2050 |  | 154 |  | 119846 |
|  |  |  |  | 1945248 |
|  **Communications - Telecommunications – 0.3%** | **Communications - Telecommunications – 0.3%** | **Communications - Telecommunications – 0.3%** | **Communications - Telecommunications – 0.3%** | **Communications - Telecommunications – 0.3%** |
|  AT&T, Inc. <br>2.30%, 06/01/2027 |  | 135 |  | 131595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 08/15/2030 |  | 59 |  | 60139 |
|  T-Mobile USA, Inc. <br>2.625%, 02/15/2029 |  | 10 |  | 9542 |
|  Verizon Communications, Inc. <br>4.75%, 01/15/2033 |  | 78 |  | 78469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2036 |  | 78 |  | 78092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/30/2045 |  | 78 |  | 78669 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 11 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/30/2055 | $| 78 | $| 78669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/30/2065 |  | 78 |  | 78835 |
|  |  |  |  | 594010 |
|  **Consumer Cyclical - Automotive – 1.2%** | **Consumer Cyclical - Automotive – 1.2%** | **Consumer Cyclical - Automotive – 1.2%** | **Consumer Cyclical - Automotive – 1.2%** | **Consumer Cyclical - Automotive – 1.2%** |
|  American Honda Finance Corp. <br>4.25%, 09/01/2028 |  | 69 |  | 69333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/09/2027 |  | 60 |  | 60529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G <br>4.50%, 09/04/2030 |  | 69 |  | 69364 |
|  BMW US Capital LLC <br>4.15%, 08/11/2027<sup>(a)</sup> |  | 70 |  | 70184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/11/2030<sup>(a)</sup> |  | 70 |  | 70557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/21/2028<sup>(a)</sup> |  | 65 |  | 66030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/21/2030<sup>(a)</sup> |  | 61 |  | 62864 |
|  Ford Motor Co. <br>3.25%, 02/12/2032 |  | 410 |  | 360587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2043 |  | 451 |  | 363123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.291%, 12/08/2046 |  | 420 |  | 354253 |
|  Honda Motor Co., Ltd. <br>4.436%, 07/08/2028 |  | 60 |  | 60518 |
|  Hyundai Capital America <br>4.25%, 09/18/2028<sup>(a)</sup> |  | 71 |  | 70938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 09/24/2027<sup>(a)</sup> |  | 25 |  | 25046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/18/2030<sup>(a)</sup> |  | 71 |  | 71102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/26/2029<sup>(a)</sup> |  | 17 |  | 17094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/24/2030<sup>(a)</sup> |  | 54 |  | 55353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/27/2030<sup>(a)</sup> |  | 63 |  | 64610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 06/24/2029<sup>(a)</sup> |  | 25 |  | 25753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/19/2029<sup>(a)</sup> |  | 9 |  | 9265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 09/21/2028<sup>(a)</sup> |  | 179 |  | 187685 |
|  PACCAR Financial Corp. <br>4.00%, 08/08/2028 |  | 70 |  | 70412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R <br>4.00%, 11/07/2028 |  | 79 |  | 79381 |
|  Toyota Motor Credit Corp. <br>4.05%, 09/05/2028 |  | 69 |  | 69268 |
|  |  |  |  | 2353249 |
|  **Consumer Cyclical - Other – 0.4%** | **Consumer Cyclical - Other – 0.4%** | **Consumer Cyclical - Other – 0.4%** | **Consumer Cyclical - Other – 0.4%** | **Consumer Cyclical - Other – 0.4%** |
|  Las Vegas Sands Corp. <br>5.625%, 06/15/2028 |  | 44 |  | 44997 |
|  Marriott International, Inc./MD <br>4.20%, 07/15/2027 |  | 71 |  | 71231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/15/2029 |  | 293 |  | 299739 |
|  Voyager Parent LLC <br>9.25%, 07/01/2032<sup>(a)</sup> |  | 334 |  | 353896 |
|  |  |  |  | 769863 |

---

---

| | |
|:---|:---|
| 12 AB Core Plus Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Restaurants – 0.1%** | **Consumer Cyclical - Restaurants – 0.1%** | **Consumer Cyclical - Restaurants – 0.1%** |
|  McDonald's Corp. <br>4.40%, 02/12/2031 | $71 | $71654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/2030 | 65 | 66283 |
|  Starbucks Corp. <br>4.50%, 05/15/2028 | 59 | 59604 |
|  |  | 197541 |
|  **Consumer Cyclical - Retailers – 0.3%** | **Consumer Cyclical - Retailers – 0.3%** | **Consumer Cyclical - Retailers – 0.3%** |
|  7-Eleven, Inc. <br>1.30%, 02/10/2028<sup>(a)</sup> | 144 | 135528 |
|  AutoNation, Inc. <br>4.45%, 01/15/2029 | 18 | 18052 |
|  Home Depot, Inc. (The) <br>3.75%, 09/15/2028 | 72 | 71964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/15/2030 | 72 | 71770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 09/15/2035 | 72 | 71970 |
|  Lowe's Cos., Inc. <br>3.95%, 10/15/2027 | 55 | 54986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2028 | 64 | 63996 |
|  Walmart, Inc. <br>4.10%, 04/28/2027 | 62 | 62420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/28/2030 | 62 | 63158 |
|  |  | 613844 |
|  **Consumer Non-Cyclical – 3.6%** | **Consumer Non-Cyclical – 3.6%** | **Consumer Non-Cyclical – 3.6%** |
|  Altria Group, Inc. <br>4.25%, 08/09/2042 | 247 | 209315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/06/2030 | 70 | 70581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/06/2035 | 70 | 71260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/14/2049 | 386 | 393075 |
|  BAT Capital Corp. <br>2.259%, 03/25/2028 | 55 | 52792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/22/2033 | 19 | 18943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.282%, 04/02/2050 | 335 | 306220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 08/15/2032 | 41 | 42729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/16/2052 | 288 | 276183 |
|  Baxter International, Inc. <br>4.90%, 12/15/2030 | 78 | 78475 |
|  Bayer US Finance LLC <br>6.875%, 11/21/2053<sup>(a)</sup> | 334 | 361722 |
|  Bunge Ltd. Finance Corp. <br>4.55%, 08/04/2030 | 69 | 69805 |
|  Cardinal Health, Inc. <br>4.50%, 09/15/2030 | 66 | 66606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/15/2035 | 66 | 67407 |
|  Cargill, Inc. <br>4.125%, 10/23/2030<sup>(a)</sup> | 77 | 76913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/11/2028<sup>(a)</sup> | 20 | 20320 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 13 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Constellation Brands, Inc. <br>4.80%, 05/01/2030 | $62 | $63133 |
|  Dentsply Sirona, Inc. <br>3.25%, 06/01/2030 | 329 | 303881 |
|  Eli Lilly & Co. <br>4.00%, 10/15/2028 | 71 | 71462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/2031 | 71 | 71562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/12/2028 | 66 | 67179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/15/2032 | 71 | 72392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/12/2030 | 200 | 206208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/15/2035 | 71 | 72927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/09/2064 | 37 | 35041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 08/14/2064 | 13 | 12527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 10/15/2055 | 71 | 73317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 10/15/2065 | 71 | 73462 |
|  HCA, Inc. <br>4.30%, 11/15/2030 | 31 | 30938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/15/2032 | 77 | 76976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 59 | 60143 |
|  Japan Tobacco, Inc. <br>4.85%, 05/15/2028<sup>(a)</sup> | 150 | 152807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2030<sup>(a)</sup> | 150 | 155921 |
|  Johnson & Johnson <br>4.85%, 03/01/2032 | 59 | 61544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 | 59 | 61873 |
|  Keurig Dr. Pepper, Inc. <br>4.60%, 05/15/2030 | 62 | 62282 |
|  Mars, Inc. <br>4.60%, 03/01/2028<sup>(a)</sup> | 39 | 39526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/2030<sup>(a)</sup> | 67 | 68659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032<sup>(a)</sup> | 67 | 69222 |
|  McKesson Corp. <br>4.65%, 05/30/2030 | 60 | 61200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/30/2032 | 60 | 61916 |
|  Merck & Co., Inc. <br>3.85%, 09/15/2027 | 69 | 69224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/2030 | 69 | 69450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/15/2032 | 69 | 70115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/2035 | 69 | 70836 |
|  Novartis Capital Corp. <br>3.90%, 11/05/2028 | 76 | 76352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 11/05/2030 | 76 | 76312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/05/2032 | 76 | 76170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 11/05/2045 | 76 | 75738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 11/05/2055 | 76 | 75336 |
|  PepsiCo, Inc. <br>4.30%, 07/23/2030 | 59 | 59806 |

---

---

| | |
|:---|:---|
| 14 AB Core Plus Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/07/2028 | $| 20 | $| 20303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/07/2030 |  | 20 |  | 20500 |
|  Philip Morris International, Inc. <br>2.10%, 05/01/2030 |  | 144 |  | 131960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/29/2030 |  | 77 |  | 76285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 04/28/2028 |  | 62 |  | 62252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/29/2032 |  | 77 |  | 75966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/30/2030 |  | 62 |  | 62448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/29/2035 |  | 77 |  | 75818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 04/30/2035 |  | 62 |  | 62536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/13/2034 |  | 196 |  | 203434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/15/2033 |  | 286 |  | 299963 |
|  Reynolds American, Inc. <br>6.15%, 09/15/2043 |  | 362 |  | 374876 |
|  Stryker Corp. <br>4.70%, 02/10/2028 |  | 20 |  | 20313 |
|  Sysco Corp. <br>5.10%, 09/23/2030 |  | 56 |  | 57895 |
|  Thermo Fisher Scientific, Inc. <br>4.20%, 03/01/2031 |  | 74 |  | 74158 |
|  Tyson Foods, Inc. <br>3.55%, 06/02/2027 |  | 132 |  | 130878 |
|  Viatris, Inc. <br>4.00%, 06/22/2050 |  | 577 |  | 386394 |
|  |  |  |  | 7123762 |
|  **Energy – 1.1%** | **Energy – 1.1%** | **Energy – 1.1%** | **Energy – 1.1%** | **Energy – 1.1%** |
|  BG Energy Capital PLC <br>5.125%, 10/15/2041<sup>(a)</sup> |  | 370 |  | 359074 |
|  Chevron USA, Inc. <br>3.95%, 08/13/2027 |  | 69 |  | 69364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/13/2028 |  | 69 |  | 69616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/15/2030 |  | 69 |  | 69838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.405%, 02/26/2027 |  | 37 |  | 37292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.475%, 02/26/2028 |  | 60 |  | 60933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/2032 |  | 69 |  | 70014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.687%, 04/15/2030 |  | 60 |  | 61556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.819%, 04/15/2032 |  | 60 |  | 61934 |
|  Continental Resources, Inc./OK <br>4.90%, 06/01/2044 |  | 436 |  | 350531 |
|  Enbridge, Inc. <br>4.20%, 11/20/2028 |  | 78 |  | 78200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2031 |  | 78 |  | 78308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/20/2028 |  | 59 |  | 59644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/20/2030 |  | 17 |  | 17403 |
|  Energy Transfer LP <br>5.95%, 05/15/2054 |  | 402 |  | 387781 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 15 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Enterprise Products Operating LLC <br>Series E <br>5.25%, 08/16/2077 | $| 129 | $| 128772 |
|  MPLX LP <br>4.80%, 02/15/2031 |  | 67 |  | 67808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 |  | 67 |  | 67546 |
|  Plains All American Pipeline LP/PAA Finance Corp. <br>4.70%, 01/15/2031 |  | 65 |  | 65461 |
|  Woodside Finance Ltd. <br>4.90%, 05/19/2028 |  | 60 |  | 60882 |
|  |  |  |  | 2221957 |
|  **Other Industrial – 0.4%** | **Other Industrial – 0.4%** | **Other Industrial – 0.4%** | **Other Industrial – 0.4%** | **Other Industrial – 0.4%** |
|  President & Fellows of Harvard College <br>6.50%, 01/15/2039<sup>(a)</sup> |  | 165 |  | 191433 |
|  University of Southern California <br>4.976%, 10/01/2053 |  | 324 |  | 307405 |
|  Washington University (The) <br>4.349%, 04/15/2122 |  | 440 |  | 342280 |
|  |  |  |  | 841118 |
|  **Services – 1.1%** | **Services – 1.1%** | **Services – 1.1%** | **Services – 1.1%** | **Services – 1.1%** |
|  Amazon.com, Inc. <br>2.70%, 06/03/2060 |  | 140 |  | 81423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/12/2061 |  | 587 |  | 388576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/20/2028 |  | 78 |  | 78314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 11/20/2030 |  | 78 |  | 78445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/13/2062 |  | 500 |  | 395360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/22/2057 |  | 474 |  | 392131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/20/2033 |  | 78 |  | 78567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/20/2035 |  | 78 |  | 78839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/20/2055 |  | 78 |  | 78732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/20/2065 |  | 78 |  | 78435 |
|  Cintas Corp. No. 2 <br>4.20%, 05/01/2028 |  | 62 |  | 62340 |
|  eBay, Inc. <br>4.25%, 03/06/2029 |  | 76 |  | 76318 |
|  Mastercard, Inc. <br>4.55%, 03/15/2028 |  | 59 |  | 60031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/15/2032 |  | 59 |  | 61449 |
|  Quanta Services, Inc. <br>4.30%, 08/09/2028 |  | 70 |  | 70391 |
|  RELX Capital, Inc. <br>4.75%, 03/27/2030 |  | 63 |  | 64374 |
|  |  |  |  | 2123725 |
|  **Technology – 4.1%** | **Technology – 4.1%** | **Technology – 4.1%** | **Technology – 4.1%** | **Technology – 4.1%** |
|  Alphabet, Inc. <br>4.10%, 11/15/2030 |  | 76 |  | 76700 |

---

---

| | |
|:---|:---|
| 16 AB Core Plus Bond ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/2032 | $76 | $76873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/15/2035 | 43 | 43702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/2065 | 398 | 391409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/2045 | 76 | 77685 |
|  Amphenol Corp. <br>3.80%, 11/15/2027 | 77 | 76861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/2028 | 77 | 76996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/2030 | 77 | 76917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/12/2028 | 60 | 60624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/15/2033 | 77 | 76659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/2036 | 77 | 76230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 11/15/2055 | 77 | 75013 |
|  Analog Devices, Inc. <br>4.50%, 06/15/2030 | 60 | 61060 |
|  Apple, Inc. <br>2.80%, 02/08/2061 | 451 | 273671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/05/2061 | 648 | 394917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/2052 | 486 | 395021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/08/2062 | 488 | 394411 |
|  Applied Materials, Inc. <br>4.00%, 01/15/2031 | 71 | 70831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 01/15/2036 | 71 | 70573 |
|  Broadcom, Inc. <br>4.15%, 02/15/2028 | 297 | 298494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/15/2030 | 54 | 54144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/15/2030 | 60 | 61170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/15/2028 | 25 | 25475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/15/2032 | 27 | 27748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/12/2027 | 290 | 295101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/15/2030 | 25 | 25880 |
|  Cisco Systems, Inc. <br>4.55%, 02/24/2028 | 59 | 59945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/26/2054 | 400 | 392616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/26/2064 | 404 | 392118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/24/2055 | 59 | 59480 |
|  Dell International LLC/EMC Corp. <br>4.15%, 02/15/2029 | 73 | 72919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2031 | 73 | 72955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/2028 | 55 | 55751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/06/2032 | 73 | 73179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 55 | 56423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/15/2036 | 63 | 62962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/2032 | 55 | 56860 |
|  Fiserv, Inc. <br>2.65%, 06/01/2030 | 141 | 129717 |
|  Hewlett Packard Enterprise Co. <br>4.05%, 09/15/2027 | 72 | 71955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/2028 | 72 | 72014 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 17 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/15/2030 | $| 72 | $| 71795 |
|  Honeywell International, Inc. <br>5.25%, 03/01/2054 |  | 386 |  | 373497 |
|  Intel Corp. <br>3.75%, 03/25/2027 |  | 128 |  | 127384 |
|  International Business Machines Corp. <br>4.65%, 02/10/2028 |  | 100 |  | 101534 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. <br>4.30%, 08/19/2028 |  | 67 |  | 67182 |
|  Oracle Corp. <br>3.85%, 04/01/2060 |  | 446 |  | 291394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/2061 |  | 427 |  | 288298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/2055 |  | 93 |  | 68025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/26/2030 |  | 71 |  | 69966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/03/2028 |  | 20 |  | 20204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/26/2032 |  | 71 |  | 69802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/26/2035 |  | 49 |  | 48027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/03/2032 |  | 9 |  | 9089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/06/2053 |  | 377 |  | 330516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/26/2045 |  | 71 |  | 66762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 09/26/2055 |  | 71 |  | 66289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 09/26/2065 |  | 71 |  | 66099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 11/09/2052 |  | 284 |  | 294886 |
|  Roper Technologies, Inc. <br>4.25%, 09/15/2028 |  | 67 |  | 67291 |
|  Salesforce, Inc. <br>1.50%, 07/15/2028 |  | 141 |  | 133287 |
|  Texas Instruments, Inc. <br>4.50%, 05/23/2030 |  | 60 |  | 61249 |
|  Tyco Electronics Group SA <br>4.50%, 02/09/2031 |  | 62 |  | 62810 |
|  |  |  |  | 8018445 |
|  **Transportation - Airlines – 0.3%** | **Transportation - Airlines – 0.3%** | **Transportation - Airlines – 0.3%** | **Transportation - Airlines – 0.3%** | **Transportation - Airlines – 0.3%** |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.75%, 10/20/2028<sup>(a)</sup> |  | 297 |  | 298969 |
|  Southwest Airlines Co. <br>4.375%, 11/15/2028 |  | 23 |  | 22992 |
|  United Airlines 2024-1 Class AA Pass Through Trust <br>Series AA <br>5.45%, 08/15/2038 |  | 283 |  | 293164 |
|  |  |  |  | 615125 |
|  **Transportation - Railroads – 0.4%** | **Transportation - Railroads – 0.4%** | **Transportation - Railroads – 0.4%** | **Transportation - Railroads – 0.4%** | **Transportation - Railroads – 0.4%** |
|  Canadian Pacific Railway Co. <br>6.125%, 09/15/2115 |  | 384 |  | 392517 |
|  Norfolk Southern Corp. <br>4.10%, 05/15/2121 |  | 546 |  | 388725 |
|  |  |  |  | 781242 |

---

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| | |
|:---|:---|
| 18 AB Core Plus Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** |
|  Element Fleet Management Corp. <br>4.641%, 11/24/2030<sup>(a)</sup> | $78 | $78397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.037%, 03/25/2030<sup>(a)</sup> | 63 | 64546 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. <br>5.25%, 07/01/2029<sup>(a)</sup> | 9 | 9286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/2030<sup>(a)</sup> | 24 | 24761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/30/2029<sup>(a)</sup> | 57 | 58859 |
|  Ryder System, Inc. <br>4.30%, 12/01/2030 | 77 | 76902 |
|  |  | 312751 |
|  |  | 31743511 |
|  Utility – 1.4% | Utility – 1.4% | Utility – 1.4% |
|  **Electric – 1.4%** | **Electric – 1.4%** | **Electric – 1.4%** |
|  AEP Transmission Co. LLC <br>5.15%, 04/01/2034 | 34 | 34874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 06/15/2035 | 27 | 28071 |
|  Black Hills Corp. <br>4.55%, 01/31/2031 | 71 | 71135 |
|  Connecticut Light & Power Co. (The) <br>4.95%, 01/15/2030 | 25 | 25690 |
|  Dominion Energy, Inc. <br>4.60%, 05/15/2028 | 59 | 59733 |
|  Duke Energy Florida LLC <br>4.20%, 12/01/2030 | 79 | 79226 |
|  Eversource Energy <br>4.45%, 12/15/2030 | 75 | 74808 |
|  MidAmerican Energy Co. <br>5.50%, 11/15/2056 | 76 | 75766 |
|  National Rural Utilities Cooperative Finance Corp. <br>Series D <br>4.15%, 08/25/2028 | 71 | 71469 |
|  NextEra Energy Capital Holdings, Inc. <br>4.685%, 09/01/2027 | 35 | 35376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/04/2028 | 20 | 20368 |
|  Niagara Mohawk Power Corp. <br>4.647%, 10/03/2030<sup>(a)</sup> | 60 | 60488 |
|  NRG Energy, Inc. <br>4.734%, 10/15/2030<sup>(a)</sup> | 14 | 13968 |
|  NSTAR Electric Co. <br>4.85%, 03/01/2030 | 60 | 61595 |
|  Oncor Electric Delivery Co. LLC <br>4.65%, 11/01/2029 | 25 | 25504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 04/01/2035<sup>(a)</sup> | 47 | 48947 |
|  Pacific Gas & Electric Co. <br>5.05%, 10/15/2032 | 74 | 74572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 05/15/2029 | 294 | 303875 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 19 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  PacifiCorp <br>3.30%, 03/15/2051 | $| 127 | $| 82215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/01/2053 |  | 386 |  | 344991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2054 |  | 377 |  | 345347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/15/2055 |  | 327 |  | 311834 |
|  Pinnacle West Capital Corp. <br>4.90%, 05/15/2028 |  | 60 |  | 60998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/15/2030 |  | 60 |  | 61981 |
|  Public Service Co. of New Hampshire <br>4.40%, 07/01/2028 |  | 59 |  | 59627 |
|  RWE Finance US LLC <br>5.125%, 09/18/2035<sup>(a)</sup> |  | 150 |  | 149236 |
|  San Diego Gas & Electric Co. <br>5.40%, 04/15/2035 |  | 63 |  | 65628 |
|  Virginia Electric & Power Co. <br>Series C <br>4.90%, 09/15/2035 |  | 60 |  | 60146 |
|  Xcel Energy, Inc. <br>4.75%, 03/21/2028 |  | 63 |  | 63885 |
|  |  |  |  | 2771353 |
|  Total Corporates - Investment Grade <br>(cost $66,887,733) |  |  |  | 67831841 |
|  CORPORATES - NON-INVESTMENT GRADE – 5.9% | CORPORATES - NON-INVESTMENT GRADE – 5.9% | CORPORATES - NON-INVESTMENT GRADE – 5.9% | CORPORATES - NON-INVESTMENT GRADE – 5.9% | CORPORATES - NON-INVESTMENT GRADE – 5.9% |
|  Industrial – 5.6% | Industrial – 5.6% | Industrial – 5.6% | Industrial – 5.6% | Industrial – 5.6% |
|  **Basic – 0.1%** | **Basic – 0.1%** | **Basic – 0.1%** | **Basic – 0.1%** | **Basic – 0.1%** |
|  Celanese US Holdings LLC <br>6.665%, 07/15/2027<sup>(b)</sup> |  | 33 |  | 33998 |
|  Cleveland-Cliffs, Inc. <br>6.75%, 04/15/2030<sup>(a)</sup> |  | 119 |  | 121425 |
|  |  |  |  | 155423 |
|  **Capital Goods – 0.2%** | **Capital Goods – 0.2%** | **Capital Goods – 0.2%** | **Capital Goods – 0.2%** | **Capital Goods – 0.2%** |
|  Camelot Return Merger Sub, Inc. <br>8.75%, 08/01/2028<sup>(a)</sup> |  | 424 |  | 354647 |
|  Smyrna Ready Mix Concrete LLC <br>6.00%, 11/01/2028<sup>(a)</sup> |  | 129 |  | 129370 |
|  |  |  |  | 484017 |
|  **Communications - Media – 0.6%** | **Communications - Media – 0.6%** | **Communications - Media – 0.6%** | **Communications - Media – 0.6%** | **Communications - Media – 0.6%** |
|  DIRECTV Financing LLC <br>8.875%, 02/01/2030<sup>(a)</sup> |  | 357 |  | 354572 |
|  DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. <br>10.00%, 02/15/2031<sup>(a)</sup> |  | 366 |  | 363804 |
|  Gray Media, Inc. <br>7.25%, 08/15/2033<sup>(a)</sup> |  | 367 |  | 369158 |
|  |  |  |  | 1087534 |

---

---

| | |
|:---|:---|
| 20 AB Core Plus Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Automotive – 1.3%** | **Consumer Cyclical - Automotive – 1.3%** | **Consumer Cyclical - Automotive – 1.3%** |
|  American Axle & Manufacturing, Inc. <br>5.00%, 10/01/2029 | $375 | $358811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/2033<sup>(a)</sup> | 391 | 394758 |
|  Goodyear Tire & Rubber Co. (The) <br>5.25%, 04/30/2031 | 428 | 410212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2031 | 423 | 399143 |
|  Nissan Motor Acceptance Co. LLC <br>5.625%, 09/29/2028<sup>(a)</sup> | 53 | 52842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 09/30/2030<sup>(a)</sup> | 52 | 51548 |
|  Nissan Motor Co., Ltd. <br>4.81%, 09/17/2030<sup>(a)</sup> | 325 | 305035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 07/17/2035<sup>(a)</sup> | 200 | 211882 |
|  ZF North America Capital, Inc. <br>6.75%, 04/23/2030<sup>(a)</sup> | 370 | 360998 |
|  |  | 2545229 |
|  **Consumer Cyclical - Retailers – 0.5%** | **Consumer Cyclical - Retailers – 0.5%** | **Consumer Cyclical - Retailers – 0.5%** |
|  Advance Auto Parts, Inc. <br>7.375%, 08/01/2033<sup>(a)</sup> | 225 | 229061 |
|  Kohl's Corp. <br>5.125%, 05/01/2031<sup>(b)</sup> | 462 | 398868 |
|  S&S Holdings LLC <br>8.375%, 10/01/2031<sup>(a)</sup> | 369 | 348830 |
|  |  | 976759 |
|  **Consumer Non-Cyclical – 1.3%** | **Consumer Non-Cyclical – 1.3%** | **Consumer Non-Cyclical – 1.3%** |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC <br>4.625%, 01/15/2027<sup>(a)</sup> | 122 | 122116 |
|  B&G Foods, Inc. <br>8.00%, 09/15/2028<sup>(a)</sup> | 240 | 238289 |
|  CHS/Community Health Systems, Inc. <br>4.75%, 02/15/2031<sup>(a)</sup> | 137 | 123009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2030<sup>(a)</sup> | 327 | 309061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 01/15/2034<sup>(a)</sup> | 33 | 35151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.875%, 01/15/2032<sup>(a)</sup> | 269 | 290746 |
|  HAH Group Holding Co. LLC <br>9.75%, 10/01/2031<sup>(a)</sup> | 415 | 391615 |
|  Owens & Minor, Inc. <br>6.625%, 04/01/2030<sup>(a)</sup> | 566 | 362461 |
|  US Acute Care Solutions LLC <br>9.75%, 05/15/2029<sup>(a)</sup> | 371 | 377737 |
|  Viking Baked Goods Acquisition Corp. <br>8.625%, 11/01/2031<sup>(a)</sup> | 300 | 302805 |
|  |  | 2552990 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 21 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Energy – 1.0%** | **Energy – 1.0%** | **Energy – 1.0%** |
|  Civitas Resources, Inc. <br>8.75%, 07/01/2031<sup>(a)</sup> | $349 | $363714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 06/15/2033<sup>(a)</sup> | 55 | 59407 |
|  Crescent Energy Finance LLC <br>8.375%, 01/15/2034<sup>(a)</sup> | 55 | 54246 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. <br>6.875%, 05/15/2034<sup>(a)</sup> | 404 | 379069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/2035<sup>(a)</sup> | 405 | 385260 |
|  Moss Creek Resources Holdings, Inc. <br>8.25%, 09/01/2031<sup>(a)</sup> | 403 | 386433 |
|  Vital Energy, Inc. <br>7.875%, 04/15/2032<sup>(a)</sup> | 354 | 343486 |
|  |  | 1971615 |
|  **Services – 0.3%** | **Services – 0.3%** | **Services – 0.3%** |
|  Mobius Merger Sub, Inc. <br>9.00%, 06/01/2030<sup>(a)</sup> | 419 | 299589 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. <br>3.375%, 08/31/2027<sup>(a)</sup> | 133 | 129950 |
|  Sabre GLBL, Inc. <br>11.125%, 07/15/2030<sup>(a)</sup> | 97 | 83872 |
|  |  | 513411 |
|  **Transportation - Airlines – 0.1%** | **Transportation - Airlines – 0.1%** | **Transportation - Airlines – 0.1%** |
|  JetBlue Airways Corp./JetBlue Loyalty LP <br>9.875%, 09/20/2031<sup>(a)</sup> | 266 | 262646 |
|  **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** |
|  Hertz Corp. (The) <br>12.625%, 07/15/2029<sup>(a)</sup> | 376 | 376207 |
|  |  | 10925831 |
|  Financial Institutions – 0.2% | Financial Institutions – 0.2% | Financial Institutions – 0.2% |
|  **Finance – 0.2%** | **Finance – 0.2%** | **Finance – 0.2%** |
|  Navient Corp. <br>5.625%, 08/01/2033 | 434 | 390986 |
|  **Financial Services – 0.0%** | **Financial Services – 0.0%** | **Financial Services – 0.0%** |
|  Herc Holdings, Inc. <br>7.00%, 06/15/2030<sup>(a)</sup> | 38 | 39935 |
|  **REITs – 0.0%** | **REITs – 0.0%** | **REITs – 0.0%** |
|  Rithm Capital Corp. <br>8.00%, 07/15/2030<sup>(a)</sup> | 59 | 60171 |
|  |  | 491092 |
|  Utility – 0.1% | Utility – 0.1% | Utility – 0.1% |
|  **Electric – 0.1%** | **Electric – 0.1%** | **Electric – 0.1%** |
|  NRG Energy, Inc. <br>5.75%, 01/15/2034<sup>(a)</sup> | 71 | 71478 |

---

---

| | |
|:---|:---|
| 22 AB Core Plus Bond ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Natural Gas – 0.0%** | **Natural Gas – 0.0%** | **Natural Gas – 0.0%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp. <br>9.50%, 06/01/2030<sup>(a)</sup> | $25 | $26517 |
|  |  | 97995 |
|  Total Corporates - Non-Investment Grade <br>(cost $11,473,756) |  | 11514918 |
|  MORTGAGE PASS-THROUGHS – 4.9% | MORTGAGE PASS-THROUGHS – 4.9% | MORTGAGE PASS-THROUGHS – 4.9% |
|  **Agency Fixed Rate 30-Year – 4.9%** | **Agency Fixed Rate 30-Year – 4.9%** | **Agency Fixed Rate 30-Year – 4.9%** |
|  Federal Home Loan Mortgage Corp. <br>Series 2022 <br>3.00%, 03/01/2052 | 724 | 651707 |
|  Federal Home Loan Mortgage Corp. Gold <br>Series 2005 <br>5.50%, 01/01/2035 | 50 | 51744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007 <br>5.50%, 07/01/2035 | 7 | 7205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016 <br>4.00%, 02/01/2046 | 342 | 336834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017 <br>4.00%, 07/01/2044 | 207 | 203546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>4.50%, 03/01/2048 | 110 | 110271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2048 | 240 | 239811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2048 | 132 | 134392 |
|  Federal National Mortgage Association <br>Series 2003 <br>5.50%, 04/01/2033 | 13 | 13897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2033 | 30 | 31233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004 <br>5.50%, 04/01/2034 | 4 | 3971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2034 | 9 | 9523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2034 | 14 | 14390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2035 | 135 | 139578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005 <br>5.50%, 02/01/2035 | 19 | 19759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>5.50%, 08/01/2037 | 92 | 95550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012 <br>3.50%, 02/01/2042 | 98 | 93835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013 <br>3.50%, 04/01/2043 | 534 | 510002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>4.50%, 09/01/2048 | 151 | 150553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>2.00%, 07/01/2051 | 1610 | 1320653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2051 | 709 | 580969 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 23 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>2.50%, 03/01/2052 | $| 1139 | $| 985608 |
|  Government National Mortgage Association <br>Series 2023 <br>5.50%, 04/20/2053 |  | 429 |  | 435846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>2.00%, 12/01/2055, TBA |  | 395 |  | 329146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2055, TBA |  | 394 |  | 341980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2055, TBA |  | 195 |  | 175942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2055, TBA |  | 150 |  | 137578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2055, TBA |  | 163 |  | 159434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2055, TBA |  | 460 |  | 459497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2055, TBA |  | 88 |  | 89671 |
|  Uniform Mortgage-Backed Security <br>Series 2025 <br>5.00%, 12/01/2055, TBA |  | 133 |  | 132750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2055, TBA |  | 492 |  | 498227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2055, TBA |  | 885 |  | 906226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/2055, TBA |  | 229 |  | 237212 |
|  Total Mortgage Pass-Throughs <br>(cost $9,937,842) |  |  |  | 9608540 |
|  ASSET-BACKED SECURITIES – 2.7% | ASSET-BACKED SECURITIES – 2.7% | ASSET-BACKED SECURITIES – 2.7% | ASSET-BACKED SECURITIES – 2.7% | ASSET-BACKED SECURITIES – 2.7% |
|  **Autos - Fixed Rate – 1.7%** | **Autos - Fixed Rate – 1.7%** | **Autos - Fixed Rate – 1.7%** | **Autos - Fixed Rate – 1.7%** | **Autos - Fixed Rate – 1.7%** |
|  Arivo Acceptance Auto Loan Receivables Trust <br>Series 2024-1A, Class A <br>6.46%, 04/17/2028<sup>(a)</sup> |  | 32 |  | 32020 |
|  Avis Budget Rental Car Funding AESOP LLC <br>Series 2023-3A, Class A <br>5.44%, 02/22/2028<sup>(a)</sup> |  | 475 |  | 480929 |
|  Carvana Auto Receivables Trust <br>Series 2021-N3, Class C <br>1.02%, 06/12/2028 |  | 26 |  | 25241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N4, Class D <br>2.30%, 09/11/2028 |  | 42 |  | 40731 |
|  CPS Auto Receivables Trust <br>Series 2021-C, Class D <br>1.69%, 06/15/2027<sup>(a)</sup> |  | 32 |  | 31836 |
|  Enterprise Fleet Financing LLC <br>Series 2023-2, Class A2 <br>5.56%, 04/22/2030<sup>(a)</sup> |  | 151 |  | 151674 |
|  FHF Trust <br>Series 2023-1A, Class A2 <br>6.57%, 06/15/2028<sup>(a)</sup> |  | 38 |  | 37783 |
|  Flagship Credit Auto Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class E <br>3.84%, 12/15/2026<sup>(a)</sup> |  | 185 |  | 184861 |

---

---

| | |
|:---|:---|
| 24 AB Core Plus Bond ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class E <br>3.52%, 06/15/2027<sup>(a)</sup> | $| 511 | $| 510157 |
|  Ford Credit Auto Owner Trust <br>Series 2021-1, Class D <br>2.31%, 10/17/2033<sup>(a)</sup> |  | 542 |  | 536089 |
|  Lendbuzz Securitization Trust <br>Series 2023-1A, Class A2 <br>6.92%, 08/15/2028<sup>(a)</sup> |  | 163 |  | 164495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A2 <br>7.09%, 10/16/2028<sup>(a)</sup> |  | 72 |  | 72563 |
|  Octane Receivables Trust <br>Series 2021-2A, Class C <br>2.53%, 05/21/2029<sup>(a)</sup> |  | 541 |  | 538362 |
|  Research-Driven Pagaya Motor Trust <br>Series 2024-1A, Class A <br>7.09%, 06/25/2032<sup>(a)</sup> |  | 70 |  | 70700 |
|  Santander Drive Auto Receivables Trust <br>Series 2023-3, Class B <br>5.61%, 07/17/2028 |  | 163 |  | 163865 |
|  Tesla Auto Lease Trust <br>Series 2024-A, Class A3 <br>5.30%, 06/21/2027<sup>(a)</sup> |  | 84 |  | 84716 |
|  Tricolor Auto Securitization Trust <br>Series 2024-2A, Class A <br>6.36%, 12/15/2027<sup>(c)(d)(e)</sup> |  | 28 |  | 26916 |
|  US Bank NA <br>Series 2023-1, Class B <br>6.789%, 08/25/2032<sup>(a)</sup> |  | 94 |  | 94911 |
|  |  |  |  | 3247849 |
|  **Other ABS - Fixed Rate – 0.9%** | **Other ABS - Fixed Rate – 0.9%** | **Other ABS - Fixed Rate – 0.9%** | **Other ABS - Fixed Rate – 0.9%** | **Other ABS - Fixed Rate – 0.9%** |
|  Atalaya Equipment Leasing Trust 21-1 <br>Series 2021-1A, Class C <br>2.69%, 06/15/2028<sup>(a)</sup> |  | 189 |  | 188793 |
|  College Ave Student Loans LLC <br>Series 2021-C, Class C <br>3.06%, 07/26/2055<sup>(a)</sup> |  | 151 |  | 142775 |
|  Dext ABS LLC <br>Series 2023-1, Class A2 <br>5.99%, 03/15/2032<sup>(a)</sup> |  | 97 |  | 97107 |
|  Diamond Issuer LLC <br>Series 2021-1A, Class B <br>2.701%, 11/20/2051<sup>(a)</sup> |  | 566 |  | 534083 |
|  GCI Funding I LLC <br>Series 2021-1, Class A <br>2.38%, 06/18/2046<sup>(a)</sup> |  | 185 |  | 172792 |
|  Granite Park Equipment Leasing LLC <br>Series 2023-1A, Class A3 <br>6.46%, 09/20/2032<sup>(a)</sup> |  | 78 |  | 78514 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 25 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  MVW LLC <br>Series 2021-2A, Class C <br>2.23%, 05/20/2039<sup>(a)</sup> | $| 226 | $| 214688 |
|  Nelnet Student Loan Trust <br>Series 2021-BA, Class B <br>2.68%, 04/20/2062<sup>(a)</sup> |  | 220 |  | 198216 |
|  Pagaya AI Debt Trust <br>Series 2024-1, Class A <br>6.66%, 07/15/2031<sup>(a)</sup> |  | 85 |  | 84974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A <br>6.319%, 08/15/2031<sup>(a)</sup> |  | 52 |  | 51881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A <br>6.258%, 10/15/2031<sup>(a)</sup> |  | 89 |  | 89692 |
|  |  |  |  | 1853515 |
|  **Credit Cards - Fixed Rate – 0.1%** | **Credit Cards - Fixed Rate – 0.1%** | **Credit Cards - Fixed Rate – 0.1%** | **Credit Cards - Fixed Rate – 0.1%** | **Credit Cards - Fixed Rate – 0.1%** |
|  Brex Commercial Charge Card Master Trust <br>Series 2024-1, Class A1 <br>6.05%, 07/15/2027<sup>(a)</sup> |  | 251 |  | 252020 |
|  Total Asset-Backed Securities <br>(cost $5,435,036) |  |  |  | 5353384 |
|  COLLATERALIZED LOAN OBLIGATIONS – 2.0% | COLLATERALIZED LOAN OBLIGATIONS – 2.0% | COLLATERALIZED LOAN OBLIGATIONS – 2.0% | COLLATERALIZED LOAN OBLIGATIONS – 2.0% | COLLATERALIZED LOAN OBLIGATIONS – 2.0% |
|  **CLO - Floating Rate – 2.0%** | **CLO - Floating Rate – 2.0%** | **CLO - Floating Rate – 2.0%** | **CLO - Floating Rate – 2.0%** | **CLO - Floating Rate – 2.0%** |
|  Bain Capital Credit CLO <br>Series 2019-1A, Class AR2 <br>5.114% (CME Term SOFR 3 Month + 1.23%), 04/19/2034<sup>(a)(f)</sup> |  | 300 |  | 300502 |
|  Elmwood CLO 45 Ltd. <br>Series 2025-8A, Class A1 <br>5.13% (CME Term SOFR 3 Month + 1.25%), 10/17/2038<sup>(a)(f)</sup> |  | 750 |  | 751075 |
|  Flatiron CLO 25 Ltd. <br>Series 2024-2A, Class A <br>5.232% (CME Term SOFR 3 Month + 1.35%), 10/17/2037<sup>(a)(f)</sup> |  | 460 |  | 461233 |
|  Neuberger Berman Loan Advisers CLO 59 Ltd. <br>Series 2024-59A, Class A1 <br>5.15% (CME Term SOFR 3 Month + 1.29%), 01/23/2039<sup>(a)(f)</sup> |  | 500 |  | 501175 |
|  Pikes Peak CLO 8 <br>Series 2021-8A, Class A1R <br>5.214% (CME Term SOFR 3 Month + 1.33%), 01/20/2038<sup>(a)(f)</sup> |  | 300 |  | 300599 |
|  Pikes Peak CLO 18 <br>Series 2025-18A, Class A1 <br>5.104% (CME Term SOFR 3 Month + 1.22%), 04/20/2038<sup>(a)(f)</sup> |  | 500 |  | 500471 |

---

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| | |
|:---|:---|
| 26 AB Core Plus Bond ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Signal Peak CLO 14 Ltd. <br>Series 2024-14A, Class A <br>5.157% (CME Term SOFR 3 Month + 1.30%), 01/22/2038<sup>(a)(f)</sup> | $| 300 | $| 300736 |
|  Silver Point CLO 12 Ltd. <br>Series 2025-12A, Class A1 <br>5.288% (CME Term SOFR 3 Month + 1.31%), 10/15/2038<sup>(a)(f)</sup> |  | 750 |  | 751783 |
|  Total Collateralized Loan Obligations <br>(cost $3,864,543) |  |  |  | 3867574 |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.6% | COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.6% | COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.6% | COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.6% | COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.6% |
|  **Non-Agency Fixed Rate CMBS – 1.6%** | **Non-Agency Fixed Rate CMBS – 1.6%** | **Non-Agency Fixed Rate CMBS – 1.6%** | **Non-Agency Fixed Rate CMBS – 1.6%** | **Non-Agency Fixed Rate CMBS – 1.6%** |
|  BANK5 <br>Series 2025-5YR14, Class A3 <br>5.646%, 04/15/2058 |  | 600 |  | 629870 |
|  BMO Mortgage Trust <br>Series 2025-5C10, Class A3 <br>5.578%, 05/15/2058 |  | 500 |  | 522980 |
|  GSF 2021 1 Issuer LLC 08/26 1 <br>Series 2021-1, Class A1 <br>1.433%, 08/15/2026<sup>(d)</sup> |  | 79 |  | 78779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2 <br>2.435%, 08/15/2026<sup>(d)</sup> |  | 719 |  | 715844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class AS <br>2.638%, 08/15/2026<sup>(d)</sup> |  | 25 |  | 24693 |
|  Wells Fargo Commercial Mortgage Trust <br>Series 2024-5C2, Class A3 <br>5.92%, 11/15/2057 |  | 500 |  | 528413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C5, Class A3 <br>5.59%, 07/15/2058 |  | 500 |  | 524644 |
|  |  |  |  | 3025223 |
|  **Agency CMBS – 0.0%** | **Agency CMBS – 0.0%** | **Agency CMBS – 0.0%** | **Agency CMBS – 0.0%** | **Agency CMBS – 0.0%** |
|  Government National Mortgage Association <br>Series 2006-39, Class IO <br>0.163%, 07/16/2046<sup>(g)</sup> |  | 104 |  | 1 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $3,017,284) |  |  |  | 3025224 |
|  COLLATERALIZED MORTGAGE OBLIGATIONS – 0.4% | COLLATERALIZED MORTGAGE OBLIGATIONS – 0.4% | COLLATERALIZED MORTGAGE OBLIGATIONS – 0.4% | COLLATERALIZED MORTGAGE OBLIGATIONS – 0.4% | COLLATERALIZED MORTGAGE OBLIGATIONS – 0.4% |
|  **Risk Share Floating Rate – 0.4%** | **Risk Share Floating Rate – 0.4%** | **Risk Share Floating Rate – 0.4%** | **Risk Share Floating Rate – 0.4%** | **Risk Share Floating Rate – 0.4%** |
|  Bellemeade Re Ltd. <br>Series 2023-1, Class M1A <br>6.272% (CME Term SOFR + 2.20%), 10/25/2033<sup>(a)(f)</sup> |  | 113 |  | 113792 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 27 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Connecticut Avenue Securities Trust <br>Series 2022-R02, Class 2M1 <br>5.272% (CME Term SOFR + 1.20%), 01/25/2042<sup>(a)(f)</sup> | $| 20 | $20282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1 <br>6.372% (CME Term SOFR + 2.30%), 01/25/2043<sup>(a)(f)</sup> |  | 137 | 139865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M1 <br>5.172% (CME Term SOFR + 1.10%), 02/25/2044<sup>(a)(f)</sup> |  | 76 | 76024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R04, Class 1M1<br>5.172% (CME Term SOFR + 1.10%), 05/25/2044<sup>(a)(f)</sup> |  | 112 | 112003 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes <br>Series 2024-DNA1, Class M1 <br>5.422% (CME Term SOFR + 1.35%), 02/25/2044<sup>(a)(f)</sup> |  | 169 | 169541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA1, Class M1 <br>5.322% (CME Term SOFR + 1.25%), 03/25/2044<sup>(a)(f)</sup> |  | 152 | 152286 |
|  |  |  | 783793 |
|  **Non-Agency Floating Rate – 0.0%** | **Non-Agency Floating Rate – 0.0%** | **Non-Agency Floating Rate – 0.0%** | **Non-Agency Floating Rate – 0.0%** |
|  Federal Home Loan Mortgage Corp. Mscr Trust Mn1 Series 2021-MN1, Class M1 <br>6.072% (CME Term SOFR + 2.00%), 01/25/2051<sup>(a)(f)</sup> |  | 26 | 26204 |
|  Total Collateralized Mortgage Obligations <br>(cost $806,743) |  |  | 809997 |
|  | **Shares** | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 5.6% | SHORT-TERM INVESTMENTS – 5.6% | SHORT-TERM INVESTMENTS – 5.6% | SHORT-TERM INVESTMENTS – 5.6% |
|  **Investment Companies – 5.6%** | **Investment Companies – 5.6%** | **Investment Companies – 5.6%** | **Investment Companies – 5.6%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%<sup>(h)(i)(j)</sup> <br>(cost $10,994,723) |  | 10994723 | 10994723 |
|  Total Investments – 100.7%<br>(cost $195,612,118) |  |  | 197314730 |
|  Other assets less liabilities – (0.7)% |  |  | (1401679) |
|  **Net Assets – 100.0%** |  |  | $**195913051** |

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| | |
|:---|:---|
| 28 AB Core Plus Bond ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

#### FUTURES (see Note D)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  U.S. 10 Yr Ultra Futures | 59 | March 2026 | $6855984 | $(1312) |
|  U.S. Long Bond (CBT) Futures | 111 | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13035563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65039 |
|  U.S. T-Note 2 Yr (CBT) Futures | 4 | March 2026 | 835438 | (266) |
|  U.S. T-Note 5 Yr (CBT) Futures | 21 | March 2026 | 2305078 | 8492 |
|  **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  U.S. T-Note 10 Yr (CBT) Futures | 66 | March 2026 | 7480687 | (9281) |
|  U.S. Ultra Bond (CBT) Futures | 63 | March 2026 | 7619063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43922) |
|  |  |  |  | $18750 |

---

(a) 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 $32,243,336 or 16.5% of net assets.

(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 &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class A1 <br>1.433%, 08/15/2026 | 04/01/2021 -<br>08/03/2023 | $75664 | $78779 | 0.04% |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class A2 <br>2.435%, 08/15/2026 | 02/25/2021 -<br>09/06/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715844 | 0.37% |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class AS <br>2.638%, 08/15/2026 | 02/25/2021 -<br>04/01/2021 | 25101 | 24693 | 0.01% |
|  Tricolor Auto Securitization Trust <br>Series 2024-2A, Class A <br>6.36%, 12/15/2027 | 05/14/2024 | 28165 | 26916 | 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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 29 |

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**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.

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| | |
|:---|:---|
| 30 AB Core Plus Bond ETF | **ABFunds.com** |

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#### STATEMENT OF ASSETS & LIABILITIES

#### November 30, 2025

---

| | |
|:---|:---|
| Assets | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $184,617,395) | $186320007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $10,994,723) | 10994723 |
|  Cash | 8931 |
|  Cash collateral due from broker | 300870 |
|  Interest receivable | 1758317 |
|  Receivable for investment securities sold | 1386874 |
|  Affiliated dividends receivable | 33057 |
|  Receivable due from Adviser | 1702 |
|  Total assets | 200804481 |
| Liabilities | Liabilities |
|  Payable for investment securities purchased | 4822836 |
|  Advisory fee payable | 44734 |
|  Payable for variation margin on futures | 22098 |
|  Foreign capital gains tax payable | 202 |
|  Other liabilities | 1560 |
|  Total liabilities | 4891430 |
|  Net Assets | $**195913051** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $544 |
|  Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240047514 |
|  Accumulated loss | (44135007) |
|  **Net Assets** | $**195913051** |
|  **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6726326 |  |
|  Dividends—Affiliated issuers | 298063 |  |
|  Other income | 2037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7026426 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 432589 |  |
|  Total expenses before bank overdraft expense | 432589 |  |
|  Bank overdraft expense | 26 |  |
|  Total expenses | 432615 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (15024) |  |
|  Net expenses |  | 417591 |
|  Net investment income |  | 6608835 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions<sup>(a)</sup> |  | (6047) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | (69340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 532487 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 915870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (2992) |
|  Net gain on investment transactions |  | 1369978 |
|  **Net Increase in Net Assets from Operations** |  | $**7978813** |

---

(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<br>November 30,<br>2025** | **December 13,<br>2023<sup>(a)</sup> to<br>November 30,<br>2024** |
| Increase in Net Assets from Operations |  |  |
|  Net investment income | $6608835 | $2050685 |
|  Net realized gain on investment transactions | 457100 | 16776 |
|  Net change in unrealized appreciation (depreciation) of investments | 912878 | 808484 |
|  Net increase in net assets from operations | 7978813 | 2875945 |
|  Distribution to Shareholders | (6108010) | (1814999) |
| Transactions in Shares of the Fund |  |  |
|  Net increase | 138643204 | 54310250 |
|  Other capital | 16056 | 11792 |
|  Total increase | 140530063 | 55382988 |
| Net Assets |  |  |
|  Beginning of period | 55382988 | – 0 |
|  End of period | $**195913051** | $**55382988** |

---

(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

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 Core Plus Bond ETF (the "Fund"), a diversified portfolio. The Fund commenced investment operations on December 13, 2023. The Fund (the "Acquiring Portfolio") acquired the assets and liabilities of AB Total Return Bond Portfolio, a portfolio of AB Bond Fund, Inc. (the "Acquired Portfolio"), in a reorganization that was effective at the close of business on February 7, 2025 (the "Reorganization"). The Reorganization was approved by the Fund's Board of Directors (the "Board") pursuant to a Plan of Acquisition and Liquidation (the "Reorganization Agreement") (see Note I for additional information). The Acquiring Portfolio was the accounting survivor in the Conversion. 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, 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.

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

---

| | |
|:---|:---|
| 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.

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.

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

---

| | |
|:---|:---|
| **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)

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.

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.

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

---

| | |
|:---|:---|
| 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 | $84308529 | $– 0 | $84308529 |
|  Corporates – Investment Grade | – 0 | 67831841 | – 0 | 67831841 |
|  Corporates – Non-Investment Grade | – 0 | 11514918 | – 0 | 11514918 |
|  Mortgage Pass-Throughs | – 0 | 9608540 | – 0 | 9608540 |
|  Asset-Backed Securities | – 0 | 5353384 | – 0 | 5353384 |
|  Collateralized Loan Obligations | – 0 | 3867574 | – 0 | 3867574 |
|  Commercial Mortgage-Backed Securities | – 0 | 3025224 | – 0 | 3025224 |
|  Collateralized Mortgage Obligations | – 0 | 809997 | – 0 | 809997 |
|  Short-Term Investments | 10994723 | – 0 | – 0 | 10994723 |
|  Total Investments in Securities | 10994723 | 186320007 | – 0 | 197314730 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Futures | 73531 | – 0 | – 0 | 73531 <sup>(b)</sup> |
|  **Liabilities:** |  |  |  |  |
|  Futures | (54781) | – 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | (54781)<sup>(b)</sup> |
|  **Total** | $**11013473** | $**186320007** | $**– 0** | $**197333480** |

---

(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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 37 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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 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

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. 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)

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. 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

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 .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.

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

---

| | |
|:---|:---|
| **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<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4234 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48414 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 |

---

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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85873067 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72898731 |
|  U.S. government securities | 88065523 | 82141512 |

---

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 |  |  |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28427789 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23487098 |
|  U.S. government securities | 27782038 | 20420784 |

---

---

| | |
|:---|:---|
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195628041 |
|  Gross unrealized appreciation | $2750550 |
|  Gross unrealized depreciation | (1063862) |
|  Net unrealized appreciation | $1686688 |

---

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.

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.

---

| | |
|:---|:---|
| **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** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of**<br>**Assets and<br>Liabilities**<br>**Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | <br>Receivable for variation<br>margin on futures | $73531 <br>\* | <br>Payable for variation<br>margin on futures | $54781 <br>\* |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73531 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54781 |

---

\* 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. <br>

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $532487 | $(2992) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2992) |

---

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

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14582275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $6418541 |

---

---

| | |
|:---|:---|
| 42 AB Core Plus Bond ETF | **ABFunds.com** |

---

------

**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

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 | Shares | Amount | Amount |
|  | Year Ended | December 13, 2023<sup>(a)</sup> | Year Ended | December 13, 2023<sup>(a)</sup> |
|  | November 30, 2025 | November 30, 2024 | November 30, 2025 | November 30, 2024 |
|  Shares sold | 2250000 | 1800028 | $81223223 | $63219245 |
|  Shares issued in connection with the Reorganization | 3091116 | – 0 | 132651834 | – 0 |
|  Shares redeemed | (1450000) | (250000) | (75231853) | (8908995) |
|  **Net increase** | **3891116** | **1550028** | $**138643204** | **$54310250** |

---

(a) Commencement of operations.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 43 |

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**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, 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 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.

**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.

**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

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| | |
|:---|:---|
| 44 AB Core Plus Bond ETF | **ABFunds.com** |

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**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.

**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 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.

**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.

**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.

**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.

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|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 45 |

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**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.

**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 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.

**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.

**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

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|:---|:---|
| 46 AB Core Plus Bond ETF | **ABFunds.com** |

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**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.

**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.

**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

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|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 47 |

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**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.

**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.

**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.

**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. 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.

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|:---|:---|
| 48 AB Core Plus Bond ETF | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6108010 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814999 |
|  Total taxable distributions | $6108010 | $1814999 |

---

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

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| | |
|:---|:---|
|  Undistributed ordinary income | $949258 |
|  Accumulated capital and other losses | (47044985)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 1960922 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44134805)<sup>(c)</sup> |

---

(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.

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|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 49 |

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Shares<br>outstanding<br>before the<br>Reorganization** | **Shares<br>outstanding<br>immediately<br>after the<br>Reorganization** | **Aggregate<br>net assets<br>before the<br>Reorganization** | **Aggregate<br>net assets<br>immediately<br>after the<br>Reorganization** |
|  AB Total Return Bond Portfolio | 14331948 | – 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132651834 | $– 0 |
|  AB Core Plus Bond ETF | 1250028 | 5039723 | 43755214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176407048 |

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| | |
|:---|:---|
| + | Includes unrealized depreciation of $1,408,433.  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Acquired Portfolio's Share Class** | **Shares<br>outstanding<br>before Conversion** | **Shares<br>outstanding<br>before Conversion** | **Conversion<br>Ratio** | **Conversion<br>Ratio** | **Shares<br>outstanding<br>immediately after<br>the Conversion** | **Shares<br>outstanding<br>immediately after<br>the Conversion** |
|  Advisor Class |  | 14331948 |  | 0.35164257 |  | 5039723 |

---

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:

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| | |
|:---|:---|
|  Net investment income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7703324 |
|  Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404718 |
|  Net increase in net assets resulting from operations | $8108042 |

---

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.

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|:---|:---|
| 50 AB Core Plus Bond ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 51 |

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#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>November 30,<br>2025** | **December 13,<br>2023<sup>(a)</sup> to<br>November 30,<br>2024** |
|  Net asset value, beginning of period | $35.73 | $35.00 |
|  Income From Investment Operations |  |  |
|  Net investment income<sup>(b)(c)</sup> | 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<sup>(d)</sup> | 5.57% | 6.19 |
|  Ratios/Supplemental Data |  |  |
|  Net assets, end of period (000's omitted) | $195913 | $55383 |
|  Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | .29% | .32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | .30% | .33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 4.62% | 4.62 |
|  Portfolio turnover rate<sup>(g)</sup> | 114% | 232 |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolio | .01% | .01 |

---

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Net of expenses waived/reimbursed by the Adviser.

(d) 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.

(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:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br>November 30,<br>2025** | **December 13,<br>2023<sup>(a)</sup> to<br>November 30,<br>2024** |  |
|  Net of waivers/reimbursements | .29% | .32 | %<sup>^</sup> |
|  Before waivers/reimbursements | .30% | .33 | %<sup>^</sup> |

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(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.

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| 52 AB Core Plus Bond ETF | **ABFunds.com** |

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#### 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.

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.

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,

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|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 53 |

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#### 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](g937763g91r55.jpg)

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

New York, New York

January 29, 2026

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|:---|:---|
| 54 AB Core Plus Bond ETF | **ABFunds.com** |

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#### 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.

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.

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|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 55 |

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#### 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").

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

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|:---|:---|
| 56 AB Core Plus Bond ETF | **ABFunds.com** |

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------

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 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
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 since the Fund's inception.

---

| | |
|:---|:---|
| **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
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 (reflecting a reduction in the Fund's unitary fee effective February 2025) 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 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

---

| | |
|:---|:---|
| 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
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 Core Plus Bond ETF 59 |

---

------

#### NOTES

---

| | |
|:---|:---|
| 60 AB Core Plus Bond ETF | **ABFunds.com** |

---

------

![LOGO](g937763g28a43.jpg)

AB CORE PLUS BOND ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-CPB-0151-1125 ![LOGO](g937763g22c48.jpg)

------

#### November 30, 2025
![LOGO](g848118g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB DISRUPTORS ETF

(NYSE Arca: FWD)

![LOGO](g848118g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> 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% | COMMON STOCKS – 98.9% | COMMON STOCKS – 98.9% |
|  Information Technology – 48.8% | Information Technology – 48.8% | Information Technology – 48.8% |
|  **Communications Equipment – 3.6%** | **Communications Equipment – 3.6%** | **Communications Equipment – 3.6%** |
|  Arista Networks, Inc.<sup>(a)</sup> | 71580 | $9354075 |
|  Ciena Corp.<sup>(a)</sup> | 47973 | 9796566 |
|  F5, Inc.<sup>(a)</sup> | 38800 | 9279408 |
|  Lumentum Holdings, Inc.<sup>(a)</sup> | 56871 | 18492174 |
|  |  | 46922223 |
|  **Electronic Equipment, Instruments & Components – 7.4%** |  |  |
|  Amphenol Corp. – Class A | 125961 | 17747905 |
|  Celestica, Inc.<sup>(a)</sup> | 39533 | 13615560 |
|  Corning, Inc. | 121278 | 10211608 |
|  Delta Electronics, Inc. | 306000 | 9086889 |
|  Fabrinet<sup>(a)</sup> | 24031 | 11040082 |
|  Flex Ltd.<sup>(a)</sup> | 152438 | 9010610 |
|  Luxshare Precision Industry Co., Ltd. – Class A | 735100 | 5999799 |
|  Teledyne Technologies, Inc.<sup>(a)</sup> | 19283 | 9632244 |
|  Yaskawa Electric Corp. | 330000 | 8541301 |
|  |  | 94885998 |
|  **IT Services – 3.7%** | **IT Services – 3.7%** | **IT Services – 3.7%** |
|  Akamai Technologies, Inc.<sup>(a)</sup> | 107342 | 9609256 |
|  MongoDB, Inc.<sup>(a)</sup> | 24678 | 8202227 |
|  Shopify, Inc. – Class A<sup>(a)</sup> | 104867 | 16636101 |
|  Snowflake, Inc.<sup>(a)</sup> | 51345 | 12899917 |
|  |  | 47347501 |
|  **Semiconductors & Semiconductor Equipment – 24.9%** |  |  |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 62906 | 13683942 |
|  Advantest Corp. | 113400 | 14951650 |
|  Ambarella, Inc.<sup>(a)</sup> | 69362 | 5145273 |
|  Analog Devices, Inc. | 38824 | 10301560 |
|  Applied Materials, Inc. | 81202 | 20483205 |
|  ASML Holding NV (REG) | 12090 | 12815400 |
|  Broadcom, Inc. | 96697 | 38965023 |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 20591 | 3656962 |
|  Infineon Technologies AG | 350244 | 14767268 |
|  Intel Corp.<sup>(a)</sup> | 308296 | 12504486 |
|  Lam Research Corp. | 125882 | 19637592 |
|  Lattice Semiconductor Corp.<sup>(a)</sup> | 98724 | 6931412 |
|  Micron Technology, Inc. | 40640 | 9610547 |
|  Monolithic Power Systems, Inc. | 14334 | 13304389 |
|  NVIDIA Corp. | 284532 | 50362164 |
|  Semtech Corp.<sup>(a)</sup> | 147512 | 10939490 |
|  Silicon Laboratories, Inc.<sup>(a)</sup> | 22498 | 2870295 |
|  SiTime Corp.<sup>(a)</sup> | 26168 | 7790214 |
|  SK hynix, Inc. | 32776 | 11811974 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 584607 | 26822816 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Disruptors ETF 1 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Teradyne, Inc. | 70838 | $| 12884724 |
|  |  |  | 320240386 |
|  **Software – 6.3%** | **Software – 6.3%** | **Software – 6.3%** | **Software – 6.3%** |
|  Autodesk, Inc.<sup>(a)</sup> | 32206 |  | 9769368 |
|  Cloudflare, Inc. – Class A<sup>(a)</sup> | 30754 |  | 6157258 |
|  Crowdstrike Holdings, Inc. – Class A<sup>(a)</sup> | 20725 |  | 10552341 |
|  Microsoft Corp. | 12556 |  | 6177678 |
|  Nebius Group NV<sup>(a)(b)</sup> | 68920 |  | 6538440 |
|  Palantir Technologies, Inc. – Class A<sup>(a)</sup> | 105418 |  | 17757662 |
|  ServiceNow, Inc.<sup>(a)</sup> | 17911 |  | 14551076 |
|  Synopsys, Inc.<sup>(a)</sup> | 7715 |  | 3224947 |
|  Unity Software, Inc.<sup>(a)</sup> | 151519 |  | 6442588 |
|  |  |  | 81171358 |
|  **Technology Hardware, Storage & Peripherals – 2.9%** |  |  |  |
|  Pure Storage, Inc. – Class A<sup>(a)</sup> | 82836 |  | 7369090 |
|  Samsung Electronics Co., Ltd. | 262610 |  | 17946014 |
|  Sandisk Corp./DE<sup>(a)</sup> | 28476 |  | 6358121 |
|  Western Digital Corp. | 36608 |  | 5979185 |
|  |  |  | 37652410 |
|  |  |  | 628219876 |
|  Industrials – 18.0% | Industrials – 18.0% | Industrials – 18.0% | Industrials – 18.0% |
|  **Aerospace & Defense – 6.9%** | **Aerospace & Defense – 6.9%** | **Aerospace & Defense – 6.9%** | **Aerospace & Defense – 6.9%** |
|  Boeing Co. (The)<sup>(a)</sup> | 27752 |  | 5245128 |
|  Carpenter Technology Corp. | 43660 |  | 13907456 |
|  Hensoldt AG | 75745 |  | 6008369 |
|  Howmet Aerospace, Inc. | 59413 |  | 12155306 |
|  Karman Holdings, Inc.<sup>(a)</sup> | 170381 |  | 11420638 |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 129237 |  | 9834936 |
|  L3Harris Technologies, Inc. | 39486 |  | 11004353 |
|  Leonardo SpA | 99460 |  | 5414744 |
|  Rocket Lab Corp.<sup>(a)</sup> | 106635 |  | 4493599 |
|  Rolls-Royce Holdings PLC | 700195 |  | 9908459 |
|  |  |  | 89392988 |
|  **Construction & Engineering – 1.0%** | **Construction & Engineering – 1.0%** | **Construction & Engineering – 1.0%** | **Construction & Engineering – 1.0%** |
|  Quanta Services, Inc. | 27514 |  | 12790708 |
|  **Electrical Equipment – 5.5%** | **Electrical Equipment – 5.5%** | **Electrical Equipment – 5.5%** | **Electrical Equipment – 5.5%** |
|  ABB Ltd. (REG) | 119076 |  | 8602686 |
|  Bloom Energy Corp. – Class A<sup>(a)</sup> | 60647 |  | 6625078 |
|  BWX Technologies, Inc. | 50488 |  | 9031293 |
|  Doosan Enerbility Co., Ltd.<sup>(a)</sup> | 111784 |  | 5807159 |
|  Prysmian SpA | 129610 |  | 12981156 |
|  Rockwell Automation, Inc. | 34345 |  | 13595812 |
|  Vertiv Holdings Co. – Class A | 76601 |  | 13767498 |
|  |  |  | 70410682 |

---

---

| | |
|:---|:---|
| 2 AB Disruptors ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Industrial Conglomerates – 0.6%** | **Industrial Conglomerates – 0.6%** | **Industrial Conglomerates – 0.6%** |
|  Hitachi Ltd. | 218500 | $6956155 |
|  **Machinery – 4.0%** | **Machinery – 4.0%** | **Machinery – 4.0%** |
|  Caterpillar, Inc. | 26197 | 15083185 |
|  Daifuku Co., Ltd. | 201700 | 6386413 |
|  Kawasaki Heavy Industries Ltd. | 82600 | 5230716 |
|  Mitsubishi Heavy Industries Ltd. | 697800 | 17649578 |
|  Westinghouse Air Brake Technologies Corp. | 35383 | 7379124 |
|  |  | 51729016 |
|  |  | 231279549 |
|  Health Care – 13.9% | Health Care – 13.9% | Health Care – 13.9% |
|  **Biotechnology – 2.3%** | **Biotechnology – 2.3%** | **Biotechnology – 2.3%** |
|  AbbVie, Inc. | 54501 | 12409878 |
|  Argenx SE (ADR)<sup>(a)</sup> | 8228 | 7503771 |
|  Genmab A/S (Sponsored ADR)<sup>(a)</sup> | 280906 | 9090118 |
|  |  | 29003767 |
|  **Health Care Equipment & Supplies – 3.8%** | **Health Care Equipment & Supplies – 3.8%** | **Health Care Equipment & Supplies – 3.8%** |
|  Boston Scientific Corp.<sup>(a)</sup> | 124101 | 12606180 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 114450 | 9919382 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 15028 | 8618257 |
|  Straumann Holding AG (REG)<sup>(a)</sup> | 77707 | 8864763 |
|  Stryker Corp. | 24868 | 9230504 |
|  |  | 49239086 |
|  **Life Sciences Tools & Services – 5.4%** | **Life Sciences Tools & Services – 5.4%** | **Life Sciences Tools & Services – 5.4%** |
|  Agilent Technologies, Inc. | 120686 | 18525301 |
|  Bruker Corp. | 186032 | 9080222 |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 53074 | 12207551 |
|  Lonza Group AG (REG)<sup>(a)</sup> | 13387 | 9169749 |
|  Sartorius AG (Preference Shares) | 24905 | 7260562 |
|  Thermo Fisher Scientific, Inc. | 23524 | 13898685 |
|  |  | 70142070 |
|  **Pharmaceuticals – 2.4%** | **Pharmaceuticals – 2.4%** | **Pharmaceuticals – 2.4%** |
|  AstraZeneca PLC | 74925 | 13872775 |
|  Eli Lilly & Co. | 16229 | 17453803 |
|  |  | 31326578 |
|  |  | 179711501 |
|  Consumer Discretionary – 7.5% | Consumer Discretionary – 7.5% | Consumer Discretionary – 7.5% |
|  **Automobiles – 2.4%** | **Automobiles – 2.4%** | **Automobiles – 2.4%** |
|  Rivian Automotive, Inc. – Class A<sup>(a)</sup> | 400004 | 6744068 |
|  Tesla, Inc.<sup>(a)</sup> | 55366 | 23816792 |
|  |  | 30560860 |
|  **Broadline Retail – 2.5%** | **Broadline Retail – 2.5%** | **Broadline Retail – 2.5%** |
|  Alibaba Group Holding Ltd. – Class H | 664200 | 12924669 |
|  Amazon.com, Inc.<sup>(a)</sup> | 85070 | 19840025 |
|  |  | 32764694 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Disruptors ETF 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Hotels, Restaurants & Leisure – 0.8%** | **Hotels, Restaurants & Leisure – 0.8%** | **Hotels, Restaurants & Leisure – 0.8%** |
|  DoorDash, Inc. – Class A<sup>(a)</sup> | 50155 | $9949247 |
|  **Household Durables – 0.3%** | **Household Durables – 0.3%** | **Household Durables – 0.3%** |
|  SharkNinja, Inc.<sup>(a)</sup> | 33490 | 3267619 |
|  **Specialty Retail – 1.5%** | **Specialty Retail – 1.5%** | **Specialty Retail – 1.5%** |
|  Carvana Co.<sup>(a)</sup> | 28026 | 10495737 |
|  Wayfair, Inc. – Class A<sup>(a)</sup> | 85241 | 9444703 |
|  |  | 19940440 |
|  |  | 96482860 |
|  Communication Services – 5.9% | Communication Services – 5.9% | Communication Services – 5.9% |
|  **Entertainment – 1.2%** | **Entertainment – 1.2%** | **Entertainment – 1.2%** |
|  Netflix, Inc.<sup>(a)</sup> | 82781 | 8905580 |
|  Spotify Technology SA<sup>(a)</sup> | 11876 | 7112180 |
|  |  | 16017760 |
|  **Interactive Media & Services – 4.7%** | **Interactive Media & Services – 4.7%** | **Interactive Media & Services – 4.7%** |
|  Alphabet, Inc. – Class A | 107743 | 34497154 |
|  Meta Platforms, Inc. – Class A | 24774 | 16052313 |
|  Reddit, Inc. – Class A<sup>(a)</sup> | 44971 | 9734873 |
|  |  | 60284340 |
|  |  | 76302100 |
|  Utilities – 1.5% | Utilities – 1.5% | Utilities – 1.5% |
|  **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** |
|  Constellation Energy Corp. | 32002 | 11660249 |
|  **Independent Power and Renewable Electricity Producers – 0.6%** |  |  |
|  Vistra Corp. | 44898 | 8030456 |
|  |  | 19690705 |
|  Materials – 1.2% | Materials – 1.2% | Materials – 1.2% |
|  **Chemicals – 0.7%** | **Chemicals – 0.7%** | **Chemicals – 0.7%** |
|  Solstice Advanced Materials, Inc.<sup>(a)</sup> | 206141 | 9828803 |
|  **Containers & Packaging – 0.5%** | **Containers & Packaging – 0.5%** | **Containers & Packaging – 0.5%** |
|  Avery Dennison Corp. | 35190 | 6065700 |
|  |  | 15894503 |
|  Financials – 1.1% | Financials – 1.1% | Financials – 1.1% |
|  **Capital Markets – 1.1%** | **Capital Markets – 1.1%** | **Capital Markets – 1.1%** |
|  Robinhood Markets, Inc. – Class A<sup>(a)</sup> | 106559 | 13691766 |
|  Energy – 1.0% | Energy – 1.0% | Energy – 1.0% |
|  **Oil, Gas & Consumable Fuels – 1.0%** | **Oil, Gas & Consumable Fuels – 1.0%** | **Oil, Gas & Consumable Fuels – 1.0%** |
|  Cameco Corp. | 146695 | 12983974 |
|  Total Common Stocks <br>(cost $989,388,705) |  | 1274256834 |

---

---

| | |
|:---|:---|
| 4 AB Disruptors ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  SHORT-TERM INVESTMENTS – 1.5% | SHORT-TERM INVESTMENTS – 1.5% | SHORT-TERM INVESTMENTS – 1.5% |
|  **Investment Companies – 1.5%** | **Investment Companies – 1.5%** | **Investment Companies – 1.5%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%<sup>(c)(d)(e)</sup> <br>(cost $19,836,418) | 19836418 | $19836418 |
|  Total Investments Before Security Lending Collateral for Securities Loaned – 100.4% <br>(cost $1,009,225,123) |  | 1294093252 |
|  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%<sup>(c)(d)(e)</sup> <br>(cost $6,601,253) | 6601253 | 6601253 |
|  Total Investments – 100.9% <br>(cost $1,015,826,376) |  | 1300694505 |
|  Other assets less liabilities – (0.9)% |  | (12163299) |
|  **Net Assets – 100.0%** |  | $**1288531206** |

---

(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 | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $989,388,705) | $1274256834 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $26,437,671—including investment of cash collateral for securities loaned of $6,601,253) | 26437671 |
|  Cash | 33884 |
|  Foreign currencies, at value (cost $844,312) | 846671 |
|  Unaffiliated dividends receivable | 479412 |
|  Affiliated dividends receivable | 69334 |
|  Receivable due from Adviser | 3544 |
|  Total assets | 1302127350 |
| Liabilities | Liabilities |
|  Payable for collateral received on securities loaned | 6601253 |
|  Payable for investment securities purchased | 6358928 |
|  Advisory fee payable | 635963 |
|  Total liabilities | 13596144 |
|  Net Assets | $**1288531206** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $1238 |
|  Additional paid-in capital | 1025699895 |
|  Distributable earnings | 262830073 |
|  **Net Assets** | $**1288531206** |
|  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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $169,016) | $3684743 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 658327 |  |
|  Interest | 10421 |  |
|  Securities lending income, net | 295128 | $4648619 |
| Expenses |  |  |
|  Advisory fee (see Note B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5079497 |  |
|  Total expenses before bank overdraft expense | 5079497 |  |
|  Bank overdraft expense | 5128 |  |
|  Total expenses | 5084625 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (34656) |  |
|  Net expenses |  | 5049969 |
|  Net investment loss |  | (401350) |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (21653147) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 67383363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (62009) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 185455727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | 11290 |
|  Net gain on investment and foreign currency transactions |  | 231135224 |
|  **Net Increase in Net Assets from Operations** |  | $**230733874** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Disruptors ETF 7 |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>November 30, 2025** | **Year Ended<br>November 30, 2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income (loss) | $(401350) | $55472 |
|  Net realized gain on investment and foreign currency transactions | 45668207 | 27004194 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 185467017 | 80392187 |
|  Net increase in net assets from operations | 230733874 | 107451853 |
|  Distribution to Shareholders | (8952609) | – 0 |
| Capital Stock Transactions | Capital Stock Transactions | Capital Stock Transactions |
|  Net increase | 577938378 | 202927861 |
|  Other capital | 21766 | 17646 |
|  Total increase | 799741409 | 310397360 |
| Net Assets | Net Assets | Net Assets |
|  Beginning of period | 488789797 | 178392437 |
|  End of period | $**1288531206** | $**488789797** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 8 AB Disruptors 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 Disruptors 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.

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

---

| | |
|:---|:---|
| **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

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

---

| | |
|:---|:---|
| 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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Common Stocks<sup>(a)</sup> | $1274256834 | $– 0 | $– 0 | $1274256834 |
|  Short-Term Investments | 19836418 | – 0 | – 0 | 19836418 |
|  Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 6601253 | – 0 | – 0 | 6601253 |
|  Total Investments in Securities | 1300694505 | – 0 | – 0 | 1300694505 |
|  **Other Financial Instruments<sup>(b)</sup>** | – 0 | – 0 | – 0 | – 0 |
|  **Total** | $**1300694505** | $**– 0** | $**– 0** | $**1300694505** |

---

(a) See Portfolio of Investments for sector classifications.

(b) 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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Disruptors ETF 11 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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 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 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

---

| | |
|:---|:---|
| 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

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.

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

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 .65% 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

---

| | |
|:---|:---|
| **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<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6655 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590946 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577764 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 |
|  AB Government Money Market Portfolio\* | – 0 | 41212 | 34611 | 6601 | 12 |
|  Total |  |  |  | $26438 | $670 |

---

\* Investments of cash collateral for securities lending transactions (see Note E).

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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721579650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526061515 |
|  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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539919544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173206258 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029879582 |
|  Gross unrealized appreciation | $299499242 |
|  Gross unrealized depreciation | (28684319) |
|  Net unrealized appreciation | $270814923 |

---

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.

The Fund did not engage in derivatives transactions for the year ended November 30, 2025.

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

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<br>Market Portfolio** | **AB Government Money<br>Market Portfolio** |
|<br>**Market<br>Value of<br>Securities**<br>**on Loan\*** |<br>**Cash<br>Collateral\*** |<br>**Market<br>Value of<br>Non-Cash<br>Collateral\*** |<br>**Income from<br>Borrowers** | **Income**<br>**Earned** | **Advisory Fee<br>Waived** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6472980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6601253 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675 |

---

\* As of November 30, 2025.

---

| | |
|:---|:---|
| 16 AB Disruptors ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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 | Shares | Amount | Amount |
|  | Year Ended<br>November 30,<br>2025 | Year Ended<br>November 30,<br>2024 | Year Ended<br>November 30,<br>2025 | Year Ended<br>November 30,<br>2024 |
|  Shares sold | 8470000 | 3370000 | $763333632 | $248296848 |
|  Shares redeemed | (1970000) | (580000) | (185395254) | (45368987) |
|  **Net increase** | **6500000** | **2790000** | $**577938378** | $**202927861** |

---

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.

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| | |
|:---|:---|
| 18 AB Disruptors ETF | **ABFunds.com** |

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**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.

**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 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.

**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

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| | |
|:---|:---|
| **ABFunds.com** | AB Disruptors ETF 19 |

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**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.

**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 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 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.

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| | |
|:---|:---|
| 20 AB Disruptors ETF | **ABFunds.com** |

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**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: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5078720 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 3873889 |  |
|  Total taxable distributions paid | $8952609 | $– 0 |

---

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

---

| | |
|:---|:---|
|  Undistributed ordinary income | $1282074 |
|  Undistributed capital gains | (9270665)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 270818664 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262830073 |

---

(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

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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Disruptors ETF 21 |

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#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>November 30,<br>2025** | **Year Ended<br>November 30,<br>2024** |  | **March 22,**<br> **2023<sup>(a)</sup> to<br>November 30,<br>2023** |
|  Net asset value, beginning of period | $83.13 | $57.73 |  | $50.00 |
|  Income From Investment Operations | Income From Investment Operations | Income From Investment Operations | Income From Investment Operations | Income From Investment Operations |
|  Net investment income (loss)<sup>(b)(c)</sup> | (.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 | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions |
|  Dividends from net investment income | (0.0)<sup>(d)</sup> | – 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 Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(e)</sup> | 27.47% | 43.99 | % | 15.46 |
|  Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  Net assets, end of period (000's omitted) | $1288531 | $488790 |  | $178392 |
|  Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .65% | .65 | % | .65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .65% | .65 | % | .65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(c)</sup> | (.05)% | .02 | % | (.04 |
|  Portfolio turnover rate<sup>(f)</sup> | 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) 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.

(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.

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| | |
|:---|:---|
| 22 AB Disruptors ETF | **ABFunds.com** |

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#### 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.

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.

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

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| | |
|:---|:---|
| **ABFunds.com** | AB Disruptors ETF 23 |

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#### 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](g848118g91r55.jpg)

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

New York, New York

January 28, 2026

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| | |
|:---|:---|
| 24 AB Disruptors ETF | **ABFunds.com** |

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#### 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.

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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Disruptors ETF 25 |

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#### 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").

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

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|:---|:---|
| 26 AB Disruptors ETF | **ABFunds.com** |

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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 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.

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|:---|:---|
| **ABFunds.com** | AB Disruptors ETF 27 |

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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.

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,

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|:---|:---|
| 28 AB Disruptors ETF | **ABFunds.com** |

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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
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.

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|:---|:---|
| **ABFunds.com** | AB Disruptors ETF 29 |

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#### NOTES

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|:---|:---|
| 30 AB Disruptors ETF | **ABFunds.com** |

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|:---|:---|
| **ABFunds.com** | AB Disruptors ETF 31 |

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| 32 AB Disruptors ETF | **ABFunds.com** |

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![LOGO](g848118g28a43.jpg)

AB DISRUPTORS ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-DR-0151-1125 ![LOGO](g848118g22c48.jpg)

------

#### November 30, 2025
![LOGO](g21023g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB EMERGING MARKETS OPPORTUNITIES ETF

(NYSE Arca: EMOP)

![LOGO](g21023g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> 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. | 7500 | $244942 |
|  **Electronic Equipment, Instruments & Components – 2.9%** |  |  |
|  Delta Electronics, Inc. | 53200 | 1579812 |
|  **IT Services – 2.0%** |  |  |
|  Infosys Ltd. (Sponsored ADR) | 60149 | 1051405 |
|  **Semiconductors & Semiconductor Equipment – 12.8%** |  |  |
|  Realtek Semiconductor Corp. | 20200 | 335326 |
|  SK hynix, Inc. | 2143 | 772304 |
|  SK hynix, Inc. (GDR)<sup>(a)</sup> | 740 | 267140 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 119400 | 5478286 |
|  |  | 6853056 |
|  **Technology Hardware, Storage & Peripherals – 7.6%** |  |  |
|  Asustek Computer, Inc. | 44400 | 850228 |
|  Samsung Electronics Co., Ltd. | 31722 | 2167790 |
|  Samsung Electronics Co., Ltd. (GDR)<sup>(a)</sup> | 597 | 1032810 |
|  |  | 4050828 |
|  |  | 13780043 |
|  Financials – 23.0% |  |  |
|  **Banks – 17.9%** |  |  |
|  Abu Dhabi Islamic Bank PJSC | 54542 | 295516 |
|  Bank Polska Kasa Opieki SA | 23485 | 1288133 |
|  Emirates NBD Bank PJSC | 114913 | 763407 |
|  Grupo Financiero Banorte SAB de CV | 138367 | 1321409 |
|  HDFC Bank Ltd. (ADR) | 9051 | 333258 |
|  ICICI Bank Ltd. (Sponsored ADR) | 58748 | 1834700 |
|  Itau Unibanco Holding SA (Preference Shares) | 142000 | 1106618 |
|  Itau Unibanco Holding SA (Sponsored ADR) – Class H | 74230 | 578994 |
|  Piraeus Financial Holdings SA<sup>(b)</sup> | 62801 | 515288 |
|  State Bank of India (GDR)<sup>(a)</sup> | 13930 | 1529514 |
|  |  | 9566837 |
|  **Insurance – 5.1%** |  |  |
|  New China Life Insurance Co., Ltd. – Class H | 61800 | 368152 |
|  People's Insurance Co. Group of China Ltd. (The) – Class H | 296000 | 268033 |
|  PICC Property & Casualty Co., Ltd. – Class H | 572000 | 1297462 |
|  Samsung Fire & Marine Insurance Co., Ltd. | 2515 | 823427 |
|  |  | 2757074 |
|  |  | 12323911 |

---

---

| | |
|:---|:---|
| **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) | 21352 | $392023 |
|  **Entertainment – 3.0%** |  |  |
|  NetEase, Inc. – Class H | 58500 | 1607969 |
|  **Interactive Media & Services – 8.2%** |  |  |
|  NAVER Corp. | 2671 | 443153 |
|  Tencent Holdings Ltd. – Class H | 50400 | 3958539 |
|  |  | 4401692 |
|  **Wireless Telecommunication Services – 2.7%** |  |  |
|  TIM SA/Brazil | 300072 | 1422523 |
|  |  | 7824207 |
|  Consumer Discretionary – 11.3% |  |  |
|  **Automobile Components – 0.7%** |  |  |
|  Huayu Automotive Systems Co., Ltd. – Class A | 130400 | 357717 |
|  **Automobiles – 2.6%** |  |  |
|  Kia Corp. | 12703 | 985559 |
|  Mahindra & Mahindra Ltd. (Sponsored GDR)<sup>(a)</sup> | 9358 | 398651 |
|  |  | 1384210 |
|  **Broadline Retail – 1.0%** |  |  |
|  Alibaba Group Holding Ltd. – Class H | 28600 | 556527 |
|  **Hotels, Restaurants & Leisure – 1.3%** |  |  |
|  OPAP SA | 33932 | 693872 |
|  **Household Durables – 3.1%** |  |  |
|  Hisense Visual Technology Co., Ltd. – Class A | 69900 | 255834 |
|  Midea Group Co., Ltd. – Class A | 123900 | 1397698 |
|  |  | 1653532 |
|  **Specialty Retail – 1.9%** |  |  |
|  Pop Mart International Group Ltd. – Class H<sup>(a)</sup> | 35150 | 1014915 |
|  **Textiles, Apparel & Luxury Goods – 0.7%** |  |  |
|  Bosideng International Holdings Ltd. – Class H | 586000 | 373325 |
|  |  | 6034098 |
|  Industrials – 6.8% |  |  |
|  **Construction & Engineering – 0.7%** |  |  |
|  Larsen & Toubro Ltd. (GDR)<sup>(a)</sup> | 8247 | 376063 |
|  **Electrical Equipment – 0.6%** |  |  |
|  Contemporary Amperex Technology Co., Ltd. – Class A | 6200 | 326848 |
|  **Machinery – 2.9%** |  |  |
|  HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | 2220 | 618910 |
|  Yutong Bus Co., Ltd. – Class A | 213300 | 937354 |
|  |  | 1556264 |

---

---

| | |
|:---|:---|
| 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)<sup>(b)</sup> | 28574 | $1378124 |
|  |  | 3637299 |
|  Energy – 5.6% |  |  |
|  **Oil, Gas & Consumable Fuels – 5.6%** |  |  |
|  ORLEN SA | 53471 | 1379073 |
|  PetroChina Co., Ltd. – Class H | 1444000 | 1609885 |
|  |  | 2988958 |
|  Materials – 4.1% |  |  |
|  **Chemicals – 1.5%** |  |  |
|  Yunnan Yuntianhua Co., Ltd. – Class A | 181200 | 792706 |
|  **Metals & Mining – 2.6%** |  |  |
|  Gold Fields Ltd. (Sponsored ADR) | 9045 | 387940 |
|  Zijin Mining Group Co., Ltd. – Class A | 86500 | 349214 |
|  Zijin Mining Group Co., Ltd. – Class H | 164000 | 646681 |
|  |  | 1383835 |
|  |  | 2176541 |
|  Real Estate – 3.6% |  |  |
|  **Real Estate Management & Development – 3.6%** |  |  |
|  Aldar Properties PJSC | 39047 | 86645 |
|  Emaar Development PJSC | 188566 | 754705 |
|  Emaar Properties PJSC | 300762 | 1089109 |
|  |  | 1930459 |
|  Health Care – 2.8% |  |  |
|  **Pharmaceuticals – 2.8%** |  |  |
|  Dr. Reddy's Laboratories Ltd. (ADR) | 20554 | 288784 |
|  Sino Biopharmaceutical Ltd. – Class H | 1325000 | 1199811 |
|  |  | 1488595 |
|  Consumer Staples – 1.6% |  |  |
|  **Food Products – 1.6%** |  |  |
|  AVI Ltd. | 52737 | 319332 |
|  Uni-President China Holdings Ltd. – Class H | 489000 | 520052 |
|  |  | 839384 |
|  Total Common Stocks <br>(cost $52,331,346) |  | 53023495 |
|  SHORT-TERM INVESTMENTS – 0.8% |  |  |
|  **Investment Companies – 0.8%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%<sup>(c)(d)(e)</sup>(cost $430,229) | 430229 | 430229 |
|  Total Investments – 99.9% <br>(cost $52,761,575) |  | 53453724 |
|  Other assets less liabilities – 0.1% |  | 69953 |
|  **Net Assets – 100.0%** |  | $**53523677** |

---

---

| | |
|:---|:---|
| **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<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  MSCI Emerging Markets Index Futures | 3 | December 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 |

---

(a) 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 $4,619,093 or 8.6% of net assets.

(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 | Assets |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $52,331,346) | $53023495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $430,229) | 430229 |
|  Cash | 3395 |
|  Cash collateral due from broker | 6072 |
|  Foreign currencies, at value (cost $54,875) | 55372 |
|  Unaffiliated dividends receivable | 30088 |
|  Affiliated dividends receivable | 2391 |
|  Receivable for variation margin on futures | 732 |
|  Receivable due from Adviser | 197 |
|  Total assets | 53551971 |
| Liabilities | Liabilities |
|  Advisory fee payable | 28294 |
|  Total liabilities | 28294 |
|  Net Assets | $**53523677** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $135 |
|  Additional paid-in capital | 52882423 |
|  Distributable earnings | 641119 |
|  **Net Assets** | $**53523677** |
|  **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<sup>(a)</sup> to November 30, 2025

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $18,007) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 4265 | $127320 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 52817 |  |
|  Total expenses | 52817 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (219) |  |
|  Net expenses |  | 52598 |
|  Net investment income |  | 74722 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized loss on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (79710) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (47380) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 692149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | 493 |
|  Net gain on investment and foreign currency transactions |  | 566397 |
|  **Net Increase in Net Assets from Operations** |  | $**641119** |

---

(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<sup>(a)</sup><br>to November 30, 2025** |
| Increase (Decrease) in Net Assets from Operations | Increase (Decrease) in Net Assets from Operations |
|  Net investment income | $74722 |
|  Net realized loss on investment and foreign currency transactions | (127095) |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 693492 |
|  Net increase in net assets from operations | 641119 |
| Transactions in Shares of the Fund | Transactions in Shares of the Fund |
|  Net increase | 52800450 |
|  Other capital | 82108 |
|  Total increase | 53523677 |
| Net Assets | Net Assets |
|  Beginning of period | – 0 |
|  End of period | $**53523677** |

---

(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

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 Emerging Markets Opportunities ETF (the "Fund"), a diversified portfolio. The Fund commenced investment operations on June 17, 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 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.

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

---

| | |
|:---|:---|
| 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.

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.

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

---

| | |
|:---|:---|
| **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)

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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |  |
|  **Assets:** |  |  |  |  |  |
|  Common Stocks<sup>(a)</sup> | $53023495 | $– 0 | $– 0 | $53023495 |  |
|  Short-Term Investments | 430229 | – 0 | – 0 | 430229 |  |
|  Total Investments in Securities | 53453724 | – 0 | – 0 | 53453724 |  |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  Futures | 850 | – 0 | – 0 | 850 | <sup>(c)</sup> |
|  **Liabilities** | – 0 | – 0 | – 0 | – 0 |  |
|  **Total** | $**53454574** | $**– 0** | $**– 0** | $**53454574** |  |

---

(a) See Portfolio of Investments for sector classifications.

(b) 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.

(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.

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.

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 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

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.

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| | |
|:---|:---|
| **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

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.

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.

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| | |
|:---|:---|
| 12 AB Emerging Markets Opportunities ETF | **ABFunds.com** |

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------

**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.

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 $219.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |

---

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 period ended November 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49302919 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2974175 |
|  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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6082310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52810704 |
|  Gross unrealized appreciation | $1842913 |
|  Gross unrealized depreciation | (1199893) |
|  Net unrealized appreciation | $643020 |

---

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.

The principal types of derivatives 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

---

| | |
|:---|:---|
| 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** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Equity contracts | Receivable for<br>variation margin<br>on futures | $850 \* |  |  |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. <br>

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Equity contracts | Net realized gain (loss)<br>on futures; Net change in<br>unrealized appreciation<br>(depreciation) of<br>futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $850 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205790 <sup>(a)</sup> |

---

(a) Positions were open for two months during the period.

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

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 |
|  | June 17, 2025<sup>(a)</sup> to<br>November 30,<br>2025 | June 17, 2025<sup>(a)</sup> to<br>November 30,<br>2025 |
|  Shares sold | 1350028 | $52800450 |
|  **Net increase** | **1350028** | $**52800450** |

---

(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.

**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 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.

**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.

**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.

**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.

**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"). 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.

**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.

---

| | |
|:---|:---|
| **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: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74038 |
|  Accumulated capital and other losses | (76432)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 643513 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641119 |

---

(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,<br>2025<sup>(a)</sup> to<br>November 30,<br>2025** |  |
|  Net asset value, beginning of period | $35.00 |  |
|  Income From Investment Operations | Income From Investment Operations |  |
|  Net investment gain<sup>(b)(c)</sup> | .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 Return |  |
|  Total investment return based on net asset value<sup>(d)</sup> | 13.27 | % |
|  Ratios/Supplemental Data | Ratios/Supplemental Data |  |
|  Net assets, end of period (000's omitted) | $53524 |  |
|  Ratio to average net assets of: | Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .70 | %<sup>^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .70 | %<sup>^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment gain<sup>(c)</sup> | .99 | %<sup>^</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 16 | % |

---

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Net of expenses waived/reimbursed by the Adviser.

(d) 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.

(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
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.

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, brokers and others; when replies were not received from brokers or others, we per-

---

| | |
|:---|:---|
| 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](g21023g91r55.jpg)

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.

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.

---

| | |
|:---|:---|
| 26 AB Emerging Markets Opportunities ETF | **ABFunds.com** |

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------

#### 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").

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 Emerging Markets Opportunities ETF 27 |

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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 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
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. 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

---

| | |
|:---|:---|
| 28 AB Emerging Markets Opportunities ETF | **ABFunds.com** |

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------

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.

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Emerging Markets Opportunities ETF 29 |

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------

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** |

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#### NOTES

---

| | |
|:---|:---|
| **ABFunds.com** | AB Emerging Markets Opportunities ETF 31 |

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| | |
|:---|:---|
| 32 AB Emerging Markets Opportunities ETF | **ABFunds.com** |

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![LOGO](g21023g28a43.jpg)

AB EMERGING MARKETS OPPORTUNITIES ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-EMO-0151-1125 ![LOGO](g21023g22c48.jpg)

------

#### November 30, 2025
![LOGO](g43643g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB High Yield ETF

(NYSE Arca: HYFI)

![LOGO](g43643g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS

#### November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CORPORATES - NON-INVESTMENT GRADE – 80.6% |  |  |  |
|  Industrial – 71.3% | Industrial – 71.3% | Industrial – 71.3% | Industrial – 71.3% |
|  **Basic – 4.4%** | **Basic – 4.4%** | **Basic – 4.4%** | **Basic – 4.4%** |
|  Advanced Drainage Systems, Inc. <br>6.375%, 06/15/2030<sup>(a)</sup> | U.S.$| 150 | $152869 |
|  Alcoa Nederland Holding BV <br>4.125%, 03/31/2029<sup>(a)</sup> |  | 2058 | 2020071 |
|  Arsenal AIC Parent LLC <br>11.50%, 10/01/2031<sup>(a)</sup> |  | 1672 | 1840772 |
|  ASP Unifrax Holdings, Inc. <br>7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029<sup>(a)(b)</sup> |  | 281 | 42103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.175% (10.425% Cash or 11.175% PIK or 6.425% Cash and 4.75% PIK), 09/30/2029<sup>(a)(b)(c)</sup> |  | 698 | 550119 |
|  Big River Steel LLC/BRS Finance Corp. <br>6.625%, 01/31/2029<sup>(a)</sup> |  | 50 | 50151 |
|  Celanese US Holdings LLC <br>6.879%, 07/15/2032<sup>(c)</sup> |  | 206 | 210211 |
|  Cerdia Finanz GmbH <br>9.375%, 10/03/2031<sup>(a)</sup> |  | 200 | 206394 |
|  Champion Iron Canada, Inc. <br>7.875%, 07/15/2032<sup>(a)</sup> |  | 1234 | 1300858 |
|  Clydesdale Acquisition Holdings, Inc. <br>8.75%, 04/15/2030<sup>(a)</sup> |  | 506 | 506658 |
|  Commercial Metals Co. <br>5.75%, 11/15/2033<sup>(a)</sup> |  | 227 | 232053 |
|  Compass Minerals International, Inc. <br>8.00%, 07/01/2030<sup>(a)</sup> |  | 145 | 150904 |
|  CVR Partners LP/CVR Nitrogen Finance Corp. <br>6.125%, 06/15/2028<sup>(a)</sup> |  | 1519 | 1516327 |
|  GPD Cos., Inc. <br>12.50% (12.50% Cash and 2.375% PIK), 12/31/2029<sup>(a)(b)</sup> |  | 49 | 27445 |
|  INEOS Finance PLC <br>7.25%, 03/31/2031<sup>(a)</sup> | EUR | 355 | 366787 |
|  INEOS Quattro Finance 2 PLC <br>6.75%, 04/15/2030<sup>(a)</sup> |  | 141 | 133806 |
|  Inversion Escrow Issuer LLC <br>6.75%, 08/01/2032<sup>(a)</sup> | U.S.$| 327 | 319777 |
|  Magnetation LLC/Mag Finance Corp. <br>11.00%, 05/15/2023<sup>(d)(e)(f)(g)(h)</sup> |  | 60 | – 0 |
|  Novelis Corp. <br>4.75%, 01/30/2030<sup>(a)</sup> |  | 868 | 836570 |
|  Olympus Water US Holding Corp. <br>7.25%, 06/15/2031<sup>(a)</sup> |  | 410 | 410890 |
|  Rain Carbon, Inc. <br>12.25%, 09/01/2029<sup>(a)</sup> |  | 64 | 66058 |

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| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 1 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Roller Bearing Co. of America, Inc. <br>4.375%, 10/15/2029<sup>(a)</sup> | U.S.$| 408 | $| 401705 |
|  SunCoke Energy, Inc. <br>4.875%, 06/30/2029<sup>(a)</sup> |  | 68 |  | 62236 |
|  Vibrantz Technologies, Inc. <br>9.00%, 02/15/2030<sup>(a)</sup> |  | 240 |  | 67200 |
|  WR Grace Holdings LLC <br>4.875%, 06/15/2027<sup>(a)</sup> |  | 117 |  | 116163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/15/2029<sup>(a)</sup> |  | 136 |  | 128317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 08/15/2032<sup>(a)</sup> |  | 1588 |  | 1577424 |
|  |  |  |  | 13293868 |
|  **Capital Goods – 6.3%** | **Capital Goods – 6.3%** | **Capital Goods – 6.3%** | **Capital Goods – 6.3%** | **Capital Goods – 6.3%** |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC <br>5.00%, 01/30/2031<sup>(a)</sup> | EUR | 177 |  | 207227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2027<sup>(a)</sup> | U.S.$| 238 |  | 240911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/30/2031<sup>(a)</sup> |  | 213 |  | 216681 |
|  Artera Services LLC <br>8.50%, 02/15/2031<sup>(a)</sup> |  | 93 |  | 79727 |
|  Bombardier, Inc. <br>6.00%, 02/15/2028<sup>(a)</sup> |  | 302 |  | 302794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 07/01/2031<sup>(a)</sup> |  | 413 |  | 439787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 05/01/2034<sup>(a)</sup> |  | 337 |  | 377332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/01/2029<sup>(a)</sup> |  | 121 |  | 126329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 04/15/2027<sup>(a)</sup> |  | 7 |  | 7000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/2030<sup>(a)</sup> |  | 1007 |  | 1086976 |
|  Calderys Financing LLC <br>11.25%, 06/01/2028<sup>(a)</sup> |  | 307 |  | 326762 |
|  Camelot Return Merger Sub, Inc. <br>8.75%, 08/01/2028<sup>(a)</sup> |  | 798 |  | 667471 |
|  Clean Harbors, Inc. <br>6.375%, 02/01/2031<sup>(a)</sup> |  | 294 |  | 302426 |
|  Cornerstone Building Brands, Inc. <br>9.50%, 08/15/2029<sup>(a)</sup> |  | 120 |  | 96274 |
|  Dycom Industries, Inc. <br>4.50%, 04/15/2029<sup>(a)</sup> |  | 91 |  | 89934 |
|  EnerSys <br>4.375%, 12/15/2027<sup>(a)</sup> |  | 80 |  | 79442 |
|  Esab Corp. <br>6.25%, 04/15/2029<sup>(a)</sup> |  | 1298 |  | 1337316 |
|  GFL Environmental, Inc. <br>4.375%, 08/15/2029<sup>(a)</sup> |  | 438 |  | 431824 |
|  Griffon Corp. <br>5.75%, 03/01/2028 |  | 408 |  | 408865 |
|  Hillenbrand, Inc. <br>6.25%, 02/15/2029 |  | 176 |  | 180451 |
|  LSB Industries, Inc. <br>6.25%, 10/15/2028<sup>(a)(c)</sup> |  | 764 |  | 760532 |

---

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| | |
|:---|:---|
| 2 AB High Yield ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Luna 2 5SARL <br>5.50%, 07/01/2032<sup>(a)</sup> | EUR | 125 | $| 146641 |
|  Madison IAQ LLC <br>5.875%, 06/30/2029<sup>(a)</sup> | U.S.$| 1600 |  | 1583184 |
|  Maxam Prill SARL <br>7.75%, 07/15/2030<sup>(a)</sup> |  | 483 |  | 492568 |
|  MIWD Holdco II LLC/MIWD Finance Corp. <br>5.50%, 02/01/2030<sup>(a)</sup> |  | 1358 |  | 1289801 |
|  Moog, Inc. <br>4.25%, 12/15/2027<sup>(a)</sup> |  | 894 |  | 888600 |
|  Mueller Water Products, Inc. <br>4.00%, 06/15/2029<sup>(a)</sup> |  | 1157 |  | 1126363 |
|  Reworld Holding Corp. <br>4.875%, 12/01/2029<sup>(a)</sup> |  | 407 |  | 386048 |
|  Spirit AeroSystems, Inc. <br>9.375%, 11/30/2029<sup>(a)</sup> |  | 197 |  | 206945 |
|  Terex Corp. <br>5.00%, 05/15/2029<sup>(a)</sup> |  | 178 |  | 177014 |
|  TransDigm, Inc. <br>4.625%, 01/15/2029 |  | 1229 |  | 1214338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/01/2029<sup>(a)</sup> |  | 2195 |  | 2263594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028<sup>(a)</sup> |  | 690 |  | 705152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 12/15/2030<sup>(a)</sup> |  | 916 |  | 955278 |
|  WESCO Distribution, Inc. <br>7.25%, 06/15/2028<sup>(a)</sup> |  | 124 |  | 125859 |
|  |  |  |  | 19327446 |
|  **Communications - Media – 6.7%** | **Communications - Media – 6.7%** | **Communications - Media – 6.7%** | **Communications - Media – 6.7%** | **Communications - Media – 6.7%** |
|  AMC Networks, Inc. <br>10.25%, 01/15/2029<sup>(a)</sup> |  | 184 |  | 193156 |
|  Arches Buyer, Inc. <br>6.125%, 12/01/2028<sup>(a)</sup> |  | 617 |  | 604666 |
|  Clear Channel Outdoor Holdings, Inc. <br>7.125%, 02/15/2031<sup>(a)</sup> |  | 445 |  | 463392 |
|  CSC Holdings LLC <br>4.50%, 11/15/2031<sup>(a)</sup> |  | 199 |  | 112829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/01/2030<sup>(a)</sup> |  | 1536 |  | 547953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/01/2028<sup>(a)</sup> |  | 298 |  | 215692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2027<sup>(a)</sup> |  | 356 |  | 307100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030<sup>(a)</sup> |  | 400 |  | 148096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2029<sup>(a)</sup> |  | 351 |  | 219628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2028<sup>(a)</sup> |  | 200 |  | 119480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 05/15/2028<sup>(a)</sup> |  | 449 |  | 348078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 01/31/2029<sup>(a)</sup> |  | 305 |  | 212637 |
|  DIRECTV Financing LLC <br>8.875%, 02/01/2030<sup>(a)</sup> |  | 140 |  | 139132 |
|  DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. <br>5.875%, 08/15/2027<sup>(a)</sup> |  | 410 |  | 410951 |

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| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 3 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 02/15/2031<sup>(a)</sup> | U.S.$| 725 | $720650 |
|  Discovery Communications LLC <br>3.625%, 05/15/2030 |  | 442 | 409871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/15/2029 |  | 544 | 529007 |
|  DISH DBS Corp.<br>5.125%, 06/01/2029 |  | 941 | 791099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026<sup>(a)</sup> |  | 1276 | 1245363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(a)</sup> |  | 447 | 431654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 07/01/2028 |  | 462 | 430552 |
|  EW Scripps Co. (The) <br>9.875%, 08/15/2030<sup>(a)</sup> |  | 201 | 202162 |
|  Gray Media, Inc. <br>4.75%, 10/15/2030<sup>(a)</sup> |  | 185 | 143534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/2031<sup>(a)</sup> |  | 17 | 12789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 08/15/2033<sup>(a)</sup> |  | 311 | 312829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 07/15/2032<sup>(a)</sup> |  | 676 | 702709 |
|  iHeartCommunications, Inc. <br>9.125%, 05/01/2029<sup>(a)</sup> |  | 232 | 214290 |
|  LCPR Senior Secured Financing DAC <br>5.125%, 07/15/2029<sup>(a)</sup> |  | 654 | 414237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027<sup>(a)</sup> |  | 400 | 271792 |
|  McGraw-Hill Education, Inc. <br>5.75%, 08/01/2028<sup>(a)</sup> |  | 1144 | 1145213 |
|  Millennium Escrow Corp. <br>6.625%, 08/01/2026<sup>(a)</sup> |  | 1082 | 1054073 |
|  National CineMedia, Inc. <br>5.75%, 08/15/2026<sup>(e)(f)(h)(i)</sup> |  | 21 | – 0 |
|  Neptune Bidco US, Inc. <br>9.29%, 04/15/2029<sup>(a)</sup> |  | 1552 | 1546583 |
|  Paramount Global <br>6.375%, 03/30/2062 |  | 385 | 377385 |
|  Sinclair Television Group, Inc. <br>5.50%, 03/01/2030<sup>(a)</sup> |  | 142 | 125393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 02/15/2033<sup>(a)</sup> |  | 443 | 461163 |
|  Snap, Inc. <br>6.875%, 03/15/2034<sup>(a)</sup> |  | 377 | 386365 |
|  Summer BC Holdco B SARL <br>5.875%, 02/15/2030<sup>(a)</sup> | EUR | 113 | 119002 |
|  Veritiv Operating Co. <br>10.50%, 11/30/2030<sup>(a)</sup> | U.S.$| 199 | 214176 |
|  Versant Media Group, Inc. <br>7.25%, 01/30/2031<sup>(a)</sup> |  | 1302 | 1336815 |
|  Warnermedia Holdings, Inc. <br>4.279%, 03/15/2032 |  | 1644 | 1503438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042 |  | 1541 | 1232800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141%, 03/15/2052 |  | 147 | 110306 |
|  |  |  | 20488040 |

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| | |
|:---|:---|
| 4 AB High Yield ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Communications - Telecommunications – 2.3%** | **Communications - Telecommunications – 2.3%** | **Communications - Telecommunications – 2.3%** | **Communications - Telecommunications – 2.3%** |
|  Altice Financing SA <br>5.75%, 08/15/2029<sup>(a)</sup> | U.S.$| 261 | $178258 |
|  Altice France Lux 3/Altice Holdings 1 <br>10.00%, 01/15/2033<sup>(g)</sup> |  | 50 | 48397 |
|  Altice France SA <br>6.50%, 04/15/2032<sup>(a)</sup> |  | 493 | 479295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 10/15/2030<sup>(a)</sup> |  | 512 | 505366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 07/15/2032<sup>(a)</sup> |  | 570 | 554733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/2029<sup>(a)</sup> |  | 273 | 280725 |
|  APLD ComputeCo LLC <br>9.25%, 12/15/2030<sup>(a)</sup> |  | 240 | 231386 |
|  Cogent Communications Group LLC/Cogent Finance, Inc. <br>7.00%, 06/15/2027<sup>(a)</sup> |  | 150 | 148394 |
|  Connect Finco SARL/Connect US Finco LLC <br>9.00%, 09/15/2029<sup>(a)</sup> |  | 200 | 212716 |
|  EchoStar Corp. <br>6.75% (6.75% Cash or 6.75% PIK), 11/30/2030<sup>(b)(c)</sup> |  | 746 | 775175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/30/2029 |  | 689 | 760040 |
|  Fibercop SpA <br>6.00%, 09/30/2034<sup>(a)</sup> |  | 640 | 603507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 07/18/2036<sup>(a)</sup> |  | 564 | 560577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.721%, 06/04/2038<sup>(a)</sup> |  | 405 | 408536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2033 <br>6.375%, 11/15/2033<sup>(a)</sup> |  | 200 | 196006 |
|  GCI LLC <br>4.75%, 10/15/2028<sup>(a)</sup> |  | 200 | 194064 |
|  Lorca Telecom Bondco SA <br>4.00%, 09/18/2027<sup>(a)</sup> | EUR | 142 | 164973 |
|  Vmed O2 UK Financing I PLC <br>4.75%, 07/15/2031<sup>(a)</sup> | U.S.$| 200 | 184344 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. <br>8.25%, 10/01/2031<sup>(a)</sup> |  | 456 | 474030 |
|  |  |  | 6960522 |
|  **Consumer Cyclical - Automotive – 3.7%** | **Consumer Cyclical - Automotive – 3.7%** | **Consumer Cyclical - Automotive – 3.7%** | **Consumer Cyclical - Automotive – 3.7%** |
|  Adient Global Holdings Ltd. <br>8.25%, 04/15/2031<sup>(a)</sup> |  | 928 | 976599 |
|  Allison Transmission, Inc. <br>5.875%, 12/01/2033<sup>(a)</sup> |  | 232 | 234160 |
|  Aston Martin Capital Holdings Ltd. <br>10.00%, 03/31/2029<sup>(a)</sup> |  | 974 | 861045 |
|  Clarios Global LP/Clarios US Finance Co. <br>6.75%, 09/15/2032<sup>(a)</sup> |  | 593 | 610446 |
|  Exide Technologies (Exchange Priority) <br>11.00%, 10/31/2024<sup>(d)(e)(f)(g)(h)(i)</sup> |  | 32 | – 0 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 5 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Exide Technologies (First Lien) <br>11.00%, 10/31/2024<sup>(d)(e)(f)(g)(h)(i)</sup> | U.S.$| 13 | $– 0 |
|  Goodyear Tire & Rubber Co. (The) <br>5.00%, 07/15/2029 |  | 676 | 658133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2031 |  | 528 | 498221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/30/2033 |  | 502 | 474254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 07/15/2030 |  | 382 | 388525 |
|  IHO Verwaltungs GmbH <br>6.75% (6.75% Cash or 7.50% PIK), 11/15/2029<sup>(a)(b)</sup> | EUR | 144 | 176408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% (7.75% Cash or 8.50% PIK), 11/15/2030<sup>(a)(b)</sup> | U.S.$| 200 | 207990 |
|  JB Poindexter & Co., Inc. <br>8.75%, 12/15/2031<sup>(a)</sup> |  | 150 | 156671 |
|  New Flyer Holdings, Inc. <br>9.25%, 07/01/2030<sup>(a)</sup> |  | 102 | 109349 |
|  Nissan Motor Acceptance Co. LLC<br>2.75%, 03/09/2028<sup>(a)</sup> |  | 211 | 198397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 09/30/2030<sup>(a)</sup> |  | 153 | 151670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 09/15/2028<sup>(a)</sup> |  | 1767 | 1821865 |
|  Nissan Motor Co., Ltd.<br>4.81%, 09/17/2030<sup>(a)</sup> |  | 1062 | 996761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 07/17/2035<sup>(a)</sup> |  | 606 | 642003 |
|  PM General Purchaser LLC <br>9.50%, 10/01/2028<sup>(a)</sup> |  | 873 | 735599 |
|  Tenneco, Inc. <br>8.00%, 11/17/2028<sup>(a)</sup> |  | 814 | 814041 |
|  Titan International, Inc. <br>7.00%, 04/30/2028 |  | 17 | 17085 |
|  ZF North America Capital, Inc. <br>7.125%, 04/14/2030<sup>(a)</sup> |  | 464 | 459805 |
|  |  |  | 11189027 |
|  **Consumer Cyclical - Entertainment – 1.8%** |  |  |  |
|  Boyne USA, Inc. <br>4.75%, 05/15/2029<sup>(a)</sup> |  | 755 | 743532 |
|  Lindblad Expeditions LLC <br>7.00%, 09/15/2030<sup>(a)</sup> |  | 1277 | 1310662 |
|  Live Nation Entertainment, Inc.<br>3.75%, 01/15/2028<sup>(a)</sup> |  | 232 | 227230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/2027<sup>(a)</sup> |  | 262 | 264845 |
|  NCL Corp., Ltd. <br>5.875%, 01/15/2031<sup>(a)</sup> |  | 552 | 545232 |
|  Patrick Industries, Inc. <br>6.375%, 11/01/2032<sup>(a)</sup> |  | 162 | 166154 |
|  SeaWorld Parks & Entertainment, Inc. <br>5.25%, 08/15/2029<sup>(a)</sup> |  | 1161 | 1122141 |

---

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| | |
|:---|:---|
| 6 AB High Yield ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Six Flags Entertainment Corp. <br>7.25%, 05/15/2031<sup>(a)</sup> | U.S.$| 869 | $828035 |
|  Viking Cruises Ltd.<br>7.00%, 02/15/2029<sup>(a)</sup> |  | 50 | 50252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 07/15/2031<sup>(a)</sup> |  | 121 | 129747 |
|  |  |  | 5387830 |
|  **Consumer Cyclical - Other – 6.6%** |  |  |  |
|  Affinity Interactive <br>6.875%, 12/15/2027<sup>(a)</sup> |  | 59 | 25451 |
|  Allwyn Entertainment Financing UK PLC <br>7.875%, 04/30/2029<sup>(a)</sup> |  | 438 | 453448 |
|  AmeriTex HoldCo Intermediate LLC <br>7.625%, 08/15/2033<sup>(a)</sup> |  | 634 | 667463 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC<br>4.875%, 02/15/2030<sup>(a)</sup> |  | 1187 | 1105702 |
|  Builders FirstSource, Inc. <br>5.00%, 03/01/2030<sup>(a)</sup> |  | 1667 | 1659782 |
|  Caesars Entertainment, Inc.<br>4.625%, 10/15/2029<sup>(a)</sup> |  | 533 | 504932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/2032<sup>(a)</sup> |  | 224 | 213765 |
|  CD&R Smokey Buyer, Inc./Radio Systems Corp. <br>9.50%, 10/15/2029<sup>(a)</sup> |  | 222 | 150594 |
|  Churchill Downs, Inc. <br>5.50%, 04/01/2027<sup>(a)</sup> |  | 106 | 106151 |
|  Cirsa Finance International SARL <br>6.50%, 03/15/2029<sup>(a)</sup> | EUR | 220 | 264977 |
|  CP Atlas Buyer, Inc. <br>9.75%, 07/15/2030<sup>(a)</sup> | U.S.$| 790 | 798785 |
|  Full House Resorts, Inc. <br>8.25%, 02/15/2028<sup>(a)</sup> |  | 62 | 53762 |
|  Great Canadian Gaming Corp./Raptor LLC <br>8.75%, 11/15/2029<sup>(a)</sup> |  | 1469 | 1478828 |
|  Hilton Domestic Operating Co., Inc.<br>3.625%, 02/15/2032<sup>(a)</sup> |  | 736 | 683928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/2029<sup>(a)</sup> |  | 729 | 708165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/2028<sup>(a)</sup> |  | 11 | 11035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 04/01/2029<sup>(a)</sup> |  | 419 | 429002 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<br>4.875%, 07/01/2031<sup>(a)</sup> |  | 562 | 520704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029<sup>(a)</sup> |  | 1093 | 1052297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/15/2032<sup>(a)</sup> |  | 115 | 116955 |
|  Jacobs Entertainment, Inc. <br>6.75%, 02/15/2029<sup>(a)</sup> |  | 100 | 96429 |
|  K Hovnanian Enterprises, Inc. <br>8.00%, 04/01/2031<sup>(a)</sup> |  | 189 | 194891 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 7 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Marriott Ownership Resorts, Inc.<br>4.50%, 06/15/2029<sup>(a)</sup> | U.S.$| 1258 | $1195477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2033<sup>(a)</sup> |  | 249 | 236871 |
|  Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC<br>8.25%, 04/15/2030<sup>(a)</sup> |  | 311 | 323745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.875%, 04/15/2031<sup>(a)</sup> |  | 290 | 303401 |
|  Standard Building Solutions, Inc.<br>6.25%, 08/01/2033<sup>(a)</sup> |  | 266 | 272975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/15/2032<sup>(a)</sup> |  | 365 | 376735 |
|  Standard Industries, Inc./NY<br>3.375%, 01/15/2031<sup>(a)</sup> |  | 327 | 299924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 07/15/2030<sup>(a)</sup> |  | 700 | 679161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028<sup>(a)</sup> |  | 779 | 776328 |
|  Station Casinos LLC <br>4.50%, 02/15/2028<sup>(a)</sup> |  | 1577 | 1560962 |
|  Taylor Morrison Communities, Inc. <br>5.75%, 01/15/2028<sup>(a)</sup> |  | 284 | 290171 |
|  Thor Industries, Inc. <br>4.00%, 10/15/2029<sup>(a)</sup> |  | 295 | 282510 |
|  Travel & Leisure Co.<br>4.50%, 12/01/2029<sup>(a)</sup> |  | 478 | 466413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/01/2030<sup>(a)</sup> |  | 12 | 11698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2027<sup>(c)</sup> |  | 55 | 55768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 07/31/2026<sup>(a)</sup> |  | 473 | 476240 |
|  Wyndham Hotels & Resorts, Inc. <br>4.375%, 08/15/2028<sup>(a)</sup> |  | 1349 | 1329439 |
|  |  |  | 20234864 |
|  **Consumer Cyclical - Restaurants – 1.1%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc.<br>3.50%, 02/15/2029<sup>(a)</sup> |  | 70 | 67780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 01/15/2028<sup>(a)</sup> |  | 778 | 769209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030<sup>(a)</sup> |  | 366 | 349215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2028<sup>(a)</sup> |  | 1363 | 1352628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 09/15/2029<sup>(a)</sup> |  | 271 | 276206 |
|  BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. <br>9.50%, 07/01/2032<sup>(a)</sup> |  | 104 | 101382 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<br>4.625%, 01/15/2029<sup>(a)</sup> |  | 404 | 389286 |
|  Papa John's International, Inc. <br>3.875%, 09/15/2029<sup>(a)</sup> |  | 22 | 21185 |
|  |  |  | 3326891 |
|  **Consumer Cyclical - Retailers – 6.2%** |  |  |  |
|  Advance Auto Parts, Inc.<br>7.00%, 08/01/2030<sup>(a)</sup> |  | 1888 | 1927478 |

---

---

| | |
|:---|:---|
| 8 AB High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 08/01/2033<sup>(a)</sup> | U.S.$| 267 | $271819 |
|  Arko Corp. <br>5.125%, 11/15/2029<sup>(a)</sup> |  | 76 | 63412 |
|  Asbury Automotive Group, Inc.<br>4.625%, 11/15/2029<sup>(a)</sup> |  | 1526 | 1495160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032<sup>(a)</sup> |  | 185 | 180118 |
|  Beach Acquisition Bidco LLC <br>5.25%, 07/15/2032<sup>(a)</sup> | EUR | 229 | 272113 |
|  Boots Group Finco LP <br>5.375%, 08/31/2032<sup>(a)</sup> |  | 421 | 502737 |
|  Carvana Co. 5.50%, 04/15/2027<sup>(a)</sup> | U.S.$| 39 | 38547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 06/01/2030<sup>(a)(b)(c)</sup> |  | 824 | 861434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 06/01/2031<sup>(a)(b)(c)</sup> |  | 1093 | 1231693 |
|  Champ Acquisition Corp. <br>8.375%, 12/01/2031<sup>(a)</sup> |  | 68 | 72370 |
|  FirstCash, Inc. <br>4.625%, 09/01/2028<sup>(a)</sup> |  | 515 | 510895 |
|  Gap, Inc. (The) <br>3.625%, 10/01/2029<sup>(a)</sup> |  | 338 | 321076 |
|  Global Auto Holdings Ltd/AAG FH UK Ltd.<br>8.375%, 01/15/2029<sup>(a)</sup> |  | 318 | 305369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 01/15/2032<sup>(a)</sup> |  | 668 | 637205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 08/15/2029<sup>(a)</sup> |  | 255 | 263795 |
|  Group 1 Automotive, Inc.<br>4.00%, 08/15/2028<sup>(a)</sup> |  | 833 | 814941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 01/15/2030<sup>(a)</sup> |  | 597 | 613418 |
|  LCM Investments Holdings II LLC <br>4.875%, 05/01/2029<sup>(a)</sup> |  | 1703 | 1677200 |
|  Michaels Cos., Inc. (The)<br>5.25%, 05/01/2028<sup>(a)</sup> |  | 127 | 120453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 05/01/2029<sup>(a)</sup> |  | 153 | 139158 |
|  Murphy Oil USA, Inc. <br>3.75%, 02/15/2031<sup>(a)</sup> |  | 411 | 385756 |
|  Park River Holdings, Inc. <br>8.00%, 03/15/2031<sup>(a)</sup> |  | 152 | 157204 |
|  Penske Automotive Group, Inc. <br>3.75%, 06/15/2029 |  | 1115 | 1077569 |
|  PetSmart LLC/PetSmart Finance Corp.<br>7.50%, 09/15/2032<sup>(a)</sup> |  | 748 | 753438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 09/15/2033<sup>(a)</sup> |  | 498 | 509339 |
|  QXO Building Products, Inc. <br>6.75%, 04/30/2032<sup>(a)</sup> |  | 793 | 830255 |
|  Saks Global Enterprises LLC <br>11.00%, 12/15/2029<sup>(a)</sup> |  | 97 | 34015 |
|  Sonic Automotive, Inc.<br>4.625%, 11/15/2029<sup>(a)</sup> |  | 87 | 85047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/2031<sup>(a)</sup> |  | 100 | 96312 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 9 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Specialty Building Products Holdings LLC/SBP Finance Corp. <br>7.75%, 10/15/2029<sup>(a)</sup> | U.S.$| 766 | $758263 |
|  Staples, Inc.<br>10.75%, 09/01/2029<sup>(a)</sup> |  | 1120 | 1107075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 01/15/2030<sup>(a)</sup> |  | 254 | 200960 |
|  VF Corp. <br>2.95%, 04/23/2030 |  | 91 | 81739 |
|  White Cap Supply Holdings LLC <br>7.375%, 11/15/2030<sup>(a)</sup> |  | 206 | 210052 |
|  William Carter Co. (The) <br>7.375%, 02/15/2031<sup>(a)</sup> |  | 396 | 403972 |
|  Wolverine World Wide, Inc. <br>4.00%, 08/15/2029<sup>(a)</sup> |  | 89 | 81681 |
|  |  |  | 19093068 |
|  **Consumer Non-Cyclical – 9.7%** |  |  |  |
|  Acadia Healthcare Co., Inc. <br>5.00%, 04/15/2029<sup>(a)</sup> |  | 150 | 145728 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<br>3.50%, 03/15/2029<sup>(a)</sup> |  | 874 | 839940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/2028<sup>(a)</sup> |  | 985 | 987581 |
|  Bausch & Lomb Corp. <br>8.375%, 10/01/2028<sup>(a)</sup> |  | 832 | 868442 |
|  Bausch Health Americas, Inc. <br>8.50%, 01/31/2027<sup>(a)</sup> |  | 59 | 58793 |
|  Bausch Health Cos., Inc.<br>4.875%, 06/01/2028<sup>(a)</sup> |  | 261 | 237291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 09/30/2028<sup>(a)</sup> |  | 1530 | 1611365 |
|  CHS/Community Health Systems, Inc.<br>4.75%, 02/15/2031<sup>(a)</sup> |  | 155 | 139171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2030<sup>(a)</sup> |  | 1286 | 1215450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2029<sup>(a)</sup> |  | 20 | 20107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/15/2029<sup>(a)</sup> |  | 423 | 388682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.875%, 01/15/2032<sup>(a)</sup> |  | 353 | 381536 |
|  CVS Health Corp.<br>6.75%, 12/10/2054 |  | 33 | 34109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/10/2055 |  | 495 | 522091 |
|  Embecta Corp. <br>5.00%, 02/15/2030<sup>(a)</sup> |  | 1244 | 1184052 |
|  Emergent BioSolutions, Inc. <br>3.875%, 08/15/2028<sup>(a)</sup> |  | 747 | 667743 |
|  Genmab A/S/Genmab Finance LLC<br>6.25%, 12/15/2032<sup>(a)</sup> |  | 748 | 768824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 12/15/2033<sup>(a)</sup> |  | 263 | 275314 |
|  Grifols SA<br>3.875%, 10/15/2028<sup>(a)</sup> | EUR | 312 | 356595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2028<sup>(a)</sup> | U.S.$| 1003 | 981556 |

---

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| | |
|:---|:---|
| 10 AB High Yield ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Gruppo San Donato SpA <br>6.50%, 10/31/2031<sup>(a)</sup> | EUR | 335 | $395860 |
|  IQVIA, Inc.<br>5.00%, 10/15/2026<sup>(a)</sup> | U.S.$| 400 | 399692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027<sup>(a)</sup> |  | 197 | 197024 |
|  Kedrion SpA <br>6.50%, 09/01/2029<sup>(a)</sup> |  | 350 | 343000 |
|  LifePoint Health, Inc.<br>9.875%, 08/15/2030<sup>(a)</sup> |  | 632 | 680411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 06/01/2032<sup>(a)</sup> |  | 80 | 84682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 10/15/2030<sup>(a)</sup> |  | 1146 | 1264279 |
|  Medline Borrower LP <br>3.875%, 04/01/2029<sup>(a)</sup> |  | 1064 | 1034942 |
|  Mehilainen Yhtiot Oy <br>5.125%, 06/30/2032<sup>(a)</sup> | EUR | 261 | 307729 |
|  ModivCare, Inc.<br>5.00%, 10/01/2029<sup>(c)(f)(g)(j)</sup> | U.S.$| 459 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(f)(g)(j)</sup> |  | 13 | 41 |
|  MPH Acquisition Holdings LLC<br>5.75%, 12/31/2030<sup>(a)</sup> |  | 291 | 256071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (6.00% Cash and 0.75% PIK), 03/31/2031<sup>(a)(b)(c)</sup> |  | 302 | 263692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50% (6.50% Cash and 5.00% PIK), 12/31/2030<sup>(a)(b)(c)</sup> |  | 141 | 150817 |
|  Neogen Food Safety Corp. <br>8.625%, 07/20/2030<sup>(a)</sup> |  | 111 | 118252 |
|  Newell Brands, Inc. <br>8.50%, 06/01/2028<sup>(a)</sup> |  | 247 | 257636 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV<br>4.125%, 04/30/2028<sup>(a)</sup> |  | 865 | 845615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 04/30/2031<sup>(a)</sup> |  | 649 | 544057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 05/15/2034<sup>(a)</sup> |  | 440 | 371276 |
|  Owens & Minor, Inc. <br>6.625%, 04/01/2030<sup>(a)</sup> |  | 88 | 56354 |
|  Paradigm Parent LLC & Paradigm Parent CO-Issuer, Inc. <br>8.75%, 04/17/2032<sup>(a)</sup> |  | 1385 | 1312398 |
|  Performance Food Group, Inc. <br>5.50%, 10/15/2027<sup>(a)</sup> |  | 373 | 373343 |
|  Perrigo Finance Unlimited Co. <br>4.90%, 06/15/2030<sup>(c)</sup> |  | 315 | 303578 |
|  Post Holdings, Inc. <br>6.25%, 02/15/2032<sup>(a)</sup> |  | 490 | 506400 |
|  Surgery Center Holdings, Inc. <br>7.25%, 04/15/2032<sup>(a)</sup> |  | 208 | 213560 |
|  Tenet Healthcare Corp.<br>4.25%, 06/01/2029 |  | 1859 | 1824441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2030 |  | 797 | 780885 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 11 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2032<sup>(a)</sup> | U.S.$| 674 | $684845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/2033<sup>(a)</sup> |  | 215 | 221979 |
|  US Foods, Inc.<br>4.75%, 02/15/2029<sup>(a)</sup> |  | 1838 | 1828902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 09/15/2028<sup>(a)</sup> |  | 208 | 215234 |
|  Whirlpool Corp.<br>6.125%, 06/15/2030 |  | 1818 | 1841507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/2033 |  | 226 | 224536 |
|  |  |  | 29587982 |
|  **Energy – 10.8%** |  |  |  |
|  Aethon United BR LP/Aethon United Finance Corp. <br>7.50%, 10/01/2029<sup>(a)</sup> |  | 191 | 199557 |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp.<br>5.375%, 06/15/2029<sup>(a)</sup> |  | 1348 | 1353176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2028<sup>(a)</sup> |  | 199 | 199306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 02/01/2032<sup>(a)</sup> |  | 78 | 80883 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp. <br>5.875%, 06/30/2029<sup>(a)</sup> |  | 132 | 132457 |
|  Baytex Energy Corp. <br>8.50%, 04/30/2030<sup>(a)</sup> |  | 248 | 261615 |
|  BKV Upstream Midstream LLC <br>7.50%, 10/15/2030<sup>(a)</sup> |  | 104 | 104861 |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp.<br>7.00%, 07/15/2029<sup>(a)</sup> |  | 491 | 512182 |
|  Buckeye Partners LP<br>4.50%, 03/01/2028<sup>(a)</sup> |  | 996 | 991399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/2030<sup>(a)</sup> |  | 188 | 196954 |
|  California Resources Corp. <br>8.25%, 06/15/2029<sup>(a)</sup> |  | 246 | 257614 |
|  Caturus Energy LLC <br>8.50%, 02/15/2030<sup>(a)</sup> |  | 91 | 94049 |
|  Chord Energy Corp. <br>6.00%, 10/01/2030<sup>(a)</sup> |  | 269 | 271238 |
|  CITGO Petroleum Corp. <br>8.375%, 01/15/2029<sup>(a)</sup> |  | 227 | 236788 |
|  Civitas Resources, Inc.<br>8.375%, 07/01/2028<sup>(a)</sup> |  | 572 | 591088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 11/01/2030<sup>(a)</sup> |  | 858 | 898704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 07/01/2031<sup>(a)</sup> |  | 179 | 186547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 06/15/2033<sup>(a)</sup> |  | 459 | 495775 |
|  CNX Resources Corp. <br>7.375%, 01/15/2031<sup>(a)</sup> |  | 334 | 346909 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC <br>5.50%, 06/15/2031<sup>(a)</sup> |  | 197 | 195781 |

---

---

| | |
|:---|:---|
| 12 AB High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Crescent Energy Finance LLC<br>7.375%, 01/15/2033<sup>(a)</sup> | U.S.$| 448 | $424359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 04/01/2032<sup>(a)</sup> |  | 28 | 27290 |
|  Delek Logistics Partners LP/Delek Logistics Finance Corp.<br>7.375%, 06/30/2033<sup>(a)</sup> |  | 378 | 387635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 03/15/2029<sup>(a)</sup> |  | 1177 | 1234649 |
|  Excelerate Energy LP <br>8.00%, 05/15/2030<sup>(a)</sup> |  | 497 | 528619 |
|  Genesis Energy LP/Genesis Energy Finance Corp.<br>7.875%, 05/15/2032 |  | 441 | 455288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 05/15/2033 |  | 796 | 821974 |
|  Global Partners LP/GLP Finance Corp. <br>8.25%, 01/15/2032<sup>(a)</sup> |  | 954 | 1001185 |
|  Harvest Midstream I LP<br>7.50%, 09/01/2028<sup>(a)</sup> |  | 354 | 359218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/15/2032<sup>(a)</sup> |  | 932 | 969793 |
|  Hilcorp Energy I LP/Hilcorp Finance Co.<br>5.75%, 02/01/2029<sup>(a)</sup> |  | 1596 | 1568309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030<sup>(a)</sup> |  | 81 | 78423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2031<sup>(a)</sup> |  | 324 | 305360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2032<sup>(a)</sup> |  | 43 | 40481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 05/15/2034<sup>(a)</sup> |  | 214 | 200794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 11/01/2033<sup>(a)</sup> |  | 74 | 75942 |
|  ITT Holdings LLC <br>6.50%, 08/01/2029<sup>(a)</sup> |  | 1445 | 1403514 |
|  Kraken Oil & Gas Partners LLC <br>7.625%, 08/15/2029<sup>(a)</sup> |  | 68 | 67071 |
|  Matador Resources Co. <br>6.875%, 04/15/2028<sup>(a)</sup> |  | 611 | 625615 |
|  Nabors Industries, Inc. <br>9.125%, 01/31/2030<sup>(a)</sup> |  | 223 | 233869 |
|  NFE Financing LLC <br>12.00%, 11/15/2029<sup>(a)(f)(j)</sup> |  | 1412 | 357516 |
|  NuStar Logistics LP<br>5.625%, 04/28/2027 |  | 1036 | 1047489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2026 |  | 286 | 286709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/01/2030 |  | 29 | 30385 |
|  PBF Holding Co. LLC/PBF Finance Corp.<br>7.875%, 09/15/2030<sup>(a)</sup> |  | 39 | 38423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 03/15/2030<sup>(a)</sup> |  | 357 | 375253 |
|  SM Energy Co. <br>6.75%, 08/01/2029<sup>(a)</sup> |  | 1646 | 1642543 |
|  Sunoco LP<br>4.625%, 05/01/2030<sup>(a)</sup> |  | 347 | 338346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 03/15/2031<sup>(a)</sup> |  | 376 | 378388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 08/15/2032<sup>(a)</sup> |  | 245 | 252811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/2029<sup>(a)</sup> |  | 613 | 638066 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 13 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 09/18/2030<sup>(a)(k)</sup> | U.S.$| 261 | $266272 |
|  Sunoco LP/Sunoco Finance Corp.<br>5.875%, 03/15/2028 |  | 16 | 16060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2027 |  | 888 | 888284 |
|  Superior Plus LP/Superior General Partner, Inc. <br>4.50%, 03/15/2029<sup>(a)</sup> |  | 117 | 113209 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<br>5.50%, 01/15/2028<sup>(a)</sup> |  | 1 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 02/15/2029<sup>(a)</sup> |  | 290 | 300776 |
|  Talos Production, Inc.<br>9.00%, 02/01/2029<sup>(a)</sup> |  | 55 | 57301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 02/01/2031<sup>(a)</sup> |  | 1361 | 1433990 |
|  TerraForm Power Operating LLC <br>4.75%, 01/15/2030<sup>(a)</sup> |  | 300 | 288420 |
|  TGNR Intermediate Holdings LLC <br>5.50%, 10/15/2029<sup>(a)</sup> |  | 150 | 146888 |
|  Transocean Aquila Ltd. <br>8.00%, 09/30/2028<sup>(a)</sup> |  | 81 | 83218 |
|  Transocean International Ltd.<br>7.875%, 10/15/2032<sup>(a)</sup> |  | 116 | 121030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 02/15/2030<sup>(a)</sup> |  | 200 | 208765 |
|  Venture Global LNG, Inc.<br>8.125%, 06/01/2028<sup>(a)</sup> |  | 315 | 322620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 06/01/2031<sup>(a)</sup> |  | 140 | 140329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029<sup>(a)(k)</sup> |  | 375 | 318724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 02/01/2032<sup>(a)</sup> |  | 2756 | 2869768 |
|  Vermilion Energy, Inc. <br>6.875%, 05/01/2030<sup>(a)</sup> |  | 32 | 31341 |
|  Viridien <br>10.00%, 10/15/2030<sup>(a)</sup> |  | 200 | 210406 |
|  Vital Energy, Inc. <br>7.875%, 04/15/2032<sup>(a)</sup> |  | 842 | 816993 |
|  WBI Operating LLC <br>6.25%, 10/15/2030<sup>(a)</sup> |  | 311 | 311386 |
|  Weatherford International Ltd. <br>6.75%, 10/15/2033<sup>(a)</sup> |  | 296 | 302968 |
|  Wildfire Intermediate Holdings LLC <br>7.50%, 10/15/2029<sup>(a)</sup> |  | 78 | 79080 |
|  |  |  | 33131028 |
|  **Other Industrial – 1.4%** |  |  |  |
|  Belden, Inc. <br>3.375%, 07/15/2031<sup>(a)</sup> | EUR | 153 | 173272 |
|  Clue Opco LLC <br>9.50%, 10/15/2031<sup>(a)</sup> | U.S.$| 152 | 157708 |
|  Dealer Tire LLC/DT Issuer LLC <br>8.00%, 02/01/2028<sup>(a)</sup> |  | 603 | 600238 |

---

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| | |
|:---|:---|
| 14 AB High Yield ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Pachelbel Bidco SpA<br>6.324% (EURIBOR 3 Month + 4.25%), 05/17/2031<sup>(a)(l)</sup> | EUR | 100 | $117246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 05/17/2031<sup>(a)</sup> |  | 125 | 154462 |
|  RB Global Holdings, Inc. <br>7.75%, 03/15/2031<sup>(a)</sup> | U.S.$| 337 | 353213 |
|  Resideo Funding, Inc. <br>6.50%, 07/15/2032<sup>(a)</sup> |  | 1308 | 1340242 |
|  Steelcase, Inc. <br>5.125%, 01/18/2029 |  | 88 | 86265 |
|  Stena International SA <br>7.25%, 01/15/2031<sup>(a)</sup> |  | 400 | 407988 |
|  Velocity Vehicle Group LLC <br>8.00%, 06/01/2029<sup>(a)</sup> |  | 813 | 799472 |
|  |  |  | 4190106 |
|  **Services – 4.7%** |  |  |  |
|  Allied Universal Holdco LLC <br>7.875%, 02/15/2031<sup>(a)</sup> |  | 1026 | 1081681 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL<br>4.625%, 06/01/2028<sup>(a)</sup> |  | 1398 | 1373054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/2028<sup>(a)</sup> | GBP | 100 | 128465 |
|  ANGI Group LLC <br>3.875%, 08/15/2028<sup>(a)</sup> | U.S.$| 1577 | 1434644 |
|  Belron UK Finance PLC <br>5.75%, 10/15/2029<sup>(a)</sup> |  | 1393 | 1417155 |
|  Clarivate Science Holdings Corp. <br>4.875%, 07/01/2029<sup>(a)</sup> |  | 1689 | 1596527 |
|  Deepocean Ltd. <br>6.00%, 04/08/2031<sup>(a)</sup> | EUR | 221 | 260447 |
|  Engineering - Ingegneria Informatica - SpA<br>7.75% (EURIBOR 3 Month + 5.75%), 02/15/2030<sup>(a)(l)</sup> |  | 103 | 121219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 02/15/2030<sup>(a)</sup> |  | 119 | 147334 |
|  Garda World Security Corp.<br>6.00%, 06/01/2029<sup>(a)</sup> | U.S.$| 1007 | 983789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/2031<sup>(a)</sup> |  | 207 | 212574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 08/01/2032<sup>(a)</sup> |  | 518 | 529935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 11/15/2032<sup>(a)</sup> |  | 124 | 127148 |
|  ION Platform Finance US, Inc./ION Platform Finance SARL <br>8.75%, 05/01/2029<sup>(a)</sup> |  | 200 | 198910 |
|  Matthews International Corp. <br>8.625%, 10/01/2027<sup>(a)</sup> |  | 104 | 107434 |
|  Monitronics International, Inc. <br>9.125%, 04/01/2020<sup>(d)(e)(f)(h)(i)</sup> |  | 14 | – 0 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 15 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Prime Security Services Borrower LLC/Prime Finance, Inc.<br>3.375%, 08/31/2027<sup>(a)</sup> | U.S.$| 1368 | $1336632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/2026<sup>(a)</sup> |  | 182 | 182588 |
|  Rakuten Group, Inc. <br>9.75%, 04/15/2029<sup>(a)</sup> |  | 542 | 600720 |
|  Sabre GLBL, Inc.<br>10.75%, 11/15/2029<sup>(a)</sup> |  | 541 | 476415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.125%, 07/15/2030<sup>(a)</sup> |  | 927 | 801540 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. <br>5.50%, 05/15/2033<sup>(a)</sup> | EUR | 412 | 494208 |
|  Sotheby's <br>7.375%, 10/15/2027<sup>(a)</sup> | U.S.$| 386 | 383271 |
|  Techem Verwaltungsgesellschaft 675 mbH <br>5.375%, 07/15/2029<sup>(a)</sup> | EUR | 178 | 213087 |
|  TriNet Group, Inc. <br>3.50%, 03/01/2029<sup>(a)</sup> | U.S.$| 188 | 177871 |
|  |  |  | 14386648 |
|  **Technology – 2.6%** |  |  |  |
|  Almaviva-The Italian Innovation Co. SpA <br>5.00%, 10/30/2030<sup>(a)</sup> | EUR | 206 | 240159 |
|  AthenaHealth Group, Inc. <br>6.50%, 02/15/2030<sup>(a)</sup> | U.S.$| 28 | 27801 |
|  Cloud Software Group, Inc.<br>6.50%, 03/31/2029<sup>(a)</sup> |  | 1465 | 1477936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 06/30/2032<sup>(a)</sup> |  | 436 | 460516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029<sup>(a)</sup> |  | 400 | 413056 |
|  Consensus Cloud Solutions, Inc. <br>6.50%, 10/15/2028<sup>(a)</sup> |  | 72 | 72301 |
|  Dye & Durham Ltd. <br>8.625%, 04/15/2029<sup>(a)</sup> |  | 105 | 96225 |
|  Ellucian Holdings, Inc. <br>6.50%, 12/01/2029<sup>(a)</sup> |  | 120 | 122179 |
|  Gen Digital, Inc. <br>6.75%, 09/30/2027<sup>(a)</sup> |  | 1446 | 1471941 |
|  GoTo Group, Inc. <br>5.50%, 05/01/2028<sup>(a)</sup> |  | 218 | 149280 |
|  IPD 3 BV <br>5.50%, 06/15/2031<sup>(a)</sup> | EUR | 159 | 186389 |
|  Open Text Corp.<br>3.875%, 02/15/2028<sup>(a)</sup> | U.S.$| 593 | 579580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/01/2029<sup>(a)</sup> |  | 91 | 86284 |
|  Pagaya US Holdings Co. LLC <br>8.875%, 08/01/2030<sup>(a)</sup> |  | 200 | 180190 |
|  Playtika Holding Corp. <br>4.25%, 03/15/2029<sup>(a)</sup> |  | 739 | 668300 |

---

---

| | |
|:---|:---|
| 16 AB High Yield ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Rackspace Finance LLC <br>3.50%, 05/15/2028<sup>(a)</sup> | U.S.$| 526 | $212324 |
|  Rackspace Technology Global, Inc. <br>5.375%, 12/01/2028<sup>(a)</sup> |  | 109 | 25872 |
|  Rocket Software, Inc. <br>9.00%, 11/28/2028<sup>(a)</sup> |  | 217 | 223584 |
|  TeamSystem SpA <br>5.00%, 07/01/2031<sup>(a)</sup> | EUR | 322 | 375764 |
|  TTM Technologies, Inc. <br>4.00%, 03/01/2029<sup>(a)</sup> | U.S.$| 91 | 88518 |
|  Viasat, Inc.<br>6.50%, 07/15/2028<sup>(a)</sup> |  | 22 | 21484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/30/2031<sup>(a)</sup> |  | 60 | 56946 |
|  Virtusa Corp. <br>7.125%, 12/15/2028<sup>(a)</sup> |  | 50 | 48175 |
|  Western Digital Corp. <br>4.75%, 02/15/2026 |  | 187 | 186968 |
|  WULF Compute LLC <br>7.75%, 10/15/2030<sup>(a)</sup> |  | 334 | 345313 |
|  |  |  | 7817085 |
|  **Transportation - Airlines – 0.9%** |  |  |  |
|  Allegiant Travel Co. <br>7.25%, 08/15/2027<sup>(a)</sup> |  | 648 | 656573 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>5.50%, 04/20/2026<sup>(a)</sup> |  | 47 | 47537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029<sup>(a)</sup> |  | 1930 | 1950361 |
|  JetBlue Airways Corp./JetBlue Loyalty LP <br>9.875%, 09/20/2031<sup>(a)</sup> |  | 189 | 186617 |
|  |  |  | 2841088 |
|  **Transportation - Services – 2.1%** |  |  |  |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. <br>5.375%, 05/21/2030<sup>(a)</sup> | EUR | 158 | 188851 |
|  Alta Equipment Group, Inc. <br>9.00%, 06/01/2029<sup>(a)</sup> | U.S.$| 50 | 44406 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<br>4.75%, 04/01/2028<sup>(a)</sup> |  | 1004 | 977153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 03/01/2029<sup>(a)</sup> |  | 890 | 863433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2027<sup>(a)</sup> |  | 6 | 5991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 06/15/2032<sup>(a)</sup> |  | 103 | 106020 |
|  Beacon Mobility Corp. <br>7.25%, 08/01/2030<sup>(a)</sup> |  | 1044 | 1092494 |
|  Danaos Corp. <br>6.875%, 10/15/2032<sup>(a)</sup> |  | 259 | 263670 |
|  Dcli Bidco LLC <br>7.75%, 11/15/2029<sup>(a)</sup> |  | 140 | 137326 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 17 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Edge Finco PLC <br>8.125%, 08/15/2031<sup>(a)</sup> | GBP | 134 | $186886 |
|  FTAI Aviation Investors LLC <br>7.00%, 05/01/2031<sup>(a)</sup> | U.S.$| 289 | 301988 |
|  Hertz Corp. (The) <br>4.625%, 12/01/2026<sup>(a)</sup> |  | 284 | 276173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.625%, 07/15/2029<sup>(a)</sup> |  | 170 | 170093 |
|  Kapla Holding SAS <br>5.00%, 04/30/2031<sup>(a)</sup> | EUR | 359 | 421921 |
|  NESCO Holdings II, Inc. <br>5.50%, 04/15/2029<sup>(a)</sup> | U.S.$| 168 | 166345 |
|  PROG Holdings, Inc. <br>6.00%, 11/15/2029<sup>(a)</sup> |  | 918 | 902431 |
|  Rand Parent LLC <br>8.50%, 02/15/2030<sup>(a)</sup> |  | 179 | 184153 |
|  United Rentals North America, Inc. <br>4.00%, 07/15/2030 |  | 204 | 197072 |
|  Upbound Group, Inc. <br>6.375%, 02/15/2029<sup>(a)</sup> |  | 82 | 80498 |
|  |  |  | 6566904 |
|  |  |  | 217822397 |
|  Financial Institutions – 7.4% |  |  |  |
|  **Banking – 0.4%** |  |  |  |
|  Ally Financial, Inc. <br>Series C <br>4.70%, 05/15/2028<sup>(k)</sup> |  | 28 | 25836 |
|  Armor Holdco, Inc. <br>8.50%, 11/15/2029<sup>(a)</sup> |  | 151 | 150959 |
|  Bread Financial Holdings, Inc. <br>6.75%, 05/15/2031<sup>(a)</sup> |  | 569 | 580892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 06/15/2035<sup>(a)</sup> |  | 243 | 248193 |
|  Credit Acceptance Corp. <br>6.625%, 03/15/2030<sup>(a)</sup> |  | 197 | 196784 |
|  Freedom Mortgage Corp. <br>12.25%, 10/01/2030<sup>(a)</sup> |  | 29 | 32173 |
|  |  |  | 1234837 |
|  **Brokerage – 1.4%** |  |  |  |
|  AG Issuer LLC <br>6.25%, 03/01/2028<sup>(a)</sup> |  | 269 | 269167 |
|  Aretec Group, Inc. <br>7.50%, 04/01/2029<sup>(a)</sup> |  | 101 | 101613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 08/15/2030<sup>(a)</sup> |  | 640 | 694278 |
|  Hightower Holding LLC <br>6.75%, 04/15/2029<sup>(a)</sup> |  | 11 | 11003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 01/31/2030<sup>(a)</sup> |  | 322 | 343201 |
|  Jane Street Group/JSG Finance, Inc. <br>4.50%, 11/15/2029<sup>(a)</sup> |  | 1990 | 1956747 |

---

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| | |
|:---|:---|
| 18 AB High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 04/30/2031<sup>(a)</sup> | U.S.$| 464 | $488810 |
|  Osaic Holdings, Inc. <br>6.75%, 08/01/2032<sup>(a)</sup> |  | 20 | 20714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/2033<sup>(a)</sup> |  | 189 | 194334 |
|  StoneX Group, Inc. <br>7.875%, 03/01/2031<sup>(a)</sup> |  | 201 | 212919 |
|  |  |  | 4292786 |
|  **Finance – 3.4%** |  |  |  |
|  Burford Capital Global Finance LLC <br>9.25%, 07/01/2031<sup>(a)</sup> |  | 575 | 598000 |
|  CNG Holdings, Inc. <br>16.50% (16.50% Cash or 17.50% PIK), 06/30/2031<sup>(a)(b)(e)(h)</sup> |  | 30 | 27144 |
|  Compass Group Diversified Holdings LLC <br>5.25%, 04/15/2029<sup>(a)</sup> |  | 817 | 761080 |
|  Enova International, Inc. <br>9.125%, 08/01/2029<sup>(a)</sup> |  | 1362 | 1438572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 12/15/2028<sup>(a)</sup> |  | 119 | 125998 |
|  Freedom Mortgage Holdings LLC <br>9.25%, 02/01/2029<sup>(a)</sup> |  | 62 | 65333 |
|  GGAM Finance Ltd. <br>8.00%, 06/15/2028<sup>(a)</sup> |  | 512 | 542167 |
|  goeasy Ltd. <br>6.875%, 05/15/2030<sup>(a)</sup> |  | 88 | 84248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 07/01/2029<sup>(a)</sup> |  | 317 | 314363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 12/01/2028<sup>(a)</sup> |  | 83 | 85479 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp. <br>5.00%, 08/15/2028<sup>(a)</sup> |  | 1650 | 1565652 |
|  Midcap Financial Issuer Trust <br>6.50%, 05/01/2028<sup>(a)</sup> |  | 202 | 199138 |
|  Navient Corp. <br>5.625%, 08/01/2033 |  | 1832 | 1650431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 07/25/2030 |  | 373 | 412590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 03/15/2031 |  | 65 | 72626 |
|  Phoenix Aviation Capital Ltd. <br>9.25%, 07/15/2030<sup>(a)</sup> |  | 1204 | 1279443 |
|  Planet Financial Group LLC <br>10.50%, 12/15/2029<sup>(a)</sup> |  | 122 | 127807 |
|  Rfna LP <br>7.875%, 02/15/2030<sup>(a)</sup> |  | 458 | 463743 |
|  Stonebriar ABF Issuer LLC <br>8.125%, 12/15/2030<sup>(a)</sup> |  | 510 | 518884 |
|  Terawulf, Inc. <br>Zero Coupon, 05/01/2032<sup>(a)(m)</sup> |  | 17 | 17269 |
|  |  |  | 10349967 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 19 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Financial Services – 1.1%** |  |  |  |
|  1261229 BC Ltd. <br>10.00%, 04/15/2032<sup>(a)</sup> | U.S.$| 684 | $708077 |
|  Cipher Compute LLC <br>7.125%, 11/15/2030<sup>(a)</sup> |  | 664 | 674677 |
|  Coinbase Global, Inc. <br>3.375%, 10/01/2028<sup>(a)</sup> |  | 200 | 189210 |
|  Encore Capital Group, Inc. <br>9.25%, 04/01/2029<sup>(a)</sup> |  | 1130 | 1193472 |
|  Jefferson Capital Holdings LLC <br>8.25%, 05/15/2030<sup>(a)</sup> |  | 172 | 180032 |
|  PRA Group, Inc. <br>8.875%, 01/31/2030<sup>(a)</sup> |  | 252 | 261173 |
|  Titanium 2l Bondco SARL <br>6.25%, 01/14/2031<sup>(b)</sup> | EUR | 109 | 29192 |
|  |  |  | 3235833 |
|  **Insurance – 0.5%** |  |  |  |
|  Acrisure LLC/Acrisure Finance, Inc. <br>6.00%, 08/01/2029<sup>(a)</sup> | U.S.$| 162 | 160004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/01/2029<sup>(a)</sup> |  | 109 | 113449 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <br>6.75%, 04/15/2028<sup>(a)</sup> |  | 60 | 61102 |
|  AmWINS Group, Inc. <br>6.375%, 02/15/2029<sup>(a)</sup> |  | 407 | 418734 |
|  APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Inves <br>7.875%, 11/01/2029<sup>(a)</sup> |  | 151 | 152338 |
|  Ardonagh Finco Ltd. <br>6.875%, 02/15/2031<sup>(a)</sup> | EUR | 202 | 240939 |
|  Ardonagh Group Finance Ltd. <br>8.875%, 02/15/2032<sup>(a)</sup> | U.S.$| 289 | 298580 |
|  Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC <br>8.125%, 02/15/2032<sup>(a)</sup> |  | 190 | 192058 |
|  |  |  | 1637204 |
|  **REITs – 0.6%** |  |  |  |
|  Aedas Homes Opco SL <br>4.00%, 08/15/2026<sup>(a)</sup> | EUR | 111 | 128828 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL <br>5.75%, 05/15/2026<sup>(a)</sup> | U.S.$| 2 | 1997 |
|  Five Point Operating Co. LP <br>8.00%, 10/01/2030<sup>(a)</sup> |  | 297 | 310332 |
|  Howard Hughes Corp. (The) <br>4.125%, 02/01/2029<sup>(a)</sup> |  | 418 | 406238 |

---

---

| | |
|:---|:---|
| 20 AB High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Hunt Cos., Inc. <br>5.25%, 04/15/2029<sup>(a)</sup> | U.S.$| 83 | $81123 |
|  Rithm Capital Corp. <br>8.00%, 04/01/2029<sup>(a)</sup> |  | 106 | 108320 |
|  RLJ Lodging Trust LP <br>4.00%, 09/15/2029<sup>(a)</sup> |  | 107 | 101180 |
|  Service Properties Trust <br>8.375%, 06/15/2029 |  | 302 | 296736 |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC <br>8.625%, 06/15/2032<sup>(a)</sup> |  | 328 | 317265 |
|  |  |  | 1752019 |
|  |  |  | 22502646 |
|  Utility – 1.9% |  |  |  |
|  **Electric – 1.9%** |  |  |  |
|  Calpine Corp. <br>4.50%, 02/15/2028<sup>(a)</sup> |  | 1207 | 1205069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 03/15/2028<sup>(a)</sup> |  | 745 | 747779 |
|  ContourGlobal Power Holdings SA <br>6.75%, 02/28/2030<sup>(a)</sup> |  | 211 | 217436 |
|  NRG Energy, Inc. <br>3.375%, 02/15/2029<sup>(a)</sup> |  | 641 | 613597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2029<sup>(a)</sup> |  | 647 | 650209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 03/15/2028<sup>(a)(k)</sup> |  | 47 | 51333 |
|  Vistra Corp. <br>7.00%, 12/15/2026<sup>(a)(k)</sup> |  | 28 | 28362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/15/2026<sup>(a)(k)</sup> |  | 29 | 29632 |
|  Vistra Operations Co. LLC <br>4.375%, 05/01/2029<sup>(a)</sup> |  | 1852 | 1827387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 02/15/2027<sup>(a)</sup> |  | 413 | 413363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/15/2032<sup>(a)</sup> |  | 184 | 193478 |
|  |  |  | 5977645 |
|  Total Corporates - Non-Investment Grade <br>(cost $245,413,849) |  |  | 246302688 |
|  CORPORATES - INVESTMENT GRADE – 12.3% |  |  |  |
|  Industrial – 8.5% |  |  |  |
|  **Basic – 0.1%** |  |  |  |
|  Glencore Funding LLC <br>5.634%, 04/04/2034<sup>(a)</sup> |  | 137 | 143602 |
|  Huntsman International LLC <br>4.50%, 05/01/2029 |  | 278 | 266099 |
|  |  |  | 409701 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 21 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Communications - Media – 1.4%** |  |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital <br>5.125%, 07/01/2049 | U.S.$| 1159 | $931558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 04/01/2038 |  | 97 | 90050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 05/01/2047 |  | 82 | 68769 |
|  Cox Communications, Inc. <br>5.80%, 12/15/2053<sup>(a)</sup> |  | 929 | 807152 |
|  Meta Platforms, Inc. <br>5.50%, 11/15/2045 |  | 493 | 492798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2065 |  | 508 | 505257 |
|  Paramount Global <br>4.375%, 03/15/2043 |  | 497 | 375817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/19/2050 |  | 783 | 609346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/30/2036 |  | 182 | 191102 |
|  Time Warner Cable LLC <br>7.30%, 07/01/2038 |  | 104 | 110637 |
|  |  |  | 4182486 |
|  **Communications - Telecommunications – 0.1%** |  |  |  |
|  TELUS Corp. <br>6.625%, 10/15/2055 |  | 259 | 265814 |
|  **Consumer Cyclical - Automotive – 0.6%** |  |  |  |
|  Adient Global Holdings Ltd. <br>7.00%, 04/15/2028<sup>(a)</sup> |  | 570 | 585065 |
|  Ford Motor Co. <br>3.25%, 02/12/2032 |  | 212 | 186450 |
|  Ford Motor Credit Co. LLC <br>2.70%, 08/10/2026 |  | 200 | 197358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/10/2029 |  | 150 | 140303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/2027 |  | 200 | 200440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.532%, 03/19/2032 |  | 430 | 450756 |
|  Phinia, Inc. <br>6.75%, 04/15/2029<sup>(a)</sup> |  | 197 | 203749 |
|  |  |  | 1964121 |
|  **Consumer Cyclical - Entertainment – 0.3%** |  |  |  |
|  Carnival Corp. <br>4.00%, 08/01/2028<sup>(a)</sup> |  | 425 | 417745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/15/2030<sup>(a)</sup> |  | 377 | 387338 |
|  |  |  | 805083 |
|  **Consumer Cyclical - Other – 0.7%** |  |  |  |
|  Flutter Treasury DAC <br>4.00%, 06/04/2031<sup>(a)</sup> | EUR | 131 | 150820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/29/2029<sup>(a)</sup> |  | 103 | 123203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/04/2031<sup>(a)</sup> | U.S.$| 200 | 202030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/04/2031<sup>(a)</sup> | GBP | 200 | 265798 |

---

---

| | |
|:---|:---|
| 22 AB High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Resorts World Las Vegas LLC/RWLV Capital, Inc. <br>4.625%, 04/16/2029<sup>(a)</sup> | U.S.$| 600 | $528534 |
|  Voyager Parent LLC <br>9.25%, 07/01/2032<sup>(a)</sup> |  | 846 | 896396 |
|  |  |  | 2166781 |
|  **Consumer Cyclical - Retailers – 0.1%** |  |  |  |
|  Levi Strauss & Co. <br>3.50%, 03/01/2031<sup>(a)</sup> |  | 212 | 198292 |
|  **Consumer Non-Cyclical – 1.0%** |  |  |  |
|  Amer Sports Co. <br>6.75%, 02/16/2031<sup>(a)</sup> |  | 290 | 302798 |
|  Charles River Laboratories International, Inc. <br>3.75%, 03/15/2029<sup>(a)</sup> |  | 200 | 193280 |
|  Jazz Securities DAC <br>4.375%, 01/15/2029<sup>(a)</sup> |  | 1380 | 1363605 |
|  Utah Acquisition Sub, Inc. <br>5.25%, 06/15/2046 |  | 1454 | 1204014 |
|  |  |  | 3063697 |
|  **Energy – 2.3%** |  |  |  |
|  Continental Resources, Inc./OK <br>4.90%, 06/01/2044 |  | 16 | 12863 |
|  Energy Transfer LP <br>8.00%, 05/15/2054 |  | 89 | 94845 |
|  Harbour Energy PLC <br>6.327%, 04/01/2035<sup>(a)</sup> |  | 1188 | 1218805 |
|  Hess Midstream Operations LP <br>5.125%, 06/15/2028<sup>(a)</sup> |  | 799 | 799184 |
|  Permian Resources Operating LLC <br>5.875%, 07/01/2029<sup>(a)</sup> |  | 1532 | 1537822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2032<sup>(a)</sup> |  | 413 | 430185 |
|  Var Energi ASA <br>5.875%, 05/22/2030<sup>(a)</sup> |  | 241 | 251392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/22/2035<sup>(a)</sup> |  | 241 | 257207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028<sup>(a)</sup> |  | 200 | 211744 |
|  Venture Global Calcasieu Pass LLC <br>3.875%, 08/15/2029<sup>(a)</sup> |  | 1913 | 1798870 |
|  Woodside Finance Ltd. <br>5.40%, 05/19/2030 |  | 137 | 141270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/19/2035 |  | 354 | 371226 |
|  |  |  | 7125413 |
|  **Other Industrial – 0.8%** |  |  |  |
|  American Builders & Contractors Supply Co., Inc. <br>4.00%, 01/15/2028<sup>(a)</sup> |  | 1259 | 1245403 |
|  RB Global Holdings, Inc. <br>6.75%, 03/15/2028<sup>(a)</sup> |  | 1304 | 1334748 |
|  |  |  | 2580151 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 23 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **Services – 0.3%** |  |  |  |  |
|  Block, Inc. <br>2.75%, 06/01/2026 | U.S.$| 977 | $| 969477 |
|  **Technology – 0.5%** | **Technology – 0.5%** | **Technology – 0.5%** | **Technology – 0.5%** | **Technology – 0.5%** |
|  Oracle Corp. <br>5.375%, 09/27/2054 |  | 516 |  | 441402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 09/26/2055 |  | 758 |  | 707706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 11/09/2052 |  | 203 |  | 210781 |
|  |  |  |  | 1359889 |
|  **Transportation - Airlines – 0.0%** | **Transportation - Airlines – 0.0%** | **Transportation - Airlines – 0.0%** | **Transportation - Airlines – 0.0%** | **Transportation - Airlines – 0.0%** |
|  AS Mileage Plan IP Ltd. <br>5.021%, 10/20/2029<sup>(a)</sup> |  | 46 |  | 46243 |
|  **Transportation - Services – 0.3%** | **Transportation - Services – 0.3%** | **Transportation - Services – 0.3%** | **Transportation - Services – 0.3%** | **Transportation - Services – 0.3%** |
|  United Rentals North America, Inc. <br>3.875%, 11/15/2027 |  | 1000 |  | 989630 |
|  |  |  |  | 26126778 |
|  Financial Institutions – 3.7% | Financial Institutions – 3.7% | Financial Institutions – 3.7% | Financial Institutions – 3.7% | Financial Institutions – 3.7% |
|  **Banking – 3.2%** | **Banking – 3.2%** | **Banking – 3.2%** | **Banking – 3.2%** | **Banking – 3.2%** |
|  Ally Financial, Inc. <br>5.543%, 01/17/2031 |  | 177 |  | 180740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.737%, 05/15/2029 |  | 221 |  | 226039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.646%, 01/17/2040 |  | 397 |  | 399056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/14/2033 |  | 330 |  | 345510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.848%, 01/03/2030 |  | 83 |  | 87741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B <br>4.70%, 05/15/2026<sup>(k)</sup> |  | 164 |  | 160366 |
|  Banco Bilbao Vizcaya Argentaria SA <br>6.033%, 03/13/2035 |  | 200 |  | 214018 |
|  Banco Santander SA <br>6.35%, 03/14/2034 |  | 200 |  | 216508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.921%, 08/08/2033 |  | 400 |  | 446424 |
|  Barclays PLC <br>5.785%, 02/25/2036 |  | 482 |  | 509127 |
|  BNP Paribas SA <br>4.625%, 02/25/2031<sup>(a)(k)</sup> |  | 454 |  | 410802 |
|  BPCE SA <br>6.508%, 01/18/2035<sup>(a)</sup> |  | 250 |  | 267230 |
|  CaixaBank SA <br>5.581%, 07/03/2036<sup>(a)</sup> |  | 216 |  | 223895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 09/13/2034<sup>(a)</sup> |  | 235 |  | 264138 |
|  Capital One Financial Corp. <br>6.183%, 01/30/2036 |  | 184 |  | 193060 |
|  Citigroup, Inc. <br>5.827%, 02/13/2035 |  | 211 |  | 220493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA <br>7.625%, 11/15/2028<sup>(k)</sup> |  | 32 |  | 33405 |

---

---

| | |
|:---|:---|
| 24 AB High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W <br>4.00%, 12/10/2025<sup>(k)</sup> | U.S.$| 18 | $| 17970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y <br>4.15%, 11/15/2026<sup>(k)</sup> |  | 46 |  | 45187 |
|  Deutsche Bank AG/New York NY <br>3.729%, 01/14/2032 |  | 387 |  | 366818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.742%, 01/07/2033 |  | 200 |  | 186656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%, 02/10/2034 |  | 204 |  | 224218 |
|  Lloyds Banking Group PLC <br>6.00%, 06/07/2032<sup>(k)</sup> | GBP | 8 |  | 9837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.068%, 06/13/2036 | U.S.$| 327 |  | 345796 |
|  Societe Generale SA <br>3.625%, 03/01/2041<sup>(a)</sup> |  | 250 |  | 186305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.512%, 05/22/2031<sup>(a)</sup> |  | 539 |  | 557698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.367%, 01/10/2053<sup>(a)</sup> |  | 600 |  | 653040 |
|  Synchrony Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/06/2031 |  | 101 |  | 103231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.935%, 08/02/2030 |  | 82 |  | 85208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/02/2033 |  | 1094 |  | 1172385 |
|  UBS Group AG <br>7.125%, 08/10/2034<sup>(a)(k)</sup> |  | 297 |  | 303044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 11/13/2028<sup>(a)(k)</sup> |  | 355 |  | 388317 |
|  UniCredit SpA <br>5.861%, 06/19/2032<sup>(a)</sup> |  | 600 |  | 609924 |
|  Wells Fargo & Co. <br>Series BB <br>3.90%, 03/15/2026<sup>(k)</sup> |  | 111 |  | 110490 |
|  |  |  |  | 9764676 |
|  **Brokerage – 0.0%** | **Brokerage – 0.0%** | **Brokerage – 0.0%** | **Brokerage – 0.0%** | **Brokerage – 0.0%** |
|  CI Financial Corp. <br>3.20%, 12/17/2030 |  | 158 |  | 142560 |
|  **Finance – 0.0%** | **Finance – 0.0%** | **Finance – 0.0%** | **Finance – 0.0%** | **Finance – 0.0%** |
|  Air Lease Corp. <br>Series B <br>4.65%, 06/15/2026<sup>(k)</sup> |  | 50 |  | 49405 |
|  Aircastle Ltd. <br>5.25%, 06/15/2026<sup>(a)(k)</sup> |  | 29 |  | 28866 |
|  |  |  |  | 78271 |
|  **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** |
|  ACE Capital Trust II <br>9.70%, 04/01/2030 |  | 20 |  | 24048 |
|  Global Atlantic Fin Co. <br>6.75%, 03/15/2054<sup>(a)</sup> |  | 214 |  | 219472 |
|  |  |  |  | 243520 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 25 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **REITs – 0.4%** | **REITs – 0.4%** | **REITs – 0.4%** | **REITs – 0.4%** |
|  Highwoods Realty LP <br>5.35%, 01/15/2033 | U.S.$| 188 | $188784 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. <br>4.75%, 06/15/2029<sup>(a)</sup> |  | 84 | 82730 |
|  Newmark Group, Inc. <br>7.50%, 01/12/2029 |  | 630 | 676248 |
|  Omega Healthcare Investors, Inc. <br>5.20%, 07/01/2030 |  | 131 | 133568 |
|  |  |  | 1081330 |
|  |  |  | 11310357 |
|  Utility – 0.1% | Utility – 0.1% | Utility – 0.1% | Utility – 0.1% |
|  **Electric – 0.1%** | **Electric – 0.1%** | **Electric – 0.1%** | **Electric – 0.1%** |
|  American Electric Power Co., Inc. <br>6.95%, 12/15/2054 |  | 80 | 86238 |
|  Vistra Operations Co. LLC <br>6.95%, 10/15/2033<sup>(a)</sup> |  | 71 | 79268 |
|  |  |  | 165506 |
|  Total Corporates - Investment Grade <br>(cost $36,783,362) |  |  | 37602641 |
|  BANK LOANS – 3.2% | BANK LOANS – 3.2% | BANK LOANS – 3.2% | BANK LOANS – 3.2% |
|  Industrial – 2.8% | Industrial – 2.8% | Industrial – 2.8% | Industrial – 2.8% |
|  **Basic – 0.2%** | **Basic – 0.2%** | **Basic – 0.2%** | **Basic – 0.2%** |
|  INEOS US Petrochem LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.766% (CME Term SOFR 1 Month + 3.75%), 03/14/2030<sup>(n)</sup> |  | 99 | 73690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.266% (CME Term SOFR 1 Month + 4.25%), 04/02/2029<sup>(n)</sup> |  | 731 | 557737 |
|  |  |  | 631427 |
|  **Capital Goods – 0.0%** | **Capital Goods – 0.0%** | **Capital Goods – 0.0%** | **Capital Goods – 0.0%** |
|  ACProducts Holdings, Inc. <br>8.513% (SOFR + 4.25%), 05/17/2028<sup>(n)</sup> |  | 95 | 79553 |
|  **Communications - Media – 0.4%** | **Communications - Media – 0.4%** | **Communications - Media – 0.4%** | **Communications - Media – 0.4%** |
|  DIRECTV Financing LLC <br>9.352% (SOFR + 5.25%), 08/02/2029<sup>(n)</sup> |  | 257 | 257154 |
|  Gray Television, Inc. <br>7.099% (CME Term SOFR 3 Month + 3.00%), 12/01/2028<sup>(n)</sup> |  | 188 | 188415 |
|  iHeartCommunications, Inc. <br>10.629% (CME Term SOFR 3 Month + 5.78%), 05/01/2029<sup>(n)</sup> |  | 245 | 218137 |
|  MJH Healthcare Holdings LLC <br>7.666% (CME Term SOFR 1 Month + 3.75%), 01/28/2029<sup>(e)(h)(n)</sup> |  | 460 | 416300 |

---

---

| | |
|:---|:---|
| 26 AB High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Radiate Holdco, LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% (PIK Interest 12 + 1.50%), 09/25/2029<sup>(n)</sup> | U.S.$| 145 | $| 105898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.530% (CME Term SOFR 1 Month + 3.50%), 09/25/2029<sup>(n)</sup> |  | 145 |  | 105897 |
|  |  |  |  | 1291801 |
|  **Communications - Telecommunications – 0.0%** | **Communications - Telecommunications – 0.0%** | **Communications - Telecommunications – 0.0%** | **Communications - Telecommunications – 0.0%** | **Communications - Telecommunications – 0.0%** |
|  Crown Subsea Commercial Holding, Inc. <br>7.416% (CME Term SOFR 1 Month + 3.50%), 01/30/2031<sup>(n)</sup> |  | 50 |  | 49809 |
|  **Consumer Cyclical - Automotive – 0.1%** | **Consumer Cyclical - Automotive – 0.1%** | **Consumer Cyclical - Automotive – 0.1%** | **Consumer Cyclical - Automotive – 0.1%** | **Consumer Cyclical - Automotive – 0.1%** |
|  RealTruck Group, Inc. <br>10.310% (CME Term SOFR 3 Month + 5.00%), 01/31/2028<sup>(n)</sup> |  | 218 |  | 171303 |
|  **Consumer Cyclical - Other – 0.1%** | **Consumer Cyclical - Other – 0.1%** | **Consumer Cyclical - Other – 0.1%** | **Consumer Cyclical - Other – 0.1%** | **Consumer Cyclical - Other – 0.1%** |
|  CP Atlas Buyer, Inc. <br>9.166% (CME Term SOFR 1 Month + 5.25%), 07/08/2030<sup>(n)</sup> |  | 100 |  | 95325 |
|  PHRG Intermediate LLC <br>8.002% (CME Term SOFR 3 Month + 4.00%), 02/20/2032<sup>(n)</sup> |  | 259 |  | 255245 |
|  |  |  |  | 350570 |
|  **Consumer Cyclical - Retailers – 0.1%** | **Consumer Cyclical - Retailers – 0.1%** | **Consumer Cyclical - Retailers – 0.1%** | **Consumer Cyclical - Retailers – 0.1%** | **Consumer Cyclical - Retailers – 0.1%** |
|  Specialty Building Products Ho <br>7.766%, 10/15/2028<sup>(o)</sup> |  | 400 |  | 385000 |
|  **Consumer Non-Cyclical – 0.5%** | **Consumer Non-Cyclical – 0.5%** | **Consumer Non-Cyclical – 0.5%** | **Consumer Non-Cyclical – 0.5%** | **Consumer Non-Cyclical – 0.5%** |
|  Hertz Corp. (The) <br>7.530%, 06/30/2028<sup>(o)</sup> |  | 283 |  | 233767 |
|  ModivCare, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.951% (CME Term SOFR 1 Month + 7.00%), 02/22/2026<sup>(e)(h)(n)</sup> |  | 102 |  | 99179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.006% (CME Term SOFR 1 Month + 7.00%), 02/22/2026<sup>(e)(h)(n)</sup> |  | 16 |  | 15979 |
|  MPH Acquisition Holdings LLC <br>7.590% (CME Term SOFR 3 Month + 3.75%), 12/31/2030<sup>(n)</sup> |  | 57 |  | 56573 |
|  Neptune Bidco US, Inc. <br>9.012% (CME Term SOFR 3 Month + 5.00%), 04/11/2029<sup>(n)</sup> |  | 570 |  | 555260 |
|  Opal US LLC <br>6.902% (CME Term SOFR 3 Month + 3.00%), 04/28/2032<sup>(n)</sup> |  | 356 |  | 358282 |
|  US Radiology Specialists, Inc. <br>8.752% (SOFR + 4.75%), 12/15/2027<sup>(n)</sup> |  | 86 |  | 86455 |
|  Weber-Stephen Products LLC <br>7.735% (CME Term SOFR 3 Month + 3.75%), 10/01/2032<sup>(n)</sup> |  | 210 |  | 209649 |
|  |  |  |  | 1615144 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 27 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Other Industrial – 0.2%** | **Other Industrial – 0.2%** | **Other Industrial – 0.2%** | **Other Industrial – 0.2%** |
|  Liberty Tire Recycling LLC <br>8.854%, 11/19/2032<sup>(e)(h)(o)</sup> | U.S.$| 390 | $389513 |
|  LTR Intermediate Holdings, Inc. <br>8.530% (CME Term SOFR 1 Month + 4.50%), 05/05/2028<sup>(n)</sup> |  | 190 | 189446 |
|  |  |  | 578959 |
|  **Technology – 1.1%** | **Technology – 1.1%** | **Technology – 1.1%** | **Technology – 1.1%** |
|  Clover Holdings 2, LLC <br>7.750%, 12/09/2031<sup>(e)(h)(n)</sup> |  | 400 | 400242 |
|  Clover Holdings SPV III LLC <br>15.000%, 12/09/2027<sup>(e)(h)(n)</sup> |  | 13 | 13433 |
|  Commscope, Inc. <br>9.597% (CME Term SOFR 1 Month + 4.75%), 12/17/2029<sup>(n)</sup> |  | 584 | 586574 |
|  Loyalty Ventures, Inc. <br>14.000% (CME Term SOFR 3 Month + 5.50%), 11/03/2027<sup>(e)(f)(h)(j)(n)</sup> |  | 115 | 864 |
|  Metropolis Technologies, Inc. <br>8.98% (CME Term SOFR 6 Month + 5.25%), 11/03/2032<sup>(e)(h)(n)</sup> |  | 560 | 554299 |
|  Peraton Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.690% (CME Term SOFR 3 Month + 3.75%), 02/01/2028<sup>(n)</sup> |  | 614 | 537515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.604% (CME Term SOFR 3 Month + 7.75%), 02/01/2029<sup>(n)</sup> |  | 378 | 198316 |
|  Ping Identity Corp. <br>6.591% (CME Term SOFR 3 Month + 2.75%), 11/15/2032<sup>(e)(h)(n)</sup> |  | 290 | 291088 |
|  Polaris Newco LLC <br>8.102% (CME Term SOFR 3 Month + 4.00%), 06/02/2028<sup>(n)</sup> |  | 469 | 441501 |
|  Project Alpha Intermediate Holdings, Inc. <br>10.122% (CME Term SOFR 1 Month + 5.00%), 05/09/2033<sup>(e)(h)(n)</sup> |  | 260 | 251875 |
|  Veritas US, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% (PIK Interest 4 + 4.50%), 12/09/2029<sup>(n)</sup> |  | 16 | 15873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.002% (CME Term SOFR 3 Month + 8.00%), 12/09/2029<sup>(n)</sup> |  | 16 | 15873 |
|  |  |  | 3307453 |
|  **Transportation - Airlines – 0.1%** | **Transportation - Airlines – 0.1%** | **Transportation - Airlines – 0.1%** | **Transportation - Airlines – 0.1%** |
|  JetBlue Airways Corp. <br>8.753% (CME Term SOFR 3 Month + 4.75%), 08/27/2029<sup>(n)</sup> |  | 198 | 182259 |
|  |  |  | 8643278 |

---

---

| | |
|:---|:---|
| 28 AB High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Financial Institutions – 0.4% | Financial Institutions – 0.4% | Financial Institutions – 0.4% | Financial Institutions – 0.4% |
|  **Brokerage – 0.1%** | **Brokerage – 0.1%** | **Brokerage – 0.1%** | **Brokerage – 0.1%** |
|  Jane Street Group LLC <br>5.822% (CME Term SOFR 3 Month + 2.00%), 12/15/2031<sup>(n)</sup> | U.S.$| 317 | $313372 |
|  **Finance – 0.1%** | **Finance – 0.1%** | **Finance – 0.1%** | **Finance – 0.1%** |
|  Nexus Buyer LLC <br>9.666% (CME Term SOFR 1 Month + 5.75%), 02/16/2032<sup>(n)</sup> |  | 410 | 405814 |
|  **Financial Services – 0.1%** | **Financial Services – 0.1%** | **Financial Services – 0.1%** | **Financial Services – 0.1%** |
|  Colossus Acquireco LLC <br>5.870% (SOFR 4 + 1.75%), 07/30/2032<sup>(n)</sup> |  | 120 | 119494 |
|  Rackspace Finance LLC <br>6.824% (CME Term SOFR 1 Month + 2.75%), 05/15/2028<sup>(n)</sup> |  | 363 | 147527 |
|  |  |  | 267021 |
|  **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** |
|  Asurion LLC <br>8.266% (SOFR + 4.25%), 08/19/2028<sup>(n)</sup> |  | 156 | 155632 |
|  |  |  | 1141839 |
|  Total Bank Loans <br>(cost $10,367,362) |  |  | 9785117 |
|  EMERGING MARKETS - CORPORATE BONDS – 1.4% | EMERGING MARKETS - CORPORATE BONDS – 1.4% | EMERGING MARKETS - CORPORATE BONDS – 1.4% | EMERGING MARKETS - CORPORATE BONDS – 1.4% |
|  Industrial – 1.4% | Industrial – 1.4% | Industrial – 1.4% | Industrial – 1.4% |
|  **Basic – 0.2%** | **Basic – 0.2%** | **Basic – 0.2%** | **Basic – 0.2%** |
|  First Quantum Minerals Ltd. <br>8.00%, 03/01/2033<sup>(a)</sup> |  | 227 | 238357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 03/01/2029<sup>(a)</sup> |  | 201 | 212202 |
|  |  |  | 450559 |
|  **Consumer Cyclical - Other – 1.1%** | **Consumer Cyclical - Other – 1.1%** | **Consumer Cyclical - Other – 1.1%** | **Consumer Cyclical - Other – 1.1%** |
|  Melco Resorts Finance Ltd. <br>5.375%, 12/04/2029<sup>(a)</sup> |  | 1384 | 1345075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/24/2033<sup>(a)</sup> |  | 493 | 489016 |
|  MGM China Holdings Ltd. <br>4.75%, 02/01/2027<sup>(a)</sup> |  | 221 | 219619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 06/26/2031<sup>(a)</sup> |  | 331 | 347136 |
|  Studio City Co., Ltd. <br>7.00%, 02/15/2027<sup>(a)</sup> |  | 200 | 200312 |
|  Wynn Macau Ltd. <br>5.125%, 12/15/2029<sup>(a)</sup> |  | 390 | 380149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2034<sup>(a)</sup> |  | 417 | 416062 |
|  |  |  | 3397369 |
|  **Consumer Cyclical - Retailers – 0.0%** | **Consumer Cyclical - Retailers – 0.0%** | **Consumer Cyclical - Retailers – 0.0%** | **Consumer Cyclical - Retailers – 0.0%** |
|  K2016470219 South Africa Ltd. <br>3.00%, 12/31/2022<sup>(d)(e)(f)(g)(h)</sup> |  | 15 | – 0 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 29 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  K2016470260 South Africa Ltd. <br>25.00%, 12/31/2022<sup>(d)(e)(f)(g)(h)</sup> | U.S.$| 3 | $| – 0 |
|  |  |  |  | – 0 |
|  **Transportation - Services – 0.1%** | **Transportation - Services – 0.1%** | **Transportation - Services – 0.1%** | **Transportation - Services – 0.1%** | **Transportation - Services – 0.1%** |
|  InPost SA <br>4.00%, 04/01/2031<sup>(a)</sup> | EUR | 284 |  | 330803 |
|  |  |  |  | 4178731 |
|  Utility – 0.0% | Utility – 0.0% | Utility – 0.0% | Utility – 0.0% | Utility – 0.0% |
|  **Electric – 0.0%** | **Electric – 0.0%** | **Electric – 0.0%** | **Electric – 0.0%** | **Electric – 0.0%** |
|  Terraform Global Operating LP <br>6.125%, 03/01/2026<sup>(a)</sup> | U.S.$| 10 |  | 9897 |
|  Total Emerging Markets - Corporate Bonds <br>(cost $4,141,940) |  |  |  | 4188628 |
|  |  | **Shares** |  |  |
|  COMMON STOCKS – 0.1% | COMMON STOCKS – 0.1% | COMMON STOCKS – 0.1% | COMMON STOCKS – 0.1% | COMMON STOCKS – 0.1% |
|  Communication Services – 0.1% | Communication Services – 0.1% | Communication Services – 0.1% | Communication Services – 0.1% | Communication Services – 0.1% |
|  **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** |
|  Altice France SA/LuxCo3<sup>(e)(f)(h)</sup> |  | 14338 |  | 262080 |
|  Financials – 0.0% | Financials – 0.0% | Financials – 0.0% | Financials – 0.0% | Financials – 0.0% |
|  **Financial Services – 0.0%** | **Financial Services – 0.0%** | **Financial Services – 0.0%** | **Financial Services – 0.0%** | **Financial Services – 0.0%** |
|  Curo Group Holdings LLC<sup>(e)(f)(h)</sup> |  | 9491 |  | 73555 |
|  Energy – 0.0% | Energy – 0.0% | Energy – 0.0% | Energy – 0.0% | Energy – 0.0% |
|  **Energy Equipment & Services – 0.0%** | **Energy Equipment & Services – 0.0%** | **Energy Equipment & Services – 0.0%** | **Energy Equipment & Services – 0.0%** | **Energy Equipment & Services – 0.0%** |
|  BIS Industries Holdings Ltd.<sup>(e)(f)(h)</sup> |  | 21027 |  | – 0 |
|  CHC Group LLC<sup>(e)(f)(h)</sup> |  | 468 |  | – 0 |
|  |  |  |  | – 0 |
|  **Oil, Gas & Consumable Fuels – 0.0%** | **Oil, Gas & Consumable Fuels – 0.0%** | **Oil, Gas & Consumable Fuels – 0.0%** | **Oil, Gas & Consumable Fuels – 0.0%** | **Oil, Gas & Consumable Fuels – 0.0%** |
|  New Fortress Energy, Inc.<sup>(f)</sup> |  | 5687 |  | 6938 |
|  |  |  |  | 6938 |
|  Industrials – 0.0% | Industrials – 0.0% | Industrials – 0.0% | Industrials – 0.0% | Industrials – 0.0% |
|  **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** |
|  Exide Technologies<sup>(e)(f)(h)</sup> |  | 7 |  | 2366 |
|  Consumer Staples – 0.0% | Consumer Staples – 0.0% | Consumer Staples – 0.0% | Consumer Staples – 0.0% | Consumer Staples – 0.0% |
|  **Household Products – 0.0%** | **Household Products – 0.0%** | **Household Products – 0.0%** | **Household Products – 0.0%** | **Household Products – 0.0%** |
|  Southeastern Grocers, Inc.<sup>(e)(f)(h)(i)</sup> |  | 3584 |  | 144 |
|  Consumer Discretionary – 0.0% | Consumer Discretionary – 0.0% | Consumer Discretionary – 0.0% | Consumer Discretionary – 0.0% | Consumer Discretionary – 0.0% |
|  **Broadline Retail – 0.0%** | **Broadline Retail – 0.0%** | **Broadline Retail – 0.0%** | **Broadline Retail – 0.0%** | **Broadline Retail – 0.0%** |
|  K201640219 South Africa Ltd.<sup>(e)(f)(h)</sup> |  | 678 |  | – 0 |
|  K2016470219 South Africa Ltd. – Class A<sup>(e)(f)(h)</sup> |  | 191574 |  | – 0 |
|  K2016470219 South Africa Ltd. – Class B<sup>(e)(f)(h)</sup> |  | 30276 |  | – 0 |
|  |  |  |  | – 0 |
|  Total Common Stocks <br>(cost $540,302) |  |  |  | 345083 |

---

---

| | |
|:---|:---|
| 30 AB High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **<br>Shares** | **U.S. $ Value** |
|  PREFERRED STOCKS – 0.1% | PREFERRED STOCKS – 0.1% | PREFERRED STOCKS – 0.1% | PREFERRED STOCKS – 0.1% |
|  Industrials – 0.1% | Industrials – 0.1% | Industrials – 0.1% | Industrials – 0.1% |
|  **Consumer Cyclical - Automotive – 0.1%** | **Consumer Cyclical - Automotive – 0.1%** | **Consumer Cyclical - Automotive – 0.1%** | **Consumer Cyclical - Automotive – 0.1%** |
|  Exide International Holdings LP <br>0.00%<sup>(e)(f)(g)(h)</sup> | U.S.$| 39 | $42900 |
|  **Consumer Cyclical - Other – 0.0%** | **Consumer Cyclical - Other – 0.0%** | **Consumer Cyclical - Other – 0.0%** | **Consumer Cyclical - Other – 0.0%** |
|  Hovnanian Enterprises, Inc. <br>7.625% |  | 490 | 9928 |
|  **Other Industrial – 0.0%** | **Other Industrial – 0.0%** | **Other Industrial – 0.0%** | **Other Industrial – 0.0%** |
|  Asphalt ATD Holdco – Class A <br>0.00%<sup>(e)(f)(h)</sup> |  | 194 | 4813 |
|  **Technology – 0.0%** | **Technology – 0.0%** | **Technology – 0.0%** | **Technology – 0.0%** |
|  Veritas US, Inc. <br>0.00%<sup>(e)(f)(g)(h)</sup> |  | 678 | 15594 |
|  |  |  | 73235 |
|  Financials – 0.0% | Financials – 0.0% | Financials – 0.0% | Financials – 0.0% |
|  **Brokerage – 0.0%** | **Brokerage – 0.0%** | **Brokerage – 0.0%** | **Brokerage – 0.0%** |
|  Osaic Financial Services, Inc. <br>Series A <br>8.00% |  | 2175 | 39367 |
|  Total Preferred Stocks <br>(cost $68,409) |  |  | 112602 |
|  RIGHTS – 0.0% |  |  |  |
|  Utilities – 0.0% |  |  |  |
|  **Independent Power and Renewable Electricity Producers – 0.0%** |  |  |  |
|  Vistra Energy Corp., expiring 12/31/2099<sup>(e)(f)(h)</sup> |  | 3442 | 4216 |
|  Communication Services – 0.0% | Communication Services – 0.0% | Communication Services – 0.0% | Communication Services – 0.0% |
|  **Diversified Telecommunication Services – 0.0%** | **Diversified Telecommunication Services – 0.0%** | **Diversified Telecommunication Services – 0.0%** | **Diversified Telecommunication Services – 0.0%** |
|  Altice France SA (CVR)<sup>(e)(f)(g)(h)</sup> |  | 210 | 2803 |
|  Total Rights <br>(cost $1,232) |  |  | 7019 |
|  SHORT-TERM INVESTMENTS – 1.3% | SHORT-TERM INVESTMENTS – 1.3% | SHORT-TERM INVESTMENTS – 1.3% | SHORT-TERM INVESTMENTS – 1.3% |
|  **Investment Companies – 1.3%** | **Investment Companies – 1.3%** | **Investment Companies – 1.3%** | **Investment Companies – 1.3%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%<sup>(p)(q)(r)</sup> <br>(cost $3,911,372) |  | 3911372 | 3911372 |
|  Total Investments – 99.0% <br>(cost $301,227,828) |  |  | 302255150 |
|  Other assets less liabilities – 1.0% |  |  | 3195214 |
|  **Net Assets – 100.0%** |  |  | $**305450364** |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 31 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

#### FUTURES (see Note D)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  U.S. 10 Yr Ultra Futures | 8 | March 2026 | $929625 | $3063 |
|  U.S. T-Note 5 Yr (CBT) Futures | 70 | March 2026 | 7683593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27156 |
|  U.S. T-Note 10 Yr (CBT) Futures | 62 | March 2026 | 7027313 | (1891) |
|  **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  U.S. Long Bond (CBT) Futures | 24 | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818500 | (14250) |
|  U.S. T-Note 2 Yr (CBT) Futures | 40 | March 2026 | 8354375 | (4688) |
|  U.S. Ultra Bond (CBT) Futures | 22 | March 2026 | 2660625 | (15531) |
|  |  |  |  | $(6141) |

---

#### FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Standard Chartered Bank | EUR | 6525 | USD | 7561 | 01/29/2026 | $(35292) |
|  State Street Bank & Trust Co. | GBP | 403 | USD | 551 | 12/05/2025 | $16333 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18959) |

---

#### CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>November 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY<br>Series 45,<br>5 Year Index, 12/20/2030\* | (5.00)% | Quarterly | 3.23% | USD | 190 | $(15982) | $(13956) | $(2026) |
|  **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hertz Corp. (The), 5.000%,<br>12/01/2029, 06/20/2029\* | 5.00 | Quarterly | 18.88 | USD | 80 | (27474) | (8789) | (18685) |
|  |  |  |  |  |  | $(43456) | $(22745) | $(20711) |

---

\* Termination date

(a) 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 $246,398,159 or 80.7% of net assets.

(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 &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Altice France Lux 3/Altice Holdings 1<br>10.00%, 01/15/2033 | 10/01/2025 | $50338 | $48397 | 0.02% |
|  Altice France SA (CVR) | 10/01/2025 | 1232 | 2803 | 0.00% |
|  Exide International Holdings LP 0.00% | 11/05/2020 | 29328 | 42900 | 0.01% |
|  Exide Technologies (Exchange Priority) <br>11.00%, 10/31/2024 | 10/29/2020 | – 0 | – 0 | 0.00% |
|  Exide Technologies (First Lien) <br>11.00%, 10/31/2024 | 10/29/2020 | – 0 | – 0 | 0.00% |
|  K2016470219 South Africa Ltd. <br>3.00%, 12/31/2022 | 02/05/2020-<br>06/30/2022 | 14181 | – 0 | 0.00% |
|  K2016470260 South Africa Ltd. <br>25.00%, 12/31/2022 | 08/16/2023 | – 0 | – 0 | 0.00% |
|  Magnetation LLC/Mag Finance Corp. <br>11.00%, 05/15/2023 | 02/19/2015 | 36767 | – 0 | 0.00% |
|  ModivCare, Inc. <br>5.00%, 10/01/2029 | 03/07/2025-<br>04/01/2025 | 364911 | 574 | 0.00% |
|  ModivCare, Inc. <br>5.00%, 10/01/2029 | 05/02/2024 | 9716 | 41 | 0.00% |
|  Veritas US, Inc. | 12/09/2024 | 11482 | 15594 | 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 | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $297,316,456) | $298343778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $3,911,372) | 3911372 |
|  Cash | 56138 |
|  Cash collateral due from broker | 183275 |
|  Foreign currencies, at value (cost $275,593) | 275163 |
|  Unaffiliated interest and dividends receivable | 5198986 |
|  Affiliated dividends receivable | 23261 |
|  Unrealized appreciation on forward currency exchange contracts | 16333 |
|  Receivable due from Adviser | 1246 |
|  Receivable for investment securities sold | 500 |
|  Receivable for variation margin on futures | 466 |
|  Receivable for variation margin on centrally cleared swaps | 127 |
|  Other assets | 41706 |
|  Total assets | 308052351 |
| Liabilities | Liabilities |
|  Payable for investment securities purchased | 2461488 |
|  Advisory fee payable | 91599 |
|  Unrealized depreciation on forward currency exchange contracts | 35292 |
|  Foreign capital gains tax payable | 8684 |
|  Other liabilities | 4924 |
|  Total liabilities | 2601987 |
|  Net Assets | $**305450364** |
| Composition of Net Assets | Composition of Net Assets |
|  Shares of beneficial interest, at par | $809 |
|  Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315167733 |
|  Accumulated loss | (9718178) |
|  **Net Assets** | $**305450364** |
|  **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15398867 |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 189281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 8748 |  |
|  Other income | 7555 | $15604451 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 855447 |  |
|  Total expenses before bank overdraft expense | 855447 |  |
|  Bank overdraft expense | 2826 |  |
|  Total expenses | 858273 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (9525) |  |
|  Net expenses |  | 848748 |
|  Net investment income |  | 14755703 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions<sup>(a)</sup> |  | 1299860 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | (43487) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 35526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 276698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 203916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (233323) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(b)</sup> |  | 233817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | (90845) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 44336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (6569) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | 897 |
|  Net gain on investment and foreign currency transactions |  | 1720826 |
|  Net Increase in Net Assets from Operations |  | $**16476529** |

---

(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<br>November 30,<br>2025** | **Year Ended<br>November 30,<br>2024** |
| Increase in Net Assets from Operations |  |  |
|  Net investment income | $14755703 | $8896134 |
|  Net realized gain on investment and foreign currency transactions | 1539190 | 896392 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 181636 | 4271590 |
|  Net increase in net assets from operations | 16476529 | 14064116 |
|  Distribution to Shareholders | (13808737) | (8311593) |
| Transactions in Shares of the Fund |  |  |
|  Net increase | 127652321 | 89695258 |
|  Other capital | 23564 | 4362 |
|  Total increase | 130343677 | 95452143 |
| Net Assets |  |  |
|  Beginning of period | 175106687 | 79654544 |
|  End of period | $**305450364** | $**175106687** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 37 |

---

------

#### 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 High Yield ETF (the "Fund") a diversified portfolio. 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 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.

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

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| | |
|:---|:---|
| 38 AB High Yield ETF | **ABFunds.com** |

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------

**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.

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.

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

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| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 39 |

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------

**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)

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.

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.

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.

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| | |
|:---|:---|
| 40 AB High Yield ETF | **ABFunds.com** |

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------

**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.

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.

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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Corporates – Non-Investment Grade | $– 0 | $246275544 | $27144 | <sup>(a)</sup> | $246302688 |
|  Corporates – Investment Grade | – 0 | 37602641 | – 0 |  | 37602641 |
|  Bank Loans | – 0 | 7352345 | 2432772 |  | 9785117 |
|  Emerging Markets – Corporate Bonds | – 0 | 4188628 | 0 | <sup>(a)</sup> | 4188628 |
|  Common Stocks | 6938 | – 0 | 338145 | <sup>(a)</sup> | 345083 |
|  Preferred Stocks | 9928 | 39367 | 63307 |  | 112602 |
|  Rights | – 0 | – 0 | 7019 |  | 7019 |
|  Short-Term Investments | 3911372 | – 0 | – 0 |  | 3911372 |
|  Total Investments in Securities | 3928238 | 295458525 | 2868387 | <sup>(a)</sup> | 302255150 |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Futures | 30219 | – 0 | – 0 |  | 30219 <sup>(c)</sup> |
|  Forward Currency Exchange Contracts | – 0 | 16333 | – 0 |  | 16333 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  Futures | (36360) | – 0 | – 0 |  | (36360)<sup>(c)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (35292) | – 0 |  | (35292) |
|  Centrally Cleared Credit Default Swaps | – 0 | (43456) | – 0 |  | (43456)<sup>(c)</sup> |
|  **Total** | $**3922097** | $**295396110** | $**2868387** | **<sup>(a)</sup>** | $**302186594** |

---

(a) The Fund held securities with zero market value at period end.

(b) 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.

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| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 41 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

(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 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.

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 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 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

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| | |
|:---|:---|
| 42 AB High Yield ETF | **ABFunds.com** |

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------

**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

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.

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

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.

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| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 43 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78594 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204138733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176340667 |
|  U.S. government securities | – 0 | – 0 |

---

---

| | |
|:---|:---|
| 44 AB High Yield ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121979605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24578910 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301689251 |
|  Gross unrealized appreciation | $5898973 |
|  Gross unrealized depreciation | (5353906) |
|  Net unrealized appreciation | $545067 |

---

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.

The principal types of derivatives 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

---

| | |
|:---|:---|
| **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** 

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 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)

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.

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.

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,

---

| | |
|:---|:---|
| **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** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair<br>Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair<br>Value** |
|  Interest rate contracts | Receivable for variation margin on futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30219 \* | Payable for variation margin on futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36360 \* |
|  Credit contracts |  |  | Payable for variation margin on centrally cleared swaps | 20711 \* |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 16333 | Unrealized depreciation on forward currency exchange contracts | 35292 |
|  Total |  | $46552 |  | $92363 |

---

\* 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<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276698 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44336 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90845) |

---

---

| | |
|:---|:---|
| 50 AB High Yield ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203916 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6569) |
|  Total |  | $516140 | $(53078) |

---

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

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11695102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $6595387 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $419018 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $5978564 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $190000 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $2507692 |

---

(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.

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  State Street Bank & Trust Co. | $16333 | $– 0 – $| – 0 – $| – 0 – $| 16333 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16333 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 51 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  Standard Chartered Bank | $35292 | $– 0 – $| – 0 – $| – 0 – $| 35292 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35292 |

---

\* 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

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

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.

---

| | |
|:---|:---|
| 52 AB High Yield ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Transactions in shares of the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Year Ended<br>November 30,<br>2025 | Year Ended<br>November 30,<br>2024 | Year Ended<br>November 30,<br>2025 | Year Ended<br>November 30,<br>2024 |
|  Shares sold | 4075000 | 2575000 | $152418193 | $94326820 |
|  Shares redeemed | (675000) | (125000) | (24765872) | (4631562) |
|  **Net increase** | **3400000** | **2450000** | $**127652321** | $**89695258** |

---

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.

**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.

**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.

**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)

**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 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.

**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.

**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.

**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.

**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.

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|:---|:---|
| **ABFunds.com** | AB High Yield ETF 55 |

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**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 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 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 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.

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| | |
|:---|:---|
| 56 AB High Yield ETF | **ABFunds.com** |

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**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: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $13808737 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8311593 |
|  Total taxable distributions paid | 13808737 | 8311593 |

---

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

---

| | |
|:---|:---|
|  Undistributed ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571217 |
|  Accumulated capital and other losses | (11787608)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 541328 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $(9675063)<sup>(c)</sup> |

---

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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

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.

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| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 57 |

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#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period<sup>(a)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30,**<br>**2025** | **Year Ended**<br>**November 30,**<br>**2024** | **November 1,<br>2023 to**<br>**November 30,**<br>**2023<sup>(b)</sup>** | **Year Ended**<br>**October 31,** | **Year Ended**<br>**October 31,** | **January 1,<br>2021 to**<br>**October 31,**<br>**2021<sup>(c)</sup>** |
|  | **Year Ended**<br>**November 30,**<br>**2025** | **Year Ended**<br>**November 30,**<br>**2024** | **November 1,<br>2023 to**<br>**November 30,**<br>**2023<sup>(b)</sup>** | **Year Ended**<br>**October 31,** | **Year Ended**<br>**October 31,** | **January 1,<br>2021 to**<br>**October 31,**<br>**2021<sup>(c)</sup>** |
|  | **Year Ended**<br>**November 30,**<br>**2025** | **Year Ended**<br>**November 30,**<br>**2024** | **November 1,<br>2023 to**<br>**November 30,**<br>**2023<sup>(b)</sup>** | **2023** | **2022** | **January 1,<br>2021 to**<br>**October 31,**<br>**2021<sup>(c)</sup>** |
|  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<sup>(d)(e)</sup> | 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 | – 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<sup>(g)</sup> | 8.02 | 12.21 | 4.84 | 5.86 | (12.68) | 5.56 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $305450 | $175107 | $79655 | $73899 | $67249 | $63608 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(h)(i)+</sup> | .40 | .40 | .40 | .50 | .60 | .51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(h)(i)+</sup> | .40 | .40 | .40 | .86 | 1.35 | 1.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(e)</sup> | 6.90 | 6.92 | 7.21 | 6.68 | 5.00 | 4.60 |
|  Portfolio turnover rate<sup>(j)++</sup> | 83 | 75 | 4 | 57 | 48 | 36 |

---

See footnote summary on page 59.

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| | |
|:---|:---|
| 58 AB High Yield ETF | **ABFunds.com** |

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**FINANCIAL HIGHLIGHTS** (continued)

(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) 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 October 31, 2023, such waiver amounted to .01%.

(i) The expense ratios presented below exclude interest/bank overdraft expense:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>November 30,** | **Year Ended<br>November 30,** | **November 1,<br>2023 to**<br>**November 30,**<br>**2023<sup>(b)</sup>** | | **Year Ended**<br>**October 31,** | **Year Ended**<br>**October 31,** | **January 1,**<br>**2021 to<br>October 31,**<br>**2021<sup>(c)</sup>** | |
|  | **2025** | **2024** | **November 1,<br>2023 to**<br>**November 30,**<br>**2023<sup>(b)</sup>** | | **2023** | **2022** | **January 1,**<br>**2021 to<br>October 31,**<br>**2021<sup>(c)</sup>** | |
|  Net of waivers/reimbursements | .40% | .40% | .40 | %<sup>^</sup> | .50% | .60% | .51 | %<sup>^</sup> |
|  Before waivers/reimbursements | .40% | .40% | .40 | %<sup>^</sup> | .86% | 1.35% | 1.74 | %<sup>^</sup> |

---

(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

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| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 59 |

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#### 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.

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.

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,

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| | |
|:---|:---|
| 60 AB High Yield ETF | **ABFunds.com** |

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#### 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](g43643g91r55.jpg)

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

New York, New York

January 28, 2026

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|:---|:---|
| **ABFunds.com** | AB High Yield ETF 61 |

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#### 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.

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.

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|:---|:---|
| 62 AB High Yield ETF | **ABFunds.com** |

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#### 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").

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

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|:---|:---|
| **ABFunds.com** | AB High Yield ETF 63 |

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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 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
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.

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|:---|:---|
| 64 AB High Yield ETF | **ABFunds.com** |

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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 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 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 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

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| **ABFunds.com** | AB High Yield ETF 65 |

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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
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.

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| 66 AB High Yield ETF | **ABFunds.com** |

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#### NOTES

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| **ABFunds.com** | AB High Yield ETF 67 |

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| 68 AB High Yield ETF | **ABFunds.com** |

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![LOGO](g43643g28a43.jpg)

AB HIGH YIELD ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-HY-0151-1125 ![LOGO](g43643g22c48.jpg)

------

#### November 30, 2025
![LOGO](g284343g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB INTERNATIONAL BUFFER ETF

(NASDAQ: BUFI)

![LOGO](g284343g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS

#### November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | | **Notional<br>Amount** | **U.S. $ Value** |
|  PURCHASED OPTIONS - CALLS – 98.3% | PURCHASED OPTIONS - CALLS – 98.3% | PURCHASED OPTIONS - CALLS – 98.3% | PURCHASED OPTIONS - CALLS – 98.3% |
|  **Options on Equity Indices – 98.3%** | **Options on Equity Indices – 98.3%** | **Options on Equity Indices – 98.3%** | **Options on Equity Indices – 98.3%** |
|  iShares MSCI EAFE ETF <br>Expiration: Feb 2026; Contracts: 7,811; <br>Exercise Price: USD 0.47; <br>Counterparty: Morgan Stanley & Co. LLC<sup>(a)</sup> <br>(premium paid $71,839,360) | USD | 367117 | $72634567 |
|  PURCHASED OPTIONS - PUTS – 2.5% | PURCHASED OPTIONS - PUTS – 2.5% | PURCHASED OPTIONS - PUTS – 2.5% | PURCHASED OPTIONS - PUTS – 2.5% |
|  **Options on Equity Indices – 2.5%** | **Options on Equity Indices – 2.5%** | **Options on Equity Indices – 2.5%** | **Options on Equity Indices – 2.5%** |
|  iShares MSCI EAFE ETF <br>Expiration: Feb 2026; Contracts: 7,811; <br>Exercise Price: USD 94.02; <br>Counterparty: Morgan Stanley & Co. LLC<sup>(a)</sup> <br>(premium paid $2,346,206) | USD | 73439022 | 1818167 |
|  |  | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 0.5% | SHORT-TERM INVESTMENTS – 0.5% | SHORT-TERM INVESTMENTS – 0.5% | SHORT-TERM INVESTMENTS – 0.5% |
|  **Investment Companies – 0.5%** | **Investment Companies – 0.5%** | **Investment Companies – 0.5%** | **Investment Companies – 0.5%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%<sup>(b)(c)(d)</sup> <br>(cost $397,630) |  | 397630 | 397630 |
|  Total Investments – 101.3% <br>(cost $74,583,196) |  |  | 74850364 |
|  Other assets less liabilities – (1.3)% |  |  | (950578) |
|  **Net Assets – 100.0%** |  |  | $**73899786** |

---

#### CALL OPTIONS WRITTEN (see Note D)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Contracts** | **Exercise<br>Price** | **Expiration<br>Month** | **Notional<br>(000)** | **Premiums<br>Received** | **U.S. $Value** |
|  iShares MSCI EAFE ETF<sup>(e)</sup> | Morgan Stanley<br>& Co. LLC | 7811 | USD 99.57 | February 2026 | USD 77,774 | $451956 | $(488266) |

---

#### PUT OPTIONS WRITTEN (see Note D)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Contracts** | **Exercise<br>Price** | **Expiration<br>Month** | **Notional<br>(000)** | **Premiums<br>Received** | **U.S. $Value** |
|  iShares MSCI EAFE ETF<sup>(e)</sup> | Morgan Stanley<br>& Co. LLC | 7811 | USD 84.62 | February 2026 | USD 66,097 | $602560 | $(427652) |

---

(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 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $74,185,566) | $74452734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $397,630) | 397630 |
|  Cash collateral due from broker | 2000 |
|  Affiliated dividends receivable | 1119 |
|  Receivable due from Adviser | 57 |
|  Total assets | 74853540 |
| Liabilities |  |
|  Written Options, at value (premiums received $1,054,516) | 915918 |
|  Advisory fee payable | 37836 |
|  Total liabilities | 953754 |
|  Net Assets | $**73899786** |
| Composition of Net Assets |  |
|  Capital stock, at par | $188 |
|  Additional paid-in capital | 74957812 |
|  Accumulated loss | (1058214) |
|  Net Assets | $**73899786** |
|  **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<sup>(a)</sup> to November 30, 2025

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Dividends—Affiliated issuers | $8314 | $8314 |
| Expenses |  |  |
|  Advisory fee (see Note B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268178 |  |
|  Total expenses before bank overdraft expense | 268178 |  |
|  Bank overdraft expense | 25 |  |
|  Total expenses | 268203 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (419) |  |
|  Net expenses |  | 267784 |
|  Net investment loss |  | (259470) |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1884121) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 5526066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | 677546 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 267168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | 138598 |
|  Net gain on investment transactions |  | 4725257 |
|  **Net Increase in Net Assets from Operations** |  | $**4465787** |

---

(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<sup>(a)</sup><br>November 30, 2025** |
| Increase (Decrease) in Net Assets from Operations | Increase (Decrease) in Net Assets from Operations |
|  Net investment loss | $(259470) |
|  Net realized gain on investment transactions | 4319491 |
|  Net change in unrealized appreciation (depreciation) of investments | 405766 |
|  Net increase in net assets from operations | 4465787 |
| Transactions in Shares of the Fund | Transactions in Shares of the Fund |
|  Net increase | 69372420 |
|  Other capital | 61579 |
|  Total increase | 73899786 |
| Net Assets | Net Assets |
|  Beginning of period | – 0 |
|  End of period | $**73899786** |

---

(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.

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.

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)

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

---

| | |
|:---|:---|
| 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.

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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Purchased Options – Calls | $– 0 | $72634567 | $– 0 | $72634567 |
|  Purchased Options – Puts | – 0 | 1818167 | – 0 | 1818167 |
|  Short-Term Investments | 397630 | – 0 | – 0 | 397630 |
|  Total Investments in Securities | 397630 | 74452734 | – 0 | 74850364 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets** | – 0 | – 0 | – 0 | – 0 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  Call Options Written | – 0 | (488266) | – 0 | (488266) |
|  Put Options Written | – 0 | (427652) | – 0 | (427652) |
|  **Total** | $**397630** | $**73536816** | $**– 0** | $**73934446** |

---

(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.

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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Buffer ETF 9 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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 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

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. 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.

---

| | |
|:---|:---|
| 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

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 .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 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<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |

---

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 period ended November 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  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 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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194709 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107422818 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74583196 |
|  Gross unrealized appreciation | $795207 |
|  Gross unrealized depreciation | (389441) |
|  Net unrealized appreciation | $405766 |

---

---

| | |
|:---|:---|
| 12 AB International Buffer ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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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|:---|:---|
| **ABFunds.com** | AB International Buffer ETF 13 |

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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 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** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Equity contracts | Investments in<br>securities, at<br>value | $74452734 |  |  |
|  Equity contracts |  |  | Written Options,<br>at value | $915918 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74452734 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915918 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267168 |
|  Equity contracts | Net realized gain (loss) on written options; Net change in unrealized appreciation (depreciation) of written options | 2061262 | 138598 |
|  Total |  | $4319491 | $405766 |

---

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

---

| | |
|:---|:---|
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40630769 |
|  Written Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $79528511 |

---

---

| | |
|:---|:---|
| 14 AB International Buffer ETF | **ABFunds.com** |

---

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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

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 |
|  | December 9,<br> 2024<sup>(a)</sup>November 30,<br>2025 | December 9,<br> 2024<sup>(a)</sup>November 30,<br>2025 |
|  Shares sold | 4675028 | $177101725 |
|  Shares redeemed | (2800000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107729305) |
|  **Net increase** | **1875028** | $**69372420** |

---

(a) Commencement of operations.

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| | |
|:---|:---|
| **ABFunds.com** | AB International Buffer ETF 15 |

---

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**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.

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

---

| | |
|:---|:---|
| 16 AB International Buffer ETF | **ABFunds.com** |

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**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.

**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

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| | |
|:---|:---|
| **ABFunds.com** | AB International Buffer ETF 17 |

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**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.

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

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| | |
|:---|:---|
| 18 AB International Buffer ETF | **ABFunds.com** |

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**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.

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.

**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

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| | |
|:---|:---|
| **ABFunds.com** | AB International Buffer ETF 19 |

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**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.

**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.

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| | |
|:---|:---|
| 20 AB International Buffer ETF | **ABFunds.com** |

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**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.

**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.

**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

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|:---|:---|
| **ABFunds.com** | AB International Buffer ETF 21 |

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**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.

**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. 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 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.

**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

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| | |
|:---|:---|
| 22 AB International Buffer ETF | **ABFunds.com** |

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**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.

**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.

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: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $– 0 |
|  Total taxable distributions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB International Buffer ETF 23 |

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**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 | $(1206575)<sup>(a)</sup> |
|  Other losses | (257405)<sup>(b)</sup> |
|  Unrealized appreciation (depreciation) | 405766 |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1058214) |

---

(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

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.

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| | |
|:---|:---|
| 24 AB International Buffer ETF | **ABFunds.com** |

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#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

---

| | |
|:---|:---|
|  | **December 9,**<br> **2024<sup>(a)</sup> to<br>November 30,<br>2025** |
|  Net asset value, beginning of period | $35.00 |
|  Income From Investment Operations | Income From Investment Operations |
|  Net investment loss<sup>(b)(c)</sup> | (.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 Return |
|  Total investment return based on net asset value<sup>(d)</sup> | 12.61 |
|  Ratios/Supplemental Data | Ratios/Supplemental Data |
|  Net assets, end of period (000's omitted) | $73900 |
|  Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(c)</sup> | (.67 |
|  Portfolio turnover rate<sup>(e)</sup> | – 0 |

---

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Net of expenses waived/reimbursed by the Adviser.

(d) 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.

(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
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.

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, brokers and others; when replies were not received from brokers or others, we

---

| | |
|:---|:---|
| 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](g284343g91r55.jpg)

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").

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

---

| | |
|:---|:---|
| 28 AB International Buffer ETF | **ABFunds.com** |

---

------

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 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
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 $250 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

---

| | |
|:---|:---|
| **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
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.

---

| | |
|:---|:---|
| 30 AB International Buffer ETF | **ABFunds.com** |

---

------

#### NOTES

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Buffer ETF 31 |

---

------

---

| | |
|:---|:---|
| 32 AB International Buffer ETF | **ABFunds.com** |

---

------

![LOGO](g284343g28a43.jpg)

AB INTERNATIONAL BUFFER ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-IB-0151-1125 ![LOGO](g284343g22c48.jpg)

------

#### November 30, 2025
![LOGO](g71571g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB INTERNATIONAL GROWTH ETF

(NASDAQ: BUFC)

![LOGO](g71571g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> 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% | COMMON STOCKS – 99.5% | COMMON STOCKS – 99.5% |
|  Information Technology – 31.9% | Information Technology – 31.9% | Information Technology – 31.9% |
|  **Electronic Equipment, Instruments & Components – 1.9%** |  |  |
|  Halma PLC | 1715 | $80897 |
|  **IT Services – 4.4%** | **IT Services – 4.4%** | **IT Services – 4.4%** |
|  Netcompany Group A/S<sup>(a)(b)</sup> | 785 | 39424 |
|  Shopify, Inc. – Class A<sup>(b)</sup> | 385 | 61076 |
|  Wix.com Ltd.<sup>(b)</sup> | 915 | 87575 |
|  |  | 188075 |
|  **Semiconductors & Semiconductor Equipment – 15.3%** | **Semiconductors & Semiconductor Equipment – 15.3%** | **Semiconductors & Semiconductor Equipment – 15.3%** |
|  ASML Holding NV | 196 | 205495 |
|  BE Semiconductor Industries NV | 714 | 107639 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR) | 1177 | 343107 |
|  |  | 656241 |
|  **Software – 8.1%** | **Software – 8.1%** | **Software – 8.1%** |
|  Atlassian Corp. – Class A<sup>(b)</sup> | 148 | 22129 |
|  Constellation Software, Inc./Canada | 36 | 87344 |
|  Monday.com Ltd.<sup>(b)</sup> | 628 | 90344 |
|  SAP SE | 484 | 117144 |
|  Xero Ltd.<sup>(b)</sup> | 410 | 32870 |
|  |  | 349831 |
|  **Technology Hardware, Storage & Peripherals – 2.2%** |  |  |
|  Topicus.com, Inc.<sup>(b)</sup> | 1004 | 94757 |
|  |  | 1369801 |
|  Industrials – 28.0% | Industrials – 28.0% | Industrials – 28.0% |
|  **Aerospace & Defense – 2.4%** | **Aerospace & Defense – 2.4%** | **Aerospace & Defense – 2.4%** |
|  Safran SA | 310 | 104441 |
|  **Air Freight & Logistics – 1.5%** | **Air Freight & Logistics – 1.5%** | **Air Freight & Logistics – 1.5%** |
|  DSV A/S | 115 | 26224 |
|  Mainfreight Ltd. | 970 | 37419 |
|  |  | 63643 |
|  **Building Products – 3.4%** | **Building Products – 3.4%** | **Building Products – 3.4%** |
|  Kingspan Group PLC | 1730 | 148273 |
|  **Electrical Equipment – 2.0%** | **Electrical Equipment – 2.0%** | **Electrical Equipment – 2.0%** |
|  Schneider Electric SE | 315 | 84447 |
|  **Ground Transportation – 3.4%** | **Ground Transportation – 3.4%** | **Ground Transportation – 3.4%** |
|  Canadian Pacific Kansas City Ltd. | 1304 | 94691 |
|  Full Truck Alliance Co., Ltd. (ADR) | 4587 | 52062 |
|  |  | 146753 |
|  **Industrial Conglomerates – 1.9%** | **Industrial Conglomerates – 1.9%** | **Industrial Conglomerates – 1.9%** |
|  Lifco AB – Class B | 2243 | 82569 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Growth ETF 1 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Machinery – 4.5%** | **Machinery – 4.5%** | **Machinery – 4.5%** |
|  Atlas Copco AB – Class A | 2031 | $34497 |
|  Trelleborg AB – Class B | 1121 | 47161 |
|  Weir Group PLC (The) | 3007 | 110444 |
|  |  | 192102 |
|  **Passenger Airlines – 1.6%** | **Passenger Airlines – 1.6%** | **Passenger Airlines – 1.6%** |
|  Ryanair Holdings PLC | 2130 | 69759 |
|  **Trading Companies & Distributors – 7.3%** | **Trading Companies & Distributors – 7.3%** | **Trading Companies & Distributors – 7.3%** |
|  AddTech AB – Class B | 2608 | 89701 |
|  Beijer Ref AB | 7360 | 117325 |
|  Diploma PLC | 1462 | 105865 |
|  |  | 312891 |
|  |  | 1204878 |
|  Consumer Discretionary – 18.0% | Consumer Discretionary – 18.0% | Consumer Discretionary – 18.0% |
|  **Broadline Retail – 6.6%** | **Broadline Retail – 6.6%** | **Broadline Retail – 6.6%** |
|  MercadoLibre, Inc.<sup>(b)</sup> | 39 | 80799 |
|  PDD Holdings, Inc. (ADR)<sup>(b)</sup> | 605 | 70228 |
|  Sea Ltd. (ADR)<sup>(b)</sup> | 949 | 131921 |
|  |  | 282948 |
|  **Hotels, Restaurants & Leisure – 5.3%** | **Hotels, Restaurants & Leisure – 5.3%** | **Hotels, Restaurants & Leisure – 5.3%** |
|  DPC Dash Ltd. – Class H<sup>(b)</sup> | 4400 | 43234 |
|  InterContinental Hotels Group PLC | 835 | 110803 |
|  Yum China Holdings, Inc. | 1488 | 71632 |
|  |  | 225669 |
|  **Leisure Products – 2.2%** | **Leisure Products – 2.2%** | **Leisure Products – 2.2%** |
|  H World Group Ltd. (ADR) | 2027 | 93445 |
|  **Textiles, Apparel & Luxury Goods – 3.9%** | **Textiles, Apparel & Luxury Goods – 3.9%** | **Textiles, Apparel & Luxury Goods – 3.9%** |
|  adidas AG | 174 | 32391 |
|  ANTA Sports Products Ltd. – Class H | 5000 | 54492 |
|  LVMH Moet Hennessy Louis Vuitton SE | 112 | 82603 |
|  |  | 169486 |
|  |  | 771548 |
|  Financials – 7.2% | Financials – 7.2% | Financials – 7.2% |
|  **Banks – 3.3%** | **Banks – 3.3%** | **Banks – 3.3%** |
|  HDFC Bank Ltd. (ADR) | 2110 | 77690 |
|  NU Holdings Ltd./Cayman Islands – Class A<sup>(b)</sup> | 3483 | 60570 |
|  |  | 138260 |
|  **Capital Markets – 2.9%** | **Capital Markets – 2.9%** | **Capital Markets – 2.9%** |
|  3i Group PLC | 2987 | 124986 |
|  **Financial Services – 1.0%** | **Financial Services – 1.0%** | **Financial Services – 1.0%** |
|  Adyen NV<sup>(b)</sup> | 28 | 43563 |
|  |  | 306809 |

---

---

| | |
|:---|:---|
| 2 AB International Growth ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Communication Services – 6.4% | Communication Services – 6.4% | Communication Services – 6.4% |
|  **Interactive Media & Services – 4.9%** | **Interactive Media & Services – 4.9%** | **Interactive Media & Services – 4.9%** |
|  Tencent Holdings Ltd. – Class H | 2690 | $211279 |
|  **Wireless Telecommunication Services – 1.5%** | **Wireless Telecommunication Services – 1.5%** | **Wireless Telecommunication Services – 1.5%** |
|  Tencent Music Entertainment Group (ADR) | 3539 | 65295 |
|  |  | 276574 |
|  Health Care – 5.1% | Health Care – 5.1% | Health Care – 5.1% |
|  **Health Care Equipment & Supplies – 3.0%** | **Health Care Equipment & Supplies – 3.0%** | **Health Care Equipment & Supplies – 3.0%** |
|  Ambu A/S – Class B | 5786 | 78489 |
|  Straumann Holding AG (REG)<sup>(b)</sup> | 428 | 48826 |
|  |  | 127315 |
|  **Life Sciences Tools & Services – 0.7%** | **Life Sciences Tools & Services – 0.7%** | **Life Sciences Tools & Services – 0.7%** |
|  Sartorius Stedim Biotech | 134 | 32238 |
|  **Pharmaceuticals – 1.4%** | **Pharmaceuticals – 1.4%** | **Pharmaceuticals – 1.4%** |
|  Novo Nordisk A/S – Class B | 1218 | 59997 |
|  |  | 219550 |
|  Consumer Staples – 1.9% | Consumer Staples – 1.9% | Consumer Staples – 1.9% |
|  **Beverages – 1.9%** | **Beverages – 1.9%** | **Beverages – 1.9%** |
|  Budweiser Brewing Co. APAC Ltd. – Class H<sup>(a)</sup> | 78900 | 81174 |
|  Materials – 1.0% | Materials – 1.0% | Materials – 1.0% |
|  **Chemicals – 1.0%** | **Chemicals – 1.0%** | **Chemicals – 1.0%** |
|  IMCD NV | 492 | 44126 |
|  Total Common Stocks <br>(cost $4,469,555) |  | 4274460 |
|  SHORT-TERM INVESTMENTS – 0.4% | SHORT-TERM INVESTMENTS – 0.4% | SHORT-TERM INVESTMENTS – 0.4% |
|  **Investment Companies – 0.4%** | **Investment Companies – 0.4%** | **Investment Companies – 0.4%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%<sup>(c)(d)(e)</sup> <br>(cost $19,431) | 19431 | 19431 |
|  Total Investments – 99.9% <br>(cost $4,488,986) |  | 4293891 |
|  Other assets less liabilities – 0.1% |  | 3208 |
|  **Net Assets – 100.0%** |  | $**4297099** |

---

---

| | |
|:---|:---|
| **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) 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 $120,598 or 2.8% of net assets.

(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 | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $4,469,555) | $4274460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $19,431) | 19431 |
|  Foreign currencies, at value (cost $3,514) | 3521 |
|  Unaffiliated dividends receivable | 1445 |
|  Affiliated dividends receivable | 59 |
|  Receivable due from Adviser | 29 |
|  Total assets | 4298945 |
| Liabilities | Liabilities |
|  Advisory fee payable | 1846 |
|  Total liabilities | 1846 |
|  Net Assets | $**4297099** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $15 |
|  Additional paid-in capital | 4499813 |
|  Accumulated loss | (202729) |
|  **Net Assets** | $**4297099** |
|  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<sup>(a)</sup> to November 30, 2025

---

| | | |
|:---|:---|:---|
| Investment Income | Investment Income | Investment Income |
|  Dividends | Dividends | Dividends |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $376) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3711 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 558 | $4269 |
| Expenses | Expenses | Expenses |
|  Advisory fee (see Note B) | 5033 |  |
|  Total expenses | 5033 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (29) |  |
|  Net expenses |  | 5004 |
|  Net investment loss |  | (735) |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized loss on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (7641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (427) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments transactions |  | (195095) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | 7 |
|  Net loss on investment and foreign currency transactions |  | (203156) |
|  **Net Decrease in Net Assets from Operations** |  | $**(203891)** |

---

(a) Commencement of operations.

See notes to financial statements.

---

| | |
|:---|:---|
| 6 AB International Growth ETF | **ABFunds.com** |

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------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | |
|:---|:---|
|  | **September 16,<br>2025<sup>(a)</sup> to<br>November 30, 2025** |
| Decrease in Net Assets from Operations |  |
|  Net investment loss | $(735) |
|  Net realized loss on investment and foreign currency transactions | (8068) |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | (195088) |
|  Net decrease in net assets from operations | (203891) |
| Transactions in Shares of the Fund |  |
|  Net increase | 4500990 |
|  Total increase | 4297099 |
| Net Assets |  |
|  Beginning of period | – 0 |
|  End of period | $**4297099** |

---

(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

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 Growth ETF (the "Fund"), a diversified portfolio. The Fund commenced investment operations on September 16, 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 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.

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

---

| | |
|:---|:---|
| 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.

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.

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

---

| | |
|:---|:---|
| **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)

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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Common Stocks<sup>(a)</sup> | $4274460 | $– 0 | $– 0 | $4274460 |
|  Short-Term Investments | 19431 | – 0 | – 0 | 19431 |
|  Total Investments in Securities | 4293891 | – 0 | – 0 | 4293891 |
|  **Other Financial Instruments<sup>(b)</sup>** | – 0 | – 0 | – 0 | – 0 |
|  **Total** | $**4293891** | $**– 0** | $**– 0** | $**4293891** |

---

(a) See Portfolio of Investments for sector classifications.

(b) 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.

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.

---

| | |
|:---|:---|
| 10 AB International Growth ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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 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

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

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

---

| | |
|:---|:---|
| **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

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.

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 .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)

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 $29.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market<br>Value<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market<br>Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $– 0 – $| 2798 | $2779 | $19 | $1 |

---

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 period ended November 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4523159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45963 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4488986 |
|  Gross unrealized appreciation | $185895 |
|  Gross unrealized depreciation | (380990) |
|  Net unrealized depreciation | $(195095) |

---

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.

The Fund did not engage in derivatives transactions for the period ended November 30, 2025.

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

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

---

| | |
|:---|:---|
| 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,<br>2025<sup>(a)</sup> to<br>November 30, 2025 | September 16,<br>2025<sup>(a)</sup> to<br>November 30, 2024 |
|  Shares sold | 150033 | $4500990 |
|  **Net increase** | **150033** | $**4500990** |

---

(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.

**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 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.

**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

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Growth ETF 15 |

---

------

**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.

**Currency Risk**—Fluctuations in currency exchange rates may negatively affect the value of the Fund's investments or reduce its returns.

**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

---

| | |
|:---|:---|
| 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.

**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.

**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

---

| | |
|:---|:---|
| **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.

**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"). 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

---

| | |
|:---|:---|
| 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.

**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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Growth ETF 19 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  Accumulated capital and other losses | (7641)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (195088) |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202729) |

---

(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

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.

---

| | |
|:---|:---|
| 20 AB International Growth ETF | **ABFunds.com** |

---

------

#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

---

| | |
|:---|:---|
|  | **September 16,<br>2025<sup>(a)</sup> to<br>November 30,<br>2025** |
|  Net asset value, beginning of period | $30.00 |
|  Income From Investment Operations | Income From Investment Operations |
|  Net investment loss<sup>(b)(c)</sup> | (.00 |
|  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 Return |
|  Total investment return based on net asset value<sup>(e)</sup> | (4.53) |
|  Ratios/Supplemental Data | Ratios/Supplemental Data |
|  Net assets, end of period (000's omitted) | $4297 |
|  Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(c)</sup> | (.08 |
|  Portfolio turnover rate<sup>(f)</sup> | 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) 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.

(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
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.

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.

---

| | |
|:---|:---|
| 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](g71571g91r55.jpg)

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").

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 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
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 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
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 $250 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

---

| | |
|:---|:---|
| **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 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 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
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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Growth ETF 27 |

---

------

#### NOTES

---

| | |
|:---|:---|
| 28 AB International Growth ETF | **ABFunds.com** |

---

------

![LOGO](g71571g28a43.jpg)

AB INTERNATIONAL GROWTH ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-IG-0151-1125 ![LOGO](g71571g22c48.jpg)

------

#### November 30, 2025
![LOGO](g47248g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB INTERNATIONAL LOW VOLATILITY EQUITY ETF

(NYSE: ILOW)

![LOGO](g47248g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> 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% | COMMON STOCKS – 98.5% | COMMON STOCKS – 98.5% |
|  Financials – 27.8% | Financials – 27.8% | Financials – 27.8% |
|  **Banks – 16.7%** | **Banks – 16.7%** | **Banks – 16.7%** |
|  AIB Group PLC | 2703471 | $27767006 |
|  Bank Leumi Le-Israel BM | 966988 | 20227265 |
|  BAWAG Group AG<sup>(a)(b)</sup> | 115834 | 15513362 |
|  KBC Group NV | 250740 | 30889273 |
|  Mitsubishi UFJ Financial Group, Inc. | 1307600 | 20307393 |
|  NatWest Group PLC | 3081573 | 25813258 |
|  Nordea Bank Abp | 1614787 | 28600225 |
|  Oversea-Chinese Banking Corp., Ltd. | 1695580 | 24219766 |
|  Royal Bank of Canada | 48111 | 7459353 |
|  Sumitomo Mitsui Financial Group, Inc. | 548700 | 16519017 |
|  Toronto-Dominion Bank (The) | 135899 | 11469113 |
|  UniCredit SpA | 280301 | 20848700 |
|  |  | 249633731 |
|  **Capital Markets – 3.8%** | **Capital Markets – 3.8%** | **Capital Markets – 3.8%** |
|  Euronext NV<sup>(a)</sup> | 142622 | 21898302 |
|  IG Group Holdings PLC | 1034965 | 15564579 |
|  London Stock Exchange Group PLC | 70774 | 8353526 |
|  Singapore Exchange Ltd. | 789600 | 10278852 |
|  |  | 56095259 |
|  **Insurance – 7.3%** | **Insurance – 7.3%** | **Insurance – 7.3%** |
|  AIA Group Ltd. – Class H | 1398000 | 14472719 |
|  AXA SA | 515137 | 23256075 |
|  Beazley PLC | 945383 | 9989744 |
|  Medibank Pvt. Ltd. | 4366926 | 13603194 |
|  NN Group NV | 356773 | 25870038 |
|  Tryg A/S | 908249 | 22510405 |
|  |  | 109702175 |
|  |  | 415431165 |
|  Industrials – 18.1% | Industrials – 18.1% | Industrials – 18.1% |
|  **Aerospace & Defense – 3.7%** | **Aerospace & Defense – 3.7%** | **Aerospace & Defense – 3.7%** |
|  BAE Systems PLC | 1330195 | 29090200 |
|  Safran SA | 79045 | 26630879 |
|  |  | 55721079 |
|  **Construction & Engineering – 2.2%** | **Construction & Engineering – 2.2%** | **Construction & Engineering – 2.2%** |
|  Stantec, Inc. | 200358 | 19315026 |
|  Vinci SA | 98220 | 13935189 |
|  |  | 33250215 |
|  **Electrical Equipment – 4.3%** | **Electrical Equipment – 4.3%** | **Electrical Equipment – 4.3%** |
|  ABB Ltd. (REG) | 278165 | 19995870 |
|  Prysmian SpA | 211761 | 21209032 |
|  Schneider Electric SE | 86466 | 23180426 |
|  |  | 64385328 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 1 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Machinery – 0.8%** | **Machinery – 0.8%** | **Machinery – 0.8%** |
|  Weir Group PLC (The) | 328948 | $12081931 |
|  **Passenger Airlines – 0.9%** | **Passenger Airlines – 0.9%** | **Passenger Airlines – 0.9%** |
|  Ryanair Holdings PLC | 382863 | 12539045 |
|  **Professional Services – 3.9%** | **Professional Services – 3.9%** | **Professional Services – 3.9%** |
|  Persol Holdings Co., Ltd. | 9195132 | 16551827 |
|  RELX PLC | 668803 | 26859629 |
|  Wolters Kluwer NV | 142066 | 15102530 |
|  |  | 58513986 |
|  **Trading Companies & Distributors – 2.3%** | **Trading Companies & Distributors – 2.3%** | **Trading Companies & Distributors – 2.3%** |
|  BOC Aviation Ltd. – Class H<sup>(a)</sup> | 1748300 | 15909763 |
|  Brenntag SE | 137760 | 7905940 |
|  Bunzl PLC | 343826 | 9858523 |
|  |  | 33674226 |
|  |  | 270165810 |
|  Consumer Discretionary – 11.7% | Consumer Discretionary – 11.7% | Consumer Discretionary – 11.7% |
|  **Automobiles – 0.8%** | **Automobiles – 0.8%** | **Automobiles – 0.8%** |
|  Honda Motor Co., Ltd. | 1232000 | 12410791 |
|  **Broadline Retail – 1.0%** | **Broadline Retail – 1.0%** | **Broadline Retail – 1.0%** |
|  Canadian Tire Corp., Ltd. – Class A | 119739 | 14603511 |
|  **Diversified Consumer Services – 1.1%** | **Diversified Consumer Services – 1.1%** | **Diversified Consumer Services – 1.1%** |
|  Pearson PLC | 1318663 | 17430351 |
|  **Hotels, Restaurants & Leisure – 4.5%** | **Hotels, Restaurants & Leisure – 4.5%** | **Hotels, Restaurants & Leisure – 4.5%** |
|  Amadeus IT Group SA | 205033 | 15071827 |
|  Aristocrat Leisure Ltd. | 345242 | 13208743 |
|  Booking Holdings, Inc. | 947 | 4654211 |
|  Compass Group PLC | 605127 | 19018536 |
|  Lottomatica Group SpA | 578956 | 14795408 |
|  |  | 66748725 |
|  **Household Durables – 2.9%** | **Household Durables – 2.9%** | **Household Durables – 2.9%** |
|  Open House Group Co., Ltd. | 337500 | 19841237 |
|  Sony Group Corp. | 811400 | 23788241 |
|  |  | 43629478 |
|  **Specialty Retail – 1.4%** | **Specialty Retail – 1.4%** | **Specialty Retail – 1.4%** |
|  Industria de Diseno Textil SA | 367485 | 20577898 |
|  |  | 175400754 |
|  Information Technology – 10.2% | Information Technology – 10.2% | Information Technology – 10.2% |
|  **IT Services – 3.4%** | **IT Services – 3.4%** | **IT Services – 3.4%** |
|  Amdocs Ltd. | 73570 | 5626634 |
|  BIPROGY, Inc. | 452100 | 17443730 |
|  Nomura Research Institute Ltd. | 319900 | 12779600 |
|  Obic Co., Ltd. | 445111 | 14324559 |
|  |  | 50174523 |

---

---

| | |
|:---|:---|
| 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 | 16059 | 16836920 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 655000 | 30052573 |
|  |  | 46889493 |
|  **Software – 3.7%** | **Software – 3.7%** | **Software – 3.7%** |
|  Constellation Software, Inc./Canada | 7088 | 17196935 |
|  Nice Ltd.<sup>(b)</sup> | 77348 | 8065993 |
|  SAP SE | 126403 | 30593675 |
|  |  | 55856603 |
|  |  | 152920619 |
|  Health Care – 9.6% | Health Care – 9.6% | Health Care – 9.6% |
|  **Health Care Providers & Services – 1.2%** | **Health Care Providers & Services – 1.2%** | **Health Care Providers & Services – 1.2%** |
|  Fresenius SE & Co. KGaA | 186485 | 10243408 |
|  Galenica AG<sup>(a)(b)</sup> | 66071 | 7500307 |
|  |  | 17743715 |
|  **Pharmaceuticals – 8.4%** | **Pharmaceuticals – 8.4%** | **Pharmaceuticals – 8.4%** |
|  AstraZeneca PLC | 156347 | 28948506 |
|  Chugai Pharmaceutical Co., Ltd. | 169800 | 9111856 |
|  Haleon PLC | 2363600 | 11615735 |
|  Novartis AG (REG) | 157174 | 20451509 |
|  Novo Nordisk A/S – Class B | 275626 | 13576792 |
|  Recordati Industria Chimica e Farmaceutica SpA | 124967 | 7382054 |
|  Roche Holding AG | 61754 | 23641795 |
|  Takeda Pharmaceutical Co., Ltd. | 376000 | 10857136 |
|  |  | 125585383 |
|  |  | 143329098 |
|  Consumer Staples – 8.7% | Consumer Staples – 8.7% | Consumer Staples – 8.7% |
|  **Consumer Staples Distribution & Retail – 2.8%** | **Consumer Staples Distribution & Retail – 2.8%** | **Consumer Staples Distribution & Retail – 2.8%** |
|  Koninklijke Ahold Delhaize NV | 277888 | 11497235 |
|  Tesco PLC | 4983564 | 29734309 |
|  |  | 41231544 |
|  **Food Products – 3.7%** | **Food Products – 3.7%** | **Food Products – 3.7%** |
|  Danone SA | 126352 | 11291117 |
|  Glanbia PLC | 1175232 | 20172320 |
|  Nestle SA (REG) | 52198 | 5189571 |
|  Salmar ASA | 114736 | 6705528 |
|  Toyo Suisan Kaisha Ltd. | 173000 | 12427619 |
|  |  | 55786155 |
|  **Tobacco – 2.2%** | **Tobacco – 2.2%** | **Tobacco – 2.2%** |
|  British American Tobacco PLC | 376293 | 22042585 |
|  Philip Morris International, Inc. | 69485 | 10942498 |
|  |  | 32985083 |
|  |  | 130002782 |
|  Communication Services – 4.4% | Communication Services – 4.4% | Communication Services – 4.4% |
|  **Diversified Telecommunication Services – 1.9%** | **Diversified Telecommunication Services – 1.9%** | **Diversified Telecommunication Services – 1.9%** |
|  HKT Trust & HKT Ltd. – Class H | 9809000 | 14992692 |
|  Koninklijke KPN NV | 3024356 | 13829077 |
|  |  | 28821769 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Interactive Media & Services – 1.1%** | **Interactive Media & Services – 1.1%** | **Interactive Media & Services – 1.1%** |
|  Auto Trader Group PLC | 942346 | $7978608 |
|  Rightmove PLC | 1188692 | 8640542 |
|  |  | 16619150 |
|  **Media – 1.4%** | **Media – 1.4%** | **Media – 1.4%** |
|  Informa PLC | 1643347 | 20899019 |
|  |  | 66339938 |
|  Utilities – 3.1% | Utilities – 3.1% | Utilities – 3.1% |
|  **Electric Utilities – 1.7%** | **Electric Utilities – 1.7%** | **Electric Utilities – 1.7%** |
|  Enel SpA | 2492948 | 25772556 |
|  **Multi-Utilities – 1.4%** | **Multi-Utilities – 1.4%** | **Multi-Utilities – 1.4%** |
|  National Grid PLC | 1321783 | 20079370 |
|  |  | 45851926 |
|  Energy – 2.9% | Energy – 2.9% | Energy – 2.9% |
|  **Oil, Gas & Consumable Fuels – 2.9%** | **Oil, Gas & Consumable Fuels – 2.9%** | **Oil, Gas & Consumable Fuels – 2.9%** |
|  ENEOS Holdings, Inc. | 1432800 | 9443350 |
|  Shell PLC | 904176 | 33347254 |
|  |  | 42790604 |
|  Real Estate – 1.5% | Real Estate – 1.5% | Real Estate – 1.5% |
|  **Real Estate Management & Development – 1.5%** | **Real Estate Management & Development – 1.5%** | **Real Estate Management & Development – 1.5%** |
|  Mitsui Fudosan Co., Ltd. | 1918800 | 22544824 |
|  Materials – 0.5% | Materials – 0.5% | Materials – 0.5% |
|  **Metals & Mining – 0.5%** | **Metals & Mining – 0.5%** | **Metals & Mining – 0.5%** |
|  Rio Tinto Ltd. | 92412 | 8016670 |
|  Total Common Stocks <br>(cost $1,190,391,682) |  | 1472794190 |
|  WARRANTS – 0.0% | WARRANTS – 0.0% | WARRANTS – 0.0% |
|  Information Technology – 0.0% | Information Technology – 0.0% | Information Technology – 0.0% |
|  **Software – 0.0%** | **Software – 0.0%** | **Software – 0.0%** |
|  Constellation Software, Inc./Canada, expiring 03/31/2040<sup>(b)(c)(d)</sup> <br>(cost $0) | 9807 | – 0 |
|  SHORT-TERM INVESTMENTS – 0.7% | SHORT-TERM INVESTMENTS – 0.7% | SHORT-TERM INVESTMENTS – 0.7% |
|  **Investment Companies – 0.7%** | **Investment Companies – 0.7%** | **Investment Companies – 0.7%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%<sup>(e)(f)(g)</sup> <br>(cost $9,760,263) | 9760263 | 9760263 |
|  Total Investments – 99.2% <br>(cost $1,200,151,945) |  | 1482554453 |
|  Other assets less liabilities – 0.8% |  | 11892112 |
|  **Net Assets – 100.0%** |  | $**1494446565** |

---

---

| | |
|:---|:---|
| 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<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America NA | GBP | 115885 | USD | 158334 | 12/05/2025 | $4787590 |
|  Bank of America NA | USD | 13949 | GBP | 10624 | 12/05/2025 | 127575 |
|  Bank of America NA | USD | 118329 | JPY | 17833993 | 01/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3454861) |
|  Bank of America NA | TWD | 716955 | USD | 23279 | 02/12/2026 | 370930 |
|  Bank of New York (The) | USD | 4395 | JPY | 682884 | 01/23/2026 | 4119 |
|  Deutsche Bank AG | GBP | 2557 | USD | 3428 | 12/05/2025 | 39559 |
|  Deutsche Bank AG | JPY | 1100514 | USD | 7188 | 01/23/2026 | 99397 |
|  Deutsche Bank AG | JPY | 627057 | USD | 4031 | 01/23/2026 | (7638) |
|  Deutsche Bank AG | USD | 7271 | JPY | 1096330 | 01/23/2026 | (208911) |
|  Morgan Stanley Capital Services, Inc. | GBP | 7503 | USD | 10036 | 12/05/2025 | 93737 |
|  Morgan Stanley Capital Services, Inc. | GBP | 2879 | USD | 3807 | 12/05/2025 | (7918) |
|  Morgan Stanley Capital Services, Inc. | USD | 4002 | GBP | 3041 | 12/05/2025 | 27766 |
|  Morgan Stanley Capital Services, Inc. | USD | 7695 | GBP | 5726 | 12/05/2025 | (108369) |
|  Morgan Stanley Capital Services, Inc. | SGD | 47026 | USD | 37090 | 12/18/2025 | 736452 |
|  Morgan Stanley Capital Services, Inc. | ILS | 50106 | USD | 15169 | 12/22/2025 | (224289) |
|  Morgan Stanley Capital Services, Inc. | JPY | 792321 | USD | 5207 | 01/23/2026 | 103586 |
|  Morgan Stanley Capital Services, Inc. | JPY | 573981 | USD | 3691 | 01/23/2026 | (5810) |
|  Morgan Stanley Capital Services, Inc. | USD | 4192 | JPY | 652256 | 01/23/2026 | 9372 |
|  Morgan Stanley Capital Services, Inc. | USD | 5979 | JPY | 914179 | 01/23/2026 | (90977) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 5 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Morgan Stanley Capital Services, Inc. | EUR | 3404 | USD | 3937 | 01/29/2026 | $(25747) |
|  Morgan Stanley Capital Services, Inc. | USD | 38233 | EUR | 32980 | 01/29/2026 | 160190 |
|  Morgan Stanley Capital Services, Inc. | CAD | 81543 | USD | 58455 | 02/05/2026 | (227703) |
|  NatWest Markets PLC | GBP | 2850 | USD | 3839 | 12/05/2025 | 62408 |
|  NatWest Markets PLC | USD | 9257 | GBP | 7062 | 12/05/2025 | 100093 |
|  NatWest Markets PLC | USD | 3657 | JPY | 569979 | 01/23/2026 | 14499 |
|  NatWest Markets PLC | USD | 61594 | CHF | 49037 | 01/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111007) |
|  Standard Chartered Bank | GBP | 2178 | USD | 2916 | 12/05/2025 | 30467 |
|  Standard Chartered Bank | USD | 2889 | NOK | 29235 | 02/13/2026 | 970 |
|  State Street Bank & Trust Co. | GBP | 6404 | USD | 8626 | 12/05/2025 | 140167 |
|  State Street Bank & Trust Co. | USD | 5488 | GBP | 4115 | 12/05/2025 | (35948) |
|  State Street Bank & Trust Co. | USD | 8964 | SGD | 11519 | 12/18/2025 | (59560) |
|  State Street Bank & Trust Co. | JPY | 623139 | USD | 4065 | 01/23/2026 | 51276 |
|  State Street Bank & Trust Co. | USD | 65295 | AUD | 100499 | 01/28/2026 | 636844 |
|  State Street Bank & Trust Co. | USD | 4130 | EUR | 3550 | 01/29/2026 | 2634 |
|  State Street Bank & Trust Co. | CAD | 9900 | USD | 7092 | 02/05/2026 | (32679) |
|  State Street Bank & Trust Co. | USD | 19021 | SEK | 179355 | 02/13/2026 | 74670 |
|  |  |  |  |  |  | $3072884 |

---

(a) 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 $60,821,734 or 4.1% of net assets.

(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 | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $1,190,391,682) | $1472794190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $9,760,263) | 9760263 |
|  Cash | 3889 |
|  Foreign currencies, at value (cost $2,671,506) | 2671085 |
|  Unaffiliated dividends receivable | 7758486 |
|  Unrealized appreciation on forward currency exchange contracts | 7674301 |
|  Receivable for investment securities sold and foreign currency transactions | 2427602 |
|  Affiliated dividends receivable | 16337 |
|  Receivable due from Adviser | 1131 |
|  Other assets | 42113 |
|  Total assets | 1503149397 |
| Liabilities | Liabilities |
|  Unrealized depreciation on forward currency exchange contracts | 4601417 |
|  Payable for investment securities purchased | 3269705 |
|  Management fee payable | 565496 |
|  Cash collateral due to broker | 261000 |
|  Other liabilities | 5214 |
|  Total liabilities | 8702832 |
|  Net Assets | $**1494446565** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $3540 |
|  Additional paid-in capital | 1198180500 |
|  Distributable earnings | 296262525 |
|  **Net Assets** | $**1494446565** |
|  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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $3,283,225) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33760944 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 546058 |  |
|  Interest (net of foreign taxes withheld of $204,377) | 416921 |  |
|  Securities lending income, net | 11031 |  |
|  Other income<sup>(a)</sup> | 466 | $34735420 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 5936011 |  |
|  Total expenses before bank overdraft expense | 5936011 |  |
|  Bank overdraft expense | 2370 |  |
|  Total expenses | 5938381 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (28214) |  |
|  Net expenses |  | 5910167 |
|  Net investment income |  | 28825253 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (8005719) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 80686521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 4888572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (9766679) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 104524493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 2425101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | 267768 |
|  Net gain on investment and foreign currency transactions |  | 175020057 |
|  Contributions from Affiliates (see Note B) |  | 44617 |
|  **Net Increase in Net Assets from Operations** |  | $**203889927** |

---

(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<br>November 30,<br>2025** | **July 1, 2024 to<br>November 30<br>2024<sup>(a)</sup>** | **Year Ended<br>June 30,<br>2024<sup>(b)</sup>** |
| Increase in Net Assets from Operations |  |  |  |
|  Net investment income | $28825253 | $5686290 | $16963389 |
|  Net realized gain on investment and foreign currency transactions | 67802695 | 16611440 | 4704300 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 107217362 | 18665933 | 78770040 |
|  Contributions from Affiliates (see Note B) | 44617 | 58457 | – 0 |
|  Net increase in net assets from operations | 203889927 | 41022120 | 100437729 |
|  Distribution to Shareholders | Distribution to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | – 0 | – 0 | (118126) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | – 0 | – 0 | (3388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (6787260) | (7514658) | (15606346) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | – 0 | – 0 | (1296) |
| Capital Stock Transactions |  |  |  |
|  Net increase | 471390715 | 2989526 | 23177768 |
|  Total increase | 668493382 | 36496988 | 107886341 |
| Net Assets | Net Assets | Net Assets |  |
|  Beginning of period | 825953183 | 789456195 | 681569854 |
|  End of period | $**1494446565** | $**825953183** | $**789456195** |

---

(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)

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

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.

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

---

| | |
|:---|:---|
| 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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** |  |  |  |  |  |
|  Common Stocks<sup>(a)</sup> | $1472794190 | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |  | $1472794190 |
|  Warrants | – 0 | – 0 | 0 | <sup>(b)</sup> | – 0 |
|  Short-Term Investments | 9760263 | – 0 | – 0 |  | 9760263 |
|  Total Investments in Securities | 1482554453 | – 0 | 0 | <sup>(b)</sup> | 1482554453 |
|  **Other Financial Instruments<sup>(c)</sup>:** |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |
|  Forward Currency Exchange Contracts | – 0 | 7674301 | – 0 |  | 7674301 |
|  **Liabilities:** |  |  |  |  |  |
|  Forward Currency Exchange Contracts | – 0 | (4601417) | – 0 |  | (4601417) |
|  **Total** | $**1482554453** | $**3072884** | $**0** | **<sup>(b)</sup>** | $**1485627337** |

---

(a) See Portfolio of Investments for sector classifications.

(b) The Portfolio held securities with zero market value at period end.

(c) 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.

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

---

| | |
|:---|:---|
| **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.

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 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

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

---

| | |
|:---|:---|
| 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

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

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.

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

---

| | |
|:---|:---|
| **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<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12904 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 |
|  AB Government Money Market Portfolio\* | – 0 | 21881 | 21881 | – 0 | 2 |
|  Total |  |  |  | $9760 | $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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553204827 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314558944 |
|  U.S. government securities | – 0 | – 0 |

---

---

| | |
|:---|:---|
| 16 AB International Low Volatility Equity ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437697227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187703413 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206436558 |
|  Gross unrealized appreciation | $304809407 |
|  Gross unrealized depreciation | (27643690) |
|  Net unrealized appreciation | $277165717 |

---

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.

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** 

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 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.

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| | |
|:---|:---|
| **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.

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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Foreign currency contracts | Unrealized<br>appreciation<br>on forward<br>currency<br>exchange<br>contracts | $7674301 | Unrealized<br>depreciation<br>on forward<br>currency<br>exchange<br>contracts | $4601417 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7674301 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4601417 |

---

---

| | |
|:---|:---|
| 18 AB International Low Volatility Equity ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<br>or (Loss) on<br>Derivatives Within<br>Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4888572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425101 |
|  Total |  | $4888572 | $2425101 |

---

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: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299266473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $277075586 |

---

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Bank of America NA | $5286095 | $(3454861) | $(261000) | $– 0 – $| 1570234 |
|  Bank of New York (The) | 4119 | – 0 | – 0 | – 0 – | 4119 |
|  Deutsche Bank AG | 138956 | (138956) | – 0 | – 0 – | – 0 |
|  Morgan Stanley Capital Services, Inc. | 1131103 | (690813) | – 0 | – 0 – | 440290 |
|  NatWest Markets PLC | 177000 | (111007) | – 0 | – 0 – | 65993 |
|  Standard Chartered Bank | 31437 | – 0 | – 0 | – 0 – | 31437 |
|  State Street Bank & Trust Co. | 905591 | (128187) | – 0 | – 0 – | 777404 |
|  Total | $7674301 | $(4523824) | $(261000) | $– 0 – $| 2889477 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 19 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  Bank of America NA | $3454861 | $(3454861) | $– 0 – $| – 0 – $| – 0 |
|  Deutsche Bank AG | 216549 | (138956) | – 0 – | – 0 – | 77593 |
|  Morgan Stanley Capital Services, Inc. | 690813 | (690813) | – 0 – | – 0 – | – 0 |
|  NatWest Markets PLC | 111007 | (111007) | – 0 – | – 0 – | – 0 |
|  State Street Bank & Trust Co. | 128187 | (128187) | – 0 – | – 0 – | – 0 |
|  Total | $4601417 | $(4523824) | $– 0 – $| – 0 – $| 77593 |

---

\* 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

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

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 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

---

| | |
|:---|:---|
| 20 AB International Low Volatility Equity ETF | **ABFunds.com** |

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------

**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<br>of Securities**<br> **on Loan\*** | **Cash<br>Collateral\*** | **Market Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **AB Government<br>Money Market<br>Portfolio** | **AB Government<br>Money Market<br>Portfolio** |
| **Market Value<br>of Securities**<br> **on Loan\*** | **Cash<br>Collateral\*** | **Market Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **Income**<br>**Earned** | **Advisory Fee<br>Waived** |
| $– 0 – | $– 0 | $– 0 | $8889 | $2142 | $1331 |

---

\* 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 trade at market prices rather than NAV, shares may trade at a price greater than

---

| | |
|:---|:---|
| **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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares | Shares | Shares | Amount | Amount | Amount |
|  | Year Ended<br>November 30,<br>2025 | Period Ended<br>November 30,<br>2024<sup>(a)</sup> | Year Ended<br>June 30,<br>2024<sup>(b)</sup> | Year Ended<br>November 30,<br>2025 | Period Ended<br>November 30,<br>2024<sup>(a)</sup> | Year Ended<br>June 30,<br> 2024<sup>(b)</sup> |
| **Class A** |  |  |  |  |  |  |
|  Shares sold | – 0 | – 0 | 22737 | $– 0 | $– 0 | $291465 |
|  Shares issued in reinvestment of dividends | – 0 | – 0 | 3303 | – 0 | – 0 | 42140 |
|  Shares converted from Class C | – 0 | – 0 | 241 | – 0 | – 0 | 2977 |
|  Shares converted to Advisor Class | – 0 | – 0 | (398869) | – 0 | – 0 | (5532794) |
|  Shares redeemed | – 0 | – 0 | (80607) | – 0 | – 0 | (1082025) |
|  **Net increase (decrease)** | **– 0** | **– 0** | **(453195** | $**– 0** | $**– 0** | $**(6278237** |
| **Class C** |  |  |  |  |  |  |
|  Shares sold | – 0 | – 0 | – 0 | $– 0 | $– 0 | $– 0 |
|  Shares issued in reinvestment of dividends | – 0 | – 0 | 271 | – 0 | – 0 | 3387 |
|  Shares converted to Class A | – 0 | – 0 | (248) | – 0 | – 0 | (2977) |
|  Shares converted to Advisor Class | – 0 | – 0 | (18496) | – 0 | – 0 | (250743) |
|  Shares redeemed | – 0 | – 0 | (400) | – 0 | – 0 | (5023) |
|  **Net increase (decrease)** | **– 0** | **– 0** | **(18873** | $**– 0** | $**– 0** | $**(255356** |

---

---

| | |
|:---|:---|
| 22 AB International Low Volatility Equity ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares | Shares | Shares | Amount | Amount | Amount |
|  | Year Ended<br>November 30,<br>2025 | Period Ended<br>November 30,<br>2024<sup>(a)</sup> | Year Ended<br>June 30,<br>2024<sup>(b)</sup> | Year Ended<br>November 30,<br>2025 | Period Ended<br>November 30,<br>2024<sup>(a)</sup> | Year Ended<br>June 30,<br> 2024<sup>(b)</sup> |
| **Advisor Class** |  |  |  |  |  |  |
|  Shares sold | 17400000 | 384694 | 4099852 | $685894955 | $13267240 | $128904731 |
|  Shares issued in reinvestment of dividends | – 0 | 173444 | 402830 | – 0 | 5868612 | 12266118 |
|  Shares converted from Class A | – 0 | – 0 | 167053 | – 0 | – 0 | 5532794 |
|  Shares converted from Class C | – 0 | – 0 | 7571 | – 0 | – 0 | 250743 |
|  Shares converted from Class Z | – 0 | – 0 | 1731 | – 0 | – 0 | 57319 |
|  Shares redeemed | (5350000) | (463216) | (3746529) | (214504240) | (16146326) | (117241564) |
|  **Net increase** | **12050000** | **94922** | **932508** | $**471390715** | $**2989526** | $**29770141** |
| **Class Z** |  |  |  |  |  |  |
|  Shares sold | – 0 | – 0 | 383 | $– 0 | $– 0 | $4933 |
|  Shares issued in reinvestment of dividends | – 0 | – 0 | 82 | – 0 | – 0 | 1049 |
|  Shares converted to Advisor Class | – 0 | – 0 | (4099) | – 0 | – 0 | (57319) |
|  Shares redeemed | – 0 | – 0 | (551) | – 0 | – 0 | (7443) |
|  **Net increase (decrease)** | **– 0** | **– 0** | **(4185)** | $**– 0** | $**– 0** | $**(58780)** |

---

(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

**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. 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.

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|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 23 |

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**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.

**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.

**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.

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| | |
|:---|:---|
| 24 AB International Low Volatility Equity ETF | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**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.

**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.

**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

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|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 25 |

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**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

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.

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**<br>**November 30,<br>2025** | **July 1, 2024 to**<br>**November 30,<br>2024** | **Year Ended**<br>**June 30,**<br>**2024** |
|  Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6787260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7514658 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15729156 |
|  Total taxable distributions paid | $6787260 | $7514658 | $15729156 |

---

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

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| | |
|:---|:---|
|  Undistributed ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23704570 |
|  Accumulated capital and other losses | (4762324)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 277320279 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $296262525 |

---

(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.

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| | |
|:---|:---|
| 26 AB International Low Volatility Equity ETF | **ABFunds.com** |

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Shares<br>outstanding<br>before the<br>Conversion** | **Shares<br>outstanding<br>immediately<br>after the<br>Conversion** | **Aggregate<br>net assets<br>before the<br>Conversion** | **Aggregate<br>net assets<br>immediately<br>after the<br>Conversion** |
|  Acquired Portfolio\* | 54816748 | – 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810284720 | $– 0 |
|  The Fund | – 0 | 23150992 | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810284720 |

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\* Represents the accounting survivor.

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| | |
|:---|:---|
| + | 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.  |

---

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 K

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.

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| | |
|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 27 |

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#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period<sup>(a)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year<br>Ended**<br> **November 30,**<br> **2025** | **July 1,**<br> **2024 to**<br> **November 30,**<br> **2024<sup>(b)</sup>** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Year<br>Ended**<br> **November 30,**<br> **2025** | **July 1,**<br> **2024 to**<br> **November 30,**<br> **2024<sup>(b)</sup>** |  |  |  |  |  |
|  | **Year<br>Ended**<br> **November 30,**<br> **2025** | **July 1,**<br> **2024 to**<br> **November 30,**<br> **2024<sup>(b)</sup>** | **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<sup>(c)(d)</sup> | .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 | .00 | – 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<sup>(f)</sup> | 20.26 | 5.17 | 14.80 | 11.81 | % | (14.66) | 23.26 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $1494447 | $825953 | $789456 | $675542 |  | $584252 | $656592 |
|  Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .50 | .52 | .75 | .75 | % | .74 | .78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .50 | .52 | .76 | .76 | % | .75 | .79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(d)</sup> | 2.43 | 1.64 | 2.38 | 2.51 | % | 1.96 | 1.70 |
|  Portfolio turnover rate<sup>(g)</sup> | 27 | 14 | 43 | 42 | % | 35 | 35 |

---

See footnote summary on page 29.

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|:---|:---|
| 28 AB International Low Volatility Equity ETF | **ABFunds.com** |

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**FINANCIAL HIGHLIGHTS** (continued)

(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%

<sup>†</sup> 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:

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| | | | |
|:---|:---|:---|:---|
|  | **Net Investment**<br> **Income Per**<br> **Share** | **Net Investment**<br> **Income Ratio** | **Total Return** |
| Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.00 <sup>(e)</sup> | .00 %<sup>(h)</sup> | .00 %<sup>(h)</sup> |
| Class C | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.00 <sup>(e)</sup> | .00 %<sup>(h)</sup> | .00 %<sup>(h)</sup> |
| Advisor Class | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.00 <sup>(e)</sup> | .00 %<sup>(h)</sup> | .00 %<sup>(h)</sup> |

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^ Annualized.

See notes to financial statements.

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|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 29 |

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#### 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.

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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and

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|:---|:---|
| 30 AB International Low Volatility Equity ETF | **ABFunds.com** |

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#### 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](g47248g91r55.jpg)

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

New York, New York

January 28, 2026

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|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 31 |

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#### 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.

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.

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|:---|:---|
| 32 AB International Low Volatility Equity ETF | **ABFunds.com** |

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#### 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").

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

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|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 33 |

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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 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.

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|:---|:---|
| 34 AB International Low Volatility Equity ETF | **ABFunds.com** |

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#### 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

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|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 35 |

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------

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
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.

---

| | |
|:---|:---|
| 36 AB International Low Volatility Equity ETF | **ABFunds.com** |

---

------

![LOGO](g47248g28a43.jpg)

AB International Low Volatility Equity ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-ILVE-0151-1125 ![LOGO](g47248g22c48.jpg)

------

#### November 30, 2025
![LOGO](g57010g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB MODERATE BUFFER ETF

(NASDAQ: BUFM)

![LOGO](g57010g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS

#### November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | | **Notional<br>Amount** | **U.S. $ Value** |
|  PURCHASED OPTIONS - CALLS – 100.0% |  |  |  |
|  **Options on Equity Indices – 100.0%** |  |  |  |
|  SPDR S&P 500 ETF Trust <br>Expiration: Dec 2025; Contracts: 3,967; <br>Exercise Price: USD 3.30; <br>Counterparty: Morgan Stanley & Co. LLC<sup>(a)</sup> <br>(premium paid $259,761,512) | USD | 1309110 | $268815821 |
|  PURCHASED OPTIONS - PUTS – 0.6% |  |  |  |
|  **Options on Equity Indices – 0.6%** |  |  |  |
|  SPDR S&P 500 ETF Trust <br>Expiration: Dec 2025; Contracts: 3,967; <br>Exercise Price: USD 654.98; <br>Counterparty: Morgan Stanley & Co. LLC<sup>(a)</sup> <br>(premium paid $6,163,843) | USD | 259830566 | 1654239 |
|  |  | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 0.5% |  |  |  |
|  **Investment Companies – 0.5%** |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%<sup>(b)(c)(d)</sup> <br>(cost $1,419,875) |  | 1419875 | 1419875 |
|  Total Investments – 101.1% <br>(cost $267,345,230) |  |  | 271889935 |
|  Other assets less liabilities – (1.1)% |  |  | (2944462) |
|  **Net Assets – 100.0%** |  |  | $**268945473** |

---

#### CALL OPTIONS WRITTEN (see Note D)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Contracts** | **Exercise<br>Price** | **Expiration<br>Month** | **Notional<br>(000)** | **Premiums<br>Received** | **U.S. $ Value** |
| SPDR S&P 500 ETF Trust<sup>(e)</sup> | Morgan Stanley<br>& Co. LLC | 3967 | USD 693.00 | December 2025 | USD 274,913 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2703796 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2526979) |

---

#### PUT OPTIONS WRITTEN (see Note D)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Contracts** | **Exercise<br>Price** | **Expiration<br>Month** | **Notional<br>(000)** | **Premiums<br>Received** | **U.S. $ Value** |
| SPDR S&P 500 ETF Trust<sup>(e)</sup> | Morgan Stanley<br>& Co. LLC | 3967 | USD 594.00 | December 2025 | USD 235,640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(341162) |

---

(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 | Assets |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $265,925,355) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270470060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $1,419,875) | 1419875 |
|  Cash collateral due from broker | 2000 |
|  Receivable for shares of beneficial interest sold | 1941840 |
|  Receivable for investment securities sold | 20145 |
|  Affiliated dividends receivable | 3990 |
|  Receivable due from Adviser | 206 |
|  Total assets | 273858116 |
| Liabilities | Liabilities |
|  Written Options, at value (premiums received $4,970,485) | 2868141 |
|  Payable for investment securities purchased | 1909168 |
|  Advisory fee payable | 135334 |
|  Total liabilities | 4912643 |
|  Net Assets | $**268945473** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $693 |
|  Additional paid-in capital | 264943830 |
|  Distributable earnings | 4000950 |
|  **Net Assets** | $**268945473** |
|  **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<sup>(a)</sup> to November 30, 2025

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Dividends—Affiliated issuers | $32548 | $32548 |
| Expenses |  |  |
|  Advisory fee (see Note B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009950 |  |
|  Total expenses | 1009950 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (1653) |  |
|  Net expenses |  | 1008297 |
|  Net investment loss |  | (975749) |
| Realized and Unrealized Gain on Investment Transactions |  |  |
|  Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | 1974922 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 18209939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | (4621021) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 4544705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | 2102344 |
|  Net gain on investment transactions |  | 22210889 |
|  **Net Increase in Net Assets from Operations** |  | $**21235140** |

---

(a) Commencement of operations.

See notes to financial statements.

---

| | |
|:---|:---|
| 4 AB Moderate Buffer ETF | **ABFunds.com** |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | |
|:---|:---|
|  | **December 9,**<br>**2024<sup>(a)</sup> to<br>November 30,<br>2025** |
| Increase (Decrease) in Net Assets from Operations |  |
|  Net investment loss | $(975749) |
|  Net realized gain on investment transactions | 15563840 |
|  Net change in unrealized appreciation (depreciation) of investments | 6647049 |
|  Net increase in net assets from operations | 21235140 |
| Transactions in Shares of the Fund | Transactions in Shares of the Fund |
|  Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247659617 |
|  Other capital | 50716 |
|  Total increase | 268945473 |
| Net Assets | Net Assets |
|  Beginning of period | – 0 |
|  End of period | $**268945473** |

---

(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<sup>®</sup> S&P 500<sup>®</sup> 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)

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.

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)

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

---

| | |
|:---|:---|
| 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.

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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Purchased Options – Calls | $– 0 | $268815821 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $268815821 |
|  Purchased Options – Puts | – 0 | 1654239 | – 0 | 1654239 |
|  Short-Term Investments | 1419875 | – 0 | – 0 | 1419875 |
|  Total Investments in Securities | 1419875 | 270470060 | – 0 | 271889935 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets** | – 0 | – 0 | – 0 | – 0 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  Call Options Written | – 0 | (2526979) | – 0 | (2526979) |
|  Put Options Written | – 0 | (341162) | – 0 | (341162) |
|  **Total** | $**1419875** | $**267601919** | $**– 0** | $**269021794** |

---

(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.

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.

---

| | |
|:---|:---|
| **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.

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.

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 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

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. 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)

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. 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

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 .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 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<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5797 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4377 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |

---

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 period ended November 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  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 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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7867801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262027642 |
|  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 | $**267345230** |
|  Gross unrealized appreciation | $11156653 |
|  Gross unrealized depreciation | (4509604) |
|  Net unrealized appreciation | $**6647049** |

---

---

| | |
|:---|:---|
| 12 AB Moderate Buffer ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Moderate Buffer ETF 13 |

---

------

**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 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** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Equity contracts | Investments in<br> securities, at<br>value | $270470060 |  |  |
|  Equity contracts |  |  | Options written,<br>at value | $2868141 |
|  Total |  | $270470060 |  | $2868141 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17288790 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544705 |
|  Equity contracts | Net realized gain (loss) on written options; Net change in unrealized appreciation (depreciation) of written options | (1724950) | 2102344 |
|  Total |  | $15563840 | $6647049 |

---

---

| | |
|:---|:---|
| 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: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $156589265.0 |
|  Written Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $306219823.0 |

---

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

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 |
|  | December 9, 2024<sup>(a)</sup><br>November 30, 2025 | December 9, 2024<sup>(a)</sup><br>November 30, 2025 |
|  Shares sold | 13825028 | $501257904 |
|  Shares redeemed | (6900000) | (253598287) |
|  **Net increase** | **6925028** | $**247659617** |

---

(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.

**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.

---

| | |
|:---|:---|
| 16 AB Moderate Buffer ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**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.

**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

---

| | |
|:---|:---|
| **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.

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.

---

| | |
|:---|:---|
| 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.

**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

---

| | |
|:---|:---|
| **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.

**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.

**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.

**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. 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 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.

**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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Moderate Buffer ETF 21 |

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**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.

**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.

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: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $– 0 |
|  Total taxable distributions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |

---

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| | |
|:---|:---|
| 22 AB Moderate Buffer ETF | **ABFunds.com** |

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**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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2646099 |)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 6647049 |  |
|  Total accumulated earnings (deficit) | $4000950 |  |

---

(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

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 Moderate Buffer ETF 23 |

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------

#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

---

| | |
|:---|:---|
|  | **December 9,**<br> **2024<sup>(a)</sup> to<br>November 30,<br>2025** |
|  Net asset value, beginning of period | $35.00 |
|  Income From Investment Operations | Income From Investment Operations |
|  Net investment loss<sup>(b)(c)</sup> | (.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<sup>(d)</sup> | 10.96 |
|  Ratios/Supplemental Data |  |
|  Net assets, end of period (000's omitted) | $268945 |
|  Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(c)</sup> | (.67 |
|  Portfolio turnover rate<sup>(e)</sup> | 0 |

---

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Net of expenses waived/reimbursed by the Adviser.

(d) 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.

(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** |

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------

#### 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
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.

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, brokers and others; when replies were not received from brokers or others, we per-

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| | |
|:---|:---|
| **ABFunds.com** | AB Moderate Buffer ETF 25 |

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------

#### 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](g57010g91r55.jpg)

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** |

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------

#### 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").

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

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| | |
|:---|:---|
| **ABFunds.com** | AB Moderate Buffer ETF 27 |

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------

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 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
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 $250 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

---

| | |
|:---|:---|
| 28 AB Moderate Buffer ETF | **ABFunds.com** |

---

------

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
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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Moderate Buffer ETF 29 |

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------

#### NOTES

---

| | |
|:---|:---|
| 30 AB Moderate Buffer ETF | **ABFunds.com** |

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------

---

| | |
|:---|:---|
| **ABFunds.com** | AB Moderate Buffer ETF 31 |

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| | |
|:---|:---|
| 32 AB Moderate Buffer ETF | **ABFunds.com** |

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![LOGO](g57010g28a43.jpg)

AB MODERATE BUFFER ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-MB-0151-1125 ![LOGO](g57010g22c48.jpg)

------

#### November 30, 2025
![LOGO](g79637g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB NEW YORK INTERMEDIATE MUNICIPAL ETF

(NYSE Arca: NYM)

![LOGO](g79637g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS

#### November 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MUNICIPAL OBLIGATIONS – 97.8% |  |  |
|  Long-Term Municipal Bonds – 88.0% |  |  |
|  **New York – 78.1%** |  |  |
|  Albany Capital Resource Corp.<br>(Albany Medical Center Hospital Obligated Group) <br>Series 2025 <br>5.25%, 05/01/2042 | $1500 | $1661241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2043 | 2250 | 2467615 |
|  Albany County Airport Authority<br>(Albany County Airport Authority) <br>Series 2020-B <br>5.00%, 12/15/2026 | 855 | 871512 |
|  Broome County Local Development Corp.<br>(United Health Services Hospitals Obligated Group) <br>AG Series 2020 <br>3.00%, 04/01/2035 | 2220 | 2117527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2036 | 2000 | 1877112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2037 | 1500 | 1380878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2034 | 725 | 745198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2038 | 2900 | 2924939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2040 | 1500 | 1485802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 2000 | 2152956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 | 1000 | 1073060 |
|  Build NYC Resource Corp.<br>(East Harlem Scholars Academy Charter School Obligated Group) <br>Series 2022 <br>5.00%, 06/01/2032<sup>(a)</sup> | 1150 | 1185724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/2042<sup>(a)</sup> | 2250 | 2291181 |
|  Build NYC Resource Corp.<br>(Grand Concourse Academy Charter School) <br>Series 2022 <br>5.00%, 07/01/2042 | 550 | 554781 |
|  Build NYC Resource Corp.<br>(Integration Charter Schools) <br>Series 2021 <br>5.00%, 06/01/2041<sup>(a)</sup> | 800 | 714846 |
|  Build NYC Resource Corp.<br>(Metropolitan College of New York) <br>Series 2014 <br>5.00%, 11/01/2025<sup>(b)(c)</sup> | 1750 | 1225000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2029<sup>(b)(d)</sup> | 2100 | 1470000 |
|  Build NYC Resource Corp.<br>(Success Academy Charter Schools Obligated Group)<br>Series 2024 <br>4.00%, 09/01/2040 | 1060 | 1046128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2041 | 1725 | 1683829 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 1 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2042 | $1175 | $1129691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2038 | 1485 | 1583816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2039 | 1125 | 1192703 |
|  Build NYC Resource Corp.<br>(TrIPs Obligated Group) <br>Series 2025 <br>5.50%, 07/01/2045 | 1535 | 1624540 |
|  City of New York NY<br>(City of New York NY) <br>Series 2016-C <br>5.00%, 08/01/2028 | 11165 | 11200757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-E <br>5.00%, 08/01/2027 | 1495 | 1518216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 08/01/2026 | 7690 | 7812556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D <br>5.00%, 12/01/2038 | 9665 | 10046332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C <br>4.00%, 08/01/2037 | 3445 | 3481267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2039 | 1450 | 1455584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | 3000 | 3047811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>1.216%, 08/01/2026 | 5360 | 5269616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.396%, 08/01/2027 | 4950 | 4761501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.623%, 08/01/2028 | 3255 | 3073713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F <br>4.00%, 03/01/2040 | 1000 | 998786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.00%, 08/01/2036 | 2500 | 2811478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2040 | 1000 | 1088769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2043 | 5000 | 5293728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-E <br>5.25%, 04/01/2044 | 4000 | 4264916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.00%, 08/01/2026 | 1000 | 1015937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.00%, 09/01/2027 | 5000 | 5209274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C <br>4.61%, 09/01/2037 | 2000 | 1968676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2026 | 2000 | 2011806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2044 | 1000 | 1056459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-I <br>5.00%, 04/01/2034 | 7000 | 8056679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 08/01/2035 | 2000 | 2319853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.00%, 08/01/2028 | 9745 | 10317244 |

---

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| | |
|:---|:---|
| 2 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024-A <br>5.00%, 08/01/2026 | $4985 | $5068441 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024-C <br>5.00%, 10/01/2026 | 5310 | 5417279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 1000 | 1043662 |
|  City of New York NY<br>(Prerefunded – US Treasuries) <br>Series 2021 <br>1.216%, 08/01/2026 | 640 | 628420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.623%, 08/01/2028 | 745 | 704037 |
|  City of Yonkers NY<br>(City of Yonkers NY) <br>AG Series 2024-A <br>5.00%, 02/15/2037 | 1100 | 1237536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2040 | 1000 | 1100298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2041 | 2120 | 2313051 |
|  County of Nassau NY<br>(County of Nassau NY)<br>Series 2017-C<br>5.00%, 10/01/2026 | 2220 | 2267205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.00%, 04/01/2040 | 5705 | 6418496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2041 | 2855 | 3181207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2043 | 9280 | 10089545 |
|  County of Suffolk NY<br>(County of Suffolk NY) <br>Series 2022 <br>5.00%, 09/01/2029 | 1770 | 1932885 |
|  Dutchess County Local Development Corp.<br>(Bard College) <br>Series 2020-A <br>5.00%, 07/01/2040 | 2400 | 2455213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B <br>5.918%, 07/01/2039 | 4355 | 4307751 |
|  Empire State Development Corp.<br>(Prerefunded – US Govt Agencies) <br>Series 2016-A <br>5.00%, 03/15/2028 | 5010 | 5046054 |
|  Empire State Development Corp.<br>(State of New York Pers Income Tax) <br>Series 2017 <br>5.00%, 03/15/2031 | 5000 | 5143466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-E <br>5.00%, 03/15/2026 | 10000 | 10071507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 09/15/2029 | 6830 | 7442836 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 3 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Hempstead Town Local Development Corp.<br>(Evergreen Charter School) <br>Series 2022-A <br>5.25%, 06/15/2042 | $4000 | $4063082 |
|  Hudson Yards Infrastructure Corp.<br>(Hudson Yards Infrastructure) <br>Series 2017-A <br>5.00%, 02/15/2031 | 17060 | 17546171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 | 5590 | 5746588 |
|  Metropolitan Transportation Authority<br>(Metropolitan Transportation Authority Dedicated Tax Fund) <br>Series 2017-A <br>5.00%, 11/15/2031 | 2060 | 2126368 |
|  Metropolitan Transportation Authority<br>(Metropolitan Transportation Authority) <br>Series 2010 <br>6.814%, 11/15/2040 | 1215 | 1383697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-D <br>5.00%, 11/15/2027 | 1210 | 1233847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017 <br>5.00%, 11/15/2027 | 5050 | 5271463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 4020 | 4283452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C <br>5.00%, 11/15/2027 | 9140 | 9540826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 7400 | 7803754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 1790 | 1888826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | 29930 | 31506159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C <br>4.75%, 11/15/2045 | 1000 | 1003252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>3.117% (SOFR + 0.43%), 11/01/2026<sup>(e)</sup> | 250 | 249843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 11/15/2035 | 2815 | 3232010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2044 | 2000 | 2109273 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2021 <br>3.487% (SOFR + 0.80%), 11/01/2032<sup>(e)</sup> | 3715 | 3715496 |
|  Metropolitan Transportation Authority Dedicated Tax Fund<br>(Metropolitan Transportation Authority Dedicated Tax Fund) <br>Series 2022-A <br>4.00%, 11/15/2038 | 3000 | 3044919 |
|  Monroe County Industrial Development Corp./NY<br>(Academy of Health Sciences Charter School) <br>Series 2022 <br>5.00%, 07/01/2032<sup>(a)</sup> | 250 | 257461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2042<sup>(a)</sup> | 2000 | 2007990 |

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| | |
|:---|:---|
| 4 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Monroe County Industrial Development Corp./NY<br>(Eugenio Maria de Hostos Charter School) <br>Series 2024 <br>5.00%, 07/01/2044<sup>(a)</sup> | $3445 | $3275828 |
|  Monroe County Industrial Development Corp./NY<br>(Rochester Regional Health Obligated Group) <br>Series 2020 <br>5.00%, 12/01/2028 | 1210 | 1273430 |
|  Monroe County Industrial Development Corp./NY<br>(St. Ann's of Greater Rochester Obligated Group) <br>Series 2019 <br>4.00%, 01/01/2030 | 1485 | 1465160 |
|  Monroe County Industrial Development Corp./NY<br>(True North Rochester Prep Charter School) <br>Series 2020 <br>5.00%, 06/01/2040<sup>(a)</sup> | 2265 | 2279324 |
|  Nassau County Local Economic Assistance Corp.<br>(Roosevelt Children's Academy Charter School) <br>Series 2023 <br>4.00%, 07/01/2033 | 750 | 758881 |
|  Nassau Health Care Corp.<br>(Nassau Health Care Corp.) <br>Series 2021 <br>5.00%, 08/01/2029 | 6000 | 6530412 |
|  New York City Health & Hospitals Corp.<br>(New York City Health & Hospital Lease) <br>Series 2025-A <br>5.00%, 02/15/2041 | 4000 | 4389895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2042 | 1000 | 1086509 |
|  New York City Housing Development Corp.<br>(8 Spruce NY Owner LLC) <br>Series 2024 <br>4.00%, 12/15/2031 | 550 | 563352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/2031 | 1070 | 1093471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2031 | 2620 | 2698072 |
|  New York City Industrial Development Agency<br>(Yankee Stadium LLC) <br>AG Series 2020 <br>4.00%, 03/01/2031 | 4760 | 4946152 |
|  New York City Municipal Water Finance Authority<br>(New York City Municipal Water Finance Authority) <br>Series 2021-B <br>4.00%, 06/15/2039 | 2000 | 2023350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.00%, 06/15/2035 | 13345 | 15479796 |

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 5 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York City Municipal Water Finance Authority<br>(Prerefunded – Others) <br>Series 2021 <br>5.00%, 06/15/2027 | $10000 | $10019494 |
|  New York City Transitional Finance Authority Building Aid Revenue<br>(New York City Transitional Finance Authority Building Aid Revenue State Lease) <br>Series 2018-S <br>5.00%, 07/15/2031 | 2065 | 2183829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 | 16090 | 16997228 |
|  New York City Transitional Finance Authority Building Aid Revenue<br>(Prerefunded – US Treasuries) <br>Series 2016-S <br>5.00%, 07/15/2034 | 2000 | 2005889 |
|  New York City Transitional Finance Authority Building Aid Revenue<br>(State of New York State Lease) <br>Series 2021-S <br>4.00%, 07/15/2040 | 2500 | 2525794 |
|  New York City Transitional Finance Authority Building Aid Revenue<br>(State of New York) <br>Series 2025-S <br>5.00%, 07/15/2027 | 3745 | 3884193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2028 | 2500 | 2659447 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>(New York City Transitional Finance Authority Future Tax Secured Revenue) <br>Series 2016-B <br>5.00%, 08/01/2031 | 2200 | 2231392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-F <br>5.00%, 05/01/2032 | 1220 | 1255466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.00%, 11/01/2027 | 2580 | 2700153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E <br>4.00%, 02/01/2038 | 3750 | 3806428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2040 | 12575 | 12605528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 11/01/2026 | 4000 | 4090360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.50%, 05/01/2043 | 5000 | 5514388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.01%, 05/01/2034 | 2000 | 2074973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 05/01/2043 | 5500 | 5911112 |

---

---

| | |
|:---|:---|
| 6 AB New York Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  NEW York Energy Finance Development Corp.<br>(Athene Annuity & Life Co.) <br>Series 2025 <br>5.00%, 07/01/2056 | $9115 | $9764546 |
|  New York Liberty Development Corp.<br>(3 World Trade Center LLC) <br>Series 2014 <br>5.375%, 11/15/2040<sup>(a)</sup> | 2000 | 1999992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/2044<sup>(a)</sup> | 3260 | 3262393 |
|  New York Liberty Development Corp.<br>(One Bryant Park LLC) <br>Series 2019 <br>2.45%, 09/15/2069 | 20000 | 18945452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 09/15/2069 | 22240 | 20946935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/2069 | 6470 | 6051140 |
|  New York Liberty Development Corp.<br>(Port Authority of New York & New Jersey) <br>Series 2021-1 <br>3.00%, 02/15/2042 | 20000 | 17229444 |
|  New York Power Authority<br>(New York Power Authority SFP Transmission Project)<br>AG Series 2023 <br>5.25%, 11/15/2040 | 1000 | 1147679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2041 | 1000 | 1135691 |
|  New York State Dormitory Authority<br>(Catholic Health System Obligated Group) <br>Series 2019 <br>5.00%, 07/01/2036 | 1000 | 963108 |
|  New York State Dormitory Authority<br>(Garnet Health Medical Center Obligated Group) <br>Series 2017 <br>5.00%, 12/01/2026<sup>(a)</sup> | 1500 | 1507469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034<sup>(a)</sup> | 2500 | 2513554 |
|  New York State Dormitory Authority<br>(Icahn School of Medicine at Mount Sinai) <br>Series 2015-A <br>5.00%, 07/01/2026 | 3745 | 3746759 |
|  New York State Dormitory Authority<br>(Iona College) <br>Series 2022-2 <br>5.00%, 07/01/2026 | 620 | 626909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 325 | 333794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 500 | 529319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 300 | 321869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 320 | 347492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 280 | 306650 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 7 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York State Dormitory Authority<br>(Iona University) <br>AG Series 2025 <br>5.00%, 07/01/2039 | $1000 | $1114158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 1000 | 1104341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2044 | 1250 | 1369664 |
|  New York State Dormitory Authority<br>(Memorial Sloan-Kettering Cancer Center) <br>Series 2025 <br>5.00%, 07/01/2035 | 1000 | 1194766 |
|  New York State Dormitory Authority<br>(Montefiore Obligated Group) <br>Series 2024 <br>5.25%, 11/01/2041 | 2150 | 2308547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2043 | 1500 | 1578957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2044 | 2900 | 3093903 |
|  New York State Dormitory Authority<br>(Mount Sinai Hospital Obligated Group) <br>Series 2025 <br>5.00%, 07/01/2045 | 5250 | 5331804 |
|  New York State Dormitory Authority<br>(New York & Presbyterian Hospital Obligated Group) <br>Series 2023 <br>5.00%, 08/01/2036 | 4250 | 4892225 |
|  New York State Dormitory Authority<br>(New York State Dormitory Authority Lease) <br>AG Series 2020 <br>5.00%, 10/01/2026 | 3045 | 3106722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 2130 | 2276607 |
|  New York State Dormitory Authority<br>(New York State Sales Tax) <br>Series 2018-C <br>5.00%, 03/15/2040 | 2000 | 2068673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A <br>4.00%, 03/15/2043 | 4350 | 4268455 |
|  New York State Dormitory Authority<br>(New York University) <br>Series 2019-A <br>5.00%, 07/01/2032 | 2975 | 3214961 |
|  New York State Dormitory Authority<br>(Northwell Health Obligated Group) <br>Series 2022 <br>4.00%, 05/01/2039 | 2500 | 2515245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2040 | 6000 | 5997442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 05/01/2027 | 2300 | 2371812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 10635 | 11394095 |

---

---

| | |
|:---|:---|
| 8 AB New York Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York State Dormitory Authority<br>(NYU Langone Hospitals Obligated Group) <br>Series 2024 <br>5.00%, 07/01/2030 | $1600 | $1767454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 1700 | 1985192 |
|  New York State Dormitory Authority<br>(Pace University) <br>Series 2024-A <br>5.25%, 05/01/2039 | 1050 | 1135612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2042 | 1325 | 1390572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2044 | 1050 | 1083187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2049 | 1500 | 1557452 |
|  New York State Dormitory Authority<br>(Prerefunded – US Govt Agencies) <br>Series 2021 <br>1.187%, 03/15/2026 | 5500 | 5455981 |
|  New York State Dormitory Authority<br>(Prerefunded – US Treasuries) <br>AG Series 2020 <br>5.00%, 10/01/2026 | 5 | 5099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 5 | 5326 |
|  New York State Dormitory Authority<br>(Rochester Institute of Technology) <br>Series 2020-A <br>5.00%, 07/01/2026 | 1000 | 1013758 |
|  New York State Dormitory Authority<br>(St. John's University/NY) <br>Series 2021-A <br>4.00%, 07/01/2031 | 1400 | 1476324 |
|  New York State Dormitory Authority<br>(State of New York Pers Income Tax) <br>Series 2009 <br>5.628%, 03/15/2039 | 2430 | 2522000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B <br>5.00%, 02/15/2037 | 5520 | 5686835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 03/15/2026 | 4500 | 4532178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>4.00%, 03/15/2039 | 1000 | 1011290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E <br>4.00%, 03/15/2037 | 4645 | 4761677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.00%, 03/15/2039 | 2000 | 2023481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.00%, 03/15/2046 | 3000 | 3140253 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York State Dormitory Authority<br>(Wagner College) <br>Series 2022 <br>5.00%, 07/01/2035 | $1000 | $956665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1000 | 946511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 1500 | 1409178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 | 1630 | 1497121 |
|  New York State Dormitory Authority<br>(White Plains Hospital Obligated Group) <br>Series 2024 <br>5.00%, 10/01/2035 | 1300 | 1422172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 1700 | 1844742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 | 1800 | 1937318 |
|  New York State Energy Research & Development Authority<br>(Rochester Gas & Electric) <br>Series 2025 <br>4.00%, 05/15/2032 | 6800 | 6951571 |
|  New York State Environmental Facilities Corp.<br>(New York City Municipal Water Finance Authority) <br>Series 2019-B <br>5.00%, 06/15/2027 | 445 | 462481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.125%, 09/01/2050<sup>(a)</sup> | 1800 | 1877195 |
|  New York State Thruway Authority<br>(New York State Thruway Authority Gen Toll Road) <br>Series 2021-O <br>4.00%, 01/01/2042 | 5750 | 5720808 |
|  New York State Thruway Authority<br>(State of New York Pers Income Tax) <br>Series 2022-A <br>5.00%, 03/15/2039 | 7250 | 7968522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 03/15/2045 | 5645 | 5991606 |
|  New York Transportation Development Corp.<br>(American Airlines, Inc.)<br>Series 2016<br>5.00%, 08/01/2026 | 375 | 375095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>2.25%, 08/01/2026 | 420 | 417282 |
|  New York Transportation Development Corp.<br>(Delta Air Lines, Inc.) <br>Series 2018 <br>5.00%, 01/01/2030 | 24485 | 25248753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 2355 | 2422191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 | 2000 | 2033035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.625%, 04/01/2040 | 4165 | 4374901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2035 | 1500 | 1655390 |

---

---

| | |
|:---|:---|
| 10 AB New York Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York Transportation Development Corp.<br>(Elevated Accessibility Enhancements Holding) <br>Series 2023 <br>6.971%, 06/30/2051 | $2000 | $1982223 |
|  New York Transportation Development Corp.<br>(Empire State Thruway Partners) <br>Series 2021 <br>4.00%, 10/31/2034 | 500 | 503963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/31/2041 | 2075 | 1978678 |
|  New York Transportation Development Corp.<br>(JFK Intl Air Terminal) <br>Series 2020 <br>5.00%, 12/01/2027 | 2210 | 2286066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 1010 | 1087933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 400 | 429469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 1035 | 1105004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 | 1000 | 1053763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 | 1050 | 1100895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 12/01/2027 | 2115 | 2187796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 2035 | 2208556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 | 4580 | 4821566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 | 3310 | 3459198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 | 2860 | 2940747 |
|  New York Transportation Development Corp.<br>(JFK NTO LLC) <br>Series 2024 <br>5.25%, 06/30/2043 | 8500 | 8758913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/30/2044 | 10895 | 11155685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>6.00%, 06/30/2044 | 2650 | 2893174 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023 <br>5.50%, 06/30/2043 | 2250 | 2367130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/30/2044 | 2500 | 2617285 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024 <br>4.25%, 06/30/2042 | 10000 | 9749799 |
|  New York Transportation Development Corp.<br>(Laguardia Gateway Partners) <br>Series 2016-A <br>5.25%, 01/01/2050 | 2535 | 2534959 |
|  Niagara Area Development Corp.<br>(Reworld Holding Corp.) <br>Series 2018-A <br>4.75%, 11/01/2042<sup>(a)</sup> | 1000 | 896284 |
|  Onondaga Civic Development Corp.<br>(Crouse Health Hospital Obligated Group)<br>Series 2024 <br>5.00%, 08/01/2033 | 825 | 808737 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 11 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Onondaga Civic Development Corp.<br>(Le Moyne College) <br>Series 2022 <br>4.00%, 07/01/2034 | $300 | $304080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2036 | 350 | 350591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2039 | 450 | 437165 |
|  Port Authority of New York & New Jersey<br>(Port Authority of New York & New Jersey) <br>Series 2017 <br>5.00%, 10/15/2028 | 6925 | 7093246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2 <br>5.00%, 09/15/2026 | 1000 | 1015093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2027 | 1000 | 1034230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2028 | 8000 | 8305731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2031 | 5000 | 5204998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2033 | 5335 | 5538223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>5.00%, 11/01/2039 | 9000 | 9323287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2 <br>5.00%, 07/15/2033 | 3000 | 3213702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2034 | 4860 | 5186149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035 | 5095 | 5412489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 <br>5.00%, 08/01/2030 | 7185 | 7798866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 1390 | 1517750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 <br>5.00%, 12/01/2036 | 1750 | 1923596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 | 2000 | 2167139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 | 1005 | 1063398 |
|  Saratoga County Capital Resource Corp.<br>(Washington Saratoga Warren Hamilton & Essex Boces) <br>Series 2025 <br>4.875%, 07/01/2044 | 6000 | 6220830 |
|  State of New York<br>(State of New York) <br>Series 2023-A <br>5.00%, 03/15/2026 | 1395 | 1405668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2031 | 5600 | 6355210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2032 | 1815 | 2095592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2033 | 1750 | 2049690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2036 | 1500 | 1732403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2038 | 1500 | 1707084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2039 | 2000 | 2261498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2040 | 2250 | 2514887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C <br>5.00%, 03/15/2037 | 1670 | 1913959 |

---

---

| | |
|:---|:---|
| 12 AB New York Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Suffolk County Economic Development Corp.<br>(Peconic Landing at Southold) <br>Series 2020 <br>5.00%, 12/01/2029 | $500 | $511447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 1000 | 1036186 |
|  Suffolk Regional Off-Track Betting Corp.<br>(Suffolk Regional Off-Track Betting) <br>Series 2024 <br>5.75%, 12/01/2044 | 4300 | 4372206 |
|  Suffolk Tobacco Asset Securitization Corp.<br>(Suffolk Tobacco Asset Securitization) <br>Series 2021 <br>4.00%, 06/01/2035 | 2300 | 2303041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2036 | 2425 | 2401825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 | 1000 | 964000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2050 | 1970 | 1797638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 2275 | 2415964 |
|  Triborough Bridge & Tunnel Authority<br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue) <br>Series 2021 <br>5.00%, 05/15/2050 | 15035 | 15184308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>2.511%, 05/15/2035 | 10000 | 8517720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>3.737% (SOFR + 1.05%), 04/01/2026<sup>(e)</sup> | 7500 | 7502871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2041 | 1750 | 1878019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.25%, 11/15/2042 | 10420 | 11500240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 11/15/2033 | 3000 | 3495556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.00%, 03/15/2027 | 5000 | 5158010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 03/15/2027 | 10000 | 10316021 |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority) <br>Series 2025-A <br>5.00%, 02/01/2028 | 10865 | 11433989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 2500 | 2633739 |
|  Troy Capital Resource Corp.<br>(Rensselaer Polytechnic Institute) <br>Series 2020 <br>4.00%, 09/01/2040 | 1190 | 1180062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 2570 | 2799459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 7890 | 8573978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 3010 | 3260648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 1370 | 1480501 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 13 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Trust for Cultural Resources of The City of New York (The)<br>(Lincoln Center for the Performing Arts) <br>Series 2016-A <br>5.00%, 12/01/2026 | $13175 | $13490761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>4.00%, 12/01/2033 | 1160 | 1200071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 1800 | 1998744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 2000 | 2212195 |
|  Utility Debt Securitization Authority<br>(Utility Debt Securitization Authority) <br>Series 2015 <br>5.00%, 12/15/2033 | 2000 | 2001758 |
|  Westchester County Local Development Corp.<br>(Kendal on Hudson Obligated Group) <br>Series 2022 <br>5.00%, 01/01/2027 | 270 | 273184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 520 | 549263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037 | 530 | 556294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041 | 720 | 742721 |
|  |  | 1009519285 |
|  **Alabama – 0.5%** |  |  |
|  Black Belt Energy Gas District<br>(Pacific Life Insurance) <br>Series 2024-C <br>5.00%, 05/01/2055 | 5000 | 5380198 |
|  Southeast Energy Authority A Cooperative District<br>(Athene Annuity & Life Co.) <br>Series 2025-A <br>5.00%, 01/01/2056 | 1000 | 1044253 |
|  |  | 6424451 |
|  **American Samoa – 0.1%** |  |  |
|  American Samoa Economic Development Authority (Territory of American Samoa) <br>Series 2018 <br>6.50%, 09/01/2028<sup>(a)</sup> | 670 | 699656 |
|  **California – 0.1%** |  |  |
|  California Community Choice Financing Authority<br>(Goldman Sachs Group) <br>Series 2023 <br>5.25%, 11/01/2054 | 1215 | 1299537 |
|  **Colorado – 0.0%** |  |  |
|  Vauxmont Metropolitan District<br>(Vauxmont Metropolitan District) <br>AG Series 2020 <br>5.00%, 12/01/2050 | 160 | 162289 |

---

---

| | |
|:---|:---|
| 14 AB New York Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Connecticut – 0.7%** |  |  |
|  State of Connecticut<br>(State of Connecticut) <br>Series 2018-C <br>5.00%, 06/15/2027 | $4715 | $4891503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-F <br>5.00%, 09/15/2027 | 4025 | 4199940 |
|  |  | 9091443 |
|  **Florida – 0.0%** |  |  |
|  County of Osceola FL Transportation Revenue<br>(County of Osceola FL Transportation Revenue) <br>Series 2020-A <br>Zero Coupon, 10/01/2030 | 100 | 82952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2032 | 100 | 76188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2033 | 100 | 72780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2034 | 110 | 76458 |
|  |  | 308378 |
|  **Georgia – 0.2%** |  |  |
|  Municipal Electric Authority of Georgia<br>(Municipal Electric Authority of Georgia) <br>Series 2019 <br>5.00%, 01/01/2031 | 905 | 952011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 565 | 593831 |
|  Municipal Electric Authority of Georgia<br>(PowerSouth Energy Cooperative) <br>Series 2019 <br>5.00%, 01/01/2035 | 1185 | 1225731 |
|  |  | 2771573 |
|  **Guam – 2.0%** |  |  |
|  Antonio B Won Pat International Airport Authority<br>(Antonio B Won Pat Intl Airport Authority) <br>Series 2021-A <br>3.099%, 10/01/2028 | 1430 | 1381664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.125%, 10/01/2034 | 250 | 271528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2031 | 1025 | 1110676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2035 | 265 | 292137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 10/01/2033 | 525 | 580967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.00%, 10/01/2028 | 325 | 336425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 855 | 907220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 1875 | 2015003 |
|  Guam Government Waterworks Authority<br>(Guam Govt Waterworks Authority) <br>Series 2017 <br>5.00%, 07/01/2028 | 1250 | 1285390 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 15 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Guam Government Waterworks Authority<br>(Guam Waterworks Authority Water & Wastewater System) <br>Series 2024-A <br>5.00%, 07/01/2045 | $1100 | $1129107 |
|  Guam Government Waterworks Authority<br>(Guam Waterworks Authority Water And Wastewater System) <br>Series 2025-A <br>5.25%, 07/01/2041 | 1050 | 1132493 |
|  Guam Power Authority<br>(Guam Power Authority) <br>Series 2017-A <br>5.00%, 10/01/2026 | 1225 | 1244677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 1230 | 1273616 |
|  Territory of Guam<br>(Guam Section 30 Income Tax) <br>Series 2016-A <br>5.00%, 12/01/2026 | 1150 | 1167786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 770 | 780118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 1000 | 1013405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 925 | 936397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 1725 | 1745756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 1250 | 1265039 |
|  Territory of Guam<br>(Territory of Guam) <br>Series 2019 <br>5.00%, 11/15/2031 | 175 | 184795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-G <br>5.00%, 01/01/2032 | 2000 | 2197348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 2500 | 2771457 |
|  Territory of Guam<br>(Territory of Guam Business Privilege Tax) <br>Series 2021-F <br>5.00%, 01/01/2030 | 1250 | 1339366 |
|  |  | 26362370 |
|  **Illinois – 0.2%** |  |  |
|  Illinois Finance Authority<br>(Illinois Institute of Technology) <br>Series 2019 <br>5.00%, 09/01/2032 | 365 | 369915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 200 | 201962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 100 | 100556 |
|  Metropolitan Pier & Exposition Authority<br>(Metropolitan Pier & Exposition Authority) <br>Series 2017-B <br>5.00%, 12/15/2028 | 2000 | 2072582 |
|  |  | 2745015 |

---

---

| | |
|:---|:---|
| 16 AB New York Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Indiana – 0.0%** |  |  |
|  City of Fort Wayne IN<br>(Do Good Foods Fort Wayne Obligated Group) <br>10.75%, 12/01/2029<sup>(b)(d)</sup> | $32 | $3 |
|  **Kentucky – 0.1%** |  |  |
|  City of Ashland KY<br>(Royal Blue Health Obligated Group) <br>Series 2019 <br>5.00%, 02/01/2026 | 350 | 350832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 375 | 381650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 210 | 224322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 275 | 293974 |
|  |  | 1250778 |
|  **Michigan – 1.2%** |  |  |
|  City of Detroit MI<br>(City of Detroit MI) <br>Series 2018 <br>5.00%, 04/01/2029 | 250 | 259188 |
|  Michigan Strategic Fund<br>(Michigan Strategic Fund – I 75 Improvement Project) <br>Series 2018 <br>5.00%, 12/31/2029 | 8600 | 8955952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2030 | 4000 | 4165772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2032 | 1690 | 1755054 |
|  |  | 15135966 |
|  **Missouri – 0.0%** |  |  |
|  Howard Bend Levee District<br>(Howard Bend Levee District) <br>XLCA Series 2005 <br>5.75%, 03/01/2027 | 275 | 282673 |
|  **Nebraska – 0.8%** |  |  |
|  Central Plains Energy Project<br>(Goldman Sachs Group) <br>Series 2022-1 <br>5.00%, 05/01/2053 | 10000 | 10520007 |
|  **Nevada – 0.0%** |  |  |
|  Sparks Tourism Improvement District No. 1<br>(Prerefunded – US Treasuries) <br>Series 2019-A <br>2.75%, 06/15/2028<sup>(a)</sup> | 195 | 195002 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 17 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **New Jersey – 2.1%** |  |  |
|  New Jersey Transportation Trust Fund Authority<br>(New Jersey Transportation Fed Hwy Grant) <br>Series 2016 <br>5.00%, 06/15/2027 | $5000 | $5048323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 06/15/2028 | 11680 | 11807381 |
|  New Jersey Transportation Trust Fund Authority<br>(Prerefunded – US Treasuries) <br>Series 2019-B <br>5.00%, 06/15/2030 | 230 | 246710 |
|  New Jersey Transportation Trust Fund Authority<br>(State of New Jersey Lease) <br>Series 2018-A <br>5.00%, 12/15/2030 | 3360 | 3580462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.00%, 06/15/2042 | 4805 | 5195510 |
|  New Jersey Transportation Trust Fund Authority<br>(State of New Jersey) <br>Series 2019-B <br>5.00%, 06/15/2030 | 1270 | 1354306 |
|  |  | 27232692 |
|  **Puerto Rico – 1.0%** |  |  |
|  Commonwealth of Puerto Rico<br>(Commonwealth of Puerto Rico) <br>Series 2021-A <br>Zero Coupon, 07/01/2033 | 2420 | 1741889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 | 760 | 806586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>Zero Coupon, 11/01/2043 | 771 | 493714 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority<br>(Puerto Rico Commonwealth Aqueduct & Sewer Authority) <br>Series 2020-A <br>5.00%, 07/01/2030<sup>(a)</sup> | 3090 | 3218490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035<sup>(a)</sup> | 2310 | 2391054 |
|  Puerto Rico Electric Power Authority<br>(Puerto Rico Electric Power Authority) <br>AG Series 2007-V <br>5.25%, 07/01/2031 | 1390 | 1416808 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth<br>(San Juan Cruise Port LLC) <br>Series 2024 <br>6.25%, 01/01/2040 | 1000 | 1135830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/01/2041 | 1250 | 1426973 |
|  |  | 12631344 |

---

---

| | |
|:---|:---|
| 18 AB New York Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **South Carolina – 0.4%** |  |  |  |  |
|  South Carolina Public Service Authority<br>(South Carolina Public Service Authority) <br>Series 2020-A <br>5.00%, 12/01/2043 | $| 1500 | $| 1536097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>4.00%, 12/01/2038 |  | 2125 |  | 2139583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 |  | 1000 |  | 1053378 |
|  |  |  |  | 4729058 |
|  **Texas – 0.2%** |  |  |  |  |
|  Texas Municipal Gas Acquisition & Supply Corp. V<br>(Bank of America Corp.) <br>Series 2024 <br>5.00%, 01/01/2055 |  | 2000 |  | 2205157 |
|  **Washington – 0.1%** |  |  |  |  |
|  Washington State Housing Finance Commission<br>(WSHFC 2021-1) <br>Series 2021-1, Class A <br>3.50%, 12/20/2035 |  | 931 |  | 903617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class X <br>0.727%, 12/20/2035<sup>(f)</sup> |  | 931 |  | 35429 |
|  |  |  |  | 939046 |
|  **Wisconsin – 0.2%** |  |  |  |  |
|  Wisconsin Public Finance Authority<br>(UMA Education, Inc.) <br>Series 2019 <br>5.00%, 10/01/2026<sup>(a)</sup> |  | 1050 |  | 1059863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027<sup>(a)</sup> |  | 1090 |  | 1112617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(a)</sup> |  | 900 |  | 929214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(a)</sup> |  | 275 |  | 286353 |
|  |  |  |  | 3388047 |
|  Total Long-Term Municipal Bonds <br>(cost $1,146,956,159) |  |  |  | 1137893770 |
|  Short-Term Municipal Notes – 9.8% | Short-Term Municipal Notes – 9.8% | Short-Term Municipal Notes – 9.8% | Short-Term Municipal Notes – 9.8% | Short-Term Municipal Notes – 9.8% |
|  **New York – 9.8%** |  |  |  |  |
|  Build NYC Resource Corp.<br>(Asia Society/The) <br>Series 2015 <br>2.84%, 04/01/2045<sup>(g)</sup> |  | 1585 |  | 1585000 |
|  City of Buffalo NY<br>(City of Buffalo NY) <br>Series 2025-A <br>4.00%, 09/30/2026 |  | 5000 |  | 5061313 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 19 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of New Rochelle NY<br>(City of New Rochelle NY) <br>Series 2025 <br>4.00%, 12/09/2026<sup>(h)</sup> | $8000 | $8112999 |
|  City of New York NY<br>(City of New York NY) <br>Series 2008-L <br>2.90%, 04/01/2038<sup>(g)</sup> | 2820 | 2820000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-D <br>2.85%, 08/01/2040<sup>(g)</sup> | 1800 | 1800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015 <br>2.85%, 06/01/2044<sup>(g)</sup> | 3215 | 3215000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>2.85%, 09/01/2049<sup>(g)</sup> | 3900 | 3900000 |
|  City of Rochester NY<br>(City of Rochester NY) <br>Series 2025-I <br>4.00%, 07/30/2026 | 2000 | 2018293 |
|  Connetquot Central School District of Islip<br>(Connetquot Central School District of Islip) <br>Series 2025 <br>4.00%, 06/18/2026 | 1000 | 1008029 |
|  Dutchess County Industrial Development Agency<br>(Marist College) <br>Series 2008 <br>2.84%, 07/01/2038<sup>(g)</sup> | 1105 | 1105000 |
|  Metropolitan Transportation Authority<br>(Metropolitan Transportation Authority) <br>Series 2015 <br>2.79%, 11/01/2026<sup>(g)</sup> | 100 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2 <br>2.85%, 11/01/2032<sup>(g)</sup> | 6300 | 6300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E <br>2.75%, 11/01/2035<sup>(g)</sup> | 6710 | 6710000 |
|  New York City Health & Hospitals Corp.<br>(New York City Health & Hospitals) <br>Series 28-D <br>2.68%, 02/15/2026<sup>(g)</sup> | 240 | 240000 |
|  New York City Housing Development Corp.<br>(201 Pearl LLC) <br>Series 2006-A <br>2.90%, 10/15/2041<sup>(g)</sup> | 250 | 250000 |
|  New York City Housing Development Corp.<br>(Hewitt Westchester LP) <br>Series 2011 <br>2.85%, 11/01/2048<sup>(g)</sup> | 3400 | 3400000 |

---

---

| | |
|:---|:---|
| 20 AB New York Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York City Housing Development Corp.<br>(New York City Housing Development) <br>Series 2012-A <br>2.68%, 09/01/2049<sup>(g)</sup> | $1000 | $1000000 |
|  New York State Housing Finance Agency<br>(8 East 102nd Street LLC) <br>Series 2023 <br>2.75%, 05/01/2044<sup>(g)</sup> | 5790 | 5790000 |
|  New York State Housing Finance Agency<br>(DD 11th Avenue LLC) <br>Series 2009 <br>2.90%, 05/15/2041<sup>(g)</sup> | 1075 | 1075000 |
|  New York State Housing Finance Agency<br>(Liberty Street Realty LLC) <br>Series 2005 <br>2.68%, 05/01/2035<sup>(g)</sup> | 3473 | 3473000 |
|  New York State Housing Finance Agency<br>(New York State Housing Finance Agency) <br>Series 2006 <br>2.92%, 11/15/2036<sup>(g)</sup> | 7800 | 7800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009 <br>2.75%, 05/15/2039<sup>(g)</sup> | 400 | 400000 |
|  Nuveen New York AMT-Free Quality Municipal Income Fund<br>(Nuveen New York AMT-Free Quality Municipal Income Fund) <br>Series 2017 <br>3.24%, 05/01/2047<sup>(a)(g)</sup> | 7200 | 7200000 |
|  Town of Oyster Bay NY<br>(Town of Oyster Bay NY) <br>Series 2025 <br>4.00%, 03/06/2026 | 13000 | 13045929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/21/2026 | 15150 | 15305871 |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority) <br>Series 2018-2 <br>2.90%, 01/01/2031<sup>(g)</sup> | 5000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B <br>2.85%, 01/01/2032<sup>(g)</sup> | 1900 | 1900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 05/15/2026 | 5125 | 5181854 |
|  Trust for Cultural Resources of The City of New York (The)<br>(New York Botanical Garden/The) <br>Series 2009 <br>2.78%, 07/01/2032<sup>(g)</sup> | 6385 | 6385000 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 21 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Trust for Cultural Resources of The City of New York (The)<br>(Pierpont Morgan Library) <br>Series 2004 <br>2.85%, 02/01/2034<sup>(g)</sup> | $| 5465 | $5465000 |
|  Total Short-Term Municipal Notes <br>(cost $126,650,771) |  |  | 126647288 |
|  Total Municipal Obligations <br>(cost $1,273,606,930) |  |  | 1264541058 |
|  GOVERNMENTS - TREASURIES – 0.2% | GOVERNMENTS - TREASURIES – 0.2% | GOVERNMENTS - TREASURIES – 0.2% | GOVERNMENTS - TREASURIES – 0.2% |
|  **United States – 0.2%** |  |  |  |
|  U.S. Treasury Notes <br>2.625%, 02/15/2029 <br>(cost $2,432,756) |  | 2377 | 2313118 |
|  ASSET-BACKED SECURITIES – 0.0% | ASSET-BACKED SECURITIES – 0.0% | ASSET-BACKED SECURITIES – 0.0% | ASSET-BACKED SECURITIES – 0.0% |
|  **Autos - Fixed Rate – 0.0%** |  |  |  |
|  Lendbuzz Securitization Trust <br>Series 2023-1A, Class A2 <br>6.92%, 08/15/2028<sup>(a)</sup> <br>(cost $493,995) |  | 494 | 499225 |
|  COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% | COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% | COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% | COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% |
|  **Risk Share Floating Rate – 0.0%** |  |  |  |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2016-C02, Class 1M2 <br>10.186% (CME Term SOFR + 6.11%),<br>09/25/2028<sup>(e)</sup> |  | 5 | 4629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 1M2 <br>10.936% (CME Term SOFR + 6.86%),<br>08/25/2028<sup>(e)</sup> |  | 54 | 54683 |
|  Total Collateralized Mortgage Obligations <br>(cost $59,689) |  |  | 59312 |
|  Total Investments – 98.0% <br>(cost $1,276,593,370) |  |  | 1267412713 |
|  Other assets less liabilities – 2.0% |  |  | 25537557 |
|  **Net Assets – 100.0%** |  |  | $**1292950270** |

---

---

| | |
|:---|:---|
| 22 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 25120 | 10/15/2028 | CPI<sup>#</sup> | 2.565% | Maturity | $2487 | $(53967) | $56454 |
| USD | 22000 | 10/15/2029 | 2.569% | CPI<sup>#</sup> | Maturity | (56093) | 6527 | (62620) |
| USD | 21500 | 10/15/2029 | 2.485% | CPI<sup>#</sup> | Maturity | 32905 | 92259 | (59354) |
| USD | 17177 | 10/15/2029 | 2.516% | CPI<sup>#</sup> | Maturity | 389 | 48353 | (47964) |
| USD | 17162 | 10/15/2029 | 2.499% | CPI<sup>#</sup> | Maturity | 14583 | 62207 | (47624) |
| USD | 17161 | 10/15/2029 | 2.451% | CPI<sup>#</sup> | Maturity | 54400 | 101184 | (46784) |
| USD | 26380 | 10/15/2030 | CPI<sup>#</sup> | 2.531% | Maturity | 65490 | (23191) | 88681 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119211) |

---

# 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** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 25000 | 01/15/2027 | 1 Day<br>SOFR | 2.540% | Annual | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(646355) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264471 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(381884) |
| USD | 17500 | 10/15/2029 | 1 Day<br>SOFR | 3.785% | Annual | 322027 | 286594 | 35433 |
| USD | 7600 | 10/15/2030 | 1 Day<br>SOFR | 4.082% | Annual | 265888 | 241963 | 23925 |
| USD | 10400 | 12/02/2032 | 1 Day<br>SOFR | 3.427% | Annual | 3681 | – 0 | 3681 |
| USD | 8200 | 06/15/2034 | 3.543% | 1 Day<br>SOFR | Annual | 23262 | 30380 | (7118) |
| USD | 9620 | 08/15/2034 | 3.314% | 1 Day<br>SOFR | Annual | 193356 | 206922 | (13566) |
| USD | 4200 | 02/15/2035 | 3.747% | 1 Day<br>SOFR | Annual | (44907) | (39956) | (4951) |
|  |  |  |  |  |  | $116952 | $461432 | $(344480) |

---

#### INTEREST RATE SWAPS (see Note D)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| **Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Citibank, NA | USD | 16980 | 10/09/2029 | 1.125% | 1 Week SIFMA\* | Quarterly | $846968 | $– 0 | $846968 |

---

\* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap index.

(a) 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 $41,660,715 or 3.2% of net assets.

(b) Non-income producing security.

(c) Defaulted matured security.

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 23 |

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**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) 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.

(h) When-Issued or delayed delivery security.

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 5.3% and 0.0%, respectively.

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.

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| | |
|:---|:---|
| 24 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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#### STATEMENT OF ASSETS & LIABILITIES

#### November 30, 2025

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| | |
|:---|:---|
| Assets | Assets |
|  Investments in securities, at value (cost $1,276,593,370) | $1267412713 |
|  Cash | 22757330 |
|  Cash collateral due from broker | 1929478 |
|  Interest receivable | 14932092 |
|  Unrealized appreciation on interest rate swaps | 846968 |
|  Receivable for investment securities sold | 335000 |
|  Receivable for variation margin on centrally cleared swaps | 28831 |
|  Total assets | 1308242412 |
| Liabilities | Liabilities |
|  Payable for investment securities purchased | 14835385 |
|  Advisory fee payable | 292722 |
|  Other liabilities | 164035 |
|  Total liabilities | 15292142 |
|  Net Assets | $**1292950270** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $5163 |
|  Additional paid-in capital | 1327557225 |
|  Accumulated loss | (34612118) |
|  **Net Assets** | $**1292950270** |
|  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** |

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See notes to financial statements.

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 25 |

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#### STATEMENT OF OPERATIONS

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| | | |
|:---|:---|:---|
|  | **October 1, 2025<br>to November 30,<br>2025<sup>(a)</sup>** | **Year Ended<br>September 30,<br>2025<sup>(b)</sup>** |
| Investment Income |  |  |
|  Interest | $7075163 | $42466489 |
|  Other income | – 0 | 83795 <sup>(c)</sup> |
|  Total income | 7075163 | 42550284 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 775888 | 5297425 |
|  Shareholder servicing fee (see Note B) | 127019 | 1156224 |
|  Distribution fee—Class A | 3333 | 175431 |
|  Distribution fee—Class C | 605 | 19055 |
|  Transfer agency—Class A | 646 | 24667 |
|  Transfer agency—Class C | 30 | 716 |
|  Transfer agency—Advisor Class | 6199 | 17770 |
|  Transfer agency—Non-Retail Class | 3180 | 33858 |
|  Legal | 60496 | 79717 |
|  Custody and accounting | 15363 | 141438 |
|  Audit and tax | 15132 | 52747 |
|  Printing | 8772 | 47097 |
|  Directors' fees | 7514 | 38696 |
|  Registration fees | 1705 | 64667 |
|  Miscellaneous | 892 | 19172 |
|  Total expenses before bank overdraft expense | 1026774 | 7168680 |
|  Bank overdraft expense | – 0 | 79381 |
|  Total expenses | 1026774 | 7248061 |
|  Net investment income | 6048389 | 35302223 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 46704 | (3820015) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 569231 | 321616 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 6230286 | (8295454) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (1039865) | 319078 |
|  Net gain (loss) on investment transactions | 5806356 | (11474775) |
|  **Net Increase in Net Assets from Operations** | $**11854745** | $**23827448** |

---

(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.

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| | |
|:---|:---|
| 26 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **October 1, 2025<br>to November 30,<br>2025<sup>(a)</sup>** | **Year Ended<br>September 30,<br>2025<sup>(b)</sup>** | **Year Ended<br>September 30,<br>2024** |
| Increase in Net Assets from Operations |  |  |  |
|  Net investment income | $6048389 | $35302223 | $36219704 |
|  Net realized gain (loss) on investment transactions | 615935 | (3498399) | 171268 |
|  Net change in unrealized appreciation (depreciation) of investments | 5190421 | (7976376) | 64095176 |
|  Net increase in net assets from operations | 11854745 | 23827448 | 100486148 |
| Distributions to Shareholders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | – 0 | (1801246) | (1922062) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | – 0 | (34459) | (45728) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (3614529) | (1436296) | (1586798) |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Class | – 0 | (31911836) | (32190707) |
| Transactions in Shares of the Fund |  |  |  |
|  Net increase (decrease) | 3715650 | (51699999) | (61971979) |
|  Total increase (decrease) | 11955866 | (63056388) | 2768874 |
| Net Assets |  |  |  |
|  Beginning of period | 1280994404 | 1344050792 | 1341281918 |
|  End of period | $**1292950270** | $**1280994404** | $**1344050792** |

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(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.

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 27 |

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#### 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

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

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| | |
|:---|:---|
| 28 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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**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 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

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 29 |

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------

**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

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

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| | |
|:---|:---|
| 30 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in**<br> **Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Long-Term Municipal Bonds | $– 0 | $1137893770 | $– 0 | $1137893770 |
|  Short-Term Municipal Notes | – 0 | 126647288 | – 0 | 126647288 |
|  Governments – Treasuries | – 0 | 2313118 | – 0 | 2313118 |
|  Asset-Backed Securities | – 0 | 499225 | – 0 | 499225 |
|  Collateralized Mortgage Obligations | – 0 | 59312 | – 0 | 59312 |
|  Total Investments in Securities | – 0 | 1267412713 | – 0 | 1267412713 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 170254 | – 0 | 170254 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 808214 | – 0 | 808214 <sup>(b)</sup> |
|  Interest Rate Swaps | – 0 | 846968 | – 0 | 846968 |
|  **Liabilities:** |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (56093) | – 0 | (56093)<sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (691262) | – 0 | (691262)<sup>(b)</sup> |
|  **Total** | $**– 0** | $**1268490794** | $**– 0** | $**1268490794** |

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(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

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 31 |

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**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

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 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.

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| | |
|:---|:---|
| 32 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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 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

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 33 |

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**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.

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, there was no such reimbursement.

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.

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| | |
|:---|:---|
| 34 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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**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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>9/30/25<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 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:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17107197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29368332 |
|  U.S. government securities | – 0 | – 0 |

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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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358947749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330715118 |
|  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.

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 35 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276734725 |
|  Gross unrealized appreciation | $13377157 |
|  Gross unrealized depreciation | (22029824) |
|  Net unrealized depreciation | $**(8652667)** |

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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.

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

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| | |
|:---|:---|
| 36 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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**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, 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 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.

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 37 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

#### 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.

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,

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| | |
|:---|:---|
| 38 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | <br> Receivable for<br> variation margin<br>on centrally<br>cleared swaps | $208174<br>\*  | <br> Payable for<br>variation margin on<br>centrally cleared<br>swaps | $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671865<br>\*  |
|  Interest rate contracts | <br> Unrealized<br>appreciation on<br>interest rate swaps | <br> 846968 |  |  |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055142 |  | $671865 |

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\* 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. 

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| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations**<br>**for Period ended**<br> **October 1, 2025 to**<br> **November 30, 2025** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1039865) |
|  Total |  | $569231 | $(1039865) |

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| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations<br>for the Year ended**<br> **September 30, 2025** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319078 |
|  Total |  | $321616 | $319078 |

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 39 |

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**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:

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| | |
|:---|:---|
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16980000 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $78753333 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $146500000 |

---

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

---

| | |
|:---|:---|
|  Interest Rate Swaps: | Interest Rate Swaps: |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $16980000 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $102258462 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133125000 |

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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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Citibank, NA | $846968 | $– 0 – $| – 0 – $| – 0 – $| 846968 |
|  Total | $846968 | $– 0 – $| – 0 – $| – 0 – $| 846968 |

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\* The actual collateral received/pledged may be more than the amount reported due to over-collateralization. 

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| | |
|:---|:---|
| ^ | 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.  |

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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

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| | |
|:---|:---|
| 40 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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**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

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.

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 41 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Transactions in shares of the Fund were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares | Shares | Shares | Amount | Amount | Amount |
|  | Period Ended<br>November 30,<br>2025<sup>(a)</sup> | Year Ended<br>September 30,<br>2025<sup>(b)</sup> | Year Ended<br>September 30,<br>2024 | Period Ended<br>November 30,<br>2025<sup>(a)</sup> | Year Ended<br>September 30,<br>2025<sup>(b)</sup> | Year Ended<br>September 30,<br>2024 |
| **Class A** |  |  |  |  |  |  |
|  Shares sold | 231238 | 478705 | 511550 | $3119394 | $6444742 | $6856811 |
|  Shares issued in reinvestment of dividends | – 0 | 87023 | 96636 | – 0 | 1163828 | 1293291 |
|  Shares converted from Class C | – 0 | 36803 | 89224 | – 0 | 491109 | 1179567 |
|  Shares converted to<br> Advisor Class | (5364578) | – 0 | – 0 | (72384257) | – 0 | – 0 |
|  Shares redeemed | (26003) | (1032061) | (1250242) | (356147) | (13801795) | (16631590) |
|  **Net decrease** | **(5159343** | **(429530** | **(552832** | $**(69621010** | $**(5702116** | $**(7301921** |
| **Class C** |  |  |  |  |  |  |
|  Shares sold | 240529 | 103614 | 3959 | $3244738 | $1396070 | $53025 |
|  Shares issued in reinvestment of dividends | – 0 | 1916 | 2820 | – 0 | 25622 | 37695 |
|  Shares converted to Class A | – 0 | (36808) | (89220) | – 0 | (491109) | (1179567) |
|  Shares converted to<br> Advisor Class | (434443) | – 0 | – 0 | (5862286) | – 0 | – 0 |
|  Shares redeemed | (1708) | (46980) | (21395) | (23036) | (632415) | (284563) |
|  **Net increase (decrease)** | **(195622** | **21742** | **(103836** | $**(2640584** | $**298168** | $**(1373410** |
| **Municipal Class** |  |  |  |  |  |  |
|  Shares sold | 1063719 | 12390680 | 35241900 | $14388990 | $166136309 | $469614601 |
|  Shares issued in reinvestment of dividends | 220443 | 1776990 | 1825316 | 2986997 | 23771829 | 24433295 |
|  Shares converted to Adviser Class | (85702331) | – 0 | – 0 | (1160958050) | – 0 | – 0 |
|  Shares redeemed | (1009716) | (17872527) | (40208328) | (13664268) | (239549123) | (535750259) |
|  **Net decrease** | **(85427885** | **(3704857** | **(3141112** | $**(1157246331** | $**(49640985** | $**(41702363** |
| **Advisor Class** |  |  |  |  |  |  |
|  Shares sold | 220938 | 2095450 | 1375768 | $5503803 | $27991632 | $18427073 |
|  Shares converted from Class A | 2905241 | – 0 | – 0 | 72384257 | – 0 | – 0 |
|  Shares converted from Class C | 235277 | – 0 | – 0 | 5862286 | – 0 | – 0 |
|  Shares converted from Municipal Class | 46438322 | – 0 | – 0 | 1160958050 | – 0 | – 0 |
|  Shares issued in reinvestment of dividends | 10312 | 70628 | 84614 | 257817 | 944644 | 1131119 |
|  Shares redeemed | (469817) | (1913739) | (2333393) | (11742638) | (25591342) | (31152477) |
|  **Net increase (decrease)** | **49340273** | **252339** | **(873011** | $**1233223575** | $**3344934** | $**(11594285** |

---

(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.

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|:---|:---|
| 42 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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**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.

**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

**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.

**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

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 43 |

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**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.

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

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| | |
|:---|:---|
| 44 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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**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.

**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 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.

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 45 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**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.

**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 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

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| | |
|:---|:---|
| 46 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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**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.

**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.

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 47 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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:

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| | | | |
|:---|:---|:---|:---|
|  | **October 1, 2025 to<br>November 30, 2025** | **Year ended<br>September 30, 2025** | **Year ended<br>September 30, 2024** |
|  Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124863 | $964191 | 1837686 |
|  Long-term capital gains | – 0 | – 0 | – 0 |
|  Total taxable distributions | 124863 | 964191 | 1837686 |
|  Tax exempt distributions | 3489666 | 34219646 | 33907609 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3614529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35183837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35745295 |

---

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

---

| | |
|:---|:---|
|  Undistributed tax-exempt income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201084 |
|  Accumulated capital and other losses | (28020699)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (8792504)<sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34612119) |

---

(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** |

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**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

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<br>outstanding<br>before the<br>Conversion** | **Shares<br>outstanding<br>immediately<br>after the<br>Conversion** | **Aggregate<br>net assets<br>before the**<br>**Conversion** |  | **Aggregate**<br>**net assets<br>immediately<br>after the<br>Conversion** |
|  Acquired Portfolio\* | 95056720 | – 0 | $1287610520 | <sup>+</sup> | $– 0 |
|  The Fund | – 0 | 51425718 | $– 0 |  | $1287610520 |

---

\* 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<br>outstanding<br>before<br>Conversion** | **Conversion<br>Ratio** | **Shares<br>outstanding<br>immediately<br>after the<br>Conversion** |
|  Advisor Class | 9351572 | 0.53314408 | 4985735 |
|  Sanford C. Bernstein Class | 85705148 | 0.54185757 | 46439983 |
|  Total | 95056720 |  | 51425718 |

---

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.

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 49 |

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#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period<sup>(a)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **October 1,<br>2025 to**<br> **November 30,**<br> **2025<sup>(b)</sup>** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **October 1,<br>2025 to**<br> **November 30,**<br> **2025<sup>(b)</sup>** | **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<sup>(c)</sup> | .12 | .70 | .68 | .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 <sup>(g)</sup> | – 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<sup>(e)</sup> | .96 | 2.03 | 7.81 | 3.04 | (7.77) | 3.44 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $1292950 | $56875 | $53919 | $62682 | $61511 | $67388 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup> | .30 | .50 | .49 | .51% | .48 | .48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup> | .30 | .50 | .50 | .51% | .48 | .48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.06 | 2.82 | 2.74 | 2.40% | 1.96 | 1.91 |
|  Portfolio turnover rate<sup>(h)</sup> | 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) 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.

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| | |
|:---|:---|
| 50 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **October 1,<br>2025 to**<br>**November 30,**<br>**2025** | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **October 1,<br>2025 to**<br>**November 30,**<br>**2025** | | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net of waivers/reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.30 | %<sup>^</sup> | .49% | .49% | .51% | .48% | .48% |
|  Before waivers/reimbursements | .30 | %<sup>^</sup> | .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.

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| | | |
|:---|:---|:---|
| **Net Investment**<br> **Income Per**<br> **Share** | **Net Investment**<br> **Income Ratio** | **Total Return** |
| $.00<sup>(g)</sup> | .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.

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| | |
|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 51 |

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------

#### 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.

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.

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|:---|:---|
| 52 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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#### 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](g79637g91r55.jpg)

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

New York, New York

January 29, 2026

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|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 53 |

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#### 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, 11.69% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends.

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.

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.

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|:---|:---|
| 54 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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#### 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").

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

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|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 55 |

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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 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.

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|:---|:---|
| 56 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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#### 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.

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.

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|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 57 |

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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.

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|:---|:---|
| 58 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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#### NOTES

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|:---|:---|
| **ABFunds.com** | AB New York Intermediate Municipal ETF 59 |

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| 60 AB New York Intermediate Municipal ETF | **ABFunds.com** |

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![LOGO](g79637g28a43.jpg)

AB NEW YORK INTERMEDIATE MUNICIPAL ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-NYIM-0151-1125 ![LOGO](g79637g22c48.jpg)

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#### November 30, 2025
![LOGO](g19381g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB SHORT DURATION HIGH YIELD ETF

(NYSE Arca: SYFI)

![LOGO](g19381g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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 monthly at www.abfunds.com.

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS

#### November 30, 2025

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CORPORATES - NON-INVESTMENT GRADE – 79.1% |  |  |  |
|  Industrial – 69.2% |  |  |  |
|  **Basic – 4.1%** |  |  |  |
|  Ahlstrom Holding 3 Oy <br>4.875%, 02/04/2028<sup>(a)</sup> | U.S.$| 392 | $382776 |
|  Alcoa Nederland Holding BV<br>4.125%, 03/31/2029<sup>(a)</sup> |  | 1587 | 1557752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 03/15/2031<sup>(a)</sup> |  | 3880 | 4116331 |
|  Alumina Pty Ltd. <br>6.125%, 03/15/2030<sup>(a)</sup> |  | 7 | 7191 |
|  ASP Unifrax Holdings, Inc.<br>7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029<sup>(a)(b)</sup> |  | 2458 | 368839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.175% (10.425% Cash or 11.175% PIK or 6.425% Cash and 4.75% PIK), 09/30/2029<sup>(a)(b)(c)</sup> |  | 960 | 756688 |
|  Celanese US Holdings LLC<br>6.83%, 07/15/2029<sup>(c)</sup> |  | 213 | 219382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.879%, 07/15/2032<sup>(c)</sup> |  | 1303 | 1329633 |
|  Cerdia Finanz GmbH <br>9.375%, 10/03/2031<sup>(a)</sup> |  | 380 | 392149 |
|  Champion Iron Canada, Inc. <br>7.875%, 07/15/2032<sup>(a)</sup> |  | 1193 | 1257637 |
|  Constellium SE <br>3.75%, 04/15/2029<sup>(a)</sup> |  | 1105 | 1065540 |
|  CVR Partners LP/CVR Nitrogen Finance Corp. <br>6.125%, 06/15/2028<sup>(a)</sup> |  | 2887 | 2881919 |
|  Element Solutions, Inc. <br>3.875%, 09/01/2028<sup>(a)</sup> |  | 2974 | 2910862 |
|  Hudbay Minerals, Inc. <br>6.125%, 04/01/2029<sup>(a)</sup> |  | 200 | 202784 |
|  INEOS Finance PLC <br>7.25%, 03/31/2031<sup>(a)</sup> | EUR | 715 | 738740 |
|  INEOS Quattro Finance 2 PLC <br>6.75%, 04/15/2030<sup>(a)</sup> |  | 1103 | 1046727 |
|  Novelis Corp. <br>4.75%, 01/30/2030<sup>(a)</sup> | U.S.$| 4657 | 4488370 |
|  Olympus Water US Holding Corp. <br>3.875%, 10/01/2028<sup>(a)</sup> | EUR | 100 | 114989 |
|  Roller Bearing Co. of America, Inc. <br>4.375%, 10/15/2029<sup>(a)</sup> | U.S.$| 680 | 669508 |
|  SNF Group SACA <br>3.125%, 03/15/2027<sup>(a)</sup> |  | 1989 | 1949459 |
|  SunCoke Energy, Inc. <br>4.875%, 06/30/2029<sup>(a)</sup> |  | 3188 | 2917753 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 1 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  WR Grace Holdings LLC<br>4.875%, 06/15/2027<sup>(a)</sup> | U.S.$| 2388 | $2370926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 08/15/2032<sup>(a)</sup> |  | 2667 | 2649238 |
|  |  |  | 34395193 |
|  **Capital Goods – 9.3%** |  |  |  |
|  Arcosa, Inc. <br>4.375%, 04/15/2029<sup>(a)</sup> |  | 2896 | 2835705 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<br>5.00%, 01/30/2031<sup>(a)</sup> | EUR | 597 | 698953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2027<sup>(a)</sup> | U.S.$| 1300 | 1315899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/30/2031<sup>(a)</sup> |  | 537 | 546279 |
|  Bombardier, Inc.<br>6.00%, 02/15/2028<sup>(a)</sup> |  | 2251 | 2256920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 07/01/2031<sup>(a)</sup> |  | 884 | 941336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/01/2029<sup>(a)</sup> |  | 2585 | 2698843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 04/15/2027<sup>(a)</sup> |  | 39 | 39000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/2030<sup>(a)</sup> |  | 905 | 976875 |
|  Dycom Industries, Inc. <br>4.50%, 04/15/2029<sup>(a)</sup> |  | 867 | 856848 |
|  Efesto Bidco SpA Efesto US LLC <br>Series XR <br>7.50%, 02/15/2032<sup>(a)</sup> |  | 2793 | 2845564 |
|  EnerSys <br>4.375%, 12/15/2027<sup>(a)</sup> |  | 1214 | 1205538 |
|  Esab Corp. <br>6.25%, 04/15/2029<sup>(a)</sup> |  | 4964 | 5114360 |
|  GFL Environmental, Inc.<br>4.00%, 08/01/2028<sup>(a)</sup> |  | 2856 | 2803564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/15/2029<sup>(a)</sup> |  | 3376 | 3328398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/2031<sup>(a)</sup> |  | 507 | 532614 |
|  IMA Industria Macchine Automatiche SpA <br>3.75%, 01/15/2028<sup>(a)</sup> | EUR | 650 | 753045 |
|  LSB Industries, Inc. <br>6.25%, 10/15/2028<sup>(a)(c)</sup> | U.S.$| 4694 | 4672689 |
|  Luna 2 5SARL <br>5.50%, 07/01/2032<sup>(a)</sup> | EUR | 266 | 312053 |
|  Madison IAQ LLC <br>5.875%, 06/30/2029<sup>(a)</sup> | U.S.$| 5911 | 5848875 |
|  Maxam Prill SARL <br>7.75%, 07/15/2030<sup>(a)</sup> |  | 2831 | 2887082 |
|  MIWD Holdco II LLC/MIWD Finance Corp. <br>5.50%, 02/01/2030<sup>(a)</sup> |  | 7455 | 7080610 |
|  Moog, Inc. <br>4.25%, 12/15/2027<sup>(a)</sup> |  | 4778 | 4749141 |
|  Mueller Water Products, Inc. <br>4.00%, 06/15/2029<sup>(a)</sup> |  | 3980 | 3874610 |

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| | |
|:---|:---|
| 2 AB Short Duration High Yield ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Silgan Holdings, Inc. <br>2.25%, 06/01/2028 | EUR | 412 | $466949 |
|  Spirit AeroSystems, Inc. <br>9.375%, 11/30/2029<sup>(a)</sup> | U.S.$| 2105 | 2211260 |
|  Terex Corp. <br>5.00%, 05/15/2029<sup>(a)</sup> |  | 4146 | 4123031 |
|  TK Elevator Midco GmbH <br>4.375%, 07/15/2027<sup>(a)</sup> | EUR | 180 | 209079 |
|  TransDigm, Inc.<br>6.375%, 03/01/2029<sup>(a)</sup> | U.S.$| 3656 | 3770250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028<sup>(a)</sup> |  | 2775 | 2835939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 12/15/2030<sup>(a)</sup> |  | 4119 | 4295623 |
|  Trinity Industries, Inc. <br>7.75%, 07/15/2028<sup>(a)</sup> |  | 863 | 897460 |
|  |  |  | 77984392 |
|  **Communications - Media – 4.3%** |  |  |  |
|  AMC Networks, Inc. <br>10.25%, 01/15/2029<sup>(a)</sup> |  | 663 | 695991 |
|  Banijay Entertainment SAS<br>7.00%, 05/01/2029<sup>(a)</sup> | EUR | 442 | 532225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 05/01/2029<sup>(a)</sup> | U.S.$| 234 | 242674 |
|  Clear Channel Outdoor Holdings, Inc. <br>7.125%, 02/15/2031<sup>(a)</sup> |  | 1149 | 1196488 |
|  CSC Holdings LLC<br>5.375%, 02/01/2028<sup>(a)</sup> |  | 1973 | 1428057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2027<sup>(a)</sup> |  | 491 | 423556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2029<sup>(a)</sup> |  | 233 | 145793 |
|  DIRECTV Financing LLC <br>8.875%, 02/01/2030<sup>(a)</sup> |  | 701 | 696654 |
|  DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. <br>5.875%, 08/15/2027<sup>(a)</sup> |  | 973 | 975257 |
|  Discovery Communications LLC <br>4.125%, 05/15/2029 |  | 3357 | 3264481 |
|  DISH DBS Corp.<br>5.25%, 12/01/2026<sup>(a)</sup> |  | 2160 | 2108139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(a)</sup> |  | 754 | 728115 |
|  EW Scripps Co. (The) <br>9.875%, 08/15/2030<sup>(a)</sup> |  | 795 | 799595 |
|  LCPR Senior Secured Financing DAC<br>5.125%, 07/15/2029<sup>(a)</sup> |  | 1179 | 746767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027<sup>(a)</sup> |  | 2212 | 1503010 |
|  McGraw-Hill Education, Inc.<br>5.75%, 08/01/2028<sup>(a)</sup> |  | 4479 | 4483748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 09/01/2031<sup>(a)</sup> |  | 2537 | 2631148 |
|  Millennium Escrow Corp. <br>6.625%, 08/01/2026<sup>(a)</sup> |  | 2152 | 2096457 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 3 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Sinclair Television Group, Inc. <br>5.50%, 03/01/2030<sup>(a)</sup> | U.S.$| 67 | $59164 |
|  Summer BC Holdco B SARL <br>5.875%, 02/15/2030<sup>(a)</sup> | EUR | 196 | 206411 |
|  TEGNA, Inc. <br>5.00%, 09/15/2029 | U.S.$| 223 | 221129 |
|  Veritiv Operating Co. <br>10.50%, 11/30/2030<sup>(a)</sup> |  | 1662 | 1788744 |
|  Versant Media Group, Inc. <br>7.25%, 01/30/2031<sup>(a)</sup> |  | 3890 | 3994019 |
|  Virgin Media Secured Finance PLC <br>5.50%, 05/15/2029<sup>(a)</sup> |  | 4101 | 4028576 |
|  Warnermedia Holdings, Inc. <br>4.279%, 03/15/2032 |  | 751 | 686790 |
|  |  |  | 35682988 |
|  **Communications - Telecommunications – 2.0%** |  |  |  |
|  Altice Financing SA <br>5.00%, 01/15/2028<sup>(a)</sup> |  | 1198 | 837905 |
|  Altice France SA<br>6.50%, 04/15/2032<sup>(a)</sup> |  | 1993 | 1938363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 10/15/2030<sup>(a)</sup> |  | 377 | 371615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 07/15/2032<sup>(a)</sup> |  | 1465 | 1425812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/2029<sup>(a)</sup> |  | 453 | 466289 |
|  Connect Finco SARL/Connect US Finco LLC <br>9.00%, 09/15/2029<sup>(a)</sup> |  | 220 | 233988 |
|  EchoStar Corp. <br>10.75%, 11/30/2029 |  | 2131 | 2349428 |
|  Fibercop SpA <br>Series 2033 <br>6.375%, 11/15/2033<sup>(a)</sup> |  | 1306 | 1279919 |
|  Lorca Telecom Bondco SA <br>4.00%, 09/18/2027<sup>(a)</sup> | EUR | 1164 | 1352313 |
|  Nexstar Media, Inc. <br>5.625%, 07/15/2027<sup>(a)</sup> | U.S.$| 1308 | 1309373 |
|  United Group BV <br>4.25% (EURIBOR 3 Month + 4.25%),<br>02/01/2029<sup>(a)(d)</sup> | EUR | 210 | 244983 |
|  Vmed O2 UK Financing I PLC<br>4.25%, 01/31/2031<sup>(a)</sup> | U.S.$| 316 | 288916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/2031<sup>(a)</sup> |  | 2196 | 2024097 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. <br>8.25%, 10/01/2031<sup>(a)</sup> |  | 2506 | 2605087 |
|  |  |  | 16728088 |
|  **Consumer Cyclical - Automotive – 2.9%** |  |  |  |
|  Adient Global Holdings Ltd. <br>8.25%, 04/15/2031<sup>(a)</sup> |  | 3749 | 3945335 |

---

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| | |
|:---|:---|
| 4 AB Short Duration High Yield ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  American Axle & Manufacturing, Inc. <br>6.375%, 10/15/2032<sup>(a)</sup> | U.S.$| 427 | $430425 |
|  Clarios Global LP/Clarios US Finance Co. <br>6.75%, 02/15/2030<sup>(a)</sup> |  | 150 | 155915 |
|  Dana, Inc. <br>5.625%, 06/15/2028 |  | 165 | 165120 |
|  Garrett Motion Holdings, Inc./Garrett LX I SARL <br>7.75%, 05/31/2032<sup>(a)</sup> |  | 205 | 217001 |
|  Goodyear Tire & Rubber Co. (The)<br>5.25%, 04/30/2031 |  | 2242 | 2148822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2031 |  | 4357 | 4111265 |
|  IHO Verwaltungs GmbH<br>6.375% (6.375% Cash or 7.1250% PIK),<br>05/15/2029<sup>(a)(b)</sup> |  | 662 | 662060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (6.75% Cash or 7.50% PIK), 11/15/2029<sup>(a)(b)</sup> | EUR | 520 | 637028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% (7.75% Cash or 8.50% PIK), 11/15/2030<sup>(a)(b)</sup> | U.S.$| 1427 | 1484009 |
|  JB Poindexter & Co., Inc. <br>8.75%, 12/15/2031<sup>(a)</sup> |  | 396 | 413610 |
|  New Flyer Holdings, Inc. <br>9.25%, 07/01/2030<sup>(a)</sup> |  | 1067 | 1143877 |
|  Nissan Motor Acceptance Co. LLC<br>1.85%, 09/16/2026<sup>(a)</sup> |  | 450 | 437292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/09/2028<sup>(a)</sup> |  | 3427 | 3222305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/13/2027<sup>(a)</sup> |  | 618 | 616165 |
|  Nissan Motor Co., Ltd.<br>4.81%, 09/17/2030<sup>(a)</sup> |  | 883 | 828757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/17/2030<sup>(a)</sup> |  | 792 | 826896 |
|  PM General Purchaser LLC <br>9.50%, 10/01/2028<sup>(a)</sup> |  | 3530 | 2974413 |
|  |  |  | 24420295 |
|  **Consumer Cyclical - Entertainment – 2.0%** |  |  |  |
|  Boyne USA, Inc. <br>4.75%, 05/15/2029<sup>(a)</sup> |  | 2305 | 2269987 |
|  CPUK Finance Ltd. <br>4.50%, 08/28/2027<sup>(a)</sup> | GBP | 400 | 519458 |
|  Lindblad Expeditions LLC <br>7.00%, 09/15/2030<sup>(a)</sup> | U.S.$| 1938 | 1989086 |
|  Live Nation Entertainment, Inc. <br>3.75%, 01/15/2028<sup>(a)</sup> |  | 2695 | 2639591 |
|  NCL Corp., Ltd.<br>5.875%, 01/15/2031<sup>(a)</sup> |  | 2664 | 2631339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/2032<sup>(a)</sup> |  | 814 | 826951 |
|  SeaWorld Parks & Entertainment, Inc. <br>5.25%, 08/15/2029<sup>(a)</sup> |  | 4562 | 4409310 |
|  Viking Cruises Ltd.<br>5.875%, 10/15/2033<sup>(a)</sup> |  | 506 | 514658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 07/15/2031<sup>(a)</sup> |  | 729 | 781699 |
|  |  |  | 16582079 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 5 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Other – 6.5%** |  |  |  |
|  Allwyn Entertainment Financing UK PLC <br>7.875%, 04/30/2029<sup>(a)</sup> | U.S.$| 616 | $637726 |
|  AmeriTex HoldCo Intermediate LLC <br>7.625%, 08/15/2033<sup>(a)</sup> |  | 1373 | 1445467 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC <br>4.875%, 02/15/2030<sup>(a)</sup> |  | 1159 | 1079620 |
|  Builders FirstSource, Inc. <br>5.00%, 03/01/2030<sup>(a)</sup> |  | 223 | 222035 |
|  Cirsa Finance International SARL <br>6.50%, 03/15/2029<sup>(a)</sup> | EUR | 668 | 804567 |
|  Great Canadian Gaming Corp./Raptor LLC <br>8.75%, 11/15/2029<sup>(a)</sup> | U.S.$| 560 | 563746 |
|  Hilton Domestic Operating Co., Inc.<br>3.625%, 02/15/2032<sup>(a)</sup> |  | 985 | 915311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/2029<sup>(a)</sup> |  | 2274 | 2209009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2031<sup>(a)</sup> |  | 683 | 652682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/2028<sup>(a)</sup> |  | 354 | 355136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 04/01/2029<sup>(a)</sup> |  | 3092 | 3165806 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<br>4.875%, 07/01/2031<sup>(a)</sup> |  | 1925 | 1783551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029<sup>(a)</sup> |  | 5154 | 4962065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/15/2032<sup>(a)</sup> |  | 404 | 410868 |
|  Marriott Ownership Resorts, Inc. <br>4.50%, 06/15/2029<sup>(a)</sup> |  | 5393 | 5124968 |
|  MGM Resorts International <br>6.125%, 09/15/2029 |  | 413 | 422239 |
|  Miller Homes Group Finco PLC<br>6.314% (EURIBOR 3 Month + 4.25%),<br>10/15/2030<sup>(a)(d)</sup> | EUR | 194 | 227671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/2029<sup>(a)</sup> | GBP | 276 | 366735 |
|  Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC <br>8.25%, 04/15/2030<sup>(a)</sup> | U.S.$| 2180 | 2269337 |
|  Playtech PLC <br>5.875%, 06/28/2028<sup>(a)</sup> | EUR | 620 | 718030 |
|  Standard Building Solutions, Inc. <br>6.50%, 08/15/2032<sup>(a)</sup> | U.S.$| 173 | 178562 |
|  Standard Industries, Inc./NY<br>3.375%, 01/15/2031<sup>(a)</sup> |  | 2452 | 2248974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 07/15/2030<sup>(a)</sup> |  | 3159 | 3064957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028<sup>(a)</sup> |  | 1847 | 1840665 |
|  Station Casinos LLC <br>4.50%, 02/15/2028<sup>(a)</sup> |  | 4183 | 4140459 |
|  Taylor Morrison Communities, Inc. <br>5.75%, 01/15/2028<sup>(a)</sup> |  | 1010 | 1031947 |

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| | |
|:---|:---|
| 6 AB Short Duration High Yield ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Thor Industries, Inc. <br>4.00%, 10/15/2029<sup>(a)</sup> | U.S.$| 3601 | $3448534 |
|  Travel & Leisure Co.<br>4.50%, 12/01/2029<sup>(a)</sup> |  | 3291 | 3211226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 07/31/2026<sup>(a)</sup> |  | 2634 | 2652043 |
|  Wyndham Hotels & Resorts, Inc. <br>4.375%, 08/15/2028<sup>(a)</sup> |  | 4840 | 4769820 |
|  |  |  | 54923756 |
|  **Consumer Cyclical - Restaurants – 1.0%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc.<br>3.50%, 02/15/2029<sup>(a)</sup> |  | 1208 | 1169694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 01/15/2028<sup>(a)</sup> |  | 2378 | 2351129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2028<sup>(a)</sup> |  | 3033 | 3009919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 09/15/2029<sup>(a)</sup> |  | 492 | 501451 |
|  KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC <br>4.75%, 06/01/2027<sup>(a)</sup> |  | 410 | 410636 |
|  Papa John's International, Inc. <br>3.875%, 09/15/2029<sup>(a)</sup> |  | 938 | 903256 |
|  |  |  | 8346085 |
|  **Consumer Cyclical - Retailers – 7.1%** |  |  |  |
|  Advance Auto Parts, Inc.<br>3.90%, 04/15/2030 |  | 448 | 411237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/01/2030<sup>(a)</sup> |  | 6504 | 6639998 |
|  Asbury Automotive Group, Inc.<br>4.625%, 11/15/2029<sup>(a)</sup> |  | 6525 | 6393130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032<sup>(a)</sup> |  | 889 | 865539 |
|  Beach Acquisition Bidco LLC <br>5.25%, 07/15/2032<sup>(a)</sup> | EUR | 668 | 793761 |
|  Boots Group Finco LP <br>5.375%, 08/31/2032<sup>(a)</sup> |  | 781 | 932630 |
|  Carvana Co.<br>9.00%, 06/01/2030<sup>(a)(b)(c)</sup> | U.S.$| 2076 | 2170230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 06/01/2031<sup>(a)(b)(c)</sup> |  | 367 | 413664 |
|  Champ Acquisition Corp. <br>8.375%, 12/01/2031<sup>(a)</sup> |  | 1100 | 1170686 |
|  FirstCash, Inc. <br>4.625%, 09/01/2028<sup>(a)</sup> |  | 5655 | 5609930 |
|  Gap, Inc. (The) <br>3.625%, 10/01/2029<sup>(a)</sup> |  | 3564 | 3385550 |
|  Global Auto Holdings Ltd/AAG FH UK Ltd. <br>8.375%, 01/15/2029<sup>(a)</sup> |  | 3265 | 3135314 |
|  Group 1 Automotive, Inc.<br>4.00%, 08/15/2028<sup>(a)</sup> |  | 4243 | 4151012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 01/15/2030<sup>(a)</sup> |  | 1352 | 1389180 |
|  LCM Investments Holdings II LLC<br>4.875%, 05/01/2029<sup>(a)</sup> |  | 521 | 513107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 08/01/2031<sup>(a)</sup> |  | 208 | 219613 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 7 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Lithia Motors, Inc. <br>3.875%, 06/01/2029<sup>(a)</sup> | U.S.$| 3422 | $3292306 |
|  Murphy Oil USA, Inc.<br>3.75%, 02/15/2031<sup>(a)</sup> |  | 3548 | 3330082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/2029 |  | 225 | 223092 |
|  Park River Holdings, Inc. <br>8.00%, 03/15/2031<sup>(a)</sup> |  | 451 | 466442 |
|  Penske Automotive Group, Inc. <br>3.75%, 06/15/2029 |  | 3854 | 3724621 |
|  PetSmart LLC/PetSmart Finance Corp. <br>7.50%, 09/15/2032<sup>(a)</sup> |  | 1658 | 1670054 |
|  QXO Building Products, Inc. <br>6.75%, 04/30/2032<sup>(a)</sup> |  | 5 | 5235 |
|  Sonic Automotive, Inc.<br>4.625%, 11/15/2029<sup>(a)</sup> |  | 1840 | 1798692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/2031<sup>(a)</sup> |  | 1739 | 1674866 |
|  Staples, Inc. <br>10.75%, 09/01/2029<sup>(a)</sup> |  | 1864 | 1842489 |
|  VF Corp. <br>2.95%, 04/23/2030 |  | 2070 | 1859336 |
|  William Carter Co. (The) <br>7.375%, 02/15/2031<sup>(a)</sup> |  | 1295 | 1321068 |
|  |  |  | 59402864 |
|  **Consumer Non-Cyclical – 8.4%** |  |  |  |
|  Acadia Healthcare Co., Inc. <br>5.50%, 07/01/2028<sup>(a)</sup> |  | 372 | 368343 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<br>3.50%, 03/15/2029<sup>(a)</sup> |  | 4452 | 4278506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 01/15/2027<sup>(a)</sup> |  | 700 | 700665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/31/2031<sup>(a)</sup> |  | 648 | 657726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/2028<sup>(a)</sup> |  | 1865 | 1869886 |
|  Bausch & Lomb Corp. <br>8.375%, 10/01/2028<sup>(a)</sup> |  | 3128 | 3265006 |
|  Bausch Health Cos., Inc. <br>11.00%, 09/30/2028<sup>(a)</sup> |  | 460 | 484463 |
|  CAB SELAS <br>3.375%, 02/01/2028<sup>(a)</sup> | EUR | 859 | 937507 |
|  Embecta Corp.<br>5.00%, 02/15/2030<sup>(a)</sup> | U.S.$| 3492 | 3323721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2030<sup>(a)</sup> |  | 366 | 361864 |
|  Emergent BioSolutions, Inc. <br>3.875%, 08/15/2028<sup>(a)</sup> |  | 1030 | 920717 |
|  Grifols SA<br>3.875%, 10/15/2028<sup>(a)</sup> | EUR | 1524 | 1741831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2028<sup>(a)</sup> | U.S.$| 3183 | 3114947 |
|  Gruenenthal GmbH <br>4.125%, 05/15/2028<sup>(a)</sup> | EUR | 907 | 1056430 |

---

---

| | |
|:---|:---|
| 8 AB Short Duration High Yield ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Gruppo San Donato SpA <br>6.50%, 10/31/2031<sup>(a)</sup> | EUR | 1056 | $1247846 |
|  Iceland Bondco PLC<br>7.564% (EURIBOR 3 Month + 5.50%), 12/15/2027<sup>(a)(d)</sup> |  | 199 | 233003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.875%, 12/15/2027<sup>(a)</sup> | GBP | 114 | 159174 |
|  IQVIA, Inc.<br>1.75%, 03/15/2026<sup>(a)</sup> | EUR | 798 | 922785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026<sup>(a)</sup> | U.S.$| 1570 | 1568791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027<sup>(a)</sup> |  | 413 | 413050 |
|  Kedrion SpA <br>6.50%, 09/01/2029<sup>(a)</sup> |  | 1578 | 1546440 |
|  LifePoint Health, Inc.<br>9.875%, 08/15/2030<sup>(a)</sup> |  | 2365 | 2546159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 10/15/2030<sup>(a)</sup> |  | 1991 | 2196491 |
|  Medline Borrower LP <br>3.875%, 04/01/2029<sup>(a)</sup> |  | 2504 | 2435616 |
|  Mehilainen Yhtiot Oy <br>5.125%, 06/30/2032<sup>(a)</sup> | EUR | 419 | 494017 |
|  ModivCare, Inc.<br>5.00%, 10/01/2029<sup>(c)(e)(f)(g)</sup> | U.S.$| 1626 | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(e)(f)(g)</sup> |  | 47 | 148 |
|  Neogen Food Safety Corp. <br>8.625%, 07/20/2030<sup>(a)</sup> |  | 1166 | 1242175 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV<br>4.125%, 04/30/2028<sup>(a)</sup> |  | 4080 | 3988567 |
|  Owens & Minor, Inc.<br>4.50%, 03/31/2029<sup>(a)</sup> |  | 3 | 2129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/01/2030<sup>(a)</sup> |  | 158 | 101182 |
|  Performance Food Group, Inc. <br>5.50%, 10/15/2027<sup>(a)</sup> |  | 1982 | 1983823 |
|  Perrigo Finance Unlimited Co. <br>4.90%, 06/15/2030<sup>(c)</sup> |  | 1305 | 1257681 |
|  Premier Foods Finance PLC <br>3.50%, 10/15/2026<sup>(a)</sup> | GBP | 200 | 261876 |
|  Surgery Center Holdings, Inc. <br>7.25%, 04/15/2032<sup>(a)</sup> | U.S.$| 2935 | 3013453 |
|  Tenet Healthcare Corp.<br>4.25%, 06/01/2029 |  | 3354 | 3291649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2030 |  | 3665 | 3590894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2032<sup>(a)</sup> |  | 2299 | 2335991 |
|  US Foods, Inc. <br>4.75%, 02/15/2029<sup>(a)</sup> |  | 5606 | 5578250 |
|  Whirlpool Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/15/2030 |  | 6265 | 6346006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/2033 |  | 697 | 692483 |
|  |  |  | 70533324 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Energy – 9.4%** |  |  |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp.<br>5.375%, 06/15/2029<sup>(a)</sup> | U.S.$| 3675 | $3689112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2028<sup>(a)</sup> |  | 481 | 481741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 02/01/2032<sup>(a)</sup> |  | 829 | 859640 |
|  Baytex Energy Corp. <br>8.50%, 04/30/2030<sup>(a)</sup> |  | 1396 | 1472640 |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp. <br>7.00%, 07/15/2029<sup>(a)</sup> |  | 1139 | 1188136 |
|  Buckeye Partners LP<br>4.50%, 03/01/2028<sup>(a)</sup> |  | 2369 | 2358055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/2030<sup>(a)</sup> |  | 1245 | 1304299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 07/01/2029<sup>(a)</sup> |  | 1316 | 1370772 |
|  California Resources Corp. <br>8.25%, 06/15/2029<sup>(a)</sup> |  | 1167 | 1222094 |
|  Chord Energy Corp. <br>6.00%, 10/01/2030<sup>(a)</sup> |  | 805 | 811698 |
|  CITGO Petroleum Corp. <br>8.375%, 01/15/2029<sup>(a)</sup> |  | 1075 | 1121354 |
|  CNX Resources Corp. <br>6.00%, 01/15/2029<sup>(a)</sup> |  | 4201 | 4224316 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC <br>5.50%, 06/15/2031<sup>(a)</sup> |  | 400 | 397524 |
|  Delek Logistics Partners LP/Delek Logistics Finance Corp. <br>8.625%, 03/15/2029<sup>(a)</sup> |  | 3276 | 3436458 |
|  Excelerate Energy LP <br>8.00%, 05/15/2030<sup>(a)</sup> |  | 1907 | 2028323 |
|  Genesis Energy LP/Genesis Energy Finance Corp.<br>7.875%, 05/15/2032 |  | 1538 | 1587831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 04/15/2030 |  | 1307 | 1380845 |
|  Global Partners LP/GLP Finance Corp. <br>8.25%, 01/15/2032<sup>(a)</sup> |  | 790 | 829073 |
|  Gulfport Energy Operating Corp. <br>6.75%, 09/01/2029<sup>(a)</sup> |  | 150 | 154943 |
|  Harvest Midstream I LP<br>7.50%, 09/01/2028<sup>(a)</sup> |  | 2869 | 2911289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/15/2032<sup>(a)</sup> |  | 883 | 918806 |
|  Hilcorp Energy I LP/Hilcorp Finance Co.<br>5.75%, 02/01/2029<sup>(a)</sup> |  | 383 | 376355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030<sup>(a)</sup> |  | 2266 | 2193919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2032<sup>(a)</sup> |  | 2543 | 2394031 |
|  Howard Midstream Energy Partners LLC <br>7.375%, 07/15/2032<sup>(a)</sup> |  | 1275 | 1347114 |
|  ITT Holdings LLC <br>6.50%, 08/01/2029<sup>(a)</sup> |  | 3361 | 3264506 |

---

---

| | |
|:---|:---|
| 10 AB Short Duration High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Kraken Oil & Gas Partners LLC <br>7.625%, 08/15/2029<sup>(a)</sup> | U.S.$| 2559 | $2524044 |
|  Matador Resources Co. <br>6.875%, 04/15/2028<sup>(a)</sup> |  | 1361 | 1393555 |
|  Murphy Oil Corp. <br>6.375%, 07/15/2028 |  | 517 | 518422 |
|  NFE Financing LLC <br>12.00%, 11/15/2029<sup>(a)(e)(g)</sup> |  | 5690 | 1440343 |
|  NuStar Logistics LP<br>5.625%, 04/28/2027 |  | 1317 | 1331606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2026 |  | 1163 | 1165884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/01/2030 |  | 769 | 805720 |
|  SM Energy Co. <br>6.75%, 08/01/2029<sup>(a)</sup> |  | 5570 | 5558303 |
|  Sunoco LP<br>4.50%, 10/01/2029<sup>(a)</sup> |  | 2409 | 2355761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/01/2030<sup>(a)</sup> |  | 1304 | 1271478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 03/15/2031<sup>(a)</sup> |  | 894 | 899677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/15/2027<sup>(a)</sup> |  | 3 | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 08/15/2032<sup>(a)</sup> |  | 1145 | 1181503 |
|  Sunoco LP/Sunoco Finance Corp.<br>4.50%, 05/15/2029 |  | 392 | 384019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/15/2028<sup>(a)</sup> |  | 4746 | 4891560 |
|  Talos Production, Inc. <br>9.00%, 02/01/2029<sup>(a)</sup> |  | 610 | 635522 |
|  Transocean International Ltd. <br>8.75%, 02/15/2030<sup>(a)</sup> |  | 1313 | 1368308 |
|  Venture Global LNG, Inc.<br>8.125%, 06/01/2028<sup>(a)</sup> |  | 300 | 307257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 06/01/2031<sup>(a)</sup> |  | 1009 | 1011371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 02/01/2029<sup>(a)</sup> |  | 3743 | 3955490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 02/01/2032<sup>(a)</sup> |  | 1254 | 1305765 |
|  Venture Global Plaquemines LNG LLC <br>7.50%, 05/01/2033<sup>(a)</sup> |  | 387 | 422561 |
|  Wildfire Intermediate Holdings LLC <br>7.50%, 10/15/2029<sup>(a)</sup> |  | 729 | 739097 |
|  |  |  | 78795122 |
|  **Other Industrial – 0.9%** |  |  |  |
|  Belden, Inc. <br>3.375%, 07/15/2031<sup>(a)</sup> | EUR | 693 | 784822 |
|  Gates Corp./DE <br>6.875%, 07/01/2029<sup>(a)</sup> | U.S.$| 340 | 354158 |
|  Resideo Funding, Inc. <br>6.50%, 07/15/2032<sup>(a)</sup> |  | 3787 | 3880349 |
|  Velocity Vehicle Group LLC <br>8.00%, 06/01/2029<sup>(a)</sup> |  | 2952 | 2902879 |
|  |  |  | 7922208 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 11 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Services – 5.9%** |  |  |  |
|  Allied Universal Holdco LLC <br>7.875%, 02/15/2031<sup>(a)</sup> | U.S.$| 3691 | $3891311 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL<br>3.625%, 06/01/2028<sup>(a)</sup> | EUR | 160 | 183241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/2028<sup>(a)</sup> | U.S.$| 4085 | 4012238 |
|  ANGI Group LLC <br>3.875%, 08/15/2028<sup>(a)</sup> |  | 5221 | 4749700 |
|  Aramark International Finance SARL <br>4.375%, 04/15/2033<sup>(a)</sup> | EUR | 120 | 139106 |
|  Belron UK Finance PLC <br>5.75%, 10/15/2029<sup>(a)</sup> | U.S.$| 6921 | 7041010 |
|  Cars.com, Inc. <br>6.375%, 11/01/2028<sup>(a)</sup> |  | 1545 | 1549388 |
|  Clarivate Science Holdings Corp. <br>4.875%, 07/01/2029<sup>(a)</sup> |  | 7611 | 7194298 |
|  Deepocean Ltd. <br>6.00%, 04/08/2031<sup>(a)</sup> | EUR | 416 | 490253 |
|  Engineering - Ingegneria Informatica - SpA<br>7.75% (EURIBOR 3 Month + 5.75%), 02/15/2030<sup>(a)(d)</sup> |  | 666 | 783802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 02/15/2030<sup>(a)</sup> |  | 399 | 494001 |
|  Garda World Security Corp.<br>6.00%, 06/01/2029<sup>(a)</sup> | U.S.$| 3189 | 3115494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/2031<sup>(a)</sup> |  | 613 | 629508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/2028<sup>(a)</sup> |  | 250 | 256330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 08/01/2032<sup>(a)</sup> |  | 183 | 187216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 11/15/2032<sup>(a)</sup> |  | 833 | 854150 |
|  Getty Images, Inc. <br>11.25%, 02/21/2030<sup>(a)</sup> |  | 250 | 240150 |
|  ION Platform Finance US, Inc./ION Platform Finance SARL <br>8.75%, 05/01/2029<sup>(a)</sup> |  | 115 | 114373 |
|  Matthews International Corp. <br>8.625%, 10/01/2027<sup>(a)</sup> |  | 725 | 748940 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc.<br>3.375%, 08/31/2027<sup>(a)</sup> |  | 5715 | 5583955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/2026<sup>(a)</sup> |  | 1374 | 1378438 |
|  Raven Acquisition Holdings LLC <br>6.875%, 11/15/2031<sup>(a)</sup> |  | 2423 | 2499712 |
|  Sabre GLBL, Inc. <br>11.125%, 07/15/2030<sup>(a)</sup> |  | 2137 | 1847778 |
|  Techem Verwaltungsgesellschaft 675 mbH <br>5.375%, 07/15/2029<sup>(a)</sup> | EUR | 777 | 930162 |
|  Wand NewCo 3, Inc. <br>7.625%, 01/30/2032<sup>(a)</sup> | U.S.$| 209 | 220332 |
|  |  |  | 49134886 |

---

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| | |
|:---|:---|
| 12 AB Short Duration High Yield ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Technology – 2.1%** |  |  |  |
|  Almaviva-The Italian Innovation Co. SpA <br>5.00%, 10/30/2030<sup>(a)</sup> | EUR | 1870 | $2180082 |
|  Diebold Nixdorf, Inc. <br>7.75%, 03/31/2030<sup>(a)</sup> | U.S.$| 2080 | 2214368 |
|  Dye & Durham Ltd. <br>8.625%, 04/15/2029<sup>(a)</sup> |  | 786 | 720314 |
|  Ellucian Holdings, Inc. <br>6.50%, 12/01/2029<sup>(a)</sup> |  | 2003 | 2039374 |
|  Gen Digital, Inc. <br>6.75%, 09/30/2027<sup>(a)</sup> |  | 1022 | 1040335 |
|  GoTo Group, Inc. <br>5.50%, 05/01/2028<sup>(a)</sup> |  | 608 | 337529 |
|  IPD 3 BV <br>5.50%, 06/15/2031<sup>(a)</sup> | EUR | 633 | 742041 |
|  NCR Atleos Corp. <br>9.50%, 04/01/2029<sup>(a)</sup> | U.S.$| 372 | 402541 |
|  Open Text Corp. <br>3.875%, 02/15/2028<sup>(a)</sup> |  | 1215 | 1187505 |
|  Playtika Holding Corp. <br>4.25%, 03/15/2029<sup>(a)</sup> |  | 4040 | 3653493 |
|  Rackspace Finance LLC <br>3.50%, 05/15/2028<sup>(a)</sup> |  | 1075 | 433752 |
|  SS&C Technologies, Inc. <br>6.50%, 06/01/2032<sup>(a)</sup> |  | 817 | 850881 |
|  TeamSystem SpA <br>5.00%, 07/01/2031<sup>(a)</sup> | EUR | 1044 | 1218315 |
|  Western Digital Corp. <br>4.75%, 02/15/2026 | U.S.$| 884 | 883850 |
|  |  |  | 17904380 |
|  **Transportation - Airlines – 1.2%** |  |  |  |
|  Allegiant Travel Co. <br>7.25%, 08/15/2027<sup>(a)</sup> |  | 2480 | 2512810 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>5.50%, 04/20/2026<sup>(a)</sup> |  | 435 | 435375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029<sup>(a)</sup> |  | 6458 | 6526132 |
|  Avianca Midco 2 PLC <br>9.00%, 12/01/2028<sup>(a)</sup> |  | 425 | 423530 |
|  |  |  | 9897847 |
|  **Transportation - Services – 2.1%** |  |  |  |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. <br>5.375%, 05/21/2030<sup>(a)</sup> | EUR | 246 | 294035 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<br>4.75%, 04/01/2028<sup>(a)</sup> | U.S.$| 1270 | 1236040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 03/01/2029<sup>(a)</sup> |  | 1342 | 1301941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2027<sup>(a)</sup> |  | 20 | 19969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/15/2031<sup>(a)</sup> |  | 830 | 849464 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 13 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  BCP V Modular Services Finance II PLC <br>4.75%, 11/30/2028<sup>(a)</sup> | EUR | 1295 | $1425362 |
|  Beacon Mobility Corp. <br>7.25%, 08/01/2030<sup>(a)</sup> | U.S.$| 2446 | 2559617 |
|  Boels Topholding BV <br>6.25%, 02/15/2029<sup>(a)</sup> | EUR | 492 | 588760 |
|  Hertz Corp. (The)<br>4.625%, 12/01/2026<sup>(a)</sup> | U.S.$| 864 | 840188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.625%, 07/15/2029<sup>(a)</sup> |  | 571 | 571314 |
|  Kapla Holding SAS <br>5.00%, 04/30/2031<sup>(a)</sup> | EUR | 1498 | 1760549 |
|  Loxam SAS<br>4.50%, 02/15/2027<sup>(a)</sup> |  | 104 | 121249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/31/2029<sup>(a)</sup> |  | 185 | 221265 |
|  Mundys SpA <br>1.875%, 02/12/2028<sup>(a)</sup> |  | 450 | 509938 |
|  Rand Parent LLC <br>8.50%, 02/15/2030<sup>(a)</sup> | U.S.$| 215 | 221190 |
|  United Rentals North America, Inc.<br>4.00%, 07/15/2030 |  | 4316 | 4169429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2027 |  | 300 | 299817 |
|  Upbound Group, Inc. <br>6.375%, 02/15/2029<sup>(a)</sup> |  | 407 | 399544 |
|  |  |  | 17389671 |
|  |  |  | 580043178 |
|  Financial Institutions – 8.5% |  |  |  |
|  **Banking – 0.6%** |  |  |  |
|  Armor Holdco, Inc. <br>8.50%, 11/15/2029<sup>(a)</sup> |  | 1360 | 1359633 |
|  Bread Financial Holdings, Inc. <br>6.75%, 05/15/2031<sup>(a)</sup> |  | 2547 | 2600232 |
|  Credit Acceptance Corp. <br>6.625%, 03/15/2030<sup>(a)</sup> |  | 250 | 249725 |
|  Freedom Mortgage Corp. <br>12.25%, 10/01/2030<sup>(a)</sup> |  | 548 | 607957 |
|  |  |  | 4817547 |
|  **Brokerage – 1.2%** |  |  |  |
|  AG Issuer LLC <br>6.25%, 03/01/2028<sup>(a)</sup> |  | 2056 | 2057275 |
|  Aretec Group, Inc. <br>10.00%, 08/15/2030<sup>(a)</sup> |  | 3423 | 3713304 |
|  Jane Street Group/JSG Finance, Inc. <br>4.50%, 11/15/2029<sup>(a)</sup> |  | 4101 | 4032472 |
|  Osaic Holdings, Inc. <br>6.75%, 08/01/2032<sup>(a)</sup> |  | 217 | 224747 |
|  |  |  | 10027798 |

---

---

| | |
|:---|:---|
| 14 AB Short Duration High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Finance – 4.3%** |  |  |  |
|  Burford Capital Global Finance LLC <br>9.25%, 07/01/2031<sup>(a)</sup> | U.S.$| 995 | $1034800 |
|  Compass Group Diversified Holdings LLC <br>5.25%, 04/15/2029<sup>(a)</sup> |  | 1086 | 1011258 |
|  Curo SPV LLC <br>13.00%, 08/21/2027<sup>(h)(i)</sup> |  | 1181 | 1169601 |
|  Enova International, Inc.<br>9.125%, 08/01/2029<sup>(a)</sup> |  | 2874 | 3035576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 12/15/2028<sup>(a)</sup> |  | 1667 | 1765036 |
|  GGAM Finance Ltd.<br>8.00%, 02/15/2027<sup>(a)</sup> |  | 674 | 689468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/15/2028<sup>(a)</sup> |  | 4650 | 4923978 |
|  goeasy Ltd.<br>7.625%, 07/01/2029<sup>(a)</sup> |  | 241 | 238995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 12/01/2028<sup>(a)</sup> |  | 954 | 982496 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp. <br>5.00%, 08/15/2028<sup>(a)</sup> |  | 4857 | 4608710 |
|  Midcap Financial Issuer Trust <br>6.50%, 05/01/2028<sup>(a)</sup> |  | 3001 | 2958476 |
|  Navient Corp.<br>7.875%, 06/15/2032 |  | 506 | 523933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 07/25/2030 |  | 3409 | 3770831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 03/15/2031 |  | 1126 | 1258114 |
|  Phoenix Aviation Capital Ltd. <br>9.25%, 07/15/2030<sup>(a)</sup> |  | 1327 | 1410150 |
|  Rfna LP <br>7.875%, 02/15/2030<sup>(a)</sup> |  | 4840 | 4900694 |
|  Stonebriar ABF Issuer LLC <br>8.125%, 12/15/2030<sup>(a)</sup> |  | 1411 | 1435580 |
|  |  |  | 35717696 |
|  **Financial Services – 0.9%** |  |  |  |
|  Cipher Compute LLC <br>7.125%, 11/15/2030<sup>(a)</sup> |  | 1537 | 1561715 |
|  Encore Capital Group, Inc.<br>8.50%, 05/15/2030<sup>(a)</sup> |  | 2366 | 2519482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/01/2029<sup>(a)</sup> |  | 3186 | 3364958 |
|  PRA Group, Inc. <br>8.875%, 01/31/2030<sup>(a)</sup> |  | 265 | 274646 |
|  |  |  | 7720801 |
|  **Insurance – 1.1%** |  |  |  |
|  Acrisure LLC/Acrisure Finance, Inc. <br>7.50%, 11/06/2030<sup>(a)</sup> |  | 410 | 426150 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <br>6.75%, 04/15/2028<sup>(a)</sup> |  | 254 | 258666 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 15 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  AmWINS Group, Inc.<br>4.875%, 06/30/2029<sup>(a)</sup> | U.S.$| 1738 | $1696149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 02/15/2029<sup>(a)</sup> |  | 4378 | 4504218 |
|  APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Inves <br>7.875%, 11/01/2029<sup>(a)</sup> |  | 416 | 419686 |
|  Ardonagh Finco Ltd. <br>6.875%, 02/15/2031<sup>(a)</sup> | EUR | 1374 | 1638862 |
|  |  |  | 8943731 |
|  **REITs – 0.4%** |  |  |  |
|  Aedas Homes Opco SL <br>4.00%, 08/15/2026<sup>(a)</sup> |  | 826 | 958663 |
|  Five Point Operating Co. LP <br>8.00%, 10/01/2030<sup>(a)</sup> | U.S.$| 977 | 1020857 |
|  Service Properties Trust <br>8.375%, 06/15/2029 |  | 1788 | 1756835 |
|  Vivion Investments SARL <br>Series E <br>6.50% Series E, 02/28/2029<sup>(a)(b)(c)</sup> | EUR | 1 | 827 |
|  |  |  | 3737182 |
|  |  |  | 70964755 |
|  Utility – 1.4% |  |  |  |
|  **Electric – 1.4%** |  |  |  |
|  Calpine Corp. <br>5.125%, 03/15/2028<sup>(a)</sup> | U.S.$| 1177 | 1181390 |
|  ContourGlobal Power Holdings SA <br>6.75%, 02/28/2030<sup>(a)</sup> |  | 214 | 220527 |
|  NRG Energy, Inc.<br>3.375%, 02/15/2029<sup>(a)</sup> |  | 5941 | 5687022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2029<sup>(a)</sup> |  | 1309 | 1315493 |
|  Vistra Operations Co. LLC <br>4.375%, 05/01/2029<sup>(a)</sup> |  | 3618 | 3569917 |
|  |  |  | 11974349 |
|  Total Corporates - Non-Investment Grade <br>(cost $661,313,041) |  |  | 662982282 |
|  CORPORATES - INVESTMENT GRADE – 12.2% |  |  |  |
|  Industrial – 8.1% |  |  |  |
|  **Communications - Media – 0.3%** |  |  |  |
|  Meta Platforms, Inc. <br>4.20%, 11/15/2030 |  | 2467 | 2484540 |
|  **Consumer Cyclical - Automotive – 1.1%** |  |  |  |
|  Adient Global Holdings Ltd. <br>7.00%, 04/15/2028<sup>(a)</sup> |  | 1163 | 1193738 |
|  Ford Motor Co. <br>3.25%, 02/12/2032 |  | 2353 | 2069417 |

---

---

| | |
|:---|:---|
| 16 AB Short Duration High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Ford Motor Credit Co. LLC<br>2.70%, 08/10/2026 | U.S.$| 254 | $250645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/10/2029 |  | 425 | 397524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/2027 |  | 731 | 732608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/08/2029 |  | 846 | 862742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/07/2029 |  | 514 | 526033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 05/12/2028 |  | 648 | 675177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 11/04/2027 |  | 1437 | 1499797 |
|  Jaguar Land Rover Automotive PLC <br>6.875%, 11/15/2026<sup>(a)</sup> | EUR | 478 | 568667 |
|  |  |  | 8776348 |
|  **Consumer Cyclical - Entertainment – 1.6%** |  |  |  |
|  Carnival Corp.<br>4.00%, 08/01/2028<sup>(a)</sup> | U.S.$| 4226 | 4153862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/01/2029<sup>(a)</sup> |  | 789 | 793923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030<sup>(a)</sup> | EUR | 189 | 235883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/15/2030<sup>(a)</sup> | U.S.$| 1306 | 1341810 |
|  Royal Caribbean Cruises Ltd.<br>3.70%, 03/15/2028 |  | 1122 | 1106954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/2026<sup>(a)</sup> |  | 300 | 299835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/15/2027<sup>(a)</sup> |  | 1021 | 1029015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026<sup>(a)</sup> |  | 792 | 793814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028<sup>(a)</sup> |  | 3687 | 3752924 |
|  Viking Ocean Cruises Ship VII Ltd. <br>5.625%, 02/15/2029<sup>(a)</sup> |  | 227 | 226891 |
|  |  |  | 13734911 |
|  **Consumer Cyclical - Other – 1.0%** |  |  |  |
|  Brightstar Lottery PLC <br>5.25%, 01/15/2029<sup>(a)</sup> |  | 55 | 54910 |
|  Flutter Treasury DAC<br>4.00%, 06/04/2031<sup>(a)</sup> | EUR | 852 | 980909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/29/2029<sup>(a)</sup> |  | 139 | 166264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/04/2031<sup>(a)</sup> | U.S.$| 361 | 364664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/04/2031<sup>(a)</sup> | GBP | 456 | 606019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 04/29/2029<sup>(a)</sup> | U.S.$| 205 | 211609 |
|  Resorts World Las Vegas LLC/RWLV Capital, Inc. <br>4.625%, 04/16/2029<sup>(a)</sup> |  | 3000 | 2642670 |
|  Voyager Parent LLC <br>9.25%, 07/01/2032<sup>(a)</sup> |  | 3042 | 3223212 |
|  |  |  | 8250257 |
|  **Consumer Non-Cyclical – 0.5%** |  |  |  |
|  Charles River Laboratories International, Inc. <br>3.75%, 03/15/2029<sup>(a)</sup> |  | 3040 | 2937856 |
|  Jazz Securities DAC <br>4.375%, 01/15/2029<sup>(a)</sup> |  | 1028 | 1015787 |
|  |  |  | 3953643 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 17 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Energy – 1.7%** |  |  |  |
|  EQT Corp.<br>4.50%, 01/15/2029 | U.S.$| 202 | $202105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2027 |  | 1101 | 1124594 |
|  Harbour Energy PLC <br>5.50%, 10/15/2026<sup>(a)</sup> |  | 315 | 315284 |
|  Hess Midstream Operations LP <br>5.125%, 06/15/2028<sup>(a)</sup> |  | 3772 | 3772868 |
|  Permian Resources Operating LLC<br>5.875%, 07/01/2029<sup>(a)</sup> |  | 55 | 55209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/2033<sup>(a)</sup> |  | 1017 | 1043340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2032<sup>(a)</sup> |  | 5245 | 5463245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/15/2027<sup>(a)</sup> |  | 355 | 359533 |
|  Tengizchevroil Finance Co. International Ltd. <br>3.25%, 08/15/2030<sup>(a)</sup> |  | 242 | 223321 |
|  Var Energi ASA <br>7.50%, 01/15/2028<sup>(a)</sup> |  | 703 | 744280 |
|  Venture Global Calcasieu Pass LLC <br>3.875%, 08/15/2029<sup>(a)</sup> |  | 1104 | 1038135 |
|  |  |  | 14341914 |
|  **Other Industrial – 0.5%** |  |  |  |
|  American Builders & Contractors Supply Co., Inc. <br>4.00%, 01/15/2028<sup>(a)</sup> |  | 3523 | 3484952 |
|  RB Global Holdings, Inc. <br>6.75%, 03/15/2028<sup>(a)</sup> |  | 502 | 513837 |
|  |  |  | 3998789 |
|  **Services – 0.5%** |  |  |  |
|  Block, Inc. <br>2.75%, 06/01/2026 |  | 3947 | 3916608 |
|  Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV <br>8.50%, 01/15/2031<sup>(a)</sup> | GBP | 132 | 187085 |
|  |  |  | 4103693 |
|  **Transportation - Airlines – 0.9%** |  |  |  |
|  AS Mileage Plan IP Ltd. <br>5.021%, 10/20/2029<sup>(a)</sup> | U.S.$| 762 | 766023 |
|  United Airlines, Inc. <br>4.375%, 04/15/2026<sup>(a)</sup> |  | 7121 | 7109963 |
|  |  |  | 7875986 |
|  **Transportation - Railroads – 0.0%** |  |  |  |
|  Lima Metro Line 2 Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/05/2036<sup>(a)</sup> |  | 158 | 152145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/05/2034<sup>(a)</sup> |  | 76 | 78730 |
|  |  |  | 230875 |
|  **Transportation - Services – 0.0%** |  |  |  |
|  Adani Ports & Special Economic Zone Ltd. <br>4.375%, 07/03/2029<sup>(a)</sup> |  | 202 | 195246 |

---

---

| | |
|:---|:---|
| 18 AB Short Duration High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  United Rentals North America, Inc. <br>3.875%, 11/15/2027 | U.S.$| 50 | $49481 |
|  |  |  | 244727 |
|  |  |  | 67995683 |
|  Financial Institutions – 4.0% |  |  |  |
|  **Banking – 3.6%** |  |  |  |
|  Ally Financial, Inc.<br>6.70%, 02/14/2033 |  | 1313 | 1374711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.848%, 01/03/2030 |  | 1201 | 1269601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/2031 |  | 809 | 921313 |
|  Bank of Ireland Group PLC <br>5.601%, 03/20/2030<sup>(a)</sup> |  | 752 | 783125 |
|  BPCE SA <br>5.876%, 01/14/2031<sup>(a)</sup> |  | 686 | 718818 |
|  CaixaBank SA<br>5.673%, 03/15/2030<sup>(a)</sup> |  | 1324 | 1379383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/09/2027<sup>(a)(j)</sup> | EUR | 200 | 239937 |
|  Capital One Financial Corp.<br>5.463%, 07/26/2030 | U.S.$| 1573 | 1631846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 02/01/2030 |  | 751 | 781603 |
|  Citigroup, Inc.<br>Series AA<br>7.625%, 11/15/2028<sup>(j)</sup> |  | 205 | 214000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W<br>4.00%, 12/10/2025<sup>(j)</sup> |  | 207 | 206661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X<br>3.875%, 02/18/2026<sup>(j)</sup> |  | 154 | 153287 |
|  Deutsche Bank AG/New York NY<br>3.729%, 01/14/2032 |  | 3990 | 3781922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.742%, 01/07/2033 |  | 230 | 214654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.146%, 07/13/2027 |  | 574 | 583775 |
|  Intesa Sanpaolo SpA<br>4.198%, 06/01/2032<sup>(a)</sup> |  | 2636 | 2514480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/15/2026<sup>(a)</sup> |  | 2436 | 2439094 |
|  Synchrony Financial<br>5.935%, 08/02/2030 |  | 610 | 633863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/02/2033 |  | 5915 | 6338810 |
|  Truist Financial Corp. <br>Series N <br>6.669%, 03/01/2026<sup>(j)</sup> |  | 626 | 627114 |
|  UBS Group AG<br>3.875%, 06/02/2026<sup>(a)(j)</sup> |  | 445 | 439616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/10/2031<sup>(a)(j)</sup> |  | 507 | 459616 |
|  UniCredit SpA <br>5.861%, 06/19/2032<sup>(a)</sup> |  | 1787 | 1816557 |
|  Wells Fargo & Co. <br>Series BB <br>3.90%, 03/15/2026<sup>(j)</sup> |  | 878 | 873970 |
|  |  |  | 30397756 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 19 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Finance – 0.0%** |  |  |  |
|  FS KKR Capital Corp.<br>3.125%, 10/12/2028 | U.S.$| 115 | $106489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/2026 |  | 115 | 114761 |
|  |  |  | 221250 |
|  **Insurance – 0.1%** |  |  |  |
|  Athene Global Funding <br>5.583%, 01/09/2029<sup>(a)</sup> |  | 93 | 95638 |
|  Hartford Insurance Group, Inc. (The) <br>Series ICON <br>6.238% (CME Term SOFR 3 Month + 2.39%), 02/12/2047<sup>(a)(d)</sup> |  | 859 | 815328 |
|  |  |  | 910966 |
|  **REITs – 0.3%** |  |  |  |
|  Newmark Group, Inc. <br>7.50%, 01/12/2029 |  | 2027 | 2175802 |
|  Trust Fibra Uno <br>4.869%, 01/15/2030<sup>(a)</sup> |  | 211 | 204142 |
|  |  |  | 2379944 |
|  |  |  | 33909916 |
|  Utility – 0.1% |  |  |  |
|  **Electric – 0.1%** |  |  |  |
|  Empresa Electrica Cochrane SpA <br>5.50%, 05/14/2027<sup>(a)</sup> |  | 100 | 99080 |
|  Empresas Publicas de Medellin ESP <br>4.25%, 07/18/2029<sup>(a)</sup> |  | 427 | 403515 |
|  |  |  | 502595 |
|  Total Corporates - Investment Grade <br>(cost $100,196,449) |  |  | 102408194 |
|  BANK LOANS – 3.0% |  |  |  |
|  Industrial – 2.5% |  |  |  |
|  **Basic – 0.1%** |  |  |  |
|  INEOS US Petrochem LLC <br>8.266% (CME Term SOFR 1 Month + 4.25%), 04/02/2029<sup>(k)</sup> |  | 1895 | 1447122 |
|  **Capital Goods – 0.1%** |  |  |  |
|  ACProducts Holdings, Inc. <br>8.513% (CME Term SOFR 3 Month + 4.25%), 05/17/2028<sup>(k)</sup> |  | 646 | 542405 |
|  **Communications - Media – 0.5%** |  |  |  |
|  DIRECTV Financing LLC <br>9.352% (CME Term SOFR 3 Month + 5.25%), 08/02/2029<sup>(k)</sup> |  | 1284 | 1285037 |

---

---

| | |
|:---|:---|
| 20 AB Short Duration High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Gray Television, Inc. <br>7.099% (CME Term SOFR 1 Month + 3.00%), 12/01/2028<sup>(k)</sup> | U.S.$| 1025 | $1024804 |
|  MJH Healthcare Holdings LLC <br>7.666% (CME Term SOFR 1 Month + 3.75%), 01/28/2029<sup>(i)(k)</sup> |  | 1450 | 1312250 |
|  Radiate Holdco, LLC<br>1.500% (PIK Interest 12 + 1.50%), 09/25/2029<sup>(k)</sup> |  | 385 | 281539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.530% (CME Term SOFR 1 Month + 3.50%), 09/25/2029<sup>(k)</sup> |  | 385 | 281539 |
|  |  |  | 4185169 |
|  **Communications - Telecommunications – 0.1%** |  |  |  |
|  Crown Subsea Commercial Holding, Inc. <br>7.416% (CME Term SOFR 1 Month + 3.50%), 01/30/2031<sup>(k)</sup> |  | 475 | 477668 |
|  **Consumer Cyclical - Automotive – 0.1%** |  |  |  |
|  RealTruck Group, Inc. <br>10.31% (CME Term SOFR 3 Month + 5.00%), 01/31/2028<sup>(k)</sup> |  | 963 | 755291 |
|  **Consumer Cyclical - Other – 0.1%** |  |  |  |
|  PHRG Intermediate LLC <br>8.002% (CME Term SOFR 3 Month + 4.00%), 02/20/2032<sup>(k)</sup> |  | 808 | 795185 |
|  **Consumer Non-Cyclical – 0.6%** |  |  |  |
|  Bausch & Lomb Corp. <br>8.166% (CME Term SOFR 1 Month + 4.25%), 01/15/2031<sup>(k)</sup> |  | 935 | 939826 |
|  Hertz Corp. (The) <br>7.53%, 06/30/2028<sup>(l)</sup> |  | 950 | 784728 |
|  ModivCare, Inc.<br>10.951% (CME Term SOFR 1 Month + 7.00%), 02/22/2026<sup>(i)(k)</sup> |  | 29 | 27980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.006% (CME Term SOFR 1 Month + 7.00%), 02/22/2026<sup>(i)(k)</sup> |  | 58 | 56640 |
|  MPH Acquisition Holdings LLC <br>7.59% (CME Term SOFR 3 Month + 3.75%), 12/31/2030<sup>(k)</sup> |  | 854 | 852697 |
|  Neptune Bidco US, Inc. <br>9.012% (CME Term SOFR 3 Month + 5.00%), 04/11/2029<sup>(k)</sup> |  | 738 | 719625 |
|  Opal US LLC <br>6.902% (CME Term SOFR 3 Month + 3.00%), 04/28/2032<sup>(k)</sup> |  | 1206 | 1213730 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 21 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  US Radiology Specialists, Inc. <br>8.752% (CME Term SOFR 3 Month + 4.75%), 12/15/2027<sup>(k)</sup> | U.S.$| 517 | $518728 |
|  Weber-Stephen Products LLC <br>7.735% (CME Term SOFR 3 Month + 3.75%), 10/01/2032<sup>(k)</sup> |  | 620 | 618965 |
|  |  |  | 5732919 |
|  **Technology – 0.8%** |  |  |  |
|  Clover Holdings 2, LLC <br>7.75%, 12/09/2031<sup>(i)</sup> |  | 1796 | 1797106 |
|  Loyalty Ventures, Inc. <br>14.00% (PRIME 3 Month + 5.50%), 11/03/2027<sup>(e)(g)(h)(i)(k)</sup> |  | 550 | 4124 |
|  Peraton Corp. <br>7.69% (CME Term SOFR 3 Month + 3.75%), 02/01/2028<sup>(k)</sup> |  | 2370 | 2074594 |
|  Ping Identity Corp. <br>6.591% (CME Term SOFR 3 Month + 2.75%), 11/15/2032<sup>(i)(k)</sup> |  | 790 | 792962 |
|  Playtika Holding Corp. <br>6.78% (CME Term SOFR 1 Month + 2.75%), 03/13/2028<sup>(k)</sup> |  | 771 | 746085 |
|  Polaris Newco LLC <br>8.102% (CME Term SOFR 3 Month + 4.00%), 06/02/2028<sup>(k)</sup> |  | 1263 | 1188636 |
|  |  |  | 6603507 |
|  **Transportation - Airlines – 0.1%** |  |  |  |
|  JetBlue Airways Corp. <br>8.753% (CME Term SOFR 3 Month + 4.75%), 08/27/2029<sup>(k)</sup> |  | 851 | 783714 |
|  |  |  | 21322980 |
|  Financial Institutions – 0.5% |  |  |  |
|  **Banking – 0.0%** |  |  |  |
|  Armor Holding II LLC <br>7.549% (CME Term SOFR 6 Month + 3.75%), 12/11/2031<sup>(k)</sup> |  | 106 | 105618 |
|  **Brokerage – 0.3%** |  |  |  |
|  Jane Street Group LLC <br>5.822% (CME Term SOFR 3 Month + 2.00%), 12/15/2031<sup>(k)</sup> |  | 2539 | 2513010 |
|  **Financial Services – 0.1%** |  |  |  |
|  Colossus Acquireco LLC <br>5.87% (SOFR 4 + 1.75%), 07/30/2032<sup>(k)</sup> |  | 520 | 517806 |

---

---

| | |
|:---|:---|
| 22 AB Short Duration High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Insurance – 0.1%** |  |  |  |
|  Asurion LLC <br>8.266% (CME Term SOFR 1 Month + 4.25%), 08/19/2028<sup>(k)</sup> | U.S.$| 965 | $962972 |
|  |  |  | 4099406 |
|  Total Bank Loans <br>(cost $26,830,186) |  |  | 25422386 |
|  EMERGING MARKETS - CORPORATE BONDS – 1.3% |  |  |  |
|  Industrial – 1.2% |  |  |  |
|  **Basic – 0.1%** |  |  |  |
|  Braskem Idesa SAPI <br>6.99%, 02/20/2032<sup>(a)(e)(g)</sup> |  | 486 | 292018 |
|  Braskem Netherlands Finance BV <br>4.50%, 01/10/2028<sup>(a)</sup> |  | 341 | 132990 |
|  CSN Resources SA <br>7.625%, 04/17/2026<sup>(a)</sup> |  | 274 | 269753 |
|  First Quantum Minerals Ltd. <br>9.375%, 03/01/2029<sup>(a)</sup> |  | 549 | 579596 |
|  |  |  | 1274357 |
|  **Consumer Cyclical - Other – 0.5%** |  |  |  |
|  Melco Resorts Finance Ltd.<br>5.375%, 12/04/2029<sup>(a)</sup> |  | 2150 | 2089531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/17/2027<sup>(a)</sup> |  | 356 | 354776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/21/2028<sup>(a)</sup> |  | 1178 | 1169153 |
|  MGM China Holdings Ltd. <br>5.875%, 05/15/2026<sup>(a)</sup> |  | 216 | 215892 |
|  Wynn Macau Ltd. <br>5.625%, 08/26/2028<sup>(a)</sup> |  | 345 | 342361 |
|  |  |  | 4171713 |
|  **Consumer Non-Cyclical – 0.3%** |  |  |  |
|  Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL <br>5.25%, 04/27/2029<sup>(a)</sup> |  | 28 | 27407 |
|  Teva Pharmaceutical Finance Netherlands II BV <br>3.75%, 05/09/2027 | EUR | 482 | 563486 |
|  Teva Pharmaceutical Finance Netherlands III BV<br>3.15%, 10/01/2026 | U.S.$| 193 | 190226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/09/2027 |  | 1620 | 1617975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/09/2029 |  | 372 | 374790 |
|  |  |  | 2773884 |
|  **Energy – 0.1%** |  |  |  |
|  Ecopetrol SA <br>8.625%, 01/19/2029 |  | 216 | 232165 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 23 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Gran Tierra Energy, Inc. <br>9.50%, 10/15/2029<sup>(a)</sup> | U.S.$| 216 | $159570 |
|  Oleoducto Central SA <br>4.00%, 07/14/2027<sup>(a)</sup> |  | 560 | 550374 |
|  |  |  | 942109 |
|  **Technology – 0.1%** |  |  |  |
|  ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C <br>7.875%, 02/03/2030<sup>(a)</sup> |  | 470 | 480528 |
|  **Transportation - Services – 0.1%** |  |  |  |
|  InPost SA <br>4.00%, 04/01/2031<sup>(a)</sup> | EUR | 966 | 1125195 |
|  |  |  | 10767786 |
|  Utility – 0.1% |  |  |  |
|  **Electric – 0.1%** |  |  |  |
|  India Clean Energy Holdings <br>4.50%, 04/18/2027<sup>(a)</sup> | U.S.$| 200 | 194250 |
|  Investment Energy Resources Ltd. <br>6.25%, 04/26/2029<sup>(a)</sup> |  | 247 | 245765 |
|  Terraform Global Operating LP <br>6.125%, 03/01/2026<sup>(a)</sup> |  | 42 | 41569 |
|  |  |  | 481584 |
|  Total Emerging Markets - Corporate Bonds <br>(cost $11,447,108) |  |  | 11249370 |
|  EMERGING MARKETS - SOVEREIGNS – 0.5% |  |  |  |
|  **Angola – 0.1%** |  |  |  |
|  Angolan Government International Bond <br>9.125%, 11/26/2049<sup>(a)</sup> |  | 850 | 721438 |
|  **Bahrain – 0.1%** |  |  |  |
|  Bahrain Government International Bond <br>7.00%, 10/12/2028<sup>(a)</sup> |  | 570 | 592977 |
|  **Egypt – 0.0%** |  |  |  |
|  Egypt Government International Bond <br>7.50%, 01/31/2027<sup>(a)</sup> |  | 200 | 204938 |
|  **Ivory Coast – 0.1%** |  |  |  |
|  Ivory Coast Government International Bond <br>6.375%, 03/03/2028<sup>(a)</sup> |  | 760 | 768508 |
|  **Lebanon – 0.0%** |  |  |  |
|  Lebanon Government International Bond<br>Series 10Y<br>6.85%, 03/23/2027<sup>(a)(e)(g)</sup> |  | 11 | 2415 |

---

---

| | |
|:---|:---|
| 24 AB Short Duration High Yield ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>6.10%, 10/04/2022<sup>(a)(e)(m)</sup> | U.S.$| 210 | $46095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>6.60%, 11/27/2026<sup>(a)(e)(g)</sup> |  | 51 | 11194 |
|  |  |  | 59704 |
|  **Senegal – 0.1%** |  |  |  |
|  Senegal Government International Bond<br>4.75%, 03/13/2028<sup>(a)</sup> | EUR | 499 | 425649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/13/2048<sup>(a)</sup> | U.S.$| 483 | 270934 |
|  |  |  | 696583 |
|  **South Africa – 0.1%** |  |  |  |
|  Republic of South Africa Government International Bond<br>Series 10Y<br>4.85%, 09/27/2027 |  | 540 | 547096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 12Y<br>4.30%, 10/12/2028 |  | 208 | 206752 |
|  |  |  | 753848 |
|  **Ukraine – 0.0%** |  |  |  |
|  Ukraine Government International Bond<br>0.00%, 02/01/2030<sup>(a)(c)</sup> |  | 16 | 9005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2035<sup>(a)(c)</sup> |  | 119 | 68500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2036<sup>(a)(c)</sup> |  | 89 | 50617 |
|  |  |  | 128122 |
|  Total Emerging Markets - Sovereigns <br>(cost $4,509,989) |  |  | 3926118 |
|  QUASI-SOVEREIGNS – 0.1% |  |  |  |
|  Quasi-Sovereign Bonds – 0.1% |  |  |  |
|  **Mexico – 0.0%** |  |  |  |
|  Petroleos Mexicanos<br>6.75%, 09/21/2047 |  | 191 | 155480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/28/2060 |  | 58 | 46853 |
|  |  |  | 202333 |
|  **South Africa – 0.1%** |  |  |  |
|  Transnet/South Africa <br>8.25%, 02/06/2028<sup>(a)</sup> |  | 370 | 392200 |
|  Total Quasi-Sovereigns <br>(cost $597,220) |  |  | 594533 |

---

---

| | |
|:---|:---|
| **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<sup>(e)(h)(i)</sup> |  | 26338 | $481423 |
|  Energy – 0.0% |  |  |  |
|  **Oil, Gas & Consumable Fuels – 0.0%** |  |  |  |
|  New Fortress Energy, Inc.<sup>(e)</sup> |  | 38964 | 47536 |
|  Industrials – 0.0% |  |  |  |
|  **Transportation Infrastructure – 0.0%** |  |  |  |
|  Spirit Airlines LLC<sup>(e)</sup> |  | 22351 | 6929 |
|  Total Common Stocks <br>(cost $1,103,907) |  |  | 535888 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.1% |  |  |  |
|  **Non-Agency Fixed Rate CMBS – 0.1%** |  |  |  |
|  CD Mortgage Trust <br>Series 2016-CD1, Class XA <br>1.472%, 08/10/2049<sup>(n)</sup> | U.S.$| 3556 | 7979 |
|  Citigroup Commercial Mortgage Trust <br>Series 2017-C4, Class XA <br>1.122%, 10/12/2050<sup>(n)</sup> |  | 2402 | 35059 |
|  Commercial Mortgage Trust <br>Series 2012-CR3, Class D <br>4.291%, 10/15/2045<sup>(a)</sup> |  | 100 | 82632 |
|  GS Mortgage Securities Trust<br>Series 2011-GC5, Class C<br>5.314%, 08/10/2044<sup>(a)</sup> |  | 210 | 191201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-GC5, Class D<br>5.314%, 08/10/2044<sup>(a)</sup> |  | 236 | 181548 |
|  Wells Fargo Commercial Mortgage Trust <br>Series 2016-LC24, Class XA <br>1.725%, 10/15/2049<sup>(n)</sup> |  | 1913 | 13105 |
|  WFRBS Commercial Mortgage Trust <br>Series 2011-C4, Class E <br>5.15%, 06/15/2044<sup>(a)</sup> |  | 25 | 23891 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $631,263) |  |  | 535415 |

---

---

| | |
|:---|:---|
| 26 AB Short Duration High Yield ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  COLLATERALIZED LOAN OBLIGATIONS – 0.0% |  |  |  |
|  **CLO - Floating Rate – 0.0%** |  |  |  |
|  GREYWOLF CLO VI Ltd. <br>Series 2018-1A, Class A1 <br>5.15% (CME Term SOFR 3 Month + 1.29%), 04/26/2031<sup>(a)(d)</sup> | U.S.$| 13 | $13359 |
|  Magnetite XXV Ltd. <br>Series 2020-25A, Class D <br>7.42% (CME Term SOFR 3 Month + 3.56%), 01/25/2032<sup>(a)(d)</sup> |  | 250 | 250652 |
|  Sound Point CLO XIX Ltd. <br>Series 2018-1A, Class A <br>5.166% (CME Term SOFR 3 Month + 1.26%), 04/15/2031<sup>(a)(d)</sup> |  | 50 | 50117 |
|  Total Collateralized Loan Obligations <br>(cost $313,454) |  |  | 314128 |
|  |  | **Shares** |  |
|  PREFERRED STOCKS – 0.0% |  |  |  |
|  Industrials – 0.0% |  |  |  |
|  **Other Industrial – 0.0%** |  |  |  |
|  Asphalt ATD Holdco – Class A 0.00%<sup>(e)(h)(i)</sup><br>(cost $66,596) |  | 2684 | 66590 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% |  |  |  |
|  **Risk Share Floating Rate – 0.0%** |  |  |  |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2016-C01, Class 2M2<br>11.136% (CME Term SOFR + 7.06%), 08/25/2028<sup>(d)</sup> | U.S.$| 10 | 9767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class 2M2 6.686% (CME Term SOFR + 2.61%), 05/25/2030<sup>(d)</sup> |  | 4 | 4120 |
|  Total Collateralized Mortgage Obligations <br>(cost $13,704) |  |  | 13887 |

---

---

| | |
|:---|:---|
| **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%<sup>(o)(p)(q)</sup> <br>(cost $16,758,903) | 16758903 | $16758903 |
|  Total Investments – 98.4% <br>(cost $823,781,820) |  | 824807694 |
|  Other assets less liabilities – 1.6% |  | 12993071 |
|  **Net Assets – 100.0%** |  | $**837800765** |

---

#### FUTURES (see Note D)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** |  |  |  |  |
|  U.S. 10 Yr Ultra Futures | 39 | March 2026 | $4531922 | $10320 |
|  U.S. T-Note 5 Yr (CBT) Futures | 341 | March 2026 | 37430078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103844 |
|  **Sold Contracts** |  |  |  |  |
|  Euro-BOBL Futures | 13 | December 2025 | 1779530 | (2867) |
|  U.S. Long Bond (CBT) Futures | 8 | March 2026 | 939500 | (4750) |
|  U.S. T-Note 2 Yr (CBT) Futures | 120 | March 2026 | 25063125 | (14063) |
|  U.S. T-Note 10 Yr (CBT) Futures | 407 | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46130906 | (46687) |
|  |  |  |  | $45797 |

---

#### FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America NA | GBP | 1097 | USD | 1498 | 12/05/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44570 |
|  Morgan Stanley Capital Services, Inc. | EUR | 32206 | USD | 37319 | 01/29/2026 | (173354) |
|  State Street Bank & Trust Co. | EUR | 574 | USD | 667 | 01/29/2026 | (453) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129237) |

---

(a) 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 $682,325,512 or 81.4% of net assets.

(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** |

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------

**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 <br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  ModivCare, Inc. <br>5.00%, 10/01/2029 | 03/07/2025 -<br>04/01/2025 | $1342631 | $2033 | 0.00% |
|  ModivCare, Inc. <br>5.00%, 10/01/2029 | 11/09/2023 | 39273 | 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 | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $807,022,917) | $808048791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $16,758,903) | 16758903 |
|  Cash | 315590 |
|  Cash collateral due from broker | 675319 |
|  Foreign currencies, at value (cost $316,586) | 310337 |
|  Interest receivable | 13580070 |
|  Receivable for investment securities sold and foreign currency transactions | 311360 |
|  Receivable for variation margin on futures | 217413 |
|  Affiliated dividends receivable | 73773 |
|  Unrealized appreciation on forward currency exchange contracts | 44570 |
|  Receivable due from Adviser | 3695 |
|  Other assets | 12572 |
|  Total assets | 840352393 |
| Liabilities | Liabilities |
|  Payable for investment securities purchased | 2084849 |
|  Advisory fee payable | 253901 |
|  Unrealized depreciation on forward currency exchange contracts | 173807 |
|  Foreign capital gains tax payable | 38182 |
|  Other liabilities | 889 |
|  Total liabilities | 2551628 |
|  Net Assets | $**837800765** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $2330 |
|  Additional paid-in capital | 863230780 |
|  Accumulated loss | (25432345) |
|  **Net Assets** | $**837800765** |
|  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.

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| | |
|:---|:---|
| 30 AB Short Duration High Yield ETF | **ABFunds.com** |

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------

#### STATEMENT OF OPERATIONS

#### Year Ended November 30, 2025

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53657172 |  |
|  Dividends—Affiliated issuers | 638036 |  |
|  Other income | 20857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54316065 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 3165603 |  |
|  Total expenses before bank overdraft expense | 3165603 |  |
|  Bank overdraft expense | 3057 |  |
|  Total expenses | 3168660 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (31672) |  |
|  Net expenses |  | 3136988 |
|  Net investment income |  | 51179077 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions<sup>(a)</sup> |  | 3649626 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 530061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 72176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (2129778) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (1603445) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(b)</sup> |  | (2986541) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | (841836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 705948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | 7203 |
|  Net loss on investment and foreign currency transactions |  | (2596586) |
|  **Net Increase in Net Assets from Operations** |  | $**48582491** |

---

(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 |

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------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br>November 30,<br>2025** | **October 1, 2024 to<br>November 30,<br>2024<sup>(a)</sup>** | **Year Ended<br>September 30,<br>2024<sup>(b)</sup>** |
| Increase (Decrease) in Net Assets from Operations |  |  |  |
|  Net investment income | $51179077 | $7232493 | $42293397 |
|  Net realized gain on investment and foreign currency transactions | 518640 | 3327261 | 1154250 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | (3115226) | (4238393) | 32317493 |
|  Net increase in net assets from operations | 48582491 | 6321361 | 75765140 |
| **Distribution to Shareholders** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | – 0 | – 0 | (780942) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | – 0 | – 0 | (249857) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (47922615) | (6492042) | (37058903) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | – 0 | – 0 | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | – 0 | – 0 | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | – 0 | – 0 | (108) |
| Transactions in Shares of the Fund |  |  |  |
|  Net increase | 82729034 | 95393603 | 102217126 |
|  Other capital | 60872 | 5614 | 5214 |
|  Total increase | 83449782 | 95228536 | 139897442 |
| Net Assets | Net Assets | Net Assets |  |
|  Beginning of period | 754350983 | 659122447 | 519225005 |
|  End of period | $**837800765** | $**754350983** | $**659122447** |

---

(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.

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| | |
|:---|:---|
| 32 AB Short Duration High Yield ETF | **ABFunds.com** |

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#### 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)

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.

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.

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 35 |

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------

**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.

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.

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.

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.

---

| | |
|:---|:---|
| 36 AB Short Duration High Yield ETF | **ABFunds.com** |

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------

**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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Corporates – Non-Investment Grade | $– 0 | $661812681 | $1169601 | $662982282 |
|  Corporates – Investment Grade | – 0 | 102408194 | – 0 | 102408194 |
|  Bank Loans | – 0 | 21431324 | 3991062 | 25422386 |
|  Emerging Markets – Corporate Bonds | – 0 | 11249370 | – 0 | 11249370 |
|  Emerging Markets – Sovereigns | – 0 | 3926118 | – 0 | 3926118 |
|  Quasi-Sovereigns | – 0 | 594533 | – 0 | 594533 |
|  Common Stocks<sup>(a)</sup> | 54465 | – 0 | 481423 | 535888 |
|  Commercial Mortgage-Backed Securities | – 0 | 535415 | – 0 | 535415 |
|  Collateralized Loan Obligations | – 0 | 314128 | – 0 | 314128 |
|  Preferred Stocks | – 0 | – 0 | 66590 | 66590 |
|  Collateralized Mortgage Obligations | – 0 | 13887 | – 0 | 13887 |
|  Short-Term Investments | 16758903 | – 0 | – 0 | 16758903 |
|  Total Investments in Securities | 16813368 | 802285650 | 5708676 | 824807694 |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Futures | 114164 | – 0 | – 0 | 114164 <sup>(c)</sup> |
|  Forward Currency Exchange Contracts | – 0 | 44570 | – 0 | 44570 |
|  **Liabilities:** |  |  |  |  |
|  Futures | (68367) | – 0 | – 0 | (68367)<sup>(c)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (173807) | – 0 | (173807) |
|  **Total** | $**16859165** | $**802156413** | $**5708676** | $**824724254** |

---

(a) See Portfolio of Investments for sector classification.

(b) 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.

(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 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

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| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 37 |

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------

**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

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.

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 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.

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| | |
|:---|:---|
| 38 AB Short Duration High Yield ETF | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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 .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

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| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 39 |

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**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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24970 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16759 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 |

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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 purchases and sales) for the year ended November 30, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634377910 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554003932 |
|  U.S. government securities | – 0 | 33107 |

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| | |
|:---|:---|
| 40 AB Short Duration High Yield ETF | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  In-kind transactions (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168380945 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157775336 |
|  U.S. government securities | – 0 | – 0 |

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

---

| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824206788 |
|  Gross unrealized appreciation | $16248459 |
|  Gross unrealized depreciation | (15647552) |
|  Net unrealized appreciation | $600907 |

---

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.

The principal types of derivatives 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 41 |

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------

**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** 

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 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.

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| | |
|:---|:---|
| 42 AB Short Duration High Yield ETF | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable<br>for variation<br>margin on<br>futures | $114164 \* | Payable for<br>variation<br>margin on<br>futures | $68367 \* |
|  Foreign currency contracts | Unrealized<br>appreciation<br>on forward<br>currency<br>exchange<br>contracts | 44570 | Unrealized<br>depreciation<br>on forward<br>currency<br>exchange<br>contracts | 173807 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158734 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242174 |

---

\* 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<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $(2129778) | $705948 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | 72176 | (841836) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2057602) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135888) |

---

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

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $20793203 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $67246090 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $727855 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35926082 |

---

(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.

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Bank of America NA | $44570 | $– 0 – $| – 0 – $| – 0 – $| 44570 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;44570 | $– 0 – $| – 0 – $| – 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;44570 |

---

---

| | |
|:---|:---|
| 44 AB Short Duration High Yield ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  Morgan Stanley Capital Services, Inc. | $173354 | $– 0 – $| – 0 – $| – 0 – $| 173354 |
|  State Street Bank & Trust Co. | 453 | – 0 – | – 0 – | – 0 – | 453 |
|  Total | $173807 | $– 0 – $| – 0 – $| – 0 – $| 173807 |

---

\* 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

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

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

---

| | |
|:---|:---|
| **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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares | Shares | Shares | Amount | Amount | Amount |
|  | Year Ended<br>November 30<br>2025 | Period Ended<br>November 30,<br>2024<sup>(a)</sup> | Year Ended<br>September 30,<br>2024<sup>(b)</sup> | Year Ended<br>November 30<br>2025 | Period Ended<br>November 30,<br>2024<sup>(a)</sup> | Year Ended<br>September 30,<br>2024<sup>(b)</sup> |
| **Class A** |  |  |  |  |  |  |
|  Shares sold | – 0 | – 0 | 707532 | $– 0 | $– 0 | $6436204 |
|  Shares issued in reinvestment of dividends | – 0 | – 0 | 38351 | – 0 | – 0 | 349404 |
|  Shares converted from Class C | – 0 | – 0 | 63732 | – 0 | – 0 | 575526 |
|  Shares converted to Advisor Class | – 0 | – 0 | (3191027) | – 0 | – 0 | (29414571) |
|  Shares redeemed | – 0 | – 0 | (393280) | – 0 | – 0 | (3575126) |
|  **Net (decrease)** | **– 0** | **– 0** | **(2774692)** | $**– 0** | $**– 0** | $**(25628563)** |
| **Class C** |  |  |  |  |  |  |
|  Shares sold | – 0 | – 0 | 231832 | $– 0 | $– 0 | $2102528 |
|  Shares issued in reinvestment of dividends | – 0 | – 0 | 13742 | – 0 | – 0 | 124955 |
|  Shares converted to Class A | – 0 | – 0 | (63747) | – 0 | – 0 | (575526) |
|  Shares converted to Advisor Class | – 0 | – 0 | (1107946) | – 0 | – 0 | (10205398) |
|  Shares redeemed | – 0 | – 0 | (160292) | – 0 | – 0 | (1453261) |
|  **Net (decrease)** | **– 0** | **– 0** | **(1086411)** | $**– 0** | $**– 0** | $**(10006702)** |
| **Advisor Class** |  |  |  |  |  |  |
|  Shares sold | 6775000 | 2675000 | 11073325 | $242196014 | $95393603 | $384220491 |
|  Shares issued in reinvestment of dividends | – 0 | – 0 | 558390 | – 0 | – 0 | 19431978 |
|  Shares converted from Class A | – 0 | – 0 | 841923 | – 0 | – 0 | 29414571 |
|  Shares converted from Class C | – 0 | – 0 | 292699 | – 0 | – 0 | 10205398 |
|  Shares redeemed | (4525000) | – 0 | (8741384) | (159466980) | – 0 | (305393211) |
|  **Net increase** | **2250000** | **2675000** | **4024953** | $**82729034** | $**95393603** | $**137879227** |

---

---

| | |
|:---|:---|
| 46 AB Short Duration High Yield ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares | Shares | Shares | Amount | Amount | Amount |
|  | Year Ended<br>November 30<br>2025 | Period Ended<br>November 30,<br>2024<sup>(a)</sup> | Year Ended<br>September 30,<br>2024<sup>(b)</sup> | Year Ended<br>November 30<br>2025 | Period Ended<br>November 30,<br>2024<sup>(a)</sup> | Year Ended<br>September 30,<br>2024<sup>(b)</sup> |
| **Class R** |  |  |  |  |  |  |
|  Shares redeemed | – 0 | – 0 | (1004) | $– 0 | $– 0 | $(9128) |
|  **Net (decrease)** | **– 0** | **– 0** | **(1004)** | $**– 0** | $**– 0** | $**(9128)** |
| **Class K** |  |  |  |  |  |  |
|  Shares redeemed | – 0 | – 0 | (1004) | $– 0 | $– 0 | $(9130) |
|  **Net (decrease)** | **– 0** | **– 0** | **(1004)** | $**– 0** | $**– 0** | $**(9130)** |
| **Class I** |  |  |  |  |  |  |
|  Shares redeemed | – 0 | – 0 | (943) | $– 0 | $– 0 | $(8578) |
|  **Net (decrease)** | **– 0** | **– 0** | **(943)** | $**– 0** | $**– 0** | $**(8578)** |

---

(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

**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.

**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.

**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.

**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 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.

**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.

**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.

**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

---

| | |
|:---|:---|
| **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.

**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.

**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.

---

| | |
|:---|:---|
| 50 AB Short Duration High Yield ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**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 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.

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**<br>**November 30,**<br>**2025** | **October 1,**<br>**2024 to**<br>**November 30,**<br>**2024** | **Year Ended**<br>**September 30,**<br>**2024** |
|  Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47922615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6492042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38090038 |
|  Total taxable distributions paid | $47922615 | $6492042 | $38090038 |

---

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

---

| | |
|:---|:---|
|  Undistributed ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262036 |
|  Accumulated capital and other losses | (29096648)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 574325 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $(25260287)<sup>(c)</sup> |

---

---

| | |
|:---|:---|
| **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<br>outstanding<br>before the<br>Conversion** | **Shares<br>outstanding<br>immediately<br>after the<br>Conversion** | **Aggregate<br>net assets<br>before the<br>Conversion** | **Aggregate<br>net assets<br>immediately<br>after the<br>Conversion** |
|  Acquired Portfolio\* | 73474038 | – 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675330250 | $– 0 |
|  The Fund | – 0 | 19295122 | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675330250 |

---

\* 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.  |

---

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.

---

| | |
|:---|:---|
| 52 AB Short Duration High Yield ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 Short Duration High Yield ETF 53 |

---

------

#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period<sup>(a)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year<br>ended**<br> **November 30,<br>2025** | **October 1,**<br> **2024<sup>(b)</sup> to**<br> **November 30,<br>2024** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Year<br>ended**<br> **November 30,<br>2025** | **October 1,**<br> **2024<sup>(b)</sup> to**<br> **November 30,<br>2024** |  |  |  |  |
|  | **Year<br>ended**<br> **November 30,<br>2025** | **October 1,**<br> **2024<sup>(b)</sup> to**<br> **November 30,<br>2024** | **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<sup>(c)(d)</sup> | 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 <sup>(e)</sup> | – 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<sup>(f)</sup> | 6.63 | .93 | 12.50 | 10.04% | (11.78) | 8.52 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $837801 | $754351 | $659122 | $484876 | $283354 | $334801 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(g)</sup><sup>‡</sup> | .40 | .39 | .58 | .70% | .70 | .70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(g)</sup><sup>‡</sup> | .40 | .40 | .61 | .78% | .75 | .77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(d)</sup> | 6.47 | 6.12 | 6.51 | 5.71% | 3.97 | 3.77 |
|  Portfolio turnover rate<sup>(h)</sup> | 72 | 4 | 41 | 67% | 62 | 57 |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .00 | .01 | .00% | .00 | .00 |

---

See footnote summary on page 55.

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|:---|:---|
| 54 AB Short Duration High Yield ETF | **ABFunds.com** |

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**FINANCIAL HIGHLIGHTS** (continued)

(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.

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|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 55 |

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#### 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.

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.

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| 56 AB Short Duration High Yield ETF | **ABFunds.com** |

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------

#### 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](g19381g91r55.jpg)

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

New York, New York

January 28, 2026

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|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 57 |

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#### 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, 73.11% of ordinary dividends paid may be considered to be qualifying to be taxed as interest-related dividends.

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.

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.

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|:---|:---|
| 58 AB Short Duration High Yield ETF | **ABFunds.com** |

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#### 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").

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

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|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 59 |

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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 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
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 since the Fund's inception.

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| 60 AB Short Duration High Yield ETF | **ABFunds.com** |

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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 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 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

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|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 61 |

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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
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.

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| 62 AB Short Duration High Yield ETF | **ABFunds.com** |

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#### NOTES

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| **ABFunds.com** | AB Short Duration High Yield ETF 63 |

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| 64 AB Short Duration High Yield ETF | **ABFunds.com** |

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![LOGO](g19381g28a43.jpg)

AB SHORT DURATION HIGH YIELD ETF

66 Hudson Boulevard East,

New York, NY 10001

800 221 5672

ETF-SDHY-0151-1125 ![LOGO](g19381g22c48.jpg)

------

#### November 30, 2025
![LOGO](g19396g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB SHORT DURATION INCOME ETF

(NYSE Arca: SDFI)

![LOGO](g19396g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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 monthly at www.abfunds.com.

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS

#### November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CORPORATES - INVESTMENT GRADE – 37.8% | CORPORATES - INVESTMENT GRADE – 37.8% | CORPORATES - INVESTMENT GRADE – 37.8% | CORPORATES - INVESTMENT GRADE – 37.8% |
|  Industrial – 23.3% | Industrial – 23.3% | Industrial – 23.3% | Industrial – 23.3% |
|  **Basic – 0.8%** | **Basic – 0.8%** | **Basic – 0.8%** | **Basic – 0.8%** |
|  BHP Billiton Finance USA Ltd. <br>4.75%, 02/28/2028 | U.S.$| 570 | $579462 |
|  Georgia-Pacific LLC <br>0.95%, 05/15/2026<sup>(a)</sup> |  | 9 | 8876 |
|  Glencore Funding LLC <br>5.186%, 04/01/2030<sup>(a)</sup> |  | 72 | 74219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.338%, 04/04/2027<sup>(a)</sup> |  | 435 | 441999 |
|  |  |  | 1104556 |
|  **Capital Goods – 2.6%** | **Capital Goods – 2.6%** | **Capital Goods – 2.6%** | **Capital Goods – 2.6%** |
|  BAE Systems PLC <br>5.00%, 03/26/2027<sup>(a)</sup> |  | 374 | 378454 |
|  Boeing Co. (The) <br>2.196%, 02/04/2026 |  | 426 | 424637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/2028 |  | 272 | 267126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.259%, 05/01/2027 |  | 104 | 106793 |
|  Northrop Grumman Corp. <br>3.25%, 01/15/2028 |  | 184 | 181341 |
|  Parker-Hannifin Corp. <br>3.25%, 06/14/2029 |  | 66 | 64404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/2027 |  | 496 | 499398 |
|  Regal Rexnord Corp. <br>6.05%, 02/15/2026 |  | 377 | 377814 |
|  Republic Services, Inc. <br>4.875%, 04/01/2029 |  | 348 | 357375 |
|  RTX Corp. <br>3.50%, 03/15/2027 |  | 202 | 200786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/08/2026 |  | 421 | 427172 |
|  Westinghouse Air Brake Technologies Corp. <br>3.45%, 11/15/2026 |  | 444 | 441212 |
|  |  |  | 3726512 |
|  **Communications - Media – 0.3%** | **Communications - Media – 0.3%** | **Communications - Media – 0.3%** | **Communications - Media – 0.3%** |
|  Netflix, Inc. <br>4.875%, 06/15/2030<sup>(a)</sup> |  | 458 | 471172 |
|  **Communications - Telecommunications – 1.0%** | **Communications - Telecommunications – 1.0%** | **Communications - Telecommunications – 1.0%** | **Communications - Telecommunications – 1.0%** |
|  AT&T, Inc. <br>3.80%, 02/15/2027 |  | 393 | 391860 |
|  Rogers Communications, Inc. <br>3.20%, 03/15/2027 |  | 629 | 620886 |
|  T-Mobile USA, Inc. <br>3.75%, 04/15/2027 |  | 417 | 415107 |
|  |  |  | 1427853 |

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|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 1 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Automotive – 1.9%** | **Consumer Cyclical - Automotive – 1.9%** | **Consumer Cyclical - Automotive – 1.9%** | **Consumer Cyclical - Automotive – 1.9%** |
|  American Honda Finance Corp. <br>2.00%, 03/24/2028 | U.S.$| 107 | $102221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G <br>4.45%, 10/22/2027 |  | 290 | 292401 |
|  Ford Motor Credit Co. LLC <br>3.815%, 11/02/2027 |  | 219 | 215047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.303%, 09/06/2029 |  | 200 | 200840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/08/2029 |  | 383 | 390580 |
|  General Motors Financial Co., Inc. <br>2.70%, 08/20/2027 |  | 597 | 582248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/08/2027 |  | 344 | 349655 |
|  Hyundai Capital America <br>1.30%, 01/08/2026<sup>(a)</sup> |  | 61 | 60805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 09/24/2027<sup>(a)</sup> |  | 35 | 35065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/18/2030<sup>(a)</sup> |  | 71 | 71102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/26/2029<sup>(a)</sup> |  | 38 | 38209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/27/2030<sup>(a)</sup> |  | 100 | 102556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/08/2027<sup>(a)</sup> |  | 25 | 25274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/19/2027<sup>(a)</sup> |  | 322 | 326469 |
|  |  |  | 2792472 |
|  **Consumer Cyclical - Entertainment – 0.6%** | **Consumer Cyclical - Entertainment – 0.6%** | **Consumer Cyclical - Entertainment – 0.6%** | **Consumer Cyclical - Entertainment – 0.6%** |
|  Carnival Corp. <br>5.125%, 05/01/2029<sup>(a)</sup> |  | 81 | 81505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/15/2030<sup>(a)</sup> |  | 16 | 16439 |
|  Royal Caribbean Cruises Ltd. <br>5.375%, 07/15/2027<sup>(a)</sup> |  | 436 | 439423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026<sup>(a)</sup> |  | 31 | 31071 |
|  Viking Ocean Cruises Ship VII Ltd. <br>5.625%, 02/15/2029<sup>(a)</sup> |  | 14 | 13993 |
|  VOC Escrow Ltd. <br>5.00%, 02/15/2028<sup>(a)</sup> |  | 263 | 262905 |
|  |  |  | 845336 |
|  **Consumer Cyclical - Other – 0.8%** | **Consumer Cyclical - Other – 0.8%** | **Consumer Cyclical - Other – 0.8%** | **Consumer Cyclical - Other – 0.8%** |
|  CK Hutchison International 24 Ltd. <br>5.375%, 04/26/2029<sup>(a)</sup> |  | 447 | 464263 |
|  Flutter Treasury DAC <br>5.875%, 06/04/2031<sup>(a)</sup> |  | 200 | 202030 |
|  Las Vegas Sands Corp. <br>3.50%, 08/18/2026 |  | 424 | 420731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/15/2028 |  | 112 | 114538 |
|  |  |  | 1201562 |
|  **Consumer Cyclical - Restaurants – 0.2%** | **Consumer Cyclical - Restaurants – 0.2%** | **Consumer Cyclical - Restaurants – 0.2%** | **Consumer Cyclical - Restaurants – 0.2%** |
|  McDonald's Corp. <br>Series G <br>5.00%, 05/17/2029 |  | 255 | 262979 |

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|:---|:---|
| 2 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Starbucks Corp. <br>4.75%, 02/15/2026 | U.S.$| 52 | $| 52027 |
|  |  |  |  | 315006 |
|  **Consumer Cyclical - Retailers – 0.4%** | **Consumer Cyclical - Retailers – 0.4%** | **Consumer Cyclical - Retailers – 0.4%** | **Consumer Cyclical - Retailers – 0.4%** | **Consumer Cyclical - Retailers – 0.4%** |
|  AutoNation, Inc. <br>4.45%, 01/15/2029 |  | 148 |  | 148429 |
|  Ralph Lauren Corp. <br>2.95%, 06/15/2030 |  | 423 |  | 402349 |
|  |  |  |  | 550778 |
|  **Consumer Non-Cyclical – 5.8%** | **Consumer Non-Cyclical – 5.8%** | **Consumer Non-Cyclical – 5.8%** | **Consumer Non-Cyclical – 5.8%** | **Consumer Non-Cyclical – 5.8%** |
|  Altria Group, Inc. <br>3.40%, 05/06/2030 |  | 466 |  | 449378 |
|  Amer Sports Co. <br>6.75%, 02/16/2031<sup>(a)</sup> |  | 68 |  | 71001 |
|  BAT Capital Corp. <br>3.557%, 08/15/2027 |  | 124 |  | 122812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/02/2027 |  | 299 |  | 300818 |
|  BAT International Finance PLC <br>1.668%, 03/25/2026 |  | 431 |  | 427505 |
|  Baxter International, Inc. <br>4.45%, 02/15/2029 |  | 206 |  | 206884 |
|  Becton Dickinson & Co. <br>3.70%, 06/06/2027 |  | 193 |  | 191910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.693%, 02/13/2028 |  | 479 |  | 485260 |
|  CVS Health Corp. <br>2.875%, 06/01/2026 |  | 401 |  | 398305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2026 |  | 107 |  | 106090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/01/2027 |  | 283 |  | 281070 |
|  DH Europe Finance II SARL <br>2.60%, 11/15/2029 |  | 490 |  | 464848 |
|  General Mills, Inc. <br>4.20%, 04/17/2028 |  | 582 |  | 583688 |
|  HCA, Inc. <br>3.125%, 03/15/2027 |  | 362 |  | 357439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2026 |  | 263 |  | 263160 |
|  Imperial Brands Finance PLC <br>3.50%, 07/26/2026<sup>(a)</sup> |  | 376 |  | 373932 |
|  Kraft Heinz Foods Co. <br>3.00%, 06/01/2026 |  | 381 |  | 378680 |
|  Medtronic Global Holdings SCA <br>4.25%, 03/30/2028 |  | 579 |  | 583111 |
|  Molson Coors Beverage Co. <br>3.00%, 07/15/2026 |  | 393 |  | 390280 |
|  Novartis Capital Corp. <br>3.10%, 05/17/2027 |  | 129 |  | 127934 |
|  Philip Morris International, Inc. <br>2.75%, 02/25/2026 |  | 65 |  | 64769 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/2029 | U.S.$| 49 | $| 47801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/01/2027 |  | 126 |  | 127090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/13/2026 |  | 131 |  | 131269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/15/2028 |  | 43 |  | 43810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/13/2029 |  | 272 |  | 278343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/17/2027 |  | 144 |  | 147027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/17/2029 |  | 41 |  | 43182 |
|  Shire Acquisitions Investments Ireland DAC <br>3.20%, 09/23/2026 |  | 486 |  | 482544 |
|  Takeda Pharmaceutical Co., Ltd. <br>2.05%, 03/31/2030 |  | 503 |  | 460537 |
|  |  |  |  | 8390477 |
|  **Energy – 4.2%** | **Energy – 4.2%** | **Energy – 4.2%** | **Energy – 4.2%** | **Energy – 4.2%** |
|  Cenovus Energy, Inc. <br>4.65%, 03/20/2031 |  | 281 |  | 281947 |
|  Continental Resources, Inc./OK <br>2.268%, 11/15/2026<sup>(a)</sup> |  | 29 |  | 28408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2028 |  | 295 |  | 294038 |
|  Energy Transfer LP <br>4.00%, 10/01/2027 |  | 500 |  | 498775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2027 |  | 345 |  | 350389 |
|  Eni SpA <br>Series X-R <br>4.75%, 09/12/2028<sup>(a)</sup> |  | 522 |  | 530942 |
|  EQT Corp. <br>3.90%, 10/01/2027 |  | 340 |  | 338011 |
|  Hess Midstream Operations LP <br>5.875%, 03/01/2028<sup>(a)</sup> |  | 172 |  | 174957 |
|  Permian Resources Operating LLC <br>5.875%, 07/01/2029<sup>(a)</sup> |  | 197 |  | 197749 |
|  Pioneer Natural Resources Co. <br>1.90%, 08/15/2030 |  | 285 |  | 258030 |
|  Targa Resources Corp. <br>4.90%, 09/15/2030 |  | 57 |  | 58110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/01/2027 |  | 538 |  | 546420 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. <br>5.50%, 03/01/2030 |  | 350 |  | 356272 |
|  TotalEnergies Capital International SA <br>3.455%, 02/19/2029 |  | 450 |  | 443200 |
|  Var Energi ASA <br>5.875%, 05/22/2030<sup>(a)</sup> |  | 200 |  | 208624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028<sup>(a)</sup> |  | 446 |  | 472189 |
|  Williams Cos., Inc. (The) <br>3.75%, 06/15/2027 |  | 580 |  | 576358 |
|  Woodside Finance Ltd. <br>4.50%, 03/04/2029<sup>(a)</sup> |  | 290 |  | 290841 |

---

---

| | |
|:---|:---|
| 4 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/19/2030 | U.S.$| 174 | $| 179423 |
|  |  |  |  | 6084683 |
|  **Other Industrial – 0.1%** | **Other Industrial – 0.1%** | **Other Industrial – 0.1%** | **Other Industrial – 0.1%** | **Other Industrial – 0.1%** |
|  RB Global Holdings, Inc. <br>6.75%, 03/15/2028<sup>(a)</sup> |  | 187 |  | 191409 |
|  **Services – 1.5%** | **Services – 1.5%** | **Services – 1.5%** | **Services – 1.5%** | **Services – 1.5%** |
|  Expedia Group, Inc. <br>3.80%, 02/15/2028 |  | 364 |  | 361714 |
|  Global Payments, Inc. <br>4.50%, 11/15/2028 |  | 159 |  | 159557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/2030 |  | 226 |  | 226725 |
|  Mastercard, Inc. <br>2.95%, 06/01/2029 |  | 170 |  | 164864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 03/09/2028 |  | 568 |  | 581246 |
|  S&P Global, Inc. <br>2.45%, 03/01/2027 |  | 481 |  | 472607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/2029 |  | 205 |  | 206236 |
|  |  |  |  | 2172949 |
|  **Technology – 3.0%** | **Technology – 3.0%** | **Technology – 3.0%** | **Technology – 3.0%** | **Technology – 3.0%** |
|  Analog Devices, Inc. <br>3.50%, 12/05/2026 |  | 486 |  | 484270 |
|  Apple, Inc. <br>2.90%, 09/12/2027 |  | 591 |  | 583352 |
|  Broadcom, Inc. <br>4.15%, 02/15/2028 |  | 143 |  | 143719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/12/2027 |  | 443 |  | 450792 |
|  Fiserv, Inc. <br>3.20%, 07/01/2026 |  | 416 |  | 413271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/2027 |  | 253 |  | 255381 |
|  Foundry JV Holdco LLC <br>5.90%, 01/25/2030<sup>(a)</sup> |  | 220 |  | 231460 |
|  International Business Machines Corp. <br>1.70%, 05/15/2027 |  | 164 |  | 159059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/2026 |  | 158 |  | 157477 |
|  Oracle Corp. <br>1.65%, 03/25/2026 |  | 166 |  | 164529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/2026 |  | 68 |  | 67389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/2027 |  | 430 |  | 421529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/2027 |  | 187 |  | 183178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/06/2028 |  | 15 |  | 15034 |
|  VMware LLC <br>1.40%, 08/15/2026 |  | 442 |  | 434004 |
|  Workday, Inc. <br>3.50%, 04/01/2027 |  | 176 |  | 174800 |
|  |  |  |  | 4339244 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 5 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Transportation - Airlines – 0.1%** | **Transportation - Airlines – 0.1%** | **Transportation - Airlines – 0.1%** | **Transportation - Airlines – 0.1%** |
|  AS Mileage Plan IP Ltd. <br>5.021%, 10/20/2029<sup>(a)</sup> | U.S.$| 43 | $43227 |
|  Southwest Airlines Co. <br>4.375%, 11/15/2028 |  | 121 | 120954 |
|  |  |  | 164181 |
|  |  |  | 33778190 |
|  Financial Institutions – 12.8% | Financial Institutions – 12.8% | Financial Institutions – 12.8% | Financial Institutions – 12.8% |
|  **Banking – 11.4%** | **Banking – 11.4%** | **Banking – 11.4%** | **Banking – 11.4%** |
|  Ally Financial, Inc. <br>4.75%, 06/09/2027 |  | 519 | 522057 |
|  Banco Bilbao Vizcaya Argentaria SA <br>6.138%, 09/14/2028 |  | 600 | 620412 |
|  Banco Santander SA <br>1.722%, 09/14/2027 |  | 400 | 392308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/11/2027 |  | 400 | 400732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.379%, 04/12/2028 |  | 200 | 200834 |
|  Bank of Ireland Group PLC <br>5.601%, 03/20/2030<sup>(a)</sup> |  | 464 | 483205 |
|  Barclays PLC <br>2.279%, 11/24/2027 |  | 200 | 196276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.837%, 09/10/2028 |  | 401 | 405447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/12/2026 |  | 111 | 111376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.501%, 08/09/2028 |  | 450 | 459171 |
|  CaixaBank SA <br>6.208%, 01/18/2029<sup>(a)</sup> |  | 343 | 357077 |
|  Capital One Financial Corp. <br>1.878%, 11/02/2027 |  | 643 | 629304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.927%, 05/10/2028 |  | 280 | 283002 |
|  Citigroup, Inc. <br>1.122%, 01/28/2027 |  | 23 | 22885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.462%, 06/09/2027 |  | 424 | 417975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%, 01/10/2028 |  | 118 | 117690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/29/2027 |  | 124 | 124598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.658%, 05/24/2028 |  | 185 | 186510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VAR <br>3.07%, 02/24/2028 |  | 125 | 123415 |
|  Credit Agricole SA <br>5.23%, 01/09/2029<sup>(a)</sup> |  | 275 | 280514 |
|  Danske Bank A/S <br>4.298%, 04/01/2028<sup>(a)</sup> |  | 451 | 451510 |
|  Deutsche Bank AG/New York NY <br>2.552%, 01/07/2028 |  | 385 | 377712 |
|  Goldman Sachs Bank USA/New York NY <br>5.283%, 03/18/2027 |  | 241 | 241749 |
|  Goldman Sachs Group, Inc. (The) <br>1.431%, 03/09/2027 |  | 267 | 264957 |

---

---

| | |
|:---|:---|
| 6 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  HSBC Holdings PLC <br>4.583%, 06/19/2029 | U.S.$| 214 | $| 215990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 08/11/2028 |  | 226 |  | 229659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.597%, 05/17/2028 |  | 506 |  | 515887 |
|  ING Groep NV <br>4.017%, 03/28/2028 |  | 482 |  | 481325 |
|  JPMorgan Chase & Co. <br>1.04%, 02/04/2027 |  | 268 |  | 266521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 09/22/2027 |  | 72 |  | 70496 |
|  Lloyds Banking Group PLC <br>1.627%, 05/11/2027 |  | 395 |  | 390477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/18/2028 |  | 394 |  | 392050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.985%, 08/07/2027 |  | 175 |  | 177105 |
|  Macquarie Group Ltd. <br>1.34%, 01/12/2027<sup>(a)</sup> |  | 432 |  | 430497 |
|  Mitsubishi UFJ Financial Group, Inc. <br>1.538%, 07/20/2027 |  | 440 |  | 432758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.341%, 01/19/2028 |  | 487 |  | 477426 |
|  Morgan Stanley <br>3.95%, 04/23/2027 |  | 587 |  | 586929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.652%, 04/13/2028 |  | 12 |  | 12249 |
|  Nationwide Building Society <br>2.972%, 02/16/2028<sup>(a)</sup> |  | 454 |  | 447462 |
|  NatWest Group PLC <br>1.642%, 06/14/2027 |  | 416 |  | 410347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.073%, 05/22/2028 |  | 273 |  | 269031 |
|  Santander UK Group Holdings PLC <br>2.469%, 01/11/2028 |  | 200 |  | 196124 |
|  Societe Generale SA <br>5.249%, 05/22/2029<sup>(a)</sup> |  | 200 |  | 203970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%, 01/19/2028<sup>(a)</sup> |  | 443 |  | 448427 |
|  Standard Chartered PLC <br>5.545%, 01/21/2029<sup>(a)</sup> |  | 236 |  | 242006 |
|  Synchrony Financial <br>3.95%, 12/01/2027 |  | 59 |  | 58510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.019%, 07/29/2029 |  | 348 |  | 351396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/02/2033 |  | 179 |  | 191825 |
|  UBS Group AG <br>1.494%, 08/10/2027<sup>(a)</sup> |  | 226 |  | 221794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.703%, 08/05/2027<sup>(a)</sup> |  | 367 |  | 368119 |
|  UniCredit SpA <br>1.982%, 06/03/2027<sup>(a)</sup> |  | 404 |  | 399378 |
|  Westpac New Zealand Ltd. <br>5.195%, 02/28/2029<sup>(a)</sup> |  | 449 |  | 463934 |
|  |  |  |  | 16622408 |
|  **Finance – 0.1%** | **Finance – 0.1%** | **Finance – 0.1%** | **Finance – 0.1%** | **Finance – 0.1%** |
|  Aviation Capital Group LLC <br>4.75%, 04/14/2027<sup>(a)</sup> |  | 155 |  | 155773 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 7 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **REITs – 1.3%** | **REITs – 1.3%** | **REITs – 1.3%** | **REITs – 1.3%** |
|  Digital Realty Trust LP <br>3.60%, 07/01/2029 | U.S.$| 132 | $129495 |
|  Host Hotels & Resorts LP <br>4.25%, 12/15/2028 |  | 268 | 267694 |
|  Newmark Group, Inc. <br>7.50%, 01/12/2029 |  | 260 | 279087 |
|  Simon Property Group LP <br>1.75%, 02/01/2028 |  | 347 | 331746 |
|  VICI Properties LP/VICI Note Co., Inc. <br>4.25%, 12/01/2026<sup>(a)</sup> |  | 371 | 370844 |
|  Welltower OP LLC <br>3.10%, 01/15/2030 |  | 492 | 473255 |
|  |  |  | 1852121 |
|  |  |  | 18630302 |
|  Utility – 1.7% | Utility – 1.7% | Utility – 1.7% | Utility – 1.7% |
|  **Electric – 1.7%** | **Electric – 1.7%** | **Electric – 1.7%** | **Electric – 1.7%** |
|  EDP Finance BV <br>1.71%, 01/24/2028<sup>(a)</sup> |  | 510 | 484199 |
|  Enel Finance International NV <br>2.125%, 07/12/2028<sup>(a)(b)</sup> |  | 474 | 450035 |
|  NRG Energy, Inc. <br>4.734%, 10/15/2030<sup>(a)</sup> |  | 26 | 25940 |
|  Sempra <br>3.25%, 06/15/2027 |  | 223 | 219709 |
|  Southern Co. (The) <br>5.113%, 08/01/2027<sup>(b)</sup> |  | 568 | 576906 |
|  Vistra Operations Co. LLC <br>3.70%, 01/30/2027<sup>(a)</sup> |  | 483 | 479165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/15/2029<sup>(a)</sup> |  | 207 | 205735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 12/30/2026<sup>(a)</sup> |  | 10 | 10089 |
|  |  |  | 2451778 |
|  Total Corporates - Investment Grade <br>(cost $54,373,287) |  |  | 54860270 |
|  GOVERNMENTS - TREASURIES – 29.7% | GOVERNMENTS - TREASURIES – 29.7% | GOVERNMENTS - TREASURIES – 29.7% | GOVERNMENTS - TREASURIES – 29.7% |
|  **United States – 29.7%** | **United States – 29.7%** | **United States – 29.7%** | **United States – 29.7%** |
|  U.S. Treasury Bonds <br>4.75%, 02/15/2045 |  | 145 | 147283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 08/15/2045 |  | 77 | 79406 |
|  U.S. Treasury Notes <br>3.50%, 09/30/2027 |  | 1452 | 1451546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 08/31/2027 |  | 3600 | 3606047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 08/31/2030 |  | 2760 | 2763450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/30/2027 |  | 1171 | 1173927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/31/2032 |  | 1700 | 1696281 |

---

---

| | |
|:---|:---|
| 8 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 05/31/2027 | U.S.$| 1800 | $| 1808367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 07/31/2027 |  | 272 |  | 273456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/15/2028 |  | 589 |  | 594039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 07/31/2030 |  | 3498 |  | 3540359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 09/30/2032 |  | 1669 |  | 1678519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/2029 |  | 1445 |  | 1465772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/31/2029 |  | 2591 |  | 2631687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/28/2030 |  | 2375 |  | 2415078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/31/2027 |  | 14 |  | 14081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/28/2027 |  | 856 |  | 861484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/31/2029 |  | 1158 |  | 1179803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 |  | 1190 |  | 1216496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/30/2029 |  | 3813 |  | 3903940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/2030 |  | 2220 |  | 2278275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/31/2028 |  | 398 |  | 407268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/2028 |  | 970 |  | 993947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/31/2029 |  | 900 |  | 927563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/30/2028 |  | 3835 |  | 3951248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/30/2029 |  | 1060 |  | 1097183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/2028 |  | 950 |  | 985773 |
|  Total Governments - Treasuries <br>(cost $42,514,148) |  |  |  | 43142278 |
|  ASSET-BACKED SECURITIES – 13.9% | ASSET-BACKED SECURITIES – 13.9% | ASSET-BACKED SECURITIES – 13.9% | ASSET-BACKED SECURITIES – 13.9% | ASSET-BACKED SECURITIES – 13.9% |
|  **Other ABS - Fixed Rate – 8.4%** | **Other ABS - Fixed Rate – 8.4%** | **Other ABS - Fixed Rate – 8.4%** | **Other ABS - Fixed Rate – 8.4%** | **Other ABS - Fixed Rate – 8.4%** |
|  Affirm Asset Securitization Trust <br>Series 2024-X2, Class A <br>5.22%, 12/17/2029<sup>(a)</sup> |  | 13 |  | 12693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-X2, Class A <br>4.45%, 10/15/2030<sup>(a)</sup> |  | 350 |  | 350336 |
|  APL Finance DAC <br>Series 2025-1A, Class A <br>4.81%, 03/20/2036<sup>(a)</sup> |  | 325 |  | 325473 |
|  Avant Loans Funding Trust <br>Series 2024-REV1, Class A <br>5.92%, 10/15/2033<sup>(a)</sup> |  | 255 |  | 257159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-REV1, Class A <br>5.12%, 05/15/2034<sup>(a)</sup> |  | 250 |  | 251085 |
|  BHG Securitization Trust <br>Series 2023-A, Class A <br>5.55%, 04/17/2036<sup>(a)</sup> |  | 14 |  | 13693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A <br>6.92%, 12/17/2036<sup>(a)</sup> |  | 101 |  | 105674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2CON, Class A <br>4.84%, 09/17/2036<sup>(a)</sup> |  | 276 |  | 279264 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Castlelake Aircraft Structured Trust <br>Series 2025-2A, Class A <br>5.465%, 08/15/2050<sup>(a)</sup> | U.S.$| 588 | $596530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class A <br>5.087%, 11/15/2050<sup>(a)</sup> |  | 250 | 251360 |
|  Cherry Securitization Trust<br>Series 2024-1A, Class A <br>5.70%, 04/15/2032<sup>(a)</sup> |  | 600 | 604033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A <br>6.13%, 11/15/2032<sup>(a)</sup> |  | 400 | 405962 |
|  Dailypay Securitization Trust <br>Series 2025-1A, Class A <br>5.63%, 06/26/2028<sup>(a)</sup> |  | 600 | 604424 |
|  Dext ABS LLC <br>Series 2023-1, Class A2 <br>5.99%, 03/15/2032<sup>(a)</sup> |  | 43 | 43667 |
|  Equify ABS LLC <br>Series 2024-1A, Class A <br>5.43%, 04/18/2033<sup>(a)</sup> |  | 71 | 71227 |
|  Granite Park Equipment Leasing LLC <br>Series 2023-1A, Class A3 <br>6.46%, 09/20/2032<sup>(a)</sup> |  | 95 | 95284 |
|  Lendmark Funding Trust <br>Series 2024-1A, Class A <br>5.53%, 06/21/2032<sup>(a)</sup> |  | 300 | 304069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A <br>4.94%, 09/20/2034<sup>(a)</sup> |  | 300 | 303603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class A <br>4.51%, 05/20/2035<sup>(a)</sup> |  | 100 | 100056 |
|  Onemain Financial Issuance Trust <br>Series 2025-1A, Class A <br>4.82%, 07/14/2038<sup>(a)</sup> |  | 420 | 425287 |
|  Oportun Funding Trust <br>Series 2024-3, Class A <br>5.26%, 08/15/2029<sup>(a)</sup> |  | 30 | 30301 |
|  Oportun Issuance Trust <br>Series 2025-B, Class A <br>4.88%, 05/09/2033<sup>(a)</sup> |  | 600 | 601888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C, Class A <br>4.49%, 07/08/2033<sup>(a)</sup> |  | 600 | 600789 |
|  OWN Equipment Fund II LLC <br>Series 2025-1M, Class A <br>5.48%, 09/26/2033<sup>(a)</sup> |  | 564 | 560603 |
|  Pagaya AI Debt Grantor Trust <br>Series 2024-10, Class A <br>5.183%, 06/15/2032<sup>(a)</sup> |  | 52 | 52055 |

---

---

| | |
|:---|:---|
| 10 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Pagaya AI Debt Trust <br>Series 2024-1, Class A <br>6.66%, 07/15/2031<sup>(a)</sup> | U.S.$| 44 | $44054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A <br>6.319%, 08/15/2031<sup>(a)</sup> |  | 48 | 48154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A <br>6.258%, 10/15/2031<sup>(a)</sup> |  | 41 | 41337 |
|  Pagaya Point of Sale Holdings Grantor Trust <br>Series 2025-1, Class A <br>5.715%, 01/20/2034<sup>(a)</sup> |  | 292 | 295083 |
|  PK Alift Loan Funding 7 LP <br>Series 2025-2, Class A <br>4.75%, 03/15/2043<sup>(a)</sup> |  | 359 | 355920 |
|  Purchasing Power Funding LLC <br>Series 2024-A, Class A <br>5.89%, 08/15/2028<sup>(a)</sup> |  | 550 | 551690 |
|  Reach ABS Trust <br>Series 2025-2A, Class A <br>4.93%, 08/18/2032<sup>(a)</sup> |  | 331 | 332560 |
|  Regional Management Issuance Trust <br>Series 2024-2, Class A <br>5.11%, 12/15/2033<sup>(a)</sup> |  | 220 | 221662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A <br>4.99%, 04/17/2034<sup>(a)</sup> |  | 585 | 588874 |
|  Republic Finance Issuance Trust <br>Series 2024-A, Class A <br>5.91%, 08/20/2032<sup>(a)</sup> |  | 250 | 252750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A <br>5.42%, 11/20/2037<sup>(a)</sup> |  | 150 | 152985 |
|  Sotheby's Artfi Master Trust <br>Series 2024-1A, Class A1 <br>6.43%, 12/22/2031<sup>(a)</sup> |  | 550 | 552469 |
|  Sunbit Asset Securitization Trust <br>Series 2025-1, Class A <br>5.36%, 07/15/2030<sup>(a)</sup> |  | 300 | 301962 |
|  Upgrade Master Pass-Thru Trust <br>Series 2025-ST6, Class A <br>4.611%, 10/15/2032<sup>(a)</sup> |  | 294 | 294053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ST8, Class A <br>4.618%, 12/15/2033<sup>(a)</sup> |  | 285 | 285129 |
|  Upstart Securitization Trust <br>Series 2023-3, Class A <br>6.90%, 10/20/2033<sup>(a)</sup> |  | 17 | 16940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A <br>5.33%, 11/20/2034<sup>(a)</sup> |  | 59 | 59282 |
|  Verdant Receivables 2023-1 LLC <br>Series 2023-1A, Class A2 <br>6.24%, 01/13/2031<sup>(a)</sup> |  | 215 | 218239 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 11 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  VFI ABS LLC <br>Series 2025-1A, Class A <br>4.78%, 06/24/2030<sup>(a)</sup> | U.S.$| 387 | $| 388767 |
|  |  |  |  | 12248425 |
|  **Autos - Fixed Rate – 3.6%** | **Autos - Fixed Rate – 3.6%** | **Autos - Fixed Rate – 3.6%** | **Autos - Fixed Rate – 3.6%** | **Autos - Fixed Rate – 3.6%** |
|  ACM Auto Trust <br>Series 2025-1A, Class A <br>5.38%, 06/20/2029<sup>(a)</sup> |  | 46 |  | 45848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A <br>5.55%, 06/20/2028<sup>(a)</sup> |  | 358 |  | 358525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class A <br>5.01%, 01/22/2030<sup>(a)</sup> |  | 677 |  | 675610 |
|  Credit Acceptance Auto Loan Trust <br>Series 2025-1A, Class A <br>5.02%, 03/15/2035<sup>(a)</sup> |  | 250 |  | 252891 |
|  FHF Trust <br>Series 2023-1A, Class A2 <br>6.57%, 06/15/2028<sup>(a)</sup> |  | 37 |  | 37604 |
|  FinBe USA Trust <br>Series 2025-1A, Class A <br>5.70%, 12/15/2028<sup>(a)</sup> |  | 416 |  | 417250 |
|  Hertz Vehicle Financing III LLC <br>Series 2024-1A, Class A <br>5.44%, 01/25/2029<sup>(a)</sup> |  | 154 |  | 157331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A <br>4.91%, 09/25/2029<sup>(a)</sup> |  | 250 |  | 252832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class A <br>5.06%, 12/26/2029<sup>(a)</sup> |  | 600 |  | 609117 |
|  Lendbuzz Securitization Trust <br>Series 2023-1A, Class A2 <br>6.92%, 08/15/2028<sup>(a)</sup> |  | 47 |  | 47426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A2 <br>7.09%, 10/16/2028<sup>(a)</sup> |  | 60 |  | 60953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class A2 <br>7.50%, 12/15/2028<sup>(a)</sup> |  | 59 |  | 59597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A2, Class 24-1A <br>6.19%, 08/15/2029<sup>(a)</sup> |  | 94 |  | 94593 |
|  Lobel Automobile Receivables Trust <br>Series 2025-1, Class A <br>5.06%, 11/15/2027<sup>(a)</sup> |  | 94 |  | 93814 |
|  Merchants Fleet Funding LLC <br>Series 2023-1A, Class A <br>7.21%, 05/20/2036<sup>(a)</sup> |  | 188 |  | 189069 |
|  Research-Driven Pagaya Motor Asset Trust <br>Series 2023-3A, Class A <br>7.13%, 01/26/2032<sup>(a)</sup> |  | 168 |  | 168510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class A <br>7.54%, 03/25/2032<sup>(a)</sup> |  | 218 |  | 218323 |

---

---

| | |
|:---|:---|
| 12 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A <br>5.281%, 03/25/2033<sup>(a)</sup> | U.S.$| 299 | $| 300085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A <br>5.044%, 06/27/2033<sup>(a)</sup> |  | 296 |  | 297323 |
|  Research-Driven Pagaya Motor Trust <br>Series 2024-1A, Class A <br>7.09%, 06/25/2032<sup>(a)</sup> |  | 44 |  | 44018 |
|  SAFCO Auto Receivables Trust <br>Series 2025-1A, Class A <br>5.46%, 09/10/2029<sup>(a)</sup> |  | 171 |  | 170836 |
|  Tricolor Auto Securitization Trust <br>Series 2024-1A, Class A <br>6.61%, 10/15/2027<sup>(c)</sup> |  | 25 |  | 23944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A <br>5.22%, 06/15/2028<sup>(c)(d)(e)</sup> |  | 142 |  | 125356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A <br>4.94%, 02/15/2029<sup>(c)(d)(e)</sup> |  | 105 |  | 73496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A<br>5.12%, 01/16/2029<sup>(c)(d)(e)</sup> |  | 547 |  | 376518 |
|  |  |  |  | 5150869 |
|  **Credit Cards - Fixed Rate – 1.3%** | **Credit Cards - Fixed Rate – 1.3%** | **Credit Cards - Fixed Rate – 1.3%** | **Credit Cards - Fixed Rate – 1.3%** | **Credit Cards - Fixed Rate – 1.3%** |
|  Brex Commercial Charge Card Master Trust <br>Series 2024-1, Class A1 <br>6.05%, 07/15/2027<sup>(a)</sup> |  | 325 |  | 326321 |
|  Continental Finance Credit Card ABS Master Trust <br>Series 2024-A, Class A <br>5.78%, 12/15/2032<sup>(a)</sup> |  | 250 |  | 253778 |
|  Mission Lane Credit Card Master Trust <br>Series 2025-A, Class A <br>5.80%, 05/15/2030<sup>(a)</sup> |  | 600 |  | 606293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A <br>5.06%, 09/15/2031<sup>(a)</sup> |  | 371 |  | 373798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C, Class A <br>4.78%, 12/16/2030<sup>(a)</sup> |  | 345 |  | 346542 |
|  |  |  |  | 1906732 |
|  **Other ABS - Floating Rate – 0.6%** | **Other ABS - Floating Rate – 0.6%** | **Other ABS - Floating Rate – 0.6%** | **Other ABS - Floating Rate – 0.6%** | **Other ABS - Floating Rate – 0.6%** |
|  Capital Street Master Trust <br>Series 2024-1, Class A <br>5.492% (CME Term SOFR + 1.35%), 10/16/2028<sup>(a)(f)</sup> |  | 62 |  | 62156 |
|  Gracie Point International Funding LLC <br>Series 2025-1A, Class A <br>5.709% (CME Term SOFR + 1.50%), 08/15/2028<sup>(a)(f)</sup> |  | 650 |  | 649980 |
|  Pagaya AI Debt <br>Series 2024-S1, Class ABC <br>7.295%, 09/15/2031<sup>(a)(g)</sup> |  | 118 |  | 119440 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 13 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Pagaya AI Debt Grantor Trust <br>Series 2025-1, Class A <br>5.156%, 07/15/2032<sup>(a)</sup> | U.S.$| 87 | $| 87381 |
|  |  |  |  | 918957 |
|  Total Asset-Backed Securities <br>(cost $20,330,647) |  |  |  | 20224983 |
|  CORPORATES - NON-INVESTMENT<br>GRADE – 8.8% |  |  |  |  |
|  Industrial – 7.6% |  |  |  |  |
|  **Basic – 0.4%** |  |  |  |  |
|  Arsenal AIC Parent LLC <br>8.00%, 10/01/2030<sup>(a)</sup> |  | 38 |  | 40387 |
|  ASP Unifrax Holdings, Inc. <br>7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029<sup>(a)(h)</sup> |  | 9 |  | 1367 |
|  Graphic Packaging International LLC <br>3.50%, 03/15/2028<sup>(a)</sup> |  | 125 |  | 120965 |
|  INEOS Finance PLC <br>6.375%, 04/15/2029<sup>(a)</sup> | EUR | 101 |  | 107862 |
|  INEOS Quattro Finance 2 PLC <br>8.50%, 03/15/2029<sup>(a)</sup> |  | 222 |  | 226215 |
|  Sealed Air Corp./Sealed Air Corp. US <br>6.125%, 02/01/2028<sup>(a)</sup> | U.S.$| 27 |  | 27469 |
|  |  |  |  | 524265 |
|  **Capital Goods – 0.7%** | **Capital Goods – 0.7%** | **Capital Goods – 0.7%** | **Capital Goods – 0.7%** | **Capital Goods – 0.7%** |
|  Axon Enterprise, Inc. <br>6.125%, 03/15/2030<sup>(a)</sup> |  | 85 |  | 88000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033<sup>(a)</sup> |  | 66 |  | 68678 |
|  Ball Corp. <br>6.00%, 06/15/2029 |  | 300 |  | 309162 |
|  Bombardier, Inc. <br>8.75%, 11/15/2030<sup>(a)</sup> |  | 190 |  | 205090 |
|  Esab Corp. <br>6.25%, 04/15/2029<sup>(a)</sup> |  | 26 |  | 26787 |
|  GFL Environmental, Inc. <br>6.75%, 01/15/2031<sup>(a)</sup> |  | 178 |  | 186993 |
|  LSB Industries, Inc. <br>6.25%, 10/15/2028<sup>(a)(b)</sup> |  | 147 |  | 146333 |
|  Quikrete Holdings, Inc. <br>6.375%, 03/01/2032<sup>(a)</sup> |  | 47 |  | 48858 |
|  Trinity Industries, Inc. <br>7.75%, 07/15/2028<sup>(a)</sup> |  | 22 |  | 22878 |
|  |  |  |  | 1102779 |

---

---

| | |
|:---|:---|
| 14 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Communications - Media – 0.8%** | **Communications - Media – 0.8%** | **Communications - Media – 0.8%** | **Communications - Media – 0.8%** |
|  Banijay Entertainment SAS <br>7.00%, 05/01/2029<sup>(a)</sup> | EUR | 170 | $204702 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. <br>4.50%, 08/15/2030<sup>(a)</sup> | U.S.$| 26 | 24444 |
|  DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. <br>5.875%, 08/15/2027<sup>(a)</sup> |  | 35 | 35081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 02/15/2031<sup>(a)</sup> |  | 124 | 123256 |
|  Discovery Communications LLC <br>4.125%, 05/15/2029 |  | 303 | 294649 |
|  DISH DBS Corp. <br>5.25%, 12/01/2026<sup>(a)</sup> |  | 67 | 65391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(a)</sup> |  | 32 | 30902 |
|  McGraw-Hill Education, Inc. <br>5.75%, 08/01/2028<sup>(a)</sup> |  | 26 | 26028 |
|  Neptune Bidco US, Inc. <br>9.29%, 04/15/2029<sup>(a)</sup> |  | 91 | 90682 |
|  Univision Communications, Inc. <br>8.00%, 08/15/2028<sup>(a)</sup> |  | 196 | 202450 |
|  Versant Media Group, Inc. <br>7.25%, 01/30/2031<sup>(a)</sup> |  | 66 | 67765 |
|  |  |  | 1165350 |
|  **Consumer Cyclical - Automotive – 0.3%** |  |  |  |
|  Goodyear Tire & Rubber Co. (The) <br>5.25%, 04/30/2031 |  | 138 | 132265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 07/15/2030 |  | 30 | 30512 |
|  Nissan Motor Acceptance Co. LLC <br>6.125%, 09/30/2030<sup>(a)</sup> |  | 25 | 24783 |
|  Tenneco, Inc. <br>8.00%, 11/17/2028<sup>(a)</sup> |  | 51 | 51003 |
|  ZF North America Capital, Inc. <br>6.75%, 04/23/2030<sup>(a)</sup> |  | 160 | 156107 |
|  |  |  | 394670 |
|  **Consumer Cyclical - Entertainment – 0.0%** | **Consumer Cyclical - Entertainment – 0.0%** | **Consumer Cyclical - Entertainment – 0.0%** | **Consumer Cyclical - Entertainment – 0.0%** |
|  Lindblad Expeditions LLC <br>7.00%, 09/15/2030<sup>(a)</sup> |  | 15 | 15395 |
|  NCL Corp., Ltd. <br>5.875%, 01/15/2031<sup>(a)</sup> |  | 42 | 41485 |
|  |  |  | 56880 |
|  **Consumer Cyclical - Other – 1.0%** | **Consumer Cyclical - Other – 1.0%** | **Consumer Cyclical - Other – 1.0%** | **Consumer Cyclical - Other – 1.0%** |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC <br>6.25%, 09/15/2027<sup>(a)</sup> |  | 86 | 86045 |
|  Churchill Downs, Inc. <br>4.75%, 01/15/2028<sup>(a)</sup> |  | 97 | 96576 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 15 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Cirsa Finance International SARL <br>6.50%, 03/15/2029<sup>(a)</sup> | EUR $| 100 | $120444 |
|  Hilton Domestic Operating Co., Inc. <br>5.875%, 04/01/2029<sup>(a)</sup> | U.S.$| 465 | 476100 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <br>4.875%, 07/01/2031<sup>(a)</sup> |  | 145 | 134345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029<sup>(a)</sup> |  | 45 | 43324 |
|  Marriott Ownership Resorts, Inc. <br>4.50%, 06/15/2029<sup>(a)</sup> |  | 103 | 97881 |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. <br>6.625%, 02/01/2033<sup>(a)</sup> |  | 36 | 36512 |
|  Shea Homes LP/Shea Homes Funding Corp. <br>4.75%, 02/15/2028 |  | 11 | 10901 |
|  Standard Industries, Inc./NY <br>4.75%, 01/15/2028<sup>(a)</sup> |  | 109 | 108626 |
|  Thor Industries, Inc. <br>4.00%, 10/15/2029<sup>(a)</sup> |  | 182 | 174294 |
|  Travel & Leisure Co. <br>6.625%, 07/31/2026<sup>(a)</sup> |  | 117 | 117802 |
|  |  |  | 1502850 |
|  **Consumer Cyclical - Restaurants – 0.2%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc. <br>3.875%, 01/15/2028<sup>(a)</sup> |  | 17 | 16808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2028<sup>(a)</sup> |  | 35 | 34733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/15/2029<sup>(a)</sup> |  | 193 | 198686 |
|  |  |  | 250227 |
|  **Consumer Cyclical - Retailers – 0.2%** |  |  |  |
|  Advance Auto Parts, Inc. <br>7.00%, 08/01/2030<sup>(a)</sup> |  | 237 | 241956 |
|  **Consumer Non-Cyclical – 1.3%** |  |  |  |
|  Acadia Healthcare Co., Inc. <br>7.375%, 03/15/2033<sup>(a)</sup> |  | 68 | 69582 |
|  AdaptHealth LLC <br>5.125%, 03/01/2030<sup>(a)</sup> |  | 263 | 255646 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC <br>3.50%, 03/15/2029<sup>(a)</sup> |  | 40 | 38441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/2028<sup>(a)</sup> |  | 114 | 116158 |
|  Amneal Pharmaceuticals LLC <br>6.875%, 08/01/2032<sup>(a)</sup> |  | 30 | 31759 |
|  Bausch & Lomb Corp. <br>8.375%, 10/01/2028<sup>(a)</sup> |  | 57 | 59497 |
|  DaVita, Inc. <br>4.625%, 06/01/2030<sup>(a)</sup> |  | 311 | 301835 |

---

---

| | |
|:---|:---|
| 16 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Embecta Corp. <br>5.00%, 02/15/2030<sup>(a)</sup> | U.S.$| 29 | $27602 |
|  LifePoint Health, Inc. <br>9.875%, 08/15/2030<sup>(a)</sup> |  | 203 | 218550 |
|  Medline Borrower LP <br>3.875%, 04/01/2029<sup>(a)</sup> |  | 26 | 25290 |
|  MPH Acquisition Holdings LLC <br>5.75%, 12/31/2030<sup>(a)</sup> |  | 5 | 4442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (6.00% Cash and 0.75% PIK), 03/31/2031<sup>(a)(b)(h)</sup> |  | 43 | 37876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50% (6.50% Cash and 5.00% PIK), 12/31/2030<sup>(a)(b)(h)</sup> |  | 8 | 8479 |
|  Newell Brands, Inc. <br>6.375%, 09/15/2027 |  | 15 | 15039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 06/01/2028<sup>(a)</sup> |  | 52 | 54239 |
|  Post Holdings, Inc. <br>6.25%, 02/15/2032<sup>(a)</sup> |  | 26 | 26870 |
|  Tenet Healthcare Corp. <br>4.25%, 06/01/2029 |  | 202 | 198245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2030 |  | 72 | 70544 |
|  US Foods, Inc. <br>4.75%, 02/15/2029<sup>(a)</sup> |  | 273 | 271649 |
|  |  |  | 1831743 |
|  **Energy – 1.4%** |  |  |  |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp. <br>7.00%, 07/15/2029<sup>(a)</sup> |  | 73 | 76149 |
|  Buckeye Partners LP <br>6.875%, 07/01/2029<sup>(a)</sup> |  | 23 | 23957 |
|  CITGO Petroleum Corp. <br>8.375%, 01/15/2029<sup>(a)</sup> |  | 186 | 194020 |
|  Civitas Resources, Inc. <br>8.375%, 07/01/2028<sup>(a)</sup> |  | 168 | 173606 |
|  Delek Logistics Partners LP/Delek Logistics Finance Corp. <br>8.625%, 03/15/2029<sup>(a)</sup> |  | 112 | 117486 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. <br>6.25%, 11/01/2028<sup>(a)</sup> |  | 73 | 73353 |
|  NFE Financing LLC <br>12.00%, 11/15/2029<sup>(a)(d)(e)</sup> |  | 256 | 64727 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. <br>8.125%, 02/15/2029<sup>(a)</sup> |  | 105 | 108334 |
|  NuStar Logistics LP <br>5.625%, 04/28/2027 |  | 312 | 315460 |
|  Summit Midstream Holdings LLC <br>8.625%, 10/31/2029<sup>(a)</sup> |  | 258 | 266243 |
|  Sunoco LP <br>7.00%, 05/01/2029<sup>(a)</sup> |  | 251 | 261264 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 17 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Venture Global LNG, Inc. <br>9.875%, 02/01/2032<sup>(a)</sup> | U.S.$| 303 | $| 315508 |
|  |  |  |  | 1990107 |
|  **Other Industrial – 0.3%** |  |  |  |  |
|  RB Global Holdings, Inc. <br>7.75%, 03/15/2031<sup>(a)</sup> |  | 189 |  | 198093 |
|  Velocity Vehicle Group LLC <br>8.00%, 06/01/2029<sup>(a)</sup> |  | 253 |  | 248790 |
|  |  |  |  | 446883 |
|  **Services – 0.7%** |  |  |  |  |
|  Allied Universal Holdco LLC <br>7.875%, 02/15/2031<sup>(a)</sup> |  | 407 |  | 429088 |
|  ANGI Group LLC <br>3.875%, 08/15/2028<sup>(a)</sup> |  | 127 |  | 115536 |
|  Garda World Security Corp. <br>6.00%, 06/01/2029<sup>(a)</sup> |  | 51 |  | 49824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/2031<sup>(a)</sup> |  | 24 |  | 24646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/2028<sup>(a)</sup> |  | 48 |  | 49215 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. <br>3.375%, 08/31/2027<sup>(a)</sup> |  | 235 |  | 229612 |
|  Raven Acquisition Holdings LLC <br>6.875%, 11/15/2031<sup>(a)</sup> |  | 32 |  | 33013 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. <br>5.50%, 05/15/2033<sup>(a)</sup> | EUR | 112 |  | 134348 |
|  |  |  |  | 1065282 |
|  **Technology – 0.1%** |  |  |  |  |
|  Diebold Nixdorf, Inc. <br>7.75%, 03/31/2030<sup>(a)</sup> | U.S.$| 17 |  | 18098 |
|  Gen Digital, Inc. <br>6.75%, 09/30/2027<sup>(a)</sup> |  | 42 |  | 42754 |
|  Virtusa Corp. <br>7.125%, 12/15/2028<sup>(a)</sup> |  | 10 |  | 9635 |
|  Western Digital Corp. <br>4.75%, 02/15/2026 |  | 33 |  | 32994 |
|  |  |  |  | 103481 |
|  **Transportation - Airlines – 0.0%** |  |  |  |  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. <br>5.75%, 04/20/2029<sup>(a)</sup> |  | 44 |  | 44464 |
|  **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<br>4.75%, 04/01/2028<sup>(a)</sup> |  | 165 |  | 160588 |

---

---

| | |
|:---|:---|
| 18 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Loxam SAS <br>4.50%, 02/15/2027<sup>(a)</sup> | EUR $| 100 | $| 116585 |
|  |  |  |  | 277173 |
|  |  |  |  | 10998110 |
|  Financial Institutions – 0.7% |  |  |  |  |
|  **Banking – 0.1%** |  |  |  |  |
|  Bread Financial Holdings, Inc. <br>6.75%, 05/15/2031<sup>(a)</sup> | U.S.$| 209 |  | 213368 |
|  **Brokerage – 0.1%** |  |  |  |  |
|  Jane Street Group/JSG Finance, Inc. <br>6.75%, 05/01/2033<sup>(a)</sup> |  | 121 |  | 126433 |
|  **Finance – 0.4%** |  |  |  |  |
|  Enova International, Inc. <br>9.125%, 08/01/2029<sup>(a)</sup> |  | 155 |  | 163714 |
|  GGAM Finance Ltd. <br>8.00%, 02/15/2027<sup>(a)</sup> |  | 12 |  | 12275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/15/2028<sup>(a)</sup> |  | 77 |  | 81537 |
|  Navient Corp. <br>6.75%, 06/15/2026 |  | 259 |  | 261575 |
|  SLM Corp. <br>3.125%, 11/02/2026 |  | 23 |  | 22588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/31/2030 |  | 57 |  | 59421 |
|  |  |  |  | 601110 |
|  **Insurance – 0.0%** |  |  |  |  |
|  Acrisure LLC/Acrisure Finance, Inc. <br>7.50%, 11/06/2030<sup>(a)</sup> |  | 61 |  | 63403 |
|  **REITs – 0.1%** | **REITs – 0.1%** | **REITs – 0.1%** | **REITs – 0.1%** | **REITs – 0.1%** |
|  Iron Mountain, Inc. <br>5.00%, 07/15/2028<sup>(a)</sup> |  | 76 |  | 75640 |
|  |  |  |  | 1079954 |
|  Utility – 0.5% |  |  |  |  |
|  **Electric – 0.5%** |  |  |  |  |
|  Calpine Corp. <br>4.625%, 02/01/2029<sup>(a)</sup> |  | 184 |  | 183058 |
|  NRG Energy, Inc. <br>3.375%, 02/15/2029<sup>(a)</sup> |  | 208 |  | 199108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2029<sup>(a)</sup> |  | 272 |  | 273349 |
|  |  |  |  | 655515 |
|  Total Corporates - Non-Investment Grade <br>(cost $12,702,777) |  |  |  | 12733579 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 19 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MORTGAGE PASS-THROUGHS – 4.6% |  |  |  |
|  **Agency Fixed Rate 30-Year – 4.6%** |  |  |  |
|  Federal Home Loan Mortgage Corp. <br>Series 2024 <br>5.50%, 11/01/2054 | U.S.$| 882 | $893944 |
|  Federal National Mortgage Association <br>Series 2024 <br>5.50%, 10/01/2054 |  | 877 | 888811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2054 |  | 787 | 806782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2054 |  | 792 | 811621 |
|  Government National Mortgage Association <br>Series 2025 <br>5.50%, 04/20/2055 |  | 176 | 177341 |
|  Uniform Mortgage-Backed Security <br>Series 2025 <br>4.00%, 12/01/2055, TBA |  | 653 | 622268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2055, TBA |  | 635 | 621668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2055, TBA |  | 620 | 618369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2055, TBA |  | 1213 | 1228203 |
|  Total Mortgage Pass-Throughs <br>(cost $6,569,802) |  |  | 6669007 |
|  COLLATERALIZED LOAN OBLIGATIONS – 4.6% |  |  |  |
|  **CLO - Floating Rate – 4.6%** |  |  |  |
|  AGL CLO 44 Ltd. <br>Series 2025-44A, Class A <br>5.103% (CME Term SOFR 3 Month + 1.15%), 10/22/2037<sup>(a)(f)</sup> |  | 250 | 250226 |
|  Apidos CLO XXX <br>Series XXXA, Class A1AR <br>4.964% (CME Term SOFR 3 Month + 1.08%), 10/18/2031<sup>(a)(f)</sup> |  | 72 | 72185 |
|  Bain Capital Credit CLO <br>Series 2019-1A, Class AR2 <br>5.114% (CME Term SOFR 3 Month + 1.23%), 04/19/2034<sup>(a)(f)</sup> |  | 100 | 100167 |
|  Bain Capital Credit CLO Ltd. <br>Series 2021-4A, Class A1R <br>5.084% (CME Term SOFR 3 Month + 1.20%), 10/20/2034<sup>(a)(f)</sup> |  | 350 | 350494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6A, Class A1R<br>4.96% (CME Term SOFR 3 Month + 1.09%), 10/21/2034<sup>(a)(f)</sup> |  | 300 | 300214 |
|  Buttermilk Park CLO Ltd. <br>Series 2018-1A, Class A1R <br>4.985% (CME Term SOFR 3 Month + 1.08%), 10/15/2031<sup>(a)(f)</sup> |  | 128 | 127640 |

---

---

| | |
|:---|:---|
| 20 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Dryden 113 CLO Ltd. <br>Series 2022-113A, Class AR3 <br>4.995% (CME Term SOFR 3 Month + 1.09%), 10/15/2037<sup>(a)(f)</sup> | U.S.$| 680 | $679318 |
|  Goldentree Loan Management US CLO 8 Ltd. <br>Series 2020-8A, Class ARR <br>5.034% (CME Term SOFR 3 Month + 1.15%), 10/20/2034<sup>(a)(f)</sup> |  | 450 | 450476 |
|  Invesco CLO Ltd. <br>Series 2021-2A, Class AR <br>5.005% (CME Term SOFR 3 Month + 1.10%), 07/15/2034<sup>(a)(f)</sup> |  | 650 | 650144 |
|  Juniper Valley Park CLO Ltd. <br>Series 2023-1A, Class ARR <br>4.964% (CME Term SOFR 3 Month + 1.08%), 07/20/2036<sup>(a)(f)</sup> |  | 690 | 689306 |
|  KKR CLO 21 Ltd. <br>Series 21, Class A <br>5.166% (CME Term SOFR 3 Month + 1.26%), 04/15/2031<sup>(a)(f)</sup> |  | 88 | 88320 |
|  Neuberger Berman Loan Advisers CLO 47 Ltd. <br>Series 2022-47A, Class AR <br>5.205% (CME Term SOFR 3 Month + 1.09%), 04/16/2035<sup>(a)(f)</sup> |  | 350 | 350490 |
|  OCP CLO Ltd. <br>Series 2023-26A, Class AR <br>4.962% (CME Term SOFR 3 Month + 1.08%), 04/17/2037<sup>(a)(f)</sup> |  | 700 | 699643 |
|  PPM CLO 5 Ltd. <br>Series 2021-5A, Class A <br>5.346% (CME Term SOFR 3 Month + 1.46%), 10/18/2034<sup>(a)(f)</sup> |  | 500 | 500000 |
|  Rad CLO 14 Ltd. <br>Series 2021-14A, Class A <br>5.336% (CME Term SOFR 3 Month + 1.43%), 01/15/2035<sup>(a)(f)</sup> |  | 550 | 550186 |
|  Regatta XVI Funding Ltd. <br>Series 2019-2A, Class A1R <br>5.105% (CME Term SOFR 3 Month + 1.20%), 01/15/2033<sup>(a)(f)</sup> |  | 216 | 216713 |
|  VERDE CLO Ltd. <br>Series 2019-1A, Class ARR <br>5.015% (CME Term SOFR 3 Month + 1.11%), 04/15/2032<sup>(a)(f)</sup> |  | 124 | 123701 |
|  Voya CLO Ltd.<br>Series 2018-1A, Class A1<br>5.096% (CME Term SOFR 3 Month + 1.21%), 04/19/2031<sup>(a)(f)</sup> |  | 103 | 102973 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 21 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A1R2 <br>5.014% (CME Term SOFR 3 Month + 1.13%), 10/20/2036<sup>(a)(f)</sup> | U.S.$| 350 | $349577 |
|  Total Collateralized Loan Obligations <br>(cost $6,639,226) |  |  | 6651773 |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.8% |  |  |  |
|  **Non-Agency Fixed Rate CMBS – 0.8%** |  |  |  |
|  BANK <br>Series 2020-BN28, Class XA <br>1.875%, 03/15/2063<sup>(i)</sup> |  | 1999 | 134508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class XA <br>1.405%, 11/15/2053<sup>(i)</sup> |  | 949 | 49015 |
|  Barclays Commercial Mortgage Trust <br>Series 2019-C3, Class XA <br>1.467%, 05/15/2052<sup>(i)</sup> |  | 928 | 32946 |
|  BBCMS Mortgage Trust <br>Series 2017-C1, Class XA <br>1.609%, 02/15/2050<sup>(i)</sup> |  | 1146 | 11963 |
|  CD Mortgage Trust <br>Series 2016-CD1, Class XA <br>1.472%, 08/10/2049<sup>(i)</sup> |  | 1412 | 3168 |
|  CFCRE Commercial Mortgage Trust <br>Series 2016-C4, Class XA <br>1.62%, 05/10/2058<sup>(i)</sup> |  | 38 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C8, Class XA <br>1.629%, 06/15/2050<sup>(i)</sup> |  | 258 | 3529 |
|  Citigroup Commercial Mortgage Trust <br>Series 2016-GC36, Class A5 <br>3.616%, 02/10/2049 |  | 127 | 126629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P7, Class XA <br>1.251%, 04/14/2050<sup>(i)</sup> |  | 768 | 7097 |
|  Commercial Mortgage Trust <br>Series 2014-CR16, Class D <br>4.937%, 04/10/2047<sup>(a)</sup> |  | 100 | 84771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2, Class XA <br>0.967%, 02/10/2049<sup>(i)</sup> |  | 1074 | 68 |
|  GS Mortgage Securities Trust <br>Series 2013-GC13, Class D <br>3.989%, 07/10/2046<sup>(a)</sup> |  | 100 | 72814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS3, Class XA <br>1.282%, 10/10/2049<sup>(i)</sup> |  | 1157 | 3841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS5, Class XA <br>0.969%, 03/10/2050<sup>(i)</sup> |  | 1383 | 10569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS7, Class XA <br>1.168%, 08/10/2050<sup>(i)</sup> |  | 3076 | 38360 |

---

---

| | |
|:---|:---|
| 22 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC39, Class XA <br>1.223%, 05/10/2052<sup>(i)</sup> | U.S.$| 3484 | $| 109759 |
|  JP Morgan Chase Commercial Mortgage Securities Trust<br>Series 2012-LC9, Class G<br>3.689%, 12/15/2047<sup>(a)</sup> |  | 100 |  | 58499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC11, Class B <br>3.499%, 04/15/2046 |  | 49 |  | 45009 |
|  JPMBB Commercial Mortgage Securities Trust <br>Series 2013-C14, Class D <br>4.172%, 08/15/2046<sup>(a)</sup> |  | 75 |  | 57865 |
|  UBS Commercial Mortgage Trust <br>Series 2017-C1, Class XA <br>1.616%, 06/15/2050<sup>(i)</sup> |  | 868 |  | 11963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C2, Class XA <br>1.197%, 08/15/2050<sup>(i)</sup> |  | 1809 |  | 22046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class XA <br>1.05%, 12/15/2051<sup>(i)</sup> |  | 727 |  | 15609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C15, Class XA <br>1.045%, 12/15/2051<sup>(i)</sup> |  | 554 |  | 11973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class XA <br>1.108%, 12/15/2052<sup>(i)</sup> |  | 1182 |  | 33548 |
|  UBS-Barclays Commercial Mortgage Trust <br>Series 2013-C6, Class D <br>4.06%, 04/10/2046<sup>(a)</sup> |  | 69 |  | 63460 |
|  Wells Fargo Commercial Mortgage Trust <br>Series 2016-LC24, Class XA <br>1.725%, 10/15/2049<sup>(i)</sup> |  | 683 |  | 4680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C48, Class XA <br>1.099%, 01/15/2052<sup>(i)</sup> |  | 712 |  | 16014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class XA <br>1.71%, 08/15/2052<sup>(i)</sup> |  | 821 |  | 36906 |
|  WFRBS Commercial Mortgage Trust <br>Series 2011-C4, Class D <br>5.15%, 06/15/2044<sup>(a)</sup> |  | 37 |  | 35887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-C4, Class E <br>5.15%, 06/15/2044<sup>(a)</sup> |  | 25 |  | 23558 |
|  |  |  |  | 1126102 |
|  **Non-Agency Floating Rate CMBS – 0.0%** | **Non-Agency Floating Rate CMBS – 0.0%** | **Non-Agency Floating Rate CMBS – 0.0%** | **Non-Agency Floating Rate CMBS – 0.0%** | **Non-Agency Floating Rate CMBS – 0.0%** |
|  Starwood Retail Property Trust <br>Series 2014-STAR, Class A <br>7.00% (PRIME 1 Month + 0.00%), 11/15/2027<sup>(a)(f)</sup> |  | 76 |  | 46244 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $1,292,849) |  |  |  | 1172346 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 23 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(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 <br>Series 2021-DNA6, Class M2 <br>5.572% (CME Term SOFR + 1.50%), 10/25/2041<sup>(a)(f)</sup> | U.S.$| 122 | $122946 |
|  Federal National Mortgage Association Connecticut Avenue Securities <br>Series 2016-C04, Class 1B <br>14.436% (CME Term SOFR + 10.36%), 01/25/2029<sup>(f)</sup> |  | 117 | 122954 |
|  |  |  | 245900 |
|  **Agency Fixed Rate – 0.0%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICS <br>Series 4913, Class IO <br>6.00%, 04/15/2041<sup>(i)</sup> |  | 48 | 9253 |
|  Federal National Mortgage Association REMICS <br>Series 2016-26, Class IO <br>5.00%, 05/25/2046<sup>(i)</sup> |  | 95 | 12885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-31, Class IO <br>5.00%, 06/25/2046<sup>(i)</sup> |  | 129 | 16717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-64, Class BI <br>5.00%, 09/25/2046<sup>(i)</sup> |  | 15 | 1985 |
|  |  |  | 40840 |
|  **Agency Floating Rate – 0.0%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICS <br>Series 4372, Class JS <br>1.844% (5.99% – CME Term SOFR), 08/15/2044<sup>(f)(j)</sup> |  | 64 | 7194 |
|  Federal National Mortgage Association REMICS <br>Series 2012-17, Class ES <br>2.364% (6.44% – CME Term SOFR), 03/25/2041<sup>(f)(j)</sup> |  | 15 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-17, Class SE <br>1.764% (5.84% – CME Term SOFR), 03/25/2042<sup>(f)(j)</sup> |  | 49 | 5904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-25, Class SA <br>1.864% (5.94% – CME Term SOFR), 06/25/2049<sup>(f)(j)</sup> |  | 31 | 3505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-42, Class SQ <br>1.864% (5.94% – CME Term SOFR), 08/25/2049<sup>(f)(j)</sup> |  | 28 | 3241 |
|  |  |  | 20068 |
|  Total Collateralized Mortgage Obligations <br>(cost $305,346) |  |  | 306808 |

---

---

| | |
|:---|:---|
| 24 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  BANK LOANS – 0.2% |  |  |  |
|  Industrial – 0.1% |  |  |  |
|  **Capital Goods – 0.0%** |  |  |  |
|  Chamberlain Group, Inc. <br>6.916% (CME Term SOFR 1 Month + 3.00%), 09/08/2032<sup>(k)</sup> | U.S.$| 10 | $9644 |
|  **Communications - Media – 0.1%** |  |  |  |
|  DIRECTV Financing LLC <br>9.352% (CME Term SOFR 3 Month + 5.25%), 08/02/2029<sup>(k)</sup> |  | 20 | 20168 |
|  DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. <br>9.580% (CME Term SOFR 3 Month + 5.50%), 02/17/2031<sup>(k)</sup> |  | 82 | 81046 |
|  Radiate Holdco, LLC<br>1.500% (PIK Interest 12 + 1.50%), 09/25/2029<sup>(k)</sup> |  | 42 | 30408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.530% (CME Term SOFR 1 Month + 3.50%), 09/25/2029<sup>(k)</sup> |  | 42 | 30408 |
|  |  |  | 162030 |
|  **Technology – 0.0%** |  |  |  |
|  Loyalty Ventures, Inc. <br>14.000% (PRIME 3 Month + 5.50%), 11/03/2027<sup>(d)(e)(g)(k)(l)</sup> |  | 72 | 543 |
|  |  |  | 172217 |
|  Financial Institutions – 0.1% |  |  |  |
|  **Financial Services – 0.1%** |  |  |  |
|  Colossus Acquireco LLC <br>5.870% (SOFR 4 + 1.75%), 07/30/2032<sup>(k)</sup> |  | 100 | 99578 |
|  Total Bank Loans <br>(cost $364,465) |  |  | 271795 |
|  |  | **Shares** |  |
|  COMMON STOCKS – 0.0% |  |  |  |
|  Energy – 0.0% |  |  |  |
|  **Oil, Gas & Consumable Fuels – 0.0%** |  |  |  |
|  New Fortress Energy, Inc.<sup>(d)</sup> <br>(cost $19,137) |  | 2218 | 2706 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 25 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **<br>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%<sup>(m)(n)(o)</sup> <br>(cost $805,779) | 805779 | $805779 |
|  Total Investments – 101.2% <br>(cost $145,917,463) |  | 146841324 |
|  Other assets less liabilities – (1.2)% |  | (1698789) |
|  **Net Assets – 100.0%** |  | $**145142535** |

---

#### FUTURES (see Note D)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  U.S. T-Note 5 Yr (CBT) Futures | 58 | March 2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6366406 | $23828 |
|  U.S. T-Note 10 Yr (CBT) Futures | 25 | March 2026 | 2833594 | (1173) |
|  **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  U.S. 10 Yr Ultra Futures | 23 | March 2026 | 2672672 | (6578) |
|  U.S. Long Bond (CBT) Futures | 7 | March 2026 | 822063 | (4156) |
|  U.S. Ultra Bond (CBT) Futures | 1 | March 2026 | 120938 | (773) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11148 |

---

#### FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  State Street Bank & Trust Co. | EUR | 759 | USD | 879 | 01/29/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4525) |

---

#### CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>November 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iTraxx Australia Series 44, 5 Year Index, 12/20/2030\* | (1.00)% | Quarterly | 0.66% | USD | 2720 | $(46975) | $(42200) | $(4775) |

---

---

| | |
|:---|:---|
| 26 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>November 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 45, 5 Year Index, 12/20/2030\* | 5.00% | Quarterly | 3.23% | USD | 2370 | $199360 | $174862 | $24498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAIG Series 45, 5 Year Index, 12/20/2030\* | 1.00 | Quarterly | 0.51 | USD | 2210 | 53869 | 48858 | 5011 |
|  |  |  |  |  |  | $206254 | $181520 | $24734 |

---

\* Termination date

(a) 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 $51,163,951 or 35.3% of net assets.

(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 <br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Tricolor Auto Securitization Trust<br>Series 2025-1A, Class A <br>4.94%, 02/15/2029 | 03/11/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105005 | $73496 | 0.05% |
|  Tricolor Auto Securitization Trust<br>Series 2025-2A, Class A <br>5.12%, 01/16/2029 | 06/10/2025 | 546523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376518 | 0.26% |
|  Tricolor Auto Securitization Trust<br>Series 2024-3A, Class A <br>5.22%, 06/15/2028 | 09/18/2025 | 131695 | 125356 | 0.09% |
|  Tricolor Auto Securitization Trust<br>Series 2024-1A, Class A <br>6.61%, 10/15/2027 | 01/25/2024 | 24707 | 23944 | 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 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $145,111,684) | $146035545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $805,779) | 805779 |
|  Cash | 1702526 |
|  Cash collateral due from broker | 284608 |
|  Foreign currencies, at value (cost $25,378) | 24845 |
|  Interest receivable | 1400016 |
|  Affiliated dividends receivable | 4532 |
|  Receivable for variation margin on centrally cleared swaps | 2651 |
|  Receivable due from Adviser | 239 |
|  Total assets | 150260741 |
| Liabilities |  |
|  Payable for investment securities purchased | 4991039 |
|  Advisory fee payable | 32988 |
|  Unrealized depreciation on forward currency exchange contracts | 4525 |
|  Payable for variation margin on futures | 4222 |
|  Foreign capital gains tax payable | 134 |
|  Other liabilities | 85298 |
|  Total liabilities | 5118206 |
|  Net Assets | $**145142535** |
| Composition of Net Assets |  |
|  Capital stock, at par | $404 |
|  Additional paid-in capital | 149332680 |
|  Accumulated loss | (4190549) |
|  **Net Assets** | $**145142535** |
|  **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5843199 |  |
|  Dividends—Affiliated issuers | 46779 |  |
|  Other income<sup>(a)</sup> | 8263 | $5898241 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 350187 |  |
|  Total expenses before bank overdraft expense | 350187 |  |
|  Bank overdraft expense | 565 |  |
|  Total expenses | 350752 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (2361) |  |
|  Net expenses |  | 348391 |
|  Net investment income |  | 5549850 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions<sup>(b)</sup> |  | 439323 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 44271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 15153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 289471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 245516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written swaptions |  | (8811) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (31161) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(c)</sup> |  | 536883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | (13614) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (61157) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (12177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | (2343) |
|  Net gain on investment and foreign currency transactions |  | 1441354 |
|  **Net Increase in Net Assets from Operations** |  | $**6991204** |

---

(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<br>November 30,<br>2025** | **November 1,**<br>**2024 to<br>November 30,<br>2024<sup>(a)</sup>** | **Year Ended<br>October 31,<br>2024<sup>(b)</sup>** |
| Increase (Decrease) in Net Assets from Operations |  |  |  |
|  Net investment income | $5549850 | $373784 | $5422490 |
|  Net realized gain (loss) on investment transactions and foreign currency transactions | 993762 | (128457) | 701864 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 447592 | 273091 | 2445482 |
|  Net increase in net assets from operations | 6991204 | 518418 | 8569836 |
| Distribution to Shareholders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | – 0 | – 0 | (52498) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | – 0 | – 0 | (4384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (5535810) | (378246) | (4991883) |
| Transactions in Shares of the Fund |  |  |  |
|  Net increase (decrease) | 55182805 | – 0 | (23813083) |
|  Other capital | 972 | 5 | 150 |
|  Total increase (decrease) | 56639171 | 140177 | (20291862) |
| Net Assets |  |  |  |
|  Beginning of period | 88503364 | 88363187 | 108655049 |
|  End of period | $**145142535** | $**88503364** | $**88363187** |

---

(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

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

---

| | |
|:---|:---|
| 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)

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.

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.

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

---

| | |
|:---|:---|
| 34 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**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.

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.

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.

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 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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Corporates – Investment Grade | $– 0 | $54860270 | $– 0 | $54860270 |
|  Governments – Treasuries | – 0 | 43142278 | – 0 | 43142278 |
|  Asset-Backed Securities | – 0 | 20105543 | 119440 | 20224983 |
|  Corporates – Non-Investment Grade | – 0 | 12733579 | – 0 | 12733579 |
|  Mortgage Pass-Throughs | – 0 | 6669007 | – 0 | 6669007 |
|  Collateralized Loan Obligations | – 0 | 6651773 | – 0 | 6651773 |
|  Commercial Mortgage-Backed Securities | – 0 | 1172346 | – 0 | 1172346 |
|  Collateralized Mortgage Obligations | – 0 | 306808 | – 0 | 306808 |
|  Bank Loans | – 0 | 271252 | 543 | 271795 |
|  Common Stocks | 2706 | – 0 | – 0 | 2706 |
|  Short-Term Investments | 805779 | – 0 | – 0 | 805779 |
|  Total Investments in Securities | 808485 | 145912856 | 119983 | 146841324 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Futures | 23828 | – 0 | – 0 | 23828 <sup>(b)</sup> |
|  Centrally Cleared Credit Default Swaps | – 0 | 253229 | – 0 | 253229 <sup>(b)</sup> |
|  **Liabilities:** |  |  |  |  |
|  Futures | (12680) | – 0 | – 0 | (12680)<sup>(b)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (4525) | – 0 | (4525) |
|  Centrally Cleared Credit Default Swaps | – 0 | (46975) | – 0 | (46975)<sup>(b)</sup> |
|  **Total** | $**819633** | $**146114585** | $**119983** | $**147054201** |

---

(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

---

| | |
|:---|:---|
| 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

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 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

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.

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

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 .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<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |

---

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 purchases and sales) for the year ended November 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60460757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47457879 |
|  U.S. government securities | 43639972 | 37954008 |

---

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

---

| | |
|:---|:---|
| **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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31546085 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107881 |
|  U.S. government securities | 20315330 | 3115278 |

---

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

---

| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145926465 |
|  Gross unrealized appreciation | $1688692 |
|  Gross unrealized depreciation | (768856) |
|  Net unrealized appreciation | $919836 |

---

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.

The principal types of derivatives 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

---

| | |
|:---|:---|
| 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** 

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 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.

**•** **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

---

| | |
|:---|:---|
| **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 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 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.

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.

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 43 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, 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

---

| | |
|:---|:---|
| 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.

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.

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.

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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 45 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable for variation margin on futures | $23828 \* | Payable for variation margin on futures | $12680 \* |
|  Credit contracts | Receivable for variation margin on centrally cleared swaps | 29509 \* | Payable for variation margin on centrally cleared swaps | 4775 \* |
|  Foreign currency contracts |  |  | Unrealized depreciation on forward currency exchange contracts | 4525 |
|  Total |  | $53337 |  | $21980 |

---

\* 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<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289471 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61157) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | 15153 | (13614) |

---

---

| | |
|:---|:---|
| 46 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on written swaptions; Net change in unrealized appreciation (depreciation) of written swaptions | (8811) | – 0 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 245516 | (12177) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541329 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86948 |

---

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

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12514521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $2379764 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $913780 |
|  Written Swaptions |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $1150000 <sup>(a)</sup> |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $3635385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $5721933 |

---

(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.

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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |  |
|  State Street Bank & Trust Co. | $4525 | $– 0 – $| – 0 – $| – 0 – $| 4525 |  |
|  Total | $4525 | $– 0 – $| – 0 – $| – 0 – $| 4525 | <sup>^</sup> |

---

\* 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

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).

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

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| | |
|:---|:---|
| 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares | Shares | Shares | Amount | Amount | Amount |
|  | Year Ended<br>November 30,<br>2025 | Period Ended<br>November 30,<br>2024<sup>(a)</sup> | Year Ended<br>October 31,<br>2024<sup>(b)</sup> | Year Ended<br>November 30,<br>2025 | Period Ended<br>November 30,<br>2024<sup>(a)</sup> | Year Ended<br>October 31,<br>2024<sup>(b)</sup> |
| **Class A** |  |  |  |  |  |  |
|  Shares sold | – 0 | – 0 | 83992 | $– 0 | $– 0 | $745203 |
|  Shares issued in reinvestment of dividends | – 0 | – 0 | 4782 | – 0 | – 0 | 42536 |
|  Shares converted from Class C | – 0 | – 0 | – 0 | – 0 | – 0 | – 0 |
|  Shares converted to Advisor Class | – 0 | – 0 | (250959) | – 0 | – 0 | (2222542) |
|  Shares redeemed | – 0 | – 0 | (137359) | – 0 | – 0 | (1218920) |
|  **Net decrease** | **– 0** | **– 0** | **(299544** | $**– 0** | $**– 0** | $**(2653723** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Shares sold | – 0 | – 0 | 4927 | $– 0 | $– 0 | $43888 |
|  Shares issued in reinvestment of dividends | – 0 | – 0 | 266 | – 0 | – 0 | 2363 |
|  Shares converted to Class A | – 0 | – 0 | – 0 | – 0 | – 0 | – 0 |
|  Shares converted to Advisor Class | – 0 | – 0 | (23735) | – 0 | – 0 | (209915) |
|  Shares redeemed | – 0 | – 0 | (31981) | – 0 | – 0 | (282701) |
|  **Net increase (decrease)** | **– 0** | **– 0** | **(50523** | $**– 0** | $**– 0** | $**(446365** |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 49 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares | Shares | Shares | Amount | Amount | Amount |
|  | Year Ended<br>November 30,<br>2025 | Period Ended<br>November 30,<br>2024<sup>(a)</sup> | Year Ended<br>October 31,<br>2024<sup>(b)</sup> | Year Ended<br>November 30,<br>2025 | Period Ended<br>November 30,<br>2024<sup>(a)</sup> | Year Ended<br>October 31,<br>2024<sup>(b)</sup> |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 1700000 | – 0 | 1339069 | $60488135 | $– 0 | $47194795 |
|  Shares issued in reinvestment of dividends | – 0 | – 0 | 70699 | – 0 | – 0 | 2482228 |
|  Shares converted from Class A | – 0 | – 0 | 63345 | – 0 | – 0 | 2222542 |
|  Shares converted from Class C | – 0 | – 0 | 5991 | – 0 | – 0 | 209915 |
|  Shares redeemed | (150000) | – 0 | (2065622) | (5305330) | – 0 | (72822475) |
|  **Net increase (decrease)** | **1550000** | **– 0** | **(586518)** | $**55182805** | $**– 0** | $**(20712995)** |

---

(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

**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.

**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.

**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.

**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 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.

**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.

**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.

**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

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| | |
|:---|:---|
| **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.

**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.

**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.

**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.

**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

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| | |
|:---|:---|
| 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.

**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

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| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 53 |

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------

**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.

**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.

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| | |
|:---|:---|
| 54 AB Short Duration Income ETF | **ABFunds.com** |

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------

**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:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30,<br>2025** | **November 1,<br>2024 to<br>November 30,<br>2024** | **Year Ended<br>October 31,<br>2024** |
|  Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5535810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5048765 |
|  Total taxable distributions paid | $5535810 | $378246 | $5048765 |

---

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

---

| | |
|:---|:---|
|  Undistributed ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584485 |
|  Accumulated capital and other losses | (5691593)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 919213 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4187895)<sup>(c)</sup> |

---

(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.

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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 55 |

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**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<br>outstanding<br>before the<br>Conversion** | **Shares<br>outstanding<br>immediately<br>after the<br>Conversion** | **Aggregate<br>net assets<br>before the<br>Conversion** | **Aggregate<br>net assets<br>immediately<br>after the<br>Conversion** |
|  Acquired Portfolio\* | 11443352 | – 0 | $101095155 | $– 0 |
|  The Fund | – 0 | 2888433 | $– 0 | $101095155 |

---

\* 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.  |

---

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.

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| | |
|:---|:---|
| 56 AB Short Duration Income ETF | **ABFunds.com** |

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------

#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period<sup>(a)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **November 30,**<br> **2025** | **November 1,<br>2024 to<br>November 30,**<br> **2024<sup>(b)</sup>** | **<br>Year Ended October 31,** | **<br>Year Ended October 31,** | **<br>Year Ended October 31,** | **<br>Year Ended October 31,** |
|  | **Year Ended**<br> **November 30,**<br> **2025** | **November 1,<br>2024 to<br>November 30,**<br> **2024<sup>(b)</sup>** | **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<sup>(c)(d)</sup> | 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 | (4.15) | .00 |
|  Contribution from Affiliates | – 0 | – 0 | – 0 | – 0 | .00 <sup>(f)</sup> | – 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<sup>(g)</sup> | 6.11 | .59 | 8.52 | 5.22 | (8.76)% | 2.48 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $145143 | $88503 | $88363 | $105618 | $64972 | $56593 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(h)</sup> | .30 | .30 | .39 | .71 | .77% | .47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(h)</sup> | .30 | .30 | .70 | 1.26 | 1.48% | 1.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(d)</sup> | 4.75 | 5.14 | 5.23 | 4.29 | 2.17% | 2.52 |
|  Portfolio turnover rate<sup>(i)</sup>\* | 73 | 1 | 116 | 185 | 60% | 163 |

---

See footnote summary on page 58

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|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 57 |

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------

**FINANCIAL HIGHLIGHTS** (continued)

(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<br>November 30,<br>2025** | **November 1,<br>2024 to<br>November 30,<br>2024<sup>(b)</sup>** | | **<br>Year Ended October 31,** | **<br>Year Ended October 31,** | **<br>Year Ended October 31,** | **<br>Year Ended October 31,** |
|  | **Year Ended<br>November 30,<br>2025** | **November 1,<br>2024 to<br>November 30,<br>2024<sup>(b)</sup>** | | **2024** | **2023** | **2022** | **2021** |
|  Net of waivers/reimbursements | .30% | .30 | %<sup>^</sup> | .39% | .45% | .45% | .45% |
|  Before waivers/reimbursements | .30% | .30 | %<sup>^</sup> | .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**<br> **Income Per**<br> **Share** | **Net Investment**<br> **Income Ratio** | **Total Return** |
| Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.00 <sup>(f)</sup> | .00 %<sup>(j)</sup> | .00 %<sup>(j)</sup> |
| Class C | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.00 <sup>(f)</sup> | .00 %<sup>(j)</sup> | .00 %<sup>(j)</sup> |
| Advisor Class | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.00 <sup>(f)</sup> | .00 %<sup>(j)</sup> | .00 %<sup>(j)</sup> |

---

^ 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.

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.

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)

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](g19396g91r55.jpg)

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.

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.

---

| | |
|:---|:---|
| **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").

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

---

| | |
|:---|:---|
| 62 AB Short Duration Income 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 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
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 since the Fund's inception.

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| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 63 |

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------

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 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 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;

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| | |
|:---|:---|
| 64 AB Short Duration Income ETF | **ABFunds.com** |

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------

(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
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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 65 |

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#### NOTES

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| | |
|:---|:---|
| 66 AB Short Duration Income ETF | **ABFunds.com** |

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| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 67 |

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| | |
|:---|:---|
| 68 AB Short Duration Income ETF | **ABFunds.com** |

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![LOGO](g19396g28a43.jpg)

AB SHORT DURATION INCOME ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-SDI-0151-1125 ![LOGO](g19396g22c48.jpg)

------

#### November 30, 2025
![LOGO](g934245g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB TAX-AWARE INTERMEDIATE

MUNICIPAL ETF

(NYSE: TAFM)

![LOGO](g934245g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS

#### November 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MUNICIPAL OBLIGATIONS – 96.5% | MUNICIPAL OBLIGATIONS – 96.5% | MUNICIPAL OBLIGATIONS – 96.5% |
|  Long-Term Municipal Bonds – 87.7% | Long-Term Municipal Bonds – 87.7% | Long-Term Municipal Bonds – 87.7% |
|  **Alabama – 4.1%** | **Alabama – 4.1%** | **Alabama – 4.1%** |
|  Black Belt Energy Gas District<br>(BP PLC) <br>Series 2024-D <br>5.00%, 03/01/2055 | $2250 | $2440346 |
|  Black Belt Energy Gas District<br>(Canadian Imperial Bank of Commerce) <br>Series 2022-E <br>5.00%, 05/01/2053 | 1000 | 1051273 |
|  Black Belt Energy Gas District<br>(Goldman Sachs Group) <br>Series 2024-B <br>5.00%, 10/01/2055 | 2750 | 2972203 |
|  Black Belt Energy Gas District<br>(Nomura Holdings, Inc.) <br>Series 2022-A <br>4.00%, 12/01/2052 | 1100 | 1129437 |
|  County of Jefferson AL Sewer Revenue<br>(County of Jefferson AL Sewer Revenue) <br>Series 2024 <br>5.25%, 10/01/2040 | 1250 | 1371789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2044 | 100 | 106104 |
|  Energy Southeast A Cooperative District<br>(Goldman Sachs Group) <br>Series 2025-A <br>5.00%, 11/01/2035 | 1000 | 1079465 |
|  Energy Southeast A Cooperative District<br>(Morgan Stanley) <br>Series 2024-B <br>5.25%, 07/01/2054 | 1460 | 1587309 |
|  Lauderdale County Agriculture Center Authority<br>(Lauderdale County Agriculture Center Authority Spl Tax) <br>Series 2024 <br>5.00%, 07/01/2041 | 1000 | 1062204 |
|  Southeast Alabama Gas Supply District (The)<br>(Morgan Stanley) <br>Series 2024 <br>5.00%, 06/01/2049 | 200 | 214500 |
|  Southeast Energy Authority A Cooperative District<br>(Athene Annuity & Life Co.) <br>Series 2025-A <br>5.00%, 01/01/2056 | 500 | 522126 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 1 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Southeast Energy Authority A Cooperative District<br>(Deutsche Bank AG) <br>Series 2024-A <br>5.00%, 11/01/2035 | $| 400 | $| 423705 |
|  Southeast Energy Authority A Cooperative District<br>(JPMorgan Chase & Co.) <br>Series 2025-E <br>5.00%, 10/01/2030 |  | 1100 |  | 1183862 |
|  Southeast Energy Authority A Cooperative District<br>(New York Life Insurance) <br>Series 2025 <br>5.00%, 09/01/2035 |  | 1000 |  | 1095836 |
|  Southeast Energy Authority A Cooperative District<br>(Pacific Life Insurance) <br>Series 2024-C <br>5.00%, 10/01/2055 |  | 750 |  | 817256 |
|  |  |  |  | 17057415 |
|  **Arizona – 2.6%** | **Arizona – 2.6%** | **Arizona – 2.6%** | **Arizona – 2.6%** | **Arizona – 2.6%** |
|  Arizona Industrial Development Authority<br>(Equitable School Revolving Fund Obligated Group) <br>Series 2023 <br>5.25%, 11/01/2053 |  | 1000 |  | 1020853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 11/01/2044 |  | 150 |  | 152818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2049 |  | 1000 |  | 1011605 |
|  Arizona Industrial Development Authority<br>(ISF Ativo Portfolio Obligated Group) <br>Series 2025 <br>6.875%, 03/01/2055<sup>(a)</sup> |  | 1000 |  | 1019940 |
|  Arizona Industrial Development Authority<br>(State of Nebraska Lease) <br>Series 2020 <br>5.00%, 02/01/2026 |  | 1000 |  | 1003968 |
|  Chandler Industrial Development Authority<br>(Intel Corp.) <br>Series 2022 <br>5.00%, 09/01/2042 |  | 300 |  | 304905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2052 |  | 1000 |  | 1016498 |
|  Industrial Development Authority of the City of Phoenix Arizona (The)<br>(Downtown Phoenix Student Housing) <br>Series 2018-A <br>5.00%, 07/01/2037 |  | 1000 |  | 1010801 |
|  La Paz County Industrial Development Authority<br>(Harmony Public Schools) <br>Series 2016 <br>5.00%, 02/15/2036<sup>(a)</sup> |  | 400 |  | 400492 |

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| | |
|:---|:---|
| 2 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Maricopa County Industrial Development Authority<br>(HonorHealth Obligated Group) <br>Series 2019-A <br>4.125%, 09/01/2042 | $| 250 | $| 243106 |
|  Salt River Project Agricultural Improvement & Power District<br>(Salt River Project Agricultural Improvement & Power District) <br>Series 2025-C <br>5.00%, 01/01/2046 |  | 2000 |  | 2157493 |
|  Salt Verde Financial Corp.<br>(Citigroup, Inc.) <br>Series 2007 <br>5.00%, 12/01/2037 |  | 1500 |  | 1627401 |
|  |  |  |  | 10969880 |
|  **California – 8.0%** | **California – 8.0%** | **California – 8.0%** | **California – 8.0%** | **California – 8.0%** |
|  California Community Choice Financing Authority<br>(American General Life Insurance) <br>Series 2023-D <br>5.50%, 05/01/2054 |  | 1575 |  | 1667364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 08/01/2055 |  | 3200 |  | 3399219 |
|  California Community Choice Financing Authority<br>(Apollo Global Management) <br>Series 2025-A <br>5.00%, 01/01/2056 |  | 1000 |  | 1062331 |
|  California Community Choice Financing Authority<br>(Athene Annuity & Life Co.) <br>Series 2024 <br>5.00%, 11/01/2055 |  | 750 |  | 787157 |
|  California Community Choice Financing Authority<br>(Bank of Nova Scotia (The)) <br>Series 2025 <br>5.00%, 10/01/2056 |  | 1250 |  | 1370672 |
|  California Community Choice Financing Authority<br>(Deutsche Bank AG) <br>Series 2023 <br>5.25%, 01/01/2054 |  | 200 |  | 212936 |
|  California Community Choice Financing Authority<br>(New York Life Insurance) <br>Series 2024 <br>5.00%, 01/01/2056 |  | 500 |  | 551622 |
|  California Community Choice Financing Authority<br>(Pacific Life Insurance) <br>Series 2024-F <br>5.00%, 02/01/2055 |  | 750 |  | 819231 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 3 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Community Housing Agency<br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments) <br>Series 2021 <br>4.00%, 02/01/2056<sup>(a)</sup> | $100 | $82624 |
|  California Health Facilities Financing Authority<br>(Adventist Health System/West Obligated Group) <br>Series 2024 <br>5.25%, 12/01/2044 | 1000 | 1057000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 12/01/2035 | 1000 | 1132855 |
|  California Infrastructure & Economic Development Bank<br>(Desertxpress Enterprises) <br>Series 2025 <br>12.00%, 01/01/2065 | 795 | 675750 |
|  California Municipal Finance Authority<br>(CHF-Riverside II LLC) <br>Series 2019 <br>5.00%, 05/15/2033 | 500 | 528219 |
|  California Public Finance Authority<br>(ISF Ativo Portfolio Obligated Group) <br>Series 2025 <br>6.75%, 03/01/2055<sup>(a)</sup> | 1000 | 1025299 |
|  City of Los Angeles CA Wastewater System Revenue<br>(City of Los Angeles CA Wastewater System Revenue) <br>Series 2025-A <br>5.00%, 06/01/2055 | 1000 | 1068325 |
|  City of Los Angeles Department of Airports <br>(City of Los Angeles Dept. of Airports)<br>Series 2020-C <br>5.00%, 05/15/2045 | 1000 | 1023823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.50%, 05/15/2038 | 2000 | 2220977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.25%, 05/15/2045 | 500 | 535582 |
|  CMFA Special Finance Agency VII<br>(CMFA Special Finance Agency VII The Breakwater Apartments)<br>Series 2021 <br>3.00%, 08/01/2056<sup>(a)</sup> | 100 | 68922 |
|  Golden State Tobacco Securitization Corp.<br>(Golden State Tobacco Securitization) <br>Series 2021-B <br>Zero Coupon, 06/01/2066 | 455 | 48782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 06/01/2051 | 1460 | 1461956 |

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| | |
|:---|:---|
| 4 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Los Angeles Department of Water & Power<br>(Los Angeles Dept. of Water & Power Power System Revenue) <br>Series 2024-C <br>5.00%, 07/01/2041 | $500 | $542953 |
|  Los Angeles Department of Water & Power Power System Revenue<br>(Los Angeles Dept. of Water & Power Power System Revenue) <br>Series 2016-B <br>5.00%, 07/01/2036 | 3100 | 3103111 |
|  M-S-R Energy Authority<br>(Citigroup, Inc.) <br>Series 2009-C <br>7.00%, 11/01/2034 | 1000 | 1219959 |
|  San Francisco Bay Area Rapid Transit District<br>(San Francisco Bay Area Rapid Transit District) <br>Series 2017 <br>4.00%, 08/01/2037 | 300 | 303816 |
|  San Francisco Intl Airport<br>(San Francisco Intl Airport) <br>Series 2019-A <br>5.00%, 05/01/2044 | 1000 | 1017925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 05/01/2034 | 500 | 569237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2042 | 1250 | 1352839 |
|  San Francisco Intl Airport<br>(SFO Fuel Co. LLC) <br>Series 2019 <br>5.00%, 01/01/2047 | 1000 | 1012611 |
|  San Joaquin Valley Clean Energy Authority<br>(Goldman Sachs Group) <br>Series 2025 <br>5.50%, 01/01/2056 | 1000 | 1139759 |
|  Southern California Public Power Authority<br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2023 <br>5.00%, 07/01/2034 | 1000 | 1144467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 1000 | 1090231 |
|  State of California<br>(State of California) <br>Series 2024 <br>5.00%, 08/01/2044 | 200 | 218952 |
|  |  | 33516506 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 5 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Colorado – 2.3%** | **Colorado – 2.3%** | **Colorado – 2.3%** |
|  City & County of Denver CO Airport System Revenue<br>(City & County of Denver CO Airport System Revenue) <br>Series 2022-A <br>5.00%, 11/15/2047 | $1000 | $1026817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D <br>5.75%, 11/15/2045 | 1315 | 1419146 |
|  City & County of Denver CO Airport System Revenue<br>(Denver Intl Airport) <br>Series 2018-A <br>5.00%, 12/01/2031 | 305 | 320721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 400 | 452520 |
|  Colorado Educational & Cultural Facilities Authority<br>(Ascent Classical Academy Charter Schools) <br>Series 2024 <br>5.50%, 04/01/2044<sup>(a)</sup> | 100 | 99715 |
|  Colorado Health Facilities Authority<br>(Christian Living Neighborhoods Obligated Group) <br>Series 2021 <br>4.00%, 01/01/2042 | 250 | 223333 |
|  Colorado Health Facilities Authority<br>(CommonSpirit Health Obligated Group) <br>Series 2025 <br>5.00%, 09/01/2035 | 1000 | 1133263 |
|  Regional Transportation District<br>(Regional Transportation District COP) <br>Series 2025 <br>5.00%, 06/01/2038 | 1500 | 1714672 |
|  Town of Vail CO<br>(Town of Vail CO COP) <br>Series 2025 <br>5.50%, 12/01/2064 | 3000 | 3239327 |
|  |  | 9629514 |
|  **Connecticut – 0.8%** | **Connecticut – 0.8%** | **Connecticut – 0.8%** |
|  Connecticut State Health & Educational Facilities Authority<br>(Stamford Hospital Obligated Group) <br>Series 2022 <br>4.00%, 07/01/2039 | 1000 | 993986 |
|  Stamford Housing Authority<br>(TJH Senior Living Obligated Group) <br>Series 2025 <br>6.375%, 10/01/2045 | 300 | 308533 |
|  State of Connecticut <br>(State of Connecticut)<br>Series 2024-A<br>5.00%, 01/15/2028 | 2000 | 2100850 |
|  |  | 3403369 |

---

---

| | |
|:---|:---|
| 6 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **District of Columbia – 2.1%** | **District of Columbia – 2.1%** | **District of Columbia – 2.1%** |
|  District of Columbia<br>(District of Columbia Union Market TIF Area) <br>Series 2024-A <br>5.125%, 06/01/2034<sup>(a)</sup> | $1000 | $1029531 |
|  District of Columbia<br>(KIPP DC Obligated Group) <br>Series 2017-B <br>5.00%, 07/01/2037 | 200 | 204276 |
|  District of Columbia Income Tax Revenue<br>(District of Columbia Income Tax Revenue) <br>Series 2025-A <br>5.00%, 06/01/2044 | 1000 | 1079813 |
|  Metropolitan Washington Airports Authority Aviation Revenue<br>(Metropolitan Washington Airports Authority Aviation Revenue) <br>Series 2020-A <br>5.00%, 10/01/2033 | 250 | 269894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.00%, 10/01/2031 | 345 | 380899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A <br>5.00%, 10/01/2035 | 1000 | 1099334 |
|  Metropolitan Washington Airports Authority Dulles Toll Road Revenue<br>(Metropolitan Washington Airports Authority Dulles Toll Road Revenue) <br>Series 2010-B <br>6.50%, 10/01/2044<sup>(b)</sup> | 1000 | 1066850 |
|  Metropolitan Washington Airports Authority Dulles Toll Road Revenue<br>(Prerefunded – US Treasuries) <br>AG Series 2009 <br>6.50%, 10/01/2041<sup>(b)</sup> | 1275 | 1314766 |
|  Washington Metropolitan Area Transit Authority<br>(Washington Metropolitan Area Transit Authority State Lease) <br>Series 2020-A <br>5.00%, 07/15/2045 | 400 | 413490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.25%, 07/15/2059 | 1750 | 1844844 |
|  |  | 8703697 |
|  **Florida – 5.3%** | **Florida – 5.3%** | **Florida – 5.3%** |
|  Brevard County Health Facilities Authority<br>(Health First Obligated Group) <br>Series 2022 <br>5.00%, 04/01/2042 | 1350 | 1406917 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 7 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Capital Projects Finance Authority/FL<br>(Navigator Academy of Leadership Obligated Group) <br>Series 2024 <br>5.00%, 06/15/2034<sup>(a)</sup> | $150 | $152964 |
|  Capital Projects Finance Authority/FL<br>(PRG – UnionWest Properties) <br>Series 2024 <br>5.00%, 06/01/2058<sup>(a)</sup> | 1000 | 930494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2044<sup>(a)</sup> | 500 | 501308 |
|  Capital Trust Authority<br>(Mason Classical Academy) <br>Series 2024 <br>5.00%, 06/01/2054<sup>(a)</sup> | 1150 | 1045416 |
|  Central Florida Tourism Oversight District<br>(Central Florida Tourism Oversight District) <br>Series 2024-A <br>5.00%, 06/01/2044 | 1000 | 1070901 |
|  City of Tampa FL<br>(H Lee Moffitt Cancer Center & Research Institute Obligated Group) <br>Series 2020 <br>4.00%, 07/01/2038 | 375 | 372303 |
|  City of Venice FL<br>(Southwest Florida Retirement Center Obligated Group) <br>Series 2024 <br>5.625%, 01/01/2060<sup>(a)</sup> | 100 | 99033 |
|  County of Lee FL Airport Revenue<br>(County of Lee FL Airport Revenue) <br>Series 2024 <br>5.25%, 10/01/2044 | 1000 | 1056521 |
|  County of Miami-Dade FL<br>(County of Miami-Dade FL) <br>Series 2024 <br>5.00%, 04/01/2046 | 1000 | 1052215 |
|  County of Miami-Dade FL Aviation Revenue<br>(County of Miami-Dade FL Aviation Revenue) <br>Series 2024-A <br>5.00%, 10/01/2033 | 1000 | 1115839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 1005 | 1125022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 | 1000 | 1111465 |
|  County of Miami-Dade Seaport Department<br>(County of Miami-Dade Seaport Dept.) <br>Series 2023-A <br>5.00%, 10/01/2035 | 1035 | 1123657 |
|  County of Palm Beach FL Airport System Revenue<br>(County of Palm Beach FL Airport System Revenue) <br>Series 2024-B <br>5.25%, 10/01/2042 | 300 | 324767 |

---

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| | |
|:---|:---|
| 8 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Florida Development Finance Corp.<br>(Brightline Trains Florida) <br>AG Series 2024 <br>5.00%, 07/01/2044 | $350 | $347515 |
|  Florida Development Finance Corp.<br>(GFL Solid Waste Southeast) <br>Series 2024 <br>4.375%, 10/01/2054<sup>(a)</sup> | 250 | 253519 |
|  Florida Development Finance Corp. <br>(SFP – Tampa I LLC)<br>Series 2024<br>5.00%, 06/01/2044<sup>(a)</sup> | 1000 | 979732 |
|  Florida Higher Educational Facilities Financing Authority<br>(Florida Institute of Technology) <br>Series 2019 <br>5.00%, 10/01/2036 | 155 | 160149 |
|  Florida Local Government Finance Commission<br>(Ponte Vedra Pine Obligated Group) <br>Series 2025 <br>4.20%, 11/15/2030<sup>(a)</sup> | 1000 | 1005557 |
|  Greater Orlando Aviation Authority<br>(Greater Orlando Aviation Authority) <br>Series 2024 <br>5.00%, 10/01/2034 | 500 | 567052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2040 | 1095 | 1209002 |
|  Greater Orlando Aviation Authority<br>(United Airlines, Inc.) <br>Series 2025 <br>5.50%, 11/01/2037 | 1000 | 1077836 |
|  Hillsborough County Aviation Authority<br>(Hillsborough County Aviation Authority) <br>Series 2024 <br>5.25%, 10/01/2044 | 300 | 320570 |
|  Orange County Health Facilities Authority<br>(Orlando Health Obligated Group) <br>Series 2025 <br>5.00%, 10/01/2044 | 500 | 532108 |
|  Palm Beach County Educational Facilities Authority<br>(Palm Beach Atlantic University Obligated Group) <br>Series 2024 <br>5.25%, 10/01/2048 | 255 | 257165 |
|  Palm Beach County Health Facilities Authority<br>(Jupiter Medical Center Obligated Group) <br>Series 2022 <br>5.00%, 11/01/2036 | 700 | 744849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 11/01/2043 | 1000 | 1027880 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  School Board of Miami-Dade County (The)<br>(Miami-Dade County School Board Foundation COP) <br>Series 2025-A <br>5.00%, 05/01/2026 | $| 1000 | $| 1009449 |
|  Village Community Development District No. 15<br>(Village Community Development District No. 15 Series 2024 Special Assessment) <br>Series 2024 <br>4.20%, 05/01/2039<sup>(a)</sup> |  | 250 |  | 248453 |
|  |  |  |  | 22229658 |
|  **Georgia – 3.6%** | **Georgia – 3.6%** | **Georgia – 3.6%** | **Georgia – 3.6%** | **Georgia – 3.6%** |
|  City of Atlanta GA Department of Aviation<br>(City of Atlanta GA Dept. of Aviation) <br>Series 2022-A <br>5.00%, 07/01/2047 |  | 1310 |  | 1368492 |
|  Fayette County Development Authority <br>(United States Soccer Federation)<br>Series 2024<br>5.00%, 10/01/2042 |  | 1100 |  | 1167926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2043 |  | 1140 |  | 1199118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2054 |  | 1050 |  | 1087259 |
|  Main Street Natural Gas, Inc.<br>(Citigroup, Inc.) <br>Series 2022-B <br>5.00%, 12/01/2052 |  | 1555 |  | 1631659 |
|  Main Street Natural Gas, Inc.<br>(Macquarie Group Ltd.) <br>Series 2019-A <br>5.00%, 05/15/2043 |  | 1000 |  | 1018491 |
|  Main Street Natural Gas, Inc.<br>(Royal Bank of Canada) <br>Series 2024-B <br>5.00%, 12/01/2054 |  | 2000 |  | 2159260 |
|  Main Street Natural Gas, Inc.<br>(Toronto-Dominion Bank) <br>Series 2024-D <br>5.00%, 04/01/2054 |  | 1000 |  | 1079292 |
|  Municipal Electric Authority of Georgia<br>(Municipal Electric Authority of Georgia) <br>Series 2019 <br>5.00%, 01/01/2063 |  | 700 |  | 699665 |
|  Private Colleges & Universities Authority<br>(Emory University) <br>Series 2023 <br>5.00%, 09/01/2033<sup>(a)</sup> |  | 2000 |  | 2305468 |

---

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| | |
|:---|:---|
| 10 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Savannah Economic Development Authority<br>(SSU Community Development I) <br>Series 2021 <br>4.00%, 06/15/2038 | $| 1000 | $| 1012678 |
|  Savannah Hospital Authority<br>(St. Joseph's/Candler Health System Obligated Group) <br>Series 2019 <br>4.00%, 07/01/2039 |  | 500 |  | 493083 |
|  |  |  |  | 15222391 |
|  **Guam – 0.6%** | **Guam – 0.6%** | **Guam – 0.6%** | **Guam – 0.6%** | **Guam – 0.6%** |
|  Antonio B Won Pat International Airport Authority<br>(Antonio B Won Pat Intl Airport Authority) <br>Series 2024-A <br>5.25%, 10/01/2040 |  | 385 |  | 411697 |
|  Guam Government Waterworks Authority<br>(Guam Waterworks Authority Water And Wastewater System) <br>Series 2024-A <br>5.00%, 07/01/2039 |  | 270 |  | 291384 |
|  Guam Power Authority<br>(Guam Power Authority) <br>Series 2017-A <br>5.00%, 10/01/2033 |  | 1000 |  | 1029815 |
|  Territory of Guam<br>(Territory of Guam Business Privilege Tax) <br>Series 2021-F <br>4.00%, 01/01/2042 |  | 1000 |  | 960593 |
|  |  |  |  | 2693489 |
|  **Hawaii – 0.5%** | **Hawaii – 0.5%** | **Hawaii – 0.5%** | **Hawaii – 0.5%** | **Hawaii – 0.5%** |
|  City & County Honolulu HI Wastewater System Revenue<br>(City & County Honolulu HI Wastewater System Revenue) <br>Series 2020-A <br>2.624%, 07/01/2045 |  | 250 |  | 178654 |
|  State of Hawaii Airports System Revenue<br>(State of Hawaii Airports System Revenue) <br>Series 2022-A <br>5.00%, 07/01/2047 |  | 1000 |  | 1021572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C <br>5.00%, 07/01/2041 |  | 1000 |  | 1077491 |
|  |  |  |  | 2277717 |
|  **Illinois – 6.6%** | **Illinois – 6.6%** | **Illinois – 6.6%** | **Illinois – 6.6%** | **Illinois – 6.6%** |
|  Chicago Board of Education<br>(Chicago Board of Education) <br>Series 2017-A <br>7.00%, 12/01/2046<sup>(a)</sup> |  | 1000 |  | 1027093 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 11 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>5.00%, 12/01/2036 | $120 | $119468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A <br>5.00%, 12/01/2034 | 100 | 100505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2049 | 1300 | 1309288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>6.00%, 12/01/2043 | 1000 | 1027524 |
|  Chicago Midway International Airport<br>(Chicago Midway Intl Airport) <br>Series 2024-C <br>5.00%, 01/01/2034 | 1000 | 1106522 |
|  Chicago O'Hare International Airport<br>(Chicago O'Hare Intl Airport) <br>Series 2024-A <br>5.00%, 01/01/2036 | 500 | 550270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C <br>5.00%, 01/01/2034 | 1000 | 1114726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2042 | 250 | 269752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 01/01/2037 | 1000 | 1105869 |
|  Chicago Transit Authority Sales Tax Receipts Fund<br>(Chicago Transit Authority Sales Tax Receipts Fund) <br>Series 2024-A <br>5.00%, 12/01/2049 | 1535 | 1582043 |
|  City of Chicago IL<br>(City of Chicago IL) <br>Series 2024-B <br>5.00%, 01/01/2034 | 1000 | 1062171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.50%, 01/01/2040 | 1000 | 1051292 |
|  Illinois Finance Authority<br>(Advocate Aurora Health Obligated Group) <br>Series 2014 <br>4.00%, 08/01/2038 | 1000 | 986660 |
|  Illinois Finance Authority <br>(Centerpoint Joliet Terminal Railroad)<br>Series 2024 <br>4.125%, 12/01/2043<sup>(a)</sup> | 100 | 99790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/01/2050<sup>(a)</sup> | 1000 | 997904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>4.80%, 12/01/2043<sup>(a)</sup> | 1000 | 1031336 |
|  Illinois State Toll Highway Authority<br>(Illinois State Toll Highway Authority) <br>Series 2017-A <br>5.00%, 01/01/2042 | 2245 | 2294607 |
|  Metropolitan Pier & Exposition Authority<br>(Metropolitan Pier & Exposition Authority) <br>Series 2017 <br>0.00%, 12/15/2042<sup>(b)</sup> | 100 | 76423 |

---

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| | |
|:---|:---|
| 12 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.00%, 06/15/2050 | $| 1000 | $| 994034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 12/15/2042 |  | 1375 |  | 1286483 |
| &nbsp;&nbsp;&nbsp;&nbsp; NATL Series 2002 <br>Zero Coupon, 06/15/2035 |  | 150 |  | 105751 |
|  Sales Tax Securitization Corp.<br>(Sales Tax Securitization) <br>Series 2025-A <br>5.00%, 01/01/2041<sup>(c)</sup> |  | 1000 |  | 1055634 |
|  State of Illinois<br>(State of Illinois) <br>Series 2020 <br>5.50%, 05/01/2039 |  | 1085 |  | 1159001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B <br>4.00%, 10/01/2033 |  | 100 |  | 102164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2035 |  | 1000 |  | 1009321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B <br>5.50%, 05/01/2047 |  | 1000 |  | 1051755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 02/01/2039 |  | 1000 |  | 1084464 |
|  State of Illinois Sales Tax Revenue<br>(State of Illinois Sales Tax Revenue) <br>Series 2025 <br>5.00%, 06/15/2041 |  | 1000 |  | 1083826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.00%, 06/15/2040 |  | 1000 |  | 1095350 |
|  Upper Illinois River Valley Development Authority<br>(High Point Residence Fox Valley Obligated Group) <br>Series 2025 <br>7.00%, 11/01/2060 |  | 1000 |  | 975831 |
|  |  |  |  | 27916857 |
|  **Indiana – 2.1%** | **Indiana – 2.1%** | **Indiana – 2.1%** | **Indiana – 2.1%** | **Indiana – 2.1%** |
|  City of Valparaiso IN<br>(Pratt Paper IN LLC) <br>Series 2024 <br>4.875%, 01/01/2044<sup>(a)</sup> |  | 100 |  | 100786 |
|  City of Whiting IN<br>(BP PLC) <br>Series 2025 <br>4.20%, 06/01/2044 |  | 1000 |  | 1050977 |
|  Hancock County Redevelopment Authority<br>(County of Hancock IN Mt Comfort North Allocation Area No. 1 Lease) <br>Series 2025 <br>5.00%, 08/15/2036 |  | 1150 |  | 1301277 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 13 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Indiana Finance Authority<br>(Ascension Health Credit Group) <br>Series 2025 <br>5.00%, 11/15/2043<sup>(c)</sup> | $| 1000 | $| 1071417 |
|  Indiana Finance Authority<br>(Parkview Health System Obligated Group) <br>Series 2024-A <br>5.00%, 11/01/2054 |  | 1265 |  | 1287495 |
|  Indiana Finance Authority<br>(SFP-PUFW I LLC) <br>Series 2024 <br>4.25%, 07/01/2044 |  | 1000 |  | 931786 |
|  Indianapolis Local Public Improvement Bond Bank<br>(Indianapolis Local Public Improvement Bond Bank) <br>Series 2025 <br>5.00%, 01/15/2039 |  | 1000 |  | 1118033 |
|  Indianapolis Local Public Improvement Bond Bank<br>(Pan Am Plaza Hotel) <br>Series 2023 <br>6.00%, 03/01/2053 |  | 150 |  | 156941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-F <br>7.75%, 03/01/2067 |  | 100 |  | 110704 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2023 <br>5.25%, 03/01/2067 |  | 1600 |  | 1664418 |
|  |  |  |  | 8793834 |
|  **Iowa – 0.0%** | **Iowa – 0.0%** | **Iowa – 0.0%** | **Iowa – 0.0%** | **Iowa – 0.0%** |
|  Iowa Tobacco Settlement Authority<br>(Iowa Tobacco Settlement Authority) <br>Series 2021-B <br>Zero Coupon, 06/01/2065 |  | 965 |  | 144247 |
|  **Kentucky – 1.6%** | **Kentucky – 1.6%** | **Kentucky – 1.6%** | **Kentucky – 1.6%** | **Kentucky – 1.6%** |
|  Kenton County Airport Board<br>(Cincinnati/Northern Kentucky Intl Airport) <br>Series 2024-A <br>5.00%, 01/01/2033 |  | 1885 |  | 2104955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 |  | 1095 |  | 1228531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2044 |  | 350 |  | 369608 |
|  Kentucky Public Energy Authority<br>(BP PLC) <br>Series 2024-B <br>5.00%, 01/01/2055 |  | 1155 |  | 1241934 |
|  Kentucky Public Energy Authority<br>(Goldman Sachs Group) <br>Series 2024-A <br>5.00%, 05/01/2055 |  | 500 |  | 530833 |

---

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| | |
|:---|:---|
| 14 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Kentucky Public Energy Authority<br>(Morgan Stanley) <br>Series 2023-A <br>5.25%, 04/01/2054 | $| 200 | $| 216944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2055 |  | 1000 |  | 1065423 |
|  |  |  |  | 6758228 |
|  **Louisiana – 1.0%** | **Louisiana – 1.0%** | **Louisiana – 1.0%** | **Louisiana – 1.0%** | **Louisiana – 1.0%** |
|  City of New Orleans LA<br>(City of New Orleans LA) <br>Series 2024-A <br>5.00%, 12/01/2041 |  | 1000 |  | 1072321 |
|  Louisiana Public Facilities Authority<br>(Calcasieu Bridge Partners) <br>Series 2024 <br>5.50%, 09/01/2054 |  | 100 |  | 102203 |
|  New Orleans Aviation Board<br>(New Orleans Aviation Board) <br>Series 2024 <br>5.25%, 01/01/2040 |  | 1000 |  | 1094405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2045 |  | 1000 |  | 1049985 |
|  Parish of St. John the Baptist LA<br>(Marathon Oil Corp.) <br>Series 2024 <br>3.30%, 06/01/2037 |  | 500 |  | 501075 |
|  State of Louisiana Gasoline & Fuels Tax Revenue<br>(State of Louisiana Gasoline & Fuels Tax Revenue) <br>Series 2024-A <br>5.00%, 05/01/2039 |  | 200 |  | 223503 |
|  |  |  |  | 4043492 |
|  **Maine – 0.6%** | **Maine – 0.6%** | **Maine – 0.6%** | **Maine – 0.6%** | **Maine – 0.6%** |
|  Finance Authority of Maine<br>(Casella Waste Systems) <br>Series 2024 <br>4.625%, 12/01/2047<sup>(a)</sup> |  | 1000 |  | 1007919 |
|  Maine Governmental Facilities Authority<br>(State of Maine Lease) <br>Series 2025-A <br>5.25%, 10/01/2044 |  | 1460 |  | 1573500 |
|  |  |  |  | 2581419 |
|  **Maryland – 1.1%** | **Maryland – 1.1%** | **Maryland – 1.1%** | **Maryland – 1.1%** | **Maryland – 1.1%** |
|  Maryland Economic Development Corp.<br>(Purple Line Transit Partners) <br>Series 2022 <br>5.25%, 06/30/2047 |  | 1070 |  | 1076042 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 15 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Maryland Stadium Authority<br>(Baltimore City Public Schools Construction & Revitalization Program) <br>Series 2018 <br>5.00%, 05/01/2036 | $| 445 | $| 464630 |
|  State of Maryland<br>(State of Maryland) <br>Series 2020 <br>5.00%, 08/01/2027 |  | 1000 |  | 1041006 |
|  State of Maryland Department of Transportation<br>(Baltimore/Washington Intl Thurgood Marshall Airport)<br>Series 2021 <br>5.00%, 08/01/2046 |  | 1000 |  | 1020193 |
|  State of Maryland Department of Transportation<br>(Maryland Aviation Administration) <br>AG Series 2024 <br>5.25%, 08/01/2043 |  | 1000 |  | 1078163 |
|  |  |  |  | 4680034 |
|  **Massachusetts – 5.0%** | **Massachusetts – 5.0%** | **Massachusetts – 5.0%** | **Massachusetts – 5.0%** | **Massachusetts – 5.0%** |
|  City of Quincy MA<br>(City of Quincy MA) <br>Series 2022-B <br>5.00%, 07/01/2047 |  | 1000 |  | 1047813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 07/24/2026 |  | 1000 |  | 1014846 |
|  Commonwealth of Massachusetts<br>(Commonwealth of Massachusetts) <br>Series 2025-A <br>5.00%, 04/01/2044 |  | 1000 |  | 1086809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2045 |  | 2500 |  | 2689218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2055 |  | 1500 |  | 1574820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-F <br>5.00%, 08/01/2049 |  | 1000 |  | 1059651 |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue<br>(Massachusetts Bay Transportation Authority Sales Tax Revenue) <br>Series 2023-A <br>5.25%, 07/01/2048 |  | 1000 |  | 1071883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.25%, 07/01/2055 |  | 2000 |  | 2148935 |
|  Massachusetts Development Finance Agency<br>(Boston Medical Center Obligated Group) <br>Series 2015-D <br>5.00%, 07/01/2044 |  | 500 |  | 493008 |

---

---

| | |
|:---|:---|
| 16 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Massachusetts Development Finance Agency<br>(Emerson College) <br>Series 2016-A <br>5.25%, 01/01/2042 | $| 1000 | $| 1003338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A <br>5.00%, 01/01/2040 |  | 500 |  | 504318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.25%, 01/01/2043 |  | 460 |  | 471790 |
|  Massachusetts Development Finance Agency<br>(Lifespan Obligated Group) <br>Series 2025 <br>5.50%, 08/15/2050 |  | 1000 |  | 1041105 |
|  Massachusetts Development Finance Agency<br>(UMass Memorial Health Care Obligated Group) <br>Series 2025 <br>5.00%, 07/01/2045 |  | 1000 |  | 1031874 |
|  Massachusetts Port Authority<br>(Massachusetts Port Authority) <br>Series 2021-E <br>5.00%, 07/01/2038 |  | 975 |  | 1035883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2046 |  | 1500 |  | 1529636 |
|  University of Massachusetts Building Authority <br>(University of Massachusetts)<br>Series 2017-1<br>5.25%, 11/01/2042 |  | 2000 |  | 2052846 |
|  |  |  |  | 20857773 |
|  **Michigan – 1.1%** | **Michigan – 1.1%** | **Michigan – 1.1%** | **Michigan – 1.1%** | **Michigan – 1.1%** |
|  City of Detroit MI<br>(City of Detroit MI) <br>Series 2023-C <br>6.00%, 05/01/2043 |  | 1000 |  | 1104472 |
|  Michigan State Hospital Finance Authority<br>(Corewell Health Obligated Group) <br>Series 2025-A <br>5.00%, 08/15/2046 |  | 2500 |  | 2634913 |
|  Michigan Strategic Fund<br>(Michigan Strategic Fund – I 75 Improvement Project) <br>AG Series 2018 <br>4.50%, 06/30/2048 |  | 1000 |  | 937537 |
|  |  |  |  | 4676922 |
|  **Minnesota – 0.5%** | **Minnesota – 0.5%** | **Minnesota – 0.5%** | **Minnesota – 0.5%** | **Minnesota – 0.5%** |
|  City of Center City MN<br>(Hazelden Betty Ford Foundation) <br>Series 2025 <br>5.00%, 11/01/2044 |  | 160 |  | 165116 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 17 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  City of St. Cloud MN<br>(CentraCare Health System Obligated Group) <br>Series 2024 <br>5.00%, 05/01/2035 | $| 1000 | $| 1135980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2042 |  | 500 |  | 532983 |
|  City of Woodbury MN<br>(Math & Science Academy/MN) <br>Series 2025 <br>5.50%, 06/01/2055<sup>(a)</sup> |  | 500 |  | 469837 |
|  |  |  |  | 2303916 |
|  **Mississippi – 0.4%** | **Mississippi – 0.4%** | **Mississippi – 0.4%** | **Mississippi – 0.4%** | **Mississippi – 0.4%** |
|  City of Gulfport MS<br>(Memorial Hospital at Gulfport Obligated Group) <br>Series 2025 <br>5.00%, 07/01/2034 |  | 715 |  | 794662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2050 |  | 900 |  | 944362 |
|  |  |  |  | 1739024 |
|  **Missouri – 0.3%** | **Missouri – 0.3%** | **Missouri – 0.3%** | **Missouri – 0.3%** | **Missouri – 0.3%** |
|  Health & Educational Facilities Authority of the State of Missouri<br>(BJC Healthcare Obligated Group) <br>Series 2025-A <br>5.00%, 04/01/2040 |  | 1000 |  | 1160544 |
|  **Nebraska – 0.5%** | **Nebraska – 0.5%** | **Nebraska – 0.5%** | **Nebraska – 0.5%** | **Nebraska – 0.5%** |
|  Central Plains Energy Project<br>(Bank of Montreal) <br>Series 2023-A <br>5.00%, 05/01/2054 |  | 1000 |  | 1070753 |
|  Central Plains Energy Project <br>(Royal Bank of Canada)<br>Series 2025-A<br>5.00%, 08/01/2055 |  | 1000 |  | 1075530 |
|  |  |  |  | 2146283 |
|  **Nevada – 0.4%** | **Nevada – 0.4%** | **Nevada – 0.4%** | **Nevada – 0.4%** | **Nevada – 0.4%** |
|  Clark County School District<br>(Prerefunded – US Treasuries) <br>Series 2015-C <br>5.00%, 06/15/2027 |  | 1000 |  | 1000894 |
|  Reno-Tahoe Airport Authority<br>(Reno-Tahoe Airport Authority) <br>Series 2024 <br>5.25%, 07/01/2044 |  | 300 |  | 317226 |
|  State of Nevada Department of Business & Industry<br>(Desertxpress Enterprises) <br>Series 2025 <br>12.00%, 01/01/2065 |  | 145 |  | 123250 |

---

---

| | |
|:---|:---|
| 18 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Tahoe-Douglas Visitors Authority<br>(Tahoe-Douglas Visitors Authority) <br>Series 2020 <br>5.00%, 07/01/2035 | $| 235 | $| 248154 |
|  |  |  |  | 1689524 |
|  **New Hampshire – 1.7%** | **New Hampshire – 1.7%** | **New Hampshire – 1.7%** | **New Hampshire – 1.7%** | **New Hampshire – 1.7%** |
|  New Hampshire Business Finance Authority<br>(ARC70 2025-1) <br>Series 2025-1, Class A1 <br>4.75%, 06/20/2041 |  | 999 |  | 1030080 |
|  New Hampshire Business Finance Authority<br>(Bridgeland Water & Utility Districts 490, 491 & 158) <br>Series 2024 <br>5.375%, 12/15/2035<sup>(a)</sup> |  | 100 |  | 99907 |
|  New Hampshire Business Finance Authority<br>(Collin County Municipal Utility District No. 4) <br>Series 2025 <br>5.50%, 12/01/2030<sup>(a)</sup> |  | 100 |  | 99851 |
|  New Hampshire Business Finance Authority<br>(NFA 2024-2) <br>Series 2024-2, Class A <br>3.625%, 08/20/2039 |  | 99 |  | 94834 |
|  New Hampshire Business Finance Authority<br>(NFA 2025-1) <br>Series 2025 <br>5.75%, 04/28/2042 |  | 1000 |  | 1044591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 12/15/2033<sup>(a)</sup> |  | 1000 |  | 989820 |
|  New Hampshire Business Finance Authority<br>(NFA 2025-2) <br>Series 2025-2, Class A1 <br>4.217%, 11/20/2042 |  | 997 |  | 968549 |
|  New Hampshire Business Finance Authority<br>(Novant Health Obligated Group) <br>Series 2025 <br>5.25%, 06/01/2045 |  | 1000 |  | 1052264 |
|  New Hampshire Business Finance Authority <br>(Tamarron Project)<br>Series 2024<br>5.25%, 12/01/2035<sup>(a)</sup> |  | 777 |  | 773979 |
|  New Hampshire Business Finance Authority<br>(University of Nevada Reno) <br>BAM Series 2023 <br>4.50%, 06/01/2053 |  | 960 |  | 937577 |
|  |  |  |  | 7091452 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 19 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **New Jersey – 2.6%** | **New Jersey – 2.6%** | **New Jersey – 2.6%** |
|  New Jersey Transportation Trust Fund Authority<br>(New Jersey Transportation Trust Fund Authority State Lease) <br>AG Series 2006-C <br>Zero Coupon, 12/15/2033 | $100 | $77457 |
|  New Jersey Transportation Trust Fund Authority<br>(State of New Jersey Lease) <br>Series 2022 <br>4.00%, 06/15/2039 | 1390 | 1396519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.00%, 06/15/2039 | 1085 | 1090460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A <br>4.25%, 06/15/2044 | 1000 | 975677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B <br>5.25%, 06/15/2050 | 1950 | 2054882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>4.00%, 06/15/2042 | 1200 | 1161398 |
|  New Jersey Transportation Trust Fund Authority<br>(State of New Jersey) <br>Series 2025-A <br>5.00%, 06/15/2045 | 1000 | 1062709 |
|  New Jersey Turnpike Authority<br>(New Jersey Turnpike Authority) <br>Series 2024-A <br>5.00%, 01/01/2033 | 2015 | 2312799 |
|  Tobacco Settlement Financing Corp./NJ<br>(Tobacco Settlement Financing Corp/NJ) <br>Series 2018-B <br>5.00%, 06/01/2046 | 940 | 912523 |
|  |  | 11044424 |
|  **New York – 8.4%** | **New York – 8.4%** | **New York – 8.4%** |
|  Build NYC Resource Corp.<br>(KIPP NYC Public Charter Schools) <br>Series 2023 <br>5.00%, 07/01/2032 | 555 | 603044 |
|  City of New York NY<br>(City of New York NY) <br>Series 2025-A <br>5.00%, 08/01/2035 | 1000 | 1159927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2046 | 1000 | 1050961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-E <br>5.00%, 08/01/2041 | 1000 | 1087232 |
|  Empire State Development Corp.<br>(New York State Sales Tax) <br>Series 2024-A <br>5.00%, 03/15/2047 | 1000 | 1051049 |

---

---

| | |
|:---|:---|
| 20 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Empire State Development Corp. <br>(State of New York Pers Income Tax)<br>Series 2020-A<br>4.00%, 03/15/2038 | $1000 | $1013119 |
|  Long Island Power Authority<br>(Long Island Power Authority) <br>Series 2024-A <br>5.00%, 09/01/2049 | 1000 | 1047401 |
|  Metropolitan Transportation Authority<br>(Metropolitan Transportation Authority) <br>Series 2017 <br>Zero Coupon, 11/15/2033 | 425 | 324320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C <br>4.75%, 11/15/2045 | 400 | 401301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.25%, 11/15/2049 | 1060 | 1116165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.00%, 11/15/2039 | 330 | 362099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.25%, 11/15/2045 | 1895 | 2027881 |
|  Monroe County Industrial Development Corp./NY<br>(Eugenio Maria de Hostos Charter School) <br>Series 2024 <br>5.00%, 07/01/2044<sup>(a)</sup> | 150 | 142634 |
|  New York City Municipal Water Finance Authority<br>(New York City Municipal Water Finance Authority) <br>Series 2021-B <br>4.00%, 06/15/2045 | 1000 | 951563 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>(New York City Transitional Finance Authority Future Tax Secured Revenue) <br>Series 2024 <br>5.00%, 11/01/2037 | 1030 | 1163551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 05/01/2046 | 1000 | 1048017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H <br>5.25%, 11/01/2045 | 1000 | 1077970 |
|  New York Liberty Development Corp.<br>(Goldman Sachs Headquarters) <br>Series 2007 <br>5.50%, 10/01/2037 | 1000 | 1200865 |
|  New York State Dormitory Authority<br>(State of New York Pers Income Tax) <br>Series 2024-A <br>5.00%, 03/15/2039 | 2225 | 2494736 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 21 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York Transportation Development Corp.<br>(Delta Air Lines, Inc.) <br>Series 2023 <br>5.625%, 04/01/2040 | $500 | $525198 |
|  New York Transportation Development Corp.<br>(JFK Intl Air Terminal) <br>Series 2022 <br>5.00%, 12/01/2041 | 1000 | 1037781 |
|  New York Transportation Development Corp.<br>(JFK Millennium Partners) <br>Series 2024 <br>5.50%, 12/31/2054 | 500 | 512888 |
|  New York Transportation Development Corp. <br>(JFK NTO LLC)<br>Series 2023<br>6.00%, 06/30/2054 | 1995 | 2074232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>6.00%, 06/30/2059 | 1000 | 1062538 |
|  New York Transportation Development Corp.<br>(Laguardia Gateway Partners) <br>Series 2016-A <br>5.00%, 07/01/2046 | 250 | 249022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2050 | 100 | 99998 |
|  Onondaga Civic Development Corp.<br>(Syracuse University) <br>Series 2025 <br>5.50%, 12/01/2056 | 1000 | 1098382 |
|  Port Authority of New York & New Jersey<br>(Port Authority of New York & New Jersey) <br>Series 2020-2 <br>4.00%, 07/15/2037 | 900 | 905341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.25%, 08/01/2041 | 855 | 922452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2047 | 1285 | 1342698 |
|  Suffolk Regional Off-Track Betting Corp.<br>(Suffolk Regional Off-Track Betting) <br>Series 2024 <br>5.75%, 12/01/2044 | 100 | 101679 |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority Real Estate Transfer Tax) <br>Series 2025 <br>5.00%, 12/01/2046 | 500 | 531700 |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority) <br>Series 2025-A <br>5.00%, 02/01/2028 | 1000 | 1052369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 1000 | 1053496 |

---

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| | |
|:---|:---|
| 22 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Triborough Bridge & Tunnel Authority Sales Tax Revenue<br>(Triborough Bridge & Tunnel Authority Sales Tax Revenue) <br>Series 2024-A <br>5.00%, 05/15/2054 | $| 1065 | $| 1107708 |
|  Troy Capital Resource Corp.<br>(Rensselaer Polytechnic Institute) <br>Series 2020 <br>5.00%, 09/01/2030 |  | 1000 |  | 1090611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 |  | 1125 |  | 1215740 |
|  |  |  |  | 35307668 |
|  **North Carolina – 1.3%** | **North Carolina – 1.3%** | **North Carolina – 1.3%** | **North Carolina – 1.3%** | **North Carolina – 1.3%** |
|  County of Guilford NC<br>(County of Guilford NC) <br>Series 2017-B <br>4.00%, 05/01/2033 |  | 1140 |  | 1156619 |
|  Greater Asheville Regional Airport Authority<br>(Greater Asheville Regional Airport Authority) <br>AG Series 2023 <br>5.25%, 07/01/2042 |  | 1000 |  | 1058594 |
|  Nash Health Care Systems <br>(Nash Health Care Systems)<br>Series 2025<br>5.75%, 02/01/2050 |  | 1000 |  | 1084050 |
|  North Carolina Medical Care Commission<br>(United Methodist Retirement Homes Obligated Group) <br>Series 2025 <br>5.00%, 10/01/2050<sup>(c)</sup> |  | 1000 |  | 996564 |
|  Raleigh Durham Airport Authority<br>(Raleigh Durham Airport Authority) <br>Series 2015-A <br>5.00%, 05/01/2029 |  | 1225 |  | 1226411 |
|  |  |  |  | 5522238 |
|  **Ohio – 2.1%** | **Ohio – 2.1%** | **Ohio – 2.1%** | **Ohio – 2.1%** | **Ohio – 2.1%** |
|  Buckeye Tobacco Settlement Financing Authority<br>(Buckeye Tobacco Settlement Financing Authority) <br>Series 2020-B <br>5.00%, 06/01/2055 |  | 1000 |  | 842062 |
|  Columbus Regional Airport Authority<br>(Columbus Regional Airport Authority) <br>Series 2025 <br>5.25%, 01/01/2042 |  | 1800 |  | 1923973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2050 |  | 1955 |  | 2076867 |
|  Jefferson County Port Authority/OH<br>(JSW Steel USA Ohio, Inc.) <br>Series 2021 <br>3.50%, 12/01/2051<sup>(a)</sup> |  | 100 |  | 82877 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 23 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Lancaster Port Authority<br>(Royal Bank of Canada) <br>Series 2024-A <br>5.00%, 02/01/2055 | $| 1000 | $| 1067970 |
|  Ohio Higher Educational Facility Commission<br>(John Carroll University) <br>Series 2025 <br>5.00%, 10/01/2034 |  | 1140 |  | 1221232 |
|  Ohio Higher Educational Facility Commission<br>(Xavier University) <br>Series 2024 <br>5.00%, 05/01/2042 |  | 400 |  | 417389 |
|  Port of Greater Cincinnati Development Authority<br>(Duke Energy Convention Center Project) <br>Series 2024 <br>5.00%, 12/01/2063 |  | 1190 |  | 1207667 |
|  |  |  |  | 8840037 |
|  **Oklahoma – 1.0%** | **Oklahoma – 1.0%** | **Oklahoma – 1.0%** | **Oklahoma – 1.0%** | **Oklahoma – 1.0%** |
|  Oklahoma Turnpike Authority<br>(Oklahoma Turnpike Authority) <br>Series 2025-A <br>5.00%, 01/01/2045 |  | 1000 |  | 1070016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.00%, 01/01/2040 |  | 1000 |  | 1128957 |
|  Tulsa Municipal Airport Trust Trustees/OK<br>(American Airlines, Inc.) <br>Series 2025 <br>6.25%, 12/01/2040 |  | 1000 |  | 1122546 |
|  University of Oklahoma (The) <br>(University of Oklahoma/The)<br>BAM Series 2024-A<br>5.00%, 07/01/2044 |  | 890 |  | 948550 |
|  |  |  |  | 4270069 |
|  **Oregon – 0.1%** | **Oregon – 0.1%** | **Oregon – 0.1%** | **Oregon – 0.1%** | **Oregon – 0.1%** |
|  Port of Portland OR Airport Revenue<br>(Port of Portland OR Airport Revenue) <br>Series 2022-2 <br>4.00%, 07/01/2047 |  | 500 |  | 455016 |
|  **Pennsylvania – 3.2%** | **Pennsylvania – 3.2%** | **Pennsylvania – 3.2%** | **Pennsylvania – 3.2%** | **Pennsylvania – 3.2%** |
|  Adams County General Authority<br>(Gettysburg College) <br>Series 2025 <br>5.00%, 08/15/2043 |  | 660 |  | 701871 |

---

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| | |
|:---|:---|
| 24 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Allentown Neighborhood Improvement Zone Development Authority<br>(Allentown Neighborhood Improvement Zone Center City Investment Revenue) <br>Series 2022 <br>5.25%, 05/01/2042<sup>(a)</sup> | $1000 | $1021471 |
|  Bucks County Industrial Development Authority<br>(Grand View Hospital/Sellersville PA Obligated Group)<br>Series 2021 <br>4.00%, 07/01/2046 | 100 | 87240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 100 | 106549 |
|  City of Philadelphia PA Water & Wastewater Revenue<br>(City of Philadelphia PA Water & Wastewater Revenue) <br>Series 2015-B <br>5.00%, 07/01/2032 | 1000 | 1001320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>5.00%, 11/01/2045 | 1000 | 1039867 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024-C <br>5.25%, 09/01/2049 | 1000 | 1076601 |
|  Commonwealth of Pennsylvania<br>(Commonwealth of Pennsylvania) <br>Series 2024 <br>4.00%, 08/15/2043 | 200 | 198560 |
|  Delaware County Authority<br>(Elwyn Obligated Group) <br>Series 2017 <br>5.00%, 06/01/2037 | 1000 | 1001800 |
|  Pennsylvania Economic Development Financing Authority<br>(Commonwealth of Pennsylvania Dept. of Transportation) <br>Series 2022 <br>5.50%, 06/30/2039 | 300 | 321560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/30/2061 | 1000 | 1060648 |
|  Pennsylvania Economic Development Financing Authority<br>(Noble Environmental, Inc.) <br>Series 2025 <br>6.875%, 09/01/2047<sup>(a)</sup> | 250 | 259798 |
|  Pennsylvania Economic Development Financing Authority<br>(UPMC Obligated Group) <br>Series 2022-A <br>5.00%, 02/15/2039 | 1145 | 1228251 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 25 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Pennsylvania Higher Educational Facilities Authority<br>(Thomas Jefferson University Obligated Group) <br>AG Series 2024 <br>5.25%, 11/01/2048 | $| 1250 | $| 1333176 |
|  Pennsylvania Turnpike Commission<br>(Pennsylvania Turnpike Commission) <br>Series 2021-B <br>5.00%, 12/01/2025 |  | 1000 |  | 1000000 |
|  Philadelphia Gas Works Co.<br>(Philadelphia Gas Works) <br>Series 2024 <br>5.00%, 08/01/2030 |  | 1000 |  | 1098503 |
|  Pittsburgh Water & Sewer Authority<br>(Pittsburgh Water & Sewer Authority) <br>AG Series 2019-A <br>5.00%, 09/01/2044 |  | 1000 |  | 1035974 |
|  |  |  |  | 13573189 |
|  **Puerto Rico – 0.3%** | **Puerto Rico – 0.3%** | **Puerto Rico – 0.3%** | **Puerto Rico – 0.3%** | **Puerto Rico – 0.3%** |
|  Commonwealth of Puerto Rico<br>(Commonwealth of Puerto Rico) <br>Series 2022-A <br>0.00%, 11/01/2051 |  | 1000 |  | 267500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>Zero Coupon, 11/01/2043 |  | 154 |  | 98743 |
|  Puerto Rico Electric Power Authority<br>(Puerto Rico Electric Power Authority) <br>Series 2008-W <br>5.50%, 07/01/2021<sup>(d)(e)</sup> |  | 1050 |  | 698250 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth<br>(San Juan Cruise Port LLC) <br>Series 2024 <br>6.75%, 01/01/2046 |  | 100 |  | 112225 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue<br>(Puerto Rico Sales Tax Financing Sales Tax Revenue) <br>Series 2019-A <br>5.00%, 07/01/2058 |  | 100 |  | 97261 |
|  |  |  |  | 1273979 |
|  **South Carolina – 2.4%** | **South Carolina – 2.4%** | **South Carolina – 2.4%** | **South Carolina – 2.4%** | **South Carolina – 2.4%** |
|  Charleston Educational Excellence Finance Corp.<br>(Charleston County School District) <br>Series 2023 <br>5.00%, 12/01/2025 |  | 1675 |  | 1675000 |
|  South Carolina Jobs-Economic Development Authority<br>(Beaufort Memorial Hospital Obligated Group) <br>Series 2024 <br>5.50%, 11/15/2044 |  | 395 |  | 403453 |

---

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| | |
|:---|:---|
| 26 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  South Carolina Jobs-Economic Development Authority<br>(Bon Secours Mercy Health) <br>Series 2020 <br>5.00%, 12/01/2046 | $| 1000 | $| 1022111 |
|  South Carolina Jobs-Economic Development Authority<br>(Novant Health Obligated Group) <br>Series 2024 <br>5.00%, 11/01/2038 |  | 1000 |  | 1105275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2044 |  | 2095 |  | 2246266 |
|  South Carolina Jobs-Economic Development Authority<br>(Rolling Green Village) <br>Series 2025 <br>5.80%, 12/01/2050 |  | 1000 |  | 1011921 |
|  South Carolina Public Service Authority<br>(South Carolina Public Service Authority) <br>Series 2021-A <br>4.00%, 12/01/2035 |  | 1000 |  | 1026798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 12/01/2043 |  | 1000 |  | 1067166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.00%, 12/01/2044 |  | 500 |  | 529463 |
|  |  |  |  | 10087453 |
|  **Tennessee – 1.1%** | **Tennessee – 1.1%** | **Tennessee – 1.1%** | **Tennessee – 1.1%** | **Tennessee – 1.1%** |
|  Bristol Industrial Development Board<br>(Bristol Industrial Development Board Sales Tax) <br>Series 2016-A <br>5.00%, 12/01/2035<sup>(a)</sup> |  | 505 |  | 485025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>Zero Coupon, 12/01/2031<sup>(a)</sup> |  | 100 |  | 71964 |
|  Metropolitan Government of Nashville & Davidson County TN<br>(Metropolitan Govt of Nashville & Davidson County TN) <br>Series 2024-C <br>4.00%, 01/01/2044 |  | 1500 |  | 1461715 |
|  Metropolitan Nashville Airport Authority (The)<br>(Metropolitan Nashville Airport Authority/The) <br>Series 2022-B <br>5.50%, 07/01/2041 |  | 1290 |  | 1401185 |
|  Shelby County Health & Educational Facilities Board<br>(Madrone Memphis Student Housing I) <br>Series 2024 <br>5.25%, 06/01/2056<sup>(a)</sup> |  | 100 |  | 95482 |
|  Tennessee Energy Acquisition Corp.<br>(Pacific Life Insurance) <br>Series 2025-A <br>5.00%, 12/01/2035 |  | 1000 |  | 1086892 |
|  |  |  |  | 4602263 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 27 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Texas – 5.4%** | **Texas – 5.4%** | **Texas – 5.4%** |
|  Aledo Independent School District <br>(Aledo Independent School District)<br>Series 2023 <br>5.00%, 02/15/2042 | $1000 | $1065463 |
|  Arlington Higher Education Finance Corp.<br>(BASIS Texas Charter Schools) <br>Series 2024 <br>5.00%, 06/15/2064<sup>(a)</sup> | 1000 | 898281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 06/15/2030<sup>(a)</sup> | 1000 | 1034273 |
|  Board of Regents of the University of Texas System<br>(Board of Regents of the University of Texas System) <br>Series 2019-B <br>5.00%, 08/15/2049 | 1000 | 1126100 |
|  Central Texas Turnpike System<br>(Central Texas Turnpike System) <br>Series 2024-C <br>5.00%, 08/15/2038 | 100 | 111613 |
|  City of Austin TX<br>(City of Austin TX) <br>Series 2023 <br>5.00%, 09/01/2034 | 1095 | 1259751 |
|  City of Dallas TX<br>(City of Dallas TX) <br>Series 2024-C <br>5.00%, 02/15/2032 | 1000 | 1131541 |
|  City of Georgetown TX Utility System Revenue<br>(City of Georgetown TX Utility System Revenue) <br>BAM Series 2024 <br>5.00%, 08/15/2044 | 1535 | 1613620 |
|  City of Houston TX Airport System Revenue<br>(City of Houston TX Airport System Revenue) <br>AG Series 2023 <br>5.00%, 07/01/2038 | 500 | 539351 |
|  City of Houston TX Airport System Revenue<br>(United Airlines, Inc.) <br>Series 2024-B <br>5.25%, 07/15/2034 | 1000 | 1082770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2036 | 1000 | 1091429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2038 | 1000 | 1081646 |
|  City of San Antonio TX Electric & Gas Systems Revenue<br>(City of San Antonio TX Electric & Gas Systems Revenue) <br>Series 2021-A <br>5.00%, 02/01/2037 | 1250 | 1350934 |

---

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| | |
|:---|:---|
| 28 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Dallas Fort Worth International Airport<br>(Dallas Fort Worth Intl Airport) <br>Series 2025-A <br>5.25%, 11/01/2039 | $1000 | $1116270 |
|  Hidalgo County Regional Mobility Authority<br>(Hidalgo County Regional Mobility Authority) <br>Series 2022-B <br>5.00%, 12/01/2036 | 300 | 311405 |
|  Lower Colorado River Authority<br>(Lower Colorado River Authority) <br>AG Series 2022 <br>5.00%, 05/15/2034 | 1000 | 1106333 |
|  Mission Economic Development Corp.<br>(Natgasoline LLC) <br>Series 2018 <br>4.625%, 10/01/2031<sup>(a)</sup> | 1000 | 1002852 |
|  North East Texas Regional Mobility Authority<br>(North East Texas Regional Mobility Authority) <br>Series 2025-A <br>5.00%, 01/01/2041 | 1000 | 1081146 |
|  North Texas Tollway Authority<br>(North Texas Tollway Authority) <br>Series 2024-B <br>5.00%, 01/01/2032 | 1000 | 1124243 |
|  Port of Beaumont Industrial Development Authority<br>(Jefferson 2020 Bond Lessee & Borrower Obligated Group) <br>Series 2021 <br>4.10%, 01/01/2028<sup>(a)</sup> | 1000 | 906092 |
|  Port of Beaumont Navigation District<br>(Jefferson 2020 Bond Lessee & Borrower Obligated Group) <br>Series 2024 <br>5.125%, 01/01/2044<sup>(a)</sup> | 100 | 97328 |
|  Sherman Independent School District/TX<br>(Sherman Independent School District/TX) <br>Series 2023-B <br>5.00%, 02/15/2041 | 1475 | 1601697 |
|  Texas Municipal Gas Acquisition & Supply Corp. II<br>(JPMorgan Chase & Co.) <br>Series 2007 <br>3.751% (CME Term SOFR 3 Month + 1.05%), 09/15/2027<sup>(f)</sup> | 715 | 716528 |
|  Texas Municipal Gas Acquisition & Supply Corp. IV<br>(BP PLC) <br>Series 2023-B <br>5.50%, 01/01/2054 | 200 | 227139 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 29 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Texas Private Activity Bond Surface Transportation Corp.<br>(NTE Mobility Partners Segments 3) <br>Series 2019 <br>5.00%, 06/30/2058 | $| 100 | $| 97600 |
|  |  |  |  | 22775405 |
|  **Utah – 0.7%** | **Utah – 0.7%** | **Utah – 0.7%** | **Utah – 0.7%** | **Utah – 0.7%** |
|  City of Salt Lake City UT Airport Revenue<br>(City of Salt Lake City UT Airport Revenue) <br>Series 2023-A <br>5.50%, 07/01/2053 |  | 2000 |  | 2095884 |
|  Utah Infrastructure Agency<br>(Utah Infrastructure Agency) <br>Series 2024 <br>5.50%, 10/15/2044 |  | 500 |  | 521158 |
|  Wolf Creek Infrastructure Financing District No. 1 <br>(Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1)<br>Series 2025<br>5.75%, 12/01/2044 |  | 200 |  | 204619 |
|  |  |  |  | 2821661 |
|  **Virginia – 1.0%** | **Virginia – 1.0%** | **Virginia – 1.0%** | **Virginia – 1.0%** | **Virginia – 1.0%** |
|  Fairfax County Industrial Development Authority<br>(Inova Health System Obligated Group) <br>Series 2022 <br>4.00%, 05/15/2042 |  | 1000 |  | 990088 |
|  Henrico County Economic Development Authority<br>(Bon Secours Mercy Health) <br>Series 2025 <br>5.00%, 11/01/2048 |  | 1000 |  | 1044368 |
|  Virginia Beach Development Authority<br>(Westminster-Canterbury on Chesapeake Bay Obligated Group) <br>Series 2023 <br>7.00%, 09/01/2059 |  | 100 |  | 109522 |
|  Virginia Small Business Financing Authority<br>(95 Express Lanes LLC) <br>Series 2022 <br>4.00%, 07/01/2041 |  | 1000 |  | 946684 |
|  Virginia Small Business Financing Authority<br>(LifeSpire of Virginia Obligated Group) <br>Series 2024 <br>4.50%, 12/01/2044 |  | 1000 |  | 964431 |
|  |  |  |  | 4055093 |

---

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| | |
|:---|:---|
| 30 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Washington – 2.7%** | **Washington – 2.7%** | **Washington – 2.7%** |
|  City of Federal Way WA<br>(City of Federal Way WA) <br>Series 2024 <br>5.00%, 12/01/2049 | $1000 | $1056112 |
|  King & Snohomish Counties School District No. 417 Northshore<br>(King & Snohomish Counties School District No. 417 Northshore) <br>Series 2024 <br>5.00%, 12/01/2040 | 100 | 111726 |
|  Port of Seattle WA<br>(Port of Seattle WA) <br>Series 2019 <br>5.00%, 04/01/2044 | 1000 | 1016996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.25%, 07/01/2049 | 1000 | 1043006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.00%, 10/01/2029 | 1000 | 1072634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2039 | 1555 | 1713656 |
|  Vancouver Housing Authority<br>(Vancouver Housing Authority) <br>Series 2025 <br>4.25%, 02/01/2038 | 2000 | 2052024 |
|  Washington Health Care Facilities Authority<br>(Fred Hutchinson Cancer Center Obligated Group) <br>Series 2020 <br>5.00%, 09/01/2045 | 1000 | 1026343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>4.00%, 03/01/2041 | 1000 | 1002201 |
|  Washington State Housing Finance Commission<br>(WSHFC 2024-1) <br>Series 2024-1, Class A <br>4.221%, 03/01/2050 | 298 | 291877 |
|  Washington State Housing Finance Commission<br>(WSHFC 2025-1) <br>Series 2025-1, Class A1 <br>4.079%, 08/20/2063 | 998 | 959136 |
|  |  | 11345711 |
|  **West Virginia – 0.3%** | **West Virginia – 0.3%** | **West Virginia – 0.3%** |
|  West Virginia Hospital Finance Authority<br>(West Virginia United Health System Obligated Group)<br>Series 2023 <br>5.00%, 06/01/2041 | 1000 | 1071558 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 31 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Wisconsin – 2.3%** | **Wisconsin – 2.3%** | **Wisconsin – 2.3%** |
|  Wisconsin Health & Educational Facilities Authority<br>(Chiara Housing & Services Obligated Group) <br>Series 2024 <br>5.00%, 07/01/2035 | $595 | $607011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>6.375%, 07/01/2045 | 1000 | 1045227 |
|  Wisconsin Health & Educational Facilities Authority<br>(Forensic Science & Protective Medicine Collaboration) <br>Series 2024 <br>5.00%, 08/01/2027<sup>(a)</sup> | 150 | 151423 |
|  Wisconsin Public Finance Authority<br>(Alpha Ranch Water Control & Improvement District of Denton & Wise Counties) <br>Series 2024 <br>Zero Coupon, 12/15/2038<sup>(a)</sup> | 100 | 46094 |
|  Wisconsin Public Finance Authority<br>(Foundation Academy Charter School A NJ Nonprofit)<br>Series 2024 <br>5.00%, 07/01/2060<sup>(a)</sup> | 500 | 445947 |
|  Wisconsin Public Finance Authority<br>(Heritage Bend Project) <br>Series 2025 <br>Zero Coupon, 12/15/2042<sup>(a)</sup> | 1000 | 305251 |
|  Wisconsin Public Finance Authority<br>(Puerto Rico Tollroads LLC) <br>Series 2024 <br>5.50%, 07/01/2044 | 1000 | 1034323 |
|  Wisconsin Public Finance Authority<br>(Queens University of Charlotte) <br>Series 2022 <br>5.25%, 03/01/2047 | 1000 | 1000095 |
|  Wisconsin Public Finance Authority<br>(Southeast Overtown Park West Community Redevelopment Agency) <br>Series 2024 <br>5.00%, 06/01/2041<sup>(a)</sup> | 100 | 101562 |
|  Wisconsin Public Finance Authority<br>(SR 400 Peach Partners LLC) <br>Series 2025 <br>5.75%, 06/30/2060 | 1875 | 1948722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/30/2060 | 2125 | 2347728 |
|  Wisconsin Public Finance Authority<br>(Triad Math & Science Academy) <br>Series 2025 <br>5.25%, 06/15/2045 | 500 | 497223 |
|  |  | 9530606 |
|  Total Long-Term Municipal Bonds <br>(cost $363,812,195) |  | 368863555 |

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| | |
|:---|:---|
| 32 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Short-Term Municipal Notes – 8.8% | Short-Term Municipal Notes – 8.8% | Short-Term Municipal Notes – 8.8% |
|  **Arizona – 0.4%** | **Arizona – 0.4%** | **Arizona – 0.4%** |
|  Arizona Health Facilities Authority<br>(Banner Health Obligated Group) <br>Series 2017-C <br>2.85%, 01/01/2046<sup>(g)</sup> | $1590 | $1590000 |
|  Arizona Industrial Development Authority<br>(Phoenix Children's Hospital) <br>Series 2024 <br>2.85%, 02/01/2048<sup>(g)</sup> | 260 | 260000 |
|  |  | 1850000 |
|  **California – 0.4%** | **California – 0.4%** | **California – 0.4%** |
|  Anaheim Housing & Public Improvements Authority<br>(City of Anaheim CA Water System Revenue) <br>Series 2024, Class A <br>2.55%, 10/01/2054<sup>(g)</sup> | 600 | 600000 |
|  City of Los Angeles CA<br>(City of Los Angeles CA) <br>Series 2025 <br>5.00%, 06/25/2026 | 1000 | 1014830 |
|  |  | 1614830 |
|  **Colorado – 0.7%** | **Colorado – 0.7%** | **Colorado – 0.7%** |
|  Colorado Educational & Cultural Facilities Authority<br>(Jewish Federation of South Palm Beach County) <br>Series 2008 <br>2.85%, 02/01/2038<sup>(g)</sup> | 500 | 500000 |
|  Colorado Educational & Cultural Facilities Authority<br>(Miami Beach Jewish Community Center) <br>Series 2022 <br>2.85%, 07/01/2041<sup>(g)</sup> | 1000 | 1000000 |
|  Colorado Educational & Cultural Facilities Authority<br>(Michael Ann Russell Jewish Community Center) <br>Series 2012 <br>2.85%, 01/01/2039<sup>(g)</sup> | 350 | 350000 |
|  Colorado State Education Loan Program <br>(Colorado State Education Loan Program)<br>Series 2025<br>5.00%, 06/30/2026 | 1150 | 1165806 |
|  |  | 3015806 |
|  **Florida – 0.5%** | **Florida – 0.5%** | **Florida – 0.5%** |
|  School Board of Miami-Dade County (The)<br>(School Board of Miami-Dade County/The) <br>Series 2025 <br>4.00%, 01/07/2026 | 1000 | 1001314 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 33 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  School District of Broward County/FL<br>(School District of Broward County/FL) <br>Series 2025 <br>4.00%, 06/25/2026 | $| 1000 | $| 1007596 |
|  |  |  |  | 2008910 |
|  **Hawaii – 0.3%** | **Hawaii – 0.3%** | **Hawaii – 0.3%** | **Hawaii – 0.3%** | **Hawaii – 0.3%** |
|  State of Hawaii Department of Budget & Finance<br>(Queen's Health Systems Obligated Group) <br>Series 2025 <br>2.45%, 07/01/2060<sup>(g)</sup> |  | 1200 |  | 1200000 |
|  **Idaho – 0.3%** | **Idaho – 0.3%** | **Idaho – 0.3%** | **Idaho – 0.3%** | **Idaho – 0.3%** |
|  Idaho Health Facilities Authority<br>(St. Luke's Health System Obligated Group/ID) <br>Series 2018-C <br>2.90%, 03/01/2048<sup>(g)</sup> |  | 1370 |  | 1370000 |
|  **Illinois – 0.2%** | **Illinois – 0.2%** | **Illinois – 0.2%** | **Illinois – 0.2%** | **Illinois – 0.2%** |
|  Illinois Finance Authority<br>(University of Chicago Medical Center Obligated Group) <br>Series 2023 <br>2.80%, 08/01/2043<sup>(g)</sup> |  | 655 |  | 655000 |
|  **Maryland – 0.4%** | **Maryland – 0.4%** | **Maryland – 0.4%** | **Maryland – 0.4%** | **Maryland – 0.4%** |
|  Maryland Health & Higher Educational Facilities Authority<br>(Johns Hopkins Health System Obligated Group) <br>Series 2024 <br>2.80%, 06/01/2046<sup>(g)</sup> |  | 450 |  | 450000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/01/2048<sup>(g)</sup> |  | 810 |  | 810000 |
|  Maryland Health & Higher Educational Facilities Authority<br>(University of Maryland Medical System Obligated Group) <br>Series 2008 <br>2.85%, 07/01/2041<sup>(g)</sup> |  | 600 |  | 600000 |
|  |  |  |  | 1860000 |
|  **Massachusetts – 0.2%** | **Massachusetts – 0.2%** | **Massachusetts – 0.2%** | **Massachusetts – 0.2%** | **Massachusetts – 0.2%** |
|  City of Quincy MA<br> (City of Quincy MA) <br>Series 2025 <br>5.00%, 09/29/2026 |  | 1000 |  | 1019212 |
|  **Michigan – 0.2%** | **Michigan – 0.2%** | **Michigan – 0.2%** | **Michigan – 0.2%** | **Michigan – 0.2%** |
|  Green Lake Township Economic Development Corp. <br>(Interlochen Center for the Arts)<br>Series 2023 <br>2.85%, 06/01/2034<sup>(g)</sup> |  | 700 |  | 700000 |

---

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| | |
|:---|:---|
| 34 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Missouri – 0.2%** | **Missouri – 0.2%** | **Missouri – 0.2%** |
|  Health & Educational Facilities Authority of the State of Missouri<br>(St. Louis University/US) <br>Series 2013-B <br>2.80%, 10/01/2035<sup>(g)</sup> | $860 | $860000 |
|  **New Jersey – 0.7%** | **New Jersey – 0.7%** | **New Jersey – 0.7%** |
|  City of Hoboken NJ<br>(City of Hoboken NJ) <br>Series 2025-A <br>4.00%, 03/10/2026 | 1000 | 1003573 |
|  Jersey City Redevelopment Agency<br>(Jersey City Redevelopment Agency) <br>Series 2025 <br>5.00%, 12/09/2026<sup>(c)</sup> | 1000 | 1020236 |
|  Township of Gloucester NJ<br>(Township of Gloucester NJ) <br>Series 2025-A <br>4.00%, 07/21/2026 | 1008 | 1017243 |
|  |  | 3041052 |
|  **New York – 1.8%** | **New York – 1.8%** | **New York – 1.8%** |
|  City of New York NY<br>(City of New York NY) <br>Series 2008-L <br>2.90%, 04/01/2038<sup>(g)</sup> | 3725 | 3725000 |
|  Metropolitan Transportation Authority Dedicated Tax Fund<br>(Metropolitan Transportation Authority Dedicated Tax Fund) <br>Series 2017-A <br>2.85%, 11/01/2031<sup>(g)</sup> | 490 | 490000 |
|  Town of Oyster Bay NY<br>(Town of Oyster Bay NY) <br>Series 2025 <br>4.00%, 03/06/2026 | 1000 | 1003533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/21/2026 | 1120 | 1131523 |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority) <br>Series 2025 <br>3.77% (MUNIPSA + 0.98%), 05/01/2026<sup>(f)</sup> | 1000 | 1000000 |
|  |  | 7350056 |
|  **North Carolina – 0.1%** | **North Carolina – 0.1%** | **North Carolina – 0.1%** |
|  Charlotte-Mecklenburg Hospital Authority (The)<br>(Atrium Health Obligated Group) <br>AG Series 2017-E <br>2.85%, 01/15/2044<sup>(g)</sup> | 570 | 570000 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 35 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Ohio – 0.8%** | **Ohio – 0.8%** | **Ohio – 0.8%** |
|  County of Montgomery OH <br>(Premier Health Partners Obligated Group)<br>Series 2019 <br>2.85%, 11/15/2045<sup>(g)</sup> | $3280 | $3280000 |
|  **Pennsylvania – 0.1%** | **Pennsylvania – 0.1%** | **Pennsylvania – 0.1%** |
|  Delaware Valley Regional Finance Authority<br>(Delaware Valley Regional Finance Authority) <br>Series 2024-B <br>2.85%, 09/01/2059<sup>(g)</sup> | 500 | 500000 |
|  **South Carolina – 0.5%** | **South Carolina – 0.5%** | **South Carolina – 0.5%** |
|  Berkeley County School District<br>(Berkeley County School District) <br>Series 2025-A <br>5.00%, 06/01/2026 | 1000 | 1011143 |
|  Orangeburg County School District<br>(Orangeburg County School District) <br>Series 2025 <br>5.00%, 08/13/2026 | 1000 | 1016639 |
|  |  | 2027782 |
|  **Texas – 0.5%** | **Texas – 0.5%** | **Texas – 0.5%** |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Baylor Scott & White Health Obligated Group) <br>Series 2024, Class F <br>2.15%, 08/01/2050<sup>(g)</sup> | 2000 | 2000000 |
|  **Virginia – 0.2%** | **Virginia – 0.2%** | **Virginia – 0.2%** |
|  Hampton Roads Sanitation District<br>(Hampton Roads Sanitation District) <br>Series 2025-A <br>5.00%, 07/15/2026 | 1000 | 1015101 |
|  **West Virginia – 0.2%** | **West Virginia – 0.2%** | **West Virginia – 0.2%** |
|  West Virginia Hospital Finance Authority<br>(West Virginia United Health System Obligated Group)<br>Series 2018 <br>2.79%, 06/01/2034<sup>(g)</sup> | 600 | 600000 |
|  **Wisconsin – 0.1%** | **Wisconsin – 0.1%** | **Wisconsin – 0.1%** |
|  Wisconsin Health & Educational Facilities Authority<br>(Medical College of Wisconsin) <br>Series 2023-B <br>2.85%, 12/01/2033<sup>(g)</sup> | 465 | 465000 |
|  Total Short-Term Municipal Notes <br>(cost $36,998,300) |  | 37002749 |
|  Total Municipal Obligations <br>(cost $400,810,495) |  | 405866304 |

---

---

| | |
|:---|:---|
| 36 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  COMMERCIAL MORTGAGE-BACKED<br>SECURITIES – 0.3% |  |  |
|  **Agency CMBS – 0.0%** | **Agency CMBS – 0.0%** | **Agency CMBS – 0.0%** |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates <br>Series 2024-ML21, Class AUS <br>4.615%, 08/25/2041 | $99 | $102134 |
|  **Non-Agency Fixed Rate CMBS – 0.3%** |  |  |
|  MAD Commercial Mortgage Trust <br>Series 2025-11MD, Class A <br>4.912%, 10/15/2042<sup>(a)</sup> | 1000 | 1004768 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $1,100,069) |  | 1106902 |
|  | **Shares** |  |
|  WARRANTS – 0.0% |  |  |
|  Industrials – 0.0% |  |  |
|  **Construction & Engineering – 0.0%** |  |  |
|  DesertXpress Enterprises LLC, expiring 12/31/2026<sup>(d)(h)(i)</sup> <br>(cost $0) | 7800 | – 0 |
|  SHORT-TERM INVESTMENTS – 2.7% |  |  |
|  **Investment Companies – 2.7%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%<sup>(j)(k)(l)</sup> <br>(cost $11,334,488) | 11334488 | 11334488 |
|  Total Investments – 99.5% <br>(cost $413,245,052) |  | 418307694 |
|  Other assets less liabilities – 0.5% |  | 2200156 |
|  **Net Assets – 100.0%** |  | $**420507850** |

---

#### CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>November 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |
|  CDX-NAHY Series 45, 5 Year Index, 12/20/2030\* | (5.00)% | Quarterly | 3.23% | USD 3,350 | $(282578) | $(231667) | $(50911) |

---

\* 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** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD 2,290 | 10/15/2028 | CPI# | 2.565% | Maturity | $227 | $– 0 | $227 |
| USD 3,100 | 10/15/2029 | 2.569% | CPI# | Maturity | (7904) | – 0 | (7904) |
| USD 3,000 | 10/15/2029 | 2.485% | CPI# | Maturity | 4591 | – 0 | 4591 |
| USD 1,568 | 10/15/2029 | 2.516% | CPI# | Maturity | 36 | – 0 | 36 |
| USD 1,566 | 10/15/2029 | 2.451% | CPI# | Maturity | 4964 | – 0 | 4964 |
| USD 1,566 | 10/15/2029 | 2.499% | CPI# | Maturity | 1331 | – 0 | 1331 |
| USD 2,410 | 10/15/2030 | CPI# | 2.531% | Maturity | 5983 | – 0 | 5983 |
|  |  |  |  |  | $9228 | $– 0 | $9228 |

---

# 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** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 1300 | 10/15/2030 | 1 Day<br>SOFR | 4.082% | Annual | $45469 | $– 0 | $45469 |
| USD | 800 | 10/15/2030 | 1 Day<br>SOFR | 4.092% | Annual | 28333 | – 0 | 28333 |
| USD | 1700 | 12/03/2031 | 1 Day<br>SOFR | 3.967% | Annual | 50653 | – 0 | 50653 |
| USD | 1700 | 12/03/2031 | 1 Day<br>SOFR | 4.212% | Annual | 76500 | – 0 | 76500 |
| USD | 1600 | 12/03/2031 | 1 Day<br>SOFR | 4.088% | Annual | 58976 | – 0 | 58976 |
| USD | 1500 | 12/03/2031 | 1 Day<br>SOFR | 4.036% | Annual | 50333 | – 0 | 50333 |
| USD | 1190 | 12/03/2031 | 1 Day<br>SOFR | 4.146% | Annual | 48527 | 18 | 48509 |
| USD | 700 | 12/03/2031 | 1 Day<br>SOFR | 3.898% | Annual | 17242 | (93) | 17335 |
| USD | 390 | 12/03/2031 | 1 Day<br>SOFR | 4.125% | Annual | 15327 | – 0 | 15327 |
| USD | 13100 | 03/12/2032 | 1 Day<br>SOFR | 3.660% | Annual | 151545 | – 0 | 151545 |
| USD | 2980 | 03/12/2032 | 1 Day<br>SOFR | 3.826% | Annual | 64854 | – 0 | 64854 |
| USD | 3460 | 03/15/2033 | 1 Day<br>SOFR | 3.776% | Annual | 62149 | – 0 | 62149 |
| USD | 700 | 08/15/2034 | 3.314% | 1 Day<br>SOFR | Annual | 14079 | – 0 | 14079 |
| USD | 400 | 08/15/2034 | 3.231% | 1 Day<br>SOFR | Annual | 10639 | – 0 | 10639 |
| USD | 200 | 08/15/2034 | 3.304% | 1 Day<br>SOFR | Annual | 4181 | – 0 | 4181 |

---

---

| | |
|:---|:---|
| 38 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 4600 | 09/25/2035 | 3.494% | 1 Day<br>SOFR % | Annual | $43603 | $– 0 | $43603 |
|  |  |  |  |  |  | $742410 | $(75) | $742485 |

---

(a) 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 $26,099,811 or 6.2% of net assets.

(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) 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.

(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 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $401,910,564) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406973206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $11,334,488) | 11334488 |
|  Cash | 230109 |
|  Cash collateral due from broker | 691977 |
|  Interest receivable | 5503059 |
|  Receivable for variation margin on centrally cleared swaps | 46958 |
|  Receivable for investment securities sold | 35000 |
|  Affiliated dividends receivable | 19619 |
|  Receivable due from Adviser | 909 |
|  Receivable for terminated centrally cleared interest rate swaps | 770 |
|  Total assets | 424836095 |
| Liabilities |  |
|  Payable for investment securities purchased | 4140490 |
|  Advisory fee payable | 86996 |
|  Payable for terminated centrally cleared interest rate swaps | 82232 |
|  Other liabilities | 18527 |
|  Total liabilities | 4328245 |
|  Net Assets | $**420507850** |
| Composition of Net Assets |  |
|  Capital stock, at par | $1645 |
|  Additional paid-in capital | 413699749 |
|  Distributable earnings | 6806456 |
|  **Net Assets** | $**420507850** |
|  **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10520420 |  |
|  Dividends—Affiliated issuers | 178574 | $10698994 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 719676 |  |
|  Total expenses before bank overdraft expense | 719676 |  |
|  Bank overdraft expense | 734 |  |
|  Total expenses | 720410 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (8830) |  |
|  Net expenses |  | 711580 |
|  Net investment income |  | 9987414 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized loss on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (96328) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (333405) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 4177811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 665198 |
|  Net gain on investment transactions |  | 4413276 |
|  **Net Increase in Net Assets from Operations** |  | $**14400690** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 41 |

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------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>November 30,**<br>**2025** | **December 13, 2023<sup>(a)</sup><br>to November 30,**<br>**2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $9987414 | $1343789 |
|  Net realized loss on investment transactions | (429733) | (85713) |
|  Net change in unrealized appreciation (depreciation) of investments | 4843009 | 920435 |
|  Net increase in net assets from operations | 14400690 | 2178511 |
|  Distribution to Shareholders | (8743650) | (1029095) |
| Transactions in Shares of the Fund |  |  |
|  Net increase | 322081425 | 91257835 |
|  Other capital | 293363 | 68771 |
|  Total increase | 328031828 | 92476022 |
| Net Assets |  |  |
|  Beginning of period | 92476022 | – 0 |
|  End of period | $**420507850** | $**92476022** |

---

(a) Commencement of operations.

See notes to financial statements.

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| | |
|:---|:---|
| 42 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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------

#### 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 Tax-Aware Intermediate Municipal ETF (the "Fund"), a diversified portfolio. The Fund commenced investment operations on December 13, 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.

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,

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 43 |

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**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.

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

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

---

| | |
|:---|:---|
| 44 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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------

**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)

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.

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| | |
|:---|:---|
| **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**<br> **Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |  |
|  **Assets:** |  |  |  |  |  |  |
|  Long-Term Municipal Bonds | $– 0 | $368863555 | $– 0 |  | $368863555 |  |
|  Short-Term Municipal Notes | – 0 | 37002749 | – 0 |  | 37002749 |  |
|  Commercial Mortgage-Backed Securities | – 0 | 1106902 | – 0 |  | 1106902 |  |
|  Warrants | – 0 | – 0 | 0 | <sup>(a)</sup> | – 0 |  |
|  Short-Term Investments | 11334488 | – 0 | – 0 |  | 11334488 |  |
|  Total Investments in Securities | 11334488 | 406973206 | 0 | <sup>(a)</sup> | 418307694 |  |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 17132 | – 0 |  | 17132 | <sup>(c)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 742410 | – 0 |  | 742410 | <sup>(c)</sup> |
|  **Liabilities:** |  |  |  |  |  |  |
|  Centrally Cleared Credit Default Swaps | – 0 | (282578) | – 0 |  | (282578) |)<sup>(c)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (7904) | – 0 |  | (7904) |)<sup>(c)</sup> |
|  **Total** | $**11334488** | $**407442266** | $**0** | **<sup>(a)</sup>** | $**418776754** |  |

---

(a) The Fund held securities with zero market value at period end.

(b) 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.

(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 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

---

| | |
|:---|:---|
| 46 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

---

------

**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

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 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 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. 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 Tax-Aware Intermediate Municipal ETF 47 |

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**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

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 .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** |

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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<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11334 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 |

---

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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293535962 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24037036 |
|  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:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  In-kind transactions (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21744496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 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:

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| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413228387 |
|  Gross unrealized appreciation | $7276294 |
|  Gross unrealized depreciation | (1390607) |
|  Net unrealized appreciation | $5885687 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 49 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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.

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.

---

| | |
|:---|:---|
| 50 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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.

#### 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

---

| | |
|:---|:---|
| **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:
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 year ended November 30, 2025, the Fund held inflation (CPI) swaps for hedging purposes.

#### 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.

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

---

| | |
|:---|:---|
| 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** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Credit contracts |  |  | Payable for<br>variation margin on<br>centrally cleared<br>swaps | $50911 \* |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | $759617 \* | Payable for<br>variation margin<br>on centrally<br>cleared swaps | 7904 \* |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759617 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58815 |

---

\* 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 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346096) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734851 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 12691 | (69653) |
|  Total |  | $(333405) | $665198 |

---

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: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $38120000 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14792308 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $950000 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $700000 <sup>(b)</sup> |

---

(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 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")

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| | |
|:---|:---|
| 54 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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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 | Shares | Amount | Amount |
|  | Year Ended<br>November 30, 2025 | December 13,<br> 2023<sup>(a)</sup>November 30, 2024 | Year Ended<br>November 30, 2025 | December 13,<br> 2023<sup>(a)</sup>November 30, 2024 |
|  Shares sold | 13000000 | 3650040 | $325776180 | $92515240 |
|  Shares redeemed | (150000) | (50000) | (3694755) | (1257405) |
|  **Net increase** | **12850000** | **3600040** | $**322081425** | $**91257835** |

---

(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 |

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**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** |

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------

**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.

**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%.

**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.

**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.

**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 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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 57 |

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------

**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.

**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.

**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.

**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

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|:---|:---|
| 58 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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**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.

**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

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|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 59 |

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**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.

**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.

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: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $331557 | $118072 |
|  Total taxable distributions | $331557 | 118072 |
|  Tax-exempt income | 8412093 | 911023 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8743650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029095 |

---

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

---

| | |
|:---|:---|
|  Undistributed tax-exempt income | $1441626 |
|  Accumulated capital and other losses | (520857)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 5885687 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6806456 |

---

(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.

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| | |
|:---|:---|
| 60 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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------

**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

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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 61 |

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#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share of Capital Stock Outstanding Throughout Each Period

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>November 30,<br>2025** | **December 13,**<br> **2023<sup>(a)</sup> to<br>November 30,<br>2024** |
|  Net asset value, beginning of period | $25.69 | $25.00 |
|  Income From Investment Operations |  |  |
|  Net investment income<sup>(b)(c)</sup> | .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<sup>(d)</sup> | 3.03% | 5.81 |
|  Ratios/Supplemental Data |  |  |
|  Net assets, end of period (000's omitted) | $420508 | $92476 |
|  Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .28% | .28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .28% | .28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 3.89% | 3.74 |
|  Portfolio turnover rate<sup>(e)</sup> | 10% | 9 |

---

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Net of expenses waived/reimbursed by the Adviser.

(d) 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.

(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.

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| | |
|:---|:---|
| 62 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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#### 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.

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.

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

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|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 63 |

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#### 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](g934245g91r55.jpg)

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

New York, New York

January 28, 2026

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|:---|:---|
| 64 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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#### 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.

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.

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|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 65 |

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#### 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").

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

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| 66 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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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 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
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 since the Fund's inception.

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|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 67 |

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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 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 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

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| 68 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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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.

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| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 69 |

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#### NOTES

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| 70 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 71 |

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| 72 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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![LOGO](g934245g28a43.jpg)

AB TAX-AWARE INTERMEDIATE MUNICIPAL ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-TAIM-0151-1125 ![LOGO](g934245g22c48.jpg)

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#### November 30, 2025
![LOGO](g90029g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB TAX-AWARE LONG MUNICIPAL ETF

(NYSE: TAFL)

![LOGO](g90029g50e50.jpg)

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 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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#### PORTFOLIO OF INVESTMENTS

#### November 30, 2025

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MUNICIPAL OBLIGATIONS – 98.8% | MUNICIPAL OBLIGATIONS – 98.8% | MUNICIPAL OBLIGATIONS – 98.8% |
|  Long-Term Municipal Bonds – 98.4% | Long-Term Municipal Bonds – 98.4% | Long-Term Municipal Bonds – 98.4% |
|  **Alabama – 0.8%** | **Alabama – 0.8%** | **Alabama – 0.8%** |
|  County of Jefferson AL Sewer Revenue<br>(County of Jefferson AL Sewer Revenue) <br>Series 2024 <br>5.50%, 10/01/2053 | $325 | $342273 |
|  **Arizona – 2.2%** | **Arizona – 2.2%** | **Arizona – 2.2%** |
|  Arizona Industrial Development Authority<br>(Equitable School Revolving Fund Obligated Group) <br>Series 2023 <br>5.25%, 11/01/2053 | 200 | 204171 |
|  Arizona Industrial Development Authority<br>(Pinecrest Academy of Nevada) <br>Series 2020-A <br>4.00%, 07/15/2040<sup>(a)</sup> | 125 | 113969 |
|  Maricopa County Industrial Development Authority<br>(HonorHealth Obligated Group) <br>Series 2019-A <br>4.125%, 09/01/2042 | 500 | 486213 |
|  Maricopa County Industrial Development Authority<br>(Valley Christian Schools) <br>Series 2023 <br>6.375%, 07/01/2058<sup>(a)</sup> | 150 | 146874 |
|  |  | 951227 |
|  **California – 5.3%** | **California – 5.3%** | **California – 5.3%** |
|  California Community Choice Financing Authority<br>(American General Life Insurance) <br>Series 2024 <br>5.00%, 08/01/2055 | 400 | 424902 |
|  California Community Choice Financing Authority<br>(Athene Annuity & Life Co.) <br>Series 2024 <br>5.00%, 11/01/2055 | 350 | 367340 |
|  California Community Housing Agency<br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments) <br>Series 2021 <br>4.00%, 02/01/2056<sup>(a)</sup> | 100 | 82624 |
|  City of Los Angeles CA Wastewater System Revenue<br>(City of Los Angeles CA Wastewater System Revenue) <br>Series 2025-A <br>5.00%, 06/01/2055 | 200 | 213665 |
|  City of Los Angeles Department of Airports<br>(City of Los Angeles Dept. of Airports) <br>Series 2025 <br>5.50%, 05/15/2055 | 100 | 107235 |

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|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 1 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  CMFA Special Finance Agency VII<br>(CMFA Special Finance Agency VII The Breakwater Apartments) <br>Series 2021 <br>3.00%, 08/01/2056<sup>(a)</sup> | $| 100 | $| 68922 |
|  Golden State Tobacco Securitization Corp.<br>(Golden State Tobacco Securitization) <br>Series 2021-B <br>Zero Coupon, 06/01/2066 |  | 1000 |  | 107214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 06/01/2051 |  | 360 |  | 360482 |
|  Los Angeles Department of Water & Power<br>(Los Angeles Dept. of Water & Power Power System Revenue) <br>BAM Series 2025-A <br>5.00%, 07/01/2053 |  | 500 |  | 521511 |
|  |  |  |  | 2253895 |
|  **Colorado – 2.1%** | **Colorado – 2.1%** | **Colorado – 2.1%** | **Colorado – 2.1%** | **Colorado – 2.1%** |
|  Colorado Educational & Cultural Facilities Authority<br>(Ascent Classical Academy Charter Schools) <br>Series 2024 <br>5.80%, 04/01/2054<sup>(a)</sup> |  | 100 |  | 98842 |
|  Town of Vail CO<br>(Town of Vail CO COP) <br>Series 2025 <br>5.50%, 12/01/2064 |  | 750 |  | 809832 |
|  |  |  |  | 908674 |
|  **Connecticut – 0.2%** | **Connecticut – 0.2%** | **Connecticut – 0.2%** | **Connecticut – 0.2%** | **Connecticut – 0.2%** |
|  Stamford Housing Authority<br>(TJH Senior Living Obligated Group) <br>Series 2025 <br>6.50%, 10/01/2055 |  | 100 |  | 102022 |
|  **District of Columbia – 2.7%** | **District of Columbia – 2.7%** | **District of Columbia – 2.7%** | **District of Columbia – 2.7%** | **District of Columbia – 2.7%** |
|  District of Columbia<br>(District of Columbia Union Market TIF Area) <br>Series 2024-A <br>5.125%, 06/01/2034<sup>(a)</sup> |  | 100 |  | 102953 |
|  Metropolitan Washington Airports Authority Aviation Revenue<br>(Metropolitan Washington Airports Authority Aviation Revenue) <br>Series 2025-A <br>5.50%, 10/01/2055 |  | 1000 |  | 1070509 |
|  |  |  |  | 1173462 |

---

---

| | |
|:---|:---|
| 2 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Florida – 3.5%** | **Florida – 3.5%** | **Florida – 3.5%** |
|  Capital Projects Finance Authority/FL<br>(Navigator Academy of Leadership Obligated Group) <br>Series 2024 <br>5.00%, 06/15/2034<sup>(a)</sup> | $100 | $101976 |
|  City of Venice FL<br>(Southwest Florida Retirement Center Obligated Group) <br>Series 2024 <br>5.625%, 01/01/2060<sup>(a)</sup> | 100 | 99033 |
|  County of Miami-Dade FL Aviation Revenue <br>(County of Miami-Dade FL Aviation Revenue)<br>Series 2024-A<br>5.00%, 10/01/2035 | 1000 | 1111464 |
|  Florida Development Finance Corp.<br>(Brightline Trains Florida) <br>AG Series 2024 <br>5.25%, 07/01/2053 | 100 | 99689 |
|  Florida Development Finance Corp.<br>(SFP – Tampa I LLC) <br>Series 2024 <br>5.25%, 06/01/2059<sup>(a)</sup> | 100 | 95616 |
|  |  | 1507778 |
|  **Georgia – 3.3%** | **Georgia – 3.3%** | **Georgia – 3.3%** |
|  Fayette County Development Authority<br>(United States Soccer Federation) <br>Series 2024 <br>5.00%, 10/01/2044 | 200 | 208544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2054 | 200 | 207097 |
|  Municipal Electric Authority of Georgia<br>(Municipal Electric Authority of Georgia) <br>Series 2019 <br>5.00%, 01/01/2063 | 1000 | 999522 |
|  |  | 1415163 |
|  **Guam – 0.6%** | **Guam – 0.6%** | **Guam – 0.6%** |
|  Territory of Guam<br>(Territory of Guam Business Privilege Tax) <br>Series 2021-F <br>5.00%, 01/01/2030 | 250 | 267873 |
|  **Hawaii – 0.2%** | **Hawaii – 0.2%** | **Hawaii – 0.2%** |
|  City & County Honolulu HI Wastewater System Revenue<br>(City & County Honolulu HI Wastewater System Revenue) <br>Series 2020-A <br>2.624%, 07/01/2045 | 100 | 71462 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Illinois – 8.9%** | **Illinois – 8.9%** | **Illinois – 8.9%** |
|  Chicago Board of Education<br>(Chicago Board of Education) <br>Series 2023-A <br>5.00%, 12/01/2034 | $150 | $150758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2049 | 300 | 302144 |
|  Chicago O'Hare International Airport<br>(Chicago O'Hare Intl Airport) <br>Series 2025-E <br>5.50%, 01/01/2055 | 1000 | 1049526 |
|  City of Chicago IL<br>(City of Chicago IL) <br>Series 2019-A <br>5.50%, 01/01/2049 | 300 | 295988 |
|  Illinois State Toll Highway Authority<br>(Illinois State Toll Highway Authority) <br>Series 2025 <br>5.00%, 01/01/2047<sup>(b)</sup> | 1000 | 1052084 |
|  Metropolitan Pier & Exposition Authority <br>(Metropolitan Pier & Exposition Authority)<br>Series 2017<br>0.00%, 12/15/2042<sup>(c)</sup> | 350 | 267482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.00%, 06/15/2050 | 310 | 308151 |
|  State of Illinois<br>(State of Illinois) <br>Series 2023-B <br>5.50%, 05/01/2047 | 350 | 368114 |
|  |  | 3794247 |
|  **Indiana – 2.5%** |  |  |
|  City of Valparaiso IN<br>(Pratt Paper IN LLC) <br>Series 2024 <br>4.875%, 01/01/2044<sup>(a)</sup> | 100 | 100786 |
|  Indiana Finance Authority<br>(Parkview Health System Obligated Group) <br>Series 2024-A <br>5.00%, 11/01/2054 | 100 | 101778 |
|  Indiana Finance Authority<br>(University of Evansville) <br>Series 2022 <br>5.25%, 09/01/2057 | 100 | 96685 |
|  Indianapolis Local Public Improvement Bond Bank<br>(Pan Am Plaza Hotel) <br>Series 2023 <br>6.00%, 03/01/2053 | 150 | 156941 |

---

---

| | |
|:---|:---|
| 4 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-F <br>7.75%, 03/01/2067 | $100 | $110704 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2023 <br>5.25%, 03/01/2067 | 500 | 520131 |
|  |  | 1087025 |
|  **Kentucky – 1.4%** |  |  |
|  Kentucky Public Energy Authority<br>(BP PLC) <br>Series 2024-B <br>5.00%, 01/01/2055 | 540 | 580645 |
|  **Maine – 0.5%** |  |  |
|  Finance Authority of Maine<br>(Casella Waste Systems) <br>Series 2024 <br>4.625%, 12/01/2047<sup>(a)</sup> | 200 | 201584 |
|  **Maryland – 1.7%** |  |  |
|  Maryland Economic Development Corp.<br>(Purple Line Transit Partners) <br>Series 2022 <br>5.25%, 06/30/2047 | 570 | 573219 |
|  Maryland Stadium Authority<br>(Baltimore City Public School Construction Financing Fund) <br>Series 2020 <br>5.00%, 05/01/2050 | 150 | 162551 |
|  |  | 735770 |
|  **Massachusetts – 5.1%** |  |  |
|  Commonwealth of Massachusetts<br>(Commonwealth of Massachusetts) <br>Series 2021-B <br>2.00%, 04/01/2050 | 180 | 108267 |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue<br>(Massachusetts Bay Transportation Authority Sales Tax Revenue) <br>Series 2023-A <br>5.25%, 07/01/2048 | 835 | 895022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.25%, 07/01/2055 | 100 | 107447 |
|  Massachusetts School Building Authority<br>(Massachusetts School Building Authority Sales Tax) <br>Series 2025 <br>5.25%, 02/15/2050 | 1000 | 1072769 |
|  |  | 2183505 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 5 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **New Hampshire – 2.9%** |  |  |
|  New Hampshire Business Finance Authority<br>(NFA 2025-1) <br>Series 2025 <br>5.75%, 04/28/2042 | $150 | $156689 |
|  New Hampshire Business Finance Authority<br>(Novant Health Obligated Group) <br>Series 2025 <br>5.50%, 06/01/2055 | 100 | 104913 |
|  New Hampshire Business Finance Authority<br>(University of Nevada Reno) <br>BAM Series 2023 <br>4.50%, 06/01/2053 | 1000 | 976642 |
|  |  | 1238244 |
|  **New Jersey – 4.5%** |  |  |
|  New Jersey Transportation Trust Fund Authority<br>(State of New Jersey Lease) <br>Series 2023-B <br>5.25%, 06/15/2050 | 825 | 869373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C <br>5.00%, 06/15/2045 | 1000 | 1057389 |
|  |  | 1926762 |
|  **New York – 15.1%** |  |  |
|  Metropolitan Transportation Authority<br>(Metropolitan Transportation Authority) <br>Series 2017 <br>Zero Coupon, 11/15/2033 | 575 | 438786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.25%, 11/15/2049 | 510 | 537023 |
|  Metropolitan Transportation Authority Dedicated Tax Fund<br>(Metropolitan Transportation Authority Dedicated Tax Fund) <br>Series 2024 <br>5.00%, 11/15/2052 | 1000 | 1043051 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>(New York City Transitional Finance Authority Future Tax Secured Revenue) <br>Series 2025 <br>5.00%, 05/01/2050 | 1000 | 1037828 |
|  New York Liberty Development Corp.<br>(7 World Trade Center II) <br>Series 2022 <br>3.00%, 09/15/2043 | 500 | 413514 |
|  New York State Dormitory Authority<br>(State of New York Pers Income Tax) <br>Series 2025-C <br>5.00%, 03/15/2055 | 1210 | 1257244 |

---

---

| | |
|:---|:---|
| 6 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  New York Transportation Development Corp.<br>(JFK NTO LLC) <br>Series 2023 <br>5.375%, 06/30/2060 | $| 500 | $| 501514 |
|  Onondaga Civic Development Corp.<br>(Syracuse University) <br>Series 2025 <br>5.50%, 12/01/2056 |  | 100 |  | 109838 |
|  Suffolk Regional Off-Track Betting Corp.<br>(Suffolk Regional Off-Track Betting) <br>Series 2024 <br>6.00%, 12/01/2053 |  | 100 |  | 101507 |
|  Triborough Bridge & Tunnel Authority<br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue) <br>Series 2022 <br>5.00%, 05/15/2057 |  | 1000 |  | 1025944 |
|  |  |  |  | 6466249 |
|  **North Carolina – 1.7%** | **North Carolina – 1.7%** | **North Carolina – 1.7%** | **North Carolina – 1.7%** | **North Carolina – 1.7%** |
|  Nash Health Care Systems<br>(Nash Health Care Systems) <br>Series 2025 <br>5.75%, 02/01/2050 |  | 600 |  | 650430 |
|  North Carolina Turnpike Authority<br>(North Carolina Turnpike Authority) <br>AG Series 2024 <br>Zero Coupon, 01/01/2052 |  | 250 |  | 70845 |
|  |  |  |  | 721275 |
|  **Ohio – 2.8%** | **Ohio – 2.8%** | **Ohio – 2.8%** | **Ohio – 2.8%** | **Ohio – 2.8%** |
|  Buckeye Tobacco Settlement Financing Authority<br>(Buckeye Tobacco Settlement Financing Authority) <br>Series 2020-B <br>5.00%, 06/01/2055 |  | 100 |  | 84206 |
|  Port of Greater Cincinnati Development Authority<br>(Duke Energy Convention Center Project) <br>Series 2024 <br>5.00%, 12/01/2053 |  | 100 |  | 102328 |
|  State of Ohio <br>(University Hospitals Health System Obligated Group)<br>Series 2016<br>4.00%, 01/15/2046 |  | 1100 |  | 1011028 |
|  |  |  |  | 1197562 |
|  **Oklahoma – 0.9%** |  |  |  |  |
|  Oklahoma Turnpike Authority<br>(Oklahoma Turnpike Authority) <br>Series 2025-B <br>5.00%, 01/01/2040 |  | 250 |  | 282239 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 7 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Tulsa Municipal Airport Trust Trustees/OK<br>(American Airlines, Inc.) <br>Series 2025 <br>6.25%, 12/01/2040 | $100 | $112255 |
|  |  | 394494 |
|  **Oregon – 1.1%** |  |  |
|  Port of Portland OR Airport Revenue<br>(Port of Portland OR Airport Revenue) <br>Series 2022-2 <br>4.00%, 07/01/2047 | 500 | 455016 |
|  **Pennsylvania – 2.8%** |  |  |
|  Pennsylvania Higher Educational Facilities Authority<br>(University of Pennsylvania Health System Obligated Group) <br>Series 2025 <br>5.00%, 08/15/2055 | 120 | 124271 |
|  Pennsylvania State University (The)<br>(Pennsylvania State University) <br>Series 2023 <br>5.25%, 09/01/2053 | 1000 | 1062737 |
|  |  | 1187008 |
|  **Puerto Rico – 0.1%** |  |  |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue<br>(Puerto Rico Sales Tax Financing Sales Tax Revenue) <br>Series 2018-A <br>Zero Coupon, 07/01/2051 | 100 | 24794 |
|  **South Carolina – 1.2%** |  |  |
|  South Carolina Jobs-Economic Development Authority<br>(Novant Health Obligated Group) <br>Series 2024 <br>5.50%, 11/01/2054 | 500 | 532142 |
|  **Tennessee – 1.0%** |  |  |
|  Bristol Industrial Development Board<br>(Bristol Industrial Development Board Sales Tax) <br>Series 2016-A <br>5.125%, 12/01/2042<sup>(a)</sup> | 280 | 264657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>Zero Coupon, 12/01/2031<sup>(a)</sup> | 100 | 71964 |
|  Shelby County Health & Educational Facilities Board <br>(Madrone Memphis Student Housing I)<br>Series 2024 <br>5.25%, 06/01/2056<sup>(a)</sup> | 100 | 95482 |
|  |  | 432103 |

---

---

| | |
|:---|:---|
| 8 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Texas – 8.1%** |  |  |
|  City of Houston TX Airport System Revenue<br>(United Airlines, Inc.) <br>Series 2024-B <br>5.50%, 07/15/2038 | $100 | $108165 |
|  Dallas Fort Worth International Airport<br>(Dallas Fort Worth Intl Airport) <br>Series 2025-A <br>5.50%, 11/01/2050 | 1000 | 1069696 |
|  Hidalgo County Regional Mobility Authority<br>(Hidalgo County Regional Mobility Authority) <br>Series 2022-B <br>Zero Coupon, 12/01/2046 | 335 | 109440 |
|  Port of Beaumont Navigation District<br>(Jefferson 2020 Bond Lessee & Borrower Obligated Group) <br>Series 2024 <br>5.25%, 01/01/2054<sup>(a)</sup> | 100 | 95859 |
|  Texas Transportation Finance Corp.<br>(Texas Transportation Finance) <br>Series 2025 <br>5.25%, 10/01/2055 | 1000 | 1070053 |
|  Texas Water Development Board<br>(State Water Implementation Revenue Fund for Texas) <br>Series 2023-A <br>5.00%, 10/15/2058 | 1000 | 1031089 |
|  |  | 3484302 |
|  **Utah – 0.3%** |  |  |
|  Utah Infrastructure Agency<br>(Utah Infrastructure Agency) <br>Series 2024 <br>5.50%, 10/15/2044 | 100 | 104232 |
|  **Virginia – 3.2%** |  |  |
|  Fairfax County Industrial Development Authority<br>(Inova Health System Obligated Group) <br>Series 2022 <br>4.00%, 05/15/2042 | 1000 | 990088 |
|  Henrico County Economic Development Authority<br>(Bon Secours Mercy Health) <br>Series 2025 <br>5.00%, 11/01/2048 | 100 | 104437 |
|  James City County Economic Development Authority<br>(Williamsburg Landing Obligated Group) <br>Series 2024-A <br>6.875%, 12/01/2058 | 100 | 108185 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Virginia College Building Authority <br>(Regent University Obligated Group)<br>Series 2025<br>6.00%, 06/01/2055 | $| 150 | $| 159478 |
|  |  |  |  | 1362188 |
|  **Washington – 7.4%** | **Washington – 7.4%** | **Washington – 7.4%** | **Washington – 7.4%** | **Washington – 7.4%** |
|  City of Tacoma WA Electric System Revenue<br>(City of Tacoma WA Electric System Revenue) <br>Series 2025-A <br>5.25%, 01/01/2050 |  | 1000 |  | 1069132 |
|  Vancouver Housing Authority<br>(Vancouver Housing Authority) <br>Series 2025 <br>4.25%, 02/01/2038 |  | 1000 |  | 1026012 |
|  Washington Health Care Facilities Authority<br>(CommonSpirit Health Obligated Group) <br>Series 2025 <br>5.50%, 09/01/2055 |  | 1000 |  | 1066828 |
|  |  |  |  | 3161972 |
|  **Wisconsin – 4.3%** | **Wisconsin – 4.3%** | **Wisconsin – 4.3%** | **Wisconsin – 4.3%** | **Wisconsin – 4.3%** |
|  Wisconsin Health & Educational Facilities Authority<br>(Forensic Science & Protective Medicine Collaboration) <br>Series 2024 <br>5.00%, 08/01/2027<sup>(a)</sup> |  | 150 |  | 151423 |
|  Wisconsin Public Finance Authority<br>(Inperium Obligated Group) <br>Series 2024 <br>5.75%, 12/01/2054<sup>(a)</sup> |  | 100 |  | 100418 |
|  Wisconsin Public Finance Authority<br>(Puerto Rico Tollroads LLC) <br>Series 2024 <br>5.50%, 07/01/2044 |  | 200 |  | 206865 |
|  Wisconsin Public Finance Authority<br>(SR 400 Peach Partners LLC) <br>Series 2025 <br>5.75%, 12/31/2065 |  | 1350 |  | 1399988 |
|  |  |  |  | 1858694 |
|  Total Long-Term Municipal Bonds <br>(cost $41,921,743) |  |  |  | 42123642 |

---

---

| | |
|:---|:---|
| 10 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Short-Term Municipal Notes – 0.4% |  |  |  |
|  **Illinois – 0.4%** |  |  |  |
|  Illinois Finance Authority<br>(OSF Healthcare System Obligated Group) <br>Series 2018 <br>2.85%, 11/15/2037<sup>(d)</sup> <br>(cost $170,000) | $| 170 | $170000 |
|  Total Municipal Obligations <br>(cost $42,091,743) |  |  | 42293642 |
|  | **Shares** | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 1.9% | SHORT-TERM INVESTMENTS – 1.9% | SHORT-TERM INVESTMENTS – 1.9% | SHORT-TERM INVESTMENTS – 1.9% |
|  **Investment Companies – 1.9%** | **Investment Companies – 1.9%** | **Investment Companies – 1.9%** | **Investment Companies – 1.9%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%<sup>(e)(f)(g)</sup> <br>(cost $816,309) |  | 816309 | 816309 |
|  Total Investments – 100.7% <br>(cost $42,908,052) |  |  | 43109951 |
|  Other assets less liabilities – (0.7)% |  |  | (289528) |
|  **Net Assets – 100.0%** |  |  | $**42820423** |

---

#### CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>November 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Buy Contracts** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 45, 5 Year Index, 12/20/2030\* | (5.00)% | Quarterly | 3.23% | USD 490 | $(41197) | $(33945) | $(7252) |

---

\* Termination date

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 1270 | 10/15/2028 | CPI# | 2.565% | Maturity | $126 | $– 0 | $126 |
| USD | 1200 | 10/15/2029 | 2.569% | CPI# | Maturity | (3060) | – 0 | (3060) |
| USD | 1100 | 10/15/2029 | 2.485% | CPI# | Maturity | 1684 | – 0 | 1684 |
| USD | 867 | 10/15/2029 | 2.499% | CPI# | Maturity | 737 | – 0 | 737 |
| USD | 867 | 10/15/2029 | 2.516% | CPI# | Maturity | 20 | – 0 | 20 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 11 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 866 | 10/15/2029 | 2.451% | CPI# | Maturity | $2745 | $– 0 | $2745 |
| USD | 1330 | 10/15/2030 | CPI# | 2.531% | Maturity | 3302 | – 0 | 3302 |
|  |  |  |  |  |  | $5554 | $– 0 | $5554 |

---

# 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** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 200 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | $7083 | $– 0 | $7083 |
| USD | 1200 | 12/03/2031 | 1 Day SOFR | 4.036% | Annual | 40266 | – 0 | 40266 |
| USD | 400 | 06/15/2034 | 3.543% | 1 Day SOFR | Annual | 1142 | 44 | 1098 |
| USD | 300 | 08/15/2034 | 3.231% | 1 Day SOFR | Annual | 7979 | – 0 | 7979 |
| USD | 240 | 08/15/2034 | 3.450% | 1 Day SOFR | Annual | 2286 | – 0 | 2286 |
| USD | 210 | 08/15/2034 | 3.183% | 1 Day SOFR | Annual | 6382 | – 0 | 6382 |
| USD | 1220 | 12/30/2044 | 1 Day SOFR | 4.166% | Annual | 34012 | – 0 | 34012 |
| USD | 600 | 12/30/2044 | 1 Day SOFR | 4.240% | Annual | 23249 | – 0 | 23249 |
| USD | 240 | 01/05/2045 | 1 Day SOFR | 4.283% | Annual | 10785 | – 0 | 10785 |
| USD | 200 | 01/13/2045 | 1 Day SOFR | 4.156% | Annual | 5438 | (81) | 5519 |
| USD | 200 | 01/13/2045 | 1 Day SOFR | 4.189% | Annual | 6375 | – 0 | 6375 |
| USD | 270 | 12/09/2053 | 3.584% | 1 Day SOFR | Annual | 19535 | (107) | 19642 |
| USD | 335 | 11/15/2054 | 3.924% | 1 Day SOFR | Annual | 2230 | (162) | 2392 |
| USD | 265 | 02/05/2055 | 3.942% | 1 Day SOFR | Annual | 1677 | – 0 | 1677 |
| 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 | 5983 | – 0 | 5983 |
| USD | 400 | 11/15/2055 | 3.943% | 1 Day SOFR | Annual | 1028 | – 0 | 1028 |
| USD | 300 | 11/15/2055 | 4.004% | 1 Day SOFR | Annual | (2451) | – 0 | (2451) |
|  |  |  |  |  |  | $173487 | $(306) | $173793 |

---

(a) 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 $1,992,982 or 4.7% of net assets.

(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) 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.

(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.

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 5.2% and 0.0%, respectively.

---

| | |
|:---|:---|
| 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 | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $42,091,743) | $42293642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $816,309) | 816309 |
|  Cash | 98157 |
|  Cash collateral due from broker | 140334 |
|  Interest receivable | 533644 |
|  Affiliated dividends receivable | 4243 |
|  Receivable for variation margin on centrally cleared swaps | 1840 |
|  Receivable due from Adviser | 227 |
|  Total assets | 43888396 |
| Liabilities | Liabilities |
|  Payable for investment securities purchased | 1059290 |
|  Advisory fee payable | 8683 |
|  Total liabilities | 1067973 |
|  Net Assets | $**42820423** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $170 |
|  Additional paid-in capital | 42701720 |
|  Distributable earnings | 118533 |
|  **Net Assets** | $**42820423** |
|  **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408653 |  |
|  Dividends—Affiliated issuers | 12598 | $1421251 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 88484 |  |
|  Total expenses before bank overdraft expense | 88484 |  |
|  Bank overdraft expense | 314 |  |
|  Total expenses | 88798 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (655) |  |
|  Net expenses |  | 88143 |
|  Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333108 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (292088) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 51743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 24244 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (389097) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 18830 |
|  Net loss on investment transactions |  | (586368) |
|  **Net Increase in Net Assets from Operations** |  | $**746740** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 15 |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>November 30,<br>2025** | **December 13,**<br>**2023<sup>(a)</sup> to**<br>**November 30,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $1333108 | $1050363 |
|  Net realized loss on investment transactions | (216101) | (136175) |
|  Net change in unrealized appreciation (depreciation) of investments | (370267) | 744261 |
|  Contributions from Affiliates (see Note B) | – 0 | 1147 |
|  Net increase in net assets from operations | 746740 | 1659596 |
|  Distribution to Shareholders | (1295116) | (940944) |
| Transactions in Shares of the Fund |  |  |
|  Net increase | 13798975 | 28803830 |
|  Other capital | 43062 | 4280 |
|  Total increase | 13293661 | 29526762 |
| Net Assets |  |  |
|  Beginning of period | 29526762 | – 0 |
|  End of period | $**42820423** | $**29526762** |

---

(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

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 Tax-Aware Long Municipal ETF (the "Fund"), a diversified portfolio. The Fund commenced investment operations on December 13, 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.

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

---

| | |
|:---|:---|
| **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.

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.

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.

---

| | |
|:---|:---|
| 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 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.

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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Long-Term Municipal Bonds | $– 0 | $42123642 | $– 0 | $42123642 |
|  Short-Term Municipal Notes | – 0 | 170000 | – 0 | 170000 |
|  Short-Term Investments | 816309 | – 0 | – 0 | 816309 |
|  Total Investments in Securities | 816309 | 42293642 | – 0 | 43109951 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 8614 | – 0 | 8614 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 175938 | – 0 | 175938 <sup>(b)</sup> |
|  **Liabilities:** |  |  |  |  |
|  Centrally Cleared Credit Default Swaps | – 0 | (41197) | – 0 | (41197)<sup>(b)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (3060) | – 0 | (3060)<sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (2451) | – 0 | (2451)<sup>(b)</sup> |
|  **Total** | $**816309** | $**42431486** | $**– 0** | $**43247795** |

---

(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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 19 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

(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.

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 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

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

---

| | |
|:---|:---|
| 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

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.

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

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 .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

---

| | |
|:---|:---|
| **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<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11920 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11360 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31111808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15877407 |
|  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

---

| | |
|:---|:---|
| 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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084905 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42880626 |
|  Gross unrealized appreciation | $691873 |
|  Gross unrealized depreciation | (288867) |
|  Net unrealized appreciation | $403006 |

---

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.

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

---

| | |
|:---|:---|
| **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.

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 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.

#### 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

---

| | |
|:---|:---|
| 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.

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 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 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:
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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 25 |

---

------

**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.

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.

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** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Credit contracts |  |  | Payable for variation margin on centrally cleared swaps | $7252 \* |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184858 \* | Payable for variation margin on centrally cleared swaps | 5511 \* |
|  Total |  | $184858 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12763 |

---

\* 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<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $5771 | $45359 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 18473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26529) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24244 | $18830 |

---

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: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8508538 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $7230769 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $147143 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $720000 <sup>(b)</sup> |

---

(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)

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 | Shares | Amount | Amount |
|  | Year Ended<br>November 30, 2025 | December 13,<br> 2023<sup>(a)</sup> to<br>November 30, 2024 | Year Ended<br>November 30, 2025 | December 13,<br> 2023<sup>(a)</sup> to<br>November 30, 2024 |
|  Shares sold | 900000 | 1150040 | $22458945 | $28803830 |
|  Shares redeemed | (350000) | – 0 | (8659970) | – 0 |
|  **Net increase** | **550000** | **1150040** | $**13798975** | $**28803830** |

---

(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

---

| | |
|:---|:---|
| 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.

**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.

**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.

**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%.

**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.

**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.

**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

---

| | |
|:---|:---|
| 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.

**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.

**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.

**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.

**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.

**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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 31 |

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------

**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.

**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.

---

| | |
|:---|:---|
| 32 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**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.

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: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51101 | $85262 |
|  Total taxable distributions | 51101 | 85262 |
|  Tax-exempt distributions | 1244015 | 855682 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940944 |

---

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| | |
|:---|:---|
| **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154005 |
|  Accumulated capital and other losses | (438478)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 403006 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118533 |

---

(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.

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

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.

---

| | |
|:---|:---|
| 34 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

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------

#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>November 30,<br>2025** | **December 13,**<br> **2023<sup>(a)</sup> to<br>November 30,<br>2024** |
|  Net asset value, beginning of period | $25.67 | $25.00 |
|  Income From Investment Operations |  |  |
|  Net investment income<sup>(b)(c)</sup> | 1.04 | .95 |
|  Net realized and unrealized gain (loss) on investment transactions | (.50 | .57 |
|  Contributions from Affiliates | – 0 | .00 |
|  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<sup>(e)</sup> | 2.18 | 6.19 |
|  Ratios/Supplemental Data |  |  |
|  Net assets, end of period (000's omitted) | $42820 | $29527 |
|  Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .28 | .28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .28 | .28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 4.22 | 3.90 |
|  Portfolio turnover rate<sup>(f)</sup> | 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) 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.

(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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 35 |

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#### 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.

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.

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;

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| 36 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

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#### 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](g90029g91r55.jpg)

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

New York, New York

January 28, 2026

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| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 37 |

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#### 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.

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.

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| 38 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

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#### 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").

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

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| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 39 |

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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 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
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 since the Fund's inception.

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| 40 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

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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 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 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
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

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| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 41 |

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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.

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| 42 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

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#### NOTES

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| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 43 |

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| 44 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

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![LOGO](g90029g28a43.jpg)

AB TAX-AWARE LONG MUNICIPAL ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-TALM-0151-1125 ![LOGO](g90029g22c48.jpg)

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#### November 30, 2025
![LOGO](g38326g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB TAX-AWARE SHORT DURATION MUNICIPAL ETF

(NYSE Arca: TAFI)

![LOGO](g38326g50e50.jpg)

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AllianceBernstein L.P. would like to thank you for your interest in the Fund.

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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#### PORTFOLIO OF INVESTMENTS

#### November 30, 2025

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MUNICIPAL OBLIGATIONS – 95.4% |  |  |
|  Long-Term Municipal Bonds – 82.3% |  |  |
|  **Alabama – 4.2%** |  |  |
|  Black Belt Energy Gas District<br>(Black Belt Energy Gas District) <br>Series 2025-C <br>5.50%, 11/01/2056<sup>(a)</sup> | $1000 | $1060077 |
|  Black Belt Energy Gas District<br>(BP PLC) <br>Series 2024-D <br>5.00%, 03/01/2055 | 3000 | 3253794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-E <br>5.00%, 12/01/2055 | 2000 | 2160142 |
|  Black Belt Energy Gas District<br>(Goldman Sachs Group) <br>Series 2021-B <br>4.00%, 10/01/2052 | 1200 | 1207013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-D <br>4.503% (SOFR + 1.85%), 06/01/2049<sup>(b)</sup> | 1000 | 1019562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.00%, 10/01/2055 | 2750 | 2972203 |
|  Black Belt Energy Gas District<br>(Prerefunded – US Treasuries) <br>Series 2019-A <br>4.00%, 12/01/2049 | 2000 | 2000000 |
|  Black Belt Energy Gas District<br>(Royal Bank of Canada) <br>Series 2022-D <br>4.00%, 12/01/2025 | 650 | 650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B <br>5.25%, 12/01/2053 | 2210 | 2392886 |
|  City of Huntsville AL<br>(City of Huntsville AL) <br>Series 2016-B <br>5.00%, 05/01/2028 | 470 | 474613 |
|  County of Jefferson AL Sewer Revenue<br>(County of Jefferson AL Sewer Revenue) <br>Series 2024 <br>5.00%, 10/01/2034 | 1005 | 1132925 |
|  Southeast Alabama Gas Supply District (The)<br>(Morgan Stanley) <br>Series 2024 <br>5.00%, 06/01/2049 | 1000 | 1072502 |
|  Southeast Alabama Gas Supply District (The)<br>(Pacific Life Insurance) <br>Series 2024-A <br>5.00%, 08/01/2054 | 6000 | 6489278 |

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| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 1 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Southeast Energy Authority A Cooperative District<br>(Deutsche Bank AG) <br>Series 2024-A <br>5.00%, 11/01/2035 | $1000 | $1059262 |
|  Southeast Energy Authority A Cooperative District<br>(Goldman Sachs Group) <br>Series 2022-B <br>5.00%, 05/01/2053 | 1000 | 1040156 |
|  Southeast Energy Authority A Cooperative District <br>(JPMorgan Chase & Co.)<br>Series 2025-E<br>5.00%, 10/01/2030 | 2005 | 2157857 |
|  Southeast Energy Authority A Cooperative District<br>(Morgan Stanley) <br>Series 2022-A <br>5.50%, 01/01/2053 | 2000 | 2149082 |
|  Southeast Energy Authority A Cooperative District<br>(New York Life Insurance) <br>Series 2025 <br>5.00%, 09/01/2035 | 1000 | 1095836 |
|  Southeast Energy Authority A Cooperative District<br>(Pacific Life Insurance) <br>Series 2024-C <br>5.00%, 10/01/2055 | 1500 | 1634513 |
|  Southeast Energy Authority A Cooperative District<br>(Royal Bank of Canada) <br>Series 2023-B <br>5.00%, 01/01/2054 | 3110 | 3306432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C <br>5.00%, 05/01/2055 | 1620 | 1739056 |
|  Southeast Energy Authority A Cooperative District<br>(Sumitomo Mitsui Financial Group) <br>Series 2023-A <br>5.00%, 07/01/2027 | 1500 | 1535732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2054 | 2500 | 2644447 |
|  |  | 44247368 |
|  **Arizona – 1.8%** |  |  |
|  Arizona Department of Transportation State Highway Fund Revenue<br>(Arizona Dept. of Transportation State Highway Fund Revenue) <br>Series 2016 <br>5.00%, 07/01/2034 | 2575 | 2605041 |
|  Chandler Industrial Development Authority<br>(Intel Corp.) <br>Series 2022 <br>5.00%, 09/01/2042 | 3000 | 3049055 |

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| 2 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2052 | $3000 | $3049495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>4.00%, 06/01/2049 | 3000 | 3044816 |
|  City of Glendale AZ Water & Sewer Revenue<br>(City of Glendale AZ Water & Sewer Revenue) <br>Series 2022-B <br>5.00%, 07/01/2026 | 1000 | 1013845 |
|  Industrial Development Authority of the City of Phoenix Arizona (The)<br>(AZ GFF Tiyan LLC Lease) <br>Series 2014 <br>5.00%, 02/01/2029 | 900 | 894603 |
|  La Paz County Industrial Development Authority<br>(Harmony Public Schools) <br>Series 2016 <br>5.00%, 02/15/2036<sup>(a)</sup> | 1100 | 1101352 |
|  Maricopa County Industrial Development Authority<br>(HonorHealth Obligated Group) <br>Series 2024-D <br>5.00%, 12/01/2025 | 2000 | 2000000 |
|  Salt River Project Agricultural Improvement & Power District<br>(Salt River Project Agricultural Improvement & Power District) <br>Series 2016-A <br>5.00%, 01/01/2030 | 2000 | 2052549 |
|  |  | 18810756 |
|  **Arkansas – 0.0%** |  |  |
|  Arkansas Development Finance Authority<br>(Hybar LLC) <br>Series 2023 <br>6.875%, 07/01/2048<sup>(a)</sup> | 115 | 123776 |
|  **California – 9.2%** |  |  |
|  Bay Area Toll Authority<br>(Bay Area Toll Authority) <br>Series 2021 <br>3.20% (MUNIPSA + 0.41%), 04/01/2056<sup>(b)</sup> | 3000 | 2954011 |
|  California Community Choice Financing Authority<br>(American General Life Insurance) <br>Series 2023-D <br>5.50%, 05/01/2054 | 5000 | 5293220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 08/01/2055 | 2000 | 2124512 |
|  California Community Choice Financing Authority<br>(Athene Annuity & Life Co.) <br>Series 2024 <br>5.00%, 11/01/2055 | 2000 | 2099085 |

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| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 3 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Community Choice Financing Authority<br>(Bank of Nova Scotia (The)) <br>Series 2025 <br>5.00%, 10/01/2056 | $1250 | $1370672 |
|  California Community Choice Financing Authority<br>(Canadian Imperial Bank of Commerce) <br>Series 2025 <br>5.00%, 11/01/2033 | 1000 | 1095222 |
|  California Community Choice Financing Authority<br>(Deutsche Bank AG) <br>Series 2023 <br>5.25%, 01/01/2054 | 1000 | 1064682 |
|  California Community Choice Financing Authority<br>(Goldman Sachs Group) <br>Series 2021 <br>4.00%, 10/01/2052 | 1000 | 1014785 |
|  California Community Choice Financing Authority<br>(Morgan Stanley) <br>Series 2024 <br>5.00%, 05/01/2054 | 3500 | 3747469 |
|  California Community Choice Financing Authority<br>(New York Life Insurance) <br>Series 2024 <br>5.00%, 01/01/2056 | 1000 | 1103244 |
|  California Community Choice Financing Authority<br>(Pacific Life Insurance) <br>Series 2024-F <br>5.00%, 02/01/2055 | 1750 | 1911540 |
|  California Health Facilities Financing Authority<br>(Adventist Health System/West Obligated Group) <br>Series 2025 <br>5.00%, 12/01/2032 | 2000 | 2224318 |
|  California Infrastructure & Economic Development Bank<br>(Desertxpress Enterprises) <br>Series B <br>12.00%, 01/01/2065 | 795 | 675750 |
|  California Municipal Finance Authority<br>(Azusa Pacific University) <br>Series 2015-B <br>5.00%, 04/01/2026 | 500 | 499989 |
|  California Municipal Finance Authority<br>(LAX Integrated Express Solutions) <br>Series 2018 <br>5.00%, 12/31/2025 | 1000 | 1001144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2029 | 1000 | 1030659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2033 | 1500 | 1536509 |

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|:---|:---|
| 4 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Municipal Finance Authority<br>(United Airlines, Inc.) <br>Series 2019 <br>4.00%, 07/15/2029 | $1285 | $1294875 |
|  California Pollution Control Financing Authority<br>(Waste Management, Inc.) <br>Series 2024 <br>4.25%, 11/01/2038 | 1000 | 1031187 |
|  California State Public Works Board<br>(California State Public Works Board Lease) <br>Series 2017-H <br>5.00%, 04/01/2031 | 1425 | 1472797 |
|  California State Public Works Board<br>(State of California Lease) <br>Series 2024 <br>5.00%, 09/01/2035 | 2040 | 2402649 |
|  California Statewide Communities Development Authority<br>(Redlands Community Hospital Obligated Group) <br>Series 2016 <br>3.75%, 10/01/2035 | 1735 | 1656930 |
|  California Statewide Communities Development Authority<br>(Southern California Edison) <br>Series 2023 <br>4.50%, 11/01/2033 | 1000 | 1048391 |
|  City of Los Angeles Department of Airports<br>(City of Los Angeles Dept. of Airports) <br>Series 2017-A <br>5.00%, 05/15/2030 | 3385 | 3481838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.00%, 05/15/2028 | 1610 | 1691423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 05/15/2026 | 1000 | 1010364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 | 2045 | 2338756 |
|  County of Sacramento CA Airport System Revenue <br>(County of Sacramento CA Airport System Revenue)<br>Series 2025-A<br>5.00%, 07/01/2031 | 1800 | 1980755 |
|  Golden State Tobacco Securitization Corp.<br>(Golden State Tobacco Securitization) <br>Series 2021 <br>3.85%, 06/01/2050 | 2025 | 1856673 |
|  Los Angeles County Sanitation Districts Financing Authority<br>(Los Angeles County Sanitation District No. 20) <br>Series 2016-A <br>5.00%, 10/01/2030 | 1140 | 1160421 |

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|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 5 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Los Angeles Department of Water & Power<br>(Los Angeles Dept. of Water & Power Power System Revenue) <br>Series 2018-A <br>5.00%, 07/01/2032 | $1680 | $1750297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D <br>5.00%, 07/01/2032 | 1955 | 2055726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B <br>5.00%, 07/01/2028 | 1100 | 1161837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 07/01/2028 | 4520 | 4726272 |
|  Los Angeles Department of Water & Power Power System Revenue<br>(Los Angeles Dept. of Water & Power Power System Revenue) <br>Series 2020-A <br>5.00%, 07/01/2027 | 2035 | 2114508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>5.00%, 07/01/2032 | 2060 | 2266725 |
|  Los Angeles Department of Water & Power Water System Revenue<br>(Los Angeles Dept. of Water & Power Water System Revenue) <br>Series 2018-B <br>5.00%, 07/01/2028 | 1150 | 1214647 |
|  Los Angeles Department of Water & Power Water System Revenue<br>(Prerefunded – US Treasuries) <br>Series 2016-B <br>5.00%, 07/01/2028 | 780 | 781684 |
|  Montebello Public Financing Authority<br>(City of Montebello CA Lease) <br>Series 2016 <br>5.00%, 06/01/2030 | 1000 | 1011057 |
|  Newport Mesa Unified School District<br>(Newport Mesa Unified School District) <br>NATL Series 2007 <br>Zero Coupon, 08/01/2031 | 2000 | 1713915 |
|  Port of Oakland<br>(Port of Oakland) <br>Series 2017 <br>5.00%, 11/01/2029 | 1500 | 1555615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>5.00%, 11/01/2029 | 1575 | 1695062 |
|  San Diego County Regional Airport Authority<br>(San Diego County Regional Airport Authority) <br>Series 2017-B <br>5.00%, 07/01/2029 | 1725 | 1778152 |

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|:---|:---|
| 6 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 07/01/2029 | $1610 | $1727011 |
|  San Francisco Intl Airport<br>(San Francisco Intl Airport) <br>Series 2018 <br>5.00%, 05/01/2027 | 1530 | 1573032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H <br>5.00%, 05/01/2027 | 1500 | 1541346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 05/01/2029 | 2500 | 2671873 |
|  San Joaquin Valley Clean Energy Authority<br>(Goldman Sachs Group) <br>Series 2025 <br>5.50%, 01/01/2056 | 3000 | 3419278 |
|  Southern California Public Power Authority<br>(American General Life Insurance) <br>Series 2024-A <br>5.00%, 04/01/2055 | 1000 | 1070038 |
|  Southern California Public Power Authority<br>(Goldman Sachs Group) <br>Series 2007-A <br>5.00%, 11/01/2033 | 1000 | 1098111 |
|  Southern California Public Power Authority<br>(Los Angeles Dept. of Water & Power Power System Revenue) <br>Series 2016 <br>5.00%, 07/01/2028 | 1080 | 1081877 |
|  State of California<br>(State of California) <br>Series 2015-C <br>5.00%, 09/01/2030 | 50 | 50089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016 <br>5.00%, 09/01/2034 | 1500 | 1525437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 08/01/2029 | 1885 | 2060160 |
|  Washington Township Health Care District<br>(Washington Township Health Care District) <br>Series 2020-A <br>5.00%, 07/01/2031 | 650 | 698606 |
|  |  | 95516225 |
|  **Colorado – 2.8%** |  |  |
|  Adams & Weld Counties School District No. 27J Brighton/CO<br>(Adams & Weld Counties School District No. 27J Brighton/CO) <br>Series 2016-A <br>2.50%, 12/01/2027 | 1500 | 1481258 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 7 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City & County of Broomfield CO Sales & Use Tax Revenue<br>(City & County of Broomfield CO Sales & Use Tax Revenue) <br>Series 2017 <br>5.00%, 12/01/2034 | $2000 | $2076711 |
|  City & County of Denver CO Airport System Revenue <br>(City & County of Denver CO Airport System Revenue)<br>Series 2022-A<br>5.50%, 11/15/2035 | 3250 | 3696825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D <br>5.25%, 11/15/2026 | 1020 | 1043022 |
|  City & County of Denver CO Airport System Revenue<br>(Denver Intl Airport) <br>Series 2018-A <br>5.00%, 12/01/2025 | 1000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 3000 | 3170163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 1370 | 1495565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 2020 | 2124117 |
|  Colorado Educational & Cultural Facilities Authority<br>(Ascent Classical Academy Charter Schools) <br>Series 2024 <br>4.75%, 04/01/2034<sup>(a)</sup> | 1000 | 1017540 |
|  Colorado Health Facilities Authority<br>(CommonSpirit Health Obligated Group) <br>Series 2025 <br>5.00%, 09/01/2035 | 1500 | 1699895 |
|  Colorado Housing & Finance Authority<br>(Albion Apartments LLLP) <br>Series 2025 <br>3.375%, 07/01/2044 | 3000 | 3016158 |
|  Douglas County School District No. Re-1 Douglas & Elbert Counties<br>(Douglas County School District No. Re-1 Douglas & Elbert Counties) <br>Series 2019 <br>5.00%, 12/15/2025 | 4480 | 4484201 |
|  E-470 Public Highway Authority<br>(E-470 Public Highway Authority) <br>Series 2024-B <br>3.437% (SOFR + 0.75%), 09/01/2039<sup>(b)</sup> | 2000 | 1996319 |
|  State of Colorado<br>(State of Colorado COP) <br>Series 2018-A <br>5.00%, 12/15/2027 | 1000 | 1048509 |
|  |  | 29350283 |

---

---

| | |
|:---|:---|
| 8 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Connecticut – 0.5%** |  |  |
|  City of New Haven CT<br>(City of New Haven CT) <br>AG Series 2016-A <br>5.00%, 08/15/2027 | $1875 | $1904581 |
|  Stamford Housing Authority<br>(TJH Senior Living Obligated Group) <br>Series 2025 <br>4.75%, 10/01/2032 | 2000 | 2061137 |
|  Town of Hamden CT<br>(Town of Hamden CT) <br>BAM Series 2017-A <br>5.00%, 08/15/2026 | 1000 | 1014875 |
|  |  | 4980593 |
|  **District of Columbia – 1.6%** |  |  |
|  District of Columbia <br>(District of Columbia)<br>Series 2016-A<br>5.00%, 06/01/2027 | 2500 | 2529287 |
|  District of Columbia<br>(Plenary Infrastructure DC State Lease) <br>Series 2022 <br>5.00%, 02/28/2026 | 1485 | 1490462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/31/2026 | 1410 | 1426493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/31/2028 | 1275 | 1328001 |
|  Metropolitan Washington Airports Authority Aviation Revenue<br>(Metropolitan Washington Airports Authority Aviation Revenue) <br>Series 2017 <br>5.00%, 10/01/2026 | 465 | 473771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 10/01/2034 | 1075 | 1121292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 10/01/2027 | 1025 | 1062445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>5.00%, 10/01/2032 | 2000 | 2169189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.00%, 10/01/2030 | 3000 | 3272798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 10/01/2031 | 2000 | 2208113 |
|  |  | 17081851 |
|  **Florida – 4.9%** |  |  |
|  Capital Projects Finance Authority/FL<br>(CAPFA Capital Corp. 2000F) <br>Series 2020-A <br>5.00%, 10/01/2026 | 1500 | 1518380 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Jacksonville FL<br>(Genesis Health Obligated Group) <br>Series 2017 <br>5.00%, 11/01/2026 | $600 | $609453 |
|  City of Port St. Lucie FL Utility System Revenue<br>(City of Port St. Lucie FL Utility System Revenue) <br>Series 2016 <br>4.00%, 09/01/2032 | 3560 | 3577688 |
|  City of Venice FL<br>(Southwest Florida Retirement Center Obligated Group) <br>Series 2024 <br>4.25%, 01/01/2030<sup>(a)</sup> | 900 | 901671 |
|  Collier County Industrial Development Authority<br>(NCH Healthcare System Obligated Group) <br>Series 2024 <br>5.00%, 10/01/2054 | 2000 | 2171013 |
|  County of Brevard FL<br>(County of Brevard FL Fuel Tax) <br>AG Series 2016 <br>5.00%, 08/01/2028 | 1445 | 1466475 |
|  County of Charlotte FL<br>(County of Charlotte FL) <br>Series 2015 <br>5.00%, 10/01/2027 | 1080 | 1081710 |
|  County of Miami-Dade FL <br>(County of Miami-Dade FL)<br>Series 2016<br>5.00%, 07/01/2032 | 1040 | 1052036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 07/01/2028 | 1000 | 1059941 |
|  County of Miami-Dade FL Aviation Revenue<br>(County of Miami-Dade FL Aviation Revenue) <br>Series 2024-A <br>5.00%, 10/01/2030 | 1540 | 1672805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 2500 | 2789597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 1000 | 1119425 |
|  County of Miami-Dade Seaport Department<br>(County of Miami-Dade Seaport Dept.) <br>Series 2023-A <br>5.00%, 10/01/2030 | 1145 | 1237059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 1000 | 1092018 |
|  Florida Development Finance Corp.<br>(GFL Solid Waste Southeast) <br>Series 2024 <br>4.375%, 10/01/2054<sup>(a)</sup> | 1950 | 1977446 |

---

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| | |
|:---|:---|
| 10 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Florida Development Finance Corp.<br>(Waste Pro USA, Inc.) <br>Series 2025 <br>4.45%, 07/01/2037<sup>(a)</sup> | $1500 | $1507768 |
|  Florida Insurance Assistance Interlocal Agency, Inc.<br>(Florida Insurance Guaranty Association) <br>Series 2023-A <br>5.00%, 09/01/2027 | 1500 | 1523032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 1060 | 1077114 |
|  Florida Local Government Finance Commission<br>(Ponte Vedra Pine Obligated Group) <br>Series 2025 <br>4.20%, 11/15/2030<sup>(a)</sup> | 1000 | 1005557 |
|  Florida Municipal Power Agency<br>(Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) <br>Series 2025 <br>5.00%, 10/01/2026 | 1100 | 1118818 |
|  Greater Orlando Aviation Authority<br>(Greater Orlando Aviation Authority) <br>Series 2022-A <br>5.00%, 10/01/2029 | 1040 | 1117101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 10/01/2027 | 1000 | 1036895 |
|  Greater Orlando Aviation Authority<br>(United Airlines, Inc.) <br>Series 2025 <br>5.25%, 11/01/2034 | 2000 | 2153864 |
|  Hillsborough County Aviation Authority<br>(Hillsborough County Aviation Authority) <br>Series 2024 <br>5.00%, 10/01/2033 | 2295 | 2582764 |
|  Lee County Industrial Development Authority/FL<br>(Shell Point Obligated Group) <br>Series 2024 <br>4.125%, 11/15/2029 | 1000 | 1004530 |
|  Miami-Dade County Expressway Authority <br>(Miami-Dade County Expressway Authority)<br>Series 2016-A<br>5.00%, 07/01/2028 | 1625 | 1642297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 1000 | 1008618 |
|  Mid-Bay Bridge Authority<br>(Mid-Bay Bridge Authority) <br>AG Series 2025 <br>5.00%, 10/01/2030 | 2000 | 2187334 |
|  North Sumter County Utility Dependent District<br>(North Sumter County Utility Dependent District) <br>Series 2020 <br>5.00%, 10/01/2026 | 900 | 914792 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 11 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Palm Beach County Health Facilities Authority<br>(Jupiter Medical Center Obligated Group) <br>Series 2025 <br>5.00%, 11/01/2030 | $2015 | $2182226 |
|  School Board of Miami-Dade County (The)<br>(Miami-Dade County School Board Foundation COP)<br>Series 2016-A <br>5.00%, 05/01/2030 | 1340 | 1350572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 05/01/2026 | 1500 | 1514174 |
|  Village Community Development District No. 15<br>(Village Community Development District No. 15 Series 2024 Special Assessment) <br>Series 2024 <br>3.75%, 05/01/2029<sup>(a)</sup> | 695 | 698121 |
|  West Palm Beach Community Redevelopment Agency<br>(West Palm Beach Community Redevelopment Agency City Center Community Redev Area) <br>Series 2015 <br>5.00%, 03/01/2026 | 2590 | 2594512 |
|  |  | 51546806 |
|  **Georgia – 3.8%** |  |  |
|  City of Atlanta GA Airport Passenger Facility Charge<br>(City of Atlanta GA Airport Passenger Facility Charge) <br>Series 2023 <br>5.00%, 07/01/2030 | 2000 | 2172496 |
|  City of Atlanta GA Department of Aviation<br>(City of Atlanta GA Dept. of Aviation) <br>Series 2023-G <br>5.00%, 07/01/2027 | 1000 | 1031110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.00%, 07/01/2031 | 2100 | 2322244 |
|  Development Authority of Burke County (The)<br>(Georgia Power Co.) <br>Series 2023 <br>3.875%, 10/01/2032 | 2250 | 2255045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>3.30%, 12/01/2049 | 1500 | 1502330 |
|  Development Authority of Cobb County (The)<br>(MT Bethel Christian Academy) <br>Series 2025 <br>5.00%, 06/01/2035<sup>(a)</sup> | 1160 | 1195142 |
|  Fayette County Development Authority<br>(United States Soccer Federation) <br>Series 2024 <br>5.00%, 10/01/2033 | 1100 | 1240121 |

---

---

| | |
|:---|:---|
| 12 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Main Street Natural Gas, Inc.<br>(Citadel LP) <br>Series 2022-C <br>4.00%, 08/01/2052<sup>(a)</sup> | $4500 | $4501469 |
|  Main Street Natural Gas, Inc.<br>(Citigroup, Inc.) <br>Series 2019-C <br>4.00%, 03/01/2050 | 1000 | 1006550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B <br>5.00%, 12/01/2052 | 4000 | 4197193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A <br>5.00%, 06/01/2053 | 2000 | 2115924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C <br>5.00%, 12/01/2054 | 3500 | 3766634 |
|  Main Street Natural Gas, Inc.<br>(Royal Bank of Canada) <br>Series 2023 <br>4.387% (SOFR + 1.70%), 12/01/2053<sup>(b)</sup> | 1000 | 1033479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.00%, 12/01/2054 | 1000 | 1079630 |
|  Main Street Natural Gas, Inc.<br>(Toronto-Dominion Bank) <br>Series 2024-D <br>5.00%, 04/01/2054 | 1500 | 1618938 |
|  Municipal Electric Authority of Georgia<br>(Municipal Electric Authority of Georgia) <br>Series 2016-A <br>5.00%, 01/01/2028 | 1840 | 1864177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H <br>5.00%, 01/01/2026 | 1985 | 1988716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 01/01/2033 | 1200 | 1271173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.00%, 01/01/2029 | 500 | 533069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 01/01/2030 | 1000 | 1082731 |
|  Private Colleges & Universities Authority<br>(Emory University) <br>Series 2023 <br>5.00%, 09/01/2033<sup>(a)</sup> | 2000 | 2305467 |
|  |  | 40083638 |
|  **Guam – 1.4%** |  |  |
|  Guam Government Waterworks Authority<br>(Guam Waterworks Authority Water And Wastewater System) <br>Series 2024-B <br>5.00%, 07/01/2027 | 1000 | 1028658 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 13 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Territory of Guam<br>(Guam Section 30 Income Tax) <br>Series 2016-A <br>5.00%, 12/01/2025 | $4500 | $4500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 2000 | 2030932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 3000 | 3038653 |
|  Territory of Guam<br>(Territory of Guam) <br>Series 2019 <br>5.00%, 11/15/2031 | 715 | 755018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-G <br>5.00%, 01/01/2028 | 1625 | 1684841 |
|  Territory of Guam<br>(Territory of Guam Business Privilege Tax) <br>Series 2021-F <br>5.00%, 01/01/2031 | 1250 | 1357306 |
|  |  | 14395408 |
|  **Hawaii – 0.5%** |  |  |
|  City & County of Honolulu HI<br>(City & County of Honolulu HI) <br>Series 2019-D <br>5.00%, 08/01/2026 | 1050 | 1067253 |
|  State of Hawaii<br>(State of Hawaii) <br>Series 2016-F <br>5.00%, 10/01/2028 | 1855 | 1890111 |
|  State of Hawaii Harbor System Revenue<br>(State of Hawaii Harbor System Revenue) <br>Series 2020-A <br>4.00%, 07/01/2035 | 2280 | 2318896 |
|  |  | 5276260 |
|  **Idaho – 0.4%** |  |  |
|  Idaho Health Facilities Authority<br>(St. Luke's Health System Obligated Group/ID) <br>Series 2018 <br>5.00%, 03/01/2027 | 1000 | 1027914 |
|  Idaho State Building Authority<br>(State of Idaho Sales Tax Revenue) <br>Series 2024-A <br>5.00%, 06/01/2028 | 2500 | 2651641 |
|  |  | 3679555 |
|  **Illinois – 6.2%** |  |  |
|  Chicago Board of Education<br>(Chicago Board of Education) <br>Series 2017-C <br>5.00%, 12/01/2030 | 1000 | 1013222 |

---

---

| | |
|:---|:---|
| 14 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 12/01/2030 | $1575 | $1606251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.50%, 12/01/2033 | 4000 | 4159229 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2018-C <br>5.00%, 12/01/2031 | 1000 | 1043878 |
|  Chicago O'Hare International Airport<br>(Chicago O'Hare Intl Airport) <br>Series 2024-C <br>5.00%, 01/01/2027 | 2750 | 2804159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 3000 | 3108080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 1015 | 1131446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 01/01/2036 | 2195 | 2447896 |
|  Chicago Transit Authority<br>(Chicago Transit Authority) <br>Series 2017 <br>5.00%, 06/01/2026 | 1695 | 1710605 |
|  Chicago Transit Authority Capital Grant Receipts Revenue<br>(City of Chicago IL Fed Hwy Grant) <br>Series 2021 <br>5.00%, 06/01/2027 | 1750 | 1793545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 1750 | 1830442 |
|  Chicago Transit Authority Sales Tax Receipts Fund<br>(Chicago Transit Authority Sales Tax Receipts Fund)<br>Series 2024-A <br>5.00%, 12/01/2029 | 1780 | 1928441 |
|  City of Chicago IL<br>(City of Chicago IL) <br>Series 2020-A <br>5.00%, 01/01/2026 | 2125 | 2126907 |
|  City of Chicago IL<br>(Prerefunded – US Treasuries) <br>Series 2016-C <br>5.00%, 01/01/2026 | 2000 | 2003586 |
|  City of Chicago IL Waterworks Revenue<br>(City of Chicago IL Waterworks Revenue) <br>AMBAC Series 2001 <br>5.75%, 11/01/2030 | 635 | 683031 |
|  City of Springfield IL Electric Revenue<br>(City of Springfield IL Electric Revenue) <br>BAM Series 2024 <br>5.00%, 03/01/2027 | 2000 | 2053536 |
|  City of Waukegan IL<br>(City of Waukegan IL) <br>AG Series 2018-B <br>5.00%, 12/30/2026 | 1125 | 1150092 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 15 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  County of Cook IL<br>(County of Cook IL) <br>Series 2021-A <br>5.00%, 11/15/2033 | $970 | $1059091 |
|  Illinois Finance Authority<br>(Ann & Robert H Lurie Children's Hospital of Chicago Obligated Group) <br>Series 2017 <br>5.00%, 08/15/2026 | 2265 | 2299044 |
|  Illinois Finance Authority<br>(Centerpoint Joliet Terminal Railroad) <br>Series 2024 <br>4.125%, 12/01/2050<sup>(a)</sup> | 1500 | 1496856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>4.80%, 12/01/2043<sup>(a)</sup> | 1000 | 1031336 |
|  Illinois Municipal Electric Agency<br>(Illinois Municipal Electric Agency) <br>Series 2025-A <br>5.00%, 02/01/2027 | 1000 | 1025003 |
|  Illinois State Toll Highway Authority <br>(Illinois State Toll Highway Authority)<br>Series 2019-A<br>5.00%, 01/01/2026 | 1025 | 1026961 |
|  Metropolitan Pier & Exposition Authority<br>(Metropolitan Pier & Exposition Authority) <br>Series 2023 <br>5.00%, 12/15/2027 | 1000 | 1036206 |
|  Metropolitan Water Reclamation District of Greater Chicago<br>(Metropolitan Water Reclamation District of Greater Chicago) <br>Series 2016-A <br>5.00%, 12/01/2030 | 2620 | 2674353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>5.00%, 12/01/2031 | 850 | 866621 |
|  Northern Illinois University<br>(Northern Illinois University) <br>BAM Series 2020-B <br>5.00%, 04/01/2031 | 725 | 773873 |
|  Sales Tax Securitization Corp.<br>(Sales Tax Securitization) <br>Series 2018-C <br>5.50%, 01/01/2031 | 2000 | 2142037 |
|  Sangamon County School District No. 186 Springfield<br>(Sangamon County School District No. 186 Springfield) <br>AG Series 2020-B <br>5.00%, 02/01/2032 | 735 | 796941 |

---

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| | |
|:---|:---|
| 16 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  State of Illinois<br>(State of Illinois) <br>Series 2017-D <br>5.00%, 11/01/2026 | $| 2000 | $| 2037148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 10/01/2029 |  | 2000 |  | 2111233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 11/01/2029 |  | 695 |  | 748404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.50%, 05/01/2030 |  | 2040 |  | 2186403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 02/01/2031 |  | 2000 |  | 2197887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.00%, 05/01/2026 |  | 1000 |  | 1008392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.25%, 09/01/2027 |  | 1500 |  | 1559977 |
|  State of Illinois Sales Tax Revenue<br>(State of Illinois Sales Tax Revenue) <br>Series 2021-A <br>4.00%, 06/15/2028 |  | 605 |  | 621476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.00%, 06/15/2030 |  | 1790 |  | 1947438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 06/15/2028 |  | 1680 |  | 1766173 |
|  |  |  |  | 65007199 |
|  **Indiana – 0.9%** | **Indiana – 0.9%** | **Indiana – 0.9%** | **Indiana – 0.9%** | **Indiana – 0.9%** |
|  City of Valparaiso IN<br>(Pratt Paper IN LLC) <br>Series 2024 <br>4.50%, 01/01/2034<sup>(a)</sup> |  | 835 |  | 860950 |
|  City of Whiting IN<br>(BP PLC) <br>Series 2025 <br>4.20%, 06/01/2044 |  | 1000 |  | 1050976 |
|  Hamilton Southeastern Schools<br>(Hamilton Southeastern Schools) <br>Series 2024-A <br>5.00%, 12/31/2025 |  | 1750 |  | 1753034 |
|  Indiana Finance Authority<br>(Ohio Valley Electric) <br>Series 2020 <br>3.00%, 11/01/2030 |  | 500 |  | 488512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.25%, 11/01/2030 |  | 2040 |  | 2104552 |
|  Indiana Finance Authority<br>(Parkview Health System Obligated Group) <br>Series 2024-B <br>3.517% (SOFR + 0.71%), 11/01/2046<sup>(b)(c)</sup> |  | 2000 |  | 1987832 |

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---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 17 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Indianapolis Local Public Improvement Bond Bank<br>(Indianapolis Airport Authority) <br>Series 2023 <br>5.00%, 01/01/2033 | $| 1000 | $| 1116687 |
|  |  |  |  | 9362543 |
|  **Kansas – 0.2%** | **Kansas – 0.2%** | **Kansas – 0.2%** | **Kansas – 0.2%** | **Kansas – 0.2%** |
|  Seward County Unified School District No. 480 Liberal<br>(Seward County Unified School District No. 480 Liberal) <br>Series 2017-B <br>5.00%, 09/01/2026 |  | 1500 |  | 1502555 |
|  **Kentucky – 0.4%** | **Kentucky – 0.4%** | **Kentucky – 0.4%** | **Kentucky – 0.4%** | **Kentucky – 0.4%** |
|  Kentucky Public Energy Authority<br>(BP PLC) <br>Series 2024-B <br>5.00%, 01/01/2055 |  | 1000 |  | 1075268 |
|  Kentucky Public Energy Authority<br>(Morgan Stanley) <br>Series 2023-A <br>5.25%, 04/01/2054 |  | 2000 |  | 2169440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.25%, 06/01/2055 |  | 1000 |  | 1065423 |
|  |  |  |  | 4310131 |
|  **Louisiana – 0.7%** | **Louisiana – 0.7%** | **Louisiana – 0.7%** | **Louisiana – 0.7%** | **Louisiana – 0.7%** |
|  City of Shreveport LA<br>(City of Shreveport LA) <br>BAM Series 2016 <br>5.00%, 03/01/2027 |  | 1400 |  | 1419584 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>(Louisiana Insurance Guaranty Association) <br>Series 2022 <br>5.00%, 08/15/2029 |  | 665 |  | 686613 |
|  New Orleans Aviation Board <br>(New Orleans Aviation Board)<br>Series 2024 <br>5.00%, 01/01/2029 |  | 1000 |  | 1051391 |
|  Parish of St. James LA<br>(NuStar Logistics LP) <br>Series 2020 <br>6.10%, 06/01/2038<sup>(a)</sup> |  | 1500 |  | 1646414 |
|  Parish of St. John the Baptist LA<br>(Marathon Oil Corp.) <br>Series 2024 <br>3.30%, 06/01/2037 |  | 2000 |  | 2004300 |
|  |  |  |  | 6808302 |

---

---

| | |
|:---|:---|
| 18 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Maryland – 1.5%** | **Maryland – 1.5%** | **Maryland – 1.5%** |
|  County of Montgomery MD<br>(County of Montgomery MD) <br>Series 2017-B <br>5.00%, 06/01/2026 | $1520 | $1538683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.00%, 12/01/2025 | 1925 | 1925000 |
|  County of Prince George's MD<br>(County of Prince George's MD) <br>Series 2018-A <br>5.00%, 07/15/2033 | 1500 | 1586110 |
|  Maryland Economic Development Corp.<br>(Purple Line Transit Partners) <br>Series 2022 <br>5.00%, 11/12/2028 | 3000 | 3020653 |
|  Maryland Stadium Authority Sports Entertainment Facilities Revenue<br>(Maryland Stadium Authority Sports Entertainment Facilities Revenue State Lease) <br>Series 2025 <br>5.00%, 06/15/2029 | 2000 | 2152380 |
|  State of Maryland<br>(State of Maryland) <br>Series 2025-B <br>5.00%, 08/01/2028 | 1500 | 1596773 |
|  State of Maryland Department of Transportation<br>(Baltimore/Washington Intl Thurgood Marshall Airport) <br>Series 2021 <br>5.00%, 08/01/2030 | 1000 | 1085528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 1150 | 1249294 |
|  State of Maryland Department of Transportation<br>(Maryland Aviation Administration) <br>AG Series 2024 <br>5.00%, 08/01/2027 | 950 | 981717 |
|  |  | 15136138 |
|  **Massachusetts – 1.5%** | **Massachusetts – 1.5%** | **Massachusetts – 1.5%** |
|  City of Quincy MA<br>(City of Quincy MA) <br>Series 2025 <br>5.00%, 07/24/2026 | 4440 | 4505917 |
|  Commonwealth of Massachusetts<br>(Commonwealth of Massachusetts) <br>Series 2016-B <br>5.00%, 07/01/2033 | 1050 | 1062988 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 19 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Massachusetts Development Finance Agency<br>(Beth Israel Lahey Health Obligated Group) <br>Series 2019 <br>5.00%, 07/01/2031 | $| 870 | $| 932147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.00%, 07/01/2034 |  | 1000 |  | 1132282 |
|  Massachusetts Development Finance Agency<br>(Care Communities Obligated Group) <br>Series 2025 <br>5.50%, 07/15/2035<sup>(a)</sup> |  | 1000 |  | 1021779 |
|  Massachusetts Development Finance Agency<br>(Emerson College) <br>Series 2017-A <br>5.00%, 01/01/2026 |  | 1240 |  | 1241384 |
|  Massachusetts Development Finance Agency<br>(GingerCare Living Obligated Group) <br>Series 2024 <br>4.75%, 12/01/2029<sup>(a)</sup> |  | 1000 |  | 1000466 |
|  Massachusetts Development Finance Agency<br>(UMass Memorial Health Care Obligated Group) <br>Series 2016 <br>5.00%, 07/01/2030 |  | 1295 |  | 1308160 |
|  Massachusetts Port Authority<br>(Massachusetts Port Authority) <br>Series 2017-A <br>5.00%, 07/01/2027 |  | 1120 |  | 1153422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 07/01/2027 |  | 2255 |  | 2322997 |
|  |  |  |  | 15681542 |
|  **Michigan – 0.7%** | **Michigan – 0.7%** | **Michigan – 0.7%** | **Michigan – 0.7%** | **Michigan – 0.7%** |
|  City of Detroit MI<br>(City of Detroit MI) <br>Series 2018 <br>5.00%, 04/01/2026 |  | 1000 |  | 1005122 |
|  Detroit Downtown Development Authority<br>(Detroit Downtown Development Authority Catalyst Development Area) <br>Series 2024 <br>5.00%, 07/01/2048 |  | 1090 |  | 1138375 |
|  Great Lakes Water Authority Water Supply System Revenue<br>(Great Lakes Water Authority Water Supply System Revenue) <br>Series 2018-A <br>5.00%, 07/01/2028 |  | 1000 |  | 1059709 |

---

---

| | |
|:---|:---|
| 20 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Michigan State Building Authority<br>(State of Michigan Lease) <br>Series 2016-I <br>5.00%, 10/15/2032 | $1765 | $1800223 |
|  Michigan State Hospital Finance Authority<br>(Prerefunded – Others) <br>Series 2019 <br>5.00%, 11/01/2026 | 2000 | 2040564 |
|  |  | 7043993 |
|  **Minnesota – 0.6%** |  |  |
|  City of Shakopee MN Senior Housing Revenue<br>(Benedictine Living Community of Shakopee Obligated Group) <br>Series 2025 <br>4.45%, 11/01/2035 | 1300 | 1305300 |
|  City of St. Cloud MN<br>(CentraCare Health System Obligated Group) <br>Series 2016-A <br>5.00%, 05/01/2026 | 1225 | 1235512 |
|  State of Minnesota<br>(State of Minnesota) <br>Series 2024-A <br>5.00%, 08/01/2026 | 1665 | 1692402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.00%, 08/01/2026 | 1200 | 1219749 |
|  University of Minnesota<br>(University of Minnesota) <br>Series 2017-A <br>5.00%, 09/01/2032 | 1020 | 1058423 |
|  |  | 6511386 |
|  **Mississippi – 0.2%** |  |  |
|  City of Gulfport MS<br>(Memorial Hospital at Gulfport Obligated Group) <br>Series 2016 <br>5.00%, 07/01/2030 | 2450 | 2460351 |
|  **Missouri – 0.7%** |  |  |
|  County of St. Louis MO<br>(County of St. Louis MO Lease) <br>Series 2020-A <br>4.00%, 12/01/2030 | 755 | 780270 |
|  Health & Educational Facilities Authority of the State of Missouri<br>(BJC Healthcare Obligated Group) <br>Series 2021-B <br>4.00%, 05/01/2051 | 2000 | 2009904 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 21 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Health & Educational Facilities Authority of the State of Missouri<br>(SSM Health Care Obligated Group) <br>Series 2022-A <br>5.00%, 06/01/2027 | $| 1015 | $| 1044042 |
|  Missouri Highway & Transportation Commission<br>(Missouri Highway & Transportation Commission) <br>Series 2025 <br>5.00%, 05/01/2027<sup>(d)</sup> |  | 2500 |  | 2585014 |
|  Missouri Joint Municipal Electric Utility Commission<br>(Missouri Joint Municipal Electric Utility Commission Plum Point Project Revenue) <br>Series 2024 <br>5.00%, 01/01/2031 |  | 1000 |  | 1106516 |
|  |  |  |  | 7525746 |
|  **Nebraska – 0.2%** | **Nebraska – 0.2%** | **Nebraska – 0.2%** | **Nebraska – 0.2%** | **Nebraska – 0.2%** |
|  Central Plains Energy Project <br>(Bank of Montreal)<br>Series 2023-A <br>5.00%, 05/01/2054 |  | 1000 |  | 1070753 |
|  Central Plains Energy Project<br>(Royal Bank of Canada) <br>Series 2025-A <br>5.00%, 08/01/2055 |  | 1000 |  | 1075530 |
|  |  |  |  | 2146283 |
|  **Nevada – 0.2%** | **Nevada – 0.2%** | **Nevada – 0.2%** | **Nevada – 0.2%** | **Nevada – 0.2%** |
|  Clark County School District<br>(Clark County School District) <br>Series 2025-B <br>5.00%, 06/15/2028 |  | 1000 |  | 1058458 |
|  Tahoe-Douglas Visitors Authority<br>(Tahoe-Douglas Visitors Authority) <br>Series 2020 <br>5.00%, 07/01/2033 |  | 1000 |  | 1065314 |
|  |  |  |  | 2123772 |
|  **New Hampshire – 1.2%** | **New Hampshire – 1.2%** | **New Hampshire – 1.2%** | **New Hampshire – 1.2%** | **New Hampshire – 1.2%** |
|  New Hampshire Business Finance Authority<br>(Brazoria-Fort Bend County Municipal Utility District No. 3) <br>Series 2024 <br>4.875%, 12/01/2033<sup>(a)</sup> |  | 400 |  | 399229 |
|  New Hampshire Business Finance Authority<br>(Bridgeland Water & Utility Districts 490, 491 & 158)<br>Series 2024 <br>5.375%, 12/15/2035<sup>(a)</sup> |  | 1623 |  | 1621495 |

---

---

| | |
|:---|:---|
| 22 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  New Hampshire Business Finance Authority<br>(Collin County Municipal Utility District No. 4) <br>Series 2025 <br>5.50%, 12/01/2030<sup>(a)</sup> | $| 800 | $| 798807 |
|  New Hampshire Business Finance Authority<br>(Emberly & Canterra Creek Projects) <br>Series 2024 <br>5.375%, 12/01/2031<sup>(a)</sup> |  | 950 |  | 948431 |
|  New Hampshire Business Finance Authority<br>(Lakes Fresh Water Supply District of Denton County) <br>Series 2024 <br>5.00%, 12/01/2028<sup>(a)</sup> |  | 720 |  | 719248 |
|  New Hampshire Business Finance Authority<br>(NFA 2025-1) <br>Series 2025 <br>5.875%, 12/15/2033<sup>(a)</sup> |  | 3000 |  | 2969459 |
|  New Hampshire Business Finance Authority<br>(Novant Health Obligated Group) <br>Series 2025 <br>5.00%, 06/01/2032 |  | 1500 |  | 1656166 |
|  New Hampshire Business Finance Authority<br>(Tamarron Project) <br>Series 2024 <br>5.25%, 12/01/2035<sup>(a)</sup> |  | 623 |  | 620578 |
|  New Hampshire Business Finance Authority<br>(The Highlands Project) <br>Series 2024 <br>5.125%, 12/15/2030 |  | 1493 |  | 1490821 |
|  New Hampshire Business Finance Authority<br>(Valencia Project) <br>Series 2024 <br>5.30%, 12/01/2032<sup>(a)</sup> |  | 1500 |  | 1496977 |
|  |  |  |  | 12721211 |
|  **New Jersey – 5.9%** | **New Jersey – 5.9%** | **New Jersey – 5.9%** | **New Jersey – 5.9%** | **New Jersey – 5.9%** |
|  Atlantic County Improvement Authority (The)<br>(Island Campus Redevelopment Urban Renewal Associates) <br>AG Series 2016 <br>5.00%, 09/01/2028 |  | 2400 |  | 2440008 |
|  City of Jersey City NJ<br>(City of Jersey City NJ) <br>Series 2025 <br>4.00%, 10/01/2035 |  | 3915 |  | 4134943 |
|  City of Newark NJ<br>(City of Newark NJ) <br>AG Series 2020-A <br>5.00%, 10/01/2027 |  | 1290 |  | 1341303 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 23 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Garden State Preservation Trust<br>(Garden State Preservation Trust) <br>AG Series 2005-A <br>5.75%, 11/01/2028 | $1950 | $2056411 |
|  New Brunswick Parking Authority<br>(New Brunswick Parking Authority) <br>BAM Series 2016-A <br>5.00%, 09/01/2030 | 2000 | 2033270 |
|  New Jersey Economic Development Authority<br>(DRP Urban Renewal 4 LLC) <br>Series 2025 <br>6.375%, 01/01/2035<sup>(a)</sup> | 1500 | 1555920 |
|  New Jersey Economic Development Authority<br>(New Jersey-American Water) <br>Series 2023 <br>3.75%, 11/01/2034 | 3500 | 3541666 |
|  New Jersey Economic Development Authority<br>(State of New Jersey Lease) <br>Series 2015-X <br>5.25%, 06/15/2027 | 1395 | 1396465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A <br>5.50%, 06/15/2028 | 1500 | 1542056 |
| &nbsp;&nbsp;&nbsp;&nbsp; NATL Series 2005-N <br>5.50%, 09/01/2027 | 2000 | 2098886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2029 | 5910 | 6522848 |
|  New Jersey Economic Development Authority<br>(State of New Jersey Motor Vehicle Surcharge Revenue Lease) <br>Series 2017-A <br>5.00%, 07/01/2033 | 1280 | 1302912 |
|  New Jersey Economic Development Authority<br>(United Airlines, Inc.) <br>Series 2012 <br>5.75%, 09/15/2027 | 1625 | 1627706 |
|  New Jersey Health Care Facilities Financing Authority<br>(RWJ Barnabas Health Obligated Group) <br>Series 2016 <br>5.00%, 07/01/2043 | 2405 | 2417463 |
|  New Jersey Transportation Trust Fund Authority<br>(New Jersey Transportation Fed Hwy Grant) <br>Series 2016 <br>5.00%, 06/15/2027 | 1085 | 1095486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 | 2115 | 2137839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 06/15/2028 | 1050 | 1061451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 | 1000 | 1010671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 | 5370 | 5426074 |

---

---

| | |
|:---|:---|
| 24 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  New Jersey Transportation Trust Fund Authority<br>(Prerefunded – US Treasuries) <br>Series 2019 <br>5.00%, 06/15/2030 | $| 255 | $| 274302 |
|  New Jersey Transportation Trust Fund Authority<br>(State of New Jersey Lease) <br>Series 2010-A <br>Zero Coupon, 12/15/2027 |  | 1500 |  | 1411728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>5.00%, 12/15/2027 |  | 1040 |  | 1089603 |
|  New Jersey Transportation Trust Fund Authority<br>(State of New Jersey) <br>Series 2025-A <br>5.00%, 06/15/2035 |  | 2370 |  | 2749723 |
|  New Jersey Turnpike Authority<br>(New Jersey Turnpike Authority) <br>Series 2025-B <br>5.00%, 01/01/2031 |  | 5015 |  | 5587219 |
|  Newark Board of Education<br>(Newark Board of Education) <br>BAM Series 2021 <br>5.00%, 07/15/2029 |  | 1210 |  | 1303345 |
|  South Jersey Transportation Authority<br>(South Jersey Transportation Authority) <br>AG Series 2019-A <br>5.00%, 11/01/2030 |  | 1675 |  | 1821146 |
|  Tobacco Settlement Financing Corp./NJ<br>(Tobacco Settlement Financing Corp/NJ) <br>Series 2018-A <br>5.00%, 06/01/2029 |  | 2645 |  | 2778478 |
|  |  |  |  | 61758922 |
|  **New York – 6.1%** | **New York – 6.1%** | **New York – 6.1%** | **New York – 6.1%** | **New York – 6.1%** |
|  City of New York NY<br>(City of New York NY) <br>Series 2024-C <br>5.00%, 03/01/2026 |  | 3000 |  | 3017708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D <br>5.00%, 04/01/2033 |  | 1660 |  | 1894537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.00%, 08/01/2028 |  | 2000 |  | 2117444 |
|  Metropolitan Transportation Authority <br>(Metropolitan Transportation Authority)<br>Series 2016-D<br>5.00%, 11/15/2031 |  | 1510 |  | 1539990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017 <br>5.00%, 11/15/2028 |  | 2010 |  | 2141726 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 25 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C <br>5.00%, 11/15/2029 | $1880 | $1983794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 11/15/2031 | 4535 | 5071776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2032 | 1505 | 1701518 |
|  New York City Municipal Water Finance Authority<br>(Prerefunded – Others) <br>Series 2018-E <br>5.00%, 06/15/2032 | 1410 | 1412749 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>(New York City Transitional Finance Authority Future Tax Secured Revenue) <br>Series 2016-F <br>4.00%, 02/01/2034 | 2000 | 2002084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 11/01/2026 | 1000 | 1022590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H <br>5.00%, 11/01/2027 | 1000 | 1046571 |
|  New York State Dormitory Authority<br>(Montefiore Obligated Group) <br>Series 2018 <br>5.00%, 08/01/2028 | 1000 | 1044329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 1500 | 1536921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.00%, 09/01/2027 | 1400 | 1433419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 11/01/2026 | 900 | 914187 |
|  New York State Dormitory Authority<br>(New York State Dormitory Authority Lease) <br>Series 2018 <br>5.00%, 10/01/2031 | 1775 | 1805572 |
|  New York State Dormitory Authority<br>(Northwell Health Obligated Group) <br>Series 2019 <br>5.00%, 05/01/2048 | 1000 | 1001481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 05/01/2030 | 1070 | 1166708 |
|  New York State Dormitory Authority<br>(Wagner College) <br>Series 2022 <br>5.00%, 07/01/2033 | 1000 | 978703 |
|  New York State Dormitory Authority<br>(White Plains Hospital Obligated Group) <br>Series 2024 <br>5.00%, 10/01/2029 | 750 | 794977 |

---

---

| | |
|:---|:---|
| 26 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  New York Transportation Development Corp.<br>(JFK Intl Air Terminal) <br>Series 2020 <br>5.00%, 12/01/2026 | $| 1050 | $| 1068110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 |  | 1000 |  | 1073673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 12/01/2030 |  | 2065 |  | 2224338 |
|  Port Authority of New York & New Jersey <br>(Port Authority of New York & New Jersey)<br>Series 2018-2<br>5.00%, 09/15/2029 |  | 1530 |  | 1590314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2030 |  | 2500 |  | 2601534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2031 |  | 2575 |  | 2680574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 <br>3.00%, 10/01/2028 |  | 3950 |  | 3917873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 |  | 2480 |  | 2553014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 <br>5.00%, 09/01/2032 |  | 1235 |  | 1376291 |
|  Suffolk Regional Off-Track Betting Corp.<br>(Suffolk Regional Off-Track Betting) <br>Series 2024 <br>5.00%, 12/01/2034 |  | 1500 |  | 1545881 |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority) <br>Series 2017-B <br>5.00%, 11/15/2033 |  | 1205 |  | 1243752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 03/01/2028 |  | 3500 |  | 3687235 |
|  Troy Capital Resource Corp.<br>(Rensselaer Polytechnic Institute) <br>Series 2015 <br>5.00%, 08/01/2028 |  | 1000 |  | 1002976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.00%, 09/01/2028 |  | 1270 |  | 1337842 |
|  |  |  |  | 63532191 |
|  **North Carolina – 1.3%** | **North Carolina – 1.3%** | **North Carolina – 1.3%** | **North Carolina – 1.3%** | **North Carolina – 1.3%** |
|  County of Guilford NC<br>(County of Guilford NC) <br>Series 2017-B <br>4.00%, 05/01/2033 |  | 3000 |  | 3043735 |
|  County of New Hanover NC<br>(County of New Hanover NC) <br>Series 2018 <br>5.00%, 09/01/2026 |  | 1010 |  | 1028628 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 27 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Cumberland County Industrial Facilities & Pollution Control Financing Authority<br>(American Titanium Metal) <br>Series 2025 <br>3.125%, 12/01/2027 | $| 3500 | $| 3499540 |
|  North Carolina Department of Transportation<br>(I-77 Mobility Partners) <br>Series 2015 <br>5.00%, 12/31/2037 |  | 1405 |  | 1406157 |
|  North Carolina Medical Care Commission<br>(Caromont Health Obligated Group) <br>Series 2021-B <br>5.00%, 02/01/2051 |  | 1250 |  | 1253552 |
|  North Carolina Medical Care Commission<br>(Pennybyrn at Maryfield) <br>Series 2025 <br>5.00%, 10/01/2035 |  | 560 |  | 592183 |
|  North Carolina Medical Care Commission<br>(United Methodist Retirement Homes Obligated Group) <br>Series 2025 <br>3.40%, 10/01/2029<sup>(d)</sup> |  | 2000 |  | 2000631 |
|  State of North Carolina<br>(Prerefunded – US Govt Agencies) <br>Series 2014-C <br>3.00%, 05/01/2028 |  | 1000 |  | 1000121 |
|  |  |  |  | 13824547 |
|  **North Dakota – 0.1%** | **North Dakota – 0.1%** | **North Dakota – 0.1%** | **North Dakota – 0.1%** | **North Dakota – 0.1%** |
|  County of Ward ND<br>(Trinity Health Obligated Group) <br>Series 2017-C <br>5.00%, 06/01/2029 |  | 1300 |  | 1314847 |
|  **Ohio – 3.5%** | **Ohio – 3.5%** | **Ohio – 3.5%** | **Ohio – 3.5%** | **Ohio – 3.5%** |
|  American Municipal Power, Inc.<br>(American Municipal Power Combined Hydroelectric Revenue) <br>Series 2020 <br>5.00%, 02/15/2026 |  | 1035 |  | 1039768 |
|  American Municipal Power, Inc.<br>(American Municipal Power Greenup Hydroelectric Revenue) <br>Series 2025 <br>5.00%, 02/15/2035 |  | 1000 |  | 1161526 |
|  Buckeye Tobacco Settlement Financing Authority<br>(Buckeye Tobacco Settlement Financing Authority) <br>Series 2020-A <br>5.00%, 06/01/2028 |  | 1425 |  | 1500082 |

---

---

| | |
|:---|:---|
| 28 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Columbus Regional Airport Authority<br>(Columbus Regional Airport Authority) <br>Series 2025 <br>5.00%, 01/01/2034 | $3160 | $3520167 |
|  County of Allen OH Hospital Facilities Revenue<br>(Bon Secours Mercy Health) <br>Series 2025 <br>5.00%, 11/01/2033 | 2000 | 2278882 |
|  County of Cuyahoga OH<br>(MetroHealth System/The) <br>Series 2017 <br>5.00%, 02/15/2028 | 1115 | 1132066 |
|  Jefferson County Port Authority/OH<br>(JSW Steel USA Ohio, Inc.) <br>Series 2023 <br>5.00%, 12/01/2053<sup>(a)</sup> | 4000 | 4098811 |
|  Lancaster Port Authority<br>(Royal Bank of Canada) <br>Series 2024-A <br>5.00%, 02/01/2055 | 1000 | 1067970 |
|  Ohio Air Quality Development Authority<br>(American Electric Power) <br>Series 2019 <br>2.40%, 12/01/2038 | 500 | 474656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>3.70%, 07/01/2028 | 4000 | 4000678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/01/2028 | 1500 | 1500296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/01/2029 | 1500 | 1503785 |
|  Ohio Air Quality Development Authority <br>(Duke Energy Corp.)<br>Series 2022<br>4.00%, 09/01/2030 | 4175 | 4229394 |
|  Ohio Higher Educational Facility Commission<br>(John Carroll University) <br>Series 2025 <br>5.00%, 10/01/2033 | 1085 | 1162604 |
|  Ohio Higher Educational Facility Commission<br>(Xavier University) <br>Series 2024 <br>5.00%, 05/01/2033 | 650 | 721325 |
|  Polaris Career Center<br>(Prerefunded – US Treasuries) <br>Series 2017 <br>5.00%, 11/01/2041 | 2000 | 2000375 |
|  Reynoldsburg City School District<br>(Reynoldsburg City School District) <br>Series 2013 <br>4.919%, 09/01/2030 | 700 | 733665 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 29 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  State of Ohio<br>(Prerefunded – US Treasuries) <br>Series 2016 <br>5.00%, 01/15/2030 | $| 1090 | $| 1093006 |
|  State of Ohio<br>(State of Ohio Fed Hwy Grant) <br>Series 2016-2 <br>5.00%, 12/15/2028 |  | 1015 |  | 1027566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1 <br>5.00%, 12/15/2028 |  | 1000 |  | 1012381 |
|  State of Ohio<br>(University Hospitals Health System Obligated Group) <br>Series 2025 <br>5.00%, 01/15/2030 |  | 1000 |  | 1073475 |
|  |  |  |  | 36332478 |
|  **Oklahoma – 0.3%** | **Oklahoma – 0.3%** | **Oklahoma – 0.3%** | **Oklahoma – 0.3%** | **Oklahoma – 0.3%** |
|  Oklahoma Development Finance Authority<br>(OU Medicine Obligated Group) <br>Series 2018-B <br>5.00%, 08/15/2029 |  | 1000 |  | 1032849 |
|  Oklahoma Municipal Power Authority<br>(Oklahoma Municipal Power Authority) <br>AG Series 2025-A <br>5.00%, 01/01/2033 |  | 740 |  | 838650 |
|  Tulsa Municipal Airport Trust Trustees/OK<br>(American Airlines, Inc.) <br>Series 2025 <br>6.25%, 12/01/2035 |  | 1000 |  | 1153118 |
|  |  |  |  | 3024617 |
|  **Oregon – 0.4%** | **Oregon – 0.4%** | **Oregon – 0.4%** | **Oregon – 0.4%** | **Oregon – 0.4%** |
|  Medford Hospital Facilities Authority<br>(Asante Health System Obligated Group) <br>Series 2020-A <br>5.00%, 08/15/2027 |  | 1000 |  | 1035344 |
|  Port of Portland OR Airport Revenue<br>(Port of Portland OR Airport Revenue) <br>Series 2022-2 <br>5.00%, 07/01/2030 |  | 1015 |  | 1104812 |
|  Port of Portland OR Airport Revenue<br>(Portland Intl Airport) <br>Series 2017-2 <br>5.00%, 07/01/2029 |  | 1000 |  | 1019083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 |  | 1100 |  | 1120524 |
|  |  |  |  | 4279763 |

---

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| | |
|:---|:---|
| 30 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Pennsylvania – 2.2%** | **Pennsylvania – 2.2%** | **Pennsylvania – 2.2%** |
|  Allegheny County Hospital Development Authority<br>(UPMC Obligated Group) <br>Series 2022 <br>3.49% (MUNIPSA + 0.70%), 11/15/2047<sup>(b)</sup> | $1000 | $990410 |
|  City of Philadelphia PA Airport Revenue<br>(City of Philadelphia PA Airport Revenue) <br>Series 2020-C <br>5.00%, 07/01/2030 | 1220 | 1322500 |
|  Commonwealth of Pennsylvania<br>(Commonwealth of Pennsylvania) <br>Series 2023 <br>5.00%, 09/01/2027 | 1500 | 1562467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 08/15/2027 | 2000 | 2081867 |
|  County of Allegheny PA<br>(County of Allegheny PA) <br>Series 2016-C <br>5.00%, 11/01/2029 | 2000 | 2038213 |
|  General Authority of Southcentral Pennsylvania<br>(UPMC Pinnacle Hanover) <br>Series 2015 <br>5.00%, 12/01/2027 | 1275 | 1275916 |
|  Hospitals & Higher Education Facilities Authority of Philadelphia (The)<br>(Temple University Health System Obligated Group) <br>Series 2017 <br>5.00%, 07/01/2032 | 1980 | 2013244 |
|  Montgomery County Higher Education & Health Authority<br>(Thomas Jefferson University Obligated Group) <br>Series 2018 <br>5.00%, 09/01/2030 | 1000 | 1056905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 1500 | 1584511 |
|  Pennsylvania Economic Development Financing Authority<br>(Commonwealth of Pennsylvania Dept. of Transportation) <br>Series 2022 <br>5.00%, 12/31/2032 | 2000 | 2199574 |
|  Pennsylvania Economic Development Financing Authority<br>(PA Bridges Finco LP) <br>Series 2015 <br>5.00%, 12/31/2027 | 4000 | 4034982 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 31 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Pennsylvania Economic Development Financing Authority <br>(Philadelphia Water Dept.)<br>Series 2020<br>4.00%, 01/01/2026 | $| 1220 | $| 1220570 |
|  Pennsylvania Turnpike Commission Registration Fee Revenue<br>(Pennsylvania Turnpike Commission Registration Fee Revenue) <br>Series 2023 <br>3.64% (MUNIPSA + 0.85%), 07/15/2041<sup>(b)</sup> |  | 1000 |  | 998884 |
|  Scranton School District/PA<br>(Scranton School District/PA) <br>BAM Series 2017-E <br>5.00%, 12/01/2029 |  | 1000 |  | 1043403 |
|  |  |  |  | 23423446 |
|  **Puerto Rico – 0.8%** | **Puerto Rico – 0.8%** | **Puerto Rico – 0.8%** | **Puerto Rico – 0.8%** | **Puerto Rico – 0.8%** |
|  Commonwealth of Puerto Rico<br>(Commonwealth of Puerto Rico) <br>Series 2021-A <br>5.625%, 07/01/2027 |  | 1108 |  | 1133266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 |  | 675 |  | 716375 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority<br>(Puerto Rico Commonwealth Aqueduct & Sewer Authority) <br>Series 2020-A <br>5.00%, 07/01/2030<sup>(a)</sup> |  | 1000 |  | 1041583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C <br>3.50%, 07/01/2026<sup>(a)</sup> |  | 2000 |  | 1960782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/2027<sup>(a)</sup> |  | 2000 |  | 1901817 |
|  Puerto Rico Electric Power Authority<br>(Puerto Rico Electric Power Authority) <br>Series 2010-A <br>5.25%, 07/01/2027<sup>(e)(f)</sup> |  | 1565 |  | 1040725 |
|  |  |  |  | 7794548 |
|  **South Carolina – 1.0%** | **South Carolina – 1.0%** | **South Carolina – 1.0%** | **South Carolina – 1.0%** | **South Carolina – 1.0%** |
|  SCAGO Educational Facilities Corp. for Pickens School District<br>(Prerefunded – US Treasuries) <br>Series 2015 <br>5.00%, 12/01/2029 |  | 1500 |  | 1501500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 |  | 1000 |  | 1001000 |
|  South Carolina Jobs-Economic Development Authority<br>(Novant Health Obligated Group) <br>Series 2024 <br>5.00%, 11/01/2031 |  | 3185 |  | 3552801 |

---

---

| | |
|:---|:---|
| 32 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  South Carolina Jobs-Economic Development Authority<br>(Rolling Green Village) <br>Series 2025 <br>4.00%, 12/01/2030 | $| 1000 | $| 1003373 |
|  South Carolina Public Service Authority<br>(South Carolina Public Service Authority) <br>Series 2016-A <br>5.00%, 12/01/2034 |  | 1500 |  | 1514370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 12/01/2031 |  | 1775 |  | 1984325 |
|  |  |  |  | 10557369 |
|  **Tennessee – 1.1%** | **Tennessee – 1.1%** | **Tennessee – 1.1%** | **Tennessee – 1.1%** | **Tennessee – 1.1%** |
|  Memphis-Shelby County Airport Authority<br>(Memphis-Shelby County Airport Authority) <br>Series 2021-A <br>5.00%, 07/01/2034 |  | 1355 |  | 1463908 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board<br>(EC Burning Tree LLC) <br>Series 2025 <br>5.00%, 10/01/2028 |  | 2000 |  | 2062894 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board<br>(Vanderbilt University Medical Center Obligated Group) <br>Series 2023 <br>5.00%, 07/01/2028 |  | 1000 |  | 1050543 |
|  Metropolitan Nashville Airport Authority (The)<br>(Metropolitan Nashville Airport Authority/The) <br>Series 2019-B <br>5.00%, 07/01/2030 |  | 1005 |  | 1084968 |
|  Tennergy Corp./TN<br>(Nomura Holdings, Inc.) <br>Series 2022-A <br>5.50%, 10/01/2053 |  | 1500 |  | 1624122 |
|  Tennessee Energy Acquisition Corp.<br>(Goldman Sachs Group) <br>Series 2023-A <br>5.00%, 05/01/2053 |  | 2000 |  | 2069050 |
|  Tennessee Energy Acquisition Corp.<br>(Pacific Life Insurance) <br>Series 2025-A <br>5.00%, 12/01/2035 |  | 2000 |  | 2173784 |
|  |  |  |  | 11529269 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 33 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Texas – 7.0%** | **Texas – 7.0%** | **Texas – 7.0%** |
|  Central Texas Regional Mobility Authority<br>(Central Texas Regional Mobility Authority) <br>Series 2016 <br>5.00%, 01/01/2028 | $1065 | $1066955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-E <br>5.00%, 01/01/2031 | 1420 | 1539920 |
|  City of Houston TX Airport System Revenue<br>(City of Houston TX Airport System Revenue) <br>Series 2025-A <br>5.00%, 07/01/2028 | 1600 | 1675257 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023 <br>5.00%, 07/01/2031 | 1420 | 1557244 |
|  City of Houston TX Airport System Revenue<br>(United Airlines, Inc.) <br>Series 2020 <br>5.00%, 07/15/2027 | 1500 | 1525872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.25%, 07/15/2034 | 1500 | 1624156 |
|  City of San Antonio TX Airport System <br>(City of San Antonio TX Airport System)<br>Series 2019-A <br>5.00%, 07/01/2029 | 550 | 584760 |
|  City of San Antonio TX Electric & Gas Systems Revenue<br>(Prerefunded – US Treasuries) <br>Series 2015 <br>4.00%, 02/01/2030 | 1000 | 1002046 |
|  County of Harris TX<br>(County of Harris TX) <br>Series 2025-A <br>5.00%, 09/15/2027 | 1175 | 1223676 |
|  Dallas Area Rapid Transit<br>(Prerefunded – US Govt Agencies) <br>Series 2016-A <br>5.00%, 12/01/2041 | 510 | 510000 |
|  Dallas Fort Worth International Airport<br>(Dallas Fort Worth Intl Airport) <br>Series 2025-A <br>5.00%, 11/01/2031 | 5000 | 5509296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2033 | 1000 | 1120141 |
|  Frisco Independent School District<br>(Frisco Independent School District) <br>Series 2025-B <br>5.00%, 02/15/2033 | 4000 | 4577751 |

---

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| | |
|:---|:---|
| 34 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Goose Creek Consolidated Independent School District<br>(Goose Creek Consolidated Independent School District) <br>Series 2016-A <br>5.00%, 02/15/2029 | $2000 | $2008860 |
|  Harris County Cultural Education Facilities Finance Corp.<br>(Memorial Hermann Health System Obligated Group) <br>Series 2022 <br>3.64% (MUNIPSA + 0.85%), 07/01/2049<sup>(b)</sup> | 2000 | 2000111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 07/01/2054 | 3600 | 3826979 |
|  Harris County Housing Finance Corp.<br>(Kobayashi Baypointe Apartments) <br>Series 2025 <br>2.95%, 09/01/2043 | 2500 | 2478916 |
|  Harris County Industrial Development Corp.<br>(Energy Transfer LP) <br>Series 2023 <br>4.05%, 11/01/2050 | 2000 | 2068317 |
|  Irving Hospital Authority<br>(Baylor Medical Center at Irving) <br>Series 2017-A <br>5.00%, 10/15/2033 | 1000 | 1006493 |
|  Lamar Consolidated Independent School District<br>(Lamar Consolidated Independent School District) <br>Series 2021-A <br>5.00%, 02/15/2026 | 1500 | 1507245 |
|  Legacy Denton Public Facility Corp. <br>(2100 Spencer Road TX Owner)<br>Series 2025<br>2.70%, 10/01/2043 | 4000 | 3938483 |
|  Mission Economic Development Corp.<br>(Natgasoline LLC) <br>Series 2018 <br>4.625%, 10/01/2031<sup>(a)</sup> | 2000 | 2005703 |
|  North Texas Tollway Authority<br>(North Texas Tollway System) <br>Series 2025-A <br>5.00%, 01/01/2033 | 600 | 684894 |
|  North Texas Tollway Authority<br>(Prerefunded – US Govt Agencies) <br>Series 2016-A <br>5.00%, 01/01/2028 | 2575 | 2579945 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 35 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Northwest Independent School District<br>(Northwest Independent School District) <br>Series 2021 <br>5.00%, 02/15/2029 | $2000 | $2146729 |
|  Port Freeport TX<br>(Port Freeport TX) <br>Series 2019-A <br>5.00%, 06/01/2031 | 1085 | 1139119 |
|  Port of Beaumont Industrial Development Authority<br>(Jefferson 2020 Bond Lessee & Borrower Obligated Group) <br>Series 2021 <br>4.10%, 01/01/2028<sup>(a)</sup> | 1800 | 1630965 |
|  Port of Beaumont Navigation District<br>(Jefferson 2020 Bond Lessee & Borrower Obligated Group) <br>Series 2024 <br>10.00%, 07/01/2026<sup>(a)</sup> | 1000 | 1003691 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Ascension Health Credit Group) <br>Series 2025 <br>5.00%, 11/15/2051<sup>(d)</sup> | 1000 | 1137538 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Texas Health Resources Obligated Group) <br>Series 2025 <br>5.00%, 11/15/2064 | 2000 | 2147932 |
|  Texas A&M University<br>(Texas A&M University) <br>Series 2017-E <br>5.00%, 05/15/2026 | 1650 | 1668078 |
|  Texas Municipal Gas Acquisition & Supply Corp. II<br>(JPMorgan Chase & Co.) <br>Series 2007 <br>3.751% (CME Term SOFR 3 Month + 1.05%), 09/15/2027<sup>(b)</sup> | 1430 | 1433056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-C <br>3.528% (CME Term SOFR 3 Month + 0.86%), 09/15/2027<sup>(b)</sup> | 1730 | 1730891 |
|  Texas Municipal Gas Acquisition & Supply Corp. III<br>(Macquarie Group Ltd.) <br>Series 2021 <br>5.00%, 12/15/2032 | 2000 | 2166707 |

---

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| | |
|:---|:---|
| 36 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Texas Municipal Gas Acquisition & Supply Corp. IV<br>(BP PLC) <br>Series 2023-A <br>5.50%, 01/01/2054 | $| 4000 | $| 4283732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B <br>5.50%, 01/01/2054 |  | 1500 |  | 1703539 |
|  Texas Private Activity Bond Surface Transportation Corp.<br>(NTE Mobility Partners LLC) <br>Series 2019 <br>5.00%, 12/31/2030 |  | 1000 |  | 1073608 |
|  Texas Water Development Board<br>(State Water Implementation Revenue Fund for Texas) <br>Series 2023-A <br>5.00%, 10/15/2026 |  | 1000 |  | 1020787 |
|  University of Houston<br>(University of Houston) <br>Series 2020-A <br>5.00%, 02/15/2027 |  | 1000 |  | 1029456 |
|  |  |  |  | 72938848 |
|  **Utah – 1.0%** | **Utah – 1.0%** | **Utah – 1.0%** | **Utah – 1.0%** | **Utah – 1.0%** |
|  Grapevine Wash Local District<br>(Grapevine Wash Local District Assessment Area No. 1) <br>Series 2024-A <br>5.25%, 12/01/2044<sup>(a)</sup> |  | 1000 |  | 982343 |
|  Intermountain Power Agency<br>(Intermountain Power Agency) <br>Series 2022-A <br>5.00%, 07/01/2027 |  | 1095 |  | 1133456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 |  | 1680 |  | 1776553 |
|  Utah Board of Higher Education<br>(University of Utah/The) <br>NATL Series 1998 <br>5.50%, 04/01/2029 |  | 1440 |  | 1508824 |
|  Utah Infrastructure Agency<br>(Utah Infrastructure Agency) <br>Series 2017-A <br>5.00%, 10/15/2029 |  | 1000 |  | 1024459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 10/15/2032 |  | 1135 |  | 1225594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 10/15/2026 |  | 440 |  | 445836 |
|  Utah Transit Authority<br>(Utah Transit Authority Sales Tax) <br>NATL Series 2007-A <br>5.00%, 06/15/2031 |  | 1000 |  | 1103698 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 37 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Wolf Creek Infrastructure Financing District No. 1<br>(Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1) <br>Series 2025 <br>5.75%, 12/01/2044 | $| 1000 | $| 1023095 |
|  |  |  |  | 10223858 |
|  **Virginia – 0.4%** | **Virginia – 0.4%** | **Virginia – 0.4%** | **Virginia – 0.4%** | **Virginia – 0.4%** |
|  Fairfax County Industrial Development Authority<br>(Inova Health System Obligated Group) <br>Series 2024 <br>5.00%, 05/15/2032 |  | 1000 |  | 1131765 |
|  Louisa Industrial Development Authority<br>(Virginia Electric & Power) <br>Series 2025 <br>3.125%, 11/01/2035 |  | 2000 |  | 2005768 |
|  Virginia College Building Authority<br>(Marymount University) <br>Series 2015 <br>5.25%, 07/01/2030<sup>(a)</sup> |  | 1000 |  | 932692 |
|  |  |  |  | 4070225 |
|  **Washington – 2.3%** | **Washington – 2.3%** | **Washington – 2.3%** | **Washington – 2.3%** | **Washington – 2.3%** |
|  City of Seattle WA<br>(City of Seattle WA) <br>Series 2021-A <br>5.00%, 12/01/2025 |  | 2185 |  | 2185000 |
|  FYI Properties<br>(State of Washington Consolidated Technology Services Lease) <br>Series 2019 <br>5.00%, 06/01/2026 |  | 1965 |  | 1987259 |
|  King County School District No. 414 Lake Washington<br>(King County School District No. 414 Lake Washington) <br>Series 2017 <br>5.00%, 12/01/2026 |  | 1060 |  | 1084304 |
|  Pierce County School District No. 10 Tacoma<br>(Prerefunded – US Govt Agencies) <br>Series 2015 <br>5.00%, 12/01/2033 |  | 2190 |  | 2190000 |
|  Port of Seattle WA<br>(Port of Seattle WA) <br>Series 2017-C <br>5.00%, 05/01/2028 |  | 1260 |  | 1294929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 05/01/2030 |  | 2185 |  | 2241895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 |  | 1035 |  | 1054017 |

---

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| | |
|:---|:---|
| 38 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B <br>5.00%, 05/01/2027 | $1000 | $1027845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.00%, 10/01/2028 | 2000 | 2110744 |
|  State of Washington<br>(State of Washington) <br>Series 2017 <br>5.00%, 08/01/2030 | 1000 | 1040127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R <br>5.00%, 07/01/2028 | 4500 | 4781801 |
|  University of Washington<br>(University of Washington) <br>Series 2025-A <br>5.00%, 04/01/2033 | 1000 | 1153441 |
|  Washington State Housing Finance Commission <br>(Josephine Caring Community Obligated Group)<br>Series 2025 <br>4.20%, 07/01/2030<sup>(a)</sup> | 1000 | 994770 |
|  Washington State Housing Finance Commission<br>(Presbyterian Retirement Communities Northwest Obligated Group) <br>Series 2019-A <br>5.00%, 01/01/2034<sup>(a)</sup> | 1225 | 1252029 |
|  |  | 24398161 |
|  **West Virginia – 0.6%** |  |  |
|  Tobacco Settlement Finance Authority/WV<br>(Tobacco Settlement Finance Authority/WV) <br>Series 2020 <br>4.875%, 06/01/2049 | 230 | 211028 |
|  West Virginia Economic Development Authority<br>(Appalachian Power Co.) <br>Series 2024 <br>3.375%, 03/01/2040 | 3000 | 3031700 |
|  West Virginia Economic Development Authority<br>(Provident Group – Marshall Properties) <br>AG Series 2023 <br>5.00%, 07/01/2030 | 2665 | 2894494 |
|  |  | 6137222 |
|  **Wisconsin – 2.0%** |  |  |
|  City of Milwaukee WI<br>(City of Milwaukee WI) <br>Series 2020-N <br>5.00%, 04/01/2027 | 1000 | 1027096 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023 <br>5.00%, 04/01/2031 | 1025 | 1132393 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023-N <br>5.00%, 04/01/2028 | 1690 | 1771089 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 39 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Milwaukee WI Sewerage System Revenue<br>(City of Milwaukee WI Sewerage System Revenue) <br>Series 2016-S <br>4.00%, 06/01/2028 | $350 | $351817 |
|  Wisconsin Health & Educational Facilities Authority<br>(Forensic Science & Protective Medicine Collaboration) <br>Series 2024 <br>5.00%, 08/01/2027<sup>(a)</sup> | 2500 | 2523716 |
|  Wisconsin Health & Educational Facilities Authority<br>(Froedtert ThedaCare Health Obligated Group) <br>Series 2025 <br>5.00%, 10/01/2032 | 1640 | 1843074 |
|  Wisconsin Health & Educational Facilities Authority<br>(Hospital Sisters Services Obligated Group) <br>Series 2025 <br>5.00%, 08/15/2028 | 1000 | 1055003 |
|  Wisconsin Public Finance Authority<br>(Alpha Ranch Water Control & Improvement District of Denton & Wise Counties) <br>Series 2024 <br>Zero Coupon, 12/15/2038<sup>(a)</sup> | 2000 | 921883 |
|  Wisconsin Public Finance Authority<br>(Inperium Obligated Group) <br>Series 2024 <br>5.00%, 12/01/2034<sup>(a)</sup> | 1540 | 1613397 |
|  Wisconsin Public Finance Authority<br>(Kaiser Obligated Group) <br>Series 2023-A <br>5.00%, 10/01/2027 | 1305 | 1353859 |
|  Wisconsin Public Finance Authority<br>(North San Gabriel Municipal Utility District No. 1) <br>Series 2023 <br>Zero Coupon, 09/01/2029<sup>(a)</sup> | 700 | 532770 |
|  Wisconsin Public Finance Authority<br>(Renown Regional Medical Center Obligated Group)<br>Series 2020 <br>5.00%, 06/01/2029 | 975 | 1043224 |
|  Wisconsin Public Finance Authority<br>(Signorelli Projects) <br>Series 2024 <br>5.375%, 12/15/2032<sup>(a)</sup> | 1799 | 1794385 |
|  Wisconsin Public Finance Authority<br>(Southeastern Regional Medical Center Obligated Group) <br>Series 2022 <br>5.00%, 02/01/2030 | 1000 | 1006882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2033 | 1460 | 1460200 |

---

---

| | |
|:---|:---|
| 40 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority<br>(Waterstone Projects) <br>Series 2024 <br>5.50%, 12/15/2038<sup>(a)</sup> | $1000 | $1003951 |
|  |  | 20434739 |
|  Total Long-Term Municipal Bonds <br>(cost $851,111,525) |  | 859008721 |
|  Short-Term Municipal Notes – 13.1% |  |  |
|  **Arizona – 0.5%** |  |  |
|  Arizona Health Facilities Authority<br>(Banner Health Obligated Group) <br>Series 2017-C <br>2.85%, 01/01/2046<sup>(g)</sup> | 5720 | 5720000 |
|  **California – 0.7%** |  |  |
|  City of Los Angeles CA<br>(City of Los Angeles CA) <br>Series 2025 <br>5.00%, 06/25/2026 | 5000 | 5074149 |
|  County of Los Angeles CA<br>(County of Los Angeles CA) <br>Series 2025-A <br>5.00%, 06/30/2026 | 1500 | 1523509 |
|  Nuveen California AMT-Free Quality Municipal Income Fund <br>(Nuveen California AMT-Free Quality Municipal Income Fund)<br>Series 2017<br>3.24%, 10/01/2047<sup>(a)(g)</sup> | 1000 | 1000000 |
|  |  | 7597658 |
|  **Colorado – 1.0%** |  |  |
|  Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J<br>(Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J) <br>Series 2024 <br>5.00%, 12/15/2025 | 1560 | 1561463 |
|  Colorado Educational & Cultural Facilities Authority<br>(Jewish Federation of South Palm Beach County) <br>Series 2008 <br>2.85%, 02/01/2038<sup>(g)</sup> | 350 | 350000 |
|  Colorado Educational & Cultural Facilities Authority<br>(Miami Beach Jewish Community Center) <br>Series 2022 <br>2.85%, 07/01/2041<sup>(g)</sup> | 1400 | 1400000 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 41 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Colorado Educational & Cultural Facilities Authority<br>(Michael Ann Russell Jewish Community Center) <br>Series 2012 <br>2.85%, 01/01/2039<sup>(g)</sup> | $775 | $775000 |
|  Colorado Health Facilities Authority<br>(Children's Hospital Colorado Obligated Group) <br>Series 2020 <br>2.85%, 12/01/2052<sup>(g)</sup> | 1345 | 1345000 |
|  Colorado State Education Loan Program<br>(Colorado State Education Loan Program) <br>Series 2025 <br>5.00%, 06/30/2026 | 4650 | 4713911 |
|  |  | 10145374 |
|  **District of Columbia – 0.1%** |  |  |
|  District of Columbia<br>(MedStar Health Obligated Group) <br>Series 2017-A <br>2.85%, 08/15/2038<sup>(g)</sup> | 1210 | 1210000 |
|  **Florida – 1.3%** |  |  |
|  County of Miami-Dade FL Water & Sewer System Revenue<br>(County of Miami-Dade FL Water & Sewer System Revenue) <br>Series 2025-B <br>5.00%, 10/01/2026<sup>(d)</sup> | 1650 | 1682145 |
|  Hillsborough County Industrial Development Authority<br>(BayCare Obligated Group) <br>Series 2020 <br>2.85%, 11/01/2038<sup>(g)</sup> | 6350 | 6350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/2042<sup>(g)</sup> | 1480 | 1480000 |
|  School Board of Miami-Dade County (The)<br>(School Board of Miami-Dade County/The) <br>Series 2025 <br>4.00%, 01/07/2026 | 3330 | 3334377 |
|  School District of Broward County/FL<br>(School District of Broward County/FL) <br>Series 2025 <br>4.00%, 06/25/2026 | 1000 | 1007596 |
|  |  | 13854118 |
|  **Hawaii – 0.2%** |  |  |
|  City & County of Honolulu HI<br>(City & County of Honolulu HI) <br>Series 2025 <br>5.00%, 01/01/2026 | 2410 | 2414829 |

---

---

| | |
|:---|:---|
| 42 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Idaho – 0.6%** |  |  |
|  Idaho Health Facilities Authority<br>(St. Luke's Health System Obligated Group/ID) <br>Series 2018-C <br>2.90%, 03/01/2048<sup>(g)</sup> | $1675 | $1675000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>2.85%, 03/01/2060<sup>(g)</sup> | 4600 | 4600000 |
|  |  | 6275000 |
|  **Illinois – 0.7%** |  |  |
|  Illinois Finance Authority<br>(OSF Healthcare System Obligated Group) <br>Series 2018 <br>2.85%, 11/15/2037<sup>(g)</sup> | 7080 | 7080000 |
|  **Iowa – 0.1%** |  |  |
|  Iowa Finance Authority<br>(Iowa Health System Obligated Group) <br>Series 2018 <br>2.35%, 02/15/2041<sup>(g)</sup> | 800 | 800000 |
|  **Maryland – 0.3%** |  |  |
|  Maryland Health & Higher Educational Facilities Authority<br>(Johns Hopkins Health System Obligated Group) <br>Series 2024 <br>2.80%, 06/01/2046<sup>(g)</sup> | 300 | 300000 |
|  Maryland Health & Higher Educational Facilities Authority<br>(University of Maryland Medical System Obligated Group) <br>Series 2008 <br>2.85%, 07/01/2041<sup>(g)</sup> | 2545 | 2545000 |
|  |  | 2845000 |
|  **Massachusetts – 1.0%** |  |  |
|  City of Quincy MA<br>(City of Quincy MA) <br>Series 2025 <br>5.00%, 09/29/2026 | 5705 | 5814606 |
|  Massachusetts Development Finance Agency<br>(Emerson College) <br>Series 2025 <br>5.00%, 01/01/2026 | 1120 | 1121250 |
|  Massachusetts Development Finance Agency<br>(Trustees of Boston University) <br>Series 2013-U <br>2.05%, 10/01/2042<sup>(g)</sup> | 3000 | 3000000 |
|  |  | 9935856 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 43 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Michigan – 0.4%** |  |  |
|  Green Lake Township Economic Development Corp.<br>(Interlochen Center for the Arts) <br>Series 2023 <br>2.85%, 06/01/2034<sup>(g)</sup> | $4700 | $4700000 |
|  **Missouri – 0.2%** |  |  |
|  Health & Educational Facilities Authority of the State of Missouri<br>(St. Louis University/US) <br>Series 2013-B <br>2.80%, 10/01/2035<sup>(g)</sup> | 2130 | 2130000 |
|  **New Jersey – 1.0%** |  |  |
|  City of Hoboken NJ<br>(City of Hoboken NJ) <br>Series 2025-A <br>4.00%, 03/10/2026 | 1000 | 1003574 |
|  City of Jersey City NJ<br>(City of Jersey City NJ) <br>Series 2025-C <br>4.00%, 10/20/2026 | 4073 | 4123967 |
|  Essex County Improvement Authority<br>(County of Essex NJ) <br>Series 2025 <br>5.00%, 03/17/2026 | 3000 | 3020930 |
|  Jersey City Redevelopment Agency<br>(Jersey City Redevelopment Agency) <br>Series 2025 <br>5.00%, 12/09/2026<sup>(d)</sup> | 2000 | 2040471 |
|  |  | 10188942 |
|  **New York – 1.9%** |  |  |
|  City of New York NY<br>(City of New York NY) <br>Series 2018-E <br>2.85%, 03/01/2048<sup>(g)</sup> | 950 | 950000 |
|  City of Rochester NY<br>(City of Rochester NY) <br>Series 2025-I <br>4.00%, 07/30/2026 | 3000 | 3030045 |
|  Town of Oyster Bay NY<br>(Town of Oyster Bay NY) <br>Series 2025 <br>4.00%, 08/21/2026 | 4670 | 4718047 |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority) <br>Series 2018-2 <br>2.90%, 01/01/2031<sup>(g)</sup> | 7900 | 7900000 |

---

---

| | |
|:---|:---|
| 44 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>2.90%, 01/01/2033<sup>(g)</sup> | $500 | $500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C <br>2.85%, 01/01/2032<sup>(g)</sup> | 260 | 260000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>3.77% (MUNIPSA + 0.98%), 05/01/2026<sup>(b)</sup> | 2400 | 2400000 |
|  |  | 19758092 |
|  **North Carolina – 0.1%** |  |  |
|  Charlotte-Mecklenburg Hospital Authority (The)<br>(Atrium Health Obligated Group) <br>AG Series 2017-E <br>2.85%, 01/15/2044<sup>(g)</sup> | 1570 | 1570000 |
|  **Ohio – 0.7%** |  |  |
|  County of Montgomery OH<br>(Premier Health Partners Obligated Group) <br>Series 2019 <br>2.85%, 11/15/2045<sup>(g)</sup> | 6850 | 6850000 |
|  **Oregon – 0.2%** |  |  |
|  Oregon State Facilities Authority<br>(PeaceHealth Obligated Group) <br>Series 2018-A <br>2.80%, 08/01/2034<sup>(g)</sup> | 800 | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B <br>2.85%, 08/01/2034<sup>(g)</sup> | 1750 | 1750000 |
|  |  | 2550000 |
|  **Other – 0.2%** |  |  |
|  Nuveen AMT-Free Municipal Credit Income Fund<br>(Nuveen AMT-Free Municipal Credit Income Fund) <br>Series 2019 <br>3.24%, 03/01/2029<sup>(g)</sup> | 1000 | 1000000 |
|  Nuveen AMT-Free Quality Municipal Income Fund<br>(Nuveen AMT-Free Quality Municipal Income Fund) <br>Series 2021 <br>3.24%, 03/01/2029<sup>(g)</sup> | 1000 | 1000000 |
|  |  | 2000000 |
|  **South Carolina – 0.8%** |  |  |
|  Berkeley County School District<br>(Berkeley County School District) <br>Series 2025-A <br>5.00%, 06/01/2026 | 2000 | 2022286 |
|  Orangeburg County School District<br>(Orangeburg County School District) <br>Series 2025 <br>5.00%, 08/13/2026 | 2500 | 2541598 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 45 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  South Carolina Association of Governmental Organizations <br>(South Carolina Association of Governmental Organizations)<br>Series 2025-B<br>5.00%, 03/02/2026 | $3510 | $3531385 |
|  |  | 8095269 |
|  **Texas – 0.1%** |  |  |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Baylor Scott & White Health Obligated Group) <br>Series 2024, Class F <br>2.15%, 08/01/2050<sup>(g)</sup> | 1370 | 1370000 |
|  **Virginia – 0.6%** |  |  |
|  County of Spotsylvania VA<br>(County of Spotsylvania VA) <br>Series 2025 <br>5.00%, 01/15/2026 | 3070 | 3078862 |
|  Hampton Roads Sanitation District<br>(Hampton Roads Sanitation District) <br>Series 2025-A <br>5.00%, 07/15/2026 | 3000 | 3045301 |
|  Roanoke Economic Development Authority<br>(Carilion Clinic Obligated Group) <br>Series 2024 <br>2.85%, 07/01/2052<sup>(g)</sup> | 400 | 400000 |
|  |  | 6524163 |
|  **Wisconsin – 0.4%** |  |  |
|  Wisconsin Health & Educational Facilities Authority<br>(Medical College of Wisconsin) <br>Series 2023-B <br>2.85%, 12/01/2033<sup>(g)</sup> | 3665 | 3665000 |
|  Total Short-Term Municipal Notes <br>(cost $137,246,014) |  | 137279301 |
|  Total Municipal Obligations <br>(cost $988,357,539) |  | 996288022 |
|  ASSET-BACKED SECURITIES – 0.5% |  |  |
|  **Autos - Fixed Rate – 0.5%** |  |  |
|  Arivo Acceptance Auto Loan Receivables Trust <br>Series 2024-1A, Class A <br>6.46%, 04/17/2028<sup>(a)</sup> | 71 | 71754 |

---

---

| | |
|:---|:---|
| 46 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Lendbuzz Securitization Trust <br>Series 2023-1A, Class A2 <br>6.92%, 08/15/2028<sup>(a)</sup> | $247 | $249612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2 <br>5.10%, 10/15/2030<sup>(a)</sup> | 1780 | 1779129 |
|  Santander Bank Auto Credit-Linked Notes <br>Series 2023-A, Class B <br>6.493%, 06/15/2033<sup>(a)</sup> | 10 | 9699 |
|  Tricolor Auto Securitization Trust <br>Series 2025-2A, Class A <br>5.12%, 01/16/2029<sup>(c)(e)(f)</sup> | 3644 | 2510118 |
|  |  | 4620312 |
|  **Other ABS - Fixed Rate – 0.0%** |  |  |
|  Dext ABS LLC<br>Series 2023-1, Class A2 <br>5.99%, 03/15/2032<sup>(a)</sup> | 103 | 103969 |
|  Pagaya AI Debt Trust <br>Series 2024-1, Class A <br>6.66%, 07/15/2031<sup>(a)</sup> | 24 | 24125 |
|  |  | 128094 |
|  Total Asset-Backed Securities <br>(cost $5,879,302) |  | 4748406 |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.3% |  |  |
|  **Non-Agency Fixed Rate CMBS – 0.1%** |  |  |
|  MAD Commercial Mortgage Trust <br>Series 2025-11MD, Class A <br>4.912%, 10/15/2042<sup>(a)</sup> | 1500 | 1507151 |
|  **Non-Agency Floating Rate CMBS – 0.2%** |  |  |
|  DBC Mortgage Trust <br>Series 2025-DBC, Class B <br>5.559% (CME Term SOFR 1 Month + 1.60%), 11/15/2042<sup>(a)(b)</sup> | 1624 | 1623684 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $3,123,684) |  | 3130835 |
|  COLLATERALIZED MORTGAGE OBLIGATIONS – 0.2% |  |  |
|  **Risk Share Floating Rate – 0.2%** |  |  |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes <br>Series 2023-DNA1, Class M1A <br>6.142% (CME Term SOFR + 2.10%), 03/25/2043<sup>(a)(b)</sup> | 518 | 524857 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 47 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class M1A <br>6.142% (CME Term SOFR + 2.10%), 04/25/2043<sup>(a)(b)</sup> | $274 | $277973 |
|  Connecticut Avenue Securities Trust <br>Series 2024-R03, Class 2M1 <br>5.222% (CME Term SOFR + 1.15%), 03/25/2044<sup>(a)(b)</sup> | 674 | 674027 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA4 <br>Series 2025-DNA4, Class M1 <br>5.172% (CME Term SOFR + 1.10%), 10/25/2045<sup>(a)(b)</sup> | 948 | 947559 |
|  Total Collateralized Mortgage Obligations <br>(cost $2,414,085) |  | 2424416 |
|  CORPORATES - INVESTMENT GRADE – 0.1% |  |  |
|  Industrial – 0.1% |  |  |
|  **Consumer Non-Cyclical – 0.1%** |  |  |
|  Altria Group, Inc. <br>3.40%, 05/06/2030 | 215 | 207331 |
|  BAT Capital Corp. <br>4.906%, 04/02/2030 | 230 | 235331 |
|  Philip Morris International, Inc. <br>5.625%, 11/17/2029 | 250 | 263305 |
|  |  | 705967 |
|  **Technology – 0.0%** |  |  |
|  CDW LLC/CDW Finance Corp. <br>2.67%, 12/01/2026 | 370 | 364039 |
|  |  | 1070006 |
|  Financial Institutions – 0.0% |  |  |
|  **Banking – 0.0%** |  |  |
|  Citigroup, Inc. <br>Series AA <br>7.625%, 11/15/2028<sup>(j)</sup> | 184 | 192078 |
|  Wells Fargo & Co. <br>7.625%, 09/15/2028<sup>(j)</sup> | 27 | 28742 |
|  |  | 220820 |
|  **Finance – 0.0%** |  |  |
|  Aviation Capital Group LLC <br>1.95%, 01/30/2026<sup>(a)</sup> | 290 | 288855 |
|  |  | 509675 |
|  Total Corporates - Investment Grade <br>(cost $1,532,403) |  | 1579681 |

---

---

| | |
|:---|:---|
| 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<sup>(e)(h)(i)</sup> <br>(cost $0) | 6600 | $– 0 |
|  SHORT-TERM INVESTMENTS – 3.0% |  |  |
|  **Investment Companies – 3.0%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%<sup>(k)(l)(m)</sup> <br>(cost $30,907,169) | 30907169 | 30907169 |
|  Total Investments – 99.5% <br>(cost $1,032,214,182) |  | 1039078529 |
|  Other assets less liabilities – 0.5% |  | 5074226 |
|  **Net Assets – 100.0%** |  | $**1044152755** |

---

#### CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>November 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |
|  CDX-NAHY Series 45, 5 Year Index, 12/20/2030\* | (5.00)% | Quarterly | 3.23% | USD | 3730 | $(314638) | $(258673) | $(55965) |

---

\* Termination date

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 6580 | 10/15/2028 | CPI# | 2.565% | Maturity | $651 | $– 0 | $651 |
| USD | 6000 | 10/15/2029 | 2.485% | CPI# | Maturity | 9183 | – 0 | 9183 |
| USD | 6000 | 10/15/2029 | 2.569% | CPI# | Maturity | (15298) | – 0 | (15298) |
| USD | 4503 | 10/15/2029 | 2.516% | CPI# | Maturity | 102 | – 0 | 102 |
| USD | 4499 | 10/15/2029 | 2.451% | CPI# | Maturity | 14262 | – 0 | 14262 |
| USD | 4498 | 10/15/2029 | 2.499% | CPI# | Maturity | 3822 | – 0 | 3822 |
| USD | 6920 | 10/15/2030 | CPI# | 2.531% | Maturity | 17180 | – 0 | 17180 |
|  |  |  |  |  |  | $29902 | $– 0 | $29902 |

---

# 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** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 2336 | 10/15/2029 | 1 Day<br>SOFR | 3.814% | Annual | $45470 | $– 0 | $45470 |
| USD | 2500 | 10/15/2030 | 1 Day<br>SOFR | 4.082% | Annual | 87441 | – 0 | 87441 |
|  |  |  |  |  |  | $132911 | $– 0 | $132911 |

---

(a) 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 $70,861,013 or 6.8% of net assets.

(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 &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Indiana Finance Authority <br>(Parkview Health System Obligated Group) <br>Series 2024-B <br>3.517%, 11/01/2046 | 06/24/2024 | $2000000 | $1987832 | 0.19% |
|  Tricolor Auto Securitization Trust Series 2025-2A, Class A <br>5.12%, 01/16/2029 | 06/10/2025 | 3643489 | 2510118 | 0.24% |

---

(d) When-Issued or delayed delivery security.

(e) Non-income producing security.

(f) Defaulted.

(g) 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.

(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.

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 5.0% and 0.0%, respectively.

---

| | |
|:---|:---|
| 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 | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $1,001,307,013) | $1008171360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $30,907,169) | 30907169 |
|  Cash | 133549 |
|  Cash collateral due from broker | 577113 |
|  Interest receivable | 13240096 |
|  Receivable for investment securities sold | 807000 |
|  Receivable due from Adviser | 4639 |
|  Total assets | 1053840926 |
| Liabilities | Liabilities |
|  Payable for investment securities purchased | 9432054 |
|  Advisory fee payable | 210981 |
|  Payable for variation margin on centrally cleared swaps | 17651 |
|  Other liabilities | 27485 |
|  Total liabilities | 9688171 |
|  Net Assets | $**1044152755** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $4130 |
|  Additional paid-in capital | 1035214896 |
|  Distributable earnings | 8933729 |
|  **Net Assets** | $**1044152755** |
|  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 | Investment Income | Investment Income |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27957989 |  |
|  Dividends—Affiliated issuers | 673303 | $28631292 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 2126953 |  |
|  Total expenses before bank overdraft expense | 2126953 |  |
|  Bank overdraft expense | 6602 |  |
|  Total expenses | 2133555 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (34043) |  |
|  Net expenses |  | 2099512 |
|  Net investment income |  | 26531780 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (20059) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 84387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (303092) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 2772948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 47635 |
|  Net gain on investment transactions |  | 2581819 |
|  Contributions from Affiliates (see Note B) |  | 2723 |
|  **Net Increase in Net Assets from Operations** |  | $**29116322** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 53 |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>November 30, 2025** | **Year Ended<br>November 30, 2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $26531780 | $17324315 |
|  Net realized loss on investment transactions | (238764) | (1106189) |
|  Net change in unrealized appreciation (depreciation) of investments | 2820583 | 3299623 |
|  Contributions from Affiliates (see Note B) | 2723 | – 0 |
|  Net increase in net assets from operations | 29116322 | 19517749 |
|  Distribution to Shareholders | (25495866) | (15573808) |
| Transactions in Shares of the Fund |  |  |
|  Net increase | 389795505 | 356373925 |
|  Other capital | 143158 | 154521 |
|  Total increase | 393559119 | 360472387 |
| Net Assets | Net Assets | Net Assets |
|  Beginning of period | 650593636 | 290121249 |
|  End of period | $**1044152755** | $**650593636** |

---

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

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 Tax-Aware Short Duration Municipal ETF (the "Fund"), a diversified portfolio. 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.

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 55 |

---

------

**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.

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.

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

---

| | |
|:---|:---|
| 56 AB Tax-Aware Short Duration Municipal 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)

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 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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  Long-Term Municipal Bonds | $– 0 | $859008721 | $– 0 |  | $859008721 |  |
|  Short-Term Municipal Notes | – 0 | 137279301 | – 0 |  | 137279301 |  |
|  Asset-Backed Securities | – 0 | 4748406 | – 0 |  | 4748406 |  |
|  Commercial Mortgage-Backed Securities | – 0 | 3130835 | – 0 |  | 3130835 |  |
|  Collateralized Mortgage Obligations | – 0 | 2424416 | – 0 |  | 2424416 |  |
|  Corporates—Investment Grade | – 0 | 1579681 | – 0 |  | 1579681 |  |
|  Warrants | – 0 | – 0 | 0 | <sup>(a)</sup> | – 0 |  |
|  Investment Companies | 30907169 | – 0 | – 0 |  | 30907169 |  |
|  Total Investments in Securities | 30907169 | 1008171360 | 0 | <sup>(a)</sup> | 1039078529 |  |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 45200 | – 0 |  | 45200 | <sup>(c)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 132911 | – 0 |  | 132911 | <sup>(c)</sup> |
|  **Liabilities:** |  |  |  |  |  |  |
|  Centrally Cleared Credit Default Swaps | – 0 | (314638) | – 0 |  | (314638) |)<sup>(c)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (15298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |  | (15298) |)<sup>(c)</sup> |
|  **Total** | $**30907169** | $**1008019535** | $**0** | **<sup>(a)</sup>** | $**1038926704** |  |

---

(a) The Fund held securities with zero market value at period end.

(b) 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.

(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 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

---

| | |
|:---|:---|
| 58 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**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

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.

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

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. 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.

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

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 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<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451920 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30907 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450297165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241300119 |
|  U.S. government securities | 1000000 | – 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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98103263 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6028505 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032214182 |
|  Gross unrealized appreciation | $9084577 |
|  Gross unrealized depreciation | (2082985) |
|  Net unrealized appreciation | $7001592 |

---

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.

---

| | |
|:---|:---|
| **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.

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

---

| | |
|:---|:---|
| 62 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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:
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.

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.

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/

---

| | |
|:---|:---|
| 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** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Credit contracts |  |  | Payable for variation<br>margin on centrally<br>cleared swaps | $55965 \* |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | 178111 \* | Payable for variation<br>margin on centrally<br>cleared swaps | 15298 \* |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178111 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71263 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This | amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288980) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103600 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (14112) | (55965) |
|  Total |  | $(303092) | $47635 |

---

---

| | |
|:---|:---|
| **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: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $26929385 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37615385 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $1158571 <sup>(a)</sup> |

---

(a) Positions were open for seven months 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 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.

---

| | |
|:---|:---|
| 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 | Shares | Amount | Amount |
|  | Year Ended<br>November 30, 2025 | Year Ended<br>November 30, 2024 | Year Ended<br>November 30, 2025 | Year Ended<br>November 30, 2024 |
|  Shares sold | 17700000 | 16900000 | $444735955 | $423947895 |
|  Shares redeemed | (2200000) | (2700000) | (54940450) | (67573970) |
|  **Net increase** | **15500000** | **14200000** | $**389795505** | $**356373925** |

---

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 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.

**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.

**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

---

| | |
|:---|:---|
| **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.

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.

**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.

**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

---

| | |
|:---|:---|
| 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%.

**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.

**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.

**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 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.

**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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 69 |

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**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.

**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.

**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.

**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.

---

| | |
|:---|:---|
| 70 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**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.

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: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1495094 | $1688107 |
|  Total taxable distributions | 1495094 | 1688107 |
|  Tax-exempt distributions | 24000772 | 13885701 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25495866 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15573808 |

---

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

---

| | |
|:---|:---|
|  Undistributed tax-exempt income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019925 |
|  Accumulated capital and other losses | (1087788)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 7001592 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $8933729 |

---

(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 |

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**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

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.

---

| | |
|:---|:---|
| 72 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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------

#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **September 14,**<br> **2022<sup>(a)</sup> to<br>November 30,**<br> **2022** |
|  | **2025** | **2024** | **2023** | **September 14,**<br> **2022<sup>(a)</sup> to<br>November 30,**<br> **2022** |
|  Net asset value, beginning of period | $25.21 | $25.01 | $24.97 | $25.00 |
|  Income From Investment Operations |  |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | .84 | .87 | .86 | .16 |
|  Net realized and unrealized gain (loss) on investment transactions | .06 | .14 | (.03 | (.10 |
|  Contributions from Affiliates | .00 <sup>(d)</sup> | – 0 | – 0 | – 0 |
|  Net increase in net asset value from operations | .90 | 1.01 | .83 | .06 |
|  Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | 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<sup>(e)</sup> |  |  |  |  |
|  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) | $1044153 | $650594 | $290121 | $47492 |
|  Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .27% | .27 | .27 | .27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .27% | .27 | .27 | .27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 3.37% | 3.49 | 3.46 | 2.99 |
|  Portfolio turnover rate<sup>(f)</sup> | 35% | 29 | 25 | 11 |

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(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) 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.

(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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 73 |

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#### 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.

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.

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

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| 74 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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#### 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](g38326g91r55.jpg)

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

New York, New York

January 28, 2026

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|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 75 |

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#### 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.

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.

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| 76 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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#### 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").

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

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|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 77 |

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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 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
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 since the Fund's inception.

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| 78 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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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 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 close 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 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.

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,

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| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 79 |

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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
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.

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| 80 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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![LOGO](g38326g28a43.jpg)

AB TAX-AWARE SHORT DURATION MUNICIPAL ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-TASDM-0151-1125 ![LOGO](g38326g22c48.jpg)

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#### November 30, 2025
![LOGO](g41396g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB US HIGH DIVIDEND ETF

(NYSE: HIDV)

![LOGO](g41396g50e50.jpg)

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 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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#### PORTFOLIO OF INVESTMENTS

#### November 30, 2025

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| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  COMMON STOCKS – 99.6% |  |  |
|  Information Technology – 32.3% |  |  |
|  **Communications Equipment – 0.2%** |  |  |
|  Cisco Systems, Inc. | 3732 | $287140 |
|  **Electronic Equipment, Instruments & Components – 0.5%** |  |  |
|  Avnet, Inc. | 13842 | 657633 |
|  **Semiconductors & Semiconductor Equipment – 14.7%** |  |  |
|  Broadcom, Inc. | 8081 | 3256320 |
|  Cirrus Logic, Inc.<sup>(a)</sup> | 5425 | 652845 |
|  Lam Research Corp. | 10120 | 1578720 |
|  Micron Technology, Inc. | 7653 | 1809781 |
|  NVIDIA Corp. | 62489 | 11060553 |
|  Skyworks Solutions, Inc. | 16444 | 1084482 |
|  |  | 19442701 |
|  **Software – 8.4%** |  |  |
|  Microsoft Corp. | 19357 | 9523837 |
|  Oracle Corp. | 8325 | 1681234 |
|  |  | 11205071 |
|  **Technology Hardware, Storage & Peripherals – 8.5%** |  |  |
|  Apple, Inc. | 36441 | 10161573 |
|  HP, Inc. | 44499 | 1086666 |
|  |  | 11248239 |
|  |  | 42840784 |
|  Financials – 18.2% |  |  |
|  **Banks – 5.2%** |  |  |
|  Bank of America Corp. | 25596 | 1373225 |
|  Citigroup, Inc. | 14481 | 1500232 |
|  Citizens Financial Group, Inc. | 9096 | 492094 |
|  First Hawaiian, Inc. | 9014 | 224629 |
|  JPMorgan Chase & Co. | 2887 | 903862 |
|  NU Holdings Ltd./Cayman Islands – Class A<sup>(a)</sup> | 36719 | 638543 |
|  TFS Financial Corp. | 36957 | 526637 |
|  US Bancorp | 24755 | 1214233 |
|  Zions Bancorp NA | 837 | 44553 |
|  |  | 6918008 |
|  **Capital Markets – 6.3%** |  |  |
|  Blackstone, Inc. | 3687 | 539851 |
|  Franklin Resources, Inc. | 48005 | 1084433 |
|  Goldman Sachs Group, Inc. (The) | 2012 | 1661992 |
|  Invesco Ltd. | 45703 | 1117438 |
|  Janus Henderson Group PLC | 14714 | 643149 |
|  Jefferies Financial Group, Inc. | 11770 | 677481 |

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| **ABFunds.com** | AB US High Dividend ETF 1 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Morgan Stanley | 9243 | $| 1568167 |
| T. Rowe Price Group, Inc. | 10686 |  | 1094033 |
|  |  |  | 8386544 |
|  **Consumer Finance – 1.0%** |  |  |  |
|  Ally Financial, Inc. | 16537 |  | 682978 |
|  OneMain Holdings, Inc. | 10748 |  | 666699 |
|  |  |  | 1349677 |
|  **Financial Services – 2.3%** |  |  |  |
|  Berkshire Hathaway, Inc. – Class B<sup>(a)</sup> | 2085 |  | 1071294 |
|  MGIC Investment Corp. | 17615 |  | 499385 |
|  UWM Holdings Corp. | 124446 |  | 728009 |
|  Visa, Inc. – Class A | 667 |  | 223072 |
|  Western Union Co. (The)<sup>(b)</sup> | 62399 |  | 548487 |
|  |  |  | 3070247 |
|  **Insurance – 1.4%** |  |  |  |
|  Lincoln National Corp. | 15808 |  | 650341 |
|  Prudential Financial, Inc. | 10376 |  | 1123202 |
|  |  |  | 1773543 |
|  **Mortgage Real Estate Investment Trusts (REITs) – 2.0%** |  |  |  |
|  AGNC Investment Corp.<sup>(b)</sup> | 61727 |  | 647516 |
|  Annaly Capital Management, Inc. | 28388 |  | 647247 |
|  Rithm Capital Corp. | 57374 |  | 659227 |
|  Starwood Property Trust, Inc. | 35700 |  | 654738 |
|  |  |  | 2608728 |
|  |  |  | 24106747 |
|  Communication Services – 9.0% | Communication Services – 9.0% | Communication Services – 9.0% | Communication Services – 9.0% |
|  **Diversified Telecommunication Services – 1.0%** | **Diversified Telecommunication Services – 1.0%** | **Diversified Telecommunication Services – 1.0%** | **Diversified Telecommunication Services – 1.0%** |
|  Verizon Communications, Inc. | 34184 |  | 1405304 |
|  **Interactive Media & Services – 7.0%** | **Interactive Media & Services – 7.0%** | **Interactive Media & Services – 7.0%** | **Interactive Media & Services – 7.0%** |
|  Alphabet, Inc. – Class A | 15579 |  | 4988084 |
|  Alphabet, Inc. – Class C | 6868 |  | 2198584 |
|  Meta Platforms, Inc. – Class A | 3146 |  | 2038451 |
|  |  |  | 9225119 |
|  **Media – 0.5%** |  |  |  |
|  Nexstar Media Group, Inc. | 3252 |  | 624839 |
|  **Wireless Telecommunication Services – 0.5%** | **Wireless Telecommunication Services – 0.5%** | **Wireless Telecommunication Services – 0.5%** | **Wireless Telecommunication Services – 0.5%** |
|  Millicom International Cellular SA<sup>(b)</sup> | 12204 |  | 647667 |
|  |  |  | 11902929 |
|  Health Care – 7.7% | Health Care – 7.7% | Health Care – 7.7% | Health Care – 7.7% |
|  **Biotechnology – 1.7%** | **Biotechnology – 1.7%** | **Biotechnology – 1.7%** | **Biotechnology – 1.7%** |
|  AbbVie, Inc. | 6159 |  | 1402404 |
|  Gilead Sciences, Inc. | 6820 |  | 858229 |
|  |  |  | 2260633 |

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| 2 AB US High Dividend ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  **Pharmaceuticals – 6.0%** |  |  |  |
|  Bristol-Myers Squibb Co. | 26656 | $| 1311475 |
|  Eli Lilly & Co. | 2740 |  | 2946788 |
|  Johnson & Johnson | 379 |  | 78423 |
|  Merck & Co., Inc. | 15838 |  | 1660297 |
|  Perrigo Co. PLC | 41027 |  | 547710 |
|  Pfizer, Inc. | 52509 |  | 1351582 |
|  |  |  | 7896275 |
|  |  |  | 10156908 |
|  Consumer Discretionary – 6.6% | Consumer Discretionary – 6.6% | Consumer Discretionary – 6.6% | Consumer Discretionary – 6.6% |
|  **Automobile Components – 0.1%** | **Automobile Components – 0.1%** | **Automobile Components – 0.1%** | **Automobile Components – 0.1%** |
|  Lear Corp. | 903 |  | 96946 |
|  **Automobiles – 1.4%** | **Automobiles – 1.4%** | **Automobiles – 1.4%** | **Automobiles – 1.4%** |
|  General Motors Co. | 2124 |  | 156156 |
|  Tesla, Inc.<sup>(a)</sup> | 3877 |  | 1667769 |
|  |  |  | 1823925 |
|  **Broadline Retail – 3.6%** |  |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 17597 |  | 4103972 |
|  Macy's, Inc. | 31541 |  | 705257 |
|  |  |  | 4809229 |
|  **Leisure Products – 0.7%** |  |  |  |
|  Hasbro, Inc. | 11265 |  | 930489 |
|  **Specialty Retail – 0.8%** | **Specialty Retail – 0.8%** | **Specialty Retail – 0.8%** | **Specialty Retail – 0.8%** |
|  Best Buy Co., Inc. | 13731 |  | 1088594 |
|  |  |  | 8749183 |
|  Utilities – 5.7% | Utilities – 5.7% | Utilities – 5.7% | Utilities – 5.7% |
|  **Electric Utilities – 2.2%** | **Electric Utilities – 2.2%** | **Electric Utilities – 2.2%** | **Electric Utilities – 2.2%** |
|  Edison International | 18232 |  | 1073683 |
|  Eversource Energy | 16695 |  | 1121570 |
|  Pinnacle West Capital Corp. | 7690 |  | 698713 |
|  |  |  | 2893966 |
|  **Gas Utilities – 0.5%** | **Gas Utilities – 0.5%** | **Gas Utilities – 0.5%** | **Gas Utilities – 0.5%** |
|  UGI Corp. | 17132 |  | 677571 |
|  **Independent Power and Renewable Electricity Producers – 1.3%** |  |  |  |
|  AES Corp. (The) | 76673 |  | 1078022 |
|  Clearway Energy, Inc. – Class A | 19142 |  | 654657 |
|  |  |  | 1732679 |
|  **Multi-Utilities – 1.7%** | **Multi-Utilities – 1.7%** | **Multi-Utilities – 1.7%** | **Multi-Utilities – 1.7%** |
|  Consolidated Edison, Inc. | 10799 |  | 1083788 |
|  Public Service Enterprise Group, Inc. | 13728 |  | 1146562 |
|  |  |  | 2230350 |
|  |  |  | 7534566 |

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|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 3 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Real Estate – 5.4% | Real Estate – 5.4% | Real Estate – 5.4% |
|  **Health Care REITs – 0.5%** | **Health Care REITs – 0.5%** | **Health Care REITs – 0.5%** |
|  Omega Healthcare Investors, Inc. | 14210 | $652523 |
|  **Hotel & Resort REITs – 1.2%** | **Hotel & Resort REITs – 1.2%** | **Hotel & Resort REITs – 1.2%** |
|  Host Hotels & Resorts, Inc. | 60047 | 1058628 |
|  Park Hotels & Resorts, Inc. | 48690 | 526826 |
|  |  | 1585454 |
|  **Office REITs – 0.4%** | **Office REITs – 0.4%** | **Office REITs – 0.4%** |
|  Highwoods Properties, Inc. | 18456 | 513077 |
|  **Retail REITs – 0.1%** | **Retail REITs – 0.1%** | **Retail REITs – 0.1%** |
|  NNN REIT, Inc. | 2873 | 118799 |
|  **Specialized REITs – 3.2%** | **Specialized REITs – 3.2%** | **Specialized REITs – 3.2%** |
|  EPR Properties | 12292 | 642503 |
|  Gaming & Leisure Properties, Inc. | 14251 | 620346 |
|  Lamar Advertising Co. – Class A | 5236 | 693194 |
|  Millrose Properties, Inc. | 20768 | 632594 |
|  Rayonier, Inc. | 27363 | 607732 |
|  VICI Properties, Inc. | 37821 | 1090001 |
|  |  | 4286370 |
|  |  | 7156223 |
|  Industrials – 5.0% | Industrials – 5.0% | Industrials – 5.0% |
|  **Aerospace & Defense – 1.2%** | **Aerospace & Defense – 1.2%** | **Aerospace & Defense – 1.2%** |
|  Huntington Ingalls Industries, Inc. | 2762 | 866218 |
|  RTX Corp. | 4182 | 731474 |
|  |  | 1597692 |
|  **Air Freight & Logistics – 0.2%** | **Air Freight & Logistics – 0.2%** | **Air Freight & Logistics – 0.2%** |
|  United Parcel Service, Inc. – Class B | 3650 | 349633 |
|  **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** |
|  Comfort Systems USA, Inc. | 722 | 705351 |
|  **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
|  Vertiv Holdings Co. – Class A | 612 | 109995 |
|  **Machinery – 2.0%** | **Machinery – 2.0%** | **Machinery – 2.0%** |
|  Mueller Industries, Inc. | 5976 | 656583 |
|  Snap-on, Inc. | 2456 | 835163 |
|  Stanley Black & Decker, Inc. | 15698 | 1122721 |
|  |  | 2614467 |
|  **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** |
|  Southwest Airlines Co. | 3762 | 130955 |
|  **Professional Services – 0.4%** | **Professional Services – 0.4%** | **Professional Services – 0.4%** |
|  Robert Half, Inc. | 18681 | 505134 |

---

---

| | |
|:---|:---|
| 4 AB US High Dividend ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Trading Companies & Distributors – 0.5%** | **Trading Companies & Distributors – 0.5%** | **Trading Companies & Distributors – 0.5%** |
|  MSC Industrial Direct Co., Inc. – Class A | 7204 | $640868 |
|  |  | 6654095 |
|  Consumer Staples – 3.7% | Consumer Staples – 3.7% | Consumer Staples – 3.7% |
|  **Beverages – 1.1%** | **Beverages – 1.1%** | **Beverages – 1.1%** |
|  PepsiCo, Inc. | 9906 | 1473419 |
|  **Food Products – 1.6%** | **Food Products – 1.6%** | **Food Products – 1.6%** |
|  Conagra Brands, Inc. | 57414 | 1024840 |
|  Flowers Foods, Inc. | 48437 | 519729 |
|  Smithfield Foods, Inc. | 29432 | 636025 |
|  |  | 2180594 |
|  **Tobacco – 1.0%** | **Tobacco – 1.0%** | **Tobacco – 1.0%** |
|  Altria Group, Inc. | 21389 | 1262165 |
|  |  | 4916178 |
|  Materials – 3.7% | Materials – 3.7% | Materials – 3.7% |
|  **Chemicals – 1.6%** | **Chemicals – 1.6%** | **Chemicals – 1.6%** |
|  FMC Corp. | 40003 | 571643 |
|  LyondellBasell Industries NV – Class A | 17728 | 868495 |
|  Scotts Miracle-Gro Co. (The) | 11955 | 676892 |
|  |  | 2117030 |
|  **Containers & Packaging – 0.6%** | **Containers & Packaging – 0.6%** | **Containers & Packaging – 0.6%** |
|  Amcor PLC | 94793 | 807636 |
|  **Metals & Mining – 1.5%** | **Metals & Mining – 1.5%** | **Metals & Mining – 1.5%** |
|  Anglogold Ashanti PLC | 7995 | 685012 |
|  Newmont Corp. | 13824 | 1254251 |
|  |  | 1939263 |
|  |  | 4863929 |
|  Energy – 2.3% | Energy – 2.3% | Energy – 2.3% |
|  **Oil, Gas & Consumable Fuels – 2.3%** | **Oil, Gas & Consumable Fuels – 2.3%** | **Oil, Gas & Consumable Fuels – 2.3%** |
|  Antero Midstream Corp. | 36099 | 650143 |
|  Chevron Corp. | 11069 | 1672858 |
|  Exxon Mobil Corp. | 905 | 104907 |
|  HF Sinclair Corp. | 11746 | 621481 |
|  |  | 3049389 |
|  Total Common Stocks <br>(cost $118,085,802) |  | 131930931 |
|  SHORT-TERM INVESTMENTS – 0.2% | SHORT-TERM INVESTMENTS – 0.2% | SHORT-TERM INVESTMENTS – 0.2% |
|  **Investment Companies – 0.2%** | **Investment Companies – 0.2%** | **Investment Companies – 0.2%** |
|  AB Fixed Income Shares, Inc. – Government<br>Money Market Portfolio – Class AB, 3.82%<sup>(c)(d)(e)</sup> <br>(cost $227,810) | 227810 | 227810 |
|  Total Investments Before Security Lending Collateral for Securities Loaned – 99.8% <br>(cost $118,313,612) |  | 132158741 |

---

---

| | |
|:---|:---|
| **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%** | **Investment Companies – 0.0%** | **Investment Companies – 0.0%** |
|  AB Fixed Income Shares, Inc. – Government<br>Money Market Portfolio – Class AB, 3.82%<sup>(c)(d)(e)</sup> <br>(cost $41,602) | 41602 | $41602 |
|  Total Investments – 99.8% <br>(cost $118,355,214) |  | 132200343 |
|  Other assets less liabilities – 0.2% |  | 230378 |
|  **Net Assets – 100.0%** |  | $**132430721** |

---

(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 | Assets |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $118,085,802) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131930931 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $269,412—including investment of cash collateral for securities loaned of $41,602) | 269412 |
|  Cash | 1471 |
|  Unaffiliated dividends receivable | 304675 |
|  Affiliated dividends receivable | 816 |
|  Receivable due from Adviser | 45 |
|  Total assets | 132507350 |
| Liabilities | Liabilities |
|  Payable for collateral received on securities loaned | 41602 |
|  Advisory fee payable | 35027 |
|  Total liabilities | 76629 |
|  Net Assets | $**132430721** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $164 |
|  Additional paid-in capital | 120460607 |
|  Distributable earnings | 11969950 |
|  Net Assets | $**132430721** |
|  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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $5,397) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 5996 |  |
|  Interest | 681 |  |
|  Securities lending income, net | 1850 | $2193033 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 263236 |  |
|  Total expenses before bank overdraft expense | 263236 |  |
|  Bank overdraft expense | 48 |  |
|  Total expenses | 263284 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (347) |  |
|  Net expenses |  | 262937 |
|  Net investment income |  | 1930096 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2398433) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 4134375 |
|  Net change in unrealized appreciation (depreciation) of investments |  | 10721801 |
|  Net gain on investment transactions |  | 12457743 |
|  Net Increase in Net Assets from Operations |  | $**14387839** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 8 AB US High Dividend ETF | **ABFunds.com** |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>November 30,<br>2025** | **Year Ended<br>November 30,<br>2024** |
| Increase in Net Assets from Operations |  |  |
|  Net investment income | $1930096 | $385578 |
|  Net realized gain on investment transactions | 1735942 | 1400025 |
|  Net change in unrealized appreciation (depreciation) of investments | 10721801 | 2582443 |
|  Net increase in net assets from operations | 14387839 | 4368046 |
|  Distribution to Shareholders | (1465698) | (285495) |
| Transactions in Shares of the Fund | Transactions in Shares of the Fund | Transactions in Shares of the Fund |
|  Net increase | 94051226 | 14636368 |
|  Total increase | 106973367 | 18718919 |
| Net Assets | Net Assets | Net Assets |
|  Beginning of period | 25457354 | 6738435 |
|  End of period | $**132430721** | $**25457354** |

---

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.

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

---

| | |
|:---|:---|
| 10 AB US High Dividend 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 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.

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 11 |

---

------

**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)

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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Common Stocks<sup>(a)</sup> | $131930931 | $– 0 | $– 0 | $131930931 |
|  Short-Term Investments | 227810 | – 0 | – 0 | 227810 |
|  Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 41602 | – 0 | – 0 | 41602 |
|  Total Investments in Securities | 132200343 | – 0 | – 0 | 132200343 |
|  **Other Financial Instruments<sup>(b)</sup>** | – 0 | – 0 | – 0 | – 0 |
|  **Total** | $**132200343** | $**– 0** | $**– 0** | $**132200343** |

---

(a) See Portfolio of Investments for sector classifications.

(b) 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.

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.

---

| | |
|:---|:---|
| 12 AB US High Dividend ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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 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

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. 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

---

| | |
|:---|:---|
| **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

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 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<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |  |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |  |
|  AB Government Money Market Portfolio\* | – 0 | 3985 | 3943 | 42 | 0 | \*\* |
|  Total |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |  |

---

\* Investments of cash collateral for securities lending transactions (see Note E).

\*\* Amount is less than $500. 

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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132774750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132226957 |
|  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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124361694 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30661436 |
|  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 | $119365291 |
|  Gross unrealized appreciation | $16028415 |
|  Gross unrealized depreciation | (3193363) |
|  Net unrealized appreciation | $12835052 |

---

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.

The Fund did not engage in derivatives transactions for the year ended November 30, 2025.

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

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

---

| | |
|:---|:---|
| 16 AB US High Dividend ETF | **ABFunds.com** |

---

------

**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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Market**<br> **Value of<br>Securities**<br> **on Loan\*** | **Cash<br>Collateral\*** | **Market Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **AB Government<br>Money Market Portfolio** | **AB Government<br>Money Market Portfolio** |
| **Market**<br> **Value of<br>Securities**<br> **on Loan\*** | **Cash<br>Collateral\*** | **Market Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **Income<br>Earned** | **Advisory Fee<br>Waived** |
| $1730569 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41602 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736534 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |

---

\* As of November 30, 2025.

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| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 17 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Year Ended<br>November 30, 2025 | Year Ended<br>November 30, 2024 | Year Ended<br>November 30, 2025 | Year Ended<br>November 30, 2024 |
|  Shares sold | 1700000 | 380000 | $124741662 | $25475234 |
|  Shares redeemed | (400000) | (160000) | (30690436) | (10838866) |
|  **Net increase** | **1300000** | **220000** | $**94051226** | $**14636368** |

---

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.

**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.

**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.

**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.

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| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 19 |

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------

**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.

**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.

**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.

---

| | |
|:---|:---|
| 20 AB US High Dividend ETF | **ABFunds.com** |

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------

**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 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.

**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 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 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.

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: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465698 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285495 |
|  Total taxable distributions | $1465698 | $285495 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 21 |

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**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 | $606299 |
|  Accumulated capital and other losses | (1471401)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12835052 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $11969950 |

---

(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.

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 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.

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| | |
|:---|:---|
| 22 AB US High Dividend ETF | **ABFunds.com** |

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#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended November 30,** | **Year Ended November 30,** | **March 22,**<br> **2023<sup>(a)</sup> to<br>November 30,<br>2023** |
|  | **2025** | **2024** | **March 22,**<br> **2023<sup>(a)</sup> to<br>November 30,<br>2023** |
|  Net asset value, beginning of period | $74.87 | $56.14 | $50.00 |
|  Income From Investment Operations |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | 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<sup>(d)</sup> | 10.53% | 36.89% | 13.74 |
|  Ratios/Supplemental Data |  |  |  |
|  Net assets, end of period (000's omitted) | $132431 | $25457 | $6738 |
|  Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .37% | .45% | .45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .37% | .45% | .45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 2.70% | 2.83% | 2.82 |
|  Portfolio turnover rate<sup>(e)</sup> | 181% | 175% | 100 |

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(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Net of expenses waived/reimbursed by the Adviser.

(d) 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.

(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.

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| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 23 |

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#### 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.

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.

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

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| | |
|:---|:---|
| 24 AB US High Dividend ETF | **ABFunds.com** |

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#### 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](g41396g91r55.jpg)

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

New York, New York

January 28, 2026

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| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 25 |

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#### 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.

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.

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| | |
|:---|:---|
| 26 AB US High Dividend ETF | **ABFunds.com** |

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#### 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").

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

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| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 27 |

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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 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.

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| | |
|:---|:---|
| 28 AB US High Dividend ETF | **ABFunds.com** |

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#### 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.

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.

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

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|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 29 |

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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
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.

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| | |
|:---|:---|
| 30 AB US High Dividend ETF | **ABFunds.com** |

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------

#### NOTES

---

| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 31 |

---

------

---

| | |
|:---|:---|
| 32 AB US High Dividend ETF | **ABFunds.com** |

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![LOGO](g41396g28a43.jpg)

AB US HIGH DIVIDEND ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-UHD-0151-1125 ![LOGO](g41396g22c48.jpg)

------

#### November 30, 2025
![LOGO](g39499g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB US LARGE CAP STRATEGIC

EQUITIES ETF

(NYSE: LRGC)

![LOGO](g39499g50e50.jpg)

------

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.

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> 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. | 9809 | $3626191 |
|  **Semiconductors & Semiconductor Equipment – 14.9%** |  |  |
|  Applied Materials, Inc. | 24382 | 6150360 |
|  ASML Holding NV (REG) | 2578 | 2732680 |
|  Broadcom, Inc. | 63468 | 25575065 |
|  NVIDIA Corp. | 280797 | 49701069 |
|  NXP Semiconductors NV | 29239 | 5699851 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR) | 35644 | 10390582 |
|  |  | 100249607 |
|  **Software – 11.3%** |  |  |
|  HubSpot, Inc.<sup>(a)</sup> | 5765 | 2117600 |
|  Intuit, Inc. | 12383 | 7851813 |
|  Microsoft Corp. | 106446 | 52372497 |
|  Oracle Corp. | 48176 | 9729143 |
|  ServiceNow, Inc.<sup>(a)</sup> | 4718 | 3832950 |
|  |  | 75904003 |
|  **Technology Hardware, Storage & Peripherals – 4.7%** |  |  |
|  Apple, Inc. | 113959 | 31777467 |
|  |  | 211557268 |
|  Financials – 14.9% |  |  |
|  **Banks – 3.4%** |  |  |
|  Bank of America Corp. | 187900 | 10080835 |
|  Wells Fargo & Co. | 151444 | 13001467 |
|  |  | 23082302 |
|  **Capital Markets – 5.1%** |  |  |
|  Charles Schwab Corp. (The) | 145481 | 13490453 |
|  Goldman Sachs Group, Inc. (The) | 15567 | 12858965 |
|  S&P Global, Inc. | 15710 | 7836619 |
|  |  | 34186037 |
|  **Consumer Finance – 1.0%** |  |  |
|  Capital One Financial Corp. | 30413 | 6662576 |
|  **Financial Services – 3.1%** |  |  |
|  Visa, Inc. – Class A | 62124 | 20776751 |
|  **Insurance – 2.3%** |  |  |
|  Everest Group Ltd. | 10141 | 3187215 |
|  Marsh & McLennan Cos., Inc. | 21385 | 3923078 |
|  Progressive Corp. (The) | 20736 | 4744190 |
|  Willis Towers Watson PLC | 12270 | 3938670 |
|  |  | 15793153 |
|  |  | 100500819 |

---

---

| | |
|:---|:---|
| **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) | 108979 | $11385036 |
|  **Interactive Media & Services – 9.7%** |  |  |
|  Alphabet, Inc. – Class C | 130049 | 41631286 |
|  Meta Platforms, Inc. – Class A | 36222 | 23470045 |
|  |  | 65101331 |
|  **Wireless Telecommunication Services – 0.9%** |  |  |
|  T-Mobile US, Inc. | 29147 | 6092014 |
|  |  | 82578381 |
|  Health Care – 10.4% |  |  |
|  **Biotechnology – 1.0%** |  |  |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 15278 | 6624694 |
|  **Health Care Equipment & Supplies – 2.1%** |  |  |
|  Medtronic PLC | 75690 | 7972428 |
|  Stryker Corp. | 16350 | 6068793 |
|  |  | 14041221 |
|  **Health Care Providers & Services – 2.3%** |  |  |
|  Labcorp Holdings, Inc. | 19363 | 5204387 |
|  UnitedHealth Group, Inc. | 31378 | 10347523 |
|  |  | 15551910 |
|  **Life Sciences Tools & Services – 3.2%** |  |  |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 39593 | 9106786 |
|  Thermo Fisher Scientific, Inc. | 20344 | 12019845 |
|  |  | 21126631 |
|  **Pharmaceuticals – 1.8%** |  |  |
|  Eli Lilly & Co. | 5207 | 5599972 |
|  Merck & Co., Inc. | 44262 | 4639986 |
|  Roche Holding AG (Sponsored ADR) | 44164 | 2112364 |
|  |  | 12352322 |
|  |  | 69696778 |
|  Industrials – 9.3% |  |  |
|  **Aerospace & Defense – 1.9%** |  |  |
|  Hexcel Corp. | 52741 | 4020446 |
|  RTX Corp. | 50179 | 8776809 |
|  |  | 12797255 |
|  **Building Products – 0.8%** |  |  |
|  Otis Worldwide Corp. | 60484 | 5374003 |
|  **Commercial Services & Supplies – 0.8%** |  |  |
|  Veralto Corp. | 56248 | 5693423 |
|  **Electrical Equipment – 2.4%** |  |  |
|  Eaton Corp. PLC | 27191 | 9405095 |
|  GE Vernova, Inc. | 11596 | 6954933 |
|  |  | 16360028 |

---

---

| | |
|:---|:---|
| 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. | 240103 | $8490042 |
|  **Machinery – 1.1%** |  |  |
|  Deere & Co. | 15474 | 7187518 |
|  **Professional Services – 0.4%** |  |  |
|  Booz Allen Hamilton Holding Corp. | 30939 | 2582169 |
|  **Trading Companies & Distributors – 0.6%** |  |  |
|  United Rentals, Inc. | 5103 | 4159864 |
|  |  | 62644302 |
|  Consumer Discretionary – 8.6% |  |  |
|  **Broadline Retail – 4.8%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 139308 | 32489412 |
|  **Hotels, Restaurants & Leisure – 0.4%** |  |  |
|  Hyatt Hotels Corp. – Class A<sup>(b)</sup> | 17701 | 2909867 |
|  **Specialty Retail – 3.4%** |  |  |
|  AutoZone, Inc.<sup>(a)</sup> | 2120 | 8383180 |
|  Home Depot, Inc. (The) | 21250 | 7584550 |
|  TJX Cos., Inc. (The) | 44772 | 6801762 |
|  |  | 22769492 |
|  |  | 58168771 |
|  Consumer Staples – 4.5% |  |  |
|  **Beverages – 1.3%** |  |  |
|  Coca-Cola Co. (The) | 122267 | 8940163 |
|  **Consumer Staples Distribution & Retail – 3.2%** |  |  |
|  Costco Wholesale Corp. | 2315 | 2114961 |
|  Dollar Tree, Inc.<sup>(a)</sup> | 53587 | 5937976 |
|  Walmart, Inc. | 118077 | 13048689 |
|  |  | 21101626 |
|  |  | 30041789 |
|  Energy – 2.0% |  |  |
|  **Energy Equipment & Services – 0.8%** |  |  |
|  Baker Hughes Co. | 114987 | 5772347 |
|  **Oil, Gas & Consumable Fuels – 1.2%** |  |  |
|  EOG Resources, Inc. | 73946 | 7975076 |
|  |  | 13747423 |
|  Utilities – 1.9% |  |  |
|  **Electric Utilities – 1.2%** |  |  |
|  American Electric Power Co., Inc. | 66006 | 8169562 |
|  **Multi-Utilities – 0.7%** |  |  |
|  Ameren Corp. | 46054 | 4897843 |
|  |  | 13067405 |

---

---

| | |
|:---|:---|
| **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. | 97511 | $6579067 |
|  Linde PLC | 13194 | 5413762 |
|  |  | 11992829 |
|  Real Estate – 1.4% |  |  |
|  **Specialized REITs – 1.4%** |  |  |
|  Digital Realty Trust, Inc. | 27706 | 4436285 |
|  Extra Space Storage, Inc. | 35450 | 4720876 |
|  |  | 9157161 |
|  Total Common Stocks<br>(cost $558,664,925) |  | 663152926 |
|  SHORT-TERM INVESTMENTS – 1.4% |  |  |
|  **Investment Companies – 1.4%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%<sup>(c)(d)(e)</sup><br>(cost $9,256,065) | 9256065 | 9256065 |
|  Total Investments – 99.9%<br>(cost $567,920,990) |  | 672408991 |
|  Other assets less liabilities – 0.1% |  | 351268 |
|  **Net Assets – 100.0%** |  | $**672760259** |

---

(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 | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $558,664,925) | $663152926 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $9,256,065) | 9256065 |
|  Cash | 1856 |
|  Unaffiliated dividends receivable | 514896 |
|  Affiliated dividends receivable | 27079 |
|  Receivable due from Adviser | 1549 |
|  Total assets | 672954371 |
| Liabilities | Liabilities |
|  Advisory fee payable | 194112 |
|  Total liabilities | 194112 |
|  Net Assets | $**672760259** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $863 |
|  Additional paid-in capital | 574503802 |
|  Distributable earnings | 98255594 |
|  **Net Assets** | $**672760259** |
|  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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $42,029) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4723491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 299824 |  |
|  Interest | 56 |  |
|  Securities lending income, net | 6265 | $5029636 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 1845796 |  |
|  Total expenses before bank overdraft expense | 1845796 |  |
|  Bank overdraft expense | 109 |  |
|  Total expenses | 1845905 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (16209) |  |
|  Net expenses |  | 1829696 |
|  Net investment income |  | 3199940 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (9272011) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 8977834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (44) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 68986140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | (5) |
|  Net gain on investment and foreign currency transactions |  | 68691914 |
|  **Net Increase in Net Assets from Operations** |  | $**71891854** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 6 AB US Large Cap Strategic Equities ETF | **ABFunds.com** |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>November 30,<br>2025** | **Year Ended<br>November 30,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $3199940 | $966355 |
|  Net realized gain (loss) on investment and foreign currency transactions | (294221) | 663998 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 68986135 | 33947179 |
|  Net increase in net assets from operations | 71891854 | 35577532 |
|  **Distribution to Shareholders** | (1173105) | (74652) |
| Transactions in Shares of the Fund | Transactions in Shares of the Fund | Transactions in Shares of the Fund |
|  Net increase | 342084086 | 187042367 |
|  Total increase | 412802835 | 222545247 |
| Net Assets | Net Assets | Net Assets |
|  Beginning of period | 259957424 | 37412177 |
|  End of period | $**672760259** | $**259957424** |

---

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

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 Large Cap Strategic Equities ETF (the "Fund"), a non-diversified portfolio. 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.

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

---

| | |
|:---|:---|
| 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.

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.

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

---

| | |
|:---|:---|
| **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)

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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Common Stocks<sup>(a)</sup> | $663152926 | $– 0 | $– 0 | $663152926 |
|  Short-Term Investments | 9256065 | – 0 | – 0 | 9256065 |
|  Total Investments in Securities | 672408991 | – 0 | – 0 | 672408991 |
|  **Other Financial Instruments<sup>(b)</sup>** | – 0 | – 0 | – 0 | – 0 |
|  **Total** | $**672408991** | $**– 0** | $**– 0** | $**672408991** |

---

(a) See Portfolio of Investments for sector classifications.

(b) 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.

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.

---

| | |
|:---|:---|
| 10 AB US Large Cap Strategic Equities ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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 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

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. 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Large Cap Strategic Equities ETF 11 |

---

------

**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.

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

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 .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<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 |
|  AB Government Money Market Portfolio\* | – 0 | 6336 | 6336 | – 0 | 6 |
|  Total |  |  |  | $9256 | $306 |

---

\* Investments of cash collateral for securities lending transactions (see Note E).

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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117741810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93194423 |
|  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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351718181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36996599 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567996875 |
|  Gross unrealized appreciation | $116159963 |
|  Gross unrealized depreciation | (11747847) |
|  Net unrealized appreciation | $104412116 |

---

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.

The Fund did not engage in derivatives transactions for the year ended November 30, 2025.

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

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 expenses. If the Fund receives non-cash collateral, the Fund will receive a fee

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| | |
|:---|:---|
| 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<br>of Securities**<br> **on Loan\*** | **Cash<br>Collateral\*** | **Market Value<br>of Non-Cash<br>Collateral\*** | **Income<br>from<br>Borrowers** | **AB Government Money<br>Market Portfolio** | **AB Government Money<br>Market Portfolio** |
| **Market Value<br>of Securities**<br> **on Loan\*** | **Cash<br>Collateral\*** | **Market Value<br>of Non-Cash<br>Collateral\*** | **Income<br>from<br>Borrowers** | **Income**<br> **Earned** | **Advisory Fee<br>Waived** |
| $2579443 | $– 0 – | $2659401 | $600 | $5665 | $1244 |

---

\* 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)

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 | Shares | Amount | Amount |
|  | Year Ended<br>November 30,<br>2025 | Year Ended<br>November 30,<br>2024 | Year Ended<br>November 30,<br>2025 | Year Ended<br>November 30,<br>2024 |
|  Shares sold | 5490000 | 3075000 | $384634157 | $191117853 |
|  Shares redeemed | (600000) | (60000) | (42550071) | (4075486) |
|  **Net increase** | **4890000** | **3015000** | $**342084086** | $**187042367** |

---

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.

**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.

**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)

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.

**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 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 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 as per prospectus.

**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

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| | |
|:---|:---|
| **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.

**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.

**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 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: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173105 | $74652 |
|  Total taxable distributions | $1173105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74652 |

---

---

| | |
|:---|:---|
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2963089 |
|  Accumulated capital and other losses | (9119611)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104412116 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $98255594 |

---

(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

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 US Large Cap Strategic Equities ETF 19 |

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#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>November 30,** | **Year Ended<br>November 30,** | **September 20** <br> **2023<sup>(a)</sup> to** <br> **November 30,** <br> **2023**  | |
|  | **2025** | **2024** | **September 20** <br> **2023<sup>(a)</sup> to** <br> **November 30,** <br> **2023**  | |
|  Net asset value, beginning of period | $69.60 | $51.96 | $50.00 |  |
|  Income From Investment Operations |  |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | .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<sup>(d)</sup> | 12.57% | 34.20% | 3.92 | % |
|  Ratios/Supplemental Data |  |  |  |  |
|  Net assets, end of period (000's omitted) | $672760 | $259957 | $37412 |  |
|  Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .41% | .48% | .48 | %<sup>^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .42% | .48% | .48 | %<sup>^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | .72% | .76% | 1.24 | %<sup>^</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 21% | 19% | 4 | % |

---

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Net of expenses waived/reimbursed by the Adviser.

(d) 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.

(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** |

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------

#### 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.

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.

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

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| | |
|:---|:---|
| **ABFunds.com** | AB US Large Cap Strategic Equities ETF 21 |

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------

#### 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](g39499g91r55.jpg)

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

New York, New York

January 28, 2026

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| | |
|:---|:---|
| 22 AB US Large Cap Strategic Equities ETF | **ABFunds.com** |

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#### 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.

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.

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| | |
|:---|:---|
| **ABFunds.com** | AB US Large Cap Strategic Equities ETF 23 |

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------

#### 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.

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 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

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| | |
|:---|:---|
| 24 AB US Large Cap Strategic Equities ETF | **ABFunds.com** |

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------

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

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| | |
|:---|:---|
| **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
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.

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.

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,

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| | |
|:---|:---|
| 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
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

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| | |
|:---|:---|
| **ABFunds.com** | AB US Large Cap Strategic Equities ETF 27 |

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------

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** |

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![LOGO](g39499g28a43.jpg)

AB US LARGE CAP STRATEGIC EQUITIES ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-ULCSE-0151-1125 ![LOGO](g39499g22c48.jpg)

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#### November 30, 2025
![LOGO](g16846g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB US LOW VOLATILITY

EQUITY ETF

(NYSE: LOWV)

![LOGO](g16846g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> 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% | COMMON STOCKS – 97.5% | COMMON STOCKS – 97.5% |
|  Information Technology – 32.2% | Information Technology – 32.2% | Information Technology – 32.2% |
|  **Communications Equipment – 2.5%** |  |  |
|  Cisco Systems, Inc. | 35023 | $2694669 |
|  Motorola Solutions, Inc. | 3863 | 1428074 |
|  |  | 4122743 |
|  **IT Services – 0.4%** |  |  |
|  Amdocs Ltd. | 8534 | 652680 |
|  **Semiconductors & Semiconductor Equipment – 11.2%** |  |  |
|  Analog Devices, Inc. | 7500 | 1990050 |
|  Broadcom, Inc. | 15801 | 6367171 |
|  NVIDIA Corp. | 41866 | 7410282 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR) | 9907 | 2887990 |
|  |  | 18655493 |
|  **Software – 12.6%** |  |  |
|  Intuit, Inc. | 3988 | 2528711 |
|  Microsoft Corp. | 27134 | 13350199 |
|  Nice Ltd. (Sponsored ADR)<sup>(a)</sup> | 9235 | 979557 |
|  Oracle Corp. | 4543 | 917459 |
|  Roper Technologies, Inc. | 2007 | 895564 |
|  ServiceNow, Inc.<sup>(a)</sup> | 2957 | 2402296 |
|  |  | 21073786 |
|  **Technology Hardware, Storage & Peripherals – 5.5%** |  |  |
|  Apple, Inc. | 32611 | 9093577 |
|  |  | 53598279 |
|  Financials – 14.6% |  |  |
|  **Banks – 3.6%** |  |  |
|  Bank of America Corp. | 48322 | 2592475 |
|  JPMorgan Chase & Co. | 8356 | 2616097 |
|  M&T Bank Corp. | 4199 | 798734 |
|  |  | 6007306 |
|  **Capital Markets – 3.1%** |  |  |
|  Cboe Global Markets, Inc. | 6923 | 1787311 |
|  CME Group, Inc. | 2114 | 595006 |
|  MSCI, Inc. | 1215 | 684920 |
|  S&P Global, Inc. | 4324 | 2156941 |
|  |  | 5224178 |
|  **Financial Services – 3.9%** |  |  |
|  Corpay, Inc.<sup>(a)</sup> | 2859 | 845692 |
|  Mastercard, Inc. – Class A | 3653 | 2011086 |
|  Visa, Inc. – Class A | 10918 | 3651416 |
|  |  | 6508194 |

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| | |
|:---|:---|
| **ABFunds.com** | AB US Low Volatility Equity ETF 1 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  **Insurance – 4.0%** |  |  |  |
|  American Financial Group, Inc./OH | 5238 | $| 721377 |
|  Everest Group Ltd. | 1293 |  | 406377 |
|  Hanover Insurance Group, Inc. (The) | 4380 |  | 812709 |
|  Marsh & McLennan Cos., Inc. | 6247 |  | 1146012 |
|  Reinsurance Group of America, Inc. – Class A | 2543 |  | 482840 |
|  Travelers Cos., Inc. (The) | 6264 |  | 1834475 |
|  Willis Towers Watson PLC | 3596 |  | 1154316 |
|  |  |  | 6558106 |
|  |  |  | 24297784 |
|  Health Care – 12.3% |  |  |  |
|  **Biotechnology – 3.4%** |  |  |  |
|  AbbVie, Inc. | 11255 |  | 2562763 |
|  Gilead Sciences, Inc. | 24396 |  | 3069993 |
|  |  |  | 5632756 |
|  **Health Care Equipment & Supplies – 1.1%** |  |  |  |
|  Medtronic PLC | 17345 |  | 1826949 |
|  **Health Care Providers & Services – 2.9%** | **Health Care Providers & Services – 2.9%** | **Health Care Providers & Services – 2.9%** | **Health Care Providers & Services – 2.9%** |
|  McKesson Corp. | 4144 |  | 3651361 |
|  UnitedHealth Group, Inc. | 3752 |  | 1237297 |
|  |  |  | 4888658 |
|  **Life Sciences Tools & Services – 0.7%** |  |  |  |
|  Thermo Fisher Scientific, Inc. | 1841 |  | 1087718 |
|  **Pharmaceuticals – 4.2%** | **Pharmaceuticals – 4.2%** | **Pharmaceuticals – 4.2%** | **Pharmaceuticals – 4.2%** |
|  Eli Lilly & Co. | 2780 |  | 2989807 |
|  Merck & Co., Inc. | 29843 |  | 3128442 |
|  Zoetis, Inc. | 7108 |  | 911103 |
|  |  |  | 7029352 |
|  |  |  | 20465433 |
|  Industrials – 10.0% |  |  |  |
|  **Aerospace & Defense – 2.4%** |  |  |  |
|  BAE Systems PLC (Sponsored ADR) | 17283 |  | 1481326 |
|  L3Harris Technologies, Inc. | 9316 |  | 2596276 |
|  |  |  | 4077602 |
|  **Commercial Services & Supplies – 0.3%** |  |  |  |
|  Veralto Corp. | 4793 |  | 485147 |
|  **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** |
|  Stantec, Inc. | 9295 |  | 897525 |
|  **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** |
|  Eaton Corp. PLC | 1848 |  | 639205 |
|  **Professional Services – 6.4%** |  |  |  |
|  Automatic Data Processing, Inc. | 4211 |  | 1075068 |
|  Experian PLC (Sponsored ADR) | 32574 |  | 1433582 |
|  Genpact Ltd. | 15528 |  | 684164 |

---

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| | |
|:---|:---|
| 2 AB US Low Volatility Equity ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Jacobs Solutions, Inc. | 6622 | $| 892712 |
|  Leidos Holdings, Inc. | 12971 |  | 2478758 |
|  RELX PLC (Sponsored ADR) | 38221 |  | 1536866 |
|  SS&C Technologies Holdings, Inc. | 19568 |  | 1681674 |
|  Wolters Kluwer NV (Sponsored ADR) | 7649 |  | 815001 |
|  |  |  | 10597825 |
|  |  |  | 16697304 |
|  Communication Services – 9.3% |  |  |  |
|  **Entertainment – 1.0%** |  |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 15162 |  | 1631128 |
|  **Interactive Media & Services – 7.5%** | **Interactive Media & Services – 7.5%** | **Interactive Media & Services – 7.5%** | **Interactive Media & Services – 7.5%** |
|  Alphabet, Inc. – Class C | 32152 |  | 10292498 |
|  Meta Platforms, Inc. – Class A | 3534 |  | 2289856 |
|  |  |  | 12582354 |
|  **Media – 0.8%** |  |  |  |
|  New York Times Co. (The) – Class A | 19938 |  | 1286001 |
|  |  |  | 15499483 |
|  Consumer Discretionary – 9.2% |  |  |  |
|  **Broadline Retail – 3.8%** |  |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 27015 |  | 6300439 |
|  **Diversified Consumer Services – 0.4%** | **Diversified Consumer Services – 0.4%** | **Diversified Consumer Services – 0.4%** | **Diversified Consumer Services – 0.4%** |
|  ADT, Inc. | 74509 |  | 614699 |
|  **Hotels, Restaurants & Leisure – 2.9%** | **Hotels, Restaurants & Leisure – 2.9%** | **Hotels, Restaurants & Leisure – 2.9%** | **Hotels, Restaurants & Leisure – 2.9%** |
|  Booking Holdings, Inc. | 323 |  | 1587445 |
|  Compass Group PLC (Sponsored ADR) | 60415 |  | 1899447 |
|  Yum! Brands, Inc. | 9065 |  | 1388849 |
|  |  |  | 4875741 |
|  **Specialty Retail – 2.1%** |  |  |  |
|  AutoZone, Inc.<sup>(a)</sup> | 661 |  | 2613812 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 8323 |  | 846449 |
|  |  |  | 3460261 |
|  |  |  | 15251140 |
|  Utilities – 3.8% |  |  |  |
|  **Electric Utilities – 2.4%** |  |  |  |
|  American Electric Power Co., Inc. | 22552 |  | 2791261 |
|  NextEra Energy, Inc. | 14440 |  | 1246028 |
|  |  |  | 4037289 |
|  **Multi-Utilities – 1.4%** |  |  |  |
|  Ameren Corp. | 21416 |  | 2277591 |
|  |  |  | 6314880 |
|  Consumer Staples – 3.6% |  |  |  |
|  **Beverages – 1.3%** |  |  |  |
|  Coca-Cola Co. (The) | 17276 |  | 1263221 |
|  Monster Beverage Corp.<sup>(a)</sup> | 12168 |  | 912478 |
|  |  |  | 2175699 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB US Low Volatility Equity ETF 3 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Household Products – 1.1%** |  |  |
|  Colgate-Palmolive Co. | 15822 | $1271930 |
|  Procter & Gamble Co. (The) | 4567 | 676647 |
|  |  | 1948577 |
|  **Tobacco – 1.2%** |  |  |
|  Philip Morris International, Inc. | 12441 | 1959209 |
|  |  | 6083485 |
|  Energy – 1.7% |  |  |
|  **Oil, Gas & Consumable Fuels – 1.7%** |  |  |
|  Exxon Mobil Corp. | 8140 | 943589 |
|  Shell PLC (ADR) | 24916 | 1838053 |
|  |  | 2781642 |
|  Real Estate – 0.8% |  |  |
|  **Office REITs – 0.4%** |  |  |
|  COPT Defense Properties | 22662 | 696404 |
|  **Specialized REITs – 0.4%** | **Specialized REITs – 0.4%** | **Specialized REITs – 0.4%** |
|  Extra Space Storage, Inc. | 4572 | 608853 |
|  |  | 1305257 |
|  Total Common Stocks <br>(cost $137,189,877) |  | 162294687 |
|  SHORT-TERM INVESTMENTS – 2.4% |  |  |
|  **Investment Companies – 2.4%** |  |  |
|  AB Fixed Income Shares, Inc. – Government<br>Money Market Portfolio – Class AB, 3.82%<sup>(b)(c)(d)</sup> <br>(cost $4,058,825) | 4058825 | 4058825 |
|  Total Investments – 99.9% <br>(cost $141,248,702) |  | 166353512 |
|  Other assets less liabilities – 0.1% |  | 94792 |
|  **Net Assets – 100.0%** |  | $**166448304** |

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(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.

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| | |
|:---|:---|
| 4 AB US Low Volatility Equity ETF | **ABFunds.com** |

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#### STATEMENT OF ASSETS & LIABILITIES

#### November 30, 2025

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| | |
|:---|:---|
| Assets | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $137,189,877) | $162294687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $4,058,825) | 4058825 |
|  Cash | 1918 |
|  Unaffiliated dividends receivable | 130656 |
|  Affiliated dividends receivable | 10413 |
|  Receivable due from Adviser | 525 |
|  Total assets | 166497024 |
| Liabilities | Liabilities |
|  Advisory fee payable | 48720 |
|  Total liabilities | 48720 |
|  Net Assets | $**166448304** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $210 |
|  Additional paid-in capital | 145171961 |
|  Distributable earnings | 21276133 |
|  **Net Assets** | $**166448304** |
|  **Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value**(based on 2,100,020 shares outstanding) | $**79.26** |

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See notes to financial statements.

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| | |
|:---|:---|
| **ABFunds.com** | AB US Low Volatility Equity ETF 5 |

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#### STATEMENT OF OPERATIONS

#### Year Ended November 30, 2025

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| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $10,235) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 67448 |  |
|  Interest | 353 |  |
|  Securities lending income, net | 3062 | $1595104 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 495296 |  |
|  Total expenses before bank overdraft expense | 495296 |  |
|  Bank overdraft expense | 71 |  |
|  Total expenses | 495367 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (3468) |  |
|  Net expenses |  | 491899 |
|  Net investment income |  | 1103205 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (4036323) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 3240223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 4 |
|  Net change in unrealized appreciation (depreciation) of investments |  | 14674065 |
|  Net gain on investment and foreign currency transactions |  | 13877969 |
|  **Net Increase in Net Assets from Operations** |  | $**14981174** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 6 AB US Low Volatility Equity ETF | **ABFunds.com** |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>November 30,**<br>**2025** | **Year Ended<br>November 30,**<br>**2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $1103205 | $443278 |
|  Net realized gain (loss) on investment transactions and foreign currency transactions | (796096) | 253875 |
|  Net change in unrealized appreciation (depreciation) of investments | 14674065 | 9088077 |
|  Net increase in net assets from operations | 14981174 | 9785230 |
|  Distribution to Shareholders | (1066987) | (317880) |
| Transactions in Shares of the Fund |  |  |
|  Net increase | 75816262 | 52231037 |
|  Total increase | 89730449 | 61698387 |
| Net Assets | Net Assets | Net Assets |
|  Beginning of period | 76717855 | 15019468 |
|  End of period | $**166448304** | $**76717855** |

---

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

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 Low Volatility Equity ETF (the "Fund"), a non-diversified portfolio. 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.

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

---

| | |
|:---|:---|
| 8 AB US Low Volatility Equity 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 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.

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Low Volatility Equity 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)

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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Common Stocks<sup>(a)</sup> | $162294687 | $– 0 | $– 0 | $162294687 |
|  Short-Term Investments | 4058825 | – 0 | – 0 | 4058825 |
|  Total Investments in Securities | 166353512 | – 0 | – 0 | 166353512 |
|  Other Financial Instruments<sup>(b)</sup> | – 0 | – 0 | – 0 | – 0 |
|  **Total** | $**166353512** | $**– 0** | $**– 0** | $**166353512** |

---

(a) See Portfolio of Investments for sector classifications.

(b) 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.

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.

---

| | |
|:---|:---|
| 10 AB US Low Volatility Equity ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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 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 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. 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

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 .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<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20507 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16994 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
|  AB Government Money Market Portfolio\* | – 0 | 8790 | 8790 | – 0 | 1 |
|  Total |  |  |  | $4059 | $68 |

---

\* Investments of cash collateral for securities lending transactions (see Note E).

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<br>securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44523363 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40227379 |
|  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<br>securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77517240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9517190 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141608984 |
|  Gross unrealized appreciation | $27953343 |
|  Gross unrealized depreciation | (3208815) |
|  Net unrealized appreciation | $24744528 |

---

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.

The Fund did not engage in derivatives transactions for the year ended November 30, 2025.

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

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 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

---

| | |
|:---|:---|
| 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**<br> **Value of**<br> **Securities**<br> **on Loan\*** | **Cash<br>Collateral\*** | **Market<br>Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **AB Government<br>Money Market Portfolio** | **AB Government<br>Money Market Portfolio** |
| **Market**<br> **Value of**<br> **Securities**<br> **on Loan\*** | **Cash<br>Collateral\*** | **Market<br>Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **Income**<br>**Earned** | **Advisory Fee<br>Waived** |
| $– 0 – | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |

---

\* 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 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

---

| | |
|:---|:---|
| **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 | Shares | Amount | Amount |
|  | Year Ended<br>November 30, 2025 | Year Ended<br>November 30, 2024 | Year Ended<br>November 30, 2025 | Year Ended<br>November 30, 2024 |
|  Shares sold | 1190000 | 820000 | $87081758 | $53679497 |
|  Shares redeemed | (150000) | (20000) | (11265496) | (1448460) |
|  **Net increase** | **1040000** | **800000** | $**75816262** | $**52231037** |

---

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, interest rate levels, 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.

**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.

**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.

---

| | |
|:---|:---|
| 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.

**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. ("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.

**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

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Low Volatility Equity ETF 17 |

---

------

**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.

**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.

**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 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: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317880 |
|  Total taxable distributions paid | $1066987 | $317880 |

---

---

| | |
|:---|:---|
| 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 | $214449 |
|  Accumulated capital and other losses | (3682844)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 24744528 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21276133 |

---

(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.

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 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 US Low Volatility Equity ETF 19 |

---

------

#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended November 30,** | **Year Ended November 30,** | **March 22,**<br> **2023<sup>(a)</sup> to**<br> **November 30,** |
|  | **2025** | **2024** | **2023** |
|  Net asset value, beginning of period | $72.37 | $57.76 | $50.00 |
|  Income From Investment Operations |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | .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<sup>(d)</sup> | 10.58% | 26.47% | 16.09 |
|  Ratios/Supplemental Data |  |  |  |
|  Net assets, end of period (000's omitted) | $166448 | $76718 | $15019 |
|  Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .42% | .48% | .48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .42% | .48% | .48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | .93% | 1.04% | 1.24 |
|  Portfolio turnover rate<sup>(e)</sup> | 34% | 30% | 22 |

---

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Net of expenses waived/reimbursed by the Adviser.

(d) 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.

(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.

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.

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Low Volatility Equity 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](g16846g91r55.jpg)

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.

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.

---

| | |
|:---|:---|
| **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.

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.

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 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
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 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
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.

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.

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.

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
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** |

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------

![LOGO](g16846g28a43.jpg)

AB US LOW VOLATILITY EQUITY ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-ULVE-0151-1125 ![LOGO](g16846g22c48.jpg)

------

#### November 30, 2025
![LOGO](g82376g28a43.jpg)

#### ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB ULTRA SHORT INCOME ETF

(NYSE: YEAR)

![LOGO](g82376g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS

#### November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  GOVERNMENTS - TREASURIES – 39.2% |  |  |  |
|  **United States – 39.2%** |  |  |  |
|  U.S. Treasury Notes<br>3.50%, 10/31/2027 | 81423 | $| 81407097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/30/2027 | 35227 |  | 35315067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/31/2027 | 44306 |  | 44470417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 07/15/2028 | 36967 |  | 37320786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94% (CME Term SOFR 3 Month + 0.16%), 04/30/2027<sup>(a)</sup> | 45000 |  | 44992482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.962% (CME Term SOFR 3 Month + 0.18%), 07/31/2026<sup>(a)</sup> | 111000 |  | 110994941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/31/2030 | 28039 |  | 28514349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.025% (CME Term SOFR 3 Month + 0.25%), 01/31/2026<sup>(a)</sup> | 20000 |  | 19997444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/31/2026 | 62295 |  | 62696511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2028 | 119973 |  | 121871010 |
|  Total Governments - Treasuries <br>(cost $583,684,405) |  |  | 587580104 |
|  CORPORATES - INVESTMENT GRADE – 36.3% | CORPORATES - INVESTMENT GRADE – 36.3% | CORPORATES - INVESTMENT GRADE – 36.3% | CORPORATES - INVESTMENT GRADE – 36.3% |
|  Financial Institutions – 21.9% |  |  |  |
|  **Banking – 16.7%** |  |  |  |
|  ABN AMRO Bank NV <br>4.80%, 04/18/2026<sup>(b)</sup> | 14702 |  | 14715232 |
|  American Express Co. <br>4.90%, 02/13/2026 | 4791 |  | 4794689 |
|  Bank of America Corp. <br>4.45%, 03/03/2026 | 19527 |  | 19516846 |
|  Bank of Montreal <br>0.949%, 01/22/2027 | 6200 |  | 6170054 |
|  Bank of Nova Scotia (The) <br>4.50%, 12/16/2025 | 11940 |  | 11940597 |
|  Barclays PLC<br>4.375%, 01/12/2026 | 12295 |  | 12294631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/12/2026 | 14273 |  | 14321385 |
|  BNP Paribas SA <br>4.375%, 05/12/2026<sup>(b)</sup> | 15464 |  | 15451320 |
|  BPCE SA <br>4.875%, 04/01/2026<sup>(b)</sup> | 13939 |  | 13952660 |
|  Capital One Financial Corp.<br>3.75%, 07/28/2026 | 1346 |  | 1341787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/30/2026 | 8119 |  | 8119000 |
|  Capital One NA <br>4.25%, 03/13/2026 | 5334 |  | 5331546 |
|  Citigroup, Inc. <br>4.60%, 03/09/2026 | 20610 |  | 20622366 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 1 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Cooperatieve Rabobank UA <br>3.75%, 07/21/2026 | 20631 | $| 20557554 |
|  Lloyds Banking Group PLC<br>4.582%, 12/10/2025 | 13326 |  | 13325734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/24/2026 | 1491 |  | 1491268 |
|  Mitsubishi UFJ Financial Group, Inc. <br>3.85%, 03/01/2026 | 7379 |  | 7372359 |
|  Nationwide Building Society <br>4.00%, 09/14/2026<sup>(b)</sup> | 7180 |  | 7162768 |
|  Nordea Bank Abp <br>1.50%, 09/30/2026<sup>(b)</sup> | 2192 |  | 2147480 |
|  Royal Bank of Canada <br>Series G <br>4.65%, 01/27/2026 | 6034 |  | 6032793 |
|  Societe Generale SA <br>4.25%, 08/19/2026<sup>(b)</sup> | 7378 |  | 7357342 |
|  UBS Group AG <br>4.125%, 04/15/2026<sup>(b)</sup> | 7159 |  | 7157926 |
|  US Bancorp <br>3.10%, 04/27/2026 | 1424 |  | 1418660 |
|  Wells Fargo & Co. <br>4.10%, 06/03/2026 | 21021 |  | 20997457 |
|  Western Union Co. (The) <br>1.35%, 03/15/2026 | 6725 |  | 6664408 |
|  |  |  | 250257862 |
|  **Brokerage – 1.3%** | **Brokerage – 1.3%** | **Brokerage – 1.3%** | **Brokerage – 1.3%** |
|  Charles Schwab Corp. (The) <br>1.15%, 05/13/2026 | 5000 |  | 4936250 |
|  Mizuho Markets Cayman LP<br>4.682% (SOFR + 0.53%), 01/09/2026<sup>(a)(b)</sup> | 10000 |  | 9993200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.19% (SOFR + 1.10%), 01/09/2026<sup>(a)(b)</sup> | 4000 |  | 4003400 |
|  Nomura Holdings, Inc. <br>5.709%, 01/09/2026 | 1213 |  | 1214480 |
|  |  |  | 20147330 |
|  **Finance – 2.0%** | **Finance – 2.0%** | **Finance – 2.0%** | **Finance – 2.0%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br>1.75%, 01/30/2026 | 2314 |  | 2304397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026 | 5148 |  | 5069545 |
|  Air Lease Corp. <br>Series G <br>3.75%, 06/01/2026 | 7472 |  | 7451601 |
|  Aircastle Ltd. <br>4.25%, 06/15/2026 | 7564 |  | 7559083 |
|  Aviation Capital Group LLC<br>1.95%, 01/30/2026<sup>(b)</sup> | 6946 |  | 6918563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/20/2026<sup>(b)</sup> | 368 |  | 361288 |
|  |  |  | 29664477 |

---

---

| | |
|:---|:---|
| 2 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Insurance – 1.4%** | **Insurance – 1.4%** | **Insurance – 1.4%** | **Insurance – 1.4%** |
|  Athene Global Funding <br>5.62%, 05/08/2026<sup>(b)</sup> | $— | 6955 | $6994226 |
|  Cigna Group (The) <br>1.25%, 03/15/2026 |  | 6695 | 6635548 |
|  Elevance Health, Inc. <br>4.50%, 10/30/2026 |  | 6795 | 6819870 |
|  |  |  | 20449644 |
|  **REITs – 0.5%** | **REITs – 0.5%** | **REITs – 0.5%** | **REITs – 0.5%** |
|  Equinix, Inc. <br>1.45%, 05/15/2026 |  | 7382 | 7288396 |
|  |  |  | 327807709 |
|  Industrial – 13.3% | Industrial – 13.3% | Industrial – 13.3% | Industrial – 13.3% |
|  **Basic – 1.2%** | **Basic – 1.2%** | **Basic – 1.2%** | **Basic – 1.2%** |
|  ArcelorMittal SA <br>4.55%, 03/11/2026 |  | 6500 | 6500650 |
|  BHP Billiton Finance USA Ltd. <br>6.42%, 03/01/2026 |  | 4510 | 4535211 |
|  Westlake Corp. <br>3.60%, 08/15/2026 |  | 7601 | 7559651 |
|  |  |  | 18595512 |
|  **Capital Goods – 0.9%** | **Capital Goods – 0.9%** | **Capital Goods – 0.9%** | **Capital Goods – 0.9%** |
|  Boeing Co. (The) <br>2.196%, 02/04/2026 |  | 6275 | 6254920 |
|  CNH Industrial Capital LLC <br>1.875%, 01/15/2026 |  | 7398 | 7374622 |
|  |  |  | 13629542 |
|  **Communications - Media – 0.5%** | **Communications - Media – 0.5%** | **Communications - Media – 0.5%** | **Communications - Media – 0.5%** |
|  Cox Communications, Inc. <br>3.35%, 09/15/2026<sup>(b)</sup> |  | 7220 | 7173648 |
|  **Communications - Telecommunications – 0.5%** | **Communications - Telecommunications – 0.5%** | **Communications - Telecommunications – 0.5%** | **Communications - Telecommunications – 0.5%** |
|  AT&T, Inc. <br>1.70%, 03/25/2026 |  | 7238 | 7181471 |
|  **Consumer Cyclical - Automotive – 0.7%** | **Consumer Cyclical - Automotive – 0.7%** | **Consumer Cyclical - Automotive – 0.7%** | **Consumer Cyclical - Automotive – 0.7%** |
|  BMW US Capital LLC <br>2.80%, 04/11/2026<sup>(b)</sup> |  | 1100 | 1094434 |
|  Ford Motor Credit Co. LLC<br>6.95%, 06/10/2026 |  | 1731 | 1748829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>4.389%, 01/08/2026 |  | 1853 | 1852370 |
|  General Motors Financial Co., Inc. <br>1.50%, 06/10/2026 |  | 5604 | 5522294 |
|  Hyundai Capital America <br>1.30%, 01/08/2026<sup>(b)</sup> |  | 380 | 378784 |
|  |  |  | 10596711 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Retailers – 0.1%** | **Consumer Cyclical - Retailers – 0.1%** | **Consumer Cyclical - Retailers – 0.1%** | **Consumer Cyclical - Retailers – 0.1%** |
|  Lowe's Cos., Inc. <br>2.50%, 04/15/2026 | $— | 1768 | $1757215 |
|  **Consumer Non-Cyclical – 3.0%** | **Consumer Non-Cyclical – 3.0%** | **Consumer Non-Cyclical – 3.0%** | **Consumer Non-Cyclical – 3.0%** |
|  BAT International Finance PLC <br>1.668%, 03/25/2026 |  | 4884 | 4844391 |
|  Bunge Ltd. Finance Corp. <br>3.25%, 08/15/2026 |  | 7423 | 7378462 |
|  CVS Health Corp.<br>3.00%, 08/15/2026 |  | 6082 | 6030303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/20/2026 |  | 1329 | 1330209 |
|  HCA, Inc. <br>5.25%, 06/15/2026 |  | 1935 | 1936180 |
|  Kraft Heinz Foods Co. <br>3.00%, 06/01/2026 |  | 7405 | 7359904 |
|  Molson Coors Beverage Co. <br>3.00%, 07/15/2026 |  | 7500 | 7448100 |
|  Philip Morris International, Inc. <br>2.75%, 02/25/2026 |  | 6182 | 6159992 |
|  Zimmer Biomet Holdings, Inc. <br>3.05%, 01/15/2026 |  | 1750 | 1746815 |
|  |  |  | 44234356 |
|  **Energy – 3.2%** | **Energy – 3.2%** | **Energy – 3.2%** | **Energy – 3.2%** |
|  Continental Resources, Inc./OK <br>2.268%, 11/15/2026<sup>(b)</sup> |  | 7664 | 7507655 |
|  Energy Transfer LP <br>4.75%, 01/15/2026 |  | 5176 | 5176569 |
|  EQT Corp. <br>3.125%, 05/15/2026<sup>(b)</sup> |  | 2401 | 2385826 |
|  Marathon Petroleum Corp. <br>5.125%, 12/15/2026 |  | 7426 | 7486076 |
|  MPLX LP <br>1.75%, 03/01/2026 |  | 4154 | 4127539 |
|  ONEOK, Inc.<br>4.85%, 07/15/2026 |  | 4803 | 4811790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/01/2026 |  | 2503 | 2531384 |
|  Phillips 66 <br>1.30%, 02/15/2026 |  | 1714 | 1703150 |
|  Spectra Energy Partners LP <br>3.375%, 10/15/2026 |  | 7500 | 7456800 |
|  Western Midstream Operating LP <br>4.65%, 07/01/2026 |  | 5236 | 5239194 |
|  |  |  | 48425983 |
|  **Technology – 2.3%** | **Technology – 2.3%** | **Technology – 2.3%** | **Technology – 2.3%** |
|  Broadridge Financial Solutions, Inc. <br>3.40%, 06/27/2026 |  | 7497 | 7455092 |

---

---

| | |
|:---|:---|
| 4 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Dell International LLC/EMC Corp.<br>4.90%, 10/01/2026 | 2039 | $| 2049603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/2026 | 1451 |  | 1459154 |
|  Fidelity National Information Services, Inc. <br>1.15%, 03/01/2026 | 7217 |  | 7162006 |
|  Fiserv, Inc. <br>3.20%, 07/01/2026 | 1911 |  | 1898464 |
|  Jabil, Inc. <br>1.70%, 04/15/2026 | 7005 |  | 6937892 |
|  Oracle Corp. <br>2.65%, 07/15/2026 | 7378 |  | 7311672 |
|  |  |  | 34273883 |
|  **Transportation - Services – 0.9%** | **Transportation - Services – 0.9%** | **Transportation - Services – 0.9%** | **Transportation - Services – 0.9%** |
|  FedEx Corp. <br>3.25%, 04/01/2026 | 7424 |  | 7402470 |
|  Ryder System, Inc. <br>1.75%, 09/01/2026 | 6421 |  | 6309018 |
|  |  |  | 13711488 |
|  |  |  | 199579809 |
|  Utility – 1.1% | Utility – 1.1% | Utility – 1.1% | Utility – 1.1% |
|  **Electric – 1.1%** | **Electric – 1.1%** | **Electric – 1.1%** | **Electric – 1.1%** |
|  CMS Energy Corp. <br>3.00%, 05/15/2026 | 1020 |  | 1014033 |
|  Entergy Corp. <br>2.95%, 09/01/2026 | 7523 |  | 7456346 |
|  Southwestern Electric Power Co. <br>Series K <br>2.75%, 10/01/2026 | 7570 |  | 7487033 |
|  |  |  | 15957412 |
|  Total Corporates - Investment Grade <br>(cost $542,998,101) |  |  | 543344930 |
|  ASSET-BACKED SECURITIES – 10.8% | ASSET-BACKED SECURITIES – 10.8% | ASSET-BACKED SECURITIES – 10.8% | ASSET-BACKED SECURITIES – 10.8% |
|  **Autos - Fixed Rate – 5.7%** | **Autos - Fixed Rate – 5.7%** | **Autos - Fixed Rate – 5.7%** | **Autos - Fixed Rate – 5.7%** |
|  ACM Auto Trust<br>Series 2024-2A, Class A<br>6.06%, 02/20/2029<sup>(b)</sup> | 1070 |  | 1069886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A<br>5.38%, 06/20/2029<sup>(b)</sup> | 566 |  | 565710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A<br>5.55%, 06/20/2028<sup>(b)</sup> | 3028 |  | 3028914 |
|  American Credit Acceptance Receivables Trust <br>Series 2025-2, Class A <br>4.81%, 09/12/2028<sup>(b)</sup> | 4239 |  | 4244764 |
|  Arivo Acceptance Auto Loan Receivables Trust<br>Series 2024-1A, Class A<br>6.46%, 04/17/2028<sup>(b)</sup> | 231 |  | 232556 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 5 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2<br>4.92%, 05/15/2029<sup>(b)</sup> | $— | 5573 | $5565834 |
|  BOF VII AL Funding Trust I <br>Series 2023-CAR3, Class A2 <br>6.291%, 07/26/2032<sup>(b)</sup> |  | 690 | 700493 |
|  Bridgecrest Lending Auto Securitization Trust <br>Series 2025-2, Class A2 <br>4.84%, 01/18/2028 |  | 3467 | 3472507 |
|  CarMax Select Receivables Trust <br>Series 2025-A, Class A2A <br>4.76%, 05/15/2028 |  | 4563 | 4571986 |
|  Consumer Portfolio Services Auto Trust <br>Series 2025-B, Class A <br>4.74%, 02/15/2029<sup>(b)</sup> |  | 4041 | 4050087 |
|  CPS Auto Receivables Trust <br>Series 2024-C, Class A <br>5.88%, 02/15/2028<sup>(b)</sup> |  | 576 | 577462 |
|  Exeter Automobile Receivables Trust <br>Series 2025-2A, Class A2 <br>4.78%, 06/15/2027 |  | 1870 | 1870891 |
|  Exeter Select Automobile Receivables Trust <br>Series 2025-1, Class A2 <br>4.83%, 10/16/2028 |  | 4374 | 4385854 |
|  FHF Issuer Trust <br>Series 2023-2A, Class A2 <br>6.79%, 10/15/2029<sup>(b)</sup> |  | 445 | 448308 |
|  GLS Auto Receivables Issuer Trust <br>Series 2025-2A, Class A2 <br>4.75%, 03/15/2028<sup>(b)</sup> |  | 5866 | 5876259 |
|  Lendbuzz Securitization Trust<br>Series 2023-1A, Class A2<br>6.92%, 08/15/2028<sup>(b)</sup> |  | 277 | 279566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A2<br>7.09%, 10/16/2028<sup>(b)</sup> |  | 418 | 423769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class A2<br>7.50%, 12/15/2028<sup>(b)</sup> |  | 507 | 516503 |
|  Lobel Automobile Receivables Trust <br>Series 2025-1, Class A <br>5.06%, 11/15/2027<sup>(b)</sup> |  | 2341 | 2345348 |
|  Merchants Fleet Funding LLC <br>Series 2023-1A, Class A <br>7.21%, 05/20/2036<sup>(b)</sup> |  | 1334 | 1340671 |
|  OCCU Auto Receivables Trust <br>Series 2025-1A, Class A2 <br>4.82%, 04/17/2028<sup>(b)</sup> |  | 7079 | 7093084 |
|  Prestige Auto Receivables Trust <br>Series 2025-1A, Class A2 <br>4.87%, 12/15/2027<sup>(b)</sup> |  | 4235 | 4234857 |

---

---

| | |
|:---|:---|
| 6 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Research-Driven Pagaya Motor Asset Trust<br>Series 2023-3A, Class A<br>7.13%, 01/26/2032<sup>(b)</sup> | 841 | $| 842548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class A<br>7.54%, 03/25/2032<sup>(b)</sup> | 515 |  | 516037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class A2<br>5.124%, 04/25/2034<sup>(b)</sup> | 7300 |  | 7332523 |
|  Research-Driven Pagaya Motor Trust <br>Series 2024-1A, Class A <br>7.09%, 06/25/2032<sup>(b)</sup> | 485 |  | 488165 |
|  SAFCO Auto Receivables Trust <br>Series 2025-1A, Class A <br>5.46%, 09/10/2029<sup>(b)</sup> | 4612 |  | 4599435 |
|  Santander Bank Auto Credit-Linked Notes <br>Series 2023-A, Class B <br>6.493%, 06/15/2033<sup>(b)</sup> | 24 |  | 24246 |
|  Santander Drive Auto Receivables Trust <br>Series 2025-2, Class A2 <br>4.71%, 06/15/2028 | 3585 |  | 3591374 |
|  SBNA Auto Receivables Trust <br>Series 2025-SF1, Class B <br>5.12%, 03/17/2031<sup>(b)</sup> | 501 |  | 500949 |
|  Stellantis Financial Underwritten Enhanced Lease Trust <br>Series 2025-AA, Class A2 <br>4.63%, 07/20/2027<sup>(b)</sup> | 5982 |  | 6000533 |
|  Strike Acceptance Auto Funding Trust <br>Series 2025-1A, Class A <br>5.84%, 04/15/2032<sup>(b)</sup> | 1887 |  | 1892933 |
|  Tricolor Auto Securitization Trust<br>Series 2024-1A, Class A<br>6.61%, 10/15/2027<sup>(c)</sup> | 424 |  | 410436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A<br>6.36%, 12/15/2027<sup>(c)(d)(e)</sup> | 369 |  | 352616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A<br>5.22%, 06/15/2028<sup>(c)(d)(e)</sup> | 785 |  | 691250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A<br>4.94%, 02/15/2029<sup>(c)(d)(e)</sup> | 2015 |  | 1410522 |
|  US Bank NA <br>Series 2023-1, Class B <br>6.789%, 08/25/2032<sup>(b)</sup> | 681 |  | 688102 |
|  |  |  | 86236978 |
|  **Other ABS - Fixed Rate – 4.4%** | **Other ABS - Fixed Rate – 4.4%** | **Other ABS - Fixed Rate – 4.4%** | **Other ABS - Fixed Rate – 4.4%** |
|  ACHV ABS Trust <br>Series 2024-2PL, Class A <br>5.07%, 10/27/2031<sup>(b)</sup> | 2355 |  | 2366967 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 7 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Affirm Asset Securitization Trust<br>Series 2024-X2, Class A<br>5.22%, 12/17/2029<sup>(b)</sup> | $— | 635 | $635326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-X1, Class A<br>5.08%, 04/15/2030<sup>(b)</sup> |  | 2646 | 2651380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-X2, Class A<br>4.45%, 10/15/2030<sup>(b)</sup> |  | 3700 | 3703549 |
|  BHG Securitization Trust <br>Series 2023-A, Class A <br>5.55%, 04/17/2036<sup>(b)</sup> |  | 122 | 122384 |
|  Dext ABS LLC <br>Series 2023-1, Class A2 <br>5.99%, 03/15/2032<sup>(b)</sup> |  | 162 | 163230 |
|  Equify ABS LLC <br>Series 2024-1A, Class A <br>5.43%, 04/18/2033<sup>(b)</sup> |  | 1736 | 1737463 |
|  Marlette Funding Trust <br>Series 2025-1A, Class A <br>4.75%, 07/16/2035<sup>(b)</sup> |  | 3679 | 3684874 |
|  NMEF Funding LLC <br>Series 2023-A, Class A2 <br>6.57%, 06/17/2030<sup>(b)</sup> |  | 451 | 453615 |
|  Oportun Funding Trust <br>Series 2024-3, Class A <br>5.26%, 08/15/2029<sup>(b)</sup> |  | 957 | 956383 |
|  Oportun Issuance Trust <br>Series 2024-2, Class A <br>5.86%, 02/09/2032<sup>(b)</sup> |  | 281 | 280760 |
|  Pagaya AI Debt Grantor Trust<br>Series 2024-5, Class A<br>6.278%, 10/15/2031<sup>(b)</sup> |  | 333 | 335290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A2<br>5.365%, 12/15/2032<sup>(b)</sup> |  | 3609 | 3639136 |
|  Pagaya AI Debt Grantor Trust And Pagaya AI Debt Trust <br>Series 2024-6, Class A <br>6.093%, 11/15/2031<sup>(b)</sup> |  | 611 | 614919 |
|  Pagaya AI Debt Trust<br>Series 2024-1, Class A<br>6.66%, 07/15/2031<sup>(b)</sup> |  | 313 | 314672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A<br>6.319%, 08/15/2031<sup>(b)</sup> |  | 556 | 558377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A<br>6.258%, 10/15/2031<sup>(b)</sup> |  | 354 | 355640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R1, Class A2<br>5.338%, 06/15/2032<sup>(b)</sup> |  | 7000 | 7059188 |

---

---

| | |
|:---|:---|
| 8 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Pagaya Point of Sale Holdings Grantor Trust <br>Series 2025-1, Class A <br>5.715%, 01/20/2034<sup>(b)</sup> | 7000 | $| 7073918 |
|  PEAC Solutions Receivables LLC <br>Series 2024-2A, Class A2 <br>4.74%, 04/20/2027<sup>(b)</sup> | 3255 |  | 3261283 |
|  RCKT Trust <br>Series 2025-1A, Class A <br>4.90%, 07/25/2034<sup>(b)</sup> | 7475 |  | 7493418 |
|  Service Experts Issuer LLC <br>Series 2024-1A, Class A <br>6.39%, 11/20/2035<sup>(b)</sup> | 3582 |  | 3668330 |
|  Upgrade Master Pass-Thru Trust <br>Series 2025-ST5, Class A <br>4.794%, 09/15/2032<sup>(b)</sup> | 5588 |  | 5598708 |
|  Upstart Securitization Trust<br>Series 2023-3, Class A<br>6.90%, 10/20/2033<sup>(b)</sup> | 140 |  | 140282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A<br>5.33%, 11/20/2034<sup>(b)</sup> | 2322 |  | 2327800 |
|  Verdant Receivables 2023-1 LLC <br>Series 2023-1A, Class A2 <br>6.24%, 01/13/2031<sup>(b)</sup> | 546 |  | 555086 |
|  VFI ABS LLC <br>Series 2025-1A, Class A <br>4.78%, 06/24/2030<sup>(b)</sup> | 5482 |  | 5500922 |
|  |  |  | 65252900 |
|  **Credit Cards - Fixed Rate – 0.7%** | **Credit Cards - Fixed Rate – 0.7%** | **Credit Cards - Fixed Rate – 0.7%** | **Credit Cards - Fixed Rate – 0.7%** |
|  Brex Commercial Charge Card Master Trust <br>Series 2024-1, Class A1 <br>6.05%, 07/15/2027<sup>(b)</sup> | 4805 |  | 4824533 |
|  Mission Lane Credit Card Master Trust <br>Series 2024-B, Class A <br>5.88%, 01/15/2030<sup>(b)</sup> | 5900 |  | 5941425 |
|  |  |  | 10765958 |
|  Total Asset-Backed Securities <br>(cost $162,387,344) |  |  | 162255836 |
|  | **Shares** |  |  |
|  SHORT-TERM INVESTMENTS – 12.9% |  |  |  |
|  **Investment Companies – 8.8%** |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%<sup>(f)(g)(h)</sup> <br>(cost $131,537,147) | 131537147 |  | 131537147 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Commercial Paper – 4.1%** |  |  |  |
|  American Honda Finance Corp. <br>Zero Coupon, 01/05/2026 | $— | 14000 | $13939411 |
|  Charles Schwab Corp. (The) <br>Zero Coupon, 06/05/2026<sup>(b)</sup> |  | 7300 | 7153177 |
|  General Motors Financial Co., Inc. <br>Zero Coupon, 03/20/2026<sup>(b)</sup> |  | 9550 | 9427699 |
|  HSBC USA, Inc. <br>Zero Coupon, 01/15/2026<sup>(b)</sup> |  | 7000 | 6962611 |
|  Intesa Sanpaolo Funding LLC <br>Zero Coupon, 02/27/2026 |  | 10000 | 9892056 |
|  Sysco Corp. <br>Zero Coupon, 02/18/2026<sup>(b)</sup> |  | 7400 | 7332320 |
|  VW Credit, Inc. <br>Zero Coupon, 03/03/2026<sup>(b)</sup> |  | 7400 | 7320728 |
|  Total Commercial Paper <br>(cost $62,039,339) |  |  | 62028002 |
|  Total Short-Term Investments <br>(cost $193,576,486) |  |  | 193565149 |
|  Total Investments – 99.2% <br>(cost $1,482,646,336) |  |  | 1486746019 |
|  Other assets less liabilities – 0.8% |  |  | 12529193 |
|  **Net Assets – 100.0%** |  |  | $**1499275212** |

---

#### FUTURES (see Note D)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** |  |  |  |  |
|  U.S. T-Note 2 Yr (CBT) Futures | 358 | March 2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74771657 | $16657 |
|  U.S. T-Note 5 Yr (CBT) Futures | 358 | March 2026 | 39296094 | 146781 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163438 |

---

(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 $294,450,687 or 19.6% of net assets.

---

| | |
|:---|:---|
| 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 <br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Tricolor Auto Securitization Trust <br>Series 2024-1A, Class A <br>6.61%, 10/15/2027 | 01/25/2024 | $423522 | $410436 | 0.03% |
|  Tricolor Auto Securitization Trust <br>Series 2024-2A, Class A <br>6.36%, 12/15/2027 | 05/14/2024 | 368983 | 352616 | 0.02% |
|  Tricolor Auto Securitization Trust <br>Series 2024-3A, Class A <br>5.22%, 06/15/2028 | 10/07/2024 | 784852 | 691250 | 0.05% |
|  Tricolor Auto Securitization Trust <br>Series 2025-1A, Class A <br>4.94%, 02/15/2029 | 03/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410522 | 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 | Assets |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $1,351,109,189) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355208872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $131,537,147) | 131537147 |
|  Cash collateral due from broker | 877100 |
|  Receivable for shares of beneficial interest sold | 24073903 |
|  Interest receivable | 10739480 |
|  Receivable due from Adviser | 17467 |
|  Total assets | 1522453969 |
| Liabilities |  |
|  Due to custodian | 14430 |
|  Payable for shares of beneficial interest redeemed | 22811490 |
|  Advisory fee payable | 285712 |
|  Payable for variation margin on futures | 67125 |
|  Total liabilities | 23178757 |
|  Net Assets | $**1499275212** |
| Composition of Net Assets |  |
|  Capital stock, at par | $2958 |
|  Additional paid-in capital | 1490596984 |
|  Distributable earnings | 8675270 |
|  **Net Assets** | $**1499275212** |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61163883 |  |
|  Dividends—Affiliated issuers | 2900943 | $64064826 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 3414704 |  |
|  Total expenses before bank overdraft expense | 3414704 |  |
|  Bank overdraft expense | 2787 |  |
|  Total expenses | 3417491 |  |
|  Less: expenses waived and reimbursed by the Adviser<br>(see Note B) | (145820) |  |
|  Net expenses |  | 3271671 |
|  Net investment income |  | 60793155 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (1192459) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 1080739 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 3167646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (348313) |
|  Net gain on investment transactions |  | 2707613 |
|  **Net Increase in Net Assets from Operations** |  | $**63500768** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 13 |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>November 30,<br>2025** | **Year Ended<br>November 30,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $60793155 | $51540448 |
|  Net realized gain (loss) on investment transactions | (111720) | 2493713 |
|  Net change in unrealized appreciation (depreciation) of investments | 2819333 | 583343 |
|  Net increase in net assets from operations | 63500768 | 54617504 |
|  Distribution to Shareholders | (60695920) | (48760403) |
| Transactions in Shares of the Fund |  |  |
|  Net increase | 353341290 | 550731353 |
|  Other capital | – 0 | 344 |
|  Total increase | 356146138 | 556588798 |
| Net Assets |  |  |
|  Beginning of period | 1143129074 | 586540276 |
|  End of period | $**1499275212** | $**1143129074** |

---

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

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 Ultra Short Income ETF (the "Fund"), a diversified portfolio. 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.

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

---

| | |
|:---|:---|
| **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.

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.

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

---

| | |
|:---|:---|
| 16 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

**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 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.

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.

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 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<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |  |
|  **Assets:** |  |  |  |  |  |
|  Governments – Treasuries | $– 0 | $587580104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $587580104 |  |
|  Corporates – Investment Grade | – 0 | 543344930 | – 0 | 543344930 |  |
|  Asset-Backed Securities | – 0 | 162255836 | – 0 | 162255836 |  |
|  Short-Term Investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 131537147 | – 0 | – 0 | 131537147 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper | – 0 | 62028002 | – 0 | 62028002 |  |
|  Total Investments in Securities | 131537147 | 1355208872 | – 0 | 1486746019 |  |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |
|  Futures | 163438 | – 0 | – 0 | 163438 | <sup>(b)</sup> |
|  **Liabilities** | – 0 | – 0 | – 0 | – 0 |  |
|  **Total** | $**131700585** | $**1355208872** | $**– 0** | $**1486909457** |  |

---

(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.

---

| | |
|:---|:---|
| 18 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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

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. 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.

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

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

---

| | |
|:---|:---|
| **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<br>11/30/24<br>(000)** | **Purchases at<br>Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>11/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77872 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2901 |

---

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.

---

| | |
|:---|:---|
| 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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237875477 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132485139 |
|  U.S. government securities | 473735872 | 272240429 |

---

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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482654940 |
|  Gross unrealized appreciation | $5123511 |
|  Gross unrealized depreciation | (1032432) |
|  Net unrealized appreciation | $4091079 |

---

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.

The principal types of derivatives 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

---

| | |
|:---|:---|
| **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** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable for variation margin on futures | $163438 \* |  |  |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163438 |  |  |

---

\* 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<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $1080739 | $(348313) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(348313) |

---

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

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114672945 |

---

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

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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 23 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Transactions in shares of the Fund were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Year Ended<br>November 30,<br>2025 | Year Ended<br>November 30,<br>2024 | Year Ended<br>November 30,<br>2025 | Year Ended<br>November 30,<br>2024 |
|  Shares sold | 13700000 | 18875000 | $692256432 | $952667558 |
|  Shares redeemed | (6700000) | (7950000) | (338915142) | (401936205) |
|  **Net increase** | **7000000** | **10925000** | $**353341290** | $**550731353** |

---

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 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%.

**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

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| | |
|:---|:---|
| 24 AB Ultra Short Income ETF | **ABFunds.com** |

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**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.

**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.

**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.

**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.

**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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 25 |

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**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.

**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.

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| | |
|:---|:---|
| 26 AB Ultra Short Income ETF | **ABFunds.com** |

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**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

**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.

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: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $60695920 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48760403 |
|  Total taxable distributions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60695920 | $48760403 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 27 |

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**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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5789670 |
|  Accumulated capital and other losses | (1205479)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 4091079 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8675270 |

---

(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

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.

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| | |
|:---|:---|
| 28 AB Ultra Short Income ETF | **ABFunds.com** |

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#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **September 14,**<br> **2022<sup>(a)</sup> to**<br> **November 30,**<br> **2022** |
|  | **2025** | **2024** | **2023** | **September 14,**<br> **2022<sup>(a)</sup> to**<br> **November 30,**<br> **2022** |
|  Net asset value, beginning of period | $50.63 | $50.34 | $49.98 | $50.00 |
|  Income From Investment Operations | Income From Investment Operations | Income From Investment Operations | Income From Investment Operations | Income From Investment Operations |
|  Net investment income<sup>(b)(c)</sup> | 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 | Less: Dividends | Less: Dividends | Less: Dividends | 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 Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(d)</sup> | 4.75% | 5.87% | 5.66% | .46 |
|  Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  Net assets, end of period (000's omitted) | $1499275 | $1143129 | $586540 | $150002 |
|  Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | .24% | .24% | .25% | .25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | .25% | .25% | .25% | .25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 4.45% | 5.28% | 5.30% | 3.98 |
|  Portfolio turnover rate<sup>(f)</sup> | 114% | 59% | 114% | 35 |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolio | .01% | .01% | .00% | .00 |

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(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Net of expenses waived/reimbursed by the Adviser.

(d) 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.

(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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 29 |

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#### 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.

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.

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

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| | |
|:---|:---|
| 30 AB Ultra Short Income ETF | **ABFunds.com** |

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#### 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](g82376g91r55.jpg)

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

New York, New York

January 28, 2026

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| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 31 |

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#### 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.

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.

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| | |
|:---|:---|
| 32 AB Ultra Short Income ETF | **ABFunds.com** |

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#### 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").

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

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| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 33 |

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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 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
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 since the Fund's inception.

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|:---|:---|
| 34 AB Ultra Short Income ETF | **ABFunds.com** |

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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
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 discussed with the Adviser the reasons it was above 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 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

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|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 35 |

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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
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.

---

| | |
|:---|:---|
| 36 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

![LOGO](g82376g28a43.jpg)

AB ULTRA SHORT INCOME ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-USI-0151-1125 ![LOGO](g82376g22c48.jpg)

------

#### ITEM 8 . CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### AB California Intermediate Municipal ETF
On October 3, 2025, AB California Intermediate Municipal ETF (the "Successor Fund" or the "Fund"), which is a series of AB Active ETFs, Inc., acquired the assets and assumed the liabilities of California Municipal Portfolio, a series of Sanford C. Bernstein Fund, Inc. (the "Predecessor Fund") in a reorganization transaction (the "Reorganization") and PricewaterhouseCoopers LLP ("PwC") was dismissed as the independent registered public accounting firm of the Predecessor Fund, effective upon completion of the September 30, 2025 audit of the Predecessor Fund.

The audit reports of PwC on the financial statements of the Predecessor Fund as of and for the fiscal years ended September 30, 2024 and September 30, 2025 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During the Predecessor Fund's fiscal years ended September 30, 2024 and September 30, 2025, and the subsequent interim period ended November 26, 2025, there were no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which if not resolved to the satisfaction of PwC, would have caused PwC to make reference to the subject matter of the disagreement in connection with PwC's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

The Fund provided PwC with a copy of the foregoing disclosures and requested that PwC furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether PwC agrees with the above statements. A copy of the letter from PwC is filed as an exhibit to this Form N-CSR.

On May 8, 2025, the Board of Directors, upon recommendation of the Audit Committee of the Board, selected Ernst & Young LLP to serve as the independent registered public accounting firm of AB California Intermediate Municipal ETF (the "Successor Fund") for its fiscal year ended November 30, 2025.

During the Predecessor Fund's fiscal year ended September 30, 2024 and September 30, 2025 and the subsequent interim period ended November 26, 2025, neither the Predecessor Fund, the Fund nor anyone on behalf of either has consulted Ernst & Young LLP on items which: (1) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements; or (2) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of Item 304).

------

#### AB New York Intermediate Municipal ETF
On November 7, 2025, AB New York Intermediate Municipal ETF (the "Successor Fund" or the "Fund") which is a series of AB Active ETFs, Inc., acquired the assets and assumed the liabilities of New York Municipal Portfolio, a series of Sanford C. Bernstein Fund, Inc. (the "Predecessor Fund") in a reorganization transaction (the "Reorganization") and PricewaterhouseCoopers LLP ("PwC") was dismissed as the independent registered public accounting firm of the Predecessor Fund, effective upon completion of the September 30, 2025 audit of the Predecessor Fund.

The audit reports of PwC on the financial statements of the Predecessor Fund as of and for the fiscal years ended September 30, 2024 and September 30, 2025 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During the Predecessor Fund's fiscal years ended September 30, 2024 and September 30, 2025, and the subsequent interim period ended November 26, 2025, there were no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which if not resolved to the satisfaction of PwC, would have caused PwC to make reference to the subject matter of the disagreement in connection with PwC's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

The Fund provided PwC with a copy of the foregoing disclosures and requested that PwC furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether PwC agrees with the above statements. A copy of the letter from PwC is filed as an exhibit to this Form N-CSR.

On May 8, 2025, the Board of Directors, upon recommendation of the Audit Committee of the Board, selected Ernst & Young LLP to serve as the independent registered public accounting firm of AB New York Intermediate Municipal ETF (the "Successor Fund") for its fiscal year ended November 30, 2025.

During the Predecessor Fund's fiscal year ended September 30, 2024 and September 30, 2025 and the subsequent interim period ended November 26, 2025, neither the Predecessor Fund, the Fund nor anyone on behalf of either has consulted Ernst & Young LLP on items which: (1) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements; or (2) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of Item 304).

------

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There were no shareholder meeting s during the reporting period.

#### ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Aggregate remuneration pai d to all Directors and advisory board members are included within the Financial Statements under Item 7 of this Form N-CSR.

#### ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Statement regarding basis for Approval of Investment Advisory Contract included within the Financial Statements under Item 7 of this Form N-CSR.

#### ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.

#### ITEM 13. PORTFOLIO MANAGERS OF CLOSED END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.

#### ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY OF AND AFFILIDATED PURCHASERS.
Not applicable to the registrant.

------

#### ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board of Directors since the Fund last provided disclosure in response to this item.

#### ITEM 16. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant's internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.

#### ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable to the registrant.

#### ITEM 19. EXHIBITS.
The following exhibits are attached to this Form N-CSR:

---

| | |
|:---|:---|
| EXHIBIT NO. | <u>DESCRIPTION OF EXHIBIT</u> |
|  19(a)(1) | [Code of Ethics that is subject to the disclosure of Item 2 hereof](d38326dex99codeeth.htm) |
|  19(b)(1) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d38326dex99cert.htm) |
|  19(b)(2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d38326dex99cert.htm#a) |
|  19(c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d38326dex99906cert.htm) |
|  19(d) | [Registrant's Independent Public Accountant, attached as Exhibit 99.ACCT.](d38326dex99indpubacct.htm) |

---

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant): AB Active ETFs, Inc. | (Registrant): AB Active ETFs, Inc. |
| By: | /s/ Onur Erzan |
|  | Onur Erzan<br> President |
| Date: | January 29, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan<br> President |
| Date: | January 29, 2026 |
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel<br> Treasurer and Chief Financial Officer |
| Date: | January 29, 2026 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**I.** **Covered Officers/Purpose of the Code** 

The AllianceBernstein Mutual Fund Complex's code of ethics (this "Code") for the investment companies within the complex (collectively, the "Funds" and each, a "Company") applies to each Company's Principal Executive Officer, Principal Financial and Accounting Officer and Controller (the "Covered Officers," each of whom is set forth in Exhibit A) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company. For the purposes of this Code, members of the Covered Officer's family include his or her spouse, children, stepchildren, financial dependents, parents and stepparents.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Directors or Trustees (the "Directors") that the Covered Officers may also be officers or employees of one or more of the other Funds or of other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

• not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Company;

• not use material non-public knowledge of portfolio transactions made or
contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

------

There are some conflict of interest situations, whether involving a Covered Officer directly or a member of his family, that should always be discussed with the General Counsel of Alliance Capital Management L.P. (the "General Counsel"), if material. Examples of these include:

• service as a director on the board of directors or trustees of any public or private company (other than a not-for-profit organization);

• the receipt of any non-nominal gifts;

• the receipt of any entertainment from any company with which the Company has current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Company's service
providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

• Each Covered Officer should familiarize himself with the disclosure requirements and disclosure controls and
procedures generally applicable to the Company;

• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company
to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental regulators and self-regulatory organizations;

• each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made
by the Funds; and

------

• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the General Counsel that he has received, read, and understands the Code;

• annually thereafter affirm to the General Counsel that he has complied with the requirements of the Code;

• complete at least annually a questionnaire relating to affiliations or other relationships that may give rise to
conflicts of interest;

• not retaliate against any other Covered Officer or any employee of the Company or their affiliated persons for
reports of potential violations that are made in good faith; and

• notify the General Counsel promptly if he knows of any violation of this Code. Failure to do so is itself a
violation of this Code.

The General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, waivers sought by a Covered Officer will be considered by the Company's Audit Committee (the "Committee").

The Company will follow these procedures in investigating and enforcing this Code:

• the General Counsel will take all appropriate action to investigate any potential violations reported to him;

• if, after such investigation, the General Counsel believes that no material violation has occurred, the General
Counsel is not required to take any further action;

• any matter that the General Counsel believes is a material violation will be reported to the Committee;

• if the Committee concurs that a material violation has occurred, it will inform and make a recommendation to the
Directors, who will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to
dismiss the Covered Officer;

• the Committee will be responsible for granting waivers, as appropriate; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

------

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Company's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, it is understood that this Code is in all respects separate and apart from, and operates independently of, any such policies and procedures. In particular, the Company's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-l under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Directors, including a majority of independent directors.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Directors, the investment adviser, their counsel, counsel to the Company and, if deemed appropriate by the Directors of the Company, to the Directors of the other Funds.

**VIII.** **Internal Use** 

The Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

Date: July 22, 2003, as amended March 17, 2004

------

Exhibit A

<u>Persons Covered by this Code of Ethics</u> 

Principal Executive Officer

Principal Financial and Accounting Officer

Controller

## Ex-99.Cert

**Exhibit 19(b)(1)** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

I, Onur Erzan, President of AB Active ETFs, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Active ETFs, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 29, 2026

---

| |
|:---|
| /s/ Onur Erzan |
| Onur Erzan |
| President |

---

------

**Exhibit 19(b)(2)** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

I, Stephen M. Woetzel, Treasurer and Chief Financial Officer of AB Active ETFs, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Active ETFs, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information ; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 29, 2026

---

| |
|:---|
| /s/ Stephen M. Woetzel |
| Stephen M. Woetzel |
| Treasurer and Chief Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 19(c)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT** 

Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of AB Active ETFs, Inc., (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended November 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: January 29, 2026

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

## Ex-99.Ind

![LOGO](g38326img1.jpg)

February 6, 2026

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Commissioners:

We have read the statements made by the California Municipal Portfolio (a series of Sanford C. Bernstein Fund, Inc.) (copy attached), which we understand will be filed with the Securities and Exchange Commission, pursuant to Item 8 of Form N-CSR of AB Active ETFs, Inc. dated February 6, 2026. We agree with the statements concerning our Firm therein.

Very truly yours,

/s/ PricewaterhouseCoopers LLP

New York, New York

Attachment

PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017

T: (646) 471 3000, www.pwc.com/us

------

![LOGO](g38326img1.jpg)

**Attachment** 

**AB California Intermediate Municipal ETF** 

On October 3, 2025, AB California Intermediate Municipal ETF (the "Successor Fund" or the "Fund"), which is a series of AB Active ETFs, Inc., acquired the assets and assumed the liabilities of California Municipal Portfolio, a series of Sanford C. Bernstein Fund, Inc. (the "Predecessor Fund") in a reorganization transaction (the "Reorganization") and PricewaterhouseCoopers LLP ("PwC") was dismissed as the independent registered public accounting firm of the Predecessor Fund, effective upon completion of the September 30, 2025 audit of the Predecessor Fund.

The audit reports of PwC on the financial statements of the Predecessor Fund as of and for the fiscal years ended September 30, 2024 and September 30, 2025 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During the Predecessor Fund's fiscal years ended September 30, 2024 and September 30, 2025, and the subsequent interim period ended November 26, 2025, there were no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which if not resolved to the satisfaction of PwC, would have caused PwC to make reference to the subject matter of the disagreement in connection with PwC's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

The Fund provided PwC with a copy of the foregoing disclosures and requested that PwC furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether PwC agrees with the above statements. A copy of the letter from PwC is filed as an exhibit to this Form N-CSR.

On May 8, 2025, the Board of Directors, upon recommendation of the Audit Committee of the Board, selected Ernst & Young LLP to serve as the independent registered public accounting firm of AB California Intermediate Municipal ETF (the "Successor Fund") for its fiscal year ended November 30, 2025.

During the Predecessor Fund's fiscal year ended September 30, 2024 and September 30, 2025 and the subsequent interim period ended November 26, 2025, neither the Predecessor Fund, the Fund nor anyone on behalf of either has consulted Ernst & Young LLP on items which: (1) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements; or (2) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of Item 304).

PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017

T: (646) 471 3000, www.pwc.com/us

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February 6, 2026

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Commissioners:

We have read the statements made by the New York Municipal Portfolio (a series of Sanford C. Bernstein Fund, Inc.) (copy attached), which we understand will be filed with the Securities and Exchange Commission, pursuant to Item 8 of Form N-CSR of AB Active ETFs, Inc. dated February 6, 2026. We agree with the statements concerning our Firm therein.

Very truly yours,

/s/PricewaterhouseCoopers LLP

New York, New York

Attachment

PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017

T: (646) 471 3000, www.pwc.com/us

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**Attachment** 

**AB New York Intermediate Municipal ETF** 

On November 7, 2025, AB New York Intermediate Municipal ETF (the "Successor Fund" or the "Fund") which is a series of AB Active ETFs, Inc., acquired the assets and assumed the liabilities of New York Municipal Portfolio, a series of Sanford C. Bernstein Fund, Inc. (the "Predecessor Fund") in a reorganization transaction (the "Reorganization") and PricewaterhouseCoopers LLP ("PwC") was dismissed as the independent registered public accounting firm of the Predecessor Fund, effective upon completion of the September 30, 2025 audit of the Predecessor Fund.

The audit reports of PwC on the financial statements of the Predecessor Fund as of and for the fiscal years ended September 30, 2024 and September 30, 2025 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During the Predecessor Fund's fiscal years ended September 30, 2024 and September 30, 2025, and the subsequent interim period ended November 26, 2025, there were no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which if not resolved to the satisfaction of PwC, would have caused PwC to make reference to the subject matter of the disagreement in connection with PwC's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

The Fund provided PwC with a copy of the foregoing disclosures and requested that PwC furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether PwC agrees with the above statements. A copy of the letter from PwC is filed as an exhibit to this Form N-CSR.

On May 8, 2025, the Board of Directors, upon recommendation of the Audit Committee of the Board, selected Ernst & Young LLP to serve as the independent registered public accounting firm of AB New York Intermediate Municipal ETF (the "Successor Fund") for its fiscal year ended November 30, 2025.

During the Predecessor Fund's fiscal year ended September 30, 2024 and September 30, 2025 and the subsequent interim period ended November 26, 2025, neither the Predecessor Fund, the Fund nor anyone on behalf of either has consulted Ernst & Young LLP on items which: (1) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements; or (2) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of Item 304).

PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017

T: (646) 471 3000, www.pwc.com/us