# EDGAR Filing Document

**Accession Number:** 0001496608
**File Stem:** 0001193125-25-173261
**Filing Date:** 2025-8
**Character Count:** 1904908
**Document Hash:** 982dccc16cfd5811f5653f58f63a06f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-173261.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001193125-25-173261

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 107

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**EFFECTIVENESS DATE**: 20250805

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23799
- **FILM NUMBER:** 251183724

**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            |

?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: May 31, 2025

------

---

| | |
|:---|:---|
| **ITEM 1.** | **REPORTS TO STOCKHOLDERS.**  |

---

# BUFC
May 31, 2025

![Image](g13979i6331867bc6e1bfdc4309.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/BUFC-S](g13979i38ea2d3e3cac8dd82a74.jpg)

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# Fund Information

# AB Conservative Buffer ETF

## Principal Listing Exchange: NASDAQ

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Conservative Buffer ETF (the "Fund") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/BUFC-S. 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 six months?
(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 | $34 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $879235495 |
| # of Portfolio Holdings | 3 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid (Net) | $2702942 |

---

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)
![Group By Country Chart](g13979ic4e90b9681ed44074c3e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Options on Equity Indices | 103.0% |
| Short-Term Investments | 0.5% |
| Other assets less liabilities | -3.5% |

---

BUFC

#### Material Fund Changes
This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available on or about March 31, 2026 at www.abfunds.com/go/prospectus, or upon request at (800) 243-5994.

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-S, 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.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/BUFC-S](g13979i38ea2d3e3cac8dd82a74.jpg)

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Fund Information

BUFC

ETF-CB-0154-0525

# CPLS
May 31, 2025

![Image](g13979i6331867bc6e1bfdc4309.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/CPLS-S](g13979i23aa9139ecf0f7ab5f3a.jpg)

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# Fund Information

# AB Core Plus Bond ETF

## Principal Listing Exchange: NASDAQ

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Core Plus Bond ETF (the "Fund") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/CPLS-S. 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 six months?
(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 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $146963733 |
| # of Portfolio Holdings | 638 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid (Net) | $170214 |

---

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)
![Group By Country Chart](g13979i6c4b1c824b63fdf676c3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Governments - Treasuries | 42.2% |
| Industrial | 20.5% |
| Financial Institutions | 17.0% |
| Agency Fixed Rate 30-Year | 6.4% |
| Autos - Fixed Rate | 3.2% |
| Other ABS - Fixed Rate | 2.2% |
| Utility | 2.0% |
| CLO - Floating Rate | 1.4% |
| Risk Share Floating Rate | 1.1% |
| Non-Agency Fixed Rate CMBS | 0.7% |
| Agency Fixed Rate 15-Year | 0.2% |
| Credit Cards - Fixed Rate | 0.2% |
| Others | 0.0% |
| Short-Term Investments | 4.7% |
| Other assets less liabilities | -1.8% |

---

CPLS

#### Material Fund Changes
This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available on or about March 31, 2026 at www.abfunds.com/go/prospectus, or upon request at (800) 243-5994.

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-S, 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.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/CPLS-S](g13979i23aa9139ecf0f7ab5f3a.jpg)

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Fund Information

CPLS

ETF-CPB-0154-0525

# EYEG
May 31, 2025

![Image](g13979i6331867bc6e1bfdc4309.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/EYEG-S](g13979i0b4c11e8a43df4bc65e8.jpg)

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# Fund Information

# AB Corporate Bond ETF

## Principal Listing Exchange: NASDAQ

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Corporate Bond ETF (the "Fund") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/EYEG-S. 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 six months?
(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 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $26302477 |
| # of Portfolio Holdings | 459 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid (Net) | $38317 |

---

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)
![Group By Country Chart](g13979i45a8d78da940cf46d5e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial | 48.9% |
| Financial Institutions | 43.3% |
| Utility | 5.4% |
| Short-Term Investments | 2.2% |
| Other assets less liabilities | 0.2% |

---

EYEG

#### Material Fund Changes
This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available on or about March 31, 2026 at www.abfunds.com/go/prospectus, or upon request at (800) 243-5994.

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-S, 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.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/EYEG-S](g13979i0b4c11e8a43df4bc65e8.jpg)

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Fund Information

EYEG

ETF-COB-0154-0525

# HYFI
May 31, 2025

![Image](g13979i6331867bc6e1bfdc4309.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/HYFI-S](g13979if9892fe8363d31aa6b6f.jpg)

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# Fund Information

# AB High Yield ETF

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB High Yield ETF (the "Fund") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/HYFI-S. 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 six months?
(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 | $20 | 0.40%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $185633777 |
| # of Portfolio Holdings | 700 |
| Portfolio Turnover Rate | 32% |
| Total Advisory Fees Paid (Net) | $362824 |

---

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)
![Group By Country Chart](g13979i3a628b9f087880b88fd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial | 83.9% |
| Financial Institutions | 12.4% |
| Utility | 1.5% |
| Industrials | 0.1% |
| Financials | 0.0% |
| Technology | 0.0% |
| Energy | 0.0% |
| Consumer Staples | 0.0% |
| Consumer Discretionary | 0.0% |
| Short-Term Investments | 1.7% |
| Other assets less liabilities | 0.4% |

---

HYFI

#### Material Fund Changes
This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available on or about March 31, 2026 at www.abfunds.com/go/prospectus, or upon request at (800) 243-5994.

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.

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/HYFI-S, 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.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/HYFI-S](g13979if9892fe8363d31aa6b6f.jpg)

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Fund Information

HYFI

ETF-HY-0154-0525

# BUFI
May 31, 2025

![Image](g13979i8d3ddba5873544f51681.jpg)

# AB International 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/BUFI-S](g13979ib34bb946981dc67ece71.jpg)

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Fund Information

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB International Buffer ETF (the "Fund") for the period of December 9, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/BUFI-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(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 | $34 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $44522105 |
| # of Portfolio Holdings | 3 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid (Net) | $71992 |

---

## Graphical Representation of Holdings

### Security Type Breakdown (% Net Assets)
![Group By Sector Chart](g13979ibc6da8c83c23740bf115.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Options on Equity Indices | 101.1% |
| Short-Term Investments | 0.5% |
| Other assets less liabilities | -1.6% |

---

BUFI

### **Country Breakdown (% of Net Assets)**![Group By Country Chart](g13979iaca76fd88265e03b8c6f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 101.1% |
| Short-Term Investments | 0.5% |
| Other assets less liabilities | -1.6% |

---

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/BUFI-S, 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.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/BUFI-S](g13979ib34bb946981dc67ece71.jpg)

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Fund Information

BUFI

ETF-IB-0154-0525

# ILOW
May 31, 2025

![Image](g13979i892630cbe20ca5f0c510.jpg)

# AB International Low Volatility Equity ETF
Principal Listing Exchange: NYSE Arca

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Fund Information

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB International Low Volatility Equity ETF (the "Fund") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ILOW-S. 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 six months?
(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 | $27 | 0.50%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1169209480 |
| # of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (Net) | $2464048 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| BAE Systems PLC | $31382236 | 2.7% |
| SAP SE | $30990167 | 2.6% |
| RELX PLC | $27890625 | 2.4% |
| Shell PLC | $25432172 | 2.2% |
| Tesco PLC | $23173955 | 2.0% |
| NatWest Group PLC | $20116929 | 1.7% |
| Philip Morris International, Inc. | $19930996 | 1.7% |
| Safran SA | $19746040 | 1.7% |
| AXA SA | $19722484 | 1.7% |
| London Stock Exchange Group PLC | $19228427 | 1.6% |
| Total | $237614031 | 20.3% |

---

ILOW

### Sector Breakdown (% of Net Assets)
![Credit Rating Chart](g13979i20f578ff51a0919e7394.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 25.9% |
| Industrials | 19.1% |
| Consumer Discretionary | 11.1% |
| Health Care | 10.8% |
| Information Technology | 10.2% |
| Consumer Staples | 9.2% |
| Communication Services | 4.4% |
| Energy | 3.1% |
| Utilities | 2.8% |
| Real Estate | 1.3% |
| Materials | 0.4% |
| Short-Term Investments | 1.2% |
| Other assets less liabilities | 0.5% |

---

### **Country Breakdown (% of Net Assets)**![Group By Sector Chart](g13979i8f50fffbb5eac0dc2882.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United Kingdom | 22.8% |
| Japan | 15.8% |
| Netherlands | 7.3% |
| Germany | 6.8% |
| United States | 5.9% |
| France | 5.5% |
| Italy | 5.4% |
| Canada | 5.0% |
| Switzerland | 3.2% |
| Singapore | 3.1% |
| Denmark | 3.0% |
| Spain | 2.6% |
| Australia | 1.9% |
| Israel | 1.7% |
| Others | 8.3% |
| Short-Term Investments | 1.2% |
| Other assets less liabilities | 0.5% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available on or about March 31, 2026 at www.abfunds.com/go/prospectus, or upon request at (800) 243-5994.

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 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.

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ILOW-S, 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.

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Fund Information

ILOW

ETF-ILVE-0154-0525

# BUFM
May 31, 2025

![Image](g13979i6331867bc6e1bfdc4309.jpg)

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# Fund Information

# AB Moderate Buffer ETF

## Principal Listing Exchange: NASDAQ

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Moderate Buffer ETF (the "Fund") for the period of December 9, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/BUFM-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(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 | $33 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $167362723 |
| # of Portfolio Holdings | 3 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid (Net) | $272899 |

---

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)
![Group By Country Chart](g13979ia5ef1875d374b3bcf4b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Options on Equity Indices | 102.1% |
| Short-Term Investments | 0.6% |
| Other assets less liabilities | -2.7% |

---

BUFM

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/BUFM-S, 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.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/BUFM-S](g13979i87a61aa0e86067e9e472.jpg)

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Fund Information

BUFM

ETF-MB-0154-0525

# SYFI
May 31, 2025

![Image](g13979i8d3ddba5873544f51681.jpg)

# AB Short Duration High Yield ETF
Principal Listing Exchange: NYSE Arca

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Fund Information

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Short Duration High Yield ETF (the "Fund") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/SYFI-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(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 | $20 | 0.40%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $743266401 |
| # of Portfolio Holdings | 613 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid (Net) | $1539868 |

---

## Graphical Representation of Holdings

### Security Type Breakdown (% Net Assets)
![Group By Sector Chart](g13979if2ebe7cf97fd1334940f.jpg)

---

| | |
|:---|:---|
| | |
| Corporates - Non-Investment Grade | 76.3% |
| Corporates - Investment Grade | 13.2% |
| Bank Loans | 4.2% |
| Emerging Markets - Corporate Bonds | 2.3% |
| Emerging Markets - Sovereigns | 0.8% |
| Collateralized Loan Obligations | 0.3% |
| Quasi-Sovereigns | 0.2% |
| Commercial Mortgage-Backed Securities | 0.2% |
| Others | 0.0% |
| Short-Term Investments | 1.7% |
| Other assets less liabilities | 0.8% |

---

SYFI

### **Country Breakdown (% of Net Assets)**![Group By Country Chart](g13979i6c804954b573402cecdb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 75.8% |
| Canada | 3.7% |
| United Kingdom | 3.6% |
| France | 2.0% |
| Italy | 1.8% |
| Germany | 1.8% |
| Spain | 1.0% |
| Netherlands | 0.9% |
| Ireland | 0.9% |
| Australia | 0.7% |
| Hong Kong | 0.6% |
| Israel | 0.6% |
| Luxembourg | 0.5% |
| Jersey (Channel Islands) | 0.4% |
| Others | 3.2% |
| Short-Term Investments | 1.7% |
| Other assets less liabilities | 0.8% |

---

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/SYFI-S, 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.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/SYFI-S](g13979i99ed4bf100c076361e3e.jpg)

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Fund Information

SYFI

ETF-SDHY-0154-0525

# SDFI
May 31, 2025

![Image](g13979i6331867bc6e1bfdc4309.jpg)

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# Fund Information

# AB Short Duration Income ETF

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Short Duration Income ETF (the "Fund") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/SDFI-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(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 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $120777219 |
| # of Portfolio Holdings | 447 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid (Net) | $154059 |

---

## Graphical Representation of Holdings

### Security Type Breakdown (% Net Assets)
![Group By Country Chart](g13979ib07af553d8590d1b1297.jpg)

---

| | |
|:---|:---|
| | |
| Corporates - Investment Grade | 39.6% |
| Governments - Treasuries | 30.0% |
| Asset-Backed Securities | 9.5% |
| Corporates - Non-Investment Grade | 8.1% |
| Collateralized Loan Obligations | 5.1% |
| Mortgage Pass-Throughs | 4.8% |
| Commercial Mortgage-Backed Securities | 1.1% |
| Collateralized Mortgage Obligations | 0.3% |
| Others | 0.3% |
| Short-Term Investments | 1.6% |
| Other assets less liabilities | -0.4% |

---

SDFI

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/SDFI-S, 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.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/SDFI-S](g13979ia062f5c48ba7b0d944e7.jpg)

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Fund Information

SDFI

ETF-SDI-0154-0525

# YEAR
May 31, 2025

![Image](g13979i6331867bc6e1bfdc4309.jpg)

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# Fund Information

# AB Ultra Short Income ETF

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Ultra Short Income ETF (the "Fund") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/YEAR-S. 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 six months?
(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 | $12 | 0.24%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1422887085 |
| # of Portfolio Holdings | 212 |
| Portfolio Turnover Rate | 38% |
| Total Advisory Fees Paid (Net) | $1525174 |

---

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)
![Group By Country Chart](g13979i8b991db1ab0cfe6e9daa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Governments - Treasuries | 33.8% |
| Financial Institutions | 25.7% |
| Industrial | 12.0% |
| Autos - Fixed Rate | 7.8% |
| Other ABS - Fixed Rate | 4.5% |
| Utility | 1.7% |
| Credit Cards - Fixed Rate | 0.8% |
| Short-Term Investments | 12.3% |
| Other assets less liabilities | 1.4% |

---

YEAR

#### Material Fund Changes
This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available on or about March 31, 2026 at www.abfunds.com/go/prospectus, or upon request at (800) 243-5994.

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 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-S, 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.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/YEAR-S](g13979i0043ae282af8879d75e6.jpg)

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Fund Information

YEAR

ETF-USI-0154-0525

# FWD
May 31, 2025

![Image](g13979i77059b34b5244e9db3f0.jpg)

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Fund Information

# AB Disruptors ETF

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Disruptors ETF (the "Fund") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/FWD-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(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 | $32 | 0.65%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $681383808 |
| # of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 101% |
| Total Advisory Fees Paid (Net) | $1829900 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| NVIDIA Corp. | $34434097 | 5.1% |
| Broadcom, Inc. | $21619272 | 3.2% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | $15411047 | 2.3% |
| Meta Platforms, Inc. - Class A | $13271603 | 1.9% |
| Tesla, Inc. | $13140189 | 1.9% |
| Amazon.com, Inc. | $13125560 | 1.9% |
| Eaton Corp. PLC | $11859247 | 1.7% |
| Intuitive Surgical, Inc. | $10968920 | 1.6% |
| GE Vernova, Inc. | $10220625 | 1.5% |
| Vertiv Holdings Co. - Class A | $10189024 | 1.5% |
| Total | $154239584 | 22.6% |

---

FWD

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g13979i93404138f5cd7c0aad0f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 40.8% |
| Industrials | 23.6% |
| Communication Services | 9.9% |
| Health Care | 8.9% |
| Consumer Discretionary | 7.1% |
| Utilities | 2.5% |
| Energy | 1.9% |
| Financials | 1.5% |
| Short-Term Investments | 0.9% |
| Other assets less liabilities | 2.9% |

---

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/FWD-S, 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.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/FWD-S](g13979i4de0238b9629644bc1a3.jpg)

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Fund Information

FWD

ETF-DR-0154-0525

# TAFM
May 31, 2025

![Image](g13979i6331867bc6e1bfdc4309.jpg)

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# Fund Information

# AB Tax-Aware Intermediate Municipal ETF

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Tax-Aware Intermediate Municipal ETF (the "Fund") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/TAFM-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(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 | $14 | 0.28%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $286063614 |
| # of Portfolio Holdings | 346 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid (Net) | $247206 |

---

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)
![Group By Country Chart](g13979i68708fafca8885b0b1c9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipal Obligations | 99.3% |
| Short-Term Investments | 0.7% |
| Other assets less liabilities | 0.0% |

---

TAFM

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/TAFM-S, 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.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/TAFM-S](g13979icee93c156ce3b8056d27.jpg)

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Fund Information

TAFM

ETF-TAIM-0154-0525

# TAFL
May 31, 2025

![Image](g13979i6331867bc6e1bfdc4309.jpg)

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# Fund Information

# AB Tax-Aware Long Municipal ETF

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Tax-Aware Long Municipal ETF (the "Fund") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/TAFL-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(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 | $14 | 0.28%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $30301250 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid (Net) | $43483 |

---

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)
![Group By Country Chart](g13979i88e836aa2539c2f780d5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipal Obligations | 99.1% |
| Short-Term Investments | 0.4% |
| Other assets less liabilities | 0.5% |

---

TAFL

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/TAFL-S, 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.

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Fund Information

TAFL

ETF-TALM-0154-0525

# TAFI
May 31, 2025

![Image](g13979i8d3ddba5873544f51681.jpg)

# AB Tax-Aware Short Duration Municipal ETF
Principal Listing Exchange: NYSE Arca

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Fund Information

## Semi-annual Shareholder Report

## 31 May, 2025
This semi-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 May 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/TAFI-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(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 | $14 | 0.27%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $780554455 |
| # of Portfolio Holdings | 493 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid (Net) | $921638 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g13979ia56b4c4595ed4dd327a5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 11.0% |
| AA | 38.2% |
| A | 29.2% |
| BBB | 8.9% |
| BB | 4.4% |
| B | 0.7% |
| A-1+ | 2.5% |
| Not Rated | 5.1% |

---

---

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

---

TAFI

### Portfolio Breakdown (% of Net Assets)
![Group By Country Chart](g13979iecfb967097cc0e4dc159.jpg)

---

| | |
|:---|:---|
| | |
| Local Governments - US Municipal Bonds | 91.4% |
| Short-Term Municipal Notes | 6.5% |
| Asset-Backed Securities | 0.4% |
| Collateralized Mortgage Obligations | 0.2% |
| Corporates - Investment Grade | 0.2% |
| Short-Term Investments | 1.1% |
| Other assets less liabilities | 0.2% |

---

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/TAFI-S, 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.

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Fund Information

TAFI

ETF-TASDM-0154-0525

# HIDV
May 31, 2025

![Image](g13979i77059b34b5244e9db3f0.jpg)

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Fund Information

# AB US High Dividend ETF

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB US High Dividend ETF (the "Fund") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/HIDV-S. 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 six months?
(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 | $21 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $59231894 |
| # of Portfolio Holdings | 118 |
| Portfolio Turnover Rate | 90% |
| Total Advisory Fees Paid (Net) | $73587 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Microsoft Corp. | $4606822 | 7.8% |
| Apple, Inc. | $3886046 | 6.6% |
| NVIDIA Corp. | $3424329 | 5.8% |
| Amazon.com, Inc. | $1851856 | 3.1% |
| Alphabet, Inc. - Class A | $1204413 | 2.0% |
| Meta Platforms, Inc. - Class A | $1192676 | 2.0% |
| Mastercard, Inc. - Class A | $1049981 | 1.8% |
| Home Depot, Inc. (The) | $895681 | 1.5% |
| Philip Morris International, Inc. | $805612 | 1.4% |
| Broadcom, Inc. | $794958 | 1.3% |
| Total | $19712374 | 33.3% |

---

HIDV

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g13979i753e1a0e2c6dd49c8cda.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.1% |
| Financials | 19.5% |
| Communication Services | 8.6% |
| Consumer Discretionary | 8.5% |
| Health Care | 8.0% |
| Real Estate | 5.9% |
| Utilities | 5.9% |
| Industrials | 5.1% |
| Consumer Staples | 4.4% |
| Energy | 4.2% |
| Materials | 3.4% |
| Short-Term Investments | 0.2% |
| Other assets less liabilities | 0.2% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available on or about March 31, 2026 at www.abfunds.com/go/prospectus, or upon request at (800) 243-5994.

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 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 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-S, 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.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/HIDV-S](g13979ia3bb000fe7adeb2f8085.jpg)

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Fund Information

HIDV

ETF-UHD-0154-0525

# LRGC
May 31, 2025

![Image](g13979i77059b34b5244e9db3f0.jpg)

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Fund Information

# AB US Large Cap Strategic Equities ETF

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report
This semi-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 May 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/LRGC-S. 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 six months?
(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 | $23 | 0.46%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $431328046 |
| # of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid (Net) | $747618 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Microsoft Corp. | $36239539 | 8.4% |
| NVIDIA Corp. | $28559725 | 6.6% |
| Amazon.com, Inc. | $19460574 | 4.5% |
| Alphabet, Inc. - Class C | $17566745 | 4.1% |
| Meta Platforms, Inc. - Class A | $17516547 | 4.1% |
| Apple, Inc. | $17043729 | 3.9% |
| Visa, Inc. - Class A | $16891133 | 3.9% |
| Broadcom, Inc. | $13690753 | 3.2% |
| Charles Schwab Corp. (The) | $9567222 | 2.2% |
| Wells Fargo & Co. | $9065206 | 2.1% |
| Total | $185601173 | 43.0% |

---

LRGC

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g13979ie4209d95114e579cb1fd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 29.0% |
| Financials | 15.9% |
| Communication Services | 12.2% |
| Health Care | 10.0% |
| Industrials | 9.8% |
| Consumer Discretionary | 7.8% |
| Consumer Staples | 5.3% |
| Energy | 2.5% |
| Materials | 2.2% |
| Real Estate | 1.9% |
| Utilities | 1.6% |
| Short-Term Investments | 1.7% |
| Other assets less liabilities | 0.1% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available on or about March 31, 2026 at www.abfunds.com/go/prospectus, or upon request at (800) 243-5994.

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 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 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-S, 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.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/LRGC-S](g13979i5da51ac476b0ee58382f.jpg)

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Fund Information

LRGC

ETF-ULCSE-0154-0525

# LOWV
May 31, 2025

![Image](g13979i77059b34b5244e9db3f0.jpg)

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Fund Information

# AB US Low Volatility Equity ETF

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB US Low Volatility Equity ETF (the "Fund") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/LOWV-S. 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 six months?
(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 | $23 | 0.46%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $117690277 |
| # of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (Net) | $212682 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Microsoft Corp. | $9671243 | 8.2% |
| Apple, Inc. | $5078693 | 4.3% |
| Broadcom, Inc. | $3493554 | 3.0% |
| Alphabet, Inc. - Class C | $3343092 | 2.8% |
| NVIDIA Corp. | $3072856 | 2.6% |
| Visa, Inc. - Class A | $2774713 | 2.4% |
| Amazon.com, Inc. | $2609572 | 2.2% |
| Intuit, Inc. | $2577621 | 2.2% |
| Meta Platforms, Inc. - Class A | $2481829 | 2.1% |
| McKesson Corp. | $2306749 | 2.0% |
| Total | $37409922 | 31.8% |

---

LOWV

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g13979id27c13e598a1c1e98f69.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 31.3% |
| Financials | 16.8% |
| Industrials | 11.3% |
| Health Care | 10.4% |
| Consumer Discretionary | 8.7% |
| Communication Services | 7.9% |
| Consumer Staples | 6.0% |
| Utilities | 2.7% |
| Energy | 1.8% |
| Real Estate | 1.0% |
| Materials | 0.6% |
| Short-Term Investments | 1.5% |
| Other assets less liabilities | 0.0% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available on or about March 31, 2026 at www.abfunds.com/go/prospectus, or upon request at (800) 243-5994.

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 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 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-S, 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.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/LOWV-S](g13979ib9b8e960988c121f8e4d.jpg)

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Fund Information

LOWV

ETF-ULVE-0154-0525

------

#### ITEM 2. CODE OF ETHICS.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable when filing a semi-annual report to shareholders.

#### 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.

------

#### May 31, 2025
![LOGO](g948195g28a43.jpg)

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

(NASDAQ: BUFC)

![LOGO](g948195g50e50.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
**May 31, 2025** (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Notional<br>Amount** | **U.S. $ Value** |
|  PURCHASED OPTIONS - CALLS – 99.9% |  |  |  |
|  **Options on Equity Indices – 99.9%** |  |  |  |
|  SPDR S&P 500 ETF Trust <br>Expiration: Aug 2025; Contracts: 15,020; Exercise Price: USD 2.95; <br>Counterparty: Sg Americas Securities LLC<sup>(a)</sup> <br>(premium paid $878,576,943) | USD | 4398745 | $878576942 |
|  PURCHASED OPTIONS - PUTS – 3.1% | PURCHASED OPTIONS - PUTS – 3.1% | PURCHASED OPTIONS - PUTS – 3.1% | PURCHASED OPTIONS - PUTS – 3.1% |
|  **Options on Equity Indices – 3.1%** | **Options on Equity Indices – 3.1%** | **Options on Equity Indices – 3.1%** | **Options on Equity Indices – 3.1%** |
|  SPDR S&P 500 ETF Trust <br>Expiration: Aug 2025; Contracts: 15,020; Exercise Price: USD 589.39; <br>Counterparty: Sg Americas Securities LLC<sup>(a)</sup> <br>(premium paid $27,048,083) | USD | 878839429 | 27048083 |
|  |  | **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, 4.14%<sup>(b)(c)(d)</sup> <br>(cost $4,749,387) |  | 4749387 | 4749387 |
|  Total Investments – 103.5% <br>(cost $910,374,413) |  |  | 910374412 |
|  Other assets less liabilities – (3.5)% |  |  | (31138917) |
|  **Net Assets – 100.0%** |  |  | $**879235495** |

---

#### CALL WRITTEN OPTIONS (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 | 15020 | USD | 607.13 | August 2025 | USD | 905292 | $19168457 | $(19168457) |

---

#### PUT WRITTEN OPTIONS (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 | 15020 | USD | 500.98 | August 2025 | USD | 747011 | $5440177 | $(5440177) |

---

(a) Non-income producing security.

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Conservative Buffer ETF 1 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

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

(d) Affiliated investments.

(e) One contract relates to 100 shares.

Glossary:

ETF – Exchange Traded Fund

SPDR – Standard & Poor's Depository Receipt

See notes to financial statements.

---

| | |
|:---|:---|
| 2 AB Conservative Buffer ETF | **ABFunds.com** |

---

------

#### STATEMENT OF ASSETS & LIABILITIES
**May 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $905,625,026) | $905625025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $4,749,387) | 4749387 |
|  Cash collateral due from broker | 2000 |
|  Receivable for investment securities sold | 899599434 |
|  Affiliated dividends receivable | 16851 |
|  Receivable due from Adviser | 853 |
|  Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809993550 |
| Liabilities |  |
|  Options written, at value (premiums received $24,608,634) | 24608634 |
|  Payable for investment securities purchased | 905625026 |
|  Advisory fee payable | 524395 |
|  Total liabilities | 930758055 |
|  Net Assets | $**879235495** |
| Composition of Net Assets |  |
|  Capital stock, at par | $2258 |
|  Additional paid-in capital | 936682929 |
|  Accumulated loss | (57449692) |
|  **Net Assets** | $**879235495** |
|  **Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value**(based on 22,575,028 common shares outstanding) | $**38.95** |

---

See notes to financial statements.

---

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

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income | Investment Income | Investment Income |
|  Dividends – Affiliated issuers | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88649 | $88649 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 2707260 |  |
|  Total expenses before bank overdraft expense | 2707260 |  |
|  Bank overdraft expense | 708 |  |
|  Total expenses | 2707968 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (4318) |  |
|  Net expenses |  | 2703650 |
|  Net investment loss |  | (2615001) |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (21563) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 101297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written |  | 27139 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (2773570) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written |  | (1156075) |
|  Net loss on investment transactions |  | (3822772) |
|  Net Decrease in Net Assets from Operations |  | $**(6437773)** |

---

See notes to financial statements.

---

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

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025<br>(unaudited)** | **December 13,**<br>**2023<sup>(a)</sup><br>November 30,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment loss | $(2615001) | $(3283251) |
|  Net realized gain on investment transactions | 106873 | 58158075 |
|  Net change in unrealized appreciation (depreciation) of investments | (3929645) | 3929644 |
|  Net increase (decrease) in net assets from operations | (6437773) | 58804468 |
| Transactions in Shares of the Fund |  |  |
|  Net increase | 188896210 | 637933635 |
|  Other capital | 38367 | 588 |
|  Total increase | 182496804 | 696738691 |
| Net Assets |  |  |
|  Beginning of period | 696738691 | – 0 |
|  End of period | $**879235495** | $**696738691** |

---

(a) Commencement of operations.

See notes to financial statements.

---

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

---

------

#### NOTES TO FINANCIAL STATEMENTS
**May 31, 2025** (unaudited)

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 18 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.

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

1. Security Valuation

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

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. ("NASDAQ")) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 may value 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 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

---

| | |
|:---|:---|
| 8 AB Conservative Buffer 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.

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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Purchased Options – Calls | $– 0 | $878576942 | $– 0 | $878576942 |
|  Purchased Options – Puts | – 0 | 27048083 | – 0 | 27048083 |
|  Short-Term Investments | 4749387 | – 0 | – 0 | 4749387 |
|  Total Investments in Securities | 4749387 | 905625025 | – 0 | 910374412 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets** | – 0 | – 0 | – 0 | – 0 |
|  **Liabilities:** |  |  |  |  |
|  Call Written Options | – 0 | (19168457) | – 0 | (19168457) |
|  Put Written Options | – 0 | (5440177) | – 0 | (5440177) |
|  **Total** | $**4749387** | $**881016391** | $**– 0** | $**885765778** |

---

(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

---

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

---

------

**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 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.

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 .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

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 six months ended May 31, 2025, such waiver/reimbursements relating to the Fund's investment in AB Government Money Market Portfolio amounted to $4,318.

A summary of the Fund's transactions in AB mutual funds for the six months ended May 31, 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>5/31/25<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;7510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |

---

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 Plan.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the six months ended May 31, 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 six months ended May 31, 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 six months ended May 31, 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;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644651728 |
|  U.S. government securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | – 0 |

---

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  Gross unrealized depreciation | (1) |
|  Net unrealized depreciation | $(1) |

---

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

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

During the six months ended May 31, 2025, the Fund held purchased options for non-hedging purposes. During the six months ended May 31, 2025, the Fund held written options for non-hedging purposes.

During the six months ended May 31, 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 securities, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905625025 |  |  |
|  Equity contracts |  |  | Options written, at value | $24608634 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905625025 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24608634 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  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;(21563) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2773570) |
|  Equity contracts | Net realized gain (loss) on options written; Net change in unrealized appreciation (depreciation) of options written | 27139 | (1156075) |
|  Total |  | $5576 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3929645) |

---

---

| | |
|:---|:---|
| 14 AB Conservative 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 six months ended May 31, 2025:

---

| | |
|:---|:---|
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $788041024 |
|  Options Written: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475562368 |

---

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 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.

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Transactions in shares of the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>May 31, 2025<br>(unaudited) | December 13,<br> 2023<sup>(a)</sup><br>November 30,<br>2024 | Six Months Ended<br>May 31, 2025<br>(unaudited) | December 13,<br> 2023<sup>(a)</sup><br>November 30, 2024 |
|  Shares sold | 4850000 | 65900028 | $188896210 | $2473663303 |
|  Shares redeemed | – 0 | (48175000) | – 0 | (1835729668) |
|  **Net increase** | **4850000** | **17725028** | $**188896210** | $**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 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.

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**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 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Conservative Buffer ETF 17 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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. Information about the Fund's holdings is available and updated daily at: www.abfunds.com. 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

---

| | |
|:---|:---|
| 18 AB Conservative Buffer ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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. 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 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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Conservative Buffer ETF 19 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**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 parts of market cycles.

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

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**Derivatives Risk**—The Underlying Portfolios may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Underlying Portfolios, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

**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.

**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 than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Conservative Buffer ETF 21 |

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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.

**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.

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| | |
|:---|:---|
| 22 AB Conservative Buffer ETF | **ABFunds.com** |

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**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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended May 31, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal year ended November 30, 2024 was as follows:

---

| | |
|:---|:---|
|  | **2024** |
|  Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $– 0 |
|  Total taxable distributions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |

---

As of November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Accumulated capital and other losses | $(54938867)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 3926948 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51011919) |

---

(a) As of November 30, 2024, the Fund had a net capital loss carryforward of $54,938,867.

(b) The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Conservative Buffer ETF 23 |

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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, 2024, the Fund had a net short-term capital loss carryforward of $54,938,867, which may be carried forward for an indefinite period.

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** |

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------

#### FINANCIAL HIGHLIGHTS

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

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** | **December 13,**<br> **2023<sup>(a)</sup>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> | (.13 | (.24 |
|  Net realized and unrealized gain (loss) on investment transactions | (.23 | 4.55 |
|  Net increase (decrease) in net asset value from operations | (.36 | 4.31 |
|  Net asset value, end of period | **$38.95** | **$39.31** |
|  Total Return |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (.92 | 12.31 |
|  Ratios/Supplemental Data |  |  |
|  Net assets, end of period (000's omitted) | $879235 | $696739 |
|  Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | .69 | .69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | .69 | .69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(c)</sup> | (.67 | (.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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) The expense ratios presented below exclude bank overdraft expense:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025<br>(unaudited)** | **December 13,**<br>**2023<sup>(a)</sup> to**<br>**November 30,**<br>**2024** |
|  Net of waivers/reimbursements | .69% | .69% |
|  Before waivers/reimbursements | .69% | .69% |

---

(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 Conservative Buffer 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 Conservative Buffer 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 Conservative Buffer 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 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 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 Conservative Buffer 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) 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 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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|:---|:---|
| 28 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 29 |

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#### NOTES

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

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

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

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![LOGO](g948195g28a43.jpg)

AB CONSERVATIVE BUFFER ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-CB-0152-0525 ![LOGO](g948195g22c48.jpg)

------

#### May 31, 2025
![LOGO](g949745g28a43.jpg)

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

(NASDAQ: EYEG)

![LOGO](g949745g50e50.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
**May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CORPORATES - INVESTMENT GRADE – 97.6% | CORPORATES - INVESTMENT GRADE – 97.6% | CORPORATES - INVESTMENT GRADE – 97.6% |
|  Industrial – 48.9% | Industrial – 48.9% | Industrial – 48.9% |
|  **Basic – 1.6%** | **Basic – 1.6%** | **Basic – 1.6%** |
|  Amcor Flexibles North America, Inc. <br>4.80%, 03/17/2028<sup>(a)</sup> | $25 | $25067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/17/2030<sup>(a)</sup> | 25 | 25171 |
|  Amcor Group Finance PLC <br>5.45%, 05/23/2029 | 22 | 22408 |
|  Dow Chemical Co. (The) <br>5.35%, 03/15/2035 | 27 | 26173 |
|  EIDP, Inc. <br>5.125%, 05/15/2032 | 26 | 26258 |
|  Glencore Funding LLC <br>4.907%, 04/01/2028<sup>(a)</sup> | 27 | 27123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 04/01/2030<sup>(a)</sup> | 13 | 13156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.673%, 04/01/2035<sup>(a)</sup> | 27 | 27078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.141%, 04/01/2055<sup>(a)</sup> | 25 | 24536 |
|  Huntsman International LLC <br>4.50%, 05/01/2029 | 127 | 118910 |
|  LYB International Finance III LLC <br>6.15%, 05/15/2035 | 7 | 7106 |
|  Nutrien Ltd. <br>4.50%, 03/12/2027 | 12 | 11992 |
|  Rio Tinto Finance USA PLC <br>4.875%, 03/14/2030 | 25 | 25283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/14/2032 | 25 | 25119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/14/2035 | 25 | 24936 |
|  |  | 430316 |
|  **Capital Goods – 2.1%** | **Capital Goods – 2.1%** | **Capital Goods – 2.1%** |
|  3M Co. <br>2.875%, 10/15/2027 | 136 | 131190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 03/01/2029 | 136 | 130628 |
|  CNH Industrial Capital LLC <br>4.75%, 03/21/2028 | 20 | 20037 |
|  Lockheed Martin Corp. <br>5.20%, 02/15/2064 | 126 | 112936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/2063 | 60 | 60764 |
|  Northrop Grumman Corp. <br>5.25%, 07/15/2035 | 9 | 9029 |
|  Regal Rexnord Corp. <br>6.05%, 04/15/2028 | 34 | 34898 |
|  RTX Corp. <br>3.125%, 05/04/2027 | 29 | 28326 |
|  Westinghouse Air Brake Technologies Corp. <br>4.90%, 05/29/2030 | 26 | 26148 |
|  |  | 553956 |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Communications - Media – 3.7%** | **Communications - Media – 3.7%** | **Communications - Media – 3.7%** |
|  Charter Communications Operating LLC/Charter Communications Operating Capital <br>6.484%, 10/23/2045 | $128 | $122894 |
|  Comcast Corp. <br>5.50%, 05/15/2064 | 73 | 66434 |
|  Paramount Global <br>4.375%, 03/15/2043 | 51 | 37202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 09/01/2043 | 26 | 22344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/30/2036 | 85 | 86475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 07/30/2030 | 104 | 114609 |
|  Time Warner Cable LLC <br>6.55%, 05/01/2037 | 116 | 116592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/2039 | 33 | 33316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 07/01/2038 | 113 | 120138 |
|  Warnermedia Holdings, Inc. <br>4.279%, 03/15/2032 | 136 | 115552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042 | 53 | 38159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141%, 03/15/2052 | 155 | 100435 |
|  |  | 974150 |
|  **Communications - Telecommunications – 1.0%** | **Communications - Telecommunications – 1.0%** | **Communications - Telecommunications – 1.0%** |
|  AT&T, Inc. <br>4.70%, 08/15/2030 | 26 | 26085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 08/15/2035 | 26 | 26142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 08/15/2056 | 26 | 26070 |
|  Corning, Inc. <br>5.45%, 11/15/2079 | 131 | 113357 |
|  T-Mobile USA, Inc. <br>5.30%, 05/15/2035 | 27 | 26909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/2055 | 27 | 26333 |
|  Verizon Communications, Inc. <br>5.25%, 04/02/2035 | 27 | 26877 |
|  |  | 271773 |
|  **Consumer Cyclical - Automotive – 3.8%** | **Consumer Cyclical - Automotive – 3.8%** | **Consumer Cyclical - Automotive – 3.8%** |
|  American Honda Finance Corp. <br>Series G <br>4.45%, 10/22/2027 | 25 | 24936 |
|  BMW US Capital LLC <br>4.65%, 03/19/2027<sup>(a)</sup> | 26 | 26061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/21/2030<sup>(a)</sup> | 26 | 26223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/21/2035<sup>(a)</sup> | 26 | 25667 |
|  Cummins, Inc. <br>5.45%, 02/20/2054 | 123 | 115834 |
|  Ford Motor Co. <br>5.291%, 12/08/2046 | 157 | 123716 |
|  General Motors Co. <br>5.15%, 04/01/2038 | 19 | 17135 |

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

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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** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/01/2048 | $| 33 | $| 27759 |
|  General Motors Financial Co., Inc. <br>1.50%, 06/10/2026 |  | 52 |  | 50243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/20/2027 |  | 68 |  | 64726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/06/2026 |  | 17 |  | 16804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/2027 |  | 6 |  | 6009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 |  | 26 |  | 26024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/04/2028 |  | 27 |  | 27072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 07/15/2027 |  | 25 |  | 25187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 01/07/2030 |  | 25 |  | 25014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 07/15/2030 |  | 26 |  | 26044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 07/15/2029 |  | 14 |  | 14146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/04/2032 |  | 15 |  | 14898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 01/07/2035 |  | 25 |  | 24669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/07/2034 |  | 119 |  | 119665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 07/15/2035 |  | 26 |  | 26087 |
|  Hyundai Capital America <br>4.85%, 03/25/2027<sup>(a)</sup> |  | 27 |  | 26972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/27/2030<sup>(a)</sup> |  | 27 |  | 27014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/29/2032<sup>(a)</sup> |  | 27 |  | 26849 |
|  Magna International, Inc. <br>5.875%, 06/01/2035 |  | 10 |  | 10068 |
|  Toyota Motor Credit Corp. <br>4.50%, 05/14/2027 |  | 26 |  | 26081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/2030 |  | 26 |  | 26165 |
|  |  |  |  | 997068 |
|  **Consumer Cyclical - Entertainment – 0.1%** | **Consumer Cyclical - Entertainment – 0.1%** | **Consumer Cyclical - Entertainment – 0.1%** | **Consumer Cyclical - Entertainment – 0.1%** | **Consumer Cyclical - Entertainment – 0.1%** |
|  Hasbro, Inc. <br>6.05%, 05/14/2034 |  | 34 |  | 34442 |
|  **Consumer Cyclical - Other – 0.9%** | **Consumer Cyclical - Other – 0.9%** | **Consumer Cyclical - Other – 0.9%** | **Consumer Cyclical - Other – 0.9%** | **Consumer Cyclical - Other – 0.9%** |
|  DR Horton, Inc. <br>4.85%, 10/15/2030 |  | 19 |  | 18971 |
|  Las Vegas Sands Corp. <br>3.90%, 08/08/2029 |  | 129 |  | 121008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/15/2028 |  | 20 |  | 20048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/14/2030 |  | 16 |  | 16172 |
|  Marriott International, Inc./MD <br>5.10%, 04/15/2032 |  | 8 |  | 7969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2037 |  | 46 |  | 44913 |
|  |  |  |  | 229081 |
|  **Consumer Cyclical - Restaurants – 0.5%** | **Consumer Cyclical - Restaurants – 0.5%** | **Consumer Cyclical - Restaurants – 0.5%** | **Consumer Cyclical - Restaurants – 0.5%** | **Consumer Cyclical - Restaurants – 0.5%** |
|  McDonald's Corp. <br>3.50%, 03/01/2027 |  | 40 |  | 39468 |
|  Starbucks Corp. <br>4.50%, 05/15/2028 |  | 26 |  | 25981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/2030 |  | 26 |  | 26088 |

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

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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** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/15/2035 | $| 26 | $| 26060 |
|  |  |  |  | 117597 |
|  **Consumer Cyclical - Retailers – 2.2%** | **Consumer Cyclical - Retailers – 2.2%** | **Consumer Cyclical - Retailers – 2.2%** | **Consumer Cyclical - Retailers – 2.2%** | **Consumer Cyclical - Retailers – 2.2%** |
|  7-Eleven, Inc. <br>1.80%, 02/10/2031<sup>(a)</sup> |  | 150 |  | 124551 |
|  Alimentation Couche-Tard, Inc. <br>3.55%, 07/26/2027<sup>(a)</sup> |  | 123 |  | 120284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/25/2050<sup>(a)</sup> |  | 62 |  | 42928 |
|  AutoZone, Inc. <br>5.125%, 06/15/2030 |  | 16 |  | 16254 |
|  Dick's Sporting Goods, Inc. <br>4.10%, 01/15/2052 |  | 165 |  | 113137 |
|  Home Depot, Inc. (The) <br>4.95%, 09/15/2052 |  | 77 |  | 68206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 06/25/2054 |  | 25 |  | 23379 |
|  Lowe's Cos., Inc. <br>5.80%, 09/15/2062 |  | 35 |  | 32749 |
|  Tapestry, Inc. <br>5.50%, 03/11/2035 |  | 25 |  | 24519 |
|  |  |  |  | 566007 |
|  **Consumer Non-Cyclical – 11.3%** | **Consumer Non-Cyclical – 11.3%** | **Consumer Non-Cyclical – 11.3%** | **Consumer Non-Cyclical – 11.3%** | **Consumer Non-Cyclical – 11.3%** |
|  AbbVie, Inc. <br>5.50%, 03/15/2064 |  | 123 |  | 116864 |
|  Altria Group, Inc. <br>3.40%, 02/04/2041 |  | 181 |  | 130847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 09/16/2046 |  | 23 |  | 16485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/09/2042 |  | 165 |  | 130406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/04/2028 |  | 25 |  | 25228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 02/06/2035 |  | 25 |  | 25104 |
|  BAT Capital Corp. <br>5.35%, 08/15/2032 |  | 15 |  | 15148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/15/2035 |  | 25 |  | 25052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/15/2055 |  | 25 |  | 24619 |
|  Bristol-Myers Squibb Co. <br>4.35%, 11/15/2047 |  | 34 |  | 27630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/22/2054 |  | 25 |  | 23729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/22/2064 |  | 122 |  | 115649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 11/15/2063 |  | 111 |  | 116720 |
|  Cardinal Health, Inc. <br>3.41%, 06/15/2027 |  | 133 |  | 130387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 02/15/2029 |  | 51 |  | 51944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/2034 |  | 25 |  | 24929 |
|  Cargill, Inc. <br>5.125%, 02/11/2035<sup>(a)</sup> |  | 26 |  | 25730 |
|  Cencora, Inc. <br>3.45%, 12/15/2027 |  | 133 |  | 129741 |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CommonSpirit Health <br>3.817%, 10/01/2049 | $127 | $90661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.187%, 10/01/2049 | 154 | 115659 |
|  Constellation Brands, Inc. <br>4.80%, 05/01/2030 | 26 | 25979 |
|  CSL Finance PLC <br>4.75%, 04/27/2052<sup>(a)</sup> | 44 | 36632 |
|  CVS Health Corp. <br>6.00%, 06/01/2044 | 25 | 23952 |
|  Dentsply Sirona, Inc. <br>3.25%, 06/01/2030 | 138 | 124523 |
|  Eli Lilly & Co. <br>5.20%, 08/14/2064 | 13 | 11986 |
|  Gilead Sciences, Inc. <br>5.10%, 06/15/2035 | 25 | 24863 |
|  Hershey Co. (The) <br>4.95%, 02/24/2032 | 25 | 25317 |
|  Illumina, Inc. <br>4.65%, 09/09/2026 | 25 | 24974 |
|  Johnson & Johnson <br>5.00%, 03/01/2035 | 20 | 20180 |
|  Keurig Dr. Pepper, Inc. <br>4.60%, 05/15/2030 | 26 | 25878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/15/2027 | 126 | 127184 |
|  Kraft Heinz Foods Co. <br>5.20%, 03/15/2032 | 25 | 25057 |
|  Kroger Co. (The) <br>5.00%, 09/15/2034 | 23 | 22409 |
|  Mars, Inc. <br>4.45%, 03/01/2027<sup>(a)</sup> | 28 | 28029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/01/2028<sup>(a)</sup> | 16 | 16076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/2030<sup>(a)</sup> | 28 | 28176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032<sup>(a)</sup> | 28 | 28109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035<sup>(a)</sup> | 28 | 27918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 05/01/2045<sup>(a)</sup> | 133 | 130561 |
|  McKesson Corp. <br>4.65%, 05/30/2030 | 26 | 26035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/30/2032 | 26 | 26076 |
|  Molson Coors Beverage Co. <br>3.00%, 07/15/2026 | 122 | 119960 |
|  Mylan, Inc. <br>5.20%, 04/15/2048 | 82 | 61679 |
|  Northwell Healthcare, Inc. <br>3.809%, 11/01/2049 | 131 | 92329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 11/01/2047 | 166 | 127063 |
|  PepsiCo, Inc. <br>5.00%, 02/07/2035 | 26 | 25967 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Philip Morris International, Inc. <br>2.10%, 05/01/2030 | $| 96 | $| 85364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 04/28/2028 |  | 26 |  | 25838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/01/2027 |  | 25 |  | 24997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/30/2030 |  | 26 |  | 25707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 04/30/2035 |  | 26 |  | 25160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/01/2034 |  | 25 |  | 24492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/13/2034 |  | 25 |  | 25131 |
|  Sysco Corp. <br>3.30%, 07/15/2026 |  | 88 |  | 86838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/23/2030 |  | 24 |  | 24339 |
|  |  |  |  | 2967310 |
|  **Energy – 3.0%** | **Energy – 3.0%** | **Energy – 3.0%** | **Energy – 3.0%** | **Energy – 3.0%** |
|  APA Infrastructure Ltd. <br>5.125%, 09/16/2034<sup>(a)</sup> |  | 75 |  | 72225 |
|  Energy Transfer LP <br>6.20%, 04/01/2055 |  | 25 |  | 23620 |
|  Enterprise Products Operating LLC <br>Series E <br>5.25%, 08/16/2077 |  | 122 |  | 120159 |
|  Kinder Morgan, Inc. <br>5.15%, 06/01/2030 |  | 26 |  | 26260 |
|  ONEOK, Inc. <br>5.70%, 11/01/2054 |  | 36 |  | 32238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/01/2064 |  | 91 |  | 81471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 09/01/2053 |  | 111 |  | 112060 |
|  Targa Resources Corp. <br>6.50%, 02/15/2053 |  | 132 |  | 130074 |
|  Woodside Finance Ltd. <br>4.90%, 05/19/2028 |  | 26 |  | 25998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/19/2032 |  | 26 |  | 25969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/12/2054 |  | 125 |  | 108675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/19/2035 |  | 19 |  | 18886 |
|  |  |  |  | 777635 |
|  **Services – 2.1%** | **Services – 2.1%** | **Services – 2.1%** | **Services – 2.1%** | **Services – 2.1%** |
|  Amazon.com, Inc. <br>4.10%, 04/13/2062 |  | 12 |  | 9158 |
|  eBay, Inc. <br>3.60%, 06/05/2027 |  | 80 |  | 78796 |
|  Mastercard, Inc. <br>4.95%, 03/15/2032 |  | 25 |  | 25464 |
|  PayPal Holdings, Inc. <br>5.05%, 06/01/2052 |  | 143 |  | 126835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2054 |  | 25 |  | 23572 |
|  RELX Capital, Inc. <br>4.75%, 03/27/2030 |  | 27 |  | 27219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/27/2035 |  | 130 |  | 130478 |

---

---

| | |
|:---|:---|
| 6 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** |
|  S&P Global, Inc. <br>2.45%, 03/01/2027 | $| 135 | $| 130941 |
|  |  |  |  | 552463 |
|  **Technology – 14.8%** | **Technology – 14.8%** | **Technology – 14.8%** | **Technology – 14.8%** | **Technology – 14.8%** |
|  Allegion US Holding Co., Inc. <br>5.60%, 05/29/2034 |  | 109 |  | 109936 |
|  Broadridge Financial Solutions, Inc. <br>2.60%, 05/01/2031 |  | 7 |  | 6165 |
|  Cisco Systems, Inc. <br>4.75%, 02/24/2030 |  | 25 |  | 25401 |
|  Concentrix Corp. <br>6.60%, 08/02/2028 |  | 116 |  | 121723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 08/02/2026 |  | 116 |  | 118059 |
|  Dell International LLC/EMC Corp. <br>4.75%, 04/01/2028 |  | 25 |  | 25107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 |  | 25 |  | 25132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/2032 |  | 25 |  | 25109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2035 |  | 25 |  | 24692 |
|  Fortive Corp. <br>3.15%, 06/15/2026 |  | 108 |  | 106372 |
|  Hewlett Packard Enterprise Co. <br>4.45%, 09/25/2026 |  | 70 |  | 69896 |
|  Honeywell International, Inc. <br>1.10%, 03/01/2027 |  | 139 |  | 131515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2026 |  | 132 |  | 128593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/2054 |  | 127 |  | 117815 |
|  HP, Inc. <br>3.00%, 06/17/2027 |  | 119 |  | 115124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/25/2030 |  | 26 |  | 26329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 04/25/2035 |  | 26 |  | 26300 |
|  Intel Corp. <br>3.15%, 05/11/2027 |  | 27 |  | 26255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/25/2027 |  | 10 |  | 9855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/19/2046 |  | 98 |  | 70996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/01/2041 |  | 144 |  | 120540 |
|  International Business Machines Corp. <br>1.70%, 05/15/2027 |  | 119 |  | 113239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/15/2030 |  | 145 |  | 127906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/2050 |  | 195 |  | 120173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/27/2052 |  | 88 |  | 75975 |
|  Keysight Technologies, Inc. <br>5.35%, 07/30/2030 |  | 26 |  | 26541 |
|  Lam Research Corp. <br>4.875%, 03/15/2049 |  | 115 |  | 101763 |
|  Leidos, Inc. <br>4.375%, 05/15/2030 |  | 127 |  | 123755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/15/2032 |  | 24 |  | 24173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/2035 |  | 24 |  | 23934 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Microchip Technology, Inc. <br>4.90%, 03/15/2028 | $| 25 | $| 25085 |
|  Micron Technology, Inc. <br>6.05%, 11/01/2035 |  | 25 |  | 25483 |
|  Motorola Solutions, Inc. <br>5.00%, 04/15/2029 |  | 5 |  | 5054 |
|  NetApp, Inc. <br>5.50%, 03/17/2032 |  | 25 |  | 25329 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. <br>2.65%, 02/15/2032 |  | 152 |  | 129553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/2030 |  | 33 |  | 30821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/18/2029 |  | 130 |  | 127478 |
|  Open Text Corp. <br>6.90%, 12/01/2027<sup>(a)</sup> |  | 125 |  | 128814 |
|  Oracle Corp. <br>2.65%, 07/15/2026 |  | 115 |  | 112557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/2060 |  | 138 |  | 91748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/03/2028 |  | 24 |  | 24248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/03/2032 |  | 10 |  | 10149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/03/2035 |  | 20 |  | 20099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/03/2055 |  | 24 |  | 23277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 08/03/2065 |  | 24 |  | 23293 |
|  Qorvo, Inc. <br>4.375%, 10/15/2029 |  | 129 |  | 123875 |
|  QUALCOMM, Inc. <br>6.00%, 05/20/2053 |  | 116 |  | 119088 |
|  ServiceNow, Inc. <br>1.40%, 09/01/2030 |  | 154 |  | 131685 |
|  Texas Instruments, Inc. <br>4.50%, 05/23/2030 |  | 26 |  | 26080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 05/18/2063 |  | 24 |  | 21150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 05/23/2035 |  | 26 |  | 26121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/08/2054 |  | 86 |  | 78593 |
|  Tyco Electronics Group SA <br>4.50%, 02/09/2031 |  | 26 |  | 25625 |
|  VMware LLC <br>1.80%, 08/15/2028 |  | 140 |  | 128188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/21/2027 |  | 123 |  | 121338 |
|  Workday, Inc. <br>3.50%, 04/01/2027 |  | 131 |  | 128781 |
|  |  |  |  | 3901885 |
|  **Transportation - Airlines – 1.0%** | **Transportation - Airlines – 1.0%** | **Transportation - Airlines – 1.0%** | **Transportation - Airlines – 1.0%** | **Transportation - Airlines – 1.0%** |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.75%, 10/20/2028<sup>(a)</sup> |  | 133 |  | 132435 |
|  United Airlines 2020-1 Class A Pass Through Trust <br>Series 20-1 <br>5.875%, 04/15/2029 |  | 128 |  | 130016 |
|  |  |  |  | 262451 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Transportation - Services – 0.8%** | **Transportation - Services – 0.8%** | **Transportation - Services – 0.8%** |
|  Element Fleet Management Corp.<br>5.037%, 03/25/2030<sup>(a)</sup> | $27 | $26896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.643%, 03/13/2027<sup>(a)</sup> | 32 | 32459 |
|  Ryder System, Inc. <br>4.85%, 06/15/2030 | 26 | 25839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/01/2029 | 85 | 85143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2030 | 25 | 25087 |
|  United Parcel Service, Inc. <br>5.95%, 05/14/2055 | 26 | 25859 |
|  |  | 221283 |
|  |  | 12857417 |
|  Financial Institutions – 43.3% | Financial Institutions – 43.3% | Financial Institutions – 43.3% |
|  **Banking – 21.2%** | **Banking – 21.2%** | **Banking – 21.2%** |
|  Ally Financial, Inc. <br>5.737%, 05/15/2029 | 20 | 20195 |
|  American Express Co. <br>4.731%, 04/25/2029 | 26 | 26148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%, 04/25/2031 | 26 | 26295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.085%, 01/30/2031 | 25 | 25366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.098%, 02/16/2028 | 41 | 41383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%, 07/28/2027 | 119 | 120036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.532%, 04/25/2030 | 24 | 24803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.667%, 04/25/2036 | 26 | 26513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.915%, 04/25/2035 | 17 | 17546 |
|  Bank of America Corp. <br>1.734%, 07/22/2027 | 127 | 122841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 12/20/2028 | 84 | 81513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.705%, 04/24/2028 | 45 | 44238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.376%, 04/27/2028 | 35 | 34834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.623%, 05/09/2029 | 26 | 26000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.464%, 05/09/2036 | 26 | 26184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511%, 01/24/2036 | 24 | 24205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.518%, 10/25/2035 | 25 | 24507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.744%, 02/12/2036 | 94 | 93381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G <br>3.593%, 07/21/2028 | 124 | 121325 |
|  Bank of Montreal <br>2.65%, 03/08/2027 | 132 | 128180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.567%, 09/10/2027 | 46 | 45956 |
|  Bank of New York Mellon Corp. (The) <br>4.89%, 07/21/2028 | 25 | 25252 |
|  Canadian Imperial Bank of Commerce <br>4.508%, 09/11/2027 | 18 | 17974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.237%, 06/28/2027 | 24 | 24357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.245%, 01/13/2031 | 25 | 25406 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Capital One Financial Corp. <br>2.359%, 07/29/2032 | $149 | $123235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/28/2026 | 122 | 120530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.463%, 07/26/2030 | 25 | 25468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.964%, 11/02/2034 | 111 | 127026 |
|  Citigroup, Inc. <br>3.668%, 07/24/2028 | 61 | 59644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%, 01/10/2028 | 122 | 120437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%, 09/19/2030 | 25 | 24678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.786%, 03/04/2029 | 27 | 27035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333%, 03/27/2036 | 27 | 26662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%, 02/13/2035 | 132 | 131545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 01/24/2036 | 24 | 24076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.174%, 05/25/2034 | 126 | 128946 |
|  Citizens Financial Group, Inc. <br>5.253%, 03/05/2031 | 16 | 16026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.718%, 07/23/2032 | 25 | 25508 |
|  Comerica, Inc. <br>5.982%, 01/30/2030 | 118 | 119966 |
|  Goldman Sachs Group, Inc. (The) <br>1.542%, 09/10/2027 | 112 | 107582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615%, 03/15/2028 | 124 | 121758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.017%, 10/31/2038 | 55 | 46830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%, 10/23/2030 | 25 | 24897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.937%, 04/23/2028 | 28 | 28124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%, 07/23/2030 | 25 | 25224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.218%, 04/23/2031 | 26 | 26393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33%, 07/23/2035 | 25 | 24819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.536%, 01/28/2036 | 24 | 24172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.727%, 04/25/2030 | 13 | 13440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.851%, 04/25/2035 | 18 | 18550 |
|  HSBC Holdings PLC <br>6.50%, 09/15/2037 | 121 | 125135 |
|  JPMorgan Chase & Co. <br>2.947%, 02/24/2028 | 91 | 88566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.956%, 05/13/2031 | 136 | 123564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 05/01/2028 | 134 | 131441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.782%, 02/01/2028 | 121 | 119410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.603%, 10/22/2030 | 25 | 24854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 01/23/2028 | 25 | 25166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103%, 04/22/2031 | 26 | 26381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 01/24/2031 | 24 | 24365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.502%, 01/24/2036 | 24 | 24305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.571%, 04/22/2028 | 24 | 24442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.581%, 04/22/2030 | 24 | 24783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.766%, 04/22/2035 | 24 | 24822 |
|  Morgan Stanley <br>2.475%, 01/21/2028 | 13 | 12554 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/2028 | $96 | $95311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.994%, 04/12/2029 | 26 | 26243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.164%, 04/20/2029 | 6 | 6083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.173%, 01/16/2030 | 25 | 25394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.192%, 04/17/2031 | 26 | 26375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 01/15/2031 | 24 | 24364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%, 07/20/2029 | 116 | 118683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.656%, 04/18/2030 | 14 | 14456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.664%, 04/17/2036 | 26 | 26455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G <br>1.512%, 07/20/2027 | 95 | 91674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.772%, 01/24/2029 | 123 | 120368 |
|  PNC Financial Services Group, Inc. (The) <br>4.626%, 06/06/2033 | 84 | 79692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.899%, 05/13/2031 | 26 | 26037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.068%, 01/24/2034 | 104 | 102779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/21/2028 | 5 | 5057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.401%, 07/23/2035 | 25 | 24945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.492%, 05/14/2030 | 8 | 8228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.575%, 01/29/2036 | 6 | 6048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.676%, 01/22/2035 | 12 | 12244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.615%, 10/20/2027 | 117 | 120250 |
|  Royal Bank of Canada <br>Series G <br>5.153%, 02/04/2031 | 24 | 24348 |
|  Santander Holdings USA, Inc. <br>2.49%, 01/06/2028 | 128 | 123008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.473%, 03/20/2029 | 28 | 28224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.741%, 03/20/2031 | 15 | 15165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.499%, 03/09/2029 | 111 | 114917 |
|  State Street Corp. <br>4.543%, 04/24/2028 | 10 | 10023 |
|  Synchrony Financial <br>2.875%, 10/28/2031 | 138 | 116887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/2027 | 118 | 114741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.935%, 08/02/2030 | 28 | 28388 |
|  Toronto-Dominion Bank (The) <br>4.574%, 06/02/2028 | 26 | 26018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.808%, 06/03/2030 | 26 | 26022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.861%, 01/31/2028 | 25 | 25235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.298%, 01/30/2032 | 17 | 17240 |
|  Truist Financial Corp. <br>5.071%, 05/20/2031 | 25 | 25131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.435%, 01/24/2030 | 25 | 25562 |
|  US Bancorp <br>4.967%, 07/22/2033 | 45 | 43737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.046%, 02/12/2031 | 26 | 26197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.083%, 05/15/2031 | 26 | 26222 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate 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; 5.424%, 02/12/2036 | $| 26 | $| 25922 |
|  Wells Fargo & Co. <br>3.526%, 03/24/2028 |  | 134 |  | 131391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 04/23/2029 |  | 26 |  | 26202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 04/23/2031 |  | 26 |  | 26321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605%, 04/23/2036 |  | 26 |  | 26306 |
|  |  |  |  | 5570690 |
|  **Brokerage – 1.5%** | **Brokerage – 1.5%** | **Brokerage – 1.5%** | **Brokerage – 1.5%** | **Brokerage – 1.5%** |
|  Apollo Global Management, Inc. <br>5.80%, 05/21/2054 |  | 49 |  | 46833 |
|  BGC Group, Inc. <br>6.15%, 04/02/2030<sup>(a)</sup> |  | 25 |  | 25001 |
|  Blue Owl Finance LLC <br>6.25%, 04/18/2034 |  | 126 |  | 127813 |
|  Cantor Fitzgerald LP <br>7.20%, 12/12/2028<sup>(a)</sup> |  | 77 |  | 80999 |
|  Raymond James Financial, Inc. <br>4.95%, 07/15/2046 |  | 136 |  | 119589 |
|  |  |  |  | 400235 |
|  **Finance – 8.1%** | **Finance – 8.1%** | **Finance – 8.1%** | **Finance – 8.1%** | **Finance – 8.1%** |
|  Apollo Debt Solutions BDC <br>6.70%, 07/29/2031 |  | 115 |  | 118169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 04/13/2029 |  | 93 |  | 96437 |
|  Ares Capital Corp. <br>5.50%, 09/01/2030 |  | 26 |  | 25803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/08/2032 |  | 25 |  | 24621 |
|  Ares Strategic Income Fund <br>5.70%, 03/15/2028 |  | 25 |  | 25023 |
|  Aviation Capital Group LLC<br>4.75%, 04/14/2027<sup>(a)</sup> |  | 8 |  | 7974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 04/10/2030<sup>(a)</sup> |  | 27 |  | 26852 |
|  Avolon Holdings Funding Ltd. <br>5.375%, 05/30/2030<sup>(a)</sup> |  | 27 |  | 27082 |
|  Blackstone Secured Lending Fund <br>5.30%, 06/30/2030 |  | 134 |  | 131687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/2027 |  | 24 |  | 24404 |
|  Blue Owl Capital Corp. <br>5.95%, 03/15/2029 |  | 132 |  | 131912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 07/15/2030 |  | 26 |  | 26134 |
|  Blue Owl Credit Income Corp. <br>5.80%, 03/15/2030 |  | 130 |  | 128707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 09/15/2029 |  | 126 |  | 128832 |
|  Brookfield Finance, Inc. <br>3.50%, 03/30/2051 |  | 13 |  | 8521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/20/2047 |  | 156 |  | 128500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.813%, 03/03/2055 |  | 27 |  | 25542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.968%, 03/04/2054 |  | 131 |  | 126834 |

---

---

| | |
|:---|:---|
| 12 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** |
|  FS KKR Capital Corp. <br>3.125%, 10/12/2028 | $| 146 | $| 132228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 01/15/2030 |  | 25 |  | 24624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 08/15/2029 |  | 24 |  | 24411 |
|  Golub Capital Private Credit Fund <br>5.875%, 05/01/2030<sup>(a)</sup> |  | 23 |  | 22816 |
|  HA Sustainable Infrastructure Capital, Inc. <br>6.375%, 07/01/2034 |  | 125 |  | 121984 |
|  HAT Holdings I LLC/HAT Holdings II LLC <br>3.375%, 06/15/2026<sup>(a)</sup> |  | 125 |  | 121665 |
|  HPS Corporate Lending Fund <br>5.30%, 06/05/2027<sup>(a)</sup> |  | 26 |  | 25928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 06/05/2030<sup>(a)</sup> |  | 26 |  | 25930 |
|  KKR Group Finance Co. III LLC <br>5.125%, 06/01/2044<sup>(a)</sup> |  | 143 |  | 125922 |
|  Macquarie Airfinance Holdings Ltd. <br>5.20%, 03/27/2028<sup>(a)</sup> |  | 27 |  | 27089 |
|  Morgan Stanley Direct Lending Fund <br>6.00%, 05/19/2030 |  | 26 |  | 26086 |
|  Oaktree Specialty Lending Corp. <br>6.34%, 02/27/2030 |  | 26 |  | 25662 |
|  Oaktree Strategic Credit Fund <br>6.50%, 07/23/2029 |  | 117 |  | 118412 |
|  Sixth Street Lending Partners <br>5.75%, 01/15/2030 |  | 25 |  | 24863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 07/15/2030<sup>(a)</sup> |  | 25 |  | 25263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/11/2029 |  | 10 |  | 10263 |
|  Sixth Street Specialty Lending, Inc. <br>5.625%, 08/15/2030 |  | 25 |  | 24888 |
|  |  |  |  | 2121068 |
|  **Financial Services – 0.5%** | **Financial Services – 0.5%** | **Financial Services – 0.5%** | **Financial Services – 0.5%** | **Financial Services – 0.5%** |
|  Five Corners Funding Trust III <br>5.791%, 02/15/2033<sup>(a)</sup> |  | 108 |  | 110680 |
|  Sammons Financial Group Global Funding <br>5.05%, 01/10/2028<sup>(a)</sup> |  | 25 |  | 25272 |
|  |  |  |  | 135952 |
|  **Insurance – 6.1%** | **Insurance – 6.1%** | **Insurance – 6.1%** | **Insurance – 6.1%** | **Insurance – 6.1%** |
|  American National Global Funding <br>5.25%, 06/03/2030<sup>(a)</sup> |  | 26 |  | 25957 |
|  Athene Holding Ltd. <br>6.25%, 04/01/2054 |  | 25 |  | 23869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 05/19/2055 |  | 26 |  | 25919 |
|  Centene Corp. <br>3.375%, 02/15/2030 |  | 96 |  | 87466 |
|  Cigna Group (The) <br>5.60%, 02/15/2054 |  | 125 |  | 115475 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  CNO Global Funding <br>4.875%, 12/10/2027<sup>(a)</sup> | $| 25 | $| 25067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/09/2029<sup>(a)</sup> |  | 25 |  | 24965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/04/2027<sup>(a)</sup> |  | 24 |  | 24554 |
|  Elevance Health, Inc. <br>5.85%, 11/01/2064 |  | 121 |  | 113888 |
|  Fairfax Financial Holdings Ltd. <br>5.75%, 05/20/2035<sup>(a)</sup> |  | 25 |  | 24956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/20/2055<sup>(a)</sup> |  | 25 |  | 24779 |
|  Guardian Life Global Funding <br>4.798%, 04/28/2030<sup>(a)</sup> |  | 25 |  | 25215 |
|  Health Care Service Corp. A Mutual Legal Reserve Co. <br>5.875%, 06/15/2054<sup>(a)</sup> |  | 121 |  | 114080 |
|  Marsh & McLennan Cos., Inc. <br>5.40%, 03/15/2055 |  | 25 |  | 23354 |
|  MetLife, Inc. <br>9.25%, 04/08/2068<sup>(a)</sup> |  | 102 |  | 119164 |
|  New York Life Global Funding <br>4.40%, 04/25/2028<sup>(a)</sup> |  | 26 |  | 26048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/03/2030<sup>(a)</sup> |  | 26 |  | 26100 |
|  New York Life Insurance Co. <br>4.45%, 05/15/2069<sup>(a)</sup> |  | 152 |  | 114831 |
|  Northwestern Mutual Global Funding <br>4.60%, 06/03/2030<sup>(a)</sup> |  | 26 |  | 26063 |
|  Northwestern Mutual Life Insurance Co. (The) <br>6.17%, 05/29/2055<sup>(a)</sup> |  | 26 |  | 26700 |
|  Pacific Life Global Funding II <br>4.45%, 05/01/2028<sup>(a)</sup> |  | 25 |  | 25037 |
|  Prudential Financial, Inc. <br>4.50%, 09/15/2047 |  | 76 |  | 74379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/15/2048 |  | 132 |  | 131820 |
|  RGA Global Funding <br>5.25%, 01/09/2030<sup>(a)</sup> |  | 25 |  | 25481 |
|  Sammons Financial Group, Inc. <br>6.875%, 04/15/2034<sup>(a)</sup> |  | 115 |  | 119955 |
|  UnitedHealth Group, Inc. <br>5.375%, 04/15/2054 |  | 25 |  | 22501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/15/2054 |  | 71 |  | 66394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2064 |  | 119 |  | 111010 |
|  Unum Group <br>6.00%, 06/15/2054 |  | 25 |  | 24042 |
|  |  |  |  | 1619069 |
|  **REITs – 5.9%** | **REITs – 5.9%** | **REITs – 5.9%** | **REITs – 5.9%** | **REITs – 5.9%** |
|  Agree LP <br>5.60%, 06/15/2035 |  | 26 |  | 26088 |
|  American Homes 4 Rent LP <br>4.95%, 06/15/2030 |  | 26 |  | 25989 |

---

---

| | |
|:---|:---|
| 14 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** |
|  American Tower Corp. <br>2.75%, 01/15/2027 | $| 131 | $| 127230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/2030 |  | 130 |  | 130719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/15/2035 |  | 25 |  | 25113 |
|  Boston Properties LP <br>2.75%, 10/01/2026 |  | 126 |  | 122582 |
|  CBRE Services, Inc. <br>4.80%, 06/15/2030 |  | 26 |  | 25849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2029 |  | 118 |  | 121240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/2034 |  | 119 |  | 122876 |
|  Cousins Properties LP <br>5.25%, 07/15/2030 |  | 26 |  | 26166 |
|  Crown Castle, Inc. <br>2.90%, 03/15/2027 |  | 136 |  | 131891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/11/2028 |  | 61 |  | 61359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/01/2029 |  | 123 |  | 126301 |
|  Host Hotels & Resorts LP <br>5.70%, 06/15/2032 |  | 131 |  | 130325 |
|  Piedmont Operating Partnership LP <br>6.875%, 07/15/2029 |  | 25 |  | 25888 |
|  Safehold GL Holdings LLC <br>5.65%, 01/15/2035 |  | 25 |  | 24421 |
|  Store Capital LLC <br>5.40%, 04/30/2030<sup>(a)</sup> |  | 26 |  | 25894 |
|  VICI Properties LP <br>4.75%, 04/01/2028 |  | 25 |  | 24988 |
|  WEA Finance LLC <br>2.875%, 01/15/2027<sup>(a)</sup> |  | 126 |  | 121942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/2029<sup>(a)</sup> |  | 131 |  | 124202 |
|  |  |  |  | 1551063 |
|  |  |  |  | 11398077 |
|  Utility – 5.4% | Utility – 5.4% | Utility – 5.4% | Utility – 5.4% | Utility – 5.4% |
|  **Electric – 5.3%** | **Electric – 5.3%** | **Electric – 5.3%** | **Electric – 5.3%** | **Electric – 5.3%** |
|  AEP Texas, Inc. <br>5.70%, 05/15/2034 |  | 25 |  | 25078 |
|  AEP Transmission Co. LLC <br>5.15%, 04/01/2034 |  | 12 |  | 11904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 06/15/2035 |  | 14 |  | 14060 |
|  Ameren Illinois Co. <br>5.625%, 03/01/2055 |  | 27 |  | 26029 |
|  Constellation Energy Generation LLC <br>6.50%, 10/01/2053 |  | 112 |  | 117461 |
|  Dominion Energy, Inc. <br>4.60%, 05/15/2028 |  | 26 |  | 26066 |
|  NextEra Energy Capital Holdings, Inc.<br>1.875%, 01/15/2027 |  | 133 |  | 127641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/04/2028 |  | 24 |  | 24259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 05/01/2079 |  | 123 |  | 119984 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  NSTAR Electric Co. <br>4.85%, 03/01/2030 | $| 27 | $27191 |
|  Oklahoma Gas & Electric Co. <br>5.80%, 04/01/2055 |  | 27 | 26272 |
|  Oncor Electric Delivery Co. LLC <br>4.50%, 03/20/2027<sup>(a)</sup> |  | 26 | 26054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 04/01/2035<sup>(a)</sup> |  | 20 | 20049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 06/15/2054 |  | 25 | 23545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 04/01/2055<sup>(a)</sup> |  | 26 | 25270 |
|  Pacific Gas & Electric Co. <br>3.30%, 12/01/2027 |  | 129 | 124010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/2028 |  | 129 | 124351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/01/2035 |  | 27 | 26573 |
|  Pinnacle West Capital Corp. <br>4.90%, 05/15/2028 |  | 26 | 26188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/15/2030 |  | 26 | 26315 |
|  San Diego Gas & Electric Co. <br>5.40%, 04/15/2035 |  | 27 | 27080 |
|  Southern California Edison Co. <br>5.25%, 03/15/2030 |  | 88 | 88373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/01/2028 |  | 128 | 129333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/01/2027 |  | 70 | 71565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 09/15/2055 |  | 25 | 23358 |
|  Southwestern Public Service Co. <br>6.00%, 06/01/2054 |  | 25 | 24505 |
|  Xcel Energy, Inc. <br>4.75%, 03/21/2028 |  | 26 | 26128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/15/2035 |  | 26 | 26004 |
|  |  |  | 1384646 |
|  **Other Utility – 0.1%** | **Other Utility – 0.1%** | **Other Utility – 0.1%** | **Other Utility – 0.1%** |
|  American Water Capital Corp. <br>5.25%, 03/01/2035 |  | 27 | 26939 |
|  |  |  | 1411585 |
|  Total Corporates – Investment Grade <br>(cost $25,790,178) |  |  | 25667079 |
|  | **Shares** | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 2.2% | SHORT-TERM INVESTMENTS – 2.2% | SHORT-TERM INVESTMENTS – 2.2% | SHORT-TERM INVESTMENTS – 2.2% |
|  **Investment Companies – 2.2%** | **Investment Companies – 2.2%** | **Investment Companies – 2.2%** | **Investment Companies – 2.2%** |
|  AB Fixed Income Shares, Inc.– Government Money Market Portfolio – Class AB, 4.14%<sup>(b)(c)(d)</sup> <br>(cost $569,950) |  | 569950 | 569950 |
|  Total Investments – 99.8% <br>(cost $26,360,128) |  |  | 26237029 |
|  Other assets less liabilities – 0.2% |  |  | 65448 |
|  **Net Assets – 100.0%** |  |  | $**26302477** |

---

---

| | |
|:---|:---|
| 16 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 | 8 | September 2025 | $900375 | $1750 |
|  U.S. Long Bond (CBT) Futures | 17 | September 2025 | 1917281 | 3984 |
|  U.S. T-Note 5 Yr (CBT) Futures | 15 | September 2025 | 1622813 | 10547 |
|  **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  U.S. T-Note 2 Yr (CBT) Futures | 14 | September 2025 | 2904125 | (3391) |
|  U.S. T-Note 10 Yr (CBT) Futures | 4 | September 2025 | 443000 | (2101) |
|  U.S. Ultra Bond (CBT) Futures | 4 | September 2025 | 464250 | (797) |
|  |  |  |  | $9992 |

---

(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 May 31, 2025, the aggregate market value of these securities amounted to $3,123,576 or 11.9% 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

REIT – Real Estate Investment Trust

See notes to financial statements.

---

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

---

------

#### STATEMENT OF ASSETS & LIABILITIES
**May 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $25,790,178) | $25667079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $569,950) | 569950 |
|  Cash collateral due from broker | 85622 |
|  Interest receivable | 299298 |
|  Affiliated dividends receivable | 1489 |
|  Receivable due from Adviser | 77 |
|  Total assets | 26623515 |
| Liabilities | Liabilities |
|  Payable for investment securities purchased | 311179 |
|  Advisory fee payable | 6897 |
|  Payable for variation margin on futures | 2962 |
|  Total liabilities | 321038 |
|  Net Assets | $**26302477** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $75 |
|  Additional paid-in capital | 26387452 |
|  Accumulated loss | (85050) |
|  Net Assets | $**26302477** |
|  Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 750,028 common shares outstanding) | $**35.07** |

---

See notes to financial statements.

---

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

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689742 |  |
|  Dividends—Affiliated issuers | 8016 | $697758 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 38708 |  |
|  Total expenses before bank overdraft expense | 38708 |  |
|  Bank overdraft expense | 120 |  |
|  Total expenses | 38828 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (391) |  |
|  Net expenses |  | 38437 |
|  Net investment income |  | 659321 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (61730) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 66813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (57938) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (561436) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (10453) |
|  Net loss on investment transactions |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(624744) |
|  Net Increase in Net Assets from Operations |  | $**34577** |

---

See notes to financial statements.

---

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

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025<br>(unaudited)** | **December 13,**<br>**2023<sup>(a)</sup> to<br>November 30,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $659321 | $1238291 |
|  Net realized gain (loss) on investment transactions | (52855) | 258944 |
|  Net change in unrealized appreciation (depreciation) of investments | (571889) | 458782 |
|  Contributions from Affiliates (see Note B) | – 0 | 69 |
|  Net increase in net assets from operations | 34577 | 1956086 |
|  Distribution to Shareholders | (861859) | (1119835) |
| Transactions in Shares of the Fund | Transactions in Shares of the Fund | Transactions in Shares of the Fund |
|  Net increase | 1771250 | 24514930 |
|  Other capital | 67 | 7261 |
|  Total increase | 944035 | 25358442 |
| Net Assets | Net Assets | Net Assets |
|  Beginning of period | 25358442 | – 0 |
|  End of period | $**26302477** | $**25358442** |

---

(a) Commencement of operations.

See notes to financial statements.

---

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

---

------

#### NOTES TO FINANCIAL STATEMENTS
**May 31, 2025** (unaudited)

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 18 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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Corporates – Investment Grade | $– 0 | $25667079 | $– 0 | $25667079 |
|  Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569950 | – 0 | – 0 | 569950 |
|  Total Investments in Securities | 569950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25667079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26237029 |

---

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Futures | $16281 | $– 0 | $– 0 | $16281 <sup>(b)</sup> |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  Futures | (6289) | – 0 | – 0 | (6289)<sup>(b)</sup> |
|  **Total** | $**579942** | $**25667079** | $**– 0** | $**26247021** |

---

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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.

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 six months ended May 31, 2025, such waiver/reimbursements relating to the Fund's investment in AB Government Money Market Portfolio amounted to $391.

A summary of the Fund's transactions in AB mutual funds for the six months ended May 31, 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>5/31/25<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;6549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |

---

During the period ended November 30, 2024, the Adviser reimbursed the Fund $69 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 Plan.

---

| | |
|:---|:---|
| 26 AB Corporate Bond 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 six months ended May 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12397729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11277585 |
|  U.S. government securities | – 0 | – 0 |

---

During the six months ended May 31, 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 six months ended May 31, 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;6915088 |
|  U.S. government securities | – 0 | – 0 |

---

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $233070 |
|  Gross unrealized depreciation | (346177) |
|  Net unrealized depreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113107) |

---

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

---

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

---

------

**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 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 six months ended May 31, 2025, the Fund held futures for hedging purposes.

During the six months ended May 31, 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 | $16281 \* | Payable for variation margin on futures | $6289 \* |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16281 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6289 |

---

\* 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. 

---

| | |
|:---|:---|
| 28 AB Corporate Bond 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)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | $(57938) | $(10453) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57938) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10453) |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended May 31, 2025:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $6479781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5784367 |

---

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 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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Bond ETF 29 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Transactions in shares of the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>May 31, 2025<br>(unaudited) | December 13,<br> 2023<sup>(a)</sup> to<br>November 30,<br>2024 | Six Months Ended<br>May 31, 2025<br>(unaudited) | December 13,<br> 2023<sup>(a)</sup> to<br>November 30,<br>2024 |
|  Shares sold | 300000 | 900028 | $10574470 | $31674325 |
|  Shares redeemed | (250000) | (200000) | (8803220) | (7159395) |
|  **Net increase** | **50000** | **700028** | $**1771250** | $**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, tariffs and trade disputes, interest rate levels, 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.

**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%.

---

| | |
|:---|:---|
| 30 AB Corporate Bond ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**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 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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Bond ETF 31 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**Below Investment Grade Securities Risk**—Investments in fixed-income securities with lower ratings (commonly known as "junk bonds") tend to have 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 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

---

| | |
|:---|:---|
| 32 AB Corporate Bond ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Bond ETF 33 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended May 31, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal year ended November 30, 2024 was as follows:

---

| | |
|:---|:---|
|  | **2024** |
|  Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1119835 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119835 |

---

As of November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $307773 |
|  Unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434459 <sup>(a)</sup> |
|  Total accumulated earnings (deficit) | $742232 |

---

(a) 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, 2024, the Fund did not have any capital loss carryforwards.

---

| | |
|:---|:---|
| 34 AB Corporate Bond ETF | **ABFunds.com** |

---

------

**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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Bond ETF 35 |

---

------

#### FINANCIAL HIGHLIGHTS

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025<br>(unaudited)** | **December 13,**<br> **2023<sup>(a)</sup> to<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> | .90 | 1.77 |
|  Net realized and unrealized gain (loss) on investment transactions | (.85 | 1.05 |
|  Contributions from Affiliates | – 0 | .00 |
|  Net increase in net asset value from operations | .05 | 2.82 |
|  **Less: Dividends and Distributions** |  |  |
|  Dividends from net investment income | (.93 | (1.60) |
|  Distributions from net realized gain on investment transactions | (.27 | – 0 |
|  Total dividends and distributions | (1.20) | (1.60) |
|  Net asset value, end of period | **$35.07** | **$36.22** |
|  **Total Return** |  |  |
|  Total investment return based on net asset value<sup>(e)</sup> | .15 | 8.24 |
|  **Ratios/Supplemental Data** |  |  |
|  Net assets, end of period (000's omitted) | $26302 | $25358 |
|  Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup> | .30 | .30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup> | .30 | .30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 5.11 | 5.13 |
|  Portfolio turnover rate<sup>(g)</sup> | 45 | 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) The expense ratios presented below exclude bank overdraft expense:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** |  | **December 13,<br>2023<sup>(a)</sup> to<br>November 30,<br>2024** |  |
|  Net of waivers/reimbursements | .30% | <sup>^</sup> | .30% | <sup>^</sup> |
|  Before waivers/reimbursements | .30% | <sup>^</sup> | .30% | <sup>^</sup> |

---

(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.

---

| | |
|:---|:---|
| 36 AB Corporate Bond ETF | **ABFunds.com** |

---

------

#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested directors (the "directors") of AB Active ETFs, Inc. (the "Company") unanimously approved the Company's Advisory Agreement with the Adviser in respect of AB Corporate Bond ETF (the "Fund") for an initial two-year period at a meeting held in-person on August 1-2, 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

---

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

---

------

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

---

| | |
|:---|:---|
| 38 AB Corporate Bond 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 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 compared the proposed advisory fee rate for the Fund with those for other funds 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 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 projected expense ratio information as relevant to their evaluation of the Adviser's services because the Adviser is responsible for

---

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

---

------

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 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.

---

| | |
|:---|:---|
| 40 AB Corporate Bond ETF | **ABFunds.com** |

---

------

![LOGO](g949745g28a43.jpg)

AB CORPORATE BOND ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-COB-0152-0525 ![LOGO](g949745g22c48.jpg)

------

#### May 31, 2025
![LOGO](g949930g28a43.jpg)

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

(NASDAQ: CPLS)

![LOGO](g949930g50e50.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
**May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  GOVERNMENTS - TREASURIES – 42.2% |  |  |
|  **United States – 42.2%** | **United States – 42.2%** | **United States – 42.2%** |
|  U.S. Treasury Bonds<br>1.875%, 11/15/2051 | $124 | $66965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2049 | 1046 | 731669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2052 | 2033 | 1393320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2048 | 2343 | 1688424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2049 | 173 | 124242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 05/15/2048 | 7562 | 5593517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/2048 | 110 | 84842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/2053 | 725 | 632364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2054 | 64 | 59588 |
|  U.S. Treasury Notes<br>1.25%, 04/30/2028 | 1414 | 1311982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/31/2028 | 640 | 592600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/30/2028 | 361 | 331218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 12/31/2028 | 7433 | 6808163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/2028 | 2236 | 2060963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 02/15/2029 | 1180 | 1127361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 1001 | 910597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2028 | 830 | 806591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 04/30/2029 | 148 | 142346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/31/2029 | 1949 | 1886267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/2029 | 1230 | 1197712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/2029 | 4396 | 4378485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/2034 | 565 | 543305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/2026 | 1345 | 1342426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/2026 | 419 | 419409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/31/2027 | 3960 | 3968508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/31/2030 | 599 | 601855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/2026 | 1001 | 1000492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/2026 | 1653 | 1658424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/31/2026 | 6170 | 6192173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 6959 | 6877177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/31/2031 | 6055 | 6219620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/2028 | 1214 | 1250894 |
|  Total Governments - Treasuries <br>(cost $61,996,609) |  | 62003499 |
|  CORPORATES - INVESTMENT GRADE – 33.8% |  |  |
|  Financial Institutions – 16.8% |  |  |
|  **Banking – 10.7%** |  |  |
|  Ally Financial, Inc. <br>5.737%, 05/15/2029 | 41 | 41399 |
|  American Express Co.<br>4.731%, 04/25/2029 | 62 | 62354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.989%, 05/26/2033 | 124 | 122595 |

---

---

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

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%, 04/25/2031 | $62 | $62703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.098%, 02/16/2028 | 298 | 300780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.667%, 04/25/2036 | 62 | 63224 |
|  Bank of America Corp.<br>1.734%, 07/22/2027 | 134 | 129611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%, 04/22/2032 | 315 | 278262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972%, 02/04/2033 | 351 | 308834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 12/20/2028 | 55 | 53371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.705%, 04/24/2028 | 129 | 126816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.623%, 05/09/2029 | 59 | 58999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.425%, 08/15/2035 | 299 | 292640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.464%, 05/09/2036 | 59 | 59418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511%, 01/24/2036 | 26 | 26222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.518%, 10/25/2035 | 301 | 295070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.744%, 02/12/2036 | 20 | 19868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.933%, 09/15/2027 | 35 | 35539 |
|  Bank of Montreal<br>4.567%, 09/10/2027 | 126 | 125880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.203%, 02/01/2028 | 61 | 62186 |
|  Bank of New York Mellon Corp. (The)<br>5.188%, 03/14/2035 | 216 | 216050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.474%, 10/25/2034 | 272 | 295778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br>4.967%, 04/26/2034 | 301 | 297710 |
|  Bank of Nova Scotia (The) <br>4.932%, 02/14/2029 | 20 | 20147 |
|  Canadian Imperial Bank of Commerce<br>4.857%, 03/30/2029 | 63 | 63341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.245%, 01/13/2031 | 25 | 25406 |
|  Capital One Financial Corp.<br>2.359%, 07/29/2032 | 152 | 125716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.268%, 05/10/2033 | 112 | 110831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.468%, 02/01/2029 | 299 | 304218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.377%, 06/08/2034 | 292 | 304988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.964%, 11/02/2034 | 257 | 294106 |
|  Citigroup, Inc.<br>1.462%, 06/09/2027 | 132 | 127653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.976%, 11/05/2030 | 39 | 36061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 10/27/2028 | 118 | 114779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%, 01/10/2028 | 121 | 119450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%, 09/19/2030 | 310 | 306013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.658%, 05/24/2028 | 52 | 51989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.786%, 03/04/2029 | 60 | 60077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%, 03/26/2041 | 82 | 78095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333%, 03/27/2036 | 31 | 30612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%, 02/13/2035 | 309 | 307934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.174%, 05/25/2034 | 296 | 302920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 11/17/2033 | 29 | 30790 |

---

---

| | |
|:---|:---|
| 2 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; Series VAR<br>3.07%, 02/24/2028 | $30 | $29188 |
|  Citizens Financial Group, Inc.<br>5.253%, 03/05/2031 | 36 | 36058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.841%, 01/23/2030 | 118 | 121073 |
|  Comerica, Inc. <br>5.982%, 01/30/2030 | 299 | 303981 |
|  Goldman Sachs Group, Inc. (The)<br>1.542%, 09/10/2027 | 14 | 13448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.948%, 10/21/2027 | 60 | 57793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%, 04/22/2032 | 354 | 310561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/21/2032 | 257 | 223248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615%, 03/15/2028 | 129 | 126668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.017%, 10/31/2038 | 173 | 147303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.937%, 04/23/2028 | 33 | 33146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%, 07/23/2030 | 24 | 24216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.207%, 01/28/2031 | 95 | 96387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.218%, 04/23/2031 | 62 | 62936 |
|  HSBC Holdings PLC<br>5.874%, 11/18/2035 | 320 | 316733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/2037 | 182 | 188219 |
|  Huntington Bancshares, Inc./OH <br>5.709%, 02/02/2035 | 298 | 299389 |
|  JPMorgan Chase & Co.<br>1.47%, 09/22/2027 | 56 | 53771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.963%, 01/25/2033 | 348 | 307587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.782%, 02/01/2028 | 129 | 127305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.323%, 04/26/2028 | 53 | 52752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 01/23/2028 | 46 | 46306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103%, 04/22/2031 | 61 | 61895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 01/24/2031 | 26 | 26396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.502%, 01/24/2036 | 26 | 26331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.571%, 04/22/2028 | 22 | 22405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.581%, 04/22/2030 | 68 | 70219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.717%, 09/14/2033 | 287 | 294376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.766%, 04/22/2035 | 20 | 20685 |
|  Morgan Stanley<br>2.475%, 01/21/2028 | 48 | 46352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.994%, 04/12/2029 | 61 | 61570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.042%, 07/19/2030 | 25 | 25239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.192%, 04/17/2031 | 61 | 61880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 01/15/2031 | 26 | 26395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/21/2034 | 185 | 184922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.297%, 04/20/2037 | 86 | 84229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 07/19/2035 | 161 | 159966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%, 07/20/2029 | 84 | 85943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.587%, 01/18/2036 | 26 | 26260 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.652%, 04/13/2028 | $76 | $77392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.656%, 04/18/2030 | 14 | 14456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.664%, 04/17/2036 | 61 | 62067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.831%, 04/19/2035 | 24 | 24747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>1.512%, 07/20/2027 | 130 | 125449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.239%, 07/21/2032 | 362 | 308576 |
|  PNC Financial Services Group, Inc. (The)<br>4.626%, 06/06/2033 | 314 | 297895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.899%, 05/13/2031 | 59 | 59084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.102%, 07/23/2027 | 15 | 15087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.222%, 01/29/2031 | 24 | 24367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/21/2028 | 125 | 126420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.575%, 01/29/2036 | 24 | 24192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.939%, 08/18/2034 | 98 | 101441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.615%, 10/20/2027 | 122 | 125389 |
|  Royal Bank of Canada<br>Series G<br>4.715%, 03/27/2028 | 63 | 63208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.965%, 01/24/2029 | 26 | 26255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 05/02/2031 | 63 | 63485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.153%, 02/04/2031 | 26 | 26377 |
|  Santander Holdings USA, Inc.<br>5.473%, 03/20/2029 | 68 | 68543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.741%, 03/20/2031 | 31 | 31341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.174%, 01/09/2030 | 260 | 268052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.499%, 03/09/2029 | 219 | 226728 |
|  State Street Corp.<br>4.536%, 02/28/2028 | 60 | 60433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.543%, 04/24/2028 | 23 | 23052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.729%, 02/28/2030 | 60 | 60304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.821%, 01/26/2034 | 308 | 302105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.834%, 04/24/2030 | 62 | 62531 |
|  Synchrony Financial <br>5.935%, 08/02/2030 | 10 | 10139 |
|  Toronto-Dominion Bank (The)<br>4.574%, 06/02/2028 | 59 | 59041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.808%, 06/03/2030 | 59 | 59050 |
|  Truist Financial Corp. <br>5.071%, 05/20/2031 | 59 | 59309 |
|  US Bancorp<br>4.839%, 02/01/2034 | 311 | 301574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.967%, 07/22/2033 | 311 | 302270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.046%, 02/12/2031 | 20 | 20151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.083%, 05/15/2031 | 60 | 60513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/23/2030 | 25 | 25305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.787%, 10/26/2027 | 121 | 124589 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wells Fargo & Co.<br>3.35%, 03/02/2033 | $342 | $307072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.584%, 05/22/2028 | 5 | 4901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/07/2046 | 368 | 304424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.808%, 07/25/2028 | 51 | 51137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 04/23/2029 | 62 | 62482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 04/23/2031 | 62 | 62766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%, 01/24/2031 | 118 | 119794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.574%, 07/25/2029 | 298 | 305700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605%, 04/23/2036 | 21 | 21247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.707%, 04/22/2028 | 76 | 77404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>4.90%, 11/17/2045 | 337 | 287727 |
|  |  | 15709137 |
|  **Brokerage – 1.0%** |  |  |
|  Ares Management Corp. <br>5.60%, 10/11/2054 | 283 | 257770 |
|  BGC Group, Inc. <br>6.15%, 04/02/2030<sup>(a)</sup> | 55 | 55003 |
|  Blue Owl Finance LLC <br>6.25%, 04/18/2034 | 300 | 304317 |
|  CI Financial Corp.<br>3.20%, 12/17/2030 | 347 | 302789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/30/2029<sup>(a)</sup> | 289 | 303054 |
|  LPL Holdings, Inc. <br>5.20%, 03/15/2030 | 60 | 60305 |
|  Raymond James Financial, Inc. <br>4.95%, 07/15/2046 | 168 | 147727 |
|  |  | 1430965 |
|  **Finance – 1.8%** |  |  |
|  Ares Capital Corp.<br>5.50%, 09/01/2030 | 59 | 58553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/08/2032 | 25 | 24620 |
|  Aviation Capital Group LLC<br>4.75%, 04/14/2027<sup>(a)</sup> | 18 | 17942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 04/10/2030<sup>(a)</sup> | 63 | 62654 |
|  Avolon Holdings Funding Ltd. <br>5.375%, 05/30/2030<sup>(a)</sup> | 63 | 63192 |
|  Blackstone Private Credit Fund<br>6.00%, 01/29/2032 | 24 | 23990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/22/2034 | 304 | 292758 |
|  Blackstone Secured Lending Fund <br>5.30%, 06/30/2030 | 63 | 61913 |
|  Blue Owl Capital Corp. <br>6.20%, 07/15/2030 | 60 | 60309 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Blue Owl Credit Income Corp.<br>5.80%, 03/15/2030 | $25 | $24751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 09/15/2029 | 172 | 175867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 03/15/2031 | 122 | 124061 |
|  Brookfield Finance, Inc.<br>4.70%, 09/20/2047 | 375 | 308895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.813%, 03/03/2055 | 63 | 59599 |
|  FS KKR Capital Corp.<br>6.125%, 01/15/2030 | 25 | 24623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 08/15/2029 | 24 | 24411 |
|  Golub Capital Private Credit Fund <br>5.875%, 05/01/2030<sup>(a)</sup> | 56 | 55553 |
|  HPS Corporate Lending Fund<br>5.30%, 06/05/2027<sup>(a)</sup> | 55 | 54848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 06/05/2030<sup>(a)</sup> | 55 | 54853 |
|  KKR Group Finance Co. III LLC <br>5.125%, 06/01/2044<sup>(a)</sup> | 340 | 299394 |
|  KKR Group Finance Co. X LLC <br>3.25%, 12/15/2051<sup>(a)</sup> | 477 | 294333 |
|  Macquarie Airfinance Holdings Ltd. <br>5.20%, 03/27/2028<sup>(a)</sup> | 63 | 63209 |
|  Morgan Stanley Direct Lending Fund <br>6.00%, 05/19/2030 | 60 | 60197 |
|  Oaktree Specialty Lending Corp. <br>6.34%, 02/27/2030 | 59 | 58233 |
|  Sixth Street Lending Partners<br>5.75%, 01/15/2030 | 25 | 24863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 07/15/2030<sup>(a)</sup> | 25 | 25262 |
|  Sixth Street Specialty Lending, Inc. <br>5.625%, 08/15/2030 | 59 | 58736 |
|  USAA Capital Corp. <br>4.375%, 06/01/2028<sup>(a)</sup> | 150 | 150081 |
|  |  | 2607700 |
|  **Financial Services – 0.0%** |  |  |
|  Sammons Financial Group Global Funding <br>5.05%, 01/10/2028<sup>(a)</sup> | 25 | 25272 |
|  **Insurance – 2.5%** |  |  |
|  American National Global Funding <br>5.25%, 06/03/2030<sup>(a)</sup> | 59 | 58903 |
|  Athene Global Funding <br>5.583%, 01/09/2029<sup>(a)</sup> | 295 | 300927 |
|  Athene Holding Ltd.<br>3.95%, 05/25/2051 | 403 | 274298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/2054 | 77 | 73517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 05/19/2055 | 60 | 59813 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Brighthouse Financial, Inc. <br>4.70%, 06/22/2047 | $406 | $305361 |
|  Corebridge Global Funding <br>4.90%, 01/07/2028<sup>(a)</sup> | 25 | 25296 |
|  Fairfax Financial Holdings Ltd.<br>5.75%, 05/20/2035<sup>(a)</sup> | 59 | 58897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 03/22/2054 | 301 | 294092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/20/2055<sup>(a)</sup> | 59 | 58477 |
|  GA Global Funding Trust <br>5.50%, 04/01/2032<sup>(a)</sup> | 150 | 150397 |
|  Guardian Life Global Funding <br>4.798%, 04/28/2030<sup>(a)</sup> | 62 | 62533 |
|  Jackson National Life Global Funding <br>4.70%, 06/05/2028<sup>(a)</sup> | 150 | 150159 |
|  National Life Insurance Co. <br>5.25%, 07/19/2068<sup>(a)</sup> | 208 | 169749 |
|  New York Life Global Funding<br>4.40%, 04/25/2028<sup>(a)</sup> | 62 | 62115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/03/2030<sup>(a)</sup> | 59 | 59228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 01/23/2035<sup>(a)</sup> | 25 | 25307 |
|  New York Life Insurance Co. <br>3.75%, 05/15/2050<sup>(a)</sup> | 109 | 78134 |
|  Northwestern Mutual Global Funding <br>4.60%, 06/03/2030<sup>(a)</sup> | 59 | 59142 |
|  Northwestern Mutual Life Insurance Co. (The) <br>6.17%, 05/29/2055<sup>(a)</sup> | 60 | 61615 |
|  Pacific Life Global Funding II <br>4.45%, 05/01/2028<sup>(a)</sup> | 62 | 62092 |
|  Pricoa Global Funding I <br>4.70%, 05/28/2030<sup>(a)</sup> | 150 | 150619 |
|  Principal Life Global Funding II <br>4.80%, 01/09/2028<sup>(a)</sup> | 130 | 130983 |
|  Protective Life Global Funding <br>4.803%, 06/05/2030<sup>(a)</sup> | 150 | 150330 |
|  Prudential Financial, Inc.<br>4.50%, 09/15/2047 | 305 | 298494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/15/2048 | 294 | 293600 |
|  RGA Global Funding<br>5.25%, 01/09/2030<sup>(a)</sup> | 25 | 25481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.448%, 05/24/2029<sup>(a)</sup> | 24 | 24626 |
|  Teachers Insurance & Annuity Association of America <br>3.30%, 05/15/2050<sup>(a)</sup> | 193 | 126097 |
|  |  | 3650282 |
|  **REITs – 0.8%** |  |  |
|  Agree LP <br>5.60%, 06/15/2035 | 60 | 60203 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  American Homes 4 Rent LP <br>4.95%, 06/15/2030 | $59 | $58974 |
|  American Tower Corp. <br>4.90%, 03/15/2030 | 65 | 65359 |
|  Brixmor Operating Partnership LP <br>5.20%, 04/01/2032 | 29 | 28843 |
|  CBRE Services, Inc.<br>2.50%, 04/01/2031 | 334 | 291445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 06/15/2030 | 62 | 61639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/2034 | 282 | 291185 |
|  Cousins Properties LP <br>5.25%, 07/15/2030 | 59 | 59376 |
|  Host Hotels & Resorts LP <br>5.70%, 06/15/2032 | 59 | 58696 |
|  Ventas Realty LP <br>5.10%, 07/15/2032 | 55 | 54867 |
|  VICI Properties LP <br>4.75%, 04/01/2028 | 55 | 54975 |
|  WEA Finance LLC <br>2.875%, 01/15/2027<sup>(a)</sup> | 133 | 128716 |
|  |  | 1214278 |
|  |  | 24637634 |
|  Industrial – 15.1% |  |  |
|  **Basic – 0.7%** |  |  |
|  Celanese US Holdings LLC <br>6.415%, 07/15/2027<sup>(b)</sup> | 33 | 33795 |
|  CF Industries, Inc. <br>4.50%, 12/01/2026<sup>(a)</sup> | 127 | 126557 |
|  EIDP, Inc. <br>5.125%, 05/15/2032 | 60 | 60596 |
|  Glencore Funding LLC<br>4.907%, 04/01/2028<sup>(a)</sup> | 63 | 63288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 04/01/2030<sup>(a)</sup> | 29 | 29347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.338%, 04/04/2027<sup>(a)</sup> | 299 | 302128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.673%, 04/01/2035<sup>(a)</sup> | 63 | 63182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.141%, 04/01/2055<sup>(a)</sup> | 55 | 53980 |
|  LYB International Finance III LLC <br>6.15%, 05/15/2035 | 12 | 12181 |
|  Nutrien Ltd.<br>4.50%, 03/12/2027 | 30 | 29979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/12/2032 | 35 | 35158 |
|  Rio Tinto Finance USA PLC<br>4.875%, 03/14/2030 | 65 | 65737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/14/2032 | 65 | 65309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/14/2035 | 65 | 64834 |
|  |  | 1006071 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Capital Goods – 0.6%** |  |  |
|  Caterpillar Financial Services Corp.<br>4.50%, 01/07/2027 | $25 | $25117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 01/08/2030 | 25 | 25453 |
|  CNH Industrial Capital LLC <br>4.75%, 03/21/2028 | 46 | 46085 |
|  John Deere Capital Corp.<br>4.50%, 01/08/2027 | 25 | 25136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/07/2028 | 25 | 25326 |
|  Lockheed Martin Corp.<br>5.70%, 11/15/2054 | 35 | 34469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/2063 | 62 | 62790 |
|  Northrop Grumman Corp. <br>5.25%, 07/15/2035 | 19 | 19061 |
|  Republic Services, Inc.<br>4.75%, 07/15/2030 | 65 | 65620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/2035 | 65 | 65248 |
|  RTX Corp.<br>3.125%, 05/04/2027 | 131 | 127957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2027 | 129 | 126962 |
|  Westinghouse Air Brake Technologies Corp.<br>3.45%, 11/15/2026 | 129 | 126830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 05/29/2030 | 60 | 60340 |
|  |  | 836394 |
|  **Communications - Media – 1.1%** |  |  |
|  DIRECTV Financing LLC <br>8.875%, 02/01/2030<sup>(a)</sup> | 309 | 305786 |
|  DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc.<br>5.875%, 08/15/2027<sup>(a)</sup> | 70 | 68907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 02/15/2031<sup>(a)</sup> | 257 | 250187 |
|  Meta Platforms, Inc.<br>5.55%, 08/15/2064 | 84 | 80399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/2063 | 104 | 102938 |
|  Warnermedia Holdings, Inc.<br>3.755%, 03/15/2027 | 176 | 170653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 03/15/2032 | 195 | 165682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042 | 409 | 294472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141%, 03/15/2052 | 279 | 180784 |
|  |  | 1619808 |
|  **Communications - Telecommunications – 0.8%** |  |  |
|  AT&T, Inc.<br>2.30%, 06/01/2027 | 135 | 129565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 08/15/2030 | 59 | 59193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 08/15/2035 | 59 | 59322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 08/15/2056 | 59 | 59159 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Corning, Inc. <br>5.45%, 11/15/2079 | $350 | $302862 |
|  SES GLOBAL Americas Holdings, Inc. <br>5.30%, 03/25/2044<sup>(a)</sup> | 426 | 303137 |
|  T-Mobile USA, Inc.<br>2.625%, 02/15/2029 | 10 | 9312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/2027 | 130 | 128331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/2035 | 63 | 62788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2055 | 12 | 11103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/2055 | 63 | 61444 |
|  Verizon Communications, Inc. <br>5.25%, 04/02/2035 | 63 | 62712 |
|  |  | 1248928 |
|  **Consumer Cyclical - Automotive – 1.3%** |  |  |
|  BMW US Capital LLC<br>4.65%, 03/19/2027<sup>(a)</sup> | 65 | 65151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/21/2028<sup>(a)</sup> | 65 | 65321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/21/2030<sup>(a)</sup> | 65 | 65557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/21/2035<sup>(a)</sup> | 65 | 64169 |
|  Ford Motor Co. <br>3.25%, 02/12/2032 | 361 | 297951 |
|  General Motors Co. <br>5.00%, 04/01/2035 | 52 | 48056 |
|  General Motors Financial Co., Inc.<br>5.00%, 07/15/2027 | 59 | 59055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 07/15/2030 | 59 | 59099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/04/2032 | 34 | 33768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 01/07/2035 | 25 | 24669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 07/15/2035 | 59 | 59197 |
|  Hyundai Capital America<br>4.30%, 09/24/2027<sup>(a)</sup> | 25 | 24662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/26/2029<sup>(a)</sup> | 17 | 16658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/25/2027<sup>(a)</sup> | 63 | 62936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/27/2030<sup>(a)</sup> | 63 | 63032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/19/2027<sup>(a)</sup> | 167 | 168055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 06/24/2029<sup>(a)</sup> | 25 | 25228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/19/2029<sup>(a)</sup> | 9 | 9083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/29/2032<sup>(a)</sup> | 63 | 62648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 09/21/2028<sup>(a)</sup> | 179 | 184814 |
|  Magna International, Inc. <br>5.875%, 06/01/2035 | 22 | 22149 |
|  Mercedes-Benz Finance North America LLC<br>4.65%, 04/01/2027<sup>(a)</sup> | 150 | 150060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030<sup>(a)</sup> | 150 | 150779 |
|  Toyota Motor Credit Corp.<br>4.50%, 05/14/2027 | 60 | 60186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/2030 | 60 | 60381 |
|  |  | 1902664 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Entertainment – 0.1%** |  |  |
|  Royal Caribbean Cruises Ltd.<br>5.375%, 07/15/2027<sup>(a)</sup> | $72 | $72107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026<sup>(a)</sup> | 126 | 125995 |
|  |  | 198102 |
|  **Consumer Cyclical - Other – 0.7%** |  |  |
|  DR Horton, Inc. <br>4.85%, 10/15/2030 | 47 | 46929 |
|  Hyatt Hotels Corp.<br>5.05%, 03/30/2028 | 65 | 65308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/30/2032 | 65 | 65586 |
|  Las Vegas Sands Corp.<br>5.625%, 06/15/2028 | 44 | 44105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/14/2030 | 28 | 28300 |
|  Marriott International, Inc./MD<br>4.90%, 04/15/2029 | 303 | 305518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/15/2035 | 297 | 292988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2037 | 20 | 19527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG<br>3.50%, 10/15/2032 | 30 | 26777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R<br>3.125%, 06/15/2026 | 78 | 76814 |
|  |  | 971852 |
|  **Consumer Cyclical - Restaurants – 0.2%** |  |  |
|  McDonald's Corp. <br>4.60%, 05/15/2030 | 65 | 65173 |
|  Starbucks Corp.<br>4.50%, 05/15/2028 | 59 | 58957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/2030 | 59 | 59199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/15/2035 | 59 | 59135 |
|  |  | 242464 |
|  **Consumer Cyclical - Retailers – 0.3%** |  |  |
|  7-Eleven, Inc. <br>1.30%, 02/10/2028<sup>(a)</sup> | 144 | 131460 |
|  Alimentation Couche-Tard, Inc. <br>3.55%, 07/26/2027<sup>(a)</sup> | 130 | 127130 |
|  AutoZone, Inc. <br>5.125%, 06/15/2030 | 36 | 36570 |
|  Home Depot, Inc. (The) <br>4.50%, 12/06/2048 | 31 | 25927 |
|  Tapestry, Inc. <br>5.50%, 03/11/2035 | 12 | 11769 |
|  Walmart, Inc.<br>4.10%, 04/28/2027 | 62 | 62124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/28/2030 | 62 | 62228 |
|  |  | 457208 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Non-Cyclical – 4.4%** |  |  |
|  Altria Group, Inc.<br>3.40%, 02/04/2041 | $416 | $300731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/09/2042 | 247 | 195214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/14/2049 | 288 | 279510 |
|  BAT Capital Corp.<br>2.259%, 03/25/2028 | 55 | 51712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.282%, 04/02/2050 | 359 | 309049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 08/15/2032 | 41 | 41405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/15/2035 | 65 | 65136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/15/2055 | 65 | 64009 |
|  Bristol-Myers Squibb Co. <br>5.65%, 02/22/2064 | 122 | 115649 |
|  Cargill, Inc.<br>4.625%, 02/11/2028<sup>(a)</sup> | 20 | 20162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 02/11/2035<sup>(a)</sup> | 20 | 19793 |
|  CommonSpirit Health <br>4.187%, 10/01/2049 | 375 | 281636 |
|  Constellation Brands, Inc. <br>4.80%, 05/01/2030 | 62 | 61950 |
|  CVS Health Corp. <br>2.875%, 06/01/2026 | 68 | 66797 |
|  Dentsply Sirona, Inc. <br>3.25%, 06/01/2030 | 337 | 304089 |
|  Eli Lilly & Co.<br>4.55%, 02/12/2028 | 66 | 66729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/12/2030 | 200 | 203238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/09/2064 | 37 | 33404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 08/14/2064 | 13 | 11986 |
|  HCA, Inc. <br>5.00%, 03/01/2028 | 59 | 59614 |
|  Japan Tobacco, Inc.<br>4.85%, 05/15/2028<sup>(a)</sup> | 150 | 151413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2030<sup>(a)</sup> | 150 | 153138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 06/15/2035<sup>(a)</sup> | 150 | 154668 |
|  Johnson & Johnson<br>4.85%, 03/01/2032 | 59 | 59981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 | 59 | 59532 |
|  Kaiser Foundation Hospitals <br>Series 2019 <br>3.266%, 11/01/2049 | 427 | 286837 |
|  Keurig Dr. Pepper, Inc. <br>4.60%, 05/15/2030 | 62 | 61708 |
|  Kraft Heinz Foods Co. <br>5.20%, 03/15/2032 | 59 | 59136 |
|  Mars, Inc.<br>4.45%, 03/01/2027<sup>(a)</sup> | 67 | 67068 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/01/2028<sup>(a)</sup> | $39 | $39186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/2030<sup>(a)</sup> | 67 | 67420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032<sup>(a)</sup> | 67 | 67261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035<sup>(a)</sup> | 67 | 66804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 05/01/2045<sup>(a)</sup> | 67 | 65771 |
|  McKesson Corp.<br>4.65%, 05/30/2030 | 60 | 60080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/30/2032 | 60 | 60176 |
|  Mylan, Inc. <br>5.40%, 11/29/2043 | 51 | 40509 |
|  NYU Langone Hospitals <br>4.368%, 07/01/2047 | 145 | 120466 |
|  PepsiCo, Inc.<br>4.40%, 02/07/2027 | 20 | 20078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/07/2028 | 20 | 20178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/07/2030 | 20 | 20204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/07/2035 | 20 | 19974 |
|  Philip Morris International, Inc.<br>2.10%, 05/01/2030 | 144 | 128046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 04/28/2028 | 62 | 61614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/30/2030 | 62 | 61301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/2041 | 245 | 208451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 04/30/2035 | 62 | 59997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/15/2033 | 298 | 303879 |
|  Providence St. Joseph Health Obligated Group <br>Series 21A <br>2.70%, 10/01/2051 | 528 | 285854 |
|  Stryker Corp.<br>4.55%, 02/10/2027 | 20 | 20069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/10/2028 | 20 | 20181 |
|  Sysco Corp. <br>5.10%, 09/23/2030 | 56 | 56790 |
|  Tyson Foods, Inc.<br>3.55%, 06/02/2027 | 132 | 129615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/15/2034 | 294 | 299436 |
|  Utah Acquisition Sub, Inc.<br>3.95%, 06/15/2026 | 76 | 75003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2046 | 351 | 271158 |
|  Viatris, Inc. <br>4.00%, 06/22/2050 | 352 | 225449 |
|  |  | 6480244 |
|  **Energy – 1.0%** |  |  |
|  Chevron USA, Inc.<br>4.405%, 02/26/2027 | 60 | 60385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.475%, 02/26/2028 | 60 | 60571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.687%, 04/15/2030 | 60 | 60768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.819%, 04/15/2032 | 60 | 60554 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Continental Resources, Inc./OK <br>2.875%, 04/01/2032<sup>(a)</sup> | $368 | $301090 |
|  Energy Transfer LP<br>5.00%, 05/15/2044<sup>(b)</sup> | 181 | 151493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/2030 | 59 | 59607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/15/2054 | 331 | 301925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 04/01/2055 | 59 | 55743 |
|  Enterprise Products Operating LLC <br>Series E <br>5.25%, 08/16/2077 | 129 | 127053 |
|  Kinder Morgan, Inc. <br>5.15%, 06/01/2030 | 62 | 62619 |
|  Woodside Finance Ltd.<br>4.90%, 05/19/2028 | 60 | 59995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/19/2032 | 60 | 59929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/19/2035 | 45 | 44730 |
|  |  | 1466462 |
|  **Other Industrial – 0.2%** |  |  |
|  George Washington University (The) <br>Series 2018 <br>4.126%, 09/15/2048 | 361 | 281277 |
|  **Services – 0.2%** |  |  |
|  Cintas Corp. No. 2 <br>4.20%, 05/01/2028 | 62 | 61904 |
|  Mastercard, Inc.<br>4.55%, 03/15/2028 | 59 | 59730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/15/2032 | 59 | 60094 |
|  PayPal Holdings, Inc.<br>5.05%, 06/01/2052 | 55 | 48783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2054 | 24 | 22629 |
|  RELX Capital, Inc.<br>4.75%, 03/27/2030 | 63 | 63511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/27/2035 | 63 | 63232 |
|  |  | 379883 |
|  **Technology – 2.5%** |  |  |
|  Apple, Inc.<br>3.95%, 08/08/2052 | 49 | 38078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/08/2062 | 116 | 89613 |
|  Broadcom, Inc.<br>4.15%, 02/15/2028 | 302 | 300469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/15/2028 | 25 | 25289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/12/2027 | 300 | 303855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/15/2030 | 25 | 25402 |
|  Cisco Systems, Inc.<br>4.55%, 02/24/2028 | 59 | 59598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/24/2055 | 59 | 57275 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Dell International LLC/EMC Corp.<br>4.75%, 04/01/2028 | $55 | $55234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 55 | 55289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/2032 | 55 | 55239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2035 | 55 | 54323 |
|  Fiserv, Inc.<br>2.65%, 06/01/2030 | 141 | 127513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/01/2026 | 131 | 129110 |
|  Hewlett Packard Enterprise Co. <br>4.45%, 09/25/2026 | 112 | 111834 |
|  HP, Inc.<br>5.40%, 04/25/2030 | 61 | 61773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 04/25/2035 | 61 | 61705 |
|  Intel Corp. <br>3.75%, 03/25/2027 | 128 | 126144 |
|  International Business Machines Corp.<br>4.25%, 05/15/2049 | 231 | 181979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 02/10/2028 | 100 | 100716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/27/2052 | 352 | 303899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/06/2053 | 343 | 305229 |
|  Keysight Technologies, Inc. <br>5.35%, 07/30/2030 | 59 | 60228 |
|  Leidos, Inc. <br>5.40%, 03/15/2032 | 56 | 56403 |
|  Micron Technology, Inc. <br>6.05%, 11/01/2035 | 62 | 63197 |
|  Oracle Corp.<br>4.80%, 08/03/2028 | 20 | 20207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/03/2032 | 9 | 9134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/06/2053 | 309 | 282479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 11/09/2052 | 264 | 284671 |
|  Salesforce, Inc. <br>1.50%, 07/15/2028 | 141 | 130149 |
|  Texas Instruments, Inc.<br>4.50%, 05/23/2030 | 60 | 60185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 05/23/2035 | 60 | 60280 |
|  Tyco Electronics Group SA <br>4.50%, 02/09/2031 | 62 | 61105 |
|  |  | 3717604 |
|  **Transportation - Airlines – 0.4%** |  |  |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.75%, 10/20/2028<sup>(a)</sup> | 309 | 307687 |
|  United Airlines 2024-1 Class AA Pass Through Trust <br>Series AA <br>5.45%, 08/15/2038 | 290 | 287662 |
|  |  | 595349 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Transportation - Railroads – 0.2%** |  |  |
|  Burlington Northern Santa Fe LLC <br>4.375%, 09/01/2042 | $357 | $305024 |
|  **Transportation - Services – 0.4%** |  |  |
|  Element Fleet Management Corp.<br>5.037%, 03/25/2030<sup>(a)</sup> | 63 | 62758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.271%, 06/26/2026<sup>(a)</sup> | 128 | 129852 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp.<br>1.70%, 06/15/2026<sup>(a)</sup> | 113 | 109533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2029<sup>(a)</sup> | 9 | 9127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/2030<sup>(a)</sup> | 24 | 24376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/30/2029<sup>(a)</sup> | 57 | 57875 |
|  Ryder System, Inc.<br>4.85%, 06/15/2030 | 62 | 61615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2030 | 59 | 59205 |
|  United Parcel Service, Inc. <br>5.95%, 05/14/2055 | 60 | 59675 |
|  |  | 574016 |
|  |  | 22283350 |
|  Utility – 1.9% |  |  |
|  **Electric – 1.8%** |  |  |
|  AEP Transmission Co. LLC<br>5.15%, 04/01/2034 | 34 | 33729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 06/15/2035 | 27 | 27116 |
|  Berkshire Hathaway Energy Co.<br>4.45%, 01/15/2049 | 379 | 304022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/01/2053 | 374 | 303235 |
|  Connecticut Light & Power Co. (The) <br>4.95%, 01/15/2030 | 25 | 25381 |
|  Consumers Energy Co. <br>5.05%, 05/15/2035 | 62 | 61614 |
|  Dominion Energy, Inc. <br>4.60%, 05/15/2028 | 59 | 59149 |
|  Edison International <br>6.25%, 03/15/2030 | 65 | 65854 |
|  NextEra Energy Capital Holdings, Inc.<br>4.85%, 02/04/2028 | 20 | 20216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2030 | 20 | 20293 |
|  NSTAR Electric Co. <br>4.85%, 03/01/2030 | 60 | 60424 |
|  Oncor Electric Delivery Co. LLC<br>4.50%, 03/20/2027<sup>(a)</sup> | 65 | 65134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/01/2029 | 25 | 25115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 04/01/2035<sup>(a)</sup> | 47 | 47116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 06/15/2054 | 25 | 23545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 04/01/2055<sup>(a)</sup> | 65 | 63174 |

---

---

| | |
|:---|:---|
| 16 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** |
|  Pacific Gas & Electric Co. <br>5.55%, 05/15/2029 | $| 299 | $| 303063 |
|  Pinnacle West Capital Corp.<br>4.90%, 05/15/2028 |  | 60 |  | 60434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/15/2030 |  | 60 |  | 60728 |
|  Public Service Co. of Colorado <br>5.85%, 05/15/2055 |  | 65 |  | 62680 |
|  San Diego Gas & Electric Co. <br>5.40%, 04/15/2035 |  | 63 |  | 63186 |
|  Southern California Edison Co.<br>4.00%, 04/01/2047 |  | 196 |  | 137490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/2054 |  | 40 |  | 35198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 12/01/2053 |  | 327 |  | 291540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 03/01/2055 |  | 329 |  | 295347 |
|  Xcel Energy, Inc.<br>4.75%, 03/21/2028 |  | 63 |  | 63311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/15/2035 |  | 63 |  | 63009 |
|  |  |  |  | 2641103 |
|  **Natural Gas – 0.0%** | **Natural Gas – 0.0%** | **Natural Gas – 0.0%** | **Natural Gas – 0.0%** | **Natural Gas – 0.0%** |
|  Southern California Gas Co.<br>5.75%, 06/01/2053 |  | 35 |  | 33345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 11/15/2052 |  | 13 |  | 13408 |
|  |  |  |  | 46753 |
|  **Other Utility – 0.1%** | **Other Utility – 0.1%** | **Other Utility – 0.1%** | **Other Utility – 0.1%** | **Other Utility – 0.1%** |
|  American Water Capital Corp. <br>5.25%, 03/01/2035 |  | 60 |  | 59866 |
|  |  |  |  | 2747722 |
|  Total Corporates - Investment Grade <br>(cost $49,898,385) |  |  |  | 49668706 |
|  MORTGAGE PASS-THROUGHS – 6.6% | MORTGAGE PASS-THROUGHS – 6.6% | MORTGAGE PASS-THROUGHS – 6.6% | MORTGAGE PASS-THROUGHS – 6.6% | MORTGAGE PASS-THROUGHS – 6.6% |
|  **Agency Fixed Rate 30-Year – 6.4%** | **Agency Fixed Rate 30-Year – 6.4%** | **Agency Fixed Rate 30-Year – 6.4%** | **Agency Fixed Rate 30-Year – 6.4%** | **Agency Fixed Rate 30-Year – 6.4%** |
|  Federal Home Loan Mortgage Corp. <br>Series 2022 <br>3.00%, 03/01/2052 |  | 753 |  | 647124 |
|  Federal Home Loan Mortgage Corp. Gold<br>Series 2005<br>5.50%, 01/01/2035 |  | 54 |  | 55268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>5.50%, 07/01/2035 |  | 8 |  | 7991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>4.00%, 02/01/2046 |  | 416 |  | 396570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>4.00%, 07/01/2044 |  | 272 |  | 258540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>4.50%, 03/01/2048 |  | 112 |  | 107530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2048 |  | 316 |  | 303137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2048 |  | 139 |  | 137507 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Federal National Mortgage Association<br>Series 2003<br>5.50%, 04/01/2033 | $15 | $15433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2033 | 34 | 34375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004<br>5.50%, 04/01/2034 | 4 | 4326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2034 | 10 | 10375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2034 | 15 | 15573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2035 | 148 | 151341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005<br>5.50%, 02/01/2035 | 21 | 21656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>5.50%, 08/01/2037 | 102 | 104284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012<br>3.50%, 02/01/2042 | 110 | 101960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013<br>3.50%, 04/01/2043 | 620 | 574212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>4.50%, 09/01/2048 | 228 | 218412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>2.00%, 07/01/2051 | 1753 | 1368687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2051 | 817 | 637214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>2.50%, 03/01/2052 | 1200 | 991675 |
|  Government National Mortgage Association<br>Series 2023<br>5.50%, 04/20/2053 | 652 | 650871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>2.00%, 06/01/2055, TBA | 395 | 317353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/2055, TBA | 453 | 379629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2055, TBA | 195 | 169942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2055, TBA | 150 | 133514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2055, TBA | 163 | 153881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2055, TBA | 129 | 125173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2055, TBA | 88 | 88855 |
|  Uniform Mortgage-Backed Security<br>Series 2025<br>1.50%, 06/01/2055, TBA | 199 | 146910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/2055, TBA | 200 | 162992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2055, TBA | 110 | 93637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2055, TBA | 170 | 164601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2055, TBA | 88 | 87148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2055, TBA | 401 | 405026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/2055, TBA | 142 | 145816 |
|  |  | 9388538 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Agency Fixed Rate 15-Year – 0.2%** | **Agency Fixed Rate 15-Year – 0.2%** | **Agency Fixed Rate 15-Year – 0.2%** |
|  Uniform Mortgage-Backed Security<br>Series 2025<br>1.50%, 06/01/2040, TBA | $165 | $144708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/2040, TBA | 179 | 161652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/2040, TBA | 76 | 70137 |
|  |  | 376497 |
|  Total Mortgage Pass-Throughs <br>(cost $10,412,522) |  | 9765035 |
|  CORPORATES - NON-INVESTMENT GRADE – 5.7% | CORPORATES - NON-INVESTMENT GRADE – 5.7% |  |
|  Industrial – 5.4% | Industrial – 5.4% | Industrial – 5.4% |
|  **Basic – 0.4%** | **Basic – 0.4%** | **Basic – 0.4%** |
|  Cleveland-Cliffs, Inc. <br>6.75%, 04/15/2030<sup>(a)</sup> | 119 | 106786 |
|  LABL, Inc.<br>5.875%, 11/01/2028<sup>(a)</sup> | 359 | 306672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 10/01/2031<sup>(a)</sup> | 210 | 173913 |
|  Mineral Resources Ltd. <br>9.25%, 10/01/2028<sup>(a)</sup> | 15 | 15230 |
|  |  | 602601 |
|  **Capital Goods – 0.3%** | **Capital Goods – 0.3%** | **Capital Goods – 0.3%** |
|  Brand Industrial Services, Inc. <br>10.375%, 08/01/2030<sup>(a)</sup> | 290 | 260281 |
|  Smyrna Ready Mix Concrete LLC <br>6.00%, 11/01/2028<sup>(a)</sup> | 129 | 127432 |
|  |  | 387713 |
|  **Communications - Media – 0.3%** | **Communications - Media – 0.3%** | **Communications - Media – 0.3%** |
|  AMC Networks, Inc. <br>10.25%, 01/15/2029<sup>(a)</sup> | 102 | 108339 |
|  Gray Media, Inc. <br>10.50%, 07/15/2029<sup>(a)</sup> | 10 | 10639 |
|  LCPR Senior Secured Financing DAC <br>5.125%, 07/15/2029<sup>(a)</sup> | 429 | 276769 |
|  TEGNA, Inc. <br>4.625%, 03/15/2028 | 127 | 123185 |
|  |  | 518932 |
|  **Consumer Cyclical - Automotive – 0.3%** | **Consumer Cyclical - Automotive – 0.3%** | **Consumer Cyclical - Automotive – 0.3%** |
|  Nissan Motor Acceptance Co. LLC<br>1.85%, 09/16/2026<sup>(a)</sup> | 134 | 127659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/13/2027<sup>(a)</sup> | 9 | 8837 |
|  Tenneco, Inc. <br>8.00%, 11/17/2028<sup>(a)</sup> | 305 | 300382 |
|  |  | 436878 |
|  **Consumer Cyclical - Entertainment – 0.1%** | **Consumer Cyclical - Entertainment – 0.1%** | **Consumer Cyclical - Entertainment – 0.1%** |
|  Carnival Corp. <br>5.75%, 03/01/2027<sup>(a)</sup> | 126 | 126212 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Other – 0.2%** | **Consumer Cyclical - Other – 0.2%** | **Consumer Cyclical - Other – 0.2%** |
|  CD&R Smokey Buyer, Inc./Radio Systems Corp. <br>9.50%, 10/15/2029<sup>(a)</sup> | $293 | $243067 |
|  **Consumer Cyclical - Retailers – 0.4%** | **Consumer Cyclical - Retailers – 0.4%** | **Consumer Cyclical - Retailers – 0.4%** |
|  Nordstrom, Inc. <br>5.00%, 01/15/2044 | 424 | 298691 |
|  Staples, Inc. <br>10.75%, 09/01/2029<sup>(a)</sup> | 293 | 267357 |
|  |  | 566048 |
|  **Consumer Non-Cyclical – 2.3%** | **Consumer Non-Cyclical – 2.3%** | **Consumer Non-Cyclical – 2.3%** |
|  AdaptHealth LLC <br>5.125%, 03/01/2030<sup>(a)</sup> | 342 | 316319 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC <br>4.625%, 01/15/2027<sup>(a)</sup> | 122 | 120803 |
|  CHS/Community Health Systems, Inc.<br>5.25%, 05/15/2030<sup>(a)</sup> | 327 | 294388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.875%, 01/15/2032<sup>(a)</sup> | 294 | 313583 |
|  HLF Financing SARL LLC/Herbalife International, Inc. <br>12.25%, 04/15/2029<sup>(a)</sup> | 276 | 300799 |
|  Kronos Acquisition Holdings, Inc. <br>8.25%, 06/30/2031<sup>(a)</sup> | 212 | 185566 |
|  LifePoint Health, Inc. <br>9.875%, 08/15/2030<sup>(a)</sup> | 136 | 145713 |
|  Newell Brands, Inc. <br>7.00%, 04/01/2046<sup>(b)</sup> | 339 | 275309 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV 5.125%, 04/30/2031<sup>(a)</sup> | 368 | 309356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 05/15/2034<sup>(a)</sup> | 323 | 278639 |
|  Prime Healthcare Services, Inc. <br>9.375%, 09/01/2029<sup>(a)</sup> | 319 | 323992 |
|  US Acute Care Solutions LLC <br>9.75%, 05/15/2029<sup>(a)</sup> | 288 | 294028 |
|  Viking Baked Goods Acquisition Corp. <br>8.625%, 11/01/2031<sup>(a)</sup> | 300 | 283812 |
|  |  | 3442307 |
|  **Energy – 0.2%** | **Energy – 0.2%** | **Energy – 0.2%** |
|  Civitas Resources, Inc. <br>9.625%, 06/15/2033<sup>(a)</sup> | 55 | 55145 |
|  Delek Logistics Partners LP/Delek Logistics Finance Corp. <br>8.625%, 03/15/2029<sup>(a)</sup> | 120 | 124459 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. <br>7.25%, 02/15/2035<sup>(a)</sup> | 125 | 116294 |
|  |  | 295898 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Other Industrial – 0.0%** | **Other Industrial – 0.0%** | **Other Industrial – 0.0%** |
|  AECOM <br>5.125%, 03/15/2027 | $13 | $12977 |
|  **Services – 0.1%** | **Services – 0.1%** | **Services – 0.1%** |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. <br>3.375%, 08/31/2027<sup>(a)</sup> | 133 | 127821 |
|  **Technology – 0.4%** | **Technology – 0.4%** | **Technology – 0.4%** |
|  Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. <br>8.00%, 06/15/2029<sup>(a)</sup> | 304 | 272241 |
|  Central Parent, Inc./CDK Global, Inc. <br>7.25%, 06/15/2029<sup>(a)</sup> | 310 | 273997 |
|  Xerox Holdings Corp. <br>5.50%, 08/15/2028<sup>(a)</sup> | 97 | 67981 |
|  |  | 614219 |
|  **Transportation - Airlines – 0.2%** | **Transportation - Airlines – 0.2%** | **Transportation - Airlines – 0.2%** |
|  JetBlue Airways Corp./JetBlue Loyalty LP <br>9.875%, 09/20/2031<sup>(a)</sup> | 266 | 263242 |
|  **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** |
|  Hertz Corp. (The) <br>12.625%, 07/15/2029<sup>(a)</sup> | 275 | 280143 |
|  Rand Parent LLC <br>8.50%, 02/15/2030<sup>(a)</sup> | 73 | 71904 |
|  |  | 352047 |
|  |  | 7989962 |
|  Financial Institutions – 0.2% | Financial Institutions – 0.2% | Financial Institutions – 0.2% |
|  **Financial Services – 0.0%** | **Financial Services – 0.0%** | **Financial Services – 0.0%** |
|  Herc Holdings Escrow, Inc. <br>7.00%, 06/15/2030<sup>(a)</sup> | 38 | 39153 |
|  **REITs – 0.2%** | **REITs – 0.2%** | **REITs – 0.2%** |
|  Hudson Pacific Properties LP <br>4.65%, 04/01/2029 | 407 | 294953 |
|  |  | 334106 |
|  Utility – 0.1% | Utility – 0.1% | Utility – 0.1% |
|  **Natural Gas – 0.1%** | **Natural Gas – 0.1%** | **Natural Gas – 0.1%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp. <br>9.50%, 06/01/2030<sup>(a)</sup> | 60 | 60605 |
|  Total Corporates - Non-Investment Grade <br>(cost $8,654,951) |  | 8384673 |

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** |  | **U.S. $ Value** |
|  ASSET-BACKED SECURITIES – 5.6% | ASSET-BACKED SECURITIES – 5.6% | ASSET-BACKED SECURITIES – 5.6% | ASSET-BACKED SECURITIES – 5.6% |
|  **Autos - Fixed Rate – 3.2%** | **Autos - Fixed Rate – 3.2%** | **Autos - Fixed Rate – 3.2%** | **Autos - Fixed Rate – 3.2%** |
|  Arivo Acceptance Auto Loan Receivables Trust <br>Series 2024-1A, Class A <br>6.46%, 04/17/2028<sup>(a)</sup> | $60 |  | $60481 |
|  Avis Budget Rental Car Funding AESOP LLC <br>Series 2023-3A, Class A <br>5.44%, 02/22/2028<sup>(a)</sup> | 475 |  | 480396 |
|  Carvana Auto Receivables Trust<br>Series 2021-N3, Class C<br>1.02%, 06/12/2028 | 35 |  | 33725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N4, Class D<br>2.30%, 09/11/2028 | 55 |  | 53708 |
|  CPS Auto Receivables Trust <br>Series 2021-C, Class D <br>1.69%, 06/15/2027<sup>(a)</sup> | 150 |  | 149242 |
|  Enterprise Fleet Financing LLC <br>Series 2023-2, Class A2 <br>5.56%, 04/22/2030<sup>(a)</sup> | 236 |  | 237216 |
|  FHF Trust<br>Series 2021-2A, Class A<br>0.83%, 12/15/2026<sup>(a)</sup> | 0 | \*\* | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2<br>6.57%, 06/15/2028<sup>(a)</sup> | 69 |  | 69214 |
|  Flagship Credit Auto Trust<br>Series 2019-3, Class E<br>3.84%, 12/15/2026<sup>(a)</sup> | 466 |  | 465733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class E<br>3.52%, 06/15/2027<sup>(a)</sup> | 971 |  | 970082 |
|  Ford Credit Auto Owner Trust <br>Series 2021-1, Class D <br>2.31%, 10/17/2033<sup>(a)</sup> | 542 |  | 527251 |
|  Hertz Vehicle Financing III LLC <br>Series 2022-1A, Class C <br>2.63%, 06/25/2026<sup>(a)</sup> | 75 |  | 74864 |
|  Lendbuzz Securitization Trust<br>Series 2023-1A, Class A2<br>6.92%, 08/15/2028<sup>(a)</sup> | 245 |  | 248561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A2<br>7.09%, 10/16/2028<sup>(a)</sup> | 108 |  | 110011 |
|  Lobel Automobile Receivables Trust <br>Series 2023-2, Class A <br>7.59%, 04/16/2029<sup>(a)</sup> | 46 |  | 46581 |
|  Octane Receivables Trust <br>Series 2021-2A, Class C <br>2.53%, 05/21/2029<sup>(a)</sup> | 541 |  | 530683 |

---

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| | |
|:---|:---|
| 22 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** |
|  Research-Driven Pagaya Motor Trust <br>Series 2024-1A, Class A <br>7.09%, 06/25/2032<sup>(a)</sup> | $| 105 | $| 106005 |
|  Santander Drive Auto Receivables Trust <br>Series 2023-3, Class B <br>5.61%, 07/17/2028 |  | 228 |  | 229330 |
|  Tesla Auto Lease Trust <br>Series 2024-A, Class A3 <br>5.30%, 06/21/2027<sup>(a)</sup> |  | 141 |  | 141433 |
|  Tricolor Auto Securitization Trust <br>Series 2024-2A, Class A <br>6.36%, 12/15/2027<sup>(a)</sup> |  | 56 |  | 55793 |
|  US Bank NA <br>Series 2023-1, Class B <br>6.789%, 08/25/2032<sup>(a)</sup> |  | 154 |  | 155784 |
|  |  |  |  | 4746272 |
|  **Other ABS - Fixed Rate – 2.2%** | **Other ABS - Fixed Rate – 2.2%** | **Other ABS - Fixed Rate – 2.2%** | **Other ABS - Fixed Rate – 2.2%** | **Other ABS - Fixed Rate – 2.2%** |
|  Affirm Asset Securitization Trust <br>Series 2021-Z2, Class A <br>1.17%, 11/16/2026<sup>(a)</sup> |  | 1 |  | 1018 |
|  Atalaya Equipment Leasing Trust 21-1 <br>Series 2021-1A, Class C <br>2.69%, 06/15/2028<sup>(a)</sup> |  | 592 |  | 585061 |
|  College Ave Student Loans LLC <br>Series 2021-C, Class C <br>3.06%, 07/26/2055<sup>(a)</sup> |  | 163 |  | 149983 |
|  Dext ABS LLC<br>Series 2021-1, Class C<br>2.29%, 09/15/2028<sup>(a)</sup> |  | 393 |  | 389309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class D<br>2.81%, 03/15/2029<sup>(a)</sup> |  | 260 |  | 254722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A2<br>5.99%, 03/15/2032<sup>(a)</sup> |  | 175 |  | 175666 |
|  Diamond Issuer LLC <br>Series 2021-1A, Class B <br>2.701%, 11/20/2051<sup>(a)</sup> |  | 566 |  | 526039 |
|  GCI Funding I LLC <br>Series 2021-1, Class A <br>2.38%, 06/18/2046<sup>(a)</sup> |  | 198 |  | 181073 |
|  Granite Park Equipment Leasing LLC <br>Series 2023-1A, Class A3 <br>6.46%, 09/20/2032<sup>(a)</sup> |  | 136 |  | 138468 |
|  MVW LLC <br>Series 2021-2A, Class C <br>2.23%, 05/20/2039<sup>(a)</sup> |  | 271 |  | 253102 |
|  Nelnet Student Loan Trust <br>Series 2021-BA, Class B <br>2.68%, 04/20/2062<sup>(a)</sup> |  | 220 |  | 191810 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Pagaya AI Debt Trust<br>Series 2024-1, Class A<br>6.66%, 07/15/2031<sup>(a)</sup> | $| 133 | $| 133934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A<br>6.319%, 08/15/2031<sup>(a)</sup> |  | 80 |  | 80649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A<br>6.258%, 10/15/2031<sup>(a)</sup> |  | 135 |  | 136178 |
|  Prosper Marketplace Issuance Trust <br>Series 2024-1A, Class A <br>6.12%, 08/15/2029<sup>(a)</sup> |  | 66 |  | 66263 |
|  |  |  |  | 3263275 |
|  **Credit Cards - Fixed Rate – 0.2%** | **Credit Cards - Fixed Rate – 0.2%** | **Credit Cards - Fixed Rate – 0.2%** | **Credit Cards - Fixed Rate – 0.2%** | **Credit Cards - Fixed Rate – 0.2%** |
|  Brex Commercial Charge Card Master Trust <br>Series 2024-1, Class A1 <br>6.05%, 07/15/2027<sup>(a)</sup> |  | 251 |  | 253017 |
|  Total Asset-Backed Securities <br>(cost $8,398,781) |  |  |  | 8262564 |
|  COLLATERALIZED LOAN OBLIGATIONS – 1.4% | COLLATERALIZED LOAN OBLIGATIONS – 1.4% | COLLATERALIZED LOAN OBLIGATIONS – 1.4% | COLLATERALIZED LOAN OBLIGATIONS – 1.4% | COLLATERALIZED LOAN OBLIGATIONS – 1.4% |
|  **CLO - Floating Rate – 1.4%** | **CLO - Floating Rate – 1.4%** | **CLO - Floating Rate – 1.4%** | **CLO - Floating Rate – 1.4%** | **CLO - Floating Rate – 1.4%** |
|  AGL CLO 12 Ltd. <br>Series 2021-12A, Class A1 <br>5.691% (CME Term SOFR 3 Month + 1.42%), 07/20/2034<sup>(a)(c)</sup> |  | 300 |  | 300798 |
|  Bain Capital Credit CLO <br>Series 2019-1A, Class AR2 <br>5.499% (CME Term SOFR 3 Month + 1.23%), 04/19/2034<sup>(a)(c)</sup> |  | 300 |  | 300375 |
|  Pikes Peak CLO 8 <br>Series 2021-8A, Class A1R <br>5.599% (CME Term SOFR 3 Month + 1.33%), 01/20/2038<sup>(a)(c)</sup> |  | 300 |  | 299827 |
|  Rad CLO 5 Ltd. <br>Series 2019-5A, Class AR <br>5.657% (CME Term SOFR 3 Month + 1.38%), 07/24/2032<sup>(a)(c)</sup> |  | 153 |  | 152691 |
|  Rockford Tower CLO Ltd. <br>Series 2021-2A, Class A1 <br>5.691% (CME Term SOFR 3 Month + 1.42%), 07/20/2034<sup>(a)(c)</sup> |  | 504 |  | 504068 |
|  Signal Peak CLO 14 Ltd. <br>Series 2024-14A, Class A <br>5.59% (CME Term SOFR 3 Month + 1.30%), 01/22/2038<sup>(a)(c)</sup> |  | 300 |  | 300000 |

---

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| | |
|:---|:---|
| 24 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** |
|  Voya CLO Ltd. <br>Series 2018-3A, Class A1R2 <br>5.456% (CME Term SOFR 3 Month + 1.20%), 10/15/2031<sup>(a)(c)</sup> | $| 203 | $| 202540 |
|  Total Collateralized Loan Obligations <br>(cost $2,060,810) |  |  |  | 2060299 |
|  COLLATERALIZED MORTGAGE OBLIGATIONS – 1.1% |  |  |  |  |
|  **Risk Share Floating Rate – 1.1%** | **Risk Share Floating Rate – 1.1%** | **Risk Share Floating Rate – 1.1%** | **Risk Share Floating Rate – 1.1%** | **Risk Share Floating Rate – 1.1%** |
|  Bellemeade Re Ltd. <br>Series 2023-1, Class M1A <br>6.522% (CME Term SOFR + 2.20%), 10/25/2033<sup>(a)(c)</sup> |  | 228 |  | 229110 |
|  Connecticut Avenue Securities Trust<br>Series 2022-R02, Class 2M1<br>5.522% (CME Term SOFR + 1.20%), 01/25/2042<sup>(a)(c)</sup> |  | 101 |  | 101445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1<br>6.622% (CME Term SOFR + 2.30%), 01/25/2043<sup>(a)(c)</sup> |  | 156 |  | 159607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M1<br>5.422% (CME Term SOFR + 1.10%), 02/25/2044<sup>(a)(c)</sup> |  | 103 |  | 103355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R04, Class 1M1<br>5.422% (CME Term SOFR + 1.10%), 05/25/2044<sup>(a)(c)</sup> |  | 165 |  | 164827 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2015-HQA2, Class M3<br>9.236% (CME Term SOFR + 4.91%), 05/25/2028<sup>(c)</sup> |  | 86 |  | 86677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA1, Class M1<br>5.672% (CME Term SOFR + 1.35%), 02/25/2044<sup>(a)(c)</sup> |  | 223 |  | 223664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA1, Class M1<br>5.572% (CME Term SOFR + 1.25%), 03/25/2044<sup>(a)(c)</sup> |  | 230 |  | 229915 |
|  Federal National Mortgage Association Connecticut Avenue Securities <br>Series 2017-C04, Class 2M2 <br>7.286% (CME Term SOFR + 2.96%), 11/25/2029<sup>(c)</sup> |  | 138 |  | 143165 |
|  Home RE Ltd. <br>Series 2023-1, Class M1A <br>6.472% (CME Term SOFR + 2.15%), 10/25/2033<sup>(a)(c)</sup> |  | 35 |  | 35127 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wells Fargo Credit Risk Transfer Securities Trust<br>Series 2015-WF1, Class 1M2<br>9.686% (CME Term SOFR + 5.36%), 11/25/2025<sup>(a)(c)</sup> | $93 | $97147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-WF1, Class 2M2<br>9.936% (CME Term SOFR + 5.61%), 11/25/2025<sup>(a)(c)</sup> | 21 | 22203 |
|  Total Collateralized Mortgage Obligations <br>(cost $1,583,187) |  | 1596242 |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.7% |  |  |
|  **Non-Agency Fixed Rate CMBS – 0.7%** |  |  |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class A1<br>1.433%, 08/15/2026<sup>(d)</sup> | 189 | 186376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2<br>2.435%, 08/15/2026<sup>(d)</sup> | 719 | 710007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class AS<br>2.638%, 08/15/2026<sup>(d)</sup> | 25 | 24431 |
|  HFX Funding <br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035<sup>(d)</sup> | 7 | 6965 |
|  |  | 927779 |
|  **Non-Agency Floating Rate CMBS – 0.0%** |  |  |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk <br>Series 2021-MN1, Class M1 <br>6.322% (CME Term SOFR + 2.00%), 01/25/2051<sup>(a)(c)</sup> | 37 | 36951 |
|  **Agency CMBS – 0.0%** |  |  |
|  Government National Mortgage Association <br>Series 2006-39, Class IO <br>0.118%, 07/16/2046<sup>(e)</sup> | 106 | 1 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $976,448) |  | 964731 |
|  EMERGING MARKETS - CORPORATE BONDS – 0.0% |  |  |
|  Industrial – 0.0% |  |  |
|  **Consumer Non-Cyclical – 0.0%** |  |  |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2025<sup>(d)(f)(g)(h)(i)</sup> <br>(cost $363,375) | 655 | 65 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **<br>Shares** | **U.S. $ Value** |
|  SHORT-TERM INVESTMENTS – 4.7% |  |  |
|  **Investment Companies – 4.7%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB,<br>4.14%<sup>(j)(k)(l)</sup> <br>(cost $6,916,354) | 6916354 | $6916354 |
|  **Total Investments – 101.8%** <br> (cost $151,261,422) |  | 149622168 |
|  Other assets less liabilities – (1.8)% |  | (2658435) |
|  **Net Assets – 100.0%** |  | $**146963733** |

---

#### 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 | 41 | September 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4614422 | $15375 |
|  U.S. Long Bond (CBT) Futures | 47 | September 2025 | 5300719 | 11015 |
|  U.S. T-Note 5 Yr (CBT) Futures | 14 | September 2025 | 1514625 | 9844 |
|  U.S. T-Note 10 Yr (CBT) Futures | 6 | September 2025 | 664500 | 3797 |
|  **Sold Contracts** |  |  |  |  |
|  U.S. T-Note 2 Yr (CBT) Futures | 2 | September 2025 | 414875 | (484) |
|  U.S. Ultra Bond (CBT) Futures | 6 | September 2025 | 696375 | 453 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 |

---

\*\* 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 May 31, 2025, the aggregate market value of these securities amounted to $27,745,232 or 18.9% of net assets.

(b) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at May 31, 2025.

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at May 31, 2025.

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

(d) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.63% of net assets as of May 31, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181935 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186376 | 0.13% |
|  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 | 724840 | 710007 | 0.48% |
|  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 | 25171 | 24431 | 0.02% |
|  HFX Funding <br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035 | 11/19/2020 | 7371 | 6965 | 0.00% |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2025 | 01/24/2014 -<br>01/27/2014 | 363375 | 65 | 0.00% |

---

(e) IO – Interest Only.

(f) Defaulted matured security.

(g) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(h) Non-income producing security.

(i) Fair valued by the Adviser.

(j) 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.

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

(l) Affiliated investments.

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

REIT – Real Estate Investment Trust

TBA – To Be Announced

See notes to financial statements.

---

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

---

------

#### STATEMENT OF ASSETS & LIABILITIES
**May 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $144,345,068) | $142705814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $6,916,354) | 6916354 |
|  Cash | 136036 |
|  Cash collateral due from broker | 286547 |
|  Unaffiliated interest and dividends receivable | 1207429 |
|  Receivable for investment securities sold | 100416 |
|  Affiliated dividends receivable | 22021 |
|  Receivable due from Adviser | 1113 |
|  Total assets | 151375730 |
| Liabilities |  |
|  Payable for investment securities purchased | 4259827 |
|  Advisory fee payable | 39014 |
|  Payable for variation margin on futures | 32304 |
|  Other liabilities | 80852 |
|  Total liabilities | 4411997 |
|  Net Assets | $**146963733** |
| Composition of Net Assets |  |
|  Capital stock, at par | $419 |
|  Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148431825 |
|  Accumulated loss | (1468511) |
|  Net Assets | $**146963733** |
|  **Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value**(based on 4,191,144 common shares outstanding) | $**35.07** |

---

See notes to financial statements.

---

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

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751853 |  |
|  Dividends—Affiliated issuers | 113296 |  |
|  Other income | 1249 | $2866398 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 175732 |  |
|  Total expenses before bank overdraft expense | 175732 |  |
|  Bank overdraft expense | 26 |  |
|  Total expenses | 175758 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (5518) |  |
|  Net expenses |  | 170240 |
|  Net investment income |  | 2696158 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions<sup>(a)</sup> |  | (381032) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | (135360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 108936 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (1017563) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 18258 |
|  Net loss on investment transactions |  | (1406761) |
|  Net Increase in Net Assets from Operations |  | $**1289397** |

---

(a) Net of foreign realized capital gains taxes of $6,554.

See notes to financial statements.

---

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

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025<br>(unaudited)** | **December 13,**<br>**2023<sup>(a)</sup> to<br>November 30,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $2696158 | $2050685 |
|  Net realized gain (loss) on investment transactions | (407456) | 16776 |
|  Net change in unrealized appreciation (depreciation) of investments | (999305) | 808484 |
|  Net increase in net assets from operations | 1289397 | 2875945 |
|  Distribution to Shareholders | (2410421) | (1814999) |
| Transactions in Shares of the Fund |  |  |
|  Net increase | 92695405 | 54310250 |
|  Other capital | 6364 | 11792 |
|  Total increase | 91580745 | 55382988 |
| Net Assets |  |  |
|  Beginning of period | 55382988 | – 0 |
|  End of period | $**146963733** | $**55382988** |

---

(a) Commencement of operations .

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 31 |

---

------

#### NOTES TO FINANCIAL STATEMENTS
**May 31, 2025** (unaudited)

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 18 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 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 day 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 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 or over the counter ("OTC") market put or call options are valued at

---

| | |
|:---|:---|
| 32 AB Core Plus Bond ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 33 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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

---

| | |
|:---|:---|
| 34 AB Core Plus Bond ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Governments – Treasuries | $– 0 | $62003499 | $– 0 | $62003499 |
|  Corporates – Investment Grade | – 0 | 49668706 | – 0 | 49668706 |
|  Mortgage Pass-Throughs | – 0 | 9765035 | – 0 | 9765035 |
|  Corporates – Non-Investment Grade | – 0 | 8384673 | – 0 | 8384673 |
|  Asset-Backed Securities | – 0 | 8262564 | – 0 | 8262564 |
|  Collateralized Loan Obligations | – 0 | 2060299 | – 0 | 2060299 |
|  Collateralized Mortgage Obligations | – 0 | 1596242 | – 0 | 1596242 |
|  Commercial Mortgage-Backed Securities | – 0 | 964731 | – 0 | 964731 |
|  Emerging Markets – Corporate Bonds | – 0 | – 0 | 65 | 65 |
|  Short-Term Investments | 6916354 | – 0 | – 0 | 6916354 |
|  Total Investments in Securities | 6916354 | 142705749 | 65 | 149622168 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Futures | 40484 | – 0 | – 0 | 40484 <sup>(b)</sup> |
|  **Liabilities:** |  |  |  |  |
|  Futures | (484) | – 0 | – 0 | (484)<sup>(b)</sup> |
|  **Total** | $**6956354** | $**142705749** | $**65** | $**149662168** |

---

(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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Core Plus Bond ETF 35 |

---

------

**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 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

---

| | |
|:---|:---|
| 36 AB Core Plus Bond ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 .30% of the Fund's average daily net assets. Prior to February 7, 2025, the Fund paid the Advisor a unitary advisory fee at annual rate of .33% of the Fund's average daily net assets. The fees are accrued daily and paid monthly.

---

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

---

------

**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 six months ended May 31, 2025, such waiver/reimbursements relating to the Fund's investment in AB Government Money Market Portfolio amounted to $5,518.

A summary of the Fund's transactions in AB mutual funds for the six months ended May 31, 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>5/31/25<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;22244 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19562 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6916 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |

---

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 Plan.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the six months ended May 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28280545 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24501160 |
|  U.S. government securities | 33853895 | 32246106 |

---

During the six months ended May 31, 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

---

| | |
|:---|:---|
| 38 AB Core Plus Bond ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

each in-kind redemption transaction. For the six months ended May 31, 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;11230446 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19912320 |
|  U.S. government securities | 9047417 | 17551762 |

---

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $952573 |
|  Gross unrealized depreciation | (2551827) |
|  Net unrealized depreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1599254) |

---

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

---

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

---

------

**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 six months ended May 31, 2025, the Fund held futures for hedging purposes.

During the six months ended May 31, 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;40484 \* | Payable for variation margin on futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 \* |
|  Total |  | $40484 |  | $484 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<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)** |
|  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;108936 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18258 |
|  Total |  | $108936 | $18258 |

---

---

| | |
|:---|:---|
| 40 AB Core Plus Bond ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended May 31, 2025:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11143950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $4744203 |

---

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 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.

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Transactions in shares of the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>May 31, 2025<br>(unaudited) | December 13,<br>2023<sup>(a)</sup><br>November 30,<br>2024 | Six Months Ended<br>May 31, 2025<br>(unaudited) | December 13,<br>2023<sup>(a)</sup><br>November 30,<br>2024 |
|  Shares sold | 800000 | 1800028 | $28269245 | $63219245 |
|  Shares issued in connection with the Reorganization | 3789695 | – 0 | 132651834 | – 0 |
|  Shares redeemed | (1948579) | (250000) | (68225674) | (8908995) |
|  **Net increase** | **2641116** | **1550028** | $**92695405** | $**54310250** |

---

(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 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.

**Below Investment Grade Securities Risk**—Investments in fixed-income securities with lower ratings (commonly known as "junk bonds") are subject to a higher

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

**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,

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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.

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**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 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.

**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

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended May 31, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal year ended November 30, 2024 was as follows:

---

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

---

As of November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271315 |
|  Accumulated capital and other losses | (268860)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 784257 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $786712 |

---

(a) As of November 30, 2024, the cumulative deferred loss on straddles was $268,860.

(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.

---

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

---

------

**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, 2024, the Fund did not have any capital loss carryforwards.

NOTE I

Reorganization

At meetings held on November 5-7, 2024, the Board, on behalf of the Fund, and the Board of Directors of the Acquired Portfolio approved the Conversion providing for the tax-free acquisition by the Fund of the assets and liabilities of the Acquired Portfolio. The acquisition was completed at the close of business February 7, 2025. Pursuant to the Plan, the assets and liabilities of the Acquired Portfolio's shares were transferred in exchange for Fund shares, in a tax-free exchange as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Shares<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 |

---

---

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

---

Assuming the acquisition of the Acquired Portfolio's had been completed on February 7, 2025, the Acquiring Portfolio's pro forma results of operations for the six months ended May 31, 2025, are as follows:

---

| | |
|:---|:---|
|  Net investment income | $4351370 |
|  Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2790155) |
|  Net increase in net assets resulting from operations | $1561215 |

---

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 Acquiring 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 Portfolios 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.

---

| | |
|:---|:---|
| 48 AB Core Plus Bond 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 Core Plus Bond ETF 49 |

---

------

#### FINANCIAL HIGHLIGHTS

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

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **May 31,**<br> **2025**<br> (unaudited) | **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 | Income From Investment Operations | Income From Investment Operations |
|  Net investment income<sup>(b)(c)</sup> | .81 | 1.58 |
|  Net realized and unrealized gain (loss) on investment transactions | (.60 | .55 |
|  Net increase in net asset value from operations | .21 | 2.13 |
|  Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions |
|  Dividends from net investment income | (.85 | (1.40) |
|  Distributions from net realized gain on investment transactions | (.02 | – 0 |
|  Total dividends and distributions | (.87 | (1.40) |
|  Net asset value, end of period | $**35.07** | $**35.73** |
|  Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(d)</sup> | .58 | 6.19 |
|  Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  Net assets, end of period (000's omitted) | $146964 | $55383 |
|  Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)‡</sup> | .30 | .32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)‡</sup> | .31 | .33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(d)</sup> | 4.69 | 4.62 |
|  Portfolio turnover rate<sup>(g)</sup> | 53 | 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 |

---

See footnote summary on page 51.

---

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

---

------

**FINANCIAL HIGHLIGHTS** (continued)

(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, for the six months ended May 31, 2025 and for the year ended November 30, 2024, such waiver amounted to .01% (annualized), and .01%, respectively.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited) |  | **December 13,**<br> **2023<sup>(a)</sup> to**<br> **November 30,<br>2024** |  |
|  Net of waivers/reimbursements | .30 | %<sup>^</sup> | .32 | %<sup>^</sup> |
|  Before waivers/reimbursements | .31 | %<sup>^</sup> | .33 | %<sup>^</sup> |

---

(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.

---

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

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------

#### Information Regarding the Review and Approval of Amendment to the Fund's Advisory Agreement
At a meeting of the Board of Directors of AB Active ETFs, Inc. (the "Company") held in-person on November 5-7, 2024 (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 the advisory fee paid by AB Core Plus Bond ETF (the "Fund"). The amendment would reduce the Fund's advisory fee from 0.33% to 0.30%, effective February 10, 2025. The disinterested directors (the "directors") of the Company unanimously approved the Amended Advisory Agreement with the Adviser in respect of the Fund. At the Meeting the Adviser also proposed that the Fund would receive the assets of AB Total Return Bond Portfolio (the "Acquired Portfolio"), a series of AB Bond 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 February 10, 2025.

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 approval 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

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

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------

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 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 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 (like the Fund's then-current 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 noted that the proposed lowering of the advisory fee would benefit the Fund and its shareholders. They also noted that the Adviser was reducing fees for business reasons, and had assured them that there would be no diminution in the nature or quality of services to the Fund. 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 to be Provided and Profitability
Because the Fund commenced operations in December 2023, the directors were unable to consider information about the profitability of the Fund to the Adviser for the fiscal period ended December 31, 2023 under the Fund's then-current Advisory Agreement. However, the Adviser agreed to provide the directors with profitability information in connection with future proposed continuances of the Amended 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.

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

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------

#### 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 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
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 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 for the year to date period ended July 31, 2024, and information prepared by the Adviser showing the Fund's performance against a broad-based securities market index, for the period from inception. The directors discussed with the Adviser the reasons for the Fund's underperformance in the period reviewed.

#### Advisory Fees and Other Expenses
The directors considered the proposed 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 proposed advisory fee (like the Fund's then-current 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, 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 those for other funds advised by the Adviser utilizing similar investment strategies.

---

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

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------

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 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 (like the Fund's then-current unitary fee) 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 a pro forma total expense ratio for the Fund (reflecting the proposed reduction in the advisory fee effective February 10, 2025) in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. 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 will be 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 proposed advisory fee schedule for the Fund (like the Fund's then-current advisory fee schedule) 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

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

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

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![LOGO](g949930g28a43.jpg)

AB CORE PLUS BOND ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-CPB-0152-0525 ![LOGO](g949930g22c48.jpg)

------

#### May 31, 2025
![LOGO](g819179g28a43.jpg)

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

(NYSE Arca: FWD)

![LOGO](g819179g50e50.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
**May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  COMMON STOCKS – 96.2% |  |  |
|  Information Technology – 40.8% |  |  |
|  **Communications Equipment – 1.9%** |  |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 73973 | $6409021 |
|  Ciena Corp.<sup>(a)</sup> | 84904 | 6797414 |
|  |  | 13206435 |
|  **Electronic Equipment, Instruments & Components – 1.9%** |  |  |
|  Amphenol Corp. – Class A | 93004 | 8363850 |
|  Yaskawa Electric Corp. | 206000 | 4871076 |
|  |  | 13234926 |
|  **IT Services – 4.0%** |  |  |
|  CoreWeave, Inc. – Class A<sup>(a)</sup> | 30927 | 3442484 |
|  EPAM Systems, Inc.<sup>(a)</sup> | 18714 | 3265406 |
|  MongoDB, Inc.<sup>(a)</sup> | 18219 | 3440294 |
|  Shopify, Inc. – Class A<sup>(a)</sup> | 86496 | 9274101 |
|  Snowflake, Inc. – Class A<sup>(a)</sup> | 37097 | 7629740 |
|  |  | 27052025 |
|  **Semiconductors & Semiconductor Equipment – 22.4%** |  |  |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 77206 | 8549020 |
|  Advantest Corp. | 140600 | 7178351 |
|  Analog Devices, Inc. | 31326 | 6703138 |
|  Applied Materials, Inc. | 39178 | 6141152 |
|  ARM Holdings PLC (ADR)<sup>(a)</sup> | 27966 | 3482886 |
|  ASM International NV | 9474 | 5158271 |
|  Broadcom, Inc. | 89310 | 21619272 |
|  Infineon Technologies AG | 176419 | 6864588 |
|  Intel Corp. | 209000 | 4085950 |
|  KLA Corp. | 6495 | 4915936 |
|  Lam Research Corp. | 63328 | 5116269 |
|  Lattice Semiconductor Corp.<sup>(a)</sup> | 128887 | 5792182 |
|  Marvell Technology, Inc. | 52602 | 3166114 |
|  Monolithic Power Systems, Inc. | 10799 | 7147858 |
|  NVIDIA Corp. | 254822 | 34434097 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 477607 | 15411047 |
|  Texas Instruments, Inc. | 35591 | 6507814 |
|  |  | 152273945 |
|  **Software – 10.6%** |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 12321 | 5114324 |
|  Atlassian Corp. – Class A<sup>(a)</sup> | 16606 | 3447904 |
|  Cloudflare, Inc. – Class A<sup>(a)</sup> | 44987 | 7462893 |
|  Crowdstrike Holdings, Inc. – Class A<sup>(a)</sup> | 10373 | 4889521 |
|  HubSpot, Inc.<sup>(a)</sup> | 5749 | 3391335 |
|  JFrog Ltd.<sup>(a)</sup> | 95759 | 4111891 |
|  Monday.com Ltd.<sup>(a)</sup> | 17142 | 5099574 |
|  Oracle Corp. | 41929 | 6940507 |
|  Palantir Technologies, Inc. – Class A<sup>(a)</sup> | 71406 | 9409883 |

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

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Rubrik, Inc. – Class A<sup>(a)</sup> | 33630 | $| 3206621 |
|  Samsara, Inc. – Class A<sup>(a)</sup> | 119085 |  | 5542216 |
|  ServiceNow, Inc.<sup>(a)</sup> | 8726 |  | 8822771 |
|  Synopsys, Inc.<sup>(a)</sup> | 9548 |  | 4430081 |
|  |  |  | 71869521 |
|  |  |  | 277636852 |
|  Industrials – 23.6% |  |  |  |
|  **Aerospace & Defense – 5.9%** | **Aerospace & Defense – 5.9%** | **Aerospace & Defense – 5.9%** | **Aerospace & Defense – 5.9%** |
|  Hensoldt AG | 69289 |  | 7236753 |
|  Howmet Aerospace, Inc. | 42105 |  | 7153218 |
|  Karman Holdings, Inc.<sup>(a)</sup> | 87988 |  | 3771166 |
|  L3Harris Technologies, Inc. | 20860 |  | 5096932 |
|  Rocket Lab Corp.<sup>(a)</sup> | 149476 |  | 4004462 |
|  Rolls-Royce Holdings PLC | 495523 |  | 5788275 |
|  Saab AB – Class B | 72184 |  | 3641535 |
|  Thales SA | 11600 |  | 3521365 |
|  |  |  | 40213706 |
|  **Building Products – 2.2%** | **Building Products – 2.2%** | **Building Products – 2.2%** | **Building Products – 2.2%** |
|  Johnson Controls International PLC | 35805 |  | 3629553 |
|  Kingspan Group PLC | 54137 |  | 4640158 |
|  Trane Technologies PLC | 15631 |  | 6725550 |
|  |  |  | 14995261 |
|  **Construction & Engineering – 1.0%** | **Construction & Engineering – 1.0%** | **Construction & Engineering – 1.0%** | **Construction & Engineering – 1.0%** |
|  Quanta Services, Inc. | 19755 |  | 6767273 |
|  **Electrical Equipment – 10.6%** | **Electrical Equipment – 10.6%** | **Electrical Equipment – 10.6%** | **Electrical Equipment – 10.6%** |
|  ABB Ltd. (REG) | 84356 |  | 4758388 |
|  BWX Technologies, Inc. | 28141 |  | 3534509 |
|  Eaton Corp. PLC | 37037 |  | 11859247 |
|  GE Vernova, Inc. | 21609 |  | 10220625 |
|  Prysmian SpA | 111667 |  | 7175182 |
|  Rockwell Automation, Inc. | 28714 |  | 9060703 |
|  Schneider Electric SE | 24449 |  | 6143732 |
|  Siemens Energy AG<sup>(a)</sup> | 97879 |  | 9500518 |
|  Vertiv Holdings Co. – Class A | 94404 |  | 10189024 |
|  |  |  | 72441928 |
|  **Industrial Conglomerates – 1.1%** | **Industrial Conglomerates – 1.1%** | **Industrial Conglomerates – 1.1%** | **Industrial Conglomerates – 1.1%** |
|  Hitachi Ltd. | 260000 |  | 7290343 |
|  **Machinery – 2.8%** | **Machinery – 2.8%** | **Machinery – 2.8%** | **Machinery – 2.8%** |
|  Harmonic Drive Systems, Inc. | 228900 |  | 5203174 |
|  Mitsubishi Heavy Industries Ltd. | 363500 |  | 8444173 |
|  Westinghouse Air Brake Technologies Corp. | 28461 |  | 5758230 |
|  |  |  | 19405577 |
|  |  |  | 161114088 |
|  Communication Services – 9.9% |  |  |  |
|  **Entertainment – 5.1%** |  |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 8063 |  | 9733896 |
|  Nintendo Co., Ltd. | 79600 |  | 6528750 |

---

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

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Sea Ltd. (ADR)<sup>(a)</sup> | 60330 | $| 9675122 |
|  Spotify Technology SA<sup>(a)</sup> | 13680 |  | 9099115 |
|  |  |  | 35036883 |
|  **Interactive Media & Services – 4.1%** | **Interactive Media & Services – 4.1%** | **Interactive Media & Services – 4.1%** | **Interactive Media & Services – 4.1%** |
|  Alphabet, Inc. – Class A | 31695 |  | 5443299 |
|  Meta Platforms, Inc. – Class A | 20497 |  | 13271603 |
|  Reddit, Inc. – Class A<sup>(a)</sup> | 26779 |  | 3008621 |
|  Tencent Holdings Ltd. – Class H | 93600 |  | 5946722 |
|  |  |  | 27670245 |
|  **Media – 0.7%** | **Media – 0.7%** | **Media – 0.7%** | **Media – 0.7%** |
|  Trade Desk, Inc. (The) – Class A<sup>(a)</sup> | 64198 |  | 4828973 |
|  |  |  | 67536101 |
|  Health Care – 8.9% | Health Care – 8.9% | Health Care – 8.9% | Health Care – 8.9% |
|  **Health Care Equipment & Supplies – 5.1%** | **Health Care Equipment & Supplies – 5.1%** | **Health Care Equipment & Supplies – 5.1%** | **Health Care Equipment & Supplies – 5.1%** |
|  Abbott Laboratories | 30847 |  | 4120542 |
|  Boston Scientific Corp.<sup>(a)</sup> | 93850 |  | 9878651 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 19859 |  | 10968920 |
|  Straumann Holding AG (REG) | 25914 |  | 3329344 |
|  Stryker Corp. | 17607 |  | 6737143 |
|  |  |  | 35034600 |
|  **Life Sciences Tools & Services – 2.1%** | **Life Sciences Tools & Services – 2.1%** | **Life Sciences Tools & Services – 2.1%** | **Life Sciences Tools & Services – 2.1%** |
|  Lonza Group AG (REG) | 9436 |  | 6537607 |
|  Thermo Fisher Scientific, Inc. | 14766 |  | 5948040 |
|  Waters Corp.<sup>(a)</sup> | 4831 |  | 1687179 |
|  |  |  | 14172826 |
|  **Pharmaceuticals – 1.7%** | **Pharmaceuticals – 1.7%** | **Pharmaceuticals – 1.7%** | **Pharmaceuticals – 1.7%** |
|  AstraZeneca PLC (Sponsored ADR) | 48066 |  | 3500647 |
|  Eli Lilly & Co. | 8522 |  | 6286423 |
|  Novo Nordisk A/S – Class B | 24694 |  | 1704894 |
|  |  |  | 11491964 |
|  |  |  | 60699390 |
|  Consumer Discretionary – 7.1% |  |  |  |
|  **Automobiles – 1.9%** | **Automobiles – 1.9%** | **Automobiles – 1.9%** | **Automobiles – 1.9%** |
|  Tesla, Inc.<sup>(a)</sup> | 37927 |  | 13140189 |
|  **Broadline Retail – 1.9%** | **Broadline Retail – 1.9%** | **Broadline Retail – 1.9%** | **Broadline Retail – 1.9%** |
|  Amazon.com, Inc.<sup>(a)</sup> | 64024 |  | 13125560 |
|  **Hotels, Restaurants & Leisure – 1.5%** | **Hotels, Restaurants & Leisure – 1.5%** | **Hotels, Restaurants & Leisure – 1.5%** | **Hotels, Restaurants & Leisure – 1.5%** |
|  Booking Holdings, Inc. | 1159 |  | 6396440 |
|  DoorDash, Inc. – Class A<sup>(a)</sup> | 16936 |  | 3533696 |
|  |  |  | 9930136 |
|  **Household Durables – 1.0%** | **Household Durables – 1.0%** | **Household Durables – 1.0%** | **Household Durables – 1.0%** |
|  Sony Group Corp. | 255600 |  | 6748924 |
|  **Specialty Retail – 0.8%** | **Specialty Retail – 0.8%** | **Specialty Retail – 0.8%** | **Specialty Retail – 0.8%** |
|  Carvana Co.<sup>(a)</sup> | 17066 |  | 5583313 |
|  |  |  | 48528122 |

---

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

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Utilities – 2.5% | Utilities – 2.5% | Utilities – 2.5% |
|  **Electric Utilities – 1.3%** | **Electric Utilities – 1.3%** | **Electric Utilities – 1.3%** |
|  Constellation Energy Corp. | 22606 | $6920827 |
|  Oklo, Inc.<sup>(a)</sup> | 34402 | 1813673 |
|  |  | 8734500 |
|  **Independent Power and Renewable Electricity Producers – 1.2%** |  |  |
|  Vistra Corp. | 52421 | 8417240 |
|  |  | 17151740 |
|  Energy – 1.9% | Energy – 1.9% | Energy – 1.9% |
|  **Oil, Gas & Consumable Fuels – 1.9%** | **Oil, Gas & Consumable Fuels – 1.9%** | **Oil, Gas & Consumable Fuels – 1.9%** |
|  Cameco Corp. | 103031 | 6030404 |
|  EQT Corp. | 121346 | 6689805 |
|  |  | 12720209 |
|  Financials – 1.5% | Financials – 1.5% | Financials – 1.5% |
|  **Capital Markets – 1.2%** | **Capital Markets – 1.2%** | **Capital Markets – 1.2%** |
|  Robinhood Markets, Inc. – Class A<sup>(a)</sup> | 119037 | 7874298 |
|  **Financial Services – 0.3%** | **Financial Services – 0.3%** | **Financial Services – 0.3%** |
|  Affirm Holdings, Inc.<sup>(a)</sup> | 41299 | 2143418 |
|  |  | 10017716 |
|  Total Common Stocks <br>(cost $521,613,052) |  | 655404218 |
|  SHORT-TERM INVESTMENTS – 0.9% |  |  |
|  **Investment Companies – 0.9%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.14%<sup>(b)(c)(d)</sup> <br>(cost $6,300,352) | 6300352 | 6300352 |
|  Total Investments – 97.1% <br>(cost $527,913,404) |  | 661704570 |
|  Other assets less liabilities – 2.9% |  | 19679238 |
|  **Net Assets – 100.0%** |  | $**681383808** |

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(a) Non-income producing security.

(b) Affiliated investments.

(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.

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

See notes to financial statements.

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

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#### STATEMENT OF ASSETS & LIABILITIES
**May 31, 2025** (unaudited)

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| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $521,613,052) | $655404218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $6,300,352) | 6300352 |
|  Cash | 1295 |
|  Foreign currencies, at value (cost $667,333) | 676330 |
|  Receivable for investment securities sold and foreign currency transactions | 18963230 |
|  Unaffiliated dividends receivable | 368189 |
|  Affiliated dividends receivable | 43018 |
|  Receivable due from Adviser | 2198 |
|  Total assets | 681758830 |
| Liabilities |  |
|  Advisory fee payable | 373641 |
|  Payable for investment securities purchased and foreign currency transactions | 1381 |
|  Total liabilities | 375022 |
|  Net Assets | $**681383808** |
| Composition of Net Assets |  |
|  Capital stock, at par | $837 |
|  Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573431530 |
|  Distributable earnings | 107951441 |
|  Net Assets | $**681383808** |
|  **Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value**(based on 8,370,020 shares outstanding) | $**81.41** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Disruptors ETF 5 |

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $98,864) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 270806 |  |
|  Interest | 6429 | $1961319 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 1843031 |  |
|  Total expenses before bank overdraft expense | 1843031 |  |
|  Bank overdraft expense | 5128 |  |
|  Total expenses | 1848159 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (13131) |  |
|  Net expenses |  | 1835028 |
|  Net investment income |  | 126291 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (42436340) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 17922423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (62006) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 34378764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | 23469 |
|  Net gain on investment and foreign currency transactions |  | 9826310 |
|  Net Increase in Net Assets from Operations |  | $**9952601** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 6 AB Disruptors ETF | **ABFunds.com** |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025<br>(unaudited)** | **Year Ended<br>November 30,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $126291 | $55472 |
|  Net realized gain (loss) on investment transactions | (24575923) | 27004194 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 34402233 | 80392187 |
|  Net increase in net assets from operations | 9952601 | 107451853 |
| Distribution to Shareholders | (8898744) | – 0 |
| Capital Stock Transactions |  |  |
|  Net increase | 191536774 | 202927861 |
|  Other capital | 3380 | 17646 |
|  Total increase | 192594011 | 310397360 |
| Net Assets |  |  |
|  Beginning of period | 488789797 | 178392437 |
|  End of period | $**681383808** | $**488789797** |

---

See notes to financial statements.

---

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

---

------

#### NOTES TO FINANCIAL STATEMENTS
**May 31, 2025** (unaudited)

NOTE A

Significant Accounting Policies

The 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 18 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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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

---

| | |
|:---|:---|
| 8 AB Disruptors ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Disruptors ETF 9 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Common Stocks<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655404218 | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655404218 |
|  Short-Term Investments | 6300352 | – 0 | – 0 | 6300352 |
|  Total Investments in Securities | 661704570 | – 0 | – 0 | 661704570 |
| **Other Financial Instruments<sup>(b)</sup>** | – 0 | – 0 | – 0 | – 0 |
|  **Total** | $**661704570** | $**– 0** | $**– 0** | $**661704570** |

---

(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

---

| | |
|:---|:---|
| 10 AB Disruptors 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 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.

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 .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

---

| | |
|:---|:---|
| 12 AB Disruptors ETF | **ABFunds.com** |

---

------

**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 six months ended May 31, 2025, such waiver/reimbursements relating to the Fund's investment in AB Government Money Market Portfolio amounted to $13,131.

A summary of the Fund's transactions in AB mutual funds for the six months ended May 31, 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>5/31/25<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;229389 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 |

---

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 Plan.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the six months ended May 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590862897 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556819879 |
|  U.S. government securities | – 0 | – 0 |

---

During the six months ended May 31, 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 six months ended May 31, 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;187090042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56433339 |
|  U.S. government securities | – 0 | – 0 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Disruptors ETF 13 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $139709653 |
|  Gross unrealized depreciation | (5918487) |
|  Net unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133791166 |

---

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 six months ended May 31, 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 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.

---

| | |
|:---|:---|
| 14 AB Disruptors ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Transactions in shares of the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Six Months Ended<br>May 31, 2025<br>(unaudited) | Year Ended<br>November 30,<br>2024 | Six Months Ended<br>May 31, 2025<br>(unaudited) | Year Ended<br>November 30,<br>2024 |
|  Shares sold | 3250000 | 3370000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254153302 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248296848 |
|  Shares redeemed | (760000) | (580000) | (62616528) | (45368987) |
|  **Net increase** | **2490000** | **2790000** | $**191536774** | $**202927861** |

---

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. 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-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.

**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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Disruptors ETF 15 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

**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.

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**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 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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Disruptors ETF 17 |

---

------

**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 investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended May 31, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal year ended November 30, 2024 and November 30, 2023 were as follows:

As of November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $5293668 |
|  Undistributed capital gains | 4026879 <sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 97577037 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106897584 |

---

(a) During the fiscal year, the Fund utilized $5,095,970 of capital loss carry forwards to offset current year net realized gains.

(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

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2024, the Fund did not have any capital loss carryforwards.

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 Disruptors ETF 19 |

---

------

#### FINANCIAL HIGHLIGHTS

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31, 2025<br>(unaudited)** | **Year Ended<br>November 30,<br>2024** | **March 22,<br>2023<sup>(a)</sup>November 30,<br>2023** |
|  Net asset value, beginning of period | $83.13 | $57.73 | $50.00 |
|  Income From Investment Operations |  |  |  |
|  Net investment income (loss)<sup>(b)(c)</sup> | .02 | .01 | (.01 |
|  Net realized and unrealized gain (loss) on investment transactions | (.24 | 25.39 | 7.74 |
|  Net increase (decrease) in net asset value from operations | (.22 | 25.40 | 7.73 |
|  Less: Distributions |  |  |  |
|  Distributions from net realized gain on investment transactions | (1.50) | – 0 | – 0 |
|  Net asset value, end of period | $**81.41** | $**83.13** | $**57.73** |
|  Total Return |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup> | (.28 | 43.99 | 15.46 |
|  Ratios/Supplemental Data |  |  |  |
|  Net assets, end of period (000's omitted) | $681384 | $488790 | $178392 |
|  Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup> | .65 | .65 | .65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup> | .65 | .65 | .65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(c)</sup> | .04 | .02 | (.04 |
|  Portfolio turnover rate<sup>(g)</sup> | 101 | 163 | 90 |

---

(a) Commencement of operations.

(b) Based on average shares outstanding.

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

(d) 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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** |  | **Year Ended<br>November 30,<br>2024** | **September 20,<br>2023<sup>(a)</sup> to<br>November 30,<br>2023** |  |
|  Net of waivers/reimbursements | .65% | <sup>^</sup> | .65% | .65% | <sup>^</sup> |
|  Before waivers/reimbursements | .65% | <sup>^</sup> | .65% | .65% | <sup>^</sup> |

---

(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.

---

| | |
|:---|:---|
| 20 AB Disruptors 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 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

---

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

---

------

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.

---

| | |
|:---|:---|
| 22 AB Disruptors 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 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

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

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------

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

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![LOGO](g819179g28a43.jpg)

AB DISRUPTORS ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-DR-0152-0525 ![LOGO](g819179g22c48.jpg)

------

#### May 31, 2025
![LOGO](g819048g28a43.jpg)

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

(NYSE Arca: HYFI)

![LOGO](g819048g50e50.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
**May 31, 2025** (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CORPORATES - NON-INVESTMENT GRADE – 77.0% |  |  |  |
|  Industrial – 69.2% | Industrial – 69.2% | Industrial – 69.2% | Industrial – 69.2% |
|  **Basic – 4.0%** |  |  |  |
|  Alcoa Nederland Holding BV <br>4.125%, 03/31/2029<sup>(a)</sup> | U.S.$| 954 | $897361 |
|  ASP Unifrax Holdings, Inc.<br>7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029<sup>(a)(b)</sup> |  | 279 | 114957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.175% (10.425% Cash or 11.175% PIK or 6.425% Cash and 4.75% PIK),<br>09/30/2029<sup>(a)(b)(c)</sup> |  | 633 | 571415 |
|  Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV <br>4.75%, 06/15/2027<sup>(a)</sup> |  | 517 | 511504 |
|  Big River Steel LLC/BRS Finance Corp. <br>6.625%, 01/31/2029<sup>(a)</sup> |  | 50 | 50440 |
|  Cleveland-Cliffs, Inc. <br>4.625%, 03/01/2029<sup>(a)</sup> |  | 6 | 5363 |
|  Clydesdale Acquisition Holdings, Inc. <br>6.625%, 04/15/2029<sup>(a)</sup> |  | 40 | 40397 |
|  Crown Americas LLC/Crown Americas Capital Corp. VI <br>4.75%, 02/01/2026 |  | 807 | 806693 |
|  CVR Partners LP/CVR Nitrogen Finance Corp. <br>6.125%, 06/15/2028<sup>(a)</sup> |  | 679 | 675171 |
|  FMG Resources August 206 Pty Ltd. <br>4.50%, 09/15/2027<sup>(a)</sup> |  | 80 | 78334 |
|  GPD Cos., Inc. <br>10.125%, 04/01/2026<sup>(a)</sup> |  | 66 | 63984 |
|  Graham Packaging Co., Inc. <br>7.125%, 08/15/2028<sup>(a)</sup> |  | 257 | 252171 |
|  Graphic Packaging International LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2028<sup>(a)</sup> |  | 390 | 370399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/2030<sup>(a)</sup> |  | 23 | 21223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/2027<sup>(a)</sup> |  | 28 | 27591 |
|  INEOS Quattro Finance 2 PLC <br>6.75%, 04/15/2030<sup>(a)</sup> | EUR | 141 | 152164 |
|  Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC <br>6.00%, 09/15/2028<sup>(a)</sup> | U.S.$| 125 | 125086 |
|  Magnetation LLC/Mag Finance Corp. <br>11.00%, 05/15/2023<sup>(d)(e)(f)(g)(h)</sup> |  | 60 | – 0 |
|  Mineral Resources Ltd. <br>8.50%, 05/01/2030<sup>(a)</sup> |  | 471 | 464340 |
|  New Gold, Inc. <br>6.875%, 04/01/2032<sup>(a)</sup> |  | 175 | 178962 |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Rain Carbon, Inc. <br>12.25%, 09/01/2029<sup>(a)</sup> | U.S.$| 64 | $66864 |
|  Roller Bearing Co. of America, Inc. <br>4.375%, 10/15/2029<sup>(a)</sup> |  | 12 | 11463 |
|  SCIL IV LLC/SCIL USA Holdings LLC <br>5.375%, 11/01/2026<sup>(a)</sup> |  | 431 | 428867 |
|  SNF Group SACA <br>4.50%, 03/15/2032<sup>(a)</sup> | EUR | 469 | 545743 |
|  Toucan FinCo Ltd./Toucan FinCo Can., Inc./Toucan FinCo US LLC<br>8.25%, 05/15/2030<sup>(a)</sup> |  | 189 | 212344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/15/2030<sup>(a)</sup> | U.S.$| 262 | 260449 |
|  Vibrantz Technologies, Inc. <br>9.00%, 02/15/2030<sup>(a)</sup> |  | 240 | 169296 |
|  WR Grace Holdings LLC<br>4.875%, 06/15/2027<sup>(a)</sup> |  | 131 | 129306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/15/2029<sup>(a)</sup> |  | 136 | 119828 |
|  |  |  | 7351715 |
|  **Capital Goods – 7.7%** |  |  |  |
|  ARD Finance SA <br>5.00% (5.00% Cash or 5.75% PIK),<br>06/30/2027<sup>(a)(b)</sup> | EUR | 123 | 4396 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<br>3.25%, 09/01/2028<sup>(a)</sup> | U.S.$| 368 | 338387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2027<sup>(g)</sup> |  | 238 | 238681 |
|  Bombardier, Inc.<br>6.00%, 02/15/2028<sup>(a)</sup> |  | 302 | 301903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 07/01/2031<sup>(a)</sup> |  | 328 | 338489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/01/2029<sup>(a)</sup> |  | 121 | 125069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 04/15/2027<sup>(a)</sup> |  | 12 | 12052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/2030<sup>(a)</sup> |  | 567 | 609253 |
|  Calderys Financing LLC <br>11.25%, 06/01/2028<sup>(a)</sup> |  | 307 | 326252 |
|  Camelot Return Merger Sub, Inc. <br>8.75%, 08/01/2028<sup>(a)</sup> |  | 743 | 658157 |
|  Clean Harbors, Inc.<br>4.875%, 07/15/2027<sup>(a)</sup> |  | 413 | 409213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 07/15/2029<sup>(a)</sup> |  | 11 | 10774 |
|  Cornerstone Building Brands, Inc. <br>9.50%, 08/15/2029<sup>(a)</sup> |  | 56 | 49771 |
|  Crown Americas LLC <br>5.25%, 04/01/2030 |  | 31 | 30889 |
|  Crown Cork & Seal Co., Inc. <br>7.375%, 12/15/2026 |  | 20 | 20624 |
|  EnerSys<br>4.375%, 12/15/2027<sup>(a)</sup> |  | 80 | 77562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/15/2032<sup>(a)</sup> |  | 175 | 178682 |

---

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| | |
|:---|:---|
| 2 AB 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** |
|  Esab Corp. <br>6.25%, 04/15/2029<sup>(a)</sup> | U.S.$| 694 | $706318 |
|  GFL Environmental, Inc. <br>4.375%, 08/15/2029<sup>(a)</sup> |  | 80 | 76743 |
|  Griffon Corp. <br>5.75%, 03/01/2028 |  | 305 | 302999 |
|  LSB Industries, Inc. <br>6.25%, 10/15/2028<sup>(a)(c)</sup> |  | 337 | 333613 |
|  Madison IAQ LLC <br>5.875%, 06/30/2029<sup>(a)</sup> |  | 984 | 951144 |
|  MIWD Holdco II LLC/MIWD Finance Corp. <br>5.50%, 02/01/2030<sup>(a)</sup> |  | 966 | 892342 |
|  Moog, Inc. <br>4.25%, 12/15/2027<sup>(a)</sup> |  | 649 | 629764 |
|  Mueller Water Products, Inc. <br>4.00%, 06/15/2029<sup>(a)</sup> |  | 680 | 644688 |
|  New Enterprise Stone & Lime Co., Inc. <br>5.25%, 07/15/2028<sup>(a)</sup> |  | 100 | 98233 |
|  Silgan Holdings, Inc. <br>4.125%, 02/01/2028 |  | 750 | 728497 |
|  Spirit AeroSystems, Inc. <br>9.375%, 11/30/2029<sup>(a)</sup> |  | 197 | 210077 |
|  TransDigm, Inc.<br>4.625%, 01/15/2029 |  | 923 | 893206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/01/2029 |  | 355 | 343619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033<sup>(a)</sup> |  | 449 | 444802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/01/2029<sup>(a)</sup> |  | 407 | 413614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028<sup>(a)</sup> |  | 690 | 701392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 12/15/2030<sup>(a)</sup> |  | 150 | 154614 |
|  Trinity Industries, Inc. <br>7.75%, 07/15/2028<sup>(a)</sup> |  | 771 | 801439 |
|  Triumph Group, Inc. <br>9.00%, 03/15/2028<sup>(a)</sup> |  | 610 | 638231 |
|  Trivium Packaging Finance BV <br>8.25%, 07/15/2030<sup>(a)</sup> |  | 201 | 208783 |
|  WESCO Distribution, Inc.<br>6.375%, 03/15/2029<sup>(a)</sup> |  | 234 | 238921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/2028<sup>(a)</sup> |  | 124 | 125516 |
|  |  |  | 14268709 |
|  **Communications - Media – 7.8%** |  |  |  |
|  Advantage Sales & Marketing, Inc. <br>6.50%, 11/15/2028<sup>(a)</sup> |  | 330 | 253255 |
|  AMC Networks, Inc.<br>4.25%, 02/15/2029 |  | 180 | 137705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 01/15/2029<sup>(a)</sup> |  | 206 | 218803 |
|  Arches Buyer, Inc. <br>6.125%, 12/01/2028<sup>(a)</sup> |  | 432 | 395146 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Banijay Entertainment SAS <br>8.125%, 05/01/2029<sup>(a)</sup> | U.S.$| 246 | $254841 |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.25%, 02/01/2031<sup>(a)</sup> |  | 451 | 412868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2034<sup>(a)</sup> |  | 577 | 497974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2032 |  | 935 | 851140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033<sup>(a)</sup> |  | 299 | 266274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032<sup>(a)</sup> |  | 390 | 360937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/01/2027<sup>(a)</sup> |  | 134 | 132665 |
|  CSC Holdings LLC<br>4.50%, 11/15/2031<sup>(a)</sup> |  | 150 | 101458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/01/2030<sup>(a)</sup> |  | 729 | 336849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/01/2028<sup>(a)</sup> |  | 204 | 185803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2027<sup>(a)</sup> |  | 356 | 337225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2029<sup>(a)</sup> |  | 252 | 201172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2028<sup>(a)</sup> |  | 200 | 154574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 05/15/2028<sup>(a)</sup> |  | 449 | 444317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 01/31/2029<sup>(a)</sup> |  | 536 | 502805 |
|  DISH DBS Corp.<br>5.125%, 06/01/2029 |  | 829 | 543277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026<sup>(a)</sup> |  | 743 | 686398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(a)</sup> |  | 451 | 382367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 07/01/2028 |  | 71 | 48484 |
|  Gray Media, Inc.<br>4.75%, 10/15/2030<sup>(a)</sup> |  | 125 | 90414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/2031<sup>(a)</sup> |  | 17 | 12135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/2027<sup>(a)</sup> |  | 173 | 171760 |
|  iHeartCommunications, Inc.<br>7.75%, 08/15/2030<sup>(a)</sup> |  | 9 | 6890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 05/01/2029<sup>(a)</sup> |  | 606 | 507637 |
|  Lamar Media Corp. <br>4.875%, 01/15/2029 |  | 8 | 7855 |
|  LCPR Senior Secured Financing DAC<br>5.125%, 07/15/2029<sup>(a)</sup> |  | 654 | 421928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027<sup>(a)</sup> |  | 200 | 144850 |
|  McGraw-Hill Education, Inc. <br>5.75%, 08/01/2028<sup>(a)</sup> |  | 143 | 141476 |
|  National CineMedia, Inc. <br>5.75%, 08/15/2026<sup>(d)(e)(f)(i)</sup> |  | 21 | – 0 |
|  Neptune Bidco US, Inc. <br>9.29%, 04/15/2029<sup>(a)</sup> |  | 356 | 337360 |
|  Nexstar Media, Inc. <br>4.75%, 11/01/2028<sup>(a)</sup> |  | 370 | 356047 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp. <br>4.25%, 01/15/2029<sup>(a)</sup> |  | 130 | 123178 |
|  Paramount Global <br>6.375%, 03/30/2062 |  | 193 | 188540 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Radiate Holdco LLC/Radiate Finance, Inc. <br>4.50%, 09/15/2026<sup>(g)</sup> | U.S.$| 214 | $183473 |
|  Sinclair Television Group, Inc.<br>5.50%, 03/01/2030<sup>(a)</sup> |  | 96 | 80355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 02/15/2033<sup>(a)</sup> |  | 289 | 289289 |
|  Sirius XM Radio LLC <br>4.125%, 07/01/2030<sup>(a)</sup> |  | 163 | 148216 |
|  Summer BC Holdco B SARL <br>5.875%, 02/15/2030<sup>(a)</sup> | EUR | 113 | 126575 |
|  TEGNA, Inc. <br>4.625%, 03/15/2028 | U.S.$| 559 | 542208 |
|  Univision Communications, Inc.<br>4.50%, 05/01/2029<sup>(a)</sup> |  | 254 | 225430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 06/01/2027<sup>(a)</sup> |  | 672 | 672155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 06/30/2030<sup>(a)</sup> |  | 425 | 397069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/15/2028<sup>(a)</sup> |  | 156 | 156112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/31/2031<sup>(a)</sup> |  | 75 | 72024 |
|  Veritiv Operating Co. <br>10.50%, 11/30/2030<sup>(a)</sup> |  | 141 | 150220 |
|  Virgin Media Secured Finance PLC <br>4.50%, 08/15/2030<sup>(a)</sup> |  | 236 | 217618 |
|  VZ Secured Financing BV <br>5.00%, 01/15/2032<sup>(a)</sup> |  | 518 | 447816 |
|  Ziggo Bond Co. BV <br>5.125%, 02/28/2030<sup>(a)</sup> |  | 574 | 487314 |
|  |  |  | 14412281 |
|  **Communications - Telecommunications – 4.5%** |  |  |  |
|  Altice Financing SA <br>5.75%, 08/15/2029<sup>(a)</sup> |  | 261 | 199041 |
|  Altice France Holding SA <br>10.50%, 05/15/2027<sup>(a)(e)(j)</sup> |  | 252 | 90090 |
|  Altice France SA<br>3.375%, 01/15/2028<sup>(a)</sup> | EUR | 245 | 235423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 07/15/2029<sup>(a)</sup> | U.S.$| 640 | 539494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2028<sup>(a)</sup> |  | 665 | 572053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2029<sup>(a)</sup> |  | 740 | 628467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 02/01/2027<sup>(a)</sup> |  | 354 | 325761 |
|  Cogent Communications Group LLC <br>3.50%, 05/01/2026<sup>(a)</sup> |  | 153 | 151764 |
|  Connect Finco SARL/Connect US Finco LLC <br>9.00%, 09/15/2029<sup>(a)</sup> |  | 207 | 197488 |
|  EchoStar Corp.<br>3.875% (3.875% Cash or 3.875% PIK),<br>11/30/2030<sup>(b)(c)(k)</sup> |  | 11 | 10604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (6.75% Cash or 6.75% PIK),<br>11/30/2030<sup>(b)(c)</sup> |  | 746 | 641588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/30/2029 |  | 647 | 650922 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Fibercop SpA<br>7.20%, 07/18/2036<sup>(a)</sup> | U.S.$| 564 | $548592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.721%, 06/04/2038<sup>(a)</sup> |  | 405 | 404587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2033<br>6.375%, 11/15/2033<sup>(a)</sup> |  | 200 | 194880 |
|  Frontier Communications Holdings LLC<br>6.00%, 01/15/2030<sup>(a)</sup> |  | 498 | 504454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/2029<sup>(a)</sup> |  | 1205 | 1221725 |
|  GCI LLC <br>4.75%, 10/15/2028<sup>(a)</sup> |  | 200 | 188320 |
|  Level 3 Financing, Inc.<br>10.75%, 12/15/2030<sup>(a)</sup> |  | 373 | 422278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 11/15/2029<sup>(a)</sup> |  | 314 | 357265 |
|  Lorca Telecom Bondco SA <br>4.00%, 09/18/2027<sup>(a)</sup> | EUR | 142 | 161231 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. <br>8.25%, 10/01/2031<sup>(a)</sup> | U.S.$| 206 | 214465 |
|  |  |  | 8460492 |
|  **Consumer Cyclical - Automotive – 2.5%** |  |  |  |
|  Adient Global Holdings Ltd. <br>8.25%, 04/15/2031<sup>(a)</sup> |  | 364 | 371502 |
|  American Axle & Manufacturing, Inc.<br>5.00%, 10/01/2029 |  | 360 | 327024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 07/01/2028 |  | 86 | 85385 |
|  Aston Martin Capital Holdings Ltd. <br>10.00%, 03/31/2029<sup>(a)</sup> |  | 585 | 548034 |
|  Dana, Inc. <br>4.25%, 09/01/2030 |  | 20 | 18981 |
|  Exide Technologies (Exchange Priority) <br>11.00%, 10/31/2024<sup>(d)(e)(f)(g)(h)(i)</sup> |  | 32 | – 0 |
|  Exide Technologies (First Lien) <br>11.00%, 10/31/2024<sup>(d)(e)(f)(g)(h)(i)</sup> |  | 13 | – 0 |
|  Garrett Motion Holdings, Inc./Garrett LX I SARL <br>7.75%, 05/31/2032<sup>(a)</sup> |  | 279 | 284764 |
|  Goodyear Tire & Rubber Co. (The) <br>6.625%, 07/15/2030 |  | 460 | 460626 |
|  IHO Verwaltungs GmbH<br>6.75% (6.75% Cash or 7.50% PIK),<br>11/15/2029<sup>(a)(b)</sup> | EUR | 144 | 170471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% (7.75% Cash or 8.50% PIK),<br>11/15/2030<sup>(a)(b)</sup> | U.S.$| 200 | 202184 |
|  Nissan Motor Acceptance Co. LLC <br>5.30%, 09/13/2027<sup>(a)</sup> |  | 153 | 150218 |
|  Nissan Motor Co., Ltd. <br>4.345%, 09/17/2027<sup>(a)</sup> |  | 402 | 388095 |
|  PM General Purchaser LLC <br>9.50%, 10/01/2028<sup>(a)</sup> |  | 798 | 512915 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Tenneco, Inc. <br>8.00%, 11/17/2028<sup>(a)</sup> | U.S.$| 442 | $435308 |
|  Titan International, Inc. <br>7.00%, 04/30/2028 |  | 17 | 16650 |
|  ZF North America Capital, Inc.<br>6.875%, 04/14/2028<sup>(a)</sup> |  | 214 | 211263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 04/14/2030<sup>(a)</sup> |  | 432 | 416081 |
|  |  |  | 4599501 |
|  **Consumer Cyclical - Entertainment – 1.4%** |  |  |  |
|  Boyne USA, Inc. <br>4.75%, 05/15/2029<sup>(a)</sup> |  | 379 | 365189 |
|  Carnival Corp. <br>5.75%, 03/01/2027<sup>(a)</sup> |  | 570 | 570958 |
|  Lindblad Expeditions LLC <br>6.75%, 02/15/2027<sup>(a)</sup> |  | 41 | 40891 |
|  Live Nation Entertainment, Inc.<br>3.75%, 01/15/2028<sup>(a)</sup> |  | 232 | 222961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/2027<sup>(a)</sup> |  | 262 | 265309 |
|  Merlin Entertainments Group US Holdings, Inc. <br>7.375%, 02/15/2031<sup>(a)</sup> |  | 200 | 182686 |
|  Motion Finco SARL <br>7.375%, 06/15/2030<sup>(a)</sup> | EUR | 219 | 237907 |
|  NCL Corp., Ltd.<br>5.875%, 03/15/2026<sup>(a)</sup> | U.S.$| 131 | 131067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/2027<sup>(a)</sup> |  | 13 | 12995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/2032<sup>(a)</sup> |  | 196 | 196074 |
|  SeaWorld Parks & Entertainment, Inc. <br>5.25%, 08/15/2029<sup>(a)</sup> |  | 368 | 354079 |
|  Viking Cruises Ltd.<br>5.875%, 09/15/2027<sup>(a)</sup> |  | 24 | 23988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029<sup>(a)</sup> |  | 50 | 50353 |
|  Viking Ocean Cruises Ship VII Ltd. <br>5.625%, 02/15/2029<sup>(a)</sup> |  | 29 | 28664 |
|  |  |  | 2683121 |
|  **Consumer Cyclical - Other – 6.0%** |  |  |  |
|  Affinity Interactive <br>6.875%, 12/15/2027<sup>(a)</sup> |  | 54 | 40313 |
|  Builders FirstSource, Inc.<br>4.25%, 02/01/2032<sup>(a)</sup> |  | 641 | 581432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030<sup>(a)</sup> |  | 362 | 351274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/2035<sup>(a)</sup> |  | 64 | 64353 |
|  CD&R Smokey Buyer, Inc./Radio Systems Corp. <br>9.50%, 10/15/2029<sup>(a)</sup> |  | 222 | 184167 |
|  Churchill Downs, Inc.<br>4.75%, 01/15/2028<sup>(a)</sup> |  | 544 | 531542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2027<sup>(a)</sup> |  | 398 | 396694 |
|  Cirsa Finance International SARL <br>6.50%, 03/15/2029<sup>(a)</sup> | EUR | 220 | 261868 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Great Canadian Gaming Corp. <br>8.75%, 11/15/2029<sup>(a)</sup> | U.S.$| 147 | $142755 |
|  Hilton Domestic Operating Co., Inc.<br>3.625%, 02/15/2032<sup>(a)</sup> |  | 736 | 654834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/2029<sup>(a)</sup> |  | 329 | 311303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2031<sup>(a)</sup> |  | 285 | 263468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/15/2030 |  | 17 | 16655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/2028<sup>(a)</sup> |  | 11 | 11026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 04/01/2029<sup>(a)</sup> |  | 419 | 423433 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<br>4.875%, 07/01/2031<sup>(a)</sup> |  | 562 | 503743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029<sup>(a)</sup> |  | 423 | 397197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/15/2032<sup>(a)</sup> |  | 115 | 114884 |
|  Installed Building Products, Inc. <br>5.75%, 02/01/2028<sup>(a)</sup> |  | 70 | 69547 |
|  LGI Homes, Inc. <br>7.00%, 11/15/2032<sup>(a)</sup> |  | 191 | 177372 |
|  Light & Wonder International, Inc. <br>7.00%, 05/15/2028<sup>(a)</sup> |  | 9 | 9013 |
|  Marriott Ownership Resorts, Inc. <br>4.50%, 06/15/2029<sup>(a)</sup> |  | 895 | 838552 |
|  Mattamy Group Corp. <br>5.25%, 12/15/2027<sup>(a)</sup> |  | 203 | 201898 |
|  Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC<br>8.25%, 04/15/2030<sup>(a)</sup> |  | 203 | 206912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.875%, 04/15/2031<sup>(a)</sup> |  | 290 | 301003 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. <br>5.625%, 09/01/2029<sup>(a)</sup> |  | 20 | 13040 |
|  Shea Homes LP/Shea Homes Funding Corp. <br>4.75%, 04/01/2029 |  | 20 | 19155 |
|  Standard Industries, Inc./NY<br>4.375%, 07/15/2030<sup>(a)</sup> |  | 396 | 371531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028<sup>(a)</sup> |  | 115 | 113016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027<sup>(a)</sup> |  | 128 | 127072 |
|  Station Casinos LLC <br>4.50%, 02/15/2028<sup>(a)</sup> |  | 287 | 278456 |
|  Taylor Morrison Communities, Inc.<br>5.75%, 01/15/2028<sup>(a)</sup> |  | 8 | 8044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/15/2027<sup>(a)</sup> |  | 743 | 749241 |
|  Thor Industries, Inc. <br>4.00%, 10/15/2029<sup>(a)</sup> |  | 678 | 625618 |
|  Travel & Leisure Co.<br>4.50%, 12/01/2029<sup>(a)</sup> |  | 226 | 214951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/01/2030<sup>(a)</sup> |  | 12 | 11329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2027<sup>(c)</sup> |  | 325 | 327480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 07/31/2026<sup>(a)</sup> |  | 473 | 477801 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wyndham Hotels & Resorts, Inc. <br>4.375%, 08/15/2028<sup>(a)</sup> | U.S.$| 695 | $672663 |
|  |  |  | 11064635 |
|  **Consumer Cyclical - Restaurants – 1.2%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc.<br>3.50%, 02/15/2029<sup>(a)</sup> |  | 53 | 49787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 01/15/2028<sup>(a)</sup> |  | 191 | 184892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030<sup>(a)</sup> |  | 87 | 80017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2028<sup>(a)</sup> |  | 1299 | 1265876 |
|  KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC <br>4.75%, 06/01/2027<sup>(a)</sup> |  | 411 | 409036 |
|  Papa John's International, Inc. <br>3.875%, 09/15/2029<sup>(a)</sup> |  | 22 | 20635 |
|  Yum! Brands, Inc.<br>3.625%, 03/15/2031 |  | 90 | 81959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2030<sup>(a)</sup> |  | 114 | 111525 |
|  |  |  | 2203727 |
|  **Consumer Cyclical - Retailers – 3.5%** |  |  |  |
|  Arko Corp. <br>5.125%, 11/15/2029<sup>(a)</sup> |  | 76 | 63426 |
|  Asbury Automotive Group, Inc.<br>4.50%, 03/01/2028 |  | 230 | 224098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/2029<sup>(a)</sup> |  | 48 | 45622 |
|  Carvana Co.<br>5.50%, 04/15/2027<sup>(a)</sup> |  | 39 | 37067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (9.00% Cash or 12.00% PIK),<br>12/01/2028<sup>(a)(b)(c)</sup> |  | 166 | 170503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (11.00% Cash or 13.00% PIK),<br>06/01/2030<sup>(a)(b)(c)</sup> |  | 824 | 868578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 06/01/2031<sup>(a)(b)(c)</sup> |  | 278 | 322477 |
|  eG Global Finance PLC <br>12.00%, 11/30/2028<sup>(a)</sup> |  | 204 | 225020 |
|  FirstCash, Inc. <br>5.625%, 01/01/2030<sup>(a)</sup> |  | 150 | 149001 |
|  Gap, Inc. (The)<br>3.625%, 10/01/2029<sup>(a)</sup> |  | 251 | 229851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/01/2031<sup>(a)</sup> |  | 54 | 47731 |
|  Global Auto Holdings Ltd/AAG FH UK Ltd.<br>8.375%, 01/15/2029<sup>(a)</sup> |  | 288 | 241214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 01/15/2032<sup>(a)</sup> |  | 263 | 203638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 08/15/2029<sup>(a)</sup> |  | 255 | 236546 |
|  Group 1 Automotive, Inc. <br>4.00%, 08/15/2028<sup>(a)</sup> |  | 733 | 700939 |
|  Kontoor Brands, Inc. <br>4.125%, 11/15/2029<sup>(a)</sup> |  | 72 | 66406 |
|  LCM Investments Holdings II LLC <br>4.875%, 05/01/2029<sup>(a)</sup> |  | 335 | 322752 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Lithia Motors, Inc. <br>4.625%, 12/15/2027<sup>(a)</sup> | U.S.$| 80 | $78824 |
|  Michaels Cos., Inc. (The) <br>7.875%, 05/01/2029<sup>(a)</sup> |  | 40 | 19526 |
|  Patrick Industries, Inc. <br>4.75%, 05/01/2029<sup>(a)</sup> |  | 15 | 14384 |
|  Penske Automotive Group, Inc. <br>3.75%, 06/15/2029 |  | 51 | 47758 |
|  QXO Building Products, Inc. <br>6.75%, 04/30/2032<sup>(a)</sup> |  | 394 | 404260 |
|  Sonic Automotive, Inc. <br>4.625%, 11/15/2029<sup>(a)</sup> |  | 78 | 74510 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp. <br>7.75%, 10/15/2029<sup>(a)</sup> |  | 292 | 279666 |
|  Staples, Inc.<br>10.75%, 09/01/2029<sup>(a)</sup> |  | 732 | 667935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 01/15/2030<sup>(a)</sup> |  | 192 | 124062 |
|  VF Corp. <br>2.95%, 04/23/2030 |  | 91 | 75975 |
|  White Cap Buyer LLC <br>6.875%, 10/15/2028<sup>(a)</sup> |  | 639 | 626041 |
|  |  |  | 6567810 |
|  **Consumer Non-Cyclical – 10.2%** |  |  |  |
|  AdaptHealth LLC<br>4.625%, 08/01/2029<sup>(a)</sup> |  | 117 | 108121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 03/01/2030<sup>(a)</sup> |  | 133 | 123013 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<br>3.50%, 03/15/2029<sup>(a)</sup> |  | 617 | 580153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 01/15/2027<sup>(a)</sup> |  | 269 | 266361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/2028<sup>(a)</sup> |  | 470 | 479781 |
|  Bausch & Lomb Corp. <br>8.375%, 10/01/2028<sup>(a)</sup> |  | 713 | 740172 |
|  Bausch Health Americas, Inc. <br>8.50%, 01/31/2027<sup>(a)</sup> |  | 59 | 55647 |
|  Bausch Health Cos., Inc.<br>4.875%, 06/01/2028<sup>(a)</sup> |  | 192 | 157177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 09/30/2028<sup>(a)</sup> |  | 1358 | 1299973 |
|  CHS/Community Health Systems, Inc.<br>4.75%, 02/15/2031<sup>(a)</sup> |  | 117 | 100140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2030<sup>(a)</sup> |  | 974 | 876863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 03/15/2027<sup>(a)</sup> |  | 266 | 262156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2029<sup>(a)</sup> |  | 14 | 13435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/15/2029<sup>(a)</sup> |  | 321 | 267554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.875%, 01/15/2032<sup>(a)</sup> |  | 267 | 284785 |
|  CVS Health Corp.<br>6.75%, 12/10/2054 |  | 33 | 32108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/10/2055 |  | 363 | 365526 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  DaVita, Inc.<br>3.75%, 02/15/2031<sup>(a)</sup> | U.S.$| 157 | $139028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/2030<sup>(a)</sup> |  | 983 | 919449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/2033<sup>(a)</sup> |  | 479 | 483589 |
|  Elanco Animal Health, Inc. <br>6.65%, 08/28/2028<sup>(c)</sup> |  | 190 | 195635 |
|  Embecta Corp. <br>5.00%, 02/15/2030<sup>(a)</sup> |  | 452 | 402379 |
|  Emergent BioSolutions, Inc. <br>3.875%, 08/15/2028<sup>(a)</sup> |  | 428 | 324270 |
|  Encompass Health Corp. <br>4.50%, 02/01/2028 |  | 265 | 261036 |
|  Grifols SA <br>3.875%, 10/15/2028<sup>(a)</sup> | EUR | 312 | 338872 |
|  IQVIA, Inc.<br>5.00%, 10/15/2026<sup>(a)</sup> | U.S.$| 400 | 398752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027<sup>(a)</sup> |  | 197 | 195595 |
|  Kedrion SpA <br>6.50%, 09/01/2029<sup>(a)</sup> |  | 150 | 144026 |
|  KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc. <br>9.00%, 02/15/2029<sup>(a)</sup> |  | 134 | 139729 |
|  Kronos Acquisition Holdings, Inc. <br>8.25%, 06/30/2031<sup>(a)</sup> |  | 399 | 349249 |
|  LifePoint Health, Inc.<br>5.375%, 01/15/2029<sup>(a)</sup> |  | 212 | 199848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 08/15/2030<sup>(a)</sup> |  | 462 | 494996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 10/15/2030<sup>(a)</sup> |  | 212 | 233240 |
|  Medline Borrower LP <br>3.875%, 04/01/2029<sup>(a)</sup> |  | 544 | 512997 |
|  ModivCare, Inc.<br>5.00% (5.00% Cash or 10.00% PIK),<br>10/01/2029<sup>(b)(c)(d)(f)(g)</sup> |  | 459 | 128478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(g)</sup> |  | 13 | 669 |
|  MPH Acquisition Holdings LLC<br>5.75%, 12/31/2030<sup>(a)</sup> |  | 203 | 162093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (6.00% Cash and 0.75% PIK),<br>03/31/2031<sup>(a)(b)(c)</sup> |  | 267 | 195690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50% (6.50% Cash and 5.00% PIK),<br>12/31/2030<sup>(a)(b)(c)</sup> |  | 137 | 134608 |
|  Neogen Food Safety Corp. <br>8.625%, 07/20/2030<sup>(a)</sup> |  | 82 | 85535 |
|  Newell Brands, Inc. <br>8.50%, 06/01/2028<sup>(a)</sup> |  | 258 | 267095 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV<br>4.125%, 04/30/2028<sup>(a)</sup> |  | 600 | 563592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 04/30/2031<sup>(a)</sup> |  | 449 | 377447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 05/15/2034<sup>(a)</sup> |  | 379 | 326948 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Owens & Minor, Inc.<br>6.625%, 04/01/2030<sup>(a)</sup> | U.S.$| 135 | $114336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 04/15/2030<sup>(a)</sup> |  | 259 | 270489 |
|  Performance Food Group, Inc.<br>4.25%, 08/01/2029<sup>(a)</sup> |  | 84 | 80016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2027<sup>(a)</sup> |  | 239 | 238154 |
|  Post Holdings, Inc.<br>4.50%, 09/15/2031<sup>(a)</sup> |  | 54 | 49240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029<sup>(a)</sup> |  | 230 | 227100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/15/2032<sup>(a)</sup> |  | 900 | 915156 |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc.<br>4.375%, 04/30/2029<sup>(a)</sup> |  | 417 | 400307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/2029<sup>(a)</sup> |  | 388 | 389141 |
|  Somnigroup International, Inc. <br>4.00%, 04/15/2029<sup>(a)</sup> |  | 204 | 191889 |
|  Surgery Center Holdings, Inc. <br>7.25%, 04/15/2032<sup>(a)</sup> |  | 133 | 132842 |
|  Tenet Healthcare Corp. <br>4.625%, 06/15/2028 |  | 1231 | 1206811 |
|  US Foods, Inc.<br>4.75%, 02/15/2029<sup>(a)</sup> |  | 513 | 501847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 09/15/2028<sup>(a)</sup> |  | 208 | 214213 |
|  |  |  | 18919351 |
|  **Energy – 8.6%** |  |  |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp.<br>5.375%, 06/15/2029<sup>(a)</sup> |  | 302 | 299237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027<sup>(a)</sup> |  | 222 | 221991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2028<sup>(a)</sup> |  | 199 | 198429 |
|  Aris Water Holdings LLC <br>7.25%, 04/01/2030<sup>(a)</sup> |  | 321 | 323215 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp. <br>5.875%, 06/30/2029<sup>(a)</sup> |  | 66 | 65873 |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp.<br>7.00%, 07/15/2029<sup>(a)</sup> |  | 303 | 313032 |
|  Buckeye Partners LP<br>3.95%, 12/01/2026 |  | 357 | 350453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/01/2027 |  | 279 | 271514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/2028<sup>(a)</sup> |  | 320 | 312918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/2043 |  | 85 | 72029 |
|  CITGO Petroleum Corp.<br>6.375%, 06/15/2026<sup>(a)</sup> |  | 16 | 15990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 01/15/2029<sup>(a)</sup> |  | 227 | 230312 |
|  Civitas Resources, Inc.<br>8.375%, 07/01/2028<sup>(a)</sup> |  | 572 | 576239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 07/01/2031<sup>(a)</sup> |  | 165 | 161613 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CNX Resources Corp.<br>6.00%, 01/15/2029<sup>(a)</sup> | U.S.$| 47 | $46594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 01/15/2031<sup>(a)</sup> |  | 384 | 393350 |
|  Crescent Energy Finance LLC <br>7.625%, 04/01/2032<sup>(a)</sup> |  | 51 | 48228 |
|  Delek Logistics Partners LP/Delek Logistics Finance Corp. <br>8.625%, 03/15/2029<sup>(a)</sup> |  | 197 | 204321 |
|  Excelerate Energy LP <br>8.00%, 05/15/2030<sup>(a)</sup> |  | 323 | 334331 |
|  Genesis Energy LP/Genesis Energy Finance Corp. <br>8.25%, 01/15/2029 |  | 138 | 142972 |
|  Global Partners LP/GLP Finance Corp.<br>6.875%, 01/15/2029 |  | 208 | 209104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/01/2027 |  | 21 | 21029 |
|  Harvest Midstream I LP <br>7.50%, 09/01/2028<sup>(a)</sup> |  | 354 | 359420 |
|  Hess Midstream Operations LP<br>5.125%, 06/15/2028<sup>(a)</sup> |  | 799 | 788973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/01/2028<sup>(a)</sup> |  | 57 | 57514 |
|  Hilcorp Energy I LP/Hilcorp Finance Co.<br>6.00%, 04/15/2030<sup>(a)</sup> |  | 81 | 76892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2031<sup>(a)</sup> |  | 181 | 167324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2032<sup>(a)</sup> |  | 43 | 39263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 05/15/2034<sup>(a)</sup> |  | 267 | 242073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/2035<sup>(a)</sup> |  | 414 | 385165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 11/01/2033<sup>(a)</sup> |  | 74 | 73757 |
|  Howard Midstream Energy Partners LLC <br>8.875%, 07/15/2028<sup>(a)</sup> |  | 544 | 569601 |
|  Kinetik Holdings LP <br>6.625%, 12/15/2028<sup>(a)</sup> |  | 118 | 120379 |
|  Kodiak Gas Services LLC <br>7.25%, 02/15/2029<sup>(a)</sup> |  | 136 | 139586 |
|  Kraken Oil & Gas Partners LLC <br>7.625%, 08/15/2029<sup>(a)</sup> |  | 2 | 1895 |
|  Murphy Oil Corp. <br>5.875%, 12/01/2042<sup>(c)</sup> |  | 20 | 15444 |
|  Nabors Industries, Inc.<br>7.375%, 05/15/2027<sup>(a)</sup> |  | 55 | 52790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 01/31/2030<sup>(a)</sup> |  | 78 | 70904 |
|  NFE Financing LLC <br>12.00%, 11/15/2029<sup>(a)</sup> |  | 868 | 369162 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. <br>8.125%, 02/15/2029<sup>(a)</sup> |  | 546 | 533639 |
|  NuStar Logistics LP<br>5.625%, 04/28/2027 |  | 403 | 403846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2026 |  | 286 | 287101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/01/2030 |  | 29 | 29542 |

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Parkland Corp. <br>5.875%, 07/15/2027<sup>(a)</sup> | U.S.$| 280 | $279866 |
|  PBF Holding Co. LLC/PBF Finance Corp.<br>6.00%, 02/15/2028 |  | 233 | 216096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 09/15/2030<sup>(a)</sup> |  | 29 | 25346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 03/15/2030<sup>(a)</sup> |  | 326 | 311780 |
|  Permian Resources Operating LLC <br>5.875%, 07/01/2029<sup>(a)</sup> |  | 208 | 205373 |
|  Rockies Express Pipeline LLC<br>4.95%, 07/15/2029<sup>(a)</sup> |  | 100 | 96610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/15/2040<sup>(a)</sup> |  | 202 | 192754 |
|  Summit Midstream Holdings LLC <br>8.625%, 10/31/2029<sup>(a)</sup> |  | 515 | 515927 |
|  Sunoco LP <br>7.00%, 05/01/2029<sup>(a)</sup> |  | 192 | 198344 |
|  Sunoco LP/Sunoco Finance Corp.<br>4.50%, 05/15/2029 |  | 91 | 87076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/15/2028 |  | 16 | 15951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2027 |  | 660 | 659122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/15/2028<sup>(a)</sup> |  | 504 | 517905 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <br>5.50%, 01/15/2028<sup>(a)</sup> |  | 1 | 993 |
|  Talos Production, Inc.<br>9.00%, 02/01/2029<sup>(a)</sup> |  | 55 | 54624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 02/01/2031<sup>(a)</sup> |  | 66 | 65164 |
|  Transocean Aquila Ltd. <br>8.00%, 09/30/2028<sup>(a)</sup> |  | 91 | 91378 |
|  Transocean, Inc. <br>8.75%, 02/15/2030<sup>(a)</sup> |  | 214 | 216533 |
|  Venture Global Calcasieu Pass LLC <br>3.875%, 08/15/2029<sup>(a)</sup> |  | 569 | 529807 |
|  Venture Global LNG, Inc.<br>8.125%, 06/01/2028<sup>(a)</sup> |  | 315 | 322286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029<sup>(a)(l)</sup> |  | 513 | 485616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 02/01/2032<sup>(a)</sup> |  | 1194 | 1271944 |
|  Vermilion Energy, Inc. <br>6.875%, 05/01/2030<sup>(a)</sup> |  | 32 | 29140 |
|  |  |  | 15986679 |
|  **Other Industrial – 1.1%** |  |  |  |
|  AECOM <br>5.125%, 03/15/2027 |  | 194 | 193660 |
|  Belden, Inc. <br>3.375%, 07/15/2031<sup>(a)</sup> | EUR | 153 | 165762 |
|  Dealer Tire LLC/DT Issuer LLC <br>8.00%, 02/01/2028<sup>(a)</sup> | U.S.$| 255 | 249148 |

---

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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>6.436% (EURIBOR 3 Month + 4.25%),<br>05/17/2031<sup>(a)(m)</sup> | EUR | 100 | $114144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 05/17/2031<sup>(a)</sup> |  | 125 | 151288 |
|  RB Global Holdings, Inc. <br>7.75%, 03/15/2031<sup>(a)</sup> | U.S.$| 337 | 352822 |
|  Resideo Funding, Inc. <br>4.00%, 09/01/2029<sup>(a)</sup> |  | 84 | 78291 |
|  Steelcase, Inc. <br>5.125%, 01/18/2029 |  | 50 | 48559 |
|  Stena International SA <br>7.25%, 01/15/2031<sup>(a)</sup> |  | 200 | 199706 |
|  Velocity Vehicle Group LLC <br>8.00%, 06/01/2029<sup>(a)</sup> |  | 602 | 578763 |
|  |  |  | 2132143 |
|  **Services – 4.8%** |  |  |  |
|  ADT Security Corp. (The) <br>4.125%, 08/01/2029<sup>(a)</sup> |  | 223 | 212789 |
|  Allied Universal Holdco LLC <br>7.875%, 02/15/2031<sup>(a)</sup> |  | 236 | 244510 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. <br>9.75%, 07/15/2027<sup>(a)</sup> |  | 51 | 51410 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL<br>4.625%, 06/01/2028<sup>(a)</sup> |  | 1348 | 1288415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/2028<sup>(a)</sup> | GBP | 100 | 128872 |
|  ANGI Group LLC <br>3.875%, 08/15/2028<sup>(a)</sup> | U.S.$| 862 | 799065 |
|  Aramark Services, Inc. <br>5.00%, 02/01/2028<sup>(a)</sup> |  | 716 | 708754 |
|  Clarivate Science Holdings Corp.<br>3.875%, 07/01/2028<sup>(a)</sup> |  | 168 | 160176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 07/01/2029<sup>(a)</sup> |  | 254 | 234907 |
|  Engineering - Ingegneria Informatica - SpA<br>8.105% (EURIBOR 3 Month + 5.75%),<br>02/15/2030<sup>(a)(m)</sup> | EUR | 103 | 118435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 02/15/2030<sup>(a)</sup> |  | 119 | 143237 |
|  Garda World Security Corp.<br>4.625%, 02/15/2027<sup>(a)</sup> | U.S.$| 372 | 367127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2029<sup>(a)</sup> |  | 522 | 496124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 08/01/2032<sup>(a)</sup> |  | 138 | 137619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 11/15/2032<sup>(a)</sup> |  | 124 | 124448 |
|  ION Trading Technologies SARL <br>9.50%, 05/30/2029<sup>(a)</sup> |  | 4 | 4142 |
|  Match Group Holdings II LLC <br>4.625%, 06/01/2028<sup>(a)</sup> |  | 80 | 77556 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Matthews International Corp. <br>8.625%, 10/01/2027<sup>(a)</sup> | U.S.$| 104 | $108093 |
|  Millennium Escrow Corp. <br>6.625%, 08/01/2026<sup>(a)</sup> |  | 440 | 362252 |
|  Monitronics International, Inc. <br>9.125%, 04/01/2020<sup>(d)(e)(f)(i)</sup> |  | 14 | – 0 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc.<br>3.375%, 08/31/2027<sup>(a)</sup> |  | 517 | 496868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/2026<sup>(a)</sup> |  | 516 | 517197 |
|  Rakuten Group, Inc. <br>11.25%, 02/15/2027<sup>(a)</sup> |  | 200 | 215418 |
|  Raven Acquisition Holdings LLC <br>6.875%, 11/15/2031<sup>(a)</sup> |  | 302 | 301191 |
|  Sabre GLBL, Inc.<br>10.75%, 11/15/2029<sup>(a)</sup> |  | 291 | 296852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.125%, 07/15/2030<sup>(a)</sup> |  | 301 | 308760 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. <br>5.50%, 05/15/2033<sup>(a)</sup> | EUR | 412 | 479580 |
|  Sotheby's <br>7.375%, 10/15/2027<sup>(a)</sup> | U.S.$| 186 | 183225 |
|  Techem Verwaltungsgesellschaft 675 mbH <br>5.375%, 07/15/2029<sup>(a)</sup> | EUR | 178 | 206930 |
|  VT Topco, Inc. <br>8.50%, 08/15/2030<sup>(a)</sup> | U.S.$| 64 | 67945 |
|  |  |  | 8841897 |
|  **Technology – 2.2%** |  |  |  |
|  Ahead DB Holdings LLC <br>6.625%, 05/01/2028<sup>(a)</sup> |  | 37 | 36409 |
|  Almaviva-The Italian Innovation Co. SpA <br>5.00%, 10/30/2030<sup>(a)</sup> | EUR | 206 | 240192 |
|  Amentum Holdings, Inc. <br>7.25%, 08/01/2032<sup>(a)</sup> | U.S.$| 541 | 552101 |
|  AthenaHealth Group, Inc. <br>6.50%, 02/15/2030<sup>(a)</sup> |  | 42 | 40442 |
|  CACI International, Inc. <br>6.375%, 06/15/2033<sup>(a)</sup> |  | 197 | 200798 |
|  Conduent Business Services LLC/Conduent State & Local Solutions, Inc. <br>6.00%, 11/01/2029<sup>(a)</sup> |  | 50 | 45977 |
|  Consensus Cloud Solutions, Inc. <br>6.50%, 10/15/2028<sup>(a)</sup> |  | 72 | 71552 |
|  CoreWeave, Inc. <br>9.25%, 06/01/2030<sup>(a)</sup> |  | 232 | 231719 |
|  Diebold Nixdorf, Inc. <br>7.75%, 03/31/2030<sup>(a)</sup> |  | 334 | 351933 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Ellucian Holdings, Inc. <br>6.50%, 12/01/2029<sup>(a)</sup> | U.S.$| 120 | $121596 |
|  Gen Digital, Inc. <br>6.75%, 09/30/2027<sup>(a)</sup> |  | 684 | 695491 |
|  GoTo Group, Inc. <br>5.50%, 05/01/2028<sup>(a)</sup> |  | 218 | 148561 |
|  Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL <br>8.75%, 05/01/2029 <sup>(a)</sup> |  | 200 | 203952 |
|  IPD 3 BV <br>5.50%, 06/15/2031<sup>(a)</sup> | EUR | 159 | 182900 |
|  Playtika Holding Corp. <br>4.25%, 03/15/2029<sup>(a)</sup> | U.S.$| 402 | 359850 |
|  Rackspace Finance LLC <br>3.50%, 05/15/2028<sup>(a)</sup> |  | 266 | 95753 |
|  Rackspace Technology Global, Inc. <br>5.375%, 12/01/2028<sup>(a)</sup> |  | 109 | 26424 |
|  Rocket Software, Inc. <br>9.00%, 11/28/2028<sup>(a)</sup> |  | 217 | 223894 |
|  Science Applications International Corp. <br>4.875%, 04/01/2028<sup>(a)</sup> |  | 15 | 14662 |
|  Virtusa Corp. <br>7.125%, 12/15/2028<sup>(a)</sup> |  | 37 | 35705 |
|  Western Digital Corp. <br>4.75%, 02/15/2026 |  | 187 | 186162 |
|  |  |  | 4066073 |
|  **Transportation - Airlines – 1.5%** |  |  |  |
|  Allegiant Travel Co. <br>7.25%, 08/15/2027<sup>(a)</sup> |  | 840 | 832045 |
|  American Airlines, Inc. <br>7.25%, 02/15/2028<sup>(a)</sup> |  | 127 | 128306 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>5.50%, 04/20/2026<sup>(a)</sup> |  | 95 | 94758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029<sup>(a)</sup> |  | 1196 | 1174800 |
|  JetBlue Airways Corp./JetBlue Loyalty LP <br>9.875%, 09/20/2031<sup>(a)</sup> |  | 314 | 310744 |
|  OneSky Flight LLC <br>8.875%, 12/15/2029<sup>(a)</sup> |  | 74 | 74623 |
|  Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. <br>11.00% (11.00% Cash or 8.00% Cash and 4.00% PIK), 03/06/2030<sup>(a)(b)(c)</sup> |  | 180 | 140494 |
|  |  |  | 2755770 |
|  **Transportation - Services – 2.2%** |  |  |  |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc.<br>5.375%, 05/21/2030<sup>(a)</sup> | EUR | 158 | 181454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/21/2030<sup>(a)</sup> | U.S.$| 200 | 203288 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<br>4.75%, 04/01/2028<sup>(a)</sup> | U.S.$| 151 | $144557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 03/01/2029<sup>(a)</sup> |  | 611 | 576087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2027<sup>(a)</sup> |  | 22 | 21712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/2030<sup>(a)</sup> |  | 394 | 400119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 06/15/2032<sup>(a)</sup> |  | 276 | 278222 |
|  Dcli Bidco LLC <br>7.75%, 11/15/2029<sup>(a)</sup> |  | 99 | 99613 |
|  Edge Finco PLC <br>8.125%, 08/15/2031<sup>(a)</sup> | GBP | 134 | 189450 |
|  Hertz Corp. (The)<br>4.625%, 12/01/2026<sup>(a)</sup> | U.S.$| 359 | 316250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029<sup>(a)</sup> |  | 308 | 209437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.625%, 07/15/2029<sup>(a)</sup> |  | 308 | 313759 |
|  Kapla Holding SAS <br>5.00%, 04/30/2031<sup>(a)</sup> | EUR | 359 | 413864 |
|  Mundys SpA <br>1.875%, 02/12/2028<sup>(a)</sup> |  | 153 | 167131 |
|  PROG Holdings, Inc. <br>6.00%, 11/15/2029<sup>(a)</sup> | U.S.$| 684 | 650484 |
|  |  |  | 4165427 |
|  |  |  | 128479331 |
|  Financial Institutions – 6.5% |  |  |  |
|  **Banking – 0.7%** |  |  |  |
|  Ally Financial, Inc. <br>Series C <br>4.70%, 05/15/2028<sup>(l)</sup> |  | 28 | 24567 |
|  Bread Financial Holdings, Inc.<br>8.375%, 06/15/2035<sup>(a)</sup> |  | 243 | 236050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 03/15/2029<sup>(a)</sup> |  | 575 | 612254 |
|  Freedom Mortgage Corp.<br>12.00%, 10/01/2028<sup>(a)</sup> |  | 267 | 286756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 10/01/2030<sup>(a)</sup> |  | 29 | 32029 |
|  Societe Generale SA <br>8.00%, 06/30/2025<sup>(a)(l)</sup> |  | 3 | 3008 |
|  |  |  | 1194664 |
|  **Brokerage – 1.2%** |  |  |  |
|  AG Issuer LLC <br>6.25%, 03/01/2028<sup>(a)</sup> |  | 197 | 196809 |
|  AG TTMT Escrow Issuer LLC <br>8.625%, 09/30/2027<sup>(a)</sup> |  | 414 | 429711 |
|  Aretec Group, Inc.<br>7.50%, 04/01/2029<sup>(a)</sup> |  | 101 | 100705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 08/15/2030<sup>(a)</sup> |  | 550 | 599902 |
|  Hightower Holding LLC<br>6.75%, 04/15/2029<sup>(a)</sup> |  | 11 | 10867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 01/31/2030<sup>(a)</sup> |  | 322 | 337392 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Jane Street Group/JSG Finance, Inc. <br>6.75%, 05/01/2033<sup>(a)</sup> | U.S.$| 462 | $474252 |
|  Osaic Holdings, Inc. <br>10.75%, 08/01/2027<sup>(a)</sup> |  | 136 | 136874 |
|  |  |  | 2286512 |
|  **Finance – 2.6%** |  |  |  |
|  CNG Holdings, Inc. <br>14.50%, 06/30/2026<sup>(a)</sup> |  | 29 | 26390 |
|  Compass Group Diversified Holdings LLC <br>5.25%, 04/15/2029<sup>(a)</sup> |  | 402 | 348052 |
|  Enova International, Inc.<br>9.125%, 08/01/2029<sup>(a)</sup> |  | 698 | 717663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 12/15/2028<sup>(a)</sup> |  | 119 | 127777 |
|  Freedom Mortgage Holdings LLC<br>8.375%, 04/01/2032<sup>(a)</sup> |  | 370 | 366592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 02/01/2029<sup>(a)</sup> |  | 62 | 63913 |
|  GGAM Finance Ltd.<br>6.875%, 04/15/2029<sup>(a)</sup> |  | 118 | 120761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/15/2027<sup>(a)</sup> |  | 153 | 157376 |
|  goeasy Ltd.<br>6.875%, 05/15/2030<sup>(a)</sup> |  | 120 | 118752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 10/01/2030<sup>(a)</sup> |  | 410 | 409811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 12/01/2028<sup>(a)</sup> |  | 196 | 206159 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp. <br>5.00%, 08/15/2028<sup>(a)</sup> |  | 650 | 615862 |
|  Midcap Financial Issuer Trust <br>6.50%, 05/01/2028<sup>(a)</sup> |  | 202 | 196445 |
|  Navient Corp.<br>5.50%, 03/15/2029 |  | 141 | 135755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/01/2033 |  | 577 | 508118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 07/25/2030 |  | 214 | 233211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 03/15/2031 |  | 354 | 401050 |
|  OneMain Finance Corp. <br>6.625%, 05/15/2029 |  | 85 | 85956 |
|  |  |  | 4839643 |
|  **Financial Services – 0.5%** |  |  |  |
|  1261229 BC Ltd. <br>10.00%, 04/15/2032<sup>(a)</sup> |  | 384 | 380175 |
|  Armor Holdco, Inc. <br>8.50%, 11/15/2029<sup>(a)</sup> |  | 151 | 140835 |
|  Herc Holdings Escrow, Inc.<br>7.00%, 06/15/2030<sup>(a)</sup> |  | 214 | 220495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/2033<sup>(a)</sup> |  | 210 | 216042 |
|  Titanium 2l Bondco SARL <br>6.25%, 01/14/2031<sup>(b)</sup> | EUR | 109 | 36434 |
|  |  |  | 993981 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Insurance – 0.7%** |  |  |  |
|  Acrisure LLC/Acrisure Finance, Inc.<br>6.00%, 08/01/2029<sup>(a)</sup> | U.S.$| 162 | $156780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/01/2029<sup>(a)</sup> |  | 109 | 112749 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <br>6.75%, 04/15/2028<sup>(a)</sup> |  | 60 | 60809 |
|  APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Inves <br>7.875%, 11/01/2029<sup>(a)</sup> |  | 151 | 150230 |
|  Ardonagh Finco Ltd. <br>6.875%, 02/15/2031<sup>(a)</sup> | EUR | 202 | 234602 |
|  Ardonagh Group Finance Ltd. <br>8.875%, 02/15/2032<sup>(a)</sup> | U.S.$| 289 | 298817 |
|  Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC <br>8.125%, 02/15/2032<sup>(a)</sup> |  | 190 | 195058 |
|  Molina Healthcare, Inc. <br>4.375%, 06/15/2028<sup>(a)</sup> |  | 126 | 122182 |
|  |  |  | 1331227 |
|  **REITs – 0.8%** |  |  |  |
|  Aedas Homes Opco SL <br>4.00%, 08/15/2026<sup>(a)</sup> | EUR | 111 | 125728 |
|  Brandywine Operating Partnership LP <br>8.875%, 04/12/2029 | U.S.$| 84 | 89544 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL <br>5.75%, 05/15/2026<sup>(a)</sup> |  | 2 | 1981 |
|  Cushman & Wakefield US Borrower LLC <br>8.875%, 09/01/2031<sup>(a)</sup> |  | 144 | 153812 |
|  Five Point Operating Co. LP/Five Point Capital Corp. <br>10.50%, 01/15/2028<sup>(a)(c)</sup> |  | 435 | 443799 |
|  MPT Operating Partnership LP/MPT Finance Corp. <br>8.50%, 02/15/2032<sup>(a)</sup> |  | 154 | 157942 |
|  RLJ Lodging Trust LP <br>4.00%, 09/15/2029<sup>(a)</sup> |  | 107 | 97957 |
|  Service Properties Trust<br>8.375%, 06/15/2029 |  | 223 | 225210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 11/15/2031<sup>(a)</sup> |  | 94 | 100134 |
|  |  |  | 1396107 |
|  |  |  | 12042134 |
|  Utility – 1.3% |  |  |  |
|  **Electric – 1.2%** |  |  |  |
|  Calpine Corp. <br>5.125%, 03/15/2028<sup>(a)</sup> |  | 106 | 105088 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  NRG Energy, Inc.<br>3.375%, 02/15/2029<sup>(a)</sup> | U.S.$| 999 | $| 933426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2029<sup>(a)</sup> |  | 244 |  | 241106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2029<sup>(a)</sup> |  | 172 |  | 171451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 03/15/2028<sup>(a)(l)</sup> |  | 47 |  | 51626 |
|  Vistra Corp.<br>7.00%, 12/15/2026<sup>(a)(l)</sup> |  | 28 |  | 28339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/15/2026<sup>(a)(l)</sup> |  | 29 |  | 29688 |
|  Vistra Operations Co. LLC<br>5.50%, 09/01/2026<sup>(a)</sup> |  | 217 |  | 217139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 02/15/2027<sup>(a)</sup> |  | 413 |  | 412921 |
|  |  |  |  | 2190784 |
|  **Natural Gas – 0.1%** |  |  |  |  |
|  Venture Global Plaquemines LNG LLC <br>7.75%, 05/01/2035<sup>(a)</sup> |  | 119 |  | 125405 |
|  |  |  |  | 2316189 |
|  Total Corporates - Non-Investment Grade <br>(cost $143,744,378) |  |  |  | 142837654 |
|  CORPORATES - INVESTMENT GRADE – 15.6% |  |  |  |  |
|  Industrial – 10.2% | Industrial – 10.2% | Industrial – 10.2% | Industrial – 10.2% | Industrial – 10.2% |
|  **Basic – 0.1%** | **Basic – 0.1%** | **Basic – 0.1%** | **Basic – 0.1%** | **Basic – 0.1%** |
|  Glencore Funding LLC <br>5.634%, 04/04/2034<sup>(a)</sup> |  | 137 |  | 137759 |
|  **Communications - Media – 2.1%** |  |  |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>5.375%, 04/01/2038 |  | 97 |  | 89284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484%, 10/23/2045 |  | 776 |  | 745045 |
|  DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc.<br>5.875%, 08/15/2027<sup>(a)</sup> |  | 507 |  | 499086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 02/15/2031<sup>(a)</sup> |  | 696 |  | 677549 |
|  Time Warner Cable LLC <br>7.30%, 07/01/2038 |  | 104 |  | 110570 |
|  Warnermedia Holdings, Inc.<br>4.279%, 03/15/2032 |  | 1097 |  | 932066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141%, 03/15/2052 |  | 1049 |  | 679720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.391%, 03/15/2062 |  | 303 |  | 194684 |
|  |  |  |  | 3928004 |
|  **Consumer Cyclical - Automotive – 1.5%** |  |  |  |  |
|  Adient Global Holdings Ltd. <br>7.00%, 04/15/2028<sup>(a)</sup> |  | 570 |  | 582631 |
|  Ford Motor Co. <br>3.25%, 02/12/2032 |  | 136 |  | 112248 |

---

---

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

---

------

**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.$| 200 | $193328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/2027 |  | 200 | 196922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.054%, 11/05/2031 |  | 430 | 418773 |
|  General Motors Financial Co., Inc.<br>2.35%, 01/08/2031 |  | 44 | 37451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/10/2031 |  | 147 | 125933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/04/2032 |  | 177 | 175793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/04/2034 |  | 100 | 99324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/07/2034 |  | 61 | 61341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 01/09/2033 |  | 266 | 274677 |
|  Harley-Davidson Financial Services, Inc.<br>5.95%, 06/11/2029<sup>(a)</sup> |  | 44 | 44214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/10/2028<sup>(a)</sup> |  | 189 | 192992 |
|  Phinia, Inc. <br>6.75%, 04/15/2029<sup>(a)</sup> |  | 197 | 201639 |
|  |  |  | 2717266 |
|  **Consumer Cyclical - Entertainment – 1.4%** |  |  |  |
|  Carnival Corp. <br>4.00%, 08/01/2028<sup>(a)</sup> |  | 425 | 411060 |
|  Royal Caribbean Cruises Ltd.<br>4.25%, 07/01/2026<sup>(a)</sup> |  | 633 | 626822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/15/2027<sup>(a)</sup> |  | 550 | 550814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026<sup>(a)</sup> |  | 342 | 341986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028<sup>(a)</sup> |  | 563 | 564796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 09/30/2031<sup>(a)</sup> |  | 40 | 39535 |
|  |  |  | 2535013 |
|  **Consumer Cyclical - Other – 1.6%** |  |  |  |
|  Flutter Treasury DAC<br>4.00%, 06/04/2031<sup>(a)</sup> | EUR | 131 | 148547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/29/2029<sup>(a)</sup> |  | 103 | 121062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/04/2031<sup>(a)</sup> | U.S.$| 200 | 201120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/04/2031<sup>(a)</sup> | GBP | 200 | 271328 |
|  International Game Technology PLC <br>6.25%, 01/15/2027<sup>(a)</sup> | U.S.$| 426 | 430677 |
|  Las Vegas Sands Corp.<br>5.625%, 06/15/2028 |  | 307 | 307734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/14/2030 |  | 162 | 163738 |
|  MDC Holdings, Inc. <br>6.00%, 01/15/2043 |  | 86 | 76088 |
|  Resorts World Las Vegas LLC/RWLV Capital, Inc. <br>4.625%, 04/16/2029<sup>(a)</sup> |  | 900 | 788643 |
|  Voyager Parent LLC <br>9.25%, 07/01/2032<sup>(a)</sup> |  | 456 | 470797 |
|  |  |  | 2979734 |
|  **Consumer Cyclical - Retailers – 0.2%** |  |  |  |
|  Macy's Retail Holdings LLC <br>5.875%, 03/15/2030<sup>(a)</sup> |  | 299 | 285165 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Non-Cyclical – 0.5%** |  |  |  |
|  Charles River Laboratories International, Inc. <br>3.75%, 03/15/2029<sup>(a)</sup> | U.S.$| 347 | $321551 |
|  Jazz Securities DAC <br>4.375%, 01/15/2029<sup>(a)</sup> |  | 200 | 191826 |
|  Mylan, Inc. <br>5.20%, 04/15/2048 |  | 319 | 239945 |
|  Pilgrim's Pride Corp. <br>6.875%, 05/15/2034 |  | 72 | 77646 |
|  Viatris, Inc. <br>2.70%, 06/22/2030 |  | 204 | 178319 |
|  |  |  | 1009287 |
|  **Energy – 1.0%** |  |  |  |
|  Continental Resources, Inc./OK<br>2.875%, 04/01/2032<sup>(a)</sup> |  | 14 | 11454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/01/2044 |  | 16 | 12280 |
|  Energy Transfer LP <br>8.00%, 05/15/2054 |  | 65 | 68060 |
|  Harbour Energy PLC <br>6.327%, 04/01/2035<sup>(a)</sup> |  | 376 | 364024 |
|  Var Energi ASA<br>5.875%, 05/22/2030<sup>(a)</sup> |  | 241 | 244044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/22/2035<sup>(a)</sup> |  | 241 | 243523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028<sup>(a)</sup> |  | 200 | 210322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2032<sup>(a)</sup> |  | 200 | 221656 |
|  Woodside Finance Ltd.<br>5.40%, 05/19/2030 |  | 137 | 137292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/19/2035 |  | 354 | 351876 |
|  |  |  | 1864531 |
|  **Other Industrial – 0.6%** |  |  |  |
|  American Builders & Contractors Supply Co., Inc. <br>4.00%, 01/15/2028<sup>(a)</sup> |  | 702 | 679312 |
|  RB Global Holdings, Inc. <br>6.75%, 03/15/2028<sup>(a)</sup> |  | 396 | 404292 |
|  |  |  | 1083604 |
|  **Services – 0.5%** |  |  |  |
|  Block, Inc. <br>2.75%, 06/01/2026 |  | 977 | 952575 |
|  **Transportation - Airlines – 0.6%** |  |  |  |
|  AS Mileage Plan IP Ltd. <br>5.021%, 10/20/2029<sup>(a)</sup> |  | 46 | 45055 |
|  United Airlines, Inc.<br>4.375%, 04/15/2026<sup>(a)</sup> |  | 958 | 947213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/15/2029<sup>(a)</sup> |  | 229 | 217463 |
|  |  |  | 1209731 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **Transportation - Services – 0.1%** |  |  |  |  |
|  AerCap Global Aviation Trust <br>6.50%, 06/15/2045<sup>(a)</sup> | U.S.$| 200 | $| 200100 |
|  Stonepeak Nile Parent LLC <br>7.25%, 03/15/2032<sup>(a)</sup> |  | 50 |  | 51781 |
|  |  |  |  | 251881 |
|  |  |  |  | 18954550 |
|  Financial Institutions – 5.3% | Financial Institutions – 5.3% | Financial Institutions – 5.3% | Financial Institutions – 5.3% | Financial Institutions – 5.3% |
|  **Banking – 4.5%** | **Banking – 4.5%** | **Banking – 4.5%** | **Banking – 4.5%** | **Banking – 4.5%** |
|  Ally Financial, Inc.<br>5.543%, 01/17/2031 |  | 177 |  | 176734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.737%, 05/15/2029 |  | 221 |  | 223153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/14/2033 |  | 121 |  | 122791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.848%, 01/03/2030 |  | 83 |  | 86696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br>4.70%, 05/15/2026<sup>(l)</sup> |  | 164 |  | 155356 |
|  Banco Bilbao Vizcaya Argentaria SA <br>6.033%, 03/13/2035 |  | 200 |  | 204452 |
|  Banco Santander SA<br>6.35%, 03/14/2034 |  | 200 |  | 206452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.921%, 08/08/2033 |  | 400 |  | 426492 |
|  Barclays PLC <br>5.785%, 02/25/2036 |  | 482 |  | 483253 |
|  BNP Paribas SA <br>4.625%, 02/25/2031<sup>(a)(l)</sup> |  | 454 |  | 393713 |
|  Citigroup, Inc.<br>5.827%, 02/13/2035 |  | 211 |  | 210272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA<br>7.625%, 11/15/2028<sup>(l)</sup> |  | 32 |  | 33481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W<br>4.00%, 12/10/2025<sup>(l)</sup> |  | 18 |  | 17822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y<br>4.15%, 11/15/2026<sup>(l)</sup> |  | 46 |  | 44721 |
|  Deutsche Bank AG/New York NY<br>3.729%, 01/14/2032 |  | 387 |  | 347855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.742%, 01/07/2033 |  | 200 |  | 175900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%, 02/10/2034 |  | 204 |  | 213908 |
|  Intesa Sanpaolo SpA <br>5.71%, 01/15/2026<sup>(a)</sup> |  | 908 |  | 909435 |
|  Lloyds Banking Group PLC<br>6.00%, 06/07/2032<sup>(l)</sup> | GBP | 8 |  | 9953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/27/2025<sup>(l)</sup> | U.S.$| 219 |  | 219738 |
|  Santander Holdings USA, Inc. <br>5.741%, 03/20/2031 |  | 222 |  | 224440 |
|  Societe Generale SA<br>3.625%, 03/01/2041<sup>(a)</sup> |  | 250 |  | 172023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.512%, 05/22/2031<sup>(a)</sup> |  | 539 |  | 543387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.367%, 01/10/2053<sup>(a)</sup> |  | 200 |  | 203874 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Standard Chartered PLC <br>6.228%, 01/21/2036<sup>(a)</sup> | U.S.$| 371 | $385061 |
|  Synchrony Financial<br>5.45%, 03/06/2031 |  | 101 | 100542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.935%, 08/02/2030 |  | 82 | 83137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/02/2033 |  | 629 | 642234 |
|  UBS Group AG<br>7.125%, 08/10/2034<sup>(a)(l)</sup> |  | 297 | 291099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 11/13/2028<sup>(a)(l)</sup> |  | 355 | 386772 |
|  UniCredit SpA <br>5.861%, 06/19/2032<sup>(a)</sup> |  | 600 | 600918 |
|  Wells Fargo & Co. <br>Series BB <br>3.90%, 03/15/2026<sup>(l)</sup> |  | 111 | 109213 |
|  |  |  | 8404877 |
|  **Brokerage – 0.1%** |  |  |  |
|  CI Financial Corp. <br>3.20%, 12/17/2030 |  | 158 | 137869 |
|  **Finance – 0.1%** |  |  |  |
|  Air Lease Corp. <br>Series B <br>4.65%, 06/15/2026<sup>(l)</sup> |  | 50 | 49031 |
|  Aircastle Ltd. <br>5.25%, 06/15/2026<sup>(a)(l)</sup> |  | 29 | 28647 |
|  Blackstone Private Credit Fund <br>6.00%, 11/22/2034 |  | 139 | 133860 |
|  |  |  | 211538 |
|  **Insurance – 0.2%** |  |  |  |
|  ACE Capital Trust II <br>9.70%, 04/01/2030 |  | 20 | 23857 |
|  Global Atlantic Fin Co. <br>4.70%, 10/15/2051<sup>(a)</sup> |  | 59 | 57207 |
|  Liberty Mutual Group, Inc. <br>7.80%, 03/07/2087<sup>(a)</sup> |  | 55 | 61944 |
|  Swiss RE Subordinated Finance PLC <br>5.698%, 04/05/2035<sup>(a)</sup> |  | 200 | 198900 |
|  |  |  | 341908 |
|  **REITs – 0.4%** |  |  |  |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. <br>4.75%, 06/15/2029<sup>(a)</sup> |  | 84 | 81374 |
|  Newmark Group, Inc. <br>7.50%, 01/12/2029 |  | 630 | 662407 |
|  |  |  | 743781 |
|  |  |  | 9839973 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Utility – 0.1% |  |  |  |  |
|  **Electric – 0.1%** |  |  |  |  |
|  American Electric Power Co., Inc. <br>6.95%, 12/15/2054 | U.S.$| 80 | $| 81866 |
|  NRG Energy, Inc. <br>7.00%, 03/15/2033<sup>(a)</sup> |  | 55 |  | 59396 |
|  Vistra Operations Co. LLC <br>6.95%, 10/15/2033<sup>(a)</sup> |  | 71 |  | 76665 |
|  |  |  |  | 217927 |
|  Total Corporates - Investment Grade <br>(cost $28,621,251) |  |  |  | 29012450 |
|  BANK LOANS – 4.1% |  |  |  |  |
|  Industrial – 3.4% |  |  |  |  |
|  **Basic – 0.2%** |  |  |  |  |
|  INEOS US Petrochem LLC <br>8.677% (CME Term SOFR 1 Month + 4.25%), 04/02/2029<sup>(n)</sup> |  | 495 |  | 451688 |
|  **Capital Goods – 0.2%** | **Capital Goods – 0.2%** | **Capital Goods – 0.2%** | **Capital Goods – 0.2%** | **Capital Goods – 0.2%** |
|  ACProducts Holdings, Inc. <br>8.811% (SOFR + 4.25%), 05/17/2028<sup>(n)</sup> |  | 95 |  | 69957 |
|  ECO Material Technologies, Inc. <br>7.467% (CME Term SOFR 6 Month + 3.25%),<br>02/12/2032<sup>(d)(n)</sup> |  | 380 |  | 379525 |
|  |  |  |  | 449482 |
|  **Communications - Media – 0.5%** |  |  |  |  |
|  Advantage Sales & Marketing, Inc. <br>8.789% (SOFR + 4.25%), 10/28/2027<sup>(n)</sup> |  | 36 |  | 30166 |
|  DIRECTV Financing LLC <br>9.791% (SOFR + 5.25%), 08/02/2029<sup>(n)</sup> |  | 418 |  | 411346 |
|  Gray Television, Inc. <br>7.439% (CME Term SOFR 3 Month + 3.00%),<br>12/01/2028<sup>(n)</sup> |  | 352 |  | 338807 |
|  iHeartCommunications, Inc. <br>10.629%, 05/01/2029<sup>(o)</sup> |  | 246 |  | 201494 |
|  |  |  |  | 981813 |
|  **Communications - Telecommunications – 0.1%** |  |  |  |  |
|  Crown Subsea Communications Holding, Inc. <br>8.324% (SOFR + 4.00%), 01/30/2031<sup>(n)</sup> |  | 50 |  | 49796 |
|  Lumen Technologies, Inc. <br>6.791% (CME Term SOFR 1 Month + 2.35%), 04/16/2029<sup>(n)</sup> |  | 63 |  | 62635 |
|  |  |  |  | 112431 |
|  **Consumer Cyclical - Automotive – 0.1%** |  |  |  |  |
|  RealTruck Group, Inc. <br>10.310% (CME Term SOFR 3 Month + 5.00%),<br>01/31/2028<sup>(n)</sup> |  | 219 |  | 212588 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Other – 0.1%** |  |  |  |
|  Weber-Stephen Products LLC <br>7.691% (CME Term SOFR 3 Month + 3.25%),<br>10/30/2027<sup>(n)</sup> | U.S.$| 120 | $118477 |
|  **Consumer Cyclical - Retailers – 0.2%** |  |  |  |
|  Foundation Building Materials, Inc. <br>9.548% (CME Term SOFR 3 Month + 5.25%),<br>01/29/2031<sup>(n)</sup> |  | 460 | 432400 |
|  **Consumer Non-Cyclical – 0.6%** |  |  |  |
|  Gainwell Acquisition Corp. <br>8.399% (SOFR + 4.00%), 10/01/2027<sup>(n)</sup> |  | 38 | 36615 |
|  MPH Acquisition Holdings LLC <br>8.030% (CME Term SOFR 3 Month + 3.75%),<br>12/31/2030<sup>(n)</sup> |  | 57 | 55943 |
|  Neptune Bidco US, Inc. <br>9.330% (CME Term SOFR 3 Month + 5.00%),<br>04/11/2029<sup>(n)</sup> |  | 573 | 534504 |
|  Opal US LLC <br>7.435% (CME Term SOFR 3 Month + 3.25%),<br>04/28/2032<sup>(n)</sup> |  | 356 | 356178 |
|  US Radiology Specialists, Inc. <br>9.049% (SOFR + 4.75%), 12/15/2027<sup>(n)</sup> |  | 87 | 86787 |
|  |  |  | 1070027 |
|  **Other Industrial – 0.0%** |  |  |  |
|  American Tire Distributors, Inc. <br>14.750% (SOFR + 7.25%), 10/20/2028<sup>(n)</sup> |  | 80 | 24399 |
|  **Technology – 1.2%** |  |  |  |
|  Ascend Learning LLC <br>10.177% (SOFR + 5.75%), 12/10/2029<sup>(n)</sup> |  | 24 | 23312 |
|  Clover Holdings 2, LLC <br>7.750%, 12/09/2031<sup>(d)</sup> |  | 402 | 405015 |
|  Clover Holdings SPV III LLC <br>15.000%, 12/09/2027<sup>(d)</sup> |  | 12 | 12065 |
|  Commscope, Inc. <br>9.597%, 12/17/2029<sup>(o)</sup> |  | 584 | 588845 |
|  Loyalty Ventures, Inc. <br>14.00% (CME Term SOFR 3 Month + 5.50%), 11/03/2027<sup>(d)(e)(f)(j)(n)</sup> |  | 115 | 864 |
|  Peraton Corp.<br>8.177% (CME Term SOFR 1 Month + 3.75%),<br>02/01/2028<sup>(n)</sup> |  | 269 | 232833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.604%, 02/01/2029<sup>(o)</sup> |  | 230 | 167709 |
|  Polaris Newco LLC <br>8.291% (CME Term SOFR 3 Month + 3.75%), 06/02/2028<sup>(n)</sup> |  | 472 | 456397 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Project Alpha Intermediate Holdings, Inc. <br>10.122% (CME Term SOFR 1 Month + 5.00%), 05/09/2033<sup>(d)(n)</sup> | U.S.$| 260 | $256100 |
|  Veritas US, Inc.<br>4.500% (PIK Interest 4 + 4.50%), 12/09/2029<sup>(n)</sup> |  | 16 | 15425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% (CME Term SOFR 3 Month + 8.00%),<br>12/09/2029<sup>(n)</sup> |  | 16 | 15424 |
|  |  |  | 2173989 |
|  **Transportation - Airlines – 0.2%** |  |  |  |
|  AS Mileage Plan IP Ltd. <br>6.270% (CME Term SOFR 3 Month + 2.00%),<br>10/15/2031<sup>(n)</sup> |  | 129 | 129512 |
|  JetBlue Airways Corp. <br>9.055% (CME Term SOFR 3 Month + 4.75%),<br>08/27/2029<sup>(n)</sup> |  | 199 | 193279 |
|  |  |  | 322791 |
|  |  |  | 6350085 |
|  Financial Institutions – 0.6% |  |  |  |
|  **Brokerage – 0.1%** |  |  |  |
|  Jane Street Group LLC <br>6.313% (CME Term SOFR 3 Month + 2.00%),<br>12/15/2031<sup>(n)</sup> |  | 318 | 317414 |
|  **Financial Services – 0.2%** |  |  |  |
|  Osttra Group Ltd. <br>8.333%, 05/20/2032<sup>(o)</sup> |  | 220 | 220068 |
|  Rackspace Finance, LLC <br>7.197% (CME Term SOFR 1 Month + 2.75%),<br>05/15/2028<sup>(n)</sup> |  | 275 | 122539 |
|  |  |  | 342607 |
|  **Insurance – 0.3%** |  |  |  |
|  AssuredPartners, Inc. <br>7.827% (CME Term SOFR 1 Month + 3.50%),<br>02/14/2031<sup>(n)</sup> |  | 352 | 352458 |
|  Asurion LLC <br>8.677% (SOFR + 4.25%), 08/19/2028<sup>(n)</sup> |  | 157 | 156212 |
|  |  |  | 508670 |
|  |  |  | 1168691 |
|  Utility – 0.1% |  |  |  |
|  **Electric – 0.1%** |  |  |  |
|  Vistra Operations Co. LLC <br>6.327% (CME Term SOFR 3 Month + 2.00%),<br>04/30/2031<sup>(n)</sup> |  | 181 | 177097 |
|  Total Bank Loans <br>(cost $7,957,033) |  |  | 7695873 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  EMERGING MARKETS - CORPORATE BONDS – 1.1% |  |  |  |
|  Industrial – 1.1% |  |  |  |
|  **Basic – 0.3%** |  |  |  |
|  First Quantum Minerals Ltd.<br>8.00%, 03/01/2033<sup>(a)</sup> | U.S.$| 227 | $224929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 03/01/2029<sup>(a)</sup> |  | 201 | 211050 |
|  |  |  | 435979 |
|  **Consumer Cyclical - Other – 0.7%** |  |  |  |
|  Melco Resorts Finance Ltd. <br>5.375%, 12/04/2029<sup>(a)</sup> |  | 236 | 216896 |
|  MGM China Holdings Ltd.<br>4.75%, 02/01/2027<sup>(a)</sup> |  | 221 | 216469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 06/26/2031<sup>(a)</sup> |  | 331 | 336379 |
|  Studio City Co., Ltd. <br>7.00%, 02/15/2027<sup>(a)</sup> |  | 200 | 200000 |
|  Wynn Macau Ltd. <br>5.125%, 12/15/2029<sup>(a)</sup> |  | 390 | 362852 |
|  |  |  | 1332596 |
|  **Consumer Cyclical - Retailers – 0.0%** |  |  |  |
|  K2016470219 South Africa Ltd. <br>3.00%, 12/31/2022<sup>(d)(e)(f)(g)(h)</sup> |  | 15 | – 0 |
|  K2016470260 South Africa Ltd. <br>25.00%, 12/31/2022<sup>(d)(e)(f)(g)(h)</sup> |  | 3 | – 0 |
|  |  |  | – 0 |
|  **Consumer Non-Cyclical – 0.1%** |  |  |  |
|  Teva Pharmaceutical Finance Netherlands III BV <br>7.875%, 09/15/2029 |  | 200 | 215486 |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2025<sup>(d)(e)(f)(g)(h)</sup> |  | 95 | 9 |
|  |  |  | 215495 |
|  |  |  | 1984070 |
|  Utility – 0.0% |  |  |  |
|  **Electric – 0.0%** |  |  |  |
|  Terraform Global Operating LP <br>6.125%, 03/01/2026<sup>(a)</sup> |  | 13 | 12811 |
|  Total Emerging Markets - Corporate Bonds <br>(cost $2,058,292) |  |  | 1996881 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 29 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  PREFERRED STOCKS – 0.1% |  |  |
|  Industrials – 0.1% |  |  |
|  **Consumer Cyclical - Automotive – 0.1%** |  |  |
|  Exide International Holdings LP <br>0.00%<sup>(d)(f)(g)</sup> | 39 | $40482 |
|  **Consumer Cyclical - Other – 0.0%** |  |  |
|  Hovnanian Enterprises, Inc. <br>7.625% | 490 | 7938 |
|  **Other Industrial – 0.0%** |  |  |
|  WESCO International, Inc. <br>Series A <br>10.625% | 1425 | 36366 |
|  **Technology – 0.0%** |  |  |
|  Veritas US, Inc. <br>0.00%<sup>(d)(e)(g)</sup> | 678 | 15255 |
|  |  | 100041 |
|  Financials – 0.0% |  |  |
|  **Brokerage – 0.0%** |  |  |
|  Osaic Financial Services, Inc. <br>Series A <br>8.00% | 2175 | 39694 |
|  Total Preferred Stocks <br>(cost $102,027) |  | 139735 |
|  COMMON STOCKS – 0.0% |  |  |
|  Financials – 0.0% |  |  |
|  **Financial Services – 0.0%** |  |  |
|  Curo Group Holdings LLC<sup>(e)</sup> | 9491 | 49040 |
|  Energy – 0.0% |  |  |
|  **Energy Equipment & Services – 0.0%** |  |  |
|  BIS Industries Holdings Ltd.<sup>(d)(e)(f)</sup> | 21027 | – 0 |
|  CHC Group LLC<sup>(d)(e)(f)</sup> | 468 | – 0 |
|  |  | – 0 |
|  **Oil, Gas & Consumable Fuels – 0.0%** |  |  |
|  New Fortress Energy, Inc.<sup>(e)(f)</sup> | 5687 | 14161 |
|  |  | 14161 |
|  Industrials – 0.0% |  |  |
|  **Electrical Equipment – 0.0%** |  |  |
|  Exide Technologies<sup>(d)(e)(f)</sup> | 7 | 1316 |
|  Consumer Staples – 0.0% |  |  |
|  **Household Products – 0.0%** |  |  |
|  Southeastern Grocers, Inc.<sup>(d)(f)</sup> | 3584 | 645 |

---

---

| | |
|:---|:---|
| 30 AB High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  Consumer Discretionary – 0.0% |  |  |
|  **Broadline Retail – 0.0%** |  |  |
|  ATD New Holdings, Inc.<sup>(d)(e)(f)</sup> | 1009 | $5 |
|  K201640219 South Africa Ltd.<sup>(d)(e)(f)(h)</sup> | 678 | – 0 |
|  K2016470219 South Africa Ltd. – Class A<sup>(d)(e)(f)(j)</sup> | 191574 | – 0 |
|  K2016470219 South Africa Ltd. – Class B<sup>(d)(e)(f)(j)</sup> | 30276 | – 0 |
|  |  | 5 |
|  Total Common Stocks <br>(cost $371,546) |  | 65167 |
|  RIGHTS – 0.0% |  |  |
|  Utilities – 0.0% |  |  |
|  **Independent Power and Renewable Electricity Producers – 0.0%** |  |  |
|  Vistra Energy Corp.,<br>expiring 12/31/2099<sup>(d)(e)</sup> <br>(cost $0) | 3442 | 4216 |
|  SHORT-TERM INVESTMENTS – 1.7% |  |  |
|  **Investment Companies – 1.7%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.14%<sup>(p)(q)(r)</sup> <br>(cost $3,064,847) | 3064847 | 3064847 |
|  Total Investments – 99.6% <br>(cost $185,919,374) |  | 184816823 |
|  Other assets less liabilities – 0.4% |  | 816954 |
|  **Net Assets – 100.0%** |  | $**185633777** |

---

#### 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 5 Yr (CBT) Futures | 95 | September 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10277813 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66797 |
|  **Sold Contracts** |  |  |  |  |
|  U.S. 10 Yr Ultra Futures | 8 | September 2025 | 900375 | (1234) |
|  U.S. Long Bond (CBT) Futures | 6 | September 2025 | 676688 | (1437) |
|  U.S. T-Note 2 Yr (CBT) Futures | 10 | September 2025 | 2074375 | (2414) |
|  U.S. T-Note 10 Yr (CBT) Futures | 1 | September 2025 | 110750 | (633) |
|  U.S. Ultra Bond (CBT) Futures | 3 | September 2025 | 348188 | (516) |
|  |  |  |  | $60563 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 31 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

#### 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 | 3790 | USD | 4315 | 07/09/2025 | $2656 |
|  State Street Bank & Trust Co. | EUR | &nbsp;&nbsp;&nbsp;&nbsp;1019 | USD | 1142 | 07/09/2025 | (16957) |
|  State Street Bank & Trust Co. | GBP | &nbsp;&nbsp;&nbsp;&nbsp;206 | USD | 274 | 07/16/2025 | (4200) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18501) |

---

#### 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>May 31,<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** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 44,<br>5 Year Index, 06/20/2030\* | 5.00% | Quarterly | 3.51% | USD | 2380 | $170360 | $42684 | $127676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hertz Corp. (The), 5.000%, 12/01/2029, 06/20/2029\* | 5.00 | Quarterly | 17.50 | USD | 80 | (26843) | (10023) | (16820) |
|  |  |  |  |  |  | $143517 | $32661 | $110856 |

---

\* 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 May 31, 2025, the aggregate market value of these securities amounted to $144,998,775 or 78.1% 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 May 31, 2025.

(c) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at May 31, 2025.

(d) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(e) Non-income producing security.

(f) Fair valued by the Adviser.

(g) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.33% of net assets as of May 31, 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** |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<br>6.00%, 06/15/2027 | 11/18/2024 | $237522 | $238681 | 0.13% |
|  Exide International Holdings LP | 11/05/2020 | 29328 | 40482 | 0.02% |
|  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% |

---

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| | |
|:---|:---|
| 32 AB High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  K2016470219 South Africa Ltd. <br>3.00%, 12/31/2022 | 02/05/2020 -<br>05/12/2023 | $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 | 05/02/2024 | 361107 | 128478 | 0.07% |
|  ModivCare, Inc. <br>5.00%, 10/01/2029 | 03/07/2025 -<br>04/01/2025 | 9587 | 669 | 0.00% |
|  Radiate Holdco LLC/Radiate Finance, Inc. <br>4.50%, 09/15/2026 | 07/21/2022 -<br>10/05/2022 | 203893 | 183473 | 0.10% |
|  Veritas US, Inc. | 12/09/2024 | 11482 | 15255 | 0.01% |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2025 | 02/13/2013 | 95493 | 9 | 0.00% |

---

(h) Defaulted matured security.

(i) Escrow shares.

(j) Defaulted.

(k) Convertible security.

(l) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(m) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at May 31, 2025.

(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 May 31, 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 Secured Overnight Financing Rate ("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.

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

EURIBOR – Euro Interbank Offered Rate

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

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| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 33 |

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------

#### STATEMENT OF ASSETS & LIABILITIES
**May 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $182,854,527) | $181751976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $3,064,847) | 3064847 |
|  Cash collateral due from broker | 303989 |
|  Foreign currencies, at value (cost $41,094) | 40461 |
|  Unaffiliated interest and dividends receivable | 3027452 |
|  Receivable for investment securities sold | 720813 |
|  Affiliated dividends receivable | 12637 |
|  Receivable for variation margin on futures | 7422 |
|  Unrealized appreciation on forward currency exchange contracts | 2656 |
|  Receivable for variation margin on centrally cleared swaps | 1091 |
|  Receivable due from Adviser | 639 |
|  Other assets | 16669 |
|  Total assets | 188950652 |
| Liabilities |  |
|  Due to custodian | 26704 |
|  Payable for investment securities purchased | 3196286 |
|  Advisory fee payable | 64286 |
|  Unrealized depreciation on forward currency exchange contracts | 21157 |
|  Foreign capital gains tax payable | 3521 |
|  Other liabilities | 4921 |
|  Total liabilities | 3316875 |
|  Net Assets | $**185633777** |
| Composition of Net Assets |  |
|  Shares of beneficial interest, at par | $501 |
|  Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199829295 |
|  Accumulated loss | (14196019) |
| Net Assets | $**185633777** |
|  **Net Asset Value Per Share**—500 million shares of capital stock authorized, $.0001 par value (based on 5,014,045 shares outstanding) | $**37.02** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 34 AB High Yield ETF | **ABFunds.com** |

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------

#### STATEMENT OF OPERATIONS
**Six Months Ended May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6605967 |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 90334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 5253 |  |
|  Other income | 2700 | $6704254 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 367221 |  |
|  Total expenses before bank overdraft expense | 367221 |  |
|  Bank overdraft expense | 2427 |  |
|  Total expenses | 369648 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (4397) |  |
|  Net expenses |  | 365251 |
|  Net investment income |  | 6339003 |
| 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> |  | (97630) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | (240892) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 10902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 139095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 68222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (199108) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(b)</sup> |  | (1894835) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | (90387) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 111040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 124998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | 1961 |
|  Net loss on investment and foreign currency transactions |  | (2066634) |
|  Net Increase in Net Assets from Operations |  | $**4272369** |

---

(a) Net of foreign realized capital gains taxes of $921.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $401.

See notes to financial statements.

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| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 35 |

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------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025<br>(unaudited)** | **Year Ended<br>November 30,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $6339003 | $8896134 |
|  Net realized gain (loss) on investment transactions | (319411) | 896392 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | (1747223) | 4271590 |
|  Net increase in net assets from operations | 4272369 | 14064116 |
| Distribution to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (6035719) | (8311593) |
| Transactions in Shares of the Fund |  |  |
|  Net increase | 12290440 | 89695258 |
|  Other capital | – 0 | 4362 |
|  Total increase | 10527090 | 95452143 |
| Net Assets |  |  |
|  Beginning of period | 175106687 | 79654544 |
|  End of period | $**185633777** | $**175106687** |

---

See notes to financial statements.

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| | |
|:---|:---|
| 36 AB High Yield ETF | **ABFunds.com** |

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------

#### NOTES TO FINANCIAL STATEMENTS
**May 31, 2025** (unaudited)

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 18 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 Fund commenced investment operations on May 15, 2023. At meetings held on January 31 – February 1, 2023, the Fund's Board of Directors (the "Board") approved the reorganization of AB 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, May 12, 2023. 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 H 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 May 12, 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 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

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| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 37 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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,

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| | |
|:---|:---|
| 38 AB High Yield ETF | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

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| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 39 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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.

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| | |
|:---|:---|
| 40 AB 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 May 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in**<br> **Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Corporates – Non-Investment Grade | $– 0 | $142709176 | $128478 | <sup>(a)</sup> | $142837654 |
|  Corporates – Investment Grade | – 0 | 29012450 | – 0 |  | 29012450 |
|  Bank Loans | – 0 | 6642304 | 1053569 |  | 7695873 |
|  Emerging Markets – Corporate Bonds | – 0 | 1996872 | 9 | <sup>(a)</sup> | 1996881 |
|  Preferred Stocks | 44304 | 39694 | 55737 |  | 139735 |
|  Common Stocks | 14161 | 49040 | 1966 | <sup>(a)</sup> | 65167 |
|  Rights | – 0 | – 0 | 4216 |  | 4216 |
|  Short-Term Investments | 3064847 | – 0 | – 0 |  | 3064847 |
|  Total Investments in Securities | 3123312 | 180449536 | 1243975 | <sup>(a)</sup> | 184816823 |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |
|  Futures | 66797 | – 0 | – 0 |  | 66797 <sup>(c)</sup> |
|  Forward Currency Exchange Contracts | – 0 | 2656 | – 0 |  | 2656 |
|  Centrally Cleared Credit Default Swaps | – 0 | 170360 | – 0 |  | 170360 <sup>(c)</sup> |
|  **Liabilities:** |  |  |  |  |  |
|  Futures | (6234) | – 0 | – 0 |  | (6234)<sup>(c)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (21157) | – 0 |  | (21157) |
|  Centrally Cleared Credit Default Swaps | – 0 | (26843) | – 0 |  | (26843)<sup>(c)</sup> |
|  **Total** | $**3183875** | $**180574552** | $**1243975** | **<sup>(a)</sup>** | $**185002402** |

---

(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.

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| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 41 |

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**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

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

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| | |
|:---|:---|
| 42 AB High Yield ETF | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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. 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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 43 |

---

------

**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 six months ended May 31, 2025, such waiver/reimbursements relating to the Fund's investment in AB Government Money Market Portfolio amounted to $4,397.

A summary of the Fund's transactions in AB mutual funds for the six months ended May 31, 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>5/31/25<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;31968 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |

---

NOTE C

Distribution Plan

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 six months ended May 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67156710 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56432840 |
|  U.S. government securities | – 0 | – 0 |

---

During the six months ended May 31, 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

---

| | |
|:---|:---|
| 44 AB High Yield ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

each in-kind redemption transaction. For the six months ended May 31, 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;20183861 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18041650 |
|  U.S. government securities | – 0 | – 0 |

---

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $3390011 |
|  Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4339644) |
|  Net unrealized depreciation | $(949633) |

---

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 45 |

---

------

**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 six months ended May 31, 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 six months ended May 31, 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 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

---

| | |
|:---|:---|
| 46 AB High Yield ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 47 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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

---

| | |
|:---|:---|
| 48 AB High Yield ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 six months ended May 31, 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, please refer to netting arrangements by the OTC counterparty table below for additional details.

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 49 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

During the six months ended May 31, 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 | $66797 \* | Payable for variation margin on futures | $6234 \* |
|  Credit contracts | Receivable for variation margin on centrally cleared swaps | 127676 \* | Payable for variation margin on centrally cleared swaps | 16820 \* |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 2656 | Unrealized depreciation on forward currency exchange contracts | 21157 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197129 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44211 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<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)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $139095 | $111040 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | 10902 | (90387) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 68222 | 124998 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145651 |

---

---

| | |
|:---|:---|
| 50 AB High Yield ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended May 31, 2025:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10603494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $4426757 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $141830 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $3960522 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $4588571 |

---

(a) Positions were open for less than one month during the period.

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 May 31, 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. | $2656 | $(2656) | $&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 |  |
|  Total | $2656 | $(2656) | $&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 |  |
| **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. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21157 | $(2656) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $18501 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2656) | $&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;18501 | <sup>^</sup> |

---

\* 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 51 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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 |
|  | Six Months Ended<br>May 31, 2025<br>(unaudited) | Year Ended<br>November 30,<br>2024 | Six Months Ended<br>May 31, 2025<br>(unaudited) | Year Ended<br>November 30,<br>2024 |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 825000 | 2575000 | $30432965 | $94326820 |
|  Shares redeemed | (500000) | (125000) | (18142525) | (4631562) |
|  **Net increase** | **325000** | **2450000** | $**12290440** | $**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, tariffs and trade disputes, and regional and global conflicts, that affect large portions of the market.

---

| | |
|:---|:---|
| 52 AB High Yield 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.

**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.

**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 fixedincome 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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 53 |

---

------

**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.

**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 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.

---

| | |
|:---|:---|
| 54 AB High Yield ETF | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**ETF Share Price and Net Asset Value Risk**—The Fund's shares are listed for trading on the NYSE Arca, Inc. ("NYSE Arca" or an "Exchange"). The Fund's shares are generally bought and sold in the secondary market at market prices. The NAV 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.

**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

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| | |
|:---|:---|
| **ABFunds.com** | AB High Yield ETF 55 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended May 31, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended November 30, 2024 and November 30, 2023 were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br>November 30,<br>2024** | **November 1,<br>2023 to<br>November 30,<br>2023** | **Year Ended<br>October 31,<br>2023** |
|  Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8311593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336075 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4910876 |
|  Total taxable distributions paid | 8311593 | 336075 | 4910876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital | – 0 | 131359 | – 0 |
|  Total distributions paid | $8311593 | $467434 | $4910876 |

---

As of November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

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| | |
|:---|:---|
|  Undistributed ordinary income | $763269 |
|  Accumulated capital and other losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13805916)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 665015 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $(12377632)<sup>(c)</sup> |

---

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| | |
|:---|:---|
| 56 AB High Yield ETF | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

(a) As of November 30, 2024, the Fund had a net capital loss carryforward of $13,805,916. During the fiscal year, the Fund utilized $708,492 of capital loss carry forwards to offset current year net realized gains.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of callable bonds, the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of partnership investments.

(c) The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the accrual of foreign capital gains tax and the tax treatment of defaulted securities.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2024, the Fund had a net short-term capital loss carryforward of $6,560,050 and a net long-term capital loss carryforward of $7,245,866, which may be carried forward for an indefinite period.

NOTE I

Reorganization

At meetings held on January 31 – February 1, 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 May 12, 2023. 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\* | 8071417 | – 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66991486 | $– 0 |
|  The Fund | – 0 | 1914045 | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66991486 |

---

\* Represents the accounting survivor.

---

| | |
|:---|:---|
| + | Includes distributions in excess of net investment income of $1,522,177 and unrealized depreciation on investments of $5,609,148, with a fair value of $63,671,262 and identified cost of $69,280,410.  |

---

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 High Yield ETF 57 |

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------

#### FINANCIAL HIGHLIGHTS

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** | **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>December 31,<br>2020** |
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** | **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>December 31,<br>2020** |
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** | **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>** | **Year Ended<br>December 31,<br>2020** |
|  Net asset value, beginning of period | $37.34 | $35.58 | $34.15 | $34.62 | $42.09 | $41.58 | $40.61 |
|  Income From Investment Operations |  |  |  |  |  |  |  |
|  Net investment income<sup>(d)(e)</sup> | 1.28 | 2.53 | .21 | 2.34 | 1.90 | 1.60 | 2.11 |
|  Net realized and unrealized gain (loss) on investment transactions | (.38 | 1.67 | 1.44 | (.32 | (7.09) | .68 | 1.26 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | .90 | 4.20 | 1.65 | 2.02 | (5.19) | 2.28 | 3.37 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |  |
|  Dividends from net investment income | (1.22) | (2.44) | (.16 | (2.49) | (2.28) | (1.77) | (2.40) |
|  Return of capital | – 0 | – 0 | (.06 | – 0 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (1.22) | (2.44) | (.22 | (2.49) | (2.28) | (1.77) | (2.40) |
|  Net asset value, end of period | **$37.02** | **$37.34** | **$35.58** | **$34.15** | **$34.62** | **$42.09** | **$41.58** |
|  Total Return |  |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(g)</sup> | 2.47 | 12.21 | 4.84 | 5.86 | (12.68) | 5.56 | 8.95 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $185634 | $175107 | $79655 | $73899 | $67249 | $63608 | $38751 |
|  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 | .70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(h)(i)+</sup> | .40 | .40 | .40 | .86 | 1.35 | 1.74 | 2.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(e)</sup> | 6.90 | 6.92 | 7.21 | 6.68 | 5.00 | 4.60 | 5.41 |
|  Portfolio turnover rate<sup>(j)++</sup> | 32 | 75 | 4 | 57 | 48 | 36 | 75 |

---

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. 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:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months**<br> **Ended<br>May 31, 2025<br>(unaudited)** | | **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>December 31,<br>2020** |
|  | **Six months**<br> **Ended<br>May 31, 2025<br>(unaudited)** | | **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>December 31,<br>2020** |
|  | **Six months**<br> **Ended<br>May 31, 2025<br>(unaudited)** | | **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>** | | **Year Ended<br>December 31,<br>2020** |
|  Net of waivers/reimbursements | .40 | %<sup>^</sup> | .40% | .40 | %<sup>^</sup> | .50% | .60% | .51 | %<sup>^</sup> | .70% |
|  Before waivers/reimbursements | .40 | %<sup>^</sup> | .40% | .40 | %<sup>^</sup> | .86% | 1.35% | 1.74 | %<sup>^</sup> | 2.17% |

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(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.

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| | |
|:---|:---|
| + | 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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#### 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 July 30-31, 2024 (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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|:---|:---|
| 60 AB High Yield 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 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 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 have received detailed performance information for the Fund at each regular Board meeting during the year.

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|:---|:---|
| **ABFunds.com** | AB High Yield ETF 61 |

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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- and 5- year periods ended May 31, 2024 and (in the case of comparisons with the broad-based securities market index) for the 10- year period ended May 31, 2024. 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 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

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|:---|:---|
| 62 AB High Yield ETF | **ABFunds.com** |

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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 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 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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|:---|:---|
| **ABFunds.com** | AB High Yield ETF 63 |

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#### NOTES

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| | |
|:---|:---|
| 64 AB High Yield ETF | **ABFunds.com** |

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![LOGO](g819048g28a43.jpg)

AB HIGH YIELD ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-HY-0152-0525 ![LOGO](g819048g22c48.jpg)

------

#### May 31, 2025
![LOGO](g69931g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB International Buffer ETF

(NASDAQ: BUFI)

![LOGO](g69931g50e50.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
**May 31, 2025** (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Notional<br>Amount** | **U.S. $ Value** |
|  PURCHASED OPTIONS - CALLS – 98.1% |  |  |  |
|  **Options on Equity Indices – 98.1%** | **Options on Equity Indices – 98.1%** | **Options on Equity Indices – 98.1%** | **Options on Equity Indices – 98.1%** |
|  iShares MSCI EAFE ETF <br>Expiration: Aug 2025; Contracts: 5,035; Exercise Price: USD 0.44; <br>Counterparty: SG Americas Securities LLC<sup>(a)</sup> <br>(Premium Paid $43,662,786) | USD | 221540 | $43677064 |
|  PURCHASED OPTIONS - PUTS – 3.0% |  |  |  |
|  **Options on Equity Indices – 3.0%** |  |  |  |
|  iShares MSCI EAFE ETF <br>Expiration: Aug 2025; Contracts: 5,035; Exercise Price: USD 88.49; <br>Counterparty: SG Americas Securities LLC<sup>(a)</sup> <br>(Premium Paid $1,306,663) | USD | 44554715 | 1328384 |
|  |  | **Shares** |  |
|  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>4.14%<sup>(b)(c)(d)</sup> <br>(cost $248,274) |  | 248274 | 248274 |
|  Total Investments – 101.6% <br>(cost $45,217,723) |  |  | 45253722 |
|  Other assets less liabilities – (1.6)% |  |  | (731617) |
|  **Net Assets – 100.0%** |  |  | $**44522105** |

---

#### WRITTEN OPTIONS – CALLS (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> | SG Americas<br>Securities LLC | 5035 | USD 93.22 | August 2025 | USD 46,936 | $303917 | $(341524) |

---

#### WRITTEN OPTIONS – PUTS (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> | SG Americas<br>Securities LLC | 5035 | USD 79.64 | August 2025 | USD 40,099 | $291155 | $(368512) |

---

(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
**May 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $44,969,449) | $45005448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $248,274) | 248274 |
|  Cash collateral due from broker | 2000 |
|  Affiliated dividends receivable | 812 |
|  Receivable due from Adviser | 41 |
|  Total assets | 45256575 |
| Liabilities |  |
|  Written options, at value (premiums received $595,072) | 710036 |
|  Advisory fee payable | 24434 |
|  Total liabilities | 734470 |
|  Net Assets | $**44522105** |
| Composition of Net Assets |  |
|  Capital stock, at par | $120 |
|  Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42788131 |
|  Distributable earnings | 1733854 |
|  Net Assets | $**44522105** |
|  **Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value**(based on 1,200,028 common shares outstanding) | $**37.10** |

---

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 May 31, 2025

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Dividends—Affiliated issuers | $2361 | $2361 |
| Expenses |  |  |
|  Advisory fee (see Note B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72107 |  |
|  Total expenses | 72107 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (115) |  |
|  Net expenses |  | 71992 |
|  Net investment loss |  | (69631) |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | 1109678 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 632000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | 140772 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 35999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | (114964) |
|  Net gain on investment transactions |  | 1803485 |
|  Net Increase in Net Assets from Operations |  | $**1733854** |

---

(a) Commencement of operations.

See notes to financial statements.

---

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

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | |
|:---|:---|
|  | **December 9,<br>2024<sup>(a)</sup><br>May 31, 2025<br>(unaudited)** |
| Increase (Decrease) in Net Assets from Operations |  |
|  Net investment loss | $(69631) |
|  Net realized gain on investment transactions | 1882450 |
|  Net change in unrealized appreciation (depreciation) of investments | (78965) |
|  Net increase in net assets from operations | 1733854 |
| Transactions in Shares of the Fund |  |
|  Net increase | 42751725 |
|  Other capital | 36526 |
|  Total increase | 44522105 |
| Net Assets |  |
|  Beginning of period | – 0 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44522105 |

---

(a) Commencement of operations.

See notes to financial statements.

---

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

---

------

#### NOTES TO FINANCIAL STATEMENTS
**May 31, 2025** (unaudited)

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 18 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 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 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 Official Closing Price; listed or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

---

| | |
|:---|:---|
| 8 AB International Buffer 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.

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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Purchased Options – Calls | $– 0 | $43677064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $43677064 |
|  Purchased Options – Puts | – 0 | 1328384 | – 0 | 1328384 |
|  Short-Term Investments | 248274 | – 0 | – 0 | 248274 |
|  Total Investments in Securities | 248274 | 45005448 | – 0 | 45253722 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets** | – 0 | – 0 | – 0 | – 0 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  Written Options – Calls | – 0 | (341524) | – 0 | (341524) |
|  Written Options – Puts | – 0 | (368512) | – 0 | (368512) |
|  **Total** | $**248274** | $**44295412** | $**– 0** | $**44543686** |

---

(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 International Buffer ETF 9 |

---

------

**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 from

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 .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

---

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

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------

**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 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 May 31, 2025, such waiver/reimbursements relating to the Fund's investment in AB Government Money Market Portfolio amounted to $115.

A summary of the Fund's transactions in AB mutual funds for the period ended May 31, 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>5/31/25<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;440 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |

---

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 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 May 31, 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 six months ended May 31, 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 May 31, 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;68343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9870168 |
|  U.S. government securities | – 0 | – 0 |

---

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35999 |
|  Gross unrealized depreciation | (114964) |
|  Net unrealized depreciation | $(78965) |

---

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

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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

During the period ended May 31, 2025, the Fund held purchased options for non-hedging purposes. During the period ended May 31, 2025, the Fund held written options for non-hedging purposes.

During the period ended May 31, 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** |
|  Equity contracts | Investments in securities,<br> at value | $45005448 |  |  |
|  Equity contracts |  |  | Written options, at value | $710036 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45005448 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710036 |

---

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| | | | |
|:---|:---|:---|:---|
| **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)** |
|  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;1611370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35999 |
|  Equity contracts | Net realized gain (loss) on Written options; Net change in unrealized appreciation (depreciation) of Written options | 140772 | (114964) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78965) |

---

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

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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 May 31, 2025:

---

| | |
|:---|:---|
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23494043 |
|  Written Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $45764983 |

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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 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 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 | Amount |
|  | December 9,<br> 2024<sup>(a)</sup><br>May 31, 2025<br>(unaudited) | December 9,<br> 2024<sup>(a)</sup><br>May 31, 2025<br>(unaudited) |
|  Shares sold | 1475028 | $52601758 |
|  Shares redeemed | (275000) | (9850033) |
|  **Net increase** | **1200028** | $**42751725** |

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(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

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

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| | |
|:---|:---|
| **ABFunds.com** | AB International Buffer ETF 17 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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. Information about the Fund's holdings is available and updated daily at: www.abfunds.com. 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 and its portfolio turnover rate may exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively

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| | |
|:---|:---|
| 18 AB International Buffer ETF | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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.

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| | |
|:---|:---|
| **ABFunds.com** | AB International Buffer ETF 19 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

large capitalization companies also tends to trail the overall market during different 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 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

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| | |
|:---|:---|
| **ABFunds.com** | AB International Buffer ETF 21 |

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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 (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 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

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| | |
|:---|:---|
| 22 AB International Buffer ETF | **ABFunds.com** |

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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

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year.

NOTE H

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 Buffer ETF 23 |

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#### FINANCIAL HIGHLIGHTS

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

---

| | |
|:---|:---|
|  | **December 9,<br>2025<sup>(a)</sup> to<br>May 31,<br>2025<br>(unaudited)** |
|  Net asset value, beginning of period | $35.00 |
|  Income From Investment Operations |  |
|  Net investment loss<sup>(b)(c)</sup> | (.11 |
|  Net realized and unrealized gain (loss) on investment transactions | 2.21 |
|  Net increase in net asset value from operations | 2.10 |
|  Net asset value, end of period | **$37.10** |
|  Total Return |  |
|  Total investment return based on net asset value<sup>(d)</sup> | 6.00 |
|  Ratios/Supplemental Data |  |
|  Net assets, end of period (000's omitted) | $44522 |
|  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.

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| | |
|:---|:---|
| 24 AB International 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 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Buffer ETF 25 |

---

------

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

---

| | |
|:---|:---|
| 26 AB International 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 International Buffer ETF 27 |

---

------

#### NOTES

---

| | |
|:---|:---|
| 28 AB International Buffer ETF | **ABFunds.com** |

---

------

![LOGO](g69931g28a43.jpg)

AB INTERNATIONAL BUFFER ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-IB-0152-0525 ![LOGO](g69931g22c48.jpg)

------

**May 31, 2025**

![LOGO](g817738g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB INTERNATIONAL LOW VOLATILITY EQUITY ETF

(NYSE: ILOW)

![LOGO](g817738g50e50.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
**May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  COMMON STOCKS – 98.3% |  |  |
|  Financials – 25.9% |  |  |
|  **Banks – 12.9%** |  |  |
|  Bank Leumi Le-Israel BM | 673983 | $10847619 |
|  DBS Group Holdings Ltd. | 238460 | 8269177 |
|  KBC Group NV | 179801 | 17750201 |
|  Mitsubishi UFJ Financial Group, Inc. | 1327300 | 18631596 |
|  NatWest Group PLC | 2843585 | 20116929 |
|  Nordea Bank Abp | 1117964 | 16161386 |
|  Oversea-Chinese Banking Corp., Ltd. | 1491380 | 18769461 |
|  Royal Bank of Canada | 39091 | 4945262 |
|  Sumitomo Mitsui Financial Group, Inc. | 644900 | 16536470 |
|  UniCredit SpA | 289518 | 18589881 |
|  |  | 150617982 |
|  **Capital Markets – 5.3%** |  |  |
|  Euronext NV | 99492 | 16196790 |
|  IG Group Holdings PLC | 1147616 | 17364274 |
|  London Stock Exchange Group PLC | 126462 | 19228427 |
|  Singapore Exchange Ltd. | 825200 | 8971234 |
|  |  | 61760725 |
|  **Insurance – 7.7%** |  |  |
|  AIA Group Ltd. – Class H | 817600 | 6845004 |
|  Allianz SE (REG) | 29226 | 11569457 |
|  AXA SA | 418521 | 19722484 |
|  Medibank Pvt. Ltd. | 3090012 | 9485512 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG) | 13383 | 8681312 |
|  NN Group NV | 289887 | 18238407 |
|  Tryg A/S | 624276 | 16037406 |
|  |  | 90579582 |
|  |  | 302958289 |
|  Industrials – 19.1% |  |  |
|  **Aerospace & Defense – 4.4%** |  |  |
|  BAE Systems PLC | 1223828 | 31382236 |
|  Safran SA | 66540 | 19746040 |
|  |  | 51128276 |
|  **Commercial Services & Supplies – 0.5%** |  |  |
|  Secom Co., Ltd. | 148900 | 5436122 |
|  **Construction & Engineering – 2.5%** |  |  |
|  Stantec, Inc. | 168367 | 17286715 |
|  Vinci SA | 79779 | 11398126 |
|  |  | 28684841 |
|  **Electrical Equipment – 4.0%** |  |  |
|  ABB Ltd. (REG) | 226014 | 12803471 |
|  Prysmian SpA | 288291 | 18524186 |
|  Schneider Electric SE | 61917 | 15558978 |
|  |  | 46886635 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 1 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Ground Transportation – 0.2%** |  |  |
|  Canadian National Railway Co. | 27103 | $2843652 |
|  **Industrial Conglomerates – 0.8%** |  |  |
|  Hitachi Ltd. | 338100 | 9480250 |
|  **Professional Services – 4.9%** |  |  |
|  Experian PLC | 81000 | 4033959 |
|  Persol Holdings Co., Ltd. | 4612032 | 8626684 |
|  RELX PLC | 517825 | 27890625 |
|  Wolters Kluwer NV | 97241 | 17254407 |
|  |  | 57805675 |
|  **Trading Companies & Distributors – 1.8%** |  |  |
|  BOC Aviation Ltd. – Class H<sup>(a)</sup> | 1163100 | 9411238 |
|  Brenntag SE | 112106 | 7590286 |
|  Bunzl PLC | 130512 | 4181808 |
|  |  | 21183332 |
|  |  | 223448783 |
|  Consumer Discretionary – 11.1% |  |  |
|  **Automobiles – 1.2%** |  |  |
|  Honda Motor Co., Ltd. | 1412300 | 14368179 |
|  **Broadline Retail – 0.8%** |  |  |
|  Canadian Tire Corp., Ltd. – Class A | 73708 | 9348659 |
|  **Diversified Consumer Services – 1.4%** |  |  |
|  Pearson PLC | 1071413 | 16832554 |
|  **Hotels, Restaurants & Leisure – 3.8%** |  |  |
|  Amadeus IT Group SA | 166557 | 13874976 |
|  Aristocrat Leisure Ltd. | 180418 | 7245139 |
|  Booking Holdings, Inc. | 814 | 4492409 |
|  Compass Group PLC | 534761 | 18786013 |
|  |  | 44398537 |
|  **Household Durables – 2.5%** |  |  |
|  Open House Group Co., Ltd. | 262700 | 11369496 |
|  Sony Group Corp. | 676200 | 17854548 |
|  |  | 29224044 |
|  **Specialty Retail – 1.4%** |  |  |
|  Industria de Diseno Textil SA | 298604 | 16176616 |
|  |  | 130348589 |
|  Health Care – 10.8% |  |  |
|  **Health Care Providers & Services – 1.7%** |  |  |
|  Fresenius SE & Co. KGaA | 234694 | 11504725 |
|  Galenica AG<sup>(a)</sup> | 81434 | 8445228 |
|  |  | 19949953 |

---

---

| | |
|:---|:---|
| 2 AB International Low Volatility Equity ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Pharmaceuticals – 9.1%** |  |  |
|  AstraZeneca PLC | 117598 | $17000508 |
|  Chugai Pharmaceutical Co., Ltd. | 261100 | 13721344 |
|  Haleon PLC | 1920434 | 10719190 |
|  Hikma Pharmaceuticals PLC | 224749 | 6486026 |
|  Novartis AG (REG) | 71927 | 8232361 |
|  Novo Nordisk A/S – Class B | 278229 | 19209160 |
|  Recordati Industria Chimica e Farmaceutica SpA | 184114 | 11036017 |
|  Roche Holding AG | 33176 | 10721475 |
|  Sanofi SA | 94909 | 9429884 |
|  |  | 106555965 |
|  |  | 126505918 |
|  Information Technology – 10.2% |  |  |
|  **IT Services – 2.7%** |  |  |
|  Amdocs Ltd. | 60005 | 5506059 |
|  BIPROGY, Inc. | 396000 | 16016189 |
|  Nomura Research Institute Ltd. | 271500 | 10495353 |
|  |  | 32017601 |
|  **Semiconductors & Semiconductor Equipment – 2.3%** |  |  |
|  ASML Holding NV | 13024 | 9668239 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 514000 | 16585348 |
|  |  | 26253587 |
|  **Software – 5.0%** |  |  |
|  Constellation Software, Inc./Canada | 5159 | 18669730 |
|  Nice Ltd.<sup>(b)</sup> | 53362 | 8979719 |
|  SAP SE | 102663 | 30990167 |
|  |  | 58639616 |
|  **Technology Hardware, Storage & Peripherals – 0.2%** |  |  |
|  Logitech International SA (REG) | 21994 | 1832231 |
|  |  | 118743035 |
|  Consumer Staples – 9.2% |  |  |
|  **Beverages – 1.2%** |  |  |
|  Asahi Group Holdings Ltd. | 1026200 | 13555128 |
|  **Consumer Staples Distribution & Retail – 3.8%** |  |  |
|  Jeronimo Martins SGPS SA | 130503 | 3283083 |
|  Koninklijke Ahold Delhaize NV | 288236 | 12166040 |
|  Loblaw Cos. Ltd. | 32718 | 5509436 |
|  Tesco PLC | 4428955 | 23173955 |
|  |  | 44132514 |
|  **Food Products – 2.5%** |  |  |
|  Glanbia PLC | 955446 | 13883781 |
|  Nestle SA (REG) | 42449 | 4531407 |
|  Salmar ASA | 93223 | 4151497 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Toyo Suisan Kaisha Ltd. | 102600 | $6818905 |
|  |  | 29385590 |
|  **Tobacco – 1.7%** |  |  |
|  Philip Morris International, Inc. | 110366 | 19930996 |
|  |  | 107004228 |
|  Communication Services – 4.4% |  |  |
|  **Diversified Telecommunication Services – 2.6%** | **Diversified Telecommunication Services – 2.6%** |  |
|  Deutsche Telekom AG (REG) | 234446 | 8857635 |
|  HKT Trust & HKT Ltd. – Class H | 6956000 | 10023885 |
|  Koninklijke KPN NV | 2457302 | 11543584 |
|  |  | 30425104 |
|  **Interactive Media & Services – 0.7%** |  |  |
|  Auto Trader Group PLC | 729285 | 7808812 |
|  **Media – 1.1%** |  |  |
|  Informa PLC | 1237854 | 13110749 |
|  |  | 51344665 |
|  Energy – 3.1% |  |  |
|  **Oil, Gas & Consumable Fuels – 3.1%** |  |  |
|  ENEOS Holdings, Inc. | 1521800 | 7228537 |
|  Shell PLC | 769908 | 25432172 |
|  TotalEnergies SE | 69402 | 4070221 |
|  |  | 36730930 |
|  Utilities – 2.8% |  |  |
|  **Electric Utilities – 1.3%** |  |  |
|  Enel SpA | 1614670 | 14820247 |
|  **Multi-Utilities – 1.5%** |  |  |
|  National Grid PLC | 1240324 | 17504171 |
|  |  | 32324418 |
|  Real Estate – 1.3% |  |  |
|  **Real Estate Management & Development – 1.3%** |  |  |
|  Mitsui Fudosan Co., Ltd. | 1559700 | 15024658 |
|  Materials – 0.4% |  |  |
|  **Metals & Mining – 0.4%** |  |  |
|  Rio Tinto Ltd. | 69847 | 5064070 |
|  Total Common Stocks<br>(cost $860,655,560) |  | 1149497583 |
|  WARRANTS – 0.0% |  |  |
|  Information Technology – 0.0% |  |  |
|  **Software – 0.0%** |  |  |
|  Constellation Software, Inc./Canada,<br>expiring 03/31/2040<sup>(b)(c)(d)</sup><br>(cost $0) | 9807 | – 0 |

---

---

| | |
|:---|:---|
| 4 AB International Low Volatility Equity ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  SHORT-TERM INVESTMENTS – 1.2% |  |  |
|  **Investment Companies – 1.2%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB,<br>4.14%<sup>(e)(f)(g)</sup><br>(cost $13,725,102) | 13725102 | $13725102 |
|  Total Investments – 99.5%<br>(cost $874,380,662) |  | 1163222685 |
|  Other assets less liabilities – 0.5% |  | 5986795 |
|  **Net Assets – 100.0%** |  | $**1169209480** |

---

#### 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 | ILS | 19476 | USD | 5291 | 06/12/2025 | $(242996) |
|  Bank of America NA | CAD | 55954 | USD | 39733 | 06/18/2025 | (994169) |
|  Bank of America NA | JPY | 595427 | USD | 4052 | 06/25/2025 | (84442) |
|  Bank of America NA | USD | 67536 | CHF | 55102 | 07/09/2025 | (165428) |
|  Bank of America NA | USD | 2894 | EUR | 2591 | 07/09/2025 | 54268 |
|  Bank of America NA | USD | 3097 | EUR | 2717 | 07/09/2025 | (5194) |
|  Bank of America NA | GBP | 2484 | USD | 3363 | 07/16/2025 | 12719 |
|  Bank of America NA | GBP | 2782 | USD | 3705 | 07/16/2025 | (47482) |
|  Bank of America NA | TWD | 299341 | USD | 10078 | 08/22/2025 | (149269) |
|  Deutsche Bank AG | USD | 5204 | AUD | 8159 | 06/12/2025 | 47256 |
|  Deutsche Bank AG | CAD | 5153 | USD | 3689 | 06/18/2025 | (61884) |
|  Deutsche Bank AG | USD | 67768 | JPY | 9481814 | 06/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1893892) |
|  Deutsche Bank AG | EUR | 2577 | USD | 2928 | 07/09/2025 | (4370) |
|  Deutsche Bank AG | USD | 2359 | EUR | 2069 | 07/09/2025 | (4728) |
|  Deutsche Bank AG | GBP | 491 | USD | 657 | 07/16/2025 | (5590) |
|  Morgan Stanley Capital Services, Inc. | AUD | 4491 | USD | 2901 | 06/12/2025 | 10286 |
|  Morgan Stanley Capital Services, Inc. | ILS | 12222 | USD | 3243 | 06/12/2025 | (230023) |
|  Morgan Stanley Capital Services, Inc. | JPY | 445071 | USD | 3094 | 06/25/2025 | 1627 |
|  Morgan Stanley Capital Services, Inc. | JPY | 326168 | USD | 2218 | 06/25/2025 | (47600) |
|  Morgan Stanley Capital Services, Inc. | USD | 3215 | JPY | 466435 | 06/25/2025 | 25891 |
|  Morgan Stanley Capital Services, Inc. | USD | 3517 | JPY | 498704 | 06/25/2025 | (52411) |
|  Morgan Stanley Capital Services, Inc. | USD | 2871 | NOK | 29235 | 06/26/2025 | (9501) |
|  Morgan Stanley Capital Services, Inc. | CHF | 4736 | USD | 5787 | 07/09/2025 | (3371) |
|  Morgan Stanley Capital Services, Inc. | USD | 2970 | CHF | 2451 | 07/09/2025 | 26373 |

---

---

| | |
|:---|:---|
| **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. | USD | 9910 | EUR | 8757 | 07/09/2025 | $54423 |
|  Morgan Stanley Capital Services, Inc. | USD | 9362 | EUR | 8222 | 07/09/2025 | (5763) |
|  Morgan Stanley Capital Services, Inc. | GBP | 2199 | USD | 2935 | 07/16/2025 | (30823) |
|  Morgan Stanley Capital Services, Inc. | USD | 4958 | GBP | 3672 | 07/16/2025 | (4694) |
|  NatWest Markets PLC | CAD | 3794 | USD | 2746 | 06/18/2025 | (15502) |
|  NatWest Markets PLC | USD | 3476 | JPY | 499073 | 06/25/2025 | (9062) |
|  NatWest Markets PLC | SEK | 33403 | USD | 3487 | 06/26/2025 | 4068 |
|  NatWest Markets PLC | USD | 21663 | SEK | 210833 | 06/26/2025 | 317204 |
|  NatWest Markets PLC | EUR | 2740 | USD | 3097 | 07/09/2025 | (20866) |
|  NatWest Markets PLC | GBP | 2240 | USD | 3018 | 07/16/2025 | (3570) |
|  Standard Chartered Bank | USD | 809 | EUR | 716 | 07/09/2025 | 5793 |
|  Standard Chartered Bank | SGD | 37814 | USD | 29404 | 07/17/2025 | 812 |
|  Standard Chartered Bank | TWD | 88296 | USD | 3011 | 08/22/2025 | (5997) |
|  State Street Bank & Trust Co. | ILS | 14594 | USD | 4186 | 06/12/2025 | 38581 |
|  State Street Bank & Trust Co. | USD | 53988 | AUD | 89438 | 06/12/2025 | 3576788 |
|  State Street Bank & Trust Co. | CAD | 10351 | USD | 7410 | 06/18/2025 | (123160) |
|  State Street Bank & Trust Co. | USD | 3879 | JPY | 550102 | 06/25/2025 | (56687) |
|  State Street Bank & Trust Co. | USD | 5467 | EUR | 4802 | 07/09/2025 | (2219) |
|  State Street Bank & Trust Co. | GBP | 79182 | USD | 105371 | 07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1429862) |
|  |  |  |  |  |  | $(1534466) |

---

(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 May 31, 2025, the aggregate market value of these securities amounted to $17,856,466 or 1.5% 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
**May 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $860,655,560) | $1149497583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $13,725,102) | 13725102 |
|  Cash collateral due from broker | 228000 |
|  Foreign currencies, at value (cost $5,512,606) | 5546914 |
|  Unaffiliated dividends receivable | 9534630 |
|  Unrealized appreciation on forward currency exchange contracts | 4176089 |
|  Receivable for capital stock sold | 2029780 |
|  Receivable for investment securities sold and foreign currency transactions | 1467052 |
|  Affiliated dividends receivable | 87737 |
|  Receivable due from Adviser | 4460 |
|  Other assets | 77251 |
|  Total assets | 1186374598 |
| Liabilities |  |
|  Payable for investment securities purchased and foreign currency transactions | 10944368 |
|  Unrealized depreciation on forward currency exchange contracts | 5710555 |
|  Management fee payable | 490621 |
|  Other liabilities | 19574 |
|  Total liabilities | 17165118 |
|  Net Assets | $**1169209480** |
| Composition of Net Assets |  |
|  Capital stock, at par | $2880 |
|  Additional paid-in capital | 844286591 |
|  Distributable earnings | 324920009 |
|  Net Assets | $**1169209480** |
|  **Net Asset Value Per Share**—**500 million shares of capital stock authorized, $.0001 par value** (based on 28,801,020 common shares outstanding) | $**40.60** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 7 |

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income | Investment Income | Investment Income |
|  Dividends | Dividends | Dividends |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $2,129,381) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18350230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 338153 |  |
|  Interest | 21725 | $18710108 |
| Expenses | Expenses | Expenses |
|  Advisory fee (see Note B) | 2480439 |  |
|  Total expenses | 2480439 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (16391) |  |
|  Net expenses |  | 2464048 |
|  Net investment income |  | 16246060 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (536681) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 26222980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 8054212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (7224872) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 110964008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | (2182249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | 473832 |
|  Net gain on investment and foreign currency transactions |  | 135771230 |
|  Contributions from Affiliates (see Note B) |  | 35482 |
|  Net Increase in Net Assets from Operations |  | $**152052772** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 8 AB International Low Volatility Equity ETF | **ABFunds.com** |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025<br>(unaudited)** | **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 | $16246060 | $5686290 | $16963389 |
|  Net realized gain on investment and foreign currency transactions | 26515639 | 16611440 | 4704300 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 109255591 | 18665933 | 78770040 |
|  Contributions from Affiliates (see Note B) | 35482 | 58457 | – 0 |
|  Net increase in net assets from operations | 152052772 | 41022120 | 100437729 |
| 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 | 197990785 | 2989526 | 23177768 |
|  Total increase | 343256297 | 36496988 | 107886341 |
| Net Assets | Net Assets | Net Assets | Net Assets |
|  Beginning of period | 825953183 | 789456195 | 681569854 |
|  End of period | $**1169209480** | $**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
**May 31, 2025** (unaudited)

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 18 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 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 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, 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 value determinations relating to the Fund's portfolio investments, subject to the Board's oversight.

---

| | |
|:---|:---|
| 10 AB International Low Volatility Equity ETF | **ABFunds.com** |

---

------

**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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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. 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 11 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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 May 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** |  |  |  |  |  |
|  Common Stocks<sup>(a)</sup> | $1149497583 | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |  | $1149497583 |
|  Warrants | – 0 | – 0 | 0 | <sup>(b)</sup> | – 0 |
|  Short-Term Investments | 13725102 | – 0 | – 0 |  | 13725102 |
|  Total Investments in Securities | 1163222685 | – 0 | 0 | <sup>(b)</sup> | 1163222685 |
|  **Other Financial Instruments<sup>(c)</sup>:** |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |
|  Forward Currency Exchange Contracts | – 0 | 4176089 | – 0 |  | 4176089 |
|  **Liabilities:** |  |  |  |  |  |
|  Forward Currency Exchange Contracts | – 0 | (5710555) | – 0 |  | (5710555) |
|  **Total** | $**1163222685** | $**(1534466** | $**0** | **<sup>(b)</sup>** | $**1161688219** |

---

(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 with-

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 13 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

holding 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 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.

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| | |
|:---|:---|
| 14 AB International Low Volatility Equity 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. 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.

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| | |
|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 15 |

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------

**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 six months ended May 31, 2025, such waiver/reimbursements relating to the Fund's investment in AB Government Money Market Portfolio amounted to $16,391.

A summary of the Fund's transactions in AB mutual funds for the six months ended May 31, 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>5/31/25<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;195435 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194614 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13725 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 |

---

For the six months ended May 31, 2025, and for the period ended November 30, 2024 the Adviser reimbursed the Fund $35,482 and $58,457, respectively, for trading losses incurred due to 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 six months ended May 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209741798 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114325362 |
|  U.S. government securities | – 0 | – 0 |

---

During the six months ended May 31, 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

---

| | |
|:---|:---|
| 16 AB International Low Volatility Equity ETF | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

each in-kind redemption transaction. For the six months ended May 31, 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;177402930 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65809660 |
|  U.S. government securities | – 0 | – 0 |

---

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299461367 |
|  Gross unrealized depreciation | (12153810) |
|  Net unrealized appreciation | $287307557 |

---

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.

During the six months ended May 31, 2025, the Fund held forward currency exchange contracts for hedging purposes.

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| | |
|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 17 |

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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.

During the six months ended May 31, 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 appreciation on forward currency exchange contracts | $4176089 | Unrealized depreciation on forward currency exchange contracts | $5710555 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4176089 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5710555 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 | $8054212 | $(2182249) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8054212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2182249) |

---

---

| | |
|:---|:---|
| 18 AB International Low Volatility Equity ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended May 31, 2025:

---

| | |
|:---|:---|
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248092771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218108593 |

---

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 May 31, 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 | $66987 | $(66987) | $– 0 | $– 0 | $– 0 |
|  Deutsche Bank AG | 47256 | (47256) | – 0 | – 0 | – 0 |
|  Morgan Stanley Capital Services, Inc. | 118600 | (118600) | – 0 | – 0 | – 0 |
|  NatWest Markets PLC | 321272 | (49000) | – 0 | – 0 | 272272 |
|  Standard Chartered Bank | 6605 | (5997) | – 0 | – 0 | 608 |
|  State Street Bank & Trust Co. | 3615369 | (1611928) | – 0 | – 0 | 2003441 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4176089 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1899768) | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276321 |
| **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 | $1688980 | $(66987) | $(228000) | $– 0 | $1393993 |
|  Deutsche Bank AG | 1970464 | (47256) | – 0 | – 0 | 1923208 |
|  Morgan Stanley Capital Services, Inc. | 384186 | (118600) | – 0 | – 0 | 265586 |
|  NatWest Markets PLC | 49000 | (49000) | – 0 | – 0 | – 0 |
|  Standard Chartered Bank | 5997 | (5997) | – 0 | – 0 | – 0 |
|  State Street Bank & Trust Co. | 1611928 | (1611928) | – 0 | – 0 | – 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5710555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1899768) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228000 | $– 0 | $3582787 |

---

\* 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.  |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 19 |

---

------

**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 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** |
|  | Six Months<br>Ended<br> May 31, 2025<br> (unaudited) | Period Ended<br>November 30,<br> 2024<sup>(a)</sup> | Year Ended<br>June 30,<br> 2024<sup>(b)</sup> | Six Months<br>Ended<br>May 31, 2025<br> (unaudited) | 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)** |

---

---

| | |
|:---|:---|
| 20 AB International Low Volatility Equity ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Shares** | **Amount** | **Amount** | **Amount** |
|  | Six Months<br>Ended<br> May 31, 2025<br> (unaudited) | Period Ended<br>November 30,<br> 2024<sup>(a)</sup> | Year Ended<br>June 30,<br> 2024<sup>(b)</sup> | Six Months<br>Ended<br>May 31, 2025<br> (unaudited) | Period Ended<br>November 30,<br> 2024<sup>(a)</sup> | Year Ended<br>June 30,<br> 2024<sup>(b)</sup> |
| **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** |
| **Advisor Class** |  |  |  |  |  |  |
|  Shares sold | 7500000 | 384694 | 4099852 | $273888070 | $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 | (2050000) | (463216) | (3746529) | (75897285) | (16146326) | (117241564) |
|  **Net increase** | **5450000** | **94922** | **932508** | $**197990785** | $**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 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 21 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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. 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.) 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

---

| | |
|:---|:---|
| 22 AB International Low Volatility Equity ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

**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 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 23 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 for the Fund, 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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended May 31, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal period ended November 30, 2024 and the fiscal years ended June 30, 2024 and June 30, 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **July 1, 2024 to**<br>**November 30,<br>2024** | **Year Ended**<br>**June 30,<br>2024** | **Year Ended**<br>**June 30,<br>2023** |
|  Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $7514658 | $15729156 | $– 0 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7514658 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15729156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |

---

---

| | |
|:---|:---|
| 24 AB International Low Volatility Equity ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

As of November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $4824948 |
|  Accumulated capital and other losses | (192332)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175057363 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $179689979 |

---

(a) As of November 30, 2024, the Fund had a net capital loss carryforward of $192,332. During the fiscal period, the Fund utilized $15,649,168 of capital loss carry forwards to offset current period 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 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, 2024, the Fund had a net short-term capital loss carryforward of $192,332, which may be carried forward for an indefinite period.

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 July 12, 2024. Pursuant to the Plan, the assets and liabilities of the Acquired Portfolio's shares were transferred in exchange for Fund shares, in a tax-free exchange as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Shares<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 |

---

\* Represents the accounting survivor.

---

| | |
|:---|:---|
| + | Includes distributions in excess of net investment income of $8,189,662 and unrealized depreciation on investments of $186,338,704, with a fair value of $794,318,619 and identified cost of $607,979,915.  |

---

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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 25 |

---

------

**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.

---

| | |
|:---|:---|
| 26 AB International Low Volatility Equity ETF | **ABFunds.com** |

---

------

#### FINANCIAL HIGHLIGHTS

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended**<br> **May 31,**<br> **2025**<br> (unaudited) | **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 Ended June 30,** |
|  | **Six Months<br>Ended**<br> **May 31,**<br> **2025**<br> (unaudited) | **July 1,**<br> **2024 to**<br> **November 30,**<br> **2024<sup>(b)</sup>** |  |  |  |  |  |  |
|  | **Six Months<br>Ended**<br> **May 31,**<br> **2025**<br> (unaudited) | **July 1,**<br> **2024 to**<br> **November 30,**<br> **2024<sup>(b)</sup>** | **2024** | **2023** |  | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $35.37 | $33.95 | $30.26 | $27.06 |  | $31.87 | $26.28 | $27.80 |
|  Income From Investment Operations |  |  |  |  |  |  |  |  |
|  Net investment income<sup>(c)(d)</sup> | 0.60 | 0.24 | 0.76 | 0.71 |  | 0.62 | 0.50 | 0.47 |
|  Net realized and unrealized gain (loss) on investment transactions | 4.89 | 1.50 | 3.64 | 2.49 |  | (5.26) | 5.56 | (1.59) |
|  Contributions from Affiliates | .00 | .00 | – 0 | – 0 |  | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | 5.49 | 1.74 | 4.40 | 3.20 |  | (4.64) | 6.06 | (1.12) |
|  Less: Dividends |  |  |  |  |  |  |  |  |
|  Dividends from net investment income | (.26 | (.32 | (0.71) | – 0 |  | (0.17) | (0.47) | (0.40) |
|  Net asset value, end of period | **$40.60** | **$35.37** | **$33.95** | **$30.26** |  | **$27.06** | **$31.87** | **$26.28** |
|  Total Return |  |  |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup> | 15.65 | 5.17 | 14.80 | 11.81 | % | (14.66) | 23.26 | (4.14) |
|  Ratios/Supplemental Data |  |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $1169209 | $825953 | $789456 | $675542 |  | $584252 | $656592 | $436143 |
|  Ratio to average net assets of: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .50 | .52 | .75 | .75 | % | .74 | .78 | .95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .50 | .52 | .76 | .76 | % | .75 | .79 | .99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(d)</sup> | 3.27 | 1.64 | 2.38 | 2.51 | % | 1.96 | 1.70 | 1.74 |
|  Portfolio turnover rate<sup>(g)</sup> | 12 | 14 | 43 | 42 | % | 35 | 35 | 39 |

---

See footnote summary on page 28.

---

| | |
|:---|:---|
| **ABFunds.com** | AB International Low Volatility Equity ETF 27 |

---

------

**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.

^ Annualized.

See notes to financial statements.

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| | |
|:---|:---|
| 28 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 29 |

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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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| | |
|:---|:---|
| 30 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 31 |

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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.

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| | |
|:---|:---|
| 32 AB International Low Volatility Equity ETF | **ABFunds.com** |

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![LOGO](g817738g28a43.jpg)

AB International Low Volatility Equity ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-ILVE-0152-0525 ![LOGO](g817738g22c48.jpg)

------

#### May 31, 2025
![LOGO](g79228g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB MODERATE BUFFER ETF

(NASDAQ: BUFM)

![LOGO](g79228g50e50.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
**May 31, 2025** (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Notional<br>Amount** | **U.S. $ Value** |
|  PURCHASED OPTIONS - CALLS – 99.7% |  |  |  |
|  **Options on Equity Indices – 99.7%** |  |  |  |
|  SPDR S&P 500 ETF Trust <br>Expiration: Aug 2025; Contracts: 2,851; Exercise Price: USD 2.91; <br>Counterparty: SG Americas Securities LLC<sup>(a)</sup> <br>(premium paid $164,978,401) | USD | 829641 | $166838581 |
|  PURCHASED OPTIONS - PUTS – 2.4% | PURCHASED OPTIONS - PUTS – 2.4% | PURCHASED OPTIONS - PUTS – 2.4% | PURCHASED OPTIONS - PUTS – 2.4% |
|  **Options on Equity Indices – 2.4%** | **Options on Equity Indices – 2.4%** | **Options on Equity Indices – 2.4%** | **Options on Equity Indices – 2.4%** |
|  SPDR S&P 500 ETF Trust <br>Expiration: Aug 2025; Contracts: 2,851; Exercise Price: USD 579.01; <br>Counterparty: SG Americas Securities LLC<sup>(a)</sup> <br>(premium paid $4,816,386) | USD | 165075751 | 4081378 |
|  |  | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 0.6% |  |  |  |
|  **Investment Companies – 0.6%** |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.14%<sup>(b)(c)(e)</sup> <br>(cost $926,865) |  | 926865 | 926865 |
|  Total Investments – 102.7% <br>(cost $170,721,652) |  |  | 171846824 |
|  Other assets less liabilities – (2.7)% |  |  | (4484101) |
|  **Net Assets – 100.0%** |  |  | $**167362723** |

---

#### WRITTEN OPTIONS – CALLS (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>(d)</sup> | SG Americas<br>Securities LLC | 2851 | USD 612.00 | August 2025 | USD 174,481 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2551226 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2886010) |

---

#### WRITTEN OPTIONS – PUTS (see Note D)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>(d)</sup> | SG Americas<br>Securities LLC | 2851 | USD 524.57 | August 2025 | USD 149,555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846634 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1506640) |

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(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) One contract relates to 100 shares.

(e) Affiliated investments.

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| | |
|:---|:---|
| **ABFunds.com** | AB Moderate Buffer ETF 1 |

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**PORTFOLIO OF INVESTMENTS** (continued)

Glossary:

ETF – Exchange Traded Fund

SPDR – Standard & Poor's Depository Receipt

See notes to financial statements.

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| | |
|:---|:---|
| 2 AB Moderate Buffer ETF | **ABFunds.com** |

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#### STATEMENT OF ASSETS & LIABILITIES
**May 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $169,794,787) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170919959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $926,865) | 926865 |
|  Cash collateral due from broker | 2000 |
|  Affiliated dividends receivable | 3327 |
|  Receivable due from Adviser | 170 |
|  Total assets | 171852321 |
| Liabilities |  |
|  Written options at value (premiums received $4,397,860) | 4392650 |
|  Advisory fee payable | 96948 |
|  Total liabilities | 4489598 |
|  Net Assets | $**167362723** |
| Composition of Net Assets |  |
|  Capital stock, at par | $468 |
|  Additional paid-in capital | 163359444 |
|  Distributable earnings | 4002811 |
| Net Assets | $**167362723** |
|  **Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value**(based on 4,675,028 common shares outstanding) | $**35.80** |

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See notes to financial statements.

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

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#### STATEMENT OF OPERATIONS
**For the Period from December 9, 2024<sup>(a)</sup> to May 31, 2025** (unaudited)

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| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Dividends—Affiliated issuers | $9548 | $9548 |
| Expenses |  |  |
|  Advisory fee (see Note B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273370 |  |
|  Total expenses | 273370 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (471) |  |
|  Net expenses |  | 272899 |
|  Net investment loss |  | (263351) |
| Realized and Unrealized Gain on Investment Transactions |  |  |
|  Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | 82950 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 1834631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | 1218199 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 1125172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | 5210 |
|  Net gain on investment transactions |  | 4266162 |
|  Net Increase in Net Assets from Operations |  | $**4002811** |

---

(a) Commencement of operations.

See notes to financial statements.

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

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#### STATEMENT OF CHANGES IN NET ASSETS

---

| | |
|:---|:---|
|  | **December 9,<br>2024<sup>(a)</sup><br>May 31, 2025<br>(unaudited)** |
| Increase (Decrease) in Net Assets from Operations |  |
|  Net investment loss | $(263351) |
|  Net realized gain on investment transactions | 3135780 |
|  Net change in unrealized appreciation (depreciation) of investments | 1130382 |
|  Net increase in net assets from operations | 4002811 |
| Transactions in Shares of the Fund |  |
|  Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163328376 |
|  Other capital | 31536 |
|  Total increase | 167362723 |
| Net Assets |  |
|  Beginning of period | – 0 |
|  End of period | $**167362723** |

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(a) Commencement of operations.

See notes to financial statements.

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

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#### NOTES TO FINANCIAL STATEMENTS
**May 31, 2025** (unaudited)

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 18 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.

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| | |
|:---|:---|
| 6 AB Moderate 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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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

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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

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

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**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.

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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Purchased Options – Calls | $– 0 | $166838581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $166838581 |
|  Purchased Options – Puts | – 0 | 4081378 | – 0 | 4081378 |
|  Short-Term Investments | 926865 | – 0 | – 0 | 926865 |
|  Total Investments in Securities | 926865 | 170919959 | – 0 | 171846824 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets** | – 0 | – 0 | – 0 | – 0 |
|  **Liabilities:** |  |  |  |  |
|  Written Options – Calls | – 0 | (2886010) | – 0 | (2886010) |
|  Written Options – Puts | – 0 | (1506640) | – 0 | (1506640) |
|  **Total** | $**926865** | $**166527309** | $**– 0** | $**167454174** |

---

<sup>(a)</sup> 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 Moderate Buffer ETF 9 |

---

------

**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 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

---

| | |
|:---|:---|
| 10 AB Moderate Buffer 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. 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

---

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

---

------

**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 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 May 31, 2025, such waiver/reimbursements relating to the Fund's investment in AB Government Money Market Portfolio amounted to $471.

A summary of the Fund's transactions in AB mutual funds for the period ended May 31, 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>5/31/25<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;3272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |

---

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 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 May 31, 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 six months ended May 31, 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 May 31, 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;1234695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177082106 |
|  U.S. government securities | – 0 | – 0 |

---

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $2200174 |
|  Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1069792) |
|  Net unrealized appreciation | $**1130382** |

---

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

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

During the period ended May 31, 2025, the Fund held purchased options for non-hedging purposes. During the period ended May 31, 2025, the Fund held written options for non-hedging purposes.

During the period ended May 31, 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 securities, at value | $170919959 |  |  |
|  Equity contracts |  |  | Written options, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4392650 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170919959 |  | $4392650 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | $82950 | $1125172 |
|  Equity contracts | Net realized gain (loss) on written options; Net change in unrealized appreciation (depreciation) of written options | 1218199 | 5210 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130382 |

---

---

| | |
|:---|:---|
| 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 May 31, 2025:

---

| | |
|:---|:---|
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $95302145.0 |
|  Written options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $186855851.0 |

---

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 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>May 31, 2025<br>(unaudited) | December 9, 2024<sup>(a)</sup><br>May 31, 2025<br>(unaudited) |
|  Shares sold | 6400028 | $224674034 |
|  Shares redeemed | (1725000) | (61345658) |
|  **Net increase** | **4675028** | $**163328376** |

---

(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, 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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Moderate Buffer ETF 17 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Information about the Fund's holdings is available and updated daily at: www.abfunds.com. 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 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. 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** |

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------

**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**—The Underlying Portfolios may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Underlying Portfolios, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

**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

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

**Illiquid Investments Risk**—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. 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 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Moderate Buffer ETF 21 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year.

NOTE H

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.

---

| | |
|:---|:---|
| 22 AB Moderate 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>May 31,<br>2025<br>(unaudited)** |
|  Net asset value, beginning of period | $35.00 |
|  Income From Investment Operations |  |
|  Net investment loss<sup>(b)(c)</sup> | (.11 |
|  Net realized and unrealized gain on investment transactions | .91 |
|  Net increase in net asset value from operations | .80 |
|  Net asset value, end of period | **$35.80** |
|  Total Return |  |
|  Total investment return based on net asset value<sup>(d)</sup> | 2.28 |
|  Ratios/Supplemental Data |  |
|  Net assets, end of period (000's omitted) | $167363 |
|  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> | (.66 |
|  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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Moderate Buffer ETF 23 |

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

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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

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| | |
|:---|:---|
| **ABFunds.com** | AB Moderate Buffer ETF 25 |

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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.

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

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#### NOTES

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|:---|:---|
| **ABFunds.com** | AB Moderate Buffer ETF 27 |

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| | |
|:---|:---|
| 28 AB Moderate Buffer ETF | **ABFunds.com** |

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![LOGO](g79228g28a43.jpg)

AB MODERATE BUFFER ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-MB-0152-0525 ![LOGO](g79228g22c48.jpg)

------

#### May 31, 2025
![LOGO](g945590g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB SHORT DURATION HIGH YIELD ETF

(NYSE Arca: SYFI)

![LOGO](g945590g50e50.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
**May 31, 2025** (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CORPORATES - NON-INVESTMENT<br>GRADE – 76.3% |  |  |  |
|  Industrial – 67.6% |  |  |  |
|  **Basic – 5.4%** |  |  |  |
|  Alcoa Nederland Holding BV <br>4.125%, 03/31/2029<sup>(a)</sup> | U.S.$| 3795 | $3569691 |
|  ASP Unifrax Holdings, Inc. <br>7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029<sup>(a)(b)</sup> |  | 2442 | 1007065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.175% (10.425% Cash or 11.175% PIK or 6.425% Cash and 4.75% PIK),<br>09/30/2029<sup>(a)(b)(c)</sup> |  | 938 | 846623 |
|  Clydesdale Acquisition Holdings, Inc. <br>6.625%, 04/15/2029<sup>(a)</sup> |  | 799 | 806926 |
|  Constellium SE <br>3.125%, 07/15/2029<sup>(a)</sup> | EUR | 170 | 185858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/2029<sup>(a)</sup> | U.S.$| 112 | 103378 |
|  Crown Americas LLC/Crown Americas Capital Corp. VI <br>4.75%, 02/01/2026 |  | 1914 | 1913273 |
|  CVR Partners LP/CVR Nitrogen Finance Corp. <br>6.125%, 06/15/2028<sup>(a)</sup> |  | 4515 | 4489535 |
|  Element Solutions, Inc. <br>3.875%, 09/01/2028<sup>(a)</sup> |  | 2974 | 2855337 |
|  FMG Resources August 206 Pty Ltd. <br>4.50%, 09/15/2027<sup>(a)</sup> |  | 3299 | 3230282 |
|  Graphic Packaging International LLC <br>3.50%, 03/15/2028<sup>(a)</sup> |  | 3789 | 3598565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/15/2032<sup>(a)</sup> |  | 875 | 878027 |
|  Guala Closures SpA <br>6.501% (EURIBOR 3 Month + 4.00%),<br>06/29/2029<sup>(a)(d)</sup> | EUR | 600 | 679924 |
|  INEOS Finance PLC <br>7.50%, 04/15/2029<sup>(a)</sup> | U.S.$| 1794 | 1764489 |
|  INEOS Quattro Finance 2 PLC <br>6.75%, 04/15/2030<sup>(a)</sup> | EUR | 1103 | 1190336 |
|  Mineral Resources Ltd. <br>8.00%, 11/01/2027<sup>(a)</sup> | U.S.$| 596 | 593753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/01/2030<sup>(a)</sup> |  | 1451 | 1430483 |
|  Olympus Water US Holding Corp. <br>3.875%, 10/01/2028<sup>(a)</sup> | EUR | 100 | 109105 |
|  SCIL IV LLC/SCIL USA Holdings LLC <br>4.375%, 11/01/2026<sup>(a)</sup> |  | 187 | 212322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/01/2026<sup>(a)</sup> | U.S.$| 3089 | 3073709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.551% (EURIBOR 3 Month + 4.38%),<br>11/01/2026<sup>(a)(d)</sup> | EUR | 318 | 361125 |

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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** |
|  Sealed Air Corp./Sealed Air Corp. US <br>6.125%, 02/01/2028<sup>(a)</sup> | U.S.$| 250 | $252655 |
|  SNF Group SACA <br>3.125%, 03/15/2027<sup>(a)</sup> |  | 1989 | 1910494 |
|  Toucan FinCo Ltd./Toucan FinCo Can., Inc./Toucan FinCo US LLC <br>8.25%, 05/15/2030<sup>(a)</sup> | EUR | 313 | 352058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/15/2030<sup>(a)</sup> | U.S.$| 632 | 628259 |
|  WR Grace Holdings LLC <br>4.875%, 06/15/2027<sup>(a)</sup> |  | 4069 | 4016388 |
|  |  |  | 40059660 |
|  **Capital Goods – 8.3%** |  |  |  |
|  Arcosa, Inc. <br>4.375%, 04/15/2029<sup>(a)</sup> |  | 2896 | 2758672 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC <br>3.25%, 09/01/2028<sup>(a)</sup> |  | 2281 | 2097448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2027<sup>(e)</sup> |  | 1300 | 1303718 |
|  Axon Enterprise, Inc. <br>6.125%, 03/15/2030<sup>(a)</sup> |  | 428 | 436355 |
|  Ball Corp. <br>2.875%, 08/15/2030 |  | 816 | 723196 |
|  Bombardier, Inc. <br>6.00%, 02/15/2028<sup>(a)</sup> |  | 2251 | 2250280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 07/01/2031<sup>(a)</sup> |  | 884 | 912270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/01/2029<sup>(a)</sup> |  | 2585 | 2671934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 04/15/2027<sup>(a)</sup> |  | 72 | 72315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/2030<sup>(a)</sup> |  | 667 | 716705 |
|  Clean Harbors, Inc. <br>4.875%, 07/15/2027<sup>(a)</sup> |  | 4478 | 4436937 |
|  Crown Americas LLC <br>5.25%, 04/01/2030 |  | 941 | 937622 |
|  Efesto Bidco S.p.A Efesto US LLC <br>Series XR <br>7.50%, 02/15/2032<sup>(a)</sup> |  | 1539 | 1551127 |
|  EnerSys <br>4.375%, 12/15/2027<sup>(a)</sup> |  | 1214 | 1176997 |
|  Esab Corp. <br>6.25%, 04/15/2029<sup>(a)</sup> |  | 2182 | 2220730 |
|  GFL Environmental, Inc. <br>4.00%, 08/01/2028<sup>(a)</sup> |  | 403 | 387646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/2031<sup>(a)</sup> |  | 507 | 526225 |
|  Griffon Corp. <br>5.75%, 03/01/2028 |  | 3106 | 3085625 |
|  IMA Industria Macchine Automatiche SpA <br>3.75%, 01/15/2028<sup>(a)</sup> | EUR | 650 | 733234 |

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| | |
|:---|:---|
| 2 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** |
|  LSB Industries, Inc. <br>6.25%, 10/15/2028<sup>(a)(c)</sup> | U.S.$| 4132 | $4090473 |
|  Madison IAQ LLC <br>5.875%, 06/30/2029<sup>(a)</sup> |  | 1952 | 1886823 |
|  MIWD Holdco II LLC/MIWD Finance Corp. <br>5.50%, 02/01/2030<sup>(a)</sup> |  | 4795 | 4429381 |
|  Moog, Inc. <br>4.25%, 12/15/2027<sup>(a)</sup> |  | 4928 | 4781934 |
|  Mueller Water Products, Inc. <br>4.00%, 06/15/2029<sup>(a)</sup> |  | 936 | 887393 |
|  Paprec Holding SA <br>6.50%, 11/17/2027<sup>(a)</sup> | EUR | 400 | 474535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/17/2029<sup>(a)</sup> |  | 260 | 310900 |
|  Silgan Holdings, Inc. <br>2.25%, 06/01/2028 |  | 412 | 451947 |
|  Spirit AeroSystems, Inc. <br>9.375%, 11/30/2029<sup>(a)</sup> | U.S.$| 2105 | 2244730 |
|  TK Elevator Midco GmbH <br>4.375%, 07/15/2027<sup>(a)</sup> | EUR | 180 | 203924 |
|  TK Elevator US Newco, Inc. <br>5.25%, 07/15/2027<sup>(a)</sup> | U.S.$| 1577 | 1562492 |
|  TransDigm, Inc. <br>4.625%, 01/15/2029 |  | 500 | 483860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/01/2029 |  | 432 | 418150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/01/2029<sup>(a)</sup> |  | 2556 | 2597535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028<sup>(a)</sup> |  | 2775 | 2820815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 12/15/2030<sup>(a)</sup> |  | 235 | 242229 |
|  Trinity Industries, Inc. <br>7.75%, 07/15/2028<sup>(a)</sup> |  | 1966 | 2043618 |
|  Triumph Group, Inc. <br>9.00%, 03/15/2028<sup>(a)</sup> |  | 2469 | 2583265 |
|  |  |  | 61513040 |
|  **Communications - Media – 5.7%** |  |  |  |
|  AMC Networks, Inc. <br>10.25%, 01/15/2029<sup>(a)</sup> |  | 1420 | 1508253 |
|  Banijay Entertainment SAS <br>7.00%, 05/01/2029<sup>(a)</sup> | EUR | 442 | 524511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 05/01/2029<sup>(a)</sup> | U.S.$| 734 | 760380 |
|  Cable One, Inc. <br>4.00%, 11/15/2030<sup>(a)</sup> |  | 736 | 570613 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. <br>4.50%, 05/01/2032 |  | 1427 | 1299012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028<sup>(a)</sup> |  | 3725 | 3652623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 09/01/2029<sup>(a)</sup> |  | 519 | 526193 |
|  CSC Holdings LLC <br>5.375%, 02/01/2028<sup>(a)</sup> |  | 4062 | 3699670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2027<sup>(a)</sup> |  | 491 | 465105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2029<sup>(a)</sup> |  | 233 | 186004 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  DISH DBS Corp. <br>5.25%, 12/01/2026<sup>(a)</sup> | U.S.$| 2160 | $1995451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(a)</sup> |  | 754 | 639256 |
|  Gray Media, Inc. <br>7.00%, 05/15/2027<sup>(a)</sup> |  | 806 | 800221 |
|  LCPR Senior Secured Financing DAC <br>5.125%, 07/15/2029<sup>(a)</sup> |  | 1179 | 760632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027<sup>(a)</sup> |  | 2212 | 1602041 |
|  McGraw-Hill Education, Inc. <br>5.75%, 08/01/2028<sup>(a)</sup> |  | 1243 | 1229750 |
|  Nexstar Media, Inc. <br>4.75%, 11/01/2028<sup>(a)</sup> |  | 1115 | 1072953 |
|  Radiate Holdco LLC/Radiate Finance, Inc. <br>4.50%, 09/15/2026<sup>(e)</sup> |  | 787 | 674735 |
|  Sinclair Television Group, Inc. <br>5.50%, 03/01/2030<sup>(a)</sup> |  | 67 | 56081 |
|  Sirius XM Radio LLC <br>4.00%, 07/15/2028<sup>(a)</sup> |  | 837 | 794740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 07/01/2030<sup>(a)</sup> |  | 908 | 825644 |
|  Stagwell Global LLC <br>5.625%, 08/15/2029<sup>(a)</sup> |  | 30 | 28249 |
|  Summer BC Holdco B SARL <br>5.875%, 02/15/2030<sup>(a)</sup> | EUR | 196 | 219545 |
|  Sunrise FinCo I BV <br>4.875%, 07/15/2031<sup>(a)</sup> | U.S.$| 202 | 187438 |
|  TEGNA, Inc. <br>4.625%, 03/15/2028 |  | 381 | 369555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/2026<sup>(a)</sup> |  | 1000 | 994220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2029 |  | 1769 | 1686087 |
|  Univision Communications, Inc. <br>4.50%, 05/01/2029<sup>(a)</sup> |  | 2457 | 2180637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 06/01/2027<sup>(a)</sup> |  | 1934 | 1934445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 06/30/2030<sup>(a)</sup> |  | 2600 | 2429128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/31/2031<sup>(a)</sup> |  | 840 | 806669 |
|  Virgin Media Secured Finance PLC <br>4.50%, 08/15/2030<sup>(a)</sup> |  | 201 | 185344 |
|  Virgin Media Vendor Financing Notes IV DAC <br>5.00%, 07/15/2028<sup>(a)</sup> |  | 2417 | 2355584 |
|  Ziggo Bond Co. BV <br>5.125%, 02/28/2030<sup>(a)</sup> |  | 4304 | 3654010 |
|  Ziggo BV <br>4.875%, 01/15/2030<sup>(a)</sup> |  | 2123 | 1936834 |
|  |  |  | 42611613 |
|  **Communications -<br>Telecommunications – 1.9%** |  |  |  |
|  Altice Financing SA <br>5.00%, 01/15/2028<sup>(a)</sup> |  | 1198 | 937435 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Altice France SA <br>5.125%, 07/15/2029<sup>(a)</sup> | U.S.$| 2839 | $2393163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2028<sup>(a)</sup> |  | 489 | 420653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2029<sup>(a)</sup> |  | 1902 | 1615331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 02/01/2027<sup>(a)</sup> |  | 588 | 541095 |
|  EchoStar Corp. <br>10.75%, 11/30/2029 |  | 2226 | 2239069 |
|  Level 3 Financing, Inc. <br>10.75%, 12/15/2030<sup>(a)</sup> |  | 668 | 755885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 11/15/2029<sup>(a)</sup> |  | 564 | 640509 |
|  Lorca Telecom Bondco SA <br>4.00%, 09/18/2027<sup>(a)</sup> | EUR | 1164 | 1321642 |
|  Nexstar Media, Inc. <br>5.625%, 07/15/2027<sup>(a)</sup> | U.S.$| 1308 | 1303370 |
|  United Group BV <br>6.393% (EURIBOR 3 Month + 4.25%),<br>02/01/2029<sup>(a)(d)</sup> | EUR | 210 | 239332 |
|  Vmed O2 UK Financing I PLC <br>7.75%, 04/15/2032<sup>(a)</sup> | U.S.$| 1953 | 2012235 |
|  |  |  | 14419719 |
|  **Consumer Cyclical - Automotive – 3.1%** |  |  |  |
|  Adient Global Holdings Ltd. <br>8.25%, 04/15/2031<sup>(a)</sup> |  | 2648 | 2702575 |
|  Allison Transmission, Inc. <br>4.75%, 10/01/2027<sup>(a)</sup> |  | 603 | 592918 |
|  American Axle & Manufacturing, Inc. <br>5.00%, 10/01/2029 |  | 325 | 295230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/01/2027 |  | 88 | 87550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 07/01/2028 |  | 2160 | 2144556 |
|  Aston Martin Capital Holdings Ltd. <br>10.00%, 03/31/2029<sup>(a)</sup> |  | 3113 | 2916289 |
|  Clarios Global LP/Clarios US Finance Co. <br>4.375%, 05/15/2026<sup>(a)</sup> | EUR | 430 | 487899 |
|  Dana, Inc. <br>4.25%, 09/01/2030 | U.S.$| 578 | 548557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/15/2028 |  | 165 | 164596 |
|  Garrett Motion Holdings, Inc./Garrett LX I SARL <br>7.75%, 05/31/2032<sup>(a)</sup> |  | 370 | 377644 |
|  Goodyear Tire & Rubber Co. (The) <br>6.625%, 07/15/2030 |  | 1819 | 1821474 |
|  IHO Verwaltungs GmbH <br>6.375% (6.375% Cash or 7.125% PIK), 05/15/2029<sup>(a)(b)</sup> |  | 662 | 650508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (6.75% Cash or 7.50% PIK), 11/15/2029<sup>(a)(b)</sup> | EUR | 520 | 615590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% (7.75% Cash or 8.50% PIK), 11/15/2030<sup>(a)(b)</sup> | U.S.$| 1427 | 1442583 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Nissan Motor Acceptance Co. LLC <br>1.85%, 09/16/2026<sup>(a)</sup> | U.S.$| 450 | $428706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/13/2027<sup>(a)</sup> |  | 618 | 606765 |
|  PM General Purchaser LLC <br>9.50%, 10/01/2028<sup>(a)</sup> |  | 5026 | 3230461 |
|  Tenneco, Inc. <br>8.00%, 11/17/2028<sup>(a)</sup> |  | 1422 | 1400471 |
|  ZF Europe Finance BV <br>2.00%, 02/23/2026<sup>(a)(c)</sup> | EUR | 300 | 336263 |
|  ZF Finance GmbH <br>Series E <br>3.00%, 09/21/2025<sup>(a)</sup> |  | 200 | 226469 |
|  ZF North America Capital, Inc. <br>6.875%, 04/14/2028<sup>(a)</sup> | U.S.$| 234 | 231007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/23/2032<sup>(a)</sup> |  | 982 | 899522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 04/14/2030<sup>(a)</sup> |  | 845 | 813862 |
|  |  |  | 23021495 |
|  **Consumer Cyclical - Entertainment – 2.2%** |  |  |  |
|  Boyne USA, Inc. <br>4.75%, 05/15/2029<sup>(a)</sup> |  | 2305 | 2221006 |
|  Carnival Corp. <br>5.75%, 03/01/2027<sup>(a)</sup> |  | 1738 | 1740920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030<sup>(a)</sup> | EUR | 189 | 230219 |
|  CPUK Finance Ltd. <br>4.50%, 08/28/2027<sup>(a)</sup> | GBP | 400 | 523669 |
|  Lindblad Expeditions LLC <br>6.75%, 02/15/2027<sup>(a)</sup> | U.S.$| 396 | 394951 |
|  Live Nation Entertainment, Inc. <br>3.75%, 01/15/2028<sup>(a)</sup> |  | 1509 | 1450210 |
|  Merlin Entertainments Group US Holdings, Inc. <br>7.375%, 02/15/2031<sup>(a)</sup> |  | 3485 | 3183304 |
|  Motion Finco SARL <br>7.375%, 06/15/2030<sup>(a)</sup> | EUR | 329 | 357403 |
|  NCL Corp., Ltd. <br>5.875%, 03/15/2026<sup>(a)</sup> | U.S.$| 283 | 283144 |
|  SeaWorld Parks & Entertainment, Inc. <br>5.25%, 08/15/2029<sup>(a)</sup> |  | 2876 | 2767201 |
|  Viking Cruises Ltd. <br>5.875%, 09/15/2027<sup>(a)</sup> |  | 832 | 831567 |
|  Viking Ocean Cruises Ship VII Ltd. <br>5.625%, 02/15/2029<sup>(a)</sup> |  | 227 | 224371 |
|  VOC Escrow Ltd. <br>5.00%, 02/15/2028<sup>(a)</sup> |  | 2244 | 2212337 |
|  |  |  | 16420302 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Other – 6.5%** |  |  |  |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC <br>4.875%, 02/15/2030<sup>(a)</sup> | U.S.$| 1730 | $1504944 |
|  Builders FirstSource, Inc. <br>5.00%, 03/01/2030<sup>(a)</sup> |  | 205 | 198926 |
|  CD&R Smokey Buyer, Inc./Radio Systems Corp. <br>9.50%, 10/15/2029<sup>(a)</sup> |  | 851 | 705973 |
|  Churchill Downs, Inc. <br>4.75%, 01/15/2028<sup>(a)</sup> |  | 3409 | 3330934 |
|  Cirsa Finance International SARL <br>6.50%, 03/15/2029<sup>(a)</sup> | EUR | 668 | 795127 |
|  Great Canadian Gaming Corp. <br>8.75%, 11/15/2029<sup>(a)</sup> | U.S.$| 162 | 157321 |
|  Hilton Domestic Operating Co., Inc. <br>3.625%, 02/15/2032<sup>(a)</sup> |  | 985 | 876374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/2029<sup>(a)</sup> |  | 2274 | 2151682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2031<sup>(a)</sup> |  | 645 | 596270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 04/01/2029<sup>(a)</sup> |  | 2733 | 2761915 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <br>4.875%, 07/01/2031<sup>(a)</sup> |  | 1925 | 1725454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029<sup>(a)</sup> |  | 4843 | 4547577 |
|  Marriott Ownership Resorts, Inc. <br>4.50%, 06/15/2029<sup>(a)</sup> |  | 6619 | 6201540 |
|  MGM Resorts International <br>4.75%, 10/15/2028 |  | 1293 | 1264709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2027 |  | 170 | 170252 |
|  Miller Homes Group Finco PLC <br>6.529% (EURIBOR 3 Month + 4.25%), 10/15/2030<sup>(a)(d)</sup> | EUR | 194 | 222758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/2029<sup>(a)</sup> | GBP | 276 | 367224 |
|  Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC <br>8.25%, 04/15/2030<sup>(a)</sup> | U.S.$| 2180 | 2222009 |
|  Playtech PLC <br>4.25%, 03/07/2026<sup>(a)</sup> | EUR | 56 | 63574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/28/2028<sup>(a)</sup> |  | 620 | 724851 |
|  Shea Homes LP/Shea Homes Funding Corp. <br>4.75%, 02/15/2028 | U.S.$| 1110 | 1086135 |
|  Standard Industries, Inc./NY <br>4.375%, 07/15/2030<sup>(a)</sup> |  | 428 | 401554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028<sup>(a)</sup> |  | 1512 | 1485918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027<sup>(a)</sup> |  | 930 | 923257 |
|  Taylor Morrison Communities, Inc. <br>5.75%, 01/15/2028<sup>(a)</sup> |  | 22 | 22123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/15/2027<sup>(a)</sup> |  | 3747 | 3778475 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Thor Industries, Inc. <br>4.00%, 10/15/2029<sup>(a)</sup> | U.S.$| 3616 | $3336628 |
|  Travel & Leisure Co. <br>4.50%, 12/01/2029<sup>(a)</sup> |  | 2667 | 2536610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 07/31/2026<sup>(a)</sup> |  | 2634 | 2660735 |
|  Wyndham Hotels & Resorts, Inc. <br>4.375%, 08/15/2028<sup>(a)</sup> |  | 1811 | 1752794 |
|  |  |  | 48573643 |
|  **Consumer Cyclical - Restaurants – 1.2%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc. <br>3.50%, 02/15/2029<sup>(a)</sup> |  | 1208 | 1134771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 01/15/2028<sup>(a)</sup> |  | 2378 | 2301952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030<sup>(a)</sup> |  | 1583 | 1455948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2028<sup>(a)</sup> |  | 3033 | 2955658 |
|  Papa John's International, Inc. <br>3.875%, 09/15/2029<sup>(a)</sup> |  | 938 | 879816 |
|  |  |  | 8728145 |
|  **Consumer Cyclical - Retailers – 4.5%** |  |  |  |
|  Advance Auto Parts, Inc. <br>3.90%, 04/15/2030 |  | 218 | 201678 |
|  Carvana Co. <br>9.00% (9.00% Cash or 12.00% PIK),<br>12/01/2028<sup>(a)(b)(c)</sup> |  | 1085 | 1115782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (11.00% Cash or 13.00% PIK),<br>06/01/2030<sup>(a)(b)(c)</sup> |  | 2076 | 2188229 |
|  FirstCash, Inc. <br>4.625%, 09/01/2028<sup>(a)</sup> |  | 2920 | 2846007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 01/01/2030<sup>(a)</sup> |  | 211 | 209595 |
|  Gap, Inc. (The) <br>3.625%, 10/01/2029<sup>(a)</sup> |  | 37 | 33882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/01/2031<sup>(a)</sup> |  | 2893 | 2557123 |
|  Global Auto Holdings Ltd/AAG FH UK Ltd. <br>8.375%, 01/15/2029<sup>(a)</sup> |  | 3946 | 3304972 |
|  Group 1 Automotive, Inc. <br>4.00%, 08/15/2028<sup>(a)</sup> |  | 3008 | 2876430 |
|  Kontoor Brands, Inc. <br>4.125%, 11/15/2029<sup>(a)</sup> |  | 654 | 603184 |
|  LCM Investments Holdings II LLC <br>4.875%, 05/01/2029<sup>(a)</sup> |  | 1995 | 1922063 |
|  Murphy Oil USA, Inc. <br>4.75%, 09/15/2029 |  | 2541 | 2459358 |
|  PetSmart, Inc./PetSmart Finance Corp. <br>4.75%, 02/15/2028<sup>(a)</sup> |  | 2056 | 1991257 |
|  QXO Building Products, Inc. <br>6.75%, 04/30/2032<sup>(a)</sup> |  | 1005 | 1031170 |
|  Sonic Automotive, Inc. <br>4.625%, 11/15/2029<sup>(a)</sup> |  | 1840 | 1757678 |

---

---

| | |
|:---|:---|
| 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** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/2031<sup>(a)</sup> | U.S.$| 1739 | $1618887 |
|  Staples, Inc. <br>10.75%, 09/01/2029<sup>(a)</sup> |  | 4737 | 4322418 |
|  VF Corp. <br>2.95%, 04/23/2030 |  | 1594 | 1330815 |
|  Walgreens Boots Alliance, Inc. <br>8.125%, 08/15/2029 |  | 1261 | 1319737 |
|  |  |  | 33690265 |
|  **Consumer Non-Cyclical – 7.5%** |  |  |  |
|  AdaptHealth LLC <br>4.625%, 08/01/2029<sup>(a)</sup> |  | 500 | 462055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 03/01/2030<sup>(a)</sup> |  | 2769 | 2561076 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC <br>3.25%, 03/15/2026<sup>(a)</sup> |  | 200 | 196752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2029<sup>(a)</sup> |  | 1035 | 973190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/2028<sup>(a)</sup> |  | 1465 | 1463638 |
|  B&G Foods, Inc. <br>8.00%, 09/15/2028<sup>(a)</sup> |  | 1487 | 1402880 |
|  Bausch & Lomb Corp. <br>8.375%, 10/01/2028<sup>(a)</sup> |  | 2392 | 2483159 |
|  Bausch Health Cos., Inc. <br>11.00%, 09/30/2028<sup>(a)</sup> |  | 1723 | 1649376 |
|  CAB SELAS <br>3.375%, 02/01/2028<sup>(a)</sup> | EUR | 859 | 936407 |
|  CHS/Community Health Systems, Inc. <br>5.625%, 03/15/2027<sup>(a)</sup> | U.S.$| 2084 | 2053886 |
|  DaVita, Inc. <br>4.625%, 06/01/2030<sup>(a)</sup> |  | 3700 | 3460795 |
|  Elanco Animal Health, Inc. <br>6.65%, 08/28/2028<sup>(c)</sup> |  | 1991 | 2050053 |
|  Embecta Corp. <br>5.00%, 02/15/2030<sup>(a)</sup> |  | 4167 | 3709547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2030<sup>(a)</sup> |  | 366 | 353435 |
|  Emergent BioSolutions, Inc. <br>3.875%, 08/15/2028<sup>(a)</sup> |  | 1030 | 780369 |
|  Fortrea Holdings, Inc. <br>7.50%, 07/01/2030<sup>(a)</sup> |  | 1150 | 957961 |
|  Grifols SA <br>3.875%, 10/15/2028<sup>(a)</sup> | EUR | 1524 | 1655260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2028<sup>(a)</sup> | U.S.$| 1159 | 1098848 |
|  Gruenenthal GmbH <br>4.125%, 05/15/2028<sup>(a)</sup> | EUR | 907 | 1034728 |
|  Iceland Bondco PLC <br>7.643% (EURIBOR 3 Month + 5.50%), 12/15/2027<sup>(a)(d)</sup> |  | 199 | 226823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.875%, 12/15/2027<sup>(a)</sup> | GBP | 118 | 168588 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  IQVIA, Inc. <br>1.75%, 03/15/2026<sup>(a)</sup> | EUR | 798 | $895493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026<sup>(a)</sup> | U.S.$| 1570 | 1565102 |
|  LifePoint Health, Inc. <br>8.375%, 02/15/2032<sup>(a)</sup> |  | 177 | 186383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 08/15/2030<sup>(a)</sup> |  | 958 | 1026420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 10/15/2030<sup>(a)</sup> |  | 338 | 371864 |
|  Medline Borrower LP <br>3.875%, 04/01/2029<sup>(a)</sup> |  | 2504 | 2361297 |
|  ModivCare, Inc. <br>5.00% (5.00% Cash or 10.00% PIK), 10/01/2029<sup>(b)(c)(e)(f)(g)</sup> |  | 1626 | 455406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(e)</sup> |  | 47 | 2420 |
|  MPH Acquisition Holdings LLC <br>5.75%, 12/31/2030<sup>(a)</sup> |  | 2585 | 2067563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50% (6.50% Cash and 5.00% PIK), 12/31/2030<sup>(a)(b)(c)</sup> |  | 1350 | 1324034 |
|  Newell Brands, Inc. <br>8.50%, 06/01/2028<sup>(a)</sup> |  | 1189 | 1230912 |
|  Option Care Health, Inc. <br>4.375%, 10/31/2029<sup>(a)</sup> |  | 1203 | 1147012 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV<br>4.125%, 04/30/2028<sup>(a)</sup> |  | 4080 | 3832426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 04/30/2031<sup>(a)</sup> |  | 1804 | 1516515 |
|  Owens & Minor, Inc. <br>4.50%, 03/31/2029<sup>(a)</sup> |  | 6 | 4910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/01/2030<sup>(a)</sup> |  | 355 | 300660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 04/15/2030<sup>(a)</sup> |  | 1406 | 1468370 |
|  Performance Food Group, Inc. <br>5.50%, 10/15/2027<sup>(a)</sup> |  | 1982 | 1974984 |
|  Post Holdings, Inc. <br>4.625%, 04/15/2030<sup>(a)</sup> |  | 2611 | 2475254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029<sup>(a)</sup> |  | 890 | 878777 |
|  Tenet Healthcare Corp. <br>4.625%, 06/15/2028 |  | 667 | 653893 |
|  Viking Baked Goods Acquisition Corp. <br>8.625%, 11/01/2031<sup>(a)</sup> |  | 425 | 402067 |
|  |  |  | 55820588 |
|  **Energy – 9.0%** |  |  |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp. <br>5.375%, 06/15/2029<sup>(a)</sup> |  | 3100 | 3071635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2028<sup>(a)</sup> |  | 481 | 479620 |
|  Aris Water Holdings LLC <br>7.25%, 04/01/2030<sup>(a)</sup> |  | 1500 | 1510350 |
|  Buckeye Partners LP <br>3.95%, 12/01/2026 |  | 924 | 907054 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/2028<sup>(a)</sup> | U.S.$| 2741 | $2680342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 07/01/2029<sup>(a)</sup> |  | 732 | 753967 |
|  CITGO Petroleum Corp. <br>6.375%, 06/15/2026<sup>(a)</sup> |  | 356 | 355779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 01/15/2029<sup>(a)</sup> |  | 1075 | 1090684 |
|  Civitas Resources, Inc. <br>8.375%, 07/01/2028<sup>(a)</sup> |  | 2510 | 2528599 |
|  CNX Resources Corp. <br>6.00%, 01/15/2029<sup>(a)</sup> |  | 3351 | 3322081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 01/15/2031<sup>(a)</sup> |  | 100 | 102435 |
|  Delek Logistics Partners LP/Delek Logistics Finance Corp. <br>8.625%, 03/15/2029<sup>(a)</sup> |  | 367 | 380638 |
|  Excelerate Energy LP <br>8.00%, 05/15/2030<sup>(a)</sup> |  | 1544 | 1598163 |
|  Genesis Energy LP/Genesis Energy Finance Corp. <br>8.25%, 01/15/2029 |  | 20 | 20721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 04/15/2030 |  | 1307 | 1373775 |
|  Harvest Midstream I LP <br>7.50%, 09/01/2028<sup>(a)</sup> |  | 2492 | 2530152 |
|  Hess Midstream Operations LP <br>4.25%, 02/15/2030<sup>(a)</sup> |  | 727 | 692744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/15/2028<sup>(a)</sup> |  | 3772 | 3724661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/01/2028<sup>(a)</sup> |  | 141 | 142270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/2029<sup>(a)</sup> |  | 360 | 367520 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. <br>5.75%, 02/01/2029<sup>(a)</sup> |  | 11 | 10516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030<sup>(a)</sup> |  | 2266 | 2151091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2032<sup>(a)</sup> |  | 2543 | 2322013 |
|  Howard Midstream Energy Partners LLC <br>8.875%, 07/15/2028<sup>(a)</sup> |  | 4676 | 4896053 |
|  Kodiak Gas Services LLC <br>7.25%, 02/15/2029<sup>(a)</sup> |  | 319 | 327412 |
|  Murphy Oil Corp. <br>6.375%, 07/15/2028 |  | 517 | 518308 |
|  Nabors Industries, Inc. <br>7.375%, 05/15/2027<sup>(a)</sup> |  | 2930 | 2812243 |
|  NFE Financing LLC <br>12.00%, 11/15/2029<sup>(a)</sup> |  | 5690 | 2420962 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. <br>8.125%, 02/15/2029<sup>(a)</sup> |  | 1393 | 1361462 |
|  NuStar Logistics LP <br>5.625%, 04/28/2027 |  | 1807 | 1810795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2026 |  | 1163 | 1167478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/01/2030 |  | 384 | 391173 |
|  PBF Holding Co. LLC/PBF Finance Corp. <br>6.00%, 02/15/2028 |  | 1053 | 976605 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 09/15/2030<sup>(a)</sup> | U.S.$| 391 | $341738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 03/15/2030<sup>(a)</sup> |  | 1068 | 1021414 |
|  Permian Resources Operating LLC <br>5.875%, 07/01/2029<sup>(a)</sup> |  | 55 | 54305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/15/2027<sup>(a)</sup> |  | 355 | 361898 |
|  Summit Midstream Holdings LLC <br>8.625%, 10/31/2029<sup>(a)</sup> |  | 2674 | 2678813 |
|  Sunoco LP/Sunoco Finance Corp. <br>4.50%, 05/15/2029 |  | 392 | 375097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/15/2028<sup>(a)</sup> |  | 4746 | 4876942 |
|  Talos Production, Inc. <br>9.00%, 02/01/2029<sup>(a)</sup> |  | 610 | 605834 |
|  Transocean, Inc. <br>8.75%, 02/15/2030<sup>(a)</sup> |  | 1400 | 1419222 |
|  Venture Global LNG, Inc. <br>8.125%, 06/01/2028<sup>(a)</sup> |  | 300 | 306939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 06/01/2031<sup>(a)</sup> |  | 547 | 555380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 02/01/2029<sup>(a)</sup> |  | 3743 | 3995016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 02/01/2032<sup>(a)</sup> |  | 1545 | 1645858 |
|  |  |  | 67037757 |
|  **Other Industrial – 0.9%** |  |  |  |
|  AECOM <br>5.125%, 03/15/2027 |  | 817 | 815570 |
|  Belden, Inc. <br>3.375%, 07/15/2031<sup>(a)</sup> | EUR | 693 | 750806 |
|  Benteler International AG <br>10.50%, 05/15/2028<sup>(a)</sup> | U.S.$| 563 | 591251 |
|  Gates Corp./DE <br>6.875%, 07/01/2029<sup>(a)</sup> |  | 340 | 348565 |
|  Steelcase, Inc. <br>5.125%, 01/18/2029 |  | 1446 | 1404312 |
|  Velocity Vehicle Group LLC <br>8.00%, 06/01/2029<sup>(a)</sup> |  | 2952 | 2838053 |
|  |  |  | 6748557 |
|  **Services – 5.1%** |  |  |  |
|  ADT Security Corp. (The) <br>4.125%, 08/01/2029<sup>(a)</sup> |  | 24 | 22901 |
|  Allied Universal Holdco LLC <br>7.875%, 02/15/2031<sup>(a)</sup> |  | 3691 | 3824097 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL <br>3.625%, 06/01/2028<sup>(a)</sup> | EUR | 160 | 175924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/2028<sup>(a)</sup> | U.S.$| 4085 | 3904722 |
|  ANGI Group LLC <br>3.875%, 08/15/2028<sup>(a)</sup> |  | 3198 | 2964514 |
|  Aramark International Finance SARL <br>4.375%, 04/15/2033<sup>(a)</sup> | EUR | 120 | 133497 |

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Aramark Services, Inc. <br>5.00%, 02/01/2028<sup>(a)</sup> | U.S.$| 4319 | $4275292 |
|  Cars.com, Inc. <br>6.375%, 11/01/2028<sup>(a)</sup> |  | 1545 | 1545572 |
|  Clarivate Science Holdings Corp. <br>3.875%, 07/01/2028<sup>(a)</sup> |  | 791 | 754163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 07/01/2029<sup>(a)</sup> |  | 1432 | 1324357 |
|  Engineering - Ingegneria Informatica - SpA <br>8.105% (EURIBOR 3 Month + 5.75%), 02/15/2030<sup>(a)(d)</sup> | EUR | 666 | 765800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 02/15/2030<sup>(a)</sup> |  | 399 | 480265 |
|  Garda World Security Corp. <br>4.625%, 02/15/2027<sup>(a)</sup> | U.S.$| 3323 | 3279469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2029<sup>(a)</sup> |  | 2058 | 1955985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/2028<sup>(a)</sup> |  | 250 | 258363 |
|  Matthews International Corp. <br>8.625%, 10/01/2027<sup>(a)</sup> |  | 725 | 753536 |
|  Millennium Escrow Corp. <br>6.625%, 08/01/2026<sup>(a)</sup> |  | 748 | 615828 |
|  OT Midco, Inc. <br>10.00%, 02/15/2030<sup>(a)</sup> |  | 50 | 41637 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. <br>3.375%, 08/31/2027<sup>(a)</sup> |  | 731 | 702535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/2026<sup>(a)</sup> |  | 3894 | 3903034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2028<sup>(a)</sup> |  | 520 | 519698 |
|  Rakuten Group, Inc. <br>11.25%, 02/15/2027<sup>(a)</sup> |  | 541 | 582706 |
|  Raven Acquisition Holdings LLC <br>6.875%, 11/15/2031<sup>(a)</sup> |  | 2466 | 2459391 |
|  Sabre GLBL, Inc. <br>11.125%, 07/15/2030<sup>(a)</sup> |  | 1155 | 1184776 |
|  Service Corp. International/US <br>5.125%, 06/01/2029 |  | 634 | 628250 |
|  Techem Verwaltungsgesellschaft 675 mbH <br>5.375%, 07/15/2029<sup>(a)</sup> | EUR | 777 | 903286 |
|  |  |  | 37959598 |
|  **Technology – 2.4%** |  |  |  |
|  Almaviva-The Italian Innovation Co. SpA <br>5.00%, 10/30/2030<sup>(a)</sup> |  | 1870 | 2180386 |
|  Amentum Holdings, Inc. <br>7.25%, 08/01/2032<sup>(a)</sup> | U.S.$| 3461 | 3532020 |
|  Cablevision Lightpath LLC <br>3.875%, 09/15/2027<sup>(a)</sup> |  | 812 | 779349 |
|  Diebold Nixdorf, Inc. <br>7.75%, 03/31/2030<sup>(a)</sup> |  | 2080 | 2191675 |

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Ellucian Holdings, Inc. <br>6.50%, 12/01/2029<sup>(a)</sup> | U.S.$| 766 | $776188 |
|  Gen Digital, Inc. <br>6.75%, 09/30/2027<sup>(a)</sup> |  | 2045 | 2079356 |
|  GoTo Group, Inc. <br>5.50%, 05/01/2028<sup>(a)</sup> |  | 608 | 329158 |
|  Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL <br>8.75%, 05/01/2029<sup>(a)</sup> |  | 115 | 117272 |
|  IPD 3 BV <br>5.50%, 06/15/2031<sup>(a)</sup> | EUR | 633 | 728149 |
|  Playtika Holding Corp. <br>4.25%, 03/15/2029<sup>(a)</sup> | U.S.$| 3790 | 3392619 |
|  Rackspace Finance LLC <br>3.50%, 05/15/2028<sup>(a)</sup> |  | 1075 | 386942 |
|  Virtusa Corp. <br>7.125%, 12/15/2028<sup>(a)</sup> |  | 269 | 259585 |
|  Western Digital Corp. <br>4.75%, 02/15/2026 |  | 884 | 880040 |
|  |  |  | 17632739 |
|  **Transportation - Airlines – 1.5%** |  |  |  |
|  Allegiant Travel Co. <br>7.25%, 08/15/2027<sup>(a)</sup> |  | 3001 | 2972581 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. <br>5.50%, 04/20/2026<sup>(a)</sup> |  | 869 | 867862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029<sup>(a)</sup> |  | 5445 | 5350584 |
|  Avianca Midco 2 PLC <br>9.00%, 12/01/2028<sup>(a)</sup> |  | 425 | 393801 |
|  JetBlue Airways Corp./JetBlue Loyalty LP <br>9.875%, 09/20/2031<sup>(a)</sup> |  | 1226 | 1213286 |
|  Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. <br>11.00% (11.00% Cash or 8.00% Cash and 4.00% PIK), 03/06/2030<sup>(a)(b)(c)</sup> |  | 229 | 178854 |
|  |  |  | 10976968 |
|  **Transportation - Services – 2.4%** |  |  |  |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. <br>5.375%, 05/21/2030<sup>(a)</sup> | EUR | 246 | 282517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/21/2030<sup>(a)</sup> | U.S.$| 596 | 605798 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc. <br>4.75%, 04/01/2028<sup>(a)</sup> |  | 987 | 944885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 03/01/2029<sup>(a)</sup> |  | 1342 | 1265318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2027<sup>(a)</sup> |  | 69 | 68097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/15/2031<sup>(a)</sup> |  | 830 | 839678 |
|  BCP V Modular Services Finance II PLC <br>4.75%, 11/30/2028<sup>(a)</sup> | EUR | 1295 | 1430529 |

---

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

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Boels Topholding BV <br>6.25%, 02/15/2029<sup>(a)</sup> | EUR | 492 | $579784 |
|  Dcli Bidco LLC <br>7.75%, 11/15/2029<sup>(a)</sup> | U.S.$| 656 | 660061 |
|  Hertz Corp. (The) <br>4.625%, 12/01/2026<sup>(a)</sup> |  | 1760 | 1550419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029<sup>(a)</sup> |  | 742 | 504553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.625%, 07/15/2029<sup>(a)</sup> |  | 1521 | 1549443 |
|  Kapla Holding SAS <br>5.00%, 04/30/2031<sup>(a)</sup> | EUR | 1498 | 1726930 |
|  Loxam SAS <br>4.50%, 02/15/2027<sup>(a)</sup> |  | 104 | 118858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/31/2029<sup>(a)</sup> |  | 205 | 243010 |
|  Mundys SpA <br>1.875%, 02/12/2028<sup>(a)</sup> |  | 573 | 625923 |
|  PROG Holdings, Inc. <br>6.00%, 11/15/2029<sup>(a)</sup> | U.S.$| 4660 | 4431660 |
|  Rand Parent LLC <br>8.50%, 02/15/2030<sup>(a)</sup> |  | 154 | 151688 |
|  |  |  | 17579151 |
|  |  |  | 502793240 |
|  Financial Institutions – 7.9% |  |  |  |
|  **Banking – 0.7%** |  |  |  |
|  Bread Financial Holdings, Inc. <br>9.75%, 03/15/2029<sup>(a)</sup> |  | 4548 | 4842665 |
|  **Brokerage – 1.4%** |  |  |  |
|  AG Issuer LLC <br>6.25%, 03/01/2028<sup>(a)</sup> |  | 2056 | 2054006 |
|  AG TTMT Escrow Issuer LLC <br>8.625%, 09/30/2027<sup>(a)</sup> |  | 2036 | 2113266 |
|  Aretec Group, Inc. <br>10.00%, 08/15/2030<sup>(a)</sup> |  | 4246 | 4631240 |
|  Osaic Holdings, Inc. <br>10.75%, 08/01/2027<sup>(a)</sup> |  | 480 | 483086 |
|  VFH Parent LLC/Valor Co-Issuer, Inc. <br>7.50%, 06/15/2031<sup>(a)</sup> |  | 918 | 959576 |
|  |  |  | 10241174 |
|  **Finance – 3.9%** |  |  |  |
|  Compass Group Diversified Holdings LLC <br>5.25%, 04/15/2029<sup>(a)</sup> |  | 1055 | 913419 |
|  Curo SPV LLC <br>13.00%, 08/02/2027<sup>(g)</sup> |  | 1108 | 1096940 |
|  Enova International, Inc. <br>9.125%, 08/01/2029<sup>(a)</sup> |  | 2874 | 2954961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 12/15/2028<sup>(a)</sup> |  | 1667 | 1789958 |
|  Freedom Mortgage Holdings LLC <br>9.25%, 02/01/2029<sup>(a)</sup> |  | 1408 | 1451437 |

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  GGAM Finance Ltd. <br>7.75%, 05/15/2026<sup>(a)</sup> | U.S.$| 788 | $795644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/15/2027<sup>(a)</sup> |  | 674 | 693276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/15/2028<sup>(a)</sup> |  | 1711 | 1794497 |
|  goeasy Ltd. <br>7.375%, 10/01/2030<sup>(a)</sup> |  | 186 | 185914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 07/01/2029<sup>(a)</sup> |  | 3450 | 3482499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 12/01/2028<sup>(a)</sup> |  | 954 | 1003446 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp. <br>5.00%, 08/15/2028<sup>(a)</sup> |  | 4845 | 4590541 |
|  Midcap Financial Issuer Trust <br>6.50%, 05/01/2028<sup>(a)</sup> |  | 3001 | 2918472 |
|  Navient Corp. <br>4.875%, 03/15/2028 |  | 1123 | 1096396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/2029 |  | 944 | 908883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/25/2025 |  | 607 | 607042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 07/25/2030 |  | 1660 | 1809018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 03/15/2031 |  | 716 | 811164 |
|  Rfna LP <br>7.875%, 02/15/2030<sup>(a)</sup> |  | 301 | 302523 |
|  |  |  | 29206030 |
|  **Financial Services – 0.8%** |  |  |  |
|  Armor Holdco, Inc. <br>8.50%, 11/15/2029<sup>(a)</sup> |  | 1360 | 1268445 |
|  Encore Capital Group, Inc. <br>8.50%, 05/15/2030<sup>(a)</sup> |  | 1937 | 2053511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/01/2029<sup>(a)</sup> |  | 1118 | 1192369 |
|  Herc Holdings Escrow, Inc. <br>7.00%, 06/15/2030<sup>(a)</sup> |  | 1693 | 1744383 |
|  |  |  | 6258708 |
|  **Insurance – 0.3%** |  |  |  |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <br>6.75%, 04/15/2028<sup>(a)</sup> |  | 254 | 257426 |
|  Ardonagh Finco Ltd. <br>6.875%, 02/15/2031<sup>(a)</sup> | EUR | 1374 | 1595757 |
|  AssuredPartners, Inc. <br>5.625%, 01/15/2029<sup>(a)</sup> | U.S.$| 569 | 568380 |
|  |  |  | 2421563 |
|  **REITs – 0.8%** |  |  |  |
|  Aedas Homes Opco SL <br>4.00%, 08/15/2026<sup>(a)</sup> | EUR | 826 | 935597 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL <br>4.50%, 04/01/2027<sup>(a)</sup> | U.S.$| 377 | 366210 |
|  Five Point Operating Co. LP/Five Point Capital Corp.<br>10.50%, 01/15/2028<sup>(a)(c)</sup> |  | 745 | 759622 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Service Properties Trust <br>8.375%, 06/15/2029 | U.S.$| 3516 | $3550844 |
|  Vivion Investments SARL <br>Series E <br>6.50%, 02/28/2029<sup>(a)(b)(c)</sup> | EUR | 1 | 780 |
|  |  |  | 5613053 |
|  |  |  | 58583193 |
|  Utility – 0.8% |  |  |  |
|  **Electric – 0.8%** |  |  |  |
|  Calpine Corp. <br>5.125%, 03/15/2028<sup>(a)</sup> | U.S.$| 1177 | 1166878 |
|  NRG Energy, Inc. <br>3.375%, 02/15/2029<sup>(a)</sup> |  | 2365 | 2209761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2029<sup>(a)</sup> |  | 1492 | 1474305 |
|  Vistra Operations Co. LLC <br>5.50%, 09/01/2026<sup>(a)</sup> |  | 1083 | 1083693 |
|  |  |  | 5934637 |
|  Total Corporates - Non-Investment Grade <br>(cost $569,253,862) |  |  | 567311070 |
|  CORPORATES - INVESTMENT GRADE – 13.2% |  |  |  |
|  Industrial – 8.7% |  |  |  |
|  **Capital Goods – 0.1%** |  |  |  |
|  Embraer Netherlands Finance BV <br>7.00%, 07/28/2030<sup>(a)</sup> |  | 370 | 392034 |
|  GFL Environmental, Inc. <br>3.50%, 09/01/2028<sup>(a)</sup> |  | 19 | 18109 |
|  Regal Rexnord Corp. <br>6.05%, 04/15/2028 |  | 103 | 105719 |
|  |  |  | 515862 |
|  **Communications - Media – 1.3%** |  |  |  |
|  DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. <br>5.875%, 08/15/2027<sup>(a)</sup> |  | 3525 | 3469975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 02/15/2031<sup>(a)</sup> |  | 1648 | 1604311 |
|  Pinewood Finco PLC <br>3.25%, 09/30/2025<sup>(a)</sup> | GBP | 620 | 828802 |
|  Warnermedia Holdings, Inc. <br>4.279%, 03/15/2032 | U.S.$| 4689 | 3984009 |
|  |  |  | 9887097 |
|  **Consumer Cyclical - Automotive – 1.5%** |  |  |  |
|  Adient Global Holdings Ltd. <br>7.00%, 04/15/2028<sup>(a)</sup> |  | 1263 | 1290988 |
|  Ford Motor Co. <br>3.25%, 02/12/2032 |  | 1508 | 1244628 |

---

---

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

---

------

**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 | $245527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 06/17/2031 |  | 200 | 172008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/2027 |  | 731 | 719750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/08/2029 |  | 846 | 834748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/07/2029 |  | 514 | 507590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 05/12/2028 |  | 648 | 661751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 11/04/2027 |  | 1437 | 1478960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 03/06/2030 |  | 387 | 403130 |
|  Jaguar Land Rover Automotive PLC <br>4.50%, 10/01/2027<sup>(a)</sup> |  | 1565 | 1526720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2029<sup>(a)</sup> |  | 1075 | 1057628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/15/2026<sup>(a)</sup> | EUR | 478 | 565712 |
|  Phinia, Inc. <br>6.75%, 04/15/2029<sup>(a)</sup> | U.S.$| 50 | 51178 |
|  |  |  | 10760318 |
|  **Consumer Cyclical - Entertainment – 1.8%** |  |  |  |
|  Carnival Corp. <br>4.00%, 08/01/2028<sup>(a)</sup> |  | 4226 | 4087387 |
|  Mattel, Inc. <br>3.375%, 04/01/2026<sup>(a)</sup> |  | 1100 | 1083423 |
|  Royal Caribbean Cruises Ltd. <br>3.70%, 03/15/2028 |  | 1122 | 1082999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/2026<sup>(a)</sup> |  | 300 | 297072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/15/2027<sup>(a)</sup> |  | 1021 | 1022511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026<sup>(a)</sup> |  | 792 | 791969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028<sup>(a)</sup> |  | 3687 | 3698762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 09/30/2031<sup>(a)</sup> |  | 1239 | 1224578 |
|  |  |  | 13288701 |
|  **Consumer Cyclical - Other – 0.9%** |  |  |  |
|  Flutter Treasury DAC<br>4.00%, 06/04/2031<sup>(a)</sup> | EUR | 635 | 720055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/29/2029<sup>(a)</sup> |  | 139 | 163375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/04/2031<sup>(a)</sup> | U.S.$| 361 | 363021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/04/2031<sup>(a)</sup> | GBP | 456 | 618629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 04/29/2029<sup>(a)</sup> | U.S.$| 205 | 209432 |
|  GENM Capital Labuan Ltd. <br>3.882%, 04/19/2031<sup>(a)</sup> | U.S.$| 204 | 179520 |
|  International Game Technology PLC <br>3.50%, 06/15/2026<sup>(a)</sup> | EUR | 300 | 340384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/2029<sup>(a)</sup> | U.S.$| 55 | 54112 |
|  Resorts World Las Vegas LLC/RWLV Capital, Inc. <br>4.625%, 04/16/2029<sup>(a)</sup> |  | 3300 | 2891691 |
|  Voyager Parent LLC <br>9.25%, 07/01/2032<sup>(a)</sup> |  | 1438 | 1484663 |
|  |  |  | 7024882 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Retailers – 0.1%** |  |  |  |
|  Levi Strauss & Co. <br>3.50%, 03/01/2031<sup>(a)</sup> | U.S.$| 436 | $389561 |
|  Macy's Retail Holdings LLC <br>5.875%, 03/15/2030<sup>(a)</sup> |  | 327 | 311870 |
|  |  |  | 701431 |
|  **Consumer Non-Cyclical – 0.2%** |  |  |  |
|  Jazz Securities DAC <br>4.375%, 01/15/2029<sup>(a)</sup> |  | 787 | 754835 |
|  Premier Foods Finance PLC <br>3.50%, 10/15/2026<sup>(a)</sup> | GBP | 200 | 266938 |
|  Viatris, Inc. <br>2.70%, 06/22/2030 | U.S.$| 827 | 722889 |
|  |  |  | 1744662 |
|  **Energy – 0.3%** |  |  |  |
|  EQT Corp. <br>4.50%, 01/15/2029<sup>(a)</sup> |  | 202 | 197501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2027<sup>(a)</sup> |  | 1101 | 1120168 |
|  Harbour Energy PLC <br>5.50%, 10/15/2026<sup>(a)</sup> |  | 315 | 314906 |
|  Tengizchevroil Finance Co. International Ltd. <br>3.25%, 08/15/2030<sup>(a)</sup> |  | 242 | 211750 |
|  Var Energi ASA <br>7.50%, 01/15/2028<sup>(a)</sup> |  | 703 | 739282 |
|  |  |  | 2583607 |
|  **Other Industrial – 0.6%** |  |  |  |
|  American Builders & Contractors Supply Co., Inc. <br>4.00%, 01/15/2028<sup>(a)</sup> |  | 4847 | 4690345 |
|  **Services – 0.5%** |  |  |  |
|  Block, Inc. <br>2.75%, 06/01/2026 |  | 3947 | 3848325 |
|  Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV <br>8.50%, 01/15/2031<sup>(a)</sup> | GBP | 132 | 190549 |
|  |  |  | 4038874 |
|  **Technology – 0.1%** |  |  |  |
|  CDW LLC/CDW Finance Corp. <br>3.276%, 12/01/2028 | U.S.$| 406 | 385392 |
|  **Transportation - Airlines – 1.2%** |  |  |  |
|  AS Mileage Plan IP Ltd. <br>5.021%, 10/20/2029<sup>(a)</sup> |  | 762 | 746341 |
|  United Airlines, Inc. <br>4.375%, 04/15/2026<sup>(a)</sup> |  | 7121 | 7040818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/15/2029<sup>(a)</sup> |  | 881 | 836615 |
|  |  |  | 8623774 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Transportation - Railroads – 0.0%** |  |  |  |
|  Lima Metro Line 2 Finance Ltd. <br>4.35%, 04/05/2036<sup>(a)</sup> | U.S.$| 163 | $151142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/05/2034<sup>(a)</sup> |  | 80 | 79694 |
|  |  |  | 230836 |
|  **Transportation - Services – 0.1%** |  |  |  |
|  Adani Ports & Special Economic Zone Ltd. <br>4.375%, 07/03/2029<sup>(a)</sup> |  | 202 | 187820 |
|  AerCap Global Aviation Trust <br>6.50%, 06/15/2045<sup>(a)</sup> |  | 291 | 291145 |
|  |  |  | 478965 |
|  |  |  | 64954746 |
|  Financial Institutions – 4.3% |  |  |  |
|  **Banking – 3.7%** |  |  |  |
|  Ally Financial, Inc. <br>6.848%, 01/03/2030 |  | 1201 | 1254481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/2031 |  | 809 | 905360 |
|  Bank of Ireland Group PLC <br>5.601%, 03/20/2030<sup>(a)</sup> |  | 752 | 768281 |
|  BPCE SA <br>5.876%, 01/14/2031<sup>(a)</sup> |  | 686 | 705043 |
|  CaixaBank SA <br>5.673%, 03/15/2030<sup>(a)</sup> |  | 1324 | 1359920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/09/2027<sup>(a)(h)</sup> | EUR | 200 | 233591 |
|  Capital One Financial Corp. <br>5.463%, 07/26/2030 | U.S.$| 1573 | 1602462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 02/01/2030 |  | 751 | 770151 |
|  Citigroup, Inc. <br>Series AA <br>7.625%, 11/15/2028<sup>(h)</sup> |  | 205 | 214487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W <br>4.00%, 12/10/2025<sup>(h)</sup> |  | 207 | 204951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X <br>3.875%, 02/18/2026<sup>(h)</sup> |  | 154 | 151122 |
|  Deutsche Bank AG/New York NY <br>3.729%, 01/14/2032 |  | 3990 | 3586411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.742%, 01/07/2033 |  | 230 | 202285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.146%, 07/13/2027 |  | 574 | 587523 |
|  Intesa Sanpaolo SpA <br>4.198%, 06/01/2032<sup>(a)</sup> |  | 2636 | 2373217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/15/2026<sup>(a)</sup> |  | 2436 | 2439849 |
|  Lloyds Banking Group PLC <br>4.976%, 08/11/2033 |  | 403 | 394896 |
|  Santander UK Group Holdings PLC <br>5.694%, 04/15/2031 |  | 1637 | 1675257 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Synchrony Financial <br>5.935%, 08/02/2030 | U.S.$| 610 | $618455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/02/2033 |  | 2888 | 2948764 |
|  Truist Financial Corp. <br>Series N <br>6.669%, 09/01/2025<sup>(h)</sup> |  | 626 | 624128 |
|  UBS Group AG <br>3.875%, 06/02/2026<sup>(a)(h)</sup> |  | 445 | 431014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/10/2031<sup>(a)(h)</sup> |  | 507 | 443949 |
|  UniCredit SpA <br>5.861%, 06/19/2032<sup>(a)</sup> |  | 1787 | 1789734 |
|  Wells Fargo & Co. <br>Series BB <br>3.90%, 03/15/2026<sup>(h)</sup> |  | 878 | 863864 |
|  |  |  | 27149195 |
|  **Finance – 0.1%** |  |  |  |
|  Blackstone Private Credit Fund <br>3.25%, 03/15/2027 |  | 429 | 414770 |
|  FS KKR Capital Corp. <br>3.125%, 10/12/2028 |  | 115 | 104152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/2026 |  | 115 | 113609 |
|  |  |  | 632531 |
|  **Insurance – 0.1%** |  |  |  |
|  Athene Global Funding <br>2.55%, 11/19/2030<sup>(a)</sup> |  | 117 | 102622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.583%, 01/09/2029<sup>(a)</sup> |  | 93 | 94868 |
|  Hartford Insurance Group, Inc. (The) <br>Series ICON <br>6.713% (CME Term SOFR 3 Month + 2.39%), 02/12/2047<sup>(a)(d)</sup> |  | 859 | 793708 |
|  |  |  | 991198 |
|  **REITs – 0.4%** |  |  |  |
|  GLP Capital LP/GLP Financing II, Inc. <br>5.375%, 04/15/2026 |  | 79 | 78847 |
|  Newmark Group, Inc. <br>7.50%, 01/12/2029 |  | 2554 | 2685378 |
|  Trust Fibra Uno <br>4.869%, 01/15/2030<sup>(a)</sup> |  | 211 | 196599 |
|  |  |  | 2960824 |
|  |  |  | 31733748 |
|  Utility – 0.2% |  |  |  |
|  **Electric – 0.2%** |  |  |  |
|  Adani Electricity Mumbai Ltd. <br>3.949%, 02/12/2030<sup>(a)</sup> |  | 200 | 176250 |
|  Empresa Electrica Cochrane SpA <br>5.50%, 05/14/2027<sup>(a)</sup> |  | 134 | 131466 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Empresas Publicas de Medellin ESP <br>4.25%, 07/18/2029<sup>(a)</sup> | U.S.$| 427 | $387929 |
|  Pacific Gas & Electric Co. <br>5.55%, 05/15/2029 |  | 384 | 389219 |
|  |  |  | 1084864 |
|  Total Corporates - Investment Grade <br>(cost $96,526,496) |  |  | 97773358 |
|  BANK LOANS – 4.2% |  |  |  |
|  Industrial – 3.0% |  |  |  |
|  **Basic – 0.2%** |  |  |  |
|  INEOS US Petrochem LLC <br>8.677% (CME Term SOFR 1 Month + 4.25%), 04/02/2029<sup>(i)</sup> |  | 1905 | 1738312 |
|  **Capital Goods – 0.3%** |  |  |  |
|  ACProducts Holdings, Inc. <br>8.811% (CME Term SOFR 3 Month + 4.25%), 05/17/2028<sup>(i)</sup> |  | 650 | 476981 |
|  ECO Material Technologies, Inc. <br>7.467% (CME Term SOFR 6 Month + 3.25%), 02/12/2032<sup>(g)(i)</sup> |  | 1660 | 1657925 |
|  |  |  | 2134906 |
|  **Communications - Media – 0.6%** |  |  |  |
|  Coral US Co. <br>7.443% (CME Term SOFR 1 Month + 3.00%), 10/15/2029<sup>(i)</sup> |  | 320 | 318742 |
|  DIRECTV Financing LLC <br>9.791% (CME Term SOFR 3 Month + 5.25%), 08/02/2029<sup>(i)</sup> |  | 2091 | 2055561 |
|  Gray Television, Inc. <br>7.439% (CME Term SOFR 1 Month + 3.00%), 12/01/2028<sup>(i)</sup> |  | 1915 | 1842802 |
|  |  |  | 4217105 |
|  **Communications - Telecommunications – 0.1%** |  |  |  |
|  Crown Subsea Communications Holding, Inc. <br>8.324% (CME Term SOFR 1 Month + 4.00%), 01/30/2031<sup>(i)</sup> |  | 476 | 477537 |
|  **Consumer Cyclical - Automotive – 0.1%** |  |  |  |
|  RealTruck Group, Inc. <br>10.310% (CME Term SOFR 3 Month + 5.00%), 01/31/2028<sup>(i)</sup> |  | 968 | 937321 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Other – 0.1%** |  |  |  |
|  Weber-Stephen Products LLC <br>7.691% (CME Term SOFR 3 Month + 3.25%), 10/30/2027<sup>(i)</sup> | U.S.$| 508 | $503529 |
|  **Consumer Non-Cyclical – 0.6%** |  |  |  |
|  Bausch & Lomb Corp. <br>7.679% (CME Term SOFR 1 Month + 3.25%), 05/10/2027<sup>(i)</sup> |  | 980 | 976282 |
|  Gainwell Acquisition Corp. <br>8.399% (CME Term SOFR 3 Month + 4.00%), 10/01/2027<sup>(i)</sup> |  | 383 | 366148 |
|  MPH Acquisition Holdings LLC <br>8.030% (CME Term SOFR 3 Month + 3.75%), 12/31/2030<sup>(i)</sup> |  | 859 | 843201 |
|  Neptune Bidco US, Inc. <br>9.330% (CME Term SOFR 3 Month + 5.00%), 04/11/2029<sup>(i)</sup> |  | 742 | 692725 |
|  Opal US LLC <br>7.435% (CME Term SOFR 3 Month + 3.25%), 04/28/2032<sup>(i)</sup> |  | 1206 | 1206603 |
|  US Radiology Specialists, Inc. <br>9.049% (CME Term SOFR 3 Month + 4.75%), 12/15/2027<sup>(i)</sup> |  | 520 | 520719 |
|  |  |  | 4605678 |
|  **Other Industrial – 0.0%** |  |  |  |
|  American Tire Distributors, Inc. <br>14.750% (PRIME 3 Month + 7.25%), 10/20/2028<sup>(i)</sup> |  | 1110 | 336678 |
|  **Technology – 0.7%** |  |  |  |
|  Ascend Learning LLC <br>10.177% (CME Term SOFR 1 Month + 5.75%), 12/10/2029<sup>(i)</sup> |  | 141 | 139869 |
|  Clover Holdings 2, LLC <br>7.750%, 12/09/2031<sup>(g)</sup> |  | 1805 | 1818537 |
|  Loyalty Ventures, Inc. <br>14.000% (PRIME 3 Month + 5.50%), 11/03/2027<sup>(f)(g)(i)(j)(k)</sup> |  | 550 | 4124 |
|  Peraton Corp. <br>8.177% (CME Term SOFR 1 Month + 3.75%), 02/01/2028<sup>(i)</sup> |  | 1157 | 1000320 |
|  Playtika Holding Corp. <br>7.191% (CME Term SOFR 1 Month + 2.75%), 03/13/2028<sup>(i)</sup> |  | 775 | 764331 |

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Polaris Newco LLC <br>8.291% (CME Term SOFR 3 Month + 3.75%), 06/02/2028<sup>(i)</sup> | U.S.$| 1270 | $1228741 |
|  |  |  | 4955922 |
|  **Transportation - Airlines – 0.3%** |  |  |  |
|  AS Mileage Plan IP Ltd. <br>6.270% (CME Term SOFR 3 Month + 2.00%), 10/15/2031<sup>(i)</sup> |  | 816 | 816920 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. <br>8.022% (CME Term SOFR 3 Month + 3.75%), 10/20/2027<sup>(i)</sup> |  | 345 | 346657 |
|  JetBlue Airways Corp. <br>9.055% (CME Term SOFR 3 Month + 4.75%), 08/27/2029<sup>(i)</sup> |  | 856 | 831099 |
|  |  |  | 1994676 |
|  |  |  | 21901664 |
|  Financial Institutions – 0.9% |  |  |  |
|  **Banking – 0.0%** |  |  |  |
|  Orbit Private Holdings I Ltd. <br>8.035% (CME Term SOFR 3 Month + 3.75%), 12/11/2028<sup>(g)(i)</sup> |  | 106 | 106972 |
|  **Brokerage – 0.4%** |  |  |  |
|  Jane Street Group LLC <br>6.313% (CME Term SOFR 3 Month + 2.00%), 12/15/2031<sup>(i)</sup> |  | 2553 | 2545425 |
|  **Financial Services – 0.1%** |  |  |  |
|  Osttra Group Ltd. <br>8.333%, 05/20/2032<sup>(l)</sup> |  | 850 | 850264 |
|  **Insurance – 0.4%** |  |  |  |
|  AssuredPartners, Inc. <br>7.827% (CME Term SOFR 1 Month + 3.50%), 02/14/2031<sup>(i)</sup> |  | 2179 | 2181832 |
|  Asurion LLC <br>8.677% (CME Term SOFR 1 Month + 4.25%), 08/19/2028<sup>(i)</sup> |  | 970 | 966562 |
|  |  |  | 3148394 |
|  |  |  | 6651055 |
|  Utility – 0.3% |  |  |  |
|  **Electric – 0.3%** |  |  |  |
|  Vistra Operations Co. LLC <br>6.327% (CME Term SOFR 3 Month + 2.00%), 04/30/2031<sup>(i)</sup> |  | 2511 | 2459658 |
|  Total Bank Loans <br>(cost $32,319,078) |  |  | 31012377 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  EMERGING MARKETS - CORPORATE BONDS – 2.3% |  |  |  |
|  Industrial – 2.2% |  |  |  |
|  **Basic – 0.3%** |  |  |  |
|  Braskem Idesa SAPI <br>6.99%, 02/20/2032<sup>(a)</sup> | U.S.$| 486 | $359791 |
|  Braskem Netherlands Finance BV <br>4.50%, 01/10/2028<sup>(a)</sup> |  | 341 | 309628 |
|  CSN Resources SA <br>7.625%, 04/17/2026<sup>(a)</sup> |  | 274 | 272507 |
|  First Quantum Minerals Ltd. <br>6.875%, 10/15/2027<sup>(a)</sup> |  | 564 | 557063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 03/01/2029<sup>(a)</sup> |  | 549 | 576450 |
|  Volcan Cia Minera SAA <br>8.75%, 01/24/2030<sup>(a)</sup> |  | 128 | 124262 |
|  |  |  | 2199701 |
|  **Communications - Media – 0.0%** |  |  |  |
|  Digi Romania SA <br>3.25%, 02/05/2028<sup>(a)</sup> | EUR | 200 | 222793 |
|  **Consumer Cyclical - Other – 1.1%** |  |  |  |
|  Allwyn International AS <br>3.875%, 02/15/2027<sup>(a)</sup> | U.S.$| 805 | 910449 |
|  Melco Resorts Finance Ltd. <br>4.875%, 06/06/2025<sup>(a)</sup> |  | 815 | 814511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/04/2029<sup>(a)</sup> |  | 428 | 393353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/17/2027<sup>(a)</sup> |  | 356 | 347456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/21/2028<sup>(a)</sup> |  | 1178 | 1129702 |
|  MGM China Holdings Ltd. <br>5.25%, 06/18/2025<sup>(a)</sup> |  | 1482 | 1481111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 05/15/2026<sup>(a)</sup> |  | 216 | 215730 |
|  Studio City Finance Ltd. <br>6.00%, 07/15/2025<sup>(a)</sup> |  | 468 | 466928 |
|  Wynn Macau Ltd. <br>5.50%, 01/15/2026<sup>(a)</sup> |  | 1775 | 1766125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/26/2028<sup>(a)</sup> |  | 345 | 332063 |
|  |  |  | 7857428 |
|  **Consumer Non-Cyclical – 0.5%** |  |  |  |
|  Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL <br>5.25%, 04/27/2029<sup>(a)</sup> |  | 28 | 26908 |
|  Teva Pharmaceutical Finance Netherlands II BV <br>3.75%, 05/09/2027 | EUR | 482 | 549702 |
|  Teva Pharmaceutical Finance Netherlands III BV <br>3.15%, 10/01/2026 | U.S.$| 490 | 476525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/09/2027 |  | 2675 | 2652423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/09/2029 |  | 372 | 366420 |

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2025<sup>(e)(f)(g)(j)(m)</sup> | U.S.$| 422 | $42 |
|  |  |  | 4072020 |
|  **Energy – 0.2%** |  |  |  |
|  Ecopetrol SA <br>8.625%, 01/19/2029 |  | 216 | 226584 |
|  Gran Tierra Energy, Inc. <br>9.50%, 10/15/2029<sup>(a)</sup> |  | 216 | 151200 |
|  Leviathan Bond Ltd. <br>6.125%, 06/30/2025<sup>(a)</sup> |  | 251 | 251263 |
|  Medco Bell Pte. Ltd. <br>6.375%, 01/30/2027<sup>(a)</sup> |  | 357 | 356322 |
|  Oleoducto Central SA <br>4.00%, 07/14/2027<sup>(a)</sup> |  | 560 | 542326 |
|  SierraCol Energy Andina LLC <br>6.00%, 06/15/2028<sup>(a)</sup> |  | 209 | 190211 |
|  |  |  | 1717906 |
|  **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 | 470588 |
|  |  |  | 16540436 |
|  Utility – 0.1% |  |  |  |
|  **Electric – 0.1%** |  |  |  |
|  India Clean Energy Holdings <br>4.50%, 04/18/2027<sup>(a)</sup> |  | 200 | 189250 |
|  Investment Energy Resources Ltd. <br>6.25%, 04/26/2029<sup>(a)</sup> |  | 247 | 236379 |
|  Terraform Global Operating LP <br>6.125%, 03/01/2026<sup>(a)</sup> |  | 52 | 51242 |
|  |  |  | 476871 |
|  Total Emerging Markets - Corporate Bonds <br>(cost $17,477,888) |  |  | 17017307 |
|  EMERGING MARKETS - SOVEREIGNS – 0.8% |  |  |  |
|  **Angola – 0.2%** |  |  |  |
|  Angolan Government International Bond <br>9.125%, 11/26/2049<sup>(a)</sup> |  | 850 | 609875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/12/2025<sup>(a)</sup> |  | 710 | 709334 |
|  |  |  | 1319209 |
|  **Bahrain – 0.1%** |  |  |  |
|  Bahrain Government International Bond <br>7.00%, 10/12/2028<sup>(a)</sup> |  | 570 | 582540 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Brazil – 0.1%** |  |  |  |
|  Brazilian Government International Bond <br>2.875%, 06/06/2025 | U.S.$| 547 | $546125 |
|  **Egypt – 0.0%** |  |  |  |
|  Egypt Government International Bond <br>7.50%, 01/31/2027<sup>(a)</sup> |  | 200 | 201713 |
|  **Ivory Coast – 0.1%** |  |  |  |
|  Ivory Coast Government International Bond <br>6.375%, 03/03/2028<sup>(a)</sup> |  | 760 | 754615 |
|  **Lebanon – 0.0%** |  |  |  |
|  Lebanon Government International Bond <br>Series 10Y <br>6.85%, 03/23/2027<sup>(a)(j)(k)</sup> |  | 11 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E <br>6.10%, 10/04/2022<sup>(a)(j)(m)</sup> |  | 210 | 36330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G <br>6.60%, 11/27/2026<sup>(a)(j)(k)</sup> |  | 51 | 8823 |
|  |  |  | 47056 |
|  **Nigeria – 0.1%** |  |  |  |
|  Nigeria Government International Bond <br>7.625%, 11/28/2047<sup>(a)</sup> |  | 639 | 479250 |
|  **Senegal – 0.1%** |  |  |  |
|  Senegal Government International Bond <br>4.75%, 03/13/2028<sup>(a)</sup> | EUR | 499 | 482225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/13/2048<sup>(a)</sup> | U.S.$| 483 | 301875 |
|  |  |  | 784100 |
|  **South Africa – 0.1%** |  |  |  |
|  Republic of South Africa Government International Bond <br>4.30%, 10/12/2028 |  | 208 | 198900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 09/27/2027 |  | 540 | 534589 |
|  |  |  | 733489 |
|  **Ukraine – 0.0%** |  |  |  |
|  Ukraine Government International Bond <br>0.00%, 02/01/2030<sup>(a)(c)</sup> |  | 16 | 7836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/2035<sup>(a)(c)</sup> |  | 119 | 57083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/2036<sup>(a)(c)</sup> |  | 89 | 41921 |
|  |  |  | 106840 |
|  Total Emerging Markets - Sovereigns <br>(cost $6,363,120) |  |  | 5554937 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  COLLATERALIZED LOAN OBLIGATIONS – 0.3% |  |  |  |
|  **CLO - Floating Rate – 0.3%** |  |  |  |
|  Ares XXXIV CLO Ltd. <br>Series 2015-2A, Class CR <br>6.541% (CME Term SOFR 3 Month + 2.26%),<br>04/17/2033<sup>(a)(d)</sup> | U.S.$| 644 | $644408 |
|  GREYWOLF CLO VI Ltd. <br>Series 2018-1A, Class A1 <br>5.574% (CME Term SOFR 3 Month + 1.29%),<br>04/26/2031<sup>(a)(d)</sup> |  | 106 | 105804 |
|  Magnetite XXV Ltd. <br>Series 2020-25A, Class D <br>7.843% (CME Term SOFR 3 Month + 3.56%), 01/25/2032<sup>(a)(d)</sup> |  | 250 | 250823 |
|  Palmer Square CLO Ltd. <br>Series 2021-3A, Class D <br>7.468% (CME Term SOFR 3 Month + 3.21%), 01/15/2035<sup>(a)(d)</sup> |  | 500 | 501656 |
|  Regatta XIX Funding Ltd. <br>Series 2022-1A, Class D <br>7.572% (CME Term SOFR 3 Month + 3.30%), 04/20/2035<sup>(a)(d)</sup> |  | 377 | 377724 |
|  Rockford Tower CLO Ltd. <br>Series 2021-2A, Class D <br>7.781% (CME Term SOFR 3 Month + 3.51%), 07/20/2034<sup>(a)(d)</sup> |  | 250 | 250007 |
|  Sound Point CLO XIX Ltd. <br>Series 2018-1A, Class A <br>5.518% (CME Term SOFR 3 Month + 1.26%), 04/15/2031<sup>(a)(d)</sup> |  | 134 | 133843 |
|  Total Collateralized Loan Obligations <br>(cost $2,260,486) |  |  | 2264265 |
|  QUASI-SOVEREIGNS – 0.2% |  |  |  |
|  Quasi-Sovereign Bonds – 0.2% |  |  |  |
|  **Mexico – 0.1%** |  |  |  |
|  Petroleos Mexicanos <br>6.49%, 01/23/2027 |  | 1127 | 1107278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/21/2047 |  | 191 | 129192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/28/2060 |  | 58 | 39191 |
|  |  |  | 1275661 |
|  **South Africa – 0.1%** |  |  |  |
|  Transnet SOC Ltd. <br>8.25%, 02/06/2028<sup>(a)</sup> |  | 370 | 377237 |
|  Total Quasi-Sovereigns <br>(cost $1,725,961) |  |  | 1652898 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  COMMERCIAL MORTGAGE-BACKED<br>SECURITIES – 0.2% |  |  |  |
|  **Non-Agency Floating Rate CMBS – 0.1%** |  |  |  |
|  BFLD Mortgage Trust <br>Series 2021-FPM, Class A <br>6.043% (CME Term SOFR 1 Month + 1.71%), 06/15/2038<sup>(a)(d)</sup> | U.S.$| 690 | $690000 |
|  **Non-Agency Fixed Rate CMBS – 0.1%** |  |  |  |
|  CD Mortgage Trust <br>Series 2016-CD1, Class XA <br>1.341%, 08/10/2049<sup>(n)</sup> |  | 3579 | 24217 |
|  Citigroup Commercial Mortgage Trust <br>Series 2017-C4, Class XA <br>0.977%, 10/12/2050<sup>(n)</sup> |  | 2421 | 47112 |
|  Commercial Mortgage Trust <br>Series 2012-CR3, Class D <br>4.435%, 10/15/2045<sup>(a)</sup> |  | 100 | 78889 |
|  GS Mortgage Securities Trust <br>Series 2011-GC5, Class C <br>5.148%, 08/10/2044<sup>(a)</sup> |  | 210 | 184869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-GC5, Class D <br>5.148%, 08/10/2044<sup>(a)</sup> |  | 236 | 176210 |
|  Wells Fargo Commercial Mortgage Trust <br>Series 2016-LC24, Class XA <br>1.60%, 10/15/2049<sup>(n)</sup> |  | 2049 | 29270 |
|  WFRBS Commercial Mortgage Trust <br>Series 2011-C4, Class E <br>4.983%, 06/15/2044<sup>(a)</sup> |  | 25 | 23654 |
|  |  |  | 564221 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $1,365,604) |  |  | 1254221 |
|  |  | **Shares** |  |
|  COMMON STOCKS – 0.0% |  |  |  |
|  Industrials – 0.0% |  |  |  |
|  **Transportation Infrastructure – 0.0%** |  |  |  |
|  Spirit Airlines LLC<sup>(j)</sup> |  | 23126 | 138525 |
|  Energy – 0.0% |  |  |  |
|  **Oil, Gas & Consumable Fuels – 0.0%** |  |  |  |
|  New Fortress Energy, Inc.<sup>(f)(j)</sup> |  | 38964 | 97020 |
|  Total Common Stocks <br>(cost $636,672) |  |  | 235545 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 29 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% |  |  |  |
|  **Risk Share Floating Rate – 0.0%** |  |  |  |
|  Federal National Mortgage Association Connecticut Avenue Securities <br>Series 2015-C04, Class 1M2 <br>10.136% (CME Term SOFR + 5.81%), 04/25/2028<sup>(d)</sup> | U.S.$| 35 | $36044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 2M2 <br>11.386% (CME Term SOFR + 7.06%), 08/25/2028<sup>(d)</sup> |  | 15 | 15715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class 2M2 <br>6.936% (CME Term SOFR + 2.61%), 05/25/2030<sup>(d)</sup> |  | 5 | 4635 |
|  Total Collateralized Mortgage Obligations <br>(cost $55,231) |  |  | 56394 |
|  |  | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 1.7% |  |  |  |
|  **Investment Companies – 1.7%** |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.14%<sup>(o)(p)(q)</sup> <br>(cost $12,851,022) |  | 12851022 | 12851022 |
|  Total Investments – 99.2% <br>(cost $740,835,420) |  |  | 736983394 |
|  Other assets less liabilities – 0.8% |  |  | 6283007 |
|  **Net Assets – 100.0%** |  |  | $**743266401** |

---

#### 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 | 9 | September 2025 | $1012922 | $(1547) |
|  **Sold Contracts** |  |  |  |  |
|  Euro-BOBL Futures | 14 | June 2025 | 1893552 | (5881) |
|  U.S. Long Bond (CBT) Futures | 1 | September 2025 | 112781 | (242) |
|  U.S. T-Note 2 Yr (CBT) Futures | 43 | September 2025 | 8919812 | (6648) |
|  U.S. T-Note 5 Yr (CBT) Futures | 27 | September 2025 | 2921063 | (20039) |
|  U.S. T-Note 10 Yr (CBT) Futures | 302 | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33446500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191110) |
|  U.S. Ultra Bond (CBT) Futures | 6 | September 2025 | 696375 | (1000) |
|  |  |  |  | $(226467) |

---

---

| | |
|:---|:---|
| 30 AB Short Duration High Yield ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

#### 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)** |
|  Barclays Capital, Inc. | GBP | 1304 | USD | 1733 | 07/16/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26415) |
|  Morgan Stanley Capital Services, Inc. | EUR | 28210 | USD | 32129 | 07/09/2025 | 29109 |
|  NatWest Markets PLC | EUR | 918 | USD | 1029 | 07/09/2025 | (15860) |
|  State Street Bank & Trust Co. | EUR | 395 | USD | 450 | 07/09/2025 | 295 |
|  State Street Bank & Trust Co. | EUR | 832 | USD | 931 | 07/09/2025 | (15295) |
|  |  |  |  |  |  | $(28166) |

---

(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 May 31, 2025, the aggregate market value of these securities amounted to $596,320,756 or 80.2% 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 May 31, 2025.

(c) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at May 31, 2025.

(d) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at May 31, 2025.

(e) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.33% of net assets as of May 31, 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** |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC <br>6.00%, 06/15/2027 | 12/04/2024 -<br>12/11/2024 | $1300764 | $1303718 | 0.18% |
|  ModivCare, Inc. <br>5.00%, 10/01/2029 | 03/07/2025 -<br>04/01/2025 | 1330846 | 455406 | 0.06% |
|  ModivCare, Inc. <br>5.00%, 10/01/2029 | 11/09/2023 | 38947 | 2420 | 0.00% |
|  Radiate Holdco LLC/Radiate Finance, Inc. <br>4.50%, 09/15/2026 | 11/14/2022 | 741248 | 674735 | 0.09% |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2025 | 02/13/2013 -<br>03/15/2013 | 422049 | 42 | 0.00% |

---

(f) Fair valued by the Adviser.

(g) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(h) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(i) 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 May 31, 2025.

(j) Non-income producing security.

(k) Defaulted.

(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 Secured Overnight Financing Rate ("SOFR") plus a premium which was determined at the time of purchase.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 31 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

(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.

---

| | |
|:---|:---|
| 32 AB Short Duration High Yield ETF | **ABFunds.com** |

---

------

#### STATEMENT OF ASSETS & LIABILITIES
**May 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $727,984,398) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724132372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $12,851,022) | 12851022 |
|  Cash | 518818 |
|  Cash collateral due from broker | 758657 |
|  Foreign currencies, at value (cost $1,253,361) | 1251722 |
|  Interest receivable | 11614729 |
|  Receivable for investment securities sold | 1730938 |
|  Receivable for variation margin on futures | 74731 |
|  Affiliated dividends receivable | 45151 |
|  Unrealized appreciation on forward currency exchange contracts | 29404 |
|  Receivable due from Adviser | 2291 |
|  Total assets | 753009835 |
| Liabilities | Liabilities |
|  Payable for investment securities purchased | 9388507 |
|  Advisory fee payable | 253922 |
|  Unrealized depreciation on forward currency exchange contracts | 57570 |
|  Foreign capital gains tax payable | 23462 |
|  Other liabilities | 19973 |
|  Total liabilities | 9743434 |
|  Net Assets | $**743266401** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $2090 |
|  Additional paid-in capital | 777013100 |
|  Accumulated loss | (33748789) |
|  Net Assets | $**743266401** |
|  Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 20,895,150 common shares outstanding) | $**35.57** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 33 |

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26718465 |  |
|  Dividends—Affiliated issuers | 322114 |  |
|  Other income | 20857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27061436 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 1555566 |  |
|  Total expenses | 1555566 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (15698) |  |
|  Net expenses |  | 1539868 |
|  Net investment income |  | 25521568 |
| 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> |  | (281231) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | (432810) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 36629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (855714) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (1412237) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(b)</sup> |  | (7853792) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | (740765) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 433684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | 22675 |
|  Net loss on investment and foreign currency transactions |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11083561) |
|  Net Increase in Net Assets from Operations |  | $**14438007** |

---

(a) Net of foreign realized capital gains taxes of $6,023.

(b) Net of increase in accrued foreign capital gains taxes on unrealized gains of $2,245.

See notes to financial statements.

---

| | |
|:---|:---|
| 34 AB Short Duration High Yield ETF | **ABFunds.com** |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025<br>(unaudited)** | **October 1, 2024<br>to 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 | $25521568 | $7232493 | $42293397 |
|  Net realized gain (loss) on investment transactions | (2945363) | 3327261 | 1154250 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | (8138198) | (4238393) | 32317493 |
|  Net increase in net assets from operations | 14438007 | 6321361 | 75765140 |
|  **Distribution to Shareholders** | – 0 | – 0 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | – 0 | – 0 | (780942) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | – 0 | – 0 | (249857) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (22596888) | (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 (decrease) | (2947468) | 95393603 | 102217126 |
|  Other capital | 21767 | 5614 | 5214 |
|  Total increase (decrease) | (11084582) | 95228536 | 139897442 |
| Net Assets |  |  |  |
|  Beginning of period | 754350983 | 659122447 | 519225005 |
|  End of period | $**743266401** | $**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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 35 |

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------

#### NOTES TO FINANCIAL STATEMENTS
**May 31, 2025** (unaudited)

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 18 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.

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| 36 AB Short Duration High Yield ETF | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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.

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

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|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 37 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 may value 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 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.

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|:---|:---|
| 38 AB Short Duration High Yield ETF | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 39 |

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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 May 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Corporates – Non-Investment Grade | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565758724 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552346 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567311070 |
|  Corporates – Investment Grade | – 0 | 97773358 | – 0 | 97773358 |
|  Bank Loans | – 0 | 27424819 | 3587558 | 31012377 |
|  Emerging Markets – Corporate Bonds | – 0 | 17017265 | 42 | 17017307 |
|  Emerging Markets – Sovereigns | – 0 | 5554937 | – 0 | 5554937 |
|  Collateralized Loan Obligations | – 0 | 2264265 | – 0 | 2264265 |
|  Quasi-Sovereigns | – 0 | 1652898 | – 0 | 1652898 |
|  Commercial Mortgage-Backed Securities | – 0 | 1254221 | – 0 | 1254221 |
|  Common Stocks<sup>(a)</sup> | 235545 | – 0 | – 0 | 235545 |
|  Collateralized Mortgage Obligations | – 0 | 56394 | – 0 | 56394 |
|  Short-Term Investments | 12851022 | – 0 | – 0 | 12851022 |
|  Total Investments in Securities | 13086567 | 718756881 | 5139946 | 736983394 |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Forward Currency Exchange Contracts | – 0 | 29404 | – 0 | 29404 |
|  **Liabilities:** |  |  |  |  |
|  Futures | (226467) | – 0 | – 0 | (226467)<sup>(c)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (57570) | – 0 | (57570) |
|  **Total** | $**12860100** | $**718728715** | $**5139946** | $**736728761** |

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(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

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| 40 AB Short Duration High Yield ETF | **ABFunds.com** |

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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 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.

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| **ABFunds.com** | AB Short Duration High Yield ETF 41 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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. 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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| 42 AB Short Duration High Yield ETF | **ABFunds.com** |

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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. 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 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 six months ended May 31, 2025, such waiver/reimbursements relating to the Fund's investment in AB Government Money Market Portfolio amounted to $15,698.

A summary of the Fund's transactions in AB mutual funds for the six months ended May 31, 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>5/31/25<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;127321 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139440 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12851 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 |

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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.

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| **ABFunds.com** | AB Short Duration High Yield ETF 43 |

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**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 six months ended May 31, 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;213153046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171943675 |
|  U.S. government securities | – 0 | – 0 |

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During the six months ended May 31, 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 six months ended May 31, 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;93193561 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122202383 |
|  U.S. government securities | – 0 | – 0 |

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The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

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| | |
|:---|:---|
|  Gross unrealized appreciation | $13122821 |
|  Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17229480) |
|  Net unrealized depreciation | $(4106659) |

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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:

**•** **Futures** 

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. 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

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| 44 AB Short Duration High Yield ETF | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 Fund enters into futures, 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 six months ended May 31, 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

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|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 45 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 six months ended May 31, 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.

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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** |
|  Morgan Stanley Capital Services, Inc. | $29109 | $&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 – $| 29109 |
|  State Street Bank & Trust Co. | 295 | (295) | – 0 – | – 0 – | – 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29404 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295 | $&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;29109 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  Barclays Capital, Inc. | $26415 | $&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 – $| 26415 |
|  NatWest Markets PLC | 15860 | – 0 | – 0 – | – 0 – | 15860 |
|  State Street Bank & Trust Co. | 15295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295 | – 0 – | – 0 – | 15000 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57570 | $(295) | $&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;57275 |

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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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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 Short Duration High Yield ETF | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

During the six months ended May 31, 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 |  |  | Payable for variation margin on futures | $226467 \* |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | $29404 | Unrealized depreciation on forward currency exchange contracts | 57570 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29404 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284037 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<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)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $(855714) | $433684 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | 36629 | (740765) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(819085) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307081) |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended May 31, 2025:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $15734422 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $74667661 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $651314 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32299005 |

---

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 47 |

---

------

**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 May 31, 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 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 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.

---

| | |
|:---|:---|
| 48 AB Short Duration High Yield ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Transactions in shares of the Fund were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares | Shares | Shares | Amount | Amount | Amount |
|  | Six Months Ended<br>May 31, 2025<br>(unaudited) | Period Ended<br>November 30,<br>2024<sup>(a)</sup> | Year Ended<br>September 30,<br>2024<sup>(b)</sup> | Six Months Ended<br>May 31, 2025<br>(unaudited) | 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 increase (decrease)** | **– 0** | **– 0** | **(1086411)** | $**– 0** | $**– 0** | $**(10006702)** |
| **Advisor Class** |  |  |  |  |  |  |
|  Shares sold | 3375000 | 2675000 | 11073325 | $120637397 | $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 | (3525000) | – 0 | (8741384) | (123584865) | – 0 | (305393211) |
|  **Net increase (decrease)** | **(150000** | **2675000** | **4024953** | $**(2947468** | $**95393603** | $**137879227** |
| **Class R** |  |  |  |  |  |  |
|  Shares redeemed | – 0 | – 0 | (1004) | – 0 | – 0 | (9128) |
|  **Net increase (decrease)** | **– 0** | **– 0** | **(1004)** | $**– 0** | $**– 0** | $**(9128)** |
| **Class K** |  |  |  |  |  |  |
|  Shares redeemed | – 0 | – 0 | (1004) | – 0 | – 0 | (9130) |
|  **Net increase (decrease)** | **– 0** | **– 0** | **(1004)** | $**– 0** | $**– 0** | $**(9130)** |
| **Class I** |  |  |  |  |  |  |
|  Shares redeemed | – 0 | – 0 | (943) | – 0 | – 0 | (8578) |
|  **Net increase (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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 49 |

---

------

**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, 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.

**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%.

---

| | |
|:---|:---|
| 50 AB Short Duration High Yield ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**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.) 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.

**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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 51 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

---

| | |
|:---|:---|
| 52 AB Short Duration High Yield ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 Short Duration High Yield ETF 53 |

---

------

**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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended May 31, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal period ended November 30, 2024 and the fiscal years ended September 30, 2024 and September 30, 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **October 1,<br>2024 to<br>November 30,<br>2024** | **Year Ended<br>September 30,<br>2024** | **Year Ended<br>September 30,<br>2023** |
|  Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $6492042 | $38090038 | $31251519 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6492042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38090038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31251519 |

---

As of November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $1972278 |
|  Accumulated capital and other losses | (31076254)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 3754742 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25349234)<sup>(c)</sup> |

---

(a) As of November 30, 2024, the Fund had a net capital loss carryforward of $31,076,254. During the fiscal period, the Fund utilized $2,100,029 of capital loss carry forwards to offset current period 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, 2024, the Fund had a net short-term capital loss carryforward of $8,740,120 and a net long-term capital loss carryforward of $22,336,134, which may be carried forward for an indefinite period.

---

| | |
|:---|:---|
| 54 AB Short Duration High Yield ETF | **ABFunds.com** |

---

------

**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\* | 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 $3,405,132, 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.

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 55 |

---

------

#### FINANCIAL HIGHLIGHTS

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** | **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 Ended September 30,** |
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** | **October 1,<br>2024<sup>(b)</sup> to<br>November 30,<br>2024** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $35.84 | $35.88 | $33.81 | $33.24 | $39.37 | $37.81 | $39.41 |
|  Income From Investment Operations |  |  |  |  |  |  |  |
|  Net investment income<sup>(c)(d)</sup> | 1.17 | .36 | 2.27 | 1.94 | 1.45 | 1.49 | 1.49 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.41 | (.06 | 1.84 | 1.30 | (5.98) | 1.71 | (1.26) |
|  Contribution from Affiliates | – 0 | – 0 | – 0 | .00 <sup>(e)</sup> | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | .76 | .30 | 4.11 | 3.24 | (4.53) | 3.20 | 0.23 |
|  Less: Dividends |  |  |  |  |  |  |  |
|  Dividends from net investment income | (1.03) | (.34 | (2.04) | (2.67) | (1.60) | (1.64) | (1.83) |
|  Net asset value, end of period | **$35.57** | **$35.84** | **$35.88** | **$33.81** | **$33.24** | **$39.37** | **$37.81** |
|  Total Return |  |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup> | 2.14 | .93 | 12.50 | 10.04% | (11.78) | 8.52 | .70 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $743266 | $754351 | $659122 | $484876 | $283354 | $334801 | $256070 |
|  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 | .70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(g)</sup><sup>‡</sup> | .40 | .40 | .61 | .78% | .75 | .77 | .79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(d)</sup> | 6.56 | 6.12 | 6.51 | 5.71% | 3.97 | 3.77 | 3.97 |
|  Portfolio turnover rate<sup>(h)</sup> | 23 | 4 | 41 | 67% | 62 | 57 | 60 |
|  <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 | <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 | .00 |

---

See footnote summary on page 57.

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| | |
|:---|:---|
| 56 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 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 57 |

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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 Short Duration High Yield 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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| 58 AB Short Duration High Yield ETF | **ABFunds.com** |

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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 Short Duration High Yield Portfolio (the "Acquired Portfolio"), a series of AB Bond 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 June 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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| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration High Yield ETF 59 |

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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 $500 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 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 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 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.

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| 60 AB Short Duration High Yield ETF | **ABFunds.com** |

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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 lower than the 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.

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| **ABFunds.com** | AB Short Duration High Yield ETF 61 |

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#### NOTES

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| 62 AB Short Duration High Yield ETF | **ABFunds.com** |

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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](g945590g28a43.jpg)

AB SHORT DURATION HIGH YIELD ETF

66 Hudson Boulevard East,

New York, NY 10001

800 221 5672

ETF-SDHY-0152-0525 ![LOGO](g945590g22c48.jpg)

------

**May 31, 2025**![LOGO](g102652g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB SHORT DURATION INCOME ETF

(NYSE Arca: SDFI)

![LOGO](g102652g50e50.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
**May 31, 2025** (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CORPORATES - INVESTMENT GRADE – 39.6% |  |  |  |
|  Industrial – 24.7% | Industrial – 24.7% | Industrial – 24.7% | Industrial – 24.7% |
|  **Basic – 0.6%** | **Basic – 0.6%** | **Basic – 0.6%** | **Basic – 0.6%** |
|  AngloGold Ashanti Holdings PLC <br>3.375%, 11/01/2028 | U.S.$| 200 | $189160 |
|  Georgia-Pacific LLC <br>0.95%, 05/15/2026<sup>(a)</sup> |  | 9 | 8705 |
|  Glencore Funding LLC <br>1.625%, 09/01/2025<sup>(a)</sup> |  | 32 | 31744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 04/01/2030<sup>(a)</sup> |  | 72 | 72862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.338%, 04/04/2027<sup>(a)</sup> |  | 373 | 376901 |
|  |  |  | 679372 |
|  **Capital Goods – 3.8%** |  |  |  |
|  BAE Systems PLC <br>5.00%, 03/26/2027<sup>(a)</sup> |  | 374 | 377179 |
|  Boeing Co. (The) <br>2.196%, 02/04/2026 |  | 426 | 418375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/2028 |  | 272 | 262472 |
|  Caterpillar Financial Services Corp. <br>4.60%, 11/15/2027 |  | 285 | 287246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/14/2027 |  | 293 | 297111 |
|  Northrop Grumman Corp. <br>3.20%, 02/01/2027 |  | 377 | 369830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/2028 |  | 184 | 178894 |
|  Parker-Hannifin Corp. <br>3.25%, 06/14/2029 |  | 66 | 63177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/2027 |  | 486 | 485257 |
|  Regal Rexnord Corp. <br>6.05%, 02/15/2026 |  | 377 | 379141 |
|  Republic Services, Inc. <br>3.95%, 05/15/2028 |  | 26 | 25747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 04/01/2029 |  | 348 | 353860 |
|  RTX Corp. <br>3.50%, 03/15/2027 |  | 202 | 198808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/08/2026 |  | 421 | 428283 |
|  Westinghouse Air Brake Technologies Corp. <br>3.45%, 11/15/2026 |  | 444 | 436532 |
|  |  |  | 4561912 |
|  **Communications - Media – 0.5%** | **Communications - Media – 0.5%** | **Communications - Media – 0.5%** | **Communications - Media – 0.5%** |
|  DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. <br>5.875%, 08/15/2027<sup>(a)</sup> |  | 83 | 81704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 02/15/2031<sup>(a)</sup> |  | 124 | 120713 |
|  Pinewood Finco PLC <br>3.25%, 09/30/2025<sup>(a)</sup> | GBP | 118 | 157740 |

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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** |
|  Warnermedia Holdings, Inc. <br>4.054%, 03/15/2029 | U.S.$| 303 | $282329 |
|  |  |  | 642486 |
|  **Communications - Telecommunications – 1.1%** |  |  |  |
|  AT&T, Inc. <br>3.80%, 02/15/2027 |  | 393 | 389011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/2027 |  | 486 | 484556 |
|  T-Mobile USA, Inc. <br>3.75%, 04/15/2027 |  | 417 | 411646 |
|  |  |  | 1285213 |
|  **Consumer Cyclical - Automotive – 1.8%** |  |  |  |
|  Ford Motor Credit Co. LLC <br>3.815%, 11/02/2027 |  | 219 | 208830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.303%, 09/06/2029 |  | 200 | 193482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/08/2029 |  | 383 | 377906 |
|  General Motors Financial Co., Inc. <br>1.25%, 01/08/2026 |  | 18 | 17589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/10/2026 |  | 40 | 38649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/20/2025 |  | 411 | 410499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/2026 |  | 46 | 46055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/08/2027 |  | 167 | 168418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/10/2025 |  | 111 | 111392 |
|  Hyundai Capital America <br>1.30%, 01/08/2026<sup>(a)</sup> |  | 61 | 59716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 09/24/2027<sup>(a)</sup> |  | 35 | 34527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/26/2029<sup>(a)</sup> |  | 38 | 37236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/27/2030<sup>(a)</sup> |  | 100 | 100050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/08/2027<sup>(a)</sup> |  | 25 | 25129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/19/2027<sup>(a)</sup> |  | 322 | 324035 |
|  |  |  | 2153513 |
|  **Consumer Cyclical - Entertainment – 0.4%** |  |  |  |
|  Royal Caribbean Cruises Ltd. <br>5.375%, 07/15/2027<sup>(a)</sup> |  | 436 | 436645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026<sup>(a)</sup> |  | 31 | 30999 |
|  |  |  | 467644 |
|  **Consumer Cyclical - Other – 1.1%** |  |  |  |
|  CK Hutchison International 24 Ltd. <br>5.375%, 04/26/2029<sup>(a)</sup> |  | 447 | 457393 |
|  Flutter Treasury DAC <br>5.875%, 06/04/2031<sup>(a)</sup> |  | 200 | 201120 |
|  Las Vegas Sands Corp. <br>3.50%, 08/18/2026 |  | 424 | 414964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/15/2028 |  | 112 | 112268 |
|  Sands China Ltd. <br>5.125%, 08/08/2025<sup>(b)</sup> |  | 200 | 199960 |
|  |  |  | 1385705 |

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|:---|:---|
| 2 AB Short Duration Income ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Restaurants – 0.7%** |  |  |  |
|  McDonald's Corp. <br>3.50%, 03/01/2027 | U.S.$| 364 | $359162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G <br>5.00%, 05/17/2029 |  | 255 | 260544 |
|  Starbucks Corp. <br>4.00%, 11/15/2028 |  | 152 | 149802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2026 |  | 52 | 52039 |
|  |  |  | 821547 |
|  **Consumer Non-Cyclical – 7.0%** |  |  |  |
|  Archer-Daniels-Midland Co. <br>2.50%, 08/11/2026 |  | 364 | 356352 |
|  BAT Capital Corp. <br>3.557%, 08/15/2027 |  | 124 | 121289 |
|  BAT International Finance PLC <br>1.668%, 03/25/2026 |  | 431 | 420781 |
|  Becton Dickinson & Co. <br>3.70%, 06/06/2027 |  | 489 | 481469 |
|  Cargill, Inc. <br>4.875%, 10/10/2025<sup>(a)</sup> |  | 403 | 403335 |
|  CVS Health Corp. <br>2.875%, 06/01/2026 |  | 401 | 393906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2026 |  | 107 | 104938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/01/2027 |  | 283 | 278214 |
|  DH Europe Finance II SARL <br>2.60%, 11/15/2029 |  | 490 | 453524 |
|  Eli Lilly & Co. <br>3.375%, 03/15/2029 |  | 230 | 223505 |
|  General Mills, Inc. <br>3.20%, 02/10/2027 |  | 283 | 277691 |
|  Gilead Sciences, Inc. <br>1.20%, 10/01/2027 |  | 521 | 487474 |
|  HCA, Inc. <br>3.125%, 03/15/2027 |  | 362 | 352903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2026 |  | 263 | 263260 |
|  Imperial Brands Finance PLC <br>3.50%, 07/26/2026<sup>(a)</sup> |  | 376 | 370398 |
|  IQVIA, Inc. <br>6.25%, 02/01/2029 |  | 453 | 470119 |
|  Kraft Heinz Foods Co. <br>3.00%, 06/01/2026 |  | 381 | 375148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 05/15/2027 |  | 214 | 211488 |
|  Molson Coors Beverage Co. <br>3.00%, 07/15/2026 |  | 393 | 386429 |
|  Philip Morris International, Inc. <br>2.75%, 02/25/2026 |  | 65 | 64152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/2029 |  | 49 | 46976 |

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|:---|:---|
| **ABFunds.com** | AB Short Duration Income 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; 4.375%, 11/01/2027 | U.S.$| 126 | $125985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/13/2026 |  | 131 | 131208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/15/2028 |  | 43 | 43577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/13/2029 |  | 272 | 275327 |
|  Reynolds American, Inc. <br>4.45%, 06/12/2025 |  | 126 | 125917 |
|  Royalty Pharma PLC <br>1.20%, 09/02/2025 |  | 426 | 421723 |
|  Shire Acquisitions Investments Ireland DAC <br>3.20%, 09/23/2026 |  | 486 | 478433 |
|  Stryker Corp. <br>1.15%, 06/15/2025 |  | 164 | 163762 |
|  Viatris, Inc. <br>2.70%, 06/22/2030 |  | 159 | 138984 |
|  |  |  | 8448267 |
|  **Energy – 2.6%** |  |  |  |
|  BP Capital Markets America, Inc.<br>3.017%, 01/16/2027 |  | 418 | 409523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.234%, 11/06/2028 |  | 37 | 36802 |
|  BP Capital Markets PLC <br>3.279%, 09/19/2027 |  | 498 | 486661 |
|  Continental Resources, Inc./OK <br>2.268%, 11/15/2026<sup>(a)</sup> |  | 29 | 27834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2028 |  | 295 | 288669 |
|  ONEOK, Inc. <br>5.55%, 11/01/2026 |  | 369 | 373173 |
|  Targa Resources Corp. <br>5.20%, 07/01/2027 |  | 442 | 446279 |
|  Var Energi ASA <br>5.875%, 05/22/2030<sup>(a)</sup> |  | 200 | 202526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028<sup>(a)</sup> |  | 446 | 469018 |
|  Williams Cos., Inc. (The) <br>3.75%, 06/15/2027 |  | 197 | 194153 |
|  Woodside Finance Ltd. <br>5.40%, 05/19/2030 |  | 174 | 174371 |
|  |  |  | 3109009 |
|  **Other Industrial – 0.2%** |  |  |  |
|  RB Global Holdings, Inc. <br>6.75%, 03/15/2028<sup>(a)</sup> |  | 187 | 190916 |
|  **Services – 1.0%** |  |  |  |
|  Amazon.com, Inc. <br>1.20%, 06/03/2027 |  | 96 | 90721 |
|  Expedia Group, Inc. <br>3.80%, 02/15/2028 |  | 364 | 356374 |
|  S&P Global, Inc. <br>2.45%, 03/01/2027 |  | 481 | 466536 |

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|:---|:---|
| 4 AB Short Duration Income ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Sodexo, Inc. <br>5.15%, 08/15/2030<sup>(a)</sup> | U.S.$| 351 | $353819 |
|  |  |  | 1267450 |
|  **Technology – 3.9%** |  |  |  |
|  Analog Devices, Inc. <br>3.50%, 12/05/2026 |  | 486 | 480542 |
|  CDW LLC/CDW Finance Corp. <br>2.67%, 12/01/2026 |  | 498 | 482896 |
|  Dell International LLC/EMC Corp. <br>4.90%, 10/01/2026 |  | 488 | 489376 |
|  Fiserv, Inc. <br>3.20%, 07/01/2026 |  | 416 | 409997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/2027 |  | 194 | 196031 |
|  Honeywell International, Inc. <br>2.50%, 11/01/2026 |  | 95 | 92548 |
|  International Business Machines Corp. <br>1.70%, 05/15/2027 |  | 164 | 156061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/2026 |  | 158 | 156267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/2029 |  | 304 | 293287 |
|  Oracle Corp. <br>1.65%, 03/25/2026 |  | 166 | 162009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/2026 |  | 68 | 66556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/2027 |  | 430 | 417723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/2027 |  | 187 | 181893 |
|  Salesforce, Inc. <br>1.50%, 07/15/2028 |  | 390 | 359986 |
|  VMware LLC <br>1.40%, 08/15/2026 |  | 442 | 425571 |
|  Workday, Inc. <br>3.50%, 04/01/2027 |  | 405 | 398139 |
|  |  |  | 4768882 |
|  **Transportation - Airlines – 0.0%** |  |  |  |
|  AS Mileage Plan IP Ltd. <br>5.021%, 10/20/2029<sup>(a)</sup> |  | 43 | 42116 |
|  |  |  | 29824032 |
|  Financial Institutions – 14.1% |  |  |  |
|  **Banking – 12.2%** |  |  |  |
|  Ally Financial, Inc. <br>5.737%, 05/15/2029 |  | 370 | 373604 |
|  American Express Co. <br>6.338%, 10/30/2026 |  | 398 | 400714 |
|  Banco Bilbao Vizcaya Argentaria SA <br>6.138%, 09/14/2028 |  | 200 | 205854 |
|  Banco Santander SA <br>1.722%, 09/14/2027 |  | 400 | 384520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/11/2027 |  | 400 | 396608 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 5 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Bank of America Corp. <br>1.319%, 06/19/2026 | U.S.$| 398 | $397116 |
|  Bank of New York Mellon Corp. (The) <br>4.414%, 07/24/2026 |  | 24 | 23984 |
|  Barclays PLC <br>4.837%, 09/10/2028 |  | 401 | 401906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/12/2026 |  | 111 | 111325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.325%, 11/02/2026 |  | 234 | 236275 |
|  CaixaBank SA <br>6.208%, 01/18/2029<sup>(a)</sup> |  | 343 | 354772 |
|  Capital One Financial Corp. <br>4.10%, 02/09/2027 |  | 488 | 484130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/2025 |  | 286 | 285199 |
|  Citigroup, Inc. <br>1.122%, 01/28/2027 |  | 23 | 22453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.462%, 06/09/2027 |  | 249 | 240800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%, 01/10/2028 |  | 86 | 84898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VAR <br>3.07%, 02/24/2028 |  | 421 | 409608 |
|  Credit Agricole SA <br>5.23%, 01/09/2029<sup>(a)</sup> |  | 275 | 277879 |
|  Deutsche Bank AG/New York NY <br>2.129%, 11/24/2026 |  | 529 | 521568 |
|  Goldman Sachs Bank USA/New York NY <br>5.283%, 03/18/2027 |  | 241 | 241991 |
|  Goldman Sachs Group, Inc. (The) <br>1.431%, 03/09/2027 |  | 267 | 260306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.798%, 08/10/2026 |  | 196 | 196367 |
|  HSBC Holdings PLC <br>2.251%, 11/22/2027 |  | 203 | 195554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.583%, 06/19/2029 |  | 214 | 212444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.597%, 05/17/2028 |  | 506 | 513494 |
|  JPMorgan Chase & Co.<br>1.04%, 02/04/2027 |  | 268 | 261517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.045%, 11/19/2026 |  | 260 | 255502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 09/22/2027 |  | 72 | 69134 |
|  Lloyds Banking Group PLC <br>1.627%, 05/11/2027 |  | 395 | 383825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/2027 |  | 283 | 279562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.985%, 08/07/2027 |  | 175 | 177415 |
|  Macquarie Group Ltd. <br>1.34%, 01/12/2027<sup>(a)</sup> |  | 432 | 423226 |
|  Mitsubishi UFJ Financial Group, Inc. <br>1.538%, 07/20/2027 |  | 116 | 112039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.341%, 01/19/2028 |  | 487 | 469575 |
|  Morgan Stanley <br>4.679%, 07/17/2026 |  | 401 | 400787 |

---

---

| | |
|:---|:---|
| 6 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.652%, 04/13/2028 | U.S.$| 12 | $12220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.138%, 10/16/2026 |  | 235 | 236119 |
|  NatWest Group PLC <br>1.642%, 06/14/2027 |  | 416 | 402996 |
|  PNC Financial Services Group, Inc. (The) <br>5.812%, 06/12/2026 |  | 392 | 392173 |
|  Santander UK Group Holdings PLC <br>6.833%, 11/21/2026 |  | 369 | 372358 |
|  Societe Generale SA <br>5.249%, 05/22/2029<sup>(a)</sup> |  | 200 | 201068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%, 01/19/2028<sup>(a)</sup> |  | 443 | 446274 |
|  Standard Chartered PLC <br>5.545%, 01/21/2029<sup>(a)</sup> |  | 236 | 239807 |
|  Synchrony Financial <br>3.95%, 12/01/2027 |  | 65 | 63205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/02/2033 |  | 179 | 182766 |
|  Toronto-Dominion Bank (The) <br>2.80%, 03/10/2027 |  | 418 | 406451 |
|  Truist Financial Corp. <br>4.26%, 07/28/2026 |  | 407 | 406589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/28/2026 |  | 72 | 72293 |
|  UBS Group AG <br>4.703%, 08/05/2027<sup>(a)</sup> |  | 367 | 366662 |
|  UniCredit SpA <br>1.982%, 06/03/2027<sup>(a)</sup> |  | 404 | 391997 |
|  Westpac New Zealand Ltd. <br>5.195%, 02/28/2029<sup>(a)</sup> |  | 449 | 457167 |
|  |  |  | 14716096 |
|  **Brokerage – 0.1%** |  |  |  |
|  Charles Schwab Corp. (The) <br>2.00%, 03/20/2028 |  | 86 | 81024 |
|  **Finance – 0.1%** |  |  |  |
|  Air Lease Corp. <br>3.375%, 07/01/2025 |  | 7 | 6990 |
|  Aviation Capital Group LLC <br>4.75%, 04/14/2027<sup>(a)</sup> |  | 155 | 154496 |
|  |  |  | 161486 |
|  **Insurance – 0.1%** |  |  |  |
|  Athene Global Funding <br>1.985%, 08/19/2028<sup>(a)</sup> |  | 75 | 68595 |
|  **REITs – 1.6%** |  |  |  |
|  American Tower Corp. <br>4.00%, 06/01/2025 |  | 330 | 330000 |
|  GLP Capital LP/GLP Financing II, Inc. <br>5.375%, 04/15/2026 |  | 406 | 405216 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 7 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Newmark Group, Inc. <br>7.50%, 01/12/2029 | U.S.$| 260 | $273374 |
|  Simon Property Group LP <br>1.75%, 02/01/2028 |  | 347 | 324584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 06/15/2027 |  | 243 | 238534 |
|  VICI Properties LP/VICI Note Co., Inc. <br>4.25%, 12/01/2026<sup>(a)</sup> |  | 371 | 366882 |
|  |  |  | 1938590 |
|  |  |  | 16965791 |
|  Utility – 0.8% |  |  |  |
|  **Electric – 0.8%** |  |  |  |
|  DTE Energy Co. <br>5.10%, 03/01/2029 |  | 145 | 147008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F <br>1.05%, 06/01/2025 |  | 84 | 84000 |
|  Florida Power & Light Co. <br>5.05%, 04/01/2028 |  | 279 | 285094 |
|  Vistra Operations Co. LLC <br>3.70%, 01/30/2027<sup>(a)</sup> |  | 483 | 473987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 12/30/2026<sup>(a)</sup> |  | 10 | 10042 |
|  |  |  | 1000131 |
|  Total Corporates - Investment Grade <br>(cost $47,509,703) |  |  | 47789954 |
|  GOVERNMENTS - TREASURIES – 30.0% |  |  |  |
|  **United States – 30.0%** |  |  |  |
|  U.S. Treasury Bonds <br>4.75%, 02/15/2045 |  | 145 | 141171 |
|  U.S. Treasury Notes <br>3.75%, 04/30/2027 |  | 1171 | 1167020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 05/31/2027 |  | 1800 | 1798664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/15/2028 |  | 1183 | 1183000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/2029 |  | 1445 | 1448500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/31/2029 |  | 2591 | 2595858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/28/2030 |  | 2375 | 2377969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/31/2027 |  | 4025 | 4033647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/28/2027 |  | 4039 | 4049413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/31/2029 |  | 1158 | 1165871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 |  | 1190 | 1203016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/30/2029 |  | 3813 | 3855688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/2030 |  | 2220 | 2245669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/31/2028 |  | 1036 | 1050853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/2028 |  | 970 | 984247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/31/2029 |  | 900 | 915047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/30/2028 |  | 3835 | 3920688 |

---

---

| | |
|:---|:---|
| 8 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/30/2029 | U.S.$| 1060 | $1086169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/2028 |  | 950 | 978871 |
|  Total Governments - Treasuries <br>(cost $35,893,358) |  |  | 36201361 |
|  ASSET-BACKED SECURITIES – 9.5% |  |  |  |
|  **Other ABS - Fixed Rate – 5.4%** |  |  |  |
|  Affirm Asset Securitization Trust <br>Series 2023-B, Class 1A <br>6.82%, 09/15/2028<sup>(a)</sup> |  | 350 | 351667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A <br>6.82%, 09/15/2028<sup>(a)</sup> |  | 150 | 150715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X2, Class A <br>5.22%, 12/17/2029<sup>(a)</sup> |  | 62 | 62164 |
|  Avant Loans Funding Trust <br>Series 2024-REV1, Class A <br>5.92%, 10/15/2033<sup>(a)</sup> |  | 255 | 256758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-REV1, Class A <br>5.12%, 05/15/2034<sup>(a)</sup> |  | 250 | 250066 |
|  BHG Securitization Trust <br>Series 2023-A, Class A <br>5.55%, 04/17/2036<sup>(a)</sup> |  | 44 | 44116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A <br>6.92%, 12/17/2036<sup>(a)</sup> |  | 128 | 131827 |
|  Cherry Securitization Trust <br>Series 2024-1A, Class A <br>5.70%, 04/15/2032<sup>(a)</sup> |  | 280 | 281804 |
|  Dext ABS LLC <br>Series 2023-1, Class A2 <br>5.99%, 03/15/2032<sup>(a)</sup> |  | 79 | 78993 |
|  Equify ABS LLC <br>Series 2024-1A, Class A <br>5.43%, 04/18/2033<sup>(a)</sup> |  | 108 | 108263 |
|  Granite Park Equipment Leasing LLC <br>Series 2023-1A, Class A3 <br>6.46%, 09/20/2032<sup>(a)</sup> |  | 165 | 168044 |
|  Lendmark Funding Trust <br>Series 2024-1A, Class A <br>5.53%, 06/21/2032<sup>(a)</sup> |  | 300 | 303707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A <br>4.94%, 09/20/2034<sup>(a)</sup> |  | 300 | 302103 |
|  Mariner Finance Issuance Trust <br>Series 2023-AA, Class A <br>6.70%, 10/22/2035<sup>(a)</sup> |  | 500 | 503139 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 9 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** |  | **U.S. $ Value** |
|  Oportun Funding Trust <br>Series 2024-3, Class A <br>5.26%, 08/15/2029<sup>(a)</sup> | U.S.$| 101 |  | $100774 |
|  Pagaya AI Debt Grantor Trust <br>Series 2024-10, Class A <br>5.183%, 06/15/2032<sup>(a)</sup> |  | 72 |  | 72145 |
|  Pagaya AI Debt Trust <br>Series 2023-3, Class A <br>7.60%, 12/16/2030<sup>(a)</sup> |  | 0 | \*\* | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A<br>6.66%, 07/15/2031<sup>(a)</sup> |  | 69 |  | 69437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A <br>6.319%, 08/15/2031<sup>(a)</sup> |  | 74 |  | 74854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A <br>6.258%, 10/15/2031<sup>(a)</sup> |  | 62 |  | 62762 |
|  Pagaya Point of Sale Holdings Grantor Trust <br>Series 2025-1, Class A <br>5.715%, 01/20/2034<sup>(a)</sup> |  | 292 |  | 292817 |
|  Purchasing Power Funding LLC <br>Series 2024-A, Class A <br>5.89%, 08/15/2028<sup>(a)</sup> |  | 550 |  | 552715 |
|  Regional Management Issuance Trust <br>Series 2024-2, Class A <br>5.11%, 12/15/2033<sup>(a)</sup> |  | 220 |  | 220353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A <br>4.99%, 04/17/2034<sup>(a)</sup> |  | 585 |  | 587041 |
|  Republic Finance Issuance Trust <br>Series 2024-A, Class A <br>5.91%, 08/20/2032<sup>(a)</sup> |  | 250 |  | 252795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A <br>5.42%, 11/20/2037<sup>(a)</sup> |  | 150 |  | 151381 |
|  Sotheby's Artfi Master Trust <br>Series 2024-1A, Class A1 <br>6.43%, 12/22/2031<sup>(a)</sup> |  | 550 |  | 554290 |
|  Theorem Funding Trust <br>Series 2022-3A <br>7.60%, 04/15/2029<sup>(a)</sup> |  | 15 |  | 15331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A <br>7.58%, 04/15/2029<sup>(a)</sup> |  | 18 |  | 18447 |
|  Upstart Securitization Trust <br>Series 2023-2, Class A <br>6.77%, 06/20/2033<sup>(a)</sup> |  | 14 |  | 13666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A <br>6.90%, 10/20/2033<sup>(a)</sup> |  | 46 |  | 46465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A <br>5.33%, 11/20/2034<sup>(a)</sup> |  | 96 |  | 96163 |

---

---

| | |
|:---|:---|
| 10 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Verdant Receivables 2023-1 LLC <br>Series 2023-1A, Class A2 <br>6.24%, 01/13/2031<sup>(a)</sup> | U.S.$| 286 | $| 289963 |
|  |  |  |  | 6465167 |
|  **Autos - Fixed Rate – 3.1%** | **Autos - Fixed Rate – 3.1%** | **Autos - Fixed Rate – 3.1%** | **Autos - Fixed Rate – 3.1%** | **Autos - Fixed Rate – 3.1%** |
|  ACM Auto Trust <br>Series 2025-1A, Class A <br>5.38%, 06/20/2029<sup>(a)</sup> |  | 88 |  | 87688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A <br>5.55%, 06/20/2028<sup>(a)</sup> |  | 580 |  | 580287 |
|  Credit Acceptance Auto Loan Trust <br>Series 2025-1A, Class A <br>5.02%, 03/15/2035<sup>(a)</sup> |  | 250 |  | 251490 |
|  FHF Trust <br>Series 2023-1A, Class A2 <br>6.57%, 06/15/2028<sup>(a)</sup> |  | 68 |  | 68886 |
|  Hertz Vehicle Financing III LLC <br>Series 2024-1A, Class A <br>5.44%, 01/25/2029<sup>(a)</sup> |  | 154 |  | 155816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A <br>4.91%, 09/25/2029<sup>(a)</sup> |  | 250 |  | 249282 |
|  Lendbuzz Securitization Trust <br>Series 2023-1A, Class A2 <br>6.92%, 08/15/2028<sup>(a)</sup> |  | 71 |  | 71664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A2 <br>7.09%, 10/16/2028<sup>(a)</sup> |  | 91 |  | 92409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class A2 <br>7.50%, 12/15/2028<sup>(a)</sup> |  | 84 |  | 86311 |
|  Lendbuzz Securitization Trust 2024 <br>Series A2, Class 24-1A <br>6.19%, 08/15/2029<sup>(a)</sup> |  | 148 |  | 149061 |
|  Lobel Automobile Receivables Trust <br>Series 2023-2, Class A <br>7.59%, 04/16/2029<sup>(a)</sup> |  | 21 |  | 21251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A <br>5.06%, 11/15/2027<sup>(a)</sup> |  | 208 |  | 208010 |
|  Merchants Fleet Funding LLC <br>Series 2023-1A, Class A <br>7.21%, 05/20/2036<sup>(a)</sup> |  | 293 |  | 295849 |
|  Research-Driven Pagaya Motor Asset Trust <br>Series 2023-3A, Class A <br>7.13%, 01/26/2032<sup>(a)</sup> |  | 250 |  | 250951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class A <br>7.54%, 03/25/2032<sup>(a)</sup> |  | 312 |  | 314164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A <br>5.281%, 03/25/2033<sup>(a)</sup> |  | 388 |  | 389551 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 11 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Research-Driven Pagaya Motor Trust <br>Series 2024-1A, Class A <br>7.09%, 06/25/2032<sup>(a)</sup> | U.S.$| 65 | $| 65999 |
|  SAFCO Auto Receivables Trust <br>Series 2025-1A, Class A <br>5.46%, 09/10/2029<sup>(a)</sup> |  | 260 |  | 259693 |
|  Tricolor Auto Securitization Trust <br>Series 2024-1A, Class A <br>6.61%, 10/15/2027<sup>(a)</sup> |  | 54 |  | 53909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A <br>4.94%, 02/15/2029<sup>(a)</sup> |  | 134 |  | 133482 |
|  |  |  |  | 3785753 |
|  **Credit Cards - Fixed Rate – 0.6%** | **Credit Cards - Fixed Rate – 0.6%** | **Credit Cards - Fixed Rate – 0.6%** | **Credit Cards - Fixed Rate – 0.6%** | **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> |  | 325 |  | 327611 |
|  Continental Finance Credit Card ABS Master Trust <br>Series 2024-A, Class A <br>5.78%, 12/15/2032<sup>(a)</sup> |  | 250 |  | 251829 |
|  Mission Lane Credit Card Master Trust <br>Series 2025-A, Class A <br>5.80%, 05/15/2030<sup>(a)</sup> |  | 140 |  | 139957 |
|  |  |  |  | 719397 |
|  **Other ABS - Floating Rate – 0.4%** | **Other ABS - Floating Rate – 0.4%** | **Other ABS - Floating Rate – 0.4%** | **Other ABS - Floating Rate – 0.4%** | **Other ABS - Floating Rate – 0.4%** |
|  Capital Street Master Trust <br>Series 2024-1, Class A <br>5.681% (CME Term SOFR + 1.35%), 10/16/2028<sup>(a)(c)</sup> |  | 62 |  | 62063 |
|  Pagaya AI Debt <br>Series 2024-S1, Class ABC <br>7.284%, 09/15/2031<sup>(a)(d)</sup> |  | 169 |  | 171707 |
|  Pagaya AI Debt Grantor Trust <br>Series 2025-1, Class A <br>4.964%, 07/15/2032<sup>(a)</sup> |  | 204 |  | 203881 |
|  |  |  |  | 437651 |
|  Total Asset-Backed Securities <br>(cost $11,341,096) |  |  |  | 11407968 |
|  CORPORATES - NON-INVESTMENT GRADE – 8.1% |  |  |  |  |
|  Industrial – 7.0% |  |  |  |  |
|  **Basic – 0.3%** |  |  |  |  |
|  Arsenal AIC Parent LLC <br>8.00%, 10/01/2030<sup>(a)</sup> |  | 38 |  | 39898 |

---

---

| | |
|:---|:---|
| 12 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  ASP Unifrax Holdings, Inc. <br>7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029<sup>(a)(e)</sup> | U.S.$| 9 | $3734 |
|  Cleveland-Cliffs, Inc. <br>7.50%, 09/15/2031<sup>(a)</sup> |  | 55 | 49427 |
|  Graphic Packaging International LLC <br>3.50%, 03/15/2028<sup>(a)</sup> |  | 125 | 118717 |
|  INEOS Finance PLC <br>6.375%, 04/15/2029<sup>(a)</sup> | EUR | 101 | 115852 |
|  Sealed Air Corp./Sealed Air Corp. US <br>6.125%, 02/01/2028<sup>(a)</sup> | U.S.$| 27 | 27287 |
|  |  |  | 354915 |
|  **Capital Goods – 0.5%** |  |  |  |
|  Axon Enterprise, Inc. <br>6.125%, 03/15/2030<sup>(a)</sup> |  | 85 | 86659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033<sup>(a)</sup> |  | 66 | 67214 |
|  Ball Corp. <br>6.00%, 06/15/2029 |  | 97 | 98929 |
|  Clean Harbors, Inc. <br>4.875%, 07/15/2027<sup>(a)</sup> |  | 89 | 88184 |
|  Esab Corp. <br>6.25%, 04/15/2029<sup>(a)</sup> |  | 26 | 26462 |
|  GFL Environmental, Inc. <br>6.75%, 01/15/2031<sup>(a)</sup> |  | 19 | 19720 |
|  LSB Industries, Inc. <br>6.25%, 10/15/2028<sup>(a)(b)</sup> |  | 147 | 145523 |
|  Quikrete Holdings, Inc. <br>6.375%, 03/01/2032<sup>(a)</sup> |  | 47 | 47746 |
|  Trinity Industries, Inc. <br>7.75%, 07/15/2028<sup>(a)</sup> |  | 22 | 22869 |
|  |  |  | 603306 |
|  **Communications - Media – 0.6%** |  |  |  |
|  Banijay Entertainment SAS <br>7.00%, 05/01/2029<sup>(a)</sup> | EUR | 170 | 201735 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. <br>4.50%, 08/15/2030<sup>(a)</sup> | U.S.$| 26 | 24384 |
|  DISH DBS Corp. <br>5.25%, 12/01/2026<sup>(a)</sup> |  | 67 | 61896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(a)</sup> |  | 32 | 27130 |
|  McGraw-Hill Education, Inc. <br>5.75%, 08/01/2028<sup>(a)</sup> |  | 26 | 25723 |
|  Neptune Bidco US, Inc. <br>9.29%, 04/15/2029<sup>(a)</sup> |  | 91 | 86235 |
|  Radiate Holdco LLC/Radiate Finance, Inc. <br>4.50%, 09/15/2026<sup>(f)</sup> |  | 85 | 72875 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 13 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Univision Communications, Inc. <br>8.00%, 08/15/2028<sup>(a)</sup> | U.S.$| 262 | $262189 |
|  |  |  | 762167 |
|  **Consumer Cyclical - Automotive – 0.2%** |  |  |  |
|  Clarios Global LP/Clarios US Finance Co. <br>6.75%, 02/15/2030<sup>(a)</sup> |  | 13 | 13239 |
|  Goodyear Tire & Rubber Co. (The) <br>6.625%, 07/15/2030 |  | 30 | 30041 |
|  Tenneco, Inc. <br>8.00%, 11/17/2028<sup>(a)</sup> |  | 79 | 77804 |
|  ZF North America Capital, Inc. <br>6.75%, 04/23/2030<sup>(a)</sup> |  | 160 | 152134 |
|  |  |  | 273218 |
|  **Consumer Cyclical - Entertainment – 0.3%** |  |  |  |
|  Carnival Corp. <br>5.75%, 03/01/2027<sup>(a)</sup> |  | 22 | 22037 |
|  Lindblad Expeditions LLC <br>6.75%, 02/15/2027<sup>(a)</sup> |  | 28 | 27926 |
|  Viking Ocean Cruises Ship VII Ltd. <br>5.625%, 02/15/2029<sup>(a)</sup> |  | 14 | 13838 |
|  VOC Escrow Ltd. <br>5.00%, 02/15/2028<sup>(a)</sup> |  | 263 | 259289 |
|  |  |  | 323090 |
|  **Consumer Cyclical - Other – 0.9%** |  |  |  |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC <br>6.25%, 09/15/2027<sup>(a)</sup> |  | 86 | 84706 |
|  Churchill Downs, Inc. <br>4.75%, 01/15/2028<sup>(a)</sup> |  | 97 | 94779 |
|  Cirsa Finance International SARL <br>6.50%, 03/15/2029<sup>(a)</sup> | EUR | 100 | 119031 |
|  Hilton Domestic Operating Co., Inc. <br>5.875%, 04/01/2029<sup>(a)</sup> | U.S.$| 214 | 216264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/01/2032<sup>(a)</sup> |  | 77 | 78202 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <br>4.875%, 07/01/2031<sup>(a)</sup> |  | 9 | 8067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029<sup>(a)</sup> |  | 45 | 42255 |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. <br>6.625%, 02/01/2033<sup>(a)</sup> |  | 36 | 35573 |
|  Shea Homes LP/Shea Homes Funding Corp. <br>4.75%, 02/15/2028 |  | 11 | 10763 |
|  Taylor Morrison Communities, Inc. <br>5.875%, 06/15/2027<sup>(a)</sup> |  | 64 | 64538 |

---

---

| | |
|:---|:---|
| 14 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Thor Industries, Inc. <br>4.00%, 10/15/2029<sup>(a)</sup> | U.S.$| 182 | $| 167939 |
|  Travel & Leisure Co. <br>6.625%, 07/31/2026<sup>(a)</sup> |  | 117 |  | 118187 |
|  |  |  |  | 1040304 |
|  **Consumer Cyclical - Restaurants – 0.0%** |  |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc. <br>3.875%, 01/15/2028<sup>(a)</sup> |  | 17 |  | 16456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2028<sup>(a)</sup> |  | 35 |  | 34108 |
|  |  |  |  | 50564 |
|  **Consumer Non-Cyclical – 1.3%** | **Consumer Non-Cyclical – 1.3%** | **Consumer Non-Cyclical – 1.3%** | **Consumer Non-Cyclical – 1.3%** | **Consumer Non-Cyclical – 1.3%** |
|  Acadia Healthcare Co., Inc. <br>7.375%, 03/15/2033<sup>(a)</sup> |  | 68 |  | 69305 |
|  AdaptHealth LLC <br>5.125%, 03/01/2030<sup>(a)</sup> |  | 263 |  | 243251 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC <br>3.50%, 03/15/2029<sup>(a)</sup> |  | 40 |  | 37611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/2028<sup>(a)</sup> |  | 114 |  | 116372 |
|  Bausch & Lomb Corp. <br>8.375%, 10/01/2028<sup>(a)</sup> |  | 57 |  | 59172 |
|  DaVita, Inc. <br>4.625%, 06/01/2030<sup>(a)</sup> |  | 311 |  | 290894 |
|  Elanco Animal Health, Inc. <br>6.65%, 08/28/2028<sup>(b)</sup> |  | 82 |  | 84432 |
|  Embecta Corp. <br>5.00%, 02/15/2030<sup>(a)</sup> |  | 29 |  | 25817 |
|  LifePoint Health, Inc. <br>9.875%, 08/15/2030<sup>(a)</sup> |  | 203 |  | 217498 |
|  Medline Borrower LP <br>3.875%, 04/01/2029<sup>(a)</sup> |  | 26 |  | 24518 |
|  MPH Acquisition Holdings LLC <br>5.75%, 12/31/2030<sup>(a)</sup> |  | 5 |  | 4033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (6.00% Cash and 0.75% PIK), 03/31/2031<sup>(a)(b)(e)</sup> |  | 43 |  | 31672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50% (6.50% Cash and 5.00% PIK), 12/31/2030<sup>(a)(b)(e)</sup> |  | 8 |  | 7569 |
|  Newell Brands, Inc. <br>5.70%, 04/01/2026<sup>(b)</sup> |  | 3 |  | 3023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 09/15/2027 |  | 15 |  | 15044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 06/01/2028<sup>(a)</sup> |  | 52 |  | 53833 |
|  Post Holdings, Inc. <br>6.25%, 02/15/2032<sup>(a)</sup> |  | 26 |  | 26438 |
|  US Foods, Inc. <br>4.75%, 02/15/2029<sup>(a)</sup> |  | 273 |  | 267065 |
|  |  |  |  | 1577547 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 15 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Energy – 1.9%** | **Energy – 1.9%** | **Energy – 1.9%** | **Energy – 1.9%** |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp.<br>7.00%, 07/15/2029<sup>(a)</sup> | U.S.$| 73 | $75417 |
|  Buckeye Partners LP <br>6.875%, 07/01/2029<sup>(a)</sup> |  | 23 | 23690 |
|  CITGO Petroleum Corp. <br>8.375%, 01/15/2029<sup>(a)</sup> |  | 186 | 188714 |
|  Civitas Resources, Inc. <br>8.375%, 07/01/2028<sup>(a)</sup> |  | 168 | 169245 |
|  Hess Midstream Operations LP <br>5.875%, 03/01/2028<sup>(a)</sup> |  | 25 | 25225 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. <br>6.25%, 11/01/2028<sup>(a)</sup> |  | 73 | 72187 |
|  Howard Midstream Energy Partners LLC <br>8.875%, 07/15/2028<sup>(a)</sup> |  | 141 | 147636 |
|  Nabors Industries, Inc. <br>7.375%, 05/15/2027<sup>(a)</sup> |  | 11 | 10558 |
|  NFE Financing LLC <br>12.00%, 11/15/2029<sup>(a)</sup> |  | 256 | 108795 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. <br>8.125%, 02/15/2029<sup>(a)</sup> |  | 105 | 102623 |
|  NuStar Logistics LP <br>5.625%, 04/28/2027 |  | 312 | 312655 |
|  Summit Midstream Holdings LLC <br>8.625%, 10/31/2029<sup>(a)</sup> |  | 258 | 258464 |
|  Sunoco LP <br>7.00%, 05/01/2029<sup>(a)</sup> |  | 251 | 259293 |
|  Sunoco LP/Sunoco Finance Corp. <br>7.00%, 09/15/2028<sup>(a)</sup> |  | 104 | 106869 |
|  Venture Global LNG, Inc.<br>9.50%, 02/01/2029<sup>(a)</sup> |  | 98 | 104598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 02/01/2032<sup>(a)</sup> |  | 303 | 322780 |
|  |  |  | 2288749 |
|  **Other Industrial – 0.1%** | **Other Industrial – 0.1%** | **Other Industrial – 0.1%** | **Other Industrial – 0.1%** |
|  Velocity Vehicle Group LLC <br>8.00%, 06/01/2029<sup>(a)</sup> |  | 136 | 130750 |
|  **Services – 0.6%** | **Services – 0.6%** | **Services – 0.6%** | **Services – 0.6%** |
|  Allied Universal Holdco LLC <br>7.875%, 02/15/2031<sup>(a)</sup> |  | 260 | 269376 |
|  ANGI Group LLC <br>3.875%, 08/15/2028<sup>(a)</sup> |  | 127 | 117728 |
|  Garda World Security Corp. <br>6.00%, 06/01/2029<sup>(a)</sup> |  | 51 | 48472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/2028<sup>(a)</sup> |  | 53 | 54773 |

---

---

| | |
|:---|:---|
| 16 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. <br>3.375%, 08/31/2027<sup>(a)</sup> | U.S.$| 23 | $| 22104 |
|  Raven Acquisition Holdings LLC <br>6.875%, 11/15/2031<sup>(a)</sup> |  | 32 |  | 31914 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. <br>5.50%, 05/15/2033<sup>(a)</sup> | EUR | 112 |  | 130371 |
|  |  |  |  | 674738 |
|  **Technology – 0.1%** |  |  |  |  |
|  Diebold Nixdorf, Inc. <br>7.75%, 03/31/2030<sup>(a)</sup> | U.S.$| 17 |  | 17913 |
|  Gen Digital, Inc. <br>6.75%, 09/30/2027<sup>(a)</sup> |  | 42 |  | 42705 |
|  Virtusa Corp. <br>7.125%, 12/15/2028<sup>(a)</sup> |  | 10 |  | 9650 |
|  Western Digital Corp. <br>4.75%, 02/15/2026 |  | 35 |  | 34843 |
|  |  |  |  | 105111 |
|  **Transportation - Airlines – 0.0%** | **Transportation - Airlines – 0.0%** | **Transportation - Airlines – 0.0%** | **Transportation - Airlines – 0.0%** | **Transportation - Airlines – 0.0%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. <br>5.75%, 04/20/2029<sup>(a)</sup> |  | 44 |  | 43237 |
|  **Transportation - Services – 0.2%** |  |  |  |  |
|  Hertz Corp. (The) <br>12.625%, 07/15/2029<sup>(a)</sup> |  | 143 |  | 145674 |
|  Loxam SAS <br>4.50%, 02/15/2027<sup>(a)</sup> | EUR | 100 |  | 114287 |
|  |  |  |  | 259961 |
|  |  |  |  | 8487657 |
|  Financial Institutions – 0.9% |  |  |  |  |
|  **Banking – 0.2%** |  |  |  |  |
|  Bread Financial Holdings, Inc. <br>9.75%, 03/15/2029<sup>(a)</sup> | U.S.$| 223 |  | 237448 |
|  **Brokerage – 0.1%** |  |  |  |  |
|  Jane Street Group/JSG Finance, Inc. <br>6.75%, 05/01/2033<sup>(a)</sup> |  | 121 |  | 124209 |
|  Osaic Holdings, Inc. <br>10.75%, 08/01/2027<sup>(a)</sup> |  | 52 |  | 52334 |
|  |  |  |  | 176543 |
|  **Finance – 0.4%** |  |  |  |  |
|  GGAM Finance Ltd. <br>7.75%, 05/15/2026<sup>(a)</sup> |  | 51 |  | 51495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/15/2027<sup>(a)</sup> |  | 12 |  | 12343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/15/2028<sup>(a)</sup> |  | 77 |  | 80757 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 17 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Navient Corp. <br>6.75%, 06/15/2026 | U.S.$| 259 | $| 262103 |
|  SLM Corp. <br>3.125%, 11/02/2026 |  | 23 |  | 22429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/31/2030 |  | 57 |  | 58966 |
|  |  |  |  | 488093 |
|  **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** |
|  Acrisure LLC/Acrisure Finance, Inc. <br>7.50%, 11/06/2030<sup>(a)</sup> |  | 61 |  | 62899 |
|  **REITs – 0.1%** |  |  |  |  |
|  Iron Mountain, Inc. <br>5.00%, 07/15/2028<sup>(a)</sup> |  | 76 |  | 74833 |
|  |  |  |  | 1039816 |
|  Utility – 0.2% |  |  |  |  |
|  **Electric – 0.2%** |  |  |  |  |
|  NRG Energy, Inc. <br>5.75%, 07/15/2029<sup>(a)</sup> |  | 280 |  | 279107 |
|  Total Corporates - Non-Investment Grade <br>(cost $9,824,557) |  |  |  | 9806580 |
|  COLLATERALIZED LOAN OBLIGATIONS – 5.1% |  |  |  |  |
|  **CLO - Floating Rate – 5.1%** |  |  |  |  |
|  Allegro CLO XI Ltd. <br>Series 2019-2A, Class A1AR <br>5.519% (CME Term SOFR 3 Month + 1.25%), 01/19/2033<sup>(a)(c)</sup> |  | 250 |  | 250138 |
|  Apidos CLO XXX <br>Series XXXA, Class A1AR <br>5.349% (CME Term SOFR 3 Month + 1.08%), 10/18/2031<sup>(a)(c)</sup> |  | 145 |  | 144841 |
|  Apidos Loan Fund Ltd. <br>Series 2024-1A, Class A1 <br>5.552% (CME Term SOFR 3 Month + 1.27%), 04/25/2035<sup>(a)(c)</sup> |  | 250 |  | 249996 |
|  Bain Capital Credit CLO <br>Series 2019-1A, Class AR2 <br>5.499% (CME Term SOFR 3 Month + 1.23%), 04/19/2034<sup>(a)(c)</sup> |  | 100 |  | 100125 |
|  Bain Capital Credit CLO Ltd. <br>Series 2020-1A, Class A1R <br>5.519% (CME Term SOFR 3 Month + 1.25%), 04/18/2033<sup>(a)(c)</sup> |  | 215 |  | 215045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class A1R <br>5.469% (CME Term SOFR 3 Month + 1.20%), 10/20/2034<sup>(a)(c)</sup> |  | 350 |  | 349604 |

---

---

| | |
|:---|:---|
| 18 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6A, Class A1R <br>5.359% (CME Term SOFR 3 Month + 1.09%), 10/21/2034<sup>(a)(c)</sup> | U.S.$| 300 | $299551 |
|  Buttermilk Park CLO Ltd. <br>Series 2018-1A, Class A1R <br>5.336% (CME Term SOFR 3 Month + 1.08%), 10/15/2031<sup>(a)(c)</sup> |  | 169 | 168547 |
|  Carbone CLO Ltd. <br>Series 2017-1A, Class A1 <br>5.671% (CME Term SOFR 3 Month + 1.40%), 01/20/2031<sup>(a)(c)</sup> |  | 381 | 381839 |
|  Carlyle Global Market Strategies CLO Ltd. <br>Series 2015-5A, Class A1R3 <br>5.369% (CME Term SOFR 3 Month + 1.10%), 01/20/2032<sup>(a)(c)</sup> |  | 179 | 179485 |
|  Dryden 113 CLO Ltd. <br>Series 2022-113A, Class AR2 <br>5.506% (CME Term SOFR 3 Month + 1.25%), 10/15/2037<sup>(a)(c)</sup> |  | 250 | 250004 |
|  Goldentree Loan Management US CLO 8 Ltd. <br>Series 2020-8A, Class ARR <br>5.419% (CME Term SOFR 3 Month + 1.15%), 10/20/2034<sup>(a)(c)</sup> |  | 450 | 449626 |
|  KKR CLO 21 Ltd. <br>Series 21, Class A <br>5.518% (CME Term SOFR 3 Month + 1.26%), 04/15/2031<sup>(a)(c)</sup> |  | 137 | 136654 |
|  Palmer Square CLO Ltd. <br>Series 2021-3A, Class D <br>7.468% (CME Term SOFR 3 Month + 3.21%), 01/15/2035<sup>(a)(c)</sup> |  | 250 | 250828 |
|  PPM CLO 5 Ltd. <br>Series 2021-5A, Class A <br>5.731% (CME Term SOFR 3 Month + 1.46%), 10/18/2034<sup>(a)(c)</sup> |  | 500 | 500192 |
|  Rad CLO 14 Ltd. <br>Series 2021-14A, Class A <br>5.688% (CME Term SOFR 3 Month + 1.43%), 01/15/2035<sup>(a)(c)</sup> |  | 550 | 550287 |
|  Regatta XIX Funding Ltd. <br>Series 2022-1A, Class A1 <br>5.592% (CME Term SOFR 3 Month + 1.32%), 04/20/2035<sup>(a)(c)</sup> |  | 470 | 471144 |
|  Regatta XVI Funding Ltd. <br>Series 2019-2A, Class A1R <br>5.456% (CME Term SOFR 3 Month + 1.20%), 01/15/2033<sup>(a)(c)</sup> |  | 243 | 243551 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 19 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Regatta XXIII Funding Ltd. <br>Series 2021-4A, Class A1 <br>5.681% (CME Term SOFR 3 Month + 1.41%), 01/20/2035<sup>(a)(c)</sup> | U.S.$| 530 | $530281 |
|  VERDE CLO Ltd. <br>Series 2019-1A, Class ARR <br>5.366% (CME Term SOFR 3 Month + 1.11%), 04/15/2032<sup>(a)(c)</sup> |  | 173 | 173346 |
|  Voya CLO Ltd. <br>Series 2018-1A, Class A1 <br>5.481% (CME Term SOFR 3 Month + 1.21%), 04/19/2031<sup>(a)(c)</sup> |  | 183 | 182933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1R2 <br>5.456% (CME Term SOFR 3 Month + 1.20%), 10/15/2031<sup>(a)(c)</sup> |  | 135 | 135027 |
|  Total Collateralized Loan Obligations <br>(cost $6,199,504) |  |  | 6213044 |
|  MORTGAGE PASS-THROUGHS – 4.8% |  |  |  |
|  **Agency Fixed Rate 30-Year – 4.8%** |  |  |  |
|  Federal Home Loan Mortgage Corp. <br>Series 2024 <br>5.50%, 11/01/2054 |  | 939 | 930126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>6.00%, 04/01/2055 |  | 180 | 181693 |
|  Federal National Mortgage Association <br>Series 2024 <br>5.50%, 10/01/2054 |  | 943 | 934071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2054 |  | 900 | 909267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2054 |  | 896 | 905059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2054 |  | 902 | 911351 |
|  Government National Mortgage Association <br>Series 2023 <br>5.50%, 05/20/2053 |  | 853 | 851327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.50%, 04/20/2055 |  | 180 | 178456 |
|  Total Mortgage Pass-Throughs <br>(cost $5,773,031) |  |  | 5801350 |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.1% |  |  |  |
|  **Non-Agency Fixed Rate CMBS – 1.1%** |  |  |  |
|  BANK <br>Series 2020-BN28, Class XA <br>1.759%, 03/15/2063<sup>(g)</sup> |  | 2007 | 148064 |

---

---

| | |
|:---|:---|
| 20 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class XA <br>1.30%, 11/15/2053<sup>(g)</sup> | U.S.$| 954 | $53656 |
|  Barclays Commercial Mortgage Trust <br>Series 2019-C3, Class XA <br>1.309%, 05/15/2052<sup>(g)</sup> |  | 934 | 37842 |
|  BBCMS Mortgage Trust <br>Series 2017-C1, Class XA <br>1.442%, 02/15/2050<sup>(g)</sup> |  | 1179 | 20628 |
|  CD Mortgage Trust <br>Series 2016-CD1, Class XA <br>1.341%, 08/10/2049<sup>(g)</sup> |  | 1421 | 9614 |
|  CFCRE Commercial Mortgage Trust <br>Series 2016-C4, Class XA <br>1.564%, 05/10/2058<sup>(g)</sup> |  | 66 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C8, Class XA <br>1.468%, 06/15/2050<sup>(g)</sup> |  | 261 | 5453 |
|  Citigroup Commercial Mortgage Trust <br>Series 2016-GC36, Class A5 <br>3.616%, 02/10/2049 |  | 165 | 162727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P7, Class XA <br>1.071%, 04/14/2050<sup>(g)</sup> |  | 773 | 10736 |
|  Commercial Mortgage Trust <br>Series 2014-CR16, Class D <br>4.778%, 04/10/2047<sup>(a)</sup> |  | 100 | 82680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2, Class XA <br>0.902%, 02/10/2049<sup>(g)</sup> |  | 1971 | 4195 |
|  GS Mortgage Securities Trust <br>Series 2013-GC13, Class D <br>3.879%, 07/10/2046<sup>(a)</sup> |  | 100 | 68466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS3, Class XA <br>1.182%, 10/10/2049<sup>(g)</sup> |  | 1230 | 11128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS5, Class XA <br>0.823%, 03/10/2050<sup>(g)</sup> |  | 1389 | 14756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS7, Class XA <br>1.073%, 08/10/2050<sup>(g)</sup> |  | 3216 | 54161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC39, Class XA <br>1.086%, 05/10/2052<sup>(g)</sup> |  | 3569 | 130922 |
|  JP Morgan Chase Commercial Mortgage Securities Trust <br>Series 2012-LC9, Class G <br>3.571%, 12/15/2047<sup>(a)</sup> |  | 100 | 58301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC11, Class B <br>3.499%, 04/15/2046 |  | 71 | 66523 |
|  JPMBB Commercial Mortgage Securities Trust <br>Series 2013-C14, Class D <br>4.038%, 08/15/2046<sup>(a)</sup> |  | 75 | 57196 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 21 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  UBS Commercial Mortgage Trust <br>Series 2017-C1, Class XA <br>1.469%, 06/15/2050<sup>(g)</sup> | U.S.$| 890 | $| 18265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C2, Class XA <br>1.056%, 08/15/2050<sup>(g)</sup> |  | 1892 |  | 32721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class XA <br>0.877%, 12/15/2051<sup>(g)</sup> |  | 745 |  | 18560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C15, Class XA <br>0.876%, 12/15/2051<sup>(g)</sup> |  | 559 |  | 14239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class XA <br>0.98%, 12/15/2052<sup>(g)</sup> |  | 1193 |  | 37905 |
|  UBS-Barclays Commercial Mortgage Trust <br>Series 2013-C6, Class D <br>3.929%, 04/10/2046<sup>(a)</sup> |  | 69 |  | 58884 |
|  Wells Fargo Commercial Mortgage Trust <br>Series 2016-LC24, Class XA <br>1.60%, 10/15/2049<sup>(g)</sup> |  | 732 |  | 10453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C48, Class XA <br>0.931%, 01/15/2052<sup>(g)</sup> |  | 731 |  | 19019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class XA <br>1.559%, 08/15/2052<sup>(g)</sup> |  | 834 |  | 41955 |
|  WFRBS Commercial Mortgage Trust <br>Series 2011-C4, Class D <br>4.983%, 06/15/2044<sup>(a)</sup> |  | 43 |  | 40822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-C4, Class E <br>4.983%, 06/15/2044<sup>(a)</sup> |  | 25 |  | 23325 |
|  |  |  |  | 1313586 |
|  **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>7.50% (PRIME 1 Month + 0.00%), 11/15/2027<sup>(a)(c)</sup> |  | 76 |  | 44942 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $1,492,292) |  |  |  | 1358528 |
|  COLLATERALIZED MORTGAGE OBLIGATIONS – 0.3% |  |  |  |  |
|  **Risk Share Floating Rate – 0.2%** |  |  |  |  |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes <br>Series 2021-DNA6, Class M2 <br>5.822% (CME Term SOFR + 1.50%), 10/25/2041<sup>(a)(c)</sup> |  | 141 |  | 141658 |

---

---

| | |
|:---|:---|
| 22 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Federal National Mortgage Association Connecticut Avenue Securities <br>Series 2016-C04, Class 1B <br>14.686% (CME Term SOFR + 10.36%), 01/25/2029<sup>(c)</sup> | U.S.$| 117 | $127321 |
|  |  |  | 268979 |
|  **Agency Fixed Rate – 0.1%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICS <br>Series 4913, Class IO <br>6.00%, 04/15/2041<sup>(g)</sup> |  | 52 | 9668 |
|  Federal National Mortgage Association REMICS <br>Series 2016-26, Class IO <br>5.00%, 05/25/2046<sup>(g)</sup> |  | 106 | 14896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-31, Class IO <br>5.00%, 06/25/2046<sup>(g)</sup> |  | 143 | 19463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-64, Class BI<br>5.00%, 09/25/2046<sup>(g)</sup> |  | 17 | 2244 |
|  |  |  | 46271 |
|  **Agency Floating Rate – 0.0%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICS <br>Series 4372, Class JS <br>1.653% (5.99% - CME Term SOFR), 08/15/2044<sup>(c)(h)</sup> |  | 68 | 6882 |
|  Federal National Mortgage Association REMICS <br>Series 2012-17, Class ES <br>2.114% (6.44% - CME Term SOFR), 03/25/2041<sup>(c)(h)</sup> |  | 23 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-17, Class SE <br>1.514% (5.84% - CME Term SOFR), 03/25/2042<sup>(c)(h)</sup> |  | 51 | 5516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-25, Class SA <br>1.614% (5.94% - CME Term SOFR), 06/25/2049<sup>(c)(h)</sup> |  | 33 | 3507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-42, Class SQ <br>1.614% (5.94% - CME Term SOFR), 08/25/2049<sup>(c)(h)</sup> |  | 30 | 3076 |
|  |  |  | 19410 |
|  Total Collateralized Mortgage Obligations <br>(cost $330,854) |  |  | 334660 |
|  EMERGING MARKETS - CORPORATE BONDS – 0.2% |  |  |  |
|  Industrial – 0.2% |  |  |  |
|  **Basic – 0.2%** |  |  |  |
|  Sasol Financing USA LLC <br>8.75%, 05/03/2029<sup>(a)</sup> <br>(cost $194,532) |  | 200 | 196562 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 23 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  BANK LOANS – 0.1% |  |  |  |
|  Industrial – 0.1% |  |  |  |
|  **Capital Goods – 0.0%** |  |  |  |
|  Chariot Buyer LLC <br>7.677% (CME Term SOFR 1 Month + 3.25%), 11/03/2028<sup>(i)</sup> | U.S.$| 10 | $9630 |
|  **Communications - Media – 0.1%** |  |  |  |
|  DIRECTV Financing LLC <br>9.791% (CME Term SOFR 3 Month + 5.25%), 08/02/2029<sup>(i)</sup> |  | 21 | 20875 |
|  DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. <br>9.580% (CME Term SOFR 3 Month + 5.50%), 02/17/2031<sup>(i)</sup> |  | 87 | 82241 |
|  |  |  | 103116 |
|  **Energy – 0.0%** |  |  |  |
|  GIP II Blue Holding LP <br>8.077% (CME Term SOFR 1 Month + 3.75%), 09/29/2028<sup>(i)</sup> |  | 24 | 23772 |
|  **Technology – 0.0%** |  |  |  |
|  Loyalty Ventures, Inc. <br>14.000% (PRIME 3 Month + 5.50%), 11/03/2027<sup>(d)(i)(j)(k)(l)</sup> |  | 72 | 543 |
|  |  |  | 137061 |
|  Financial Institutions – 0.0% |  |  |  |
|  **Banking – 0.0%** |  |  |  |
|  Orbit Private Holdings I Ltd. <br>8.035% (CME Term SOFR 3 Month + 3.75%), 12/11/2028<sup>(d)(i)</sup> |  | 29 | 29174 |
|  Total Bank Loans <br>(cost $240,564) |  |  | 166235 |
|  |  | **Shares** |  |
|  COMMON STOCKS – 0.0% |  |  |  |
|  Energy – 0.0% |  |  |  |
|  **Oil, Gas & Consumable Fuels – 0.0%** |  |  |  |
|  New Fortress Energy, Inc.<sup>(j)(k)</sup> <br>(cost $19,137) |  | 2218 | 5523 |

---

---

| | |
|:---|:---|
| 24 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **<br>Shares** | **U.S. $ Value** |
|  SHORT-TERM INVESTMENTS – 1.6% |  |  |
|  **Investment Companies – 1.6%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.14%<sup>(m)(n)(o)</sup> <br>(cost $1,976,061) | 1976061 | $1976061 |
|  Total Investments – 100.4% <br>(cost $120,794,689) |  | 121257826 |
|  Other assets less liabilities – (0.4)% |  | (480607) |
|  **Net Assets – 100.0%** |  | $**120777219** |

---

#### 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 | 5 | September 2025 | $1037188 | $1016 |
|  U.S. T-Note 5 Yr (CBT) Futures | 111 | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12008813 | 69945 |
|  U.S. T-Note 10 Yr (CBT) Futures | 4 | September 2025 | 443000 | 2531 |
|  **Sold Contracts** |  |  |  |  |
|  U.S. 10 Yr Ultra Futures | 3 | September 2025 | 337641 | (516) |
|  U.S. Long Bond (CBT) Futures | 13 | September 2025 | 1466156 | (8031) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64945 |

---

#### 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 | 447 | USD | 510 | 07/09/2025 | $1110 |
|  State Street Bank & Trust Co. | EUR | 112 | USD | 126 | 07/09/2025 | (1246) |
|  State Street Bank & Trust Co. | GBP | 101 | USD | 135 | 07/16/2025 | (1630) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1766) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 25 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

#### 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>May 31,<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** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iTraxx Australia Series 43, 5 Year Index, 06/20/2030\* | (1.00)% | Quarterly | 0.76% | USD | 2720 | $(35098) | $(29884) | $(5214) |
|  **Sale Contracts** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 44, 5 Year Index, 06/20/2030\* | 5.00 | Quarterly | 3.51 | USD | 3270 | 234066 | 87058 | 147008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAIG Series 44, 5 Year Index, 06/20/2030\* | 1.00 | Quarterly | 0.56 | USD | 2736 | 60454 | 52521 | 7933 |
|  |  |  |  |  |  | $259422 | $109695 | $149727 |

---

\* Termination date

\*\* 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 May 31, 2025, the aggregate market value of these securities amounted to $36,421,539 or 30.2% of net assets.

(b) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at May 31, 2025.

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at May 31, 2025.

(d) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(e) 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 May 31, 2025.

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.06% of net assets as of May 31, 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** |
|  Radiate Holdco LLC/Radiate Finance, Inc. <br>4.50%, 09/15/2026 | 12/13/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77680 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72875 | 0.06% |

---

(g) IO – Interest Only.

(h) Inverse interest only security.

(i) 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 May 31, 2025.

(j) Non-income producing security.

(k) Fair valued by the Adviser.

(l) Defaulted.

---

| | |
|:---|:---|
| 26 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

(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

GBP – Great British Pound

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

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 27 |

---

------

#### STATEMENT OF ASSETS & LIABILITIES
**May 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $118,818,628) | $119281765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $1,976,061) | 1976061 |
|  Cash | 18636 |
|  Cash collateral due from broker | 443680 |
|  Interest receivable | 1189481 |
|  Receivable for investment securities sold | 24491 |
|  Receivable for variation margin on futures | 10438 |
|  Affiliated dividends receivable | 7281 |
|  Receivable for variation margin on centrally cleared swaps | 3976 |
|  Unrealized appreciation on forward currency exchange contracts | 1110 |
|  Receivable due from Adviser | 367 |
|  Total assets | 122957286 |
| Liabilities |  |
|  Payable for investment securities purchased | 2027507 |
|  Advisory fee payable | 30892 |
|  Unrealized depreciation on forward currency exchange contracts | 2876 |
|  Other liabilities | 118792 |
|  Total liabilities | 2180067 |
|  Net Assets | $**120777219** |
| Composition of Net Assets |  |
|  Capital stock, at par | $339 |
|  Additional paid-in capital | 125998037 |
|  Accumulated loss | (5221157) |
| Net Assets | $**120777219** |
|  **Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value**(based on 3,388,461 common shares outstanding) | $**35.64** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 28 AB Short Duration Income ETF | **ABFunds.com** |

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643019 |  |
|  Dividends—Affiliated issuers | 23609 |  |
|  Other income | 1519 | $2668147 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 155219 |  |
|  Total expenses | 155219 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (1160) |  |
|  Net expenses |  | 154059 |
|  Net investment income |  | 2514088 |
| 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> |  | 77464 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 44271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 15135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 140327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions written |  | (8811) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (28934) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(b)</sup> |  | 76257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | (10855) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (7360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 112816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | (1770) |
|  Net gain on investment and foreign currency transactions |  | 409868 |
|  Net Increase in Net Assets from Operations |  | $**2923956** |

---

(a) Net of foreign realized capital gains taxes of $656.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $1,148.

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 29 |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months<br>Ended**<br>**May 31, 2025<br>(unaudited)** | **November 1,<br>2024 to**<br>**November 30,<br>2024<sup>(a)</sup>** | **Year Ended<br>October 31,<br>2024<sup>(b)</sup>** |
| Increase in Net Assets from Operations |  |  |  |
|  Net investment income | $2514088 | $373784 | $5422490 |
|  Net realized gain (loss) on investment transactions | 240780 | (128457) | 701864 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 169088 | 273091 | 2445482 |
|  Net increase in net assets from operations | 2923956 | 518418 | 8569836 |
| Distributions 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 | (2543441) | (378246) | (4991883) |
| Transactions in Shares of the Fund |  |  |  |
|  Net increase (decrease) | 31892995 | – 0 | (23813083) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other capital | 345 | 5 | 150 |
|  Total increase (decrease) | 32273855 | 140177 | (20291862) |
| Net Assets |  |  |  |
|  Beginning of period | 88503364 | 88363187 | 108655049 |
|  End of period | $**120777219** | $**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.

---

| | |
|:---|:---|
| 30 AB Short Duration Income ETF | **ABFunds.com** |

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------

#### NOTES TO FINANCIAL STATEMENTS
**May 31, 2025** (unaudited)

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 18 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 1940 Act. In this capacity, the Adviser is responsible, among other things, for making

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| **ABFunds.com** | AB Short Duration Income ETF 31 |

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**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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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,

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|:---|:---|
| 32 AB Short Duration Income ETF | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 may value 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 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

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| **ABFunds.com** | AB Short Duration Income ETF 33 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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.

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| 34 AB Short Duration Income 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 May 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Corporates – Investment Grade | $– 0 | $47789954 | $– 0 | $47789954 |
|  Governments – Treasuries | – 0 | 36201361 | – 0 | 36201361 |
|  Asset-Backed Securities | – 0 | 11236261 | 171707 | 11407968 |
|  Corporates – Non-Investment Grade | – 0 | 9806580 | – 0 | 9806580 |
|  Collateralized Loan Obligations | – 0 | 6213044 | – 0 | 6213044 |
|  Mortgage Pass-Throughs | – 0 | 5801350 | – 0 | 5801350 |
|  Commercial Mortgage-Backed Securities | – 0 | 1358528 | – 0 | 1358528 |
|  Collateralized Mortgage Obligations | – 0 | 334660 | – 0 | 334660 |
|  Emerging Markets – Corporate Bonds | – 0 | 196562 | – 0 | 196562 |
|  Bank Loans | – 0 | 136518 | 29717 | 166235 |
|  Common Stocks | 5523 | – 0 | – 0 | 5523 |
|  Short-Term Investments | 1976061 | – 0 | – 0 | 1976061 |
|  Total Investments in Securities | 1981584 | 119074818 | 201424 | 121257826 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Futures | 73492 | – 0 | – 0 | 73492 <sup>(b)</sup> |
|  Forward Currency Exchange Contracts | – 0 | 1110 | – 0 | 1110 |
|  Centrally Cleared Credit Default Swaps | – 0 | 294520 | – 0 | 294520 <sup>(b)</sup> |
|  **Liabilities:** |  |  |  |  |
|  Futures | (8547) | – 0 | – 0 | (8547)<sup>(b)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (2876) | – 0 | (2876) |
|  Centrally Cleared Credit Default Swaps | – 0 | (35098) | – 0 | (35098)<sup>(b)</sup> |
|  **Total** | $**2046529** | $**119332474** | $**201424** | $**121580427** |

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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

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| **ABFunds.com** | AB Short Duration Income ETF 35 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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.

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| 36 AB Short Duration Income ETF | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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. 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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| **ABFunds.com** | AB Short Duration Income ETF 37 |

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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 .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.

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 six months ended May 31, 2025, such waiver/reimbursements relating to the Fund's investment in AB Government Money Market Portfolio amounted to $1,160.

A summary of the Fund's transactions in AB mutual funds for the six months ended May 31, 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>5/31/25<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;15980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |

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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.

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| 38 AB Short Duration Income ETF | **ABFunds.com** |

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**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 six months ended May 31, 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;21834712 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18521545 |
|  U.S. government securities | 16716209 | 10180634 |

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During the six months ended May 31, 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 six months ended May 31, 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;18967519 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107881 |
|  U.S. government securities | 11737931 | 3115278 |

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The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

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|:---|:---|
|  Gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162882 |
|  Gross unrealized depreciation | (486839) |
|  Net unrealized appreciation | $676043 |

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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:

**•** **Futures** 

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. 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

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| **ABFunds.com** | AB Short Duration Income ETF 39 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 Fund enters into futures, 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 six months ended May 31, 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

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| 40 AB Short Duration Income ETF | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 six months ended May 31, 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 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

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| **ABFunds.com** | AB Short Duration Income ETF 41 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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. 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 six months ended May 31, 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

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|:---|:---|
| 42 AB Short Duration Income ETF | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 43 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

#### 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/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.

---

| | |
|:---|:---|
| 44 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

During the six months ended May 31, 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.

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 six months ended May 31, 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 | $73492 \* | Payable for variation margin on futures | $8547 \* |
|  Credit contracts | Receivable for variation margin on centrally cleared swaps | 154941 \* | Payable for variation margin on centrally cleared swaps | 5214 \* |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 1110 | Unrealized depreciation on forward currency exchange contracts | 2876 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229543 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16637 |

---

\* 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 Income ETF 45 |

---

------

**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)** |
|  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;140327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7360 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | 15135 | (10855) |
|  Interest rate contracts | Net realized gain (loss) on swaptions written; Net change in unrealized appreciation (depreciation) of swaptions written | (8811) | – 0 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 1328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112816 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147979 | $94601 |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended May 31, 2025:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14657978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $1412446 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $931524 |
|  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 | $4420000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $6406733 |

---

(a) Positions were open for one month during the period.

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 coun-

---

| | |
|:---|:---|
| 46 AB Short Duration Income ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

terparty 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, 2024. 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. | $1110 | $(1110) | $&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 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1110) | $– 0 – $| – 0 – $| – 0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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. | $2876 | $(1110) | $– 0 – $| – 0 – $| 1766 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2876 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1110) | $&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;1766 | <sup>^</sup> |

---

\* 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 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 47 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 |
|  | Six Months Ended<br>May 31, 2025<br>(unaudited) | Period Ended<br>November 30,<br>2024<sup>(a)</sup> | Year Ended<br>October 31,<br>2024<sup>(b)</sup> | Six Months Ended<br>May 31, 2025<br>(unaudited) | Period Ended<br>November 30,<br>2024<sup>(a)</sup> | Year Ended<br>October 31,<br>2024<sup>(b)</sup> |
| Class A | Class A | Class A | Class A | Class A | Class A | 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 increase (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) |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 1050000 | – 0 | 1339069 | $37198325 | $– 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)** | 900000 | – 0 | (586518) | $31892995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 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.

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| | |
|:---|:---|
| 48 AB Short Duration Income 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, interest rate levels, tariffs and trade disputes, interest rate levels, 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.

**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%.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 49 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**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 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.) 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

---

| | |
|:---|:---|
| 50 AB Short Duration Income ETF | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

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| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 51 |

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**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"). 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.

**Indemnification Risk**—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum

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| | |
|:---|:---|
| 52 AB Short Duration Income ETF | **ABFunds.com** |

---

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended May 31, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal period ended November 30, 2024 and the fiscal years ended October 31, 2024 and October 31, 2023 were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **November 1,<br>2024 to<br>November 30,<br>2024** | **Year Ended<br>October 31,<br>2024** | **Year Ended<br>October 31,<br>2023** |
|  Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $378246 | $5048765 | $4451992 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5048765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4451992 |

---

As of November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $479700 |
|  Accumulated capital and other losses | (6482270)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 402848 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5599722)<sup>(c)</sup> |

---

(a) As of November 30, 2024, the Fund had a net capital loss carryforward of $6,471,038. During the fiscal period, the Fund utilized $23,658 of capital loss carry forwards to offset current year net realized gains. As of November 30, 2024, the cumulative deferred loss on straddles was $11,232.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 53 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

(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, 2024, the Fund had a net short-term capital loss carryforward of $2,115,132 and a net long-term capital loss carryforward of $4,355,906, which may be carried forward for an indefinite period.

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.

---

| | |
|:---|:---|
| 54 AB Short Duration Income ETF | **ABFunds.com** |

---

------

#### FINANCIAL HIGHLIGHTS

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** | **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,** | **<br>Year Ended October 31,** |
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** | **November 1,<br>2024 to<br>November 30,**<br> **2024<sup>(b)</sup>** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $35.57 | $35.51 | $34.35 | $34.43 | $39.18 | $39.42 | $41.00 |
|  Income From Investment Operations |  |  |  |  |  |  |  |
|  Net investment income<sup>(c)(d)</sup> | 0.86 | 0.15 | 1.84 | 1.51 | 0.79 | 0.99 | 0.83 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.11 | 0.06 | 1.04 | 0.27 | (4.15) | .00 | (.31 |
|  Contribution from Affiliates | – 0 | – 0 | – 0 | – 0 | .00 <sup>(f)</sup> | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | 0.97 | 0.21 | 2.88 | 1.78 | (3.36) | 0.99 | 0.52 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |  |
|  Dividends from net investment income | (.90 | (.15 | (1.72) | (1.86) | (.95) | (1.23) | (1.58) |
|  Distributions from net realized gain on investment transactions | – 0 | – 0 | – 0 | – 0 | (.44) | – 0 | (.52 |
|  Total dividends and distributions | (.90 | (.15 | (1.72) | (1.86) | (1.39) | (1.23) | (2.10) |
|  Net asset value, end of period | **$35.64** | **$35.57** | **$35.51** | **$34.35** | **$34.43** | **$39.18** | **$39.42** |
|  Total Return |  |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(g)</sup> | 2.80 | .59 | 8.52 | 5.22 | (8.76)% | 2.48 | 1.34 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $120777 | $88503 | $88363 | $105618 | $64972 | $56593 | $41681 |
|  Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(h)</sup> | .30 | .30 | .39 | .71 | .77% | .47 | .48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(h)</sup> | .30 | .30 | .70 | 1.26 | 1.48% | 1.18 | 1.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(d)</sup> | 4.86 | 5.14 | 5.23 | 4.29 | 2.17% | 2.52 | 2.13 |
|  Portfolio turnover rate<sup>(i)</sup>\* | 28 | 1 | 116 | 185 | 60% | 163 | 336 |
|  Portfolio turnover rate (including securities sold short)\* | N/A | N/A | N/A | N/A | N/A | N/A | 336 |

---

See footnote summary on page 56.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 55 |

---

------

**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:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** | | **November 1,**<br> **2024 to<br>November 30,<br>2024<sup>(b)</sup>** | | **<br>Year Ended November 30,** | **<br>Year Ended November 30,** | **<br>Year Ended November 30,** | **<br>Year Ended November 30,** | **<br>Year Ended November 30,** |
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** | | **November 1,**<br> **2024 to<br>November 30,<br>2024<sup>(b)</sup>** | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net of waivers/reimbursements | .30 | %<sup>^</sup> | .30 | %<sup>^</sup> | .39% | .45% | .45% | .45% | .45% |
|  Before waivers/reimbursements | .30 | %<sup>^</sup> | .30 | %<sup>^</sup> | .70% | 1.00% | 1.16% | 1.16% | 1.64% |

---

(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.

\* The Fund accounts for dollar roll transactions as purchases and sales.

^ Annualized.

See notes to financial statements.

---

| | |
|:---|:---|
| 56 AB Short Duration Income ETF | **ABFunds.com** |

---

------

#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested directors (the "directors") of AB Active ETFs, Inc. (the "Company") unanimously approved the Company's Advisory Agreement with the Adviser in respect of AB Short Duration Income 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income 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 Short Duration Income Portfolio (the "Acquired Portfolio"), a series of AB Bond 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 June 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.

---

| | |
|:---|:---|
| 58 AB Short Duration Income 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 $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 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-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

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| | |
|:---|:---|
| **ABFunds.com** | AB Short Duration Income ETF 59 |

---

------

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 lower than the 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.

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| | |
|:---|:---|
| 60 AB Short Duration Income ETF | **ABFunds.com** |

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------

![LOGO](g102652g28a43.jpg)

AB SHORT DURATION INCOME ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-SDI-0152-0525 ![LOGO](g102652g22c48.jpg)

------

#### May 31, 2025
![LOGO](g112952g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB TAX-AWARE INTERMEDIATE

MUNICIPAL ETF

(NYSE: TAFM)

![LOGO](g112952g50e50.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
**May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MUNICIPAL OBLIGATIONS – 99.3% | MUNICIPAL OBLIGATIONS – 99.3% | MUNICIPAL OBLIGATIONS – 99.3% |
|  Long-Term Municipal Bonds – 91.1% | Long-Term Municipal Bonds – 91.1% | Long-Term Municipal Bonds – 91.1% |
|  **Alabama – 4.2%** | **Alabama – 4.2%** | **Alabama – 4.2%** |
|  Black Belt Energy Gas District<br>(BP PLC) <br>Series 2024-D <br>5.00%, 03/01/2055 | $2250 | $2357615 |
|  Black Belt Energy Gas District<br>(Canadian Imperial Bank of Commerce) <br>Series 2022-E <br>5.00%, 05/01/2053 | 1000 | 1031084 |
|  Black Belt Energy Gas District<br>(Goldman Sachs Group) <br>Series 2024-B <br>5.00%, 10/01/2055 | 2750 | 2864388 |
|  Black Belt Energy Gas District<br>(Nomura Holdings, Inc.) <br>Series 2022-A <br>4.00%, 12/01/2052 | 1100 | 1075229 |
|  County of Jefferson AL Sewer Revenue<br>(County of Jefferson AL Sewer Revenue) <br>Series 2024 <br>5.25%, 10/01/2040 | 250 | 263222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2044 | 100 | 102573 |
|  Energy Southeast A Cooperative District<br>(Morgan Stanley) <br>Series 2024-B <br>5.25%, 07/01/2054 | 1460 | 1544830 |
|  Lauderdale County Agriculture Center Authority<br>(Lauderdale County Agriculture Center Authority Spl Tax) <br>Series 2024 <br>5.00%, 07/01/2041 | 1000 | 1024536 |
|  Southeast Alabama Gas Supply District (The)<br>(Morgan Stanley) <br>Series 2024 <br>5.00%, 06/01/2049 | 200 | 209030 |
|  Southeast Energy Authority A Cooperative District<br>(Athene Annuity & Life Co.) <br>Series 2025-A <br>5.00%, 01/01/2056 | 500 | 504142 |
|  Southeast Energy Authority A Cooperative District<br>(Deutsche Bank AG) <br>Series 2024-A <br>5.00%, 11/01/2035 | 400 | 412517 |

---

---

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

---

------

**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>(Pacific Mutual Holding) <br>Series 2024-C <br>5.00%, 10/01/2055 | $| 750 | $| 783765 |
|  |  |  |  | 12172931 |
|  **Arizona – 2.3%** | **Arizona – 2.3%** | **Arizona – 2.3%** | **Arizona – 2.3%** | **Arizona – 2.3%** |
|  Arizona Industrial Development Authority<br>(Equitable School Revolving Fund Obligated Group)<br>Series 2023 <br>5.25%, 11/01/2053 |  | 1000 |  | 993019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 11/01/2044 |  | 150 |  | 148372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2049 |  | 1000 |  | 972163 |
|  Arizona Industrial Development Authority<br>(ISF Ativo Portfolio Obligated Group) <br>Series 2025 <br>6.875%, 03/01/2055<sup>(a)</sup> |  | 1000 |  | 949728 |
|  Chandler Industrial Development Authority<br>(Intel Corp.) <br>Series 2022 <br>5.00%, 09/01/2042 |  | 300 |  | 305563 |
|  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 |  | 992361 |
|  La Paz County Industrial Development Authority<br>(Harmony Public Schools) <br>Series 2016 <br>5.00%, 02/15/2036<sup>(a)</sup> |  | 400 |  | 400020 |
|  Maricopa County Industrial Development Authority<br>(HonorHealth Obligated Group) <br>Series 2019-A <br>4.125%, 09/01/2042 |  | 250 |  | 227840 |
|  Salt Verde Financial Corp.<br>(Citigroup, Inc.) <br>Series 2007 <br>5.00%, 12/01/2037 |  | 1500 |  | 1550900 |
|  |  |  |  | 6539966 |
|  **California – 9.8%** | **California – 9.8%** | **California – 9.8%** | **California – 9.8%** | **California – 9.8%** |
|  California Community Choice Financing Authority<br>(American General Life Insurance) <br>Series 2023-D <br>5.50%, 05/01/2054 |  | 250 |  | 262292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 08/01/2055 |  | 3200 |  | 3332393 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Community Choice Financing Authority<br>(Athene Annuity & Life Co.) <br>Series 2024 <br>5.00%, 11/01/2055 | $750 | $771120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 01/01/2056 | 1000 | 1020003 |
|  California Community Choice Financing Authority<br>(Deutsche Bank AG) <br>Series 2023 <br>5.25%, 01/01/2054 | 200 | 207024 |
|  California Community Choice Financing Authority<br>(New York Life Insurance) <br>Series 2024 <br>5.00%, 01/01/2056 | 500 | 531848 |
|  California Community Choice Financing Authority<br>(Pacific Mutual Holding) <br>Series 2024-F <br>5.00%, 02/01/2055 | 750 | 793529 |
|  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 | 80457 |
|  California Health Facilities Financing Authority<br>(Adventist Health System/West Obligated Group) <br>Series 2024 <br>5.25%, 12/01/2044 | 1000 | 1003605 |
|  California Health Facilities Financing Authority<br>(Stanford Health Care Obligated Group) <br>Series 2021 <br>3.00%, 08/15/2054 | 3000 | 2991003 |
|  California Infrastructure & Economic Development Bank<br>(Desertxpress Enterprises) <br>Series 2025 <br>9.50%, 01/01/2065<sup>(a)</sup> | 1000 | 968677 |
|  California Municipal Finance Authority<br>(CHF-Riverside II LLC) <br>Series 2019 <br>5.00%, 05/15/2033 | 500 | 520106 |
|  California Public Finance Authority<br>(ISF Ativo Portfolio Obligated Group) <br>Series 2025 <br>6.75%, 03/01/2055<sup>(a)</sup> | 1000 | 952052 |
|  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 | 1024907 |

---

---

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

---

------

**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 2022 <br>5.50%, 05/15/2038 | $2000 | $2122523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.25%, 05/15/2045 | 500 | 515388 |
|  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 | 65040 |
|  Golden State Tobacco Securitization Corp.<br>(Golden State Tobacco Securitization) <br>Series 2021-B <br>Zero Coupon, 06/01/2066 | 455 | 48809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 06/01/2051 | 460 | 449478 |
|  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 | 515402 |
|  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 | 3107887 |
|  M-S-R Energy Authority <br>(Citigroup, Inc.)<br>Series 2009-C <br>7.00%, 11/01/2034 | 1000 | 1176954 |
|  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 | 299806 |
|  San Francisco Intl Airport<br>(San Francisco Intl Airport) <br>Series 2019-A <br>5.00%, 05/01/2044 | 1000 | 994920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 05/01/2034 | 500 | 535434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2042 | 1250 | 1296418 |
|  San Francisco Intl Airport<br>(SFO Fuel Co. LLC) <br>Series 2019 <br>5.00%, 01/01/2047 | 1000 | 983469 |

---

---

| | |
|:---|:---|
| 4 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** |
|  Southern California Public Power Authority<br>(Los Angeles Dept. of Water & Power Power System Revenue) <br>Series 2021 <br>5.00%, 07/01/2025 | $| 375 | $| 375365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.00%, 07/01/2040 |  | 1000 |  | 1033098 |
|  State of California<br>(State of California) <br>Series 2024 <br>5.00%, 08/01/2044 |  | 200 |  | 211577 |
|  |  |  |  | 28190584 |
|  **Colorado – 2.4%** | **Colorado – 2.4%** | **Colorado – 2.4%** | **Colorado – 2.4%** | **Colorado – 2.4%** |
|  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 |  | 991024 |
|  City & County of Denver CO Airport System Revenue<br>(Denver Intl Airport) <br>Series 2018-A <br>5.00%, 12/01/2031 |  | 305 |  | 315403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 |  | 400 |  | 427278 |
|  Colorado Educational & Cultural Facilities Authority<br>(Ascent Classical Academy Charter Schools) <br>Series 2024 <br>5.50%, 04/01/2044<sup>(a)</sup> |  | 100 |  | 99755 |
|  Colorado Health Facilities Authority<br>(Christian Living Neighborhoods Obligated Group) <br>Series 2021 <br>4.00%, 01/01/2042 |  | 250 |  | 211830 |
|  Regional Transportation District<br>(Regional Transportation District COP) <br>Series 2025 <br>5.00%, 06/01/2038 |  | 1500 |  | 1631992 |
|  Town of Vail CO <br>(Town of Vail CO COP)<br>Series 2025 <br>5.50%, 12/01/2064 |  | 3000 |  | 3127438 |
|  |  |  |  | 6804720 |
|  **Connecticut – 0.4%** | **Connecticut – 0.4%** | **Connecticut – 0.4%** | **Connecticut – 0.4%** | **Connecticut – 0.4%** |
|  Stamford Housing Authority<br>(TJH Senior Living Obligated Group) <br>Series 2025 <br>6.375%, 10/01/2045 |  | 300 |  | 299721 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  State of Connecticut Special Tax Revenue<br>(State of Connecticut Special Tax Revenue) <br>Series 2018-B <br>5.00%, 10/01/2025 | $| 1000 | $| 1006810 |
|  |  |  |  | 1306531 |
|  **District of Columbia – 2.0%** | **District of Columbia – 2.0%** | **District of Columbia – 2.0%** | **District of Columbia – 2.0%** | **District of Columbia – 2.0%** |
|  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 |  | 98239 |
|  District of Columbia<br>(KIPP DC Obligated Group) <br>Series 2017-B <br>5.00%, 07/01/2037 |  | 200 |  | 202926 |
|  District of Columbia Income Tax Revenue<br>(District of Columbia Income Tax Revenue) <br>Series 2025-A <br>5.00%, 06/01/2044 |  | 1000 |  | 1042066 |
|  Metropolitan Washington Airports Authority Aviation Revenue<br>(Metropolitan Washington Airports Authority Aviation Revenue) <br>Series 2020-A <br>5.00%, 10/01/2033 |  | 250 |  | 262487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.00%, 10/01/2031 |  | 345 |  | 369219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A <br>5.00%, 10/01/2035 |  | 1000 |  | 1051666 |
|  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 |  | 1060818 |
|  Metropolitan Washington Airports Authority Dulles Toll Road Revenue<br>(Prerefunded – US Treasuries) <br>AGC Series 2009 <br>6.50%, 10/01/2041<sup>(b)</sup> |  | 1275 |  | 1333380 |
|  Washington Metropolitan Area Transit Authority<br>(Washington Metropolitan Area Transit Authority State Lease) <br>Series 2020-A <br>5.00%, 07/15/2045 |  | 400 |  | 403709 |
|  |  |  |  | 5824510 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Florida – 5.3%** | **Florida – 5.3%** | **Florida – 5.3%** |
|  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 | $150982 |
|  Capital Projects Finance Authority/FL<br>(PRG – UnionWest Properties) <br>Series 2024 <br>5.00%, 06/01/2058<sup>(a)</sup> | 1000 | 935675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2044<sup>(a)</sup> | 500 | 497761 |
|  Capital Trust Authority<br>(Mason Classical Academy) <br>Series 2024 <br>5.00%, 06/01/2054<sup>(a)</sup> | 150 | 134359 |
|  Central Florida Tourism Oversight District<br>(Central Florida Tourism Oversight District) <br>Series 2024-A <br>5.00%, 06/01/2044 | 1000 | 1035647 |
|  City of Tampa FL<br>(H Lee Moffitt Cancer Center & Research Institute Obligated Group) <br>Series 2020 <br>4.00%, 07/01/2038 | 375 | 354701 |
|  City of Venice FL<br>(Southwest Florida Retirement Center Obligated Group) <br>Series 2024 <br>5.625%, 01/01/2060<sup>(a)</sup> | 100 | 94382 |
|  County of Lee FL Airport Revenue<br>(County of Lee FL Airport Revenue) <br>Series 2024 <br>5.25%, 10/01/2044 | 1000 | 1019015 |
|  County of Miami-Dade FL<br>(County of Miami-Dade FL) <br>Series 2024 <br>5.00%, 04/01/2046 | 1000 | 1025205 |
|  County of Miami-Dade FL Aviation Revenue<br>(County of Miami-Dade FL Aviation Revenue) <br>Series 2024-A <br>5.00%, 10/01/2034 | 1005 | 1073893 |
|  County of Miami-Dade Seaport Department<br>(County of Miami-Dade Seaport Dept.) <br>Series 2023-A <br>5.00%, 10/01/2035 | 1035 | 1079481 |
|  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 | 310633 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Florida Development Finance Corp.<br>(Brightline Trains Florida) <br>AGM Series 2024 <br>5.00%, 07/01/2044 | $350 | $342398 |
|  Florida Development Finance Corp. <br>(GFL Solid Waste Southeast)<br>Series 2024 <br>4.375%, 10/01/2054<sup>(a)</sup> | 250 | 248832 |
|  Florida Development Finance Corp.<br>(SFP – Tampa I LLC) <br>Series 2024 <br>5.00%, 06/01/2044<sup>(a)</sup> | 1000 | 947231 |
|  Florida Higher Educational Facilities Financial Authority<br>(Florida Institute of Technology) <br>Series 2019 <br>5.00%, 10/01/2036 | 155 | 156597 |
|  Greater Orlando Aviation Authority<br>(Greater Orlando Aviation Authority) <br>Series 2024 <br>5.00%, 10/01/2034 | 500 | 536279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2040 | 1095 | 1160523 |
|  Hillsborough County Aviation Authority<br>(Hillsborough County Aviation Authority) <br>Series 2024 <br>5.25%, 10/01/2044 | 300 | 308863 |
|  Mid-Bay Bridge Authority<br>(Mid-Bay Bridge Authority) <br>Series 2015-A <br>5.00%, 10/01/2035 | 1000 | 999986 |
|  Orange County Health Facilities Authority<br>(Orlando Health Obligated Group) <br>Series 2025 <br>5.00%, 10/01/2044 | 500 | 507083 |
|  Palm Beach County Educational Facilities Authority<br>(Palm Beach Atlantic University Obligated Group) <br>Series 2024 <br>5.25%, 10/01/2048 | 255 | 247694 |
|  Palm Beach County Health Facilities Authority<br>(Jupiter Medical Center Obligated Group) <br>Series 2022 <br>5.00%, 11/01/2036 | 700 | 723508 |
|  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 | 1016027 |

---

---

| | |
|:---|:---|
| 8 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** |
|  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 | $| 233526 |
|  |  |  |  | 15140281 |
|  **Georgia – 4.0%** | **Georgia – 4.0%** | **Georgia – 4.0%** | **Georgia – 4.0%** | **Georgia – 4.0%** |
|  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 |  | 1337565 |
|  Fayette County Development Authority<br>(United States Soccer Federation) <br>Series 2024 <br>5.00%, 10/01/2043 |  | 1140 |  | 1154879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2054 |  | 1050 |  | 1055913 |
|  Main Street Natural Gas, Inc.<br>(Citigroup, Inc.) <br>Series 2022-B <br>5.00%, 12/01/2052 |  | 1555 |  | 1604988 |
|  Main Street Natural Gas, Inc.<br>(Macquarie Group Ltd.) <br>Series 2019-A <br>5.00%, 05/15/2043 |  | 1000 |  | 1001929 |
|  Main Street Natural Gas, Inc.<br>(Royal Bank of Canada) <br>Series 2024-B <br>5.00%, 12/01/2054 |  | 2000 |  | 2105890 |
|  Metropolitan Atlanta Rapid Transit Authority<br>(Prerefunded – US Govt Agencies) <br>Series 2015-A <br>5.00%, 07/01/2042 |  | 1000 |  | 1001565 |
|  Municipal Electric Authority of Georgia<br>(Municipal Electric Authority of Georgia) <br>Series 2019 <br>5.00%, 01/01/2063 |  | 700 |  | 678821 |
|  Savannah Economic Development Authority<br>(SSU Community Development I) <br>Series 2021 <br>4.00%, 06/15/2038 |  | 1000 |  | 963561 |
|  Savannah Hospital Authority<br>(St. Joseph's/Candler Health System Obligated Group) <br>Series 2019 <br>4.00%, 07/01/2039 |  | 500 |  | 469436 |
|  |  |  |  | 11374547 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Guam – 0.9%** | **Guam – 0.9%** | **Guam – 0.9%** |
|  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 | $395567 |
|  Guam Government Waterworks Authority<br>(Guam Waterworks Authority Water And Wastewater System) <br>Series 2024-A <br>5.00%, 07/01/2039 | 270 | 272463 |
|  Guam Power Authority<br>(Guam Power Authority) <br>Series 2017-A <br>5.00%, 10/01/2033 | 1000 | 1018354 |
|  Territory of Guam<br>(Territory of Guam Business Privilege Tax) <br>Series 2021-F <br>4.00%, 01/01/2042 | 1000 | 883291 |
|  |  | 2569675 |
|  **Hawaii – 0.8%** | **Hawaii – 0.8%** | **Hawaii – 0.8%** |
|  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 | 160966 |
|  State of Hawaii Airports System Revenue<br>(State of Hawaii Airports System Revenue) <br>Series 2022-A <br>5.00%, 07/01/2047 | 1000 | 991089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C <br>5.00%, 07/01/2041 | 1000 | 1027631 |
|  |  | 2179686 |
|  **Illinois – 5.5%** | **Illinois – 5.5%** | **Illinois – 5.5%** |
|  Chicago Board of Education<br>(Chicago Board of Education) <br>Series 2021-A <br>5.00%, 12/01/2036 | 120 | 121004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A <br>5.00%, 12/01/2034 | 100 | 102534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2049 | 1300 | 1356857 |
|  Chicago O'Hare International Airport<br>(Chicago O'Hare Intl Airport) <br>Series 2024-A <br>5.00%, 01/01/2036 | 500 | 523376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C <br>5.00%, 01/01/2034 | 1000 | 1065005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2042 | 250 | 258279 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  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 | $1528827 |
|  Illinois Finance Authority<br>(Advocate Aurora Health Obligated Group) <br>Series 2014 <br>4.00%, 08/01/2038 | 1000 | 922446 |
|  Illinois Finance Authority<br>(Centerpoint Joliet Terminal Railroad) <br>Series 2024 <br>4.125%, 12/01/2043<sup>(a)</sup> | 100 | 96691 |
|  Illinois State Toll Highway Authority<br>(Illinois State Toll Highway Authority) <br>Series 2017-A <br>5.00%, 01/01/2042 | 2245 | 2256405 |
|  Metropolitan Pier & Exposition Authority<br>(Metropolitan Pier & Exposition Authority) <br>Series 2017 <br>0.00%, 12/15/2042<sup>(b)</sup> | 100 | 70098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.00%, 06/15/2050 | 1000 | 969449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 12/15/2042 | 1000 | 892435 |
| &nbsp;&nbsp;&nbsp;&nbsp; NATL Series 2002 <br>Zero Coupon, 06/15/2035 | 150 | 96066 |
|  State of Illinois<br>(State of Illinois) <br>Series 2020 <br>5.50%, 05/01/2039 | 1085 | 1135373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B <br>4.00%, 10/01/2033 | 100 | 98763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B <br>5.50%, 05/01/2047 | 1000 | 1024493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 02/01/2039 | 1000 | 1041316 |
|  State of Illinois Sales Tax Revenue<br>(State of Illinois Sales Tax Revenue) <br>Series 2025 <br>5.00%, 06/15/2041 | 1000 | 1030947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.00%, 06/15/2040 | 1000 | 1039522 |
|  |  | 15629886 |

---

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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** |
|  **Indiana – 1.8%** | **Indiana – 1.8%** | **Indiana – 1.8%** |
|  City of Valparaiso IN<br>(Pratt Paper IN LLC) <br>Series 2024 <br>4.875%, 01/01/2044<sup>(a)</sup> | $100 | $94676 |
|  City of Whiting IN<br>(BP Products North America) <br>Series 2025 <br>4.20%, 06/01/2044<sup>(c)</sup> | 1000 | 996946 |
|  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 | 1251245 |
|  Indiana Finance Authority<br>(Parkview Health System Obligated Group) <br>Series 2024-A <br>5.00%, 11/01/2054<sup>(a)</sup> | 100 | 101332 |
|  Indiana Finance Authority<br>(SFP-PUFW I LLC) <br>Series 2024 <br>4.25%, 07/01/2044 | 1000 | 886957 |
|  Indianapolis Local Public Improvement Bond Bank<br>(Pan Am Plaza Hotel) <br>Series 2023 <br>6.00%, 03/01/2053 | 150 | 155339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-F <br>7.75%, 03/01/2067 | 100 | 108860 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2023 <br>5.25%, 03/01/2067 | 1600 | 1627956 |
|  |  | 5223311 |
|  **Iowa – 0.1%** | **Iowa – 0.1%** | **Iowa – 0.1%** |
|  Iowa Tobacco Settlement Authority<br>(Iowa Tobacco Settlement Authority) <br>Series 2021-B <br>Zero Coupon, 06/01/2065 | 1000 | 147089 |
|  **Kentucky – 1.9%** | **Kentucky – 1.9%** | **Kentucky – 1.9%** |
|  Kenton County Airport Board<br>(Kenton County Airport Board) <br>Series 2024-A <br>5.00%, 01/01/2033 | 1885 | 2014761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2044 | 350 | 358443 |
|  Kentucky Public Energy Authority <br>(BP PLC)<br>Series 2024-B <br>5.00%, 01/01/2055 | 1155 | 1214201 |

---

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| | |
|:---|:---|
| 12 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>(Goldman Sachs Group) <br>Series 2024-A <br>5.00%, 05/01/2055 | $| 500 | $| 518357 |
|  Kentucky Public Energy Authority<br>(Morgan Stanley) <br>Series 2023-A <br>5.25%, 04/01/2054 |  | 200 |  | 211586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.25%, 06/01/2055 |  | 1000 |  | 1048710 |
|  |  |  |  | 5366058 |
|  **Louisiana – 1.4%** | **Louisiana – 1.4%** | **Louisiana – 1.4%** | **Louisiana – 1.4%** | **Louisiana – 1.4%** |
|  City of New Orleans LA<br>(City of New Orleans LA) <br>Series 2024-A <br>5.00%, 12/01/2041 |  | 1000 |  | 1031206 |
|  Louisiana Public Facilities Authority<br>(Calcasieu Bridge Partners) <br>Series 2024 <br>5.50%, 09/01/2054 |  | 100 |  | 101789 |
|  New Orleans Aviation Board<br>(New Orleans Aviation Board) <br>Series 2024 <br>5.25%, 01/01/2040 |  | 1000 |  | 1045024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2045 |  | 1000 |  | 1014018 |
|  Parish of St. John the Baptist LA<br>(Marathon Oil Corp.) <br>Series 2024 <br>3.30%, 06/01/2037 |  | 500 |  | 489898 |
|  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 |  | 213994 |
|  |  |  |  | 3895929 |
|  **Maine – 0.2%** | **Maine – 0.2%** | **Maine – 0.2%** | **Maine – 0.2%** | **Maine – 0.2%** |
|  Finance Authority of Maine<br>(Casella Waste Systems) <br>Series 2024 <br>4.625%, 12/01/2047<sup>(a)</sup> |  | 600 |  | 584194 |
|  **Maryland – 1.6%** | **Maryland – 1.6%** | **Maryland – 1.6%** | **Maryland – 1.6%** | **Maryland – 1.6%** |
|  Maryland Economic Development Corp.<br>(Purple Line Transit Partners) <br>Series 2022 <br>5.25%, 06/30/2047 |  | 1070 |  | 1062158 |

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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** |
|  Maryland Stadium Authority<br>(Baltimore City Public Schools Construction & Revitalization Program) <br>Series 2018 <br>5.00%, 05/01/2036 | $| 445 | $| 461107 |
|  State of Maryland <br>(State of Maryland)<br>Series 2017-B<br>5.00%, 08/01/2025 |  | 1000 |  | 1003174 |
|  State of Maryland Department of Transportation<br>(Baltimore/Washington Intl Thurgood Marshall Airport)<br>Series 2021 <br>5.00%, 08/01/2046 |  | 1000 |  | 992091 |
|  State of Maryland Department of Transportation<br>(Maryland Aviation Administration) <br>AGC Series 2024 <br>5.25%, 08/01/2043 |  | 1000 |  | 1030367 |
|  |  |  |  | 4548897 |
|  **Massachusetts – 4.8%** | **Massachusetts – 4.8%** | **Massachusetts – 4.8%** | **Massachusetts – 4.8%** | **Massachusetts – 4.8%** |
|  City of Quincy MA<br>(City of Quincy MA) <br>Series 2022-B <br>5.00%, 07/01/2047 |  | 1000 |  | 1029890 |
|  Commonwealth of Massachusetts<br>(Commonwealth of Massachusetts) <br>Series 2025-A <br>5.00%, 04/01/2044 |  | 1000 |  | 1047389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2045 |  | 2500 |  | 2607428 |
|  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 |  | 1042599 |
|  Massachusetts Development Finance Agency<br>(Boston Medical Center Obligated Group) <br>Series 2015-D <br>5.00%, 07/01/2044 |  | 500 |  | 484703 |
|  Massachusetts Development Finance Agency<br>(Emerson College) <br>Series 2017-A <br>5.00%, 01/01/2040 |  | 500 |  | 501836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.25%, 01/01/2043 |  | 460 |  | 474603 |

---

---

| | |
|:---|:---|
| 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** |
|  Massachusetts Development Finance Agency<br>(Lifespan Obligated Group) <br>Series 2025 <br>5.50%, 08/15/2050 | $| 1000 | $| 1026722 |
|  Massachusetts Development Finance Agency<br>(UMass Memorial Health Care Obligated Group) <br>Series 2025 <br>5.00%, 07/01/2045 |  | 1000 |  | 1002035 |
|  Massachusetts Port Authority<br>(Massachusetts Port Authority) <br>Series 2021-E <br>5.00%, 07/01/2038 |  | 975 |  | 1015725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2046 |  | 1500 |  | 1492050 |
|  University of Massachusetts Building Authority<br>(University of Massachusetts) <br>Series 2017-1 <br>5.25%, 11/01/2042 |  | 2000 |  | 2038143 |
|  |  |  |  | 13763123 |
|  **Michigan – 1.3%** | **Michigan – 1.3%** | **Michigan – 1.3%** | **Michigan – 1.3%** | **Michigan – 1.3%** |
|  City of Detroit MI<br>(City of Detroit MI) <br>Series 2023-C <br>6.00%, 05/01/2043 |  | 250 |  | 269787 |
|  Michigan State Hospital Finance Authority<br>(Corewell Health Obligated Group) <br>Series 2025-A <br>5.00%, 08/15/2046 |  | 2500 |  | 2560947 |
|  Michigan Strategic Fund<br>(Michigan Strategic Fund – I 75 Improvement Project)<br>AGM Series 2018 <br>4.50%, 06/30/2048 |  | 1000 |  | 924079 |
|  |  |  |  | 3754813 |
|  **Minnesota – 0.8%** | **Minnesota – 0.8%** | **Minnesota – 0.8%** | **Minnesota – 0.8%** | **Minnesota – 0.8%** |
|  City of Center City MN<br>(Hazelden Betty Ford Foundation) <br>Series 2025 <br>5.00%, 11/01/2044 |  | 160 |  | 162248 |
|  City of St. Cloud MN<br>(CentraCare Health System Obligated Group) <br>Series 2024 <br>5.00%, 05/01/2035 |  | 1000 |  | 1088652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2042 |  | 500 |  | 508041 |
|  City of Woodbury MN<br>(Math & Science Academy/MN) <br>Series 2025 <br>5.50%, 06/01/2055<sup>(a)</sup> |  | 500 |  | 462551 |
|  |  |  |  | 2221492 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Mississippi – 0.6%** | **Mississippi – 0.6%** | **Mississippi – 0.6%** |
|  City of Gulfport MS<br>(Memorial Hospital at Gulfport Obligated Group) <br>Series 2025 <br>5.00%, 07/01/2034 | $715 | $766261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2050 | 900 | 918894 |
|  |  | 1685155 |
|  **Nebraska – 0.4%** | **Nebraska – 0.4%** | **Nebraska – 0.4%** |
|  Central Plains Energy Project<br>(Bank of Montreal) <br>Series 2023-A <br>5.00%, 05/01/2054 | 1000 | 1030398 |
|  **Nevada – 0.3%** | **Nevada – 0.3%** | **Nevada – 0.3%** |
|  Reno-Tahoe Airport Authority<br>(Reno-Tahoe Airport Authority) <br>Series 2024 <br>5.25%, 07/01/2044 | 300 | 305372 |
|  State of Nevada Department of Business & Industry<br>(Desertxpress Enterprises) <br>Series 2025 <br>9.50%, 01/01/2065<sup>(a)</sup> | 200 | 190751 |
|  Tahoe-Douglas Visitors Authority <br>(Tahoe-Douglas Visitors Authority)<br>Series 2020 <br>5.00%, 07/01/2035 | 235 | 243954 |
|  |  | 740077 |
|  **New Hampshire – 1.8%** | **New Hampshire – 1.8%** | **New Hampshire – 1.8%** |
|  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 | 99425 |
|  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 | 100585 |
|  New Hampshire Business Finance Authority<br>(New Hampshire Business Finance Authority) <br>Series 2025 <br>4.75%, 06/20/2041<sup>(c)</sup> | 1000 | 998800 |
|  New Hampshire Business Finance Authority<br>(NFA 2024-2) <br>Series 2024-2, Class A <br>3.625%, 08/20/2039 | 99 | 89413 |
|  New Hampshire Business Finance Authority<br>(NFA 2025-1) <br>Series 2025 <br>5.75%, 04/28/2042 | 1000 | 1005656 |

---

---

| | |
|:---|:---|
| 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** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 12/15/2033<sup>(a)</sup> | $| 1000 | $| 1001572 |
|  New Hampshire Business Finance Authority<br>(Tamarron Project) <br>Series 2024 <br>5.25%, 12/01/2035<sup>(a)</sup> |  | 944 |  | 937069 |
|  New Hampshire Business Finance Authority<br>(University of Nevada Reno) <br>BAM Series 2023 <br>4.50%, 06/01/2053 |  | 960 |  | 890197 |
|  |  |  |  | 5122717 |
|  **New Jersey – 3.0%** | **New Jersey – 3.0%** | **New Jersey – 3.0%** | **New Jersey – 3.0%** | **New Jersey – 3.0%** |
|  New Jersey Transportation Trust Fund Authority<br>(New Jersey Transportation Trust Fund Authority State Lease) <br>AGM Series 2006-C <br>Zero Coupon, 12/15/2033 |  | 100 |  | 71990 |
|  New Jersey Transportation Trust Fund Authority<br>(State of New Jersey Lease) <br>Series 2022 <br>4.00%, 06/15/2039 |  | 1390 |  | 1304719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A <br>4.25%, 06/15/2044 |  | 1000 |  | 910891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B <br>5.25%, 06/15/2050 |  | 1950 |  | 1991722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>4.00%, 06/15/2042 |  | 1200 |  | 1084833 |
|  New Jersey Turnpike Authority<br>(New Jersey Turnpike Authority) <br>Series 2024-A <br>5.00%, 01/01/2033 |  | 2015 |  | 2244285 |
|  Tobacco Settlement Financing Corp./NJ<br>(Tobacco Settlement Financing Corp/NJ) <br>Series 2018-B <br>5.00%, 06/01/2046 |  | 940 |  | 901188 |
|  |  |  |  | 8509628 |
|  **New York – 9.4%** | **New York – 9.4%** | **New York – 9.4%** | **New York – 9.4%** | **New York – 9.4%** |
|  Build NYC Resource Corp.<br>(Kipp NYC Public Charter Schools) <br>Series 2023 <br>5.00%, 07/01/2032 |  | 555 |  | 590654 |
|  City of New York NY<br>(City of New York NY) <br>Series 2025-E <br>5.00%, 08/01/2041 |  | 1000 |  | 1057008 |
|  Empire State Development Corp.<br>(New York State Sales Tax) <br>Series 2024-A <br>5.00%, 03/15/2047 |  | 1000 |  | 1025596 |

---

---

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

---

------

**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 | $970588 |
|  Long Island Power Authority<br>(Long Island Power Authority) <br>Series 2024-A <br>5.00%, 09/01/2049 | 1000 | 1014612 |
|  Metropolitan Transportation Authority<br>(Metropolitan Transportation Authority) <br>Series 2017 <br>Zero Coupon, 11/15/2033 | 425 | 303844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C <br>4.75%, 11/15/2045 | 400 | 391988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.25%, 11/15/2049 | 1060 | 1086135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.00%, 11/15/2039 | 330 | 346414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.25%, 11/15/2045 | 1895 | 1960884 |
|  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 | 135038 |
|  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 | 900105 |
|  New York City Transitional Finance Authority<br>(New York City Transitional Finance Authority Future Tax Secured Revenue) <br>Series 2024 <br>5.00%, 11/01/2037 | 1030 | 1122387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 05/01/2046 | 1000 | 1025911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H <br>5.25%, 11/01/2045 | 1000 | 1054937 |
|  New York Liberty Development Corp.<br>(Goldman Sachs Headquarters) <br>Series 2007 <br>5.50%, 10/01/2037 | 1000 | 1128927 |
|  New York State Dormitory Authority<br>(State of New York Pers Income Tax) <br>Series 2024-A <br>5.00%, 03/15/2039 | 2225 | 2377847 |
|  New York Transportation Development Corp.<br>(Delta Air Lines, Inc.) <br>Series 2023 <br>5.625%, 04/01/2040 | 500 | 512550 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York Transportation Development Corp.<br>(JFK Intl Air Terminal) <br>Series 2022 <br>5.00%, 12/01/2041 | $1000 | $1005487 |
|  New York Transportation Development Corp.<br>(JFK Millennium Partners) <br>Series 2024 <br>5.50%, 12/31/2054 | 500 | 500634 |
|  New York Transportation Development Corp.<br>(JFK NTO LLC) <br>Series 2023 <br>6.00%, 06/30/2054 | 120 | 125819 |
|  New York Transportation Development Corp.<br>(Laguardia Gateway Partners) <br>Series 2016-A <br>5.00%, 07/01/2046 | 250 | 243009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2050 | 100 | 97306 |
|  Onondaga Civic Development Corp.<br>(Syracuse University) <br>Series 2025 <br>5.50%, 12/01/2056 | 1000 | 1060497 |
|  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 | 883866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.25%, 08/01/2041 | 855 | 890104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2047 | 1285 | 1306460 |
|  Suffolk Regional Off-Track Betting Corp.<br>(Suffolk Regional Off-Track Betting) <br>Series 2024 <br>5.75%, 12/01/2044 | 100 | 102325 |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority Real Estate Transfer Tax) <br>Series 2025 <br>5.00%, 12/01/2046 | 500 | 512326 |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority) <br>Series 2025-A <br>5.00%, 02/01/2028 | 1000 | 1055652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 1000 | 1052696 |
|  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 | 1082487 |
|  |  | 26924093 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **North Carolina – 1.5%** | **North Carolina – 1.5%** | **North Carolina – 1.5%** |
|  County of Guilford NC<br>(County of Guilford NC) <br>Series 2017-B <br>4.00%, 05/01/2033 | $1140 | $1141789 |
|  Greater Asheville Regional Airport Authority<br>(Greater Asheville Regional Airport Authority) <br>AGM Series 2023 <br>5.25%, 07/01/2042 | 1000 | 1032246 |
|  Raleigh Durham Airport Authority<br>(Raleigh Durham Airport Authority) <br>Series 2015-A <br>5.00%, 05/01/2029 | 1225 | 1226074 |
|  State of North Carolina<br>(State of North Carolina Lease) <br>Series 2014-B <br>5.00%, 06/01/2025 | 1000 | 1000000 |
|  |  | 4400109 |
|  **Ohio – 2.6%** | **Ohio – 2.6%** | **Ohio – 2.6%** |
|  Buckeye Tobacco Settlement Financing Authority<br>(Buckeye Tobacco Settlement Financing Authority) <br>Series 2020-B <br>5.00%, 06/01/2055 | 1000 | 865244 |
|  Columbus Regional Airport Authority<br>(Columbus Regional Airport Authority) <br>Series 2025 <br>5.25%, 01/01/2042 | 1800 | 1854033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2050 | 1955 | 2017983 |
|  Jefferson County Port Authority/OH<br>(JSW Steel USA Ohio, Inc.) <br>Series 2021 <br>3.50%, 12/01/2051<sup>(a)</sup> | 100 | 71851 |
|  Lancaster Port Authority<br>(Royal Bank of Canada) <br>Series 2024-A <br>5.00%, 02/01/2055 | 1000 | 1044562 |
|  Ohio Higher Educational Facility Commission<br>(John Carroll University) <br>Series 2025 <br>5.00%, 10/01/2034<sup>(c)</sup> | 1140 | 1187861 |
|  Ohio Higher Educational Facility Commission<br>(Xavier University) <br>Series 2024 <br>5.00%, 05/01/2042 | 400 | 403023 |
|  |  | 7444557 |

---

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Oklahoma – 1.4%** | **Oklahoma – 1.4%** | **Oklahoma – 1.4%** |
|  Oklahoma Turnpike Authority<br>(Oklahoma Turnpike Authority) <br>Series 2025-A <br>5.00%, 01/01/2045 | $1000 | $1041854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 01/01/2040<sup>(c)</sup> | 1000 | 1059929 |
|  Tulsa Municipal Airport Trust Trustees/OK<br>(American Airlines, Inc.) <br>Series 2025 <br>6.25%, 12/01/2040 | 1000 | 1074068 |
|  University of Oklahoma (The)<br>(University of Oklahoma/The) <br>BAM Series 2024-A <br>5.00%, 07/01/2044 | 890 | 920542 |
|  |  | 4096393 |
|  **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 | 430754 |
|  **Pennsylvania – 4.4%** | **Pennsylvania – 4.4%** | **Pennsylvania – 4.4%** |
|  Adams County General Authority<br>(Gettysburg College) <br>Series 2025 <br>5.00%, 08/15/2043 | 660 | 655615 |
|  Bucks County Industrial Development Authority<br>(Grand View Hospital/Sellersville PA Obligated Group)<br>Series 2021 <br>4.00%, 07/01/2046 | 100 | 82016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 100 | 104460 |
|  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 | 1001032 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2024-C <br>5.25%, 09/01/2049 | 1000 | 1041243 |
|  Commonwealth of Pennsylvania<br>(Commonwealth of Pennsylvania) <br>Series 2023 <br>5.00%, 09/01/2025 | 1000 | 1004802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>4.00%, 08/15/2043 | 200 | 189283 |

---

---

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

---

------

**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>(Commonwealth of Pennsylvania Dept. of Transportation)<br>Series 2022 <br>5.50%, 06/30/2039 | $| 300 | $| 312790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/30/2061 |  | 1000 |  | 1037913 |
|  Pennsylvania Economic Development Financing Authority<br>(Core Natural Resources) <br>Series 2025 <br>5.45%, 01/01/2051<sup>(a)</sup> |  | 100 |  | 99340 |
|  Pennsylvania Higher Educational Facilities Authority <br>(Thomas Jefferson University Obligated Group)<br>AGC Series 2024<br>5.25%, 11/01/2048 |  | 1250 |  | 1281483 |
|  Philadelphia Gas Works Co.<br>(Philadelphia Gas Works) <br>Series 2024 <br>5.00%, 08/01/2030 |  | 1000 |  | 1086076 |
|  Pittsburgh Water & Sewer Authority<br>(Pittsburgh Water & Sewer Authority) <br>AGM Series 2017-A <br>5.00%, 09/01/2025 |  | 1000 |  | 1004422 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2019-A <br>5.00%, 09/01/2044 |  | 1000 |  | 1019657 |
|  Pocono Mountains Industrial Park Authority<br>(St. Luke's Hospital Obligated Group) <br>Series 2015 <br>5.00%, 08/15/2040 |  | 1140 |  | 1131489 |
|  State Public School Building Authority<br>(School District of Philadelphia/The) <br>AGM Series 2016 <br>5.00%, 06/01/2025 |  | 1500 |  | 1500000 |
|  |  |  |  | 12551621 |
|  **Puerto Rico – 0.1%** | **Puerto Rico – 0.1%** | **Puerto Rico – 0.1%** | **Puerto Rico – 0.1%** | **Puerto Rico – 0.1%** |
|  Commonwealth of Puerto Rico<br>(Commonwealth of Puerto Rico) <br>Series 2022-C <br>Zero Coupon, 11/01/2043 |  | 166 |  | 99428 |
|  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 |  | 110665 |

---

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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** |
|  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 | $| 93795 |
|  |  |  |  | 303888 |
|  **South Carolina – 2.1%** | **South Carolina – 2.1%** | **South Carolina – 2.1%** | **South Carolina – 2.1%** | **South Carolina – 2.1%** |
|  South Carolina Jobs-Economic Development Authority<br>(Beaufort Memorial Hospital Obligated Group) <br>Series 2024 <br>5.50%, 11/15/2044 |  | 395 |  | 394553 |
|  South Carolina Jobs-Economic Development Authority<br>(Bon Secours Mercy Health) <br>Series 2020 <br>5.00%, 12/01/2046 |  | 1000 |  | 1000258 |
|  South Carolina Jobs-Economic Development Authority<br>(Novant Health Obligated Group) <br>Series 2024 <br>5.00%, 11/01/2038 |  | 1000 |  | 1053795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2044 |  | 2095 |  | 2162443 |
|  South Carolina Public Service Authority <br>(South Carolina Public Service Authority)<br>Series 2021-A <br>4.00%, 12/01/2035 |  | 1000 |  | 987138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.00%, 12/01/2044 |  | 500 |  | 505869 |
|  |  |  |  | 6104056 |
|  **Tennessee – 0.9%** | **Tennessee – 0.9%** | **Tennessee – 0.9%** | **Tennessee – 0.9%** | **Tennessee – 0.9%** |
|  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 |  | 477742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>Zero Coupon, 12/01/2031<sup>(a)</sup> |  | 100 |  | 69648 |
|  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 |  | 1394653 |
|  Metropolitan Nashville Airport Authority (The)<br>(Metropolitan Nashville Airport Authority/The) <br>Series 2022-B <br>5.50%, 07/01/2041 |  | 465 |  | 489654 |

---

---

| | |
|:---|:---|
| **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** |
|  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 | $| 94704 |
|  |  |  |  | 2526401 |
|  **Texas – 4.4%** | **Texas – 4.4%** | **Texas – 4.4%** | **Texas – 4.4%** | **Texas – 4.4%** |
|  Aledo Independent School District<br>(Aledo Independent School District) <br>Series 2023 <br>5.00%, 02/15/2042 |  | 1000 |  | 1038791 |
|  Arlington Higher Education Finance Corp.<br>(BASIS Texas Charter Schools) <br>Series 2024 <br>5.00%, 06/15/2064<sup>(a)</sup> |  | 1000 |  | 894590 |
|  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 |  | 1066272 |
|  Central Texas Turnpike System<br>(Central Texas Turnpike System) <br>Series 2024-C <br>5.00%, 08/15/2038 |  | 100 |  | 106301 |
|  City of Dallas TX<br>(City of Dallas TX) <br>Series 2024-C <br>5.00%, 02/15/2032 |  | 1000 |  | 1106766 |
|  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 |  | 1576085 |
|  City of Houston TX Airport System Revenue<br>(City of Houston TX Airport System Revenue) <br>AGM Series 2023 <br>5.00%, 07/01/2038 |  | 500 |  | 516642 |
|  City of Houston TX Airport System Revenue<br>(United Airlines, Inc.) <br>Series 2024-B <br>5.25%, 07/15/2034 |  | 1000 |  | 1023950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2038 |  | 1000 |  | 1028068 |
|  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 |  | 1319677 |

---

---

| | |
|:---|:---|
| 24 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** |
|  Hidalgo County Regional Mobility Authority<br>(Hidalgo County Regional Mobility Authority) <br>Series 2022-B <br>5.00%, 12/01/2036 | $| 300 | $| 303595 |
|  Lower Colorado River Authority<br>(Lower Colorado River Authority) <br>AGM Series 2022 <br>5.00%, 05/15/2034 |  | 1000 |  | 1081676 |
|  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 |  | 94576 |
|  Texas Municipal Gas Acquisition & Supply Corp. II<br>(JPMorgan Chase & Co.) <br>Series 2007 <br>3.926% (CME Term SOFR 3 Month + 1.05%), 09/15/2027<sup>(d)</sup> |  | 1000 |  | 1003444 |
|  Texas Municipal Gas Acquisition & Supply Corp. IV<br>(BP PLC) <br>Series 2023-B <br>5.50%, 01/01/2054 |  | 200 |  | 218614 |
|  Texas Private Activity Bond Surface Transportation Corp.<br>(NTE Mobility Partners Segments 3) <br>Series 2019 <br>5.00%, 06/30/2058 |  | 100 |  | 95138 |
|  |  |  |  | 12474185 |
|  **Utah – 1.0%** | **Utah – 1.0%** | **Utah – 1.0%** | **Utah – 1.0%** | **Utah – 1.0%** |
|  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 |  | 2054858 |
|  Utah Infrastructure Agency<br>(Utah Infrastructure Agency) <br>Series 2024 <br>5.50%, 10/15/2044 |  | 500 |  | 516497 |
|  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 |  | 196379 |
|  |  |  |  | 2767734 |
|  **Virginia – 1.3%** | **Virginia – 1.3%** | **Virginia – 1.3%** | **Virginia – 1.3%** | **Virginia – 1.3%** |
|  Fairfax County Industrial Development Authority<br>(Inova Health System Obligated Group) <br>Series 2022 <br>4.00%, 05/15/2042 |  | 1000 |  | 923598 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 25 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Henrico County Economic Development Authority<br>(Bon Secours Mercy Health) <br>Series 2025 <br>5.00%, 11/01/2048 | $| 1000 | $| 1005450 |
|  Virginia Beach Development Authority<br>(Westminster-Canterbury on Chesapeake Bay Obligated Group) <br>Series 2023 <br>7.00%, 09/01/2059 |  | 100 |  | 108751 |
|  Virginia Small Business Financing Authority<br>(95 Express Lanes LLC) <br>Series 2022 <br>4.00%, 07/01/2041 |  | 1000 |  | 885122 |
|  Virginia Small Business Financing Authority<br>(LifeSpire of Virginia Obligated Group) <br>Series 2024 <br>4.50%, 12/01/2044 |  | 1000 |  | 917550 |
|  |  |  |  | 3840471 |
|  **Washington – 2.4%** | **Washington – 2.4%** | **Washington – 2.4%** | **Washington – 2.4%** | **Washington – 2.4%** |
|  City of Federal Way WA<br>(City of Federal Way WA) <br>Series 2024 <br>5.00%, 12/01/2049 |  | 1000 |  | 1026395 |
|  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 |  | 106636 |
|  Port of Seattle WA<br>(Port of Seattle WA) <br>Series 2019 <br>5.00%, 04/01/2044 |  | 1000 |  | 987723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.25%, 07/01/2049 |  | 1000 |  | 1007357 |
|  State of Washington<br>(State of Washington) <br>Series 2020— <br>5.00%, 07/01/2025 |  | 750 |  | 751166 |
|  Vancouver Housing Authority<br>(Vancouver Housing Authority) <br>Series 2025 <br>4.25%, 02/01/2038 |  | 1000 |  | 953057 |
|  Washington Health Care Facilities Authority<br>(Fred Hutchinson Cancer Center Obligated Group) <br>Series 2020 <br>5.00%, 09/01/2045 |  | 1000 |  | 994878 |

---

---

| | |
|:---|:---|
| 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** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>4.00%, 03/01/2041 | $| $1000 | $| 919374 |
|  Washington State Housing Finance Commission<br>(WSHFC 2024-1) <br>Series 2024-1, Class A <br>4.085%, 03/20/2050 |  | 299 |  | 275205 |
|  |  |  |  | 7021791 |
|  **West Virginia – 0.4%** | **West Virginia – 0.4%** | **West Virginia – 0.4%** | **West Virginia – 0.4%** | **West Virginia – 0.4%** |
|  West Virginia Hospital Finance Authority<br>(West Virginia United Health System Obligated Group) <br>Series 2023 <br>5.00%, 06/01/2041 |  | 1000 |  | 1026290 |
|  **Wisconsin – 1.5%** | **Wisconsin – 1.5%** | **Wisconsin – 1.5%** | **Wisconsin – 1.5%** | **Wisconsin – 1.5%** |
|  Wisconsin Health & Educational Facilities Authority<br>(Chiara Housing & Services Obligated Group) <br>Series 2024 <br>5.00%, 07/01/2035 |  | 95 |  | 92952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>6.375%, 07/01/2045 |  | 1000 |  | 1011365 |
|  Wisconsin Health & Educational Facilities Authority<br>(Forensic Science & Protective Medicine Collaboration)<br>Series 2024 <br>5.00%, 08/01/2027<sup>(a)</sup> |  | 150 |  | 152115 |
|  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 |  | 44395 |
|  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 |  | 429453 |
|  Wisconsin Public Finance Authority<br>(Puerto Rico Tollroads LLC) <br>Series 2024 <br>5.50%, 07/01/2044 |  | 1000 |  | 1024000 |
|  Wisconsin Public Finance Authority<br>(Queens University of Charlotte) <br>Series 2022 <br>5.25%, 03/01/2047 |  | 1000 |  | 953375 |
|  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 |  | 98315 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 27 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority <br>(Triad Math & Science Academy)<br>Series 2025<br>5.25%, 06/15/2045 | $| 500 | $| 488322 |
|  |  |  |  | 4294292 |
|  Total Long-Term Municipal Bonds <br>(cost $265,804,446) |  |  |  | 260532833 |
|  Short-Term Municipal Notes – 8.2% | Short-Term Municipal Notes – 8.2% | Short-Term Municipal Notes – 8.2% | Short-Term Municipal Notes – 8.2% | Short-Term Municipal Notes – 8.2% |
|  **Arizona – 0.2%** | **Arizona – 0.2%** | **Arizona – 0.2%** | **Arizona – 0.2%** | **Arizona – 0.2%** |
|  Arizona Health Facilities Authority<br>(Banner Health Obligated Group) <br>Series 2017-C <br>3.00%, 01/01/2046<sup>(e)</sup> |  | 335 |  | 335000 |
|  Arizona Industrial Development Authority<br>(Phoenix Children's Hospital) <br>Series 2024 <br>3.00%, 02/01/2048<sup>(e)</sup> |  | 260 |  | 260000 |
|  |  |  |  | 595000 |
|  **Colorado – 0.8%** | **Colorado – 0.8%** | **Colorado – 0.8%** | **Colorado – 0.8%** | **Colorado – 0.8%** |
|  Colorado Educational & Cultural Facilities Authority<br>(Jewish Federation of South Palm Beach County) <br>Series 2008 <br>3.00%, 02/01/2038<sup>(e)</sup> |  | 1055 |  | 1055000 |
|  Colorado Educational & Cultural Facilities Authority<br>(Miami Beach Jewish Community Center) <br>Series 2022 <br>3.00%, 07/01/2041<sup>(e)</sup> |  | 1000 |  | 1000000 |
|  Colorado Educational & Cultural Facilities Authority<br>(Michael Ann Russell Jewish Community Center) <br>Series 2012 <br>3.00%, 01/01/2039<sup>(e)</sup> |  | 350 |  | 350000 |
|  |  |  |  | 2405000 |
|  **District of Columbia – 0.6%** | **District of Columbia – 0.6%** | **District of Columbia – 0.6%** | **District of Columbia – 0.6%** | **District of Columbia – 0.6%** |
|  District of Columbia<br>(MedStar Health Obligated Group) <br>Series 2017-A <br>3.00%, 08/15/2038<sup>(e)</sup> |  | 1600 |  | 1600000 |
|  **Idaho – 1.2%** | **Idaho – 1.2%** | **Idaho – 1.2%** | **Idaho – 1.2%** | **Idaho – 1.2%** |
|  Idaho Health Facilities Authority<br>(St. Luke's Health System Obligated Group/ID) <br>Series 2018-C <br>2.90%, 03/01/2048<sup>(e)</sup> |  | 1370 |  | 1370000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>3.00%, 03/01/2060<sup>(e)</sup> |  | 2000 |  | 2000000 |
|  |  |  |  | 3370000 |

---

---

| | |
|:---|:---|
| 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** |
|  **Illinois – 0.6%** | **Illinois – 0.6%** | **Illinois – 0.6%** |
|  Illinois Finance Authority<br>(OSF Healthcare System Obligated Group) <br>Series 2018 <br>2.95%, 11/15/2037<sup>(e)</sup> | $1000 | $1000000 |
|  Illinois Finance Authority<br>(University of Chicago Medical Center Obligated Group) <br>Series 2023 <br>2.85%, 08/01/2043<sup>(e)</sup> | 655 | 655000 |
|  |  | 1655000 |
|  **Maryland – 0.6%** | **Maryland – 0.6%** | **Maryland – 0.6%** |
|  Maryland Health & Higher Educational Facilities Authority<br>(Johns Hopkins Health System Obligated Group) <br>Series 2024 <br>2.95%, 06/01/2046<sup>(e)</sup> | 450 | 450000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/2048<sup>(e)</sup> | 810 | 810000 |
|  Maryland Health & Higher Educational Facilities Authority<br>(University of Maryland Medical System Obligated Group)<br>Series 2008 <br>3.00%, 07/01/2041<sup>(e)</sup> | 600 | 600000 |
|  |  | 1860000 |
|  **Michigan – 0.7%** | **Michigan – 0.7%** | **Michigan – 0.7%** |
|  Green Lake Township Economic Development Corp.<br>(Interlochen Center for the Arts) <br>Series 2023 <br>3.00%, 06/01/2034<sup>(e)</sup> | 700 | 700000 |
|  Michigan Finance Authority<br>(Michigan Finance Authority) <br>Series 2024-A <br>5.00%, 07/21/2025 | 1375 | 1378369 |
|  |  | 2078369 |
|  **New Jersey – 0.4%** | **New Jersey – 0.4%** | **New Jersey – 0.4%** |
|  City of Hoboken NJ<br>(City of Hoboken NJ) <br>Series 2025-A <br>4.00%, 03/10/2026 | 1000 | 1007751 |
|  **New York – 2.2%** | **New York – 2.2%** | **New York – 2.2%** |
|  City of New York NY<br>(City of New York NY) <br>Series 2008-L <br>2.90%, 04/01/2038<sup>(e)</sup> | 3725 | 3725000 |

---

---

| | |
|:---|:---|
| **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** |
|  Metropolitan Transportation Authority Dedicated Tax Fund<br>(Metropolitan Transportation Authority Dedicated Tax Fund) <br>Series 2017-A <br>3.00%, 11/01/2031<sup>(e)</sup> | $| 570 | $| 570000 |
|  Town of Oyster Bay NY<br>(Town of Oyster Bay NY) <br>Series 2025 <br>4.00%, 03/06/2026 |  | 1000 |  | 1007546 |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority) <br>Series 2025 <br>2.95% (MUNIPSA + 0.98%), 05/01/2026<sup>(d)</sup> |  | 1000 |  | 1000000 |
|  |  |  |  | 6302546 |
|  **North Carolina – 0.2%** | **North Carolina – 0.2%** | **North Carolina – 0.2%** | **North Carolina – 0.2%** | **North Carolina – 0.2%** |
|  Charlotte-Mecklenburg Hospital Authority (The)<br>(Atrium Health Obligated Group) <br>AGM Series 2017-E <br>3.00%, 01/15/2044<sup>(e)</sup> |  | 570 |  | 570000 |
|  **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** |
|  County of Montgomery OH<br>(Premier Health Partners Obligated Group) <br>Series 2019 <br>3.05%, 11/15/2045<sup>(e)</sup> |  | 280 |  | 280000 |
|  **Pennsylvania – 0.2%** | **Pennsylvania – 0.2%** | **Pennsylvania – 0.2%** | **Pennsylvania – 0.2%** | **Pennsylvania – 0.2%** |
|  Delaware Valley Regional Finance Authority<br>(Delaware Valley Regional Finance Authority) <br>Series 2024-B <br>3.00%, 09/01/2059<sup>(e)</sup> |  | 500 |  | 500000 |
|  **West Virginia – 0.2%** | **West Virginia – 0.2%** | **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>1.95%, 06/01/2034<sup>(e)</sup> |  | 600 |  | 600000 |
|  **Wisconsin – 0.2%** | **Wisconsin – 0.2%** | **Wisconsin – 0.2%** | **Wisconsin – 0.2%** | **Wisconsin – 0.2%** |
|  Wisconsin Health & Educational Facilities Authority<br>(Medical College of Wisconsin) <br>Series 2023-B <br>3.00%, 12/01/2033<sup>(e)</sup> |  | 500 |  | 500000 |
|  Total Short-Term Municipal Notes <br>(cost $23,326,475) |  |  |  | 23323666 |
|  Total Municipal Obligations <br>(cost $289,130,921) |  |  |  | 283856499 |

---

---

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

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.0% |  |  |
|  **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>4.519%, 08/25/2041 <br>(cost $100,332) | $100 | $100691 |
|  | **Shares** |  |
|  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, 4.14%<sup>(f)(g)(h)</sup> <br>(cost $2,088,338) | 2088338 | $2088338 |
|  Total Investments – 100.0% <br>(cost $291,319,591) |  | 286045528 |
|  Other assets less liabilities – 0.0% |  | 18086 |
|  **Net Assets – 100.0%** |  | $**286063614** |

---

#### 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>May 31,<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<br>Series 44, 5 Year Index, 06/20/2030\* | (5.00)% | Quarterly | 3.51% | USD 550 | $(39568) | $(23502) | $(16066) |

---

\* 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 | 2290 | 10/15/2028 | CPI# | 2.565% | Maturity | $(9836) | $– 0 | $(9836) |
|  USD | 3100 | 10/15/2029 | 2.569% | CPI# | Maturity | 6860 | – 0 | 6860 |
|  USD | 3000 | 10/15/2029 | 2.485% | CPI# | Maturity | 18508 | – 0 | 18508 |
|  USD | 1568 | 10/15/2029 | 2.516% | CPI# | Maturity | 7381 | – 0 | 7381 |
|  USD | 1566 | 10/15/2029 | 2.451% | CPI# | Maturity | 12151 | – 0 | 12151 |
|  USD | 1566 | 10/15/2029 | 2.499% | CPI# | Maturity | 8628 | – 0 | 8628 |
|  USD | 2410 | 10/15/2030 | CPI# | 2.531% | Maturity | (5750) | – 0 | (5750) |
|  |  |  |  |  |  | $37942 | $– 0 | $37942 |

---

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

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

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------

**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)** |<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 | 1300 | 10/15/2030 | 1 Day SOFR | 4.082% | Annual | $26050 | $– 0 | $26050 |
|  USD | 800 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | 16235 | – 0 | 16235 |
|  USD | 1700 | 12/03/2031 | 1 Day SOFR | 3.967% | Annual | 23594 | – 0 | 23594 |
|  USD | 1700 | 12/03/2031 | 1 Day SOFR | 4.212% | Annual | 48661 | – 0 | 48661 |
|  USD | 1600 | 12/03/2031 | 1 Day SOFR | 4.088% | Annual | 32934 | – 0 | 32934 |
|  USD | 1500 | 12/03/2031 | 1 Day SOFR | 4.036% | Annual | 26049 | – 0 | 26049 |
|  USD | 1190 | 12/03/2031 | 1 Day SOFR | 4.146% | Annual | 29126 | 20 | 29106 |
|  USD | 700 | 12/03/2031 | 1 Day SOFR | 3.898% | Annual | 6072 | (101) | 6173 |
|  USD | 390 | 12/03/2031 | 1 Day SOFR | 4.125% | Annual | 8958 | – 0 | 8958 |
|  USD | 1950 | 12/15/2031 | 1 Day SOFR | 4.150% | Annual | 47406 | – 0 | 47406 |
|  USD | 13100 | 03/12/2032 | 1 Day SOFR | 3.660% | Annual | (55310) | – 0 | (55310) |
|  USD | 2980 | 03/12/2032 | 1 Day SOFR | 3.826% | Annual | 16827 | – 0 | 16827 |
|  USD | 7960 | 03/15/2033 | 1 Day SOFR | 3.776% | Annual | (7303) | – 0 | (7303) |
|  USD | 960 | 08/15/2034 | 3.747% | 1 Day SOFR | Annual | 11316 | (133) | 11449 |
|  USD | 900 | 08/15/2034 | 3.719% | 1 Day SOFR | Annual | 12744 | (405) | 13149 |
|  USD | 700 | 08/15/2034 | 3.314% | 1 Day SOFR | Annual | 34439 | – 0 | 34439 |
|  USD | 400 | 08/15/2034 | 3.231% | 1 Day SOFR | Annual | 22951 | – 0 | 22951 |
|  USD | 200 | 08/15/2034 | 3.304% | 1 Day SOFR | Annual | 10535 | – 0 | 10535 |
|  USD | 5700 | 02/15/2035 | 3.743% | 1 Day SOFR | Annual | 59546 | (1003) | 60549 |
|  USD | 5700 | 02/15/2035 | 3.824% | 1 Day SOFR | Annual | 20478 | – 0 | 20478 |
|  USD | 2700 | 02/15/2035 | 3.843% | 1 Day SOFR | Annual | 6390 | – 0 | 6390 |
|  USD | 1000 | 02/15/2035 | 3.603% | 1 Day SOFR | Annual | 21882 | (76) | 21958 |
|  USD | 1000 | 02/15/2035 | 3.747% | 1 Day SOFR | Annual | 10139 | (247) | 10386 |
|  USD | 1350 | 03/15/2035 | 3.870% | 1 Day SOFR | Annual | 1309 | (340) | 1649 |
|  |  |  |  |  |  | $431028 | $(2285) | $433313 |

---

(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 May 31, 2025, the aggregate market value of these securities amounted to $13,187,329 or 4.6% of net assets.

(b) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at May 31, 2025.

(c) When-Issued or delayed delivery security.

(d) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at May 31, 2025.

(e) 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.

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

(g) Affiliated investments.

(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.

As of May 31, 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 6.3% and 0.0%, respectively.

---

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

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

Glossary:

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

CHF – Collegiate Housing Foundation

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

---

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

---

------

#### STATEMENT OF ASSETS & LIABILITIES
**May 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $289,231,253) | $283957190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $2,088,338) | 2088338 |
|  Cash | 186 |
|  Cash collateral due from broker | 466934 |
|  Interest receivable | 3661290 |
|  Receivable for investment securities sold | 222625 |
|  Affiliated dividends receivable | 13908 |
|  Receivable for variation margin on centrally cleared swaps | 11981 |
|  Receivable due from Adviser | 716 |
|  Total assets | 290423168 |
| Liabilities |  |
|  Payable for investment securities purchased | 4290909 |
|  Advisory fee payable | 68645 |
|  Total liabilities | 4359554 |
|  Net Assets | $**286063614** |
| Composition of Net Assets |  |
|  Capital stock, at par | $1155 |
|  Additional paid-in capital | 290193107 |
|  Accumulated loss | (4130648) |
|  **Net Assets** | $**286063614** |
|  Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 11,550,040 common shares outstanding) | $**24.77** |

---

See notes to financial statements.

---

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

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3560788 |  |
|  Dividends—Affiliated issuers | 63889 | $3624677 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 250258 |  |
|  Total expenses before interest expense | 250258 |  |
|  Interest expense | 450 |  |
|  Total expenses | 250708 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (3052) |  |
|  Net expenses |  | 247656 |
|  Net investment income |  | 3377021 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized loss on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (35178) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (174316) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (6158894) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 419585 |
|  Net loss on investment transactions |  | (5948803) |
|  Net Decrease in Net Assets from Operations |  | $**(2571782)** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 35 |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025<br>(unaudited)** | **December 13,**<br>**2023<sup>(a)</sup> to<br>November 30,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $3377021 | $1343789 |
|  Net realized loss on investment transactions | (209494) | (85713) |
|  Net change in unrealized appreciation (depreciation) of investments | (5739309) | 920435 |
|  Net increase (decrease) in net assets from operations | (2571782) | 2178511 |
|  **Distribution to Shareholders** | (2708282) | (1029095) |
| Transactions in Shares of the Fund |  |  |
|  Net increase | 198684755 | 91257835 |
|  Other capital | 182901 | 68771 |
|  Total increase | 193587592 | 92476022 |
| Net Assets |  |  |
|  Beginning of period | 92476022 | – 0 |
|  End of period | $**286063614** | $**92476022** |

---

(a) Commencement of operations.

See notes to financial statements.

---

| | |
|:---|:---|
| 36 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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------

#### NOTES TO FINANCIAL STATEMENTS
**May 31, 2025** (unaudited)

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 18 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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 37 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

---

| | |
|:---|:---|
| 38 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Long-Term Municipal Bonds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260532833 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260532833 |
|  Short-Term Municipal Notes | – 0 | 23323666 | – 0 | 23323666 |
|  Commercial Mortgage-Backed Securities | – 0 | 100691 | – 0 | 100691 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 39 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Short-Term Investments | $2088338 | $– 0 | $– 0 | $2088338 |
|  Total Investments in Securities | 2088338 | 283957190 | – 0 | 286045528 |
|  **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 53528 | – 0 | 53528 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 493641 | – 0 | 493641 <sup>(b)</sup> |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  Centrally Cleared Credit Default Swaps | – 0 | (39568) | – 0 | (39568)<sup>(b)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (15586) | – 0 | (15586)<sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (62613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | (62613)<sup>(b)</sup> |
|  **Total** | $**2088338** | $**284386592** | $**– 0** | $**286474930** |

---

(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

---

| | |
|:---|:---|
| 40 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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

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

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 six months ended May 31, 2025, such waiver/reimbursements relating to the Fund's investment in AB Government Money Market Portfolio amounted to $3,052.

A summary of the Fund's transactions in AB mutual funds for the six months ended May 31, 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>5/31/25<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;79899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |

---

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 Plan.

---

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

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------

**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 six months ended May 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185650774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10583105 |
|  U.S. government securities | – 0 | 247 |

---

During the six months ended May 31, 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 six months ended May 31, 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;10626387 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  U.S. government securities | – 0 | – 0 |

---

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $899462 |
|  Gross unrealized depreciation | (5718336) |
|  Net unrealized depreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4818874) |

---

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, 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

---

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

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

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

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 six months ended May 31, 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.

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

During the six months ended May 31, 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/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

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 six months ended May 31, 2025, the Fund held credit default swaps for hedging purposes.

During the six months ended May 31, 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<br>Value** |
|  Credit contracts |  |  | Payable for variation margin on centrally cleared swaps | $16066 \* |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | $549454 \* | Payable for variation margin on centrally cleared swaps | 78199 \* |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549454 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94265 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<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)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $(197808) | $454393 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 23492 | (34808) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174316) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419585 |

---

---

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

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended May 31, 2025:

---

| | |
|:---|:---|
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $33224286 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14185714 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $550000 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $700000 <sup>(b)</sup> |

---

(a) Positions were open for one month during the period.

(b) Positions were open for less than one month 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 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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| | |
|:---|:---|
| 48 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Transactions in shares of the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>May 31, 2025<br>(unaudited) | December 13,<br> 2023<sup>(a)</sup><br>to November 30,<br>2024 | Six Months Ended<br>May 31, 2025<br>(unaudited) | December 13,<br> 2023<sup>(a)</sup> to<br>November 30,<br>2024 |
|  Shares sold | 7950000 | 3650040 | $198684755 | $92515240 |
|  Shares redeemed | – 0 | (50000) | – 0 | (1257405) |
|  **Net increase** | **7950000** | **3600040** | $**198684755** | $**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, interest rate levels, 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 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

---

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

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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%.

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| | |
|:---|:---|
| 50 AB Tax-Aware Intermediate Municipal 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 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.

**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

---

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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

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

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 Tax-Aware Intermediate Municipal ETF 53 |

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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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended May 31, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal year ended November 30, 2024 was as follows:

---

| | |
|:---|:---|
|  | **2024** |
|  Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $118072 |
|  Total taxable distributions | $118072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income | 911023 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029095 |

---

As of November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $275283 |
|  Accumulated capital and other losses | (74752)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 948885 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149416 |

---

(a) As of November 30, 2024, the Fund had a net capital loss carryforward of $74,752.

(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, 2024, the Fund had a net short-term capital loss carryforward of $74,752 which may be carried forward for an indefinite period.

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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| | |
|:---|:---|
| 54 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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#### FINANCIAL HIGHLIGHTS

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

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** | **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 | Income From Investment Operations | Income From Investment Operations |
|  Net investment income<sup>(b)(c)</sup> | .47 | .91 |
|  Net realized and unrealized gain (loss) on investment transactions | (.98 | .52 |
|  Net increase (decrease) in net asset value from operations | (.51 | 1.43 |
|  Less: Dividends |  |  |
|  Dividends from net investment income | (.41 | (.74 |
|  Net asset value, end of period | **$24.77** | **$25.69** |
|  Total Return |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (1.99) | 5.81 |
|  Ratios/Supplemental Data |  |  |
|  Net assets, end of period (000's omitted) | $286064 | $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> | 3.78 | 3.74 |
|  Portfolio turnover rate<sup>(e)</sup> | 6 | 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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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal 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 Company's Advisory Agreement with the Adviser in respect of AB Tax-Aware Intermediate Municipal ETF (the "Fund") for an initial two-year period at a meeting held in-person on August 1-2, 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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|:---|:---|
| 56 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 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

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Intermediate Municipal ETF 57 |

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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 compared the proposed advisory fee rate for the Fund with those for other funds 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 projected total expense ratio of the shares of the Fund in comparison to a group of similar funds ("peer group") and a larger group of similar funds ("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

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| | |
|:---|:---|
| 58 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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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. 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 Tax-Aware Intermediate Municipal ETF 59 |

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#### NOTES

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| | |
|:---|:---|
| 60 AB Tax-Aware Intermediate Municipal ETF | **ABFunds.com** |

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![LOGO](g112952g28a43.jpg)

AB TAX-AWARE INTERMEDIATE MUNICIPAL ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-TAIM-0152-0525 ![LOGO](g112952g22c48.jpg)

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#### May 31, 2025
![LOGO](g112956g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB TAX-AWARE LONG MUNICIPAL ETF

(NYSE: TAFL)

![LOGO](g112956g50e50.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
**May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MUNICIPAL OBLIGATIONS – 99.1% |  |  |
|  Long-Term Municipal Bonds – 99.1% |  |  |
|  **Alabama – 1.4%** |  |  |
|  Black Belt Energy Gas District<br>(BP PLC) <br>Series 2024-D <br>5.00%, 03/01/2055 | $150 | $157174 |
|  County of Jefferson AL Sewer Revenue<br>(County of Jefferson AL Sewer Revenue) <br>Series 2024 <br>5.50%, 10/01/2053 | 100 | 102443 |
|  Southeast Energy Authority A Cooperative District<br>(Deutsche Bank AG) <br>Series 2024-A <br>5.00%, 11/01/2035 | 150 | 154694 |
|  |  | 414311 |
|  **Arizona – 6.4%** |  |  |
|  Arizona Industrial Development Authority<br>(Equitable School Revolving Fund Obligated Group) <br>Series 2023 <br>5.25%, 11/01/2053 | 200 | 198604 |
|  Arizona Industrial Development Authority<br>(Pinecrest Academy of Nevada) <br>Series 2020-A <br>4.00%, 07/15/2040<sup>(a)</sup> | 125 | 110080 |
|  Maricopa County Industrial Development Authority<br>(HonorHealth Obligated Group) <br>Series 2019-A <br>4.125%, 09/01/2042 | 500 | 455679 |
|  Maricopa County Industrial Development Authority<br>(Valley Christian Schools) <br>Series 2023 <br>6.375%, 07/01/2058<sup>(a)</sup> | 150 | 143962 |
|  Salt Verde Financial Corp.<br>(Citigroup, Inc.) <br>Series 2007 <br>5.00%, 12/01/2037 | 1000 | 1033933 |
|  |  | 1942258 |
|  **California – 6.8%** |  |  |
|  California Community Choice Financing Authority<br>(American General Life Insurance) <br>Series 2024 <br>5.00%, 08/01/2055 | 200 | 208275 |
|  California Community Choice Financing Authority<br>(Athene Annuity & Life Co.) <br>Series 2024 <br>5.00%, 11/01/2055 | 350 | 359856 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 1 |

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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 | $80457 |
|  California Infrastructure & Economic Development Bank<br>(Desertxpress Enterprises) <br>Series 2025 <br>9.50%, 01/01/2065<sup>(a)</sup> | 120 | 116241 |
|  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 | 204981 |
|  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 | 104245 |
|  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 | 65040 |
|  Golden State Tobacco Securitization Corp.<br>(Golden State Tobacco Securitization) <br>Series 2021-B <br>Zero Coupon, 06/01/2066 | 515 | 55246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 06/01/2051 | 360 | 351765 |
|  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 | 505659 |
|  |  | 2051765 |
|  **Colorado – 2.9%** |  |  |
|  Colorado Educational & Cultural Facilities Authority<br>(Ascent Classical Academy Charter Schools) <br>Series 2024 <br>5.80%, 04/01/2054<sup>(a)</sup> | 100 | 99704 |
|  Town of Vail CO<br>(Town of Vail CO COP) <br>Series 2025 <br>5.50%, 12/01/2064 | 750 | 781860 |
|  |  | 881564 |

---

---

| | |
|:---|:---|
| 2 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Connecticut – 0.3%** |  |  |
|  Stamford Housing Authority<br>(TJH Senior Living Obligated Group) <br>Series 2025 <br>6.50%, 10/01/2055 | $100 | $98268 |
|  **District of Columbia – 0.7%** |  |  |
|  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 | 98239 |
|  District of Columbia Income Tax Revenue <br>(District of Columbia Income Tax Revenue)<br>Series 2025-A <br>5.00%, 06/01/2050 | 100 | 102271 |
|  |  | 200510 |
|  **Florida – 1.3%** |  |  |
|  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 | 100655 |
|  City of Venice FL<br>(Southwest Florida Retirement Center Obligated Group) <br>Series 2024 <br>5.625%, 01/01/2060<sup>(a)</sup> | 100 | 94382 |
|  Florida Development Finance Corp.<br>(Brightline Trains Florida) <br>AGM Series 2024 <br>5.25%, 07/01/2053 | 100 | 98260 |
|  Florida Development Finance Corp.<br>(SFP – Tampa I LLC) <br>Series 2024 <br>5.25%, 06/01/2059<sup>(a)</sup> | 100 | 92957 |
|  |  | 386254 |
|  **Georgia – 7.8%** |  |  |
|  Fayette County Development Authority<br>(United States Soccer Federation) <br>Series 2024 <br>5.00%, 10/01/2044 | 200 | 201613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2054 | 200 | 201126 |
|  Main Street Natural Gas, Inc.<br>(Macquarie Group Ltd.) <br>Series 2019-A <br>5.00%, 05/15/2043 | 1000 | 1001929 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 3 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Municipal Electric Authority of Georgia<br>(Municipal Electric Authority of Georgia) <br>Series 2019 <br>5.00%, 01/01/2063 | $1000 | $969745 |
|  |  | 2374413 |
|  **Guam – 0.9%** |  |  |
|  Territory of Guam<br>(Territory of Guam Business Privilege Tax) <br>Series 2021-F <br>5.00%, 01/01/2030 | 250 | 261486 |
|  **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 | 64386 |
|  **Illinois – 7.7%** |  |  |
|  Chicago Board of Education <br>(Chicago Board of Education)<br>Series 2023-A <br>5.00%, 12/01/2034 | 150 | 153801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2049 | 300 | 313121 |
|  Chicago O'Hare International Airport<br>(Chicago O'Hare Intl Airport) <br>Series 2024-C <br>5.00%, 01/01/2034 | 1000 | 1065005 |
|  Metropolitan Pier & Exposition Authority<br>(Metropolitan Pier & Exposition Authority) <br>Series 2017 <br>0.00%, 12/15/2042<sup>(b)</sup> | 350 | 245343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.00%, 06/15/2050 | 310 | 300529 |
|  State of Illinois<br>(State of Illinois) <br>Series 2023-B <br>5.50%, 05/01/2047 | 250 | 256123 |
|  |  | 2333922 |
|  **Indiana – 3.5%** |  |  |
|  City of Valparaiso IN<br>(Pratt Paper IN LLC) <br>Series 2024 <br>4.875%, 01/01/2044<sup>(a)</sup> | 100 | 94676 |
|  Indiana Finance Authority<br>(Parkview Health System Obligated Group) <br>Series 2024-A <br>5.00%, 11/01/2054<sup>(a)</sup> | 100 | 101332 |

---

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| | |
|:---|:---|
| 4 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Indiana Finance Authority<br>(University of Evansville) <br>Series 2022 <br>5.25%, 09/01/2057 | $100 | $92411 |
|  Indianapolis Local Public Improvement Bond Bank<br>(Pan Am Plaza Hotel) <br>Series 2023 <br>6.00%, 03/01/2053 | 150 | 155339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-F <br>7.75%, 03/01/2067 | 100 | 108860 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2023 <br>5.25%, 03/01/2067 | 500 | 508736 |
|  |  | 1061354 |
|  **Kentucky – 0.7%** |  |  |
|  Kentucky Public Energy Authority<br>(BP PLC) <br>Series 2024-B <br>5.00%, 01/01/2055 | 200 | 210251 |
|  **Maine – 0.6%** |  |  |
|  Finance Authority of Maine<br>(Casella Waste Systems) <br>Series 2024 <br>4.625%, 12/01/2047<sup>(a)</sup> | 200 | 194731 |
|  **Maryland – 2.4%** |  |  |
|  Maryland Economic Development Corp. <br>(Purple Line Transit Partners)<br>Series 2022<br>5.25%, 06/30/2047 | 570 | 565822 |
|  Maryland Stadium Authority<br>(Baltimore City Public School Construction Financing Fund) <br>Series 2020 <br>5.00%, 05/01/2050 | 150 | 156094 |
|  |  | 721916 |
|  **Massachusetts – 1.7%** |  |  |
|  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 | 500 | 521299 |
|  **New Hampshire – 3.9%** |  |  |
|  New Hampshire Business Finance Authority<br>(NFA 2025-1) <br>Series 2025 <br>5.75%, 04/28/2042 | 150 | 150849 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 5 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Hampshire Business Finance Authority<br>(Novant Health Obligated Group) <br>Series 2025 <br>5.50%, 06/01/2055<sup>(c)</sup> | $100 | $102903 |
|  New Hampshire Business Finance Authority<br>(University of Nevada Reno) <br>BAM Series 2023 <br>4.50%, 06/01/2053 | 1000 | 927288 |
|  |  | 1181040 |
|  **New Jersey – 6.1%** |  |  |
|  New Jersey Transportation Trust Fund Authority<br>(State of New Jersey Lease) <br>Series 2023-B <br>5.25%, 06/15/2050 | 825 | 842652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C <br>5.00%, 06/15/2045 | 1000 | 1013222 |
|  |  | 1855874 |
|  **New York – 8.9%** |  |  |
|  Metropolitan Transportation Authority<br>(Metropolitan Transportation Authority) <br>Series 2017 <br>Zero Coupon, 11/15/2033 | 575 | 411083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.25%, 11/15/2049 | 510 | 522574 |
|  New York City Transitional Finance Authority<br>(New York City Transitional Finance Authority Future Tax Secured Revenue) <br>Series 2025 <br>5.00%, 05/01/2050 | 500 | 508985 |
|  New York Liberty Development Corp.<br>(7 World Trade Center II) <br>Series 2022 <br>3.00%, 09/15/2043 | 500 | 383253 |
|  New York Liberty Development Corp. <br>(Goldman Sachs Headquarters)<br>Series 2007 <br>5.50%, 10/01/2037 | 500 | 564464 |
|  New York Transportation Development Corp.<br>(JFK NTO LLC) <br>Series 2023 <br>5.375%, 06/30/2060 | 100 | 99395 |
|  Onondaga Civic Development Corp.<br>(Syracuse University) <br>Series 2025 <br>5.50%, 12/01/2056 | 100 | 106050 |

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| | |
|:---|:---|
| 6 AB Tax-Aware Long 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** |
|  Suffolk Regional Off-Track Betting Corp.<br>(Suffolk Regional Off-Track Betting) <br>Series 2024 <br>6.00%, 12/01/2053 | $| 100 | $| 102209 |
|  |  |  |  | 2698013 |
|  **North Carolina – 3.7%** | **North Carolina – 3.7%** | **North Carolina – 3.7%** | **North Carolina – 3.7%** | **North Carolina – 3.7%** |
|  Greater Asheville Regional Airport Authority<br>(Greater Asheville Regional Airport Authority) <br>AGM Series 2023 <br>5.00%, 07/01/2036 |  | 1000 |  | 1051763 |
|  North Carolina Turnpike Authority<br>(North Carolina Turnpike Authority) <br>AGM Series 2024 <br>Zero Coupon, 01/01/2052 |  | 250 |  | 62425 |
|  |  |  |  | 1114188 |
|  **Ohio – 3.7%** |  |  |  |  |
|  Buckeye Tobacco Settlement Financing Authority<br>(Buckeye Tobacco Settlement Financing Authority) <br>Series 2020-B <br>5.00%, 06/01/2055 |  | 100 |  | 86524 |
|  Port of Greater Cincinnati Development Authority<br>(Duke Energy Convention Center Project) <br>Series 2024 <br>5.00%, 12/01/2053 |  | 100 |  | 98301 |
|  State of Ohio<br>(University Hospitals Health System Obligated Group) <br>Series 2016 <br>4.00%, 01/15/2046 |  | 1100 |  | 942898 |
|  |  |  |  | 1127723 |
|  **Oklahoma – 1.9%** | **Oklahoma – 1.9%** | **Oklahoma – 1.9%** | **Oklahoma – 1.9%** | **Oklahoma – 1.9%** |
|  Oklahoma Turnpike Authority<br>(Oklahoma Turnpike Authority) <br>Series 2025-B <br>5.00%, 01/01/2040<sup>(c)</sup> |  | 250 |  | 264982 |
|  Tulsa Municipal Airport Trust Trustees/OK<br>(American Airlines, Inc.) <br>Series 2025 <br>6.25%, 12/01/2040 |  | 100 |  | 107407 |
|  University of Oklahoma (The) <br>(University of Oklahoma/The)<br>BAM Series 2024-A<br>5.00%, 07/01/2044 |  | 200 |  | 206863 |
|  |  |  |  | 579252 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 7 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Oregon – 1.4%** |  |  |
|  Port of Portland OR Airport Revenue<br>(Port of Portland OR Airport Revenue) <br>Series 2022-2 <br>4.00%, 07/01/2047 | $500 | $430754 |
|  **Pennsylvania – 4.5%** |  |  |
|  Pennsylvania Economic Development Financing Authority<br>(Commonwealth of Pennsylvania Dept. of Transportation) <br>Series 2022 <br>5.50%, 06/30/2039 | 300 | 312790 |
|  Pennsylvania State University (The)<br>(Pennsylvania State University) <br>Series 2023 <br>5.25%, 09/01/2053 | 1000 | 1034174 |
|  |  | 1346964 |
|  **Puerto Rico – 0.4%** |  |  |
|  Commonwealth of Puerto Rico<br>(Commonwealth of Puerto Rico) <br>Series 2022-C <br>Zero Coupon, 11/01/2043 | 166 | 99429 |
|  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 | 23461 |
|  |  | 122890 |
|  **South Carolina – 5.0%** |  |  |
|  South Carolina Jobs-Economic Development Authority<br>(Bon Secours Mercy Health) <br>Series 2020 <br>5.00%, 12/01/2046 | 1000 | 1000258 |
|  South Carolina Jobs-Economic Development Authority<br>(Novant Health Obligated Group) <br>Series 2024 <br>5.50%, 11/01/2054 | 500 | 515446 |
|  |  | 1515704 |
|  **Tennessee – 1.4%** |  |  |
|  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 | 259396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>Zero Coupon, 12/01/2031<sup>(a)</sup> | 100 | 69648 |

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| | |
|:---|:---|
| 8 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  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 | $94704 |
|  |  | 423748 |
|  **Texas – 7.4%** |  |  |
|  City of Houston TX Airport System Revenue<br>(United Airlines, Inc.) <br>Series 2024-B <br>5.50%, 07/15/2038 | 100 | 102807 |
|  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 | 92998 |
|  Sherman Independent School District/TX<br>(Sherman Independent School District/TX) <br>Series 2023-B <br>5.00%, 02/15/2053 | 1000 | 1021158 |
|  Texas Water Development Board<br>(State Water Implementation Revenue Fund for Texas) <br>Series 2023-A <br>5.00%, 10/15/2058 | 1000 | 1014559 |
|  |  | 2231522 |
|  **Utah – 0.3%** |  |  |
|  Utah Infrastructure Agency<br>(Utah Infrastructure Agency) <br>Series 2024 <br>5.50%, 10/15/2044 | 100 | 103299 |
|  **Virginia – 3.7%** |  |  |
|  Fairfax County Industrial Development Authority<br>(Inova Health System Obligated Group) <br>Series 2022 <br>4.00%, 05/15/2042 | 1000 | 923598 |
|  Henrico County Economic Development Authority<br>(Bon Secours Mercy Health) <br>Series 2025 <br>5.00%, 11/01/2048 | 100 | 100545 |
|  James City County Economic Development Authority<br>(Williamsburg Landing Obligated Group) <br>Series 2024-A <br>6.875%, 12/01/2058 | 100 | 105810 |
|  |  | 1129953 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Wisconsin – 1.5%** | **Wisconsin – 1.5%** | **Wisconsin – 1.5%** |
|  Wisconsin Health & Educational Facilities Authority<br>(Forensic Science & Protective Medicine Collaboration)<br>Series 2024 <br>5.00%, 08/01/2027<sup>(a)</sup> | $150 | $152115 |
|  Wisconsin Public Finance Authority<br>(Inperium Obligated Group) <br>Series 2024 <br>5.75%, 12/01/2054<sup>(a)</sup> | 100 | 97686 |
|  Wisconsin Public Finance Authority<br>(Puerto Rico Tollroads LLC) <br>Series 2024 <br>5.50%, 07/01/2044 | 200 | 204800 |
|  |  | 454601 |
|  Total Municipal Obligations <br>(cost $30,995,975) |  | 30034213 |
|  | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 0.4% |  |  |
|  **Investment Companies – 0.4%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.14%<sup>(d)(e)(f)</sup> <br>(cost $103,001) | 103001 | 103001 |
|  Total Investments – 99.5% <br>(cost $31,098,976) |  | 30137214 |
|  Other assets less liabilities – 0.5% |  | 164036 |
|  **Net Assets – 100.0%** |  | $**30301250** |

---

#### 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>May 31,<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 44, 5 Year Index, 06/20/2030\* | (5.00)% | Quarterly | 3.51% | USD 90 | $(6475) | $(3846) | $(2629) |

---

\* Termination date

---

| | |
|:---|:---|
| 10 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

---

------

**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)** |<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 | $(5455) | $– 0 | $(5455) |
|  USD | 1200 | 10/15/2029 | 2.569% | CPI# | Maturity | 2656 | – 0 | 2656 |
|  USD | 1100 | 10/15/2029 | 2.485% | CPI# | Maturity | 6786 | – 0 | 6786 |
|  USD | 867 | 10/15/2029 | 2.499% | CPI# | Maturity | 4777 | – 0 | 4777 |
|  USD | 867 | 10/15/2029 | 2.516% | CPI# | Maturity | 4081 | – 0 | 4081 |
|  USD | 866 | 10/15/2029 | 2.451% | CPI# | Maturity | 6719 | – 0 | 6719 |
|  USD | 1330 | 10/15/2030 | CPI# | 2.531% | Maturity | (3173) | – 0 | (3173) |
|  |  |  |  |  |  | $16391 | $– 0 | $16391 |

---

# 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 | $4059 | $– 0 | $4059 |
|  USD | 1200 | 12/03/2031 | 1 Day SOFR | 4.036% | Annual | 20839 | – 0 | 20839 |
|  USD | 400 | 06/15/2034 | 3.543% | 1 Day SOFR | Annual | 12670 | 46 | 12624 |
|  USD | 600 | 08/15/2034 | 3.304% | 1 Day SOFR | Annual | 31605 | – 0 | 31605 |
|  USD | 300 | 08/15/2034 | 3.231% | 1 Day SOFR | Annual | 17213 | – 0 | 17213 |
|  USD | 240 | 08/15/2034 | 3.450% | 1 Day SOFR | Annual | 9648 | – 0 | 9648 |
|  USD | 210 | 08/15/2034 | 3.183% | 1 Day SOFR | Annual | 12800 | – 0 | 12800 |
|  USD | 920 | 02/15/2035 | 3.738% | 1 Day SOFR | Annual | 11043 | – 0 | 11043 |
|  USD | 1220 | 12/30/2044 | 1 Day SOFR | 4.166% | Annual | 7383 | – 0 | 7383 |
|  USD | 600 | 12/30/2044 | 1 Day SOFR | 4.240% | Annual | 9932 | – 0 | 9932 |
|  USD | 240 | 01/05/2045 | 1 Day SOFR | 4.283% | Annual | 5402 | – 0 | 5402 |
|  USD | 1700 | 01/13/2045 | 1 Day SOFR | 4.057% | Annual | (15486) | – 0 | (15486) |
|  USD | 200 | 01/13/2045 | 1 Day SOFR | 4.156% | Annual | 1157 | (83) | 1240 |
|  USD | 200 | 01/13/2045 | 1 Day SOFR | 4.189% | Annual | 2060 | – 0 | 2060 |
|  USD | 200 | 06/01/2045 | 1 Day SOFR | 4.111% | Annual | (12) | (12) | – 0 |
|  USD | 270 | 12/09/2053 | 3.584% | 1 Day SOFR | Annual | 22821 | (109) | 22930 |
|  USD | 335 | 11/15/2054 | 3.924% | 1 Day SOFR | Annual | 7976 | (165) | 8141 |
|  USD | 400 | 02/05/2055 | 3.942% | 1 Day SOFR | Annual | 8032 | – 0 | 8032 |
|  USD | 300 | 05/05/2055 | 3.962% | 1 Day SOFR | Annual | 4549 | – 0 | 4549 |
|  USD | 200 | 05/05/2055 | 3.806% | 1 Day SOFR | Annual | 8484 | – 0 | 8484 |
|  |  |  |  |  |  | $182175 | $(323) | $182498 |

---

(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 May 31, 2025, the aggregate market value of these securities amounted to $2,159,003 or 7.1% of net assets.

(b) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at May 31, 2025.

(c) When-Issued or delayed delivery security.

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 11 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

(e) Affiliated investments.

(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.

As of May 31, 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 11.2% and 0.0%, respectively.

Glossary:

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

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

COP – Certificate of Participation

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

---

| | |
|:---|:---|
| 12 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

---

------

#### STATEMENT OF ASSETS & LIABILITIES
**May 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $30,995,975) | $30034213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $103,001) | 103001 |
|  Cash | 45 |
|  Cash collateral due from broker | 108430 |
|  Interest receivable | 439075 |
|  Receivable for variation margin on centrally cleared swaps | 1120 |
|  Affiliated dividends receivable | 619 |
|  Receivable due from Adviser | 31 |
|  Total assets | 30686534 |
| Liabilities | Liabilities |
|  Payable for investment securities purchased | 377816 |
|  Advisory fee payable | 7468 |
|  Total liabilities | 385284 |
|  Net Assets | $**30301250** |
| Composition of Net Assets |  |
|  Capital stock, at par | $125 |
|  Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31265389 |
|  Accumulated loss | (964264) |
|  **Net Assets** | $**30301250** |
|  **Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value**(based on 1,250,040 common shares outstanding) | $**24.24** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 13 |

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673539 |  |
|  Dividends—Affiliated issuers | 4021 | $677560 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 43684 |  |
|  Total expenses before bank overdraft expense | 43684 |  |
|  Bank overdraft expense | 314 |  |
|  Total expenses | 43998 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (201) |  |
|  Net expenses |  | 43797 |
|  Net investment income |  | 633763 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (158009) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 363 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (1552758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 42995 |
|  Net loss on investment transactions |  | (1667409) |
|  Net Decrease in Net Assets from Operations |  | $**(1033646)** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 14 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31, 2025<br>(unaudited)** | **December 13,<br>2023<sup>(a)</sup> to<br>November 30,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $633763 | $1050363 |
|  Net realized loss on investment transactions | (157646) | (136175) |
|  Net change in unrealized appreciation (depreciation) of investments | (1509763) | 744261 |
|  Contributions from Affiliates (see Note B) | – 0 | 1147 |
|  Net increase (decrease) in net assets from operations | (1033646) | 1659596 |
|  Distribution to Shareholders | (649270) | (940944) |
| Transactions in Shares of the Fund |  |  |
|  Net increase | 2438620 | 28803830 |
|  Other capital | 18784 | 4280 |
|  Total increase | 774488 | 29526762 |
| Net Assets |  |  |
|  Beginning of period | 29526762 | – 0 |
|  End of period | $**30301250** | $**29526762** |

---

(a) Commencement of operations.

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 15 |

---

------

#### NOTES TO FINANCIAL STATEMENTS
**May 31, 2025** (unaudited)

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 18 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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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

---

| | |
|:---|:---|
| 16 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 17 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Long-Term Municipal Bonds | $– 0 | $30034213 | $– 0 | $30034213 |
|  Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103001 | – 0 | – 0 | 103001 |
|  Total Investments in Securities | 103001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30034213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30137214 |

---

---

| | |
|:---|:---|
| 18 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | $– 0 | $25019 | $– 0 | $25019 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 197673 | – 0 | 197673 <sup>(b)</sup> |
|  **Liabilities:** |  |  |  |  |
|  Centrally Cleared Credit Default Swaps | – 0 | (6475) | – 0 | (6475)<sup>(b)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (8628) | – 0 | (8628)<sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (15498) | – 0 | (15498)<sup>(b)</sup> |
|  **Total** | $**103001** | $**30226304** | $**– 0** | $**30329305** |

---

(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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 19 |

---

------

**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 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.

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

---

| | |
|:---|:---|
| 20 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 six months ended May 31, 2025, such waiver/reimbursements relating to the Fund's investment in AB Government Money Market Portfolio amounted to $201.

A summary of the Fund's transactions in AB mutual funds for the six months ended May 31, 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>05/31/25<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;4188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4341 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |

---

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 21 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 Plan.

NOTE D

Investment Transactions

Purchases and sales of investment securities ((excluding short-term investments and in-kind purchases and sales) for the six months ended May 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12142325 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9163386 |
|  U.S. government securities | – 0 | – 0 |

---

For the six months ended May 31, 2025, the Fund had no in-kind purchases and in-kind sales.

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $291057 |
|  Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1056559) |
|  Net unrealized appreciation | $(765502) |

---

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, 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.

---

| | |
|:---|:---|
| 22 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 23 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 six months ended May 31, 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 six months ended May 31, 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

---

| | |
|:---|:---|
| 24 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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/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 six months ended May 31, 2025, the Fund held credit default swaps for hedging purposes.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 25 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

During the six months ended May 31, 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 | $2629 \* |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | $223003 \* | Payable for variation margin on centrally cleared swaps | 24114 \* |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223003 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26743 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<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)** |
|  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;(20343) | $64901 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 20706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21906) |
|  Total |  | $363 | $42995 |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended May 31, 2025:

---

| | |
|:---|:---|
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8735857 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $7000000 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $90000 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 <sup>(b)</sup> |

---

(a) Positions were open for one month during the period.

(b) Positions were open for less than one month during the period..

---

| | |
|:---|:---|
| 26 AB Tax-Aware Long Municipal 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 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 |
|  | Six Months Ended<br>May 31, 2025<br>(unaudited) | December 13,<br> 2023<sup>(a)</sup> to<br>November 30,<br>2024 | Six Months Ended<br>May 31, 2025<br>(unaudited) | December 13,<br> 2023<sup>(a)</sup> to<br>November 30,<br>2024 |
|  Shares sold | 300000 | 1150040 | $7480600 | $28803830 |
|  Shares redeemed | (200000) | – 0 | (5041980) | – 0 |
|  **Net increase** | **100000** | **1150040** | $**2438620** | $**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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 27 |

---

------

**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, tariffs and trade disputes, interest rate levels, 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.

---

| | |
|:---|:---|
| 28 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 29 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

**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

---

| | |
|:---|:---|
| 30 AB Tax-Aware Long Municipal 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 31 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended May 31, 2025.

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| | |
|:---|:---|
| 32 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal year ended November 30, 2024 was as follows:

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| | |
|:---|:---|
|  | **2024** |
|  Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $85262 |
|  Total taxable distributions | 85262 |
|  Tax-exempt income | 855682 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940944 |

---

As of November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $108358 |
|  Accumulated capital and other losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134123)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 744417 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $718652 |

---

(a) As of November 30, 2024, the Fund had a net capital loss carryforward of $134,123.

(b) The difference 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, 2024, the Fund had a net short-term capital loss carryforward of $134,123 which may be carried forward for an indefinite period.

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 Tax-Aware Long Municipal ETF 33 |

---

------

#### FINANCIAL HIGHLIGHTS

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

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** | **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 | Income From Investment Operations | Income From Investment Operations |
|  Net investment income<sup>(a)(b)</sup> | .51 | .95 |
|  Net realized and unrealized gain (loss) on investment transactions | (1.43) | .57 |
|  Contributions from Affiliates | .00 | .00 |
|  Net increase (decrease) in net asset value from operations | (.92 | 1.52 |
|  Less: Dividends |  |  |
|  Dividends from net investment income | (.51 | (.85 |
|  Net asset value, end of period | **$24.24** | **$25.67** |
|  Total Return |  |  |
|  Total investment return based on net asset value<sup>(e)</sup> | (3.64) | 6.19 |
|  Ratios/Supplemental Data |  |  |
|  Net assets, end of period (000's omitted) | $30301 | $29527 |
|  Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup> | .28 | .28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup> | .28 | .28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 4.06 | 3.90 |
|  Portfolio turnover rate<sup>(g)</sup> | 30 | 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) The expense ratios presented below exclude bank overdraft expense:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** |  | **December 13,<br>2023<sup>(a)</sup> to<br>November 30,<br>2024** |  |
|  Net of waivers/reimbursements | .28% | <sup>^</sup> | .28% | <sup>^</sup> |
|  Before waivers/reimbursements | .28% | <sup>^</sup> | .28% | <sup>^</sup> |

---

(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.

---

| | |
|:---|:---|
| 34 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 Company's Advisory Agreement with the Adviser in respect of AB Tax-Aware Long Municipal ETF (the "Fund") for an initial two-year period at a meeting held in-person on August 1-2, 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 research capabilities of the Adviser and the other resources it has dedicated to

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 35 |

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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

---

| | |
|:---|:---|
| 36 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

---

------

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 those for other funds 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 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 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 37 |

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------

Adviser will be responsible for paying for such services under its unitary fee arrangement with the Fund. 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.

---

| | |
|:---|:---|
| 38 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

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------

#### NOTES

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Long Municipal ETF 39 |

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| | |
|:---|:---|
| 40 AB Tax-Aware Long Municipal ETF | **ABFunds.com** |

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![LOGO](g112956g28a43.jpg)

AB TAX-AWARE LONG MUNICIPAL ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-TALM-0152-0525 ![LOGO](g112956g22c48.jpg)

------

#### May 31, 2025
![LOGO](g13979g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB TAX-AWARE SHORT DURATION MUNICIPAL ETF

(NYSE Arca: TAFI)

![LOGO](g13979g50e50.jpg)

------

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
**May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MUNICIPAL OBLIGATIONS – 97.9% |  |  |
|  Long-Term Municipal Bonds – 91.4% | Long-Term Municipal Bonds – 91.4% | Long-Term Municipal Bonds – 91.4% |
|  **Alabama – 4.7%** | **Alabama – 4.7%** | **Alabama – 4.7%** |
|  Black Belt Energy Gas District <br>(BP PLC)<br>Series 2024-D<br>5.00%, 03/01/2055 | $3000 | $3143487 |
|  Black Belt Energy Gas District <br>(Goldman Sachs Group)<br>Series 2021-B<br>4.00%, 10/01/2052 | 1200 | 1197421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-D<br>4.738% (SOFR + 1.85%), 06/01/2049<sup>(a)</sup> | 1000 | 1019337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 10/01/2055 | 2750 | 2864388 |
|  Black Belt Energy Gas District <br>(Morgan Stanley)<br>Series 2019-A<br>4.00%, 12/01/2049 | 2000 | 2000230 |
|  Black Belt Energy Gas District <br>(Royal Bank of Canada)<br>Series 2022-D<br>4.00%, 12/01/2025 | 650 | 651312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>5.25%, 12/01/2053 | 2210 | 2339397 |
|  City of Huntsville AL <br>(City of Huntsville AL)<br>Series 2016-B<br>5.00%, 05/01/2028 | 470 | 478900 |
|  County of Jefferson AL Sewer Revenue <br>(County of Jefferson AL Sewer Revenue)<br>Series 2024<br>5.00%, 10/01/2034 | 1005 | 1087213 |
|  Southeast Alabama Gas Supply District (The) <br>(Morgan Stanley)<br>Series 2024<br>5.00%, 06/01/2049 | 1000 | 1045152 |
|  Southeast Alabama Gas Supply District (The) <br>(Pacific Mutual Holding)<br>Series 2024-A<br>5.00%, 08/01/2054 | 6000 | 6244905 |
|  Southeast Energy Authority A Cooperative District <br>(Deutsche Bank AG)<br>Series 2024-A<br>5.00%, 11/01/2035 | 1000 | 1031293 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 1 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Southeast Energy Authority A Cooperative District <br>(Goldman Sachs Group)<br>Series 2022-B<br>5.00%, 05/01/2053 | $1000 | $1025764 |
|  Southeast Energy Authority A Cooperative District <br>(Morgan Stanley)<br>Series 2022-A<br>5.50%, 01/01/2053 | 2000 | 2109600 |
|  Southeast Energy Authority A Cooperative District <br>(Pacific Mutual Holding)<br>Series 2024-C<br>5.00%, 10/01/2055 | 1500 | 1567530 |
|  Southeast Energy Authority A Cooperative District <br>(Royal Bank of Canada)<br>Series 2023-B<br>5.00%, 01/01/2054 | 3110 | 3240860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C<br>5.00%, 05/01/2055 | 1620 | 1696758 |
|  Southeast Energy Authority A Cooperative District <br>(Sumitomo Mitsui Financial Group)<br>Series 2023-A<br>5.00%, 07/01/2027 | 1500 | 1539139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2054 | 2500 | 2582045 |
|  |  | 36864731 |
|  **Alaska – 0.2%** |  |  |
|  CIVICVentures/AK <br>(CIVICVentures/AK)<br>Series 2015<br>5.00%, 09/01/2025 | 1500 | 1504893 |
|  **Arizona – 3.0%** |  |  |
|  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 | 2611914 |
|  Chandler Industrial Development Authority <br>(Intel Corp.)<br>Series 2022<br>5.00%, 09/01/2042 | 3000 | 3055635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2052 | 2000 | 2037354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>4.00%, 06/01/2049 | 3000 | 2954615 |
|  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 | 1023225 |

---

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| | |
|:---|:---|
| 2 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** |
|  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 | $883326 |
|  La Paz County Industrial Development Authority <br>(Harmony Public Schools)<br>Series 2016<br>5.00%, 02/15/2036<sup>(b)</sup> | 1100 | 1100054 |
|  Maricopa County Industrial Development Authority <br>(HonorHealth Obligated Group)<br>Series 2024-D<br>5.00%, 12/01/2025 | 2000 | 2017825 |
|  Maricopa County Special Health Care District <br>(Maricopa County Special Health Care District)<br>Series 2021-D<br>5.00%, 07/01/2025 | 1325 | 1326942 |
|  Maricopa County Unified School District No. 4 Mesa <br>(Maricopa County Unified School District No. 4 Mesa)<br>Series 2017-E<br>5.00%, 07/01/2025 | 1005 | 1006382 |
|  Maricopa County Unified School District No. 80 Chandler <br>(Maricopa County Unified School District No. 80 Chandler)<br>Series 2024-C<br>5.00%, 07/01/2025 | 1175 | 1176616 |
|  Maricopa County Union High School District No. 210-Phoenix <br>(Maricopa County Union High School District No. 210-Phoenix)<br>Series 2018<br>5.00%, 07/01/2025 | 1125 | 1126548 |
|  Scottsdale Municipal Property Corp. <br>(Prerefunded – US Treasuries)<br>Series 2015<br>4.00%, 07/01/2031 | 3000 | 3002043 |
|  |  | 23322479 |
|  **Arkansas – 0.0%** |  |  |
|  Arkansas Development Finance Authority <br>(Hybar LLC)<br>Series 2023<br>6.875%, 07/01/2048<sup>(b)</sup> | 115 | 123267 |
|  **California – 10.9%** |  |  |
|  Bay Area Toll Authority <br>(Bay Area Toll Authority)<br>Series 2021<br>2.38% (MUNIPSA + 0.41%), 04/01/2056<sup>(a)</sup> | 3000 | 2899751 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 3 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Community Choice Financing Authority <br>(American General Life Insurance)<br>Series 2023-D<br>5.50%, 05/01/2054 | $5000 | $5245844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 08/01/2055 | 1500 | 1562059 |
|  California Community Choice Financing Authority <br>(Athene Annuity & Life Co.)<br>Series 2024<br>5.00%, 11/01/2055 | 2000 | 2056320 |
|  California Community Choice Financing Authority <br>(Deutsche Bank AG)<br>Series 2023<br>5.25%, 01/01/2054 | 1000 | 1035120 |
|  California Community Choice Financing Authority <br>(Goldman Sachs Group)<br>Series 2021<br>4.00%, 10/01/2052 | 1000 | 999070 |
|  California Community Choice Financing Authority <br>(Morgan Stanley)<br>Series 2024<br>5.00%, 05/01/2054 | 3500 | 3672430 |
|  California Community Choice Financing Authority <br>(New York Life Insurance)<br>Series 2024<br>5.00%, 01/01/2056 | 1000 | 1063695 |
|  California Community Choice Financing Authority <br>(Pacific Mutual Holding)<br>Series 2024-F<br>5.00%, 02/01/2055 | 1750 | 1851567 |
|  California Health Facilities Financing Authority <br>(City of Hope Obligated Group)<br>Series 2012-A<br>5.00%, 11/15/2025 | 1820 | 1821510 |
|  California Health Facilities Financing Authority <br>(Stanford Health Care Obligated Group)<br>Series 2021<br>3.00%, 08/15/2054 | 3000 | 2991003 |
|  California Infrastructure & Economic Development Bank <br>(Desertxpress Enterprises)<br>Series 2025<br>9.50%, 01/01/2065<sup>(b)</sup> | 1000 | 968677 |
|  California Municipal Finance Authority <br>(Azusa Pacific University)<br>Series 2015-B<br>5.00%, 04/01/2026 | 1000 | 999422 |

---

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| | |
|:---|:---|
| 4 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** |
|  California Municipal Finance Authority <br>(LAX Integrated Express Solutions)<br>Series 2018<br>5.00%, 06/30/2029 | $1000 | $1025729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2033 | 1500 | 1519818 |
|  California Pollution Control Financing Authority <br>(Waste Management, Inc.)<br>Series 2024<br>4.25%, 11/01/2038 | 1000 | 1009557 |
|  California State Public Works Board <br>(California State Public Works Board Lease)<br>Series 2017-H<br>5.00%, 04/01/2031 | 1425 | 1469473 |
|  California State Public Works Board <br>(State of California Lease)<br>Series 2024<br>5.00%, 09/01/2035 | 2040 | 2280955 |
|  California Statewide Communities Development Authority <br>(Southern California Edison)<br>Series 2023<br>4.50%, 11/01/2033 | 1000 | 1015773 |
|  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 | 3469317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 05/15/2028 | 1610 | 1676579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 05/15/2026 | 1000 | 1013273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 | 2045 | 2194646 |
|  Golden State Tobacco Securitization Corp. <br>(Golden State Tobacco Securitization)<br>Series 2021<br>3.85%, 06/01/2050 | 2060 | 1855927 |
|  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 | 1164512 |
|  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 | 1555 | 1598440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D<br>5.00%, 07/01/2032 | 1955 | 2019601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>5.00%, 07/01/2028 | 1100 | 1148522 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 5 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 07/01/2028 | $2000 | $2074522 |
|  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 | 2000 | 2061588 |
|  Los Angeles Department of Water & Power Water System Revenue <br>(Los Angeles Dept. of Water & Power Water System<br>Revenue)<br>Series 2016-B<br>5.00%, 07/01/2028 | 780 | 786165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>5.00%, 07/01/2028 | 1150 | 1200727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 07/01/2025 | 1700 | 1701654 |
|  Newport Mesa Unified School District <br>(Newport Mesa Unified School District)<br>NATL Series 2007<br>Zero Coupon, 08/01/2031 | 2000 | 1626537 |
|  Oakland Unified School District/Alameda County <br>(Oakland Unified School District/Alameda County)<br>Series 2016<br>5.00%, 08/01/2025 | 1000 | 1002894 |
|  Port of Oakland <br>(Port of Oakland)<br>Series 2021<br>5.00%, 11/01/2029 | 1575 | 1666530 |
|  San Diego County Regional Airport Authority <br>(San Diego County Regional Airport Authority)<br>Series 2023<br>5.00%, 07/01/2029 | 1610 | 1697256 |
|  San Francisco Intl Airport <br>(San Francisco Intl Airport)<br>Series 2018<br>5.00%, 05/01/2027 | 1530 | 1577217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H<br>5.00%, 05/01/2027 | 1500 | 1546291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 05/01/2029 | 2500 | 2628497 |
|  San Joaquin Valley Clean Energy Authority <br>(Goldman Sachs Group)<br>Series 2025<br>5.50%, 01/01/2056 | 1000 | 1083306 |
|  San Juan Unified School District <br>(San Juan Unified School District)<br>Series 2020<br>3.00%, 08/01/2025 | 2500 | 2500818 |

---

---

| | |
|:---|:---|
| 6 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Southern California Public Power Authority <br>(American General Life Insurance)<br>Series 2024-A<br>5.00%, 04/01/2055 | $1000 | $1036583 |
|  Southern California Public Power Authority <br>(Goldman Sachs Group)<br>Series 2007-A<br>5.00%, 11/01/2033 | 1000 | 1047626 |
|  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 | 1089282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>5.00%, 07/01/2025 | 1000 | 1000973 |
|  State of California <br>(State of California)<br>Series 2015-C<br>5.00%, 09/01/2030 | 2000 | 2008778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 08/01/2029 | 1885 | 2043403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 03/01/2032 | 1000 | 1119048 |
|  Washington Township Health Care District <br>(Washington Township Health Care District)<br>Series 2020-A<br>5.00%, 07/01/2031 | 650 | 688133 |
|  |  | 84816418 |
|  **Colorado – 2.9%** |  |  |
|  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 | 1462039 |
|  City & County of Broomfield CO Sales & Use Tax Revenue (City & County of Broomfield CO Sales & Use Tax<br>Revenue)<br>Series 2017<br>5.00%, 12/01/2034 | 2000 | 2064390 |
|  City & County of Denver CO Airport System Revenue <br>(City & County of Denver CO Airport System Revenue)<br>Series 2020-B<br>5.00%, 11/15/2031 | 700 | 703198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.50%, 11/15/2035 | 3250 | 3564202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D<br>5.25%, 11/15/2026 | 1020 | 1047141 |

---

---

| | |
|:---|:---|
| **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 Denver CO Airport System Revenue <br>(Denver Intl Airport)<br>Series 2018-A<br>5.00%, 12/01/2025 | $1000 | $1006843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 3000 | 3118175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 2020 | 2088897 |
|  Colorado Educational & Cultural Facilities Authority <br>(Ascent Classical Academy Charter Schools)<br>Series 2024<br>4.75%, 04/01/2034<sup>(b)</sup> | 1000 | 1008605 |
|  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 | 4529988 |
|  E-470 Public Highway Authority <br>(E-470 Public Highway Authority)<br>Series 2024-B<br>3.651% (SOFR + 0.75%), 09/01/2039<sup>(a)</sup> | 2000 | 1982157 |
|  |  | 22575635 |
|  **Connecticut – 1.3%** |  |  |
|  City of New Haven CT <br>(City of New Haven CT)<br>AGM Series 2016-A<br>5.00%, 08/15/2027 | 1875 | 1919129 |
|  Stamford Housing Authority <br>(TJH Senior Living Obligated Group)<br>Series 2025<br>4.75%, 10/01/2032 | 2000 | 2003530 |
|  State of Connecticut <br>(Prerefunded – Others) Series 2015-A<br>4.50%, 03/15/2033 | 2500 | 2505801 |
|  State of Connecticut <br>(State of Connecticut)<br>Series 2018-F<br>5.00%, 09/15/2025 | 2000 | 2011192 |
|  State of Connecticut Special Tax Revenue <br>(State of Connecticut Special Tax Revenue)<br>Series 2023-B<br>5.00%, 07/01/2025 | 1570 | 1572505 |
|  |  | 10012157 |
|  **District of Columbia – 1.1%** |  |  |
|  District of Columbia <br>(District of Columbia)<br>Series 2016-A<br>5.00%, 06/01/2027 | 2500 | 2550903 |

---

---

| | |
|:---|:---|
| 8 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  District of Columbia <br>(Plenary Infrastructure DC State Lease)<br>Series 2022<br>5.00%, 02/28/2026 | $1485 | $1498370 |
|  Metropolitan Washington Airports Authority Aviation Revenue <br>(Metropolitan Washington Airports Authority Aviation Revenue)<br>Series 2017<br>5.00%, 10/01/2026 | 465 | 474172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 10/01/2034 | 1075 | 1100825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 10/01/2027 | 1000 | 1035072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 10/01/2032 | 2000 | 2111099 |
|  |  | 8770441 |
|  **Florida – 5.7%** |  |  |
|  Capital Projects Finance Authority/FL <br>(CAPFA Capital Corp. 2000F)<br>Series 2020-A<br>5.00%, 10/01/2026 | 1500 | 1524149 |
|  City of Jacksonville FL <br>(Genesis Health Obligated Group)<br>Series 2017<br>5.00%, 11/01/2026 | 600 | 612209 |
|  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 | 3567089 |
|  City of Venice FL <br>(Southwest Florida Retirement Center Obligated Group)<br>Series 2024<br>4.25%, 01/01/2030<sup>(b)</sup> | 900 | 897136 |
|  Collier County Industrial Development Authority <br>(NCH Healthcare System Obligated Group)<br>Series 2024<br>5.00%, 10/01/2054 | 2000 | 2136672 |
|  County of Brevard FL <br>(County of Brevard FL Fuel Tax)<br>AGM Series 2016<br>5.00%, 08/01/2028 | 1445 | 1477466 |
|  County of Broward FL Airport System Revenue <br>(Fort Lauderdale Hollywood Intl Airport)<br>Series 2015-A<br>5.00%, 10/01/2025 | 930 | 935212 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  County of Charlotte FL <br>(County of Charlotte FL)<br>Series 2015<br>5.00%, 10/01/2027 | $1080 | $1086129 |
|  County of Miami-Dade FL <br>(County of Miami-Dade FL)<br>Series 2016<br>5.00%, 07/01/2032 | 1040 | 1056568 |
|  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 | 1634859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 1000 | 1068551 |
|  County of Miami-Dade Seaport Department <br>(County of Miami-Dade Seaport Dept.)<br>Series 2023-A<br>5.00%, 10/01/2034 | 1000 | 1051725 |
|  Florida Development Finance Corp. <br>(GFL Solid Waste Southeast)<br>Series 2024<br>4.375%, 10/01/2054<sup>(b)</sup> | 1950 | 1940891 |
|  Florida Insurance Assistance Interlocal Agency, Inc. <br>(Florida Insurance Guaranty Association)<br>Series 2023-A<br>5.00%, 09/01/2028 | 1060 | 1082650 |
|  Greater Orlando Aviation Authority <br>(Greater Orlando Aviation Authority)<br>Series 2019-A<br>5.00%, 10/01/2025 | 1000 | 1004875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 10/01/2029 | 1040 | 1097158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>5.00%, 10/01/2025 | 1350 | 1356581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 10/01/2027 | 1000 | 1035071 |
|  Hernando County School District <br>(Hernando County School District COP)<br>AGM Series 2016-A<br>5.00%, 07/01/2025 | 1350 | 1351996 |
|  Hillsborough County Aviation Authority <br>(Hillsborough County Aviation Authority)<br>Series 2024<br>5.00%, 10/01/2033 | 2295 | 2462746 |
|  Lee County Industrial Development Authority/FL <br>(Shell Point Obligated Group)<br>Series 2024<br>4.125%, 11/15/2029 | 1000 | 1000266 |

---

---

| | |
|:---|:---|
| 10 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Miami-Dade County Expressway Authority <br>(Miami-Dade County Expressway Authority)<br>Series 2016-A<br>5.00%, 07/01/2028 | $1625 | $1649879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 1000 | 1011597 |
|  Mid-Bay Bridge Authority <br>(Mid-Bay Bridge Authority)<br>Series 2015-A<br>5.00%, 10/01/2025 | 1250 | 1254890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 | 1635 | 1634978 |
|  Palm Beach County School District <br>(Prerefunded – US Treasuries)<br>Series 2015-D<br>5.00%, 08/01/2028 | 3000 | 3008884 |
|  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 | 1357554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 05/01/2026 | 1500 | 1524041 |
|  Village Community Development District No. 15 <br>(Village Community Development District No. 15<br>Series 2024 Special Assessment)<br>Series 2024<br>3.75%, 05/01/2029<sup>(b)</sup> | 700 | 694236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 2601813 |
|  |  | 44117871 |
|  **Georgia – 4.3%** |  |  |
|  Augusta Development Authority <br>(WellStar Health System Obligated Group)<br>Series 2018<br>5.00%, 07/01/2025 | 200 | 200223 |
|  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 | 2127713 |
|  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 | 1032986 |
|  City of Atlanta GA Water & Wastewater Revenue <br>(City of Atlanta GA Water & Wastewater Revenue)<br>Series 2015<br>5.00%, 11/01/2025 | 1000 | 1001521 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 11 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Development Authority of Burke County (The) <br>(Georgia Power Co.)<br>Series 2023<br>3.875%, 10/01/2032 | $2250 | $2257054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>3.30%, 12/01/2049 | 1500 | 1476848 |
|  Development Authority of Cobb County (The) <br>(MT Bethel Christian Academy)<br>Series 2025<br>5.00%, 06/01/2035<sup>(b)</sup> | 1160 | 1160330 |
|  Fayette County Development Authority <br>(United States Soccer Federation)<br>Series 2024<br>5.00%, 10/01/2033 | 1100 | 1186049 |
|  Main Street Natural Gas, Inc. <br>(Citadel LP)<br>Series 2022-C<br>4.00%, 08/01/2052<sup>(b)</sup> | 3500 | 3478479 |
|  Main Street Natural Gas, Inc. <br>(Citigroup, Inc.)<br>Series 2019-C<br>4.00%, 03/01/2050 | 1000 | 1002117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>5.00%, 12/01/2052 | 4000 | 4128587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 12/01/2054 | 3500 | 3646646 |
|  Main Street Natural Gas, Inc. <br>(Royal Bank of Canada)<br>Series 2023<br>4.601% (SOFR + 1.70%), 12/01/2053<sup>(a)</sup> | 1000 | 1006645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 12/01/2054 | 1000 | 1052945 |
|  Metropolitan Atlanta Rapid Transit Authority <br>(Prerefunded – US Govt Agencies)<br>Series 2015-A<br>5.00%, 07/01/2042 | 1830 | 1832863 |
|  Municipal Electric Authority of Georgia <br>(Municipal Electric Authority of Georgia)<br>Series 2016-A<br>5.00%, 01/01/2028 | 1820 | 1858852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H<br>5.00%, 01/01/2026 | 1985 | 2006000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 01/01/2033 | 1200 | 1260443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.00%, 01/01/2029 | 500 | 529852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 01/01/2030 | 1000 | 1072450 |
|  |  | 33318603 |

---

---

| | |
|:---|:---|
| 12 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Guam – 1.8%** |  |  |
|  Guam Government Waterworks Authority <br>(Guam Waterworks Authority Water And Wastewater<br>System)<br>Series 2024-B<br>5.00%, 07/01/2027 | $1000 | $1019760 |
|  Territory of Guam <br>(Guam Section 30 Income Tax)<br>Series 2016-A<br>5.00%, 12/01/2025 | 4500 | 4526442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 2000 | 2036791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 3000 | 3041422 |
|  Territory of Guam <br>(Territory of Guam Business Privilege Tax)<br>Series 2015<br>5.00%, 11/15/2027 | 1155 | 1162351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F<br>5.00%, 01/01/2031 | 1250 | 1316186 |
|  Territory of Guam <br>(Territory of Guam)<br>Series 2019<br>5.00%, 11/15/2031 | 815 | 827624 |
|  |  | 13930576 |
|  **Hawaii – 0.6%** |  |  |
|  City & County of Honolulu HI <br>(City & County of Honolulu HI)<br>Series 2015-B<br>5.00%, 10/01/2027 | 1040 | 1045454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-D<br>5.00%, 08/01/2026 | 1050 | 1075938 |
|  State of Hawaii Harbor System Revenue <br>(State of Hawaii Harbor System Revenue)<br>Series 2020-A<br>4.00%, 07/01/2035 | 2280 | 2174084 |
|  |  | 4295476 |
|  **Idaho – 0.1%** |  |  |
|  Idaho Health Facilities Authority <br>(St. Luke's Health System Obligated Group/ID)<br>Series 2018<br>5.00%, 03/01/2027 | 1000 | 1034376 |
|  **Illinois – 5.4%** |  |  |
|  Chicago Board of Education <br>(Chicago Board of Education)<br>Series 2017-C<br>5.00%, 12/01/2030 | 1000 | 1011827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 12/01/2030 | 1575 | 1605843 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 13 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2018-C<br>5.00%, 12/01/2031 | $1000 | $1032772 |
|  Chicago O'Hare International Airport <br>(Chicago O'Hare Intl Airport)<br>Series 2024-C<br>5.00%, 01/01/2027 | 2750 | 2818488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 3000 | 3106673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 1015 | 1080980 |
|  Chicago Transit Authority <br>(Chicago Transit Authority)<br>Series 2017<br>5.00%, 06/01/2026 | 1695 | 1721214 |
|  Chicago Transit Authority Capital Grant Receipts Revenue (City of Chicago IL Fed Hwy Grant)<br>Series 2017<br>5.00%, 06/01/2025 | 1000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>5.00%, 06/01/2027 | 1750 | 1799412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 1750 | 1822711 |
|  City of Chicago IL <br>(City of Chicago IL)<br>Series 2020-A<br>5.00%, 01/01/2026 | 2125 | 2139822 |
|  City of Chicago IL Waterworks Revenue <br>(City of Chicago IL Waterworks Revenue)<br>AMBAC Series 2001<br>5.75%, 11/01/2030 | 755 | 802193 |
|  City of Springfield IL Electric Revenue <br>(City of Springfield IL Electric Revenue)<br>BAM Series 2024<br>5.00%, 03/01/2027 | 2000 | 2062230 |
|  Illinois State Toll Highway Authority <br>(Illinois State Toll Highway Authority)<br>Series 2019-A<br>5.00%, 01/01/2026 | 1000 | 1012217 |
|  Metropolitan Pier & Exposition Authority <br>(Metropolitan Pier & Exposition Authority)<br>Series 2023<br>5.00%, 12/15/2027 | 1000 | 1040409 |
|  Metropolitan Water Reclamation District of Greater Chicago <br>(Metropolitan Water Reclamation District of Greater<br>Chicago)<br>Series 2016-A<br>5.00%, 12/01/2030 | 2620 | 2677262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B<br>5.00%, 12/01/2031 | 850 | 867705 |

---

---

| | |
|:---|:---|
| 14 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Northern Illinois University <br>(Northern Illinois University)<br>BAM Series 2020-B<br>5.00%, 04/01/2031 | $725 | $764729 |
|  Sangamon County School District No. 186 Springfield <br>(Sangamon County School District No. 186 Springfield)<br>AGM Series 2020-B<br>5.00%, 02/01/2032 | 735 | 785321 |
|  State of Illinois <br>(State of Illinois)<br>Series 2017-D<br>5.00%, 11/01/2026 | 2000 | 2048562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 11/01/2029 | 685 | 724687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.50%, 05/01/2030 | 2040 | 2148871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 02/01/2031 | 2000 | 2138512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 05/01/2026 | 1000 | 1015714 |
|  State of Illinois Sales Tax Revenue <br>(State of Illinois Sales Tax Revenue)<br>Series 2021<br>5.00%, 06/15/2025 | 1375 | 1375900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 06/15/2028 | 605 | 617731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 06/15/2025 | 1000 | 1000655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 | 1790 | 1915717 |
|  |  | 42138157 |
|  **Indiana – 0.9%** |  |  |
|  City of Valparaiso IN <br>(Pratt Paper IN LLC)<br>Series 2024<br>4.50%, 01/01/2034<sup>(b)</sup> | 835 | 835706 |
|  City of Whiting IN <br>(BP Products North America)<br>Series 2025<br>4.20%, 06/01/2044<sup>(c)</sup> | 1000 | 996946 |
|  Indiana Finance Authority <br>(Ohio Valley Electric)<br>Series 2020<br>3.00%, 11/01/2030 | 500 | 482398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.25%, 11/01/2030 | 2000 | 2023713 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 15 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Indiana Finance Authority <br>(Parkview Health System Obligated Group)<br>Series 2024-B<br>3.741% (SOFR + 0.71%), 11/01/2046<sup>(a)(d)</sup> | $2000 | $1996604 |
|  Indianapolis Local Public Improvement Bond Bank <br>(Indianapolis Local Public Improvement Bond Bank)<br>Series 2021-A<br>5.00%, 06/01/2025 | 1000 | 1000000 |
|  |  | 7335367 |
|  **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 | 1507140 |
|  **Kentucky – 1.2%** |  |  |
|  Kentucky Public Energy Authority <br>(BP PLC)<br>Series 2024-B<br>5.00%, 01/01/2055 | 1000 | 1051256 |
|  Kentucky Public Energy Authority <br>(Morgan Stanley)<br>Series 2023-A<br>5.25%, 04/01/2054 | 2000 | 2115860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.25%, 06/01/2055 | 1000 | 1048710 |
|  Kentucky Public Energy Authority <br>(Prerefunded – US Treasuries)<br>Series 2018-C<br>4.00%, 12/01/2049 | 3500 | 3500000 |
|  Western Kentucky University <br>(Western Kentucky University)<br>Series 2016-A<br>5.00%, 09/01/2025 | 1660 | 1667005 |
|  |  | 9382831 |
|  **Louisiana – 0.9%** |  |  |
|  City of Shreveport LA <br>(City of Shreveport LA)<br>BAM Series 2016<br>5.00%, 03/01/2027 | 1400 | 1428040 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth <br>(Louisiana Insurance Guaranty Association)<br>Series 2022<br>5.00%, 08/15/2029 | 665 | 686359 |

---

---

| | |
|:---|:---|
| 16 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Louisiana Public Facilities Authority <br>(ElementUS Minerals LLC)<br>Series 2023<br>5.00%, 10/01/2043<sup>(b)</sup> | $1900 | $1906563 |
|  New Orleans Aviation Board <br>(New Orleans Aviation Board)<br>Series 2024<br>5.00%, 01/01/2029 | 1000 | 1045948 |
|  Parish of St. John the Baptist LA <br>(Marathon Oil Corp.)<br>Series 2024<br>3.30%, 06/01/2037 | 2000 | 1959593 |
|  |  | 7026503 |
|  **Maine – 0.2%** |  |  |
|  Finance Authority of Maine <br>(Casella Waste Systems)<br>Series 2018-R2<br>4.375%, 08/01/2035<sup>(b)</sup> | 1500 | 1498166 |
|  **Maryland – 1.5%** |  |  |
|  County of Montgomery MD <br>(County of Montgomery MD)<br>Series 2017-B<br>5.00%, 06/01/2026 | 1520 | 1552335 |
|  County of Prince George's MD <br>(County of Prince George's MD)<br>Series 2018-A<br>5.00%, 07/15/2033 | 1500 | 1578545 |
|  Maryland Economic Development Corp. <br>(Purple Line Transit Partners)<br>Series 2022<br>5.00%, 11/12/2028 | 3000 | 3025979 |
|  Maryland Stadium Authority <br>(State of Maryland Built to Learn Revenue State Lease)<br>Series 2024<br>5.00%, 06/01/2044 | 400 | 413120 |
|  State of Maryland <br>(State of Maryland)<br>Series 2017-A<br>5.00%, 08/01/2025 | 1765 | 1770601 |
|  State of Maryland Department of Transportation <br>(Baltimore/Washington Intl Thurgood Marshall Airport)<br>Series 2021<br>5.00%, 08/01/2030 | 1000 | 1062173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 1150 | 1212536 |
|  State of Maryland Department of Transportation <br>(Maryland Aviation Administration)<br>AGC Series 2024<br>5.00%, 08/01/2027 | 950 | 980288 |
|  |  | 11595577 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 17 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Massachusetts – 2.4%** |  |  |
|  City of Quincy MA <br>(City of Quincy MA)<br>Series 2024<br>5.00%, 07/25/2025 | $2000 | $2004441 |
|  Commonwealth of Massachusetts <br>(Commonwealth of Massachusetts)<br>Series 2016-B<br>5.00%, 07/01/2033 | 1050 | 1067254 |
|  Massachusetts Development Finance Agency <br>(Beth Israel Lahey Health Obligated Group)<br>Series 2019<br>5.00%, 07/01/2025 | 1000 | 1001231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 870 | 917716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 07/01/2034 | 1000 | 1081585 |
|  Massachusetts Development Finance Agency <br>(Emerson College)<br>Series 2017-A<br>5.00%, 01/01/2026 | 1240 | 1250467 |
|  Massachusetts Development Finance Agency <br>(GingerCare Living Obligated Group)<br>Series 2024<br>4.75%, 12/01/2029<sup>(b)</sup> | 1000 | 1000723 |
|  Massachusetts Development Finance Agency <br>(Massachusetts Development Finance Agency)<br>Series 2015-H<br>5.00%, 07/01/2025 | 415 | 415511 |
|  Massachusetts Development Finance Agency <br>(Prerefunded – US Treasuries)<br>Series 2015<br>5.00%, 07/01/2025 | 2085 | 2087731 |
|  Massachusetts Development Finance Agency <br>(UMass Memorial Health Care Obligated Group)<br>Series 2016<br>5.00%, 07/01/2025 | 1250 | 1251477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 1295 | 1312340 |
|  Massachusetts Port Authority <br>(Massachusetts Port Authority)<br>Series 2017-A<br>5.00%, 07/01/2027 | 1120 | 1158085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 07/01/2027 | 2250 | 2327429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C<br>5.00%, 07/01/2025 | 2000 | 2002140 |
|  |  | 18878130 |

---

---

| | |
|:---|:---|
| 18 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Michigan – 0.8%** |  |  |
|  City of Detroit MI <br>(City of Detroit MI)<br>Series 2018<br>5.00%, 04/01/2026 | $1000 | $1011394 |
|  Detroit Downtown Development Authority <br>(Detroit Downtown Development Authority Catalyst<br>Development Area)<br>Series 2024<br>5.00%, 07/01/2048 | 1000 | 1006700 |
|  Great Lakes Water Authority Water Supply System Revenue <br>(Great Lakes Water Authority Water Supply System<br>Revenue)<br>Series 2018-A<br>5.00%, 07/01/2028 | 1000 | 1058645 |
|  Michigan State Building Authority <br>(State of Michigan Lease)<br>Series 2016-I<br>5.00%, 10/15/2032 | 1765 | 1802615 |
|  Western Michigan University <br>(Prerefunded – US Treasuries)<br>Series 2015-A<br>5.00%, 11/15/2028 | 1635 | 1636128 |
|  |  | 6515482 |
|  **Minnesota – 0.8%** |  |  |
|  City of St. Cloud MN <br>(CentraCare Health System Obligated Group)<br>Series 2016-A<br>5.00%, 05/01/2026 | 1225 | 1244732 |
|  State of Minnesota <br>(State of Minnesota)<br>Series 2016-D<br>5.00%, 08/01/2025 | 2700 | 2708703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 08/01/2025 | 1000 | 1003224 |
|  University of Minnesota <br>(University of Minnesota)<br>Series 2017-A<br>5.00%, 09/01/2032 | 1020 | 1056050 |
|  |  | 6012709 |
|  **Mississippi – 0.3%** |  |  |
|  City of Gulfport MS <br>(Memorial Hospital at Gulfport Obligated Group)<br>Series 2016<br>5.00%, 07/01/2030 | 2450 | 2457526 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 19 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Missouri – 0.6%** | **Missouri – 0.6%** | **Missouri – 0.6%** |
|  City of St. Louis MO Airport Revenue <br>(City of St. Louis MO Airport Revenue)<br>AGM Series 2017-B<br>5.00%, 07/01/2025 | $2130 | $2132413 |
|  County of St. Louis MO <br>(County of St. Louis MO Lease)<br>Series 2020-A<br>4.00%, 12/01/2030 | 755 | 769905 |
|  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 | 2011576 |
|  |  | 4913894 |
|  **Nebraska – 0.3%** |  |  |
|  Central Plains Energy Project <br>(Bank of Montreal)<br>Series 2023-A<br>5.00%, 05/01/2054 | 1000 | 1030398 |
|  Central Plains Energy Project <br>(Royal Bank of Canada)<br>Series 2019<br>4.00%, 12/01/2049 | 1000 | 1000265 |
|  |  | 2030663 |
|  **Nevada – 0.5%** |  |  |
|  County of Clark Department of Aviation <br>(County of Clark Dept. of Aviation)<br>Series 2021-B<br>5.00%, 07/01/2025 | 3100 | 3103716 |
|  Tahoe-Douglas Visitors Authority <br>(Tahoe-Douglas Visitors Authority)<br>Series 2020<br>5.00%, 07/01/2033 | 1000 | 1047883 |
|  |  | 4151599 |
|  **New Hampshire – 1.7%** |  |  |
|  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>(b)</sup> | 600 | 590590 |
|  New Hampshire Business Finance Authority <br>(Bridgeland Water & Utility Districts 490, 491 & 158)<br>Series 2024<br>5.375%, 12/15/2035<sup>(b)</sup> | 1881 | 1870184 |

---

---

| | |
|:---|:---|
| 20 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **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>(b)</sup> | $1000 | $1005853 |
|  New Hampshire Business Finance Authority <br>(Emberly & Canterra Creek Projects)<br>Series 2024<br>5.375%, 12/01/2031<sup>(b)</sup> | 950 | 938137 |
|  New Hampshire Business Finance Authority <br>(Lakes Fresh Water Supply District of Denton County)<br>Series 2024<br>5.00%, 12/01/2028<sup>(b)</sup> | 1000 | 995660 |
|  New Hampshire Business Finance Authority <br>(NFA 2025-1)<br>Series 2025<br>5.875%, 12/15/2033<sup>(b)</sup> | 3000 | 3004715 |
|  New Hampshire Business Finance Authority <br>(Novant Health Obligated Group)<br>Series 2025<br>5.00%, 06/01/2032<sup>(c)</sup> | 1490 | 1606852 |
|  New Hampshire Business Finance Authority <br>(Tamarron Project)<br>Series 2024<br>5.25%, 12/01/2035<sup>(b)</sup> | 756 | 750450 |
|  New Hampshire Business Finance Authority <br>(The Highlands Project)<br>Series 2024<br>5.125%, 12/15/2030 | 900 | 897660 |
|  New Hampshire Business Finance Authority <br>(Valencia Project)<br>Series 2024<br>5.30%, 12/01/2032<sup>(b)</sup> | 1500 | 1492344 |
|  |  | 13152445 |
|  **New Jersey – 6.7%** |  |  |
|  Atlantic County Improvement Authority (The) <br>(Island Campus Redevelopment Urban Renewal<br>Associates)<br>AGM Series 2016<br>5.00%, 09/01/2028 | 2400 | 2453980 |
|  City of Newark NJ <br>(City of Newark NJ)<br>AGM Series 2020-A<br>5.00%, 10/01/2027 | 1290 | 1347260 |
|  Garden State Preservation Trust <br>(Garden State Preservation Trust)<br>AGM Series 2005-A<br>5.75%, 11/01/2028 | 2530 | 2654587 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 21 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Brunswick Parking Authority <br>(New Brunswick Parking Authority)<br>BAM Series 2016-A<br>5.00%, 09/01/2030 | $2000 | $2041254 |
|  New Jersey Economic Development Authority <br>(DRP Urban Renewal 4 LLC)<br>Series 2025<br>6.375%, 01/01/2035<sup>(b)</sup> | 1500 | 1517940 |
|  New Jersey Economic Development Authority <br>(New Jersey Economic Development Authority State<br>Lease)<br>Series 2015-X<br>5.00%, 06/15/2025 | 3950 | 3952411 |
|  New Jersey Economic Development Authority <br>(New Jersey Transit State Lease)<br>Series 2017-B<br>5.00%, 11/01/2025 | 1400 | 1410472 |
|  New Jersey Economic Development Authority <br>(New Jersey-American Water)<br>Series 2023<br>3.75%, 11/01/2034 | 2000 | 1986668 |
|  New Jersey Economic Development Authority <br>(State of New Jersey Lease)<br>Series 2015-A<br>5.00%, 06/15/2025 | 1000 | 1000610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-X<br>5.25%, 06/15/2027 | 1395 | 1396109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A<br>5.50%, 06/15/2028 | 1500 | 1543146 |
|  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 | 1286754 |
|  New Jersey Economic Development Authority <br>(United Airlines, Inc.)<br>Series 2012<br>5.75%, 09/15/2027 | 1805 | 1806275 |
|  New Jersey Health Care Facilities Financing Authority <br>(Prerefunded – US Treasuries)<br>Series 2016<br>5.00%, 07/01/2025 | 1055 | 1056512 |
|  New Jersey Health Care Facilities Financing Authority <br>(RWJ Barnabas Health Obligated Group)<br>Series 2016<br>5.00%, 07/01/2043 | 2405 | 2381857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>5.00%, 07/01/2025 | 2000 | 2002791 |

---

---

| | |
|:---|:---|
| 22 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Fed Hwy Grant)<br>Series 2016<br>5.00%, 06/15/2027 | $1085 | $1104710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 06/15/2030 | 2380 | 2415486 |
|  New Jersey Transportation Trust Fund Authority <br>(Prerefunded – US Treasuries)<br>Series 2019<br>5.00%, 06/15/2030 | 255 | 273570 |
|  New Jersey Transportation Trust Fund Authority <br>(State of New Jersey Lease)<br>Series 2021-A<br>5.00%, 06/15/2025 | 1950 | 1951190 |
|  New Jersey Turnpike Authority <br>(New Jersey Turnpike Authority)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 01/01/2031<sup>(c)</sup> | 5000 | 5473675 |
|  Newark Board of Education <br>(Newark Board of Education)<br>BAM Series 2021<br>5.00%, 07/15/2029 | 1210 | 1297979 |
|  South Jersey Transportation Authority <br>(South Jersey Transportation Authority)<br>AGM Series 2019-A<br>5.00%, 11/01/2030 | 1675 | 1787382 |
|  State of New Jersey <br>(Prerefunded – US Treasuries)<br>Series 2014<br>5.00%, 06/01/2031 | 3500 | 3500000 |
|  State of New Jersey <br>(State of New Jersey)<br>Series 2020<br>5.00%, 06/01/2025 | 2000 | 2000000 |
|  Tobacco Settlement Financing Corp./NJ <br>(Tobacco Settlement Financing Corp/NJ)<br>Series 2018-A<br>5.00%, 06/01/2029 | 2645 | 2720321 |
|  |  | 52362939 |
|  **New York – 7.2%** |  |  |
|  City of New York NY <br>(City of New York NY)<br>Series 2020-A<br>5.00%, 08/01/2025 | 1500 | 1505007 |
|  Empire State Development Corp. <br>(Prerefunded – US Treasuries)<br>Series 2015-A<br>5.00%, 03/15/2026 | 1000 | 1005863 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 23 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Metropolitan Transportation Authority <br>(Metropolitan Transportation Authority)<br>Series 2017<br>5.00%, 11/15/2025 | $2050 | $2065230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 2010 | 2125854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 11/15/2025 | 630 | 634681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 1840 | 1912871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 11/15/2032 | 1500 | 1652821 |
|  New York City Municipal Water Finance Authority <br>(New York City Municipal Water Finance Authority)<br>Series 2018-E<br>5.00%, 06/15/2032 | 1410 | 1418455 |
|  New York City Municipal Water Finance Authority <br>(Prerefunded – Others)<br>Series 2015<br>5.00%, 06/15/2039 | 205 | 205141 |
|  New York City Transitional Finance Authority <br>(New York City Transitional Finance Authority Future Tax Secured Revenue)<br>Series 2025<br>5.00%, 11/01/2034 | 2000 | 2234685 |
|  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 | 2001309 |
|  New York State Dormitory Authority <br>(Montefiore Obligated Group)<br>Series 2018<br>5.00%, 08/01/2028 | 1000 | 1033243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 1500 | 1521654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.00%, 09/01/2027 | 1400 | 1434694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 11/01/2026 | 900 | 918300 |
|  New York State Dormitory Authority <br>(New York State Dormitory Authority Lease)<br>Series 2018<br>5.00%, 10/01/2031 | 1775 | 1808619 |
|  New York State Dormitory Authority <br>(Northwell Health Obligated Group)<br>Series 2019<br>5.00%, 05/01/2048 | 1000 | 1005138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 05/01/2030 | 1000 | 1079661 |

---

---

| | |
|:---|:---|
| 24 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**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%, 07/01/2033 | $1000 | $1000272 |
|  New York State Dormitory Authority <br>(White Plains Hospital Obligated Group)<br>Series 2024<br>5.00%, 10/01/2029 | 750 | 787294 |
|  New York State Energy Research & Development Authority <br>(Rochester Gas & Electric)<br>Series 2018<br>3.00%, 08/01/2032 | 1000 | 999121 |
|  New York State Environmental Facilities Corp. <br>(New York City Municipal Water Finance Authority)<br>Series 2020<br>2.75%, 09/01/2050 | 1500 | 1490714 |
|  New York Transportation Development Corp. <br>(JFK Intl Air Terminal)<br>Series 2020<br>5.00%, 12/01/2031 | 1000 | 1049184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 12/01/2030 | 2040 | 2150966 |
|  Onondaga Civic Development Corp. <br>(Syracuse University)<br>Series 2025<br>5.00%, 12/01/2032 | 900 | 1009603 |
|  Port Authority of New York & New Jersey <br>(Port Authority of New York & New Jersey)<br>Series 2016<br>5.00%, 10/01/2025 | 1000 | 1004610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2<br>5.00%, 09/15/2029 | 1530 | 1578990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2030 | 2500 | 2575449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2031 | 1075 | 1105964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2<br>3.00%, 10/01/2028 | 3950 | 3855379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 | 2445 | 2526138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2<br>5.00%, 09/01/2032 | 1235 | 1325882 |
|  Suffolk Regional Off-Track Betting Corp. <br>(Suffolk Regional Off-Track Betting)<br>Series 2024<br>5.00%, 12/01/2034 | 1500 | 1551422 |
|  Triborough Bridge & Tunnel Authority <br>(Triborough Bridge & Tunnel Authority)<br>Series 2017-B<br>5.00%, 11/15/2033 | 1205 | 1239284 |

---

---

| | |
|:---|:---|
| **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 2025-A<br>5.00%, 03/01/2028 | $3500 | $3684435 |
|  Troy Capital Resource Corp. <br>(Rensselaer Polytechnic Institute)<br>Series 2015<br>5.00%, 08/01/2025 | 1000 | 1002138 |
|  Westchester County Local Development Corp. <br>(Sarah Lawrence College)<br>Series 2016-A<br>5.00%, 06/01/2025 | 1080 | 1080000 |
|  |  | 56580071 |
|  **North Carolina – 1.7%** |  |  |
|  County of Guilford NC <br>(County of Guilford NC)<br>Series 2017-B<br>4.00%, 05/01/2033 | 3000 | 3004708 |
|  County of New Hanover NC <br>(County of New Hanover NC)<br>Series 2018<br>5.00%, 09/01/2026 | 1010 | 1037357 |
|  Cumberland County Industrial Facilities & Pollution Control Financing Authority <br>(American Titanium Metal)<br>Series 2024<br>3.75%, 12/01/2027 | 2000 | 2000647 |
|  North Carolina Department of Transportation <br>(I-77 Mobility Partners)<br>Series 2015<br>5.00%, 12/31/2037 | 1405 | 1405452 |
|  State of North Carolina <br>(State of North Carolina Lease)<br>Series 2014-B<br>5.00%, 06/01/2025 | 4195 | 4195000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C<br>3.00%, 05/01/2028 | 1000 | 994932 |
|  State of North Carolina <br>(State of North Carolina)<br>Series 2013-B<br>5.00%, 06/01/2025 | 1000 | 1000000 |
|  |  | 13638096 |
|  **North Dakota – 0.4%** |  |  |
|  County of Ward ND <br>(Trinity Health Obligated Group)<br>Series 2017-C<br>5.00%, 06/01/2029 | 1300 | 1304533 |

---

---

| | |
|:---|:---|
| 26 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Mandan Public School District No. 1 <br>(Mandan Public School District No. 1)<br>Series 2021<br>5.00%, 08/01/2025 | $1945 | $1950292 |
|  |  | 3254825 |
|  **Ohio – 2.7%** |  |  |
|  American Municipal Power, Inc. <br>(American Municipal Power Combined Hydroelectric<br>Revenue)<br>Series 2020<br>5.00%, 02/15/2026 | 1035 | 1049226 |
|  Buckeye Tobacco Settlement Financing Authority <br>(Buckeye Tobacco Settlement Financing Authority)<br>Series 2020-A<br>5.00%, 06/01/2028 | 1425 | 1474514 |
|  County of Allen OH Hospital Facilities Revenue <br>(Bon Secours Mercy Health)<br>Series 2025<br>5.00%, 11/01/2033 | 2000 | 2208003 |
|  Jefferson County Port Authority/OH <br>(JSW Steel USA Ohio, Inc.)<br>Series 2023<br>5.00%, 12/01/2053<sup>(b)</sup> | 1000 | 1000746 |
|  Lancaster Port Authority <br>(Royal Bank of Canada)<br>Series 2024-A<br>5.00%, 02/01/2055 | 1000 | 1044562 |
|  Ohio Air Quality Development Authority <br>(American Electric Power)<br>Series 2019<br>2.40%, 12/01/2038 | 500 | 465733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>3.70%, 07/01/2028 | 4000 | 3964643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/01/2029 | 1500 | 1483749 |
|  Ohio Higher Educational Facility Commission <br>(John Carroll University)<br>Series 2025<br>5.00%, 10/01/2033<sup>(c)</sup> | 1085 | 1137791 |
|  Ohio Higher Educational Facility Commission <br>(Xavier University)<br>Series 2024<br>5.00%, 05/01/2033 | 650 | 700935 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund <br>(Ohio Water Development Authority Water Pollution Control Loan Fund)<br>Series 2016<br>5.00%, 06/01/2025 | 4915 | 4915000 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 27 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Reynoldsburg City School District <br>(Reynoldsburg City School District)<br>Series 2013<br>4.919%, 09/01/2030 | $800 | $815934 |
|  State of Ohio <br>(University Hospitals Health System Obligated Group)<br>Series 2016<br>5.00%, 01/15/2030 | 1090 | 1095718 |
|  |  | 21356554 |
|  **Oklahoma – 0.3%** |  |  |
|  Oklahoma Development Finance Authority <br>(OU Medicine Obligated Group)<br>Series 2018-B<br>5.00%, 08/15/2029 | 1000 | 1031346 |
|  Tulsa Municipal Airport Trust Trustees/OK <br>(American Airlines, Inc.)<br>Series 2025<br>6.25%, 12/01/2035 | 1000 | 1093331 |
|  |  | 2124677 |
|  **Oregon – 0.5%** |  |  |
|  Medford Hospital Facilities Authority <br>(Asante Health System Obligated Group)<br>Series 2020-A<br>5.00%, 08/15/2027 | 1000 | 1039963 |
|  Port of Portland OR Airport Revenue <br>(Port of Portland OR Airport Revenue)<br>Series 2022-2<br>5.00%, 07/01/2030 | 1015 | 1077395 |
|  Port of Portland OR Airport Revenue <br>(Portland Intl Airport)<br>Series 2017-2<br>5.00%, 07/01/2029 | 1000 | 1017432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 1100 | 1117261 |
|  |  | 4252051 |
|  **Pennsylvania – 2.9%** |  |  |
|  Allegheny County Hospital Development Authority <br>(UPMC Obligated Group)<br>Series 2022<br>2.67% (MUNIPSA + 0.70%), 11/15/2047<sup>(a)</sup> | 1000 | 990792 |
|  Bucks County Industrial Development Authority <br>(Grand View Hospital/Sellersville PA Obligated Group)<br>Series 2021<br>5.00%, 07/01/2032 | 500 | 522612 |
|  City of Philadelphia PA Airport Revenue <br>(City of Philadelphia PA Airport Revenue)<br>Series 2020-C<br>5.00%, 07/01/2030 | 1220 | 1294996 |

---

---

| | |
|:---|:---|
| 28 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 2021<br>5.00%, 07/01/2025 | $945 | $945923 |
|  County of Allegheny PA <br>(County of Allegheny PA)<br>Series 2016-C<br>5.00%, 11/01/2025 | 4400 | 4434692 |
|  General Authority of Southcentral Pennsylvania <br>(UPMC Pinnacle Hanover)<br>Series 2015<br>5.00%, 12/01/2027 | 1275 | 1282006 |
|  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 | 1999310 |
|  Montgomery County Higher Education & Health Authority <br>(Thomas Jefferson University Obligated Group)<br>Series 2018<br>5.00%, 09/01/2030 | 1000 | 1046450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 1500 | 1563417 |
|  Pennsylvania Economic Development Financing Authority <br>(Commonwealth of Pennsylvania Dept. of Transportation)<br>Series 2022<br>5.00%, 12/31/2032 | 2000 | 2127137 |
|  Pennsylvania Economic Development Financing Authority <br>(Philadelphia Water Dept.)<br>Series 2020<br>4.00%, 01/01/2026 | 1220 | 1221821 |
|  Pennsylvania Turnpike Commission Registration Fee Revenue <br>(Pennsylvania Turnpike Commission Registration Fee Revenue)<br>Series 2023<br>2.82% (MUNIPSA + 0.85%), 07/15/2041<sup>(a)</sup> | 1000 | 997929 |
|  Philadelphia Gas Works Co. <br>(Philadelphia Gas Works)<br>Series 2015<br>5.00%, 08/01/2025 | 1900 | 1905138 |
|  Pittsburgh Water & Sewer Authority <br>(Pittsburgh Water & Sewer Authority)<br>AGM Series 2017-A<br>5.00%, 09/01/2025 | 1045 | 1049621 |
|  State Public School Building Authority <br>(School District of Philadelphia/The)<br>AGM Series 2016<br>5.00%, 06/01/2025 | 1000 | 1000000 |
|  |  | 22381844 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 29 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Puerto Rico – 0.9%** |  |  |
|  Commonwealth of Puerto Rico <br>(Commonwealth of Puerto Rico)<br>Series 2021-A<br>5.625%, 07/01/2027 | $1108 | $1137078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 | 675 | 707238 |
|  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> | 1000 | 1024451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C<br>3.50%, 07/01/2026<sup>(b)</sup> | 2000 | 1922481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/2027<sup>(b)</sup> | 2000 | 1867948 |
|  |  | 6659196 |
|  **South Carolina – 1.5%** |  |  |
|  SCAGO Educational Facilities Corp. for Pickens School District<br>(Pickens County School District/SC)<br>Series 2015<br>5.00%, 12/01/2030 | 1000 | 1000873 |
|  SCAGO Educational Facilities Corp. for Pickens School District<br>(SCAGO Educational Facilities for Pickens School District Lease)<br>Series 2015<br>5.00%, 12/01/2029 | 1500 | 1501375 |
|  South Carolina Jobs-Economic Development Authority <br>(Novant Health Obligated Group)<br>Series 2024<br>5.00%, 11/01/2031 | 3185 | 3478124 |
|  South Carolina Public Service Authority <br>(Prerefunded – US Treasuries)<br>Series 2015-A<br>5.00%, 12/01/2031 | 2000 | 2000000 |
|  South Carolina Public Service Authority <br>(South Carolina Public Service Authority)<br>Series 2016-A<br>5.00%, 12/01/2034 | 1500 | 1506137 |
|  Series 2025-B<br>5.00%, 12/01/2031 | 1775 | 1945085 |
|  |  | 11431594 |
|  **Tennessee – 1.3%** |  |  |
|  Memphis-Shelby County Airport Authority <br>(Memphis-Shelby County Airport Authority)<br>Series 2021-A<br>5.00%, 07/01/2034 | 1355 | 1413981 |

---

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| | |
|:---|:---|
| 30 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board <br>(EC Burning Tree LLC)<br>Series 2025<br>5.00%, 10/01/2028 | $2000 | $2067776 |
|  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 | 1049416 |
|  Metropolitan Government Nashville & Davidson County Sports Authority <br>(Metropolitan Govt of Nashville & Davidson County TN)<br>AGM Series 2023-A<br>5.00%, 07/01/2034 | 1455 | 1607209 |
|  Metropolitan Nashville Airport Authority (The) <br>(Metropolitan Nashville Airport Authority/The)<br>Series 2019-B<br>5.00%, 07/01/2030 | 1005 | 1062006 |
|  State of Tennessee <br>(State of Tennessee)<br>Series 2016-B<br>5.00%, 08/01/2025 | 1015 | 1018289 |
|  Tennessee Energy Acquisition Corp. <br>(Goldman Sachs Group)<br>Series 2023-A<br>5.00%, 05/01/2053 | 2000 | 2047726 |
|  |  | 10266403 |
|  **Texas – 4.2%** |  |  |
|  Central Texas Regional Mobility Authority <br>(Central Texas Regional Mobility Authority)<br>Series 2016<br>5.00%, 01/01/2028 | 1065 | 1075892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-E<br>5.00%, 01/01/2031 | 1420 | 1520867 |
|  City of Houston TX Airport System Revenue <br>(United Airlines, Inc.)<br>Series 2020<br>5.00%, 07/15/2027 | 1500 | 1504986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.25%, 07/15/2034 | 1500 | 1535925 |
|  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 | 577888 |
|  Crowley Independent School District <br>(Prerefunded – US Govt Agencies)<br>Series 2016-B<br>4.00%, 08/01/2037 | 1855 | 1857777 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 31 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2038 | $2000 | $2002994 |
|  Harris County Cultural Education Facilities Finance Corp. <br>(Memorial Hermann Health System Obligated Group)<br>Series 2024<br>5.00%, 07/01/2054 | 3600 | 3817462 |
|  Irving Hospital Authority <br>(Baylor Medical Center at Irving)<br>Series 2017-A<br>5.00%, 10/15/2033 | 1000 | 1008002 |
|  North Texas Tollway Authority <br>(North Texas Tollway System)<br>Series 2016-A<br>5.00%, 01/01/2028 | 1000 | 1010716 |
|  Port of Beaumont Navigation District <br>(Jefferson 2020 Bond Lessee & Borrower Obligated Group)<br>Series 2024<br>10.00%, 07/01/2026<sup>(b)</sup> | 1000 | 1023165 |
|  Texas Municipal Gas Acquisition & Supply Corp. II <br>(JPMorgan Chase & Co.)<br>Series 2007<br>3.926% (CME Term SOFR 3 Month + 1.05%), 09/15/2027<sup>(a)</sup> | 2000 | 2006887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-C<br>3.70% (CME Term SOFR 3 Month + 0.86%), 09/15/2027<sup>(a)</sup> | 2390 | 2390991 |
|  Texas Municipal Gas Acquisition & Supply Corp. III <br>(Macquarie Group Ltd.)<br>Series 2021<br>5.00%, 12/15/2032 | 2000 | 2100285 |
|  Texas Municipal Gas Acquisition & Supply Corp. IV <br>(BP PLC)<br>Series 2023-A<br>5.50%, 01/01/2054 | 4000 | 4226326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>5.50%, 01/01/2054 | 1500 | 1639601 |
|  Texas Private Activity Bond Surface Transportation Corp. <br>(NTE Mobility Partners LLC)<br>Series 2019<br>5.00%, 12/31/2030 | 1000 | 1060540 |
|  Texas Water Development Board <br>(State Water Implementation Revenue Fund for Texas)<br>Series 2023-A<br>5.00%, 10/15/2026 | 1000 | 1029458 |
|  Texas Water Development Board <br>(Texas Water Development Board State Revolving Fund)<br>Series 2018<br>5.00%, 08/01/2025 | 1000 | 1002974 |
|  |  | 32392736 |

---

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| | |
|:---|:---|
| 32 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Utah – 1.1%** |  |  |
|  Grapevine Wash Local District <br>(Grapevine Wash Local District Assessment Area No. 1)<br>Series 2024-A<br>5.25%, 12/01/2044<sup>(b)</sup> | $1000 | $924459 |
|  Utah Board of Higher Education <br>(University of Utah/The)<br>NATL Series 1998<br>5.50%, 04/01/2029 | 1440 | 1512870 |
|  Utah Infrastructure Agency <br>(Utah Infrastructure Agency)<br>Series 2017-A<br>5.00%, 10/15/2029 | 1000 | 1025605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 10/15/2032 | 1135 | 1195860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 10/15/2026 | 440 | 447585 |
|  Utah Transit Authority <br>(Prerefunded – US Treasuries)<br>Series 2015-A<br>4.00%, 06/15/2033 | 1000 | 1000322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2038 | 1500 | 1501016 |
|  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 | 981896 |
|  |  | 8589613 |
|  **Virginia – 0.6%** |  |  |
|  County of Fairfax VA <br>(County of Fairfax VA)<br>Series 2021-A<br>4.00%, 10/01/2025 | 1245 | 1249290 |
|  Greater Richmond Convention Center Authority <br>(Greater Richmond Convention Center Authority Hotel Occupancy Tax)<br>Series 2015<br>5.00%, 06/15/2025 | 1800 | 1801157 |
|  Virginia College Building Authority <br>(Marymount University)<br>Series 2015<br>5.25%, 07/01/2030<sup>(b)</sup> | 1000 | 939591 |
|  Virginia Port Authority Commonwealth Port Fund <br>(Prerefunded – US Treasuries)<br>Series 2015<br>5.00%, 07/01/2030 | 1000 | 1001392 |
|  |  | 4991430 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 33 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Washington – 1.8%** |  |  |
|  Energy Northwest <br>(Prerefunded – Others)<br>Series 2015-A<br>5.00%, 07/01/2028 | $2010 | $2012881 |
|  Energy Northwest <br>(Prerefunded – US Treasuries)<br>Series 2024-B<br>5.00%, 07/01/2025 | 1000 | 1001433 |
|  Pierce County School District No. 10 Tacoma <br>(Prerefunded – US Govt Agencies)<br>Series 2015<br>5.00%, 12/01/2033 | 2190 | 2211962 |
|  Port of Seattle WA <br>(Port of Seattle WA)<br>Series 2017-C<br>5.00%, 05/01/2028 | 1260 | 1292924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 05/01/2030 | 2185 | 2234772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 | 1010 | 1018871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>5.00%, 05/01/2027 | 1000 | 1029087 |
|  Snohomish County School District No. 13 Monroe <br>(Prerefunded – US Treasuries)<br>Series 2015<br>5.00%, 12/01/2032 | 1000 | 1000000 |
|  State of Washington <br>(State of Washington)<br>Series 2023-R<br>5.00%, 08/01/2025 | 1000 | 1003207 |
|  Washington State Housing Finance Commission <br>(Presbyterian Retirement Communities Northwest Obligated Group)<br>Series 2019-A<br>5.00%, 01/01/2034<sup>(b)</sup> | 1225 | 1217359 |
|  |  | 14022496 |
|  **West Virginia – 1.3%** |  |  |
|  State of West Virginia <br>(State of West Virginia)<br>Series 2019<br>5.00%, 06/01/2025 | 2810 | 2810000 |
|  Tobacco Settlement Finance Authority/WV <br>(Tobacco Settlement Finance Authority/WV)<br>Series 2020<br>4.875%, 06/01/2049 | 235 | 213956 |
|  West Virginia Economic Development Authority <br>(Appalachian Power Co.)<br>Series 2024<br>3.375%, 03/01/2040 | 3000 | 2980323 |

---

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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** |
|  West Virginia Economic Development Authority <br>(Provident Group – Marshall Properties)<br>AGM Series 2023<br>5.00%, 07/01/2030 | $2665 | $2847829 |
|  West Virginia Hospital Finance Authority <br>(West Virginia United Health System Obligated Group)<br>Series 2016A<br>5.00%, 06/01/2025 | 1360 | 1360000 |
|  |  | 10212108 |
|  **Wisconsin – 2.0%** |  |  |
|  City of Milwaukee WI <br>(City of Milwaukee WI)<br>Series 2020-N<br>5.00%, 04/01/2027 | 1000 | 1033946 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2023<br>5.00%, 04/01/2031 | 1025 | 1112603 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2023-N<br>5.00%, 04/01/2028 | 1690 | 1773338 |
|  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 | 352565 |
|  Wisconsin Health & Educational Facilities Authority <br>(Forensic Science & Protective Medicine Collaboration)<br>Series 2024<br>5.00%, 08/01/2027<sup>(b)</sup> | 2500 | 2535252 |
|  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>(b)</sup> | 2000 | 887902 |
|  Wisconsin Public Finance Authority <br>(Inperium Obligated Group)<br>Series 2024<br>5.00%, 12/01/2034<sup>(b)</sup> | 1000 | 1009357 |
|  Wisconsin Public Finance Authority <br>(Kaiser Obligated Group)<br>Series 2023-A<br>5.00%, 10/01/2027 | 1305 | 1359068 |
|  Wisconsin Public Finance Authority <br>(North San Gabriel Municipal Utility District No. 1)<br>Series 2023<br>Zero Coupon, 09/01/2029<sup>(b)</sup> | 1500 | 1103316 |
|  Wisconsin Public Finance Authority <br>(Renown Regional Medical Center Obligated Group)<br>Series 2020<br>5.00%, 06/01/2029 | 755 | 795888 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 35 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority <br>(Signorelli Projects)<br>Series 2024<br>5.375%, 12/15/2032<sup>(b)</sup> | $1946 | $1945797 |
|  Wisconsin Public Finance Authority <br>(Southeastern Regional Medical Center Obligated Group)<br>Series 2022<br>5.00%, 02/01/2030 | 1000 | 990729 |
|  Wisconsin Public Finance Authority <br>(Waterstone Projects)<br>Series 2024<br>5.50%, 12/15/2038<sup>(b)</sup> | 1000 | 982970 |
|  |  | 15882731 |
|  Total Long-Term Municipal Bonds <br>(cost $714,891,911) |  | 713682476 |
|  Short-Term Municipal Notes – 6.5% |  |  |
|  **California – 0.5%** |  |  |
|  County of Los Angeles CA <br>(County of Los Angeles CA)<br>Series 2024<br>5.00%, 06/30/2025 | 3180 | 3184127 |
|  Nuveen California AMT-Free Quality Municipal Income Fund <br>(Nuveen California AMT-Free Quality Municipal Income Fund)<br>Series 2017<br>2.42%, 10/01/2047<sup>(b)(e)</sup> | 1000 | 1000000 |
|  |  | 4184127 |
|  **Colorado – 0.7%** |  |  |
|  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 | 1500 | 1516336 |
|  Colorado Educational & Cultural Facilities Authority <br>(Jewish Federation of South Palm Beach County)<br>Series 2008<br>3.00%, 02/01/2038<sup>(e)</sup> | 350 | 350000 |
|  Colorado Educational & Cultural Facilities Authority <br>(Miami Beach Jewish Community Center)<br>Series 2022<br>3.00%, 07/01/2041<sup>(e)</sup> | 1400 | 1400000 |

---

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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)** | **U.S. $ Value** |
|  Colorado State Education Loan Program <br>(Colorado State Education Loan Program)<br>Series 2024-A<br>5.00%, 06/30/2025 | $2000 | $2002672 |
|  |  | 5269008 |
|  **District of Columbia – 0.2%** |  |  |
|  District of Columbia <br>(District of Columbia)<br>Series 2024-C<br>5.00%, 06/01/2025 | 1200 | 1200000 |
|  **Florida – 0.8%** |  |  |
|  Hillsborough County Industrial Development Authority <br>(BayCare Obligated Group)<br>Series 2020<br>3.00%, 11/01/2038<sup>(e)</sup> | 6350 | 6350000 |
|  **Idaho – 0.7%** |  |  |
|  Idaho Health Facilities Authority <br>(St. Luke's Health System Obligated Group/ID)<br>Series 2018-C<br>2.90%, 03/01/2048<sup>(e)</sup> | 1000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>3.00%, 03/01/2060<sup>(e)</sup> | 3100 | 3100000 |
|  Idaho State Building Authority <br>(State of Idaho Sales Tax Revenue)<br>Series 2025<br>5.00%, 06/01/2025 | 1600 | 1600000 |
|  |  | 5700000 |
|  **Massachusetts – 0.1%** |  |  |
|  Massachusetts Development Finance Agency <br>(Emerson College)<br>Series 2025<br>5.00%, 01/01/2026 | 1120 | 1129454 |
|  **Michigan – 0.5%** |  |  |
|  Green Lake Township Economic Development Corp. <br>(Interlochen Center for the Arts)<br>Series 2023<br>3.00%, 06/01/2034<sup>(e)</sup> | 1700 | 1700000 |
|  Michigan Finance Authority <br>(Michigan Finance Authority)<br>Series 2024-A<br>5.00%, 07/21/2025 | 2000 | 2004901 |
|  |  | 3704901 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 37 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **Missouri – 0.1%** |  |  |  |  |
|  Health & Educational Facilities Authority of the State of Missouri <br>(St. Louis University/US)<br>Series 2013-B<br>3.00%, 10/01/2035<sup>(e)</sup> | $| 945 | $| 945000 |
|  **New Jersey – 0.5%** |  |  |  |  |
|  City of Hoboken NJ <br>(City of Hoboken NJ)<br>Series 2025-A<br>4.00%, 03/10/2026 |  | 1000 |  | 1007751 |
|  City of Jersey City NJ <br>(City of Jersey City NJ)<br>Series 2024-D<br>4.50%, 10/22/2025 |  | 2500 |  | 2511586 |
|  |  |  |  | 3519337 |
|  **New York – 0.8%** |  |  |  |  |
|  City of New York NY <br>(City of New York NY)<br>Series 2024-A<br>5.00%, 08/01/2025 |  | 2000 |  | 2006676 |
|  City of Rochester NY <br>(City of Rochester NY)<br>Series 2024-I<br>5.00%, 07/31/2025 |  | 2000 |  | 2005936 |
|  Triborough Bridge & Tunnel Authority <br>(Triborough Bridge & Tunnel Authority)<br>Series 2025<br>2.95% (MUNIPSA + 0.98%), 05/01/2026<sup>(a)</sup> |  | 2400 |  | 2400000 |
|  |  |  |  | 6412612 |
|  **North Carolina – 0.1%** |  |  |  |  |
|  Charlotte-Mecklenburg Hospital Authority (The) <br>(Atrium Health Obligated Group)<br>AGM Series 2017-E<br>3.00%, 01/15/2044<sup>(e)</sup> |  | 1075 |  | 1075000 |
|  **Ohio – 0.0%** | **Ohio – 0.0%** | **Ohio – 0.0%** | **Ohio – 0.0%** | **Ohio – 0.0%** |
|  County of Montgomery OH <br>(Premier Health Partners Obligated Group)<br>Series 2019<br>3.05%, 11/15/2045<sup>(e)</sup> |  | 350 |  | 350000 |
|  **Other – 0.3%** | **Other – 0.3%** | **Other – 0.3%** | **Other – 0.3%** | **Other – 0.3%** |
|  Nuveen AMT-Free Municipal Credit Income Fund <br>(Nuveen AMT-Free Municipal Credit Income Fund)<br>Series 2019<br>2.42%, 03/01/2029<sup>(e)</sup> |  | 1000 |  | 1000000 |

---

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| | |
|:---|:---|
| 38 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** |
|  Nuveen AMT-Free Quality Municipal Income Fund <br>(Nuveen AMT-Free Quality Municipal Income Fund)<br>Series 2021<br>2.42%, 03/01/2029<sup>(e)</sup> | $| 1000 | $| 1000000 |
|  |  |  |  | 2000000 |
|  **Pennsylvania – 0.1%** |  |  |  |  |
|  Lancaster County Hospital Authority/PA <br>(Prerefunded – US Treasuries)<br>Series 2008-D<br>3.00%, 07/01/2034<sup>(e)</sup> |  | 500 |  | 500000 |
|  **South Carolina – 0.8%** | **South Carolina – 0.8%** | **South Carolina – 0.8%** | **South Carolina – 0.8%** | **South Carolina – 0.8%** |
|  Clover School District No. 2 <br>(Clover School District No. 2)<br>Series 2024<br>5.00%, 10/01/2025 |  | 4000 |  | 4024411 |
|  Orangeburg County School District <br>(Orangeburg County School District)<br>Series 2024<br>5.00%, 08/13/2025 |  | 2000 |  | 2006745 |
|  |  |  |  | 6031156 |
|  **Washington – 0.3%** |  |  |  |  |
|  State of Washington <br>(State of Washington)<br>Series 2024-R<br>5.00%, 07/01/2025 |  | 2000 |  | 2003109 |
|  Total Short-Term Municipal Notes <br>(cost $50,378,269) |  |  |  | 50373704 |
|  Total Municipal Obligations <br>(cost $765,270,180) |  |  |  | 764056180 |
|  ASSET-BACKED SECURITIES – 0.4% |  |  |  |  |
|  **Autos - Fixed Rate – 0.3%** |  |  |  |  |
|  Arivo Acceptance Auto Loan Receivables Trust<br>Series 2024-1A, Class A<br>6.46%, 04/17/2028<sup>(b)</sup> |  | 135 |  | 135531 |
|  Lendbuzz Securitization Trust<br>Series 2023-1A, Class A2<br>6.92%, 08/15/2028<sup>(b)</sup> |  | 372 |  | 377179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2<br>5.10%, 10/15/2030<sup>(b)</sup> |  | 2185 |  | 2188920 |
|  Santander Bank Auto Credit-Linked Notes<br>Series 2023-A, Class B<br>6.493%, 06/15/2033<sup>(b)</sup> |  | 55 |  | 55041 |
|  |  |  |  | 2756671 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 39 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Other ABS - Fixed Rate – 0.1%** |  |  |
|  Dext ABS LLC<br>Series 2023-1, Class A2<br>5.99%, 03/15/2032<sup>(b)</sup> | $187 | $188079 |
|  Marlette Funding Trust<br>Series 2024-1A, Class A<br>5.95%, 07/17/2034<sup>(b)</sup> | 214 | 214656 |
|  Pagaya AI Debt Trust<br>Series 2023-3, Class A<br>7.60%, 12/16/2030<sup>(b)</sup> | 4 | 4024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A<br>6.66%, 07/15/2031<sup>(b)</sup> | 38 | 38025 |
|  Theorem Funding Trust<br>Series 2023-1A, Class A<br>7.58%, 04/15/2029<sup>(b)</sup> | 14 | 13835 |
|  |  | 458619 |
|  Total Asset-Backed Securities <br>(cost $3,203,906) |  | 3215290 |
|  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>6.421% (CME Term SOFR + 2.10%), 03/25/2043<sup>(a)(b)</sup> | 621 | 630089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class M1A<br>6.421% (CME Term SOFR + 2.10%), 04/25/2043<sup>(a)(b)</sup> | 324 | 330339 |
|  Connecticut Avenue Securities Trust<br>Series 2024-R03, Class 2M1<br>5.471% (CME Term SOFR + 1.15%), 03/25/2044<sup>(a)(b)</sup> | 909 | 909853 |
|  Total Collateralized Mortgage Obligations <br>(cost $1,854,952) |  | 1870281 |
|  CORPORATES - INVESTMENT GRADE – 0.2% |  |  |
|  Industrial – 0.1% |  |  |
|  **Consumer Non-Cyclical – 0.1%** |  |  |
|  Altria Group, Inc.<br>3.40%, 05/06/2030 | 215 | 201771 |
|  BAT Capital Corp.<br>4.906%, 04/02/2030 | 230 | 231060 |
|  Philip Morris International, Inc.<br>5.625%, 11/17/2029 | 250 | 260830 |
|  |  | 693661 |

---

---

| | |
|:---|:---|
| 40 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Technology – 0.0%** |  |  |
|  CDW LLC/CDW Finance Corp.<br>2.67%, 12/01/2026 | $370 | $358778 |
|  |  | 1052439 |
|  Financial Institutions – 0.1% |  |  |
|  **Banking – 0.0%** |  |  |
|  Citigroup, Inc.<br>Series AA<br>7.625%, 11/15/2028<sup>(f)</sup> | 184 | 192516 |
|  Wells Fargo & Co.<br>7.625%, 09/15/2028<sup>(f)</sup> | 27 | 28801 |
|  |  | 221317 |
|  **Finance – 0.1%** |  |  |
|  Aviation Capital Group LLC<br>1.95%, 01/30/2026<sup>(b)</sup> | 290 | 284162 |
|  |  | 505479 |
|  Total Corporates - Investment Grade <br>(cost $1,518,803) |  | 1557918 |
|  | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 1.1% |  |  |
|  **Investment Companies – 1.1%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.14%<sup>(g)(h)(i)</sup> <br>(cost $8,278,481) | 8278481 | 8278481 |
|  Total Investments – 99.8% <br>(cost $780,126,322) |  | 778978150 |
|  Other assets less liabilities – 0.2% |  | 1576305 |
|  **Net Assets – 100.0%** |  | $**780554455** |

---

#### 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>May 31,<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** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 44, 5 Year Index, 06/20/2030\* | (5.00)% | Quarterly | 3.51% | USD | &nbsp;&nbsp;&nbsp;&nbsp;730 | $(52518) | $(31823) | $(20695) |

---

\* Termination date

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 41 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **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 | 6580 | 10/15/2028 | CPI | # | 2.565 | % | Maturity | $(28262) | $– 0 | $(28262) |
|  USD | 6000 | 10/15/2029 | 2.485 | % | CPI | # | Maturity | 37016 | – 0 | 37016 |
|  USD | 6000 | 10/15/2029 | 2.569 | % | CPI | # | Maturity | 13278 | – 0 | 13278 |
|  USD | 4503 | 10/15/2029 | 2.516 | % | CPI | # | Maturity | 21197 | – 0 | 21197 |
|  USD | 4499 | 10/15/2029 | 2.451 | % | CPI | # | Maturity | 34908 | – 0 | 34908 |
|  USD | 4498 | 10/15/2029 | 2.499 | % | CPI | # | Maturity | 24781 | – 0 | 24781 |
|  USD | 6920 | 10/15/2030 | CPI | # | 2.531 | % | Maturity | (16509) | – 0 | (16509) |
|  |  |  |  |  |  |  |  | $86409 | $– 0 | $86409 |

---

<sup>#</sup> 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 | 15700 | 05/15/2026 | 1 Day SOFR | 4.202% | Annual | $20270 | $104 | $20166 |
|  USD | 2336 | 10/15/2029 | 1 Day SOFR | 3.814% | Annual | 10823 | – 0 | 10823 |
|  USD | 2500 | 10/15/2030 | 1 Day SOFR | 4.082% | Annual | 50095 | – 0 | 50095 |
|  USD | 5700 | 02/15/2035 | 3.948% | 1 Day SOFR | Annual | (37926) | 72 | (37998) |
|  |  |  |  |  |  | $43262 | $176 | $43086 |

---

(a) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at May 31, 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 May 31, 2025, the aggregate market value of these securities amounted to $53,533,233 or 6.9% of net assets.

(c) When-Issued or delayed delivery security.

(d) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.26% of net assets as of May 31, 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>3.741%, 11/01/2046 | 06/24/2024 | $2000000 | $1996604 | 0.26% |

---

(e) 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.

(f) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

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

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| | |
|:---|:---|
| 42 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

(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) Affiliated investments.

As of May 31, 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.

Glossary:

ABS – Asset-Backed Securities

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

AMBAC – Ambac Assurance Corporation

AMT – Alternative Minimum Tax (subject to)

BAM – Build American Mutual

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 43 |

---

------

#### STATEMENT OF ASSETS & LIABILITIES
**May 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $771,847,841) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770699669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $8,278,481) | 8278481 |
|  Cash | 50 |
|  Cash collateral due from broker | 503566 |
|  Interest receivable | 11394007 |
|  Receivable for investment securities sold | 610277 |
|  Affiliated dividends receivable | 68729 |
|  Receivable for variation margin on centrally cleared swaps | 16663 |
|  Receivable due from Adviser | 3530 |
|  Total assets | 791574972 |
| Liabilities |  |
|  Payable for investment securities purchased | 10841361 |
|  Advisory fee payable | 179156 |
|  Total liabilities | 11020517 |
|  Net Assets | $**780554455** |
| Composition of Net Assets |  |
|  Capital stock, at par | $3120 |
|  Additional paid-in capital | 780278169 |
|  Distributable earnings | 273166 |
|  Net Assets | $**780554455** |
|  Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 31,202,000 shares outstanding) | $**25.02** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 44 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12490582 |  |
|  Dividends—Affiliated issuers | 195634 | $12686216 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 931172 |  |
|  Total expenses before bank overdraft expense | 931172 |  |
|  Interest expense | 3221 |  |
|  Total expenses | 934393 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (9534) |  |
|  Net expenses |  | 924859 |
|  Net investment income |  | 11761357 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | 51548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (100419) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (5239571) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 49587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net loss on investment transactions |  | (5238855) |
|  Net Increase in Net Assets from Operations |  | $**6522502** |

---

*See notes to financial statements.*

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 45 |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025<br>(unaudited)** | **Year Ended<br>November 30,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $11761357 | $17324315 |
|  Net realized loss on investment transactions | (48871) | (1106189) |
|  Net change in unrealized appreciation (depreciation) of investments | (5189984) | 3299623 |
|  Net increase in net assets from operations | 6522502 | 19517749 |
|  Distribution to Shareholders | (11646996) | (15573808) |
| Transactions in Shares of the Fund |  |  |
|  Net increase | 135012709 | 356373925 |
|  Other capital | 72604 | 154521 |
|  Total increase | 129960819 | 360472387 |
| Net Assets |  |  |
|  Beginning of period | 650593636 | 290121249 |
|  End of period | $**780554455** | $**650593636** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 46 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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------

#### NOTES TO FINANCIAL STATEMENTS
**May 31, 2025** (unaudited)

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 18 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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price,

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 47 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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. 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 may value 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 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

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| | |
|:---|:---|
| 48 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

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

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

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

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 49 |

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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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Long-Term Municipal Bonds | $– 0 | $713682476 | $– 0 | $713682476 |
|  Short-Term Municipal Notes | – 0 | 50373704 | – 0 | 50373704 |
|  Asset-Backed Securities | – 0 | 3215290 | – 0 | 3215290 |
|  Collateralized Mortgage Obligations | – 0 | 1870281 | – 0 | 1870281 |
|  Corporates – Investment Grade | – 0 | 1557918 | – 0 | 1557918 |
|  Investment Companies | 8278481 | – 0 | – 0 | 8278481 |
|  Total Investments in Securities | 8278481 | 770699669 | – 0 | 778978150 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 131180 | – 0 | 131180 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 81188 | – 0 | 81188 <sup>(b)</sup> |
|  **Liabilities:** |  |  |  |  |
|  Centrally Cleared Credit Default Swaps | – 0 | (52518) | – 0 | (52518)<sup>(b)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (44771) | – 0 | (44771)<sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (37926) | – 0 | (37926)<sup>(b)</sup> |
|  **Total** | $**8278481** | $**770776822** | $**– 0** | $**779055303** |

---

(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.

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| | |
|:---|:---|
| 50 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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**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 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 51 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 .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 six months ended May 31, 2025, such waiver/reimbursements relating to the Fund's investment in AB Government Money Market Portfolio amounted to $9,534.

---

| | |
|:---|:---|
| 52 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

A summary of the Fund's transactions in AB mutual funds for the six months ended May 31, 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>5/31/25<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;181408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 |

---

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 Plan.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the six months ended May 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170240302 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85091665 |
|  U.S. government securities | – 0 | – 0 |

---

During the six months ended May 31, 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 six months ended May 31, 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;35369686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  U.S. government securities | – 0 | – 0 |

---

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267278 |
|  Gross unrealized depreciation | (3306650) |
|  Net unrealized depreciation | $(1039372) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 53 |

---

------

**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, 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.

---

| | |
|:---|:---|
| 54 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

#### 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 Short Duration Municipal ETF 55 |

---

------

**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 six months ended May 31, 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 six months ended May 31, 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

---

| | |
|:---|:---|
| 56 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 six months ended May 31, 2025, the Fund held credit default swaps for hedging purposes.

During the six months ended May 31, 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 | $20695 \* |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | $212264 \* | Payable for variation margin on centrally cleared swaps | 82769 \* |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212264 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103464 |

---

\* 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 Short Duration Municipal ETF 57 |

---

------

**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)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $(105735) | $70282 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 5316 | (20695) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100419) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49587 |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended May 31, 2025:

---

| | |
|:---|:---|
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36428571 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $36695143 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $730000 <sup>(a)</sup> |

---

(a) Positions were open for one month 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 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

---

| | |
|:---|:---|
| 58 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 |
|  | Six Months Ended<br>May 31, 2025<br>(unaudited) | Year Ended<br>November 30,<br>2024 | Six Months Ended<br>May 31, 2025<br> (unaudited) | Year Ended<br>November 30,<br>2024 |
|  Shares sold | 7350000 | 16900000 | $183678659 | $423947895 |
|  Shares redeemed | (1950000) | (2700000) | (48665950) | (67573970) |
|  **Net increase** | **5400000** | **14200000** | $**135012709** | $**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 its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), 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.

**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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 59 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**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 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 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

---

| | |
|:---|:---|
| 60 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

**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,

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 61 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

**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.

---

| | |
|:---|:---|
| 62 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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------

**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 open-end 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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended May 31, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year. The tax character of

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 63 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

distributions paid during the fiscal years ended November 30, 2024 and November 30, 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1688107 | $750870 |
|  Total taxable distributions | $1688107 | $750870 |
|  Tax-exempt distributions | 13885701 | 4106528 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15573808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4857398 |

---

As of November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed tax-exempt income | $2064840 |
|  Accumulated capital and other losses | (943843)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 4276663 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5397660 |

---

(a) As of November 30, 2024, the Fund had a net capital loss carryforward of $943,843.

(b) The difference between book-basis and tax-basis unrealized appreciation (depreciation) is 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, 2024, the Fund had a net short-term capital loss carryforward of $943,843, which may be carried forward for an indefinite period.

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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| | |
|:---|:---|
| 64 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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **May 31,**<br> **2025<br>(unaudited)** | **Year Ended**<br>**November 30,** | **Year Ended**<br>**November 30,** | **September 14,**<br> **2022<sup>(a)</sup> to<br>November 30,**<br> **2022** |
|  | **Six Months**<br> **Ended**<br> **May 31,**<br> **2025<br>(unaudited)** | **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> | .43 | .87 | .86 | .16 |
|  Net realized and unrealized gain (loss) on investment transactions | (.19 | .14 | (.03) | (.10 |
|  Net increase in net asset value from operations | .24 | 1.01 | .83 | .06 |
|  Less: Dividends |  |  |  |  |
|  Dividends from net investment income | (.43 | (.81) | (.79) | (.09 |
|  Net asset value, end of period | **$25.02** | **$25.21** | **$25.01** | **$24.97** |
|  Total Return<sup>(d)</sup> |  |  |  |  |
|  Total investment return based on net asset value | .93 | 4.14% | 3.41% | .22 |
|  Ratios/Supplemental Data<sup>.</sup> |  |  |  |  |
|  Net assets, end of period (000's omitted) | $780554 | $650594 | $290121 | $47492 |
|  Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | .27 | .27% | .27% | .27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | .27 | .27% | .27% | .27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 3.41 | 3.49% | 3.46% | 2.99 |
|  Portfolio turnover rate<sup>(f)</sup> | 14 | 29% | 25% | 11 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **May 31,**<br> **2025<br>(unaudited)** | | **Year Ended**<br>**November 30,** | **Year Ended**<br>**November 30,** | **September 14,**<br> **2022<sup>(a)</sup> to<br>November 30,**<br> **2022** | |
|  | **Six Months**<br> **Ended**<br> **May 31,**<br> **2025<br>(unaudited)** | | **2024** | **2023** | **September 14,**<br> **2022<sup>(a)</sup> to<br>November 30,**<br> **2022** | |
|  Net of waivers/reimbursements | .27 | %<sup>^</sup> | .27% | .27% | .27 | %<sup>^</sup> |
|  Before waivers/reimbursements | .27 | %<sup>^</sup> | .27% | .27% | .27 | %<sup>^</sup> |

---

(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 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 Short Duration Municipal ETF (the "Fund") at a meeting held in-person on July 30-31, 2024 (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 Short Duration 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 the period ended December 31, 2022 and calendar year 2023 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 Tax-Aware Short Duration 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 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, 2024 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 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, 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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|:---|:---|
| 68 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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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 equal to 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 Short Duration Municipal ETF 69 |

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#### NOTES

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|:---|:---|
| 70 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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| **ABFunds.com** | AB Tax-Aware Short Duration Municipal ETF 71 |

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| 72 AB Tax-Aware Short Duration Municipal ETF | **ABFunds.com** |

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![LOGO](g13979g28a43.jpg)

AB TAX-AWARE SHORT DURATION MUNICIPAL ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-TASDM-0152-0525 ![LOGO](g13979g22c48.jpg)

------

#### May 31, 2025
![LOGO](g907093g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB US HIGH DIVIDEND ETF

(NYSE: HIDV)

![LOGO](g907093g50e50.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
**May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  COMMON STOCKS – 99.6% |  |  |
|  Information Technology – 26.1% |  |  |
|  **Communications Equipment – 1.3%** |  |  |
|  Cisco Systems, Inc. | 12509 | $788567 |
|  **Electronic Equipment, Instruments & Components – 0.3%** |  |  |
|  Avnet, Inc. | 3692 | 184637 |
|  **IT Services – 1.7%** |  |  |
|  Amdocs Ltd. | 1901 | 174436 |
|  Cognizant Technology Solutions Corp. – Class A | 6628 | 536802 |
|  International Business Machines Corp. | 1128 | 292219 |
|  |  | 1003457 |
|  **Semiconductors & Semiconductor Equipment – 8.0%** | **Semiconductors & Semiconductor Equipment – 8.0%** |  |
|  Broadcom, Inc. | 3284 | 794958 |
|  NVIDIA Corp. | 25341 | 3424329 |
|  Skyworks Solutions, Inc. | 7255 | 500813 |
|  |  | 4720100 |
|  **Software – 8.2%** |  |  |
|  Dolby Laboratories, Inc. – Class A | 3653 | 271272 |
|  Microsoft Corp. | 10007 | 4606822 |
|  |  | 4878094 |
|  **Technology Hardware, Storage & Peripherals – 6.6%** |  |  |
|  Apple, Inc. | 19348 | 3886046 |
|  |  | 15460901 |
|  Financials – 19.5% |  |  |
|  **Banks – 6.6%** |  |  |
|  Citigroup, Inc. | 8859 | 667260 |
|  Citizens Financial Group, Inc. | 9730 | 392606 |
|  Columbia Banking System, Inc. | 12881 | 301158 |
|  First Hawaiian, Inc. | 12649 | 302058 |
|  JPMorgan Chase & Co. | 1505 | 397320 |
|  PNC Financial Services Group, Inc. (The) | 3282 | 570444 |
|  Regions Financial Corp. | 17667 | 378781 |
|  TFS Financial Corp. | 21435 | 283156 |
|  Truist Financial Corp. | 1766 | 69757 |
|  US Bancorp | 13032 | 568065 |
|  |  | 3930605 |
|  **Capital Markets – 3.9%** |  |  |
|  Goldman Sachs Group, Inc. (The) | 1204 | 722942 |
|  Invesco Ltd. | 32922 | 476052 |
|  Janus Henderson Group PLC | 8867 | 322138 |
|  Morgan Stanley | 5391 | 690210 |
|  Northern Trust Corp. | 637 | 67993 |
| T. Rowe Price Group, Inc. | 427 | 39963 |
|  |  | 2319298 |

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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** |
|  **Consumer Finance – 1.1%** |  |  |
|  Ally Financial, Inc. | 8666 | $303310 |
|  OneMain Holdings, Inc. | 6007 | 311403 |
|  |  | 614713 |
|  **Financial Services – 4.3%** |  |  |
|  Berkshire Hathaway, Inc. – Class B<sup>(a)</sup> | 1345 | 677826 |
|  Mastercard, Inc. – Class A | 1793 | 1049981 |
|  UWM Holdings Corp. | 59256 | 254801 |
|  Visa, Inc. – Class A | 744 | 271701 |
|  Western Union Co. (The) | 28321 | 262819 |
|  |  | 2517128 |
|  **Insurance – 1.7%** |  |  |
|  Lincoln National Corp. | 6853 | 227108 |
|  Old Republic International Corp. | 7508 | 283802 |
|  Prudential Financial, Inc. | 4868 | 505737 |
|  |  | 1016647 |
|  **Mortgage Real Estate Investment Trusts (REITs) – 1.9%** |  |  |
|  AGNC Investment Corp. | 31786 | 284167 |
|  Annaly Capital Management, Inc. | 14361 | 272141 |
|  Rithm Capital Corp. | 25186 | 280824 |
|  Starwood Property Trust, Inc. | 15194 | 300081 |
|  |  | 1137213 |
|  |  | 11535604 |
|  Communication Services – 8.6% |  |  |
|  **Diversified Telecommunication Services – 2.3%** |  |  |
|  AT&T, Inc. | 24666 | 685715 |
|  Verizon Communications, Inc. | 15072 | 662565 |
|  |  | 1348280 |
|  **Entertainment – 0.8%** |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 412 | 497379 |
|  **Interactive Media & Services – 4.9%** |  |  |
|  Alphabet, Inc. – Class A | 7013 | 1204413 |
|  Alphabet, Inc. – Class C | 2938 | 507833 |
|  Meta Platforms, Inc. – Class A | 1842 | 1192676 |
|  |  | 2904922 |
|  **Media – 0.6%** |  |  |
|  Nexstar Media Group, Inc. | 1881 | 320560 |
|  |  | 5071141 |
|  Consumer Discretionary – 8.5% |  |  |
|  **Automobiles – 1.1%** |  |  |
|  Tesla, Inc.<sup>(a)</sup> | 1878 | 650652 |
|  **Broadline Retail – 3.1%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 9033 | 1851856 |

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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** |
|  **Hotels, Restaurants & Leisure – 2.1%** |  |  |
|  Travel & Leisure Co. | 6431 | $312353 |
|  Vail Resorts, Inc. | 2017 | 323063 |
|  Wendy's Co. (The) | 17902 | 204083 |
|  Yum! Brands, Inc. | 2954 | 425199 |
|  |  | 1264698 |
|  **Household Durables – 0.3%** |  |  |
|  Whirlpool Corp. | 2220 | 173360 |
|  **Specialty Retail – 1.5%** |  |  |
|  Home Depot, Inc. (The) | 2432 | 895681 |
|  **Textiles, Apparel & Luxury Goods – 0.4%** |  |  |
|  Carter's, Inc. | 6719 | 210775 |
|  |  | 5047022 |
|  Health Care – 8.0% |  |  |
|  **Biotechnology – 2.4%** |  |  |
|  AbbVie, Inc. | 3266 | 607835 |
|  Amgen, Inc. | 1413 | 407199 |
|  Gilead Sciences, Inc. | 3576 | 393646 |
|  |  | 1408680 |
|  **Health Care Equipment & Supplies – 0.7%** |  |  |
|  Medtronic PLC | 5377 | 446184 |
|  **Health Care Providers & Services – 0.6%** |  |  |
|  Premier, Inc. – Class A | 16492 | 378986 |
|  **Pharmaceuticals – 4.3%** |  |  |
|  Bristol-Myers Squibb Co. | 1514 | 73096 |
|  Eli Lilly & Co. | 422 | 311297 |
|  Johnson & Johnson | 4608 | 715208 |
|  Merck & Co., Inc. | 8267 | 635236 |
|  Organon & Co. | 21511 | 198331 |
|  Pfizer, Inc. | 25031 | 587978 |
|  |  | 2521146 |
|  |  | 4754996 |
|  Real Estate – 5.9% |  |  |
|  **Diversified REITs – 0.5%** |  |  |
|  WP Carey, Inc. | 4578 | 287315 |
|  **Health Care REITs – 1.6%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 6384 | 448093 |
|  Healthcare Realty Trust, Inc. | 17529 | 254170 |
|  Omega Healthcare Investors, Inc. | 7197 | 266289 |
|  |  | 968552 |
|  **Hotel & Resort REITs – 0.4%** |  |  |
|  Park Hotels & Resorts, Inc. | 21870 | 226573 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Office REITs – 0.4%** |  |  |
|  Highwoods Properties, Inc. | 8031 | $238521 |
|  **Retail REITs – 0.9%** |  |  |
|  Simon Property Group, Inc. | 3237 | 527858 |
|  **Specialized REITs – 2.1%** |  |  |
|  EPR Properties | 5740 | 319661 |
|  Gaming & Leisure Properties, Inc. | 4041 | 188715 |
|  Rayonier, Inc. | 11503 | 272621 |
|  VICI Properties, Inc. | 15341 | 486463 |
|  |  | 1267460 |
|  |  | 3516279 |
|  Utilities – 5.9% |  |  |
|  **Electric Utilities – 3.0%** |  |  |
|  American Electric Power Co., Inc. | 4777 | 494372 |
|  Edison International | 8949 | 498012 |
|  Evergy, Inc. | 6727 | 446740 |
|  OGE Energy Corp. | 6230 | 277048 |
|  Pinnacle West Capital Corp. | 559 | 50997 |
|  |  | 1767169 |
|  **Gas Utilities – 1.0%** |  |  |
|  National Fuel Gas Co. | 3582 | 295658 |
|  UGI Corp. | 8595 | 309936 |
|  |  | 605594 |
|  **Independent Power and Renewable Electricity Producers – 1.1%** |  |  |
|  AES Corp. (The) | 32116 | 324051 |
|  Clearway Energy, Inc. – Class A | 10244 | 295539 |
|  |  | 619590 |
|  **Multi-Utilities – 0.8%** |  |  |
|  NiSource, Inc. | 12089 | 477999 |
|  |  | 3470352 |
|  Industrials – 5.1% |  |  |
|  **Air Freight & Logistics – 0.9%** |  |  |
|  United Parcel Service, Inc. – Class B | 5589 | 545151 |
|  **Building Products – 0.5%** |  |  |
|  Armstrong World Industries, Inc. | 2009 | 312661 |
|  **Commercial Services & Supplies – 0.3%** |  |  |
|  Cintas Corp. | 757 | 171460 |
|  **Machinery – 1.3%** |  |  |
|  Snap-on, Inc. | 1515 | 485936 |
|  Stanley Black & Decker, Inc. | 4157 | 271993 |
|  |  | 757929 |

---

---

| | |
|:---|:---|
| 4 AB US High Dividend ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Professional Services – 1.6%** |  |  |
|  Broadridge Financial Solutions, Inc. | 2022 | $491002 |
|  ManpowerGroup, Inc. | 4172 | 175015 |
|  Robert Half, Inc. | 6373 | 291820 |
|  |  | 957837 |
|  **Trading Companies & Distributors – 0.5%** |  |  |
|  MSC Industrial Direct Co., Inc. – Class A | 3555 | 288666 |
|  |  | 3033704 |
|  Consumer Staples – 4.4% |  |  |
|  **Beverages – 0.9%** |  |  |
|  Coca-Cola Co. (The) | 7190 | 518399 |
|  **Consumer Staples Distribution & Retail – 0.2%** |  |  |
|  Costco Wholesale Corp. | 73 | 75933 |
|  Walmart, Inc. | 489 | 48274 |
|  |  | 124207 |
|  **Food Products – 1.0%** |  |  |
|  Ingredion, Inc. | 2047 | 284779 |
|  Smithfield Foods, Inc. | 12653 | 295827 |
|  |  | 580606 |
|  **Tobacco – 2.3%** |  |  |
|  Altria Group, Inc. | 9404 | 569976 |
|  Philip Morris International, Inc. | 4461 | 805612 |
|  |  | 1375588 |
|  |  | 2598800 |
|  Energy – 4.2% |  |  |
|  **Oil, Gas & Consumable Fuels – 4.2%** |  |  |
|  Antero Midstream Corp. | 17019 | 319617 |
|  Chevron Corp. | 5291 | 723280 |
|  Exxon Mobil Corp. | 1047 | 107108 |
|  HF Sinclair Corp. | 9400 | 339622 |
|  Kinder Morgan, Inc. | 19482 | 546275 |
|  Williams Cos., Inc. (The) | 7168 | 433736 |
|  |  | 2469638 |
|  Materials – 3.4% |  |  |
|  **Chemicals – 1.8%** |  |  |
|  Dow, Inc. | 15204 | 421759 |
|  Huntsman Corp. | 16969 | 189034 |
|  LyondellBasell Industries NV – Class A | 8020 | 453050 |
|  |  | 1063843 |
|  **Containers & Packaging – 1.6%** |  |  |
|  Amcor PLC | 50273 | 457987 |
|  Packaging Corp. of America | 934 | 180421 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 5 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Sonoco Products Co. | 7061 | $321558 |
|  |  | 959966 |
|  |  | 2023809 |
|  Total Common Stocks<br>(cost $55,328,287) |  | 58982246 |
|  SHORT-TERM INVESTMENTS – 0.2% |  |  |
|  **Investment Companies – 0.2%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.14%<sup>(b)(c)(d)</sup><br>(cost $125,981) | 125981 | 125981 |
|  **Total Investments – 99.8%**<br> (cost $55,454,268) |  | 59108227 |
|  Other assets less liabilities – 0.2% |  | 123667 |
|  **Net Assets – 100.0%** |  | $**59231894** |

---

(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:

REIT – Real Estate Investment Trust

See notes to financial statements.

---

| | |
|:---|:---|
| 6 AB US High Dividend ETF | **ABFunds.com** |

---

------

#### STATEMENT OF ASSETS & LIABILITIES
**May 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets | Assets |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $55,328,287) | $58982246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $125,981) | 125981 |
|  Unaffiliated dividends receivable | 141162 |
|  Affiliated dividends receivable | 311 |
|  Receivable due from Adviser | 16 |
|  Total assets | 59249716 |
| Liabilities | Liabilities |
|  Advisory fee payable | 17822 |
|  Total liabilities | 17822 |
|  Net Assets | $**59231894** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $84 |
|  Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56618560 |
|  Distributable earnings | 2613250 |
|  Net Assets | $**59231894** |
|  Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 840,020 shares outstanding) | $**70.51** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 7 |

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574998 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 1217 | $576215 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 73647 |  |
|  Total expenses before bank overdraft expense | 73647 |  |
|  Bank overdraft expense | 48 |  |
|  Total expenses | 73695 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (60) |  |
|  Net expenses |  | 73635 |
|  Net investment income |  | 502580 |
| 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;(2103846) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 1006092 |
|  Net change in unrealized appreciation (depreciation) of investments |  | 530631 |
|  Net loss on investment transactions |  | (567123) |
|  Net Decrease in Net Assets from Operations |  | $**(64543)** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 8 AB US High Dividend ETF | **ABFunds.com** |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025<br>(unaudited)** | **Year Ended<br>November 30, 2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $502580 | $385578 |
|  Net realized gain (loss) on investment transactions | (1097754) | 1400025 |
|  Net change in unrealized appreciation (depreciation) of investments | 530631 | 2582443 |
|  Net increase (decrease) in net assets from operations | (64543) | 4368046 |
|  Distribution to Shareholders | (323711) | (285495) |
| Transactions in Shares of the Fund | Transactions in Shares of the Fund | Transactions in Shares of the Fund |
|  Net increase | 34162794 | 14636368 |
|  Total increase | 33774540 | 18718919 |
| Net Assets | Net Assets | Net Assets |
|  Beginning of period | 25457354 | 6738435 |
|  End of period | $**59231894** | $**25457354** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 9 |

---

------

#### NOTES TO FINANCIAL STATEMENTS
**May 31, 2025** (unaudited)

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 18 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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price,

---

| | |
|:---|:---|
| 10 AB US High Dividend ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 ("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 may value 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 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 11 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Common Stocks<sup>(a)</sup> | $58982246 | $– 0 | $– 0 | $58982246 |
|  Short-Term Investments | 125981 | – 0 | – 0 | 125981 |
|  Total Investments in Securities | 59108227 | – 0 | – 0 | 59108227 |
|  **Other Financial Instruments<sup>(b)</sup>** | – 0 | – 0 | – 0 | – 0 |
|  **Total** | $**59108227** | $**– 0** | $**– 0** | $**59108227** |

---

(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.

---

| | |
|:---|:---|
| 12 AB US High Dividend ETF | **ABFunds.com** |

---

------

**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 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 13 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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.

---

| | |
|:---|:---|
| 14 AB US High Dividend 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 six months ended May 31, 2025, such waiver/reimbursements relating to the Fund's investment in AB Government Money Market Portfolio amounted to $60.

A summary of the Fund's transactions in AB mutual funds for the six months ended May 31, 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>5/31/25<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;673 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Plan.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding excluding short-term investments and in-kind purchases and sales) for the six months ended May 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31195347 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31082851 |
|  U.S. government securities | – 0 | – 0 |

---

During the six months ended May 31, 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 US High Dividend ETF 15 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

each in-kind redemption transaction. For the six months ended May 31, 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;41348373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7255788 |
|  U.S. government securities | – 0 | – 0 |

---

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4809483 |
|  Gross unrealized depreciation | (1155524) |
|  Net unrealized appreciation | $3653959 |

---

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 six months ended May 31, 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 ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or

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| | |
|:---|:---|
| 16 AB US High Dividend ETF | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 |
|  | Six Months Ended<br>May 31, 2025<br>(unaudited) | Year Ended<br>November 30,<br>2024 | Six Months Ended<br>May 31, 2025<br>(unaudited) | Year Ended<br>November 30,<br>2024 |
|  Shares sold | 600000 | 380000 | $41439992 | $25475234 |
|  Shares redeemed | (100000) | (160000) | (7277198) | (10838866) |
|  **Net increase** | **500000** | **220000** | $**34162794** | $**14636368** |

---

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

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| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 17 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**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. 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.

**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

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| | |
|:---|:---|
| 18 AB US High Dividend ETF | **ABFunds.com** |

---

------

**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.

**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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend 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 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 investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE G

Joint Credit Facility

A number of open-end 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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended May 31, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal year ended November 30, 2024 and November 30, 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84230 |
|  Total taxable distributions | $285495 | $84230 |

---

---

| | |
|:---|:---|
| 20 AB US High Dividend ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

As of November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $141901 |
|  Accumulated capital and other losses | (223974)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083577 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $3001504 |

---

*(*a) As of November 30, 2024, the Fund had a net capital loss carryforward of $223,974.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of swaps 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, 2024, the Fund had a net short-term capital loss carryforward of $208,079 and a net long-term capital loss carryforward of $15,895, which may be carried forward for an indefinite period.

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 US High Dividend ETF 21 |

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#### FINANCIAL HIGHLIGHTS

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025**<br> (unaudited) | **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 | $74.87 | $56.14 | $50.00 |
|  Income From Investment Operations |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | 1.02 | 1.87 | 1.05 |
|  Net realized and unrealized gain (loss) on investment transactions | (4.51) | 18.49 | 5.79 |
|  Net increase (decrease) in net asset value from operations | (3.49) | 20.36 | 6.84 |
|  Less: Dividends |  |  |  |
|  Dividends from net investment income | (.87 | (1.63) | (.70 |
|  Net asset value, end of period | $**70.51** | $**74.87** | $**56.14** |
|  Total Return |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (4.70) | 36.89% | 13.74 |
|  Ratios/Supplemental Data |  |  |  |
|  Net assets, end of period (000's omitted) | $59232 | $25457 | $6738 |
|  Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | .43 | .45% | .45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | .43 | .45% | .45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 2.92 | 2.83% | 2.82 |
|  Portfolio turnover rate<sup>(f)</sup> | 90 | 175% | 100 |

---

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **May 31,**<br> **2025** |  | **Year Ended<br>November 30,** | **March 22,**<br> **2023<sup>(a)</sup> to<br>November 30,** |  |
|  | **(unaudited)** |  | **2024** | **2023** |  |
|  Net of waivers/reimbursements | .43 | %<sup>^</sup> | .45% | .45 | %<sup>^</sup> |
|  Before waivers/reimbursements | .43 | %<sup>^</sup> | .45% | .45 | %<sup>^</sup> |

---

(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 US High Dividend ETF | **ABFunds.com** |

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#### Information Regarding the Review and Approval of Amendment to 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 Adviser recommended an amendment to the Company's then-current Advisory Agreement with the Adviser (the "Amended Advisory Agreement") to effect a reduction in the advisory fee (a unitary fee) paid by AB US High Dividend ETF (the "Fund"). The amendment would reduce the Fund's advisory fee (a unitary fee) from 0.45% to 0.35% effective May 9, 2025.

After their review of updated comparative fee and expense information, and discussion with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards, the disinterested directors (the "directors") unanimously approved the Amended Advisory Agreement.

The directors last approved the continuance of the Fund's then-current Advisory Agreement at a meeting held in-person on November 5-7, 2024 (the "November 2024 Meeting" or the "Meeting") and a discussion regarding the basis for the Board's approval is set forth below. In determining to approve the Amended Agreement the directors took into account their review at the November 2024 Meeting and noted that the proposed lowering of the advisory fee would benefit the Fund and its shareholders. The directors noted that the Adviser was reducing fees for business reasons, and had assured them that there would be no diminution in the nature or quality of services to the Fund.

#### Board's Approval at the November 2024 Meeting
The disinterested directors unanimously approved the continuance of the Fund's then-current Advisory Agreement at the November 2024 Meeting.

Prior to approval of the continuance of the then-current Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the then-current 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 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

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| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 23 |

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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 then-current 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 then-current Advisory Agreement, including the then-current 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 Provided
The directors considered the scope and quality of services provided by the Adviser under the then-current 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 then-current 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 then-current 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 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the

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| | |
|:---|:---|
| 24 AB US High Dividend ETF | **ABFunds.com** |

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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 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 have received detailed performance information for the Fund at each regular Board meeting since the Fund's inception.

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, 2024 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 then-current 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 funds in the same category as the Fund. The directors noted that the then-current 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

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| | |
|:---|:---|
| **ABFunds.com** | AB US High Dividend ETF 25 |

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compared the Fund's then-current 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 then-current 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 then-current 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 then-current 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, 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 then-current 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 then-current advisory fee, the directors also considered the Fund's then-current 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 then-current 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 then-current expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund's then-current expense ratio was acceptable.

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| | |
|:---|:---|
| 26 AB US High Dividend ETF | **ABFunds.com** |

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#### Economies of Scale
The directors noted that the then-current 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 US High Dividend ETF 27 |

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#### NOTES

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|:---|:---|
| 28 AB US High Dividend ETF | **ABFunds.com** |

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![LOGO](g907093g28a43.jpg)

AB US HIGH DIVIDEND ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-UHD-0152-0525 ![LOGO](g907093g22c48.jpg)

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#### May 31, 2025
![LOGO](g907013g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB US LARGE CAP STRATEGIC

EQUITIES ETF

(NYSE: LRGC)

![LOGO](g907013g50e50.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
**May 31, 2025** (unaudited)

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| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  COMMON STOCKS – 98.2% |  |  |  |
|  Information Technology – 29.0% |  |  |  |
|  **Semiconductors & Semiconductor Equipment – 12.6%** |  |  |  |
|  Broadcom, Inc. | 56557 | $| 13690753 |
|  KLA Corp. | 4306 |  | 3259125 |
|  NVIDIA Corp. | 211350 |  | 28559725 |
|  NXP Semiconductors NV | 19715 |  | 3768128 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR) | 26530 |  | 5128780 |
|  |  |  | 54406511 |
|  **Software – 12.5%** | **Software – 12.5%** | **Software – 12.5%** | **Software – 12.5%** |
|  Adobe, Inc.<sup>(a)</sup> | 7807 |  | 3240608 |
|  HubSpot, Inc.<sup>(a)</sup> | 4601 |  | 2714130 |
|  Microsoft Corp. | 78720 |  | 36239539 |
|  Oracle Corp. | 50908 |  | 8426801 |
|  ServiceNow, Inc.<sup>(a)</sup> | 3094 |  | 3128313 |
|  |  |  | 53749391 |
|  **Technology Hardware, Storage & Peripherals – 3.9%** |  |  |  |
|  Apple, Inc. | 84858 |  | 17043729 |
|  |  |  | 125199631 |
|  Financials – 15.9% | Financials – 15.9% | Financials – 15.9% | Financials – 15.9% |
|  **Banks – 3.5%** | **Banks – 3.5%** | **Banks – 3.5%** | **Banks – 3.5%** |
|  Bank of America Corp. | 139839 |  | 6171095 |
|  Wells Fargo & Co. | 121225 |  | 9065206 |
|  |  |  | 15236301 |
|  **Capital Markets – 5.4%** | **Capital Markets – 5.4%** | **Capital Markets – 5.4%** | **Capital Markets – 5.4%** |
|  Charles Schwab Corp. (The) | 108300 |  | 9567222 |
|  Goldman Sachs Group, Inc. (The) | 14861 |  | 8923287 |
|  S&P Global, Inc. | 9395 |  | 4818320 |
|  |  |  | 23308829 |
|  **Financial Services – 4.9%** | **Financial Services – 4.9%** | **Financial Services – 4.9%** | **Financial Services – 4.9%** |
|  Fiserv, Inc.<sup>(a)</sup> | 26615 |  | 4332656 |
|  Visa, Inc. – Class A | 46253 |  | 16891133 |
|  |  |  | 21223789 |
|  **Insurance – 2.1%** | **Insurance – 2.1%** | **Insurance – 2.1%** | **Insurance – 2.1%** |
|  Progressive Corp. (The) | 17353 |  | 4944390 |
|  Willis Towers Watson PLC | 12222 |  | 3868874 |
|  |  |  | 8813264 |
|  |  |  | 68582183 |
|  Communication Services – 12.2% | Communication Services – 12.2% | Communication Services – 12.2% | Communication Services – 12.2% |
|  **Diversified Telecommunication Services – 1.0%** |  |  |  |
|  Comcast Corp. – Class A | 124237 |  | 4294873 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Large Cap Strategic Equities ETF 1 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Entertainment – 1.9%** | **Entertainment – 1.9%** | **Entertainment – 1.9%** |
|  Walt Disney Co. (The) | 71820 | $8118533 |
|  **Interactive Media & Services – 8.1%** | **Interactive Media & Services – 8.1%** | **Interactive Media & Services – 8.1%** |
|  Alphabet, Inc. – Class C | 101630 | 17566745 |
|  Meta Platforms, Inc. – Class A | 27053 | 17516547 |
|  |  | 35083292 |
|  **Wireless Telecommunication Services – 1.2%** | **Wireless Telecommunication Services – 1.2%** | **Wireless Telecommunication Services – 1.2%** |
|  T-Mobile US, Inc. | 21655 | 5244841 |
|  |  | 52741539 |
|  Health Care – 10.0% | Health Care – 10.0% | Health Care – 10.0% |
|  **Biotechnology – 1.5%** | **Biotechnology – 1.5%** | **Biotechnology – 1.5%** |
|  Regeneron Pharmaceuticals, Inc. | 3417 | 1675287 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 11074 | 4895261 |
|  |  | 6570548 |
|  **Health Care Equipment & Supplies – 1.0%** | **Health Care Equipment & Supplies – 1.0%** | **Health Care Equipment & Supplies – 1.0%** |
|  Medtronic PLC | 51175 | 4246502 |
|  **Health Care Providers & Services – 2.3%** | **Health Care Providers & Services – 2.3%** | **Health Care Providers & Services – 2.3%** |
|  Labcorp Holdings, Inc. | 13866 | 3452218 |
|  UnitedHealth Group, Inc. | 21801 | 6581940 |
|  |  | 10034158 |
|  **Life Sciences Tools & Services – 2.6%** | **Life Sciences Tools & Services – 2.6%** | **Life Sciences Tools & Services – 2.6%** |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 29455 | 4133420 |
|  Thermo Fisher Scientific, Inc. | 9004 | 3626991 |
|  Waters Corp.<sup>(a)</sup> | 9906 | 3459572 |
|  |  | 11219983 |
|  **Pharmaceuticals – 2.6%** | **Pharmaceuticals – 2.6%** | **Pharmaceuticals – 2.6%** |
|  Eli Lilly & Co. | 3884 | 2865110 |
|  Merck & Co., Inc. | 32948 | 2531724 |
|  Roche Holding AG (Sponsored ADR) | 86985 | 3505496 |
|  Zoetis, Inc. | 13395 | 2258799 |
|  |  | 11161129 |
|  |  | 43232320 |
|  Industrials – 9.8% | Industrials – 9.8% | Industrials – 9.8% |
|  **Aerospace & Defense – 1.0%** | **Aerospace & Defense – 1.0%** | **Aerospace & Defense – 1.0%** |
|  RTX Corp. | 32713 | 4464670 |
|  **Building Products – 0.8%** | **Building Products – 0.8%** | **Building Products – 0.8%** |
|  Otis Worldwide Corp. | 36284 | 3459679 |
|  **Commercial Services & Supplies – 1.0%** | **Commercial Services & Supplies – 1.0%** | **Commercial Services & Supplies – 1.0%** |
|  Veralto Corp. | 41847 | 4227803 |
|  **Electrical Equipment – 2.8%** | **Electrical Equipment – 2.8%** | **Electrical Equipment – 2.8%** |
|  Eaton Corp. PLC | 20282 | 6494296 |
|  GE Vernova, Inc. | 11711 | 5539069 |
|  |  | 12033365 |

---

---

| | |
|:---|:---|
| 2 AB US Large Cap Strategic Equities ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Ground Transportation – 1.1%** | **Ground Transportation – 1.1%** | **Ground Transportation – 1.1%** |
|  CSX Corp. | 154401 | $4877528 |
|  **Machinery – 1.7%** | **Machinery – 1.7%** | **Machinery – 1.7%** |
|  Deere & Co. | 7648 | 3871876 |
|  PACCAR, Inc. | 9382 | 880501 |
|  Pentair PLC | 26005 | 2579176 |
|  |  | 7331553 |
|  **Professional Services – 0.6%** | **Professional Services – 0.6%** | **Professional Services – 0.6%** |
|  Booz Allen Hamilton Holding Corp. | 23006 | 2444388 |
|  **Trading Companies & Distributors – 0.8%** | **Trading Companies & Distributors – 0.8%** | **Trading Companies & Distributors – 0.8%** |
|  United Rentals, Inc. | 4601 | 3259256 |
|  |  | 42098242 |
|  Consumer Discretionary – 7.8% | Consumer Discretionary – 7.8% | Consumer Discretionary – 7.8% |
|  **Broadline Retail – 4.5%** | **Broadline Retail – 4.5%** | **Broadline Retail – 4.5%** |
|  Amazon.com, Inc.<sup>(a)</sup> | 94925 | 19460574 |
|  **Hotels, Restaurants & Leisure – 0.9%** | **Hotels, Restaurants & Leisure – 0.9%** | **Hotels, Restaurants & Leisure – 0.9%** |
|  Hyatt Hotels Corp. – Class A | 13144 | 1735402 |
|  Starbucks Corp. | 28311 | 2376709 |
|  |  | 4112111 |
|  **Specialty Retail – 2.4%** | **Specialty Retail – 2.4%** | **Specialty Retail – 2.4%** |
|  AutoZone, Inc.<sup>(a)</sup> | 1170 | 4367657 |
|  Home Depot, Inc. (The) | 15811 | 5823033 |
|  |  | 10190690 |
|  |  | 33763375 |
|  Consumer Staples – 5.3% | Consumer Staples – 5.3% | Consumer Staples – 5.3% |
|  **Beverages – 1.3%** | **Beverages – 1.3%** | **Beverages – 1.3%** |
|  Coca-Cola Co. (The) | 75594 | 5450327 |
|  **Consumer Staples Distribution & Retail – 3.1%** | **Consumer Staples Distribution & Retail – 3.1%** | **Consumer Staples Distribution & Retail – 3.1%** |
|  Costco Wholesale Corp. | 3066 | 3189192 |
|  Dollar Tree, Inc.<sup>(a)</sup> | 16728 | 1509869 |
|  Walmart, Inc. | 87947 | 8682128 |
|  |  | 13381189 |
|  **Household Products – 0.9%** | **Household Products – 0.9%** | **Household Products – 0.9%** |
|  Procter & Gamble Co. (The) | 23822 | 4047120 |
|  |  | 22878636 |
|  Energy – 2.5% | Energy – 2.5% | Energy – 2.5% |
|  **Energy Equipment & Services – 1.2%** | **Energy Equipment & Services – 1.2%** | **Energy Equipment & Services – 1.2%** |
|  Baker Hughes Co. | 136552 | 5059251 |
|  **Oil, Gas & Consumable Fuels – 1.3%** | **Oil, Gas & Consumable Fuels – 1.3%** | **Oil, Gas & Consumable Fuels – 1.3%** |
|  EOG Resources, Inc. | 51305 | 5570184 |
|  |  | 10629435 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Large Cap Strategic Equities ETF 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Materials – 2.2% | Materials – 2.2% | Materials – 2.2% |
|  **Chemicals – 2.2%** | **Chemicals – 2.2%** | **Chemicals – 2.2%** |
|  Corteva, Inc. | 57014 | $4036591 |
|  Linde PLC | 9813 | 4588362 |
|  LyondellBasell Industries NV – Class A | 12738 | 719570 |
|  |  | 9344523 |
|  Real Estate – 1.9% | Real Estate – 1.9% | Real Estate – 1.9% |
|  **Industrial REITs – 1.1%** | **Industrial REITs – 1.1%** | **Industrial REITs – 1.1%** |
|  Prologis, Inc. | 42944 | 4663718 |
|  **Specialized REITs – 0.8%** | **Specialized REITs – 0.8%** | **Specialized REITs – 0.8%** |
|  Digital Realty Trust, Inc. | 20650 | 3541888 |
|  |  | 8205606 |
|  Utilities – 1.6% | Utilities – 1.6% | Utilities – 1.6% |
|  **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** |
|  American Electric Power Co., Inc. | 35924 | 3717775 |
|  **Multi-Utilities – 0.8%** | **Multi-Utilities – 0.8%** | **Multi-Utilities – 0.8%** |
|  Ameren Corp. | 34294 | 3322403 |
|  |  | 7040178 |
|  Total Common Stocks <br>(cost $392,612,978) |  | 423715668 |
|  SHORT-TERM INVESTMENTS – 1.7% | SHORT-TERM INVESTMENTS – 1.7% | SHORT-TERM INVESTMENTS – 1.7% |
|  **Investment Companies – 1.7%** | **Investment Companies – 1.7%** | **Investment Companies – 1.7%** |
|  AB Fixed Income Shares, Inc. – Government Money<br>Market Portfolio – Class AB, 4.14%<sup>(b)(c)(d)</sup> <br>(cost $7,389,782) | 7389782 | 7389782 |
|  Total Investments – 99.9% <br>(cost $400,002,760) |  | 431105450 |
|  Other assets less liabilities – 0.1% |  | 222596 |
|  **Net Assets – 100.0%** |  | $**431328046** |

---

(a) Non-income producing security.

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

(c) Affiliated investments.

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

Glossary:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

See notes to financial statements.

---

| | |
|:---|:---|
| 4 AB US Large Cap Strategic Equities ETF | **ABFunds.com** |

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------

#### STATEMENT OF ASSETS & LIABILITIES
**May 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $392,612,978) | $423715668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $7,389,782) | 7389782 |
|  Cash | 32 |
|  Unaffiliated dividends receivable | 341320 |
|  Affiliated dividends receivable | 26676 |
|  Receivable for investment securities sold | 2155 |
|  Receivable due from Adviser | 1351 |
|  Total assets | 431476984 |
| Liabilities | Liabilities |
|  Advisory fee payable | 148938 |
|  Total liabilities | 148938 |
|  Net Assets | $**431328046** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $642 |
|  Additional paid-in capital | 400958292 |
|  Distributable earnings | 30369112 |
| Net Assets | $**431328046** |
|  Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 6,420,020 shares outstanding) | $**67.18** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Large Cap Strategic Equities ETF 5 |

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $24,700) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 122192 |  |
|  Interest | 47 | $2172190 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 753587 |  |
|  Total expenses before bank overdraft expense | 753587 |  |
|  Bank overdraft expense | 109 |  |
|  Total expenses | 753696 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (5969) |  |
|  Net expenses |  | 747727 |
|  Net investment income |  | 1424463 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (4079020) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 2343346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (44) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (4399171) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | (5) |
|  Net loss on investment and foreign currency transactions |  | (6134894) |
|  Net Decrease in Net Assets from Operations |  | $**(4710431)** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 6 AB US Large Cap Strategic Equities ETF | **ABFunds.com** |

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------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025<br>(unaudited)** | **Year Ended<br>November 30,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $1424463 | $966355 |
|  Net realized gain (loss) on investment transactions | (1735718) | 663998 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | (4399176) | 33947179 |
|  Net increase (decrease) in net assets from operations | (4710431) | 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 | 177254158 | 187042367 |
|  Total increase | 171370622 | 222545247 |
| Net Assets | Net Assets | Net Assets |
|  Beginning of period | 259957424 | 37412177 |
|  End of period | $**431328046** | $**259957424** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Large Cap Strategic Equities ETF 7 |

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------

#### NOTES TO FINANCIAL STATEMENTS
**May 31, 2025** (unaudited)

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 18 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 Fund commenced investment operations on September 20, 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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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

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| | |
|:---|:---|
| 8 AB US Large Cap Strategic Equities ETF | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

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| | |
|:---|:---|
| **ABFunds.com** | AB US Large Cap Strategic Equities ETF 9 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Common Stocks<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423715668 | $– 0 | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423715668 |
|  Short-Term Investments | 7389782 | – 0 | – 0 | 7389782 |
|  Total Investments in Securities | 431105450 | – 0 | – 0 | 431105450 |
|  **Other Financial Instruments<sup>(b)</sup>** | – 0 | – 0 | – 0 | – 0 |
|  **Total** | $**431105450** | $**– 0** | $**– 0** | $**431105450** |

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(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

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| | |
|:---|:---|
| 10 AB US Large Cap Strategic Equities 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 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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Large Cap Strategic Equities ETF 11 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 .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

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| | |
|:---|:---|
| 12 AB US Large Cap Strategic Equities ETF | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 six months ended May 31, 2025, such waiver/reimbursements relating to the Fund's investment in AB Government Money Market Portfolio amounted to $5,969.

A summary of the Fund's transactions in AB mutual funds for the six months ended May 31, 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>5/31/25<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;8995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6183 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |

---

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 Plan.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended May 31, 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;41417064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36253915 |
|  U.S. government securities | – 0 | – 0 |

---

During the six months ended May 31, 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 six months ended May 31, 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;180309606 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10845211 |
|  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 was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

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| | |
|:---|:---|
|  Gross unrealized appreciation | $46091175 |
|  Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14988485) |
|  Net unrealized appreciation | $31102690 |

---

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 six months ended May 31, 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 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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| | |
|:---|:---|
| 14 AB US Large Cap Strategic Equities ETF | **ABFunds.com** |

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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 |
|  | Six Months Ended<br>May 31, 2025<br>(unaudited) | Year Ended<br>November 30,<br>2024 | Six Months Ended<br>May 31, 2025<br>(unaudited) | Year Ended<br>November 30,<br>2024 |
|  Shares sold | 2895000 | 3075000 | $190950349 | $191117853 |
|  Shares redeemed | (210000) | (60000) | (13696191) | (4075486) |
|  **Net increase** | **2685000** | **3015000** | $**177254158** | $**187042367** |

---

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. 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 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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Large Cap Strategic Equities ETF 15 |

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**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 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 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.

---

| | |
|:---|:---|
| 16 AB US Large Cap Strategic Equities 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 G

Joint Credit Facility

A number of open-end 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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended May 31, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended November 30, 2024 and November 30, 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74652 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  Total taxable distributions paid | $74652 | $– 0 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Large Cap Strategic Equities ETF 17 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

As of November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $941686 |
|  Accumulated capital and other losses | (159663)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 35470625 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36252648 |

---

(a) As of November 30, 2024, the Fund had a net capital loss carryforward of $159,663.

(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, 2024, the Fund had a net short-term capital loss carryforward of $122,926 and a net long-term capital loss carryforward of $36,737, which may be carried forward for an indefinite period.

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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| | |
|:---|:---|
| 18 AB US Large Cap Strategic Equities ETF | **ABFunds.com** |

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#### FINANCIAL HIGHLIGHTS

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** | **Year Ended<br>November 30,<br>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 | Income From Investment Operations | Income From Investment Operations | Income From Investment Operations |  |
|  Net investment income<sup>(b)(c)</sup> | .29 | .47 | .12 |  |
|  Net realized and unrealized gain (loss) on investment transactions | (2.40) | 17.26 | 1.84 |  |
|  Net increase (decrease) in net asset value from operations | (2.11) | 17.73 | 1.96 |  |
|  Less: Dividends |  |  |  |  |
|  Dividends from net investment income | (.31 | (.09) | – 0 |  |
|  Net asset value, end of period | **$67.18** | **$69.60** | **$51.96** |  |
|  Total Return |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (3.04) | 34.20% | 3.92 | % |
|  Ratios/Supplemental Data |  |  |  |  |
|  Net assets, end of period (000's omitted) | $431328 | $259957 | $37412 |  |
|  Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | .46 | .48% | .48 | %<sup>^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | .46 | .48% | .48 | %<sup>^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | .88 | .76% | 1.24 | %<sup>^</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 11 | 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) Expense ratios presented below exclude bank overdraft expense:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** |  | **Year Ended<br>November 30,<br>2024** | **September 20,**<br> **2023<sup>(a)</sup> to<br>November 30,<br>2023** |  |
|  Net of waivers/reimbursements | .46 | %<sup>^</sup> | .48% | .48 | %<sup>^</sup> |
|  Before waivers/reimbursements | .46 | %<sup>^</sup> | .48% | .48 | %<sup>^</sup> |

---

(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 US Large Cap Strategic Equities ETF 19 |

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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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| | |
|:---|:---|
| 20 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Large Cap Strategic Equities ETF 21 |

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------

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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| | |
|:---|:---|
| 22 AB US Large Cap Strategic Equities ETF | **ABFunds.com** |

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------

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Large Cap Strategic Equities ETF 23 |

---

------

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.

---

| | |
|:---|:---|
| 24 AB US Large Cap Strategic Equities ETF | **ABFunds.com** |

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------

![LOGO](g907013g28a43.jpg)

AB US LARGE CAP STRATEGIC EQUITIES ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-ULCSE-0152-0525 ![LOGO](g907013g22c48.jpg)

------

#### May 31, 2025
![LOGO](g944400g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB US LOW VOLATILITY

EQUITY ETF

(NYSE: LOWV)

![LOGO](g944400g50e50.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
**May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  COMMON STOCKS – 98.5% |  |  |
|  Information Technology – 31.3% |  |  |
|  **IT Services – 0.9%** |  |  |
|  Amdocs Ltd. | 11939 | $1095523 |
|  **Semiconductors & Semiconductor Equipment – 7.8%** |  |  |
|  Analog Devices, Inc. | 5810 | 1243224 |
|  Broadcom, Inc. | 14432 | 3493554 |
|  NVIDIA Corp. | 22740 | 3072856 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR) | 6866 | 1327335 |
|  |  | 9136969 |
|  **Software – 18.3%** |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 3095 | 1284703 |
|  Gen Digital, Inc. | 20841 | 593552 |
|  Intuit, Inc. | 3421 | 2577621 |
|  Microsoft Corp. | 21008 | 9671243 |
|  Nice Ltd. (Sponsored ADR)<sup>(a)</sup> | 6479 | 1075060 |
|  Oracle Corp. | 10172 | 1683771 |
|  Roper Technologies, Inc. | 1547 | 882208 |
|  Salesforce, Inc. | 5651 | 1499606 |
|  ServiceNow, Inc.<sup>(a)</sup> | 2174 | 2198110 |
|  |  | 21465874 |
|  **Technology Hardware, Storage & Peripherals – 4.3%** |  |  |
|  Apple, Inc. | 25286 | 5078693 |
|  |  | 36777059 |
|  Financials – 16.8% |  |  |
|  **Banks – 3.3%** |  |  |
|  Bank of America Corp. | 34934 | 1541637 |
|  JPMorgan Chase & Co. | 6478 | 1710192 |
|  M&T Bank Corp. | 3259 | 595224 |
|  |  | 3847053 |
|  **Capital Markets – 2.9%** |  |  |
|  Cboe Global Markets, Inc. | 6278 | 1438415 |
|  CME Group, Inc. | 1644 | 475116 |
|  MSCI, Inc. | 1407 | 793576 |
|  S&P Global, Inc. | 1439 | 738006 |
|  |  | 3445113 |
|  **Financial Services – 6.0%** |  |  |
|  Corpay, Inc.<sup>(a)</sup> | 3571 | 1160968 |
|  Fiserv, Inc.<sup>(a)</sup> | 10153 | 1652807 |
|  Mastercard, Inc. – Class A | 2597 | 1520803 |
|  Visa, Inc. – Class A | 7598 | 2774713 |
|  |  | 7109291 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Low Volatility Equity ETF 1 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  **Insurance – 4.6%** |  |  |  |
|  American Financial Group, Inc./OH | 4063 | $| 503731 |
|  Everest Group Ltd. | 1551 |  | 538492 |
|  Hanover Insurance Group, Inc. (The) | 1549 |  | 272593 |
|  Marsh & McLennan Cos., Inc. | 5505 |  | 1286298 |
|  Reinsurance Group of America, Inc. – Class A | 2939 |  | 597469 |
|  Travelers Cos., Inc. (The) | 4216 |  | 1162351 |
|  Willis Towers Watson PLC | 3217 |  | 1018342 |
|  |  |  | 5379276 |
|  |  |  | 19780733 |
|  Industrials – 11.3% |  |  |  |
|  **Aerospace & Defense – 2.4%** | **Aerospace & Defense – 2.4%** | **Aerospace & Defense – 2.4%** | **Aerospace & Defense – 2.4%** |
|  BAE Systems PLC (Sponsored ADR) | 15354 |  | 1578391 |
|  L3Harris Technologies, Inc. | 5338 |  | 1304287 |
|  |  |  | 2882678 |
|  **Commercial Services & Supplies – 0.5%** |  |  |  |
|  Veralto Corp. | 5838 |  | 589813 |
|  **Construction & Engineering – 0.8%** | **Construction & Engineering – 0.8%** | **Construction & Engineering – 0.8%** | **Construction & Engineering – 0.8%** |
|  Stantec, Inc. | 8727 |  | 898357 |
|  **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** |
|  Eaton Corp. PLC | 1425 |  | 456285 |
|  **Professional Services – 7.2%** | **Professional Services – 7.2%** | **Professional Services – 7.2%** | **Professional Services – 7.2%** |
|  Amentum Holdings, Inc.<sup>(a)</sup> | 375 |  | 7752 |
|  Automatic Data Processing, Inc. | 6474 |  | 2107481 |
|  Booz Allen Hamilton Holding Corp. | 3894 |  | 413738 |
|  Experian PLC (Sponsored ADR) | 24905 |  | 1242261 |
|  Genpact Ltd. | 27085 |  | 1166009 |
|  Jacobs Solutions, Inc. | 6363 |  | 803647 |
|  Leidos Holdings, Inc. | 8399 |  | 1247420 |
|  RELX PLC (Sponsored ADR) | 17553 |  | 946458 |
|  Wolters Kluwer NV (Sponsored ADR) | 3260 |  | 579237 |
|  |  |  | 8514003 |
|  |  |  | 13341136 |
|  Health Care – 10.4% |  |  |  |
|  **Biotechnology – 3.4%** | **Biotechnology – 3.4%** | **Biotechnology – 3.4%** | **Biotechnology – 3.4%** |
|  AbbVie, Inc. | 8719 |  | 1622693 |
|  Gilead Sciences, Inc. | 17466 |  | 1922657 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1138 |  | 503053 |
|  |  |  | 4048403 |
|  **Health Care Equipment & Supplies – 1.0%** |  |  |  |
|  Medtronic PLC | 13448 |  | 1115915 |
|  **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. | 3206 |  | 2306749 |
|  UnitedHealth Group, Inc. | 3755 |  | 1133672 |
|  |  |  | 3440421 |

---

---

| | |
|:---|:---|
| 2 AB US Low Volatility Equity ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  **Life Sciences Tools & Services – 0.5%** |  |  |  |
|  Thermo Fisher Scientific, Inc. | 1313 | $| 528903 |
|  **Pharmaceuticals – 2.6%** | **Pharmaceuticals – 2.6%** | **Pharmaceuticals – 2.6%** | **Pharmaceuticals – 2.6%** |
|  Eli Lilly & Co. | 1649 |  | 1216418 |
|  Merck & Co., Inc. | 24074 |  | 1849846 |
|  |  |  | 3066264 |
|  |  |  | 12199906 |
|  Consumer Discretionary – 8.7% |  |  |  |
|  **Broadline Retail – 2.2%** | **Broadline Retail – 2.2%** | **Broadline Retail – 2.2%** | **Broadline Retail – 2.2%** |
|  Amazon.com, Inc.<sup>(a)</sup> | 12729 |  | 2609572 |
|  **Hotels, Restaurants & Leisure – 3.4%** | **Hotels, Restaurants & Leisure – 3.4%** | **Hotels, Restaurants & Leisure – 3.4%** | **Hotels, Restaurants & Leisure – 3.4%** |
|  Booking Holdings, Inc. | 273 |  | 1506668 |
|  Compass Group PLC (Sponsored ADR) | 51065 |  | 1806680 |
|  Yum! Brands, Inc. | 4525 |  | 651328 |
|  |  |  | 3964676 |
|  **Specialty Retail – 2.1%** |  |  |  |
|  AutoZone, Inc.<sup>(a)</sup> | 520 |  | 1941181 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 429 |  | 586658 |
|  |  |  | 2527839 |
|  **Textiles, Apparel & Luxury Goods – 1.0%** |  |  |  |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 3687 |  | 1167562 |
|  |  |  | 10269649 |
|  Communication Services – 7.9% |  |  |  |
|  **Diversified Telecommunication Services – 0.7%** |  |  |  |
|  Comcast Corp. – Class A | 25176 |  | 870334 |
|  **Entertainment – 1.2%** | **Entertainment – 1.2%** | **Entertainment – 1.2%** | **Entertainment – 1.2%** |
|  Electronic Arts, Inc. | 5120 |  | 736154 |
|  Netflix, Inc.<sup>(a)</sup> | 541 |  | 653111 |
|  |  |  | 1389265 |
|  **Interactive Media & Services – 5.0%** |  |  |  |
|  Alphabet, Inc. – Class C | 19341 |  | 3343092 |
|  Meta Platforms, Inc. – Class A | 3833 |  | 2481829 |
|  |  |  | 5824921 |
|  **Media – 1.0%** |  |  |  |
|  New York Times Co. (The) – Class A | 21383 |  | 1221397 |
|  |  |  | 9305917 |
|  Consumer Staples – 6.0% |  |  |  |
|  **Beverages – 1.7%** | **Beverages – 1.7%** | **Beverages – 1.7%** | **Beverages – 1.7%** |
|  Coca-Cola Co. (The) | 19954 |  | 1438683 |
|  Monster Beverage Corp.<sup>(a)</sup> | 9444 |  | 603944 |
|  |  |  | 2042627 |
|  **Consumer Staples Distribution & Retail – 1.0%** |  |  |  |
|  Koninklijke Ahold Delhaize NV (Sponsored ADR) | 16347 |  | 690170 |
|  Walmart, Inc. | 4418 |  | 436145 |
|  |  |  | 1126315 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Low Volatility Equity ETF 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Household Products – 1.7%** |  |  |
|  Colgate-Palmolive Co. | 10374 | $964160 |
|  Procter & Gamble Co. (The) | 6093 | 1035140 |
|  |  | 1999300 |
|  **Tobacco – 1.6%** |  |  |
|  Philip Morris International, Inc. | 10423 | 1882290 |
|  |  | 7050532 |
|  Utilities – 2.7% |  |  |
|  **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** |
|  American Electric Power Co., Inc. | 17003 | 1759640 |
|  **Multi-Utilities – 1.2%** | **Multi-Utilities – 1.2%** | **Multi-Utilities – 1.2%** |
|  Ameren Corp. | 14429 | 1397882 |
|  |  | 3157522 |
|  Energy – 1.8% |  |  |
|  **Oil, Gas & Consumable Fuels – 1.8%** | **Oil, Gas & Consumable Fuels – 1.8%** | **Oil, Gas & Consumable Fuels – 1.8%** |
|  Exxon Mobil Corp. | 6309 | 645411 |
|  Shell PLC (ADR) | 22915 | 1517431 |
|  |  | 2162842 |
|  Real Estate – 1.0% |  |  |
|  **Industrial REITs – 0.4%** | **Industrial REITs – 0.4%** | **Industrial REITs – 0.4%** |
|  First Industrial Realty Trust, Inc. | 8555 | 422874 |
|  **Specialized REITs – 0.6%** | **Specialized REITs – 0.6%** | **Specialized REITs – 0.6%** |
|  Public Storage | 2453 | 756530 |
|  |  | 1179404 |
|  Materials – 0.6% |  |  |
|  **Chemicals – 0.6%** | **Chemicals – 0.6%** | **Chemicals – 0.6%** |
|  Sherwin-Williams Co. (The) | 1930 | 692503 |
|  Total Common Stocks <br>(cost $104,133,954) |  | 115917203 |
|  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,<br>4.14%<sup>(b)(c)(d)</sup> <br>(cost $1,757,798) | 1757798 | 1757798 |
|  Total Investments – 100.0% <br>(cost $105,891,752) |  | 117675001 |
|  Other assets less liabilities – 0.0% |  | 15276 |
|  **Net Assets – 100.0%** |  | $**117690277** |

---

(a) Non-income producing security.

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

(c) Affiliated investments.

---

| | |
|:---|:---|
| 4 AB US Low Volatility Equity ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

(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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Low Volatility Equity ETF 5 |

---

------

#### STATEMENT OF ASSETS & LIABILITIES
**May 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $104,133,954) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115917203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $1,757,798) | 1757798 |
|  Cash | 30 |
|  Unaffiliated dividends receivable | 108731 |
|  Affiliated dividends receivable | 4399 |
|  Receivable due from Adviser | 224 |
|  Total assets | 117788385 |
| Liabilities |  |
|  Payable for investment securities purchased | 57156 |
|  Advisory fee payable | 40952 |
|  Total liabilities | 98108 |
|  Net Assets | $**117690277** |
| Composition of Net Assets |  |
|  Capital stock, at par | $162 |
|  Additional paid-in capital | 105340411 |
|  Distributable earnings | 12349704 |
|  **Net Assets** | $**117690277** |
|  **Net Asset Value Per Share**—500 million shares of capital stock authorized, $.0001 par value (based on 1,620,020 shares outstanding) | $**72.65** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 6 AB US Low Volatility Equity ETF | **ABFunds.com** |

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $4,471) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 23525 |  |
|  Interest | 154 | $664618 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 213812 |  |
|  Total expenses before bank overdraft expense | 213812 |  |
|  Bank overdraft expense | 71 |  |
|  Total expenses | 213883 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (1130) |  |
|  Net expenses |  | 212753 |
|  Net investment income |  | 451865 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (1271028) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 1610281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 25 |
|  Net change in unrealized appreciation (depreciation) of investments |  | 1352504 |
|  Net gain on investment and foreign currency transactions |  | 1691782 |
|  Net Increase in Net Assets from Operations |  | $**2143647** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Low Volatility Equity ETF 7 |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025<br>(unaudited)** | **Year Ended<br>November 30,<br>2024** |
| Increase in Net Assets from Operations |  |  |
|  Net investment income | $451865 | $443278 |
|  Net realized gain on investment transactions | 339278 | 253875 |
|  Net change in unrealized appreciation (depreciation) of investments | 1352504 | 9088077 |
|  Net increase in net assets from operations | 2143647 | 9785230 |
|  Distribution to Shareholders | (372345) | (317880) |
| Transactions in Shares of the Fund |  |  |
|  Net increase | 39201120 | 52231037 |
|  Total increase | 40972422 | 61698387 |
| Net Assets |  |  |
|  Beginning of period | 76717855 | 15019468 |
|  End of period | $**117690277** | $**76717855** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 8 AB US Low Volatility Equity ETF | **ABFunds.com** |

---

------

#### NOTES TO FINANCIAL STATEMENTS
**May 31, 2025** (unaudited)

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 18 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 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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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

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| | |
|:---|:---|
| **ABFunds.com** | AB US Low Volatility Equity ETF 9 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

---

| | |
|:---|:---|
| 10 AB US Low Volatility Equity ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Common Stocks<sup>(a)</sup> | $115917203 | $– 0 | $– 0 | $115917203 |
|  Short-Term Investments | 1757798 | – 0 | – 0 | 1757798 |
|  Total Investments in Securities | 117675001 | – 0 | – 0 | 117675001 |
|  Other Financial Instruments<sup>(b)</sup> | – 0 | – 0 | – 0 | – 0 |
|  **Total** | $**117675001** | $**– 0** | $**– 0** | $**117675001** |

---

<sup>(a)</sup> See Portfolio of Investments for sector classifications.

<sup>(b)</sup> 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 US Low Volatility Equity 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.

---

| | |
|:---|:---|
| 12 AB US Low Volatility Equity ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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 .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

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Low Volatility Equity ETF 13 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 six months ended May 31, 2025, such waiver/reimbursements relating to the Fund's investment in AB Government Money Market Portfolio amounted to $1,130.

A summary of the Fund's transactions in AB mutual funds for the six months ended May 31, 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>5/31/25<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;8841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7629 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |

---

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 Plan.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the six months ended May 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19658666 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19055117 |
|  U.S. government securities | – 0 | – 0 |

---

During the six months ended May 31, 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 six months ended May 31, 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;41578179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4083643 |
|  U.S. government securities | – 0 | – 0 |

---

---

| | |
|:---|:---|
| 14 AB US Low Volatility Equity ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $14292986 |
|  Gross unrealized depreciation | (2509737) |
|  Net unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11783249 |

---

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 six months ended May 31, 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 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Low Volatility Equity ETF 15 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 |
|  | Six Months Ended<br>May 31, 2025<br>(unaudited) | Year Ended<br>November 30,<br>2024 | Six Months Ended<br>May 31, 2025<br>(unaudited) | Year Ended<br>November 30,<br>2024 |
|  Shares sold | 620000 | 820000 | $43500891 | $53679497 |
|  Shares redeemed | (60000) | (20000) | (4299771) | (1448460) |
|  **Net increase** | **560000** | **800000** | $**39201120** | $**52231037** |

---

NOTE F

Risks Involved in Investing in the Fund

**Market Risk**—The value of the Fund's assets will fluctuate as the 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 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.

**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.

---

| | |
|:---|:---|
| 16 AB US Low Volatility Equity 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 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. (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 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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB US Low Volatility Equity ETF 17 |

---

------

**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 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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended May 31, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended November 30, 2024 and November 30, 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $317880 | $44870 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44870 |

---

---

| | |
|:---|:---|
| 18 AB US Low Volatility Equity ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

As of November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $176641 |
|  Accumulated capital and other losses | 0 <sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10401761 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $10578402 |

---

(a) For the year ended November 30, 2024, the Fund utilized $36,401 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 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, 2024, the Fund did not have any capital loss carryforwards.

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 US Low Volatility Equity ETF 19 |

---

------

#### FINANCIAL HIGHLIGHTS

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025**<br> (unaudited) | **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 | $72.37 | $57.76 | $50.00 |
|  Income From Investment Operations |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | .35 | .69 | .47 |
|  Net realized and unrealized gain on investment transactions | .26 | 14.51 | 7.56 |
|  Net increase in net asset value from operations | .61 | 15.20 | 8.03 |
|  Less: Dividends |  |  |  |
|  Dividends from net investment income | (.33 | (.59) | (.27 |
|  Net asset value, end of period | **$72.65** | **$72.37** | **$57.76** |
|  Total Return |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | .83 | 26.47% | 16.09 |
|  Ratios/Supplemental Data |  |  |  |
|  Net assets, end of period (000's omitted) | $117690 | $76718 | $15019 |
|  Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | .46 | .48% | .48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | .47 | .48% | .48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | .98 | 1.04% | 1.24 |
|  Portfolio turnover rate<sup>(f)</sup> | 21 | 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) The expense ratios presented below exclude bank overdraft expense:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025<br>(unaudited)** |  | **Year Ended<br>November 30,<br>2024** | **March 22,<br>2023<sup>(a</sup>) to<br>November 30,<br>2023** |  |
|  Net of waivers/reimbursements | .46% | <sup>^</sup> | .48% | .48% | <sup>^</sup> |
|  Before waivers/reimbursements | .47% | <sup>^</sup> | .48% | .48% | <sup>^</sup> |

---

(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.

---

| | |
|:---|:---|
| 20 AB US Low Volatility Equity ETF | **ABFunds.com** |

---

------

#### 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

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| | |
|:---|:---|
| **ABFunds.com** | AB US Low Volatility Equity ETF 21 |

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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.

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| | |
|:---|:---|
| 22 AB US Low Volatility Equity ETF | **ABFunds.com** |

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#### 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.

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| | |
|:---|:---|
| **ABFunds.com** | AB US Low Volatility Equity ETF 23 |

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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

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| | |
|:---|:---|
| 24 AB US Low Volatility Equity ETF | **ABFunds.com** |

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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 US Low Volatility Equity ETF 25 |

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#### NOTES

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| | |
|:---|:---|
| 26 AB US Low Volatility Equity ETF | **ABFunds.com** |

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| | |
|:---|:---|
| **ABFunds.com** | AB US Low Volatility Equity ETF 27 |

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| | |
|:---|:---|
| 28 AB US Low Volatility Equity ETF | **ABFunds.com** |

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![LOGO](g944400g28a43.jpg)

AB US LOW VOLATILITY EQUITY ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-ULVE-0152-0525 ![LOGO](g944400g22c48.jpg)

------

#### May 31, 2025
![LOGO](g944392g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB Ultra Short Income ETF

(NYSE: YEAR)

![LOGO](g944392g50e50.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
**May 31, 2025** (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CORPORATES - INVESTMENT GRADE – 39.4% |  |  |  |
|  Financial Institutions – 25.7% | Financial Institutions – 25.7% | Financial Institutions – 25.7% | Financial Institutions – 25.7% |
|  **Banking – 17.6%** | **Banking – 17.6%** | **Banking – 17.6%** | **Banking – 17.6%** |
|  ABN AMRO Bank NV <br>4.80%, 04/18/2026<sup>(a)</sup> | $— | 4302 | $4290686 |
|  Bank of America Corp. <br>4.45%, 03/03/2026 |  | 19527 | 19498490 |
|  Bank of Ireland Group PLC <br>6.253%, 09/16/2026<sup>(a)</sup> |  | 5835 | 5855656 |
|  Bank of Montreal <br>0.949%, 01/22/2027 |  | 6200 | 6051510 |
|  Bank of Nova Scotia (The) <br>4.50%, 12/16/2025 |  | 11940 | 11909553 |
|  Barclays PLC<br>4.375%, 01/12/2026 |  | 12295 | 12263279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/12/2026 |  | 7147 | 7167941 |
|  BNP Paribas SA<br>2.219%, 06/09/2026<sup>(a)</sup> |  | 3572 | 3569964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/12/2026<sup>(a)</sup> |  | 1435 | 1428284 |
|  BPCE SA <br>4.875%, 04/01/2026<sup>(a)</sup> |  | 13939 | 13942345 |
|  Capital One Financial Corp.<br>4.20%, 10/29/2025 |  | 10020 | 9991944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/30/2026 |  | 8119 | 8101138 |
|  Capital One NA <br>4.25%, 03/13/2026 |  | 5334 | 5316718 |
|  Citigroup, Inc.<br>4.40%, 06/10/2025 |  | 9970 | 9967308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/09/2026 |  | 9446 | 9431170 |
|  Cooperatieve Rabobank UA <br>4.375%, 08/04/2025 |  | 16105 | 16083258 |
|  Danske Bank A/S<br>1.621%, 09/11/2026<sup>(a)</sup> |  | 2780 | 2753785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.259%, 09/22/2026<sup>(a)</sup> |  | 2100 | 2107623 |
|  Goldman Sachs Group, Inc. (The) <br>4.25%, 10/21/2025 |  | 19034 | 18987557 |
|  HSBC Holdings PLC <br>4.25%, 08/18/2025 |  | 3506 | 3499339 |
|  Lloyds Banking Group PLC <br>4.582%, 12/10/2025 |  | 13326 | 13281358 |
|  Morgan Stanley <br>5.00%, 11/24/2025 |  | 19155 | 19172431 |
|  NatWest Group PLC <br>7.472%, 11/10/2026 |  | 9000 | 9103050 |
|  Royal Bank of Canada <br>Series G <br>4.65%, 01/27/2026 |  | 6034 | 6026940 |
|  Santander Holdings USA, Inc.<br>3.45%, 06/02/2025 |  | 6045 | 6045000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/17/2025 |  | 7135 | 7130505 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income 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** |
|  Synchrony Financial<br>4.50%, 07/23/2025 | $— | 5557 | $5552443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/13/2025 |  | 439 | 438974 |
|  Truist Bank <br>3.625%, 09/16/2025 |  | 5060 | 5041733 |
|  Western Union Co. (The) <br>1.35%, 03/15/2026 |  | 6725 | 6536633 |
|  |  |  | 250546615 |
|  **Brokerage – 1.9%** |  |  |  |
|  Mizuho Markets Cayman LP<br>4.876% (SOFR + 0.53%), 01/09/2026<sup>(a)(b)</sup> |  | 10000 | 9978700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.445% (SOFR + 1.10%), 01/09/2026<sup>(a)(b)</sup> |  | 4000 | 4014360 |
|  Nomura Holdings, Inc.<br>1.851%, 07/16/2025 |  | 11194 | 11148552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.099%, 07/03/2025 |  | 1111 | 1111000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.709%, 01/09/2026 |  | 1213 | 1218847 |
|  |  |  | 27471459 |
|  **Commercial Banking – 1.1%** |  |  |  |
|  ABN AMRO Bank NV <br>4.75%, 07/28/2025<sup>(a)</sup> |  | 15288 | 15277451 |
|  **Diversified Banking – 0.9%** |  |  |  |
|  BNP Paribas SA <br>4.375%, 09/28/2025<sup>(a)</sup> |  | 5329 | 5312374 |
|  Societe Generale SA <br>4.75%, 11/24/2025<sup>(a)</sup> |  | 6748 | 6743546 |
|  |  |  | 12055920 |
|  **Finance – 2.6%** |  |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br>1.75%, 01/30/2026 |  | 2314 | 2268368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/01/2025 |  | 539 | 538256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2025 |  | 8128 | 8131902 |
|  Air Lease Corp. <br>3.375%, 07/01/2025 |  | 3295 | 3290255 |
|  Aircastle Ltd. <br>5.25%, 08/11/2025<sup>(a)</sup> |  | 9937 | 9925771 |
|  Aviation Capital Group LLC<br>1.95%, 01/30/2026<sup>(a)</sup> |  | 5212 | 5107082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/20/2026<sup>(a)</sup> |  | 368 | 354075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/01/2025<sup>(a)</sup> |  | 7037 | 7023771 |
|  |  |  | 36639480 |
|  **Insurance – 1.0%** |  |  |  |
|  Athene Global Funding <br>5.62%, 05/08/2026<sup>(a)</sup> |  | 6955 | 7015995 |
|  Cigna Group (The) <br>1.25%, 03/15/2026 |  | 6695 | 6518788 |
|  |  |  | 13534783 |

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| | |
|:---|:---|
| 2 AB Ultra Short Income ETF | **ABFunds.com** |

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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** |
|  **REITs – 0.6%** |  |  |  |
|  American Tower Corp. <br>4.00%, 06/01/2025 | $— | 5297 | $5297000 |
|  Equinix, Inc. <br>1.45%, 05/15/2026 |  | 4000 | 3879560 |
|  |  |  | 9176560 |
|  |  |  | 364702268 |
|  Industrial – 12.0% |  |  |  |
|  **Basic – 0.7%** |  |  |  |
|  ArcelorMittal SA <br>4.55%, 03/11/2026 |  | 6500 | 6487325 |
|  Glencore Funding LLC <br>1.625%, 09/01/2025<sup>(a)</sup> |  | 1090 | 1081269 |
|  LYB International Finance III LLC <br>1.25%, 10/01/2025 |  | 1718 | 1696370 |
|  |  |  | 9264964 |
|  **Capital Goods – 1.3%** |  |  |  |
|  Boeing Co. (The) <br>2.196%, 02/04/2026 |  | 6275 | 6162677 |
|  CNH Industrial Capital LLC <br>1.875%, 01/15/2026 |  | 3100 | 3046463 |
|  RTX Corp. <br>3.95%, 08/16/2025 |  | 3522 | 3515062 |
|  Westinghouse Air Brake Technologies Corp. <br>3.20%, 06/15/2025 |  | 5895 | 5890166 |
|  |  |  | 18614368 |
|  **Consumer Cyclical - Automotive – 1.8%** |  |  |  |
|  Ford Motor Credit Co. LLC<br>3.375%, 11/13/2025 |  | 3720 | 3690649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/16/2025 |  | 536 | 535925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>4.389%, 01/08/2026 |  | 1853 | 1838195 |
|  General Motors Co. <br>6.125%, 10/01/2025 |  | 6193 | 6207863 |
|  General Motors Financial Co., Inc.<br>2.75%, 06/20/2025 |  | 5320 | 5313510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/10/2025 |  | 1889 | 1895668 |
|  Harley-Davidson Financial Services, Inc. <br>3.35%, 06/08/2025<sup>(a)</sup> |  | 5102 | 5100469 |
|  Hyundai Capital America<br>1.30%, 01/08/2026<sup>(a)</sup> |  | 380 | 372005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/2025<sup>(a)</sup> |  | 1182 | 1168490 |
|  |  |  | 26122774 |
|  **Consumer Cyclical - Entertainment – 0.4%** |  |  |  |
|  Mattel, Inc. <br>3.375%, 04/01/2026<sup>(a)</sup> |  | 6040 | 5948977 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 3 |

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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** |
|  **Consumer Cyclical - Other – 0.4%** |  |  |  |
|  Toll Brothers Finance Corp. <br>4.875%, 11/15/2025 | $— | 5805 | $5798266 |
|  **Consumer Cyclical - Retailers – 0.8%** |  |  |  |
|  AutoNation, Inc. <br>4.50%, 10/01/2025 |  | 5652 | 5638266 |
|  PVH Corp. <br>4.625%, 07/10/2025 |  | 5364 | 5355149 |
|  |  |  | 10993415 |
|  **Consumer Non-Cyclical – 3.6%** |  |  |  |
|  Amgen, Inc. <br>5.507%, 03/02/2026 |  | 6559 | 6559984 |
|  BAT International Finance PLC <br>1.668%, 03/25/2026 |  | 4884 | 4768200 |
|  Bayer US Finance II LLC <br>4.25%, 12/15/2025<sup>(a)</sup> |  | 3600 | 3583836 |
|  Bunge Ltd. Finance Corp. <br>1.63%, 08/17/2025 |  | 4587 | 4553240 |
|  Constellation Brands, Inc. <br>5.00%, 02/02/2026 |  | 2425 | 2425121 |
|  CVS Health Corp. <br>3.875%, 07/20/2025 |  | 5853 | 5843869 |
|  HCA, Inc. <br>5.875%, 02/15/2026 |  | 5377 | 5387163 |
|  Philip Morris International, Inc. <br>2.75%, 02/25/2026 |  | 6182 | 6101325 |
|  Reynolds American, Inc. <br>4.45%, 06/12/2025 |  | 5709 | 5705232 |
|  Royalty Pharma PLC <br>1.20%, 09/02/2025 |  | 6526 | 6460479 |
|  |  |  | 51388449 |
|  **Energy – 2.0%** |  |  |  |
|  Canadian Natural Resources Ltd. <br>2.05%, 07/15/2025 |  | 5955 | 5932907 |
|  Energy Transfer LP <br>5.95%, 12/01/2025 |  | 534 | 535356 |
|  EQT Corp. <br>3.125%, 05/15/2026<sup>(a)</sup> |  | 2401 | 2357926 |
|  MPLX LP <br>1.75%, 03/01/2026 |  | 1366 | 1336344 |
|  Plains All American Pipeline LP/PAA Finance Corp. <br>4.65%, 10/15/2025 |  | 6235 | 6227643 |
|  TransCanada PipeLines Ltd. <br>4.875%, 01/15/2026 |  | 6135 | 6137024 |
|  Western Midstream Operating LP<br>3.95%, 06/01/2025 |  | 840 | 840000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/01/2026 |  | 5236 | 5221392 |
|  |  |  | 28588592 |

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| | |
|:---|:---|
| 4 AB Ultra Short Income ETF | **ABFunds.com** |

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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** |
|  **Technology – 1.0%** |  |  |  |
|  Fidelity National Information Services, Inc. <br>1.15%, 03/01/2026 | $— | 7217 | $7032389 |
|  Jabil, Inc. <br>1.70%, 04/15/2026 |  | 7005 | 6816426 |
|  |  |  | 13848815 |
|  **Transportation - Services – 0.0%** |  |  |  |
|  FedEx Corp. <br>3.25%, 04/01/2026 |  | 119 | 117576 |
|  |  |  | 170686196 |
|  Utility – 1.7% |  |  |  |
|  **Electric – 1.7%** |  |  |  |
|  American Electric Power Co., Inc. <br>5.699%, 08/15/2025 |  | 6712 | 6719249 |
|  CMS Energy Corp. <br>3.00%, 05/15/2026 |  | 1020 | 1004832 |
|  Dominion Energy, Inc. <br>3.90%, 10/01/2025 |  | 5451 | 5437100 |
|  Edison International <br>4.70%, 08/15/2025 |  | 5125 | 5120080 |
|  Enel Finance International NV <br>7.05%, 10/14/2025<sup>(a)(c)</sup> |  | 1013 | 1019483 |
|  Eversource Energy <br>Series Q <br>0.80%, 08/15/2025 |  | 2859 | 2831268 |
|  Public Service Enterprise Group, Inc. <br>0.80%, 08/15/2025 |  | 773 | 766352 |
|  Xcel Energy, Inc. <br>3.30%, 06/01/2025 |  | 1700 | 1700000 |
|  |  |  | 24598364 |
|  Total Corporates - Investment Grade <br>(cost $559,937,750) |  |  | 559986828 |
|  GOVERNMENTS - TREASURIES – 33.8% |  |  |  |
|  **United States – 33.8%** |  |  |  |
|  U.S. Treasury Notes<br>3.75%, 04/30/2027 |  | 35227 | 35107283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/31/2027 |  | 44306 | 44247156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/31/2030 |  | 28039 | 28065287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/31/2026 |  | 62295 | 62518873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2028 |  | 119973 | 121069628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.426% (CME Term SOFR 3 Month + 0.13%), 07/31/2025<sup>(b)</sup> |  | 18994 | 18994864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.471% (CME Term SOFR 3 Month + 0.17%), 10/31/2025<sup>(b)</sup> |  | 40000 | 40022189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.483% (CME Term SOFR 3 Month + 0.18%), 07/31/2026<sup>(b)</sup> |  | 111000 | 111136328 |

---

---

| | |
|:---|:---|
| **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; 4.546% (CME Term SOFR 3 Month + 0.25%), 01/31/2026<sup>(b)</sup> | $— | 20000 | $20023906 |
|  Total Governments - Treasuries <br>(cost $479,409,172) |  |  | 481185514 |
|  ASSET-BACKED SECURITIES – 13.1% |  |  |  |
|  **Autos - Fixed Rate – 7.8%** |  |  |  |
|  ACM Auto Trust<br>Series 2024-2A, Class A<br>6.06%, 02/20/2029<sup>(a)</sup> |  | 3011 | 3019312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A<br>5.38%, 06/20/2029<sup>(a)</sup> |  | 1081 | 1081973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A<br>5.55%, 06/20/2028<sup>(a)</sup> |  | 4900 | 4902429 |
|  American Credit Acceptance Receivables Trust <br>Series 2025-2, Class A <br>4.81%, 09/12/2028<sup>(a)</sup> |  | 7000 | 6999443 |
|  Arivo Acceptance Auto Loan Receivables Trust <br>Series 2024-1A, Class A <br>6.46%, 04/17/2028<sup>(a)</sup> |  | 437 | 439261 |
|  BOF VII AL Funding Trust I <br>Series 2023-CAR3, Class A2 <br>6.291%, 07/26/2032<sup>(a)</sup> |  | 950 | 962565 |
|  Bridgecrest Lending Auto Securitization Trust <br>Series 2025-2, Class A2 <br>4.84%, 01/18/2028 |  | 5094 | 5092535 |
|  CarMax Select Receivables Trust <br>Series 2025-A, Class A2A <br>4.76%, 05/15/2028 |  | 6150 | 6149953 |
|  Carvana Auto Receivables Trust<br>Series 2023-N3, Class A<br>6.41%, 09/10/2027<sup>(a)</sup> |  | 140 | 139833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-N2, Class A2<br>5.90%, 08/10/2027<sup>(a)</sup> |  | 3284 | 3292374 |
|  Consumer Portfolio Services Auto Trust <br>Series 2025-B, Class A <br>4.74%, 02/15/2029<sup>(a)</sup> |  | 6345 | 6341728 |
|  CPS Auto Receivables Trust <br>Series 2024-C, Class A <br>5.88%, 02/15/2028<sup>(a)</sup> |  | 2131 | 2139472 |
|  Exeter Automobile Receivables Trust <br>Series 2025-2A, Class A2 <br>4.78%, 06/15/2027 |  | 4873 | 4872145 |
|  Exeter Select Automobile Receivables Trust <br>Series 2025-1, Class A2 <br>4.83%, 10/16/2028 |  | 6700 | 6699992 |
|  FHF Issuer Trust <br>Series 2023-2A, Class A2 <br>6.79%, 10/15/2029<sup>(a)</sup> |  | 692 | 702088 |

---

---

| | |
|:---|:---|
| 6 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  GLS Auto Receivables Issuer Trust <br>Series 2025-2A, Class A2 <br>4.75%, 03/15/2028<sup>(a)</sup> | $— | 7000 | $7000650 |
|  Hyundai Auto Receivables Trust <br>Series 2021-A, Class B <br>1.09%, 05/17/2027 |  | 2513 | 2508539 |
|  Lendbuzz Securitization Trust<br>Series 2023-1A, Class A2<br>6.92%, 08/15/2028<sup>(a)</sup> |  | 417 | 422440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A2<br>7.09%, 10/16/2028<sup>(a)</sup> |  | 632 | 642462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class A2<br>7.50%, 12/15/2028<sup>(a)</sup> |  | 731 | 748029 |
|  Lobel Automobile Receivables Trust<br>Series 2023-2, Class A<br>7.59%, 04/16/2029<sup>(a)</sup> |  | 143 | 143228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A<br>5.06%, 11/15/2027<sup>(a)</sup> |  | 5200 | 5200250 |
|  Merchants Fleet Funding LLC <br>Series 2023-1A, Class A <br>7.21%, 05/20/2036<sup>(a)</sup> |  | 2080 | 2097838 |
|  Octane Receivables Trust <br>Series 2023-2A, Class A2 <br>5.88%, 06/20/2031<sup>(a)</sup> |  | 503 | 504580 |
|  Prestige Auto Receivables Trust <br>Series 2025-1A, Class A2 <br>4.87%, 12/15/2027<sup>(a)</sup> |  | 5383 | 5384283 |
|  Research-Driven Pagaya Motor Asset Trust<br>Series 2023-3A, Class A<br>7.13%, 01/26/2032<sup>(a)</sup> |  | 1249 | 1254754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class A<br>7.54%, 03/25/2032<sup>(a)</sup> |  | 736 | 742570 |
|  Research-Driven Pagaya Motor Trust <br>Series 2024-1A, Class A <br>7.09%, 06/25/2032<sup>(a)</sup> |  | 725 | 731938 |
|  SAFCO Auto Receivables Trust <br>Series 2025-1A, Class A <br>5.46%, 09/10/2029<sup>(a)</sup> |  | 7000 | 6991729 |
|  Santander Bank Auto Credit-Linked Notes <br>Series 2023-A, Class B <br>6.493%, 06/15/2033<sup>(a)</sup> |  | 137 | 137604 |
|  Santander Drive Auto Receivables Trust<br>Series 2024-3, Class A2<br>5.91%, 06/15/2027 |  | 1122 | 1123488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A2<br>4.71%, 06/15/2028 |  | 6140 | 6140333 |
|  Stellantis Financial Underwritten Enhanced Lease Trust <br>Series 2025-AA, Class A2 <br>4.63%, 07/20/2027<sup>(a)</sup> |  | 7000 | 7002016 |

---

---

| | |
|:---|:---|
| **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** |
|  Strike Acceptance Auto Funding Trust <br>Series 2025-1A, Class A <br>5.84%, 04/15/2032<sup>(a)</sup> | $— | 2730 | $2731549 |
|  Tricolor Auto Securitization Trust<br>Series 2024-1A, Class A<br>6.61%, 10/15/2027<sup>(a)</sup> |  | 919 | 924095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A<br>6.36%, 12/15/2027<sup>(a)</sup> |  | 729 | 730923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A<br>5.22%, 06/15/2028<sup>(a)</sup> |  | 1232 | 1232125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A<br>4.94%, 02/15/2029<sup>(a)</sup> |  | 2564 | 2561755 |
|  US Bank NA <br>Series 2023-1, Class B <br>6.789%, 08/25/2032<sup>(a)</sup> |  | 1116 | 1129433 |
|  |  |  | 110921714 |
|  **Other ABS - Fixed Rate – 4.5%** |  |  |  |
|  ACHV ABS Trust <br>Series 2024-2PL, Class A <br>5.07%, 10/27/2031<sup>(a)</sup> |  | 4084 | 4077934 |
|  Affirm Asset Securitization Trust<br>Series 2023-B, Class 1A<br>6.82%, 09/15/2028<sup>(a)</sup> |  | 870 | 874144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A<br>6.82%, 09/15/2028<sup>(a)</sup> |  | 1200 | 1205717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X1, Class A<br>6.27%, 05/15/2029<sup>(a)</sup> |  | 397 | 397642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X2, Class A<br>5.22%, 12/17/2029<sup>(a)</sup> |  | 3110 | 3111473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-X1, Class A<br>5.08%, 04/15/2030<sup>(a)</sup> |  | 5975 | 5973843 |
|  BHG Securitization Trust <br>Series 2023-A, Class A <br>5.55%, 04/17/2036<sup>(a)</sup> |  | 394 | 394284 |
|  Dext ABS LLC <br>Series 2023-1, Class A2 <br>5.99%, 03/15/2032<sup>(a)</sup> |  | 294 | 295284 |
|  Equify ABS LLC <br>Series 2024-1A, Class A <br>5.43%, 04/18/2033<sup>(a)</sup> |  | 2640 | 2640890 |
|  Mariner Finance Issuance Trust <br>Series 2023-AA, Class A <br>6.70%, 10/22/2035<sup>(a)</sup> |  | 3500 | 3521975 |
|  Marlette Funding Trust <br>Series 2024-1A, Class A <br>5.95%, 07/17/2034<sup>(a)</sup> |  | 497 | 498152 |
|  NMEF Funding LLC <br>Series 2023-A, Class A2 <br>6.57%, 06/17/2030<sup>(a)</sup> |  | 865 | 871163 |

---

---

| | |
|:---|:---|
| 8 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Oportun Funding Trust <br>Series 2024-3, Class A <br>5.26%, 08/15/2029<sup>(a)</sup> | $— | 3181 | $3180736 |
|  Oportun Issuance Trust <br>Series 2024-2, Class A <br>5.86%, 02/09/2032<sup>(a)</sup> |  | 1417 | 1418965 |
|  Pagaya AI Debt Grantor Trust<br>Series 2024-5, Class A<br>6.278%, 10/15/2031<sup>(a)</sup> |  | 497 | 502112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A2<br>5.365%, 12/15/2032<sup>(a)</sup> |  | 3610 | 3608155 |
|  Pagaya AI Debt Grantor Trust And Pagaya AI Debt Trust <br>Series 2024-6, Class A <br>6.093%, 11/15/2031<sup>(a)</sup> |  | 885 | 890067 |
|  Pagaya AI Debt Trust<br>Series 2023-3, Class A<br>7.60%, 12/16/2030<sup>(a)</sup> |  | 7 | 6840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A<br>6.66%, 07/15/2031<sup>(a)</sup> |  | 493 | 495981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A<br>6.319%, 08/15/2031<sup>(a)</sup> |  | 862 | 867995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A<br>6.258%, 10/15/2031<sup>(a)</sup> |  | 536 | 539966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R1, Class A2<br>5.338%, 06/15/2032<sup>(a)</sup> |  | 7000 | 7003369 |
|  Pagaya Point of Sale Holdings Grantor Trust <br>Series 2025-1, Class A <br>5.715%, 01/20/2034<sup>(a)</sup> |  | 7000 | 7019593 |
|  PEAC Solutions Receivables LLC <br>Series 2024-2A, Class A2 <br>4.74%, 04/20/2027<sup>(a)</sup> |  | 5775 | 5771519 |
|  Service Experts Issuer LLC <br>Series 2024-1A, Class A <br>6.39%, 11/20/2035<sup>(a)</sup> |  | 4122 | 4178119 |
|  Theorem Funding Trust<br>Series 2022-3A<br>7.60%, 04/15/2029<sup>(a)</sup> |  | 83 | 83497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A<br>7.58%, 04/15/2029<sup>(a)</sup> |  | 77 | 77475 |
|  Upstart Securitization Trust<br>Series 2023-2, Class A<br>6.77%, 06/20/2033<sup>(a)</sup> |  | 134 | 133928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A<br>6.90%, 10/20/2033<sup>(a)</sup> |  | 382 | 384787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A<br>5.33%, 11/20/2034<sup>(a)</sup> |  | 3773 | 3776015 |
|  Verdant Receivables 2023-1 LLC <br>Series 2023-1A, Class A2 <br>6.24%, 01/13/2031<sup>(a)</sup> |  | 727 | 737515 |
|  |  |  | 64539135 |

---

---

| | |
|:---|:---|
| **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** |
|  **Credit Cards - Fixed Rate – 0.8%** | **Credit Cards - Fixed Rate – 0.8%** | **Credit Cards - Fixed Rate – 0.8%** | **Credit Cards - Fixed Rate – 0.8%** |
|  Brex Commercial Charge Card Master Trust <br>Series 2024-1, Class A1 <br>6.05%, 07/15/2027<sup>(a)</sup> | $— | 4805 | $4843609 |
|  Mission Lane Credit Card Master Trust <br>Series 2024-B, Class A <br>5.88%, 01/15/2030<sup>(a)</sup> |  | 5900 | 5936525 |
|  |  |  | 10780134 |
|  Total Asset-Backed Securities <br>(cost $185,792,040) |  |  | 186240983 |
|  SHORT-TERM INVESTMENTS – 12.3% | SHORT-TERM INVESTMENTS – 12.3% | SHORT-TERM INVESTMENTS – 12.3% | SHORT-TERM INVESTMENTS – 12.3% |
|  **Commercial Paper – 10.7%** | **Commercial Paper – 10.7%** | **Commercial Paper – 10.7%** | **Commercial Paper – 10.7%** |
|  AbbVie, Inc. <br>Zero Coupon, 08/15/2025<sup>(a)</sup> |  | 7000 | 6931193 |
|  American Honda Finance Corp. <br>Zero Coupon, 07/09/2025 |  | 7000 | 6964015 |
|  BAT International Finance PLC <br>Zero Coupon, 08/25/2025<sup>(a)</sup> |  | 3000 | 2966657 |
|  Bayer Corp. <br>Zero Coupon, 07/15/2025<sup>(a)</sup> |  | 3500 | 3479079 |
|  Campbell Soup Co. <br>Zero Coupon, 06/05/2025<sup>(a)</sup> |  | 4000 | 3996901 |
|  CenterPoint Energy, Inc. <br>Zero Coupon, 07/02/2025<sup>(a)</sup> |  | 7100 | 7070069 |
|  Charles Schwab Corp. (The) <br>Zero Coupon, 11/14/2025<sup>(a)</sup> |  | 2635 | 2581214 |
|  Crown Castle, Inc. <br>Zero Coupon, 06/03/2025<sup>(a)</sup> |  | 7000 | 6996220 |
|  Dow Chemical Co. (The) <br>Zero Coupon, 06/18/2025 |  | 6300 | 6284533 |
|  Enbridge, Inc. <br>Zero Coupon, 06/23/2025<sup>(a)</sup> |  | 2000 | 1993841 |
|  Eversource Energy <br>Zero Coupon, 06/02/2025<sup>(a)</sup> |  | 4000 | 3998458 |
|  Glencore Funding LLC <br>Zero Coupon, 06/05/2025<sup>(a)</sup> |  | 3870 | 3867067 |
|  Healthpeak Properties, Inc. <br>Zero Coupon, 06/10/2025 |  | 6000 | 5991421 |
|  Intesa Funding LLC <br>Zero Coupon, 07/25/2025 |  | 10000 | 9925707 |
|  Intesa Sanpaolo Funding LLC <br>Zero Coupon, 11/10/2025 |  | 4000 | 3912983 |
|  JBS SA <br>Zero Coupon, 06/23/2025<sup>(a)</sup> |  | 3500 | 3488519 |
|  Keurig Dr. Pepper, Inc. <br>Zero Coupon, 06/17/2025<sup>(a)</sup> |  | 6300 | 6285436 |
|  ONEOK, Inc. <br>Zero Coupon, 06/10/2025<sup>(a)</sup> |  | 7000 | 6989951 |
|  Oracle Corp.<br>Zero Coupon, 06/16/2025<sup>(a)</sup> |  | 1748 | 1744277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 06/18/2025<sup>(a)</sup> |  | 5000 | 4988108 |

---

---

| | |
|:---|:---|
| 10 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  RTX Corp. <br>Zero Coupon, 06/26/2025<sup>(a)</sup> | $— | 3500 | $3487783 |
|  RWE Aktiengesselschaft <br>Zero Coupon, 06/02/2025<sup>(a)</sup> |  | 6400 | 6397534 |
|  Sempra Energy <br>Zero Coupon, 06/20/2025<sup>(a)</sup> |  | 7000 | 6981059 |
|  Sherwin-Williams Co. (The) <br>Zero Coupon, 06/09/2025<sup>(a)</sup> |  | 6800 | 6791627 |
|  Suncor Energy, Inc. <br>Zero Coupon, 06/05/2025<sup>(a)</sup> |  | 4000 | 3996928 |
|  TELUS Corp.<br>Zero Coupon, 06/06/2025<sup>(a)</sup> |  | 6300 | 6294389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/09/2025<sup>(a)</sup> |  | 1400 | 1381777 |
|  Volkswagen Credit, Inc. <br>Zero Coupon, 06/17/2025<sup>(a)</sup> |  | 7000 | 6983714 |
|  WPP CP LLC<br>Zero Coupon, 06/10/2025<sup>(a)</sup> |  | 3000 | 2995789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 06/17/2025<sup>(a)</sup> |  | 7100 | 7083605 |
|  Total Commercial Paper <br>(cost $152,907,470) |  |  | 152849854 |
|  | **Shares** | **Shares** |  |
|  **Investment Companies – 1.6%** |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB,<br>4.14%<sup>(d)(e)(f)</sup> <br>(cost $23,037,802) |  | 23037802 | 23037802 |
|  Total Short-Term Investments <br>(cost $175,945,272) |  |  | 175887656 |
|  **Total Investments – 98.6%**<br>(cost $1,401,084,234) |  |  | 1403300981 |
|  Other assets less liabilities – 1.4% |  |  | 19586104 |
|  **Net Assets – 100.0%** |  |  | $**1422887085** |

---

#### 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 | 462 | September 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95836125 | $33915 |
|  U.S. T-Note 5 Yr (CBT) Futures | 234 | September 2025 | 25315875 | 164531 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198446 |

---

(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 May 31, 2025, the aggregate market value of these securities amounted to $398,759,116 or 28.0% of net assets.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 11 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

(b) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at May 31, 2025.

(c) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at May 31, 2025.

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

(f) 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.

---

| | |
|:---|:---|
| 12 AB Ultra Short Income ETF | **ABFunds.com** |

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------

#### STATEMENT OF ASSETS & LIABILITIES
**May 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets | Assets |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $1,378,046,432) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380263179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $23,037,802) | 23037802 |
|  Cash | 7115976 |
|  Cash collateral due from broker | 846900 |
|  Interest receivable | 10439606 |
|  Receivable for shares of beneficial interest sold | 1264743 |
|  Affiliated dividends receivable | 159694 |
|  Receivable for variation margin on futures | 59822 |
|  Receivable due from Adviser | 8458 |
|  Total assets | 1423196180 |
| Liabilities |  |
|  Advisory fee payable | 309095 |
|  Total liabilities | 309095 |
|  Net Assets | $**1422887085** |
| Composition of Net Assets |  |
|  Capital stock, at par | $2813 |
|  Additional paid-in capital | 1417421689 |
|  Distributable earnings | 5462583 |
|  Net Assets | $**1422887085** |
|  **Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value**(based on 28,126,000 shares outstanding) | $**50.59** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 13 |

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29697866 |  |
|  Dividends—Affiliated issuers | 1140931 | $30838797 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 1580589 |  |
|  Total expenses before bank overdraft expense | 1580589 |  |
|  Bank overdraft expense | 2787 |  |
|  Total expenses | 1583376 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (55415) |  |
|  Net expenses |  | 1527961 |
|  Net investment income |  | 29310836 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (1373830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 307239 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 1284710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (313305) |
|  Net loss on investment transactions |  | (95186) |
|  Net Increase in Net Assets from Operations |  | $**29215650** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 14 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025**<br>**(unaudited)** | **Year Ended<br>November 30, 2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $29310836 | $51540448 |
|  Net realized gain (loss) on investment transactions | (1066591) | 2493713 |
|  Net change in unrealized appreciation (depreciation) of investments | 971405 | 583343 |
|  Net increase in net assets from operations | 29215650 | 54617504 |
|  Distribution to Shareholders | (29623489) | (48760403) |
| Transactions in Shares of the Fund |  |  |
|  Net increase | 280165850 | 550731353 |
|  Other capital | – 0 | 344 |
|  Total increase | 279758011 | 556588798 |
| Net Assets |  |  |
|  Beginning of period | 1143129074 | 586540276 |
|  End of period | $**1422887085** | $**1143129074** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 15 |

---

------

#### NOTES TO FINANCIAL STATEMENTS
**May 31, 2025** (unaudited)

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 18 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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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

---

| | |
|:---|:---|
| 16 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 17 |

---

------

**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.

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

---

| | |
|:---|:---|
| 18 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of May 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |  |
|  **Assets:** |  |  |  |  |  |
|  Corporates – Investment Grade | $– 0 | $559986828 | $– 0 | $559986828 |  |
|  Governments – Treasuries | – 0 | 481185514 | – 0 | 481185514 |  |
|  Asset-Backed Securities | – 0 | 186240983 | – 0 | 186240983 |  |
|  Short-Term Investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper | – 0 | 152849854 | – 0 | 152849854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 23037802 | – 0 | – 0 | 23037802 |  |
|  Total Investments in Securities | 23037802 | 1380263179 | – 0 | 1403300981 |  |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |
|  Futures | 198446 | – 0 | – 0 | 198446 | <sup>(b)</sup> |
|  **Liabilities** | – 0 | – 0 | – 0 | – 0 |  |
|  **Total** | $**23236248** | $**1380263179** | $**– 0** | $**1403499427** |  |

---

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 19 |

---

------

**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 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. 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.

---

| | |
|:---|:---|
| 20 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 .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 six months ended May 31, 2025, such waiver/reimbursements relating to the Fund's investment in AB Government Money Market Portfolio amounted to $55,415.

A summary of the Fund's transactions in AB mutual funds for the six months ended May 31, 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>5/31/25<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;642640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697474 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 21 |

---

------

**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 Plan.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the six months ended May 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163044110 | $46067258 |
|  U.S. government securities | 310561935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213246429 |

---

During the six months ended May 31, 2025, were no in-kind purchases and in-kind sales.

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2982081 |
|  Gross unrealized depreciation | (566888) |
|  Net unrealized appreciation | $2415193 |

---

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".

---

| | |
|:---|:---|
| 22 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 six months ended May 31, 2025, the Fund held futures for non-hedging purposes.

During the six months ended May 31, 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 | $198446 \* |  |  |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198446 |  |  |

---

\* 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 Ultra Short Income ETF 23 |

---

------

**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)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $307239 | $(313305) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313305) |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended May 31, 2025:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103940119 |

---

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 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.

---

| | |
|:---|:---|
| 24 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Transactions in shares of the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br> May 31, 2025<br> (unaudited) | Year Ended<br> November 30,<br> 2024 | Six Months Ended<br> May 31, 2025<br> (unaudited) | Year Ended<br> November 30,<br> 2024 |
|  Shares sold | 7200000 | 18875000 | $363495553 | $952667558 |
|  Shares redeemed | (1650000) | (7950000) | (83329703) | (401936205) |
|  **Net increase** | **5550000** | **10925000** | $**280165850** | $**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 its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), 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 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%.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 25 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**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.

**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.

---

| | |
|:---|:---|
| 26 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

**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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 27 |

---

------

**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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended May 31, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended November 30, 2024 and November 30, 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48760403 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18014901 |
|  Total taxable distributions | 48760403 | 18014901 |

---

---

| | |
|:---|:---|
| 28 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

As of November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5508568 |
|  Accumulated capital and other losses | (561860)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 923714 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $5870422 |

---

(a) As of November 30, 2024, the Fund had a net capital loss carryforward of $551,345. As of November 30, 2024, the cumulative deferred loss on straddles was $10,515.

(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, 2024, the Fund had a net short-term capital loss carryforward of $551,345, which may be carried forward for an indefinite period.

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 Ultra Short Income ETF 29 |

---

------

#### FINANCIAL HIGHLIGHTS

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025**<br> (unaudited) | **Year Ended<br>November 30,** | **Year Ended<br>November 30,** | **September 14,**<br> **2022<sup>(a)</sup> to<br>November 30,<br>2022** |
|  | **Six Months<br>Ended<br>May 31,<br>2025**<br> (unaudited) | **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 |  |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | 1.17 | 2.66 | 2.63 | .42 |
|  Net realized and unrealized gain (loss) on investment transactions | .01 | .22 | .14 | (.20 |
|  Net increase in net asset value from operations | 1.18 | 2.88 | 2.77 | .22 |
|  Less: Dividends |  |  |  |  |
|  Dividends from net investment income | (1.22) | (2.59) | (2.41) | (.24 |
|  Net asset value, end of period | **$50.59** | **$50.63** | **$50.34** | **$49.98** |
|  Total Return |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | 2.34 | 5.87% | 5.66% | .46 |
|  Ratios/Supplemental Data |  |  |  |  |
|  Net assets, end of period (000's omitted) | $1422887 | $1143129 | $586540 | $150002 |
|  Ratio to average net assets of: |  |  |  |  |
|  Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>(f)</sup><sup>‡</sup> | .24 | .24% | .25% | .25 |
|  Expenses, before waivers/reimbursements<sup>(e)</sup><sup>(f)</sup><sup>‡</sup> | .25 | .25% | .25% | .25 |
|  Net investment income<sup>(c)</sup> | 4.64 | 5.28% | 5.30% | 3.98 |
|  Portfolio turnover rate<sup>(g)</sup> | 38 | 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;&nbsp;&nbsp; portfolio | .01 | .01% | 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 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, for the six months ended May 31, 2025, and for the year ended November 30, 2024, such waiver amounted to .01% (annualized) and .01%, respectively.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025**<br> (unaudited) | | **Year Ended<br>November 30,** | **Year Ended<br>November 30,** | **September 14,<br>2022<sup>(a)</sup> to<br>November 30,** |  |
|  | **Six Months<br>Ended<br>May 31,<br>2025**<br> (unaudited) | | **2024** | **2023** | **2022** |  |
|  Net of waivers/reimbursements | .24 | %<sup>^</sup> | .24% | .25% | .25 | %<sup>^</sup> |
|  Before waivers/reimbursements | .25 | %<sup>^</sup> | .25% | .25% | .25 | %<sup>^</sup> |

---

(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.

---

| | |
|:---|:---|
| 30 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested directors (the "directors") of AB Active ETFs, Inc. (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of AB Ultra Short Income ETF (the "Fund") at a meeting held in-person on July 30-31, 2024 (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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 31 |

---

------

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, 2022 and calendar year 2023 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.

---

| | |
|:---|:---|
| 32 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

At the Meeting, the directors reviewed information prepared by an independent service provider (the "15(c) service provider"), showing the Fund's performance against a group of similar ETFs ("peer group") and a larger group of similar ETFs ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund's performance against a broad-based securities market index, in each case for the 1-year period ended May 31, 2024 and (in the case of comparisons with the broad-based securities market index) for the period from inception. The directors discussed with the Adviser the reasons for the Fund's underperformance in the period reviewed.

#### 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, 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 those for other funds 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,

---

| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 33 |

---

------

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 equal 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.

---

| | |
|:---|:---|
| 34 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

#### NOTES

---

| | |
|:---|:---|
| **ABFunds.com** | AB Ultra Short Income ETF 35 |

---

------

---

| | |
|:---|:---|
| 36 AB Ultra Short Income ETF | **ABFunds.com** |

---

------

![LOGO](g944392g28a43.jpg)

AB ULTRA SHORT INCOME ETF

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-USI-0152-0525 ![LOGO](g944392g22c48.jpg)

------

#### ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There were no disagreements with accountants during the reporting period.

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
There were no shareholder meetings during the reporting period.

#### ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Aggregate remuneration paid 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 AND AFFILIATED 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. | DESCRIPTION OF EXHIBIT |
| 19(b)(1) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d13979dex99cert.htm) |
| 19(b)(2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d13979dex99cert.htm#SIG) |
| 19(c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d13979dex99906cert.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.

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |

---

Date: July 25, 2025

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 |
|  | President |

---

Date: July 25, 2025

---

| | |
|:---|:---|
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |

---

Date: July 25, 2025

## 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: July 25, 2025

---

| |
|:---|
| /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

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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: July 25, 2025

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| |
|:---|
| /s/ Stephen M. Woetzel |
| Stephen M. Woetzel |
| Treasurer and Chief Financial Officer |

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## 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 May 31, 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: July 25, 2025

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| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |

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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.