AB Active ETFs (SDFI) NPORT-P Unusual Whales Subversive Democratic Trading ETF (Dec 2024 report)

Unusual Whales Subversive Democratic Trading ETF

Schedule of Investments

December 31, 2024 (Unaudited)

COMMON STOCKS - 99.1%	Shares		Value
Aerospace & Defense - 0.1%
General Dynamics Corp.		657	$	173,113
Agriculture - 2.8%
Altria Group, Inc.		7,205		376,749
Philip Morris International, Inc.		43,179		5,196,593
				5,573,342
Apparel - 0.1%
NIKE, Inc. - Class B		3,050		230,794
Auto Manufacturers - 0.9%
Ford Motor Co.		36,884		365,152
Tesla, Inc. (a)		3,793		1,531,765
				1,896,917
Banks - 2.2%
Bank of America Corp.		10,299		452,641
Bank of New York Mellon Corp.		4,342		333,596
Citigroup, Inc.		6,574		462,744
Fifth Third Bancorp		5,208		220,194
First Horizon Corp.		10,668		214,854
Huntington Bancshares, Inc.		12,438		202,366
JPMorgan Chase & Co.		1,736		416,137
Morgan Stanley		8,445		1,061,705
PNC Financial Services Group, Inc.		1,100		212,135
Wells Fargo & Co.		12,018		844,144
				4,420,516
Beverages - 0.5%
Coca-Cola Co.		9,296		578,769
PepsiCo, Inc.		2,197		334,076
				912,845
Biotechnology - 0.5%
Amgen, Inc.		1,736		452,471
Corteva, Inc.		3,906		222,486
Regeneron Pharmaceuticals, Inc. (a)		219		156,000
Vertex Pharmaceuticals, Inc. (a)		671		270,212
				1,101,169
Building Materials - 2.6%
Mohawk Industries, Inc. (a)		3,273		389,912
Trane Technologies PLC		872		322,073
Vulcan Materials Co.		17,899		4,604,160
				5,316,145
Chemicals - 0.6%
Air Products and Chemicals, Inc.		659		191,136
DuPont de Nemours, Inc.		5,478		417,698
Ecolab, Inc.		868		203,390
Linde PLC		436		182,540
PPG Industries, Inc.		1,523		181,922
				1,176,686
Commercial Services - 1.8%
API Group Corp. (a)		48,091		1,729,833
Automatic Data Processing, Inc.		651		190,567
Cintas Corp.		868		158,584
Quanta Services, Inc.		1,085		342,914
United Rentals, Inc.		1,753		1,234,884
				3,656,782

Computers - 8.6%
Accenture PLC - Class A	4,926	1,732,918
Apple, Inc.	36,067	9,031,898
Crowdstrike Holdings, Inc. - Class A (a)	11,983	4,100,103
Dell Technologies, Inc. - Class C	3,921	451,856
Gartner, Inc. (a)	868	420,520
Hewlett Packard Enterprise Co.	8,497	181,411
HP, Inc.	6,550	213,726
International Business Machines Corp.	4,040	888,113
Seagate Technology Holdings PLC	3,602	310,889
		17,331,434
Cosmetics & Personal Care - 0.5%
Colgate-Palmolive Co.	4,138	376,186
Procter & Gamble Co.	3,780	633,717
		1,009,903
Distribution & Wholesale - 0.1%
Copart, Inc. (a)	3,050	175,040
Diversified Financial Services - 4.5%
Ally Financial, Inc.	3,698	133,165
American Express Co.	21,488	6,377,424
Ameriprise Financial, Inc.	434	231,075
Blackrock, Inc.	447	458,224
Capital One Financial Corp.	1,519	270,868
Charles Schwab Corp.	5,044	373,306
Discover Financial Services	2,171	376,082
Mastercard, Inc. - Class A	674	354,908
Visa, Inc. - Class A	1,753	554,018
		9,129,070
Electric - 0.1%
Dominion Energy, Inc.	3,043	163,896
Electrical Components & Equipment - 0.3%
AMETEK, Inc.	1,088	196,123
Eaton Corp. PLC	654	217,043
Emerson Electric Co.	1,302	161,357
		574,523
Electronics - 0.2%
Sensata Technologies Holding PLC	14,418	395,053
Entertainment - 0.2%
Marriott Vacations Worldwide Corp.	1,744	156,611
Penn Entertainment, Inc. (a)	16,626	329,528
		486,139
Environmental Control - 0.1%
Republic Services, Inc.	868	174,624
Food - 0.3%
Mondelez International, Inc. - Class A	2,612	156,015
Sysco Corp.	5,495	420,147
		576,162
Food Service - 0.5%
Aramark	25,470	950,286
Forest Products & Paper - 0.0%(b)
Magnera Corp. (a)	21	382
Healthcare-Products - 4.8%
Abbott Laboratories	20,127	2,276,565
Artivion, Inc. (a)	175,372	5,013,886

Baxter International, Inc.	7,257	211,614
Boston Scientific Corp. (a)	2,174	194,182
Intuitive Surgical, Inc. (a)	448	233,838
Medtronic PLC	4,130	329,904
Stryker Corp.	663	238,713
Tactile Systems Technology, Inc. (a)	56,882	974,389
Zimmer Biomet Holdings, Inc.	3,040	321,115
		9,794,206
Healthcare-Services - 0.6%
Cigna Group	1,087	300,164
HCA Healthcare, Inc.	1,749	524,963
UnitedHealth Group, Inc.	662	334,879
		1,160,006
Home Builders - 1.9%
DR Horton, Inc.	26,883	3,758,781
Insurance - 1.1%
Aflac, Inc.	1,953	202,018
Allstate Corp.	1,971	379,989
Arthur J Gallagher & Co.	651	184,786
Marsh & McLennan Cos., Inc.	1,755	372,780
Progressive Corp.	3,595	861,398
Prudential Financial, Inc.	1,749	207,309
		2,208,280
Internet - 15.3%
Alphabet, Inc. - Class C	42,457	8,085,511
Amazon.com, Inc. (a)	48,020	10,535,108
Meta Platforms, Inc. - Class A	8,960	5,246,169
Netflix, Inc. (a)	6,425	5,726,731
Palo Alto Networks, Inc. (a)	1,346	244,918
Pinterest, Inc. - Class A (a)	34,518	1,001,022
Uber Technologies, Inc. (a)	2,640	159,245
		30,998,704
Leisure Time - 0.1%
Topgolf Callaway Brands Corp. (a)	24,898	195,698
Lodging - 0.3%
Marriott International, Inc. - Class A	1,971	549,791
MGM Resorts International (a)	4,136	143,312
		693,103
Machinery-Construction & Mining - 0.5%
Caterpillar, Inc.	664	240,873
Oshkosh Corp.	3,887	369,537
Vertiv Holdings Co. - Class A	3,038	345,147
		955,557
Machinery-Diversified - 0.1%
Deere & Co.	435	184,310
Media - 2.0%
Comcast Corp. - Class A	7,862	295,061
Liberty Media Corp.-Liberty Formula One - Class C (a)	5,047	467,655
Walt Disney Co.	28,903	3,218,349
		3,981,065
Miscellaneous Manufacturing - 0.5%
3M Co.	1,302	168,075
Illinois Tool Works, Inc.	873	221,358
Parker-Hannifin Corp.	1,109	705,357
		1,094,790

Oil & Gas Services - 0.1%
ChampionX Corp.	6,333	172,194
Packaging & Containers - 0.5%
Ball Corp.	9,762	538,179
Berry Global Group, Inc.	5,915	382,523
		920,702
Pharmaceuticals - 4.6%
AbbVie, Inc.	3,092	549,448
CVS Health Corp.	20,936	939,817
Elanco Animal Health, Inc. (a)	29,287	354,666
Eli Lilly & Co.	5,896	4,551,712
Johnson & Johnson	14,707	2,126,926
Merck & Co., Inc.	3,533	351,463
Novartis AG - ADR	1,958	190,533
Pfizer, Inc.	12,340	327,380
		9,391,945
Private Equity - 0.9%
Blackstone, Inc.	2,388	411,739
KKR & Co., Inc.	9,500	1,405,145
		1,816,884
Retail - 5.7%
Bath & Body Works, Inc.	7,659	296,939
CarMax, Inc. (a)	4,776	390,486
Costco Wholesale Corp.	6,453	5,912,690
Dollar Tree, Inc. (a)	1,520	113,909
Domino's Pizza, Inc.	900	377,784
Home Depot, Inc.	2,049	797,041
Lowe's Cos., Inc.	1,350	333,180
McDonald's Corp.	944	273,656
Restaurant Brands International, Inc.	3,038	198,017
Ross Stores, Inc.	1,094	165,489
Starbucks Corp.	6,369	581,171
Sweetgreen, Inc. - Class A (a)	22,006	705,512
Target Corp.	2,453	331,597
TJX Cos., Inc.	3,053	368,833
Walmart, Inc.	7,227	652,960
		11,499,264
Semiconductors - 14.8%
Advanced Micro Devices, Inc. (a)	2,196	265,255
Applied Materials, Inc.	23,786	3,868,317
ASML Holding NV	133	92,180
Intel Corp.	18,368	368,278
KLA Corp.	224	141,147
Lam Research Corp.	6,894	497,954
Microchip Technology, Inc.	5,478	314,163
Micron Technology, Inc.	6,783	570,857
NVIDIA Corp.	171,831	23,075,185
NXP Semiconductors NV	655	136,142
ON Semiconductor Corp. (a)	2,387	150,500
QUALCOMM, Inc.	1,534	235,653
Texas Instruments, Inc.	1,529	286,703
		30,002,334
Software - 16.3%
Broadridge Financial Solutions, Inc.	876	198,055
Intuit, Inc.	662	416,067
Microsoft Corp.	38,030	16,029,645
Oracle Corp.	1,085	180,804
Roper Technologies, Inc.	434	225,615
Salesforce, Inc.	29,747	9,945,314
ServiceNow, Inc. (a)	1,997	2,117,060
SS&C Technologies Holdings, Inc.	50,090	3,795,820
		32,908,380

Telecommunications - 1.2%
Arista Networks, Inc. (a)	3,472		383,760
Cisco Systems, Inc.	9,916		587,027
Corning, Inc.	6,984		331,880
Infinera Corp. (a)	25,742		169,125
Motorola Solutions, Inc.	437		201,995
T-Mobile US, Inc.	2,395		528,648
Verizon Communications, Inc.	8,091		323,559
			2,525,994
Transportation - 0.3%
Old Dominion Freight Line, Inc.	868		153,115
Union Pacific Corp.	874		199,307
United Parcel Service, Inc. - Class B	2,623		330,760
			683,182
TOTAL COMMON STOCKS (Cost $180,383,715)			200,370,200
SHORT-TERM INVESTMENTS - 1.0%
Money Market Funds - 1.0%
First American Government Obligations Fund - Class X, 4.41% (c)	2,031,796		2,031,796
TOTAL SHORT-TERM INVESTMENTS (Cost $2,031,796)			2,031,796
TOTAL INVESTMENTS - 100.1% (Cost $182,415,511)			202,401,996
Liabilities in Excess of Other Assets - (0.1)%			(141,958	)
TOTAL NET ASSETS - 100.0%		$	202,260,038

Percentages are stated as a percent of net assets.             –%

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)	Non-income producing security.
(b)	Represents less than 0.05% of net assets.
(c)	The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

Summary of Fair Value Disclosure as of December 31, 2024 (Unaudited)

Unusual Whales Subversive Democratic Trading ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	200,370,200	$	—	$	—	$	200,370,200
Money Market Funds		2,031,796		—		—		2,031,796
Total Investments	$	202,401,996	$	—	$	—	$	202,401,996

Refer to the Schedule of Investments for further disaggregation of investment categories.