AllianceBernstein Holding L.P. and AllianceBernstein L.P. announced the launch of five active exchange-traded funds (ETFs) on the NASDAQ and New York Stock Exchange (NYSE) Arca: AB conservative Buffer ETF, AB Tax-Aware Intermediate Municipal ETF, AB tax-Aware Long Municipal ETF, AB Corporate Bond ETF and AB Core Plus Bond ETF. Details on the funds are as follows: The investment objective is to seek a conservative level of capital appreciation while providing the potential for some downside protection against market declines. BUFC invests in a combination of exchange-traded options contracts on an underlying ETF (an ETF that seeks to track the investment results of the S&P 500 Index).

The fund's options strategy seeks to provide investors with returns based on the price return of the S&P 500, up to a cap, while providing a buffer against losses, up to a cap, of the S&P 500 over rolling 3-month periods. BUFC distinguishes itself from other buffered products with option resets done on a rolling basis, a proprietary ratchet feature and dynamic first loss provision. The investment objective of each of TAFM and TAFL is to provide relative stability of principal and a moderate rate of after-tax return and income.

Investment Grade Securities Risk: Investments in fixed-income securities with lower ratings (a/k/a 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. Credit Risk: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unable or unable or unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations.

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.

Illiquid Investment Risk: Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Diff difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of investment in the Fund. 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. Interest Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates risk, 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.

Market Risk: The value of the Fund's assets will fluctuate as the market fluctuations. Municipal Market Risk: This is the risks 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 and have a significant impact on the yield or value of The Fund's investments in municipal securities.