AllianceBernstein (NYSE: AB) launched the actively managed AB US Equity ETF (NYSE: XCHG) on December 15, 2025, with Jane Street named as Lead Market Maker.
The fund's objective is to seek long-term growth of capital by investing, under normal circumstances, at least 80% of net assets in equity securities of U.S. companies. AB said XCHG was seeded using a 351-exchange mechanism and was developed with Bernstein Private Wealth Management to emphasize tax efficiency and strategic asset allocation.
XCHG joins AB's U.S. ETF lineup of 23 ETFs with just over $13 billion in assets under management as of December 15, 2025.
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Positive
Adviser targets ≥80% of net assets in U.S. equities
Jane Street appointed as lead market maker for XCHG
351-exchange mechanism used to seed XCHG for tax efficiency
Adds to AB's U.S. lineup of 23 ETFs and >$13B AUM
Negative
XCHG has no historical performance at launch
News Market Reaction
-0.10%
1 alert
-0.10%News Effect
On the day this news was published, AB declined 0.10%, reflecting a mild negative market reaction.
Equity allocation:80% of net assetsETF count:23 ETFsETF AUM:just over $13 billion+5 more
8 metrics
Equity allocation80% of net assetsTarget allocation to U.S. equity securities under normal circumstances
ETF count23 ETFsAB’s U.S. ETF lineup size including XCHG
ETF AUMjust over $13 billionAssets under management in AB’s U.S. ETFs as of Dec 15, 2025
Current price$39.96AB unit price before XCHG launch news
52-week high$43.30Upper end of AB’s 52-week trading range pre-announcement
52-week low$32.28Lower end of AB’s 52-week trading range pre-announcement
Market cap$3,699,785,586Equity value of AB prior to the ETF launch news
ETFs AUM dateDecember 15, 2025Reference date for the $13B U.S. ETF assets figure
Market Reality Check
Price:$41.09Vol:Volume 181,173 vs 20-day ...
normal vol
$41.09Last Close
VolumeVolume 181,173 vs 20-day average 226,059 (relative volume 0.8) ahead of this ETF launch.normal
TechnicalPrice $39.96 is trading above the 200-day MA of $39.45 before the news.
Peers on Argus
Before the ETF launch, AB was down 1.72%. Peers showed mild pressure: FHI -1.32%...
Before the ETF launch, AB was down 1.72%. Peers showed mild pressure: FHI -1.32%, VCTR -0.14%, APAM -0.43%, CNS -0.59%, while ATCO was flat, suggesting modest sector weakness rather than a coordinated momentum move.
3Q25 results with higher AUM, improved flows, and margin expansion.
Pattern Detected
In the last five news events, AB’s price reaction aligned with the news tone in 4 cases and diverged once, generally responding positively to constructive operational and product updates.
Recent Company History
Over the past few months, AB has focused on asset trends and product expansion. AUM updates around $860–869B showed modest fluctuations, with November 30, 2025 AUM at $865B after a $3B decline, while October saw a 1% month‑end increase. The firm launched new fixed income ETFs on Nov 10, 2025 and reported solid 3Q25 results with higher AUM and improved margins. Today’s launch of a U.S. equity ETF extends that ETF build‑out alongside prior fixed income conversions.
Market Pulse Summary
This announcement highlighted AB’s continued expansion of its active ETF platform with the AB US Equ...
Analysis
This announcement highlighted AB’s continued expansion of its active ETF platform with the AB US Equity ETF (XCHG), which seeks long-term capital growth by investing at least 80% of net assets in U.S. equities. XCHG joins a U.S. roster of 23 ETFs totaling just over $13 billion in assets as of December 15, 2025. In context with recent AUM updates and prior ETF launches, investors may track how this fund contributes to flows and platform scale over time.
Key Terms
exchange-traded fund, etf, lead market maker, assets under management, +2 more
6 terms
exchange-traded fundfinancial
"an actively managed exchange-traded fund (ETF) on the New York Stock Exchange."
An exchange-traded fund (ETF) is a type of investment fund that holds a collection of assets, such as stocks or bonds, and is traded on stock exchanges like individual stocks. It allows investors to buy and sell a diversified group of investments easily and efficiently, often at a lower cost. ETFs provide a simple way to gain exposure to a broad market or specific sectors without having to buy each asset separately.
etffinancial
"AB US Equity ETF (NYSE: XCHG), an actively managed exchange-traded fund (ETF)"
An ETF, or exchange-traded fund, is like a basket of different investments such as stocks or bonds that you can buy or sell easily on the stock market, just like a regular share. It allows people to invest in many companies at once, making it a simple way to grow savings without picking individual stocks.
lead market makertechnical
"Global trading firm Jane Street is the Lead Market Maker for the Fund."
A lead market maker is the primary trading firm on an exchange assigned to keep a stock buyable and sellable by continuously posting prices and sizes; think of them as a traffic controller or storekeeper who keeps inventory so trades can happen smoothly. For investors this matters because a reliable lead market maker narrows the gap between buying and selling prices, improves the chance an order fills quickly, and helps reduce sudden price swings that can make trading costly or risky.
assets under managementfinancial
"23 ETFs with just over $13 billion in assets under management as of December 15, 2025."
Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.
tax efficiencyfinancial
"approach to investment management that prioritizes tax efficiency and strategic asset allocation."
Tax efficiency measures how much of an investment’s returns an investor keeps after paying taxes, similar to comparing take-home pay to gross pay. It matters because two investments with the same pre-tax return can leave very different amounts in your pocket once taxes are applied, so tax-efficient choices, account types, and timing can significantly affect long-term growth and the true value of returns.
strategic asset allocationfinancial
"tax efficiency and strategic asset allocation. By integrating industry-leading research"
Strategic asset allocation is a long-term plan that sets target percentages of a portfolio to different asset types — like stocks, bonds, and cash — based on an investor’s goals, time horizon and tolerance for risk. Think of it as a financial roadmap or recipe that determines the portfolio’s expected return and volatility over time; staying close to the plan helps investors avoid emotional, short-term trading that can hurt long-run performance.
AI-generated analysis. Not financial advice.
In the news release, AllianceBernstein Launches AB US Equity ETF (XCHG) on the New York Stock Exchange, issued 15-Dec-2025 by AllianceBernstein over PR Newswire, we are advised by the company that changes have been made. The complete, corrected release follows, with additional details at the end:
AllianceBernstein Launches AB US Equity ETF (XCHG) on the New York Stock Exchange
NASHVILLE, Tenn., Dec. 15, 2025 /PRNewswire/ -- AllianceBernstein Holding L.P. (NYSE: AB) and AllianceBernstein L.P. ("AB"), a leading global investment management firm, announced today the launch of AB US Equity ETF (NYSE: XCHG), an actively managed exchange-traded fund (ETF) on the New York Stock Exchange. Citadel Securities is the Lead Market Maker for the Fund.
"XCHG, the latest addition to our expanding suite of active ETFs, was developed in collaboration with our Bernstein Private Wealth Management team," said AB's Global Head of ETFs & Portfolio Solutions Noel Archard. "By leveraging the 351-exchange mechanism to seed XCHG, this launch exemplifies our firm's commitment to pairing investment expertise with optimal vehicle solutions to address client needs."
The investment objective of XCHG is to seek long-term growth of capital. The Adviser seeks to achieve the ETF's investment objective by investing, under normal circumstances, at least 80% of its net assets in equity securities of U.S. companies.
"The launch of XCHG reflects our ability to be on the cutting edge of tax advice to provide our clients with the best possible outcome," said Bernstein's Chief Investment Officer and Head of Investment and Wealth Strategies Alex Chaloff. "At Bernstein Private Wealth Management, we believe in a holistic approach to investment management that prioritizes tax efficiency and strategic asset allocation. By integrating industry-leading research and sophisticated modeling, we can optimize our clients' portfolios to create greater diversification while minimizing tax impact."
XCHG joins AB's growing U.S. lineup of 23 ETFs with just over $13 billion in assets under management as of December 15, 2025.
AllianceBernstein is a leading global investment management firm that offers diversified investment services to institutional investors, individuals, and private wealth clients in major world markets. As of November 30, 2025, AllianceBernstein had $865 billion in assets under management. Additional information about AB may be found on our website, www.alliancebernstein.com.
Disclosures
Investing in securities involves risk and there is no guarantee of principal.
Investors should consider the investment objectives, risks, charges, and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.alliancebernstein.com. Please read the prospectus and/or summary prospectus carefully before investing.
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 regional and global conflicts, that affect large portions of the market. Equities 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 and mid-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, social, political, regulatory or other factors. Non-diversification Risk: Concentration of investments in a small number of securities tends to increase risk. The Fund is not "diversified". This means that the Fund can invest more of its assets in a relatively small number of issuers with greater concentration of risk. Matters affecting these issuers can have a more significant effect on the Fund's net asset value ("NAV"). ETF Share Price and Net Asset Value Risk: The Fund's shares are listed for trading on the NYSE Arca, Inc. (the "Exchange"). Shares are generally bought and sold in the secondary market at market prices. The NAV 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. 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. Investment in Other Investment Companies Risk: As with other investments, investments in other investment companies are subject to market and management risk. I 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. 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.
AllianceBernstein ETFs are distributed by Foreside Fund Services, LLC, in the US only. Foreside is not related to AB.
Correction: The last line of the first paragraph was changed.
FAQ
What is AB's new ETF ticker and launch date?
AB US Equity ETF (XCHG) launched on December 15, 2025.
How much of XCHG will be invested in U.S. companies?
The fund seeks to invest, under normal circumstances, at least 80% of net assets in U.S. equity securities.
Who is the lead market maker for XCHG and why does it matter?
Jane Street is the Lead Market Maker; this supports secondary-market liquidity and efficient pricing.
How does AB seed XCHG and what is the stated benefit?
XCHG was seeded using a 351-exchange mechanism, which AB says supports tax-efficient outcomes for clients.
How many U.S. ETFs does AB offer and what is AB's ETF AUM as of Dec 15, 2025?
AB's U.S. lineup totals 23 ETFs with just over $13 billion in assets under management as of December 15, 2025.
Where can investors find more information about XCHG and AB's ETF platform?
Investors can visit www.alliancebernstein.com/go/etfs for fund documents and platform details.
