As you can see the ABS Ring is nothing more than a piece of metal (mild steel or aluminium) shaped in a circle with activation points dotted around the surface at equal intervals apart whether it be as Teeth or Cutouts, these are what the Sensor reads in order to gather the information the ECU requires to determine engine speed.
It fits onto the end of the CV Joint or Driveshaft and usually locates right behind the wheel. Occasionally it can be on the Inner CV Joint just outside the Gearbox.
Shown here is the Ladder style ABS Ring. If one single rung of the ladder on this ring was broken then the ABS Ring would not function correctly and you would get a warning light on your dashboard. Even a hairline crack can trigger a fault and these kinds of faults can be caused be corrosion underneath the ring lifting it slightly out of place or making a crack.