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            811-23477                  

                                    BNY Mellon ETF Trust                                 
(Exact name of registrant as specified in charter)

240 Greenwich Street

                        New York, New York 10286                         
(Address of principal executive offices) (Zip code)

Deirdre Cunnane, Esq.

240 Greenwich Street

                        New York, New York 10286                         

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 922-6400

Date of fiscal year end:  October 31

Date of reporting period:  April 30, 2023

The following N-CSR relates only to the Registrant's series listed below and does not relate to any series of the Registrant with a different fiscal year end and, therefore, different N-CSR reporting requirements.  A separate N-CSR will be filed for any series with a different fiscal year end, as appropriate.

BNY Mellon US Large Cap Core Equity ETF

BNY Mellon US Mid Cap Core Equity ETF

BNY Mellon US Small Cap Core Equity ETF

BNY Mellon International Equity ETF

BNY Mellon Emerging Markets Equity ETF

BNY Mellon Core Bond ETF

BNY Mellon Short Duration Corporate Bond ETF

BNY Mellon High Yield Beta ETF

BNY Mellon Sustainable Global Emerging Markets ETF

BNY Mellon Sustainable International Equity ETF

BNY Mellon Sustainable US Equity ETF

BNY Mellon Concentrated International ETF

BNY Mellon Global Infrastructure Income ETF

Item 1. Reports to Stockholders.

(a)The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

BNY

Mellon

ETF

Trust

SEMI-ANNUAL

REPORT

April

30,

2023

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

BNY

Mellon

International

Equity

ETF

BNY

Mellon

Emerging

Markets

Equity

ETF

BNY

Mellon

Core

Bond

ETF

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

BNY

Mellon

High

Yield

Beta

ETF

Contents

The

Funds

Discussion

of

Funds’

Performance

3

Understanding

Your

Fund’s

Expenses

19

Statements

of

Investments

20

Statements

of

Assets

and

Liabilities

124

Statements

of

Operations

127

Statements

of

Changes

in

Net

Assets

130

Financial

Highlights

134

Notes

to

Financial

Statements

142

Information

About

the

Renewal

of

Each

Fund’s

Management

and

Sub-Investment

Advisory

Agreements

154

FOR

MORE

INFORMATION

Back

Cover

Save

time.

Save

paper.

View

your

next

shareholder

report

online

as

soon

as

it’s

available.

Log

into

www.

im.bnymellon.com

and

sign

up

for

eCommunications.

It’s

simple

and

only

takes

a

few

minutes.

The

views

expressed

herein

are

current

to

the

date

of

this

report.

These

views

and

the

composition

of

the

funds’

portfolios

are

subject

to

change

at

any

time

based

on

market

and

other

conditions.

Not

FDIC-Insured

•

Not

Bank-Guaranteed

•

May

Lose

Value

3

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

For

the

period

from

November

1,

2022,

through

April

30,

2023,

as

provided

by

David

France,

CFA,

Todd

Frysinger,

CFA,

Vlasta

Sheremeta,

CFA,

Michael

Stoll

and

Marlene

Walker

Smith,

Portfolio

Managers

employed

by

the

fund’s

sub-adviser,

Mellon

Investments

Corporation.

Market

and

Fund

Performance

Overview

For

the

six-month

period

ended

April

30,

2023,

the

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

(the

“fund”)

produced

a

net

asset

value

total

return

of

9.35%.

1

In

comparison,

the

Morningstar

®

US

Large

Cap

Index

SM

(the

“Index”),

the

fund’s

benchmark,

returned

9.37%

for

the

same

period.

2,3

Large-cap

equities

gained

ground

during

the

reporting

period

as

inflationary

pressures

eased,

the

U.S.

Federal

Reserve

(the

“Fed”)

reduced

the

pace

of

interest-rate

hikes,

and

economic

growth

remained

positive.

The

difference

in

returns

between

the

fund

and

the

Index

resulted

primarily

from

transaction

costs

and

operating

expenses

that

are

not

reflected

in

Index

results.

The

Fund’s

Investment

Approach

The

fund

seeks

to

match

the

performance

of

the

Index.

To

pursue

its

goal,

the

fund

normally

invests

substantially

all

of

its

assets

in

equity

securities

comprising

the

Index.

The

Index

is

a

float-adjusted,

market

capitalization-weighted

index

designed

to

measure

the

performance

of

U.S.

large-

capitalization

stocks.

The

Index’s

initial

universe

of

eligible

securities

includes

common

stock,

tracking

stock

and

shares

of

real

estate

investment

trusts

(REITs)

issued

by

U.S.

companies

and

traded

on

the

New

York

Stock

Exchange,

NASDAQ

or

NYSE

Market

LLC.

At

each

reconstitution,

the

initial

universe

is

screened

to

exclude

securities

based

on

the

number

of

non-

trading

days

in

the

preceding

quarter

and

trading

volume

during

the

preceding

six-month

period.

Securities

with

more

than

10

non-trading

days

in

the

preceding

quarter,

or

that

have

a

bottom

25%

liquidity

score,

as

ranked

by

the

Index

provider

based

on

the

preceding

six-month

trading

volume,

are

excluded.

The

remaining

securities

comprise

the

investable

universe.

The

Index

is

composed

of

the

securities

of

companies

whose

cumulative

total

market

capitalization

represents

approximately

the

top

70%

of

the

remaining

securities

comprising

the

investable

universe.

The

Index

rebalances

quarterly

in

March,

June,

September

and

December,

and

reconstitutes

semi-annually

in

June

and

December.

Equities

Advance

Despite

Macroeconomic

Concerns

Market

sentiment

proved

volatile

but

positive

during

the

reporting

period,

with

hopes

for

continued

economic

growth

outweighing

concerns

regarding

persistently

high

levels

of

inflation

and

the

impact

of

Fed

rate

hikes

designed

to

curb

inflation.

In

November

2022,

as

the

period

began,

inflation

averaged

7.1%

on

an

annualized

basis,

down

from

the

9.1%

peak

set

in

June

2022

but

well

above

the

Fed

target

of

2%.

On

November

2nd,

the

Fed

raised

the

benchmark

federal

funds

rate

from

a

range

of

3.00%–3.25%

to

a

range

of

3.75%–4.00%,

up

from

near

zero

eight

months

earlier.

During

the

reporting

period,

the

Fed

raised

rates

three

more

times,

totaling

an

additional

1.00%,

while

inflation

steadily

eased

to

5.0%

as

of

the

most

currently

available

figures.

Although

U.S.

economic

growth

and

corporate

profits

showed

signs

of

moderating

during

this

time,

indications

generally

remained

positive,

supported

by

robust

consumer

spending,

rising

wages

and

low

levels

of

unemployment.

These

encouraging

economic

trends

lessened

concerns

that

rising

rates

might

tip

the

economy

into

a

sharp

recession.

Accordingly,

while

equity

markets

frequently

dipped

or

spiked

in

response

to

the

economic

news

of

the

day,

stocks

trended

higher

on

balance,

led

by

growth-oriented

issues

in

the

communication

services

and

information

technology

sectors.

Other

factors

aside

from

inflation

and

interest

rates

also

played

a

role

in

market

behavior

during

the

period.

The

reopening

of

the

Chinese

economy

in

the

fourth

quarter

of

2022,

after

lengthy

COVID-19-related

shutdowns,

generally

bolstered

confidence,

particularly

as

renewed

Chinese

activity

did

not

appear

to

cause

inflation

to

accelerate.

On

the

negative

side,

a

small

number

of

high-profile,

regional

bank

failures

in

the

United

States

in

the

first

quarter

of

2023

raised

fears

of

possible

wider

banking

industry

contagion

and

future

credit

constraints.

However,

stocks

remained

in

positive

territory

despite

a

steep

decline

in

early

March.

Swift

action

from

federal

authorities

and

major

banks

eased

investors’

concerns,

enabling

markets

to

gain

additional

ground

in

the

closing

six

weeks

of

the

period.

Growth-Oriented

Technology

Shares

Lead

Markets

Higher

Communication

services

stocks

produced

the

strongest

returns

in

the

Index,

led

by

fast-growing

technology-centric

companies

such

as

Meta

Platforms,

as

investors’

risk

appetites

increased.

The

information

technology

sector,

with

an

abundance

of

growth-oriented

technology

companies,

outperformed

as

well,

followed

by

materials.

Conversely,

the

energy

sector

generated

the

weakest

performance

in

the

Index

as

natural

gas

prices

collapsed

in

the

face

of

an

unexpectedly

mild

winter

and

the

success

of

European

countries

in

coping

with

the

absence

of

Russian

oil

and

gas.

The

health

care

sector

experienced

a

mild

decline,

while

consumer

discretionary

produced

positive

returns

but

lagged

the

Index

average.

The

fund’s

use

of

derivatives

during

the

period

was

limited

to

futures

contracts

employed

solely

to

offset

the

impact

of

cash

positions,

which

the

fund

holds

pursuant

to

its

operations,

but

the

Index

does

not.

Such

holdings

helped

the

fund

more

closely

match

the

performance

of

the

Index.

Replicating

the

Performance

of

the

Index

Whether

the

Fed

can

curb

inflation

while

avoiding

a

significant

economic

slowdown

remains

an

open

question

that

is

likely

to

continue

to

drive

market

behavior

in

the

coming

months.

However,

in

seeking

to

match

the

performance

of

the

Index,

we

do

not

actively

manage

investments

in

response

to

macroeconomic

trends.

As

of

the

end

of

the

period,

the

largest

sectors

in

the

Index

were

information

technology,

health

care

4

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

and

financials,

while

the

smallest

were

real

estate,

utilities

and

materials.

As

always,

we

continue

to

monitor

factors

that

affect

the

fund’s

investments.

May

15,

2023

1

Total

return

includes

reinvestment

of

dividends

and

any

capital

gains

paid.

A

fund’s

net

asset

value

(NAV)

is

the

sum

of

all

its

assets

less

any

liabilities,

divided

by

the

number

of

shares

outstanding.

ETFs

are

bought

and

sold

at

market

prices,

not

NAV,

therefore

an

investor’s

return

at

market

price

may

differ

from

NAV.

Past

performance

is

no

guarantee

of

future

results.

Share

price,

yield

and

investment

return

fluctuate

such

that

upon

redemption,

fund

shares

may

be

worth

more

or

less

than

their

original

cost.

2

Source:

Morningstar,

Inc.

—

The

Morningstar

®

US

Large

Cap

Index

SM

is

a

float-

adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

U.S.

large-capitalization

stocks.

The

Index’s

initial

universe

of

eligible

securities

includes

common

stock,

tracking

stock

and

shares

of

real

estate

investment

trusts

(REITs)

issued

by

U.S.

companies

and

traded

on

the

New

York

Stock

Exchange,

NASDAQ

or

NYSE

Market

LLC.

At

each

reconstitution,

the

initial

universe

is

screened

to

exclude

securities

based

on

the

number

of

non-trading

days

in

the

preceding

quarter

and

trading

volume

during

the

preceding

six-month

period.

Securities

with

more

than

10

non-trading

days

in

the

preceding

quarter,

or

that

have

a

bottom

25%

liquidity

score,

as

ranked

by

the

index

provider

based

on

the

preceding

six-month

trading

volume,

are

excluded.

The

remaining

securities

comprise

the

investable

universe.

The

Index

is

composed

of

the

securities

of

companies

whose

cumulative

total

market

capitalization

represents

approximately

the

top

70%

of

the

remaining

securities

comprising

the

investable

universe.

Investors

cannot

invest

directly

in

any

index.

Investors

cannot

invest

directly

in

any

index.

3

Morningstar

®

is

a

service

mark

of

Morningstar,

Inc.

and

has

been

licensed

for

use

for

certain

purposes

by

BNY

Mellon

ETF

Investment

Adviser,

LLC.

The

fund

is

not

sponsored,

endorsed,

sold

or

promoted

by

Morningstar,

and

Morningstar

makes

no

representation

regarding

the

advisability

of

investing

in

the

fund.

ETFs

trade

like

stocks,

are

subject

to

investment

risk,

including

possible

loss

of

principal.

ETF

shares

are

listed

on

an

exchange,

and

shares

are

generally

purchased

and

sold

in

the

secondary

market

at

market

price.

At

times,

the

market

price

may

be

at

a

premium

or

discount

to

the

ETF’s

per

share

NAV.

In

addition,

ETFs

are

subject

to

the

risk

that

an

active

trading

market

for

an

ETF’s

shares

may

not

develop

or

be

maintained.

Buying

or

selling

ETF

shares

on

an

exchange

may

require

payment

of

brokerage

commissions.

Equities

are

subject

generally

to

market,

market

sector,

market

liquidity,

issuer

and

investment

style

risks,

among

other

factors,

to

varying

degrees,

all

of

which

are

more

fully

described

in

the

fund’s

prospectus.

The

fund

may,

but

is

not

required,

to

use

derivative

instruments.

A

small

investment

in

derivatives

could

have

a

potentially

large

impact

on

the

fund’s

performance.

The

use

of

derivatives

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

the

underlying

assets.

5

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

For

the

period

from

November

1,

2022,

through

April

30,

2023,

as

provided

by

David

France,

CFA,

Todd

Frysinger,

CFA,

Vlasta

Sheremeta,

CFA,

Michael

Stoll

and

Marlene

Walker

Smith,

Portfolio

Managers

employed

by

the

fund’s

sub-adviser,

Mellon

Investments

Corporation.

Market

and

Fund

Performance

Overview

For

the

six-month

period

ended

April

30,

2023,

the

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

(the

“fund”)

produced

a

net

asset

value

total

return

of

3.85%.

1

In

comparison,

the

Morningstar

®

US

Mid

Cap

Index

SM

(the

“Index”),

the

fund’s

benchmark,

returned

3.86%

for

the

same

period.

2,3

Equities

gained

ground

during

the

reporting

period

as

inflationary

pressures

eased,

the

U.S.

Federal

Reserve

(the

“Fed”)

reduced

the

pace

of

interest-rate

hikes,

and

economic

growth

remained

positive.

The

difference

in

returns

between

the

fund

and

the

Index

resulted

primarily

from

transaction

costs

and

operating

expenses

that

are

not

reflected

in

Index

results.

The

Fund’s

Investment

Approach

The

fund

seeks

to

match

the

performance

of

the

Index.

To

pursue

its

goal,

the

fund

normally

invests

substantially

all

of

its

assets

in

equity

securities

comprising

the

Index.

The

Index

is

a

float-adjusted,

market

capitalization-weighted

index

designed

to

measure

the

performance

of

U.S.

medium-

capitalization

stocks.

The

Index’s

initial

universe

of

eligible

securities

includes

common

stock,

tracking

stock

and

shares

of

real

estate

investment

trusts

(REITs)

issued

by

U.S.

companies

and

traded

on

the

New

York

Stock

Exchange,

NASDAQ

or

NYSE

Market

LLC.

At

each

reconstitution,

the

initial

universe

is

screened

to

exclude

securities

based

on

the

number

of

non-

trading

days

in

the

preceding

quarter

and

trading

volume

during

the

preceding

six-month

period.

Securities

with

more

than

10

non-trading

days

in

the

preceding

quarter,

or

that

have

a

bottom

25%

liquidity

score,

as

ranked

by

the

Index

provider

based

on

the

preceding

six-month

trading

volume,

are

excluded.

The

remaining

securities

comprise

the

investable

universe.

The

Index

is

composed

of

the

securities

of

companies

whose

cumulative

total

market

capitalization

falls

approximately

between

the

bottom

10%-30%

of

the

remaining

securities

comprising

the

investable

universe.

The

Index

rebalances

quarterly

in

March,

June,

September

and

December,

and

reconstitutes

semi-annually

in

June

and

December.

Equities

Advance

Despite

Macroeconomic

Concerns

Market

sentiment

proved

volatile

but

positive

during

the

reporting

period,

with

hopes

for

continued

economic

growth

outweighing

concerns

regarding

persistently

high

levels

of

inflation

and

the

impact

of

Fed

rate

hikes

designed

to

curb

inflation.

In

November

2022,

as

the

period

began,

inflation

averaged

7.1%

on

an

annualized

basis,

down

from

the

9.1%

peak

set

in

June

2022

but

well

above

the

Fed

target

of

2%.

On

November

2,

2022,

the

Fed

raised

the

benchmark

federal

funds

rate

from

a

range

of

3.00%–3.25%

to

a

range

of

3.75–4.00%,

up

from

near

zero

eight

months

earlier.

During

the

reporting

period,

the

Fed

raised

rates

three

more

times,

totaling

an

additional

1.00%,

while

inflation

steadily

eased

to

5.0%

as

of

the

most

currently

available

figures.

Although

U.S.

economic

growth

and

corporate

profits

showed

signs

of

moderating

during

this

time,

indications

generally

remained

positive,

supported

by

robust

consumer

spending,

rising

wages

and

low

levels

of

unemployment.

These

encouraging

economic

trends

lessened

concerns

that

rising

rates

might

tip

the

economy

into

a

sharp

recession.

Accordingly,

while

equity

markets

frequently

dipped

or

spiked

in

response

to

the

economic

news

of

the

day,

stocks

trended

higher

on

balance,

led

by

growth-oriented

issues

in

the

communication

services

and

information

technology

sectors.

Other

factors

aside

from

inflation

and

interest

rates

also

played

a

role

in

market

behavior

during

the

period.

The

reopening

of

the

Chinese

economy

in

the

fourth

quarter

of

2022,

after

lengthy

COVID-19-related

shutdowns,

generally

bolstered

confidence,

particularly

as

renewed

Chinese

activity

did

not

appear

to

cause

inflation

to

accelerate.

On

the

negative

side,

a

small

number

of

high-profile,

regional

bank

failures

in

the

United

States

in

the

first

quarter

of

2023

raised

fears

of

possible

wider

banking

industry

contagion

and

future

credit

constraints.

However,

stocks

remained

in

positive

territory

despite

a

steep

decline

in

early

March.

Swift

action

from

federal

authorities

and

major

banks

eased

investors’

concerns,

enabling

markets

to

gain

additional

ground

in

the

closing

six

weeks

of

the

period.

Health

Care

Shares

Lead

Markets

Higher

Health

care

stocks

produced

the

strongest

returns

in

the

Index,

followed

by

consumer

discretionary

and

industrials.

Conversely,

the

energy

sector

generated

the

weakest

performance

in

the

Index

as

natural

gas

prices

collapsed

in

the

face

of

an

unexpectedly

mild

winter

and

the

success

of

European

countries

in

coping

with

the

absence

of

Russian

oil

and

gas.

The

financial

sector

experienced

a

mild

decline,

undermined

by

turmoil

in

the

banking

industry,

while

communication

services

produced

positive

returns

but

lagged

the

Index

average.

The

fund’s

use

of

derivatives

during

the

period

was

limited

to

futures

contracts

employed

solely

to

offset

the

impact

of

cash

positions,

which

the

fund

holds

pursuant

to

its

operations,

but

the

Index

does

not.

Such

holdings

helped

the

fund

more

closely

match

the

performance

of

the

Index.

Replicating

the

Performance

of

the

Index

Whether

the

Fed

can

curb

inflation

while

avoiding

a

significant

economic

slowdown

remains

an

open

question

that

is

likely

to

continue

to

drive

market

behavior

in

the

coming

months.

However,

in

seeking

to

match

the

performance

of

the

Index,

we

do

not

actively

manage

investments

in

response

to

macroeconomic

trends.

As

of

the

end

of

the

period,

the

largest

sectors

in

the

Index

were

industrials,

financials

and

information

technology,

while

the

smallest

were

communication

services,

energy

and

consumer

staples.

As

always,

we

continue

to

monitor

factors

that

affect

the

fund’s

investments.

6

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

May

15,

2023

1

Total

return

includes

reinvestment

of

dividends

and

any

capital

gains

paid.

A

fund’s

net

asset

value

(NAV)

is

the

sum

of

all

its

assets

less

any

liabilities,

divided

by

the

number

of

shares

outstanding.

ETFs

are

bought

and

sold

at

market

prices,

not

NAV,

therefore

an

investor’s

return

at

market

price

may

differ

from

NAV.

Past

performance

is

no

guarantee

of

future

results.

Share

price,

yield

and

investment

return

fluctuate

such

that

upon

redemption,

fund

shares

may

be

worth

more

or

less

than

their

original

cost.

2

Source:

Morningstar,

Inc.

—

The

Morningstar

®

US

Mid

Cap

Index

SM

is

a

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

U.S.

mid-capitalization

stocks.

The

Index’s

initial

universe

of

eligible

securities

includes

common

stock,

tracking

stock

and

shares

of

real

estate

investment

trusts

(REITs)

issued

by

U.S.

companies

and

traded

on

the

New

York

Stock

Exchange,

NASDAQ

or

NYSE

Market

LLC.

At

each

reconstitution,

the

initial

universe

is

screened

to

exclude

securities

based

on

the

number

of

non-trading

days

in

the

preceding

quarter

and

trading

volume

during

the

preceding

six-month

period.

Securities

with

more

than

10

non-trading

days

in

the

preceding

quarter,

or

that

have

a

bottom

25%

liquidity

score,

as

ranked

by

the

Index

provider

based

on

the

preceding

six-month

trading

volume,

are

excluded.

The

remaining

securities

comprise

the

investable

universe.

The

Index

is

composed

of

the

securities

of

companies

whose

cumulative

total

market

capitalization

falls

approximately

between

the

bottom

10%-30%

of

the

remaining

securities

comprising

the

investable

universe.

Investors

cannot

invest

directly

in

any

index.

3

Morningstar

®

is

a

service

mark

of

Morningstar,

Inc.

and

has

been

licensed

for

use

for

certain

purposes

by

BNY

Mellon

ETF

Investment

Adviser,

LLC.

The

fund

is

not

sponsored,

endorsed,

sold

or

promoted

by

Morningstar,

and

Morningstar

makes

no

representation

regarding

the

advisability

of

investing

in

the

fund.

ETFs

trade

like

stocks,

are

subject

to

investment

risk,

including

possible

loss

of

principal.

ETF

shares

are

listed

on

an

exchange,

and

shares

are

generally

purchased

and

sold

in

the

secondary

market

at

market

price.

At

times,

the

market

price

may

be

at

a

premium

or

discount

to

the

ETF’s

per

share

NAV.

In

addition,

ETFs

are

subject

to

the

risk

that

an

active

trading

market

for

an

ETF’s

shares

may

not

develop

or

be

maintained.

Buying

or

selling

ETF

shares

on

an

exchange

may

require

payment

of

brokerage

commissions.

Equities

are

subject

generally

to

market,

market

sector,

market

liquidity,

issuer

and

investment

style

risks,

among

other

factors,

to

varying

degrees,

all

of

which

are

more

fully

described

in

the

fund’s

prospectus.

The

fund

may,

but

is

not

required,

to

use

derivative

instruments.

A

small

investment

in

derivatives

could

have

a

potentially

large

impact

on

the

fund’s

performance.

The

use

of

derivatives

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

the

underlying

assets.

The

prices

of

mid-cap

company

stocks

tend

to

be

more

volatile

than

the

prices

of

large

company

stocks,

mainly

because

these

companies

have

less

established

and

more

volatile

earnings

histories.

They

also

tend

to

be

less

liquid

than

larger

company

stocks.

7

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

For

the

period

from

November

1,

2022,

through

April

30,

2023,

as

provided

by

David

France,

CFA,

Todd

Frysinger,

CFA,

Vlasta

Sheremeta,

CFA,

Michael

Stoll

and

Marlene

Walker

Smith,

Portfolio

Managers

employed

by

the

fund’s

sub-adviser,

Mellon

Investments

Corporation.

Market

and

Fund

Performance

Overview

For

the

six-month

period

ended

April

30,

2023,

the

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(the

“fund”)

produced

a

net

asset

value

total

return

of

1.57%.

1

In

comparison,

the

Morningstar

®

US

Small

Cap

Index

SM

(the

“Index”),

the

fund’s

benchmark,

produced

a

return

of

1.52%

for

the

same

period.

2,3

Equities

gained

ground

during

the

reporting

period

as

inflationary

pressures

eased,

the

U.S.

Federal

Reserve

(the

“Fed”)

reduced

the

pace

of

interest-rate

hikes,

and

economic

growth

remained

positive.

The

difference

in

returns

between

the

fund

and

the

Index

resulted

primarily

from

transaction

costs

and

operating

expenses

that

are

not

reflected

in

Index

results.

The

Fund’s

Investment

Approach

The

fund

seeks

to

match

the

performance

of

the

Index.

To

pursue

its

goal,

the

fund

normally

invests

substantially

all

of

its

assets

in

equity

securities

comprising

the

Index.

The

Index

is

a

float-adjusted,

market

capitalization-weighted

index

designed

to

measure

the

performance

of

U.S.

small-

capitalization

stocks.

The

Index’s

initial

universe

of

eligible

securities

includes

common

stock,

tracking

stock

and

shares

of

real

estate

investment

trusts

(REITs)

issued

by

U.S.

companies

and

traded

on

the

New

York

Stock

Exchange,

NASDAQ

or

NYSE

Market

LLC.

At

each

reconstitution,

the

initial

universe

is

screened

to

exclude

securities

based

on

the

number

of

non-

trading

days

in

the

preceding

quarter

and

trading

volume

during

the

preceding

six-month

period.

Securities

with

more

than

10

non-trading

days

in

the

preceding

quarter,

or

that

have

a

bottom

25%

liquidity

score,

as

ranked

by

the

Index

provider

based

on

the

preceding

six-month

trading

volume,

are

excluded.

The

remaining

securities

comprise

the

investable

universe.

The

Index

is

composed

of

the

securities

of

companies

whose

cumulative

total

market

capitalization

represents

approximately

the

bottom

3%-10%

of

the

remaining

securities

comprising

the

investable

universe.

The

Index

rebalances

quarterly

in

March,

June,

September

and

December,

and

reconstitutes

semi-annually

in

June

and

December.

Equities

Advance

Despite

Macroeconomic

Concerns

Market

sentiment

proved

volatile

but

positive

during

the

reporting

period,

with

hopes

for

continued

economic

growth

outweighing

concerns

regarding

persistently

high

levels

of

inflation

and

the

impact

of

Fed

rate

hikes

designed

to

curb

inflation.

In

November

2022,

as

the

period

began,

inflation

averaged

7.1%

on

an

annualized

basis,

down

from

the

9.1%

peak

set

in

June

2022

but

well

above

the

Fed

target

of

2%.

On

November

2nd,

the

Fed

raised

the

benchmark

federal

funds

rate

from

a

range

of

3.00%–3.25%

to

a

range

of

3.75–4.00%,

up

from

near

zero

eight

months

earlier.

During

the

reporting

period,

the

Fed

raised

rates

three

more

times,

totaling

an

additional

1.00%,

while

inflation

steadily

eased

to

5.0%

as

of

the

most

currently

available

figures.

Although

U.S.

economic

growth

and

corporate

profits

showed

signs

of

moderating

during

this

time,

indications

generally

remained

positive,

supported

by

robust

consumer

spending,

rising

wages

and

low

levels

of

unemployment.

These

encouraging

economic

trends

lessened

concerns

that

rising

rates

might

tip

the

economy

into

a

sharp

recession.

Accordingly,

while

equity

markets

frequently

dipped

or

spiked

in

response

to

the

economic

news

of

the

day,

stocks

trended

higher

on

balance,

led

by

growth-oriented

issues

in

the

communication

services

and

information

technology

sectors.

Other

factors

aside

from

inflation

and

interest

rates

also

played

a

role

in

market

behavior

during

the

period.

The

reopening

of

the

Chinese

economy

in

the

fourth

quarter

of

2022,

after

lengthy

COVID-19-related

shutdowns,

generally

bolstered

confidence,

particularly

as

renewed

Chinese

activity

did

not

appear

to

cause

inflation

to

accelerate.

On

the

negative

side,

a

small

number

of

high-profile,

regional

bank

failures

in

the

United

States

in

the

first

quarter

of

2023

raised

fears

of

possible

wider

banking

industry

contagion

and

future

credit

constraints.

However,

stocks

remained

in

positive

territory

despite

a

steep

decline

in

early

March.

Swift

action

from

federal

authorities

and

major

banks

eased

investors’

concerns,

enabling

markets

to

gain

additional

ground

in

the

closing

six

weeks

of

the

period.

Health

Care

Shares

Lead

Markets

Higher

Consumer

staples

and

consumer

discretionary

stocks

produced

the

strongest

returns

in

the

Index,

supported

by

strong

levels

of

consumer

spending,

followed

by

industrials.

Conversely,

the

energy

sector

generated

the

weakest

performance

in

the

Index

as

natural

gas

prices

collapsed

in

the

face

of

an

unexpectedly

mild

winter

and

the

success

of

European

countries

in

coping

with

the

absence

of

Russian

oil

and

gas.

The

financial

sector

experienced

a

mild

decline,

undermined

by

turmoil

in

the

banking

industry,

while

the

real

estate

sector

was

hampered

by

rising

interest

rates.

All

other

sectors

produced

positive

returns.

The

fund’s

use

of

derivatives

during

the

period

was

limited

to

futures

contracts

employed

solely

to

offset

the

impact

of

cash

positions,

which

the

fund

holds

pursuant

to

its

operations,

but

the

Index

does

not.

Such

holdings

helped

the

fund

more

closely

match

the

performance

of

the

Index.

Replicating

the

Performance

of

the

Index

Whether

the

Fed

can

curb

inflation

while

avoiding

a

significant

economic

slowdown

remains

an

open

question

that

is

likely

to

continue

to

drive

market

behavior

in

the

coming

months.

However,

in

seeking

to

match

the

performance

of

the

Index,

we

do

not

actively

manage

investments

in

response

to

macroeconomic

trends.

As

of

the

end

of

the

period,

the

largest

sectors

in

the

Index

were

industrials,

financials

and

consumer

discretionary,

while

the

smallest

were

communication

services,

utilities

and

consumer

staples.

As

always,

we

continue

to

monitor

factors

that

affect

the

fund’s

investments.

8

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

May

15,

2023

1

Total

return

includes

reinvestment

of

dividends

and

any

capital

gains

paid.

A

fund’s

net

asset

value

(NAV)

is

the

sum

of

all

its

assets

less

any

liabilities,

divided

by

the

number

of

shares

outstanding.

ETFs

are

bought

and

sold

at

market

prices,

not

NAV,

therefore

an

investor’s

return

at

market

price

may

differ

from

NAV.

Past

performance

is

no

guarantee

of

future

results.

Share

price,

yield

and

investment

return

fluctuate

such

that

upon

redemption,

fund

shares

may

be

worth

more

or

less

than

their

original

cost.

2

Source:

Morningstar,

Inc.

—

The

Morningstar

®

US

Small

Cap

Index

SM

is

a

float-

adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

U.S.

small-capitalization

stocks.

The

Index’s

initial

universe

of

eligible

securities

includes

common

stock,

tracking

stock

and

shares

of

real

estate

investment

trusts

(REITs)

issued

by

U.S.

companies

and

traded

on

the

New

York

Stock

Exchange,

NASDAQ

or

NYSE

Market

LLC.

At

each

reconstitution,

the

initial

universe

is

screened

to

exclude

securities

based

on

the

number

of

non-trading

days

in

the

preceding

quarter

and

trading

volume

during

the

preceding

six-month

period.

Securities

with

more

than

10

non-trading

days

in

the

preceding

quarter,

or

that

have

a

bottom

25%

liquidity

score,

as

ranked

by

the

Index

provider

based

on

the

preceding

six-month

trading

volume,

are

excluded.

The

remaining

securities

comprise

the

investable

universe.

The

Index

is

composed

of

the

securities

of

companies

whose

cumulative

total

market

capitalization

represents

approximately

the

bottom

3%-10%

of

the

remaining

securities

comprising

the

investable

universe.

Investors

cannot

invest

directly

in

any

index.

3

Morningstar

®

is

a

service

mark

of

Morningstar,

Inc.

and

has

been

licensed

for

use

for

certain

purposes

by

BNY

Mellon

ETF

Investment

Adviser,

LLC.

The

fund

is

not

sponsored,

endorsed,

sold

or

promoted

by

Morningstar,

and

Morningstar

makes

no

representation

regarding

the

advisability

of

investing

in

the

fund.

ETFs

trade

like

stocks,

are

subject

to

investment

risk,

including

possible

loss

of

principal.

ETF

shares

are

listed

on

an

exchange,

and

shares

are

generally

purchased

and

sold

in

the

secondary

market

at

market

price.

At

times,

the

market

price

may

be

at

a

premium

or

discount

to

the

ETF’s

per

share

NAV.

In

addition,

ETFs

are

subject

to

the

risk

that

an

active

trading

market

for

an

ETF’s

shares

may

not

develop

or

be

maintained.

Buying

or

selling

ETF

shares

on

an

exchange

may

require

payment

of

brokerage

commissions.

Equities

are

subject

generally

to

market,

market

sector,

market

liquidity,

issuer

and

investment

style

risks,

among

other

factors,

to

varying

degrees,

all

of

which

are

more

fully

described

in

the

fund’s

prospectus.

The

prices

of

small

company

stocks

tend

to

be

more

volatile

than

the

prices

of

large

company

stocks,

mainly

because

these

companies

have

less

established

and

more

volatile

earnings

histories.

They

also

tend

to

be

less

liquid

than

larger

company

stocks.

The

fund

may,

but

is

not

required,

to

use

derivative

instruments.

A

small

investment

in

derivatives

could

have

a

potentially

large

impact

on

the

fund’s

performance.

The

use

of

derivatives

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

the

underlying

assets.

9

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

For

the

period

from

November

1,

2022,

through

April

30,

2023,

as

provided

by

David

France,

CFA,

Todd

Frysinger,

CFA,

Vlasta

Sheremeta,

CFA,

Michael

Stoll

and

Marlene

Walker

Smith,

Portfolio

Managers

employed

by

the

fund’s

sub-adviser,

Mellon

Investments

Corporation.

Market

and

Fund

Performance

Overview

For

the

six-month

period

ended

April

30,

2023,

the

BNY

Mellon

International

Equity

ETF

(the

“fund”)

produced

a

net

asset

value

total

return

of

22.33%.

1

This

compares

with

a

22.21%

total

return

for

the

fund’s

benchmark,

the

Morningstar

®

Developed

Markets

ex-US

Large

Cap

Index

SM

(the

“Index”),

during

the

same

period.

2,3

International

markets

gained

ground

during

the

reporting

period

as

central

bank

rate

hikes

began

to

slow

inflation

rates,

the

Chinese

economy

reopened

after

the

government

rescinded

its

“zero-COVID-19”

policy,

and

the

U.S.

dollar

weakened

relative

to

most

international

currencies.

The

difference

in

returns

between

the

fund

and

the

Index

resulted

primarily

from

transaction

costs

and

operating

expenses

that

are

not

reflected

in

Index

results.

The

Fund’s

Investment

Approach

The

fund

seeks

to

track

the

performance

of

the

Index.

To

pursue

its

goal,

the

fund

normally

invests

substantially

all

of

its

assets

in

equity

securities

comprising

the

Index,

depositary

receipts

based

on

securities

comprising

the

Index,

exchange-traded

funds

(ETFs)

providing

exposure

to

such

securities,

and

derivatives

with

economic

characteristics

similar

to

such

securities

or

the

Index.

The

fund’s

derivatives

investments

may

include

futures,

currency

forwards,

total

return

swaps

and

structured

notes.

The

Index

is

a

float-adjusted,

market

capitalization-weighted

index

designed

to

measure

the

performance

of

developed-

markets

(excluding

the

United

States)

large-capitalization

stocks.

The

Index’s

initial

universe

of

eligible

securities

includes

equity

securities

(including

common

stock,

preferred

stock

and

shares

of

real

estate

investment

trusts

(REITs)),

issued

by

developed-

markets

companies

(excluding

the

United

States)

and

traded

on

a

major

foreign

exchange.

At

each

reconstitution,

the

initial

universe

is

screened

to

exclude

securities

based

on

the

number

of

non-trading

days,

trading

volume

and

turnover

during

the

preceding

six-month

period,

and

market

capitalization.

The

Index

rebalances

quarterly

in

March,

June,

September

and

December,

and

reconstitutes

semi-annually

in

June

and

December.

Equities

Rise

as

Inflation

Moderates

International

developed-markets

equities

climbed

during

the

prior

reporting

period

as

interest-rate

hikes

implemented

by

central

banks

began

to

gain

traction

in

the

fight

against

rampant

inflation.

In

October

2022,

just

prior

to

the

start

of

the

reporting

period,

inflation

in

the

20-member

eurozone

averaged

10.6%,

its

highest

level

since

the

eurozone

group

was

established

in

1999.

The

European

Central

Bank

raised

its

fixed

benchmark

rate

from

0.75%

to

1.50%

on

November

2,

2022,

followed

by

three

additional

increases

to

3.00%

as

of

March

22,

2023.

Inflation

appeared

to

respond,

declining

to

7.0%

as

of

April

2023.

While

economic

growth

rates

declined

as

well,

they

remained

positive.

Similar

trends

in

the

United

States

and

elsewhere

encouraged

hopes

that

inflation

might

be

tamed

without

prompting

a

major

global

recession.

International

markets

were

further

buoyed

by

the

Chinese

government’s

decision

in

December

2022

to

end

its

“zero-COVID-19”

strategy,

which

had

resulted

in

lockdowns

that

slowed

Chinese

economic

growth

and

disrupted

global

supply

chains,

with

negative

effects

felt

throughout

the

world’s

economies.

Developed-markets

equities,

particularly

those

denominated

in

U.S.

dollars,

also

benefited

from

a

weakening

U.S.

dollar

relative

to

most

international

currencies.

The

U.S.

dollar

weakened

throughout

the

period

as

the

U.S.

Federal

Reserve

(the

“Fed”)

appeared

to

near

the

end

of

its

current

rate-hike

cycle.

Most

international

equities

benefited

from

these

conditions,

with

all

industry

sectors

generating

positive

returns.

Many

of

the

market’s

strongest

returns

were

seen

among

growth-oriented

shares

that

had

underperformed

earlier

in

2022.

Conversely,

energy

stocks

were

hurt

by

declining

commodity

prices,

while

real

estate

equities

lagged

as

interest

rates

continued

to

rise.

Banking

sector

stocks

also

suffered

as

rising

interest

rates

led

to

the

failures

of

several

prominent,

U.S.-based

regional

banks,

raising

concerns

among

international

investors

and

bank

customers.

Europe

Recovers

Despite

Ongoing

Russia/Ukraine

Conflict

From

a

regional

perspective,

western

European

stocks

delivered

relatively

strong

performance,

reversing

the

region’s

underperformance

during

the

prior

reporting

period.

While

the

smaller

markets

of

Poland,

Denmark

and

Ireland

led

Europe’s

gains,

Italy,

Germany,

France

and

Spain

also

outperformed

other

international

developed

markets.

Due

to

idiosyncratic

market

developments,

Israel

and

Norway

were

the

only

countries

in

the

Index

to

produce

negative

returns,

while

Canada

lagged

as

well.

Among

Asian

nations,

Hong

Kong

produced

the

best

returns,

while

Australia,

Singapore

and

Japan

trailed.

From

a

sector

perspective,

consumer

discretionary,

utilities

and

information

technology

led

the

market’s

advance,

while

energy,

real

estate

and

communication

services

lagged.

The

fund’s

use

of

derivatives

during

the

period

was

limited

to

futures

contracts

employed

solely

to

offset

the

impact

of

cash

positions,

which

the

fund

holds

pursuant

to

its

operations,

but

the

Index

does

not.

Such

holdings

helped

the

fund

more

closely

match

the

performance

of

the

Index.

Replicating

the

Performance

of

the

Index

Whether

the

central

banks

can

curb

inflation

while

avoiding

a

significant

economic

slowdown

remains

an

open

question

that

is

likely

to

continue

to

drive

market

behavior

in

the

coming

months.

However,

in

seeking

to

match

the

performance

of

the

Index,

we

do

not

actively

manage

investments

in

response

to

macroeconomic

trends.

As

always,

we

continue

to

monitor

factors

that

affect

the

fund’s

investments.

May

15,

2023

1

Total

return

includes

reinvestment

of

dividends

and

any

capital

gains

paid.

A

fund’s

net

asset

value

(NAV)

is

the

sum

of

all

its

assets

less

any

liabilities,

divided

by

the

number

of

10

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

shares

outstanding.

ETFs

are

bought

and

sold

at

market

prices,

not

NAV,

therefore

an

investor’s

return

at

market

price

may

differ

from

NAV.

Past

performance

is

no

guarantee

of

future

results.

Share

price,

yield

and

investment

return

fluctuate

such

that

upon

redemption,

fund

shares

may

be

worth

more

or

less

than

their

original

cost.

2

Source:

Morningstar

Inc.

—

The

Morningstar

®

Developed

Markets

ex-US

Large

Cap

Index

SM

is

a

float-adjusted,

market

capitalization-weighted

index

designed

to

measure

the

performance

of

developed-markets

(excluding

the

United

States,)

large-capitalization

stocks.

A

country

is

considered

developed

if

it

meets

the

following

criteria:

(i)

its

annual

per

capita

gross

national

income

falls

in

the

World

Bank’s

high-income

category

for

the

most

recent

three

years;

(ii)

it

has

not

had

any

broad-based

discriminatory

controls

against

non-domiciled

investors

for

the

most

recent

three

years;

and

(iii)

its

stock

markets

exhibit

the

following

characteristics:

transparency,

market

regulation,

operational

efficiency,

and

the

absence

of

broad-based

investment

restrictions.

The

Index’s

initial

universe

of

eligible

securities

includes

equity

securities

(including

common

stock,

preferred

stock

and

shares

of

real

estate

investment

trusts

(REITs)),

issued

by

developed-markets

companies

(excluding

the

United

States)

and

traded

on

a

major

foreign

exchange.

At

each

reconstitution,

the

initial

universe

is

screened

to

exclude

securities

based

on

the

number

of

non-trading

days,

trading

volume

and

turnover

during

the

preceding

six-month

period,

and

market

capitalization.

Securities

not

previously

part

of

the

last

reconstitution

are

excluded

from

a

current

reconstitution

if

the

security

has

20

or

more

non-trading

days

during

the

last

six

months

or

their

trading

volume

and

turnover

ranks

in

the

bottom

25%

of

the

initial

universe

as

determined

by

the

index

provider

based

on

the

preceding

six

months

of

trade

data.

Securities

previously

part

of

the

last

reconstitution

are

provided

a

one-time

buffer

and

not

excluded

unless

the

security

has

30

or

more

non-trading

days

(20

or

more

non-trading

days

after

the

one-time

buffer)

during

the

last

six

months

or

their

trading

volume

and

turnover

ranks

in

the

bottom

20%

(bottom

25%

after

the

one-time

buffer)

of

the

initial

universe

as

determined

by

the

index

provider

based

on

the

preceding

six

months

of

trade

data.

Of

the

remaining

securities,

the

Index

includes

large-capitalization

securities

from

each

eligible

country,

targeting

the

top

70%

of

stocks

by

market

capitalization

from

each

eligible

country.

Investors

cannot

invest

directly

in

any

index.

3

Morningstar

®

is

a

service

mark

of

Morningstar,

Inc.

and

has

been

licensed

for

use

for

certain

purposes

by

BNY

Mellon

ETF

Investment

Adviser,

LLC.

The

fund

is

not

sponsored,

endorsed,

sold

or

promoted

by

Morningstar,

and

Morningstar

makes

no

representation

regarding

the

advisability

of

investing

in

the

fund.

ETFs

trade

like

stocks,

are

subject

to

investment

risk,

including

possible

loss

of

principal.

ETF

shares

are

listed

on

an

exchange,

and

shares

are

generally

purchased

and

sold

in

the

secondary

market

at

market

price.

At

times,

the

market

price

may

be

at

a

premium

or

discount

to

the

ETF’s

per

share

NAV.

In

addition,

ETFs

are

subject

to

the

risk

that

an

active

trading

market

for

an

ETF’s

shares

may

not

develop

or

be

maintained.

Buying

or

selling

ETF

shares

on

an

exchange

may

require

payment

of

brokerage

commissions.

Equities

are

subject

generally

to

market,

market

sector,

market

liquidity,

issuer

and

investment

style

risks,

among

other

factors,

to

varying

degrees,

all

of

which

are

more

fully

described

in

the

fund’s

prospectus.

Currencies

are

subject

to

the

risk

that

those

currencies

will

decline

in

value

relative

to

a

local

currency,

or,

in

the

case

of

hedged

positions,

that

the

local

currency

will

decline

relative

to

the

currency

being

hedged.

Each

of

these

risks

could

increase

the

fund’s

volatility.

Investing

in

foreign-denominated

and/or

domiciled

securities

involves

special

risks,

including

changes

in

currency

exchange

rates,

political,

economic

and

social

instability,

limited

company

information,

differing

auditing

and

legal

standards

and

less

market

liquidity.

These

risks

generally

are

greater

with

emerging-markets

countries.

Diversification

cannot

assure

a

profit

or

protect

against

loss.

The

fund

may,

but

is

not

required,

to

use

derivative

instruments.

A

small

investment

in

derivatives

could

have

a

potentially

large

impact

on

the

fund’s

performance.

The

use

of

derivatives

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

the

underlying

assets.

11

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

For

the

period

from

November

1,

2022,

through

April

30,

2023,

as

provided

by

David

France,

CFA,

Todd

Frysinger,

CFA,

Vlasta

Sheremeta,

CFA,

Michael

Stoll

and

Marlene

Walker

Smith,

Portfolio

Managers

employed

by

the

fund’s

sub-adviser,

Mellon

Investments

Corporation.

Market

and

Fund

Performance

Overview

For

the

six-month

period

ended

April

30,

2023,

the

BNY

Mellon

Emerging

Markets

Equity

ETF

(the

“fund”)

produced

a

net

asset

value

total

return

of

15.36%.

1

This

compares

with

a

15.35%

total

return

for

the

fund’s

benchmark,

the

Morningstar

®

Emerging

Markets

Large

Cap

Index

SM

(the

“Index”),

during

the

same

period.

2,3

Emerging-markets

equities

gained

ground

during

the

reporting

period

as

global

economic

growth

continued

in

the

face

of

high

inflation

and

rising

interest

rates,

the

Chinese

economy

reopened

after

the

government

rescinded

its

“zero-COVID-19”

policy,

and

the

U.S.

dollar

weakened

relative

to

most

international

currencies.

The

difference

in

returns

between

the

fund

and

the

Index

resulted

primarily

from

the

fund

being

subject

to

taxes

on

long

and

short

unrealized

gains

on

Indian

securities.

This

factor

was

a

positive

contribution

over

the

reporting

period.

The

Fund’s

Investment

Approach

The

fund

seeks

to

track

the

performance

of

the

Index.

To

pursue

its

goal,

the

fund

normally

invests

substantially

all

of

its

assets

in

equity

securities

comprising

the

Index,

depositary

receipts

based

on

securities

comprising

the

Index,

exchange-traded

funds

(ETFs)

providing

exposure

to

such

securities,

and

derivatives

with

economic

characteristics

similar

to

such

securities

or

the

Index.

The

fund’s

derivatives

investments

may

include

futures,

currency

forwards,

total

return

swaps

and

structured

notes.

The

Index

is

a

float-adjusted,

market

capitalization-weighted

index

designed

to

measure

the

performance

of

emerging-

markets,

large-capitalization

stocks.

The

Index’s

initial

universe

of

eligible

securities

includes

equity

securities

(including

common

stock,

preferred

stock

and

shares

of

real

estate

investment

trusts

(REITs)),

issued

by

emerging-markets

companies

and

traded

on

a

major

foreign

exchange.

At

each

reconstitution,

the

initial

universe

is

screened

to

exclude

securities

based

on

the

number

of

non-trading

days,

trading

volume

and

turnover

during

the

preceding

six-month

period,

and

market

capitalization.

The

Index

rebalances

quarterly

in

March,

June,

September

and

December,

and

reconstitutes

semi-annually

in

June

and

December.

Emerging

Market

Equities

Rebound

on

Positive

Macroeconomic

Trends

In

the

wake

of

sharp

declines

during

the

prior

year

related

to

the

pandemic,

the

war

in

Ukraine

and

rising

inflation,

emerging-

markets

equities

rebounded

strongly

during

the

reporting

period.

The

period

started

on

a

positive

note,

as

inflation

eased,

the

U.S.

dollar

weakened,

and

the

U.S.

Federal

Reserve

(the

“Fed”)

signaled

slower

interest-rate

increases

to

come.

Stocks

maintained

their

upward

trajectory

at

year

end

as

China

eased

its

draconian

COVID-19

policies,

clearing

the

way

for

a

widely

anticipated

economic

reopening.

The

Chinese

government

also

loosened

its

regulatory

crackdown

on

wide

swaths

of

its

domestic

technology,

real

estate

and

education

industries,

offering

hopes

for

an

even

wider

economic

reawakening.

Positive

trends

continued

in

early

2023,

with

risk-on

sentiment

predominating

in

January

and

February.

However,

in

early

March,

signs

of

stress

emerged

in

the

U.S.

banking

sector,

when

two

major

regional

U.S.

banks

collapsed

as

a

result

of

heavy

losses

in

their

government

bond

portfolios,

combined

with

massive

deposit

flight.

This

was

soon

followed

by

the

enforced

takeover

of

the

ailing

Credit

Suisse

by

UBS

under

the

auspices

of

the

Swiss

authorities.

However,

fears

of

further

contagion

in

the

banking

industry

were

quelled

following

rapid

action

by

the

U.S.

authorities

and

major

banks,

enabling

global

equities

to

regain

their

upward

momentum

during

the

final

weeks

of

the

period.

Growth-Oriented

Shares

Underperform

From

a

sector

perspective,

communication

services

and

real

estate

delivered

the

Index’s

strongest

performance,

largely

due

to

positive

results

in

China

as

technology

and

real

estate

companies

were

given

freer

rein.

The

consumer

discretionary

sector

outperformed

as

well.

Only

the

utilities

sector

produced

negative

returns,

with

health

care

and

financials

lagging

by

a

lesser

degree.

Among

countries,

Thailand,

the

Czech

Republic,

Hungary

and

China

generated

the

strongest

performance.

Commodities

producers

in

Latin

America

and

the

Middle

East

underperformed,

with

Qatar,

Peru,

Saudi

Arabia

and

Brazil

at

the

back

of

the

pack.

India

underperformed

as

well,

producing

negative

returns

as

corruption

issues

dogged

the

government

and

undermined

investor

confidence.

The

fund’s

use

of

derivatives

during

the

period

was

limited

to

futures

contracts

employed

solely

to

offset

the

impact

of

cash

positions,

which

the

fund

holds

pursuant

to

its

operations,

but

the

Index

does

not.

Such

holdings

helped

the

fund

more

closely

match

the

performance

of

the

Index.

Replicating

the

Performance

of

the

Index

Whether

the

central

banks

can

curb

inflation

while

avoiding

a

significant,

global

economic

slowdown

remains

an

open

question

that

is

likely

to

continue

to

drive

market

behavior

in

the

coming

months.

However,

in

seeking

to

match

the

performance

of

the

Index,

we

do

not

actively

manage

investments

in

response

to

macroeconomic

trends.

As

always,

we

continue

to

monitor

factors

that

affect

the

fund’s

investments.

May

15,

2023

1

Total

return

includes

reinvestment

of

dividends

and

any

capital

gains

paid.

A

fund’s

net

asset

value

(NAV)

is

the

sum

of

all

its

assets

less

any

liabilities,

divided

by

the

number

of

shares

outstanding.

ETFs

are

bought

and

sold

at

market

prices,

not

NAV,

therefore

an

investor’s

return

at

market

price

may

differ

from

NAV.

Past

performance

is

no

guarantee

of

future

results.

Share

price,

yield

and

investment

return

fluctuate

such

that

upon

redemption,

fund

shares

may

be

worth

more

or

less

than

their

original

cost.

2

Source:

Morningstar

Inc.

—

The

Morningstar

®

Emerging

Markets

Large

Cap

Index

SM

is

a

float-adjusted,

market

capitalization-weighted

index

designed

to

measure

the

performance

of

emerging-markets,

large-capitalization

stocks.

A

country

is

considered

emerging

if:

(i)

its

annual

per

capita

gross

national

income

does

not

fall

in

the

World

Bank’s

high

income

category

for

the

most

recent

three

years;

(ii)

it

has

had

broad-based

discriminatory

controls

against

non-domiciled

investors

during

the

most

recent

three

years;

and

(iii)

its

stock

markets

do

not

12

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

exhibit

any

of

the

following

characteristics:

transparency,

market

regulation,

operational

efficiency,

and

the

absence

of

broad-based

investment

restrictions.

The

index’s

initial

universe

of

eligible

securities

includes

equity

securities

(including

common

stock,

preferred

stock

and

shares

of

real

estate

investment

trusts

(REITs)),

issued

by

emerging-markets

companies

and

traded

on

a

major

foreign

exchange.

At

each

reconstitution,

the

initial

universe

is

screened

to

exclude

securities

based

on

the

number

of

non-trading

days,

trading

volume

and

turnover

during

the

preceding

six-month

period,

and

market

capitalization.

Securities

not

previously

part

of

the

last

reconstitution

are

excluded

from

a

current

reconstitution

if

the

security

has

20

or

more

non-trading

days

during

the

last

six

months

or

their

trading

volume

and

turnover

ranks

in

the

bottom

25%

of

the

initial

universe

as

determined

by

the

index

provider

based

on

the

preceding

six

months

of

trade

data.

Securities

previously

part

of

the

last

reconstitution

are

provided

a

one-time

buffer

and

not

excluded

unless

the

security

has

30

or

more

non-trading

days

(20

or

more

non-trading

days

after

the

one-time

buffer)

during

the

last

six

months

or

their

trading

volume

and

turnover

ranks

in

the

bottom

20%

(bottom

25%

after

the

one-time

buffer)

of

the

initial

universe

as

determined

by

the

index

provider

based

on

the

preceding

six

months

of

trade

data.

Of

the

remaining

securities,

the

Index

includes

large-capitalization

securities

from

each

eligible

country,

targeting

the

top

70%

of

stocks

by

market

capitalization

from

each

eligible

country.

Investors

cannot

invest

directly

in

any

index.

3

Morningstar

®

is

a

service

mark

of

Morningstar,

Inc.

and

has

been

licensed

for

use

for

certain

purposes

by

BNY

Mellon

ETF

Investment

Adviser,

LLC.

The

fund

is

not

sponsored,

endorsed,

sold

or

promoted

by

Morningstar,

and

Morningstar

makes

no

representation

regarding

the

advisability

of

investing

in

the

fund.

ETFs

trade

like

stocks,

are

subject

to

investment

risk,

including

possible

loss

of

principal.

ETF

shares

are

listed

on

an

exchange,

and

shares

are

generally

purchased

and

sold

in

the

secondary

market

at

market

price.

At

times,

the

market

price

may

be

at

a

premium

or

discount

to

the

ETF’s

per

share

NAV.

In

addition,

ETFs

are

subject

to

the

risk

that

an

active

trading

market

for

an

ETF’s

shares

may

not

develop

or

be

maintained.

Buying

or

selling

ETF

shares

on

an

exchange

may

require

payment

of

brokerage

commissions.

Equities

are

subject

generally

to

market,

market

sector,

market

liquidity,

issuer

and

investment

style

risks,

among

other

factors,

to

varying

degrees,

all

of

which

are

more

fully

described

in

the

fund’s

prospectus.

Emerging

markets

tend

to

be

more

volatile

than

the

markets

of

more

mature

economies

and

generally

have

less

diverse

and

less

mature

economic

structures

and

less

stable

political

systems

than

those

of

developed

countries.

The

securities

of

companies

located

in

emerging

markets

are

often

subject

to

rapid

and

large

changes

in

price.

An

investment

in

this

fund

should

be

considered

only

as

a

supplement

to

a

complete

investment

program

for

those

investors

willing

to

accept

the

greater

risks

associated

with

investing

in

emerging-markets

countries.

Investing

internationally

involves

special

risks,

including

changes

in

currency

exchange

rates,

political,

economic,

and

social

instability,

a

lack

of

comprehensive

company

information,

differing

auditing

and

legal

standards

and

less

market

liquidity.

These

risks

generally

are

greater

with

emerging-markets

countries

than

with

more

economically

and

politically

established

foreign

countries.

The

fund

may,

but

is

not

required

to,

use

derivative

instruments.

A

small

investment

in

derivatives

could

have

a

potentially

large

impact

on

the

fund’s

performance.

The

use

of

derivatives

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

the

underlying

assets.

13

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

For

the

period

from

November

1,

2022,

through

April

30,

2023,

as

provided

by

Gregory

A.

Lee,

CFA

and

Nancy

G.

Rogers,

CFA,

Portfolio

Managers

employed

by

the

fund's

sub-adviser,

Mellon

Investments

Corporation.

Market

and

Fund

Performance

Overview

For

the

six-month

period

ended

April

30,

2023,

the

BNY

Mellon

Core

Bond

ETF

(the

“fund”)

produced

a

net

asset

value

total

return

of

6.89%.

1

In

comparison,

the

Bloomberg

US

Aggregate

Total

Return

Index

(the

“Index”)

achieved

a

total

return

of

6.91%

for

the

same

period.

2,3

Returns

were

positive

in

the

fixed-income

market,

with

all

sectors

posting

gains.

The

difference

in

returns

between

the

fund

and

the

Index

was

primarily

due

to

sampling

risk,

the

choice

of

securities

selected

to

replicate

the

Index’s

performance.

The

Fund’s

Investment

Approach

The

fund

seeks

to

track

the

performance

of

the

Index.

To

pursue

its

goal,

the

fund

normally

invests

substantially

all,

but

at

least

80%,

of

its

assets

in

bonds

comprising

the

Index

and

TBA

transactions

representing

bonds

included

in

the

Index.

The

Index

is

designed

to

measure

the

investment-grade,

U.S.

dollar-denominated,

fixed-rate,

taxable

bond

market.

The

Index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

pass-through

securities

(agency

fixed-rate),

commercial

mortgage-backed

securities

(agency

and

non-agency)

and

other

asset-backed

securities

having

at

least

one

year

until

final

maturity.

Treasury,

government-related

and

corporate

securities

must

have

$300

million

or

more

par

amount

outstanding.

For

mortgage-backed

pass-through

securities,

pool

aggregates

must

have

$1

billion

or

more

par

amount

outstanding.

Asset-backed

securities

must

have

a

minimum

deal

size

of

$500

million

and

a

minimum

tranche

size

of

$25

million.

Commercial

mortgage-

backed

securities

must

have

a

minimum

deal

size

of

$500

million

with

at

least

$300

million

outstanding

and

a

minimum

tranche

size

of

$25

million.

To

be

included

in

the

Index,

securities

must

be

rated

investment

grade

(Baa3/BBB-/BBB-

or

higher)

using

the

middle

rating

of

Moody’s,

S&P

and

Fitch.

When

a

rating

from

only

two

agencies

is

available,

the

lower

is

used;

when

only

one

agency

rates

a

bond,

that

rating

is

used.

In

cases

where

explicit

bond

level

ratings

may

not

be

available,

the

Index

provider

may

use

other

sources

to

classify

securities

by

credit

quality.

The

Index

may

include

U.S.

dollar-denominated

bonds

issued

by

foreign

issuers.

Securities

in

the

Index

are

updated

on

the

last

business

day

of

each

month.

The

fund

seeks

to

maintain

a

dollar-weighted

average

maturity

consistent

with

that

of

the

Index.

Rate

Hikes

Continue,

Inflation

Eases

Fixed-income

markets

posted

a

positive

performance

during

the

reporting

period

as

the

yield

curve

continued

to

invert,

driven

in

part

by

continued

rate

hikes

by

the

Federal

Reserve

(the

“Fed”),

which

caused

the

short

end

of

the

curve

to

rise.

The

Fed

raised

the

federal

funds

rate

four

times

during

the

reporting

period,

bringing

the

target

rate

to

4.75%-5.00%.

Easing

inflation

and

rising

short-term

rates

contributed

to

the

continued

inversion

of

the

yield

curve.

Yields

declined

in

the

two-

to

30-year

part

of

the

curve,

while

shorter

rates

rose

along

with

the

federal

funds

rate

hikes.

While

the

yield

on

the

two-

month

bill

rose

105

basis

points

(bps)

during

the

period,

yields

on

the

two-year,

10-year

and

30-year

maturities

fell

by

48

bps,

63

bps

and

49

bps,

respectively.

The

yield

on

the

10-year

Treasury

hit

a

high

of

4.22%

and

a

low

of

3.31%.

The

dominant

theme

during

the

reporting

period

was

the

Fed’s

continued

efforts

to

fight

inflation

while

also

hoping

to

avoid

causing

a

recession.

Inflation

continued

to

respond

to

the

Fed’s

policy,

though

it

remains

well

above

the

2%

target

rate.

Easing

pricing

pressures

allowed

the

Fed

to

slow

the

size

of

its

rate

increases,

with

the

final

two

hikes

amounting

to

just

25

bps

each

during

the

reporting

period.

Gross

Domestic

Product

(GDP)

grew

by

2.6%

in

the

fourth

quarter

of

2022,

resulting

in

two

consecutive

quarters

of

growth

at

the

end

of

2022.

In

the

first

quarter

of

2023,

GDP

rose

by

1.1%.

Broad-based

gains

in

the

bond

market

came

despite

a

banking

crisis

that

involved

two

bank

failures,

Silicon

Valley

Bank

and

Signature

Bank.

In

addition,

First

Republic

Bank

was

acquired

by

J.P.

Morgan

and

Credit

Suisse

was

acquired

by

UBS.

Market

Posts

Broad-based

Gains

The

Index

gained

6.91%,

rebounding

from

its

weakest

performance

in

decades,

with

gains

occurring

across

the

board.

All

spread

sectors

posted

not

only

absolute

gains

but

also

excess

returns

in

relation

to

Treasuries.

Corporates

gained

9.21%,

led

by

the

utilities

sector.

Despite

concerns

about

the

banking

industry,

the

financial

sector

gained

7.72%.

On

the

other

hand,

Treasuries

posted

a

strong

gain

of

5.78%,

which

lagged

the

Index.

Other

positive

but

lagging

sectors

included

government

agencies,

asset-backed

securities

and

commercial

mortgage-backed

securities.

Replicating

the

Composition

of

the

Index

As

an

index

fund,

we

attempt

to

match

closely

the

returns

of

the

Index

by

approximating

its

composition

and

credit

quality.

Although

we

do

not

actively

manage

the

fund’s

investments

in

response

to

the

macroeconomic

environment,

we

continue

to

monitor

factors

which

affect

the

fund’s

investments.

May

15,

2023

1

Total

return

includes

reinvestment

of

dividends

and

any

capital

gains

paid.

A

fund’s

net

asset

value

(NAV)

is

the

sum

of

all

its

assets

less

any

liabilities,

divided

by

the

number

of

shares

outstanding.

ETFs

are

bought

and

sold

at

market

prices,

not

NAV,

therefore

an

investor’s

return

at

market

price

may

differ

from

NAV.

Past

performance

is

no

guarantee

of

future

results.

Share

price,

yield

and

investment

return

fluctuate

such

that

upon

redemption,

fund

shares

may

be

worth

more

or

less

than

their

original

cost

2

Source:

Lipper

Inc.

—

The

Bloomberg

US

Aggregate

Total

Return

Index

is

a

broad-

based,

flagship

benchmark

that

measures

the

investment-grade,

U.S.

dollar-denominated,

fixed-rate,

taxable

bond

market.

The

Index

includes

Treasuries,

government-related

and

corporate

securities,

MBS

(agency

fixed-rate),

ABS

and

CMBS

(agency

and

nonagency).

Investors

cannot

invest

directly

in

any

Index.

3

Bloomberg

®

is

a

trademark

and

service

mark

of

Bloomberg

Finance

L.P.

and

its

affiliates

(collectively,

“Bloomberg”).

Bloomberg

or

Bloomberg’s

licensors

own

all

proprietary

rights

in

the

Bloomberg

Indices.

Bloomberg

is

not

affiliated

with

BNY

Mellon

ETF

Trust,

and

14

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

does

not

approve,

endorse,

review

or

recommend

the

fund.

Bloomberg

does

not

guarantee

the

timeliness,

accurateness

or

completeness

of

any

data

or

information

relating

to

the

Index,

and

neither

shall

be

liable

in

any

way

to

the

Adviser,

investors

in

the

fund

or

other

third

parties

in

respect

of

the

use

or

accuracy

of

the

Index

or

any

data

included

therein.

ETFs

trade

like

stocks,

are

subject

to

investment

risk,

including

possible

loss

of

principal.

ETF

shares

are

listed

on

an

exchange,

and

shares

are

generally

purchased

and

sold

in

the

secondary

market

at

market

price.

At

times,

the

market

price

may

be

at

a

premium

or

discount

to

the

ETF’s

per

share

NAV.

In

addition,

ETFs

are

subject

to

the

risk

that

an

active

trading

market

for

an

ETF’s

shares

may

not

develop

or

be

maintained.

Buying

or

selling

ETF

shares

on

an

exchange

may

require

payment

of

brokerage

commissions.

Bonds

are

subject

generally

to

interest-rate,

credit,

liquidity

and

market

risks,

to

varying

degrees,

all

of

which

are

more

fully

described

in

the

fund’s

prospectus.

Generally,

all

other

factors

being

equal,

bond

prices

are

inversely

related

to

interest-rate

changes,

and

rate

increases

can

cause

price

declines.

Indexing

does

not

attempt

to

manage

market

volatility,

use

defensive

strategies,

or

reduce

the

effects

of

any

long-term

periods

of

poor

Index

performance.

The

correlation

between

fund

and

Index

performance

may

be

affected

by

the

fund’s

expenses

and

use

of

sampling

techniques,

changes

in

securities

markets,

changes

in

the

composition

of

the

Index,

and

the

timing

of

purchases

and

redemptions

of

fund

shares.

15

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

For

the

period

from

November

1,

2022,

through

April

30,

2023,

as

provided

by

Gregory

A.

Lee,

CFA

and

Nancy

G.

Rogers,

CFA,

Portfolio

Managers

employed

by

the

fund’s

sub-adviser,

Mellon

Investments

Corporation.

Market

and

Fund

Performance

Overview

For

the

six-month

period

ended

April

30,

2023,

the

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(the

“fund”)

produced

a

net

asset

value

total

return

of

4.71%.

1

In

comparison,

the

Bloomberg

US

Corporate

Bond

1-5

Year

Total

Return

Index

(the

“Index”)

achieved

a

total

return

of

4.71%

for

the

same

period.

2,3

Short-term,

investment-grade

securities

produced

gains

over

the

reporting

period

in

an

environment

of

easing

inflation

and

an

inverted

yield

curve.

The

Fund’s

Investment

Approach

The

fund

seeks

to

track

the

performance

of

the

Index.

To

pursue

its

goal,

the

fund

normally

invests

substantially

all,

but

at

least

80%

of

its

assets

in

bonds

comprising

the

Index.

For

bonds,

“duration”

refers

to

an

investment’s

“interest-rate

risk,”

or

how

sensitive

a

bond

may

be

to

changes

in

interest

rates.

For

example,

the

market

price

of

a

fixed-income

security

with

a

duration

of

three

years

would

be

expected

to

decline

3%

if

interest

rates

rose

1%.

Conversely,

the

market

price

of

the

same

security

would

be

expected

to

increase

3%

if

interest

rates

fell

1%.

The

Index

is

designed

to

measure

the

market

for

investment-

grade,

U.S.

dollar-denominated,

fixed-rate,

taxable

corporate

bonds

with

one

to

five

years

left

to

maturity.

To

be

included

in

the

Index,

securities

must

have

$300

million

or

more

par

amount

outstanding

and

be

rated

investment

grade

(Baa3/BBB-/BBB

or

higher)

using

the

middle

rating

of

Moody’s,

S&P

and

Fitch.

When

a

rating

from

only

two

agencies

is

available,

the

lower

is

used;

when

only

one

agency

rates

a

bond,

that

rating

is

used.

In

cases

where

explicit

bond

level

ratings

may

not

be

available,

the

Index

provider

may

use

other

sources

to

classify

securities

by

credit

quality.

The

Index

may

include

U.S.

dollar-denominated

bonds

issued

by

foreign

issuers.

Securities

in

the

Index

are

updated

on

the

last

business

day

of

each

month.

The

fund

seeks

to

maintain

a

dollar-weighted

average

maturity

consistent

with

that

of

the

Index.

Rate

Hikes

Continue,

Inflation

Eases

Fixed-income

markets

posted

a

positive

performance

during

the

reporting

period

as

the

yield

curve

continued

to

invert,

driven

in

part

by

continued

rate

hikes

by

the

Federal

Reserve

(the

“Fed”),

which

caused

the

short

end

of

the

curve

to

rise.

The

Fed

raised

the

federal

funds

rate

four

times

during

the

reporting

period,

bringing

the

target

rate

to

4.75%-5.00%.

Easing

inflation

and

rising

short-term

rates

contributed

to

the

continued

inversion

of

the

yield

curve.

Yields

declined

in

the

two-

to

30-year

part

of

the

curve,

while

shorter

rates

rose

along

with

the

federal

funds

rate

hikes.

While

the

yield

on

the

two-

month

bill

rose

105

basis

points

(bps)

during

the

period,

yields

on

the

two-year,

10-year

and

30-year

maturities

fell

by

48

bps,

63

bps

and

49

bps,

respectively.

The

yield

on

the

10-year

Treasury

hit

a

high

of

4.22%

and

a

low

of

3.31%.

The

dominant

theme

during

the

reporting

period

was

the

Fed’s

continued

efforts

to

fight

inflation

while

also

hoping

to

avoid

causing

a

recession.

Inflation

did

continue

to

respond

to

the

Fed’s

policy,

though

it

remains

well

above

the

2%

target

rate.

Easing

pricing

pressures

allowed

the

Fed

to

slow

the

size

of

its

rate

increases,

with

the

final

two

hikes

amounting

to

just

25

bps

each

during

the

reporting

period.

Gross

Domestic

Product

(GDP)

grew

by

2.6%

in

the

fourth

quarter

of

2022,

resulting

in

two

consecutive

quarters

of

growth

at

the

end

of

2022.

In

the

first

quarter

of

2023,

GDP

rose

by

1.1%.

Broad-based

gains

in

the

bond

market

came

despite

a

banking

crisis

that

involved

two

bank

failures,

Silicon

Valley

Bank

and

Signature

Bank.

In

addition,

First

Republic

Bank

was

acquired

by

J.P.

Morgan

and

Credit

Suisse

was

acquired

by

UBS.

Fund

Benefits

from

Broad-based

Gains

The

performance

of

this

short-term,

corporate

bond

fund

relative

to

the

broader

fixed-income

market

benefited

from

strong

returns

across

the

board.

The

utilities

sector

fared

best,

and

despite

the

banking

crisis,

even

the

financials

sector

outperformed,

posting

a

gain

of

4.75%.

Within

financials,

holdings

in

the

banking

industry

advanced

4.82%.

While

banking

makes

up

a

large

portion

of

the

Index,

the

fund

did

not

own

securities

of

any

of

the

banks

that

failed

or

were

purchased

as

a

result

of

the

crisis.

While

all

sectors

posted

absolute

gains

during

the

period,

holdings

in

the

industrial

sector

slightly

underperformed

the

benchmark,

with

the

capital

goods

industry

lagging

most.

In

addition,

in

the

financial

sector,

brokerages

lagged

the

banking

industry,

which

performed

well

despite

the

banking

crisis.

Replicating

the

Composition

of

the

Index

As

an

index

fund,

we

attempt

to

match

closely

the

returns

of

the

Index

by

approximating

its

composition

and

credit

quality.

Although

we

do

not

actively

manage

the

fund’s

investments

in

response

to

the

macroeconomic

environment,

we

continue

to

monitor

factors

which

affect

the

fund’s

investments.

May

15,

2023

1

Total

return

includes

reinvestment

of

dividends

and

any

capital

gains

paid.

A

fund's

net

asset

value

(NAV)

is

the

sum

of

all

its

assets

less

any

liabilities,

divided

by

the

number

of

shares

outstanding.

ETFs

are

bought

and

sold

at

market

prices,

not

NAV,

therefore

an

investor’s

return

at

market

price

may

differ

from

NAV.

Past

performance

is

no

guarantee

of

future

results.

Share

price,

yield

and

investment

return

fluctuate

such

that

upon

redemption,

fund

shares

may

be

worth

more

or

less

than

their

original

cost.

2

Source:

FactSet

—

Bloomberg

US

Corporate

1-5

Years

Total

Return

Index

is

designed

to

measure

the

market

for

investment-grade,

U.S.

dollar-denominated,

fixed-rate,

taxable

corporate

bonds

with

one

to

five

years

left

to

maturity.

To

be

included

in

the

Index,

securities

must

have

$300

million

or

more

par

amount

outstanding

and

be

rated

investment

grade

(Baa3/BBB-/BBB

or

higher)

using

the

middle

rating

of

Moody’s,

S&P

and

Fitch.

When

a

rating

from

only

two

agencies

is

available,

the

lower

is

used;

when

only

one

agency

rates

a

bond,

that

rating

is

used.

In

cases

where

explicit

bond

level

ratings

may

not

be

available,

the

Index

provider

may

use

other

sources

to

classify

securities

by

credit

quality.

The

Index

16

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

may

include

U.S.

dollar-denominated

bonds

issued

by

foreign

issuers.

Investors

cannot

invest

directly

in

any

Index.

3

Bloomberg

®

is

a

trademark

and

service

mark

of

Bloomberg

Finance

L.P.

and

its

affiliates

(collectively,

“Bloomberg”).

Bloomberg

or

Bloomberg’s

licensors

own

all

proprietary

rights

in

the

Bloomberg

Indices.

Bloomberg

is

not

affiliated

with

BNY

Mellon

ETF

Trust,

and

does

not

approve,

endorse,

review

or

recommend

the

fund.

Bloomberg

does

not

guarantee

the

timeliness,

accurateness

or

completeness

of

any

data

or

information

relating

to

the

Index,

and

neither

shall

be

liable

in

any

way

to

the

Adviser,

investors

in

the

fund

or

other

third

parties

in

respect

of

the

use

or

accuracy

of

the

Index

or

any

data

included

therein.

ETFs

trade

like

stocks,

are

subject

to

investment

risk,

including

possible

loss

of

principal.

ETF

shares

are

listed

on

an

exchange,

and

shares

are

generally

purchased

and

sold

in

the

secondary

market

at

market

price.

At

times,

the

market

price

may

be

at

a

premium

or

discount

to

the

ETF’s

per

share

NAV.

In

addition,

ETFs

are

subject

to

the

risk

that

an

active

trading

market

for

an

ETF’s

shares

may

not

develop

or

be

maintained.

Buying

or

selling

ETF

shares

on

an

exchange

may

require

payment

of

brokerage

commissions.

Bonds

are

subject

generally

to

interest-rate,

credit,

liquidity

and

market

risks,

to

varying

degrees,

all

of

which

are

more

fully

described

in

the

fund’s

prospectus.

Generally,

all

other

factors

being

equal,

bond

prices

are

inversely

related

to

interest-rate

changes,

and

rate

increases

can

cause

price

declines.

Indexing

does

not

attempt

to

manage

market

volatility,

use

defensive

strategies,

or

reduce

the

effects

of

any

long-term

periods

of

poor

Index

performance.

The

correlation

between

fund

and

Index

performance

may

be

affected

by

the

fund’s

expenses

and

use

of

sampling

techniques,

changes

in

securities

markets,

changes

in

the

composition

of

the

Index,

and

the

timing

of

purchases

and

redemptions

of

fund

shares.

Investors

cannot

invest

directly

in

any

Index.

17

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

For

the

period

from

November

1,

2022,

through

April

30,

2023,

as

provided

by

Paul

Benson,

CFA,

CAIA,

Manuel

Hayes

and

Stephanie

Shu,

CFA,

portfolio

managers

employed

by

the

fund's

sub-adviser,

Insight

North

America

LLC.

Market

and

Fund

Performance

Overview

For

the

six-month

period

ended

April

30,

2023,

the

BNY

Mellon

High

Yield

Beta

ETF

(the

“fund”)

produced

a

net

asset

value

total

return

of

6.45%.

1

In

comparison,

the

Bloomberg

US

Corporate

High

Yield

Total

Return

Index

(the

“Index”)

achieved

a

total

return

of

6.21%

for

the

same

period.

2,3

U.S.

high

yield

securities

produced

positive

returns

over

the

reporting

period

in

an

environment

of

easing

inflation

and

an

inverted

yield

curve.

The

difference

in

returns

between

the

fund

and

the

Index

was

primarily

the

result

of

model

alpha

generated

during

the

period.

The

Fund’s

Investment

Approach

The

fund

seeks

to

track

performance

of

the

Index.

The

fund

uses

a

rules-based,

systematic

investment

strategy

that

seeks

to

track

an

index

designed

to

measure

the

performance

of

the

high

yield

bond

market.

To

pursue

its

goal,

the

fund

normally

invests

substantially

all,

but

at

least

80%,

of

its

assets

in

bonds

comprising

the

Index

and

derivatives

with

economic

characteristics

similar

to

such

bonds

or

the

Index.

The

fund’s

derivatives

investments

may

include

credit

default

swap

indexes,

total

return

swaps,

structured

notes

and

futures.

The

fund

may

also

invest

in

derivatives

with

economic

characteristics

similar

to

such

bonds

or

the

Index.

The

Index

is

designed

to

measure

the

U.S.

dollar-denominated,

high

yield

(junk),

fixed-rate,

taxable

corporate

bond

market.

Bonds

included

in

the

Index

must

have

$150

million

or

more

par

amount

outstanding

and

at

least

one

year

until

final

maturity.

Bonds

are

classified

as

high

yield

if

the

middle

rating

of

Moody’s,

Fitch

and

S&P

is

Ba1/BB+/BB+

or

below.

When

a

rating

from

only

two

agencies

is

available,

the

lower

is

used;

when

only

one

agency

rates

a

bond,

that

rating

is

used.

In

cases

where

explicit

bond

level

ratings

may

not

be

available,

the

Index

provider

may

use

other

sources

to

classify

securities

by

credit

quality.

The

Index

may

include

U.S.

dollar-denominated

bonds

issued

by

foreign

issuers.

Securities

in

the

Index

are

updated

on

the

last

business

day

of

each

month.

The

fund

seeks

to

maintain

a

dollar-weighted

average

maturity

consistent

with

that

of

the

Index.

Rate

Hikes

Continue,

Inflation

Eases

Fixed-income

markets

posted

a

positive

performance

during

the

reporting

period

as

the

yield

curve

continued

to

invert,

driven

in

part

by

continued

rate

hikes

by

the

Federal

Reserve

(the

“Fed”),

which

caused

the

short

end

of

the

curve

to

rise.

The

Fed

raised

the

federal

funds

rate

four

times

during

the

reporting

period,

bringing

the

target

rate

to

4.75%-5.00%.

Easing

inflation

and

rising

short-term

rates

contributed

to

the

continued

inversion

of

the

yield

curve.

Yields

declined

in

the

two-

to

30-year

part

of

the

curve,

while

shorter

rates

rose

along

with

the

federal

funds

rate

hikes.

While

the

yield

on

the

two-

month

bill

rose

105

basis

points

(bps)

during

the

period,

yields

on

the

two-year,

10-year

and

30-year

maturities

fell

by

48

bps,

63

bps

and

49

bps,

respectively.

The

yield

on

the

10-year

Treasury

hit

a

high

of

4.22%

and

a

low

of

3.31%.

The

dominant

theme

during

the

reporting

period

was

the

Fed’s

continued

efforts

to

fight

inflation

while

also

hoping

to

avoid

causing

a

recession.

Inflation

continued

to

respond

to

the

Fed’s

policy,

though

it

remains

well

above

the

2%

target

rate.

Easing

pricing

pressures

allowed

the

Fed

to

slow

the

size

of

its

rate

increases,

with

the

final

two

hikes

amounting

to

just

25

bps

each

during

the

reporting

period.

Gross

domestic

product

(“GDP”)

grew

by

2.6%

in

the

fourth

quarter

of

2022,

resulting

in

two

consecutive

quarters

of

growth

at

the

end

of

2022.

In

the

first

quarter

of

2023,

GDP

rose

by

1.1%.

Broad-based

gains

in

the

bond

market

came

despite

a

banking

crisis

that

involved

two

bank

failures,

Silicon

Valley

Bank

and

Signature

Bank.

In

addition,

First

Republic

Bank

was

acquired

by

J.P.

Morgan

and

Credit

Suisse

was

acquired

by

UBS.

Returns

Bolstered

by

Performance

of

Spread

Component

For

the

period,

the

Index

returned

6.21%,

which

can

be

decomposed

into

4.58%

from

rates

and

1.63%

from

spread

(or

credit).

The

bulk

of

the

overall

return

was

due

to

falling

U.S.

Treasury

rates

as

investors

grew

optimistic

that

the

U.S.

Fed

would

pause

rate

hikes

in

the

near

future.

The

spread

component’s

contribution

stemmed

from

positive

carry

and

modestly

narrowing

spreads.

The

fund

returned

6.45%,

or

0.25%

of

outperformance.

This

outperformance

was

due

to

the

fund’s

credit

model.

A

modest

preference

for

higher

quality

and

value

bonds

proved

most

beneficial.

Security

selection

was

favorable

as

well,

particularly

in

more

distressed

segments

of

the

high

yield

market.

Solid

Earnings,

Attractive

Yields

and

Strong

Balance

Sheets

Although

the

Fed

raised

rates

by

0.25%

in

May

2023,

U.S.

Treasury

rates

have

held

steady

and

mostly

unchanged,

signaling

a

potential

pause

on

further

hikes.

Corporate

earnings

have

generally

been

in

line

with

or

better

than

expectations,

and

high

yield

defaults

remain

low.

With

relatively

strong

balance

sheets

and

stable

financial

health,

high

yield

corporates

are

generally

well

positioned

to

withstand

an

economic

slowdown

or

mild

recession.

The

end

of

quantitative

easing

and

the

reentry

into

a

higher

rate

regime

has

prompted

investors

to

reexamine

strategic

asset

allocations.

Lower

expected

returns

for

equities,

combined

with

attractive

yields

and

contained

defaults

in

high

yield,

are

indicating

the

start

of

a

potential

de-risking

trend

that

may

favor

high

yield.

May

15,

2023

1

Total

return

includes

reinvestment

of

dividends

and

any

capital

gains

paid.

A

fund’s

net

asset

value

(NAV)

is

the

sum

of

all

its

assets

less

any

liabilities,

divided

by

the

number

of

shares

outstanding.

ETFs

are

bought

and

sold

at

market

prices,

not

NAV,

therefore

an

18

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

investor’s

return

at

market

price

may

differ

from

NAV.

Past

performance

is

no

guarantee

of

future

results.

Share

price,

yield

and

investment

return

fluctuate

such

that

upon

redemption,

fund

shares

may

be

worth

more

or

less

than

their

original

cost.

2

Source:

Lipper

Inc.

—

The

Bloomberg

US

Corporate

High

Yield

Total

Return

Index

is

designed

to

measure

the

U.S.

dollar-denominated,

high

yield

(junk),

fixed-rate,

taxable

corporate

bond

market.

Bonds

included

in

the

Index

must

have

$150

million

or

more

par

amount

outstanding

and

at

least

one

year

until

final

maturity.

Bonds

are

classified

as

high

yield

if

the

middle

rating

of

Moody’s,

Fitch

and

S&P

is

Ba1/BB+/BB+

or

below.

When

a

rating

from

only

two

agencies

is

available,

the

lower

is

used;

when

only

one

agency

rates

a

bond,

that

rating

is

used.

In

cases

where

explicit

bond

level

ratings

may

not

be

available,

the

Index

provider

may

use

other

sources

to

classify

securities

by

credit

quality.

The

Index

may

include

U.S.

dollar-denominated

bonds

issued

by

foreign

issuers.

3

Bloomberg

®

is

a

trademark

and

service

mark

of

Bloomberg

Finance

L.P.

and

its

affiliates

(collectively,

“Bloomberg”).

Bloomberg

or

Bloomberg’s

licensors

own

all

proprietary

rights

in

the

Bloomberg

Indices.

Bloomberg

is

not

affiliated

with

BNY

Mellon

ETF

Trust,

and

does

not

approve,

endorse,

review

or

recommend

the

fund.

Bloomberg

does

not

guarantee

the

timeliness,

accurateness

or

completeness

of

any

data

or

information

relating

to

the

index,

and

neither

shall

be

liable

in

any

way

to

the

Adviser,

investors

in

the

fund

or

other

third

parties

in

respect

of

the

use

or

accuracy

of

the

index

or

any

data

included

therein.

ETFs

trade

like

stocks,

are

subject

to

investment

risk,

including

possible

loss

of

principal.

ETF

shares

are

listed

on

an

exchange,

and

shares

are

generally

purchased

and

sold

in

the

secondary

market

at

market

price.

At

times,

the

market

price

may

be

at

a

premium

or

discount

to

the

ETF’s

per

share

NAV.

In

addition,

ETFs

are

subject

to

the

risk

that

an

active

trading

market

for

an

ETF’s

shares

may

not

develop

or

be

maintained.

Buying

or

selling

ETF

shares

on

an

exchange

may

require

payment

of

brokerage

commissions.

Bonds

are

subject

generally

to

interest-rate,

credit,

liquidity

and

market

risks,

to

varying

degrees,

all

of

which

are

more

fully

described

in

the

fund’s

prospectus.

Generally,

all

other

factors

being

equal,

bond

prices

are

inversely

related

to

interest-rate

changes,

and

rate

increases

can

cause

price

declines.

Indexing

does

not

attempt

to

manage

market

volatility,

use

defensive

strategies,

or

reduce

the

effects

of

any

long-term

periods

of

poor

Index

performance.

The

correlation

between

fund

and

Index

performance

may

be

affected

by

the

fund’s

expenses

and

use

of

sampling

techniques,

changes

in

securities

markets,

changes

in

the

composition

of

the

Index

and

the

timing

of

purchases

and

redemptions

of

fund

shares.

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

19

As

a

shareholder

of

the

funds,

you

pay

ongoing

expenses,

such

as

management

fees

and

other

expenses.

Using

the

information

below,

you

can

estimate

how

these

expenses

affect

your

investment

and

compare

them

with

the

expenses

of

other

funds.

For

more

information,

see

your

funds’

prospectus

or

talk

to

your

financial

adviser.

Actual

Expenses

The

information

under

each

column

in

the

table

below

entitled

“Actual”

provides

information

about

on

how

much

a

$1,000

investment

would

be

worth

at

the

close

of

the

period,

assuming

net

asset

value

total

returns

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

for

your

fund

under

the

heading

entitled

“Expenses

paid

for

the

period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

For

Comparison

Purposes

The

Securities

and

Exchange

Commission

(“SEC”)

has

established

guidelines

to

help

investors

assess

fund

expenses.

The

information

under

each

column

in

the

table

entitled

“Hypothetical”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

funds

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

ending

account

values

and

expenses

paid

for

the

period

in

the

table

are

useful

in

comparing

ongoing

fund

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

funds

with

those

of

other

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

(a)

Expenses

are

calculated

using

the

annualized

expense

ratio,

which

represents

the

ongoing

expenses

as

a

percentage

of

net

assets

for

the

six-month

period

ended

April

30,

2023

.

Expenses

are

calculated

by

multiplying

the

fund’s

annualized

expense

ratio

by

the

average

account

value

for

the

period,

then

multiplying

the

result

by

181/365.

For

the

six

months

ended

April

30,

2023

Beginning

account

value

($)

Ending

account

value($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

(a)

Hypothetical

(a)

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

1,000.00

1,000.00

1,093.50

1,024.79

0.00

0.00

0.00

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

1,000.00

1,000.00

1,038.50

1,024.60

0.20

0.20

0.04

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

1,000.00

1,000.00

1,015.70

1,024.60

0.20

0.20

0.04

BNY

Mellon

International

Equity

ETF

1,000.00

1,000.00

1,223.30

1,024.60

0.22

0.20

0.04

BNY

Mellon

Emerging

Markets

Equity

ETF

1,000.00

1,000.00

1,153.60

1,024.25

0.59

0.55

0.11

BNY

Mellon

Core

Bond

ETF

1,000.00

1,000.00

1,068.90

1,024.79

0.00

0.00

0.00

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

1,000.00

1,000.00

1,047.10

1,024.50

0.30

0.30

0.06

BNY

Mellon

High

Yield

Beta

ETF

1,000.00

1,000.00

1,064.50

1,023.70

1.13

1.10

0.22

20

STATEMENT

OF

INVESTMENTS

April

30,

2023

(Unaudited)

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

Description

Shares

Value

($)

Common

Stocks

–

99.8%

Communication

Services

–

9.2%

Activision

Blizzard,

Inc.

42,027

3,265,918

Alphabet,

Inc.,

Class

A

(a)

352,692

37,857,959

Alphabet,

Inc.,

Class

C

(a)

307,042

33,228,085

AT&T,

Inc.

418,004

7,386,131

Charter

Communications,

Inc.,

Class

A

(a)

6,394

2,357,468

Comcast

Corp.,

Class

A

252,266

10,436,245

Meta

Platforms,

Inc.,

Class

A

(a)

131,716

31,653,989

Netflix,

Inc.

(a)

25,970

8,568,282

T-Mobile

US,

Inc.

(a)

35,193

5,064,273

Verizon

Communications,

Inc.

250,333

9,720,430

Walt

Disney

Co.

(The)

(a)

107,932

11,063,030

160,601,810

Consumer

Discretionary

–

10.2%

Airbnb,

Inc.,

Class

A

(a)

23,677

2,833,427

Amazon.com,

Inc.

(a)

528,578

55,738,550

AutoZone,

Inc.

(a)

1,101

2,932,304

Booking

Holdings,

Inc.

(a)

2,282

6,130,159

Chipotle

Mexican

Grill,

Inc.,

Class

A

(a)

1,646

3,403,302

Ford

Motor

Co.

228,096

2,709,780

General

Motors

Co.

82,689

2,732,045

Hilton

Worldwide

Holdings,

Inc.

15,733

2,265,867

Home

Depot,

Inc.

(The)

60,067

18,052,536

Lowe's

Cos.,

Inc.

36,032

7,488,531

Lululemon

Athletica

,

Inc.

(a)

6,791

2,580,105

Marriott

International,

Inc.,

Class

A

15,960

2,702,666

McDonald's

Corp.

43,737

12,935,218

MercadoLibre

,

Inc.

(a)

2,734

3,492,658

NIKE,

Inc.,

Class

B

73,974

9,373,985

O'Reilly

Automotive,

Inc.

(a)

3,546

3,252,781

Starbucks

Corp.

67,852

7,754,805

Tesla,

Inc.

(a)

159,305

26,175,405

TJX

Cos.,

Inc.

(The)

69,945

5,513,065

178,067,189

Consumer

Staples

–

7.5%

Altria

Group,

Inc.

105,230

4,999,477

Archer-Daniels-Midland

Co.

32,764

2,558,213

Coca-Cola

Co.

(The)

229,713

14,736,089

Colgate-Palmolive

Co.

48,830

3,896,634

Constellation

Brands,

Inc.,

Class

A

10,110

2,319,942

Costco

Wholesale

Corp.

26,031

13,099,320

Dollar

General

Corp.

13,508

2,991,482

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

13,620

3,360,326

General

Mills,

Inc.

33,998

3,013,243

Keurig

Dr

Pepper,

Inc.

49,684

1,624,667

Kimberly-Clark

Corp.

19,345

2,802,897

Kraft

Heinz

Co.

(The)

47,527

1,866,385

Mondelez

International,

Inc.,

Class

A

80,548

6,179,643

Monster

Beverage

Corp.

(a)

45,290

2,536,240

PepsiCo,

Inc.

81,455

15,548,945

Philip

Morris

International,

Inc.

91,660

9,163,250

Procter

&

Gamble

Co.

(The)

139,290

21,782,170

SYSCO

Corp.

29,479

2,262,218

Target

Corp.

27,138

4,281,020

Walmart,

Inc.

83,817

12,653,852

131,676,013

Energy

–

5.0%

Cheniere

Energy,

Inc.

13,627

2,084,931

Chevron

Corp.

105,473

17,780,638

ConocoPhillips

74,160

7,630,322

Devon

Energy

Corp.

37,349

1,995,557

EOG

Resources,

Inc.

34,090

4,072,732

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Energy

–

5.0%

(continued)

Exxon

Mobil

Corp.

244,581

28,943,716

Hess

Corp.

15,716

2,279,763

Kinder

Morgan,

Inc.

120,349

2,063,985

Marathon

Petroleum

Corp.

27,799

3,391,478

Occidental

Petroleum

Corp.

44,213

2,720,426

Phillips

66

26,084

2,582,316

Pioneer

Natural

Resources

Co.

13,674

2,974,779

Schlumberger

NV

83,687

4,129,954

Valero

Energy

Corp.

23,411

2,684,539

Williams

Cos.,

Inc.

(The)

71,464

2,162,501

87,497,637

Financials

–

13.3%

Aflac,

Inc.

32,658

2,281,161

American

Express

Co.

36,007

5,809,369

American

International

Group,

Inc.

45,283

2,401,810

Aon

PLC,

Class

A

12,427

4,041,012

Bank

of

America

Corp.

411,184

12,039,468

Berkshire

Hathaway,

Inc.,

Class

B

(a)

106,451

34,974,476

BlackRock,

Inc.,

Class

A

8,936

5,997,843

Blackstone,

Inc.,

Class

A

40,832

3,647,523

Capital

One

Financial

Corp.

22,602

2,199,175

Charles

Schwab

Corp.

(The)

89,597

4,680,547

Chubb

Ltd.

23,834

4,803,981

Citigroup,

Inc.

114,493

5,389,185

CME

Group,

Inc.,

Class

A

21,397

3,974,921

Fidelity

National

Information

Services,

Inc.

32,398

1,902,411

Fiserv,

Inc.

(a)

37,358

4,562,159

Goldman

Sachs

Group,

Inc.

(The)

20,310

6,975,266

Intercontinental

Exchange,

Inc.

32,949

3,589,135

JPMorgan

Chase

&

Co.

173,208

23,944,274

KKR

&

Co.,

Inc.,

Class

A

32,862

1,743,986

Marsh

&

McLennan

Cos.,

Inc.

29,491

5,313,983

Mastercard

,

Inc.,

Class

A

49,979

18,993,519

MetLife,

Inc.

40,751

2,499,259

Moody's

Corp.

9,150

2,865,048

Morgan

Stanley

79,299

7,134,531

PayPal

Holdings,

Inc.

(a)

64,515

4,903,140

PNC

Financial

Services

Group,

Inc.

(The)

24,690

3,215,872

Progressive

Corp.

(The)

33,964

4,632,690

Prudential

Financial,

Inc.

22,780

1,981,860

S&P

Global,

Inc.

19,672

7,132,674

Travelers

Cos.,

Inc.

(The)

14,518

2,629,791

Truist

Financial

Corp.

78,151

2,546,160

US

Bancorp

78,223

2,681,484

Visa,

Inc.,

Class

A

(b)

96,277

22,406,546

Wells

Fargo

&

Co.

221,973

8,823,427

232,717,686

Health

Care

–

14.8%

Abbott

Laboratories

103,169

11,397,079

AbbVie,

Inc.

104,280

15,758,794

Agilent

Technologies,

Inc.

17,022

2,305,289

Amgen,

Inc.

31,666

7,591,607

Becton,

Dickinson

&

Co.

16,907

4,468,689

Boston

Scientific

Corp.

(a)

82,722

4,311,471

Bristol-Myers

Squibb

Co.

124,686

8,325,284

Centene

Corp.

(a)

33,079

2,280,135

Cigna

Group

(The)

17,871

4,526,546

CVS

Health

Corp.

76,370

5,598,685

Danaher

Corp.

38,521

9,126,010

DexCom

,

Inc.

(a)

23,516

2,853,431

Edwards

Lifesciences

Corp.

(a)

36,370

3,199,833

21

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Health

Care

–

14.8%

(continued)

Elevance

Health,

Inc.

13,801

6,467,839

Eli

Lilly

&

Co.

46,415

18,373,842

Gilead

Sciences,

Inc.

73,737

6,061,919

HCA

Healthcare,

Inc.

12,888

3,703,109

Humana,

Inc.

7,700

4,084,773

Illumina,

Inc.

(a)

9,095

1,869,568

Intuitive

Surgical,

Inc.

(a)

21,142

6,368,393

IQVIA

Holdings,

Inc.

(a)

11,250

2,117,588

Johnson

&

Johnson

155,575

25,467,628

McKesson

Corp.

8,047

2,931,039

Medtronic

PLC

77,053

7,007,970

Merck

&

Co.,

Inc.

149,445

17,256,414

Moderna

,

Inc.

(a)

19,002

2,525,176

Pfizer,

Inc.

331,814

12,904,246

Regeneron

Pharmaceuticals,

Inc.

(a)

6,464

5,182,771

Stryker

Corp.

20,245

6,066,414

Thermo

Fisher

Scientific,

Inc.

23,249

12,900,870

UnitedHealth

Group,

Inc.

55,130

27,128,922

Vertex

Pharmaceuticals,

Inc.

(a)

14,839

5,056,092

Zoetis,

Inc.,

Class

A

28,216

4,959,809

260,177,235

Industrials

–

6.7%

3M

Co.

31,294

3,324,049

Automatic

Data

Processing,

Inc.

24,811

5,458,420

Boeing

Co.

(The)

(a)

32,901

6,803,269

Caterpillar,

Inc.

30,718

6,721,098

Cintas

Corp.

5,426

2,473,008

CSX

Corp.

125,780

3,853,899

Deere

&

Co.

15,976

6,039,248

Eaton

Corp.

PLC

23,687

3,958,571

Emerson

Electric

Co.

35,232

2,933,416

FedEx

Corp.

13,617

3,101,680

General

Dynamics

Corp.

13,516

2,951,083

General

Electric

Co.

64,501

6,383,664

Honeywell

International,

Inc.

39,538

7,901,274

Illinois

Tool

Works,

Inc.

16,862

4,079,592

Johnson

Controls

International

PLC

40,600

2,429,504

L3Harris

Technologies,

Inc.

11,371

2,219,051

Lockheed

Martin

Corp.

13,679

6,353,212

Norfolk

Southern

Corp.

13,694

2,780,293

Northrop

Grumman

Corp.

8,381

3,865,904

Paychex,

Inc.

18,244

2,004,286

Raytheon

Technologies

Corp.

87,067

8,697,993

Republic

Services,

Inc.,

Class

A

12,403

1,793,722

Uber

Technologies,

Inc.

(a)

118,833

3,689,765

Union

Pacific

Corp.

36,224

7,089,037

United

Parcel

Service,

Inc.,

Class

B

43,055

7,741,720

Waste

Management,

Inc.

22,648

3,760,700

118,407,458

Information

Technology

–

28.7%

Accenture

PLC,

Class

A

37,265

10,445,007

Adobe,

Inc.

(a)

27,075

10,222,437

Advanced

Micro

Devices,

Inc.

(a)

95,158

8,504,271

Amphenol

Corp.,

Class

A

36,298

2,739,410

Analog

Devices,

Inc.

30,601

5,504,508

Apple,

Inc.

881,578

149,586,155

Applied

Materials,

Inc.

50,831

5,745,428

Autodesk,

Inc.

(a)

12,525

2,439,745

Broadcom,

Inc.

24,507

15,353,636

Cadence

Design

Systems,

Inc.

(a)

15,909

3,332,140

Cisco

Systems,

Inc.

245,637

11,606,348

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Information

Technology

–

28.7%

(continued)

Enphase

Energy,

Inc.

(a)

7,933

1,302,599

Fortinet,

Inc.

(a)

38,628

2,435,495

Intel

Corp.

242,730

7,539,194

International

Business

Machines

Corp.

53,178

6,722,231

Intuit,

Inc.

16,826

7,469,903

KLA

Corp.

8,230

3,181,224

LAM

Research

Corp.

7,977

4,180,586

Micron

Technology,

Inc.

63,367

4,078,300

Microsoft

Corp.

440,963

135,490,291

Motorola

Solutions,

Inc.

9,487

2,764,512

NVIDIA

Corp.

145,925

40,492,728

NXP

Semiconductors

NV

15,843

2,594,133

Oracle

Corp.

90,527

8,574,718

Palo

Alto

Networks,

Inc.

(a)

18,057

3,294,680

QUALCOMM,

Inc.

65,704

7,674,227

Roper

Technologies,

Inc.

6,583

2,993,817

Salesforce,

Inc.

(a)

58,990

11,701,846

ServiceNow

,

Inc.

(a)

12,320

5,660,054

Snowflake,

Inc.,

Class

A

(a)

16,419

2,431,326

Synopsys,

Inc.

(a)

9,048

3,359,703

TE

Connectivity

Ltd.

19,336

2,366,146

Texas

Instruments,

Inc.

53,331

8,916,943

VMware,

Inc.,

Class

A

(a)

12,339

1,542,745

502,246,486

Materials

–

1.5%

Air

Products

&

Chemicals,

Inc.

13,432

3,953,843

Corteva

,

Inc.

41,944

2,563,617

Ecolab,

Inc.

14,642

2,457,513

Freeport-McMoRan,

Inc.

83,779

3,176,062

Linde

PLC

29,464

10,885,475

Sherwin-Williams

Co.

(The)

13,711

3,256,911

Southern

Copper

Corp.

5,502

422,719

26,716,140

Real

Estate

–

1.3%

American

Tower

Corp.

(c)

27,233

5,566,153

Crown

Castle,

Inc.

(c)

25,895

3,187,416

Equinix

,

Inc.

(c)

5,603

4,057,020

Prologis,

Inc.

(c)

54,367

6,809,467

Public

Storage

(c)

9,115

2,687,375

22,307,431

Utilities

–

1.6%

American

Electric

Power

Co.,

Inc.

29,371

2,714,468

Dominion

Energy,

Inc.

49,776

2,844,200

Duke

Energy

Corp.

45,279

4,477,187

Exelon

Corp.

57,859

2,455,536

NextEra

Energy,

Inc.

117,679

9,017,742

Sempra

Energy

18,232

2,834,894

Southern

Co.

(The)

63,329

4,657,848

29,001,875

Total

Common

Stocks

(cost

$1,736,496,569)

1,749,416,960

Investment

Companies

–

0.1%

Registered

Investment

Companies

–

0.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.81%

(d)(e)

(cost

$1,394,276)

1,394,276

1,394,276

Total

Investments

(cost

$1,737,890,845)

99.9%

1,750,811,236

Cash

and

Receivables

(Net)

0.1%

1,769,587

Net

Assets

100.0%

1,752,580,823

22

STATEMENT

OF

INVESTMENTS

(continued)

See

Notes

to

Financial

Statements

(a)

Non-income

producing

security.

(b)

Security,

or

portion

thereof,

on

loan.

At

April

30,

2023,

the

value

of

the

fund’s

securities

on

loan

was

$22,182,427

and

the

value

of

the

collateral

was

$22,265,433,

consisting

of

U.S.

Government

&

Agency

securities.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

(c)

Investment

in

a

real

estate

investment

trust.

(d)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(e)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2023.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2023

are

as

follows:

Description

Value

10/31/22

Purchases

($)

1

Sales

($)

Value

4/30/23

Dividends/

Distributions

($)

Investment

Companies

–

0.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

1,160,584

11,464,876

(11,231,184)

1,394,276

33,924

Total

–

0.1%

1,160,584

11,464,876

(11,231,184)

1,394,276

33,924

1

Includes

reinvested

dividends/distributions.

Portfolio

Summary

(Unaudited)

†

Value

(%)

Information

Technology

28.7

Health

Care

14.8

Financials

13.3

Consumer

Discretionary

10.2

Communication

Services

9.2

Consumer

Staples

7.5

Industrials

6.7

Energy

5.0

Utilities

1.6

Materials

1.5

Real

Estate

1.3

Registered

Investment

Companies

0.1

99.9

†

Based

on

net

assets.

Futures

Description

Number

of

Contracts

Expiration

Notional

Value

($)

Market

Value

($)

Unrealized

Appreciation

(Depreciation)

($)

Futures

Long

S&P

500

E-mini

13

6/16/2023

2,617,688

2,722,525

104,837

23

STATEMENT

OF

INVESTMENTS

April

30,

2023

(Unaudited)

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Description

Shares

Value

($)

Common

Stocks

–

99.6%

Communication

Services

–

3.4%

Electronic

Arts,

Inc.

14,506

1,846,324

Fox

Corp.,

Class

A

16,971

564,455

Fox

Corp.,

Class

B

7,750

236,685

Interpublic

Group

of

Cos.,

Inc.

(The)

21,557

770,232

Liberty

Broadband

Corp.,

Class

A

(a),(b)

1,064

89,940

Liberty

Broadband

Corp.,

Class

C

(b)

6,526

553,274

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

(b)

1,353

87,647

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C

(b)

11,497

829,968

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A

(b)

3,831

107,651

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

C

(b)

8,331

232,768

Live

Nation

Entertainment,

Inc.

(b)

7,834

530,988

Lumen

Technologies,

Inc.

46,715

110,715

Match

Group,

Inc.

(b)

15,944

588,334

News

Corp.,

Class

A

22,136

389,815

News

Corp.,

Class

B

5,965

105,879

Omnicom

Group,

Inc.

11,363

1,029,147

Paramount

Global,

Class

A

1,036

27,413

Paramount

Global,

Class

B

(a)

28,165

657,089

Pinterest,

Inc.,

Class

A

(b)

33,195

763,485

ROBLOX

Corp.,

Class

A

(b)

20,304

722,822

Roku,

Inc.,

Class

A

(b)

6,932

389,648

Sirius

XM

Holdings,

Inc.

(a)

42,486

161,447

Snap,

Inc.,

Class

A

(b)

55,187

480,679

Take-Two

Interactive

Software,

Inc.

(b)

8,847

1,099,594

Trade

Desk,

Inc.

(The),

Class

A

(b)

24,860

1,599,492

ZoomInfo

Technologies,

Inc.,

Class

A

(b)

14,558

318,966

14,294,457

Consumer

Discretionary

–

9.8%

ADT,

Inc.

13,546

90,758

Advance

Auto

Parts,

Inc.

3,295

413,621

Aptiv

PLC

(b)

15,132

1,556,478

Aramark

14,809

513,872

Bath

&

Body

Works,

Inc.

12,820

449,982

Best

Buy

Co.,

Inc.

10,979

818,155

BorgWarner,

Inc.

13,116

631,273

Burlington

Stores,

Inc.

(b)

3,646

702,985

Caesars

Entertainment,

Inc.

(b)

11,876

537,864

CarMax,

Inc.

(a),(b)

8,739

611,992

Carnival

Corp.

(b)

55,455

510,741

Choice

Hotels

International,

Inc.

(a)

1,592

203,012

Churchill

Downs,

Inc.

1,820

532,405

Coupang,

Inc.,

Class

A

(b)

56,797

951,918

D.R.

Horton,

Inc.

17,490

1,920,752

Darden

Restaurants,

Inc.

6,841

1,039,353

Deckers

Outdoor

Corp.

(b)

1,475

707,026

Domino's

Pizza,

Inc.

1,992

632,400

DoorDash,

Inc.,

Class

A

(b)

14,754

902,797

eBay,

Inc.

30,373

1,410,218

Etsy,

Inc.

(b)

7,095

716,808

Expedia

Group,

Inc.

(b)

8,152

765,962

Five

Below,

Inc.

(b)

3,123

616,355

Floor

&

Decor

Holdings,

Inc.,

Class

A

(b)

5,987

594,749

GameStop

Corp.,

Class

A

(a),(b)

14,107

272,124

Garmin

Ltd.

8,453

829,831

Genuine

Parts

Co.

7,847

1,320,729

Hasbro,

Inc.

7,512

444,861

Las

Vegas

Sands

Corp.

(b)

18,460

1,178,671

Lear

Corp.

3,373

430,597

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.6%

(continued)

Consumer

Discretionary

–

9.8%

(continued)

Lennar

Corp.,

Class

A

14,062

1,586,334

Lennar

Corp.,

Class

B

900

88,038

LKQ

Corp.

14,154

817,110

Lucid

Group,

Inc.

(a),(b)

36,423

289,199

Mattel,

Inc.

(b)

19,300

347,400

MGM

Resorts

International

17,660

793,287

Murphy

USA,

Inc.

1,137

312,937

Norwegian

Cruise

Line

Holdings

Ltd.

(b)

22,590

301,576

NVR,

Inc.

(b)

172

1,004,480

Penske

Automotive

Group,

Inc.

1,351

187,222

Pool

Corp.

2,204

774,309

PulteGroup,

Inc.

12,625

847,769

Rivian

Automotive,

Inc.,

Class

A

(a),(b)

29,686

380,575

Ross

Stores,

Inc.

19,244

2,053,912

Royal

Caribbean

Cruises

Ltd.

(a),(b)

12,299

804,724

Service

Corp.

International

8,573

601,739

Tapestry,

Inc.

13,037

532,040

Tractor

Supply

Co.

6,157

1,467,829

Ulta

Beauty,

Inc.

(b)

2,846

1,569,370

Vail

Resorts,

Inc.

(a)

2,306

554,639

VF

Corp.

19,031

447,419

Whirlpool

Corp.

2,987

416,955

Williams-Sonoma,

Inc.

3,725

450,874

Wyndham

Hotels

&

Resorts,

Inc.

5,069

345,807

Wynn

Resorts

Ltd.

(b)

5,805

663,395

Yum!

Brands,

Inc.

15,575

2,189,533

42,136,761

Consumer

Staples

–

5.1%

Albertsons

Cos.,

Inc.,

Class

A

9,428

197,045

BJ's

Wholesale

Club

Holdings,

Inc.

(b)

7,515

573,921

Brown-Forman

Corp.,

Class

A

3,265

215,098

Brown-Forman

Corp.,

Class

B

10,021

652,267

Bunge

Ltd.

8,386

784,930

Campbell

Soup

Co.

11,227

609,626

Casey's

General

Stores,

Inc.

2,048

468,623

Church

&

Dwight

Co.,

Inc.

13,692

1,329,767

Clorox

Co.

(The)

6,833

1,131,682

ConAgra

Brands,

Inc.

26,407

1,002,410

Darling

Ingredients,

Inc.

(b)

8,838

526,480

Dollar

Tree,

Inc.

(b)

11,626

1,787,032

Hershey

Co.

(The)

8,197

2,238,273

Hormel

Foods

Corp.

16,001

647,080

JM

Smucker

Co.

(The)

5,901

911,173

Kellogg

Co.

14,155

987,594

Kroger

Co.

(The)

36,364

1,768,381

Lamb

Weston

Holdings,

Inc.

8,033

898,170

McCormick

&

Co.,

Inc.

14,174

1,245,186

Molson

Coors

Beverage

Co.,

Class

B

10,432

620,495

Performance

Food

Group

Co.

(b)

8,816

552,675

Tyson

Foods,

Inc.,

Class

A

15,910

994,216

US

Foods

Holding

Corp.

(b)

11,486

441,062

Walgreens

Boots

Alliance,

Inc.

40,022

1,410,776

21,993,962

Energy

–

3.4%

Antero

Resources

Corp.

(b)

15,796

363,150

APA

Corp.

17,793

655,672

Baker

Hughes

Co.,

Class

A

56,296

1,646,095

Chesapeake

Energy

Corp.

(a)

5,943

491,367

Coterra

Energy,

Inc.

43,733

1,119,565

Diamondback

Energy,

Inc.

10,369

1,474,472

EQT

Corp.

20,728

722,164

24

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.6%

(continued)

Energy

–

3.4%

(continued)

Halliburton

Co.

50,322

1,648,045

HF

Sinclair

Corp.

7,502

330,913

Marathon

Oil

Corp.

35,585

859,734

Matador

Resources

Co.

6,114

299,769

Murphy

Oil

Corp.

8,277

303,849

New

Fortress

Energy,

Inc.,

Class

A

(a)

2,492

75,483

NOV,

Inc.

22,169

371,331

ONEOK,

Inc.

25,168

1,646,239

Ovintiv,

Inc.

13,518

487,729

Range

Resources

Corp.

13,625

360,381

Southwestern

Energy

Co.

(b)

60,247

312,682

Targa

Resources

Corp.

12,655

955,832

Texas

Pacific

Land

Corp.

337

497,968

14,622,440

Financials

–

13.2%

Allstate

Corp.

(The)

14,721

1,704,103

Ally

Financial,

Inc.

16,300

429,994

American

Financial

Group,

Inc.

3,801

466,497

Ameriprise

Financial,

Inc.

5,864

1,789,224

Annaly

Capital

Management,

Inc.

(c)

25,506

509,610

Apollo

Global

Management,

Inc.

24,314

1,541,265

Arch

Capital

Group

Ltd.

(b)

20,521

1,540,512

Ares

Management

Corp.,

Class

A

8,627

755,639

Arthur

J

Gallagher

&

Co.

11,839

2,463,222

Assurant,

Inc.

3,042

374,562

Bank

of

New

York

Mellon

Corp.

(The)

41,180

1,753,856

Block,

Inc.,

Class

A

(b)

30,053

1,826,922

BOK

Financial

Corp.

1,619

135,786

Brown

&

Brown,

Inc.

13,342

859,091

Carlyle

Group,

Inc.

(The)

12,609

382,431

Cincinnati

Financial

Corp.

8,822

939,014

Citizens

Financial

Group,

Inc.

27,909

863,504

CNA

Financial

Corp.

1,533

59,649

Coinbase

Global,

Inc.,

Class

A

(a),(b)

8,872

477,225

Comerica,

Inc.

7,587

329,048

Commerce

Bancshares,

Inc.

6,419

358,501

Corebridge

Financial,

Inc.

5,070

85,480

Cullen/Frost

Bankers,

Inc.

3,605

397,451

Discover

Financial

Services

14,951

1,546,980

East

West

Bancorp,

Inc.

7,809

403,647

Equitable

Holdings,

Inc.

19,738

512,991

Erie

Indemnity

Co.,

Class

A

1,403

304,914

Everest

Re

Group

Ltd.

2,191

828,198

FactSet

Research

Systems,

Inc.

2,113

869,901

Fidelity

National

Financial,

Inc.

15,225

540,335

Fifth

Third

Bancorp

38,165

999,923

First

Citizens

BancShares,

Inc.,

Class

A

(a)

654

658,696

First

Horizon

National

Corp.

29,410

516,146

First

Republic

Bank

(a)

10,545

37,013

FleetCor

Technologies,

Inc.

(b)

4,113

879,853

Franklin

Resources,

Inc.

(a)

16,043

431,236

Global

Payments,

Inc.

14,743

1,661,684

Globe

Life,

Inc.

4,945

536,631

Hartford

Financial

Services

Group,

Inc.

(The)

17,436

1,237,782

Huntington

Bancshares,

Inc.

80,345

899,864

Interactive

Brokers

Group,

Inc.,

Class

A

5,807

452,075

Invesco

Ltd.

24,642

422,117

Jack

Henry

&

Associates,

Inc.

4,142

676,554

Jefferies

Financial

Group,

Inc.

9,900

317,097

KeyCorp

51,683

581,951

Kinsale

Capital

Group,

Inc.

1,212

395,973

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.6%

(continued)

Financials

–

13.2%

(continued)

Lincoln

National

Corp.

9,100

197,743

Loews

Corp.

11,127

640,581

LPL

Financial

Holdings,

Inc.

4,421

923,282

M&T

Bank

Corp.

9,480

1,192,584

Markel

Corp.

(b)

751

1,027,766

MarketAxess

Holdings,

Inc.

2,090

665,393

Morningstar,

Inc.

1,443

257,301

MSCI,

Inc.,

Class

A

4,473

2,157,999

NASDAQ,

Inc.

18,765

1,039,018

Northern

Trust

Corp.

11,640

909,782

Old

Republic

International

Corp.

15,319

387,111

Principal

Financial

Group,

Inc.

12,876

961,708

Raymond

James

Financial,

Inc.

10,782

976,094

Regions

Financial

Corp.

51,735

944,681

Reinsurance

Group

of

America,

Inc.,

Class

A

3,651

519,610

Robinhood

Markets,

Inc.,

Class

A

(b)

29,918

264,774

SEI

Investments

Co.

5,918

348,629

State

Street

Corp.

19,517

1,410,298

Synchrony

Financial

24,514

723,408

T

Rowe

Price

Group,

Inc.

(a)

12,642

1,420,076

Toast,

Inc.,

Class

A

(b)

18,081

329,074

Unum

Group

10,290

434,238

W.R.

Berkley

Corp.

11,186

659,079

Webster

Financial

Corp.

10,048

374,790

Western

Alliance

Bancorp

6,074

225,467

WEX,

Inc.

(b)

2,477

439,296

Willis

Towers

Watson

PLC

5,931

1,373,620

Zions

Bancorp

NA

8,160

227,338

56,784,887

Health

Care

–

11.3%

Acadia

Healthcare

Co.,

Inc.

(b)

4,913

355,161

agilon

health,

Inc.

(a),(b)

11,237

272,722

Align

Technology,

Inc.

(b)

4,073

1,324,947

Alnylam

Pharmaceuticals,

Inc.

(b)

6,873

1,369,102

AmerisourceBergen

Corp.,

Class

A

9,007

1,502,818

Avantor,

Inc.

(b)

37,241

725,455

Baxter

International,

Inc.

27,876

1,329,128

Biogen,

Inc.

(b)

8,035

2,444,488

BioMarin

Pharmaceutical,

Inc.

(b)

10,301

989,308

Bio-Rad

Laboratories,

Inc.,

Class

A

(b)

1,213

546,808

Bio-Techne

Corp.

8,631

689,444

Bruker

Corp.

5,593

442,574

Cardinal

Health,

Inc.

14,337

1,177,068

Catalent,

Inc.

(b)

9,993

500,849

Charles

River

Laboratories

International,

Inc.

(b)

2,835

538,990

Chemed

Corp.

832

458,640

Cooper

Cos.,

Inc.

(The)

2,789

1,063,864

DaVita,

Inc.

(b)

3,033

274,062

DENTSPLY

SIRONA,

Inc.

11,730

491,839

GE

Healthcare

Technologies,

Inc.

(b)

20,222

1,644,857

Henry

Schein,

Inc.

(b)

7,574

612,055

Hologic,

Inc.

(b)

13,756

1,183,154

Horizon

Therapeutics

PLC

(b)

12,698

1,411,510

IDEXX

Laboratories,

Inc.

(b)

4,620

2,273,779

Incyte

Corp.

(b)

10,246

762,405

Insulet

Corp.

(b)

3,894

1,238,448

Jazz

Pharmaceuticals

PLC

(b)

3,588

504,006

Karuna

Therapeutics,

Inc.

(b)

1,603

318,099

Laboratory

Corp.

of

America

Holdings

4,985

1,130,149

Mettler-Toledo

International,

Inc.

(b)

1,238

1,846,477

25

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.6%

(continued)

Health

Care

–

11.3%

(continued)

Molina

Healthcare,

Inc.

(b)

3,271

974,398

Neurocrine

Biosciences,

Inc.

(b)

5,503

556,023

Novocure

Ltd.

(a),(b)

4,884

321,856

Organon

&

Co.

14,739

363,022

PerkinElmer,

Inc.

7,159

934,178

Quest

Diagnostics,

Inc.

6,183

858,262

R1

RCM,

Inc.

(a),(b)

7,744

120,729

Repligen

Corp.

(b)

2,869

435,026

ResMed,

Inc.

8,207

1,977,559

Royalty

Pharma

PLC,

Class

A

21,037

739,450

Sarepta

Therapeutics,

Inc.

(b)

4,908

602,555

Seagen,

Inc.

(b)

7,680

1,536,000

Shockwave

Medical,

Inc.

(b)

2,030

589,025

STERIS

PLC

5,542

1,044,944

Teleflex,

Inc.

2,617

713,185

United

Therapeutics

Corp.

(b)

2,523

580,618

Universal

Health

Services,

Inc.,

Class

B

3,659

550,131

Veeva

Systems,

Inc.,

Class

A

(b)

7,902

1,415,090

Viatris,

Inc.

66,448

619,960

Waters

Corp.

(b)

3,346

1,005,005

West

Pharmaceutical

Services,

Inc.

4,155

1,500,952

Zimmer

Biomet

Holdings,

Inc.

11,660

1,614,210

48,474,384

Industrials

–

17.2%

Advanced

Drainage

Systems,

Inc.

3,483

298,563

AECOM

7,781

646,212

AGCO

Corp.

3,474

430,568

Allegion

PLC

5,025

555,162

American

Airlines

Group,

Inc.

(b)

35,459

483,661

AMETEK,

Inc.

12,847

1,771,987

AO

Smith

Corp.

7,136

487,317

Avis

Budget

Group,

Inc.

(b)

1,409

248,928

Axon

Enterprise,

Inc.

(b)

3,755

791,216

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

7,350

703,542

Broadridge

Financial

Solutions,

Inc.

6,576

956,216

Builders

FirstSource,

Inc.

(b)

8,291

785,738

Carlisle

Cos.,

Inc.

2,875

620,569

Carrier

Global

Corp.

46,508

1,944,965

Ceridian

HCM

Holding,

Inc.

(b)

8,763

556,275

CH

Robinson

Worldwide,

Inc.

6,611

666,852

Chart

Industries,

Inc.

(a),(b)

2,390

318,109

Clarivate

PLC

(b)

25,222

223,467

Concentrix

Corp.

2,395

231,141

Copart,

Inc.

(b)

23,901

1,889,374

CoStar

Group,

Inc.

(b)

22,569

1,736,684

Cummins,

Inc.

7,854

1,846,004

Delta

Air

Lines,

Inc.

(b)

35,951

1,233,479

Dover

Corp.

7,819

1,142,825

Equifax,

Inc.

6,862

1,429,904

Expeditors

International

of

Washington,

Inc.

8,958

1,019,779

Fastenal

Co.

32,022

1,724,064

Fortive

Corp.

19,880

1,254,229

Fortune

Brands

Innovations,

Inc.

7,024

454,383

Generac

Holdings,

Inc.

(b)

3,455

353,170

Genpact

Ltd.

9,317

415,072

Graco,

Inc.

9,411

746,198

HEICO

Corp.

2,164

364,937

HEICO

Corp.,

Class

A

3,906

524,302

Hertz

Global

Holdings,

Inc.

(a),(b)

9,108

151,921

Howmet

Aerospace,

Inc.

20,561

910,647

Hubbell,

Inc.,

Class

B

3,009

810,384

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.6%

(continued)

Industrials

–

17.2%

(continued)

Huntington

Ingalls

Industries,

Inc.

2,179

439,417

IDEX

Corp.

4,181

862,624

Ingersoll

Rand,

Inc.

22,740

1,296,635

Jacobs

Solutions,

Inc.

7,072

816,533

JB

Hunt

Transport

Services,

Inc.

4,685

821,234

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

8,864

499,220

Leidos

Holdings,

Inc.

7,586

707,470

Lennox

International,

Inc.

1,809

509,975

Lincoln

Electric

Holdings,

Inc.

3,215

539,477

Masco

Corp.

12,824

686,212

Middleby

Corp.

(The)

(b)

3,055

430,388

Nordson

Corp.

3,058

661,476

Old

Dominion

Freight

Line,

Inc.

5,038

1,614,125

Otis

Worldwide

Corp.

23,162

1,975,719

Owens

Corning

5,208

556,266

PACCAR,

Inc.

29,098

2,173,330

Parker-Hannifin

Corp.

7,168

2,328,740

Paycom

Software,

Inc.

(b)

2,725

791,258

Paylocity

Holding

Corp.

(b)

2,299

444,374

Pentair

PLC

9,378

544,674

Plug

Power,

Inc.

(a),(b)

28,375

256,226

Quanta

Services,

Inc.

7,950

1,348,638

RBC

Bearings,

Inc.

(b)

1,671

379,334

Regal

Rexnord

Corp.

3,661

476,516

Robert

Half

International,

Inc.

6,156

449,388

Rockwell

Automation,

Inc.

6,431

1,822,610

Rollins,

Inc.

12,841

542,532

Snap-On,

Inc.

3,007

780,046

Southwest

Airlines

Co.

33,615

1,018,198

SS&C

Technologies

Holdings,

Inc.

12,146

711,027

Stanley

Black

&

Decker,

Inc.

8,268

713,859

Tetra

Tech,

Inc.

3,045

421,337

Textron,

Inc.

11,590

775,835

Toro

Co.

(The)

5,763

600,850

Trane

Technologies

PLC

12,783

2,375,209

TransDigm

Group,

Inc.

2,906

2,223,090

TransUnion

10,765

740,740

U-Haul

Holding

Co.

481

29,370

United

Airlines

Holdings,

Inc.

(b)

18,419

806,752

United

Rentals,

Inc.

3,874

1,398,940

Verisk

Analytics,

Inc.,

Class

A

8,718

1,692,251

Watsco,

Inc.

1,880

651,194

Westinghouse

Air

Brake

Technologies

Corp.

10,179

994,183

Willscot

Mobile

Mini

Holdings

Corp.,

Class

A

(b)

11,764

534,086

WW

Grainger,

Inc.

2,503

1,741,012

Xylem,

Inc.

10,038

1,042,346

73,952,560

Information

Technology

–

13.4%

Akamai

Technologies,

Inc.

(b)

8,628

707,237

ANSYS,

Inc.

(b)

4,875

1,530,360

Arista

Networks,

Inc.

(b)

13,826

2,214,372

Arrow

Electronics,

Inc.

(b)

3,290

376,475

Aspen

Technology,

Inc.

(b)

1,613

285,501

Atlassian

Corp.,

Class

A

(b)

8,413

1,242,264

Bentley

Systems,

Inc.,

Class

B

10,781

458,839

BILL

Holdings,

Inc.

(b)

5,505

422,839

Black

Knight,

Inc.

(b)

8,538

466,516

CDW

Corp.

7,555

1,281,252

Ciena

Corp.

(b)

8,336

383,789

Cloudflare,

Inc.,

Class

A

(a),(b)

16,013

753,412

26

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.6%

(continued)

Information

Technology

–

13.4%

(continued)

Cognex

Corp.

9,480

452,101

Cognizant

Technology

Solutions

Corp.,

Class

A

28,571

1,705,974

Corning,

Inc.

42,436

1,409,724

Crowdstrike

Holdings,

Inc.,

Class

A

(b)

12,238

1,469,172

Datadog,

Inc.,

Class

A

(b)

13,710

923,780

Dell

Technologies,

Inc.,

Class

C

13,552

589,376

DocuSign,

Inc.,

Class

A

(b)

11,284

557,881

DXC

Technology

Co.

(b)

12,522

298,650

Dynatrace,

Inc.

(b)

12,142

513,364

Entegris,

Inc.

8,315

622,960

EPAM

Systems,

Inc.

(b)

3,210

906,632

F5,

Inc.

(b)

3,324

446,613

Fair

Isaac

Corp.

(b)

1,403

1,021,314

First

Solar,

Inc.

(b)

5,535

1,010,580

Flex

Ltd.

(b)

25,082

515,937

Gartner,

Inc.

(b)

4,405

1,332,336

GEN

Digital,

Inc.

31,305

553,159

GoDaddy,

Inc.,

Class

A

(b)

8,760

662,957

Hewlett

Packard

Enterprise

Co.

71,603

1,025,355

HP,

Inc.

47,977

1,425,397

HubSpot,

Inc.

(b)

2,718

1,144,142

Jabil,

Inc.

7,435

581,045

Juniper

Networks,

Inc.

18,044

544,027

Keysight

Technologies,

Inc.

(b)

9,937

1,437,288

Manhattan

Associates,

Inc.

(b)

3,491

578,389

Marvell

Technology,

Inc.

47,848

1,889,039

Microchip

Technology,

Inc.

30,699

2,240,720

MongoDB,

Inc.,

Class

A

(b)

3,889

933,204

Monolithic

Power

Systems,

Inc.

2,501

1,155,387

NetApp,

Inc.

12,227

768,956

Okta,

Inc.,

Class

A

(b)

8,387

574,761

ON

Semiconductor

Corp.

(b)

24,159

1,738,482

Palantir

Technologies,

Inc.,

Class

A

(b)

98,997

767,227

Procore

Technologies,

Inc.

(b)

3,978

212,465

PTC,

Inc.

(b)

5,984

752,727

Pure

Storage,

Inc.,

Class

A

(b)

16,308

372,312

Qorvo,

Inc.

(b)

5,445

501,376

Seagate

Technology

Holdings

PLC

10,890

640,005

Skyworks

Solutions,

Inc.

8,772

928,955

SolarEdge

Technologies,

Inc.

(b)

3,129

893,736

Splunk,

Inc.

(b)

8,504

733,385

TD

Synnex

Corp.

2,382

212,093

Teledyne

Technologies,

Inc.

(b)

2,632

1,090,701

Teradyne,

Inc.

8,687

793,818

Trimble,

Inc.

(b)

13,598

640,466

Twilio,

Inc.,

Class

A

(b)

9,833

517,314

Tyler

Technologies,

Inc.

(b)

2,327

882,003

Unity

Software,

Inc.

(a),(b)

13,183

355,545

VeriSign,

Inc.

(b)

5,151

1,142,492

Western

Digital

Corp.

(b)

17,621

606,867

Wolfspeed,

Inc.

(a),(b)

6,952

323,616

Workday,

Inc.,

Class

A

(b)

11,311

2,105,430

Zebra

Technologies

Corp.,

Class

A

(b)

2,869

826,358

Zoom

Video

Communications,

Inc.,

Class

A

(b)

12,018

738,266

Zscaler,

Inc.

(a),(b)

4,793

431,849

57,620,564

Materials

–

6.9%

Albemarle

Corp.

6,538

1,212,538

Alcoa

Corp.

10,141

376,637

Amcor

PLC

83,365

914,514

AptarGroup,

Inc.

3,562

422,133

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.6%

(continued)

Materials

–

6.9%

(continued)

Avery

Dennison

Corp.

4,592

801,212

Ball

Corp.

17,302

920,120

Celanese

Corp.,

Class

A

5,506

584,957

CF

Industries

Holdings,

Inc.

11,125

796,328

Cleveland-Cliffs,

Inc.

(b)

28,709

441,544

Crown

Holdings,

Inc.

6,862

588,622

Dow,

Inc.

39,547

2,151,357

DuPont

de

Nemours,

Inc.

25,719

1,793,129

Eastman

Chemical

Co.

6,598

556,013

FMC

Corp.

7,106

878,160

International

Flavors

&

Fragrances,

Inc.,

Class

W

14,235

1,380,226

International

Paper

Co.

19,609

649,254

LyondellBasell

Industries

NV,

Class

A

14,204

1,343,840

Martin

Marietta

Materials,

Inc.

3,486

1,266,115

Mosaic

Co.

(The)

19,232

824,091

Newmont

Corp.

44,408

2,104,939

Nucor

Corp.

14,145

2,096,006

Olin

Corp.

6,820

377,828

Packaging

Corp.

of

America

5,268

712,550

PPG

Industries,

Inc.

13,124

1,840,772

Reliance

Steel

&

Aluminum

Co.

3,284

813,775

RPM

International,

Inc.

7,104

582,741

Sealed

Air

Corp.

8,059

386,751

Steel

Dynamics,

Inc.

9,243

960,810

Vulcan

Materials

Co.

7,404

1,296,589

Westlake

Corp.

2,023

230,177

Westrock

Co.

14,212

425,365

29,729,093

Real

Estate

–

8.8%

Alexandria

Real

Estate

Equities,

Inc.

(c)

8,893

1,104,333

American

Homes

4

Rent,

Class

A

(c)

17,554

583,846

Americold

Realty

Trust,

Inc.

(c)

14,844

439,234

AvalonBay

Communities,

Inc.

(c)

7,833

1,412,838

Boston

Properties,

Inc.

(c)

7,744

413,220

Brixmor

Property

Group,

Inc.

(c)

16,866

359,752

Camden

Property

Trust

(c)

6,273

690,344

CBRE

Group,

Inc.,

Class

A

(b)

17,669

1,354,506

CubeSmart

(c)

12,551

570,945

Digital

Realty

Trust,

Inc.

(c)

16,065

1,592,845

EastGroup

Properties,

Inc.

(c)

2,507

417,566

Equity

LifeStyle

Properties,

Inc.

(c)

9,821

676,667

Equity

Residential

(c)

19,012

1,202,509

Essex

Property

Trust,

Inc.

(c)

3,616

794,544

Extra

Space

Storage,

Inc.

(c)

7,494

1,139,388

Federal

Realty

Investment

Trust

(c)

3,997

395,263

Gaming

and

Leisure

Properties,

Inc.

(c)

14,420

749,840

Healthpeak

Properties,

Inc.

(c)

30,179

663,033

Host

Hotels

&

Resorts,

Inc.

(c)

40,099

648,401

Invitation

Homes,

Inc.

(c)

32,406

1,081,388

Iron

Mountain,

Inc.

(c)

16,081

888,314

Jones

Lang

LaSalle,

Inc.

(b)

2,653

368,873

Kimco

Realty

Corp.

(c)

34,118

654,724

Lamar

Advertising

Co.,

Class

A

(c)

4,798

507,053

Life

Storage,

Inc.

(c)

4,698

631,317

Medical

Properties

Trust,

Inc.

(a)(c)

31,952

280,219

Mid-America

Apartment

Communities,

Inc.

(c)

6,517

1,002,315

NNN

REIT,

Inc.

(c)

9,915

431,302

OMEGA

Healthcare

Investors,

Inc.

(c)

13,085

350,155

Realty

Income

Corp.

(c)

35,050

2,202,542

Regency

Centers

Corp.

(c)

8,810

541,198

27

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.6%

(continued)

Real

Estate

–

8.8%

(continued)

Rexford

Industrial

Realty,

Inc.

(c)

10,746

599,304

SBA

Communications

Corp.,

Class

A

(c)

6,020

1,570,558

Simon

Property

Group,

Inc.

(c)

18,310

2,074,889

Sun

Communities,

Inc.

(c)

6,879

955,699

UDR,

Inc.

(c)

17,341

716,703

Ventas,

Inc.

(c)

22,432

1,077,858

VICI

Properties,

Inc.,

Class

A

(c)

56,284

1,910,279

W.P.

Carey,

Inc.

(c)

11,857

879,789

Welltower,

Inc.

(c)

26,281

2,081,981

Weyerhaeuser

Co.

(c)

40,948

1,224,755

Zillow

Group,

Inc.,

Class

A

(b)

3,263

139,591

Zillow

Group,

Inc.,

Class

C

(b)

8,798

383,065

37,762,945

Utilities

–

7.1%

AES

Corp.

(The)

37,709

892,195

Alliant

Energy

Corp.

13,914

767,218

Ameren

Corp.

14,312

1,273,339

American

Water

Works

Co.,

Inc.

10,871

1,611,626

Atmos

Energy

Corp.

8,033

916,887

Avangrid,

Inc.

(a)

3,727

150,049

CenterPoint

Energy,

Inc.

35,125

1,070,259

CMS

Energy

Corp.

16,295

1,014,527

Consolidated

Edison,

Inc.

19,800

1,949,706

Constellation

Energy

Corp.

18,188

1,407,751

DTE

Energy

Co.

10,744

1,207,733

Edison

International

21,372

1,572,979

Entergy

Corp.

11,485

1,235,556

Essential

Utilities,

Inc.

13,369

570,856

Evergy,

Inc.

12,630

784,449

Eversource

Energy

19,368

1,503,150

FirstEnergy

Corp.

30,437

1,211,393

NiSource,

Inc.

22,849

650,283

NRG

Energy,

Inc.

13,009

444,518

OGE

Energy

Corp.

11,081

415,981

PG&E

Corp.

(b)

89,859

1,537,487

Pinnacle

West

Capital

Corp.

6,393

501,595

PPL

Corp.

40,963

1,176,457

Public

Service

Enterprise

Group,

Inc.

27,850

1,760,120

UGI

Corp.

11,996

406,424

Vistra

Corp.

21,114

503,780

WEC

Energy

Group,

Inc.

17,634

1,695,862

Xcel

Energy,

Inc.

30,753

2,149,942

30,382,122

Total

Common

Stocks

(cost

$446,117,380)

427,754,175

Investment

Companies

–

0.3%

Registered

Investment

Companies

–

0.3%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.81%

(d)(e)

(cost

$1,310,675)

1,310,675

1,310,675

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.7%

Registered

Investment

Companies

–

0.7%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.81%

(d)(e)

(cost

$2,781,047)

2,781,047

2,781,047

Total

Investments

(cost

$450,209,102)

100.6%

431,845,897

Liabilities,

Less

Cash

and

Receivables

(0.6)%

(2,560,008)

Net

Assets

100.0%

429,285,889

REIT—Real

Estate

Investment

Trust

28

STATEMENT

OF

INVESTMENTS

(continued)

See

Notes

to

Financial

Statements

(a)

Security,

or

portion

thereof,

on

loan.

At

April

30,

2023,

the

value

of

the

fund’s

securities

on

loan

was

$9,417,964

and

the

value

of

the

collateral

was

$9,765,126,

consisting

of

cash

collateral

of

$2,781,047

and

U.S.

Government

&

Agency

securities

valued

at

$6,984,079.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

(b)

Non-income

producing

security.

(c)

Investment

in

a

real

estate

investment

trust.

(d)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(e)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2023.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2023

are

as

follows:

Description

Value

10/31/22

Purchases

($)

1

Sales

($)

Value

4/30/23

Dividends/

Distributions

($)

Investment

Companies

–

0.3%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

210,028

4,507,218

(3,406,571)

1,310,675

13,179

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.7%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

705,019

10,098,673

(8,022,645)

2,781,047

27,663

2

Total

–

1.0%

915,047

14,605,891

(11,429,216)

4,091,722

40,842

1

Includes

reinvested

dividends/distributions.

2

Represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Portfolio

Summary

(Unaudited)

†

Value

(%)

Industrials

17.2

Information

Technology

13.4

Financials

13.2

Health

Care

11.3

Consumer

Discretionary

9.8

Real

Estate

8.8

Utilities

7.1

Materials

6.9

Consumer

Staples

5.1

Energy

3.4

Communication

Services

3.4

Registered

Investment

Companies

1.0

100.6

†

Based

on

net

assets.

Futures

Description

Number

of

Contracts

Expiration

Notional

Value

($)

Market

Value

($)

Unrealized

Appreciation

(Depreciation)

($)

Futures

Long

S&P

MidCap

400

E-mini

4

6/16/2023

972,907

1,000,240

27,333

S&P

500

E-mini

2

6/16/2023

395,903

418,850

22,947

Gross

Unrealized

Appreciation

50,279

29

STATEMENT

OF

INVESTMENTS

April

30,

2023

(Unaudited)

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Description

Shares

Value

($)

Common

Stocks

–

99.8%

Communication

Services

–

3.0%

Altice

USA,

Inc.,

Class

A

(a)

8,078

28,273

AMC

Entertainment

Holdings,

Inc.,

Class

A

(a)(b)

18,949

104,220

Bumble,

Inc.,

Class

A

(a)

3,461

63,025

Cable

One,

Inc.

180

136,514

Cogent

Communications

Holdings,

Inc.

1,595

110,119

DISH

Network

Corp.,

Class

A

(a)

9,216

69,212

Endeavor

Group

Holdings,

Inc.,

Class

A

(a)

6,480

167,054

Frontier

Communications

Parent,

Inc.

(a)

8,300

187,082

Globalstar

,

Inc.

(a)

26,626

24,123

IAC,

Inc.

(a)

2,904

150,340

Iridium

Communications,

Inc.

4,671

296,468

John

Wiley

&

Sons,

Inc.,

Class

A

1,552

59,861

Madison

Square

Garden

Sports

Corp.,

Class

A

660

132,330

New

York

Times

Co.

(The),

Class

A

6,122

243,350

Nexstar

Media

Group,

Inc.,

Class

A

1,410

244,565

Playtika

Holding

Corp.

(a)

3,430

34,300

Rumble,

Inc.

(a)(b)

2,850

22,686

Shutterstock

,

Inc.

942

63,114

TechTarget

,

Inc.

(a)

1,061

36,169

TEGNA,

Inc.

8,343

142,665

TripAdvisor,

Inc.

(a)

3,919

69,484

Warner

Music

Group

Corp.,

Class

A

4,367

133,062

World

Wrestling

Entertainment,

Inc.,

Class

A

1,653

177,152

Yelp,

Inc.,

Class

A

(a)

2,561

76,625

Ziff

Davis,

Inc.

(a)

1,759

128,653

2,900,446

Consumer

Discretionary

–

14.8%

Academy

Sports

&

Outdoors,

Inc.

2,889

183,509

Acushnet

Holdings

Corp.

1,189

59,605

Adient

PLC

(a)

3,547

131,026

American

Eagle

Outfitters,

Inc.

6,366

85,241

Asbury

Automotive

Group,

Inc.

(a)

825

159,604

Autoliv

,

Inc.

2,894

248,334

AutoNation,

Inc.

(a)

1,296

170,683

Bloomin

'

Brands,

Inc.

3,330

82,484

Boyd

Gaming

Corp.

2,960

205,424

Bright

Horizons

Family

Solutions,

Inc.

(a)

2,164

164,724

Brunswick

Corp.

2,703

229,187

Capri

Holdings

Ltd.

(a)

4,649

192,933

Carter's,

Inc.

1,418

98,934

Cavco

Industries,

Inc.

(a)

299

89,766

Chegg

,

Inc.

(a)

4,730

85,045

Chewy,

Inc.,

Class

A

(a)(b)

3,499

108,504

Columbia

Sportswear

Co.

1,304

108,936

Coursera,

Inc.

(a)

3,151

39,198

Cracker

Barrel

Old

Country

Store,

Inc.

(b)

824

87,476

Crocs,

Inc.

(a)

2,306

285,183

Dana,

Inc.

4,694

69,424

Dave

&

Buster's

Entertainment,

Inc.

(a)

1,596

56,594

Dick's

Sporting

Goods,

Inc.

2,233

323,807

Dillard's,

Inc.,

Class

A

128

38,194

Dorman

Products,

Inc.

(a)

1,052

90,640

DraftKings

,

Inc.,

Class

A

(a)

16,666

365,152

Foot

Locker,

Inc.

2,969

124,668

Fox

Factory

Holding

Corp.

(a)

1,578

174,953

Frontdoor

,

Inc.

(a)

3,139

85,883

Gap,

Inc.

(The)

(b)

7,726

74,170

Gentex

Corp.

8,728

240,805

Gentherm

,

Inc.

(a)

1,245

74,264

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

10,695

114,116

Graham

Holdings

Co.,

Class

B

145

83,458

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Consumer

Discretionary

–

14.8%

(continued)

Grand

Canyon

Education,

Inc.

(a)

1,134

134,606

Group

1

Automotive,

Inc.

535

120,097

H&R

Block,

Inc.

5,760

195,322

Hanesbrands,

Inc.

(b)

13,254

69,451

Harley-Davidson,

Inc.

4,945

183,459

Helen

of

Troy

Ltd.

(a)

886

88,901

Hilton

Grand

Vacations,

Inc.

(a)

2,912

124,634

Hyatt

Hotels

Corp.,

Class

A

(a)

1,800

205,740

Installed

Building

Products,

Inc.

871

108,239

KB

Home

3,034

132,950

Kohl's

Corp.

4,077

89,816

Kontoor

Brands,

Inc.

1,835

82,887

Krispy

Kreme,

Inc.

(b)

2,556

39,311

Laureate

Education,

Inc.,

Class

A

4,877

60,426

LCI

Industries

(b)

954

107,764

Leggett

&

Platt,

Inc.

4,873

157,447

Leslie's,

Inc.

(a)

5,463

59,274

LGI

Homes,

Inc.

(a)(b)

764

90,763

Life

Time

Group

Holdings,

Inc.

(a)

2,086

43,368

Light

&

Wonder,

Inc.

(a)

3,488

210,292

Lithia

Motors,

Inc.,

Class

A

1,014

223,982

Luminar

Technologies,

Inc.,

Class

A

(a)(b)

8,619

51,886

Macy's,

Inc.

10,097

164,985

Marriott

Vacations

Worldwide

Corp.

(b)

1,420

191,075

MDC

Holdings,

Inc.

2,148

88,004

Meritage

Homes

Corp.

1,358

173,892

Mister

Car

Wash,

Inc.

(a)(b)

2,853

25,163

Mohawk

Industries,

Inc.

(a)

1,962

207,776

National

Vision

Holdings,

Inc.

(a)

2,905

61,121

Newell

Brands,

Inc.

(b)

14,035

170,525

Nordstrom,

Inc.

(b)

4,101

63,401

ODP

Corp.

(The)

(a)

1,492

64,469

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

2,201

143,615

Papa

John's

International,

Inc.

1,197

89,524

Peloton

Interactive,

Inc.,

Class

A

(a)

12,127

107,688

Penn

Entertainment,

Inc.

(a)

5,788

172,425

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A

(a)

2,910

28,984

Planet

Fitness,

Inc.,

Class

A

(a)

3,114

258,898

Polaris,

Inc.

2,037

221,320

PVH

Corp.

2,397

205,687

QuantumScape

Corp.,

Class

A

(a)(b)

10,462

73,234

Ralph

Lauren

Corp.,

Class

A

1,531

175,743

Red

Rock

Resorts,

Inc.,

Class

A

1,846

90,085

RH

(a)(b)

691

176,295

SeaWorld

Entertainment,

Inc.

(a)

1,475

79,148

Shake

Shack,

Inc.,

Class

A

(a)

1,376

75,419

Signet

Jewelers

Ltd.

1,725

126,925

Six

Flags

Entertainment

Corp.

(a)(b)

2,743

66,573

Skechers

USA,

Inc.,

Class

A

(a)

4,987

265,259

Skyline

Champion

Corp.

(a)

2,012

149,230

Sonos

,

Inc.

(a)(b)

4,863

102,804

Steven

Madden

Ltd.

2,792

97,832

Sweetgreen

,

Inc.,

Class

A

(a)

2,787

22,129

Taylor

Morrison

Home

Corp.,

Class

A

(a)

4,056

174,773

Tempur

Sealy

International,

Inc.

6,357

238,197

Texas

Roadhouse,

Inc.,

Class

A

2,486

275,001

Thor

Industries,

Inc.

(b)

1,999

157,961

Toll

Brothers,

Inc.

3,887

248,418

TopBuild

Corp.

(a)

1,196

269,674

Topgolf

Callaway

Brands

Corp.

(a)

5,196

115,195

Travel

+

Leisure

Co.

3,037

116,226

Under

Armour

,

Inc.,

Class

A

(a)

6,886

61,079

30

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Consumer

Discretionary

–

14.8%

(continued)

Under

Armour

,

Inc.,

Class

C

(a)

7,538

60,606

Urban

Outfitters,

Inc.

(a)

2,192

59,316

Valvoline,

Inc.

6,528

225,542

Victoria's

Secret

&

Co.

(a)

2,975

92,255

Visteon

Corp.

(a)

1,046

146,848

Wayfair,

Inc.,

Class

A

(a)

2,914

101,495

Wendy's

Co.

(The)

6,380

140,998

Wingstop

,

Inc.

1,125

225,124

YETI

Holdings,

Inc.

(a)(b)

3,222

127,108

14,087,583

Consumer

Staples

–

3.8%

BellRing

Brands,

Inc.

(a)

5,112

183,981

Boston

Beer

Co.,

Inc.

(The),

Class

A

(a)

353

112,081

Cal-Maine

Foods,

Inc.

1,417

67,308

Celsius

Holdings,

Inc.

(a)(b)

1,485

141,921

Central

Garden

&

Pet

Co.

(a)

350

12,894

Central

Garden

&

Pet

Co.,

Class

A

(a)

1,537

54,302

Coca-Cola

Consolidated,

Inc.

176

103,745

Coty,

Inc.,

Class

A

(a)

13,779

163,557

e.l.f

Beauty,

Inc.

(a)

1,883

174,667

Edgewell

Personal

Care

Co.

1,898

82,886

Energizer

Holdings,

Inc.

2,443

81,670

Flowers

Foods,

Inc.

7,132

196,201

Freshpet

,

Inc.

(a)(b)

1,792

123,594

Grocery

Outlet

Holding

Corp.

(a)

3,270

97,381

Herbalife

Ltd.

(a)

3,737

55,532

Hostess

Brands,

Inc.,

Class

A

(a)

4,925

126,868

Ingredion,

Inc.

2,457

260,860

Inter

Parfums

,

Inc.

656

99,574

J&J

Snack

Foods

Corp.

557

85,332

Lancaster

Colony

Corp.

734

153,494

MGP

Ingredients,

Inc.

571

56,346

National

Beverage

Corp.

(a)

882

43,835

Nu

Skin

Enterprises,

Inc.,

Class

A

1,849

72,962

Olaplex

Holdings,

Inc.

(a)

2,964

10,967

Pilgrim's

Pride

Corp.

(a)

1,611

36,747

Post

Holdings,

Inc.

(a)

2,017

182,518

PriceSmart

,

Inc.

947

69,775

Reynolds

Consumer

Products,

Inc.

2,075

58,162

Seaboard

Corp.

10

39,411

Simply

Good

Foods

Co.

(The)

(a)

3,152

114,638

Spectrum

Brands

Holdings,

Inc.

1,487

98,886

Sprouts

Farmers

Market,

Inc.

(a)

3,928

136,144

TreeHouse

Foods,

Inc.

(a)

1,843

98,140

United

Natural

Foods,

Inc.

(a)

2,234

60,921

WD-40

Co.

(b)

528

100,531

Weis

Markets,

Inc.

602

49,659

3,607,490

Energy

–

3.9%

Antero

Midstream

Corp.

12,596

135,533

Arch

Resources,

Inc.

677

82,763

Cactus,

Inc.,

Class

A

2,376

96,180

California

Resources

Corp.

2,680

108,540

Callon

Petroleum

Co.

(a)

1,895

62,800

Championx

Corp.

7,416

200,825

Chord

Energy

Corp.

1,557

221,608

Civitas

Resources,

Inc.

1,961

135,407

CNX

Resources

Corp.

(a)(b)

6,601

102,514

Comstock

Resources,

Inc.

(b)

3,455

39,732

CONSOL

Energy,

Inc.

1,195

70,911

CVR

Energy,

Inc.

(b)

1,062

27,973

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Energy

–

3.9%

(continued)

Delek

US

Holdings,

Inc.

2,554

55,550

Denbury,

Inc.

(a)

1,865

174,154

DT

Midstream,

Inc.

3,611

177,914

Enviva

,

Inc.

(b)

1,135

24,403

Equitrans

Midstream

Corp.

16,389

84,403

Helmerich

&

Payne,

Inc.

3,936

130,518

HighPeak

Energy,

Inc.

(b)

469

9,267

International

Seaways,

Inc.

(b)

1,478

58,854

Kosmos

Energy

Ltd.

(a)

17,290

110,656

Liberty

Energy,

Inc.,

Class

A

5,649

72,364

Magnolia

Oil

&

Gas

Corp.,

Class

A

(b)

6,254

132,084

NexTier

Oilfield

Solutions,

Inc.

(a)

5,946

48,044

Northern

Oil

And

Gas,

Inc.

(b)

2,750

91,218

Patterson-UTI

Energy,

Inc.

7,959

89,061

PBF

Energy,

Inc.,

Class

A

4,238

147,737

PDC

Energy,

Inc.

3,434

223,382

Peabody

Energy

Corp.

4,277

102,734

Permian

Resources

Corp.,

Class

A

8,681

90,716

RPC,

Inc.

3,095

22,872

SM

Energy

Co.

4,515

126,781

Transocean

Ltd.

(a)

24,661

145,500

Valaris

Ltd.

(a)

2,254

135,240

Weatherford

International

PLC

(a)

2,411

155,823

3,694,061

Financials

–

15.0%

Affiliated

Managers

Group,

Inc.

1,401

202,276

Affirm

Holdings,

Inc.,

Class

A

(a)(b)

7,793

76,839

AGNC

Investment

Corp.

(b)(c)

21,521

213,273

American

Equity

Investment

Life

Holding

Co.

2,551

98,316

Ameris

Bancorp

2,446

81,941

Arbor

Realty

Trust,

Inc.

(c)

6,533

74,933

Artisan

Partners

Asset

Management,

Inc.,

Class

A

2,548

88,339

Associated

Banc-Corp.

5,532

98,636

Assured

Guaranty

Ltd.

2,249

121,154

Atlantic

Union

Bankshares

Corp.

(b)

2,742

78,476

Axis

Capital

Holdings

Ltd.

2,851

161,196

Axos

Financial,

Inc.

(a)

1,959

79,673

BancFirst

Corp.

657

52,488

Bank

of

Hawaii

Corp.

1,479

71,628

Bank

OZK

4,080

145,738

BankUnited

,

Inc.

2,844

64,132

Banner

Corp.

1,248

62,300

Blackstone

Mortgage

Trust,

Inc.,

Class

A

(b)(c)

6,453

117,703

Blue

Owl

Capital,

Inc.,

Class

A

13,232

148,992

Bread

Financial

Holdings,

Inc.

1,896

52,330

Brighthouse

Financial,

Inc.

(a)

2,549

112,666

Cadence

Bank

6,823

137,961

Cannae

Holdings,

Inc.

(a)

2,735

49,886

Cathay

General

Bancorp

2,732

87,069

Claros

Mortgage

Trust,

Inc.

4,453

53,258

CNO

Financial

Group,

Inc.

4,218

94,652

Cohen

&

Steers,

Inc.

939

56,396

Columbia

Banking

System,

Inc.

7,734

165,198

Columbia

Financial,

Inc.

(a)

1,252

21,009

Community

Bank

System,

Inc.

1,964

98,121

Credit

Acceptance

Corp.

(a)

232

113,564

CVB

Financial

Corp.

4,879

73,039

Eastern

Bankshares

,

Inc.

5,886

68,572

Enact

Holdings,

Inc.

1,127

27,206

Enstar

Group

Ltd.

(a)

528

127,037

31

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Financials

–

15.0%

(continued)

Essent

Group

Ltd.

4,032

171,239

Euronet

Worldwide,

Inc.

(a)

1,752

194,016

Evercore

,

Inc.,

Class

A

1,338

152,626

EVERTEC,

Inc.

2,490

86,378

Federated

Hermes,

Inc.,

Class

B

3,152

130,461

First

American

Financial

Corp.

3,868

222,835

First

BanCorp.

6,767

79,512

First

Financial

Bancorp

3,583

74,168

First

Financial

Bankshares

,

Inc.

4,845

141,765

First

Hawaiian,

Inc.

4,819

92,091

First

Interstate

BancSystem

,

Inc.,

Class

A

3,265

83,551

First

Merchants

Corp.

2,251

65,684

FirstCash

Holdings,

Inc.

1,395

143,727

Flywire

Corp.

(a)

2,309

67,354

FNB

Corp.

13,363

153,407

Focus

Financial

Partners,

Inc.,

Class

A

(a)

2,192

113,852

Freedom

Holding

Corp.

(a)(b)

604

46,164

Fulton

Financial

Corp.

6,301

75,171

Glacier

Bancorp,

Inc.

4,091

135,944

Hamilton

Lane,

Inc.,

Class

A

1,315

96,889

Hancock

Whitney

Corp.

3,149

115,001

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

(b)(c)

3,336

94,676

Hanover

Insurance

Group,

Inc.

(The)

1,331

159,134

Heartland

Financial

USA,

Inc.

1,430

46,561

Hilltop

Holdings,

Inc.

1,715

53,199

Home

BancShares

,

Inc.

7,084

154,219

Houlihan

Lokey

,

Inc.,

Class

A

1,872

171,063

Independent

Bank

Corp.

1,706

95,536

Independent

Bank

Group,

Inc.

1,303

47,403

International

Bancshares

Corp.

1,949

83,164

Jackson

Financial,

Inc.,

Class

A

2,212

79,654

Janus

Henderson

Group

PLC

4,869

126,351

Kemper

Corp.

2,376

115,592

Lakeland

Financial

Corp.

942

47,731

Marqeta

,

Inc.,

Class

A

(a)

16,164

65,464

MGIC

Investment

Corp.

10,973

163,168

Moelis

&

Co.,

Class

A

2,390

90,533

Mr

Cooper

Group,

Inc.

(a)

2,604

120,565

Navient

Corp.

3,859

63,828

Nelnet,

Inc.,

Class

A

656

63,173

New

York

Community

Bancorp,

Inc.

25,337

270,853

Old

National

Bancorp

10,927

146,531

OneMain

Holdings,

Inc.,

Class

A

4,534

173,970

Pacific

Premier

Bancorp,

Inc.

3,499

77,818

PacWest

Bancorp

4,451

45,178

Palomar

Holdings,

Inc.

(a)

943

47,395

Park

National

Corp.

533

57,735

PennyMac

Financial

Services,

Inc.

1,119

69,926

Pinnacle

Financial

Partners,

Inc.

2,840

154,013

Popular,

Inc.

2,674

160,467

Primerica,

Inc.

1,371

250,221

Prosperity

Bancshares,

Inc.

3,385

211,969

Radian

Group,

Inc.

5,760

139,795

Remitly

Global,

Inc.

(a)(b)

3,648

61,286

RenaissanceRe

Holdings

Ltd.

1,624

349,826

Rithm

Capital

Corp.

(c)

17,647

144,000

RLI

Corp.

1,509

209,826

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)(b)

3,143

128,423

Selective

Insurance

Group,

Inc.

2,243

216,068

ServisFirst

Bancshares,

Inc.

1,842

93,021

Shift4

Payments,

Inc.,

Class

A

(a)(b)

1,960

132,829

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Financials

–

15.0%

(continued)

Simmons

First

National

Corp.,

Class

A

4,778

79,840

SLM

Corp.

9,203

138,229

SoFi

Technologies,

Inc.

(a)(b)

30,780

191,759

SouthState

Corp.

2,827

195,006

Starwood

Property

Trust,

Inc.

(b)(c)

11,570

206,987

Stifel

Financial

Corp.

3,919

235,022

Stock

Yards

Bancorp,

Inc.

1,123

54,578

Synovus

Financial

Corp.

5,422

166,998

Texas

Capital

Bancshares,

Inc.

(a)

1,780

89,445

TFS

Financial

Corp.

1,786

21,503

Towne

Bank

2,495

59,107

TPG,

Inc.,

Class

A

1,931

55,941

Tradeweb

Markets,

Inc.,

Class

A

4,141

291,568

Trupanion

,

Inc.

(a)(b)

1,307

45,889

Trustmark

Corp.

2,307

55,114

UMB

Financial

Corp.

1,601

101,840

United

Bankshares

,

Inc.

(b)

5,011

166,014

United

Community

Banks,

Inc.

4,248

105,775

Upstart

Holdings,

Inc.

(a)(b)

2,681

37,266

Valley

National

Bancorp

15,710

147,360

Virtu

Financial,

Inc.,

Class

A

3,387

67,909

Voya

Financial,

Inc.

3,624

277,164

Walker

&

Dunlop,

Inc.

1,127

75,858

Washington

Federal,

Inc.

2,488

69,764

WesBanco

,

Inc.

2,196

58,458

Western

Union

Co.

(The)

14,203

155,239

White

Mountains

Insurance

Group

Ltd.

98

140,350

Wintrust

Financial

Corp.

2,250

153,832

WSFS

Financial

Corp.

2,257

79,379

14,323,190

Health

Care

–

13.3%

10x

Genomics,

Inc.,

Class

A

(a)

3,620

189,797

AbCellera

Biologics,

Inc.

(a)

7,614

51,623

ACADIA

Pharmaceuticals,

Inc.

(a)

4,509

96,177

Agiliti

,

Inc.

(a)(b)

1,307

21,853

Alkermes

PLC

(a)

6,134

175,126

Amedisys

,

Inc.

(a)

1,242

99,733

Amicus

Therapeutics,

Inc.

(a)

9,452

109,076

AMN

Healthcare

Services,

Inc.

(a)

1,601

138,246

Amylyx

Pharmaceuticals,

Inc.

(a)(b)

1,432

40,669

Apellis

Pharmaceuticals,

Inc.

(a)

3,496

291,671

Apollo

Medical

Holdings,

Inc.

(a)(b)

1,477

52,419

Arrowhead

Pharmaceuticals,

Inc.

(a)

4,016

142,207

Arvinas

,

Inc.

(a)

1,776

46,549

AtriCure

,

Inc.

(a)

1,714

75,399

Axonics

,

Inc.

(a)

1,850

106,301

Azenta

,

Inc.

(a)

2,562

111,421

Beam

Therapeutics,

Inc.

(a)(b)

2,190

67,255

Blueprint

Medicines

Corp.

(a)

2,257

115,220

Cerevel

Therapeutics

Holdings,

Inc.

(a)(b)

2,379

69,086

Certara

,

Inc.

(a)

3,928

94,940

CONMED

Corp.

(b)

1,137

142,773

Corcept

Therapeutics,

Inc.

(a)

3,617

81,491

CorVel

Corp.

(a)

348

70,306

CRISPR

Therapeutics

AG

(a)(b)

2,964

145,058

Cytokinetics,

Inc.

(a)(b)

3,569

133,481

Denali

Therapeutics,

Inc.

(a)

4,038

100,304

Doximity

,

Inc.,

Class

A

(a)(b)

4,401

161,737

Elanco

Animal

Health,

Inc.

(a)

16,583

157,041

Encompass

Health

Corp.

3,722

238,766

Enovis

Corp.

(a)

1,776

103,452

32

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Health

Care

–

13.3%

(continued)

Ensign

Group,

Inc.

(The)

2,068

200,782

Envista

Holdings

Corp.

(a)

6,091

234,443

EQRx

,

Inc.

(a)

8,610

14,465

Evolent

Health,

Inc.,

Class

A

(a)

3,381

123,102

Exact

Sciences

Corp.

(a)

6,632

424,912

Exelixis

,

Inc.

(a)

12,070

220,881

Fate

Therapeutics,

Inc.

(a)

3,090

18,756

Glaukos

Corp.

(a)

1,786

84,853

Globus

Medical,

Inc.,

Class

A

(a)

2,895

168,315

Guardant

Health,

Inc.

(a)

3,751

84,623

Haemonetics

Corp.

(a)

1,885

157,793

Halozyme

Therapeutics,

Inc.

(a)

5,051

162,289

Harmony

Biosciences

Holdings,

Inc.

(a)

1,074

34,626

HealthEquity

,

Inc.

(a)

3,151

168,421

ICU

Medical,

Inc.

(a)

767

145,070

Inari

Medical,

Inc.

(a)

1,833

121,748

Insmed

,

Inc.

(a)

4,999

97,480

Inspire

Medical

Systems,

Inc.

(a)

1,079

288,773

Integer

Holdings

Corp.

(a)

1,232

101,455

Integra

LifeSciences

Holdings

Corp.

(a)

2,714

150,138

Intellia

Therapeutics,

Inc.

(a)

3,142

118,611

Intra-Cellular

Therapies,

Inc.

(a)

3,281

203,914

Ionis

Pharmaceuticals,

Inc.

(a)

5,296

187,320

iRhythm

Technologies,

Inc.

(a)

1,120

147,168

IVERIC

bio,

Inc.

(a)

4,793

157,642

Lantheus

Holdings,

Inc.

(a)

2,569

219,521

LifeStance

Health

Group,

Inc.

(a)

3,507

28,582

LivaNova

PLC

(a)

2,018

96,662

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(a)

4,148

57,201

Masimo

Corp.

(a)

1,811

342,533

Medpace

Holdings,

Inc.

(a)

942

188,532

Merit

Medical

Systems,

Inc.

(a)

2,116

172,010

Mirati

Therapeutics,

Inc.

(a)

1,907

84,499

Multiplan

Corp.

(a)(b)

8,802

8,611

Natera

,

Inc.

(a)

4,052

205,517

Neogen

Corp.

(a)

7,969

137,226

NuVasive

,

Inc.

(a)

1,902

81,862

Oak

Street

Health,

Inc.

(a)

4,339

169,091

Omnicell

,

Inc.

(a)

1,667

101,304

Option

Care

Health,

Inc.

(a)

6,204

199,459

Pacira

BioSciences

,

Inc.

(a)

1,668

75,577

Patterson

Cos.,

Inc.

3,201

86,779

Penumbra,

Inc.

(a)

1,417

402,598

Perrigo

Co.

PLC

5,038

187,363

Premier,

Inc.,

Class

A

4,419

147,285

Prestige

Consumer

Healthcare,

Inc.

(a)

1,836

112,969

Privia

Health

Group,

Inc.

(a)

1,852

51,171

Progyny

,

Inc.

(a)

2,818

93,670

Prometheus

Biosciences,

Inc.

(a)

1,281

248,450

PTC

Therapeutics,

Inc.

(a)

2,728

150,422

QuidelOrtho

Corp.

(a)

1,996

179,540

Relay

Therapeutics,

Inc.

(a)

3,325

37,805

Roivant

Sciences

Ltd.

(a)

4,189

35,816

Sage

Therapeutics,

Inc.

(a)

1,911

93,352

Select

Medical

Holdings

Corp.

3,915

119,408

Sotera

Health

Co.

(a)

3,567

59,819

STAAR

Surgical

Co.

(a)

1,834

129,242

Surgery

Partners,

Inc.

(a)

2,500

99,150

Syneos

Health,

Inc.,

Class

A

(a)

3,793

148,913

Tandem

Diabetes

Care,

Inc.

(a)

2,428

96,100

Teladoc

Health,

Inc.

(a)

6,040

160,241

Tenet

Healthcare

Corp.

(a)

4,034

295,773

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Health

Care

–

13.3%

(continued)

Tilray

Brands,

Inc.

(a)(b)

22,707

53,361

Ultragenyx

Pharmaceutical,

Inc.

(a)

2,560

111,795

Vaxcyte

,

Inc.

(a)

2,316

99,194

Vir

Biotechnology,

Inc.

(a)

2,842

71,476

12,686,636

Industrials

–

19.0%

AAON,

Inc.

1,570

153,860

ABM

Industries,

Inc.

2,432

103,555

Acuity

Brands,

Inc.

1,201

189,013

Aerojet

Rocketdyne

Holdings,

Inc.

(a)

2,839

160,148

AeroVironment

,

Inc.

(a)

939

94,548

Air

Lease

Corp.,

Class

A

3,860

155,249

Air

Transport

Services

Group,

Inc.

(a)

2,074

42,123

Alaska

Air

Group,

Inc.

(a)

4,744

206,174

Albany

International

Corp.,

Class

A

1,165

106,260

Alight,

Inc.,

Class

A

(a)

11,671

107,957

Allison

Transmission

Holdings,

Inc.

3,445

168,082

API

Group

Corp.

(a)

7,547

171,770

Applied

Industrial

Technologies,

Inc.

1,432

194,265

Arcosa

,

Inc.

1,779

120,154

Armstrong

World

Industries,

Inc.

1,709

117,340

ASGN,

Inc.

(a)

1,839

131,654

Atkore

,

Inc.

(a)

1,465

185,073

AZEK

Co.,

Inc.

(The),

Class

A

(a)

3,988

108,234

Beacon

Roofing

Supply,

Inc.

(a)

1,907

114,763

Bloom

Energy

Corp.,

Class

A

(a)

6,718

111,855

Boise

Cascade

Co.

1,471

100,484

Brady

Corp.,

Class

A

1,719

87,721

Brink's

Co.

(The)

1,715

107,788

BWX

Technologies,

Inc.

3,390

218,926

CACI

International,

Inc.,

Class

A

(a)

882

276,348

Casella

Waste

Systems,

Inc.,

Class

A

(a)

1,894

168,566

CBIZ,

Inc.

(a)

1,900

100,111

ChargePoint

Holdings,

Inc.

(a)(b)

9,858

85,469

Clean

Harbors,

Inc.

(a)

1,867

271,014

Comfort

Systems

USA,

Inc.

1,330

198,822

Core

&

Main,

Inc.,

Class

A

(a)(b)

2,682

69,893

Crane

NXT

Co.

1,782

84,395

CSG

Systems

International,

Inc.

1,120

59,002

Curtiss-Wright

Corp.

1,435

243,706

Donaldson

Co.,

Inc.

4,525

287,564

Driven

Brands

Holdings,

Inc.

(a)

2,131

65,422

Dun

&

Bradstreet

Holdings,

Inc.

8,179

91,359

Dycom

Industries,

Inc.

(a)

1,098

101,697

EMCOR

Group,

Inc.

1,778

304,038

Encore

Wire

Corp.

678

105,992

EnerSys

1,518

125,948

EnPro

Industries,

Inc.

768

72,399

Esab

Corp.

1,938

113,102

Evoqua

Water

Technologies

Corp.

(a)

4,572

226,085

ExlService

Holdings,

Inc.

(a)

1,227

218,872

Exponent,

Inc.

1,886

173,606

Federal

Signal

Corp.

2,265

116,376

First

Advantage

Corp.

(a)

2,090

26,877

Flowserve

Corp.

4,879

162,910

Fluor

Corp.

(a)(b)

5,259

152,827

Forward

Air

Corp.

990

104,455

Franklin

Electric

Co.,

Inc.

1,477

132,147

Frontier

Group

Holdings,

Inc.

(a)

1,372

13,020

FTI

Consulting,

Inc.

(a)

1,289

232,664

Gates

Industrial

Corp.

PLC

(a)

3,871

52,142

33

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Industrials

–

19.0%

(continued)

GATX

Corp.

1,302

148,311

GMS,

Inc.

(a)

1,547

89,819

GXO

Logistics,

Inc.

(a)

4,447

236,269

Hayward

Holdings,

Inc.

(a)

4,308

51,868

Helios

Technologies,

Inc.

1,239

74,513

Herc

Holdings,

Inc.

932

93,219

Hexcel

Corp.

3,134

225,899

Hillenbrand,

Inc.

2,554

116,513

Hub

Group,

Inc.,

Class

A

(a)

1,221

92,063

ICF

International,

Inc.

651

74,214

Insperity

,

Inc.

1,332

163,117

ITT,

Inc.

3,098

261,595

JetBlue

Airways

Corp.

(a)

12,123

86,558

Joby

Aviation,

Inc.

(a)(b)

10,814

46,825

John

Bean

Technologies

Corp.

1,193

129,691

Kadant

,

Inc.

434

80,650

KBR,

Inc.

5,096

289,096

Kennametal,

Inc.

3,012

78,191

Kirby

Corp.

(a)

2,234

160,491

Korn

Ferry

1,959

94,071

Landstar

System,

Inc.

1,333

234,648

Legalzoom.com,

Inc.

(a)

3,623

33,984

Lyft,

Inc.,

Class

A

(a)(b)

11,943

122,416

ManpowerGroup

,

Inc.

1,887

142,865

MasTec

,

Inc.

(a)

2,195

194,938

Matson,

Inc.

1,411

95,990

MAXIMUS,

Inc.

2,251

188,296

McGrath

RentCorp

917

81,503

MDU

Resources

Group,

Inc.

7,566

221,078

Mercury

Systems,

Inc.

(a)

2,134

101,728

Moog,

Inc.,

Class

A

1,117

100,653

MSA

Safety,

Inc.

1,381

179,185

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

1,758

159,503

Mueller

Industries,

Inc.

2,123

152,538

Nv5

Global,

Inc.

(a)

468

44,334

nVent

Electric

PLC

6,189

259,505

Oshkosh

Corp.

2,434

186,250

Parsons

Corp.

(a)

1,246

54,201

Paycor

HCM,

Inc.

(a)

1,775

41,712

Resideo

Technologies,

Inc.

(a)

5,521

98,274

Rocket

Lab

USA,

Inc.

(a)(b)

8,031

31,481

Rush

Enterprises,

Inc.,

Class

A

1,596

84,764

Rush

Enterprises,

Inc.,

Class

B

295

17,281

Ryder

System,

Inc.

1,879

148,742

Saia,

Inc.

(a)

986

293,601

Schneider

National,

Inc.,

Class

B

1,421

37,188

Science

Applications

International

Corp.

2,049

209,059

Sensata

Technologies

Holding

PLC

5,700

247,665

Simpson

Manufacturing

Co.,

Inc.

1,586

199,487

SiteOne

Landscape

Supply,

Inc.

(a)

1,688

249,385

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

3,975

118,296

Spirit

Airlines,

Inc.

4,156

71,068

SPX

Technologies,

Inc.

(a)

1,661

105,772

Stericycle,

Inc.

(a)

3,444

157,219

Sterling

Check

Corp.

(a)(b)

882

9,914

SunPower

Corp.,

Class

A

(a)(b)

3,207

42,397

Sunrun

,

Inc.

(a)

7,965

167,584

Terex

Corp.

2,488

110,940

Timken

Co.

(The)

2,450

188,282

Trex

Co.,

Inc.

(a)

4,089

223,505

TriNet

Group,

Inc.

(a)

1,361

126,274

Trinity

Industries,

Inc.

2,973

71,203

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Industrials

–

19.0%

(continued)

Triton

International

Ltd.

2,195

181,461

TTEC

Holdings,

Inc.

712

24,258

UFP

Industries,

Inc.

2,297

180,360

UniFirst

Corp.

586

95,916

Univar

Solutions,

Inc.

(a)

6,061

215,165

Valmont

Industries,

Inc.

796

231,286

Verra

Mobility

Corp.,

Class

A

(a)(b)

5,244

88,886

Vertiv

Holdings

Co.,

Class

A

11,272

168,178

Watts

Water

Technologies,

Inc.,

Class

A

1,015

164,156

Werner

Enterprises,

Inc.

2,147

96,980

WESCO

International,

Inc.

1,674

241,056

Woodward,

Inc.

2,216

212,780

XPO,

Inc.

(a)

4,295

189,753

Zurn

Elkay

Water

Solutions

Corp.

5,349

115,271

18,097,011

Information

Technology

–

12.4%

ACI

Worldwide,

Inc.

(a)

4,194

106,234

Advanced

Energy

Industries,

Inc.

1,393

120,494

Alarm.com

Holdings,

Inc.

(a)

1,891

90,182

Allegro

MicroSystems

,

Inc.

(a)

2,432

86,993

Altair

Engineering,

Inc.,

Class

A

(a)

1,963

135,545

Alteryx

,

Inc.,

Class

A

(a)

2,310

95,010

Ambarella

,

Inc.

(a)

1,353

83,859

Amkor

Technology,

Inc.

3,798

84,961

Appfolio

,

Inc.,

Class

A

(a)

713

99,549

Appian

Corp.,

Class

A

(a)

1,545

58,015

AppLovin

Corp.,

Class

A

(a)(b)

4,602

78,234

Asana,

Inc.,

Class

A

(a)

2,801

45,320

Avnet,

Inc.

3,377

139,335

Badger

Meter,

Inc.

1,091

144,372

Belden,

Inc.

1,588

125,277

Blackbaud

,

Inc.

(a)

1,673

116,031

BlackLine

,

Inc.

(a)

2,030

113,091

Box,

Inc.,

Class

A

(a)

5,318

140,714

Calix,

Inc.

(a)

2,084

95,239

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

4,096

35,553

Cirrus

Logic,

Inc.

(a)

2,053

176,127

Clear

Secure,

Inc.,

Class

A

(b)

2,895

70,030

Coherent

Corp.

(a)

5,169

176,470

CommVault

Systems,

Inc.

(a)

1,660

96,728

Confluent,

Inc.,

Class

A

(a)

5,739

126,258

Cvent

Holding

Corp.,

Class

A

(a)

2,314

19,461

DigitalOcean

Holdings,

Inc.

(a)(b)

2,285

72,069

Diodes,

Inc.

(a)

1,692

134,852

Dolby

Laboratories,

Inc.,

Class

A

2,260

189,139

DoubleVerify

Holdings,

Inc.

(a)

3,247

95,527

Dropbox,

Inc.,

Class

A

(a)

10,034

204,092

E2open

Parent

Holdings,

Inc.

(a)(b)

6,187

38,916

Elastic

NV

(a)

2,904

166,254

EngageSmart

,

Inc.

(a)

1,061

18,217

Envestnet

,

Inc.

(a)

2,081

131,894

Extreme

Networks,

Inc.

(a)

4,811

85,540

Fabrinet

(a)

1,359

129,037

Five9,

Inc.

(a)

2,619

169,816

Gitlab

,

Inc.,

Class

A

(a)

2,333

70,830

Guidewire

Software,

Inc.

(a)

3,038

231,465

Impinj

,

Inc.

(a)

793

70,109

Informatica

,

Inc.,

Class

A

(a)

1,476

22,819

Insight

Enterprises,

Inc.

(a)

1,123

135,827

Instructure

Holdings,

Inc.

(a)

594

15,759

IPG

Photonics

Corp.

(a)

1,205

138,551

34

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Information

Technology

–

12.4%

(continued)

Itron

,

Inc.

(a)

1,717

91,688

Jamf

Holding

Corp.

(a)

1,664

31,483

JFrog

Ltd.

(a)

2,208

41,003

Kulicke

&

Soffa

Industries,

Inc.

2,190

104,375

Kyndryl

Holdings,

Inc.

(a)

7,608

110,012

Lattice

Semiconductor

Corp.

(a)

5,114

407,586

Littelfuse

,

Inc.

925

224,072

Lumentum

Holdings,

Inc.

(a)

2,545

122,796

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

1,925

112,304

MaxLinear

,

Inc.,

Class

A

(a)

2,684

64,765

Microstrategy

,

Inc.,

Class

A

(a)(b)

357

117,232

MKS

Instruments,

Inc.

2,119

177,720

National

Instruments

Corp.

4,877

283,988

nCino

,

Inc.

(a)(b)

2,904

71,816

NCR

Corp.

(a)

5,178

115,418

NetScout

Systems,

Inc.

(a)

2,561

69,685

New

Relic,

Inc.

(a)

2,192

156,662

Novanta

,

Inc.

(a)

1,328

202,971

Nutanix

,

Inc.,

Class

A

(a)

8,561

205,293

Onto

Innovation,

Inc.

(a)

1,834

148,517

PagerDuty

,

Inc.

(a)

3,049

91,653

Pegasystems

,

Inc.

1,488

67,883

Perficient

,

Inc.

(a)

1,309

84,980

Plexus

Corp.

(a)

1,012

88,520

Power

Integrations,

Inc.

2,130

155,021

PowerSchool

Holdings,

Inc.,

Class

A

(a)

1,478

30,861

Progress

Software

Corp.

(b)

1,610

88,357

Q2

Holdings,

Inc.

(a)

2,188

53,869

Qualtrics

International,

Inc.,

Class

A

(a)

4,181

74,965

Qualys

,

Inc.

(a)

1,284

145,015

Rambus,

Inc.

(a)

3,997

177,227

Rapid7,

Inc.

(a)

2,250

109,372

RingCentral,

Inc.,

Class

A

(a)

2,845

78,408

Sabre

Corp.

(a)(b)

12,312

49,248

Sanmina

Corp.

(a)

2,133

111,471

SentinelOne

,

Inc.,

Class

A

(a)

8,116

130,424

Silicon

Laboratories,

Inc.

(a)

1,240

172,732

SiTime

Corp.

(a)

591

64,106

Smartsheet

,

Inc.,

Class

A

(a)

4,874

199,200

Sprout

Social,

Inc.,

Class

A

(a)

1,785

87,929

SPS

Commerce,

Inc.

(a)

1,342

197,677

Squarespace,

Inc.,

Class

A

(a)

1,553

48,298

Super

Micro

Computer,

Inc.

(a)

1,735

182,921

Synaptics

,

Inc.

(a)

1,489

131,866

Tenable

Holdings,

Inc.

(a)

4,202

155,432

Teradata

Corp.

(a)

3,801

147,137

Thoughtworks

Holding,

Inc.

(a)

2,434

15,164

UiPath

,

Inc.,

Class

A

(a)(b)

13,218

186,109

Universal

Display

Corp.

1,618

215,938

Varonis

Systems,

Inc.,

Class

B

(a)

4,154

96,207

Verint

Systems,

Inc.

(a)

2,432

88,744

Viasat

,

Inc.

(a)

2,847

99,730

Viavi

Solutions,

Inc.

(a)

8,266

74,063

Vishay

Intertechnology

,

Inc.

4,751

101,149

Vontier

Corp.

5,864

159,090

Workiva

,

Inc.,

Class

A

(a)

1,704

159,188

Xerox

Holdings

Corp.

4,276

67,005

11,826,140

Materials

–

5.8%

Alpha

Metallurgical

Resources,

Inc.

533

78,117

Arconic

Corp.

(a)

3,799

94,025

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Materials

–

5.8%

(continued)

Ashland,

Inc.

1,869

189,909

ATI,

Inc.

(a)

4,785

184,797

Avient

Corp.

3,144

121,075

Axalta

Coating

Systems

Ltd.

(a)

8,214

259,316

Balchem

Corp.

1,186

155,840

Berry

Global

Group,

Inc.

4,509

260,665

Cabot

Corp.

2,107

151,198

Chemours

Co.

(The)

5,569

161,891

Commercial

Metals

Co.

4,381

204,549

Eagle

Materials,

Inc.

1,363

202,010

Element

Solutions,

Inc.

8,411

152,660

Ginkgo

Bioworks

Holdings,

Inc.

(a)(b)

37,554

45,816

Graphic

Packaging

Holding

Co.

11,423

281,691

Greif,

Inc.,

Class

A

953

59,839

Greif,

Inc.,

Class

B

230

18,110

HB

Fuller

Co.

2,013

133,200

Hecla

Mining

Co.

21,153

127,976

Huntsman

Corp.

6,737

180,484

Ingevity

Corp.

(a)

1,300

93,262

Innospec

,

Inc.

947

96,244

Livent

Corp.

(a)(b)

6,722

146,876

Louisiana-Pacific

Corp.

2,680

160,103

Minerals

Technologies,

Inc.

1,237

73,305

MP

Materials

Corp.

(a)(b)

3,385

73,353

NewMarket

Corp.

248

99,101

O-I

Glass,

Inc.,

Class

I

(a)

5,656

127,090

Quaker

Chemical

Corp.

(b)

502

93,688

Royal

Gold,

Inc.

2,455

325,140

Scotts

Miracle-GRO

Co.

(The)

1,525

101,885

Sensient

Technologies

Corp.

1,597

118,913

Silgan

Holdings,

Inc.

3,094

152,410

Sonoco

Products

Co.

3,632

220,172

Stepan

Co.

775

71,455

Summit

Materials,

Inc.,

Class

A

(a)

4,341

118,987

Sylvamo

Corp.

1,245

57,046

Tronox

Holdings

PLC,

Class

A

4,169

57,074

United

States

Steel

Corp.

8,401

192,215

Worthington

Industries,

Inc.

1,138

67,586

5,509,073

Real

Estate

–

5.6%

Agree

Realty

Corp.

(c)

3,278

222,871

Apartment

Income

REIT

Corp.

(c)

5,531

204,536

Apple

Hospitality

REIT,

Inc.

(c)

7,947

118,331

Broadstone

NET

Lease,

Inc.,

Class

A

(c)

6,353

102,728

Corporate

Office

Properties

Trust

(c)

4,159

95,200

Cousins

Properties,

Inc.

(c)

5,621

122,594

Cushman

&

Wakefield

PLC

(a)(b)

6,002

59,120

DiamondRock

Hospitality

Co.

(c)

7,927

64,288

DigitalBridge

Group,

Inc.

5,480

68,116

Douglas

Emmett,

Inc.

(c)

6,621

85,279

EPR

Properties

(c)

2,739

114,928

Equity

Commonwealth

(c)

4,105

85,056

Essential

Properties

Realty

Trust,

Inc.

(c)

5,295

131,051

eXp

World

Holdings,

Inc.

(b)

2,727

31,879

First

Industrial

Realty

Trust,

Inc.

(c)

4,928

258,572

Four

Corners

Property

Trust,

Inc.

(c)

3,150

80,357

Highwoods

Properties,

Inc.

(c)

3,978

91,176

Howard

Hughes

Corp.

(The)

(a)

1,289

99,730

Independence

Realty

Trust,

Inc.

(c)

8,372

139,394

Innovative

Industrial

Properties,

Inc.,

Class

A

(c)

1,065

73,006

JBG

SMITH

Properties

(c)

3,678

52,485

35

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Real

Estate

–

5.6%

(continued)

Kennedy-Wilson

Holdings,

Inc.

4,286

71,919

Kilroy

Realty

Corp.

(c)

3,923

114,709

Kite

Realty

Group

Trust

(c)

8,168

169,241

LXP

Industrial

Trust,

Class

B

(c)

10,353

97,318

Macerich

Co.

(The)

(c)

8,079

80,709

National

Health

Investors,

Inc.

(c)

1,598

79,532

National

Storage

Affiliates

Trust

(c)

3,152

121,510

Outfront

Media,

Inc.

(c)

5,517

91,913

Park

Hotels

&

Resorts,

Inc.

(c)

8,267

99,617

Pebblebrook

Hotel

Trust

(c)

4,927

70,111

Phillips

Edison

&

Co.,

Inc.

(c)

4,395

138,618

Physicians

Realty

Trust

(c)

8,542

123,176

PotlatchDeltic

Corp.

(b)(c)

3,018

139,522

Rayonier,

Inc.

(c)

5,470

171,539

Retail

Opportunity

Investments

Corp.

(c)

4,693

61,150

RLJ

Lodging

Trust

(c)

5,992

60,519

Ryman

Hospitality

Properties,

Inc.

(c)

2,059

184,610

Sabra

Health

Care

REIT,

Inc.

(c)

8,742

99,659

Safehold

,

Inc.

(c)

1,494

41,414

SITE

Centers

Corp.

(c)

6,826

84,233

SL

Green

Realty

Corp.

(c)

2,429

57,494

Spirit

Realty

Capital,

Inc.

(c)

5,168

198,761

St.

Joe

Co.

(The)

1,240

50,964

STAG

Industrial,

Inc.

(b)(c)

6,701

226,963

Sunstone

Hotel

Investors,

Inc.

(c)

7,929

75,563

Terreno

Realty

Corp.

(c)

2,709

166,847

Uniti

Group,

Inc.

(c)

8,979

30,708

Vornado

Realty

Trust

(b)(c)

6,057

90,916

WeWork

,

Inc.,

Class

A

(a)(b)

8,854

3,732

Xenia

Hotels

&

Resorts,

Inc.

(c)

4,155

52,602

5,356,266

Utilities

–

3.2%

ALLETE,

Inc.

2,135

133,181

American

States

Water

Co.

1,376

122,120

Avista

Corp.

2,725

120,091

Black

Hills

Corp.

2,427

158,459

California

Water

Service

Group

2,026

113,618

Chesapeake

Utilities

Corp.

671

82,869

Clearway

Energy,

Inc.,

Class

A

1,309

37,935

Clearway

Energy,

Inc.,

Class

C

(b)

3,099

94,117

Hawaiian

Electric

Industries,

Inc.

4,097

160,643

IDACORP,

Inc.

1,890

210,017

MGE

Energy,

Inc.

1,344

102,964

Montauk

Renewables,

Inc.

(a)

2,256

15,002

National

Fuel

Gas

Co.

3,422

191,290

New

Jersey

Resources

Corp.

3,623

187,092

NorthWestern

Corp.

2,144

125,681

ONE

Gas,

Inc.

2,011

154,746

Ormat

Technologies,

Inc.

1,950

167,330

Otter

Tail

Corp.

(b)

1,555

111,882

PNM

Resources,

Inc.

3,199

153,968

Portland

General

Electric

Co.

3,337

168,919

SJW

Group

990

75,161

Southwest

Gas

Holdings,

Inc.

2,415

135,240

Spire,

Inc.

1,954

132,344

Sunnova

Energy

International,

Inc.

(a)(b)

3,692

66,308

3,020,977

Total

Common

Stocks

(cost

$104,729,826)

95,108,873

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Investment

Companies

–

0.1%

Registered

Investment

Companies

–

0.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.81%

(d)(e)

(cost

$129,126)

129,126

129,126

Investment

of

Cash

Collateral

for

Securities

Loaned

–

2.3%

Registered

Investment

Companies

–

2.3%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.81%

(d)(e)

(cost

$2,140,497)

2,140,497

2,140,497

Total

Investments

(cost

$106,999,449)

102.2%

97,378,496

Liabilities,

Less

Cash

and

Receivables

(2.2)%

(2,051,216)

Net

Assets

100.0%

95,327,280

REIT—Real

Estate

Investment

Trust

(a)

Non-income

producing

security.

(b)

Security,

or

portion

thereof,

on

loan.

At

April

30,

2023,

the

value

of

the

fund’s

securities

on

loan

was

$6,703,206

and

the

value

of

the

collateral

was

$6,812,773,

consisting

of

cash

collateral

of

$2,140,497

and

U.S.

Government

&

Agency

securities

valued

at

$4,672,276.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

(c)

Investment

in

a

real

estate

investment

trust.

(d)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(e)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2023.

36

STATEMENT

OF

INVESTMENTS

(continued)

See

Notes

to

Financial

Statements

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2023

are

as

follows:

Description

Value

10/31/22

Purchases

($)

1

Sales

($)

Value

4/30/23

Dividends/

Distributions

($)

Investment

Companies

–

0.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

65,751

1,244,601

(1,181,226)

129,126

3,035

Investment

of

Cash

Collateral

for

Securities

Loaned

–

2.3%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

714,417

6,224,924

(4,798,844)

2,140,497

52,382

2

Total

–

2.4%

780,168

7,469,525

(5,980,070)

2,269,623

55,417

1

Includes

reinvested

dividends/distributions.

2

Represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Portfolio

Summary

(Unaudited)

†

Value

(%)

Industrials

19.0

Financials

15.0

Consumer

Discretionary

14.8

Health

Care

13.3

Information

Technology

12.4

Materials

5.8

Real

Estate

5.6

Energy

3.9

Consumer

Staples

3.8

Utilities

3.2

Communication

Services

3.0

Registered

Investment

Companies

2.4

102.2

†

Based

on

net

assets.

Futures

Description

Number

of

Contracts

Expiration

Notional

Value

($)

Market

Value

($)

Unrealized

Appreciation

(Depreciation)

($)

Futures

Long

Russell

2000

E-mini

2

6/16/2023

179,298

177,480

(1,818)

37

STATEMENT

OF

INVESTMENTS

April

30,

2023

(Unaudited)

BNY

Mellon

International

Equity

ETF

Description

Shares

Value

($)

Common

Stocks

–

99.0%

Australia

–

6.3%

ANZ

Group

Holdings

Ltd.

82,918

1,334,294

APA

Group

33,510

227,652

Aristocrat

Leisure

Ltd.

18,037

451,879

ASX

Ltd.

5,005

226,469

BHP

Group

Ltd.

12,756

374,851

BHP

Group

Ltd.

129,370

3,795,948

Brambles

Ltd.

38,998

367,249

Cochlear

Ltd.

1,851

301,699

Coles

Group

Ltd.

38,490

462,938

Commonwealth

Bank

of

Australia

47,108

3,093,214

Computershare

Ltd.

15,678

232,082

CSL

Ltd.

13,492

2,680,033

Endeavour

Group

Ltd.

41,013

184,033

Fortescue

Metals

Group

Ltd.

47,285

654,340

Goodman

Group

(a)

48,298

616,333

Insurance

Australia

Group

Ltd.

68,105

224,136

Macquarie

Group

Ltd.

10,094

1,218,057

Mineral

Resources

Ltd.

4,424

215,411

National

Australia

Bank

Ltd.

88,437

1,685,516

Newcrest

Mining

Ltd.

25,890

494,805

Northern

Star

Resources

Ltd.

31,471

279,936

Pilbara

Minerals

Ltd.

72,247

202,437

Qantas

Airways

Ltd.

(b)

27,755

121,057

QBE

Insurance

Group

Ltd.

41,540

420,835

Ramsay

Health

Care

Ltd.

5,052

215,909

REA

Group

Ltd.

1,629

151,672

Rio

Tinto

Ltd.

10,227

758,644

Santos

Ltd.

95,367

445,575

Scentre

Group

(a)

147,092

279,953

Sonic

Healthcare

Ltd.

14,005

328,005

South32

Ltd.

124,858

349,853

Suncorp

Group

Ltd.

36,362

299,893

Telstra

Group

Ltd.

115,968

334,906

Transurban

Group

85,723

849,186

Wesfarmers

Ltd.

30,546

1,049,085

Westpac

Banking

Corp.

98,912

1,468,777

Wisetech

Global

Ltd.

4,891

221,601

Woodside

Energy

Group

Ltd.

51,538

1,147,105

Woodside

Energy

Group

Ltd.

2,305

52,351

Woolworths

Group

Ltd.

33,717

865,207

28,682,926

Austria

–

0.1%

Erste

Group

Bank

AG

10,258

372,699

OMV

AG

4,195

198,403

Verbund

AG

938

83,776

654,878

Belgium

–

0.9%

Anheuser-Busch

InBev

SA/NV

27,763

1,811,430

D'ieteren

Group

607

114,257

Elia

Group

SA

1,045

143,517

Groupe

Bruxelles

Lambert

NV

2,790

250,416

KBC

Group

NV

9,397

672,044

Sofina

SA

470

107,823

Solvay

SA,

Class

A

2,090

251,155

UCB

SA

3,464

322,843

Umicore

SA

5,857

192,432

3,865,917

Canada

–

10.0%

Agnico

Eagle

Mines

Ltd.

13,765

780,047

Alimentation

Couche-Tard,

Inc.

21,833

1,088,511

Bank

of

Montreal

19,914

1,793,185

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.0%

(continued)

Canada

–

10.0%

(continued)

Bank

of

Nova

Scotia

(The)

33,615

1,676,165

Barrick

Gold

Corp.

49,594

941,931

BCE,

Inc.

8,882

426,451

Brookfield

Asset

Management

Ltd.,

Class

A

10,061

336,924

Brookfield

Corp.,

Class

A

40,281

1,305,576

Canadian

Imperial

Bank

of

Commerce

24,452

1,024,016

Canadian

National

Railway

Co.

16,907

2,013,183

Canadian

Natural

Resources

Ltd.

30,770

1,873,016

Canadian

Pacific

Kansas

City

Ltd.

26,014

2,048,437

Cenovus

Energy,

Inc.

38,013

637,334

CGI,

Inc.,

Class

A

(b)

5,976

605,883

Constellation

Software,

Inc.

553

1,081,218

Dollarama,

Inc.

7,860

486,331

Enbridge,

Inc.

56,184

2,231,536

First

Quantum

Minerals

Ltd.

16,121

391,288

Fortis,

Inc.

13,824

606,348

Franco-Nevada

Corp.

5,396

817,894

George

Weston

Ltd.

1,859

249,347

Great-West

Lifeco,

Inc.

8,512

241,748

Hydro

One

Ltd.

(c)

9,145

267,547

Imperial

Oil

Ltd.

4,873

248,123

Intact

Financial

Corp.

4,896

739,797

Loblaw

Cos.

Ltd.

4,407

414,056

Magna

International,

Inc.

7,115

370,570

Manulife

Financial

Corp.

52,255

1,030,614

Metro,

Inc.,

Class

A

6,900

392,847

National

Bank

of

Canada

9,316

693,943

Nutrien

Ltd.

14,623

1,013,357

Pembina

Pipeline

Corp.

15,130

497,529

Power

Corp.

of

Canada

15,854

424,199

Restaurant

Brands

International,

Inc.

8,643

605,259

Rogers

Communications,

Inc.,

Class

B

9,963

491,722

Royal

Bank

of

Canada

38,885

3,856,390

Shopify,

Inc.,

Class

A

(b)

33,751

1,633,426

Sun

Life

Financial,

Inc.

16,685

817,581

Suncor

Energy,

Inc.

38,171

1,193,846

TC

Energy

Corp.

27,750

1,152,107

Teck

Resources

Ltd.,

Class

B

12,397

576,845

TELUS

Corp.

13,805

292,324

Thomson

Reuters

Corp.

4,397

577,578

Toronto-Dominion

Bank

(The)

50,073

3,029,928

Tourmaline

Oil

Corp.,

Class

Common

Subscription

Receipt

8,601

386,008

Waste

Connections,

Inc.

7,173

996,700

Wheaton

Precious

Metals

Corp.

12,620

622,021

WSP

Global,

Inc.

3,480

458,791

45,439,477

Chile

–

0.0%

Antofagasta

PLC

10,099

185,387

China

–

0.1%

Wuxi

Biologics

Cayman,

Inc.

(b)(c)

100,500

594,686

Denmark

–

2.8%

AP

Moller

-

Maersk

A/S,

Class

A

82

146,357

AP

Moller

-

Maersk

A/S,

Class

B

161

290,817

Carlsberg

A/S,

Class

B

2,686

444,597

Coloplast

A/S,

Class

B

3,419

492,748

Danske

Bank

A/S

(b)

19,513

412,006

DSV

A/S

5,026

945,823

Genmab

A/S

(b)

1,814

746,955

38

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.0%

(continued)

Denmark

–

2.8%

(continued)

Novo

Nordisk

A/S,

Class

B

45,956

7,655,136

Novozymes

A/S,

Class

B

5,405

281,326

Orsted

A/S

(c)

5,362

481,772

Tryg

A/S

11,039

260,797

Vestas

Wind

Systems

A/S

(b)

28,443

785,550

12,943,884

Finland

–

1.1%

Elisa

OYJ

4,522

281,165

Fortum

OYJ

12,531

187,176

Kesko

OYJ,

Class

A

4,118

85,561

Kesko

OYJ,

Class

B

8,237

171,915

Kone

OYJ,

Class

B

10,785

615,571

Neste

OYJ

11,864

575,518

Nokia

OYJ

145,968

619,131

Nordea

Bank

Abp

88,338

980,246

Sampo

OYJ,

Class

A

13,204

669,967

Stora

ENSO

OYJ,

Class

A

596

7,962

Stora

ENSO

OYJ,

Class

R

18,367

233,187

UPM-Kymmene

OYJ

14,802

472,265

4,899,664

France

–

11.2%

Aeroports

de

Paris

(b)

796

126,632

Air

Liquide

SA

14,678

2,644,244

Airbus

SE

17,288

2,426,580

AXA

SA

55,775

1,820,785

BNP

Paribas

SA

31,860

2,060,805

Bollore

SE

26,275

177,526

Capgemini

SE

4,310

784,631

Carrefour

SA

16,589

345,406

CIE

de

Saint-Gobain

14,280

826,405

CIE

Generale

des

Etablissements

Michelin

SCA

20,078

639,047

Credit

Agricole

SA

40,121

490,949

Danone

SA

17,193

1,138,671

Dassault

Aviation

SA

657

128,600

Dassault

Systemes

SE

19,677

796,595

Edenred

7,021

456,698

Engie

SA

52,202

836,569

EssilorLuxottica

SA

8,581

1,699,527

Hermes

International

979

2,125,742

Kering

SA

2,029

1,298,533

Legrand

SA

7,658

724,542

L'Oreal

SA

7,049

3,367,691

LVMH

Moet

Hennessy

Louis

Vuitton

SE

7,321

7,039,734

Orange

SA

52,176

680,627

Pernod

Ricard

SA

5,631

1,301,757

Publicis

Groupe

SA

6,778

554,632

Safran

SA

9,844

1,531,699

Sanofi

32,192

3,553,985

Sartorius

Stedim

Biotech

695

186,065

Schneider

Electric

SE

16,027

2,792,428

Societe

Generale

SA

20,676

502,748

Sodexo

SA

2,388

256,253

Teleperformance

1,705

340,322

Thales

SA

3,008

459,602

TotalEnergies

SE

65,295

4,176,631

Veolia

Environnement

SA

19,057

603,605

Vinci

SA

14,869

1,841,799

50,738,065

Germany

–

6.8%

adidas

AG

4,797

844,374

Allianz

SE

11,399

2,862,334

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.0%

(continued)

Germany

–

6.8%

(continued)

BASF

SE

25,211

1,303,969

Bayer

AG

27,482

1,813,120

Bayerische

Motoren

Werke

AG

9,111

1,020,335

Beiersdorf

AG

2,801

391,484

Daimler

Truck

Holding

AG

(b)

14,868

491,442

Deutsche

Bank

AG

58,932

646,899

Deutsche

Boerse

AG

5,303

1,012,242

Deutsche

Post

AG

28,073

1,348,793

Deutsche

Telekom

AG

98,384

2,376,509

E.ON

SE

61,889

820,245

Fresenius

SE

&

Co.

KGaA

11,812

341,919

Hannover

Rueck

SE

1,671

357,149

Henkel

AG

&

Co.

KGaA

3,304

244,390

Infineon

Technologies

AG

36,804

1,336,979

Mercedes-Benz

Group

AG

21,887

1,705,437

Merck

KGaA

3,498

627,732

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

3,852

1,448,008

RWE

AG

19,033

894,076

SAP

SE

30,274

4,106,275

Siemens

AG

20,979

3,448,635

Siemens

Healthineers

AG

(c)

7,894

491,697

Symrise

AG,

Class

A

3,527

426,176

Vantage

Towers

AG

1,545

55,469

Vonovia

SE

19,744

427,772

30,843,460

Hong

Kong

–

2.2%

AIA

Group

Ltd.

326,200

3,530,069

Budweiser

Brewing

Co.

APAC

Ltd.

(c)(d)

48,800

140,496

CK

Asset

Holdings

Ltd.

55,000

324,399

CK

Hutchison

Holdings

Ltd.

77,000

514,975

CK

Infrastructure

Holdings

Ltd.

18,500

105,110

CLP

Holdings

Ltd.

45,500

338,501

Galaxy

Entertainment

Group

Ltd.

(b)

57,000

402,999

Hang

Seng

Bank

Ltd.

20,600

304,674

Henderson

Land

Development

Co.

Ltd.

38,000

135,059

Hong

Kong

&

China

Gas

Co.

Ltd.

302,507

268,213

Hong

Kong

Exchanges

&

Clearing

Ltd.

32,900

1,357,928

Jardine

Matheson

Holdings

Ltd.

6,800

327,760

Link

REIT

(a)

70,903

462,456

MTR

Corp.

Ltd.

44,500

221,936

Sun

Hung

Kai

Properties

Ltd.

42,000

583,192

Techtronic

Industries

Co.

Ltd.

51,000

548,338

Wharf

Real

Estate

Investment

Co.

Ltd.

44,000

252,793

9,818,898

Ireland

–

0.9%

CRH

PLC

20,659

998,511

Experian

PLC

27,501

971,303

Flutter

Entertainment

PLC

(b)

4,318

863,314

James

Hardie

Industries

PLC,

CDI

13,020

288,157

Kerry

Group

PLC,

Class

A

4,118

433,895

Kingspan

Group

PLC

4,466

309,139

3,864,319

Israel

–

0.4%

Azrieli

Group

Ltd.

1,154

66,642

Bank

Hapoalim

BM

34,779

296,197

Bank

Leumi

Le-Israel

BM

41,520

325,177

Elbit

Systems

Ltd.

651

119,604

ICL

Group

Ltd.

20,357

124,556

Israel

Discount

Bank

Ltd.,

Class

A

34,500

169,348

Mizrahi

Tefahot

Bank

Ltd.

3,977

129,050

39

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.0%

(continued)

Israel

–

0.4%

(continued)

Nice

Ltd.

(b)

1,728

354,111

Teva

Pharmaceutical

Industries

Ltd.

(b)

30,914

257,160

1,841,845

Italy

–

1.9%

Assicurazioni

Generali

SpA

33,162

691,211

Davide

Campari-Milano

NV

16,002

206,341

ENEL

SpA

207,434

1,419,611

ENI

SpA

71,055

1,078,298

Ferrari

NV

3,503

975,720

Infrastrutture

Wireless

Italiane

SpA

(c)

11,420

158,793

Intesa

Sanpaolo

SpA

483,215

1,272,054

Moncler

SpA

5,928

439,528

Nexi

SpA

(b)(c)

24,813

205,615

Poste

Italiane

SpA

(c)

13,886

144,501

Prysmian

SpA

7,436

304,319

Snam

SpA

56,233

312,888

Terna

Rete

Elettrica

Nazionale

SpA

39,876

346,020

UniCredit

SpA

53,752

1,064,596

8,619,495

Japan

–

20.0%

Advantest

Corp.

(d)

5,100

394,771

AEON

Co.

Ltd.

24,500

497,953

AGC,

Inc.

6,700

248,485

Aisin

Corp.

5,500

160,559

Ajinomoto

Co.,

Inc.

15,100

541,721

ANA

Holdings,

Inc.

(b)

4,200

91,224

Asahi

Group

Holdings

Ltd.

14,100

542,917

Asahi

Kasei

Corp.

37,300

262,345

Astellas

Pharma,

Inc.

49,000

736,988

Bandai

Namco

Holdings,

Inc.

19,500

440,796

Bridgestone

Corp.

16,700

666,945

Canon,

Inc.

28,500

677,729

Capcom

Co.

Ltd.

4,300

161,370

Central

Japan

Railway

Co.

5,800

717,519

Chubu

Electric

Power

Co.,

Inc.

21,500

239,845

Chugai

Pharmaceutical

Co.

Ltd.

16,800

432,323

Dai

Nippon

Printing

Co.

Ltd.

7,900

226,270

Dai-ichi

Life

Holdings,

Inc.

29,200

539,224

Daiichi

Sankyo

Co.

Ltd.

54,800

1,870,199

Daikin

Industries

Ltd.

8,200

1,482,642

Daito

Trust

Construction

Co.

Ltd.

1,900

179,584

Daiwa

House

Industry

Co.

Ltd.

19,300

489,994

Daiwa

Securities

Group,

Inc.

41,500

191,705

Denso

Corp.

14,300

856,015

Dentsu

Group,

Inc.

7,000

250,615

Disco

Corp.

2,500

282,929

East

Japan

Railway

Co.

10,400

596,053

Eisai

Co.

Ltd.

8,200

471,712

ENEOS

Holdings,

Inc.

89,200

315,752

FANUC

Corp.

26,900

906,577

Fast

Retailing

Co.

Ltd.

5,300

1,245,937

Fujifilm

Holdings

Corp.

10,600

549,598

Fujitsu

Ltd.

5,100

676,429

Hamamatsu

Photonics

KK

4,100

216,194

Hankyu

Hanshin

Holdings,

Inc.

7,100

220,824

Hitachi

Ltd.

26,100

1,434,719

Honda

Motor

Co.

Ltd.

47,800

1,259,548

Hoya

Corp.

10,100

1,054,023

Idemitsu

Kosan

Co.

Ltd.

6,200

131,226

INPEX

Corp.

29,200

315,879

Isuzu

Motors

Ltd.

17,100

199,802

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.0%

(continued)

Japan

–

20.0%

(continued)

ITOCHU

Corp.

41,100

1,355,864

Japan

Airlines

Co.

Ltd.

3,800

72,168

Japan

Exchange

Group,

Inc.

15,000

242,298

Japan

Post

Bank

Co.

Ltd.

37,500

298,810

Japan

Post

Holdings

Co.

Ltd.

66,800

548,470

Japan

Tobacco,

Inc.

30,600

656,990

Kansai

Electric

Power

Co.,

Inc.

(The)

23,300

251,540

KAO

Corp.

11,800

477,061

KDDI

Corp.

44,100

1,375,807

Keyence

Corp.

5,600

2,512,834

Kikkoman

Corp.

5,000

294,863

Kintetsu

Group

Holdings

Co.

Ltd.

5,000

168,546

Kirin

Holdings

Co.

Ltd.

21,900

355,283

Komatsu

Ltd.

27,300

670,445

Konami

Group

Corp.

3,000

147,395

Kose

Corp.

1,100

127,720

Kubota

Corp.

32,100

482,802

Kyocera

Corp.

9,900

517,012

Kyowa

Kirin

Co.

Ltd.

7,500

166,342

Lasertec

Corp.

2,200

297,286

M3,

Inc.

11,900

290,148

Marubeni

Corp.

47,500

669,776

MEIJI

Holdings

Co.

Ltd.

8,400

202,651

Minebea

Mitsumi,

Inc.

11,500

211,141

Misumi

Group,

Inc.

8,200

205,354

Mitsubishi

Chemical

Group

Corp.

38,800

226,392

Mitsubishi

Corp.

41,100

1,514,632

Mitsubishi

Electric

Corp.

59,500

733,672

Mitsubishi

Estate

Co.

Ltd.

34,400

422,405

Mitsubishi

HC

Capital,

Inc.

19,900

102,887

Mitsubishi

Heavy

Industries

Ltd.

9,200

346,406

Mitsubishi

UFJ

Financial

Group,

Inc.

340,000

2,129,666

Mitsui

&

Co.

Ltd.

44,600

1,385,183

Mitsui

Fudosan

Co.

Ltd.

26,500

523,714

Mitsui

OSK

Lines

Ltd.

10,300

254,162

Mizuho

Financial

Group,

Inc.

70,660

1,019,696

MonotaRO

Co.

Ltd.

7,200

108,292

MS&AD

Insurance

Group

Holdings,

Inc.

12,600

411,317

Murata

Manufacturing

Co.

Ltd.

18,100

1,047,464

NEC

Corp.

7,700

294,621

Nexon

Co.

Ltd.

13,000

293,100

Nidec

Corp.

13,800

679,435

Nintendo

Co.

Ltd.

32,500

1,365,494

Nippon

Building

Fund,

Inc.

(a)

45

188,374

Nippon

Paint

Holdings

Co.

Ltd.

29,600

265,860

Nippon

Sanso

Holdings

Corp.

6,400

114,684

Nippon

Steel

Corp.

26,500

563,026

Nippon

Telegraph

&

Telephone

Corp.

33,700

1,026,852

Nippon

Yusen

KK

14,100

331,673

Nissan

Chemical

Corp.

4,000

176,844

Nissan

Motor

Co.

Ltd.

68,800

248,694

Nissin

Foods

Holdings

Co.

Ltd.

2,400

231,249

Nitori

Holdings

Co.

Ltd.

2,500

318,823

Nitto

Denko

Corp.

4,200

270,202

Nomura

Holdings,

Inc.

83,200

296,896

Nomura

Research

Institute

Ltd.

11,500

288,841

NTT

Data

Corp.

19,000

256,608

OBIC

Co.

Ltd.

1,900

291,771

Olympus

Corp.

35,400

615,500

Omron

Corp.

5,800

338,293

ONO

Pharmaceutical

Co.

Ltd.

13,000

261,976

Oracle

Corp.

Japan

900

64,444

40

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.0%

(continued)

Japan

–

20.0%

(continued)

Oriental

Land

Co.

Ltd.

33,500

1,180,674

ORIX

Corp.

33,800

570,925

Osaka

Gas

Co.

Ltd.

12,800

211,884

Otsuka

Corp.

3,500

126,850

Otsuka

Holdings

Co.

Ltd.

14,400

486,574

Pan

Pacific

International

Holdings

Corp.

14,800

275,425

Panasonic

Holdings

Corp.

64,700

605,115

Rakuten

Group,

Inc.

27,400

135,828

Recruit

Holdings

Co.

Ltd.

47,800

1,342,395

Renesas

Electronics

Corp.

(b)

39,100

508,833

Resona

Holdings,

Inc.

66,100

327,527

ROHM

Co.

Ltd.

2,500

186,906

Secom

Co.

Ltd.

6,400

408,822

Sekisui

House

Ltd.

19,400

397,503

Seven

&

i

Holdings

Co.

Ltd.

22,500

1,015,404

SG

Holdings

Co.

Ltd.

14,200

203,773

Shimadzu

Corp.

8,000

248,522

Shimano,

Inc.

2,400

370,492

Shin-Etsu

Chemical

Co.

Ltd.

57,000

1,617,090

Shionogi

&

Co.

Ltd.

8,100

361,262

Shiseido

Co.

Ltd.

10,900

544,420

SMC

Corp.

1,700

845,849

SoftBank

Corp.

73,400

825,558

SoftBank

Group

Corp.

33,100

1,238,287

Sompo

Holdings,

Inc.

9,600

398,552

Sony

Group

Corp.

35,300

3,326,104

Subaru

Corp.

17,000

274,043

Sumitomo

Corp.

35,300

629,186

Sumitomo

Electric

Industries

Ltd.

22,600

286,141

Sumitomo

Metal

Mining

Co.

Ltd.

7,900

290,611

Sumitomo

Mitsui

Financial

Group,

Inc.

38,000

1,548,577

Sumitomo

Mitsui

Trust

Holdings,

Inc.

10,700

384,183

Sumitomo

Realty

&

Development

Co.

Ltd.

13,400

310,976

Suntory

Beverage

&

Food

Ltd.

3,700

138,854

Suzuki

Motor

Corp.

13,900

479,683

Sysmex

Corp.

4,700

300,505

Takeda

Pharmaceutical

Co.

Ltd.

44,400

1,471,250

TDK

Corp.

11,000

375,243

Terumo

Corp.

21,000

625,535

TIS,

Inc.

6,300

172,115

Toho

Co.

Ltd.

3,700

146,462

Tokio

Marine

Holdings,

Inc.

56,900

1,136,621

Tokyo

Electron

Ltd.

13,300

1,513,484

Tokyo

Gas

Co.

Ltd.

11,400

233,668

Tokyu

Corp.

17,000

239,459

Toray

Industries,

Inc.

46,200

260,476

Toshiba

Corp.

12,100

390,996

Toyota

Industries

Corp.

5,800

334,374

Toyota

Motor

Corp.

352,900

4,812,803

Toyota

Tsusho

Corp.

6,700

276,040

Trend

Micro,

Inc.

3,800

184,746

Unicharm

Corp.

12,100

486,613

West

Japan

Railway

Co.

7,100

307,172

Yakult

Honsha

Co.

Ltd.

4,500

338,082

Yamaha

Corp.

4,900

191,804

Yamaha

Motor

Co.

Ltd.

10,000

257,041

Yaskawa

Electric

Corp.

7,700

311,585

Z

Holdings

Corp.

79,900

217,464

ZOZO,

Inc.

3,500

73,411

91,144,471

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.0%

(continued)

Luxembourg

–

0.2%

ArcelorMittal

SA

16,188

459,476

Eurofins

Scientific

SE

(d)

3,696

258,125

Tenaris

SA

12,497

180,046

897,647

Macau

–

0.1%

Sands

China

Ltd.

(b)

67,200

238,413

Netherlands

–

3.9%

Adyen

NV

(b)(c)

849

1,360,949

Argenx

SE

(b)

1,528

588,224

ASML

Holding

NV

11,214

7,100,054

Heineken

Holding

NV

3,260

312,936

Heineken

NV

6,772

777,905

ING

Groep

NV

103,371

1,278,158

JDE

Peet's

NV

3,959

120,632

Koninklijke

Ahold

Delhaize

NV

27,714

955,212

NN

Group

NV

7,885

293,968

Prosus

NV

32,587

2,441,687

Stellantis

NV

60,199

996,892

Universal

Music

Group

NV

21,647

473,424

Wolters

Kluwer

NV

7,274

964,861

17,664,902

New

Zealand

–

0.2%

Auckland

International

Airport

Ltd.

(b)

33,851

184,827

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

15,950

272,690

Meridian

Energy

Ltd.

32,014

107,963

Spark

New

Zealand

Ltd.

56,666

183,049

748,529

Norway

–

0.6%

Adevinta

ASA,

Class

B

(b)

6,630

50,852

AKER

BP

ASA

8,980

213,768

AutoStore

Holdings

Ltd.

(b)(c)

27,079

57,825

DNB

Bank

ASA

26,226

459,214

Equinor

ASA

28,738

819,849

Gjensidige

Forsikring

ASA

5,179

89,763

Kongsberg

Gruppen

ASA

2,531

113,114

Mowi

ASA

12,334

234,310

Norsk

Hydro

ASA

38,497

281,658

Orkla

ASA

18,649

133,617

Telenor

ASA

18,350

228,193

Var

Energi

ASA

9,790

25,549

Yara

International

ASA

4,759

190,875

2,898,587

Poland

–

0.1%

Dino

Polska

SA

(b)(c)

1,460

148,973

Polski

Koncern

Naftowy

ORLEN

SA

15,395

235,294

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

25,269

195,295

Santander

Bank

Polska

SA

1,035

84,356

663,918

Portugal

–

0.1%

EDP

-

Energias

de

Portugal

SA

82,991

458,109

Jeronimo

Martins

SGPS

SA

7,816

197,600

655,709

Russia

–

0.0%

Evraz

PLC

(b),(e)

2,845

0

Singapore

–

1.2%

CapitaLand

Ascendas

REIT

(a)

91,796

196,782

CapitaLand

Ascott

Trust

4,139

3,351

41

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.0%

(continued)

Singapore

–

1.2%

(continued)

CapitaLand

Integrated

Commercial

Trust

(a)

142,054

216,145

CapitaLand

Investment

Ltd.

72,600

202,430

DBS

Group

Holdings

Ltd.

51,263

1,261,066

Genting

Singapore

Ltd.

154,800

131,113

Great

Eastern

Holdings

Ltd.

1,400

17,871

Jardine

Cycle

&

Carriage

Ltd.

2,100

53,328

Keppel

Corp.

Ltd.

29,700

137,353

Oversea-Chinese

Banking

Corp.

Ltd.

114,319

1,077,939

Singapore

Airlines

Ltd.

36,000

157,853

Singapore

Exchange

Ltd.

23,000

164,981

Singapore

Technologies

Engineering

Ltd.

44,100

119,658

Singapore

Telecommunications

Ltd.

200,000

382,266

United

Overseas

Bank

Ltd.

43,400

917,999

Wilmar

International

Ltd.

89,700

264,229

5,304,364

Spain

–

2.4%

Aena

SME

SA

(c)

2,133

360,053

Amadeus

IT

Group

SA

(b)

12,470

877,498

Banco

Bilbao

Vizcaya

Argentaria

SA

169,535

1,244,654

Banco

Santander

SA

469,372

1,651,197

CaixaBank

SA

112,611

416,728

Cellnex

Telecom

SA

(c)

16,668

702,382

Corp.

Acciona

Energias

Renovables

SA

1,592

57,226

EDP

Renovaveis

SA

6,098

135,721

Endesa

SA

9,133

205,387

Ferrovial

SA

13,686

429,557

Iberdrola

SA

164,581

2,140,389

Industria

de

Diseno

Textil

SA

30,702

1,056,165

Naturgy

Energy

Group

SA

5,572

174,086

Repsol

SA

36,748

541,402

Telefonica

SA

163,514

744,640

10,737,085

Sweden

–

2.9%

ALFA

Laval

AB

8,090

296,161

ASSA

Abloy

AB,

Class

B

26,704

634,976

Atlas

Copco

AB,

Class

A

71,592

1,033,686

Atlas

Copco

AB,

Class

B

45,226

578,925

Boliden

AB

7,428

265,191

Epiroc

AB,

Class

A

17,625

352,251

Epiroc

AB,

Class

B

11,299

193,985

EQT

AB

9,433

202,137

Essity

AB,

Class

A

1,388

42,084

Essity

AB,

Class

B

16,479

499,162

Evolution

AB

(c)

5,252

699,123

Hennes

&

Mauritz

AB,

Class

B

20,218

295,427

Hexagon

AB,

Class

B

56,486

643,485

Holmen

AB,

Class

B

2,775

104,780

Industrivarden

AB,

Class

A

5,447

155,488

Industrivarden

AB,

Class

C

4,330

123,392

Indutrade

AB

6,995

167,557

Investment

AB

Latour,

Class

B

4,767

102,941

Investor

AB,

Class

A

16,745

366,334

Investor

AB,

Class

B

50,250

1,076,794

L

E

Lundbergforetagen

AB,

Class

B

1,993

95,383

Lifco

AB,

Class

B

6,660

151,611

Nibe

Industrier

AB,

Class

B

42,826

478,060

Sagax

AB,

Class

B

5,292

129,498

Sagax

AB,

Class

D

2,144

5,654

Sandvik

AB

29,756

604,853

Skandinaviska

Enskilda

Banken

AB,

Class

A

48,719

553,342

Skandinaviska

Enskilda

Banken

AB,

Class

C

1,970

25,121

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.0%

(continued)

Sweden

–

2.9%

(continued)

Skanska

AB,

Class

B

11,585

189,069

SKF

AB,

Class

A

669

12,066

SKF

AB,

Class

B

10,603

191,546

Svenska

Cellulosa

AB

SCA,

Class

A

2,763

37,712

Svenska

Cellulosa

AB

SCA,

Class

B

15,855

217,099

Svenska

Handelsbanken

AB,

Class

A

42,218

372,984

Svenska

Handelsbanken

AB,

Class

B

1,209

13,272

Swedbank

AB,

Class

A

25,323

439,445

Tele2

AB,

Class

B

16,125

171,276

Telefonaktiebolaget

LM

Ericsson,

Class

A

5,438

33,294

Telefonaktiebolaget

LM

Ericsson,

Class

B

84,109

462,231

Telia

Co.

AB

57,013

158,745

Volvo

AB,

Class

A

7,170

151,687

Volvo

AB,

Class

B

42,317

869,670

Volvo

Car

AB,

Class

B

(b)

15,590

64,079

13,261,576

Switzerland

–

10.2%

ABB

Ltd.

47,680

1,720,669

Alcon,

Inc.

14,019

1,020,967

Chocoladefabriken

Lindt

&

Spruengli

AG

3

370,092

Chocoladefabriken

Lindt

&

Spruengli

AG,

PC

29

359,059

CIE

Financiere

Richemont

SA,

Class

A

14,531

2,399,113

DSM-Firmenich

AG

(b)

4,854

636,411

EMS-Chemie

Holding

AG

194

159,442

Geberit

AG

1,017

579,086

Givaudan

SA

228

799,748

Glencore

PLC

334,834

1,973,796

Holcim

AG

15,636

1,033,323

Kuehne

+

Nagel

International

AG

1,570

465,505

Lonza

Group

AG

2,040

1,269,313

Nestle

SA

77,164

9,928,455

Novartis

AG

67,399

6,900,816

Partners

Group

Holding

AG

654

634,271

Roche

Holding

AG

19,695

6,203,576

Roche

Holding

AG,

BR

606

205,892

Schindler

Holding

AG

726

154,899

Schindler

Holding

AG,

PC

1,105

246,687

SGS

SA

4,325

391,463

Sika

AG

4,354

1,200,462

Sonova

Holding

AG

1,501

475,234

STMicroelectronics

NV

18,172

773,684

Straumann

Holding

AG

3,169

475,857

Swiss

Life

Holding

AG

860

566,988

Swiss

RE

AG

7,971

803,503

Swisscom

AG

730

502,770

UBS

Group

AG

99,128

2,011,963

Zurich

Insurance

Group

AG

4,155

2,015,762

46,278,806

United

Kingdom

–

12.4%

3i

Group

PLC

26,966

598,898

Anglo

American

PLC

37,926

1,165,509

Ashtead

Group

PLC

12,391

712,832

Associated

British

Foods

PLC

10,331

253,987

AstraZeneca

PLC

43,472

6,417,995

Aviva

PLC

77,047

409,634

BAE

Systems

PLC

84,928

1,082,402

Barclays

PLC

413,948

831,840

BP

PLC

509,500

3,422,240

British

American

Tobacco

PLC

61,606

2,266,447

BT

Group

PLC,

Class

A

203,026

405,358

Bunzl

PLC

9,441

375,452

42

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.0%

(continued)

United

Kingdom

–

12.4%

(continued)

CNH

Industrial

NV

28,159

396,209

Coca-Cola

European

Partners

PLC

5,700

367,479

Compass

Group

PLC

49,744

1,311,109

Croda

International

PLC

3,860

338,643

Diageo

PLC

65,621

2,987,384

Ferguson

PLC

5,737

807,251

GSK

PLC

110,175

1,995,477

Haleon

PLC

143,052

631,104

HSBC

Holdings

PLC

560,109

4,039,549

Imperial

Brands

PLC

27,205

672,765

Legal

&

General

Group

PLC

164,243

483,268

Lloyds

Banking

Group

PLC

1,910,262

1,157,283

London

Stock

Exchange

Group

PLC

10,536

1,105,233

National

Grid

PLC

109,244

1,571,496

NatWest

Group

PLC

141,158

464,843

Prudential

PLC

78,093

1,189,146

Reckitt

Benckiser

Group

PLC

20,188

1,631,564

RELX

PLC

55,152

1,834,218

Rentokil

Initial

PLC

70,435

559,861

Rio

Tinto

PLC

29,935

1,899,697

Shell

PLC

199,471

6,147,521

SSE

PLC

29,999

692,841

Standard

Chartered

PLC

67,728

534,939

Tesco

PLC

200,854

709,645

Unilever

PLC

73,734

4,111,573

Vodafone

Group

PLC

728,997

878,707

56,461,399

Total

Common

Stocks

(cost

$429,396,223)

449,948,307

Preferred

Stocks

–

0.3%

Germany

–

0.3%

Bayerische

Motoren

Werke

AG,

8.97%

1,672

177,666

Henkel

AG

&

Co.

KGaA,

2.40%

5,145

416,235

Sartorius

AG,

0.42%

754

292,677

Volkswagen

AG,

23.42%

4,799

655,266

1,541,844

Total

Preferred

Stocks

(cost

$1,547,595)

1,541,844

Investment

Companies

–

0.0%

Registered

Investment

Companies

–

0.0%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.81%

(f)(g)

(cost

$183,297)

183,297

183,297

Total

Investments

(cost

$431,127,115)

99.3%

451,673,448

Cash

and

Receivables

(Net)

0.7%

2,984,066

Net

Assets

100.0%

454,657,514

BR—Bearer

Shares

CDI—CREST

Depository

Interest

PC—Participation

Certificate

REIT—Real

Estate

Investment

Trust

43

See

Notes

to

Statements

of

Investments

(a)

Investment

in

a

real

estate

investment

trust.

(b)

Non-income

producing

security.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

April

30,

2023,

these

securities

were

valued

at

$5,814,412

or

1.28%

of

net

assets.

(d)

Security,

or

portion

thereof,

on

loan.

At

April

30,

2023,

the

value

of

the

fund’s

securities

on

loan

was

$631,758

and

the

value

of

the

collateral

was

$667,551,

consisting

of

U.S.

Government

&

Agency

securities.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

(e)

The

fund

held

Level

3

securities

at

April

30,

2023.

These

securities

were

valued

at

$0

or

0.00%

of

net

assets.

(f)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(g)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2023.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2023

are

as

follows:

Description

Value

10/31/22

Purchases

($)

1

Sales

($)

Value

4/30/23

Dividends/

Distributions

($)

Investment

Companies

–

0.0%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

48,900

12,418,741

(12,284,344)

183,297

9,357

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.0%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

113,577

1,455,076

(1,568,653)

—

1,143

2

Total

–

0.0%

162,477

13,873,817

(13,852,997)

183,297

10,500

1

Includes

reinvested

dividends/distributions.

2

Represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Portfolio

Summary

(Unaudited)

†

Value

(%)

Financials

20.5

Industrials

14.7

Health

Care

12.9

Consumer

Discretionary

11.1

Consumer

Staples

10.8

Materials

7.5

Information

Technology

7.2

Energy

6.1

Communication

Services

3.9

Utilities

3.2

Real

Estate

1.4

Registered

Investment

Companies

0.0

99.3

†

Based

on

net

assets.

Futures

Description

Number

of

Contracts

Expiration

Notional

Value

($)

Market

Value

($)

Unrealized

Appreciation

(Depreciation)

($)

Futures

Long

MSCI

EAFE

Index

21

6/16/2023

2,153,771

2,257,080

103,309

S&P/TSX

60

Index

1

6/15/2023

182,173

*

184,104

1,931

Gross

Unrealized

Appreciation

105,240

*

Notional

amounts

in

foreign

currency

have

been

converted

to

USD

using

relevant

foreign

exchange

rates.

44

STATEMENT

OF

INVESTMENTS

April

30,

2023

(Unaudited)

BNY

Mellon

Emerging

Markets

Equity

ETF

Description

Shares

Value

($)

Common

Stocks

–

97.5%

Brazil

–

3.3%

Ambev

SA

64,801

182,635

Atacadao

SA

6,601

14,118

B3

SA

-

Brasil

Bolsa

Balcao

86,504

201,439

Banco

Bradesco

SA

14,780

36,397

Banco

BTG

Pactual

SA

18,102

84,597

Banco

do

Brasil

SA

21,247

181,558

BB

Seguridade

Participacoes

SA

9,605

65,296

Centrais

Eletricas

Brasileiras

SA

18,163

122,385

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

4,455

40,802

CPFL

Energia

SA

2,690

17,739

Energisa

S/A

3,151

26,214

Hapvida

Participacoes

e

Investimentos

SA

(a),(b)

75,218

41,046

Itausa

SA

12,788

22,417

JBS

S/A

9,305

33,107

Localiza

Rent

A

Car

SA

9,628

111,544

Petroleo

Brasileiro

SA

52,708

279,509

Raia

Drogasil

SA

15,825

83,129

Rede

D'Or

Sao

Luiz

SA

(a)

10,475

47,781

Rumo

SA

15,580

61,226

Suzano

SA

12,048

95,486

Telefonica

Brasil

SA

6,139

50,471

Vale

SA

54,948

791,020

WEG

SA

21,629

177,127

2,767,043

Chile

–

0.3%

Banco

de

Chile

712,581

76,346

Banco

de

Credito

e

Inversiones

SA

928

28,168

Banco

Santander

Chile

554,079

26,660

Empresas

COPEC

SA

5,477

38,349

Enel

Americas

SA

265,143

36,356

Falabella

SA

10,163

21,929

Quinenco

SA

2,937

12,136

239,944

China

–

27.4%

360

Security

Technology,

Inc.,

Class

A

11,800

27,200

AECC

Aviation

Power

Co.

Ltd.,

Class

A

3,100

19,580

Agricultural

Bank

of

China

Ltd.,

Class

A

179,600

88,657

Agricultural

Bank

of

China

Ltd.,

Class

H

460,000

177,556

Alibaba

Group

Holding

Ltd.

(b)

219,180

2,290,949

Aluminum

Corp.

of

China

Ltd.,

Class

A

14,900

13,743

Aluminum

Corp.

of

China

Ltd.,

Class

H

62,000

36,648

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

5,500

21,339

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

16,500

51,918

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

A

200

7,902

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

B

2,600

46,072

ANTA

Sports

Products

Ltd.

15,600

192,369

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

140

2,555

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

H

(a)

240

2,996

Avary

Holding

Shenzhen

Co.

Ltd.,

Class

A

2,600

9,799

Baidu,

Inc.,

Class

A

(b)

32,000

471,649

Bank

of

Beijing

Co.

Ltd.,

Class

A

21,000

14,367

Bank

of

Chengdu

Co.

Ltd.,

Class

A

3,500

6,941

Bank

of

China

Ltd.,

Class

A

80,800

42,801

Bank

of

China

Ltd.,

Class

H

1,119,000

446,180

Bank

of

Communications

Co.

Ltd.,

Class

A

36,800

29,586

Bank

of

Communications

Co.

Ltd.,

Class

H

338,000

217,873

Bank

of

Hangzhou

Co.

Ltd.,

Class

A

6,600

11,965

Bank

of

Jiangsu

Co.

Ltd.,

Class

A

18,600

20,699

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

97.5%

(continued)

China

–

27.4%

(continued)

Bank

of

Nanjing

Co.

Ltd.,

Class

A

12,400

16,860

Bank

of

Ningbo

Co.

Ltd.,

Class

A

6,700

26,478

Bank

of

Shanghai

Co.

Ltd.,

Class

A

9,400

8,521

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

28,000

26,027

Beijing

Kingsoft

Office

Software,

Inc.,

Class

A

560

35,581

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

Class

A

1,000

4,283

Beijing

Tongrentang

Co.

Ltd.,

Class

A

2,500

20,987

Beijing

United

Information

Technology

Co.

Ltd.,

Class

A

200

1,736

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co.

Ltd.,

Class

A

690

10,450

Bloomage

Biotechnology

Corp.

Ltd.,

Class

A

336

4,820

BOE

Technology

Group

Co.

Ltd.,

Class

A

27,400

15,899

BOE

Technology

Group

Co.

Ltd.,

Class

B

15,600

6,498

BYD

Co.

Ltd.,

Class

A

1,700

62,781

BYD

Co.

Ltd.,

Class

H

13,000

390,833

BYD

Electronic

International

Co.

Ltd.

11,000

33,141

CGN

Power

Co.

Ltd.,

Class

A

3,000

1,342

CGN

Power

Co.

Ltd.,

Class

H

(a)

188,000

49,575

Changchun

High

&

New

Technology

Industry

Group,

Inc.,

Class

A

500

11,757

China

CITIC

Bank

Corp.

Ltd.,

Class

H

123,000

66,437

China

Coal

Energy

Co.

Ltd.,

Class

A

8,600

11,184

China

Coal

Energy

Co.

Ltd.,

Class

H

20,000

17,121

China

Construction

Bank

Corp.,

Class

A

12,000

10,929

China

Construction

Bank

Corp.,

Class

H

1,343,000

898,196

China

CSSC

Holdings

Ltd.,

Class

A

3,500

13,089

China

Eastern

Airlines

Corp.

Ltd.,

Class

A

(b)

18,500

13,832

China

Eastern

Airlines

Corp.

Ltd.,

Class

H

(b)

52,000

20,403

China

Energy

Engineering

Corp.

Ltd.,

Class

A

39,900

15,607

China

Energy

Engineering

Corp.

Ltd.,

Class

H

70,000

10,522

China

Everbright

Bank

Co.

Ltd.,

Class

A

18,200

8,406

China

Everbright

Bank

Co.

Ltd.,

Class

H

107,000

34,213

China

Galaxy

Securities

Co.

Ltd.,

Class

A

2,900

4,512

China

Galaxy

Securities

Co.

Ltd.,

Class

H

61,500

33,297

China

Hongqiao

Group

Ltd.

29,500

28,899

China

International

Capital

Corp.

Ltd.,

Class

A

2,900

17,614

China

International

Capital

Corp.

Ltd.,

Class

H

(a)

22,400

46,855

China

Jushi

Co.

Ltd.,

Class

A

3,500

7,366

China

Life

Insurance

Co.

Ltd.,

Class

H

102,000

195,167

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

46,000

48,052

China

Merchants

Bank

Co.

Ltd.,

Class

A

21,800

105,724

China

Merchants

Bank

Co.

Ltd.,

Class

H

47,500

227,821

China

Merchants

Energy

Shipping

Co.

Ltd.,

Class

A

9,600

9,187

China

Merchants

Securities

Co.

Ltd.,

Class

A

9,000

18,148

China

Merchants

Securities

Co.

Ltd.,

Class

H

(a)

6,600

6,684

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

11,700

23,068

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

49,000

25,673

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

91,000

33,386

China

National

Nuclear

Power

Co.

Ltd.,

Class

A

24,800

24,699

China

National

Software

&

Service

Co.

Ltd.,

Class

A

300

2,464

China

Northern

Rare

Earth

Group

High-Tech

Co.

Ltd.,

Class

A

5,600

20,337

China

Oilfield

Services

Ltd.,

Class

A

2,700

6,290

China

Oilfield

Services

Ltd.,

Class

H

24,000

28,128

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

9,300

41,894

45

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

97.5%

(continued)

China

–

27.4%

(continued)

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

30,200

89,832

China

Petroleum

&

Chemical

Corp.,

Class

A

46,800

45,326

China

Petroleum

&

Chemical

Corp.,

Class

H

352,000

230,036

China

Railway

Group

Ltd.,

Class

A

27,700

37,143

China

Railway

Group

Ltd.,

Class

H

61,000

46,780

China

Resources

Microelectronics

Ltd.,

Class

A

1,675

13,841

China

Resources

Mixc

Lifestyle

Services

Ltd.

(a)

7,000

36,962

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co.

Ltd.,

Class

A

400

3,404

China

Shenhua

Energy

Co.

Ltd.,

Class

A

9,500

39,875

China

Shenhua

Energy

Co.

Ltd.,

Class

H

47,500

157,327

China

Southern

Airlines

Co.

Ltd.,

Class

A

(b)

21,500

24,050

China

Southern

Airlines

Co.

Ltd.,

Class

H

(b)

8,000

5,585

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

A

30,700

24,017

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

2,300

53,442

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

H

(a),(b)

700

14,928

China

Vanke

Co.

Ltd.,

Class

A

9,600

20,979

China

Vanke

Co.

Ltd.,

Class

H

28,200

43,899

China

Yangtze

Power

Co.

Ltd.,

Class

A

27,300

86,216

China

Zhenhua

Group

Science

&

Technology

Co.

Ltd.,

Class

A

200

2,594

China

Zheshang

Bank

Co.

Ltd.,

Class

A

(b)

15,300

6,802

China

Zheshang

Bank

Co.

Ltd.,

Class

H

(b)

28,000

10,023

Chongqing

Brewery

Co.

Ltd.,

Class

A

800

12,027

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

A

12,186

20,949

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

B

12,550

5,692

CITIC

Ltd.

92,000

115,207

CITIC

Pacific

Special

Steel

Group

Co.

Ltd.,

Class

A

5,900

13,753

CITIC

Securities

Co.

Ltd.,

Class

A

12,335

37,424

CITIC

Securities

Co.

Ltd.,

Class

H

17,500

36,695

CMOC

Group

Ltd.,

Class

A

24,600

21,162

CMOC

Group

Ltd.,

Class

H

42,000

25,628

CNPC

Capital

Co.

Ltd.,

Class

A

15,000

15,870

COSCO

Shipping

Energy

Transportation

Co.

Ltd.,

Class

A

(b)

3,400

6,439

COSCO

Shipping

Energy

Transportation

Co.

Ltd.,

Class

H

(b)

20,000

20,510

COSCO

Shipping

Holdings

Co.

Ltd.,

Class

H

53,000

61,305

CSC

Financial

Co.

Ltd.,

Class

A

3,300

12,051

CSPC

Pharmaceutical

Group

Ltd.

121,760

123,778

Dongfang

Electric

Corp.

Ltd.,

Class

A

3,000

7,543

Dongfang

Electric

Corp.

Ltd.,

Class

H

5,800

8,187

Eastroc

Beverage

Group

Co.

Ltd.,

Class

A

100

2,576

ENN

Energy

Holdings

Ltd.

11,000

149,938

Everbright

Securities

Co.

Ltd.,

Class

A

5,600

12,254

Flat

Glass

Group

Co.

Ltd.,

Class

A

2,500

11,053

Flat

Glass

Group

Co.

Ltd.,

Class

H

6,000

16,777

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

18,500

17,196

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

5,902

60,143

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

A

17,900

41,648

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

2,900

14,211

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

(a)

7,600

30,788

Ganfeng

Lithium

Co.

Ltd.,

Class

A

2,500

23,451

Ganfeng

Lithium

Co.

Ltd.,

Class

H

(a)

4,760

31,198

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

97.5%

(continued)

China

–

27.4%

(continued)

GD

Power

Development

Co.

Ltd.,

Class

A

(b)

18,600

10,363

GF

Securities

Co.

Ltd.,

Class

A

9,100

20,149

GF

Securities

Co.

Ltd.,

Class

H

11,400

16,323

GigaDevice

Semiconductor

Beijing,

Inc.,

Class

A

780

12,212

Glodon

Co.

Ltd.,

Class

A

2,500

20,929

GoerTek

,

Inc.,

Class

A

3,300

8,450

Gotion

High-tech

Co.

Ltd.,

Class

A

2,800

11,114

Great

Wall

Motor

Co.

Ltd.,

Class

A

3,100

12,018

Great

Wall

Motor

Co.

Ltd.,

Class

H

39,000

46,900

Gree

Electric

Appliances

Inc.

of

Zhuhai,

Class

A

6,300

35,773

Guangdong

Haid

Group

Co.

Ltd.,

Class

A

2,600

20,599

Guanghui

Energy

Co.

Ltd.,

Class

A

6,600

8,850

Guangxi

Guiguan

Electric

Power

Co.

Ltd.,

Class

A

3,500

2,799

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

A

9,600

14,743

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H

36,000

22,334

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

Class

A

2,600

16,017

Guosen

Securities

Co.

Ltd.,

Class

A

9,000

12,224

Guotai

Junan

Securities

Co.

Ltd.,

Class

A

5,600

12,221

Guotai

Junan

Securities

Co.

Ltd.,

Class

H

(a)

17,800

22,902

H

World

Group

Ltd.

(b)

21,200

97,224

Haidilao

International

Holding

Ltd.

(a),(b)

16,000

38,849

Haier

Smart

Home

Co.

Ltd.,

Class

A

9,000

30,787

Haier

Smart

Home

Co.

Ltd.,

Class

H

31,800

103,098

Haitong

Securities

Co.

Ltd.,

Class

A

12,200

16,324

Haitong

Securities

Co.

Ltd.,

Class

H

38,000

25,172

Hangzhou

First

Applied

Material

Co.

Ltd.,

Class

A

1,520

10,779

Hangzhou

Silan

Microelectronics

Co.

Ltd.,

Class

A

900

4,274

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(a)

16,000

29,106

Henan

Shuanghui

Investment

&

Development

Co.

Ltd.,

Class

A

3,300

11,884

Hengli

Petrochemical

Co.

Ltd.,

Class

A

9,000

20,525

Hoshine

Silicon

Industry

Co.

Ltd.,

Class

A

900

9,513

Hoyuan

Green

Energy

Co.

Ltd.,

Class

A

200

2,569

Huadian

Power

International

Corp.

Ltd.,

Class

A

9,100

8,301

Huadian

Power

International

Corp.

Ltd.,

Class

H

8,000

3,873

Huadong

Medicine

Co.

Ltd.,

Class

A

2,800

16,752

Huaneng

Lancang

River

Hydropower,

Inc.,

Class

A

9,300

9,329

Huaneng

Power

International,

Inc.,

Class

A

(b)

12,100

16,941

Huaneng

Power

International,

Inc.,

Class

H

(b)

42,000

26,110

Huatai

Securities

Co.

Ltd.,

Class

A

15,300

31,028

Huatai

Securities

Co.

Ltd.,

Class

H

(a)

11,400

14,697

Huaxia

Bank

Co.

Ltd.,

Class

A

18,700

15,547

Huayu

Automotive

Systems

Co.

Ltd.,

Class

A

3,100

7,329

Huizhou

Desay

Sv

Automaotive

Co.

Ltd.,

Class

A

800

11,937

Hundsun

Technologies,

Inc.,

Class

A

2,800

19,965

Iflytek

Co.

Ltd.,

Class

A

3,000

26,241

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

111,700

76,098

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

988,000

531,135

Industrial

Bank

Co.

Ltd.,

Class

A

24,900

61,889

Industrial

Securities

Co.

Ltd.,

Class

A

11,800

11,445

46

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

97.5%

(continued)

China

–

27.4%

(continued)

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

A

40,600

10,665

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

8,800

37,546

JA

Solar

Technology

Co.

Ltd.,

Class

A

3,976

23,179

JD

Health

International,

Inc.

(a),(b)

14,100

101,036

JD

Logistics,

Inc.

(a),(b)

28,100

43,672

JD.com,

Inc.,

Class

A

33,966

588,030

Jiangsu

Eastern

Shenghong

Co.

Ltd.,

Class

A

5,600

10,241

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

Class

A

1,644

14,605

Jiangsu

Hengrui

Medicine

Co.

Ltd.,

Class

A

6,540

45,924

Jiangsu

Yanghe

Brewery

Joint-Stock

Co.

Ltd.,

Class

A

1,800

38,893

Jiangsu

Zhongtian

Technology

Co.

Ltd.,

Class

A

3,400

7,160

KE

Holdings,

Inc.,

Class

A

(b)

30,400

158,779

Kuaishou

Technology,

Class

B

(a),(b)

27,600

180,369

Kweichow

Moutai

Co.

Ltd.,

Class

A

1,400

355,753

Lenovo

Group

Ltd.

98,000

100,124

Li

Auto,

Inc.,

Class

A

(b)

16,600

193,387

Li

Ning

Co.

Ltd.

32,000

227,672

Longfor

Group

Holdings

Ltd.

(a)

24,000

65,275

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

9,136

45,982

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

8,800

33,151

Luzhou

Laojiao

Co.

Ltd.,

Class

A

1,700

55,513

Meituan

,

Class

B

(a),(b)

67,170

1,138,054

Metallurgical

Corp.

of

China

Ltd.,

Class

A

21,900

14,161

Metallurgical

Corp.

of

China

Ltd.,

Class

H

34,000

10,352

Midea

Group

Co.

Ltd.,

Class

A

2,900

23,767

Ming

Yang

Smart

Energy

Group

Ltd.,

Class

A

2,900

8,648

Montage

Technology

Co.

Ltd.,

Class

A

1,140

10,021

Muyuan

Foods

Co.

Ltd.,

Class

A

6,220

42,977

NARI

Technology

Co.

Ltd.,

Class

A

9,120

34,383

NAURA

Technology

Group

Co.

Ltd.,

Class

A

600

28,970

NetEase

,

Inc.

26,200

462,594

New

China

Life

Insurance

Co.

Ltd.,

Class

A

3,100

17,383

New

China

Life

Insurance

Co.

Ltd.,

Class

H

11,900

33,957

New

Hope

Liuhe

Co.

Ltd.,

Class

A

(b)

5,600

10,516

Ninestar

Corp.,

Class

A

1,400

7,998

Ningbo

Deye

Technology

Co.

Ltd.,

Class

A

300

10,882

Ningbo

Orient

Wires

&

Cables

Co.

Ltd.,

Class

A

300

2,029

Ningbo

Tuopu

Group

Co.

Ltd.,

Class

A

400

2,921

Ningbo

Zhoushan

Port

Co.

Ltd.,

Class

A

14,800

8,096

Ningxia

Baofeng

Energy

Group

Co.

Ltd.,

Class

A

6,600

12,556

NIO,

Inc.,

Class

A

(b)(c)

19,950

157,823

Nongfu

Spring

Co.

Ltd.,

Class

H

(a)

25,000

135,034

Oppein

Home

Group,

Inc.,

Class

A

200

3,324

Orient

Securities

Co.

Ltd.,

Class

A

6,192

9,572

Orient

Securities

Co.

Ltd.,

Class

H

(a)

13,600

8,091

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

123,000

48,261

PetroChina

Co.

Ltd.,

Class

H

310,000

214,436

Ping

An

Bank

Co.

Ltd.,

Class

A

24,500

44,380

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

12,500

93,459

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

87,500

632,014

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

A

15,200

30,518

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

A

34,400

27,358

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H

(a)

125,000

81,211

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

97.5%

(continued)

China

–

27.4%

(continued)

Power

Construction

Corp.

of

China

Ltd.,

Class

A

15,100

16,760

Pylon

Technologies

Co.

Ltd.,

Class

A

265

9,263

Quinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

A

(b)

6,300

18,568

Rongsheng

Petro

Chemical

Co.

Ltd.,

Class

A

12,100

23,089

SAIC

Motor

Corp.

Ltd.,

Class

A

12,700

25,883

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

9,500

22,611

Satellite

Chemical

Co.

Ltd.,

Class

A

3,342

6,845

SF

Holding

Co.

Ltd.,

Class

A

5,900

48,072

Shaanxi

Coal

Industry

Co.

Ltd.,

Class

A

12,500

35,309

Shandong

Gold

Mining

Co.

Ltd.,

Class

A

3,100

11,499

Shandong

Gold

Mining

Co.

Ltd.,

Class

H

(a)

8,650

18,402

Shandong

Hualu

Hengsheng

Chemical

Co.

Ltd.,

Class

A

2,800

12,884

Shanghai

Baosight

Software

Co.

Ltd.,

Class

A

2,690

20,966

Shanghai

Baosight

Software

Co.

Ltd.,

Class

B

6,600

22,572

Shanghai

Electric

Group

Co.

Ltd.,

Class

A

(b)

12,300

8,326

Shanghai

Electric

Group

Co.

Ltd.,

Class

H

(b)

54,000

14,584

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

A

2,700

12,354

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H

6,500

18,507

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

A

799

6,360

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

H

3,000

9,038

Shanghai

International

Airport

Co.

Ltd.,

Class

A

(b)

3,000

23,253

Shanghai

International

Port

Group

Co.

Ltd.,

Class

A

27,600

22,827

Shanghai

Jinjiang

International

Hotels

Co.

Ltd.,

Class

A

400

3,088

Shanghai

Jinjiang

International

Hotels

Co.

Ltd.,

Class

B

2,800

5,768

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

A

(b)

864

6,582

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

H

(a),(b)

3,200

12,515

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

A

3,100

10,251

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

11,900

24,134

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

36,600

40,149

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.,

Class

A

1,400

10,552

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

12,100

10,322

Shanxi

Lu'an

Environmental

Energy

Development

Co.

Ltd.,

Class

A

3,100

9,016

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

A

1,360

48,773

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

27,600

18,006

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

H

(a)

24,800

4,992

Shenzhen

Transsion

Holdings

Co.

Ltd.,

Class

A

832

13,090

Shenzhou

International

Group

Holdings

Ltd.

12,200

116,329

Shijiazhuang

Yiling

Pharmaceutical

Co.

Ltd.,

Class

A

600

2,725

Sichuan

Chuantou

Energy

Co.

Ltd.,

Class

A

5,700

11,831

Sichuan

Road

and

Bridge

Group

Co.

Ltd.,

Class

A

5,900

13,498

Silergy

Corp.

4,600

71,897

Smoore

International

Holdings

Ltd.

(a)

20,000

23,236

StarPower

Semiconductor

Ltd.,

Class

A

100

3,493

47

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

97.5%

(continued)

China

–

27.4%

(continued)

Sunny

Optical

Technology

Group

Co.

Ltd.

9,700

101,759

TBEA

Co.

Ltd.,

Class

A

5,600

18,259

TCL

Technology

Group

Corp.,

Class

A

15,000

8,660

Tencent

Holdings

Ltd.

85,600

3,755,543

Tianjin

Zhonghuan

Semiconductor

Co.

Ltd.,

Class

A

3,400

20,405

Tianqi

Lithium

Corp.,

Class

A

(b)

1,600

16,457

Tingyi

Cayman

Islands

Holding

Corp.

26,000

45,310

Tongwei

Co.

Ltd.,

Class

A

4,400

25,295

Trip.com

Group

Ltd.

(b)

7,700

269,553

Tsingtao

Brewery

Co.

Ltd.,

Class

A

900

15,173

Tsingtao

Brewery

Co.

Ltd.,

Class

H

8,000

85,300

Unigroup

Guoxin

Microelectronics

Co.

Ltd.,

Class

A

379

5,799

Unisplendour

Corp.

Ltd.,

Class

A

3,200

13,686

Wanhua

Chemical

Group

Co.

Ltd.,

Class

A

3,100

41,246

Weichai

Power

Co.

Ltd.,

Class

A

5,900

9,810

Weichai

Power

Co.

Ltd.,

Class

H

30,000

44,179

Western

Superconducting

Technologies

Co.

Ltd.

560

6,299

Will

Semiconductor

Ltd.,

Class

A

1,340

17,649

Wingtech

Technology

Co.

Ltd.,

Class

A

1,800

13,658

Wuliangye

Yibin

Co.

Ltd.,

Class

A

4,500

109,769

Wuxi

AppTec

Co.

Ltd.,

Class

A

3,340

32,555

Wuxi

AppTec

Co.

Ltd.,

Class

H

(a)

4,900

42,852

Xinyi

Solar

Holdings

Ltd.

62,266

66,550

Yankuang

Energy

Group

Co.

Ltd.,

Class

A

3,100

15,388

Yankuang

Energy

Group

Co.

Ltd.,

Class

H

20,000

68,409

YongXing

Special

Materials

Technology

Co.

Ltd.,

Class

A

130

1,196

Yonyou

Network

Technology

Co.

Ltd.,

Class

A

3,200

9,981

YTO

Express

Group

Co.

Ltd.,

Class

A

3,300

8,240

Yum

China

Holdings,

Inc.

5,982

365,979

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

A

2,780

23,349

Yunnan

Energy

New

Material

Co.

Ltd.,

Class

A

(b)

1,000

15,026

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.,

Class

A

700

27,475

Zhejiang

Chint

Electrics

Co.

Ltd.,

Class

A

2,900

10,904

Zhejiang

Huayou

Cobalt

Co.

Ltd.,

Class

A

2,650

19,890

Zhejiang

NHU

Co.

Ltd.,

Class

A

5,580

13,748

Zhejiang

Supcon

Technology

Co.

Ltd.,

Class

A

465

6,469

Zhongsheng

Group

Holdings

Ltd.

8,000

34,039

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

A

3,587

24,106

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

3,000

12,077

Zijin

Mining

Group

Co.

Ltd.,

Class

A

12,600

23,333

Zijin

Mining

Group

Co.

Ltd.,

Class

H

92,000

154,937

ZTE

Corp.,

Class

A

5,600

28,791

ZTE

Corp.,

Class

H

11,800

37,881

ZTO

Express

Cayman,

Inc.

6,150

168,285

23,024,462

Colombia

–

0.1%

Bancolombia

SA

4,216

32,564

Ecopetrol

SA

66,659

32,722

Grupo

Nutresa

SA

1,573

20,347

Interconexion

Electrica

SA

ESP

5,855

22,863

108,496

Czech

Republic

–

0.2%

CEZ

AS

2,450

132,129

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

97.5%

(continued)

Egypt

–

0.1%

Commercial

International

Bank

Egypt

SAE

33,821

58,448

Greece

–

0.2%

Eurobank

Ergasias

Services

and

Holdings

SA

(b)

35,746

50,513

Hellenic

Telecommunications

Organization

SA

3,126

45,727

OPAP

SA

2,322

39,632

135,872

Hong

Kong

–

1.5%

BOC

Hong

Kong

Holdings

Ltd.

48,500

152,607

China

Mengniu

Dairy

Co.

Ltd.

44,000

176,843

China

Overseas

Land

&

Investment

Ltd.

54,000

136,481

China

Resources

Beer

Holdings

Co.

Ltd.

22,000

169,136

China

Resources

Land

Ltd.

42,000

194,754

China

Resources

Power

Holdings

Co.

Ltd.

24,000

52,097

Chow

Tai

Fook

Jewellery

Group

Ltd.

31,400

62,801

GCL

Technology

Holdings

Ltd.

(b)(c)

276,000

68,913

Geely

Automobile

Holdings

Ltd.

65,000

79,906

Orient

Overseas

International

Ltd.

2,000

40,459

Sino

Biopharmaceutical

Ltd.

135,500

74,914

Want

Want

China

Holdings

Ltd.

66,000

42,039

1,250,950

Hungary

–

0.1%

OTP

Bank

NYRT

3,191

97,248

India

–

16.5%

ABB

India

Ltd.

706

29,487

Adani

Enterprises

Ltd.

3,968

93,335

Adani

Green

Energy

Ltd.

(b)

5,017

58,301

Adani

Ports

&

Special

Economic

Zone

Ltd.

10,715

89,204

Adani

Power

Ltd.

(b)

10,936

30,047

Adani

Total

Gas

Ltd.

3,965

45,786

Adani

Transmission

Ltd.

(b)

3,996

50,267

Adani

Wilmar

Ltd.

(b)

2,172

10,931

Ambuja

Cements

Ltd.

(b)

9,740

47,191

Apollo

Hospitals

Enterprise

Ltd.

1,426

78,651

Asian

Paints

Ltd.

6,566

232,865

Avenue

Supermarts

Ltd.

(a),(b)

2,107

90,421

Axis

Bank

Ltd.

32,648

343,091

Bajaj

Auto

Ltd.

955

51,719

Bajaj

Finance

Ltd.

3,811

292,455

Bajaj

Finserv

Ltd.

5,662

93,724

Bajaj

Holdings

&

Investment

Ltd.

398

33,304

Bank

of

Baroda

15,332

35,175

Berger

Paints

India

Ltd.

2,820

21,032

Bharat

Electronics

Ltd.

51,422

64,909

Bharat

Petroleum

Corp.

Ltd.

11,929

52,126

Bharti

Airtel

Ltd.

35,316

344,934

Britannia

Industries

Ltd.

1,705

94,870

Cholamandalam

Investment

and

Finance

Co.

Ltd.

5,880

62,589

Cipla

Ltd.

7,834

86,926

Coal

India

Ltd.

31,438

89,547

Dabur

India

Ltd.

8,056

52,459

Divi's

Laboratories

Ltd.

1,738

69,402

DLF

Ltd.

9,110

47,445

Dr.

Reddy's

Laboratories

Ltd.

1,704

102,650

Eicher

Motors

Ltd.

1,945

78,457

Gail

India

Ltd.

37,511

49,183

Godrej

Consumer

Products

Ltd.

(b)

5,916

65,604

Grasim

Industries

Ltd.

5,541

116,479

Havells

India

Ltd.

3,742

56,251

48

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

97.5%

(continued)

India

–

16.5%

(continued)

HCL

Technologies

Ltd.

15,113

196,511

HDFC

Bank

Ltd.

58,497

1,206,306

HDFC

Life

Insurance

Co.

Ltd.

(a)

13,013

84,237

Hindalco

Industries

Ltd.

20,851

111,114

Hindustan

Aeronautics

Ltd.

1,112

39,680

Hindustan

Unilever

Ltd.

12,729

382,214

Housing

Development

Finance

Corp.

Ltd.

25,869

877,386

ICICI

Bank

Ltd.

73,158

820,339

ICICI

Lombard

General

Insurance

Co.

Ltd.

(a)

2,627

34,641

ICICI

Prudential

Life

Insurance

Co.

Ltd.

(a)

5,020

26,653

Indian

Oil

Corp.

Ltd.

56,134

55,835

Indian

Railway

Catering

&

Tourism

Corp.

Ltd.

4,000

30,197

Indusind

Bank

Ltd.

8,365

117,835

Infosys

Ltd.

51,444

787,505

InterGlobe

Aviation

Ltd.

(a),(b)

1,487

36,722

ITC

Ltd.

43,744

227,470

JSW

Steel

Ltd.

13,876

122,980

Kotak

Mahindra

Bank

Ltd.

15,394

364,561

Larsen

&

Toubro

Ltd.

10,037

289,987

LTImindtree

Ltd.

(a)

1,175

63,454

Mahindra

&

Mahindra

Ltd.

13,903

208,436

Marico

Ltd.

7,491

45,439

Maruti

Suzuki

India

Ltd.

1,889

198,270

Nestle

India

Ltd.

496

131,893

NTPC

Ltd.

67,560

141,995

Oil

&

Natural

Gas

Corp.

Ltd.

53,748

104,394

Pidilite

Industries

Ltd.

2,166

64,031

Power

Grid

Corp.

of

India

Ltd.

48,691

141,159

Reliance

Industries

Ltd.

49,046

1,450,651

SBI

Cards

&

Payment

Services

Ltd.

3,866

36,482

SBI

Life

Insurance

Co.

Ltd.

(a)

6,654

92,700

Shree

Cement

Ltd.

124

36,872

Siemens

Ltd.

1,301

54,840

SRF

Ltd.

2,107

65,403

State

Bank

of

India

25,646

181,229

Sun

Pharmaceutical

Industries

Ltd.

14,690

177,288

Tata

Consultancy

Services

Ltd.

14,625

575,314

Tata

Consumer

Products

Ltd.

8,395

78,358

Tata

Motors

Ltd.

(b)

25,926

153,634

Tata

Motors

Ltd.,

Class

A

(b)

5,383

16,342

Tata

Power

Co.

Ltd.

(The)

25,210

61,950

Tata

Steel

Ltd.

111,736

147,391

Tech

Mahindra

Ltd.

9,416

117,786

Titan

Co.

Ltd.

5,975

192,886

UltraTech

Cement

Ltd.

1,582

146,071

United

Spirits

Ltd.

(b)

4,117

39,097

Varun

Beverages

Ltd.

3,225

56,952

Vedanta

Ltd.

15,519

52,974

Wipro

Ltd.

19,388

91,211

13,897,492

Indonesia

–

2.5%

Adaro

Energy

Indonesia

Tbk

PT

201,600

43,014

Adaro

Minerals

Indonesia

Tbk

PT

(b)

95,500

7,161

Astra

International

Tbk

PT

296,800

136,564

Bank

Central

Asia

Tbk

PT

798,700

492,722

Bank

Jago

Tbk

PT

(b)

24,600

3,471

Bank

Mandiri

(

Persero

)

Tbk

PT

631,800

222,874

Bank

Negara

Indonesia

(

Persero

)

Tbk

PT

114,600

73,627

Bank

Rakyat

Indonesia

(

Persero

)

Tbk

PT

1,013,300

352,272

Barito

Pacific

Tbk

PT

433,748

24,689

Bayan

Resources

Tbk

PT

104,200

152,713

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

97.5%

(continued)

Indonesia

–

2.5%

(continued)

Chandra

Asri

Petrochemical

Tbk

PT

333,900

53,715

Charoen

Pokphand

Indonesia

Tbk

PT

114,400

35,794

Elang

Mahkota

Teknologi

Tbk

PT

426,500

20,497

Goto

Gojek

Tokopedia

Tbk

PT,

Class

A

(b)

13,409,400

95,063

Indofood

CBP

Sukses

Makmur

Tbk

PT

12,100

8,722

Kalbe

Farma

Tbk

PT

278,800

40,290

Merdeka

Copper

Gold

Tbk

PT

(b)

201,200

54,037

Sumber

Alfaria

Trijaya

Tbk

PT

268,900

53,157

Telekomunikasi

Indonesia

(

Persero

)

Tbk

PT

681,000

197,290

Unilever

Indonesia

Tbk

PT

80,500

24,145

United

Tractors

Tbk

PT

21,200

41,764

Vale

Indonesia

Tbk

PT

27,800

13,218

2,146,799

Ireland

–

0.6%

PDD

Holdings,

Inc.,

ADR

(b)

7,707

525,232

Kuwait

–

1.0%

Agility

Public

Warehousing

Co.

KSCP

24,381

49,025

Boubyan

Bank

KSCP

16,485

36,268

Kuwait

Finance

House

KSCP

122,600

297,746

Mobile

Telecommunications

Co.

KSCP

36,893

68,523

National

Bank

of

Kuwait

SAKP

108,030

353,694

805,256

Malaysia

–

1.7%

Axiata

Group

BHD

70,700

47,392

Celcomdigi

BHD

46,500

45,869

CIMB

Group

Holdings

BHD

108,229

122,775

Genting

BHD

27,600

29,082

Genting

Malaysia

BHD

40,500

24,606

Hap

Seng

Consolidated

BHD

6,100

6,756

Hong

Leong

Bank

BHD

12,100

54,634

Hong

Leong

Financial

Group

BHD

3,300

13,406

IHH

Healthcare

BHD

49,000

62,946

IOI

Corp.

BHD

45,900

39,309

Kuala

Lumpur

Kepong

BHD

8,800

42,417

Malayan

Banking

BHD

98,899

192,011

Maxis

BHD

34,200

33,736

MISC

BHD

18,500

30,277

Mr

DIY

Group

M

BHD

(a)

36,750

13,018

Nestle

Malaysia

BHD

200

6,076

Petronas

Chemicals

Group

BHD

40,600

64,443

Petronas

Dagangan

BHD

5,800

29,439

Petronas

Gas

BHD

12,400

46,981

PPB

Group

BHD

9,600

34,995

Press

Metal

Aluminium

Holdings

BHD

49,000

56,574

Public

Bank

BHD

229,200

199,885

RHB

Bank

BHD

52,464

64,455

Sime

Darby

Plantation

BHD

46,200

44,331

Telekom

Malaysia

BHD

24,800

27,577

Tenaga

Nasional

BHD

39,900

79,612

1,412,602

Mexico

–

2.1%

America

Movil

SAB

de

CV,

Series

B

279,055

299,954

Arca

Continental

SAB

de

CV

6,207

59,097

Becle

SAB

de

CV

5,943

13,712

El

Puerto

de

Liverpool

SAB

de

CV,

Series

C

2,734

16,745

Fomento

Economico

Mexicano

SAB

de

CV

26,553

257,420

GMexico

Transportes

SAB

de

CV

(a)

6,066

13,945

Grupo

Bimbo

SAB

de

CV,

Series

A

18,578

99,383

Grupo

Carso

SAB

de

CV,

Series

A

6,316

35,734

Grupo

Elektra

SAB

de

CV

739

47,232

49

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

97.5%

(continued)

Mexico

–

2.1%

(continued)

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

35,476

306,440

Grupo

Financiero

Inbursa

SAB

de

CV,

Class

O

(b)

28,169

68,615

Grupo

Mexico

SAB

de

CV,

Series

B

46,431

226,325

Wal-Mart

de

Mexico

SAB

de

CV

74,163

297,943

1,742,545

Peru

–

0.1%

Credicorp

Ltd.

870

117,868

Philippines

–

0.8%

Aboitiz

Equity

Ventures,

Inc.

31,900

31,534

ACEN

Corp.

(b)

66,070

7,169

Ayala

Corp.

3,980

45,919

Ayala

Land,

Inc.

80,200

38,590

Bank

of

The

Philippine

Islands

30,661

59,567

BDO

Unibank

,

Inc.

26,604

69,170

Emperador

,

Inc.

30,400

11,472

Globe

Telecom,

Inc.

472

14,488

International

Container

Terminal

Services,

Inc.

12,390

48,544

JG

Summit

Holdings,

Inc.

46,422

42,495

Jollibee

Foods

Corp.

6,480

26,325

Manila

Electric

Co.

4,050

24,789

PLDT,

Inc.

1,365

29,673

SM

Investments

Corp.

7,165

115,784

SM

Prime

Holdings,

Inc.

164,500

100,836

Universal

Robina

Corp.

12,330

32,726

699,081

Qatar

–

0.7%

Industries

Qatar

QSC

27,828

97,551

Masraf

Al

Rayan

QSC

76,795

53,799

Mesaieed

Petrochemical

Holding

Co.

63,562

34,575

Ooredoo

QPSC

10,006

27,186

Qatar

Islamic

Bank

SAQ

23,608

116,094

Qatar

National

Bank

QPSC

63,686

268,741

597,946

Russia

–

0.0%

Alrosa

PJSC

(b),(d)

11,270

0

Gazprom

PJSC

(d)

67,050

0

LUKOIL

PJSC

(d)

2,071

0

Magnitogorsk

Iron

&

Steel

Works

PJSC

(b),(d)

5,210

0

MMC

Norilsk

Nickel

PJSC

(d)

341

0

Novatek

PJSC

(d)

5,535

0

Novolipetsk

Steel

PJSC

(b),(d)

6,530

0

Phosagro

PJSC

(d)

229

0

PIK

Group

PJSC

(b),(d)

401

0

Polyus

PJSC

(b),(d)

181

0

Rosneft

Oil

Co.

PJSC

(d)

13,131

0

Sberbank

of

Russia

PJSC

(d)

59,440

0

Severstal

PAO

PJSC

(b),(d)

859

0

Surgutneftegas

PJSC

(d)

45,300

0

Tatneft

PJSC

(d)

7,934

0

United

Co.

RUSAL

International

PJSC,

Class

A

(d)

10,710

0

VTB

Bank

PJSC

(b),(d)

21,230,000

0

0

Saudi

Arabia

–

3.7%

ACWA

Power

Co.

1,860

77,659

Al

Rajhi

Bank

27,965

572,616

Alamar

Foods

179

6,586

Alinma

Bank

13,439

113,404

Almarai

Co.

JSC

3,752

58,921

Bank

Albilad

6,843

75,441

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

97.5%

(continued)

Saudi

Arabia

–

3.7%

(continued)

Banque

Saudi

Fransi

8,795

90,513

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Co.

1,209

92,512

Riyad

Bank

20,783

166,233

SABIC

Agri

-Nutrients

Co.

3,313

118,009

Sahara

International

Petrochemical

Co.

5,075

52,364

Saudi

Arabian

Mining

Co.

(b)

11,330

209,641

Saudi

Arabian

Oil

Co.

(a)

31,103

298,533

Saudi

Basic

Industries

Corp.

12,861

316,493

Saudi

British

Bank

(The)

5,600

53,974

Saudi

Electricity

Co.

11,243

72,541

Saudi

National

Bank

(The)

30,981

403,917

Saudi

Telecom

Co.

25,465

305,523

3,084,880

South

Africa

–

3.1%

ABSA

Group

Ltd.

11,889

115,510

Anglo

American

Platinum

Ltd.

772

45,738

AngloGold

Ashanti

Ltd.

5,854

156,697

Bid

Corp.

Ltd.

4,956

112,842

Capitec

Bank

Holdings

Ltd.

1,336

116,392

Discovery

Ltd.

(b)

6,788

53,376

FirstRand

Ltd.

80,665

283,946

Gold

Fields

Ltd.

12,423

192,999

Impala

Platinum

Holdings

Ltd.

12,301

119,581

Kumba

Iron

Ore

Ltd.

831

20,167

MTN

Group

Ltd.

12,512

87,812

Naspers

Ltd.,

Class

N

3,079

549,189

Nedbank

Group

Ltd.

6,318

72,929

Pepkor

Holdings

Ltd.

(a)

16,071

14,899

Sanlam

Ltd.

25,649

79,162

Sasol

Ltd.

8,358

108,417

Shoprite

Holdings

Ltd.

7,180

87,552

Sibanye

Stillwater

Ltd.

40,545

89,522

Standard

Bank

Group

Ltd.

19,888

186,319

Vodacom

Group

Ltd.

11,851

81,170

2,574,219

South

Korea

–

11.6%

Amorepacific

Corp.

400

36,850

Celltrion

Healthcare

Co.

Ltd.

1,512

78,402

Celltrion

,

Inc.

1,521

182,511

Doosan

Enerbility

Co.

Ltd.

(b)

5,727

71,416

Ecopro

BM

Co.

Ltd.

744

148,422

Hana

Financial

Group,

Inc.

4,485

140,575

Hanwha

Solutions

Corp.

(b)

1,584

56,749

HD

Hyundai

Heavy

Industries

Co.

Ltd.

(b)

280

22,929

HMM

Co.

Ltd.

4,591

69,976

Hyundai

Glovis

Co.

Ltd.

306

37,427

Hyundai

Mobis

Co.

Ltd.

926

150,482

Hyundai

Motor

Co.

2,139

315,640

Industrial

Bank

of

Korea

1,248

9,381

Kakao

Corp.

4,485

194,694

KakaoBank

Corp.

4,457

73,262

KB

Financial

Group,

Inc.

5,669

209,665

KIA

Corp.

3,855

243,386

Korea

Electric

Power

Corp.

(b)

3,340

46,616

Korea

Zinc

Co.

Ltd.

185

70,909

Korean

Air

Lines

Co.

Ltd.

2,079

35,494

KT

Corp.

1,827

40,952

KT&G

Corp.

1,582

101,416

L&F

Co.

Ltd.

342

67,715

LG

Chem

Ltd.

667

368,784

50

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

97.5%

(continued)

South

Korea

–

11.6%

(continued)

LG

Corp.

1,917

125,184

LG

Electronics,

Inc.

1,490

121,680

LG

Energy

Solution

(b)

594

257,856

LG

H&H

Co.

Ltd.

128

59,582

LG

Innotek

Co.

Ltd.

188

37,153

NAVER

Corp.

2,170

311,783

NCSoft

Corp.

195

54,928

POSCO

Future

M

Co.

Ltd.

434

108,630

POSCO

Holdings,

Inc.

1,079

303,932

Samsung

Biologics

Co.

Ltd.

(a),(b)

288

168,057

Samsung

C&T

Corp.

1,300

106,455

Samsung

Electro-Mechanics

Co.

Ltd.

864

92,894

Samsung

Electronics

Co.

Ltd.

73,005

3,572,794

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

464

78,004

Samsung

Life

Insurance

Co.

Ltd.

1,360

67,370

Samsung

SDI

Co.

Ltd.

790

407,868

Samsung

SDS

Co.

Ltd.

529

46,363

Shinhan

Financial

Group

Co.

Ltd.

7,188

187,702

SK

Bioscience

Co.

Ltd.

(b)

308

16,201

SK

Holdings

Co.

Ltd.

528

64,106

SK

Hynix,

Inc.

7,714

515,842

SK

Innovation

Co.

Ltd.

(b)

781

101,010

SK

Square

Co.

Ltd.

(b)

1,459

46,275

SK

Telecom

Co.

Ltd.

1,301

46,367

S-Oil

Corp.

522

29,095

Woori

Financial

Group,

Inc.

9,040

79,228

9,780,012

Taiwan

–

13.8%

Accton

Technology

Corp.

7,000

68,082

Advantech

Co.

Ltd.

6,299

76,016

Airtac

International

Group

2,046

73,874

ASE

Technology

Holding

Co.

Ltd.

51,000

167,553

Asia

Cement

Corp.

34,000

48,607

Asustek

Computer,

Inc.

10,000

91,892

AUO

Corp.

92,600

51,206

Cathay

Financial

Holding

Co.

Ltd.

136,836

188,947

Chailease

Holding

Co.

Ltd.

22,026

159,772

Chang

Hwa

Commercial

Bank

Ltd.

60,185

34,847

China

Development

Financial

Holding

Corp.

245,000

104,399

China

Steel

Corp.

186,000

176,063

Chunghwa

Telecom

Co.

Ltd.

56,000

231,341

CTBC

Financial

Holding

Co.

Ltd.

280,000

205,839

Delta

Electronics,

Inc.

28,000

273,237

E

Ink

Holdings,

Inc.

12,000

74,360

E.Sun

Financial

Holding

Co.

Ltd.

222,857

180,866

Eva

Airways

Corp.

34,000

29,695

Evergreen

Marine

Corp.

Taiwan

Ltd.

12,600

66,192

Far

Eastern

New

Century

Corp.

58,000

60,184

Far

EasTone

Telecommunications

Co.

Ltd.

27,000

69,295

Feng

TAY

Enterprise

Co.

Ltd.

7,600

47,094

First

Financial

Holding

Co.

Ltd.

157,659

138,979

Formosa

Chemicals

&

Fibre

Corp.

60,000

134,472

Formosa

Petrochemical

Corp.

23,000

64,939

Formosa

Plastics

Corp.

62,000

189,373

Fubon

Financial

Holding

Co.

Ltd.

116,891

224,333

Globalwafers

Co.

Ltd.

3,000

46,938

Hon

Hai

Precision

Industry

Co.

Ltd.

173,000

588,062

Hotai

Motor

Co.

Ltd.

5,000

107,506

Hua

Nan

Financial

Holdings

Co.

Ltd.

127,139

90,570

Largan

Precision

Co.

Ltd.

1,152

75,320

Lite-On

Technology

Corp.

32,000

76,507

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

97.5%

(continued)

Taiwan

–

13.8%

(continued)

MediaTek

,

Inc.

23,000

497,520

Mega

Financial

Holding

Co.

Ltd.

154,425

171,039

Nan

Ya

Plastics

Corp.

81,000

205,514

Nan

Ya

Printed

Circuit

Board

Corp.

3,000

26,787

Nanya

Technology

Corp.

17,000

37,492

Novatek

Microelectronics

Corp.

8,000

108,905

Pegatron

Corp.

31,000

70,586

PharmaEssentia

Corp.

(b)

4,000

48,207

Powerchip

Semiconductor

Manufacturing

Corp.

39,520

38,180

President

Chain

Store

Corp.

8,000

70,391

Quanta

Computer,

Inc.

34,000

95,002

Realtek

Semiconductor

Corp.

7,000

81,744

Shanghai

Commercial

&

Savings

Bank

Ltd.

(The)

64,686

97,737

SinoPac

Financial

Holdings

Co.

Ltd.

160,583

87,232

Taishin

Financial

Holding

Co.

Ltd.

185,106

104,166

Taiwan

Cement

Corp.

95,117

119,737

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

158,642

138,039

Taiwan

High

Speed

Rail

Corp.

31,000

31,310

Taiwan

Mobile

Co.

Ltd.

25,000

84,167

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

269,000

4,392,551

Unimicron

Technology

Corp.

18,000

84,899

Uni

-President

Enterprises

Corp.

64,000

153,221

United

Microelectronics

Corp.

172,000

274,708

Walsin

Lihwa

Corp.

33,000

53,296

Wan

HAI

Lines

Ltd.

19,590

41,420

Wiwynn

Corp.

1,049

39,752

Yageo

Corp.

4,591

74,071

Yang

Ming

Marine

Transport

Corp.

21,000

43,103

Yuanta

Financial

Holding

Co.

Ltd.

189,699

139,455

11,626,591

Thailand

–

2.0%

Advanced

Info

Service

PCL,

NVDR

14,600

91,497

Airports

of

Thailand

PCL,

NVDR

(b)

64,700

138,788

Asset

World

Corp.

PCL,

NVDR

126,700

19,665

Bangkok

Bank

PCL,

NVDR

8,900

40,920

Bangkok

Dusit

Medical

Services

PCL,

NVDR

59,200

50,709

Bangkok

Expressway

&

Metro

PCL,

NVDR

111,200

28,820

Bank

of

Ayudhya

PCL,

NVDR

31,100

26,640

Berli

Jucker

PCL,

NVDR

12,600

14,391

Bumrungrad

Hospital

PCL,

NVDR

5,900

41,122

Central

Pattana

PCL,

NVDR

21,100

42,018

Central

Retail

Corp.

PCL,

NVDR

49,600

65,000

Charoen

Pokphand

Foods

PCL,

NVDR

43,400

25,801

CP

ALL

PCL,

NVDR

61,700

116,995

Delta

Electronics

Thailand

PCL,

NVDR

63,000

134,219

Energy

Absolute

PCL,

NVDR

27,900

55,355

Global

Power

Synergy

PCL,

NVDR

9,500

17,805

Gulf

Energy

Development

PCL,

NVDR

80,620

119,817

Home

Product

Center

PCL,

NVDR

59,100

24,230

Indorama

Ventures

PCL,

NVDR

27,500

27,381

Intouch

Holdings

PCL,

NVDR

18,300

40,193

Kasikornbank

PCL,

NVDR

15,700

57,471

Krung

Thai

Bank

PCL,

NVDR

55,300

29,150

Krungthai

Card

PCL,

NVDR

15,800

24,407

Minor

International

PCL,

NVDR

34,000

31,364

PTT

Exploration

&

Production

PCL,

NVDR

18,900

81,915

PTT

Global

Chemical

PCL,

NVDR

27,200

33,057

PTT

Oil

&

Retail

Business

PCL,

NVDR

43,100

28,020

PTT

PCL,

NVDR

115,000

104,400

SCB

X

PCL,

NVDR

9,300

28,188

51

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

97.5%

(continued)

Thailand

–

2.0%

(continued)

SCG

Packaging

PCL,

NVDR

15,700

20,230

Siam

Cement

PCL

(The),

NVDR

3,500

32,184

Siam

Makro

PCL,

NVDR

24,200

26,753

TMBThanachart

Bank

PCL,

NVDR

600,600

25,503

True

Corp.

PCL,

NVDR

144,824

33,717

1,677,725

Turkey

–

0.7%

Akbank

T.A.S.

43,672

36,041

Aselsan

Elektronik

Sanayi

ve

Ticaret

AS

8,332

19,159

BIM

Birlesik

Magazalar

AS

6,350

51,001

Enka

Insaat

ve

Sanayi

AS

25,767

36,223

Eregli

Demir

ve

Celik

Fabrikalari

TAS

(b)

19,766

33,681

Ford

Otomotiv

Sanayi

AS

889

24,565

Haci

OMER

Sabanci

Holding

AS

18,528

36,392

Hektas

Ticaret

TAS

(b)

14,770

20,460

KOC

Holding

AS

16,260

63,248

Sasa

Polyester

Sanayi

AS

(b)

6,287

32,198

Turk

Hava

Yollari

AO

(b)

9,941

65,325

Turkiye

Garanti

Bankasi

AS

8,768

12,344

Turkiye

Is

Bankasi

AS,

Class

C

49,094

27,339

Turkiye

Petrol

Rafinerileri

AS

13,195

44,982

Turkiye

Sise

ve

CAM

Fabrikalari

AS

18,402

34,877

Yapi

ve

Kredi

Bankasi

AS

37,816

18,414

556,249

United

Arab

Emirates

–

3.1%

Abu

Dhabi

Commercial

Bank

PJSC

42,464

101,997

Abu

Dhabi

Islamic

Bank

PJSC

20,101

62,186

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

40,701

48,659

Abu

Dhabi

Ports

Co.

PJSC

(b)

12,296

22,938

Adnoc

Drilling

Co.

PJSC

36,084

42,157

Aldar

Properties

PJSC

52,572

77,312

Alpha

Dhabi

Holding

PJSC

(b)

19,979

119,700

Dubai

Electricity

&

Water

Authority

PJSC

126,164

85,209

Dubai

Islamic

Bank

PJSC

39,248

59,428

Emaar

Properties

PJSC

88,505

142,929

Emirates

NBD

Bank

PJSC

33,984

130,494

Emirates

Telecommunications

Group

Co.

PJSC

48,387

316,255

Fertiglobe

PLC

16,509

17,264

First

Abu

Dhabi

Bank

PJSC

63,903

246,771

International

Holdings

Co.

PJSC

(b)

10,202

1,097,437

Multiply

Group

PJSC

(b)

47,978

43,902

2,614,638

United

States

–

0.3%

BeiGene

Ltd.

(b)

12,200

234,678

Total

Common

Stocks

(cost

$83,573,599)

81,908,405

Preferred

Stocks

–

2.3%

Brazil

–

1.4%

Banco

Bradesco

SA,

6.41%

78,054

214,994

Centrais

Eletricas

Brasileiras

SA,

Class

B,

3.75%

3,473

25,248

Gerdau

SA,

14.16%

16,116

80,953

Itau

Unibanco

Holding

SA,

4.69%

70,666

364,994

Itausa

SA,

5.09%

79,960

137,773

Petroleo

Brasileiro

SA,

21.30%

65,785

310,986

1,134,948

Chile

–

0.2%

Sociedad

Quimica

y

Minera

de

Chile

SA,

Class

B,

16.04%

2,076

141,424

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Preferred

Stocks

–

2.3%

(continued)

Colombia

–

0.0%

Bancolombia

SA,

11.56%

6,286

39,246

Russia

–

0.0%

Sberbank

of

Russia

PJSC,

10.95%

(d)

4,890

0

Surgutneftegas

PJSC,

12.93%

(d)

37,000

0

Tatneft

PJSC,

Series

3,

9.74%

(d)

266

0

0

South

Korea

–

0.7%

Amorepacific

Corp.,

1.85%

150

4,483

Hyundai

Motor

Co.,

6.48%

460

38,047

Hyundai

Motor

Co.,

6.55%

273

21,622

LG

Chem

Ltd.,

2.75%

120

34,967

LG

Electronics,

Inc.,

1.49%

282

10,345

LG

H&H

Co.

Ltd.,

1.65%

30

5,996

Samsung

Electro-Mechanics

Co.

Ltd.,

3.16%

56

2,908

Samsung

Electronics

Co.

Ltd.,

2.61%

11,922

496,156

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.,

8.03%

61

7,611

S-Oil

Corp.,

10.60%

154

5,799

627,934

Total

Preferred

Stocks

(cost

$1,920,242)

1,943,552

Investment

Companies

–

0.1%

Registered

Investment

Companies

–

0.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.81%

(e)(f)

(cost

$90,968)

90,968

90,968

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.1%

Registered

Investment

Companies

–

0.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.81%

(e)(f)

(cost

$88,119)

88,119

88,119

Total

Investments

(cost

$85,672,928)

100.0%

84,031,044

Cash

and

Receivables

(Net)

0.0%

38,712

Net

Assets

100.0%

84,069,756

ADR—American

Depositary

Receipt

NVDR—Non-Voting

Depositary

Receipt

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

April

30,

2023,

these

securities

were

valued

at

$3,206,386

or

3.81%

of

net

assets.

(b)

Non-income

producing

security.

(c)

Security,

or

portion

thereof,

on

loan.

At

April

30,

2023,

the

value

of

the

fund’s

securities

on

loan

was

$108,467

and

the

value

of

the

collateral

was

$119,803,

consisting

of

cash

collateral

of

$88,119

and

U.S.

Government

&

Agency

securities

valued

at

$31,684.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

(d)

The

fund

held

Level

3

securities

at

April

30,

2023.

These

securities

were

valued

at

$0

or

0.00%

of

net

assets.

(e)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(f)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2023.

52

STATEMENT

OF

INVESTMENTS

(continued)

See

Notes

to

Financial

Statements

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2023

are

as

follows:

Description

Value

10/31/22

Purchases

($)

1

Sales

($)

Value

4/30/23

Dividends/

Distributions

($)

Investment

Companies

–

0.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

15,604

23,162,817

(23,087,453)

90,968

9,238

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

—

359,908

(271,789)

88,119

583

2

Total

–

0.2%

15,604

23,522,725

(23,359,242)

179,087

9,821

1

Includes

reinvested

dividends/distributions.

2

Represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Portfolio

Summary

(Unaudited)

†

Value

(%)

Financials

25.4

Information

Technology

18.5

Consumer

Discretionary

12.4

Communication

Services

10.0

Materials

8.0

Industrials

6.5

Consumer

Staples

6.3

Energy

5.3

Health

Care

2.7

Utilities

3.0

Real

Estate

1.7

Registered

Investment

Companies

0.2

100.0

†

Based

on

net

assets.

Futures

Description

Number

of

Contracts

Expiration

Notional

Value

($)

Market

Value

($)

Unrealized

Appreciation

(Depreciation)

($)

Futures

Long

MSCI

Emerging

Markets

Index

5

6/16/2023

246,134

246,050

(84)

53

STATEMENT

OF

INVESTMENTS

April

30,

2023

(Unaudited)

BNY

Mellon

Core

Bond

ETF

Description

Principal

Amount

($)

Value

($)

Asset-Backed

Securities

–

0.4%

American

Express

Credit

Account

Master

Trust

Series

2022-2,

Class

A,

3.39%,

5/15/2027

250,000

244,512

Series

2022-3,

Class

A,

3.75%,

8/15/2027

100,000

98,431

Barclays

Dryrock

Issuance

Trust,

Series

2022-

1,

Class

A,

3.07%,

2/15/2028

100,000

96,676

Capital

One

Multi-Asset

Execution

Trust

Series

2022-A1,

Class

A1,

2.80%,

3/15/2027

40,000

38,717

Series

2022-A2,

Class

A,

3.49%,

5/15/2027

100,000

97,959

Series

2019-A3,

Class

A3,

2.06%,

8/15/2028

40,000

37,099

CarMax

Auto

Owner

Trust,

Series

2021-4,

Class

A4,

0.82%,

4/15/2027

140,000

127,150

Ford

Credit

Auto

Owner

Trust

Series

2022-A,

Class

A3,

1.29%,

6/15/2026

30,000

28,740

Series

2022-B,

Class

A3,

3.74%,

9/15/2026

25,000

24,542

GM

Financial

Automobile

Leasing

Trust,

Series

2022-2,

Class

A3,

3.42%,

6/20/2025

200,000

196,353

Harley-Davidson

Motorcycle

Trust,

Series

2022-A,

Class

A3,

3.06%,

2/15/2027

25,000

24,305

Honda

Auto

Receivables

Owner

Trust,

Series

2020-3,

Class

A4,

0.46%,

4/19/2027

100,000

96,487

John

Deere

Owner

Trust,

Series

2021-A,

Class

A4,

0.62%,

12/15/2027

100,000

93,954

Nissan

Auto

Lease

Trust,

Series

2023-A,

Class

A4,

4.80%,

7/15/2027

325,000

324,681

Oklahoma

Development

Finance

Authority,

Series

2022-ONG,

Class

A1,

3.88%,

5/01/2037

100,000

97,582

Toyota

Auto

Receivables

Owner

Trust,

Series

2020-D,

Class

A4,

0.47%,

1/15/2026

90,000

85,835

Volkswagen

Auto

Loan

Enhanced

Trust,

Series

2021-1,

Class

A4,

1.26%,

10/20/2028

100,000

92,525

World

Omni

Auto

Receivables

Trust

Series

2022-B,

Class

A3,

3.25%,

7/15/2027

100,000

97,330

Series

2021-C,

Class

A4,

0.64%,

9/15/2027

100,000

92,269

Total

Asset-Backed

Securities

(cost

$2,027,741)

1,995,147

Commercial

Mortgage-Backed

Securities

–

0.9%

Bank

Trust

Series

2019-BN16,

Class

A4,

4.01%,

2/15/2052

85,000

80,839

Series

2019-BN21,

Class

A5,

2.85%,

10/17/2052

50,000

43,922

Series

2021-BN31,

Class

A4,

2.04%,

2/15/2054

25,000

20,482

Series

2017-BNK6,

Class

A4,

3.25%,

7/15/2060

50,000

46,658

Series

2018-BN11,

Class

A2,

3.78%,

3/15/2061

190,000

178,907

Series

2019-BN18,

Class

A4,

3.58%,

5/15/2062

45,000

41,124

Barclays

Commercial

Mortgage

Trust,

Series

2019-C4,

Class

A5,

2.92%,

8/15/2052

25,000

22,292

BBCMS

Mortgage

Trust

Series

2020-C6,

Class

A4,

2.64%,

2/15/2053

60,000

52,131

Series

2021-C9,

Class

A5,

2.30%,

2/15/2054

50,000

41,652

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Commercial

Mortgage-Backed

Securities

–

0.9%

(continued)

Benchmark

Mortgage

Trust

Series

2020-IG1,

Class

AS,

2.91%,

9/15/2043

50,000

39,201

Series

2018-B2,

Class

A4,

3.61%,

2/15/2051

50,000

46,820

Series

2018-B3,

Class

A3,

3.75%,

4/10/2051

175,000

169,739

Series

2021-B27,

Class

A5,

2.39%,

7/15/2054

120,000

98,698

Series

2022-B32,

Class

A5,

3.00%,

1/15/2055

150,000

128,351

Series

2022-B34,

Class

A5,

3.79%,

4/15/2055

100,000

89,895

Citigroup

Commercial

Mortgage

Trust

Series

2015-GC35,

Class

A4,

3.82%,

11/10/2048

100,000

96,118

Series

2016-P4,

Class

AS,

3.08%,

7/10/2049

120,000

109,215

Series

2017-C4,

Class

A4,

3.47%,

10/12/2050

125,000

116,602

Series

2022-GC48,

Class

A5,

4.74%,

5/15/2054

186,000

182,572

COMM

Mortgage

Trust

Series

2014-UBS6,

Class

AM,

4.05%,

12/10/2047

125,000

118,213

Series

2015-CR26,

Class

A3,

3.36%,

10/10/2048

85,903

82,112

Series

2015-LC23,

Class

A4,

3.77%,

10/10/2048

50,000

48,049

Series

2019-GC44,

Class

A5,

2.95%,

8/15/2057

200,000

176,794

CSAIL

Commercial

Mortgage

Trust

Series

2015-C4,

Class

C,

4.71%,

11/15/2048

108,000

97,264

Series

2018-CX11,

Class

A4,

3.77%,

4/15/2051

50,000

47,733

GS

Mortgage

Securities

Trust

Series

2016-GS2,

Class

A4,

3.05%,

5/10/2049

100,000

93,904

Series

2017-GS8,

Class

A3,

3.21%,

11/10/2050

80,000

74,040

Series

2017-GS8,

Class

A4,

3.47%,

11/10/2050

25,000

23,305

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C24,

Class

A4A1,

3.37%,

11/15/2047

100,000

96,540

Series

2015-C32,

Class

A5,

3.60%,

11/15/2048

100,000

94,523

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2014-C17,

Class

A5,

3.74%,

8/15/2047

35,000

34,084

Series

2016-C29,

Class

A4,

3.33%,

5/15/2049

150,000

141,962

Morgan

Stanley

Capital

I

Trust

Series

2016-UBS9,

Class

A4,

3.59%,

3/15/2049

50,000

47,681

Series

2020-L4,

Class

A3,

2.70%,

2/15/2053

100,000

86,449

UBS

Commercial

Mortgage

Trust

Series

2018-C8,

Class

A3,

3.72%,

2/15/2051

24,006

22,586

Series

2019-C16,

Class

A4,

3.60%,

4/15/2052

75,000

69,305

54

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Commercial

Mortgage-Backed

Securities

–

0.9%

(continued)

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-NXS1,

Class

A5,

3.15%,

5/15/2048

95,000

90,732

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

60,000

57,588

Series

2016-C34,

Class

AS,

3.48%,

6/15/2049

100,000

91,079

Series

2017-C41,

Class

A3,

3.21%,

11/15/2050

250,000

231,015

Series

2017-C41,

Class

A4,

3.47%,

11/15/2050

10,000

9,315

Series

2019-C50,

Class

A5,

3.73%,

5/15/2052

150,000

139,487

Series

2020-C55,

Class

A5,

2.73%,

2/15/2053

100,000

86,655

Series

2016-NXS5,

Class

A5,

3.37%,

1/15/2059

50,000

47,554

WFRBS

Commercial

Mortgage

Trust

Series

2014-C24,

Class

A5,

3.61%,

11/15/2047

30,000

28,942

Series

2014-C22,

Class

A5,

3.75%,

9/15/2057

10,000

9,664

Total

Commercial

Mortgage-Backed

Securities

(cost

$4,164,744)

3,751,793

Corporate

Bonds

–

24.6%

Basic

Materials

–

0.6%

Air

Products

&

Chemicals,

Inc.

2.05%,

5/15/2030

31,000

27,050

2.70%,

5/15/2040

50,000

38,631

2.80%,

5/15/2050

35,000

25,532

Albemarle

Corp.,

5.45%,

12/01/2044

50,000

47,498

Barrick

PD

Australia

Finance

Pty

Ltd.,

5.95%,

10/15/2039

50,000

53,731

BHP

Billiton

Finance

USA

Ltd.,

4.13%,

2/24/2042

35,000

31,912

Celanese

US

Holdings

LLC

5.90%,

7/05/2024

50,000

50,056

6.05%,

3/15/2025

100,000

100,395

Celulosa

Arauco

y

Constitucion

SA,

4.50%,

8/01/2024

75,000

74,050

Dow

Chemical

Co.

(The),

4.38%,

11/15/2042

20,000

17,549

DuPont

de

Nemours,

Inc.

4.49%,

11/15/2025

15,000

14,961

4.73%,

11/15/2028

35,000

35,353

5.42%,

11/15/2048

100,000

100,198

Eastman

Chemical

Co.,

4.65%,

10/15/2044

50,000

43,025

Ecolab,

Inc.

5.25%,

1/15/2028

100,000

104,265

4.80%,

3/24/2030

(a)

35,000

35,829

1.30%,

1/30/2031

20,000

16,027

2.13%,

8/15/2050

10,000

6,023

2.75%,

8/18/2055

10,000

6,443

EIDP,

Inc.,

1.70%,

7/15/2025

130,000

122,541

Fibria

Overseas

Finance

Ltd.,

5.50%,

1/17/2027

50,000

50,261

FMC

Corp.

3.45%,

10/01/2029

50,000

45,921

4.50%,

10/01/2049

25,000

20,689

Freeport-McMoRan,

Inc.

4.25%,

3/01/2030

50,000

46,528

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Basic

Materials

–

0.6%

(continued)

5.45%,

3/15/2043

20,000

18,780

Huntsman

International

LLC

4.50%,

5/01/2029

10,000

9,407

2.95%,

6/15/2031

50,000

41,163

International

Flavors

&

Fragrances,

Inc.,

5.00%,

9/26/2048

20,000

17,245

International

Paper

Co.,

4.80%,

6/15/2044

88,000

80,570

Linde,

Inc.,

1.10%,

8/10/2030

100,000

80,362

LYB

International

Finance

III

LLC

3.38%,

10/01/2040

20,000

14,780

4.20%,

5/01/2050

150,000

115,918

3.63%,

4/01/2051

33,000

23,329

3.80%,

10/01/2060

10,000

6,856

LyondellBasell

Industries

NV,

4.63%,

2/26/2055

10,000

8,163

Mosaic

Co.

(The),

4.88%,

11/15/2041

10,000

8,907

NewMarket

Corp.,

2.70%,

3/18/2031

25,000

20,890

Newmont

Corp.,

4.88%,

3/15/2042

35,000

33,547

Nucor

Corp.,

2.00%,

6/01/2025

80,000

75,383

Nutrien

Ltd.

4.20%,

4/01/2029

20,000

19,469

2.95%,

5/13/2030

70,000

62,351

4.13%,

3/15/2035

100,000

91,273

3.95%,

5/13/2050

15,000

11,921

Rio

Tinto

Alcan,

Inc.,

7.25%,

3/15/2031

26,000

30,339

Sherwin-Williams

Co.

(The)

2.30%,

5/15/2030

25,000

21,330

4.00%,

12/15/2042

40,000

33,038

4.50%,

6/01/2047

25,000

22,182

3.30%,

5/15/2050

75,000

53,485

Southern

Copper

Corp.

3.88%,

4/23/2025

30,000

29,201

6.75%,

4/16/2040

100,000

112,010

5.88%,

4/23/2045

20,000

20,872

Steel

Dynamics,

Inc.,

3.25%,

10/15/2050

25,000

17,217

Suzano

Austria

GmbH

5.00%,

1/15/2030

20,000

18,690

Series

DM3N,

3.13%,

1/15/2032

130,000

103,355

Vale

Overseas

Ltd.,

3.75%,

7/08/2030

175,000

156,391

Westlake

Corp.

3.60%,

8/15/2026

34,000

32,631

5.00%,

8/15/2046

25,000

21,960

Yamana

Gold,

Inc.,

2.63%,

8/15/2031

50,000

40,291

2,567,774

Communications

–

2.1%

Alphabet,

Inc.

1.10%,

8/15/2030

24,000

19,832

2.05%,

8/15/2050

160,000

101,777

2.25%,

8/15/2060

10,000

6,175

Amazon.com,

Inc.

3.80%,

12/05/2024

50,000

49,573

0.80%,

6/03/2025

25,000

23,290

3.30%,

4/13/2027

40,000

38,858

1.20%,

6/03/2027

100,000

89,490

3.15%,

8/22/2027

80,000

77,078

1.65%,

5/12/2028

25,000

22,249

1.50%,

6/03/2030

25,000

20,887

2.10%,

5/12/2031

25,000

21,456

55

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Communications

–

2.1%

(continued)

3.60%,

4/13/2032

35,000

33,260

4.80%,

12/05/2034

50,000

51,913

3.88%,

8/22/2037

100,000

93,480

2.88%,

5/12/2041

30,000

23,543

4.05%,

8/22/2047

35,000

31,748

2.50%,

6/03/2050

155,000

104,566

4.25%,

8/22/2057

25,000

22,705

2.70%,

6/03/2060

(a)

10,000

6,512

3.25%,

5/12/2061

60,000

44,324

4.10%,

4/13/2062

40,000

34,838

America

Movil

SAB

de

CV

6.13%,

3/30/2040

70,000

76,192

4.38%,

7/16/2042

200,000

182,062

AT&T,

Inc.

3.88%,

1/15/2026

115,000

113,073

1.70%,

3/25/2026

25,000

23,081

2.95%,

7/15/2026

(a)

50,000

47,475

3.80%,

2/15/2027

30,000

29,172

1.65%,

2/01/2028

200,000

175,315

4.10%,

2/15/2028

75,000

73,333

4.30%,

2/15/2030

25,000

24,271

2.75%,

6/01/2031

50,000

43,108

2.25%,

2/01/2032

50,000

40,886

2.55%,

12/01/2033

50,000

40,227

4.85%,

3/01/2039

35,000

32,856

3.50%,

6/01/2041

25,000

19,664

5.15%,

3/15/2042

139,000

133,995

3.10%,

2/01/2043

(a)

40,000

29,328

4.50%,

3/09/2048

50,000

42,844

4.55%,

3/09/2049

50,000

43,349

3.30%,

2/01/2052

200,000

142,420

3.50%,

9/15/2053

119,000

85,213

3.55%,

9/15/2055

50,000

35,430

5.70%,

3/01/2057

50,000

50,541

3.80%,

12/01/2057

65,000

47,697

3.65%,

9/15/2059

50,000

35,357

3.85%,

6/01/2060

45,000

33,275

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

(The),

4.30%,

7/29/2049

50,000

43,040

Booking

Holdings,

Inc.,

3.65%,

3/15/2025

50,000

49,088

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

4.91%,

7/23/2025

210,000

207,912

4.20%,

3/15/2028

25,000

23,688

5.05%,

3/30/2029

50,000

48,359

2.80%,

4/01/2031

100,000

80,628

2.30%,

2/01/2032

45,000

34,205

6.38%,

10/23/2035

25,000

24,702

3.50%,

6/01/2041

45,000

30,707

5.75%,

4/01/2048

50,000

42,418

5.13%,

7/01/2049

125,000

97,606

4.80%,

3/01/2050

10,000

7,588

3.70%,

4/01/2051

15,000

9,510

6.83%,

10/23/2055

50,000

47,592

3.85%,

4/01/2061

100,000

61,121

4.40%,

12/01/2061

60,000

40,193

5.50%,

4/01/2063

50,000

39,849

Cisco

Systems,

Inc.

2.95%,

2/28/2026

25,000

24,287

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Communications

–

2.1%

(continued)

5.50%,

1/15/2040

25,000

27,161

Comcast

Corp.

2.35%,

1/15/2027

45,000

42,020

3.55%,

5/01/2028

50,000

48,232

4.15%,

10/15/2028

25,000

24,802

1.95%,

1/15/2031

85,000

71,178

1.50%,

2/15/2031

50,000

40,429

4.25%,

1/15/2033

50,000

48,946

4.65%,

2/15/2033

(a)

50,000

50,651

4.20%,

8/15/2034

50,000

48,074

5.65%,

6/15/2035

25,000

27,010

4.60%,

10/15/2038

25,000

24,149

3.25%,

11/01/2039

93,000

75,491

3.97%,

11/01/2047

50,000

42,355

4.70%,

10/15/2048

100,000

94,769

4.00%,

11/01/2049

50,000

42,116

2.80%,

1/15/2051

20,000

13,529

4.95%,

10/15/2058

(a)

90,000

88,343

2.65%,

8/15/2062

50,000

30,499

2.99%,

11/01/2063

185,000

120,041

Corning,

Inc.

3.90%,

11/15/2049

50,000

38,746

5.85%,

11/15/2068

25,000

24,633

Deutsche

Telekom

International

Finance

BV

8.75%,

6/15/2030

10,000

12,205

9.25%,

6/01/2032

100,000

130,356

Discovery

Communications

LLC

3.95%,

3/20/2028

25,000

23,424

3.63%,

5/15/2030

100,000

88,950

4.88%,

4/01/2043

25,000

20,054

4.00%,

9/15/2055

24,000

15,762

eBay,

Inc.

4.00%,

7/15/2042

100,000

81,706

3.65%,

5/10/2051

3,000

2,237

Expedia

Group,

Inc.,

3.80%,

2/15/2028

33,000

31,140

Fox

Corp.

4.71%,

1/25/2029

10,000

9,819

3.50%,

4/08/2030

10,000

9,085

Grupo

Televisa

SAB,

6.63%,

1/15/2040

71,000

76,141

Interpublic

Group

of

Cos.,

Inc.

(The),

3.38%,

3/01/2041

60,000

45,305

Juniper

Networks,

Inc.

1.20%,

12/10/2025

10,000

9,071

3.75%,

8/15/2029

50,000

47,001

Meta

Platforms,

Inc.

3.85%,

8/15/2032

100,000

94,460

4.65%,

8/15/2062

65,000

57,340

Motorola

Solutions,

Inc.

2.30%,

11/15/2030

45,000

36,955

5.50%,

9/01/2044

22,000

21,164

Omnicom

Group,

Inc.

4.20%,

6/01/2030

25,000

24,140

2.60%,

8/01/2031

25,000

21,353

Paramount

Global

2.90%,

1/15/2027

(a)

37,000

33,997

5.85%,

9/01/2043

25,000

21,431

4.95%,

5/19/2050

110,000

82,968

56

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Communications

–

2.1%

(continued)

Rogers

Communications,

Inc.,

2.90%,

11/15/2026

35,000

32,695

Sprint

Capital

Corp.

6.88%,

11/15/2028

40,000

43,148

8.75%,

3/15/2032

35,000

42,812

Sprint

Corp.

7.13%,

6/15/2024

40,000

40,659

7.63%,

2/15/2025

25,000

25,762

7.63%,

3/01/2026

25,000

26,477

TCI

Communications,

Inc.,

7.88%,

2/15/2026

100,000

108,465

Telefonica

Emisiones

SA,

7.05%,

6/20/2036

30,000

33,184

TELUS

Corp.

2.80%,

2/16/2027

80,000

75,617

4.60%,

11/16/2048

50,000

44,302

Thomson

Reuters

Corp.,

5.65%,

11/23/2043

50,000

48,182

Time

Warner

Cable

LLC

7.30%,

7/01/2038

110,000

113,974

5.50%,

9/01/2041

225,000

191,733

4.50%,

9/15/2042

50,000

38,020

T-Mobile

USA,

Inc.

3.50%,

4/15/2025

100,000

97,322

1.50%,

2/15/2026

20,000

18,316

2.25%,

2/15/2026

50,000

46,590

2.63%,

4/15/2026

50,000

46,943

3.75%,

4/15/2027

110,000

105,992

2.05%,

2/15/2028

30,000

26,643

4.95%,

3/15/2028

100,000

101,074

2.40%,

3/15/2029

100,000

87,676

3.88%,

4/15/2030

10,000

9,422

2.55%,

2/15/2031

20,000

17,013

2.70%,

3/15/2032

100,000

84,385

5.05%,

7/15/2033

50,000

50,332

4.38%,

4/15/2040

50,000

44,802

4.50%,

4/15/2050

10,000

8,743

3.40%,

10/15/2052

175,000

126,515

5.80%,

9/15/2062

25,000

25,772

TWDC

Enterprises

18

Corp.

Series

E,

4.13%,

12/01/2041

100,000

90,230

4.13%,

6/01/2044

15,000

13,558

VeriSign,

Inc.

5.25%,

4/01/2025

100,000

100,324

4.75%,

7/15/2027

35,000

34,380

Verizon

Communications,

Inc.

2.63%,

8/15/2026

30,000

28,394

4.33%,

9/21/2028

150,000

148,386

1.75%,

1/20/2031

80,000

64,404

2.55%,

3/21/2031

175,000

149,039

2.36%,

3/15/2032

150,000

123,109

4.50%,

8/10/2033

50,000

48,236

3.40%,

3/22/2041

35,000

27,624

6.55%,

9/15/2043

200,000

227,135

4.86%,

8/21/2046

50,000

47,266

4.52%,

9/15/2048

150,000

134,387

2.88%,

11/20/2050

55,000

36,510

5.01%,

8/21/2054

25,000

23,815

4.67%,

3/15/2055

25,000

22,506

3.00%,

11/20/2060

10,000

6,346

3.70%,

3/22/2061

50,000

37,118

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Communications

–

2.1%

(continued)

Vodafone

Group

PLC

4.13%,

5/30/2025

54,000

53,361

5.25%,

5/30/2048

10,000

9,536

5.63%,

2/10/2053

50,000

49,401

5.75%,

2/10/2063

50,000

49,539

Walt

Disney

Co.

(The)

3.70%,

10/15/2025

250,000

245,941

3.80%,

3/22/2030

150,000

145,107

2.65%,

1/13/2031

175,000

155,127

3.50%,

5/13/2040

30,000

25,512

9,308,310

Consumer,

Cyclical

–

1.6%

American

Airlines

Pass-Through

Trust

Series

2017-1,

Class

AA,

3.65%,

2/15/2029

35,500

32,443

Series

2017-2,

Class

AA,

3.35%,

10/15/2029

164,112

146,448

American

Honda

Finance

Corp.

1.20%,

7/08/2025

20,000

18,615

4.60%,

4/17/2030

100,000

100,429

AutoNation,

Inc.,

4.75%,

6/01/2030

30,000

28,293

AutoZone,

Inc.

3.25%,

4/15/2025

15,000

14,527

3.63%,

4/15/2025

25,000

24,377

Brunswick

Corp.,

0.85%,

8/18/2024

100,000

94,071

Choice

Hotels

International,

Inc.,

3.70%,

1/15/2031

50,000

44,312

Costco

Wholesale

Corp.,

3.00%,

5/18/2027

73,000

70,559

Cummins,

Inc.,

2.60%,

9/01/2050

50,000

32,889

Darden

Restaurants,

Inc.,

4.55%,

2/15/2048

20,000

16,978

Dick's

Sporting

Goods,

Inc.,

4.10%,

1/15/2052

50,000

35,020

Dollar

General

Corp.,

3.50%,

4/03/2030

50,000

46,253

General

Motors

Co.

6.13%,

10/01/2025

150,000

152,535

6.80%,

10/01/2027

50,000

52,816

6.60%,

4/01/2036

15,000

15,434

5.15%,

4/01/2038

100,000

89,539

5.95%,

4/01/2049

53,000

49,066

General

Motors

Financial

Co.,

Inc.

3.80%,

4/07/2025

200,000

194,346

6.05%,

10/10/2025

70,000

70,772

4.00%,

10/06/2026

50,000

47,939

4.35%,

1/17/2027

20,000

19,374

6.00%,

1/09/2028

100,000

102,059

5.85%,

4/06/2030

15,000

15,005

2.35%,

1/08/2031

45,000

35,540

2.70%,

6/10/2031

50,000

40,088

Genuine

Parts

Co.,

1.88%,

11/01/2030

25,000

20,059

Hasbro,

Inc.

3.55%,

11/19/2026

50,000

47,311

6.35%,

3/15/2040

50,000

50,678

Home

Depot,

Inc.

(The)

3.35%,

9/15/2025

25,000

24,515

2.70%,

4/15/2030

168,000

153,187

1.38%,

3/15/2031

127,000

102,790

4.50%,

9/15/2032

(a)

100,000

101,298

5.88%,

12/16/2036

100,000

112,777

4.25%,

4/01/2046

150,000

136,235

3.50%,

9/15/2056

15,000

11,738

57

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Consumer,

Cyclical

–

1.6%

(continued)

Honda

Motor

Co.,

Ltd.,

2.27%,

3/10/2025

300,000

287,582

Hyatt

Hotels

Corp.

4.85%,

3/15/2026

50,000

49,925

4.38%,

9/15/2028

25,000

24,206

5.75%,

4/23/2030

25,000

25,694

JetBlue

Pass-Through

Trust,

Series

2020-1,

Class

A,

4.00%,

11/15/2032

33,456

30,839

Lear

Corp.,

3.50%,

5/30/2030

63,000

56,352

Lennar

Corp.,

4.75%,

5/30/2025

80,000

79,411

Lowe's

Cos.,

Inc.

1.70%,

9/15/2028

75,000

65,536

1.70%,

10/15/2030

40,000

32,599

3.75%,

4/01/2032

(a)

100,000

92,625

3.70%,

4/15/2046

283,000

219,909

4.05%,

5/03/2047

10,000

8,142

3.00%,

10/15/2050

10,000

6,665

3.50%,

4/01/2051

30,000

21,726

Magna

International,

Inc.,

2.45%,

6/15/2030

20,000

17,227

Marriott

International,

Inc.

3.75%,

10/01/2025

100,000

96,808

Series

AA,

4.65%,

12/01/2028

50,000

49,529

McDonald's

Corp.

3.38%,

5/26/2025

85,000

83,200

3.30%,

7/01/2025

60,000

58,674

2.63%,

9/01/2029

20,000

18,209

4.70%,

12/09/2035

19,000

19,004

4.88%,

12/09/2045

30,000

29,030

4.45%,

3/01/2047

50,000

45,620

4.45%,

9/01/2048

40,000

36,559

MDC

Holdings,

Inc.

2.50%,

1/15/2031

75,000

58,939

6.00%,

1/15/2043

40,000

35,335

Nike,

Inc.

2.40%,

3/27/2025

100,000

96,861

2.38%,

11/01/2026

40,000

37,790

3.25%,

3/27/2040

40,000

33,783

O'Reilly

Automotive,

Inc.

3.60%,

9/01/2027

50,000

48,484

3.90%,

6/01/2029

45,000

43,344

1.75%,

3/15/2031

20,000

16,176

PulteGroup,

Inc.,

6.00%,

2/15/2035

25,000

25,846

PVH

Corp.,

4.63%,

7/10/2025

50,000

49,166

Southwest

Airlines

Co.

5.25%,

5/04/2025

153,000

153,479

5.13%,

6/15/2027

25,000

25,196

2.63%,

2/10/2030

(a)

5,000

4,293

Starbucks

Corp.

2.00%,

3/12/2027

(a)

25,000

22,929

3.55%,

8/15/2029

101,000

96,823

4.80%,

2/15/2033

50,000

50,675

4.45%,

8/15/2049

40,000

36,047

3.50%,

11/15/2050

145,000

111,832

Target

Corp.

2.25%,

4/15/2025

200,000

192,499

2.50%,

4/15/2026

50,000

48,175

2.35%,

2/15/2030

40,000

35,484

4.50%,

9/15/2032

100,000

100,810

4.80%,

1/15/2053

100,000

98,457

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Consumer,

Cyclical

–

1.6%

(continued)

Toyota

Motor

Corp.,

2.36%,

7/02/2024

100,000

97,246

Toyota

Motor

Credit

Corp.

4.40%,

9/20/2024

100,000

99,738

4.80%,

1/10/2025

150,000

150,563

1.15%,

8/13/2027

20,000

17,648

4.55%,

9/20/2027

100,000

101,047

5.45%,

11/10/2027

100,000

104,629

4.63%,

1/12/2028

200,000

203,493

United

Airlines

Pass-Through

Trust

Series

2012-1,

Class

A,

4.15%,

4/11/2024

12,695

12,418

Series

2013-1,

Class

A,

4.30%,

8/15/2025

28,909

27,693

Series

2018-1,

Class

AA,

3.50%,

3/01/2030

78,433

70,288

Walgreens

Boots

Alliance,

Inc.

3.20%,

4/15/2030

50,000

44,103

4.80%,

11/18/2044

25,000

21,645

4.10%,

4/15/2050

50,000

37,806

Walmart,

Inc.

4.00%,

4/15/2026

15,000

15,023

5.88%,

4/05/2027

77,000

82,348

3.90%,

4/15/2028

15,000

14,994

1.50%,

9/22/2028

50,000

44,215

2.38%,

9/24/2029

3,000

2,716

4.00%,

4/15/2030

10,000

9,966

4.10%,

4/15/2033

25,000

24,965

3.95%,

6/28/2038

10,000

9,583

2.50%,

9/22/2041

100,000

76,581

4.05%,

6/29/2048

60,000

56,410

4.50%,

9/09/2052

50,000

49,721

4.50%,

4/15/2053

25,000

24,839

WarnerMedia

Holdings,

Inc.

3.79%,

3/15/2025

(b)

50,000

48,473

5.14%,

3/15/2052

(b)

150,000

119,746

5.39%,

3/15/2062

(b)

200,000

160,532

Whirlpool

Corp.,

4.75%,

2/26/2029

10,000

9,988

6,966,226

Consumer,

Non-cyclical

–

4.5%

Abbott

Laboratories

6.00%,

4/01/2039

25,000

28,773

4.90%,

11/30/2046

170,000

174,971

AbbVie,

Inc.

3.85%,

6/15/2024

50,000

49,404

2.60%,

11/21/2024

150,000

144,823

3.80%,

3/15/2025

50,000

49,159

3.20%,

11/21/2029

45,000

41,580

4.05%,

11/21/2039

35,000

30,948

4.40%,

11/06/2042

45,000

40,999

4.70%,

5/14/2045

75,000

70,304

4.25%,

11/21/2049

217,000

190,109

Adventist

Health

System/West,

3.63%,

3/01/2049

20,000

15,018

Advocate

Health

&

Hospitals

Corp.

3.83%,

8/15/2028

50,000

48,584

Series

2020,

2.21%,

6/15/2030

15,000

12,739

Aetna,

Inc.

6.63%,

6/15/2036

50,000

55,767

4.75%,

3/15/2044

35,000

32,050

3.88%,

8/15/2047

50,000

39,363

Ahold

Finance

USA

LLC,

6.88%,

5/01/2029

25,000

27,389

58

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Consumer,

Non-cyclical

–

4.5%

(continued)

AHS

Hospital

Corp.,

5.02%,

7/01/2045

50,000

50,274

Altria

Group,

Inc.

4.40%,

2/14/2026

10,000

9,935

3.40%,

5/06/2030

150,000

133,911

2.45%,

2/04/2032

35,000

27,799

5.80%,

2/14/2039

75,000

73,991

3.40%,

2/04/2041

50,000

35,256

4.50%,

5/02/2043

40,000

32,277

4.45%,

5/06/2050

15,000

11,198

4.00%,

2/04/2061

10,000

7,008

AmerisourceBergen

Corp.,

3.45%,

12/15/2027

50,000

47,917

Amgen,

Inc.

3.63%,

5/22/2024

50,000

49,311

5.51%,

3/02/2026

150,000

150,596

2.20%,

2/21/2027

50,000

46,258

5.25%,

3/02/2030

100,000

102,739

2.30%,

2/25/2031

45,000

38,117

4.40%,

5/01/2045

75,000

66,280

4.56%,

6/15/2048

20,000

18,089

3.38%,

2/21/2050

200,000

147,666

3.00%,

1/15/2052

50,000

34,180

2.77%,

9/01/2053

10,000

6,409

5.75%,

3/02/2063

150,000

155,163

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.,

4.90%,

2/01/2046

36,000

35,661

Anheuser-Busch

InBev

Finance,

Inc.,

4.90%,

2/01/2046

25,000

24,596

Anheuser-Busch

InBev

Worldwide,

Inc.

3.50%,

6/01/2030

110,000

104,707

4.90%,

1/23/2031

75,000

78,183

4.38%,

4/15/2038

25,000

24,149

8.20%,

1/15/2039

25,000

33,525

5.45%,

1/23/2039

25,000

26,573

8.00%,

11/15/2039

25,000

32,671

4.35%,

6/01/2040

100,000

95,013

4.95%,

1/15/2042

25,000

25,067

4.50%,

6/01/2050

250,000

236,132

5.80%,

1/23/2059

45,000

50,415

Archer-Daniels-Midland

Co.

2.50%,

8/11/2026

25,000

23,761

4.54%,

3/26/2042

87,000

83,394

Ascension

Health,

3.95%,

11/15/2046

25,000

21,832

AstraZeneca

Finance

LLC,

1.20%,

5/28/2026

75,000

68,661

AstraZeneca

PLC

0.70%,

4/08/2026

90,000

81,704

4.00%,

9/18/2042

50,000

45,576

4.38%,

11/16/2045

75,000

71,993

Banner

Health,

2.34%,

1/01/2030

25,000

21,799

Baptist

Healthcare

System

Obligated

Group,

Series

20B,

3.54%,

8/15/2050

25,000

19,218

BAT

Capital

Corp.

3.22%,

8/15/2024

150,000

145,935

2.79%,

9/06/2024

70,000

67,570

3.22%,

9/06/2026

40,000

37,884

3.56%,

8/15/2027

50,000

46,807

4.39%,

8/15/2037

20,000

16,316

3.73%,

9/25/2040

50,000

35,770

5.28%,

4/02/2050

50,000

41,524

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Consumer,

Non-cyclical

–

4.5%

(continued)

BAT

International

Finance

PLC,

1.67%,

3/25/2026

30,000

27,317

Baxalta,

Inc.

4.00%,

6/23/2025

15,000

14,729

5.25%,

6/23/2045

35,000

34,670

Baxter

International,

Inc.

1.92%,

2/01/2027

50,000

44,943

2.54%,

2/01/2032

(a)

50,000

41,160

Becton,

Dickinson

&

Co.

3.36%,

6/06/2024

50,000

49,140

3.73%,

12/15/2024

10,000

9,811

3.70%,

6/06/2027

10,000

9,690

3.79%,

5/20/2050

9,000

7,299

Biogen,

Inc.

2.25%,

5/01/2030

75,000

63,611

5.20%,

9/15/2045

45,000

45,415

BIO-RAD

Laboratories,

Inc.,

3.70%,

3/15/2032

100,000

90,102

Bon

Secours

Mercy

Health,

Inc.,

3.46%,

6/01/2030

121,000

110,174

Boston

Scientific

Corp.

1.90%,

6/01/2025

10,000

9,479

2.65%,

6/01/2030

25,000

22,108

Bristol-Myers

Squibb

Co.

2.90%,

7/26/2024

125,000

122,407

1.13%,

11/13/2027

50,000

44,089

3.90%,

2/20/2028

10,000

9,936

1.45%,

11/13/2030

10,000

8,208

2.95%,

3/15/2032

(a)

15,000

13,544

2.35%,

11/13/2040

20,000

14,419

3.55%,

3/15/2042

10,000

8,526

4.55%,

2/20/2048

28,000

26,666

4.25%,

10/26/2049

200,000

181,553

2.55%,

11/13/2050

20,000

13,376

3.70%,

3/15/2052

100,000

82,883

3.90%,

3/15/2062

25,000

20,693

Brown

University,

in

Providence

in

the

State

of

Rhode

Island

&

Providence

Plantations,

Series

A,

2.92%,

9/01/2050

30,000

22,866

Bunge

Ltd.

Finance

Corp.,

1.63%,

8/17/2025

50,000

46,234

California

Endowment

(The),

Series

2021,

2.50%,

4/01/2051

200,000

134,086

California

Institute

of

Technology,

4.70%,

11/01/2111

35,000

31,574

Campbell

Soup

Co.

2.38%,

4/24/2030

(a)

29,000

24,942

3.13%,

4/24/2050

15,000

10,660

Cardinal

Health,

Inc.

3.08%,

6/15/2024

75,000

73,277

4.60%,

3/15/2043

25,000

21,770

4.50%,

11/15/2044

40,000

34,286

Centene

Corp.

2.45%,

7/15/2028

135,000

117,777

2.63%,

8/01/2031

165,000

134,898

Children's

Hospital,

Series

2020,

2.93%,

7/15/2050

50,000

33,222

Children's

Hospital

of

Philadelphia

(The),

Series

2020,

2.70%,

7/01/2050

10,000

6,691

59

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Consumer,

Non-cyclical

–

4.5%

(continued)

Cigna

Group

(The)

4.13%,

11/15/2025

30,000

29,627

4.50%,

2/25/2026

5,000

4,987

3.40%,

3/01/2027

25,000

24,006

3.05%,

10/15/2027

50,000

47,144

2.38%,

3/15/2031

160,000

135,611

3.40%,

3/15/2051

25,000

18,423

City

of

Hope

(The),

Series

2013,

5.62%,

11/15/2043

135,000

136,890

Clorox

Co.

(The),

4.60%,

5/01/2032

250,000

250,498

Coca-Cola

Co.

(The)

1.45%,

6/01/2027

(a)

163,000

148,254

1.00%,

3/15/2028

20,000

17,460

2.13%,

9/06/2029

50,000

44,893

3.45%,

3/25/2030

65,000

62,451

2.25%,

1/05/2032

(a)

25,000

21,845

2.60%,

6/01/2050

100,000

71,862

3.00%,

3/05/2051

25,000

19,528

2.50%,

3/15/2051

35,000

24,609

Coca-Cola

Femsa

SAB

de

CV,

2.75%,

1/22/2030

50,000

45,072

Colgate-Palmolive

Co.,

3.70%,

8/01/2047

70,000

62,609

CommonSpirit

Health

2.76%,

10/01/2024

79,000

76,672

3.35%,

10/01/2029

60,000

54,201

Community

Health

Network,

Inc.,

Series

20-A,

3.10%,

5/01/2050

65,000

44,094

ConAgra

Brands,

Inc.,

4.30%,

5/01/2024

125,000

123,822

Constellation

Brands,

Inc.

4.65%,

11/15/2028

40,000

40,108

4.50%,

5/09/2047

25,000

21,928

5.25%,

11/15/2048

25,000

24,268

3.75%,

5/01/2050

65,000

51,460

CVS

Health

Corp.

3.38%,

8/12/2024

100,000

98,110

2.63%,

8/15/2024

22,000

21,364

3.88%,

7/20/2025

25,000

24,583

3.00%,

8/15/2026

10,000

9,536

3.63%,

4/01/2027

110,000

106,457

1.30%,

8/21/2027

20,000

17,536

4.30%,

3/25/2028

10,000

9,877

3.25%,

8/15/2029

30,000

27,617

5.13%,

2/21/2030

50,000

50,874

3.75%,

4/01/2030

15,000

14,044

1.88%,

2/28/2031

(a)

45,000

36,572

5.25%,

2/21/2033

50,000

51,075

4.88%,

7/20/2035

100,000

97,777

6.13%,

9/15/2039

35,000

36,867

4.13%,

4/01/2040

20,000

17,109

5.05%,

3/25/2048

40,000

37,310

4.25%,

4/01/2050

200,000

167,292

5.63%,

2/21/2053

50,000

50,232

Danaher

Corp.,

2.60%,

10/01/2050

50,000

33,957

DENTSPLY

SIRONA,

Inc.,

3.25%,

6/01/2030

50,000

44,438

Elevance

Health,

Inc.

3.50%,

8/15/2024

80,000

78,531

2.88%,

9/15/2029

90,000

82,222

2.25%,

5/15/2030

10,000

8,596

2.55%,

3/15/2031

20,000

17,250

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Consumer,

Non-cyclical

–

4.5%

(continued)

6.38%,

6/15/2037

10,000

11,207

4.63%,

5/15/2042

35,000

32,665

4.65%,

8/15/2044

15,000

13,852

4.38%,

12/01/2047

10,000

8,880

4.55%,

3/01/2048

28,000

25,351

3.60%,

3/15/2051

50,000

38,973

ELI

Lilly

&

Co.

5.50%,

3/15/2027

25,000

26,419

3.38%,

3/15/2029

100,000

96,041

2.50%,

9/15/2060

100,000

65,342

Emory

University,

Series

2020,

2.14%,

9/01/2030

15,000

12,884

Equifax,

Inc.

2.60%,

12/15/2025

15,000

14,143

2.35%,

9/15/2031

300,000

242,192

Fomento

Economico

Mexicano

SAB

de

CV,

3.50%,

1/16/2050

70,000

54,506

GE

HealthCare

Technologies,

Inc.

5.60%,

11/15/2025

(b)

100,000

101,291

5.86%,

3/15/2030

(b)

100,000

105,034

General

Mills,

Inc.

4.20%,

4/17/2028

25,000

24,866

2.88%,

4/15/2030

(a)

10,000

9,087

George

Washington

University

(The),

Series

2014,

4.30%,

9/15/2044

20,000

18,161

Georgetown

University

(The),

Series

B,

4.32%,

4/01/2049

20,000

17,793

Gilead

Sciences,

Inc.

3.50%,

2/01/2025

25,000

24,554

3.65%,

3/01/2026

40,000

39,132

2.95%,

3/01/2027

25,000

23,927

1.65%,

10/01/2030

25,000

20,682

2.60%,

10/01/2040

100,000

73,605

4.50%,

2/01/2045

25,000

23,213

4.75%,

3/01/2046

157,000

150,174

2.80%,

10/01/2050

25,000

17,206

GlaxoSmithKline

Capital,

Inc.

3.88%,

5/15/2028

50,000

49,356

6.38%,

5/15/2038

70,000

83,122

Global

Payments,

Inc.

2.65%,

2/15/2025

30,000

28,665

5.95%,

8/15/2052

100,000

96,974

GXO

Logistics,

Inc.

1.65%,

7/15/2026

50,000

43,494

2.65%,

7/15/2031

50,000

39,318

Hackensack

Meridian

Health,

Inc.,

Series

2020,

2.68%,

9/01/2041

45,000

32,521

HCA,

Inc.

5.25%,

4/15/2025

110,000

110,257

5.88%,

2/15/2026

50,000

50,778

5.25%,

6/15/2026

69,000

69,192

4.50%,

2/15/2027

50,000

49,131

4.13%,

6/15/2029

150,000

142,216

5.25%,

6/15/2049

5,000

4,523

Hershey

Co.

(The),

2.05%,

11/15/2024

40,000

38,645

Hormel

Foods

Corp.,

1.80%,

6/11/2030

40,000

33,766

Humana,

Inc.,

3.85%,

10/01/2024

30,000

29,525

Illumina,

Inc.,

2.55%,

3/23/2031

(a)

100,000

83,855

60

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Consumer,

Non-cyclical

–

4.5%

(continued)

Indiana

Universal

Health,

Inc.

Obligated

Group,

3.97%,

11/01/2048

50,000

43,373

Inova

Health

System

Foundation,

4.07%,

5/15/2052

25,000

21,696

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

5.50%,

1/15/2030

(b)

100,000

95,558

5.75%,

4/01/2033

(b)

100,000

95,943

4.38%,

2/02/2052

(b)

100,000

70,511

JM

Smucker

Co.

(The)

3.50%,

3/15/2025

40,000

39,054

2.38%,

3/15/2030

88,000

76,251

2.13%,

3/15/2032

(a)

50,000

40,975

Johns

Hopkins

University,

Series

A,

2.81%,

1/01/2060

25,000

17,035

Johnson

&

Johnson

2.63%,

1/15/2025

40,000

39,056

0.55%,

9/01/2025

10,000

9,236

2.45%,

3/01/2026

100,000

96,091

2.95%,

3/03/2027

131,000

126,931

1.30%,

9/01/2030

25,000

20,990

4.38%,

12/05/2033

50,000

51,629

3.55%,

3/01/2036

50,000

46,693

2.10%,

9/01/2040

100,000

72,673

Kaiser

Foundation

Hospitals

3.15%,

5/01/2027

50,000

47,590

4.15%,

5/01/2047

25,000

22,608

Series

2021,

3.00%,

6/01/2051

5,000

3,580

Kellogg

Co.

4.30%,

5/15/2028

75,000

74,540

2.10%,

6/01/2030

25,000

21,043

Kenvue,

Inc.

5.00%,

3/22/2030

(b)

50,000

51,856

4.90%,

3/22/2033

(b)

20,000

20,709

5.05%,

3/22/2053

(b)

25,000

25,911

Keurig

Dr

Pepper,

Inc.

4.42%,

5/25/2025

50,000

49,653

3.40%,

11/15/2025

61,000

59,035

3.95%,

4/15/2029

35,000

33,754

3.20%,

5/01/2030

28,000

25,587

3.80%,

5/01/2050

10,000

7,954

4.50%,

4/15/2052

35,000

31,233

Kimberly-Clark

Corp.,

1.05%,

9/15/2027

45,000

39,834

Kraft

Heinz

Foods

Co.

3.00%,

6/01/2026

50,000

47,884

4.38%,

6/01/2046

150,000

130,928

Laboratory

Corp.

of

America

Holdings

3.25%,

9/01/2024

25,000

24,419

2.30%,

12/01/2024

40,000

38,294

3.60%,

2/01/2025

10,000

9,757

2.95%,

12/01/2029

50,000

45,186

Leland

Stanford

Junior

University

(The),

2.41%,

6/01/2050

50,000

33,953

Mass

General

Brigham,

Inc.,

Series

2020,

3.19%,

7/01/2049

25,000

18,711

Massachusetts

Institute

of

Technology,

3.96%,

7/01/2038

25,000

23,528

McCormick

&

Co.,

Inc.

3.15%,

8/15/2024

10,000

9,748

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Consumer,

Non-cyclical

–

4.5%

(continued)

0.90%,

2/15/2026

20,000

18,051

1.85%,

2/15/2031

15,000

12,219

4.95%,

4/15/2033

10,000

10,027

McKesson

Corp.,

0.90%,

12/03/2025

20,000

18,162

Mead

Johnson

Nutrition

Co.,

5.90%,

11/01/2039

20,000

21,355

MedStar

Health,

Inc.,

Series

20A,

3.63%,

8/15/2049

25,000

19,200

Medtronic

Global

Holdings

SCA,

4.50%,

3/30/2033

50,000

50,429

Memorial

Sloan-Kettering

Cancer

Center,

Series

2015,

4.20%,

7/01/2055

50,000

43,909

Merck

&

Co.,

Inc.

0.75%,

2/24/2026

15,000

13,727

3.40%,

3/07/2029

50,000

48,294

2.15%,

12/10/2031

20,000

17,068

3.90%,

3/07/2039

10,000

9,141

4.15%,

5/18/2043

215,000

200,924

2.90%,

12/10/2061

25,000

17,027

Molson

Coors

Beverage

Co.

3.00%,

7/15/2026

50,000

47,499

5.00%,

5/01/2042

25,000

23,794

Mondelez

International,

Inc.,

2.63%,

9/04/2050

75,000

49,911

Montefiore

Obligated

Group,

4.29%,

9/01/2050

50,000

31,275

Moody's

Corp.

3.25%,

1/15/2028

135,000

128,340

4.25%,

8/08/2032

100,000

97,088

4.88%,

12/17/2048

25,000

23,515

Mount

Sinai

Hospitals

Group,

Inc.

Series

2017,

3.98%,

7/01/2048

20,000

16,420

Series

2019,

3.74%,

7/01/2049

75,000

58,756

Mylan,

Inc.,

4.55%,

4/15/2028

60,000

57,509

New

York

&

Presbyterian

Hospital

(The),

Series

2019,

3.95%,

8/01/2119

60,000

44,926

Northwell

Healthcare,

Inc.

3.98%,

11/01/2046

25,000

20,048

4.26%,

11/01/2047

50,000

41,990

Northwestern

University,

4.64%,

12/01/2044

35,000

34,692

Novartis

Capital

Corp.

2.00%,

2/14/2027

50,000

46,473

3.10%,

5/17/2027

25,000

24,168

4.40%,

5/06/2044

70,000

68,719

NYU

Langone

Hospitals

4.78%,

7/01/2044

75,000

71,590

Series

2020,

3.38%,

7/01/2055

100,000

72,897

Ochsner

LSU

Health

System

of

North

Louisiana,

Series

2021,

2.51%,

5/15/2031

250,000

188,091

Orlando

Health

Obligated

Group,

4.09%,

10/01/2048

100,000

83,848

PayPal

Holdings,

Inc.,

3.25%,

6/01/2050

125,000

90,267

PeaceHealth

Obligated

Group

Series

2018,

4.79%,

11/15/2048

50,000

46,389

Series

2020,

3.22%,

11/15/2050

10,000

7,078

PepsiCo,

Inc.

2.25%,

3/19/2025

158,000

152,234

3.50%,

7/17/2025

25,000

24,605

4.55%,

2/13/2026

167,000

169,538

61

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Consumer,

Non-cyclical

–

4.5%

(continued)

2.38%,

10/06/2026

16,000

15,172

3.60%,

2/18/2028

50,000

49,301

3.50%,

3/19/2040

20,000

17,263

3.60%,

8/13/2042

25,000

21,716

2.88%,

10/15/2049

20,000

15,279

2.75%,

10/21/2051

10,000

7,353

PerkinElmer,

Inc.

3.30%,

9/15/2029

50,000

45,332

2.55%,

3/15/2031

50,000

41,648

Pfizer,

Inc.

3.40%,

5/15/2024

28,000

27,602

3.60%,

9/15/2028

55,000

53,998

2.63%,

4/01/2030

50,000

45,266

4.00%,

12/15/2036

120,000

115,354

2.55%,

5/28/2040

125,000

94,481

4.13%,

12/15/2046

20,000

18,428

4.00%,

3/15/2049

25,000

22,728

Pharmacia

LLC,

6.60%,

12/01/2028

50,000

55,849

Philip

Morris

International,

Inc.

0.88%,

5/01/2026

50,000

45,076

4.88%,

2/15/2028

100,000

100,880

2.10%,

5/01/2030

100,000

84,012

4.13%,

3/04/2043

50,000

41,290

4.25%,

11/10/2044

80,000

66,816

Piedmont

Healthcare,

Inc.,

Series

2032,

2.04%,

1/01/2032

50,000

40,284

Pilgrim's

Pride

Corp.,

6.25%,

7/01/2033

15,000

14,831

Procter

&

Gamble

Co.

(The)

0.55%,

10/29/2025

50,000

45,804

2.80%,

3/25/2027

35,000

33,609

2.85%,

8/11/2027

50,000

47,963

3.00%,

3/25/2030

(a)

20,000

18,828

5.55%,

3/05/2037

100,000

114,486

3.50%,

10/25/2047

50,000

43,192

Quest

Diagnostics,

Inc.,

3.45%,

6/01/2026

50,000

48,384

Regeneron

Pharmaceuticals,

Inc.

1.75%,

9/15/2030

45,000

36,750

2.80%,

9/15/2050

50,000

33,079

Reynolds

American,

Inc.

6.15%,

9/15/2043

25,000

24,336

5.85%,

8/15/2045

50,000

45,124

Royalty

Pharma

PLC,

3.30%,

9/02/2040

400,000

290,360

RWJ

Barnabas

Health,

Inc.,

3.48%,

7/01/2049

50,000

38,920

S&P

Global,

Inc.

2.45%,

3/01/2027

50,000

46,974

2.70%,

3/01/2029

50,000

45,653

4.25%,

5/01/2029

50,000

49,455

1.25%,

8/15/2030

10,000

8,072

2.90%,

3/01/2032

100,000

88,789

3.70%,

3/01/2052

50,000

41,821

3.90%,

3/01/2062

100,000

83,285

Seattle

Children's

Hospital,

Series

2021,

2.72%,

10/01/2050

25,000

17,060

Sharp

HealthCare,

Series

20B,

2.68%,

8/01/2050

45,000

29,756

Shire

Acquisitions

Investments

Ireland

DAC,

3.20%,

9/23/2026

55,000

52,437

Smith

&

Nephew

PLC,

2.03%,

10/14/2030

45,000

36,653

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Consumer,

Non-cyclical

–

4.5%

(continued)

STERIS

Irish

FinCo

UnLtd.

Co.,

2.70%,

3/15/2031

150,000

125,997

Stryker

Corp.,

3.38%,

11/01/2025

40,000

38,725

Sutter

Health

Series

20A,

3.16%,

8/15/2040

40,000

30,705

Series

2018,

4.09%,

8/15/2048

50,000

41,441

SYSCO

Corp.

5.95%,

4/01/2030

50,000

53,415

4.85%,

10/01/2045

15,000

13,726

3.30%,

2/15/2050

20,000

14,579

6.60%,

4/01/2050

20,000

22,948

Texas

Health

Resources,

4.33%,

11/15/2055

35,000

30,943

Thermo

Fisher

Scientific,

Inc.

4.95%,

11/21/2032

100,000

104,165

4.10%,

8/15/2047

25,000

22,731

Trinity

Health

Corp.,

Series

2021,

2.63%,

12/01/2040

45,000

32,961

Trustees

of

Princeton

University

(The),

Series

2020,

2.52%,

7/01/2050

75,000

53,019

Trustees

of

The

University

of

Pennsylvania

(The),

3.61%,

2/15/2119

10,000

7,305

Tyson

Foods,

Inc.

3.95%,

8/15/2024

50,000

49,308

4.00%,

3/01/2026

150,000

147,168

Unilever

Capital

Corp.,

2.00%,

7/28/2026

100,000

93,913

UnitedHealth

Group,

Inc.

3.75%,

7/15/2025

33,000

32,558

3.70%,

12/15/2025

28,000

27,463

3.10%,

3/15/2026

40,000

38,833

4.25%,

1/15/2029

50,000

49,932

2.88%,

8/15/2029

25,000

23,077

2.30%,

5/15/2031

35,000

30,308

4.20%,

5/15/2032

50,000

49,028

4.50%,

4/15/2033

25,000

25,048

4.63%,

7/15/2035

96,000

96,917

5.80%,

3/15/2036

22,000

24,229

6.50%,

6/15/2037

150,000

174,093

5.95%,

2/15/2041

30,000

33,137

3.05%,

5/15/2041

10,000

7,942

4.63%,

11/15/2041

17,000

16,437

3.95%,

10/15/2042

50,000

44,002

4.20%,

1/15/2047

50,000

44,475

4.25%,

6/15/2048

18,000

16,315

4.45%,

12/15/2048

10,000

9,291

3.25%,

5/15/2051

10,000

7,572

5.05%,

4/15/2053

30,000

30,444

3.88%,

8/15/2059

15,000

12,166

4.95%,

5/15/2062

35,000

34,294

5.20%,

4/15/2063

150,000

152,794

Universal

Health

Services,

Inc.,

1.65%,

9/01/2026

50,000

44,201

University

of

Notre

Dame

du

Lac,

Series

2015,

3.44%,

2/15/2045

50,000

41,539

University

of

Southern

California

Series

2017,

3.84%,

10/01/2047

25,000

22,328

5.25%,

10/01/2111

50,000

52,438

UPMC,

5.04%,

5/15/2033

10,000

9,986

Utah

Acquisition

Sub,

Inc.,

3.95%,

6/15/2026

10,000

9,568

Verisk

Analytics,

Inc.,

5.50%,

6/15/2045

50,000

48,948

Viatris,

Inc.,

4.00%,

6/22/2050

10,000

6,484

62

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Consumer,

Non-cyclical

–

4.5%

(continued)

Washington

University

(The)

Series

2022,

3.52%,

4/15/2054

(a)

25,000

20,756

4.35%,

4/15/2122

50,000

42,608

William

Marsh

Rice

University,

3.57%,

5/15/2045

15,000

13,003

Wyeth

LLC

6.50%,

2/01/2034

25,000

29,157

5.95%,

4/01/2037

50,000

56,381

Zimmer

Biomet

Holdings,

Inc.

3.05%,

1/15/2026

15,000

14,375

5.75%,

11/30/2039

35,000

35,651

Zoetis,

Inc.

3.90%,

8/20/2028

40,000

39,177

4.70%,

2/01/2043

100,000

93,909

4.45%,

8/20/2048

25,000

22,566

19,638,498

Energy

–

1.8%

Baker

Hughes

Holdings

LLC,

5.13%,

9/15/2040

34,000

33,213

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co.-Obligor,

Inc.,

3.34%,

12/15/2027

100,000

95,020

Boardwalk

Pipelines

LP

5.95%,

6/01/2026

95,000

96,986

3.40%,

2/15/2031

15,000

13,172

BP

Capital

Markets

America,

Inc.

3.80%,

9/21/2025

10,000

9,878

3.12%,

5/04/2026

25,000

24,299

3.59%,

4/14/2027

30,000

29,318

3.63%,

4/06/2030

10,000

9,574

1.75%,

8/10/2030

10,000

8,400

4.81%,

2/13/2033

50,000

50,863

2.77%,

11/10/2050

65,000

44,543

2.94%,

6/04/2051

10,000

7,021

BP

Capital

Markets

PLC,

3.28%,

9/19/2027

230,000

222,704

Canadian

Natural

Resources

Ltd.

2.95%,

7/15/2030

136,000

119,478

7.20%,

1/15/2032

15,000

16,575

Cenovus

Energy,

Inc.

5.25%,

6/15/2037

70,000

67,290

6.75%,

11/15/2039

5,000

5,430

Cheniere

Corpus

Christi

Holdings

LLC,

5.88%,

3/31/2025

60,000

60,472

Chevron

Corp.,

3.08%,

5/11/2050

100,000

77,423

ConocoPhillips

Co.,

4.03%,

3/15/2062

200,000

168,899

Coterra

Energy,

Inc.,

4.38%,

3/15/2029

50,000

47,980

DCP

Midstream

Operating

LP,

5.60%,

4/01/2044

50,000

48,059

Devon

Energy

Corp.

5.85%,

12/15/2025

70,000

71,242

4.50%,

1/15/2030

100,000

95,819

4.75%,

5/15/2042

25,000

21,933

Diamondback

Energy,

Inc.

3.25%,

12/01/2026

115,000

110,357

4.40%,

3/24/2051

100,000

81,752

Enbridge

Energy

Partners

LP,

5.88%,

10/15/2025

25,000

25,494

Enbridge,

Inc.

4.25%,

12/01/2026

25,000

24,618

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Energy

–

1.8%

(continued)

5.50%,

12/01/2046

55,000

53,611

Energy

Transfer

LP

2.90%,

5/15/2025

75,000

71,578

5.95%,

12/01/2025

50,000

50,854

3.90%,

7/15/2026

85,000

81,824

5.50%,

6/01/2027

108,000

109,587

4.90%,

3/15/2035

98,000

92,250

6.50%,

2/01/2042

25,000

25,893

5.95%,

10/01/2043

25,000

24,106

5.35%,

5/15/2045

50,000

44,522

5.00%,

5/15/2050

50,000

42,375

Enterprise

Products

Operating

LLC

2.80%,

1/31/2030

50,000

44,702

4.85%,

8/15/2042

20,000

18,630

4.45%,

2/15/2043

40,000

35,638

4.85%,

3/15/2044

30,000

27,948

4.25%,

2/15/2048

85,000

72,330

4.20%,

1/31/2050

50,000

41,823

4.95%,

10/15/2054

25,000

22,895

3.95%,

1/31/2060

10,000

7,794

EOG

Resources,

Inc.,

4.15%,

1/15/2026

50,000

49,649

Equinor

ASA

3.25%,

11/10/2024

25,000

24,586

1.75%,

1/22/2026

110,000

102,815

3.00%,

4/06/2027

50,000

47,704

4.25%,

11/23/2041

70,000

65,406

3.70%,

4/06/2050

100,000

84,239

Exxon

Mobil

Corp.

2.28%,

8/16/2026

40,000

37,912

2.61%,

10/15/2030

25,000

22,562

4.23%,

3/19/2040

25,000

23,548

3.10%,

8/16/2049

10,000

7,530

4.33%,

3/19/2050

110,000

102,370

3.45%,

4/15/2051

65,000

52,031

Halliburton

Co.

4.85%,

11/15/2035

30,000

29,338

4.50%,

11/15/2041

25,000

21,596

5.00%,

11/15/2045

10,000

9,177

Hess

Corp.

4.30%,

4/01/2027

100,000

98,141

7.88%,

10/01/2029

30,000

33,985

7.30%,

8/15/2031

25,000

28,105

7.13%,

3/15/2033

20,000

22,453

6.00%,

1/15/2040

25,000

25,437

Kinder

Morgan

Energy

Partners

LP

4.30%,

5/01/2024

40,000

39,648

7.75%,

3/15/2032

150,000

171,244

6.50%,

2/01/2037

30,000

31,702

5.00%,

8/15/2042

35,000

30,945

Kinder

Morgan,

Inc.

1.75%,

11/15/2026

320,000

289,184

4.80%,

2/01/2033

(a)

50,000

48,427

3.25%,

8/01/2050

35,000

22,985

3.60%,

2/15/2051

20,000

14,070

Magellan

Midstream

Partners

LP

4.25%,

9/15/2046

50,000

39,944

4.20%,

10/03/2047

100,000

79,814

63

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Energy

–

1.8%

(continued)

Marathon

Oil

Corp.

6.80%,

3/15/2032

50,000

53,201

6.60%,

10/01/2037

25,000

25,737

5.20%,

6/01/2045

25,000

21,628

Marathon

Petroleum

Corp.

3.80%,

4/01/2028

88,000

84,439

6.50%,

3/01/2041

10,000

10,573

4.75%,

9/15/2044

50,000

43,325

4.50%,

4/01/2048

10,000

8,128

5.00%,

9/15/2054

200,000

171,948

MPLX

LP

4.88%,

6/01/2025

75,000

74,757

1.75%,

3/01/2026

15,000

13,800

4.13%,

3/01/2027

50,000

48,796

4.95%,

9/01/2032

100,000

98,225

5.00%,

3/01/2033

50,000

49,107

5.20%,

3/01/2047

35,000

31,577

5.20%,

12/01/2047

25,000

22,304

5.50%,

2/15/2049

25,000

23,127

5.65%,

3/01/2053

50,000

47,834

4.90%,

4/15/2058

10,000

8,261

ONEOK

Partners

LP,

6.20%,

9/15/2043

15,000

15,038

ONEOK,

Inc.

4.35%,

3/15/2029

25,000

23,908

6.35%,

1/15/2031

100,000

105,904

Ovintiv

Exploration,

Inc.,

5.38%,

1/01/2026

100,000

100,355

Ovintiv,

Inc.,

7.20%,

11/01/2031

50,000

53,540

Phillips

66

Co.

3.55%,

10/01/2026

(b)

50,000

47,891

3.90%,

3/15/2028

20,000

19,372

2.15%,

12/15/2030

5,000

4,180

4.65%,

11/15/2034

50,000

48,379

4.68%,

2/15/2045

(b)

25,000

22,264

Pioneer

Natural

Resources

Co.,

2.15%,

1/15/2031

50,000

41,862

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp.

3.80%,

9/15/2030

50,000

45,219

5.15%,

6/01/2042

40,000

33,791

Sabine

Pass

Liquefaction

LLC

5.75%,

5/15/2024

100,000

100,064

5.63%,

3/01/2025

50,000

50,255

5.00%,

3/15/2027

15,000

15,007

Schlumberger

Investment

SA,

2.65%,

6/26/2030

(a)

45,000

40,378

Shell

International

Finance

BV

3.25%,

5/11/2025

100,000

97,738

6.38%,

12/15/2038

50,000

58,148

4.38%,

5/11/2045

160,000

148,721

3.75%,

9/12/2046

35,000

29,456

3.13%,

11/07/2049

35,000

26,197

Spectra

Energy

Partners

LP,

4.50%,

3/15/2045

45,000

38,420

Suncor

Energy,

Inc.

6.50%,

6/15/2038

50,000

53,786

3.75%,

3/04/2051

35,000

26,654

TC

PipeLines

LP

4.38%,

3/13/2025

200,000

196,435

3.90%,

5/25/2027

25,000

24,341

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Energy

–

1.8%

(continued)

Teck

Resources

Ltd.,

6.13%,

10/01/2035

150,000

156,618

Texas

Eastern

Transmission

LP,

7.00%,

7/15/2032

25,000

28,627

Tosco

Corp.,

8.13%,

2/15/2030

50,000

59,662

TotalEnergies

Capital

International

SA

2.43%,

1/10/2025

10,000

9,672

3.46%,

2/19/2029

10,000

9,573

TransCanada

PipeLines

Ltd.

4.88%,

1/15/2026

25,000

25,047

4.63%,

3/01/2034

40,000

38,049

5.00%,

10/16/2043

35,000

32,208

Transcontinental

Gas

Pipe

Line

Co.

LLC

4.00%,

3/15/2028

53,000

51,090

3.25%,

5/15/2030

15,000

13,687

4.45%,

8/01/2042

35,000

31,015

Valero

Energy

Corp.,

4.35%,

6/01/2028

250,000

246,259

Western

Midstream

Operating

LP

4.30%,

2/01/2030

50,000

45,783

6.15%,

4/01/2033

50,000

50,868

5.50%,

8/15/2048

50,000

42,546

Williams

Cos.,

Inc.

(The)

4.65%,

8/15/2032

100,000

97,066

6.30%,

4/15/2040

30,000

31,694

4.90%,

1/15/2045

50,000

44,426

5.10%,

9/15/2045

100,000

91,591

7,622,270

Financial

–

8.1%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

4.45%,

10/01/2025

150,000

145,494

4.63%,

10/15/2027

210,000

202,240

3.40%,

10/29/2033

50,000

40,213

Affiliated

Managers

Group,

Inc.,

3.30%,

6/15/2030

25,000

21,688

Aflac,

Inc.,

4.75%,

1/15/2049

50,000

46,252

Air

Lease

Corp.

3.63%,

12/01/2027

50,000

46,102

2.10%,

9/01/2028

25,000

21,024

3.00%,

2/01/2030

45,000

38,553

Alexandria

Real

Estate

Equities,

Inc.

4.90%,

12/15/2030

20,000

19,639

1.88%,

2/01/2033

100,000

75,610

3.00%,

5/18/2051

20,000

12,450

Alleghany

Corp.,

3.63%,

5/15/2030

57,000

54,375

Allstate

Corp.

(The),

4.50%,

6/15/2043

50,000

45,072

Ally

Financial,

Inc.

3.88%,

5/21/2024

125,000

121,702

8.00%,

11/01/2031

85,000

89,951

American

Express

Co.

2.25%,

3/04/2025

100,000

95,214

4.20%,

11/06/2025

25,000

24,749

4.90%,

2/13/2026

50,000

50,350

3.13%,

5/20/2026

100,000

96,144

2.55%,

3/04/2027

238,000

220,492

American

Financial

Group,

Inc.,

4.50%,

6/15/2047

25,000

20,927

American

International

Group,

Inc.

2.50%,

6/30/2025

31,000

29,434

64

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Financial

–

8.1%

(continued)

4.20%,

4/01/2028

25,000

24,581

3.40%,

6/30/2030

25,000

22,622

6.25%,

5/01/2036

50,000

53,622

4.80%,

7/10/2045

236,000

215,431

American

Tower

Corp.

2.40%,

3/15/2025

100,000

95,152

1.30%,

9/15/2025

50,000

45,978

1.60%,

4/15/2026

15,000

13,643

3.95%,

3/15/2029

25,000

23,623

2.10%,

6/15/2030

25,000

20,575

1.88%,

10/15/2030

25,000

20,091

2.70%,

4/15/2031

25,000

21,129

2.30%,

9/15/2031

25,000

20,264

3.70%,

10/15/2049

10,000

7,316

3.10%,

6/15/2050

10,000

6,650

Ameriprise

Financial,

Inc.

3.70%,

10/15/2024

50,000

49,029

3.00%,

4/02/2025

10,000

9,641

Aon

Corp.,

2.80%,

5/15/2030

55,000

48,569

Arch

Capital

Group

Ltd.,

3.64%,

6/30/2050

45,000

34,174

Ares

Capital

Corp.,

3.88%,

1/15/2026

10,000

9,320

Arthur

J

Gallagher

&

Co.,

3.50%,

5/20/2051

10,000

7,270

Assurant,

Inc.

4.90%,

3/27/2028

30,000

29,309

3.70%,

2/22/2030

50,000

44,183

Assured

Guaranty

US

Holdings,

Inc.,

5.00%,

7/01/2024

(a)

25,000

24,835

Athene

Holding

Ltd.

3.95%,

5/25/2051

30,000

20,209

3.45%,

5/15/2052

50,000

30,771

AvalonBay

Communities,

Inc.

2.30%,

3/01/2030

10,000

8,579

2.45%,

1/15/2031

20,000

17,123

AXIS

Specialty

Finance

LLC,

3.90%,

7/15/2029

15,000

14,089

Bain

Capital

Specialty

Finance,

Inc.

2.95%,

3/10/2026

65,000

57,835

2.55%,

10/13/2026

50,000

42,828

Banco

Santander

SA

5.29%,

8/18/2027

200,000

199,106

2.75%,

12/03/2030

200,000

158,478

Bank

of

America

Corp.

4.00%,

1/22/2025

20,000

19,625

0.98%,

9/25/2025

25,000

23,421

2.46%,

10/22/2025

25,000

23,896

1.53%,

12/06/2025

75,000

70,370

3.37%,

1/23/2026

150,000

144,533

2.02%,

2/13/2026

105,000

98,829

4.45%,

3/03/2026

50,000

49,273

3.50%,

4/19/2026

45,000

43,784

1.32%,

6/19/2026

10,000

9,155

4.83%,

7/22/2026

175,000

173,342

6.22%,

9/15/2026

50,000

51,565

4.25%,

10/22/2026

100,000

97,320

1.20%,

10/24/2026

35,000

31,676

Series

N,

1.66%,

3/11/2027

50,000

45,195

3.56%,

4/23/2027

20,000

19,084

1.73%,

7/22/2027

25,000

22,403

3.25%,

10/21/2027

100,000

94,235

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Financial

–

8.1%

(continued)

Series

L,

4.18%,

11/25/2027

30,000

28,975

3.71%,

4/24/2028

143,000

135,645

3.59%,

7/21/2028

50,000

47,023

4.95%,

7/22/2028

50,000

49,848

6.20%,

11/10/2028

200,000

208,605

4.27%,

7/23/2029

54,000

51,743

3.97%,

2/07/2030

50,000

46,778

3.19%,

7/23/2030

50,000

44,524

2.88%,

10/22/2030

200,000

174,029

2.59%,

4/29/2031

50,000

42,386

1.90%,

7/23/2031

5,000

4,017

1.92%,

10/24/2031

25,000

19,959

2.69%,

4/22/2032

15,000

12,547

2.57%,

10/20/2032

20,000

16,427

2.97%,

2/04/2033

35,000

29,564

5.02%,

7/22/2033

100,000

98,694

5.29%,

4/25/2034

85,000

85,611

2.48%,

9/21/2036

75,000

57,323

6.11%,

1/29/2037

50,000

53,473

4.24%,

4/24/2038

50,000

44,873

2.68%,

6/19/2041

10,000

7,101

5.00%,

1/21/2044

150,000

146,195

4.44%,

1/20/2048

50,000

44,400

4.33%,

3/15/2050

130,000

111,975

4.08%,

3/20/2051

160,000

133,314

Series

N,

3.48%,

3/13/2052

104,000

78,557

Bank

of

Montreal

2.50%,

6/28/2024

(a)

100,000

96,842

0.95%,

1/22/2027

120,000

107,721

Bank

of

Nova

Scotia

(The)

5.25%,

12/06/2024

250,000

250,230

4.50%,

12/16/2025

20,000

19,658

1.05%,

3/02/2026

200,000

179,517

1.30%,

9/15/2026

75,000

66,763

Bank

OZK,

2.75%,

10/01/2031

100,000

78,237

Barclays

PLC

3.93%,

5/07/2025

200,000

195,523

2.67%,

3/10/2032

50,000

40,145

Berkshire

Hathaway

Finance

Corp.

4.20%,

8/15/2048

127,000

117,653

4.25%,

1/15/2049

25,000

23,578

Berkshire

Hathaway,

Inc.,

4.50%,

2/11/2043

25,000

24,233

BlackRock,

Inc.

3.20%,

3/15/2027

169,000

164,466

2.40%,

4/30/2030

50,000

44,307

Blackstone

Private

Credit

Fund

7.05%,

9/29/2025

(b)

300,000

300,607

3.25%,

3/15/2027

200,000

172,342

Blackstone

Secured

Lending

Fund,

2.13%,

2/15/2027

50,000

42,210

Boston

Properties

LP

3.65%,

2/01/2026

50,000

46,596

4.50%,

12/01/2028

75,000

68,190

BPCE

SA,

3.38%,

12/02/2026

250,000

235,909

Brandywine

Operating

Partnership

LP,

3.95%,

11/15/2027

25,000

19,299

Brighthouse

Financial,

Inc.,

5.63%,

5/15/2030

70,000

68,452

Brookfield

Corp.,

4.00%,

1/15/2025

50,000

48,998

65

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Financial

–

8.1%

(continued)

Brookfield

Finance

LLC

/

Brookfield

Finance,

Inc.,

3.45%,

4/15/2050

60,000

40,613

Brookfield

Finance,

Inc.,

3.90%,

1/25/2028

50,000

47,219

Brown

&

Brown,

Inc.

4.50%,

3/15/2029

50,000

48,786

2.38%,

3/15/2031

50,000

41,010

Camden

Property

Trust,

3.35%,

11/01/2049

35,000

25,690

Capital

One

Financial

Corp.

3.20%,

2/05/2025

20,000

19,101

4.20%,

10/29/2025

100,000

95,517

3.65%,

5/11/2027

40,000

37,310

CBOE

Global

Markets,

Inc.,

1.63%,

12/15/2030

75,000

60,555

CBRE

Services,

Inc.,

4.88%,

3/01/2026

25,000

25,016

Charles

Schwab

Corp.

(The)

3.00%,

3/10/2025

50,000

47,706

4.20%,

3/24/2025

25,000

24,513

2.75%,

10/01/2029

332,000

288,669

Chubb

INA

Holdings,

Inc.

3.35%,

5/03/2026

15,000

14,682

1.38%,

9/15/2030

125,000

101,502

CI

Financial

Corp.,

3.20%,

12/17/2030

190,000

141,162

Cincinnati

Financial

Corp.,

6.92%,

5/15/2028

100,000

111,088

Citigroup,

Inc.

5.50%,

9/13/2025

75,000

75,242

3.29%,

3/17/2026

100,000

96,618

3.11%,

4/08/2026

15,000

14,430

4.45%,

9/29/2027

135,000

131,974

6.63%,

1/15/2028

125,000

134,762

4.13%,

7/25/2028

87,000

82,893

3.98%,

3/20/2030

20,000

18,766

2.98%,

11/05/2030

23,000

20,181

4.41%,

3/31/2031

40,000

38,294

2.57%,

6/03/2031

250,000

211,471

6.63%,

6/15/2032

45,000

48,637

3.06%,

1/25/2033

25,000

21,308

5.88%,

2/22/2033

40,000

41,340

3.79%,

3/17/2033

100,000

90,047

4.91%,

5/24/2033

180,000

177,048

6.27%,

11/17/2033

45,000

48,699

4.65%,

7/30/2045

90,000

82,592

4.75%,

5/18/2046

15,000

13,160

4.65%,

7/23/2048

30,000

27,698

Citizens

Financial

Group,

Inc.

2.85%,

7/27/2026

105,000

92,676

5.64%,

5/21/2037

75,000

70,218

CME

Group,

Inc.,

3.00%,

3/15/2025

117,000

113,047

CNA

Financial

Corp.,

2.05%,

8/15/2030

50,000

41,054

Comerica

Bank,

4.00%,

7/27/2025

75,000

67,422

Commonwealth

Bank

of

Australia,

5.32%,

3/13/2026

250,000

254,979

Cooperatieve

Rabobank

UA

5.00%,

1/13/2025

250,000

250,561

3.75%,

7/21/2026

250,000

235,260

Corebridge

Financial,

Inc.

3.90%,

4/05/2032

(b)

20,000

17,579

4.40%,

4/05/2052

(b)

25,000

19,551

Corporate

Office

Properties

LP,

2.00%,

1/15/2029

50,000

38,604

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Financial

–

8.1%

(continued)

Credit

Suisse

Group

AG

4.55%,

4/17/2026

350,000

326,444

4.88%,

5/15/2045

50,000

42,534

Crown

Castle,

Inc.

3.20%,

9/01/2024

145,000

141,161

4.45%,

2/15/2026

25,000

24,758

1.05%,

7/15/2026

18,000

15,992

2.90%,

4/01/2041

60,000

42,774

4.00%,

11/15/2049

150,000

117,056

4.15%,

7/01/2050

15,000

12,050

Deutsche

Bank

AG

3.70%,

5/30/2024

50,000

48,490

3.73%,

1/14/2032

200,000

150,638

3.74%,

1/07/2033

200,000

146,517

Digital

Realty

Trust

LP

4.45%,

7/15/2028

(a)

25,000

23,773

3.60%,

7/01/2029

(a)

34,000

30,560

Discover

Financial

Services

3.95%,

11/06/2024

200,000

193,845

4.10%,

2/09/2027

40,000

37,981

Eaton

Vance

Corp.,

3.50%,

4/06/2027

50,000

47,590

EPR

Properties,

4.50%,

6/01/2027

50,000

44,605

Equinix,

Inc.

2.63%,

11/18/2024

22,000

21,160

2.90%,

11/18/2026

20,000

18,673

3.90%,

4/15/2032

50,000

45,497

3.00%,

7/15/2050

50,000

32,873

2.95%,

9/15/2051

50,000

32,215

Equitable

Holdings,

Inc.,

5.00%,

4/20/2048

50,000

43,457

ERP

Operating

LP

3.38%,

6/01/2025

25,000

24,202

3.00%,

7/01/2029

20,000

18,205

4.00%,

8/01/2047

50,000

40,382

Essex

Portfolio

LP,

2.65%,

9/01/2050

50,000

29,428

Fairfax

Financial

Holdings

Ltd.,

4.63%,

4/29/2030

25,000

23,879

Fidelity

National

Financial,

Inc.,

3.40%,

6/15/2030

135,000

119,341

Fifth

Third

Bancorp

2.38%,

1/28/2025

50,000

47,391

4.77%,

7/28/2030

50,000

47,640

First

American

Financial

Corp.,

4.00%,

5/15/2030

25,000

22,744

First-Citizens

Bank

&

Trust

Co.,

2.97%,

9/27/2025

25,000

23,381

Franklin

Resources,

Inc.,

1.60%,

10/30/2030

125,000

99,736

FS

KKR

Capital

Corp.,

4.63%,

7/15/2024

55,000

53,472

Globe

Life,

Inc.,

2.15%,

8/15/2030

29,000

23,627

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

5.30%,

1/15/2029

50,000

48,172

4.00%,

1/15/2030

140,000

125,061

3.25%,

1/15/2032

125,000

103,030

Goldman

Sachs

Group,

Inc.

(The)

3.50%,

4/01/2025

115,000

111,727

3.50%,

11/16/2026

300,000

286,461

1.09%,

12/09/2026

10,000

8,951

5.95%,

1/15/2027

100,000

103,149

3.85%,

1/26/2027

325,000

314,676

66

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Financial

–

8.1%

(continued)

1.43%,

3/09/2027

60,000

53,990

1.54%,

9/10/2027

10,000

8,861

1.95%,

10/21/2027

50,000

44,807

2.64%,

2/24/2028

30,000

27,471

3.69%,

6/05/2028

37,000

35,222

4.22%,

5/01/2029

20,000

19,211

2.60%,

2/07/2030

50,000

43,257

2.62%,

4/22/2032

25,000

20,875

Series

D,

2.38%,

7/21/2032

20,000

16,336

2.65%,

10/21/2032

20,000

16,622

3.10%,

2/24/2033

(a)

85,000

73,181

6.75%,

10/01/2037

30,000

32,887

4.41%,

4/23/2039

25,000

22,447

6.25%,

2/01/2041

200,000

220,705

3.21%,

4/22/2042

30,000

22,573

2.91%,

7/21/2042

5,000

3,593

4.75%,

10/21/2045

50,000

46,256

Golub

Capital

BDC,

Inc.,

2.05%,

2/15/2027

50,000

41,453

Hanover

Insurance

Group,

Inc.

(The),

2.50%,

9/01/2030

25,000

20,100

Healthcare

Realty

Holdings

LP,

3.50%,

8/01/2026

5,000

4,660

Healthpeak

OP

LLC,

5.25%,

12/15/2032

100,000

101,013

Highwoods

Realty

LP

4.13%,

3/15/2028

300,000

266,391

3.05%,

2/15/2030

50,000

38,847

HSBC

Holdings

PLC

0.98%,

5/24/2025

200,000

189,237

4.30%,

3/08/2026

50,000

49,140

3.00%,

3/10/2026

200,000

190,584

2.10%,

6/04/2026

50,000

46,555

6.16%,

3/09/2029

200,000

205,695

2.85%,

6/04/2031

350,000

294,638

5.40%,

8/11/2033

200,000

197,916

6.25%,

3/09/2034

200,000

208,621

6.33%,

3/09/2044

200,000

210,706

HSBC

USA,

Inc.,

5.63%,

3/17/2025

200,000

201,637

ING

Groep

NV

3.95%,

3/29/2027

200,000

192,098

4.25%,

3/28/2033

100,000

92,798

Intercontinental

Exchange,

Inc.

3.75%,

12/01/2025

50,000

49,039

3.10%,

9/15/2027

15,000

14,204

4.60%,

3/15/2033

25,000

25,015

2.65%,

9/15/2040

30,000

21,986

4.25%,

9/21/2048

10,000

8,871

3.00%,

6/15/2050

85,000

60,646

5.20%,

6/15/2062

30,000

30,509

Jefferies

Financial

Group,

Inc.,

6.25%,

1/15/2036

50,000

52,519

JPMorgan

Chase

&

Co.

3.63%,

5/13/2024

20,000

19,730

3.88%,

9/10/2024

50,000

49,143

5.55%,

12/15/2025

150,000

150,648

2.08%,

4/22/2026

318,000

299,569

3.20%,

6/15/2026

45,000

43,488

4.13%,

12/15/2026

50,000

49,142

1.04%,

2/04/2027

25,000

22,436

1.58%,

4/22/2027

50,000

45,306

8.00%,

4/29/2027

400,000

451,196

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Financial

–

8.1%

(continued)

4.25%,

10/01/2027

25,000

24,627

3.78%,

2/01/2028

250,000

240,082

4.85%,

7/25/2028

50,000

50,154

4.45%,

12/05/2029

91,000

88,597

2.74%,

10/15/2030

35,000

30,685

4.49%,

3/24/2031

30,000

29,207

2.52%,

4/22/2031

100,000

85,789

1.76%,

11/19/2031

100,000

80,010

2.96%,

1/25/2033

30,000

25,678

4.91%,

7/25/2033

50,000

49,786

5.72%,

9/14/2033

150,000

154,307

6.40%,

5/15/2038

25,000

28,428

5.50%,

10/15/2040

85,000

88,247

3.11%,

4/22/2041

35,000

26,750

2.53%,

11/19/2041

50,000

35,008

5.40%,

1/06/2042

75,000

77,086

5.63%,

8/16/2043

25,000

26,072

4.26%,

2/22/2048

50,000

43,832

4.03%,

7/24/2048

80,000

67,783

3.11%,

4/22/2051

50,000

35,730

3.33%,

4/22/2052

90,000

66,977

Kemper

Corp.,

2.40%,

9/30/2030

25,000

20,211

KeyCorp

2.25%,

4/06/2027

40,000

34,857

4.10%,

4/30/2028

50,000

46,227

Kilroy

Realty

LP,

2.50%,

11/15/2032

100,000

67,626

Kimco

Realty

OP

LLC

3.30%,

2/01/2025

10,000

9,633

3.70%,

10/01/2049

25,000

18,141

Kite

Realty

Group

LP,

4.00%,

10/01/2026

15,000

13,930

Kite

Realty

Group

Trust,

4.75%,

9/15/2030

10,000

9,134

Kreditanstalt

Fuer

Wiederaufbau

0.50%,

9/20/2024

50,000

47,378

0.38%,

7/18/2025

70,000

64,728

0.63%,

1/22/2026

395,000

362,348

3.75%,

2/15/2028

100,000

100,529

0.75%,

9/30/2030

50,000

41,034

Landwirtschaftliche

Rentenbank

2.00%,

1/13/2025

50,000

48,135

2.38%,

6/10/2025

40,000

38,554

0.88%,

9/03/2030

50,000

41,198

Lazard

Group

LLC,

4.50%,

9/19/2028

20,000

19,303

Legg

Mason,

Inc.,

4.75%,

3/15/2026

25,000

24,786

LifeStorage

LP,

3.50%,

7/01/2026

72,000

68,763

Lincoln

National

Corp.

3.05%,

1/15/2030

25,000

20,364

3.40%,

3/01/2032

50,000

39,457

4.35%,

3/01/2048

45,000

31,822

Lloyds

Banking

Group

PLC

4.65%,

3/24/2026

200,000

192,611

4.72%,

8/11/2026

200,000

197,315

Loews

Corp.,

3.20%,

5/15/2030

50,000

45,346

M&T

Bank

Corp.,

4.55%,

8/16/2028

100,000

94,784

Main

Street

Capital

Corp.

5.20%,

5/01/2024

50,000

49,148

3.00%,

7/14/2026

25,000

21,970

Manulife

Financial

Corp.

4.15%,

3/04/2026

25,000

24,602

4.06%,

2/24/2032

26,000

24,586

67

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Financial

–

8.1%

(continued)

5.38%,

3/04/2046

50,000

50,466

Markel

Corp.,

5.00%,

4/05/2046

50,000

45,713

Marsh

&

McLennan

Cos.,

Inc.

2.25%,

11/15/2030

50,000

42,697

2.38%,

12/15/2031

50,000

41,825

4.75%,

3/15/2039

25,000

23,830

2.90%,

12/15/2051

50,000

34,229

Mastercard,

Inc.

3.30%,

3/26/2027

15,000

14,554

3.85%,

3/26/2050

10,000

8,841

MetLife,

Inc.

6.50%,

12/15/2032

50,000

56,379

4.05%,

3/01/2045

15,000

12,665

MID-America

Apartments

LP

4.00%,

11/15/2025

25,000

24,461

1.10%,

9/15/2026

50,000

44,316

Mitsubishi

UFJ

Financial

Group,

Inc.

3.96%,

3/02/2028

100,000

96,168

5.35%,

9/13/2028

200,000

202,138

5.24%,

4/19/2029

200,000

201,593

3.20%,

7/18/2029

75,000

67,468

5.47%,

9/13/2033

200,000

203,049

5.41%,

4/19/2034

200,000

202,297

Mizuho

Financial

Group,

Inc.

4.25%,

9/11/2029

75,000

71,724

2.59%,

5/25/2031

50,000

41,929

Morgan

Stanley

4.00%,

7/23/2025

25,000

24,645

5.00%,

11/24/2025

50,000

50,102

2.19%,

4/28/2026

100,000

94,187

4.68%,

7/17/2026

175,000

173,524

3.13%,

7/27/2026

50,000

47,558

0.99%,

12/10/2026

295,000

263,995

3.63%,

1/20/2027

150,000

144,522

3.95%,

4/23/2027

50,000

48,077

1.51%,

7/20/2027

40,000

35,575

3.59%,

7/22/2028

95,000

89,862

Series

G,

3.77%,

1/24/2029

50,000

47,351

5.16%,

4/20/2029

45,000

45,352

4.43%,

1/23/2030

125,000

120,702

3.62%,

4/01/2031

45,000

41,174

7.25%,

4/01/2032

200,000

235,811

1.93%,

4/28/2032

125,000

99,284

2.24%,

7/21/2032

15,000

12,120

2.51%,

10/20/2032

15,000

12,337

2.94%,

1/21/2033

25,000

21,196

4.89%,

7/20/2033

50,000

49,136

6.34%,

10/18/2033

50,000

54,454

5.25%,

4/21/2034

55,000

55,639

5.30%,

4/20/2037

50,000

48,052

4.46%,

4/22/2039

160,000

146,939

4.38%,

1/22/2047

25,000

22,482

Morgan

Stanley

Domestic

Holdings,

Inc.,

3.80%,

8/24/2027

29,000

27,932

NASDAQ,

Inc.

3.85%,

6/30/2026

33,000

32,372

1.65%,

1/15/2031

50,000

39,879

3.25%,

4/28/2050

25,000

17,437

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Financial

–

8.1%

(continued)

National

Health

Investors,

Inc.,

3.00%,

2/01/2031

35,000

26,394

NatWest

Group

PLC

7.47%,

11/10/2026

200,000

208,928

5.08%,

1/27/2030

50,000

49,354

Northern

Trust

Corp.

3.15%,

5/03/2029

25,000

23,557

3.38%,

5/08/2032

50,000

45,281

OMEGA

Healthcare

Investors,

Inc.

4.50%,

4/01/2027

15,000

13,988

4.75%,

1/15/2028

25,000

23,159

3.63%,

10/01/2029

75,000

62,993

Owl

Rock

Capital

Corp.,

2.88%,

6/11/2028

50,000

41,008

Owl

Rock

Capital

Corp.

III,

3.13%,

4/13/2027

50,000

42,716

Owl

Rock

Core

Income

Corp.,

4.70%,

2/08/2027

50,000

45,593

Owl

Rock

Technology

Finance

Corp.,

2.50%,

1/15/2027

50,000

42,152

PartnerRe

Finance

B

LLC,

3.70%,

7/02/2029

50,000

47,293

Physicians

Realty

LP,

3.95%,

1/15/2028

25,000

23,457

PNC

Bank

NA,

2.70%,

10/22/2029

75,000

64,619

PNC

Financial

Services

Group,

Inc.

(The)

2.20%,

11/01/2024

35,000

33,421

2.60%,

7/23/2026

180,000

168,429

4.76%,

1/26/2027

200,000

197,901

Principal

Financial

Group,

Inc.

3.10%,

11/15/2026

44,000

41,939

4.30%,

11/15/2046

50,000

41,532

Private

Export

Funding

Corp.,

Series

PP,

1.40%,

7/15/2028

50,000

43,797

Progressive

Corp.

(The),

4.00%,

3/01/2029

10,000

9,800

ProLogis

LP

3.25%,

10/01/2026

49,000

47,488

2.88%,

11/15/2029

44,000

39,643

1.75%,

2/01/2031

10,000

8,107

Prospect

Capital

Corp.

3.36%,

11/15/2026

40,000

33,819

3.44%,

10/15/2028

25,000

19,434

Prudential

Financial,

Inc.

3.88%,

3/27/2028

51,000

49,780

5.38%,

5/15/2045

50,000

47,743

4.35%,

2/25/2050

265,000

227,857

3.70%,

3/13/2051

55,000

42,386

Radian

Group,

Inc.,

4.88%,

3/15/2027

50,000

47,570

Raymond

James

Financial,

Inc.

4.65%,

4/01/2030

20,000

19,829

4.95%,

7/15/2046

33,000

30,383

Realty

Income

Corp.

3.00%,

1/15/2027

50,000

46,980

4.90%,

7/15/2033

10,000

9,835

4.65%,

3/15/2047

50,000

45,871

Regency

Centers

LP

2.95%,

9/15/2029

25,000

22,020

3.70%,

6/15/2030

10,000

9,126

4.40%,

2/01/2047

25,000

20,485

RenaissanceRe

Finance,

Inc.,

3.45%,

7/01/2027

75,000

71,447

68

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Financial

–

8.1%

(continued)

RenaissanceRe

Holdings

Ltd.,

3.60%,

4/15/2029

100,000

92,851

Rexford

Industrial

Realty

LP,

2.15%,

9/01/2031

50,000

39,894

Royal

Bank

of

Canada

2.25%,

11/01/2024

100,000

95,907

1.15%,

6/10/2025

50,000

46,408

1.20%,

4/27/2026

50,000

45,255

Series

G,

5.00%,

2/01/2033

50,000

50,159

Sabra

Health

Care

LP

5.13%,

8/15/2026

100,000

94,922

3.90%,

10/15/2029

50,000

41,831

3.20%,

12/01/2031

50,000

37,534

Safehold

GL

Holdings

LLC,

2.80%,

6/15/2031

60,000

47,560

Santander

Holdings

USA,

Inc.

3.50%,

6/07/2024

75,000

72,896

3.24%,

10/05/2026

75,000

68,878

6.50%,

3/09/2029

50,000

50,245

Santander

UK

Group

Holdings

PLC

1.67%,

6/14/2027

50,000

43,831

2.90%,

3/15/2032

125,000

102,902

Santander

UK

PLC,

2.88%,

6/18/2024

150,000

145,740

Simon

Property

Group

LP

3.25%,

11/30/2026

34,000

32,355

2.45%,

9/13/2029

100,000

87,235

2.20%,

2/01/2031

76,000

62,078

4.75%,

3/15/2042

20,000

17,706

Sixth

Street

Specialty

Lending,

Inc.,

2.50%,

8/01/2026

50,000

44,201

Spirit

Realty

LP

4.45%,

9/15/2026

50,000

48,444

4.00%,

7/15/2029

15,000

13,587

3.20%,

2/15/2031

10,000

8,372

2.70%,

2/15/2032

25,000

19,721

State

Street

Corp.

2.90%,

3/30/2026

50,000

48,088

2.20%,

3/03/2031

75,000

61,593

3.15%,

3/30/2031

40,000

35,959

4.16%,

8/04/2033

50,000

47,363

Stewart

Information

Services

Corp.,

3.60%,

11/15/2031

125,000

98,536

STORE

Capital

Corp.

4.50%,

3/15/2028

30,000

26,767

4.63%,

3/15/2029

35,000

31,084

Sumitomo

Mitsui

Financial

Group,

Inc.

0.95%,

1/12/2026

251,000

225,191

2.63%,

7/14/2026

45,000

42,068

3.45%,

1/11/2027

40,000

37,963

5.52%,

1/13/2028

200,000

204,551

2.14%,

9/23/2030

45,000

36,477

1.71%,

1/12/2031

165,000

130,068

Sun

Communities

Operating

LP,

5.70%,

1/15/2033

75,000

75,026

Synchrony

Financial

3.70%,

8/04/2026

90,000

80,329

5.15%,

3/19/2029

125,000

116,676

Tanger

Properties

LP,

2.75%,

9/01/2031

50,000

36,315

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Financial

–

8.1%

(continued)

Toronto-Dominion

Bank

(The)

2.65%,

6/12/2024

197,000

191,521

1.25%,

12/13/2024

75,000

70,584

4.69%,

9/15/2027

100,000

99,352

3.20%,

3/10/2032

100,000

88,713

4.46%,

6/08/2032

25,000

24,126

Travelers

Cos.,

Inc.

(The),

5.35%,

11/01/2040

25,000

26,309

Travelers

Property

Casualty

Corp.,

6.38%,

3/15/2033

15,000

17,314

Truist

Bank,

3.30%,

5/15/2026

200,000

185,844

Truist

Financial

Corp.

2.50%,

8/01/2024

30,000

28,843

1.20%,

8/05/2025

50,000

45,515

4.26%,

7/28/2026

50,000

48,490

3.88%,

3/19/2029

70,000

63,157

UDR,

Inc.

2.95%,

9/01/2026

40,000

37,314

Series

G,

3.50%,

1/15/2028

50,000

46,588

3.00%,

8/15/2031

50,000

43,221

2.10%,

8/01/2032

25,000

19,586

Unum

Group

5.75%,

8/15/2042

50,000

47,011

4.50%,

12/15/2049

10,000

7,471

US

Bancorp

2.40%,

7/30/2024

90,000

86,895

3.60%,

9/11/2024

10,000

9,740

1.45%,

5/12/2025

35,000

32,456

Series

V,

2.38%,

7/22/2026

45,000

41,799

1.38%,

7/22/2030

50,000

39,167

4.97%,

7/22/2033

100,000

93,838

Ventas

Realty

LP

3.85%,

4/01/2027

40,000

38,015

3.00%,

1/15/2030

15,000

13,039

4.38%,

2/01/2045

15,000

12,256

4.88%,

4/15/2049

10,000

8,677

Visa,

Inc.

3.15%,

12/14/2025

25,000

24,282

1.90%,

4/15/2027

125,000

115,802

4.15%,

12/14/2035

50,000

49,279

2.70%,

4/15/2040

25,000

19,905

4.30%,

12/14/2045

100,000

97,151

Voya

Financial,

Inc.

5.70%,

7/15/2043

50,000

49,254

4.80%,

6/15/2046

50,000

42,223

W.P.

Carey,

Inc.,

4.25%,

10/01/2026

35,000

34,142

Wachovia

Corp.,

5.50%,

8/01/2035

35,000

35,073

Wells

Fargo

&

Co.

3.55%,

9/29/2025

25,000

24,303

2.41%,

10/30/2025

50,000

47,846

2.19%,

4/30/2026

15,000

14,132

4.10%,

6/03/2026

100,000

97,436

4.54%,

8/15/2026

100,000

98,867

3.00%,

10/23/2026

10,000

9,422

3.20%,

6/17/2027

45,000

42,461

3.58%,

5/22/2028

150,000

141,726

4.81%,

7/25/2028

50,000

49,582

4.15%,

1/24/2029

20,000

19,249

Series

B,

7.95%,

11/15/2029

15,000

16,612

2.88%,

10/30/2030

90,000

78,744

69

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Financial

–

8.1%

(continued)

2.57%,

2/11/2031

125,000

106,856

4.90%,

7/25/2033

125,000

122,339

5.39%,

4/24/2034

65,000

66,142

3.07%,

4/30/2041

30,000

22,523

5.38%,

11/02/2043

160,000

153,674

5.61%,

1/15/2044

150,000

147,339

Series

G,

4.90%,

11/17/2045

30,000

26,967

4.75%,

12/07/2046

20,000

17,474

5.01%,

4/04/2051

61,000

57,761

Welltower

OP

LLC

4.13%,

3/15/2029

25,000

23,437

2.75%,

1/15/2031

115,000

96,642

Western

Union

Co.

(The)

2.85%,

1/10/2025

65,000

62,256

1.35%,

3/15/2026

50,000

44,935

2.75%,

3/15/2031

25,000

20,018

Westpac

Banking

Corp.

2.89%,

2/04/2030

25,000

23,489

5.41%,

8/10/2033

25,000

24,259

4.11%,

7/24/2034

50,000

45,133

2.67%,

11/15/2035

45,000

35,314

3.02%,

11/18/2036

50,000

39,248

2.96%,

11/16/2040

41,000

28,063

Weyerhaeuser

Co.,

4.00%,

4/15/2030

15,000

14,169

Willis

North

America,

Inc.,

5.05%,

9/15/2048

60,000

51,905

Wintrust

Financial

Corp.,

4.85%,

6/06/2029

25,000

23,213

WP

Carey,

Inc.,

3.85%,

7/15/2029

25,000

23,236

XL

Group

Ltd.,

5.25%,

12/15/2043

25,000

25,306

35,350,949

Industrial

–

1.9%

3M

Co.

2.88%,

10/15/2027

(a)

122,000

114,652

3.05%,

4/15/2030

(a)

15,000

13,826

3.63%,

10/15/2047

50,000

39,296

3.25%,

8/26/2049

(a)

10,000

7,592

Agilent

Technologies,

Inc.,

2.75%,

9/15/2029

50,000

44,915

Allegion

US

Holding

Co.,

Inc.,

3.55%,

10/01/2027

90,000

85,916

Amcor

Finance

USA,

Inc.,

3.63%,

4/28/2026

25,000

24,091

Amphenol

Corp.,

2.80%,

2/15/2030

20,000

17,908

Avnet,

Inc.,

5.50%,

6/01/2032

50,000

48,510

Berry

Global,

Inc.,

1.65%,

1/15/2027

25,000

21,963

Boeing

Co.

(The)

4.88%,

5/01/2025

10,000

9,970

2.20%,

2/04/2026

25,000

23,215

3.25%,

2/01/2028

134,000

124,959

2.95%,

2/01/2030

10,000

8,875

5.15%,

5/01/2030

10,000

10,067

6.13%,

2/15/2033

105,000

111,398

3.60%,

5/01/2034

90,000

77,363

3.25%,

2/01/2035

45,000

36,838

6.63%,

2/15/2038

25,000

27,469

3.63%,

3/01/2048

25,000

17,785

3.85%,

11/01/2048

50,000

37,199

5.81%,

5/01/2050

85,000

84,814

3.83%,

3/01/2059

45,000

31,565

5.93%,

5/01/2060

25,000

24,711

Burlington

Northern

Santa

Fe

LLC

7.00%,

12/15/2025

20,000

21,184

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Industrial

–

1.9%

(continued)

6.15%,

5/01/2037

25,000

28,456

5.75%,

5/01/2040

20,000

21,622

4.90%,

4/01/2044

15,000

14,832

4.55%,

9/01/2044

27,000

25,558

4.70%,

9/01/2045

40,000

38,395

Canadian

National

Railway

Co.

6.25%,

8/01/2034

25,000

28,776

4.45%,

1/20/2049

100,000

94,507

Canadian

Pacific

Railway

Co.

2.88%,

11/15/2029

43,000

39,255

4.70%,

5/01/2048

50,000

46,441

6.13%,

9/15/2115

50,000

53,415

Carrier

Global

Corp.

2.72%,

2/15/2030

25,000

21,887

3.38%,

4/05/2040

20,000

15,561

3.58%,

4/05/2050

62,000

46,337

Caterpillar

Financial

Services

Corp.

3.30%,

6/09/2024

10,000

9,851

4.90%,

1/17/2025

50,000

50,310

1.45%,

5/15/2025

20,000

18,837

Caterpillar,

Inc.,

5.20%,

5/27/2041

20,000

21,325

CNH

Industrial

Capital

LLC,

4.55%,

4/10/2028

10,000

9,903

CSX

Corp.

3.40%,

8/01/2024

15,000

14,692

3.35%,

11/01/2025

25,000

24,270

6.00%,

10/01/2036

40,000

43,646

6.22%,

4/30/2040

20,000

22,219

4.75%,

11/15/2048

13,000

12,246

3.35%,

9/15/2049

175,000

132,147

4.25%,

11/01/2066

100,000

83,357

Deere

&

Co.

2.75%,

4/15/2025

10,000

9,695

5.38%,

10/16/2029

50,000

53,302

3.90%,

6/09/2042

25,000

23,086

Dover

Corp.,

5.38%,

10/15/2035

25,000

26,270

Eaton

Corp.,

4.15%,

11/02/2042

55,000

48,871

Emerson

Electric

Co.,

1.95%,

10/15/2030

75,000

63,369

FedEx

Corp.

3.25%,

4/01/2026

50,000

48,736

4.25%,

5/15/2030

10,000

9,754

4.90%,

1/15/2034

30,000

29,903

3.90%,

2/01/2035

70,000

62,963

3.88%,

8/01/2042

75,000

61,249

4.75%,

11/15/2045

15,000

13,563

4.55%,

4/01/2046

30,000

26,186

4.40%,

1/15/2047

10,000

8,518

4.05%,

2/15/2048

50,000

40,627

Flex

Ltd.

3.75%,

2/01/2026

25,000

23,943

4.88%,

6/15/2029

100,000

96,988

4.88%,

5/12/2030

75,000

73,006

GATX

Corp.

3.85%,

3/30/2027

50,000

47,977

4.70%,

4/01/2029

30,000

29,484

3.10%,

6/01/2051

50,000

32,263

GE

Capital

International

Funding

Co.

Unlimited

Co.,

4.42%,

11/15/2035

200,000

194,832

70

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Industrial

–

1.9%

(continued)

General

Dynamics

Corp.

3.25%,

4/01/2025

50,000

48,761

3.50%,

5/15/2025

110,000

107,889

3.50%,

4/01/2027

40,000

38,869

4.25%,

4/01/2040

10,000

9,345

Hexcel

Corp.,

4.95%,

8/15/2025

250,000

245,807

Honeywell

International,

Inc.

2.30%,

8/15/2024

25,000

24,268

2.50%,

11/01/2026

50,000

47,601

1.75%,

9/01/2031

50,000

41,336

3.81%,

11/21/2047

70,000

61,217

Hubbell,

Inc.,

3.15%,

8/15/2027

50,000

47,316

Huntington

Ingalls

Industries,

Inc.

3.84%,

5/01/2025

75,000

73,197

3.48%,

12/01/2027

50,000

47,132

4.20%,

5/01/2030

25,000

23,541

IDEX

Corp.,

2.63%,

6/15/2031

25,000

21,268

Illinois

Tool

Works,

Inc.,

2.65%,

11/15/2026

35,000

33,464

Jabil,

Inc.

4.25%,

5/15/2027

50,000

48,701

3.95%,

1/12/2028

10,000

9,504

Jacobs

Engineering

Group,

Inc.,

5.90%,

3/01/2033

50,000

50,702

John

Deere

Capital

Corp.

2.13%,

3/07/2025

300,000

287,649

4.80%,

1/09/2026

150,000

152,305

2.35%,

3/08/2027

5,000

4,669

2.80%,

7/18/2029

50,000

46,109

2.45%,

1/09/2030

20,000

17,876

Keysight

Technologies,

Inc.,

3.00%,

10/30/2029

60,000

53,616

Kirby

Corp.,

4.20%,

3/01/2028

65,000

61,860

L3Harris

Technologies,

Inc.

3.83%,

4/27/2025

75,000

73,329

4.40%,

6/15/2028

100,000

98,918

1.80%,

1/15/2031

50,000

40,692

Lafarge

SA,

7.13%,

7/15/2036

40,000

44,208

Lennox

International,

Inc.,

1.35%,

8/01/2025

50,000

45,922

Lockheed

Martin

Corp.

3.55%,

1/15/2026

49,000

48,282

3.80%,

3/01/2045

90,000

78,110

4.09%,

9/15/2052

50,000

44,789

4.15%,

6/15/2053

50,000

45,199

Martin

Marietta

Materials,

Inc.,

3.50%,

12/15/2027

25,000

24,168

Mohawk

Industries,

Inc.,

3.63%,

5/15/2030

(a)

10,000

9,134

Norfolk

Southern

Corp.

4.84%,

10/01/2041

50,000

47,118

4.15%,

2/28/2048

50,000

42,351

2.90%,

8/25/2051

100,000

66,821

Northrop

Grumman

Corp.

5.05%,

11/15/2040

20,000

19,938

4.75%,

6/01/2043

35,000

33,478

5.25%,

5/01/2050

150,000

154,617

nVent

Finance

Sarl,

2.75%,

11/15/2031

100,000

82,240

Oshkosh

Corp.,

3.10%,

3/01/2030

105,000

93,444

Otis

Worldwide

Corp.

2.29%,

4/05/2027

40,000

36,732

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Industrial

–

1.9%

(continued)

3.36%,

2/15/2050

50,000

37,208

Packaging

Corp.

of

America,

3.40%,

12/15/2027

45,000

43,133

Parker-Hannifin

Corp.

2.70%,

6/14/2024

100,000

97,307

3.25%,

6/14/2029

25,000

23,318

4.10%,

3/01/2047

70,000

60,207

Raytheon

Technologies

Corp.

3.13%,

5/04/2027

58,000

55,390

2.25%,

7/01/2030

200,000

172,485

2.38%,

3/15/2032

50,000

42,196

6.05%,

6/01/2036

20,000

21,976

4.80%,

12/15/2043

31,000

29,688

4.63%,

11/16/2048

55,000

52,279

3.13%,

7/01/2050

125,000

92,024

3.03%,

3/15/2052

50,000

35,897

Regal

Rexnord

Corp.,

6.05%,

4/15/2028

(b)

75,000

75,682

Republic

Services,

Inc.

0.88%,

11/15/2025

20,000

18,186

2.30%,

3/01/2030

50,000

43,656

1.75%,

2/15/2032

20,000

16,161

3.05%,

3/01/2050

25,000

18,183

Rockwell

Automation,

Inc.,

2.80%,

8/15/2061

75,000

48,990

Ryder

System,

Inc.

2.50%,

9/01/2024

50,000

48,253

4.63%,

6/01/2025

50,000

49,518

Snap-On,

Inc.,

3.25%,

3/01/2027

25,000

24,071

TD

Synnex

Corp.,

1.25%,

8/09/2024

50,000

46,842

Textron,

Inc.

4.00%,

3/15/2026

25,000

24,619

3.65%,

3/15/2027

25,000

23,937

3.38%,

3/01/2028

84,000

78,742

Trane

Technologies

Global

Holding

Co.

Ltd.,

4.30%,

2/21/2048

60,000

51,868

Tyco

Electronics

Group

SA,

3.13%,

8/15/2027

35,000

33,094

Union

Pacific

Corp.

3.00%,

4/15/2027

67,000

64,195

3.60%,

9/15/2037

50,000

44,199

3.55%,

8/15/2039

50,000

42,933

4.05%,

3/01/2046

75,000

64,377

4.00%,

4/15/2047

100,000

86,416

4.50%,

9/10/2048

10,000

9,143

4.10%,

9/15/2067

15,000

12,549

3.80%,

4/06/2071

50,000

38,881

3.85%,

2/14/2072

15,000

11,871

United

Parcel

Service,

Inc.

3.90%,

4/01/2025

50,000

49,631

3.05%,

11/15/2027

25,000

24,036

5.30%,

4/01/2050

60,000

64,409

Vontier

Corp.

2.40%,

4/01/2028

35,000

29,334

2.95%,

4/01/2031

80,000

63,464

Waste

Connections,

Inc.,

3.20%,

6/01/2032

150,000

133,623

Waste

Management,

Inc.

3.13%,

3/01/2025

75,000

73,094

4.10%,

3/01/2045

25,000

22,291

4.15%,

7/15/2049

15,000

13,573

2.50%,

11/15/2050

(a)

20,000

13,060

71

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Industrial

–

1.9%

(continued)

Westinghouse

Air

Brake

Technologies

Corp.,

4.95%,

9/15/2028

100,000

98,961

WRKCo,

Inc.

4.65%,

3/15/2026

75,000

74,082

4.00%,

3/15/2028

25,000

23,955

8,164,990

Technology

–

1.8%

Activision

Blizzard,

Inc.

3.40%,

9/15/2026

10,000

9,694

1.35%,

9/15/2030

30,000

24,362

4.50%,

6/15/2047

25,000

23,306

Adobe,

Inc.,

2.15%,

2/01/2027

40,000

37,227

Amdocs

Ltd.,

2.54%,

6/15/2030

65,000

55,289

Analog

Devices,

Inc.,

2.95%,

4/01/2025

10,000

9,710

Apple,

Inc.

1.80%,

9/11/2024

10,000

9,664

1.13%,

5/11/2025

15,000

14,106

3.20%,

5/13/2025

125,000

122,637

0.55%,

8/20/2025

(a)

10,000

9,226

0.70%,

2/08/2026

10,000

9,130

3.25%,

2/23/2026

150,000

146,913

2.45%,

8/04/2026

300,000

286,140

3.35%,

2/09/2027

281,000

274,872

2.90%,

9/12/2027

50,000

48,025

1.25%,

8/20/2030

10,000

8,259

1.65%,

2/08/2031

60,000

50,545

2.38%,

2/08/2041

60,000

44,957

3.85%,

5/04/2043

211,000

193,014

4.65%,

2/23/2046

75,000

75,470

2.65%,

5/11/2050

150,000

106,528

2.55%,

8/20/2060

50,000

33,100

2.80%,

2/08/2061

10,000

6,765

Applied

Materials,

Inc.

1.75%,

6/01/2030

180,000

152,254

5.10%,

10/01/2035

30,000

31,467

2.75%,

6/01/2050

(a)

10,000

7,272

AutoDesk,

Inc.,

2.85%,

1/15/2030

91,000

81,164

Broadcom,

Inc.

4.00%,

4/15/2029

(b)

50,000

47,003

2.45%,

2/15/2031

(b)

305,000

250,228

4.15%,

4/15/2032

(b)

50,000

45,690

4.93%,

5/15/2037

(b)

50,000

45,646

3.50%,

2/15/2041

(b)

5,000

3,768

3.75%,

2/15/2051

(b)

5,000

3,679

Broadridge

Financial

Solutions,

Inc.,

3.40%,

6/27/2026

60,000

57,905

CDW

LLC

/

CDW

Finance

Corp.

2.67%,

12/01/2026

50,000

45,477

4.25%,

4/01/2028

50,000

46,589

3.28%,

12/01/2028

100,000

86,836

Dell

International

LLC

/

EMC

Corp.

4.00%,

7/15/2024

10,000

9,869

4.90%,

10/01/2026

50,000

50,104

3.45%,

12/15/2051

(b)

110,000

72,226

DXC

Technology

Co.,

2.38%,

9/15/2028

30,000

25,445

Electronic

Arts,

Inc.,

1.85%,

2/15/2031

25,000

20,693

Fidelity

National

Information

Services,

Inc.,

4.50%,

7/15/2025

50,000

49,499

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Technology

–

1.8%

(continued)

Fiserv,

Inc.

2.75%,

7/01/2024

25,000

24,294

4.40%,

7/01/2049

50,000

42,473

Fortinet,

Inc.,

1.00%,

3/15/2026

50,000

45,389

Hewlett

Packard

Enterprise

Co.

6.20%,

10/15/2035

50,000

53,849

6.35%,

10/15/2045

20,000

20,721

HP,

Inc.

3.00%,

6/17/2027

100,000

93,200

6.00%,

9/15/2041

35,000

35,502

Intel

Corp.

4.88%,

2/10/2026

50,000

50,676

3.15%,

5/11/2027

30,000

28,794

4.88%,

2/10/2028

50,000

50,860

2.45%,

11/15/2029

80,000

70,567

5.13%,

2/10/2030

50,000

51,212

3.90%,

3/25/2030

150,000

143,974

4.00%,

12/15/2032

31,000

29,460

5.20%,

2/10/2033

50,000

51,038

4.10%,

5/19/2046

34,000

28,765

4.75%,

3/25/2050

150,000

136,277

5.70%,

2/10/2053

50,000

51,116

5.05%,

8/05/2062

40,000

36,843

5.90%,

2/10/2063

50,000

51,480

International

Business

Machines

Corp.

4.00%,

7/27/2025

50,000

49,450

3.45%,

2/19/2026

100,000

97,375

3.30%,

1/27/2027

100,000

96,503

1.70%,

5/15/2027

50,000

45,212

4.15%,

5/15/2039

100,000

88,609

2.85%,

5/15/2040

150,000

110,906

4.00%,

6/20/2042

25,000

21,438

Intuit,

Inc.,

1.65%,

7/15/2030

69,000

57,633

KLA

Corp.,

5.00%,

3/15/2049

50,000

49,059

Kyndryl

Holdings,

Inc.,

2.70%,

10/15/2028

50,000

42,223

LAM

Research

Corp.,

3.13%,

6/15/2060

50,000

34,524

Micron

Technology,

Inc.

5.38%,

4/15/2028

10,000

9,979

4.66%,

2/15/2030

25,000

23,937

5.88%,

2/09/2033

50,000

50,421

5.88%,

9/15/2033

15,000

15,037

Microsoft

Corp.

2.40%,

8/08/2026

25,000

23,841

3.30%,

2/06/2027

313,000

307,557

4.20%,

11/03/2035

50,000

50,865

4.50%,

10/01/2040

75,000

77,067

4.25%,

2/06/2047

40,000

39,271

2.53%,

6/01/2050

25,000

17,735

2.92%,

3/17/2052

170,000

129,889

3.95%,

8/08/2056

25,000

23,155

3.04%,

3/17/2062

81,000

61,000

NetApp,

Inc.,

1.88%,

6/22/2025

10,000

9,378

NVIDIA

Corp.

2.85%,

4/01/2030

(a)

124,000

113,698

3.50%,

4/01/2040

20,000

17,193

3.50%,

4/01/2050

40,000

32,658

Oracle

Corp.

3.40%,

7/08/2024

50,000

49,031

72

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Technology

–

1.8%

(continued)

1.65%,

3/25/2026

50,000

45,929

2.65%,

7/15/2026

225,000

211,264

2.80%,

4/01/2027

50,000

46,565

2.95%,

4/01/2030

22,000

19,491

2.88%,

3/25/2031

10,000

8,623

6.25%,

11/09/2032

45,000

48,563

4.90%,

2/06/2033

50,000

49,172

4.30%,

7/08/2034

100,000

92,290

3.85%,

7/15/2036

125,000

106,903

3.80%,

11/15/2037

50,000

41,798

6.13%,

7/08/2039

50,000

52,691

4.13%,

5/15/2045

100,000

78,875

4.00%,

11/15/2047

30,000

23,039

3.60%,

4/01/2050

85,000

60,384

3.95%,

3/25/2051

50,000

37,701

5.55%,

2/06/2053

50,000

47,974

4.38%,

5/15/2055

25,000

19,966

3.85%,

4/01/2060

125,000

87,531

QUALCOMM,

Inc.

2.15%,

5/20/2030

100,000

87,404

4.65%,

5/20/2035

50,000

50,399

4.80%,

5/20/2045

87,000

86,104

4.50%,

5/20/2052

10,000

9,257

Roper

Technologies,

Inc.,

1.00%,

9/15/2025

20,000

18,340

ServiceNow,

Inc.,

1.40%,

9/01/2030

150,000

120,924

Take-Two

Interactive

Software,

Inc.

5.00%,

3/28/2026

10,000

10,082

4.95%,

3/28/2028

10,000

10,092

Teledyne

FLIR

LLC,

2.50%,

8/01/2030

25,000

21,075

Texas

Instruments,

Inc.

1.13%,

9/15/2026

50,000

45,400

2.25%,

9/04/2029

13,000

11,607

1.90%,

9/15/2031

50,000

42,099

4.15%,

5/15/2048

100,000

92,446

TSMC

Arizona

Corp.,

2.50%,

10/25/2031

200,000

171,101

VMware,

Inc.

4.50%,

5/15/2025

25,000

24,746

1.40%,

8/15/2026

50,000

44,625

Western

Digital

Corp.,

3.10%,

2/01/2032

100,000

72,411

Xilinx,

Inc.

2.95%,

6/01/2024

35,000

34,222

2.38%,

6/01/2030

35,000

30,665

7,634,645

Utilities

–

2.2%

AEP

Texas,

Inc.,

Series

I,

2.10%,

7/01/2030

115,000

96,118

AEP

Transmission

Co.

LLC

4.25%,

9/15/2048

90,000

79,580

3.80%,

6/15/2049

30,000

24,864

AES

Corp.

(The)

1.38%,

1/15/2026

200,000

180,862

2.45%,

1/15/2031

50,000

41,035

Alabama

Power

Co.

3.75%,

3/01/2045

50,000

40,625

3.13%,

7/15/2051

15,000

10,675

Ameren

Corp.,

1.75%,

3/15/2028

50,000

43,621

Ameren

Illinois

Co.,

1.55%,

11/15/2030

10,000

8,145

American

Water

Capital

Corp.

2.95%,

9/01/2027

100,000

94,710

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Utilities

–

2.2%

(continued)

3.75%,

9/01/2028

40,000

38,792

2.80%,

5/01/2030

25,000

22,406

6.59%,

10/15/2037

60,000

69,056

4.00%,

12/01/2046

25,000

20,740

Arizona

Public

Service

Co.

4.25%,

3/01/2049

50,000

40,653

3.50%,

12/01/2049

65,000

47,064

Atmos

Energy

Corp.

1.50%,

1/15/2031

45,000

36,257

3.38%,

9/15/2049

50,000

38,269

Avangrid,

Inc.,

3.20%,

4/15/2025

25,000

24,023

Avista

Corp.,

4.00%,

4/01/2052

75,000

62,397

Berkshire

Hathaway

Energy

Co.

4.05%,

4/15/2025

40,000

39,584

6.13%,

4/01/2036

35,000

39,183

4.50%,

2/01/2045

200,000

183,083

2.85%,

5/15/2051

50,000

34,545

Black

Hills

Corp.,

3.05%,

10/15/2029

150,000

132,267

CenterPoint

Energy

Resources

Corp.,

1.75%,

10/01/2030

50,000

41,057

Cleveland

Electric

Illuminating

Co.

(The),

5.95%,

12/15/2036

30,000

30,969

Commonwealth

Edison

Co.

3.70%,

3/01/2045

100,000

81,496

Series

123,

3.75%,

8/15/2047

100,000

82,708

4.00%,

3/01/2048

20,000

17,164

4.00%,

3/01/2049

20,000

16,969

5.30%,

2/01/2053

100,000

104,415

Connecticut

Light

&

Power

Co.

(The),

Series

A,

2.05%,

7/01/2031

50,000

41,949

Consolidated

Edison

Co.

of

New

York,

Inc.

Series

20A,

3.35%,

4/01/2030

50,000

46,428

2.40%,

6/15/2031

150,000

128,261

6.15%,

11/15/2052

100,000

112,839

4.63%,

12/01/2054

30,000

27,042

Series

C,

4.00%,

11/15/2057

50,000

40,463

Series

C,

3.00%,

12/01/2060

20,000

13,258

Constellation

Energy

Generation

LLC

3.25%,

6/01/2025

50,000

48,052

5.75%,

10/01/2041

30,000

29,682

Consumers

Energy

Co.

4.63%,

5/15/2033

50,000

50,297

3.50%,

8/01/2051

100,000

78,400

4.20%,

9/01/2052

100,000

88,382

Delmarva

Power

&

Light

Co.,

4.15%,

5/15/2045

25,000

21,348

Dominion

Energy

South

Carolina,

Inc.

5.45%,

2/01/2041

25,000

25,680

5.10%,

6/01/2065

50,000

50,677

Dominion

Energy,

Inc.

Series

A,

1.45%,

4/15/2026

30,000

27,320

Series

D,

2.85%,

8/15/2026

100,000

94,160

7.00%,

6/15/2038

25,000

28,788

Series

B,

3.30%,

4/15/2041

25,000

19,304

Series

C,

4.90%,

8/01/2041

25,000

23,049

Duke

Energy

Carolinas

LLC

2.85%,

3/15/2032

100,000

87,673

4.95%,

1/15/2033

100,000

102,717

73

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Utilities

–

2.2%

(continued)

4.25%,

12/15/2041

30,000

26,991

3.75%,

6/01/2045

75,000

61,725

3.88%,

3/15/2046

75,000

62,244

5.35%,

1/15/2053

100,000

104,949

Duke

Energy

Corp.

2.65%,

9/01/2026

50,000

47,008

2.45%,

6/01/2030

95,000

81,558

3.75%,

9/01/2046

20,000

15,668

4.20%,

6/15/2049

25,000

20,675

Duke

Energy

Florida

LLC,

1.75%,

6/15/2030

100,000

83,055

Duke

Energy

Indiana

LLC,

Series

YYY,

3.25%,

10/01/2049

25,000

18,441

Duke

Energy

Ohio,

Inc.,

3.70%,

6/15/2046

50,000

39,011

Duke

Energy

Progress

LLC,

5.25%,

3/15/2033

50,000

52,347

Eastern

Energy

Gas

Holdings

LLC,

Series

A,

2.50%,

11/15/2024

34,000

32,736

Edison

International,

6.95%,

11/15/2029

100,000

108,644

El

Paso

Electric

Co.,

6.00%,

5/15/2035

28,000

29,354

Emera

US

Finance

LP,

3.55%,

6/15/2026

10,000

9,554

ENEL

Americas

SA,

4.00%,

10/25/2026

50,000

48,805

Entergy

Arkansas

LLC,

3.50%,

4/01/2026

50,000

49,092

Entergy

Louisiana

LLC

2.40%,

10/01/2026

35,000

32,671

4.20%,

9/01/2048

60,000

52,152

4.75%,

9/15/2052

100,000

94,907

Essential

Utilities,

Inc.,

3.35%,

4/15/2050

15,000

10,770

Evergy

Metro,

Inc.,

Series

2020,

2.25%,

6/01/2030

40,000

33,959

Evergy,

Inc.

2.45%,

9/15/2024

100,000

96,230

2.90%,

9/15/2029

100,000

89,905

Eversource

Energy

Series

O,

4.25%,

4/01/2029

100,000

98,092

Series

R,

1.65%,

8/15/2030

100,000

81,431

Florida

Power

&

Light

Co.

2.85%,

4/01/2025

214,000

207,716

5.05%,

4/01/2028

100,000

103,621

5.96%,

4/01/2039

25,000

27,728

3.80%,

12/15/2042

50,000

42,905

Georgia

Power

Co.

Series

B,

2.65%,

9/15/2029

100,000

88,761

4.30%,

3/15/2042

100,000

88,615

4.30%,

3/15/2043

25,000

21,806

5.13%,

5/15/2052

100,000

98,894

Idaho

Power

Co.,

Series

K,

4.20%,

3/01/2048

25,000

21,815

Interstate

Power

&

Light

Co.,

2.30%,

6/01/2030

15,000

12,677

IPALCO

Enterprises,

Inc.,

3.70%,

9/01/2024

100,000

97,273

ITC

Holdings

Corp.,

3.35%,

11/15/2027

50,000

47,443

Louisville

Gas

&

Electric

Co.,

4.25%,

4/01/2049

25,000

21,721

MidAmerican

Energy

Co.

3.50%,

10/15/2024

70,000

68,811

5.80%,

10/15/2036

50,000

55,089

4.25%,

7/15/2049

30,000

26,962

3.15%,

4/15/2050

50,000

37,291

National

Fuel

Gas

Co.,

2.95%,

3/01/2031

100,000

81,098

National

Grid

USA,

5.80%,

4/01/2035

25,000

25,933

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Utilities

–

2.2%

(continued)

National

Rural

Utilities

Cooperative

Finance

Corp.

4.45%,

3/13/2026

50,000

50,216

1.00%,

6/15/2026

45,000

40,482

4.80%,

3/15/2028

100,000

101,411

4.30%,

3/15/2049

15,000

13,182

Nevada

Power

Co.,

Series

EE,

3.13%,

8/01/2050

25,000

17,887

NextEra

Energy

Capital

Holdings,

Inc.

1.88%,

1/15/2027

100,000

90,952

5.00%,

2/28/2030

50,000

50,618

2.25%,

6/01/2030

30,000

25,494

2.44%,

1/15/2032

50,000

41,554

5.05%,

2/28/2033

50,000

50,556

3.00%,

1/15/2052

50,000

34,255

5.25%,

2/28/2053

50,000

49,521

NiSource,

Inc.

0.95%,

8/15/2025

15,000

13,768

5.25%,

2/15/2043

35,000

34,895

Northern

States

Power

Co.

3.40%,

8/15/2042

25,000

20,550

4.00%,

8/15/2045

40,000

34,517

2.90%,

3/01/2050

20,000

14,323

Oglethorpe

Power

Corp.,

5.38%,

11/01/2040

50,000

47,706

Oklahoma

Gas

&

Electric

Co.

3.25%,

4/01/2030

150,000

136,635

4.15%,

4/01/2047

35,000

29,320

3.85%,

8/15/2047

25,000

19,949

Oncor

Electric

Delivery

Co.

LLC,

3.10%,

9/15/2049

40,000

29,461

Pacific

Gas

&

Electric

Co.

3.15%,

1/01/2026

10,000

9,428

2.10%,

8/01/2027

10,000

8,763

4.65%,

8/01/2028

100,000

94,547

4.55%,

7/01/2030

5,000

4,648

2.50%,

2/01/2031

50,000

40,509

4.50%,

7/01/2040

30,000

24,380

3.30%,

8/01/2040

30,000

21,014

4.20%,

6/01/2041

75,000

58,338

4.60%,

6/15/2043

100,000

77,800

4.00%,

12/01/2046

50,000

35,462

3.95%,

12/01/2047

50,000

35,465

4.95%,

7/01/2050

30,000

24,445

PacifiCorp,

4.10%,

2/01/2042

35,000

30,913

PECO

Energy

Co.

3.00%,

9/15/2049

40,000

28,791

2.85%,

9/15/2051

50,000

34,516

PG&E

Energy

Recovery

Funding

LLC,

Series

A-3,

2.82%,

7/15/2046

25,000

18,426

PG&E

Wildfire

Recovery

Funding

LLC

Series

A-1,

3.59%,

6/01/2030

46,908

45,158

Series

A-2,

4.72%,

6/01/2037

50,000

50,490

Piedmont

Natural

Gas

Co.,

Inc.

2.50%,

3/15/2031

25,000

21,033

3.35%,

6/01/2050

15,000

10,641

Public

Service

Co.

of

Colorado

Series

17,

6.25%,

9/01/2037

10,000

11,389

3.60%,

9/15/2042

25,000

20,786

Series

34,

3.20%,

3/01/2050

20,000

14,917

74

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Utilities

–

2.2%

(continued)

Public

Service

Co.

of

New

Hampshire,

5.15%,

1/15/2053

100,000

103,396

Public

Service

Co.

of

Oklahoma,

5.25%,

1/15/2033

100,000

102,637

Public

Service

Electric

&

Gas

Co.

3.95%,

5/01/2042

35,000

30,516

3.65%,

9/01/2042

25,000

20,800

3.80%,

3/01/2046

25,000

20,763

Public

Service

Enterprise

Group,

Inc.

0.80%,

8/15/2025

10,000

9,157

1.60%,

8/15/2030

60,000

48,566

Puget

Energy,

Inc.,

4.10%,

6/15/2030

75,000

70,161

Puget

Sound

Energy,

Inc.

5.80%,

3/15/2040

27,000

28,421

2.89%,

9/15/2051

25,000

17,143

San

Diego

Gas

&

Electric

Co.

2.50%,

5/15/2026

50,000

47,469

Series

XXX,

3.00%,

3/15/2032

100,000

88,309

Series

RRR,

3.75%,

6/01/2047

60,000

48,952

Series

TTT,

4.10%,

6/15/2049

10,000

8,573

Sempra

Energy,

3.80%,

2/01/2038

15,000

13,214

Southern

California

Edison

Co.

Series

G,

2.50%,

6/01/2031

25,000

21,388

5.95%,

11/01/2032

100,000

108,751

Series

05-E,

5.35%,

7/15/2035

40,000

40,284

4.50%,

9/01/2040

75,000

67,542

Series

B,

4.88%,

3/01/2049

25,000

23,484

Southern

California

Gas

Co.

3.15%,

9/15/2024

90,000

88,199

3.75%,

9/15/2042

35,000

29,039

Series

VV,

4.30%,

1/15/2049

65,000

57,139

Series

WW,

3.95%,

2/15/2050

15,000

12,136

Southern

Co.

(The),

Series

A,

3.70%,

4/30/2030

10,000

9,372

Southern

Co.

Gas

Capital

Corp.

4.40%,

5/30/2047

45,000

38,238

Series

21A,

3.15%,

9/30/2051

25,000

17,209

Southern

Power

Co.,

5.25%,

7/15/2043

20,000

18,951

Southwest

Gas

Corp.

2.20%,

6/15/2030

130,000

107,926

4.15%,

6/01/2049

25,000

20,045

Southwestern

Electric

Power

Co.

Series

N,

1.65%,

3/15/2026

125,000

114,638

Series

J,

3.90%,

4/01/2045

40,000

31,777

Spire

Missouri,

Inc.,

4.80%,

2/15/2033

50,000

50,565

Tampa

Electric

Co.,

3.88%,

7/12/2024

50,000

49,221

Toledo

Edison

Co.

(The),

6.15%,

5/15/2037

25,000

26,967

Tucson

Electric

Power

Co.

1.50%,

8/01/2030

50,000

40,230

5.50%,

4/15/2053

50,000

50,945

Union

Electric

Co.

2.95%,

3/15/2030

50,000

45,490

3.25%,

10/01/2049

75,000

54,595

Virginia

Electric

&

Power

Co.

Series

A,

3.15%,

1/15/2026

180,000

175,057

Series

A,

3.80%,

4/01/2028

50,000

48,727

Series

B,

3.80%,

9/15/2047

20,000

16,030

4.60%,

12/01/2048

20,000

18,091

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

24.6%

(continued)

Utilities

–

2.2%

(continued)

2.45%,

12/15/2050

35,000

21,561

WEC

Energy

Group,

Inc.,

2.20%,

12/15/2028

50,000

44,080

Wisconsin

Power

&

Light

Co.,

1.95%,

9/16/2031

50,000

40,706

Xcel

Energy,

Inc.

2.60%,

12/01/2029

10,000

8,860

3.50%,

12/01/2049

25,000

19,226

9,510,891

Total

Corporate

Bonds

(cost

$116,371,911)

106,764,553

Foreign

Governmental

–

1.6%

Chile

Government

International

Bond

3.24%,

2/06/2028

40,000

38,332

2.45%,

1/31/2031

(a)

20,000

17,579

3.10%,

1/22/2061

351,000

235,204

Export

Development

Canada,

3.88%,

2/14/2028

50,000

50,433

Hydro-Quebec,

Series

HH,

8.50%,

12/01/2029

25,000

30,896

Indonesia

Government

International

Bond

3.50%,

1/11/2028

199,000

192,101

3.40%,

9/18/2029

70,000

66,161

2.85%,

2/14/2030

200,000

182,310

1.85%,

3/12/2031

20,000

16,517

3.05%,

3/12/2051

20,000

14,871

Israel

Government

AID

Bond,

5.50%,

9/18/2033

40,000

45,221

Israel

Government

International

Bond,

3.88%,

7/03/2050

160,000

133,701

Korea

International

Bond,

4.13%,

6/10/2044

200,000

193,591

Mexico

Government

International

Bond

4.50%,

4/22/2029

50,000

49,447

3.25%,

4/16/2030

75,000

67,883

2.66%,

5/24/2031

50,000

42,306

4.75%,

4/27/2032

60,000

58,400

Series

A,

7.50%,

4/08/2033

150,000

173,862

Series

A,

6.75%,

9/27/2034

89,000

98,968

6.05%,

1/11/2040

40,000

41,261

4.28%,

8/14/2041

100,000

83,771

4.75%,

3/08/2044

174,000

151,164

4.50%,

1/31/2050

(a)

150,000

123,912

6.34%,

5/04/2053

200,000

205,906

5.75%,

10/12/2110

20,000

17,793

Panama

Government

International

Bond

7.13%,

1/29/2026

175,000

185,840

8.88%,

9/30/2027

200,000

233,595

9.38%,

4/01/2029

100,000

122,518

6.70%,

1/26/2036

40,000

43,115

4.50%,

4/01/2056

200,000

151,830

Peruvian

Government

International

Bond

2.39%,

1/23/2026

20,000

18,893

4.13%,

8/25/2027

100,000

98,424

2.84%,

6/20/2030

20,000

17,746

2.78%,

1/23/2031

200,000

173,359

1.86%,

12/01/2032

165,000

127,656

8.75%,

11/21/2033

20,000

25,560

3.23%,

7/28/2121

100,000

61,085

Philippine

Government

International

Bond

7.50%,

9/25/2024

133,333

136,355

9.50%,

2/02/2030

117,000

149,609

1.95%,

1/06/2032

100,000

82,306

75

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Foreign

Governmental

–

1.6%

(continued)

2.65%,

12/10/2045

350,000

243,004

Province

of

Alberta

Canada

3.30%,

3/15/2028

125,000

121,864

1.30%,

7/22/2030

325,000

271,924

Province

of

British

Columbia

Canada

Series

10,

1.75%,

9/27/2024

100,000

96,283

0.90%,

7/20/2026

50,000

45,521

1.30%,

1/29/2031

(a)

220,000

184,181

Province

of

Manitoba

Canada,

2.13%,

6/22/2026

310,000

293,167

Province

of

Ontario

Canada

3.20%,

5/16/2024

30,000

29,514

0.63%,

1/21/2026

10,000

9,131

1.05%,

4/14/2026

15,000

13,782

2.50%,

4/27/2026

175,000

167,738

1.05%,

5/21/2027

65,000

58,190

1.13%,

10/07/2030

50,000

41,244

1.60%,

2/25/2031

(a)

130,000

110,124

Province

of

Quebec

Canada

Series

QX,

1.50%,

2/11/2025

127,000

120,879

0.60%,

7/23/2025

100,000

92,673

2.50%,

4/20/2026

20,000

19,205

2.75%,

4/12/2027

150,000

144,007

1.90%,

4/21/2031

15,000

13,037

Republic

of

Italy

Government

International

Bond

0.88%,

5/06/2024

150,000

143,286

1.25%,

2/17/2026

216,000

194,207

5.38%,

6/15/2033

40,000

40,319

4.00%,

10/17/2049

20,000

15,262

3.88%,

5/06/2051

105,000

75,800

Svensk

Exportkredit

AB

Series

G,

0.63%,

5/14/2025

200,000

185,678

0.00%,

5/11/2037

(c)

30,000

15,948

Uruguay

Government

International

Bond

4.38%,

10/27/2027

50,000

50,521

5.10%,

6/18/2050

200,000

204,833

Total

Foreign

Governmental

(cost

$7,555,553)

6,960,803

Municipal

Securities

–

0.3%

California

State

University,

RB,

2.72%,

11/01/2052

50,000

34,698

City

of

Los

Angeles

Department

of

Airports

Customer

Facility

Charge,

RB,

4.24%,

5/15/2048

200,000

181,444

City

of

San

Francisco,

CA

Public

Utilities

Commission

Water,

RB,

6.95%,

11/01/2050

110,000

139,408

Commonwealth

of

Massachusetts,

RB,

4.11%,

7/15/2031

100,000

98,660

Los

Angeles

Department

of

Water

&

Power,

RB,

5.72%,

7/01/2039

200,000

223,423

Michigan

State

University,

RB,

4.17%,

8/15/2122

100,000

81,798

Municipal

Electric

Authority

of

Georgia,

RB,

6.64%,

4/01/2057

99,000

112,581

New

Jersey

Turnpike

Authority,

RB,

7.10%,

1/01/2041

20,000

25,050

North

Texas

Tollway

Authority,

RB,

6.72%,

1/01/2049

15,000

19,263

Ohio

State

University

(The),

RB,

4.80%,

6/01/2111

10,000

9,140

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Municipal

Securities

–

0.3%

(continued)

Port

Authority

of

New

York

&

New

Jersey,

RB,

4.96%,

8/01/2046

100,000

102,738

Regents

of

The

University

of

California

Medical

Center

Pooled,

RB,

6.58%,

5/15/2049

100,000

119,926

State

Board

of

Administration

Finance

Corp.,

RB,

1.71%,

7/01/2027

100,000

89,611

State

of

California,

GO

7.30%,

10/01/2039

50,000

62,383

7.60%,

11/01/2040

15,000

19,929

State

of

Illinois

Sales

Tax

Securitization

Corp.,

RB,

3.59%,

1/01/2043

30,000

25,511

State

of

Illinois,

GO,

5.10%,

6/01/2033

20,000

20,034

University

of

Michigan,

RB,

4.45%,

4/01/2122

50,000

45,325

University

of

Virginia,

RB,

2.58%,

11/01/2051

50,000

35,165

Total

Municipal

Securities

(cost

$1,666,560)

1,446,087

Supranational

Bank

–

1.4%

African

Development

Bank,

Series

G,

4.38%,

11/03/2027

150,000

154,141

Asian

Development

Bank

Series

G,

0.38%,

9/03/2025

95,000

87,489

Series

G,

1.00%,

4/14/2026

50,000

46,087

Series

G,

1.50%,

1/20/2027

50,000

46,158

Series

G,

3.13%,

8/20/2027

400,000

390,981

2.75%,

1/19/2028

50,000

48,087

1.75%,

9/19/2029

150,000

133,887

0.75%,

10/08/2030

150,000

122,328

Asian

Infrastructure

Investment

Bank

(The)

0.50%,

10/30/2024

50,000

47,145

0.50%,

5/28/2025

125,000

115,801

Corp.

Andina

de

Fomento,

1.63%,

9/23/2025

92,000

85,667

European

Bank

For

Reconstruction

&

Development

1.63%,

9/27/2024

150,000

144,316

Series

G,

0.50%,

11/25/2025

50,000

45,879

European

Investment

Bank

1.88%,

2/10/2025

50,000

48,027

1.63%,

3/14/2025

(a)

225,000

214,832

0.38%,

12/15/2025

(a)

5,000

4,572

0.38%,

3/26/2026

10,000

9,069

2.38%,

5/24/2027

150,000

142,805

0.63%,

10/21/2027

155,000

135,892

3.88%,

3/15/2028

100,000

101,089

1.75%,

3/15/2029

150,000

135,488

1.25%,

2/14/2031

150,000

127,525

3.75%,

2/14/2033

50,000

50,782

Export-Import

Bank

of

Korea,

0.63%,

6/29/2024

200,000

190,728

Inter-American

Development

Bank

2.13%,

1/15/2025

50,000

48,273

2.00%,

6/02/2026

15,000

14,189

1.50%,

1/13/2027

100,000

92,349

0.63%,

9/16/2027

65,000

57,109

1.13%,

7/20/2028

50,000

44,028

3.13%,

9/18/2028

(a)

50,000

48,686

1.13%,

1/13/2031

260,000

217,023

3.88%,

10/28/2041

150,000

145,544

Inter-American

Investment

Corp.

2.63%,

4/22/2025

100,000

96,795

76

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Supranational

Bank

–

1.4%

(continued)

4.13%,

2/15/2028

50,000

50,522

International

Bank

For

Reconstruction

&

Development

2.25%,

3/28/2024

200,000

195,334

1.50%,

8/28/2024

75,000

72,179

2.50%,

11/25/2024

320,000

311,318

0.75%,

3/11/2025

50,000

46,956

0.38%,

7/28/2025

350,000

323,346

2.50%,

7/29/2025

123,000

119,222

0.50%,

10/28/2025

75,000

69,006

3.13%,

11/20/2025

75,000

73,571

3.13%,

6/15/2027

50,000

48,973

2.50%,

11/22/2027

85,000

80,895

3.88%,

2/14/2030

50,000

50,697

0.88%,

5/14/2030

50,000

41,518

0.75%,

8/26/2030

75,000

61,225

1.25%,

2/10/2031

10,000

8,436

2.50%,

3/29/2032

(a)

100,000

91,733

International

Finance

Corp.,

Series

G,

1.38%,

10/16/2024

350,000

335,342

Japan

Bank

For

International

Cooperation

0.63%,

7/15/2025

50,000

46,146

2.25%,

11/04/2026

224,000

210,102

2.75%,

11/16/2027

64,000

60,568

1.25%,

1/21/2031

260,000

212,081

Japan

International

Cooperation

Agency,

3.38%,

6/12/2028

50,000

48,281

Korea

Development

Bank

(The)

2.13%,

10/01/2024

15,000

14,482

3.38%,

9/16/2025

200,000

194,400

2.00%,

10/25/2031

100,000

83,282

Total

Supranational

Bank

(cost

$6,541,743)

6,242,386

U.S.

Government

Agencies

–

29.1%

Federal

Farm

Credit

Banks

Funding

Corp.

0.73%,

5/27/2025

200,000

185,109

0.61%,

8/25/2025

118,000

108,156

0.75%,

12/16/2026

116,000

103,187

1.12%,

9/01/2028

50,000

42,764

1.10%,

8/10/2029

96,000

79,494

1.23%,

7/29/2030

26,000

21,055

1.15%,

8/12/2030

150,000

120,598

1.24%,

9/03/2030

550,000

444,173

1.38%,

1/14/2031

150,000

121,074

1.79%,

6/22/2035

200,000

147,318

Federal

Home

Loan

Banks

2.88%,

6/14/2024

110,000

107,671

2.75%,

12/13/2024

10,000

9,718

0.50%,

4/14/2025

275,000

256,430

1.00%,

3/23/2026

185,250

169,526

3.00%,

3/12/2027

300,000

290,796

3.25%,

11/16/2028

355,000

348,632

Federal

Home

Loan

Mortgage

Corporation

1.50%,

2/12/2025

(d)

319,000

304,185

0.38%,

7/21/2025

(d)

100,000

92,127

0.38%,

9/23/2025

(d)

525,000

481,191

2.50%,

9/01/2027

12,227

11,718

4.00%,

7/01/2029

8,293

8,157

6.75%,

9/15/2029

(d)

50,000

58,531

3.00%,

2/01/2031

24,273

23,331

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

29.1%

(continued)

Federal

Home

Loan

Mortgage

Corporation

(continued)

6.75%,

3/15/2031

(d)

50,000

60,234

2.50%,

12/01/2031

15,239

14,409

2.50%,

3/01/2032

87,698

82,923

6.25%,

7/15/2032

(a)(d)

170,000

202,941

3.00%,

9/01/2032

42,860

40,991

3.00%,

10/01/2032

17,542

16,862

3.00%,

1/01/2033

5,307

5,102

3.00%,

2/01/2033

16,823

16,171

3.50%,

2/01/2033

23,543

22,997

3.00%,

4/01/2033

63,056

60,638

3.00%,

4/01/2033

26,659

25,818

3.00%,

7/01/2033

86,313

82,525

3.00%,

8/01/2034

17,343

16,566

2.50%,

11/01/2034

24,886

23,213

3.50%,

3/01/2035

7,839

7,591

2.50%,

4/01/2035

98,152

91,552

3.00%,

4/01/2035

116,987

111,746

3.00%,

4/01/2035

29,570

28,225

2.50%,

5/01/2035

36,956

34,428

3.00%,

6/01/2035

42,037

40,124

3.00%,

6/01/2035

77,331

74,330

2.00%,

8/01/2035

212,116

192,142

2.50%,

9/01/2035

119,696

111,506

2.00%,

10/01/2035

353,527

320,237

1.50%,

11/01/2035

496,241

437,956

2.00%,

11/01/2035

56,402

51,091

1.50%,

12/01/2035

75,956

67,035

1.50%,

2/01/2036

164,370

145,064

2.00%,

2/01/2036

194,912

176,559

1.50%,

4/01/2036

112,609

99,143

2.50%,

6/01/2036

325,746

302,782

2.00%,

8/01/2036

200,825

181,578

1.50%,

9/01/2036

41,680

36,696

1.00%,

10/01/2036

64,839

55,765

1.50%,

10/01/2036

76,334

67,206

2.00%,

10/01/2036

103,962

93,998

1.50%,

11/01/2036

86,201

75,893

2.00%,

11/01/2036

42,090

38,056

1.50%,

1/01/2037

88,124

77,586

1.50%,

2/01/2037

169,401

149,144

1.50%,

2/01/2037

178,094

156,797

1.50%,

2/01/2037

263,906

232,348

1.50%,

3/01/2037

225,453

198,005

2.00%,

3/01/2037

218,561

197,614

2.00%,

4/01/2037

229,017

206,606

2.00%,

4/01/2037

76,868

69,345

2.50%,

5/01/2037

136,376

126,626

3.00%,

5/01/2037

20,752

19,593

3.00%,

5/01/2037

(d)

15,564

14,701

3.00%,

9/01/2037

60,973

57,975

3.50%,

9/01/2037

22,991

22,247

4.00%,

9/01/2037

45,099

44,275

3.50%,

10/01/2037

69,788

67,530

3.50%,

12/01/2037

23,888

23,115

3.00%,

11/01/2039

42,128

39,683

3.00%,

3/01/2040

88,373

83,244

2.50%,

4/01/2040

7,053

6,264

2.00%,

8/01/2040

88,755

76,333

2.50%,

9/01/2040

54,417

48,330

2.50%,

10/01/2040

15,431

13,705

77

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

29.1%

(continued)

Federal

Home

Loan

Mortgage

Corporation

(continued)

2.00%,

11/01/2040

125,303

107,766

4.00%,

11/01/2040

52,940

51,826

1.50%,

1/01/2041

19,712

16,274

2.00%,

3/01/2041

19,822

17,032

1.50%,

5/01/2041

191,316

157,888

4.50%,

5/01/2041

(d)

100,693

100,935

2.50%,

6/01/2041

141,248

125,561

2.00%,

8/01/2041

142,414

122,371

2.00%,

12/01/2041

337,796

290,255

1.50%,

2/01/2042

46,173

38,106

2.00%,

3/01/2042

199,486

171,763

2.00%,

5/01/2042

74,125

63,824

2.50%,

5/01/2042

93,875

83,308

3.00%,

6/01/2042

23,460

21,456

4.00%,

9/01/2042

23,750

22,987

3.00%,

12/01/2042

(d)

16,720

15,460

3.00%,

1/01/2043

(d)

45,469

42,043

3.50%,

2/01/2043

49,413

47,072

3.00%,

4/01/2043

63,514

58,645

3.50%,

10/01/2043

167,044

159,108

3.50%,

12/01/2044

(d)

43,813

41,502

4.00%,

12/01/2044

20,335

19,886

3.00%,

1/01/2045

317,037

291,543

4.00%,

2/01/2045

46,052

45,035

3.00%,

5/01/2045

9,444

8,660

3.50%,

7/01/2045

52,083

49,355

3.50%,

7/01/2045

(d)

69,536

65,839

4.00%,

9/01/2045

115,558

112,973

3.50%,

10/01/2045

57,009

54,024

4.50%,

10/01/2045

65,760

66,151

4.00%,

11/01/2045

194,836

190,479

3.50%,

12/01/2045

7,232

6,854

3.50%,

6/01/2046

413,959

391,731

3.50%,

8/01/2046

(d)

61,404

57,929

3.00%,

11/01/2046

51,324

47,031

3.00%,

12/01/2046

154,508

141,582

3.00%,

1/01/2047

51,121

46,844

3.00%,

8/01/2047

43,132

39,524

4.00%,

8/01/2047

(d)

40,438

39,285

3.00%,

9/01/2047

210,381

192,781

3.50%,

9/01/2047

17,641

16,654

4.50%,

10/01/2047

66,865

66,978

3.50%,

6/01/2048

66,292

62,505

3.50%,

7/01/2048

17,041

16,067

4.50%,

8/01/2048

77,706

77,530

4.00%,

1/01/2049

145,995

141,824

4.50%,

3/01/2049

(d)

24,507

24,344

3.50%,

5/01/2049

113,262

106,677

4.00%,

7/01/2049

191,158

185,613

3.00%,

9/01/2049

35,486

32,190

3.00%,

10/01/2049

280,050

254,040

3.00%,

10/01/2049

40,759

36,973

5.00%,

10/01/2049

55,003

55,604

2.50%,

1/01/2050

34,686

30,326

3.00%,

2/01/2050

52,041

47,208

4.50%,

2/01/2050

19,581

19,488

3.00%,

3/01/2050

33,486

30,376

3.00%,

4/01/2050

156,620

142,091

2.50%,

6/01/2050

70,447

61,371

2.50%,

6/01/2050

179,481

156,357

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

29.1%

(continued)

Federal

Home

Loan

Mortgage

Corporation

(continued)

2.50%,

6/01/2050

60,091

52,349

2.50%,

7/01/2050

387,674

337,727

2.50%,

7/01/2050

165,540

144,213

2.50%,

8/01/2050

13,503

11,763

2.50%,

8/01/2050

690,325

601,385

2.00%,

9/01/2050

314,410

262,703

2.50%,

9/01/2050

273,197

237,999

2.00%,

10/01/2050

153,557

128,303

2.00%,

10/01/2050

114,712

95,847

2.50%,

10/01/2050

126,772

110,439

2.50%,

10/01/2050

145,257

126,542

3.00%,

10/01/2050

33,737

30,607

2.00%,

12/01/2050

183,555

153,368

1.50%,

1/01/2051

69,275

54,667

1.50%,

1/01/2051

762,496

601,702

2.50%,

1/01/2051

1,034,195

900,953

3.00%,

1/01/2051

96,938

87,946

1.50%,

2/01/2051

188,902

149,066

2.00%,

2/01/2051

79,885

66,747

2.50%,

2/01/2051

16,760

14,600

2.50%,

3/01/2051

263,605

229,643

1.50%,

4/01/2051

226,389

178,892

2.00%,

4/01/2051

478,558

399,856

2.00%,

4/01/2051

235,487

196,320

2.00%,

4/01/2051

275,530

229,703

2.50%,

4/01/2051

484,360

420,466

2.00%,

5/01/2051

106,439

88,736

2.00%,

5/01/2051

510,450

425,550

2.00%,

5/01/2051

347,386

289,608

2.00%,

5/01/2051

330,442

275,482

2.50%,

5/01/2051

58,121

50,454

2.50%,

5/01/2051

207,862

180,443

2.50%,

5/01/2051

405,601

352,096

1.50%,

6/01/2051

245,963

194,360

2.50%,

7/01/2051

128,290

111,367

3.00%,

7/01/2051

338,269

305,414

3.00%,

7/01/2051

677,902

612,058

1.50%,

8/01/2051

146,166

115,500

2.00%,

8/01/2051

316,555

263,905

1.50%,

9/01/2051

22,791

18,010

2.00%,

9/01/2051

315,378

262,923

2.00%,

9/01/2051

22,538

18,789

2.00%,

9/01/2051

23,451

19,550

2.00%,

9/01/2051

363,750

303,251

2.50%,

9/01/2051

65,338

56,719

2.50%,

9/01/2051

179,131

155,502

3.50%,

9/01/2051

118,564

110,818

1.50%,

10/01/2051

185,441

146,535

2.00%,

10/01/2051

59,155

49,316

2.00%,

10/01/2051

205,241

171,105

2.50%,

10/01/2051

356,276

309,278

2.50%,

10/01/2051

273,403

237,338

1.50%,

11/01/2051

137,885

108,956

2.00%,

11/01/2051

402,629

335,663

2.50%,

11/01/2051

89,907

78,047

2.00%,

12/01/2051

137,480

114,614

2.50%,

12/01/2051

217,831

189,096

2.00%,

1/01/2052

377,187

314,452

2.00%,

2/01/2052

306,072

255,165

2.50%,

2/01/2052

207,614

180,227

78

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

29.1%

(continued)

Federal

Home

Loan

Mortgage

Corporation

(continued)

2.50%,

2/01/2052

182,376

158,318

2.00%,

3/01/2052

24,059

20,002

2.00%,

3/01/2052

611,353

508,244

3.00%,

3/01/2052

788,075

708,742

2.00%,

4/01/2052

166,616

138,515

3.50%,

4/01/2052

93,596

87,090

3.00%,

5/01/2052

138,636

124,680

3.00%,

5/01/2052

335,796

301,993

3.00%,

5/01/2052

72,831

65,499

3.50%,

5/01/2052

809,902

753,602

3.50%,

5/01/2052

23,740

22,089

3.50%,

5/01/2052

285,745

265,882

3.00%,

6/01/2052

176,424

158,664

4.00%,

6/01/2052

23,699

22,668

4.00%,

7/01/2052

96,859

92,644

4.00%,

7/01/2052

244,514

233,873

4.00%,

8/01/2052

71,943

68,812

4.50%,

9/01/2052

407,716

399,038

4.50%,

9/01/2052

70,899

69,390

4.50%,

9/01/2052

95,752

93,714

5.00%,

9/01/2052

24,140

24,076

4.00%,

10/01/2052

483,766

462,712

4.00%,

10/01/2052

233,684

223,514

5.00%,

11/01/2052

121,131

120,810

5.00%,

12/01/2052

24,511

24,447

5.50%,

12/01/2052

24,134

24,445

4.00%,

1/01/2053

270,310

258,546

5.00%,

2/01/2053

493,886

492,578

5.50%,

2/01/2053

392,095

397,152

4.50%,

3/01/2053

396,907

388,202

Federal

Home

Loan

Mortgage

Corporation

Mutifamily

Structured

Pass-Through

Ctfs.

Series

2015-KS03,

Class

A4,

3.16%,

5/25/2025

(d)

35,000

34,114

Series

2015-K051,

Class

A2,

3.31%,

9/25/2025

(d)

200,000

194,909

Series

2019-K736,

Class

A2,

2.28%,

7/25/2026

(d)

50,000

47,137

Series

2016-K058,

Class

AM,

2.72%,

8/25/2026

(d)

90,000

85,635

Series

2017-K064,

Class

A2,

3.22%,

3/25/2027

(d)

20,000

19,317

Series

2017-K069,

Class

A2,

3.19%,

9/25/2027

(d)

150,000

144,272

Series

2018-K072,

Class

A1,

3.25%,

11/25/2027

(d)

86,875

84,540

Series

2018-K072,

Class

A2,

3.44%,

12/25/2027

(d)

160,000

155,370

Series

2018-K077,

Class

A1,

3.70%,

3/25/2028

(d)

25,779

25,341

Series

2021-K743,

Class

A2,

1.77%,

5/25/2028

(d)

75,000

66,984

Series

2018-K077,

Class

A2,

3.85%,

5/25/2028

(d)

50,000

49,384

Series

2018-K081,

Class

AM,

3.90%,

8/25/2028

(d)

50,000

49,329

Series

2019-K087,

Class

A2,

3.77%,

12/25/2028

(d)

130,000

127,713

Series

2019-K089,

Class

AM,

3.63%,

1/25/2029

(d)

60,000

58,298

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

29.1%

(continued)

Federal

Home

Loan

Mortgage

Corporation

Mutifamily

Structured

Pass-Through

Ctfs.

(continued)

Series

2019-K099,

Class

A2,

2.60%,

9/25/2029

(d)

40,000

36,555

Series

2020-K106,

Class

A1,

1.78%,

10/25/2029

(d)

57,826

52,215

Series

2019-K101,

Class

A2,

2.52%,

10/25/2029

(d)

10,000

9,081

Series

2020-K105,

Class

A2,

1.87%,

1/25/2030

(d)

90,000

78,022

Series

2016-K152,

Class

A1,

2.83%,

5/25/2030

(d)

36,674

34,720

Series

2020-K121,

Class

A2,

1.55%,

10/25/2030

(d)

140,000

116,320

Series

2021-K123,

Class

A2,

1.62%,

12/25/2030

(d)

200,000

166,813

Series

2021-K126,

Class

A2,

2.07%,

1/25/2031

(d)

50,000

43,073

Series

2019-1510,

Class

A2,

3.72%,

1/25/2031

(d)

145,000

140,474

Series

2021-K135,

Class

A2,

2.15%,

10/25/2031

(d)

200,000

171,075

Series

2017-K153,

Class

A3,

3.12%,

10/25/2031

(d)

50,000

46,240

Series

2021-K136,

Class

A2,

2.13%,

11/25/2031

(d)

120,000

102,248

Series

2022-K137,

Class

A2,

2.35%,

11/25/2031

(d)

400,000

346,769

Series

2022-K142,

Class

A2,

2.40%,

3/25/2032

(d)

30,000

26,029

Series

2019-1513,

Class

A3,

2.80%,

8/25/2034

(d)

20,000

17,299

Federal

National

Mortgage

Association

1.75%,

7/02/2024

(d)

25,000

24,201

2.63%,

9/06/2024

(d)

420,000

409,501

1.63%,

1/07/2025

(d)

275,000

262,933

0.63%,

4/22/2025

(d)

30,000

27,978

0.38%,

8/25/2025

(d)

30,000

27,562

0.50%,

11/07/2025

(d)

171,000

157,074

0.64%,

12/30/2025

(d)

200,000

181,731

1.88%,

9/24/2026

(d)

140,000

131,567

3.00%,

11/01/2026

(d)

16,415

15,913

3.00%,

12/01/2026

(d)

9,286

9,002

3.00%,

12/01/2026

(d)

33,804

32,770

3.00%,

12/01/2026

(d)

9,496

9,205

3.00%,

6/01/2027

(d)

9,698

9,380

0.75%,

10/08/2027

(d)

100,000

88,355

3.00%,

2/01/2028

(d)

14,934

14,444

2.50%,

6/01/2028

(d)

34,251

32,609

3.00%,

9/01/2028

(d)

62,533

60,569

7.13%,

1/15/2030

(d)

50,000

60,150

3.00%,

7/01/2030

(d)

41,691

40,382

2.00%,

8/01/2030

(d)

41,216

38,587

3.50%,

8/01/2030

(d)

14,758

14,439

0.88%,

8/05/2030

(d)

165,000

135,557

2.00%,

10/01/2030

(d)

9,449

8,846

2.50%,

3/01/2031

(d)

47,298

45,031

3.50%,

4/01/2031

(d)

59,635

58,244

3.00%,

8/01/2031

(d)

16,339

15,705

2.50%,

10/01/2031

(d)

96,347

91,470

2.00%,

11/01/2031

(d)

27,580

25,809

79

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

29.1%

(continued)

Federal

National

Mortgage

Association

(continued)

2.50%,

11/01/2031

(d)

328,791

310,891

3.50%,

11/01/2031

(d)

14,413

14,079

2.50%,

1/01/2032

(d)

66,383

62,769

2.50%,

1/01/2032

(d)

12,172

11,530

3.00%,

1/01/2032

(d)

173,409

166,680

3.50%,

1/01/2032

(d)

14,072

13,697

3.00%,

2/01/2032

(d)

16,835

16,182

3.50%,

4/01/2032

(d)

15,611

15,249

3.00%,

8/01/2032

(d)

69,254

66,234

3.50%,

8/01/2032

(d)

62,219

60,786

3.00%,

9/01/2032

(d)

24,958

23,869

2.50%,

1/01/2033

(d)

21,026

19,961

3.00%,

2/01/2033

(d)

36,420

35,009

3.00%,

2/01/2033

(d)

115,481

111,006

3.50%,

5/01/2033

(d)

24,331

23,736

2.50%,

7/01/2033

(d)

24,466

23,134

4.00%,

4/01/2034

(d)

10,231

10,103

2.50%,

8/01/2034

(d)

45,132

42,098

3.50%,

9/01/2034

(d)

20,932

20,299

4.00%,

10/01/2034

(d)

50,097

49,518

3.00%,

1/01/2035

(d)

42,961

41,036

3.00%,

2/01/2035

(d)

7,258

6,933

2.50%,

3/01/2035

(d)

171,266

159,749

3.50%,

3/01/2035

(d)

8,641

8,430

4.00%,

3/01/2035

(d)

32,666

32,181

2.00%,

7/01/2035

(d)

25,198

22,825

2.50%,

7/01/2035

(d)

23,203

21,615

2.50%,

7/01/2035

(d)

104,039

96,920

2.00%,

9/01/2035

(d)

94,641

85,729

2.50%,

9/01/2035

(d)

44,725

41,664

2.50%,

9/01/2035

(d)

88,558

82,499

3.00%,

9/01/2035

(d)

22,708

21,675

1.50%,

10/01/2035

(d)

247,962

218,838

2.00%,

10/01/2035

(d)

15,215

13,782

2.00%,

10/01/2035

(d)

278,747

252,499

2.00%,

10/01/2035

(d)

33,636

30,469

2.00%,

10/01/2035

(d)

184,245

166,896

5.50%,

10/01/2035

(d)

12,463

12,924

1.50%,

11/01/2035

(d)

16,299

14,384

2.00%,

11/01/2035

(d)

152,208

137,875

2.50%,

11/01/2035

(d)

39,730

37,012

2.00%,

12/01/2035

(d)

95,056

86,105

2.00%,

12/01/2035

(d)

30,685

27,795

2.50%,

1/01/2036

(d)

72,450

67,493

2.00%,

2/01/2036

(d)

73,730

66,787

2.50%,

2/01/2036

(d)

44,571

41,521

2.00%,

3/01/2036

(d)

139,240

126,128

1.50%,

4/01/2036

(d)

19,990

17,599

2.50%,

4/01/2036

(d)

17,336

16,505

3.00%,

4/01/2036

(d)

67,511

63,942

1.50%,

5/01/2036

(d)

157,751

138,886

1.50%,

5/01/2036

(d)

39,523

34,797

2.00%,

5/01/2036

(d)

70,752

63,971

2.00%,

5/01/2036

(d)

38,129

34,475

1.50%,

6/01/2036

(d)

132,540

116,973

2.00%,

6/01/2036

(d)

324,861

293,726

2.00%,

6/01/2036

(d)

234,708

212,214

1.50%,

7/01/2036

(d)

99,115

87,263

2.00%,

7/01/2036

(d)

251,514

227,408

2.00%,

8/01/2036

(d)

36,365

32,880

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

29.1%

(continued)

Federal

National

Mortgage

Association

(continued)

1.50%,

9/01/2036

(d)

274,165

241,380

2.00%,

9/01/2036

(d)

82,698

74,772

1.50%,

10/01/2036

(d)

42,880

37,752

1.50%,

10/01/2036

(d)

43,146

37,986

2.00%,

10/01/2036

(d)

125,466

113,441

1.50%,

11/01/2036

(d)

65,214

57,415

2.00%,

11/01/2036

(d)

156,635

141,623

2.00%,

12/01/2036

(d)

87,334

78,964

3.50%,

12/01/2036

(d)

56,185

54,633

2.50%,

1/01/2037

(d)

247,456

230,011

3.50%,

1/01/2037

(d)

15,923

15,412

2.00%,

2/01/2037

(d)

241,802

218,627

2.50%,

2/01/2037

(d)

15,651

14,403

1.50%,

3/01/2037

(d)

157,683

138,485

2.00%,

3/01/2037

(d)

95,607

86,444

2.00%,

4/01/2037

(d)

22,758

20,531

2.00%,

4/01/2037

(d)

290,066

261,681

3.00%,

5/01/2037

(d)

22,209

21,117

3.50%,

5/01/2037

(d)

105,411

102,550

3.50%,

9/01/2037

(d)

22,834

22,095

3.50%,

11/01/2037

(d)

84,717

81,672

4.00%,

11/01/2037

(d)

70,295

69,011

4.50%,

11/01/2037

(d)

46,105

45,851

3.00%,

12/01/2037

(d)

41,789

39,455

2.50%,

3/01/2038

(d)

18,142

16,696

3.00%,

5/01/2038

(d)

32,211

30,412

3.00%,

5/15/2038

(d)(e)

250,000

237,830

5.00%,

5/15/2038

(d)(e)

25,000

25,131

3.50%,

6/01/2039

(d)

61,916

58,872

4.50%,

6/01/2039

(d)

20,481

20,524

4.00%,

11/01/2039

(d)

13,742

13,609

4.50%,

2/01/2040

(d)

22,446

22,493

6.00%,

4/01/2040

(d)

30,430

32,296

2.50%,

5/01/2040

(d)

8,780

7,798

2.00%,

8/01/2040

(d)

33,880

29,139

2.50%,

8/01/2040

(d)

39,399

34,992

2.00%,

9/01/2040

(d)

57,585

49,525

4.00%,

10/01/2040

(d)

147,586

144,480

2.00%,

11/01/2040

(d)

167,686

144,217

2.00%,

1/01/2041

(d)

141,939

122,074

4.50%,

2/01/2041

(d)

26,032

26,145

4.50%,

4/01/2041

(d)

140,326

140,787

1.50%,

5/01/2041

(d)

68,355

56,411

2.00%,

5/01/2041

(d)

228,523

196,361

1.50%,

6/01/2041

(d)

21,526

17,765

1.50%,

7/01/2041

(d)

64,718

53,410

5.50%,

7/01/2041

(d)

15,104

15,625

2.00%,

8/01/2041

(d)

127,620

109,659

1.50%,

9/01/2041

(d)

44,632

36,833

2.50%,

10/01/2041

(d)

86,084

76,524

1.50%,

11/01/2041

(d)

68,410

56,456

2.50%,

11/01/2041

(d)

174,049

154,720

2.00%,

12/01/2041

(d)

97,531

83,804

3.50%,

12/01/2041

(d)

21,923

20,869

1.50%,

1/01/2042

(d)

127,644

105,341

2.50%,

4/01/2042

(d)

69,899

62,031

3.00%,

4/01/2042

(d)

13,789

12,737

3.50%,

4/01/2042

(d)

56,145

53,486

5.00%,

4/01/2042

(d)

39,466

40,431

2.00%,

5/01/2042

(d)

79,638

68,571

80

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

29.1%

(continued)

Federal

National

Mortgage

Association

(continued)

3.00%,

5/01/2042

(d)

117,435

107,400

4.50%,

5/01/2042

(d)

60,320

60,582

3.50%,

6/01/2042

(d)

17,511

16,681

3.50%,

7/01/2042

(d)

47,634

44,976

4.00%,

7/01/2042

(d)

26,415

25,852

4.50%,

9/01/2042

(d)

23,415

23,105

2.50%,

10/01/2042

(d)

59,265

52,800

3.00%,

4/01/2043

(d)

28,186

26,025

3.00%,

4/01/2043

(d)

159,151

146,951

3.50%,

6/01/2043

(d)

104,468

99,520

4.00%,

10/01/2043

(d)

211,649

207,139

5.50%,

5/01/2044

(d)

119,209

124,284

4.00%,

9/01/2044

(d)

27,329

26,725

3.00%,

10/01/2044

(d)

126,036

116,374

4.00%,

11/01/2044

(d)

26,449

25,865

4.00%,

1/01/2045

(d)

86,206

84,415

4.00%,

2/01/2045

(d)

58,213

56,972

3.00%,

4/01/2045

(d)

50,062

46,224

3.50%,

4/01/2045

(d)

14,537

13,775

3.50%,

5/01/2045

(d)

19,404

18,388

3.50%,

6/01/2045

(d)

272,349

259,410

3.50%,

8/01/2045

(d)

91,171

86,396

3.50%,

11/01/2045

(d)

25,446

24,114

3.50%,

12/01/2045

(d)

186,986

177,194

3.50%,

1/01/2046

(d)

127,115

120,458

4.00%,

1/01/2046

(d)

56,263

55,005

3.50%,

2/01/2046

(d)

45,019

42,602

3.50%,

2/01/2046

(d)

99,418

94,212

4.50%,

6/01/2046

(d)

31,679

31,894

3.00%,

9/01/2046

(d)

71,176

65,221

3.50%,

9/01/2046

(d)

85,482

81,005

4.50%,

9/01/2046

(d)

101,870

102,312

3.00%,

10/01/2046

(d)

77,865

71,351

3.00%,

10/01/2046

(d)

179,321

164,320

3.00%,

11/01/2046

(d)

414,332

379,671

3.00%,

11/01/2046

(d)

51,611

47,293

3.00%,

11/01/2046

(d)

135,665

124,316

3.00%,

11/01/2046

(d)

396,568

363,393

4.00%,

11/01/2046

(d)

16,430

16,047

3.50%,

1/01/2047

(d)

61,290

57,999

3.00%,

2/01/2047

(d)

211,962

195,713

3.50%,

2/01/2047

(d)

56,451

53,420

4.00%,

2/01/2047

(d)

12,152

11,880

3.00%,

3/01/2047

(d)

513,590

470,625

3.50%,

4/01/2047

(d)

18,799

17,747

4.00%,

5/01/2047

(d)

41,539

40,454

4.50%,

5/01/2047

(d)

53,286

53,728

4.00%,

6/01/2047

(d)

316,572

309,180

3.50%,

7/01/2047

(d)

159,480

151,926

3.00%,

8/01/2047

(d)

82,110

75,241

3.50%,

8/01/2047

(d)

72,805

68,730

3.50%,

10/01/2047

(d)

22,947

21,663

3.50%,

10/01/2047

(d)

222,796

210,326

4.00%,

10/01/2047

(d)

64,346

62,664

3.50%,

11/01/2047

(d)

244,596

230,905

3.50%,

12/01/2047

(d)

52,841

49,883

3.50%,

1/01/2048

(d)

83,260

78,600

3.50%,

2/01/2048

(d)

439,393

414,800

3.50%,

2/01/2048

(d)

42,650

40,263

4.00%,

2/01/2048

(d)

50,989

49,657

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

29.1%

(continued)

Federal

National

Mortgage

Association

(continued)

3.50%,

3/01/2048

(d)

190,299

179,431

3.00%,

4/01/2048

(d)

178,155

164,498

3.50%,

4/01/2048

(d)

140,323

132,788

4.50%,

4/01/2048

(d)

11,240

11,215

4.50%,

8/01/2048

(d)

147,759

148,251

4.50%,

8/01/2048

(d)

26,364

26,305

3.00%,

9/01/2048

(d)

416,977

382,095

3.50%,

10/01/2048

(d)

155,676

146,962

4.50%,

10/01/2048

(d)

25,430

25,372

3.00%,

11/01/2048

(d)

143,871

131,835

4.00%,

11/01/2048

(d)

64,382

62,699

4.00%,

11/01/2048

(d)

28,279

27,471

4.00%,

2/01/2049

(d)

18,374

17,849

4.00%,

3/01/2049

(d)

127,027

123,398

3.50%,

4/01/2049

(d)

42,379

39,916

4.50%,

4/01/2049

(d)

47,894

47,786

4.00%,

5/01/2049

(d)

55,256

53,677

4.50%,

5/01/2049

(d)

19,363

19,319

4.50%,

5/01/2049

(d)

8,126

8,087

3.50%,

6/01/2049

(d)

110,512

104,087

4.00%,

6/01/2049

(d)

572,876

557,902

4.00%,

6/01/2049

(d)

150,993

147,047

4.00%,

6/01/2049

(d)

60,296

58,720

3.50%,

7/01/2049

(d)

42,164

39,713

4.00%,

7/01/2049

(d)

10,962

10,644

5.00%,

7/01/2049

(d)

10,337

10,450

3.50%,

8/01/2049

(d)

120,841

113,816

3.50%,

8/01/2049

(d)

210,236

198,014

4.50%,

8/01/2049

(d)

86,449

86,594

3.00%,

9/01/2049

(d)

36,293

32,922

3.50%,

9/01/2049

(d)

37,586

35,401

3.50%,

9/01/2049

(d)

71,707

67,538

4.00%,

9/01/2049

(d)

145,555

141,333

4.00%,

9/01/2049

(d)

87,682

85,721

4.50%,

9/01/2049

(d)

14,313

14,281

5.00%,

9/01/2049

(d)

62,616

63,301

5.00%,

9/01/2049

(d)

207,016

210,773

3.00%,

10/01/2049

(d)

107,527

97,540

2.50%,

11/01/2049

(d)

217,713

190,343

2.50%,

11/01/2049

(d)

148,994

130,263

3.00%,

11/01/2049

(d)

106,213

96,348

3.00%,

11/01/2049

(d)

136,504

123,826

4.50%,

11/01/2049

(d)

6,748

6,716

5.00%,

11/01/2049

(d)

167,116

169,155

3.00%,

12/01/2049

(d)

64,997

58,960

3.50%,

12/01/2049

(d)

55,635

52,401

3.50%,

1/01/2050

(d)

40,215

37,877

3.00%,

2/01/2050

(d)

106,477

96,587

3.00%,

2/01/2050

(d)

52,803

47,899

3.00%,

2/01/2050

(d)

87,063

78,976

3.00%,

3/01/2050

(d)

54,938

49,842

4.00%,

3/01/2050

(d)

327,705

318,343

4.50%,

3/01/2050

(d)

66,579

66,429

5.00%,

3/01/2050

(d)

92,997

93,912

2.50%,

4/01/2050

(d)

262,998

229,114

3.00%,

4/01/2050

(d)

54,016

49,005

4.00%,

4/01/2050

(d)

31,634

30,717

2.50%,

5/01/2050

(d)

92,904

80,935

3.50%,

5/01/2050

(d)

178,307

167,848

3.50%,

5/01/2050

(d)

14,570

13,715

81

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

29.1%

(continued)

Federal

National

Mortgage

Association

(continued)

2.50%,

6/01/2050

(d)

199,875

174,123

4.00%,

6/01/2050

(d)

40,936

39,665

4.00%,

6/01/2050

(d)

22,474

21,822

2.50%,

7/01/2050

(d)

86,313

75,193

3.00%,

7/01/2050

(d)

54,417

49,369

3.00%,

7/01/2050

(d)

28,897

26,216

3.00%,

7/01/2050

(d)

126,684

114,932

3.00%,

7/01/2050

(d)

60,379

54,778

3.50%,

7/01/2050

(d)

492,272

466,492

3.50%,

7/01/2050

(d)

24,248

22,825

4.00%,

7/01/2050

(d)

160,996

155,995

2.50%,

8/01/2050

(d)

81,117

70,667

2.50%,

8/01/2050

(d)

168,887

147,128

4.00%,

8/01/2050

(d)

340,275

332,329

2.00%,

9/01/2050

(d)

46,579

38,919

2.00%,

9/01/2050

(d)

38,623

32,271

2.00%,

9/01/2050

(d)

396,780

331,526

2.00%,

9/01/2050

(d)

394,459

329,587

2.00%,

9/01/2050

(d)

31,196

26,066

2.00%,

9/01/2050

(d)

317,210

265,042

2.50%,

9/01/2050

(d)

70,710

61,600

3.00%,

9/01/2050

(d)

187,270

169,898

3.00%,

9/01/2050

(d)

41,255

37,423

3.00%,

9/01/2050

(d)

685,122

621,569

4.50%,

9/01/2050

(d)

198,615

198,167

2.00%,

10/01/2050

(d)

76,650

64,044

2.00%,

10/01/2050

(d)

244,510

204,298

3.00%,

10/01/2050

(d)

85,006

77,111

1.50%,

11/01/2050

(d)

124,546

98,282

2.00%,

11/01/2050

(d)

466,614

389,875

2.00%,

11/01/2050

(d)

139,102

116,225

2.00%,

11/01/2050

(d)

760,104

635,099

2.50%,

11/01/2050

(d)

207,595

180,849

3.50%,

11/01/2050

(d)

210,589

198,235

1.50%,

12/01/2050

(d)

114,524

90,373

2.00%,

12/01/2050

(d)

736,101

615,043

2.00%,

12/01/2050

(d)

251,473

210,117

2.00%,

12/01/2050

(d)

120,705

100,854

2.00%,

12/01/2050

(d)

229,657

191,888

2.00%,

12/01/2050

(d)

453,171

378,644

2.00%,

12/01/2050

(d)

157,445

131,552

2.00%,

12/01/2050

(d)

60,870

50,860

2.50%,

12/01/2050

(d)

257,159

224,028

3.00%,

12/01/2050

(d)

292,084

264,956

1.50%,

1/01/2051

(d)

84,931

67,021

2.00%,

1/01/2051

(d)

740,487

618,708

2.00%,

1/01/2051

(d)

482,465

403,120

2.00%,

1/01/2051

(d)

187,144

156,367

2.00%,

1/01/2051

(d)

1,312,567

1,096,705

2.00%,

1/01/2051

(d)

162,803

136,028

3.00%,

1/01/2051

(d)

56,972

51,687

1.50%,

2/01/2051

(d)

83,325

65,754

2.00%,

2/01/2051

(d)

1,386,830

1,158,755

2.00%,

2/01/2051

(d)

229,365

191,644

2.50%,

2/01/2051

(d)

335,593

292,356

2.50%,

2/01/2051

(d)

432,362

376,658

2.50%,

2/01/2051

(d)

228,390

198,965

2.50%,

2/01/2051

(d)

18,191

15,847

2.50%,

2/01/2051

(d)

142,914

124,502

1.50%,

3/01/2051

(d)

64,087

50,641

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

29.1%

(continued)

Federal

National

Mortgage

Association

(continued)

2.00%,

3/01/2051

(d)

163,847

136,595

2.50%,

3/01/2051

(d)

307,536

267,914

2.00%,

4/01/2051

(d)

127,735

106,489

2.00%,

4/01/2051

(d)

589,710

491,628

2.00%,

4/01/2051

(d)

90,869

75,756

2.00%,

4/01/2051

(d)

172,107

143,482

2.50%,

4/01/2051

(d)

163,517

142,450

2.00%,

5/01/2051

(d)

226,731

189,020

2.00%,

5/01/2051

(d)

322,274

268,673

2.50%,

5/01/2051

(d)

681,195

591,336

2.50%,

5/01/2051

(d)

180,652

157,378

3.00%,

5/01/2051

(d)

110,756

99,999

1.50%,

6/01/2051

(d)

178,188

140,804

1.50%,

6/01/2051

(d)

22,287

17,611

2.50%,

6/01/2051

(d)

125,407

108,864

3.00%,

6/01/2051

(d)

150,121

135,540

2.00%,

7/01/2051

(d)

121,284

101,338

2.00%,

7/01/2051

(d)

330,813

275,791

2.00%,

7/01/2051

(d)

263,521

219,691

2.00%,

7/01/2051

(d)

293,517

244,698

2.00%,

7/01/2051

(d)

186,269

155,288

2.50%,

7/01/2051

(d)

267,776

232,453

2.50%,

7/01/2051

(d)

85,743

74,432

1.50%,

8/01/2051

(d)

91,407

72,229

2.00%,

8/01/2051

(d)

22,624

18,861

2.00%,

8/01/2051

(d)

626,553

522,343

2.00%,

8/01/2051

(d)

251,935

210,032

2.50%,

8/01/2051

(d)

140,147

121,660

2.50%,

8/01/2051

(d)

438,472

380,632

2.50%,

8/01/2051

(d)

295,712

256,703

1.50%,

9/01/2051

(d)

115,396

91,185

2.00%,

9/01/2051

(d)

352,077

293,518

2.00%,

9/01/2051

(d)

550,776

459,169

2.00%,

9/01/2051

(d)

565,434

471,389

2.50%,

9/01/2051

(d)

409,472

355,457

2.50%,

9/01/2051

(d)

650,923

565,057

2.50%,

9/01/2051

(d)

88,989

77,250

1.50%,

10/01/2051

(d)

207,771

164,180

2.00%,

10/01/2051

(d)

183,250

152,771

2.00%,

10/01/2051

(d)

203,675

169,799

2.00%,

10/01/2051

(d)

177,827

148,251

2.00%,

10/01/2051

(d)

114,449

95,413

2.00%,

10/01/2051

(d)

727,061

606,134

2.50%,

10/01/2051

(d)

451,619

392,045

2.50%,

10/01/2051

(d)

918,371

797,225

2.50%,

11/01/2051

(d)

279,211

242,379

2.00%,

12/01/2051

(d)

483,859

403,382

2.00%,

12/01/2051

(d)

324,310

270,370

2.50%,

12/01/2051

(d)

680,848

591,034

2.50%,

12/01/2051

(d)

90,764

78,791

2.50%,

12/01/2051

(d)

553,484

480,472

2.50%,

12/01/2051

(d)

1,075,900

933,974

3.00%,

12/01/2051

(d)

44,885

40,722

2.00%,

1/01/2052

(d)

660,430

550,586

2.50%,

1/01/2052

(d)

440,428

382,330

2.50%,

1/01/2052

(d)

251,416

218,251

2.50%,

1/01/2052

(d)

464,233

402,994

2.50%,

1/01/2052

(d)

155,528

135,012

3.50%,

1/01/2052

(d)

75,753

70,804

2.00%,

2/01/2052

(d)

255,269

212,812

82

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

29.1%

(continued)

Federal

National

Mortgage

Association

(continued)

2.50%,

2/01/2052

(d)

90,464

78,530

2.50%,

3/01/2052

(d)

162,787

141,035

3.00%,

3/01/2052

(d)

51,997

46,946

3.00%,

3/01/2052

(d)

645,205

582,537

3.00%,

3/01/2052

(d)

185,972

167,251

1.50%,

4/01/2052

(d)

262,134

207,138

2.50%,

4/01/2052

(d)

696,870

603,752

3.00%,

4/01/2052

(d)

259,344

233,236

3.50%,

4/01/2052

(d)

47,511

44,208

3.50%,

4/01/2052

(d)

125,605

116,874

3.50%,

5/01/2052

(d)

47,671

44,357

3.50%,

5/01/2052

(d)

193,641

180,180

3.50%,

5/01/2052

(d)

99,522

92,604

4.00%,

5/01/2052

(d)

24,339

23,280

2.00%,

6/01/2052

(d)

643,739

536,671

3.50%,

6/01/2052

(d)

213,508

198,667

3.50%,

6/01/2052

(d)

23,812

22,157

4.00%,

7/01/2052

(d)

120,527

115,281

4.50%,

7/01/2052

(d)

23,662

23,158

4.50%,

7/01/2052

(d)

143,993

140,928

2.50%,

8/01/2052

(d)

24,102

20,881

5.00%,

8/01/2052

(d)

47,907

47,780

5.00%,

8/01/2052

(d)

23,655

23,592

4.00%,

9/01/2052

(d)

96,776

92,564

4.50%,

9/01/2052

(d)

260,121

254,584

5.00%,

9/01/2052

(d)

42,823

42,710

5.00%,

9/01/2052

(d)

47,862

47,736

5.00%,

10/01/2052

(d)

288,289

287,526

5.50%,

10/01/2052

(d)

23,495

23,798

4.50%,

11/01/2052

(d)

145,927

142,821

5.50%,

11/01/2052

(d)

192,977

195,466

4.50%,

12/01/2052

(d)

48,945

47,904

6.00%,

2/01/2053

(d)

24,755

25,363

5.50%,

3/01/2053

(d)

122,986

124,493

5.50%,

4/01/2053

(d)

74,564

75,477

2.00%,

5/15/2053

(d)(e)

1,175,000

976,766

4.00%,

5/15/2053

(d)(e)

575,000

549,407

4.50%,

5/15/2053

(d)(e)

1,075,000

1,050,584

5.00%,

5/15/2053

(d)(e)

1,000,000

993,994

5.50%,

5/15/2053

(d)(e)

700,000

705,789

6.00%,

5/15/2053

(d)(e)

675,000

687,838

6.50%,

5/15/2053

(d)(e)

350,000

361,126

4.50%,

6/15/2053

(d)(e)

75,000

73,343

5.00%,

6/15/2053

(d)(e)

100,000

99,426

5.50%,

6/15/2053

(d)(e)

125,000

126,025

6.00%,

6/15/2053

(d)(e)

200,000

203,768

Federal

National

Mortgage

Association

REMICs

Series

2017-M13,

Class

A2,

2.93%,

9/25/2027

(d)

228,730

218,433

Series

2022-M11,

Class

A2,

2.95%,

10/25/2027

(d)

196,553

187,794

Series

2018-M1,

Class

A2,

2.99%,

12/25/2027

(d)

35,230

33,689

Series

2019-M1,

Class

A2,

3.55%,

9/25/2028

(d)

22,043

21,478

Series

2019-M5,

Class

A2,

3.27%,

2/25/2029

(d)

39,376

37,676

Series

2019-M7,

Class

A2,

3.14%,

4/25/2029

(d)

16,591

15,719

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

29.1%

(continued)

Federal

National

Mortgage

Association

REMICs

(continued)

Series

2019-M12,

Class

A2,

2.89%,

6/25/2029

(d)

100,000

93,192

Series

2019-M22,

Class

A2,

2.52%,

8/25/2029

(d)

35,818

32,674

Series

2020-M20,

Class

A2,

1.44%,

10/25/2029

(d)

200,000

169,415

Series

2020-M1,

Class

A1,

2.15%,

10/25/2029

(d)

21,565

20,345

Series

2020-M1,

Class

A2,

2.44%,

10/25/2029

(d)

200,000

180,346

Series

2018-M13,

Class

A2,

3.74%,

9/25/2030

(d)

7,914

7,743

Series

2021-M1G,

Class

A2,

1.47%,

11/25/2030

(d)

60,000

49,495

Series

2021-M13,

Class

2A1,

1.49%,

11/25/2032

(d)

85,067

78,723

Government

National

Mortgage

Association

3.00%,

5/15/2053

(e)

400,000

365,312

4.00%,

5/15/2053

(e)

600,000

576,917

4.50%,

5/15/2053

(e)

225,000

220,732

5.00%,

5/15/2053

(e)

725,000

721,701

5.50%,

5/15/2053

(e)

500,000

503,310

6.00%,

5/15/2053

(e)

375,000

380,692

5.00%,

6/15/2053

(e)

200,000

199,105

5.50%,

6/15/2053

(e)

125,000

125,799

Government

National

Mortgage

Association

II

3.50%,

10/20/2026

15,450

15,075

2.50%,

12/20/2037

42,938

39,855

5.00%,

9/20/2039

67,323

68,974

4.50%,

2/20/2040

28,717

28,953

4.00%,

10/20/2040

18,879

18,680

5.00%,

10/20/2040

23,436

24,015

4.00%,

11/20/2040

50,166

49,638

4.50%,

1/20/2041

13,225

13,339

4.50%,

9/20/2041

25,254

25,475

4.00%,

11/20/2041

17,425

17,175

3.00%,

6/20/2042

20,689

19,340

3.00%,

8/20/2042

50,114

46,845

2.50%,

2/20/2043

243,850

219,971

3.50%,

2/20/2043

40,610

39,013

3.50%,

3/20/2043

30,804

29,578

3.00%,

4/20/2043

64,552

60,212

3.50%,

7/20/2043

81,899

78,640

3.50%,

9/20/2044

179,630

172,302

4.00%,

11/20/2044

206,077

202,332

4.50%,

1/20/2045

25,650

25,726

3.50%,

2/20/2045

31,940

30,637

3.50%,

6/20/2045

241,055

230,469

3.00%,

8/20/2045

283,193

263,279

3.50%,

11/20/2045

33,965

32,473

3.50%,

12/20/2045

42,663

40,789

3.50%,

3/20/2046

223,589

213,769

4.00%,

3/20/2046

101,335

99,247

3.00%,

4/20/2046

40,000

37,127

3.00%,

6/20/2046

147,652

137,047

3.50%,

6/20/2046

80,022

76,232

4.00%,

6/20/2046

122,672

119,702

3.00%,

9/20/2046

193,679

179,769

2.50%,

10/20/2046

8,943

8,043

3.00%,

10/20/2046

36,659

34,027

83

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

29.1%

(continued)

Government

National

Mortgage

Association

II

(continued)

3.00%,

11/20/2046

37,761

35,049

3.50%,

11/20/2046

85,030

81,003

2.50%,

12/20/2046

149,675

134,609

3.00%,

1/20/2047

84,023

77,988

4.00%,

1/20/2047

104,236

101,713

3.00%,

2/20/2047

380,355

353,038

3.50%,

2/20/2047

327,911

312,382

4.00%,

2/20/2047

70,258

68,557

3.00%,

5/20/2047

70,272

65,113

3.50%,

5/20/2047

116,672

111,058

4.00%,

8/20/2047

183,057

178,552

4.50%,

9/20/2047

32,182

31,976

3.00%,

10/20/2047

10,471

9,703

3.00%,

1/20/2048

298,994

277,047

3.50%,

1/20/2048

401,255

381,949

3.50%,

2/20/2048

155,137

147,673

4.50%,

3/20/2048

175,416

174,291

4.00%,

4/20/2048

219,622

213,667

3.50%,

5/20/2048

144,606

137,649

4.50%,

5/20/2048

141,566

140,658

4.50%,

6/20/2048

88,601

88,042

5.00%,

6/20/2048

75,080

75,851

4.00%,

7/20/2048

12,322

11,988

4.00%,

9/20/2048

12,801

12,454

3.50%,

10/20/2048

33,422

31,793

4.00%,

11/20/2048

37,396

36,382

4.50%,

11/20/2048

93,794

93,202

5.00%,

12/20/2048

41,463

41,835

3.50%,

1/20/2049

104,670

99,634

4.50%,

1/20/2049

23,674

23,525

4.00%,

2/20/2049

19,079

18,562

3.50%,

3/20/2049

22,406

21,314

3.00%,

8/20/2049

34,448

31,759

3.00%,

10/20/2049

175,752

162,031

2.50%,

12/20/2049

81,963

72,766

3.50%,

12/20/2049

45,568

43,256

3.00%,

1/20/2050

233,752

215,503

3.00%,

2/20/2050

219,901

202,733

3.50%,

4/20/2050

14,301

13,575

4.00%,

5/20/2050

14,227

13,830

5.00%,

5/20/2050

31,949

32,324

2.50%,

6/20/2050

227,152

200,984

2.50%,

7/20/2050

470,284

416,106

3.00%,

7/20/2050

58,306

53,640

3.50%,

7/20/2050

254,996

242,055

2.00%,

8/20/2050

276,949

237,847

3.00%,

8/20/2050

31,631

29,099

4.00%,

8/20/2050

85,560

83,174

4.50%,

8/20/2050

19,676

19,551

2.50%,

9/20/2050

561,340

496,672

4.50%,

9/20/2050

16,702

16,597

2.50%,

10/20/2050

128,941

114,087

2.00%,

11/20/2050

629,686

540,783

3.00%,

11/20/2050

36,741

33,801

2.00%,

12/20/2050

340,157

292,131

2.50%,

12/20/2050

302,956

268,055

3.50%,

12/20/2050

12,172

11,476

2.00%,

1/20/2051

528,379

453,779

2.50%,

1/20/2051

373,785

330,724

3.00%,

1/20/2051

400,639

368,577

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

29.1%

(continued)

Government

National

Mortgage

Association

II

(continued)

1.50%,

2/20/2051

79,798

64,395

2.50%,

2/20/2051

241,881

213,990

3.00%,

2/20/2051

195,906

180,228

2.00%,

3/20/2051

578,149

495,702

2.50%,

3/20/2051

353,793

312,998

4.00%,

3/20/2051

52,377

50,916

2.00%,

4/20/2051

157,830

135,323

2.50%,

4/20/2051

322,188

285,038

3.50%,

4/20/2051

102,634

96,770

2.00%,

5/20/2051

362,565

310,862

2.50%,

5/20/2051

384,675

340,320

2.50%,

6/20/2051

92,521

81,853

2.00%,

7/20/2051

379,131

325,066

2.50%,

7/20/2051

208,457

184,420

3.50%,

7/20/2051

94,894

89,473

2.50%,

8/20/2051

318,186

281,498

2.00%,

9/20/2051

479,122

410,798

2.50%,

9/20/2051

30,234

26,748

2.00%,

10/20/2051

378,219

324,283

2.50%,

10/20/2051

659,685

583,619

3.50%,

10/20/2051

86,018

80,958

2.00%,

11/20/2051

1,016,397

871,455

3.00%,

11/20/2051

183,750

168,214

2.00%,

12/20/2051

273,478

234,479

2.50%,

12/20/2051

252,269

223,180

3.00%,

12/20/2051

191,765

175,551

2.00%,

1/20/2052

576,269

494,091

2.50%,

1/20/2052

228,782

202,402

3.00%,

1/20/2052

654,744

599,387

3.50%,

1/20/2052

91,797

86,397

2.00%,

2/20/2052

92,992

79,496

2.50%,

2/20/2052

207,953

183,975

3.00%,

2/20/2052

160,798

147,203

3.50%,

2/20/2052

79,133

74,478

2.00%,

3/20/2052

235,287

201,140

2.50%,

3/20/2052

768,200

679,058

2.00%,

4/20/2052

32,975

28,190

3.50%,

4/20/2052

238,628

223,774

3.50%,

5/20/2052

47,835

44,857

3.00%,

6/20/2052

191,137

174,439

4.00%,

6/20/2052

72,409

69,571

3.50%,

7/20/2052

145,441

136,388

4.50%,

7/20/2052

436,663

428,151

3.00%,

8/20/2052

23,916

21,827

4.00%,

8/20/2052

293,311

281,815

4.50%,

8/20/2052

293,412

287,693

3.50%,

9/20/2052

147,036

137,883

4.00%,

9/20/2052

24,581

23,618

4.50%,

9/20/2052

24,538

24,060

4.00%,

12/20/2052

74,252

71,341

6.50%,

12/20/2052

99,028

101,601

4.50%,

3/20/2053

64,891

63,626

Tennessee

Valley

Authority

Series

B,

4.70%,

7/15/2033

157,000

164,630

5.25%,

9/15/2039

170,000

181,714

Total

U.S.

Government

Agencies

(cost

$135,744,213)

126,276,441

84

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Treasury

Government

Securities

–

41.0%

U.S.

Treasury

Bonds

4.50%,

2/15/2036

(a)

275,000

307,012

4.75%,

2/15/2037

300,000

343,500

5.00%,

5/15/2037

(a)

65,000

76,121

4.38%,

2/15/2038

(a)

230,000

253,252

4.50%,

5/15/2038

750,000

835,664

3.50%,

2/15/2039

100,000

99,328

4.63%,

2/15/2040

35,000

39,555

1.13%,

5/15/2040

1,290,000

864,300

4.38%,

5/15/2040

60,000

65,766

1.13%,

8/15/2040

1,005,000

667,854

3.88%,

8/15/2040

1,200,000

1,234,875

1.38%,

11/15/2040

930,000

643,298

4.25%,

11/15/2040

74,000

79,758

1.88%,

2/15/2041

1,085,000

815,106

4.75%,

2/15/2041

190,000

217,431

2.25%,

5/15/2041

815,000

649,708

4.38%,

5/15/2041

1,155,000

1,261,657

1.75%,

8/15/2041

1,080,000

785,363

2.00%,

11/15/2041

1,415,000

1,072,084

3.13%,

11/15/2041

120,000

109,706

2.38%,

2/15/2042

935,000

754,428

3.13%,

2/15/2042

300,000

273,656

3.00%,

5/15/2042

570,000

508,458

3.25%,

5/15/2042

825,000

764,027

2.75%,

8/15/2042

612,000

523,164

3.38%,

8/15/2042

530,000

499,194

2.75%,

11/15/2042

372,000

317,014

4.00%,

11/15/2042

195,000

200,850

3.13%,

2/15/2043

310,000

280,066

3.88%,

2/15/2043

600,000

606,375

2.88%,

5/15/2043

310,000

268,828

3.63%,

8/15/2043

100,000

97,500

3.75%,

11/15/2043

300,000

297,750

3.63%,

2/15/2044

150,000

145,734

3.38%,

5/15/2044

85,000

79,422

3.13%,

8/15/2044

140,000

125,475

3.00%,

11/15/2044

1,035,000

907,566

2.50%,

2/15/2045

150,000

120,211

3.00%,

5/15/2045

295,000

257,848

2.88%,

8/15/2045

35,000

29,914

2.50%,

2/15/2046

150,000

119,508

2.50%,

5/15/2046

155,000

123,395

2.25%,

8/15/2046

275,000

207,926

2.88%,

11/15/2046

145,000

123,794

3.00%,

2/15/2047

265,000

231,005

3.00%,

5/15/2047

400,000

348,562

2.75%,

8/15/2047

1,165,000

969,862

2.75%,

11/15/2047

925,000

770,352

3.00%,

2/15/2048

1,391,000

1,213,865

3.13%,

5/15/2048

610,000

544,997

3.00%,

8/15/2048

375,000

327,773

3.38%,

11/15/2048

745,000

697,623

3.00%,

2/15/2049

665,000

582,810

2.88%,

5/15/2049

1,625,000

1,392,168

2.25%,

8/15/2049

615,000

462,787

2.38%,

11/15/2049

1,055,000

815,812

2.00%,

2/15/2050

735,000

521,505

1.25%,

5/15/2050

913,000

532,250

1.38%,

8/15/2050

1,295,000

779,023

1.63%,

11/15/2050

1,565,000

1,005,757

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Treasury

Government

Securities

–

41.0%

(continued)

U.S.

Treasury

Bonds

(continued)

1.88%,

2/15/2051

1,415,000

968,170

2.38%,

5/15/2051

1,135,000

872,531

2.00%,

8/15/2051

1,150,000

809,312

1.88%,

11/15/2051

995,000

677,688

2.25%,

2/15/2052

1,350,000

1,007,227

2.88%,

5/15/2052

770,000

658,831

3.00%,

8/15/2052

670,000

588,448

4.00%,

11/15/2052

400,000

424,625

3.63%,

2/15/2053

1,000,000

991,563

U.S.

Treasury

Notes

0.25%,

5/15/2024

1,965,000

1,874,503

2.50%,

5/15/2024

2,085,000

2,035,888

2.00%,

5/31/2024

305,000

296,017

2.50%,

5/31/2024

780,000

761,140

0.25%,

6/15/2024

815,000

775,523

1.75%,

6/30/2024

380,000

367,531

2.00%,

6/30/2024

580,000

562,555

3.00%,

6/30/2024

775,000

760,348

0.38%,

7/15/2024

1,200,000

1,140,891

1.75%,

7/31/2024

350,000

337,914

2.13%,

7/31/2024

250,000

242,480

3.00%,

7/31/2024

670,000

657,045

0.38%,

8/15/2024

395,000

374,494

2.38%,

8/15/2024

1,050,000

1,021,330

1.25%,

8/31/2024

295,000

282,543

1.88%,

8/31/2024

300,000

289,711

3.25%,

8/31/2024

(a)

905,000

890,258

0.38%,

9/15/2024

955,000

903,370

1.50%,

9/30/2024

400,000

384,000

2.13%,

9/30/2024

100,000

96,855

4.25%,

9/30/2024

715,000

713,017

0.63%,

10/15/2024

1,275,000

1,207,066

1.50%,

10/31/2024

375,000

359,370

2.25%,

10/31/2024

81,000

78,491

4.38%,

10/31/2024

1,160,000

1,159,502

0.75%,

11/15/2024

1,095,000

1,036,657

2.25%,

11/15/2024

865,000

837,766

1.50%,

11/30/2024

845,000

808,889

2.13%,

11/30/2024

25,000

24,166

4.50%,

11/30/2024

1,300,000

1,303,098

1.00%,

12/15/2024

1,120,000

1,062,600

1.75%,

12/31/2024

1,020,000

979,160

2.25%,

12/31/2024

210,000

203,191

4.25%,

12/31/2024

700,000

699,699

1.13%,

1/15/2025

915,000

868,285

1.38%,

1/31/2025

575,000

547,867

2.50%,

1/31/2025

100,000

97,121

4.13%,

1/31/2025

775,000

773,789

1.50%,

2/15/2025

760,000

724,850

2.00%,

2/15/2025

850,000

818,092

1.13%,

2/28/2025

1,105,000

1,046,513

4.63%,

2/28/2025

660,000

665,491

1.75%,

3/15/2025

435,000

416,377

0.50%,

3/31/2025

1,550,000

1,448,947

2.63%,

3/31/2025

500,000

486,504

3.88%,

3/31/2025

(a)

650,000

647,385

2.63%,

4/15/2025

690,000

670,971

2.88%,

4/30/2025

500,000

488,418

3.88%,

4/30/2025

710,000

707,948

2.13%,

5/15/2025

605,000

582,123

85

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Treasury

Government

Securities

–

41.0%

(continued)

U.S.

Treasury

Notes

(continued)

2.75%,

5/15/2025

425,000

414,209

2.88%,

5/31/2025

705,000

688,752

2.88%,

6/15/2025

450,000

439,629

0.25%,

6/30/2025

600,000

554,531

3.00%,

7/15/2025

590,000

577,831

0.25%,

7/31/2025

2,200,000

2,026,406

2.00%,

8/15/2025

380,000

363,998

3.13%,

8/15/2025

950,000

932,930

0.25%,

8/31/2025

1,935,000

1,778,084

2.75%,

8/31/2025

700,000

682,063

3.50%,

9/15/2025

640,000

634,150

0.25%,

9/30/2025

635,000

583,009

4.25%,

10/15/2025

(a)

1,130,000

1,139,358

0.25%,

10/31/2025

480,000

439,013

2.25%,

11/15/2025

990,000

951,638

4.50%,

11/15/2025

645,000

654,776

0.38%,

11/30/2025

175,000

160,289

2.88%,

11/30/2025

100,000

97,609

4.00%,

12/15/2025

665,000

667,909

0.38%,

12/31/2025

535,000

489,567

2.63%,

12/31/2025

(a)

450,000

436,465

3.88%,

1/15/2026

690,000

691,024

0.38%,

1/31/2026

510,000

464,857

2.63%,

1/31/2026

275,000

266,621

1.63%,

2/15/2026

605,000

570,591

4.00%,

2/15/2026

(a)

1,230,000

1,237,015

0.50%,

2/28/2026

820,000

748,634

2.50%,

2/28/2026

560,000

540,881

0.75%,

3/31/2026

1,035,000

951,472

2.25%,

3/31/2026

650,000

623,645

3.75%,

4/15/2026

675,000

675,316

0.75%,

4/30/2026

870,000

796,934

2.38%,

4/30/2026

240,000

230,850

1.63%,

5/15/2026

880,000

827,131

0.75%,

5/31/2026

1,450,000

1,325,277

2.13%,

5/31/2026

400,000

381,500

0.88%,

6/30/2026

1,035,000

948,804

1.88%,

6/30/2026

380,000

359,397

0.63%,

7/31/2026

965,000

875,059

1.88%,

7/31/2026

274,000

258,780

1.50%,

8/15/2026

1,370,000

1,277,846

0.75%,

8/31/2026

2,190,000

1,989,820

1.38%,

8/31/2026

405,000

375,796

0.88%,

9/30/2026

2,330,000

2,123,395

1.63%,

9/30/2026

310,000

289,850

1.13%,

10/31/2026

845,000

774,957

1.63%,

10/31/2026

405,000

378,327

2.00%,

11/15/2026

775,000

732,678

1.25%,

11/30/2026

1,280,000

1,177,700

1.63%,

11/30/2026

375,000

349,775

1.25%,

12/31/2026

985,000

904,738

1.75%,

12/31/2026

(a)

400,000

374,375

1.50%,

1/31/2027

1,325,000

1,226,764

2.25%,

2/15/2027

795,000

756,989

1.13%,

2/28/2027

135,000

123,188

1.88%,

2/28/2027

915,000

858,241

0.63%,

3/31/2027

830,000

740,710

0.50%,

4/30/2027

645,000

571,329

2.38%,

5/15/2027

955,000

911,428

0.50%,

5/31/2027

1,190,000

1,051,291

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Treasury

Government

Securities

–

41.0%

(continued)

U.S.

Treasury

Notes

(continued)

2.63%,

5/31/2027

300,000

288,984

0.50%,

6/30/2027

1,710,000

1,507,605

0.38%,

7/31/2027

1,880,000

1,644,706

2.75%,

7/31/2027

565,000

546,638

2.25%,

8/15/2027

655,000

620,971

0.50%,

8/31/2027

1,800,000

1,579,641

3.13%,

8/31/2027

1,095,000

1,075,838

0.38%,

9/30/2027

1,575,000

1,371,234

0.50%,

10/31/2027

775,000

677,096

4.13%,

10/31/2027

715,000

731,702

2.25%,

11/15/2027

730,000

690,363

0.63%,

11/30/2027

820,000

719,422

3.88%,

11/30/2027

995,000

1,009,536

0.63%,

12/31/2027

580,000

507,863

3.88%,

12/31/2027

715,000

725,278

0.75%,

1/31/2028

145,000

127,453

3.50%,

1/31/2028

(a)

200,000

199,797

2.75%,

2/15/2028

775,000

748,299

1.13%,

2/29/2028

935,000

835,656

4.00%,

2/29/2028

(a)

700,000

715,422

1.25%,

3/31/2028

785,000

704,721

3.63%,

3/31/2028

(a)

1,600,000

1,608,625

1.25%,

4/30/2028

940,000

842,402

3.50%,

4/30/2028

725,000

725,261

2.88%,

5/15/2028

1,047,000

1,015,181

1.25%,

5/31/2028

925,000

827,947

1.25%,

6/30/2028

1,630,000

1,455,921

1.00%,

7/31/2028

2,310,000

2,032,259

2.88%,

8/15/2028

1,079,000

1,045,618

1.13%,

8/31/2028

2,510,000

2,219,193

1.38%,

10/31/2028

205,000

183,027

3.13%,

11/15/2028

1,070,000

1,048,015

1.50%,

11/30/2028

1,130,000

1,014,440

1.38%,

12/31/2028

185,000

164,896

1.75%,

1/31/2029

1,050,000

953,613

2.63%,

2/15/2029

997,000

950,032

1.88%,

2/28/2029

1,430,000

1,306,998

2.38%,

3/31/2029

900,000

844,875

2.88%,

4/30/2029

730,000

704,450

2.38%,

5/15/2029

705,000

661,323

2.75%,

5/31/2029

925,000

886,193

3.25%,

6/30/2029

500,000

492,422

2.63%,

7/31/2029

600,000

570,281

3.13%,

8/31/2029

470,000

459,719

3.88%,

9/30/2029

545,000

556,326

4.00%,

10/31/2029

290,000

298,247

1.75%,

11/15/2029

10,000

9,033

3.88%,

11/30/2029

565,000

577,271

3.88%,

12/31/2029

580,000

593,141

4.00%,

2/28/2030

550,000

567,016

3.63%,

3/31/2030

540,000

545,063

3.50%,

4/30/2030

590,000

591,143

0.63%,

5/15/2030

180,000

148,472

0.63%,

8/15/2030

2,705,000

2,219,791

0.88%,

11/15/2030

2,645,000

2,208,162

1.13%,

2/15/2031

2,135,000

1,813,416

1.63%,

5/15/2031

1,350,000

1,183,570

1.25%,

8/15/2031

2,685,000

2,270,923

1.38%,

11/15/2031

2,180,000

1,853,681

1.88%,

2/15/2032

1,650,000

1,458,445

86

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Treasury

Government

Securities

–

41.0%

(continued)

U.S.

Treasury

Notes

(continued)

2.88%,

5/15/2032

1,605,000

1,536,286

2.75%,

8/15/2032

1,575,000

1,490,590

4.13%,

11/15/2032

(a)

1,350,000

1,425,094

3.50%,

2/15/2033

1,625,000

1,634,648

Total

U.S.

Treasury

Government

Securities

(cost

$186,909,022)

178,262,171

Shares

Investment

Companies

–

2.4%

Registered

Investment

Companies

–

2.4%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.81%

(f)(g)

(cost

$10,447,346)

10,447,346

10,447,346

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.5%

Registered

Investment

Companies

–

0.5%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.81%

(f)(g)

(cost

$2,040,658)

2,040,658

2,040,658

Total

Investments

Before

TBA

Sale

Commitments  (cost

$473,469,491)

102.2%

444,187,385

TBA

Sale

Commitments

–

(

0.0%

)

Principal

Amount

($)

Federal

National

Mortgage

Association

(h)

1.50%,

5/15/2038

(d)

25,000

(21,968)

2.50%,

5/15/2038

(d)

125,000

(116,077)

Total

TBA

Sale

Commitments

(proceeds

$(138,196))

(138,045)

Total

Investments

(cost

net

of

proceeds

$473,331,295)

102.2%

444,049,340

Liabilities,

Less

Cash

and

Receivables

(2.2)%

(9,560,477)

Net

Assets

100.0%

434,488,863

GO—General

Obligation

RB—Revenue

Bond

REMICs—Real

Estate

Mortgage

Investment

Conduits

(a)

Security,

or

portion

thereof,

on

loan.

At

April

30,

2023,

the

value

of

the

fund’s

securities

on

loan

was

$10,980,082

and

the

value

of

the

collateral

was

$11,812,439,

consisting

of

cash

collateral

of

$2,040,658

and

U.S.

Government

&

Agency

securities

valued

at

$9,771,781.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

April

30,

2023,

these

securities

were

valued

at

$1,847,378

or

0.43%

of

net

assets.

(c)

Denotes

a

zero

coupon

security

issued

at

a

substantial

discount

from

its

value

at

maturity.

(d)

The

Federal

Housing

Finance

Agency

(“FHFA”)

placed

the

Federal

Home

Loan

Mortgage

Corporation

and

Federal

National

Mortgage

Association

into

conservatorship

with

FHFA

as

the

conservator.

As

such,

the

FHFA

oversees

the

continuing

affairs

of

these

companies.

(e)

Purchased

on

a

forward

commitment

basis.

(f)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(g)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2023.

(h)

Sales

on

a

forward

commitment

basis.

87

See

Notes

to

Financial

Statements

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2023

are

as

follows:

Description

Value

10/31/22

Purchases

($)

1

Sales

($)

Value

4/30/23

Dividends/

Distributions

($)

Investment

Companies

–

2.4%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

5,347,220

32,339,345

(27,239,219)

10,447,346

181,551

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.5%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

1,851,370

11,429,222

(11,239,934)

2,040,658

12,657

2

Total

–

2.9%

7,198,590

43,768,567

(38,479,153)

12,488,004

194,208

1

Includes

reinvested

dividends/distributions.

2

Represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Portfolio

Summary

(Unaudited)

†

Value

(%)

Government

42.7

Financial

39.8

Consumer,

Non-cyclical

4.6

Registered

Investment

Companies

2.9

Utilities

2.4

Communications

2.1

Industrial

1.9

Technology

1.8

Energy

1.8

Consumer,

Cyclical

1.6

Basic

Materials

0.6

102.2

†

Based

on

net

assets.

88

STATEMENT

OF

INVESTMENTS

April

30,

2023

(Unaudited)

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

Basic

Materials

–

1.6%

ArcelorMittal

SA,

4.55%,

3/11/2026

50,000

49,215

Celanese

US

Holdings

LLC

3.50%,

5/08/2024

10,000

9,755

6.17%,

7/15/2027

125,000

126,419

Celulosa

Arauco

y

Constitucion

SA,

4.50%,

8/01/2024

25,000

24,683

DuPont

de

Nemours,

Inc.,

4.49%,

11/15/2025

35,000

34,909

Eastman

Chemical

Co.,

3.80%,

3/15/2025

25,000

24,409

Ecolab,

Inc.,

5.25%,

1/15/2028

100,000

104,265

Freeport-McMoRan,

Inc.,

4.55%,

11/14/2024

50,000

49,389

Linde,

Inc.,

2.65%,

2/05/2025

50,000

48,298

Nucor

Corp.,

2.00%,

6/01/2025

50,000

47,114

Nutrien

Ltd.,

4.00%,

12/15/2026

75,000

73,273

PPG

Industries,

Inc.,

1.20%,

3/15/2026

50,000

45,302

Reliance

Steel

&

Aluminum

Co.,

1.30%,

8/15/2025

25,000

22,961

Sherwin-Williams

Co.

(The),

3.95%,

1/15/2026

75,000

73,599

Steel

Dynamics,

Inc.,

2.40%,

6/15/2025

50,000

47,344

Vale

Overseas

Ltd.,

6.25%,

8/10/2026

70,000

72,483

853,418

Communications

–

5.8%

Alphabet,

Inc.

0.45%,

8/15/2025

50,000

46,105

2.00%,

8/15/2026

50,000

47,197

Amazon.com,

Inc.

0.45%,

5/12/2024

40,000

38,287

2.80%,

8/22/2024

85,000

83,210

0.80%,

6/03/2025

(a)

20,000

18,632

1.00%,

5/12/2026

170,000

155,190

3.30%,

4/13/2027

100,000

97,145

1.20%,

6/03/2027

70,000

62,643

4.55%,

12/01/2027

75,000

76,354

AT&T,

Inc.

5.54%,

2/20/2026

100,000

100,088

1.70%,

3/25/2026

25,000

23,081

2.95%,

7/15/2026

(a)

50,000

47,475

2.30%,

6/01/2027

125,000

114,693

1.65%,

2/01/2028

100,000

87,658

Booking

Holdings,

Inc.,

3.65%,

3/15/2025

50,000

49,088

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

4.91%,

7/23/2025

125,000

123,757

4.20%,

3/15/2028

50,000

47,377

Cisco

Systems,

Inc.,

2.50%,

9/20/2026

35,000

33,321

Comcast

Corp.

3.38%,

2/15/2025

55,000

53,997

3.38%,

8/15/2025

25,000

24,427

3.95%,

10/15/2025

75,000

74,113

3.15%,

3/01/2026

25,000

24,292

2.35%,

1/15/2027

50,000

46,689

5.35%,

11/15/2027

125,000

130,025

Discovery

Communications

LLC,

3.95%,

6/15/2025

25,000

24,277

eBay,

Inc.

3.45%,

8/01/2024

25,000

24,507

1.90%,

3/11/2025

25,000

23,655

1.40%,

5/10/2026

35,000

31,914

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Communications

–

5.8%

(continued)

Expedia

Group,

Inc.,

5.00%,

2/15/2026

35,000

35,040

Fox

Corp.,

3.05%,

4/07/2025

25,000

24,104

Juniper

Networks,

Inc.,

1.20%,

12/10/2025

25,000

22,677

Meta

Platforms,

Inc.,

3.50%,

8/15/2027

65,000

63,113

Motorola

Solutions,

Inc.,

4.00%,

9/01/2024

3,000

2,954

Omnicom

Group,

Inc.

/

Omnicom

Capital,

Inc.,

3.65%,

11/01/2024

45,000

44,142

Paramount

Global

4.75%,

5/15/2025

22,000

21,786

3.38%,

2/15/2028

25,000

22,884

Rogers

Communications,

Inc.,

3.20%,

3/15/2027

(b)

100,000

93,785

TCI

Communications,

Inc.,

7.88%,

2/15/2026

20,000

21,693

T-Mobile

USA,

Inc.

1.50%,

2/15/2026

140,000

128,213

3.75%,

4/15/2027

125,000

120,445

5.38%,

4/15/2027

50,000

50,552

TWDC

Enterprises

18

Corp.,

2.95%,

6/15/2027

(a)

50,000

47,690

VeriSign,

Inc.,

5.25%,

4/01/2025

25,000

25,081

Verizon

Communications,

Inc.

3.38%,

2/15/2025

45,000

44,053

0.85%,

11/20/2025

50,000

45,532

1.45%,

3/20/2026

55,000

50,666

2.63%,

8/15/2026

50,000

47,324

4.13%,

3/16/2027

75,000

74,273

2.10%,

3/22/2028

50,000

44,697

Walt

Disney

Co.

(The)

3.70%,

9/15/2024

50,000

49,352

3.70%,

10/15/2025

125,000

122,970

1.75%,

1/13/2026

(a)

50,000

46,977

WPP

Finance

2010,

3.75%,

9/19/2024

50,000

48,786

3,007,986

Consumer,

Cyclical

–

6.7%

Advance

Auto

Parts,

Inc.,

5.95%,

3/09/2028

50,000

51,545

American

Honda

Finance

Corp.

2.15%,

9/10/2024

70,000

67,567

1.20%,

7/08/2025

25,000

23,269

1.30%,

9/09/2026

35,000

31,648

2.35%,

1/08/2027

50,000

46,643

AutoNation,

Inc.,

3.50%,

11/15/2024

25,000

24,328

AutoZone,

Inc.

3.13%,

4/18/2024

15,000

14,689

4.50%,

2/01/2028

50,000

49,845

BorgWarner,

Inc.,

2.65%,

7/01/2027

(a)

100,000

92,763

Continental

Airlines

Pass-Through

Trust,

Series

2012-2,

Class

A,

4.00%,

10/29/2024

13,177

12,788

Costco

Wholesale

Corp.

2.75%,

5/18/2024

45,000

43,987

1.38%,

6/20/2027

100,000

90,313

Cummins,

Inc.,

0.75%,

9/01/2025

25,000

22,886

D.R.

Horton,

Inc.,

2.50%,

10/15/2024

35,000

33,717

Dollar

General

Corp.

4.15%,

11/01/2025

25,000

24,677

4.63%,

11/01/2027

50,000

50,218

Dollar

Tree,

Inc.,

4.00%,

5/15/2025

25,000

24,590

General

Motors

Co.

4.00%,

4/01/2025

25,000

24,406

89

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Consumer,

Cyclical

–

6.7%

(continued)

6.13%,

10/01/2025

25,000

25,422

General

Motors

Financial

Co.,

Inc.

4.00%,

1/15/2025

50,000

48,833

2.90%,

2/26/2025

50,000

47,859

2.75%,

6/20/2025

25,000

23,723

4.30%,

7/13/2025

100,000

97,440

1.25%,

1/08/2026

25,000

22,528

1.50%,

6/10/2026

25,000

22,340

4.00%,

10/06/2026

10,000

9,588

4.35%,

1/17/2027

100,000

96,870

2.35%,

2/26/2027

100,000

89,960

2.40%,

4/10/2028

50,000

43,654

Hasbro,

Inc.,

3.00%,

11/19/2024

25,000

24,180

Home

Depot,

Inc.

(The)

3.00%,

4/01/2026

50,000

48,675

2.13%,

9/15/2026

35,000

32,897

2.88%,

4/15/2027

75,000

71,871

Honda

Motor

Co.,

Ltd.,

2.53%,

3/10/2027

85,000

79,863

Hyatt

Hotels

Corp.,

5.38%,

4/23/2025

50,000

50,163

Lennar

Corp.,

5.25%,

6/01/2026

25,000

25,150

Lowe's

Cos.,

Inc.

3.13%,

9/15/2024

15,000

14,664

4.00%,

4/15/2025

50,000

49,367

3.35%,

4/01/2027

100,000

96,385

Magna

International,

Inc.,

4.15%,

10/01/2025

25,000

24,506

Marriott

International,

Inc.

Series

EE,

5.75%,

5/01/2025

6,000

6,078

Series

R,

3.13%,

6/15/2026

100,000

95,167

McDonald's

Corp.

3.30%,

7/01/2025

100,000

97,790

1.45%,

9/01/2025

25,000

23,409

3.70%,

1/30/2026

10,000

9,871

NIKE,

Inc.

2.40%,

3/27/2025

50,000

48,430

2.75%,

3/27/2027

50,000

47,752

O'Reilly

Automotive,

Inc.,

3.55%,

3/15/2026

25,000

24,410

PACCAR

Financial

Corp.

1.10%,

5/11/2026

35,000

31,860

2.00%,

2/04/2027

(a)

50,000

46,025

PulteGroup,

Inc.,

5.50%,

3/01/2026

50,000

50,491

PVH

Corp.,

4.63%,

7/10/2025

25,000

24,583

Ross

Stores,

Inc.,

4.60%,

4/15/2025

25,000

24,879

Southwest

Airlines

Co.

5.25%,

5/04/2025

50,000

50,157

5.13%,

6/15/2027

75,000

75,589

Starbucks

Corp.,

2.45%,

6/15/2026

50,000

47,180

Target

Corp.,

2.25%,

4/15/2025

100,000

96,250

Toll

Brothers

Finance

Corp.,

4.88%,

3/15/2027

75,000

73,446

Toyota

Motor

Corp.,

1.34%,

3/25/2026

(a)

25,000

23,025

Toyota

Motor

Credit

Corp.

0.63%,

9/13/2024

25,000

23,674

3.00%,

4/01/2025

50,000

48,612

3.40%,

4/14/2025

25,000

24,533

0.80%,

10/16/2025

40,000

36,673

1.13%,

6/18/2026

35,000

31,775

1.90%,

1/13/2027

75,000

68,931

3.05%,

3/22/2027

75,000

71,636

5.45%,

11/10/2027

50,000

52,314

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Consumer,

Cyclical

–

6.7%

(continued)

United

Airlines

Pass-Through

Trust

Series

2012-1,

Class

A,

4.15%,

4/11/2024

12,695

12,418

Series

2014-1,

Class

A,

4.00%,

4/11/2026

11,236

10,590

VF

Corp.,

2.40%,

4/23/2025

25,000

23,638

Walgreens

Boots

Alliance,

Inc.,

3.80%,

11/18/2024

50,000

49,062

Walmart,

Inc.

2.85%,

7/08/2024

85,000

83,452

3.55%,

6/26/2025

25,000

24,700

3.90%,

4/15/2028

100,000

99,959

WarnerMedia

Holdings,

Inc.

3.64%,

3/15/2025

(b)

50,000

48,361

3.76%,

3/15/2027

(b)

125,000

117,871

WW

Grainger,

Inc.,

1.85%,

2/15/2025

25,000

23,899

3,524,307

Consumer,

Non-cyclical

–

13.7%

Abbott

Laboratories

2.95%,

3/15/2025

50,000

48,840

3.75%,

11/30/2026

50,000

49,829

AbbVie,

Inc.

2.60%,

11/21/2024

100,000

96,549

3.80%,

3/15/2025

50,000

49,159

3.60%,

5/14/2025

70,000

68,432

3.20%,

5/14/2026

75,000

72,298

2.95%,

11/21/2026

85,000

80,713

Altria

Group,

Inc.

4.40%,

2/14/2026

50,000

49,674

2.63%,

9/16/2026

(a)

35,000

32,804

Amgen,

Inc.

3.13%,

5/01/2025

25,000

24,291

5.51%,

3/02/2026

100,000

100,398

2.60%,

8/19/2026

35,000

32,943

2.20%,

2/21/2027

50,000

46,258

5.15%,

3/02/2028

125,000

127,974

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.,

3.65%,

2/01/2026

60,000

58,960

AstraZeneca

Finance

LLC,

1.20%,

5/28/2026

100,000

91,548

AstraZeneca

PLC,

0.70%,

4/08/2026

25,000

22,695

BAT

Capital

Corp.

3.22%,

8/15/2024

90,000

87,561

2.79%,

9/06/2024

25,000

24,132

3.22%,

9/06/2026

25,000

23,678

4.70%,

4/02/2027

120,000

118,377

BAT

International

Finance

PLC

1.67%,

3/25/2026

50,000

45,528

4.45%,

3/16/2028

50,000

48,044

Baxter

International,

Inc.,

1.92%,

2/01/2027

100,000

89,887

Becton,

Dickinson

&

Co.

3.73%,

12/15/2024

35,000

34,340

3.70%,

6/06/2027

50,000

48,449

Biogen,

Inc.,

4.05%,

9/15/2025

75,000

73,543

Bristol-Myers

Squibb

Co.

2.90%,

7/26/2024

50,000

48,963

0.75%,

11/13/2025

15,000

13,787

3.20%,

6/15/2026

35,000

34,107

3.25%,

2/27/2027

35,000

34,145

3.90%,

2/20/2028

50,000

49,681

Bunge

Ltd.

Finance

Corp.,

1.63%,

8/17/2025

45,000

41,611

90

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Consumer,

Non-cyclical

–

13.7%

(continued)

Campbell

Soup

Co.,

3.95%,

3/15/2025

10,000

9,828

Cardinal

Health,

Inc.

3.08%,

6/15/2024

50,000

48,851

3.75%,

9/15/2025

25,000

24,408

Centene

Corp.,

4.25%,

12/15/2027

50,000

47,785

Cigna

Group

(The)

3.50%,

6/15/2024

25,000

24,587

3.25%,

4/15/2025

25,000

24,276

4.13%,

11/15/2025

25,000

24,689

1.25%,

3/15/2026

100,000

91,263

Coca-Cola

Co.

(The)

1.75%,

9/06/2024

25,000

24,179

1.45%,

6/01/2027

(a)

100,000

90,954

CommonSpirit

Health

2.76%,

10/01/2024

25,000

24,263

1.55%,

10/01/2025

50,000

45,941

ConAgra

Brands,

Inc.,

4.30%,

5/01/2024

25,000

24,764

Constellation

Brands,

Inc.,

4.35%,

5/09/2027

100,000

99,239

CVS

Health

Corp.

3.38%,

8/12/2024

60,000

58,866

4.10%,

3/25/2025

60,000

59,669

2.88%,

6/01/2026

35,000

33,393

3.63%,

4/01/2027

75,000

72,584

1.30%,

8/21/2027

200,000

175,356

Elevance

Health,

Inc.

3.50%,

8/15/2024

25,000

24,541

3.35%,

12/01/2024

25,000

24,412

2.38%,

1/15/2025

75,000

72,126

4.10%,

3/01/2028

50,000

49,313

Eli

Lilly

&

Co.,

3.10%,

5/15/2027

35,000

33,720

Equifax,

Inc.

2.60%,

12/01/2024

25,000

23,985

2.60%,

12/15/2025

50,000

47,144

Estee

Lauder

Cos.,

Inc.

(The),

2.00%,

12/01/2024

35,000

33,561

GE

HealthCare

Technologies,

Inc.,

5.65%,

11/15/2027

(b)

100,000

103,256

General

Mills,

Inc.,

4.00%,

4/17/2025

25,000

24,696

Gilead

Sciences,

Inc.

3.65%,

3/01/2026

110,000

107,613

1.20%,

10/01/2027

100,000

87,678

GlaxoSmithKline

Capital

PLC,

3.00%,

6/01/2024

45,000

44,206

Global

Payments,

Inc.

4.80%,

4/01/2026

25,000

24,723

2.15%,

1/15/2027

100,000

89,729

GXO

Logistics,

Inc.,

1.65%,

7/15/2026

100,000

86,988

Haleon

US

Capital

LLC,

3.38%,

3/24/2027

250,000

238,457

HCA,

Inc.

5.25%,

4/15/2025

25,000

25,058

5.25%,

6/15/2026

50,000

50,139

3.13%,

3/15/2027

(b)

85,000

79,807

Hershey

Co.

(The),

0.90%,

6/01/2025

50,000

46,482

Humana,

Inc.

3.85%,

10/01/2024

15,000

14,763

1.35%,

2/03/2027

50,000

44,338

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.,

5.13%,

2/01/2028

(b)

50,000

48,770

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Consumer,

Non-cyclical

–

13.7%

(continued)

Johnson

&

Johnson

2.63%,

1/15/2025

50,000

48,820

0.55%,

9/01/2025

50,000

46,178

2.45%,

3/01/2026

50,000

48,045

2.90%,

1/15/2028

50,000

48,160

Kenvue,

Inc.,

5.05%,

3/22/2028

(b)

50,000

51,779

Keurig

Dr

Pepper,

Inc.

4.42%,

5/25/2025

6,000

5,958

3.40%,

11/15/2025

25,000

24,195

Kimberly-Clark

Corp.,

3.05%,

8/15/2025

25,000

24,300

Kraft

Heinz

Foods

Co.,

3.88%,

5/15/2027

100,000

97,730

Kroger

Co.

(The),

3.50%,

2/01/2026

25,000

24,389

Laboratory

Corp.

of

America

Holdings

3.25%,

9/01/2024

10,000

9,767

3.60%,

2/01/2025

100,000

97,573

McCormick

&

Co.,

Inc.,

0.90%,

2/15/2026

10,000

9,026

McKesson

Corp.,

1.30%,

8/15/2026

50,000

44,887

Merck

&

Co.,

Inc.

2.75%,

2/10/2025

40,000

38,932

1.70%,

6/10/2027

50,000

45,679

Molson

Coors

Beverage

Co.,

3.00%,

7/15/2026

70,000

66,498

Mondelez

International,

Inc.,

1.50%,

5/04/2025

50,000

46,872

Moody's

Corp.,

3.75%,

3/24/2025

25,000

24,449

Novartis

Capital

Corp.

3.00%,

11/20/2025

50,000

48,540

2.00%,

2/14/2027

75,000

69,709

PayPal

Holdings,

Inc.

1.65%,

6/01/2025

30,000

28,269

2.65%,

10/01/2026

35,000

33,154

3.90%,

6/01/2027

(a)

50,000

49,383

PeaceHealth

Obligated

Group,

Series

2020,

1.38%,

11/15/2025

25,000

22,763

PepsiCo,

Inc.

2.25%,

3/19/2025

50,000

48,175

2.38%,

10/06/2026

150,000

142,237

PerkinElmer,

Inc.,

0.85%,

9/15/2024

25,000

23,531

Pfizer,

Inc.

3.40%,

5/15/2024

110,000

108,435

2.75%,

6/03/2026

10,000

9,651

3.00%,

12/15/2026

35,000

33,910

Philip

Morris

International,

Inc.

2.88%,

5/01/2024

70,000

68,554

3.25%,

11/10/2024

50,000

48,905

2.75%,

2/25/2026

25,000

23,843

0.88%,

5/01/2026

60,000

54,091

5.13%,

11/17/2027

50,000

51,159

Procter

&

Gamble

Co.

(The)

0.55%,

10/29/2025

50,000

45,804

1.00%,

4/23/2026

25,000

22,976

1.90%,

2/01/2027

50,000

46,637

Quest

Diagnostics,

Inc.,

3.45%,

6/01/2026

85,000

82,253

Royalty

Pharma

PLC,

1.75%,

9/02/2027

50,000

43,784

S&P

Global,

Inc.,

2.45%,

3/01/2027

50,000

46,974

Shire

Acquisitions

Investments

Ireland

DAC,

3.20%,

9/23/2026

60,000

57,204

91

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Consumer,

Non-cyclical

–

13.7%

(continued)

Stryker

Corp.

3.38%,

11/01/2025

45,000

43,566

3.50%,

3/15/2026

25,000

24,374

SYSCO

Corp.,

3.30%,

7/15/2026

30,000

28,969

Thermo

Fisher

Scientific,

Inc.,

4.80%,

11/21/2027

50,000

51,380

Tyson

Foods,

Inc.,

4.00%,

3/01/2026

50,000

49,056

Unilever

Capital

Corp.,

2.60%,

5/05/2024

125,000

122,169

UnitedHealth

Group,

Inc.

2.38%,

8/15/2024

50,000

48,515

3.75%,

7/15/2025

25,000

24,665

1.25%,

1/15/2026

50,000

46,204

1.15%,

5/15/2026

65,000

59,593

3.38%,

4/15/2027

50,000

48,537

5.25%,

2/15/2028

50,000

52,221

Utah

Acquisition

Sub,

Inc.,

3.95%,

6/15/2026

85,000

81,329

Verisk

Analytics,

Inc.,

4.00%,

6/15/2025

50,000

48,921

Viatris,

Inc.,

1.65%,

6/22/2025

30,000

27,679

Zimmer

Biomet

Holdings,

Inc.,

3.05%,

1/15/2026

85,000

81,457

7,151,411

Energy

–

5.5%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co.-Obligor,

Inc.,

2.06%,

12/15/2026

75,000

68,831

BP

Capital

Markets

America,

Inc.

3.41%,

2/11/2026

25,000

24,500

3.12%,

5/04/2026

50,000

48,599

3.54%,

4/06/2027

50,000

48,822

Canadian

Natural

Resources

Ltd.

2.05%,

7/15/2025

30,000

28,233

3.85%,

6/01/2027

30,000

28,838

Cheniere

Corpus

Christi

Holdings

LLC,

5.88%,

3/31/2025

75,000

75,589

Chevron

Corp.

1.55%,

5/11/2025

50,000

47,275

2.95%,

5/16/2026

25,000

24,261

2.00%,

5/11/2027

85,000

78,868

Chevron

USA,

Inc.

3.90%,

11/15/2024

10,000

9,938

0.69%,

8/12/2025

25,000

23,021

Columbia

Pipeline

Group,

Inc.,

4.50%,

6/01/2025

15,000

14,873

Continental

Resources,

Inc.,

4.38%,

1/15/2028

100,000

95,082

Devon

Energy

Corp.,

5.25%,

9/15/2024

25,000

25,071

Enbridge,

Inc.

3.50%,

6/10/2024

50,000

49,152

2.50%,

1/15/2025

10,000

9,608

Energy

Transfer

LP

4.05%,

3/15/2025

35,000

34,351

2.90%,

5/15/2025

50,000

47,718

4.20%,

4/15/2027

60,000

57,959

4.00%,

10/01/2027

75,000

72,014

Enterprise

Products

Operating

LLC

3.75%,

2/15/2025

25,000

24,688

3.70%,

2/15/2026

75,000

73,674

EOG

Resources,

Inc.,

4.15%,

1/15/2026

50,000

49,649

EQT

Corp.,

3.90%,

10/01/2027

50,000

47,287

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Energy

–

5.5%

(continued)

Exxon

Mobil

Corp.

2.02%,

8/16/2024

115,000

111,394

2.99%,

3/19/2025

85,000

82,790

3.29%,

3/19/2027

50,000

48,961

Halliburton

Co.,

3.80%,

11/15/2025

39,000

38,271

Hess

Corp.,

4.30%,

4/01/2027

50,000

49,070

HF

Sinclair

Corp.,

5.88%,

4/01/2026

50,000

50,682

Kinder

Morgan

Energy

Partners

LP

4.30%,

5/01/2024

25,000

24,780

4.25%,

9/01/2024

100,000

98,813

Marathon

Petroleum

Corp.

3.63%,

9/15/2024

35,000

34,294

3.80%,

4/01/2028

50,000

47,977

MPLX

LP

4.88%,

12/01/2024

20,000

19,925

4.88%,

6/01/2025

25,000

24,919

1.75%,

3/01/2026

75,000

69,000

4.13%,

3/01/2027

50,000

48,796

Northwest

Pipeline

LLC,

4.00%,

4/01/2027

100,000

97,059

ONEOK,

Inc.

2.75%,

9/01/2024

25,000

24,201

2.20%,

9/15/2025

50,000

46,715

Ovintiv

Exploration,

Inc.,

5.38%,

1/01/2026

50,000

50,178

Phillips

66

Co.

3.85%,

4/09/2025

70,000

68,621

1.30%,

2/15/2026

10,000

9,139

Pioneer

Natural

Resources

Co.,

1.13%,

1/15/2026

25,000

22,808

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp.

3.60%,

11/01/2024

25,000

24,407

4.65%,

10/15/2025

25,000

24,733

4.50%,

12/15/2026

50,000

49,100

Sabine

Pass

Liquefaction

LLC

5.88%,

6/30/2026

50,000

51,080

5.00%,

3/15/2027

100,000

100,048

Schlumberger

Finance

Canada

Ltd.,

1.40%,

9/17/2025

20,000

18,551

Shell

International

Finance

BV

2.00%,

11/07/2024

75,000

72,343

3.25%,

5/11/2025

85,000

83,077

Spectra

Energy

Partners

LP,

3.38%,

10/15/2026

75,000

71,746

Targa

Resources

Corp.,

5.20%,

7/01/2027

50,000

50,104

TransCanada

PipeLines

Ltd.,

1.00%,

10/12/2024

25,000

23,481

Transcontinental

Gas

Pipe

Line

Co.,

LLC,

7.85%,

2/01/2026

25,000

26,782

Western

Midstream

Operating

LP,

4.50%,

3/01/2028

50,000

47,797

Williams

Cos.,

Inc.

(The)

4.55%,

6/24/2024

10,000

9,917

4.00%,

9/15/2025

25,000

24,483

2,853,943

Financial

–

45.4%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.88%,

8/14/2024

125,000

119,958

6.50%,

7/15/2025

50,000

50,466

92

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Financial

–

45.4%

(continued)

2.45%,

10/29/2026

150,000

134,536

Air

Lease

Corp.

2.30%,

2/01/2025

50,000

47,356

3.25%,

3/01/2025

25,000

23,984

2.88%,

1/15/2026

50,000

46,699

1.88%,

8/15/2026

35,000

31,166

Aircastle

Ltd.,

4.13%,

5/01/2024

35,000

34,253

Alexandria

Real

Estate

Equities,

Inc.,

3.80%,

4/15/2026

45,000

43,440

Allstate

Corp.

(The),

0.75%,

12/15/2025

25,000

22,532

Ally

Financial,

Inc.

5.13%,

9/30/2024

25,000

24,526

4.75%,

6/09/2027

75,000

71,047

American

Express

Co.

2.50%,

7/30/2024

100,000

96,985

3.63%,

12/05/2024

25,000

24,457

3.13%,

5/20/2026

25,000

24,036

1.65%,

11/04/2026

25,000

22,666

2.55%,

3/04/2027

100,000

92,644

5.85%,

11/05/2027

125,000

130,899

American

International

Group,

Inc.

2.50%,

6/30/2025

51,000

48,424

3.90%,

4/01/2026

26,000

25,413

American

Tower

Corp.

4.00%,

6/01/2025

25,000

24,526

1.30%,

9/15/2025

(a)

25,000

22,989

4.40%,

2/15/2026

25,000

24,662

2.75%,

1/15/2027

100,000

92,801

3.13%,

1/15/2027

50,000

47,059

Ameriprise

Financial,

Inc.

3.70%,

10/15/2024

50,000

49,029

3.00%,

4/02/2025

35,000

33,742

AON

Corp.

/

AON

Global

Holdings

PLC,

2.85%,

5/28/2027

50,000

46,554

AON

Global

Ltd.,

3.88%,

12/15/2025

25,000

24,464

Ares

Capital

Corp.

4.20%,

6/10/2024

10,000

9,754

4.25%,

3/01/2025

35,000

33,447

3.25%,

7/15/2025

50,000

46,339

Assured

Guaranty

US

Holdings,

Inc.,

5.00%,

7/01/2024

(a)

25,000

24,835

AvalonBay

Communities,

Inc.,

Series

G,

2.95%,

5/11/2026

50,000

47,397

Bain

Capital

Specialty

Finance,

Inc.

2.95%,

3/10/2026

25,000

22,244

2.55%,

10/13/2026

50,000

42,828

Banco

Santander

SA

2.75%,

5/28/2025

200,000

188,435

1.85%,

3/25/2026

100,000

90,651

5.29%,

8/18/2027

100,000

99,553

Bank

of

America

Corp.

3.88%,

8/01/2025

55,000

53,813

1.53%,

12/06/2025

200,000

187,652

3.37%,

1/23/2026

25,000

24,089

2.02%,

2/13/2026

50,000

47,061

4.45%,

3/03/2026

100,000

98,546

3.38%,

4/02/2026

200,000

192,862

4.25%,

10/22/2026

100,000

97,320

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Financial

–

45.4%

(continued)

1.20%,

10/24/2026

150,000

135,754

Series

N,

1.66%,

3/11/2027

75,000

67,793

3.56%,

4/23/2027

75,000

71,565

1.73%,

7/22/2027

125,000

112,017

3.82%,

1/20/2028

100,000

95,653

4.38%,

4/27/2028

160,000

155,356

4.95%,

7/22/2028

100,000

99,696

3.42%,

12/20/2028

300,000

278,505

5.20%,

4/25/2029

150,000

150,874

Bank

of

Montreal

0.63%,

7/09/2024

150,000

142,209

1.85%,

5/01/2025

50,000

47,027

1.25%,

9/15/2026

135,000

120,246

Series

H,

4.70%,

9/14/2027

75,000

74,845

Bank

of

Nova

Scotia

(The)

0.65%,

7/31/2024

200,000

188,965

1.30%,

6/11/2025

30,000

27,714

1.05%,

3/02/2026

85,000

76,295

1.30%,

9/15/2026

100,000

89,018

BankUnited,

Inc.,

4.88%,

11/17/2025

25,000

22,500

Barclays

PLC

3.65%,

3/16/2025

100,000

96,103

4.38%,

1/12/2026

50,000

48,713

5.20%,

5/12/2026

250,000

243,969

5.30%,

8/09/2026

50,000

49,629

Berkshire

Hathaway,

Inc.,

3.13%,

3/15/2026

100,000

97,553

BGC

Partners,

Inc.,

3.75%,

10/01/2024

10,000

9,624

Blackstone

Private

Credit

Fund

2.35%,

11/22/2024

25,000

23,334

3.25%,

3/15/2027

75,000

64,628

Blackstone

Secured

Lending

Fund,

2.75%,

9/16/2026

75,000

65,637

Boston

Properties

LP,

3.65%,

2/01/2026

50,000

46,596

Brandywine

Operating

Partnership

LP,

7.55%,

3/15/2028

25,000

22,405

Brixmor

Operating

Partnership

LP,

3.85%,

2/01/2025

25,000

24,088

Brookfield

Finance,

Inc.,

4.00%,

4/01/2024

50,000

49,062

Canadian

Imperial

Bank

of

Commerce

2.25%,

1/28/2025

175,000

167,207

0.95%,

10/23/2025

25,000

22,765

1.25%,

6/22/2026

25,000

22,463

Capital

One

Financial

Corp.

3.30%,

10/30/2024

50,000

48,759

4.25%,

4/30/2025

25,000

24,221

4.20%,

10/29/2025

25,000

23,879

3.75%,

7/28/2026

25,000

23,435

3.65%,

5/11/2027

160,000

149,240

1.88%,

11/02/2027

100,000

86,987

Charles

Schwab

Corp.

(The)

3.75%,

4/01/2024

35,000

34,369

0.90%,

3/11/2026

175,000

155,025

1.15%,

5/13/2026

15,000

13,274

Chubb

INA

Holdings,

Inc.,

3.35%,

5/15/2024

65,000

63,940

Citigroup,

Inc.

3.30%,

4/27/2025

25,000

24,249

4.40%,

6/10/2025

125,000

122,791

5.50%,

9/13/2025

115,000

115,371

3.70%,

1/12/2026

75,000

73,089

93

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Financial

–

45.4%

(continued)

4.60%,

3/09/2026

35,000

34,585

3.11%,

4/08/2026

100,000

96,201

3.20%,

10/21/2026

100,000

95,035

1.12%,

1/28/2027

25,000

22,455

1.46%,

6/09/2027

75,000

67,325

3.89%,

1/10/2028

100,000

96,149

3.07%,

2/24/2028

155,000

144,830

3.67%,

7/24/2028

200,000

189,361

3.52%,

10/27/2028

100,000

93,888

Citizens

Financial

Group,

Inc.,

2.85%,

7/27/2026

35,000

30,892

CME

Group,

Inc.,

3.00%,

3/15/2025

75,000

72,466

CNA

Financial

Corp.,

3.95%,

5/15/2024

50,000

49,238

Cooperatieve

Rabobank

UA,

3.75%,

7/21/2026

250,000

235,260

Corebridge

Financial,

Inc.,

3.50%,

4/04/2025

(b)

100,000

96,116

Credit

Suisse

AG,

1.25%,

8/07/2026

250,000

213,243

Crown

Castle,

Inc.

3.20%,

9/01/2024

90,000

87,617

1.05%,

7/15/2026

50,000

44,421

5.00%,

1/11/2028

75,000

75,815

Deutsche

Bank

AG

0.90%,

5/28/2024

100,000

94,372

4.10%,

1/13/2026

25,000

23,562

1.69%,

3/19/2026

100,000

89,932

2.31%,

11/16/2027

150,000

129,635

Digital

Realty

Trust

LP,

5.55%,

1/15/2028

75,000

75,169

Discover

Financial

Services,

4.50%,

1/30/2026

110,000

106,471

EPR

Properties,

4.50%,

4/01/2025

25,000

24,202

Equinix,

Inc.

2.63%,

11/18/2024

10,000

9,618

1.25%,

7/15/2025

30,000

27,578

1.00%,

9/15/2025

35,000

31,761

1.45%,

5/15/2026

35,000

31,623

ERP

Operating

LP,

3.38%,

6/01/2025

40,000

38,723

Essex

Portfolio

LP

3.88%,

5/01/2024

25,000

24,597

3.63%,

5/01/2027

50,000

47,561

Fifth

Third

Bancorp

2.38%,

1/28/2025

100,000

94,781

2.55%,

5/05/2027

35,000

31,143

First-Citizens

Bank

&

Trust

Co.,

2.97%,

9/27/2025

50,000

46,761

Franklin

Resources,

Inc.,

2.85%,

3/30/2025

35,000

33,434

FS

KKR

Capital

Corp.,

3.40%,

1/15/2026

100,000

91,147

GLP

Capital

LP

/

GLP

Financing

II,

Inc.,

5.25%,

6/01/2025

25,000

24,557

Goldman

Sachs

BDC,

Inc.,

3.75%,

2/10/2025

(a)

25,000

23,971

Goldman

Sachs

Group,

Inc.

(The)

3.85%,

7/08/2024

25,000

24,600

3.50%,

1/23/2025

25,000

24,284

3.50%,

4/01/2025

50,000

48,577

3.75%,

5/22/2025

50,000

48,716

4.25%,

10/21/2025

110,000

108,014

0.86%,

2/12/2026

60,000

55,081

3.50%,

11/16/2026

200,000

190,974

1.09%,

12/09/2026

35,000

31,330

1.43%,

3/09/2027

50,000

44,991

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Financial

–

45.4%

(continued)

1.54%,

9/10/2027

25,000

22,153

1.95%,

10/21/2027

150,000

134,420

2.64%,

2/24/2028

200,000

183,141

3.69%,

6/05/2028

150,000

142,791

4.48%,

8/23/2028

50,000

49,090

Golub

Capital

BDC,

Inc.,

2.50%,

8/24/2026

25,000

21,624

Hanover

Insurance

Group,

Inc.

(The),

4.50%,

4/15/2026

50,000

49,644

Healthcare

Realty

Holdings

LP,

3.75%,

7/01/2027

25,000

23,494

Healthpeak

OP

LLC

4.00%,

6/01/2025

20,000

19,534

1.35%,

2/01/2027

50,000

44,049

Host

Hotels

&

Resorts

LP

3.88%,

4/01/2024

25,000

24,521

Series

E,

4.00%,

6/15/2025

20,000

19,305

HSBC

Holdings

PLC

3.90%,

5/25/2026

200,000

193,289

1.59%,

5/24/2027

200,000

178,183

4.76%,

6/09/2028

200,000

195,399

5.21%,

8/11/2028

200,000

199,071

HSBC

USA,

Inc.,

3.50%,

6/23/2024

250,000

244,432

Huntington

Bancshares,

Inc.,

2.63%,

8/06/2024

100,000

95,529

ING

Groep

NV,

4.02%,

3/28/2028

250,000

238,943

Intercontinental

Exchange,

Inc.

3.75%,

12/01/2025

10,000

9,808

4.00%,

9/15/2027

100,000

99,046

Invesco

Finance

PLC,

3.75%,

1/15/2026

25,000

24,263

JPMorgan

Chase

&

Co.

3.63%,

5/13/2024

110,000

108,516

3.88%,

9/10/2024

110,000

108,114

3.13%,

1/23/2025

50,000

48,678

0.82%,

6/01/2025

130,000

123,522

3.90%,

7/15/2025

40,000

39,420

2.30%,

10/15/2025

60,000

57,347

2.01%,

3/13/2026

125,000

117,908

2.08%,

4/22/2026

50,000

47,102

3.20%,

6/15/2026

50,000

48,321

2.95%,

10/01/2026

100,000

94,905

1.05%,

11/19/2026

50,000

45,171

4.13%,

12/15/2026

100,000

98,285

3.96%,

1/29/2027

50,000

48,640

1.04%,

2/04/2027

50,000

44,872

1.58%,

4/22/2027

50,000

45,306

1.47%,

9/22/2027

100,000

89,137

3.78%,

2/01/2028

100,000

96,033

4.32%,

4/26/2028

250,000

245,248

3.54%,

5/01/2028

150,000

142,368

KeyCorp

4.15%,

10/29/2025

75,000

71,621

2.25%,

4/06/2027

75,000

65,356

Kimco

Realty

OP

LLC,

2.80%,

10/01/2026

50,000

46,217

Kite

Realty

Group

LP,

4.00%,

10/01/2026

50,000

46,432

Legg

Mason,

Inc.,

4.75%,

3/15/2026

50,000

49,571

Lincoln

National

Corp.

3.35%,

3/09/2025

10,000

9,517

3.80%,

3/01/2028

50,000

44,745

94

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Financial

–

45.4%

(continued)

Lloyds

Banking

Group

PLC

4.45%,

5/08/2025

250,000

245,535

4.65%,

3/24/2026

100,000

96,305

Loews

Corp.,

3.75%,

4/01/2026

50,000

49,202

M&T

Bank

Corp.,

4.55%,

8/16/2028

100,000

94,784

Manulife

Financial

Corp.

4.15%,

3/04/2026

25,000

24,602

2.48%,

5/19/2027

50,000

46,571

Mastercard,

Inc.

3.38%,

4/01/2024

25,000

24,652

3.30%,

3/26/2027

80,000

77,619

MID-America

Apartments

LP,

1.10%,

9/15/2026

70,000

62,042

Mitsubishi

UFJ

Financial

Group,

Inc.

3.78%,

3/02/2025

200,000

195,908

2.34%,

1/19/2028

200,000

181,308

5.35%,

9/13/2028

200,000

202,138

Mizuho

Financial

Group,

Inc.,

2.23%,

5/25/2026

200,000

187,094

Morgan

Stanley

3.70%,

10/23/2024

50,000

49,036

0.79%,

5/30/2025

50,000

47,338

2.72%,

7/22/2025

100,000

96,518

4.00%,

7/23/2025

50,000

49,289

Series

I,

0.86%,

10/21/2025

25,000

23,274

5.00%,

11/24/2025

105,000

105,215

3.88%,

1/27/2026

45,000

43,978

2.19%,

4/28/2026

75,000

70,640

3.13%,

7/27/2026

75,000

71,337

Series

G,

4.35%,

9/08/2026

75,000

73,405

0.99%,

12/10/2026

50,000

44,745

3.63%,

1/20/2027

50,000

48,174

3.95%,

4/23/2027

50,000

48,077

1.59%,

5/04/2027

50,000

44,990

1.51%,

7/20/2027

75,000

66,703

2.48%,

1/21/2028

100,000

91,325

3.59%,

7/22/2028

120,000

113,510

Series

G,

3.77%,

1/24/2029

200,000

189,404

5.16%,

4/20/2029

150,000

151,173

National

Australia

Bank

Ltd.

4.97%,

1/12/2026

250,000

253,063

2.50%,

7/12/2026

50,000

47,111

NatWest

Group

PLC

4.80%,

4/05/2026

25,000

24,912

3.75%,

11/01/2029

200,000

188,841

NNN

REIT,

Inc.,

4.00%,

11/15/2025

25,000

24,217

Nomura

Holdings,

Inc.,

2.33%,

1/22/2027

200,000

177,825

Northern

Trust

Corp.,

3.95%,

10/30/2025

25,000

24,409

OMEGA

Healthcare

Investors,

Inc.

4.50%,

1/15/2025

35,000

33,961

4.50%,

4/01/2027

50,000

46,628

ORIX

Corp.

3.70%,

7/18/2027

10,000

9,588

5.00%,

9/13/2027

100,000

100,891

Owl

Rock

Capital

Corp.

3.75%,

7/22/2025

35,000

32,363

4.25%,

1/15/2026

25,000

23,301

3.40%,

7/15/2026

25,000

22,368

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Financial

–

45.4%

(continued)

PNC

Financial

Services

Group,

Inc.

(The)

2.20%,

11/01/2024

75,000

71,617

2.60%,

7/23/2026

100,000

93,572

1.15%,

8/13/2026

50,000

44,360

5.35%,

12/02/2028

(a)

100,000

100,616

Principal

Financial

Group,

Inc.,

3.10%,

11/15/2026

50,000

47,658

ProLogis

LP,

2.13%,

4/15/2027

30,000

27,611

Prospect

Capital

Corp.,

3.71%,

1/22/2026

50,000

44,462

Prudential

Financial,

Inc.,

1.50%,

3/10/2026

100,000

92,120

Public

Storage,

1.50%,

11/09/2026

35,000

31,473

Radian

Group,

Inc.,

4.88%,

3/15/2027

50,000

47,570

Realty

Income

Corp.

3.88%,

4/15/2025

25,000

24,459

4.63%,

11/01/2025

60,000

59,422

3.95%,

8/15/2027

30,000

28,949

Regions

Financial

Corp.,

2.25%,

5/18/2025

50,000

46,596

Royal

Bank

of

Canada

2.25%,

11/01/2024

100,000

95,907

1.15%,

6/10/2025

30,000

27,845

1.20%,

4/27/2026

20,000

18,102

Series

G,

1.15%,

7/14/2026

35,000

31,500

Series

G,

1.40%,

11/02/2026

100,000

89,452

3.63%,

5/04/2027

100,000

96,329

6.00%,

11/01/2027

100,000

105,117

Sabra

Health

Care

LP,

5.13%,

8/15/2026

50,000

47,461

Santander

Holdings

USA,

Inc.

3.50%,

6/07/2024

25,000

24,299

4.50%,

7/17/2025

25,000

24,359

3.24%,

10/05/2026

85,000

78,062

Santander

UK

Group

Holdings

PLC,

1.53%,

8/21/2026

100,000

89,934

Simon

Property

Group

LP

3.38%,

10/01/2024

25,000

24,422

3.50%,

9/01/2025

25,000

24,152

3.30%,

1/15/2026

35,000

33,655

1.38%,

1/15/2027

50,000

44,507

SITE

Centers

Corp.,

3.63%,

2/01/2025

50,000

47,187

State

Street

Corp.

3.55%,

8/18/2025

30,000

29,147

2.35%,

11/01/2025

100,000

95,905

2.65%,

5/19/2026

25,000

23,655

1.68%,

11/18/2027

25,000

22,501

Stifel

Financial

Corp.,

4.25%,

7/18/2024

10,000

9,841

Sumitomo

Mitsui

Financial

Group,

Inc.

2.70%,

7/16/2024

200,000

193,712

2.35%,

1/15/2025

200,000

190,130

3.78%,

3/09/2026

50,000

48,547

2.63%,

7/14/2026

85,000

79,462

3.01%,

10/19/2026

50,000

46,892

Synchrony

Financial

4.50%,

7/23/2025

40,000

37,446

3.70%,

8/04/2026

35,000

31,239

Tanger

Properties

LP,

3.88%,

7/15/2027

50,000

45,090

Toronto-Dominion

Bank

(The)

2.65%,

6/12/2024

100,000

97,219

0.70%,

9/10/2024

50,000

47,073

1.15%,

6/12/2025

30,000

27,724

0.75%,

9/11/2025

50,000

45,365

95

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Financial

–

45.4%

(continued)

1.25%,

9/10/2026

35,000

31,167

1.95%,

1/12/2027

100,000

90,408

4.11%,

6/08/2027

100,000

97,234

Trinity

Acquisition

PLC,

4.40%,

3/15/2026

50,000

49,075

Truist

Bank

2.15%,

12/06/2024

50,000

47,337

3.63%,

9/16/2025

100,000

94,890

Truist

Financial

Corp.

2.85%,

10/26/2024

50,000

48,110

3.70%,

6/05/2025

5,000

4,817

1.20%,

8/05/2025

55,000

50,066

1.27%,

3/02/2027

25,000

22,172

4.12%,

6/06/2028

(a)

160,000

152,708

US

Bancorp

3.60%,

9/11/2024

25,000

24,349

3.95%,

11/17/2025

35,000

33,942

Series

V,

2.38%,

7/22/2026

10,000

9,289

2.22%,

1/27/2028

130,000

117,080

US

Bank

NA,

2.80%,

1/27/2025

(a)

100,000

95,910

Ventas

Realty

LP,

2.65%,

1/15/2025

25,000

23,712

VICI

Properties

LP,

4.38%,

5/15/2025

25,000

24,399

Visa,

Inc.

3.15%,

12/14/2025

50,000

48,564

1.90%,

4/15/2027

100,000

92,642

Voya

Financial,

Inc.,

3.65%,

6/15/2026

50,000

48,022

Wells

Fargo

&

Co.

3.30%,

9/09/2024

50,000

48,952

3.00%,

2/19/2025

25,000

24,186

0.81%,

5/19/2025

15,000

14,276

2.41%,

10/30/2025

50,000

47,846

2.16%,

2/11/2026

135,000

127,752

3.00%,

4/22/2026

35,000

33,360

3.91%,

4/25/2026

125,000

121,902

2.19%,

4/30/2026

75,000

70,660

3.00%,

10/23/2026

100,000

94,220

3.20%,

6/17/2027

100,000

94,359

3.53%,

3/24/2028

150,000

141,865

3.58%,

5/22/2028

100,000

94,484

4.81%,

7/25/2028

150,000

148,747

Welltower

OP

LLC

4.00%,

6/01/2025

20,000

19,498

4.25%,

4/01/2026

65,000

63,903

Western

Union

Co.

(The),

2.85%,

1/10/2025

50,000

47,889

Westpac

Banking

Corp.

1.02%,

11/18/2024

100,000

94,505

1.15%,

6/03/2026

50,000

45,094

2.70%,

8/19/2026

40,000

37,781

3.35%,

3/08/2027

75,000

72,015

5.46%,

11/18/2027

75,000

77,915

23,758,913

Industrial

–

6.8%

3M

Co.

2.00%,

2/14/2025

(a)

75,000

71,567

2.25%,

9/19/2026

(a)

25,000

23,367

Amcor

Finance

USA,

Inc.,

3.63%,

4/28/2026

50,000

48,181

Arrow

Electronics,

Inc.,

6.13%,

3/01/2026

100,000

100,049

Avnet,

Inc.,

4.63%,

4/15/2026

50,000

49,245

Berry

Global,

Inc.,

5.50%,

4/15/2028

(b)

50,000

49,945

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Industrial

–

6.8%

(continued)

Boeing

Co.

(The)

4.88%,

5/01/2025

70,000

69,791

2.75%,

2/01/2026

125,000

118,226

2.20%,

2/04/2026

225,000

208,938

Burlington

Northern

Santa

Fe

LLC

3.65%,

9/01/2025

15,000

14,718

3.25%,

6/15/2027

(a)

50,000

48,435

Canadian

Pacific

Railway

Co.,

1.75%,

12/02/2026

35,000

31,961

Carrier

Global

Corp.

2.24%,

2/15/2025

7,000

6,679

2.49%,

2/15/2027

100,000

92,451

Caterpillar

Financial

Services

Corp.

0.45%,

5/17/2024

20,000

19,106

3.25%,

12/01/2024

123,000

120,488

0.80%,

11/13/2025

25,000

22,844

1.15%,

9/14/2026

50,000

45,221

3.60%,

8/12/2027

50,000

48,984

CNH

Industrial

Capital

LLC

3.95%,

5/23/2025

50,000

48,851

1.88%,

1/15/2026

25,000

23,172

CSX

Corp.

3.35%,

11/01/2025

25,000

24,270

3.25%,

6/01/2027

30,000

28,750

Emerson

Electric

Co.,

1.80%,

10/15/2027

50,000

45,097

FedEx

Corp.,

3.25%,

4/01/2026

25,000

24,368

Flex

Ltd.,

4.75%,

6/15/2025

20,000

19,725

GATX

Corp.,

3.25%,

9/15/2026

50,000

47,171

General

Dynamics

Corp.

2.38%,

11/15/2024

25,000

24,149

3.25%,

4/01/2025

25,000

24,380

3.50%,

5/15/2025

15,000

14,712

1.15%,

6/01/2026

50,000

45,788

Honeywell

International,

Inc.

1.35%,

6/01/2025

25,000

23,532

2.50%,

11/01/2026

50,000

47,601

1.10%,

3/01/2027

50,000

45,063

Jabil,

Inc.,

1.70%,

4/15/2026

25,000

22,686

JB

Hunt

Transport

Services,

Inc.,

3.88%,

3/01/2026

30,000

29,368

John

Deere

Capital

Corp.

2.65%,

6/24/2024

90,000

87,969

0.70%,

1/15/2026

100,000

91,089

2.65%,

6/10/2026

25,000

23,840

1.05%,

6/17/2026

25,000

22,796

2.25%,

9/14/2026

25,000

23,560

1.30%,

10/13/2026

25,000

22,671

2.35%,

3/08/2027

(a)

50,000

46,690

1.75%,

3/09/2027

50,000

45,711

Legrand

France

SA,

8.50%,

2/15/2025

35,000

37,303

Lennox

International,

Inc.,

1.70%,

8/01/2027

50,000

44,195

Lockheed

Martin

Corp.,

3.55%,

1/15/2026

26,000

25,619

Masco

Corp.,

1.50%,

2/15/2028

50,000

43,285

Northrop

Grumman

Corp.

2.93%,

1/15/2025

75,000

72,721

3.25%,

1/15/2028

50,000

47,588

Otis

Worldwide

Corp.,

2.06%,

4/05/2025

25,000

23,663

Owens

Corning,

3.40%,

8/15/2026

25,000

23,983

96

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Industrial

–

6.8%

(continued)

Packaging

Corp.

of

America,

3.65%,

9/15/2024

40,000

39,320

Parker-Hannifin

Corp.,

3.65%,

6/15/2024

125,000

123,121

Raytheon

Technologies

Corp.

3.95%,

8/16/2025

100,000

98,683

7.20%,

8/15/2027

50,000

55,679

Regal

Rexnord

Corp.,

6.05%,

4/15/2028

(b)

75,000

75,682

Republic

Services,

Inc.

2.50%,

8/15/2024

30,000

29,071

0.88%,

11/15/2025

25,000

22,733

Ryder

System,

Inc.

2.50%,

9/01/2024

25,000

24,126

3.35%,

9/01/2025

25,000

24,012

4.30%,

6/15/2027

75,000

73,346

Stanley

Black

&

Decker,

Inc.,

4.00%,

3/15/2060

25,000

19,121

Teledyne

Technologies,

Inc.,

1.60%,

4/01/2026

25,000

22,885

Trane

Technologies

Luxembourg

Finance

SA,

3.50%,

3/21/2026

50,000

48,201

Tyco

Electronics

Group

SA,

3.70%,

2/15/2026

50,000

49,063

Union

Pacific

Corp.,

2.75%,

3/01/2026

50,000

47,981

United

Parcel

Service,

Inc.

2.20%,

9/01/2024

15,000

14,524

2.80%,

11/15/2024

25,000

24,358

2.40%,

11/15/2026

50,000

47,422

Vontier

Corp.,

1.80%,

4/01/2026

50,000

44,696

Vulcan

Materials

Co.

4.50%,

4/01/2025

25,000

24,864

3.90%,

4/01/2027

25,000

24,481

Waste

Management,

Inc.

0.75%,

11/15/2025

25,000

22,710

1.15%,

3/15/2028

50,000

43,148

Westinghouse

Air

Brake

Technologies

Corp.,

3.20%,

6/15/2025

75,000

71,505

WRKCo,

Inc.

3.00%,

9/15/2024

40,000

38,821

3.75%,

3/15/2025

25,000

24,328

3,545,443

Technology

–

7.9%

Activision

Blizzard,

Inc.,

3.40%,

6/15/2027

50,000

48,063

Adobe,

Inc.,

2.15%,

2/01/2027

75,000

69,801

Analog

Devices,

Inc.,

2.95%,

4/01/2025

50,000

48,552

Apple,

Inc.

3.45%,

5/06/2024

50,000

49,303

2.85%,

5/11/2024

125,000

122,746

1.80%,

9/11/2024

25,000

24,160

2.75%,

1/13/2025

50,000

48,799

1.13%,

5/11/2025

75,000

70,530

3.20%,

5/13/2025

35,000

34,338

0.55%,

8/20/2025

(a)

25,000

23,064

0.70%,

2/08/2026

25,000

22,826

3.25%,

2/23/2026

75,000

73,456

2.45%,

8/04/2026

35,000

33,383

2.05%,

9/11/2026

50,000

46,894

3.35%,

2/09/2027

150,000

146,729

1.20%,

2/08/2028

100,000

88,451

Applied

Materials,

Inc.,

3.30%,

4/01/2027

50,000

48,434

AutoDesk,

Inc.,

4.38%,

6/15/2025

25,000

24,855

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Technology

–

7.9%

(continued)

Broadcom,

Inc.

3.63%,

10/15/2024

45,000

44,007

3.15%,

11/15/2025

25,000

24,002

3.46%,

9/15/2026

75,000

71,895

1.95%,

2/15/2028

(b)

50,000

43,864

CDW

LLC

/

CDW

Finance

Corp.,

4.13%,

5/01/2025

50,000

48,860

Dell

International

LLC

/

EMC

Corp.

5.85%,

7/15/2025

25,000

25,491

6.02%,

6/15/2026

100,000

102,905

4.90%,

10/01/2026

50,000

50,104

Electronic

Arts,

Inc.,

4.80%,

3/01/2026

5,000

5,036

Fidelity

National

Information

Services,

Inc.

1.15%,

3/01/2026

35,000

31,517

1.65%,

3/01/2028

50,000

43,201

Fiserv,

Inc.

2.75%,

7/01/2024

110,000

106,892

3.20%,

7/01/2026

25,000

23,829

2.25%,

6/01/2027

40,000

36,448

Genpact

Luxembourg

Sarl,

3.38%,

12/01/2024

10,000

9,669

Hewlett

Packard

Enterprise

Co.,

1.75%,

4/01/2026

100,000

92,391

HP,

Inc.

2.20%,

6/17/2025

70,000

66,254

4.75%,

1/15/2028

50,000

49,648

Intel

Corp.

3.40%,

3/25/2025

25,000

24,575

3.70%,

7/29/2025

80,000

78,763

3.75%,

8/05/2027

90,000

88,099

4.88%,

2/10/2028

75,000

76,289

International

Business

Machines

Corp.

3.00%,

5/15/2024

100,000

98,033

7.00%,

10/30/2025

25,000

26,450

3.30%,

5/15/2026

100,000

96,961

2.20%,

2/09/2027

150,000

138,800

KLA

Corp.,

4.65%,

11/01/2024

60,000

59,999

Kyndryl

Holdings,

Inc.,

2.05%,

10/15/2026

25,000

21,891

LAM

Research

Corp.

3.80%,

3/15/2025

25,000

24,611

3.75%,

3/15/2026

25,000

24,684

Leidos,

Inc.,

3.63%,

5/15/2025

10,000

9,724

Marvell

Technology,

Inc.,

1.65%,

4/15/2026

25,000

22,803

Microchip

Technology,

Inc.,

0.98%,

9/01/2024

100,000

94,094

Microsoft

Corp.

2.70%,

2/12/2025

25,000

24,362

3.13%,

11/03/2025

35,000

34,225

2.40%,

8/08/2026

110,000

104,899

3.30%,

2/06/2027

150,000

147,392

NetApp,

Inc.,

1.88%,

6/22/2025

25,000

23,445

NVIDIA

Corp.,

3.20%,

9/16/2026

50,000

48,728

Oracle

Corp.

3.40%,

7/08/2024

50,000

49,031

2.50%,

4/01/2025

50,000

47,727

2.95%,

5/15/2025

40,000

38,540

1.65%,

3/25/2026

150,000

137,786

2.65%,

7/15/2026

75,000

70,421

2.80%,

4/01/2027

25,000

23,282

97

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Technology

–

7.9%

(continued)

3.25%,

11/15/2027

100,000

94,264

QUALCOMM,

Inc.

2.90%,

5/20/2024

50,000

49,028

3.25%,

5/20/2027

80,000

77,541

Roper

Technologies,

Inc.

2.35%,

9/15/2024

20,000

19,254

1.00%,

9/15/2025

50,000

45,850

Take-Two

Interactive

Software,

Inc.,

3.70%,

4/14/2027

30,000

28,998

Texas

Instruments,

Inc.,

1.38%,

3/12/2025

50,000

47,365

TSMC

Arizona

Corp.,

1.75%,

10/25/2026

25,000

22,762

VMware,

Inc.

1.00%,

8/15/2024

50,000

47,340

1.40%,

8/15/2026

50,000

44,625

3.90%,

8/21/2027

30,000

28,871

Western

Digital

Corp.,

4.75%,

2/15/2026

50,000

47,543

Xilinx,

Inc.,

2.95%,

6/01/2024

40,000

39,111

4,128,563

Utilities

–

5.4%

AEP

Transmission

Co.

LLC,

3.10%,

12/01/2026

50,000

47,779

AES

Corp.

(The),

1.38%,

1/15/2026

75,000

67,823

Ameren

Corp.,

2.50%,

9/15/2024

40,000

38,507

Avangrid,

Inc.

3.15%,

12/01/2024

15,000

14,511

3.20%,

4/15/2025

20,000

19,218

Berkshire

Hathaway

Energy

Co.,

4.05%,

4/15/2025

25,000

24,740

Black

Hills

Corp.,

3.95%,

1/15/2026

10,000

9,694

CenterPoint

Energy,

Inc.,

1.45%,

6/01/2026

10,000

9,088

Cleveland

Electric

Illuminating

Co.

(The),

5.50%,

8/15/2024

10,000

10,056

CMS

Energy

Corp.,

3.00%,

5/15/2026

10,000

9,537

Connecticut

Light

&

Power

Co.

(The),

Series

A,

0.75%,

12/01/2025

30,000

27,232

Dominion

Energy,

Inc.

3.07%,

8/15/2024

(c)

60,000

58,330

Series

D,

2.85%,

8/15/2026

50,000

47,080

DTE

Energy

Co.

Series

C,

2.53%,

10/01/2024

(c)

25,000

24,068

Series

F,

1.05%,

6/01/2025

50,000

46,204

2.85%,

10/01/2026

25,000

23,497

Duke

Energy

Corp.,

2.65%,

9/01/2026

50,000

47,008

Duke

Energy

Florida

LLC,

3.20%,

1/15/2027

75,000

71,994

Duke

Energy

Progress

LLC,

3.25%,

8/15/2025

50,000

48,580

Eastern

Energy

Gas

Holdings

LLC,

Series

A,

2.50%,

11/15/2024

25,000

24,070

Edison

International,

3.55%,

11/15/2024

45,000

43,762

Emera

US

Finance

LP,

3.55%,

6/15/2026

25,000

23,886

Entergy

Corp.,

2.95%,

9/01/2026

60,000

56,656

Entergy

Louisiana

LLC,

5.59%,

10/01/2024

35,000

35,321

Evergy

Kansas

Central,

Inc.,

2.55%,

7/01/2026

25,000

23,608

Evergy,

Inc.,

2.45%,

9/15/2024

25,000

24,058

Eversource

Energy

Series

L,

2.90%,

10/01/2024

10,000

9,689

Series

Q,

0.80%,

8/15/2025

25,000

22,794

Series

U,

1.40%,

8/15/2026

50,000

45,013

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Utilities

–

5.4%

(continued)

Exelon

Corp.

3.40%,

4/15/2026

20,000

19,319

2.75%,

3/15/2027

100,000

93,799

Florida

Power

&

Light

Co.

3.25%,

6/01/2024

50,000

49,211

2.85%,

4/01/2025

65,000

63,091

3.13%,

12/01/2025

25,000

24,297

Fortis,

Inc.,

3.06%,

10/04/2026

50,000

47,164

Iberdrola

International

BV,

5.81%,

3/15/2025

35,000

35,763

Interstate

Power

&

Light

Co.,

3.25%,

12/01/2024

15,000

14,591

IPALCO

Enterprises,

Inc.,

3.70%,

9/01/2024

25,000

24,318

MidAmerican

Energy

Co.,

3.10%,

5/01/2027

50,000

47,837

National

Rural

Utilities

Cooperative

Finance

Corp.

3.25%,

11/01/2025

85,000

82,161

4.80%,

3/15/2028

75,000

76,058

NextEra

Energy

Capital

Holdings,

Inc.

4.20%,

6/20/2024

100,000

99,112

1.88%,

1/15/2027

75,000

68,214

4.63%,

7/15/2027

50,000

50,044

4.90%,

2/28/2028

50,000

50,631

NiSource,

Inc.,

0.95%,

8/15/2025

75,000

68,838

Oncor

Electric

Delivery

Co.

LLC,

2.75%,

6/01/2024

25,000

24,394

Pacific

Gas

&

Electric

Co.

3.45%,

7/01/2025

50,000

47,743

3.15%,

1/01/2026

50,000

47,141

3.30%,

3/15/2027

50,000

46,215

Public

Service

Electric

&

Gas

Co.,

0.95%,

3/15/2026

100,000

91,169

Public

Service

Enterprise

Group,

Inc.,

2.88%,

6/15/2024

10,000

9,736

San

Diego

Gas

&

Electric

Co.,

2.50%,

5/15/2026

10,000

9,494

Southern

California

Edison

Co.

Series

D,

4.70%,

6/01/2027

75,000

75,409

5.30%,

3/01/2028

50,000

51,371

Southern

California

Gas

Co.

Series

TT,

2.60%,

6/15/2026

10,000

9,504

2.95%,

4/15/2027

80,000

75,762

Southern

Co.

(The)

3.25%,

7/01/2026

65,000

62,326

5.11%,

8/01/2027

80,000

80,645

Series

B,

4.00%,

1/15/2051

25,000

23,428

Southern

Power

Co.,

0.90%,

1/15/2026

35,000

31,779

Southwestern

Electric

Power

Co.,

Series

N,

1.65%,

3/15/2026

85,000

77,954

Union

Electric

Co.,

2.95%,

6/15/2027

50,000

47,500

Virginia

Electric

&

Power

Co.

Series

A,

3.10%,

5/15/2025

10,000

9,664

Series

A,

3.15%,

1/15/2026

25,000

24,314

Series

B,

3.75%,

5/15/2027

30,000

29,386

WEC

Energy

Group,

Inc.,

5.15%,

10/01/2027

50,000

51,091

Wisconsin

Electric

Power

Co.,

2.05%,

12/15/2024

20,000

19,194

98

STATEMENT

OF

INVESTMENTS

(continued)

See

Notes

to

Financial

Statements

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

98.8%

(continued)

Utilities

–

5.4%

(continued)

Xcel

Energy,

Inc.,

3.30%,

6/01/2025

30,000

29,143

2,842,613

Total

Corporate

Bonds

(cost

$54,230,881)

51,666,597

Shares

Investment

Companies

–

2.4%

Registered

Investment

Companies

–

2.4%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.81%

(d)(e)

(cost

$1,249,338)

1,249,338

1,249,338

Investment

of

Cash

Collateral

for

Securities

Loaned

–

2.0%

Registered

Investment

Companies

–

2.0%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.81%

(d)(e)

(cost

$1,041,640)

1,041,640

1,041,640

Total

Investments

(cost

$56,521,859)

103.2%

53,957,575

Liabilities,

Less

Cash

and

Receivables

(3.2)%

(1,687,654)

Net

Assets

100.0%

52,269,921

REIT—Real

Estate

Investment

Trust

(a)

Security,

or

portion

thereof,

on

loan.

At

April

30,

2023,

the

value

of

the

fund’s

securities

on

loan

was

$1,129,881

and

the

value

of

the

collateral

was

$1,163,878,

consisting

of

cash

collateral

of

$1,041,640

and

U.S.

Government

&

Agency

securities

valued

at

$122,238.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

April

30,

2023,

these

securities

were

valued

at

$809,236

or

1.55%

of

net

assets.

(c)

Step

coupon

bond.

The

interest

rate

represents

the

coupon

rate

at

which

the

bond

will

accrue

at

a

specified

future

date.

(d)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(e)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2023.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2023

are

as

follows:

Description

Value

10/31/22

Purchases

($)

1

Sales

($)

Value

4/30/23

Dividends/

Distributions

($)

Investment

Companies

–

2.4%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

1,258,883

6,525,331

(6,534,876)

1,249,338

6,021

Investment

of

Cash

Collateral

for

Securities

Loaned

–

2.0%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

990,390

3,467,412

(3,416,162)

1,041,640

5,853

2

Total

–

4.4%

2,249,273

9,992,743

(9,951,038)

2,290,978

11,874

1

Includes

reinvested

dividends/distributions.

2

Represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Portfolio

Summary

(Unaudited)

†

Value

(%)

Financial

45.4

Consumer,

Non-cyclical

13.7

Technology

7.9

Industrial

6.8

Consumer,

Cyclical

6.7

Communications

5.8

Energy

5.5

Utilities

5.4

Registered

Investment

Companies

4.4

Basic

Materials

1.6

103.2

†

Based

on

net

assets.

99

STATEMENT

OF

INVESTMENTS

April

30,

2023

(Unaudited)

BNY

Mellon

High

Yield

Beta

ETF

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

Basic

Materials

–

4.4%

Ahlstrom

Holding

3

Oy,

4.88%,

2/04/2028

(a)

56,000

47,534

Allegheny

Ludlum

LLC,

6.95%,

12/15/2025

20,000

20,272

AngloGold

Ashanti

Holdings

PLC,

6.50%,

4/15/2040

20,000

19,716

Arconic

Corp.

6.00%,

5/15/2025

(a)

80,000

79,950

6.13%,

2/15/2028

(a)

231,000

227,937

Ashland

LLC

3.38%,

9/01/2031

(a)

20,000

16,557

6.88%,

5/15/2043

15,000

15,026

ASP

Unifrax

Holdings,

Inc.

5.25%,

9/30/2028

(a)

200,000

164,813

7.50%,

9/30/2029

(a)

65,000

47,019

ATI,

Inc.

5.88%,

12/01/2027

88,000

86,054

4.88%,

10/01/2029

65,000

59,884

5.13%,

10/01/2031

100,000

90,432

Avient

Corp.

5.75%,

5/15/2025

(a)

179,000

178,779

7.13%,

8/01/2030

(a)

223,000

228,069

Axalta

Coating

Systems

LLC,

3.38%,

2/15/2029

(a)(b)

190,000

165,264

Axalta

Coating

Systems

LLC

/

Axalta

Coating

Systems

Dutch

Holding

B

BV,

4.75%,

6/15/2027

(a)(b)

130,000

125,658

Baffinland

Iron

Mines

Corp.

/

Baffinland

Iron

Mines

LP,

8.75%,

7/15/2026

(a)

138,000

133,307

Big

River

Steel

LLC

/

BRS

Finance

Corp.,

6.63%,

1/31/2029

(a)

173,000

171,884

Carpenter

Technology

Corp.

6.38%,

7/15/2028

130,000

128,937

7.63%,

3/15/2030

150,000

153,947

Century

Aluminum

Co.,

7.50%,

4/01/2028

(a)

64,000

60,474

Cerdia

Finanz

GMBH,

10.50%,

2/15/2027

(a)

80,000

76,166

Chemours

Co.

(The)

5.38%,

5/15/2027

(b)

135,000

125,489

5.75%,

11/15/2028

(a)

315,000

279,890

4.63%,

11/15/2029

(a)

188,000

154,836

Cleveland-Cliffs,

Inc.

6.75%,

3/15/2026

(a)

33,000

33,559

5.88%,

6/01/2027

(b)

32,000

31,486

4.63%,

3/01/2029

(a)

3,000

2,715

6.75%,

4/15/2030

(a)

795,000

775,290

4.88%,

3/01/2031

(a)

12,000

10,544

6.25%,

10/01/2040

10,000

8,459

Coeur

Mining,

Inc.,

5.13%,

2/15/2029

(a)(b)

15,000

12,380

Commercial

Metals

Co.

4.13%,

1/15/2030

25,000

22,499

3.88%,

2/15/2031

24,000

20,992

4.38%,

3/15/2032

30,000

25,978

Compass

Minerals

International,

Inc.

4.88%,

7/15/2024

(a)

117,000

117,000

6.75%,

12/01/2027

(a)

171,000

164,922

Consolidated

Energy

Finance

SA

6.50%,

5/15/2026

(a)

20,000

18,909

5.63%,

10/15/2028

(a)

90,000

79,068

Constellium

SE

5.88%,

2/15/2026

(a)

46,000

45,790

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Basic

Materials

–

4.4%

(continued)

3.75%,

4/15/2029

(a)

66,000

56,878

Cornerstone

Chemical

Co.,

10.25%,

9/01/2027

(a)(c)

145,000

129,408

CVR

Partners

LP

/

CVR

Nitrogen

Finance

Corp.,

6.13%,

6/15/2028

(a)

80,000

72,363

Diamond

BC

BV,

4.63%,

10/01/2029

(a)

125,000

123,125

Domtar

Corp.,

6.75%,

10/01/2028

(a)

162,000

140,782

Element

Solutions,

Inc.,

3.88%,

9/01/2028

(a)

245,000

216,483

Ferroglobe

PLC

/

Globe

Specialty

Metals,

Inc.,

9.38%,

12/31/2025

(a)

150,000

151,765

FMG

Resources

(August

2006)

Pty

Ltd.

4.50%,

9/15/2027

(a)

120,000

114,004

5.88%,

4/15/2030

(a)

173,000

167,449

4.38%,

4/01/2031

(a)

350,000

304,520

6.13%,

4/15/2032

(a)

215,000

208,030

Glatfelter

Corp.,

4.75%,

11/15/2029

(a)

74,000

52,489

GPD

Cos.,

Inc.,

10.13%,

4/01/2026

(a)

115,000

105,387

HB

Fuller

Co.

4.00%,

2/15/2027

15,000

14,175

4.25%,

10/15/2028

15,000

13,768

Hecla

Mining

Co.,

7.25%,

2/15/2028

142,000

142,183

Herens

Holdco

Sarl,

4.75%,

5/15/2028

(a)

30,000

24,879

Hudbay

Minerals,

Inc.

4.50%,

4/01/2026

130,000

121,059

6.13%,

4/01/2029

155,000

145,633

Illuminate

Buyer

LLC

/

Illuminate

Holdings

IV,

Inc.,

9.00%,

7/01/2028

(a)

140,000

124,430

INEOS

Quattro

Finance

2

PLC,

3.38%,

1/15/2026

(a)

158,000

145,858

Infrabuild

Australia

Pty

Ltd.,

12.00%,

10/01/2024

(a)

50,000

47,730

Ingevity

Corp.,

3.88%,

11/01/2028

(a)

101,000

88,898

Innophos

Holdings,

Inc.,

9.38%,

2/15/2028

(a)

72,000

72,924

Iris

Holdings,

Inc.

8.75%,

2/15/2026

(a)(c)

20,000

18,458

10.00%,

12/15/2028

(a)

35,000

27,708

JW

Aluminum

Continuous

Cast

Co.,

10.25%,

6/01/2026

(a)

155,000

155,903

Kaiser

Aluminum

Corp.

4.63%,

3/01/2028

(a)

126,000

111,195

4.50%,

6/01/2031

(a)

179,000

141,652

Kobe

US

Midco

2,

Inc.,

9.25%,

11/01/2026

(a)(c)

70,000

49,057

LSF11

A5

HoldCo

LLC,

6.63%,

10/15/2029

(a)

95,000

81,841

Mativ

Holdings,

Inc.,

6.88%,

10/01/2026

(a)

182,000

166,313

Mercer

International,

Inc.

5.50%,

1/15/2026

105,000

100,943

5.13%,

2/01/2029

220,000

183,811

Methanex

Corp.

4.25%,

12/01/2024

20,000

19,522

5.13%,

10/15/2027

179,000

170,920

5.25%,

12/15/2029

(b)

280,000

262,841

5.65%,

12/01/2044

30,000

25,139

Mineral

Resources

Ltd.

8.13%,

5/01/2027

(a)

150,000

151,360

8.00%,

11/01/2027

(a)

142,000

144,307

8.50%,

5/01/2030

(a)

114,000

116,017

Minerals

Technologies,

Inc.,

5.00%,

7/01/2028

(a)

35,000

32,213

New

Gold,

Inc.,

7.50%,

7/15/2027

(a)

190,000

182,867

100

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Basic

Materials

–

4.4%

(continued)

Novelis

Corp.

3.25%,

11/15/2026

(a)

152,000

139,175

4.75%,

1/30/2030

(a)

344,000

311,370

3.88%,

8/15/2031

(a)

116,000

97,124

Nufarm

Australia

Ltd.

/

Nufarm

Americas,

Inc.,

5.00%,

1/27/2030

(a)

89,000

79,210

Olin

Corp.

5.13%,

9/15/2027

166,000

160,752

5.63%,

8/01/2029

234,000

228,128

5.00%,

2/01/2030

(b)

185,000

172,921

Olympus

Water

US

Holding

Corp.

7.13%,

10/01/2027

(a)

70,000

66,753

4.25%,

10/01/2028

(a)

160,000

136,177

6.25%,

10/01/2029

(a)

94,000

75,574

Perenti

Finance

Pty,

Ltd.,

6.50%,

10/07/2025

(a)

155,000

150,513

Polar

US

Borrower

LLC

/

Schenectady

International

Group,

Inc.,

6.75%,

5/15/2026

(a)

10,000

6,075

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp.,

7.25%,

4/01/2025

(a)

147,000

142,730

Rayonier

AM

Products,

Inc.

5.50%,

6/01/2024

(a)(b)

10,000

10,013

7.63%,

1/15/2026

(a)

92,000

81,910

SCIH

Salt

Holdings,

Inc.

4.88%,

5/01/2028

(a)

270,000

243,015

6.63%,

5/01/2029

(a)

169,000

140,929

SCIL

IV

LLC

/

SCIL

USA

Holdings

LLC,

5.38%,

11/01/2026

(a)(b)

192,000

176,736

SK

Invictus

Intermediate

II

Sarl,

5.00%,

10/30/2029

(a)

115,000

97,913

SPCM

SA

3.13%,

3/15/2027

(a)

111,000

99,725

3.38%,

3/15/2030

(a)

215,000

179,470

Tacora

Resources,

Inc.,

8.25%,

5/15/2026

(a)

149,000

113,421

Taseko

Mines

Ltd.,

7.00%,

2/15/2026

(a)

100,000

92,367

TMS

International

Corp.,

6.25%,

4/15/2029

(a)

120,000

93,447

TPC

Group,

Inc.,

13.00%,

12/16/2027

(a)

60,000

60,165

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance,

Inc.

5.38%,

9/01/2025

(a)

80,000

66,974

5.13%,

4/01/2029

(a)

125,000

77,517

Tronox,

Inc.,

4.63%,

3/15/2029

(a)

400,000

332,231

United

States

Steel

Corp.

6.88%,

3/01/2029

123,000

121,512

6.65%,

6/01/2037

180,000

170,123

Valvoline,

Inc.,

3.63%,

6/15/2031

(a)

184,000

152,845

Vibrantz

Technologies,

Inc.,

9.00%,

2/15/2030

(a)

195,000

150,387

WR

Grace

Holdings

LLC

4.88%,

6/15/2027

(a)

145,000

137,934

5.63%,

8/15/2029

(a)

225,000

194,164

13,713,072

Communications

–

14.3%

Acuris

Finance

US,

Inc.

/

Acuris

Finance

Sarl,

5.00%,

5/01/2028

(a)

100,000

79,321

Advantage

Sales

&

Marketing,

Inc.,

6.50%,

11/15/2028

(a)

155,000

119,332

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Communications

–

14.3%

(continued)

Altice

Financing

SA

5.00%,

1/15/2028

(a)

242,000

195,991

5.75%,

8/15/2029

(a)(b)

418,000

333,604

Altice

France

Holding

SA

10.50%,

5/15/2027

(a)

465,000

342,251

6.00%,

2/15/2028

(a)

249,000

153,229

Altice

France

SA

8.13%,

2/01/2027

(a)

422,000

376,977

5.50%,

1/15/2028

(a)

272,000

214,151

5.13%,

1/15/2029

(a)

195,000

142,978

5.13%,

7/15/2029

(a)

589,000

436,481

5.50%,

10/15/2029

(a)

445,000

333,625

AMC

Networks,

Inc.

4.75%,

8/01/2025

257,000

238,244

4.25%,

2/15/2029

330,000

228,717

Angi

Group

LLC,

3.88%,

8/15/2028

(a)(b)

100,000

78,143

Arches

Buyer,

Inc.

4.25%,

6/01/2028

(a)

189,000

162,604

6.13%,

12/01/2028

(a)

66,000

57,226

Audacy

Capital

Corp.,

6.75%,

3/31/2029

(a)

20,000

1,466

Beasley

Mezzanine

Holdings

LLC,

8.63%,

2/01/2026

(a)

55,000

35,378

Belo

Corp.

7.75%,

6/01/2027

78,000

74,715

7.25%,

9/15/2027

95,000

89,621

Block

Communications,

Inc.,

4.88%,

3/01/2028

(a)

15,000

12,989

British

Telecommunications

PLC

4.25%,

11/23/2081

(a)

149,000

131,184

4.88%,

11/23/2081

(a)

140,000

112,801

Cable

One,

Inc.,

4.00%,

11/15/2030

(a)(b)

190,000

154,346

Cablevision

Lightpath

LLC

3.88%,

9/15/2027

(a)

85,000

71,066

5.63%,

9/15/2028

(a)

115,000

84,111

Cars.com,

Inc.,

6.38%,

11/01/2028

(a)

130,000

123,198

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.50%,

5/01/2026

(a)

190,000

186,467

5.13%,

5/01/2027

(a)

790,000

747,054

5.00%,

2/01/2028

(a)

620,000

574,526

5.38%,

6/01/2029

(a)

380,000

348,828

6.38%,

9/01/2029

(a)

350,000

332,724

4.75%,

3/01/2030

(a)

742,000

638,723

4.50%,

8/15/2030

(a)

710,000

598,844

4.25%,

2/01/2031

(a)

724,000

595,770

7.38%,

3/01/2031

(a)(b)

300,000

294,000

4.75%,

2/01/2032

(a)

304,000

251,580

4.50%,

5/01/2032

700,000

561,459

4.50%,

6/01/2033

(a)

430,000

342,848

4.25%,

1/15/2034

(a)

392,000

300,110

Cengage

Learning,

Inc.,

9.50%,

6/15/2024

(a)

105,000

105,140

Ciena

Corp.,

4.00%,

1/31/2030

(a)

25,000

21,962

Clear

Channel

International

BV,

6.63%,

8/01/2025

(a)(b)

100,000

98,694

Clear

Channel

Outdoor

Holdings,

Inc.

5.13%,

8/15/2027

(a)(b)

203,000

183,367

7.75%,

4/15/2028

(a)

245,000

186,110

7.50%,

6/01/2029

(a)

280,000

207,220

CMG

Media

Corp.,

8.88%,

12/15/2027

(a)

255,000

197,646

101

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Communications

–

14.3%

(continued)

Cogent

Communications

Group,

Inc.

3.50%,

5/01/2026

(a)

110,000

102,746

7.00%,

6/15/2027

(a)

200,000

198,632

CommScope

Technologies

LLC

6.00%,

6/15/2025

(a)

296,000

278,118

5.00%,

3/15/2027

(a)

171,000

117,971

CommScope,

Inc.

6.00%,

3/01/2026

(a)

242,000

230,913

8.25%,

3/01/2027

(a)

225,000

174,329

7.13%,

7/01/2028

(a)

249,000

178,457

4.75%,

9/01/2029

(a)(b)

204,000

164,599

Connect

Finco

Sarl

/

Connect

US

Finco

LLC,

6.75%,

10/01/2026

(a)

569,000

541,941

Consolidated

Communications,

Inc.

5.00%,

10/01/2028

(a)

20,000

14,581

6.50%,

10/01/2028

(a)

110,000

85,698

CSC

Holdings

LLC

5.25%,

6/01/2024

280,000

273,071

5.50%,

4/15/2027

(a)

240,000

205,260

5.38%,

2/01/2028

(a)

220,000

180,415

7.50%,

4/01/2028

(a)

159,000

99,736

6.50%,

2/01/2029

(a)

435,000

363,301

5.75%,

1/15/2030

(a)

500,000

255,024

4.13%,

12/01/2030

(a)

210,000

150,873

4.63%,

12/01/2030

(a)

524,000

255,601

3.38%,

2/15/2031

(a)

210,000

144,567

4.50%,

11/15/2031

(a)

225,000

157,560

5.00%,

11/15/2031

(a)

165,000

79,050

Cumulus

Media

New

Holdings,

Inc.,

6.75%,

7/01/2026

(a)(b)

124,000

94,017

DIRECTV

Financing

LLC

/

DIRECTV

Financing

Co.-Obligor,

Inc.,

5.88%,

8/15/2027

(a)

1,080,000

947,802

DISH

DBS

Corp.

7.75%,

7/01/2026

605,000

349,312

5.25%,

12/01/2026

(a)

568,000

433,531

7.38%,

7/01/2028

235,000

117,395

5.75%,

12/01/2028

(a)

450,000

320,746

5.13%,

6/01/2029

445,000

205,725

DISH

Network

Corp.,

11.75%,

11/15/2027

(a)

538,000

508,742

Embarq

Corp.,

8.00%,

6/01/2036

363,000

155,972

Frontier

Communications

Holdings

LLC

5.88%,

10/15/2027

(a)

270,000

248,436

5.00%,

5/01/2028

(a)

344,000

301,797

6.75%,

5/01/2029

(a)

265,000

213,280

5.88%,

11/01/2029

199,000

151,242

6.00%,

1/15/2030

(a)

240,000

183,600

8.75%,

5/15/2030

(a)

305,000

301,699

8.63%,

3/15/2031

(a)

185,000

180,407

Frontier

Florida

LLC,

Series

E,

6.86%,

2/01/2028

30,000

27,114

Frontier

North,

Inc.,

Series

G,

6.73%,

2/15/2028

105,000

94,027

Gannett

Holdings

LLC,

6.00%,

11/01/2026

(a)

82,000

68,989

GCI

LLC,

4.75%,

10/15/2028

(a)

86,000

73,530

GEN

Digital,

Inc.

5.00%,

4/15/2025

(a)

250,000

247,272

6.75%,

9/30/2027

(a)

351,000

353,756

7.13%,

9/30/2030

(a)

227,000

228,201

Getty

Images,

Inc.,

9.75%,

3/01/2027

(a)

27,000

27,022

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Communications

–

14.3%

(continued)

Go

Daddy

Operating

Co.

LLC

/

GD

Finance

Co.,

Inc.

5.25%,

12/01/2027

(a)

84,000

80,768

3.50%,

3/01/2029

(a)

178,000

154,181

GoTo

Group,

Inc.,

5.50%,

9/01/2027

(a)

296,000

166,293

Gray

Escrow

II,

Inc.,

5.38%,

11/15/2031

(a)

155,000

99,465

Gray

Television,

Inc.

5.88%,

7/15/2026

(a)

107,000

90,937

7.00%,

5/15/2027

(a)(b)

101,000

81,770

4.75%,

10/15/2030

(a)

290,000

187,340

GrubHub

Holdings,

Inc.,

5.50%,

7/01/2027

(a)

180,000

131,365

Hughes

Satellite

Systems

Corp.

5.25%,

8/01/2026

155,000

148,104

6.63%,

8/01/2026

285,000

269,141

iHeartCommunications,

Inc.

6.38%,

5/01/2026

246,000

211,725

8.38%,

5/01/2027

297,000

194,486

5.25%,

8/15/2027

(a)

199,000

157,225

4.75%,

1/15/2028

(a)

93,000

72,361

Iliad

Holding

SASU

6.50%,

10/15/2026

(a)

311,000

299,190

7.00%,

10/15/2028

(a)

280,000

266,088

Intelsat

Jackson

Holdings

SA,

6.50%,

3/15/2030

(a)

784,000

728,229

ION

Trading

Technologies

Sarl,

5.75%,

5/15/2028

(a)

125,000

104,518

Lamar

Media

Corp.

3.75%,

2/15/2028

157,000

145,196

4.88%,

1/15/2029

(b)

148,000

140,970

4.00%,

2/15/2030

229,000

205,006

3.63%,

1/15/2031

250,000

215,482

LCPR

Senior

Secured

Financing

DAC

6.75%,

10/15/2027

(a)

297,000

282,995

5.13%,

7/15/2029

(a)

254,000

217,513

Level

3

Financing,

Inc.

3.40%,

3/01/2027

(a)

196,000

153,278

4.63%,

9/15/2027

(a)

179,000

110,356

4.25%,

7/01/2028

(a)

310,000

180,469

3.63%,

1/15/2029

(a)

345,000

192,974

3.75%,

7/15/2029

(a)

155,000

87,160

3.88%,

11/15/2029

(a)

196,000

143,105

10.50%,

5/15/2030

(a)

190,000

181,915

Liberty

Interactive

LLC,

8.25%,

2/01/2030

25,000

7,625

Lumen

Technologies,

Inc.

4.00%,

2/15/2027

(a)

305,000

203,584

4.50%,

1/15/2029

(a)

180,000

76,502

Series

P,

7.60%,

9/15/2039

135,000

51,767

Series

U,

7.65%,

3/15/2042

155,000

61,973

Match

Group

Holdings

II

LLC

5.00%,

12/15/2027

(a)

105,000

99,068

4.63%,

6/01/2028

(a)

85,000

78,412

5.63%,

2/15/2029

(a)(b)

85,000

80,152

4.13%,

8/01/2030

(a)

90,000

77,459

3.63%,

10/01/2031

(a)

69,000

56,318

Maxar

Technologies,

Inc.

7.75%,

6/15/2027

(a)

100,000

106,333

7.54%,

12/31/2027

(a)

20,000

21,020

102

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Communications

–

14.3%

(continued)

McGraw-Hill

Education,

Inc.

5.75%,

8/01/2028

(a)

209,000

185,668

8.00%,

8/01/2029

(a)

114,000

98,599

Midcontinent

Communications

/

Midcontinent

Finance

Corp.,

5.38%,

8/15/2027

(a)

25,000

23,142

Millennium

Escrow

Corp.,

6.63%,

8/01/2026

(a)

279,000

188,614

National

CineMedia

LLC,

5.88%,

4/15/2028

(a)

(d)

10,000

3,572

Newfold

Digital

Holdings

Group,

Inc.,

6.00%,

2/15/2029

(a)

150,000

104,512

News

Corp.

3.88%,

5/15/2029

(a)

270,000

239,742

5.13%,

2/15/2032

(a)

85,000

78,585

Nexstar

Media,

Inc.

5.63%,

7/15/2027

(a)

561,000

526,928

4.75%,

11/01/2028

(a)

320,000

281,525

Northwest

Fiber

LLC

/

Northwest

Fiber

Finance

Sub,

Inc.

4.75%,

4/30/2027

(a)

10,000

8,698

6.00%,

2/15/2028

(a)

10,000

7,441

10.75%,

6/01/2028

(a)

10,000

9,047

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

6.25%,

6/15/2025

(a)

5,000

5,017

5.00%,

8/15/2027

(a)

84,000

77,554

4.25%,

1/15/2029

(a)

116,000

99,081

4.63%,

3/15/2030

(a)(b)

48,000

40,610

Paramount

Global

6.25%,

2/28/2057

187,000

144,397

6.38%,

3/30/2062

372,000

318,654

Photo

Holdings

Merger

Sub,

Inc.,

8.50%,

10/01/2026

(a)

204,000

87,469

Radiate

Holdco

LLC

/

Radiate

Finance,

Inc.

4.50%,

9/15/2026

(a)

230,000

180,011

6.50%,

9/15/2028

(a)

255,000

118,839

Rakuten

Group,

Inc.

5.13%

(a)(e)

149,000

95,621

6.25%

(a)(e)

174,000

99,080

10.25%,

11/30/2024

(a)

270,000

264,413

Scripps

Escrow

II,

Inc.

3.88%,

1/15/2029

(a)

169,000

131,724

5.38%,

1/15/2031

(a)(b)

115,000

80,024

Scripps

Escrow,

Inc.,

5.88%,

7/15/2027

(a)

140,000

101,107

Sinclair

Television

Group,

Inc.

5.13%,

2/15/2027

(a)

5,000

4,306

5.50%,

3/01/2030

(a)(b)

111,000

85,740

4.13%,

12/01/2030

(a)

120,000

94,616

Sirius

XM

Radio,

Inc.

3.13%,

9/01/2026

(a)

253,000

226,445

5.00%,

8/01/2027

(a)

345,000

317,396

4.00%,

7/15/2028

(a)

472,000

398,915

5.50%,

7/01/2029

(a)

328,000

292,518

4.13%,

7/01/2030

(a)

340,000

272,610

3.88%,

9/01/2031

(a)

380,000

287,137

Spanish

Broadcasting

System,

Inc.,

9.75%,

3/01/2026

(a)

70,000

46,064

Sprint

Capital

Corp.

6.88%,

11/15/2028

69,000

74,430

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Communications

–

14.3%

(continued)

8.75%,

3/15/2032

95,000

116,204

Sprint

Corp.

7.13%,

6/15/2024

150,000

152,472

7.63%,

2/15/2025

70,000

72,134

7.63%,

3/01/2026

55,000

58,250

Stagwell

Global

LLC,

5.63%,

8/15/2029

(a)

213,000

185,012

Summer

BC

Bidco

B

LLC,

5.50%,

10/31/2026

(a)

95,000

80,347

TEGNA,

Inc.

4.75%,

3/15/2026

(a)

155,000

148,084

4.63%,

3/15/2028

318,000

283,135

5.00%,

9/15/2029

287,000

252,215

Telecom

Italia

Capital

SA

6.38%,

11/15/2033

250,000

224,575

6.00%,

9/30/2034

295,000

252,167

7.20%,

7/18/2036

234,000

211,204

7.72%,

6/04/2038

200,000

187,152

Telecom

Italia

SpA,

5.30%,

5/30/2024

(a)

405,000

395,761

Telesat

Canada

/

Telesat

LLC

5.63%,

12/06/2026

(a)

60,000

33,567

4.88%,

6/01/2027

(a)

111,000

59,582

Townsquare

Media,

Inc.,

6.88%,

2/01/2026

(a)

74,000

68,919

TripAdvisor,

Inc.,

7.00%,

7/15/2025

(a)

115,000

115,752

U.S.

Cellular

Corp.,

6.70%,

12/15/2033

155,000

141,262

Uber

Technologies,

Inc.

7.50%,

5/15/2025

(a)

185,000

187,785

8.00%,

11/01/2026

(a)

374,000

383,554

7.50%,

9/15/2027

(a)

296,000

305,390

6.25%,

1/15/2028

(a)(b)

85,000

85,774

4.50%,

8/15/2029

(a)

215,000

198,176

Univision

Communications,

Inc.

5.13%,

2/15/2025

(a)

403,000

396,866

6.63%,

6/01/2027

(a)

382,000

367,795

4.50%,

5/01/2029

(a)

266,000

229,340

7.38%,

6/30/2030

(a)

315,000

302,154

UPC

Broadband

Finco

BV,

4.88%,

7/15/2031

(a)

203,000

175,340

UPC

Holding

BV,

5.50%,

1/15/2028

(a)

120,000

107,407

Urban

One,

Inc.,

7.38%,

2/01/2028

(a)

160,000

145,426

ViaSat,

Inc.

5.63%,

9/15/2025

(a)

190,000

181,246

5.63%,

4/15/2027

(a)

162,000

150,255

6.50%,

7/15/2028

(a)

100,000

79,279

Viavi

Solutions,

Inc.,

3.75%,

10/01/2029

(a)

130,000

109,431

Videotron

Ltd.

5.38%,

6/15/2024

(a)

165,000

164,637

5.13%,

4/15/2027

(a)

250,000

241,090

3.63%,

6/15/2029

(a)

80,000

69,682

Virgin

Media

Finance

PLC,

5.00%,

7/15/2030

(a)

265,000

223,015

Virgin

Media

Secured

Finance

PLC

5.50%,

5/15/2029

(a)

355,000

326,448

4.50%,

8/15/2030

(a)

208,000

178,113

Virgin

Media

Vendor

Financing

Notes

IV

DAC,

5.00%,

7/15/2028

(a)

169,000

151,645

VMED

O2

UK

Financing

I

PLC

4.25%,

1/31/2031

(a)

260,000

215,708

4.75%,

7/15/2031

(a)

326,000

277,610

103

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Communications

–

14.3%

(continued)

Vodafone

Group

PLC

7.00%,

4/04/2079

903,000

922,918

3.25%,

6/04/2081

40,000

34,993

4.13%,

6/04/2081

245,000

197,755

5.13%,

6/04/2081

60,000

45,230

VZ

Secured

Financing

BV,

5.00%,

1/15/2032

(a)

306,000

255,423

Warner

Media

LLC,

7.63%,

4/15/2031

10,000

10,943

Windstream

Escrow

LLC

/

Windstream

Escrow

Finance

Corp.,

7.75%,

8/15/2028

(a)

270,000

222,348

Zayo

Group

Holdings,

Inc.

4.00%,

3/01/2027

(a)(b)

348,000

263,204

6.13%,

3/01/2028

(a)

353,000

225,557

Ziff

Davis,

Inc.,

4.63%,

10/15/2030

(a)

72,000

63,272

Ziggo

Bond

Co.

BV

6.00%,

1/15/2027

(a)

125,000

118,590

5.13%,

2/28/2030

(a)

94,000

76,350

Ziggo

BV,

4.88%,

1/15/2030

(a)

231,000

198,755

44,488,845

Consumer,

Cyclical

–

24.9%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

5.75%,

4/15/2025

(a)

10,000

10,032

3.88%,

1/15/2028

(a)

357,000

334,597

4.38%,

1/15/2028

(a)

138,000

129,511

3.50%,

2/15/2029

(a)

169,000

152,159

4.00%,

10/15/2030

(a)

560,000

489,549

99

Escrow

Issuer,

Inc.,

7.50%,

1/15/2026

(a)

5,000

1,923

Abercrombie

&

Fitch

Management

Co.,

8.75%,

7/15/2025

(a)

90,000

91,436

Academy

Ltd.,

6.00%,

11/15/2027

(a)

94,000

92,255

Adams

Homes,

Inc.,

7.50%,

2/15/2025

(a)

70,000

65,817

Adient

Global

Holdings

Ltd.,

4.88%,

8/15/2026

(a)(b)

117,000

112,438

Affinity

Interactive,

6.88%,

12/15/2027

(a)

94,000

84,557

Air

Canada,

3.88%,

8/15/2026

(a)

248,000

229,533

Air

Canada

Pass-Through

Trust,

Series

2020-1,

Class

C,

10.50%,

7/15/2026

(a)

30,000

31,914

Allegiant

Travel

Co.,

7.25%,

8/15/2027

(a)

143,000

141,669

Allen

Media

LLC

/

Allen

Media

Co.-Issuer,

Inc.,

10.50%,

2/15/2028

(a)

163,000

87,210

Allison

Transmission,

Inc.

4.75%,

10/01/2027

(a)

130,000

124,052

5.88%,

6/01/2029

(a)

155,000

152,723

3.75%,

1/30/2031

(a)

337,000

287,974

AMC

Entertainment

Holdings,

Inc.

10.00%,

6/15/2026

(a)

359,000

242,937

7.50%,

2/15/2029

(a)

380,000

275,160

American

Airlines

Group,

Inc.,

3.75%,

3/01/2025

(a)

168,000

158,373

American

Airlines

Pass-Through

Trust

Series

2013-1,

Class

A,

4.00%,

7/15/2025

64,459

57,726

Series

2014-1,

Class

A,

3.70%,

10/01/2026

46,893

41,601

Series

2015-1,

Class

A,

3.38%,

5/01/2027

56,322

48,405

Series

2016-1,

Class

A,

4.10%,

1/15/2028

48,343

42,365

Series

2016-2,

Class

A,

3.65%,

6/15/2028

63,316

54,258

Series

2016-3,

Class

A,

3.25%,

10/15/2028

10,451

8,837

Series

2021-1,

Class

B,

3.95%,

7/11/2030

47,750

41,396

American

Airlines,

Inc.

11.75%,

7/15/2025

(a)

375,000

413,014

7.25%,

2/15/2028

(a)

77,000

74,878

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Cyclical

–

24.9%

(continued)

American

Airlines,

Inc./Aadvantage

Loyalty

IP

Ltd.

5.50%,

4/20/2026

(a)

704,000

691,596

5.75%,

4/20/2029

(a)

680,000

646,762

American

Axle

&

Manufacturing,

Inc.

6.50%,

4/01/2027

(b)

100,000

92,615

6.88%,

7/01/2028

230,000

207,063

5.00%,

10/01/2029

50,000

41,536

American

Builders

&

Contractors

Supply

Co.,

Inc.

4.00%,

1/15/2028

(a)

184,000

168,714

3.88%,

11/15/2029

(a)

130,000

112,179

American

Greetings

Corp.,

8.75%,

4/15/2025

(a)

13,000

12,805

Aramark

Services,

Inc.

5.00%,

4/01/2025

(a)

155,000

153,741

6.38%,

5/01/2025

(a)

385,000

386,056

5.00%,

2/01/2028

(a)

256,000

243,508

Arko

Corp.,

5.13%,

11/15/2029

(a)

55,000

44,546

Asbury

Automotive

Group,

Inc.

4.50%,

3/01/2028

79,000

72,119

4.63%,

11/15/2029

(a)(b)

216,000

192,430

4.75%,

3/01/2030

131,000

115,922

5.00%,

2/15/2032

(a)

190,000

163,774

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

6.63%,

1/15/2028

(a)

55,000

52,080

4.63%,

8/01/2029

(a)

76,000

63,374

4.63%,

4/01/2030

(a)

94,000

77,752

Aston

Martin

Capital

Holdings

Ltd.,

10.50%,

11/30/2025

(a)

292,000

286,738

At

Home

Group,

Inc.

4.88%,

7/15/2028

(a)

20,000

13,049

7.13%,

7/15/2029

(a)

125,000

70,867

Banijay

Entertainment

SASU,

5.38%,

3/01/2025

(a)

100,000

97,970

Bath

&

Body

Works,

Inc.

9.38%,

7/01/2025

(a)

94,000

100,742

6.69%,

1/15/2027

96,000

96,107

5.25%,

2/01/2028

(b)

148,000

141,258

7.50%,

6/15/2029

(b)

147,000

149,641

6.63%,

10/01/2030

(a)

341,000

327,421

6.95%,

3/01/2033

45,000

39,760

6.88%,

11/01/2035

285,000

256,636

6.75%,

7/01/2036

295,000

262,447

7.60%,

7/15/2037

104,000

92,656

BCPE

Empire

Holdings,

Inc.,

7.63%,

5/01/2027

(a)

111,000

101,808

BCPE

Ulysses

Intermediate,

Inc.,

7.75%,

4/01/2027

(a)(c)

115,000

91,527

Beacon

Roofing

Supply,

Inc.

4.50%,

11/15/2026

(a)(b)

13,000

12,361

4.13%,

5/15/2029

(a)

20,000

17,600

Beazer

Homes

USA,

Inc.

6.75%,

3/15/2025

20,000

19,918

5.88%,

10/15/2027

35,000

32,526

7.25%,

10/15/2029

10,000

9,559

Bloomin'

Brands,

Inc.

/

OSI

Restaurant

Partners

LLC,

5.13%,

4/15/2029

(a)

165,000

149,330

BlueLinx

Holdings,

Inc.,

6.00%,

11/15/2029

(a)

125,000

104,551

104

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Cyclical

–

24.9%

(continued)

Boyd

Gaming

Corp.

4.75%,

12/01/2027

235,000

226,578

4.75%,

6/15/2031

(a)

205,000

187,079

Boyne

USA,

Inc.,

4.75%,

5/15/2029

(a)

125,000

113,338

Brinker

International,

Inc.,

5.00%,

10/01/2024

(a)

5,000

4,896

Brookfield

Residential

Properties,

Inc.

/

Brookfield

Residential

US

LLC

6.25%,

9/15/2027

(a)

75,000

68,717

5.00%,

6/15/2029

(a)

105,000

83,173

4.88%,

2/15/2030

(a)

80,000

62,600

Caesars

Entertainment,

Inc.

6.25%,

7/01/2025

(a)

500,000

500,689

8.13%,

7/01/2027

(a)(b)

237,000

241,629

4.63%,

10/15/2029

(a)(b)

165,000

144,569

7.00%,

2/15/2030

(a)

328,000

331,170

Caesars

Resort

Collection

LLC

/

CRC

Finco,

Inc.,

5.75%,

7/01/2025

(a)

234,000

235,724

Carnival

Corp.

10.50%,

2/01/2026

(a)

220,000

229,710

7.63%,

3/01/2026

(a)(b)

290,000

266,089

5.75%,

3/01/2027

(a)

734,000

604,004

9.88%,

8/01/2027

(a)

206,000

211,388

6.65%,

1/15/2028

130,000

100,274

4.00%,

8/01/2028

(a)

295,000

255,781

6.00%,

5/01/2029

(a)

394,000

309,482

10.50%,

6/01/2030

(a)(b)

240,000

228,011

Carnival

Holdings

Bermuda

Ltd.,

10.38%,

5/01/2028

(a)

385,000

413,899

Carnival

PLC,

7.88%,

6/01/2027

42,000

41,618

Carrols

Restaurant

Group,

Inc.,

5.88%,

7/01/2029

(a)

75,000

62,053

Carvana

Co.

5.50%,

4/15/2027

(a)

84,000

36,144

5.88%,

10/01/2028

(a)

74,000

30,712

4.88%,

9/01/2029

(a)

125,000

50,507

10.25%,

5/01/2030

(a)

742,000

407,412

CCM

Merger,

Inc.,

6.38%,

5/01/2026

(a)

50,000

48,780

CD&R

Smokey

Buyer,

Inc.,

6.75%,

7/15/2025

(a)(b)

221,000

194,499

CDI

Escrow

Issuer,

Inc.,

5.75%,

4/01/2030

(a)

419,000

404,075

CEC

Entertainment

LLC,

6.75%,

5/01/2026

(a)

265,000

251,799

Cedar

Fair

LP,

5.25%,

7/15/2029

(b)

100,000

92,876

Cedar

Fair

LP

/

Canada's

Wonderland

Co.

/

Magnum

Management

Corp.

/

Millennium

Operations

LLC

5.50%,

5/01/2025

(a)

160,000

159,588

5.38%,

4/15/2027

62,000

59,385

6.50%,

10/01/2028

56,000

55,084

Century

Communities,

Inc.

6.75%,

6/01/2027

142,000

142,755

3.88%,

8/15/2029

(a)

92,000

80,581

Churchill

Downs,

Inc.

5.50%,

4/01/2027

(a)

203,000

198,346

4.75%,

1/15/2028

(a)

230,000

217,047

Cinemark

USA,

Inc.

8.75%,

5/01/2025

(a)

20,000

20,400

5.88%,

3/15/2026

(a)(b)

90,000

85,999

5.25%,

7/15/2028

(a)

75,000

67,104

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Cyclical

–

24.9%

(continued)

Clarios

Global

LP,

6.75%,

5/15/2025

(a)

103,000

103,123

Clarios

Global

LP

/

Clarios

US

Finance

Co.

6.25%,

5/15/2026

(a)

194,000

192,894

8.50%,

5/15/2027

(a)

496,000

499,547

Constellation

Merger

Sub,

Inc.,

8.50%,

9/15/2025

(a)

95,000

75,051

Cooper-Standard

Automotive,

Inc.,

5.63%,

5/15/2027

(a)(c)

50,000

28,753

Crocs,

Inc.

4.25%,

3/15/2029

(a)

110,000

97,615

4.13%,

8/15/2031

(a)

65,000

54,907

Dana

Financing

Luxembourg

Sarl,

5.75%,

4/15/2025

(a)

7,000

6,915

Dana,

Inc.

5.38%,

11/15/2027

15,000

14,113

5.63%,

6/15/2028

120,000

110,922

4.25%,

9/01/2030

170,000

138,163

4.50%,

2/15/2032

102,000

81,769

Dave

&

Buster's,

Inc.,

7.63%,

11/01/2025

(a)

111,000

112,899

Dealer

Tire

LLC

/

DT

Issuer

LLC,

8.00%,

2/01/2028

(a)

87,000

80,653

Delta

Air

Lines,

Inc.

2.90%,

10/28/2024

182,000

175,865

7.38%,

1/15/2026

(b)

192,000

202,369

4.38%,

4/19/2028

(b)

100,000

94,282

3.75%,

10/28/2029

(b)

137,000

123,120

Dornoch

Debt

Merger

Sub,

Inc.,

6.63%,

10/15/2029

(a)

174,000

129,420

eG

Global

Finance

PLC

6.75%,

2/07/2025

(a)(b)

192,000

181,914

8.50%,

10/30/2025

(a)

125,000

119,042

Empire

Communities

Corp.,

7.00%,

12/15/2025

(a)

135,000

123,548

Empire

Resorts,

Inc.,

7.75%,

11/01/2026

(a)

85,000

70,321

Evergreen

Acqco

1

LP

/

TVI,

Inc.,

9.75%,

4/26/2028

(a)

90,000

90,159

Everi

Holdings,

Inc.,

5.00%,

7/15/2029

(a)

72,000

64,173

Ferrellgas

LP

/

Ferrellgas

Finance

Corp.

5.38%,

4/01/2026

(a)

129,000

120,126

5.88%,

4/01/2029

(a)

220,000

186,014

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

4.63%,

1/15/2029

(a)

215,000

188,007

6.75%,

1/15/2030

(a)

321,000

260,012

FirstCash,

Inc.

4.63%,

9/01/2028

(a)

115,000

105,186

5.63%,

1/01/2030

(a)

85,000

78,953

Foot

Locker,

Inc.,

4.00%,

10/01/2029

(a)

100,000

84,486

Ford

Holdings

LLC,

9.30%,

3/01/2030

10,000

11,470

Ford

Motor

Co.

7.13%,

11/15/2025

136,000

139,959

7.50%,

8/01/2026

45,000

46,778

4.35%,

12/08/2026

(b)

235,000

227,793

6.63%,

10/01/2028

125,000

127,889

6.38%,

2/01/2029

18,000

17,906

9.63%,

4/22/2030

107,000

124,323

7.45%,

7/16/2031

270,000

284,228

3.25%,

2/12/2032

468,000

361,855

6.10%,

8/19/2032

(b)

351,000

334,702

105

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Cyclical

–

24.9%

(continued)

4.75%,

1/15/2043

476,000

357,976

7.40%,

11/01/2046

105,000

106,863

5.29%,

12/08/2046

334,000

269,505

Ford

Motor

Credit

Co.

LLC

3.66%,

9/08/2024

275,000

265,839

4.06%,

11/01/2024

345,000

335,625

2.30%,

2/10/2025

230,000

214,383

4.69%,

6/09/2025

145,000

139,976

5.13%,

6/16/2025

365,000

355,353

4.13%,

8/04/2025

300,000

284,630

3.38%,

11/13/2025

410,000

380,808

4.39%,

1/08/2026

280,000

266,000

6.95%,

3/06/2026

265,000

266,922

4.54%,

8/01/2026

150,000

141,373

2.70%,

8/10/2026

301,000

267,000

4.27%,

1/09/2027

176,000

162,833

4.95%,

5/28/2027

310,000

293,469

4.13%,

8/17/2027

255,000

233,826

3.82%,

11/02/2027

235,000

210,761

7.35%,

11/04/2027

310,000

319,307

2.90%,

2/16/2028

115,000

99,588

2.90%,

2/10/2029

140,000

115,907

5.11%,

5/03/2029

354,000

329,812

7.35%,

3/06/2030

255,000

262,017

4.00%,

11/13/2030

351,000

300,877

3.63%,

6/17/2031

254,000

208,901

Forestar

Group,

Inc.

3.85%,

5/15/2026

(a)

130,000

120,192

5.00%,

3/01/2028

(a)

20,000

18,194

Foundation

Building

Materials,

Inc.,

6.00%,

3/01/2029

(a)

110,000

88,183

Full

House

Resorts,

Inc.,

8.25%,

2/15/2028

(a)

(b)

95,000

87,400

Gap,

Inc.

(The)

3.63%,

10/01/2029

(a)

352,000

250,174

3.88%,

10/01/2031

(a)

200,000

139,369

Genting

New

York

LLC

/

Genny

Capital,

Inc.,

3.30%,

2/15/2026

(a)

104,000

93,693

G-III

Apparel

Group

Ltd.,

7.88%,

8/15/2025

(a)

150,000

141,701

Golden

Entertainment,

Inc.,

7.63%,

4/15/2026

(a)

10,000

10,113

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%,

5/31/2026

(b)

160,000

155,233

4.88%,

3/15/2027

(b)

105,000

99,358

5.00%,

7/15/2029

(b)

215,000

190,372

5.25%,

4/30/2031

109,000

94,851

5.25%,

7/15/2031

(b)

240,000

206,919

5.63%,

4/30/2033

(b)

195,000

168,866

GPS

Hospitality

Holding

Co.

LLC

/

GPS

Finco,

Inc.,

7.00%,

8/15/2028

(a)

65,000

38,641

Group

1

Automotive,

Inc.,

4.00%,

8/15/2028

(a)

211,000

187,182

Guitar

Center,

Inc.,

8.50%,

1/15/2026

(a)(b)

67,000

59,689

GYP

Holdings

III

Corp.,

4.63%,

5/01/2029

(a)

30,000

26,478

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/2028

(a)

184,000

158,964

Hanesbrands,

Inc.

4.88%,

5/15/2026

(a)

132,000

124,531

9.00%,

2/15/2031

(a)(b)

86,000

88,070

Hawaiian

Airlines

Pass-Through

Certificates,

Series

2013-1,

Class

A,

3.90%,

1/15/2026

293,066

263,868

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Cyclical

–

24.9%

(continued)

Hawaiian

Brand

Intellectual

Property

Ltd.

/

HawaiianMiles

Loyalty

Ltd.,

5.75%,

1/20/2026

(a)

312,000

290,576

Hilton

Domestic

Operating

Co.,

Inc.

5.38%,

5/01/2025

(a)

15,000

14,988

5.75%,

5/01/2028

(a)

164,000

163,611

3.75%,

5/01/2029

(a)

299,000

269,392

4.88%,

1/15/2030

351,000

333,710

4.00%,

5/01/2031

(a)

324,000

286,286

3.63%,

2/15/2032

(a)

451,000

384,846

Hilton

Grand

Vacations

Borrower

Escrow

LLC

/

Hilton

Grand

Vacations

Borrower

Escrow,

Inc.

5.00%,

6/01/2029

(a)

163,000

147,509

4.88%,

7/01/2031

(a)

125,000

109,443

Hilton

Worldwide

Finance

LLC

/

Hilton

Worldwide

Finance

Corp.,

4.88%,

4/01/2027

183,000

180,743

IHO

Verwaltungs

GmbH

4.75%,

9/15/2026

(a)(c)

255,000

230,882

6.00%,

5/15/2027

(a)(c)

145,000

133,962

6.38%,

5/15/2029

(a)(c)

120,000

107,596

Installed

Building

Products,

Inc.,

5.75%,

2/01/2028

(a)

110,000

104,256

Interface,

Inc.,

5.50%,

12/01/2028

(a)

10,000

8,017

International

Game

Technology

PLC

6.50%,

2/15/2025

(a)

85,000

86,038

4.13%,

4/15/2026

(a)

245,000

235,722

6.25%,

1/15/2027

(a)

189,000

191,417

5.25%,

1/15/2029

(a)

205,000

197,009

IRB

Holding

Corp.,

7.00%,

6/15/2025

(a)

159,000

160,641

Jacobs

Entertainment,

Inc.,

6.75%,

2/15/2029

(a)

115,000

100,151

Jaguar

Land

Rover

Automotive

PLC

7.75%,

10/15/2025

(a)

160,000

158,992

4.50%,

10/01/2027

(a)

180,000

151,568

5.88%,

1/15/2028

(a)

134,740

116,684

5.50%,

7/15/2029

(a)

75,000

62,106

JB

Poindexter

&

Co.,

Inc.,

7.13%,

4/15/2026

(a)

125,000

120,614

K

Hovnanian

Enterprises,

Inc.,

10.50%,

2/15/2026

(a)

35,000

35,633

KB

Home

6.88%,

6/15/2027

10,000

10,295

4.80%,

11/15/2029

112,000

104,920

7.25%,

7/15/2030

115,000

118,154

4.00%,

6/15/2031

125,000

108,468

Ken

Garff

Automotive

LLC,

4.88%,

9/15/2028

(a)

95,000

83,575

KFC

Holding

Co.

/

Pizza

Hut

Holdings

LLC

/

Taco

Bell

of

America

LLC,

4.75%,

6/01/2027

(a)

242,000

238,413

Kohl's

Corp.

4.25%,

7/17/2025

225,000

210,403

4.63%,

5/01/2031

452,000

303,228

5.55%,

7/17/2045

390,000

227,358

Kontoor

Brands,

Inc.,

4.13%,

11/15/2029

(a)

29,000

24,637

Las

Vegas

Sands

Corp.

3.20%,

8/08/2024

1,190,000

1,151,345

2.90%,

6/25/2025

333,000

314,709

3.50%,

8/18/2026

704,000

661,072

106

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Cyclical

–

24.9%

(continued)

3.90%,

8/08/2029

566,000

514,562

LBM

Acquisition

LLC,

6.25%,

1/15/2029

(a)

226,000

180,023

LCM

Investments

Holdings

II

LLC,

4.88%,

5/01/2029

(a)

195,000

166,143

Levi

Strauss

&

Co.,

3.50%,

3/01/2031

(a)

125,000

105,744

LGI

Homes,

Inc.,

4.00%,

7/15/2029

(a)

89,000

73,087

Life

Time,

Inc.

5.75%,

1/15/2026

(a)

185,000

181,004

8.00%,

4/15/2026

(a)

105,000

104,363

Lindblad

Expeditions

LLC,

6.75%,

2/15/2027

(a)

60,000

56,774

Lions

Gate

Capital

Holdings

LLC,

5.50%,

4/15/2029

(a)

270,000

195,333

Lithia

Motors,

Inc.

4.63%,

12/15/2027

(a)

27,000

25,188

3.88%,

6/01/2029

(a)

210,000

181,837

4.38%,

1/15/2031

(a)

145,000

124,515

Live

Nation

Entertainment,

Inc.

4.88%,

11/01/2024

(a)

145,000

143,330

5.63%,

3/15/2026

(a)

70,000

68,321

6.50%,

5/15/2027

(a)

297,000

298,829

4.75%,

10/15/2027

(a)(b)

235,000

217,979

3.75%,

1/15/2028

(a)

185,000

166,141

LSF9

Atlantis

Holdings

LLC

/

Victra

Finance

Corp.,

7.75%,

2/15/2026

(a)

130,000

121,751

M/I

Homes,

Inc.

4.95%,

2/01/2028

198,000

186,328

3.95%,

2/15/2030

90,000

79,582

Macy's

Retail

Holdings

LLC

5.88%,

4/01/2029

(a)

156,000

142,838

5.88%,

3/15/2030

(a)

245,000

217,373

6.13%,

3/15/2032

(a)

150,000

131,294

4.50%,

12/15/2034

70,000

50,056

6.38%,

3/15/2037

85,000

65,313

5.13%,

1/15/2042

240,000

158,644

4.30%,

2/15/2043

10,000

6,071

MajorDrive

Holdings

IV

LLC,

6.38%,

6/01/2029

(a)

99,000

78,466

Marks

&

Spencer

PLC,

7.13%,

12/01/2037

(a)

5,000

4,655

Marriott

Ownership

Resorts,

Inc.

4.75%,

1/15/2028

85,000

76,357

4.50%,

6/15/2029

(a)

205,000

178,841

Mattamy

Group

Corp.

5.25%,

12/15/2027

(a)

80,000

74,493

4.63%,

3/01/2030

(a)

107,000

93,763

Mattel,

Inc.

3.38%,

4/01/2026

(a)

122,000

115,375

5.88%,

12/15/2027

(a)

157,000

157,190

3.75%,

4/01/2029

(a)

135,000

121,903

6.20%,

10/01/2040

40,000

38,081

5.45%,

11/01/2041

135,000

120,068

Melco

Resorts

Finance

Ltd.

4.88%,

6/06/2025

245,000

231,428

5.25%,

4/26/2026

136,000

125,627

5.63%,

7/17/2027

69,000

61,775

5.75%,

7/21/2028

(a)

139,000

121,206

5.38%,

12/04/2029

(a)

258,000

214,189

Meritage

Homes

Corp.

6.00%,

6/01/2025

79,000

79,818

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Cyclical

–

24.9%

(continued)

5.13%,

6/06/2027

71,000

69,817

3.88%,

4/15/2029

(a)

30,000

27,073

Merlin

Entertainments

Ltd.,

5.75%,

6/15/2026

(a)

69,000

65,803

MGM

China

Holdings

Ltd.

5.25%,

6/18/2025

(a)

139,000

132,733

5.88%,

5/15/2026

(a)(b)

255,000

243,577

4.75%,

2/01/2027

(a)

104,000

94,274

MGM

Resorts

International

6.75%,

5/01/2025

150,000

151,333

5.75%,

6/15/2025

159,000

158,442

4.63%,

9/01/2026

58,000

55,411

5.50%,

4/15/2027

156,000

152,494

4.75%,

10/15/2028

195,000

181,229

Michaels

Cos.,

Inc.

(The)

5.25%,

5/01/2028

(a)(b)

165,000

135,833

7.88%,

5/01/2029

(a)

350,000

234,287

Midwest

Gaming

Borrower

LLC

/

Midwest

Gaming

Finance

Corp.,

4.88%,

5/01/2029

(a)

135,000

121,305

Mohegan

Tribal

Gaming

Authority

8.00%,

2/01/2026

(a)

273,000

244,282

13.25%,

12/15/2027

(a)

91,000

96,721

Motion

Bondco

DAC,

6.63%,

11/15/2027

(a)

110,000

100,082

Murphy

Oil

USA,

Inc.

5.63%,

5/01/2027

97,000

95,511

4.75%,

9/15/2029

264,000

246,494

3.75%,

2/15/2031

(a)

173,000

147,968

NCL

Corp.

Ltd.

3.63%,

12/15/2024

(a)

130,000

122,250

5.88%,

3/15/2026

(a)

324,000

278,605

5.88%,

2/15/2027

(a)

209,000

197,236

7.75%,

2/15/2029

(a)

207,000

176,453

NCL

Finance

Ltd.,

6.13%,

3/15/2028

(a)

86,000

69,764

New

Home

Co.,

Inc.

(The),

7.25%,

10/15/2025

(a)

25,000

23,284

Newell

Brands,

Inc.

4.88%,

6/01/2025

86,000

83,764

4.70%,

4/01/2026

445,000

424,947

6.38%,

9/15/2027

(b)

134,000

131,822

6.63%,

9/15/2029

(b)

64,000

63,261

5.88%,

4/01/2036

135,000

114,637

6.00%,

4/01/2046

84,000

65,445

Nissan

Motor

Acceptance

Co.

LLC

1.13%,

9/16/2024

(a)

110,000

102,624

2.00%,

3/09/2026

(a)

190,000

167,448

1.85%,

9/16/2026

(a)

261,000

223,049

2.75%,

3/09/2028

(a)

143,000

118,954

2.45%,

9/15/2028

(a)

100,000

80,189

Nissan

Motor

Co.

Ltd.

3.52%,

9/17/2025

(a)

415,000

387,963

4.35%,

9/17/2027

(a)

595,000

544,077

4.81%,

9/17/2030

(a)

675,000

592,809

NMG

Holding

Co.,

Inc.

/

Neiman

Marcus

Group

LLC,

7.13%,

4/01/2026

(a)

280,000

260,383

Nordstrom,

Inc.

4.00%,

3/15/2027

(b)

260,000

225,065

6.95%,

3/15/2028

(b)

14,000

13,456

4.38%,

4/01/2030

135,000

105,575

107

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Cyclical

–

24.9%

(continued)

4.25%,

8/01/2031

126,000

93,547

5.00%,

1/15/2044

260,000

162,492

Odeon

Finco

PLC,

12.75%,

11/01/2027

(a)

100,000

95,271

OpenLane,

Inc.,

5.13%,

6/01/2025

(a)(b)

47,000

46,769

Papa

John's

International,

Inc.,

3.88%,

9/15/2029

(a)

147,000

126,870

Park

River

Holdings,

Inc.

5.63%,

2/01/2029

(a)

15,000

10,975

6.75%,

8/01/2029

(a)

60,000

43,798

Patrick

Industries,

Inc.

7.50%,

10/15/2027

(a)

100,000

98,611

4.75%,

5/01/2029

(a)

115,000

100,032

Penn

Entertainment,

Inc.

5.63%,

1/15/2027

(a)

55,000

52,320

4.13%,

7/01/2029

(a)

59,000

49,948

Penske

Automotive

Group,

Inc.

3.50%,

9/01/2025

(b)

125,000

119,272

3.75%,

6/15/2029

125,000

108,602

PetSmart,

Inc.

/

PetSmart

Finance

Corp.

4.75%,

2/15/2028

(a)

231,000

218,312

7.75%,

2/15/2029

(a)

275,000

271,034

PM

General

Purchaser

LLC,

9.50%,

10/01/2028

(a)

155,000

146,896

Premier

Entertainment

Sub

LLC

/

Premier

Entertainment

Finance

Corp.

5.63%,

9/01/2029

(a)

212,000

153,640

5.88%,

9/01/2031

(a)

213,000

150,761

QVC,

Inc.

4.45%,

2/15/2025

260,000

191,248

4.75%,

2/15/2027

164,000

82,630

4.38%,

9/01/2028

145,000

71,374

5.45%,

8/15/2034

25,000

10,610

5.95%,

3/15/2043

20,000

8,342

Raptor

Acquisition

Corp.

/

Raptor

Co.-Issuer

LLC,

4.88%,

11/01/2026

(a)

10,000

9,386

Real

Hero

Merger

Sub

2,

Inc.,

6.25%,

2/01/2029

(a)

190,000

143,007

Resideo

Funding,

Inc.,

4.00%,

9/01/2029

(a)

15,000

12,808

Resorts

World

Las

Vegas

LLC/RWLV

Capital

Inc.

4.63%,

4/16/2029

200,000

161,285

4.63%,

4/06/2031

(a)

100,000

78,427

Ritchie

Bros

Holdings,

Inc.

6.75%,

3/15/2028

(a)

178,000

184,189

7.75%,

3/15/2031

(a)

185,000

196,559

Rite

Aid

Corp.

7.50%,

7/01/2025

(a)

135,000

92,830

8.00%,

11/15/2026

(a)

233,000

125,926

7.70%,

2/15/2027

97,000

31,679

Royal

Caribbean

Cruises

Ltd.

11.50%,

6/01/2025

(a)

250,000

265,225

4.25%,

7/01/2026

(a)

110,000

98,459

5.50%,

8/31/2026

(a)

225,000

206,433

5.38%,

7/15/2027

(a)

222,000

197,275

11.63%,

8/15/2027

(a)

348,000

370,290

7.50%,

10/15/2027

95,000

89,936

3.70%,

3/15/2028

154,000

124,957

5.50%,

4/01/2028

(a)(b)

335,000

295,438

8.25%,

1/15/2029

(a)

215,000

225,826

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Cyclical

–

24.9%

(continued)

9.25%,

1/15/2029

(a)

168,000

179,526

7.25%,

1/15/2030

(a)

95,000

95,305

Sally

Holdings

LLC

/

Sally

Capital,

Inc.,

5.63%,

12/01/2025

145,000

143,137

Sands

China

Ltd.

5.63%,

8/08/2025

1,343,000

1,314,005

4.30%,

1/08/2026

596,000

561,910

2.80%,

3/08/2027

106,000

92,313

5.90%,

8/08/2028

1,326,000

1,284,475

3.35%,

3/08/2029

282,000

237,313

4.88%,

6/18/2030

523,000

475,141

3.75%,

8/08/2031

95,000

78,015

Scientific

Games

Holdings

LP/Scientific

Games

US

FinCo,

Inc.,

6.63%,

3/01/2030

(a)

115,000

102,005

Scientific

Games

International,

Inc.

8.63%,

7/01/2025

(a)

140,000

143,198

7.00%,

5/15/2028

(a)

192,000

192,152

7.25%,

11/15/2029

(a)

75,000

75,199

Scotts

Miracle-GRO

Co.

(The)

5.25%,

12/15/2026

38,000

36,492

4.50%,

10/15/2029

(b)

5,000

4,344

4.00%,

4/01/2031

105,000

84,965

4.38%,

2/01/2032

53,000

43,005

SeaWorld

Parks

&

Entertainment,

Inc.,

5.25%,

8/15/2029

(a)

129,000

116,024

Shea

Homes

LP

/

Shea

Homes

Funding

Corp.

4.75%,

2/15/2028

116,000

106,109

4.75%,

4/01/2029

10,000

8,913

Six

Flags

Entertainment

Corp.

4.88%,

7/31/2024

(a)

161,000

161,013

5.50%,

4/15/2027

(a)

75,000

71,541

Six

Flags

Theme

Parks,

Inc.,

7.00%,

7/01/2025

(a)

2,000

2,023

Sizzling

Platter

LLC

/

Sizzling

Platter

Finance

Corp.,

8.50%,

11/28/2025

(a)

110,000

101,835

Sonic

Automotive,

Inc.

4.63%,

11/15/2029

(a)

110,000

92,419

4.88%,

11/15/2031

(a)(b)

81,000

65,385

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp.,

6.38%,

9/30/2026

(a)

225,000

204,167

Speedway

Motorsports

LLC

/

Speedway

Funding

II,

Inc.,

4.88%,

11/01/2027

(a)

26,000

24,179

Spirit

Loyalty

Cayman

Ltd.

/

Spirit

IP

Cayman

Ltd.

8.00%,

9/20/2025

(a)

145,640

147,076

8.00%,

9/20/2025

(a)

239,444

241,797

SRS

Distribution,

Inc.

4.63%,

7/01/2028

(a)

166,000

146,566

6.13%,

7/01/2029

(a)

230,000

190,229

6.00%,

12/01/2029

(a)

225,000

183,218

Staples,

Inc.

7.50%,

4/15/2026

(a)

480,000

405,477

10.75%,

4/15/2027

(a)

292,000

196,234

Station

Casinos

LLC

4.50%,

2/15/2028

(a)

174,000

159,931

4.63%,

12/01/2031

(a)

75,000

64,575

Steelcase,

Inc.,

5.13%,

1/18/2029

250,000

222,831

Studio

City

Co.

Ltd.,

7.00%,

2/15/2027

(a)

120,000

113,941

108

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Cyclical

–

24.9%

(continued)

Studio

City

Finance

Ltd.

6.00%,

7/15/2025

(a)

119,000

110,286

6.50%,

1/15/2028

(a)

111,000

95,623

5.00%,

1/15/2029

(a)

267,000

209,031

Suburban

Propane

Partners

LP/Suburban

Energy

Finance

Corp.

5.88%,

3/01/2027

70,000

68,292

5.00%,

6/01/2031

(a)

165,000

144,481

Sugarhouse

HSP

Gaming

Prop

Mezz

LP

/

Sugarhouse

HSP

Gaming

Finance

Corp.,

5.88%,

5/15/2025

(a)

43,000

41,784

Superior

Plus

LP

/

Superior

General

Partner,

Inc.,

4.50%,

3/15/2029

(a)

140,000

123,977

SWF

Escrow

Issuer

Corp.,

6.50%,

10/01/2029

(a)

119,000

72,624

Taylor

Morrison

Communities,

Inc.

5.88%,

6/15/2027

(a)

120,000

119,729

5.75%,

1/15/2028

(a)

105,000

104,189

5.13%,

8/01/2030

(a)

80,000

75,261

Tempur

Sealy

International,

Inc.

4.00%,

4/15/2029

(a)

281,000

245,679

3.88%,

10/15/2031

(a)

276,000

228,580

Thor

Industries,

Inc.,

4.00%,

10/15/2029

(a)

320,000

262,883

Titan

International,

Inc.,

7.00%,

4/30/2028

95,000

85,056

TKC

Holdings,

Inc.

6.88%,

5/15/2028

(a)

210,000

186,812

10.50%,

5/15/2029

(a)

175,000

115,905

TPro

Acquisition

Corp.,

11.00%,

10/15/2024

(a)

80,000

79,877

Travel

+

Leisure

Co.

6.60%,

10/01/2025

44,000

44,115

6.63%,

7/31/2026

(a)

152,000

151,742

6.00%,

4/01/2027

121,000

119,388

4.50%,

12/01/2029

(a)

110,000

95,965

4.63%,

3/01/2030

(a)

72,000

62,256

TRI

Pointe

Group,

Inc.

5.25%,

6/01/2027

165,000

158,933

5.70%,

6/15/2028

21,000

20,606

TRI

Pointe

Group,

Inc.

/

TRI

Pointe

Homes,

Inc.,

5.88%,

6/15/2024

136,000

135,908

Under

Armour,

Inc.,

3.25%,

6/15/2026

110,000

101,129

United

Airlines

Holdings,

Inc.,

4.88%,

1/15/2025

(b)

210,000

207,376

United

Airlines

Pass-Through

Trust

Series

2016-1,

Class

B,

3.65%,

1/07/2026

8,576

7,882

Series

2019-2,

Class

B,

3.50%,

5/01/2028

69,373

61,624

United

Airlines,

Inc.

4.38%,

4/15/2026

(a)

401,000

382,928

4.63%,

4/15/2029

(a)

361,000

326,705

Univar

Solutions

USA,

Inc.,

5.13%,

12/01/2027

(a)

89,000

89,207

Universal

Entertainment

Corp.,

8.50%,

12/11/2024

(a)

192,000

182,924

US

Airways

Pass-Through

Trust

Series

2012-2,

Class

A,

4.63%,

6/03/2025

34,349

32,342

Series

2013-1,

Class

A,

3.95%,

11/15/2025

216,590

203,112

Vail

Resorts,

Inc.,

6.25%,

5/15/2025

(a)

43,000

43,305

Victoria's

Secret

&

Co.,

4.63%,

7/15/2029

(a)

170,000

137,510

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Cyclical

–

24.9%

(continued)

Viking

Cruises

Ltd.

6.25%,

5/15/2025

(a)

65,000

61,806

13.00%,

5/15/2025

(a)

122,000

128,458

5.88%,

9/15/2027

(a)

210,000

180,126

7.00%,

2/15/2029

(a)

153,000

129,864

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

2/15/2029

(a)

60,000

51,114

Vista

Outdoor,

Inc.,

4.50%,

3/15/2029

(a)

249,000

195,352

VistaJet

Malta

Finance

PLC

/

XO

Management

Holding,

Inc.

7.88%,

5/01/2027

(a)

147,000

140,204

6.38%,

2/01/2030

(a)

208,000

179,977

VOC

Escrow

Ltd.,

5.00%,

2/15/2028

(a)

95,000

84,613

Wabash

National

Corp.,

4.50%,

10/15/2028

(a)

70,000

60,960

Wheel

Pros,

Inc.,

6.50%,

5/15/2029

(a)

45,000

20,711

White

Capital

Buyer

LLC,

6.88%,

10/15/2028

(a)

162,000

141,670

White

Capital

Parent

LLC,

8.25%,

3/15/2026

(a)(c)

85,000

78,230

William

Carter

Co.

(The),

5.63%,

3/15/2027

(a)

116,000

114,422

Winnebago

Industries,

Inc.,

6.25%,

7/15/2028

(a)

30,000

29,118

WMG

Acquisition

Corp.

3.75%,

12/01/2029

(a)

135,000

118,815

3.88%,

7/15/2030

(a)

115,000

101,457

3.00%,

2/15/2031

(a)

160,000

131,556

Wolverine

World

Wide,

Inc.,

4.00%,

8/15/2029

(a)

135,000

112,153

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

8/15/2028

(a)

135,000

125,559

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

5.50%,

3/01/2025

(a)

390,000

384,805

5.25%,

5/15/2027

(a)

165,000

158,541

Wynn

Macau

Ltd.

4.88%,

10/01/2024

(a)(b)

140,000

135,338

5.50%,

1/15/2026

(a)

239,000

221,626

5.50%,

10/01/2027

(a)

175,000

155,890

5.63%,

8/26/2028

(a)

335,000

291,736

5.13%,

12/15/2029

(a)

190,000

156,915

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

5.13%,

10/01/2029

(a)

155,000

142,832

7.13%,

2/15/2031

(a)

153,000

156,835

Yum!

Brands,

Inc.

4.75%,

1/15/2030

(a)

263,000

254,186

3.63%,

3/15/2031

321,000

283,990

4.63%,

1/31/2032

334,000

311,748

5.38%,

4/01/2032

305,000

297,557

6.88%,

11/15/2037

110,000

118,173

5.35%,

11/01/2043

15,000

13,244

ZF

North

America

Capital,

Inc.,

4.75%,

4/29/2025

(a)

302,000

295,048

77,403,006

Consumer,

Non-cyclical

–

14.7%

180

Medical,

Inc.,

3.88%,

10/15/2029

(a)

70,000

62,556

Acadia

Healthcare

Co.,

Inc.

5.50%,

7/01/2028

(a)

120,000

115,859

5.00%,

4/15/2029

(a)

160,000

151,494

ACCO

Brands

Corp.,

4.25%,

3/15/2029

(a)

90,000

75,845

109

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Non-cyclical

–

14.7%

(continued)

AdaptHealth

LLC

6.13%,

8/01/2028

(a)

225,000

199,805

4.63%,

8/01/2029

(a)

119,000

97,135

5.13%,

3/01/2030

(a)

201,000

166,318

ADT

Security

Corp.

(The)

4.13%,

8/01/2029

(a)

150,000

131,057

4.88%,

7/15/2032

(a)

133,000

115,779

Adtalem

Global

Education,

Inc.,

5.50%,

3/01/2028

(a)

121,000

115,227

AHP

Health

Partners,

Inc.,

5.75%,

7/15/2029

(a)

25,000

21,363

Akumin

Escrow,

Inc.,

7.50%,

8/01/2028

(a)

220,000

154,523

Akumin,

Inc.,

7.00%,

11/01/2025

(a)

105,000

83,700

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

3.25%,

3/15/2026

(a)

190,000

179,578

7.50%,

3/15/2026

(a)

118,000

121,831

4.63%,

1/15/2027

(a)

457,000

442,264

5.88%,

2/15/2028

(a)

209,000

206,985

6.50%,

2/15/2028

(a)

265,000

269,318

3.50%,

3/15/2029

(a)

325,000

288,116

4.88%,

2/15/2030

(a)

318,000

297,551

Albion

Financing

1

Sarl

/

Aggreko

Holdings,

Inc.,

6.13%,

10/15/2026

(a)

90,000

81,699

Albion

Financing

2

Sarl,

8.75%,

4/15/2027

(a)

130,000

113,852

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

6.63%,

7/15/2026

(a)

405,000

390,322

9.75%,

7/15/2027

(a)

269,000

250,109

6.00%,

6/01/2029

(a)

250,000

194,553

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

/

Atlas

Luxco

4

Sarl

4.63%,

6/01/2028

(a)

261,000

226,762

4.63%,

6/01/2028

(a)

159,000

138,199

Alta

Equipment

Group,

Inc.,

5.63%,

4/15/2026

(a)

80,000

74,301

AMN

Healthcare,

Inc.

4.63%,

10/01/2027

(a)

80,000

74,859

4.00%,

4/15/2029

(a)

100,000

88,158

APi

Group

DE,

Inc.

4.13%,

7/15/2029

(a)

45,000

39,121

4.75%,

10/15/2029

(a)

20,000

18,117

Aptim

Corp.,

7.75%,

6/15/2025

(a)

122,000

97,102

APX

Group,

Inc.

6.75%,

2/15/2027

(a)

114,000

114,145

5.75%,

7/15/2029

(a)

380,000

339,710

Arrow

Bidco

LLC,

9.50%,

3/15/2024

(a)

6,000

6,007

ASGN,

Inc.,

4.63%,

5/15/2028

(a)

170,000

157,334

Avantor

Funding,

Inc.

4.63%,

7/15/2028

(a)

258,000

241,557

3.88%,

11/01/2029

(a)

135,000

119,150

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance,

Inc.

5.75%,

7/15/2027

(a)(b)

30,000

28,577

5.75%,

7/15/2027

(a)

5,000

4,701

4.75%,

4/01/2028

(a)(b)

104,000

93,371

5.38%,

3/01/2029

(a)(b)

90,000

81,615

B&G

Foods,

Inc.

5.25%,

4/01/2025

230,000

217,392

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Non-cyclical

–

14.7%

(continued)

5.25%,

9/15/2027

141,000

123,212

Bausch

Health

Americas,

Inc.

9.25%,

4/01/2026

(a)

179,000

144,090

8.50%,

1/31/2027

(a)

160,000

82,230

Bausch

Health

Cos.,

Inc.

5.50%,

11/01/2025

(a)

473,000

411,487

9.00%,

12/15/2025

(a)

230,000

192,526

6.13%,

2/01/2027

(a)

135,000

97,499

5.75%,

8/15/2027

(a)

232,000

160,259

7.00%,

1/15/2028

(a)

148,000

69,481

5.00%,

1/30/2028

(a)

103,000

47,547

4.88%,

6/01/2028

(a)

405,000

267,764

11.00%,

9/30/2028

(a)

478,000

388,498

5.00%,

2/15/2029

(a)

110,000

51,046

6.25%,

2/15/2029

(a)

106,000

48,678

7.25%,

5/30/2029

(a)

54,000

25,965

5.25%,

1/30/2030

(a)

125,000

58,716

14.00%,

10/15/2030

(a)

236,000

151,000

5.25%,

2/15/2031

(a)

80,000

37,990

BellRing

Brands,

Inc.,

7.00%,

3/15/2030

(a)

225,000

231,244

Block,

Inc.

2.75%,

6/01/2026

187,000

169,077

3.50%,

6/01/2031

(b)

150,000

122,190

Brink's

Co.

(The)

5.50%,

7/15/2025

(a)

57,000

56,570

4.63%,

10/15/2027

(a)

100,000

94,600

C&S

Group

Enterprises

LLC,

5.00%,

12/15/2028

(a)

15,000

11,839

Cano

Health

LLC,

6.25%,

10/01/2028

(a)

58,000

31,371

Carriage

Services,

Inc.,

4.25%,

5/15/2029

(a)

68,000

56,971

Catalent

Pharma

Solutions,

Inc.

5.00%,

7/15/2027

(a)

136,000

130,564

3.13%,

2/15/2029

(a)

83,000

69,864

3.50%,

4/01/2030

(a)(b)

97,000

82,060

Central

Garden

&

Pet

Co.

5.13%,

2/01/2028

10,000

9,492

4.13%,

10/15/2030

(b)

198,000

169,363

4.13%,

4/30/2031

(a)

15,000

12,621

Charles

River

Laboratories

International,

Inc.

4.25%,

5/01/2028

(a)

120,000

109,693

3.75%,

3/15/2029

(a)

95,000

83,734

4.00%,

3/15/2031

(a)

164,000

142,748

Cheplapharm

Arzneimittel

GMBH,

5.50%,

1/15/2028

(a)

85,000

77,676

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

7.50%,

4/15/2025

(a)

90,000

88,431

4.63%,

11/15/2028

(a)

115,000

106,343

CHS/Community

Health

Systems,

Inc.

8.00%,

3/15/2026

(a)

602,000

597,848

5.63%,

3/15/2027

(a)

480,000

443,224

8.00%,

12/15/2027

(a)

180,000

178,526

6.88%,

4/01/2028

(a)

110,000

81,419

6.00%,

1/15/2029

(a)

225,000

199,417

6.88%,

4/15/2029

(a)

410,000

303,386

6.13%,

4/01/2030

(a)

280,000

199,951

5.25%,

5/15/2030

(a)

347,000

288,841

4.75%,

2/15/2031

(a)

144,000

116,126

Cimpress

PLC,

7.00%,

6/15/2026

155,000

129,780

110

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Non-cyclical

–

14.7%

(continued)

CoreCivic,

Inc.

8.25%,

4/15/2026

170,000

171,703

4.75%,

10/15/2027

75,000

65,127

CoreLogic,

Inc.,

4.50%,

5/01/2028

(a)

214,000

176,497

Coty,

Inc.

5.00%,

4/15/2026

(a)

240,000

234,354

6.50%,

4/15/2026

(a)

150,000

149,723

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC,

4.75%,

1/15/2029

(a)

93,000

87,731

CPI

CG,

Inc.,

8.63%,

3/15/2026

(a)

90,000

89,010

Darling

Ingredients,

Inc.

5.25%,

4/15/2027

(a)

128,000

125,374

6.00%,

6/15/2030

(a)

290,000

286,982

DaVita,

Inc.

4.63%,

6/01/2030

(a)

935,000

814,844

3.75%,

2/15/2031

(a)

525,000

420,797

Deluxe

Corp.,

8.00%,

6/01/2029

(a)

180,000

138,000

Edgewell

Personal

Care

Co.

5.50%,

6/01/2028

(a)

170,000

163,396

4.13%,

4/01/2029

(a)

75,000

66,645

Elanco

Animal

Health,

Inc.,

6.65%,

8/28/2028

211,000

205,317

Embecta

Corp.

5.00%,

2/15/2030

(a)

121,000

104,369

6.75%,

2/15/2030

(a)

43,000

39,005

Emergent

Biosolutions,

Inc.,

3.88%,

8/15/2028

(a)

80,000

42,388

Encompass

Health

Corp.

5.75%,

9/15/2025

105,000

104,894

4.50%,

2/01/2028

201,000

189,577

4.75%,

2/01/2030

300,000

276,631

4.63%,

4/01/2031

160,000

143,101

Envision

Healthcare

Corp.,

8.75%,

10/15/2026

(a)(d)

45,000

1,169

FAGE

International

SA

/

FAGE

USA

Dairy

Industry,

Inc.,

5.63%,

8/15/2026

(a)

100,000

93,158

Garda

World

Security

Corp.

4.63%,

2/15/2027

(a)

60,000

55,140

9.50%,

11/01/2027

(a)

156,000

149,528

7.75%,

2/15/2028

(a)

97,000

97,485

6.00%,

6/01/2029

(a)

122,000

100,322

Garden

Spinco

Corp.,

8.63%,

7/20/2030

(a)

80,000

86,274

Gartner,

Inc.

4.50%,

7/01/2028

(a)

270,000

254,391

3.63%,

6/15/2029

(a)

205,000

181,633

3.75%,

10/01/2030

(a)

315,000

275,093

GEO

Group,

Inc.

(The)

10.50%,

6/30/2028

85,000

85,834

9.50%,

12/31/2028

(a)

70,000

68,023

Global

Medical

Response,

Inc.,

6.50%,

10/01/2025

(a)

276,000

170,415

Graham

Holdings

Co.,

5.75%,

6/01/2026

(a)

153,000

151,003

Grand

Canyon

University

4.13%,

10/01/2024

235,000

223,079

4.38%,

10/01/2026

10,000

9,103

5.13%,

10/01/2028

121,000

109,759

Grifols

Escrow

Issuer

SA,

4.75%,

10/15/2028

(a)

178,000

143,041

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Non-cyclical

–

14.7%

(continued)

HealthEquity,

Inc.,

4.50%,

10/01/2029

(a)

114,000

101,880

Heartland

Dental

LLC/

Heartland

Dental

Finance

Corp.,

8.50%,

5/01/2026

(a)

82,000

70,315

Herbalife

Nutrition

Ltd.

/

HLF

Financing,

Inc.,

7.88%,

9/01/2025

(a)

202,000

193,622

Herc

Holdings,

Inc.,

5.50%,

7/15/2027

(a)

218,000

208,182

Hertz

Corp.

(The)

4.63%,

12/01/2026

(a)

100,000

90,043

5.00%,

12/01/2029

(a)

200,000

163,556

H-Food

Holdings

LLC

/

Hearthside

Finance

Co.,

Inc.,

8.50%,

6/01/2026

(a)

111,000

69,278

HLF

Financing

Sarl

LLC

/

Herbalife

International,

Inc.,

4.88%,

6/01/2029

(a)

191,000

146,301

Hologic,

Inc.

4.63%,

2/01/2028

(a)

143,000

138,876

3.25%,

2/15/2029

(a)

335,000

301,326

Horizon

Therapeutics

USA,

Inc.,

5.50%,

8/01/2027

(a)

145,000

148,971

Ingles

Markets,

Inc.,

4.00%,

6/15/2031

(a)

130,000

112,379

IQVIA,

Inc.

5.00%,

10/15/2026

(a)

256,000

251,467

5.00%,

5/15/2027

(a)

280,000

273,039

Jazz

Securities

DAC,

4.38%,

1/15/2029

(a)

469,000

431,555

KeHE

Distributors

LLC

/

KeHE

Finance

Corp.,

8.63%,

10/15/2026

(a)

20,000

20,016

Korn

Ferry,

4.63%,

12/15/2027

(a)

10,000

9,503

Kronos

Acquisition

Holdings,

Inc.

/

KIK

Custom

Products,

Inc.

5.00%,

12/31/2026

(a)

97,000

89,992

7.00%,

12/31/2027

(a)

75,000

65,923

Lamb

Weston

Holdings,

Inc.

4.88%,

5/15/2028

(a)

105,000

103,025

4.13%,

1/31/2030

(a)

359,000

328,745

4.38%,

1/31/2032

(a)

330,000

301,631

Land

O'Lakes

Capital

Trust

I,

7.45%,

3/15/2028

(a)

65,000

61,711

Legacy

LifePoint

Health

LLC

6.75%,

4/15/2025

(a)

148,000

142,380

4.38%,

2/15/2027

(a)

145,000

123,432

Legends

Hospitality

Holding

Co.

LLC

/

Legends

Hospitality

Co.-Issuer,

Inc.,

5.00%,

2/01/2026

(a)

236,000

213,716

LifePoint

Health,

Inc.,

5.38%,

1/15/2029

(a)

110,000

68,870

Mallinckrodt

International

Finance

SA

/

Mallinckrodt

CB

LLC

10.00%,

4/15/2025

(a)

75,000

45,375

11.50%,

12/15/2028

(a)

305,000

238,707

10.00%,

6/15/2029

(a)

66,000

35,169

Matthews

International

Corp.,

5.25%,

12/01/2025

(a)

143,000

137,003

Medline

Borrower

LP,

3.88%,

4/01/2029

(a)

1,096,000

958,771

Metis

Merger

Sub

LLC,

6.50%,

5/15/2029

(a)

190,000

161,709

ModivCare

Escrow

Issuer,

Inc.,

5.00%,

10/01/2029

(a)

135,000

108,870

ModivCare,

Inc.,

5.88%,

11/15/2025

(a)

131,000

125,200

Molina

Healthcare,

Inc.

4.38%,

6/15/2028

(a)

205,000

192,183

3.88%,

11/15/2030

(a)

116,000

102,215

3.88%,

5/15/2032

(a)

194,000

166,562

111

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Non-cyclical

–

14.7%

(continued)

Mozart

Debt

Merger

Sub,

Inc.,

5.25%,

10/01/2029

(a)

668,000

577,744

MPH

Acquisition

Holdings

LLC

5.50%,

9/01/2028

(a)

318,000

243,262

5.75%,

11/01/2028

(a)(b)

375,000

236,258

Neptune

Bidco

US,

Inc.,

9.29%,

4/15/2029

(a)

773,000

727,586

NESCO

Holdings

II,

Inc.,

5.50%,

4/15/2029

(a)

234,000

211,319

Option

Care

Health,

Inc.,

4.38%,

10/31/2029

(a)

48,000

42,997

Organon

&

Co.

/

Organon

Foreign

Debt

Co.-

Issuer

BV

4.13%,

4/30/2028

(a)

690,000

634,912

5.13%,

4/30/2031

(a)

505,000

449,504

Oriflame

Investment

Holding

PLC,

5.13%,

5/04/2026

(a)

160,000

93,833

Owens

&

Minor,

Inc.

4.50%,

3/31/2029

(a)

44,000

35,352

6.63%,

4/01/2030

(a)

137,000

119,188

P&L

Development

LLC

/

PLD

Finance

Corp.,

7.75%,

11/15/2025

(a)

94,000

75,244

Paysafe

Finance

PLC

/

Paysafe

Holdings

US

Corp.,

4.00%,

6/15/2029

(a)(b)

95,000

74,467

PECF

USS

Intermediate

Holding

III

Corp.,

8.00%,

11/15/2029

(a)

220,000

144,220

Pediatrix

Medical

Group,

Inc.,

5.38%,

2/15/2030

(a)(b)

10,000

9,137

Performance

Food

Group,

Inc.

6.88%,

5/01/2025

(a)

165,000

166,145

5.50%,

10/15/2027

(a)

270,000

264,632

4.25%,

8/01/2029

(a)

275,000

250,027

Perrigo

Finance

Unlimited

Co.

3.90%,

12/15/2024

163,000

157,419

4.38%,

3/15/2026

175,000

168,962

4.40%,

6/15/2030

238,000

214,530

4.90%,

12/15/2044

56,000

41,206

Post

Holdings,

Inc.

5.75%,

3/01/2027

(a)

155,000

153,909

5.63%,

1/15/2028

(a)

288,000

281,070

5.50%,

12/15/2029

(a)

420,000

399,607

4.63%,

4/15/2030

(a)

510,000

460,435

4.50%,

9/15/2031

(a)

496,000

434,031

PRA

Health

Sciences,

Inc.,

2.88%,

7/15/2026

(a)

156,000

142,797

Prestige

Brands,

Inc.

5.13%,

1/15/2028

(a)

65,000

63,048

3.75%,

4/01/2031

(a)

155,000

131,276

Prime

Healthcare

Services,

Inc.,

7.25%,

11/01/2025

(a)

256,000

231,210

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

5.25%,

4/15/2024

(a)

120,000

119,207

5.75%,

4/15/2026

(a)

258,000

256,113

3.38%,

8/31/2027

(a)

215,000

192,715

6.25%,

1/15/2028

(a)(b)

251,000

235,195

Primo

Water

Holdings,

Inc.,

4.38%,

4/30/2029

(a)

106,000

93,622

PROG

Holdings,

Inc.,

6.00%,

11/15/2029

(a)

160,000

144,010

Radiology

Partners,

Inc.,

9.25%,

2/01/2028

(a)

184,000

83,068

RegionalCare

Hospital

Partners

Holdings,

Inc.

/

LifePoint

Health,

Inc.,

9.75%,

12/01/2026

(a)

336,000

279,560

RP

Escrow

Issuer

LLC,

5.25%,

12/15/2025

(a)

274,000

192,103

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Non-cyclical

–

14.7%

(continued)

RR

Donnelley

&

Sons

Co.,

6.13%,

11/01/2026

(a)

50,000

50,010

Sabre

GLBL,

Inc.

9.25%,

4/15/2025

(a)

267,000

246,273

7.38%,

9/01/2025

(a)

336,000

298,535

11.25%,

12/15/2027

(a)(b)

173,000

151,801

Safeway,

Inc.,

7.25%,

2/01/2031

170,000

172,298

SEG

Holding

LLC

/

SEG

Finance

Corp.,

5.63%,

10/15/2028

(a)

15,000

14,268

Select

Medical

Corp.,

6.25%,

8/15/2026

(a)

313,000

306,682

Service

Corp.

International

7.50%,

4/01/2027

20,000

20,914

4.63%,

12/15/2027

131,000

127,244

5.13%,

6/01/2029

272,000

262,848

3.38%,

8/15/2030

200,000

170,417

4.00%,

5/15/2031

230,000

202,420

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.,

4.63%,

11/01/2026

(a)(b)

112,000

105,360

Sigma

Holdco

BV,

7.88%,

5/15/2026

(a)

85,000

67,517

Signal

Parent,

Inc.,

6.13%,

4/01/2029

(a)

50,000

20,406

Simmons

Foods,

Inc./Simmons

Prepared

Foods,

Inc./Simmons

Pet

Food,

Inc./

Simmons

Feed

Ingredients,

4.63%,

3/01/2029

(a)

232,000

191,684

Sotheby's,

7.38%,

10/15/2027

(a)(b)

160,000

149,720

Spectrum

Brands,

Inc.

5.75%,

7/15/2025

(b)

89,000

88,409

5.00%,

10/01/2029

(a)

37,000

33,628

5.50%,

7/15/2030

(a)

70,000

64,517

3.88%,

3/15/2031

(a)(b)

99,000

81,221

StoneMor,

Inc.,

8.50%,

5/15/2029

(a)

115,000

94,784

Surgery

Center

Holdings,

Inc.

6.75%,

7/01/2025

(a)

48,000

48,000

10.00%,

4/15/2027

(a)

58,000

59,388

Syneos

Health,

Inc.,

3.63%,

1/15/2029

(a)

106,000

88,617

Team

Health

Holdings,

Inc.,

6.38%,

2/01/2025

(a)

71,000

37,079

Teleflex,

Inc.

4.63%,

11/15/2027

85,000

81,802

4.25%,

6/01/2028

(a)

95,000

89,238

Tenet

Healthcare

Corp.

4.63%,

7/15/2024

15,000

14,866

4.88%,

1/01/2026

349,000

343,608

6.25%,

2/01/2027

300,000

298,775

5.13%,

11/01/2027

266,000

258,299

4.63%,

6/15/2028

116,000

109,922

6.13%,

10/01/2028

(b)

551,000

534,510

4.25%,

6/01/2029

(b)

246,000

225,640

4.38%,

1/15/2030

225,000

207,027

6.13%,

6/15/2030

(a)

355,000

352,613

6.88%,

11/15/2031

35,000

34,405

Toledo

Hospital

(The)

Series

B,

5.33%,

11/15/2028

285,000

249,250

6.02%,

11/15/2048

345,000

243,833

TreeHouse

Foods,

Inc.,

4.00%,

9/01/2028

80,000

70,826

TriNet

Group,

Inc.,

3.50%,

3/01/2029

(a)

155,000

135,525

Triton

Water

Holdings,

Inc.,

6.25%,

4/01/2029

(a)

200,000

167,966

Turning

Point

Brands,

Inc.,

5.63%,

2/15/2026

(a)

100,000

91,948

112

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Consumer,

Non-cyclical

–

14.7%

(continued)

United

Natural

Foods,

Inc.,

6.75%,

10/15/2028

(a)(b)

135,000

128,081

United

Rentals

North

America,

Inc.

5.50%,

5/15/2027

48,000

47,689

3.88%,

11/15/2027

572,000

536,259

4.88%,

1/15/2028

390,000

375,554

5.25%,

1/15/2030

278,000

269,012

4.00%,

7/15/2030

185,000

165,541

3.88%,

2/15/2031

363,000

319,193

3.75%,

1/15/2032

155,000

132,974

Upbound

Group,

Inc.,

6.38%,

2/15/2029

(a)

110,000

96,450

US

Acute

Care

Solutions

LLC,

6.38%,

3/01/2026

(a)

122,000

109,307

US

Foods,

Inc.

6.25%,

4/15/2025

(a)

230,000

230,963

4.75%,

2/15/2029

(a)

210,000

195,306

4.63%,

6/01/2030

(a)

115,000

105,095

US

Renal

Care,

Inc.,

10.63%,

7/15/2027

(a)

120,000

22,152

Varex

Imaging

Corp.,

7.88%,

10/15/2027

(a)

85,000

84,130

Vector

Group

Ltd.,

5.75%,

2/01/2029

(a)

296,000

264,983

Verscend

Escrow

Corp.,

9.75%,

8/15/2026

(a)

292,000

294,398

WASH

Multifamily

Acquisition,

Inc.,

5.75%,

4/15/2026

(a)

193,000

181,147

Williams

Scotsman

International,

Inc.

6.13%,

6/15/2025

(a)

134,000

133,525

4.63%,

8/15/2028

(a)

115,000

106,394

WW

International,

Inc.,

4.50%,

4/15/2029

(a)

201,000

128,149

ZipRecruiter,

Inc.,

5.00%,

1/15/2030

(a)

165,000

143,865

45,656,567

Diversified

–

0.0%

Stena

International

SA,

6.13%,

2/01/2025

(a)

23,000

22,353

22,353

Energy

–

11.7%

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp.,

8.25%,

2/15/2026

(a)

196,000

191,128

Alliance

Resource

Operating

Partners

LP

/

Alliance

Resource

Finance

Corp.,

7.50%,

5/01/2025

(a)

25,000

24,909

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp.

7.88%,

5/15/2026

(a)

150,000

153,962

5.75%,

3/01/2027

(a)

110,000

106,475

5.75%,

1/15/2028

(a)

106,000

102,748

5.38%,

6/15/2029

(a)

195,000

182,631

Antero

Resources

Corp.

7.63%,

2/01/2029

(a)

111,000

113,651

5.38%,

3/01/2030

(a)(b)

127,000

119,110

Apache

Corp.

4.38%,

10/15/2028

105,000

98,637

7.75%,

12/15/2029

83,000

87,102

4.25%,

1/15/2030

(b)

125,000

114,183

6.00%,

1/15/2037

15,000

14,075

5.10%,

9/01/2040

378,000

323,780

5.25%,

2/01/2042

60,000

50,790

4.75%,

4/15/2043

290,000

226,314

4.25%,

1/15/2044

10,000

7,155

5.35%,

7/01/2049

92,000

72,177

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Energy

–

11.7%

(continued)

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp.

6.88%,

4/01/2027

(a)

95,000

93,634

6.25%,

4/01/2028

(a)

185,000

177,519

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp.

7.00%,

11/01/2026

(a)

119,000

115,301

8.25%,

12/31/2028

(a)

10,000

9,671

5.88%,

6/30/2029

(a)

75,000

66,934

Athabasca

Oil

Corp.,

9.75%,

11/01/2026

(a)

50,000

52,518

Baytex

Energy

Corp.,

8.75%,

4/01/2027

(a)

160,000

164,805

Berry

Petroleum

Co.

LLC,

7.00%,

2/15/2026

(a)

130,000

123,499

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

7.63%,

12/15/2025

(a)

166,000

167,699

6.63%,

7/15/2026

(a)

75,000

74,091

Bristow

Group,

Inc.,

6.88%,

3/01/2028

(a)

150,000

143,325

Buckeye

Partners

LP

4.35%,

10/15/2024

154,000

150,093

4.13%,

3/01/2025

(a)

154,000

147,804

3.95%,

12/01/2026

181,000

164,737

4.13%,

12/01/2027

120,000

107,760

4.50%,

3/01/2028

(a)

194,000

176,394

6.75%,

8/15/2033

10,000

9,050

5.85%,

11/15/2043

96,000

73,874

5.60%,

10/15/2044

73,000

52,949

California

Resources

Corp.,

7.13%,

2/01/2026

(a)

173,000

174,761

Callon

Petroleum

Co.

6.38%,

7/01/2026

(b)

85,000

81,971

8.00%,

8/01/2028

(a)(b)

159,000

156,919

7.50%,

6/15/2030

(a)(b)

150,000

142,781

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

9.25%,

7/15/2024

(a)

25,000

25,082

11.00%,

4/15/2025

(a)

112,000

115,118

8.13%,

1/15/2027

(a)

14,400

13,903

CGG

SA,

8.75%,

4/01/2027

(a)

132,000

114,544

Chesapeake

Energy

Corp.

5.50%,

2/01/2026

(a)

110,000

108,585

5.88%,

2/01/2029

(a)

74,000

70,597

6.75%,

4/15/2029

(a)

325,000

321,680

Chord

Energy

Corp.,

6.38%,

6/01/2026

(a)

155,000

154,398

Civitas

Resources,

Inc.,

5.00%,

10/15/2026

(a)

195,000

184,179

CNX

Midstream

Partners

LP,

4.75%,

4/15/2030

(a)

15,000

12,602

CNX

Resources

Corp.

7.25%,

3/14/2027

(a)

85,000

84,522

6.00%,

1/15/2029

(a)

110,000

101,767

7.38%,

1/15/2031

(a)

193,000

186,232

Comstock

Resources,

Inc.

6.75%,

3/01/2029

(a)

290,000

262,497

5.88%,

1/15/2030

(a)

260,000

223,622

Coronado

Finance

Pty

Ltd.,

10.75%,

5/15/2026

(a)

63,000

65,074

CQP

Holdco

LP

/

BIP-V

Chinook

Holdco

LLC,

5.50%,

6/15/2031

(a)

310,000

289,019

Crescent

Energy

Finance

LLC

7.25%,

5/01/2026

(a)

175,000

167,500

9.25%,

2/15/2028

(a)

111,000

110,731

113

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Energy

–

11.7%

(continued)

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp.

5.75%,

4/01/2025

130,000

128,195

5.63%,

5/01/2027

(a)

150,000

143,924

6.00%,

2/01/2029

(a)

181,000

170,597

8.00%,

4/01/2029

(a)

136,000

138,344

7.38%,

2/01/2031

(a)

191,000

190,988

CrownRock

LP

/

CrownRock

Finance,

Inc.

5.63%,

10/15/2025

(a)

350,000

345,669

5.00%,

5/01/2029

(a)

89,000

84,205

CSI

Compressco

LP

/

CSI

Compressco

Finance,

Inc.,

7.50%,

4/01/2025

(a)

90,000

86,951

CVR

Energy,

Inc.

5.25%,

2/15/2025

(a)

197,000

190,627

5.75%,

2/15/2028

(a)

105,000

93,730

Delek

Logistics

Partners

LP

/

Delek

Logistics

Finance

Corp.

6.75%,

5/15/2025

28,000

27,537

7.13%,

6/01/2028

(a)

133,000

121,190

DT

Midstream,

Inc.

4.13%,

6/15/2029

(a)

430,000

381,501

4.38%,

6/15/2031

(a)

319,000

277,574

Earthstone

Energy

Holdings

LLC,

8.00%,

4/15/2027

(a)

140,000

136,630

Encino

Acquisition

Partners

Holdings

LLC,

8.50%,

5/01/2028

(a)

179,000

159,461

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.,

5.75%,

1/30/2028

(a)

285,000

283,676

Enerflex

Ltd.,

9.00%,

10/15/2027

(a)

202,000

201,203

Energy

Ventures

Gom

LLC

/

Enven

Finance

Corp.,

11.75%,

4/15/2026

(a)

10,000

10,363

EnLink

Midstream

LLC

5.63%,

1/15/2028

(a)

110,000

108,311

5.38%,

6/01/2029

127,000

122,658

6.50%,

9/01/2030

(a)

125,000

126,319

EnLink

Midstream

Partners

LP

4.15%,

6/01/2025

141,000

136,379

4.85%,

7/15/2026

185,000

180,111

5.60%,

4/01/2044

190,000

157,997

5.05%,

4/01/2045

175,000

138,750

5.45%,

6/01/2047

60,000

50,058

EnQuest

PLC,

11.63%,

11/01/2027

(a)

15,000

14,212

Enviva

Partners

LP

/

Enviva

Partners

Finance

Corp.,

6.50%,

1/15/2026

(a)(b)

115,000

97,996

EQM

Midstream

Partners

LP

4.00%,

8/01/2024

7,000

6,772

6.00%,

7/01/2025

(a)

14,000

13,746

4.13%,

12/01/2026

79,000

71,785

7.50%,

6/01/2027

(a)

81,000

80,635

6.50%,

7/01/2027

(a)

160,000

155,996

5.50%,

7/15/2028

172,000

156,549

4.50%,

1/15/2029

(a)

130,000

110,731

7.50%,

6/01/2030

(a)

44,000

42,705

4.75%,

1/15/2031

(a)

145,000

119,424

6.50%,

7/15/2048

75,000

56,885

FTAI

Infra

Escrow

Holdings

LLC,

10.50%,

6/01/2027

(a)

155,000

156,589

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp.

6.50%,

10/01/2025

183,000

179,548

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Energy

–

11.7%

(continued)

6.25%,

5/15/2026

80,000

76,997

8.00%,

1/15/2027

215,000

214,598

7.75%,

2/01/2028

149,000

146,829

Global

Marine,

Inc.,

7.00%,

6/01/2028

95,000

76,666

Global

Partners

LP

/

GLP

Finance

Corp.

7.00%,

8/01/2027

76,000

73,403

6.88%,

1/15/2029

105,000

97,833

Gulfport

Energy

Corp.,

8.00%,

5/17/2026

135,000

135,676

Harbour

Energy

PLC,

5.50%,

10/15/2026

(a)

85,000

77,402

Harvest

Midstream

I

LP,

7.50%,

9/01/2028

(a)

275,000

268,895

Hess

Midstream

Operations

LP

5.63%,

2/15/2026

(a)

212,000

208,994

5.13%,

6/15/2028

(a)

101,000

95,851

4.25%,

2/15/2030

(a)

109,000

96,852

5.50%,

10/15/2030

(a)

137,000

127,630

HighPeak

Energy,

Inc.,

10.63%,

11/15/2024

(a)

15,000

14,752

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

6.25%,

11/01/2028

(a)

91,000

87,132

5.75%,

2/01/2029

(a)

95,000

88,721

6.00%,

4/15/2030

(a)

125,000

116,532

6.00%,

2/01/2031

(a)

94,000

86,991

6.25%,

4/15/2032

(a)

65,000

60,864

Holly

Energy

Partners

LP

/

Holly

Energy

Finance

Corp.

6.38%,

4/15/2027

(a)

175,000

172,883

5.00%,

2/01/2028

(a)

100,000

93,372

Howard

Midstream

Energy

Partners

LLC,

6.75%,

1/15/2027

(a)

75,000

70,299

Ithaca

Energy

North

Sea

PLC,

9.00%,

7/15/2026

(a)

125,000

120,212

ITT

Holdings

LLC,

6.50%,

8/01/2029

(a)

256,000

212,503

KCA

Deutag

UK

Finance

PLC,

9.88%,

12/01/2025

(a)

171,000

170,464

Kinetik

Holdings

LP,

5.88%,

6/15/2030

(a)

343,000

328,490

KLX

Energy

Services

Holdings,

Inc.,

11.50%,

11/01/2025

(a)

15,000

14,386

Magnolia

Oil

&

Gas

Operating

LLC

/

Magnolia

Oil

&

Gas

Finance

Corp.,

6.00%,

8/01/2026

(a)

122,000

118,490

Matador

Resources

Co.,

5.88%,

9/15/2026

196,000

192,634

MEG

Energy

Corp.

7.13%,

2/01/2027

(a)

91,000

93,246

5.88%,

2/01/2029

(a)

159,000

152,676

Moss

Creek

Resources

Holdings,

Inc.

7.50%,

1/15/2026

(a)

240,000

225,218

10.50%,

5/15/2027

(a)

210,000

204,575

Murphy

Oil

Corp.

5.75%,

8/15/2025

64,000

63,561

5.88%,

12/01/2027

197,000

193,487

6.38%,

7/15/2028

180,000

179,117

7.05%,

5/01/2029

15,000

15,288

6.13%,

12/01/2042

25,000

21,422

Nabors

Industries

Ltd.

7.25%,

1/15/2026

(a)

144,000

135,807

7.50%,

1/15/2028

(a)

58,000

52,908

Nabors

Industries,

Inc.

5.75%,

2/01/2025

86,000

83,693

7.38%,

5/15/2027

(a)

135,000

130,955

114

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Energy

–

11.7%

(continued)

Neptune

Energy

Bondco

PLC,

6.63%,

5/15/2025

(a)

240,000

237,164

New

Fortress

Energy,

Inc.

6.75%,

9/15/2025

(a)

445,000

424,675

6.50%,

9/30/2026

(a)

536,000

493,916

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp.,

7.50%,

2/01/2026

(a)

519,000

499,612

NGL

Energy

Partners

LP

/

NGL

Energy

Finance

Corp.

6.13%,

3/01/2025

95,000

87,756

7.50%,

4/15/2026

115,000

103,289

Northern

Oil

&

Gas,

Inc.,

8.13%,

3/01/2028

(a)

250,000

247,501

Northriver

Midstream

Finance

LP,

5.63%,

2/15/2026

(a)

130,000

121,947

NuStar

Logistics

LP

5.75%,

10/01/2025

121,000

119,258

6.00%,

6/01/2026

170,000

166,987

5.63%,

4/28/2027

80,000

76,858

6.38%,

10/01/2030

100,000

96,327

Occidental

Petroleum

Corp.

6.95%,

7/01/2024

74,000

75,295

2.90%,

8/15/2024

215,000

208,875

5.88%,

9/01/2025

197,000

199,693

5.50%,

12/01/2025

264,000

264,768

5.55%,

3/15/2026

239,000

240,982

3.40%,

4/15/2026

175,000

165,960

3.00%,

2/15/2027

235,000

215,085

8.50%,

7/15/2027

201,000

221,294

7.15%,

5/15/2028

78,000

82,408

6.38%,

9/01/2028

139,000

145,058

3.50%,

8/15/2029

65,000

59,058

8.88%,

7/15/2030

294,000

345,307

6.63%,

9/01/2030

449,000

478,869

6.13%,

1/01/2031

280,000

293,096

7.50%,

5/01/2031

270,000

301,099

7.88%,

9/15/2031

135,000

153,328

6.45%,

9/15/2036

425,000

452,613

7.95%,

6/15/2039

90,000

103,495

4.30%,

8/15/2039

52,000

42,610

6.20%,

3/15/2040

180,000

185,133

4.50%,

7/15/2044

25,000

20,226

4.63%,

6/15/2045

68,000

55,740

6.60%,

3/15/2046

265,000

282,725

4.40%,

4/15/2046

25,000

20,159

4.10%,

2/15/2047

56,000

43,746

4.20%,

3/15/2048

31,000

24,231

Oceaneering

International,

Inc.

4.65%,

11/15/2024

100,000

98,401

6.00%,

2/01/2028

80,000

76,200

Parkland

Corp.

5.88%,

7/15/2027

(a)

106,000

103,410

4.50%,

10/01/2029

(a)

180,000

157,660

4.63%,

5/01/2030

(a)

167,000

145,920

Patterson-UTI

Energy,

Inc.

3.95%,

2/01/2028

75,000

67,318

5.15%,

11/15/2029

131,000

116,822

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

7.25%,

6/15/2025

92,000

91,668

6.00%,

2/15/2028

304,000

279,909

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Energy

–

11.7%

(continued)

PDC

Energy,

Inc.

6.13%,

9/15/2024

49,000

48,794

5.75%,

5/15/2026

251,000

244,191

Permian

Resources

Operating

LLC

5.38%,

1/15/2026

(a)

75,000

71,660

7.75%,

2/15/2026

(a)

27,000

27,291

6.88%,

4/01/2027

(a)

170,000

168,009

5.88%,

7/01/2029

(a)

135,000

127,477

Petrofac

Ltd.,

9.75%,

11/15/2026

(a)

279,000

196,672

Precision

Drilling

Corp.

7.13%,

1/15/2026

(a)

50,000

48,867

6.88%,

1/15/2029

(a)

70,000

64,209

Range

Resources

Corp.

4.88%,

5/15/2025

110,000

108,608

8.25%,

1/15/2029

111,000

115,816

4.75%,

2/15/2030

(a)(b)

54,000

49,664

ROCC

Holdings

LLC,

9.25%,

8/15/2026

(a)

105,000

112,650

Rockcliff

Energy

II

LLC,

5.50%,

10/15/2029

(a)

173,000

156,456

Rockies

Express

Pipeline

LLC

3.60%,

5/15/2025

(a)

125,000

118,916

4.95%,

7/15/2029

(a)

245,000

226,189

4.80%,

5/15/2030

(a)

170,000

150,898

7.50%,

7/15/2038

(a)

90,000

82,108

6.88%,

4/15/2040

(a)

125,000

108,888

SM

Energy

Co.

5.63%,

6/01/2025

30,000

29,338

6.75%,

9/15/2026

112,000

110,322

6.63%,

1/15/2027

140,000

135,809

6.50%,

7/15/2028

(b)

115,000

109,008

Southeast

Supply

Header

LLC,

4.25%,

6/15/2024

(a)

150,000

141,123

Southwestern

Energy

Co.

5.70%,

1/23/2025

62,000

62,013

8.38%,

9/15/2028

5,000

5,232

5.38%,

2/01/2029

120,000

113,415

5.38%,

3/15/2030

172,000

160,251

4.75%,

2/01/2032

175,000

154,624

Strathcona

Resources

Ltd.,

6.88%,

8/01/2026

(a)

95,000

81,012

Summit

Midstream

Holdings

LLC

/

Summit

Midstream

Finance

Corp.

5.75%,

4/15/2025

70,000

58,275

9.00%,

10/15/2026

(a)

198,000

190,947

SunCoke

Energy,

Inc.,

4.88%,

6/30/2029

(a)

105,000

91,777

Sunnova

Energy

Corp.,

5.88%,

9/01/2026

(a)(b)

100,000

90,581

Sunoco

LP

/

Sunoco

Finance

Corp.

6.00%,

4/15/2027

186,000

185,066

5.88%,

3/15/2028

182,000

178,598

4.50%,

5/15/2029

214,000

194,334

4.50%,

4/30/2030

265,000

237,201

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp.

7.50%,

10/01/2025

(a)

172,000

173,681

6.00%,

3/01/2027

(a)

111,000

107,147

5.50%,

1/15/2028

(a)

340,000

315,627

6.00%,

12/31/2030

(a)

168,000

149,501

6.00%,

9/01/2031

(a)

74,000

66,096

Talos

Production,

Inc.,

12.00%,

1/15/2026

96,000

101,251

115

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Energy

–

11.7%

(continued)

Tap

Rock

Resources

LLC,

7.00%,

10/01/2026

(a)

75,000

71,939

TechnipFMC

PLC,

6.50%,

2/01/2026

(a)

20,000

20,025

Teine

Energy

Ltd.,

6.88%,

4/15/2029

(a)

100,000

91,720

TerraForm

Power

Operating

LLC

5.00%,

1/31/2028

(a)

180,000

172,400

4.75%,

1/15/2030

(a)

212,000

196,617

Topaz

Solar

Farms

LLC

4.88%,

9/30/2039

(a)

19,597

15,206

5.75%,

9/30/2039

(a)

139,831

137,805

TransMontaigne

Partners

LP

/

TLP

Finance

Corp.,

6.13%,

2/15/2026

21,000

18,258

Transocean

Poseidon

Ltd.,

6.88%,

2/01/2027

(a)

12,188

11,893

Transocean

Titan

Financing

Ltd.,

8.38%,

2/01/2028

(a)

85,000

86,730

Transocean,

Inc.

7.25%,

11/01/2025

(a)

265,000

252,342

7.50%,

1/15/2026

(a)

174,000

160,392

11.50%,

1/30/2027

(a)

219,000

224,223

8.00%,

2/01/2027

(a)

163,000

144,637

8.75%,

2/15/2030

(a)

35,000

35,338

7.50%,

4/15/2031

190,000

146,463

6.80%,

3/15/2038

155,000

105,478

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp.

6.88%,

4/01/2026

202,000

199,858

6.88%,

9/01/2027

159,000

154,731

Valaris

Ltd.,

8.38%,

4/30/2030

(a)

78,000

78,199

Venture

Global

Calcasieu

Pass

LLC

3.88%,

8/15/2029

(a)

354,000

318,703

6.25%,

1/15/2030

(a)

335,000

339,387

4.13%,

8/15/2031

(a)

319,000

282,673

3.88%,

11/01/2033

(a)

285,000

240,293

Vermilion

Energy,

Inc.

5.63%,

3/15/2025

(a)

25,000

24,537

6.88%,

5/01/2030

(a)

10,000

9,275

Viper

Energy

Partners

LP,

5.38%,

11/01/2027

(a)

200,000

193,904

Vital

Energy,

Inc.

9.50%,

1/15/2025

115,000

115,662

10.13%,

1/15/2028

105,000

105,285

7.75%,

7/31/2029

(a)(b)

35,000

30,881

W&T

Offshore,

Inc.,

11.75%,

2/01/2026

(a)

60,000

60,676

Warrior

Met

Coal,

Inc.,

7.88%,

12/01/2028

(a)

120,000

121,759

Weatherford

International

Ltd.

6.50%,

9/15/2028

(a)

140,000

140,040

8.63%,

4/30/2030

(a)

319,000

325,037

Welltec

International

ApS,

8.25%,

10/15/2026

(a)

10,000

10,107

36,488,909

Financial

–

9.9%

Acrisure

LLC

/

Acrisure

Finance,

Inc.

7.00%,

11/15/2025

(a)

235,000

224,390

10.13%,

8/01/2026

(a)

110,000

111,803

4.25%,

2/15/2029

(a)

190,000

159,524

6.00%,

8/01/2029

(a)

113,000

94,147

Advisor

Group

Holdings,

Inc.,

10.75%,

8/01/2027

(a)

91,000

90,860

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Financial

–

9.9%

(continued)

AG

Issuer

LLC,

6.25%,

3/01/2028

(a)

74,000

68,953

AG

TTMT

Escrow

Issuer

LLC,

8.63%,

9/30/2027

(a)

90,000

92,406

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

4.25%,

10/15/2027

(a)

201,000

185,019

6.75%,

10/15/2027

(a)

342,000

319,178

6.75%,

4/15/2028

(a)

300,000

299,625

5.88%,

11/01/2029

(a)

111,000

96,689

Ally

Financial,

Inc.,

5.75%,

11/20/2025

(b)

242,000

234,768

AmWINS

Group,

Inc.,

4.88%,

6/30/2029

(a)

223,000

202,498

Apollo

Commercial

Real

Estate

Finance,

Inc.,

4.63%,

6/15/2029

(a)

121,000

92,233

Aretec

Escrow

Issuer,

Inc.,

7.50%,

4/01/2029

(a)

30,000

25,323

Armor

Holdco,

Inc.,

8.50%,

11/15/2029

(a)

60,000

49,651

ASG

Finance

Designated

Activity

Co.,

7.88%,

12/03/2024

(a)

95,000

92,844

Assurant,

Inc.,

7.00%,

3/27/2048

30,000

28,707

AssuredPartners,

Inc.

7.00%,

8/15/2025

(a)

85,000

84,152

5.63%,

1/15/2029

(a)

157,000

136,123

Avation

Capital

SA,

8.25%,

10/31/2026

(a)(c)

15,187

13,279

Blackstone

Mortgage

Trust,

Inc.,

3.75%,

1/15/2027

(a)

115,000

97,154

Brightsphere

Investment

Group,

Inc.,

4.80%,

7/27/2026

139,000

130,939

Broadstreet

Partners,

Inc.,

5.88%,

4/15/2029

(a)

101,000

87,961

Brookfield

Property

REIT,

Inc.

/

BPR

Cumulus

LLC

/

BPR

Nimbus

LLC

/

GGSI

Sellco

LLC

5.75%,

5/15/2026

(a)

215,000

194,811

4.50%,

4/01/2027

(a)

155,000

128,166

Burford

Capital

Global

Finance

LLC

6.25%,

4/15/2028

(a)

95,000

89,297

6.88%,

4/15/2030

(a)

195,000

181,397

Castlelake

Aviation

Finance

DAC,

5.00%,

4/15/2027

(a)

132,000

117,160

CNG

Holdings,

Inc.,

12.50%,

6/15/2024

(a)

70,000

58,625

Cobra

Acquisitionco

LLC,

6.38%,

11/01/2029

(a)

125,000

72,592

Coinbase

Global,

Inc.

3.38%,

10/01/2028

(a)

225,000

135,937

3.63%,

10/01/2031

(a)

235,000

130,928

Compass

Group

Diversified

Holdings

LLC

5.25%,

4/15/2029

(a)

240,000

216,526

5.00%,

1/15/2032

(a)

69,000

56,536

Credit

Acceptance

Corp.

5.13%,

12/31/2024

(a)

63,000

60,333

6.63%,

3/15/2026

215,000

206,400

CTR

Partnership

LP

/

CareTrust

Capital

Corp.,

3.88%,

6/30/2028

(a)

90,000

78,144

Curo

Group

Holdings

Corp.,

7.50%,

8/01/2028

(a)

255,000

101,389

Cushman

&

Wakefield

US

Borrower

LLC,

6.75%,

5/15/2028

(a)

208,000

194,132

Diversified

Healthcare

Trust

9.75%,

6/15/2025

120,000

114,794

4.75%,

2/15/2028

110,000

67,843

4.38%,

3/01/2031

120,000

75,636

116

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Financial

–

9.9%

(continued)

Dresdner

Funding

Trust

I,

8.15%,

6/30/2031

(a)

225,000

238,532

Enact

Holdings,

Inc.,

6.50%,

8/15/2025

(a)

345,000

341,581

Enova

International,

Inc.

8.50%,

9/01/2024

(a)

20,000

19,868

8.50%,

9/15/2025

(a)

137,000

132,155

Enstar

Finance

LLC

5.75%,

9/01/2040

85,000

71,076

5.50%,

1/15/2042

104,000

75,810

Finance

of

America

Funding

LLC,

7.88%,

11/15/2025

(a)

83,000

65,233

First

Republic

Bank

4.38%,

8/01/2046

(d)

235,000

37,083

4.63%,

2/13/2047

(d)

215,000

33,674

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.,

7.88%,

11/15/2025

(a)

157,000

142,836

Freedom

Mortgage

Corp.

8.13%,

11/15/2024

(a)

100,000

96,544

8.25%,

4/15/2025

(a)

125,000

116,281

7.63%,

5/01/2026

(a)

250,000

213,777

6.63%,

1/15/2027

(a)

147,000

119,016

Genworth

Holdings,

Inc.,

6.50%,

6/15/2034

120,000

107,008

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

9/15/2024

(a)(c)

497,910

444,494

Global

Atlantic

Finance

Co.,

4.70%,

10/15/2051

(a)

185,000

148,771

Global

NET

Lease,

Inc.

/

Global

NET

Lease

Operating

Partnership

LP,

3.75%,

12/15/2027

(a)

70,000

53,570

goeasy

Ltd.

5.38%,

12/01/2024

(a)

118,000

112,035

4.38%,

5/01/2026

(a)

20,000

17,626

Greystar

Real

Estate

Partners

LLC,

5.75%,

12/01/2025

(a)

150,000

147,403

GTCR

AP

Finance,

Inc.,

8.00%,

5/15/2027

(a)

120,000

117,126

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

6.00%,

4/15/2025

(a)

86,000

83,712

3.38%,

6/15/2026

(a)

199,000

176,475

3.75%,

9/15/2030

(a)

30,000

23,584

Hightower

Holding

LLC,

6.75%,

4/15/2029

(a)

69,000

59,842

Home

Point

Capital,

Inc.,

5.00%,

2/01/2026

(a)

109,000

92,110

Howard

Hughes

Corp.

(The)

5.38%,

8/01/2028

(a)

165,000

149,524

4.13%,

2/01/2029

(a)

170,000

143,074

4.38%,

2/01/2031

(a)

164,000

133,034

HUB

International

Ltd.

7.00%,

5/01/2026

(a)

409,000

407,188

5.63%,

12/01/2029

(a)

154,000

137,550

Hunt

Cos.,

Inc.,

5.25%,

4/15/2029

(a)

191,000

147,291

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp.

4.75%,

9/15/2024

275,000

271,547

6.38%,

12/15/2025

192,000

190,148

6.25%,

5/15/2026

315,000

310,361

5.25%,

5/15/2027

370,000

349,220

4.38%,

2/01/2029

240,000

210,611

Intesa

Sanpaolo

SpA

5.02%,

6/26/2024

(a)

457,000

445,692

5.71%,

1/15/2026

(a)

365,000

354,781

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Financial

–

9.9%

(continued)

4.20%,

6/01/2032

(a)

221,000

166,847

4.95%,

6/01/2042

(a)

44,000

29,567

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

7/15/2032

(a)

230,000

202,041

Iron

Mountain,

Inc.

4.88%,

9/15/2027

(a)

276,000

263,598

5.25%,

3/15/2028

(a)

295,000

283,687

5.00%,

7/15/2028

(a)

171,000

160,948

4.88%,

9/15/2029

(a)

332,000

303,447

5.25%,

7/15/2030

(a)

465,000

428,653

4.50%,

2/15/2031

(a)

375,000

326,497

5.63%,

7/15/2032

(a)

198,000

180,201

Jane

Street

Group

/

JSG

Finance,

Inc.,

4.50%,

11/15/2029

(a)

155,000

138,983

Jefferies

Finance

LLC

/

JFIN

Co.-Issuer

Corp.,

5.00%,

8/15/2028

(a)

219,000

184,834

Jefferson

Capital

Holdings

LLC,

6.00%,

8/15/2026

(a)

23,000

19,643

Jones

Deslauriers

Insurance

Management,

Inc.,

10.50%,

12/15/2030

(a)

30,000

30,492

Kennedy-Wilson,

Inc.

4.75%,

3/01/2029

103,000

82,225

4.75%,

2/01/2030

105,000

81,138

5.00%,

3/01/2031

171,000

129,535

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

5.25%,

10/01/2025

(a)

45,000

42,288

4.25%,

2/01/2027

(a)

135,000

114,979

4.75%,

6/15/2029

(a)

170,000

134,506

LD

Holdings

Group

LLC

6.50%,

11/01/2025

(a)

155,000

109,648

6.13%,

4/01/2028

(a)

194,000

106,824

LFS

Topco

LLC,

5.88%,

10/15/2026

(a)

20,000

17,549

Liberty

Mutual

Group,

Inc.

7.80%,

3/15/2037

(a)

60,000

62,899

4.13%,

12/15/2051

(a)

125,000

101,069

4.30%,

2/01/2061

(a)

205,000

125,015

LPL

Holdings,

Inc.

4.00%,

3/15/2029

(a)

110,000

98,770

4.38%,

5/15/2031

(a)

90,000

79,754

MGIC

Investment

Corp.,

5.25%,

8/15/2028

275,000

262,668

Midcap

Financial

Issuer

Trust

6.50%,

5/01/2028

(a)

250,000

225,521

5.63%,

1/15/2030

(a)

145,000

119,530

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

5.25%,

8/01/2026

(b)

103,000

91,607

5.00%,

10/15/2027

(b)

291,000

244,857

4.63%,

8/01/2029

(b)

230,000

174,151

3.50%,

3/15/2031

317,000

217,501

Nationstar

Mortgage

Holdings,

Inc.

6.00%,

1/15/2027

(a)

120,000

113,474

5.50%,

8/15/2028

(a)

230,000

205,244

5.13%,

12/15/2030

(a)

157,000

128,627

5.75%,

11/15/2031

(a)

141,000

117,589

Navient

Corp.

5.88%,

10/25/2024

123,000

121,035

6.75%,

6/25/2025

48,000

47,316

6.75%,

6/15/2026

54,000

52,609

117

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Financial

–

9.9%

(continued)

5.00%,

3/15/2027

164,000

147,841

4.88%,

3/15/2028

113,000

97,222

5.50%,

3/15/2029

170,000

146,354

5.63%,

8/01/2033

136,000

102,468

Necessity

Retail

REIT,

Inc.

(The)

/

American

Finance

Operating

Partner

LP,

4.50%,

9/30/2028

(a)

90,000

66,678

NFP

Corp.

4.88%,

8/15/2028

(a)

140,000

127,528

6.88%,

8/15/2028

(a)

495,000

432,108

7.50%,

10/01/2030

(a)

95,000

93,366

NMI

Holdings,

Inc.,

7.38%,

6/01/2025

(a)

100,000

101,717

Office

Properties

Income

Trust

4.25%,

5/15/2024

252,000

238,148

4.50%,

2/01/2025

464,000

395,530

2.65%,

6/15/2026

255,000

178,508

2.40%,

2/01/2027

250,000

160,038

3.45%,

10/15/2031

265,000

136,454

Ohio

National

Financial

Services,

Inc.

6.80%,

1/24/2030

(a)

131,000

123,984

6.63%,

5/01/2031

(a)

10,000

9,379

OneMain

Finance

Corp.

6.88%,

3/15/2025

320,000

312,798

7.13%,

3/15/2026

405,000

394,467

3.50%,

1/15/2027

179,000

152,842

6.63%,

1/15/2028

194,000

180,540

3.88%,

9/15/2028

165,000

132,994

5.38%,

11/15/2029

192,000

161,547

4.00%,

9/15/2030

215,000

162,761

Oxford

Finance

LLC

/

Oxford

Finance

Co.-

Issuer

II,

Inc.,

6.38%,

2/01/2027

(a)

100,000

92,985

Pacific

Western

Bank,

3.25%,

5/01/2031

285,000

203,081

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co.-Issuer

7.50%,

6/01/2025

(a)

141,000

141,695

5.88%,

10/01/2028

(a)

190,000

175,580

4.88%,

5/15/2029

(a)

214,000

185,901

PennyMac

Financial

Services,

Inc.

5.38%,

10/15/2025

(a)

141,000

133,056

4.25%,

2/15/2029

(a)

160,000

131,600

5.75%,

9/15/2031

(a)

120,000

100,194

PHH

Mortgage

Corp.,

7.88%,

3/15/2026

(a)

105,000

94,314

PRA

Group,

Inc.

7.38%,

9/01/2025

(a)

40,000

39,825

8.38%,

2/01/2028

(a)

141,000

141,071

5.00%,

10/01/2029

(a)

60,000

50,908

Provident

Financing

Trust

I,

7.41%,

3/15/2038

5,000

5,032

Provident

Funding

Associates

LP

/

PFG

Finance

Corp.,

6.38%,

6/15/2025

(a)

103,000

90,788

Realogy

Group

LLC

/

Realogy

Co.-Issuer

Corp.

5.75%,

1/15/2029

(a)

239,000

177,507

5.25%,

4/15/2030

(a)

257,000

183,264

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

4.75%,

10/15/2027

145,000

136,850

4.50%,

2/15/2029

(a)

136,000

122,465

Rithm

Capital

Corp.,

6.25%,

10/15/2025

(a)

115,000

105,321

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Financial

–

9.9%

(continued)

RLJ

Lodging

Trust

LP

3.75%,

7/01/2026

(a)

65,000

60,272

4.00%,

9/15/2029

(a)

80,000

67,373

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co.-

Issuer,

Inc.

2.88%,

10/15/2026

(a)

310,000

276,046

3.63%,

3/01/2029

(a)

192,000

162,263

3.88%,

3/01/2031

(a)

320,000

258,769

4.00%,

10/15/2033

(a)

225,000

176,073

Ryan

Specialty

Group

LLC,

4.38%,

2/01/2030

(a)

130,000

116,640

Sagicor

Financial

Co.

Ltd.,

5.30%,

5/13/2028

(a)

151,000

145,099

SBA

Communications

Corp.

3.88%,

2/15/2027

379,000

353,104

3.13%,

2/01/2029

395,000

338,726

Service

Properties

Trust

4.65%,

3/15/2024

25,000

24,505

4.35%,

10/01/2024

212,000

202,252

4.50%,

3/15/2025

80,000

74,443

7.50%,

9/15/2025

175,000

171,543

5.25%,

2/15/2026

170,000

150,629

4.75%,

10/01/2026

90,000

77,809

4.95%,

2/15/2027

12,000

10,169

5.50%,

12/15/2027

105,000

92,341

3.95%,

1/15/2028

80,000

62,782

4.95%,

10/01/2029

115,000

87,374

4.38%,

2/15/2030

140,000

104,187

SLM

Corp.

4.20%,

10/29/2025

130,000

120,125

3.13%,

11/02/2026

129,000

112,801

Starwood

Property

Trust,

Inc.

3.75%,

12/31/2024

(a)

125,000

117,194

4.75%,

3/15/2025

104,000

98,150

3.63%,

7/15/2026

(a)

85,000

73,136

4.38%,

1/15/2027

(a)

104,000

89,587

Stonex

Group,

Inc.,

8.63%,

6/15/2025

(a)

150,000

152,266

Synchrony

Financial,

7.25%,

2/02/2033

190,000

174,458

Texas

Capital

Bancshares,

Inc.,

4.00%,

5/06/2031

220,000

182,314

UniCredit

SpA

5.86%,

6/19/2032

(a)

167,000

152,213

7.30%,

4/02/2034

(a)

237,000

227,119

5.46%,

6/30/2035

(a)

380,000

323,099

United

Wholesale

Mortgage

LLC

5.50%,

11/15/2025

(a)

268,000

255,636

5.75%,

6/15/2027

(a)

122,000

111,695

5.50%,

4/15/2029

(a)

176,000

151,554

Uniti

Group

LP

/

Uniti

Fiber

Holdings,

Inc.

/

CSL

Capital

LLC,

6.00%,

1/15/2030

(a)

136,000

80,181

Uniti

Group

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

10.50%,

2/15/2028

(a)

330,000

315,343

4.75%,

4/15/2028

(a)

106,000

84,278

6.50%,

2/15/2029

(a)

306,000

185,516

USI,

Inc.,

6.88%,

5/01/2025

(a)

160,000

158,196

Wilton

RE

Ltd.,

6.00%

(a)(e)

15,000

13,310

World

Acceptance

Corp.,

7.00%,

11/01/2026

(a)(b)

85,000

69,188

118

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Financial

–

9.9%

(continued)

XHR

LP

6.38%,

8/15/2025

(a)

105,000

103,574

4.88%,

6/01/2029

(a)

119,000

102,769

30,796,291

Industrial

–

10.7%

Advanced

Drainage

Systems,

Inc.

5.00%,

9/30/2027

(a)

105,000

100,174

6.38%,

6/15/2030

(a)

169,000

167,276

AECOM,

5.13%,

3/15/2027

304,000

297,562

AerCap

Global

Aviation

Trust,

6.50%,

6/15/2045

(a)

9,000

8,464

Amsted

Industries,

Inc.

5.63%,

7/01/2027

(a)

55,000

54,097

4.63%,

5/15/2030

(a)

105,000

95,721

Arcosa,

Inc.,

4.38%,

4/15/2029

(a)

65,000

59,335

ARD

Finance

SA,

6.50%,

6/30/2027

(a)(c)

154,000

127,050

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

6.00%,

6/15/2027

(a)

161,000

160,274

3.25%,

9/01/2028

(a)

85,000

74,325

4.00%,

9/01/2029

(a)

286,000

232,942

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

5.25%,

4/30/2025

(a)

249,000

245,231

4.13%,

8/15/2026

(a)

275,000

259,313

5.25%,

8/15/2027

(a)

205,000

174,072

5.25%,

8/15/2027

(a)

250,000

214,025

Artera

Services

LLC,

9.03%,

12/04/2025

(a)

250,000

215,001

Atkore,

Inc.,

4.25%,

6/01/2031

(a)

100,000

88,248

ATS

Corp.,

4.13%,

12/15/2028

(a)

20,000

17,991

Ball

Corp.

5.25%,

7/01/2025

195,000

195,015

4.88%,

3/15/2026

198,000

196,046

6.88%,

3/15/2028

229,000

237,977

2.88%,

8/15/2030

320,000

268,400

3.13%,

9/15/2031

170,000

141,335

Berry

Global,

Inc.

4.50%,

2/15/2026

(a)

5,000

4,855

5.63%,

7/15/2027

(a)(b)

108,000

106,705

Boise

Cascade

Co.,

4.88%,

7/01/2030

(a)

125,000

113,115

Bombardier,

Inc.

7.13%,

6/15/2026

(a)

185,000

183,767

7.88%,

4/15/2027

(a)

293,000

292,276

6.00%,

2/15/2028

(a)

179,000

169,738

7.50%,

2/01/2029

(a)

41,000

40,321

7.45%,

5/01/2034

(a)

15,000

16,544

Brand

Industrial

Services,

Inc.,

8.50%,

7/15/2025

(a)

251,000

234,718

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.,

6.00%,

2/01/2026

(a)

135,000

127,168

Builders

FirstSource,

Inc.

5.00%,

3/01/2030

(a)

119,000

111,426

4.25%,

2/01/2032

(a)

200,000

175,214

6.38%,

6/15/2032

(a)(b)

240,000

239,569

BWX

Technologies,

Inc.

4.13%,

6/30/2028

(a)

32,000

29,663

4.13%,

4/15/2029

(a)

35,000

31,758

Camelot

Return

Merger

Sub,

Inc.,

8.75%,

8/01/2028

(a)

226,000

214,071

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Industrial

–

10.7%

(continued)

Cargo

Aircraft

Management,

Inc.,

4.75%,

2/01/2028

(a)

123,000

110,554

Carriage

Purchaser,

Inc.,

7.88%,

10/15/2029

(a)

130,000

95,377

Cascades,

Inc.

/

Cascades

USA,

Inc.

5.13%,

1/15/2026

(a)

90,000

85,391

5.38%,

1/15/2028

(a)

145,000

137,227

Cellnex

Finance

Co.

SA,

3.88%,

7/07/2041

(a)

150,000

112,146

Chart

Industries,

Inc.

7.50%,

1/01/2030

(a)

480,000

495,093

9.50%,

1/01/2031

(a)

193,000

204,216

Clean

Harbors,

Inc.

4.88%,

7/15/2027

(a)

134,000

129,721

5.13%,

7/15/2029

(a)

55,000

52,805

6.38%,

2/01/2031

(a)

125,000

127,611

Clearwater

Paper

Corp.

5.38%,

2/01/2025

(a)

20,000

19,595

4.75%,

8/15/2028

(a)

20,000

17,999

Clydesdale

Acquisition

Holdings,

Inc.

6.63%,

4/15/2029

(a)

126,000

123,640

8.75%,

4/15/2030

(a)

276,000

254,332

Coherent

Corp.,

5.00%,

12/15/2029

(a)(b)

161,000

144,847

Cornerstone

Building

Brands,

Inc.,

6.13%,

1/15/2029

(a)

115,000

87,382

Covanta

Holding

Corp.

4.88%,

12/01/2029

(a)

175,000

155,772

5.00%,

9/01/2030

84,000

74,282

CP

Atlas

Buyer,

Inc.,

7.00%,

12/01/2028

(a)

118,000

89,273

Crown

Americas

LLC,

5.25%,

4/01/2030

(b)

125,000

121,337

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

V,

4.25%,

9/30/2026

95,000

91,324

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

VI,

4.75%,

2/01/2026

148,000

144,929

Crown

Cork

&

Seal

Co.,

Inc.,

7.38%,

12/15/2026

25,000

26,286

Danaos

Corp.,

8.50%,

3/01/2028

(a)

30,000

29,803

Dycom

Industries,

Inc.,

4.50%,

4/15/2029

(a)

95,000

86,751

Eco

Material

Technologies,

Inc.,

7.88%,

1/31/2027

(a)

84,000

80,576

Energizer

Holdings,

Inc.

6.50%,

12/31/2027

(a)

80,000

78,228

4.75%,

6/15/2028

(a)

163,000

146,719

4.38%,

3/31/2029

(a)

195,000

170,119

EnerSys,

4.38%,

12/15/2027

(a)

113,000

105,824

EnPro

Industries,

Inc.,

5.75%,

10/15/2026

125,000

122,859

F-Brasile

SpA

/

F-Brasile

US

LLC,

Series

XR,

7.38%,

8/15/2026

(a)

120,000

99,668

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.,

4.00%,

7/31/2029

(a)

145,000

126,352

Fluor

Corp.

3.50%,

12/15/2024

25,000

24,198

4.25%,

9/15/2028

(b)

170,000

156,970

Fortress

Transportation

&

Infrastructure

Investors

LLC

6.50%,

10/01/2025

(a)

166,000

163,955

9.75%,

8/01/2027

(a)

154,000

160,174

5.50%,

5/01/2028

(a)

255,000

233,974

FXI

Holdings,

Inc.,

12.25%,

11/15/2026

(a)

220,000

196,631

Gates

Global

LLC

/

Gates

Corp.,

6.25%,

1/15/2026

(a)

120,000

118,937

119

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Industrial

–

10.7%

(continued)

GFL

Environmental,

Inc.

4.25%,

6/01/2025

(a)

123,000

119,661

3.75%,

8/01/2025

(a)

154,000

149,013

5.13%,

12/15/2026

(a)(b)

77,000

75,842

4.00%,

8/01/2028

(a)

176,000

160,772

3.50%,

9/01/2028

(a)

199,000

181,222

4.75%,

6/15/2029

(a)

220,000

204,735

4.38%,

8/15/2029

(a)

89,000

80,654

Global

Infrastructure

Solutions,

Inc.

5.63%,

6/01/2029

(a)

45,000

37,492

7.50%,

4/15/2032

(a)

60,000

51,548

Graftech

Finance,

Inc.,

4.63%,

12/15/2028

(a)

120,000

100,591

Graham

Packaging

Co.,

Inc.,

7.13%,

8/15/2028

(a)

90,000

78,761

Graphic

Packaging

International

LLC

4.13%,

8/15/2024

5,000

4,947

4.75%,

7/15/2027

(a)

73,000

70,604

3.50%,

3/15/2028

(a)

221,000

202,006

3.50%,

3/01/2029

(a)

115,000

101,921

3.75%,

2/01/2030

(a)

20,000

17,883

Great

Lakes

Dredge

&

Dock

Corp.,

5.25%,

6/01/2029

(a)(b)

15,000

11,785

Griffon

Corp.,

5.75%,

3/01/2028

145,000

133,185

Harsco

Corp.,

5.75%,

7/31/2027

(a)

75,000

63,368

Hillenbrand,

Inc.

5.75%,

6/15/2025

82,000

81,881

5.00%,

9/15/2026

118,000

114,983

3.75%,

3/01/2031

75,000

64,413

Howmet

Aerospace,

Inc.

5.13%,

10/01/2024

26,000

25,861

6.88%,

5/01/2025

120,000

123,647

5.90%,

2/01/2027

134,000

137,165

6.75%,

1/15/2028

75,000

79,171

3.00%,

1/15/2029

145,000

130,525

5.95%,

2/01/2037

223,000

226,284

Husky

III

Holding

Ltd.,

13.00%,

2/15/2025

(a)(c)

150,000

136,513

Imola

Merger

Corp.,

4.75%,

5/15/2029

(a)

591,000

511,828

Innovate

Corp.,

8.50%,

2/01/2026

(a)

105,000

81,194

Intelligent

Packaging

Ltd.

Finco,

Inc.

/

Intelligent

Packaging

Ltd.

Co.-Issuer

LLC,

6.00%,

9/15/2028

(a)

128,000

106,493

James

Hardie

International

Finance

DAC,

5.00%,

1/15/2028

(a)

120,000

113,675

JELD-WEN,

Inc.

6.25%,

5/15/2025

(a)

30,000

30,307

4.63%,

12/15/2025

(a)

25,000

24,114

4.88%,

12/15/2027

(a)

56,000

48,988

JPW

Industries

Holding

Corp.,

9.00%,

10/01/2024

(a)(b)

155,000

139,227

Knife

River

Holding

Co.,

7.75%,

5/01/2031

(a)

166,000

168,873

LABL

Escrow

Issuer

LLC,

10.50%,

7/15/2027

(a)

173,000

164,370

LABL,

Inc.

6.75%,

7/15/2026

(a)

169,000

167,423

5.88%,

11/01/2028

(a)

170,000

156,885

9.50%,

11/01/2028

(a)

115,000

118,353

8.25%,

11/01/2029

(a)

170,000

147,780

Likewize

Corp.,

9.75%,

10/15/2025

(a)

155,000

139,611

Louisiana-Pacific

Corp.,

3.63%,

3/15/2029

(a)

125,000

109,515

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Industrial

–

10.7%

(continued)

LSB

Industries,

Inc.,

6.25%,

10/15/2028

(a)

115,000

101,567

Madison

IAQ

LLC

4.13%,

6/30/2028

(a)

180,000

158,422

5.88%,

6/30/2029

(a)

266,000

208,270

Manitowoc

Co.,

Inc.

(The),

9.00%,

4/01/2026

(a)(b)

76,000

75,464

Masonite

International

Corp.

5.38%,

2/01/2028

(a)

148,000

143,027

3.50%,

2/15/2030

(a)

120,000

103,614

Mauser

Packaging

Solutions

Holding

Co.

7.88%,

8/15/2026

(a)

687,000

697,124

9.25%,

4/15/2027

(a)

361,000

342,455

Maxim

Crane

Works

Holdings

Capital

LLC,

10.13%,

8/01/2024

(a)

115,000

114,338

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp.,

5.50%,

2/01/2030

(a)

126,000

106,502

Moog,

Inc.,

4.25%,

12/15/2027

(a)

132,000

124,128

Mueller

Water

Products,

Inc.,

4.00%,

6/15/2029

(a)

127,000

115,304

NAC

Aviation

29

DAC,

4.75%,

6/30/2026

205,608

175,033

New

Enterprise

Stone

&

Lime

Co.,

Inc.

5.25%,

7/15/2028

(a)

154,000

138,080

9.75%,

7/15/2028

(a)

10,000

9,560

OI

European

Group

BV,

4.75%,

2/15/2030

(a)

110,000

101,035

Oscar

Acquisitionco

LLC

/

Oscar

Finance,

Inc.,

9.50%,

4/15/2030

(a)

155,000

135,988

OT

Merger

Corp.,

7.88%,

10/15/2029

(a)

50,000

29,558

Owens-Brockway

Glass

Container,

Inc.

5.38%,

1/15/2025

(a)

45,000

44,567

6.38%,

8/15/2025

(a)

25,000

25,675

6.63%,

5/13/2027

(a)(b)

90,000

90,300

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.,

4.38%,

10/15/2028

(a)

199,000

175,208

Pactiv

Evergreen

Group

Issuer,

Inc.

/

Pactiv

Evergreen

Group

Issuer

LLC

/

Reynolds

Group

Issuer,

Inc.,

4.00%,

10/15/2027

(a)

265,000

238,479

Pactiv

LLC

7.95%,

12/15/2025

137,000

137,356

8.38%,

4/15/2027

35,000

34,630

Park-Ohio

Industries,

Inc.,

6.63%,

4/15/2027

136,000

107,995

PGT

Innovations,

Inc.,

4.38%,

10/01/2029

(a)

176,000

159,362

Promontoria

Holding

264

BV,

7.88%,

3/01/2027

(a)

76,000

76,788

Railworks

Holdings

LP

/

Railworks

Rally,

Inc.,

8.25%,

11/15/2028

(a)

15,000

14,290

Rand

Parent

LLC,

8.50%,

2/15/2030

(a)(b)

235,000

212,677

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/2029

(a)

92,000

83,551

Rolls-Royce

PLC

3.63%,

10/14/2025

(a)

258,000

243,769

5.75%,

10/15/2027

(a)

238,000

237,405

Sealed

Air

Corp.

5.13%,

12/01/2024

(a)

10,000

9,986

5.50%,

9/15/2025

(a)

120,000

120,249

4.00%,

12/01/2027

(a)

115,000

107,720

6.13%,

2/01/2028

(a)

215,000

218,339

5.00%,

4/15/2029

(a)

130,000

124,877

6.88%,

7/15/2033

(a)

63,000

66,896

120

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Industrial

–

10.7%

(continued)

Seaspan

Corp.,

5.50%,

8/01/2029

(a)

170,000

135,476

Sensata

Technologies

BV

5.63%,

11/01/2024

(a)

102,000

102,119

5.00%,

10/01/2025

(a)

130,000

128,471

4.00%,

4/15/2029

(a)

205,000

185,109

5.88%,

9/01/2030

(a)

85,000

83,512

Sensata

Technologies,

Inc.

4.38%,

2/15/2030

(a)

31,000

28,245

3.75%,

2/15/2031

(a)

132,000

114,688

Silgan

Holdings,

Inc.,

4.13%,

2/01/2028

193,000

180,412

Smyrna

Ready

Mix

Concrete

LLC,

6.00%,

11/01/2028

(a)

350,000

327,716

Spirit

AeroSystems,

Inc.

7.50%,

4/15/2025

(a)

220,000

218,828

3.85%,

6/15/2026

40,000

37,505

4.60%,

6/15/2028

210,000

176,411

9.38%,

11/30/2029

(a)

244,000

262,362

SPX

Flow,

Inc.,

8.75%,

4/01/2030

(a)

178,000

149,750

Standard

Industries,

Inc.

5.00%,

2/15/2027

(a)

285,000

272,880

4.75%,

1/15/2028

(a)

300,000

279,785

4.38%,

7/15/2030

(a)

551,000

474,796

3.38%,

1/15/2031

(a)

329,000

260,705

Stericycle,

Inc.

5.38%,

7/15/2024

(a)

60,000

59,742

3.88%,

1/15/2029

(a)

130,000

117,288

Summit

Materials

LLC

/

Summit

Materials

Finance

Corp.

6.50%,

3/15/2027

(a)

25,000

24,960

5.25%,

1/15/2029

(a)

280,000

265,937

Terex

Corp.,

5.00%,

5/15/2029

(a)

145,000

135,019

Tervita

Corp.,

11.00%,

12/01/2025

(a)

136,000

145,178

Titan

Acquisition

Ltd.

/

Titan

Co.-Borrower

LLC,

7.75%,

4/15/2026

(a)

167,000

149,738

TK

Elevator

Holdco

GMBH,

7.63%,

7/15/2028

(a)

110,000

97,902

TK

Elevator

US

Newco,

Inc.,

5.25%,

7/15/2027

(a)

417,000

389,759

TopBuild

Corp.

3.63%,

3/15/2029

(a)

135,000

117,699

4.13%,

2/15/2032

(a)

167,000

143,890

TransDigm

UK

Holdings

PLC,

6.88%,

5/15/2026

195,000

196,136

TransDigm,

Inc.

6.25%,

3/15/2026

(a)

1,103,000

1,108,288

6.38%,

6/15/2026

331,000

330,789

7.50%,

3/15/2027

178,000

178,930

5.50%,

11/15/2027

830,000

796,602

6.75%,

8/15/2028

(a)

698,000

708,622

4.63%,

1/15/2029

404,000

365,769

4.88%,

5/01/2029

230,000

208,955

Trident

TPI

Holdings,

Inc.

9.25%,

8/01/2024

(a)

125,000

127,913

6.63%,

11/01/2025

(a)

72,000

71,976

TriMas

Corp.,

4.13%,

4/15/2029

(a)

150,000

134,363

Trinity

Industries,

Inc.,

4.55%,

10/01/2024

250,000

243,935

Triumph

Group,

Inc.

7.75%,

8/15/2025

128,000

119,009

9.00%,

3/15/2028

(a)

307,000

311,413

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Industrial

–

10.7%

(continued)

Trivium

Packaging

Finance

BV

5.50%,

8/15/2026

(a)

262,000

254,358

8.50%,

8/15/2027

(a)

180,000

173,848

TTM

Technologies,

Inc.,

4.00%,

3/01/2029

(a)

81,000

69,263

Tutor

Perini

Corp.,

6.88%,

5/01/2025

(a)

112,000

81,121

Vertiv

Group

Corp.,

4.13%,

11/15/2028

(a)

231,000

208,707

Victors

Merger

Corp.,

6.38%,

5/15/2029

(a)

89,000

54,111

VM

Consolidated,

Inc.,

5.50%,

4/15/2029

(a)

20,000

18,711

Waste

Pro

USA,

Inc.,

5.50%,

2/15/2026

(a)

127,000

118,117

Watco

Cos.

LLC

/

Watco

Finance

Corp.,

6.50%,

6/15/2027

(a)

90,000

87,638

Weekley

Homes

LLC

/

Weekley

Finance

Corp.,

4.88%,

9/15/2028

(a)

120,000

104,498

Weir

Group

PLC

(The),

2.20%,

5/13/2026

(a)

54,000

48,797

Werner

FinCo

LP

/

Werner

FinCo,

Inc.,

8.75%,

7/15/2025

(a)

10,000

7,988

WESCO

Distribution,

Inc.

7.13%,

6/15/2025

(a)

367,000

373,139

7.25%,

6/15/2028

(a)

277,000

284,688

Western

Global

Airlines

LLC,

10.38%,

8/15/2025

(a)

115,000

15,447

XPO

CNW,

Inc.,

6.70%,

5/01/2034

35,000

32,235

XPO

Escrow

Sub

LLC,

7.50%,

11/15/2027

(a)

75,000

77,192

33,306,756

Technology

–

4.4%

ACI

Worldwide,

Inc.,

5.75%,

8/15/2026

(a)

15,000

14,951

Ahead

DB

Holdings

LLC,

6.63%,

5/01/2028

(a)

105,000

87,691

Alteryx,

Inc.,

8.75%,

3/15/2028

(a)

255,000

248,000

Amkor

Technology,

Inc.,

6.63%,

9/15/2027

(a)

200,000

200,327

ams-OSRAM

AG,

7.00%,

7/31/2025

(a)

105,000

98,501

Athenahealth

Group,

Inc.,

6.50%,

2/15/2030

(a)

730,000

598,766

Black

Knight

Infoserv

LLC,

3.63%,

9/01/2028

(a)

320,000

289,005

Boxer

Parent

Co.,

Inc.

7.13%,

10/02/2025

(a)

172,000

171,558

9.13%,

3/01/2026

(a)

127,000

123,921

Camelot

Finance

SA,

4.50%,

11/01/2026

(a)

163,000

154,065

Castle

US

Holding

Corp.,

9.50%,

2/15/2028

(a)

70,000

44,602

Central

Parent,

Inc.

/

Central

Merger

Sub,

Inc.,

7.25%,

6/15/2029

(a)

135,000

133,724

Clarivate

Science

Holdings

Corp.

3.88%,

7/01/2028

(a)

236,000

212,543

4.88%,

7/01/2029

(a)

227,000

204,604

Cloud

Software

Group,

Inc.

6.50%,

3/31/2029

(a)

1,254,000

1,128,914

9.00%,

9/30/2029

(a)

256,000

220,406

Conduent

Business

Services

LLC

/

Conduent

State

&

Local

Solutions,

Inc.,

6.00%,

11/01/2029

(a)

165,000

135,977

Consensus

Cloud

Solutions,

Inc.

6.00%,

10/15/2026

(a)

80,000

73,556

6.50%,

10/15/2028

(a)

180,000

157,998

Crowdstrike

Holdings,

Inc.,

3.00%,

2/15/2029

84,000

73,095

CWT

Travel

Group,

Inc.,

8.50%,

11/19/2026

(a)

273,000

193,856

Diebold

Nixdorf,

Inc.

9.38%,

7/15/2025

(a)

227,000

101,403

9.38%,

7/15/2025

(a)

33,000

15,052

8.50%,

10/15/2026

(a)(c)

85,000

15,217

121

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Technology

–

4.4%

(continued)

Dun

&

Bradstreet

Corp.

(The),

5.00%,

12/15/2029

(a)

105,000

92,889

Elastic

NV,

4.13%,

7/15/2029

(a)

145,000

125,031

Entegris

Escrow

Corp.,

5.95%,

6/15/2030

(a)

321,000

304,955

Entegris,

Inc.

4.38%,

4/15/2028

(a)

195,000

177,960

3.63%,

5/01/2029

(a)(b)

72,000

61,652

Exela

Intermediate

LLC

/

Exela

Finance,

Inc.,

11.50%,

7/15/2026

(a)(d)

40,000

4,932

Fair

Isaac

Corp.

5.25%,

5/15/2026

(a)

110,000

109,691

4.00%,

6/15/2028

(a)

270,000

251,394

Helios

Software

Holdings,

Inc.

/

Ion

Corporate

Solutions

Finance

Sarl,

4.63%,

5/01/2028

(a)

110,000

93,501

KBR,

Inc.,

4.75%,

9/30/2028

(a)

76,000

70,329

McAfee

Corp.,

7.38%,

2/15/2030

(a)

505,000

419,770

Microstrategy,

Inc.,

6.13%,

6/15/2028

(a)(b)

60,000

54,126

NCR

Corp.

5.75%,

9/01/2027

(a)

35,000

34,256

5.00%,

10/01/2028

(a)

115,000

100,341

5.13%,

4/15/2029

(a)

300,000

259,533

6.13%,

9/01/2029

(a)

61,000

59,775

5.25%,

10/01/2030

(a)

115,000

96,488

ON

Semiconductor

Corp.,

3.88%,

9/01/2028

(a)

95,000

86,032

Open

Text

Corp.

3.88%,

2/15/2028

(a)

340,000

301,345

3.88%,

12/01/2029

(a)

399,000

335,274

Open

Text

Holdings,

Inc.

4.13%,

2/15/2030

(a)

279,000

238,505

4.13%,

12/01/2031

(a)

246,000

203,852

Pitney

Bowes,

Inc.

6.88%,

3/15/2027

(a)

145,000

111,650

7.25%,

3/15/2029

(a)

110,000

81,309

Playtika

Holding

Corp.,

4.25%,

3/15/2029

(a)

95,000

81,399

Presidio

Holdings,

Inc.

4.88%,

2/01/2027

(a)

79,000

74,820

8.25%,

2/01/2028

(a)

140,000

131,907

PTC,

Inc.

3.63%,

2/15/2025

(a)

94,000

90,625

4.00%,

2/15/2028

(a)

127,000

118,212

Rackspace

Technology

Global,

Inc.

3.50%,

2/15/2028

(a)

145,000

60,126

5.38%,

12/01/2028

(a)

90,000

21,155

Roblox

Corp.,

3.88%,

5/01/2030

(a)

100,000

84,487

Rocket

Software,

Inc.,

6.50%,

2/15/2029

(a)

85,000

70,313

RRD

Parent,

Inc.,

10.00%,

10/15/2031

(a)(c)

218,982

377,549

Science

Applications

International

Corp.,

4.88%,

4/01/2028

(a)

110,000

103,886

Seagate

HDD

Cayman

4.75%,

1/01/2025

285,000

277,335

4.88%,

6/01/2027

125,000

119,799

4.09%,

6/01/2029

119,000

103,258

3.13%,

7/15/2029

49,000

38,521

4.13%,

1/15/2031

291,000

241,548

9.63%,

12/01/2032

(a)

264,000

289,450

5.75%,

12/01/2034

150,000

132,741

Skillz,

Inc.,

10.25%,

12/15/2026

(a)

60,000

42,044

SS&C

Technologies,

Inc.,

5.50%,

9/30/2027

(a)

404,000

391,088

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Technology

–

4.4%

(continued)

Synaptics,

Inc.,

4.00%,

6/15/2029

(a)

165,000

138,723

Twilio,

Inc.

3.63%,

3/15/2029

152,000

129,794

3.88%,

3/15/2031

(b)

42,000

35,067

Unisys

Corp.,

6.88%,

11/01/2027

(a)

290,000

193,835

Vericast

Corp.

11.00%,

9/15/2026

(a)

310,000

325,675

12.50%,

12/15/2027

(a)

100,000

112,486

Veritas

US,

Inc.

/

Veritas

Bermuda

Ltd.,

7.50%,

9/01/2025

(a)

629,000

476,053

Virtusa

Corp.,

7.13%,

12/15/2028

(a)

74,000

59,653

West

Technology

Group

LLC,

8.50%,

10/15/2025

(a)

124,000

116,560

Xerox

Corp.

3.80%,

5/15/2024

168,000

164,202

4.80%,

3/01/2035

203,000

134,552

6.75%,

12/15/2039

80,000

61,049

Xerox

Holdings

Corp.

5.00%,

8/15/2025

(a)

223,000

212,529

5.50%,

8/15/2028

(a)

261,000

228,322

ZoomInfo

Technologies

LLC

/

ZoomInfo

Finance

Corp.,

3.88%,

2/01/2029

(a)(b)

119,000

102,619

13,713,704

Utilities

–

2.5%

Algonquin

Power

&

Utilities

Corp.,

4.75%,

1/18/2082

125,000

99,825

AmeriGas

Partners

LP

/

AmeriGas

Finance

Corp.

5.63%,

5/20/2024

80,000

79,522

5.50%,

5/20/2025

180,000

175,051

5.88%,

8/20/2026

225,000

217,181

5.75%,

5/20/2027

105,000

99,711

Atlantica

Sustainable

Infrastructure

PLC,

4.13%,

6/15/2028

(a)

115,000

105,491

Calpine

Corp.

5.25%,

6/01/2026

(a)

109,000

106,122

4.50%,

2/15/2028

(a)

300,000

279,444

5.13%,

3/15/2028

(a)

349,000

323,342

4.63%,

2/01/2029

(a)

195,000

169,065

5.00%,

2/01/2031

(a)

200,000

168,398

3.75%,

3/01/2031

(a)

230,000

196,381

Clearway

Energy

Operating

LLC

4.75%,

3/15/2028

(a)

195,000

185,391

3.75%,

2/15/2031

(a)

210,000

179,602

3.75%,

1/15/2032

(a)

20,000

16,787

DPL,

Inc.

4.13%,

7/01/2025

95,000

91,287

4.35%,

4/15/2029

92,000

83,672

Drax

Finco

PLC,

6.63%,

11/01/2025

(a)

129,000

127,013

FirstEnergy

Corp.

2.05%,

3/01/2025

55,000

51,969

Series

A,

1.60%,

1/15/2026

110,000

101,570

Series

B,

4.15%,

7/15/2027

378,000

367,575

2.65%,

3/01/2030

185,000

159,820

Series

B,

2.25%,

9/01/2030

155,000

128,778

Series

C,

7.38%,

11/15/2031

245,000

280,394

Series

C,

5.10%,

7/15/2047

182,000

167,610

Series

C,

3.40%,

3/01/2050

212,000

148,300

122

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

High

Yield

Beta

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.5%

(continued)

Utilities

–

2.5%

(continued)

Leeward

Renewable

Energy

Operations

LLC,

4.25%,

7/01/2029

(a)

100,000

90,414

NextEra

Energy

Operating

Partners

LP

4.25%,

7/15/2024

(a)

181,000

178,452

3.88%,

10/15/2026

(a)

126,000

117,855

4.50%,

9/15/2027

(a)

130,000

122,401

NRG

Energy,

Inc.

6.63%,

1/15/2027

95,000

95,412

5.75%,

1/15/2028

192,000

187,316

3.38%,

2/15/2029

(a)

70,000

59,322

5.25%,

6/15/2029

(a)

195,000

180,055

3.63%,

2/15/2031

(a)

255,000

206,338

3.88%,

2/15/2032

(a)

285,000

230,064

Panoche

Energy

Center

LLC,

6.89%,

7/31/2029

(a)

16,956

17,038

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations,

Inc.,

4.50%,

8/15/2028

(a)

190,000

176,596

PG&E

Corp.

5.00%,

7/01/2028

(b)

220,000

207,386

5.25%,

7/01/2030

220,000

202,829

Pike

Corp.,

5.50%,

9/01/2028

(a)

166,000

150,536

Solaris

Midstream

Holdings

LLC,

7.63%,

4/01/2026

(a)

78,000

74,903

Terraform

Global

Operating

LP,

6.13%,

3/01/2026

(a)

95,000

91,074

TransAlta

Corp.

7.75%,

11/15/2029

45,000

47,243

6.50%,

3/15/2040

70,000

65,188

Vistra

Operations

Co.

LLC

5.50%,

9/01/2026

(a)

228,000

223,794

5.63%,

2/15/2027

(a)

276,000

269,140

5.00%,

7/31/2027

(a)

305,000

289,902

4.38%,

5/01/2029

(a)

265,000

237,148

7,629,707

Total

Corporate

Bonds

(cost

$310,614,390)

303,219,210

Shares

Investment

Companies

–

0.8%

Registered

Investment

Companies

–

0.8%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.81%

(f)(g)

(cost

$2,383,539)

2,383,539

2,383,539

Investment

of

Cash

Collateral

for

Securities

Loaned

–

3.9%

Registered

Investment

Companies

–

3.9%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.81%

(f)(g)

(cost

$12,325,393)

12,325,393

12,325,393

Total

Investments

(cost

$325,323,322)

102.2%

317,928,142

Liabilities,

Less

Cash

and

Receivables

(2.2)%

(6,961,399)

Net

Assets

100.0%

310,966,743

BR—Bearer

Shares

CDI—CREST

Depository

Interest

REIT—Real

Estate

Investment

Trust

123

See

Notes

to

Financial

Statements

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

April

30,

2023,

these

securities

were

valued

at

$220,169,527

or

70.80%

of

net

assets.

(b)

Security,

or

portion

thereof,

on

loan.

At

April

30,

2023,

the

value

of

the

fund’s

securities

on

loan

was

$12,899,508

and

the

value

of

the

collateral

was

$13,410,133,

consisting

of

cash

collateral

of

$12,325,393

and

U.S.

Government

&

Agency

securities

valued

at

$1,084,740.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

(c)

Payment-in-kind

security

and

interest

may

be

paid

in

additional

par.

(d)

Defaulted

security.

Currently,

the

issuer

is

in

default

with

respect

to

principal

and/or

interest

payments.

The

aggregate

value

of

these

securities

at

April

30,

2023

was

$80,430,

which

represented

0.03%

of

the

Fund’s

Net

Assets.

(e)

Perpetual

bond

with

no

specified

maturity

date.

(f)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(g)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2023.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2023

are

as

follows:

Description

Value

10/31/22

Purchases

($)

1

Sales

($)

Value

4/30/23

Dividends/

Distributions

($)

Investment

Companies

–

0.8%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

751,976

14,645,388

(13,013,825)

2,383,539

33,306

Investment

of

Cash

Collateral

for

Securities

Loaned

–

3.9%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

1,486,128

26,178,682

(15,339,417)

12,325,393

38,111

2

Total

–

4.7%

2,238,104

40,824,070

(28,353,242)

14,708,932

71,417

1

Includes

reinvested

dividends/distributions.

2

Represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Portfolio

Summary

(Unaudited)

†

Value

(%)

Consumer,

Cyclical

24.9

Consumer,

Non-cyclical

14.7

Communications

14.3

Energy

11.7

Industrial

10.7

Financial

9.9

Registered

Investment

Companies

4.7

Technology

4.4

Basic

Materials

4.4

Utilities

2.5

Diversified

0.0

102.2

†

Based

on

net

assets.

Centrally

Cleared

Credit

Default

Swaps

Reference

Obligation

Maturity

Date

Notional

Amount

($)

(1)

Market

Value

($)

Upfront

Payments/

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Sold

Contracts

(2)

CDX

North

America

High

Yield

Swap

6/20/2028

4,849,000

96,972

42,319

54,653

(1)

The

maximum

potential

amount

the

fund

could

be

required

to

pay

as

a

seller

of

credit

protection

or

receive

as

a

buyer

of

credit

protection

if

a

credit

event

occurs

as

defined

under

the

terms

of

the

swap

agreement.

(2)

If

the

fund

is

a

seller

of

protection

and

a

credit

event

occurs,

as

defined

under

the

terms

of

the

swap

agreement,

the

fund

will

either

(i)

pay

to

the

buyer

of

protection

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

reference

obligation

or

(ii)

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

reference

obligation.

124

STATEMENTS

OF

ASSETS

AND

LIABILITIES

April

30,

2023

(Unaudited)

See

Notes

to

Financial

Statements

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Assets

($):

Investments

in

securities—See

Statements

of

Investments

†

(including

securities

on

loan)

††

—Note

2(c):

–

–

–

Unaffiliated

issuers

1,749,416,960‌

427,754,175‌

95,108,873‌

Affiliated

issuers

1,394,276‌

4,091,722‌

2,269,623‌

Collateral

with

brokers

for

initial

margin—Note

4

260,000‌

174,000‌

53,000‌

Dividends

receivable

1,472,673‌

231,645‌

20,011‌

Receivable

for

futures

variation

margin—Note

4

22,588‌

12,355‌

1,470‌

Tax

reclaim

receivable—Note

2(b)

12,003‌

516‌

271‌

Securities

lending

income

receivable

2,133‌

6,304‌

17,663‌

Due

from

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(b)

190‌

—‌

—‌

1,752,580,823‌

432,270,717‌

97,470,911‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(b)

—‌

13,906‌

3,134‌

Liability

for

securities

on

loan—Note

2(c)

—‌

2,781,047‌

2,140,497‌

Payable

for

investment

securities

purchased

—‌

189,875‌

—‌

—‌

2,984,828‌

2,143,631‌

Net

Assets

($)

1,752,580,823‌

429,285,889‌

95,327,280‌

Composition

of

Net

Assets

($):

Paid-in

capital

1,727,882,119‌

456,515,052‌

115,859,788‌

Total

distributable

earnings

(loss)

24,698,704‌

(27,229,163‌)

(20,532,508‌)

Net

Assets

($)

1,752,580,823‌

429,285,889‌

95,327,280‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

22,670,000‌

5,350,000‌

1,190,000‌

Net

asset

value

per

share

77.31‌

80.24‌

80.11‌

Market

price

per

share

77.26‌

80.23‌

80.04‌

†

Investments

at

cost

($)

Unaffiliated

issuers

1,736,496,569‌

446,117,380‌

104,729,826‌

Affiliated

issuers

1,394,276‌

4,091,722‌

2,269,623‌

††

Value

of

securities

on

loan

($)

22,182,427‌

9,417,964‌

6,703,206‌

125

See

Notes

to

Financial

Statements

BNY

Mellon

International

Equity

ETF

BNY

Mellon

Emerging

Markets

Equity

ETF

Assets

($):

Investments

in

securities—See

Statements

of

Investments

†

(including

securities

on

loan)

††

—Note

2(c):

–

–

Unaffiliated

issuers

451,490,151‌

83,851,957‌

Affiliated

issuers

183,297‌

179,087‌

Cash

—‌

3,200‌

Cash

denominated

in

foreign

currency

†††

835,219‌

114,378‌

Collateral

with

brokers

for

initial

margin—Note

4

104,000‌

18,000‌

Dividends

receivable

1,772,295‌

152,031‌

Tax

reclaim

receivable—Note

2(b)

647,769‌

1,045‌

Receivable

for

investment

securities

sold

48,770‌

163‌

Securities

lending

income

receivable

40‌

325‌

Receivable

for

futures

variation

margin—Note

4

—‌

1,250‌

455,081,541‌

84,321,436‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(b)

14,804‌

7,672‌

Liability

for

securities

on

loan—Note

2(c)

—‌

88,119‌

Payable

for

investment

securities

purchased

407,991‌

36,825‌

Payable

for

futures

variation

margin—Note

4

1,232‌

—‌

Payable

for

foreign

capital

gains

tax—Note

2(b)

—‌

119,064‌

424,027‌

251,680‌

Net

Assets

($)

454,657,514‌

84,069,756‌

Composition

of

Net

Assets

($):

Paid-in

capital

442,718,506‌

88,118,983‌

Total

distributable

earnings

(loss)

11,939,008‌

(4,049,227‌)

Net

Assets

($)

454,657,514‌

84,069,756‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

6,650,000‌

1,550,000‌

Net

asset

value

per

share

68.37‌

54.24‌

Market

price

per

share

68.49‌

54.54‌

†

Investments

at

cost

($)

Unaffiliated

issuers

430,943,818‌

85,493,841‌

Affiliated

issuers

183,297‌

179,087‌

††

Value

of

securities

on

loan

($)

631,758‌

108,467‌

†††

Cash

denominated

in

foreign

currency

(cost)

($)

832,999‌

114,365‌

126

STATEMENTS

OF

ASSETS

AND

LIABILITIES

(continued)

See

Notes

to

Financial

Statements

BNY

Mellon

Core

Bond

ETF

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

BNY

Mellon

High

Yield

Beta

ETF

Assets

($):

Investments

in

securities—See

Statements

of

Investments

†

(including

securities

on

loan)

††

—Note

2(c):

–

–

–

Unaffiliated

issuers

431,699,381‌

51,666,597‌

303,219,210‌

Affiliated

issuers

12,488,004‌

2,290,978‌

14,708,932‌

Cash

—‌

—‌

9,176‌

Collateral

with

brokers

for

swap

agreements

—‌

—‌

303,235‌

Receivable

for

investment

securities

sold

7,118,225‌

623‌

—‌

Interest

receivable

2,740,017‌

433,505‌

5,085,516‌

Receivable

for

investment

securities

sold—TBA

799,457‌

—‌

—‌

Dividends

receivable

39,774‌

2,054‌

10,344‌

Securities

lending

income

receivable

1,380‌

1,053‌

9,954‌

Receivable

for

swaps

variation

margin—Note

4

—‌

—‌

39,988‌

Due

from

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(b)

821‌

—‌

—‌

454,887,059‌

54,394,810‌

323,386,355‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(b)

—‌

2,571‌

61,081‌

TBA

sale

commitments

at

value—Note

4

†††

138,045‌

—‌

—‌

Liability

for

securities

on

loan—Note

2(c)

2,040,658‌

1,041,640‌

12,325,393‌

Payable

for

investment

securities

purchased—TBA

9,618,500‌

—‌

—‌

Payable

for

investment

securities

purchased

8,600,993‌

1,080,678‌

33,138‌

20,398,196‌

2,124,889‌

12,419,612‌

Net

Assets

($)

434,488,863‌

52,269,921‌

310,966,743‌

Composition

of

Net

Assets

($):

Paid-in

capital

474,773,455‌

55,649,724‌

318,841,675‌

Total

distributable

earnings

(loss)

(40,284,592‌)

(3,379,803‌)

(7,874,932‌)

Net

Assets

($)

434,488,863‌

52,269,921‌

310,966,743‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

10,150,000‌

1,100,000‌

6,600,000‌

Net

asset

value

per

share

42.81‌

47.52‌

47.12‌

Market

price

per

share

42.83‌

47.53‌

47.22‌

†

Investments

at

cost

($)

Unaffiliated

issuers

460,981,487‌

54,230,881‌

310,614,390‌

Affiliated

issuers

12,488,004‌

2,290,978‌

14,708,932‌

††

Value

of

securities

on

loan

($)

10,980,082‌

1,129,881‌

12,899,508‌

†††

TBA

sale

commitments

proceeds

($)

138,196‌

—‌

—‌

127

STATEMENTS

OF

OPERATIONS

Six

Months

Ended

April

30,

2023

(Unaudited)

See

Notes

to

Financial

Statements

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Investment

Income

($):

Income:

Cash

dividends:

Unaffiliated

issuers

†

8,917,229‌

2,334,913‌

531,911‌

Affiliated

issuers

33,924‌

13,179‌

3,035‌

Income

from

securities

lending—Note

2(c)

7,464‌

27,663‌

52,382‌

Total

Income

8,958,617‌

2,375,755‌

587,328‌

Expenses:

Management

fee—Note

3(a)

—‌

49,989‌

12,670‌

Total

Expenses

—‌

49,989‌

12,670‌

Net

Investment

Income

8,958,617‌

2,325,766‌

574,658‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

(6,344,195‌)

(5,741,471‌)

(1,308,002‌)

Net

realized

gain

(loss)

on

in-kind

redemptions

28,250,032‌

4,179,156‌

(189,976‌)

Net

realized

gain

(loss)

on

futures

36,587‌

53,734‌

(6,182‌)

Net

realized

gain

(loss)

21,942,424‌

(1,508,581‌)

(1,504,160‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

52,601,829‌

(19,831,738‌)

(3,324,699‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

futures

98,942‌

27,034‌

(5,453‌)

Net

change

in

unrealized

appreciation

(depreciation)

52,700,771‌

(19,804,704‌)

(3,330,152‌)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

74,643,195‌

(21,313,285‌)

(4,834,312‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

83,601,812‌

(18,987,519‌)

(4,259,654‌)

†

Net

of

foreign

taxes

withheld

at

source

($)

2,919‌

236‌

330‌

128

STATEMENTS

OF

OPERATIONS

(continued)

See

Notes

to

Financial

Statements

BNY

Mellon

International

Equity

ETF

BNY

Mellon

Emerging

Markets

Equity

ETF

Investment

Income

($):

Income:

Cash

dividends:

Unaffiliated

issuers

†

5,818,235‌

705,982‌

Affiliated

issuers

9,357‌

9,238‌

Income

from

securities

lending—Note

2(c)

1,143‌

583‌

Total

Income

5,828,735‌

715,803‌

Expenses:

Management

fee—Note

3(a)

56,786‌

30,437‌

Total

Expenses

56,786‌

30,437‌

Net

Investment

Income

5,771,949‌

685,366‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

(3,839,787‌)

(862,512‌)

Net

realized

gain

(loss)

on

futures

128,559‌

11,684‌

Net

realized

gain

(loss)

(3,711,228‌)

(850,828‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

transactions

32,418,116‌

818,572‌

Net

change

in

unrealized

appreciation

(depreciation)

on

futures

86,164‌

2,428‌

Net

change

in

unrealized

appreciation

(depreciation)

32,504,280‌

821,000‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

28,793,052‌

(29,828‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

34,565,001‌

655,538‌

†

Net

of

foreign

taxes

withheld

at

source

($)

670,291‌

68,802‌

129

See

Notes

to

Financial

Statements

BNY

Mellon

Core

Bond

ETF

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

BNY

Mellon

High

Yield

Beta

ETF

Investment

Income

($):

Income:

Cash

dividends:

Affiliated

issuers

181,551‌

6,021‌

33,306‌

Interest

6,370,082‌

689,636‌

7,049,978‌

Income

from

securities

lending—Note

2(c)

12,657‌

5,853‌

38,111‌

Total

Income

6,564,290‌

701,510‌

7,121,395‌

Expenses:

Management

fee—Note

3(a)

—‌

15,816‌

199,658‌

Total

Expenses

—‌

15,816‌

199,658‌

Net

Investment

Income

6,564,290‌

685,694‌

6,921,737‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

(4,512,755‌)

(379,606‌)

(865,861‌)

Net

realized

gain

(loss)

on

in-kind

redemptions

(1,479,070‌)

(87,697‌)

(826,509‌)

Net

realized

gain

(loss)

on

swap

agreements

—‌

—‌

34,458‌

Net

realized

gain

(loss)

(5,991,825‌)

(467,303‌)

(1,657,912‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

25,760,977‌

2,211,687‌

(2,651,619‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

swap

agreements

—‌

—‌

(1,170‌)

Net

change

in

unrealized

appreciation

(depreciation)

25,760,977‌

2,211,687‌

(2,652,789‌)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

19,769,152‌

1,744,384‌

(4,310,701‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

26,333,442‌

2,430,078‌

2,611,036‌

130

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

2022

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

2022

Operations

($):

Net

investment

income

8,958,617‌

6,706,091‌

2,325,766‌

1,609,247‌

Net

realized

gain

(loss)

on

investments

21,942,424‌

11,579,473‌

(1,508,581‌)

5,782,007‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

52,700,771‌

(106,801,762‌)

(19,804,704‌)

(25,352,625‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

83,601,812‌

(88,516,198‌)

(18,987,519‌)

(17,961,371‌)

Distributions

($):

Distributions

to

shareholders

(7,595,561‌)

(6,591,566‌)

(2,015,568‌)

(1,602,989‌)

Capital

Contributions

($):

Capital

contributions

from

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(a)

752

608

—

—

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

1,414,098,453‌

241,331,150‌

378,180,103‌

36,473,708‌

Cost

of

shares

redeemed

(175,680,965‌)

(99,553,901‌)

(14,318,586‌)

(43,323,279‌)

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

1,238,417,488‌

141,777,249‌

363,861,517‌

(6,849,571‌)

Total

Increase

(Decrease)

in

Net

Assets

1,314,424,491‌

46,670,093‌

342,858,430‌

(26,413,931‌)

Net

Assets

($):

Beginning

of

Period

438,156,332‌

391,486,239‌

86,427,459‌

112,841,390‌

End

of

Period

1,752,580,823‌

438,156,332‌

429,285,889‌

86,427,459‌

Changes

in

Shares

Outstanding:

Shares

sold

18,860,000‌

2,920,000‌

4,420,000‌

430,000‌

Shares

redeemed

(2,340,000‌)

(1,270,000‌)

(180,000‌)

(520,000‌)

Net

Increase

(Decrease)

in

Shares

Outstanding

16,520,000‌

1,650,000‌

4,240,000‌

(90,000‌)

131

See

Notes

to

Financial

Statements

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

BNY

Mellon

International

Equity

ETF

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

2022

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

2022

Operations

($):

Net

investment

income

574,658‌

1,071,686‌

5,771,949‌

3,664,805‌

Net

realized

gain

(loss)

on

investments

(1,504,160‌)

3,330,623‌

(3,711,228‌)

(6,111,982‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(3,330,152‌)

(23,799,420‌)

32,504,280‌

(25,971,464‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(4,259,654‌)

(19,397,111‌)

34,565,001‌

(28,418,641‌)

Distributions

($):

Distributions

to

shareholders

(507,125‌)

(1,135,186‌)

(3,874,994‌)

(3,935,206‌)

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

67,571,125‌

23,680,450‌

296,934,267‌

58,965,267‌

Cost

of

shares

redeemed

(3,230,681‌)

(148,204,287‌)

—‌

—‌

Transaction

fees—Note

5

—‌

—‌

12,689‌

—‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

64,340,444‌

(124,523,837‌)

296,946,956‌

58,965,267‌

Total

Increase

(Decrease)

in

Net

Assets

59,573,665‌

(145,056,134‌)

327,636,963‌

26,611,420‌

Net

Assets

($):

Beginning

of

Period

35,753,615‌

180,809,749‌

127,020,551‌

100,409,131‌

End

of

Period

95,327,280‌

35,753,615‌

454,657,514‌

127,020,551‌

Changes

in

Shares

Outstanding:

Shares

sold

780,000‌

260,000‌

4,400,000‌

900,000‌

Shares

redeemed

(40,000‌)

(1,660,000‌)

—‌

—‌

Net

Increase

(Decrease)

in

Shares

Outstanding

740,000‌

(1,400,000‌)

4,400,000‌

900,000‌

132

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

(continued)

See

Notes

to

Financial

Statements

BNY

Mellon

Emerging

Markets

Equity

ETF

BNY

Mellon

Core

Bond

ETF

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

2022

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

2022

Operations

($):

Net

investment

income

685,366‌

965,378‌

6,564,290‌

6,192,345‌

Net

realized

gain

(loss)

on

investments

(850,828‌)

(1,092,332‌)

(5,991,825‌)

(5,998,306‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

821,000‌

(11,232,453‌)

25,760,977‌

(53,636,794‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

655,538‌

(11,359,407‌)

26,333,442‌

(53,442,755‌)

Distributions

($):

Distributions

to

shareholders

(505,787‌)

(1,005,494‌)

(6,266,765‌)

(5,914,515‌)

Capital

Contributions

($):

Capital

contributions

from

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(a)

—

—

4,149

9,023

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

57,798,839‌

—‌

82,408,353‌

253,670,821‌

Cost

of

shares

redeemed

—‌

—‌

(40,246,852‌)

(17,019,797‌)

Transaction

fees—Note

5

74,928‌

—‌

69,053‌

135,595‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

57,873,767‌

—‌

42,230,554‌

236,786,619‌

Total

Increase

(Decrease)

in

Net

Assets

58,023,518‌

(12,364,901‌)

62,301,380‌

177,438,372‌

Net

Assets

($):

Beginning

of

Period

26,046,238‌

38,411,139‌

372,187,483‌

194,749,111‌

End

of

Period

84,069,756‌

26,046,238‌

434,488,863‌

372,187,483‌

Changes

in

Shares

Outstanding:

Shares

sold

1,000,000‌

—‌

1,950,000‌

5,600,000‌

Shares

redeemed

—‌

—‌

(950,000‌)

(400,000‌)

Net

Increase

(Decrease)

in

Shares

Outstanding

1,000,000‌

—‌

1,000,000‌

5,200,000‌

133

See

Notes

to

Financial

Statements

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

BNY

Mellon

High

Yield

Beta

ETF

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

2022

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

2022

Operations

($):

Net

investment

income

685,694‌

890,962‌

6,921,737‌

2,680,876‌

Net

realized

gain

(loss)

on

investments

(467,303‌)

(599,851‌)

(1,657,912‌)

(2,134,045‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

2,211,687‌

(4,798,929‌)

(2,652,789‌)

(6,138,689‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,430,078‌

(4,507,818‌)

2,611,036‌

(5,591,858‌)

Distributions

($):

Distributions

to

shareholders

(672,430‌)

(1,025,927‌)

(5,117,116‌)

(3,578,680‌)

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

—‌

17,453,630‌

340,664,585‌

68,727,238‌

Cost

of

shares

redeemed

(2,342,315‌)

(2,362,177‌)

(77,608,251‌)

(56,933,620‌)

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

(2,342,315‌)

15,091,453‌

263,056,334‌

11,793,618‌

Total

Increase

(Decrease)

in

Net

Assets

(584,667‌)

9,557,708‌

260,550,254‌

2,623,080‌

Net

Assets

($):

Beginning

of

Period

52,854,588‌

43,296,880‌

50,416,489‌

47,793,409‌

End

of

Period

52,269,921‌

52,854,588‌

310,966,743‌

50,416,489‌

Changes

in

Shares

Outstanding:

Shares

sold

—‌

350,000‌

7,150,000‌

1,400,000‌

Shares

redeemed

(50,000‌)

(50,000‌)

(1,650,000‌)

(1,150,000‌)

Net

Increase

(Decrease)

in

Shares

Outstanding

(50,000‌)

300,000‌

5,500,000‌

250,000‌

134

FINANCIAL

HIGHLIGHTS

The

following

tables

describe

the

performance

for

the

fiscal

periods

indicated

and

these

figures

have

been

derived

from

the

funds’

financial

statements.

See

Notes

to

Financial

Statements

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

For

the

Period

from

April

9,

2020

(a)

to

October

31,

2020

2022

2021

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

71.24‌

87.00‌

61.95‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

0.63‌

1.15‌

1.06‌

0.56‌

Net

realized

and

unrealized

gain

(loss)

on

investments

6.00‌

(15.81‌)

24.90‌

11.81‌

Total

from

Investment

Operations

6.63‌

(14.66‌)

25.96‌

12.37‌

Distributions:

Dividends

from

net

investment

income

(0.56‌)

(1.10‌)

(0.91‌)

(0.42‌)

Net

asset

value,

end

of

period

77.31‌

71.2

4‌

87.00‌

61.95‌

Market

price,

end

of

period

(c)

77.26‌

71.29‌

87.03‌

61.82‌

Net

Asset

Value

Total

Return

(%)

(d)

9.35‌

(16.91‌)

42.08‌

24.76‌

Market

Price

Total

Return

(%)

(d)

9.21‌

(16.90‌)

42.42‌

24.50‌

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

–‌

(e),(f)

–‌

(f)

–‌

(f)

–‌

(e)

Ratio

of

net

investment

income

to

average

net

assets

1.72‌

(e),(f)

1.47‌

(f)

1.35‌

(f)

1.63‌

(e)

Portfolio

Turnover

Rate

(g)

1.28‌

5.74‌

10.53‌

10.62‌

Net

Assets,

end

of

period

($

x

1,000)

1,752,581‌

438,156‌

391,486‌

93,045‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

mean

between

the

last

bid

and

ask

prices.

(d)

Net

asset

value

total

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

at

net

asset

value

on

the

last

day

of

the

period.

Net

asset

value

total

return

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Market

price

total

return

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period,

and

sale

at

the

market

price

on

the

last

day

of

the

period.

Total

investment

returns

calculated

for

a

period

of

less

than

one

year

are

not

annualized.

(e)

Annualized.

(f)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(g)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

135

See

Notes

to

Financial

Statements

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

For

the

Period

from

April

9,

2020

(a)

to

October

31,

2020

2022

2021

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

77.86‌

94.03‌

65.66‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

0.74‌

1.32‌

1.07‌

0.50‌

Net

realized

and

unrealized

gain

(loss)

on

investments

2.25‌

(c)

(16.18‌)

28.28‌

15.63‌

Total

from

Investment

Operations

2.99‌

(14.86‌)

29.35‌

16.13‌

Distributions:

Dividends

from

net

investment

income

(0.61‌)

(1.31‌)

(0.98‌)

(0.47‌)

Net

asset

value,

end

of

period

80.24‌

77.86‌

94.03‌

65.66‌

Market

price,

end

of

period

(d)

80.23‌

77.86‌

94.11‌

65.55‌

Net

Asset

Value

Total

Return

(%)

(e)

3.85‌

(15.88‌)

44.87‌

32.27‌

Market

Price

Total

Return

(%)

(e)

3.84‌

(15.94‌)

45.23‌

32.06‌

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.04‌

(f),(g)

0.04‌

(g)

0.04‌

(g)

0.04‌

(f)

Ratio

of

net

investment

income

to

average

net

assets

1.86‌

(f),(g)

1.55‌

(g)

1.24‌

(g)

1.43‌

(f)

Portfolio

Turnover

Rate

(h)

5.37‌

25.97‌

32.65‌

21.26‌

Net

Assets,

end

of

period

($

x

1,000)

429,286‌

86,427‌

112,841‌

39,396‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

In

addition

to

net

realized

and

unrealized

gains

(losses)

on

investments,

this

amount

includes

an

increase

in

net

asset

value

per

share

resulting

from

the

timing

of

issuances

and

redemptions

of

shares

in

relation

to

fluctuating

market

values

for

the

fund's

investments.

(d)

The

mean

between

the

last

bid

and

ask

prices.

(e)

Net

asset

value

total

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

at

net

asset

value

on

the

last

day

of

the

period.

Net

asset

value

total

return

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Market

price

total

return

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period,

and

sale

at

the

market

price

on

the

last

day

of

the

period.

Total

investment

returns

calculated

for

a

period

of

less

than

one

year

are

not

annualized.

(f)

Annualized.

(g)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(h)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

136

FINANCIAL

HIGHLIGHTS

(continued)

See

Notes

to

Financial

Statements

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

For

the

Period

from

April

9,

2020

(a)

to

October

31,

2020

2022

2021

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

79.45‌

97.73‌

67.17‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

0.73‌

1.22‌

1.25‌

0.49‌

Net

realized

and

unrealized

gain

(loss)

on

investments

0.51‌

(c)

(18.22‌)

30.31‌

17.14‌

Total

from

Investment

Operations

1.24‌

(17.00‌)

31.56‌

17.63‌

Distributions:

Dividends

from

net

investment

income

(0.58‌)

(1.28‌)

(1.00‌)

(0.46‌)

Net

asset

value,

end

of

period

80.11‌

79.45‌

97.73‌

67.17‌

Market

price,

end

of

period

(d)

80.04‌

79.50‌

97.86‌

67.03‌

Net

Asset

Value

Total

Return

(%)

(e)

1.57‌

(17.45‌)

47.08‌

35.30‌

Market

Price

Total

Return

(%)

(e)

1.43‌

(17.50‌)

47.59‌

35.03‌

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.04‌

(f),(g)

0.04‌

(g)

0.04‌

(g)

0.04‌

(f)

Ratio

of

net

investment

income

to

average

net

assets

1.81‌

(f),(g)

1.36‌

(g)

1.34‌

(g)

1.37‌

(f)

Portfolio

Turnover

Rate

(h)

7.90‌

37.93‌

50.09‌

32.54‌

Net

Assets,

end

of

period

($

x

1,000)

95,327‌

35,754‌

180,810‌

40,302‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

In

addition

to

net

realized

and

unrealized

gains

(losses)

on

investments,

this

amount

includes

an

increase

in

net

asset

value

per

share

resulting

from

the

timing

of

issuances

and

redemptions

of

shares

in

relation

to

fluctuating

market

values

for

the

fund's

investments.

(d)

The

mean

between

the

last

bid

and

ask

prices.

(e)

Net

asset

value

total

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

at

net

asset

value

on

the

last

day

of

the

period.

Net

asset

value

total

return

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Market

price

total

return

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period,

and

sale

at

the

market

price

on

the

last

day

of

the

period.

Total

investment

returns

calculated

for

a

period

of

less

than

one

year

are

not

annualized.

(f)

Annualized.

(g)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(h)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

137

See

Notes

to

Financial

Statements

BNY

Mellon

International

Equity

ETF

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

For

the

Period

from

April

24,

2020

(a)

to

October

31,

2020

2022

2021

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

56.45‌

74.38‌

56.06‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

1.31‌

2.03‌

1.82‌

0.76‌

Net

realized

and

unrealized

gain

(loss)

on

investments

11.28‌

(17.83‌)

18.31‌

6.00‌

Total

from

Investment

Operations

12.59‌

(15.80‌)

20.13‌

6.76‌

Distributions:

Dividends

from

net

investment

income

(0.67‌)

(2.13‌)

(1.81‌)

(0.70‌)

Transaction

fees

(b)

0.00‌

(c)

—‌

—‌

—‌

Net

asset

value,

end

of

period

68.37‌

56.45‌

74.38‌

56.06‌

Market

price,

end

of

period

(d)

68.49‌

56.52‌

74.86‌

56.66‌

Net

Asset

Value

Total

Return

(%)

(e)

22.33‌

(21.49‌)

36.10‌

13.49‌

Market

Price

Total

Return

(%)

(e)

22.40‌

(21.92‌)

35.52‌

14.69‌

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.04‌

(f),(g)

0.04‌

(g)

0.04‌

(g)

0.04‌

(f)

Ratio

of

net

investment

income

to

average

net

assets

4.07‌

(f),(g)

3.15‌

(g)

2.57‌

(g)

2.55‌

(f)

Portfolio

Turnover

Rate

(h)

8.81‌

19.30‌

13.49‌

12.82‌

Net

Assets,

end

of

period

($

x

1,000)

454,658‌

127,021‌

100,409‌

30,834‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Amount

represents

less

than

$0.01

per

share.

(d)

The

mean

between

the

last

bid

and

ask

prices.

(e)

Net

asset

value

total

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

at

net

asset

value

on

the

last

day

of

the

period.

Net

asset

value

total

return

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Market

price

total

return

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period,

and

sale

at

the

market

price

on

the

last

day

of

the

period.

Total

investment

returns

calculated

for

a

period

of

less

than

one

year

are

not

annualized.

(f)

Annualized.

(g)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(h)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

138

FINANCIAL

HIGHLIGHTS

(continued)

See

Notes

to

Financial

Statements

BNY

Mellon

Emerging

Markets

Equity

ETF

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

For

the

Period

from

April

24,

2020

(a)

to

October

31,

2020

2022

2021

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

47.36‌

69.84‌

62.45‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

0.66‌

1.76‌

1.47‌

0.81‌

Net

realized

and

unrealized

gain

(loss)

on

investments

6.55‌

(c)

(22.41‌)

7.69‌

12.40‌

Total

from

Investment

Operations

7.21‌

(20.65‌)

9.16‌

13.21‌

Distributions:

Dividends

from

net

investment

income

(0.40‌)

(1.83‌)

(1.77‌)

(0.76‌)

Transaction

fees

(b)

0.07‌

—‌

—‌

—‌

Net

asset

value,

end

of

period

54.24‌

47.36‌

69.84‌

62.45‌

Market

price,

end

of

period

(d)

54.54‌

47.53‌

69.90‌

62.92‌

Net

Asset

Value

Total

Return

(%)

(e)

15.36‌

(29.91‌)

14.61‌

26.52‌

Market

Price

Total

Return

(%)

(e)

15.60‌

(29.76‌)

13.83‌

27.44‌

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.11‌

(f),(g)

0.11‌

(g)

0.11‌

(g)

0.11‌

(f)

Ratio

of

net

investment

income

to

average

net

assets

2.48‌

(f),(g)

2.90‌

(g)

2.00‌

(g)

2.63‌

(f)

Portfolio

Turnover

Rate

(h)

7.17‌

15.00‌

17.42‌

12.84‌

Net

Assets,

end

of

period

($

x

1,000)

84,070‌

26,046‌

38,411‌

34,351‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

In

addition

to

net

realized

and

unrealized

gains

(losses)

on

investments,

this

amount

includes

an

increase

in

net

asset

value

per

share

resulting

from

the

timing

of

issuances

and

redemptions

of

shares

in

relation

to

fluctuating

market

values

for

the

fund's

investments.

(d)

The

mean

between

the

last

bid

and

ask

prices.

(e)

Net

asset

value

total

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

at

net

asset

value

on

the

last

day

of

the

period.

Net

asset

value

total

return

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Market

price

total

return

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period,

and

sale

at

the

market

price

on

the

last

day

of

the

period.

Total

investment

returns

calculated

for

a

period

of

less

than

one

year

are

not

annualized.

(f)

Annualized.

(g)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(h)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

139

See

Notes

to

Financial

Statements

BNY

Mellon

Core

Bond

ETF

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

For

the

Period

from

April

24,

2020

(a)

to

October

31,

2020

2022

2021

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

40.68‌

49.30‌

50.27‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

0.68‌

0.96‌

0.55‌

0.32‌

Net

realized

and

unrealized

gain

(loss)

on

investments

2.10‌

(8.68‌)

(0.75‌)

0.33‌

Total

from

Investment

Operations

2.78‌

(7.72‌)

(0.20‌)

0.65‌

Distributions:

Dividends

from

net

investment

income

(0.66‌)

(0.92‌)

(0.77‌)

(0.38‌)

Transaction

fees

(b)

0.01‌

0.02‌

—‌

—‌

Net

asset

value,

end

of

period

42.81‌

40.68‌

49.30‌

50.27‌

Market

price,

end

of

period

(c)

42.83‌

40.66‌

49.33‌

50.29‌

Net

Asset

Value

Total

Return

(%)

(d)

6.89‌

(15.82‌)

(0.41‌)

1.30‌

Market

Price

Total

Return

(%)

(d)

6.99‌

(15.89‌)

(0.38‌)

1.33‌

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

–‌

(e),(f)

–‌

(f)

–‌

(f)

–‌

(e)

Ratio

of

net

investment

income

to

average

net

assets

3.25‌

(e),(f)

2.15‌

(f)

1.12‌

(f)

1.20‌

(e)

Portfolio

Turnover

Rate

(g)

38.68‌

84.75‌

105.97‌

27.32‌

Net

Assets,

end

of

period

($

x

1,000)

434,489‌

372,187‌

194,745‌

45,248‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

mean

between

the

last

bid

and

ask

prices.

(d)

Net

asset

value

total

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

at

net

asset

value

on

the

last

day

of

the

period.

Net

asset

value

total

return

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Market

price

total

return

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period,

and

sale

at

the

market

price

on

the

last

day

of

the

period.

Total

investment

returns

calculated

for

a

period

of

less

than

one

year

are

not

annualized.

(e)

Annualized.

(f)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(g)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

140

FINANCIAL

HIGHLIGHTS

(continued)

See

Notes

to

Financial

Statements

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

For

the

Period

from

April

24,

2020

(a)

to

October

31,

2020

2022

2021

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

45.96‌

50.94‌

51.60‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

0.61‌

0.81‌

0.70‌

0.44‌

Net

realized

and

unrealized

gain

(loss)

on

investments

1.54‌

(4.83‌)

(0.44‌)

1.53‌

Total

from

Investment

Operations

2.15‌

(4.02‌)

0.26‌

1.97‌

Distributions:

Dividends

from

net

investment

income

(0.59‌)

(0.75‌)

(0.72‌)

(0.37‌)

Dividends

from

net

realized

gain

on

investments

—‌

(0.21‌)

(0.20‌)

—‌

Net

asset

value,

end

of

period

47.52‌

45.96‌

50.94‌

51.60‌

Market

price,

end

of

period

(c)

47.53‌

45.95‌

50.96‌

51.65‌

Net

Asset

Value

Total

Return

(%)

(d)

4.71‌

(7.99‌)

0.49‌

3.94‌

Market

Price

Total

Return

(%)

(d)

4.76‌

(8.05‌)

0.44‌

4.05‌

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.06‌

(e),(f)

0.06‌

(f)

0.06‌

(f)

0.06‌

(e)

Ratio

of

net

investment

income

to

average

net

assets

2.60‌

(e),(f)

1.67‌

(f)

1.37‌

(f)

1.65‌

(e)

Portfolio

Turnover

Rate

(g)

15.73‌

40.55‌

41.25‌

24.94‌

Net

Assets,

end

of

period

($

x

1,000)

52,270‌

52,855‌

43,297‌

28,380‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

mean

between

the

last

bid

and

ask

prices.

(d)

Net

asset

value

total

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

at

net

asset

value

on

the

last

day

of

the

period.

Net

asset

value

total

return

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Market

price

total

return

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period,

and

sale

at

the

market

price

on

the

last

day

of

the

period.

Total

investment

returns

calculated

for

a

period

of

less

than

one

year

are

not

annualized.

(e)

Annualized.

(f)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(g)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

141

See

Notes

to

Financial

Statements

BNY

Mellon

High

Yield

Beta

ETF

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

For

the

Period

from

April

24,

2020

(a)

to

October

31,

2020

2022

2021

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

45.83‌

56.23‌

54.06‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

1.75‌

2.76‌

2.80‌

1.70‌

Net

realized

and

unrealized

gain

(loss)

on

investments

1.17‌

(c)

(9.25‌)

2.66‌

3.74‌

Total

from

Investment

Operations

2.92‌

(6.49‌)

5.46‌

5.44‌

Distributions:

Dividends

from

net

investment

income

(1.63‌)

(2.93‌)

(2.87‌)

(1.38‌)

Dividends

from

net

realized

gain

on

investments

—‌

(0.98‌)

(0.42‌)

—‌

Net

asset

value,

end

of

period

47.12‌

45.83‌

56.23‌

54.06‌

Market

price,

end

of

period

(d)

47.22‌

45.76‌

56.24‌

54.08‌

Net

Asset

Value

Total

Return

(%)

(e)

6.45‌

(12.09‌)

10.27‌

10.94‌

Market

Price

Total

Return

(%)

(e)

6.84‌

(12.26‌)

10.25‌

10.98‌

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.22‌

(f),(g)

0.22‌

(g)

0.22‌

(g)

0.22‌

(f)

Ratio

of

net

investment

income

to

average

net

assets

7.63‌

(f),(g)

5.51‌

(g)

4.98‌

(g)

6.06‌

(f)

Portfolio

Turnover

Rate

(h)

15.63‌

35.81‌

61.03‌

39.43‌

Net

Assets,

end

of

period

($

x

1,000)

310,967‌

50,416‌

47,793‌

54,062‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

In

addition

to

net

realized

and

unrealized

gains

(losses)

on

investments,

this

amount

includes

an

increase

in

net

asset

value

per

share

resulting

from

the

timing

of

issuances

and

redemptions

of

shares

in

relation

to

fluctuating

market

values

for

the

fund's

investments.

(d)

The

mean

between

the

last

bid

and

ask

prices.

(e)

Net

asset

value

total

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

at

net

asset

value

on

the

last

day

of

the

period.

Net

asset

value

total

return

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Market

price

total

return

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period,

and

sale

at

the

market

price

on

the

last

day

of

the

period.

Total

investment

returns

calculated

for

a

period

of

less

than

one

year

are

not

annualized.

(f)

Annualized.

(g)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(h)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

142

NOTES

TO

FINANCIAL

STATEMENTS

NOTE

1—Organization:

BNY

Mellon

ETF

Trust

(the

“Trust”) is

registered as

a

Massachusetts

business

trust

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”),

as

an

open-end

management

investment

company.

The

Trust

operates

as

a

series

company

currently

consisting

of

fifteen

series,

including

the

following

diversified

funds:

BNY

Mellon

US

Large

Cap

Core

Equity

ETF,

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF,

BNY

Mellon

US

Small

Cap

Core

Equity

ETF,

BNY

Mellon

International

Equity

ETF,

BNY

Mellon

Emerging

Markets

Equity

ETF,

BNY

Mellon

Core

Bond

ETF,

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

and

BNY

Mellon

High

Yield

Beta

ETF

(each,

a

“fund”

and

collectively,

the

“funds”).

The

investment

objective

of

each

fund

is

to

seek

to

track

the

performance

of

an

underlying

index,

as

reflected

in

the

table below.

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”),

a

wholly-owned

subsidiary

of

The

Bank

of

New

York

Mellon

Corporation

(“BNY

Mellon”),

serves

as

each

fund’s

investment

adviser.

The

Bank

of

New

York

Mellon,

a

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

administrator,

custodian

and

transfer

agent

with

the

Trust.

Mellon

Investments

Corporation

(“Mellon”),

an

indirect wholly-owned

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

each

fund’s

sub-adviser,

except

for

BNY

Mellon

High

Yield

Beta

ETF.

Insight

North

America

LLC

(“INA”),

an

indirect wholly-owned

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

BNY

Mellon

High

Yield

Beta

ETF’s

sub-adviser.

BNY

Mellon

Securities

Corporation

(the

“Distributor”),

an

indirect wholly-owned

subsidiary

of

the

Adviser,

is

the

distributor

of

each

fund’s

shares.

†

Morningstar

®

is

a

service

mark

of

Morningstar,

Inc.

and

has

been

licensed

for

use

for

certain

purposes

by

the

Adviser.

The

fund

is

not

sponsored,

endorsed,

sold

or

promoted

by

Morningstar,

and

Morningstar

makes

no

representation

regarding

the

advisability

of

investing

in

the

fund.

††

Bloomberg

®

is

a

trademark

and

service

mark

of

Bloomberg

Finance

L.P.

and

its

affiliates

(collectively,

“Bloomberg”).

Bloomberg

or

Bloomberg’s

licensors

own

all

proprietary

rights

in

the

Bloomberg

Indices.

Bloomberg

is

not

affiliated

with

the

Trust,

and

neither

approves,

endorses,

reviews

or

recommends

the

fund.

Bloomberg

does

not

guarantee

the

timeliness,

accurateness

or

completeness

of

any

data

or

information

relating

to

the

index,

and

neither

shall

be

liable

in

any

way

to

the

Adviser,

investors

in

the

fund

or

other

third

parties

in

respect

of

the

use

or

accuracy

of

the

index

or

any

data

included

therein.

The

shares

of

the

funds

are

referred

to

herein

as

“Shares”

or

“fund’s

Shares.”

Each

fund’s

Shares

are

listed

and

traded

on

NYSE

Arca,

Inc.

The

market

price

of

each

Share

may

differ

to

some

degree

from

a

fund’s

net

asset

value

(“NAV”).

Unlike

conventional

mutual

funds,

each

fund

issues

and

redeems

Shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

Shares,

each

called

a

“Creation

Unit.”

Creation

Units

are

issued

and

redeemed

principally

in

exchange

for

the

deposit

or

delivery

of

a

basket

of

securities.

Except

when

aggregated

in

Creation

Units

by

Authorized

Participants,

the

Shares

are

not

individually

redeemable

securities

of

the

funds.

Individual

fund

Shares

may

only

be

purchased

and

sold

on

the

NYSE

Arca,

Inc.,

other

national

securities

exchanges,

electronic

crossing

networks

and

other

alternative

trading

systems

through

your

broker-dealer

at

market

prices.

Because

fund

Shares

trade

at

market

prices

rather

than

at

NAV,

fund

Shares

may

trade

at

a

price

greater

than

NAV

(premium)

or

less

than

NAV

(discount).

When

buying

or

selling

Shares

in

the

secondary

market,

you

may

incur

costs

attributable

to

the

difference

between

the

highest

price

a

buyer

is

willing

to

pay

to

purchase

Shares

of

the

fund

(bid)

and

the

lowest

price

a

seller

is

willing

to

accept

for

Shares

of

the

fund

(ask).

NOTE

2—Significant

Accounting

Policies:

The

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

is

the

exclusive

reference

of

authoritative

U.S.

generally

accepted

accounting

principles

(“GAAP”)

recognized

by

the

FASB

to

be

applied

by

nongovernmental

entities.

Rules

and

interpretive

releases

of

the

SEC

under

authority

of

federal

laws

are

also

sources

of

authoritative

GAAP

for

SEC

registrants.

Each

fund

is

an

investment

company

and

applies

the

accounting

and

reporting

guidance

of

the

FASB

ASC

Topic

946

Financial

Services-

Investment

Companies.

Each

fund’s

financial

statements

are

prepared

in

accordance

with

GAAP,

which

may

require

the

use

of

management

estimates

and

assumptions.

Actual

results

could

differ

from

those

estimates.

The

Trust

accounts

separately

for

the

assets,

liabilities

and

operations

of

each

fund.

Expenses

directly

attributable

to

each

fund

are

charged

to

that

fund’s

operations;

expenses

which

are

applicable

to

all

funds

are

allocated

among

them

on

a

pro

rata

basis.

The

Trust

enters

into

contracts

that

contain

a

variety

of

indemnifications.

The

funds’

maximum

exposure

under

these

arrangements

is

unknown.

The

funds

do

not

anticipate

recognizing

any

loss

related

to

these

arrangements. 

(a)

Portfolio

valuation:

The

fair

value

of

a

financial

instrument

is

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price).

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

of

valuation

techniques

used

to

measure

fair

value.

This

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

 Fund

Name

Underlying

Index

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

Morningstar

®

US

Large

Cap

Index

SM

†

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Morningstar

®

US

Mid

Cap

Index

SM

†

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Morningstar

®

US

Small

Cap

Index

SM

†

BNY

Mellon

International

Equity

ETF

Morningstar

®

Developed

Markets

ex-US

Large

Cap

Index

SM

†

BNY

Mellon

Emerging

Markets

Equity

ETF

Morningstar

®

Emerging

Markets

Large

Cap

Index

SM

†

BNY

Mellon

Core

Bond

ETF

Bloomberg

US

Aggregate

Total

Return

Index

††

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

Bloomberg

US

Corporate

1-5

Years

Total

Return

Index

††

BNY

Mellon

High

Yield

Beta

ETF

Bloomberg

US

Corporate

High

Yield

Total

Return

Index

††

143

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Additionally,

GAAP

provides

guidance

on

determining

whether

the

volume

and

activity

in

a

market

has

decreased

significantly

and

whether

such

a

decrease

in

activity

results

in

transactions

that

are

not

orderly.

GAAP

requires

enhanced

disclosures

around

valuation

inputs

and

techniques

used

during

annual

and

interim

periods.

Various

inputs

are

used

in

determining

the

value

of

each

fund’s

investments

relating

to

fair

value

measurements.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

unadjusted

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

funds’

own

assumptions

in

determining

the

fair

value

of

investments).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

Valuation

techniques

used

to

value

each

fund’s

investments

are

as

follows:

The

Trust’s

Board

of

Trustees

(the

“Board”)

has

designated

the

Adviser

as

each

fund’s

valuation

designee to

make

all

fair

value

determinations

with

respect

to

each

fund’s

portfolio

of

investments,

subject

to

the

Board’s

oversight

and

pursuant

to

Rule

2a-5

under

the

Act.

Investments

in

equity

securities,

including

ETFs

(but

not

including

investments

in

other

open-end

registered

investment

companies)

are

valued

at

the

last

sales

price

on

the

securities

exchange

or

national

securities

market

on

which

such

securities

are

primarily

traded.

Securities

listed

on

the

National Association

of

Securities

Dealers

Automated

Quotation

System

for

which

market

quotations

are

available

are

valued

at

the

official

closing

price

or,

if

there

is

no

official

closing

price

that

day,

at

the

last

sales

price.

For

open

short

positions,

asked

prices

are

used

for

valuation

purposes.

Bid

price

is

used

when

no

asked

price

is

available.

Registered

investment

companies

that

are

not

traded

on

an

exchange

are

valued

at

their

net

asset

value.

All

of

the

preceding

securities

are

generally

categorized

within

Level

1

of

the

fair

value

hierarchy.

Investments

in

debt

securities

excluding

short-term

investments

(other

than

U.S.

Treasury

Bills),

are

valued

each

business

day

by

one

or

more

independent

pricing

services

(each,

a

“Service”)

approved

by

the

Board.

Investments

for

which

quoted

bid

prices

are

readily

available

and

are

representative

of

the

bid

side

of

the

market

in

the

judgment

of

the

Service

are

valued

at

the

quoted

bid

prices

(as

obtained

by

the

Service

from

dealers

in

such

securities).

Securities

are

valued

as

determined

by

a

Service,

based

on

methods

which

include

consideration

of

the

following:

yields

or

prices

of

securities

of

comparable

quality,

coupon,

maturity

and

type;

indications

as

to

values

from

dealers;

and

general

market

conditions.

Each

Service

and

independent

valuation

firm

is

engaged

under

the

general

oversight

of

the

Board.

These

securities

are

generally

categorized

within

Level

2

of

the

fair

value

hierarchy.

When

market

quotations

or

official

closing

prices

are

not

readily

available,

or

are

determined

not

to

reflect

fair

value

accurately,

they are

valued

at

fair

value as

determined

in

good

faith based

on

procedures

approved

by

the

Board.

Fair

value

of

investments

may

be

determined

by

valuation

designee

using

such

information

as

deems

appropriate

under

the

circumstances. Certain

factors

may

be

considered

when

fair

valuing

investments

such

as:

fundamental

analytical

data,

the

nature

and

duration

of

restrictions

on

disposition,

an

evaluation

of

the

forces

that

influence

the

market

in

which

the

securities

are

purchased

and

sold,

and

public

trading

in

similar

securities

of

the

issuer

or

comparable

issuers.

These

securities

are

either

categorized

within

Level

2

or

3

of

the

fair

value

hierarchy

depending

on

the

relevant

inputs

used.

For

securities

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

and

are

generally

categorized

within

Level

3

of

the

fair

value

hierarchy.

Investments

denominated

in

foreign

currencies

are

translated

to

U.S.

dollars

at

the

prevailing

rates

of

exchange.

Futures,

which

are

traded

on

an

exchange,

are

valued

at

the

last

sales

price

on

securities

exchange

on

which

such

contracts

are

primarily

traded

or

at

the

last

sales

price

on

the

exchange

on

each

business

day and

are

generally

categorized

within

Level

1

of

the

fair

value

hierarchy.

Swap

agreements are

valued

by

the

Service

by

using

a

swap

pricing

model

which

incorporates

among

other

factors,

default

probabilities,

recovery

rates,

credit

curves

of

the

underlying

issuer

and

swap

spreads

on

interest

rates

and

are

generally

categorized

within

Level

2

of

the

fair

value

hierarchy. 

The

table

below

summarizes

the

inputs

used

as

of April

30,

2023

in

valuing

each

fund’s

investments:

144

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

Fair

Value

Measurements

Marie

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-  Significant

Unobservable

Inputs

Total

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

Assets

($)

Investments

In

Securities:

†

Common

Stocks

1,749,416,960

—

—

1,749,416,960

Investment

Companies

1,394,276

—

—

1,394,276

Other

Financial

Instruments:

Futures

††

104,837

—

—

104,837

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Assets

($)

Investments

In

Securities:

†

Common

Stocks

427,754,175

—

—

427,754,175

Investment

Companies

1,310,675

—

—

1,310,675

Investment

of

Cash

Collateral

for

Securities

Loaned

2,781,047

—

—

2,781,047

Other

Financial

Instruments:

Futures

††

50,279

—

—

50,279

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Assets

($)

Investments

In

Securities:

†

Common

Stocks

95,108,873

—

—

95,108,873

Investment

Companies

129,126

—

—

129,126

Investment

of

Cash

Collateral

for

Securities

Loaned

2,140,497

—

—

2,140,497

Liabilities

($)

Other

Financial

Instruments:

Futures

††

(1,818)

—

—

(1,818)

BNY

Mellon

International

Equity

ETF

Assets

($)

Investments

In

Securities:

†

Common

Stocks

449,948,307

—

0

449,948,307

Preferred

Stocks

1,541,844

—

—

1,541,844

Investment

Companies

183,297

—

—

183,297

Other

Financial

Instruments:

Futures

††

105,240

—

—

105,240

BNY

Mellon

Emerging

Markets

Equity

ETF

Assets

($)

Investments

In

Securities:

†

Common

Stocks

81,908,405

—

0

81,908,405

Preferred

Stocks

1,943,552

—

0

1,943,552

Investment

Companies

90,968

—

—

90,968

Investment

of

Cash

Collateral

for

Securities

Loaned

88,119

—

—

88,119

Liabilities

($)

Other

Financial

Instruments:

Futures

††

(84)

—

—

(84)

BNY

Mellon

Core

Bond

ETF

Assets

($)

Investments

In

Securities:

†

Asset-Backed

Securities

—

1,995,147

—

1,995,147

Commercial

Mortgage-Backed

Securities

—

3,751,793

—

3,751,793

Corporate

Bonds

—

106,764,553

—

106,764,553

Foreign

Governmental

—

6,960,803

—

6,960,803

Municipal

Securities

—

1,446,087

—

1,446,087

Supranational

Bank

—

6,242,386

—

6,242,386

U.S.

Government

Agencies

—

126,276,441

—

126,276,441

U.S.

Treasury

Government

Securities

—

178,262,171

—

178,262,171

Investment

Companies

10,447,346

—

—

10,447,346

Investment

of

Cash

Collateral

for

Securities

Loaned

2,040,658

—

—

2,040,658

Liabilities

($)

TBA

Sale

Commitments

—

(138,045)

—

(138,045)

145

The

following

is

a

reconciliation

of

Level

3

assets

for

which

significant

unobservable

inputs

were

used

to

determine

fair

value:

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-  Significant

Unobservable

Inputs

Total

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

Assets

($)

Investments

In

Securities:

†

Corporate

Bonds

—

51,666,597

—

51,666,597

Investment

Companies

1,249,338

—

—

1,249,338

Investment

of

Cash

Collateral

for

Securities

Loaned

1,041,640

—

—

1,041,640

BNY

Mellon

High

Yield

Beta

ETF

Assets

($)

Investments

In

Securities:

†

Corporate

Bonds

—

303,219,210

—

303,219,210

Investment

Companies

2,383,539

—

—

2,383,539

Investment

of

Cash

Collateral

for

Securities

Loaned

12,325,393

—

—

12,325,393

Other

Financial

Instruments:

Centrally

Cleared

Credit

Default

Swaps

††

—

54,653

—

54,653

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

††

Amount

shown

represents

unrealized

appreciation

(depreciation)

at

period

end,

but

only

variation

margin

on

exchange-traded

and

centrally

cleared

derivatives,

if

any,

are

reported

in

the

Statement

of

Assets

and

liabilities.

Common

Stocks

($)

BNY

Mellon

International

Equity

ETF

Balance

as

of

10/31/2022

†

0

Purchases/Issuances

—

Sales/Dispositions

—

Net

realized

gain

(loss)

—

Change

in

unrealized

appreciation

(depreciation)

—

Transfers

into

Level

3

—

Transfers

out

of

Level

3

—

Balance

as

of

4/30/2023

†

0

The

amount

of

total

net

gain

(loss)

for

the

period

included

in

earnings

attributable

to

the

change

in

unrealized

appreciation

(depreciation)

relating

to

investments

still

held

at

4/30/2023

—

Common

Stocks

&

Preferred

Stocks

($)

BNY

Mellon

Emerging

Markets

Equity

ETF

Balance

as

of

10/31/2022

†

0

Purchases/Issuances

—

Sales/Dispositions

—

Net

realized

gain

(loss)

—

Change

in

unrealized

appreciation

(depreciation)

—

Transfers

into

Level

3

—

Transfers

out

of

Level

3

—

Balance

as

of

4/30/2023

†

0

The

amount

of

total

net

gain

(loss)

for

the

period

included

in

earnings

attributable

to

the

change

in

unrealized

appreciation

(depreciation)

relating

to

investments

still

held

at

4/30/2023

—

†

Securities

deemed

as

Level

3

due

to

the

lack

of

observable

inputs

by

management

assessment.

146

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

(b)

Foreign

currency

transactions:

Each

relevant

fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

on

investments.

Net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

on

securities

transactions

between

trade

and

settlement

date,

and

the

difference

between

the

amounts

of

dividends,

interest

and

foreign

withholding

taxes

recorded

on

the

funds’

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

the

value

of

assets

and

liabilities

other

than

investments

resulting

from

changes

in

exchange

rates.

Foreign

currency

gains

and

losses

on

foreign

currency

transactions

are

also

included

with

net

realized

and

unrealized

gain

or

loss

on

investments.

Foreign

Taxes:

Each

relevant

fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

realized

and

unrealized

capital

gains

on

investments

or

certain

foreign

currency

transactions.

Foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

funds

invest.

These

foreign

taxes,

if

any,

are

paid

by

the

funds

and

are

reflected

in

the

Statements

of

Operations,

if

applicable.

Foreign

taxes

payable

or

deferred

or

those

subject

to

reclaims as

of April

30,

2023,

if

any,

are

disclosed

in

the

funds’

Statements

of

Assets

and

Liabilities.

(c)

Securities

transactions

and

investment

income:

Securities

transactions

are

recorded

on

a

trade

date

basis.

Realized

gains

and

losses

from

securities

transactions

are

recorded

on

the

identified

cost

basis.

Dividend

income

is

recognized

on

the

ex-dividend

date

and

interest

income,

including,

where

applicable,

accretion

of

discount

and

amortization

of

premium

on

investments,

is

recognized

on

the

accrual

basis.

Pursuant

to

a

securities

lending

agreement

with

BNY

Mellon,

the

funds

may

lend

securities

to

qualified

institutions.

It

is

the

funds’

policy

that,

at

origination,

all

loans

are

secured

by

collateral

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

and

105%

of

the

value

of

foreign

securities

loaned.

Collateral

equivalent

to

at

least

100%

of

the

market

value

of

securities

on

loan

is

maintained

at

all

times.

Collateral

is

either

in

the

form

of

cash,

which

can

be

invested

in

certain

money

market

mutual

funds

managed

by

the

Adviser,

or

U.S.

Government

and

Agency

securities.

The

funds

are

entitled

to

receive

all

dividends,

interest

and

distributions

on

securities

loaned,

in

addition

to

income

earned

as

a

result

of

the

lending

transaction.

Should

a

borrower

fail

to

return

the

securities

in

a

timely

manner,

The

Bank

of

New

York

Mellon

is

required

to

replace

the

securities

for

the

benefit

of

the

funds

or

credit

the

funds

with

the

market

value

of

the

unreturned

securities

and

is

subrogated

to

the

funds’

rights

against

the

borrower

and

the

collateral.

Additionally,

the

contractual

maturity

of

security

lending

transactions

are

on

an

overnight

and

continuous

basis.

The

table

below

summarizes

the

amount BNY

Mellon

earned

from

each

relevant

fund

from

lending

portfolio

securities,

pursuant

to

the

securities

lending

agreement

during

the

period

ended

April

30,

2023.

Securities

Lending

Agreement

(d)

Affiliated

issuers:

Investments

in

other

investment

companies

advised

by

the

Adviser

are

defined

as

“affiliated”

under

the

Act.

(e)

Market

Risk:

The

value

of

the

securities

in

which

each

fund

invests

may

be

affected

by

political,

regulatory,

economic

and

social

developments,

and

developments

that

impact

specific

economic

sectors,

industries

or

segments

of

the

market.

The

value

of

a

security

may

also

decline

due

to

general

market

conditions

that

are

not

specifically

related

to

a

particular

company

or

industry,

such

as

real

or

perceived

adverse

economic

conditions,

changes

in

the

general

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates,

changes

to

inflation,

adverse

changes

to

credit

markets

or

adverse

investor

sentiment

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

each

fund.

Global

economies

and

financial

markets

are

becoming

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

world-wide.

Recent

examples

include

pandemic

risks

related

to

COVID-19

and

aggressive

measures

taken

world-

wide

in

response

by

governments,

including

closing

borders,

restricting

international

and

domestic

travel,

and

the

imposition

of

prolonged

quarantines

of

large

populations,

and

by

businesses,

including

changes

to

operations

and

reducing

staff.

Foreign

Investment

Risk:

To

the

extent

each

relevant

fund

invests

in

foreign

securities,

each

fund’s

performance

will

be

influenced

by

political,

social

and

economic

factors

affecting

investments

in

foreign

issuers.

Special

risks

associated

with

investments

in

foreign

issuers

include

exposure

to

currency

fluctuations,

less

liquidity,

less

developed

or

less

efficient

trading

markets,

lack

of

comprehensive

company

information,

political

and

economic

instability

and

differing

auditing

and

legal

standards.

The

imposition

of

sanctions,

confiscations,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

United

States

and

other

governments,

or

problems

in

share

registration,

settlement

or

custody,

may

result

in

losses

and/or

may

impact

the

correlation

between

each

fund

and

index

performance.

Investments

denominated

the

foreign

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

$

1,046

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

3,867

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

7,389

BNY

Mellon

International

Equity

ETF

155

BNY

Mellon

Emerging

Markets

Equity

ETF

81

BNY

Mellon

Core

Bond

ETF

1,756

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

801

BNY

Mellon

High

Yield

Beta

ETF

5,323

147

currencies

are

subject

to

the

risk

that

such

currencies

will

decline

in

value

relative

to

the

U.S.

dollar

and

affect

the

value

of

these

investments

held

by

each

fund.

To

the

extent

securities

held

by

each

fund

trade

in

a

market

that

is

closed

when

the

exchange

on

which

each

fund’s

shares

trade

is

open,

there

may

be

deviations

between

the

current

price

of

a

security

and

the

last

quoted

price

for

the

security

in

the

closed

foreign

market.

These

deviations

could

result

in

each

fund

experiencing

premiums

or

discounts

greater

than

those

of

ETFs

that

invest

in

domestic

securities.

Emerging

Market

Risk:

The

securities

of

issuers

located

or

doing

substantial

business

in

emerging

market

countries

tend

to

be

more

volatile

and

less

liquid

than

the

securities

of

issuers

located

in

countries

with

more

mature

economies.

There

may

be

less

information

publicly

available

about

an

emerging

market

issuer

than

about

a

developed

market

issuer

and/or

the

available

information

may

be

outdated

or

unreliable.

In

addition,

emerging

market

issuers

may

not

be

subject

to

accounting,

auditing,

legal

and

financial

reporting

standards

comparable

to

those

in

developed

markets,

potentially

making

it

difficult

to

evaluate

such

issuers.

Emerging

markets

generally

have

less

diverse

and

less

mature

economic

structures

and

less

stable

political

systems

than

those

of

developed

countries.

Additionally,

investments

in

these

countries

may

have

restrictions

that

make

it

difficult

or

impossible

for

each

fund

to

exercise

rights,

pursue

legal

remedies,

and

obtain

judgements

in

foreign

courts.

Investments

in

these

countries

may

be

subject

to

political,

economic,

legal,

market

and

currency

risks.

The

risks

may

include

less

protection

of

property

rights

and

uncertain

political

and

economic

policies,

greater

vulnerability

to

market

manipulation,

the

imposition

of

capital

controls

and/or

foreign

investment

limitations

by

a

country,

nationalization

of

businesses

and

the

imposition

of

sanctions

by

other

countries,

such

as

the

United

States.

These

risks

may

impact

the

correlation

between

each

fund

and

index

performance.

Debt

Risk:

BNY

Mellon

Core

Bond

ETF,

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

and

BNY

Mellon

High

Yield

Beta

ETF

invests

in

debt

securities.

Failure

of

an

issuer

of

the

debt

securities

to

make

timely

interest

or

principal

payments,

or

a

decline

or

the

perception

of

a

decline

in

the

credit

quality

of

a

debt

security,

can

cause

the

debt

security’s

price

to

fall,

potentially

lowering

the

fund’s

share

price.

High

Yield

(“junk”)

bonds

involve

greater

credit

risk,

including

the

risk

of

default,

than

investment

grade

bonds,

and

are

considered

predominantly

speculative

with

respect

to

the

issuer’s

continuing

ability

to

make

principal

and

interest

payments.

In

addition,

the

value

of

debt

securities

may

decline

due

to

general

market

conditions

that

are

not

specifically

related

to

a

particular

issuer,

such

as

real

or

perceived

adverse

economic

conditions,

changes

in

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates

or

adverse

investor

sentiment.

They

may

also

decline

because

of

factors

that

affect

a

particular

industry.

(f)

Dividends

and

distributions

to

shareholders:

Dividends

and

distributions

payable

to

shareholders

are

recorded

by

each

fund

on

the

ex-dividend

date.

BNY

Mellon

US

Large

Cap

Core

Equity

ETF,

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF,

BNY

Mellon

US

Small

Cap

Core

Equity

ETF,

BNY

Mellon

International

Equity

ETF

and

BNY

Mellon

Emerging

Markets

Equity

ETF

normally

declare

and

pay

dividends

from

net investment

income

quarterly.

BNY

Mellon

Core

Bond

ETF,

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

and

BNY

Mellon

High

Yield

Beta

ETF

normally

declare

and

pay

dividends

from

net

investment

income

monthly.

Income

dividends

for

each

fund

may

vary

significantly

from

period

to

period. Dividends

from

net

realized

capital

gains,

if

any,

are

normally

declared

and

paid

annually,

but

each

fund

may

make

distributions

on

a

more

frequent

basis

to

comply

with

the

distribution

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

To

the

extent

that

net

realized

capital

gains

can

be

offset

by

capital

loss

carryovers

of

a

fund,

it

is

the

policy

of

each

fund

not

to

distribute

such

gains.

Income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP.

(g)

Federal

income

taxes:

It

is

the

policy

of

each

fund

to

continue

to

qualify

as

a

regulated

investment

company,

if

such

qualification

is

in

the

best

interests

of

its

shareholders,

by

complying

with

the

applicable

provisions

of

the

Code,

and

to

make

distributions

of

taxable

income

sufficient

to

relieve

it

from

substantially

all

federal

income

and

excise

taxes.

For

federal

income

tax

purposes,

each

fund

is

treated

as

a

separate

entity

for

the

purpose

of

determining

such

qualification.

As

of

and

during

the period ended April

30,

2023,

the

funds

did

not

have

any

liabilities

for

any

uncertain

tax

positions.

Each

fund

recognizes

interest

and

penalties,

if

any,

related

to

uncertain

tax

positions

as

income

tax

expense

in

the

Statements

of

Operations.

During

the period

ended April

30,

2023,

the

funds

did

not

incur

any

interest

or

penalties.

Each

tax

year

in

the

three-year

period

ended October

31,

2022 remains

subject

to

examination

by

the

Internal

Revenue

Service

and

state

taxing

authorities.

The

funds

are

permitted

to

carry

forward

capital

losses

for

an

unlimited

period.

Furthermore,

capital

loss

carryovers

retain

their

character

as

either

short-term

or

long-term

capital

losses. 

The

table below summarizes

each

relevant

fund’s

accumulated

capital

loss

carryover

available

for

federal

income

tax

purposes

to

be

applied

against

future

net

realized

capital

gains,

if

any,

realized

subsequent

to October

31,

2022.

148

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

Capital

Loss

Carryover

The

table below

summarizes

each

fund’s

tax

character

of

distributions

paid

to

shareholders

during

the

fiscal

period

ended October

31,

2022.

The

tax

character

of

current

year

distributions

will

be

determined

at

the

end

of

the

current

fiscal

year.

Tax

Character

of

Distributions

Paid

(h)

New

Accounting

Pronouncement:

In

2020,

the

FASB

issued

Accounting

Standards

Update

2020-04,

Reference

Rate

Reform

(Topic

848):

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting,

which

provides

optional

guidance

to

ease

the

potential

burden

in

accounting

for

(or

recognizing

the

effects

of)

reference

rate

reform

on

financial

reporting.

The

objective

of

the

guidance

in

Topic

848

is

to

provide

temporary

relief

during

the

transition

period.

The

FASB

included

a

sunset

provision

within

Topic

848

based

on

expectations

of

when

the

London

Interbank

Offered

Rate

(“LIBOR”)

would

cease

being

published.

At

the

time

that

Update

2020-04

was

issued,

the

UK

Financial

Conduct

Authority

(FCA)

had

established

its

intent

that

it

would

no

longer

be

necessary

to

persuade,

or

compel,

banks

to

submit

to

LIBOR

after

December

31,

2021.

As

a

result,

the

sunset

provision

was

set

for

December

31,

2022—12

months

after

the

expected

cessation

date

of

all

currencies

and

tenors

of

LIBOR.

In

March

2021,

the

FCA

announced

that

the

intended

cessation

date

of

the

overnight

1-,

3-,

6-,

and

12-month

tenors

of

USD

LIBOR

would

be

June

30,

2023,

which

is

beyond

the

current

sunset

date

of

Topic

848.

Because

the

current

relief

in

Topic

848

may

not

cover

a

period

of

time

during

which

a

significant

number

of

modifications

may

take

place,

the

amendments

in

this

Update

defer

the

sunset

date

of

Topic

848

from

December

31,

2022,

to

December

31,

2024

(“FASB

Sunset

Date”),

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

had

evaluated

the

impact

of

Topic

848

on

the

fund’s

investments,

derivatives,

debt

and

other

contracts

that

will

undergo

reference

rate-related

modifications

as

a

result

of

the

Reference

Rate

Reform.

Management

has

no

concerns

in

adopting

Topic

848

by

FASB

Sunset

Date.

Management

will

continue

to

work

with

other

financial

institutions

and

counterparties

to

modify

contracts

as

required

by

applicable

regulation

and

within

the

regulatory

deadlines.

As

of

April

30,

2023,

management

believes

these

accounting

standards

have

no

impact

on

the

fund

and

does

not

have

any

concerns

of

adopting

the

regulations

by

FASB

Sunset

Date.

NOTE

3—Management

Fee,

Sub-Advisory

Fee

and

Other

Transactions

with

Affiliates:

(a)

Pursuant

to

a

management

agreement

with

the

Adviser,

the

management

fee

is

payable

monthly

and computed

at

an

annual

rate on

the

average

daily

value

of

each

fund’s

net

assets

of

which

are

summarized

in

the

table

below.

Short-Term

Losses

Long-Term

Losses

Total

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

$6,621,154

$2,679,219

$9,300,373

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

3,160,848

2,194,963

5,355,811

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

6,302,194

2,540,666

8,842,860

BNY

Mellon

International

Equity

ETF

4,610,255

841,108

5,451,363

BNY

Mellon

Emerging

Markets

Equity

ETF

1,047,422

379,053

1,426,475

BNY

Mellon

Core

Bond

ETF

3,943,173

1,257,254

5,200,427

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

265,079

196,214

461,293

BNY

Mellon

High

Yield

Beta

ETF

635,116

126,408

761,524

Ordinary

Income

†

2022

Long-Term

Capital

Gains

2022

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

$6,591,566

$-

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

1,602,989

-

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

1,135,186

-

BNY

Mellon

International

Equity

ETF

3,935,206

-

BNY

Mellon

Emerging

Markets

Equity

ETF

1,005,494

-

BNY

Mellon

Core

Bond

ETF

5,914,515

-

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

920,266

105,661

BNY

Mellon

High

Yield

Beta

ETF

3,578,680

-

†

Includes

short-term

capital

gain

distributions,

if

any.

149

Management

Agreement

Fees

For

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF,

BNY

Mellon

US

Small

Cap

Core

Equity

ETF,

BNY

Mellon

International

Equity

ETF,

BNY

Mellon

Emerging

Markets

Equity

ETF,

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

and

BNY

Mellon

High

Yield

Beta

ETF,

each

fund’s

management

agreement

provides

that

the

Adviser

pays

substantially

all

expenses

of

such

fund,

except

for

the

management

fees,

payments

under

the

fund’s

12b-

1

plan

(if

any),

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

brokerage

commissions,

costs

of

holding

shareholder

meetings,

fees

and

expenses

associated

with

the

fund’s

securities

lending

program,

and

litigation

and

potential

litigation

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

fund’s

business.

For

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

and

BNY

Mellon

Core

Bond

ETF,

each

fund’s

management

agreement

provides

that

the

Adviser

pays

substantially

all

expenses

of

such

fund,

except

for

the

management

fees,

interest

expenses,

taxes,

brokerage

commissions,

costs

of

holding

shareholder

meetings,

fees

and

expenses

associated

with

the

fund’s

securities

lending

program,

and

litigation

and

potential

litigation

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

fund’s

business.

For

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

and

BNY

Mellon

Core

Bond

ETF,

each

fund’s

management

agreement

provides

that

the

Adviser

pays

all

acquired

fund

fees

and

expenses.

The

Adviser

may

from

time

to

time

voluntarily

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

total

annual

fund

operating

expenses.

Any

such

voluntary

waiver

or

reimbursement

may

be

eliminated

by

the

Adviser

at

any

time.

For

financial

reporting

purposes

such

payments

pursuant

to

undertakings

above

will

be

considered

a

reduction

in

expenses

presented

in

the

Statement

of

Operations.

If

such

payments

made

to

certain

funds

would

be

excess

over

expenses

borne

directly

by

each

fund,

such

payments

will

be

considered

Capital

Contributions

from

Adviser

presented

in

the

Statement

of

Changes.

During

the

period

ended

April

30,

2023,

there

was

no

impact

on

the

Total

Return

of

each

relevant

fund

as

a

result

of

the

Capital

Contributions

from

Adviser.

The

table

below

summarizes

the

amounts

pursuant

to

undertakings

during

the period ended

April

30,

2023.

Capital

Contributions

from

Adviser

Pursuant

to

undertakings

Pursuant

to

a

sub-investment

advisory

agreement

between

Mellon

and

the

Adviser,

the

Adviser

pays

Mellon

a

monthly

fee

at

an

annual

percentage

of

the

value

of

each

fund’s

average

daily

net

assets,

except

for

BNY

Mellon

High

Yield

Beta

ETF

which

pays

INA

a

monthly

fee

at

an

annual

percentage

of

the

value

of

the

fund’s

average

daily

net

assets.

The

Adviser

has

obtained

an

exemptive

order

from

the

SEC

(the

“Order”),

upon

which

each

fund

may

rely,

to

use

a

manager

of

managers

approach

that

permits

the

Adviser,

subject

to

certain

conditions

and

approval

by

the

Board,

to

enter

into

and

materially

amend

sub-

investment

advisory

agreements

with

one

or

more

sub-advisers

who

are

either

unaffiliated

or

affiliated

with

the

Adviser

without

obtaining

shareholder

approval.

The

Order

also

relieves

each

fund

from

disclosing

the

sub-advisory

fee

paid

by

the

Adviser

to

a

sub-adviser

in

documents

filed

with

the

SEC

and

provided

to

shareholders.

In

addition,

pursuant

to

the

Order,

it

is

not

necessary

to

disclose

the

sub-advisory

fee

payable

by

the

Adviser

separately

to

a

sub-adviser

that

is

a

wholly-owned

subsidiary

(as

defined

in

the

1940

Act)

of

BNY

Mellon

in

documents

filed

with

the

SEC

and

provided

to

shareholders;

such

fees

are

to

be

aggregated

with

fees

payable

to

the

Adviser.

The

Adviser

has

ultimate

responsibility

(subject

to

oversight

by

the

Board)

to

supervise

any

sub-adviser

and

recommend

the

hiring,

termination,

and

replacement

of

any

sub-adviser

to

the

Board.

For

each

fund,

the

Adviser

pays

a

contractual

fee

rate

to

Mellon

and

INA

as

applicable

to

each

fund’s

sub-investment

advisory

agreement,

at

the

annual

rate

set

forth

in

the

table

below

(stated

as

a

percentage

of

each

fund’s

average

daily

net

assets).

The

Adviser,

and

not

the

funds,

pays

the

Mellon

and

INA

fee

rate

as

applicable

to

each

fund’s

sub-investment

advisory

agreement.

Sub-Investment

Advisory

Agreement

Fees

(b)

Each

fund

has

an

arrangement

with

The

Bank

of

New

York

Mellon

(the

“Custodian”),

a

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser, whereby

the

funds

will

receive

interest

income

or

be

charged

overdraft

fees

when

cash

balances

are

maintained.

For

financial

reporting

purposes,

each

fund

includes

this

interest

income

and

overdraft

fees,

if

any,

as

interest

income

in

the

Statement

of

Operations.

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

0.00%

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

0.04%

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

0.04%

BNY

Mellon

International

Equity

ETF

0.04%

BNY

Mellon

Emerging

Markets

Equity

ETF

0.11%

BNY

Mellon

Core

Bond

ETF

0.00%

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

0.06%

BNY

Mellon

High

Yield

Beta

ETF

0.22%

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

$

752

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

-

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

-

BNY

Mellon

International

Equity

ETF

-

BNY

Mellon

Emerging

Markets

Equity

ETF

-

BNY

Mellon

Core

Bond

ETF

4,149

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

-

BNY

Mellon

High

Yield

Beta

ETF

-

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

0.02%

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

0.02%

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

0.02%

BNY

Mellon

International

Equity

ETF

0.02%

BNY

Mellon

Emerging

Markets

Equity

ETF

0.055%

BNY

Mellon

Core

Bond

ETF

0.03%

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

0.03%

BNY

Mellon

High

Yield

Beta

ETF

0.11%

150

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

The

table

below

summarized

the

components

of

“Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC”

in

the

Statements

of

Assets

and

Liabilities

for

each

fund.

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC

(c)

Each

Board

member

serves

as

a

Board

member

of each

fund

within

the

Trust.

The

Board

members

are

not

compensated

directly

by

the

funds.

The

Board

members

are

paid

by

the

Adviser

from

the

unitary

management

fee

paid

to

the

Adviser

by

the

funds.

The

quarterly

fees

are

paid

by

the Adviser

from

unitary

management

fees

paid

to

the

Adviser

by

the

funds.

NOTE

4—Securities

Transactions:

The

table

below

summarizes

each

fund’s

aggregate

amount

of

purchases

and

sales

(including

paydowns,

if

any)

of

investment

securities,

excluding

short-term

securities,

futures

and

swap

agreements and

in-kind

transactions,

during

the

period

ended

April

30,

2023.

Purchases

and

Sales

Derivatives:

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

SEC

adopted

Rule

18f-4

under

the

Act,

which

regulates

the

use

of

derivatives

transactions

for

certain

funds

registered

under

the

Act.

Each

relevant

fund

is

deemed

a

“limited”

derivatives

user

under

the

rule

and

is

required

to

limit

its

derivatives exposure

so

that

the total

notional

value

of

derivatives

does

not

exceed

10%

of

the

fund’s

net

assets,

and

is

subject

to

certain

reporting

requirements. Each

type

of

derivative

instrument

that

was

held

by

the

fund

during

the 

period

ended

April

30,

2023

is

discussed

below.

Futures:

In

the

normal

course

of

pursuing

their

investment

objective,

exposed

to

market

risk,

including

equity

price

risk,

as

a

result

of

changes

in

value

of

underlying

financial

instruments.

BNY

Mellon

US

Large

Cap

Core

Equity

ETF,

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF,

BNY

Mellon

US

Small

Cap

Core

Equity

ETF,

BNY

Mellon

International

Equity

ETF

and

BNY

Mellon

Emerging

Markets

Equity ETF

invest

in

futures

in

order

to

manage

their

exposure

to

or

protect

against

changes

in

the

market.

A

futures

contract

represents

a

commitment

for

the

future

purchase

or

a

sale

of

an

asset

at

a

specified

date.

Upon

entering

into

such

contracts,

these

investments

require

initial

margin

deposits

with

a

counterparty,

which

consist

of

cash

or

cash

equivalents.

The

amount

of

these

deposits

is

determined

by

the

exchange

or

Board

of

Trade

on

which

the

contract

is

traded

and

is

subject

to

change.

Accordingly,

variation

margin

payments

are

received

or

made

to

reflect

daily

unrealized

gains

or

losses

which

are

recorded

in

the

Statements

of

Operations.

When

the

contracts

are

closed,

the

fund

recognizes

a

realized

gain

or

loss

which

is

reflected

in

the

Statements

of

Operations.

There

is

minimal

counterparty

credit

risk

to

the

fund

with

futures

since

they

are

exchange

traded,

and

the

exchange

guarantees

the

futures

against

default.

Futures

open

at April

30,

2023,

are

set

forth

in

the

Statement

of

Investments

for

each

fund.

Swap

Agreements:

BNY

Mellon

High

Yield

Beta

ETF enters

into

swap

agreements

to

exchange

the

interest

rate

on,

or

return

generated

by,

one

nominal

instrument

for

the

return

generated

by

another

nominal

instrument.

Swap

agreements

are

privately

negotiated

in

the over-the-counter

(“OTC”) market

or

centrally

cleared.

The

fund

enters

into

these

agreements

to

hedge

certain

market

or

interest

rate

risks,

to

manage

the

interest

rate

sensitivity

(sometimes

called

duration)

of

fixed

income

securities,

to

provide

a

substitute

for

purchasing

or

selling

particular

securities

or

to

increase

potential

returns.

For

OTC

swaps,

the

fund

accrues

for

interim

payments

on

a

daily

basis,

with

the

net

amount

recorded

within

unrealized

appreciation

(depreciation)

on

swap

agreements

in

the

Statement

of

Assets

and

Liabilities. Once

the

interim

payments

are

settled

in

cash,

the

net

amount

is

recorded

as

a

realized

gain

(loss)

on

swaps,

in

addition

to

realized

gain

(loss)

recorded

upon

the

termination

of

swap

agreements

in

the

Statement

of

Operations.

Management

fees

Capital

Contributions

from

Adviser

to

be

received

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

$

-

$

190

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

13,906

-

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

3,134

-

BNY

Mellon

International

Equity

ETF

14,804

-

BNY

Mellon

Emerging

Markets

Equity

ETF

7,672

-

BNY

Mellon

Core

Bond

ETF

-

821

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

2,571

-

BNY

Mellon

High

Yield

Beta

ETF

61,081

-

Purchases

Sales

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

$

13,002,511

$

12,625,477

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

12,565,906

13,357,788

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

4,875,433

4,845,038

BNY

Mellon

International

Equity

ETF

31,806,130

24,015,543

BNY

Mellon

Emerging

Markets

Equity

ETF

54,229,990

3,772,303

BNY

Mellon

Core

Bond

ETF

167,359,025

155,465,805

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

8,177,317

8,974,710

BNY

Mellon

High

Yield

Beta

ETF

25,445,816

26,038,478

151

Upfront

payments

made

and/or

received

by

the

fund,

are

recorded

as

an

asset

and/or

liability

in

the

Statement

of

Assets

and

Liabilities

and

are

recorded

as

a

realized

gain

or

loss

ratably

over

the

agreement’s

term/event

with

the

exception

of

forward

starting

interest

rate

swaps

which

are

recorded

as

realized

gains

or

losses

on

the

termination

date.

Upon

entering

into

centrally

cleared

swap

agreements,

an

initial

margin

deposit

is

required

with

a

counterparty,

which

consists

of

cash

or

cash

equivalents.

The

amount

of

these

deposits

is

determined

by

the

exchange

on

which

the

agreement

is

traded

and

is

subject

to

change.

The

change

in

valuation

of

centrally

cleared

swaps

is

recorded

as

a

receivable

or

payable

for

variation

margin

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty,

including

upon

termination,

are

recorded

as

realized

gain

(loss)

in

the

Statement

of

Operations.

Fluctuations

in

the

value

of

swap

agreements

are

recorded

for

financial

statement

purposes

as

unrealized

appreciation

or

depreciation

on

swap

agreements.

Credit

Default

Swaps:

Credit

default

swaps

involve

commitments

to

pay

a

fixed

interest

rate

in

exchange

for

payment

if

a

credit

event

affecting

a

third

party

(the

referenced

obligation

or

index)

occurs.

Credit

events

may

include

a

failure

to

pay

interest

or

principal,

bankruptcy,

or

restructuring.

The

fund

enters

into

these

agreements

to

manage

its

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

its

risk

exposure

to

defaults

of

corporate

and

sovereign

issuers,

or

to

create

exposure

to

corporate

or

sovereign

issuers

to

which

it

is

not

otherwise

exposed.

For

those

credit

default

swaps

in

which

the

fund

is

paying

a

fixed

rate,

the

fund

is

buying

credit

protection

on

the

instrument.

In

the

event

of

a

credit

event,

the

fund

would

receive

the

full

notional

amount

for

the

reference

obligation.

For

those

credit

default

swaps

in

which

the

fund

is

receiving

a

fixed

rate,

the

fund

is

selling

credit

protection

on

the

underlying

instrument.

The

maximum

payouts

for

these

agreements

are

limited

to

the

notional

amount

of

each

swap.

Credit

default

swaps

may

involve

greater

risks

than

if

the

fund

had

invested

in

the

reference

obligation

directly

and

are

subject

to

general

market

risk,

liquidity

risk,

counterparty

risk

and

credit

risk.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

a

fund

as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

would

be

an

amount

equal

to

the

notional

amount

of

the

agreement

which

may

exceed

the

amount

of

unrealized

appreciation

or

depreciation

reflected

in

the

Statement

of

Assets

and

Liabilities.

Notional

amounts

of

all

credit

default

swap

agreements

are

disclosed

in

the

Statement

of

Investments

of

the

fund,

which

summarizes

open

credit

default

swaps

entered

into

by

the

fund.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

underlying

securities

comprising

the

referenced

index,

upfront

payments

received

upon

entering

into

the

agreement,

or

net

amounts

received

from

the

settlement

of

buy

protection

credit

default

swap

agreements

entered

into

by

the

fund

for

the

same

referenced

entity

or

entities.

Credit

default

swaps

open

at

April

30,

2023

are

set

forth

in

the

Statement

of

Investments

for

the

fund.  

GAAP

requires

disclosure

for

(i)

the

nature

and

terms

of

the

credit

derivative,

reasons

for

entering

into

the

credit

derivative,

the

events

or

circumstances

that

would

require

the

seller

to

perform

under

the

credit

derivative,

and

the

current

status

of

the

payment/performance

risk

of

the

credit

derivative,

(ii)

the

maximum

potential

amount

of

future

payments

(undiscounted)

the

seller

could

be

required

to

make

under

the

credit

derivative,

(iii)

the

fair

value

of

the

credit

derivative,

and

(iv)

the

nature

of

any

recourse

provisions

and

assets

held

either

as

collateral

or

by

third

parties.

All

required

disclosures

have

been

made

and

are

incorporated

within

the

current

period

as

part

of

the

Notes

to

the

Statement

of

Investments

and

disclosures

within

this

Note.

The

following

tables

show

the

funds’

exposure

to

different

types

of

market

risk

as

it

relates

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

respectively. 

Fair

value

of

derivative

instruments

as

of April

30,

2023

is

shown

below:

Statement

of

Assets

and

Liabilities

location:

(a)

Includes

cumulative

appreciation

(depreciation)

on

futures

as

reported

in

the

Statement

of

Investments,

but

only

the

unpaid

variation

margin

is

reported

in

the

Statement

of

Assets

and

Liabilities.

(b)

Includes

cumulative

appreciation

(depreciation)

on

swap

agreements

as

reported

in

the

Statement

of

Investments.

Only

unpaid

variation

margin

on

cleared

swap

agreements

is

reported

in

the

Statements

of

Assets

and

Liabilities.

Derivative

Assets

($)

Derivative

Liabilities

($)

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

Equity

risk

(a)

104,837

-

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Equity

risk

(a)

50,279

-

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Equity

risk

(a)

-

(1,818)

BNY

Mellon

International

Equity

ETF

Equity

risk

(a)

105,240

-

BNY

Mellon

Emerging

Markets

Equity

ETF

Equity

risk

(a)

-

(84)

BNY

Mellon

High

Yield

Beta

ETF

Credit

risk

(b)

54,653

-

152

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

The

effect

of

derivative

instruments

in

the

Statements of

Operations

during

the period

ended

April

30,

2023 is

shown

below:

The following

table summarizes

the

average market

value of

derivatives

outstanding

during

the period

ended

April

30,

2023:

The following

table summarizes

the

average

notional

value of

derivatives

outstanding

during

the period ended

April

30,

2023:

The

table

below

summarizes

the

gross

appreciation,

gross

depreciation

and

accumulated

net

unrealized

appreciation

(depreciation)

on

investments

inclusive

of

derivative

contracts

for

each

fund

at

April

30,

2023.

At

April

30,

2023,

the

cost

of

investments

inclusive

of

derivative

contracts

for

federal

income

tax

purposes

was

substantially

the

same

as

the

cost

for

financial

reporting

purposes

(see

the

Statements

of

Investments).

Amount

of

realized

gain

(loss)

on

derivatives

($)

Underlying

risk

Futures

Swap

Agreements

Total

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

Equity

risk

36,587

-

36,587

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Equity

risk

53,734

-

53,734

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Equity

risk

(6,182)

-

(6,812)

BNY

Mellon

International

Equity

ETF

Equity

risk

128,559

-

128,559

BNY

Mellon

Emerging

Markets

Equity

ETF

Equity

risk

11,684

-

11,684

BNY

Mellon

High

Yield

Beta

ETF

Credit

risk

-

34,458

34,458

Net

change

in

unrealized

appreciation

(depreciation)

on

derivatives

($)

Underlying

risk

Futures

Swap

Agreements

Total

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

Equity

risk

98,942

-

98,942

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Equity

risk

27,034

-

27,034

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Equity

risk

(5,453)

-

(5,453)

BNY

Mellon

International

Equity

ETF

Equity

risk

86,164

-

86,164

BNY

Mellon

Emerging

Markets

Equity

ETF

Equity

risk

2,428

-

2,428

BNY

Mellon

High

Yield

Beta

ETF

Credit

risk

-

(1,170)

(1,170)

Average

Market

Value

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

Equity

risk

futures

$

2,152,332

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Equity

risk

futures

858,631

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Equity

risk

futures

182,814

BNY

Mellon

International

Equity

ETF

Equity

risk

futures

1,069,807

BNY

Mellon

Emerging

Markets

Equity

ETF

Equity

risk

futures

161,664

Average

Notional

Value

BNY

Mellon

High

Yield

Beta

ETF

Credit

risk

swap

agreements

$

2,307,714

153

Accumulated

Net

Unrealized

Appreciation

(Depreciation)

NOTE

5—Shareholder

Transactions:

Each

fund

issues

and

redeems

its

shares

on

a

continuous

basis,

at

NAV,

to

certain

institutional

investors

known

as

“Authorized

Participants”

(typically

market

makers

or

other

broker-dealers)

only

in

a

large

specified

number

of

shares

called

a

Creation

Unit.

Except

when

aggregated

in

Creation

Units,

shares

of

each

fund

are

not

redeemable.

The

value

of

each

fund

is

determined

once

each

business

day.

The

Creation

Unit

size

for

a

fund

may

change.

Authorized

Participants

will

be

notified

of

such

change.

Creation

Unit

transactions

may

be

made

in-kind,

for

cash,

or

for

a

combination

of

securities

and

cash.

The

principal

consideration

for

creations

and

redemptions

for

each

fund

is

in-

kind,

although

this

may

be

revised

at

any

time

without

notice.

The

Trust

issues

and

sells

shares

of

each

fund

only:

in

Creation

Units

on

a

continuous

basis

through

the

Distributor,

without

a

sales

load,

at

their

NAV

per

share

determined

after

receipt

of

an

order,

on

any

Business

Day,

in

proper

form

pursuant

to

the

terms

of

the

Authorized

Participant

Agreement.

Transactions

in

capital

shares

for

each

fund

are

disclosed

in

detail

in

the

Statements

of

Changes

in

Net

Assets.

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

may

consist

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Trust

and/or

custodian

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

variable

charges,

if

any,

are

included

in

“Transaction

fees”

in

the

Statements

of

Changes

in

Net

Assets.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-

kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

funds.

Because

such

gains

or

losses

are

not

taxable

to

the

funds

and

are

not

distributed

to

existing

fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

per

share.

The

table

below

summarizes

each

fund’s

in-kind

transactions

associated

with

creations

and

redemptions,

during

the

period

ended

April

30,

2023.

In-Kind

Transactions

Gross

Appreciation

Gross

(Depreciation)

Net

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

$

91,879,522

$(78,854,294)

$13,025,228

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

14,376,230

(32,689,156)

(18,312,926)

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

3,920,635

(13,543,406)

(9,622,771)

BNY

Mellon

International

Equity

ETF

31,089,985

(10,438,412)

20,651,573

BNY

Mellon

Emerging

Markets

Equity

ETF

5,393,218

(7,035,186)

(1,641,968)

BNY

Mellon

Core

Bond

ETF

1,419,291

(30,701,246)

(29,281,955)

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

127,170

(2,691,454)

(2,564,284)

BNY

Mellon

High

Yield

Beta

ETF

1,352,851

(8,693,378)

(7,340,527)

Cost

of

Securities

Received

Value

of

Securities

Delivered

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

$

1,412,997,206

$

175,509,451

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

378,111,778

14,332,438

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

67,478,495

3,223,870

BNY

Mellon

International

Equity

ETF

288,874,594

-

BNY

Mellon

Emerging

Markets

Equity

ETF

7,343,465

-

BNY

Mellon

Core

Bond

ETF

57,981,164

28,242,804

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

-

1,463,667

BNY

Mellon

High

Yield

Beta

ETF

333,352,085

75,442,508

154

INFORMATION

ABOUT

THE

RENEWAL

OF

EACH

FUND’S

MANAGEMENT

AND

SUB-INVESTMENT

ADVISORY

AGREEMENTS

(Unaudited)

At

a

meeting

held

February

8,

2023,

the

Board

of

Trustees

of

the

Trust

(the

“Board”),

all

the

members

of

which

are

not

“interested

persons”

of

the

Trust

as

defined

in

the

Investment

Company

Act

of

1940,

as

amended,

evaluated

(i)

proposals

to

continue

the

Management

Agreement

(the

“Agreement”)

between

the

Trust

and

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”)

with

respect

to

the

BNY

Mellon

US

Large

Cap

Core

Equity

ETF,

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF,

BNY

Mellon

US

Small

Cap

Core

Equity

ETF,

BNY

Mellon

International

Equity

ETF,

BNY

Mellon

Emerging

Markets

Equity

ETF,

BNY

Mellon

Core

Bond

ETF,

BNY

Mellon

Short

Duration

Corporate

Bond

ETF,

and

BNY

Mellon

High

Yield

Beta

ETF

(each

a

“fund”

and

collectively,

the

“funds”);

(ii)

proposals

to

continue

the

sub-

investment

advisory

agreement

between

the

Adviser

and

Mellon

Investments

Corporation

(“Mellon”),

an

affiliate

of

the

Adviser,

on

behalf

of

BNY

Mellon

US

Large

Cap

Core

Equity

ETF,

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF,

BNY

Mellon

US

Small

Cap

Core

Equity

ETF,

BNY

Mellon

International

Equity

ETF,

BNY

Mellon

Emerging

Markets

Equity

ETF,

BNY

Mellon

Core

Bond

ETF,

and

BNY

Mellon

Short

Duration

Corporate

Bond

ETF;

and

(iii)

a

proposal

to

continue

the

sub-investment

advisory

agreement

between

the

Adviser

and

Insight

North

America

LLC

(“INA”),

an

affiliate

of

the

Adviser,

on

behalf

of

BNY

Mellon

High

Yield

Beta

ETF

(each

sub-investment

advisory

agreement

collectively

with

the

Agreement,

the

“Agreements”;

Mellon

and

INA

collectively,

the

“Sub-Advisers”).

The

Trustees

also

met

separately

to

consider

the

Agreements.

The

Trustees

were

advised

by

legal

counsel

throughout

the

process.

To

evaluate

the

Agreements,

the

Board

requested,

and

the

Adviser

and

each

Sub-Adviser

provided,

such

materials

as

the

Board,

with

the

advice

of

counsel,

deemed

reasonably

necessary.

In

addition,

the

Board

considered

information

it

reviewed

at

other

Board

and

Board

committee

meetings.

In

deciding

whether

to

approve

the

Agreements,

the

Board

considered

various

factors,

including

the

(i)

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

each

Sub-Adviser

under

each

respective

Agreement,

(ii)

investment

performance

of

the

funds,

(iii)

profits

realized

by

the

Adviser

and

its

affiliates

from

its

relationship

with

the

funds,

(iv)

fees

charged

to

comparable

funds,

(v)

other

benefits

to

the

Adviser,

each

Sub-Adviser

and/or

their

affiliates,

and

(vi)

extent

to

which

economies

of

scale

would

be

shared

as

the

funds

grow.

The

Board

considered

the

Agreements

for

each

fund

and

the

engagement

of

the

Adviser

and

each

Sub-Adviser

separately.

The

Board

reviewed

reports

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

which

included

information

(i)

measuring

each

fund’s

performance

by

how

well

it

tracked

the

relevant

benchmark

index;

(ii)

comparing

each

fund’s

performance

with

the

performance

of

comparable

funds

selected

by

Broadridge

for

periods

ended

December

31,

2022;

and

(iii)

comparing

each

fund’s

actual

management

fees

and

total

expenses

with

those

of

comparable

funds

selected

by

Broadridge,

information

for

which

was

derived

in

part

from

fund

financial

statements

available

to

Broadridge

as

of

the

date

of

its

analysis.

Nature,

Extent

and

Quality

of

Services

The

Board

considered

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

each

Sub-Adviser.

In

doing

so,

the

Trustees

relied

on

their

prior

experience

in

overseeing

the

management

of

the

funds

and

the

materials

provided

prior

to

and

at

the

meeting.

The

Board

reviewed

the

Agreements

and

the

Adviser’s

and

each

Sub-Adviser’s

responsibilities

for

managing

investment

operations

of

each

of

the

applicable

funds

in

accordance

with

each

such

fund’s

investment

objective

and

policies,

and

applicable

legal

and

regulatory

requirements.

The

Board

appreciated

the

nature

of

the

funds

as

exchange-traded

funds

and

considered

the

background

and

experience

of

the

Adviser’s

and

each

Sub-Adviser’s

senior

management,

including

those

individuals

responsible

for

portfolio

management

and

regulatory

compliance

of

the

funds.

The

Board

also

considered

the

portfolio

management

resources,

structures

and

practices

of

the

Adviser

and

each

Sub-Adviser,

including

those

associated

with

monitoring

and

ensuring

each

applicable

fund’s

compliance

with

its

investment

objective

and

policies

and

with

applicable

laws

and

regulations.

The

Board

further

considered

information

about

each

Sub-Adviser’s

best

execution

procedures

as

well

as

the

Adviser’s

and

each

Sub-Adviser’s

overall

investment

management

business.

The

Board

looked

at

the

Adviser’s

general

knowledge

of

the

investment

management

business

and

that

of

its

affiliates,

including

each

Sub-Adviser.

With

respect

to

the

Sub-Advisers,

the

Board

also

considered

the

Adviser’s

favorable

assessment

of

the

nature

and

quality

of

the

services

provided

by

each

Sub-

Adviser.

Investment

Performance

The

Board

then

reviewed

the

funds’

performance,

noting

that

the

distinctive

indexed

investment

objective

of

each

of

the

funds

made

analysis

of

investment

performance,

in

absolute

terms,

less

of

a

priority

than

that

which

normally

attaches

to

the

performance

of

actively-managed

funds.

Instead,

the

Board

focused

on

the

extent

to

which

each

fund

achieved

its

objective

as

a

passively-managed

index

fund.

The

Board

reviewed

information

regarding

the

funds’

index

tracking.

Profits

Realized

by

the

Adviser

The

Board

considered

the

profitability

of

the

advisory

arrangement

with

the

funds

to

the

Adviser

and

its

affiliates.

The

Board

had

the

opportunity

to

discuss

with

representatives

of

the

Adviser

the

process

and

methodology

used

to

calculate

profitability.

Fees

Charged

to

Comparable

Funds

The

Board

evaluated

each

fund’s

unitary

fee

through

review

of

comparative

information

with

respect

to

fees

paid

by

similar

funds

-

i.e.,

exchange-traded

funds

tracking

similar

indices.

The

Board

reviewed

the

universe

of

similar

exchange-traded

funds

for

each

fund

based

upon

data

independently

obtained

from

Broadridge

and

related

comparative

information

for

similar

exchange-traded

funds.

In

doing

so,

the

Board

used

a

fund-by-fund

analysis

of

155

the

data.

In

certain

instances,

as

considered

appropriate

by

the

Board,

the

Board

explored

with

management

the

differences

between

a

fund’s

fee

and

fees

paid

by

similar

funds.

The

Board

considered

the

fee

paid

to

each

Sub-Adviser

in

relation

to

the

fee

paid

to

the

Adviser

by

each

fund

and

the

respective

services

provided

by

each

Sub-Adviser

and

the

Adviser.

The

Board

also

took

into

consideration

that

each

Sub-Adviser’s

fee

is

paid

by

the

Adviser

and

not

the

funds.

Other

Benefits

The

Board

also

considered

whether

the

Adviser,

each

Sub-

Adviser

or

their

affiliates

benefited

in

other

ways

from

their

relationship

with

the

funds,

noting

that

neither

the

Adviser

nor

each

Sub-Adviser

maintains

soft-dollar

arrangements

in

connection

with

the

funds’

brokerage

transactions.

Economies

of

Scale

The

Board

reviewed

information

regarding

economies

of

scale

or

other

efficiencies

that

may

result

as

each

fund’s

assets

grow

in

size.

The

Board

noted

that

the

advisory

fee

rate

for

each

fund

did

not

provide

for

breakpoints

as

assets

of

the

fund

increases.

However,

the

Board

further

noted

the

Adviser’s

assertion

that

future

economies

of

scale

(among

several

factors)

had

been

taken

into

consideration

for

the

funds

by

fixing

relatively

low

advisory

fees,

effectively

sharing

the

benefits

of

lower

fees

with

the

funds

from

inception.

The

Adviser

also

asserted

that

one

of

the

benefits

of

the

unitary

fee

was

to

provide

an

unvarying

expense

structure,

which

could

be

lost

or

diluted

with

the

addition

of

breakpoints.

The

Board

noted

that

it

intends

to

continue

to

monitor

fees

as

the

funds

grow

in

size

and

assess

whether

fee

breakpoints

may

be

warranted.

Conclusion

After

weighing

the

foregoing

factors,

none

of

which

was

dispositive

in

itself

and

may

have

been

weighed

differently

by

each

Trustee,

the

Board

approved

the

continuation

of

the

Agreements

for

each

applicable

fund.

In

approving

the

continuance

of

the

Agreements,

the

Board

found

that

the

terms

of

the

Agreements

are

fair

and

reasonable

and

that

the

continuance

of

the

Agreements

are

in

the

best

interests

of

the

applicable

fund

and

its

shareholders.

For

More

Information

2023

BNY

Mellon

Securities

Corporation

ETFSA0423

Telephone

Call

your

financial

representative

or

1-833-ETF-BNYM

(383-2696)

(inside

the

U.S.

only)

Mail

BNY

Mellon

ETF

Trust,

240

Greenwich

Street,

New

York,

New

York

10286

E-Mail

Send

your

request

to

info@bnymellon.com

Internet

Information

can

be

viewed

online

or

downloaded

at

www.im.bnymellon.com

BNY

Mellon

ETF

Trust

discloses,

at

www.im.bnymellon.com

,

the

identities

and

quantities

of

the

securities

held

by

each

fund

daily.

Each

fund

files

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(

“

SEC

”

)

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

Each

fund

’

s

Forms

N-PORT

are

available

on

the

SEC

’

s

website

at

www.sec.gov

.

Additionally,

each

fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

the

most

recent

fiscal

year

available

at

https://

im.bnymellon.com/etfliterature

.

Each

fund

’

s

complete

schedule

of

portfolio

holdings,

as

filed

on

Form

N-PORT,

can

also

be

obtained

without

charge,

upon

request,

by

calling

1-833-383-2696.

A

description

of

the

policies

and

procedures

that

each

fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities,

and

information

regarding

how

each

fund

voted

these

proxies

for

the

most

recent

12-month

period

ended

June

30

is

available

at

www.

im.bnymellon.com

and

on

the

SEC’s

website

at

www.sec.gov

.

The

description

of

the

policies

and

procedures

is

also

available

without

charge,

upon

request,

by

calling

1-833-383-2696.

BNY

Mellon

ETF

Trust

Custodian

BNY

Mellon

ETF

Investment

Adviser,

LLC

240

Greenwich

Street

New

York,

NY

10286

The

Bank

of

New

York

Mellon

240

Greenwich

Street

New

York,

NY

10286

Adviser

Transfer

Agent

&

Dividend

Disbursing

Agent

BNY

Mellon

ETF

Investment

Adviser,

LLC

201

Washington

Street

Boston,

MA

02108

The

Bank

of

New

York

Mellon

240

Greenwich

Street

New

York,

NY

10286

Sub-Adviser

Distributor

Mellon

Investments

Corporation

BNY

Mellon

Center

One

Boston

Place

Boston,

MA

02108

BNY

Mellon

Securities

Corporation

240

Greenwich

Street

New

York,

NY

10286

Insight

North

America

LLC

200

Park

Avenue,

7th

Floor

New

York,

NY

10166

Ticker

Symbols:

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

BKLC

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

BKMC

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

BKSE

BNY

Mellon

International

Equity

ETF

BKIE

BNY

Mellon

Emerging

Markets

Equity

ETF

BKEM

BNY

Mellon

Core

Bond

ETF

BKAG

BNY

Mellon

Short

Duration

Corporate

Bond

ETF

BKSB

BNY

Mellon

High

Yield

Beta

ETF

BKHY

BNY

Mellon

ETF

Trust

SEMI-ANNUAL

REPORT

April

30,

2023

BNY

Mellon

Sustainable

Global

Emerging

Markets

ETF

Contents

The

Fund

Save

time.

Save

paper.

View

your

next

shareholder

report

online

as

soon

as

it’s

available.

Log

into

www.

im.bnymellon.com

and

sign

up

for

eCommunications.

It’s

simple

and

only

takes

a

few

minutes.

The

views

expressed

herein

are

current

to

the

date

of

this

report.

These

views

and

the

composition

of

the

fund’s

portfolio

is

subject

to

change

at

any

time

based

on

market

and

other

conditions.

Not

FDIC-Insured

•

Not

Bank-Guaranteed

•

May

Lose

Value

Discussion

of

Fund

Performance

3

Understanding

Your

Fund’s

Expenses

7

Statement

of

Investments

8

Statement

of

Assets

and

Liabilities

11

Statement

of

Operations

12

Statement

of

Changes

in

Net

Assets

13

Financial

Highlights

14

Notes

to

Financial

Statements

15

Information

About

the

Renewal

of

the

Fund’s

Management

and

Sub-Investment

Advisory

Agreements

25

FOR

MORE

INFORMATION

Back

Cover

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

3

For

the

period

from

November

1,

2022,

through

April

30,

2023,

as

provided

by

Paul

Birchenough,

Ian

Smith

and

Alex

Khosla,

Portfolio

Managers

employed

by

the

fund’s

sub-adviser,

Newton

Investment

Management

Limited.

Market

and

Fund

Performance

Overview

For

the

six-month

period

ended

April

30,

2023,

the

BNY

Mellon

Sustainable

Global

Emerging

Markets

ETF

(the

“fund”)

produced

a

total

return

of

8.55%

at

net

asset

value.

1

In

comparison,

the

fund’s

benchmark,

the

MSCI

Emerging

Markets

Index

(the

“Index”),

produced

a

total

return

of

16.36%

for

the

same

period.

2

Emerging-markets

equities

gained

ground

during

the

reporting

period

as

global

economic

growth

continued

in

the

face

of

high

inflation

and

rising

interest

rates,

the

Chinese

economy

reopened

after

the

government

rescinded

its

“zero-COVID-19”

policy,

and

the

U.S.

dollar

weakened

relative

to

most

international

currencies.

The

fund

underperformed

the

Index

largely

due

to

disappointing

individual

stock

selections.

The

Fund’s

Investment

Approach

The

fund

seeks

long-term

capital

appreciation.

To

pursue

its

goal,

the

fund

normally

invests

at

least

80%

of

its

net

assets

(plus

the

amount

of

any

borrowings

for

investment

purposes)

in

equity

securities

of

emerging-markets

companies

that

demonstrate

attractive

investment

attributes

and

sustainable

business

practices.

The

fund

considers

an

emerging-markets

company

to

be

a

company

organized

or

with

its

principal

place

of

business

in,

or

that

has

a

majority

of

its

assets

or

business

in,

or

whose

securities

are

primarily

listed

or

traded

on

exchanges

in,

an

emerging-markets

country.

The

fund’s

sub-

adviser,

Newton

Investment

Management

Limited

(NIM),

an

affiliate

of

BNY

Mellon

ETF

Investment

Adviser,

LLC,

considers

a

company

to

be

engaged

in

“sustainable

business

practices”

if

the

company

(i)

engages

in

such

practices

in

an

economic

sense

(i.e.,

the

company’s

strategy,

operations

and

finances

are

stable

and

durable),

and

takes

appropriate

measures

to

manage

any

material

consequences

or

impact

of

its

policies

and

operations

in

relation

to

environmental,

social

and

governance

(ESG)

matters

(e.g.,

the

company’s

environmental

footprint,

labor

standards,

board

structure,

etc.)

and

(ii)

supports

sustainable

development

through

its

business

activities

or

operations

at

the

time

of

investment

(or

is

expected

to

do

so

over

the

long

term)

by

contributing

to

one

or

more

of

the

UN’s

Sustainable

Development

Goals

(SDGs),

as

described

in

the

fund’s

prospectus.

Companies

engaged

in

sustainable

business

practices

also

may

include

companies

that

have

committed

explicitly

to

improving

their

environmental

and/or

social

impacts

that

will

lead

to

a

transformation

of

their

business

models.

Emerging

Market

Equities

Rebound

on

Positive

Macroeconomic

Trends

The

outlook

for

inflation

and

the

trajectory

of

monetary

policy

continued

to

dominate

the

narrative

within

financial

markets.

Despite

hawkish

rhetoric

and

actions

from

central

banks,

early

October

2022

saw

evidence

of

decelerating

price

growth

in

the

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

4

U.S.

ISM

(Institute

for

Supply

Management)

Manufacturing

Report,

raising

hopes

that

inflation

had

peaked

and

ensuring

risk

assets

got

off

to

a

flying

start.

Further

positive

momentum

was

injected

the

following

month

when

U.S.

consumer

price

inflation

came

in

lower

than

expected.

Markets

were

also

encouraged

by

China’s

easing

of

its

strict

COVID-19

restrictions.

The

positive

sentiment

continued

into

2023.

However,

as

the

first

quarter

progressed,

several

issues

took

a

toll

on

sentiment.

January’s

U.S.

inflation

numbers

came

in

higher

than

expected,

while

headline

employment

data

also

proved

robust,

prompting

the

U.S.

Federal

Reserve

(the

“Fed”)

to

maintain

its

hawkish

rhetoric.

Another

major

challenge

arose

in

early

March,

as

signs

of

stress

emerged

within

the

U.S.

banking

sector,

soon

followed

by

the

enforced

takeover

of

Credit

Suisse

by

UBS

under

the

auspices

of

the

Swiss

authorities.

On

a

more

optimistic

note,

late

in

the

period,

China

revealed

that

its

gross

domestic

product

grew

4.5%

year

on

year

for

the

first

quarter,

well

above

analysts’

forecasts,

driven

by

a

strong

growth

in

exports

and

infrastructure

investment,

as

well

as

a

rebound

in

retail

consumption

and

property

prices.

However,

sentiment

turned

more

negative

again

on

doubts

regarding

the

extent

of

China’s

recovery

and

worsening

in

U.S.-China

relations,

including

the

threat

of

U.S.

restrictions

on

investments

in

China

in

areas

such

as

artificial

intelligence

(AI),

quantum

computing

and

semiconductors.

Stock

Selections

Detract

from

Relative

Performance

Several

individual

stock

selections

detracted

from

the

fund’s

performance

relative

to

the

Index.

The

fund’s

mandate

encourages

investments

in

companies

that

promote

energy

solutions

and

efficiency.

Notable

examples

included

LONGi

Green

Energy

Technology

Co.

Ltd.,

Wuhan

DR

Laser

Technology

Corp.

Ltd.,

StarPower

Semiconductor

Ltd.,

Wuxi

Lead

Intelligent

Equipment

Co.

Ltd.

and

Shenzhen

Inovance

Technology

Co.

Ltd.,

all

based

in

China

and

all

of

which

underperformed.

LONGi

Green

Energy

Technology

Co.

Ltd.

saw

intensifying

competition

from

other

players

in

the

expanding

solar

photovoltaic

wafer

industry,

while

further

weakness

in

the

information

technology

sector

came

from

Wuhan

DR

Laser

Technology

Corp.

Ltd.

and

StarPower

Semiconductor

Ltd.

Among

industrials,

battery

maker

Wuxi

Lead

Intelligent

Equipment

Co.

Ltd.

faced

concerns

regarding

the

resilience

of

orders

in

a

recessionary

environment

and

demand

challenges

for

electric

vehicles,

while

first

quarter

2023

profits

for

Shenzhen

Inovance

Technology

Co.

Ltd.

fell

short

of

market

expectations.

Elsewhere,

shares

in

U.S.-based

lithium

miner

Livent

Corp.

lost

ground

due

to

concerns

over

potential

overcapacity

and

short-term

headwinds

for

electric

vehicle

sales.

Further

weakness

came

from

India-based

diagnostic

and

health

care

testing

services

provider

Dr.

Lal

PathLabs

Ltd.,

which

reported

a

decline

in

quarterly

profits

and

margin

compression.

However,

the

most

significant

individual

detractor

from

relative

5

performance

was

the

fund’s

lack

of

exposure

to

Chinese

internet

giant

Tencent,

as

the

company

rode

the

China

optimism

wave

and

was

further

lifted

by

regulators

granting

licenses

for

several

new

video

games.

On

the

positive

side,

the

top

contributions

to

relative

performance

came

from

the

financials

sector,

led

by

the

holdings

in

China/Hong

Kong

insurers

AIA

Group

Ltd.

and

Ping

An

Insurance

Group

Co.

of

China

Ltd.

An,

both

of

which

outperformed

on

optimism

that

China’s

reopening

would

boost

economic

growth.

Shares

in

India-based

online

insurance

marketplace

PB

Fintech

Ltd.

also

performed

well

after

the

company

issued

positive

results,

with

the

path

to

profitability

much

clearer.

Underweight

exposure

to

banks

further

bolstered

relative

returns.

In

the

consumer

staples

sector,

France-based

L’Oreal

SA

benefited

from

China’s

reopening,

as

well

as

solid

financial

results.

Holdings

in

China-based

By-Health

Co.

Ltd.

rose

on

quarterly

revenue

figures

significantly

above

market

expectations,

driven

by

very

strong

demand

for

nutrition

supplements.

In

information

technology,

shares

in

Germany-based

semiconductor

manufacturer

Infineon

Technologies

AG

were

supported

by

the

company’s

robust

first

quarter

2023

results

showing

margin

expansion,

along

with

favorable,

forward-looking

guidance

from

management.

Netherlands-based

semiconductor

equipment

firm

ASML

Holding

NV

reported

record

order

backlog

and

earnings

that

exceeded

market

estimates,

while

management

forecast

strong

sales

growth

in

2023

despite

increasingly

tough

U.S.-led

restrictions

on

exports

to

China.

On

a

regional

basis,

the

fund

also

benefited

from

zero

weightings

in

Saudi

Arabia,

the

United

Arab

Emirates

and

Qatar,

amid

weak

oil

and

gas

prices.

Maintaining

the

Fund’s

Long-Term

Focus

Over

the

short

term,

we

believe

asset

prices

are

likely

to

continue

to

be

influenced

by

the

inflationary

forces

we

see

in

the

United

States,

along

with

the

Fed’s

response.

Other

variables

may

include

the

conflict

in

Ukraine,

commodity

prices,

the

strength

of

the

U.S.

dollar,

the

evolution

of

the

Chinese

recovery

and

global

macro-financial

conditions.

Emerging-markets

equities

currently

trade

at

an

unusually

high

discount

to

developed

markets,

providing

a

conducive

investment

backdrop

if

these

shorter-term

variables

prove

favorable

for

emerging

markets.

We

see

several

longer-term

opportunities

in

emerging

markets

based

on

relatively

higher

levels

of

income

growth,

rapid

increases

in

product

penetration

and

scope

for

industry

consolidation.

In

our

view,

unique

opportunities

exist

for

emerging-markets

companies

that

are

well

exposed

to

reliable

secular-growth

trends

and

that

can

exploit

these

opportunities

more

effectively

than

their

peers

through

differentiated

customer

offering

and

execution.

Accordingly,

we

believe

that

emerging-markets

investors

who

can

identify

the

right

growth

themes

and

companies

should

be

rewarded

over

the

long

term.

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

6

As

of

April

30,

2023,

on

a

country

basis,

the

fund

holds

its

most

overweight

position

in

India,

where

we

find

many

of

the

best,

bottom-up

investment

opportunities

in

emerging

markets

for

the

next

five

years

and

beyond.

The

fund

also

holds

significant

exposure

to

businesses

in

China/Hong

Kong

that

are

positioned

to

benefit

as

China

upgrades

its

economy

to

become

self-sufficient

or

even

assume

leadership

in

certain

strategic

and

value-add

industries.

On

a

sector

basis,

the

fund

holds

its

most

overweight

positions

in

the

consumer

staples

and

industrial

sectors,

where

we

find

attractive

long-

term

growth

opportunities

and

high

returns

on

capital.

May

15,

2023

1

Total

return

includes

reinvestment

of

dividends

and

any

capital

gains

paid.

A

fund’s

net

asset

value

(NAV)

is

the

sum

of

all

its

assets

less

any

liabilities,

divided

by

the

number

of

shares

outstanding.

ETFs

are

bought

and

sold

at

market

prices,

not

NAV,

therefore

an

investor’s

return

at

market

price

may

differ

from

NAV.

Past

performance

is

no

guarantee

of

future

results.

Share

price,

yield

and

investment

return

fluctuate

such

that

upon

redemption,

fund

shares

may

be

worth

more

or

less

than

their

original

cost..

2

Source:

Lipper

Inc.

—

Reflects

reinvestment

of

net

dividends

and,

where

applicable,

capital

gain

distributions.

The

MSCI

Emerging

Markets

Index

is

a

free,

float-adjusted,

market

capitalization-weighted

Index

that

is

designed

to

measure

equity

market

performance

of

emerging

markets.

Investors

cannot

invest

directly

in

any

Index.

ETFs

trade

like

stocks,

are

subject

to

investment

risk,

including

possible

loss

of

principal.

ETF

shares

are

listed

on

an

exchange,

and

shares

are

generally

purchased

and

sold

in

the

secondary

market

at

market

price.

At

times,

the

market

price

may

be

at

a

premium

or

discount

to

the

ETF’s

per

share

NAV.

In

addition,

ETFs

are

subject

to

the

risk

that

an

active

trading

market

for

an

ETF’s

shares

may

not

develop

or

be

maintained.

Buying

or

selling

ETF

shares

on

an

exchange

may

require

payment

of

brokerage

commissions.

Equities

are

subject

generally

to

market,

market

sector,

market

liquidity,

issuer

and

investment

style

risks,

among

other

factors,

to

varying

degrees,

all

of

which

are

more

fully

described

in

the

fund’s

prospectus.

Emerging

markets

tend

to

be

more

volatile

than

the

markets

of

more

mature

economies

and

generally

have

less

diverse

and

less

mature

economic

structures

and

less

stable

political

systems

than

those

of

developed

countries.

The

securities

of

companies

located

in

emerging

markets

are

often

subject

to

rapid

and

large

changes

in

price.

An

investment

in

this

fund

should

be

considered

only

as

a

supplement

to

a

complete

investment

program

for

those

investors

willing

to

accept

the

greater

risks

associated

with

investing

in

emerging-markets

countries.

Investing

internationally

involves

special

risks,

including

changes

in

currency

exchange

rates,

political,

economic

and

social

instability,

a

lack

of

comprehensive

company

information,

differing

auditing

and

legal

standards

and

less

market

liquidity.

These

risks

generally

are

greater

with

emerging-markets

countries

than

with

more

economically

and

politically

established

foreign

countries.

The

fund

may,

but

is

not

required

to,

use

derivative

instruments.

A

small

investment

in

derivatives

could

have

a

potentially

large

impact

on

the

fund’s

performance.

The

use

of

derivatives

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

the

underlying

assets.

Environmental,

social

and

governance

(ESG)

managers

may

take

into

consideration

factors

beyond

traditional

financial

information

to

select

securities,

which

could

result

in

relative

investment

performance

deviating

from

other

strategies

or

broad

market

benchmarks,

depending

on

whether

such

sectors

or

investments

are

in

or

out

of

favor

in

the

market.

Further,

ESG

strategies

may

rely

on

certain

values-based

criteria

to

eliminate

exposures

found

in

similar

strategies

or

broad

market

benchmarks,

which

could

also

result

in

relative

investment

performance

deviating.

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

7

As

a

shareholder

of

the

fund,

you

pay

ongoing

expenses,

such

as

management

fees

and

other

expenses.

Using

the

information

below,

you

can

estimate

how

these

expenses

affect

your

investment

and

compare

them

with

the

expenses

of

other

funds.

For

more

information,

see

your

fund’s

prospectus

or

talk

to

your

financial

adviser.

Actual

Expenses

The

information

under

each

column

in

the

table

below

entitled

“Actual”

provides

information

about

on

how

much

a

$1,000

investment

would

be

worth

at

the

close

of

the

period,

assuming

net

asset

value

total

returns

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

for

the

fund

under

the

heading

entitled

“Expenses

paid

for

the

period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

For

Comparison

Purposes

The

Securities

and

Exchange

Commission

(“SEC”)

has

established

guidelines

to

help

investors

assess

fund

expenses.

The

information

under

each

column

in

the

table

entitled

“Hypothetical”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

fund’s

actual

expense

ratio

and

assuming

a

hypothetical

5%

annualized

return,

which

is

not

the

fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

ending

account

values

and

expenses

paid

for

the

period

in

the

table

are

useful

in

comparing

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

For

the

six

months

ended

April

30,

2023

(a)

Expenses

are

calculated

using

the

annualized

expense

ratio,

which

represents

the

ongoing

expenses

as

a

percentage

of

net

assets

for

the

six-month

period

ended

April

30,

2023.

Expenses

are

calculated

by

multiplying

the

fund’s

annualized

expense

ratio

by

the

average

account

value

for

the

period,

then

multiplying

the

result

by

181/365.

Beginning

account

value

($)

Ending

account

value($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

(a)

Hypothetical

(a)

1,000.00

1,000.00

1,085.50

1,021.08

3.88

3.76

0.75

STATEMENT

OF

INVESTMENTS

April

30,

2023

(Unaudited)

8

Description

Shares

Value

($)

Common

Stocks

–

97.2%

Brazil

–

7.4%

Afya

Ltd.,

Class

A

(a)

7,552

86,923

Fleury

SA

37,269

107,448

Raia

Drogasil

SA

44,644

235,223

WEG

SA

37,515

308,150

737,744

China

–

25.5%

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

23,135

98,374

By-H

ealth

Co.

Ltd.,

Class

A

87,000

299,870

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

6,480

215,916

Flat

Glass

Group

Co.

Ltd.,

Class

H

13,750

38,449

Guangzhou

Kingmed

Diagnostics

Group

Co.

Ltd.,

Class

A

13,497

159,357

Jiangsu

Hengrui

Medicine

Co.

Ltd.,

Class

A

30,400

213,470

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

26,980

135,792

Medlive

Technology

Co.

Ltd.

(b)

26,625

29,374

NARI

Technology

Co.

Ltd.,

Class

A

62,040

233,897

Pharmaron

Beijing

Co.

Ltd.,

Class

H

(b)

20,790

89,653

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

19,875

143,562

Shenzhen

Inovance

Technology

Co.

Ltd.,

Class

A

36,600

326,474

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

3,200

144,060

StarPower

Semiconductor

Ltd.,

Class

A

1,600

55,894

Sungrow

Power

Supply

Co.

Ltd.,

Class

A

7,700

125,299

Wuhan

DR

Laser

Technology

Corp.

Ltd.,

Class

A

6,700

94,482

Wuxi

Lead

Intelligent

Equipment

Co.

Ltd.,

Class

A

26,100

144,096

2,548,019

Denmark

–

1.8%

Novozymes

A/S,

Class

B

3,514

182,544

France

–

2.6%

L'Oreal

SA

536

255,591

Germany

–

2.5%

Infineon

Technologies

AG

6,973

252,828

Hong

Kong

–

5.4%

AIA

Group

Ltd.

40,050

433,426

Vitasoy

International

Holdings

Ltd.

58,320

102,975

536,401

India

–

29.0%

Apollo

Hospitals

Enterprise

Ltd.

2,006

110,642

Bandhan

Bank

Ltd.

(a)(b)

61,573

172,524

Dr.

Lal

PathLabs

Ltd.

(b)

6,841

163,384

Godrej

Consumer

Products

Ltd.

(a)

21,365

236,921

Havells

India

Ltd.

8,035

120,786

HDFC

Bank

Ltd.

16,836

347,186

HDFC

Life

Insurance

Co.

Ltd.

(b)

19,705

127,556

9

Description

Shares

Value

($)

Common

Stocks

–

97.2%

(continued)

India

–

29.0%

(continued)

Hindustan

Unilever

Ltd.

8,861

266,070

Housing

Development

Finance

Corp.

Ltd.

7,249

245,861

Info

Edge

India

Ltd.

3,935

181,574

Marico

Ltd.

47,323

287,051

PB

Fintech

Ltd.

(a)

14,908

109,319

Sona

BLW

Precision

Forgings

Ltd.

(b)

22,722

133,273

Syngene

International

Ltd.

(b)

12,704

105,095

Tata

Consultancy

Services

Ltd.

7,354

289,289

2,896,531

Indonesia

–

3.5%

Bank

Rakyat

Indonesia

(

Persero

)

Tbk

PT

1,000,634

347,869

Mexico

–

1.5%

Bolsa

Mexicana

de

Valores

SAB

de

CV

67,481

148,703

Netherlands

–

2.6%

ASML

Holding

NV

406

256,568

Philippines

–

0.0%

ACEN

Corp.

(a)

38,130

4,138

Russia

–

0.0%

HeadHunter

Group

PLC,

ADR

(a),(c)

2,862

0

South

Africa

–

4.3%

Capitec

Bank

Holdings

Ltd.

1,471

128,091

Clicks

Group

Ltd.

10,965

160,251

Discovery

Ltd.

(a)

17,958

141,141

429,483

South

Korea

–

1.9%

Samsung

SDI

Co.

Ltd.

368

189,994

Taiwan

–

7.7%

Chroma

Ate,

Inc.

12,000

74,164

Delta

Electronics,

Inc.

16,000

156,136

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

32,750

534,781

765,081

United

States

–

1.5%

Livent

Corp.

(a)

6,690

146,176

Total

Investments

(cost

$10,838,495)

97.2%

9,697,670

Cash

and

Receivables

(Net)

2.8%

275,660

Net

Assets

100.0%

9,973,330

ADR—American

Depositary

Receipt

STATEMENT

OF

INVESTMENTS

(continued)

10

See

Notes

to

Financial

Statements

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

April

30,

2023,

these

securities

were

valued

at

$820,859

or

8.23%

of

net

assets.

(c)

The

fund

held

Level

3

securities

at

April

30,

2023.

These

securities

were

valued

at

$0

or

0.00%

of

net

assets.

Portfolio

Summary

(Unaudited)

†

Value

(%)

Financials

23.6

Information

Technology

20.9

Consumer

Staples

18.5

Industrials

14.8

Health

Care

12.1

Materials

3.3

Consumer

Discretionary

2.2

Communication

Services

1.8

Utilities

0.0

97.2

†

Based

on

net

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

April

30,

2023

(Unaudited)

11

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments:

–

Unaffiliated

issuers

10,838,495

9,697,670‌

Cash

216,605‌

Cash

denominated

in

foreign

currency

60,297

61,180‌

Dividends

receivable

2,698‌

Tax

reclaim

receivable—Note

2(b)

1,273‌

9,979,426‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—

Note

3(b)

6,096‌

6,096‌

Net

Assets

($)

9,973,330‌

Composition

of

Net

Assets

($):

Paid-in

capital

11,935,578‌

Total

distributable

earnings

(loss)

(1,962,248‌)

Net

Assets

($)

9,973,330‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

250,001‌

Net

asset

value

per

share

39.89‌

Market

price

per

share

40.07‌

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2023

(Unaudited)

12

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends

(net

of

$10,253

foreign

taxes

withheld

at

source):

Unaffiliated

issuers

49,975‌

Total

Income

49,975‌

Expenses:

Management

fee—Note

3(a)

36,946‌

Total

Expenses

36,946‌

Net

Investment

Income

13,029‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

(272,686‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

transactions

1,046,862‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

774,176‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

787,205‌

STATEMENT

OF

CHANGES

IN

NET

ASSETS

13

See

Notes

to

Financial

Statements

Six

Months

Ended

April

30,

2023

(Unaudited)

For

the

Period

from

December

15,

2021

(a)

to

October

31,

2022

Operations

($):

Net

investment

income

13,029‌

40,974‌

Net

realized

gain

(loss)

on

investments

(272,686‌)

(568,154‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

1,046,862‌

(2,186,595‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

787,205‌

(2,713,775‌)

Distributions

($):

Distributions

to

shareholders

(35,678‌)

—‌

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

—‌

11,923,654‌

Transaction

fees—Note

5

—‌

11,924‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

—‌

11,935,578‌

Total

Increase

(Decrease)

in

Net

Assets

751,527‌

9,221,803‌

Net

Assets

($):

Beginning

of

Period

9,221,803‌

—‌

End

of

Period

9,973,330‌

9,221,803‌

Changes

in

Shares

Outstanding:

Shares

sold

—‌

250,001‌

Net

Increase

(Decrease)

in

Shares

Outstanding

—‌

250,001‌

(a)

Commencement

of

operations.

FINANCIAL

HIGHLIGHTS

14

The

following

table

describes

the

performance

for

the

fiscal

period

indicated

and

these

figures

have

been

derived

from

the

fund’s

financial

statements.

See

Notes

to

Financial

Statements

Six

Months

Ended

April

30,

2023

(Unaudited)

For

the

Period

from

December

15,

2021

(a)

to

October

31,

2022

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

36.89‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

0.05‌

0.18‌

Net

realized

and

unrealized

gain

(loss)

on

investments

3.09‌

(13.34‌)

Total

from

Investment

Operations

3.14‌

(13.16‌)

Distributions:

Dividends

from

net

investment

income

(0.14‌)

—‌

Transaction

fees

(b)

—‌

0.05‌

Net

asset

value,

end

of

period

39.89‌

36.89‌

Market

price,

end

of

period

(c)

40.07‌

36.99‌

Net

Asset

Value

Total

Return

(%)

(d)

8.55‌

(26.23‌)

(e)

Market

Price

Total

Return

(%)

(d)

8.73‌

(26.02‌)

(e)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.75‌

(f)

0.75‌

(f)

Ratio

of

net

investment

income

to

average

net

assets

0.26‌

(f)

0.50‌

(f)

Portfolio

Turnover

Rate

(g)

7.78‌

22.52‌

Net

Assets,

end

of

period

($

x

1,000)

9,973‌

9,222‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

mean

between

the

last

bid

and

ask

prices.

(d)

Net

asset

value

total

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

at

net

asset

value

on

the

last

day

of

the

period.

Net

asset

value

total

return

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Market

price

total

return

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period,

and

sale

at

the

market

price

on

the

last

day

of

the

period.

Total

investment

returns

calculated

for

a

period

of

less

than

one

year

are

not

annualized.

(e)

The

net

asset

value

total

return

and

the

market

price

total

return

is

calculated

from

fund

inception.

(f)

Annualized.

(g)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

NOTES

TO

FINANCIAL

STATEMENTS

15

NOTE

1—Organization:

BNY

Mellon

Sustainable

Global

Emerging

Markets

ETF (the “fund”) is a

separate

non-diversified series

of

BNY

Mellon

ETF

Trust

(the

“Trust”),

which is

registered as

a

Massachusetts

business

trust

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”),

as

an

open-ended

management

investment

company.

The

Trust

operates

as

a

series

company

currently

consisting

of

fifteen

series,

including

the

fund.

The

investment

objective

of

the

fund

is

to

seek

long-term

capital

appreciation.

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”),

a

wholly-owned

subsidiary

of

The

Bank

of

New

York

Mellon

Corporation

(“BNY

Mellon”),

serves

as

the

fund’s

investment

adviser. Newton

Investment

Management

Limited (the

“Sub-Adviser”),

an

indirect wholly-owned

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

the

fund’s

sub-adviser.

The

Bank

of

New

York

Mellon,

a

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

administrator,

custodian

and

transfer

agent

with

the

Trust.

BNY

Mellon

Securities

Corporation

(the

“Distributor”),

an

indirect

wholly-owned

subsidiary

of

the

Adviser,

is

the

distributor

of

the

fund’s

shares.

The

shares

of

the

fund

are

referred

to

herein

as

“Shares”

or

“fund’s

Shares.”

The

fund’s

Shares

are

listed

and

traded

on

NYSE

Arca,

Inc.

The

market

price

of

each

Share

may

differ

to

some

degree

from

the

fund’s

net

asset

value

(“NAV”).

Unlike

conventional

mutual

funds,

the

fund

issues

and

redeems

Shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

Shares,

each

called

a

“Creation

Unit.”

Creation

Units

are

issued

and

redeemed

principally

in

exchange

for

the

deposit

or

delivery

of

a

basket

of

securities.

Except

when

aggregated

in

Creation

Units

by

Authorized

Participants,

the

Shares

are

not

individually

redeemable

securities

of

the

fund.

Individual

fund

Shares

may

only

be

purchased

and

sold

on

the

NYSE

Arca,

Inc.,

other

national

securities

exchanges,

electronic

crossing

networks

and

other

alternative

trading

systems

through

your

broker-dealer

at

market

prices.

Because

fund

Shares

trade

at

market

prices

rather

than

at

NAV,

fund

Shares

may

trade

at

a

price

greater

than

NAV

(premium)

or

less

than

NAV

(discount).

When

buying

or

selling

Shares

in

the

secondary

market,

you

may

incur

costs

attributable

to

the

difference

between

the

highest

price

a

buyer

is

willing

to

pay

to

purchase

Shares

of

the

fund

(bid)

and

the

lowest

price

a

seller

is

willing

to

accept

for

Shares

of

the

fund

(ask). 

NOTE

2—Significant

Accounting

Policies: 

The

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

is

the

exclusive

reference

of

authoritative

U.S.

generally

accepted

accounting

principles

(“GAAP”)

recognized

by

the

FASB

to

be

applied

by

nongovernmental

entities.

Rules

and

interpretive

releases

of

the

SEC

under

authority

of

federal

laws

are

also

sources

of

authoritative

GAAP

for

SEC

registrants. The

fund

is an

investment

company

and

applies

the

accounting

and

reporting

guidance

of

the

FASB

ASC

Topic

946

Financial

Services-Investment

Companies. The

fund’s

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

16

financial

statements

are

prepared

in

accordance

with

GAAP,

which

may

require

the

use

of

management

estimates

and

assumptions.

Actual

results

could

differ

from

those

estimates.  

The

Trust

accounts

separately

for

the

assets,

liabilities

and

operations

of

each

series.

Expenses

directly

attributable

to

each

series

are

charged

to

that

series’

operations;

expenses

which

are

applicable

to

all

series

are

allocated

among

them

on

a

pro

rata

basis.

The

Trust

enters

into

contracts

that

contain

a

variety

of

indemnifications.

The

fund’s

maximum

exposure

under

these

arrangements

is

unknown.

The

fund

does

not

anticipate

recognizing

any

loss

related

to

these

arrangements. 

(a)

Portfolio

valuation:

The

fair

value

of

a

financial

instrument

is

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price).

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

of

valuation

techniques

used

to

measure

fair

value.

This

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Additionally,

GAAP

provides

guidance

on

determining

whether

the

volume

and

activity

in

a

market

has

decreased

significantly

and

whether

such

a

decrease

in

activity

results

in

transactions

that

are

not

orderly.

GAAP

requires

enhanced

disclosures

around

valuation

inputs

and

techniques

used

during

annual

and

interim

periods.

Various

inputs

are

used

in

determining

the

value

of

the

fund’s

investments

relating

to

fair

value

measurements.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

unadjusted

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

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

Valuation

techniques

used

to

value

the

fund’s

investments

are

as

follows:

The

Trust’s Board

of

Trustees

(the

“Board”)

has

designated

the

Adviser

as

the

fund’s

valuation

designee

to

make

all

fair

value

determinations

with

respect

to

the

fund’s

portfolio

of

investments,

subject

to

the

Board’s

oversight

and

pursuant

to

Rule

2a-5

under

the

Act.

17

Investments

in

equity

securities,

including

ETFs

(but

not

including

investments

in

other

open-end

registered

investment

companies)

generally

are

valued

at

the

last

sales

price

on

the

day

of

valuation

on

the

securities

exchange

or

national

securities

market

on

which

such

securities

primarily

are

traded.

Securities

listed

on

the

National

Association

of

Securities

Dealers

Automated

Quotation

System

(“NASDAQ”)

for

which

market

quotations

are

available

will

be

valued

at

the

official

closing

price.

If

there

are

no

transactions

in

a

security,

or

no

official

closing

prices

for

a

NASDAQ

market-listed

security

on

that

day,

the

security

will

be

valued

at

the

average

of

the

most

recent

bid

and

asked

prices.

Bid

price

is

used

when

no

asked

price

is

available.

Open

short

positions

for

which

there

is

no

sale

price

on

a

given

day

are

valued

at

the

lowest

asked

price.

Registered

investment

companies

that

are

not

traded

on

an

exchange

are

valued

at

their

net

asset

value.

All

of

the

preceding

securities

are

generally

categorized

within

Level

1

of

the

fair

value

hierarchy. 

When

market

quotations

or

official

closing

prices

are

not

readily

available,

or

are

determined

not

to

reflect

fair

value

accurately,

they are

valued

at

fair

value

as

determined

in

good

faith

based

on

procedures

approved

by

the

Board.

Fair

value

of

investments

may

be

determined

by

valuation

designee

using

such

information

as

it

deems

appropriate

under

the

circumstances.

Certain

factors

may

be

considered

when

fair

valuing

investments

such

as:

fundamental

analytical

data,

the

nature

and

duration

of

restrictions

on

disposition,

an

evaluation

of

the

forces

that

influence

the

market

in

which

the

securities

are

purchased

and

sold,

and

public

trading

in

similar

securities

of

the

issuer

or

comparable

issuers.

These

securities

are

either

categorized

within

Level

2

or

3

of

the

fair

value

hierarchy

depending

on

the

relevant

inputs

used.

For

securities

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

and

are

generally

categorized

within

Level

3

of

the

fair

value

hierarchy.

Investments

denominated

in

foreign

currencies

are

translated

to

U.S.

dollars

at

the

prevailing

rates

of

exchange.

The

table

below

summarizes

the

inputs

used

as

of April

30,

2023

in

valuing

the

fund’s

investments:

Fair

Value

Measurements

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

($)

Investments

In

Securities:

†

Common

Stocks

9,697,670

—

0

9,697,670

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

18

The

following

is

a

reconciliation

of

Level

3

assets

for

which

significant

unobservable

inputs

were

used

to

determine

fair

value:

(b)

Foreign

currency

transactions:

The

fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

on

investments.

Net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

on

securities

transactions

between

trade

and

settlement

date,

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

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

the

value

of

assets

and

liabilities

other

than

investments

resulting

from

changes

in

exchange

rates.

Foreign

currency

gains

and

losses

on

foreign

currency

transactions

are

also

included

with

net

realized

and

unrealized

gain

or

loss

on

investments.

Foreign

Taxes:

The

fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

realized

and

unrealized

capital

gains

on

investments

or

certain

foreign

currency

transactions.

Foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

fund

and

are

reflected

in

the

Statement

of

Operations,

if

applicable.

Foreign

taxes

payable

or

deferred

or

those

subject

to

reclaims

as

of

April

30,

2023,

if

any,

are

disclosed

in

the

fund’s

Statement

of

Assets

and

Liabilities.

Common

Stocks

($)

Balance

as

of

10/31/2022

†

0

Purchases/Issuances

—

Sales/Dispositions

—

Net

realized

gain

(loss)

—

Change

in

unrealized

appreciation

(depreciation)

—

Transfers

into

Level

3

—

Transfers

out

of

Level

3

—

Balance

as

of

4/30/2023

†

0

The

amount

of

total

net

gain

(loss)

for

the

period

included

in

earnings

attributable

to

the

change

in

unrealized

appreciation

(depreciation)

relating

to

investments

still

held

at

4/30/2023

0

†

Securities

deemed

as

Level

3

due

to

the

lack

of

observable

inputs

by

management

assessment.

19

(c) Securities

transactions

and

investment

income:

Securities

transactions

are

recorded

on

a

trade

date

basis.

Realized

gains

and

losses

from

securities

transactions

are

recorded

on

the

identified

cost

basis.

Dividend

income

is

recognized

on

the

ex-

dividend

date

and

interest

income,

including,

where

applicable,

accretion

of

discount

and

amortization

of

premium

on

investments,

is

recognized

on

the

accrual

basis.

(d)

Affiliated

issuers:

Investments

in

other

investment

companies

advised

by

the

Adviser

are

defined

as

“affiliated”

under

the

Act. 

(e)

Market

Risk:

The

value

of

the

securities

in

which

the

fund

invests

may

be

affected

by

political,

regulatory,

economic

and

social

developments,

and

developments

that

impact

specific

economic

sectors,

industries

or

segments

of

the

market.

The

value

of

a

security

may

also

decline

due

to

general

market

conditions

that

are

not

specifically

related

to

a

particular

company

or

industry,

such

as

real

or

perceived

adverse

economic

conditions,

changes

in

the

general

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates,

changes

to

inflation,

adverse

changes

to

credit

markets

or

adverse

investor

sentiment

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

fund.

Global

economies

and

financial

markets

are

becoming

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

world-wide.

Recent

examples

include

pandemic

risks

related

to

COVID-19

and

aggressive

measures

taken

world-wide

in

response

by

governments,

including

closing

borders,

restricting

international

and

domestic

travel,

and

the

imposition

of

prolonged

quarantines

of

large

populations,

and

by

businesses,

including

changes

to

operations

and

reducing

staff.

Emerging

Market

Risk:

The

securities

of

issuers

located

or

doing

substantial

business

in

emerging

market

countries

tend

to

be

more

volatile

and

less

liquid

than

the

securities

of

issuers

located

in

countries

with

more

mature

economies.  Emerging

markets

generally

have

less

diverse

and

less

mature

economic

structures

and

less

stable

political

systems

than

those

of

developed

countries.

Investments

in

these

countries

may

be

subject

to

political,

economic,

legal,

market

and

currency

risks.

Special

risks

associated

with

investments

in

emerging

market

issuers

may

include

the

lack

of

publicly

available

information,

the

lack

of

uniform

disclosure,

accounting

and

financial

reporting

and

recordkeeping

standards,

and

limited

investor

protections

applicable

in

developed

economies.

The

risks

also

may

include

unpredictable

political

and

economic

policies,

the

imposition

of

capital

controls

and/or

foreign

investment

limitations

by

a

country,

nationalization

of

businesses,

and

the

imposition

of

sanctions

or

restrictions

on

certain

investments

by

other

countries,

such

as

the

United

States.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

20

Foreign

Investment

Risk:

Because

the

fund

invests

in

foreign

securities,

the

fund’s

performance

will

be

influenced

by

political,

social

and

economic

factors

affecting

investments

in

foreign

issuers.

Special

risks

associated

with

investments

in

foreign

issuers

include

exposure

to

currency

fluctuations,

less

liquidity,

less

developed

or

less

efficient

trading

markets,

lack

of

comprehensive

company

information,

political

and

economic

instability

and

differing

auditing

and

legal

standards.

The

imposition

of

sanctions,

confiscations,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

United

States

and

other

governments,

or

problems

in

share

registration,

settlement

or

custody,

may

result

in

losses

for

the

fund.

Investments

denominated

in

foreign

currencies

are

subject

to

the

risk

that

such

currencies

will

decline

in

value

relative

to

the

U.S.

dollar

and

affect

the

value

of

these

investments

held

by

the

fund.

To

the

extent

securities

held

by

the

fund

trade

in

a

market

that

is

closed

when

the

exchange

on

which

the

fund’s

shares

trade

is

open,

there

may

be

deviations

between

the

current

price

of

a

security

and

the

last

quoted

price

for

the

security

in

the

closed

foreign

market.

These

deviations

could

result

in

the

fund

experiencing

premiums

or

discounts

greater

than

those

of

ETFs

that

invest

in

domestic

securities.

To

the

extent

the

fund’s

investments

are

focused

in

a

limited

number

of

foreign

countries,

the

fund’s

performance

could

be

more

volatile

than

that

of

more

geographically

diversified

funds.

Non-Diversification

Risk:

The

fund

is

non-diversified,

which

means

that

the

fund

may

invest

a

relatively

high

percentage

of

its

assets

in

a

limited

number

of

issuers.

Therefore,

the

fund’s

performance

may

be

more

vulnerable

to

changes

in

the

market

value

of

a

single

issuer

or

group

of

issuers

and

more

susceptible

to

risks

associated

with

a

single

economic,

political

or

regulatory

occurrence

than

a

diversified

fund.  

(f)

Dividends

and

distributions

to

shareholders:

Dividends

and

distributions are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

income

and

dividends

from net

realized

capital

gains,

if

any,

are

normally

declared

and

paid

annually,

but

the

fund

may

make

distributions

on

a

more

frequent

basis

to

comply

with

the

distribution

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

To

the

extent

that

net

realized

capital

gains

can

be

offset

by

capital

loss

carryovers

of

a

fund,

it

is

the

policy

of

the

fund

not

to

distribute

such

gains.

Income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP.

(g)

Federal

income

taxes:

It

is

the

policy

of

the

fund

to

continue

to qualify

as

a

regulated

investment

company,

if

such

qualification

is

in

the

best

interests

of

its

shareholders,

by

complying

with

the

applicable

provisions

of

the

Code,

and

to

make

distributions

of

taxable

income

and

net

realized

capital

gain sufficient

to

relieve

it

from

substantially

all

federal

income

and

excise

taxes.

21

As

of

and

during

the period

ended April

30,

2023,

the

fund

did

not

have

any

liabilities

for

any

uncertain

tax

positions.

The

fund

recognizes

interest

and

penalties,

if

any,

related

to

uncertain

tax

positions

as

income

tax

expense

in

the

Statement

of

Operations.

During

the period

ended April

30,

2023,

the

fund

did

not

incur

any

interest

or

penalties.

The

tax

year

in

the

period

ended October

31,

2022

remains

subject

to

examination

by

the

Internal

Revenue

Service

and

state

taxing

authorities. 

The

fund

is

permitted

to

carry

forward

capital

losses

for

an

unlimited

period.

Furthermore,

capital

loss

carryovers

retain

their

character

as

either

short-term

or

long-

term

capital

losses. 

The

fund

has

an

unused

capital

loss

carryover

of

$549,377

available

for

federal

income

tax

purposes

to

be

applied

against

future

net

realized

capital

gains,

if

any,

realized

subsequent

to

October

31,

2022.

These

short-term

capital

losses

can

be

carried

forward

for

an

unlimited

period. 

The

fund

had

no

tax

character

of

distributions

paid

to

shareholders

during

the

fiscal

year

ended

October

31,

2022.

The

tax

character

of

current

year

distributions

will

be

determined

at

the

end

of

the

current

fiscal

year. 

NOTE

3—Management

Fee,

Sub-Advisory

Fee

and

Other

Transactions

with

Affiliates:

(a)

Pursuant

to

a

management

agreement

with

the

Adviser,

the

management

fee

is computed

at

an

annual

rate of

0.75%

of

the

value

of

the

fund’s

average

daily

net

assets

and

is

payable

monthly.

The

fund’s

management

agreement

provides

that

the

Adviser

pays

substantially

all

expenses

of

the

fund,

except

for

the

management

fees,

payments

under

the

fund’s

12b-1

plan

(if

any),

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

brokerage

commissions,

costs

of

holding

shareholder

meetings,

fees

and

expenses

associated

with

the

fund’s

securities

lending

program,

and

litigation

and

potential

litigation

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

fund’s

business.

The

Adviser

may

from

time

to

time

voluntarily

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

total

annual

fund

operating

expenses.

Any

such

voluntary

waiver

or

reimbursement

may

be

eliminated

by

the

Adviser

at

any

time.

During

the

period

ended

April

30,

2023,

there

was

no

reduction

in

expenses

pursuant

to

the

undertaking.

Pursuant

to

a

sub-investment

advisory

agreement

between

the

Adviser

and

the

Sub-

Adviser,

the

Sub-Adviser

serves

as

the

fund’s

sub-adviser

responsible

for

the

day-to-day

management

of

the

fund’s

portfolio.

The

Adviser

pays

the

Sub-Adviser

a

monthly

fee

at

an

annual

percentage

of

the

value

of

the

fund’s

average

daily

net

assets.

The

Adviser

has

obtained

an

exemptive

order

from

the

SEC

(the

“Order”),

upon

which

the

fund

may

rely,

to

use

a

manager

of

managers

approach

that

permits

the

Adviser,

subject

to

certain

conditions

and

approval

by

the

Board,

to

enter

into

and

materially

amend

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

22

sub-investment

advisory

agreements

with

one

or

more

sub-advisers

who

are

either

unaffiliated

or

affiliated

with

the

Adviser

without

obtaining

shareholder

approval.

The

Order

also

relieves

the

fund

from

disclosing

the

sub-advisory

fee

paid

by

the

Adviser

to

a

Sub-Adviser

in

documents

filed

with

the

SEC

and

provided

to

shareholders.

In

addition,

pursuant

to

the

Order,

it

is

not

necessary

to

disclose

the

sub-advisory

fee

payable

by

the

Adviser

separately

to

a

Sub-Adviser

that

is

a

wholly-owned

subsidiary

(as

defined

in

the

1940

Act)

of

BNY

Mellon

in

documents

filed

with

the

SEC

and

provided

to

shareholders;

such

fees

are

to

be

aggregated

with

fees

payable

to

the

Adviser.

The

Adviser

has

ultimate

responsibility

(subject

to

oversight

by

the

Board)

to

supervise

any

Sub-Adviser

and

recommend

the

hiring,

termination,

and

replacement

of

any

Sub-Adviser

to

the

Board.

Pursuant

to

a

sub-investment

advisory

agreement

between

the

Adviser

and

the

Sub-

Adviser,

the

Adviser

pays

the

Sub-Adviser

a

monthly

fee

at

an

annual

rate

of

0.375%

of

the

value

of

the

fund’s

average

daily

net

assets.

The

Adviser,

and

not

the

fund,

pays

the

Sub-Adviser

fee

rate.

(b)

The

fund

has

an

arrangement

with

The

Bank

of

New

York

Mellon

(the

“Custodian”),

a

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser, whereby

the

fund

will

receive

interest

income

or

be

charged

overdraft

fees

when

cash

balances

are

maintained.

For

financial

reporting

purposes,

the

fund

includes

this

interest

income

and

overdraft

fees,

if

any,

as

interest

income

in

the

Statement

of

Operations.

The

components

of

“Due

to

BNY

Mellon

ETF Investment

Adviser,

LLC”

in

the

Statement

of

Assets

and

Liabilities

consist

of:

management

fee

of $6,096.

(c)

Each

Board

member

serves

as

a

Board

member

of

each

fund

within

the

Trust.

The

Board

members

are

not

compensated

directly

by

the

fund.

The

Board

members

are

paid

by

the

Adviser

from

the

unitary

management

fee

paid

to

the

Adviser

by

the

fund.

The

quarterly

fees

are

paid

by

the

Adviser

from

unitary

management

fees

paid

to

the

Adviser

by

the

funds

within

the

Trust,

including

the

fund.

NOTE

4—Securities

Transactions:

The

aggregate

amount

of

purchases

and

sales

of

investment

securities,

excluding

short-term

securities

and

in-kind

transactions,

during

the

period

ended

April

30,

2023, amounted

to $883,051

and

$742,026,

respectively.

At April

30,

2023,

accumulated

net

unrealized

depreciation on

investments

was

$1,140,825,

consisting

of

gross

appreciation

of

$389,910

and

gross

depreciation

of

$1,530,735.

At

April

30,

2023,

the

cost

of

investments

for

federal

income

tax

purposes

was

substantially

the

same

as

the

cost

for

financial

reporting

purposes

(see

the

Statement

of

Investments).

23

NOTE

5—Shareholder

Transactions:

The

fund

issues

and

redeems

its

shares

on

a

continuous

basis,

at

NAV,

to

certain

institutional

investors

known

as

“Authorized

Participants”

(typically

market

makers

or

other

broker-dealers)

only

in

a

large

specified

number

of

shares

called

a

Creation

Unit.

Except

when

aggregated

in

Creation

Units,

shares

of

the

fund

are

not

redeemable.

The

value

of

the

fund

is

determined

once

each

business

day.

The

Creation

Unit

size

for the

fund

may

change.

Authorized

Participants

will

be

notified

of

such

change.

Creation

Unit

transactions

may

be

made

in-kind,

for

cash,

or

for

a

combination

of

securities

and

cash.

The

principal

consideration

for

creations

and

redemptions

for

the

fund

is

in-kind,

although

this

may

be

revised

at

any

time

without

notice.

The

Trust

issues

and

sells

shares

of

the

fund

only:

in

Creation

Units

on

a

continuous

basis

through

the

Distributor,

without

a

sales

load,

at

their

NAV

per

share

determined

after

receipt

of

an

order,

on

any

Business

Day,

in

proper

form

pursuant

to

the

terms

of

the

Authorized

Participant

Agreement.

Transactions

in

capital

shares

for

the

fund

are

disclosed

in

detail

in

the

Statement

of

Changes

in

Net

Assets.

The

consideration

for

the

purchase

of

Creation

Units

of the

fund

may

consist

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Trust

and/or

custodian

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

The

Adviser

or

its

affiliates

(the

“Selling

Shareholder”)

may

purchase

Creation

Units

through

a

broker-dealer

to

“seed”

(in

whole

or

in

part)

funds

as

they

are

launched

or

may

purchase shares

from

broker-dealers

or

other

investors

that

have

previously

provided

“seed”

for

funds

when

they

were

launched

or

otherwise

in

secondary

market

transactions.

Because

the

Selling

Shareholder

may

be

deemed

an

affiliate

of

such

funds,

the

fund shares

are

being

registered

to

permit

the

resale

of

these

shares

from

time

to

time

after

purchase.

The

fund

will

not

receive

any

of

the

proceeds

from

resale

by

the

Selling

Shareholders

of

these

fund

shares. An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

variable

charges,

if

any,

are

included

in

“Transaction

fees”

on

the

Statement

of

Changes

in

Net

Assets.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

fund.

Because

such

gains

or

losses

are

not

taxable

to

the

fund

and

are

not

distributed

to

existing

fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

per

share.

During

the

period

ended

April

30,

2023,

the

fund

had

no

in-kind

transactions.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

24

NOTE

6—Subsequent

Event:

Effective

May

31,

2023,

the

Sub-Adviser

entered

into

a

sub-sub-investment

advisory

agreement

with

its

affiliate,

Newton

Investment

Management

North

America,

LLC

(NIMNA),

to

enable

NIMNA

to

provide

certain

advisory

services

to

the

Sub-Adviser

for

the

benefit

of

the

fund,

including,

but

not

limited

to,

portfolio

management

services.

NIMNA

is

subject

to

the

supervision

of

the

Sub-Adviser

and

the

Adviser.

NIMNA

is

also

an

affiliate

of

the

Adviser.

NIMNA’s

principal

office

is

located

at

BNY

Mellon

Center,

201

Washington

Street,

Boston,

MA

02108.

As

of

March

31,

2023,

NIMNA

had

approximately

$53

billion

in

assets

under

management.

NIMNA

is

an

indirect

subsidiary

of

BNY

Mellon.

INFORMATION

ABOUT

THE

RENEWAL

OF

THE

FUND’S

MANAGEMENT

AND

SUB-INVESTMENT

ADVISORY

AGREEMENTS

(Unaudited)

25

At

a

meeting

held

February

8,

2023,

the

Board

of

Trustees

of

the

Trust

(the

“Board”),

all

the

members

of

which

are

not

“interested

persons”

of

the

Trust

as

defined

in

the

Investment

Company

Act

of

1940,

as

amended,

evaluated

(i)

a

proposal

to

continue

the

Management

Agreement

(the

“Agreement”)

between

the

Trust

and

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”)

with

respect

to

the

BNY

Mellon

Sustainable

Global

Emerging

Markets

ETF

(the

“fund”);

and

(ii)

a

proposal

to

continue

the

sub-investment

advisory

agreement

between

the

Adviser

and

Newton

Investment

Management

Limited

(the

“Sub-Adviser”),

an

affiliate

of

the

Adviser,

on

behalf

of

the

fund

(the

sub-investment

advisory

agreement

collectively

with

the

Agreement,

the

“Agreements”).

The

Trustees

also

met

separately

to

consider

the

Agreements.

The

Trustees

were

advised

by

legal

counsel

throughout

the

process.

To

evaluate

the

Agreements,

the

Board

requested,

and

the

Adviser

and

the

Sub-

Adviser

provided,

such

materials

as

the

Board,

with

the

advice

of

counsel,

deemed

reasonably

necessary.

In

addition,

the

Board

considered

information

it

reviewed

at

other

Board

and

Board

committee

meetings.

In

deciding

whether

to

approve

the

Agreements,

the

Board

considered

various

factors,

including

the

(i)

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

Sub-Adviser

under

each

respective

Agreement,

(ii)

investment

performance

of

the

fund,

(iii)

profits

realized

by

the

Adviser

and

its

affiliates

from

its

relationship

with

the

fund,

(iv)

fees

charged

to

comparable

funds,

(v)

other

benefits

to

the

Adviser,

the

Sub-Adviser

and/or

their

affiliates,

and

(vi)

extent

to

which

economies

of

scale

would

be

shared

as

the

fund

grows.

The

Board

considered

the

Agreements

for

the

fund

and

the

engagement

of

the

Adviser

and

the

Sub-Adviser

separately.

The

Board

reviewed

reports

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

which

included

information

(i)

comparing

the

fund’s

performance

with

the

performance

of

a

group

of

other

actively-managed

diversified

emerging

markets

exchange

traded

funds

(“ETFs”)

(the

“Performance

Group”)

and

with

a

broader

group

of

retail

and

institutional

diversified

emerging

markets

funds

and

ETFs

(the

“Performance

Universe”)

for

the

one-year

period

ended

December

31,

2022;

and

(ii)

comparing

the

fund’s

contractual

management

fees

and

total

expenses

with

the

same

group

of

funds

as

the

Performance

Group

(the

“Expense

Group”)

and,

with

respect

to

total

expenses,

with

a

broader

group

of

actively-managed

diversified

emerging

markets

ETFs

(the

“Expense

Universe”),

the

information

for

which

was

derived

in

part

from

fund

financial

statements

available

to

Broadridge

as

of

the

date

of

its

analysis.

Nature,

Extent

and

Quality

of

Services

The

Board

considered

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

Sub-Adviser.

In

doing

so,

the

Trustees

relied

on

their

prior

experience

in

overseeing

the

management

of

the

fund

and

the

materials

provided

prior

to

and

at

the

meeting.

The

Board

reviewed

the

Agreements

and

the

Adviser’s

and

the

Sub-

INFORMATION

ABOUT

THE

RENEWAL

OF

THE

FUND’S

MANAGEMENT

AND

SUB-INVESTMENT

ADVISORY

AGREEMENTS

(Unaudited)

(continued)

26

Adviser’s

responsibilities

for

managing

investment

operations

of

each

of

the

fund

in

accordance

with

the

fund’s

investment

objective

and

policies,

and

applicable

legal

and

regulatory

requirements.

The

Board

appreciated

the

nature

of

the

fund

as

an

exchange-traded

fund

and

considered

the

background

and

experience

of

the

Adviser’s

and

the

Sub-Adviser’s

senior

management,

including

those

individuals

responsible

for

portfolio

management

and

regulatory

compliance

of

the

funds.

The

Board

also

considered

the

portfolio

management

resources,

structures

and

practices

of

the

Adviser

and

the

Sub-Adviser,

including

those

associated

with

monitoring

and

ensuring

the

fund’s

compliance

with

its

investment

objective

and

policies

and

with

applicable

laws

and

regulations.

The

Board

further

considered

information

about

the

Sub-Adviser’s

best

execution

procedures

as

well

as

the

Adviser’s

and

the

Sub-Adviser’s

overall

investment

management

business.

The

Board

looked

at

the

Adviser’s

general

knowledge

of

the

investment

management

business

and

that

of

its

affiliates,

including

the

Sub-Adviser.

With

respect

to

the

Sub-

Adviser,

the

Board

also

considered

the

Adviser’s

favorable

assessment

of

the

nature

and

quality

of

the

services

provided

by

the

Sub-Adviser.

Investment

Performance

The

Board

then

reviewed

the

results

of

the

fund’s

performance

comparisons

and

considered

that

the

fund’s

total

return

performance

was

below

the

Performance

Group

and

Performance

Universe

medians

for

the

one-year

period.

The

Board

discussed

with

management

the

reasons

for

the

fund’s

underperformance.

Representatives

of

the

Adviser

stated

that

the

usefulness

of

performance

comparisons

may

be

affected

by

a

number

of

factors,

including

different

investment

limitations

and

policies

that

may

be

applicable

to

the

fund

and

comparison

funds

and

the

end

date

selected.

Profits

Realized

by

the

Adviser

The

Board

considered

the

profitability

of

the

advisory

arrangement

with

the

fund

to

the

Adviser

and

its

affiliates.

The

Board

had

the

opportunity

to

discuss

with

representatives

of

the

Adviser

the

process

and

methodology

used

to

calculate

profitability.

Fees

Charged

to

Comparable

Funds

The

Board

evaluated

the

fund’s

unitary

fee

through

review

of

comparative

information

with

respect

to

fees

paid

by

similar

funds

-

i.e.,

other

actively

managed

diversified

emerging

markets

exchange-traded

funds.

The

Board

explored

with

management

the

differences

between

the

fund’s

fee

and

fees

paid

by

similar

funds.

The

Board

noted

the

fund’s

contractual

management

fee

was

higher

than

the

Expense

Group

median

and

the

fund’s

total

expenses

were

higher

than

the

Expense

Group

median

and

the

Expense

Universe

median

total

expenses;

however,

the

Board

further

noted

the

limited

number

of

funds

in

the

Expense

Group

and

the

Expense

Universe.

27

The

Board

considered

the

fee

paid

to

the

Sub-Adviser

in

relation

to

the

fee

paid

to

the

Adviser

by

the

fund

and

the

respective

services

provided

by

the

Sub-Adviser

and

the

Adviser.

The

Board

also

took

into

consideration

that

the

Sub-Adviser’s

fee

is

paid

by

the

Adviser

and

not

the

fund.

Other

Benefits

The

Board

also

considered

whether

the

Adviser,

the

Sub-Adviser

or

their

affiliates

benefited

in

other

ways

from

their

relationship

with

the

funds,

noting

that

neither

the

Adviser

nor

each

Sub-Adviser

maintains

soft-dollar

arrangements

in

connection

with

the

funds’

brokerage

transactions.

Economies

of

Scale

The

Board

reviewed

information

regarding

economies

of

scale

or

other

efficiencies

that

may

result

as

the

fund’s

assets

grow

in

size.

The

Board

noted

that

the

advisory

fee

rate

for

the

fund

did

not

provide

for

breakpoints

as

assets

of

the

fund

increases.

The

Adviser

asserted

that

one

of

the

benefits

of

the

unitary

fee

was

to

provide

an

unvarying

expense

structure,

which

could

be

lost

or

diluted

with

the

addition

of

breakpoints.

The

Board

noted

that

it

intends

to

continue

to

monitor

fees

as

the

fund

grows

in

size

and

assess

whether

fee

breakpoints

may

be

warranted

Conclusion

After

weighing

the

foregoing

factors,

none

of

which

was

dispositive

in

itself

and

may

have

been

weighed

differently

by

each

Trustee,

the

Board

approved

the

continuation

of

the

Agreements

for

the

fund.

In

approving

the

continuance

of

the

Agreements,

the

Board

found

that

the

terms

of

the

Agreements

are

fair

and

reasonable

and

that

the

continuance

of

the

Agreements

are

in

the

best

interests

of

the

fund

and

its

shareholders.

For

More

Information

2023

BNY

Mellon

Securities

Corporation

4859SA0423

Telephone

Call

your

financial

representative

or

1-833-ETF-BNYM

(383-2696)

(inside

the

U.S.

only)

Mail

BNY

Mellon

ETF

Trust,

240

Greenwich

Street,

New

York,

New

York

10286

E-Mail

Send

your

request

to

info@bnymellon.com

Internet

Information

can

be

viewed

online

or

downloaded

at

www.im.bnymellon.com

BNY

Mellon

ETF

Trust

discloses,

at

www.im.bnymellon.com

,

the

identities

and

quantities

of

the

securities

held

by

the

fund

daily.

The

fund

files

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(

“

SEC

”

)

for

the

first

and

third

quarters

of

the

fiscal

year

on

Form

N-PORT.

The

fund

’

s

Forms

N-PORT

are

available

on

the

SEC

’

s

website

at

www.sec.gov

.

Additionally,

the

fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

the

most

recent

fiscal

year

available

at

https://im.bnymellon.com/etfliterature

.

The

fund

’

s

complete

schedule

of

portfolio

holdings,

as

filed

on

Form

N-PORT,

can

also

be

obtained

without

charge,

upon

request,

by

calling

1-833-383-2696.

A

description

of

the

policies

and

procedures

that

the

fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities,

and

information

regarding

how

the

fund

voted

these

proxies

for

the

most

recent

12-month

period

ended

June

30

is

available

at

www.im.bnymellon.

com

and

on

the

SEC’s

website

at

www.sec.gov

.

The

description

of

the

policies

and

procedures

is

also

available

without

charge,

upon

request,

by

calling

1-833-383-2696.

BNY

Mellon

ETF

Trust

Custodian

BNY

Mellon

ETF

Investment

Adviser,

LLC

240

Greenwich

Street

New

York,

NY

10286

The

Bank

of

New

York

Mellon

240

Greenwich

Street

New

York,

NY

10286

Adviser

Transfer

Agent

&

Dividend

Disbursing

Agent

BNY

Mellon

ETF

Investment

Adviser,

LLC

201

Washington

Street

Boston,

MA

02108

The

Bank

of

New

York

Mellon

240

Greenwich

Street

New

York,

NY

10286

Sub-Adviser

Distributor

Newton

Investment

Management

Limited

160

Queen

Victoria

Street

London,

EC4V,

4LA,

UK

BNY

Mellon

Securities

Corporation

240

Greenwich

Street

New

York,

NY

10286

Newton

Investment

Management

North

America,

LLC

BNY

Mellon

Center

201

Washington

Street

Boston,

MA

02108

Ticker

Symbol:

BNY

Mellon

Sustainable

Global

Emerging

Markets

ETF

BKES

Printed

on

recycled

paper.

50%

post-consumer.

Process

chlorine

free.

Vegetable-based

ink.

BNY

Mellon

ETF

Trust

SEMI-ANNUAL

REPORT

April

30,

2023

BNY

Mellon

Sustainable

International

Equity

ETF

Contents

The

Fund

Save

time.

Save

paper.

View

your

next

shareholder

report

online

as

soon

as

it’s

available.

Log

into

www.

im.bnymellon.com

and

sign

up

for

eCommunications.

It’s

simple

and

only

takes

a

few

minutes.

The

views

expressed

herein

are

current

to

the

date

of

this

report.

These

views

and

the

composition

of

the

fund’s

portfolio

is

subject

to

change

at

any

time

based

on

market

and

other

conditions.

Not

FDIC-Insured

•

Not

Bank-Guaranteed

•

May

Lose

Value

Discussion

of

Fund

Performance

3

Understanding

Your

Fund’s

Expenses

7

Statement

of

Investments

8

Statement

of

Assets

and

Liabilities

11

Statement

of

Operations

12

Statement

of

Changes

in

Net

Assets

13

Financial

Highlights

14

Notes

to

Financial

Statements

15

Information

About

the

Renewal

of

the

Fund’s

Management

and

Sub-Investment

Advisory

Agreements

24

FOR

MORE

INFORMATION

Back

Cover

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

3

For

the

period

from

November

1,

2022,

through

April

30,

2023,

as

provided

by

Paul

Markham

and

Nick

Pope,

Portfolio

Managers

employed

by

the

fund’s

sub-adviser,

Newton

Investment

Management

Limited.

Market

and

Fund

Performance

Overview

For

the

six-month

period

ending

April

30,

2023,

the

BNY

Mellon

Sustainable

International

Equity

ETF

(the

“fund”)

produced

a

total

return

of

24.52%

at

net

asset

value.

1

In

comparison,

the

fund’s

benchmark,

the

MSCI

EAFE

®

Index

(the

“Index”),

produced

a

total

return

of

24.19%

for

the

same

period

.2

International

markets

gained

ground

during

the

reporting

period

as

central

bank

rate

hikes

began

to

slow

inflation

rates,

the

Chinese

economy

reopened

after

the

government

rescinded

its

“zero-COVID-19”

policy,

and

the

U.S.

dollar

weakened

relative

to

most

international

currencies.

The

fund

outperformed

the

Index

largely

due

to

strong

stock

selections

in

several

sectors,

as

well

as

underweight

exposure

to

the

lagging

energy

sector.

The

Fund’s

Investment

Approach

The

fund

seeks

long-term

capital

appreciation.

To

pursue

its

goal,

the

fund

normally

invests

at

least

80%

of

its

net

assets

(plus

the

amount

of

any

borrowings

for

investment

purposes)

in

equity

securities

of

foreign

companies

that

demonstrate

attractive

investment

attributes

and

sustainable

business

practices.

The

fund

considers

a

foreign

company

to

be

a

company

organized

or

with

its

principal

place

of

business

in,

or

that

has

a

majority

of

its

assets

or

business

in,

or

whose

securities

are

primarily

listed

or

traded

on

exchanges

in,

a

country

outside

the

United

States.

The

fund’s

sub-adviser,

Newton

Investment

Management

Limited

(NIM),

an

affiliate

of

the

BNY

Mellon

ETF

Investment

Adviser,

LLC,

considers

a

company

to

be

engaged

in

“sustainable

business

practices”

if

the

company

engages

in

business

practices

that

are,

in

NIM's

view,

sustainable

in

an

economic

sense

(i.e.,

the

company's

strategy,

operations

and

finances

are

stable

and

durable),

and

takes

appropriate

measures

to

manage

any

material

consequences

or

impact

of

its

policies

and

operations

in

relation

to

environmental,

social

and

governance

(ESG)

matters

(e.g.,

the

company’s

environmental

footprint,

labor

standards,

board

structure,

etc.).

Companies

engaged

in

sustainable

business

practices

also

may

include

companies

that

have

committed

explicitly

to

improving

their

environmental

and/or

social

impacts

that

will

lead

to

a

transformation

of

their

business

models.

Equities

Rise

as

Inflation

Moderates

The

outlook

for

inflation

and

the

trajectory

of

monetary

policy

continued

to

dominate

the

narrative

within

financial

markets

during

the

reporting

period.

Despite

some

encouraging

developments

in

the

fight

against

inflation,

central

bankers

steadfastly

maintained

a

hawkish

tone,

both

in

terms

of

their

rhetoric

and

their

actions.

Even

the

Bank

of

Japan,

previously

an

outlier

in

the

process

of

monetary

tightening,

surprised

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

4

investors

by

moderating

its

policy

of

yield-curve

control

as

it

raised

the

cap

on

the

country’s

long-term

interest

rates.

At

the

start

of

2023,

share

prices

were

lifted

by

positive

sentiment

regarding

China’s

reopening

after

the

swift

abandonment

of

its

“zero-COVID”

policy.

However,

as

the

year

progressed,

several

issues

took

a

toll

on

sentiment.

January’s

U.S.

inflation

numbers

came

in

higher

than

expectations,

while

headline

employment

data

also

proved

robust.

This

prompted

the

U.S.

Federal

Reserve

to

maintain

its

hawkish

rhetoric,

which,

coupled

with

a

reescalation

of

U.S.-

China

tensions,

put

pressure

on

risk

assets.

The

other

major

challenge

arose

in

early

March,

as

signs

of

stress

emerged

in

the

U.S.

banking

sector,

soon

followed

by

the

enforced

takeover

of

Credit

Suisse

by

UBS

under

the

auspices

of

the

Swiss

authorities.

Nevertheless,

the

immediate

path

for

interest

rates

continued

to

be

the

primary

source

of

investor

debate

into

the

end

of

the

period.

In

the

United

States,

debt

ceiling

concerns

ratcheted

higher,

and

First

Republic

Bank’s

woes

renewed

banking

sector

worries.

Stock

Selections

and

Allocations

Bolster

Relative

Returns

Stock

selections

bolstered

the

fund

performance

relative

to

the

Index

in

financials

and

information

technology,

while

positive

stock

picking

effects

further

enhanced

returns

in

consumer

staples,

communication

services

and

consumer

discretionary.

From

an

allocation

perspective,

the

fund

benefited

from

underweight

exposure

to

the

energy

sector,

as

oil

prices

fell

in

response

to

turmoil

in

the

banking

sector

and

its

implications

for

the

global

economy.

We

find

the

characteristics

of

many

energy

companies

to

be

largely

incompatible

with

our

focus

on

finding

investments

that

are

aligned

with

the

transition

to

a

lower

carbon

world.

Among

notably

strong

individual

holdings,

shares

in

UK-based

insurer

Prudential

PLC

gained

ground

after

the

company

released

an

encouraging

sales

update

for

the

first

quarter

of

2023.

Prudential’s

Value

of

New

Business

(VNB)

growth

was

strong,

highlighting

the

recovery

momentum

being

enjoyed

in

Hong

Kong

as

visitors

from

mainland

China

picked

up.

China-based

Ping

An

Insurance

Group

Co.

of

China

Ltd.

was

also

boosted

by

better-than-expected

growth

in

VNB.

Shares

in

France-based

personal

care

product

company

L'Oreal

SA

outperformed

as

another

perceived

beneficiary

of

China’s

reopening

and

due

to

the

resiliency

of

the

beauty

market.

Conversely,

underweight

exposure

to

consumer

discretionary

detracted,

as

did

disappointing

stock

selection

in

health

care,

industrials

and

utilities.

Overweight

exposure

to

the

lagging

health

care

sector

further

undermined

relative

returns.

Among

significant

individual

detractors,

shares

in

Switzerland-based

pharmaceutical

and

diagnostics

equipment

maker

Roche

Holding

AG

declined

as

investors

anticipated

a

falloff

in

coronavirus-related

revenues.

A

series

of

drug

pipeline

disappointments

also

cast

doubt

on

the

company’s

research

and

development

(R&D)

capabilities,

a

source

of

strength

historically.

In

our

view,

Roche

Holding

AG

remains

a

high-quality

company

in

which

we

continue

to

see

upside

potential

from

a

large

number

of

recently

launched

products.

Shares

in

Ireland-based

provider

of

outsourced

drug

development

and

commercialization

services

ICON

PLC

retreated

given

concerns

regarding

a

5

weaker

biotech

funding

environment.

However,

we

find

the

business

to

be

insulated

from

such

fluctuations.

Indeed,

the

company

reiterated

full-year

guidance

toward

the

end

of

the

period.

Underlying

market

demand

is

stable,

supported

by

increasing

R&D

spend

and

further

outsourcing.

Another

health

care

holding,

Japan-based

medical

information

provider

M3,

Inc.,

also

saw

shares

decline

due

to

sector-related

pressures.

Remaining

Focused

on

Company

Fundamentals

We

continue

to

analyze

the

potential

consequences

of

tighter

money

supply

and

changing

central

bank

rate

policy

for

the

global

economy,

the

impact

of

which

we

saw

recently

in

the

form

of

stress

in

the

banking

system.

We

anticipate

further

‘breakages’

this

year

as

rates

continue

to

rise.

As

the

economy

adjusts

to

the

effects

of

higher

bond

yields,

potential

exists

for

increased

pressure

to

be

placed

on

liquidity

and

credit

availability.

Volatility

is

therefore

likely

to

be

a

feature

of

markets

over

the

shorter

term.

In

this

uncertain

environment,

we

continue

to

rely

on

our

multidimensional

research

process,

focusing

on

companies

that

we

believe

have

attractive

sustainability

credentials,

durable

returns

and

quality

characteristics.

As

of

April

30,

2023,

the

fund’s

largest

overweight

position

remains

in

information

technology.

We

believe

that

the

sector’s

strong

focus

on

providing

innovation

and

solutions

to

global

sustainability

challenges

makes

it

an

attractive

area

in

which

to

find

long-term

investments.

Conversely,

the

fund

holds

underweight

exposure

to

consumer

discretionary,

given

the

intensity

of

the

mounting

squeeze

on

incomes

and

likely

headwinds

for

the

consumer

owing

to

rising

borrowing

costs

and

inflation.

May

15,

2023

1

Total

return

includes

reinvestment

of

dividends

and

any

capital

gains

paid.

A

fund’s

net

asset

value

(NAV)

is

the

sum

of

all

its

assets

less

any

liabilities,

divided

by

the

number

of

shares

outstanding.

ETFs

are

bought

and

sold

at

market

prices,

not

NAV,

therefore

an

investor’s

return

at

market

price

may

differ

from

NAV.

Past

performance

is

no

guarantee

of

future

results.

Share

price,

yield

and

investment

return

fluctuate

such

that

upon

redemption,

fund

shares

may

be

worth

more

or

less

than

their

original

cost

2

Source:

Lipper

Inc.

—

The

MSCI

EAFE

®

Index

(Europe,

Australasia,

Far

East)

is

a

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

equity

market

performance

of

developed

markets,

excluding

the

U.S.

and

Canada.

It

reflects

reinvestment

of

net

dividends

and,

where

applicable,

capital

gain

distributions.

Investors

cannot

invest

directly

in

any

index

ETF

shares

are

listed

on

an

exchange,

and

shares

are

generally

purchased

and

sold

in

the

secondary

market

at

market

price.

At

times,

the

market

price

may

be

at

a

premium

or

discount

to

the

ETF’s

per

share

NAV.

In

addition,

ETFs

are

subject

to

the

risk

that

an

active

trading

market

for

an

ETF’s

shares

may

not

develop

or

be

maintained.

Buying

or

selling

ETF

shares

on

an

exchange

may

require

payment

of

brokerage

commissions.

The

fund

may,

but

is

not

required

to,

use

derivative

instruments.

A

small

investment

in

derivatives

could

have

a

potentially

large

impact

on

the

fund’s

performance.

The

use

of

derivatives

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

the

underlying

assets

Equities

are

subject

generally

to

market,

market

sector,

market

liquidity,

issuer

and

investment

style

risks,

among

other

factors,

to

varying

degrees,

all

of

which

are

more

fully

described

in

the

fund’s

prospectus.

Investing

internationally

involves

special

risks,

including

changes

in

currency

exchange

rates,

political,

economic

and

social

instability,

a

lack

of

comprehensive

company

information,

differing

auditing

and

legal

standards

and

less

market

liquidity.

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

6

These

risks

generally

are

greater

with

emerging-markets

countries

than

with

more

economically

and

politically

established

foreign

countries.

Environmental,

social

and

governance

(ESG)

managers

may

take

into

consideration

factors

beyond

traditional

financial

information

to

select

securities,

which

could

result

in

relative

investment

performance

deviating

from

other

strategies

or

broad

market

benchmarks,

depending

on

whether

such

sectors

or

investments

are

in

or

out

of

favor

in

the

market.

Further,

ESG

strategies

may

rely

on

certain

values-based

criteria

to

eliminate

exposures

found

in

similar

strategies

or

broad

market

benchmarks,

which

could

also

result

in

relative

investment

performance

deviating.

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

7

As

a

shareholder

of

the

fund,

you

pay

ongoing

expenses,

such

as

management

fees

and

other

expenses.

Using

the

information

below,

you

can

estimate

how

these

expenses

affect

your

investment

and

compare

them

with

the

expenses

of

other

funds.

For

more

information,

see

your

fund’s

prospectus

or

talk

to

your

financial

adviser.

Actual

Expenses

The

information

under

each

column

in

the

table

below

entitled

“Actual”

provides

information

about

on

how

much

a

$1,000

investment

would

be

worth

at

the

close

of

the

period,

assuming

net

asset

value

total

returns

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

for

the

fund

under

the

heading

entitled

“Expenses

paid

for

the

period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

For

Comparison

Purposes

The

Securities

and

Exchange

Commission

(“SEC”)

has

established

guidelines

to

help

investors

assess

fund

expenses.

The

information

under

each

column

in

the

table

entitled

“Hypothetical”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

fund’s

actual

expense

ratio

and

assuming

a

hypothetical

5%

annualized

return,

which

is

not

the

fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

ending

account

values

and

expenses

paid

for

the

period

in

the

table

are

useful

in

comparing

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

For

the

six

months

ended

April

30,

2023

(a)

Expenses

are

calculated

using

the

annualized

expense

ratio,

which

represents

the

ongoing

expenses

as

a

percentage

of

net

assets

for

the

six-month

period

ended

April

30,

2023.

Expenses

are

calculated

by

multiplying

the

fund’s

annualized

expense

ratio

by

the

average

account

value

for

the

period,

then

multiplying

the

result

by

181/365.

Beginning

account

value

($)

Ending

account

value($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

(a)

Hypothetical

(a)

1,000.00

1,000.00

1,245.20

1,021.32

3.90

3.51

0.70

STATEMENT

OF

INVESTMENTS

April

30,

2023

(Unaudited)

8

Description

Shares

Value

($)

Common

Stocks

–

97.0%

Australia

–

2.0%

CSL

Ltd.

920

182,982

China

–

1.9%

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

23,000

166,135

Denmark

–

4.8%

CHR

Hansen

Holding

A/S

3,193

248,190

Orsted

A/S

(a)

1,991

178,541

426,731

Finland

–

1.3%

Neste

OYJ

2,476

119,882

France

–

9.1%

Legrand

SA

2,293

216,535

L'Oreal

SA

720

343,331

Sanofi

2,278

251,014

810,880

Germany

–

7.4%

Infineon

Technologies

AG

6,313

228,898

RWE

AG

2,827

132,547

SAP

SE

2,240

303,251

664,696

Hong

Kong

–

3.4%

AIA

Group

Ltd.

27,804

300,899

India

–

2.9%

HDFC

Bank

Ltd.

12,502

257,812

Indonesia

–

2.1%

Bank

Rakyat

Indonesia

(Persero)

Tbk

PT

549,200

190,929

Ireland

–

3.2%

ICON

PLC

(b)

741

142,783

Smurfit

Kappa

Group

PLC

3,845

142,164

284,947

Japan

–

12.4%

M3,

Inc.

3,700

90,161

Seven

&

i

Holdings

Co.

Ltd.

4,500

202,961

Sony

Group

Corp.

2,900

273,089

Sugi

Holdings

Co.

Ltd.

1,600

67,643

Suntory

Beverage

&

Food

Ltd.

4,500

168,777

Topcon

Corp.

12,200

172,105

Toyota

Industries

Corp.

2,400

138,280

1,113,016

9

Description

Shares

Value

($)

Common

Stocks

–

97.0%

(continued)

Netherlands

–

8.4%

ASML

Holding

NV

494

312,179

Universal

Music

Group

NV

7,221

157,625

Wolters

Kluwer

NV

2,099

277,895

747,699

Norway

–

2.3%

Mowi

ASA

10,858

206,930

South

Korea

–

1.6%

Samsung

SDI

Co.

Ltd.

271

139,914

Spain

–

3.1%

Industria

de

Diseno

Textil

SA

8,109

278,425

Switzerland

–

8.4%

Lonza

Group

AG

386

239,153

Roche

Holding

AG

929

291,374

Zurich

Insurance

Group

AG

456

220,284

750,811

Taiwan

–

2.9%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

16,004

261,332

United

Kingdom

–

19.8%

Ashtead

Group

PLC

3,781

217,489

AstraZeneca

PLC

2,568

379,084

Bunzl

PLC

4,479

178,102

Croda

International

PLC

1,837

161,144

Genus

PLC

2,932

99,048

Informa

PLC

24,488

222,383

Prudential

PLC

15,052

229,176

RELX

PLC

8,459

280,749

1,767,175

Total

Investments

(cost

$9,112,713)

97.0%

8,671,195

Cash

and

Receivables

(Net)

3.0%

264,187

Net

Assets

100.0%

8,935,382

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

April

30,

2023,

these

securities

were

valued

at

$178,541

or

2.00%

of

net

assets.

(b)

Non-income

producing

security.

STATEMENT

OF

INVESTMENTS

(continued)

10

See

Notes

to

Financial

Statements

Portfolio

Summary

(Unaudited)

†

Value

(%)

Health

Care

18.7

Information

Technology

15.8

Financials

15.4

Industrials

14.5

Consumer

Staples

11.2

Consumer

Discretionary

6.2

Materials

6.1

Communication

Services

4.3

Utilities

3.5

Energy

1.3

97.0

†

Based

on

net

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

April

30,

2023

(Unaudited)

11

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments:

–

Unaffiliated

issuers

9,112,713

8,671,195‌

Cash

226,763‌

Cash

denominated

in

foreign

currency

7,465

7,479‌

Dividends

receivable

22,509‌

Tax

reclaim

receivable—Note

2(b)

15,039‌

8,942,985‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—

Note

3(b)

5,062‌

Payable

for

foreign

capital

gains

tax—Note

2(b)

2,541‌

7,603‌

Net

Assets

($)

8,935,382‌

Composition

of

Net

Assets

($):

Paid-in

capital

10,002,050‌

Total

distributable

earnings

(loss)

(1,066,668‌)

Net

Assets

($)

8,935,382‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

200,001‌

Net

asset

value

per

share

44.68‌

Market

price

per

share

44.95‌

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2023

(Unaudited)

12

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends

(net

of

$12,542

foreign

taxes

withheld

at

source):

Unaffiliated

issuers

79,799‌

Total

Income

79,799‌

Expenses:

Management

fee—Note

3(a)

29,036‌

Total

Expenses

29,036‌

Net

Investment

Income

50,763‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

(214,831‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

transactions

1,930,448‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

1,715,617‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,766,380‌

STATEMENT

OF

CHANGES

IN

NET

ASSETS

13

See

Notes

to

Financial

Statements

Six

Months

Ended

April

30,

2023

(Unaudited)

For

the

Period

from

December

15,

2021

(a)

to

October

31,

2022

Operations

($):

Net

investment

income

50,763‌

82,414‌

Net

realized

gain

(loss)

on

investments

(214,831‌)

(465,494‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

1,930,448‌

(2,374,154‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,766,380‌

(2,757,234‌)

Distributions

($):

Distributions

to

shareholders

(70,462‌)

(5,352‌)

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

—‌

10,000,050‌

Transaction

fees—Note

5

—‌

2,000‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

—‌

10,002,050‌

Total

Increase

(Decrease)

in

Net

Assets

1,695,918‌

7,239,464‌

Net

Assets

($):

Beginning

of

Period

7,239,464‌

—‌

End

of

Period

8,935,382‌

7,239,464‌

Changes

in

Shares

Outstanding:

Shares

sold

—‌

200,001‌

Net

Increase

(Decrease)

in

Shares

Outstanding

—‌

200,001‌

(a)

Commencement

of

operations.

FINANCIAL

HIGHLIGHTS

14

The

following

table

describes

the

performance

for

the

fiscal

period

indicated

and

these

figures

have

been

derived

from

the

fund’s

financial

statements.

See

Notes

to

Financial

Statements

Six

Months

Ended

April

30,

2023

(Unaudited)

For

the

Period

from

December

15,

2021

(a)

to

October

31,

2022

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

36.20‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

0.25‌

0.41‌

Net

realized

and

unrealized

gain

(loss)

on

investments

8.58‌

(14.19‌)

Total

from

Investment

Operations

8.83‌

(13.78‌)

Distributions:

Dividends

from

net

investment

income

(0.35‌)

(0.03‌)

Transaction

fees

(b)

—‌

0.01‌

Net

asset

value,

end

of

period

44.68‌

36.20‌

Market

price,

end

of

period

(c)

44.95‌

36.30‌

Net

Asset

Value

Total

Return

(%)

(d)

24.52‌

(27.57‌)

(e)

Market

Price

Total

Return

(%)

(d)

24.93‌

(27.36‌)

(e)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.70‌

(f)

0.70‌

(f)

Ratio

of

net

investment

income

to

average

net

assets

1.22‌

(f)

1.10‌

(f)

Portfolio

Turnover

Rate

(g)

7.93‌

27.08‌

Net

Assets,

end

of

period

($

x

1,000)

8,935‌

7,239‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

mean

between

the

last

bid

and

ask

prices.

(d)

Net

asset

value

total

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

at

net

asset

value

on

the

last

day

of

the

period.

Net

asset

value

total

return

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Market

price

total

return

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period,

and

sale

at

the

market

price

on

the

last

day

of

the

period.

Total

investment

returns

calculated

for

a

period

of

less

than

one

year

are

not

annualized.

(e)

The

net

asset

value

total

return

and

the

market

price

total

return

is

calculated

from

fund

inception.

(f)

Annualized.

(g)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

NOTES

TO

FINANCIAL

STATEMENTS

15

NOTE

1—Organization:

BNY

Mellon

Sustainable

International

Equity

ETF (the “fund”) is a

separate

non-

diversified series

of

BNY

Mellon

ETF

Trust

(the

“Trust”),

which is

registered as

a

Massachusetts

business

trust

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”),

as

an

open-ended

management

investment

company.

The

Trust

operates

as

a

series

company

currently

consisting

of

fifteen

series,

including

the

fund.

The

investment

objective

of

the

fund

is

to

seek

long-term

capital

appreciation.

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”),

a

wholly-owned

subsidiary

of

The

Bank

of

New

York

Mellon

Corporation

(“BNY

Mellon”),

serves

as

the

fund’s

investment

adviser. Newton

Investment

Management

Limited (the

“Sub-Adviser”),

an

indirect wholly-owned

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

the

fund’s

sub-adviser.

The

Bank

of

New

York

Mellon,

a

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

administrator,

custodian

and

transfer

agent

with

the

Trust.

BNY

Mellon

Securities

Corporation

(the

“Distributor”),

an

indirect

wholly-owned

subsidiary

of

the

Adviser,

is

the

distributor

of

the

fund’s

shares. 

The

shares

of

the

fund

are

referred

to

herein

as

“Shares”

or

“fund’s

Shares.”

The

fund’s

Shares

are

listed

and

traded

on

NYSE

Arca,

Inc.

The

market

price

of

each

Share

may

differ

to

some

degree

from

the

fund’s

net

asset

value

(“NAV”).

Unlike

conventional

mutual

funds,

the

fund

issues

and

redeems

Shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

Shares,

each

called

a

“Creation

Unit.”

Creation

Units

are

issued

and

redeemed

principally

in

exchange

for

the

deposit

or

delivery

of

a

basket

of

securities.

Except

when

aggregated

in

Creation

Units

by

Authorized

Participants,

the

Shares

are

not

individually

redeemable

securities

of

the

fund.

Individual

fund

Shares

may

only

be

purchased

and

sold

on

the

NYSE

Arca,

Inc.,

other

national

securities

exchanges,

electronic

crossing

networks

and

other

alternative

trading

systems

through

your

broker-dealer

at

market

prices.

Because

fund

Shares

trade

at

market

prices

rather

than

at

NAV,

fund

Shares

may

trade

at

a

price

greater

than

NAV

(premium)

or

less

than

NAV

(discount).

When

buying

or

selling

Shares

in

the

secondary

market,

you

may

incur

costs

attributable

to

the

difference

between

the

highest

price

a

buyer

is

willing

to

pay

to

purchase

Shares

of

the

fund

(bid)

and

the

lowest

price

a

seller

is

willing

to

accept

for

Shares

of

the

fund

(ask). 

NOTE

2—Significant

Accounting

Policies: 

The

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

is

the

exclusive

reference

of

authoritative

U.S.

generally

accepted

accounting

principles

(“GAAP”)

recognized

by

the

FASB

to

be

applied

by

nongovernmental

entities.

Rules

and

interpretive

releases

of

the

SEC

under

authority

of

federal

laws

are

also

sources

of

authoritative

GAAP

for

SEC

registrants. The

fund

is an

investment

company

and

applies

the

accounting

and

reporting

guidance

of

the

FASB

ASC

Topic

946

Financial

Services-Investment

Companies. The

fund’s

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

16

financial

statements

are

prepared

in

accordance

with

GAAP,

which

may

require

the

use

of

management

estimates

and

assumptions.

Actual

results

could

differ

from

those

estimates.  

The

Trust

accounts

separately

for

the

assets,

liabilities

and

operations

of

each

series.

Expenses

directly

attributable

to

each

series

are

charged

to

that

series’

operations;

expenses

which

are

applicable

to

all

series

are

allocated

among

them

on

a

pro

rata

basis.

The

Trust

enters

into

contracts

that

contain

a

variety

of

indemnifications.

The

fund’s

maximum

exposure

under

these

arrangements

is

unknown.

The

fund

does

not

anticipate

recognizing

any

loss

related

to

these

arrangements. 

(a)

Portfolio

valuation:

The

fair

value

of

a

financial

instrument

is

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price).

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

of

valuation

techniques

used

to

measure

fair

value.

This

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Additionally,

GAAP

provides

guidance

on

determining

whether

the

volume

and

activity

in

a

market

has

decreased

significantly

and

whether

such

a

decrease

in

activity

results

in

transactions

that

are

not

orderly.

GAAP

requires

enhanced

disclosures

around

valuation

inputs

and

techniques

used

during

annual

and

interim

periods.

Various

inputs

are

used

in

determining

the

value

of

the

fund’s

investments

relating

to

fair

value

measurements.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

unadjusted

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

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

Valuation

techniques

used

to

value

the

fund’s

investments

are

as

follows:

The

Trust’s Board

of

Trustees

(the

“Board”)

has

designated

the

Adviser

as

the

fund’s

valuation

designee

to

make

all

fair

value

determinations

with

respect

to

the

fund’s

portfolio

of

investments,

subject

to

the

Board’s

oversight

and

pursuant

to

Rule

2a-5

under

the

Act.

17

Investments

in

equity

securities,

including

ETFs

(but

not

including

investments

in

other

open-end

registered

investment

companies)

generally

are

valued

at

the

last

sales

price

on

the

day

of

valuation

on

the

securities

exchange

or

national

securities

market

on

which

such

securities

primarily

are

traded.

Securities

listed

on

the

National

Association

of

Securities

Dealers

Automated

Quotation

System

(“NASDAQ”)

for

which

market

quotations

are

available

will

be

valued

at

the

official

closing

price.

If

there

are

no

transactions

in

a

security,

or

no

official

closing

prices

for

a

NASDAQ

market-listed

security

on

that

day,

the

security

will

be

valued

at

the

average

of

the

most

recent

bid

and

asked

prices.

Bid

price

is

used

when

no

asked

price

is

available.

Open

short

positions

for

which

there

is

no

sale

price

on

a

given

day

are

valued

at

the

lowest

asked

price.

Registered

investment

companies

that

are

not

traded

on

an

exchange

are

valued

at

their

net

asset

value.

All

of

the

preceding

securities

are

generally

categorized

within

Level

1

of

the

fair

value

hierarchy. 

When

market

quotations

or

official

closing

prices

are

not

readily

available,

or

are

determined

not

to

reflect

fair

value

accurately,

they are

valued

at

fair

value

as

determined

in

good

faith

based

on

procedures

approved

by

the

Board.

Fair

value

of

investments

may

be

determined

by

valuation

designee

using

such

information

as

it

deems

appropriate

under

the

circumstances.

Certain

factors

may

be

considered

when

fair

valuing

investments

such

as:

fundamental

analytical

data,

the

nature

and

duration

of

restrictions

on

disposition,

an

evaluation

of

the

forces

that

influence

the

market

in

which

the

securities

are

purchased

and

sold,

and

public

trading

in

similar

securities

of

the

issuer

or

comparable

issuers.

These

securities

are

either

categorized

within

Level

2

or

3

of

the

fair

value

hierarchy

depending

on

the

relevant

inputs

used.

For

securities

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

and

are

generally

categorized

within

Level

3

of

the

fair

value

hierarchy.

Investments

denominated

in

foreign

currencies

are

translated

to

U.S.

dollars

at

the

prevailing

rates

of

exchange.

The

table

below

summarizes

the

inputs

used

as

of April

30,

2023

in

valuing

the

fund’s

investments:

Fair

Value

Measurements

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

($)

Investments

In

Securities:

†

Common

Stocks

8,671,195

—

—

8,671,195

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

18

(b)

Foreign

currency

transactions:

The

fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

on

investments.

Net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

on

securities

transactions

between

trade

and

settlement

date,

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

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

the

value

of

assets

and

liabilities

other

than

investments

resulting

from

changes

in

exchange

rates.

Foreign

currency

gains

and

losses

on

foreign

currency

transactions

are

also

included

with

net

realized

and

unrealized

gain

or

loss

on

investments.

Foreign

Taxes:

The

fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

realized

and

unrealized

capital

gains

on

investments

or

certain

foreign

currency

transactions.

Foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

fund

and

are

reflected

in

the

Statement

of

Operations,

if

applicable.

Foreign

taxes

payable

or

deferred

or

those

subject

to

reclaims

as

of

April

30,

2023,

if

any,

are

disclosed

in

the

fund’s

Statement

of

Assets

and

Liabilities.

(c) Securities

transactions

and

investment

income:

Securities

transactions

are

recorded

on

a

trade

date

basis.

Realized

gains

and

losses

from

securities

transactions

are

recorded

on

the

identified

cost

basis.

Dividend

income

is

recognized

on

the

ex-

dividend

date

and

interest

income,

including,

where

applicable,

accretion

of

discount

and

amortization

of

premium

on

investments,

is

recognized

on

the

accrual

basis.

(d)

Affiliated

issuers:

Investments

in

other

investment

companies

advised

by

the

Adviser

are

defined

as

“affiliated”

under

the

Act. 

(e)

Market

Risk:

The

value

of

the

securities

in

which

the

fund

invests

may

be

affected

by

political,

regulatory,

economic

and

social

developments,

and

developments

that

impact

specific

economic

sectors,

industries

or

segments

of

the

market.

The

value

of

a

security

may

also

decline

due

to

general

market

conditions

that

are

not

specifically

related

to

a

particular

company

or

industry,

such

as

real

or

perceived

adverse

economic

conditions,

changes

in

the

general

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates,

changes

to

inflation,

adverse

changes

to

credit

markets

or

adverse

investor

sentiment

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

fund.

Global

economies

and

financial

markets

are

becoming

increasingly

interconnected,

and

conditions

and

events

in

one

country,

19

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

world-wide.

Recent

examples

include

pandemic

risks

related

to

COVID-19

and

aggressive

measures

taken

world-wide

in

response

by

governments,

including

closing

borders,

restricting

international

and

domestic

travel,

and

the

imposition

of

prolonged

quarantines

of

large

populations,

and

by

businesses,

including

changes

to

operations

and

reducing

staff.

Foreign

Investment

Risk:

Because

the

fund

invests

in

foreign

securities,

the

fund’s

performance

will

be

influenced

by

political,

social

and

economic

factors

affecting

investments

in

foreign

issuers.

Special

risks

associated

with

investments

in

foreign

issuers

include

exposure

to

currency

fluctuations,

less

liquidity,

less

developed

or

less

efficient

trading

markets,

lack

of

comprehensive

company

information,

political

and

economic

instability

and

differing

auditing

and

legal

standards.

The

imposition

of

sanctions,

confiscations,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

United

States

and

other

governments,

or

problems

in

share

registration,

settlement

or

custody,

may

result

in

losses

for

the

fund.

Investments

denominated

in

foreign

currencies

are

subject

to

the

risk

that

such

currencies

will

decline

in

value

relative

to

the

U.S.

dollar

and

affect

the

value

of

these

investments

held

by

the

fund.

To

the

extent

securities

held

by

the

fund

trade

in

a

market

that

is

closed

when

the

exchange

on

which

the

fund’s

shares

trade

is

open,

there

may

be

deviations

between

the

current

price

of

a

security

and

the

last

quoted

price

for

the

security

in

the

closed

foreign

market.

These

deviations

could

result

in

the

fund

experiencing

premiums

or

discounts

greater

than

those

of

ETFs

that

invest

in

domestic

securities.

To

the

extent

the

fund’s

investments

are

focused

in

a

limited

number

of

foreign

countries,

the

fund’s

performance

could

be

more

volatile

than

that

of

more

geographically

diversified

funds.

Non-Diversification

Risk:

The

fund

is

non-diversified,

which

means

that

the

fund

may

invest

a

relatively

high

percentage

of

its

assets

in

a

limited

number

of

issuers.

Therefore,

the

fund’s

performance

may

be

more

vulnerable

to

changes

in

the

market

value

of

a

single

issuer

or

group

of

issuers

and

more

susceptible

to

risks

associated

with

a

single

economic,

political

or

regulatory

occurrence

than

a

diversified

fund.

(f)

Dividends

and

distributions

to

shareholders:

Dividends

and

distributions are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

income

and

dividends

from net

realized

capital

gains,

if

any,

are

normally

declared

and

paid

annually,

but

the

fund

may

make

distributions

on

a

more

frequent

basis

to

comply

with

the

distribution

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

To

the

extent

that

net

realized

capital

gains

can

be

offset

by

capital

loss

carryovers

of

a

fund,

it

is

the

policy

of

the

fund

not

to

distribute

such

gains.

Income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

20

(g)

Federal

income

taxes:

It

is

the

policy

of

the

fund

to

continue

to qualify

as

a

regulated

investment

company,

if

such

qualification

is

in

the

best

interests

of

its

shareholders,

by

complying

with

the

applicable

provisions

of

the

Code,

and

to

make

distributions

of

taxable

income

and

net

realized

capital

gain sufficient

to

relieve

it

from

substantially

all

federal

income

and

excise

taxes.

As

of

and

during

the period

ended April

30,

2023,

the

fund

did

not

have

any

liabilities

for

any

uncertain

tax

positions.

The

fund

recognizes

interest

and

penalties,

if

any,

related

to

uncertain

tax

positions

as

income

tax

expense

in

the

Statement

of

Operations.

During

the period

ended April

30,

2023,

the

fund

did

not

incur

any

interest

or

penalties.

The

tax

year

in

the

period

ended October

31,

2022

remains

subject

to

examination

by

the

Internal

Revenue

Service

and

state

taxing

authorities. 

The

fund

is

permitted

to

carry

forward

capital

losses

for

an

unlimited

period.

Furthermore,

capital

loss

carryovers

retain

their

character

as

either

short-term

or

long-

term

capital

losses. 

The

fund

has

an

unused

capital

loss

carryover

of

$458,893

available

for

federal

income

tax

purposes

to

be

applied

against

future

net

realized

capital

gains,

if

any,

realized

subsequent

to

October

31,

2022.

These

short-term

capital

losses

can

be

carried

forward

for

an

unlimited

period. 

The

tax

character

of

distributions

paid

to

shareholders

during

the

fiscal

year

ended

October

31,

2022

were

as

follows:

ordinary

income

$5,352.

The

tax

character

of

current

year

distributions

will

be

determined

at

the

end

of

the

current

fiscal

year. 

NOTE

3—Management

Fee,

Sub-Advisory

Fee

and

Other

Transactions

with

Affiliates:

(a)

Pursuant

to

a

management

agreement

with

the

Adviser,

the

management

fee

is computed

at

an

annual

rate of

0.70%

of

the

value

of

the

fund’s

average

daily

net

assets

and

is

payable

monthly.

The

fund’s

management

agreement

provides

that

the

Adviser

pays

substantially

all

expenses

of

the

fund,

except

for

the

management

fees,

payments

under

the

fund’s

12b-1

plan

(if

any),

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

brokerage

commissions,

costs

of

holding

shareholder

meetings,

fees

and

expenses

associated

with

the

fund’s

securities

lending

program,

and

litigation

and

potential

litigation

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

fund’s

business.

The

Adviser

may

from

time

to

time

voluntarily

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

total

annual

fund

operating

expenses.

Any

such

voluntary

waiver

or

reimbursement

may

be

eliminated

by

the

Adviser

at

any

time.

During

the

period

ended

April

30,

2023,

there

was

no

reduction

in

expenses

pursuant

to

the

undertaking.

21

Pursuant

to

a

sub-investment

advisory

agreement

between

the

Adviser

and

the

Sub-

Adviser,

the

Sub-Adviser

serves

as

the

fund’s

sub-adviser

responsible

for

the

day-to-day

management

of

the

fund’s

portfolio.

The

Adviser

pays

the

Sub-Adviser

a

monthly

fee

at

an

annual

percentage

of

the

value

of

the

fund’s

average

daily

net

assets.

The

Adviser

has

obtained

an

exemptive

order

from

the

SEC

(the

“Order”),

upon

which

the

fund

may

rely,

to

use

a

manager

of

managers

approach

that

permits

the

Adviser,

subject

to

certain

conditions

and

approval

by

the

Board,

to

enter

into

and

materially

amend

sub-investment

advisory

agreements

with

one

or

more

sub-advisers

who

are

either

unaffiliated

or

affiliated

with

the

Adviser

without

obtaining

shareholder

approval.

The

Order

also

relieves

the

fund

from

disclosing

the

sub-advisory

fee

paid

by

the

Adviser

to

a

Sub-Adviser

in

documents

filed

with

the

SEC

and

provided

to

shareholders.

In

addition,

pursuant

to

the

Order,

it

is

not

necessary

to

disclose

the

sub-advisory

fee

payable

by

the

Adviser

separately

to

a

Sub-Adviser

that

is

a

wholly-owned

subsidiary

(as

defined

in

the

1940

Act)

of

BNY

Mellon

in

documents

filed

with

the

SEC

and

provided

to

shareholders;

such

fees

are

to

be

aggregated

with

fees

payable

to

the

Adviser.

The

Adviser

has

ultimate

responsibility

(subject

to

oversight

by

the

Board)

to

supervise

any

Sub-Adviser

and

recommend

the

hiring,

termination,

and

replacement

of

any

Sub-Adviser

to

the

Board.

Pursuant

to

a

sub-investment

advisory

agreement

between

the

Adviser

and

the

Sub-

Adviser,

the

Adviser

pays

the

Sub-Adviser

a

monthly

fee

at

an

annual

rate

of

0.35%

of

the

value

of

the

fund’s

average

daily

net

assets.

The

Adviser,

and

not

the

fund,

pays

the

Sub-Adviser

fee

rate.

(b)

The

fund

has

an

arrangement

with

The

Bank

of

New

York

Mellon

(the

“Custodian”),

a

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser, whereby

the

fund

will

receive

interest

income

or

be

charged

overdraft

fees

when

cash

balances

are

maintained.

For

financial

reporting

purposes,

the

fund

includes

this

interest

income

and

overdraft

fees,

if

any,

as

interest

income

in

the

Statement

of

Operations.

The

components

of

“Due

to

BNY

Mellon

ETF Investment

Adviser,

LLC”

in

the

Statement

of

Assets

and

Liabilities

consist

of:

management

fee

of $5,062.

(c)

Each

Board

member

serves

as

a

Board

member

of

each

fund

within

the

Trust.

The

Board

members

are

not

compensated

directly

by

the

fund.

The

Board

members

are

paid

by

the

Adviser

from

the

unitary

management

fee

paid

to

the

Adviser

by

the

fund.

The

quarterly

fees

are

paid

by

the

Adviser

from

unitary

management

fees

paid

to

the

Adviser

by

the

funds

within

the

Trust,

including

the

fund.

NOTE

4—Securities

Transactions:

The

aggregate

amount

of

purchases

and

sales

of

investment

securities,

excluding

short-term

securities

and

in-kind

transactions,

during

the

period

ended

April

30,

2023, amounted

to $642,760

and

$660,654,

respectively.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

22

At April

30,

2023,

accumulated

net

unrealized

depreciation on

investments

was

$441,518,

consisting

of

gross

appreciation

of

$478,134

and

gross

depreciation

of

$919,652.

At

April

30,

2023,

the

cost

of

investments

for

federal

income

tax

purposes

was

substantially

the

same

as

the

cost

for

financial

reporting

purposes

(see

the

Statement

of

Investments).

NOTE

5—Shareholder

Transactions:

The

fund

issues

and

redeems

its

shares

on

a

continuous

basis,

at

NAV,

to

certain

institutional

investors

known

as

“Authorized

Participants”

(typically

market

makers

or

other

broker-dealers)

only

in

a

large

specified

number

of

shares

called

a

Creation

Unit.

Except

when

aggregated

in

Creation

Units,

shares

of

the

fund

are

not

redeemable.

The

value

of

the

fund

is

determined

once

each

business

day.

The

Creation

Unit

size

for the

fund

may

change.

Authorized

Participants

will

be

notified

of

such

change.

Creation

Unit

transactions

may

be

made

in-kind,

for

cash,

or

for

a

combination

of

securities

and

cash.

The

principal

consideration

for

creations

and

redemptions

for

the

fund

is

in-kind,

although

this

may

be

revised

at

any

time

without

notice.

The

Trust

issues

and

sells

shares

of

the

fund

only:

in

Creation

Units

on

a

continuous

basis

through

the

Distributor,

without

a

sales

load,

at

their

NAV

per

share

determined

after

receipt

of

an

order,

on

any

Business

Day,

in

proper

form

pursuant

to

the

terms

of

the

Authorized

Participant

Agreement.

Transactions

in

capital

shares

for

the

fund

are

disclosed

in

detail

in

the

Statement

of

Changes

in

Net

Assets.

The

consideration

for

the

purchase

of

Creation

Units

of the

fund

may

consist

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Trust

and/or

custodian

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

The

Adviser

or

its

affiliates

(the

“Selling

Shareholder”)

may

purchase

Creation

Units

through

a

broker-dealer

to

“seed”

(in

whole

or

in

part)

funds

as

they

are

launched

or

may

purchase shares

from

broker-dealers

or

other

investors

that

have

previously

provided

“seed”

for

funds

when

they

were

launched

or

otherwise

in

secondary

market

transactions.

Because

the

Selling

Shareholder

may

be

deemed

an

affiliate

of

such

funds,

the

fund shares

are

being

registered

to

permit

the

resale

of

these

shares

from

time

to

time

after

purchase.

The

fund

will

not

receive

any

of

the

proceeds

from

resale

by

the

Selling

Shareholders

of

these

fund

shares. An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

variable

charges,

if

any,

are

included

in

“Transaction

fees”

on

the

Statement

of

Changes

in

Net

Assets.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

fund.

Because

such

gains

or

losses

are

not

taxable

to

the

fund

and

are

not

distributed

to

existing

fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

23

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

per

share.

During

the

period

ended

April

30,

2023,

the

fund

had

no

in-kind

transactions.

NOTE

6—Subsequent

Event:

Effective

May

31,

2023,

the

Sub-Adviser

entered

into

a

sub-sub-investment

advisory

agreement

with

its

affiliate,

Newton

Investment

Management

North

America,

LLC

(NIMNA),

to

enable

NIMNA

to

provide

certain

advisory

services

to

the

Sub-Adviser

for

the

benefit

of

the

fund,

including,

but

not

limited

to,

portfolio

management

services.

NIMNA

is

subject

to

the

supervision

of

the

Sub-Adviser

and

the

Adviser.

NIMNA

is

also

an

affiliate

of

the

Adviser.

NIMNA’s

principal

office

is

located

at

BNY

Mellon

Center,

201

Washington

Street,

Boston,

MA

02108.

As

of

March

31,

2023,

NIMNA

had

approximately

$53

billion

in

assets

under

management.

NIMNA

is

an

indirect

subsidiary

of

BNY

Mellon.

INFORMATION

ABOUT

THE

RENEWAL

OF

THE

FUND’S

MANAGEMENT

AND

SUB-INVESTMENT

ADVISORY

AGREEMENTS

(Unaudited)

24

At

a

meeting

held

February

8,

2023,

the

Board

of

Trustees

of

the

Trust

(the

“Board”),

all

the

members

of

which

are

not

“interested

persons”

of

the

Trust

as

defined

in

the

Investment

Company

Act

of

1940,

as

amended,

evaluated

(i)

a

proposal

to

continue

the

Management

Agreement

(the

“Agreement”)

between

the

Trust

and

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”)

with

respect

to

the

BNY

Mellon

Sustainable

International

Equity

ETF

(the

“fund”);

and

(ii)

a

proposal

to

continue

the

sub-investment

advisory

agreement

between

the

Adviser

and

Newton

Investment

Management

Limited

(the

“Sub-Adviser”),

an

affiliate

of

the

Adviser,

on

behalf

of

the

fund

(the

sub-investment

advisory

agreement

collectively

with

the

Agreement,

the

“Agreements”).

The

Trustees

also

met

separately

to

consider

the

Agreements.

The

Trustees

were

advised

by

legal

counsel

throughout

the

process.

To

evaluate

the

Agreements,

the

Board

requested,

and

the

Adviser

and

the

Sub-

Adviser

provided,

such

materials

as

the

Board,

with

the

advice

of

counsel,

deemed

reasonably

necessary.

In

addition,

the

Board

considered

information

it

reviewed

at

other

Board

and

Board

committee

meetings.

In

deciding

whether

to

approve

the

Agreements,

the

Board

considered

various

factors,

including

the

(i)

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

Sub-Adviser

under

each

respective

Agreement,

(ii)

investment

performance

of

the

fund,

(iii)

profits

realized

by

the

Adviser

and

its

affiliates

from

its

relationship

with

the

fund,

(iv)

fees

charged

to

comparable

funds,

(v)

other

benefits

to

the

Adviser,

the

Sub-Adviser

and/or

their

affiliates,

and

(vi)

extent

to

which

economies

of

scale

would

be

shared

as

the

fund

grows.

The

Board

considered

the

Agreements

for

the

fund

and

the

engagement

of

the

Adviser

and

the

Sub-Adviser

separately.

The

Board

reviewed

reports

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

which

included

information

(i)

comparing

the

fund’s

performance

with

the

performance

of

a

group

of

other

actively-managed

foreign

large

blend

exchange

traded

funds

(“ETFs”)

(the

“Performance

Group”)

and

with

a

broader

group

of

retail

and

institutional

foreign

large

blend

funds

and

ETFs

(the

“Performance

Universe”)

for

the

one-year

period

ended

December

31,

2022;

and

(ii)

comparing

the

fund’s

contractual

management

fees

and

total

expenses

with

the

same

group

of

funds

as

the

Performance

Group

(the

“Expense

Group”)

and,

with

respect

to

total

expenses,

with

a

broader

group

of

actively-managed

foreign

large

blend

ETFs

(the

“Expense

Universe”),

the

information

for

which

was

derived

in

part

from

fund

financial

statements

available

to

Broadridge

as

of

the

date

of

its

analysis.

Nature,

Extent

and

Quality

of

Services

The

Board

considered

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

Sub-Adviser.

In

doing

so,

the

Trustees

relied

on

their

prior

experience

in

overseeing

the

management

of

the

fund

and

the

materials

provided

prior

to

and

at

the

meeting.

The

Board

reviewed

the

Agreements

and

the

Adviser’s

and

the

Sub-Adviser’s

25

responsibilities

for

managing

investment

operations

of

each

of

the

fund

in

accordance

with

the

fund’s

investment

objective

and

policies,

and

applicable

legal

and

regulatory

requirements.

The

Board

appreciated

the

nature

of

the

fund

as

an

exchange-traded

fund

and

considered

the

background

and

experience

of

the

Adviser’s

and

the

Sub-

Adviser’s

senior

management,

including

those

individuals

responsible

for

portfolio

management

and

regulatory

compliance

of

the

funds.

The

Board

also

considered

the

portfolio

management

resources,

structures

and

practices

of

the

Adviser

and

the

Sub-Adviser,

including

those

associated

with

monitoring

and

ensuring

the

fund’s

compliance

with

its

investment

objective

and

policies

and

with

applicable

laws

and

regulations.

The

Board

further

considered

information

about

the

Sub-Adviser’s

best

execution

procedures

as

well

as

the

Adviser’s

and

the

Sub-Adviser’s

overall

investment

management

business.

The

Board

looked

at

the

Adviser’s

general

knowledge

of

the

investment

management

business

and

that

of

its

affiliates,

including

the

Sub-Adviser.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered

the

Adviser’s

favorable

assessment

of

the

nature

and

quality

of

the

services

provided

by

the

Sub-Adviser.

Investment

Performance

The

Board

then

reviewed

the

results

of

the

fund’s

performance

comparisons

and

considered

that

the

fund's

total

return

performance

was

below

the

Performance

Group

and

Performance

Universe

medians

for

the

one-year

period.

The

Board

discussed

with

management

the

reasons

for

the

fund’s

underperformance.

Representatives

of

the

Adviser

stated

that

the

usefulness

of

performance

comparisons

may

be

affected

by

a

number

of

factors,

including

different

investment

limitations

and

policies

that

may

be

applicable

to

the

fund

and

comparison

funds

and

the

end

date

selected.

Profits

Realized

by

the

Adviser

The

Board

considered

the

profitability

of

the

advisory

arrangement

with

the

fund

to

the

Adviser

and

its

affiliates.

The

Board

had

the

opportunity

to

discuss

with

representatives

of

the

Adviser

the

process

and

methodology

used

to

calculate

profitability.

Fees

Charged

to

Comparable

Funds

The

Board

evaluated

the

fund’s

unitary

fee

through

review

of

comparative

information

with

respect

to

fees

paid

by

similar

funds

-

i.e.,

other

actively

managed

foreign

large

blend

ETFs.

The

Board

explored

with

management

the

differences

between

the

fund’s

fee

and

fees

paid

by

similar

funds.

The

Board

noted

the

fund's

contractual

management

fee

was

higher

than

the

Expense

Group

median

and

the

fund's

total

expenses

were

higher

than

the

Expense

Group

median

and

the

Expense

Universe

median

total

expenses;

however,

the

Board

further

noted

the

limited

number

of

funds

in

the

Expense

Group

and

the

Expense

Universe.

INFORMATION

ABOUT

THE

RENEWAL

OF

THE

FUND’S

MANAGEMENT

AND

SUB-INVESTMENT

ADVISORY

AGREEMENTS

(Unaudited)

(continued)

26

The

Board

considered

the

fee

paid

to

the

Sub-Adviser

in

relation

to

the

fee

paid

to

the

Adviser

by

the

fund

and

the

respective

services

provided

by

the

Sub-Adviser

and

the

Adviser.

The

Board

also

took

into

consideration

that

the

Sub-Adviser's

fee

is

paid

by

the

Adviser

and

not

the

fund.

Other

Benefits

The

Board

also

considered

whether

the

Adviser,

the

Sub-Adviser

or

their

affiliates

benefited

in

other

ways

from

their

relationship

with

the

funds,

noting

that

neither

the

Adviser

nor

each

Sub-Adviser

maintains

soft-dollar

arrangements

in

connection

with

the

funds’

brokerage

transactions.

Economies

of

Scale

The

Board

reviewed

information

regarding

economies

of

scale

or

other

efficiencies

that

may

result

as

the

fund’s

assets

grow

in

size.

The

Board

noted

that

the

advisory

fee

rate

for

the

fund

did

not

provide

for

breakpoints

as

assets

of

the

fund

increases.

The

Adviser

asserted

that

one

of

the

benefits

of

the

unitary

fee

was

to

provide

an

unvarying

expense

structure,

which

could

be

lost

or

diluted

with

the

addition

of

breakpoints.

The

Board

noted

that

it

intends

to

continue

to

monitor

fees

as

the

fund

grows

in

size

and

assess

whether

fee

breakpoints

may

be

warranted.

Conclusion

After

weighing

the

foregoing

factors,

none

of

which

was

dispositive

in

itself

and

may

have

been

weighed

differently

by

each

Trustee,

the

Board

approved

the

continuation

of

the

Agreements

for

the

fund.

In

approving

the

continuance

of

the

Agreements,

the

Board

found

that

the

terms

of

the

Agreements

are

fair

and

reasonable

and

that

the

continuance

of

the

Agreements

are

in

the

best

interests

of

the

fund

and

its

shareholders.

For

More

Information

2023

BNY

Mellon

Securities

Corporation

4860SA0423

Telephone

Call

your

financial

representative

or

1-833-ETF-BNYM

(383-2696)

(inside

the

U.S.

only)

Mail

BNY

Mellon

ETF

Trust,

240

Greenwich

Street,

New

York,

New

York

10286

E-Mail

Send

your

request

to

info@bnymellon.com

Internet

Information

can

be

viewed

online

or

downloaded

at

www.im.bnymellon.com

BNY

Mellon

ETF

Trust

discloses,

at

www.im.bnymellon.com

,

the

identities

and

quantities

of

the

securities

held

by

the

fund

daily.

The

fund

files

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(

“

SEC

”

)

for

the

first

and

third

quarters

of

the

fiscal

year

on

Form

N-PORT.

The

fund

’

s

Forms

N-PORT

are

available

on

the

SEC

’

s

website

at

www.sec.gov

.

Additionally,

the

fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

the

most

recent

fiscal

year

available

at

https://im.bnymellon.com/etfliterature

.

The

fund

’

s

complete

schedule

of

portfolio

holdings,

as

filed

on

Form

N-PORT,

can

also

be

obtained

without

charge,

upon

request,

by

calling

1-833-383-2696.

A

description

of

the

policies

and

procedures

that

the

fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities,

and

information

regarding

how

the

fund

voted

these

proxies

for

the

most

recent

12-month

period

ended

June

30

is

available

at

www.im.bnymellon.

com

and

on

the

SEC’s

website

at

www.sec.gov

.

The

description

of

the

policies

and

procedures

is

also

available

without

charge,

upon

request,

by

calling

1-833-383-2696.

BNY

Mellon

ETF

Trust

Custodian

BNY

Mellon

ETF

Investment

Adviser,

LLC

240

Greenwich

Street

New

York,

NY

10286

The

Bank

of

New

York

Mellon

240

Greenwich

Street

New

York,

NY

10286

Adviser

Transfer

Agent

&

Dividend

Disbursing

Agent

BNY

Mellon

ETF

Investment

Adviser,

LLC

201

Washington

Street

Boston,

MA

02108

The

Bank

of

New

York

Mellon

240

Greenwich

Street

New

York,

NY

10286

Sub-Adviser

Distributor

Newton

Investment

Management

Limited

160

Queen

Victoria

Street

London,

EC4V,

4LA,

UK

BNY

Mellon

Securities

Corporation

240

Greenwich

Street

New

York,

NY

10286

Newton

Investment

Management

North

America,

LLC

BNY

Mellon

Center

201

Washington

Street

Boston,

MA

02108

Ticker

Symbol:

BNY

Mellon

Sustainable

International

Equity

ETF

BKIS

Printed

on

recycled

paper.

50%

post-consumer.

Process

chlorine

free.

Vegetable-based

ink.

BNY

Mellon

ETF

Trust

SEMI-ANNUAL

REPORT

April

30,

2023

BNY

Mellon

Sustainable

US

Equity

ETF

Contents

The

Fund

Save

time.

Save

paper.

View

your

next

shareholder

report

online

as

soon

as

it’s

available.

Log

into

www.

im.bnymellon.com

and

sign

up

for

eCommunications.

It’s

simple

and

only

takes

a

few

minutes.

The

views

expressed

herein

are

current

to

the

date

of

this

report.

These

views

and

the

composition

of

the

fund’s

portfolio

is

subject

to

change

at

any

time

based

on

market

and

other

conditions.

Not

FDIC-Insured

•

Not

Bank-Guaranteed

•

May

Lose

Value

Discussion

of

Fund

Performance

3

Understanding

Your

Fund’s

Expenses

6

Statement

of

Investments

7

Statement

of

Assets

and

Liabilities

10

Statement

of

Operations

11

Statement

of

Changes

in

Net

Assets

12

Financial

Highlights

13

Notes

to

Financial

Statements

14

Information

About

the

Renewal

of

the

Fund’s

Management

and

Sub-Investment

Advisory

Agreements

22

FOR

MORE

INFORMATION

Back

Cover

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

3

For

the

period

from

November

1,

2022,

through

April

30,

2023,

as

provided

by

Nick

Pope,

Portfolio

Manager

employed

by

the

fund’s

sub-adviser,

Newton

Investment

Management

Limited.

Market

and

Fund

Performance

Overview

For

the

six-month

period

ending

April

30,

2023,

the

BNY

Mellon

Sustainable

US

Equity

ETF

(the

“fund”)

produced

a

net

asset

value

total

return

of

5.90%.

1

In

comparison,

the

fund’s

benchmark,

the

S&P

500

®

Index

(the

“Index”),

produced

a

total

return

of

8.62%

for

the

same

period.

2

Equities

gained

ground

during

the

reporting

period

as

inflationary

pressures

eased,

the

U.S.

Federal

Reserve

(the

“Fed”)

reduced

the

pace

of

interest-rate

hikes,

and

economic

growth

remained

positive.

The

fund

underperformed

the

Index

largely

due

to

disappointing

stock

selections

in

several

sectors.

The

Fund’s

Investment

Approach

The

fund

seeks

long-term

capital

appreciation.

To

pursue

its

goal,

the

fund

normally

invests

at

least

80%

of

its

net

assets

(plus

the

amount

of

any

borrowings

for

investment

purposes)

in

equity

securities

of

U.S.

companies

that

demonstrate

attractive

investment

attributes

and

sustainable

business

practices.

The

fund

considers

a

U.S.

company

to

be

a

company

organized

or

with

its

principal

place

of

business

in,

or

that

has

a

majority

of

its

assets

or

business

in,

or

whose

securities

are

primarily

listed

or

traded

on

exchanges

in,

the

United

States.

The

fund’s

sub-adviser,

Newton

Investment

Management

Limited

(“NIM”),

an

affiliate

of

BNY

Mellon

ETF

Investment

Adviser,

LLC,

considers

a

company

to

be

engaged

in

“sustainable

business

practices”

if

the

company

engages

in

business

practices

that

are,

in

NIM’s

view,

sustainable

in

an

economic

sense

(i.e.,

the

company’s

strategy,

operations

and

finances

are

stable

and

durable),

and

takes

appropriate

measures

to

manage

any

material

consequences

or

impact

of

its

policies

and

operations

in

relation

to

environmental,

social

and

governance

(ESG)

matters

(e.g.,

the

company’s

environmental

footprint,

labor

standards,

board

structure,

etc.).

Companies

engaged

in

sustainable

business

practices

also

may

include

companies

that

have

committed

explicitly

to

improving

their

environmental

and/or

social

impacts

that

will

lead

to

a

transformation

of

their

business

models.

Equities

Advance

Despite

Macroeconomic

Concerns

The

outlook

for

inflation

and

the

trajectory

of

monetary

policy

continued

to

dominate

the

narrative

within

financial

markets

during

the

reporting

period.

Despite

some

encouraging

developments

in

the

fight

against

inflation,

central

bankers

steadfastly

maintained

a

hawkish

tone,

both

in

terms

of

their

rhetoric

and

their

actions.

At

the

start

of

2023,

share

prices

were

lifted

by

positive

sentiment

regarding

China’s

reopening

after

the

swift

abandonment

of

its

“zero-COVID”

policy.

However,

as

the

year

progressed,

several

issues

took

a

toll

on

sentiment.

January’s

U.S.

inflation

numbers

came

in

higher

than

expected,

while

headline

employment

data

also

proved

robust.

This

prompted

the

Fed

to

maintain

its

hawkish

rhetoric,

which,

coupled

with

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

4

a

reescalation

of

U.S.-China

tensions,

put

pressure

on

risk

assets.

The

other

major

challenge

arose

in

early

March,

as

signs

of

stress

emerged

in

the

U.S.

banking

sector,

soon

followed

by

the

enforced

takeover

of

Credit

Suisse

by

UBS

under

the

auspices

of

the

Swiss

authorities.

Nevertheless,

the

immediate

path

for

interest

rates

continued

to

be

the

primary

source

of

investor

debate

into

the

end

of

the

period.

In

the

United

States,

debt

ceiling

concerns

ratcheted

higher,

and

First

Republic

Bank

’s

woes

renewed

banking

sector

worries.

Stock

Selections

in

Several

Sectors

Detract

The

fund’s

performance

relative

to

the

Index

suffered

due

to

stock

selections

in

the

materials,

consumer

staples,

information

technology,

communications

services

and

financials

sectors.

Among

notable

individual

detractors,

decline

in

shares

of

First

Republic

Bank

alone

accounted

for

a

significant

portion

of

the

fund’s

relative

underperformance.

The

bank’s

stock

came

under

pressure

as

a

crisis

of

confidence

swept

the

regional

banking

sector

after

the

collapse

of

Silicon

Valley

Bank

and

closure

of

Signature

Bank,

despite

regulatory

intervention

to

stabilize

the

U.S.

banking

system.

We

moved

swiftly

to

sell

the

fund’s

position

given

a

lack

of

clarity

as

to

whether

the

bank

would

remain

liquid.

In

the

communication

services

sector,

lack

of

exposure

to

sizeable

Index

constituent

Meta

Platforms,

Inc.

undermined

relative

returns.

In

materials,

shares

in

specialty

chemicals

company

Albemarle

Corp.

underperformed

as

short-term

headwinds

for

electric

vehicle

sales

weighed

on

lithium

prices,

with

lithium

compounds

making

up

a

substantial

part

of

the

company’s

sales.

Albemarle

Corp.

shares

saw

further

weakness

as

Gabriel

Boric,

the

Chilean

President,

announced

a

policy

aimed

at

increasing

government

ownership

in

the

country’s

lithium

processing.

On

the

positive

side,

strong

stock

selection

bolstered

relative

returns

in

health

care

and

consumer

discretionary.

Lack

of

exposure

to

energy

also

contributed

positively,

as

oil

prices

fell

in

response

to

turmoil

in

the

banking

sector

and

its

implications

for

the

global

economy.

We

find

the

characteristics

of

many

energy

companies

to

be

largely

incompatible

with

our

focus

on

finding

investments

that

are

aligned

with

the

transition

to

a

lower

carbon

world.

Overweight

exposure

to

the

information

technology

sector

further

enhanced

the

fund’s

relative

performance.

At

the

stock

level,

contact

lens

maker

The

Cooper

Companies

Cos.,

Inc.

encouraged

investors

with

better-than-expected

financial

performance

and

increased

guidance,

driven

by

robust

demand

and

pricing

tailwinds

in

the

contact

lens

market.

Lack

of

exposure

to

electric

car

maker

Tesla

proved

beneficial

as

shares

fell

amid

demand

concerns

that

culminated

in

product

price

reductions,

as

well

as

CEO

Elon

Musk’s

perceived

distraction

of

running

Twitter.

Remaining

Focused

on

Company

Fundamentals

We

continue

to

analyze

the

potential

consequences

of

tighter

money

supply

and

changing

central

bank

rate

policy

for

the

global

economy,

the

impact

of

which

we

saw

recently

in

the

form

of

stress

in

the

banking

system.

We

anticipate

further

‘breakages’

5

this

year

as

rates

continue

to

rise.

As

the

economy

adjusts

to

the

effects

of

higher

bond

yields,

potential

exists

for

increased

pressure

to

be

placed

on

liquidity

and

credit

availability.

Volatility

is

therefore

likely

to

be

a

feature

of

markets

over

the

shorter

term.

In

this

uncertain

environment,

we

continue

to

rely

on

our

multidimensional

research

process,

focusing

on

companies

that

we

believe

have

attractive

sustainability

credentials,

durable

returns

and

quality

characteristics.

As

of

April

30,

2023,

the

fund’s

largest

overweight

position

remains

in

information

technology.

We

believe

that

the

sector’s

strong

focus

on

providing

innovation

and

solutions

to

global

sustainability

challenges

makes

it

an

attractive

area

in

which

to

find

long-term

investments.

Conversely,

as

explained

above,

the

fund

maintains

zero

exposure

to

energy.

The

fund

also

holds

underweight

exposure

to

consumer

discretionary,

given

the

intensity

of

the

mounting

squeeze

on

incomes

and

likely

headwinds

for

the

consumer

owing

to

rising

borrowing

costs

and

inflation.

Industrials

represents

another

area

of

relatively

underweight

exposure,

due

to

the

sector’s

vulnerability

to

deteriorating

credit

availability.

Among

industrials,

we

continue

to

focus

on

high-quality

companies

with

pricing

power

and

secular

tailwinds

trading

at

reasonable

valuations,

characteristics

we

believe

will

grow

even

more

important

moving

forward.

May

15,

2023

1

Total

return

includes

reinvestment

of

dividends

and

any

capital

gains

paid.

A

fund’s

net

asset

value

(NAV)

is

the

sum

of

all

its

assets

less

any

liabilities,

divided

by

the

number

of

shares

outstanding.

ETFs

are

bought

and

sold

at

market

prices,

not

NAV,

therefore

an

investor’s

return

at

market

price

may

differ

from

NAV.

Past

performance

is

no

guarantee

of

future

results.

Share

price,

yield

and

investment

return

fluctuate

such

that

upon

redemption,

fund

shares

may

be

worth

more

or

less

than

their

original

cost.

2

Source:

Lipper

Inc.

—

The

S&P

500

®

Index

is

widely

regarded

as

the

best

single

gauge

of

large-cap

U.S.

equities.

The

Index

includes

500

leading

companies

and

captures

approximately

80%

coverage

of

available

market

capitalization.

Investors

cannot

invest

directly

in

any

index.

ETFs

trade

like

stocks,

are

subject

to

investment

risk,

including

possible

loss

of

principal.

ETF

shares

are

listed

on

an

exchange,

and

shares

are

generally

purchased

and

sold

in

the

secondary

market

at

market

price.

At

times,

the

market

price

may

be

at

a

premium

or

discount

to

the

ETF’s

per

share

NAV.

In

addition,

ETFs

are

subject

to

the

risk

that

an

active

trading

market

for

an

ETF’s

shares

may

not

develop

or

be

maintained.

Buying

or

selling

ETF

shares

on

an

exchange

may

require

payment

of

brokerage

commissions.

“Standard

&

Poor’s

®

,”

“S&P

®

,”

“Standard

&

Poor’s

®

500,”

and

“S&P

500

®

”

are

registered

trademarks

of

Standard

&

Poor’s

Financial

Services

LLC

and

have

been

licensed

for

use

on

behalf

of

the

fund.

The

fund

is

not

sponsored,

managed,

advised,

sold

or

promoted

by

Standard

&

Poor’s

and

its

affiliates,

and

Standard

&

Poor’s

and

its

affiliates

make

no

representation

regarding

the

advisability

of

investing

in

the

fund.

The

fund

may,

but

is

not

required

to,

use

derivative

instruments.

A

small

investment

in

derivatives

could

have

a

potentially

large

impact

on

the

fund’s

performance.

The

use

of

derivatives

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

the

underlying

assets.

Equities

are

subject

generally

to

market,

market

sector,

market

liquidity,

issuer

and

investment

style

risks,

among

other

factors,

to

varying

degrees,

all

of

which

are

more

fully

described

in

the

fund’s

prospectus.

Environmental,

social

and

governance

(ESG)

managers

may

take

into

consideration

factors

beyond

traditional

financial

information

to

select

securities,

which

could

result

in

relative

investment

performance

deviating

from

other

strategies

or

broad

market

benchmarks,

depending

on

whether

such

sectors

or

investments

are

in

or

out

of

favor

in

the

market.

Further,

ESG

strategies

may

rely

on

certain

values-based

criteria

to

eliminate

exposures

found

in

similar

strategies

or

broad

market

benchmarks,

which

could

also

result

in

relative

investment

performance

deviating.

Please

note:

the

position

in

any

security

highlighted

with

italicized

typeface

was

sold

during

the

reporting

period.

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

6

As

a

shareholder

of

the

fund,

you

pay

ongoing

expenses,

such

as

management

fees

and

other

expenses.

Using

the

information

below,

you

can

estimate

how

these

expenses

affect

your

investment

and

compare

them

with

the

expenses

of

other

funds.

For

more

information,

see

your

fund’s

prospectus

or

talk

to

your

financial

adviser.

Actual

Expenses

The

information

under

each

column

in

the

table

below

entitled

“Actual”

provides

information

about

on

how

much

a

$1,000

investment

would

be

worth

at

the

close

of

the

period,

assuming

net

asset

value

total

returns

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

for

the

fund

under

the

heading

entitled

“Expenses

paid

for

the

period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

For

Comparison

Purposes

The

Securities

and

Exchange

Commission

(“SEC”)

has

established

guidelines

to

help

investors

assess

fund

expenses.

The

information

under

each

column

in

the

table

entitled

“Hypothetical”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

fund’s

actual

expense

ratio

and

assuming

a

hypothetical

5%

annualized

return,

which

is

not

the

fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

ending

account

values

and

expenses

paid

for

the

period

in

the

table

are

useful

in

comparing

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

For

the

six

months

ended

April

30,

2023

(a)

Expenses

are

calculated

using

the

annualized

expense

ratio,

which

represents

the

ongoing

expenses

as

a

percentage

of

net

assets

for

the

six-month

period

ended

April

30,

2023.

Expenses

are

calculated

by

multiplying

the

fund’s

annualized

expense

ratio

by

the

average

account

value

for

the

period,

then

multiplying

the

result

by

181/365.

Beginning

account

value

($)

Ending

account

value($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

(a)

Hypothetical

(a)

1,000.00

1,000.00

1,059.00

1,021.97

2.91

2.86

0.57

STATEMENT

OF

INVESTMENTS

April

30,

2023

(Unaudited)

7

Description

Shares

Value

($)

Common

Stocks

–

97.0%

Banks

–

3.0%

JPMorgan

Chase

&

Co.

1,801

248,970

Capital

Goods

–

3.8%

Ingersoll

Rand,

Inc.

2,847

162,336

Trane

Technologies

PLC

839

155,895

318,231

Consumer

Discretionary

Distribution

–

4.4%

Amazon.com,

Inc.

(a)

3,503

369,391

Consumer

Durables

&

Apparel

–

3.0%

NIKE,

Inc.,

Class

B

1,963

248,751

Consumer

Staples

Distribution

–

2.6%

Costco

Wholesale

Corp.

441

221,920

Financial

Services

–

5.6%

Goldman

Sachs

Group,

Inc.

(The)

566

194,387

Mastercard,

Inc.,

Class

A

735

279,322

473,709

Food,

Beverage

&

Tobacco

–

4.6%

Darling

Ingredients,

Inc.

(a)

2,188

130,339

PepsiCo,

Inc.

1,345

256,747

387,086

Health

Care

Equipment

&

Services

–

6.7%

Boston

Scientific

Corp.

(a)

3,933

204,988

Cooper

Cos.,

Inc.

(The)

481

183,478

Edwards

Lifesciences

Corp.

(a)

1,986

174,728

563,194

Insurance

–

4.4%

Chubb

Ltd.

858

172,939

Progressive

Corp.

(The)

1,446

197,234

370,173

Materials

–

3.8%

Albemarle

Corp.

656

121,662

CF

Industries

Holdings,

Inc.

1,349

96,562

Ecolab,

Inc.

623

104,564

322,788

Media

&

Entertainment

–

4.2%

Alphabet,

Inc.,

Class

A

(a)

3,299

354,115

Pharmaceuticals,

Biotechnology

&

Life

Sciences

–

9.8%

AbbVie,

Inc.

1,470

222,146

Danaher

Corp.

892

211,324

Eli

Lilly

&

Co.

660

261,268

STATEMENT

OF

INVESTMENTS

(continued)

8

Description

Shares

Value

($)

Common

Stocks

–

97.0%

(continued)

Pharmaceuticals,

Biotechnology

&

Life

Sciences

–

9.8%

(continued)

Merck

&

Co.,

Inc.

1,089

125,747

820,485

Semiconductors

&

Semiconductor

Equipment

–

6.5%

Applied

Materials,

Inc.

794

89,746

NVIDIA

Corp.

649

180,091

SolarEdge

Technologies,

Inc.

(a)

401

114,537

Texas

Instruments,

Inc.

994

166,197

550,571

Software

&

Services

–

17.8%

Accenture

PLC,

Class

A

736

206,293

ANSYS,

Inc.

(a)

264

82,875

Intuit,

Inc.

547

242,841

Microsoft

Corp.

2,055

631,419

Roper

Technologies,

Inc.

374

170,088

Salesforce,

Inc.

(a)

809

160,481

1,493,997

Technology

Hardware

&

Equipment

–

9.0%

Apple,

Inc.

3,686

625,441

TE

Connectivity

Ltd.

1,101

134,729

760,170

Telecommunication

Services

–

2.1%

Verizon

Communications,

Inc.

4,475

173,764

Transportation

–

1.6%

Norfolk

Southern

Corp.

676

137,248

Utilities

–

4.1%

CMS

Energy

Corp.

2,467

153,596

NextEra

Energy,

Inc.

2,440

186,977

340,573

Total

Common

Stocks

(cost

$8,993,213)

8,155,136

Investment

Companies

–

2.7%

Registered

Investment

Companies

–

2.7%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.81%

(b)(c)

(cost

$224,511)

224,511

224,511

Total

Investments

(cost

$9,217,724)

99.7%

8,379,647

Cash

and

Receivables

(Net)

0.3%

26,907

Net

Assets

100.0%

8,406,554

(a)

Non-income

producing

security.

(b)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(c)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2023.

9

See

Notes

to

Financial

Statements

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2023

are

as

follows:

Description

Value

10/31/22

Purchases

($)

1

Sales

($)

Value

4/30/23

Dividends/

Distributions

($)

Investment

Companies

–

2.7%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

212,002

411,603

(399,094)

224,511

4,624

Total

–

2.7%

212,002

411,603

(399,094)

224,511

4,624

1

Includes

reinvested

dividends/distributions.

Portfolio

Summary

(Unaudited)

†

Value

(%)

Information

Technology

33.3

Health

Care

16.5

Financials

13.0

Consumer

Discretionary

7.4

Consumer

Staples

7.2

Communication

Services

6.3

Industrials

5.4

Utilities

4.1

Materials

3.8

Registered

Investment

Companies

2.7

99.7

†

Based

on

net

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

April

30,

2023

(Unaudited)

10

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments:

–

Unaffiliated

issuers

8,993,213

8,155,136‌

Affiliated

issuers

224,511

224,511‌

Receivable

for

investment

securities

sold

123,259‌

Dividends

receivable

8,845‌

Tax

reclaim

receivable—Note

2(b)

206‌

8,511,95

7‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—

Note

3(b)

2,

71

6‌

Payable

for

investment

securities

purchased

102,687‌

105,40

3‌

Net

Assets

($)

8,406,554‌

Composition

of

Net

Assets

($):

Paid-in

capital

10,000,050‌

Total

distributable

earnings

(loss)

(1,593,496‌)

Net

Assets

($)

8,406,554‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

200,001‌

Net

asset

value

per

share

42.03‌

Market

price

per

share

42.00‌

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2023

(Unaudited)

11

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends:

Unaffiliated

issuers

54,807‌

Affiliated

issuers

4,624‌

Total

Income

59,431‌

Expenses:

Management

fee—Note

3(a)

24,138‌

Total

Expenses

24,138‌

Less—reduction

in

fees

du

e

pursuant

to

undertaking—Note

3(a)

(1,363‌)

Net

Expenses

22,775‌

Net

Investment

Income

36,656‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

(451,495‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

881,353‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

429,858‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

466,514‌

STATEMENT

OF

CHANGES

IN

NET

ASSETS

12

See

Notes

to

Financial

Statements

Six

Months

Ended

April

30,

2023

(Unaudited)

For

the

Period

from

December

15,

2021

(a)

to

October

31,

2022

Operations

($):

Net

investment

income

36,656‌

55,436‌

Net

realized

gain

(loss)

on

investments

(451,495‌)

(328,618‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

881,353‌

(1,719,430‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

466,514‌

(1,992,612‌)

Distributions

($):

Distributions

to

shareholders

(67,044‌)

(354‌)

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

—‌

10,000,050‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

—‌

10,000,050‌

Total

Increase

(Decrease)

in

Net

Assets

399,470‌

8,007,084‌

Net

Assets

($):

Beginning

of

Period

8,007,084‌

—‌

End

of

Period

8,406,554‌

8,007,084‌

Changes

in

Shares

Outstanding:

Shares

sold

—‌

200,001‌

Net

Increase

(Decrease)

in

Shares

Outstanding

—‌

200,001‌

(a)

Commencement

of

operations.

FINANCIAL

HIGHLIGHTS

13

The

following

table

describes

the

performance

for

the

fiscal

period

indicated

and

these

figures

have

been

derived

from

the

fund’s

financial

statements.

See

Notes

to

Financial

Statements

Six

Months

Ended

April

30,

2023

(Unaudited)

For

the

Period

from

December

15,

2021

(a)

to

October

31,

2022

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

40.04‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

0.18‌

0.28‌

Net

realized

and

unrealized

gain

(loss)

on

investments

2.15‌

(10.24‌)

Total

from

Investment

Operations

2.33‌

(9.96‌)

Distributions:

Dividends

from

net

investment

income

(0.34‌)

(0.00‌)

(c)

Net

asset

value,

end

of

period

42.03‌

40.04‌

Market

price,

end

of

period

(d)

42.00‌

40.03‌

Net

Asset

Value

Total

Return

(%)

(e)

5.90‌

(19.93‌)

(f)

Market

Price

Total

Return

(%)

(e)

5.83‌

(19.94‌)

(f)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.60‌

(g)

0.60‌

(g)

Ratio

of

net

expenses

to

average

net

assets

0.57‌

(g)

0.60‌

(g)

Ratio

of

net

investment

income

to

average

net

assets

0.91‌

(g)

0.72‌

(g)

Portfolio

Turnover

Rate

(h)

14.81‌

28.58‌

Net

Assets,

end

of

period

($

x

1,000)

8,407‌

8,007‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Amount

represents

less

than

$(0.01)

per

share.

(d)

The

mean

between

the

last

bid

and

ask

prices.

(e)

Net

asset

value

total

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

at

net

asset

value

on

the

last

day

of

the

period.

Net

asset

value

total

return

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Market

price

total

return

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period,

and

sale

at

the

market

price

on

the

last

day

of

the

period.

Total

investment

returns

calculated

for

a

period

of

less

than

one

year

are

not

annualized.

(f)

The

net

asset

value

total

return

and

the

market

price

total

return

is

calculated

from

fund

inception.

(g)

Annualized.

(h)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

NOTES

TO

FINANCIAL

STATEMENTS

14

NOTE

1—Organization:

BNY

Mellon

Sustainable

US

Equity

ETF (the “fund”) is a

separate

non-

diversified series

of

BNY

Mellon

ETF

Trust

(the

“Trust”),

which is

registered as

a

Massachusetts

business

trust

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”),

as

an

open-ended

management

investment

company.

The

Trust

operates

as

a

series

company

currently

consisting

of

fifteen

series,

including

the

fund.

The

investment

objective

of

the

fund

is

to

seek

long-term

capital

appreciation.

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”),

a

wholly-owned

subsidiary

of

The

Bank

of

New

York

Mellon

Corporation

(“BNY

Mellon”),

serves

as

the

fund’s

investment

adviser. Newton

Investment

Management

Limited (the

“Sub-Adviser”),

an

indirect wholly-owned

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

the

fund’s

sub-adviser.

The

Bank

of

New

York

Mellon,

a

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

administrator,

custodian

and

transfer

agent

with

the

Trust.

BNY

Mellon

Securities

Corporation

(the

“Distributor”),

an

indirect wholly-owned

subsidiary

of

the

Adviser,

is

the

distributor

of

the

fund’s

shares.

The

shares

of

the

fund

are

referred

to

herein

as

“Shares”

or

“fund’s

Shares.”

The

fund’s

Shares

are

listed

and

traded

on

NYSE

Arca,

Inc.

The

market

price

of

each

Share

may

differ

to

some

degree

from

the

fund’s

net

asset

value

(“NAV”).

Unlike

conventional

mutual

funds,

the

fund

issues

and

redeems

Shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

Shares,

each

called

a

“Creation

Unit.”

Creation

Units

are

issued

and

redeemed

principally

in

exchange

for

the

deposit

or

delivery

of

a

basket

of

securities.

Except

when

aggregated

in

Creation

Units

by

Authorized

Participants,

the

Shares

are

not

individually

redeemable

securities

of

the

fund.

Individual

fund

Shares

may

only

be

purchased

and

sold

on

the

NYSE

Arca,

Inc.,

other

national

securities

exchanges,

electronic

crossing

networks

and

other

alternative

trading

systems

through

your

broker-dealer

at

market

prices.

Because

fund

Shares

trade

at

market

prices

rather

than

at

NAV,

fund

Shares

may

trade

at

a

price

greater

than

NAV

(premium)

or

less

than

NAV

(discount).

When

buying

or

selling

Shares

in

the

secondary

market,

you

may

incur

costs

attributable

to

the

difference

between

the

highest

price

a

buyer

is

willing

to

pay

to

purchase

Shares

of

the

fund

(bid)

and

the

lowest

price

a

seller

is

willing

to

accept

for

Shares

of

the

fund

(ask). 

NOTE

2—Significant

Accounting

Policies: 

The

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

is

the

exclusive

reference

of

authoritative

U.S.

generally

accepted

accounting

principles

(“GAAP”)

recognized

by

the

FASB

to

be

applied

by

nongovernmental

entities.

Rules

and

interpretive

releases

of

the

SEC

under

authority

of

federal

laws

are

also

sources

of

authoritative

GAAP

for

SEC

registrants. The

fund

is an

investment

company

and

applies

the

accounting

and

reporting

guidance

of

the

FASB

ASC

Topic

946

Financial

Services-Investment

Companies. The

fund’s

15

financial

statements

are

prepared

in

accordance

with

GAAP,

which

may

require

the

use

of

management

estimates

and

assumptions.

Actual

results

could

differ

from

those

estimates.  

The

Trust

accounts

separately

for

the

assets,

liabilities

and

operations

of

each

series.

Expenses

directly

attributable

to

each

series

are

charged

to

that

series’

operations;

expenses

which

are

applicable

to

all

series

are

allocated

among

them

on

a

pro

rata

basis.

The

Trust

enters

into

contracts

that

contain

a

variety

of

indemnifications.

The

fund’s

maximum

exposure

under

these

arrangements

is

unknown.

The

fund

does

not

anticipate

recognizing

any

loss

related

to

these

arrangements. 

(a)

Portfolio

valuation:

The

fair

value

of

a

financial

instrument

is

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price).

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

of

valuation

techniques

used

to

measure

fair

value.

This

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Additionally,

GAAP

provides

guidance

on

determining

whether

the

volume

and

activity

in

a

market

has

decreased

significantly

and

whether

such

a

decrease

in

activity

results

in

transactions

that

are

not

orderly.

GAAP

requires

enhanced

disclosures

around

valuation

inputs

and

techniques

used

during

annual

and

interim

periods.

Various

inputs

are

used

in

determining

the

value

of

the

fund’s

investments

relating

to

fair

value

measurements.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

unadjusted

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

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

Valuation

techniques

used

to

value

the

fund’s

investments

are

as

follows:

The

Trust’s Board

of

Trustees

(the

“Board”)

has

designated

the

Adviser

as

the

fund’s

valuation

designee

to

make

all

fair

value

determinations

with

respect

to

the

fund’s

portfolio

of

investments,

subject

to

the

Board’s

oversight

and

pursuant

to

Rule

2a-5

under

the

Act.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

16

Investments

in

equity

securities,

including

ETFs

(but

not

including

investments

in

other

open-end

registered

investment

companies)

generally

are

valued

at

the

last

sales

price

on

the

day

of

valuation

on

the

securities

exchange

or

national

securities

market

on

which

such

securities

primarily

are

traded.

Securities

listed

on

the

National

Association

of

Securities

Dealers

Automated

Quotation

System

(“NASDAQ”)

for

which

market

quotations

are

available

will

be

valued

at

the

official

closing

price.

If

there

are

no

transactions

in

a

security,

or

no

official

closing

prices

for

a

NASDAQ

market-listed

security

on

that

day,

the

security

will

be

valued

at

the

average

of

the

most

recent

bid

and

asked

prices.

Bid

price

is

used

when

no

asked

price

is

available.

Open

short

positions

for

which

there

is

no

sale

price

on

a

given

day

are

valued

at

the

lowest

asked

price.

Registered

investment

companies

that

are

not

traded

on

an

exchange

are

valued

at

their

net

asset

value.

All

of

the

preceding

securities

are

generally

categorized

within

Level

1

of

the

fair

value

hierarchy. 

When

market

quotations

or

official

closing

prices

are

not

readily

available,

or

are

determined

not

to

reflect

fair

value

accurately,

they are

valued

at

fair

value

as

determined

in

good

faith

based

on

procedures

approved

by

the

Board.

Fair

value

of

investments

may

be

determined

by

valuation

designee

using

such

information

as

it

deems

appropriate

under

the

circumstances.

Certain

factors

may

be

considered

when

fair

valuing

investments

such

as:

fundamental

analytical

data,

the

nature

and

duration

of

restrictions

on

disposition,

an

evaluation

of

the

forces

that

influence

the

market

in

which

the

securities

are

purchased

and

sold,

and

public

trading

in

similar

securities

of

the

issuer

or

comparable

issuers.

These

securities

are

either

categorized

within

Level

2

or

3

of

the

fair

value

hierarchy

depending

on

the

relevant

inputs

used.

For

securities

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

and

are

generally

categorized

within

Level

3

of

the

fair

value

hierarchy.

The

table

below

summarizes

the

inputs

used

as

of April

30,

2023

in

valuing

the

fund’s

investments:

Fair

Value

Measurements

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

($)

Investments

In

Securities:

†

Common

Stocks

8,155,136

—

—

8,155,136

Investment

Companies

224,511

—

—

224,511

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

17

(b) Securities

transactions

and

investment

income:

Securities

transactions

are

recorded

on

a

trade

date

basis.

Realized

gains

and

losses

from

securities

transactions

are

recorded

on

the

identified

cost

basis.

Dividend

income

is

recognized

on

the

ex-

dividend

date

and

interest

income,

including,

where

applicable,

accretion

of

discount

and

amortization

of

premium

on

investments,

is

recognized

on

the

accrual

basis.

(c)

Affiliated

issuers:

Investments

in

other

investment

companies

advised

by

the

Adviser

are

defined

as

“affiliated”

under

the

Act. 

(d)

Market

Risk:

The

value

of

the

securities

in

which

the

fund

invests

may

be

affected

by

political,

regulatory,

economic

and

social

developments,

and

developments

that

impact

specific

economic

sectors,

industries

or

segments

of

the

market.

The

value

of

a

security

may

also

decline

due

to

general

market

conditions

that

are

not

specifically

related

to

a

particular

company

or

industry,

such

as

real

or

perceived

adverse

economic

conditions,

changes

in

the

general

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates,

changes

to

inflation,

adverse

changes

to

credit

markets

or

adverse

investor

sentiment

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

fund.

Global

economies

and

financial

markets

are

becoming

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

world-wide.

Recent

examples

include

pandemic

risks

related

to

COVID-19

and

aggressive

measures

taken

world-wide

in

response

by

governments,

including

closing

borders,

restricting

international

and

domestic

travel,

and

the

imposition

of

prolonged

quarantines

of

large

populations,

and

by

businesses,

including

changes

to

operations

and

reducing

staff.

Non-Diversification

Risk:

The

fund

is

non-diversified,

which

means

that

the

fund

may

invest

a

relatively

high

percentage

of

its

assets

in

a

limited

number

of

issuers.

Therefore,

the

fund’s

performance

may

be

more

vulnerable

to

changes

in

the

market

value

of

a

single

issuer

or

group

of

issuers

and

more

susceptible

to

risks

associated

with

a

single

economic,

political

or

regulatory

occurrence

than

a

diversified

fund.

(e)

Dividends

and

distributions

to

shareholders:

Dividends

and

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

income

and

dividends

from

net

realized

capital

gains,

if

any,

are

normally

declared

and

paid

annually,

but

the

fund

may

make

distributions

on

a

more

frequent

basis

to

comply

with

the

distribution

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

To

the

extent

that

net

realized

capital

gains

can

be

offset

by

capital

loss

carryovers

of

a

fund,

it

is

the

policy

of

the

fund

not

to

distribute

such

gains.

Income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

18

(f)

Federal

income

taxes:

It

is

the

policy

of

the

fund

to

continue

to

qualify

as

a

regulated

investment

company,

if

such

qualification

is

in

the

best

interests

of

its

shareholders,

by

complying

with

the

applicable

provisions

of

the

Code,

and

to

make

distributions

of

taxable

income

and

net

realized

capital

gain

sufficient

to

relieve

it

from

substantially

all

federal

income

and

excise

taxes.

As

of

and

during

the period

ended April

30,

2023,

the

fund

did

not

have

any

liabilities

for

any

uncertain

tax

positions.

The

fund

recognizes

interest

and

penalties,

if

any,

related

to

uncertain

tax

positions

as

income

tax

expense

in

the

Statement

of

Operations.

During

the period

ended April

30,

2023,

the

fund

did

not

incur

any

interest

or

penalties.

The

tax

year

in

the

period

ended October

31,

2022

remains

subject

to

examination

by

the

Internal

Revenue

Service

and

state

taxing

authorities. 

The

fund

is

permitted

to

carry

forward

capital

losses

for

an

unlimited

period.

Furthermore,

capital

loss

carryovers

retain

their

character

as

either

short-term

or

long-

term

capital

losses. 

The

fund

has

an

unused

capital

loss

carryover

of

$327,723

available

for

federal

income

tax

purposes

to

be

applied

against

future

net

realized

capital

gains,

if

any,

realized

subsequent

to

October

31,

2022.

These

short-term

capital

losses

can

be

carried

forward

for

an

unlimited

period. 

The

tax

character

of

distributions

paid

to

shareholders

during

the

fiscal

year

ended

October

31,

2022

were

as

follows:

ordinary

income

$354.

The

tax

character

of

current

year

distributions

will

be

determined

at

the

end

of

the

current

fiscal

year. 

NOTE

3—Management

Fee,

Sub-Advisory

Fee

and

Other

Transactions

with

Affiliates:

(a)

Pursuant

to

a

management

agreement

with

the

Adviser,

the

management

fee

is computed

at

an

annual

rate of

0.60%

of

the

value

of

the

fund’s

average

daily

net

assets

and

is

payable

monthly.

The

fund’s

management

agreement

provides

that

the

Adviser

pays

substantially

all

expenses

of

the

fund,

except

for

the

management

fees,

payments

under

the

fund’s

12b-1

plan

(if

any),

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

brokerage

commissions,

costs

of

holding

shareholder

meetings,

fees

and

expenses

associated

with

the

fund’s

securities

lending

program,

and

litigation

and

potential

litigation

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

fund’s

business.

The

Adviser

may

from

time

to

time

voluntarily

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

total

annual

fund

operating

expenses.

Any

such

voluntary

waiver

or

reimbursement

may

be

eliminated

by

the

Adviser

at

any

time.

During

the

period

ended

April

30,

2023,

there

was

no

reduction

in

expenses

pursuant

to

the

undertaking.

19

In

addition,

the

Adviser

has

contractually

agreed,

from

March

1,

2023

through

March

1,

2024

to

waive

receipt

of

a

portion

of

its

management

fees

in

the

amount

of

0.10%

of

the

value

of

the

fund’s

average

daily

net

assets.

On

or

after

March

1,

2024,

the

Adviser

may

terminate

this

waiver

agreement

at

any

time. 

Pursuant

to

a

sub-investment

advisory

agreement

between

the

Adviser

and

the

Sub-

Adviser,

the

Sub-Adviser

serves

as

the

fund’s

sub-adviser

responsible

for

the

day-to-day

management

of

the

fund’s

portfolio.

The

Adviser

pays

the

Sub-Adviser

a

monthly

fee

at

an

annual

percentage

of

the

value

of

the

fund’s

average

daily

net

assets.

The

Adviser

has

obtained

an

exemptive

order

from

the

SEC

(the

“Order”),

upon

which

the

fund

may

rely,

to

use

a

manager

of

managers

approach

that

permits

the

Adviser,

subject

to

certain

conditions

and

approval

by

the

Board,

to

enter

into

and

materially

amend

sub-investment

advisory

agreements

with

one

or

more

sub-advisers

who

are

either

unaffiliated

or

affiliated

with

the

Adviser

without

obtaining

shareholder

approval.

The

Order

also

relieves

the

fund

from

disclosing

the

sub-advisory

fee

paid

by

the

Adviser

to

a

Sub-Adviser

in

documents

filed

with

the

SEC

and

provided

to

shareholders.

In

addition,

pursuant

to

the

Order,

it

is

not

necessary

to

disclose

the

sub-advisory

fee

payable

by

the

Adviser

separately

to

a

Sub-Adviser

that

is

a

wholly-owned

subsidiary

(as

defined

in

the

1940

Act)

of

BNY

Mellon

in

documents

filed

with

the

SEC

and

provided

to

shareholders;

such

fees

are

to

be

aggregated

with

fees

payable

to

the

Adviser.

The

Adviser

has

ultimate

responsibility

(subject

to

oversight

by

the

Board)

to

supervise

any

Sub-Adviser

and

recommend

the

hiring,

termination,

and

replacement

of

any

Sub-Adviser

to

the

Board.

Pursuant

to

a

sub-investment

advisory

agreement

between

the

Adviser

and

the

Sub-

Adviser,

the

Adviser

pays

the

Sub-Adviser

a

monthly

fee

at

an

annual

rate

of

0.30%

of

the

value

of

the

fund’s

average

daily

net

assets.

The

Adviser,

and

not

the

fund,

pays

the

Sub-Adviser

fee

rate.

(b)

The

fund

has

an

arrangement

with

The

Bank

of

New

York

Mellon

(the

“Custodian”),

a

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser, whereby

the

fund

will

receive

interest

income

or

be

charged

overdraft

fees

when

cash

balances

are

maintained.

For

financial

reporting

purposes,

the

fund

includes

this

interest

income

and

overdraft

fees,

if

any,

as

interest

income

in

the

Statement

of

Operations.

The

components

of

“Due

to

BNY

Mellon

ETF Investment

Adviser,

LLC”

in

the

Statement

of

Assets

and

Liabilities

consist

of:

management

fee

of $4,079,

which

are

offset

against

an

expense

reimbursement

currently

in

effect

in

the

amount

of

$1,363.

(c)

Each

Board

member

serves

as

a

Board

member

of

each

fund

within

the

Trust.

The

Board

members

are

not

compensated

directly

by

the

fund.

The

Board

members

are

paid

by

the

Adviser

from

the

unitary

management

fee

paid

to

the

Adviser

by

the

fund.

The

quarterly

fees

are

paid

by

the

Adviser

from

unitary

management

fees

paid

to

the

Adviser

by

the

funds

within

the

Trust,

including

the

fund.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

20

NOTE

4—Securities

Transactions:

The

aggregate

amount

of

purchases

and

sales

of

investment

securities,

excluding

short-term

securities

and

in-kind

transactions,

during

the

period

ended

April

30,

2023, amounted

to $1,180,275

and

$1,245,403,

respectively.

At April

30,

2023,

accumulated

net

unrealized

depreciation on

investments

was

$838,077,

consisting

of

gross

appreciation

of

$277,464

and

gross

depreciation

of

$1,115,541.

At

April

30,

2023,

the

cost

of

investments

for

federal

income

tax

purposes

was

substantially

the

same

as

the

cost

for

financial

reporting

purposes

(see

the

Statement

of

Investments).

NOTE

5—Shareholder

Transactions:

The

fund

issues

and

redeems

its

shares

on

a

continuous

basis,

at

NAV,

to

certain

institutional

investors

known

as

“Authorized

Participants”

(typically

market

makers

or

other

broker-dealers)

only

in

a

large

specified

number

of

shares

called

a

Creation

Unit.

Except

when

aggregated

in

Creation

Units,

shares

of

the

fund

are

not

redeemable.

The

value

of

the

fund

is

determined

once

each

business

day.

The

Creation

Unit

size

for the

fund

may

change.

Authorized

Participants

will

be

notified

of

such

change.

Creation

Unit

transactions

may

be

made

in-kind,

for

cash,

or

for

a

combination

of

securities

and

cash.

The

principal

consideration

for

creations

and

redemptions

for

the

fund

is

in-kind,

although

this

may

be

revised

at

any

time

without

notice.

The

Trust

issues

and

sells

shares

of

the

fund

only:

in

Creation

Units

on

a

continuous

basis

through

the

Distributor,

without

a

sales

load,

at

their

NAV

per

share

determined

after

receipt

of

an

order,

on

any

Business

Day,

in

proper

form

pursuant

to

the

terms

of

the

Authorized

Participant

Agreement.

Transactions

in

capital

shares

for

the

fund

are

disclosed

in

detail

in

the

Statement

of

Changes

in

Net

Assets.

The

consideration

for

the

purchase

of

Creation

Units

of the

fund

may

consist

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Trust

and/or

custodian

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

The

Adviser

or

its

affiliates

(the

“Selling

Shareholder”)

may

purchase

Creation

Units

through

a

broker-dealer

to

“seed”

(in

whole

or

in

part)

funds

as

they

are

launched

or

may

purchase shares

from

broker-dealers

or

other

investors

that

have

previously

provided

“seed”

for

funds

when

they

were

launched

or

otherwise

in

secondary

market

transactions.

Because

the

Selling

Shareholder

may

be

deemed

an

affiliate

of

such

funds,

the

fund shares

are

being

registered

to

permit

the

resale

of

these

shares

from

time

to

time

after

purchase.

The

fund

will

not

receive

any

of

the

proceeds

from

resale

by

the

Selling

Shareholders

of

these

fund

shares. An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

variable

charges,

if

any,

are

included

in

“Transaction

fees”

on

the

Statement

of

Changes

in

Net

Assets.

21

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

fund.

Because

such

gains

or

losses

are

not

taxable

to

the

fund

and

are

not

distributed

to

existing

fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

per

share.

During

the

period

ended

April

30,

2023,

the

fund

had

no

in-kind

transactions.

NOTE

6—Subsequent

Event:

Effective

May

31,

2023,

the

Sub-Adviser

entered

into

a

sub-sub-investment

advisory

agreement

with

its

affiliate,

Newton

Investment

Management

North

America,

LLC

(NIMNA),

to

enable

NIMNA

to

provide

certain

advisory

services

to

the

Sub-Adviser

for

the

benefit

of

the

fund,

including,

but

not

limited

to,

portfolio

management

services.

NIMNA

is

subject

to

the

supervision

of

the

Sub-Adviser

and

the

Adviser.

NIMNA

is

also

an

affiliate

of

the

Adviser.

NIMNA’s

principal

office

is

located

at

BNY

Mellon

Center,

201

Washington

Street,

Boston,

MA

02108.

As

of

March

31,

2023,

NIMNA

had

approximately

$53

billion

in

assets

under

management.

NIMNA

is

an

indirect

subsidiary

of

BNY

Mellon.

INFORMATION

ABOUT

THE

RENEWAL

OF

THE

FUND’S

MANAGEMENT

AND

SUB-INVESTMENT

ADVISORY

AGREEMENTS

(Unaudited)

22

At

a

meeting

held

February

8,

2023,

the

Board

of

Trustees

of

the

Trust

(the

“Board”),

all

the

members

of

which

are

not

“interested

persons”

of

the

Trust

as

defined

in

the

Investment

Company

Act

of

1940,

as

amended,

evaluated

(i)

a

proposal

to

continue

the

Management

Agreement

(the

“Agreement”)

between

the

Trust

and

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”)

with

respect

to

the

BNY

Mellon

Sustainable

US

Equity

ETF

(the

“fund”);

and

(ii)

a

proposal

to

continue

the

sub-investment

advisory

agreement

between

the

Adviser

and

Newton

Investment

Management

Limited

(the

“Sub-Adviser”),

an

affiliate

of

the

Adviser,

on

behalf

of

the

fund

(the

sub-investment

advisory

agreement

collectively

with

the

Agreement,

the

“Agreements”).

The

Trustees

also

met

separately

to

consider

the

Agreements.

The

Trustees

were

advised

by

legal

counsel

throughout

the

process.

To

evaluate

the

Agreements,

the

Board

requested,

and

the

Adviser

and

the

Sub-

Adviser

provided,

such

materials

as

the

Board,

with

the

advice

of

counsel,

deemed

reasonably

necessary.

In

addition,

the

Board

considered

information

it

reviewed

at

other

Board

and

Board

committee

meetings.

In

deciding

whether

to

approve

the

Agreements,

the

Board

considered

various

factors,

including

the

(i)

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

Sub-Adviser

under

each

respective

Agreement,

(ii)

investment

performance

of

the

fund,

(iii)

profits

realized

by

the

Adviser

and

its

affiliates

from

its

relationship

with

the

fund,

(iv)

fees

charged

to

comparable

funds,

(v)

other

benefits

to

the

Adviser,

the

Sub-Adviser

and/or

their

affiliates,

and

(vi)

extent

to

which

economies

of

scale

would

be

shared

as

the

fund

grows.

The

Board

considered

the

Agreements

for

the

fund

and

the

engagement

of

the

Adviser

and

the

Sub-Adviser

separately.

The

Board

reviewed

reports

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

which

included

information

(i)

comparing

the

fund’s

performance

with

the

performance

of

a

group

of

other

actively-managed

large

blend

exchange

traded

funds

(the

“Performance

Group”)

and

with

a

broader

group

of

retail

and

institutional

large

blend

funds

and

ETFs

(the

“Performance

Universe”)

for

the

one-year

period

ended

December

31,

2022;

and

(ii)

comparing

the

fund’s

contractual

management

fees

and

total

expenses

with

the

same

group

of

funds

as

the

Performance

Group

(the

“Expense

Group”)

and,

with

respect

to

total

expenses,

with

a

broader

group

of

actively-managed

large

blend

exchange-

traded

funds

(the

“Expense

Universe”),

the

information

for

which

was

derived

in

part

from

fund

financial

statements

available

to

Broadridge

as

of

the

date

of

its

analysis.

Nature,

Extent

and

Quality

of

Services

The

Board

considered

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

Sub-Adviser.

In

doing

so,

the

Trustees

relied

on

their

prior

experience

in

overseeing

the

management

of

the

fund

and

the

materials

provided

prior

to

and

at

the

meeting.

The

Board

reviewed

the

Agreements

and

the

Adviser’s

and

the

Sub-Adviser’s

responsibilities

for

managing

investment

operations

of

each

of

the

fund

in

accordance

23

with

the

fund’s

investment

objective

and

policies,

and

applicable

legal

and

regulatory

requirements.

The

Board

appreciated

the

nature

of

the

fund

as

an

exchange-traded

fund

and

considered

the

background

and

experience

of

the

Adviser’s

and

the

Sub-

Adviser’s

senior

management,

including

those

individuals

responsible

for

portfolio

management

and

regulatory

compliance

of

the

funds.

The

Board

also

considered

the

portfolio

management

resources,

structures

and

practices

of

the

Adviser

and

the

Sub-Adviser,

including

those

associated

with

monitoring

and

ensuring

the

fund’s

compliance

with

its

investment

objective

and

policies

and

with

applicable

laws

and

regulations.

The

Board

further

considered

information

about

the

Sub-Adviser’s

best

execution

procedures

as

well

as

the

Adviser’s

and

the

Sub-Adviser’s

overall

investment

management

business.

The

Board

looked

at

the

Adviser’s

general

knowledge

of

the

investment

management

business

and

that

of

its

affiliates,

including

the

Sub-Adviser.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered

the

Adviser’s

favorable

assessment

of

the

nature

and

quality

of

the

services

provided

by

the

Sub-Adviser.

Investment

Performance

The

Board

then

reviewed

the

results

of

the

fund’s

performance

comparisons

and

considered

that

the

fund’s

total

return

performance

was

below

the

Performance

Group

and

Performance

Universe

medians

for

the

one-year

period.

The

Board

discussed

with

management

the

reasons

for

the

fund’s

underperformance.

Representatives

of

the

Adviser

stated

that

the

usefulness

of

performance

comparisons

may

be

affected

by

a

number

of

factors,

including

different

investment

limitations

and

policies

that

may

be

applicable

to

the

fund

and

comparison

funds

and

the

end

date

selected.

Profits

Realized

by

the

Adviser

The

Board

considered

the

profitability

of

the

advisory

arrangement

with

the

fund

to

the

Adviser

and

its

affiliates.

The

Board

had

the

opportunity

to

discuss

with

representatives

of

the

Adviser

the

process

and

methodology

used

to

calculate

profitability.

Fees

Charged

to

Comparable

Funds

The

Board

evaluated

the

fund’s

unitary

fee

through

review

of

comparative

information

with

respect

to

fees

paid

by

similar

funds

-

i.e.,

other

actively

managed

large

blend

exchange-traded

funds.

The

Board

explored

with

management

the

differences

between

the

fund’s

fee

and

fees

paid

by

similar

funds.

The

Board

noted

the

fund’s

contractual

management

fee

was

higher

than

the

Expense

Group

median

and

the

fund’s

total

expenses

were

higher

than

the

Expense

Group

median

and

the

Expense

Universe

median

total

expenses;

however,

the

Board

further

noted

the

limited

number

of

funds

in

the

Expense

Group

and

the

Expense

Universe.

The

Board

considered

the

fee

paid

to

the

Sub-Adviser

in

relation

to

the

fee

paid

to

the

Adviser

by

the

fund

and

the

respective

services

provided

by

the

Sub-Adviser

and

the

Adviser.

The

Board

also

took

into

consideration

that

the

Sub-Adviser’s

fee

is

paid

by

the

Adviser

and

not

the

fund.

INFORMATION

ABOUT

THE

RENEWAL

OF

THE

FUND’S

MANAGEMENT

AND

SUB-INVESTMENT

ADVISORY

AGREEMENTS

(Unaudited)

(continued)

24

Other

Benefits

The

Board

also

considered

whether

the

Adviser,

the

Sub-Adviser

or

their

affiliates

benefited

in

other

ways

from

their

relationship

with

the

funds,

noting

that

neither

the

Adviser

nor

each

Sub-Adviser

maintains

soft-dollar

arrangements

in

connection

with

the

funds’

brokerage

transactions.

Economies

of

Scale

The

Board

reviewed

information

regarding

economies

of

scale

or

other

efficiencies

that

may

result

as

the

fund’s

assets

grow

in

size.

The

Board

noted

that

the

advisory

fee

rate

for

the

fund

did

not

provide

for

breakpoints

as

assets

of

the

fund

increases.

The

Adviser

asserted

that

one

of

the

benefits

of

the

unitary

fee

was

to

provide

an

unvarying

expense

structure,

which

could

be

lost

or

diluted

with

the

addition

of

breakpoints.

The

Board

noted

that

it

intends

to

continue

to

monitor

fees

as

the

fund

grows

in

size

and

assess

whether

fee

breakpoints

may

be

warranted.

Conclusion

After

weighing

the

foregoing

factors,

none

of

which

was

dispositive

in

itself

and

may

have

been

weighed

differently

by

each

Trustee,

the

Board

approved

the

continuation

of

the

Agreements

for

the

fund.

In

approving

the

continuance

of

the

Agreements,

the

Board

found

that

the

terms

of

the

Agreements

are

fair

and

reasonable

and

that

the

continuance

of

the

Agreements

are

in

the

best

interests

of

the

fund

and

its

shareholders.

For

More

Information

2023

BNY

Mellon

Securities

Corporation

4861SA0423

Telephone

Call

your

financial

representative

or

1-833-ETF-BNYM

(383-2696)

(inside

the

U.S.

only)

Mail

BNY

Mellon

ETF

Trust,

240

Greenwich

Street,

New

York,

New

York

10286

E-Mail

Send

your

request

to

info@bnymellon.com

Internet

Information

can

be

viewed

online

or

downloaded

at

www.im.bnymellon.com

BNY

Mellon

ETF

Trust

discloses,

at

www.im.bnymellon.com

,

the

identities

and

quantities

of

the

securities

held

by

the

fund

daily.

The

fund

files

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(

“

SEC

”

)

for

the

first

and

third

quarters

of

the

fiscal

year

on

Form

N-PORT.

The

fund

’

s

Forms

N-PORT

are

available

on

the

SEC

’

s

website

at

www.sec.gov

.

Additionally,

the

fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

the

most

recent

fiscal

year

available

at

https://im.bnymellon.com/etfliterature

.

The

fund

’

s

complete

schedule

of

portfolio

holdings,

as

filed

on

Form

N-PORT,

can

also

be

obtained

without

charge,

upon

request,

by

calling

1-833-383-2696.

A

description

of

the

policies

and

procedures

that

the

fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities,

and

information

regarding

how

the

fund

voted

these

proxies

for

the

most

recent

12-month

period

ended

June

30

is

available

at

www.im.bnymellon.

com

and

on

the

SEC’s

website

at

www.sec.gov

.

The

description

of

the

policies

and

procedures

is

also

available

without

charge,

upon

request,

by

calling

1-833-383-2696.

BNY

Mellon

ETF

Trust

Custodian

BNY

Mellon

ETF

Investment

Adviser,

LLC

240

Greenwich

Street

New

York,

NY

10286

The

Bank

of

New

York

Mellon

240

Greenwich

Street

New

York,

NY

10286

Adviser

Transfer

Agent

&

Dividend

Disbursing

Agent

BNY

Mellon

ETF

Investment

Adviser,

LLC

201

Washington

Street

Boston,

MA

02108

The

Bank

of

New

York

Mellon

240

Greenwich

Street

New

York,

NY

10286

Sub-Adviser

Distributor

Newton

Investment

Management

Limited

160

Queen

Victoria

Street

London,

EC4V,

4LA,

UK

BNY

Mellon

Securities

Corporation

240

Greenwich

Street

New

York,

NY

10286

Newton

Investment

Management

North

America,

LLC

BNY

Mellon

Center

201

Washington

Street

Boston,

MA

02108

Ticker

Symbol:

BNY

Mellon

Sustainable

US

Equity

ETF

BKUS

Printed

on

recycled

paper.

50%

post-consumer.

Process

chlorine

free.

Vegetable-based

ink.

BNY

Mellon

ETF

Trust

SEMI-ANNUAL

REPORT

April

30,

2023

BNY

Mellon

Concentrated

International

ETF

Contents

The

Fund

Save

time.

Save

paper.

View

your

next

shareholder

report

online

as

soon

as

it’s

available.

Log

into

www.

im.bnymellon.com

and

sign

up

for

eCommunications.

It’s

simple

and

only

takes

a

few

minutes.

The

views

expressed

herein

are

current

to

the

date

of

this

report.

These

views

and

the

composition

of

the

fund’s

portfolio

is

subject

to

change

at

any

time

based

on

market

and

other

conditions.

Not

FDIC-Insured

•

Not

Bank-Guaranteed

•

May

Lose

Value

Discussion

of

Fund

Performance

3

Understanding

Your

Fund’s

Expenses

7

Statement

of

Investments

8

Statement

of

Assets

and

Liabilities

11

Statement

of

Operations

12

Statement

of

Changes

in

Net

Assets

13

Financial

Highlights

14

Notes

to

Financial

Statements

15

Information

About

the

Renewal

of

the

Fund’s

Management

and

Sub-Investment

Advisory

Agreements

23

FOR

MORE

INFORMATION

Back

Cover

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

3

For

the

period

from

November

1,

2022,

through

April

30,

2023,

as

provided

by

Fraser

Fox,

Jane

Henderson,

Roy

Leckie,

Charlie

Macquaker

and

Maxim

Skorniakov,

Portfolio

Managers

employed

by

the

fund’s

sub-adviser,

Walter

Scott

&

Partners

Limited.

Market

and

Fund

Performance

Overview

For

the

six-month

period

ended

April

30,

2023,

the

BNY

Mellon

Concentrated

International

ETF

(the

“fund”)

produced

a

net

asset

value

total

return

of

27.15%.

1

In

comparison,

the

fund’s

benchmark,

the

MSCI

EAFE

®

Index

(the

“Index”),

produced

a

total

return

of

24.19%

for

the

same

period.

2

International

markets

gained

ground

during

the

reporting

period

as

central

bank

rate

hikes

began

to

slow

inflation

rates,

the

Chinese

economy

reopened

after

the

government

rescinded

its

“zero-COVID-19”

policy,

and

the

U.S.

dollar

weakened

relative

to

most

international

currencies.

The

fund

outperformed

the

Index

largely

due

to

the

fund’s

lack

of

bank

industry

exposure,

as

well

as

strong

individual

stock

selections.

The

Fund’s

Investment

Approach

The

fund

seeks

long-term

total

return.

To

pursue

its

goal,

the

fund

normally

invests

primarily

in

equity

securities

of

foreign

companies

located

in

developed

markets,

excluding

the

United

States.

The

fund

considers

"developed

markets"

to

be

countries

included

in

the

Morgan

Stanley

Capital

International

(MSCI)

Europe,

Australasia

and

Far

East

(EAFE®)

Index

and

Canada.

"Foreign

companies"

are

companies:

(i)

that

are

organized

under

the

laws

of

a

foreign

country;

(ii)

whose

principal

trading

market

is

in

a

foreign

country;

or

(iii)

that

have

a

majority

of

their

assets,

or

that

derive

a

majority

of

their

revenue

or

profits

from

businesses,

investments

or

sales,

outside

the

United

States.

The

fund

ordinarily

invests

in

at

least

three

countries

and

is

not

geographically

limited

in

its

investment

selection.

The

fund

invests

principally

in

common

stocks,

including

common

stocks

listed

on

foreign

exchanges.

The

fund

may

invest

in

equity

securities

of

companies

of

any

market

capitalization.

In

addition,

the

fund

may,

from

time

to

time,

invest

a

significant

portion

(more

than

20%)

of

its

total

assets

in

equity

securities

of

companies

in

certain

sectors

or

located

in

particular

regions

or

countries.

Equities

Rise

as

Inflation

Moderates

International

developed-markets

equities

climbed

during

the

prior

reporting

period

as

interest-rate

hikes

implemented

by

central

banks

began

to

gain

traction

in

the

fight

against

rampant

inflation.

In

October

2022,

just

prior

to

the

start

of

the

reporting

period,

inflation

in

the

20-member

eurozone

averaged

10.6%,

its

highest

level

since

the

eurozone

group

was

established

in

1999.

The

European

Central

Bank

raised

its

fixed

benchmark

rate

from

0.75%

to

1.50%

on

November

2,

2022,

followed

by

three

additional

increases

to

3.00%

as

of

March

22,

2023.

Inflation

appeared

to

respond,

declining

to

7.0%

as

of

April

2023.

While

economic

growth

rates

declined

as

well,

they

remained

positive.

Similar

trends

in

the

United

States

and

elsewhere

encouraged

hopes

that

inflation

might

be

tamed

without

prompting

a

major

global

recession.

International

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

4

markets

were

further

buoyed

by

the

Chinese

government’s

decision

in

December

2022

to

end

its

“zero-COVID-19”

strategy,

which

had

resulted

in

lockdowns

that

slowed

Chinese

economic

growth

and

disrupted

global

supply

chains,

with

negative

effects

felt

throughout

the

world’s

economies.

Developed-markets

equities,

particularly

those

denominated

in

U.S.

dollars,

also

benefited

from

a

weakening

U.S.

dollar

relative

to

most

international

currencies.

The

U.S.

dollar

weakened

throughout

the

period

as

U.S.

inflation

moderated,

and

the

Fed

appeared

to

near

the

end

of

its

current

rate-hike

cycle.

Most

international

equities

benefited

from

these

conditions,

with

all

industry

sectors

generating

positive

returns.

Many

of

the

market’s

strongest

returns

were

seen

among

growth-oriented

shares

that

had

underperformed

earlier

in

2022.

Conversely,

energy

stocks

were

hurt

by

declining

commodity

prices,

while

real

estate

equities

lagged

as

interest

rates

continued

to

rise.

Banking

sector

stocks

also

suffered

as

rising

interest

rates

led

to

the

failures

of

several

prominent,

U.S.-based

regional

banks,

raising

concerns

among

international

investors

and

bank

customers.

Stock

Selections

Bolster

Relative

Performance

As

we

have

noted

in

previous

reports,

the

fund’s

sector

and

country

exposures

are

a

function

of

individual

stock

selections,

and

performance

within

sectors

and

countries

is

determined

by

those

individual

selections.

It

is

also

important

to

point

out

that

the

fund

does

not

adopt

a

deliberate

bias

in

favor

of

growth

over

value;

rather

we

seek

solely

to

invest

the

fund’s

assets

in

quality

businesses

that

can

deliver

sustainable,

long-term

growth

based

on

all

of

a

company’s

fundamental

aspects,

including

growth,

profitability,

return

structure,

balance

sheet

strength,

sustainability

credentials

and

valuation.

That

said,

the

fund

generated

its

strongest

returns

relative

to

the

Index

in

the

financial

sector,

largely

due

to

lack

of

exposure

to

banks

and

to

positive

selections

among

life

insurers,

including

Hong

Kong-based

AIA

Group

Ltd.

and

UK-

based

Prudential

PLC.

The

fund

also

significantly

outperformed

in

the

information

technology

sector,

led

by

holdings

in

Germany-based

enterprise

software

company

SAP

SE,

Netherlands-based

semiconductor

equipment

maker

ASML

Holding

NV

and

Taiwan-based

semiconductor

producer

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

Another

top

performer,

Denmark-based

pharmaceutical

firm

Novo

Nordisk

A/S,

benefited

from

increased

sales

of

Wegovy,

a

recently

launched

weight-loss

drug,

and

the

continued

success

of

the

company’s

diabetes

treatment

franchise.

From

a

country

perspective,

the

greatest

contributions

to

the

fund’s

relative

returns

came

from

investments

in

Europe

ex-UK

and

Japan.

On

the

negative

side,

several

holdings

detracted

from

the

fund’s

returns

relative

to

the

Index.

Among

the

most

notable,

shares

in

Canada-based

international

convenience

store

chain

Alimentation

Couche-Tard,

Inc.

posted

positive

returns

but

lagged

the

Index.

Switzerland-based

pharmaceutical

firm

Roche

Holding

AG,

which

had

generated

strong

COVID-19-related

revenues

faced

more

bearish

sentiment

as

the

pandemic

5

faded,

raising

the

prospect

of

more

challenging,

year-over-year

financial

comparisons.

Shares

in

Switzerland-based,

trade-related

product

testing

and

verification

services

provider

SGS

SA

were

undermined

by

expectations

of

slowing

global

growth

in

the

prevailing,

high-rate

environment.

Geographically,

the

fund

underperformed

the

Index

only

in

Canada

(not

included

in

the

MSCI

EAFE

index)

due

to

the

underperformance

of

Alimentation

Couche-Tard,

Inc.,

mentioned

above.

Maintaining

a

Consistent

Investment

Approach

As

of

the

end

of

the

period,

inflation,

interest

rates

and

the

prospect

for

slowing

economic

growth

continue

to

confront

international

equities

markets.

Only

time

will

tell

if

central

banks

can

successfully

control

inflation

while

avoiding

a

recession.

Nevertheless,

we

continue

to

believe

that

over

time,

and

looking

through

periods

of

volatility,

share

prices

will

reflect

the

earnings

generated

by

companies.

In

our

opinion,

short-term

volatility

highlights

the

importance

of

investing

in

high-quality

companies

that

operate

substantially

above

breakeven

levels

with

leading,

entrenched,

and

defendable

market

positions,

pricing

power,

good

cash

generation

and

strong

balance

sheets.

Accordingly,

we

remain

sharply

focused

on

the

long-term

prospects

of

the

individual

companies

in

which

the

fund

invests.

As

a

result

of

the

fund’s

individual

stock

selections,

as

of

April

30,

2023,

the

fund

holds

materially

overweight

exposure

relative

to

the

Index

to

the

information

technology,

health

care

and

consumer

staples

sectors,

and

significantly

underweight

exposure

to

financials

and

communications

services.

May

15,

2023

1

Total

return

includes

reinvestment

of

dividends

and

any

capital

gains

paid.

A

fund’s

net

asset

value

(NAV)

is

the

sum

of

all

its

assets

less

any

liabilities,

divided

by

the

number

of

shares

outstanding.

ETFs

are

bought

and

sold

at

market

prices,

not

NAV,

therefore

an

investor’s

return

at

market

price

may

differ

from

NAV.

Past

performance

is

no

guarantee

of

future

results.

Share

price,

yield

and

investment

return

fluctuate

such

that

upon

redemption,

fund

shares

may

be

worth

more

or

less

than

their

original

cost

2

Source:

Lipper

Inc.

—

The

MSCI

EAFE

®

Index

(Europe,

Australasia,

Far

East)

is

a

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

equity

market

performance

of

developed

markets,

excluding

the

U.S.

and

Canada.

It

reflects

reinvestment

of

net

dividends

and,

where

applicable,

capital

gain

distributions.

Investors

cannot

invest

directly

in

any

index.

ETFs

trade

like

stocks,

are

subject

to

investment

risk,

including

possible

loss

of

principal.

ETF

shares

are

listed

on

an

exchange,

and

shares

are

generally

purchased

and

sold

in

the

secondary

market

at

market

price.

At

times,

the

market

price

may

be

at

a

premium

or

discount

to

the

ETF’s

per

share

NAV.

In

addition,

ETFs

are

subject

to

the

risk

that

an

active

trading

market

for

an

ETF’s

shares

may

not

develop

or

be

maintained.

Buying

or

selling

ETF

shares

on

an

exchange

may

require

payment

of

brokerage

commissions.

Equities

are

subject

generally

to

market,

market

sector,

market

liquidity,

issuer

and

investment

style

risks,

among

other

factors,

to

varying

degrees,

all

of

which

are

more

fully

described

in

the

fund’s

prospectus.

Currencies

are

subject

to

the

risk

that

those

currencies

will

decline

in

value

relative

to

a

local

currency,

or,

in

the

case

of

hedged

positions,

that

the

local

currency

will

decline

relative

to

the

currency

being

hedged.

Each

of

these

risks

could

increase

the

fund’s

volatility.

Investing

in

foreign-denominated

and/or

domiciled

securities

involves

special

risks,

including

changes

in

currency

exchange

rates,

political,

economic

and

social

instability,

limited

company

information,

differing

auditing

and

legal

standards

and

less

market

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

6

liquidity.

These

risks

generally

are

greater

with

emerging-market

countries.

Diversification

cannot

assure

a

profit

or

protect

against

loss.

The

fund

may,

but

is

not

required

to,

use

derivative

instruments.

A

small

investment

in

derivatives

could

have

a

potentially

large

impact

on

the

fund's

performance.

The

use

of

derivatives

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

the

underlying

assets.

The

fund

is

non-diversified,

which

means

that

the

fund

may

invest

a

relatively

high

percentage

of

its

assets

in

a

limited

number

of

issuers.

Therefore,

the

fund’s

performance

may

be

more

vulnerable

to

changes

in

the

market

value

of

a

single

issuer

or

group

of

issuers

and

more

susceptible

to

risks

associated

with

a

single

economic,

political

or

regulatory

occurrence

than

a

diversified

fund.

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

7

As

a

shareholder

of

the

fund,

you

pay

ongoing

expenses,

such

as

management

fees

and

other

expenses.

Using

the

information

below,

you

can

estimate

how

these

expenses

affect

your

investment

and

compare

them

with

the

expenses

of

other

funds.

For

more

information,

see

your

fund’s

prospectus

or

talk

to

your

financial

adviser.

Actual

Expenses

The

information

under

each

column

in

the

table

below

entitled

“Actual”

provides

information

about

on

how

much

a

$1,000

investment

would

be

worth

at

the

close

of

the

period,

assuming

net

asset

value

total

returns

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

for

the

fund

under

the

heading

entitled

“Expenses

paid

for

the

period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

For

Comparison

Purposes

The

Securities

and

Exchange

Commission

(“SEC”)

has

established

guidelines

to

help

investors

assess

fund

expenses.

The

information

under

each

column

in

the

table

entitled

“Hypothetical”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

ending

account

values

and

expenses

paid

for

the

period

in

the

table

are

useful

in

comparing

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

For

the

six

months

ended

April

30,

2023

(a)

Expenses

are

calculated

using

the

annualized

expense

ratio,

which

represents

the

ongoing

expenses

as

a

percentage

of

net

assets

for

the

six-month

period

ended

April

30,

2023.

Expenses

are

calculated

by

multiplying

the

fund’s

annualized

expense

ratio

by

the

average

account

value

for

the

period,

then

multiplying

the

result

by

181/365.

Beginning

account

value

($)

Ending

account

value($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

(a)

Hypothetical

(a)

1,000.00

1,000.00

1,271.50

1,020.83

4.51

4.01

0.80

STATEMENT

OF

INVESTMENTS

April

30,

2023

(Unaudited)

8

Description

Shares

Value

($)

Common

Stocks

–

98.2%

Australia

–

3.3%

CSL

Ltd.

12,640

2,514,016

Canada

–

5.0%

Alimentation

Couche-Tard,

Inc.

76,001

3,793,178

Denmark

–

7.8%

Coloplast

A/S,

Class

B

17,120

2,462,527

Novo

Nordisk

A/S,

Class

B

20,698

3,441,048

5,903,575

Finland

–

3.0%

Kone

OYJ,

Class

B

40,799

2,324,255

France

–

16.9%

Air

Liquide

SA

18,656

3,354,511

L'Oreal

SA

6,240

2,975,538

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,616

3,470,486

TotalEnergies

SE

47,901

3,058,207

12,858,742

Germany

–

8.8%

adidas

AG

9,600

1,686,601

Merck

KGaA

11,360

2,034,741

SAP

SE

21,760

2,945,867

6,667,209

Hong

Kong

–

6.6%

AIA

Group

Ltd.

264,028

2,857,348

CLP

Holdings

Ltd.

288,054

2,143,071

5,000,419

Ireland

–

2.9%

Experian

PLC

62,024

2,190,366

Japan

–

14.5%

Daikin

Industries

Ltd.

12,800

2,313,009

Hoya

Corp.

19,200

2,002,510

Keyence

Corp.

6,400

2,870,124

Shin-Etsu

Chemical

Co.

Ltd.

80,000

2,268,267

SMC

Corp.

3,200

1,591,251

11,045,161

Netherlands

–

2.9%

ASML

Holding

NV

3,520

2,224,436

Singapore

–

3.6%

CapitaLand

Ascendas

REIT

(a)

1,280,000

2,743,508

9

Description

Shares

Value

($)

Common

Stocks

–

98.2%

(continued)

Spain

–

2.7%

Amadeus

IT

Group

SA

(b)

29,419

2,066,254

Switzerland

–

9.4%

Nestle

SA

21,760

2,787,890

Roche

Holding

AG

7,136

2,238,158

SGS

SA

23,200

2,090,946

7,116,994

Taiwan

–

2.6%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

24,000

2,023,200

United

Kingdom

–

8.2%

Compass

Group

PLC

140,826

3,711,350

Prudential

PLC

164,444

2,503,757

6,215,107

Total

Common

Stocks

(cost

$68,935,436)

74,686,420

Investment

Companies

–

1.5%

Registered

Investment

Companies

–

1.5%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.81%

(c)(d)

(cost

$1,102,989)

1,102,989

1,102,989

Total

Investments

(cost

$70,038,425)

99.7%

75,789,409

Cash

and

Receivables

(Net)

0.3%

199,459

Net

Assets

100.0%

75,988,868

ADR—American

Depositary

Receipt

REIT—Real

Estate

Investment

Trust

(a)

Investment

in

a

real

estate

investment

trust.

(b)

Non-income

producing

security.

(c)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(d)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2023.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2023

are

as

follows:

Description

Value

10/31/22

Purchases

($)

1

Sales

($)

Value

4/30/23

Dividends/

Distributions

($)

Investment

Companies

–

1.5%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

1,239,658

989,131

(1,125,800)

1,102,989

22,128

Total

–

1.5%

1,239,658

989,131

(1,125,800)

1,102,989

22,128

1

Includes

reinvested

dividends/distributions.

STATEMENT

OF

INVESTMENTS

(continued)

10

See

Notes

to

Financial

Statements

Portfolio

Summary

(Unaudited)

†

Value

(%)

Health

Care

19.3

Consumer

Discretionary

14.4

Industrials

13.8

Information

Technology

13.2

Consumer

Staples

12.6

Materials

7.4

Financials

7.1

Energy

4.0

Real

Estate

3.6

Utilities

2.8

Registered

Investment

Companies

1.5

99.7

†

Based

on

net

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

April

30,

2023

(Unaudited)

11

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments:

–

Unaffiliated

issuers

68,935,436

74,686,420‌

Affiliated

issuers

1,102,989

1,102,9

89‌

Cash

denominated

in

foreign

currency

51,865

51,860‌

Tax

reclaim

receivable—Note

2(b)

104,515‌

Dividends

receivable

90,891‌

76,036,675‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—

Note

3(b)

47,807‌

47,807‌

Net

Assets

($)

75,988,868‌

Composition

of

Net

Assets

($):

Paid-in

capital

69,590,612‌

Total

distributable

earnings

(loss)

6,398,25

6‌

Net

Assets

($)

75,988,86

8‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

1,600,001‌

Net

asset

value

per

share

47.49‌

Market

price

per

share

47.71‌

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2023

(Unaudited)

12

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends

(net

of

$108,887

foreign

taxes

withheld

at

source):

Unaffiliated

issuers

820,35

0‌

Affiliated

issuers

22,128‌

Total

Income

842,47

8‌

Expenses:

Management

fee—Note

3(a)

269,019‌

Total

Expenses

269,019‌

Net

Investment

Income

573,459‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

136,84

1‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

transactions

14,756,672‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

14,893,51

3‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

15,466,972‌

STATEMENT

OF

CHANGES

IN

NET

ASSETS

13

See

Notes

to

Financial

Statements

Six

Months

Ended

April

30,

2023

(Unaudited)

For

the

Period

from

December

8,

2021

(a)

to

October

31,

2022

Operations

($):

Net

investment

income

573,459‌

221,836‌

Net

realized

gain

(loss)

on

investments

136,84

1‌

(4,061‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

14,756,672‌

(9,004,851‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

15,466,972‌

(8,787,076‌)

Distributions

($):

Distributions

to

shareholders

(281,640‌)

—‌

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

4,522,946‌

65,065,947‌

Transaction

fees—Note

5

—‌

1,719‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

4,522,946‌

65,067,666‌

Total

Increase

(Decrease)

in

Net

Assets

19,708,278‌

56,280,590‌

Net

Assets

($):

Beginning

of

Period

56,280,590‌

—‌

End

of

Period

75,988,868‌

56,280,590‌

Changes

in

Shares

Outstanding:

Shares

sold

100,000‌

1,500,001‌

Net

Increase

(Decrease)

in

Shares

Outstanding

100,000‌

1,500,001‌

(a)

Commencement

of

operations.

FINANCIAL

HIGHLIGHTS

14

The

following

table

describes

the

performance

for

the

fiscal

period

indicated

and

these

figures

have

been

derived

from

the

fund’s

financial

statements.

See

Notes

to

Financial

Statements

Six

Months

Ended

April

30,

2023

(Unaudited)

For

the

Period

from

December

8,

2021

(a)

to

October

31,

2022

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

37.52‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

0.37‌

0.30‌

Net

realized

and

unrealized

gain

(loss)

on

investments

9.79‌

(12.78‌)

Total

from

Investment

Operations

10.16‌

(12.48‌)

Distributions:

Dividends

from

net

investment

income

(0.19‌)

—‌

Transaction

fees

(b)

—‌

0.00‌

(c)

Net

asset

value,

end

of

period

47.49‌

37.52‌

Market

price,

end

of

period

(d)

47.71‌

37.12‌

Net

Asset

Value

Total

Return

(%)

(e)

27.15‌

(24.96‌)

(f)

Market

Price

Total

Return

(%)

(e)

29.11‌

(25.76‌)

(f)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.80‌

(g)

0.80‌

(g)

Ratio

of

net

investment

income

to

average

net

assets

1.70‌

(g)

0.82‌

(g)

Portfolio

Turnover

Rate

(h)

2.11‌

–‌

Net

Assets,

end

of

period

($

x

1,000)

75,989‌

56,281‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Amount

represents

less

than

$0.01

per

share.

(d)

The

mean

between

the

last

bid

and

ask

prices.

(e)

Net

asset

value

total

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

at

net

asset

value

on

the

last

day

of

the

period.

Net

asset

value

total

return

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Market

price

total

return

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period,

and

sale

at

the

market

price

on

the

last

day

of

the

period.

Total

investment

returns

calculated

for

a

period

of

less

than

one

year

are

not

annualized.

(f)

The

net

asset

value

total

return

and

the

market

price

total

return

is

calculated

from

fund

inception.

(g)

Annualized.

(h)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

NOTES

TO

FINANCIAL

STATEMENTS

15

NOTE

1—Organization:

BNY

Mellon

Concentrated

International

ETF (the “fund”) is a

separate

non-

diversified series

of

BNY

Mellon

ETF

Trust

(the

“Trust”),

which is

registered as

a

Massachusetts

business

trust

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”),

as

an

open-ended

management

investment

company.

The

Trust

operates

as

a

series

company

currently

consisting

of

fifteen

series,

including

the

fund.

The

investment

objective

of

the

fund

is

to

seek

long-term

total

return.

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”),

a

wholly-owned

subsidiary

of

The

Bank

of

New

York

Mellon

Corporation

(“BNY

Mellon”),

serves

as

the

fund’s

investment

adviser. Walter

Scott

&

Partners

Limited (the

“Sub-Adviser”),

an

indirect wholly-

owned

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

the

fund’s

sub-adviser.

The

Bank

of

New

York

Mellon,

a

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

administrator,

custodian

and

transfer

agent

with

the

Trust.

BNY

Mellon

Securities

Corporation

(the

“Distributor”),

an

indirect

wholly-

owned

subsidiary

of

the

Adviser,

is

the

distributor

of

the

fund’s

shares.

The

shares

of

the

fund

are

referred

to

herein

as

“Shares”

or

“fund’s

Shares.”

The

fund’s

Shares

are

listed

and

traded

on

NYSE

Arca,

Inc.

The

market

price

of

each

Share

may

differ

to

some

degree

from

the

fund’s

net

asset

value

(“NAV”).

Unlike

conventional

mutual

funds,

the

fund

issues

and

redeems

Shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

Shares,

each

called

a

“Creation

Unit.”

Creation

Units

are

issued

and

redeemed

principally

in

exchange

for

the

deposit

or

delivery

of

a

basket

of

securities.

Except

when

aggregated

in

Creation

Units

by

Authorized

Participants,

the

Shares

are

not

individually

redeemable

securities

of

the

fund.

Individual

fund

Shares

may

only

be

purchased

and

sold

on

the

NYSE

Arca,

Inc.,

other

national

securities

exchanges,

electronic

crossing

networks

and

other

alternative

trading

systems

through

your

broker-dealer

at

market

prices.

Because

fund

Shares

trade

at

market

prices

rather

than

at

NAV,

fund

Shares

may

trade

at

a

price

greater

than

NAV

(premium)

or

less

than

NAV

(discount).

When

buying

or

selling

Shares

in

the

secondary

market,

you

may

incur

costs

attributable

to

the

difference

between

the

highest

price

a

buyer

is

willing

to

pay

to

purchase

Shares

of

the

fund

(bid)

and

the

lowest

price

a

seller

is

willing

to

accept

for

Shares

of

the

fund

(ask). 

NOTE

2—Significant

Accounting

Policies: 

The

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

is

the

exclusive

reference

of

authoritative

U.S.

generally

accepted

accounting

principles

(“GAAP”)

recognized

by

the

FASB

to

be

applied

by

nongovernmental

entities.

Rules

and

interpretive

releases

of

the

SEC

under

authority

of

federal

laws

are

also

sources

of

authoritative

GAAP

for

SEC

registrants. The

fund

is an

investment

company

and

applies

the

accounting

and

reporting

guidance

of

the

FASB

ASC

Topic

946

Financial

Services-Investment

Companies. The

fund’s

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

16

financial

statements

are

prepared

in

accordance

with

GAAP,

which

may

require

the

use

of

management

estimates

and

assumptions.

Actual

results

could

differ

from

those

estimates.  

The

Trust

accounts

separately

for

the

assets,

liabilities

and

operations

of

each

series.

Expenses

directly

attributable

to

each

series

are

charged

to

that

series’

operations;

expenses

which

are

applicable

to

all

series

are

allocated

among

them

on

a

pro

rata

basis.

The

Trust

enters

into

contracts

that

contain

a

variety

of

indemnifications.

The

fund’s

maximum

exposure

under

these

arrangements

is

unknown.

The

fund

does

not

anticipate

recognizing

any

loss

related

to

these

arrangements. 

(a)

Portfolio

valuation:

The

fair

value

of

a

financial

instrument

is

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price).

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

of

valuation

techniques

used

to

measure

fair

value.

This

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Additionally,

GAAP

provides

guidance

on

determining

whether

the

volume

and

activity

in

a

market

has

decreased

significantly

and

whether

such

a

decrease

in

activity

results

in

transactions

that

are

not

orderly.

GAAP

requires

enhanced

disclosures

around

valuation

inputs

and

techniques

used

during

annual

and

interim

periods.

Various

inputs

are

used

in

determining

the

value

of

the

fund’s

investments

relating

to

fair

value

measurements.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

unadjusted

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

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

Valuation

techniques

used

to

value

the

fund’s

investments

are

as

follows:

The

Trust’s Board

of

Trustees

(the

“Board”)

has

designated

the

Adviser

as

the

fund’s

valuation

designee

to

make

all

fair

value

determinations

with

respect

to

the

fund’s

portfolio

of

investments,

subject

to

the

Board’s

oversight

and

pursuant

to

Rule

2a-5

under

the

Act.

17

Investments

in

equity

securities,

including

ETFs

(but

not

including

investments

in

other

open-end

registered

investment

companies)

generally

are

valued

at

the

last

sales

price

on

the

day

of

valuation

on

the

securities

exchange

or

national

securities

market

on

which

such

securities

primarily

are

traded.

Securities

listed

on

the

National

Association

of

Securities

Dealers

Automated

Quotation

System

(“NASDAQ”)

for

which

market

quotations

are

available

will

be

valued

at

the

official

closing

price.

If

there

are

no

transactions

in

a

security,

or

no

official

closing

prices

for

a

NASDAQ

market-listed

security

on

that

day,

the

security

will

be

valued

at

the

average

of

the

most

recent

bid

and

asked

prices.

Bid

price

is

used

when

no

asked

price

is

available.

Open

short

positions

for

which

there

is

no

sale

price

on

a

given

day

are

valued

at

the

lowest

asked

price.

Registered

investment

companies

that

are

not

traded

on

an

exchange

are

valued

at

their

net

asset

value.

All

of

the

preceding

securities

are

generally

categorized

within

Level

1

of

the

fair

value

hierarchy. 

When

market

quotations

or

official

closing

prices

are

not

readily

available,

or

are

determined

not

to

reflect

fair

value

accurately,

they are

valued

at

fair

value

as

determined

in

good

faith

based

on

procedures

approved

by

the

Board.

Fair

value

of

investments

may

be

determined

by

valuation

designee

using

such

information

as

it

deems

appropriate

under

the

circumstances.

Certain

factors

may

be

considered

when

fair

valuing

investments

such

as:

fundamental

analytical

data,

the

nature

and

duration

of

restrictions

on

disposition,

an

evaluation

of

the

forces

that

influence

the

market

in

which

the

securities

are

purchased

and

sold,

and

public

trading

in

similar

securities

of

the

issuer

or

comparable

issuers.

These

securities

are

either

categorized

within

Level

2

or

3

of

the

fair

value

hierarchy

depending

on

the

relevant

inputs

used.

For

securities

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

and

are

generally

categorized

within

Level

3

of

the

fair

value

hierarchy.

Investments

denominated

in

foreign

currencies

are

translated

to

U.S.

dollars

at

the

prevailing

rates

of

exchange.

The

table

below

summarizes

the

inputs

used

as

of April

30,

2023

in

valuing

the

fund’s

investments:

Fair

Value

Measurements

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

($)

Investments

In

Securities:

†

Common

Stocks

74,686,420

—

—

74,686,420

Investment

Companies

1,102,989

—

—

1,102,989

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

18

(b)

Foreign

currency

transactions:

The

fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

on

investments.

Net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

on

securities

transactions

between

trade

and

settlement

date,

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

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

the

value

of

assets

and

liabilities

other

than

investments

resulting

from

changes

in

exchange

rates.

Foreign

currency

gains

and

losses

on

foreign

currency

transactions

are

also

included

with

net

realized

and

unrealized

gain

or

loss

on

investments.

Foreign

Taxes:

The

fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

realized

and

unrealized

capital

gains

on

investments

or

certain

foreign

currency

transactions.

Foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

fund

and

are

reflected

in

the

Statement

of

Operations,

if

applicable.

Foreign

taxes

payable

or

deferred

or

those

subject

to

reclaims

as

of

April

30,

2023,

if

any,

are

disclosed

in

the

fund’s

Statement

of

Assets

and

Liabilities.

(c) Securities

transactions

and

investment

income:

Securities

transactions

are

recorded

on

a

trade

date

basis.

Realized

gains

and

losses

from

securities

transactions

are

recorded

on

the

identified

cost

basis.

Dividend

income

is

recognized

on

the

ex-

dividend

date

and

interest

income,

including,

where

applicable,

accretion

of

discount

and

amortization

of

premium

on

investments,

is

recognized

on

the

accrual

basis.

(d)

Affiliated

issuers:

Investments

in

other

investment

companies

advised

by

the

Adviser

are

defined

as

“affiliated”

under

the

Act. 

(e)

Market

Risk:

The

value

of

the

securities

in

which

the

fund

invests

may

be

affected

by

political,

regulatory,

economic

and

social

developments,

and

developments

that

impact

specific

economic

sectors,

industries

or

segments

of

the

market.

The

value

of

a

security

may

also

decline

due

to

general

market

conditions

that

are

not

specifically

related

to

a

particular

company

or

industry,

such

as

real

or

perceived

adverse

economic

conditions,

changes

in

the

general

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates,

changes

to

inflation,

adverse

changes

to

credit

markets

or

adverse

investor

sentiment

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

fund.

Global

economies

and

financial

markets

are

becoming

increasingly

interconnected,

and

conditions

and

events

in

one

country,

19

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

world-wide.

Recent

examples

include

pandemic

risks

related

to

COVID-19

and

aggressive

measures

taken

world-wide

in

response

by

governments,

including

closing

borders,

restricting

international

and

domestic

travel,

and

the

imposition

of

prolonged

quarantines

of

large

populations,

and

by

businesses,

including

changes

to

operations

and

reducing

staff.

Foreign

Investment

Risk:

Because

the

fund

invests

in

foreign

securities,

the

fund’s

performance

will

be

influenced

by

political,

social

and

economic

factors

affecting

investments

in

foreign

issuers.

Special

risks

associated

with

investments

in

foreign

issuers

include

exposure

to

currency

fluctuations,

less

liquidity,

less

developed

or

less

efficient

trading

markets,

lack

of

comprehensive

company

information,

political

and

economic

instability

and

differing

auditing

and

legal

standards.

The

imposition

of

sanctions,

confiscations,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

United

States

and

other

governments,

or

problems

in

share

registration,

settlement

or

custody,

may

result

in

losses

for

the

fund.

Investments

denominated

in

foreign

currencies

are

subject

to

the

risk

that

such

currencies

will

decline

in

value

relative

to

the

U.S.

dollar

and

affect

the

value

of

these

investments

held

by

the

fund.

To

the

extent

securities

held

by

the

fund

trade

in

a

market

that

is

closed

when

the

exchange

on

which

the

fund’s

shares

trade

is

open,

there

may

be

deviations

between

the

current

price

of

a

security

and

the

last

quoted

price

for

the

security

in

the

closed

foreign

market.

These

deviations

could

result

in

the

fund

experiencing

premiums

or

discounts

greater

than

those

of

ETFs

that

invest

in

domestic

securities.

To

the

extent

the

fund’s

investments

are

focused

in

a

limited

number

of

foreign

countries,

the

fund’s

performance

could

be

more

volatile

than

that

of

more

geographically

diversified

funds.

Non-Diversification

Risk:

The

fund

is

non-diversified,

which

means

that

the

fund

may

invest

a

relatively

high

percentage

of

its

assets

in

a

limited

number

of

issuers.

Therefore,

the

fund’s

performance

may

be

more

vulnerable

to

changes

in

the

market

value

of

a

single

issuer

or

group

of

issuers

and

more

susceptible

to

risks

associated

with

a

single

economic,

political

or

regulatory

occurrence

than

a

diversified

fund.

(f)

Dividends

and

distributions

to

shareholders:

Dividends

and

distributions are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

income

and

dividends

from net

realized

capital

gains,

if

any,

are

normally

declared

and

paid

annually,

but

the

fund

may

make

distributions

on

a

more

frequent

basis

to

comply

with

the

distribution

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

To

the

extent

that

net

realized

capital

gains

can

be

offset

by

capital

loss

carryovers

of

a

fund,

it

is

the

policy

of

the

fund

not

to

distribute

such

gains.

Income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

20

(g)

Federal

income

taxes:

It

is

the

policy

of

the

fund

to

continue

to qualify

as

a

regulated

investment

company,

if

such

qualification

is

in

the

best

interests

of

its

shareholders,

by

complying

with

the

applicable

provisions

of

the

Code,

and

to

make

distributions

of

taxable

income

and

net

realized

capital

gain sufficient

to

relieve

it

from

substantially

all

federal

income

and

excise

taxes.

As

of

and

during

the period

ended April

30,

2023,

the

fund

did

not

have

any

liabilities

for

any

uncertain

tax

positions.

The

fund

recognizes

interest

and

penalties,

if

any,

related

to

uncertain

tax

positions

as

income

tax

expense

in

the

Statement

of

Operations.

During

the period

ended April

30,

2023,

the

fund

did

not

incur

any

interest

or

penalties.

The

tax

year

in

the

period

ended October

31,

2022

remains

subject

to

examination

by

the

Internal

Revenue

Service

and

state

taxing

authorities. 

The

fund

had

no

tax

character

of

distributions

paid

to

shareholders

during

the

fiscal

year

ended

October

31,

2022.

The

tax

character

of

current

year

distributions

will

be

determined

at

the

end

of

the

current

fiscal

year. 

NOTE

3—Management

Fee,

Sub-Advisory

Fee

and

Other

Transactions

with

Affiliates:

(a)

Pursuant

to

a

management

agreement

with

the

Adviser,

the

management

fee

is computed

at

an

annual

rate of

0.80%

of

the

value

of

the

fund’s

average

daily

net

assets

and

is

payable

monthly.

The

fund’s

management

agreement

provides

that

the

Adviser

pays

substantially

all

expenses

of

the

fund,

except

for

the

management

fees,

payments

under

the

fund’s

12b-1

plan

(if

any),

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

brokerage

commissions,

costs

of

holding

shareholder

meetings,

fees

and

expenses

associated

with

the

fund’s

securities

lending

program,

and

litigation

and

potential

litigation

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

fund’s

business.

The

Adviser

may

from

time

to

time

voluntarily

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

total

annual

fund

operating

expenses.

Any

such

voluntary

waiver

or

reimbursement

may

be

eliminated

by

the

Adviser

at

any

time.

During

the

period

ended

April

30,

2023,

there

was

no

reduction

in

expenses

pursuant

to

the

undertaking.

Pursuant

to

a

sub-investment

advisory

agreement

between

the

Adviser

and

the

Sub-

Adviser,

the

Sub-Adviser

serves

as

the

fund’s

sub-adviser

responsible

for

the

day-to-day

management

of

the

fund’s

portfolio.

The

Adviser

pays

the

Sub-Adviser

a

monthly

fee

at

an

annual

percentage

of

the

value

of

the

fund’s

average

daily

net

assets.

The

Adviser

has

obtained

an

exemptive

order

from

the

SEC

(the

“Order”),

upon

which

the

fund

may

rely,

to

use

a

manager

of

managers

approach

that

permits

the

Adviser,

subject

to

certain

conditions

and

approval

by

the

Board,

to

enter

into

and

materially

amend

sub-investment

advisory

agreements

with

one

or

more

sub-advisers

who

are

either

unaffiliated

or

affiliated

with

the

Adviser

without

obtaining

shareholder

approval.

The

Order

also

relieves

the

fund

from

disclosing

the

sub-advisory

fee

paid

by

the

Adviser

21

to

a

Sub-Adviser

in

documents

filed

with

the

SEC

and

provided

to

shareholders.

In

addition,

pursuant

to

the

Order,

it

is

not

necessary

to

disclose

the

sub-advisory

fee

payable

by

the

Adviser

separately

to

a

Sub-Adviser

that

is

a

wholly-owned

subsidiary

(as

defined

in

the

1940

Act)

of

BNY

Mellon

in

documents

filed

with

the

SEC

and

provided

to

shareholders;

such

fees

are

to

be

aggregated

with

fees

payable

to

the

Adviser.

The

Adviser

has

ultimate

responsibility

(subject

to

oversight

by

the

Board)

to

supervise

any

Sub-Adviser

and

recommend

the

hiring,

termination,

and

replacement

of

any

Sub-Adviser

to

the

Board.

Pursuant

to

a

sub-investment

advisory

agreement

between

the

Adviser

and

the

Sub-

Adviser,

the

Adviser

pays

the

Sub-Adviser

a

monthly

fee

at

an

annual

rate

of

0.40%

of

the

value

of

the

fund’s

average

daily

net

assets.

The

Adviser,

and

not

the

fund,

pays

the

Sub-Adviser

fee

rate.

(b)

The

fund

has

an

arrangement

with

The

Bank

of

New

York

Mellon

(the

“Custodian”),

a

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser, whereby

the

fund

will

receive

interest

income

or

be

charged

overdraft

fees

when

cash

balances

are

maintained.

For

financial

reporting

purposes,

the

fund

includes

this

interest

income

and

overdraft

fees,

if

any,

as

interest

income

in

the

Statement

of

Operations.

The

components

of

“Due

to

BNY

Mellon

ETF Investment

Adviser,

LLC”

in

the

Statement

of

Assets

and

Liabilities

consist

of:

management

fee

of $47,807.

(c)

Each

Board

member

serves

as

a

Board

member

of

each

fund

within

the

Trust.

The

Board

members

are

not

compensated

directly

by

the

fund.

The

Board

members

are

paid

by

the

Adviser

from

the

unitary

management

fee

paid

to

the

Adviser

by

the

fund.

The

quarterly

fees

are

paid

by

the

Adviser

from

unitary

management

fees

paid

to

the

Adviser

by

the

funds

within

the

Trust,

including

the

fund.

NOTE

4—Securities

Transactions:

The

aggregate

amount

of

purchases

and

sales

of

investment

securities,

excluding

short-term

securities

and

in-kind

transactions,

during

the

period

ended

April

30,

2023, amounted

to $2,046,114

and

$1,407,480,

respectively.

At April

30,

2023,

accumulated

net

unrealized

appreciation on

investments

was

$5,750,984,

consisting

of

gross

appreciation

of

$7,746,744

and

gross

depreciation

of

$1,995,760.

At

April

30,

2023,

the

cost

of

investments

for

federal

income

tax

purposes

was

substantially

the

same

as

the

cost

for

financial

reporting

purposes

(see

the

Statement

of

Investments).

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

22

NOTE

5—Shareholder

Transactions:

The

fund

issues

and

redeems

its

shares

on

a

continuous

basis,

at

NAV,

to

certain

institutional

investors

known

as

“Authorized

Participants”

(typically

market

makers

or

other

broker-dealers)

only

in

a

large

specified

number

of

shares

called

a

Creation

Unit.

Except

when

aggregated

in

Creation

Units,

shares

of

the

fund

are

not

redeemable.

The

value

of

the

fund

is

determined

once

each

business

day.

The

Creation

Unit

size

for the

fund

may

change.

Authorized

Participants

will

be

notified

of

such

change.

Creation

Unit

transactions

may

be

made

in-kind,

for

cash,

or

for

a

combination

of

securities

and

cash.

The

principal

consideration

for

creations

and

redemptions

for

the

fund

is

in-kind,

although

this

may

be

revised

at

any

time

without

notice.

The

Trust

issues

and

sells

shares

of

the

fund

only:

in

Creation

Units

on

a

continuous

basis

through

the

Distributor,

without

a

sales

load,

at

their

NAV

per

share

determined

after

receipt

of

an

order,

on

any

Business

Day,

in

proper

form

pursuant

to

the

terms

of

the

Authorized

Participant

Agreement.

Transactions

in

capital

shares

for

the

fund

are

disclosed

in

detail

in

the

Statement

of

Changes

in

Net

Assets.

The

consideration

for

the

purchase

of

Creation

Units

of the

fund

may

consist

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Trust

and/or

custodian

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

The

Adviser

or

its

affiliates

(the

“Selling

Shareholder”)

may

purchase

Creation

Units

through

a

broker-dealer

to

“seed”

(in

whole

or

in

part)

funds

as

they

are

launched

or

may

purchase shares

from

broker-dealers

or

other

investors

that

have

previously

provided

“seed”

for

funds

when

they

were

launched

or

otherwise

in

secondary

market

transactions.

Because

the

Selling

Shareholder

may

be

deemed

an

affiliate

of

such

funds,

the

fund shares

are

being

registered

to

permit

the

resale

of

these

shares

from

time

to

time

after

purchase.

The

fund

will

not

receive

any

of

the

proceeds

from

resale

by

the

Selling

Shareholders

of

these

fund

shares. An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

variable

charges,

if

any,

are

included

in

“Transaction

fees”

on

the

Statement

of

Changes

in

Net

Assets.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

fund.

Because

such

gains

or

losses

are

not

taxable

to

the

fund

and

are

not

distributed

to

existing

fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

per

share.

During

the

period

ended

April

30,

2023,

the

fund

had

in-kind

transactions

associated

with

creations

of

$4,145,585

and

redemptions

of

$0.

INFORMATION

ABOUT

THE

RENEWAL

OF

THE

FUND’S

MANAGEMENT

AND

SUB-

INVESTMENT

ADVISORY

AGREEMENTS

(Unaudited)

23

At

a

meeting

held

February

8,

2023,

the

Board

of

Trustees

of

the

Trust

(the

“Board”),

all

the

members

of

which

are

not

“interested

persons”

of

the

Trust

as

defined

in

the

Investment

Company

Act

of

1940,

as

amended,

evaluated

(i)

a

proposal

to

continue

the

Management

Agreement

(the

“Agreement”)

between

the

Trust

and

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”)

with

respect

to

the

BNY

Mellon

Concentrated

International

ETF

(the

“fund”);

and

(ii)

a

proposal

to

continue

the

sub-investment

advisory

agreement

between

the

Adviser

and

Walter

Scott

&

Partners

Limited

(the

“Sub-Adviser”),

an

affiliate

of

the

Adviser,

on

behalf

of

the

fund

(the

sub-investment

advisory

agreement

collectively

with

the

Agreement,

the

“Agreements”).

The

Trustees

also

met

separately

to

consider

the

Agreements.

The

Trustees

were

advised

by

legal

counsel

throughout

the

process.

To

evaluate

the

Agreements,

the

Board

requested,

and

the

Adviser

and

the

Sub-

Adviser

provided,

such

materials

as

the

Board,

with

the

advice

of

counsel,

deemed

reasonably

necessary.

In

addition,

the

Board

considered

information

it

reviewed

at

other

Board

and

Board

committee

meetings.

In

deciding

whether

to

approve

the

Agreements,

the

Board

considered

various

factors,

including

the

(i)

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

Sub-Adviser

under

each

respective

Agreement,

(ii)

investment

performance

of

the

fund,

(iii)

profits

realized

by

the

Adviser

and

its

affiliates

from

its

relationship

with

the

fund,

(iv)

fees

charged

to

comparable

funds,

(v)

other

benefits

to

the

Adviser,

the

Sub-Adviser

and/or

their

affiliates,

and

(vi)

extent

to

which

economies

of

scale

would

be

shared

as

the

fund

grows.

The

Board

considered

the

Agreements

for

the

fund

and

the

engagement

of

the

Adviser

and

the

Sub-Adviser

separately.

The

Board

reviewed

reports

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

which

included

information

(i)

comparing

the

fund’s

performance

with

the

performance

of

a

group

of

other

actively-managed

foreign

large

growth

exchange

traded

funds

(“ETFs”)

(the

“Performance

Group”)

and

with

a

broader

group

of

retail

and

institutional

foreign

large

growth

funds

and

ETFs

(the

“Performance

Universe”)

for

the

one-year

period

ended

December

31,

2022;

and

(ii)

comparing

the

fund’s

contractual

management

fees

and

total

expenses

with

a

group

of

actively-managed

foreign

large

blend

ETFs

and

one

other

actively-managed

foreign

large

growth

ETF

(the

“Expense

Group”)

and,

with

respect

to

total

expenses,

with

a

broader

group

of

actively-managed

foreign

large

growth

and

foreign

large

blend

ETFs

(the

“Expense

Universe”),

the

information

for

which

was

derived

in

part

from

fund

financial

statements

available

to

Broadridge

as

of

the

date

of

its

analysis.

Nature,

Extent

and

Quality

of

Services

The

Board

considered

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

Sub-Adviser.

In

doing

so,

the

Trustees

relied

on

their

prior

experience

in

overseeing

the

management

of

the

fund

and

the

materials

provided

prior

to

and

INFORMATION

ABOUT

THE

RENEWAL

OF

THE

FUND’S

MANAGEMENT

AND

SUB-

INVESTMENT

ADVISORY

AGREEMENTS

(Unaudited)

(continued)

24

at

the

meeting.

The

Board

reviewed

the

Agreements

and

the

Adviser’s

and

the

Sub-

Adviser’s

responsibilities

for

managing

investment

operations

of

each

of

the

fund

in

accordance

with

the

fund’s

investment

objective

and

policies,

and

applicable

legal

and

regulatory

requirements.

The

Board

appreciated

the

nature

of

the

fund

as

an

exchange-traded

fund

and

considered

the

background

and

experience

of

the

Adviser’s

and

the

Sub-Adviser’s

senior

management,

including

those

individuals

responsible

for

portfolio

management

and

regulatory

compliance

of

the

funds.

The

Board

also

considered

the

portfolio

management

resources,

structures

and

practices

of

the

Adviser

and

the

Sub-Adviser,

including

those

associated

with

monitoring

and

ensuring

the

fund’s

compliance

with

its

investment

objective

and

policies

and

with

applicable

laws

and

regulations.

The

Board

further

considered

information

about

the

Sub-Adviser’s

best

execution

procedures

as

well

as

the

Adviser’s

and

the

Sub-Adviser’s

overall

investment

management

business.

The

Board

looked

at

the

Adviser’s

general

knowledge

of

the

investment

management

business

and

that

of

its

affiliates,

including

the

Sub-Adviser.

With

respect

to

the

Sub-

Adviser,

the

Board

also

considered

the

Adviser’s

favorable

assessment

of

the

nature

and

quality

of

the

services

provided

by

the

Sub-Adviser.

Investment

Performance

The

Board

then

reviewed

the

results

of

the

fund’s

performance

comparisons

and

considered

that

the

fund's

total

return

performance

was

above

the

Performance

Group

and

Performance

Universe

medians

for

the

one-year

period.

Representatives

of

the

Adviser

stated

that

the

usefulness

of

performance

comparisons

may

be

affected

by

a

number

of

factors,

including

different

investment

limitations

and

policies

that

may

be

applicable

to

the

fund

and

comparison

funds

and

the

end

date

selected.

Profits

Realized

by

the

Adviser

The

Board

considered

the

profitability

of

the

advisory

arrangement

with

the

fund

to

the

Adviser

and

its

affiliates.

The

Board

had

the

opportunity

to

discuss

with

representatives

of

the

Adviser

the

process

and

methodology

used

to

calculate

profitability

Fees

Charged

to

Comparable

Funds

The

Board

evaluated

the

fund’s

unitary

fee

through

review

of

comparative

information

with

respect

to

fees

paid

by

similar

funds

-

i.e.,

other

actively-managed

foreign

large

blend

ETFs

and

one

other

foreign

large

growth

ETF.

The

Board

explored

with

management

the

differences

between

the

fund’s

fee

and

fees

paid

by

similar

funds.

The

Board

noted

the

fund's

contractual

management

fee

was

higher

than

the

Expense

Group

median

and

the

fund's

total

expenses

were

higher

than

the

Expense

Group

median

and

the

Expense

Universe

median

total

expenses;

however,

the

Board

further

noted

the

limited

number

of

funds

in

the

Expense

Group

and

the

Expense

Universe.

25

The

Board

considered

the

fee

paid

to

the

Sub-Adviser

in

relation

to

the

fee

paid

to

the

Adviser

by

the

fund

and

the

respective

services

provided

by

the

Sub-Adviser

and

the

Adviser.

The

Board

also

took

into

consideration

that

the

Sub-Adviser's

fee

is

paid

by

the

Adviser

and

not

the

fund.

Other

Benefits

The

Board

also

considered

whether

the

Adviser,

the

Sub-Adviser

or

their

affiliates

benefited

in

other

ways

from

their

relationship

with

the

funds,

noting

that

neither

the

Adviser

nor

each

Sub-Adviser

maintains

soft-dollar

arrangements

in

connection

with

the

funds’

brokerage

transactions.

Economies

of

Scale

The

Board

reviewed

information

regarding

economies

of

scale

or

other

efficiencies

that

may

result

as

the

fund’s

assets

grow

in

size.

The

Board

noted

that

the

advisory

fee

rate

for

the

fund

did

not

provide

for

breakpoints

as

assets

of

the

fund

increases.

The

Adviser

asserted

that

one

of

the

benefits

of

the

unitary

fee

was

to

provide

an

unvarying

expense

structure,

which

could

be

lost

or

diluted

with

the

addition

of

breakpoints.

The

Board

noted

that

it

intends

to

continue

to

monitor

fees

as

the

fund

grows

in

size

and

assess

whether

fee

breakpoints

may

be

warranted.

Conclusion

After

weighing

the

foregoing

factors,

none

of

which

was

dispositive

in

itself

and

may

have

been

weighed

differently

by

each

Trustee,

the

Board

approved

the

continuation

of

the

Agreements

for

the

fund.

In

approving

the

continuance

of

the

Agreements,

the

Board

found

that

the

terms

of

the

Agreements

are

fair

and

reasonable

and

that

the

continuance

of

the

Agreements

are

in

the

best

interests

of

the

fund

and

its

shareholders.

For

More

Information

2023

BNY

Mellon

Securities

Corporation

4864SA0423

Telephone

Call

your

financial

representative

or

1-833-ETF-BNYM

(383-2696)

(inside

the

U.S.

only)

Mail

BNY

Mellon

ETF

Trust,

240

Greenwich

Street,

New

York,

New

York

10286

E-Mail

Send

your

request

to

info@bnymellon.com

Internet

Information

can

be

viewed

online

or

downloaded

at

www.im.bnymellon.com

BNY

Mellon

ETF

Trust

discloses,

at

www.im.bnymellon.com

,

the

identities

and

quantities

of

the

securities

held

by

the

fund

daily.

The

fund

files

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(

“

SEC

”

)

for

the

first

and

third

quarters

of

the

fiscal

year

on

Form

N-PORT.

The

fund

’

s

Forms

N-PORT

are

available

on

the

SEC

’

s

website

at

www.sec.gov

.

Additionally,

the

fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

the

most

recent

fiscal

year

available

at

https://im.bnymellon.com/etfliterature

.

The

fund

’

s

complete

schedule

of

portfolio

holdings,

as

filed

on

Form

N-PORT,

can

also

be

obtained

without

charge,

upon

request,

by

calling

1-833-383-2696.

A

description

of

the

policies

and

procedures

that

the

fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities,

and

information

regarding

how

the

fund

voted

these

proxies

for

the

most

recent

12-month

period

ended

June

30

is

available

at

www.im.bnymellon.

com

and

on

the

SEC’s

website

at

www.sec.gov

.

The

description

of

the

policies

and

procedures

is

also

available

without

charge,

upon

request,

by

calling

1-833-383-2696.

BNY

Mellon

ETF

Trust

Custodian

BNY

Mellon

ETF

Investment

Adviser,

LLC

240

Greenwich

Street

New

York,

NY

10286

The

Bank

of

New

York

Mellon

240

Greenwich

Street

New

York,

NY

10286

Adviser

Transfer

Agent

&

Dividend

Disbursing

Agent

BNY

Mellon

ETF

Investment

Adviser,

LLC

201

Washington

Street

Boston,

MA

02108

The

Bank

of

New

York

Mellon

240

Greenwich

Street

New

York,

NY

10286

Sub-Adviser

Distributor

Walter

Scott

&

Partners

Limited

One

Charlotte

Square

Edinburgh,

Scotland,

UK

BNY

Mellon

Securities

Corporation

240

Greenwich

Street

New

York,

NY

10286

Ticker

Symbol:

BNY

Mellon

Concentrated

International

ETF

BKCI

BNY

Mellon

ETF

Trust

SEMI-ANNUAL

REPORT

April

30,

2023

BNY

Mellon

Global

Infrastructure

Income

ETF

Contents

The

Fund

Save

time.

Save

paper.

View

your

next

shareholder

report

online

as

soon

as

it’s

available.

Log

into

www.

im.bnymellon.com

and

sign

up

for

eCommunications.

It’s

simple

and

only

takes

a

few

minutes.

The

views

expressed

herein

are

current

to

the

date

of

this

report.

These

views

and

the

composition

of

the

fund’s

portfolio

is

subject

to

change

at

any

time

based

on

market

and

other

conditions.

Not

FDIC-Insured

•

Not

Bank-Guaranteed

•

May

Lose

Value

Discussion

of

Fund

Performance

3

Understanding

Your

Fund’s

Expenses

7

Statement

of

Investments

8

Statement

of

Assets

and

Liabilities

10

Statement

of

Operations

11

Statement

of

Changes

in

Net

Assets

12

Financial

Highlights

13

Notes

to

Financial

Statements

14

Information

About

the

Approval

of

the

Fund’s

Management

and

Sub-Investment

Advisory

Agreements

23

FOR

MORE

INFORMATION

Back

Cover

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

3

For

the

period

from

November

2,

2022,

the

fund’s

inception,

through

April

30,

2023,

as

provided

by

James

A.

Lydotes

and

Brock

Campbell,

Portfolio

Managers

employed

by

the

fund’s

sub-adviser,

Newton

Investment

Management

North

America,

LLC.

Market

and

Fund

Performance

Overview

For

the

period

from

November

2,

2022,

the

fund’s

inception,

through

April

30,

2023,

the

BNY

Mellon

Global

Infrastructure

Income

ETF

(the

“fund”)

produced

a

net

asset

value

total

return

of

17.22%.

1

In

comparison,

the

fund’s

benchmark,

the

S&P

Global

Infrastructure

NR

Index

(the

“Index”),

produced

a

total

return

of

12.27%

for

the

same

period.

2

Equities

gained

ground

during

the

reporting

period

as

inflationary

pressures

eased,

the

U.S.

Federal

Reserve

(the

“Fed”)

reduced

the

pace

of

interest-rate

hikes,

and

economic

growth

remained

positive.

The

fund

outperformed

the

Index

largely

due

to

positions

in

the

utilities,

energy

and

telecommunications

services

sectors.

The

Fund’s

Investment

Approach

The

fund

seeks

long-term

total

return

(consisting

of

capital

growth

and

income).

To

pursue

its

goal,

the

fund

normally

invests

at

least

80%

of

its

net

assets

(plus

the

amount

of

any

borrowings

for

investment

purposes)

in

securities

issued

by

dividend-

paying

infrastructure

companies.

The

fund’s

sub-adviser,

Newton

Investment

Management

North

America,

LLC

(“Newton”),

an

affiliate

of

the

BNY

Mellon

Investment

Adviser,

LLC,

seeks

to

select

for

the

fund

securities

of

infrastructure

companies

that

Newton

believes

benefit

from

consistent

regulatory

environments

(a

feature

more

common

in

developed

markets

than

emerging

markets),

stable

cash

flows

driven

by

sustainable

business

models,

and

consistent

dividend

payment

profiles.

Newton

utilizes

quantitative

and

fundamental

research

to

select

investments

by

focusing

on

infrastructure

companies

that

it

believes

possess

the

most

favorable

combination

of

cash

flow

stability,

dividend

payment

potential

and

valuation

metrics

(such

as

price

to

earnings

ratio,

price

to

book

ratio

and

price

to

cash

flow

ratio).

Newton’s

fundamental

research

includes

evaluating

key

areas

such

as

balance

sheet

strength,

competitive

landscape,

stock-price

valuations,

liquidity

and

analysis

of

regulatory

environment.

Equities

Advance

Despite

Macroeconomic

Concerns

Market

sentiment

proved

volatile

but

positive

during

the

reporting

period,

with

hopes

for

continued

economic

growth

outweighing

concerns

regarding

persistently

high

levels

of

inflation

and

the

impact

of

central

bank

rate

hikes

designed

to

curb

inflation.

In

November

2022,

as

the

period

began,

U.S.

inflation

averaged

7.1%

on

an

annualized

basis,

down

from

the

9.1%

peak

set

in

June

2022

but

well

above

the

target

of

2%

set

by

the

Fed.

On

November

2,

2022,

the

Fed

raised

the

benchmark

federal

funds

rate

from

a

range

of

3.00%–3.25%

to

a

range

of

3.75%–4.00%,

up

from

near

zero

eight

months

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

4

earlier.

During

the

reporting

period,

the

Fed

raised

rates

three

more

times,

totaling

an

additional

1.00%,

while

inflation

steadily

eased

to

5.0%

as

of

the

most

currently

available

figures.

Although

U.S.

economic

growth

and

corporate

profits

showed

signs

of

moderating

during

this

time,

indications

generally

remained

positive,

supported

by

robust

consumer

spending,

rising

wages

and

low

levels

of

unemployment.

These

encouraging

economic

trends

lessened

concerns

that

rising

rates

might

tip

the

economy

into

a

sharp

recession.

Accordingly,

while

equity

markets

frequently

dipped

or

spiked

in

response

to

the

economic

news

of

the

day,

stocks

trended

higher

on

balance,

led

by

growth-oriented

issues

in

the

communication

services

and

information

technology

sectors.

The

financial

sector

drove

the

overall

market

lower

in

early

March

as

a

small

number

of

high-profile,

regional

bank

failures

in

the

United

States

raised

fears

of

possible

wider

banking

industry

contagion

and

future

credit

constraints.

However,

swift

action

from

federal

authorities

and

major

banks

eased

investors’

concerns,

enabling

markets

to

gain

additional

ground

in

the

closing

six

weeks

of

the

period.

International

developed-markets

equities,

particularly

those

denominated

in

U.S.

dollars,

outperformed

their

U.S.

counterparts,

benefiting

from

a

weakening

U.S.

dollar

relative

to

most

international

currencies

and

positive,

regional

economic

trends.

Infrastructure

stocks

performed

broadly

in

line

with

global

equity

markets,

as

transportation-

focused

industrials

and

utilities

(especially

those

in

Europe)

produced

strong

returns.

While

the

infrastructure

area

suffered

from

lack

of

exposure

to

the

market-leading

communication

services

and

information

technology

sectors,

it

benefited

from

lack

of

exposure

to

the

lagging

health

care

and

financial

sectors.

Allocations

and

Stock

Selections

Bolster

Relative

Performance

The

strongest

contributor

by

far

to

the

fund’s

performance

relative

to

the

Index

came

from

investments

in

the

utility

sector

and

from

regional

biases.

The

fund

held

a

sizeable

overweight

to

European

utilities,

which

accounted

for

roughly

1/3

the

weight

of

the

overall

fund.

As

a

group,

European

utilities

significantly

outperformed

the

Index,

boosting

the

fund’s

relative

performance.

Underweight

exposure

to

the

lagging

U.S.

utilities

area

further

enhanced

relative

performance.

The

fund’s

position

in

the

energy

sector

also

contributed

to

performance

over

the

period.

While

the

fund

did

not

carry

a

meaningfully

different

weighting

than

the

Index

in

the

sector,

fund

holdings

(which

were

much

more

defensively

positioned)

delivered

positive

returns

versus

negative

returns

for

the

Index

energy

group.

Returns

also

benefited

from

the

fund’s

out-of-Index

holdings

in

the

telecommunication

services

sector,

particularly

a

large

position

in

France-based

Orange

SA,

which

produced

notably

strong

returns

on

reduced

capital

expenditures,

stabilizing

pricing

in

France

and

Spain

and

an

improving

free

cash

profile.

5

The

only

meaningful

detractor

from

the

fund’s

relative

performance

during

the

reporting

period

came

from

an

out-of-Index

real

estate

sector

holding:

hospital-

focused

health

care

REIT

(real

estate

investment

trust)

Medical

Properties

Trust,

Inc.

Medical

Properties

Trust,

Inc.

shares

lost

ground

as

the

company

struggled

with

a

few

key

hospital

operator

tenants.

Maintaining

a

Positive

Outlook

on

Europe

and

the

UK

As

of

the

end

of

the

reporting

period,

we

remain

very

positive

on

the

outlook

for

international

equity

markets,

specifically

in

the

UK

and

Europe.

During

the

prior

reporting

period,

Russia’s

invasion

of

Ukraine

caused

a

spike

in

energy

and

heating

costs

on

top

of

rising

inflation

pressures

on

food

and

other

staples,

leading

to

political

calls

for

energy

price

caps

throughout

the

UK

and

Europe,

and

casting

a

very

long

shadow

over

the

utilities

sector.

Since

then,

the

fears

regarding

the

capping

of

utility

earnings

have

proved

largely

unfounded.

While

some

price

caps

were

instituted

in

Europe

and

the

UK,

they

were

largely

applied

to

renewable

generation,

and

the

caps

were

set

at

levels

far

above

where

the

market

had

set

prices

prior

to

the

Russia/Ukraine

conflict.

More

broadly,

governments

and

regulators

have

acted

to

ensure

the

profitability

for

utility

companies,

as

they

need

these

businesses

to

continue

investing

in

new,

renewable

generation

to

wean

Europe

from

its

dependence

on

Russia

gas.

These

developments

have

made

the

sector

appear

much

more

attractive

and,

combined

with

historically

low

valuations

and

strong

and

supported

dividend

yields,

led

us

to

increase

the

fund’s

allocation

there.

Profitability

and

sentiment

have

also

benefited

from

an

unusually

mild

winter

in

most

of

the

region,

easing

the

burden

on

industrial

businesses

and

the

consumer.

The

region

has

made

great

strides

in

increasing

its

renewable

capacity

and

adding

permanent

LNG

(liquid

natural

gas)

capacity

that

can

bring

more

natural

gas

into

the

region

from

the

United

States,

reducing

dependence

on

Russian

supplies.

Given

the

improving

fundamental

outlook,

combined

with

much

cheaper

valuation

levels

and

higher

dividend

yields,

we

continue

to

believe

this

to

be

a

good

place

to

allocate

the

fund’s

capital.

Accordingly,

as

of

April

30,

2023,

the

fund

maintains

strongly

overweight

exposure

to

Europe

and

the

UK

and

underweight

exposure

to

North

America

and

the

Asia/Pacific

region.

Just

over

half

of

the

fund’s

assets

are

currently

allocated

to

Europe

and

the

UK,

approximately

twice

the

weighting

of

the

Index.

Within

Europe

and

the

UK,

notably

overweight

country

allocations

include

France

and

Italy.

In

North

America,

where

the

fund

holds

significantly

underweight

exposure

to

Canada

and

Mexico,

we

have

recently

increased

the

fund’s

U.S.

exposure

to

seize

some

valuation

opportunities.

The

fund

now

hold

overweight

U.S.

exposure.

The

fund

holds

significantly

underweight

exposure

to

the

Asia/Pacific

region,

reflecting

our

view

that

better

value

lies

elsewhere.

May

15,

2023

1

Total

return

includes

reinvestment

of

dividends

and

any

capital

gains

paid.

A

fund’s

net

asset

value

(NAV)

is

the

sum

of

all

its

assets

less

any

liabilities,

divided

by

the

number

of

shares

outstanding.

ETFs

are

bought

and

sold

at

market

prices,

not

NAV,

therefore

an

investor’s

return

at

market

price

may

differ

from

NAV.

Past

performance

is

no

guarantee

of

future

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

6

results.

Share

price,

yield

and

investment

return

fluctuate

such

that

upon

redemption,

fund

shares

may

be

worth

more

or

less

than

their

original

cost

2

Source:

Morningstar,

Inc.

—

The

S&P

Global

Infrastructure

NR

Index

is

designed

to

track

75

companies

from

around

the

world

chosen

to

represent

the

listed

infrastructure

industry

while

maintaining

liquidity

and

tradability.

To

create

diversified

exposure,

the

index

includes

three

distinct

infrastructure

clusters:

energy,

transportation,

and

utilities.

It

reflects

reinvestment

of

net

dividends

and,

where

applicable,

capital

gain

distributions.

Investors

cannot

invest

directly

in

any

index.

ETFs

trade

like

stocks,

are

subject

to

investment

risk,

including

possible

loss

of

principal.

ETF

shares

are

listed

on

an

exchange,

and

shares

are

generally

purchased

and

sold

in

the

secondary

market

at

market

price.

At

times,

the

market

price

may

be

at

a

premium

or

discount

to

the

ETF’s

per

share

NAV.

In

addition,

ETFs

are

subject

to

the

risk

that

an

active

trading

market

for

an

ETF’s

shares

may

not

develop

or

be

maintained.

Buying

or

selling

ETF

shares

on

an

exchange

may

require

payment

of

brokerage

commissions.

Equities

are

subject

generally

to

market,

market

sector,

market

liquidity,

issuer

and

investment

style

risks,

among

other

factors,

to

varying

degrees,

all

of

which

are

more

fully

described

in

the

fund’s

prospectus.

Currencies

are

subject

to

the

risk

that

those

currencies

will

decline

in

value

relative

to

a

local

currency,

or,

in

the

case

of

hedged

positions,

that

the

local

currency

will

decline

relative

to

the

currency

being

hedged.

Each

of

these

risks

could

increase

the

fund’s

volatility.

Investing

in

foreign-denominated

and/or

domiciled

securities

involves

special

risks,

including

changes

in

currency

exchange

rates,

political,

economic

and

social

instability,

limited

company

information,

differing

auditing

and

legal

standards

and

less

market

liquidity.

These

risks

generally

are

greater

with

emerging-market

countries.

Diversification

cannot

assure

a

profit

or

protect

against

loss.

The

fund

is

non-diversified,

which

means

that

the

fund

may

invest

a

relatively

high

percentage

of

its

assets

in

a

limited

number

of

issuers.

Therefore,

the

fund’s

performance

may

be

more

vulnerable

to

changes

in

the

market

value

of

a

single

issuer

or

group

of

issuers

and

more

susceptible

to

risks

associated

with

a

single

economic,

political

or

regulatory

occurrence

than

a

diversified

fund.

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

7

As

a

shareholder

of

the

fund,

you

pay

ongoing

expenses,

such

as

management

fees

and

other

expenses.

Using

the

information

below,

you

can

estimate

how

these

expenses

affect

your

investment

and

compare

them

with

the

expenses

of

other

funds.

For

more

information,

see

your

fund’s

prospectus

or

talk

to

your

financial

adviser.

Actual

Expenses

The

information

under

each

column

in

the

table

below

entitled

“Actual”

provides

information

about

on

how

much

a

$1,000

investment

would

be

worth

at

the

close

of

the

period,

assuming

net

asset

value

total

returns

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

for

the

fund

under

the

heading

entitled

“Expenses

paid

for

the

period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

For

Comparison

Purposes

The

Securities

and

Exchange

Commission

(“SEC”)

has

established

guidelines

to

help

investors

assess

fund

expenses.

The

information

under

each

column

in

the

table

entitled

“Hypothetical”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

ending

account

values

and

expenses

paid

for

the

period

in

the

table

are

useful

in

comparing

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

For

the

six

months

ended

April

30,

2023

(a)

Expenses

are

calculated

using

the

annualized

expense

ratio,

which

represents

the

ongoing

expenses

as

a

percentage

of

net

assets

for

the

period

November

3,

2022

(commencement

of

operations)

to

April

30,

2023.

Expenses

are

calculated

by

multiplying

the

fund’s

annualized

expense

ratio

by

the

average

account

value

for

the

period,

then

multiplying

the

result

by

179/365.

Hypothetical

expenses

reflect

projected

activity

for

the

full

six

month

period

for

purposes

of

comparability

and

are

calculated

by

multiplying

the

fund’s

annualized

expense

ratio

by

the

average

account

value

for

the

period,

then

multiplying

the

result

by

181/365.

Beginning

account

value

($)

Ending

account

value($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

(a)

Hypothetical

(a)

1,000.00

1,000.00

1,172.20

1,021.57

3.46

3.26

0.65

STATEMENT

OF

INVESTMENTS

April

30,

2023

(Unaudited)

8

Description

Shares

Value

($)

Common

Stocks

–

99.0%

Belgium

–

0.9%

Proximus

SADP

16,183

137,842

Canada

–

1.8%

Enbridge,

Inc.

7,030

279,519

China

–

2.2%

Jiangsu

Expressway

Co.

Ltd.,

Class

H

338,577

342,905

France

–

20.3%

Bouygues

SA

18,015

659,047

Engie

SA

23,458

375,216

Orange

SA

77,249

1,005,790

Veolia

Environnement

SA

9,869

311,995

Vinci

SA

7,187

888,555

3,240,603

Germany

–

2.6%

Deutsche

Post

AG

8,724

418,358

Italy

–

11.2%

ENEL

SpA

166,235

1,135,502

Italgas

SpA

99,582

650,698

1,786,200

Norway

–

1.8%

SFL

Corp.

Ltd.

30,837

280,308

Spain

–

5.7%

Enagas

SA

6,158

123,191

Endesa

SA

23,467

526,735

Red

Electrica

Corp.

SA

14,649

266,421

916,347

United

Kingdom

–

11.5%

BT

Group

PLC,

Class

A

121,914

243,384

Drax

Group

PLC

82,656

654,018

SSE

PLC

40,479

934,776

1,832,178

United

States

–

41.0%

Antero

Midstream

Corp.

65,892

708,998

Clearway

Energy,

Inc.,

Class

C

18,370

557,897

Dominion

Energy,

Inc.

18,751

1,071,432

Hess

Midstream

LP,

Class

A

21,114

619,485

Medical

Properties

Trust,

Inc.

(a)

25,864

226,827

Nextera

Energy

Partners

LP

2,526

145,270

OMEGA

Healthcare

Investors,

Inc.

(a)

27,703

741,332

ONEOK,

Inc.

16,057

1,050,289

PPL

Corp.

10,009

287,459

9

See

Notes

to

Financial

Statements

Description

Shares

Value

($)

Common

Stocks

–

99.0%

(continued)

United

States

–

41.0%

(continued)

Verizon

Communications,

Inc.

6,092

236,552

Vistra

Corp.

23,749

566,651

Williams

Cos.,

Inc.

(The)

10,652

322,330

6,534,522

Total

Common

Stocks

(cost

$14,232,382)

15,768,782

Investment

Companies

–

0.2%

Registered

Investment

Companies

–

0.2%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.81%

(b)(c)

(cost

$33,968)

33,968

33,968

Total

Investments

(cost

$14,266,350)

99.2%

15,802,750

Cash

and

Receivables

(Net)

0.8%

126,398

Net

Assets

100.0%

15,929,148

(a)

Investment

in

a

real

estate

investment

trust.

(b)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(c)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2023.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2023

are

as

follows:

Description

Value

11/3

/22

1

Purchases

($)

2

Sales

($)

Value

4/30/23

Dividends/

Distributions

($)

Investment

Companies

–

0.2%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

—

1,441,234

(1,407,266)

33,968

2,574

Total

–

0.2%

—

1,441,234

(1,407,266)

33,968

2,574

1

Commencement

of

operations.

2

Includes

reinvested

dividends/distributions.

Portfolio

Summary

(Unaudited)

†

Value

(%)

Utilities

47.7

Energy

20.5

Industrials

14.5

Communication

Services

10.2

Real

Estate

6.1

Registered

Investment

Companies

0.2

99.2

†

Based

on

net

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

April

30,

2023

(Unaudited)

10

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments:

–

Unaffiliated

issuers

14,232,382

15,768,782‌

Affiliated

issuers

33,968

33,968‌

Cash

denominated

in

foreign

currency

8,614

8,624‌

Dividends

receivable

113,970‌

Tax

reclaim

receivable—Note

2(b)

11,921‌

15,937,265‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—

Note

3(b)

8,117‌

8,117‌

Net

Assets

($)

15,929,148‌

Composition

of

Net

Assets

($):

Paid-in

capital

14,183,215‌

Total

distributable

earnings

(loss)

1,745,933‌

Net

Assets

($)

15,929,148‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

550,001‌

Net

asset

value

per

share

28.96‌

Market

price

per

share

29.10‌

STATEMENT

OF

OPERATIONS

For

the

Period

from

November

3,

2022

(commencement

of

operations)

to

April

30,

2023

(Unaudited)

11

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends

(net

of

$25,324

foreign

taxes

withheld

at

source):

Unaffiliated

issuers

315,516‌

Affiliated

issuers

2,574‌

Total

Income

318,090‌

Expenses:

Management

fee—Note

3(a)

37,183‌

Total

Expenses

37,183‌

Net

Investment

Income

280,907‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

84,002‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

transactions

1,537,014‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

1,621,016‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,901,923‌

STATEMENT

OF

CHANGES

IN

NET

ASSETS

12

See

Notes

to

Financial

Statements

For

the

Period

from

November

3

,

2022

(a)

to

April

30,

2023

(Unaudited)

Operations

($):

Net

investment

income

280,907‌

Net

realized

gain

(loss)

on

investments

84,002‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

1,537,014‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,901,923‌

Distributions

($):

Distributions

to

shareholders

(155,990‌)

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

14,182,951‌

Transaction

fees—Note

5

264‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

14,183,215‌

Total

Increase

(Decrease)

in

Net

Assets

15,929,148‌

Net

Assets

($):

Beginning

of

Period

—‌

End

of

Period

15,929,148‌

Changes

in

Shares

Outstanding:

Shares

sold

550,001‌

Net

Increase

(Decrease)

in

Shares

Outstanding

550,001‌

(a)

Commencement

of

operations.

FINANCIAL

HIGHLIGHTS

13

The

following

table

describes

the

performance

for

the

fiscal

period

indicated

and

these

figures

have

been

derived

from

the

fund’s

financial

statements.

See

Notes

to

Financial

Statements

For

the

Period

from

November

3

,

2022

(a)

to

April

30,

2023

(Unaudited)

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

25.00‌

Investment

Operations:

Net

investment

income

(b)

0.66‌

Net

realized

and

unrealized

gain

(loss)

on

investments

3.62‌

Total

from

Investment

Operations

4.28‌

Distributions:

Dividends

from

net

investment

income

(0.32‌)

Transaction

fees

(b)

0.00‌

(c)

Net

asset

value,

end

of

period

28.96‌

Market

price,

end

of

period

(d)

29.10‌

Net

Asset

Value

Total

Return

(%)

(e)

17.22‌

(f)

Market

Price

Total

Return

(%)

(e)

17.78‌

(f)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.65‌

(g)

Ratio

of

net

investment

income

to

average

net

assets

4.91‌

(g)

Portfolio

Turnover

Rate

(h)

19.39‌

Net

Assets,

end

of

period

($

x

1,000)

15,929‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Amount

represents

less

than

$0.01

per

share.

(d)

The

mean

between

the

last

bid

and

ask

prices.

(e)

Net

asset

value

total

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

at

net

asset

value

on

the

last

day

of

the

period.

Net

asset

value

total

return

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Market

price

total

return

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period,

and

sale

at

the

market

price

on

the

last

day

of

the

period.

Total

investment

returns

calculated

for

a

period

of

less

than

one

year

are

not

annualized.

(f)

The

net

asset

value

total

return

and

the

market

price

total

return

is

calculated

from

fund

inception.

(g)

Annualized.

(h)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

NOTES

TO

FINANCIAL

STATEMENTS

14

NOTE

1—Organization:

BNY

Mellon

Global

Infrastructure

Income

ETF (the “fund”) is a

separate

non-

diversified series

of

BNY

Mellon

ETF

Trust

(the

“Trust”),

which is

registered as

a

Massachusetts

business

trust

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”),

as

an

open-ended

management

investment

company.

The

Trust

operates

as

a

series

company

currently

consisting

of

fifteen

series,

including

the

fund.

The

fund

had

no

operations

until

November

3,

2022

(commencement

of

operations),

other

than

matters

relating

to

its

organization

and

registration

under

the

Act.

The

investment

objective

of

the

fund

is

to

seek

long-term

total

return

(consisting

of

capital

growth

and

income).

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”),

a

wholly-

owned

subsidiary

of

The

Bank

of

New

York

Mellon

Corporation

(“BNY

Mellon”),

serves

as

the

fund’s

investment

adviser. Newton

Investment

Management

North

America,

LLC (the

“Sub-Adviser”),

an

indirect wholly-owned

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

the

fund’s

sub-adviser.

The

Bank

of

New

York

Mellon,

a

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

administrator,

custodian

and

transfer

agent

with

the

Trust.

BNY

Mellon

Securities

Corporation

(the

“Distributor”),

an

indirect wholly-owned

subsidiary

of

the

Adviser,

is

the

distributor

of

the

fund’s

shares.

The

shares

of

the

fund

are

referred

to

herein

as

“Shares”

or

“fund’s

Shares.”

The

fund’s

Shares

are

listed

and

traded

on

NYSE

Arca,

Inc.

The

market

price

of

each

Share

may

differ

to

some

degree

from

the

fund’s

net

asset

value

(“NAV”).

Unlike

conventional

mutual

funds,

the

fund

issues

and

redeems

Shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

Shares,

each

called

a

“Creation

Unit.”

Creation

Units

are

issued

and

redeemed

principally

in

exchange

for

the

deposit

or

delivery

of

a

basket

of

securities.

Except

when

aggregated

in

Creation

Units

by

Authorized

Participants,

the

Shares

are

not

individually

redeemable

securities

of

the

fund.

Individual

fund

Shares

may

only

be

purchased

and

sold

on

the

NYSE

Arca,

Inc.,

other

national

securities

exchanges,

electronic

crossing

networks

and

other

alternative

trading

systems

through

your

broker-dealer

at

market

prices.

Because

fund

Shares

trade

at

market

prices

rather

than

at

NAV,

fund

Shares

may

trade

at

a

price

greater

than

NAV

(premium)

or

less

than

NAV

(discount).

When

buying

or

selling

Shares

in

the

secondary

market,

you

may

incur

costs

attributable

to

the

difference

between

the

highest

price

a

buyer

is

willing

to

pay

to

purchase

Shares

of

the

fund

(bid)

and

the

lowest

price

a

seller

is

willing

to

accept

for

Shares

of

the

fund

(ask). 

NOTE

2—Significant

Accounting

Policies: 

The

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

is

the

exclusive

reference

of

authoritative

U.S.

generally

accepted

accounting

principles

(“GAAP”)

recognized

by

the

FASB

to

be

applied

by

nongovernmental

entities.

Rules

and

interpretive

releases

of

the

SEC

under

authority

of

federal

laws

are

also

sources

of

authoritative

GAAP

for

SEC

registrants. The

15

fund

is an

investment

company

and

applies

the

accounting

and

reporting

guidance

of

the

FASB

ASC

Topic

946

Financial

Services-Investment

Companies. The

fund’s

financial

statements

are

prepared

in

accordance

with

GAAP,

which

may

require

the

use

of

management

estimates

and

assumptions.

Actual

results

could

differ

from

those

estimates.  

The

Trust

accounts

separately

for

the

assets,

liabilities

and

operations

of

each

series.

Expenses

directly

attributable

to

each

series

are

charged

to

that

series’

operations;

expenses

which

are

applicable

to

all

series

are

allocated

among

them

on

a

pro

rata

basis.

The

Trust

enters

into

contracts

that

contain

a

variety

of

indemnifications.

The

fund’s

maximum

exposure

under

these

arrangements

is

unknown.

The

fund

does

not

anticipate

recognizing

any

loss

related

to

these

arrangements. 

(a)

Portfolio

valuation:

The

fair

value

of

a

financial

instrument

is

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price).

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

of

valuation

techniques

used

to

measure

fair

value.

This

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Additionally,

GAAP

provides

guidance

on

determining

whether

the

volume

and

activity

in

a

market

has

decreased

significantly

and

whether

such

a

decrease

in

activity

results

in

transactions

that

are

not

orderly.

GAAP

requires

enhanced

disclosures

around

valuation

inputs

and

techniques

used

during

annual

and

interim

periods.

Various

inputs

are

used

in

determining

the

value

of

the

fund’s

investments

relating

to

fair

value

measurements.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

unadjusted

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

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

Valuation

techniques

used

to

value

the

fund’s

investments

are

as

follows:

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

16

The

Trust’s Board

of

Trustees

(the

“Board”)

has

designated

the

Adviser

as

the

fund’s

valuation

designee

to

make

all

fair

value

determinations

with

respect

to

the

fund’s

portfolio

of

investments,

subject

to

the

Board’s

oversight

and

pursuant

to

Rule

2a-5

under

the

Act.

Investments

in

equity

securities,

including

ETFs

(but

not

including

investments

in

other

open-end

registered

investment

companies)

generally

are

valued

at

the

last

sales

price

on

the

day

of

valuation

on

the

securities

exchange

or

national

securities

market

on

which

such

securities

primarily

are

traded.

Securities

listed

on

the

National

Association

of

Securities

Dealers

Automated

Quotation

System

(“NASDAQ”)

for

which

market

quotations

are

available

will

be

valued

at

the

official

closing

price.

If

there

are

no

transactions

in

a

security,

or

no

official

closing

prices

for

a

NASDAQ

market-listed

security

on

that

day,

the

security

will

be

valued

at

the

average

of

the

most

recent

bid

and

asked

prices.

Bid

price

is

used

when

no

asked

price

is

available.

Open

short

positions

for

which

there

is

no

sale

price

on

a

given

day

are

valued

at

the

lowest

asked

price.

Registered

investment

companies

that

are

not

traded

on

an

exchange

are

valued

at

their

net

asset

value.

All

of

the

preceding

securities

are

generally

categorized

within

Level

1

of

the

fair

value

hierarchy. 

When

market

quotations

or

official

closing

prices

are

not

readily

available,

or

are

determined

not

to

reflect

fair

value

accurately,

they are

valued

at

fair

value

as

determined

in

good

faith

based

on

procedures

approved

by

the

Board.

Fair

value

of

investments

may

be

determined

by

valuation

designee

using

such

information

as

it

deems

appropriate

under

the

circumstances.

Certain

factors

may

be

considered

when

fair

valuing

investments

such

as:

fundamental

analytical

data,

the

nature

and

duration

of

restrictions

on

disposition,

an

evaluation

of

the

forces

that

influence

the

market

in

which

the

securities

are

purchased

and

sold,

and

public

trading

in

similar

securities

of

the

issuer

or

comparable

issuers.

These

securities

are

either

categorized

within

Level

2

or

3

of

the

fair

value

hierarchy

depending

on

the

relevant

inputs

used.

For

securities

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

and

are

generally

categorized

within

Level

3

of

the

fair

value

hierarchy.

Investments

denominated

in

foreign

currencies

are

translated

to

U.S.

dollars

at

the

prevailing

rates

of

exchange.

The

table

below

summarizes

the

inputs

used

as

of April

30,

2023

in

valuing

the

fund’s

investments:

17

Fair

Value

Measurements

(b)

Foreign

currency

transactions:

The

fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

on

investments.

Net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

on

securities

transactions

between

trade

and

settlement

date,

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

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

the

value

of

assets

and

liabilities

other

than

investments

resulting

from

changes

in

exchange

rates.

Foreign

currency

gains

and

losses

on

foreign

currency

transactions

are

also

included

with

net

realized

and

unrealized

gain

or

loss

on

investments.

Foreign

Taxes:

The

fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

realized

and

unrealized

capital

gains

on

investments

or

certain

foreign

currency

transactions.

Foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

fund

and

are

reflected

in

the

Statement

of

Operations,

if

applicable.

Foreign

taxes

payable

or

deferred

or

those

subject

to

reclaims

as

of

April

30,

2023,

if

any,

are

disclosed

in

the

fund’s

Statement

of

Assets

and

Liabilities.

(c) Securities

transactions

and

investment

income:

Securities

transactions

are

recorded

on

a

trade

date

basis.

Realized

gains

and

losses

from

securities

transactions

are

recorded

on

the

identified

cost

basis.

Dividend

income

is

recognized

on

the

ex-

dividend

date

and

interest

income,

including,

where

applicable,

accretion

of

discount

and

amortization

of

premium

on

investments,

is

recognized

on

the

accrual

basis.

(d)

Affiliated

issuers:

Investments

in

other

investment

companies

advised

by

the

Adviser

are

defined

as

“affiliated”

under

the

Act. 

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

($)

Investments

In

Securities:

†

Common

Stocks

15,768,782

—

—

15,768,782

Investment

Companies

33,968

—

—

33,968

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

18

(e)

Market

Risk:

The

value

of

the

securities

in

which

the

fund

invests

may

be

affected

by

political,

regulatory,

economic

and

social

developments,

and

developments

that

impact

specific

economic

sectors,

industries

or

segments

of

the

market.

The

value

of

a

security

may

also

decline

due

to

general

market

conditions

that

are

not

specifically

related

to

a

particular

company

or

industry,

such

as

real

or

perceived

adverse

economic

conditions,

changes

in

the

general

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates,

changes

to

inflation,

adverse

changes

to

credit

markets

or

adverse

investor

sentiment

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

fund.

Global

economies

and

financial

markets

are

becoming

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

world-wide.

Recent

examples

include

pandemic

risks

related

to

COVID-19

and

aggressive

measures

taken

world-wide

in

response

by

governments,

including

closing

borders,

restricting

international

and

domestic

travel,

and

the

imposition

of

prolonged

quarantines

of

large

populations,

and

by

businesses,

including

changes

to

operations

and

reducing

staff.

Foreign

Investment

Risk:

Because

the

fund

invests

in

foreign

securities,

the

fund’s

performance

will

be

influenced

by

political,

social

and

economic

factors

affecting

investments

in

foreign

issuers.

Special

risks

associated

with

investments

in

foreign

issuers

include

exposure

to

currency

fluctuations,

less

liquidity,

less

developed

or

less

efficient

trading

markets,

lack

of

comprehensive

company

information,

political

and

economic

instability

and

differing

auditing

and

legal

standards.

The

imposition

of

sanctions,

confiscations,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

United

States

and

other

governments,

or

problems

in

share

registration,

settlement

or

custody,

may

result

in

losses

for

the

fund.

Investments

denominated

in

foreign

currencies

are

subject

to

the

risk

that

such

currencies

will

decline

in

value

relative

to

the

U.S.

dollar

and

affect

the

value

of

these

investments

held

by

the

fund.

To

the

extent

securities

held

by

the

fund

trade

in

a

market

that

is

closed

when

the

exchange

on

which

the

fund’s

shares

trade

is

open,

there

may

be

deviations

between

the

current

price

of

a

security

and

the

last

quoted

price

for

the

security

in

the

closed

foreign

market.

These

deviations

could

result

in

the

fund

experiencing

premiums

or

discounts

greater

than

those

of

ETFs

that

invest

in

domestic

securities.

To

the

extent

the

fund’s

investments

are

focused

in

a

limited

number

of

foreign

countries,

the

fund’s

performance

could

be

more

volatile

than

that

of

more

geographically

diversified

funds.

Infrastructure

company

risk:

Because

the

fund

invests

significantly

in

companies

that

are

engaged

in

the

infrastructure

business,

the

fund

is

more

susceptible

to

adverse

economic,

regulatory,

political,

legal

and

other

changes

affecting

such

companies.

Infrastructure

companies

are

subject

to

a

variety

of

factors

that

may

adversely

affect

19

their

business

or

operations,

including

high

interest

costs

in

connection

with

capital

construction

programs,

costs

associated

with

environmental

and

other

regulations,

difficulty

in

raising

capital

in

adequate

amounts

on

reasonable

terms

in

periods

of

high

inflation

or

unsettled

capital

markets,

the

effects

of

economic

slowdown

and

surplus

capacity,

increased

competition

from

other

providers

of

services,

uncertainties

concerning

the

availability

of

fuel

at

reasonable

prices,

the

effects

of

energy

conservation

policies,

service

interruption

due

to

environmental,

operational

or

other

mishaps,

and

other

factors.

Additionally,

infrastructure

companies

may

be

subject

to

regulation

by

various

governmental

authorities

and

may

also

be

affected

by

governmental

regulation

of

rates

charged

to

customers;

service

interruption

and/or

legal

challenges

due

to

environmental,

operational

or

other

mishaps;

the

imposition

of

special

tariffs

and

changes

in

tax

laws,

regulatory

policies

and

accounting

standards;

nationalization;

and

general

changes

in

market

sentiment

towards

infrastructure

assets.  There

is

also

the

risk

that

corruption

may

negatively

affect

publicly-funded

infrastructure

projects,

resulting

in

delays

and

cost

overruns.  At

times,

the

performance

of

securities

of

companies

in

the

infrastructure

group

of

industries

may

lag

the

performance

of

other

industries

or

the

broader

market

as

a

whole.

A

downturn

in

the

infrastructure

group

of

industries

could

have

an

adverse

impact

on

the

fund.

Non-Diversification

Risk:

The

fund

is

non-diversified,

which

means

that

the

fund

may

invest

a

relatively

high

percentage

of

its

assets

in

a

limited

number

of

issuers.

Therefore,

the

fund’s

performance

may

be

more

vulnerable

to

changes

in

the

market

value

of

a

single

issuer

or

group

of

issuers

and

more

susceptible

to

risks

associated

with

a

single

economic,

political

or

regulatory

occurrence

than

a

diversified

fund.

(f)

Dividends

and

distributions

to

shareholders:

Dividends

and

distributions are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

income

and

dividends

from net

realized

capital

gains,

if

any,

are

normally

declared

and

paid

annually,

but

the

fund

may

make

distributions

on

a

more

frequent

basis

to

comply

with

the

distribution

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

To

the

extent

that

net

realized

capital

gains

can

be

offset

by

capital

loss

carryovers

of

a

fund,

it

is

the

policy

of

the

fund

not

to

distribute

such

gains.

Income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP.

(g)

Federal

income

taxes:

It

is

the

policy

of

the

fund

to

continue

to qualify

as

a

regulated

investment

company,

if

such

qualification

is

in

the

best

interests

of

its

shareholders,

by

complying

with

the

applicable

provisions

of

the

Code,

and

to

make

distributions

of

taxable

income

and

net

realized

capital

gain sufficient

to

relieve

it

from

substantially

all

federal

income

and

excise

taxes.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

20

As

of

and

during

the period

ended April

30,

2023,

the

fund

did

not

have

any

liabilities

for

any

uncertain

tax

positions.

The

fund

recognizes

interest

and

penalties,

if

any,

related

to

uncertain

tax

positions

as

income

tax

expense

in

the

Statement

of

Operations.

During

the period

ended April

30,

2023,

the

fund

did

not

incur

any

interest

or

penalties.

The

tax

character

of

current

year

distributions

will

be

determined

at

the

end

of

the

current

fiscal

year. 

NOTE

3—Management

Fee,

Sub-Advisory

Fee

and

Other

Transactions

with

Affiliates:

(a)

Pursuant

to

a

management

agreement

with

the

Adviser,

the

management

fee

is computed

at

an

annual

rate of

0.65%

of

the

value

of

the

fund’s

average

daily

net

assets

and

is

payable

monthly.

The

fund’s

management

agreement

provides

that

the

Adviser

pays

substantially

all

expenses

of

the

fund,

except

for

the

management

fees,

payments

under

the

fund’s

12b-1

plan

(if

any),

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

brokerage

commissions,

costs

of

holding

shareholder

meetings,

fees

and

expenses

associated

with

the

fund’s

securities

lending

program,

and

litigation

and

potential

litigation

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

fund’s

business.

The

Adviser

may

from

time

to

time

voluntarily

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

total

annual

fund

operating

expenses.

Any

such

voluntary

waiver

or

reimbursement

may

be

eliminated

by

the

Adviser

at

any

time.

During

the

period

ended

April

30,

2023,

there

was

no

reduction

in

expenses

pursuant

to

the

undertaking.

Pursuant

to

a

sub-investment

advisory

agreement

between

the

Adviser

and

the

Sub-

Adviser,

the

Sub-Adviser

serves

as

the

fund’s

sub-adviser

responsible

for

the

day-to-day

management

of

the

fund’s

portfolio.

The

Adviser

pays

the

Sub-Adviser

a

monthly

fee

at

an

annual

percentage

of

the

value

of

the

fund’s

average

daily

net

assets.

The

Adviser

has

obtained

an

exemptive

order

from

the

SEC

(the

“Order”),

upon

which

the

fund

may

rely,

to

use

a

manager

of

managers

approach

that

permits

the

Adviser,

subject

to

certain

conditions

and

approval

by

the

Board,

to

enter

into

and

materially

amend

sub-investment

advisory

agreements

with

one

or

more

sub-advisers

who

are

either

unaffiliated

or

affiliated

with

the

Adviser

without

obtaining

shareholder

approval.

The

Order

also

relieves

the

fund

from

disclosing

the

sub-advisory

fee

paid

by

the

Adviser

to

a

Sub-Adviser

in

documents

filed

with

the

SEC

and

provided

to

shareholders.

In

addition,

pursuant

to

the

Order,

it

is

not

necessary

to

disclose

the

sub-advisory

fee

payable

by

the

Adviser

separately

to

a

Sub-Adviser

that

is

a

wholly-owned

subsidiary

(as

defined

in

the

1940

Act)

of

BNY

Mellon

in

documents

filed

with

the

SEC

and

provided

to

shareholders;

such

fees

are

to

be

aggregated

with

fees

payable

to

the

Adviser.

The

Adviser

has

ultimate

responsibility

(subject

to

oversight

by

the

Board)

to

supervise

any

Sub-Adviser

and

recommend

the

hiring,

termination,

and

replacement

of

any

Sub-Adviser

to

the

Board.

21

Pursuant

to

a

sub-investment

advisory

agreement

between

the

Adviser

and

the

Sub-

Adviser,

the

Adviser

pays

the

Sub-Adviser

a

monthly

fee

at

an

annual

rate

of

0.325%

of

the

value

of

the

fund’s

average

daily

net

assets.

The

Adviser,

and

not

the

fund,

pays

the

Sub-Adviser

fee

rate.

(b)

The

fund

has

an

arrangement

with

The

Bank

of

New

York

Mellon

(the

“Custodian”),

a

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser, whereby

the

fund

will

receive

interest

income

or

be

charged

overdraft

fees

when

cash

balances

are

maintained.

For

financial

reporting

purposes,

the

fund

includes

this

interest

income

and

overdraft

fees,

if

any,

as

interest

income

in

the

Statement

of

Operations.

The

components

of

“Due

to

BNY

Mellon

ETF Investment

Adviser,

LLC”

in

the

Statement

of

Assets

and

Liabilities

consist

of:

management

fee

of $8,117.

(c)

Each

Board

member

serves

as

a

Board

member

of

each

fund

within

the

Trust.

The

Board

members

are

not

compensated

directly

by

the

fund.

The

Board

members

are

paid

by

the

Adviser

from

the

unitary

management

fee

paid

to

the

Adviser

by

the

fund.

The

quarterly

fees

are

paid

by

the

Adviser

from

unitary

management

fees

paid

to

the

Adviser

by

the

funds

within

the

Trust,

including

the

fund.

NOTE

4—Securities

Transactions:

The

aggregate

amount

of

purchases

and

sales

of

investment

securities,

excluding

short-term

securities

and

in-kind

transactions,

during

the

period

ended

April

30,

2023, amounted

to $2,953,459

and

$2,269,861,

respectively.

At April

30,

2023,

accumulated

net

unrealized

appreciation on

investments

was

$1,536,400,

consisting

of

gross

appreciation

of

$1,818,775

and

gross

depreciation

of

$282,375.

At

April

30,

2023,

the

cost

of

investments

for

federal

income

tax

purposes

was

substantially

the

same

as

the

cost

for

financial

reporting

purposes

(see

the

Statement

of

Investments).

NOTE

5—Shareholder

Transactions:

The

fund

issues

and

redeems

its

shares

on

a

continuous

basis,

at

NAV,

to

certain

institutional

investors

known

as

“Authorized

Participants”

(typically

market

makers

or

other

broker-dealers)

only

in

a

large

specified

number

of

shares

called

a

Creation

Unit.

Except

when

aggregated

in

Creation

Units,

shares

of

the

fund

are

not

redeemable.

The

value

of

the

fund

is

determined

once

each

business

day.

The

Creation

Unit

size

for the

fund

may

change.

Authorized

Participants

will

be

notified

of

such

change.

Creation

Unit

transactions

may

be

made

in-kind,

for

cash,

or

for

a

combination

of

securities

and

cash.

The

principal

consideration

for

creations

and

redemptions

for

the

fund

is

in-kind,

although

this

may

be

revised

at

any

time

without

notice.

The

Trust

issues

and

sells

shares

of

the

fund

only:

in

Creation

Units

on

a

continuous

basis

through

the

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

22

Distributor,

without

a

sales

load,

at

their

NAV

per

share

determined

after

receipt

of

an

order,

on

any

Business

Day,

in

proper

form

pursuant

to

the

terms

of

the

Authorized

Participant

Agreement.

Transactions

in

capital

shares

for

the

fund

are

disclosed

in

detail

in

the

Statement

of

Changes

in

Net

Assets.

The

consideration

for

the

purchase

of

Creation

Units

of the

fund

may

consist

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Trust

and/or

custodian

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

The

Adviser

or

its

affiliates

(the

“Selling

Shareholder”)

may

purchase

Creation

Units

through

a

broker-dealer

to

“seed”

(in

whole

or

in

part)

funds

as

they

are

launched

or

may

purchase shares

from

broker-dealers

or

other

investors

that

have

previously

provided

“seed”

for

funds

when

they

were

launched

or

otherwise

in

secondary

market

transactions.

Because

the

Selling

Shareholder

may

be

deemed

an

affiliate

of

such

funds,

the

fund shares

are

being

registered

to

permit

the

resale

of

these

shares

from

time

to

time

after

purchase.

The

fund

will

not

receive

any

of

the

proceeds

from

resale

by

the

Selling

Shareholders

of

these

fund

shares. An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

variable

charges,

if

any,

are

included

in

“Transaction

fees”

on

the

Statement

of

Changes

in

Net

Assets.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

fund.

Because

such

gains

or

losses

are

not

taxable

to

the

fund

and

are

not

distributed

to

existing

fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

per

share.

During

the

period

ended

April

30,

2023,

the

fund

had

in-kind

transactions

associated

with

creations

of

$13,470,626

and

redemptions

of

$0.

NOTE

6—Subsequent

Event:

Effective

May

31,

2023,

the

Sub-Adviser,

entered

into

a

sub-sub-investment

advisory

agreement

with

its

affiliate,

Newton

Investment

Management

Limited

(NIM),

to

enable

NIM

to

provide

certain

advisory

services

to

the

Sub-Adviser

for

the

benefit

of

the

fund,

including,

but

not

limited

to,

portfolio

management

services.

NIM

is

subject

to

the

supervision

of

the

Sub-Adviser

and

the

Adviser.

NIM

is

also

an

affiliate

of

the

Adviser.

NIM,

located

at

160

Queen

Victoria

Street,

London,

EC4V

4LA,

England,

was

formed

in

1978

and,

as

of

March

31,

2023,

had

approximately

$48.7

billion

in

assets

under

management.

NIM

is

an

indirect

subsidiary

of

BNY

Mellon.

INFORMATION

ABOUT

THE

APPROVAL

OF

THE

FUND’S

MANAGEMENT

AND

SUB-INVESTMENT

ADVISORY

AGREEMENTS

(Unaudited)

23

At

a

meeting

held

August

11,

2022,

the

Board

of

Trustees

of

the

Trust

(the

“Board”)

evaluated

proposals

to

approve

the

Management

Agreement

(the

“Agreement”)

between

the

Trust

and

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”),

pursuant

to

which

the

Adviser

will

provide

the

BNY

Mellon

Global

Infrastructure

Income

ETF

(the

“fund”),

which

commenced

operations

during

the

period

covered

by

this

semi-annual

report,

with

investment

advisory

and

administrative

services,

and

the

Sub-Investment

Advisory

Agreement

(together,

the

"Agreements"),

between

the

Adviser

and

Newton

Investment

Management

North

America,

LLC

(the

"Sub-

Adviser"),

an

affiliate

of

the

Adviser,

pursuant

to

which

the

Sub-Adviser

will

provide

day-to-day

management

of

the

fund’s

investments.

The

Board

was

advised

by

legal

counsel

throughout

the

process.

To

evaluate

the

Agreements,

the

Board

requested,

and

the

Adviser

and

Sub-Adviser

provided,

such

materials

as

the

Board,

with

the

advice

of

counsel,

deemed

reasonably

necessary.

In

deciding

whether

to

approve

the

Agreements,

the

Board

considered

various

factors,

including

the

(i)

nature,

extent

and

quality

of

services

expected

to

be

provided

by

the

Adviser

and

Sub-Adviser

under

each

respective

Agreement,

(ii)

fees

charged

to

comparable

funds,

(iii)

other

benefits

to

the

Adviser

and

Sub-Adviser,

and

(iv)

extent

to

which

economies

of

scale

would

be

shared

as

the

fund

grows.

The

Board

considered

the

Agreements

for

the

fund

and

the

engagement

of

the

Adviser

and

the Sub-Adviser separately.

Nature,

Extent

and

Quality

of

Services

The

Board

considered

the

nature,

extent

and

quality

of

services

expected

to

be

provided

by

the

Adviser

and

Sub-Adviser.

The

Board

reviewed

the

Agreements

and

the

Adviser’s

anticipated

responsibilities

of

investment

advisory

and

administrative

services

for

the

fund,

including

oversight

of

day-to-day

fund

operations,

fund

accounting,

administration,

and

assistance

in

meeting

legal

and

regulatory

requirements.

The

Board

considered

the

background

and

experience

of

the

Adviser

and

Sub-Adviser’s

senior

management,

including

those

individuals

responsible

for

portfolio

management

and

regulatory

compliance

of

the

fund.

The

Board

also

considered

the

Adviser’s

extensive

administrative,

accounting,

and

compliance

infrastructures,

as

well

as

the

Adviser’s

supervisory

activities

over

the

Sub-Adviser.

The

Board

appreciated

the

nature

of

the

fund

as

an

exchange-traded

fund

and

considered

the

portfolio

management

resources,

structures

and

practices

of

the

Adviser

and

Sub-Adviser,

including

those

associated

with

monitoring

and

securing

the

fund’s

compliance

with

its

investment

objective

and

policy

and

with

applicable

laws

and

regulations.

The

Board

also

considered

information

about

the

Sub-Adviser’s

best

execution

procedures

and

overall

investment

management

business.

The

Board

looked

at

the

Adviser’s

general

knowledge

of

the

investment

management

business

and

that

of

its

affiliates,

including

the

Sub-Adviser.

INFORMATION

ABOUT

THE

APPROVAL

OF

THE

FUND’S

MANAGEMENT

AND

SUB-INVESTMENT

ADVISORY

AGREEMENTS

(Unaudited)

(continued)

24

As

the

fund

had

not

yet

commenced

operations,

the

Board

was

not

able

to

review

the

fund’s

performance.

The

Board

discussed

with

representatives

of

the

Adviser

and

the

Sub-Adviser

the

proposed

portfolio

management

team

and

the

investment

strategy

to

be

employed

in

the

management

of

the

fund's

assets.

The

Board

was

provided

with

relevant

composite

performance

information.

The

Board

considered

the

reputation

and

experience

of

the

Adviser

and

its

affiliates,

including

the

Sub-Adviser.

Fees

Charged

to

Comparable

Funds

The

Board

evaluated

the

fund’s

proposed

unitary

fee

through

review

of

comparative

information

with

respect

to

fees

paid

by

similar

funds

–

i.e.,

actively

and

passively

managed

global

infrastructure

exchange-traded

funds.

The

Board

reviewed

the

universe

of

similar

exchange-traded

funds

for

the

fund

based

upon

data

independently

obtained

from

Broadridge

Financial

Solutions,

Inc.

and

related

comparative

information

for

similar

exchange-traded

funds.

The

Board

also

reviewed

the

estimated

expense

ratio

for

the

fund.

The

Board

considered

the

fee

to

be

paid

to

the

Sub-Adviser

in

relation

to

the

fee

to

be

paid

to

the

Adviser

by

the

fund

and

the

respective

services

to

be

provided

by

the

Sub-Adviser

and

the

Adviser.

The

Board

also

took

into

consideration

that

the

Sub-

Adviser's

fee

will

be

paid

by

the

Adviser

and

not

the

fund.

Other

Benefits

The

Board

also

considered

whether

the

Adviser,

Sub-Adviser

or

their

affiliates

benefited

in

other

ways

from

their

relationship

with

the

fund,

noting

that

neither

the

Adviser

nor

Sub-Adviser

maintains

soft-dollar

arrangements

in

connection

with

the

fund’s

brokerage

transactions.

Profitability

and

Economies

of

Scale

The

Board

reviewed

information

regarding

economies

of

scale

or

other

efficiencies

that

may

result

as

the

fund’s

assets

grow

in

size.

The

Board

noted

that

the

Agreement

did

not

provide

for

breakpoints

in

the

fund’s

advisory

fee

rate

as

assets

of

the

fund

increase.

The

Adviser

asserted

that

one

of

the

benefits

of

the

unitary

fee

was

to

provide

an

unvarying

expense

structure,

which

could

be

lost

or

diluted

with

the

addition

of

breakpoints.

The

Board

noted

that,

because

the

fund

is

new,

there

are

no

economies

of

scale

to

share,

but

it

intends

to

continue

to

monitor

fees

as

the

fund

grows

in

size

and

to

the

extent

in

the

future

it

were

determined

that

material

economies

of

scale

had

not

been

shared

with

the

fund,

the

Board

would

seek

to

have

those

economies

of

scale

shared

with

the

fund

in

connection

with

future

renewals.

As

the

fund

had

not

yet

commenced

operations,

the

Adviser’s

representatives

were

not

able

to

review

the

dollar

amount

of

expenses

allocated

and

profit

received

by

the

Adviser

or

Sub-Adviser.

25

Conclusion

After

weighing

the

foregoing

factors,

none

of

which

was

dispositive

in

itself

and

may

have

been

weighed

differently

by

each

Trustee,

the

Board

approved

the

Agreements

for

the

fund.

For

More

Information

2023

BNY

Mellon

Securities

Corporation

4865SA0423

Telephone

Call

your

financial

representative

or

1-833-ETF-BNYM

(383-2696)

(inside

the

U.S.

only)

Mail

BNY

Mellon

ETF

Trust,

240

Greenwich

Street,

New

York,

New

York

10286

E-Mail

Send

your

request

to

info@bnymellon.com

Internet

Information

can

be

viewed

online

or

downloaded

at

www.im.bnymellon.com

BNY

Mellon

ETF

Trust

discloses,

at

www.im.bnymellon.com

,

the

identities

and

quantities

of

the

securities

held

by

the

fund

daily.

The

fund

files

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(

“

SEC

”

)

for

the

first

and

third

quarters

of

the

fiscal

year

on

Form

N-PORT.

The

fund

’

s

Forms

N-PORT

are

available

on

the

SEC

’

s

website

at

www.sec.gov

.

Additionally,

the

fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

the

most

recent

fiscal

year

available

at

https://im.bnymellon.com/etfliterature

.

The

fund

’

s

complete

schedule

of

portfolio

holdings,

as

filed

on

Form

N-PORT,

can

also

be

obtained

without

charge,

upon

request,

by

calling

1-833-383-2696.

A

description

of

the

policies

and

procedures

that

the

fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities,

and

information

regarding

how

the

fund

voted

these

proxies

for

the

most

recent

12-month

period

ended

June

30

is

available

at

www.im.bnymellon.

com

and

on

the

SEC’s

website

at

www.sec.gov

.

The

description

of

the

policies

and

procedures

is

also

available

without

charge,

upon

request,

by

calling

1-833-383-2696.

BNY

Mellon

ETF

Trust

Custodian

BNY

Mellon

ETF

Investment

Adviser,

LLC

240

Greenwich

Street

New

York,

NY

10286

The

Bank

of

New

York

Mellon

240

Greenwich

Street

New

York,

NY

10286

Adviser

Transfer

Agent

&

Dividend

Disbursing

Agent

BNY

Mellon

ETF

Investment

Adviser,

LLC

201

Washington

Street

Boston,

MA

02108

The

Bank

of

New

York

Mellon

240

Greenwich

Street

New

York,

NY

10286

Sub-Adviser

Distributor

Newton

Investment

Management

North

America,

LLC

BNY

Mellon

Center

201

Washington

Street

Boston,

MA

02108

BNY

Mellon

Securities

Corporation

240

Greenwich

Street

New

York,

NY

10286

Newton

Investment

Management

Limited

160

Queen

Victoria

Street

London,

EC4V,

4LA,

UK

Ticker

Symbol:

BNY

Mellon

Global

Infrastructure

Income

ETF

BKGI

Item 1. Reports to Stockholders (cont.).

(b)Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)The Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included as part of the report to shareholders filed under Item 1(a) of this Form N-CSR.

(b)   Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a)The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)   Not applicable.

(a)(2)   Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(b)       Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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)                             BNY Mellon ETF Trust                                                         

By (Signature and Title) *      /s/ David J. DiPetrillo                                                 
                                                David J. DiPetrillo, President

                                                (Principal Executive Officer)

Date    06/22/2023                 

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 (Signature and Title) *      /s/ David J. DiPetrillo                                                 
                                                David J. DiPetrillo, President

                                                (Principal Executive Officer)

Date    06/22/2023                

By (Signature and Title) *      /s/ James Windels                                                      
                                                James Windels, Treasurer

                                                (Principal Financial and Accounting Officer)

Date    06/20/2023                 

^* Print the name and title of each signing officer under his or her signature.