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:  February 28

Date of reporting period:  August 31, 2024

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 Innovators ETF

BNY Mellon Women’s Opportunities 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 Innovators ETF 

Semi-Annual Shareholder Report

August 31, 2024

Ticker - BKIV (The NASDAQ Stock Market LLC)

This semi-annual shareholder report contains important information about BNY Mellon Innovators ETF (the “Fund”) for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at bny.com/investments/etfliterature. You can also request this information by calling us at 1-833-383-2696 or calling your financial adviser.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BNY Mellon Innovators ETF	$26	0.50%Footnote Reference*

Footnote	Description
Footnote*	Annualized

KEY FUND STATISTICS (AS OF 8/31/24)

Fund size (Millions)	Number of Holdings	Portfolio Turnover
$15	51	25.96%

Portfolio Holdings (as of 8/31/24)

Top Ten Holdings

(Based on Net Assets)*

Value	Value
NVIDIA Corp. -	13.6%
Alphabet, Inc., Class C -	5.1%
Insmed, Inc. -	4.4%
CoStar Group, Inc. -	3.7%
Netflix, Inc. -	3.6%
Inspire Medical Systems, Inc. -	3.0%
Repligen Corp. -	3.0%
Klaviyo, Inc., Class A -	2.9%
Sarepta Therapeutics, Inc. -	2.7%
Freshpet, Inc. -	2.5%

*Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.

  Not FDIC-Insured. Not Bank-Guaranteed. May Lose Value. 

Sector Allocation

(Based on Net Assets)

Value	Value
Net Other Assets and Liabilities	0.0%
Investment Companies	0.6%
Energy	1.7%
Financials	3.1%
Real Estate	3.7%
Consumer Staples	5.6%
Consumer Discretionary	6.4%
Communication Services	13.7%
Information Technology	28.4%
Health Care	36.8%

For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/etfliterature.

© 2024 BNY Mellon Securities Corporation,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-4867SA0824

BNY Mellon Women's Opportunities ETF 

Semi-Annual Shareholder Report

August 31, 2024

Ticker - BKWO (The NASDAQ Stock Market LLC)

This semi-annual shareholder report contains important information about BNY Mellon Women's Opportunities ETF (the “Fund”) for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at bny.com/investments/etfliterature. You can also request this information by calling us at 1-833-383-2696 or calling your financial adviser.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BNY Mellon Women's Opportunities ETF	$26	0.50%Footnote Reference*

Footnote	Description
Footnote*	Annualized

KEY FUND STATISTICS (AS OF 8/31/24)

Fund size (Millions)	Number of Holdings	Portfolio Turnover
$13	50	19.07%

Portfolio Holdings (as of 8/31/24)

Top Ten Holdings

(Based on Net Assets)*

Value	Value
Microsoft Corp. -	8.2%
NVIDIA Corp. -	7.8%
Amazon.com, Inc. -	5.7%
Apple, Inc. -	5.1%
JPMorgan Chase & Co. -	3.8%
Meta Platforms, Inc., Class A -	3.4%
AbbVie, Inc. -	3.2%
Eli Lilly & Co. -	2.9%
Uber Technologies, Inc. -	2.9%
Mastercard, Inc., Class A -	2.8%

*Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.

  Not FDIC-Insured. Not Bank-Guaranteed. May Lose Value. 

Sector Allocation

(Based on Net Assets)

Value	Value
Net Other Assets and Liabilities	0.0%
Materials	0.7%
Real Estate	1.0%
Investment Companies	1.1%
Utilities	1.7%
Energy	3.1%
Consumer Staples	3.8%
Communication Services	5.0%
Consumer Discretionary	9.3%
Industrials	10.1%
Financials	11.3%
Health Care	18.9%
Information Technology	34.0%

For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/etfliterature.

© 2024 BNY Mellon Securities Corporation,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-4868SA0824

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 in the financial statements filed under Item 7 of this Form N-CSR.

(b)      Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

The following is a copy of the Registrant’s most recent financial statements and financial highlights. 

BNY

Mellon

ETF

Trust

SEMI-ANNUAL

FINANCIALS

AND

OTHER

INFORMATION

August

31,

2024

BNY

Mellon

Innovators

ETF:

BKIV

Principal

U.S.

Listing

Exchange:

The

NASDAQ

Stock

Market

LLC

IMPORTANT

NOTICE

–

CHANGES

TO

ANNUAL

AND

SEMI-ANNUAL

REPORTS 

The

Securities

and

Exchange

Commission

(the

“SEC”)

has

adopted

rule

and

form

amendments

which

have

resulted

in

changes

to

the

design

and

delivery

of

annual

and

semi-annual

fund

reports

(“Reports”).

Reports

are

now

streamlined

to

highlight

key

information.

Certain

information

previously

included

in

Reports,

including

financial

statements,

no

longer

appear

in

the

Reports

but

will

be

available

online

within

the

Semi-Annual

and

Annual

Financials

and

Other

Information,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

Contents

The

Fund

Please

note

the

Semi-Annual

Financials

and

Other

Information

only

contains

Items

7-11

required

in

Form

N-CSR.

All

other

required

items

will

be

filed

with

the

SEC.

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

3

Statement

of

Investments

3

Statement

of

Assets

and

Liabilities

5

Statement

of

Operations

6

Statement

of

Changes

in

Net

Assets

7

Financial

Highlights

8

Notes

to

Financial

Statements

9

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

14

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

15

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Investment

Companies

16

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

17

Save

time.

Save

paper.

View

your

next

shareholder

report

online

as

soon

as

it’s

available.

Log

into

www.bny.com/investments

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

3

BNY

Mellon

Innovators

ETF

Statement

of

Investments

August

31,

2024

(Unaudited)

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Description

Shares

Value

($)

Common

Stocks

–

99.4%

Banks

–

1.1%

JPMorgan

Chase

&

Co.

692

155,562

Consumer

Discretionary

Distribution

&

Retail

–

1.2%

Chewy,

Inc.,

Class

A

(a)

6,352

181,349

Consumer

Durables

&

Apparel

–

1.5%

Lululemon

Athletica,

Inc.

(a)

849

220,290

Consumer

Services

–

3.7%

Airbnb,

Inc.,

Class

A

(a)

1,525

178,898

DraftKings,

Inc.,

Class

A

(a)

4,816

166,152

Dutch

Bros,

Inc.,

Class

A

(a)

6,456

200,136

545,186

Energy

–

1.7%

Cactus,

Inc.,

Class

A

4,275

254,448

Financial

Services

–

2.0%

Block,

Inc.,

Class

A

(a)

4,376

289,166

Food,

Beverage

&

Tobacco

–

5.6%

Celsius

Holdings,

Inc.

(a)(b)

7,465

283,894

Freshpet,

Inc.

(a)(b)

2,746

373,456

Vital

Farms,

Inc.

(a)

5,341

167,974

825,324

Health

Care

Equipment

&

Services

–

14.8%

Align

Technology,

Inc.

(a)

1,528

362,472

DexCom,

Inc.

(a)

3,993

276,875

Guardant

Health,

Inc.

(a)

4,929

126,084

Inspire

Medical

Systems,

Inc.

(a)

2,464

443,076

Intuitive

Surgical,

Inc.

(a)

715

352,230

iRhythm

Technologies,

Inc.

(a)

1,496

106,037

Privia

Health

Group,

Inc.

(a)

6,492

130,749

PROCEPT

BioRobotics

Corp.

(a)

1,065

84,135

TransMedics

Group,

Inc.

(a)

1,780

299,147

2,180,805

Media

&

Entertainment

–

13.7%

Alphabet,

Inc.,

Class

C

4,532

748,278

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C

(a)

2,974

232,121

Netflix,

Inc.

(a)

748

524,610

Reddit,

Inc.,

Class

A

(a)

3,508

210,585

Trade

Desk,

Inc.

(The),

Class

A

(a)

2,939

307,214

2,022,808

Pharmaceuticals,

Biotechnology

&

Life

Sciences

–

22.0%

Alnylam

Pharmaceuticals,

Inc.

(a)

1,139

299,204

Ascendis

Pharma

A/S,

ADR

(a)

2,002

277,177

Crinetics

Pharmaceuticals,

Inc.

(a)

2,332

123,736

Denali

Therapeutics,

Inc.

(a)

5,554

135,740

Grail,

Inc.

(a)

3,482

49,131

Illumina,

Inc.

(a)

1,673

219,832

Insmed,

Inc.

(a)

8,426

644,336

Keros

Therapeutics,

Inc.

(a)

2,382

108,024

Natera,

Inc.

(a)

2,004

236,993

Pacific

Biosciences

of

California,

Inc.

(a)

42,549

58,292

Repligen

Corp.

(a)(b)

2,916

440,112

Sarepta

Therapeutics,

Inc.

(a)

2,907

394,712

Twist

Bioscience

Corp.

(a)(b)

4,124

178,322

4

Statement

of

Investments

(continued)

See

Notes

to

Statement

of

Investments

Description

Shares

Value

($)

Common

Stocks

–

99.4%

(continued)

Pharmaceuticals,

Biotechnology

&

Life

Sciences

–

22.0%

(continued)

Xenon

Pharmaceuticals,

Inc.

(a)

1,879

75,799

3,241,410

Real

Estate

Management

&

Development

–

3.7%

CoStar

Group,

Inc.

(a)

7,010

541,873

Semiconductors

&

Semiconductor

Equipment

–

13.6%

NVIDIA

Corp.

16,708

1,994,434

Software

&

Services

–

14.1%

Confluent,

Inc.,

Class

A

(a)

14,361

304,740

CyberArk

Software

Ltd.

(a)

767

219,930

HubSpot,

Inc.

(a)

182

90,831

Klaviyo,

Inc.,

Class

A

(a)

13,528

425,591

Monday.com

Ltd.

(a)

1,141

303,380

MongoDB,

Inc.,

Class

A

(a)

674

195,992

Shopify,

Inc.,

Class

A

(a)

3,624

268,430

Snowflake,

Inc.,

Class

A

(a)

2,329

266,042

2,074,936

Technology

Hardware

&

Equipment

–

0.7%

Pure

Storage,

Inc.,

Class

A

(a)

1,932

99,092

Total

Common

Stocks

(cost

$11,570,119)

14,626,683

Investment

Companies

–

0.6%

Registered

Investment

Companies

–

0.6%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

5.27%

(c)(d)

(cost

$81,938)

81,938

81,938

Total

Investments

(cost

$11,652,057)

100.0%

14,708,621

Liabilities,

Less

Cash

and

Receivables

0.0%

(4,721)

Net

Assets

100.0%

14,703,900

ADR—American

Depositary

Receipt

(a)

Non-income

producing

security.

(b)

Security,

or

portion

thereof,

on

loan.

At

August

31,

2024,

the

value

of

the

fund’s

securities

on

loan

was

$877,528

and

the

value

of

the

collateral

was

$890,291,

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

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

August

31,

2024.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

August

31,

2024

are

as

follows:

Description

Value

($)

2/29/24

Purchases

($)

1

Sales

($)

Value

($)

8/31/24

Dividends/

Distributions

($)

Investment

Companies

–

0.6%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

228,888

1,445,524

(1,592,474)

81,938

4,431

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.0%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

180,158

2,806,056

(2,986,214)

—

968

2

Total

–

0.6%

409,046

4,251,580

(4,578,688)

81,938

5,399

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.

5

STATEMENT

OF

ASSETS

AND

LIABILITIES

August

31,

2024

(Unaudited)

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments

(including

securities

on

loan,

valued

at

$877,528)—Note

2(b

):

–

Unaffiliated

issuers

11,570,119

14,626,683‌

Affiliated

issuers

81,938

81,938‌

Dividends

receivable

1,103‌

Securities

lending

income

receivable

308‌

14,710,032‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(b)

6,132‌

6,132‌

Net

Assets

($)

14,703,900‌

Composition

of

Net

Assets

($):

Paid-in

capital

11,404,422‌

Total

distributable

earnings

(loss)

3,299,478‌

Net

Assets

($)

14,703,900‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

450,001‌

Net

asset

value

per

share

32.68‌

Market

price

per

share

32.70‌

6

STATEMENT

OF

OPERATIONS

Six

Months

Ended

August

31,

2024

(Unaudited)

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends:

Unaffiliated

issuers

8,981‌

Affiliated

issuers

4,431‌

Income

from

securities

lending—Note

2(b

)

968‌

Total

Income

14,380‌

Expenses:

Management

fee—Note

3(a)

36,105‌

Total

Expenses

36,105‌

Net

Investment

(Loss)

(21,725‌)

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

304,252‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

458,501‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

762,753‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

741,028‌

7

STATEMENT

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements

Six

Months

Ended

August

31,

2024

(Unaudited)

For

the

Period

from

May

18,

2023

(a)

to

February

29,

2024

Operations

($):

Net

investment

(loss)

(21,725‌)

(29,129‌)

Net

realized

gain

(loss)

on

investments

304,252‌

(20,599‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

458,501‌

2,598,063‌

Net

Increase

from

Payment

by

Affiliate

—‌

3,973‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

741,028‌

2,552,308‌

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

—‌

11,410,535‌

Transaction

fees—Note

5

—‌

29‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

—‌

11,410,564‌

Total

Increase

(Decrease)

in

Net

Assets

741,028‌

13,962,872‌

Net

Assets

($):

Beginning

of

Period

13,962,872‌

—‌

End

of

Period

14,703,900‌

13,962,872‌

Changes

in

Shares

Outstanding:

Shares

sold

—‌

450,001‌

Net

Increase

(Decrease)

in

Shares

Outstanding

—‌

450,001‌

(a)

Commencement

of

operations.

8

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements

Six

Months

Ended

August

31,

2024

(Unaudited)

For

the

Period

from

May

18,

2023

(a)

to

February

29,

2024

Per

Sh

are

Data

($):

Net

asset

value,

beginning

of

period

31.03‌

25.00‌

Investment

Operations:

Net

investment

(loss)

(b)

(0.05‌)

(0.07‌)

Net

realized

and

unrealized

gain

(loss)

on

investments

1.70‌

6.09‌

Payment

by

Affiliate

—‌

0.01‌

(c)

Total

from

Investment

Operations

1.65‌

6.03‌

Transaction

fees

(b)

—‌

0.00‌

(d)

Net

asset

value,

end

of

period

32.68‌

31.03‌

Market

price,

end

of

period

32.70‌

30.98‌

Net

Asset

Value

Total

Return

(%)

(e)

5.31‌

24.11‌

(f)

Market

Price

Total

Return

(%)

(e)

5.55‌

23.92‌

(f)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.50‌

(g)

0.50‌

(g)

Ratio

of

net

investment

(loss)

to

average

net

assets

(0.30‌)

(g)

(0.33‌)

(g)

Portfolio

Turnover

Rate

(h)

25.96‌

12.39‌

Net

Assets,

end

of

period

($

x

1,000)

14,704‌

13,963‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

total

return

for

the

fund

was

not

materially

impacted

by

the

reimbursement

to

the

fund

for

fund

losses

relating

to

trade

processing

error.

(d)

Amount

represents

less

than

$0.01

per

share.

(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.

The

inception

date

is

the

first

date

the

fund

was

available

on

The

NASDAQ

Stock

Market

LLC.

(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.

9

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

NOTE

1—Organization:

BNY

Mellon

Innovators

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

thirteen

series,

including

the

fund.

The

investment

objective

of

the

fund

is

to

seek

long-term

capital

growth.

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”),

a

wholly-owned

subsidiary

of

The

Bank

of

New

York

Mellon

Corporation

(“BNY”),

serves

as

the

fund’s

investment

adviser. Newton

Investment

Management

North

America,

LLC (the

“Sub-Adviser”

or

“NIMNA”),

an

indirect wholly-owned

subsidiary

of

BNY

and

an

affiliate

of

the

Adviser,

serves

as

the

fund’s

sub-adviser.

NIMNA

has

entered

into

a

sub-sub-investment

advisory

agreement

with

its

affiliate,

Newton

Investment

Management

Limited

(“NIM”),

which

enables

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

NIMNA

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.

NIM

is

an

indirect

subsidiary

of

BNY.

The

Bank

of

New

York

Mellon,

a

subsidiary

of

BNY

and

an

affiliate

of

the

Adviser,

serves

as

administrator,

custodian

and

transfer

agent

with

the

Trust.

BNY

Mellon

Securities

Corporation

(the

“Distributor”),

a 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

Shares.”

Fund

Shares

are

listed

and

traded

on

The

NASDAQ

Stock

Market

LLC.

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

The

NASDAQ

Stock

Market

LLC.,

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

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

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.

10

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

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.

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 August

31,

2024

in

valuing

the

fund’s

investments: 

Fair

Value

Measurements

(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.

Pursuant

to

a

securities

lending

agreement

with

BNY,

the

fund

may

lend

securities

to

qualified

institutions.

It

is

the

fund’s

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.

Any

non-cash

collateral

received

cannot

be

sold

or

re-pledged

by

the

fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

the

fund’s

Statement

of

Investments.

The

fund is

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,

BNY

is

required

to

replace

the

securities

for

the

benefit

of

the

fund

or

credit

the

fund

with

the

market

value

of

the

unreturned

securities

and

is

subrogated

to

the

fund’s

rights

against

the

borrower

and

the

collateral.

Additionally,

the

contractual

maturity

of

security

lending

transactions

are

on

an

overnight

and

continuous

basis.

During

the

period

ended

August

31,

2024,

BNY

earned

$132 from

the

lending

of

the

fund’s portfolio

securities,

pursuant

to

the

securities

lending

agreement.

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

($)

Investments

In

Securities:

†

Common

Stocks

14,626,683

—

—

14,626,683

Investment

Companies

81,938

—

—

81,938

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

11

For

financial

reporting

purposes,

the

fund

elects

not

to

offset

assets

and

liabilities

subject

to

a

securities

lending

agreement,

if

any,

in

the

Statement

of

Assets

and

Liabilities.

Therefore,

all

qualifying

transactions

are

presented

on

a

gross

basis

in

the

Statement

of

Assets

and

Liabilities.

As

of

August

31,

2024,

the

fund

had

securities

lending

and

the

impact

of

netting

of

assets

and

liabilities

and

the

offsetting

of

collateral

pledged

or

received,

if

any,

based

on

contractual

netting/set-off

provisions

in

the

securities

lending

agreement

are

detailed

in

the

following

table:

(c)

Affiliated

issuers:

Investments

in

other

investment

companies

advised

by

the

Adviser

or

its

affiliates 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.

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.

Innovation-Driven

Company

Risk:

There

can

be

no

assurance

that

a

company

identified

as

an

innovation-driven

company

by

NIMNA

will

ultimately

introduce

or

benefit

from

a

new

product

or

service

or

that

such

product

or

service

may

not

be

significantly

delayed

or

have

the

affect

NIMNA

anticipated.

The

returns

on

a

portfolio

of

securities

that

are

viewed

by

NIMNA

as

innovation-driven

companies

may

trail

the

returns

of

a

portfolio

that

is

not

limited

to

securities

of

innovation-driven

companies.

Investing

only

in

securities

of

innovation-

driven

companies

may

affect

the

fund’s

exposure

to

certain

types

of

investments

and

may

adversely

impact

the

fund’s

performance

depending

on

whether

such

investments

are

in

or

out

of

favor

in

the

market.

Authorized

Participants,

Market

Makers

and

Liquidity

Providers

Risk:

The

fund

has

a

limited

number

of

financial

institutions

that

may

act

as

Authorized

Participants,

which

are

responsible

for

the

creation

and

redemption

activity

for

the

fund.

In

addition,

there

may

be

a

limited

number

of

market

makers

and/or

liquidity

providers

in

the

marketplace.

To

the

extent

either

of

the

following

events

occur,

fund

shares

may

trade

at

a

material

discount

to

net

asset

value

and

possibly

face

delisting:

(i)

Authorized

Participants

exit

the

business

or

otherwise

become

unable

to

process

creation

and/or

redemption

orders

and

no

other

Authorized

Participants

step

forward

to

perform

these

services,

or

(ii)

market

makers

and/or

liquidity

providers

exit

the

business

or

significantly

reduce

their

business

activities

and

no

other

entities

step

forward

to

perform

their

functions.

Fluctuation

of

Net

Asset

Value,

Share

Premiums

and

Discounts

Risk:

As

with

all

exchange-traded

funds,

fund

shares

may

be

bought

and

sold

in

the

secondary

market

at

market

prices.  The

trading

prices

of

fund

shares

in

the

secondary

market

may

differ

from

the

fund's

daily

net

asset

value

per

share

and

there

may

be

times

when

the

market

price

of

the

shares

is

more

than

the

net

asset

value

per

share

(premium)

or

less

than

the

net

asset

value

per

share

(discount).  This

risk

is

heightened

in

times

of

market

volatility

or

periods

of

steep

market

declines.

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.

Assets

($)

Liabilities

($)

Securities

Lending

877,528

—

Total

gross

amount

of

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

877,528

—

Collateral

(received)/posted

not

offset

in

the

Statement

of

Assets

and

Liabilities

(877,528)

†

—

Net

Amount

—

—

†

The

value

of

the

related

collateral

received

by

the

fund

normally

exceeded

the

value

of

the

securities

loaded

by

the

fund

pursuant

to

the

securities

lending

agreement.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

See

Statement

of

Investments

for

detailed

information

regarding

the

collateral

received

for

open

securities

lending.

12

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

(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 August

31,

2024,

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 August

31,

2024,

the

fund

did

not

incur

any

interest

or

penalties.

The

tax

year

in

the

period

ended February

29,

2024

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

$20,599

available

for

federal

income

tax

purposes

to

be

applied

against

future

net

realized

capital

gains,

if

any,

realized

subsequent

to

February

29,

2024.

These

short-term

capital

losses

can

be

carried

forward

for

an

unlimited

period. 

The

fund

had

no

distributions

paid

to

shareholders

during

the

fiscal

year

ended

February

29,

2024.

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

0.50%

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

August

31,

2024,

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

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

0.25%

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

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 $6,132.

(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

fees

paid

to

the

Adviser

by

the

funds

within

the

Trust,

including

the

fund.

13

NOTE

4—Securities

Transactions:

The

aggregate

amount

of

purchases

and

sales

of

investment

securities,

excluding

short-term

securities

and

in-kind

transactions,

if

any,

during

the

period

ended

August

31,

2024, amounted

to $3,807,815

and

$3,681,686,

respectively.

At August

31,

2024,

accumulated

net

unrealized

appreciation on

investments

was

$3,056,564,

consisting

of

gross

appreciation

of

$4,319,363

and

gross

depreciation

of

$1,262,799.

At

August

31,

2024,

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.

Seed

Capital:

As

of

August

31,

2024,

MBC

Investments

Corporation,

a

wholly-owned

subsidiary

of

BNY,

held

379,401

shares

of

the

fund.

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

August

31,

2024,

the

fund

had

no

in-

kind

transactions.

14

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

15

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

16

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Investment

Companies

(Unaudited)

Each

member

of

the

Board

serves

as

a

Board

member

of

each

fund

within

the

Registrant.

The

Board

members

are

not

compensated

directly

by

the

Registrant.

The

Board

members

are

paid

by

the

Adviser

from

the

unitary

management

fees

paid

to

the

Adviser

by

the

funds

within

the

Registrant.

17

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(Unaudited)

At

a

meeting

held

on

May

7,

2024,

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

proposals:

(i)

to

continue

the

management

agreement

(the

“Management

Agreement”)

between

the

Trust

and

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”)

with

respect

to

the

BNY

Mellon

Innovators

ETF

(the

“fund”);

(ii)

to

continue

the

sub-investment

advisory

agreement

(the

“Sub-Investment

Advisory

Agreement”)

between

the

Adviser

and

Newton

Investment

Management

North

America,

LLC

(the

“Sub-Adviser”),

an

affiliate

of

the

Adviser,

on

behalf

of

the

fund;

and

(iii)

to

continue

the

sub-sub-investment

advisory

agreement

(the

“SSIA

Agreement”)

between

the

Sub-Adviser

and

Newton

Investment

Management

Limited

(“NIM”),

also

an

affiliate

of

the

Adviser,

on

behalf

of

the

fund,

which

permits

the

Sub-Adviser

to

use

the

investment

advisory

personnel,

resources

and

capabilities

(“Investment

Advisory

Services”)

available

at

its

sister

company,

NIM,

in

providing

the

day-to-day

management

of

the

fund’s

investments.

The

Management

Agreement,

the

Sub-

Advisory

Agreement

and

the

SSIA

Agreement

are

each

referred

to

herein

as

an

“Agreement”

and

collectively,

as

the

“Agreements”.

The

Trustees

met

separately

to

consider

the

Agreements

and

were

advised

by

legal

counsel

throughout

the

process.

To

evaluate

the

Agreements,

the

Board

requested,

and

the

Adviser,

Sub-Adviser

and

NIM

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

Sub-Adviser

under

each

respective

Agreement,

(ii)

nature,

extent

and

quality

of

services

expected

to

be

provided

by

NIM

under

the

SSIA

Agreement,

(iii)

investment

performance

of

the

fund,

(iv)

profits

realized

by

the

Adviser

and

its

affiliates

from

its

relationship

with

the

fund,

(v)

fees

charged

to

comparable

funds,

(vi)

other

benefits

to

the

Adviser,

Sub-Adviser,

NIM

and/or

their

affiliates,

and

(vii)

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,

Sub-Adviser

and

NIM

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

mid-cap

growth

exchange-traded

funds

(“ETFs”)

(the

“Performance

Group”)

and

with

a

broader

group

of

retail

and

institutional

mid-cap

growth

funds

and

ETFs

(the

“Performance

Universe”)

for

the

three-month,

six-month

and

nine-month

periods

ended

March

31,

2024;

and

(ii)

comparing

the

fund’s

contractual

management

fees

and

total

expenses

with

a

group

of

other

mid-cap

growth

ETFs

(the

“Expense

Group”)

and,

with

respect

to

total

expenses,

with

a

broader

group

of

mid-cap

growth

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,

as

well

as

the

nature,

extent

and

quality

of

services

expected

to

be

provided

by

NIM.

In

doing

so,

the

Board

relied

on

its

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

Sub-Adviser’s

responsibilities

for

managing

investment

operations

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,

Sub-Adviser’s

and

NIM’s

senior

management,

including

those

individuals

responsible

for

portfolio

management

and

regulatory

compliance

of

the

fund.

The

Board

also

considered

the

portfolio

management

resources,

structures

and

practices

of

the

Adviser,

Sub-Adviser

and

NIM,

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

and

NIM’s

best

execution

procedures

as

well

as

the

Adviser’s,

Sub-Adviser’s

and

NIM’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

and

NIM.

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.

With

respect

to

NIM,

the

Board

also

considered

the

Adviser’s

favorable

assessment

of

the

nature

and

quality

of

services

expected

to

be

provided

by

NIM.

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

median

for

the

three-month,

six-month

and

nine-month

periods

ended

March

31,

2024,

below

the

Performance

Universe

median

and

benchmark

for

the

three-month

and

nine-month

periods

ended

March

31,

2024,

and

above

the

Performance

Universe

median

and

benchmark

for

the

six-month

period

ended

March

31,

2024.

Representatives

of

the

Adviser

indicated

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.

The

representatives

noted

the

limited

time

period

of

the

performance

information,

and

further

noted

that

the

fund

had

outperformed

the

largest

thematic

fund

included

the

Performance

Group

for

the

six-month

and

nine-month

periods

ended

March

31,

2024.

18

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(Unaudited)

(continued)

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

mid-cap

growth

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

less

than

the

Expense

Group

median

and

the

fund’s

total

expenses

were

less

than

the

Expense

Group

median

and

Expense

Universe

median

total

expenses.

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.

Furthermore,

the

Board

noted

NIM

would

not

receive

a

fee

in

connection

with

providing

the

Investment

Advisory

Services.

Other

Benefits

The

Board

also

considered

whether

the

Adviser,

Sub-Adviser,

NIM

or

their

affiliates

benefited

in

other

ways

from

their

relationship

with

the

fund,

including

any

soft-dollar

arrangements

in

connection

with

the

fund’s

brokerage

transactions.

The

Board

noted

The

Bank

of

New

York

Mellon

Corporation

may

derive

certain

benefits

from

an

incremental

growth

in

its

businesses

that

may

possibly

result

from

the

availability

of

the

fund

to

clients.

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

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

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

is

in

the

best

interests

of

the

fund

and

its

shareholders.

©

2024

BNY

Mellon

Securities

Corporation

Code-4867NCSRSA0824

BNY

Mellon

ETF

Trust

SEMI-ANNUAL

FINANCIALS

AND

OTHER

INFORMATION

August

31,

2024

BNY

Mellon

Women’s

Opportunities

ETF:

BKWO

Principal

U.S.

Listing

Exchange:

The

NASDAQ

Stock

Market

LLC

IMPORTANT

NOTICE

–

CHANGES

TO

ANNUAL

AND

SEMI-ANNUAL

REPORTS 

The

Securities

and

Exchange

Commission

(the

“SEC”)

has

adopted

rule

and

form

amendments

which

have

resulted

in

changes

to

the

design

and

delivery

of

annual

and

semi-annual

fund

reports

(“Reports”).

Reports

are

now

streamlined

to

highlight

key

information.

Certain

information

previously

included

in

Reports,

including

financial

statements,

no

longer

appear

in

the

Reports

but

will

be

available

online

within

the

Semi-Annual

and

Annual

Financials

and

Other

Information,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

Contents

The

Fund

Please

note

the

Semi-Annual

Financials

and

Other

Information

only

contains

Items

7-11

required

in

Form

N-CSR.

All

other

required

items

will

be

filed

with

the

SEC.

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

3

Statement

of

Investments

3

Statement

of

Assets

and

Liabilities

6

Statement

of

Operations

7

Statement

of

Changes

in

Net

Assets

8

Financial

Highlights

9

Notes

to

Financial

Statements

10

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

15

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

16

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Investment

Companies

17

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

18

Save

time.

Save

paper.

View

your

next

shareholder

report

online

as

soon

as

it’s

available.

Log

into

www.bny.com/investments

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

3

BNY

Mellon

Women’s

Opportunities

ETF

Statement

of

Investments

August

31,

2024

(Unaudited)

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Description

Shares

Value

($)

Common

Stocks

–

98.9%

Banks

–

6.4%

Bank

of

America

Corp.

5,483

223,432

First

Horizon

Corp.

7,739

128,390

JPMorgan

Chase

&

Co.

2,252

506,250

858,072

Capital

Goods

–

4.8%

Eaton

Corp.

PLC

655

201,039

nVent

Electric

PLC

1,935

131,503

Trane

Technologies

PLC

848

306,688

639,230

Commercial

&

Professional

Services

–

0.9%

Veralto

Corp.

1,031

115,915

Consumer

Discretionary

Distribution

&

Retail

–

7.0%

Amazon.com,

Inc.

(a)

4,280

763,980

Best

Buy

Co.,

Inc.

1,783

179,013

942,993

Consumer

Services

–

2.3%

Bright

Horizons

Family

Solutions,

Inc.

(a)

2,156

303,392

Energy

–

3.1%

ConocoPhillips

1,012

115,155

Occidental

Petroleum

Corp.

2,773

158,006

Schlumberger

NV

3,384

148,862

422,023

Financial

Services

–

2.8%

Mastercard,

Inc.,

Class

A

784

378,939

Food,

Beverage

&

Tobacco

–

1.8%

Coca-Cola

Co.

(The)

3,287

238,209

Health

Care

Equipment

&

Services

–

7.9%

Addus

HomeCare

Corp.

(a)

1,152

153,227

Boston

Scientific

Corp.

(a)

3,665

299,760

Centene

Corp.

(a)

2,400

189,192

Cooper

Cos.,

Inc.

(The)

(a)

1,652

174,666

Hologic,

Inc.

(a)

1,816

147,532

Intuitive

Surgical,

Inc.

(a)

212

104,438

1,068,815

Household

&

Personal

Products

–

2.0%

Procter

&

Gamble

Co.

(The)

1,558

267,259

Insurance

–

2.1%

Progressive

Corp.

(The)

1,103

278,177

Materials

–

0.7%

Constellium

SE

(a)

5,856

98,205

Media

&

Entertainment

–

5.0%

Meta

Platforms,

Inc.,

Class

A

887

462,402

Pinterest,

Inc.,

Class

A

(a)

3,204

102,656

Walt

Disney

Co.

(The)

1,248

112,794

677,852

Pharmaceuticals,

Biotechnology

&

Life

Sciences

–

11.0%

AbbVie,

Inc.

2,158

423,637

Alnylam

Pharmaceuticals,

Inc.

(a)

480

126,091

4

Statement

of

Investments

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.9%

(continued)

Pharmaceuticals,

Biotechnology

&

Life

Sciences

–

11.0%

(continued)

Avantor,

Inc.

(a)

5,402

139,588

Eli

Lilly

&

Co.

410

393,608

Illumina,

Inc.

(a)

989

129,954

Natera,

Inc.

(a)

668

78,998

Zoetis,

Inc.,

Class

A

1,043

191,380

1,483,256

Real

Estate

Management

&

Development

–

1.0%

CoStar

Group,

Inc.

(a)

1,779

137,517

Semiconductors

&

Semiconductor

Equipment

–

10.2%

Micron

Technology,

Inc.

1,757

169,094

NVIDIA

Corp.

8,760

1,045,681

Texas

Instruments,

Inc.

756

162,041

1,376,816

Software

&

Services

–

18.7%

Accenture

PLC,

Class

A

761

260,224

Akamai

Technologies,

Inc.

(a)

1,517

154,491

HubSpot,

Inc.

(a)

476

237,557

Intuit,

Inc.

496

312,609

Microsoft

Corp.

2,646

1,103,753

Shopify,

Inc.,

Class

A

(a)

4,488

332,426

Workday,

Inc.,

Class

A

(a)

405

106,592

2,507,652

Technology

Hardware

&

Equipment

–

5.1%

Apple,

Inc.

2,976

681,504

Transportation

–

4.4%

FedEx

Corp.

655

195,694

Uber

Technologies,

Inc.

(a)

5,337

390,295

585,989

Utilities

–

1.7%

Dominion

Energy,

Inc.

4,163

232,712

Total

Common

Stocks

(cost

$9,870,716)

13,294,527

Investment

Companies

–

1.1%

Registered

Investment

Companies

–

1.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

5.27%

(b)(c)

(cost

$148,416)

148,416

148,416

Total

Investments

(cost

$10,019,132)

100.0%

13,442,943

Cash

and

Receivables

(Net)

0.0%

1,603

Net

Assets

100.0%

13,444,546

(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

August

31,

2024.

5

See

Notes

to

Statement

of

Investments

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

August

31,

2024

are

as

follows:

Description

Value

($)

2/29/24

Purchases

($)

1

Sales

($)

Value

($)

8/31/24

Dividends/

Distributions

($)

Investment

Companies

–

1.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

107,148

120,803

(79,535)

148,416

3,536

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.0%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

—

2,552

(2,552)

—

19

2

Total

–

1.1%

107,148

123,355

(82,087)

148,416

3,555

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.

6

STATEMENT

OF

ASSETS

AND

LIABILITIES

August

31,

2024

(Unaudited)

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments:

–

Unaffiliated

issuers

9,870,716

13,294,527‌

Affiliated

issuers

148,416

148,416‌

Dividends

receivable

7,112‌

13,450,055‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(b)

5,509‌

5,509‌

Net

Assets

($)

13,444,546‌

Composition

of

Net

Assets

($):

Paid-in

capital

10,000,029‌

Total

distributable

earnings

(loss)

3,444,517‌

Net

Assets

($)

13,444,546‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

400,001‌

Net

asset

value

per

share

33.61‌

Market

price

per

share

33.62‌

7

STATEMENT

OF

OPERATIONS

Six

Months

Ended

August

31,

2024

(Unaudited)

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends:

Unaffiliated

issuers

48,937‌

Affiliated

issuers

3,536‌

Income

from

securities

lending—Note

2(b

)

19‌

Total

Income

52,492‌

Expenses:

Management

fee—Note

3(a)

32,402‌

Total

Expenses

32,402‌

Net

Investment

Income

20,090‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

58,689‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

763,012‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

821,701‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

841,791‌

8

STATEMENT

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements

Six

Months

Ended

August

31,

2024

(Unaudited)

For

the

Period

from

May

18,

2023

(a)

to

February

29,

2024

Operations

($):

Net

investment

income

20,090‌

42,506‌

Net

realized

gain

(loss)

on

investments

58,689‌

(70,123‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

763,012‌

2,660,799‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

841,791‌

2,633,182‌

Distributions

to

shareholders

—‌

(30,456‌)

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

—‌

10,000,025‌

Transaction

fees—Note

5

—‌

4‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

—‌

10,000,029‌

Total

Increase

(Decrease)

in

Net

Assets

841,791‌

12,602,755‌

Net

Assets

($):

Beginning

of

Period

12,602,755‌

—‌

End

of

Period

13,444,546‌

12,602,755‌

Changes

in

Shares

Outstanding:

Shares

sold

—‌

400,001‌

Net

Increase

(Decrease)

in

Shares

Outstanding

—‌

400,001‌

(a)

Commencement

of

operations.

9

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements

Six

Months

Ended

August

31,

2024

(Unaudited)

For

the

Period

from

May

18,

2023

(a)

to

February

29,

2024

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

31.51‌

25.00‌

Investment

Operations:

Net

investment

income

(b)

0.05‌

0.11‌

Net

realized

and

unrealized

gain

(loss)

on

investments

2.05‌

6.48‌

Total

from

Investment

Operations

2.10‌

6.59‌

Dividends

from

net

investment

income

—‌

(0.08‌)

Transaction

fees

(b)

—‌

0.00‌

(c)

Net

asset

value,

end

of

period

33.61‌

31.51‌

Market

price,

end

of

period

33.62‌

31.55‌

Net

Asset

Value

Total

Return

(%)

(d)

6.68‌

26.36‌

(e)

Market

Price

Total

Return

(%)

(d)

6.56‌

26.53‌

(e)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.50‌

(f)

0.50‌

(f)

Ratio

of

net

investment

income

to

average

net

assets

0.31‌

(f)

0.50‌

(f)

Portfolio

Turnover

Rate

(g)

19.07‌

24.71‌

Net

Assets,

end

of

period

($

x

1,000)

13,445‌

12,603‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Amount

represents

less

than

$0.01

per

share.

(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.

The

inception

date

is

the

first

date

the

fund

was

available

on

The

NASDAQ

Stock

Market

LLC.

(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.

10

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

NOTE

1—Organization:

BNY

Mellon

Women's

Opportunities

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

thirteen

series,

including

the

fund.

The

investment

objective

of

the

fund

is

to

seek

long-term

capital

growth.

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”),

a

wholly-owned

subsidiary

of

The

Bank

of

New

York

Mellon

Corporation

(“BNY”),

serves

as

the

fund’s

investment

adviser. Newton

Investment

Management

North

America,

LLC (the

“Sub-Adviser”

or

“NIMNA”),

an

indirect wholly-owned

subsidiary

of

BNY

and

an

affiliate

of

the

Adviser,

serves

as

the

fund’s

sub-adviser.

NIMNA

has

entered

into

a

sub-sub-investment

advisory

agreement

with

its

affiliate,

Newton

Investment

Management

Limited

(“NIM”),

which

enables

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

NIMNA

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.

NIM

is

an

indirect

subsidiary

of

BNY.

The

Bank

of

New

York

Mellon,

a

subsidiary

of

BNY

and

an

affiliate

of

the

Adviser,

serves

as

administrator,

custodian

and

transfer

agent

with

the

Trust.

BNY

Mellon

Securities

Corporation

(the

“Distributor”),

a 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

Shares.”

Fund

Shares

are

listed

and

traded

on

The

NASDAQ

Stock

Market

LLC.

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

The

NASDAQ

Stock

Market

LLC.,

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

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

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.

11

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.

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 August

31,

2024

in

valuing

the

fund’s

investments:

Fair

Value

Measurements

(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.

Pursuant

to

a

securities

lending

agreement

with

BNY,

the

fund

may

lend

securities

to

qualified

institutions.

It

is

the

fund’s

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.

Any

non-cash

collateral

received

cannot

be

sold

or

re-pledged

by

the

fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

the

fund’s

Statement

of

Investments.

The

fund is

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,

BNY

is

required

to

replace

the

securities

for

the

benefit

of

the

fund

or

credit

the

fund

with

the

market

value

of

the

unreturned

securities

and

is

subrogated

to

the

fund’s

rights

against

the

borrower

and

the

collateral.

Additionally,

the

contractual

maturity

of

security

lending

transactions

are

on

an

overnight

and

continuous

basis.

During

the

period

ended

August

31,

2024,

BNY

earned

$3 from

the

lending

of

the

fund’s portfolio

securities,

pursuant

to

the

securities

lending

agreement.

For

financial

reporting

purposes,

the

fund

elects

not

to

offset

assets

and

liabilities

subject

to

a

securities

lending

agreement,

if

any,

in

the

Statement

of

Assets

and

Liabilities.

Therefore,

all

qualifying

transactions

are

presented

on

a

gross

basis

in

the

Statement

of

Assets

and

Liabilities.

As

of

August

31,

2024,

the

fund

had

no

securities

lending.

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

($)

Investments

In

Securities:

†

Common

Stocks

13,294,527

—

—

13,294,527

Investment

Companies

148,416

—

—

148,416

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

12

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

(c)

Affiliated

issuers:

Investments

in

other

investment

companies

advised

by

the

Adviser

or

its

affiliates 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.

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.

Investment

Theme Risk:

The

fund’s

incorporation

of

Women’s

Opportunities

considerations

into

its

investment

approach

may

cause

the

fund

to

make

different

investments

than

funds

that

invest

principally

in

equity

securities

but

do

not

incorporate

Women’s

Opportunities

considerations

when

selecting

investments.

Under

certain

economic

conditions,

this

could

cause

the

fund

to

underperform

funds

that

do

not

incorporate

Women’s

Opportunities

considerations.

For

example,

the

incorporation

of

Women’s

Opportunities

considerations

may

result

in

the

fund

forgoing

opportunities

to

buy

certain

securities

when

it

might

otherwise

be

advantageous

to

do

so

or

selling

securities

when

it

might

otherwise

be

disadvantageous

for

the

fund

to

do

so.

The

incorporation

of

Women’s

Opportunities

considerations

may

also

affect

the

fund’s

exposure

to

certain

sectors

and/or

types

of

investments

and

may

adversely

impact

the

fund’s

performance

depending

on

whether

such

sectors

or

investments

are

in

or

out

of

favor

in

the

market.

NIMNA’s

security

selection

process

incorporates

Women’s

Opportunities

data

provided

by

third

parties,

which

may

be

limited

for

certain

issuers

and/or

only

take

into

account

one

or

a

few

Women’s

Opportunities

related

components.

In

addition,

Women’s

Opportunities

data

may

include

quantitative

and/or

qualitative

measures,

and

consideration

of

this

data

may

be

subjective.

Different

methodologies

may

be

used

by

the

various

data

sources

that

provide

Women’s

Opportunities

data.

Women’s

Opportunities

data

from

third

parties

used

by

NIMNA

as

part

of

its

process

often

lacks

standardization,

consistency

and

transparency,

and

for

certain

issuers

such

data

may

not

be

available

complete

or

accurate.

NIMNA’s

evaluation

of

Women’s

Opportunities

factors

relevant

to

a

particular

issuer

may

be

adversely

affected

in

such

instances.

As

a

result,

the

fund’s

investments

may

differ

from,

and

potentially

underperform,

funds

that

incorporate

Women’s

Opportunities

data

from

other

sources

or

utilize

other

methodologies.

Authorized

Participants,

Market

Makers

and

Liquidity

Providers Risk:

The

fund

has

a

limited

number

of

financial

institutions

that

may

act

as

Authorized

Participants,

which

are

responsible

for

the

creation

and

redemption

activity

for

the

fund.

In

addition,

there

may

be

a

limited

number

of

market

makers

and/or

liquidity

providers

in

the

marketplace.

To

the

extent

either

of

the

following

events

occur,

fund

shares

may

trade

at

a

material

discount

to

net

asset

value

and

possibly

face

delisting:

(i)

Authorized

Participants

exit

the

business

or

otherwise

become

unable

to

process

creation

and/or

redemption

orders

and

no

other

Authorized

Participants

step

forward

to

perform

these

services,

or

(ii)

market

makers

and/or

liquidity

providers

exit

the

business

or

significantly

reduce

their

business

activities

and

no

other

entities

step

forward

to

perform

their

functions.

Fluctuation

of

Net

Asset

Value,

Share

Premiums

and

Discounts

Risk:

As

will

all

exchange-traded

funds,

fund

shares

may

be

bought

and

sold

in

the

secondary

market

at

market

prices.

The

trading

prices

of

fund

shares

in

the

secondary

market

may

differ

from

the

fund’s

daily

net

asset

value

per

share

and

there

may

be

times

when

the

market

price

of

the

shares

is

more

than

the

net

asset

value

per

share

(premium)

or

less

than

the

net

asset

value

per

share

(discount).

This

risk

is

heightened

in

times

of

market

volatility

or

periods

of

steep

market

declines.

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.

(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.

13

As

of

and

during

the period

ended August

31,

2024,

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 August

31,

2024,

the

fund

did

not

incur

any

interest

or

penalties.

The

tax

year ended February

29,

2024

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

$69,408

available

for

federal

income

tax

purposes

to

be

applied

against

future

net

realized

capital

gains,

if

any,

realized

subsequent

to

February

29,

2024.

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

February

29,

2024

were

as

follows:

ordinary

income

$30,456.

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

0.50%

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

August

31,

2024,

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

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

0.25%

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

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 $5,509.

(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

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,

if

any,

during

the

period

ended

August

31,

2024, amounted

to $2,426,779

and

$2,444,424,

respectively.

14

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

At August

31,

2024,

accumulated

net

unrealized

appreciation on

investments

was

$3,423,811,

consisting

of

gross

appreciation

of

$3,553,289

and

gross

depreciation

of

$129,478.

At

August

31,

2024,

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.

Seed

Capital:

As

of

August

31,

2024,

MBC

Investments

Corporation,

a

wholly-owned

subsidiary

of

BNY,

held

381,701

shares

of

the

fund.

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

August

31,

2024,

the

fund

had

no

in-

kind

transactions.

15

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

16

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

17

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Investment

Companies

(Unaudited)

Each

member

of

the

Board

serves

as

a

Board

member

of

each

fund

within

the

Registrant.

The

Board

members

are

not

compensated

directly

by

the

Registrant.

The

Board

members

are

paid

by

the

Adviser

from

the

unitary

management

fees

paid

to

the

Adviser

by

the

funds

within

the

Registrant.

18

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(Unaudited)

At

a

meeting

held

on

May

7,

2024,

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

proposals:

(i)

to

continue

the

management

agreement

(the

“Management

Agreement”)

between

the

Trust

and

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”)

with

respect

to

the

BNY

Mellon

Women’s

Opportunities

ETF

(the

“fund”);

(ii)

to

continue

the

sub-investment

advisory

agreement

(the

“Sub-

Investment

Advisory

Agreement”)

between

the

Adviser

and

Newton

Investment

Management

North

America,

LLC

(the

“Sub-Adviser”),

an

affiliate

of

the

Adviser,

on

behalf

of

the

fund;

and

(iii)

to

continue

the

sub-sub-investment

advisory

agreement

(the

“SSIA

Agreement”)

between

the

Sub-Adviser

and

Newton

Investment

Management

Limited

(“NIM”),

also

an

affiliate

of

the

Adviser,

on

behalf

of

the

fund,

which

permits

the

Sub-Adviser

to

use

the

investment

advisory

personnel,

resources

and

capabilities

(“Investment

Advisory

Services”)

available

at

its

sister

company,

NIM,

in

providing

the

day-to-day

management

of

the

fund’s

investments.

The

Management

Agreement,

the

Sub-Advisory

Agreement

and

the

SSIA

Agreement

are

each

referred

to

herein

as

an

“Agreement”

and

collectively,

as

the

“Agreements”.

The

Trustees

met

separately

to

consider

the

Agreements

and

were

advised

by

legal

counsel

throughout

the

process.

To

evaluate

the

Agreements,

the

Board

requested,

and

the

Adviser,

Sub-Adviser

and

NIM

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

Sub-Adviser

under

each

respective

Agreement,

(ii)

nature,

extent

and

quality

of

services

expected

to

be

provided

by

NIM

under

the

SSIA

Agreement,

(iii)

investment

performance

of

the

fund,

(iv)

profits

realized

by

the

Adviser

and

its

affiliates

from

its

relationship

with

the

fund,

(v)

fees

charged

to

comparable

funds,

(vi)

other

benefits

to

the

Adviser,

Sub-Adviser,

NIM

and/or

their

affiliates,

and

(vii)

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,

Sub-Adviser

and

NIM

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

large

blended

exchange-traded

funds

(“ETFs”)

(the

“Performance

Group”)

and

with

a

broader

group

of

retail

and

institutional

large

blended

funds

and

ETFs

(the

“Performance

Universe”)

for

the

three-month,

six-month

and

nine-month

periods

ended

March

31,

2024;

and

(ii)

comparing

the

fund’s

contractual

management

fees

and

total

expenses

with

a

group

of

other

large

blended

ETFs

(the

“Expense

Group”)

and,

with

respect

to

total

expenses,

with

a

broader

group

of

large

blended

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,

as

well

as

the

nature,

extent

and

quality

of

services

expected

to

be

provided

by

NIM.

In

doing

so,

the

Board

relied

on

its

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

Sub-Adviser’s

responsibilities

for

managing

investment

operations

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,

Sub-Adviser’s

and

NIM’s

senior

management,

including

those

individuals

responsible

for

portfolio

management

and

regulatory

compliance

of

the

fund.

The

Board

also

considered

the

portfolio

management

resources,

structures

and

practices

of

the

Adviser,

Sub-Adviser

and

NIM,

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

and

NIM’s

best

execution

procedures

as

well

as

the

Adviser’s,

Sub-Adviser’s

and

NIM’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

and

NIM.

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.

With

respect

to

NIM,

the

Board

also

considered

the

Adviser’s

favorable

assessment

of

the

nature

and

quality

of

services

expected

to

be

provided

by

NIM.

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

and

above

its

benchmark

for

the

three-month,

six-month

and

nine-

month

periods

ended

March

31,

2024.

Representatives

of

the

Adviser

indicated

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.

19

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

large

blended

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

slightly

higher

than

the

Expense

Group

median

and

the

fund’s

total

expenses

were

slightly

higher

than

the

Expense

Group

median

and

slightly

lower

than

the

Expense

Universe

median

total

expenses.

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.

Furthermore,

the

Board

noted

NIM

would

not

receive

a

fee

in

connection

with

providing

the

Investment

Advisory

Services.

Other

Benefits

The

Board

also

considered

whether

the

Adviser,

Sub-Adviser,

NIM

or

their

affiliates

benefited

in

other

ways

from

their

relationship

with

the

fund,

including

any

soft-dollar

arrangements

in

connection

with

the

fund’s

brokerage

transactions.

The

Board

noted

The

Bank

of

New

York

Mellon

Corporation

may

derive

certain

benefits

from

an

incremental

growth

in

its

businesses

that

may

possibly

result

from

the

availability

of

the

fund

to

clients.

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

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

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

is

in

the

best

interests

of

the

fund

and

its

shareholders.

©

2024

BNY

Mellon

Securities

Corporation

Code-4868NCSRSA0824

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.

(a)(1)   Not applicable.

(a)(2)   Not applicable.

(a)(3)   Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)(1) Not applicable.

(a)(3)(2) Not applicable.

(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    10/25/2024                             

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    10/25/2024                             

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

                                                (Principal Financial and Accounting Officer)

Date    10/25/2024                             

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