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:  February 28, 2025

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, as amended (17 CFR 270.30e-1)(“1940 Act”).

BNY Mellon Innovators ETF 

Annual Shareholder Report

February 28, 2025

Ticker - BKIV (The NASDAQ Stock Market LLC)

This annual shareholder report contains important information about BNY Mellon Innovators ETF (the “Fund”) for the period of March 1, 2024 to February 28, 2025. 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 year? 

(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	$54	0.50%

How did the Fund perform last year?

• For the 12 month period ended February 28, 2025, the Fund’s shares returned 14.75% on a net asset value basis and 14.88% on a market price basis.

• In comparison, Russell 3000^® Growth Index returned 19.09% for the same period.

What affected the Fund's performance?  

• U.S.-based stocks saw strong performance over the period, supported by easing inflation and rate cuts. This, alongside artificial intelligence-driven growth in related segments, led major indices to new highs.

• Strong stock selection within the communication services and information technology sectors contributed positively to the Fund’s relative returns.

• A secondary positive contributor to relative Fund performance included a zero-weight in the industrials sector, particularly due to weakness in the ground transportation subsector.

• The Fund’s overweight in the consumer staples sector, coupled with suboptimal stock selection within the sector, negatively impacted relative returns over the period, as did the Fund’s large overweight in health care.

•  A secondary detractor from relative Fund performance was the Fund’s overweight in the beverages segment within the consumer staples sector.

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

How did the fund perform since its inception?

The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

CUMULATIVE PERFORMANCE FROM MAY 16, 2023 THROUGH FEBRUARY 28, 2025

INITIAL INVESTMENT OF $10,000

	BNY Mellon Innovators ETF - $14,242	Russell 3000® Index (broad-based index) - $14,767Footnote Reference†	Russell 3000® Growth Index - $15,893
5/16/2023	10,000	10,000	10,000
5/31/2023	10,293	10,177	10,361
8/31/2023	10,803	11,044	11,330
11/30/2023	10,279	11,194	11,660
2/29/2024	12,411	12,564	13,346
5/31/2024	12,679	12,984	13,762
8/31/2024	13,070	13,932	14,740
11/30/2024	14,817	15,055	16,109
2/28/2025	14,242	14,767	15,893

Years Ended 2/28-29

The above graph compares a hypothetical $10,000 investment in the Fund’s shares to a hypothetical investment of $10,000 made in each index on May 16, 2023, the Fund’s inception. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund’s performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, an index is not subject to fees and other expenses. Investors cannot invest directly in any index.

AVERAGE ANNUAL TOTAL RETURNS (AS OF 2/28/25)

Fund	1 YR	Since Inception (May 17, 2023)
BNY Mellon Innovators ETF - NAV Return	14.75%	21.85%
Russell 3000® Index (broad-based index)Footnote Reference†	17.53%	24.32%
Russell 3000® Growth Index	19.09%	29.53%

Footnote	Description
Footnote†	In accordance with regulatory changes requiring the Fund to compare its performance with a broad-based securities market index that represents the overall applicable market, the Fund added the indicated benchmark effective February 28, 2025.

The performance data quoted represent past performance, which is no guarantee of future results. For more current performance information, visit bny.com/investments/etfliterature.

KEY FUND STATISTICS (AS OF 2/28/25)

Fund size (Millions)	Number of Holdings	Total Advisory Fee Paid During Period ($)	Annual Portfolio Turnover
$16	50	75,685	44.08%

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

Portfolio Holdings (as of 2/28/25)

Sector Allocation

(Based on Net Assets)

Value	Value
Net Other Assets and Liabilities	0.0%Footnote Reference*
Investment Companies	0.3%
Energy	1.4%
Industrials	1.6%
Consumer Staples	1.8%
Financials	1.8%
Real Estate	3.3%
Consumer Discretionary	9.8%
Communication Services	15.4%
Information Technology	32.1%
Health Care	32.5%

Footnote	Description
Footnote*	Amount represents less than 0.1%.

Top Ten Holdings

(Based on Net Assets)*

Value	Value
NVIDIA Corp. -	13.0%
Alphabet, Inc., Class C -	5.9%
Netflix, Inc. -	4.6%
Insmed, Inc. -	4.3%
Klaviyo, Inc., Class A -	3.5%
Repligen Corp. -	3.4%
CoStar Group, Inc. -	3.3%
Inspire Medical Systems, Inc. -	2.9%
Confluent, Inc., Class A -	2.8%
iRhythm Technologies, Inc. -	2.6%

*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. 

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

© 2025 BNY Mellon Securities Corporation,

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

Code-4867AR0225

BNY Mellon Women's Opportunities ETF 

Annual Shareholder Report

February 28, 2025

Ticker - BKWO (The NASDAQ Stock Market LLC)

This annual shareholder report contains important information about BNY Mellon Women's Opportunities ETF (the “Fund”) for the period of March 1, 2024 to February 28, 2025. 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 year? 

(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	$53	0.50%

How did the Fund perform last year?

• For the 12 month period ended February 28, 2025, the Fund’s shares returned 11.07% on a net asset value basis and 11.08% on a market price basis.

• In comparison, S&P 500^® Index (the “Index”) returned 18.41% for the same period.

What affected the Fund's performance?  

• Fueled by cooling inflation and long-anticipated rate cuts, U.S. equities exhibited strong performance. Investor confidence grew on advancements in artificial intelligence (AI)-driven technology and subsequent growth in AI beneficiaries.

• Strong stock selection in financials, and to a lesser extent industrials, benefited the Fund’s performance relative to the Index.

• Stock selection in information technology detracted from the Fund’s relative returns, driven by allocation and selection within software and services.

• To a lesser extent, stock selection in consumer discretionary also detracted from the Fund’s relative performance.

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

How did the fund perform since its inception?

The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

CUMULATIVE PERFORMANCE FROM MAY 16, 2023 THROUGH FEBRUARY 28, 2025

INITIAL INVESTMENT OF $10,000

	BNY Mellon Women's Opportunities ETF - $14,035	S&P 500® Index - $14,868
5/16/2023	10,000	10,000
5/31/2023	9,986	10,180
8/31/2023	10,729	11,022
11/30/2023	10,859	11,214
2/29/2024	12,636	12,556
5/31/2024	12,604	13,047
8/31/2024	13,480	14,012
11/30/2024	14,329	15,014
2/28/2025	14,035	14,868

Years Ended 2/28-29

The above graph compares a hypothetical $10,000 investment in the Fund’s shares to a hypothetical investment of $10,000 made in the Index on May 16, 2023, the Fund’s inception. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund’s performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to fees and other expenses. Investors cannot invest directly in any index.

AVERAGE ANNUAL TOTAL RETURNS (AS OF 2/28/25)

Fund	1 YR	Since Inception (May 17, 2023)
BNY Mellon Women's Opportunities ETF - NAV Return	11.07%	20.86%
S&P 500® Index	18.41%	24.80%

The performance data quoted represent past performance, which is no guarantee of future results. For more current performance information, visit bny.com/investments/etfliterature.

KEY FUND STATISTICS (AS OF 2/28/25)

Fund size (Millions)	Number of Holdings	Total Advisory Fee Paid During Period ($)	Annual Portfolio Turnover
$16	50	67,640	44.26%

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

Portfolio Holdings (as of 2/28/25)

Sector Allocation

(Based on Net Assets)

Value	Value
Net Other Assets and Liabilities	0.9%
Investment Companies	0.9%
Real Estate	1.0%
Utilities	2.6%
Energy	2.8%
Consumer Staples	4.7%
Communication Services	5.9%
Industrials	8.1%
Consumer Discretionary	9.9%
Financials	13.0%
Health Care	16.5%
Information Technology	33.7%

Top Ten Holdings

(Based on Net Assets)*

Value	Value
NVIDIA Corp. -	8.1%
Microsoft Corp. -	7.5%
Amazon.com, Inc. -	6.5%
Apple, Inc. -	5.2%
JPMorgan Chase & Co. -	4.3%
Meta Platforms, Inc., Class A -	4.2%
Mastercard, Inc., Class A -	3.2%
AbbVie, Inc. -	3.2%
Boston Scientific Corp. -	2.7%
HubSpot, 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. 

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

© 2025 BNY Mellon Securities Corporation,

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

Code-4868AR0225

Item 1. Reports to Stockholders (cont.).

(b)        Not applicable.

Item 2. Code of Ethics.

(a)        As of the period ended February 28, 2025 (the “Reporting Period”), the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer, controller or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

(c)        During the Reporting Period, there have been no amendments to a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the code of ethics description.

(d)       During the Reporting Period, the Registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that Mr. Kevin W. Quinn is qualified to serve as an audit committee financial expert serving on the Registrant’s audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)        Audit Fees

The aggregate fees billed for the period May 18, 2023 (commencement of operations) through February 29, 2024 and the fiscal year ended February 28, 2025 for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements was $39,536 and $40,326, respectively. 

(b)        Audit-Related Fees

The aggregate fees billed for the period May 18, 2023 (commencement of operations) through February 29, 2024 and the fiscal year ended February 28, 2025 for assurance and related services rendered to the Registrant by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item was $12,484 and $12,734, respectively. These services consisted of security counts required by Rule 17f-2 under the 1940 Act.

(c)        Tax Fees

The aggregate fees billed for the period May 18, 2023 (commencement of operations) through February 29, 2024 and the fiscal year ended February 28, 2025 for professional services rendered to the Registrant by the principal accountant for tax compliance, tax advice and tax planning was $7,908 and $7,908, respectively. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local entity tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification.

(d)       All Other Fees

The aggregate fees billed for the period May 18, 2023 (commencement of operations) through February 29, 2024 and the fiscal year ended February 28, 2025 for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item was $0 and $0, respectively.

(e)(1)   Pursuant to the Registrant’s Audit Committee Charter that has been adopted by the audit committee, the audit committee shall approve all audit and permissible non-audit services to be provided to the Registrant and all permissible non-audit services to be provided to its investment adviser or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant if the engagement relates directly to the operations and financial reporting of the Registrant.

(e)(2)   The percentage of services described in paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, with respect to: Audit-Related Fees was 100%; Tax Fees was 100%; and All Other Fees was 0%. 

(f)        The percentage of hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent. 

(g)        The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant for the period May 18, 2023 (commencement of operations) through February 29, 2024 and the fiscal year ended February 28, 2025 of the Registrant was $280,962 and $52,147, respectively.

(h)        The Registrant’s audit committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i)         Not applicable.

(j)         Not applicable.

Item 5. Audit Committee of Listed Registrants.

(a)        The Registrant has a separately designated audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists of independent trustees of the Registrant.  The audit committee members are J. Charles Cardona, Kristen M. Dickey, F. Jack Liebau, Jr., Jill I. Mavro, Kevin W. Quinn, and Stacy L. Schaus.

(b)        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 7of 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

ANNUAL

FINANCIALS

AND

OTHER

INFORMATION

February

28,

2025

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

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

Report

of

Independent

Registered

Public

Accounting

Firm

15

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

16

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

17

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Investment

Companies

18

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

19

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

February

28,

2025

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Description

Shares

Value

($)

Common

Stocks

–

99.7%

Capital

Goods

–

1.6%

Axon

Enterprise,

Inc.

(a)

474

250,485

Consumer

Discretionary

Distribution

&

Retail

–

2.8%

Chewy,

Inc.,

Class

A

(a)

6,352

236,675

PDD

Holdings,

Inc.,

ADR

(a)

1,785

202,937

439,612

Consumer

Durables

&

Apparel

–

2.5%

Lululemon

Athletica,

Inc.

(a)

780

285,176

Skechers

USA,

Inc.,

Class

A

(a)

1,833

111,795

396,971

Consumer

Services

–

4.5%

Airbnb,

Inc.,

Class

A

(a)

1,525

211,777

DraftKings,

Inc.,

Class

A

(a)(b)

4,816

211,230

Dutch

Bros,

Inc.,

Class

A

(a)

3,852

304,924

727,931

Energy

–

1.4%

Cactus,

Inc.,

Class

A

(b)

4,275

224,609

Financial

Services

–

1.8%

Block,

Inc.,

Class

A

(a)

4,376

285,753

Food,

Beverage

&

Tobacco

–

1.8%

Freshpet,

Inc.

(a)(b)

2,746

293,904

Health

Care

Equipment

&

Services

–

14.3%

Align

Technology,

Inc.

(a)

1,274

238,276

DexCom,

Inc.

(a)

2,594

229,232

Guardant

Health,

Inc.

(a)

4,929

209,729

Inspire

Medical

Systems,

Inc.

(a)

2,464

457,294

Intuitive

Surgical,

Inc.

(a)

715

409,802

iRhythm

Technologies,

Inc.

(a)

3,747

412,769

Privia

Health

Group,

Inc.

(a)

6,492

162,105

PROCEPT

BioRobotics

Corp.

(a)(b)

1,065

68,522

TransMedics

Group,

Inc.

(a)(b)

1,377

105,093

2,292,822

Media

&

Entertainment

–

15.4%

Alphabet,

Inc.,

Class

C

5,512

949,276

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C

(a)

2,974

286,783

Netflix,

Inc.

(a)

748

733,459

Pinterest,

Inc.,

Class

A

(a)

6,341

234,490

Reddit,

Inc.,

Class

A

(a)

1,655

267,746

2,471,754

Pharmaceuticals,

Biotechnology

&

Life

Sciences

–

18.2%

Ascendis

Pharma

A/S,

ADR

(a)

2,002

313,473

Crinetics

Pharmaceuticals,

Inc.

(a)

2,332

83,439

Denali

Therapeutics,

Inc.

(a)

5,554

91,974

GRAIL,

Inc.

(a)

3,482

134,266

Insmed,

Inc.

(a)

8,426

687,140

Natera,

Inc.

(a)

1,774

276,017

Repligen

Corp.

(a)

3,436

547,217

Sarepta

Therapeutics,

Inc.

(a)

3,665

391,239

Twist

Bioscience

Corp.

(a)

4,124

160,094

Xenon

Pharmaceuticals,

Inc.

(a)

1,879

69,561

Zoetis,

Inc.,

Class

A

980

163,895

2,918,315

4

Statement

of

Investments

(continued)

See

Notes

to

Statement

of

Investments

Description

Shares

Value

($)

Common

Stocks

–

99.7%

(continued)

Real

Estate

Management

&

Development

–

3.3%

CoStar

Group,

Inc.

(a)

7,010

534,513

Semiconductors

&

Semiconductor

Equipment

–

14.8%

Broadcom,

Inc.

1,402

279,601

NVIDIA

Corp.

16,708

2,087,163

2,366,764

Software

&

Services

–

16.7%

Confluent,

Inc.,

Class

A

(a)

14,361

455,818

CyberArk

Software

Ltd.

(a)

767

279,073

Datadog,

Inc.,

Class

A

(a)

1,150

134,033

HubSpot,

Inc.

(a)

182

131,766

Klaviyo,

Inc.,

Class

A

(a)

14,372

565,107

Monday.com

Ltd.

(a)

1,141

338,615

MongoDB,

Inc.,

Class

A

(a)

1,001

267,697

Palantir

Technologies,

Inc.,

Class

A

(a)

1,084

92,053

Shopify,

Inc.,

Class

A

(a)

3,624

405,888

2,670,050

Technology

Hardware

&

Equipment

–

0.6%

Pure

Storage,

Inc.,

Class

A

(a)

1,932

101,372

Total

Common

Stocks

(cost

$10,900,714)

15,974,855

Investment

Companies

–

0.3%

Registered

Investment

Companies

–

0.3%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(c)(d)

(cost

$52,521)

52,521

52,521

Total

Investments

(cost

$10,953,235)

100.0%

16,027,376

Liabilities,

Less

Cash

and

Receivables

(0.0%)

(5,064)

Net

Assets

100.0%

16,022,312

ADR—American

Depositary

Receipt

(a)

Non-income

producing

security.

(b)

Security,

or

portion

thereof,

on

loan.

At

February

28,

2025,

the

value

of

the

fund’s

securities

on

loan

was

$443,588

and

the

value

of

the

collateral

was

$443,104,

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

February

28,

2025.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

February

28,

2025

are

as

follows:

Description

Value

($)

2/29/24

Purchases

($)

1

Sales

($)

Value

($)

2/28/25

Dividends/

Distributions

($)

Investment

Companies

–

0.3%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

228,888

3,828,177

(4,004,544)

52,521

13,303

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.0%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

180,158

4,717,253

(4,897,411)

—

1,953

2

Total

–

0.3%

409,046

8,545,430

(8,901,955)

52,521

15,256

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

February

28,

2025

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments

(including

securities

on

loan,

valued

at

$443,588)—Note

2(b):

–

Unaffiliated

issuers

10,900,714

15,974,855‌

Affiliated

issuers

52,521

52,521‌

Dividends

receivable

1,092‌

Affiliated

income

receivable

net

of

rebates

from

securities

lending

319‌

16,028,787‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(b)

6,475‌

6,475‌

Net

Assets

($)

16,022,312‌

Composition

of

Net

Assets

($):

Paid-in

capital

11,341,989‌

Total

distributable

earnings

(loss)

4,680,323‌

Net

Assets

($)

16,022,312‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

450,001‌

Net

asset

value

per

share

35.61‌

Market

price

per

share

35.59‌

6

STATEMENT

OF

OPERATIONS

Year

Ended

February

28,

2025

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends:

Unaffiliated

issuers

12,549‌

Affiliated

issuers

13,303‌

Affiliated

income

net

of

rebates

from

securities

lending—Note

2(b)

1,953‌

Total

Income

27,805‌

Expenses:

Management

fee—Note

3(a)

75,685‌

Total

Expenses

75,685‌

Net

Investment

(Loss)

(47,880‌)

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

(368,758‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

2,476,078‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

2,107,320‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,059,440‌

7

STATEMENT

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements

Year

Ended

February

28,

2025

For

the

Period

from

May

18,

2023

(a)

to

February

29,

2024

Operations

($):

Net

investment

(loss)

(47,880‌)

(29,129‌)

Net

realized

gain

(loss)

on

investments

(368,758‌)

(20,599‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

2,476,078‌

2,598,063‌

Net

Increase

from

Payment

by

Affiliate

—‌

3,973‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,059,440‌

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

2,059,440‌

13,962,872‌

Net

Assets

($):

Beginning

of

Period

13,962,872‌

—‌

End

of

Period

16,022,312‌

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

Year

Ended

February

28,

2025

For

the

Period

from

May

18,

2023

(a)

to

February

29,

2024

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

31.03‌

25.00‌

Investment

Operations:

Net

investment

(loss)

(b)

(0.11‌)

(0.07‌)

Net

realized

and

unrealized

gain

(loss)

on

investments

4.69‌

6.09‌

Payment

by

Affiliate

—‌

0.01‌

(c)

Total

from

Investment

Operations

4.58‌

6.03‌

Transaction

fees

(b)

—‌

0.00‌

(d)

Net

asset

value,

end

of

period

35.61‌

31.03‌

Market

price,

end

of

period

35.59‌

30.98‌

Net

Asset

Value

Total

Return

(%)

(e)

14.75‌

24.11‌

(f)

Market

Price

Total

Return

(%)

(e)

14.88‌

23.92‌

(f)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

(g)

0.50‌

0.50‌

(h)

Ratio

of

net

investment

(loss)

to

average

net

assets

(g)

(0.32‌)

(0.33‌)

(h)

Portfolio

Turnover

Rate

(i)

44.08‌

12.39‌

Net

Assets,

end

of

period

($

x

1,000)

16,022‌

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)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(h)

Annualized.

(i)

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

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

twelve

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

(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 February

28,

2025

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

year

ended

February

28,

2025,

BNY

earned

$266 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

15,974,855

—

—

15,974,855

Investment

Companies

52,521

—

—

52,521

16,027,376

—

—

16,027,376

†

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

February

28,

2025,

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

Assets

($)

Liabilities

($)

Gross

amount

of

securities

loaned,

at

value,

as

disclosed

in

the

Statement

of

Assets

and

Liabilities

443,588

—

Collateral

(received)/posted

not

offset

in

the

Statement

of

Assets

and

Liabilities

(443,104)

†

—

Net

Amount

484

—

†

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.

At

February

28,

2025,

the

market

value

of

the

collateral

was

99.9%

of

the

market

value

of

the

securities

on

loan.

The

fund

received

additional

collateral

subsequent

to

year

end

which

resulted

in

the

market

value

of

the

collateral

to

be

at

least

100%

of

the

market

value

of

the

securities

on

loan.

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

(continued)

(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.

As

of

and

during

the period

ended February

28,

2025,

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 February

28,

2025,

the

fund

did

not

incur

any

interest

or

penalties.

The

tax

year

in

the

two-year

period

ended February

28,

2025

remains

subject

to

examination

by

the

Internal

Revenue

Service

and

state

taxing

authorities. 

At February

28,

2025,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

accumulated

capital

losses

$376,245,

and

unrealized appreciation

$5,067,297.

In

addition,

the

fund

had

$10,729

of

late

year

ordinary

losses

deferred

for

tax

purposes

to

the

first

day

of

the

following

fiscal

year.

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

accumulated

capital

loss

carryover

is

available

for

federal

income

tax

purposes

to

be

applied

against

future

net

realized

capital

gains,

if

any,

realized

subsequent

to

February

28,

2025.

The

fund

has

$63,211

of

short-term

capital

losses

and

$313,034

of

long-term

capital

losses

which

can

be

carried

forward

for

an

unlimited

period.

The

fund

had

no

distributions

paid

to

shareholders

during

the

fiscal

years

ended

February

28,

2025

and

February

29,

2024.

During

the

period

ended

February

28,

2025,

as

a

result

of

permanent

book

to

tax

differences,

the

fund

increased

total

distributable

earnings

by

$62,433

and

decreased

paid-in

capital

by

the

same

amount.

These

permanent

book

to

tax

differences

are

primarily

due

to

the

tax

treatment

for

net

operating

losses.

Net

assets

and

net

asset

value

per

share

were

not

affected

by

these

reclassifications.

(g)

Operating

Segment

Reporting:

In

this

reporting

period,

the

fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07”).

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

fund’s

financial

position

or

the

results

of

its

operations.

The

ASU

2023-07

is

effective

for

public

entities

for

fiscal

years

beginning

after

December

15,

2023,

and

requires

retrospective

application

for

all

prior

periods

presented

within

the

financial

statements.

Since

its

commencement,

the

fund

operates

and

is

managed

as

a

single

reportable

segment

deriving

returns

in

the

form

of

dividends,

interest

and/or

gains

from

the

investments

made

in

pursuit

of

its

single

stated

investment

objective

as

outlined

in

the

fund’s

prospectus.

The

accounting

policies

of

the

fund

are

consistent

with

those

described

in

these

Notes

to

the

Financial

Statements.

The

chief

operating

decision

maker

(“CODM”)

is

represented

by

BNY

Investments,

the

management

of

the

fund’s

adviser,

comprising

of

Senior

management

and

Directors.

The

CODM

considers

net

increase

in

net

assets

resulting

from

operations

in

deciding

whether

to

purchase

additional

investments

or

to

make

distributions

to

its

shareholders.

Detailed

financial

information

for

the

fund

is

disclosed

within

these

financial

statements

with

total

assets

and

liabilities

disclosed

on

the

statement

of

assets

and

liabilities,

investments

held

on

the

statement

of

Investments,

results

of

operations

and

significant

segment

expenses

on

the

statement

of

operations

and

other

information

about

the

fund’s

performance,

including

total

return,

portfolio

turnover

and

ratios

within

the

financial

highlights.

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

February

28,

2025,

there

was

no

reduction

in

expenses

pursuant

to

the

undertaking.

13

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 $6,475.

(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

February

28,

2025, amounted

to $6,661,303

and

$6,539,162,

respectively.

At February

28,

2025,

the

cost

of

investments

for

federal

income

tax

purposes

was

$10,960,079;

accordingly,

accumulated

net

unrealized

appreciation on

investments

for

federal

income

tax

purposes

was

$5,067,297,

consisting

of

gross

appreciation

of

$5,574,810

and

gross

depreciation

of

$507,513.

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

February

28,

2025,

MBC

Investments

Corporation,

a

wholly-owned

subsidiary

of

BNY,

held

379,401

shares

of

the

fund.

14

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

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

year

ended

February

28,

2025

,

the

fund

had

no

in-

kind

transactions

.

15

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Shareholders

and

the

Board

of

Trustees

of

BNY

Mellon

Innovators

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BNY

Mellon

Innovators

ETF

(the

“Fund”)

(one

of

the

funds

constituting

BNY

Mellon

ETF

Trust

(the

“Trust”)),

including

the

statement

of

investments,

as

of

February

28,

2025,

and

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

February

28,

2025

and

the

period

from

May

18,

2023

(commencement

of

operations)

through

February

29,

2024

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

(one

of

the

funds

constituting

BNY

Mellon

ETF

Trust)

at

February

28,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

and

its

financial

highlights

for

the

year

ended

February

28,

2025

and

the

period

from

May

18,

2023

(commencement

of

operations)

through

February

29,

2024,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Trust’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Trust

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Trust

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Trust’s

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Trust’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

February

28,

2025,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

BNY

Mellon

Family

of

Funds

since

at

least

1957,

but

we

are

unable

to

determine

the

specific

year.

New

York,

New

York

April

22,

2025

16

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

17

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

18

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Investment

Companies

(Unaudited)

Each

Board

member

serves

as

a

Board

member

of

each

fund

within

the

Trust

and

BNY

Mellon

ETF

Trust

II.

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

and

BNY

Mellon

ETF

Trust

II,

including

the

fund.

19

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

N/A

©

2025

BNY

Mellon

Securities

Corporation

Code-4867NCSRAR0225

BNY

Mellon

ETF

Trust

ANNUAL

FINANCIALS

AND

OTHER

INFORMATION

February

28,

2025

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

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

Report

of

Independent

Registered

Public

Accounting

Firm

15

Important

Tax

Information

16

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

17

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

18

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Investment

Companies

19

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

20

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

February

28,

2025

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Description

Shares

Value

($)

Common

Stocks

–

98.2%

Banks

–

7.6%

Bank

of

America

Corp.

6,168

284,345

First

Horizon

Corp.

10,673

229,896

JPMorgan

Chase

&

Co.

2,534

670,623

1,184,864

Capital

Goods

–

5.0%

Axon

Enterprise,

Inc.

300

158,535

Hubbell,

Inc.,

Class

B

777

288,725

Trane

Technologies

PLC

(a)

954

337,430

784,690

Commercial

&

Professional

Services

–

1.6%

Veralto

Corp.

2,553

254,687

Consumer

Discretionary

Distribution

&

Retail

–

7.9%

Amazon.com,

Inc.

(a)

4,815

1,022,128

Best

Buy

Co.,

Inc.

2,500

224,775

1,246,903

Consumer

Services

–

2.0%

Bright

Horizons

Family

Solutions,

Inc.

(a)

2,426

314,555

Energy

–

2.8%

ConocoPhillips

1,346

133,456

EQT

Corp.

4,132

199,038

Phillips

66

811

105,179

437,673

Financial

Services

–

3.2%

Mastercard,

Inc.,

Class

A

882

508,306

Food,

Beverage

&

Tobacco

–

2.2%

Freshpet,

Inc.

720

77,062

The

Coca-Cola

Company

3,698

263,334

340,396

Health

Care

Equipment

&

Services

–

9.6%

Addus

HomeCare

Corp.

(a)

1,615

154,669

Alcon,

Inc.

AG

(a)

3,397

314,223

Boston

Scientific

Corp.

(a)

4,123

427,926

DexCom,

Inc.

2,387

210,939

Intuitive

Surgical,

Inc.

297

170,226

The

Cooper

Companies,

Inc.

1,001

90,470

UnitedHealth

Group,

Inc.

293

139,163

1,507,616

Household

&

Personal

Products

–

2.5%

Kenvue,

Inc.

7,089

167,301

The

Procter

&

Gamble

Company

1,324

230,164

397,465

Insurance

–

2.2%

Aon

PLC,

Class

A

(a)

558

228,289

MetLife,

Inc.

1,375

118,498

346,787

Media

&

Entertainment

–

5.9%

Meta

Platforms,

Inc.,

Class

A

998

666,863

The

Walt

Disney

Company

2,331

265,268

932,131

Pharmaceuticals,

Biotechnology

&

Life

Sciences

–

6.9%

AbbVie,

Inc.

2,428

507,525

Avantor,

Inc.

(a)

10,640

177,688

4

Statement

of

Investments

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.2%

(continued)

Pharmaceuticals,

Biotechnology

&

Life

Sciences

–

6.9%

(continued)

Eli

Lilly

&

Co.

308

283,554

Natera,

Inc.

752

117,004

1,085,771

Real

Estate

Management

&

Development

–

1.0%

CoStar

Group,

Inc.

2,001

152,576

Semiconductors

&

Semiconductor

Equipment

–

10.4%

Micron

Technology,

Inc.

1,977

185,107

NVIDIA

Corp.

10,197

1,273,809

Texas

Instruments,

Inc.

851

166,787

1,625,703

Software

&

Services

–

18.1%

HubSpot,

Inc.

536

388,059

Intuit,

Inc.

558

342,523

Klaviyo,

Inc.,

Class

A

4,442

174,659

Microsoft

Corp.

2,977

1,181,839

ServiceNow,

Inc.

(a)

179

166,427

Shopify,

Inc.,

Class

A

2,882

322,784

Synopsys,

Inc.

(a)

307

140,385

Workday,

Inc.,

Class

A

(a)

456

120,083

2,836,759

Technology

Hardware

&

Equipment

–

5.2%

Apple,

Inc.

3,348

809,680

Transportation

–

1.5%

Uber

Technologies,

Inc.

(a)

3,125

237,531

Utilities

–

2.6%

Constellation

Energy

Corp.

878

219,979

Dominion

Energy,

Inc.

3,273

185,317

405,296

Total

Common

Stocks

(cost

$11,604,864)

15,409,389

Investment

Companies

–

0.9%

Registered

Investment

Companies

–

0.9%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(b)(c)

(cost

$147,969)

147,969

147,969

Total

Investments

(cost

$11,752,833)

99.1%

15,557,358

Cash

and

Receivables

(Net)

0.9%

133,913

Net

Assets

100.0%

15,691,271

(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

February

28,

2025.

5

See

Notes

to

Statement

of

Investments

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

February

28,

2025

are

as

follows:

Description

Value

($)

2/29/24

Purchases

($)

1

Sales

($)

Value

($)

2/28/25

Dividends/

Distributions

($)

Investment

Companies

–

0.9%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

107,148

367,881

(327,060)

147,969

6,360

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.0%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

—

2,552

(2,552)

—

26

2

Total

–

0.9%

107,148

370,433

(329,612)

147,969

6,386

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

February

28,

2025

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments:

–

Unaffiliated

issuers

11,604,864

15,409,389‌

Affiliated

issuers

147,969

147,969‌

Receivable

for

investment

securities

sold

827,305‌

Dividends

receivable

8,616‌

16,393,279‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(b)

6,155‌

Payable

for

investment

securities

purchased

695,853‌

702,008‌

Net

Assets

($)

15,691,271‌

Composition

of

Net

Assets

($):

Paid-in

capital

11,785,876‌

Total

distributable

earnings

(loss)

3,905,395‌

Net

Assets

($)

15,691,271‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

450,001‌

Net

asset

value

per

share

34.87‌

Market

price

per

share

34.92‌

7

STATEMENT

OF

OPERATIONS

Year

Ended

February

28,

2025

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends:

Unaffiliated

issuers

113,671‌

Affiliated

issuers

6,360‌

Affiliated

income

net

of

rebates

from

securities

lending—Note

2(b)

26‌

Total

Income

120,057‌

Expenses:

Management

fee—Note

3(a)

67,640‌

Total

Expenses

67,640‌

Net

Investment

Income

52,417‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

156,650‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

1,143,726‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

1,300,376‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,352,793‌

8

STATEMENT

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements

Year

Ended

February

28,

2025

For

the

Period

from

May

18,

2023

(a)

to

February

29,

2024

Operations

($):

Net

investment

income

52,417‌

42,506‌

Net

realized

gain

(loss)

on

investments

156,650‌

(70,123‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

1,143,726‌

2,660,799‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,352,793‌

2,633,182‌

Distributions

($):

Distributions

to

shareholders

(50,124‌)

(

30,456‌)

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

1,785,847‌

10,000,025‌

Transaction

fees—Note

5

—‌

4‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

1,785,847‌

10,000,029‌

Total

Increase

(Decrease)

in

Net

Assets

3,088,516‌

12,602,755‌

Net

Assets

($):

Beginning

of

Period

12,602,755‌

—‌

End

of

Period

15,691,271‌

12,602,755‌

Changes

in

Shares

Outstanding:

Shares

sold

50,000‌

400,001‌

Net

Increase

(Decrease)

in

Shares

Outstanding

50,000‌

400,001‌

(a)

Commencement

of

operations.

9

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements

Year

Ended

February

28,

2025

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)

0.13‌

0.11‌

Net

realized

and

unrealized

gain

(loss)

on

investments

3.36‌

6.48‌

Total

from

Investment

Operations

3.49‌

6.59‌

Distributions:

–

–

Dividends

from

net

investment

income

(0.13‌)

(0.08‌)

Transaction

fees

(b)

—‌

0.00‌

(c)

Net

asset

value,

end

of

period

34.87‌

31.51‌

Market

price,

end

of

period

34.92‌

31.55‌

Net

Asset

Value

Total

Return

(%)

(d)

11.07‌

26.36‌

(e)

Market

Price

Total

Return

(%)

(d)

11.08‌

26.53‌

(e)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

(f

)

0.50‌

0.50‌

(g)

Ratio

of

net

investment

income

to

average

net

assets

(f)

0.39‌

0.50‌

(g)

Portfolio

Turnover

Rate

(h)

44.26‌

24.71‌

Net

Assets,

end

of

period

($

x

1,000)

15,691‌

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)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(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.

10

NOTES

TO

FINANCIAL

STATEMENTS

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

twelve

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 February

28,

2025

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

year

ended

February

28,

2025,

BNY

earned

$4 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

February

28,

2025,

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

15,409,389

—

—

15,409,389

Investment

Companies

147,969

—

—

147,969

15,557,358

—

—

15,557,358

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

12

NOTES

TO

FINANCIAL

STATEMENTS

(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:

T

he

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 February

28,

2025,

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 February

28,

2025,

the

fund

did

not

incur

any

interest

or

penalties.

The

tax

year

in

the

two-year

period ended February

28,

2025

remains

subject

to

examination

by

the

Internal

Revenue

Service

and

state

taxing

authorities. 

At February

28,

2025,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

undistributed

ordinary

income

$13,679,

undistributed

capital

gains

$87,242

and

unrealized appreciation

$3,804,474.

The

tax

character

of

distributions

paid

to

shareholders

during

the

fiscal

years

ended

February

28,

2025

and

February

29,

2024

were

as

follows:

ordinary

income

$50,124

and

$30,456,

respectively.

(g)

Operating

Segment

Reporting:

In

this

reporting

period,

the

fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07”).

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

fund’s

financial

position

or

the

results

of

its

operations.

The

ASU

2023-07

is

effective

for

public

entities

for

fiscal

years

beginning

after

December

15,

2023,

and

requires

retrospective

application

for

all

prior

periods

presented

within

the

financial

statements.

Since

its

commencement,

the

fund

operates

and

is

managed

as

a

single

reportable

segment

deriving

returns

in

the

form

of

dividends,

interest

and/or

gains

from

the

investments

made

in

pursuit

of

its

single

stated

investment

objective

as

outlined

in

the

fund’s

prospectus.

The

accounting

policies

of

the

fund

are

consistent

with

those

described

in

these

Notes

to

the

Financial

Statements.

The

chief

operating

decision

maker

(“CODM”)

is

represented

by

BNY

Investments,

the

management

of

the

fund’s

adviser,

comprising

of

Senior

management

and

Directors.

The

CODM

considers

net

increase

in

net

assets

resulting

from

operations

in

deciding

whether

to

purchase

additional

investments

or

to

make

distributions

to

its

shareholders.

Detailed

financial

information

for

the

fund

is

disclosed

within

these

financial

statements

with

total

assets

and

liabilities

disclosed

on

the

statement

of

assets

and

liabilities,

investments

held

on

the

statement

of

Investments,

results

of

operations

and

significant

segment

expenses

on

the

statement

of

operations

and

other

information

about

the

fund’s

performance,

including

total

return,

portfolio

turnover

and

ratios

within

the

financial

highlights.

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

February

28,

2025,

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.

14

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

The

components

of

“Due

to

BNY

Mellon

ETF Investment

Adviser,

LLC”

in

the

Statement

of

Assets

and

Liabilities

consist

of:

Management

fee

of $6,155.

(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

February

28,

2025, amounted

to $5,959,202

and

$6,107,195,

respectively.

At February

28,

2025,

the

cost

of

investments

for

federal

income

tax

purposes

was

$11,752,884;

accordingly,

accumulated

net

unrealized

appreciation on

investments

for

federal

income

tax

purposes

was

$3,804,474,

consisting

of

gross

appreciation

of

$3,997,953

and

gross

depreciation

of

$193,479.

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

February

28,

2025,

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

year

ended

February

28,

2025

,

the

fund

had

no

in-

kind

transactions

.

15

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Shareholders

and

the

Board

of

Trustees

of

BNY

Mellon

Women’s

Opportunities

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BNY

Mellon

Women’s

Opportunities

ETF

(the

“Fund”)

(one

of

the

funds

constituting

BNY

Mellon

ETF

Trust

(the

“Trust”)),

including

the

statement

of

investments,

as

of

February

28,

2025,

and

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

February

28,

2025

and

the

period

from

May

18,

2023

(commencement

of

operations)

through

February

29,

2024

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

(one

of

the

funds

constituting

BNY

Mellon

ETF

Trust)

at

February

28,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

and

its

financial

highlights

for

the

year

ended

February

28,

2025

and

the

period

from

May

18,

2023

(commencement

of

operations)

through

February

29,

2024,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Trust’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Trust

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Trust

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Trust’s

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Trust’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

February

28,

2025,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

BNY

Mellon

Family

of

Funds

since

at

least

1957,

but

we

are

unable

to

determine

the

specific

year.

New

York,

New

York

April

22,

2025

16

IMPORTANT

TAX

INFORMATION

(Unaudited)

Form

1099-DIV,

Form

1042-S

and

other

year–end

tax

information

provide

shareholders

with

actual

calendar

year

amounts

that

should

be

included

in

their

tax

returns.

Shareholders

should

consult

their

tax

advisers.

The

following

distribution

information

is

being

provided

as

required

by

the

Internal

Revenue

Code

or

to

meet

a

specific

state’s

requirement.

The

fund

designates

the

following

amounts

or,

if

subsequently

determined

to

be

different,

the

maximum

amount

allowable

for

its

fiscal

year

ended February

28,

2025:

For

federal

tax

purposes

the

fund

hereby

reports

100%

of

ordinary

income

dividends

paid

during

the

fiscal

year

ended

February

28,

2025 as

qualified

dividend

income

and

corporate

dividends

received

deduction.

17

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

18

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

19

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Investment

Companies

(Unaudited)

Each

Board

member

serves

as

a

Board

member

of

each

fund

within

the

Trust

and

BNY

Mellon

ETF

Trust

II.

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

and

BNY

Mellon

ETF

Trust

II,

including

the

fund.

20

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

N/A

©

2025

BNY

Mellon

Securities

Corporation

Code-4868NCSRAR0225

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, 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)               Code of ethics that is the subject of disclosure required by Item 2 of this Form N-CSR is attached hereto.

(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)(4)               Not applicable.

(a)(5)               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    4/21/2025                   

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    4/21/2025                   

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

                                                (Principal Financial and Accounting Officer)

Date    4/21/2025                   

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