UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number            811-23477                  

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

240 Greenwich Street

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

Deirdre Cunnane, Esq.

240 Greenwich Street

                        New York, New York 10286                         

(Name and address of agent for service)

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

Date of fiscal year end:  October 31

Date of reporting period:  April 30, 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 US Large Cap Core Equity ETF

BNY Mellon US Mid Cap Core Equity ETF

BNY Mellon US Small Cap Core Equity ETF

BNY Mellon International Equity ETF

BNY Mellon Emerging Markets Equity ETF

BNY Mellon Core Bond ETF

BNY Mellon High Yield ETF

BNY Mellon Concentrated International ETF

BNY Mellon Global Infrastructure Income ETF

Item 1. Reports to Stockholders.

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

BNY Mellon US Large Cap Core Equity ETF 

Semi-Annual Shareholder Report

April 30, 2025

Ticker - BKLC (NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about BNY Mellon US Large Cap Core Equity ETF (the “Fund”) for the period of November 1, 2024 to April 30, 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 six months? 

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BNY Mellon US Large Cap Core Equity ETF	$0	0.00%Footnote Reference*

Footnote	Description
Footnote*	Annualized

KEY FUND STATISTICS (AS OF 4/30/25)

Fund size (Millions)	Number of Holdings	Portfolio Turnover
$2,577	509	1.24%

Portfolio Holdings (as of 4/30/25)

Top Ten Holdings

(Based on Net Assets)*

Value	Value
Apple, Inc. -	6.6%
Microsoft Corp. -	6.1%
NVIDIA Corp. -	5.4%
Amazon.com, Inc. -	3.6%
Meta Platforms, Inc., Class A -	2.5%
Alphabet, Inc., Class A -	1.9%
Broadcom, Inc. -	1.9%
Alphabet, Inc., Class C -	1.7%
Tesla, Inc. -	1.7%
Eli Lilly & Co. -	1.6%

*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. 

Sector Allocation

(Based on Net Assets)

Value	Value
Net Other Assets and Liabilities	0.1%
Investment Companies	0.1%
Materials	2.0%
Real Estate	2.1%
Utilities	2.4%
Energy	3.3%
Consumer Staples	6.0%
Industrials	8.6%
Communication Services	9.6%
Consumer Discretionary	10.5%
Health Care	10.9%
Financials	14.1%
Information Technology	30.3%

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-4851SA0425

BNY Mellon US Mid Cap Core Equity ETF 

Semi-Annual Shareholder Report

April 30, 2025

Ticker - BKMC (NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about BNY Mellon US Mid Cap Core Equity ETF (the “Fund”) for the period of November 1, 2024 to April 30, 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 six months? 

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BNY Mellon US Mid Cap Core Equity ETF	$2	0.04%Footnote Reference*

Footnote	Description
Footnote*	Annualized

KEY FUND STATISTICS (AS OF 4/30/25)

Fund size (Millions)	Number of Holdings	Portfolio Turnover
$326	401	13.96%

Portfolio Holdings (as of 4/30/25)

Top Ten Holdings

(Based on Net Assets)*

Value	Value
NRG Energy, Inc. -	0.7%
Anglogold Ashanti PLC -	0.7%
NiSource, Inc. -	0.6%
Insulet Corp. -	0.6%
Casey's General Stores, Inc. -	0.6%
Nutanix, Inc., Class A -	0.6%
Sprouts Farmers Market, Inc. -	0.5%
Domino's Pizza, Inc. -	0.5%
Fidelity National Financial, Inc. -	0.5%
Tapestry, Inc. -	0.5%

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

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

Sector Allocation

(Based on Net Assets)

Value	Value
Net Other Assets and Liabilities	-1.3%
Investment Companies	1.5%
Communication Services	2.6%
Utilities	3.0%
Energy	3.1%
Materials	5.9%
Consumer Staples	6.0%
Real Estate	8.0%
Health Care	9.8%
Information Technology	11.3%
Consumer Discretionary	14.5%
Financials	15.3%
Industrials	20.3%

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-4852SA0425

BNY Mellon US Small Cap Core Equity ETF 

Semi-Annual Shareholder Report

April 30, 2025

Ticker - BKSE (NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about BNY Mellon US Small Cap Core Equity ETF (the “Fund”) for the period of November 1, 2024 to April 30, 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 six months? 

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BNY Mellon US Small Cap Core Equity ETF	$2	0.04%Footnote Reference*

Footnote	Description
Footnote*	Annualized

KEY FUND STATISTICS (AS OF 4/30/25)

Fund size (Millions)	Number of Holdings	Portfolio Turnover
$87	601	21.05%

Portfolio Holdings (as of 4/30/25)

Top Ten Holdings

(Based on Net Assets)*

Value	Value
Mr. Cooper Group, Inc. -	0.4%
CommVault Systems, Inc. -	0.4%
Casella Waste Systems, Inc., Class A -	0.4%
UGI Corp. -	0.4%
National Fuel Gas Co. -	0.4%
TG Therapeutics, Inc. -	0.4%
Corcept Therapeutics, Inc. -	0.4%
Badger Meter, Inc. -	0.4%
Ollie's Bargain Outlet Holdings, Inc. -	0.4%
MGIC Investment Corp. -	0.4%

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

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

Sector Allocation

(Based on Net Assets)

Value	Value
Net Other Assets and Liabilities	-2.5%
Consumer Staples	2.3%
Communication Services	2.9%
Investment Companies	3.0%
Energy	4.2%
Materials	4.9%
Utilities	5.1%
Real Estate	6.6%
Consumer Discretionary	12.3%
Information Technology	12.5%
Health Care	12.8%
Industrials	17.4%
Financials	18.5%

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-4853SA0425

BNY Mellon International Equity ETF 

Semi-Annual Shareholder Report

April 30, 2025

Ticker - BKIE (NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about BNY Mellon International Equity ETF (the “Fund”) for the period of November 1, 2024 to April 30, 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 six months? 

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BNY Mellon International Equity ETF	$2	0.04%Footnote Reference*

Footnote	Description
Footnote*	Annualized

KEY FUND STATISTICS (AS OF 4/30/25)

Fund size (Millions)	Number of Holdings	Portfolio Turnover
$599	985	5.20%

Portfolio Holdings (as of 4/30/25)

Top Ten Holdings

(Based on Net Assets)*

Value	Value
SAP SE -	1.5%
Nestle SA -	1.4%
ASML Holding NV -	1.2%
Roche Holding AG -	1.1%
Novartis AG -	1.1%
AstraZeneca PLC -	1.1%
Toyota Motor Corp. -	1.0%
Novo Nordisk A/S, Class B -	1.0%
HSBC Holdings PLC -	1.0%
Shell PLC -	1.0%

*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. 

Country Allocation

(Based on Net Assets) 

Value	Value
Net Other Assets and Liabilities	5.5%
Israel	1.0%
United States	0.4%
Singapore	1.5%
Hong Kong	1.8%
Denmark	1.9%
Italy	2.6%
Spain	2.6%
Sweden	3.0%
Netherlands	3.7%
Australia	6.3%
Germany	8.2%
Switzerland	8.2%
France	8.6%
Canada	10.7%
United Kingdom	12.4%
Japan	21.6%

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-4854SA0425

BNY Mellon Emerging Markets Equity ETF 

Semi-Annual Shareholder Report

April 30, 2025

Ticker - BKEM (NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about BNY Mellon Emerging Markets Equity ETF (the “Fund”) for the period of November 1, 2024 to April 30, 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 six months? 

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BNY Mellon Emerging Markets Equity ETF	$5	0.11%Footnote Reference*

Footnote	Description
Footnote*	Annualized

KEY FUND STATISTICS (AS OF 4/30/25)

Fund size (Millions)	Number of Holdings	Portfolio Turnover
$91	1,702	11.87%

Portfolio Holdings (as of 4/30/25)

Top Ten Holdings

(Based on Net Assets)*

Value	Value
Taiwan Semiconductor Manufacturing Co. Ltd. -	8.0%
Tencent Holdings Ltd. -	4.4%
Alibaba Group Holding Ltd. -	2.9%
Samsung Electronics Co. Ltd. -	2.1%
HDFC Bank Ltd. -	1.5%
Reliance Industries Ltd. -	1.4%
Xiaomi Corp., Class B -	1.3%
ICICI Bank Ltd. -	1.1%
Meituan, Class B -	1.0%
International Holdings Co. PJSC -	1.0%

*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. 

Country Allocation

(Based on Net Assets) 

Value	Value
Net Other Assets and Liabilities	5.4%
Hong Kong	1.0%
Indonesia	1.3%
Malaysia	1.4%
United States	0.8%
Thailand	1.6%
Mexico	2.1%
United Arab Emirates	2.6%
South Africa	2.8%
Saudi Arabia	3.7%
Brazil	4.5%
South Korea	9.6%
Taiwan	16.8%
India	20.2%
China	26.2%

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-4855SA0425

BNY Mellon Core Bond ETF 

Semi-Annual Shareholder Report

April 30, 2025

Ticker - BKAG (NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about BNY Mellon Core Bond ETF (the “Fund”) for the period of November 1, 2024 to April 30, 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 six months? 

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BNY Mellon Core Bond ETF	$0	0.00%Footnote Reference*

Footnote	Description
Footnote*	Annualized

KEY FUND STATISTICS (AS OF 4/30/25)

Fund size (Millions)	Number of Holdings	Portfolio Turnover
$1,888	5,050	26.80%

Portfolio Holdings (as of 4/30/25)

Sector Allocation

(Based on Net Assets)

Value	Value
Net Other Assets and Liabilities	-1.9%
Asset Backed Securities	0.4%
Basic Materials	0.6%
Consumer, Cyclical	1.5%
Technology	1.7%
Energy	1.7%
Industrial	1.8%
Communications	2.0%
Utilities	2.4%
Investment Companies	2.8%
Consumer, Non-cyclical	4.2%
Financial	8.1%
Mortgage Securities	26.6%
Government	48.1%

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

Allocation of Holdings

(Based on Net Assets)

Value	Value
Net Other Assets and Liabilities	-2.0%
U.S. Government Agencies - Short	-0.4%
Municipal Securities	0.3%
Asset-Backed Securities	0.4%
Commercial Mortgage-Backed	0.7%
Supranational Bank	1.4%
Foreign Governmental	1.5%
Investment Companies	2.8%
Corporate Bonds and Notes	23.9%
U.S. Government Agencies - Long	26.4%
U.S. Treasury Government Securities	44.9%

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-4856SA0425

BNY Mellon High Yield ETF 

Semi-Annual Shareholder Report

April 30, 2025

Ticker - BKHY (NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about BNY Mellon High Yield ETF (the “Fund”) for the period of November 1, 2024 to April 30, 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 six months? 

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BNY Mellon High Yield ETF	$11	0.22%Footnote Reference*

Footnote	Description
Footnote*	Annualized

KEY FUND STATISTICS (AS OF 4/30/25)

Fund size (Millions)	Number of Holdings	Portfolio Turnover
$191	1,700	33.90%

Portfolio Holdings (as of 4/30/25)

Sector Allocation

(Based on Net Assets)

Value	Value
Net Other Assets and Liabilities	-0.3%
Diversified	0.3%
Utilities	2.7%
Investment Companies	3.0%
Technology	3.9%
Basic Materials	4.4%
Industrial	11.4%
Energy	11.6%
Financial	13.3%
Consumer, Non-cyclical	15.2%
Communications	16.5%
Consumer, Cyclical	18.0%

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

Allocation of Holdings

(Based on Net Assets)

Value	Value
Net Other Assets and Liabilities	-0.3%
Swap Agreements	0.0%Footnote Reference*
Futures	0.0%Footnote Reference*
Investment Companies	3.0%
Corporate Bonds and Notes	97.3%

Footnote	Description
Footnote*	Amount represents less than 0.1%.

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-4858SA0425

BNY Mellon Concentrated International ETF 

Semi-Annual Shareholder Report

April 30, 2025

Ticker - BKCI (NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about BNY Mellon Concentrated International ETF (the “Fund”) for the period of November 1, 2024 to April 30, 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 six months? 

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BNY Mellon Concentrated International ETFFootnote Reference*	$32	0.65%Footnote Reference*

Footnote	Description
Footnote*	During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon ETF Investment Adviser, LLC. If this agreement is not extended in the future, expenses could be higher.
Footnote*	Annualized

KEY FUND STATISTICS (AS OF 4/30/25)

Fund size (Millions)	Number of Holdings	Portfolio Turnover
$164	29	9.04%

Portfolio Holdings (as of 4/30/25)

Top Ten Holdings

(Based on Net Assets)*

Value	Value
Amadeus IT Group SA -	5.7%
SAP SE -	5.4%
Compass Group PLC -	5.1%
Alimentation Couche-Tard, Inc. -	4.4%
Air Liquide SA -	4.3%
Taiwan Semiconductor Manufacturing Co. Ltd. -	4.2%
AIA Group Ltd. -	3.9%
Experian PLC -	3.9%
L'Oréal SA -	3.7%
Coloplast A/S, Class B -	3.7%

*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. 

Country Allocation

(Based on Net Assets) 

Value	Value
Net Other Assets and Liabilities	0.3%
Australia	2.6%
United States	2.8%
Finland	3.2%
Singapore	3.3%
Ireland	3.9%
Hong Kong	3.9%
Taiwan	4.2%
United Kingdom	5.1%
Spain	5.7%
Switzerland	6.1%
Denmark	6.5%
Netherlands	7.0%
Canada	7.6%
Germany	11.3%
Japan	11.8%
France	14.7%

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-4864SA0425

BNY Mellon Global Infrastructure Income ETF 

Semi-Annual Shareholder Report

April 30, 2025

Ticker - BKGI (Cboe BZX Exchange, Inc.)

This semi-annual shareholder report contains important information about BNY Mellon Global Infrastructure Income ETF (the “Fund”) for the period of November 1, 2024 to April 30, 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.

This report describes changes to the Fund that occurred during the reporting period.

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

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BNY Mellon Global Infrastructure Income ETFFootnote Reference*	$32	0.60%Footnote Reference*

Footnote	Description
Footnote*	During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon ETF Investment Adviser, LLC. If this agreement is not extended in the future, expenses could be higher.
Footnote*	Annualized

KEY FUND STATISTICS (AS OF 4/30/25)

Fund size (Millions)	Number of Holdings	Portfolio Turnover
$113	29	28.03%

Portfolio Holdings (as of 4/30/25)

Top Ten Holdings

(Based on Net Assets)*

Value	Value
ENEL SpA -	8.8%
Dominion Energy, Inc. -	6.7%
Fortum OYJ -	6.7%
Hess Midstream LP, Class A -	6.4%
Orange SA -	5.3%
Pennon Group PLC -	4.8%
Engie SA -	4.6%
Bouygues SA -	4.3%
Vinci SA -	3.9%
ONEOK, Inc. -	3.8%

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

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

Country Allocation

(Based on Net Assets) 

Value	Value
Net Other Assets and Liabilities	1.1%
Belgium	1.1%
Spain	1.4%
China	1.9%
Germany	3.2%
Canada	3.7%
Finland	6.7%
United Kingdom	8.0%
Italy	12.5%
France	21.3%
United States	39.1%

How has the Fund changed? 

• BNY Mellon ETF Investment Adviser, LLC (the "Adviser") has contractually agreed, until at least February 28, 2026, to assume the direct expenses of the Fund so that the Fund's total annual operating expenses (including acquired fund fees and expenses (if any)) (excluding payments under the Fund's 12b-1 plan (if any), interest expenses, taxes, brokerage commissions, costs of holding shareholder meetings, fees and expenses associated with any securities lending program adopted by the Fund, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the Fund's business) do not exceed 0.55% of the Fund's average daily net assets. Prior to February 28, 2026, this expense limitation agreement may only be terminated by the Fund's board. On or after February 28, 2026, the Adviser may terminate this expense limitation agreement at any time. 

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund’s current prospectus, dated February 28, 2025 at bny.com/investments/etfliterature or upon request at 1-833-383-2696 or by calling your financial adviser. 

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-4865SA0425

Item 1. Reports to Stockholders (cont.).

(b)     Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)     The Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included in the financial statements filed under Item 7 of this Form N-CSR.

(b)                  Not applicable.

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

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

BNY

Mellon

ETF

Trust

SEMI-ANNUAL

FINANCIALS

AND

OTHER

INFORMATION

April

30,

2025

BNY

Mellon

US

Large

Cap

Core

Equity

ETF:

BKLC

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF:

BKMC

BNY

Mellon

US

Small

Cap

Core

Equity

ETF:

BKSE

BNY

Mellon

International

Equity

ETF:

BKIE

BNY

Mellon

Emerging

Markets

Equity

ETF:

BKEM

BNY

Mellon

Core

Bond

ETF:

BKAG

Principal

U.S.

Listing

Exchange:

NYSE

Arca,

Inc.

Contents

The

Funds

Please

note

the

Semi-Annual

Financials

and

Other

Information

only

contains

Items

7-11

required

in

Form

N-CSR.

All

other

required

items

will

be

filed

with

the

Securities

and

Exchange

Commission

(the

“SEC”).

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

3

Statement

of

Investments

3

Statements

of

Assets

and

Liabilities

194

Statements

of

Operations

196

Statements

of

Changes

in

Net

Assets

198

Financial

Highlights

201

Notes

to

Financial

Statements

207

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

219

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

220

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Investment

Companies

221

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

222

Save

time.

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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

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market

and

other

conditions.

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•

May

Lose

Value

3

Statement

of

Investments

April

30,

2025

(Unaudited)

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

Description

Shares

Value

($)

Common

Stocks

–

99.8%

Communication

Services

–

9.6%

Alphabet,

Inc.,

Class

A

314,981

50,018,983

Alphabet,

Inc.,

Class

C

278,772

44,851,627

AT&T,

Inc.

380,872

10,550,154

Charter

Communications,

Inc.,

Class

A

(a),(b)

5,010

1,963,219

Comcast

Corp.,

Class

A

205,547

7,029,707

Electronic

Arts,

Inc.

12,313

1,786,493

Fox

Corp.,

Class

A

11,260

560,635

Fox

Corp.,

Class

B

7,285

336,858

Live

Nation

Entertainment,

Inc.

(b)

8,046

1,065,693

Meta

Platforms,

Inc.,

Class

A

117,170

64,326,330

Netflix,

Inc.

(b)

22,509

25,473,886

Omnicom

Group,

Inc.

10,272

782,316

Pinterest,

Inc.,

Class

A

(b)

33,420

846,194

Reddit,

Inc.,

Class

A

(b)

5,363

625,165

ROBLOX

Corp.,

Class

A

(b)

28,327

1,899,325

Snap,

Inc.,

Class

A

(b)

57,572

458,273

Spotify

Technology

SA

(b)

7,692

4,722,734

Take-Two

Interactive

Software,

Inc.

(b)

8,814

2,056,482

The

Trade

Desk,

Inc.,

Class

A

(b)

24,406

1,308,894

The

Walt

Disney

Company

97,548

8,871,991

TKO

Group

Holdings,

Inc.,

Class

A

(a)

3,750

610,913

T-Mobile

US,

Inc.

26,981

6,662,958

Verizon

Communications,

Inc.

226,774

9,991,662

Warner

Bros

Discovery,

Inc.

(b)

124,986

1,083,629

Warner

Music

Group

Corp.,

Class

A

6,798

206,999

248,091,120

Consumer

Discretionary

–

10.5%

Airbnb,

Inc.,

Class

A

(b)

22,550

2,749,296

Amazon.com,

Inc.

(b)

506,044

93,324,635

Aptiv

PLC

(b)

12,591

718,443

AutoZone,

Inc.

(b)

882

3,318,613

Best

Buy

Co.,

Inc.

10,254

683,839

Booking

Holdings,

Inc.

1,822

9,290,888

Carnival

Corp.

(b)

54,556

1,000,557

Carvana

Co.,

Class

A

(b)

6,280

1,534,518

Chipotle

Mexican

Grill,

Inc.,

Class

A

(b)

72,614

3,668,459

Coupang,

Inc.,

Class

A

(b)

59,611

1,393,109

D.R.

Horton,

Inc.

16,004

2,021,945

Darden

Restaurants,

Inc.

6,433

1,290,717

Deckers

Outdoor

Corp.

(b)

8,180

906,589

DoorDash,

Inc.,

Class

A

(b)

17,693

3,412,803

DraftKings,

Inc.,

Class

A

(b)

27,021

899,529

eBay,

Inc.

26,894

1,833,095

Expedia

Group,

Inc.

6,631

1,040,603

Flutter

Entertainment

PLC

(b)

9,566

2,305,310

Ford

Motor

Co.

208,831

2,090,398

Garmin

Ltd.

8,096

1,512,900

General

Motors

Co.

59,483

2,691,011

Genuine

Parts

Co.

6,858

806,158

Hilton

Worldwide

Holdings,

Inc.

13,362

3,012,864

Las

Vegas

Sands

Corp.

18,332

672,234

Lennar

Corp.,

Class

A

12,372

1,343,723

Lennar

Corp.,

Class

B

(a)

817

84,453

Lowe's

Companies,

Inc.

30,534

6,826,181

Lululemon

Athletica,

Inc.

(b)

5,797

1,569,654

Marriott

International,

Inc.,

Class

A

13,262

3,164,048

4

Statement

of

Investments

(continued)

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Consumer

Discretionary

–

10.5%

(continued)

McDonald's

Corp.

39,071

12,489,045

MercadoLibre,

Inc.

(b)

2,542

5,925,021

NIKE,

Inc.,

Class

B

60,213

3,396,013

NVR,

Inc.

(b)

164

1,168,623

O'Reilly

Automotive,

Inc.

(b)

3,116

4,409,763

PulteGroup,

Inc.

10,774

1,105,197

Ross

Stores,

Inc.

17,766

2,469,474

Royal

Caribbean

Cruises

Ltd.

12,757

2,741,607

Starbucks

Corp.

59,320

4,748,566

Tesla,

Inc.

(b)

150,891

42,575,405

The

Home

Depot,

Inc.

54,006

19,468,623

The

TJX

Companies,

Inc.

61,552

7,920,511

Tractor

Supply

Co.

29,713

1,504,072

Ulta

Beauty,

Inc.

(b)

2,473

978,418

Williams-Sonoma,

Inc.

6,592

1,018,266

Yum!

Brands,

Inc.

15,215

2,288,945

269,374,121

Consumer

Staples

–

6.0%

Altria

Group,

Inc.

93,141

5,509,290

Archer-Daniels-Midland

Co.

24,587

1,174,029

Brown-Forman

Corp.,

Class

A

8,421

291,451

Brown-Forman

Corp.,

Class

B

16,108

561,203

Bunge

Global

SA

6,970

548,678

Church

&

Dwight

Co.,

Inc.

12,903

1,281,784

Colgate-Palmolive

Co.

44,510

4,103,377

ConAgra

Brands,

Inc.

26,374

651,702

Constellation

Brands,

Inc.,

Class

A

8,043

1,508,384

Costco

Wholesale

Corp.

23,959

23,827,226

Dollar

General

Corp.

11,505

1,077,904

Dollar

Tree,

Inc.

(b)

9,941

812,876

General

Mills,

Inc.

28,218

1,601,089

Hormel

Foods

Corp.

14,209

424,849

Kellanova

14,308

1,184,273

Kenvue,

Inc.

103,644

2,445,998

Keurig

Dr

Pepper,

Inc.

57,678

1,995,082

Kimberly-Clark

Corp.

17,336

2,284,538

McCormick

&

Co.,

Inc.

14,032

1,075,693

Mondelez

International,

Inc.,

Class

A

70,722

4,818,290

Monster

Beverage

Corp.

(b)

36,455

2,191,675

PepsiCo,

Inc.

74,317

10,075,899

Philip

Morris

International,

Inc.

82,854

14,197,861

SYSCO

Corp.

27,793

1,984,420

Target

Corp.

24,454

2,364,702

The

Clorox

Company

6,865

976,890

The

Coca-Cola

Company

209,038

15,165,707

The

Estee

Lauder

Companies,

Inc.,

Class

A

11,640

697,934

The

Hershey

Company

7,881

1,317,624

The

Kraft

Heinz

Company

35,494

1,032,875

The

Kroger

Company

34,940

2,523,017

The

Procter

&

Gamble

Company

127,652

20,752,386

Tyson

Foods,

Inc.,

Class

A

16,457

1,007,827

Walmart,

Inc.

235,752

22,926,882

154,393,415

Energy

–

3.3%

Baker

Hughes

Co.,

Class

A

54,379

1,925,017

Cheniere

Energy,

Inc.

12,269

2,835,489

Chevron

Corp.

90,990

12,380,099

5

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Energy

–

3.3%

(continued)

ConocoPhillips

70,697

6,300,517

Coterra

Energy,

Inc.

39,669

974,271

Devon

Energy

Corp.

36,480

1,109,357

Diamondback

Energy,

Inc.

9,853

1,300,694

EOG

Resources,

Inc.

30,616

3,377,863

EQT

Corp.

30,207

1,493,434

Expand

Energy

Corp.

10,227

1,062,585

Exxon

Mobil

Corp.

237,077

25,042,443

Halliburton

Co.

45,299

897,826

Hess

Corp.

15,287

1,972,787

Kinder

Morgan,

Inc.

102,821

2,704,192

Marathon

Petroleum

Corp.

17,737

2,437,241

Occidental

Petroleum

Corp.

37,363

1,472,476

ONEOK,

Inc.

32,135

2,640,212

Phillips

66

22,243

2,314,607

Schlumberger

NV

73,496

2,443,742

Targa

Resources

Corp.

11,688

1,997,479

Texas

Pacific

Land

Corp.

(a)

1,210

1,559,533

The

Williams

Companies,

Inc.

66,485

3,894,026

Valero

Energy

Corp.

16,831

1,953,911

84,089,801

Financials

–

14.1%

Aflac,

Inc.

27,460

2,984,353

American

Express

Co.

30,339

8,082,613

American

International

Group,

Inc.

35,793

2,917,845

Ameriprise

Financial,

Inc.

5,503

2,592,023

Aon

PLC,

Class

A

10,661

3,782,416

Apollo

Global

Management,

Inc.

22,176

3,026,581

Arch

Capital

Group

Ltd.

18,156

1,646,386

Ares

Management

Corp.,

Class

A

9,045

1,379,634

Arthur

J

Gallagher

&

Co.

12,765

4,093,608

Bank

of

America

Corp.

358,996

14,316,761

Berkshire

Hathaway,

Inc.,

Class

B

(b)

71,109

37,918,874

BlackRock,

Inc.

8,041

7,351,565

Blackstone,

Inc.

37,975

5,001,687

Block,

Inc.,

Class

A

(b)

31,203

1,824,439

Blue

Owl

Capital,

Inc.,

Class

A

27,419

508,074

Brown

&

Brown,

Inc.

11,975

1,324,435

Capital

One

Financial

Corp.

20,676

3,727,056

Cboe

Global

Markets,

Inc.

5,292

1,173,766

Chubb

Ltd.

22,174

6,343,538

Cincinnati

Financial

Corp.

8,320

1,158,227

Citigroup,

Inc.

99,154

6,780,151

Citizens

Financial

Group,

Inc.

26,755

986,992

CME

Group,

Inc.,

Class

A

19,504

5,404,168

Coinbase

Global,

Inc.,

Class

A

(b)

10,887

2,208,863

Corpay,

Inc.

(b)

3,774

1,227,946

Discover

Financial

Services

13,218

2,414,532

Erie

Indemnity

Co.,

Class

A

1,169

419,227

Everest

Group

Ltd.

1,747

626,876

FactSet

Research

Systems,

Inc.

2,046

884,322

Fidelity

National

Information

Services,

Inc.

30,114

2,375,392

Fifth

Third

Bancorp

38,795

1,394,292

First

Citizens

BancShares,

Inc.,

Class

A

488

868,220

Fiserv,

Inc.

(b)

30,861

5,696,015

Global

Payments,

Inc.

13,023

993,785

Huntington

Bancshares,

Inc.

87,370

1,269,486

6

Statement

of

Investments

(continued)

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Financials

–

14.1%

(continued)

Interactive

Brokers

Group,

Inc.,

Class

A

5,589

960,470

Intercontinental

Exchange,

Inc.

30,021

5,042,627

JPMorgan

Chase

&

Co.

151,671

37,101,760

KKR

&

Co.,

Inc.

36,077

4,122,519

Loews

Corp.

8,260

717,216

LPL

Financial

Holdings,

Inc.

4,061

1,298,667

M&T

Bank

Corp.

9,332

1,584,200

Markel

Group,

Inc.

(b)

688

1,251,197

Marsh

&

McLennan

Cos.,

Inc.

27,137

6,118,579

Mastercard,

Inc.,

Class

A

44,222

24,236,309

MetLife,

Inc.

31,448

2,370,236

Moody's

Corp.

8,633

3,911,785

Morgan

Stanley

67,579

7,799,968

MSCI,

Inc.,

Class

A

4,288

2,337,432

NASDAQ,

Inc.

20,323

1,548,816

Northern

Trust

Corp.

12,197

1,146,274

PayPal

Holdings,

Inc.

(b)

54,807

3,608,493

Principal

Financial

Group,

Inc.

12,206

905,075

Prudential

Financial,

Inc.

19,791

2,032,734

Raymond

James

Financial,

Inc.

10,626

1,456,187

Regions

Financial

Corp.

52,522

1,071,974

Robinhood

Markets,

Inc.,

Class

A

(b)

26,720

1,312,219

Rocket

Cos.,

Inc.,

Class

A

(a)

10,010

129,229

S&P

Global,

Inc.

16,935

8,468,347

State

Street

Corp.

17,480

1,539,988

Synchrony

Financial

20,685

1,074,586

T

Rowe

Price

Group,

Inc.

12,193

1,079,690

The

Allstate

Corp.

14,320

2,840,945

The

Bank

of

New

York

Mellon

Corp.

40,869

3,286,276

The

Charles

Schwab

Corp.

79,914

6,505,000

The

Goldman

Sachs

Group,

Inc.

17,119

9,373,508

The

Hartford

Financial

Services

Group,

Inc.

15,834

1,942,357

The

PNC

Financial

Services

Group,

Inc.

20,695

3,325,480

The

Progressive

Corp.

31,343

8,830,577

The

Travelers

Companies,

Inc.

11,893

3,141,298

Toast,

Inc.,

Class

A

(b)

21,199

754,260

TPG,

Inc.,

Class

A

3,367

156,397

Tradeweb

Markets,

Inc.,

Class

A

5,900

815,970

Truist

Financial

Corp.

68,545

2,628,015

US

Bancorp

77,186

3,113,683

Visa,

Inc.,

Class

A

(a)

92,737

32,040,634

W.R.

Berkley

Corp.

15,900

1,139,871

Wells

Fargo

&

Co.

180,073

12,786,984

Willis

Towers

Watson

PLC

5,432

1,671,970

363,283,950

Health

Care

–

10.9%

Abbott

Laboratories

92,631

12,111,503

AbbVie,

Inc.

95,437

18,619,759

Agilent

Technologies,

Inc.

15,688

1,688,029

Align

Technology,

Inc.

(b)

3,752

650,222

Alnylam

Pharmaceuticals,

Inc.

(b)

6,780

1,784,767

Amgen,

Inc.

28,913

8,411,370

Avantor,

Inc.

(b)

36,467

473,706

Baxter

International,

Inc.

28,821

898,351

Becton,

Dickinson

&

Co.

15,522

3,214,451

Biogen,

Inc.

(b)

6,535

791,258

BioMarin

Pharmaceutical,

Inc.

(b)

10,198

649,511

7

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Health

Care

–

10.9%

(continued)

Boston

Scientific

Corp.

(b)

79,854

8,214,581

Bristol-Myers

Squibb

Co.

108,543

5,448,859

Cardinal

Health,

Inc.

12,549

1,773,048

Cencora,

Inc.

8,899

2,604,470

Centene

Corp.

(b)

27,114

1,622,773

CVS

Health

Corp.

67,535

4,505,260

Danaher

Corp.

34,929

6,962,398

DexCom,

Inc.

(b)

20,825

1,486,488

Edwards

Lifesciences

Corp.

(b)

31,223

2,357,024

Elevance

Health,

Inc.

12,172

5,119,300

Eli

Lilly

&

Co.

45,885

41,248,321

GE

Healthcare

Technologies,

Inc.

23,274

1,636,860

Gilead

Sciences,

Inc.

66,724

7,108,775

HCA

Healthcare,

Inc.

9,930

3,426,644

Hologic,

Inc.

(b)

13,190

767,658

Humana,

Inc.

6,143

1,610,940

IDEXX

Laboratories,

Inc.

(b)

4,161

1,800,257

Illumina,

Inc.

(b)

8,802

683,035

Incyte

Corp.

(b)

9,770

612,188

Intuitive

Surgical,

Inc.

(b)

18,988

9,794,010

IQVIA

Holdings,

Inc.

(b)

9,487

1,471,149

Johnson

&

Johnson

130,047

20,327,647

Labcorp

Holdings,

Inc.

4,463

1,075,628

McKesson

Corp.

6,895

4,914,687

Medtronic

PLC

70,558

5,980,496

Merck

&

Co.,

Inc.

135,501

11,544,685

Mettler-Toledo

International,

Inc.

(b)

1,151

1,232,226

Moderna,

Inc.

(b)

18,400

525,136

Molina

Healthcare,

Inc.

(b)

3,109

1,016,674

Natera,

Inc.

(b)

6,810

1,027,833

Pfizer,

Inc.

298,626

7,289,461

Quest

Diagnostics,

Inc.

6,074

1,082,508

Regeneron

Pharmaceuticals,

Inc.

5,331

3,191,990

ResMed,

Inc.

8,121

1,921,347

Revvity,

Inc.

7,047

658,401

Royalty

Pharma

PLC,

Class

A

23,047

756,403

STERIS

PLC

5,234

1,176,289

Stryker

Corp.

17,141

6,409,363

The

Cigna

Group

15,003

5,101,620

The

Cooper

Companies,

Inc.

(b)

10,710

874,686

Thermo

Fisher

Scientific,

Inc.

20,628

8,849,412

UnitedHealth

Group,

Inc.

49,807

20,492,592

Veeva

Systems,

Inc.,

Class

A

(b)

8,147

1,903,872

Vertex

Pharmaceuticals,

Inc.

(b)

13,940

7,102,430

Viatris,

Inc.

66,130

556,815

Waters

Corp.

(b)

3,387

1,177,762

West

Pharmaceutical

Services,

Inc.

3,907

825,510

Zimmer

Biomet

Holdings,

Inc.

11,123

1,146,225

Zoetis,

Inc.

24,701

3,863,236

281,571,899

Industrials

–

8.6%

3M

Co.

29,428

4,087,843

AMETEK,

Inc.

12,878

2,183,851

Automatic

Data

Processing,

Inc.

22,334

6,713,600

Axon

Enterprise,

Inc.

(b)

3,940

2,416,402

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

6,797

815,776

Broadridge

Financial

Solutions,

Inc.

6,160

1,493,184

8

Statement

of

Investments

(continued)

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Industrials

–

8.6%

(continued)

Builders

FirstSource,

Inc.

(b)

6,032

721,608

Carlisle

Companies,

Inc.

2,430

922,136

Carrier

Global

Corp.

44,860

2,805,544

Caterpillar,

Inc.

26,133

8,082,153

Cintas

Corp.

18,826

3,985,088

Copart,

Inc.

(b)

46,646

2,846,805

CSX

Corp.

106,683

2,994,592

Cummins,

Inc.

7,472

2,195,572

Deere

&

Co.

13,617

6,312,297

Delta

Air

Lines,

Inc.

34,058

1,417,835

Dover

Corp.

8,060

1,375,439

Eaton

Corp.

PLC

21,237

6,251,536

EMCOR

Group,

Inc.

2,206

883,944

Emerson

Electric

Co.

30,613

3,217,732

Equifax,

Inc.

6,551

1,704,112

Expeditors

International

of

Washington,

Inc.

7,742

850,923

Fastenal

Co.

29,691

2,404,080

FedEx

Corp.

12,016

2,527,325

Ferguson

Enterprises,

Inc.

10,236

1,736,640

Fortive

Corp.

18,411

1,283,063

GE

Vernova,

Inc.

14,769

5,476,641

General

Dynamics

Corp.

12,400

3,374,288

General

Electric

Co.

57,982

11,685,692

HEICO

Corp.

2,470

619,377

HEICO

Corp.,

Class

A

3,608

724,955

Honeywell

International,

Inc.

35,383

7,448,122

Howmet

Aerospace,

Inc.

21,737

3,012,313

Hubbell,

Inc.,

Class

B

2,759

1,002,014

IDEX

Corp.

3,977

691,879

Illinois

Tool

Works,

Inc.

16,041

3,848,396

Ingersoll

Rand,

Inc.

21,467

1,619,256

Jacobs

Solutions,

Inc.

6,429

795,910

JB

Hunt

Transport

Services,

Inc.

4,175

545,172

Johnson

Controls

International

PLC

34,925

2,930,208

L3Harris

Technologies,

Inc.

10,209

2,246,184

Leidos

Holdings,

Inc.

6,660

980,219

Lennox

International,

Inc.

1,560

852,930

Lockheed

Martin

Corp.

12,669

6,052,615

Norfolk

Southern

Corp.

12,175

2,727,809

Northrop

Grumman

Corp.

7,789

3,789,349

Old

Dominion

Freight

Line,

Inc.

10,229

1,567,901

Otis

Worldwide

Corp.

21,899

2,108,217

PACCAR,

Inc.

27,041

2,439,369

Parker-Hannifin

Corp.

6,871

4,157,367

Paychex,

Inc.

17,395

2,559,152

Quanta

Services,

Inc.

7,951

2,327,178

Republic

Services,

Inc.,

Class

A

11,002

2,758,752

Rockwell

Automation,

Inc.

6,237

1,544,780

Rollins,

Inc.

16,437

939,046

RTX

Corp.

72,865

9,190,462

Southwest

Airlines

Co.

32,380

905,345

SS&C

Technologies

Holdings,

Inc.

11,979

905,612

Stanley

Black

&

Decker,

Inc.

8,495

509,870

The

Boeing

Company

(b)

38,495

7,053,824

Trane

Technologies

PLC

11,958

4,583,621

TransDigm

Group,

Inc.

3,013

4,257,580

TransUnion

10,545

874,813

9

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Industrials

–

8.6%

(continued)

Uber

Technologies,

Inc.

(b)

108,910

8,822,799

Union

Pacific

Corp.

33,206

7,161,206

United

Airlines

Holdings,

Inc.

(b)

17,504

1,204,625

United

Parcel

Service,

Inc.,

Class

B

38,203

3,640,746

United

Rentals,

Inc.

3,583

2,262,485

Veralto

Corp.

11,376

1,090,958

Verisk

Analytics,

Inc.,

Class

A

7,695

2,281,029

Vertiv

Holdings

Co.,

Class

A

17,878

1,526,424

Waste

Management,

Inc.

21,499

5,017,007

Watsco,

Inc.

1,750

804,720

Westinghouse

Air

Brake

Technologies

Corp.

9,538

1,762,050

WW

Grainger,

Inc.

2,238

2,292,406

Xylem,

Inc.

13,160

1,586,701

220,788,454

Information

Technology

–

30.3%

Accenture

PLC,

Class

A

34,164

10,220,161

Adobe,

Inc.

(b)

23,681

8,879,901

Advanced

Micro

Devices,

Inc.

(b)

86,285

8,399,845

Akamai

Technologies,

Inc.

(b)

7,484

603,061

Amdocs

Ltd.

6,128

542,818

Amphenol

Corp.,

Class

A

64,986

5,000,673

Analog

Devices,

Inc.

26,949

5,252,899

ANSYS,

Inc.

(b)

4,754

1,530,218

Apple,

Inc.

794,797

168,894,363

Applied

Materials,

Inc.

43,975

6,627,472

AppLovin

Corp.,

Class

A

(b)

12,184

3,281,273

Arista

Networks,

Inc.

(b)

54,567

4,489,227

Astera

Labs,

Inc.

(b)

5,881

384,088

Atlassian

Corp.,

Class

A

(b)

8,867

2,024,425

Autodesk,

Inc.

(b)

11,560

3,170,330

Bentley

Systems,

Inc.,

Class

B

10,891

468,204

Broadcom,

Inc.

247,965

47,725,824

Cadence

Design

Systems,

Inc.

(b)

14,882

4,430,967

CDW

Corp.

7,000

1,123,920

Cisco

Systems,

Inc.

217,989

12,584,505

Cloudflare,

Inc.,

Class

A

(b)

16,122

1,947,215

Cognizant

Technology

Solutions

Corp.,

Class

A

27,095

1,993,379

Corning,

Inc.

43,438

1,927,778

Crowdstrike

Holdings,

Inc.,

Class

A

(b)

12,401

5,318,417

Datadog,

Inc.,

Class

A

(b)

16,307

1,665,923

Dell

Technologies,

Inc.,

Class

C

16,673

1,529,915

Entegris,

Inc.

7,861

621,962

Fair

Isaac

Corp.

(b)

1,281

2,548,780

First

Solar,

Inc.

(b)

5,202

654,516

Fortinet,

Inc.

(b)

33,057

3,429,994

Gartner,

Inc.

(b)

4,213

1,774,010

GlobalFoundries

,

Inc.

(a),(b)

6,054

212,314

GoDaddy,

Inc.,

Class

A

(b)

7,287

1,372,361

Hewlett

Packard

Enterprise

Co.

68,789

1,115,758

HP,

Inc.

54,072

1,382,621

HubSpot,

Inc.

(b)

2,782

1,701,193

Intel

Corp.

234,114

4,705,691

International

Business

Machines

Corp.

49,967

12,083,020

Intuit,

Inc.

14,691

9,218,162

Jabil,

Inc.

(a)

5,734

840,375

Keysight

Technologies,

Inc.

(b)

9,224

1,341,170

KLA

Corp.

7,241

5,088,178

10

Statement

of

Investments

(continued)

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Information

Technology

–

30.3%

(continued)

LAM

Research

Corp.

68,740

4,926,596

Marvell

Technology,

Inc.

46,595

2,719,750

Microchip

Technology,

Inc.

26,041

1,199,969

Micron

Technology,

Inc.

59,028

4,542,205

Microsoft

Corp.

396,071

156,551,023

MicroStrategy,

Inc.,

Class

A

(a),(b)

12,122

4,607,693

MongoDB,

Inc.,

Class

A

(b)

3,934

677,317

Monolithic

Power

Systems,

Inc.

2,542

1,507,660

Motorola

Solutions,

Inc.

8,922

3,929,160

NetApp,

Inc.

11,064

992,994

NVIDIA

Corp.

1,270,033

138,331,994

Okta,

Inc.,

Class

A

(b)

8,913

999,682

ON

Semiconductor

Corp.

(b)

22,752

903,254

Oracle

Corp.

87,193

12,269,799

Palantir

Technologies,

Inc.,

Class

A

(b)

108,528

12,854,056

Palo

Alto

Networks,

Inc.

(b)

34,683

6,483,293

PTC,

Inc.

(b)

5,807

899,911

Pure

Storage,

Inc.,

Class

A

(b)

15,820

717,595

QUALCOMM,

Inc.

60,164

8,931,947

Roper

Technologies,

Inc.

5,860

3,282,069

Salesforce,

Inc.

50,522

13,575,767

Samsara,

Inc.,

Class

A

(b)

13,574

538,345

SanDisk

Corp./DE

(b)

6,286

201,843

Seagate

Technology

Holdings

PLC

10,233

931,510

ServiceNow,

Inc.

(b)

11,014

10,518,480

Skyworks

Solutions,

Inc.

8,841

568,300

Snowflake,

Inc.,

Class

A

(b)

16,766

2,674,009

Super

Micro

Computer,

Inc.

(b)

27,026

861,048

Synopsys,

Inc.

(b)

8,185

3,756,997

TE

Connectivity

PLC

16,385

2,398,436

Teledyne

Technologies,

Inc.

(b)

2,504

1,166,939

Teradyne,

Inc.

8,584

637,019

Texas

Instruments,

Inc.

48,923

7,830,126

Trimble,

Inc.

(b)

13,682

850,199

Tyler

Technologies,

Inc.

(b)

2,160

1,173,528

Ubiquiti,

Inc.

166

54,191

VeriSign,

Inc.

(b)

4,374

1,233,993

Western

Digital

Corp.

(b)

18,543

813,296

Workday,

Inc.,

Class

A

(b)

11,451

2,805,495

Zebra

Technologies

Corp.,

Class

A

(b)

2,821

706,153

Zoom

Communications,

Inc.,

Class

A

(b)

14,218

1,102,464

Zscaler,

Inc.

(b)

5,442

1,230,817

781,063,828

Materials

–

2.0%

Air

Products

&

Chemicals,

Inc.

11,614

3,148,439

Amcor

PLC

(a)

73,887

679,760

Avery

Dennison

Corp.

4,364

746,724

Ball

Corp.

16,321

847,713

CF

Industries

Holdings,

Inc.

9,743

763,559

Corteva,

Inc.

37,514

2,325,493

CRH

PLC

37,753

3,602,391

Dow,

Inc.

36,963

1,130,698

DuPont

de

Nemours,

Inc.

20,740

1,368,633

Ecolab,

Inc.

13,276

3,337,985

Freeport-McMoRan,

Inc.

79,101

2,850,009

International

Flavors

&

Fragrances,

Inc.,

Class

W

14,112

1,107,228

Linde

PLC

26,011

11,788,966

11

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Materials

–

2.0%

(continued)

LyondellBasell

Industries

NV,

Class

A

13,259

771,806

Martin

Marietta

Materials,

Inc.

3,288

1,722,846

Newmont

Corp.

61,597

3,244,930

Nucor

Corp.

12,611

1,505,375

Packaging

Corp.

of

America

3,989

740,398

PPG

Industries,

Inc.

12,339

1,343,224

Reliance,

Inc.

2,491

717,981

Smurfit

WestRock

PLC

27,314

1,147,734

Southern

Copper

Corp.

4,089

366,047

Steel

Dynamics,

Inc.

8,219

1,066,087

The

Sherwin-Williams

Company

12,770

4,506,788

Vulcan

Materials

Co.

7,118

1,867,265

Westlake

Corp.

1,647

152,232

52,850,311

Real

Estate

–

2.1%

Alexandria

Real

Estate

Equities,

Inc.

(c)

9,757

708,944

American

Tower

Corp.

(c)

25,336

5,710,988

AvalonBay

Communities,

Inc.

(c)

7,609

1,597,738

BXP,

Inc.

(c)

7,838

499,516

CBRE

Group,

Inc.,

Class

A

(b)

16,848

2,058,489

CoStar

Group,

Inc.

(b)

21,455

1,591,317

Crown

Castle,

Inc.

(c)

23,439

2,478,909

Digital

Realty

Trust,

Inc.

(c)

17,597

2,825,022

Equinix,

Inc.

(c)

5,110

4,398,433

Equity

Residential

(c)

20,516

1,441,454

Essex

Property

Trust,

Inc.

(c)

3,487

973,396

Extra

Space

Storage,

Inc.

(c)

11,389

1,668,716

Healthpeak

Properties,

Inc.

(c)

35,804

638,743

Invitation

Homes,

Inc.

(c)

30,568

1,045,120

Iron

Mountain,

Inc.

(c)

14,722

1,320,122

Mid-America

Apartment

Communities,

Inc.

(c)

6,566

1,048,262

Millrose

Properties,

Inc.,

Class

A

(b)(c)

6,963

174,354

Prologis,

Inc.

(c)

50,352

5,145,974

Public

Storage

(c)

8,449

2,538,333

Realty

Income

Corp.

(c)

46,871

2,711,956

SBA

Communications

Corp.,

Class

A

(c)

5,933

1,444,092

Simon

Property

Group,

Inc.

(c)

17,809

2,802,780

Sun

Communities,

Inc.

(c)

6,830

849,857

Ventas,

Inc.

(c)

21,854

1,531,528

VICI

Properties,

Inc.,

Class

A

(c)

54,953

1,759,595

Welltower,

Inc.

(c)

32,568

4,969,551

Weyerhaeuser

Co.

(c)

39,724

1,029,249

54,962,438

Utilities

–

2.4%

Alliant

Energy

Corp.

13,493

823,613

Ameren

Corp.

14,362

1,425,285

American

Electric

Power

Co.,

Inc.

27,397

2,968,191

American

Water

Works

Co.,

Inc.

10,831

1,592,265

Atmos

Energy

Corp.

(a)

7,592

1,219,503

CenterPoint

Energy,

Inc.

35,140

1,362,729

CMS

Energy

Corp.

16,260

1,197,549

Consolidated

Edison,

Inc.

18,307

2,064,114

Constellation

Energy

Corp.

16,955

3,788,425

Dominion

Energy,

Inc.

43,997

2,392,557

DTE

Energy

Co.

12,082

1,655,234

Duke

Energy

Corp.

40,564

4,949,619

Edison

International

19,655

1,051,739

12

Statement

of

Investments

(continued)

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Utilities

–

2.4%

(continued)

Entergy

Corp.

24,096

2,004,064

Evergy,

Inc.

14,293

987,646

Eversource

Energy

20,629

1,227,013

Exelon

Corp.

53,931

2,529,364

FirstEnergy

Corp.

30,198

1,294,890

NextEra

Energy,

Inc.

110,872

7,415,119

PG&E

Corp.

116,345

1,922,020

PPL

Corp.

41,282

1,506,793

Public

Service

Enterprise

Group,

Inc.

28,009

2,238,760

Sempra

33,499

2,487,971

The

Southern

Company

58,227

5,350,479

Vistra

Corp.

18,161

2,354,211

WEC

Energy

Group,

Inc.

18,068

1,978,807

Xcel

Energy,

Inc.

31,254

2,209,658

61,997,618

Total

Common

Stocks

(cost

$2,303,941,813)

2,572,466,955

Investment

Companies

–

0.1%

Registered

Investment

Companies

–

0.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(d)(e)

(cost

$2,805,124)

2,805,124

2,805,124

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.0%

Registered

Investment

Companies

–

0.0%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(d)(e)

(cost

$59,822)

59,822

59,822

Total

Investments

(cost

$2,306,806,759)

99.9%

2,575,331,901

Cash

and

Receivables

(Net)

0.1%

1,644,733

Net

Assets

100.0%

2,576,976,634

(a)

Security,

or

portion

thereof,

on

loan.

At

April

30,

2025,

the

value

of

the

fund’s

securities

on

loan

was

$14,123,546

and

the

value

of

the

collateral

was

$14,482,092,

consisting

of

cash

collateral

of

$59,822

and

U.S.

Government

&

Agency

securities

valued

at

$14,422,270.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

(b)

Non-income

producing

security.

(c)

Investment

in

a

real

estate

investment

trust

within

the

United

States.

(d)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(e)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2025.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2025

are

as

follows:

Description

Value

($)

10/31/24

Purchases

($)

1

Sales

($)

Value

($)

4/30/25

Dividends/

Distributions

($)

Investment

Companies

–

0.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

1,648,039

23,831,249

(22,674,164)

2,805,124

102,103

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.0%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

147,604

22,345,460

(22,433,242)

59,822

29,698

2

Total

–

0.1%

1,795,643

46,176,709

(45,107,406)

2,864,946

131,801

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.

13

See

Notes

to

Financial

Statements

Futures

Description

Number

of

Contracts

Expiration

Notional

Value

($)

Market

Value

($)

Unrealized

Appreciation

($)

Futures

Long

S&P

500

E-Mini

Future

13

6/20/2025

3,587,362

3,631,550

44,188

Gross

Unrealized

Appreciation

44,188

14

STATEMENT

OF

INVESTMENTS

April

30,

2025

(Unaudited)

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Description

Shares

Value

($)

Common

Stocks

–

99.8%

Communication

Services

–

2.6%

EchoStar

Corp.,

Class

A

(a),(b)

12,593

283,091

Frontier

Communications

Parent,

Inc.

(b)

19,655

712,494

Liberty

Broadband

Corp.,

Class

A

(b)

1,813

161,448

Liberty

Broadband

Corp.,

Class

C

(b)

11,820

1,068,410

Match

Group,

Inc.

(a)

24,325

721,479

News

Corp.,

Class

A

40,849

1,107,825

News

Corp.,

Class

B

10,486

329,470

Paramount

Global,

Class

B

(a)

61,785

725,356

Roku,

Inc.,

Class

A

(b)

13,495

920,089

Sirius

XM

Holdings,

Inc.

(a)

20,383

436,604

The

Interpublic

Group

of

Companies.,

Inc.

38,443

965,688

The

New

York

Times

Company,

Class

A

15,943

829,992

Trump

Media

&

Technology

Group

Corp.

(a),(b)

10,436

256,099

8,518,045

Consumer

Discretionary

–

14.5%

Abercrombie

&

Fitch

Co.,

Class

A

(b)

5,168

358,763

ADT,

Inc.

37,034

297,013

Amer

Sports,

Inc.

(b)

9,993

242,330

Aramark

26,351

880,914

Autoliv,

Inc.

7,221

673,214

AutoNation,

Inc.

(b)

2,833

493,367

Bath

&

Body

Works,

Inc.

21,138

644,920

Birkenstock

Holding

PLC

(a),(b)

2,667

137,164

BorgWarner,

Inc.

22,745

645,503

Bright

Horizons

Family

Solutions,

Inc.

(b)

6,048

758,540

Burlington

Stores,

Inc.

(b)

6,661

1,498,991

Caesars

Entertainment,

Inc.

(a),(b)

22,239

601,787

CarMax,

Inc.

(b)

16,192

1,047,137

Cava

Group,

Inc.

(b)

10,346

956,281

Chewy,

Inc.,

Class

A

(b)

15,640

586,500

Choice

Hotels

International,

Inc.

(a)

3,081

388,545

Churchill

Downs,

Inc.

7,147

646,160

Crocs,

Inc.

(b)

5,969

575,531

Dick's

Sporting

Goods,

Inc.

5,932

1,113,674

Dillard's,

Inc.,

Class

A

822

284,954

Domino's

Pizza,

Inc.

3,615

1,772,688

Duolingo,

Inc.,

Class

A

(b)

3,952

1,539,225

Dutch

Bros,

Inc.,

Class

A

(b)

11,470

685,218

Etsy,

Inc.

(b)

12,252

532,717

Floor

&

Decor

Holdings,

Inc.,

Class

A

(b)

11,086

791,984

GameStop

Corp.,

Class

A

(a),(b)

42,839

1,193,495

Gentex

Corp.

23,775

517,819

H&R

Block,

Inc.

14,144

853,873

Hasbro,

Inc.

13,422

830,822

Hyatt

Hotels

Corp.,

Class

A

4,276

481,820

Levi

Strauss

&

Co.,

Class

A

10,674

170,891

Light

&

Wonder,

Inc.

(b)

7,409

632,580

Lithia

Motors,

Inc.,

Class

A

2,718

795,722

LKQ

Corp.

25,998

993,384

Lucid

Group,

Inc.,

Class

A

(a),(b)

126,761

318,170

Mattel,

Inc.

(b)

34,266

544,487

MGM

Resorts

International

(b)

23,648

743,966

Mobileye

Global,

Inc.,

Class

A

(a),(b)

10,630

154,985

Mohawk

Industries,

Inc.

(b)

5,477

582,479

Murphy

USA,

Inc.

1,934

964,234

Norwegian

Cruise

Line

Holdings

Ltd.

(b)

47,056

754,308

15

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Consumer

Discretionary

–

14.5%

(continued)

Penske

Automotive

Group,

Inc.

1,914

297,952

Planet

Fitness,

Inc.,

Class

A

(b)

8,838

835,986

Pool

Corp.

4,005

1,174,026

Ralph

Lauren

Corp.,

Class

A

4,182

940,741

RH

(b)

1,548

284,878

Rivian

Automotive,

Inc.,

Class

A

(a),(b)

76,180

1,040,619

Service

Corp.

International

14,450

1,154,555

SharkNinja,

Inc.

(b)

5,443

438,161

Skechers

USA,

Inc.,

Class

A

(b)

13,659

655,905

Somnigroup

International,

Inc.

(a)

17,597

1,074,473

Tapestry,

Inc.

24,505

1,731,278

Texas

Roadhouse,

Inc.,

Class

A

7,063

1,172,175

The

Gap,

Inc.

21,193

464,127

Toll

Brothers,

Inc.

10,523

1,061,455

TopBuild

Corp.

(b)

3,091

914,194

Vail

Resorts,

Inc.

3,873

539,122

VF

Corp.

38,333

455,396

Viking

Holdings

Ltd.

(b)

11,016

451,986

Wingstop,

Inc.

3,013

795,101

Wyndham

Hotels

&

Resorts,

Inc.

7,748

660,904

Wynn

Resorts

Ltd.

9,863

792,098

Yum

China

Holdings,

Inc.

38,531

1,668,778

47,290,065

Consumer

Staples

–

6.0%

Albertsons

Companies,

Inc.,

Class

A

43,196

949,448

BellRing

Brands,

Inc.

(b)

13,472

1,039,230

BJ's

Wholesale

Club

Holdings,

Inc.

(b)

13,723

1,613,276

Casey's

General

Stores,

Inc.

3,944

1,824,455

Celsius

Holdings,

Inc.

(b)

16,482

576,211

Coca-Cola

Consolidated,

Inc.

556

753,830

Coty,

Inc.,

Class

A

(b)

37,080

187,254

ELF

Beauty,

Inc.

(b)

5,785

357,918

Freshpet,

Inc.

(b)

4,720

347,109

Ingredion,

Inc.

6,821

905,965

Lamb

Weston

Holdings,

Inc.

14,884

786,024

Maplebear,

Inc.

(b)

15,088

601,860

Molson

Coors

Beverage

Co.,

Class

B

17,454

1,004,129

Performance

Food

Group

Co.

(b)

16,172

1,304,434

Pilgrim's

Pride

Corp.

4,293

234,312

Post

Holdings,

Inc.

(b)

4,984

564,039

Primo

Brands

Corp.

9,531

311,378

Sprouts

Farmers

Market,

Inc.

(b)

10,389

1,776,519

The

Campbell's

Company

20,566

749,836

The

JM

Smucker

Company

10,911

1,268,622

US

Foods

Holding

Corp.

(b)

23,279

1,528,499

Walgreens

Boots

Alliance,

Inc.

74,906

821,719

19,506,067

Energy

–

3.1%

Antero

Midstream

Corp.

35,427

586,317

Antero

Resources

Corp.

(b)

30,453

1,060,678

APA

Corp.

36,252

563,356

Chord

Energy

Corp.

6,275

566,193

DT

Midstream,

Inc.

10,589

1,029,251

Hess

Midstream

LP,

Class

A

10,944

406,789

HF

Sinclair

Corp.

15,834

476,128

Kinetik

Holdings,

Inc.,

Class

A

4,335

179,209

Matador

Resources

Co.

12,108

478,750

16

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Energy

–

3.1%

(continued)

NOV,

Inc.

41,839

485,751

Ovintiv,

Inc.

27,734

931,308

Permian

Resources

Corp.,

Class

A

61,758

728,744

Range

Resources

Corp.

25,657

870,542

Scorpio

Tankers,

Inc.

4,882

184,003

TechnipFMC

PLC

44,312

1,248,269

Viper

Energy,

Inc.,

Class

A

10,956

441,855

10,237,143

Financials

–

15.3%

Affirm

Holdings,

Inc.,

Class

A

(b)

24,377

1,212,999

AGNC

Investment

Corp.

(a)(c)

94,399

833,543

Ally

Financial,

Inc.

28,819

941,228

American

Financial

Group,

Inc.

7,532

954,003

Annaly

Capital

Management,

Inc.

(c)

58,942

1,155,263

Assurant,

Inc.

5,317

1,024,799

Axis

Capital

Holdings

Ltd.

8,058

776,147

BOK

Financial

Corp.

2,685

250,161

CNA

Financial

Corp.

2,376

114,428

Comerica,

Inc.

14,180

762,175

Commerce

Bancshares,

Inc.

13,274

806,263

Corebridge

Financial,

Inc.

26,654

789,758

Cullen/Frost

Bankers,

Inc.

6,357

740,400

East

West

Bancorp,

Inc.

14,657

1,253,906

Equitable

Holdings,

Inc.

32,643

1,614,196

Evercore,

Inc.,

Class

A

3,851

790,572

Fidelity

National

Financial,

Inc.

27,311

1,749,270

First

American

Financial

Corp.

10,420

633,640

First

Horizon

Corp.

52,795

954,534

Franklin

Resources,

Inc.

32,422

608,237

Freedom

Holding

Corp.

(a),(b)

1,736

247,953

Globe

Life,

Inc.

8,755

1,079,842

Hamilton

Lane,

Inc.,

Class

A

4,044

624,758

Houlihan

Lokey,

Inc.,

Class

A

5,593

906,513

Invesco

Ltd.

35,887

499,906

Jack

Henry

&

Associates,

Inc.

7,606

1,319,109

Jackson

Financial,

Inc.,

Class

A

7,881

614,009

Jefferies

Financial

Group,

Inc.

17,350

810,765

KeyCorp

103,329

1,533,402

Kinsale

Capital

Group,

Inc.

2,322

1,010,674

MarketAxess

Holdings,

Inc.

3,916

867,746

Morningstar,

Inc.

2,825

804,334

Old

National

Bancorp

34,481

709,964

Old

Republic

International

Corp.

24,171

908,830

Pinnacle

Financial

Partners,

Inc.

8,247

826,679

Popular,

Inc.

7,251

691,890

Primerica,

Inc.

3,486

913,576

Prosperity

Bancshares,

Inc.

9,739

661,278

Reinsurance

Group

of

America,

Inc.,

Class

A

6,909

1,294,125

RenaissanceRe

Holdings

Ltd.

5,380

1,301,583

RLI

Corp.

8,656

640,631

Ryan

Specialty

Holdings,

Inc.,

Class

A

10,854

711,045

SEI

Investments

Co.

10,167

795,974

Shift4

Payments,

Inc.,

Class

A

(a),(b)

7,147

584,625

SoFi

Technologies,

Inc.

(b)

107,776

1,348,278

SouthState

Corp.

10,104

876,825

Starwood

Property

Trust,

Inc.

(c)

33,146

636,072

StepStone

Group,

Inc.,

Class

A

6,832

341,668

17

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Financials

–

15.3%

(continued)

Stifel

Financial

Corp.

10,266

879,694

Synovus

Financial

Corp.

14,615

633,122

The

Carlyle

Group,

Inc.

23,397

904,060

Unum

Group

19,085

1,482,141

UWM

Holdings

Corp.

16,421

77,179

Voya

Financial,

Inc.

10,148

600,762

Webster

Financial

Corp.

18,475

873,867

Western

Alliance

Bancorp

11,754

819,371

WEX,

Inc.

(b)

3,942

513,919

Wintrust

Financial

Corp.

7,048

783,526

Zions

Bancorp

NA

15,733

707,513

49,802,730

Health

Care

–

9.8%

Bio-Rad

Laboratories,

Inc.,

Class

A

(b)

2,076

506,710

Bio-Techne

Corp.

16,393

825,388

Bruker

Corp.

11,380

455,883

Charles

River

Laboratories

International,

Inc.

(b)

5,326

631,770

Chemed

Corp.

1,536

893,199

DaVita,

Inc.

(b)

4,437

628,057

Doximity,

Inc.,

Class

A

(b)

12,957

736,994

Elanco

Animal

Health,

Inc.

(b)

51,751

490,599

Encompass

Health

Corp.

10,495

1,227,810

Exact

Sciences

Corp.

(b)

19,311

881,354

Exelixis,

Inc.

(b)

26,404

1,033,717

Glaukos

Corp.

(b)

5,642

531,759

Globus

Medical,

Inc.,

Class

A

(b)

14,037

1,007,435

Halozyme

Therapeutics,

Inc.

(b)

13,260

814,429

HealthEquity,

Inc.

(b)

8,936

765,994

Henry

Schein,

Inc.

(b)

11,730

762,098

Insmed,

Inc.

(b)

18,383

1,323,576

Insulet

Corp.

(b)

7,361

1,857,107

Jazz

Pharmaceuticals

PLC

(b)

6,151

719,421

Lantheus

Holdings,

Inc.

(b)

7,151

746,135

Madrigal

Pharmaceuticals,

Inc.

(b)

1,665

555,960

Masimo

Corp.

(b)

4,706

757,478

Medpace

Holdings,

Inc.

(b)

2,535

781,769

Neurocrine

Biosciences,

Inc.

(b)

10,443

1,124,607

Penumbra,

Inc.

(b)

3,862

1,130,948

QIAGEN

NV

22,510

962,303

Repligen

Corp.

(b)

5,430

749,286

REVOLUTION

Medicines,

Inc.

(b)

18,171

733,745

Roivant

Sciences

Ltd.

(a),(b)

36,974

429,638

Sarepta

Therapeutics,

Inc.

(b)

9,525

594,360

Solventum

Corp.

(b)

14,500

958,740

Summit

Therapeutics,

Inc.

(a),(b)

11,451

276,198

Teleflex,

Inc.

4,864

666,611

Tempus

AI,

Inc.,

Class

A

(a),(b)

7,210

372,541

Tenet

Healthcare

Corp.

(b)

9,115

1,302,989

The

Ensign

Group,

Inc.

5,809

749,303

United

Therapeutics

Corp.

(b)

4,315

1,307,833

Universal

Health

Services,

Inc.,

Class

B

5,962

1,055,691

Vaxcyte,

Inc.

(b)

12,517

448,609

31,798,044

Industrials

–

20.3%

A.O.

Smith

Corp.

12,390

840,785

AAON,

Inc.

6,560

598,731

Acuity,

Inc.

3,321

809,029

18

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Industrials

–

20.3%

(continued)

Advanced

Drainage

Systems,

Inc.

7,003

794,771

AECOM

14,142

1,395,108

AGCO

Corp.

6,401

542,997

Alaska

Air

Group,

Inc.

(b)

12,898

570,995

Allegion

PLC

9,262

1,289,270

Allison

Transmission

Holdings,

Inc.

8,997

829,883

American

Airlines

Group,

Inc.

(a),(b)

70,930

705,754

API

Group

Corp.

(b)

21,093

797,948

Applied

Industrial

Technologies,

Inc.

4,012

976,039

BWX

Technologies,

Inc.

9,634

1,051,262

CACI

International,

Inc.,

Class

A

(b)

2,375

1,087,441

CH

Robinson

Worldwide,

Inc.

12,258

1,093,659

Chart

Industries,

Inc.

(b)

4,487

605,655

Clean

Harbors,

Inc.

(b)

5,349

1,144,365

CNH

Industrial

NV

80,643

933,040

Comfort

Systems

USA,

Inc.

3,671

1,459,406

Core

&

Main,

Inc.,

Class

A

(b)

10,652

561,147

Crane

Co.

5,120

824,218

Curtiss-Wright

Corp.

3,949

1,361,971

Dayforce,

Inc.

(b)

15,923

921,464

Donaldson

Co.,

Inc.

12,370

813,080

Esab

Corp.

5,966

716,636

ExlService

Holdings,

Inc.

(b)

16,015

776,407

Flowserve

Corp.

13,365

604,499

Fluor

Corp.

(b)

17,848

622,717

Fortune

Brands

Innovations,

Inc.

12,826

690,295

FTAI

Aviation

Ltd.

10,627

1,138,258

FTI

Consulting,

Inc.

(b)

3,593

597,444

Generac

Holdings,

Inc.

(b)

6,191

708,127

Genpact

Ltd.

16,733

841,001

Graco,

Inc.

17,737

1,447,517

Huntington

Ingalls

Industries,

Inc.

4,076

938,866

ITT,

Inc.

8,459

1,159,052

Joby

Aviation,

Inc.

(a),(b)

47,340

298,242

KBR,

Inc.

13,846

731,207

Kirby

Corp.

(b)

6,030

581,111

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

17,117

670,473

Landstar

System,

Inc.

3,615

484,952

Leonardo

DRS,

Inc.

5,449

201,395

Lincoln

Electric

Holdings,

Inc.

5,826

1,026,541

Masco

Corp.

22,794

1,381,544

MasTec,

Inc.

(b)

6,684

851,007

MSA

Safety,

Inc.

3,820

601,344

Mueller

Industries,

Inc.

11,950

879,042

Nordson

Corp.

5,681

1,076,947

nVent

Electric

PLC

17,609

966,910

Oshkosh

Corp.

6,747

565,129

Owens

Corning

8,998

1,308,399

Parsons

Corp.

(b)

4,762

318,387

Paycom

Software,

Inc.

5,359

1,213,224

Paylocity

Holding

Corp.

(b)

4,564

876,744

Pentair

PLC

17,230

1,563,278

RBC

Bearings,

Inc.

(b)

3,251

1,068,181

Regal

Rexnord

Corp.

6,918

732,201

Robert

Half,

Inc.

10,684

473,301

Rocket

Lab

USA,

Inc.

(b)

29,839

650,192

Saia,

Inc.

(b)

2,774

676,856

19

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Industrials

–

20.3%

(continued)

Simpson

Manufacturing

Co.,

Inc.

4,511

693,296

SiteOne

Landscape

Supply,

Inc.

(b)

4,624

530,881

Snap-On,

Inc.

5,436

1,705,871

SPX

Technologies,

Inc.

(b)

4,650

623,798

Standardaero,

Inc.

(b)

7,973

215,431

Symbotic,

Inc.

(a),(b)

4,815

103,908

Tetra

Tech,

Inc.

27,941

871,480

Textron,

Inc.

19,785

1,392,270

The

AZEK

Company.,

Inc.,

Class

A

(b)

14,357

711,533

The

Middleby

Corp.

(b)

5,513

735,159

The

Toro

Company

10,666

728,275

Trex

Co.,

Inc.

(a),(b)

11,529

666,607

UFP

Industries,

Inc.

6,221

614,946

U-Haul

Holding

Co.

(b)

929

57,031

U-Haul

Holding

Co.,

Class

B

10,684

585,483

Ul

Solutions,

Inc.,

Class

A

6,460

369,447

Watts

Water

Technologies,

Inc.,

Class

A

2,892

600,813

WESCO

International,

Inc.

4,773

777,808

Willscot

Holdings

Corp.,

Class

A

18,840

473,261

Woodward,

Inc.

6,195

1,161,996

XPO,

Inc.

(b)

11,932

1,266,224

66,330,962

Information

Technology

–

11.3%

Amkor

Technology,

Inc.

12,287

214,408

Appfolio,

Inc.,

Class

A

(b)

2,351

485,529

Arrow

Electronics,

Inc.

(b)

5,484

610,698

Aurora

Innovation,

Inc.

(a),(b)

102,973

745,525

BILL

Holdings,

Inc.

(b)

10,419

474,794

CCC

Intelligent

Solutions

Holdings,

Inc.

(b)

42,755

395,911

Ciena

Corp.

(b)

14,963

1,004,915

Cognex

Corp.

17,992

491,182

Coherent

Corp.

(b)

13,248

852,111

Confluent,

Inc.,

Class

A

(b)

25,493

606,988

Credo

Technology

Group

Holding

Ltd.

(b)

13,579

584,576

DocuSign,

Inc.,

Class

A

(b)

21,016

1,718,058

Dolby

Laboratories,

Inc.,

Class

A

6,150

472,258

Dropbox,

Inc.,

Class

A

(b)

22,918

654,309

Dynatrace,

Inc.

(b)

28,431

1,335,404

Elastic

NV

(b)

9,081

782,782

Enphase

Energy,

Inc.

(b)

13,687

610,303

EPAM

Systems,

Inc.

(b)

5,768

905,057

F5,

Inc.

(b)

6,217

1,645,889

Fabrinet

(b)

3,767

772,461

Flex

Ltd.

(b)

40,037

1,374,871

GEN

Digital,

Inc.

56,964

1,473,659

Gitlab,

Inc.,

Class

A

(b)

12,529

584,728

Globant

SA

(b)

4,467

525,185

Guidewire

Software,

Inc.

(b)

8,250

1,689,352

Informatica,

Inc.,

Class

A

(b)

11,397

214,606

Juniper

Networks,

Inc.

34,156

1,240,546

Klaviyo,

Inc.,

Class

A

(b)

8,244

250,947

Kyndryl

Holdings,

Inc.

(b)

24,108

781,581

Lattice

Semiconductor

Corp.

(b)

14,184

694,023

Littelfuse,

Inc.

2,462

448,847

MACOM

Technology

Solutions

Holdings,

Inc.

(b)

5,893

611,399

Manhattan

Associates,

Inc.

(b)

6,327

1,122,347

MKS

Instruments,

Inc.

6,372

446,932

20

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Information

Technology

–

11.3%

(continued)

Nutanix,

Inc.,

Class

A

(b)

26,140

1,795,818

Onto

Innovation,

Inc.

(b)

5,133

626,072

Pegasystems,

Inc.

4,298

395,760

Procore

Technologies,

Inc.

(b)

8,848

567,068

Qorvo,

Inc.

(b)

9,821

703,871

Rubrik,

Inc.,

Class

A

(b)

8,783

619,465

SentinelOne,

Inc.,

Class

A

(b)

29,837

551,984

SPS

Commerce,

Inc.

(b)

3,898

559,402

TD

Synnex

Corp.

7,831

867,675

Twilio,

Inc.,

Class

A

(b)

15,226

1,472,506

UiPath,

Inc.,

Class

A

(b)

43,808

523,068

Unity

Software,

Inc.

(a),(b)

32,031

674,893

Universal

Display

Corp.

4,625

581,039

Vertex,

Inc.,

Class

A

(a),(b)

5,852

234,256

36,995,058

Materials

–

5.9%

Albemarle

Corp.

12,281

719,053

Alcoa

Corp.

26,867

659,047

Amcor

PLC

35

322

Anglogold

Ashanti

PLC

52,445

2,211,081

AptarGroup,

Inc.

6,939

1,040,503

ATI,

Inc.

(b)

14,711

799,984

Axalta

Coating

Systems

Ltd.

(b)

23,194

753,805

Carpenter

Technology

Corp.

5,173

1,011,891

Celanese

Corp.

11,238

500,203

Crown

Holdings,

Inc.

12,481

1,202,295

Eagle

Materials,

Inc.

3,608

816,815

Eastman

Chemical

Co.

12,209

940,093

Element

Solutions,

Inc.

23,534

480,329

FMC

Corp.

12,993

544,667

Graphic

Packaging

Holding

Co.

30,677

776,435

International

Paper

Co.

36,045

1,646,536

Louisiana-Pacific

Corp.

6,725

580,435

Royal

Gold,

Inc.

6,871

1,255,400

RPM

International,

Inc.

13,291

1,418,814

The

Mosaic

Company

33,278

1,011,651

United

States

Steel

Corp.

23,356

1,020,891

19,390,250

Real

Estate

–

8.0%

Agree

Realty

Corp.

(c)

11,339

880,020

American

Homes

4

Rent,

Class

A

(c)

35,219

1,316,838

Americold

Realty

Trust,

Inc.

(c)

29,182

564,380

Brixmor

Property

Group,

Inc.

(c)

32,469

808,803

Camden

Property

Trust

(c)

11,043

1,256,693

CubeSmart

(c)

23,410

952,085

EastGroup

Properties,

Inc.

(c)

5,111

835,240

Equity

LifeStyle

Properties,

Inc.

(c)

19,227

1,245,525

Federal

Realty

Investment

Trust

(c)

8,133

764,665

First

Industrial

Realty

Trust,

Inc.

(c)

13,557

645,042

Gaming

and

Leisure

Properties,

Inc.

(c)

27,906

1,335,581

Healthcare

Realty

Trust,

Inc.,

Class

A

(c)

36,975

574,222

Host

Hotels

&

Resorts,

Inc.

(c)

73,960

1,044,315

Jones

Lang

LaSalle,

Inc.

(b)

4,881

1,109,988

Kimco

Realty

Corp.

(c)

70,055

1,399,699

Lamar

Advertising

Co.,

Class

A

(c)

9,320

1,060,709

Lineage,

Inc.

(c)

7,425

358,108

NNN

REIT,

Inc.

(c)

19,484

800,987

21

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.8%

(continued)

Real

Estate

–

8.0%

(continued)

OMEGA

Healthcare

Investors,

Inc.

(c)

28,284

1,104,490

Regency

Centers

Corp.

(c)

17,323

1,250,374

Rexford

Industrial

Realty,

Inc.

(c)

23,104

764,742

Ryman

Hospitality

Properties,

Inc.

(c)

6,074

534,208

STAG

Industrial,

Inc.

(c)

18,911

624,630

UDR,

Inc.

(c)

31,940

1,337,647

Vornado

Realty

Trust

(c)

16,229

572,559

W.P.

Carey,

Inc.

(c)

22,908

1,430,376

Zillow

Group,

Inc.,

Class

A

(b)

4,678

308,655

Zillow

Group,

Inc.,

Class

C

(b)

16,674

1,122,661

26,003,242

Utilities

–

3.0%

Brookfield

Renewable

Corp.

15,471

440,305

Essential

Utilities,

Inc.

28,626

1,177,387

NiSource,

Inc.

48,704

1,904,813

NRG

Energy,

Inc.

21,160

2,318,713

OGE

Energy

Corp.

21,241

963,917

Pinnacle

West

Capital

Corp.

12,076

1,149,394

Talen

Energy

Corp.

(b)

4,794

1,031,093

The

AES

Corp.

74,105

741,050

9,726,672

Total

Common

Stocks

(cost

$315,567,990)

325,598,278

Investment

Companies

–

0.2%

Registered

Investment

Companies

–

0.2%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(d)(e)

(cost

$525,654)

525,654

525,654

Investment

of

Cash

Collateral

for

Securities

Loaned

–

1.3%

Registered

Investment

Companies

–

1.3%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(d)(e)

(cost

$4,353,368)

4,353,368

4,353,368

Total

Investments

(cost

$320,447,012)

101.3%

330,477,300

Liabilities,

Less

Cash

and

Receivables

(1.3)%

(4,290,513)

Net

Assets

100.0%

326,186,787

REIT—Real

Estate

Investment

Trust

(a)

Security,

or

portion

thereof,

on

loan.

At

April

30,

2025,

the

value

of

the

fund’s

securities

on

loan

was

$12,418,520

and

the

value

of

the

collateral

was

$12,883,072,

consisting

of

cash

collateral

of

$4,353,368

and

U.S.

Government

&

Agency

securities

valued

at

$8,529,704.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

(b)

Non-income

producing

security.

(c)

Investment

in

a

real

estate

investment

trust

within

the

United

States.

(d)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(e)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2025.

22

STATEMENT

OF

INVESTMENTS

(continued)

See

Notes

to

Financial

Statements

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2025

are

as

follows:

Description

Value

($)

10/31/24

Purchases

($)

1

Sales

($)

Value

($)

4/30/25

Dividends/

Distributions

($)

Investment

Companies

–

0.2%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

826,111

11,403,449

(11,703,906)

525,654

32,174

Investment

of

Cash

Collateral

for

Securities

Loaned

–

1.3%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

3,924,945

32,794,082

(32,365,659)

4,353,368

62,075

2

Total

–

1.5%

4,751,056

44,197,531

(44,069,565)

4,879,022

94,249

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.

Futures

Description

Number

of

Contracts

Expiration

Notional

Value

($)

Market

Value

($)

Unrealized

(Depreciation)

($)

Futures

Long

S&P

MidCap

400

E-Mini

2

6/20/2025

600,740

571,560

(29,180)

Gross

Unrealized

Depreciation

(29,180)

23

STATEMENT

OF

INVESTMENTS

April

30,

2025

(Unaudited)

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Description

Shares

Value

($)

Common

Stocks

–

99.5%

Communication

Services

–

2.9%

Angi,

Inc.,

Class

A

(a)

1,763

20,204

Ast

Spacemobile,

Inc.,

Class

A

(a)(b)

7,465

173,263

Atlanta

Braves

Holdings,

Inc.,

Class

C

(a)

2,113

84,224

Cargurus,

Inc.,

Class

A

(a)

3,743

104,654

Cinemark

Holdings,

Inc.

(b)

5,250

157,027

Cogent

Communications

Holdings,

Inc.

2,202

119,679

Globalstar,

Inc.

(a)

2,441

46,916

Grindr,

Inc.

(a)

1,176

25,837

IAC,

Inc.

(a)

3,439

120,159

Iridium

Communications,

Inc.

5,056

122,001

John

Wiley

&

Sons,

Inc.,

Class

A

2,034

88,764

Liberty

Global

Ltd.,

Class

A

(a)

8,348

91,411

Liberty

Global

Ltd.,

Class

C

(a)

7,812

88,588

Lumen

Technologies,

Inc.

(a)

47,513

168,196

Madison

Square

Garden

Sports

Corp.

(a)

801

154,248

Nexstar

Media

Group,

Inc.,

Class

A

1,454

217,606

Playtika

Holding

Corp.

3,399

17,913

Rumble,

Inc.

(a)(b)

4,035

31,150

TEGNA,

Inc.

7,937

128,817

Telephone

&

Data

Systems,

Inc.

4,818

180,627

TripAdvisor,

Inc.

(a)

5,377

66,944

United

States

Cellular

Corp.

(a)

728

49,984

Yelp,

Inc.,

Class

A

(a)

3,135

109,976

Ziff

Davis,

Inc.

(a)

2,102

62,072

ZoomInfo

Technologies,

Inc.,

Class

A

(a)

13,676

117,066

2,547,326

Consumer

Discretionary

–

12.3%

Academy

Sports

&

Outdoors,

Inc.

3,399

128,074

Acushnet

Holdings

Corp.

(b)

1,344

89,000

Adtalem

Global

Education,

Inc.

(a)

1,823

193,603

Advance

Auto

Parts,

Inc.

2,969

97,146

American

Eagle

Outfitters,

Inc.

8,785

92,506

Asbury

Automotive

Group,

Inc.

(a)

958

208,978

Boot

Barn

Holdings,

Inc.

(a)

1,502

156,719

Boyd

Gaming

Corp.

3,027

209,287

Brinker

International,

Inc.

(a)

2,198

295,191

Brunswick

Corp.

3,255

149,893

Capri

Holdings

Ltd.

(a)(b)

5,916

88,977

Cavco

Industries,

Inc.

(a)

373

184,206

Century

Communities,

Inc.

1,369

74,665

Columbia

Sportswear

Co.

(b)

1,498

93,131

Dorman

Products,

Inc.

(a)

1,254

142,078

Dream

Finders

Homes,

Inc.,

Class

A

(a)(b)

1,256

28,461

Five

Below,

Inc.

(a)

2,690

204,144

Foot

Locker,

Inc.

(a)

4,117

50,516

Frontdoor,

Inc.

(a)

3,783

155,519

Global

Business

Travel

Group,

Inc.

(a)

6,169

41,394

Graham

Holdings

Co.,

Class

B

150

138,007

Grand

Canyon

Education,

Inc.

(a)

1,401

249,896

Green

Brick

Partners,

Inc.

(a)

1,552

91,552

Group

1

Automotive,

Inc.

643

259,534

Hanesbrands,

Inc.

(a)

17,223

79,054

Harley-Davidson,

Inc.

5,580

125,104

Hilton

Grand

Vacations,

Inc.

(a)

3,254

109,432

Installed

Building

Products,

Inc.

(b)

1,206

199,991

International

Game

Technology

PLC

5,152

84,493

24

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.5%

(continued)

Consumer

Discretionary

–

12.3%

(continued)

KB

Home

3,120

168,574

Kontoor

Brands,

Inc.

2,680

161,202

Laureate

Education,

Inc.,

Class

A

(a)

6,470

129,853

LCI

Industries

1,195

92,111

Lear

Corp.

2,826

242,329

LGI

Homes,

Inc.

(a)

1,035

56,521

Life

Time

Group

Holdings,

Inc.

(a)

4,643

142,354

M/I

Homes,

Inc.

(a)

1,290

137,617

Macy's,

Inc.

12,274

140,169

Marriott

Vacations

Worldwide

Corp.

1,645

90,162

Meritage

Homes

Corp.

3,747

255,321

Mister

Car

Wash,

Inc.

(a)

4,905

33,648

Modine

Manufacturing

Co.

(a)

2,447

199,773

Newell

Brands,

Inc.

19,359

92,536

Nordstrom,

Inc.

4,947

119,421

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

3,009

319,285

Patrick

Industries,

Inc.

1,548

119,165

Peloton

Interactive,

Inc.,

Class

A

(a)

17,071

117,619

Penn

Entertainment,

Inc.

(a)

6,812

103,679

Polaris,

Inc.

2,565

87,107

PVH

Corp.

2,934

202,387

QuantumScape

Corp.,

Class

A

(a)(b)

17,958

70,216

Red

Rock

Resorts,

Inc.,

Class

A

2,448

104,530

Rush

Street

Interactive,

Inc.

(a)

4,137

50,182

Shake

Shack,

Inc.,

Class

A

(a)

1,886

165,478

Signet

Jewelers

Ltd.

2,074

122,988

SIX

Flags

Entertainment

Corp.

4,589

157,907

Skyline

Champion

Corp.

(a)

2,793

241,594

Steven

Madden

Ltd.

3,398

71,358

Strategic

Education,

Inc.

1,110

90,554

Stride,

Inc.

(a)

2,067

294,031

Sweetgreen,

Inc.,

Class

A

(a)

5,058

98,530

Taylor

Morrison

Home

Corp.,

Class

A

(a)

4,881

279,925

The

Goodyear

Tire

&

Rubber

Company

(a)

13,941

151,678

The

Wendy's

Company

8,461

105,763

Thor

Industries,

Inc.

2,514

182,064

Travel

+

Leisure

Co.

3,214

141,191

TRI

Pointe

Group,

Inc.

(a)

4,503

138,467

Under

Armour,

Inc.,

Class

A

(a)(b)

9,400

53,768

Under

Armour,

Inc.,

Class

C

(a)(b)

6,510

35,414

United

Parks

&

Resorts,

Inc.

(a)(b)

1,317

57,487

Urban

Outfitters,

Inc.

(a)

3,100

163,618

Valvoline,

Inc.

(a)

6,306

216,044

Victoria's

Secret

&

Co.

(a)

3,535

66,458

Visteon

Corp.

(a)

1,363

107,936

Warby

Parker,

Inc.,

Class

A

(a)

4,424

73,040

Wayfair,

Inc.,

Class

A

(a)(b)

4,794

144,587

Whirlpool

Corp.

2,669

203,591

YETI

Holdings,

Inc.

(a)

4,213

120,281

10,740,064

Consumer

Staples

–

2.3%

Cal-Maine

Foods,

Inc.

1,995

186,273

Central

Garden

&

Pet

Co.

(a)

524

17,585

Central

Garden

&

Pet

Co.,

Class

A

(a)

2,482

73,393

Darling

Ingredients,

Inc.

(a)

7,837

252,273

Energizer

Holdings,

Inc.

3,232

87,393

Flowers

Foods,

Inc.

9,059

159,348

25

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.5%

(continued)

Consumer

Staples

–

2.3%

(continued)

Inter

Parfums,

Inc.

891

97,297

J&J

Snack

Foods

Corp.

754

97,711

Lancaster

Colony

Corp.

960

156,269

National

Beverage

Corp.

1,168

51,859

PriceSmart,

Inc.

1,255

127,370

Reynolds

Consumer

Products,

Inc.

3,400

78,200

Seaboard

Corp.

16

41,376

Spectrum

Brands

Holdings,

Inc.

1,353

85,374

The

Boston

Beer

Company.,

Inc.,

Class

A

(a)

432

106,186

The

Simply

Good

Foods

Company

(a)

4,501

162,531

Tootsie

Roll

Industries,

Inc.

838

26,816

Utz

Brands,

Inc.

3,395

45,120

WD-40

Co.

662

151,174

2,003,548

Energy

–

4.2%

Archrock,

Inc.

8,089

190,334

Atlas

Energy

Solutions,

Inc.,

Class

A

(b)

3,357

45,420

Cactus,

Inc.,

Class

A

3,232

122,622

California

Resources

Corp.

3,504

120,923

ChampionX

Corp.

9,933

239,683

Civitas

Resources,

Inc.

4,053

110,444

CNX

Resources

Corp.

(a)

7,199

211,867

Comstock

Resources,

Inc.

(a)(b)

4,569

83,476

Core

Natural

Resources,

Inc.

2,536

183,125

Crescent

Energy

Co.,

Class

A

8,715

72,160

Excelerate

Energy,

Inc.,

Class

A

1,091

27,908

Golar

LNG

Ltd.

4,842

205,809

Gulfport

Energy

Corp.

(a)

662

114,195

Helmerich

&

Payne,

Inc.

4,661

88,046

Kodiak

Gas

Services,

Inc.

2,098

71,353

Liberty

Energy,

Inc.,

Class

A

7,916

91,034

Magnolia

Oil

&

Gas

Corp.,

Class

A

(b)

9,032

185,427

Murphy

Oil

Corp.

6,782

139,235

New

Fortress

Energy,

Inc.,

Class

A

(b)

6,458

35,067

Noble

Corp.

PLC

(b)

6,495

141,201

Northern

Oil

&

Gas,

Inc.

4,412

107,212

Oceaneering

International,

Inc.

(a)

4,842

85,946

Patterson-UTI

Energy,

Inc.

17,204

97,031

PBF

Energy,

Inc.,

Class

A

4,420

75,936

Peabody

Energy

Corp.

5,663

69,881

Seadrill

Ltd.

(a)

3,200

65,728

Sitio

Royalties

Corp.,

Class

A

3,670

62,243

SM

Energy

Co.

5,541

126,279

Tidewater,

Inc.

(a)

2,382

86,205

Transocean

Ltd.

(a)

35,533

75,685

Uranium

Energy

Corp.

(a)(b)

20,632

108,318

Valaris

Ltd.

(a)(b)

3,014

97,382

Weatherford

International

PLC

3,543

146,680

3,683,855

Financials

–

18.5%

Affiliated

Managers

Group,

Inc.

1,463

242,317

Ameris

Bancorp

3,227

189,102

Arbor

Realty

Trust,

Inc.

(b)(c)

8,574

98,858

Artisan

Partners

Asset

Management,

Inc.,

Class

A

3,101

114,675

Associated

Banc-Corp.

8,750

193,025

Assured

Guaranty

Ltd.

2,372

208,096

Atlantic

Union

Bankshares

Corp.

4,408

122,102

26

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.5%

(continued)

Financials

–

18.5%

(continued)

Axos

Financial,

Inc.

(a)

2,552

162,001

Banc

of

California,

Inc.

6,355

85,665

BancFirst

Corp.

1,000

117,820

Bank

of

Hawaii

Corp.

1,915

126,601

Bank

OZK

5,264

224,246

BankUnited,

Inc.

3,661

119,751

BGC

Group,

Inc.,

Class

A

17,325

156,964

Blackstone

Mortgage

Trust,

Inc.,

Class

A

(b)(c)

8,190

156,020

Bread

Financial

Holdings,

Inc.

2,589

122,848

Brighthouse

Financial,

Inc.

(a)

2,899

168,780

Cadence

Bank

8,858

259,185

Cathay

General

Bancorp

3,298

137,494

CNO

Financial

Group,

Inc.

4,972

188,638

Cohen

&

Steers,

Inc.

1,330

101,506

Columbia

Banking

System,

Inc.

10,290

230,702

Community

Financial

System,

Inc.

2,563

139,914

Credit

Acceptance

Corp.

(a)

308

150,125

CVB

Financial

Corp.

6,563

121,678

DigitalBridge

Group,

Inc.

7,739

65,008

dLocal

Ltd.

(a)(b)

3,377

29,886

Eastern

Bankshares,

Inc.

9,557

142,590

Enact

Holdings,

Inc.

1,419

50,786

Enstar

Group

Ltd.

(a)

579

193,623

Essent

Group

Ltd.

5,171

294,385

Euronet

Worldwide,

Inc.

(a)

2,029

201,074

EVERTEC,

Inc.

3,122

105,961

F&G

Annuities

&

Life,

Inc.

988

34,392

Federated

Hermes,

Inc.,

Class

B

3,894

158,135

First

BanCorp.

7,951

156,158

First

Financial

Bancorp

4,556

105,471

First

Financial

Bankshares,

Inc.

5,906

197,910

First

Hawaiian,

Inc.

6,192

141,549

First

Interstate

BancSystem,

Inc.,

Class

A

4,497

117,799

FirstCash

Holdings,

Inc.

1,812

242,736

Flywire

Corp.

(a)

5,308

49,948

FNB

Corp.

17,628

230,751

Fulton

Financial

Corp.

8,792

146,651

Genworth

Financial,

Inc.,

Class

A

(a)

20,686

141,906

Glacier

Bancorp,

Inc.

5,574

227,196

Goosehead

Insurance,

Inc.,

Class

A

1,123

109,167

HA

Sustainable

Infrastructure

Capital,

Inc.

5,751

143,660

Hancock

Whitney

Corp.

4,177

217,580

Home

BancShares,

Inc.

9,081

251,998

Independent

Bank

Corp.

2,095

123,794

International

Bancshares

Corp.

2,634

160,779

Janus

Henderson

Group

PLC

6,243

207,330

Kemper

Corp.

2,964

175,232

Lazard,

Inc.,

Class

A

4,336

168,670

Lincoln

National

Corp.

8,307

264,744

Marqeta,

Inc.,

Class

A

(a)

21,045

87,968

Mercury

General

Corp.

1,333

73,875

MGIC

Investment

Corp.

12,425

309,507

Moelis

&

Co.,

Class

A

3,440

184,315

Mr.

Cooper

Group,

Inc.

(a)

3,095

368,336

Nelnet,

Inc.,

Class

A

881

93,465

New

York

Community

Bancorp,

Inc.

(b)

15,143

177,325

NMI

Holdings,

Inc.,

Class

A

(a)

3,861

139,652

27

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.5%

(continued)

Financials

–

18.5%

(continued)

OneMain

Holdings,

Inc.,

Class

A

5,845

275,124

Oscar

Health,

Inc.,

Class

A

(a)

8,929

116,166

Pacific

Premier

Bancorp,

Inc.

4,746

96,534

Palomar

Holdings,

Inc.

(a)

1,358

196,937

Park

National

Corp.

821

123,232

Paymentus

Holdings,

Inc.,

Class

A

(a)

1,051

34,115

Payoneer

Global,

Inc.

(a)

13,564

95,355

PennyMac

Financial

Services,

Inc.

1,385

134,954

Piper

Sandler

Cos.

850

204,952

PJT

Partners,

Inc.,

Class

A

1,073

152,055

Radian

Group,

Inc.

7,343

234,535

Remitly

Global,

Inc.

(a)

7,357

148,759

Rithm

Capital

Corp.

(c)

25,535

285,481

Selective

Insurance

Group,

Inc.

2,983

260,207

ServisFirst

Bancshares,

Inc.

2,480

176,626

Simmons

First

National

Corp.,

Class

A

6,010

112,147

SLM

Corp.

9,457

273,402

Stonex

Group,

Inc.

(a)

2,044

181,027

Texas

Capital

Bancshares,

Inc.

(a)

2,254

153,610

TFS

Financial

Corp.

2,723

35,290

The

Baldwin

Insurance

Group,

Inc.,

Class

A

(a)

3,265

135,889

The

Bancorp,

Inc.

(a)

2,193

105,944

The

Hanover

Insurance

Group,

Inc.

1,752

291,007

The

Western

Union

Company

16,640

164,902

UMB

Financial

Corp.

2,185

206,635

United

Bankshares,

Inc.

6,407

219,696

United

Community

Banks,

Inc.

5,776

159,475

Upstart

Holdings,

Inc.

(a)

3,912

186,994

Valley

National

Bancorp

25,568

219,885

Victory

Capital

Holdings,

Inc.,

Class

A

2,276

130,392

Virtu

Financial,

Inc.,

Class

A

4,042

158,244

WaFd,

Inc.

3,967

113,179

Walker

&

Dunlop,

Inc.

1,603

122,694

White

Mountains

Insurance

Group

Ltd.

123

217,396

WSFS

Financial

Corp.

2,900

149,495

16,101,760

Health

Care

–

12.8%

Acadia

Healthcare

Co.,

Inc.

(a)

4,552

106,517

ACADIA

Pharmaceuticals,

Inc.

(a)

8,062

117,705

ADMA

Biologics,

Inc.

(a)

11,461

272,772

Agios

Pharmaceuticals,

Inc.

(a)

2,796

83,013

Alkermes

PLC

(a)

7,487

215,401

Amedisys,

Inc.

(a)

1,605

152,314

Amicus

Therapeutics,

Inc.

(a)

13,329

102,367

Amneal

Pharmaceuticals,

Inc.

(a)

5,203

39,855

Apellis

Pharmaceuticals,

Inc.

(a)

4,591

88,193

Apogee

Therapeutics,

Inc.

(a)

1,152

45,216

Arcellx,

Inc.

(a)

1,789

116,196

Arrowhead

Pharmaceuticals,

Inc.

(a)

5,953

82,687

Avidity

Biosciences,

Inc.

(a)

4,593

149,961

Axsome

Therapeutics,

Inc.

(a)

1,843

206,950

Azenta,

Inc.

(a)

1,948

51,310

Bausch

+

Lomb

Corp.

(a)

2,018

23,328

Beam

Therapeutics,

Inc.

(a)

3,727

74,279

Biohaven

Ltd.

(a)

4,198

92,860

Blueprint

Medicines

Corp.

(a)

3,138

280,851

Bridgebio

Pharma,

Inc.

(a)

5,970

229,009

28

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.5%

(continued)

Health

Care

–

12.8%

(continued)

Brightspring

Health

Services,

Inc.

(a)(b)

2,509

43,983

Catalyst

Pharmaceuticals,

Inc.

(a)

5,392

130,972

CG

Oncology,

Inc.

(a)

2,864

77,156

Concentra

Group

Holdings

Parent,

Inc.

5,787

125,867

CONMED

Corp.

1,528

75,040

Corcept

Therapeutics,

Inc.

(a)

4,550

327,054

CorVel

Corp.

(a)

1,333

144,977

Crinetics

Pharmaceuticals,

Inc.

(a)

4,152

138,635

Cytokinetics,

Inc.

(a)

5,671

242,946

Denali

Therapeutics,

Inc.

(a)

5,839

97,219

DENTSPLY

SIRONA,

Inc.

9,841

136,790

Dyne

Therapeutics,

Inc.

(a)

3,341

39,390

Edgewise

Therapeutics,

Inc.

(a)

3,122

51,201

Enovis

Corp.

(a)

2,546

88,066

Envista

Holdings

Corp.

(a)

8,521

137,018

Geron

Corp.

(a)

25,439

35,869

Guardant

Health,

Inc.

(a)

5,901

278,704

Haemonetics

Corp.

(a)

2,477

156,101

Hims

&

Hers

Health,

Inc.

(a)(b)

8,976

297,106

ICU

Medical,

Inc.

(a)

1,022

139,595

Ideaya

Biosciences,

Inc.

(a)

3,825

76,997

Immunovant,

Inc.

(a)

2,769

44,719

Inspire

Medical

Systems,

Inc.

(a)

1,462

231,552

Integer

Holdings

Corp.

(a)(b)

1,633

206,264

Ionis

Pharmaceuticals,

Inc.

(a)

8,076

248,014

Iovance

Biotherapeutics,

Inc.

(a)

10,247

36,787

iRhythm

Technologies,

Inc.

(a)

1,550

165,680

Janux

Therapeutics,

Inc.

(a)

1,951

64,773

Krystal

Biotech,

Inc.

(a)

1,158

196,721

Kymera

Therapeutics,

Inc.

(a)

2,365

81,049

LifeStance

Health

Group,

Inc.

(a)

4,603

30,242

LivaNova

PLC

(a)

2,631

97,347

Merit

Medical

Systems,

Inc.

(a)

2,808

265,216

Neogen

Corp.

(a)

10,808

54,580

NovoCure

Ltd.

(a)

4,930

89,430

Nuvalent,

Inc.,

Class

A

(a)

2,047

157,107

Option

Care

Health,

Inc.

(a)

8,448

272,955

Organon

&

Co.

12,732

164,625

PACS

Group,

Inc.

(a)

2,330

22,438

Perrigo

Co.

PLC

6,709

172,555

Prestige

Consumer

Healthcare,

Inc.

(a)

2,454

199,338

Privia

Health

Group,

Inc.

(a)

4,756

111,671

PROCEPT

BioRobotics

Corp.

(a)

2,379

128,418

Protagonist

Therapeutics,

Inc.

(a)

2,800

128,296

PTC

Therapeutics,

Inc.

(a)

3,694

184,109

QuidelOrtho

Corp.

(a)

3,410

94,764

RadNet,

Inc.

(a)

3,254

170,445

Recursion

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

11,428

63,883

Rhythm

Pharmaceuticals,

Inc.

(a)

2,496

162,714

Scholar

Rock

Holding

Corp.

(a)

3,148

103,601

Select

Medical

Holdings

Corp.

5,301

96,690

Sotera

Health

Co.

(a)

7,614

87,561

SpringWorks

Therapeutics,

Inc.

(a)

3,442

159,365

Surgery

Partners,

Inc.

(a)

3,701

81,237

Tandem

Diabetes

Care,

Inc.

(a)

3,256

54,864

TG

Therapeutics,

Inc.

(a)(b)

7,228

328,946

TransMedics

Group,

Inc.

(a)

1,615

148,596

29

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.5%

(continued)

Health

Care

–

12.8%

(continued)

Twist

Bioscience

Corp.

(a)

2,885

110,553

Ultragenyx

Pharmaceutical,

Inc.

(a)

4,346

169,407

Vera

Therapeutics,

Inc.,

Class

A

(a)

2,341

54,709

Veracyte,

Inc.

(a)

3,830

116,815

Vericel

Corp.

(a)

2,530

96,191

Viking

Therapeutics,

Inc.

(a)(b)

5,222

150,759

Waystar

Holding

Corp.

(a)

4,123

153,252

11,129,708

Industrials

–

17.4%

AAR

Corp.

(a)

1,730

92,486

ABM

Industries,

Inc.

3,074

149,827

ACV

Auctions,

Inc.,

Class

A

(a)

7,405

108,779

AeroVironment,

Inc.

(a)

1,382

209,401

Air

Lease

Corp.,

Class

A

5,106

238,757

Alamo

Group,

Inc.

468

78,147

Albany

International

Corp.,

Class

A

1,552

102,060

Alight,

Inc.,

Class

A

20,061

102,512

Amentum

Holdings,

Inc.

(a)

6,817

148,747

ArcBest

Corp.

1,131

66,186

Archer

Aviation,

Inc.,

Class

A

(a)

14,007

116,678

Arcosa,

Inc.

2,356

188,645

Armstrong

World

Industries,

Inc.

2,114

306,572

Atkore,

Inc.

1,677

107,110

Atmus

Filtration

Technologies,

Inc.

4,111

142,528

Avis

Budget

Group,

Inc.

(a)(b)

826

76,512

Bloom

Energy

Corp.,

Class

A

(a)(b)

10,630

194,742

Boise

Cascade

Co.

1,945

181,430

Brady

Corp.,

Class

A

2,117

148,804

Casella

Waste

Systems,

Inc.,

Class

A

(a)

3,053

358,575

CBIZ,

Inc.

(a)

2,225

151,522

Clarivate

PLC

(a)

19,259

83,006

Concentrix

Corp.

2,088

106,613

Construction

Partners,

Inc.,

Class

A

(a)

2,381

195,575

Copa

Holdings

SA,

Class

A

1,506

138,191

CSW

Industrials,

Inc.

817

255,296

Driven

Brands

Holdings,

Inc.

(a)

3,002

49,593

Dun

&

Bradstreet

Holdings,

Inc.

14,398

129,150

Dycom

Industries,

Inc.

(a)

1,390

232,894

EnerSys

1,957

169,476

Enovix

Corp.

(a)(b)

8,285

55,509

Enpro,

Inc.

984

147,010

ESCO

Technologies,

Inc.

1,272

199,004

Everus

Construction

Group,

Inc.

(a)

2,385

95,972

Exponent,

Inc.

2,466

194,025

Federal

Signal

Corp.

2,898

235,984

First

Advantage

Corp.

(a)(b)

5,239

73,870

Fluence

Energy,

Inc.,

Class

A

(a)(b)

3,011

12,315

Franklin

Electric

Co.,

Inc.

1,912

162,444

Gates

Industrial

Corp.

PLC

(a)

12,224

231,278

GATX

Corp.

1,725

251,781

GMS,

Inc.

(a)

1,895

138,828

Granite

Construction,

Inc.

2,129

173,066

Griffon

Corp.

1,935

131,793

GXO

Logistics,

Inc.

(a)

5,959

215,954

Hayward

Holdings,

Inc.

(a)

10,334

137,752

Herc

Holdings,

Inc.

1,291

141,287

Hexcel

Corp.

3,995

193,638

30

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.5%

(continued)

Industrials

–

17.4%

(continued)

Hillenbrand,

Inc.

3,461

70,016

Hub

Group,

Inc.,

Class

A

2,912

91,990

ICF

International,

Inc.

928

78,843

IES

Holdings,

Inc.

(a)

961

189,009

Insperity,

Inc.

1,746

113,507

Intuitive

Machines,

Inc.,

Class

A

(a)

3,350

27,470

JetBlue

Airways

Corp.

(a)

17,135

74,709

John

Bean

Technologies

Corp.

2,572

270,729

Kadant,

Inc.

584

172,280

Korn

Ferry

2,528

155,978

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

7,327

247,543

Loar

Holdings,

Inc.

(a)(b)

1,123

106,213

Lyft,

Inc.,

Class

A

(a)

18,495

229,338

ManpowerGroup,

Inc.

2,281

98,243

Matson,

Inc.

1,623

177,053

MAXIMUS,

Inc.

2,953

197,733

McGrath

RentCorp

1,193

127,257

Moog,

Inc.,

Class

A

1,387

231,976

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

2,187

167,262

Mueller

Water

Products,

Inc.,

Class

A

7,657

200,920

MYR

Group,

Inc.

(a)

768

93,942

NEXTracker,

Inc.,

Class

A

(a)

6,426

260,960

Nuscale

Power

Corp.

(a)(b)

4,363

72,295

Powell

Industries,

Inc.

464

84,963

Primoris

Services

Corp.

2,622

157,241

QXO,

Inc.

19,587

261,291

Resideo

Technologies,

Inc.

(a)

7,121

119,490

Rush

Enterprises,

Inc.,

Class

A

3,050

155,519

RXO,

Inc.

(a)

7,755

109,268

Ryder

System,

Inc.

2,040

280,847

Schneider

National,

Inc.,

Class

B

1,852

39,799

Science

Applications

International

Corp.

2,497

302,212

Sensata

Technologies

Holding

PLC

7,395

158,253

SkyWest,

Inc.

(a)

1,942

173,168

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

(a)

5,743

206,748

Sterling

Infrastructure,

Inc.

(a)

1,464

218,766

Sunrun,

Inc.

(a)

10,795

74,378

Tecnoglass,

Inc.

1,077

76,758

Terex

Corp.

3,171

111,619

The

Brink's

Company

2,102

187,582

The

GEO

Group,

Inc.

(a)

6,729

210,483

The

Timken

Company

3,170

203,672

TriNet

Group,

Inc.

1,539

120,550

Trinity

Industries,

Inc.

3,952

99,195

UniFirst

Corp.

713

127,249

Valmont

Industries,

Inc.

980

287,356

Verra

Mobility

Corp.,

Class

A

(a)

7,394

161,189

Werner

Enterprises,

Inc.

2,959

72,969

Worthington

Enterprises,

Inc.

1,570

79,489

Zurn

Elkay

Water

Solutions

Corp.

6,960

236,362

15,193,006

Information

Technology

–

12.5%

ACI

Worldwide,

Inc.

(a)

5,106

272,456

Advanced

Energy

Industries,

Inc.

1,887

183,813

Agilysys,

Inc.

(a)

1,104

82,082

Alarm.com

Holdings,

Inc.

(a)

2,347

125,799

Alkami

Technology,

Inc.

(a)

3,422

91,333

31

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.5%

(continued)

Information

Technology

–

12.5%

(continued)

Allegro

MicroSystems,

Inc.

(a)

6,095

116,232

Ambarella,

Inc.

(a)

1,949

93,532

Appian

Corp.,

Class

A

(a)

1,543

47,910

Asana,

Inc.,

Class

A

(a)

4,088

65,980

ASGN,

Inc.

(a)

2,084

104,992

AvePoint,

Inc.

(a)

6,574

107,485

Avnet,

Inc.

4,213

197,969

Axcelis

Technologies,

Inc.

(a)

1,558

76,311

Badger

Meter,

Inc.

1,465

323,501

Belden,

Inc.

1,966

202,714

Blackbaud,

Inc.

(a)

1,987

120,293

BlackLine,

Inc.

(a)

2,574

121,570

Box,

Inc.,

Class

A

(a)

6,861

214,200

Braze,

Inc.,

Class

A

(a)

3,556

110,698

C3.ai,

Inc.,

Class

A

(a)

5,567

122,530

Calix,

Inc.

(a)

2,846

116,430

Cirrus

Logic,

Inc.

(a)

2,711

260,364

Cleanspark,

Inc.

(a)(b)

14,281

116,676

Clear

Secure,

Inc.,

Class

A

4,216

104,051

Clearwater

Analytics

Holdings,

Inc.,

Class

A

(a)

9,814

223,170

CommVault

Systems,

Inc.

(a)

2,152

359,664

Core

Scientific,

Inc.

(a)(b)

12,311

99,719

Crane

NXT

Co.

2,453

115,095

DigitalOcean

Holdings,

Inc.

(a)

2,877

88,899

Diodes,

Inc.

(a)

2,239

85,978

DoubleVerify

Holdings,

Inc.

(a)

5,636

74,733

DXC

Technology

Co.

(a)

8,881

137,833

ePlus,

Inc.

(a)

1,307

81,504

Five9,

Inc.

(a)

3,707

93,194

FormFactor,

Inc.

(a)

3,729

104,934

Freshworks,

Inc.,

Class

A

(a)

8,845

130,641

Impinj,

Inc.

(a)

922

84,944

Insight

Enterprises,

Inc.

(a)

1,383

191,241

Intapp,

Inc.

(a)

2,613

141,781

InterDigital,

Inc.

1,239

249,039

IonQ,

Inc.

(a)(b)

10,032

275,479

IPG

Photonics

Corp.

(a)

1,268

75,940

Itron,

Inc.

(a)

2,214

246,396

JFrog

Ltd.

(a)

4,653

157,132

Kulicke

&

Soffa

Industries,

Inc.

2,525

81,381

Lumentum

Holdings,

Inc.

(a)

3,392

200,264

Marathon

Digital

Holdings,

Inc.

(a)(b)

16,688

223,119

Mirion

Technologies,

Inc.,

Class

A

(a)

10,150

160,167

nCino,

Inc.

(a)(b)

4,364

101,245

Novanta,

Inc.

(a)

1,899

225,715

Onestream,

Inc.,

Class

A

(a)

1,158

24,781

Plexus

Corp.

(a)

1,308

160,138

Power

Integrations,

Inc.

3,013

147,999

Progress

Software

Corp.

2,109

126,456

Q2

Holdings,

Inc.

(a)

2,860

226,655

Qualys,

Inc.

(a)

1,794

225,524

Rambus,

Inc.

(a)

5,278

257,514

Rapid7,

Inc.

(a)

3,058

72,230

RingCentral,

Inc.,

Class

A

(a)

3,543

90,346

Riot

Platforms,

Inc.

(a)(b)

16,490

119,388

Sanmina

Corp.

(a)

2,578

197,965

Semtech

Corp.

(a)

4,259

133,094

32

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.5%

(continued)

Information

Technology

–

12.5%

(continued)

Silicon

Laboratories,

Inc.

(a)

1,558

158,542

SiTime

Corp.

(a)

897

131,733

Soundhound

AI,

Inc.,

Class

A

(a)(b)

16,626

154,456

Synaptics,

Inc.

(a)

1,968

109,539

Tenable

Holdings,

Inc.

(a)

5,839

178,498

Teradata

Corp.

(a)

4,618

99,287

Varonis

Systems,

Inc.,

Class

B

(a)

5,455

233,692

Vishay

Intertechnology,

Inc.

5,438

70,640

Vontier

Corp.

7,333

233,263

Workiva,

Inc.,

Class

A

(a)

2,515

189,304

Zeta

Global

Holdings

Corp.,

Class

A

(a)

9,746

127,283

10,856,455

Materials

–

4.9%

Alpha

Metallurgical

Resources,

Inc.

(a)

543

65,893

Ashland,

Inc.

2,321

126,239

Avient

Corp.

4,211

140,268

Balchem

Corp.

1,610

252,045

Cabot

Corp.

2,659

208,838

Cleveland-Cliffs,

Inc.

(a)

23,964

197,463

Coeur

Mining,

Inc.

(a)

19,555

108,530

Commercial

Metals

Co.

5,793

258,020

Greif,

Inc.,

Class

A

1,260

66,125

Hawkins,

Inc.

938

114,230

HB

Fuller

Co.

2,645

142,936

Hecla

Mining

Co.

29,490

168,683

Huntsman

Corp.

7,956

105,894

Innospec,

Inc.

1,199

107,287

Knife

River

Corp.

(a)

2,602

242,975

Materion

Corp.

1,030

85,500

Minerals

Technologies,

Inc.

1,564

80,687

MP

Materials

Corp.

(a)(b)

5,966

145,928

NewMarket

Corp.

379

233,199

Olin

Corp.

5,663

122,434

Quaker

Chemical

Corp.

685

72,569

Sealed

Air

Corp.

7,127

196,420

Sensient

Technologies

Corp.

2,064

193,913

Silgan

Holdings,

Inc.

3,886

200,712

Sonoco

Products

Co.

4,824

197,784

Sylvamo

Corp.

1,714

102,189

The

Chemours

Company

7,399

91,600

The

Scotts

Miracle-GRO

Company

2,088

105,193

U.S.

Lime

&

Minerals,

Inc.

511

47,784

Warrior

Met

Coal,

Inc.

2,550

121,941

4,303,279

Real

Estate

–

6.6%

Acadia

Realty

Trust

(c)

6,675

127,492

American

Healthcare

REIT,

Inc.

(c)

7,525

242,907

Apple

Hospitality

REIT,

Inc.

(c)

10,909

128,399

Broadstone

NET

Lease,

Inc.,

Class

A

(c)

9,321

150,814

CareTrust

REIT,

Inc.

(c)

9,860

288,602

Compass,

Inc.,

Class

A

(a)

21,477

165,802

COPT

Defense

Properties

(c)

5,569

145,407

Cousins

Properties,

Inc.

(c)

8,831

243,206

Cushman

&

Wakefield

PLC

(a)

8,211

76,937

Douglas

Emmett,

Inc.

(c)

7,939

109,796

EPR

Properties

(c)

3,700

183,113

Essential

Properties

Realty

Trust,

Inc.

(c)

8,490

273,123

33

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

99.5%

(continued)

Real

Estate

–

6.6%

(continued)

Four

Corners

Property

Trust,

Inc.

(c)

4,524

126,446

Highwoods

Properties,

Inc.

(c)

5,093

144,845

Howard

Hughes

Holdings,

Inc.

(a)

2,424

161,269

Independence

Realty

Trust,

Inc.

(c)

10,902

211,826

Kilroy

Realty

Corp.

(c)

5,720

180,237

Kite

Realty

Group

Trust

(c)

10,623

229,988

Landbridge

Co.

LLC,

Class

A

(b)

755

54,700

LXP

Industrial

Trust,

Class

B

(c)

14,456

114,058

Medical

Properties

Trust,

Inc.

(b)(c)

25,851

142,697

National

Health

Investors,

Inc.

(c)

2,109

159,588

National

Storage

Affiliates

Trust

(c)

3,473

129,196

Outfront

Media,

Inc.

(c)

6,268

94,835

Park

Hotels

&

Resorts,

Inc.

(c)

9,894

98,346

Phillips

Edison

&

Co.,

Inc.

(c)

5,952

206,534

PotlatchDeltic

Corp.

(c)

3,821

146,688

Rayonier,

Inc.

(c)

6,378

156,006

Sabra

Health

Care

REIT,

Inc.

(c)

11,505

205,364

SL

Green

Realty

Corp.

(c)

3,755

197,551

Tanger,

Inc.

(c)

5,360

168,894

Terreno

Realty

Corp.

(c)

4,825

271,792

The

Macerich

Company

(c)

13,007

190,683

The

St.

Joe

Company

2,728

115,449

Urban

Edge

Properties

(c)

5,995

108,330

5,750,920

Utilities

–

5.1%

ALLETE,

Inc.

2,855

186,974

American

States

Water

Co.

1,837

148,999

Avista

Corp.

3,874

160,655

Black

Hills

Corp.

3,525

214,673

California

Water

Service

Group

2,916

147,695

Chesapeake

Utilities

Corp.

1,078

141,940

Clearway

Energy,

Inc.,

Class

A

1,650

45,128

Clearway

Energy,

Inc.,

Class

C

4,074

119,531

IDACORP,

Inc.

2,582

304,908

MDU

Resources

Group,

Inc.

9,621

164,904

MGE

Energy,

Inc.

1,802

162,937

National

Fuel

Gas

Co.

4,300

330,154

New

Jersey

Resources

Corp.

4,887

239,170

NextEra

Energy

Partners

LP

4,653

38,341

Northwestern

Energy

Group,

Inc.

3,333

194,081

Oklo,

Inc.,

Class

A

(a)(b)

3,442

81,713

ONE

Gas,

Inc.

2,734

214,646

Ormat

Technologies,

Inc.

2,855

207,273

Otter

Tail

Corp.

1,869

148,361

PNM

Resources,

Inc.

4,400

234,080

Portland

General

Electric

Co.

5,108

215,149

Southwest

Gas

Holdings,

Inc.

2,775

200,383

Spire,

Inc.

2,776

212,475

UGI

Corp.

10,593

347,344

4,461,514

Total

Common

Stocks

(cost

$90,013,912)

86,771,435

Investment

Companies

–

0.4%

Registered

Investment

Companies

–

0.4%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(d)(e)

(cost

$367,281)

367,281

367,281

34

STATEMENT

OF

INVESTMENTS

(continued)

See

Notes

to

Financial

Statements

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

(continued)

Description

Shares

Value

($)

Investment

of

Cash

Collateral

for

Securities

Loaned

–

2.6%

Registered

Investment

Companies

–

2.6%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(d)(e)

(cost

$2,288,403)

2,288,403

2,288,403

Total

Investments

(cost

$92,669,596)

102.5%

89,427,119

Liabilities,

Less

Cash

and

Receivables

(2.5)%

(2,209,549)

Net

Assets

100.0%

87,217,570

REIT—Real

Estate

Investment

Trust

(a)

Non-income

producing

security.

(b)

Security,

or

portion

thereof,

on

loan.

At

April

30,

2025,

the

value

of

the

fund’s

securities

on

loan

was

$4,689,121

and

the

value

of

the

collateral

was

$4,927,025,

consisting

of

cash

collateral

of

$2,288,403

and

U.S.

Government

&

Agency

securities

valued

at

$2,638,622.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

(c)

Investment

in

a

real

estate

investment

trust

within

the

United

States.

(d)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(e)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2025.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2025

are

as

follows:

Description

Value

($)

10/31/24

Purchases

($)

1

Sales

($)

Value

($)

4/30/25

Dividends/

Distributions

($)

Investment

Companies

–

0.4%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

256,769

3,358,854

(3,248,342)

367,281

7,691

Investment

of

Cash

Collateral

for

Securities

Loaned

–

2.6%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

2,425,043

14,064,516

(14,201,156)

2,288,403

12,540

2

Total

–

3.0%

2,681,812

17,423,370

(17,449,498)

2,655,684

20,231

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.

Futures

Description

Number

of

Contracts

Expiration

Notional

Value

($)

Market

Value

($)

Unrealized

(Depreciation)

($)

Futures

Long

Russell

2000

E-Mini

4

6/20/2025

394,473

393,960

(513)

Gross

Unrealized

Depreciation

(513)

35

STATEMENT

OF

INVESTMENTS

April

30,

2025

(Unaudited)

BNY

Mellon

International

Equity

ETF

Description

Shares

Value

($)

Common

Stocks

–

98.6%

Australia

–

6.3%

AGL

Energy

Ltd.

17,120

116,443

Ampol

Ltd.

5,750

87,195

ANZ

Group

Holdings

Ltd.

86,201

1,646,946

APA

Group

34,938

183,758

Aristocrat

Leisure

Ltd.

16,818

719,263

ASX

Ltd.

5,962

269,819

Atlas

Arteria

Ltd.

33,905

112,158

Aurizon

Holdings

Ltd.

43,213

84,608

BHP

Group

Ltd.

132,364

3,234,422

BHP

Group

Ltd.

12,756

302,258

BlueScope

Steel

Ltd.

13,089

199,911

Brambles

Ltd.

41,044

538,895

Car

Group

Ltd.

10,550

224,856

Charter

Hall

Group

13,793

149,150

Cochlear

Ltd.

1,967

345,594

Coles

Group

Ltd.

38,390

521,243

Commonwealth

Bank

of

Australia

48,793

5,201,273

Computershare

Ltd.

15,639

407,468

CSL

Ltd.

14,224

2,285,586

Dexus

33,236

159,920

Ebos

Group

Ltd.

5,335

115,878

Endeavour

Group

Ltd.

35,913

91,686

Evolution

Mining

Ltd.

60,729

304,253

Fortescue

Ltd.

44,482

460,796

Goodman

Group

55,282

1,060,456

Insurance

Australia

Group

Ltd.

68,241

358,481

JB

Hi-Fi

Ltd.

3,039

201,431

Lynas

Rare

Earths

Ltd.

(a)

27,499

150,967

Macquarie

Group

Ltd.

10,322

1,277,644

Medibank

Private

Ltd.

82,614

245,801

Mineral

Resources

Ltd.

(a)

5,341

70,365

Mirvac

Group

124,400

181,481

National

Australia

Bank

Ltd.

88,855

2,054,125

Nextdc

Ltd.

(a)

20,626

156,127

Northern

Star

Resources

Ltd.

33,613

412,509

Orica

Ltd.

12,550

130,409

Origin

Energy

Ltd.

51,253

348,930

Pilbara

Minerals

Ltd.

(a)

90,999

87,629

Pro

Medicus

Ltd.

1,351

198,310

Qantas

Airways

Ltd.

42,721

241,914

QBE

Insurance

Group

Ltd.

45,206

624,491

Ramsay

Health

Care

Ltd.

5,800

123,432

REA

Group

Ltd.

1,471

233,638

Reece

Ltd.

8,982

90,632

Rio

Tinto

Ltd.

(b)

10,615

795,342

Santos

Ltd.

99,190

381,434

Scentre

Group

144,415

334,501

Seek

Ltd.

10,488

143,006

SGH

Ltd.

5,827

190,335

Sonic

Healthcare

Ltd.

14,038

234,256

South32

Ltd.

122,035

214,731

Stockland

71,550

251,339

Suncorp

Group

Ltd.

30,313

392,957

Technology

One

Ltd.

8,715

167,623

Telstra

Group

Ltd.

343,827

992,187

The

GPT

Group

61,596

182,478

36

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

Australia

–

6.3%

(continued)

The

Lottery

Corp.

Ltd.

68,398

228,450

TPG

Telecom

Ltd.

11,873

38,440

Transurban

Group

88,923

802,820

Treasury

Wine

Estates

Ltd.

25,527

146,021

Vicinity

Ltd.

120,320

181,688

Washington

H

Soul

Pattinson

&

Co.

Ltd.

7,272

173,137

Wesfarmers

Ltd.

32,981

1,652,775

Westpac

Banking

Corp.

99,359

2,087,793

Whitehaven

Coal

Ltd.

18,957

60,527

Wisetech

Global

Ltd.

5,351

303,077

Woodside

Energy

Group

Ltd.

54,225

719,591

Woolworths

Group

Ltd.

35,536

717,828

Worley

Ltd.

8,708

69,313

37,473,800

Austria

–

0.3%

ANDRITZ

AG

1,845

132,235

Bawag

Group

AG

(c)

2,248

247,237

CA

Immobilien

Anlagen

AG

1,278

34,605

CPI

Europe

AG

(a)

921

18,217

Erste

Group

Bank

AG

8,652

584,701

EVN

AG

802

21,060

OMV

AG

4,271

221,197

Raiffeisen

Bank

International

AG

4,452

118,828

Verbund

AG

918

70,647

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

1,021

48,630

Voestalpine

AG

3,991

105,072

Wienerberger

AG,

Class

Bearer

3,464

121,596

1,724,025

Belgium

–

0.8%

Ackermans

&

Van

Haaren

NV

683

167,082

Ageas

SA/NV

4,653

292,234

Anheuser-Busch

InBev

SA/NV

27,826

1,821,959

Azelis

Group

NV

2,646

41,027

Colruyt

Group

N.V

661

31,859

D'ieteren

Group

551

110,050

Elia

Group

SA,

Class

B

933

101,392

Financiere

de

Tubize

SA

507

72,733

Groupe

Bruxelles

Lambert

NV

2,195

180,900

KBC

Group

NV

7,429

684,546

Lotus

Bakeries

NV

12

115,403

Sofina

SA

453

126,471

Solvay

SA,

Class

A

2,270

86,135

Syensqo

SA

2,230

158,739

UCB

SA

3,502

641,522

Warehouses

de

Pauw

CVA

4,508

115,198

4,747,250

Canada

–

10.7%

Agnico

Eagle

Mines

Ltd.

14,723

1,727,045

Air

Canada

(a)

11,228

113,556

Alimentation

Couche-Tard,

Inc.

20,664

1,076,509

AltaGas

Ltd.,

Class

Common

Subscription

Receipt

8,969

264,921

ARC

Resources

Ltd.

17,826

329,213

Bank

of

Montreal

21,545

2,060,290

Barrick

Gold

Corp.

50,686

964,696

BCE,

Inc.

27,489

609,761

Brookfield

Corp.,

Class

A

39,296

2,106,901

CAE,

Inc.

(a)

9,002

224,773

37

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

Canada

–

10.7%

(continued)

Cameco

Corp.

12,869

579,771

Canadian

Apartment

Properties

REIT

5,250

160,012

Canadian

Imperial

Bank

of

Commerce

27,583

1,736,293

Canadian

National

Railway

Co.

16,132

1,559,244

Canadian

Natural

Resources

Ltd.

60,960

1,745,875

Canadian

Pacific

Kansas

City

Ltd.

27,198

1,971,574

Canadian

Tire

Corp.

Ltd.,

Class

A

1,555

169,853

Canadian

Utilities

Ltd.,

Class

A

3,771

105,352

CCL

Industries,

Inc.,

Class

B

4,170

217,481

Celestica,

Inc.

(a)

3,276

278,981

Cenovus

Energy,

Inc.

36,377

427,422

CGI,

Inc.,

Class

A

5,807

614,542

Choice

Properties

Real

Estate

Investment

Trust

8,451

89,325

Constellation

Software,

Inc.

590

2,122,150

Dollarama,

Inc.

7,999

985,036

Emera,

Inc.

8,619

387,178

Empire

Co.

Ltd.,

Class

Common

Subscription

Receipt

3,851

142,743

Enbridge,

Inc.

64,163

2,994,707

Fairfax

Financial

Holdings

Ltd.

659

1,026,834

First

Quantum

Minerals

Ltd.

(a)

20,174

270,340

Firstservice

Corp.

1,231

215,632

Fortis,

Inc.

14,302

706,869

Franco-Nevada

Corp.

5,640

967,330

George

Weston

Ltd.

1,533

298,099

GFL

Environmental,

Inc.

6,788

338,049

Gildan

Activewear,

Inc.

3,973

182,730

Great-West

Lifeco,

Inc.

7,692

298,536

Hydro

One

Ltd.

(c)

9,190

352,883

IA

Financial

Corp.,

Inc.

2,575

249,652

IGM

Financial,

Inc.

2,365

75,010

Imperial

Oil

Ltd.

4,539

305,568

Intact

Financial

Corp.

5,191

1,150,603

Ivanhoe

Mines

Ltd.,

Class

A

(a)

19,006

168,416

Keyera

Corp.

6,736

208,668

Kinross

Gold

Corp.

35,506

523,092

Loblaw

Cos.

Ltd.

4,115

666,718

Lundin

Mining

Corp.,

Class

Common

Subscription

Receipt

21,466

175,296

Magna

International,

Inc.

8,319

288,482

Manulife

Financial

Corp.

51,129

1,563,889

Metro,

Inc.,

Class

A

6,703

515,548

National

Bank

of

Canada

9,757

855,265

Nutrien

Ltd.

14,610

832,409

Onex

Corp.

1,516

107,129

Open

Text

Corp.

8,228

222,304

Pan

American

Silver

Corp.

10,682

268,423

Pembina

Pipeline

Corp.,

Class

Common

Subscription

Receipt

16,547

631,309

Power

Corp.

of

Canada

14,604

551,681

Quebecor,

Inc.,

Class

B

4,800

131,424

Restaurant

Brands

International,

Inc.

8,478

545,212

Rogers

Communications,

Inc.,

Class

B

11,684

304,006

Royal

Bank

of

Canada

41,319

4,949,725

Saputo,

Inc.

6,331

123,292

Shopify,

Inc.,

Class

A

(a)

34,064

3,233,528

Stantec,

Inc.

3,322

291,003

Sun

Life

Financial,

Inc.

16,832

1,001,049

Suncor

Energy,

Inc.

37,326

1,315,719

TC

Energy

Corp.

30,599

1,542,909

38

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

Canada

–

10.7%

(continued)

Teck

Resources

Ltd.,

Class

B

12,934

438,687

TELUS

Corp.

45,079

692,519

TFI

International,

Inc.

2,297

186,364

The

Bank

of

Nova

Scotia

36,383

1,816,911

The

Toronto-Dominion

Bank

51,503

3,284,514

Thomson

Reuters

Corp.

4,139

768,680

Tourmaline

Oil

Corp.,

Class

Common

Subscription

Receipt

9,860

434,717

Waste

Connections,

Inc.

7,511

1,480,504

West

Fraser

Timber

Co.

Ltd.

1,539

113,723

Wheaton

Precious

Metals

Corp.

13,436

1,119,683

WSP

Global,

Inc.

3,776

667,996

64,224,133

Chile

–

0.0%

Antofagasta

PLC

9,283

202,481

China

–

0.1%

BYD

Electronic

International

Co.

Ltd.

(b)

22,000

91,635

China

Mengniu

Dairy

Co.

Ltd.

88,000

220,377

CSPC

Pharmaceutical

Group

Ltd.

246,000

194,460

Fosun

International

Ltd.

67,000

34,819

Qingdao

Port

International

Co.

Ltd.,

Class

H

(c)

30,000

21,664

Yangzijiang

Shipbuilding

Holdings

Ltd.

76,300

130,313

693,268

Denmark

–

1.9%

AP

Moller

-

Maersk

A/S,

Class

A

71

120,686

AP

Moller

-

Maersk

A/S,

Class

B

80

136,899

Carlsberg

A/S,

Class

B

2,632

359,114

Coloplast

A/S,

Class

B

3,896

440,310

Danske

Bank

A/S

19,268

674,114

DSV

A/S

5,551

1,175,226

Genmab

A/S

(a)

1,896

401,410

Novo

Nordisk

A/S,

Class

B

92,518

6,131,275

Novonesis

Novozymes

B,

Class

B

10,405

675,288

Orsted

A/S

(a)(b)(c)

5,731

228,526

Pandora

A/S

2,366

350,353

Tryg

A/S

9,144

218,940

Vestas

Wind

Systems

A/S

30,170

400,983

11,313,124

Faroe

Islands

–

0.0%

Bakkafrost

P/F

1,167

58,688

Finland

–

0.9%

Elisa

OYJ

3,792

202,683

Fortum

OYJ

12,217

204,774

Huhtamaki

OYJ

3,300

121,617

Kesko

OYJ,

Class

B

8,513

195,479

Kone

OYJ,

Class

B

9,793

606,705

Metso

OYJ

21,395

232,458

Neste

OYJ

13,382

139,281

Nokia

OYJ

151,289

754,811

Nordea

Bank

Abp

94,691

1,310,518

Orion

OYJ,

Class

B

3,143

197,040

Sampo

OYJ,

Class

A

68,236

683,989

Stora

ENSO

OYJ,

Class

R

14,695

136,409

UPM-Kymmene

OYJ

16,105

426,928

39

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

Finland

–

0.9%

(continued)

Wartsila

OYJ

Abp

14,591

269,694

5,482,386

France

–

8.6%

Air

Liquide

SA

16,511

3,388,912

Airbus

SE

17,174

2,872,550

AXA

SA

50,557

2,389,058

BNP

Paribas

SA

29,410

2,483,652

Bollore

SE

21,379

132,206

Bouygues

SA

5,622

247,325

Capgemini

SE

4,460

709,027

Cie

de

Saint-Gobain

SA

13,172

1,429,949

CIE

Generale

des

Etablissements

Michelin

SCA

18,949

692,951

Credit

Agricole

SA

29,449

552,022

Danone

SA

18,533

1,600,281

Dassault

Systemes

SE

19,417

724,854

Engie

SA

51,695

1,068,630

EssilorLuxottica

SA

8,423

2,419,566

Hermes

International

SCA

955

2,595,663

Kering

SA

2,123

430,392

Legrand

SA

7,257

794,418

L'Oréal

SA

6,504

2,861,257

LVMH

Moet

Hennessy

Louis

Vuitton

SE

7,613

4,222,329

Orange

SA

54,562

792,969

Pernod

Ricard

SA

5,719

619,033

Publicis

Groupe

SA

6,526

662,170

Safran

SA

10,320

2,733,386

Sanofi

SA

32,355

3,527,162

Sartorius

Stedim

Biotech

889

208,380

Schneider

Electric

SE

15,888

3,687,996

Societe

Generale

SA

21,032

1,090,212

Thales

SA

2,557

711,844

TotalEnergies

SE

65,614

3,815,860

Vinci

SA

14,020

1,953,907

51,417,961

Germany

–

7.9%

adidas

AG

4,783

1,096,659

Allianz

SE

11,361

4,702,217

BASF

SE

26,511

1,344,988

Bayer

AG

29,365

768,757

Bayerische

Motoren

Werke

AG

8,410

710,314

Beiersdorf

AG

2,764

389,606

BioNTech

SE,

ADR

(a)

2,825

292,873

Continental

AG

3,332

259,227

Daimler

Truck

Holding

AG

14,178

566,669

Deutsche

Bank

AG

53,549

1,398,836

Deutsche

Boerse

AG

5,355

1,725,750

Deutsche

Post

AG

27,811

1,185,848

Deutsche

Telekom

AG

94,156

3,382,209

E.ON

SE

64,746

1,134,545

Fresenius

Medical

Care

AG

5,952

301,152

Fresenius

SE

&

Co.

KGaA

(a)

12,333

586,017

Hannover

Rueck

SE

1,802

578,475

Hapag-Lloyd

AG

(c)

208

32,582

Heidelberg

Materials

AG

3,805

753,690

Henkel

AG

&

Co.

KGaA

2,581

182,199

Infineon

Technologies

AG

38,600

1,267,653

Knorr-Bremse

AG

2,115

209,649

40

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

Germany

–

7.9%

(continued)

Mercedes-Benz

Group

AG

20,006

1,193,265

Merck

KGaA

3,661

507,305

MTU

Aero

Engines

AG

1,555

537,188

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

3,895

2,663,672

Rheinmetall

AG

1,272

2,167,475

RWE

AG

21,355

830,216

SAP

SE

30,029

8,714,793

Siemens

AG

21,662

4,972,878

Siemens

Energy

AG

(a)

16,695

1,281,778

Siemens

Healthineers

AG

(c)

7,562

407,284

Symrise

AG,

Class

A

3,918

452,282

Talanx

AG

1,741

199,690

Volkswagen

AG

1,004

111,676

Vonovia

SE

20,633

685,812

47,595,229

Hong

Kong

–

1.8%

AIA

Group

Ltd.

313,600

2,349,564

Alibaba

Health

Information

Technology

Ltd.

(a)

150,000

97,489

Budweiser

Brewing

Co.

APAC

Ltd.

(c)

60,300

63,918

Cathay

Pacific

Airways

Ltd.

23,000

26,486

China

Gas

Holdings

Ltd.

86,600

78,395

Chow

Tai

Fook

Jewellery

Group

Ltd.

(b)

60,800

81,383

CK

Asset

Holdings

Ltd.

56,500

231,327

CK

Hutchison

Holdings

Ltd.

75,000

423,614

CK

Infrastructure

Holdings

Ltd.

(b)

19,500

131,514

CLP

Holdings

Ltd.

55,500

474,506

ESR

Group

Ltd.

(c)

74,400

118,584

Futu

Holdings

Ltd.,

ADR

1,745

161,081

Galaxy

Entertainment

Group

Ltd.

50,000

181,825

Geely

Automobile

Holdings

Ltd.

171,000

360,757

Hang

Lung

Properties

Ltd.

58,000

47,643

Hang

Seng

Bank

Ltd.

19,500

272,332

Henderson

Land

Development

Co.

Ltd.

33,000

93,621

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

54,000

37,603

HKT

Trust

&

HKT

Ltd.

108,000

153,755

Hong

Kong

&

China

Gas

Co.

Ltd.

261,507

235,720

Hong

Kong

Exchanges

&

Clearing

Ltd.

34,900

1,533,769

HongKong

Land

Holdings

Ltd.

27,838

135,014

Jardine

Matheson

Holdings

Ltd.

5,924

263,381

Link

REIT

72,303

338,919

MTR

Corp.

Ltd.

51,000

176,254

Power

Assets

Holdings

Ltd.

40,000

264,872

Prudential

PLC

78,763

833,004

Sino

Biopharmaceutical

Ltd.

281,000

141,683

Sino

Land

Co.

Ltd.

108,000

111,138

Sun

Hung

Kai

Properties

Ltd.

44,500

422,637

Swire

Pacific

Ltd.,

Class

A

13,000

112,487

Swire

Pacific

Ltd.,

Class

B

12,500

17,215

Swire

Properties

Ltd.

37,600

83,106

Techtronic

Industries

Co.

Ltd.

41,000

414,510

The

Wharf

Holdings

Ltd.

(b)

27,000

67,825

WH

Group

Ltd.

(c)

223,000

199,572

Wharf

Real

Estate

Investment

Co.

Ltd.

38,000

91,145

Xinyi

Glass

Holdings

Ltd.

(b)

49,000

45,937

10,873,585

41

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

Ireland

–

0.8%

AerCap

Holdings

NV

5,404

572,824

AIB

Group

PLC

54,245

364,737

Bank

of

Ireland

Group

PLC

30,655

359,796

DCC

PLC

2,978

194,352

Experian

PLC

26,535

1,316,702

ICON

PLC

(a)

2,289

346,646

James

Hardie

Industries

PLC,

CDI

(a)

12,504

296,025

Kerry

Group

PLC,

Class

A

4,420

468,529

Kingspan

Group

PLC

4,629

390,968

Ryanair

Holdings

PLC

30,525

721,052

5,031,631

Israel

–

1.0%

Airport

City

Ltd.

(a)

1,763

26,190

Amot

Investments

Ltd.

5,917

31,267

Azrieli

Group

Ltd.

1,232

89,648

Bank

Hapoalim

BM

38,417

562,681

Bank

Leumi

Le-Israel

BM

44,332

629,216

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

48,709

73,886

Big

Shopping

Centers

Ltd.

(a)

537

78,343

Camtek

Ltd.

791

51,994

Cellebrite

DI

Ltd.

(a)

1,892

37,443

Check

Point

Software

Technologies

Ltd.

(a)

2,465

541,215

CyberArk

Software

Ltd.

(a)

1,335

470,134

Delek

Group

Ltd.

278

44,217

Elbit

Systems

Ltd.

729

279,897

Energix-Renewable

Energies

Ltd.

8,164

24,139

Enlight

Renewable

Energy

Ltd.

(a)

3,152

50,939

Fattal

Holdings

(1998)

Ltd.

(a)

200

26,106

Global-e

Online

Ltd.

(a)

2,545

91,391

Harel

Insurance

Investments

&

Financial

Services

Ltd.

3,156

52,391

ICL

Group

Ltd.

20,951

138,981

Israel

Corp.

Ltd.

160

50,308

Israel

Discount

Bank

Ltd.,

Class

A

38,235

285,261

Melisron

Ltd.

876

74,407

Menora

Mivtachim

Holdings

Ltd.

352

18,601

Mivne

Real

Estate

Kd

Ltd.

17,732

51,748

Mizrahi

Tefahot

Bank

Ltd.

4,403

222,990

Monday.com

Ltd.

(a)

1,020

286,610

Nice

Ltd.

(a)

1,758

274,638

Nova

Ltd.

(a)

884

169,559

OPC

Energy

Ltd.

(a)

4,281

40,374

Phoenix

Financial

Ltd.

6,068

119,507

Plus500

Ltd.

1,896

77,646

Shapir

Engineering

And

Industry

Ltd.

3,994

27,856

Shufersal

Ltd.

6,982

65,329

Strauss

Group

Ltd.

1,556

35,250

Teva

Pharmaceutical

Industries

Ltd.

(a)

33,380

503,124

The

First

International

Bank

of

Israel

Ltd.

1,632

89,604

Tower

Semiconductor

Ltd.

(a)

2,858

103,433

Wix.com

Ltd.

(a)

1,500

254,385

ZIM

Integrated

Shipping

Services

Ltd.

(b)

2,991

45,912

6,096,620

Italy

–

2.6%

A2A

SpA

51,415

130,861

Amplifon

SpA

4,159

79,450

Banca

Mediolanum

SpA

6,082

90,708

Banco

BPM

SpA

38,705

430,916

42

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

Italy

–

2.6%

(continued)

Davide

Campari-Milano

NV

14,086

94,216

ENEL

SpA

225,410

1,958,661

ENI

SpA

62,907

908,172

Ferrari

NV

3,813

1,740,708

FinecoBank

Banca

Fineco

SpA

18,034

360,086

Generali

29,817

1,089,370

Infrastrutture

Wireless

Italiane

SpA

(c)

8,627

103,363

Intesa

Sanpaolo

SpA

455,232

2,422,867

Leonardo

SpA

12,032

626,424

Mediobanca

Banca

di

Credito

Finanziario

SpA

16,233

331,875

Moncler

SpA

6,469

397,391

Nexi

SpA

(a)(c)

17,835

104,289

Pirelli

&

C

SpA

(c)

12,008

74,038

Poste

Italiane

SpA

(c)

13,437

272,498

Prada

SpA

17,500

109,450

Prysmian

SpA

7,912

431,171

Recordati

Industria

Chimica

e

Farmaceutica

SpA

3,025

178,295

Snam

SpA

59,974

344,968

Telecom

Italia

SpA

(a)

308,647

122,097

Telecom

Italia

SpA-RSP

(a)

186,722

83,141

Terna

Rete

Elettrica

Nazionale

SpA

41,690

415,526

UniCredit

SpA

43,664

2,529,901

15,430,442

Japan

–

21.6%

ABC-Mart,

Inc.

2,900

53,928

Acom

Co.

Ltd.

11,800

33,090

Advantest

Corp.

21,200

871,394

AEON

Co.

Ltd.

22,800

675,656

AEON

Mall

Co.

Ltd.

3,400

65,311

AGC,

Inc.

5,700

177,945

Air

Water,

Inc.

7,200

98,127

Aisin

Corp.

15,900

201,927

Ajinomoto

Co.,

Inc.

29,600

605,115

Alfresa

Holdings

Corp.

4,400

66,413

Amada

Co.

Ltd.

9,500

94,973

ANA

Holdings,

Inc.

13,100

251,273

Asahi

Group

Holdings

Ltd.

43,100

596,009

Asahi

Intecc

Co.

Ltd.

6,300

96,836

Asahi

Kasei

Corp.

40,800

284,319

Asics

Corp.

18,200

393,500

Astellas

Pharma,

Inc.

50,500

505,389

Azbil

Corp.

14,900

128,693

Bandai

Namco

Holdings,

Inc.

17,000

589,828

Baycurrent,

Inc.

3,800

204,865

Bridgestone

Corp.

15,800

663,613

Brother

Industries

Ltd.

7,600

133,762

Calbee,

Inc.

2,700

54,373

Canon,

Inc.

26,600

821,273

Capcom

Co.

Ltd.

9,700

281,466

Central

Japan

Railway

Co.

27,700

569,186

Chubu

Electric

Power

Co.,

Inc.

20,800

270,062

Chugai

Pharmaceutical

Co.

Ltd.

18,700

1,077,505

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

3,900

73,262

Concordia

Financial

Group

Ltd.

31,900

205,346

Cosmos

Pharmaceutical

Corp.

1,200

77,440

CyberAgent,

Inc.

13,900

119,325

Dai

Nippon

Printing

Co.

Ltd.

12,800

178,665

43

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

Japan

–

21.6%

(continued)

Daifuku

Co.

Ltd.

10,100

268,148

Dai-ichi

Life

Holdings,

Inc.

106,500

764,927

Daiichi

Sankyo

Co.

Ltd.

56,400

1,440,841

Daikin

Industries

Ltd.

8,000

913,909

Daito

Trust

Construction

Co.

Ltd.

1,800

200,140

Daiwa

House

Industry

Co.

Ltd.

18,600

672,203

Daiwa

House

REIT

Investment

Corp.

56

93,948

Daiwa

Securities

Group,

Inc.

44,000

288,172

Denso

Corp.

47,100

610,048

Dentsu

Group,

Inc.

5,000

104,248

Disco

Corp.

2,600

503,449

East

Japan

Railway

Co.

32,700

709,753

Ebara

Corp.

13,300

200,656

Eisai

Co.

Ltd.

8,800

254,055

Electric

Power

Development

Co.

Ltd.

5,600

98,326

ENEOS

Holdings,

Inc.

84,100

404,404

FANUC

Corp.

27,700

709,589

Fast

Retailing

Co.

Ltd.

5,100

1,679,739

Fuji

Electric

Co.

Ltd.

4,000

177,314

Fujifilm

Holdings

Corp.

27,400

563,886

Fujikura

Ltd.

7,100

261,173

Fujitsu

Ltd.

52,800

1,166,382

Fukuoka

Financial

Group,

Inc.

5,400

141,739

GLP

J-REIT

122

105,373

GMO

Payment

Gateway,

Inc.

1,300

81,569

Hakuhodo

DY

Holdings,

Inc.

6,800

51,129

Hamamatsu

Photonics

KK

9,200

85,170

Hankyu

Hanshin

Holdings,

Inc.

6,900

196,784

Haseko

Corp.

7,200

102,771

Hikari

Tsushin,

Inc.

500

138,741

Hirose

Electric

Co.

Ltd.

800

90,942

Hitachi

Construction

Machinery

Co.

Ltd.

3,400

101,161

Hitachi

Ltd.

129,400

3,191,455

Honda

Motor

Co.

Ltd.

136,600

1,391,474

Hoshizaki

Corp.

3,200

136,220

Hoya

Corp.

10,000

1,176,388

Hulic

Co.

Ltd.

17,600

183,909

Ibiden

Co.

Ltd.

3,000

83,118

Idemitsu

Kosan

Co.

Ltd.

28,800

178,587

IHI

Corp.

4,300

336,126

Iida

Group

Holdings

Co.

Ltd.

4,700

74,352

INPEX

Corp.

26,000

329,739

Isetan

Mitsukoshi

Holdings

Ltd.

9,800

126,279

Isuzu

Motors

Ltd.

17,100

230,953

ITOCHU

Corp.

36,200

1,848,068

J

Front

Retailing

Co.

Ltd.

7,200

88,334

Japan

Airlines

Co.

Ltd.

13,500

244,323

Japan

Exchange

Group,

Inc.

30,200

337,061

Japan

Metropolitan

Fund

Invest

210

140,010

Japan

Post

Bank

Co.

Ltd.

12,600

129,056

Japan

Post

Holdings

Co.

Ltd.

58,200

565,108

Japan

Post

Insurance

Co.

Ltd.

5,400

108,254

Japan

Real

Estate

Investment

Corp.

220

174,748

Japan

Tobacco,

Inc.

32,200

994,850

JFE

Holdings,

Inc.

18,600

216,461

Kajima

Corp.

13,200

315,286

Kansai

Paint

Co.

Ltd.

4,900

73,857

44

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

Japan

–

21.6%

(continued)

KAO

Corp.

13,200

565,146

Kawasaki

Heavy

Industries

Ltd.

4,600

273,117

Kawasaki

Kisen

Kaisha

Ltd.

10,800

147,644

KDDI

Corp.

87,000

1,539,151

KEIO

Corp.

3,300

89,603

Keisei

Electric

Railway

Co.

Ltd.

14,300

148,223

Kewpie

Corp.

3,000

68,333

Keyence

Corp.

5,400

2,265,395

Kikkoman

Corp.

21,300

208,386

Kintetsu

Group

Holdings

Co.

Ltd.

4,800

103,343

Kirin

Holdings

Co.

Ltd.

23,700

358,723

Kobayashi

Pharmaceutical

Co.

Ltd.

(b)

1,200

45,824

Kobe

Bussan

Co.

Ltd.

4,700

144,519

Koei

Tecmo

Holdings

Co.

Ltd.

4,100

70,365

Koito

Manufacturing

Co.

Ltd.

4,600

55,823

Kokusai

Electric

Corp.

4,000

73,892

Komatsu

Ltd.

26,400

759,019

Konami

Group

Corp.

2,800

399,467

Kose

Corp.

600

25,840

Kubota

Corp.

29,000

336,070

Kuraray

Co.

Ltd.

8,800

102,628

Kurita

Water

Industries

Ltd.

3,300

109,314

Kyocera

Corp.

39,900

473,295

Kyowa

Kirin

Co.

Ltd.

6,100

95,152

Kyushu

Electric

Power

Co.,

Inc.

13,400

119,354

Kyushu

Railway

Co.

4,600

118,515

Lasertec

Corp.

2,200

204,978

Lixil

Corp.

8,100

95,429

LY

Corp.

76,400

289,125

M3,

Inc.

(a)

11,800

147,790

Makita

Corp.

7,200

211,094

Marubeni

Corp.

47,800

847,156

Marui

Group

Co.

Ltd.

5,500

109,063

MatsukiyoCocokara

&

Co.

9,800

180,452

Mazda

Motor

Corp.

19,800

118,600

McDonald's

Holdings

Co.

Japan

Ltd.

2,500

105,686

Mebuki

Financial

Group,

Inc.

27,100

131,776

Medipal

Holdings

Corp.

4,700

79,986

MEIJI

Holdings

Co.

Ltd.

6,400

157,667

Minebea

Mitsumi,

Inc.

12,500

183,504

Misumi

Group,

Inc.

8,600

120,704

Mitsubishi

Chemical

Group

Corp.

44,200

214,121

Mitsubishi

Corp.

98,700

1,876,573

Mitsubishi

Electric

Corp.

56,900

1,101,181

Mitsubishi

Estate

Co.

Ltd.

33,700

591,829

Mitsubishi

Gas

Chemical

Co.,

Inc.

5,300

80,722

Mitsubishi

HC

Capital,

Inc.

24,000

169,349

Mitsubishi

Heavy

Industries

Ltd.

95,000

1,862,504

Mitsubishi

Motors

Corp.

15,700

43,499

Mitsubishi

UFJ

Financial

Group,

Inc.

339,900

4,297,600

Mitsui

&

Co.

Ltd.

83,000

1,686,301

Mitsui

Chemicals,

Inc.

4,500

98,745

Mitsui

Fudosan

Co.

Ltd.

80,600

796,168

Mitsui

OSK

Lines

Ltd.

10,700

355,491

Mizuho

Financial

Group,

Inc.

73,760

1,851,239

MonotaRO

Co.

Ltd.

7,200

138,735

MS&AD

Insurance

Group

Holdings,

Inc.

36,700

834,910

45

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

Japan

–

21.6%

(continued)

Murata

Manufacturing

Co.

Ltd.

53,500

830,405

NEC

Corp.

37,200

906,528

Nexon

Co.

Ltd.

12,700

199,884

NGK

Insulators

Ltd.

7,600

93,854

NH

Foods

Ltd.

2,800

105,707

Nichirei

Corp.

6,800

93,343

Nidec

Corp.

28,900

513,206

Nikon

Corp.

7,900

75,849

Nintendo

Co.

Ltd.

33,800

2,803,239

Nippon

Building

Fund,

Inc.

243

225,896

Nippon

Express

Holdings,

Inc.

7,300

130,375

Nippon

Paint

Holdings

Co.

Ltd.

24,700

187,882

Nippon

ProLogis

REIT,

Inc.

66

109,244

Nippon

Sanso

Holdings

Corp.

5,500

176,020

Nippon

Steel

Corp.

28,700

605,630

Nippon

Telegraph

&

Telephone

Corp.

1,554,700

1,627,290

Nippon

Television

Holdings,

Inc.

5,200

120,266

Nippon

Yusen

KK

13,300

433,574

Nissan

Chemical

Corp.

3,200

93,438

Nissan

Motor

Co.

Ltd.

(a)

57,300

137,184

Nisshin

Seifun

Group,

Inc.

7,300

94,295

Nissin

Foods

Holdings

Co.

Ltd.

4,500

99,345

Niterra

Co.

Ltd.

4,600

143,250

Nitori

Holdings

Co.

Ltd.

2,400

287,297

Nitto

Denko

Corp.

20,400

357,615

Nomura

Holdings,

Inc.

90,100

499,769

Nomura

Real

Estate

Holdings,

Inc.

16,500

97,966

Nomura

Real

Estate

Master

Fund,

Inc.

129

128,602

Nomura

Research

Institute

Ltd.

11,600

438,497

NTT

Data

Group

Corp.

18,300

362,754

Obayashi

Corp.

20,700

321,660

OBIC

Business

Consultants

Co.

Ltd.

1,000

47,806

OBIC

Co.

Ltd.

9,500

332,407

Odakyu

Electric

Railway

Co.

Ltd.

8,700

96,186

OJI

Holdings

Corp.

28,100

132,935

Olympus

Corp.

35,300

461,667

Omron

Corp.

4,900

145,310

ONO

Pharmaceutical

Co.

Ltd.

12,000

138,138

Open

House

Group

Co.

Ltd.

2,300

101,875

Oracle

Corp.

Japan

1,000

120,268

Oriental

Land

Co.

Ltd.

31,200

663,416

ORIX

Corp.

32,300

645,592

ORIX

Jreit,

Inc.

84

105,883

Osaka

Gas

Co.

Ltd.

11,400

289,076

Otsuka

Corp.

6,500

144,500

Otsuka

Holdings

Co.

Ltd.

12,900

629,173

Pan

Pacific

International

Holdings

Corp.

11,100

343,179

Panasonic

Holdings

Corp.

64,900

746,641

Persol

Holdings

Co.

Ltd.

53,300

96,369

Rakuten

Group,

Inc.

(a)

40,600

238,949

Recruit

Holdings

Co.

Ltd.

44,600

2,483,267

Renesas

Electronics

Corp.

46,700

547,573

Resona

Holdings,

Inc.

62,900

502,265

Resonac

Holdings

Corp.

5,400

98,297

Ricoh

Co.

Ltd.

14,400

152,036

Rinnai

Corp.

3,100

69,611

ROHM

Co.

Ltd.

11,400

103,698

46

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

Japan

–

21.6%

(continued)

Rohto

Pharmaceutical

Co.

Ltd.

4,800

80,258

Ryohin

Keikaku

Co.

Ltd.

7,600

258,413

Sanrio

Co.

Ltd.

4,800

191,273

Santen

Pharmaceutical

Co.

Ltd.

8,600

87,242

Sanwa

Holdings

Corp.

5,700

187,256

SBI

Holdings,

Inc.

8,300

217,567

Screen

Holdings

Co.

Ltd.

2,700

179,142

SCSK

Corp.

4,500

118,084

Secom

Co.

Ltd.

12,100

445,182

Sega

Sammy

Holdings,

Inc.

5,100

106,995

Seibu

Holdings,

Inc.

6,800

164,518

Seiko

Epson

Corp.

8,500

118,526

Sekisui

Chemical

Co.

Ltd.

10,900

190,200

Sekisui

House

Ltd.

16,800

385,844

Seven

&

i

Holdings

Co.

Ltd.

66,400

984,316

SG

Holdings

Co.

Ltd.

13,900

146,611

Sharp

Corp.

(a)

6,900

40,876

Shimadzu

Corp.

8,200

210,864

Shimamura

Co.

Ltd.

1,400

93,360

Shimano,

Inc.

2,200

311,322

Shimizu

Corp.

15,700

167,908

Shin-Etsu

Chemical

Co.

Ltd.

56,900

1,727,264

Shionogi

&

Co.

Ltd.

22,000

369,237

Shiseido

Co.

Ltd.

11,800

194,695

Shizuoka

Financial

Group,

Inc.

12,600

139,436

SMC

Corp.

1,600

521,256

SoftBank

Corp.

825,300

1,249,175

SoftBank

Group

Corp.

28,800

1,446,461

Sohgo

Security

Services

Co.

Ltd.

10,500

82,924

Sojitz

Corp.

6,600

155,977

Sompo

Holdings,

Inc.

26,600

866,216

Sony

Group

Corp.

176,600

4,668,807

Square

Enix

Holdings

Co.

Ltd.

2,600

150,907

Stanley

Electric

Co.

Ltd.

5,200

97,591

Subaru

Corp.

16,000

290,802

Sugi

Holdings

Co.

Ltd.

3,000

63,201

Sumco

Corp.

11,900

82,092

Sumitomo

Chemical

Co.

Ltd.

35,800

86,262

Sumitomo

Corp.

34,200

838,696

Sumitomo

Electric

Industries

Ltd.

21,000

336,995

Sumitomo

Forestry

Co.

Ltd.

4,300

123,839

Sumitomo

Heavy

Industries

Ltd.

2,800

58,320

Sumitomo

Metal

Mining

Co.

Ltd.

6,700

149,416

Sumitomo

Mitsui

Financial

Group,

Inc.

114,100

2,719,714

Sumitomo

Mitsui

Trust

Holdings,

Inc.

18,700

462,125

Sumitomo

Realty

&

Development

Co.

Ltd.

12,700

471,887

Sumitomo

Rubber

Industries

Ltd.

5,100

64,358

Sundrug

Co.

Ltd.

2,400

80,494

Suntory

Beverage

&

Food

Ltd.

3,500

122,392

Suzuki

Motor

Corp.

46,100

551,849

Sysmex

Corp.

13,700

254,666

T&D

Holdings,

Inc.

15,500

329,364

Taisei

Corp.

5,200

282,347

Takeda

Pharmaceutical

Co.

Ltd.

44,400

1,348,746

TBS

Holdings,

Inc.

3,900

130,447

TDK

Corp.

56,100

598,403

Terumo

Corp.

42,000

806,492

47

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

Japan

–

21.6%

(continued)

The

Chiba

Bank

Ltd.

20,700

182,997

The

Kansai

Electric

Power

Co.,

Inc.

27,200

334,661

The

Yokohama

Rubber

Company

Ltd.

3,900

85,442

TIS,

Inc.

6,600

191,143

Tobu

Railway

Co.

Ltd.

5,500

100,368

Toei

Animation

Co.

Ltd.

1,500

36,385

Toho

Co.

Ltd.

3,200

183,062

Tohoku

Electric

Power

Co.,

Inc.

12,800

91,845

Tokio

Marine

Holdings,

Inc.

55,100

2,204,927

Tokyo

Century

Corp.

6,400

67,437

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(a)

38,100

116,485

Tokyo

Electron

Ltd.

13,300

1,979,056

Tokyo

Gas

Co.

Ltd.

9,800

325,865

Tokyo

Metro

Co.

Ltd.

8,500

107,919

Tokyu

Corp.

15,900

193,734

Tokyu

Fudosan

Holdings

Corp.

17,100

119,367

Toppan

Holdings,

Inc.

7,800

218,678

Toray

Industries,

Inc.

43,500

277,303

Tosoh

Corp.

9,100

128,200

Toto

Ltd.

4,400

117,033

Toyo

Suisan

Kaisha

Ltd.

2,700

174,523

Toyota

Industries

Corp.

5,000

587,493

Toyota

Motor

Corp.

327,100

6,258,104

Toyota

Tsusho

Corp.

19,900

394,122

Trend

Micro,

Inc.

4,000

286,876

Tsuruha

Holdings,

Inc.

1,100

88,492

Unicharm

Corp.

35,500

329,888

United

Urban

Investment

Corp.

80

84,240

USS

Co.

Ltd.

10,900

109,199

West

Japan

Railway

Co.

13,100

275,151

Yakult

Honsha

Co.

Ltd.

7,000

143,911

Yamada

Holdings

Co.

Ltd.

16,700

54,067

Yamaha

Corp.

13,100

95,513

Yamaha

Motor

Co.

Ltd.

27,800

218,674

Yamato

Holdings

Co.

Ltd.

8,200

116,527

Yamazaki

Baking

Co.

Ltd.

3,900

93,426

Yaskawa

Electric

Corp.

6,300

133,252

Yokogawa

Electric

Corp.

7,000

151,542

Zensho

Holdings

Co.

Ltd.

2,700

167,879

ZOZO,

Inc.

10,700

109,070

129,331,139

Luxembourg

–

0.2%

ArcelorMittal

SA

13,212

389,286

CVC

Capital

Partners

PLC

(a)(b)(c)

18,818

334,133

Tenaris

SA

14,180

236,710

Zabka

Group

SA

(a)

11,557

66,006

1,026,135

Macau

–

0.0%

Sands

China

Ltd.

(a)

61,600

111,051

Mexico

–

0.0%

Fresnillo

PLC

5,656

75,698

Netherlands

–

3.7%

Adyen

NV

(a)(c)

896

1,444,070

Argenx

SE

(a)

1,715

1,107,332

48

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

Netherlands

–

3.7%

(continued)

ASM

International

NV

1,307

631,883

ASML

Holding

NV

11,272

7,463,840

EXOR

NV

2,923

275,454

Ferrovial

SE

14,013

683,048

Heineken

Holding

NV

3,040

237,754

Heineken

NV

8,587

768,213

ING

Groep

NV

90,826

1,756,637

Koninklijke

Ahold

Delhaize

NV

27,216

1,118,093

Koninklijke

KPN

NV

95,626

445,139

Koninklijke

Philips

NV

(a)

23,342

591,974

NXP

Semiconductors

NV

7,342

1,353,204

Prosus

NV

40,312

1,875,376

Stellantis

NV

59,528

550,822

Universal

Music

Group

NV

23,079

678,177

Wolters

Kluwer

NV

6,924

1,223,526

22,204,542

New

Zealand

–

0.3%

Auckland

International

Airport

Ltd.

47,415

211,601

Contact

Energy

Ltd.

23,102

121,470

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

15,904

320,900

Infratil

Ltd.

24,026

150,425

Mainfreight

Ltd.

2,198

72,408

Mercury

NZ

Ltd.

20,356

67,408

Meridian

Energy

Ltd.

36,466

118,591

Spark

New

Zealand

Ltd.

57,546

71,033

The

a2

Milk

Company

Ltd.

20,027

104,113

Xero

Ltd.

(a)

3,855

404,994

1,642,943

Norway

–

0.7%

AKER

ASA,

Class

A

903

52,247

AKER

BP

ASA

8,166

175,763

AutoStore

Holdings

Ltd.

(a)(c)

44,050

19,752

DNB

Bank

ASA

24,701

616,456

Equinor

ASA

26,179

600,580

Frontline

PLC

3,271

55,121

Gjensidige

Forsikring

ASA

5,305

124,108

Kongsberg

Gruppen

ASA

2,470

397,298

Leroy

Seafood

Group

ASA

9,211

40,291

Mowi

ASA

12,435

227,956

Nordic

Semiconductor

ASA

(a)

6,316

62,429

Norsk

Hydro

ASA

34,376

180,997

Opera

Ltd.,

ADR

1,588

27,107

Orkla

ASA

22,502

250,843

Salmar

ASA

2,175

107,492

Schibsted

ASA,

Class

A

2,078

63,242

Schibsted

ASA,

Class

B

2,750

79,292

Sparebank

1

Sr-Bank

ASA

7,069

112,750

Storebrand

ASA

12,781

153,940

Telenor

ASA

17,733

267,108

Tomra

Systems

ASA

7,163

112,246

Var

Energi

ASA

19,914

54,865

Wallenius

Wilhelmsen

ASA,

Class

B

519

3,741

Yara

International

ASA

3,932

127,099

3,912,723

Poland

–

0.4%

Allegro.eu

SA

(a)(c)

18,440

161,553

Bank

Polska

Kasa

Opieki

SA

5,430

271,810

49

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

Poland

–

0.4%

(continued)

Budimex

SA

429

72,194

CCC

SA

(a)

1,431

82,718

CD

Projekt

SA

2,075

128,436

Dino

Polska

SA

(a)(c)

1,417

199,141

Inpost

SA

(a)

6,806

114,504

KGHM

Polska

Miedz

SA

4,099

130,235

LPP

SA

33

135,063

mBank

SA

(a)

402

87,928

Orlen

SA

17,031

308,828

PGE

Polska

Grupa

Energetyczna

SA

(a)

28,896

63,218

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

25,565

491,773

Powszechny

Zaklad

Ubezpieczen

SA

16,326

255,301

Santander

Bank

Polska

SA

1,022

156,775

2,659,477

Portugal

–

0.1%

Banco

Comercial

Portugues

SA,

Class

R

202,447

129,748

EDP

SA

86,905

343,392

Galp

Energia

SGPS

SA

11,641

180,431

Jeronimo

Martins

SGPS

SA

7,409

179,561

The

Navigator

Company

SA

4,738

18,021

851,153

Russia

–

0.0%

Evraz

PLC

(a),(d)

2,845

0

Singapore

–

1.5%

CapitaLand

Ascendas

REIT

95,596

194,750

CapitaLand

Integrated

Commercial

Trust

154,293

254,063

CapitaLand

Investment

Ltd.

58,200

122,578

City

Developments

Ltd.

6,900

26,264

DBS

Group

Holdings

Ltd.

59,299

1,927,887

Genting

Singapore

Ltd.

192,100

108,872

Grab

Holdings

Ltd.,

Class

A

(a)

68,546

334,504

Hafnia

Ltd.

10,407

48,021

Jardine

Cycle

&

Carriage

Ltd.

1,500

29,789

Keppel

Ltd.

44,100

221,564

Mapletree

Industrial

Trust

53,100

82,149

Mapletree

Logistics

Trust

115,900

99,416

Mapletree

Pan

Asia

Commercial

Trust

48,500

45,317

Oversea-Chinese

Banking

Corp.

Ltd.

95,519

1,181,460

Sats

Ltd.

29,400

63,272

Sea

Ltd.,

ADR

(a)

10,843

1,453,504

Seatrium

Ltd.

(a)

86,980

127,236

SembCorp

Industries

Ltd.

24,200

122,325

Singapore

Airlines

Ltd.

39,200

201,449

Singapore

Exchange

Ltd.

24,100

265,050

Singapore

Technologies

Engineering

Ltd.

42,600

241,760

Singapore

Telecommunications

Ltd.

209,600

606,792

United

Overseas

Bank

Ltd.

39,700

1,053,234

UOL

Group

Ltd.

18,900

83,521

Venture

Corp.

Ltd.

9,900

87,953

Wilmar

International

Ltd.

65,500

153,504

9,136,234

Spain

–

2.6%

ACS

Actividades

de

Construccion

y

Servicios

SA

5,166

323,572

Aena

SME

SA

(c)

2,164

544,628

Amadeus

IT

Group

SA

13,340

1,049,064

50

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

Spain

–

2.6%

(continued)

Banco

Bilbao

Vizcaya

Argentaria

SA

167,632

2,298,104

Banco

Santander

SA

435,775

3,062,363

CaixaBank

SA

102,039

780,865

Cellnex

Telecom

SA

(c)

16,402

664,508

EDP

Renovaveis

SA

7,003

65,715

Endesa

SA

9,215

277,592

Iberdrola

SA

169,984

3,071,383

Industria

de

Diseno

Textil

SA

32,150

1,726,459

Naturgy

Energy

Group

SA

2,633

78,538

Redeia

Corp.

SA

11,620

244,367

Repsol

SA

32,932

404,678

Telefonica

SA

148,373

762,020

15,353,856

Sweden

–

3.0%

AAK

AB

4,921

128,779

AddTech

AB,

Class

B

6,490

218,422

ALFA

Laval

AB

7,906

327,965

Asmodee

Group

AB,

Class

B

(a)

4,177

46,123

ASSA

Abloy

AB,

Class

B

29,045

878,135

Atlas

Copco

AB,

Class

A

75,273

1,169,495

Atlas

Copco

AB,

Class

B

42,824

596,967

Avanza

Bank

Holding

AB

3,676

122,916

Axfood

AB

3,458

96,911

Beijer

Ref

AB,

Class

B

11,324

172,826

Boliden

AB

(a)

8,457

259,631

Castellum

AB

(a)

12,049

146,226

Embracer

Group

AB,

Class

B

(a)(b)

2,855

36,013

Epiroc

AB,

Class

A

17,401

376,710

Epiroc

AB,

Class

B

11,160

218,921

EQT

AB

15,189

437,486

Essity

AB,

Class

B

17,451

503,723

Evolution

AB

(c)

4,940

345,317

Fastighets

AB

Balder,

Class

B

(a)(b)

21,480

154,114

Getinge

AB,

Class

B

5,570

107,532

H

&

M

Hennes

&

Mauritz

AB,

Class

B

17,103

248,346

Hexagon

AB,

Class

B

58,378

567,020

Holmen

AB,

Class

B

2,643

104,844

Husqvarna

AB,

Class

B

7,629

35,634

Industrivarden

AB,

Class

A

2,883

101,332

Industrivarden

AB,

Class

C

4,406

154,726

Indutrade

AB

8,464

228,868

Investment

AB

Latour,

Class

B

3,439

92,991

Investor

AB,

Class

A

13,596

404,290

Investor

AB,

Class

B

53,754

1,590,065

L

E

Lundbergforetagen

AB,

Class

B

1,342

70,892

Lifco

AB,

Class

B

6,388

247,575

Nibe

Industrier

AB,

Class

B

46,621

197,120

Saab

AB,

Class

B

8,778

407,642

Sagax

AB,

Class

B

5,431

123,431

Sandvik

AB

29,778

617,796

Securitas

AB,

Class

B

13,843

220,313

Skandinaviska

Enskilda

Banken

AB,

Class

A

47,644

753,074

Skanska

AB,

Class

B

9,232

214,315

SKF

AB,

Class

B

11,871

233,299

SSAB

AB,

Class

A

7,285

46,075

SSAB

AB,

Class

B,

Series

B

16,012

99,709

Svenska

Cellulosa

AB

SCA,

Class

B

16,232

210,875

51

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

Sweden

–

3.0%

(continued)

Svenska

Handelsbanken

AB,

Class

A

39,711

520,222

Svenska

Handelsbanken

AB,

Class

B

1,455

28,602

Sweco

AB,

Class

B

5,315

93,296

Swedbank

AB,

Class

A

28,643

712,444

Swedish

Orphan

Biovitrum

AB

(a)

6,213

188,743

Tele2

AB,

Class

B

16,085

237,233

Telefonaktiebolaget

LM

Ericsson,

Class

B

86,644

731,069

Telia

Co.

AB

65,551

245,691

Thule

Group

AB

(c)

2,534

57,800

Trelleborg

AB,

Class

B

6,583

227,148

Volvo

AB,

Class

A

5,323

145,260

Volvo

AB,

Class

B

44,415

1,209,279

Volvo

Car

AB,

Class

B

(a)(b)

5,852

9,972

17,721,203

Switzerland

–

8.2%

ABB

Ltd.

46,506

2,444,289

Alcon

AG

14,576

1,412,989

Chocoladefabriken

Lindt

&

Spruengli

AG,

PC

29

424,898

CIE

Financiere

Richemont

SA,

Class

A

15,378

2,718,168

DSM-Firmenich

AG

7,825

847,879

Galderma

Group

AG

2,316

270,282

Geberit

AG

983

682,089

Givaudan

SA

272

1,318,046

Glencore

PLC

274,132

894,892

Holcim

AG

14,643

1,632,247

Kuehne

+

Nagel

International

AG

1,424

327,256

Lonza

Group

AG

2,071

1,483,408

Nestle

SA

76,823

8,202,555

Novartis

AG

55,925

6,382,970

Partners

Group

Holding

AG

623

815,377

Roche

Holding

AG

20,528

6,727,338

Roche

Holding

AG,

BR

893

312,536

Schindler

Holding

AG

580

206,097

Schindler

Holding

AG,

PC

1,198

438,526

SGS

SA

4,502

442,229

Sika

AG

4,387

1,098,685

STMicroelectronics

NV

19,652

442,768

Straumann

Holding

AG

3,204

392,434

Swiss

Life

Holding

AG

846

846,257

Swiss

RE

AG

8,482

1,525,057

Swisscom

AG

757

506,663

The

Swatch

Group

AG

2,038

71,079

The

Swatch

Group

AG,

BR

724

125,241

UBS

Group

AG

93,387

2,828,600

Zurich

Insurance

Group

AG

4,266

3,023,448

48,844,303

United

Kingdom

–

12.4%

3i

Group

PLC

27,893

1,577,450

Admiral

Group

PLC

6,674

290,434

Anglo

American

PLC

36,262

982,751

Ashtead

Group

PLC

12,990

692,296

Associated

British

Foods

PLC

9,472

261,133

AstraZeneca

PLC

44,026

6,308,666

Auto

Trader

Group

PLC

(c)

26,794

300,340

Aviva

PLC

75,859

567,420

B&M

European

Value

Retail

SA

28,369

127,470

BAE

Systems

PLC

88,227

2,044,021

52

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

United

Kingdom

–

12.4%

(continued)

Barclays

PLC

418,483

1,659,019

Barratt

Redrow

PLC

41,114

255,799

Berkeley

Group

Holdings

PLC

2,536

141,252

BP

PLC

426,911

1,997,501

British

American

Tobacco

PLC

57,783

2,506,835

BT

Group

PLC,

Class

A

(b)

171,332

397,739

Bunzl

PLC

9,228

289,658

Centrica

PLC

150,883

322,758

Coca-Cola

Europacific

Partners

PLC

6,219

564,312

Compass

Group

PLC

50,057

1,683,566

ConvaTec

Group

PLC

(c)

50,033

173,622

Croda

International

PLC

4,268

168,230

Diageo

PLC

65,411

1,827,772

Entain

PLC

16,408

139,738

GSK

PLC

120,418

2,386,099

Haleon

PLC

228,360

1,148,099

Halma

PLC

11,328

417,006

Hikma

Pharmaceuticals

PLC

4,739

125,648

HSBC

Holdings

PLC

526,672

5,852,927

Imperial

Brands

PLC

23,139

950,075

Informa

PLC

37,103

360,687

InterContinental

Hotels

Group

PLC

4,436

470,577

Intermediate

Capital

Group

PLC

9,029

226,247

International

Consolidated

Airlines

Group

SA

102,015

354,280

Intertek

Group

PLC

4,904

300,265

J

Sainsbury

PLC

50,929

181,493

JD

Sports

Fashion

PLC

77,591

81,439

Kingfisher

PLC

52,678

202,080

Land

Securities

Group

PLC

23,914

189,256

Legal

&

General

Group

PLC

172,782

541,191

Lloyds

Banking

Group

PLC

1,785,604

1,747,754

London

Stock

Exchange

Group

PLC

12,306

1,910,819

M&G

PLC

65,997

182,828

Marks

&

Spencer

Group

PLC

55,813

289,998

Melrose

Industries

PLC

39,191

226,979

Mondi

PLC

13,894

210,265

National

Grid

PLC

141,976

2,053,776

NatWest

Group

PLC

211,577

1,351,411

Next

PLC

3,439

566,376

Pearson

PLC

18,593

297,147

Phoenix

Group

Holdings

PLC

21,647

172,761

Reckitt

Benckiser

Group

PLC

19,784

1,278,467

RELX

PLC

54,483

2,959,680

Rentokil

Initial

PLC

70,327

321,824

Rightmove

PLC

22,772

224,414

Rio

Tinto

PLC

31,061

1,844,982

Rolls-Royce

Holdings

PLC

249,935

2,517,811

Schroders

PLC

19,450

85,316

Segro

PLC

34,316

311,960

Severn

Trent

PLC

8,115

302,414

Shell

PLC

178,520

5,819,360

Smith

&

Nephew

PLC

26,437

372,188

Smiths

Group

PLC

9,604

239,115

Spirax

Group

PLC

1,936

151,923

SSE

PLC

32,682

738,616

Standard

Chartered

PLC

58,320

838,184

Taylor

Wimpey

PLC

110,147

172,797

53

BNY

Mellon

International

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.6%

(continued)

United

Kingdom

–

12.4%

(continued)

Tesco

PLC

195,476

967,889

The

Sage

Group

PLC

28,944

478,424

The

Weir

Group

PLC

7,639

229,373

Unilever

PLC

71,621

4,552,665

United

Utilities

Group

PLC

20,507

308,836

Vodafone

Group

PLC

581,777

569,289

Whitbread

PLC

5,505

190,664

Wise

PLC,

Class

A

(a)

20,430

267,017

WPP

PLC

29,204

224,763

74,045,236

United

States

–

0.2%

Brookfield

Asset

Management

Ltd.,

Class

A

10,778

573,973

RB

Global,

Inc.

5,354

538,501

1,112,474

Total

Common

Stocks

(cost

$516,574,169)

590,392,790

Preferred

Stocks

–

0.3%

Germany

–

0.3%

Bayerische

Motoren

Werke

AG,

8.82%

1,953

156,849

Dr.

Ing.

h.c.

F.

Porsche

AG,

1.21%

(c)

3,562

178,525

Henkel

AG

&

Co.

KGaA,

2.49%

5,048

392,501

Porsche

Automobil

Holding

SE,

5.36%

4,042

166,192

Sartorius

AG,

0.26%

642

165,736

Volkswagen

AG,

7.66%

5,196

563,722

1,623,525

Total

Preferred

Stocks

(cost

$1,940,146)

1,623,525

Rights

–

0.0%

Spain

–

0.0%

EDP

Renovaveis

SA,

expiring

5/7/2025

(a)

(Cost

$670)

7,003

717

Warrants

–

0.0%

Canada

–

0.0%

Constellation

Software,

Inc.,

expiring

3/31/2040

(Cost

$0)

563

0

Investment

Companies

–

0.2%

Registered

Investment

Companies

–

0.2%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(e)(f)

(cost

$1,492,031)

1,492,031

1,492,031

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.0%

Registered

Investment

Companies

–

0.0%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(e)(f)

(cost

$44,563)

44,563

44,563

Total

Investments

(cost

$520,051,579)

99.1%

593,553,626

Cash

and

Receivables

(Net)

0.9%

5,354,275

Net

Assets

100.0%

598,907,901

ADR—American

Depositary

Receipt

BR—Bearer

Shares

CDI—CREST

Depositary

Interest

PC—Participation

Certificate

REIT—Real

Estate

Investment

Trust

(a)

Non-income

producing

security.

(b)

Security,

or

portion

thereof,

on

loan.

At

April

30,

2025,

the

value

of

the

fund’s

securities

on

loan

was

$1,940,550

and

the

value

of

the

collateral

was

$2,029,986,

consisting

of

cash

collateral

of

$44,563

and

U.S.

Government

&

Agency

securities

valued

at

$1,985,423.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

54

STATEMENT

OF

INVESTMENTS

(continued)

See

Notes

to

Financial

Statements

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

April

30,

2025,

these

securities

were

valued

at

$6,649,827

or

1.11%

of

net

assets.

(d)

The

fund

held

Level

3

securities

at

April

30,

2025.

These

securities

were

valued

at

$0

or

0.00%

of

net

assets.

(e)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(f)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2025.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2025

are

as

follows:

Description

Value

($)

10/31/24

Purchases

($)

1

Sales

($)

Value

($)

4/30/25

Dividends/

Distributions

($)

Investment

Companies

–

0.2%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

307,275

15,913,347

(14,728,591)

1,492,031

18,908

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.0%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

399,531

2,855,965

(3,210,933)

44,563

2,820

2

Total

–

0.2%

706,806

18,769,312

(17,939,524)

1,536,594

21,728

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.

Futures

Description

Number

of

Contracts

Expiration

Notional

Value

($)

Market

Value

($)

Unrealized

Appreciation

($)

Futures

Long

MSCI

EAFE

Index

41

6/20/2025

5,033,856

5,114,135

80,279

S&P/TSX

60

Index

2

6/19/2025

425,185

*

432,926

7,741

Gross

Unrealized

Appreciation

88,020

*

Notional

amounts

in

foreign

currency

have

been

converted

to

USD

using

relevant

foreign

exchange

rates.

55

STATEMENT

OF

INVESTMENTS

April

30,

2025

(Unaudited)

BNY

Mellon

Emerging

Markets

Equity

ETF

Description

Shares

Value

($)

Common

Stocks

–

98.0%

Australia

–

0.0%

MMG

Ltd.

(a),(b)

56,000

17,043

Brazil

–

3.4%

Ambev

SA

46,576

120,196

B3

SA

-

Brasil

Bolsa

Balcao

57,873

136,264

Banco

BTG

Pactual

SA

16,143

109,124

Banco

do

Brasil

SA

19,915

101,450

Banco

Santander

Brasil

SA

7,512

39,249

BB

Seguridade

Participacoes

SA

6,756

50,777

BRF

SA

7,825

31,375

Caixa

Seguridade

Participacoes

SA

6,320

18,230

Centrais

Eletricas

Brasileiras

SA

7,944

61,614

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

4,561

91,439

Cosan

SA

17,319

23,861

CPFL

Energia

SA

2,324

15,628

CSN

Mineracao

SA

5,408

5,875

Embraer

SA

(b)

7,227

83,192

Eneva

SA

(b)

15,091

35,932

Engie

Brasil

Energia

SA

3,948

29,010

Equatorial

Energia

SA

16,658

108,132

Hapvida

Participacoes

e

Investimentos

SA

(b)(c)

46,686

19,132

Itau

Unibanco

Holding

SA

6,416

35,234

JBS

SA

7,706

59,686

Klabin

SA

10,236

33,485

Localiza

Rent-A-Car

SA

10,220

77,696

Lojas

Renner

SA

13,689

35,133

Natura

&

Co.

Holding

SA

9,936

16,725

Neoenergia

SA

2,114

8,514

NU

Holdings

Ltd.,

Class

A

(b)

34,874

433,484

Pagseguro

Digital

Ltd.,

Class

A

(b)

2,082

20,882

Petroleo

Brasileiro

SA

40,064

226,879

Porto

Seguro

SA

2,083

16,270

Prio

SA

(b)

8,669

51,618

Raia

Drogasil

SA

14,897

52,048

Rede

D'Or

Sao

Luiz

SA

(c)

10,921

61,767

Rumo

SA

11,033

37,651

Stoneco

Ltd.,

Class

A

(b)

2,804

39,424

Suzano

SA

7,020

62,123

Telefonica

Brasil

SA

8,080

39,477

Tim

SA

1,215

4,054

Totvs

SA

5,394

35,729

Vale

SA

43,107

402,715

Vibra

Energia

SA

16,749

55,412

WEG

SA

16,246

129,218

XP,

Inc.,

Class

A

3,113

50,119

3,065,823

Chile

–

0.4%

Banco

de

Chile

405,597

58,947

Banco

de

Credito

e

Inversiones

SA

1,013

39,719

Banco

Santander

Chile

569,888

34,113

Cencosud

SA

13,677

46,333

Cia

Sud

Americana

de

Vapores

SA

205,031

11,212

Empresas

CMPC

SA

13,823

21,463

Empresas

COPEC

SA

4,505

30,617

Enel

Americas

SA

50,502

4,910

Enel

Chile

SA

294,637

20,640

56

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

Chile

–

0.4%

(continued)

Falabella

SA

14,720

66,175

Latam

Airlines

Group

SA

3,097,830

48,423

382,552

China

–

26.2%

360

Security

Technology,

Inc.,

Class

A

4,000

5,634

37

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.,

Class

A

500

1,046

AAC

Technologies

Holdings,

Inc.

5,500

26,349

Accelink

Technologies

Co.

Ltd.,

Class

A

200

1,176

Advanced

Micro-Fabrication

Equipment,

Inc.,

Class

A

311

8,061

AECC

Aero-Engine

Control

Co.

Ltd.,

Class

A

1,300

3,200

AECC

Aviation

Power

Co.

Ltd.,

Class

A

1,000

4,516

Agricultural

Bank

of

China

Ltd.,

Class

A

59,200

44,179

Agricultural

Bank

of

China

Ltd.,

Class

H

322,000

196,820

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

6,200

11,081

Air

China

Ltd.,

Class

H

(b)

18,000

10,747

Aisino

Corp.,

Class

A

3,700

4,198

Akeso,

Inc.

(b)(c)

7,000

77,856

Alibaba

Group

Holding

Ltd.

172,480

2,613,434

Aluminum

Corp.

of

China

Ltd.,

Class

A

10,400

9,165

Aluminum

Corp.

of

China

Ltd.,

Class

H

38,000

20,434

Amlogic

Shanghai

Co.

Ltd.,

Class

A

(b)

365

3,628

Angang

Steel

Co.

Ltd.,

Class

A

(b)

17,900

5,669

Angel

Yeast

Co.

Ltd.,

Class

A

1,100

5,337

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

2,800

9,283

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

11,500

32,477

Anhui

Expressway

Co.

Ltd.,

Class

H

4,000

6,045

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

A

300

6,790

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

B

1,100

16,823

Anhui

Jianghuai

Automobile

Group

Corp.

Ltd.,

Class

A

1,400

7,024

Anhui

Yingjia

Distillery

Co.

Ltd.,

Class

A

100

604

Anjoy

Foods

Group

Co.

Ltd.,

Class

A

300

3,152

Anker

Innovations

Technology

Co.

Ltd.,

Class

A

520

6,361

ANTA

Sports

Products

Ltd.

14,000

166,003

Asia

-

Potash

International

Investment

Guangzhou

Co.

Ltd.,

Class

A

(b)

300

1,189

ASR

Microelectronics

Co.

Ltd.,

Class

A

(b)

319

4,221

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

740

8,355

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

H

(c)

140

995

Atour

Lifestyle

Holdings

Ltd.,

ADR

534

13,051

Autobio

Diagnostics

Co.

Ltd.,

Class

A

800

4,242

Autohome,

Inc.,

ADR

839

22,888

Avary

Holding

Shenzhen

Co.

Ltd.,

Class

A

1,700

6,687

Avichina

Industry

&

Technology

Co.

Ltd.,

Class

H

28,000

12,854

BAIC

BluePark

New

Energy

Technology

Co.

Ltd.,

Class

A

(b)

4,200

4,274

Baidu,

Inc.,

Class

A

(b)

21,500

239,684

Bank

of

Beijing

Co.

Ltd.,

Class

A

14,100

11,648

Bank

of

Changsha

Co.

Ltd.,

Class

A

4,000

4,984

Bank

of

Chengdu

Co.

Ltd.,

Class

A

3,400

7,949

Bank

of

China

Ltd.,

Class

A

34,700

26,421

Bank

of

China

Ltd.,

Class

H

859,000

480,748

Bank

of

Chongqing

Co.

Ltd.,

Class

A

4,400

6,482

Bank

of

Communications

Co.

Ltd.,

Class

A

22,700

23,348

Bank

of

Communications

Co.

Ltd.,

Class

H

89,000

78,043

Bank

of

Guiyang

Co.

Ltd.,

Class

A

1,000

794

Bank

of

Hangzhou

Co.

Ltd.,

Class

A

2,400

4,858

Bank

of

Jiangsu

Co.

Ltd.,

Class

A

9,600

13,430

Bank

of

Nanjing

Co.

Ltd.,

Class

A

7,300

10,473

Bank

of

Ningbo

Co.

Ltd.,

Class

A

4,000

13,163

57

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

China

–

26.2%

(continued)

Bank

of

Shanghai

Co.

Ltd.,

Class

A

10,900

15,578

Bank

of

Suzhou

Co.

Ltd.,

Class

A

4,300

4,760

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

15,700

14,786

Beijing

Capital

Eco-Environment

Protection

Group

Co.

Ltd.,

Class

A

14,000

6,091

Beijing

Compass

Technology

Development

Co.

Ltd.,

Class

A

(b)

145

1,174

Beijing

Dabeinong

Technology

Group

Co.

Ltd.,

Class

A

4,700

2,640

Beijing

Easpring

Material

Technology

Co.

Ltd.,

Class

A

900

4,693

Beijing

E-Hualu

Information

Technology

Co.

Ltd.,

Class

A

(b)

400

1,223

Beijing

Kingsoft

Office

Software,

Inc.,

Class

A

234

9,446

Beijing

New

Building

Materials

PLC,

Class

A

1,100

4,244

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

Class

A

2,100

3,230

Beijing

Shiji

Information

Technology

Co.

Ltd.,

Class

A

2,890

3,315

Beijing

Tiantan

Biological

Products

Corp.

Ltd.,

Class

A

1,640

4,311

Beijing

Tongrentang

Co.

Ltd.,

Class

A

1,000

5,019

Beijing

United

Information

Technology

Co.

Ltd.,

Class

A

700

2,277

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co.

Ltd.,

Class

A

600

5,404

Beijing

Yanjing

Brewery

Co.

Ltd.,

Class

A

300

537

Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.,

Class

A

32,200

25,759

Beiqi

Foton

Motor

Co.

Ltd.,

Class

A

(b)

9,800

3,535

Bethel

Automotive

Safety

Systems

Co.

Ltd.,

Class

A

560

4,443

Bilibili,

Inc.,

Class

Z

(b)

3,260

57,467

Biwin

Storage

Technology

Co.

Ltd.,

Class

A

(b)

494

4,240

Bloomage

Biotechnology

Corp.

Ltd.,

Class

A

222

1,493

Bluefocus

Intelligent

Communications

Group

Co.

Ltd.,

Class

A

100

118

BOC

International

China

Co.

Ltd.,

Class

A

3,100

4,213

BOE

Technology

Group

Co.

Ltd.,

Class

A

23,900

12,636

BTG

Hotels

Group

Co.

Ltd.,

Class

A

2,100

4,141

BYD

Co.

Ltd.,

Class

A

1,300

63,201

BYD

Co.

Ltd.,

Class

H

10,500

501,257

By-health

Co.

Ltd.,

Class

A

2,300

3,480

Caitong

Securities

Co.

Ltd.,

Class

A

4,800

4,818

Cambricon

Technologies

Corp.

Ltd.,

Class

A

(b)

220

21,313

Canmax

Technologies

Co.

Ltd.,

Class

A

1,200

2,951

Capital

Securities

Co.

Ltd.,

Class

A

1,500

3,906

Cathay

Biotech,

Inc.,

Class

A

409

2,927

CCOOP

Group

Co.

Ltd.,

Class

A

(b)

6,000

2,231

CECEP

Solar

Energy

Co.

Ltd.,

Class

A

31,800

18,871

CECEP

Wind-Power

Corp.,

Class

A

5,400

2,134

CGN

Power

Co.

Ltd.,

Class

A

5,000

2,423

CGN

Power

Co.

Ltd.,

Class

H

(c)

117,000

37,266

Changchun

High

&

New

Technology

Industry

Group,

Inc.,

Class

A

300

3,631

Changjiang

Securities

Co.

Ltd.,

Class

A

6,300

5,569

Changzhou

Xingyu

Automotive

Lighting

Systems

Co.

Ltd.,

Class

A

300

5,477

Chaozhou

Three-Circle

Group

Co.

Ltd.,

Class

A

1,500

7,086

Chengxin

Lithium

Group

Co.

Ltd.,

Class

A

(b)

1,100

1,698

Chifeng

Jilong

Gold

Mining

Co.

Ltd.,

Class

A

500

1,809

China

Baoan

Group

Co.

Ltd.,

Class

A

3,600

3,837

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H

107,000

13,660

China

CITIC

Bank

Corp.

Ltd.,

Class

H

109,000

86,163

China

CITIC

Financial

Asset

Management

Co.

Ltd.,

Class

H

(b)(c)

114,000

10,732

China

Coal

Energy

Co.

Ltd.,

Class

A

4,300

6,003

China

Coal

Energy

Co.

Ltd.,

Class

H

21,000

21,691

China

Communications

Services

Corp.

Ltd.,

Class

H

26,000

13,579

China

Construction

Bank

Corp.,

Class

A

6,900

8,607

China

Construction

Bank

Corp.,

Class

H

1,016,000

835,890

China

CSSC

Holdings

Ltd.,

Class

A

3,100

12,498

China

Eastern

Airlines

Corp.

Ltd.,

Class

A

(b)

5,700

2,896

58

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

China

–

26.2%

(continued)

China

Eastern

Airlines

Corp.

Ltd.,

Class

H

(b)

22,000

6,582

China

Energy

Engineering

Corp.

Ltd.,

Class

A

9,000

2,726

China

Energy

Engineering

Corp.

Ltd.,

Class

H

112,000

14,298

China

Everbright

Bank

Co.

Ltd.,

Class

A

12,800

6,662

China

Everbright

Bank

Co.

Ltd.,

Class

H

97,000

42,154

China

Feihe

Ltd.

(c)

42,000

31,846

China

Galaxy

Securities

Co.

Ltd.,

Class

A

2,800

6,030

China

Galaxy

Securities

Co.

Ltd.,

Class

H

39,000

35,406

China

Great

Wall

Securities

Co.

Ltd.,

Class

A

4,200

4,470

China

Greatwall

Technology

Group

Co.

Ltd.,

Class

A

(b)

1,000

2,020

China

Hongqiao

Group

Ltd.

27,000

48,605

China

International

Capital

Corp.

Ltd.,

Class

A

1,100

4,975

China

International

Capital

Corp.

Ltd.,

Class

H

(c)

19,200

33,029

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

A

4,400

4,574

China

Jushi

Co.

Ltd.,

Class

A

3,300

5,330

China

Life

Insurance

Co.

Ltd.,

Class

A

900

4,499

China

Life

Insurance

Co.

Ltd.,

Class

H

82,000

150,154

China

Literature

Ltd.

(b)(c)

4,400

15,291

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

36,000

28,504

China

Merchants

Bank

Co.

Ltd.,

Class

A

15,000

84,141

China

Merchants

Bank

Co.

Ltd.,

Class

H

39,000

213,490

China

Merchants

Energy

Shipping

Co.

Ltd.,

Class

A

5,100

4,108

China

Merchants

Expressway

Network

&

Technology

Holdings

Co.

Ltd.,

Class

A

3,700

6,536

China

Merchants

Securities

Co.

Ltd.,

Class

A

4,900

11,098

China

Merchants

Securities

Co.

Ltd.,

Class

H

(c)

4,600

6,988

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

4,200

5,291

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

28,700

15,728

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

(a)

66,500

31,215

China

National

Building

Material

Co.

Ltd.,

Class

H

56,000

27,225

China

National

Chemical

Engineering

Co.

Ltd.,

Class

A

6,900

7,173

China

National

Nuclear

Power

Co.

Ltd.,

Class

A

12,900

16,394

China

National

Software

&

Service

Co.

Ltd.,

Class

A

(b)

690

4,311

China

Nonferrous

Mining

Corp.

Ltd.

10,000

6,628

China

Northern

Rare

Earth

Group

High-Tech

Co.

Ltd.,

Class

A

3,300

10,582

China

Oilfield

Services

Ltd.,

Class

A

2,300

4,221

China

Oilfield

Services

Ltd.,

Class

H

20,000

15,655

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

4,100

16,851

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

28,000

76,186

China

Petroleum

&

Chemical

Corp.,

Class

A

19,700

15,352

China

Petroleum

&

Chemical

Corp.,

Class

H

248,000

126,963

China

Railway

Group

Ltd.,

Class

A

12,200

9,272

China

Railway

Group

Ltd.,

Class

H

52,000

22,397

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

A

5,711

4,002

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

H

(c)

10,000

4,023

China

Reinsurance

Group

Corp.,

Class

H

40,000

4,642

China

Resources

Beverage

Holdings

Co.

Ltd.

(b)

5,800

10,381

China

Resources

Microelectronics

Ltd.,

Class

A

529

3,356

China

Resources

Mixc

Lifestyle

Services

Ltd.

(c)

6,400

30,784

China

Resources

Pharmaceutical

Group

Ltd.

(c)

16,500

10,426

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co.

Ltd.,

Class

A

1,000

5,662

China

Science

Publishing

&

Media

Ltd,

Class

A

100

255

China

Shenhua

Energy

Co.

Ltd.,

Class

A

3,700

19,512

China

Shenhua

Energy

Co.

Ltd.,

Class

H

36,500

137,439

China

Southern

Airlines

Co.

Ltd.,

Class

A

(b)

3,900

3,018

China

Southern

Airlines

Co.

Ltd.,

Class

H

(b)

20,000

8,253

China

Southern

Power

Grid

Energy

Storage

Co.

Ltd.,

Class

A

4,000

5,370

China

State

Construction

Engineering

Corp.

Ltd.,

Class

A

30,700

23,291

59

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

China

–

26.2%

(continued)

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

H

27,000

14,449

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

A

21,000

12,318

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

1,100

9,602

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

H

(c)

2,000

13,630

China

Tower

Corp.

Ltd.,

Class

H

(c)

49,900

72,327

China

United

Network

Communications

Ltd.,

Class

A

23,000

16,847

China

Vanke

Co.

Ltd.,

Class

A

(b)

4,300

4,032

China

Vanke

Co.

Ltd.,

Class

H

(b)

23,800

16,420

China

XD

Electric

Co.

Ltd.,

Class

A

4,000

3,420

China

Yangtze

Power

Co.

Ltd.,

Class

A

15,900

64,583

China

Zhenhua

Group

Science

&

Technology

Co.

Ltd.,

Class

A

200

1,408

China

Zheshang

Bank

Co.

Ltd.,

Class

A

26,400

10,869

China

Zheshang

Bank

Co.

Ltd.,

Class

H

22,000

7,433

Chongqing

Brewery

Co.

Ltd.,

Class

A

500

3,977

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

A

5,586

9,422

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

B

19,250

9,110

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

2,100

1,981

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

H

36,000

27,622

Chongqing

Zhifei

Biological

Products

Co.

Ltd.,

Class

A

1,000

2,594

CITIC

Ltd.

64,000

78,156

CITIC

Pacific

Special

Steel

Group

Co.

Ltd.,

Class

A

1,000

1,612

CITIC

Securities

Co.

Ltd.,

Class

A

7,735

26,711

CITIC

Securities

Co.

Ltd.,

Class

H

20,500

50,915

CMOC

Group

Ltd.,

Class

A

7,900

7,679

CMOC

Group

Ltd.,

Class

H

33,000

25,958

CNGR

Advanced

Material

Co.

Ltd.,

Class

A

1,020

4,432

CNPC

Capital

Co.

Ltd.,

Class

A

3,900

3,689

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

3,100

98,812

COSCO

SHIPPING

Development

Co.

Ltd.,

Class

A

15,800

4,873

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

A

1,300

1,842

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

H

18,000

14,298

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

9,300

18,388

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

29,000

43,754

Country

Garden

Services

Holdings

Co.

Ltd.

26,000

23,235

CRRC

Corp.

Ltd.,

Class

A

19,600

18,945

CRRC

Corp.

Ltd.,

Class

H

40,000

24,656

CSC

Financial

Co.

Ltd.,

Class

A

1,000

3,203

CSC

Financial

Co.

Ltd.,

Class

H

(c)

7,500

8,492

CSPC

Innovation

Pharmaceutical

Co.

Ltd.

400

2,308

CSSC

Science

&

Technology

Co.

Ltd.

400

643

Daqin

Railway

Co.

Ltd.,

Class

A

11,500

10,276

DaShenLin

Pharmaceutical

Group

Co.

Ltd.,

Class

A

1,100

2,866

Datang

International

Power

Generation

Co.

Ltd.,

Class

A

8,200

3,500

Datang

International

Power

Generation

Co.

Ltd.,

Class

H

34,000

8,111

DBG

Technology

Co.

Ltd.,

Class

A

1,200

4,078

DHC

Software

Co.

Ltd.,

Class

A

4,500

6,072

Do-Fluoride

New

Materials

Co.

Ltd.,

Class

A

2,300

3,680

Dong-E-E-Jiao

Co.

Ltd.,

Class

A

900

6,742

Dongfang

Electric

Corp.

Ltd.,

Class

H

5,600

7,655

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

24,000

13,308

Dongguan

Yiheda

Automation

Co.

Ltd.,

Class

A

100

320

Dongxing

Securities

Co.

Ltd.,

Class

A

4,500

6,227

East

Buy

Holding

Ltd.

(a),(b)(c)

4,000

6,252

East

Money

Information

Co.

Ltd.,

Class

A

9,600

27,190

Eastern

Air

Logistics

Co.

Ltd.,

Class

A

100

167

Eastroc

Beverage

Group

Co.

Ltd.,

Class

A

130

5,119

Easyhome

New

Retail

Group

Co.

Ltd.,

Class

A

1,600

729

60

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

China

–

26.2%

(continued)

Ecovacs

Robotics

Co.

Ltd.,

Class

A

700

4,964

Empyrean

Technology

Co.

Ltd.,

Class

A

200

3,282

ENN

Energy

Holdings

Ltd.

7,600

60,322

ENN

Natural

Gas

Co.

Ltd.,

Class

A

1,400

3,809

Eoptolink

Technology,

Inc.

Ltd.,

Class

A

500

6,181

Eve

Energy

Co.

Ltd.,

Class

A

1,800

10,181

Everbright

Securities

Co.

Ltd.,

Class

A

3,600

7,980

Flat

Glass

Group

Co.

Ltd.,

Class

A

2,000

4,136

Flat

Glass

Group

Co.

Ltd.,

Class

H

4,000

4,529

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

10,500

10,409

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

2,482

14,326

Founder

Securities

Co.

Ltd.,

Class

A

7,100

7,283

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

A

6,600

16,412

Fujian

Kuncai

Material

Technology

Co.

Ltd.,

Class

A

200

557

Fujian

Sunner

Development

Co.

Ltd.,

Class

A

1,500

3,313

Full

Truck

Alliance

Co.

Ltd.,

ADR

8,640

98,150

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

1,700

13,604

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

(c)

4,800

33,951

GalaxyCore,

Inc.,

Class

A

1,557

2,956

Gan

&

Lee

Pharmaceuticals

Co.

Ltd.,

Class

A

800

5,253

Ganfeng

Lithium

Co.

Ltd.,

Class

H

(c)

2,760

6,741

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

A

1,500

6,186

Gansu

Qilianshan

Cement

Group

Co.

Ltd.

400

430

G-bits

Network

Technology

Xiamen

Co.

Ltd.,

Class

A

100

3,291

GD

Power

Development

Co.

Ltd.,

Class

A

9,000

5,539

GDS

Holdings

Ltd.,

Class

A

(b)

10,000

32,625

GEM

Co.

Ltd.,

Class

A

3,400

2,865

Gemdale

Corp.,

Class

A

7,100

4,184

Genscript

Biotech

Corp.

(b)

12,000

16,898

GF

Securities

Co.

Ltd.,

Class

A

1,600

3,439

GF

Securities

Co.

Ltd.,

Class

H

8,400

10,962

Giant

Biogene

Holding

Co.

Ltd.

(c)

5,000

51,582

GigaDevice

Semiconductor

Beijing,

Inc.,

Class

A

(b)

580

10,277

Ginlong

Technologies

Co.

Ltd.,

Class

A

500

3,607

Glodon

Co.

Ltd.,

Class

A

1,300

2,640

GoerTek,

Inc.,

Class

A

1,000

2,916

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

2,800

3,373

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

9,000

6,209

Gongniu

Group

Co.

Ltd.,

Class

A

580

5,688

Gotion

High-tech

Co.

Ltd.,

Class

A

2,300

6,543

Great

Wall

Motor

Co.

Ltd.,

Class

A

1,300

4,042

Great

Wall

Motor

Co.

Ltd.,

Class

H

27,500

39,434

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

3,900

24,465

Greenland

Holdings

Corp.

Ltd.,

Class

A

(b)

7,200

1,715

Greentown

China

Holdings

Ltd.

14,000

17,909

GRG

Banking

Equipment

Co.

Ltd.,

Class

A

2,600

4,418

Guangdong

Haid

Group

Co.

Ltd.,

Class

A

800

6,111

Guanghui

Energy

Co.

Ltd.,

Class

A

2,800

2,232

Guangshen

Railway

Co.

Ltd.,

Class

H

20,000

4,384

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H

42,000

14,894

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

A

300

1,092

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

H

4,000

8,748

Guangzhou

Haige

Communications

Group,

Inc.,

Co.,

Class

A

3,400

4,859

Guangzhou

Kingmed

Diagnostics

Group

Co.

Ltd.,

Class

A

200

802

Guangzhou

Shiyuan

Electronic

Technology

Co.

Ltd.,

Class

A

1,000

4,628

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

Class

A

1,500

3,610

Guangzhou

Yuexiu

Capital

Holdings

Group

Co.

Ltd.,

Class

A

5,500

4,778

61

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

China

–

26.2%

(continued)

Guosen

Securities

Co.

Ltd.,

Class

A

3,900

5,837

Guotai

Haitong

Securities

Co.

Ltd.

(c)

25,400

36,292

Guotai

Junan

Securities

Co.

Ltd.,

Class

A

8,300

19,691

Guoyuan

Securities

Co.

Ltd.,

Class

A

4,100

4,211

H

World

Group

Ltd.

20,700

73,140

Haidilao

International

Holding

Ltd.

(a)(c)

18,000

40,899

Haier

Smart

Home

Co.

Ltd.,

Class

A

25,800

75,024

Haier

Smart

Home

Co.

Ltd.,

Class

A

4,100

13,994

Hainan

Airlines

Holding

Co.

Ltd.,

Class

A

(b)

24,800

4,576

Hainan

Airport

Infrastructure

Co.

Ltd.,

Class

A

(b)

3,000

1,450

Haitian

International

Holdings

Ltd.

9,000

20,821

Hangcha

Group

Co.

Ltd.,

Class

A

1,600

4,134

Hangzhou

Binjiang

Real

Estate

Group

Co.

Ltd.,

Class

A

4,100

5,848

Hangzhou

First

Applied

Material

Co.

Ltd.,

Class

A

1,379

2,328

Hangzhou

Lion

Microelectronics

Co.

Ltd.,

Class

A

1,500

5,360

Hangzhou

Oxygen

Plant

Group

Co.

Ltd.,

Class

A

1,000

2,744

Hangzhou

Robam

Appliances

Co.

Ltd.,

Class

A

1,100

2,964

Hangzhou

Silan

Microelectronics

Co.

Ltd.,

Class

A

(b)

1,100

3,789

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

A

700

4,300

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

(c)

800

2,760

Han's

Laser

Technology

Industry

Group

Co.

Ltd.,

Class

A

1,700

5,407

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(a)(c)

12,000

37,294

Haohua

Chemical

Science

&

Technology

Co.

Ltd.,

Class

A

1,000

3,518

Hebei

Hengshui

Laobaigan

Liquor

Co.

Ltd.,

Class

A

1,600

3,824

Hebei

Sinopack

Electronic

Technology

Co.

Ltd.,

Class

A

200

1,284

Heilongjiang

Agriculture

Co.

Ltd.,

Class

A

3,100

6,407

Henan

Shenhuo

Coal

&

Power

Co.

Ltd.,

Class

A

1,900

4,453

Henan

Shuanghui

Investment

&

Development

Co.

Ltd.,

Class

A

1,900

6,535

Hengan

International

Group

Co.

Ltd.

7,000

18,911

Hengdian

Group

DMEGC

Magnetics

Co.

Ltd.,

Class

A

1,600

2,882

Hengli

Petrochemical

Co.

Ltd.,

Class

A

3,200

6,737

Hengtong

Optic-Electric

Co.

Ltd.,

Class

A

2,400

5,092

Hengyi

Petrochemical

Co.

Ltd.,

Class

A

3,900

3,270

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

A

500

1,889

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

H

5,000

15,217

Hithink

RoyalFlush

Information

Network

Co.

Ltd.,

Class

A

500

17,803

HLA

Group

Corp.

Ltd.,

Class

A

5,400

6,171

Hongta

Securities

Co.

Ltd.,

Class

A

3,900

3,963

Horizon

Robotics,

Inc.

(b)

62,400

52,706

Hoshine

Silicon

Industry

Co.

Ltd.,

Class

A

200

1,406

Hua

Hong

Semiconductor

Ltd.

(a)(c)

10,000

45,714

Huadian

Power

International

Corp.

Ltd.,

Class

A

3,200

2,516

Huadian

Power

International

Corp.

Ltd.,

Class

H

18,000

10,074

Huadong

Medicine

Co.

Ltd.,

Class

A

1,000

5,349

Huafa

Industrial

Co.

Ltd.

Zhuhai

1,000

701

Huafon

Chemical

Co.

Ltd.,

Class

A

4,800

4,421

Huaibei

Mining

Holdings

Co.

Ltd.,

Class

A

200

327

Hualan

Biological

Engineering,

Inc.,

Class

A

2,200

4,962

Huaneng

Lancang

River

Hydropower,

Inc.,

Class

A

5,600

7,364

Huaneng

Power

International,

Inc.,

Class

A

5,600

5,521

Huaneng

Power

International,

Inc.,

Class

H

46,000

28,532

Huatai

Securities

Co.

Ltd.,

Class

A

3,300

7,293

Huatai

Securities

Co.

Ltd.,

Class

H

(c)

14,600

21,651

Huaxi

Securities

Co.

Ltd.,

Class

A

4,500

4,982

Huaxia

Bank

Co.

Ltd.,

Class

A

13,100

13,113

Huaxia

Eye

Hospital

Group

Co.

Ltd.,

Class

A

1,200

3,111

Huayu

Automotive

Systems

Co.

Ltd.,

Class

A

1,000

2,451

62

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

China

–

26.2%

(continued)

Hubei

Feilihua

Quartz

Glass

Co.

Ltd.,

Class

A

800

5,315

Hubei

Xingfa

Chemicals

Group

Co.

Ltd.,

Class

A

1,300

3,657

Huizhou

Desay

SV

Automaotive

Co.

Ltd.,

Class

A

500

7,178

Humanwell

Healthcare

Group

Co.

Ltd.,

Class

A

1,600

4,598

Hunan

Valin

Steel

Co.

Ltd.,

Class

A

6,600

4,444

Hundsun

Technologies,

Inc.,

Class

A

1,300

4,645

Hwatsing

Technology

Co.

Ltd.,

Class

A

161

3,663

Hygon

Information

Technology

Co.

Ltd.,

Class

A

1,509

30,875

IEIT

SYSTEMS

Co.

Ltd.,

Class

A

700

4,901

iFlytek

Co.

Ltd.,

Class

A

1,500

9,693

IMEIK

Technology

Development

Co.

Ltd.,

Class

A

280

6,670

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

42,500

41,021

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

756,000

518,643

Industrial

Bank

Co.

Ltd.,

Class

A

13,000

37,356

Industrial

Securities

Co.

Ltd.,

Class

A

4,600

3,661

Ingenic

Semiconductor

Co.

Ltd.,

Class

A

200

1,868

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

A

(b)

37,000

8,813

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co.

Ltd.,

Class

A

7,400

5,522

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

3,700

15,161

Inner

Mongolia

Yitai

Coal

Co.

Ltd.,

Class

B

11,300

22,464

Inner

Mongolia

Yuan

Xing

Energy

Co.

Ltd.,

Class

A

4,300

3,037

Innovent

Biologics,

Inc.

(b)(c)

12,500

86,641

iQIYI,

Inc.,

ADR

(b)

3,429

6,309

iSoftStone

Information

Technology

Group

Co.

Ltd.,

Class

A

800

6,400

J&T

Global

Express

Ltd.

(b)

57,400

44,708

JA

Solar

Technology

Co.

Ltd.,

Class

A

2,776

3,650

Jason

Furniture

Hangzhou

Co.

Ltd.,

Class

A

800

2,747

JCET

Co.

Ltd.,

Class

A

1,400

6,444

JD

Health

International,

Inc.

(b)(c)

8,100

38,752

JD

Logistics,

Inc.

(b)(c)

17,100

26,991

JD.com,

Inc.,

Class

A

30,466

502,483

Jiangsu

Eastern

Shenghong

Co.

Ltd.,

Class

A

3,900

4,725

Jiangsu

Expressway

Co.

Ltd.,

Class

H

18,000

22,399

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

Class

A

944

9,673

Jiangsu

Hengrui

Pharmaceuticals  Co.

Ltd.,

Class

A

4,440

31,239

Jiangsu

Hoperun

Software

Co.

Ltd.,

Class

A

(b)

600

4,263

Jiangsu

King's

Luck

Brewery

JSC

Ltd.,

Class

A

1,000

6,526

Jiangsu

Pacific

Quartz

Co.

Ltd.,

Class

A

100

445

Jiangsu

Xukuang

Energy

Co.

Ltd.,

Class

A

19,600

13,520

Jiangsu

Yanghe

Brewery

Joint-Stock

Co.

Ltd.,

Class

A

1,000

9,445

Jiangsu

Yangnong

Chemical

Co.

Ltd.,

Class

A

700

4,969

Jiangsu

Yoke

Technology

Co.

Ltd.,

Class

A

600

4,557

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co.

Ltd.,

Class

A

1,000

4,745

Jiangsu

Zhongtian

Technology

Co.

Ltd.,

Class

A

3,300

6,320

Jiangxi

Copper

Co.

Ltd.,

Class

A

3,100

9,083

Jiangxi

Copper

Co.

Ltd.,

Class

H

9,000

15,157

Jiangxi

Special

Electric

Motor

Co.

Ltd.,

Class

A

(b)

800

769

Jiangxi

Zhengbang

Technology

Co.

Ltd.,

Class

A

(b)

10,800

4,104

Jinduicheng

Molybdenum

Co.

Ltd.,

Class

A

2,900

3,913

JiuGui

Liquor

Co.

Ltd.,

Class

A

500

2,953

Joincare

Pharmaceutical

Group

Industry

Co.

Ltd.,

Class

A

2,900

4,233

Jonjee

High-Tech

Industrial

&

Commercial

Holding

Co.

Ltd.,

Class

A

1,000

2,656

Juneyao

Airlines

Co.

Ltd.,

Class

A

2,600

4,439

Kanzhun

Ltd.,

ADR

(b)

3,250

49,725

KE

Holdings,

Inc.,

Class

A

18,200

125,563

Keda

Clean

Energy

Co.

Ltd.,

Class

A

2,600

3,247

Kingdee

International

Software

Group

Co.

Ltd.

(b)

33,000

56,087

63

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

China

–

26.2%

(continued)

Kingfa

Sci

&

Tech

Co.

Ltd.,

Class

A

1,200

1,809

Kingnet

Network

Co.

Ltd.,

Class

A

1,200

2,809

Kingsoft

Corp.

Ltd.

10,600

52,763

Kuaishou

Technology,

Class

B

(b)(c)

22,800

151,712

Kuang-Chi

Technologies

Co.

Ltd.,

Class

A

1,600

9,297

Kunlun

Tech

Co.

Ltd.,

Class

A

1,000

4,392

Kweichow

Moutai

Co.

Ltd.,

Class

A

900

191,703

Lao

Feng

Xiang

Co.

Ltd.,

Class

B

2,600

9,045

Laopu

Gold

Co.

Ltd.,

Class

H

(b)

300

27,835

LB

Group

Co.

Ltd.,

Class

A

3,200

7,288

Lenovo

Group

Ltd.

80,000

92,744

Lens

Technology

Co.

Ltd.,

Class

A

3,900

11,175

Lepu

Medical

Technology

Beijing

Co.

Ltd.,

Class

A

1,900

2,935

Levima

Advanced

Materials

Corp.,

Class

A

1,000

2,023

Li

Auto,

Inc.,

Class

A

(b)

12,800

157,221

Li

Ning

Co.

Ltd.

24,000

45,495

Liaoning

Port

Co.

Ltd.,

Class

A

13,300

2,674

Lingyi

iTech

Guangdong

Co.,

Class

A

6,000

6,592

Livzon

Pharmaceutical

Group,

Inc.,

Class

H

3,000

9,981

Longfor

Group

Holdings

Ltd.

(c)

20,000

26,926

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

4,936

9,991

Loongson

Technology

Corp

Ltd,

Class

A

(b)

237

4,235

Lufax

Holding

Ltd.,

ADR

(a)

2,655

7,699

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

4,700

19,964

Luzhou

Laojiao

Co.

Ltd.,

Class

A

900

15,334

Mango

Excellent

Media

Co.

Ltd.,

Class

A

1,400

4,382

Maxscend

Microelectronics

Co.

Ltd.,

Class

A

400

4,122

Meihua

Holdings

Group

Co.

Ltd.,

Class

A

3,700

5,584

Meinian

Onehealth

Healthcare

Holdings

Co.

Ltd.,

Class

A

7,700

5,661

Meituan,

Class

B

(b)(c)

55,570

933,727

Metallurgical

Corp.

of

China

Ltd.,

Class

A

11,300

4,496

Metallurgical

Corp.

of

China

Ltd.,

Class

H

30,000

5,687

Midea

Group

Co.

Ltd.,

Class

A

4,500

45,615

Midea

Group

Co.

Ltd.,

Class

H

(b)

4,000

37,938

Ming

Yang

Smart

Energy

Group

Ltd.,

Class

A

300

422

MINISO

Group

Holding

Ltd.

4,800

21,602

Montage

Technology

Co.

Ltd.,

Class

A

938

9,921

Muyuan

Foods

Co.

Ltd.,

Class

A

3,220

17,588

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co.

Ltd.,

Class

A

2,400

3,354

Nanjing

Securities

Co.

Ltd.,

Class

A

4,700

5,002

NARI

Technology

Co.

Ltd.,

Class

A

4,244

12,943

National

Silicon

Industry

Group

Co.

Ltd.,

Class

A

2,119

5,085

NAURA

Technology

Group

Co.

Ltd.,

Class

A

400

24,837

NavInfo

Co.

Ltd.,

Class

A

(b)

3,700

4,244

NetEase,

Inc.

19,700

424,246

New

China

Life

Insurance

Co.

Ltd.,

Class

A

1,600

10,599

New

China

Life

Insurance

Co.

Ltd.,

Class

H

9,500

34,731

New

Hope

Liuhe

Co.

Ltd.,

Class

A

(b)

9,600

12,676

New

Oriental

Education

&

Technology

Group,

Inc.

15,800

78,035

Ninestar

Corp.,

Class

A

(b)

300

908

Ningbo

Deye

Technology

Co.

Ltd.,

Class

A

216

2,564

Ningbo

Shanshan

Co.

Ltd.,

Class

A

1,000

965

Ningbo

Tuopu

Group

Co.

Ltd.,

Class

A

1,340

9,640

Ningbo

Zhoushan

Port

Co.

Ltd.,

Class

A

2,800

1,372

Ningxia

Baofeng

Energy

Group

Co.

Ltd.,

Class

A

6,400

14,126

NIO,

Inc.,

Class

A

(b)

11,400

46,234

Nongfu

Spring

Co.

Ltd.,

Class

H

(c)

19,800

91,408

64

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

China

–

26.2%

(continued)

North

Industries

Group

Red

Arrow

Co.

Ltd.,

Class

A

2,400

5,568

OFILM

Group

Co.

Ltd.,

Class

A

(b)

4,300

6,672

Onewo,

Inc.,

Class

H

4,300

11,894

Oppein

Home

Group,

Inc.,

Class

A

700

6,371

Orient

Securities

Co.

Ltd.,

Class

A

2,792

3,521

Orient

Securities

Co.

Ltd.,

Class

H

(c)

3,600

2,117

Oriental

Pearl

Group

Co.

Ltd.,

Class

A

6,600

6,688

Ovctek

China,

Inc.,

Class

A

1,700

3,443

Pangang

Group

Vanadium

Titanium

&

Resources

Co.

Ltd.,

Class

A

(b)

8,000

2,809

People.cn

Co.

Ltd.,

Class

A

900

2,455

Perfect

World

Co.

Ltd.,

Class

A

300

561

PetroChina

Co.

Ltd.,

Class

A

13,500

14,852

PetroChina

Co.

Ltd.,

Class

H

236,000

180,773

Pharmaron

Beijing

Co.

Ltd.,

Class

A

1,000

3,190

Pharmaron

Beijing

Co.

Ltd.,

Class

H

(c)

3,100

5,397

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

74,000

136,459

Ping

An

Bank

Co.

Ltd.,

Class

A

11,100

16,674

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

7,900

55,159

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

68,000

408,630

Piotech,

Inc.,

Class

A

191

4,113

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

A

10,800

12,446

Poly

Property

Services

Co.

Ltd.,

Class

H

2,000

7,982

Pony

AI,

Inc.,

ADR

(a),(b)

1,703

15,480

Pop

Mart

International

Group

Ltd.

(c)

7,200

179,937

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

A

13,200

9,305

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H

(c)

103,000

63,489

Power

Construction

Corp.

of

China

Ltd.,

Class

A

7,000

4,549

Qifu

Technology,

Inc.,

ADR

766

31,429

Quinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

A

(b)

6,500

14,320

Range

Intelligent

Computing

Technology

Group

Co.

Ltd.,

Class

A

700

4,681

Raytron

Technology

Co.

Ltd.,

Class

A

1,096

8,421

Rongsheng

Petrochemical

Co.

Ltd.,

Class

A

5,700

6,538

SAIC

Motor

Corp.

Ltd.,

Class

A

5,600

12,522

Sailun

Group

Co.

Ltd.,

Class

A

3,000

5,048

Sanan

Optoelectronics

Co.

Ltd.,

Class

A

3,400

5,753

Sangfor

Technologies,

Inc.,

Class

A

500

6,751

Sany

Heavy

Equipment

International

Holdings

Co.

Ltd.

10,000

7,312

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

4,700

12,224

Satellite

Chemical

Co.

Ltd.,

Class

A

1,542

3,845

SDIC

Capital

Co.

Ltd.,

Class

A

6,300

5,933

SDIC

Power

Holdings

Co.

Ltd.,

Class

A

5,100

10,575

Sealand

Securities

Co.

Ltd.,

Class

A

4,400

2,308

Sensetime

Group,

Inc.,

Class

B

(b)(c)

259,000

50,099

Seres

Group

Co.

Ltd.,

Class

A

1,000

17,938

SF

Holding

Co.

Ltd.,

Class

A

3,400

20,373

SF

Holding

Co.

Ltd.,

Class

H

(b)

2,000

10,007

SG

Micro

Corp.,

Class

A

500

6,948

Shaanxi

Coal

Industry

Co.

Ltd.,

Class

A

5,500

14,517

Shaanxi

Energy

Investment

Co.

Ltd.,

Class

A

3,900

4,774

Shan

Xi

Hua

Yang

Group

New

Energy

Co.

Ltd.,

Class

A

500

451

Shandong

Gold

Mining

Co.

Ltd.,

Class

A

3,000

12,516

Shandong

Gold

Mining

Co.

Ltd.,

Class

H

(c)

8,900

26,167

Shandong

Hualu

Hengsheng

Chemical

Co.

Ltd.,

Class

A

1,000

2,807

Shandong

Linglong

Tyre

Co.

Ltd.,

Class

A

1,700

3,333

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

A

17,000

8,544

Shandong

Sinocera

Functional

Material

Co.

Ltd.,

Class

A

1,100

2,544

Shandong

Sun

Paper

Industry

JSC

Ltd.,

Class

A

2,400

4,630

65

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

China

–

26.2%

(continued)

Shandong

Weifang

Rainbow

Chemical

Co.

Ltd.,

Class

A

100

725

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

H

20,000

14,727

Shanghai

Aiko

Solar

Energy

Co.

Ltd.,

Class

A

(b)

2,700

3,907

Shanghai

Bairun

Investment

Holding

Group

Co.

Ltd.,

Class

A

(b)

600

2,156

Shanghai

Baosight

Software

Co.

Ltd.,

Class

A

1,433

5,290

Shanghai

Baosight

Software

Co.

Ltd.,

Class

B

6,404

9,401

Shanghai

BOCHU

Electronic

Technology

Corp.

Ltd.,

Class

A

170

4,546

Shanghai

Electric

Group

Co.

Ltd.,

Class

A

(b)

2,800

2,807

Shanghai

Electric

Group

Co.

Ltd.,

Class

H

(b)

38,000

12,496

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

A

500

1,611

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H

9,500

17,126

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

A

1,603

10,544

Shanghai

International

Airport

Co.

Ltd.,

Class

A

1,800

7,956

Shanghai

International

Port

Group

Co.

Ltd.,

Class

A

7,000

5,243

Shanghai

Jinjiang

International

Hotels

Co.

Ltd.,

Class

A

1,500

4,973

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

H

(b)(c)

600

1,264

Shanghai

Lingang

Holdings

Corp.,

Ltd.,

Class

A

100

125

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

9,900

13,558

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

18,600

28,069

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.,

Class

A

730

1,690

Shanghai

RAAS

Blood

Products

Co.

Ltd.,

Class

A

7,300

6,744

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

6,100

7,055

Shanghai

United

Imaging

Healthcare

Co.

Ltd.

465

8,509

Shanghai

Yuyuan

Tourist

Mart

Group

Co.

Ltd.,

Class

A

5,000

3,869

Shanghai

Zhangjiang

High-Tech

Park

Development

Co.

Ltd.,

Class

A

200

721

Shanghai

Zhonggu

Logistics

Co.

Ltd.,

Class

A

(b)

2,800

4,148

Shanxi

Coking

Coal

Energy

Group

Co.

Ltd.,

Class

A

5,800

5,119

Shanxi

Lu'an

Environmental

Energy

Development

Co.

Ltd.,

Class

A

1,500

2,255

Shanxi

Meijin

Energy

Co.

Ltd.,

Class

A

(b)

5,300

3,065

Shanxi

Securities

Co.

Ltd.,

Class

A

7,300

5,669

Shanxi

Taigang

Stainless

Steel

Co.

Ltd.,

Class

A

(b)

11,200

5,444

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

A

860

24,168

Shede

Spirits

Co.

Ltd.,

Class

A

600

4,687

Shenergy

Co.

Ltd.,

Class

A

4,900

5,951

Shengyi

Technology

Co.

Ltd.,

Class

A

2,700

9,030

Shennan

Circuits

Co.

Ltd.,

Class

A

300

4,503

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

15,900

10,333

Shenyang

Xingqi

Pharmaceutical

Co.

Ltd.,

Class

A

500

5,530

Shenzhen

Capchem

Technology

Co.

Ltd.,

Class

A

900

3,937

Shenzhen

Energy

Group

Co.

Ltd.,

Class

A

7,000

6,168

Shenzhen

Goodix

Technology

Co.

Ltd.,

Class

A

400

3,870

Shenzhen

Han's

CNC

Technology

Co.

Ltd.,

Class

A

(b)

900

4,682

Shenzhen

Huaqiang

Industry

Co.

Ltd.,

Class

A

1,200

4,233

Shenzhen

Infogem

Technologies

Co.

Ltd.,

Class

A

(b)

800

3,462

Shenzhen

Inovance

Technology

Co.

Ltd.,

Class

A

1,200

11,828

Shenzhen

Kaifa

Technology

Co.

Ltd.,

Class

A

1,100

2,707

Shenzhen

Kangtai

Biological

Products

Co.

Ltd.,

Class

A

1,000

1,874

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

1,000

30,245

Shenzhen

New

Industries

Biomedical

Engineering

Co.

Ltd.,

Class

A

600

4,330

Shenzhen

Overseas

Chinese

Town

Co.

Ltd.,

Class

A

(b)

6,500

2,112

Shenzhen

Salubris

Pharmaceuticals

Co.

Ltd.,

Class

A

100

563

Shenzhen

SED

Industry

Co.

Ltd.,

Class

A

700

2,181

Shenzhen

Transsion

Holdings

Co.

Ltd.,

Class

A

525

5,416

Shenzhou

International

Group

Holdings

Ltd.

8,100

56,196

Shijiazhuang

Changshan

BeiMing

Technology

Co.

Ltd.,

Class

A

(b)

1,300

4,038

Shijiazhuang

Yiling

Pharmaceutical

Co.

Ltd.,

Class

A

1,400

2,649

Sichuan

Biokin

Pharmaceutical

Co.

Ltd.,

Class

A

(b)

169

6,657

66

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

China

–

26.2%

(continued)

Sichuan

Changhong

Electric

Co.

Ltd.,

Class

A

2,000

2,891

Sichuan

Chuantou

Energy

Co.

Ltd.,

Class

A

5,500

12,866

Sichuan

Hebang

Corp.

Ltd.,

Class

A

15,900

3,700

Sichuan

Kelun

Pharmaceutical

Co.

Ltd.,

Class

A

500

2,493

Sichuan

Kelun-Biotech

Biopharmaceutical

Co.

Ltd.

(b)

400

17,166

Sichuan

Road

and

Bridge

Group

Co.

Ltd.,

Class

A

4,060

4,858

Sichuan

Swellfun

Co.

Ltd.,

Class

A

800

5,017

Sieyuan

Electric

Co.

Ltd.,

Class

A

800

7,928

Silergy

Corp.

4,000

50,027

Sinolink

Securities

Co.

Ltd.,

Class

A

4,300

4,808

Sinoma

International

Engineering

Co.,

Class

A

2,900

3,658

Sinoma

Science

&

Technology

Co.

Ltd.,

Class

A

2,100

3,982

Sinomach

Heavy

Equipment

Group

Co.

Ltd.,

Class

A

(b)

15,300

5,941

Sinopec

Engineering

Group

Co.

Ltd.,

Class

H

14,500

10,340

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

H

(b)

68,000

10,084

Sinopharm

Group

Co.

Ltd.,

Class

H

17,200

40,678

Sinotrans

Ltd.,

Class

H

23,000

9,995

Sinotruk

Hong

Kong

Ltd.

4,500

10,817

Skshu

Paint

Co.

Ltd.,

Class

A

300

2,000

Smoore

International

Holdings

Ltd.

(a)(c)

22,000

38,186

Songcheng

Performance

Development

Co.

Ltd.,

Class

A

3,200

4,120

SooChow

Securities

Co.

Ltd.,

Class

A

4,500

4,851

Spring

Airlines

Co.

Ltd.,

Class

A

400

2,956

StarPower

Semiconductor

Ltd.,

Class

A

140

1,589

State

Grid

Information

&

Communication

Co.

Ltd.,

Class

A

300

747

Sungrow

Power

Supply

Co.

Ltd.,

Class

A

1,380

11,515

Sunny

Optical

Technology

Group

Co.

Ltd.

7,900

66,727

Sunresin

New

Materials

Co.

Ltd.,

Class

A

600

3,597

Sunshine

Insurance

Group

Co.

Ltd.

15,000

6,654

Sunwoda

Electronic

Co.

Ltd.,

Class

A

1,200

3,143

SUPCON

Technology

Co.

Ltd.,

Class

A

434

2,819

Suzhou

Dongshan

Precision

Manufacturing

Co.

Ltd.,

Class

A

1,100

3,920

Suzhou

Maxwell

Technologies

Co.

Ltd.,

Class

A

300

2,870

Suzhou

TFC

Optical

Communication

Co.

Ltd.,

Class

A

280

2,644

TAL

Education

Group,

ADR

(b)

4,579

40,066

Talkweb

Information

System

Co.

Ltd.,

Class

A

(b)

900

4,127

Tangshan

Jidong

Cement

Co.

Ltd.,

Class

A

(b)

6,600

4,298

TBEA

Co.

Ltd.,

Class

A

1,920

3,048

TCL

Technology

Group

Corp.,

Class

A

15,900

9,085

Tencent

Holdings

Ltd.

64,700

3,981,436

Tencent

Music

Entertainment

Group,

Class

A

14,700

100,563

The

People's

Insurance

Company

Group

of

China

Ltd.,

Class

A

7,600

7,388

The

People's

Insurance

Company

Group

of

China

Ltd.,

Class

H

101,000

59,782

Thunder

Software

Technology

Co.

Ltd.,

Class

A

400

3,051

Tianjin

Zhonghuan

Semiconductor

Co.

Ltd.,

Class

A

3,450

3,639

Tianqi

Lithium

Corp.,

Class

A

1,200

4,760

Tianqi

Lithium

Corp.,

Class

H

1,400

4,170

Tianshan

Aluminum

Group

Co.

Ltd.,

Class

A

4,300

4,405

Tingyi

Cayman

Islands

Holding

Corp.

26,000

47,073

Tongcheng

Travel

Holdings

Ltd.

15,200

40,182

TongKun

Group

Co.

Ltd.,

Class

A

2,900

4,344

Tongling

Nonferrous

Metals

Group

Co.

Ltd.,

Class

A

14,100

6,135

Tongwei

Co.

Ltd.,

Class

A

3,400

7,635

Topchoice

Medical

Corp.,

Class

A

280

1,547

Topsports

International

Holdings

Ltd.

(c)

31,000

12,392

Travelsky

Technology

Ltd.,

Class

H

10,000

13,953

Trina

Solar

Co.

Ltd.,

Class

A

1,584

2,857

67

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

China

–

26.2%

(continued)

Tsingtao

Brewery

Co.

Ltd.,

Class

A

300

3,073

Tsingtao

Brewery

Co.

Ltd.,

Class

H

8,000

56,637

UBTech

Robotics

Corp.

Ltd.

(b)

600

6,731

Unigroup

Guoxin

Microelectronics

Co.

Ltd.,

Class

A

479

4,220

Uni-President

China

Holdings

Ltd.

15,000

17,989

Unisplendour

Corp.

Ltd.,

Class

A

3,000

10,384

United

Nova

Technology

Co.

Ltd.,

Class

A

(b)

6,871

4,390

Venustech

Group,

Inc.,

Class

A

1,100

2,342

Verisilicon

Microelectronics

Shanghai

Co.

Ltd.,

Class

A

(b)

289

3,821

Victory

Giant

Technology

Huizhou

Co.

Ltd.,

Class

A

600

6,043

Vipshop

Holdings

Ltd.,

ADR

3,901

53,132

Wanda

Film

Holding

Co.

Ltd.,

Class

A

(b)

2,200

3,408

Wangfujing

Group

Co.

Ltd.,

Class

A

1,400

2,681

Wanhua

Chemical

Group

Co.

Ltd.,

Class

A

1,900

14,242

Weibo

Corp.,

ADR

(a)

991

8,027

Weichai

Power

Co.

Ltd.,

Class

A

5,300

11,092

Weichai

Power

Co.

Ltd.,

Class

H

19,000

37,242

Weihai

Guangwei

Composites

Co.

Ltd.,

Class

A

1,200

4,801

Wens

Foodstuffs

Group

Co.

Ltd.,

Class

A

4,800

11,196

Western

Mining

Co.

Ltd.,

Class

A

2,700

5,718

Western

Securities

Co.

Ltd.,

Class

A

5,600

5,791

Will

Semiconductor

Ltd.,

Class

A

1,040

18,842

Wingtech

Technology

Co.

Ltd.,

Class

A

1,000

4,774

Wintime

Energy

Group

Co.

Ltd.,

Class

A

31,800

5,867

Wuhan

Guide

Infrared

Co.

Ltd.,

Class

A

5,400

6,134

Wuliangye

Yibin

Co.

Ltd.,

Class

A

2,100

37,213

WUS

Printed

Circuit

Kunshan

Co.

Ltd.,

Class

A

1,900

7,299

WuXi

AppTec

Co.

Ltd.,

Class

A

2,840

23,137

WuXi

AppTec

Co.

Ltd.,

Class

H

(c)

3,200

24,821

WuXi

Biologics

Cayman,

Inc.

(b)(c)

37,500

110,256

WuXi

Lead

Intelligent

Equipment

Co.

Ltd.,

Class

A

1,300

3,566

WuXi

XDC

Cayman,

Inc.

(b)

2,500

11,783

XCMG

Construction

Machinery

Co.

Ltd.,

Class

A

6,900

8,370

Xiamen

Faratronic

Co.

Ltd.,

Class

A

300

4,300

Xiamen

Tungsten

Co.

Ltd.,

Class

A

1,900

4,793

Xiaomi

Corp.,

Class

B

(b)(c)

174,200

1,122,067

Xinhu

Zhongbao

Co.

Ltd.,

Class

A

(b)

12,800

4,741

Xinjiang

Daqo

New

Energy

Co.

Ltd.,

Class

A

1,031

2,524

Xinjiang

Tianshan

Cement

Co.

Ltd.,

Class

A

1,500

1,010

Xinyi

Solar

Holdings

Ltd.

(a)

40,266

13,448

XPeng,

Inc.,

Class

A

(b)

14,600

137,157

XtalPi

Holdings

Ltd.

(b)

12,000

7,985

Yadea

Group

Holdings

Ltd.

(c)

14,000

25,347

Yankuang

Energy

Group

Co.

Ltd.,

Class

A

9,760

16,395

Yankuang

Energy

Group

Co.

Ltd.,

Class

H

22,400

23,426

Yantai

Jereh

Oilfield

Services

Group

Co.

Ltd.,

Class

A

1,100

4,756

Yealink

Network

Technology

Corp.,

Ltd.,

Class

A

1,000

4,570

Yifeng

Pharmacy

Chain

Co.

Ltd.,

Class

A

1,020

3,989

Yihai

Kerry

Arawana

Holdings

Co.

Ltd.,

Class

A

1,000

4,377

Yintai

Gold

Co.

Ltd.,

Class

A

2,400

6,692

Yongan

Futures

Co.

Ltd.,

Class

A

3,300

5,389

Yonghui

Superstores

Co.

Ltd.,

Class

A

(b)

9,400

6,678

YongXing

Special

Materials

Technology

Co.

Ltd.,

Class

A

330

1,394

Yonyou

Network

Technology

Co.

Ltd.,

Class

A

(b)

4,000

8,035

Youngor

Fashion

Co.

Ltd.,

Class

A

5,000

5,156

YTO

Express

Group

Co.

Ltd.,

Class

A

2,200

3,962

Yunda

Holding

Co.

Ltd.,

Class

A

4,000

3,734

68

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

China

–

26.2%

(continued)

Yunnan

Aluminium

Co.

Ltd.,

Class

A

1,900

3,976

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

A

1,080

8,516

Yunnan

Botanee

Bio-Technology

Group

Co.

Ltd.,

Class

A

600

3,421

Yunnan

Chihong

Zinc

&

Germanium

Co.

Ltd.,

Class

A

6,800

4,756

Yunnan

Energy

New

Material

Co.

Ltd.,

Class

A

900

3,433

Yunnan

Tin

Co.

Ltd.,

Class

A

2,300

4,367

Yunnan

Yuntianhua

Co.

Ltd.,

Class

A

1,900

5,842

Yutong

Bus

Co.

Ltd.,

Class

A

100

369

Zai

Lab

Ltd.

(b)

11,100

35,069

Zangge

Mining

Co.

Ltd.,

Class

A

1,500

7,464

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.,

Class

A

400

11,309

Zhaojin

Mining

Industry

Co.

Ltd.,

Class

H

(a)

17,000

40,468

Zhejiang

China

Commodities

City

Group

Co.

Ltd.,

Class

A

1,200

2,533

Zhejiang

Chint

Electrics

Co.

Ltd.,

Class

A

2,000

6,133

Zhejiang

Dahua

Technology

Co.

Ltd.,

Class

A

2,100

4,545

Zhejiang

Expressway

Co.

Ltd.,

Class

H

22,000

18,157

Zhejiang

Huahai

Pharmaceutical

Co.

Ltd.,

Class

A

2,200

4,347

Zhejiang

Huayou

Cobalt

Co.

Ltd.,

Class

A

1,050

4,898

Zhejiang

Jiuzhou

Pharmaceutical

Co.

Ltd.,

Class

A

400

755

Zhejiang

Juhua

Co.

Ltd.,

Class

A

2,800

9,796

Zhejiang

Leapmotor

Technology

Co.

Ltd.

(b)(c)

7,200

51,669

Zhejiang

Longsheng

Group

Co.

Ltd.,

Class

A

3,100

4,192

Zhejiang

NHU

Co.

Ltd.,

Class

A

2,380

7,245

Zhejiang

Provincial

New

Energy

Investment

Group

Co.

Ltd.,

Class

A

5,700

5,902

Zhejiang

Sanhua

Intelligent

Controls

Co.

Ltd.,

Class

A

2,500

9,225

Zhejiang

Sanmei

Chemical

Industry

Co.

Ltd.,

Class

A

100

607

Zhejiang

Supor

Co.

Ltd.,

Class

A

700

5,418

Zhejiang

Wanfeng

Auto

Wheel

Co.

Ltd.,

Class

A

1,000

2,301

Zhejiang

Weiming

Environment

Protection

Co.

Ltd.,

Class

A

1,500

4,023

Zhejiang

Weixing

New

Building

Materials

Co.

Ltd.,

Class

A

1,900

3,087

Zhejiang

Zheneng

Electric

Power

Co.

Ltd.,

Class

A

6,300

4,554

Zhengzhou

Coal

Mining

Machinery

Group

Co.

Ltd.,

Class

H

5,000

8,343

Zheshang

Securities

Co.

Ltd.,

Class

A

4,800

6,933

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

Class

H

(b)(c)

7,500

10,851

Zhongji

Innolight

Co.

Ltd.,

Class

A

840

9,656

Zhongjin

Gold

Corp.

Ltd.,

Class

A

4,200

7,882

Zhongsheng

Group

Holdings

Ltd.

5,000

7,557

Zhongtai

Securities

Co.

Ltd.,

Class

A

8,700

7,307

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

A

1,749

10,923

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

3,200

12,854

Zijin

Mining

Group

Co.

Ltd.,

Class

A

13,000

31,252

Zijin

Mining

Group

Co.

Ltd.,

Class

H

62,000

135,758

ZJLD

Group,

Inc.

(c)

4,600

3,856

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

A

6,400

6,459

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

H

16,000

11,534

ZTE

Corp.,

Class

A

2,400

10,555

ZTE

Corp.,

Class

H

8,000

23,624

ZTO

Express

Cayman,

Inc.

4,550

85,840

23,803,744

Colombia

–

0.1%

Bancolombia

SA

2,608

30,933

Ecopetrol

SA

55,068

22,489

Interconexion

Electrica

SA

ESP

4,249

21,929

75,351

69

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

Czech

Republic

–

0.1%

CEZ

AS

1,848

93,992

Komercni

Banka

AS

704

34,170

128,162

Egypt

–

0.1%

Commercial

International

Bank

Egypt

SAE

27,497

43,836

Talaat

Moustafa

Group

9,131

9,336

53,172

Greece

–

0.6%

Alpha

Services

And

Holdings

SA

22,045

53,327

Athens

International

Airport

SA

461

4,790

Eurobank

Ergasias

Services

&

Holdings

SA

29,076

82,003

Hellenic

Telecommunications

Organization

SA

2,059

39,134

Jumbo

SA

1,187

37,511

Metlen

Energy

&

Metals

SA

1,232

58,260

Motor

Oil

Hellas

Corinth

Refineries

SA

475

11,501

National

Bank

of

Greece

SA

7,921

83,685

OPAP

SA

2,329

51,811

Piraeus

Financial

Holdings

SA

8,663

48,342

Public

Power

Corp.

SA

2,316

34,673

505,037

Hong

Kong

–

1.0%

Beijing

Enterprises

Holdings

Ltd.

5,000

20,310

Beijing

Enterprises

Water

Group

Ltd.

56,000

17,693

BOC

Hong

Kong

Holdings

Ltd.

38,500

159,864

Brilliance

China

Automotive

Holdings

Ltd.

22,000

7,802

C&D

International

Investment

Group

Ltd.

9,812

20,523

China

Everbright

Environment

Group

Ltd.

47,000

21,758

China

Medical

System

Holdings

Ltd.

14,000

14,985

China

Merchants

Port

Holdings

Co.

Ltd.

16,000

26,038

China

Overseas

Land

&

Investment

Ltd.

38,500

68,613

China

Overseas

Property

Holdings

Ltd.

20,000

13,901

China

Power

International

Development

Ltd.

55,000

21,632

China

Resources

Beer

Holdings

Co.

Ltd.

18,000

63,600

China

Resources

Gas

Group

Ltd.

10,000

27,983

China

Resources

Land

Ltd.

33,000

111,707

China

Resources

Power

Holdings

Co.

Ltd.

28,000

67,665

China

Ruyi

Holdings

Ltd.

(a),(b)

72,000

18,941

China

State

Construction

International

Holdings

Ltd.

24,000

35,344

China

Taiping

Insurance

Holdings

Co.

Ltd.

18,800

26,086

Far

East

Horizon

Ltd.

19,000

14,725

Guangdong

Investment

Ltd.

18,000

14,577

Guangdong

Land

Holdings

Ltd.

(b)

6,948

203

Kunlun

Energy

Co.

Ltd.

42,000

40,079

NetEase

Cloud

Music,

Inc.

(b)(c)

550

12,802

Orient

Overseas

International

Ltd.

1,500

20,987

Want

Want

China

Holdings

Ltd.

41,000

26,911

Yuexiu

Property

Co.

Ltd.

(a)

10,000

6,061

880,790

Hungary

–

0.3%

MOL

Hungarian

Oil

&

Gas

PLC

4,542

38,478

OTP

Bank

NYRT

2,686

198,408

Richter

Gedeon

NYRT

1,544

46,870

283,756

India

–

20.2%

360

ONE

WAM

Ltd.

2,683

31,315

ABB

India

Ltd.

543

35,495

70

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

India

–

20.2%

(continued)

ACC

Ltd.

796

17,789

Adani

Energy

Solutions

Ltd.

(b)

3,702

39,422

Adani

Enterprises

Ltd.

3,461

94,276

Adani

Green

Energy

Ltd.

(b)

3,290

35,075

Adani

Ports

&

Special

Economic

Zone

Ltd.

8,023

115,525

Adani

Power

Ltd.

(b)

10,106

63,644

Adani

Total

Gas

Ltd.

1,888

13,413

Aditya

Birla

Capital

Ltd.

(b)

5,729

13,316

Alkem

Laboratories

Ltd.

350

21,195

Ambuja

Cements

Ltd.

7,295

46,602

APL

Apollo

Tubes

Ltd.

1,893

36,294

Apollo

Hospitals

Enterprise

Ltd.

1,119

92,411

Ashok

Leyland

Ltd.

16,937

45,169

Asian

Paints

Ltd.

4,379

125,730

Astral

Ltd.

1,348

21,462

AU

Small

Finance

Bank

Ltd.

(c)

5,229

42,001

Aurobindo

Pharma

Ltd.

(b)

2,870

41,754

Avenue

Supermarts

Ltd.

(b)(c)

1,677

83,368

AWL

Agri

Business

Ltd.

(b)

860

2,718

Axis

Bank

Ltd.

23,830

334,248

Bajaj

Auto

Ltd.

735

69,860

Bajaj

Finance

Ltd.

2,967

303,237

Bajaj

Finserv

Ltd.

4,332

100,071

Bajaj

Holdings

&

Investment

Ltd.

309

43,791

Balkrishna

Industries

Ltd.

860

27,231

Bandhan

Bank

Ltd.

(c)

9,021

17,685

Bank

of

Baroda

10,881

32,189

Bank

of

India

8,222

11,206

Bank

of

Maharashtra

9,248

5,545

Berger

Paints

India

Ltd.

2,298

14,803

Bharat

Dynamics

Ltd.

1,015

18,377

Bharat

Electronics

Ltd.

40,180

149,384

Bharat

Forge

Ltd.

2,857

37,341

Bharat

Heavy

Electricals

Ltd.

14,435

38,758

Bharat

Petroleum

Corp.

Ltd.

21,219

77,872

Bharti

Airtel

Ltd.

28,197

622,289

Bharti

Hexacom

Ltd.

1,051

21,013

Biocon

Ltd.

4,526

17,240

Bosch

Ltd.

92

32,076

Britannia

Industries

Ltd.

1,271

81,825

BSE

Ltd.

668

50,280

Canara

Bank

19,740

22,770

CG

Power

&

Industrial

Solutions

Ltd.

7,086

52,572

Cholamandalam

Investment

&

Finance

Co.

Ltd.

4,748

83,862

Cipla

Ltd.

5,975

109,629

Coal

India

Ltd.

20,496

93,475

Cochin

Shipyard

Ltd.

(c)

650

12,244

Coforge

Ltd.

673

58,192

Colgate-Palmolive

India

Ltd.

1,529

46,827

Container

Corp.

of

India

Ltd.

3,047

24,298

Coromandel

International

Ltd.

999

26,182

Cummins

India

Ltd.

1,514

51,887

Dabur

India

Ltd.

6,516

37,619

Dalmia

Bharat

Ltd.

752

17,292

Deepak

Nitrite

Ltd.

871

19,955

Delhivery

Ltd.

(b)

4,294

15,530

Divi's

Laboratories

Ltd.

1,379

99,356

71

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

India

–

20.2%

(continued)

Dixon

Technologies

India

Ltd.

343

66,794

DLF

Ltd.

6,386

50,969

Dr.

Reddy's

Laboratories

Ltd.

6,428

90,078

Eicher

Motors

Ltd.

1,602

105,563

Embassy

Office

Parks

REIT

8,935

40,376

Eternal

Ltd.

(b)

73,951

203,531

Exide

Industries

Ltd.

4,084

17,004

Federal

Bank

Ltd.

21,306

49,601

Fertilisers

&

Chemicals

Travancore

Ltd.

799

7,244

Fortis

Healthcare

Ltd.

5,312

43,105

FSN

E-Commerce

Ventures

Ltd.

(b)

12,210

28,091

Gail

India

Ltd.

24,143

54,036

GE

Vernova

T&D

India

Ltd.

1,157

21,448

General

Insurance

Corp.

of

India

(c)

2,449

12,092

Gland

Pharma

Ltd.

(c)

709

11,749

GlaxoSmithKline

Pharmaceuticals

Ltd.

497

17,440

Glenmark

Pharmaceuticals

Ltd.

1,394

22,790

GMR

Airports

Infrastructure

Ltd.

(b)

26,113

26,949

Godrej

Consumer

Products

Ltd.

4,272

63,738

Godrej

Properties

Ltd.

(b)

1,811

46,334

Grasim

Industries

Ltd.

3,120

101,096

Gujarat

Fluorochemicals

Ltd.

401

18,477

Gujarat

Gas

Ltd.

2,053

11,020

Havells

India

Ltd.

2,439

46,220

HCL

Technologies

Ltd.

11,615

215,503

HDFC

Asset

Management

Co.

Ltd.

(c)

872

45,150

HDFC

Bank

Ltd.

61,176

1,393,923

HDFC

Life

Insurance

Co.

Ltd.

(c)

10,160

89,437

Hero

Motocorp

Ltd.

1,452

65,781

Hindalco

Industries

Ltd.

14,028

103,719

Hindustan

Aeronautics

Ltd.

1,876

99,656

Hindustan

Petroleum

Corp.

Ltd.

11,333

50,800

Hindustan

Unilever

Ltd.

9,699

268,880

Hindustan

Zinc

Ltd.

4,167

21,663

Hitachi

Energy

India

Ltd.

111

19,089

Honeywell

Automation

India

Ltd.

24

9,806

Housing

&

Urban

Development

Corp.

Ltd.

4,224

11,172

Hyundai

Motor

India

Ltd.

(b)

1,637

33,087

ICICI

Bank

Ltd.

56,499

954,315

ICICI

Lombard

General

Insurance

Co.

Ltd.

(c)

2,759

61,281

ICICI

Prudential

Life

Insurance

Co.

Ltd.

(c)

4,201

30,549

IDFC

First

Bank

Ltd.

(b)

68,855

52,886

Indian

Bank

2,474

16,569

Indian

Oil

Corp.

Ltd.

40,954

66,828

Indian

Railway

Catering

&

Tourism

Corp.

Ltd.

3,405

30,288

Indian

Railway

Finance

Corp.

Ltd.

(c)

20,066

29,563

Indian

Renewable

Energy

Development

Agency

Ltd.

(b)

5,500

10,876

Indraprastha

Gas

Ltd.

8,129

18,531

Indus

Towers

Ltd.

(b)

13,496

65,209

Indusind

Bank

Ltd.

6,229

61,815

Info

Edge

India

Ltd.

885

74,056

Infosys

Ltd.

38,415

682,100

InterGlobe

Aviation

Ltd.

(b)(c)

1,818

112,964

ITC

Ltd.

32,951

166,074

Jindal

Stainless

Ltd.

3,319

22,907

Jindal

Steel

&

Power

Ltd.

4,541

48,141

Jio

Financial

Services

Ltd.

(b)

31,378

96,722

72

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

India

–

20.2%

(continued)

JSW

Energy

Ltd.

5,067

28,741

JSW

Infrastructure

Ltd.

2,260

7,855

JSW

Steel

Ltd.

11,012

134,229

Jubilant

Foodworks

Ltd.

3,500

29,638

Kalyan

Jewellers

India

Ltd.

3,802

23,246

Kotak

Mahindra

Bank

Ltd.

11,752

307,155

KPIT

Technologies

Ltd.

1,748

25,937

L&T

Technology

Services

Ltd.

(c)

306

15,419

Larsen

&

Toubro

Ltd.

7,447

294,500

Life

Insurance

Corp.

of

India

2,244

21,136

Linde

India

Ltd.

215

16,124

Lloyds

Metals

&

Energy

Ltd.

1,039

14,797

LTIMindtree

Ltd.

(c)

1,074

58,306

Lupin

Ltd.

2,637

65,410

Macrotech

Developers

Ltd.

(c)

2,615

41,145

Mahindra

&

Mahindra

Financial

Services

Ltd.

4,798

14,882

Mahindra

&

Mahindra

Ltd.

9,866

342,025

MakeMyTrip

Ltd.

(b)

619

64,884

Mankind

Pharma

Ltd.

(b)

1,232

35,951

Marico

Ltd.

5,113

42,997

Maruti

Suzuki

India

Ltd.

1,493

216,606

Max

Financial

Services

Ltd.

(b)

2,503

38,663

Max

Healthcare

Institute

Ltd.

8,261

107,384

Mazagon

Dock

Shipbuilders

Ltd.

650

23,525

Motilal

Oswal

Financial

Services

Ltd.

1,667

12,880

Mphasis

Ltd.

975

28,494

MRF

Ltd.

22

35,026

Muthoot

Finance

Ltd.

1,062

27,277

Nestle

India

Ltd.

4,004

113,186

NHPC

Ltd.

28,330

28,768

NMDC

Ltd.

38,376

29,430

NTPC

Green

Energy

Ltd.

(b)

11,396

13,563

NTPC

Ltd.

49,131

206,186

Oberoi

Realty

Ltd.

1,319

25,629

Oil

&

Natural

Gas

Corp.

Ltd.

42,356

122,555

Oil

India

Ltd.

5,760

28,004

One

97

Communications

Ltd.

(b)

3,307

33,849

Oracle

Financial

Services

Software

Ltd.

249

25,705

Page

Industries

Ltd.

47

25,377

Patanjali

Foods

Ltd.

991

22,358

PB

Fintech

Ltd.

(b)

2,496

48,018

Persistent

Systems

Ltd.

1,128

71,051

Petronet

LNG

Ltd.

7,027

26,096

PI

Industries

Ltd.

933

40,201

Pidilite

Industries

Ltd.

1,790

64,281

Polycab

India

Ltd.

487

31,820

Power

Finance

Corp.

Ltd.

16,128

77,773

Power

Grid

Corp.

of

India

Ltd.

47,203

171,779

Premier

Energies

Ltd.

(c)

391

4,545

Prestige

Estates

Projects

Ltd.

1,693

27,556

Procter

&

Gamble

Hygiene

&

Health

Care

Ltd.

97

16,353

Punjab

National

Bank

23,841

28,279

Rail

Vikas

Nigam

Ltd.

6,388

26,449

REC

Ltd.

13,945

69,342

Reliance

Industries

Ltd.

73,698

1,225,628

Samvardhana

Motherson

International

Ltd.

29,790

46,993

SBI

Cards

&

Payment

Services

Ltd.

2,737

28,300

73

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

India

–

20.2%

(continued)

SBI

Life

Insurance

Co.

Ltd.

(c)

4,772

99,740

Schaeffler

India

Ltd.

434

17,841

Shree

Cement

Ltd.

99

34,815

Shriram

Finance

Ltd.

13,523

97,913

Siemens

Ltd.

1,021

35,065

Siemens

Ltd.

(b)

1,429

41,917

SJVN

Ltd.

6,998

7,789

Solar

Industries

India

Ltd.

259

40,381

Sona

BLW

Precision

Forgings

Ltd.

(c)

3,702

21,084

SRF

Ltd.

1,629

58,017

State

Bank

of

India

19,800

184,832

Steel

Authority

of

India

Ltd.

16,886

22,728

Sun

Pharmaceutical

Industries

Ltd.

11,099

240,717

Sundaram

Finance

Ltd.

649

40,381

Supreme

Industries

Ltd.

657

27,522

Suzlon

Energy

Ltd.

(b)

111,121

74,183

Swiggy

Ltd.

(b)

3,181

11,913

Tata

Communications

Ltd.

1,279

24,092

Tata

Consultancy

Services

Ltd.

10,794

441,259

Tata

Consumer

Products

Ltd.

7,051

97,297

Tata

Elxsi

Ltd.

339

23,137

Tata

Motors

Ltd.

20,802

158,630

Tata

Steel

Ltd.

72,912

120,893

Tata

Technologies

Ltd.

1,952

15,200

Tech

Mahindra

Ltd.

6,749

120,067

The

Indian

Hotels

Company

Ltd.,

Class

A

9,485

88,435

The

Phoenix

Mills

Ltd.

1,914

37,710

The

Tata

Power

Company

Ltd.

16,833

76,590

Thermax

Ltd.

387

15,077

Titan

Co.

Ltd.

4,023

160,937

Torrent

Pharmaceuticals

Ltd.

980

38,535

Torrent

Power

Ltd.

1,684

30,679

Trent

Ltd.

2,026

124,041

Tube

Investments

of

India

Ltd.

1,130

38,770

TVS

Motor

Co.

Ltd.

2,460

77,803

UltraTech

Cement

Ltd.

1,290

177,749

Union

Bank

of

India

Ltd.

16,367

24,367

United

Breweries

Ltd.

619

15,826

United

Spirits

Ltd.

3,464

64,123

UNO

Minda

Ltd.

1,608

17,020

UPL

Ltd.

5,740

45,514

Varun

Beverages

Ltd.

14,752

91,209

Vedant

Fashions

Ltd.

342

3,165

Vedanta

Ltd.

17,677

87,712

Vodafone

Idea

Ltd.

(b)

225,080

18,969

Voltas

Ltd.

2,608

38,158

Wipro

Ltd.

32,060

91,645

Yes

Bank

Ltd.

(b)

175,726

36,858

Zydus

Lifesciences

Ltd.

2,775

29,176

18,321,857

Indonesia

–

1.3%

Adaro

Minerals

Indonesia

Tbk

PT

(b)

79,100

4,289

Alamtri

Resources

Indonesia

Tbk

PT

90,200

10,324

Amman

Mineral

Internasional

PT

(b)

133,300

57,215

Astra

International

Tbk

PT

216,800

62,689

Bank

Central

Asia

Tbk

PT

560,800

298,136

Bank

Mandiri

(Persero)

Tbk

PT

385,300

113,501

74

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

Indonesia

–

1.3%

(continued)

Bank

Negara

Indonesia

(Persero)

Tbk

PT

169,800

42,757

Bank

Rakyat

Indonesia

(Persero)

Tbk

PT

735,400

170,560

Barito

Pacific

Tbk

PT

322,644

14,480

Barito

Renewables

Energy

TBK

PT

163,000

59,161

Chandra

Asri

Petrochemical

Tbk

PT

80,900

38,379

Charoen

Pokphand

Indonesia

Tbk

PT

70,400

20,060

Dayamitra

Telekomunikasi

PT

119,700

4,471

Dian

Swastatika

Sentosa

Tbk

PT

(b)

15,900

43,581

Goto

Gojek

Tokopedia

Tbk

PT,

Class

A

(b)

8,498,700

43,517

Indah

Kiat

Pulp

&

Paper

Tbk

PT

30,600

9,493

Indofood

CBP

Sukses

Makmur

Tbk

PT

19,500

13,333

Indofood

Sukses

Makmur

Tbk

PT

46,700

22,506

Indosat

Tbk

PT

58,400

6,157

Kalbe

Farma

Tbk

PT

176,700

14,530

Merdeka

Battery

Materials

Tbk

PT

(b)

134,600

2,514

Pantai

Indah

Kapuk

Dua

Tbk

PT

17,700

12,102

Petrindo

Jaya

Kreasi

Tbk

PT

(b)

14,700

6,309

Sarana

Menara

Nusantara

Tbk

PT

230,300

7,908

Sumber

Alfaria

Trijaya

Tbk

PT

211,400

27,507

Telekomunikasi

Indonesia

(Persero)

Tbk

PT

510,900

81,252

Unilever

Indonesia

Tbk

PT

22,500

2,324

United

Tractors

Tbk

PT

15,800

21,606

Vale

Indonesia

Tbk

PT

(b)

43,400

6,510

1,217,171

Ireland

–

0.8%

PDD

Holdings,

Inc.,

ADR

(b)

7,147

754,509

Kuwait

–

0.8%

Agility

Public

Warehousing

Co.

KSCP

16,733

14,363

Al

Ahli

Bank

of

Kuwait

KSCP

5,163

5,106

Boubyan

Bank

KSCP

12,216

27,071

Gulf

Bank

KSCP

31,890

34,971

Kuwait

Finance

House

KSCP

134,283

316,862

Mabanee

Co.

KPSC

9,744

25,219

Mobile

Telecommunications

Co.

KSCP

19,781

30,536

National

Bank

of

Kuwait

SAKP

86,353

268,303

722,431

Luxembourg

–

0.0%

Reinet

Investments

SCA

1,611

42,297

Malaysia

–

1.4%

99

Speed

Mart

Retail

Holdings

BHD

(b)

10,000

5,214

Ammb

Holdings

BHD

24,000

28,700

Axiata

Group

BHD

51,600

25,112

Celcomdigi

BHD

27,200

24,080

CIMB

Group

Holdings

BHD

75,629

124,792

Dialog

Group

BHD

45,700

15,463

Gamuda

BHD

45,582

44,790

Genting

BHD

20,300

15,054

Genting

Malaysia

BHD

36,400

14,425

Hartalega

Holdings

BHD

17,300

8,941

Hong

Leong

Bank

BHD

6,000

27,782

IHH

Healthcare

BHD

24,900

39,932

IJM

Corp.

BHD

23,600

12,415

Inari

Amertron

BHD

34,600

15,396

IOI

Corp.

BHD

29,900

25,361

75

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

Malaysia

–

1.4%

(continued)

Kuala

Lumpur

Kepong

BHD

5,200

23,644

Malayan

Banking

BHD

52,099

120,619

Maxis

BHD

16,900

14,531

MISC

BHD

12,300

21,407

Mr

DIY

Group

M

BHD

(c)

22,250

8,663

Nestle

Malaysia

BHD

700

14,114

Petronas

Chemicals

Group

BHD

21,900

18,626

Petronas

Dagangan

BHD

1,800

8,235

Petronas

Gas

BHD

7,800

31,634

PPB

Group

BHD

5,600

16,145

Press

Metal

Aluminium

Holdings

BHD

38,800

44,060

Public

Bank

BHD

131,000

135,706

Ql

Resources

BHD

21,500

23,917

RHB

Bank

BHD

23,717

36,551

SD

Guthrie

BHD

20,000

22,016

Sime

Darby

BHD

35,500

17,112

Sunway

BHD

24,000

25,307

Telekom

Malaysia

BHD

24,900

39,240

Tenaga

Nasional

BHD

37,900

121,737

Time

Dotcom

BHD

10,100

12,054

United

Plantations

BHD

2,850

15,138

Westports

Holdings

BHD

14,900

14,676

YTL

Corp.

BHD

29,100

12,948

YTL

Power

International

BHD

21,800

17,278

1,242,815

Mexico

–

2.1%

America

Movil

SAB

de

CV,

Series

B

304,765

264,207

Arca

Continental

SAB

de

CV

5,070

53,492

Becle

SAB

de

CV

14,427

16,708

Cemex

SAB

de

CV

164,921

102,196

Coca-Cola

Femsa

SAB

de

CV

5,945

56,152

El

Puerto

de

Liverpool

SAB

de

CV,

Series

C1

2,058

9,495

Fibra

Uno

Administracion

SA

de

CV

27,082

35,113

Fomento

Economico

Mexicano

SAB

de

CV

19,457

204,947

Gruma

SAB

de

CV,

Class

B

2,050

39,131

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

4,300

87,292

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

1,899

60,076

Grupo

Bimbo

SAB

de

CV,

Series

A

15,505

47,264

Grupo

Carso

SAB

de

CV,

Series

A1

5,795

40,374

Grupo

Comercial

Chedraui

SA

de

CV

5,217

33,762

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

31,335

269,169

Grupo

Financiero

Inbursa

SAB

de

CV,

Class

O

(b)

22,513

57,976

Grupo

Mexico

SAB

de

CV,

Series

B

34,080

177,164

Industrias

Penoles

SAB

de

CV

(b)

2,352

47,219

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

6,967

12,279

Prologis

Property

Mexico

SA

de

CV,

Class

REIT

12,057

42,863

Vista

Energy

SAB

de

CV,

ADR

(b)

902

40,743

Wal-Mart

de

Mexico

SAB

de

CV

59,419

188,593

1,886,215

Philippines

–

0.5%

Ayala

Corp.

4,070

43,684

Ayala

Land,

Inc.

34,400

15,428

Bank

of

The

Philippine

Islands

20,842

52,240

BDO

Unibank,

Inc.

23,004

66,061

Globe

Telecom,

Inc.

415

14,421

International

Container

Terminal

Services,

Inc.

9,170

55,852

Jollibee

Foods

Corp.

6,530

26,749

76

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

Philippines

–

0.5%

(continued)

Manila

Electric

Co.

3,920

40,004

Metropolitan

Bank

&

Trust

Co.

23,550

32,423

PLDT,

Inc.

925

21,529

SM

Investments

Corp.

4,305

67,055

SM

Prime

Holdings,

Inc.

157,600

68,706

504,152

Qatar

–

0.7%

Al

Rayan

Bank

78,351

48,031

Dukhan

Bank

20,036

19,260

Industries

Qatar

QSC

21,199

73,128

Mesaieed

Petrochemical

Holding

Co.

10,209

3,953

Ooredoo

QPSC

9,705

34,545

Qatar

Electricity

&

Water

Co.

QSC

5,528

23,214

Qatar

Fuel

QSC

6,996

28,822

Qatar

Gas

Transport

Co.

Ltd.

40,242

50,609

Qatar

International

Islamic

Bank

QSC

12,178

35,454

Qatar

Islamic

Bank

SAQ

16,835

97,607

Qatar

National

Bank

QPSC

45,116

206,931

The

Commercial

Bank

PSQC

32,093

37,902

659,456

Russia

–

0.0%

Alrosa

PJSC

(d)

11,270

0

Gazprom

PJSC

(b),(d)

67,050

0

GMK

Norilskiy

Nickel

PAO

(b),(d)

34,100

0

LUKOIL

PJSC

(d)

2,071

0

Magnitogorsk

Iron

&

Steel

Works

PJSC

(d)

5,210

0

Novatek

PJSC

(d)

5,535

0

Novolipetsk

Steel

PJSC

(d)

6,530

0

Phosagro

PJSC

(d)

229

0

PIK-Spetsializirovannyy

Zastroyshchik

PAO

(b),(d)

401

0

Polyus

PJSC

(b),(d)

1,810

0

Rosneft

Oil

Co.

PJSC

(d)

13,131

0

Sberbank

of

Russia

PJSC

(d)

59,440

0

Severstal

PAO

(d)

859

0

Surgutneftegas

PJSC

(d)

45,300

0

Tatneft

PJSC

(d)

7,934

0

United

Co.

RUSAL

International

PJSC,

Class

A

(b),(d)

10,710

0

VTB

Bank

PJSC

(b),(d)

4,246

0

0

Saudi

Arabia

–

3.7%

ACWA

Power

Co.

1,461

125,421

Ades

Holding

Co.

4,396

17,744

Advanced

Petrochemical

Co.

(b)

1,772

14,243

Al

Rajhi

Bank

21,595

560,760

Al

Rajhi

Co.

For

Co.-Operative

Insurance

(b)

504

17,602

Alinma

Bank

13,316

102,952

Almarai

Co.

JSC

4,862

68,441

Arab

National

Bank

10,203

58,483

Arabian

Internet

&

Communications

Services

Co.

299

22,830

Bank

Albilad

8,157

62,848

Bank

Al-Jazira

(b)

7,165

25,788

Banque

Saudi

Fransi

12,840

62,918

Bupa

Arabia

For

Cooperative

Insurance

Co.

778

34,846

Dar

Al

Arkan

Real

Estate

Development

Co.

(b)

5,590

32,638

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Co.

992

75,744

Elm

Co.

309

85,247

Etihad

Etisalat

Co.

4,326

72,429

77

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

Saudi

Arabia

–

3.7%

(continued)

Jarir

Marketing

Co.

7,080

23,821

Mouwasat

Medical

Services

Co.

1,111

21,474

Nahdi

Medical

Co.

616

18,656

Rabigh

Refining

&

Petrochemical

Co.

(b)

5,052

9,590

Riyad

Bank

15,558

127,545

Riyadh

Cables

Group

Co.

639

21,670

SABIC

Agri-Nutrients

Co.

2,148

56,522

SAL

Saudi

Logistics

Services

273

13,290

Saudi

Arabian

Mining

Co.

(b)

13,298

181,164

Saudi

Arabian

Oil

Co.

(c)

60,668

410,017

Saudi

Aramco

Base

Oil

Co.

596

15,778

Saudi

Awwal

Bank

11,152

104,060

Saudi

Basic

Industries

Corp.

10,291

167,360

Saudi

Electricity

Co.

6,845

27,337

Saudi

Industrial

Investment

Group

4,392

17,704

Saudi

Research

&

Media

Group

(b)

368

16,993

Saudi

Tadawul

Group

Holding

Co.

556

27,156

Saudi

Telecom

Co.

20,082

254,846

The

Company

for

Cooperative

Insurance

843

31,195

The

Saudi

Investment

Bank

6,284

25,197

The

Saudi

National

Bank

32,315

307,565

The

Savola

Group

(b)

1,065

8,887

Yanbu

National

Petrochemical

Co.

3,044

25,929

3,354,690

Singapore

–

0.4%

BOC

Aviation

Ltd.

(c)

1,800

13,521

Trip.com

Group

Ltd.

6,150

371,155

384,676

South

Africa

–

2.8%

ABSA

Group

Ltd.

8,993

82,529

Anglo

American

Platinum

Ltd.

874

30,025

Aspen

Pharmacare

Holdings

Ltd.

4,264

27,901

Bid

Corp.

Ltd.

3,911

98,268

Bidvest

Group

Ltd.

3,487

44,032

Capitec

Bank

Holdings

Ltd.

1,091

201,829

Clicks

Group

Ltd.

2,897

61,597

Discovery

Ltd.

6,618

73,268

Exxaro

Resources

Ltd.

2,299

18,784

FirstRand

Ltd.

54,110

211,220

Gold

Fields

Ltd.

9,509

214,141

Harmony

Gold

Mining

Co.

Ltd.

5,825

92,207

Impala

Platinum

Holdings

Ltd.

(b)

9,889

58,926

Investec

Ltd.

2,571

15,983

Kumba

Iron

Ore

Ltd.

405

7,041

Mr

Price

Group

Ltd.

3,005

38,286

MTN

Group

Ltd.

17,296

114,069

Multichoice

Group

(b)

3,610

21,040

Naspers

Ltd.,

Class

N

1,875

493,009

Nedbank

Group

Ltd.

4,752

64,731

Northam

Platinum

Holdings

Ltd.

3,523

23,577

Old

Mutual

Ltd.

45,864

27,928

Outsurance

Group

Ltd.

10,000

41,040

Pepkor

Holdings

Ltd.

(c)

20,878

30,095

Remgro

Ltd.

5,590

48,034

Sanlam

Ltd.

15,226

69,149

Sasol

Ltd.

(b)

4,481

15,449

Shoprite

Holdings

Ltd.

5,036

77,282

78

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

South

Africa

–

2.8%

(continued)

Sibanye

Stillwater

Ltd.

(b)

11,994

13,859

Standard

Bank

Group

Ltd.

13,519

168,357

Vodacom

Group

Ltd.

7,103

52,281

Woolworths

Holdings

Ltd.

9,243

28,614

2,564,551

South

Korea

–

9.1%

Alteogen,

Inc.

(b)

409

100,991

Amorepacific

Corp.

317

27,742

Amorepacific

Holdings

Corp.

350

5,651

BGF

Retail

Co.

Ltd.

86

6,522

BNK

Financial

Group,

Inc.

3,112

22,659

Celltrion

Pharm,

Inc.

(b)

241

8,146

Celltrion,

Inc.

1,716

194,717

Cheil

Worldwide,

Inc.

178

2,323

CJ

Cheiljedang

Corp.

15

2,522

CJ

Corp.

152

13,291

CJ

Logistics

Corp.

123

7,199

Cosmo

AM&T

Co.

Ltd.

(b)

44

1,218

Coway

Co.

Ltd.

579

35,722

CS

Wind

Corp.

198

5,404

DB

Hitek

Co.

Ltd.

426

11,493

DB

Insurance

Co.

Ltd.

498

31,950

Dongsuh

Cos.,

Inc.

376

6,877

Doosan

Bobcat,

Inc.

595

20,510

Doosan

Co.

Ltd.

68

14,518

Doosan

Enerbility

Co.

Ltd.

(b)

4,807

97,898

Doosan

Robotics,

Inc.

(b)

231

8,190

Ecopro

BM

Co.

Ltd.

(b)

493

35,202

Ecopro

Co.

Ltd.

1,062

38,102

Ecopro

Materials

Co.

Ltd.

(b)

230

8,980

E-Mart,

Inc.

124

7,999

Enchem

Co.

Ltd.

(b)

76

4,240

F&F

Co.

Ltd.

205

10,182

Green

Cross

Corp.

118

10,310

GS

Holdings

Corp.

515

14,021

Hana

Financial

Group,

Inc.

3,061

138,892

Hanjin

Kal

Corp.

299

16,722

Hankook

Tire

&

Technology

Co.

Ltd.

793

23,095

Hanmi

Pharm

Co.

Ltd.

75

14,193

Hanmi

Science

Co.

Ltd.

192

3,931

Hanmi

Semiconductor

Co.

Ltd.

487

26,072

Hanon

Systems

(b)

413

1,034

Hanwha

Aerospace

Co.

Ltd.

330

185,023

Hanwha

Corp.

477

16,157

Hanwha

Life

Insurance

Co.

Ltd.

(b)

3,474

6,476

Hanwha

Ocean

Co.

Ltd.

(b)

1,182

65,274

Hanwha

Solutions

Corp.

1,270

26,713

Hanwha

Systems

Co.

Ltd.

659

18,080

HD

Hyundai

Co.

Ltd.

499

27,627

HD

Hyundai

Electric

Co.

Ltd.

230

49,754

HD

Hyundai

Heavy

Industries

Co.

Ltd.

212

59,954

HD

Hyundai

Marine

Solution

Co.

Ltd.

98

10,548

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

529

101,223

HL

Mando

Co.

Ltd.

433

11,347

HLB,

Inc.

(b)

1,238

49,555

HMM

Co.

Ltd.

2,843

36,520

Hotel

Shilla

Co.

Ltd.

(b)

216

6,678

79

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

South

Korea

–

9.1%

(continued)

Hugel,

Inc.

(b)

74

19,027

HYBE

Co.

Ltd.

199

37,378

Hyundai

Autoever

Corp.

87

7,540

Hyundai

Elevator

Co.

Ltd.

248

12,893

Hyundai

Engineering

&

Construction

Co.

Ltd.

710

20,778

Hyundai

Glovis

Co.

Ltd.

422

33,843

Hyundai

Mipo

Dockyard

Co.

Ltd.

272

31,898

Hyundai

Mobis

Co.

Ltd.

691

130,033

Hyundai

Motor

Co.

1,433

192,142

Hyundai

Rotem

Co.

Ltd.

758

59,829

Hyundai

Steel

Co.

680

11,720

Industrial

Bank

of

Korea

2,142

23,115

JYP

Entertainment

Corp.

197

9,590

Kakao

Corp.

3,096

83,308

KakaoBank

Corp.

2,416

37,901

KakaoPay

Corp.

(b)

487

10,843

Kangwon

Land,

Inc.

1,523

17,357

KB

Financial

Group,

Inc.

4,068

258,131

KCC

Corp.

51

8,951

Kepco

Engineering

&

Construction

Co.,

Inc.

171

8,180

Kepco

Plant

Service

&

Engineering

Co.

Ltd.

258

8,004

KIA

Corp.

2,623

166,809

Kiwoom

Securities

Co.

Ltd.

179

17,251

Korea

Aerospace

Industries

Ltd.

782

45,550

Korea

Electric

Power

Corp.

2,803

50,578

Korea

Gas

Corp.

210

5,739

Korea

Investment

Holdings

Co.

Ltd.

506

29,545

Korea

Zinc

Co.

Ltd.

113

63,436

Korean

Air

Lines

Co.

Ltd.

1,730

25,497

Krafton,

Inc.

(b)

324

84,675

KT

Corp.

861

31,375

KT&G

Corp.

1,039

83,836

Kumho

Petrochemical

Co.

Ltd.

200

16,715

L&F

Co.

Ltd.

(b)

75

3,419

Leeno

Industrial,

Inc.

630

15,999

LG

Chem

Ltd.

607

92,235

LG

Corp.

993

46,524

LG

Display

Co.

Ltd.

(b)

3,046

18,150

LG

Electronics,

Inc.

886

44,503

LG

Energy

Solution

(b)

440

100,443

LG

H&H

Co.

Ltd.

60

14,246

LG

Innotek

Co.

Ltd.

130

12,767

LG

Uplus

Corp.

1,987

16,802

LIG

Nex1

Co.

Ltd.

131

29,536

LigaChem

Biosciences,

Inc.

(b)

272

20,091

Lotte

Chemical

Corp.

156

6,618

Lotte

Corp.

344

5,469

Lotte

Shopping

Co.

Ltd.

133

6,344

LS

Corp.

200

18,431

LS

Electric

Co.

Ltd.

148

21,187

Meritz

Financial

Group,

Inc.

1,054

92,016

Mirae

Asset

Securities

Co.

Ltd.

2,848

23,742

Misto

Holdings

Corp.

529

13,788

NAVER

Corp.

1,433

202,122

NCSoft

Corp.

128

13,174

Netmarble

Corp.

(c)

317

9,968

NH

Investment

&

Securities

Co.

Ltd.

1,245

13,444

80

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

South

Korea

–

9.1%

(continued)

Nongshim

Co.

Ltd.

36

10,206

Orion

Corp.

57

4,940

Pan

Ocean

Co.

Ltd.

3,022

7,090

Pearl

Abyss

Corp.

(b)

362

9,028

POSCO

DX

Co.

Ltd.

613

10,587

POSCO

Future

M

Co.

Ltd.

(b)

329

28,908

POSCO

Holdings,

Inc.

795

145,689

POSCO

International

Corp.

591

20,518

Rainbow

Robotics

(b)

91

17,317

S-1

Corp.

127

5,673

Sam

Chun

Dang

Pharm

Co.

Ltd.

153

15,144

Samsung

Biologics

Co.

Ltd.

(b)(c)

189

139,872

Samsung

C&T

Corp.

728

62,685

Samsung

Card

Co.

Ltd.

185

5,460

Samsung

Electro-Mechanics

Co.

Ltd.

619

51,253

Samsung

Electronics

Co.

Ltd.

49,729

1,941,582

Samsung

Engineering

Co.

Ltd.

1,807

24,458

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

351

92,472

Samsung

Heavy

Industries

Co.

Ltd.

(b)

7,502

76,894

Samsung

Life

Insurance

Co.

Ltd.

873

52,939

Samsung

SDI

Co.

Ltd.

564

69,830

Samsung

SDS

Co.

Ltd.

400

36,131

Samsung

Securities

Co.

Ltd.

458

16,819

Samyang

Foods

Co.

Ltd.

48

32,754

Shinhan

Financial

Group

Co.

Ltd.

4,689

169,549

SK

Biopharmaceuticals

Co.

Ltd.

(b)

346

25,923

SK

Bioscience

Co.

Ltd.

(b)

232

6,463

SK

Hynix,

Inc.

5,849

730,354

SK

IE

Technology

Co.

Ltd.

(b)(c)

44

695

SK

Innovation

Co.

Ltd.

717

47,615

SK

Square

Co.

Ltd.

(b)

972

60,788

SK

Telecom

Co.

Ltd.

470

17,954

SK,

Inc.

340

31,668

SKC

Co.

Ltd.

(b)

190

13,647

S-Oil

Corp.

307

11,230

Soulbrain

Co.

Ltd.

53

6,488

Woori

Financial

Group,

Inc.

7,055

87,896

Yuhan

Corp.

582

46,593

8,269,044

Taiwan

–

16.8%

Accton

Technology

Corp.

6,000

111,434

Acer,

Inc.

34,000

37,101

Advantech

Co.

Ltd.

4,928

51,926

Airtac

International

Group

2,046

56,295

Alchip

Technologies

Ltd.

1,000

66,442

ASE

Technology

Holding

Co.

Ltd.

43,000

182,175

Asia

Cement

Corp.

26,000

36,582

Asia

Vital

Components

Co.

Ltd.

4,000

58,031

Asmedia

Technology,

Inc.

1,000

52,528

Asustek

Computer,

Inc.

8,000

145,077

AUO

Corp.

60,600

23,306

Catcher

Technology

Co.

Ltd.

7,000

47,494

Cathay

Financial

Holding

Co.

Ltd.

110,836

202,730

Chailease

Holding

Co.

Ltd.

13,027

46,637

Chang

Hwa

Commercial

Bank

Ltd.

55,712

31,703

Cheng

Shin

Rubber

Industry

Co.

Ltd.

24,000

37,032

Chicony

Electronics

Co.

Ltd.

6,000

28,890

81

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

Taiwan

–

16.8%

(continued)

China

Airlines

Ltd.

25,000

16,454

China

Steel

Corp.

138,000

89,100

Chroma

ATE,

Inc.

5,000

45,727

Chunghwa

Telecom

Co.

Ltd.

41,000

166,010

Compal

Electronics,

Inc.

43,000

36,771

CTBC

Financial

Holding

Co.

Ltd.

202,000

248,213

Delta

Electronics,

Inc.

19,000

198,121

E

Ink

Holdings,

Inc.

10,000

69,412

E.Sun

Financial

Holding

Co.

Ltd.

161,234

142,667

Eclat

Textile

Co.

Ltd.

2,000

25,889

Elite

Material

Co.

Ltd.

3,000

52,153

eMemory

Technology,

Inc.

1,000

80,199

Eva

Airways

Corp.

28,000

33,705

Evergreen

Marine

Corp.

Taiwan

Ltd.

12,600

81,353

Far

Eastern

New

Century

Corp.

27,000

27,732

Far

EasTone

Telecommunications

Co.

Ltd.

16,000

42,873

Feng

TAY

Enterprise

Co.

Ltd.

5,512

19,388

First

Financial

Holding

Co.

Ltd.

113,912

90,466

Formosa

Chemicals

&

Fibre

Corp.

62,000

48,269

Formosa

Petrochemical

Corp.

15,000

16,392

Formosa

Plastics

Corp.

58,000

61,658

Fortune

Electric

Co.

Ltd.

2,200

28,959

Foxconn

Technology

Co.

Ltd.

11,000

20,292

Fubon

Financial

Holding

Co.

Ltd.

98,831

260,496

Giant

Manufacturing

Co.

Ltd.

4,000

16,259

Gigabyte

Technology

Co.

Ltd.

6,000

42,867

Global

Unichip

Corp.

1,000

32,048

Globalwafers

Co.

Ltd.

3,000

28,937

Gold

Circuit

Electronics

Ltd.

4,000

23,950

Highwealth

Construction

Corp.

23,200

29,596

Hiwin

Technologies

Corp.

4,000

27,515

Hon

Hai

Precision

Industry

Co.

Ltd.

129,000

570,725

Hon

Precision,

Inc.

(b)

1,791

46,031

Hotai

Motor

Co.

Ltd.

4,120

79,739

Hua

Nan

Financial

Holdings

Co.

Ltd.

110,100

92,946

Innolux

Corp.

86,760

37,164

International

Games

System

Co.

Ltd.

3,000

78,041

Inventec

Corp.

37,000

47,027

Jentech

Precision

Industrial

Co.

Ltd.

1,000

31,267

KGI

Financial

Holding

Co.

Ltd.

183,000

94,410

King

Slide

Works

Co.

Ltd.

1,000

54,560

King

Yuan

Electronics

Co.

Ltd.

13,000

35,281

Largan

Precision

Co.

Ltd.

1,152

81,403

Lite-On

Technology

Corp.

24,000

72,038

Lotes

Co.

Ltd.

1,000

39,083

MediaTek,

Inc.

15,000

633,149

Mega

Financial

Holding

Co.

Ltd.

122,945

145,114

Micro-Star

International

Co.

Ltd.

9,000

39,255

Minth

Group

Ltd.

(b)

10,000

23,985

Momo.com,

Inc.

2,155

21,764

Nan

Ya

Plastics

Corp.

68,000

65,060

Nan

Ya

Printed

Circuit

Board

Corp.

2,000

6,178

Nien

Made

Enterprise

Co.

Ltd.

2,000

24,450

Novatek

Microelectronics

Corp.

7,000

113,592

Pegatron

Corp.

21,000

53,053

PharmaEssentia

Corp.

(b)

3,000

49,245

Phison

Electronics

Corp.

2,000

27,984

82

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

Taiwan

–

16.8%

(continued)

Pou

Chen

Corp.

26,000

26,624

Powerchip

Semiconductor

Manufacturing

Corp.

(b)

35,000

15,485

Powertech

Technology,

Inc.

9,000

30,532

President

Chain

Store

Corp.

5,000

40,803

Quanta

Computer,

Inc.

25,000

186,427

Realtek

Semiconductor

Corp.

6,000

98,302

Ruentex

Development

Co.

Ltd.

22,000

22,596

Ruentex

Industries

Ltd.

8,000

13,682

Shihlin

Electric

&

Engineering

Corp.

3,000

13,320

Shin

Kong

Financial

Holding

Co.

Ltd.

(b)

162,632

60,002

Sino-American

Silicon

Products,

Inc.

7,000

24,185

SinoPac

Financial

Holdings

Co.

Ltd.

128,321

85,459

Synnex

Technology

International

Corp.

11,000

24,385

TA

Chen

Stainless

Pipe

23,000

30,096

Taishin

Financial

Holding

Co.

Ltd.

140,424

73,323

Taiwan

Business

Bank

77,280

34,190

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

119,788

91,200

Taiwan

Fertilizer

Co.

Ltd.

10,000

16,009

Taiwan

High

Speed

Rail

Corp.

14,000

11,884

Taiwan

Mobile

Co.

Ltd.

19,000

67,426

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

256,000

7,267,861

Tatung

Co.

Ltd.

(b)

23,000

29,197

TCC

Group

Holdings

Co.

Ltd.

74,117

68,711

TECO

Electric

&

Machinery

Co.

Ltd.

19,000

29,169

The

Shanghai

Commercial

&

Savings

Bank

Ltd.

41,686

61,259

Tripod

Technology

Corp.

5,000

28,687

Unimicron

Technology

Corp.

11,000

32,295

Uni-President

Enterprises

Corp.

47,000

112,860

United

Microelectronics

Corp.

125,000

176,656

Vanguard

International

Semiconductor

Corp.

12,006

33,747

Visera

Technologies

Co.

Ltd.

1,000

6,285

Voltronic

Power

Technology

Corp.

1,000

46,900

Walsin

Lihwa

Corp.

38,000

24,535

WAN

HAI

Lines

Ltd.

10,590

27,317

Winbond

Electronics

Corp.

(b)

34,000

16,743

Wistron

Corp.

29,000

92,033

Wiwynn

Corp.

1,049

62,645

WPG

Holdings

Ltd.

15,000

31,657

WT

Microelectronics

Co.

Ltd.

6,593

24,015

Yageo

Corp.

5,485

78,717

Yang

Ming

Marine

Transport

Corp.

19,000

40,396

Yuanta

Financial

Holding

Co.

Ltd.

130,219

126,624

Yulon

Finance

Corp.

3,000

10,083

Yulon

Motor

Co.

Ltd.

8,000

9,830

Zhen

Ding

Technology

Holding

Ltd.

9,000

27,493

15,313,043

Thailand

–

1.6%

Advanced

Info

Service

PCL,

NVDR

12,900

113,920

Airports

of

Thailand

PCL,

NVDR

35,700

40,878

Asset

World

Corp.

PCL,

NVDR

109,400

7,205

B.Grimm

Power

PCL,

NVDR

15,300

5,176

Bangkok

Dusit

Medical

Services

PCL,

NVDR

109,900

78,958

Bangkok

Expressway

&

Metro

PCL,

NVDR

78,800

13,918

Banpu

PCL,

NVDR

82,700

10,645

Berli

Jucker

PCL,

NVDR

16,700

11,898

BTS

Group

Holdings

PCL,

NVDR

(b)

93,100

14,074

Bumrungrad

Hospital

PCL,

NVDR

5,800

28,648

83

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

Thailand

–

1.6%

(continued)

Cal-Co.

Electronics

Thailand

PCL

36,000

6,967

Carabao

Group

PCL,

NVDR

1,300

2,432

Central

Pattana

PCL,

NVDR

30,200

45,881

Central

Retail

Corp.

PCL,

NVDR

37,100

26,322

Charoen

Pokphand

Foods

PCL,

NVDR

45,000

35,698

Com7

PCL,

NVDR

11,000

6,783

CP

ALL

PCL,

NVDR

62,000

95,585

CP

Axtra

PCL,

NVDR

10,647

8,048

Delta

Electronics

Thailand

PCL,

NVDR

51,000

149,618

Electricity

Generating

PCL,

NVDR

3,600

11,208

Global

Power

Synergy

PCL,

NVDR

4,000

3,742

Gulf

Development

PCL,

NVDR

(b)

80,116

117,518

Home

Product

Center

PCL,

NVDR

52,100

13,257

Indorama

Ventures

PCL,

NVDR

18,300

10,409

I-Tail

Corp.

PCL,

NVDR

13,200

5,097

Kasikornbank

PCL,

NVDR

7,600

36,288

Krung

Thai

Bank

PCL,

NVDR

46,600

30,411

Krungthai

Card

PCL,

NVDR

7,200

10,023

Land

&

Houses

PCL,

NVDR

72,600

9,215

Minor

International

PCL,

NVDR

17,900

14,334

Muangthai

Capital

PCL,

NVDR

4,000

5,388

Ngern

Tid

Lor

PCL,

NVDR

21,459

7,709

Osotspa

PCL,

NVDR

20,600

9,743

PTT

Exploration

&

Production

PCL,

NVDR

11,300

33,658

PTT

Global

Chemical

PCL,

NVDR

7,200

3,729

PTT

Oil

&

Retail

Business

PCL,

NVDR

21,700

9,419

PTT

PCL,

NVDR

145,100

134,654

Ratch

Group

PCL,

NVDR

8,300

6,522

SCB

X

PCL,

NVDR

10,300

36,692

SCG

Packaging

PCL,

NVDR

4,800

2,026

Siam

Global

House

PCL,

NVDR

22,043

4,652

Srisawad

Corp.

PCL,

NVDR

11,160

10,190

Thai

Beverage

PCL

89,700

34,349

Thai

Life

Insurance

PCL,

NVDR

24,400

8,984

Thai

Oil

PCL,

NVDR

14,500

11,611

Thai

Union

Group

PCL,

NVDR

30,700

9,926

The

Siam

Cement

PCL,

NVDR

10,300

49,334

Tisco

Financial

Group

PCL,

NVDR

4,200

12,353

TMBThanachart

Bank

PCL,

NVDR

443,100

24,274

True

Corp.

PCL,

NVDR

(b)

90,400

32,745

WHA

Corp.

PCL,

NVDR

107,200

9,692

1,421,806

Turkey

–

0.8%

AG

Anadolu

Grubu

Holding

AS,

Class

A

1,084

7,695

Ahlatci

Dogal

GAZ

Dagitim

Enerji

VE

Yatirim

AS

1,306

724

Akbank

T.A.S.

32,035

40,398

Akcansa

Cimento

AS

665

2,422

Aksa

Akrilik

Kimya

Sanayii

AS

18,526

4,605

Aksa

Enerji

Uretim

AS,

Class

B

4,066

3,288

Alarko

Holding

AS

2,072

4,938

ALFA

Solar

Enerji

Sanayi

ve

Ticaret

AS

968

1,122

Anadolu

Anonim

Turk

Sigorta

Sirketi

2,115

4,809

Anadolu

EFES

Biracilik

ve

Malt

Sanayii

AS

2,382

9,885

Arcelik

AS

(b)

1,470

4,346

Aselsan

Elektronik

Sanayi

ve

Ticaret

AS

10,903

38,271

Astor

Transformator

Enerji

Turizm

Insaat

ve

Petrol

Sanayi

Ticaret

AS,

Class

B

2,438

6,371

Baticim

Bati

Anadolu

Cimento

Sanayii

AS

(b)

25,019

3,441

84

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

Turkey

–

0.8%

(continued)

Bera

Holding

AS

(b)

8,765

3,314

BIM

Birlesik

Magazalar

AS

4,397

51,562

Borusan

Birlesik

Boru

Fabrikalari

Sanayi

ve

Ticaret

AS

(b)

326

3,077

Borusan

Yatirim

ve

Pazarlama

AS

56

3,087

Can2

Termik

AS

(b)

41,489

1,737

Cimsa

Cimento

Sanayi

ve

Ticaret

AS

5,738

6,979

Coca-Cola

Icecek

AS

10,041

13,602

CW

Enerji

Muhendislik

Ticaret

ve

Sanayi

AS

3,096

1,214

Dap

Gayrimenkul

Gelistirme

AS,

Class

C

(b)

11,679

2,423

Dogan

Sirketler

Grubu

Holding

AS

12,059

4,879

Dogus

Otomotiv

Servis

ve

Ticaret

AS

355

1,805

EGE

Endustri

ve

Ticaret

AS

12

2,775

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS

(b)

28,504

8,538

Enerjisa

Enerji

AS

(c)

3,201

4,507

Enka

Insaat

ve

Sanayi

AS

7,288

12,128

Eregli

Demir

ve

Celik

Fabrikalari

T.A.S.

35,869

20,984

Europower

Enerji

ve

Otomasyon

Teknolojileri

Sanayi

Ticaret

AS

(b)

2,250

1,464

Ford

Otomotiv

Sanayi

AS

786

18,097

Girsim

Elektrik

Sanayi

Taahut

VE

Ticaret

AS

(b)

1,659

1,747

Gubre

Fabrikalari

T.A.S.

(b)

920

6,566

Haci

Omer

Sabanci

Holding

AS

12,305

23,436

Hektas

Ticaret

T.A.S.

(b)

42,868

3,444

Is

Yatirim

Menkul

Degerler

AS

5,310

4,979

Kaleseramik

Canakkale

Kalebodur

Seramik

Sanayi

AS

1,513

1,137

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS,

Class

D

(b)

12,227

7,382

KOC

Holding

AS

7,607

27,236

Kontrolmatik

Enerji

VE

Muhendislik

AS

4,591

3,250

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS

(b)

2,304

5,182

Mavi

Giyim

Sanayi

ve

Ticaret

AS,

Class

B

(c)

7,868

6,604

Mia

Teknoloji

AS

(b)

2,695

2,434

Migros

Ticaret

AS

1,108

13,785

MLP

Saglik

Hizmetleri

AS,

Class

B

(b)(c)

962

8,167

Nuh

Cimento

Sanayi

AS

338

2,148

Otokar

Otomotiv

ve

Savunma

Sanayi

AS

432

4,238

Oyak

Cimento

Fabrikalari

AS

(b)

3,577

2,180

Pegasus

Hava

Tasimaciligi

AS

(b)

2,629

15,239

Petkim

Petrokimya

Holding

AS

(b)

16,316

6,851

Reeder

Teknoloji

Sanayi

ve

Ticaret

AS

(b)

3,994

1,183

Sasa

Polyester

Sanayi

AS

(b)

100,985

11,107

Smart

Gunes

Enerjisi

Teknolojileri

Arge

Uretim

Sanayi

ve

Ticaret

AS

(b)

1,915

1,515

Sok

Marketler

Ticaret

AS

3,367

3,292

Tav

Havalimanlari

Holding

AS

(b)

2,452

14,568

Tekfen

Holding

AS

(b)

1,091

3,886

Tofas

Turk

Otomobil

Fabrikasi

AS

1,377

7,161

Torunlar

Gayrimenkul

Yatirim

Ortakligi

AS

3,189

5,087

Turk

Altin

Isletmeleri

AS

(b)

11,623

7,525

Turk

Hava

Yollari

AO

(b)

7,540

55,727

Turk

Telekomunikasyon

AS

(b)

6,685

9,125

Turk

Traktor

ve

Ziraat

Makineleri

AS

313

4,944

Turkcell

Iletisim

Hizmetleri

AS

14,480

33,847

Turkiye

Halk

Bankasi

AS

(b)

9,648

5,042

Turkiye

Is

Bankasi

AS,

Class

C

90,751

24,304

Turkiye

Petrol

Rafinerileri

AS

9,323

30,228

Turkiye

Sigorta

AS

12,548

5,719

Turkiye

Sise

ve

CAM

Fabrikalari

AS

6,544

5,819

Ulker

Biskuvi

Sanayi

AS

(b)

1,788

4,951

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

6,578

1,987

85

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Common

Stocks

–

98.0%

(continued)

Turkey

–

0.8%

(continued)

Vestel

Elektronik

Sanayi

ve

Ticaret

AS

(b)

2,381

2,500

Yapi

ve

Kredi

Bankasi

AS

(b)

34,610

20,482

Yeo

Teknoloji

Enerji

ve

Endustri

AS

(b)

2,531

2,786

Ziraat

Gayrimenkul

Yatirim

Ortakligi

AS

13,772

8,673

Zorlu

Enerji

Elektrik

Uretim

AS

(b)

21,162

1,761

713,711

United

Arab

Emirates

–

2.6%

Abu

Dhabi

Commercial

Bank

PJSC

32,809

103,973

Abu

Dhabi

Islamic

Bank

PJSC

17,125

85,321

Abu

Dhabi

National

Energy

Co.

PJSC

34,443

29,726

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

26,244

24,079

ADNOC

Drilling

Co.

PJSC

29,333

39,131

ADNOC

Gas

PLC

87,198

75,256

Aldar

Properties

PJSC

41,135

92,505

Alpha

Dhabi

Holding

PJSC

9,872

30,424

Borouge

PLC

38,450

27,008

Dubai

Electricity

&

Water

Authority

PJSC

96,315

70,275

Dubai

Islamic

Bank

PJSC

30,628

63,040

Emaar

Development

PJSC

8,516

30,952

Emaar

Properties

PJSC

69,099

246,443

Emirates

NBD

Bank

PJSC

27,754

155,278

Emirates

Telecommunications

Group

Co.

PJSC

36,817

174,410

First

Abu

Dhabi

Bank

PJSC

48,245

197,285

International

Holdings

Co.

PJSC

(b)

7,904

862,908

Modon

Holding

PSC

(b)

35,129

29,170

Pure

Health

Holding

PJSC

29,213

22,428

2,359,612

United

States

–

0.2%

BeiGene

Ltd.

(b)

7,000

142,623

Parade

Technologies

Ltd.

1,000

16,790

159,413

Total

Common

Stocks

(cost

$76,162,275)

89,086,879

Preferred

Stocks

–

1.7%

Brazil

–

1.1%

Banco

Bradesco

SA,

7.95%

69,863

169,308

Centrais

Eletricas

Brasileiras

SA,

Class

B,

4.39%

5,291

45,074

Cia

Energetica

de

Minas

Gerais,

11.04%

21,039

41,139

Cia

Paranaense

de

Energia

-

Copel,

Class

B,

4.18%

18,777

38,175

Gerdau

SA,

6.89%

17,152

45,414

Itau

Unibanco

Holding

SA,

7.53%

52,197

328,041

Itausa

SA,

8.98%

60,528

114,184

Petroleo

Brasileiro

SA,

8.43%

48,506

257,378

Raizen

SA,

6.33%

14,575

4,711

1,043,424

Chile

–

0.0%

Sociedad

Quimica

y

Minera

de

Chile

SA,

Class

B,

9.48%

1,576

53,719

Colombia

–

0.1%

Bancolombia

SA,

11.02%

5,483

56,336

Russia

–

0.0%

Sberbank

of

Russia

PJSC,

8.09%

(d)

4,890

0

Surgutneftegas

PJSC,

1.19%

(d)

37,000

0

Tatneft

PJSC,

Series

3,

12.59%

(d)

266

0

0

South

Korea

–

0.5%

Hyundai

Motor

Co.,

13.38%

211

22,250

Hyundai

Motor

Co.,

Series

2,

13.36%

347

37,251

86

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Emerging

Markets

Equity

ETF

(continued)

Description

Shares

Value

($)

Preferred

Stocks

–

1.7%

(continued)

South

Korea

–

0.5%

(continued)

LG

Electronics,

Inc.,

2.00%

700

17,482

Samsung

Electronics

Co.

Ltd.,

2.22%

10,637

350,576

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.,

6.71%

37

7,340

434,899

Total

Preferred

Stocks

(cost

$1,393,473)

1,588,378

Rights

–

0.0%

South

Korea

–

0.0%

Samsung

SDI

Co.

Ltd.,

expiring

5/13/2025

(b)

(Cost

$0)

79

1,915

Investment

Companies

–

0.5%

Registered

Investment

Companies

–

0.5%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(e)(f)

(cost

$412,778)

412,778

412,778

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.1%

Registered

Investment

Companies

–

0.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(e)(f)

(cost

$75,060)

75,060

75,060

Total

Investments

(cost

$78,043,586)

100.3%

91,165,010

Liabilities,

Less

Cash

and

Receivables

(0.3)%

(279,805

)

Net

Assets

100.0%

90,885,205

ADR—American

Depositary

Receipt

NVDR—Non-Voting

Depositary

Receipt

REIT—Real

Estate

Investment

Trust

(a)

Security,

or

portion

thereof,

on

loan.

At

April

30,

2025,

the

value

of

the

fund’s

securities

on

loan

was

$282,172

and

the

value

of

the

collateral

was

$297,059,

consisting

of

cash

collateral

of

$75,060

and

U.S.

Government

&

Agency

securities

valued

at

$221,999.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

(b)

Non-income

producing

security.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

April

30,

2025,

these

securities

were

valued

at

$5,235,025

or

5.76%

of

net

assets.

(d)

The

fund

held

Level

3

securities

at

April

30,

2025.

These

securities

were

valued

at

$0

or

0.00%

of

net

assets.

(e)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(f)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2025.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2025

are

as

follows:

Description

Value

($)

10/31/24

Purchases

($)

1

Sales

($)

Value

($)

4/30/25

Dividends/

Distributions

($)

Investment

Companies

–

0.5%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

82,292

10,856,605

(10,526,119)

412,778

8,277

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

417,578

1,549,675

(1,892,193)

75,060

8,190

2

Total

–

0.6%

499,870

12,406,280

(12,418,312)

487,838

16,467

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.

87

See

Notes

to

Financial

Statements

Futures

Description

Number

of

Contracts

Expiration

Notional

Value

($)

Market

Value

($)

Unrealized

(Depreciation)

($)

Futures

Long

MSCI

Emerging

Markets

Index

12

6/20/2025

670,882

666,000

(4,882)

Gross

Unrealized

Depreciation

(4,882)

88

STATEMENT

OF

INVESTMENTS

April

30,

2025

(Unaudited)

BNY

Mellon

Core

Bond

ETF

Description

Principal

Amount

($)

Value

($)

Asset-Backed

Securities

–

0.4%

Ally

Auto

Receivables

Trust

Series

2022-3,

Class

A4,

5.07%,

10/16/2028

125,000

125,684

Series

2024-1,

Class

A3,

5.08%,

12/15/2028

183,000

184,138

American

Express

Credit

Account

Master

Trust

Series

2023-2,

Class

A,

4.80%,

5/15/2030

100,000

101,943

Series

2023-4,

Class

A,

5.15%,

9/15/2030

500,000

515,113

BA

Credit

Card

Trust

,

Series

2023-A1,

Class

A1,

4.79%,

5/15/2028

75,000

75,402

Barclays

Dryrock

Issuance

Trust

,

Series

2023-1,

Class

A,

4.72%,

2/15/2029

100,000

100,344

Capital

One

Multi-Asset

Execution

Trust

Series

2023-A1,

Class

A,

4.42%,

5/15/2028

430,000

430,619

Series

2019-A3,

Class

A3,

2.06%,

8/15/2028

40,000

38,910

CarMax

Auto

Owner

Trust

Series

2024-2,

Class

A3,

5.50%,

1/16/2029

215,000

218,487

Series

2024-1,

Class

A4,

4.94%,

8/15/2029

150,000

152,177

Chase

Issuance

Trust

Series

2023-A1,

Class

A,

5.16%,

9/15/2028

175,000

177,179

Series

2024-A2,

Class

A,

4.63%,

1/15/2031

650,000

658,708

CNH

Equipment

Trust

,

Series

2023-A,

Class

A4,

4.77%,

10/15/2030

100,000

100,820

Ford

Credit

Auto

Lease

Trust

,

Series

2024-B,

Class

A3,

4.99%,

12/15/2027

100,000

100,689

Ford

Credit

Auto

Owner

Trust

Series

2024-A,

Class

A3,

5.09%,

12/15/2028

124,000

125,422

Series

2024-C,

Class

A3,

4.07%,

7/15/2029

200,000

199,506

Series

2024-C,

Class

A4,

4.11%,

7/15/2030

200,000

199,536

GM

Financial

Automobile

Leasing

Trust

Series

2024-2,

Class

A3,

5.39%,

7/20/2027

100,000

100,983

Series

2024-1,

Class

A4,

5.09%,

2/22/2028

80,000

80,624

GM

Financial

Consumer

Automobile

Receivables

Trust

,

Series

2022-3,

Class

A4,

3.71%,

12/16/2027

120,000

119,141

Honda

Auto

Receivables

Owner

Trust

Series

2024-2,

Class

A3,

5.27%,

11/20/2028

145,000

146,856

Series

2023-4,

Class

A4,

5.66%,

2/21/2030

115,000

118,130

Hyundai

Auto

Receivables

Trust

Series

2022-C,

Class

A4,

5.52%,

10/16/2028

400,000

405,647

Series

2023-C,

Class

A3,

5.54%,

10/16/2028

125,000

126,657

Series

2023-B,

Class

A4,

5.31%,

8/15/2029

296,000

301,335

Mercedes-Benz

Auto

Lease

Trust

,

Series

2024-A,

Class

A3,

5.32%,

1/18/2028

110,000

111,338

Nissan

Auto

Lease

Trust

,

Series

2025-A,

Class

A2A,

4.60%,

11/15/2027

200,000

200,393

Nissan

Auto

Receivables

Owner

Trust

,

Series

2024-A,

Class

A3,

5.28%,

12/15/2028

400,000

404,544

Santander

Drive

Auto

Receivables

Trust

,

Series

2023-1,

Class

C,

5.09%,

5/15/2030

200,000

200,603

Synchrony

Card

Funding

LLC

,

Series

2024-A2,

Class

A,

4.93%,

7/15/2030

250,000

254,249

Toyota

Auto

Receivables

Owner

Trust

,

Series

2024-A,

Class

A4,

4.77%,

4/16/2029

200,000

202,614

Verizon

Master

Trust

Series

2023-7,

Class

A1A,

5.67%,

11/20/2029

500,000

510,504

Series

2024-3,

Class

A1A,

5.34%,

4/22/2030

125,000

127,502

Series

2024-6,

Class

A1A,

4.17%,

8/20/2030

150,000

149,791

World

Omni

Auto

Receivables

Trust

Series

2024-A,

Class

A3,

4.86%,

3/15/2029

100,000

100,539

Series

2024-B,

Class

A3,

5.27%,

9/17/2029

100,000

101,176

Total

Asset-Backed

Securities

(cost

$7,256,914)

7,267,303

Commercial

Mortgage-Backed

Securities

–

0.7%

Bank

Trust

Series

2019-BN16,

Class

A4,

4.01%,

2/15/2052

85,000

82,914

Series

2019-BN21,

Class

A5,

2.85%,

10/17/2052

50,000

46,258

Series

2020-BN30,

Class

A4,

1.93%,

12/15/2053

60,000

51,150

89

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Commercial

Mortgage-Backed

Securities

–

0.7%

(continued)

Bank

Trust

(continued)

Series

2021-BN31,

Class

A4,

2.04%,

2/15/2054

150,000

129,206

Series

2023-5YR1,

Class

A3,

6.26%,

4/15/2056

110,000

114,658

Series

2023-BNK46,

Class

A4,

5.75%,

8/15/2056

200,000

209,757

Series

2024-5YR8,

Class

A3,

5.88%,

8/15/2057

200,000

208,824

Series

2017-BNK6,

Class

A4,

3.25%,

7/15/2060

46,816

45,496

Series

2018-BN10,

Class

A5,

3.69%,

2/15/2061

93,000

90,818

Series

2018-BN11,

Class

A2,

3.78%,

3/15/2061

188,258

183,343

Series

2018-BN12,

Class

A3,

3.99%,

5/15/2061

80,000

78,318

Series

2019-BN18,

Class

A4,

3.58%,

5/15/2062

1,593,000

1,513,087

Series

2020-BN25,

Class

A5,

2.65%,

1/15/2063

120,000

109,014

Series

2021-BN37,

Class

A4,

2.37%,

11/15/2064

100,000

86,198

Barclays

Commercial

Mortgage

Trust

,

Series

2019-C4,

Class

A5,

2.92%,

8/15/2052

25,000

23,398

BBCMS

Mortgage

Trust

Series

2018-C2,

Class

A4,

4.05%,

12/15/2051

85,000

83,913

Series

2020-C6,

Class

A4,

2.64%,

2/15/2053

60,000

54,424

Series

2021-C9,

Class

A5,

2.30%,

2/15/2054

150,000

130,207

Series

2021-C12,

Class

A5,

2.69%,

11/15/2054

400,000

352,324

Series

2022-C18,

Class

A5,

5.71%,

12/15/2055

100,000

104,976

Series

2023-C20,

Class

A3,

5.99%,

7/15/2056

1,000,000

1,026,267

Benchmark

Mortgage

Trust

Series

2020-IG1,

Class

AS,

2.91%,

9/15/2043

50,000

40,580

Series

2018-B2,

Class

A4,

3.61%,

2/15/2051

50,000

48,915

Series

2020-B16,

Class

AM,

2.94%,

2/15/2053

180,000

162,250

Series

2020-B21,

Class

A5,

1.98%,

12/17/2053

450,000

386,516

Series

2021-B27,

Class

A5,

2.39%,

7/15/2054

120,000

103,188

Series

2021-B30,

Class

A5,

2.58%,

11/15/2054

125,000

109,271

Series

2022-B32,

Class

A5,

3.00%,

1/15/2055

150,000

130,959

Series

2022-B34,

Class

A5,

3.79%,

4/15/2055

250,000

229,318

Series

2022-B35,

Class

A5,

4.59%,

5/15/2055

240,000

230,751

Series

2023-V2,

Class

A2,

5.36%,

5/15/2055

260,000

264,171

Series

2024-V7,

Class

A3,

6.23%,

5/15/2056

330,000

348,096

Series

2024-V8,

Class

A3,

6.19%,

7/15/2057

350,000

368,957

Series

2019-B14,

Class

B,

3.49%,

12/15/2062

200,000

167,579

BMO

Mortgage

Trust

Series

2023-C4,

Class

A5,

5.12%,

2/15/2056

50,000

50,416

Series

2024-C8,

Class

A5,

5.60%,

3/15/2057

300,000

311,080

Series

2024-5C4,

Class

A3,

6.53%,

5/15/2057

200,000

212,878

Citigroup

Commercial

Mortgage

Trust

Series

2016-P4,

Class

AS,

3.08%,

7/10/2049

120,000

114,650

Series

2016-C3,

Class

A4,

3.15%,

11/15/2049

130,000

126,724

Series

2017-C4,

Class

A4,

3.47%,

10/12/2050

125,000

121,762

COMM

Mortgage

Trust

,

Series

2019-GC44,

Class

A5,

2.95%,

8/15/2057

200,000

183,601

CSAIL

Commercial

Mortgage

Trust

Series

2017-C8,

Class

A4,

3.39%,

6/15/2050

1,000,000

970,378

Series

2018-CX11,

Class

A4,

3.77%,

4/15/2051

35,928

35,231

GS

Mortgage

Securities

Trust

Series

2017-GS8,

Class

A3,

3.21%,

11/10/2050

80,000

77,660

Series

2017-GS8,

Class

A4,

3.47%,

11/10/2050

25,000

24,283

Series

2020-GC45,

Class

AAB,

2.84%,

2/13/2053

170,538

165,127

JPMCC

Commercial

Mortgage

Securities

Trust

Series

2016-JP3,

Class

A4,

2.63%,

8/15/2049

875,877

856,370

Series

2017-JP6,

Class

A4,

3.22%,

7/15/2050

100,000

97,110

Series

2019-COR5,

Class

A4,

3.39%,

6/13/2052

400,000

373,878

90

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Commercial

Mortgage-Backed

Securities

–

0.7%

(continued)

Morgan

Stanley

Capital

I

Trust

Series

2017-H1,

Class

A5,

3.53%,

6/15/2050

990,000

967,123

Series

2020-L4,

Class

A3,

2.70%,

2/15/2053

100,000

91,990

Series

2021-L5,

Class

A2,

1.52%,

5/15/2054

175,000

168,002

UBS

Commercial

Mortgage

Trust

Series

2017-C7,

Class

A3,

3.42%,

12/15/2050

49,229

47,955

Series

2018-C8,

Class

A3,

3.72%,

2/15/2051

24,006

23,490

Series

2018-C12,

Class

A4,

4.03%,

8/15/2051

400,000

392,608

Series

2019-C16,

Class

A4,

3.60%,

4/15/2052

75,000

71,845

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-C34,

Class

AS,

3.48%,

6/15/2049

100,000

97,085

Series

2017-C41,

Class

A3,

3.21%,

11/15/2050

250,000

242,240

Series

2017-C41,

Class

A4,

3.47%,

11/15/2050

210,000

204,246

Series

2019-C50,

Class

A5,

3.73%,

5/15/2052

150,000

144,125

Series

2019-C54,

Class

A4,

3.15%,

12/15/2052

600,000

562,728

Series

2020-C55,

Class

A5,

2.73%,

2/15/2053

100,000

91,720

Series

2021-C61,

Class

A4,

2.66%,

11/15/2054

150,000

131,649

Total

Commercial

Mortgage-Backed

Securities

(cost

$14,036,285)

14,273,055

Corporate

Bonds

and

Notes

–

23.9%

Basic

Materials

–

0.6%

Air

Products

&

Chemicals,

Inc.

4.60%,

2/08/2029

100,000

101,435

2.05%,

5/15/2030

31,000

27,737

4.85%,

2/08/2034

245,000

244,003

2.70%,

5/15/2040

74,000

53,399

Albemarle

Corp.

5.45%,

12/01/2044

25,000

20,253

5.65%,

6/01/2052

45,000

36,310

ArcelorMittal

SA

6.55%,

11/29/2027

92,000

95,698

4.25%,

7/16/2029

95,000

92,775

6.75%,

3/01/2041

148,000

152,986

Barrick

PD

Australia

Finance

Pty

Ltd.

,

5.95%

,

10/15/2039

157,000

159,206

BHP

Billiton

Finance

USA

Ltd.

5.25%,

9/08/2026

20,000

20,269

5.10%,

9/08/2028

110,000

112,808

5.25%,

9/08/2030

55,000

56,822

4.90%,

2/28/2033

35,000

34,687

5.25%,

9/08/2033

329,000

333,051

5.00%,

9/30/2043

30,000

27,770

5.50%,

9/08/2053

140,000

135,074

CF

Industries,

Inc.

5.15%,

3/15/2034

70,000

67,685

4.95%,

6/01/2043

280,000

238,800

5.38%,

3/15/2044

60,000

53,922

DuPont

de

Nemours,

Inc.

4.73%,

11/15/2028

35,000

35,354

5.32%,

11/15/2038

187,000

191,459

5.42%,

11/15/2048

110,000

107,399

Eastman

Chemical

Co.

5.63%,

2/20/2034

100,000

99,585

4.80%,

9/01/2042

100,000

85,298

4.65%,

10/15/2044

195,000

160,227

91

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Basic

Materials

–

0.6%

(continued)

Ecolab,

Inc.

3.25%,

12/01/2027

90,000

88,355

5.25%,

1/15/2028

155,000

160,012

4.80%,

3/24/2030

35,000

35,722

1.30%,

1/30/2031

195,000

163,532

2.13%,

2/01/2032

(a)

20,000

17,027

3.95%,

12/01/2047

10,000

7,935

EIDP,

Inc.

4.50%,

5/15/2026

40,000

40,059

4.80%,

5/15/2033

29,000

28,470

FMC

Corp.

3.20%,

10/01/2026

90,000

87,947

5.65%,

5/18/2033

50,000

48,278

Freeport-McMoRan,

Inc.

5.00%,

9/01/2027

25,000

25,039

4.38%,

8/01/2028

125,000

123,623

5.25%,

9/01/2029

132,000

133,226

4.25%,

3/01/2030

205,000

199,018

5.45%,

3/15/2043

20,000

18,503

Huntsman

International

LLC

,

2.95%

,

6/15/2031

50,000

41,190

International

Flavors

&

Fragrances,

Inc.

,

5.00%

,

9/26/2048

96,000

79,936

International

Paper

Co.

,

4.80%

,

6/15/2044

113,000

95,712

Linde,

Inc.

,

1.10%

,

8/10/2030

230,000

197,069

LYB

International

Finance

III

LLC

3.38%,

10/01/2040

185,000

132,822

4.20%,

10/15/2049

64,000

45,848

4.20%,

5/01/2050

265,000

190,323

3.80%,

10/01/2060

289,000

179,941

LyondellBasell

Industries

NV

,

4.63%

,

2/26/2055

(a)

21,000

15,944

NewMarket

Corp.

,

2.70%

,

3/18/2031

25,000

21,977

Newmont

Corp.

6.25%,

10/01/2039

300,000

321,962

4.88%,

3/15/2042

35,000

31,798

Nucor

Corp.

4.30%,

5/23/2027

10,000

10,024

5.10%,

6/01/2035

200,000

196,349

4.40%,

5/01/2048

100,000

82,716

2.98%,

12/15/2055

50,000

29,669

Nutrien

Ltd.

4.20%,

4/01/2029

20,000

19,758

2.95%,

5/13/2030

78,000

71,996

5.40%,

6/21/2034

500,000

501,777

4.13%,

3/15/2035

100,000

89,498

Rio

Tinto

Alcan,

Inc.

7.25%,

3/15/2031

176,000

198,016

6.13%,

12/15/2033

100,000

107,322

Rio

Tinto

Finance

USA

PLC

5.00%,

3/14/2032

200,000

201,498

5.00%,

3/09/2033

55,000

55,355

5.25%,

3/14/2035

200,000

200,709

5.13%,

3/09/2053

155,000

140,569

5.75%,

3/14/2055

150,000

148,113

92

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Basic

Materials

–

0.6%

(continued)

Southern

Copper

Corp.

,

7.50%

,

7/27/2035

100,000

113,622

Steel

Dynamics,

Inc.

,

3.25%

,

1/15/2031

37,000

34,022

Suzano

Austria

GmbH

6.00%,

1/15/2029

25,000

25,503

5.00%,

1/15/2030

187,000

182,724

Series

DM3N,

3.13%,

1/15/2032

170,000

145,220

The

Dow

Chemical

Company

7.38%,

11/01/2029

138,000

151,738

5.15%,

2/15/2034

(a)

420,000

412,076

5.25%,

11/15/2041

463,000

411,371

4.38%,

11/15/2042

60,000

47,248

4.63%,

10/01/2044

267,000

213,348

The

Mosaic

Company

,

4.88%

,

11/15/2041

10,000

8,807

The

Sherwin-Williams

Company

3.45%,

6/01/2027

375,000

368,297

2.95%,

8/15/2029

225,000

210,624

2.30%,

5/15/2030

36,000

32,204

4.00%,

12/15/2042

40,000

31,484

4.50%,

6/01/2047

25,000

20,734

3.30%,

5/15/2050

85,000

56,180

Vale

Overseas

Ltd.

,

3.75%

,

7/08/2030

567,000

529,004

Westlake

Corp.

,

4.38%

,

11/15/2047

470,000

359,949

10,682,804

Communications

–

2.0%

Alphabet,

Inc.

0.80%,

8/15/2027

424,000

397,222

1.90%,

8/15/2040

160,000

107,075

2.05%,

8/15/2050

285,000

159,254

2.25%,

8/15/2060

160,000

86,706

Amazon.com,

Inc.

1.00%,

5/12/2026

200,000

193,878

3.30%,

4/13/2027

150,000

148,412

1.20%,

6/03/2027

185,000

174,934

3.15%,

8/22/2027

335,000

329,312

4.55%,

12/01/2027

245,000

248,810

1.65%,

5/12/2028

225,000

210,514

4.65%,

12/01/2029

153,000

157,027

1.50%,

6/03/2030

117,000

102,784

2.10%,

5/12/2031

87,000

76,987

3.60%,

4/13/2032

125,000

118,585

4.80%,

12/05/2034

50,000

50,735

3.88%,

8/22/2037

431,000

388,322

2.88%,

5/12/2041

201,000

148,360

4.05%,

8/22/2047

297,000

244,998

2.50%,

6/03/2050

180,000

106,983

3.10%,

5/12/2051

227,000

153,025

3.95%,

4/13/2052

134,000

105,548

4.25%,

8/22/2057

90,000

72,886

2.70%,

6/03/2060

10,000

5,712

3.25%,

5/12/2061

160,000

103,977

4.10%,

4/13/2062

190,000

147,733

America

Movil

SAB

de

CV

6.13%,

3/30/2040

200,000

207,234

4.38%,

7/16/2042

305,000

256,148

93

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Communications

–

2.0%

(continued)

AT&T,

Inc.

2.95%,

7/15/2026

50,000

49,183

3.80%,

2/15/2027

65,000

64,429

1.65%,

2/01/2028

305,000

284,687

4.10%,

2/15/2028

165,000

164,448

4.35%,

3/01/2029

400,000

399,732

2.25%,

2/01/2032

75,000

63,719

2.55%,

12/01/2033

382,000

315,400

5.40%,

2/15/2034

508,000

518,537

5.25%,

3/01/2037

250,000

245,920

5.15%,

3/15/2042

219,000

198,265

3.10%,

2/01/2043

60,000

42,143

4.75%,

5/15/2046

500,000

425,378

4.50%,

3/09/2048

75,000

60,886

4.55%,

3/09/2049

50,000

40,505

3.65%,

6/01/2051

150,000

104,989

3.30%,

2/01/2052

200,000

129,476

3.50%,

9/15/2053

470,000

315,135

3.55%,

9/15/2055

493,000

329,062

3.80%,

12/01/2057

615,000

424,267

3.65%,

9/15/2059

350,000

231,766

3.85%,

6/01/2060

105,000

71,622

Booking

Holdings,

Inc.

3.60%,

6/01/2026

70,000

69,502

3.55%,

3/15/2028

25,000

24,624

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

2.80%,

4/01/2031

331,000

287,040

3.50%,

6/01/2041

250,000

170,396

5.13%,

7/01/2049

175,000

136,838

4.80%,

3/01/2050

230,000

171,355

3.70%,

4/01/2051

340,000

210,551

3.90%,

6/01/2052

45,000

28,558

6.83%,

10/23/2055

121,000

115,405

3.85%,

4/01/2061

156,000

92,795

4.40%,

12/01/2061

760,000

494,133

5.50%,

4/01/2063

150,000

117,877

Cisco

Systems,

Inc.

5.90%,

2/15/2039

250,000

266,056

5.50%,

1/15/2040

125,000

127,517

5.35%,

2/26/2064

732,000

693,816

Comcast

Corp.

2.35%,

1/15/2027

195,000

189,421

3.30%,

2/01/2027

120,000

118,408

5.35%,

11/15/2027

385,000

396,689

3.55%,

5/01/2028

140,000

137,543

4.15%,

10/15/2028

260,000

259,413

4.55%,

1/15/2029

35,000

35,359

5.10%,

6/01/2029

400,000

412,493

1.95%,

1/15/2031

172,000

149,300

4.25%,

1/15/2033

50,000

47,811

4.65%,

2/15/2033

50,000

49,128

4.20%,

8/15/2034

150,000

140,584

5.65%,

6/15/2035

125,000

129,685

6.95%,

8/15/2037

100,000

113,273

4.60%,

10/15/2038

125,000

114,594

94

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Communications

–

2.0%

(continued)

Comcast

Corp.

(continued)

3.25%,

11/01/2039

93,000

71,973

3.75%,

4/01/2040

750,000

614,083

3.97%,

11/01/2047

50,000

37,940

4.00%,

3/01/2048

250,000

189,973

2.80%,

1/15/2051

255,000

150,998

2.89%,

11/01/2051

160,000

96,299

5.65%,

6/01/2054

85,000

81,756

2.94%,

11/01/2056

400,000

232,739

2.99%,

11/01/2063

185,000

103,831

5.50%,

5/15/2064

625,000

575,797

Corning,

Inc.

5.35%,

11/15/2048

50,000

45,994

3.90%,

11/15/2049

50,000

36,641

5.85%,

11/15/2068

55,000

51,503

5.45%,

11/15/2079

197,000

169,156

Deutsche

Telekom

International

Finance

BV

8.75%,

6/15/2030

50,000

58,867

9.25%,

6/01/2032

100,000

123,814

Discovery

Communications

LLC

3.63%,

5/15/2030

408,000

362,095

5.00%,

9/20/2037

270,000

218,052

5.20%,

9/20/2047

30,000

22,401

4.65%,

5/15/2050

80,000

54,779

eBay,

Inc.

1.40%,

5/10/2026

45,000

43,597

3.60%,

6/05/2027

155,000

152,506

2.70%,

3/11/2030

17,000

15,543

6.30%,

11/22/2032

60,000

64,606

4.00%,

7/15/2042

175,000

138,799

3.65%,

5/10/2051

28,000

19,623

Expedia

Group,

Inc.

4.63%,

8/01/2027

30,000

30,023

3.80%,

2/15/2028

133,000

130,471

FactSet

Research

Systems,

Inc.

,

2.90%

,

3/01/2027

125,000

120,628

Fox

Corp.

4.71%,

1/25/2029

50,000

49,922

3.50%,

4/08/2030

115,000

108,448

6.50%,

10/13/2033

30,000

31,908

5.48%,

1/25/2039

100,000

95,582

5.58%,

1/25/2049

85,000

77,479

Grupo

Televisa

SAB

,

6.63%

,

1/15/2040

71,000

62,619

Juniper

Networks,

Inc.

3.75%,

8/15/2029

40,000

38,624

2.00%,

12/10/2030

110,000

94,296

Meta

Platforms,

Inc.

3.50%,

8/15/2027

70,000

69,478

4.60%,

5/15/2028

70,000

71,416

4.80%,

5/15/2030

100,000

103,012

4.55%,

8/15/2031

250,000

253,375

3.85%,

8/15/2032

220,000

209,890

4.95%,

5/15/2033

30,000

30,561

4.75%,

8/15/2034

250,000

249,073

4.45%,

8/15/2052

223,000

185,719

5.40%,

8/15/2054

100,000

96,379

95

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Communications

–

2.0%

(continued)

Meta

Platforms,

Inc.

(continued)

4.65%,

8/15/2062

160,000

133,858

5.75%,

5/15/2063

495,000

493,507

Motorola

Solutions,

Inc.

4.60%,

2/23/2028

20,000

20,095

5.00%,

4/15/2029

600,000

609,650

2.30%,

11/15/2030

292,000

257,314

5.60%,

6/01/2032

99,000

102,251

Netflix,

Inc.

4.88%,

4/15/2028

580,000

592,503

5.88%,

11/15/2028

321,000

338,691

6.38%,

5/15/2029

40,000

43,062

Nokia

OYJ

,

6.63%

,

5/15/2039

210,000

210,804

Omnicom

Group,

Inc.

,

2.60%

,

8/01/2031

190,000

166,265

Orange

SA

9.00%,

3/01/2031

295,000

358,534

5.38%,

1/13/2042

67,000

64,531

Paramount

Global

5.90%,

10/15/2040

160,000

143,019

5.85%,

9/01/2043

180,000

152,790

4.60%,

1/15/2045

270,000

195,526

Rogers

Communications,

Inc.

3.20%,

3/15/2027

250,000

244,515

4.50%,

3/15/2042

500,000

418,429

4.30%,

2/15/2048

160,000

123,538

4.35%,

5/01/2049

80,000

61,992

Sprint

Capital

Corp.

6.88%,

11/15/2028

310,000

331,526

8.75%,

3/15/2032

35,000

42,023

Telefonica

Emisiones

SA

7.05%,

6/20/2036

120,000

132,938

4.90%,

3/06/2048

200,000

167,443

5.52%,

3/01/2049

130,000

118,183

Telefonica

Europe

BV

,

8.25%

,

9/15/2030

91,000

104,531

TELUS

Corp.

3.70%,

9/15/2027

109,000

107,489

4.60%,

11/16/2048

62,000

49,492

The

Bell

Telephone

Company

of

Canada

or

Bell

Canada

,

4.46%

,

4/01/2048

24,000

19,184

The

Interpublic

Group

of

Companies,

Inc.

4.75%,

3/30/2030

20,000

20,022

3.38%,

3/01/2041

60,000

43,381

5.40%,

10/01/2048

40,000

36,264

The

Walt

Disney

Company

3.70%,

3/23/2027

600,000

597,329

2.00%,

9/01/2029

70,000

63,954

3.80%,

3/22/2030

100,000

97,859

2.65%,

1/13/2031

150,000

137,009

6.65%,

11/15/2037

185,000

208,657

4.63%,

3/23/2040

165,000

154,362

4.75%,

9/15/2044

50,000

44,579

4.70%,

3/23/2050

271,000

237,782

3.60%,

1/13/2051

205,000

148,855

96

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Communications

–

2.0%

(continued)

Time

Warner

Cable

LLC

6.55%,

5/01/2037

100,000

98,554

7.30%,

7/01/2038

110,000

114,217

5.88%,

11/15/2040

300,000

273,920

5.50%,

9/01/2041

150,000

128,333

T-Mobile

USA,

Inc.

3.75%,

4/15/2027

285,000

281,954

2.05%,

2/15/2028

520,000

488,957

4.95%,

3/15/2028

120,000

121,842

4.80%,

7/15/2028

168,000

169,697

2.40%,

3/15/2029

100,000

92,400

2.55%,

2/15/2031

391,000

346,590

2.88%,

2/15/2031

150,000

135,154

2.70%,

3/15/2032

109,000

94,645

5.05%,

7/15/2033

103,000

102,327

5.75%,

1/15/2034

260,000

270,323

5.15%,

4/15/2034

300,000

300,296

4.38%,

4/15/2040

315,000

275,107

3.00%,

2/15/2041

85,000

60,843

4.50%,

4/15/2050

95,000

77,047

3.30%,

2/15/2051

260,000

170,964

3.40%,

10/15/2052

25,000

16,575

5.65%,

1/15/2053

328,000

313,626

5.75%,

1/15/2054

45,000

43,454

6.00%,

6/15/2054

99,000

98,913

3.60%,

11/15/2060

95,000

62,161

5.80%,

9/15/2062

25,000

24,045

TWDC

Enterprises

18

Corp.

Series

E,

4.13%,

12/01/2041

100,000

83,775

4.13%,

6/01/2044

70,000

57,387

3.00%,

7/30/2046

285,000

190,109

VeriSign,

Inc.

,

4.75%

,

7/15/2027

236,000

236,007

Verizon

Communications,

Inc.

2.10%,

3/22/2028

325,000

306,782

4.33%,

9/21/2028

603,000

605,016

3.88%,

2/08/2029

161,000

158,363

4.02%,

12/03/2029

250,000

245,401

3.15%,

3/22/2030

50,000

47,014

1.50%,

9/18/2030

205,000

175,644

1.68%,

10/30/2030

140,000

120,206

1.75%,

1/20/2031

30,000

25,639

2.36%,

3/15/2032

455,000

388,206

5.05%,

5/09/2033

165,000

166,198

4.50%,

8/10/2033

50,000

48,169

4.78%,

2/15/2035

250,000

242,944

5.25%,

3/16/2037

200,000

197,586

4.81%,

3/15/2039

500,000

466,032

3.40%,

3/22/2041

210,000

159,804

2.85%,

9/03/2041

50,000

34,856

6.55%,

9/15/2043

260,000

281,627

4.86%,

8/21/2046

50,000

44,011

5.50%,

3/16/2047

40,000

38,318

4.52%,

9/15/2048

194,000

160,926

2.88%,

11/20/2050

435,000

266,482

3.55%,

3/22/2051

85,000

59,927

97

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Communications

–

2.0%

(continued)

Verizon

Communications,

Inc.

(continued)

3.88%,

3/01/2052

30,000

22,086

5.01%,

8/21/2054

34,000

30,071

3.00%,

11/20/2060

554,000

321,673

3.70%,

3/22/2061

140,000

95,156

Vodafone

Group

PLC

4.88%,

6/19/2049

90,000

75,726

4.25%,

9/17/2050

30,000

22,744

5.63%,

2/10/2053

200,000

184,744

5.13%,

6/19/2059

193,000

163,078

5.75%,

2/10/2063

55,000

50,225

Weibo

Corp.

,

3.38%

,

7/08/2030

(a)

225,000

206,927

37,859,681

Consumer,

Cyclical

–

1.5%

American

Airlines

Pass-Through

Trust

Series

2014-1,

Class

A,

3.70%,

10/01/2026

4,606

4,450

Series

2015-1,

Class

A,

3.38%,

5/01/2027

5,247

5,063

Series

2016-2,

Class

AA,

3.20%,

6/15/2028

37,770

35,765

Series

2017-1,

Class

AA,

3.65%,

2/15/2029

30,750

29,240

Series

2017-2,

Class

AA,

3.35%,

10/15/2029

139,757

131,918

American

Honda

Finance

Corp.

Series

G,

5.25%,

7/07/2026

15,000

15,148

4.70%,

1/12/2028

15,000

15,131

Series

G,

5.13%,

7/07/2028

35,000

35,746

5.65%,

11/15/2028

85,000

88,342

2.25%,

1/12/2029

131,000

120,826

4.60%,

4/17/2030

100,000

99,857

Series

G,

5.85%,

10/04/2030

436,000

460,413

Aptiv

Swiss

Holdings

Ltd.

,

4.15%

,

5/01/2052

70,000

47,683

AutoNation,

Inc.

1.95%,

8/01/2028

45,000

41,074

5.89%,

3/15/2035

100,000

98,805

AutoZone,

Inc.

4.50%,

2/01/2028

19,000

19,110

6.25%,

11/01/2028

411,000

435,205

4.00%,

4/15/2030

75,000

72,864

Best

Buy

Co.,

Inc.

,

4.45%

,

10/01/2028

308,000

307,547

Brunswick

Corp./de

,

5.10%

,

4/01/2052

120,000

88,785

Choice

Hotels

International,

Inc.

3.70%,

12/01/2029

120,000

112,637

3.70%,

1/15/2031

55,000

50,073

Costco

Wholesale

Corp.

3.00%,

5/18/2027

323,000

317,760

1.38%,

6/20/2027

70,000

66,550

Cummins,

Inc.

4.90%,

2/20/2029

150,000

153,237

5.15%,

2/20/2034

200,000

202,795

2.60%,

9/01/2050

50,000

29,322

Darden

Restaurants,

Inc.

3.85%,

5/01/2027

210,000

207,398

4.55%,

2/15/2048

20,000

15,999

Dick's

Sporting

Goods,

Inc.

3.15%,

1/15/2032

50,000

43,863

4.10%,

1/15/2052

85,000

58,320

98

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Consumer,

Cyclical

–

1.5%

(continued)

Dollar

General

Corp.

4.63%,

11/01/2027

110,000

110,232

5.20%,

7/05/2028

10,000

10,156

3.50%,

4/03/2030

50,000

46,910

5.45%,

7/05/2033

(a)

315,000

317,846

4.13%,

4/03/2050

153,000

111,353

Dollar

Tree,

Inc.

4.20%,

5/15/2028

100,000

98,637

3.38%,

12/01/2051

25,000

15,191

Dr.

Horton,

Inc.

,

5.50%

,

10/15/2035

500,000

501,198

Ford

Motor

Co.

7.45%,

7/16/2031

127,000

133,950

3.25%,

2/12/2032

423,000

345,759

6.10%,

8/19/2032

100,000

95,929

Ford

Motor

Credit

Co.

LLC

2.70%,

8/10/2026

250,000

240,009

4.13%,

8/17/2027

485,000

465,078

6.80%,

5/12/2028

400,000

406,020

6.05%,

11/05/2031

200,000

193,830

6.53%,

3/19/2032

200,000

197,999

7.12%,

11/07/2033

700,000

704,945

General

Motors

Co.

4.20%,

10/01/2027

115,000

113,013

5.60%,

10/15/2032

750,000

743,642

6.60%,

4/01/2036

253,000

259,839

5.15%,

4/01/2038

122,000

109,595

6.75%,

4/01/2046

31,000

30,574

5.95%,

4/01/2049

108,000

96,415

General

Motors

Financial

Co.,

Inc.

4.00%,

10/06/2026

230,000

227,232

2.35%,

2/26/2027

265,000

253,106

5.00%,

4/09/2027

95,000

95,089

6.00%,

1/09/2028

122,000

125,005

5.80%,

6/23/2028

371,000

378,580

2.40%,

10/15/2028

240,000

219,938

3.60%,

6/21/2030

50,000

46,010

2.35%,

1/08/2031

445,000

378,085

2.70%,

6/10/2031

105,000

90,025

Genuine

Parts

Co.

,

2.75%

,

2/01/2032

20,000

17,120

Hasbro,

Inc.

3.55%,

11/19/2026

50,000

49,140

3.90%,

11/19/2029

70,000

66,580

6.35%,

3/15/2040

50,000

50,053

Honda

Motor

Co.

Ltd.

2.53%,

3/10/2027

415,000

402,120

2.97%,

3/10/2032

55,000

48,792

Hyatt

Hotels

Corp.

5.75%,

1/30/2027

23,000

23,386

5.05%,

3/30/2028

100,000

100,484

5.75%,

4/23/2030

75,000

76,459

5.75%,

3/30/2032

100,000

100,192

99

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Consumer,

Cyclical

–

1.5%

(continued)

JetBlue

Pass-Through

Trust

,

Series

2020-1

,

Class

A

,

4.00%

,

11/15/2032

29,530

27,193

Las

Vegas

Sands

Corp.

,

3.90%

,

8/08/2029

50,000

46,428

Lear

Corp.

3.50%,

5/30/2030

108,000

100,385

5.25%,

5/15/2049

45,000

37,517

Leggett

&

Platt,

Inc.

,

3.50%

,

11/15/2027

125,000

120,176

Lennar

Corp.

5.00%,

6/15/2027

135,000

135,746

4.75%,

11/29/2027

150,000

150,578

Lowe's

Cos.,

Inc.

1.70%,

9/15/2028

420,000

384,573

1.70%,

10/15/2030

40,000

34,331

2.63%,

4/01/2031

110,000

98,233

3.75%,

4/01/2032

305,000

283,638

3.70%,

4/15/2046

433,000

314,155

4.05%,

5/03/2047

105,000

79,813

3.00%,

10/15/2050

85,000

51,794

3.50%,

4/01/2051

107,000

71,607

4.25%,

4/01/2052

209,000

159,225

4.45%,

4/01/2062

129,000

97,922

5.80%,

9/15/2062

40,000

37,833

Magna

International,

Inc.

,

2.45%

,

6/15/2030

20,000

17,807

Marriott

International,

Inc.

Series

R,

3.13%,

6/15/2026

120,000

118,199

5.45%,

9/15/2026

10,000

10,114

5.55%,

10/15/2028

15,000

15,486

Series

AA,

4.65%,

12/01/2028

50,000

50,220

Series

GG,

3.50%,

10/15/2032

150,000

133,523

5.35%,

3/15/2035

100,000

98,369

Mattel,

Inc.

,

5.45%

,

11/01/2041

25,000

21,590

McDonald's

Corp.

3.80%,

4/01/2028

25,000

24,800

2.63%,

9/01/2029

341,000

318,635

4.95%,

8/14/2033

125,000

126,239

4.70%,

12/09/2035

269,000

261,421

6.30%,

3/01/2038

135,000

145,828

4.45%,

3/01/2047

241,000

200,615

4.45%,

9/01/2048

240,000

199,210

3.63%,

9/01/2049

105,000

75,409

4.20%,

4/01/2050

175,000

137,559

5.45%,

8/14/2053

115,000

109,402

MDC

Holdings,

Inc.

2.50%,

1/15/2031

342,000

297,808

3.97%,

8/06/2061

(a)

25,000

18,483

Mercedes-Benz

Finance

North

America

LLC

,

8.50%

,

1/18/2031

155,000

182,742

NIKE,

Inc.

2.38%,

11/01/2026

164,000

159,954

2.75%,

3/27/2027

350,000

341,600

3.88%,

11/01/2045

250,000

194,487

3.38%,

3/27/2050

85,000

59,018

O'Reilly

Automotive,

Inc.

5.75%,

11/20/2026

60,000

61,136

3.60%,

9/01/2027

50,000

49,140

3.90%,

6/01/2029

45,000

43,888

1.75%,

3/15/2031

20,000

16,865

100

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Consumer,

Cyclical

–

1.5%

(continued)

PACCAR

Financial

Corp.

1.10%,

5/11/2026

40,000

38,735

4.55%,

3/03/2028

400,000

405,437

Polaris,

Inc.

,

6.95%

,

3/15/2029

50,000

51,507

PulteGroup,

Inc.

5.00%,

1/15/2027

17,000

17,122

6.00%,

2/15/2035

25,000

25,645

Ralph

Lauren

Corp.

,

2.95%

,

6/15/2030

110,000

101,669

Sands

China

Ltd.

2.30%,

3/08/2027

200,000

188,166

5.40%,

8/08/2028

(a)

204,000

200,733

Southwest

Airlines

Co.

,

2.63%

,

2/10/2030

75,000

67,064

Starbucks

Corp.

2.45%,

6/15/2026

300,000

293,667

2.00%,

3/12/2027

120,000

114,985

4.00%,

11/15/2028

43,000

42,447

3.55%,

8/15/2029

168,000

162,493

4.80%,

2/15/2033

165,000

162,925

3.75%,

12/01/2047

150,000

108,140

4.45%,

8/15/2049

40,000

31,903

3.35%,

3/12/2050

50,000

32,829

3.50%,

11/15/2050

102,000

68,538

Target

Corp.

3.38%,

4/15/2029

223,000

216,539

2.35%,

2/15/2030

40,000

36,623

4.50%,

9/15/2032

100,000

98,562

4.00%,

7/01/2042

134,000

111,846

2.95%,

1/15/2052

120,000

75,162

4.80%,

1/15/2053

265,000

232,583

The

Home

Depot,

Inc.

2.95%,

6/15/2029

125,000

119,001

4.75%,

6/25/2029

839,000

856,059

2.70%,

4/15/2030

168,000

155,849

1.38%,

3/15/2031

127,000

106,750

4.50%,

9/15/2032

600,000

597,001

4.95%,

6/25/2034

640,000

643,893

4.25%,

4/01/2046

400,000

331,316

2.38%,

3/15/2051

271,000

151,673

3.63%,

4/15/2052

150,000

107,949

3.50%,

9/15/2056

15,000

10,322

The

TJX

Companies,

Inc.

2.25%,

9/15/2026

200,000

195,255

1.15%,

5/15/2028

10,000

9,187

1.60%,

5/15/2031

102,000

87,080

Toyota

Motor

Corp.

5.28%,

7/13/2026

10,000

10,117

5.12%,

7/13/2028

25,000

25,630

Toyota

Motor

Credit

Corp.

5.00%,

8/14/2026

45,000

45,422

5.40%,

11/20/2026

55,000

55,975

3.20%,

1/11/2027

25,000

24,619

3.05%,

3/22/2027

130,000

127,417

5.45%,

11/10/2027

320,000

329,714

4.63%,

1/12/2028

200,000

202,184

5.25%,

9/11/2028

80,000

82,494

101

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Consumer,

Cyclical

–

1.5%

(continued)

Toyota

Motor

Credit

Corp.

(continued)

5.05%,

5/16/2029

646,000

662,082

4.45%,

6/29/2029

70,000

70,210

5.55%,

11/20/2030

50,000

52,505

1.65%,

1/10/2031

(a)

140,000

120,160

5.10%,

3/21/2031

405,000

414,613

1.90%,

9/12/2031

68,000

57,698

Tractor

Supply

Co.

,

5.25%

,

5/15/2033

15,000

15,053

United

Airlines

Pass-Through

Trust

Series

2014-1,

Class

A,

4.00%,

4/11/2026

22,765

22,449

Series

2018-1,

Class

AA,

3.50%,

3/01/2030

68,029

63,678

Series

2023-1,

Class

A,

5.80%,

1/15/2036

157,627

156,389

Walmart,

Inc.

1.05%,

9/17/2026

65,000

62,673

3.90%,

4/15/2028

15,000

15,032

3.70%,

6/26/2028

50,000

49,859

1.50%,

9/22/2028

60,000

55,498

4.00%,

4/15/2030

105,000

105,166

1.80%,

9/22/2031

81,000

70,324

4.10%,

4/15/2033

525,000

512,141

5.25%,

9/01/2035

70,000

73,032

3.95%,

6/28/2038

10,000

9,091

2.50%,

9/22/2041

100,000

69,991

4.05%,

6/29/2048

98,000

80,568

2.95%,

9/24/2049

213,000

142,735

2.65%,

9/22/2051

285,000

176,482

4.50%,

9/09/2052

129,000

112,224

WarnerMedia

Holdings,

Inc.

4.28%,

3/15/2032

271,000

232,073

5.05%,

3/15/2042

525,000

395,079

5.14%,

3/15/2052

130,000

89,232

5.39%,

3/15/2062

295,000

200,763

Whirlpool

Corp.

,

4.75%

,

2/26/2029

145,000

137,406

WW

Grainger,

Inc.

,

4.20%

,

5/15/2047

90,000

73,336

28,684,905

Consumer,

Non-cyclical

–

4.2%

Abbott

Laboratories

3.75%,

11/30/2026

120,000

119,793

1.15%,

1/30/2028

123,000

114,961

6.00%,

4/01/2039

25,000

27,276

4.90%,

11/30/2046

454,000

424,364

AbbVie,

Inc.

3.20%,

5/14/2026

175,000

173,166

2.95%,

11/21/2026

500,000

491,479

4.25%,

11/14/2028

100,000

100,508

3.20%,

11/21/2029

145,000

138,186

4.95%,

3/15/2031

610,000

624,376

5.20%,

3/15/2035

200,000

202,667

4.50%,

5/14/2035

100,000

95,800

4.30%,

5/14/2036

567,000

527,553

5.35%,

3/15/2044

45,000

43,576

4.75%,

3/15/2045

125,000

111,577

4.70%,

5/14/2045

269,000

237,856

4.25%,

11/21/2049

806,000

654,236

5.60%,

3/15/2055

250,000

247,529

102

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Consumer,

Non-cyclical

–

4.2%

(continued)

Adventist

Health

System/West

,

3.63%

,

3/01/2049

92,000

61,712

Advocate

Health

&

Hospitals

Corp.

3.83%,

8/15/2028

50,000

49,254

Series

2020,

2.21%,

6/15/2030

18,000

16,171

Aetna,

Inc.

6.63%,

6/15/2036

245,000

260,369

4.75%,

3/15/2044

35,000

29,121

Agilent

Technologies,

Inc.

2.75%,

9/15/2029

100,000

92,714

2.30%,

3/12/2031

47,000

41,026

Ahold

Finance

USA

LLC

,

6.88%

,

5/01/2029

25,000

27,176

AHS

Hospital

Corp.

5.02%,

7/01/2045

85,000

78,857

Series

2021,

2.78%,

7/01/2051

280,000

170,303

Allina

Health

System

,

Series

2021

,

2.90%

,

11/15/2051

100,000

61,232

Altria

Group,

Inc.

2.63%,

9/16/2026

31,000

30,234

3.40%,

5/06/2030

450,000

423,274

2.45%,

2/04/2032

120,000

101,736

3.40%,

2/04/2041

215,000

154,730

4.25%,

8/09/2042

270,000

213,615

4.50%,

5/02/2043

40,000

32,392

5.95%,

2/14/2049

180,000

174,458

4.45%,

5/06/2050

172,000

131,016

Amgen,

Inc.

2.60%,

8/19/2026

127,000

124,401

5.15%,

3/02/2028

240,000

245,245

3.00%,

2/22/2029

180,000

171,156

4.05%,

8/18/2029

250,000

245,850

5.25%,

3/02/2030

197,000

202,551

2.00%,

1/15/2032

250,000

209,722

3.35%,

2/22/2032

135,000

123,339

4.20%,

3/01/2033

286,000

270,888

5.60%,

3/02/2043

612,000

595,868

4.40%,

5/01/2045

75,000

62,547

4.56%,

6/15/2048

137,000

113,492

4.66%,

6/15/2051

68,000

56,716

4.20%,

2/22/2052

90,000

69,335

5.65%,

3/02/2053

384,000

368,071

2.77%,

9/01/2053

215,000

123,979

5.75%,

3/02/2063

115,000

109,566

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

4.70%,

2/01/2036

365,000

352,999

4.90%,

2/01/2046

586,000

533,716

Anheuser-Busch

InBev

Finance,

Inc.

,

4.63%

,

2/01/2044

100,000

88,971

Anheuser-Busch

InBev

Worldwide,

Inc.

4.90%,

1/23/2031

75,000

76,929

4.38%,

4/15/2038

1,200,000

1,096,548

8.20%,

1/15/2039

25,000

31,739

5.45%,

1/23/2039

25,000

25,310

8.00%,

11/15/2039

25,000

31,239

4.95%,

1/15/2042

25,000

23,262

5.80%,

1/23/2059

200,000

202,416

103

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Consumer,

Non-cyclical

–

4.2%

(continued)

Ascension

Health

Series

B,

2.53%,

11/15/2029

45,000

41,533

3.95%,

11/15/2046

66,000

52,348

4.85%,

11/15/2053

25,000

22,258

AstraZeneca

Finance

LLC

1.20%,

5/28/2026

75,000

72,694

4.80%,

2/26/2027

250,000

253,260

4.88%,

3/03/2028

175,000

178,962

1.75%,

5/28/2028

160,000

149,234

4.85%,

2/26/2029

400,000

408,591

AstraZeneca

PLC

3.13%,

6/12/2027

118,000

115,857

6.45%,

9/15/2037

145,000

161,790

4.00%,

9/18/2042

50,000

41,808

4.38%,

11/16/2045

75,000

64,586

Avery

Dennison

Corp.

,

4.88%

,

12/06/2028

130,000

131,062

Baptist

Healthcare

System

Obligated

Group

,

Series

20B

,

3.54%

,

8/15/2050

117,000

80,334

BAT

Capital

Corp.

3.22%,

9/06/2026

40,000

39,339

4.70%,

4/02/2027

231,000

231,971

3.56%,

8/15/2027

14,000

13,742

2.26%,

3/25/2028

25,000

23,508

2.73%,

3/25/2031

350,000

310,826

4.39%,

8/15/2037

270,000

237,040

4.54%,

8/15/2047

80,000

62,849

4.76%,

9/06/2049

65,000

51,964

5.28%,

4/02/2050

50,000

42,820

5.65%,

3/16/2052

200,000

180,114

7.08%,

8/02/2053

40,000

43,211

BAT

International

Finance

PLC

,

5.93%

,

2/02/2029

270,000

282,470

Baxter

International,

Inc.

1.92%,

2/01/2027

365,000

349,221

2.27%,

12/01/2028

30,000

27,669

2.54%,

2/01/2032

125,000

106,744

3.13%,

12/01/2051

45,000

27,598

Baylor

Scott

&

White

Holdings

,

Series

2021

,

2.84%

,

11/15/2050

50,000

31,198

Becton,

Dickinson

&

Co.

3.70%,

6/06/2027

135,000

133,440

4.69%,

2/13/2028

443,000

446,024

2.82%,

5/20/2030

120,000

109,867

1.96%,

2/11/2031

120,000

102,820

4.67%,

6/06/2047

85,000

72,194

3.79%,

5/20/2050

28,000

20,650

Biogen,

Inc.

2.25%,

5/01/2030

75,000

66,684

5.20%,

9/15/2045

45,000

39,580

3.15%,

5/01/2050

183,000

111,385

BIO-RAD

Laboratories,

Inc.

3.30%,

3/15/2027

15,000

14,619

3.70%,

3/15/2032

100,000

90,269

Bon

Secours

Mercy

Health,

Inc.

3.46%,

6/01/2030

120,000

114,750

Series

20-2,

2.10%,

6/01/2031

120,000

104,746

Series

20-2,

3.21%,

6/01/2050

25,000

16,734

104

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Consumer,

Non-cyclical

–

4.2%

(continued)

Boston

Scientific

Corp.

2.65%,

6/01/2030

25,000

22,976

4.70%,

3/01/2049

80,000

70,443

Bristol-Myers

Squibb

Co.

3.20%,

6/15/2026

200,000

198,240

1.13%,

11/13/2027

150,000

139,885

3.90%,

2/20/2028

100,000

99,739

4.90%,

2/22/2029

100,000

102,429

5.10%,

2/22/2031

200,000

206,174

2.35%,

11/13/2040

20,000

13,523

3.55%,

3/15/2042

510,000

396,476

4.35%,

11/15/2047

100,000

82,150

4.55%,

2/20/2048

28,000

23,755

4.25%,

10/26/2049

365,000

291,745

2.55%,

11/13/2050

125,000

71,712

3.70%,

3/15/2052

245,000

176,101

3.90%,

3/15/2062

110,000

77,554

5.65%,

2/22/2064

307,000

295,100

Brown

University,

in

Providence

in

the

State

of

Rhode

Island

&

Providence

Plantations

,

Series

A

,

2.92%

,

9/01/2050

130,000

85,340

Bunge

Ltd.

Finance

Corp.

,

3.75%

,

9/25/2027

109,000

107,465

California

Institute

of

Technology

,

4.70%

,

11/01/2111

35,000

28,218

Cardinal

Health,

Inc.

5.35%,

11/15/2034

200,000

200,757

4.60%,

3/15/2043

25,000

20,953

4.50%,

11/15/2044

120,000

98,817

4.90%,

9/15/2045

90,000

77,789

Cencora,

Inc.

3.45%,

12/15/2027

150,000

146,728

2.80%,

5/15/2030

75,000

69,085

4.30%,

12/15/2047

50,000

39,806

Centene

Corp.

2.45%,

7/15/2028

120,000

110,353

4.63%,

12/15/2029

250,000

241,075

3.00%,

10/15/2030

120,000

105,332

2.63%,

8/01/2031

365,000

308,408

Children's

Hospital

,

Series

2020

,

2.93%

,

7/15/2050

50,000

31,261

Coca-Cola

Femsa

SAB

de

CV

,

2.75%

,

1/22/2030

50,000

46,240

Colgate-Palmolive

Co.

3.10%,

8/15/2027

250,000

246,256

3.70%,

8/01/2047

125,000

96,833

CommonSpirit

Health

3.35%,

10/01/2029

60,000

56,809

2.78%,

10/01/2030

227,000

205,116

3.91%,

10/01/2050

95,000

68,273

Community

Health

Network,

Inc.

,

Series

20-A

,

3.10%

,

5/01/2050

65,000

40,840

ConAgra

Brands,

Inc.

5.30%,

10/01/2026

50,000

50,430

5.40%,

11/01/2048

125,000

110,857

Constellation

Brands,

Inc.

4.65%,

11/15/2028

50,000

50,130

3.15%,

8/01/2029

25,000

23,521

2.25%,

8/01/2031

150,000

128,136

4.50%,

5/09/2047

220,000

178,565

5.25%,

11/15/2048

180,000

160,693

105

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Consumer,

Non-cyclical

–

4.2%

(continued)

Corewell

Health

Obligated

Group

,

Series

19A

,

3.49%

,

7/15/2049

50,000

35,742

Cottage

Health

Obligated

Group

,

Series

2020

,

3.30%

,

11/01/2049

25,000

17,173

CVS

Health

Corp.

2.88%,

6/01/2026

72,000

70,678

3.00%,

8/15/2026

60,000

58,827

4.30%,

3/25/2028

65,000

64,537

3.25%,

8/15/2029

307,000

289,383

5.13%,

2/21/2030

50,000

50,550

3.75%,

4/01/2030

15,000

14,264

5.25%,

1/30/2031

204,000

206,958

1.88%,

2/28/2031

70,000

58,978

2.13%,

9/15/2031

550,000

462,931

5.30%,

6/01/2033

810,000

804,340

4.13%,

4/01/2040

9,000

7,301

6.00%,

6/01/2044

500,000

483,486

5.13%,

7/20/2045

353,000

305,618

5.05%,

3/25/2048

125,000

106,274

5.63%,

2/21/2053

100,000

90,783

5.88%,

6/01/2053

25,000

23,442

Danaher

Corp.

,

2.80%

,

12/10/2051

95,000

58,131

DENTSPLY

SIRONA,

Inc.

,

3.25%

,

6/01/2030

50,000

44,638

DH

Europe

Finance

II

Sarl

,

3.25%

,

11/15/2039

129,000

101,714

Diageo

Capital

PLC

5.38%,

10/05/2026

200,000

203,046

5.63%,

10/05/2033

200,000

207,754

Dignity

Health

4.50%,

11/01/2042

125,000

103,730

5.27%,

11/01/2064

70,000

60,550

Duke

University

,

Series

2020

,

2.83%

,

10/01/2055

225,000

139,182

Elevance

Health,

Inc.

4.10%,

3/01/2028

208,000

206,707

2.55%,

3/15/2031

70,000

62,352

5.50%,

10/15/2032

100,000

103,306

4.75%,

2/15/2033

550,000

540,912

4.65%,

8/15/2044

89,000

76,696

4.38%,

12/01/2047

428,000

345,936

4.55%,

3/01/2048

388,000

319,870

5.85%,

11/01/2064

100,000

95,996

Eli

Lilly

&

Co.

4.50%,

2/09/2027

200,000

201,993

3.38%,

3/15/2029

165,000

161,060

4.70%,

2/09/2034

550,000

545,224

4.60%,

8/14/2034

100,000

98,587

5.10%,

2/12/2035

500,000

510,326

5.00%,

2/09/2054

100,000

92,773

2.50%,

9/15/2060

40,000

21,823

5.10%,

2/09/2064

200,000

184,099

Emory

University

,

Series

2020

,

2.14%

,

9/01/2030

115,000

102,481

Equifax,

Inc.

5.10%,

6/01/2028

434,000

441,073

2.35%,

9/15/2031

100,000

86,299

Flowers

Foods,

Inc.

2.40%,

3/15/2031

65,000

55,742

6.20%,

3/15/2055

200,000

198,214

106

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Consumer,

Non-cyclical

–

4.2%

(continued)

Fomento

Economico

Mexicano

SAB

de

CV

,

3.50%

,

1/16/2050

140,000

100,390

GE

HealthCare

Technologies,

Inc.

5.65%,

11/15/2027

250,000

257,116

5.86%,

3/15/2030

245,000

256,722

General

Mills,

Inc.

3.20%,

2/10/2027

25,000

24,536

4.20%,

4/17/2028

225,000

224,363

5.50%,

10/17/2028

18,000

18,612

4.88%,

1/30/2030

700,000

707,949

5.25%,

1/30/2035

280,000

279,859

Gilead

Sciences,

Inc.

2.95%,

3/01/2027

50,000

49,058

4.80%,

11/15/2029

100,000

101,767

1.65%,

10/01/2030

25,000

21,639

5.10%,

6/15/2035

111,000

111,383

2.60%,

10/01/2040

860,000

608,738

4.50%,

2/01/2045

35,000

30,074

2.80%,

10/01/2050

75,000

46,535

5.55%,

10/15/2053

80,000

77,833

5.50%,

11/15/2054

100,000

97,060

5.60%,

11/15/2064

100,000

96,434

GlaxoSmithKline

Capital,

Inc.

5.38%,

4/15/2034

200,000

207,411

6.38%,

5/15/2038

143,000

157,506

Global

Payments,

Inc.

2.15%,

1/15/2027

30,000

28,751

4.95%,

8/15/2027

25,000

25,113

3.20%,

8/15/2029

128,000

119,224

5.40%,

8/15/2032

(a)

40,000

39,818

4.15%,

8/15/2049

165,000

117,676

GXO

Logistics,

Inc.

1.65%,

7/15/2026

292,000

279,804

2.65%,

7/15/2031

50,000

42,221

Hackensack

Meridian

Health,

Inc.

Series

2020,

2.68%,

9/01/2041

45,000

30,711

Series

2020,

2.88%,

9/01/2050

25,000

15,546

Haleon

US

Capital

LLC

,

3.38%

,

3/24/2029

278,000

267,407

Hartford

Healthcare

Corp.

,

3.45%

,

7/01/2054

75,000

52,714

HCA,

Inc.

5.25%,

6/15/2026

299,000

299,837

4.50%,

2/15/2027

131,000

130,834

5.63%,

9/01/2028

101,000

103,468

5.88%,

2/01/2029

200,000

206,536

3.38%,

3/15/2029

350,000

333,525

4.13%,

6/15/2029

150,000

145,933

5.25%,

3/01/2030

200,000

203,094

3.63%,

3/15/2032

270,000

244,746

5.50%,

6/01/2033

255,000

256,349

4.38%,

3/15/2042

10,000

8,140

5.25%,

6/15/2049

485,000

420,605

4.63%,

3/15/2052

85,000

66,690

6.20%,

3/01/2055

200,000

196,296

107

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Consumer,

Non-cyclical

–

4.2%

(continued)

Hormel

Foods

Corp.

,

1.80%

,

6/11/2030

40,000

35,354

Humana,

Inc.

5.75%,

12/01/2028

50,000

51,774

3.70%,

3/23/2029

74,000

71,310

3.13%,

8/15/2029

115,000

107,421

2.15%,

2/03/2032

105,000

86,409

5.95%,

3/15/2034

140,000

143,662

4.63%,

12/01/2042

28,000

23,210

5.50%,

3/15/2053

56,000

49,556

5.75%,

4/15/2054

300,000

275,294

Illumina,

Inc.

,

2.55%

,

3/23/2031

150,000

128,992

Indiana

University

Health,

Inc.

Obligated

Group

,

3.97%

,

11/01/2048

237,000

186,540

Inova

Health

System

Foundation

,

4.07%

,

5/15/2052

25,000

19,800

Integris

Baptist

Medical

Center,

Inc.

,

Series

A

,

3.88%

,

8/15/2050

25,000

18,112

JBS

USA

Holding

Lux

Sarl/

Jbs

USA

Food

Co./

Jbs

Lux

Co.

Sarl

6.75%,

3/15/2034

33,000

35,788

7.25%,

11/15/2053

300,000

333,714

JBS

USA

Lux

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

2.50%,

1/15/2027

25,000

24,134

5.50%,

1/15/2030

100,000

101,640

5.75%,

4/01/2033

73,000

74,483

4.38%,

2/02/2052

210,000

161,658

Johns

Hopkins

University

,

Series

A

,

2.81%

,

1/01/2060

25,000

14,229

Johnson

&

Johnson

1.30%,

9/01/2030

305,000

264,802

4.85%,

3/01/2032

325,000

333,285

4.38%,

12/05/2033

50,000

49,632

5.00%,

3/01/2035

500,000

510,410

3.63%,

3/03/2037

135,000

119,981

3.40%,

1/15/2038

275,000

235,325

3.70%,

3/01/2046

257,000

206,973

3.50%,

1/15/2048

85,000

64,631

Kaiser

Foundation

Hospitals

3.15%,

5/01/2027

70,000

68,757

4.15%,

5/01/2047

240,000

193,834

Series

2021,

3.00%,

6/01/2051

180,000

114,649

Kellanova

4.30%,

5/15/2028

77,000

77,183

2.10%,

6/01/2030

25,000

22,265

5.25%,

3/01/2033

60,000

60,949

4.50%,

4/01/2046

30,000

25,555

Kenvue,

Inc.

5.05%,

3/22/2028

120,000

123,471

5.00%,

3/22/2030

230,000

237,235

4.90%,

3/22/2033

315,000

318,908

5.10%,

3/22/2043

95,000

90,678

Keurig

Dr.

Pepper,

Inc.

2.55%,

9/15/2026

185,000

180,626

4.60%,

5/25/2028

50,000

50,243

3.95%,

4/15/2029

235,000

229,760

5.30%,

3/15/2034

(a)

215,000

218,503

4.50%,

11/15/2045

47,000

38,932

4.50%,

4/15/2052

120,000

97,712

108

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Consumer,

Non-cyclical

–

4.2%

(continued)

Kimberly-Clark

Corp.

1.05%,

9/15/2027

45,000

41,983

3.90%,

5/04/2047

95,000

74,037

Kraft

Heinz

Foods

Co.

3.00%,

6/01/2026

125,000

123,079

3.88%,

5/15/2027

110,000

108,878

4.25%,

3/01/2031

146,000

142,362

6.88%,

1/26/2039

155,000

171,558

5.00%,

6/04/2042

65,000

58,589

5.20%,

7/15/2045

350,000

317,150

4.38%,

6/01/2046

194,000

156,945

4.88%,

10/01/2049

85,000

72,620

Laboratory

Corp.

of

America

Holdings

1.55%,

6/01/2026

110,000

106,638

2.95%,

12/01/2029

50,000

46,540

4.70%,

2/01/2045

70,000

59,455

Mass

General

Brigham,

Inc.

,

Series

2020

,

3.19%

,

7/01/2049

140,000

95,302

Massachusetts

Institute

of

Technology

3.96%,

7/01/2038

25,000

22,715

3.07%,

4/01/2052

400,000

266,393

Mayo

Clinic

,

Series

2016

,

4.13%

,

11/15/2052

270,000

215,833

McCormick

&

Co.,

Inc.

,

1.85%

,

2/15/2031

15,000

12,760

McKesson

Corp.

1.30%,

8/15/2026

70,000

67,475

4.90%,

7/15/2028

40,000

40,875

5.10%,

7/15/2033

10,000

10,182

Mead

Johnson

Nutrition

Co.

,

5.90%

,

11/01/2039

20,000

20,925

Medtronic,

Inc.

4.38%,

3/15/2035

350,000

335,400

4.63%,

3/15/2045

90,000

79,781

Memorial

Health

Services

,

3.45%

,

11/01/2049

50,000

34,904

Memorial

Sloan-Kettering

Cancer

Center

4.13%,

7/01/2052

5,000

3,983

Series

2015,

4.20%,

7/01/2055

50,000

40,275

Merck

&

Co.,

Inc.

1.70%,

6/10/2027

30,000

28,674

4.05%,

5/17/2028

40,000

40,178

1.90%,

12/10/2028

30,000

27,891

3.40%,

3/07/2029

50,000

48,681

4.30%,

5/17/2030

75,000

75,297

1.45%,

6/24/2030

149,000

129,443

4.50%,

5/17/2033

(a)

75,000

74,327

3.90%,

3/07/2039

120,000

103,997

4.15%,

5/18/2043

265,000

223,688

4.90%,

5/17/2044

18,000

16,674

3.70%,

2/10/2045

43,000

33,482

2.45%,

6/24/2050

175,000

100,667

2.75%,

12/10/2051

120,000

73,046

5.00%,

5/17/2053

161,000

146,328

2.90%,

12/10/2061

345,000

198,364

Molson

Coors

Beverage

Co.

3.00%,

7/15/2026

175,000

172,095

5.00%,

5/01/2042

105,000

95,266

109

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Consumer,

Non-cyclical

–

4.2%

(continued)

Mondelez

International,

Inc.

2.63%,

3/17/2027

345,000

334,451

2.75%,

4/13/2030

50,000

46,042

Montefiore

Obligated

Group

Series

18-C,

5.25%,

11/01/2048

355,000

287,810

4.29%,

9/01/2050

100,000

68,387

Moody's

Corp.

3.25%,

1/15/2028

150,000

146,528

4.88%,

12/17/2048

75,000

65,147

MultiCare

Health

System

,

2.80%

,

8/15/2050

50,000

29,472

Mylan,

Inc.

,

4.55%

,

4/15/2028

60,000

58,676

Northwell

Healthcare,

Inc.

3.98%,

11/01/2046

25,000

18,935

3.81%,

11/01/2049

50,000

35,999

Northwestern

University

4.64%,

12/01/2044

65,000

60,220

Series

2017,

3.66%,

12/01/2057

200,000

144,608

Novant

Health,

Inc.

,

2.64%

,

11/01/2036

92,000

71,975

Novartis

Capital

Corp.

2.00%,

2/14/2027

55,000

53,210

3.10%,

5/17/2027

170,000

167,490

2.20%,

8/14/2030

190,000

171,802

3.70%,

9/21/2042

10,000

8,067

4.40%,

5/06/2044

170,000

149,635

NY

Society

For

Relief

of

Ruptured

&

Crippled

Maintaining

Hospital

for

Special

Surgery

,

Series

2020

,

2.67%

,

10/01/2050

180,000

107,827

NYU

Langone

Hospitals

4.78%,

7/01/2044

75,000

68,701

Series

2020,

3.38%,

7/01/2055

(a)

100,000

66,952

Ochsner

LSU

Health

System

of

North

Louisiana

,

Series

2021

,

2.51%

,

5/15/2031

100,000

80,664

OhioHealth

Corp.

2.83%,

11/15/2041

50,000

35,712

Series

2020,

3.04%,

11/15/2050

30,000

19,794

Orlando

Health

Obligated

Group

,

4.09%

,

10/01/2048

175,000

139,545

PayPal

Holdings,

Inc.

2.65%,

10/01/2026

55,000

53,987

2.85%,

10/01/2029

100,000

93,936

4.40%,

6/01/2032

59,000

57,563

5.50%,

6/01/2054

250,000

236,446

PeaceHealth

Obligated

Group

Series

2018,

4.79%,

11/15/2048

85,000

70,269

Series

2020,

3.22%,

11/15/2050

12,000

7,375

PepsiCo,

Inc.

2.38%,

10/06/2026

16,000

15,653

5.13%,

11/10/2026

50,000

50,786

4.40%,

2/07/2027

400,000

403,541

2.63%,

3/19/2027

40,000

39,089

3.00%,

10/15/2027

125,000

122,106

3.60%,

2/18/2028

70,000

69,466

7.00%,

3/01/2029

113,000

124,651

1.40%,

2/25/2031

68,000

57,913

5.00%,

2/07/2035

200,000

202,002

3.50%,

3/19/2040

20,000

16,297

3.60%,

8/13/2042

25,000

19,759

110

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Consumer,

Non-cyclical

–

4.2%

(continued)

PepsiCo,

Inc.

(continued)

3.45%,

10/06/2046

50,000

37,117

4.20%,

7/18/2052

45,000

36,570

5.25%,

7/17/2054

590,000

569,842

Pfizer

Investment

Enterprises

Pte

Ltd.

4.75%,

5/19/2033

85,000

83,885

5.11%,

5/19/2043

50,000

46,829

5.30%,

5/19/2053

930,000

860,782

5.34%,

5/19/2063

70,000

63,645

Pfizer,

Inc.

3.60%,

9/15/2028

130,000

128,458

3.45%,

3/15/2029

25,000

24,380

2.63%,

4/01/2030

50,000

46,107

1.70%,

5/28/2030

70,000

61,519

4.00%,

12/15/2036

244,000

220,637

4.10%,

9/15/2038

500,000

440,494

2.55%,

5/28/2040

125,000

87,396

5.60%,

9/15/2040

200,000

200,182

Pharmacia

LLC

,

6.60%

,

12/01/2028

50,000

53,793

Philip

Morris

International,

Inc.

0.88%,

5/01/2026

104,000

100,616

5.13%,

11/17/2027

140,000

142,978

4.88%,

2/15/2028

465,000

473,295

3.13%,

3/02/2028

40,000

38,878

3.38%,

8/15/2029

140,000

134,432

2.10%,

5/01/2030

100,000

89,239

5.38%,

2/15/2033

750,000

767,840

4.38%,

11/15/2041

140,000

119,474

3.88%,

8/21/2042

101,000

80,171

4.13%,

3/04/2043

90,000

73,673

4.88%,

11/15/2043

100,000

89,672

Piedmont

Healthcare,

Inc.

,

Series

2032

,

2.04%

,

1/01/2032

50,000

41,569

Pilgrim's

Pride

Corp.

4.25%,

4/15/2031

45,000

42,575

3.50%,

3/01/2032

310,000

275,287

Providence

St.

Joseph

Health

Obligated

Group

Series

H,

2.75%,

10/01/2026

80,000

78,234

Series

19A,

2.53%,

10/01/2029

110,000

100,689

Series

I,

3.74%,

10/01/2047

103,000

75,522

Series

A,

3.93%,

10/01/2048

25,000

18,516

Quest

Diagnostics,

Inc.

3.45%,

6/01/2026

65,000

64,419

4.20%,

6/30/2029

18,000

17,827

Regeneron

Pharmaceuticals,

Inc.

1.75%,

9/15/2030

115,000

98,221

2.80%,

9/15/2050

135,000

77,228

RELX

Capital,

Inc.

,

4.00%

,

3/18/2029

145,000

143,358

Revvity,

Inc.

3.30%,

9/15/2029

50,000

47,102

2.55%,

3/15/2031

215,000

185,797

Reynolds

American,

Inc.

6.15%,

9/15/2043

25,000

24,614

5.85%,

8/15/2045

235,000

220,208

111

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Consumer,

Non-cyclical

–

4.2%

(continued)

Royalty

Pharma

PLC

2.20%,

9/02/2030

40,000

34,725

3.30%,

9/02/2040

400,000

293,015

3.55%,

9/02/2050

70,000

45,861

S&P

Global,

Inc.

2.45%,

3/01/2027

566,000

550,160

2.70%,

3/01/2029

180,000

169,907

4.25%,

5/01/2029

120,000

119,641

2.50%,

12/01/2029

195,000

180,515

1.25%,

8/15/2030

10,000

8,531

2.90%,

3/01/2032

50,000

44,752

3.90%,

3/01/2062

60,000

44,206

Seattle

Children's

Hospital

,

Series

2021

,

2.72%

,

10/01/2050

25,000

15,192

Sharp

HealthCare

,

Series

20B

,

2.68%

,

8/01/2050

45,000

27,156

Shire

Acquisitions

Investments

Ireland

DAC

,

3.20%

,

9/23/2026

5,000

4,925

Smith

&

Nephew

PLC

,

2.03%

,

10/14/2030

45,000

39,031

Solventum

Corp.

,

6.00%

,

5/15/2064

102,000

97,784

Stanford

Health

Care

,

Series

2018

,

3.80%

,

11/15/2048

165,000

124,551

STERIS

Irish

FinCo

UnLtd.

Co.

2.70%,

3/15/2031

150,000

133,183

3.75%,

3/15/2051

30,000

20,884

Stryker

Corp.

4.38%,

5/15/2044

185,000

156,638

4.63%,

3/15/2046

55,000

47,879

Sutter

Health

Series

2018,

4.09%,

8/15/2048

190,000

149,433

Series

20A,

3.36%,

8/15/2050

85,000

58,086

SYSCO

Corp.

5.75%,

1/17/2029

50,000

52,027

5.95%,

4/01/2030

52,000

54,734

6.00%,

1/17/2034

50,000

53,063

4.85%,

10/01/2045

205,000

176,200

3.30%,

2/15/2050

20,000

13,065

6.60%,

4/01/2050

20,000

21,172

3.15%,

12/14/2051

100,000

62,334

Takeda

Pharmaceutical

Co.

Ltd.

5.00%,

11/26/2028

205,000

208,749

3.03%,

7/09/2040

465,000

342,045

The

California

Endowment

,

Series

2021

,

2.50%

,

4/01/2051

100,000

58,715

The

Campbell's

Comapny

5.20%,

3/21/2029

400,000

408,795

5.40%,

3/21/2034

150,000

151,081

The

Cigna

Group

4.38%,

10/15/2028

25,000

24,947

2.40%,

3/15/2030

131,000

118,570

2.38%,

3/15/2031

122,000

107,181

5.40%,

3/15/2033

250,000

255,797

5.25%,

2/15/2034

250,000

252,022

3.88%,

10/15/2047

150,000

110,299

3.40%,

3/15/2050

120,000

79,737

3.40%,

3/15/2051

25,000

16,510

5.60%,

2/15/2054

400,000

376,631

112

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Consumer,

Non-cyclical

–

4.2%

(continued)

The

City

of

Hope

,

Series

2013

,

5.62%

,

11/15/2043

135,000

129,508

The

Clorox

Company

3.10%,

10/01/2027

135,000

131,583

1.80%,

5/15/2030

80,000

70,037

4.60%,

5/01/2032

75,000

74,116

The

Coca-Cola

Company

1.45%,

6/01/2027

128,000

121,806

1.65%,

6/01/2030

200,000

176,618

2.00%,

3/05/2031

40,000

35,340

1.38%,

3/15/2031

290,000

247,075

4.65%,

8/14/2034

500,000

499,169

2.50%,

6/01/2040

220,000

158,523

2.60%,

6/01/2050

343,000

209,542

3.00%,

3/05/2051

30,000

19,854

2.50%,

3/15/2051

135,000

79,909

The

Estee

Lauder

Companies,

Inc.

4.38%,

6/15/2045

100,000

79,411

3.13%,

12/01/2049

60,000

37,331

5.15%,

5/15/2053

74,000

67,459

The

George

Washington

University

,

Series

2014

,

4.30%

,

9/15/2044

20,000

16,884

The

Georgetown

University

,

Series

20A

,

2.94%

,

4/01/2050

100,000

64,897

The

Hershey

Company

4.55%,

2/24/2028

200,000

203,534

4.75%,

2/24/2030

200,000

204,588

5.10%,

2/24/2035

100,000

100,928

The

J.M.

Smucker

Company

5.90%,

11/15/2028

85,000

89,203

2.38%,

3/15/2030

88,000

79,494

6.50%,

11/15/2043

15,000

15,910

The

Kroger

Company

2.65%,

10/15/2026

25,000

24,390

3.70%,

8/01/2027

124,000

122,487

1.70%,

1/15/2031

175,000

148,332

3.95%,

1/15/2050

175,000

129,853

5.50%,

9/15/2054

400,000

373,620

The

Leland

Stanford

Junior

University

3.65%,

5/01/2048

50,000

38,307

2.41%,

6/01/2050

50,000

29,349

The

Mount

Sinai

Hospital

Series

2017,

3.98%,

7/01/2048

30,000

21,750

Series

2019,

3.74%,

7/01/2049

185,000

121,435

The

New

York

&

Presbyterian

Hospital

4.02%,

8/01/2045

10,000

8,100

Series

2019,

3.95%,

8/01/2119

110,000

74,847

The

Procter

&

Gamble

Company

2.80%,

3/25/2027

241,000

236,279

2.85%,

8/11/2027

150,000

146,692

3.00%,

3/25/2030

285,000

272,086

1.20%,

10/29/2030

438,000

375,620

1.95%,

4/23/2031

150,000

132,715

3.50%,

10/25/2047

150,000

113,909

113

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Consumer,

Non-cyclical

–

4.2%

(continued)

The

Rockefeller

Foundation

,

Series

2020

,

2.49%

,

10/01/2050

50,000

29,507

The

Toledo

Hospital

,

5.75%

,

11/15/2038

200,000

198,684

The

Trustees

of

Princeton

University

,

Series

2020

,

2.52%

,

7/01/2050

285,000

174,529

The

University

of

Chicago

Series

20B,

2.76%,

4/01/2045

50,000

37,984

4.00%,

10/01/2053

50,000

38,997

The

Washington

University

Series

2022,

3.52%,

4/15/2054

125,000

89,596

4.35%,

4/15/2122

25,000

18,865

Thermo

Fisher

Scientific,

Inc.

4.95%,

8/10/2026

45,000

45,374

4.80%,

11/21/2027

100,000

101,608

1.75%,

10/15/2028

125,000

115,251

4.98%,

8/10/2030

95,000

97,466

4.95%,

11/21/2032

176,000

178,223

5.09%,

8/10/2033

20,000

20,226

5.40%,

8/10/2043

95,000

93,313

4.10%,

8/15/2047

150,000

120,209

Thomas

Jefferson

University

,

3.85%

,

11/01/2057

100,000

69,877

Trinity

Health

Corp.

Series

2021,

2.63%,

12/01/2040

45,000

31,833

4.13%,

12/01/2045

45,000

37,069

Tyson

Foods,

Inc.

3.55%,

6/02/2027

275,000

270,619

4.35%,

3/01/2029

123,000

121,948

4.88%,

8/15/2034

10,000

9,638

5.15%,

8/15/2044

34,000

30,443

5.10%,

9/28/2048

105,000

92,771

Unilever

Capital

Corp.

2.00%,

7/28/2026

100,000

97,690

2.90%,

5/05/2027

160,000

156,718

4.88%,

9/08/2028

100,000

102,722

2.13%,

9/06/2029

215,000

198,109

5.00%,

12/08/2033

100,000

102,171

Series

30Y,

2.63%,

8/12/2051

65,000

39,396

UnitedHealth

Group,

Inc.

3.45%,

1/15/2027

60,000

59,492

2.95%,

10/15/2027

363,000

353,570

3.85%,

6/15/2028

125,000

123,994

3.88%,

12/15/2028

285,000

281,668

4.25%,

1/15/2029

60,000

59,998

4.00%,

5/15/2029

110,000

108,755

2.88%,

8/15/2029

286,000

270,446

2.30%,

5/15/2031

60,000

52,773

4.63%,

7/15/2035

147,000

141,553

6.88%,

2/15/2038

72,000

81,648

3.50%,

8/15/2039

433,000

347,080

5.95%,

2/15/2041

30,000

30,666

3.05%,

5/15/2041

10,000

7,243

4.75%,

7/15/2045

300,000

262,686

3.75%,

10/15/2047

185,000

136,556

4.25%,

6/15/2048

38,000

30,326

3.70%,

8/15/2049

50,000

36,031

3.25%,

5/15/2051

75,000

49,372

4.75%,

5/15/2052

185,000

156,028

114

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Consumer,

Non-cyclical

–

4.2%

(continued)

UnitedHealth

Group,

Inc.

(continued)

5.88%,

2/15/2053

60,000

59,454

5.05%,

4/15/2053

315,000

278,778

5.38%,

4/15/2054

500,000

463,799

4.95%,

5/15/2062

53,000

44,792

6.05%,

2/15/2063

115,000

115,645

5.20%,

4/15/2063

494,000

435,603

5.50%,

4/15/2064

50,000

46,309

Universal

Health

Services,

Inc.

1.65%,

9/01/2026

133,000

127,504

2.65%,

1/15/2032

215,000

177,770

University

of

Notre

Dame

du

Lac

,

Series

2015

,

3.44%

,

2/15/2045

30,000

22,741

University

of

Southern

California

,

Series

2017

,

3.84%

,

10/01/2047

75,000

59,121

Utah

Acquisition

Sub,

Inc.

,

5.25%

,

6/15/2046

140,000

106,220

Verisk

Analytics,

Inc.

5.50%,

6/15/2045

50,000

47,875

3.63%,

5/15/2050

45,000

31,484

Viatris,

Inc.

3.85%,

6/22/2040

187,000

131,356

4.00%,

6/22/2050

230,000

144,858

William

Marsh

Rice

University

,

3.57%

,

5/15/2045

215,000

170,088

Willis-Knighton

Medical

Center

,

Series

2021

,

3.07%

,

3/01/2051

120,000

71,980

Wyeth

LLC

6.50%,

2/01/2034

25,000

27,570

5.95%,

4/01/2037

225,000

237,030

Yale

University

,

Series

2020

,

2.40%

,

4/15/2050

50,000

29,402

Yale-New

Haven

Health

Services

Corp.

,

Series

2020

,

2.50%

,

7/01/2050

150,000

86,530

Zimmer

Biomet

Holdings,

Inc.

2.60%,

11/24/2031

400,000

349,998

5.75%,

11/30/2039

35,000

35,165

Zoetis,

Inc.

3.00%,

9/12/2027

150,000

145,908

4.70%,

2/01/2043

100,000

89,937

3.95%,

9/12/2047

60,000

46,828

4.45%,

8/20/2048

25,000

21,073

78,715,531

Energy

–

1.7%

Apa

Corp.

4.25%,

1/15/2030

(b)

44,000

41,101

5.10%,

9/01/2040

(b)

27,000

22,064

5.35%,

7/01/2049

(b)

76,000

57,637

Baker

Hughes

Holdings

LLC

,

5.13%

,

9/15/2040

34,000

32,051

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co.-Obligor,

Inc.

3.34%,

12/15/2027

250,000

244,907

3.14%,

11/07/2029

104,000

98,276

4.08%,

12/15/2047

75,000

56,221

Boardwalk

Pipelines

LP

,

5.95%

,

6/01/2026

145,000

146,604

BP

Capital

Markets

America,

Inc.

3.12%,

5/04/2026

89,000

87,914

3.02%,

1/16/2027

115,000

112,697

3.59%,

4/14/2027

165,000

163,087

3.94%,

9/21/2028

120,000

118,637

4.97%,

10/17/2029

250,000

255,450

1.75%,

8/10/2030

366,000

318,081

115

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Energy

–

1.7%

(continued)

BP

Capital

Markets

America,

Inc.

(continued)

2.72%,

1/12/2032

250,000

219,747

4.81%,

2/13/2033

79,000

77,509

5.23%,

11/17/2034

200,000

200,060

3.06%,

6/17/2041

180,000

129,596

2.77%,

11/10/2050

75,000

44,857

2.94%,

6/04/2051

104,000

63,928

3.00%,

3/17/2052

75,000

46,086

3.38%,

2/08/2061

200,000

125,406

BP

Capital

Markets

PLC

,

3.28%

,

9/19/2027

230,000

225,047

Canadian

Natural

Resources

Ltd.

3.85%,

6/01/2027

50,000

49,339

2.95%,

7/15/2030

186,000

168,608

7.20%,

1/15/2032

15,000

16,340

Cenovus

Energy,

Inc.

5.25%,

6/15/2037

27,000

25,448

6.75%,

11/15/2039

2,000

2,104

3.75%,

2/15/2052

145,000

94,488

Cheniere

Corpus

Christi

Holdings

LLC

5.13%,

6/30/2027

101,000

102,124

2.74%,

12/31/2039

50,000

39,301

Cheniere

Energy

Partners

LP

3.25%,

1/31/2032

117,000

102,563

5.95%,

6/30/2033

325,000

332,172

Chevron

Corp.

2.00%,

5/11/2027

275,000

264,602

2.24%,

5/11/2030

40,000

36,208

3.08%,

5/11/2050

175,000

115,489

Chevron

USA,

Inc.

,

3.25%

,

10/15/2029

165,000

158,519

ConocoPhillips

Co.

3.76%,

3/15/2042

250,000

194,442

5.55%,

3/15/2054

178,000

166,386

4.03%,

3/15/2062

281,000

196,393

5.70%,

9/15/2063

175,000

163,173

Coterra

Energy,

Inc.

,

3.90%

,

5/15/2027

138,000

135,996

DCP

Midstream

Operating

LP

5.63%,

7/15/2027

120,000

122,141

5.60%,

4/01/2044

56,000

49,669

Devon

Energy

Corp.

5.25%,

10/15/2027

40,000

40,070

4.50%,

1/15/2030

254,000

248,177

5.60%,

7/15/2041

145,000

127,846

4.75%,

5/15/2042

75,000

59,443

5.75%,

9/15/2054

200,000

171,063

Diamondback

Energy,

Inc.

3.25%,

12/01/2026

123,000

120,895

3.50%,

12/01/2029

71,000

67,433

6.25%,

3/15/2033

47,000

49,099

5.40%,

4/18/2034

300,000

293,266

4.40%,

3/24/2051

100,000

75,333

4.25%,

3/15/2052

65,000

47,540

5.90%,

4/18/2064

200,000

178,148

116

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Energy

–

1.7%

(continued)

Eastern

Gas

Transmission

&

Storage,

Inc.

,

4.80%

,

11/01/2043

40,000

34,626

Enbridge,

Inc.

1.60%,

10/04/2026

160,000

153,703

4.25%,

12/01/2026

268,000

267,008

5.25%,

4/05/2027

300,000

304,546

5.70%,

3/08/2033

500,000

510,218

5.50%,

12/01/2046

5,000

4,641

4.00%,

11/15/2049

200,000

147,405

Energy

Transfer

LP

3.90%,

7/15/2026

85,000

84,180

6.05%,

12/01/2026

30,000

30,597

4.20%,

4/15/2027

120,000

119,118

5.50%,

6/01/2027

223,000

226,608

4.95%,

6/15/2028

25,000

25,218

6.10%,

12/01/2028

10,000

10,456

6.40%,

12/01/2030

20,000

21,276

6.55%,

12/01/2033

60,000

63,184

5.55%,

5/15/2034

100,000

98,452

5.60%,

9/01/2034

100,000

98,704

4.90%,

3/15/2035

98,000

91,393

Series

20Y,

5.80%,

6/15/2038

95,000

92,502

6.50%,

2/01/2042

785,000

779,461

5.95%,

10/01/2043

25,000

23,315

5.30%,

4/01/2044

100,000

86,241

5.35%,

5/15/2045

59,000

51,046

5.40%,

10/01/2047

105,000

90,197

6.25%,

4/15/2049

165,000

156,552

5.00%,

5/15/2050

125,000

100,203

6.20%,

4/01/2055

200,000

187,475

ENI

USA,

Inc.

,

7.30%

,

11/15/2027

10,000

10,641

Enterprise

Products

Operating

LLC

3.95%,

2/15/2027

170,000

169,295

4.15%,

10/16/2028

70,000

69,715

2.80%,

1/31/2030

50,000

46,611

5.95%,

2/01/2041

124,000

125,552

4.85%,

8/15/2042

225,000

200,563

4.45%,

2/15/2043

40,000

33,694

4.85%,

3/15/2044

30,000

26,563

5.10%,

2/15/2045

95,000

86,482

4.25%,

2/15/2048

250,000

197,803

4.80%,

2/01/2049

328,000

278,656

4.20%,

1/31/2050

50,000

38,606

3.70%,

1/31/2051

120,000

85,071

3.95%,

1/31/2060

107,000

75,343

EOG

Resources,

Inc.

4.95%,

4/15/2050

115,000

100,089

5.65%,

12/01/2054

200,000

190,173

EQT

Corp.

3.90%,

10/01/2027

136,000

133,541

7.00%,

2/01/2030

286,000

305,090

Equinor

ASA

5.10%,

8/17/2040

278,000

268,745

3.25%,

11/18/2049

180,000

121,088

3.70%,

4/06/2050

100,000

73,540

117

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Energy

–

1.7%

(continued)

Equities

Corp.

,

5.00%

,

1/15/2029

262,000

262,525

Exxon

Mobil

Corp.

2.28%,

8/16/2026

215,000

210,300

2.44%,

8/16/2029

189,000

177,700

3.48%,

3/19/2030

243,000

236,173

2.61%,

10/15/2030

94,000

86,334

4.23%,

3/19/2040

129,000

114,123

4.11%,

3/01/2046

75,000

60,867

3.10%,

8/16/2049

217,000

143,819

4.33%,

3/19/2050

180,000

147,379

3.45%,

4/15/2051

313,000

218,970

Halliburton

Co.

2.92%,

3/01/2030

204,000

187,539

4.85%,

11/15/2035

(a)

261,000

245,371

7.45%,

9/15/2039

190,000

216,421

4.50%,

11/15/2041

25,000

20,661

4.75%,

8/01/2043

55,000

46,018

Helmerich

&

Payne,

Inc.

,

4.85%

,

12/01/2029

(a)(b)

200,000

189,312

Hess

Corp.

4.30%,

4/01/2027

150,000

149,697

7.88%,

10/01/2029

300,000

338,291

7.30%,

8/15/2031

25,000

28,102

7.13%,

3/15/2033

20,000

22,419

HF

Sinclair

Corp.

,

5.00%

,

2/01/2028

200,000

197,843

Kinder

Morgan

Energy

Partners

LP

7.75%,

3/15/2032

50,000

56,515

6.95%,

1/15/2038

274,000

297,128

6.38%,

3/01/2041

50,000

50,549

5.00%,

8/15/2042

35,000

30,261

5.00%,

3/01/2043

110,000

95,152

5.50%,

3/01/2044

200,000

182,351

5.40%,

9/01/2044

100,000

90,343

Kinder

Morgan,

Inc.

1.75%,

11/15/2026

175,000

168,233

4.80%,

2/01/2033

50,000

48,035

5.40%,

2/01/2034

250,000

247,238

5.55%,

6/01/2045

75,000

68,630

5.05%,

2/15/2046

25,000

21,336

3.25%,

8/01/2050

30,000

18,626

3.60%,

2/15/2051

220,000

146,000

5.45%,

8/01/2052

30,000

26,642

Marathon

Petroleum

Corp.

3.80%,

4/01/2028

88,000

86,456

6.50%,

3/01/2041

30,000

30,156

4.75%,

9/15/2044

50,000

40,161

4.50%,

4/01/2048

90,000

67,783

MPLX

LP

4.13%,

3/01/2027

495,000

491,336

4.00%,

3/15/2028

150,000

147,981

2.65%,

8/15/2030

200,000

178,965

4.95%,

9/01/2032

115,000

111,669

5.00%,

3/01/2033

362,000

349,756

5.20%,

3/01/2047

50,000

42,677

5.20%,

12/01/2047

100,000

84,467

4.70%,

4/15/2048

20,000

15,675

118

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Energy

–

1.7%

(continued)

MPLX

LP

(continued)

5.50%,

2/15/2049

70,000

61,438

4.95%,

3/14/2052

100,000

80,378

5.65%,

3/01/2053

50,000

44,328

4.90%,

4/15/2058

55,000

42,777

NOV,

Inc.

,

3.60%

,

12/01/2029

95,000

89,578

Occidental

Petroleum

Corp.

8.50%,

7/15/2027

93,000

98,440

6.63%,

9/01/2030

110,000

113,955

6.13%,

1/01/2031

80,000

80,768

7.88%,

9/15/2031

342,000

372,982

6.20%,

3/15/2040

190,000

174,394

6.60%,

3/15/2046

90,000

85,004

ONEOK

Partners

LP

,

6.20%

,

9/15/2043

15,000

14,475

ONEOK,

Inc.

4.00%,

7/13/2027

25,000

24,695

5.65%,

11/01/2028

86,000

88,665

4.35%,

3/15/2029

25,000

24,604

5.80%,

11/01/2030

111,000

114,981

6.35%,

1/15/2031

100,000

105,746

5.15%,

10/15/2043

500,000

432,204

4.25%,

9/15/2046

50,000

36,715

4.20%,

10/03/2047

100,000

73,109

5.20%,

7/15/2048

75,000

63,205

3.95%,

3/01/2050

200,000

137,065

5.70%,

11/01/2054

200,000

177,548

5.85%,

11/01/2064

200,000

178,179

Ovintiv,

Inc.

7.20%,

11/01/2031

50,000

52,817

6.25%,

7/15/2033

310,000

305,458

7.10%,

7/15/2053

35,000

34,003

Patterson-UTI

Energy,

Inc.

,

7.15%

,

10/01/2033

10,000

9,846

Phillips

66

Co.

3.55%,

10/01/2026

20,000

19,745

4.95%,

12/01/2027

140,000

141,816

3.90%,

3/15/2028

375,000

369,847

4.68%,

2/15/2045

260,000

208,520

4.90%,

10/01/2046

10,000

8,244

3.30%,

3/15/2052

75,000

45,943

5.50%,

3/15/2055

100,000

87,326

Pioneer

Natural

Resources

Co.

1.90%,

8/15/2030

100,000

87,797

2.15%,

1/15/2031

101,000

88,629

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp.

4.50%,

12/15/2026

60,000

60,022

5.15%,

6/01/2042

40,000

34,030

4.90%,

2/15/2045

200,000

163,080

Sabine

Pass

Liquefaction

LLC

5.88%,

6/30/2026

150,000

151,282

5.00%,

3/15/2027

325,000

327,314

4.20%,

3/15/2028

100,000

99,285

5.90%,

9/15/2037

140,000

142,716

Shell

Finance

US,

Inc.

4.38%,

5/11/2045

160,000

133,944

4.00%,

5/10/2046

746,000

589,558

119

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Energy

–

1.7%

(continued)

Shell

Finance

US,

Inc.

(continued)

3.75%,

9/12/2046

35,000

26,480

Shell

International

Finance

BV

3.88%,

11/13/2028

214,000

212,739

3.13%,

11/07/2049

110,000

72,131

3.00%,

11/26/2051

235,000

148,704

South

Bow

USA

Infrastructure

Holdings

LLC

,

6.18%

,

10/01/2054

(b)

250,000

231,556

Spectra

Energy

Partners

LP

,

4.50%

,

3/15/2045

145,000

114,899

Suncor

Energy,

Inc.

6.80%,

5/15/2038

39,000

41,125

4.00%,

11/15/2047

180,000

128,771

3.75%,

3/04/2051

35,000

23,482

Targa

Resources

Corp.

6.15%,

3/01/2029

50,000

52,165

6.50%,

3/30/2034

85,000

89,434

6.50%,

2/15/2053

150,000

149,047

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

6.50%,

7/15/2027

46,000

46,182

4.88%,

2/01/2031

250,000

242,578

TC

PipeLines

LP

,

3.90%

,

5/25/2027

47,000

46,348

Texas

Eastern

Transmission

LP

,

7.00%

,

7/15/2032

25,000

27,120

The

Williams

Companies,

Inc.

5.30%,

8/15/2028

100,000

102,291

2.60%,

3/15/2031

175,000

154,630

4.65%,

8/15/2032

100,000

96,349

5.65%,

3/15/2033

10,000

10,228

6.30%,

4/15/2040

379,000

393,714

4.90%,

1/15/2045

50,000

42,657

5.10%,

9/15/2045

100,000

87,697

4.85%,

3/01/2048

85,000

71,068

3.50%,

10/15/2051

65,000

42,867

5.30%,

8/15/2052

100,000

88,406

TotalEnergies

Capital

International

SA

2.83%,

1/10/2030

100,000

94,107

2.99%,

6/29/2041

100,000

71,748

3.13%,

5/29/2050

100,000

65,192

TotalEnergies

Capital

SA

5.15%,

4/05/2034

500,000

504,372

4.72%,

9/10/2034

100,000

98,006

5.43%,

9/10/2064

100,000

91,329

TransCanada

PipeLines

Ltd.

4.25%,

5/15/2028

161,000

159,751

4.10%,

4/15/2030

195,000

188,389

4.63%,

3/01/2034

274,000

257,180

5.85%,

3/15/2036

50,000

50,550

6.10%,

6/01/2040

25,000

25,298

5.10%,

3/15/2049

230,000

205,695

Transcontinental

Gas

Pipe

Line

Co.

LLC

4.00%,

3/15/2028

53,000

52,497

4.45%,

8/01/2042

40,000

33,647

Valero

Energy

Corp.

4.35%,

6/01/2028

250,000

248,852

2.80%,

12/01/2031

207,000

181,885

6.63%,

6/15/2037

26,000

27,032

120

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Energy

–

1.7%

(continued)

Valero

Energy

Corp.

(continued)

3.65%,

12/01/2051

80,000

52,412

Western

Midstream

Operating

LP

4.05%,

2/01/2030

50,000

47,517

6.15%,

4/01/2033

154,000

155,959

5.50%,

8/15/2048

50,000

41,298

5.25%,

2/01/2050

60,000

48,262

Woodside

Finance

Ltd.

5.10%,

9/12/2034

100,000

95,598

5.70%,

9/12/2054

200,000

177,407

31,483,058

Financial

–

8.1%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

4.63%,

10/15/2027

210,000

209,519

4.88%,

4/01/2028

500,000

502,362

6.15%,

9/30/2030

438,000

462,231

3.40%,

10/29/2033

251,000

215,755

Affiliated

Managers

Group,

Inc.

,

3.30%

,

6/15/2030

67,000

62,261

Aflac,

Inc.

,

4.75%

,

1/15/2049

111,000

94,200

Agree

LP

,

2.00%

,

6/15/2028

410,000

381,066

Air

Lease

Corp.

Series

G,

3.75%,

6/01/2026

200,000

197,816

3.63%,

12/01/2027

173,000

168,879

2.10%,

9/01/2028

25,000

23,029

3.25%,

10/01/2029

25,000

23,483

3.00%,

2/01/2030

45,000

41,435

3.13%,

12/01/2030

402,000

365,340

2.88%,

1/15/2032

475,000

412,467

Aircastle

Ltd.

,

4.25%

,

6/15/2026

324,000

320,919

Alexandria

Real

Estate

Equities,

Inc.

3.95%,

1/15/2027

50,000

49,665

3.38%,

8/15/2031

40,000

36,316

1.88%,

2/01/2033

200,000

155,962

2.95%,

3/15/2034

78,000

64,267

3.00%,

5/18/2051

152,000

90,363

3.55%,

3/15/2052

150,000

99,381

Alleghany

Corp.

,

3.63%

,

5/15/2030

57,000

55,143

Ally

Financial,

Inc.

4.75%,

6/09/2027

30,000

29,853

6.85%,

1/03/2030

30,000

31,135

8.00%,

11/01/2031

40,000

44,297

8.00%,

11/01/2031

220,000

242,279

American

Express

Co.

3.13%,

5/20/2026

75,000

74,180

1.65%,

11/04/2026

114,000

109,642

3.30%,

5/03/2027

605,000

594,850

4.73%,

4/25/2029

100,000

100,980

5.28%,

7/27/2029

45,000

46,135

5.53%,

4/25/2030

175,000

180,978

5.02%,

4/25/2031

150,000

152,547

5.04%,

5/01/2034

360,000

359,269

5.63%,

7/28/2034

45,000

45,283

5.28%,

7/26/2035

100,000

99,634

5.67%,

4/25/2036

150,000

153,826

121

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

American

Financial

Group,

Inc.

,

4.50%

,

6/15/2047

50,000

40,254

American

Homes

4

Rent

LP

5.50%,

7/15/2034

250,000

248,121

3.38%,

7/15/2051

92,000

58,460

American

International

Group,

Inc.

3.40%,

6/30/2030

25,000

23,488

5.13%,

3/27/2033

134,000

133,939

American

Tower

Corp.

3.38%,

10/15/2026

25,000

24,609

5.50%,

3/15/2028

55,000

56,565

5.25%,

7/15/2028

69,000

70,563

3.95%,

3/15/2029

596,000

581,147

3.80%,

8/15/2029

57,000

55,152

2.90%,

1/15/2030

75,000

69,392

5.00%,

1/31/2030

100,000

101,628

2.10%,

6/15/2030

25,000

22,038

1.88%,

10/15/2030

25,000

21,516

2.70%,

4/15/2031

35,000

31,099

2.30%,

9/15/2031

25,000

21,521

5.55%,

7/15/2033

95,000

97,123

5.90%,

11/15/2033

39,000

40,872

5.40%,

1/31/2035

120,000

121,239

3.70%,

10/15/2049

20,000

14,236

3.10%,

6/15/2050

95,000

60,827

2.95%,

1/15/2051

65,000

40,279

Ameriprise

Financial,

Inc.

,

5.70%

,

12/15/2028

50,000

52,362

AON

Corp.

4.50%,

12/15/2028

265,000

265,955

2.80%,

5/15/2030

55,000

50,450

AON

Corp.

/

AON

Global

Holdings

PLC

2.85%,

5/28/2027

586,000

569,310

2.05%,

8/23/2031

81,000

69,551

5.00%,

9/12/2032

135,000

135,094

5.35%,

2/28/2033

60,000

60,915

2.90%,

8/23/2051

212,000

127,420

Apollo

Debt

Solutions

BDC

,

6.90%

,

4/13/2029

100,000

102,846

Apollo

Global

Management,

Inc.

,

6.38%

,

11/15/2033

50,000

54,032

Arch

Capital

Group

Ltd.

,

7.35%

,

5/01/2034

100,000

114,413

Ares

Management

Corp.

,

5.60%

,

10/11/2054

100,000

91,326

Ares

Strategic

Income

Fund

,

5.70%

,

3/15/2028

(b)

100,000

99,901

Arthur

J.

Gallagher

&

Co.

,

5.75%

,

7/15/2054

400,000

385,209

Assurant,

Inc.

4.90%,

3/27/2028

30,000

30,102

3.70%,

2/22/2030

155,000

146,031

Assured

Guaranty

US

Holdings,

Inc.

,

3.60%

,

9/15/2051

50,000

33,569

Athene

Holding

Ltd.

4.13%,

1/12/2028

164,000

161,651

3.45%,

5/15/2052

50,000

31,159

6.25%,

4/01/2054

200,000

193,781

Australia

&

New

Zealand

Banking

Group

Ltd.

,

4.90%

,

7/16/2027

500,000

508,638

AvalonBay

Communities,

Inc.

2.30%,

3/01/2030

10,000

9,062

5.00%,

2/15/2033

50,000

49,766

5.30%,

12/07/2033

300,000

303,685

122

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

AXIS

Specialty

Finance

LLC

,

3.90%

,

7/15/2029

15,000

14,426

AXIS

Specialty

Finance

PLC

,

4.00%

,

12/06/2027

15,000

14,776

Bain

Capital

Specialty

Finance,

Inc.

,

2.55%

,

10/13/2026

55,000

52,522

Banco

Santander

SA

4.25%,

4/11/2027

200,000

198,776

5.29%,

8/18/2027

368,000

372,818

1.72%,

9/14/2027

200,000

191,948

5.59%,

8/08/2028

400,000

412,200

5.54%,

3/14/2030

200,000

205,152

2.75%,

12/03/2030

250,800

219,557

5.44%,

7/15/2031

200,000

206,134

6.92%,

8/08/2033

200,000

213,130

Bank

of

America

Corp.

6.22%,

9/15/2026

416,000

424,835

4.25%,

10/22/2026

275,000

274,528

5.93%,

9/15/2027

30,000

30,569

Series

L,

4.18%,

11/25/2027

205,000

203,866

3.71%,

4/24/2028

143,000

140,988

4.38%,

4/27/2028

390,000

389,361

3.59%,

7/21/2028

150,000

147,184

4.95%,

7/22/2028

100,000

101,075

6.20%,

11/10/2028

319,000

331,691

5.20%,

4/25/2029

130,000

132,783

2.09%,

6/14/2029

325,000

302,740

4.27%,

7/23/2029

154,000

152,940

5.82%,

9/15/2029

175,000

182,270

3.97%,

2/07/2030

236,000

231,006

3.19%,

7/23/2030

150,000

141,448

2.88%,

10/22/2030

240,000

222,693

2.50%,

2/13/2031

300,000

271,490

1.90%,

7/23/2031

200,000

173,435

1.92%,

10/24/2031

65,000

56,044

Series

N,

2.65%,

3/11/2032

300,000

266,007

2.69%,

4/22/2032

468,000

413,813

2.30%,

7/21/2032

200,000

171,895

2.57%,

10/20/2032

430,000

373,589

2.97%,

2/04/2033

265,000

233,020

4.57%,

4/27/2033

155,000

150,254

5.02%,

7/22/2033

570,000

568,495

5.29%,

4/25/2034

375,000

375,950

5.87%,

9/15/2034

371,000

386,489

5.47%,

1/23/2035

200,000

202,707

5.43%,

8/15/2035

620,000

605,754

5.52%,

10/25/2035

200,000

195,721

5.74%,

2/12/2036

700,000

694,968

6.11%,

1/29/2037

111,000

114,772

4.08%,

4/23/2040

50,000

42,785

2.68%,

6/19/2041

180,000

127,501

3.31%,

4/22/2042

750,000

561,698

4.33%,

3/15/2050

268,000

216,859

4.08%,

3/20/2051

160,000

123,444

2.83%,

10/24/2051

70,000

42,737

Series

N,

3.48%,

3/13/2052

194,000

135,258

2.97%,

7/21/2052

500,000

315,023

123

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

Bank

of

America

NA

,

5.53%

,

8/18/2026

315,000

320,216

Bank

of

Montreal

1.25%,

9/15/2026

66,000

63,326

Series

f2f,

4.57%,

9/10/2027

200,000

200,207

5.72%,

9/25/2028

200,000

208,177

4.64%,

9/10/2030

200,000

200,278

Barclays

PLC

5.83%,

5/09/2027

200,000

202,063

6.50%,

9/13/2027

200,000

204,513

5.67%,

3/12/2028

200,000

203,982

4.84%,

5/09/2028

564,000

562,727

5.50%,

8/09/2028

225,000

228,523

4.84%,

9/10/2028

200,000

200,223

4.94%,

9/10/2030

200,000

199,858

7.44%,

11/02/2033

310,000

346,189

6.22%,

5/09/2034

180,000

187,390

5.34%,

9/10/2035

200,000

194,127

3.81%,

3/10/2042

270,000

206,291

5.25%,

8/17/2045

(a)

120,000

112,552

4.95%,

1/10/2047

200,000

176,393

Berkshire

Hathaway

Finance

Corp.

2.88%,

3/15/2032

(a)

750,000

687,210

5.75%,

1/15/2040

175,000

187,793

4.40%,

5/15/2042

25,000

23,078

4.20%,

8/15/2048

127,000

105,300

4.25%,

1/15/2049

252,000

210,418

BGC

Group,

Inc.

8.00%,

5/25/2028

30,000

31,778

6.60%,

6/10/2029

250,000

255,853

BlackRock,

Inc.

3.20%,

3/15/2027

169,000

166,896

3.25%,

4/30/2029

400,000

388,257

2.40%,

4/30/2030

54,000

49,422

Blackstone

Secured

Lending

Fund

,

2.75%

,

9/16/2026

186,000

179,748

Blue

Owl

Capital

Corp.

,

3.13%

,

4/13/2027

85,000

80,866

Blue

Owl

Credit

Income

Corp.

3.13%,

9/23/2026

152,000

146,401

4.70%,

2/08/2027

50,000

49,239

6.65%,

3/15/2031

360,000

364,414

Blue

Owl

Technology

Finance

Corp.

,

2.50%

,

1/15/2027

50,000

47,100

Boston

Properties

LP

4.50%,

12/01/2028

575,000

565,370

3.40%,

6/21/2029

27,000

25,318

3.25%,

1/30/2031

426,000

384,281

2.55%,

4/01/2032

122,000

100,347

BPCE

SA

,

3.38%

,

12/02/2026

250,000

246,640

Brighthouse

Financial,

Inc.

5.63%,

5/15/2030

70,000

71,994

3.85%,

12/22/2051

95,000

59,732

124

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

Brixmor

Operating

Partnership

LP

,

2.50%

,

8/16/2031

190,000

163,959

Broadstone

NET

Lease

LLC

,

2.60%

,

9/15/2031

15,000

12,631

Brookfield

Capital

Finance

LLC

,

6.09%

,

6/14/2033

10,000

10,386

Brookfield

Finance

LLC

/

Brookfield

Finance,

Inc.

,

3.45%

,

4/15/2050

280,000

183,160

Brookfield

Finance,

Inc.

4.85%,

3/29/2029

194,000

194,892

5.68%,

1/15/2035

225,000

227,037

Brown

&

Brown,

Inc.

2.38%,

3/15/2031

50,000

43,189

5.65%,

6/11/2034

613,000

618,237

4.95%,

3/17/2052

30,000

24,757

Camden

Property

Trust

5.85%,

11/03/2026

50,000

51,061

4.10%,

10/15/2028

40,000

39,536

3.35%,

11/01/2049

35,000

24,349

Canadian

Imperial

Bank

of

Commerce

5.62%,

7/17/2026

12,000

12,178

3.45%,

4/07/2027

126,000

124,076

5.00%,

4/28/2028

126,000

128,524

5.99%,

10/03/2028

55,000

57,640

5.26%,

4/08/2029

300,000

307,724

4.63%,

9/11/2030

250,000

249,144

Capital

One

Financial

Corp.

3.65%,

5/11/2027

120,000

118,079

1.88%,

11/02/2027

115,000

110,314

3.80%,

1/31/2028

461,000

452,105

2.36%,

7/29/2032

199,000

163,831

5.27%,

5/10/2033

30,000

29,498

5.82%,

2/01/2034

250,000

252,189

6.38%,

6/08/2034

30,000

31,326

Carlyle

Secured

Lending,

Inc.

,

6.75%

,

2/18/2030

500,000

505,159

CBOE

Global

Markets,

Inc.

,

1.63%

,

12/15/2030

95,000

81,286

CBRE

Services,

Inc.

,

5.95%

,

8/15/2034

(a)

15,000

15,520

Chubb

INA

Holdings

LLC

1.38%,

9/15/2030

125,000

107,635

4.35%,

11/03/2045

435,000

369,967

CI

Financial

Corp.

,

3.20%

,

12/17/2030

215,000

187,635

Cincinnati

Financial

Corp.

,

6.92%

,

5/15/2028

110,000

117,669

Citigroup,

Inc.

3.40%,

5/01/2026

200,000

198,090

3.20%,

10/21/2026

175,000

172,157

4.30%,

11/20/2026

200,000

199,419

1.46%,

6/09/2027

115,000

111,057

4.45%,

9/29/2027

435,000

433,715

3.89%,

1/10/2028

140,000

138,513

3.07%,

2/24/2028

450,000

438,697

4.13%,

7/25/2028

122,000

120,560

3.52%,

10/27/2028

155,000

151,146

5.17%,

2/13/2030

413,000

418,862

3.98%,

3/20/2030

444,000

431,923

2.98%,

11/05/2030

418,000

387,655

2.67%,

1/29/2031

200,000

181,535

4.41%,

3/31/2031

270,000

265,055

2.57%,

6/03/2031

910,000

814,639

2.52%,

11/03/2032

137,000

117,999

125

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

Citigroup,

Inc.

(continued)

3.06%,

1/25/2033

370,000

325,181

5.88%,

2/22/2033

40,000

41,208

3.79%,

3/17/2033

225,000

206,549

4.91%,

5/24/2033

180,000

176,899

6.00%,

10/31/2033

270,000

279,713

5.59%,

11/19/2034

400,000

401,808

5.45%,

6/11/2035

320,000

320,494

8.13%,

7/15/2039

125,000

154,115

5.88%,

1/30/2042

155,000

156,856

2.90%,

11/03/2042

150,000

103,441

5.30%,

5/06/2044

190,000

173,472

4.65%,

7/30/2045

215,000

185,055

4.75%,

5/18/2046

70,000

58,059

Citizens

Financial

Group,

Inc.

5.72%,

7/23/2032

400,000

406,387

6.65%,

4/25/2035

300,000

316,409

5.64%,

5/21/2037

150,000

145,576

CME

Group,

Inc.

3.75%,

6/15/2028

15,000

14,901

5.30%,

9/15/2043

450,000

446,974

CNA

Financial

Corp.

2.05%,

8/15/2030

50,000

43,382

5.13%,

2/15/2034

200,000

197,026

Cooperatieve

Rabobank

U.A.

4.49%,

10/17/2029

400,000

402,094

5.75%,

12/01/2043

420,000

407,198

COPT

Defense

Properties

LP

,

2.00%

,

1/15/2029

52,000

46,525

Corebridge

Financial,

Inc.

3.65%,

4/05/2027

220,000

216,719

3.90%,

4/05/2032

70,000

64,398

6.05%,

9/15/2033

102,000

105,956

4.35%,

4/05/2042

10,000

8,168

4.40%,

4/05/2052

95,000

74,176

Crown

Castle,

Inc.

1.05%,

7/15/2026

48,000

45,966

4.30%,

2/15/2029

50,000

49,087

3.10%,

11/15/2029

156,000

144,900

2.25%,

1/15/2031

285,000

245,833

2.50%,

7/15/2031

363,000

312,490

5.10%,

5/01/2033

127,000

124,272

4.00%,

11/15/2049

150,000

109,020

4.15%,

7/01/2050

15,000

11,142

3.25%,

1/15/2051

130,000

82,760

CubeSmart

LP

,

3.13%

,

9/01/2026

100,000

97,918

Deutsche

Bank

AG

2.31%,

11/16/2027

200,000

192,576

2.55%,

1/07/2028

200,000

192,734

5.00%,

9/11/2030

150,000

150,172

3.55%,

9/18/2031

294,000

271,772

3.73%,

1/14/2032

200,000

179,798

3.74%,

1/07/2033

200,000

176,536

5.40%,

9/11/2035

150,000

146,298

126

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

Digital

Realty

Trust

LP

3.70%,

8/15/2027

300,000

296,273

4.45%,

7/15/2028

95,000

94,731

3.60%,

7/01/2029

59,000

56,766

Discover

Financial

Services

4.10%,

2/09/2027

181,000

179,390

6.70%,

11/29/2032

35,000

37,496

DOC

DR,

LLC

,

3.95%

,

1/15/2028

25,000

24,621

Eaton

Vance

Corp.

,

3.50%

,

4/06/2027

197,000

193,513

Enstar

Group

Ltd.

,

3.10%

,

9/01/2031

50,000

43,548

EPR

Properties

,

4.50%

,

6/01/2027

50,000

49,188

Equinix,

Inc.

1.45%,

5/15/2026

135,000

130,523

2.90%,

11/18/2026

54,000

52,703

2.50%,

5/15/2031

122,000

106,855

3.90%,

4/15/2032

50,000

46,746

2.95%,

9/15/2051

55,000

33,029

3.40%,

2/15/2052

70,000

45,863

Equitable

Holdings,

Inc.

4.35%,

4/20/2028

135,000

134,413

5.00%,

4/20/2048

148,000

128,494

ERP

Operating

LP

4.15%,

12/01/2028

200,000

198,720

4.50%,

7/01/2044

70,000

59,692

4.00%,

8/01/2047

25,000

19,317

Essex

Portfolio

LP

,

2.65%

,

3/15/2032

500,000

426,990

Everest

Reinsurance

Holdings,

Inc.

,

3.13%

,

10/15/2052

175,000

105,867

Extra

Space

Storage

LP

4.00%,

6/15/2029

125,000

121,421

5.50%,

7/01/2030

60,000

61,696

2.35%,

3/15/2032

470,000

390,769

Fairfax

Financial

Holdings

Ltd.

4.85%,

4/17/2028

157,000

158,258

4.63%,

4/29/2030

25,000

24,540

6.00%,

12/07/2033

200,000

207,714

Federal

Realty

OP

LP

3.20%,

6/15/2029

76,000

71,719

4.50%,

12/01/2044

40,000

33,104

Fidelity

National

Financial,

Inc.

4.50%,

8/15/2028

74,000

73,040

3.40%,

6/15/2030

137,000

125,996

2.45%,

3/15/2031

140,000

119,645

Fifth

Third

Bancorp

4.06%,

4/25/2028

150,000

148,664

6.36%,

10/27/2028

300,000

311,704

4.77%,

7/28/2030

55,000

54,862

4.90%,

9/06/2030

200,000

199,527

4.34%,

4/25/2033

60,000

56,225

127

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

Fifth

Third

Bank

NA

,

2.25%

,

2/01/2027

350,000

337,469

First

American

Financial

Corp.

,

4.00%

,

5/15/2030

25,000

23,621

Franklin

BSP

Capital

Corp.

,

7.20%

,

6/15/2029

100,000

101,739

Franklin

Resources,

Inc.

,

1.60%

,

10/30/2030

(a)

75,000

64,135

FS

KKR

Capital

Corp.

3.25%,

7/15/2027

210,000

199,266

6.13%,

1/15/2030

100,000

98,303

Globe

Life,

Inc.

,

2.15%

,

8/15/2030

49,000

42,550

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

5.75%,

6/01/2028

45,000

45,636

4.00%,

1/15/2030

140,000

132,070

3.25%,

1/15/2032

130,000

112,057

6.75%,

12/01/2033

145,000

152,753

5.63%,

9/15/2034

50,000

48,930

Healthpeak

OP

LLC

,

5.25%

,

12/15/2032

100,000

100,304

Highwoods

Realty

LP

3.88%,

3/01/2027

55,000

53,761

3.05%,

2/15/2030

50,000

44,632

7.65%,

2/01/2034

629,000

689,807

Host

Hotels

&

Resorts

LP

,

5.70%

,

7/01/2034

207,000

203,827

HPS

Corporate

Lending

Fund

,

6.75%

,

1/30/2029

150,000

154,540

HSBC

Holdings

PLC

5.89%,

8/14/2027

275,000

279,273

5.60%,

5/17/2028

200,000

203,504

7.39%,

11/03/2028

200,000

212,682

6.16%,

3/09/2029

700,000

725,943

3.97%,

5/22/2030

200,000

193,252

2.85%,

6/04/2031

700,000

632,820

5.73%,

5/17/2032

500,000

516,229

5.40%,

8/11/2033

200,000

202,399

8.11%,

11/03/2033

250,000

284,740

6.25%,

3/09/2034

250,000

264,034

6.50%,

5/02/2036

200,000

213,159

6.50%,

9/15/2037

450,000

477,397

6.50%,

9/15/2037

310,000

320,514

6.10%,

1/14/2042

470,000

494,727

Huntington

Bancshares,

Inc.

6.21%,

8/21/2029

140,000

145,480

5.27%,

1/15/2031

200,000

201,457

5.02%,

5/17/2033

45,000

43,453

2.49%,

8/15/2036

102,000

83,845

ING

Groep

NV

6.08%,

9/11/2027

295,000

300,883

4.55%,

10/02/2028

220,000

219,906

6.11%,

9/11/2034

370,000

389,391

Intercontinental

Exchange,

Inc.

3.10%,

9/15/2027

45,000

43,877

4.00%,

9/15/2027

600,000

597,120

4.35%,

6/15/2029

307,000

307,704

5.25%,

6/15/2031

275,000

284,880

4.60%,

3/15/2033

25,000

24,646

2.65%,

9/15/2040

100,000

71,666

4.25%,

9/21/2048

10,000

8,085

3.00%,

6/15/2050

399,000

257,100

4.95%,

6/15/2052

25,000

22,267

128

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

Intercontinental

Exchange,

Inc.

(continued)

3.00%,

9/15/2060

50,000

29,978

5.20%,

6/15/2062

140,000

126,293

Invitation

Homes

Operating

Partnership

LP

,

2.30%

,

11/15/2028

71,000

65,878

Jackson

Financial,

Inc.

,

4.00%

,

11/23/2051

120,000

79,542

Jefferies

Financial

Group,

Inc.

2.63%,

10/15/2031

400,000

337,412

2.75%,

10/15/2032

100,000

81,894

Jones

Lang

Lasalle,

Inc.

,

6.88%

,

12/01/2028

50,000

53,280

JPMorgan

Chase

&

Co.

7.63%,

10/15/2026

605,000

633,621

8.00%,

4/29/2027

650,000

695,159

6.07%,

10/22/2027

125,000

128,128

3.78%,

2/01/2028

753,000

744,914

2.95%,

2/24/2028

245,000

238,705

5.57%,

4/22/2028

400,000

409,342

4.32%,

4/26/2028

40,000

39,957

4.85%,

7/25/2028

213,000

215,284

4.01%,

4/23/2029

250,000

247,673

4.20%,

7/23/2029

50,000

49,611

5.30%,

7/24/2029

270,000

276,723

6.09%,

10/23/2029

73,000

76,710

5.01%,

1/23/2030

253,000

257,209

3.70%,

5/06/2030

30,000

29,009

4.57%,

6/14/2030

215,000

214,801

5.00%,

7/22/2030

500,000

507,344

2.74%,

10/15/2030

35,000

32,398

4.60%,

10/22/2030

300,000

299,509

4.49%,

3/24/2031

230,000

228,358

2.52%,

4/22/2031

150,000

135,818

2.96%,

5/13/2031

195,000

177,873

1.76%,

11/19/2031

100,000

85,689

1.95%,

2/04/2032

105,000

90,144

2.58%,

4/22/2032

795,000

704,512

2.55%,

11/08/2032

865,000

754,417

2.96%,

1/25/2033

305,000

269,952

4.91%,

7/25/2033

500,000

497,493

5.35%,

6/01/2034

190,000

192,939

6.25%,

10/23/2034

765,000

821,975

4.95%,

10/22/2035

150,000

146,477

5.57%,

4/22/2036

200,000

204,672

6.40%,

5/15/2038

307,000

337,410

5.50%,

10/15/2040

153,000

153,950

3.11%,

4/22/2041

95,000

71,716

2.53%,

11/19/2041

50,000

34,579

5.40%,

1/06/2042

245,000

242,585

4.85%,

2/01/2044

50,000

45,839

4.26%,

2/22/2048

250,000

204,949

4.03%,

7/24/2048

390,000

308,204

3.90%,

1/23/2049

200,000

154,684

3.11%,

4/22/2051

100,000

65,806

3.33%,

4/22/2052

236,000

162,068

Kemper

Corp.

2.40%,

9/30/2030

25,000

21,746

3.80%,

2/23/2032

45,000

40,118

129

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

Keybank

NA

,

3.40%

,

5/20/2026

311,000

306,549

KeyCorp

2.25%,

4/06/2027

40,000

38,287

4.10%,

4/30/2028

50,000

49,311

4.79%,

6/01/2033

30,000

28,532

KfW

1.00%,

10/01/2026

991,000

953,840

3.75%,

2/15/2028

100,000

100,347

3.88%,

6/15/2028

1,000,000

1,007,017

4.75%,

10/29/2030

565,000

590,827

4.13%,

7/15/2033

370,000

368,539

0.00%,

4/18/2036

(c)

75,000

46,805

Kilroy

Realty

LP

,

6.25%

,

1/15/2036

200,000

193,495

Kimco

Realty

OP

LLC

2.80%,

10/01/2026

25,000

24,417

6.40%,

3/01/2034

10,000

10,680

3.70%,

10/01/2049

95,000

66,617

Landwirtschaftliche

Rentenbank

Series

G,

1.75%,

7/27/2026

155,000

151,173

Series

44,

3.88%,

6/14/2028

525,000

528,450

0.88%,

9/03/2030

220,000

188,893

Lazard

Group

LLC

3.63%,

3/01/2027

100,000

97,822

4.50%,

9/19/2028

10,000

9,882

Lincoln

National

Corp.

3.40%,

3/01/2032

85,000

75,601

5.85%,

3/15/2034

200,000

203,351

4.35%,

3/01/2048

45,000

34,750

Lloyds

Banking

Group

PLC

5.99%,

8/07/2027

315,000

319,978

5.87%,

3/06/2029

405,000

418,610

5.68%,

1/05/2035

200,000

202,198

5.59%,

11/26/2035

300,000

300,418

5.30%,

12/01/2045

100,000

89,765

LPL

Holdings,

Inc.

,

6.75%

,

11/17/2028

50,000

53,154

M&T

Bank

Corp.

4.55%,

8/16/2028

350,000

348,393

6.08%,

3/13/2032

400,000

415,751

Main

Street

Capital

Corp.

,

3.00%

,

7/14/2026

78,000

75,432

Manulife

Financial

Corp.

4.06%,

2/24/2032

445,000

437,642

5.38%,

3/04/2046

85,000

81,197

Markel

Group,

Inc.

5.00%,

4/05/2046

65,000

56,964

4.30%,

11/01/2047

75,000

59,313

4.15%,

9/17/2050

35,000

26,232

Marsh

&

McLennan

Cos.,

Inc.

2.25%,

11/15/2030

50,000

44,473

2.38%,

12/15/2031

210,000

181,636

5.75%,

11/01/2032

60,000

63,559

5.15%,

3/15/2034

200,000

202,534

4.75%,

3/15/2039

25,000

23,510

4.90%,

3/15/2049

45,000

40,044

2.90%,

12/15/2051

306,000

187,830

130

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

Marsh

&

McLennan

Cos.,

Inc.

(continued)

5.70%,

9/15/2053

226,000

223,653

Mastercard,

Inc.

2.95%,

11/21/2026

148,000

145,756

3.50%,

2/26/2028

135,000

133,514

4.88%,

3/09/2028

95,000

97,340

2.95%,

6/01/2029

200,000

191,428

3.35%,

3/26/2030

48,000

46,220

4.88%,

5/09/2034

200,000

201,210

3.65%,

6/01/2049

275,000

207,741

MetLife,

Inc.

6.38%,

6/15/2034

100,000

108,803

5.30%,

12/15/2034

250,000

253,990

5.70%,

6/15/2035

200,000

209,431

4.13%,

8/13/2042

95,000

78,706

4.05%,

3/01/2045

70,000

56,131

5.25%,

1/15/2054

125,000

116,509

MGIC

Investment

Corp.

,

5.25%

,

8/15/2028

350,000

349,057

Mid-America

Apartments

L.P.

1.10%,

9/15/2026

390,000

373,522

3.60%,

6/01/2027

50,000

49,338

Mitsubishi

UFJ

Financial

Group,

Inc.

1.64%,

10/13/2027

200,000

191,966

2.34%,

1/19/2028

200,000

192,861

3.96%,

3/02/2028

25,000

24,754

4.08%,

4/19/2028

354,000

351,436

5.35%,

9/13/2028

285,000

290,719

4.32%,

4/19/2033

250,000

238,035

5.13%,

7/20/2033

365,000

365,059

5.41%,

4/19/2034

300,000

304,637

3.75%,

7/18/2039

355,000

299,534

Mizuho

Financial

Group,

Inc.

1.23%,

5/22/2027

552,000

533,234

1.55%,

7/09/2027

200,000

193,068

5.41%,

9/13/2028

180,000

183,647

4.25%,

9/11/2029

75,000

74,178

3.15%,

7/16/2030

270,000

253,809

5.10%,

5/13/2031

200,000

202,841

2.59%,

5/25/2031

50,000

45,020

2.56%,

9/13/2031

335,000

287,646

5.58%,

5/26/2035

250,000

254,664

5.42%,

5/13/2036

200,000

200,669

Morgan

Stanley

3.13%,

7/27/2026

265,000

261,226

6.25%,

8/09/2026

100,000

102,252

Series

G,

4.35%,

9/08/2026

195,000

194,549

3.63%,

1/20/2027

225,000

222,845

3.95%,

4/23/2027

125,000

123,952

1.59%,

5/04/2027

300,000

291,285

1.51%,

7/20/2027

330,000

318,617

5.65%,

4/13/2028

100,000

102,152

3.59%,

7/22/2028

315,000

308,243

6.30%,

10/18/2028

190,000

197,934

Series

G,

3.77%,

1/24/2029

492,000

483,181

5.16%,

4/20/2029

245,000

249,493

131

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

Morgan

Stanley

(continued)

5.45%,

7/20/2029

45,000

46,157

6.41%,

11/01/2029

300,000

317,495

4.43%,

1/23/2030

125,000

124,075

Series

G,

2.70%,

1/22/2031

249,000

227,247

3.62%,

4/01/2031

125,000

118,617

1.79%,

2/13/2032

800,000

674,071

1.93%,

4/28/2032

310,000

261,148

2.24%,

7/21/2032

54,000

46,013

2.51%,

10/20/2032

447,000

385,753

2.94%,

1/21/2033

295,000

258,626

4.89%,

7/20/2033

240,000

236,390

6.34%,

10/18/2033

285,000

304,876

5.25%,

4/21/2034

257,000

256,981

6.63%,

11/01/2034

45,000

48,900

5.47%,

1/18/2035

50,000

50,517

5.30%,

4/20/2037

255,000

248,665

3.97%,

7/22/2038

400,000

344,093

4.46%,

4/22/2039

210,000

191,346

3.22%,

4/22/2042

95,000

69,981

6.38%,

7/24/2042

294,000

314,996

4.30%,

1/27/2045

375,000

310,700

4.38%,

1/22/2047

179,000

148,879

2.80%,

1/25/2052

140,000

84,639

Morgan

Stanley

Bank

NA

4.95%,

1/14/2028

360,000

362,945

5.50%,

5/26/2028

250,000

254,883

NASDAQ,

Inc.

3.85%,

6/30/2026

33,000

32,859

1.65%,

1/15/2031

55,000

47,041

5.55%,

2/15/2034

159,000

163,165

2.50%,

12/21/2040

25,000

17,044

3.25%,

4/28/2050

140,000

92,608

3.95%,

3/07/2052

26,000

19,235

6.10%,

6/28/2063

50,000

49,943

National

Australia

Bank

Ltd./New

York

,

4.79%

,

1/10/2029

300,000

305,555

National

Health

Investors,

Inc.

,

3.00%

,

2/01/2031

95,000

82,910

NatWest

Group

PLC

1.64%,

6/14/2027

382,000

369,297

4.96%,

8/15/2030

400,000

401,902

NNN

REIT,

Inc.

5.60%,

10/15/2033

10,000

10,124

3.50%,

4/15/2051

25,000

16,451

3.00%,

4/15/2052

76,000

44,739

Nomura

Holdings,

Inc.

6.07%,

7/12/2028

235,000

244,449

2.61%,

7/14/2031

200,000

173,428

3.00%,

1/22/2032

395,000

342,810

Northern

Trust

Corp.

4.00%,

5/10/2027

95,000

94,822

3.15%,

5/03/2029

65,000

62,395

1.95%,

5/01/2030

25,000

22,212

3.38%,

5/08/2032

65,000

62,821

6.13%,

11/02/2032

45,000

48,406

132

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

Oaktree

Strategic

Credit

Fund

,

8.40%

,

11/14/2028

50,000

53,791

Oesterreichische

Kontrollbank

AG

,

5.00%

,

10/23/2026

600,000

610,375

Old

Republic

International

Corp.

3.88%,

8/26/2026

70,000

69,218

3.85%,

6/11/2051

30,000

20,675

OMEGA

Healthcare

Investors,

Inc.

4.50%,

4/01/2027

95,000

94,863

4.75%,

1/15/2028

25,000

25,027

3.63%,

10/01/2029

115,000

108,112

ORIX

Corp.

,

4.00%

,

4/13/2032

150,000

140,024

PartnerRe

Finance

B

LLC

,

3.70%

,

7/02/2029

133,000

128,699

PNC

Bank

NA

,

2.70%

,

10/22/2029

75,000

68,962

Primerica,

Inc.

,

2.80%

,

11/19/2031

50,000

43,476

Principal

Financial

Group,

Inc.

,

3.10%

,

11/15/2026

189,000

185,074

Private

Export

Funding

Corp.

,

Series

PP

,

1.40%

,

7/15/2028

50,000

46,151

ProLogis

LP

4.88%,

6/15/2028

315,000

320,590

2.88%,

11/15/2029

267,000

250,497

1.75%,

2/01/2031

10,000

8,538

5.13%,

1/15/2034

275,000

275,098

5.25%,

3/15/2054

300,000

277,874

Prudential

Financial,

Inc.

3.88%,

3/27/2028

36,000

35,661

3.91%,

12/07/2047

308,000

235,544

4.42%,

3/27/2048

95,000

78,186

3.94%,

12/07/2049

208,000

156,323

3.70%,

3/13/2051

120,000

86,935

Public

Storage

Operating

Co.

1.95%,

11/09/2028

500,000

462,679

3.39%,

5/01/2029

105,000

101,511

5.10%,

8/01/2033

46,000

46,743

Radian

Group,

Inc.

,

4.88%

,

3/15/2027

50,000

49,791

Raymond

James

Financial,

Inc.

4.65%,

4/01/2030

342,000

344,369

4.95%,

7/15/2046

33,000

29,165

Rayonier

LP

,

2.75%

,

5/17/2031

65,000

56,492

Realty

Income

Corp.

3.00%,

1/15/2027

50,000

48,903

3.95%,

8/15/2027

60,000

59,489

3.40%,

1/15/2028

50,000

48,757

3.25%,

6/15/2029

151,000

143,405

4.00%,

7/15/2029

119,000

116,227

3.40%,

1/15/2030

110,000

104,366

3.20%,

2/15/2031

10,000

9,216

2.70%,

2/15/2032

25,000

21,599

4.90%,

7/15/2033

60,000

58,918

4.65%,

3/15/2047

171,000

144,351

Regency

Centers

LP

2.95%,

9/15/2029

25,000

23,412

4.40%,

2/01/2047

25,000

20,400

Regions

Financial

Corp.

1.80%,

8/12/2028

47,000

42,874

5.50%,

9/06/2035

200,000

195,676

133

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

Reinsurance

Group

of

America,

Inc.

,

3.90%

,

5/15/2029

150,000

146,352

RenaissanceRe

Finance,

Inc.

,

3.45%

,

7/01/2027

220,000

215,538

RenaissanceRe

Holdings

Ltd.

,

5.75%

,

6/05/2033

41,000

41,904

Rexford

Industrial

Realty

LP

,

2.15%

,

9/01/2031

40,000

33,409

Royal

Bank

of

Canada

3.63%,

5/04/2027

30,000

29,713

Series

G,

5.07%,

7/23/2027

1,000,000

1,008,161

Series

G,

4.24%,

8/03/2027

200,000

200,368

6.00%,

11/01/2027

200,000

208,227

Series

G,

5.20%,

8/01/2028

235,000

241,253

Series

G,

4.97%,

8/02/2030

500,000

506,365

Series

G,

2.30%,

11/03/2031

374,000

324,478

3.88%,

5/04/2032

36,000

33,935

Series

G,

5.00%,

2/01/2033

50,000

50,251

Sabra

Health

Care

LP

,

3.90%

,

10/15/2029

150,000

140,782

Safehold

GL

Holdings

LLC

,

2.80%

,

6/15/2031

44,000

38,810

Santander

Holdings

USA,

Inc.

3.24%,

10/05/2026

275,000

269,102

4.40%,

7/13/2027

531,000

527,278

2.49%,

1/06/2028

80,000

76,733

6.50%,

3/09/2029

150,000

155,585

6.57%,

6/12/2029

131,000

135,960

7.66%,

11/09/2031

140,000

154,088

Santander

UK

Group

Holdings

PLC

1.67%,

6/14/2027

250,000

241,264

2.47%,

1/11/2028

200,000

192,257

2.90%,

3/15/2032

125,000

110,331

Simon

Property

Group

LP

3.25%,

11/30/2026

37,000

36,423

3.38%,

6/15/2027

48,000

47,175

3.38%,

12/01/2027

90,000

88,118

2.45%,

9/13/2029

125,000

114,935

2.65%,

7/15/2030

15,000

13,684

2.20%,

2/01/2031

316,000

275,835

5.50%,

3/08/2033

30,000

30,784

6.25%,

1/15/2034

50,000

53,416

4.75%,

9/26/2034

100,000

95,601

4.75%,

3/15/2042

70,000

61,393

3.25%,

9/13/2049

102,000

67,127

State

Street

Corp.

5.27%,

8/03/2026

75,000

76,007

1.68%,

11/18/2027

126,000

120,900

5.82%,

11/04/2028

350,000

363,071

5.68%,

11/21/2029

50,000

52,042

2.20%,

3/03/2031

245,000

213,669

2.62%,

2/07/2033

20,000

17,366

4.16%,

8/04/2033

50,000

47,511

4.82%,

1/26/2034

200,000

196,475

5.16%,

5/18/2034

50,000

50,452

Stewart

Information

Services

Corp.

,

3.60%

,

11/15/2031

135,000

120,861

STORE

Capital

Corp.

4.63%,

3/15/2029

115,000

112,270

2.75%,

11/18/2030

20,000

17,568

2.70%,

12/01/2031

28,000

23,659

134

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

Sumitomo

Mitsui

Financial

Group,

Inc.

2.63%,

7/14/2026

50,000

49,026

1.40%,

9/17/2026

315,000

302,776

3.35%,

10/18/2027

125,000

122,269

5.52%,

1/13/2028

280,000

288,317

5.80%,

7/13/2028

325,000

338,306

5.72%,

9/14/2028

285,000

296,205

5.56%,

7/09/2034

500,000

511,659

5.84%,

7/09/2044

400,000

399,690

Sun

Communities

Operating

LP

4.20%,

4/15/2032

35,000

32,813

5.70%,

1/15/2033

96,000

98,062

Synchrony

Bank

,

5.63%

,

8/23/2027

250,000

252,639

Synchrony

Financial

3.70%,

8/04/2026

60,000

58,638

2.88%,

10/28/2031

255,000

215,828

Tanger

Properties

LP

,

2.75%

,

9/01/2031

90,000

77,541

The

Allstate

Corp.

5.05%,

6/24/2029

500,000

509,798

5.25%,

3/30/2033

215,000

217,487

4.50%,

6/15/2043

50,000

42,157

The

Bank

of

Nova

Scotia

1.30%,

9/15/2026

297,000

285,189

1.95%,

2/02/2027

255,000

245,710

2.95%,

3/11/2027

110,000

107,438

5.25%,

6/12/2028

240,000

246,636

4.85%,

2/01/2030

122,000

123,346

4.74%,

11/10/2032

200,000

197,949

5.65%,

2/01/2034

50,000

51,694

The

Charles

Schwab

Corp.

1.15%,

5/13/2026

25,000

24,193

2.45%,

3/03/2027

173,000

167,790

3.30%,

4/01/2027

25,000

24,584

2.00%,

3/20/2028

10,000

9,414

4.00%,

2/01/2029

90,000

89,244

2.75%,

10/01/2029

159,000

148,651

2.30%,

5/13/2031

50,000

44,026

5.85%,

5/19/2034

165,000

172,333

6.14%,

8/24/2034

25,000

26,551

The

Goldman

Sachs

Group,

Inc.

3.50%,

11/16/2026

316,000

311,908

3.85%,

1/26/2027

460,000

456,180

1.95%,

10/21/2027

400,000

385,346

2.64%,

2/24/2028

230,000

222,423

3.69%,

6/05/2028

37,000

36,407

4.48%,

8/23/2028

200,000

199,863

3.81%,

4/23/2029

20,000

19,617

4.22%,

5/01/2029

180,000

178,275

6.48%,

10/24/2029

110,000

116,688

2.60%,

2/07/2030

60,000

54,757

3.80%,

3/15/2030

200,000

192,784

5.73%,

4/25/2030

400,000

414,627

4.69%,

10/23/2030

300,000

299,285

5.21%,

1/28/2031

500,000

508,290

5.22%,

4/23/2031

200,000

203,808

135

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

The

Goldman

Sachs

Group,

Inc.

(continued)

2.62%,

4/22/2032

430,000

377,663

Series

D,

2.38%,

7/21/2032

220,000

189,166

2.65%,

10/21/2032

220,000

190,821

3.10%,

2/24/2033

235,000

207,277

6.56%,

10/24/2034

30,000

32,703

5.33%,

7/23/2035

200,000

198,821

6.45%,

5/01/2036

175,000

184,200

6.75%,

10/01/2037

343,000

368,691

4.41%,

4/23/2039

25,000

21,972

6.25%,

2/01/2041

681,000

710,062

3.21%,

4/22/2042

100,000

72,767

2.91%,

7/21/2042

444,000

308,255

3.44%,

2/24/2043

178,000

132,053

5.15%,

5/22/2045

345,000

305,273

4.75%,

10/21/2045

154,000

133,471

5.56%,

11/19/2045

200,000

192,460

The

Hanover

Insurance

Group,

Inc.

,

2.50%

,

9/01/2030

25,000

21,787

The

Hartford

Financial

Services

Group,

Inc.

,

3.60%

,

8/19/2049

185,000

133,020

The

Huntington

National

Bank

4.87%,

4/12/2028

500,000

502,035

4.55%,

5/17/2028

270,000

269,374

The

Korea

Development

Bank

4.13%,

10/16/2027

200,000

200,037

5.38%,

10/23/2028

285,000

296,521

2.00%,

10/25/2031

100,000

86,631

The

PNC

Financial

Services

Group,

Inc.

2.60%,

7/23/2026

180,000

176,319

3.15%,

5/19/2027

113,000

110,336

6.62%,

10/20/2027

38,000

39,134

5.35%,

12/02/2028

115,000

117,406

3.45%,

4/23/2029

108,000

104,376

5.58%,

6/12/2029

45,000

46,394

2.55%,

1/22/2030

317,000

289,584

5.49%,

5/14/2030

500,000

514,169

4.81%,

10/21/2032

250,000

247,665

4.63%,

6/06/2033

54,000

51,025

5.07%,

1/24/2034

215,000

212,436

5.94%,

8/18/2034

295,000

305,278

6.88%,

10/20/2034

50,000

54,981

The

Progressive

Corp.

4.00%,

3/01/2029

31,000

30,758

4.13%,

4/15/2047

235,000

189,080

4.20%,

3/15/2048

155,000

126,737

The

Toronto-Dominion

Bank

1.20%,

6/03/2026

210,000

203,181

1.25%,

9/10/2026

195,000

187,280

1.95%,

1/12/2027

70,000

67,372

2.80%,

3/10/2027

100,000

97,302

4.11%,

6/08/2027

270,000

268,886

4.69%,

9/15/2027

153,000

154,345

5.16%,

1/10/2028

80,000

81,674

5.52%,

7/17/2028

96,000

99,442

2.00%,

9/10/2031

95,000

81,950

Series

G,

2.45%,

1/12/2032

50,000

43,036

136

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

The

Toronto-Dominion

Bank

(continued)

3.20%,

3/10/2032

115,000

103,141

4.46%,

6/08/2032

60,000

58,317

5.15%,

9/10/2034

200,000

198,923

The

Travelers

Companies,

Inc.

5.35%,

11/01/2040

25,000

24,901

4.00%,

5/30/2047

145,000

115,399

The

Western

Union

Company

,

2.75%

,

3/15/2031

70,000

60,478

Travelers

Property

Casualty

Corp.

,

6.38%

,

3/15/2033

115,000

127,309

Truist

Bank

,

3.30%

,

5/15/2026

217,000

214,312

Truist

Financial

Corp.

6.05%,

6/08/2027

80,000

81,314

1.13%,

8/03/2027

450,000

419,965

4.12%,

6/06/2028

50,000

49,736

4.92%,

7/28/2033

100,000

95,604

6.12%,

10/28/2033

390,000

407,632

5.87%,

6/08/2034

70,000

71,671

U.S.

Bancorp

Series

V,

2.38%,

7/22/2026

236,000

231,319

6.79%,

10/26/2027

70,000

72,341

4.55%,

7/22/2028

332,000

332,795

4.65%,

2/01/2029

187,000

187,597

5.78%,

6/12/2029

170,000

175,820

5.05%,

2/12/2031

250,000

252,970

5.85%,

10/21/2033

310,000

320,966

4.84%,

2/01/2034

314,000

304,623

5.42%,

2/12/2036

250,000

250,715

UBS

AG

,

4.50%

,

6/26/2048

250,000

210,186

UDR,

Inc.

2.95%,

9/01/2026

40,000

39,220

3.00%,

8/15/2031

50,000

44,718

2.10%,

8/01/2032

25,000

20,287

Unum

Group

,

4.50%

,

12/15/2049

15,000

11,632

Ventas

Realty

LP

3.25%,

10/15/2026

94,000

92,236

3.85%,

4/01/2027

40,000

39,576

4.40%,

1/15/2029

228,000

225,891

3.00%,

1/15/2030

15,000

13,919

4.38%,

2/01/2045

15,000

12,069

4.88%,

4/15/2049

10,000

8,495

VICI

Properties

LP

4.95%,

2/15/2030

90,000

89,488

5.63%,

5/15/2052

208,000

186,329

Visa,

Inc.

1.90%,

4/15/2027

125,000

120,589

2.05%,

4/15/2030

17,000

15,407

1.10%,

2/15/2031

(a)

200,000

169,603

4.15%,

12/14/2035

174,000

165,619

2.70%,

4/15/2040

105,000

78,960

4.30%,

12/14/2045

102,000

87,693

3.65%,

9/15/2047

173,000

132,446

Voya

Financial,

Inc.

5.70%,

7/15/2043

50,000

47,632

4.80%,

6/15/2046

50,000

42,458

137

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

W.R.

Berkley

Corp.

,

4.75%

,

8/01/2044

70,000

60,771

Wachovia

Corp.

,

5.50%

,

8/01/2035

210,000

210,188

Wells

Fargo

&

Co.

3.00%,

10/23/2026

10,000

9,814

3.20%,

6/17/2027

45,000

44,373

3.58%,

5/22/2028

1,326,000

1,302,000

2.39%,

6/02/2028

170,000

162,916

4.81%,

7/25/2028

260,000

261,648

4.15%,

1/24/2029

220,000

217,657

6.30%,

10/23/2029

60,000

63,350

2.88%,

10/30/2030

575,000

532,908

2.57%,

2/11/2031

125,000

113,097

4.48%,

4/04/2031

360,000

355,098

3.35%,

3/02/2033

865,000

777,264

4.90%,

7/25/2033

420,000

412,380

5.39%,

4/24/2034

170,000

170,808

5.56%,

7/25/2034

116,000

117,543

5.38%,

11/02/2043

560,000

516,945

5.61%,

1/15/2044

390,000

367,647

3.90%,

5/01/2045

185,000

144,058

Series

G,

4.90%,

11/17/2045

330,000

281,157

5.01%,

4/04/2051

481,000

422,449

Wells

Fargo

Bank

NA

,

5.45%

,

8/07/2026

375,000

380,423

Welltower

OP

LLC

4.25%,

4/15/2028

45,000

44,988

3.10%,

1/15/2030

52,000

48,903

2.75%,

1/15/2031

237,000

214,624

Westpac

Banking

Corp.

2.85%,

5/13/2026

95,000

93,778

1.15%,

6/03/2026

281,000

272,163

4.04%,

8/26/2027

400,000

400,313

5.46%,

11/18/2027

735,000

759,595

3.40%,

1/25/2028

59,000

57,987

5.54%,

11/17/2028

50,000

52,293

1.95%,

11/20/2028

390,000

361,944

2.15%,

6/03/2031

25,000

22,017

5.41%,

8/10/2033

25,000

24,793

6.82%,

11/17/2033

100,000

108,730

4.11%,

7/24/2034

50,000

47,793

2.67%,

11/15/2035

45,000

39,250

3.02%,

11/18/2036

50,000

43,130

2.96%,

11/16/2040

41,000

29,759

3.13%,

11/18/2041

290,000

204,539

Weyerhaeuser

Co.

4.75%,

5/15/2026

85,000

85,026

4.00%,

11/15/2029

375,000

364,964

4.00%,

4/15/2030

15,000

14,516

4.00%,

3/09/2052

41,000

29,988

Willis

North

America,

Inc.

4.65%,

6/15/2027

189,000

189,703

5.35%,

5/15/2033

15,000

15,119

5.05%,

9/15/2048

177,000

153,038

WP

Carey,

Inc.

4.25%,

10/01/2026

35,000

34,861

3.85%,

7/15/2029

25,000

24,153

138

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Financial

–

8.1%

(continued)

WP

Carey,

Inc.

(continued)

2.25%,

4/01/2033

50,000

39,536

XL

Group

Ltd.

,

5.25%

,

12/15/2043

25,000

23,656

Zions

Bancorp

NA

,

6.82%

,

11/19/2035

250,000

247,132

153,043,100

Industrial

–

1.8%

3M

Co.

2.88%,

10/15/2027

177,000

171,302

2.38%,

8/26/2029

189,000

174,058

3.05%,

4/15/2030

42,000

39,070

3.63%,

10/15/2047

210,000

153,860

3.25%,

8/26/2049

50,000

33,619

Allegion

US

Holding

Co.,

Inc.

,

3.55%

,

10/01/2027

90,000

87,480

Amphenol

Corp.

,

2.80%

,

2/15/2030

20,000

18,663

Arrow

Electronics,

Inc.

,

2.95%

,

2/15/2032

115,000

98,525

Berry

Global,

Inc.

1.65%,

1/15/2027

25,000

23,720

5.80%,

6/15/2031

250,000

261,887

Burlington

Northern

Santa

Fe

LLC

6.15%,

5/01/2037

315,000

340,738

5.75%,

5/01/2040

70,000

72,341

4.45%,

3/15/2043

113,000

98,337

4.55%,

9/01/2044

222,000

193,966

4.70%,

9/01/2045

40,000

35,620

3.90%,

8/01/2046

165,000

129,397

4.15%,

12/15/2048

90,000

72,603

4.45%,

1/15/2053

155,000

129,599

5.20%,

4/15/2054

75,000

70,311

Canadian

National

Railway

Co.

6.25%,

8/01/2034

200,000

218,220

6.20%,

6/01/2036

115,000

123,772

4.45%,

1/20/2049

100,000

85,024

2.45%,

5/01/2050

100,000

57,710

Canadian

Pacific

Railway

Co.

4.00%,

6/01/2028

18,000

17,874

2.88%,

11/15/2029

193,000

180,564

4.80%,

8/01/2045

50,000

44,363

4.95%,

8/15/2045

226,000

204,019

6.13%,

9/15/2115

205,000

201,039

Carrier

Global

Corp.

2.72%,

2/15/2030

246,000

227,199

2.70%,

2/15/2031

50,000

44,943

3.38%,

4/05/2040

135,000

105,347

3.58%,

4/05/2050

67,000

48,046

Caterpillar

Financial

Services

Corp.

Series

D,

4.35%,

5/15/2026

40,000

40,059

3.60%,

8/12/2027

50,000

49,529

4.60%,

11/15/2027

200,000

202,699

4.70%,

11/15/2029

200,000

203,683

Caterpillar,

Inc.

5.20%,

5/27/2041

275,000

269,799

3.80%,

8/15/2042

215,000

175,117

4.75%,

5/15/2064

34,000

28,830

139

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Industrial

–

1.8%

(continued)

CNH

Industrial

Capital

LLC

,

5.50%

,

1/12/2029

10,000

10,267

CSX

Corp.

3.25%,

6/01/2027

40,000

39,267

2.40%,

2/15/2030

400,000

365,576

4.10%,

11/15/2032

100,000

95,915

5.20%,

11/15/2033

200,000

204,707

6.00%,

10/01/2036

40,000

42,544

6.22%,

4/30/2040

20,000

21,290

4.10%,

3/15/2044

110,000

90,437

4.75%,

11/15/2048

13,000

11,421

3.35%,

9/15/2049

175,000

121,883

3.80%,

4/15/2050

95,000

71,345

4.50%,

11/15/2052

100,000

83,475

Deere

&

Co.

5.38%,

10/16/2029

50,000

52,567

3.10%,

4/15/2030

287,000

271,056

Dover

Corp.

,

5.38%

,

10/15/2035

25,000

25,686

Eaton

Corp.

4.35%,

5/18/2028

20,000

20,187

4.15%,

3/15/2033

355,000

340,835

4.15%,

11/02/2042

77,000

65,221

Emerson

Electric

Co.

0.88%,

10/15/2026

80,000

76,230

1.80%,

10/15/2027

10,000

9,489

2.20%,

12/21/2031

30,000

26,136

2.80%,

12/21/2051

200,000

123,249

FedEx

Corp.

3.10%,

8/05/2029

(b)

120,000

112,335

4.90%,

1/15/2034

(b)

130,000

124,471

3.25%,

5/15/2041

(b)

120,000

82,834

3.88%,

8/01/2042

(b)

275,000

204,052

5.10%,

1/15/2044

(b)

59,000

50,932

4.75%,

11/15/2045

(b)

15,000

12,181

4.55%,

4/01/2046

(b)

35,000

27,730

4.40%,

1/15/2047

(b)

10,000

7,644

4.05%,

2/15/2048

(b)

95,000

68,449

5.25%,

5/15/2050

(b)

65,000

55,674

Flowserve

Corp.

,

3.50%

,

10/01/2030

75,000

69,153

Fortive

Corp.

,

4.30%

,

6/15/2046

53,000

41,855

Fortune

Brands

Innovations,

Inc.

,

4.50%

,

3/25/2052

25,000

19,448

GATX

Corp.

3.85%,

3/30/2027

564,000

556,084

3.50%,

6/01/2032

225,000

201,989

5.45%,

9/15/2033

90,000

90,048

6.90%,

5/01/2034

120,000

131,827

3.10%,

6/01/2051

50,000

30,558

GE

Capital

International

Funding

Co.

Unlimited

Co.

,

4.42%

,

11/15/2035

450,000

428,358

General

Dynamics

Corp.

2.13%,

8/15/2026

195,000

190,182

3.50%,

4/01/2027

40,000

39,683

3.75%,

5/15/2028

221,000

218,947

4.25%,

4/01/2050

141,000

117,029

HEICO

Corp.

5.25%,

8/01/2028

10,000

10,202

5.35%,

8/01/2033

110,000

111,268

140

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Industrial

–

1.8%

(continued)

Honeywell

International,

Inc.

2.50%,

11/01/2026

226,000

220,369

1.10%,

3/01/2027

300,000

283,885

4.95%,

2/15/2028

200,000

204,374

4.25%,

1/15/2029

215,000

214,885

1.95%,

6/01/2030

125,000

110,775

1.75%,

9/01/2031

75,000

63,128

5.70%,

3/15/2036

65,000

67,385

5.70%,

3/15/2037

137,000

141,820

Series

30,

5.38%,

3/01/2041

50,000

49,749

3.81%,

11/21/2047

210,000

157,806

Howmet

Aerospace,

Inc.

,

3.00%

,

1/15/2029

39,000

37,089

Hubbell,

Inc.

,

3.15%

,

8/15/2027

155,000

150,662

Huntington

Ingalls

Industries,

Inc.

3.48%,

12/01/2027

60,000

58,253

2.04%,

8/16/2028

30,000

27,591

IDEX

Corp.

,

2.63%

,

6/15/2031

25,000

21,788

Illinois

Tool

Works,

Inc.

2.65%,

11/15/2026

35,000

34,293

3.90%,

9/01/2042

215,000

175,541

Ingersoll

Rand,

Inc.

5.40%,

8/14/2028

25,000

25,707

5.18%,

6/15/2029

356,000

363,021

5.31%,

6/15/2031

100,000

102,487

Jabil,

Inc.

4.25%,

5/15/2027

50,000

49,789

3.95%,

1/12/2028

10,000

9,812

Jacobs

Engineering

Group,

Inc.

,

5.90%

,

3/01/2033

50,000

50,869

John

Deere

Capital

Corp.

1.05%,

6/17/2026

35,000

33,835

5.15%,

9/08/2026

10,000

10,145

2.25%,

9/14/2026

85,000

82,955

1.70%,

1/11/2027

60,000

57,741

2.35%,

3/08/2027

50,000

48,503

4.15%,

9/15/2027

135,000

135,417

4.90%,

3/03/2028

35,000

35,829

4.95%,

7/14/2028

49,000

50,266

4.85%,

6/11/2029

250,000

256,452

2.80%,

7/18/2029

50,000

47,370

2.45%,

1/09/2030

25,000

23,075

4.70%,

6/10/2030

215,000

218,599

4.90%,

3/07/2031

300,000

306,627

Series

1,

5.05%,

6/12/2034

250,000

251,769

Johnson

Controls

International

PLC

,

4.50%

,

2/15/2047

200,000

164,134

Keysight

Technologies,

Inc.

,

3.00%

,

10/30/2029

88,000

81,693

Kirby

Corp.

,

4.20%

,

3/01/2028

65,000

63,996

L3Harris

Technologies,

Inc.

4.40%,

6/15/2028

100,000

99,668

4.40%,

6/15/2028

100,000

99,760

2.90%,

12/15/2029

70,000

64,773

4.85%,

4/27/2035

100,000

96,536

5.60%,

7/31/2053

200,000

192,229

141

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Industrial

–

1.8%

(continued)

Lafarge

SA

,

7.13%

,

7/15/2036

55,000

61,738

Lennox

International,

Inc.

,

5.50%

,

9/15/2028

20,000

20,534

Lockheed

Martin

Corp.

5.25%,

1/15/2033

100,000

103,255

4.75%,

2/15/2034

524,000

517,160

4.50%,

5/15/2036

125,000

118,843

4.07%,

12/15/2042

75,000

62,167

3.80%,

3/01/2045

90,000

70,375

4.09%,

9/15/2052

100,000

77,423

4.15%,

6/15/2053

250,000

194,791

5.70%,

11/15/2054

240,000

239,439

Martin

Marietta

Materials,

Inc.

3.50%,

12/15/2027

25,000

24,394

4.25%,

12/15/2047

65,000

51,602

3.20%,

7/15/2051

130,000

83,095

5.50%,

12/01/2054

100,000

93,086

Masco

Corp.

,

2.00%

,

10/01/2030

345,000

296,057

Mohawk

Industries,

Inc.

,

5.85%

,

9/18/2028

205,000

212,434

Nordson

Corp.

,

5.80%

,

9/15/2033

10,000

10,257

Norfolk

Southern

Corp.

2.55%,

11/01/2029

189,000

174,289

4.45%,

3/01/2033

110,000

106,362

4.84%,

10/01/2041

50,000

45,305

4.45%,

6/15/2045

25,000

21,160

4.15%,

2/28/2048

50,000

39,653

3.05%,

5/15/2050

338,000

217,625

4.05%,

8/15/2052

145,000

110,907

4.55%,

6/01/2053

114,000

94,712

5.35%,

8/01/2054

(a)

60,000

56,463

Northrop

Grumman

Corp.

3.20%,

2/01/2027

15,000

14,732

3.25%,

1/15/2028

235,000

228,705

4.40%,

5/01/2030

200,000

198,975

4.75%,

6/01/2043

35,000

31,064

4.03%,

10/15/2047

100,000

78,079

5.25%,

5/01/2050

79,000

72,961

4.95%,

3/15/2053

350,000

308,799

nVent

Finance

Sarl

,

2.75%

,

11/15/2031

100,000

85,624

Oshkosh

Corp.

,

3.10%

,

3/01/2030

105,000

96,152

Otis

Worldwide

Corp.

5.25%,

8/16/2028

147,000

150,936

3.11%,

2/15/2040

400,000

301,347

Owens

Corning

3.40%,

8/15/2026

199,000

196,196

3.88%,

6/01/2030

70,000

66,938

Packaging

Corp.

of

America

3.00%,

12/15/2029

103,000

96,077

5.70%,

12/01/2033

150,000

154,362

4.05%,

12/15/2049

54,000

40,258

Parker-Hannifin

Corp.

3.25%,

6/14/2029

25,000

23,950

4.50%,

9/15/2029

260,000

261,339

4.00%,

6/14/2049

210,000

162,885

142

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Industrial

–

1.8%

(continued)

Regal

Rexnord

Corp.

6.05%,

4/15/2028

220,000

225,532

6.30%,

2/15/2030

50,000

51,622

6.40%,

4/15/2033

42,000

42,792

Republic

Services,

Inc.

3.38%,

11/15/2027

23,000

22,582

4.88%,

4/01/2029

100,000

101,805

5.00%,

11/15/2029

250,000

255,704

2.30%,

3/01/2030

50,000

45,440

5.00%,

4/01/2034

100,000

100,407

5.20%,

11/15/2034

100,000

101,558

3.05%,

3/01/2050

25,000

16,647

Rockwell

Automation,

Inc.

1.75%,

8/15/2031

50,000

42,707

2.80%,

8/15/2061

162,000

91,790

RTX

Corp.

4.13%,

11/16/2028

452,000

448,387

5.75%,

1/15/2029

50,000

52,248

6.00%,

3/15/2031

50,000

53,438

1.90%,

9/01/2031

75,000

63,337

2.38%,

3/15/2032

102,000

87,504

6.10%,

3/15/2034

250,000

268,759

4.45%,

11/16/2038

300,000

272,192

4.50%,

6/01/2042

27,000

23,466

4.80%,

12/15/2043

36,000

31,971

4.15%,

5/15/2045

130,000

104,541

4.35%,

4/15/2047

305,000

249,816

4.05%,

5/04/2047

200,000

156,068

2.82%,

9/01/2051

130,000

78,199

3.03%,

3/15/2052

100,000

62,615

5.38%,

2/27/2053

50,000

47,012

Ryder

System,

Inc.

5.65%,

3/01/2028

45,000

46,335

5.25%,

6/01/2028

175,000

178,806

Snap-On,

Inc.

3.25%,

3/01/2027

25,000

24,609

4.10%,

3/01/2048

35,000

27,771

Sonoco

Products

Co.

2.25%,

2/01/2027

25,000

23,975

2.85%,

2/01/2032

(a)

101,000

87,459

Stanley

Black

&

Decker,

Inc.

4.25%,

11/15/2028

162,000

159,672

2.30%,

3/15/2030

75,000

65,303

Teledyne

Technologies,

Inc.

,

2.75%

,

4/01/2031

215,000

191,543

Textron,

Inc.

3.65%,

3/15/2027

350,000

344,012

3.38%,

3/01/2028

84,000

81,236

6.10%,

11/15/2033

85,000

88,557

The

Boeing

Company

3.10%,

5/01/2026

20,000

19,673

2.70%,

2/01/2027

658,000

635,686

3.25%,

2/01/2028

727,000

699,993

6.13%,

2/15/2033

105,000

108,807

3.60%,

5/01/2034

440,000

378,389

143

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Industrial

–

1.8%

(continued)

The

Boeing

Company

(continued)

6.63%,

2/15/2038

182,000

191,150

3.63%,

3/01/2048

125,000

82,530

3.85%,

11/01/2048

125,000

86,201

3.75%,

2/01/2050

100,000

69,341

5.81%,

5/01/2050

515,000

482,901

3.83%,

3/01/2059

145,000

93,121

3.95%,

8/01/2059

95,000

63,201

5.93%,

5/01/2060

200,000

185,261

Trane

Technologies

Global

Holding

Co.

Ltd.

5.75%,

6/15/2043

26,000

25,995

4.30%,

2/21/2048

80,000

64,124

Tyco

Electronics

Group

SA

,

3.13%

,

8/15/2027

135,000

131,633

Union

Pacific

Corp.

3.95%,

9/10/2028

95,000

94,515

3.70%,

3/01/2029

38,000

37,277

2.40%,

2/05/2030

164,000

150,220

2.38%,

5/20/2031

100,000

89,304

2.80%,

2/14/2032

190,000

169,853

3.55%,

8/15/2039

128,000

105,789

4.05%,

3/01/2046

125,000

100,805

3.35%,

8/15/2046

40,000

28,573

3.25%,

2/05/2050

75,000

51,100

3.50%,

2/14/2053

250,000

175,636

4.95%,

5/15/2053

10,000

9,025

3.95%,

8/15/2059

230,000

166,967

2.97%,

9/16/2062

266,000

152,635

4.10%,

9/15/2067

15,000

10,945

3.75%,

2/05/2070

100,000

66,708

3.85%,

2/14/2072

15,000

10,207

United

Parcel

Service,

Inc.

3.05%,

11/15/2027

148,000

144,473

2.50%,

9/01/2029

200,000

185,892

4.45%,

4/01/2030

600,000

604,329

4.88%,

3/03/2033

227,000

228,058

4.25%,

3/15/2049

202,000

161,422

5.30%,

4/01/2050

135,000

125,933

Veralto

Corp.

5.50%,

9/18/2026

25,000

25,350

5.35%,

9/18/2028

15,000

15,478

5.45%,

9/18/2033

125,000

127,529

Vontier

Corp.

2.40%,

4/01/2028

40,000

37,411

2.95%,

4/01/2031

215,000

186,169

Vulcan

Materials

Co.

3.90%,

4/01/2027

55,000

54,397

4.70%,

3/01/2048

50,000

42,401

5.70%,

12/01/2054

200,000

191,442

Waste

Connections,

Inc.

4.20%,

1/15/2033

200,000

191,242

5.00%,

3/01/2034

200,000

200,671

Waste

Management,

Inc.

3.15%,

11/15/2027

30,000

29,330

1.15%,

3/15/2028

311,000

286,902

3.88%,

1/15/2029

(b)

100,000

98,439

144

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Industrial

–

1.8%

(continued)

Waste

Management,

Inc.

(continued)

4.88%,

2/15/2029

100,000

102,315

2.00%,

6/01/2029

74,000

67,782

4.15%,

4/15/2032

215,000

208,313

4.10%,

3/01/2045

25,000

20,200

4.15%,

7/15/2049

315,000

255,302

2.50%,

11/15/2050

20,000

11,588

Westinghouse

Air

Brake

Technologies

Corp.

3.45%,

11/15/2026

150,000

147,736

4.70%,

9/15/2028

436,000

437,444

WRKCo,

Inc.

,

4.00%

,

3/15/2028

50,000

49,199

Xylem,

Inc.

3.25%,

11/01/2026

67,000

65,937

4.38%,

11/01/2046

25,000

20,303

34,097,572

Technology

–

1.7%

Adobe,

Inc.

,

2.15%

,

2/01/2027

240,000

232,864

Amdocs

Ltd.

,

2.54%

,

6/15/2030

140,000

124,305

Analog

Devices,

Inc.

3.45%,

6/15/2027

202,000

199,921

1.70%,

10/01/2028

200,000

184,181

2.95%,

10/01/2051

200,000

127,224

Apple,

Inc.

3.35%,

2/09/2027

281,000

278,599

3.20%,

5/11/2027

25,000

24,701

3.00%,

6/20/2027

260,000

255,562

2.90%,

9/12/2027

62,000

60,746

4.00%,

5/10/2028

250,000

251,938

1.40%,

8/05/2028

105,000

97,104

3.25%,

8/08/2029

166,000

161,649

2.20%,

9/11/2029

150,000

139,406

4.15%,

5/10/2030

116,000

117,759

1.65%,

5/11/2030

500,000

444,693

1.25%,

8/20/2030

138,000

119,412

1.70%,

8/05/2031

250,000

216,781

3.35%,

8/08/2032

155,000

146,067

2.38%,

2/08/2041

60,000

41,516

3.85%,

5/04/2043

411,000

340,715

4.65%,

2/23/2046

257,000

233,269

3.85%,

8/04/2046

216,000

173,914

2.65%,

5/11/2050

485,000

301,700

2.65%,

2/08/2051

251,000

154,922

2.70%,

8/05/2051

300,000

186,243

3.95%,

8/08/2052

75,000

59,559

4.85%,

5/10/2053

(a)

85,000

79,969

2.85%,

8/05/2061

100,000

59,917

Applied

Materials,

Inc.

,

5.10%

,

10/01/2035

330,000

336,493

AutoDesk,

Inc.

,

2.85%

,

1/15/2030

91,000

84,834

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

3.50%

,

1/15/2028

387,000

378,641

Broadcom,

Inc.

1.95%,

2/15/2028

(b)

30,000

28,100

4.11%,

9/15/2028

233,000

231,007

4.00%,

4/15/2029

(b)

50,000

48,992

2.45%,

2/15/2031

(b)

330,000

291,788

5.15%,

11/15/2031

500,000

509,402

145

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Technology

–

1.7%

(continued)

Broadcom,

Inc.

(continued)

4.15%,

4/15/2032

(b)

165,000

156,634

2.60%,

2/15/2033

(b)

70,000

58,901

3.47%,

4/15/2034

(b)

1,099,000

964,747

3.19%,

11/15/2036

(b)

275,000

224,674

4.93%,

5/15/2037

(b)

50,000

47,912

3.50%,

2/15/2041

(b)

205,000

158,422

Broadridge

Financial

Solutions,

Inc.

,

3.40%

,

6/27/2026

155,000

152,868

CDW

LLC

/

CDW

Finance

Corp.

2.67%,

12/01/2026

55,000

53,229

3.28%,

12/01/2028

198,000

186,680

CGI,

Inc.

,

1.45%

,

9/14/2026

115,000

110,330

Concentrix

Corp.

6.65%,

8/02/2026

165,000

168,185

6.60%,

8/02/2028

(a)

310,000

324,288

Dell

International

LLC

/

EMC

Corp.

4.90%,

10/01/2026

121,000

121,507

5.30%,

10/01/2029

168,000

171,431

6.20%,

7/15/2030

110,000

116,501

3.38%,

12/15/2041

48,000

34,486

8.35%,

7/15/2046

100,000

121,530

3.45%,

12/15/2051

40,000

26,428

Electronic

Arts,

Inc.

,

1.85%

,

2/15/2031

25,000

21,482

Fidelity

National

Information

Services,

Inc.

1.65%,

3/01/2028

480,000

443,671

5.10%,

7/15/2032

96,000

96,035

3.10%,

3/01/2041

50,000

35,646

Fiserv,

Inc.

3.20%,

7/01/2026

127,000

125,292

5.45%,

3/02/2028

25,000

25,601

5.38%,

8/21/2028

65,000

66,666

4.20%,

10/01/2028

150,000

148,683

3.50%,

7/01/2029

188,000

179,198

2.65%,

6/01/2030

200,000

180,649

5.60%,

3/02/2033

485,000

493,573

4.40%,

7/01/2049

130,000

102,149

Hewlett

Packard

Enterprise

Co.

4.55%,

10/15/2029

500,000

495,593

6.20%,

10/15/2035

101,000

104,828

6.35%,

10/15/2045

55,000

54,506

5.60%,

10/15/2054

350,000

322,774

HP,

Inc.

1.45%,

6/17/2026

150,000

144,616

3.00%,

6/17/2027

397,000

384,266

4.75%,

1/15/2028

20,000

20,075

Intel

Corp.

2.60%,

5/19/2026

75,000

73,384

3.15%,

5/11/2027

55,000

53,407

4.00%,

8/05/2029

200,000

193,862

2.45%,

11/15/2029

155,000

139,529

5.13%,

2/10/2030

50,000

50,462

3.90%,

3/25/2030

150,000

143,265

4.00%,

12/15/2032

764,000

695,509

5.20%,

2/10/2033

(a)

550,000

540,001

4.60%,

3/25/2040

95,000

80,664

146

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Technology

–

1.7%

(continued)

Intel

Corp.

(continued)

2.80%,

8/12/2041

50,000

32,219

5.63%,

2/10/2043

50,000

45,978

4.10%,

5/19/2046

75,000

54,377

3.73%,

12/08/2047

355,000

241,585

4.75%,

3/25/2050

150,000

117,531

4.90%,

8/05/2052

70,000

55,624

5.70%,

2/10/2053

70,000

62,482

3.10%,

2/15/2060

170,000

90,921

4.95%,

3/25/2060

(a)

50,000

38,907

3.20%,

8/12/2061

50,000

27,224

5.05%,

8/05/2062

130,000

102,144

International

Business

Machines

Corp.

3.30%,

1/27/2027

315,000

310,070

1.70%,

5/15/2027

50,000

47,601

4.15%,

7/27/2027

182,000

181,748

4.50%,

2/06/2028

215,000

216,908

4.15%,

5/15/2039

100,000

86,800

4.00%,

6/20/2042

110,000

89,692

4.70%,

2/19/2046

160,000

138,680

2.95%,

5/15/2050

310,000

193,474

4.90%,

7/27/2052

200,000

174,606

5.10%,

2/06/2053

65,000

58,371

7.13%,

12/01/2096

125,000

148,710

Intuit,

Inc.

5.25%,

9/15/2026

165,000

167,374

5.50%,

9/15/2053

235,000

229,929

KLA

Corp.

4.10%,

3/15/2029

50,000

49,655

5.25%,

7/15/2062

221,000

201,929

Kyndryl

Holdings,

Inc.

2.70%,

10/15/2028

50,000

46,729

6.35%,

2/20/2034

300,000

309,447

LAM

Research

Corp.

2.88%,

6/15/2050

25,000

15,919

3.13%,

6/15/2060

115,000

70,088

Leidos,

Inc.

,

5.50%

,

3/15/2035

100,000

99,470

Marvell

Technology,

Inc.

,

5.75%

,

2/15/2029

10,000

10,342

Micron

Technology,

Inc.

4.19%,

2/15/2027

272,000

272,480

6.75%,

11/01/2029

140,000

149,541

4.66%,

2/15/2030

48,000

47,261

5.88%,

2/09/2033

50,000

51,016

5.88%,

9/15/2033

15,000

15,357

3.37%,

11/01/2041

150,000

106,603

Microsoft

Corp.

2.40%,

8/08/2026

235,000

230,721

3.40%,

9/15/2026

30,000

29,834

3.30%,

2/06/2027

469,000

465,190

1.35%,

9/15/2030

375,000

328,118

3.50%,

2/12/2035

100,000

93,073

4.20%,

11/03/2035

100,000

98,273

4.50%,

10/01/2040

25,000

24,396

3.50%,

11/15/2042

400,000

324,384

4.45%,

11/03/2045

55,000

50,289

147

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Technology

–

1.7%

(continued)

Microsoft

Corp.

(continued)

3.70%,

8/08/2046

115,000

92,934

4.25%,

2/06/2047

195,000

174,391

2.53%,

6/01/2050

395,000

244,401

2.92%,

3/17/2052

245,000

162,718

4.00%,

2/12/2055

160,000

128,868

3.95%,

8/08/2056

75,000

59,447

3.04%,

3/17/2062

181,000

116,019

NVIDIA

Corp.

1.55%,

6/15/2028

222,000

206,675

2.85%,

4/01/2030

124,000

117,200

2.00%,

6/15/2031

220,000

194,070

3.50%,

4/01/2040

175,000

145,086

NXP

BV

/

NXP

Funding

LLC

,

5.55%

,

12/01/2028

40,000

40,922

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

3.88%,

6/18/2026

45,000

44,594

4.30%,

6/18/2029

20,000

19,547

3.25%,

5/11/2041

25,000

17,748

3.25%,

11/30/2051

80,000

49,711

Oracle

Corp.

2.80%,

4/01/2027

322,000

313,223

3.25%,

11/15/2027

210,000

204,686

2.30%,

3/25/2028

125,000

118,250

6.15%,

11/09/2029

200,000

212,396

2.95%,

4/01/2030

22,000

20,338

6.25%,

11/09/2032

47,000

50,127

4.90%,

2/06/2033

1,286,000

1,263,350

4.30%,

7/08/2034

300,000

277,947

3.80%,

11/15/2037

95,000

79,373

6.13%,

7/08/2039

208,000

213,639

3.60%,

4/01/2040

500,000

389,001

4.50%,

7/08/2044

28,000

22,942

4.13%,

5/15/2045

296,000

229,873

4.00%,

11/15/2047

330,000

244,610

3.60%,

4/01/2050

185,000

125,803

3.95%,

3/25/2051

400,000

288,090

5.55%,

2/06/2053

220,000

200,413

3.85%,

4/01/2060

525,000

352,107

4.10%,

3/25/2061

200,000

139,914

QUALCOMM,

Inc.

2.15%,

5/20/2030

100,000

90,276

4.65%,

5/20/2035

50,000

49,124

4.80%,

5/20/2045

277,000

248,216

4.30%,

5/20/2047

205,000

168,818

6.00%,

5/20/2053

60,000

61,798

Roper

Technologies,

Inc.

3.80%,

12/15/2026

40,000

39,603

4.20%,

9/15/2028

100,000

99,192

1.75%,

2/15/2031

125,000

105,624

Salesforce,

Inc.

3.70%,

4/11/2028

715,000

711,342

1.50%,

7/15/2028

70,000

64,838

2.70%,

7/15/2041

100,000

70,482

2.90%,

7/15/2051

75,000

47,710

148

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Technology

–

1.7%

(continued)

ServiceNow,

Inc.

,

1.40%

,

9/01/2030

207,000

177,556

Synopsys,

Inc.

4.65%,

4/01/2028

150,000

151,763

5.00%,

4/01/2032

250,000

251,690

5.15%,

4/01/2035

165,000

165,536

5.70%,

4/01/2055

145,000

140,018

Take-Two

Interactive

Software,

Inc.

4.95%,

3/28/2028

129,000

131,208

5.40%,

6/12/2029

400,000

410,363

Teledyne

FLIR

LLC

,

2.50%

,

8/01/2030

25,000

22,277

Texas

Instruments,

Inc.

4.60%,

2/15/2028

143,000

145,139

2.25%,

9/04/2029

38,000

35,059

1.90%,

9/15/2031

50,000

43,251

4.15%,

5/15/2048

350,000

285,153

5.00%,

3/14/2053

65,000

58,970

5.05%,

5/18/2063

135,000

120,673

TSMC

Arizona

Corp.

1.75%,

10/25/2026

480,000

462,340

2.50%,

10/25/2031

260,000

230,422

VMware

LLC

1.40%,

8/15/2026

50,000

48,013

1.80%,

8/15/2028

45,000

41,148

4.70%,

5/15/2030

47,000

46,593

2.20%,

8/15/2031

210,000

178,557

Xilinx,

Inc.

,

2.38%

,

6/01/2030

40,000

36,323

32,840,590

Utilities

–

2.3%

AEP

Texas,

Inc.

Series

I,

2.10%,

7/01/2030

90,000

78,808

5.70%,

5/15/2034

355,000

357,417

AEP

Transmission

Co.

LLC

4.25%,

9/15/2048

90,000

71,782

3.80%,

6/15/2049

30,000

21,817

5.40%,

3/15/2053

71,000

66,836

Alabama

Power

Co.

3.94%,

9/01/2032

110,000

103,916

5.85%,

11/15/2033

500,000

530,497

3.75%,

3/01/2045

50,000

38,514

3.13%,

7/15/2051

90,000

58,821

Ameren

Corp.

5.70%,

12/01/2026

50,000

50,885

1.75%,

3/15/2028

50,000

46,363

Ameren

Illinois

Co.

1.55%,

11/15/2030

105,000

90,570

2.90%,

6/15/2051

110,000

68,241

American

Electric

Power

Co.,

Inc.

5.75%,

11/01/2027

200,000

206,226

5.20%,

1/15/2029

70,000

71,462

2.30%,

3/01/2030

150,000

134,268

5.63%,

3/01/2033

265,000

271,670

6.95%,

12/15/2054

250,000

252,656

149

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Utilities

–

2.3%

(continued)

American

Water

Capital

Corp.

3.75%,

9/01/2028

104,000

102,267

3.45%,

6/01/2029

41,000

39,522

2.80%,

5/01/2030

100,000

92,090

4.45%,

6/01/2032

100,000

97,345

6.59%,

10/15/2037

115,000

126,720

4.00%,

12/01/2046

43,000

33,532

3.75%,

9/01/2047

65,000

48,437

3.45%,

5/01/2050

250,000

173,369

Appalachian

Power

Co.

,

5.65%

,

4/01/2034

250,000

253,803

Arizona

Public

Service

Co.

2.60%,

8/15/2029

750,000

692,203

3.50%,

12/01/2049

65,000

43,649

Atmos

Energy

Corp.

5.90%,

11/15/2033

10,000

10,623

4.13%,

3/15/2049

115,000

90,472

3.38%,

9/15/2049

52,000

35,809

6.20%,

11/15/2053

35,000

37,093

Avista

Corp.

4.35%,

6/01/2048

50,000

40,386

4.00%,

4/01/2052

30,000

21,689

Baltimore

Gas

and

Electric

Co.

,

5.30%

,

6/01/2034

80,000

81,147

Berkshire

Hathaway

Energy

Co.

3.25%,

4/15/2028

257,000

250,994

1.65%,

5/15/2031

125,000

105,454

3.80%,

7/15/2048

100,000

72,759

4.45%,

1/15/2049

150,000

121,091

2.85%,

5/15/2051

185,000

110,050

Black

Hills

Corp.

3.05%,

10/15/2029

257,000

238,865

6.15%,

5/15/2034

126,000

131,204

CenterPoint

Energy

Houston

Electric

LLC

3.95%,

3/01/2048

250,000

192,700

Series

AD,

2.90%,

7/01/2050

115,000

72,321

Series

AJ,

4.85%,

10/01/2052

50,000

43,869

CenterPoint

Energy

Resources

Corp.

5.25%,

3/01/2028

245,000

251,385

1.75%,

10/01/2030

97,000

83,960

CenterPoint

Energy,

Inc.

5.25%,

8/10/2026

10,000

10,089

3.70%,

9/01/2049

20,000

14,163

Series

A,

7.00%,

2/15/2055

50,000

51,117

6.70%,

5/15/2055

50,000

49,337

Commonwealth

Edison

Co.

2.55%,

6/15/2026

135,000

132,909

3.70%,

3/01/2045

100,000

75,705

Series

123,

3.75%,

8/15/2047

100,000

74,139

4.00%,

3/01/2048

320,000

247,212

5.30%,

2/01/2053

100,000

92,873

Consolidated

Edison

Co.

of

New

York,

Inc.

Series

20A,

3.35%,

4/01/2030

50,000

47,782

2.40%,

6/15/2031

325,000

289,793

5.13%,

3/15/2035

250,000

251,074

Series

07-A,

6.30%,

8/15/2037

65,000

70,152

150

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Utilities

–

2.3%

(continued)

Consolidated

Edison

Co.

of

New

York,

Inc.

(continued)

4.50%,

12/01/2045

200,000

168,832

4.63%,

12/01/2054

30,000

24,716

5.50%,

3/15/2055

200,000

190,473

Series

C,

4.30%,

12/01/2056

25,000

19,336

4.50%,

5/15/2058

75,000

59,619

3.70%,

11/15/2059

90,000

61,472

3.60%,

6/15/2061

200,000

132,704

Constellation

Energy

Generation

LLC

6.13%,

1/15/2034

45,000

47,297

6.25%,

10/01/2039

283,000

294,354

5.75%,

10/01/2041

55,000

53,547

5.60%,

6/15/2042

55,000

52,498

6.50%,

10/01/2053

105,000

108,508

Consumers

Energy

Co.

4.63%,

5/15/2033

50,000

48,860

3.75%,

2/15/2050

80,000

59,906

3.50%,

8/01/2051

100,000

70,924

4.20%,

9/01/2052

195,000

155,941

Delmarva

Power

&

Light

Co.

,

4.15%

,

5/15/2045

50,000

40,419

Dominion

Energy

South

Carolina,

Inc.

5.45%,

2/01/2041

25,000

24,175

4.60%,

6/15/2043

50,000

43,692

6.25%,

10/15/2053

60,000

63,664

5.10%,

6/01/2065

50,000

43,315

Dominion

Energy,

Inc.

Series

C,

3.38%,

4/01/2030

70,000

65,825

5.38%,

11/15/2032

25,000

25,289

Series

E,

6.30%,

3/15/2033

25,000

26,376

Series

F,

5.25%,

8/01/2033

50,000

49,617

7.00%,

6/15/2038

112,000

124,929

Series

C,

4.90%,

8/01/2041

25,000

21,982

Series

B,

7.00%,

6/01/2054

350,000

364,938

Series

A,

6.88%,

2/01/2055

250,000

257,498

DTE

Electric

Co.

,

4.30%

,

7/01/2044

200,000

166,762

DTE

Energy

Co.

2.85%,

10/01/2026

41,000

40,127

4.88%,

6/01/2028

175,000

176,721

Duke

Energy

Carolinas

LLC

2.95%,

12/01/2026

25,000

24,558

2.85%,

3/15/2032

115,000

101,910

4.95%,

1/15/2033

100,000

100,550

3.88%,

3/15/2046

75,000

58,111

5.40%,

1/15/2054

29,000

27,638

Duke

Energy

Corp.

2.65%,

9/01/2026

208,000

203,139

5.00%,

12/08/2027

200,000

203,052

2.45%,

6/01/2030

95,000

85,338

4.80%,

12/15/2045

250,000

211,716

3.75%,

9/01/2046

40,000

28,852

3.50%,

6/15/2051

62,000

41,239

5.00%,

8/15/2052

495,000

423,677

6.10%,

9/15/2053

85,000

84,854

151

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Utilities

–

2.3%

(continued)

Duke

Energy

Florida

LLC

3.80%,

7/15/2028

20,000

19,750

1.75%,

6/15/2030

100,000

87,682

2.40%,

12/15/2031

106,000

92,966

5.88%,

11/15/2033

1,050,000

1,111,298

6.20%,

11/15/2053

150,000

157,538

Duke

Energy

Indiana

LLC

,

3.75%

,

5/15/2046

173,000

129,695

Duke

Energy

Ohio,

Inc.

,

3.70%

,

6/15/2046

50,000

36,853

Duke

Energy

Progress

LLC

5.25%,

3/15/2033

150,000

152,958

5.10%,

3/15/2034

200,000

200,728

5.05%,

3/15/2035

100,000

99,637

4.38%,

3/30/2044

100,000

84,510

3.60%,

9/15/2047

50,000

36,186

5.55%,

3/15/2055

150,000

145,151

Edison

International

,

4.13%

,

3/15/2028

105,000

101,394

Emera

US

Finance

LP

3.55%,

6/15/2026

160,000

157,469

2.64%,

6/15/2031

230,000

199,955

4.75%,

6/15/2046

50,000

40,261

ENEL

Chile

SA

,

4.88%

,

6/12/2028

100,000

99,514

Entergy

Corp.

2.95%,

9/01/2026

72,000

70,543

2.80%,

6/15/2030

230,000

209,100

Entergy

Louisiana

LLC

1.60%,

12/15/2030

10,000

8,555

3.05%,

6/01/2031

445,000

409,196

2.35%,

6/15/2032

251,000

213,583

4.00%,

3/15/2033

160,000

149,336

4.95%,

1/15/2045

100,000

87,272

4.20%,

9/01/2048

60,000

47,224

5.70%,

3/15/2054

200,000

194,843

Entergy

Mississippi

LLC

,

2.85%

,

6/01/2028

155,000

148,593

Entergy

Texas,

Inc.

,

5.80%

,

9/01/2053

80,000

78,402

Essential

Utilities,

Inc.

3.57%,

5/01/2029

200,000

191,343

2.70%,

4/15/2030

100,000

91,028

Evergy

Kansas

Central,

Inc.

5.25%,

3/15/2035

250,000

252,078

4.25%,

12/01/2045

90,000

72,583

Evergy,

Inc.

,

2.90%

,

9/15/2029

100,000

93,330

Eversource

Energy

4.75%,

5/15/2026

115,000

115,087

Series

U,

1.40%,

8/15/2026

31,000

29,785

5.45%,

3/01/2028

225,000

230,555

5.95%,

2/01/2029

50,000

52,121

Series

O,

4.25%,

4/01/2029

100,000

98,707

Series

R,

1.65%,

8/15/2030

100,000

85,461

5.13%,

5/15/2033

165,000

162,678

3.45%,

1/15/2050

120,000

81,183

Exelon

Corp.

5.15%,

3/15/2028

248,000

253,093

4.70%,

4/15/2050

210,000

172,578

5.88%,

3/15/2055

200,000

194,931

152

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Utilities

–

2.3%

(continued)

Florida

Power

&

Light

Co.

4.45%,

5/15/2026

140,000

140,210

Series

A,

3.30%,

5/30/2027

310,000

304,826

5.05%,

4/01/2028

115,000

118,028

4.40%,

5/15/2028

245,000

247,011

4.80%,

5/15/2033

125,000

124,380

5.96%,

4/01/2039

95,000

100,140

3.95%,

3/01/2048

105,000

82,510

3.99%,

3/01/2049

300,000

235,447

3.15%,

10/01/2049

25,000

16,681

2.88%,

12/04/2051

380,000

239,217

Georgia

Power

Co.

4.30%,

3/15/2043

25,000

20,889

Series

A,

3.25%,

3/15/2051

316,000

210,416

5.13%,

5/15/2052

145,000

133,395

Idaho

Power

Co.

5.20%,

8/15/2034

65,000

65,585

Series

K,

4.20%,

3/01/2048

25,000

20,051

5.80%,

4/01/2054

50,000

49,276

Indiana

Michigan

Power

Co.

,

4.25%

,

8/15/2048

300,000

236,959

Interstate

Power

&

Light

Co.

3.60%,

4/01/2029

350,000

339,290

2.30%,

6/01/2030

15,000

13,398

4.95%,

9/30/2034

100,000

97,471

5.45%,

9/30/2054

100,000

93,951

IPALCO

Enterprises,

Inc.

,

5.75%

,

4/01/2034

100,000

99,478

Kentucky

Utilities

Co.

,

5.45%

,

4/15/2033

25,000

25,594

Louisville

Gas

&

Electric

Co.

,

4.25%

,

4/01/2049

165,000

129,223

MidAmerican

Energy

Co.

3.65%,

4/15/2029

215,000

210,771

3.65%,

8/01/2048

50,000

37,159

4.25%,

7/15/2049

270,000

216,816

2.70%,

8/01/2052

150,000

89,083

5.85%,

9/15/2054

30,000

30,369

Mississippi

Power

Co.

,

Series

12-A

,

4.25%

,

3/15/2042

30,000

24,993

National

Fuel

Gas

Co.

,

2.95%

,

3/01/2031

85,000

75,249

National

Grid

USA

,

5.80%

,

4/01/2035

125,000

125,438

National

Rural

Utilities

Cooperative

Finance

Corp.

1.00%,

6/15/2026

45,000

43,432

4.80%,

3/15/2028

257,000

261,429

5.05%,

9/15/2028

160,000

163,677

5.00%,

8/15/2034

310,000

308,425

Nevada

Power

Co.

Series

CC,

3.70%,

5/01/2029

255,000

249,630

Series

DD,

2.40%,

5/01/2030

65,000

58,888

Series

EE,

3.13%,

8/01/2050

35,000

22,291

6.00%,

3/15/2054

10,000

10,097

NextEra

Energy

Capital

Holdings,

Inc.

3.50%,

4/01/2029

85,000

81,755

2.75%,

11/01/2029

75,000

69,522

5.00%,

2/28/2030

80,000

81,585

2.25%,

6/01/2030

347,000

309,347

2.44%,

1/15/2032

240,000

205,156

5.05%,

2/28/2033

160,000

159,186

3.00%,

1/15/2052

67,000

40,754

153

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Utilities

–

2.3%

(continued)

NextEra

Energy

Capital

Holdings,

Inc.

(continued)

5.25%,

2/28/2053

90,000

80,647

3.80%,

3/15/2082

260,000

244,289

NiSource,

Inc.

3.49%,

5/15/2027

155,000

152,257

5.95%,

6/15/2041

163,000

163,278

5.25%,

2/15/2043

35,000

32,331

4.80%,

2/15/2044

100,000

87,856

5.65%,

2/01/2045

50,000

48,165

4.38%,

5/15/2047

185,000

150,305

5.00%,

6/15/2052

176,000

152,856

Northern

States

Power

Co.

4.00%,

8/15/2045

40,000

32,063

2.90%,

3/01/2050

35,000

22,388

5.10%,

5/15/2053

252,000

230,403

NSTAR

Electric

Co.

,

4.55%

,

6/01/2052

45,000

37,340

Oglethorpe

Power

Corp.

5.38%,

11/01/2040

50,000

47,943

5.05%,

10/01/2048

200,000

173,576

Oklahoma

Gas

&

Electric

Co.

3.80%,

8/15/2028

130,000

128,298

5.60%,

4/01/2053

60,000

57,797

Oncor

Electric

Delivery

Co.

LLC

4.30%,

5/15/2028

10,000

10,034

3.70%,

11/15/2028

100,000

98,245

4.65%,

11/01/2029

400,000

403,740

5.65%,

11/15/2033

50,000

51,983

5.35%,

4/01/2035

(b)

200,000

202,663

3.80%,

9/30/2047

50,000

37,375

3.10%,

9/15/2049

205,000

132,446

4.95%,

9/15/2052

140,000

123,447

One

Gas,

Inc.

,

4.50%

,

11/01/2048

45,000

36,938

Pacific

Gas

&

Electric

Co.

3.75%,

7/01/2028

205,400

198,951

4.65%,

8/01/2028

100,000

99,469

2.50%,

2/01/2031

430,000

371,341

3.25%,

6/01/2031

70,000

62,552

4.50%,

7/01/2040

100,000

83,031

3.30%,

8/01/2040

110,000

79,354

4.20%,

6/01/2041

75,000

58,275

4.60%,

6/15/2043

100,000

79,691

4.00%,

12/01/2046

50,000

35,701

3.95%,

12/01/2047

50,000

35,249

4.95%,

7/01/2050

430,000

348,966

3.50%,

8/01/2050

225,000

143,847

5.25%,

3/01/2052

66,000

55,034

6.75%,

1/15/2053

137,000

138,316

PacifiCorp

6.00%,

1/15/2039

240,000

243,833

4.10%,

2/01/2042

35,000

27,754

4.13%,

1/15/2049

100,000

75,537

2.90%,

6/15/2052

205,000

120,453

5.35%,

12/01/2053

100,000

89,157

154

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Utilities

–

2.3%

(continued)

PECO

Energy

Co.

4.90%,

6/15/2033

209,000

209,859

5.95%,

10/01/2036

350,000

372,577

3.90%,

3/01/2048

300,000

230,612

PG&E

Energy

Recovery

Funding

LLC

,

Series

A-3

,

2.82%

,

7/15/2046

25,000

17,661

PG&E

Wildfire

Recovery

Funding

LLC

Series

A-1,

3.59%,

6/01/2030

49,264

48,562

Series

A-2,

4.26%,

6/01/2036

140,000

132,133

Series

A-2,

4.72%,

6/01/2037

250,000

242,670

Series

A-4,

5.21%,

12/01/2047

160,000

151,637

Piedmont

Natural

Gas

Co.,

Inc.

2.50%,

3/15/2031

25,000

22,071

3.35%,

6/01/2050

130,000

84,313

PPL

Capital

Funding,

Inc.

,

3.10%

,

5/15/2026

65,000

64,097

PPL

Electric

Utilities

Corp.

,

5.25%

,

5/15/2053

370,000

350,582

Public

Service

Co.

of

Colorado

3.60%,

9/15/2042

25,000

19,185

4.05%,

9/15/2049

42,000

31,899

Series

34,

3.20%,

3/01/2050

77,000

50,615

5.25%,

4/01/2053

600,000

543,269

Public

Service

Co.

of

New

Hampshire

,

5.15%

,

1/15/2053

100,000

91,450

Public

Service

Co.

of

Oklahoma

,

5.25%

,

1/15/2033

100,000

100,145

Public

Service

Electric

&

Gas

Co.

1.90%,

8/15/2031

385,000

330,910

4.90%,

12/15/2032

100,000

100,858

5.20%,

8/01/2033

10,000

10,170

3.65%,

9/01/2042

25,000

19,478

3.80%,

3/01/2046

225,000

172,284

3.85%,

5/01/2049

40,000

30,500

5.45%,

8/01/2053

119,000

114,765

Public

Service

Enterprise

Group,

Inc.

5.88%,

10/15/2028

15,000

15,656

1.60%,

8/15/2030

60,000

51,228

6.13%,

10/15/2033

338,000

355,124

Puget

Energy,

Inc.

2.38%,

6/15/2028

50,000

46,919

4.10%,

6/15/2030

75,000

71,527

4.22%,

3/15/2032

130,000

120,455

Puget

Sound

Energy,

Inc.

5.33%,

6/15/2034

300,000

303,839

3.25%,

9/15/2049

69,000

45,426

San

Diego

Gas

&

Electric

Co.

2.50%,

5/15/2026

55,000

53,869

4.95%,

8/15/2028

55,000

56,077

Series

XXX,

3.00%,

3/15/2032

100,000

88,052

Series

RRR,

3.75%,

6/01/2047

368,000

267,329

Series

UUU,

3.32%,

4/15/2050

105,000

69,870

Sempra

Energy

5.40%,

8/01/2026

236,000

237,853

3.25%,

6/15/2027

128,000

124,369

3.80%,

2/01/2038

160,000

129,387

6.00%,

10/15/2039

425,000

423,018

155

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Utilities

–

2.3%

(continued)

Sierra

Pacific

Power

Co.

,

5.90%

,

3/15/2054

90,000

88,863

Southern

California

Edison

Co.

5.85%,

11/01/2027

103,000

105,332

2.85%,

8/01/2029

120,000

110,509

Series

G,

2.50%,

6/01/2031

275,000

237,093

5.95%,

11/01/2032

215,000

217,566

Series

13-A,

3.90%,

3/15/2043

50,000

36,972

4.65%,

10/01/2043

260,000

210,541

4.00%,

4/01/2047

602,000

430,132

Series

B,

4.88%,

3/01/2049

60,000

48,699

3.65%,

2/01/2050

105,000

70,136

5.88%,

12/01/2053

10,000

9,221

Southern

California

Gas

Co.

2.95%,

4/15/2027

158,000

153,961

5.20%,

6/01/2033

10,000

9,984

3.75%,

9/15/2042

45,000

34,589

Series

VV,

4.30%,

1/15/2049

65,000

51,310

Series

WW,

3.95%,

2/15/2050

20,000

14,877

Southern

Co.

Gas

Capital

Corp.

4.40%,

5/30/2047

45,000

36,221

Series

21A,

3.15%,

9/30/2051

139,000

86,464

Southern

Power

Co.

5.15%,

9/15/2041

100,000

92,706

5.25%,

7/15/2043

45,000

41,439

Southwest

Gas

Corp.

,

2.20%

,

6/15/2030

130,000

114,424

Southwestern

Electric

Power

Co.

,

Series

K

,

2.75%

,

10/01/2026

91,000

88,687

Spire

Missouri,

Inc.

4.80%,

2/15/2033

50,000

49,391

Series

2034,

5.15%,

8/15/2034

65,000

65,374

Tampa

Electric

Co.

2.40%,

3/15/2031

60,000

52,820

4.35%,

5/15/2044

22,000

18,296

3.63%,

6/15/2050

115,000

82,150

The

AES

Corp.

5.45%,

6/01/2028

320,000

324,926

2.45%,

1/15/2031

50,000

42,827

The

Cleveland

Electric

Illuminating

Company

,

5.95%

,

12/15/2036

30,000

30,911

The

Connecticut

Light

&

Power

Company

Series

A,

3.20%,

3/15/2027

175,000

172,185

Series

A,

2.05%,

7/01/2031

110,000

95,250

4.30%,

4/15/2044

200,000

166,070

5.25%,

1/15/2053

42,000

39,122

The

Southern

Company

3.25%,

7/01/2026

483,000

476,749

4.85%,

6/15/2028

57,000

57,903

5.50%,

3/15/2029

173,000

179,559

5.70%,

3/15/2034

15,000

15,522

4.40%,

7/01/2046

205,000

166,546

The

Toledo

Edison

Company

,

6.15%

,

5/15/2037

25,000

26,908

Tucson

Electric

Power

Co.

1.50%,

8/01/2030

50,000

42,717

4.00%,

6/15/2050

60,000

44,727

5.50%,

4/15/2053

50,000

46,968

156

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

23.9%

(continued)

Utilities

–

2.3%

(continued)

Union

Electric

Co.

2.95%,

3/15/2030

50,000

46,769

3.90%,

9/15/2042

50,000

40,420

4.00%,

4/01/2048

46,000

35,453

3.25%,

10/01/2049

122,000

83,161

5.45%,

3/15/2053

50,000

47,636

5.13%,

3/15/2055

200,000

180,984

Virginia

Electric

&

Power

Co.

Series

B,

2.95%,

11/15/2026

30,000

29,400

Series

B,

3.75%,

5/15/2027

80,000

79,355

Series

A,

3.80%,

4/01/2028

100,000

98,937

5.30%,

8/15/2033

10,000

10,089

5.15%,

3/15/2035

200,000

197,946

4.45%,

2/15/2044

115,000

96,984

Series

B,

3.80%,

9/15/2047

520,000

385,246

2.45%,

12/15/2050

235,000

129,325

5.70%,

8/15/2053

60,000

58,474

Washington

Gas

Light

Co.

,

3.65%

,

9/15/2049

144,000

103,424

WEC

Energy

Group,

Inc.

5.60%,

9/12/2026

5,000

5,068

5.15%,

10/01/2027

200,000

203,249

4.75%,

1/15/2028

200,000

202,245

2.20%,

12/15/2028

65,000

60,121

Wisconsin

Electric

Power

Co.

,

5.63%

,

5/15/2033

65,000

68,500

Wisconsin

Power

&

Light

Co.

1.95%,

9/16/2031

50,000

42,700

4.95%,

4/01/2033

50,000

49,603

Wisconsin

Public

Service

Corp.

,

3.30%

,

9/01/2049

270,000

183,723

Xcel

Energy,

Inc.

1.75%,

3/15/2027

70,000

66,567

4.00%,

6/15/2028

75,000

73,951

4.60%,

6/01/2032

100,000

96,430

3.50%,

12/01/2049

125,000

83,504

43,599,448

Total

Corporate

Bonds

and

Notes

(cost

$463,063,865)

451,006,689

Foreign

Governmental

–

1.5%

Canada

Government

International

Bond

,

3.75%,

4/26/2028

325,000

326,224

Chile

Government

International

Bond

2.75%,

1/31/2027

200,000

194,352

3.24%,

2/06/2028

200,000

193,805

4.85%,

1/22/2029

200,000

202,727

2.45%,

1/31/2031

49,000

43,504

3.50%,

1/31/2034

500,000

447,139

3.10%,

5/07/2041

482,000

355,722

3.10%,

1/22/2061

351,000

207,805

Export

Development

Canada

4.38%,

6/29/2026

300,000

301,830

4.13%,

2/13/2029

100,000

101,384

4.75%,

6/05/2034

200,000

207,541

Export-Import

Bank

of

Korea

2.63%,

5/26/2026

760,000

747,249

4.13%,

10/17/2027

200,000

200,108

4.50%,

1/11/2029

500,000

504,223

157

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Foreign

Governmental

–

1.5%

(continued)

Export-Import

Bank

of

Korea

(continued)

2.50%,

6/29/2041

170,000

118,439

Hydro-Quebec

,

Series

HH,

8.50%,

12/01/2029

25,000

29,428

Indonesia

Government

International

Bond

3.50%,

1/11/2028

390,000

381,973

3.40%,

9/18/2029

40,000

38,254

5.25%,

1/15/2030

200,000

204,608

2.85%,

2/14/2030

420,000

387,445

4.85%,

1/11/2033

200,000

197,593

4.70%,

2/10/2034

510,000

495,243

3.70%,

10/30/2049

200,000

145,842

3.35%,

3/12/2071

626,000

385,920

Israel

Government

AID

Bond

,

Series

30Y,

5.50%,

9/18/2033

40,000

42,508

Israel

Government

International

Bond

Series

30Y,

3.88%,

7/03/2050

693,000

478,108

Series

30Y,

5.75%,

3/12/2054

550,000

493,374

Korea

International

Bond

,

4.13%,

6/10/2044

425,000

371,004

Mexico

Government

International

Bond

4.50%,

4/22/2029

50,000

48,932

3.25%,

4/16/2030

75,000

68,267

6.00%,

5/13/2030

200,000

205,576

2.66%,

5/24/2031

50,000

42,497

4.75%,

4/27/2032

70,000

65,524

Series

A,

7.50%,

4/08/2033

150,000

164,072

4.88%,

5/19/2033

295,000

271,287

3.50%,

2/12/2034

1,322,000

1,081,724

Series

A,

6.75%,

9/27/2034

89,000

92,284

6.88%,

5/13/2037

200,000

202,554

4.28%,

8/14/2041

1,253,000

932,297

4.75%,

3/08/2044

424,000

320,772

4.50%,

1/31/2050

150,000

104,583

6.34%,

5/04/2053

200,000

175,497

6.40%,

5/07/2054

200,000

176,528

7.38%,

5/13/2055

200,000

198,060

Panama

Government

International

Bond

8.88%,

9/30/2027

380,000

411,433

3.16%,

1/23/2030

375,000

328,935

6.70%,

1/26/2036

495,000

477,304

4.50%,

4/16/2050

237,000

151,777

4.50%,

4/01/2056

293,000

179,138

3.87%,

7/23/2060

305,000

165,191

Peruvian

Government

International

Bond

1.86%,

12/01/2032

306,000

241,419

8.75%,

11/21/2033

71,000

86,347

3.00%,

1/15/2034

427,000

356,617

6.55%,

3/14/2037

862,000

915,761

Philippine

Government

International

Bond

9.50%,

2/02/2030

267,000

323,022

1.95%,

1/06/2032

(a)

900,000

756,381

5.50%,

2/04/2035

300,000

309,206

3.95%,

1/20/2040

331,000

281,379

2.65%,

12/10/2045

700,000

448,183

5.90%,

2/04/2050

200,000

202,144

Province

of

Alberta

Canada

3.30%,

3/15/2028

665,000

656,224

4.50%,

6/26/2029

400,000

409,677

158

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Foreign

Governmental

–

1.5%

(continued)

Province

of

Alberta

Canada

(continued)

1.30%,

7/22/2030

325,000

283,711

Province

of

British

Columbia

Canada

2.25%,

6/02/2026

150,000

147,348

4.90%,

4/24/2029

500,000

518,533

1.30%,

1/29/2031

220,000

189,088

4.20%,

7/06/2033

215,000

210,707

Province

of

Manitoba

Canada

,

2.13%,

6/22/2026

1,208,000

1,183,785

Province

of

Ontario

Canada

2.30%,

6/15/2026

350,000

343,871

1.05%,

5/21/2027

65,000

61,484

2.00%,

10/02/2029

180,000

165,956

1.13%,

10/07/2030

594,000

510,746

1.60%,

2/25/2031

350,000

305,601

1.80%,

10/14/2031

361,000

311,926

2.13%,

1/21/2032

95,000

83,343

Province

of

Quebec

Canada

2.75%,

4/12/2027

145,000

142,066

Series

PD,

7.50%,

9/15/2029

55,000

62,711

1.35%,

5/28/2030

400,000

351,616

1.90%,

4/21/2031

800,000

708,485

Province

of

Saskatchewan

Canada

,

3.25%,

6/08/2027

30,000

29,634

Republic

of

Italy

Government

International

Bond

Series

10Y,

4.00%,

10/17/2049

300,000

216,701

Series

30Y,

3.88%,

5/06/2051

425,000

293,398

Republic

of

Poland

Government

International

Bond

5.50%,

11/16/2027

110,000

113,292

5.50%,

4/04/2053

355,000

331,365

5.50%,

3/18/2054

400,000

372,597

Svensk

Exportkredit

AB

4.13%,

6/14/2028

350,000

354,006

0.00%,

5/11/2037

(c)

30,000

16,679

Uruguay

Government

International

Bond

4.38%,

10/27/2027

1,174,000

1,174,885

4.38%,

1/23/2031

260,000

257,223

4.13%,

11/20/2045

50,000

42,044

5.10%,

6/18/2050

284,000

260,153

4.98%,

4/20/2055

280,000

246,247

Total

Foreign

Governmental

(cost

$29,040,008)

27,943,145

Municipal

Securities

–

0.3%

Bay

Area

Toll

Authority,

RB

7.04%,

4/01/2050

10,000

11,520

6.91%,

10/01/2050

380,000

432,620

California

State

University,

RB

2.98%,

11/01/2051

15,000

9,924

2.72%,

11/01/2052

50,000

31,769

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts,

RB

,

6.90%,

12/01/2040

93,855

104,230

City

of

Los

Angeles

Department

of

Airports

Customer

Facility

Charge,

RB

,

4.24%,

5/15/2048

620,000

524,184

City

of

San

Francisco,

CA

Public

Utilities

Commission

Water,

RB

,

6.95%,

11/01/2050

110,000

123,850

Commonwealth

of

Massachusetts,

RB

,

5.46%,

12/01/2039

320,000

327,743

Dallas

Fort

Worth

International

Airport,

RB

2.84%,

11/01/2046

175,000

125,386

4.09%,

11/01/2051

100,000

81,165

4.51%,

11/01/2051

40,000

33,952

159

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Municipal

Securities

–

0.3%

(continued)

Health

&

Educational

Facilities

Authority

of

The

State

of

Missouri,

RB

,

3.23%,

5/15/2050

500,000

349,357

Idaho

Energy

Resources

Authority,

RB

,

2.86%,

9/01/2046

45,000

30,901

Indiana

Finance

Authority,

RB

,

3.05%,

1/01/2051

65,000

45,980

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority,

RB

,

Series

2022-ELL,

Class

A4,

4.48%,

8/01/2039

100,000

91,546

Michigan

State

University,

RB

,

4.17%,

8/15/2122

100,000

70,990

Municipal

Electric

Authority

of

Georgia,

RB

,

6.64%,

4/01/2057

97,000

105,464

New

Jersey

Turnpike

Authority,

RB

7.41%,

1/01/2040

200,000

240,698

7.10%,

1/01/2041

345,000

393,337

New

York

City

Municipal

Water

Finance

Authority,

RB

5.72%,

6/15/2042

225,000

226,869

5.44%,

6/15/2043

790,000

774,326

North

Texas

Tollway

Authority,

RB

,

6.72%,

1/01/2049

15,000

16,682

Port

Authority

of

New

York

&

New

Jersey,

RB

4.96%,

8/01/2046

100,000

93,941

3.14%,

2/15/2051

250,000

178,472

4.46%,

10/01/2062

150,000

125,785

Regents

of

The

University

of

California

Medical

Center

Pooled,

RB

6.58%,

5/15/2049

315,000

340,892

3.01%,

5/15/2050

465,000

300,772

Rutgers,

The

State

University

of

New

Jersey,

RB

,

3.27%,

5/01/2043

60,000

47,637

Sales

Tax

Securitization

Corp.,

GO

,

3.82%,

1/01/2048

170,000

130,923

San

Diego

County

Regional

Transportation

Commission,

RB

,

5.91%,

4/01/2048

45,000

45,627

State

Board

of

Administration

Finance

Corp.,

RB

,

1.71%,

7/01/2027

100,000

94,868

State

of

California,

GO

5.13%,

9/01/2029

100,000

104,009

7.50%,

4/01/2034

75,000

87,027

7.30%,

10/01/2039

85,000

98,660

7.63%,

3/01/2040

385,000

464,176

7.60%,

11/01/2040

15,000

18,215

State

of

Illinois

Sales

Tax

Securitization

Corp.,

RB

,

3.59%,

1/01/2043

30,000

24,816

State

of

Illinois,

GO

,

5.10%,

6/01/2033

18,824

18,816

Texas

Natural

Gas

Securitization

Finance

Corp.,

RB

,

Series

2023-1,

Class

A2,

5.17%,

4/01/2041

50,000

50,454

Texas

Private

Activity

Bond

Surface

Transportation

Corp.,

RB

,

3.92%,

12/31/2049

10,000

7,843

The

Ohio

State

University,

RB

4.91%,

6/01/2040

50,000

49,141

4.80%,

6/01/2111

10,000

8,550

University

of

Michigan,

RB

2.44%,

4/01/2040

54,000

39,482

4.45%,

4/01/2122

50,000

39,806

University

of

Virginia,

RB

,

2.58%,

11/01/2051

100,000

60,669

Total

Municipal

Securities

(cost

$7,158,461)

6,583,074

Supranational

Bank

–

1.4%

African

Development

Bank

5.75%

(d)

400,000

381,062

Series

G,

4.38%,

11/03/2027

1,385,000

1,408,891

Asian

Development

Bank

Series

G,

4.88%,

5/21/2026

500,000

505,150

Series

G,

1.50%,

1/20/2027

725,000

698,635

Series

G,

3.13%,

8/20/2027

465,000

459,709

Series

G,

4.50%,

8/25/2028

935,000

959,330

1.75%,

9/19/2029

150,000

137,896

Series

G,

3.88%,

6/14/2033

750,000

739,529

160

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Supranational

Bank

–

1.4%

(continued)

Asian

Development

Bank

(continued)

Series

G,

4.13%,

1/12/2034

200,000

198,948

Corp.

Andina

de

Fomento

2.25%,

2/08/2027

338,000

327,625

5.00%,

1/24/2029

370,000

381,460

Council

of

Europe

Development

Bank

3.75%,

5/25/2026

200,000

199,769

3.63%,

1/26/2028

75,000

74,913

European

Bank

For

Reconstruction

&

Development

Series

G,

4.38%,

3/09/2028

728,000

742,147

4.25%,

3/13/2034

100,000

100,068

European

Investment

Bank

2.38%,

5/24/2027

150,000

146,110

3.25%,

11/15/2027

645,000

639,260

3.88%,

3/15/2028

100,000

100,662

3.88%,

6/15/2028

400,000

402,864

4.00%,

2/15/2029

275,000

278,051

4.75%,

6/15/2029

1,315,000

1,366,593

0.88%,

5/17/2030

700,000

607,385

3.63%,

7/15/2030

900,000

892,473

1.25%,

2/14/2031

100,000

86,637

3.75%,

2/14/2033

100,000

98,138

4.13%,

2/13/2034

600,000

596,951

4.63%,

2/12/2035

500,000

516,488

Inter-American

Development

Bank

Series

G,

4.50%,

5/15/2026

1,200,000

1,207,103

0.63%,

9/16/2027

65,000

60,584

1.13%,

7/20/2028

535,000

494,116

4.13%,

2/15/2029

400,000

406,069

3.50%,

9/14/2029

138,000

136,566

1.13%,

1/13/2031

755,000

650,190

Series

G,

3.63%,

9/17/2031

600,000

588,107

3.88%,

10/28/2041

150,000

133,647

International

Bank

For

Reconstruction

&

Development

3.13%,

6/15/2027

1,475,000

1,458,332

2.50%,

11/22/2027

400,000

388,997

3.88%,

10/16/2029

800,000

803,989

4.00%,

7/25/2030

155,000

156,397

0.75%,

8/26/2030

575,000

490,771

1.25%,

2/10/2031

50,000

43,277

1.63%,

11/03/2031

2,555,000

2,211,177

2.50%,

3/29/2032

400,000

363,426

4.75%,

11/14/2033

70,000

72,662

Series

G,

4.75%,

2/15/2035

160,000

165,983

International

Finance

Corp.

Series

G,

0.75%,

10/08/2026

814,000

780,615

Series

G,

4.38%,

1/15/2027

210,000

212,248

Series

G,

4.50%,

7/13/2028

50,000

51,280

0.75%,

8/27/2030

80,000

68,314

Japan

Bank

For

International

Cooperation

2.25%,

11/04/2026

634,000

618,678

4.63%,

7/19/2028

200,000

204,763

3.50%,

10/31/2028

600,000

593,366

1.25%,

1/21/2031

260,000

222,875

4.38%,

1/24/2031

500,000

507,728

Japan

International

Cooperation

Agency

,

2.13%,

10/20/2026

400,000

389,375

161

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

Supranational

Bank

–

1.4%

(continued)

The

Asian

Infrastructure

Investment

Bank

4.00%,

1/18/2028

110,000

111,009

4.13%,

1/18/2029

400,000

405,962

Total

Supranational

Bank

(cost

$26,852,041)

27,044,350

U.S.

Government

Agencies

–

26.4%

Federal

Farm

Credit

Banks

Funding

Corp.

4.38%,

6/23/2026

650,000

653,806

0.75%,

12/16/2026

116,000

110,376

1.12%,

9/01/2028

50,000

45,464

1.10%,

8/10/2029

136,000

121,383

1.23%,

7/29/2030

26,000

22,641

1.15%,

8/12/2030

150,000

128,267

1.24%,

9/03/2030

550,000

472,447

1.38%,

1/14/2031

150,000

128,066

2.02%,

4/01/2031

500,000

439,978

1.79%,

6/22/2035

200,000

150,972

Federal

Home

Loan

Banks

1.00%,

3/23/2026

4,875

4,734

1.00%,

7/27/2026

875,000

842,353

1.88%,

9/11/2026

340,000

331,145

4.63%,

11/17/2026

500,000

506,800

1.25%,

12/21/2026

590,000

566,937

3.00%,

3/12/2027

300,000

296,342

3.25%,

11/16/2028

1,085,000

1,071,142

Federal

Home

Loan

Mortgage

Corporation

0.80%,

10/28/2026

(e)

700,000

668,985

2.50%,

9/01/2027

(e)

4,540

4,459

4.00%,

7/01/2029

(e)

1,068

1,062

3.00%,

2/01/2031

(e)

15,368

14,945

2.50%,

12/01/2031

(e)

10,009

9,586

2.50%,

3/01/2032

(e)

59,523

56,921

6.25%,

7/15/2032

(e)

458,000

519,786

2.50%,

9/01/2032

(e)

124,262

118,409

3.00%,

9/01/2032

(e)

29,271

28,260

3.00%,

10/01/2032

(e)

11,212

10,860

3.00%,

1/01/2033

(e)

3,580

3,455

3.00%,

2/01/2033

(e)

10,872

10,515

3.50%,

2/01/2033

(e)

15,703

15,361

3.00%,

4/01/2033

(e)

38,330

37,290

3.00%,

4/01/2033

(e)

13,650

13,367

3.00%,

7/01/2033

(e)

60,117

57,843

4.00%,

4/01/2034

(e)

16,300

16,135

3.00%,

8/01/2034

(e)

12,387

11,879

3.50%,

3/01/2035

(e)

5,762

5,577

2.50%,

4/01/2035

(e)

10,903

10,179

3.00%,

4/01/2035

(e)

80,636

77,586

3.00%,

4/01/2035

(e)

21,821

20,898

2.50%,

5/01/2035

(e)

27,493

25,744

3.00%,

6/01/2035

(e)

47,275

45,886

3.00%,

6/01/2035

(e)

29,412

28,168

2.50%,

7/01/2035

(e)

169,001

158,458

2.00%,

8/01/2035

(e)

160,635

147,534

2.50%,

9/01/2035

(e)

90,647

84,767

2.00%,

10/01/2035

(e)

261,985

240,498

2.00%,

10/01/2035

(e)

134,582

123,490

162

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

Home

Loan

Mortgage

Corporation

(continued)

2.50%,

10/01/2035

(e)

18,463

17,265

2.50%,

10/01/2035

(e)

219,689

205,839

3.00%,

10/01/2035

(e)

147,370

141,137

1.50%,

11/01/2035

(e)

606,503

540,380

2.00%,

11/01/2035

(e)

60,532

55,313

1.50%,

12/01/2035

(e)

59,455

52,952

2.00%,

12/01/2035

(e)

401,658

367,921

2.50%,

1/01/2036

(e)

26,995

25,211

1.50%,

2/01/2036

(e)

130,076

115,759

2.00%,

2/01/2036

(e)

278,247

253,199

1.50%,

3/01/2036

(e)

57,358

51,040

1.50%,

4/01/2036

(e)

84,683

75,352

2.00%,

5/01/2036

(e)

449,644

411,485

2.50%,

6/01/2036

(e)

237,605

221,471

2.00%,

8/01/2036

(e)

157,805

143,576

1.50%,

9/01/2036

(e)

33,140

29,338

1.00%,

10/01/2036

(e)

52,686

45,476

1.50%,

10/01/2036

(e)

94,693

83,874

1.50%,

10/01/2036

(e)

857,734

759,728

2.00%,

10/01/2036

(e)

81,751

74,342

1.50%,

11/01/2036

(e)

69,229

61,302

2.00%,

11/01/2036

(e)

88,980

80,895

2.00%,

12/01/2036

(e)

16,731

15,207

1.50%,

1/01/2037

(e)

188,131

166,504

2.00%,

1/01/2037

(e)

40,501

37,064

2.00%,

1/01/2037

(e)

88,512

80,368

1.50%,

2/01/2037

(e)

135,457

120,042

1.50%,

2/01/2037

(e)

144,128

127,526

1.50%,

2/01/2037

(e)

462,152

408,918

2.00%,

2/01/2037

(e)

546,752

496,695

1.50%,

3/01/2037

(e)

91,401

80,725

2.00%,

3/01/2037

(e)

169,538

154,880

2.50%,

3/01/2037

(e)

139,636

130,009

1.50%,

4/01/2037

(e)

657,473

580,675

1.50%,

4/01/2037

(e)

41,812

37,015

2.50%,

4/01/2037

(e)

179,065

167,447

1.50%,

5/01/2037

(e)

86,096

76,039

3.00%,

5/01/2037

(e)

11,735

11,084

3.00%,

5/01/2037

(e)

15,646

14,762

3.00%,

5/01/2037

(e)

18,205

17,435

3.00%,

9/01/2037

(e)

26,233

24,906

3.50%,

9/01/2037

(e)

62,719

60,433

4.00%,

9/01/2037

(e)

49,229

48,148

3.00%,

10/01/2037

(e)

90,310

85,740

3.50%,

10/01/2037

(e)

30,538

29,425

4.00%,

4/01/2038

(e)

98,159

95,846

3.00%,

5/01/2038

(e)

805,834

771,748

4.50%,

5/01/2038

(e)

17,934

17,810

3.00%,

6/01/2038

(e)

18,170

17,193

3.50%,

6/01/2038

(e)

22,606

21,782

4.50%,

6/01/2038

(e)

53,256

52,888

3.00%,

7/01/2038

(e)

97,336

92,410

3.00%,

7/01/2038

(e)

51,449

48,846

5.50%,

8/01/2038

(e)

48,766

49,581

5.00%,

10/01/2038

(e)

35,470

35,654

5.00%,

11/01/2038

(e)

181,103

182,045

163

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

Home

Loan

Mortgage

Corporation

(continued)

0.00%,

11/15/2038

(c)(e)

250,000

128,853

3.00%,

3/01/2040

(e)

71,920

67,142

2.50%,

4/01/2040

(e)

5,821

5,225

2.50%,

5/01/2040

(e)

134,863

121,008

2.00%,

8/01/2040

(e)

248,242

214,724

2.50%,

9/01/2040

(e)

45,235

40,531

2.50%,

10/01/2040

(e)

12,902

11,560

1.50%,

11/01/2040

(e)

163,448

135,438

4.00%,

11/01/2040

(e)

41,863

40,635

1.50%,

1/01/2041

(e)

100,864

83,422

1.50%,

5/01/2041

(e)

163,930

135,179

4.50%,

5/01/2041

(e)

80,722

80,165

2.00%,

6/01/2041

(e)

177,120

151,928

2.00%,

12/01/2041

(e)

208,278

178,189

2.50%,

12/01/2041

(e)

346,533

307,866

1.50%,

2/01/2042

(e)

39,237

32,258

2.00%,

3/01/2042

(e)

187,761

160,230

2.00%,

4/01/2042

(e)

40,080

34,204

2.50%,

4/01/2042

(e)

975,566

864,239

2.50%,

5/01/2042

(e)

80,476

71,267

3.50%,

5/01/2042

(e)

458,350

431,149

3.00%,

6/01/2042

(e)

20,100

18,384

3.00%,

7/01/2042

(e)

61,355

56,119

4.00%,

8/01/2042

(e)

37,335

35,559

3.00%,

9/01/2042

(e)

519,656

485,133

4.00%,

9/01/2042

(e)

19,087

18,179

3.00%,

12/01/2042

(e)

13,833

12,594

3.00%,

1/01/2043

(e)

36,041

32,812

3.50%,

2/01/2043

(e)

40,611

38,011

4.50%,

2/01/2043

(e)

72,444

71,475

3.00%,

4/01/2043

(e)

52,453

47,657

5.00%,

6/01/2043

(e)

18,838

18,862

3.50%,

10/01/2043

(e)

137,769

128,691

3.50%,

12/01/2044

(e)

36,083

33,592

4.00%,

12/01/2044

(e)

16,787

16,089

4.50%,

12/01/2044

(e)

72,717

70,875

3.00%,

1/01/2045

(e)

267,447

240,436

4.00%,

2/01/2045

(e)

36,787

35,259

3.00%,

5/01/2045

(e)

7,865

7,017

3.50%,

7/01/2045

(e)

57,256

52,905

3.50%,

7/01/2045

(e)

42,885

39,572

4.00%,

9/01/2045

(e)

91,528

87,153

3.50%,

10/01/2045

(e)

45,974

42,475

4.50%,

10/01/2045

(e)

51,357

50,567

4.00%,

11/01/2045

(e)

160,920

153,229

3.50%,

12/01/2045

(e)

6,013

5,549

3.50%,

3/01/2046

(e)

256,592

236,771

3.50%,

6/01/2046

(e)

333,769

307,063

3.50%,

8/01/2046

(e)

364,657

336,418

3.50%,

8/01/2046

(e)

317,495

293,274

3.00%,

9/01/2046

(e)

240,254

213,974

3.00%,

11/01/2046

(e)

43,195

38,390

3.00%,

12/01/2046

(e)

131,222

116,626

3.00%,

1/01/2047

(e)

40,744

36,472

3.50%,

2/01/2047

(e)

2,386,562

2,195,420

3.00%,

8/01/2047

(e)

36,694

32,613

164

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

Home

Loan

Mortgage

Corporation

(continued)

4.00%,

8/01/2047

(e)

32,967

31,270

3.00%,

9/01/2047

(e)

177,931

155,476

3.50%,

9/01/2047

(e)

14,650

13,451

4.50%,

10/01/2047

(e)

51,138

49,644

3.50%,

4/01/2048

(e)

354,339

325,330

3.00%,

6/01/2048

(e)

194,541

173,913

3.50%,

6/01/2048

(e)

51,582

47,311

3.50%,

7/01/2048

(e)

13,922

12,739

4.50%,

8/01/2048

(e)

63,574

61,988

4.00%,

1/01/2049

(e)

118,199

111,975

4.50%,

3/01/2049

(e)

20,088

19,524

3.50%,

5/01/2049

(e)

93,297

85,099

4.00%,

7/01/2049

(e)

152,170

144,075

4.00%,

8/01/2049

(e)

272,342

255,716

3.00%,

9/01/2049

(e)

29,336

25,839

3.00%,

10/01/2049

(e)

662,786

582,537

3.00%,

10/01/2049

(e)

34,371

30,274

3.50%,

10/01/2049

(e)

822,018

749,788

5.00%,

10/01/2049

(e)

42,593

42,454

2.50%,

1/01/2050

(e)

29,750

25,020

3.00%,

2/01/2050

(e)

43,675

38,606

4.50%,

2/01/2050

(e)

15,467

14,996

3.00%,

4/01/2050

(e)

96,425

84,682

3.00%,

4/01/2050

(e)

131,876

115,816

2.50%,

6/01/2050

(e)

258,362

218,100

2.50%,

6/01/2050

(e)

60,548

50,808

2.50%,

6/01/2050

(e)

152,611

128,986

2.50%,

6/01/2050

(e)

51,298

43,357

2.00%,

7/01/2050

(e)

104,964

84,963

2.50%,

7/01/2050

(e)

328,792

278,624

2.50%,

7/01/2050

(e)

138,695

117,038

2.50%,

8/01/2050

(e)

11,644

9,767

2.50%,

8/01/2050

(e)

577,713

490,093

3.00%,

8/01/2050

(e)

202,030

179,076

2.00%,

9/01/2050

(e)

536,352

429,172

2.00%,

9/01/2050

(e)

672,659

538,424

2.00%,

9/01/2050

(e)

200,985

162,332

4.00%,

9/01/2050

(e)

172,021

164,868

2.00%,

10/01/2050

(e)

175,522

141,286

2.00%,

10/01/2050

(e)

100,970

80,793

2.50%,

10/01/2050

(e)

107,633

90,956

2.50%,

10/01/2050

(e)

149,723

126,969

2.50%,

10/01/2050

(e)

121,010

102,797

3.00%,

10/01/2050

(e)

28,290

24,792

2.50%,

11/01/2050

(e)

437,532

371,409

2.00%,

12/01/2050

(e)

161,491

129,133

2.50%,

12/01/2050

(e)

83,476

69,918

2.50%,

12/01/2050

(e)

226,482

192,183

2.50%,

12/01/2050

(e)

256,474

216,943

2.50%,

12/01/2050

(e)

399,782

332,856

3.00%,

12/01/2050

(e)

654,574

578,638

1.50%,

1/01/2051

(e)

679,348

512,596

2.00%,

1/01/2051

(e)

4,168,749

3,332,307

2.50%,

1/01/2051

(e)

1,955,814

1,632,008

3.00%,

1/01/2051

(e)

244,741

214,784

1.50%,

2/01/2051

(e)

163,960

124,087

165

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

Home

Loan

Mortgage

Corporation

(continued)

2.00%,

2/01/2051

(e)

934,372

746,641

2.00%,

2/01/2051

(e)

2,958,133

2,365,399

2.00%,

2/01/2051

(e)

67,827

54,524

2.50%,

2/01/2051

(e)

708,838

593,266

2.50%,

3/01/2051

(e)

222,833

186,830

1.50%,

4/01/2051

(e)

556,742

419,909

2.00%,

4/01/2051

(e)

374,675

299,263

2.00%,

4/01/2051

(e)

236,188

188,714

2.00%,

4/01/2051

(e)

406,567

329,342

2.50%,

4/01/2051

(e)

424,994

355,447

1.50%,

5/01/2051

(e)

1,968,546

1,484,728

1.50%,

5/01/2051

(e)

645,428

486,748

2.00%,

5/01/2051

(e)

133,316

106,447

2.00%,

5/01/2051

(e)

703,627

565,756

2.00%,

5/01/2051

(e)

91,356

73,767

2.00%,

5/01/2051

(e)

448,380

358,015

2.50%,

5/01/2051

(e)

50,330

42,078

2.50%,

5/01/2051

(e)

180,394

151,556

2.50%,

5/01/2051

(e)

198,398

167,973

2.50%,

5/01/2051

(e)

233,140

194,052

1.50%,

6/01/2051

(e)

219,542

165,550

2.00%,

6/01/2051

(e)

229,641

184,857

2.50%,

7/01/2051

(e)

1,532,087

1,279,470

2.50%,

7/01/2051

(e)

107,881

90,528

2.50%,

7/01/2051

(e)

439,345

370,706

3.00%,

7/01/2051

(e)

281,042

247,006

3.00%,

7/01/2051

(e)

561,571

490,618

3.00%,

7/01/2051

(e)

258,148

227,852

1.50%,

8/01/2051

(e)

120,186

90,648

2.00%,

8/01/2051

(e)

639,928

512,050

2.00%,

8/01/2051

(e)

283,748

226,110

2.50%,

8/01/2051

(e)

97,301

82,259

2.50%,

8/01/2051

(e)

389,711

327,050

3.00%,

8/01/2051

(e)

784,196

688,039

1.50%,

9/01/2051

(e)

20,378

15,362

2.00%,

9/01/2051

(e)

77,834

62,331

2.00%,

9/01/2051

(e)

320,385

255,131

2.00%,

9/01/2051

(e)

20,062

15,981

2.00%,

9/01/2051

(e)

278,497

221,408

2.00%,

9/01/2051

(e)

20,673

16,468

2.50%,

9/01/2051

(e)

153,835

129,052

2.50%,

9/01/2051

(e)

56,466

47,138

2.50%,

9/01/2051

(e)

194,214

162,131

1.50%,

10/01/2051

(e)

394,818

297,598

2.00%,

10/01/2051

(e)

399,784

320,048

2.00%,

10/01/2051

(e)

182,578

146,163

2.00%,

10/01/2051

(e)

80,568

64,087

2.00%,

10/01/2051

(e)

488,147

388,989

2.00%,

10/01/2051

(e)

2,713,767

2,162,791

2.50%,

10/01/2051

(e)

309,462

258,245

2.50%,

10/01/2051

(e)

229,075

192,715

1.50%,

11/01/2051

(e)

69,962

52,710

2.00%,

11/01/2051

(e)

314,651

252,778

2.50%,

11/01/2051

(e)

190,693

161,154

2.50%,

11/01/2051

(e)

75,273

63,709

3.50%,

11/01/2051

(e)

97,434

88,808

166

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

Home

Loan

Mortgage

Corporation

(continued)

2.00%,

12/01/2051

(e)

118,287

94,820

2.50%,

12/01/2051

(e)

175,722

147,869

2.50%,

12/01/2051

(e)

203,918

172,268

2.00%,

1/01/2052

(e)

326,772

263,414

2.00%,

1/01/2052

(e)

447,636

359,925

2.00%,

1/01/2052

(e)

281,246

223,992

2.50%,

1/01/2052

(e)

158,799

133,446

3.00%,

1/01/2052

(e)

344,744

302,332

2.00%,

2/01/2052

(e)

3,504,171

2,789,511

2.00%,

2/01/2052

(e)

1,327,857

1,055,965

2.00%,

2/01/2052

(e)

767,680

616,008

2.50%,

2/01/2052

(e)

232,099

195,334

2.50%,

2/01/2052

(e)

177,936

149,487

2.50%,

2/01/2052

(e)

1,173,395

984,501

2.50%,

2/01/2052

(e)

222,495

185,395

2.50%,

2/01/2052

(e)

584,804

492,969

3.00%,

2/01/2052

(e)

98,904

86,625

2.00%,

3/01/2052

(e)

333,905

266,169

2.00%,

3/01/2052

(e)

1,395,055

1,112,433

2.00%,

3/01/2052

(e)

1,133,422

899,655

2.00%,

3/01/2052

(e)

21,828

17,326

3.50%,

3/01/2052

(e)

306,076

278,642

2.00%,

4/01/2052

(e)

208,630

167,661

2.50%,

4/01/2052

(e)

645,439

537,392

2.50%,

4/01/2052

(e)

4,902,742

4,111,307

2.50%,

4/01/2052

(e)

918,780

767,003

3.00%,

4/01/2052

(e)

257,128

227,018

3.50%,

4/01/2052

(e)

77,668

70,688

2.50%,

5/01/2052

(e)

92,678

77,826

2.50%,

5/01/2052

(e)

724,343

603,087

2.50%,

5/01/2052

(e)

630,584

525,024

3.00%,

5/01/2052

(e)

114,717

100,874

3.00%,

5/01/2052

(e)

283,325

247,723

3.00%,

5/01/2052

(e)

1,204,426

1,045,279

3.50%,

5/01/2052

(e)

437,135

395,038

3.50%,

5/01/2052

(e)

251,898

227,651

3.50%,

5/01/2052

(e)

241,575

219,378

2.50%,

6/01/2052

(e)

21,375

17,797

3.00%,

6/01/2052

(e)

46,061

40,213

3.00%,

6/01/2052

(e)

21,268

18,455

3.50%,

6/01/2052

(e)

251,552

227,062

4.00%,

6/01/2052

(e)

249,391

233,592

4.50%,

6/01/2052

(e)

167,985

162,042

2.50%,

7/01/2052

(e)

283,841

236,058

3.00%,

7/01/2052

(e)

1,374,458

1,192,684

3.00%,

7/01/2052

(e)

88,859

77,097

4.00%,

7/01/2052

(e)

85,584

79,911

4.50%,

7/01/2052

(e)

470,348

451,145

2.00%,

8/01/2052

(e)

485,053

386,129

3.50%,

8/01/2052

(e)

254,780

232,430

4.00%,

8/01/2052

(e)

63,493

59,275

4.50%,

8/01/2052

(e)

331,052

317,467

4.50%,

8/01/2052

(e)

165,954

159,179

5.00%,

8/01/2052

(e)

128,505

126,535

5.00%,

8/01/2052

(e)

170,452

167,672

2.50%,

9/01/2052

(e)

224,438

187,015

167

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

Home

Loan

Mortgage

Corporation

(continued)

3.00%,

9/01/2052

(e)

103,744

90,012

4.00%,

9/01/2052

(e)

22,245

20,770

4.00%,

9/01/2052

(e)

774,955

723,351

4.50%,

9/01/2052

(e)

390,747

374,651

4.50%,

9/01/2052

(e)

508,234

487,283

5.00%,

9/01/2052

(e)

20,708

20,458

4.00%,

10/01/2052

(e)

206,726

192,928

4.00%,

10/01/2052

(e)

412,048

386,557

4.00%,

10/01/2052

(e)

89,487

83,566

4.00%,

10/01/2052

(e)

330,264

308,748

4.00%,

10/01/2052

(e)

171,274

160,757

4.50%,

10/01/2052

(e)

621,283

598,979

5.50%,

10/01/2052

(e)

39,853

39,920

3.50%,

11/01/2052

(e)

1,760,893

1,590,635

5.00%,

11/01/2052

(e)

58,960

58,305

5.00%,

11/01/2052

(e)

104,867

103,165

6.00%,

11/01/2052

(e)

1,007,083

1,025,055

4.50%,

12/01/2052

(e)

51,725

49,578

4.50%,

12/01/2052

(e)

122,624

117,516

4.50%,

12/01/2052

(e)

131,636

126,213

4.50%,

12/01/2052

(e)

164,984

159,435

5.00%,

12/01/2052

(e)

134,034

131,791

5.00%,

12/01/2052

(e)

20,938

20,668

5.50%,

12/01/2052

(e)

20,427

20,467

4.00%,

1/01/2053

(e)

260,044

242,607

4.50%,

1/01/2053

(e)

202,219

193,858

4.50%,

1/01/2053

(e)

22,175

21,251

5.00%,

1/01/2053

(e)

40,876

40,214

5.00%,

1/01/2053

(e)

179,634

176,816

6.00%,

1/01/2053

(e)

235,989

240,319

5.00%,

2/01/2053

(e)

367,690

361,327

5.00%,

2/01/2053

(e)

437,670

432,705

5.50%,

2/01/2053

(e)

408,530

409,123

3.50%,

3/01/2053

(e)

49,025

44,300

4.00%,

3/01/2053

(e)

63,467

59,570

4.50%,

3/01/2053

(e)

22,157

21,190

6.00%,

3/01/2053

(e)

18,828

19,139

4.00%,

4/01/2053

(e)

22,273

20,754

5.00%,

4/01/2053

(e)

805,680

791,338

5.50%,

4/01/2053

(e)

380,353

384,984

4.50%,

5/01/2053

(e)

254,031

243,011

5.00%,

5/01/2053

(e)

683,119

670,801

5.50%,

5/01/2053

(e)

439,540

439,825

6.00%,

5/01/2053

(e)

394,014

401,239

6.00%,

5/01/2053

(e)

249,741

255,687

4.50%,

6/01/2053

(e)

185,021

178,059

5.50%,

6/01/2053

(e)

401,813

401,932

5.50%,

6/01/2053

(e)

43,199

43,474

6.00%,

6/01/2053

(e)

120,459

122,422

4.50%,

7/01/2053

(e)

136,644

130,683

5.00%,

7/01/2053

(e)

132,001

130,105

5.50%,

7/01/2053

(e)

453,210

453,217

3.50%,

8/01/2053

(e)

60,839

54,971

3.50%,

8/01/2053

(e)

702,053

634,336

4.50%,

8/01/2053

(e)

22,941

21,940

5.00%,

8/01/2053

(e)

134,565

132,045

168

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

Home

Loan

Mortgage

Corporation

(continued)

5.50%,

8/01/2053

(e)

516,826

516,806

6.00%,

8/01/2053

(e)

756,110

768,320

3.00%,

9/01/2053

(e)

114,982

99,738

5.00%,

9/01/2053

(e)

1,178,720

1,156,369

5.00%,

9/01/2053

(e)

117,524

115,407

5.50%,

9/01/2053

(e)

252,153

254,499

5.50%,

9/01/2053

(e)

394,192

395,995

5.50%,

9/01/2053

(e)

112,935

113,535

5.50%,

9/01/2053

(e)

345,904

345,744

6.00%,

9/01/2053

(e)

348,135

353,730

2.50%,

10/01/2053

(e)

644,389

537,141

4.50%,

10/01/2053

(e)

323,520

309,406

5.50%,

10/01/2053

(e)

699,041

698,213

5.50%,

10/01/2053

(e)

359,560

363,490

6.50%,

10/01/2053

(e)

640,335

659,529

4.50%,

11/01/2053

(e)

93,202

89,136

5.00%,

11/01/2053

(e)

788,308

773,543

5.50%,

11/01/2053

(e)

440,496

441,373

5.50%,

11/01/2053

(e)

884,067

883,019

6.00%,

11/01/2053

(e)

348,959

354,513

6.00%,

11/01/2053

(e)

321,078

329,114

6.50%,

11/01/2053

(e)

212,894

221,815

4.50%,

12/01/2053

(e)

207,213

198,173

5.00%,

12/01/2053

(e)

46,623

45,717

6.50%,

12/01/2053

(e)

511,752

527,092

7.00%,

12/01/2053

(e)

724,317

756,571

5.50%,

1/01/2054

(e)

1,277,740

1,276,068

6.00%,

1/01/2054

(e)

1,312,624

1,333,315

6.50%,

1/01/2054

(e)

16,822

17,327

5.50%,

2/01/2054

(e)

45,760

45,949

6.00%,

2/01/2054

(e)

43,946

44,938

6.50%,

2/01/2054

(e)

86,925

89,530

4.50%,

4/01/2054

(e)

353,597

338,119

6.00%,

4/01/2054

(e)

22,453

22,987

6.00%,

4/01/2054

(e)

135,939

139,762

6.00%,

4/01/2054

(e)

321,907

326,889

5.50%,

5/01/2054

(e)

35,598

35,560

5.50%,

5/01/2054

(e)

1,396,298

1,393,412

6.00%,

5/01/2054

(e)

1,980,864

2,011,366

6.50%,

5/01/2054

(e)

327,038

336,694

5.50%,

6/01/2054

(e)

235,804

236,860

5.50%,

7/01/2054

(e)

1,096,158

1,093,892

6.50%,

7/01/2054

(e)

20,571

21,178

6.00%,

8/01/2054

(e)

239,454

242,933

6.00%,

9/01/2054

(e)

1,388,828

1,408,997

6.50%,

9/01/2054

(e)

486,062

500,413

5.00%,

10/01/2054

(e)

33,740

33,037

5.50%,

10/01/2054

(e)

477,253

476,267

6.50%,

10/01/2054

(e)

1,298,988

1,337,340

5.50%,

11/01/2054

(e)

2,074,408

2,070,120

5.00%,

12/01/2054

(e)

845,221

828,074

5.00%,

12/01/2054

(e)

655,720

642,053

5.50%,

12/01/2054

(e)

482,022

481,176

6.00%,

1/01/2055

(e)

670,162

680,069

5.00%,

2/01/2055

(e)

984,339

963,822

169

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

Home

Loan

Mortgage

Corporation

Mutifamily

Structured

Pass-Through

Ctfs.

Series

2019-K736,

Class

A2,

2.28%,

7/25/2026

(e)

44,968

43,983

Series

2016-K057,

Class

A2,

2.57%,

7/25/2026

(e)

124,848

122,593

Series

2016-K058,

Class

AM,

2.72%,

8/25/2026

(e)

90,000

88,127

Series

2017-K064,

Class

A2,

3.22%,

3/25/2027

(e)

20,000

19,688

Series

2017-K069,

Class

A2,

3.19%,

9/25/2027

(e)

147,710

144,882

Series

2018-K072,

Class

A1,

3.25%,

11/25/2027

(e)

51,157

50,450

Series

2018-K072,

Class

A2,

3.44%,

12/25/2027

(e)

160,000

157,642

Series

2018-K077,

Class

A1,

3.70%,

3/25/2028

(e)

15,645

15,524

Series

2021-K743,

Class

A2,

1.77%,

5/25/2028

(e)

75,000

70,250

Series

2018-K077,

Class

A2,

3.85%,

5/25/2028

(e)

50,000

49,730

Series

2018-K079,

Class

A2,

3.93%,

6/25/2028

(e)

322,000

320,852

Series

2018-K081,

Class

AM,

3.90%,

8/25/2028

(e)

50,000

49,653

Series

2023-K508,

Class

A2,

4.74%,

8/25/2028

(e)

100,000

101,891

Series

2023-K509,

Class

A2,

4.85%,

9/25/2028

(e)

210,000

214,767

Series

2022-K747,

Class

AM,

1.75%,

12/25/2028

(e)

1,000,000

922,542

Series

2019-K087,

Class

A2,

3.77%,

12/25/2028

(e)

130,000

128,758

Series

2019-K089,

Class

AM,

3.63%,

1/25/2029

(e)

410,000

402,707

Series

2024-K518,

Class

A2,

5.40%,

1/25/2029

(e)

200,000

208,323

Series

2024-K520,

Class

A2,

5.18%,

3/25/2029

(e)

100,000

103,525

Series

2020-K110,

Class

A1,

1.02%,

9/25/2029

(e)

125,518

116,833

Series

2019-K099,

Class

A2,

2.60%,

9/25/2029

(e)

40,000

37,639

Series

2020-K106,

Class

A1,

1.78%,

10/25/2029

(e)

32,542

30,845

Series

2019-K101,

Class

A2,

2.52%,

10/25/2029

(e)

10,000

9,364

Series

2020-K105,

Class

A2,

1.87%,

1/25/2030

(e)

90,000

81,443

Series

2020-K109,

Class

A2,

1.56%,

4/25/2030

(e)

750,000

664,979

Series

2016-K152,

Class

A1,

2.83%,

5/25/2030

(e)

31,476

30,367

Series

2020-K116,

Class

A2,

1.38%,

7/25/2030

(e)

320,000

278,710

Series

2020-K117,

Class

A2,

1.41%,

8/25/2030

(e)

130,000

113,093

Series

2020-K118,

Class

A2,

1.49%,

9/25/2030

(e)

280,000

244,242

Series

2020-K121,

Class

A2,

1.55%,

10/25/2030

(e)

140,000

121,909

Series

2023-K754,

Class

A2,

4.94%,

11/25/2030

(e)

150,000

154,905

Series

2021-K123,

Class

A2,

1.62%,

12/25/2030

(e)

200,000

174,408

Series

2021-K124,

Class

A2,

1.66%,

12/25/2030

(e)

1,300,000

1,133,847

Series

2021-K126,

Class

A2,

2.07%,

1/25/2031

(e)

50,000

44,604

Series

2019-1510,

Class

A2,

3.72%,

1/25/2031

(e)

145,000

140,940

Series

2021-K135,

Class

A2,

2.15%,

10/25/2031

(e)

200,000

175,849

Series

2021-K134,

Class

A2,

2.24%,

10/25/2031

(e)

125,000

110,461

Series

2017-K153,

Class

A3,

3.12%,

10/25/2031

(e)

50,000

46,698

Series

2021-K136,

Class

A2,

2.13%,

11/25/2031

(e)

120,000

105,107

Series

2022-K137,

Class

A2,

2.35%,

11/25/2031

(e)

400,000

354,796

Series

2022-K142,

Class

A2,

2.40%,

3/25/2032

(e)

30,000

26,546

Series

2018-K154,

Class

A3,

3.46%,

11/25/2032

(e)

555,000

521,142

Series

2023-155,

Class

AM,

4.25%,

4/25/2033

(e)

250,000

245,200

Series

2018-K157,

Class

A2,

3.99%,

5/25/2033

(e)

260,000

257,189

Series

2023-157,

Class

A2,

4.20%,

5/25/2033

(e)

100,000

98,152

Series

2023-159,

Class

A2,

4.50%,

7/25/2033

(e)

250,000

250,038

Series

2023-161,

Class

A2,

4.90%,

10/25/2033

(e)

800,000

820,309

Series

2024-162,

Class

A2,

5.15%,

12/25/2033

(e)

390,000

406,187

Series

2024-163,

Class

A2,

5.00%,

3/25/2034

(e)

300,000

309,344

Series

2019-1513,

Class

A3,

2.80%,

8/25/2034

(e)

20,000

17,266

Series

2020-1515,

Class

A2,

1.94%,

2/25/2035

(e)

710,000

564,004

Federal

National

Mortgage

Association

3.00%,

11/01/2026

(e)

4,614

4,561

3.00%,

12/01/2026

(e)

2,567

2,537

3.00%,

12/01/2026

(e)

10,264

10,143

3.00%,

12/01/2026

(e)

3,112

3,076

170

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

National

Mortgage

Association

(continued)

3.00%,

6/01/2027

(e)

3,328

3,286

0.75%,

10/08/2027

(e)

1,800,000

1,679,512

3.00%,

2/01/2028

(e)

5,612

5,538

2.50%,

6/01/2028

(e)

14,892

14,569

3.00%,

9/01/2028

(e)

30,809

30,280

6.25%,

5/15/2029

(e)

150,000

164,387

7.13%,

1/15/2030

(e)

100,000

114,433

3.00%,

7/01/2030

(e)

20,511

20,140

2.00%,

8/01/2030

(e)

25,329

24,203

3.50%,

8/01/2030

(e)

2,207

2,192

0.88%,

8/05/2030

(e)

195,000

167,373

2.00%,

10/01/2030

(e)

5,446

5,211

2.50%,

3/01/2031

(e)

21,739

21,211

3.50%,

4/01/2031

(e)

21,198

20,833

3.00%,

8/01/2031

(e)

11,211

10,867

2.50%,

10/01/2031

(e)

52,545

50,892

2.00%,

11/01/2031

(e)

18,289

17,301

2.50%,

11/01/2031

(e)

205,793

197,514

3.50%,

11/01/2031

(e)

6,214

6,132

2.50%,

1/01/2032

(e)

42,692

40,896

2.50%,

1/01/2032

(e)

7,533

7,268

3.00%,

1/01/2032

(e)

111,417

108,026

3.50%,

1/01/2032

(e)

9,239

9,061

3.00%,

2/01/2032

(e)

10,705

10,383

3.50%,

4/01/2032

(e)

9,532

9,352

2.50%,

5/01/2032

(e)

55,973

53,919

3.00%,

8/01/2032

(e)

46,756

45,181

3.50%,

8/01/2032

(e)

39,616

38,921

3.00%,

9/01/2032

(e)

17,119

16,534

2.50%,

1/01/2033

(e)

11,751

11,368

3.00%,

2/01/2033

(e)

78,410

75,731

3.00%,

2/01/2033

(e)

24,866

23,981

3.50%,

5/01/2033

(e)

16,080

15,713

3.50%,

10/01/2033

(e)

20,272

19,770

4.00%,

4/01/2034

(e)

5,180

5,131

2.50%,

8/01/2034

(e)

32,262

30,303

2.50%,

9/01/2034

(e)

513,364

482,094

3.50%,

9/01/2034

(e)

15,364

14,895

4.00%,

10/01/2034

(e)

36,251

35,714

2.50%,

1/01/2035

(e)

105,465

98,719

3.00%,

1/01/2035

(e)

88,613

84,803

2.50%,

2/01/2035

(e)

102,796

96,506

3.00%,

2/01/2035

(e)

5,221

4,994

2.50%,

3/01/2035

(e)

121,533

114,269

3.50%,

3/01/2035

(e)

5,833

5,697

4.00%,

3/01/2035

(e)

21,332

21,123

2.00%,

6/01/2035

(e)

949,674

869,248

2.00%,

7/01/2035

(e)

799,063

731,146

2.00%,

7/01/2035

(e)

30,549

27,952

2.50%,

7/01/2035

(e)

17,666

16,570

2.50%,

7/01/2035

(e)

75,912

71,153

3.00%,

7/01/2035

(e)

394,238

377,939

3.50%,

7/01/2035

(e)

373,144

363,820

2.00%,

9/01/2035

(e)

72,615

66,398

2.50%,

9/01/2035

(e)

33,279

31,162

2.50%,

9/01/2035

(e)

66,650

62,327

171

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

National

Mortgage

Association

(continued)

3.00%,

9/01/2035

(e)

15,945

15,271

1.50%,

10/01/2035

(e)

193,962

172,883

2.00%,

10/01/2035

(e)

11,369

10,431

2.00%,

10/01/2035

(e)

206,965

189,711

2.00%,

10/01/2035

(e)

25,753

23,542

5.50%,

10/01/2035

(e)

9,521

9,855

1.50%,

11/01/2035

(e)

296,897

264,425

1.50%,

11/01/2035

(e)

12,745

11,356

2.00%,

11/01/2035

(e)

114,800

104,978

1.50%,

12/01/2035

(e)

81,129

72,196

2.00%,

12/01/2035

(e)

23,558

21,572

2.50%,

1/01/2036

(e)

57,132

53,354

3.00%,

1/01/2036

(e)

28,333

27,134

2.50%,

2/01/2036

(e)

143,206

134,141

1.50%,

3/01/2036

(e)

330,722

293,393

2.00%,

3/01/2036

(e)

26,558

24,259

2.50%,

3/01/2036

(e)

143,806

134,378

1.50%,

4/01/2036

(e)

15,693

13,957

1.50%,

4/01/2036

(e)

772,340

683,621

2.00%,

4/01/2036

(e)

383,252

350,574

2.50%,

4/01/2036

(e)

8,050

7,859

3.00%,

4/01/2036

(e)

51,601

48,908

1.50%,

5/01/2036

(e)

29,658

26,377

1.50%,

5/01/2036

(e)

157,350

139,354

2.00%,

5/01/2036

(e)

257,392

236,167

2.00%,

5/01/2036

(e)

53,338

48,741

1.50%,

6/01/2036

(e)

105,070

93,505

1.50%,

6/01/2036

(e)

64,085

56,822

2.00%,

6/01/2036

(e)

185,475

168,838

2.00%,

6/01/2036

(e)

253,739

231,010

2.00%,

6/01/2036

(e)

420,485

384,357

1.50%,

7/01/2036

(e)

76,381

67,906

2.00%,

7/01/2036

(e)

66,401

60,414

2.50%,

7/01/2036

(e)

1,082,900

1,011,326

2.00%,

8/01/2036

(e)

92,500

84,287

2.00%,

8/01/2036

(e)

28,574

25,998

2.50%,

8/01/2036

(e)

93,304

86,911

1.50%,

9/01/2036

(e)

220,258

195,142

1.50%,

9/01/2036

(e)

1,584,573

1,405,720

1.50%,

9/01/2036

(e)

22,534

19,965

2.00%,

9/01/2036

(e)

224,148

203,886

2.00%,

9/01/2036

(e)

322,561

295,975

2.00%,

9/01/2036

(e)

149,581

136,481

2.50%,

9/01/2036

(e)

64,847

60,421

1.50%,

10/01/2036

(e)

34,651

30,662

1.50%,

10/01/2036

(e)

34,061

30,206

1.50%,

10/01/2036

(e)

395,731

352,099

2.00%,

10/01/2036

(e)

605,539

550,940

1.50%,

11/01/2036

(e)

52,688

46,655

1.50%,

11/01/2036

(e)

122,073

108,069

2.00%,

11/01/2036

(e)

701,006

637,313

2.00%,

11/01/2036

(e)

502,002

457,542

2.00%,

11/01/2036

(e)

37,401

34,020

2.50%,

11/01/2036

(e)

460,938

430,614

1.50%,

12/01/2036

(e)

148,720

131,528

2.00%,

12/01/2036

(e)

101,539

92,290

172

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

National

Mortgage

Association

(continued)

3.50%,

12/01/2036

(e)

40,018

39,008

2.00%,

1/01/2037

(e)

1,095,693

995,631

2.50%,

1/01/2037

(e)

57,600

53,582

3.50%,

1/01/2037

(e)

12,370

11,913

1.50%,

2/01/2037

(e)

414,896

368,606

2.00%,

2/01/2037

(e)

293,689

266,579

2.50%,

2/01/2037

(e)

12,367

11,433

1.50%,

3/01/2037

(e)

18,222

16,093

2.00%,

3/01/2037

(e)

239,271

218,585

2.00%,

3/01/2037

(e)

99,772

91,305

2.00%,

3/01/2037

(e)

486,462

442,825

2.00%,

3/01/2037

(e)

617,103

563,701

2.50%,

3/01/2037

(e)

282,248

262,292

1.50%,

4/01/2037

(e)

36,959

32,642

2.00%,

4/01/2037

(e)

335,507

304,557

2.00%,

4/01/2037

(e)

17,885

16,235

2.50%,

4/01/2037

(e)

55,202

51,002

2.50%,

4/01/2037

(e)

19,171

17,909

1.50%,

5/01/2037

(e)

413,859

365,517

2.50%,

5/01/2037

(e)

36,506

33,951

3.00%,

5/01/2037

(e)

68,346

64,888

3.50%,

5/01/2037

(e)

69,934

68,031

2.00%,

6/01/2037

(e)

1,711,815

1,562,624

2.50%,

6/01/2037

(e)

961,366

893,395

2.50%,

7/01/2037

(e)

72,109

67,010

1.50%,

8/01/2037

(e)

326,176

288,681

1.50%,

8/01/2037

(e)

188,401

166,830

3.50%,

9/01/2037

(e)

33,964

32,726

3.00%,

10/01/2037

(e)

883,334

838,638

3.50%,

11/01/2037

(e)

44,363

42,608

4.00%,

11/01/2037

(e)

52,331

51,182

4.50%,

11/01/2037

(e)

200,945

199,679

3.00%,

12/01/2037

(e)

32,591

30,594

2.50%,

3/01/2038

(e)

14,363

13,276

4.00%,

3/01/2038

(e)

115,669

114,594

3.00%,

4/01/2038

(e)

19,903

18,896

3.00%,

5/01/2038

(e)

24,786

23,388

3.50%,

6/01/2038

(e)

136,039

131,080

4.00%,

6/01/2038

(e)

19,099

18,649

6.00%,

6/01/2038

(e)

95,388

97,951

3.00%,

9/01/2038

(e)

70,819

67,236

3.50%,

11/01/2038

(e)

239,088

230,372

5.50%,

11/01/2038

(e)

115,994

118,610

6.00%,

11/01/2038

(e)

15,369

15,782

3.50%,

6/01/2039

(e)

48,944

46,367

4.50%,

6/01/2039

(e)

15,500

15,407

5.00%,

9/01/2039

(e)

214,765

215,866

4.00%,

11/01/2039

(e)

9,568

9,287

4.50%,

2/01/2040

(e)

18,059

17,951

6.00%,

4/01/2040

(e)

23,889

25,051

2.50%,

5/01/2040

(e)

7,186

6,448

4.00%,

5/15/2040

(e)(f)

275,000

268,389

4.50%,

5/15/2040

(e)(f)

300,000

297,723

5.00%,

5/15/2040

(e)(f)

350,000

351,810

5.50%,

5/15/2040

(e)(f)

350,000

355,604

6.00%,

5/15/2040

(e)(f)

200,000

205,376

173

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

National

Mortgage

Association

(continued)

4.50%,

6/15/2040

(e)(f)

25,000

24,801

5.00%,

6/15/2040

(e)(f)

125,000

125,566

5.50%,

6/15/2040

(e)(f)

50,000

50,772

2.00%,

8/01/2040

(e)

54,529

47,166

2.50%,

8/01/2040

(e)

82,058

73,526

2.50%,

8/01/2040

(e)

32,486

29,119

2.00%,

9/01/2040

(e)

47,772

41,412

4.00%,

10/01/2040

(e)

118,397

114,921

2.00%,

11/01/2040

(e)

141,293

122,044

2.00%,

1/01/2041

(e)

32,019

27,631

3.00%,

1/01/2041

(e)

621,980

586,704

4.50%,

2/01/2041

(e)

20,276

20,111

4.50%,

4/01/2041

(e)

114,299

113,576

1.50%,

5/01/2041

(e)

58,587

48,311

2.00%,

5/01/2041

(e)

1,962,269

1,683,895

2.50%,

5/01/2041

(e)

34,795

30,988

1.50%,

6/01/2041

(e)

18,501

15,250

1.50%,

7/01/2041

(e)

55,957

46,108

2.00%,

7/01/2041

(e)

361,128

309,629

5.50%,

7/01/2041

(e)

10,838

11,230

2.00%,

8/01/2041

(e)

108,063

92,612

1.50%,

9/01/2041

(e)

38,307

31,541

2.50%,

10/01/2041

(e)

70,897

63,030

1.50%,

11/01/2041

(e)

58,607

48,220

1.50%,

11/01/2041

(e)

1,409,089

1,159,335

2.50%,

11/01/2041

(e)

71,990

63,979

2.00%,

12/01/2041

(e)

575,522

492,379

3.50%,

12/01/2041

(e)

17,042

16,010

1.50%,

1/01/2042

(e)

217,767

179,101

2.00%,

1/01/2042

(e)

1,652,676

1,413,308

2.00%,

2/01/2042

(e)

20,296

17,349

2.50%,

4/01/2042

(e)

98,501

87,260

3.00%,

4/01/2042

(e)

11,845

10,770

3.00%,

4/01/2042

(e)

75,662

69,204

3.50%,

4/01/2042

(e)

44,769

41,905

5.00%,

4/01/2042

(e)

34,188

34,534

2.50%,

5/01/2042

(e)

219,738

194,663

3.00%,

5/01/2042

(e)

37,744

35,703

3.00%,

5/01/2042

(e)

209,006

191,167

4.50%,

5/01/2042

(e)

45,801

45,430

3.00%,

6/01/2042

(e)

20,258

18,529

3.50%,

6/01/2042

(e)

14,114

13,211

3.00%,

7/01/2042

(e)

39,593

36,214

3.50%,

7/01/2042

(e)

39,486

37,190

4.00%,

7/01/2042

(e)

20,196

19,614

2.00%,

8/01/2042

(e)

96,518

83,253

2.00%,

8/01/2042

(e)

108,083

92,388

2.00%,

8/01/2042

(e)

23,898

20,428

3.50%,

8/01/2042

(e)

191,982

179,708

2.50%,

9/01/2042

(e)

20,782

18,417

2.50%,

10/01/2042

(e)

48,145

42,583

4.00%,

10/01/2042

(e)

19,377

18,483

5.00%,

11/01/2042

(e)

73,724

74,359

3.50%,

12/01/2042

(e)

28,925

27,210

3.00%,

4/01/2043

(e)

23,316

21,184

3.00%,

4/01/2043

(e)

132,535

120,417

174

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

National

Mortgage

Association

(continued)

3.50%,

6/01/2043

(e)

82,361

77,095

4.00%,

6/01/2043

(e)

215,610

205,663

4.00%,

10/01/2043

(e)

164,453

159,701

5.50%,

1/01/2044

(e)

61,761

62,729

5.50%,

5/01/2044

(e)

92,122

94,978

5.50%,

8/01/2044

(e)

193,336

195,885

4.00%,

9/01/2044

(e)

21,415

20,524

3.00%,

10/01/2044

(e)

104,189

94,662

4.00%,

11/01/2044

(e)

21,637

20,737

5.00%,

11/01/2044

(e)

185,984

185,609

4.00%,

1/01/2045

(e)

70,901

68,364

4.00%,

2/01/2045

(e)

48,650

47,245

3.00%,

4/01/2045

(e)

40,957

37,212

3.50%,

4/01/2045

(e)

12,378

11,436

3.50%,

5/01/2045

(e)

15,396

14,208

3.50%,

6/01/2045

(e)

221,649

207,044

3.50%,

8/01/2045

(e)

76,126

70,245

4.00%,

8/01/2045

(e)

605,191

580,027

3.50%,

11/01/2045

(e)

427,913

400,570

3.50%,

11/01/2045

(e)

21,493

19,832

3.50%,

12/01/2045

(e)

1,007,215

929,410

3.50%,

12/01/2045

(e)

154,606

142,663

3.50%,

1/01/2046

(e)

104,691

96,604

4.00%,

1/01/2046

(e)

46,387

44,170

4.00%,

1/01/2046

(e)

199,323

189,797

3.50%,

2/01/2046

(e)

79,875

73,708

3.50%,

2/01/2046

(e)

36,366

33,550

4.50%,

6/01/2046

(e)

24,012

23,781

3.00%,

9/01/2046

(e)

57,749

51,626

3.50%,

9/01/2046

(e)

71,704

66,165

4.50%,

9/01/2046

(e)

80,490

79,837

3.00%,

10/01/2046

(e)

64,340

57,183

3.00%,

11/01/2046

(e)

334,711

297,480

3.00%,

11/01/2046

(e)

773,717

687,655

3.00%,

11/01/2046

(e)

44,290

39,445

3.00%,

11/01/2046

(e)

114,444

101,714

4.00%,

11/01/2046

(e)

13,289

12,623

3.50%,

1/01/2047

(e)

370,830

344,600

3.00%,

2/01/2047

(e)

170,366

154,803

3.50%,

2/01/2047

(e)

48,703

44,803

4.00%,

2/01/2047

(e)

9,988

9,510

3.00%,

3/01/2047

(e)

435,864

387,382

4.00%,

3/01/2047

(e)

513,065

488,208

3.50%,

4/01/2047

(e)

14,503

13,400

4.00%,

5/01/2047

(e)

33,625

31,915

4.50%,

5/01/2047

(e)

43,903

43,084

4.00%,

6/01/2047

(e)

258,031

245,098

3.50%,

7/01/2047

(e)

130,011

121,690

3.00%,

8/01/2047

(e)

66,808

59,572

3.50%,

9/01/2047

(e)

199,263

182,426

3.50%,

10/01/2047

(e)

94,423

87,241

3.50%,

10/01/2047

(e)

171,615

158,084

3.50%,

10/01/2047

(e)

267,948

246,011

4.00%,

10/01/2047

(e)

52,804

50,022

3.50%,

11/01/2047

(e)

207,056

190,105

3.50%,

12/01/2047

(e)

155,400

142,678

175

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

National

Mortgage

Association

(continued)

3.50%,

12/01/2047

(e)

43,294

39,826

3.00%,

1/01/2048

(e)

87,368

77,676

3.50%,

1/01/2048

(e)

69,958

64,230

4.00%,

1/01/2048

(e)

80,339

76,106

4.50%,

1/01/2048

(e)

366,539

358,468

3.50%,

2/01/2048

(e)

418,314

384,068

3.50%,

2/01/2048

(e)

34,650

31,829

4.00%,

2/01/2048

(e)

56,988

53,985

3.50%,

3/01/2048

(e)

157,953

144,768

3.00%,

4/01/2048

(e)

149,124

135,489

3.50%,

4/01/2048

(e)

117,751

108,329

4.50%,

4/01/2048

(e)

8,674

8,457

3.50%,

5/01/2048

(e)

308,074

281,891

4.00%,

6/01/2048

(e)

723,745

697,851

4.50%,

8/01/2048

(e)

21,634

21,094

4.50%,

8/01/2048

(e)

124,135

121,120

3.00%,

9/01/2048

(e)

350,891

312,884

3.50%,

10/01/2048

(e)

129,704

119,085

4.50%,

10/01/2048

(e)

19,888

19,305

3.00%,

11/01/2048

(e)

121,634

108,104

4.00%,

11/01/2048

(e)

23,424

22,136

4.00%,

11/01/2048

(e)

52,633

49,860

3.00%,

2/01/2049

(e)

4,307,060

3,827,977

4.00%,

2/01/2049

(e)

15,074

14,245

4.00%,

3/01/2049

(e)

104,332

98,596

3.50%,

4/01/2049

(e)

33,171

30,334

3.50%,

4/01/2049

(e)

427,551

389,567

4.50%,

4/01/2049

(e)

40,233

39,252

4.00%,

5/01/2049

(e)

43,602

41,226

4.50%,

5/01/2049

(e)

14,963

14,598

4.50%,

5/01/2049

(e)

6,169

6,008

3.50%,

6/01/2049

(e)

90,593

82,633

4.00%,

6/01/2049

(e)

2,633,771

2,495,007

4.00%,

6/01/2049

(e)

468,045

443,386

4.00%,

6/01/2049

(e)

49,235

46,641

4.00%,

6/01/2049

(e)

121,568

115,163

3.50%,

7/01/2049

(e)

35,610

32,480

4.00%,

7/01/2049

(e)

8,812

8,310

5.00%,

7/01/2049

(e)

7,221

7,203

3.50%,

8/01/2049

(e)

98,179

88,968

3.50%,

8/01/2049

(e)

169,300

154,824

3.50%,

8/01/2049

(e)

3,372,365

3,096,274

4.50%,

8/01/2049

(e)

70,581

68,521

3.00%,

9/01/2049

(e)

411,398

361,569

3.50%,

9/01/2049

(e)

57,347

52,444

3.50%,

9/01/2049

(e)

31,986

29,175

4.00%,

9/01/2049

(e)

116,462

109,819

4.00%,

9/01/2049

(e)

879,843

830,400

4.00%,

9/01/2049

(e)

70,426

67,059

4.50%,

9/01/2049

(e)

10,798

10,523

5.00%,

9/01/2049

(e)

151,830

152,828

5.00%,

9/01/2049

(e)

49,119

48,995

3.00%,

10/01/2049

(e)

90,664

79,856

2.50%,

11/01/2049

(e)

185,518

156,023

3.00%,

11/01/2049

(e)

113,686

99,921

3.50%,

11/01/2049

(e)

211,570

192,979

176

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

National

Mortgage

Association

(continued)

4.50%,

11/01/2049

(e)

5,350

5,187

5.00%,

11/01/2049

(e)

121,272

121,347

3.00%,

12/01/2049

(e)

1,085,469

954,042

3.00%,

12/01/2049

(e)

55,096

48,618

3.50%,

12/01/2049

(e)

41,954

38,267

2.50%,

1/01/2050

(e)

1,579,874

1,328,699

3.50%,

1/01/2050

(e)

33,126

30,293

3.50%,

1/01/2050

(e)

364,301

334,476

3.00%,

2/01/2050

(e)

380,436

336,288

3.00%,

2/01/2050

(e)

45,145

39,906

3.00%,

2/01/2050

(e)

71,820

63,376

3.00%,

3/01/2050

(e)

45,925

40,575

4.00%,

3/01/2050

(e)

268,292

253,541

4.50%,

3/01/2050

(e)

51,590

50,245

5.00%,

3/01/2050

(e)

69,111

68,936

2.50%,

4/01/2050

(e)

295,520

248,253

2.50%,

4/01/2050

(e)

43,555

36,887

3.00%,

4/01/2050

(e)

45,816

40,236

3.00%,

4/01/2050

(e)

867,664

765,648

3.50%,

4/01/2050

(e)

200,048

183,480

4.00%,

4/01/2050

(e)

26,854

25,322

2.50%,

5/01/2050

(e)

196,044

166,253

2.50%,

5/01/2050

(e)

430,304

365,174

3.50%,

5/01/2050

(e)

11,946

10,898

3.50%,

5/01/2050

(e)

139,557

128,027

2.50%,

6/01/2050

(e)

149,945

127,113

4.00%,

6/01/2050

(e)

17,235

16,253

4.00%,

6/01/2050

(e)

32,479

30,544

5.00%,

6/01/2050

(e)

1,421,195

1,417,610

2.50%,

7/01/2050

(e)

72,087

60,985

3.00%,

7/01/2050

(e)

2,756,081

2,450,331

3.00%,

7/01/2050

(e)

50,512

44,582

3.00%,

7/01/2050

(e)

24,047

21,100

3.00%,

7/01/2050

(e)

46,285

40,796

3.00%,

7/01/2050

(e)

100,464

88,335

3.50%,

7/01/2050

(e)

20,089

18,315

3.50%,

7/01/2050

(e)

402,454

371,365

4.00%,

7/01/2050

(e)

137,168

129,142

2.00%,

8/01/2050

(e)

1,596,013

1,277,513

2.50%,

8/01/2050

(e)

138,155

116,583

2.50%,

8/01/2050

(e)

68,558

57,903

4.00%,

8/01/2050

(e)

405,756

383,647

4.00%,

8/01/2050

(e)

185,510

176,212

2.00%,

9/01/2050

(e)

34,385

27,513

2.00%,

9/01/2050

(e)

278,354

222,806

2.00%,

9/01/2050

(e)

637,100

512,361

2.00%,

9/01/2050

(e)

342,525

276,039

2.00%,

9/01/2050

(e)

489,631

395,600

2.00%,

9/01/2050

(e)

26,171

21,183

2.50%,

9/01/2050

(e)

602,806

513,473

2.50%,

9/01/2050

(e)

59,070

49,855

3.00%,

9/01/2050

(e)

156,038

137,147

3.00%,

9/01/2050

(e)

249,855

219,040

3.00%,

9/01/2050

(e)

34,052

29,928

3.50%,

9/01/2050

(e)

28,096

25,811

4.50%,

9/01/2050

(e)

158,154

153,515

177

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

National

Mortgage

Association

(continued)

2.00%,

10/01/2050

(e)

26,073

20,987

2.00%,

10/01/2050

(e)

442,624

356,289

2.00%,

10/01/2050

(e)

65,131

52,498

2.50%,

10/01/2050

(e)

657,527

547,529

3.00%,

10/01/2050

(e)

70,929

62,341

4.00%,

10/01/2050

(e)

35,007

32,922

1.50%,

11/01/2050

(e)

1,344,545

1,014,725

2.00%,

11/01/2050

(e)

667,651

534,052

2.00%,

11/01/2050

(e)

117,651

95,137

2.00%,

11/01/2050

(e)

1,779,806

1,434,337

2.50%,

11/01/2050

(e)

177,230

150,078

3.50%,

11/01/2050

(e)

172,797

157,632

2.00%,

12/01/2050

(e)

647,318

517,612

2.00%,

12/01/2050

(e)

1,074,105

860,006

2.00%,

12/01/2050

(e)

104,713

84,547

2.00%,

12/01/2050

(e)

137,422

110,506

2.00%,

12/01/2050

(e)

218,564

174,888

2.00%,

12/01/2050

(e)

479,535

386,267

2.00%,

12/01/2050

(e)

234,853

187,795

2.50%,

12/01/2050

(e)

216,168

181,938

2.50%,

12/01/2050

(e)

813,937

677,709

3.00%,

12/01/2050

(e)

281,141

246,206

3.00%,

12/01/2050

(e)

95,347

83,684

1.50%,

1/01/2051

(e)

1,514,743

1,141,037

2.00%,

1/01/2051

(e)

2,100,539

1,678,555

2.00%,

1/01/2051

(e)

419,088

334,896

2.00%,

1/01/2051

(e)

1,112,532

899,573

2.00%,

1/01/2051

(e)

140,884

113,675

2.00%,

1/01/2051

(e)

4,304,217

3,428,200

2.00%,

1/01/2051

(e)

163,944

131,049

3.00%,

1/01/2051

(e)

191,190

167,373

1.50%,

2/01/2051

(e)

1,849,096

1,397,493

1.50%,

2/01/2051

(e)

70,122

53,069

2.00%,

2/01/2051

(e)

1,222,818

977,132

2.50%,

2/01/2051

(e)

15,323

12,923

2.50%,

2/01/2051

(e)

474,247

396,924

2.50%,

2/01/2051

(e)

624,312

528,159

2.50%,

2/01/2051

(e)

193,401

163,375

2.50%,

2/01/2051

(e)

217,348

180,759

2.50%,

2/01/2051

(e)

119,940

100,873

3.50%,

2/01/2051

(e)

146,000

133,724

1.50%,

3/01/2051

(e)

55,848

42,345

2.00%,

3/01/2051

(e)

375,189

302,225

2.00%,

3/01/2051

(e)

793,849

633,672

4.00%,

3/01/2051

(e)

2,719,574

2,576,290

2.00%,

4/01/2051

(e)

110,145

87,915

2.00%,

4/01/2051

(e)

520,269

415,151

2.50%,

4/01/2051

(e)

458,277

383,558

2.50%,

4/01/2051

(e)

2,705,953

2,266,579

3.00%,

4/01/2051

(e)

823,324

725,939

2.00%,

5/01/2051

(e)

284,127

226,643

2.50%,

5/01/2051

(e)

2,466,241

2,065,665

2.50%,

5/01/2051

(e)

408,113

341,202

2.50%,

5/01/2051

(e)

579,807

485,103

2.50%,

5/01/2051

(e)

156,530

130,521

3.00%,

5/01/2051

(e)

507,674

440,375

178

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

National

Mortgage

Association

(continued)

3.00%,

5/01/2051

(e)

93,282

81,760

1.50%,

6/01/2051

(e)

155,159

117,610

1.50%,

6/01/2051

(e)

120,618

90,851

2.50%,

6/01/2051

(e)

103,801

88,021

3.00%,

6/01/2051

(e)

752,017

652,407

3.00%,

6/01/2051

(e)

124,392

108,988

2.00%,

7/01/2051

(e)

292,601

233,244

2.00%,

7/01/2051

(e)

106,458

85,185

2.00%,

7/01/2051

(e)

161,157

128,552

2.00%,

7/01/2051

(e)

231,666

186,775

2.00%,

7/01/2051

(e)

262,679

209,667

2.00%,

7/01/2051

(e)

420,346

335,514

2.00%,

7/01/2051

(e)

1,572,773

1,258,484

2.50%,

7/01/2051

(e)

507,512

422,076

2.50%,

7/01/2051

(e)

229,721

192,785

2.50%,

7/01/2051

(e)

71,921

60,572

2.50%,

7/01/2051

(e)

494,534

417,272

2.50%,

7/01/2051

(e)

298,072

251,038

3.50%,

7/01/2051

(e)

786,697

722,291

1.50%,

8/01/2051

(e)

83,063

62,623

2.00%,

8/01/2051

(e)

558,824

445,157

2.00%,

8/01/2051

(e)

214,665

171,908

2.00%,

8/01/2051

(e)

20,121

16,034

2.50%,

8/01/2051

(e)

373,100

313,659

2.50%,

8/01/2051

(e)

255,184

213,108

2.50%,

8/01/2051

(e)

333,903

282,594

2.50%,

8/01/2051

(e)

109,570

92,593

2.50%,

8/01/2051

(e)

423,295

357,294

2.50%,

8/01/2051

(e)

412,714

346,355

2.00%,

9/01/2051

(e)

500,801

398,801

2.00%,

9/01/2051

(e)

479,992

382,862

2.00%,

9/01/2051

(e)

2,242,294

1,791,779

2.50%,

9/01/2051

(e)

75,052

63,040

2.50%,

9/01/2051

(e)

259,332

215,822

2.50%,

9/01/2051

(e)

354,066

295,577

1.50%,

10/01/2051

(e)

1,228,091

925,685

2.00%,

10/01/2051

(e)

97,304

78,222

2.00%,

10/01/2051

(e)

3,460,400

2,751,914

2.00%,

10/01/2051

(e)

153,635

123,549

2.00%,

10/01/2051

(e)

176,007

141,492

2.00%,

10/01/2051

(e)

80,790

64,420

2.00%,

10/01/2051

(e)

1,020,786

821,877

2.00%,

10/01/2051

(e)

163,023

129,990

2.50%,

10/01/2051

(e)

1,017,364

848,986

2.50%,

10/01/2051

(e)

802,693

671,818

2.50%,

10/01/2051

(e)

393,863

330,291

1.50%,

11/01/2051

(e)

42,302

31,883

2.00%,

11/01/2051

(e)

940,534

746,023

2.00%,

11/01/2051

(e)

810,864

647,096

2.00%,

11/01/2051

(e)

5,442,043

4,350,120

2.50%,

11/01/2051

(e)

5,259,246

4,387,189

2.50%,

11/01/2051

(e)

371,072

314,167

2.50%,

11/01/2051

(e)

387,468

323,460

2.50%,

11/01/2051

(e)

233,290

197,824

2.50%,

11/01/2051

(e)

106,565

88,626

3.00%,

11/01/2051

(e)

94,919

82,926

179

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

National

Mortgage

Association

(continued)

2.00%,

12/01/2051

(e)

624,215

497,756

2.00%,

12/01/2051

(e)

120,422

96,742

2.00%,

12/01/2051

(e)

196,430

158,048

2.50%,

12/01/2051

(e)

235,596

196,721

2.50%,

12/01/2051

(e)

184,752

153,823

2.50%,

12/01/2051

(e)

906,795

764,395

2.50%,

12/01/2051

(e)

77,945

65,445

2.50%,

12/01/2051

(e)

971,396

815,022

2.50%,

12/01/2051

(e)

476,147

399,699

3.00%,

12/01/2051

(e)

3,212,567

2,816,579

3.00%,

12/01/2051

(e)

911,575

799,995

3.00%,

12/01/2051

(e)

37,638

33,031

3.50%,

12/01/2051

(e)

336,319

308,587

3.50%,

12/01/2051

(e)

219,707

200,865

2.00%,

1/01/2052

(e)

1,300,328

1,034,426

2.50%,

1/01/2052

(e)

150,209

125,395

2.50%,

1/01/2052

(e)

143,795

119,996

2.50%,

1/01/2052

(e)

135,105

112,361

2.50%,

1/01/2052

(e)

208,282

176,506

2.50%,

1/01/2052

(e)

373,796

316,141

2.50%,

1/01/2052

(e)

132,922

111,908

3.00%,

1/01/2052

(e)

118,974

104,611

3.50%,

1/01/2052

(e)

140,666

127,275

3.50%,

1/01/2052

(e)

60,861

55,838

2.00%,

2/01/2052

(e)

3,583,686

2,851,836

2.00%,

2/01/2052

(e)

218,953

176,050

2.00%,

2/01/2052

(e)

252,983

201,447

2.00%,

2/01/2052

(e)

1,911,892

1,522,683

2.00%,

2/01/2052

(e)

3,125,174

2,488,973

2.00%,

2/01/2052

(e)

394,665

314,818

2.50%,

2/01/2052

(e)

90,374

76,263

2.50%,

2/01/2052

(e)

3,231,604

2,694,756

2.50%,

2/01/2052

(e)

632,260

531,709

2.50%,

2/01/2052

(e)

79,448

66,923

2.50%,

2/01/2052

(e)

177,537

148,922

2.50%,

2/01/2052

(e)

243,023

202,500

3.00%,

2/01/2052

(e)

245,238

214,561

1.50%,

3/01/2052

(e)

21,120

15,913

2.00%,

3/01/2052

(e)

474,907

382,036

2.00%,

3/01/2052

(e)

362,907

293,407

2.00%,

3/01/2052

(e)

95,340

76,943

2.00%,

3/01/2052

(e)

94,277

75,815

2.50%,

3/01/2052

(e)

1,660,161

1,391,541

2.50%,

3/01/2052

(e)

136,072

114,100

2.50%,

3/01/2052

(e)

534,074

446,014

2.50%,

3/01/2052

(e)

86,607

72,109

3.00%,

3/01/2052

(e)

236,972

207,327

3.00%,

3/01/2052

(e)

44,194

38,583

3.00%,

3/01/2052

(e)

578,889

502,149

3.00%,

3/01/2052

(e)

161,535

141,156

3.50%,

3/01/2052

(e)

37,502

33,848

3.50%,

3/01/2052

(e)

157,585

142,243

1.50%,

4/01/2052

(e)

535,761

403,918

1.50%,

4/01/2052

(e)

89,229

67,221

2.00%,

4/01/2052

(e)

402,817

320,664

2.00%,

4/01/2052

(e)

3,799,094

3,028,411

180

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

National

Mortgage

Association

(continued)

2.00%,

4/01/2052

(e)

181,993

146,431

2.00%,

4/01/2052

(e)

107,739

85,518

2.00%,

4/01/2052

(e)

474,002

376,240

3.00%,

4/01/2052

(e)

832,631

723,251

3.50%,

4/01/2052

(e)

124,670

112,855

3.50%,

4/01/2052

(e)

135,014

122,619

3.50%,

4/01/2052

(e)

106,559

96,297

2.00%,

5/01/2052

(e)

890,852

708,925

2.50%,

5/01/2052

(e)

127,979

106,555

2.50%,

5/01/2052

(e)

91,433

76,041

3.00%,

5/01/2052

(e)

353,438

310,051

3.50%,

5/01/2052

(e)

167,789

152,517

3.50%,

5/01/2052

(e)

85,875

77,537

3.50%,

5/01/2052

(e)

42,231

38,169

4.00%,

5/01/2052

(e)

83,866

78,329

4.00%,

5/01/2052

(e)

22,100

20,678

2.00%,

6/01/2052

(e)

939,006

744,811

2.00%,

6/01/2052

(e)

1,053,524

839,234

2.00%,

6/01/2052

(e)

215,161

171,163

3.00%,

6/01/2052

(e)

2,433,141

2,111,355

3.00%,

6/01/2052

(e)

437,309

382,273

3.00%,

6/01/2052

(e)

527,220

458,164

3.50%,

6/01/2052

(e)

469,562

428,370

3.50%,

6/01/2052

(e)

176,478

160,402

3.50%,

6/01/2052

(e)

166,061

150,746

3.50%,

6/01/2052

(e)

61,889

56,182

3.50%,

6/01/2052

(e)

21,550

19,473

4.00%,

6/01/2052

(e)

232,895

218,038

2.50%,

7/01/2052

(e)

472,311

392,800

2.50%,

7/01/2052

(e)

641,991

534,521

3.50%,

7/01/2052

(e)

131,819

120,412

4.00%,

7/01/2052

(e)

194,368

181,568

4.50%,

7/01/2052

(e)

3,414,734

3,314,561

4.50%,

7/01/2052

(e)

122,654

118,153

4.50%,

7/01/2052

(e)

20,423

19,585

2.50%,

8/01/2052

(e)

21,239

17,684

3.50%,

8/01/2052

(e)

453,078

409,466

3.50%,

8/01/2052

(e)

335,002

304,845

3.50%,

8/01/2052

(e)

267,500

242,212

3.50%,

8/01/2052

(e)

211,461

190,874

4.50%,

8/01/2052

(e)

152,237

146,350

5.00%,

8/01/2052

(e)

38,947

38,327

5.00%,

8/01/2052

(e)

63,790

63,144

5.00%,

8/01/2052

(e)

19,484

19,166

2.50%,

9/01/2052

(e)

602,846

501,929

2.50%,

9/01/2052

(e)

1,882,905

1,571,860

2.50%,

9/01/2052

(e)

757,598

632,447

2.50%,

9/01/2052

(e)

85,227

71,016

4.00%,

9/01/2052

(e)

84,809

79,162

4.50%,

9/01/2052

(e)

83,087

79,665

4.50%,

9/01/2052

(e)

246,580

236,474

4.50%,

9/01/2052

(e)

225,882

216,542

5.00%,

9/01/2052

(e)

42,057

41,377

5.00%,

9/01/2052

(e)

35,913

35,319

5.00%,

9/01/2052

(e)

3,610,975

3,552,072

5.00%,

9/01/2052

(e)

124,878

122,860

181

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

National

Mortgage

Association

(continued)

3.50%,

10/01/2052

(e)

34,917

31,544

4.00%,

10/01/2052

(e)

21,030

19,626

4.00%,

10/01/2052

(e)

125,269

117,538

4.50%,

10/01/2052

(e)

3,419,609

3,278,218

5.00%,

10/01/2052

(e)

257,229

252,882

5.50%,

10/01/2052

(e)

18,753

18,798

5.50%,

10/01/2052

(e)

254,069

255,031

4.00%,

11/01/2052

(e)

21,930

20,463

4.50%,

11/01/2052

(e)

128,247

122,925

5.50%,

11/01/2052

(e)

164,149

164,685

5.50%,

12/01/2052

(e)

61,168

61,314

6.00%,

12/01/2052

(e)

154,526

158,635

4.00%,

1/01/2053

(e)

173,371

161,745

5.50%,

1/01/2053

(e)

1,438,810

1,440,357

4.00%,

2/01/2053

(e)

107,780

100,647

4.00%,

2/01/2053

(e)

3,298,469

3,076,781

4.50%,

2/01/2053

(e)

324,971

311,383

5.00%,

2/01/2053

(e)

175,379

172,344

5.50%,

2/01/2053

(e)

128,505

129,541

5.50%,

2/01/2053

(e)

816,294

817,793

6.00%,

2/01/2053

(e)

20,110

20,590

6.00%,

2/01/2053

(e)

283,495

289,947

3.00%,

3/01/2053

(e)

919,246

797,781

4.00%,

3/01/2053

(e)

66,470

62,317

4.00%,

3/01/2053

(e)

138,710

129,366

5.00%,

3/01/2053

(e)

42,543

41,781

5.50%,

3/01/2053

(e)

105,447

105,529

5.00%,

4/01/2053

(e)

64,540

63,407

5.00%,

4/01/2053

(e)

44,856

44,048

5.50%,

4/01/2053

(e)

81,935

81,869

4.00%,

5/01/2053

(e)

115,589

107,905

5.00%,

5/01/2053

(e)

151,615

148,819

5.00%,

5/01/2053

(e)

66,054

64,863

5.50%,

5/01/2053

(e)

458,000

457,599

4.50%,

6/01/2053

(e)

33,919

32,602

4.50%,

6/01/2053

(e)

67,591

64,642

4.50%,

6/01/2053

(e)

22,705

21,728

5.50%,

6/01/2053

(e)

88,608

88,502

5.50%,

6/01/2053

(e)

43,453

43,481

5.50%,

6/01/2053

(e)

63,404

63,344

6.00%,

6/01/2053

(e)

599,019

608,488

4.50%,

7/01/2053

(e)

234,148

223,932

5.00%,

7/01/2053

(e)

65,281

64,537

5.00%,

7/01/2053

(e)

21,916

21,551

5.00%,

7/01/2053

(e)

266,513

261,583

5.50%,

7/01/2053

(e)

469,150

469,164

5.50%,

7/01/2053

(e)

300,495

302,316

6.00%,

7/01/2053

(e)

418,680

425,474

6.00%,

7/01/2053

(e)

420,400

429,337

6.50%,

7/01/2053

(e)

873,433

899,615

5.00%,

8/01/2053

(e)

269,647

266,930

5.00%,

8/01/2053

(e)

90,278

88,753

6.00%,

8/01/2053

(e)

208,935

212,309

4.50%,

9/01/2053

(e)

92,944

88,889

5.50%,

9/01/2053

(e)

375,730

375,656

6.00%,

9/01/2053

(e)

88,369

90,007

182

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

National

Mortgage

Association

(continued)

6.00%,

9/01/2053

(e)

340,336

346,420

6.50%,

9/01/2053

(e)

202,555

210,926

5.50%,

10/01/2053

(e)

45,933

45,917

6.00%,

10/01/2053

(e)

415,487

422,132

6.00%,

10/01/2053

(e)

430,485

441,287

6.00%,

10/01/2053

(e)

261,037

265,335

6.50%,

10/01/2053

(e)

210,038

219,230

6.50%,

10/01/2053

(e)

211,817

219,758

5.00%,

11/01/2053

(e)

508,143

498,625

5.50%,

11/01/2053

(e)

259,774

261,950

5.50%,

11/01/2053

(e)

222,679

222,704

6.00%,

11/01/2053

(e)

630,119

640,197

6.50%,

11/01/2053

(e)

177,837

183,167

5.50%,

12/01/2053

(e)

1,525,096

1,523,195

6.00%,

12/01/2053

(e)

376,128

382,115

6.50%,

1/01/2054

(e)

673,305

693,488

6.50%,

1/01/2054

(e)

18,620

19,208

6.50%,

1/01/2054

(e)

250,175

259,653

7.00%,

1/01/2054

(e)

57,362

59,917

5.00%,

2/01/2054

(e)

93,417

92,069

6.50%,

2/01/2054

(e)

347,857

358,284

5.50%,

3/01/2054

(e)

68,246

68,645

4.00%,

4/01/2054

(e)

47,216

43,990

5.00%,

4/01/2054

(e)

1,456,181

1,428,229

5.50%,

4/01/2054

(e)

69,677

70,292

6.00%,

4/01/2054

(e)

83,931

85,230

6.00%,

5/01/2054

(e)

509,477

517,322

5.50%,

6/01/2054

(e)

144,316

145,352

6.00%,

6/01/2054

(e)

671,404

681,268

6.00%,

7/01/2054

(e)

706,448

719,036

6.50%,

7/01/2054

(e)

43,489

45,043

6.50%,

7/01/2054

(e)

83,685

86,156

6.00%,

8/01/2054

(e)

1,387,522

1,407,672

6.50%,

8/01/2054

(e)

880,575

906,573

6.50%,

9/01/2054

(e)

1,365,629

1,405,949

5.50%,

10/01/2054

(e)

480,001

484,019

6.00%,

10/01/2054

(e)

467,416

474,204

5.00%,

1/01/2055

(e)

515,411

504,668

6.00%,

1/01/2055

(e)

193,479

196,339

3.50%,

2/01/2055

(e)

395,548

356,901

4.00%,

5/15/2055

(e)(f)

1,175,000

1,094,532

4.50%,

5/15/2055

(e)(f)

650,000

621,451

5.00%,

5/15/2055

(e)(f)

1,675,000

1,639,694

5.50%,

5/15/2055

(e)(f)

4,150,000

4,140,368

6.00%,

5/15/2055

(e)(f)

3,900,000

3,956,004

6.50%,

5/15/2055

(e)(f)

2,725,000

2,806,205

7.00%,

5/15/2055

(e)(f)

2,100,000

2,195,550

5.00%,

6/15/2055

(e)(f)

200,000

195,709

5.50%,

6/15/2055

(e)(f)

525,000

523,455

6.00%,

6/15/2055

(e)(f)

1,250,000

1,267,150

6.50%,

6/15/2055

(e)(f)

350,000

360,122

7.00%,

6/15/2055

(e)(f)

100,000

104,568

Federal

National

Mortgage

Association

REMICs

Series

2017-M13,

Class

A2,

3.03%,

9/25/2027

(e)

200,712

195,882

Series

2022-M11,

Class

A2,

3.07%,

10/25/2027

(e)

139,506

136,214

Series

2018-M1,

Class

A2,

3.09%,

12/25/2027

(e)

31,864

31,102

183

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Federal

National

Mortgage

Association

REMICs

(continued)

Series

2019-M1,

Class

A2,

3.66%,

9/25/2028

(e)

20,783

20,472

Series

2019-M5,

Class

A2,

3.27%,

2/25/2029

(e)

37,236

36,250

Series

2019-M7,

Class

A2,

3.14%,

4/25/2029

(e)

15,534

15,013

Series

2019-M12,

Class

A2,

2.89%,

6/25/2029

(e)

96,667

92,491

Series

2019-M22,

Class

A2,

2.52%,

8/25/2029

(e)

35,227

33,165

Series

2020-M1,

Class

A1,

2.15%,

10/25/2029

(e)

13,153

12,748

Series

2020-M1,

Class

A2,

2.44%,

10/25/2029

(e)

200,000

186,516

Series

2019-M25,

Class

A2,

2.33%,

11/25/2029

(e)

721,604

671,758

Series

2020-M42,

Class

A2,

1.27%,

7/25/2030

(e)

750,000

649,101

Series

2018-M12,

Class

A2,

3.75%,

8/25/2030

(e)

600,000

584,483

Series

2018-M13,

Class

A2,

3.87%,

9/25/2030

(e)

7,376

7,213

Series

2021-M1G,

Class

A2,

1.52%,

11/25/2030

(e)

60,000

51,752

Series

2022-M3,

Class

A2,

1.76%,

11/25/2031

(e)

100,000

84,744

Series

2022-M13,

Class

A2,

2.68%,

6/25/2032

(e)

240,000

213,796

Series

2021-M13,

Class

2A1,

1.49%,

11/25/2032

(e)

68,142

62,230

Series

2023-M8,

Class

A2,

4.62%,

3/25/2033

(e)

500,000

499,395

Government

National

Mortgage

Association

II

3.50%,

10/20/2026

4,258

4,224

5.00%,

9/20/2039

52,702

53,452

4.50%,

2/20/2040

23,157

22,930

4.00%,

10/20/2040

15,097

14,491

5.00%,

10/20/2040

18,242

18,534

4.00%,

11/20/2040

40,301

38,683

4.50%,

1/20/2041

10,576

10,481

4.50%,

9/20/2041

20,483

20,340

4.00%,

11/20/2041

14,042

13,478

3.00%,

6/20/2042

17,041

15,540

3.00%,

8/20/2042

40,762

37,172

2.50%,

2/20/2043

122,459

108,246

3.50%,

2/20/2043

33,603

31,288

3.50%,

3/20/2043

25,157

23,405

3.00%,

4/20/2043

52,751

47,977

3.50%,

7/20/2043

67,153

62,475

4.00%,

6/20/2044

1,310,077

1,251,025

3.50%,

9/20/2044

145,906

135,177

4.00%,

11/20/2044

167,221

159,684

4.50%,

1/20/2045

20,763

20,439

3.50%,

2/20/2045

25,919

24,013

3.50%,

6/20/2045

195,825

180,521

3.00%,

8/20/2045

232,055

208,976

3.50%,

11/20/2045

178,922

164,939

3.50%,

12/20/2045

34,853

32,129

3.50%,

3/20/2046

258,877

238,645

4.00%,

3/20/2046

82,011

77,981

3.00%,

4/20/2046

32,588

29,296

3.00%,

6/20/2046

391,451

352,228

3.50%,

6/20/2046

65,243

59,888

4.00%,

6/20/2046

99,793

94,544

3.00%,

9/20/2046

158,265

142,152

2.50%,

10/20/2046

7,377

6,367

3.00%,

10/20/2046

161,486

145,214

3.00%,

11/20/2046

354,973

318,833

3.50%,

11/20/2046

69,770

64,043

3.00%,

12/20/2046

88,083

79,115

3.00%,

1/20/2047

68,791

61,787

4.00%,

1/20/2047

85,617

81,114

184

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Government

National

Mortgage

Association

II

(continued)

3.00%,

2/20/2047

313,815

281,866

3.50%,

2/20/2047

268,045

245,430

4.00%,

2/20/2047

57,271

54,259

3.00%,

5/20/2047

57,940

51,897

3.50%,

5/20/2047

94,986

87,072

3.00%,

7/20/2047

461,989

413,809

4.00%,

8/20/2047

149,839

141,626

4.50%,

9/20/2047

25,928

25,360

3.00%,

10/20/2047

8,560

7,668

3.00%,

1/20/2048

376,283

337,041

3.50%,

1/20/2048

325,608

298,203

3.50%,

2/20/2048

126,093

115,276

4.50%,

3/20/2048

139,124

136,079

4.00%,

4/20/2048

272,875

257,433

3.50%,

5/20/2048

118,215

108,365

4.50%,

5/20/2048

113,672

111,184

4.50%,

6/20/2048

71,164

69,465

5.00%,

6/20/2048

57,343

57,159

4.00%,

7/20/2048

9,956

9,393

4.00%,

9/20/2048

10,346

9,765

3.50%,

10/20/2048

1,221,098

1,119,580

4.00%,

11/20/2048

30,440

28,730

4.50%,

11/20/2048

75,341

73,543

5.00%,

12/20/2048

32,404

32,184

3.50%,

1/20/2049

84,336

77,553

4.50%,

1/20/2049

19,103

18,647

3.50%,

2/20/2049

133,745

122,274

4.00%,

2/20/2049

1,301,196

1,227,565

4.50%,

2/20/2049

1,223,021

1,193,830

5.00%,

2/20/2049

27,257

27,072

3.50%,

3/20/2049

17,920

16,430

4.00%,

3/20/2049

67,708

63,877

3.50%,

4/20/2049

434,941

398,782

4.00%,

5/20/2049

43,375

40,786

3.00%,

6/20/2049

2,743,599

2,457,470

3.00%,

7/20/2049

1,349,832

1,205,901

3.00%,

8/20/2049

27,824

24,834

3.50%,

9/20/2049

151,723

139,124

4.00%,

9/20/2049

132,412

124,510

3.00%,

10/20/2049

143,857

128,173

4.50%,

10/20/2049

63,624

62,106

2.50%,

11/20/2049

1,292,249

1,108,142

3.50%,

11/20/2049

287,574

263,695

2.50%,

12/20/2049

68,049

58,349

3.50%,

12/20/2049

36,867

33,805

3.00%,

1/20/2050

624,768

556,758

3.50%,

1/20/2050

25,941

23,787

3.00%,

2/20/2050

308,752

274,556

3.50%,

4/20/2050

68,518

62,828

3.50%,

5/20/2050

55,438

50,835

4.00%,

5/20/2050

70,579

66,400

5.00%,

5/20/2050

23,411

23,522

2.50%,

6/20/2050

411,433

351,171

2.50%,

7/20/2050

485,836

414,640

3.50%,

7/20/2050

1,158,023

1,061,864

2.00%,

8/20/2050

599,551

489,211

185

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Government

National

Mortgage

Association

II

(continued)

3.00%,

8/20/2050

25,804

22,963

4.00%,

8/20/2050

68,901

64,821

4.50%,

8/20/2050

15,851

15,472

2.50%,

9/20/2050

1,114,532

951,031

4.50%,

9/20/2050

13,005

12,694

2.00%,

10/20/2050

507,313

413,869

2.50%,

10/20/2050

3,431,306

2,927,670

2.00%,

11/20/2050

2,483,939

2,026,222

3.00%,

11/20/2050

1,560,310

1,388,153

3.50%,

11/20/2050

18,054

16,554

2.00%,

12/20/2050

795,161

648,574

2.50%,

12/20/2050

745,528

635,986

3.50%,

12/20/2050

9,743

8,977

2.00%,

1/20/2051

3,263,105

2,661,306

2.50%,

1/20/2051

230,828

196,746

3.00%,

1/20/2051

434,582

385,886

1.50%,

2/20/2051

69,078

53,739

2.50%,

2/20/2051

200,369

170,903

3.00%,

2/20/2051

157,538

140,039

2.00%,

3/20/2051

1,004,505

819,096

2.50%,

3/20/2051

367,698

313,596

4.00%,

3/20/2051

42,215

39,715

2.00%,

4/20/2051

116,344

94,867

2.50%,

4/20/2051

267,486

228,108

3.50%,

4/20/2051

83,444

76,837

2.00%,

5/20/2051

357,051

291,133

2.50%,

5/20/2051

319,969

272,840

2.00%,

6/20/2051

1,633,821

1,332,158

2.50%,

6/20/2051

853,624

727,826

2.50%,

7/20/2051

17,340

14,783

3.50%,

7/20/2051

77,572

71,379

2.00%,

8/20/2051

694,690

566,397

2.50%,

8/20/2051

389,718

332,225

2.00%,

9/20/2051

1,093,883

891,847

2.50%,

9/20/2051

746,458

636,280

3.00%,

9/20/2051

2,072,527

1,841,637

2.00%,

10/20/2051

620,909

506,218

2.50%,

10/20/2051

3,661,886

3,121,104

3.50%,

10/20/2051

348,031

317,438

2.00%,

11/20/2051

1,373,484

1,119,753

2.50%,

11/20/2051

373,632

318,426

3.00%,

11/20/2051

295,998

262,453

2.00%,

12/20/2051

3,616,475

2,948,311

2.50%,

12/20/2051

378,203

322,321

3.00%,

12/20/2051

157,499

139,759

2.00%,

1/20/2052

2,276,422

1,855,796

2.50%,

1/20/2052

3,551,619

3,026,572

3.00%,

1/20/2052

764,825

677,916

3.50%,

1/20/2052

470,420

428,843

2.50%,

2/20/2052

1,403,789

1,196,235

3.50%,

2/20/2052

422,972

385,554

2.00%,

3/20/2052

382,731

312,023

2.50%,

3/20/2052

836,670

713,086

3.00%,

3/20/2052

1,077,401

954,569

2.00%,

4/20/2052

36,200

29,512

3.00%,

4/20/2052

236,457

209,499

186

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Government

National

Mortgage

Association

II

(continued)

3.50%,

4/20/2052

468,163

426,080

3.00%,

5/20/2052

160,250

141,980

3.50%,

5/20/2052

364,956

332,122

2.50%,

6/20/2052

204,434

174,237

3.00%,

6/20/2052

40,203

35,619

4.00%,

6/20/2052

141,629

132,401

3.00%,

7/20/2052

394,846

349,830

3.50%,

7/20/2052

530,954

483,103

4.50%,

7/20/2052

344,975

331,866

5.00%,

7/20/2052

106,965

105,399

3.00%,

8/20/2052

135,704

120,233

3.50%,

8/20/2052

2,299,408

2,092,360

4.00%,

8/20/2052

186,949

174,769

4.50%,

8/20/2052

445,479

428,551

4.00%,

9/20/2052

230,468

215,452

4.50%,

9/20/2052

267,925

257,743

5.50%,

9/20/2052

108,943

109,439

3.50%,

10/20/2052

84,489

76,781

4.50%,

10/20/2052

606,682

584,059

5.00%,

10/20/2052

32,297

31,824

3.00%,

11/20/2052

28,788

25,536

4.00%,

11/20/2052

148,893

139,192

4.50%,

11/20/2052

21,034

20,251

4.00%,

12/20/2052

295,381

276,135

6.50%,

12/20/2052

46,511

47,621

5.00%,

1/20/2053

204,650

201,654

5.50%,

1/20/2053

131,164

131,696

3.50%,

2/20/2053

41,562

38,253

4.50%,

2/20/2053

446,074

429,124

5.00%,

2/20/2053

2,494,620

2,458,098

5.50%,

2/20/2053

761,554

764,642

4.50%,

3/20/2053

402,737

387,433

4.00%,

4/20/2053

87,511

81,809

4.50%,

4/20/2053

221,079

212,578

5.50%,

4/20/2053

161,694

162,202

3.50%,

5/20/2053

53,922

49,445

4.00%,

5/20/2053

30,816

28,809

5.50%,

5/20/2053

102,599

102,921

6.50%,

5/20/2053

76,485

78,543

3.50%,

6/20/2053

221,529

204,037

4.00%,

6/20/2053

66,887

62,529

4.50%,

6/20/2053

67,560

64,962

5.00%,

6/20/2053

146,550

144,285

4.00%,

7/20/2053

303,897

284,097

4.50%,

7/20/2053

182,370

175,357

5.00%,

7/20/2053

416,927

410,484

5.50%,

7/20/2053

186,777

187,364

3.50%,

8/20/2053

61,942

56,798

4.00%,

8/20/2053

1,741,874

1,628,385

4.50%,

8/20/2053

775,906

746,069

5.00%,

8/20/2053

902,729

888,778

4.00%,

9/20/2053

226,199

211,461

5.00%,

9/20/2053

495,065

487,414

4.00%,

10/20/2053

159,786

149,391

5.00%,

10/20/2053

185,050

182,190

5.50%,

10/20/2053

1,951,088

1,957,215

187

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Government

Agencies

–

26.4%

(continued)

Government

National

Mortgage

Association

II

(continued)

3.50%,

11/20/2053

65,143

60,042

4.00%,

11/20/2053

334,655

312,851

6.00%,

11/20/2053

1,853,484

1,884,402

5.00%,

12/20/2053

94,130

92,675

5.50%,

12/20/2053

43,489

43,625

6.50%,

12/20/2053

126,374

129,775

5.00%,

1/20/2054

23,318

22,960

6.00%,

1/20/2054

709,044

720,872

4.50%,

2/20/2054

262,961

252,849

5.50%,

2/20/2054

928,983

931,900

6.00%,

3/20/2054

891,231

902,201

5.00%,

4/20/2054

190,609

186,973

4.00%,

5/20/2054

170,231

158,849

4.50%,

5/20/2054

34,164

32,748

5.50%,

5/20/2054

616,864

617,332

5.00%,

6/20/2054

194,307

190,601

6.00%,

6/20/2054

44,907

45,521

6.50%,

6/20/2054

857,650

878,158

6.00%,

7/20/2054

523,826

530,274

6.50%,

7/20/2054

142,131

145,371

6.00%,

8/20/2054

264,584

267,841

3.50%,

10/20/2054

172,462

156,627

5.00%,

10/20/2054

147,918

145,097

5.00%,

1/20/2055

710,730

697,175

3.50%,

5/15/2055

(f)

625,000

567,686

4.50%,

5/15/2055

(f)

2,975,000

2,846,266

5.00%,

5/15/2055

(f)

4,225,000

4,142,976

5.50%,

5/15/2055

(f)

6,300,000

6,293,958

6.00%,

5/15/2055

(f)

3,025,000

3,058,759

6.50%,

5/15/2055

(f)

1,875,000

1,916,606

7.00%,

5/15/2055

(f)

850,000

875,398

4.00%,

6/15/2055

(f)

25,000

23,265

4.50%,

6/15/2055

(f)

100,000

95,656

5.00%,

6/15/2055

(f)

100,000

98,011

5.50%,

6/15/2055

(f)

350,000

349,310

6.00%,

6/15/2055

(f)

375,000

378,893

6.50%,

6/15/2055

(f)

125,000

127,733

Tennessee

Valley

Authority

3.88%,

3/15/2028

390,000

392,120

7.13%,

5/01/2030

150,000

172,194

Series

B,

4.70%,

7/15/2033

307,000

313,668

4.38%,

8/01/2034

100,000

99,706

5.25%,

9/15/2039

210,000

219,768

5.38%,

4/01/2056

200,000

198,350

4.25%,

9/15/2065

150,000

120,332

Total

U.S.

Government

Agencies

(cost

$507,013,927)

497,935,956

U.S.

Treasury

Government

Securities

–

44.9%

U.S.

Treasury

Bonds

5.25%,

11/15/2028

135,000

141,950

4.50%,

2/15/2036

(a)

3,750,000

3,868,359

4.38%,

11/15/2039

260,000

256,831

1.13%,

5/15/2040

745,000

466,207

1.13%,

8/15/2040

1,185,000

733,959

3.88%,

8/15/2040

89,600

83,034

188

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Treasury

Government

Securities

–

44.9%

(continued)

U.S.

Treasury

Bonds

(continued)

1.38%,

11/15/2040

4,135,000

2,656,091

4.25%,

11/15/2040

888,100

858,265

1.88%,

2/15/2041

5,965,000

4,134,491

2.25%,

5/15/2041

5,269,600

3,858,335

4.38%,

5/15/2041

1,440,000

1,407,375

1.75%,

8/15/2041

4,044,000

2,706,321

3.75%,

8/15/2041

264,200

238,647

2.00%,

11/15/2041

2,562,000

1,776,987

2.38%,

2/15/2042

5,575,000

4,089,785

3.13%,

2/15/2042

1,215,000

999,907

3.00%,

5/15/2042

1,845,000

1,485,225

3.25%,

5/15/2042

5,505,000

4,596,675

2.75%,

8/15/2042

457,000

352,747

3.38%,

8/15/2042

5,330,000

4,517,175

2.75%,

11/15/2042

508,000

390,287

4.00%,

11/15/2042

5,240,000

4,832,263

3.13%,

2/15/2043

135,000

109,477

3.88%,

2/15/2043

5,100,000

4,615,500

2.88%,

5/15/2043

2,611,800

2,029,858

3.88%,

5/15/2043

4,108,000

3,709,396

3.63%,

8/15/2043

1,559,000

1,354,138

4.38%,

8/15/2043

3,168,000

3,054,645

3.75%,

11/15/2043

614,600

542,288

4.75%,

11/15/2043

1,250,000

1,263,477

3.63%,

2/15/2044

1,150,000

994,391

4.50%,

2/15/2044

2,630,000

2,570,414

3.38%,

5/15/2044

1,845,000

1,532,791

4.63%,

5/15/2044

250,000

248,047

3.13%,

8/15/2044

700,000

557,266

4.13%,

8/15/2044

1,509,000

1,398,654

3.00%,

11/15/2044

2,185,000

1,699,179

4.63%,

11/15/2044

1,805,000

1,788,078

4.75%,

2/15/2045

1,095,000

1,102,870

3.00%,

5/15/2045

1,858,000

1,437,918

2.50%,

2/15/2046

3,225,000

2,259,012

2.50%,

5/15/2046

4,905,000

3,421,237

2.25%,

8/15/2046

5,878,000

3,888,664

3.00%,

2/15/2047

1,765,000

1,338,642

3.00%,

5/15/2047

1,207,000

914,114

2.75%,

8/15/2047

665,000

479,216

3.00%,

2/15/2048

1,931,000

1,449,457

3.13%,

5/15/2048

200,000

153,438

3.00%,

8/15/2048

2,675,000

1,999,563

3.38%,

11/15/2048

802,000

640,723

3.00%,

2/15/2049

895,000

666,216

2.88%,

5/15/2049

3,725,000

2,701,207

2.25%,

8/15/2049

3,755,000

2,380,318

2.38%,

11/15/2049

7,565,000

4,917,250

2.00%,

2/15/2050

1,433,000

851,292

1.38%,

8/15/2050

5,445,000

2,717,395

1.63%,

11/15/2050

(a)

3,975,000

2,119,172

1.88%,

2/15/2051

8,783,000

4,992,587

2.38%,

5/15/2051

1,265,000

811,774

2.00%,

8/15/2051

3,700,000

2,159,875

1.88%,

11/15/2051

7,745,000

4,362,613

2.25%,

2/15/2052

7,054,900

4,363,015

189

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Treasury

Government

Securities

–

44.9%

(continued)

U.S.

Treasury

Bonds

(continued)

2.88%,

5/15/2052

1,980,300

1,411,273

3.00%,

8/15/2052

1,108,700

811,083

4.00%,

11/15/2052

3,950,000

3,505,008

3.63%,

2/15/2053

5,600,000

4,635,750

3.63%,

5/15/2053

5,115,000

4,235,859

4.13%,

8/15/2053

4,940,000

4,479,191

4.75%,

11/15/2053

2,000,000

2,011,875

4.25%,

2/15/2054

2,440,000

2,260,431

4.63%,

5/15/2054

4,953,900

4,888,880

4.25%,

8/15/2054

(a)

5,315,000

4,931,323

4.50%,

11/15/2054

5,225,000

5,060,902

4.63%,

2/15/2055

3,210,000

3,178,402

U.S.

Treasury

Notes

1.63%,

5/15/2026

1,548,200

1,512,821

3.63%,

5/15/2026

6,720,000

6,702,150

0.75%,

5/31/2026

779,200

753,541

2.13%,

5/31/2026

6,183,600

6,069,590

4.88%,

5/31/2026

4,410,000

4,455,478

4.13%,

6/15/2026

905,600

908,359

1.88%,

6/30/2026

321,600

314,452

4.63%,

6/30/2026

3,950,000

3,985,180

0.63%,

7/31/2026

4,535,000

4,360,686

4.38%,

7/31/2026

1,190,000

1,198,181

1.50%,

8/15/2026

2,680,900

2,604,243

4.38%,

8/15/2026

(a)

4,705,000

4,739,736

0.75%,

8/31/2026

2,450,000

2,354,584

1.38%,

8/31/2026

1,030,000

998,255

3.75%,

8/31/2026

(a)

3,955,000

3,953,301

4.63%,

9/15/2026

2,110,000

2,134,727

0.88%,

9/30/2026

(a)

2,363,400

2,270,895

1.63%,

9/30/2026

(a)

1,825,800

1,773,451

3.50%,

9/30/2026

(a)

6,750,000

6,728,115

4.63%,

10/15/2026

3,600,200

3,645,624

1.13%,

10/31/2026

6,155,000

5,924,668

1.63%,

10/31/2026

(a)

4,665,000

4,524,139

4.13%,

10/31/2026

4,860,000

4,888,097

2.00%,

11/15/2026

6,221,300

6,063,094

4.63%,

11/15/2026

3,839,000

3,890,886

1.25%,

11/30/2026

3,570,700

3,437,915

1.63%,

11/30/2026

375,000

363,193

4.25%,

11/30/2026

(a)

4,760,000

4,799,791

4.38%,

12/15/2026

1,542,000

1,558,564

1.25%,

12/31/2026

(a)

5,385,700

5,176,583

1.75%,

12/31/2026

488,800

473,678

4.25%,

12/31/2026

7,700,000

7,770,383

4.00%,

1/15/2027

4,143,000

4,165,981

1.50%,

1/31/2027

5,505,000

5,305,229

4.13%,

1/31/2027

4,760,000

4,797,745

2.25%,

2/15/2027

4,103,000

4,004,272

4.13%,

2/15/2027

3,485,000

3,513,043

1.88%,

2/28/2027

1,220,100

1,182,353

4.13%,

2/28/2027

(a)

4,715,000

4,755,335

4.25%,

3/15/2027

1,505,000

1,521,755

2.50%,

3/31/2027

(a)

836,800

819,704

3.88%,

3/31/2027

4,680,000

4,702,486

4.50%,

4/15/2027

3,005,000

3,054,770

190

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Treasury

Government

Securities

–

44.9%

(continued)

U.S.

Treasury

Notes

(continued)

2.75%,

4/30/2027

2,400,000

2,360,719

3.75%,

4/30/2027

3,590,000

3,600,938

2.38%,

5/15/2027

4,246,100

4,143,928

0.50%,

5/31/2027

1,650,000

1,547,777

2.63%,

5/31/2027

4,700,000

4,607,836

4.63%,

6/15/2027

815,000

832,064

0.50%,

6/30/2027

2,936,700

2,748,568

3.25%,

6/30/2027

2,795,000

2,775,566

4.38%,

7/15/2027

2,470,000

2,510,330

0.38%,

7/31/2027

4,429,700

4,124,466

2.75%,

7/31/2027

5,060,000

4,967,892

2.25%,

8/15/2027

5,255,000

5,101,866

3.75%,

8/15/2027

4,296,600

4,311,705

0.50%,

8/31/2027

1,660,000

1,546,134

3.13%,

8/31/2027

3,095,000

3,062,599

3.38%,

9/15/2027

(a)

4,390,000

4,370,451

0.38%,

9/30/2027

2,170,000

2,009,793

4.13%,

9/30/2027

4,072,000

4,124,491

3.88%,

10/15/2027

4,085,000

4,112,446

0.50%,

10/31/2027

5,475,000

5,072,930

2.25%,

11/15/2027

1,125,000

1,088,701

4.13%,

11/15/2027

(a)

4,005,000

4,056,627

0.63%,

11/30/2027

5,630,000

5,221,385

3.88%,

11/30/2027

2,355,700

2,371,895

4.00%,

12/15/2027

3,950,000

3,992,586

0.63%,

12/31/2027

9,045,800

8,368,778

3.88%,

12/31/2027

786,700

792,785

4.25%,

1/15/2028

4,000,000

4,067,500

0.75%,

1/31/2028

5,381,800

4,984,892

3.50%,

1/31/2028

2,307,900

2,302,491

2.75%,

2/15/2028

8,675,000

8,482,523

4.25%,

2/15/2028

(a)

3,765,000

3,831,182

1.13%,

2/29/2028

4,810,600

4,494,529

4.00%,

2/29/2028

1,644,600

1,662,459

3.88%,

3/15/2028

(a)

3,940,000

3,972,936

3.63%,

3/31/2028

6,000,000

6,008,438

3.75%,

4/15/2028

3,730,000

3,747,776

1.25%,

4/30/2028

3,312,700

3,093,751

3.50%,

4/30/2028

1,892,800

1,887,772

2.88%,

5/15/2028

1,768,100

1,731,495

1.25%,

5/31/2028

1,605,000

1,495,910

3.63%,

5/31/2028

3,754,800

3,757,440

1.25%,

6/30/2028

4,315,800

4,015,043

4.00%,

6/30/2028

1,409,800

1,427,202

1.00%,

7/31/2028

5,129,300

4,722,563

4.13%,

7/31/2028

6,196,800

6,294,593

2.88%,

8/15/2028

1,234,000

1,206,139

1.13%,

8/31/2028

3,239,600

2,988,531

4.38%,

8/31/2028

3,350,000

3,429,039

1.25%,

9/30/2028

4,081,400

3,773,382

4.63%,

9/30/2028

1,100,000

1,135,492

1.38%,

10/31/2028

3,096,200

2,868,823

4.88%,

10/31/2028

3,573,900

3,718,810

3.13%,

11/15/2028

4,525,000

4,449,348

1.50%,

11/30/2028

7,080,000

6,577,763

4.38%,

11/30/2028

6,370,000

6,527,259

191

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Treasury

Government

Securities

–

44.9%

(continued)

U.S.

Treasury

Notes

(continued)

1.38%,

12/31/2028

(a)

7,280,200

6,721,103

3.75%,

12/31/2028

8,895,000

8,928,356

1.75%,

1/31/2029

3,605,500

3,368,044

4.00%,

1/31/2029

4,395,000

4,449,251

2.63%,

2/15/2029

2,285,700

2,203,558

1.88%,

2/28/2029

2,499,800

2,342,781

2.38%,

3/31/2029

900,000

858,375

4.13%,

3/31/2029

3,040,000

3,091,775

2.88%,

4/30/2029

5,302,700

5,149,419

4.63%,

4/30/2029

4,600,000

4,763,516

2.38%,

5/15/2029

30,000

28,568

4.50%,

5/31/2029

4,887,500

5,040,998

3.25%,

6/30/2029

3,585,400

3,527,417

4.25%,

6/30/2029

3,659,700

3,740,614

2.63%,

7/31/2029

1,835,000

1,759,593

4.00%,

7/31/2029

3,345,000

3,387,596

3.13%,

8/31/2029

3,250,000

3,178,145

3.63%,

8/31/2029

(a)

5,960,000

5,948,359

3.50%,

9/30/2029

(a)

2,985,000

2,962,846

3.88%,

9/30/2029

620,900

625,557

4.13%,

10/31/2029

3,930,000

4,000,617

1.75%,

11/15/2029

(a)

1,725,000

1,588,752

3.88%,

11/30/2029

148,600

149,668

4.13%,

11/30/2029

4,625,000

4,710,273

3.88%,

12/31/2029

2,980,000

3,001,884

4.38%,

12/31/2029

4,770,000

4,907,138

3.50%,

1/31/2030

4,310,000

4,269,930

4.25%,

1/31/2030

4,830,000

4,944,335

1.50%,

2/15/2030

6,112,700

5,525,308

4.00%,

2/28/2030

8,411,000

8,522,709

3.63%,

3/31/2030

4,300,000

4,280,852

4.00%,

3/31/2030

(a)

3,450,000

3,494,203

3.50%,

4/30/2030

5,425,000

5,367,783

3.88%,

4/30/2030

4,500,000

4,533,047

0.63%,

5/15/2030

4,135,000

3,548,670

3.75%,

5/31/2030

3,675,000

3,676,723

3.75%,

6/30/2030

5,300,000

5,300,414

4.00%,

7/31/2030

1,342,000

1,357,517

0.63%,

8/15/2030

8,630,000

7,340,219

4.13%,

8/31/2030

930,300

946,362

4.63%,

9/30/2030

2,048,500

2,132,841

4.88%,

10/31/2030

(a)

1,647,800

1,735,983

0.88%,

11/15/2030

9,865,000

8,440,741

4.38%,

11/30/2030

40,400

41,558

3.75%,

12/31/2030

4,271,000

4,257,653

4.00%,

1/31/2031

4,795,000

4,839,204

1.13%,

2/15/2031

770,000

664,426

4.25%,

2/28/2031

1,915,100

1,956,993

4.13%,

3/31/2031

3,450,000

3,502,020

4.63%,

4/30/2031

7,550,000

7,863,207

1.63%,

5/15/2031

3,515,000

3,096,495

4.63%,

5/31/2031

3,100,000

3,227,875

4.25%,

6/30/2031

2,210,000

2,256,099

4.13%,

7/31/2031

4,180,000

4,237,475

1.25%,

8/15/2031

3,905,900

3,336,188

3.75%,

8/31/2031

3,482,000

3,455,613

192

STATEMENT

OF

INVESTMENTS

(continued)

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Principal

Amount

($)

Value

($)

U.S.

Treasury

Government

Securities

–

44.9%

(continued)

U.S.

Treasury

Notes

(continued)

3.63%,

9/30/2031

3,500,000

3,447,773

4.13%,

10/31/2031

3,100,000

3,140,203

1.38%,

11/15/2031

6,100,000

5,213,594

4.13%,

11/30/2031

2,935,000

2,972,146

4.50%,

12/31/2031

3,245,000

3,356,040

4.38%,

1/31/2032

2,590,000

2,659,606

1.88%,

2/15/2032

4,765,000

4,184,266

4.13%,

2/29/2032

2,005,000

2,029,123

4.13%,

3/31/2032

2,990,000

3,026,441

4.00%,

4/30/2032

2,830,000

2,842,823

2.88%,

5/15/2032

4,955,000

4,630,602

2.75%,

8/15/2032

7,520,000

6,945,425

4.13%,

11/15/2032

3,520,000

3,554,650

3.50%,

2/15/2033

6,368,400

6,153,467

3.38%,

5/15/2033

7,480,000

7,144,569

3.88%,

8/15/2033

6,800,000

6,713,938

4.50%,

11/15/2033

7,785,000

8,025,848

4.00%,

2/15/2034

6,945,000

6,893,998

4.38%,

5/15/2034

11,155,000

11,371,128

3.88%,

8/15/2034

(a)

9,366,000

9,178,680

4.25%,

11/15/2034

7,995,000

8,058,710

4.63%,

2/15/2035

(a)

10,580,000

10,978,403

Total

U.S.

Treasury

Government

Securities

(cost

$853,781,837)

847,201,509

Shares

Investment

Companies

–

2.5%

Registered

Investment

Companies

–

2.5%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(g)(h)

(cost

$46,361,398)

46,361,398

46,361,398

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.3%

Registered

Investment

Companies

–

0.3%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(g)(h)

(cost

$5,846,211)

5,846,211

5,846,211

Total

Investments

Before

TBA

Sale

Commitments  (cost

$1,960,410,947)

102.3%

1,931,462,690

TBA

Sale

Commitments

–

(

0.4%

)

Principal

Amount

($)

Value

($)

Federal

National

Mortgage

Association

(i)

1.50%,

5/15/2040

(e)

50,000

(44,151)

2.00%,

5/15/2040

(e)

100,000

(90,758)

2.50%,

5/15/2040

(e)

200,000

(185,804)

3.00%,

5/15/2040

(e)

300,000

(284,805)

3.50%,

5/15/2040

(e)

50,000

(48,158)

1.50%,

6/15/2040

(e)

25,000

(22,087)

2.00%,

6/15/2040

(e)

25,000

(22,700)

2.50%,

6/15/2040

(e)

125,000

(116,194)

3.00%,

6/15/2040

(e)

75,000

(71,231)

1.50%,

5/15/2055

(e)

500,000

(376,351)

2.00%,

5/15/2055

(e)

2,725,000

(2,160,437)

2.50%,

5/15/2055

(e)

1,625,000

(1,350,533)

3.00%,

5/15/2055

(e)

875,000

(758,592)

3.50%,

5/15/2055

(e)

400,000

(360,825)

1.50%,

6/15/2055

(e)

50,000

(37,653)

2.00%,

6/15/2055

(e)

75,000

(59,501)

2.50%,

6/15/2055

(e)

25,000

(20,785)

3.50%,

6/15/2055

(e)

25,000

(22,552)

193

See

Notes

to

Financial

Statements

BNY

Mellon

Core

Bond

ETF

(continued)

Description

Shares

Value

($)

TBA

Sale

Commitments

–

(0.4%)

(continued)

Government

National

Mortgage

Association

II

(i)

2.00%,

5/15/2055

525,000

(427,776)

2.50%,

5/15/2055

375,000

(319,394)

3.00%,

5/15/2055

75,000

(66,412)

2.00%,

6/15/2055

50,000

(40,754)

2.50%,

6/15/2055

75,000

(63,888)

3.00%,

6/15/2055

50,000

(44,270)

Total

TBA

Sale

Commitments

(proceeds$(6,989,718))

(6,995,611)

Total

Investments

(cost

net

of

proceeds

$1,953,421,229)

101.9%

1,924,467,079

Liabilities,

Less

Cash

and

Receivables

(1.9)%

(36,812,625)

Net

Assets

100.0%

1,887,654,454

GO—General

Obligation

RB—Revenue

Bond

REIT—Real

Estate

Investment

Trust

REMICs—Real

Estate

Mortgage

Investment

Conduits

(a)

Security,

or

portion

thereof,

on

loan.

At

April

30,

2025,

the

value

of

the

fund’s

securities

on

loan

was

$92,820,570

and

the

value

of

the

collateral

was

$95,329,484,

consisting

of

cash

collateral

of

$5,846,211

and

U.S.

Government

&

Agency

securities

valued

at

$89,483,273.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

April

30,

2025,

these

securities

were

valued

at

$3,669,145

or

0.19%

of

net

assets.

(c)

Security

issued

with

a

zero

coupon.

Income

is

recognized

through

the

accretion

of

discount.

(d)

Perpetual

bond

with

no

specified

maturity

date.

(e)

The

Federal

Housing

Finance

Agency

(“FHFA”)

placed

the

Federal

Home

Loan

Mortgage

Corporation

and

Federal

National

Mortgage

Association

into

conservatorship

with

FHFA

as

the

conservator.

As

such,

the

FHFA

oversees

the

continuing

affairs

of

these

companies.

(f)

Purchased

on

a

forward

commitment

basis.

(g)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(h)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2025.

(i)

Sales

on

a

forward

commitment

basis.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2025

are

as

follows:

Description

Value

($)

10/31/24

Purchases

($)

1

Sales

($)

Value

($)

4/30/25

Dividends/

Distributions

($)

Investment

Companies

–

2.5%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

61,053,551

113,666,118

(128,358,271)

46,361,398

1,041,099

Investment

of

Cash

Collateral

for

Securities

Loaned

–

0.3%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

5,539,116

31,206,285

(30,899,190)

5,846,211

55,591

2

Total

–

2.8%

66,592,667

144,872,403

(159,257,461)

52,207,609

1,096,690

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.

194

STATEMENTS

OF

ASSETS

AND

LIABILITIES

April

30,

2025

(Unaudited)

See

Notes

to

Financial

Statements

36

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Assets

($):

Investments

in

securities—See

Statement

s

of

Investments

†

(including

securities

on

loan)

††

—Note

2(c):

–

–

–

Unaffiliated

issuers

2,572,466,955‌

325,598,278‌

86,771,435‌

Affiliated

issuers

2,864,946‌

4,879,022‌

2,655,684‌

Cash

collateral

held

by

broker—Note

4

295,000‌

84,000‌

58,000‌

Dividends

receivable

1,463,720‌

103,509‌

25,730‌

Tax

reclaim

receivable—Note

2(b)

12,672‌

2,904‌

—‌

Receivable

for

futures

variation

margin—Note

4

2,113‌

—‌

—‌

Affiliated

income

receivable

net

of

rebates

from

securities

lending

1,625‌

2,046‌

830‌

Receivable

for

investment

securities

sold

—‌

800,056‌

—‌

Due

from

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(b)

217‌

—‌

—‌

2,577,107,248‌

331,469,815‌

89,511,679‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(b)

—‌

11,549‌

2,946‌

Liability

for

securities

on

loan—Note

2(c)

59,822‌

4,353,368‌

2,288,403‌

Payable

for

shares

of

Beneficial

Interest

redeemed

70,792‌

—‌

—‌

Payable

for

futures

variation

margin—Note

4

—‌

1,200‌

2,760‌

Payable

for

investment

securities

purchased

—‌

916,911‌

—‌

130,614‌

5,283,028‌

2,294,109‌

Net

Assets

($)

2,576,976,634‌

326,186,787‌

87,217,570‌

Composition

of

Net

Assets

($):

Paid-in

capital

2,155,824,190‌

338,825,746‌

105,764,382‌

Total

distributable

earnings

(loss)

421,152,444‌

(12,638,959‌)

(18,546,812‌)

Net

Assets

($)

2,576,976,634‌

326,186,787‌

87,217,570‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

24,290,000‌

3,490,000‌

970,000‌

Net

asset

value

per

share

106.09‌

93.46‌

89.92‌

Market

price

per

share

105.80‌

93.46‌

89.84‌

†

Investments

at

cost

($)

Unaffiliated

issuers

2,303,941,813‌

315,567,990‌

90,013,912‌

Affiliated

issuers

2,864,946‌

4,879,022‌

2,655,684‌

††

Value

of

securities

on

loan

($)

14,123,546‌

12,418,520‌

4,689,121‌

195

See

Notes

to

Financial

Statements

BNY

Mellon

International

Equity

ETF

BNY

Mellon

Emerging

Markets

Equity

ETF

BNY

Mellon

Core

Bond

ETF

Assets

($):

Investments

in

securities—See

Statement

s

of

Investments

†

(including

securities

on

loan)

††

—Note

2(c):

–

–

–

Unaffiliated

issuers

592,017,032‌

90,677,172‌

1,879,255,081‌

Affiliated

issuers

1,536,594‌

487,838‌

52,207,609‌

Cash

—‌

—‌

16‌

Cash

denominated

in

foreign

currency

†††

983,705‌

159,644‌

—‌

Cash

collateral

held

by

broker—Note

4

254,000‌

36,000‌

—‌

Dividends

receivable

2,722,631‌

141,577‌

139,534‌

Tax

reclaim

receivable—Note

2(b)

1,464,962‌

1,948‌

—‌

Affiliated

income

receivable

net

of

rebates

from

securities

lending

387‌

245‌

8,124‌

Interest

receivable

—‌

—‌

14,535,251‌

Receivable

for

futures

variation

margin—Note

4

—‌

1,380‌

—‌

Receivable

for

investment

securities

sold—TBA

—‌

—‌

9,710,661‌

Receivable

for

investment

securities

sold

—‌

—‌

18,453,589‌

Due

from

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(b)

—‌

—‌

3,284‌

598,979,311‌

91,505,804‌

1,974,313,149‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(b)

20,113‌

8,766‌

—‌

TBA

sale

commitments

at

value—Note

4

††††

—‌

—‌

6,995,611‌

Liability

for

securities

on

loan—Note

2(c)

44,563‌

75,060‌

5,846,211‌

Payable

for

futures

variation

margin—Note

4

6,734‌

—‌

—‌

Payable

for

investment

securities

purchased

—‌

—‌

29,871,553‌

Payable

for

investment

securities

purchased—TBA

—‌

—‌

43,945,320‌

Payable

for

foreign

capital

gains

tax—Note

2(b)

—‌

536,773‌

—‌

71,410‌

620,599‌

86,658,695‌

Net

Assets

($)

598,907,901‌

90,885,205‌

1,887,654,454‌

Composition

of

Net

Assets

($):

Paid-in

capital

514,791,307‌

90,182,643‌

1,931,933,490‌

Total

distributable

earnings

(loss)

84,116,594‌

702,562‌

(44,279,036‌)

Net

Assets

($)

598,907,901‌

90,885,205‌

1,887,654,454‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

7,500,000‌

1,500,000‌

44,800,000‌

Net

asset

value

per

share

79.85‌

60.59‌

42.14‌

Market

price

per

share

80.05‌

60.20‌

42.18‌

†

Investments

at

cost

($)

Unaffiliated

issuers

518,514,985‌

77,555,748‌

1,908,203,338‌

Affiliated

issuers

1,536,594‌

487,838‌

52,207,609‌

††

Value

of

securities

on

loan

($)

1,940,550‌

282,172‌

92,820,570‌

†††

Cash

denominated

in

foreign

currency

(cost)

($)

977,762‌

147,760‌

—‌

††††

TBA

sale

commitments

proceeds

($)

—‌

—‌

6,989,718‌

196

STATEMENTS

OF

OPERATIONS

Six

Months

Ended

April

30,

2025

(Unaudited)

See

Notes

to

Financial

Statements

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Investment

Income

($):

Income:

Cash

dividends:

Unaffiliated

issuers

†

20,282,096‌

3,989,786‌

986,908‌

Affiliated

issuers

102,103‌

32,174‌

7,691‌

Interest

11,665‌

5,932‌

1,178‌

Affiliated

income

net

of

rebates

from

securities

lending—Note

2(c)

29,698‌

62,075‌

12,540‌

Total

Income

20,425,562‌

4,089,967‌

1,008,317‌

Expenses:

Management

fee—Note

3(a)

—‌

100,110‌

23,526‌

Total

Expenses

—‌

100,110‌

23,526‌

Net

Investment

Income

20,425,562‌

3,989,857‌

984,791‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

(7,506,518‌)

(6,071,157‌)

(2,175,136‌)

Net

realized

gain

(loss)

on

in-kind

redemptions

205,813,464‌

19,207,337‌

6,599,772‌

Net

realized

gain

(loss)

on

futures

(638,739‌)

(451,369‌)

(90,554‌)

Net

realized

gain

(loss)

197,668,207‌

12,684,811‌

4,334,082‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(336,518,677‌)

(64,926,273‌)

(17,012,247‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

futures

39,103‌

(43,473‌)

5,877‌

Net

change

in

unrealized

appreciation

(depreciation)

(336,479,574‌)

(64,969,746‌)

(17,006,370‌)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

(138,811,367‌)

(52,284,935‌)

(12,672,288‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(118,385,805‌)

(48,295,078‌)

(11,687,497‌)

†

Net

of

foreign

taxes

withheld

at

source

($)

–‌

4,559‌

1,740‌

197

See

Notes

to

Financial

Statements

BNY

Mellon

International

Equity

ETF

BNY

Mellon

Emerging

Markets

Equity

ETF

BNY

Mellon

Core

Bond

ETF

Investment

Income

($):

Income:

Cash

dividends:

Unaffiliated

issuers

†

10,246,889‌

1,291,540‌

—‌

Affiliated

issuers

18,908‌

8,277‌

1,041,099‌

Interest

3,640‌

423‌

41,796,736‌

Affiliated

income

net

of

rebates

from

securities

lending—Note

2(c)

2,820‌

8,190‌

55,591‌

Total

Income

10,272,257‌

1,308,430‌

42,893,426‌

Expenses:

Management

fee—Note

3(a)

139,721‌

62,781‌

—‌

Total

Expenses

139,721‌

62,781‌

—‌

Net

Investment

Income

10,132,536‌

1,245,649‌

42,893,426‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

(8,862,941‌)

(5,857,512‌)

(3,334,893‌)

Net

realized

gain

(loss)

on

in-kind

redemptions

42,009,411‌

1,599,910‌

(1,945,329‌)

Net

realized

gain

(loss)

on

TBA

sale

commitments

—‌

—‌

6,115‌

Net

realized

gain

(loss)

on

futures

(59,287‌)

(2,816‌)

—‌

Net

realized

gain

(loss)

on

foreign

capital

gains

tax—Note

2(b)

—‌

(139,829‌)

—‌

Net

realized

gain

(loss)

33,087,183‌

(4,400,247‌)

(5,274,107‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

transactions

(13,039,686‌)

(1,386,584‌)

13,347,995‌

Net

change

in

unrealized

appreciation

(depreciation)

on

TBA

sale

commitments

—‌

—‌

(5,448‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

futures

160,271‌

(10,264‌)

—‌

Net

change

in

unrealized

appreciation

(depreciation)

on

deferred

foreign

capital

gains

tax—Note

2(b)

—‌

366,476‌

—‌

Net

change

in

unrealized

appreciation

(depreciation)

(12,879,415‌)

(1,030,372‌)

13,342,547‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

20,207,768‌

(5,430,619‌)

8,068,440‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

30,340,304‌

(4,184,970‌)

50,961,866‌

†

Net

of

foreign

taxes

withheld

at

source

($)

1,117,717‌

130,186‌

–‌

198

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

Operations

($):

Net

investment

income

20,425,562‌

32,656,829‌

3,989,857‌

7,059,856‌

Net

realized

gain

(loss)

on

investments

197,668,207‌

98,074,551‌

12,684,811‌

24,198,006‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(336,479,574‌)

569,729,777‌

(64,969,746‌)

112,925,445‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(118,385,805‌)

700,461,157‌

(48,295,078‌)

144,183,307‌

Distributions

($):

Distributions

to

shareholders

(19,859,459‌)

(31,978,450‌)

(4,486,451‌)

(6,908,269‌)

Capital

Contributions

($):

Capital

contributions

from

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(a)

2,331

4,800

—

—

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

616,206,841‌

1,013,593,349‌

54,218,413‌

206,676,062‌

Cost

of

shares

redeemed

(780,630,292‌)

(496,912,201‌)

(186,015,520‌)

(253,701,345‌)

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

(164,423,451‌)

516,681,148‌

(131,797,107‌)

(47,025,283‌)

Total

Increase

(Decrease)

in

Net

Assets

(302,666,384‌)

1,185,168,655‌

(184,578,636‌)

90,249,755‌

Net

Assets

($):

Beginning

of

Period

2,879,643,018‌

1,694,474,363‌

510,765,423‌

420,515,668‌

End

of

Period

2,576,976,634‌

2,879,643,018‌

326,186,787‌

510,765,423‌

Changes

in

Shares

Outstanding:

Shares

sold

5,560,000‌

10,400,000‌

520,000‌

2,440,000‌

Shares

redeemed

(7,840,000‌)

(5,200,000‌)

(2,080,000‌)

(2,920,000‌)

Net

Increase

(Decrease)

in

Shares

Outstanding

(2,280,000‌)

5,200,000‌

(1,560,000‌)

(480,000‌)

199

See

Notes

to

Financial

Statements

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

BNY

Mellon

International

Equity

ETF

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

Operations

($):

Net

investment

income

984,791‌

1,719,201‌

10,132,536‌

17,786,827‌

Net

realized

gain

(loss)

on

investments

4,334,082‌

1,470,882‌

33,087,183‌

(10,633,041‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(17,006,370‌)

27,350,767‌

(12,879,415‌)

105,217,527‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(11,687,497‌)

30,540,850‌

30,340,304‌

112,371,313‌

Distributions

($):

Distributions

to

shareholders

(899,260‌)

(1,761,694‌)

(9,152,736‌)

(18,099,472‌)

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

24,239,992‌

28,062,445‌

75,222,531‌

186,049,480‌

Cost

of

shares

redeemed

(44,708,464‌)

(31,936,712‌)

(222,457,148‌)

—‌

Transaction

fees—Note

5

—‌

—‌

5,913‌

3,472‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

(20,468,472‌)

(3,874,267‌)

(147,228,704‌)

186,052,952‌

Total

Increase

(Decrease)

in

Net

Assets

(33,055,229‌)

24,904,889‌

(126,041,136‌)

280,324,793‌

Net

Assets

($):

Beginning

of

Period

120,272,799‌

95,367,910‌

724,949,037‌

444,624,244‌

End

of

Period

87,217,570‌

120,272,799‌

598,907,901‌

724,949,037‌

Changes

in

Shares

Outstanding:

Shares

sold

260,000‌

320,000‌

1,000,000‌

2,550,000‌

Shares

redeemed

(500,000‌)

(360,000‌)

(3,200,000‌)

—‌

Net

Increase

(Decrease)

in

Shares

Outstanding

(240,000‌)

(40,000‌)

(2,200,000‌)

2,550,000‌

200

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

(continued)

See

Notes

to

Financial

Statements

BNY

Mellon

Emerging

Markets

Equity

ETF

BNY

Mellon

Core

Bond

ETF

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

Operations

($):

Net

investment

income

1,245,649‌

2,411,120‌

42,893,426‌

70,814,904‌

Net

realized

gain

(loss)

on

investments

(4,400,247‌)

(3,067,772‌)

(5,274,107‌)

(10,561,536‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(1,030,372‌)

19,686,372‌

13,342,547‌

22,511,170‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(4,184,970‌)

19,029,720‌

50,961,866‌

82,764,538‌

Distributions

($):

Distributions

to

shareholders

(1,362,405‌)

(2,562,381‌)

(40,606,840‌)

(62,713,522‌)

Capital

Contributions

($):

Capital

contributions

from

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(a)

—

—

23,708

41,236

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

9,104,308‌

25,776,491‌

199,060,064‌

1,675,620,574‌

Cost

of

shares

redeemed

(32,781,478‌)

(8,909,687‌)

(315,878,744‌)

(243,786,406‌)

Transaction

fees—Note

5

387,084‌

85,151‌

141,938‌

1,111,233‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

(23,290,086‌)

16,951,955‌

(116,676,742‌)

1,432,945,401‌

Total

Increase

(Decrease)

in

Net

Assets

(28,837,461‌)

33,419,294‌

(106,298,008‌)

1,453,037,653‌

Net

Assets

($):

Beginning

of

Period

119,722,666‌

86,303,372‌

1,993,952,462‌

540,914,809‌

End

of

Period

90,885,205‌

119,722,666‌

1,887,654,454‌

1,993,952,462‌

Changes

in

Shares

Outstanding:

Shares

sold

150,000‌

400,000‌

4,800,000‌

39,700,000‌

Shares

redeemed

(600,000‌)

(150,000‌)

(7,550,000‌)

(5,850,000‌)

Net

Increase

(Decrease)

in

Shares

Outstanding

(450,000‌)

250,000‌

(2,750,000‌)

33,850,000‌

201

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

For

the

Period

from

April

9,

2020

(a)

to

October

31,

2020

2024

2023

2022

2021

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

108.38‌

79.29‌

71.24‌

87.00‌

61.95‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

0.74‌

1.38‌

1.23‌

1.15‌

1.06‌

0.56‌

Net

realized

and

unrealized

gain

(loss)

on

investments

(2.34‌)

29.07‌

7.99‌

(15.81‌)

24.90‌

11.81‌

Total

from

Investment

Operations

(1.60‌)

30.45‌

9.22‌

(14.66‌)

25.96‌

12.37‌

Distributions:

–

–

–

–

–

–

Dividends

from

net

investment

income

(0.69‌)

(1.36‌)

(1.17‌)

(1.10‌)

(0.91‌)

(0.42‌)

Net

asset

value,

end

of

period

106.09‌

108.38‌

79.29‌

71.24‌

87.00‌

61.95‌

Market

price,

end

of

period

105.80‌

108.30‌

79.24‌

71.29‌

87.03‌

61.82‌

Net

Asset

Value

Total

Return

(%)

(c)

(1.49‌)

38.54‌

13.00‌

(16.91‌)

42.08‌

24.76‌

Market

Price

Total

Return

(%)

(c)

(1.69‌)

38.53‌

12.85‌

(16.90‌)

42.42‌

24.50‌

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

–‌

(d),(e)

–‌

(e)

–‌

(e)

–‌

(e)

–‌

(e)

–‌

(d)

Ratio

of

net

investment

income

to

average

net

assets

1.33‌

(d),(e)

1.40‌

(e)

1.57‌

(e)

1.47‌

(e)

1.35‌

(e)

1.63‌

(d)

Portfolio

Turnover

Rate

(f)

1.24‌

16.00‌

5.33‌

5.74‌

10.53‌

10.62‌

Net

Assets,

end

of

period

($

x

1,000)

2,576,977‌

2,879,643‌

1,694,474‌

438,156‌

391,486‌

93,045‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

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.

(d)

Annualized.

(e)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(f)

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.

202

See

Notes

to

Financial

Statements

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

For

the

Period

from

April

9,

2020

(a)

to

October

31,

2020

2024

2023

2022

2021

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

101.14‌

76.04‌

77.86‌

94.03‌

65.66‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

0.81‌

1.38‌

1.35‌

1.32‌

1.07‌

0.50‌

Net

realized

and

unrealized

gain

(loss)

on

investments

(7.62‌)

25.09‌

(1.99‌)

(16.18‌)

28.28‌

15.63‌

Total

from

Investment

Operations

(6.81‌)

26.47‌

(0.64‌)

(14.86‌)

29.35‌

16.13‌

Distributions:

–

–

–

–

–

–

Dividends

from

net

investment

income

(0.87‌)

(1.37‌)

(1.18‌)

(1.31‌)

(0.98‌)

(0.47‌)

Net

asset

value,

end

of

period

93.46‌

101.14‌

76.04‌

77.86‌

94.03‌

65.66‌

Market

price,

end

of

period

93.46‌

101.27‌

76.08‌

77.86‌

94.11‌

65.55‌

Net

Asset

Value

Total

Return

(%)

(c)

(6.79‌)

34.92‌

(0.89‌)

(15.88‌)

44.87‌

32.27‌

Market

Price

Total

Return

(%)

(c)

(6.90‌)

35.01‌

(0.83‌)

(15.94‌)

45.23‌

32.06‌

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.04‌

(d),(e)

0.04‌

(e)

0.04‌

(e)

0.04‌

(e)

0.04‌

(e)

0.04‌

(d)

Ratio

of

net

investment

income

to

average

net

assets

1.59‌

(d),(e)

1.48‌

(e)

1.66‌

(e)

1.55‌

(e)

1.24‌

(e)

1.43‌

(d)

Portfolio

Turnover

Rate

(f)

13.96‌

93.63‌

11.76‌

25.97‌

32.65‌

21.26‌

Net

Assets,

end

of

period

($

x

1,000)

326,187‌

510,765‌

420,516‌

86,427‌

112,841‌

39,396‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

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.

(d)

Annualized.

(e)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(f)

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.

203

See

Notes

to

Financial

Statements

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

For

the

Period

from

April

9,

2020

(a)

to

October

31,

2020

2024

2023

2022

2021

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

99.40‌

76.29‌

79.45‌

97.73‌

67.17‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

0.83‌

1.42‌

1.30‌

1.22‌

1.25‌

0.49‌

Net

realized

and

unrealized

gain

(loss)

on

investments

(9.57‌)

23.16‌

(3.30‌)

(18.22‌)

30.31‌

17.14‌

Total

from

Investment

Operations

(8.74‌)

24.58‌

(2.00‌)

(17.00‌)

31.56‌

17.63‌

Distributions:

–

–

–

–

–

–

Dividends

from

net

investment

income

(0.74‌)

(1.47‌)

(1.16‌)

(1.28‌)

(1.00‌)

(0.46‌)

Net

asset

value,

end

of

period

89.92‌

99.40‌

76.29‌

79.45‌

97.73‌

67.17‌

Market

price,

end

of

period

89.84‌

99.56‌

76.35‌

79.50‌

97.86‌

67.03‌

Net

Asset

Value

Total

Return

(%)

(c)

(8.86‌)

32.30‌

(2.59‌)

(17.45‌)

47.08‌

35.30‌

Market

Price

Total

Return

(%)

(c)

(9.08‌)

32.42‌

(2.57‌)

(17.50‌)

47.59‌

35.03‌

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.04‌

(d),(e)

0.04‌

(e)

0.04‌

(e)

0.04‌

(e)

0.04‌

(e)

0.04‌

(d)

Ratio

of

net

investment

income

to

average

net

assets

1.67‌

(d),(e)

1.53‌

(e)

1.58‌

(e)

1.36‌

(e)

1.34‌

(e)

1.37‌

(d)

Portfolio

Turnover

Rate

(f)

21.05‌

66.34‌

20.13‌

37.93‌

50.09‌

32.54‌

Net

Assets,

end

of

period

($

x

1,000)

87,218‌

120,273‌

95,368‌

35,754‌

180,810‌

40,302‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

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.

(d)

Annualized.

(e)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(f)

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.

204

See

Notes

to

Financial

Statements

BNY

Mellon

International

Equity

ETF

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

For

the

Period

from

April

24,

2020

(a)

to

October

31,

2020

2024

2023

2022

2021

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

74.74‌

62.19‌

56.45‌

74.38‌

56.06‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

1.09‌

2.12‌

2.19‌

2.03‌

1.82‌

0.76‌

Net

realized

and

unrealized

gain

(loss)

on

investments

5.00‌

12.56‌

5.43‌

(c)

(17.83‌)

18.31‌

6.00‌

Total

from

Investment

Operations

6.09‌

14.68‌

7.62‌

(15.80‌)

20.13‌

6.76‌

Distributions:

–

–

–

–

–

–

Dividends

from

net

investment

income

(0.98‌)

(2.13‌)

(1.88‌)

(2.13‌)

(1.81‌)

(0.70‌)

Transaction

fees

(b)

0.00‌

(d)

0.00‌

(d)

0.00‌

(d)

—‌

—‌

—‌

Net

asset

value,

end

of

period

79.85‌

74.74‌

62.19‌

56.45‌

74.38‌

56.06‌

Market

price,

end

of

period

80.05‌

75.09‌

62.88‌

56.52‌

74.86‌

56.66‌

Net

Asset

Value

Total

Return

(%)

(e)

8.25‌

23.65‌

13.32‌

(21.49‌)

36.10‌

13.49‌

Market

Price

Total

Return

(%)

(e)

8.01‌

22.84‌

14.43‌

(21.92‌)

35.52‌

14.69‌

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.04‌

(f),(g)

0.04‌

(g)

0.04‌

(g)

0.04‌

(g)

0.04‌

(g)

0.04‌

(f)

Ratio

of

net

investment

income

to

average

net

assets

2.90‌

(f),(g)

2.88‌

(g)

3.30‌

(g)

3.15‌

(g)

2.57‌

(g)

2.55‌

(f)

Portfolio

Turnover

Rate

(h)

5.20‌

16.58‌

13.57‌

19.30‌

13.49‌

12.82‌

Net

Assets,

end

of

period

($

x

1,000)

598,908‌

724,949‌

444,624‌

127,021‌

100,409‌

30,834‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

In

addition

to

net

realized

and

unrealized

gains

(losses)

on

investments,

this

amount

includes

an

increase

in

net

asset

value

per

share

resulting

from

the

timing

of

issuances

and

redemptions

of

shares

in

relation

to

fluctuating

market

values

for

the

fund's

investments.

(d)

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)

Annualized.

(g)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(h)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

205

See

Notes

to

Financial

Statements

BNY

Mellon

Emerging

Markets

Equity

ETF

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

For

the

Period

from

April

24,

2020

(a)

to

October

31,

2020

2024

2023

2022

2021

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

61.40‌

50.77‌

47.36‌

69.84‌

62.45‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

0.65‌

1.44‌

1.55‌

1.76‌

1.47‌

0.81‌

Net

realized

and

unrealized

gain

(loss)

on

investments

(0.98‌)

10.69‌

3.28‌

(c)

(22.41‌)

7.69‌

12.40‌

Total

from

Investment

Operations

(0.33‌)

12.13‌

4.83‌

(20.65‌)

9.16‌

13.21‌

Distributions:

–

–

–

–

–

–

Dividends

from

net

investment

income

(0.68‌)

(1.55‌)

(1.48‌)

(1.83‌)

(1.77‌)

(0.76‌)

Transaction

fees

(b)

0.20‌

0.05‌

0.06‌

—‌

—‌

—‌

Net

asset

value,

end

of

period

60.59‌

61.40‌

50.77‌

47.36‌

69.84‌

62.45‌

Market

price,

end

of

period

60.20‌

61.33‌

50.67‌

47.53‌

69.90‌

62.92‌

Net

Asset

Value

Total

Return

(%)

(d)

(0.17‌)

24.11‌

10.14‌

(29.91‌)

14.61‌

26.52‌

Market

Price

Total

Return

(%)

(d)

(0.73‌)

24.20‌

9.55‌

(29.76‌)

13.83‌

27.44‌

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.11‌

(e),(f)

0.11‌

(f)

0.11‌

(f)

0.11‌

(f)

0.11‌

(f)

0.11‌

(e)

Ratio

of

net

expenses

to

average

net

assets

0.11‌

(e),(f)

0.11‌

(f)

0.11‌

(f)

0.11‌

(f),(g)

0.11‌

(f),(g)

0.11‌

(e)

Ratio

of

net

investment

income

to

average

net

assets

2.18‌

(e),(f)

2.48‌

(f)

2.84‌

(f)

2.90‌

(f),(g)

2.00‌

(f),(g)

2.63‌

(e)

Portfolio

Turnover

Rate

(h)

11.87‌

30.80‌

19.90‌

15.00‌

17.42‌

12.84‌

Net

Assets,

end

of

period

($

x

1,000)

90,885‌

119,723‌

86,303‌

26,046‌

38,411‌

34,351‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

In

addition

to

net

realized

and

unrealized

gains

(losses)

on

investments,

this

amount

includes

an

increase

in

net

asset

value

per

share

resulting

from

the

timing

of

issuances

and

redemptions

of

shares

in

relation

to

fluctuating

market

values

for

the

fund's

investments.

(d)

Net

asset

value

total

return

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period,

and

redemption

at

net

asset

value

on

the

last

day

of

the

period.

Net

asset

value

total

return

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Market

price

total

return

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period,

and

sale

at

the

market

price

on

the

last

day

of

the

period.

Total

investment

returns

calculated

for

a

period

of

less

than

one

year

are

not

annualized.

(e)

Annualized.

(f)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(g)

Amount

inclusive

of

reduction

in

expenses

pursuant

to

undertaking.

(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.

206

See

Notes

to

Financial

Statements

BNY

Mellon

Core

Bond

ETF

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

For

the

Period

from

April

24,

2020

(a)

to

October

31,

2020

2024

2023

2022

2021

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

41.93‌

39.48‌

40.68‌

49.30‌

50.27‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

0.92‌

1.83‌

1.47‌

0.96‌

0.55‌

0.32‌

Net

realized

and

unrealized

gain

(loss)

on

investments

0.15‌

2.26‌

(1.31‌)

(8.68‌)

(0.75‌)

0.33‌

Total

from

Investment

Operations

1.07‌

4.09‌

0.16‌

(7.72‌)

(0.20‌)

0.65‌

Distributions:

–

–

–

–

–

–

Dividends

from

net

investment

income

(0.86‌)

(1.67‌)

(1.37‌)

(0.92‌)

(0.77‌)

(0.38‌)

Transaction

fees

(b)

0.00‌

(c)

0.03‌

0.01‌

0.02‌

—‌

—‌

Net

asset

value,

end

of

period

42.14‌

41.93‌

39.48‌

40.68‌

49.30‌

50.27‌

Market

price,

end

of

period

42.18‌

41.95‌

39.52‌

40.66‌

49.33‌

50.29‌

Net

Asset

Value

Total

Return

(%)

(d)

2.58‌

10.54‌

0.31‌

(15.82‌)

(0.41‌)

1.30‌

Market

Price

Total

Return

(%)

(d)

2.65‌

10.48‌

0.44‌

(15.89‌)

(0.38‌)

1.33‌

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

–‌

(e),(f)

–‌

(f)

–‌

(f)

–‌

(f)

–‌

(f)

–‌

(e)

Ratio

of

net

investment

income

to

average

net

assets

4.44‌

(e),(f)

4.39‌

(f)

3.53‌

(f)

2.15‌

(f)

1.12‌

(f)

1.20‌

(e)

Portfolio

Turnover

Rate

(g)

26.80‌

59.76‌

64.39‌

84.75‌

105.97‌

27.32‌

Net

Assets,

end

of

period

($

x

1,000)

1,887,654‌

1,993,952‌

540,915‌

372,187‌

194,745‌

45,248‌

(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)

Annualized.

(f)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(g)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

207

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

NOTE

1—Organization:

BNY

Mellon

ETF

Trust

(the

“Trust”) is

registered as

a

Massachusetts

business

trust

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”),

as

an

open-end

management

investment

company.

The

Trust

operates

as

a

series

company

currently

consisting

of

twelve

series,

including

the

following

diversified

funds:

BNY

Mellon

US

Large

Cap

Core

Equity

ETF,

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF,

BNY

Mellon

US

Small

Cap

Core

Equity

ETF,

BNY

Mellon

International

Equity

ETF,

BNY

Mellon

Emerging

Markets

Equity

ETF

and BNY

Mellon

Core

Bond

ETF

(each,

a

“fund”

and

collectively,

the

“funds”).

The

investment

objective

of

each

fund

is

to

seek

to

track

the

performance

of

an

underlying

index,

as

reflected

in

the

table below.

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”),

a

wholly-owned

subsidiary

of

The

Bank

of

New

York

Mellon

Corporation

(“BNY”),

serves

as

each

fund’s

investment

adviser.

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.

Mellon

Investments

Corporation

(“Mellon”),

an

indirect wholly-owned

subsidiary

of

BNY

and

an

affiliate

of

the

Adviser,

serves

as

each

fund’s

sub-adviser.

BNY

Mellon

Securities

Corporation

(the

“Distributor”),

a wholly-owned

subsidiary

of

the

Adviser,

is

the

distributor

of

each

fund’s

shares. 

†

Solactive

AG

(“Solactive”)

is

the

licensor

of

Solactive

GBS

United

States

500

Index

TR,

Solactive

GBS

United

States

400

Index

TR,

Solactive

GBS

United

States

600

Index

TR,

Solactive

GBS

Developed

Markets

ex

United

States

Large

&

Mid

Cap

USD

Index

NTR,

and

Solactive

GBS

Emerging

Markets

Large

&

Mid

Cap

USD

Index

NTR

(the

“Solactive

Indexes”).

The

BNY

Mellon

US

Large

Cap

Core

Equity

ETF,

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF,

BNY

Mellon

US

Small

Cap

Core

Equity

ETF,

BNY

Mellon

International

Equity

ETF,

and

BNY

Mellon

Emerging

Markets

Equity

ETF

(collectively,

and

solely

for

the

purposes

of

this

section,

the

"BNY

Mellon

Equity

ETFs")

are

not

sponsored,

endorsed,

promoted

or

sold

by

Solactive

in

any

way

and

Solactive

makes

no

express

or

implied

representation,

guarantee

or

assurance

with

regard

to:

(a)

the

advisability

in

investing

in

the

funds;

(b)

the

quality,

accuracy

and/or

completeness

of

the

Solactive

Indexes;

and/or

(c)

the

results

obtained

or

to

be

obtained

by

any

person

or

entity

from

the

use

of

the

Solactive

Indexes.

Solactive

does

not

guarantee

the

accuracy

and/or

the

completeness

of

the

Solactive

Indexes

and

shall

not

have

any

liability

for

any

errors

or

omissions

with

respect

thereto.

Notwithstanding

Solactive’s

obligations

to

its

licensees,

Solactive

reserves

the

right

to

change

the

methods

of

calculation

or

publication

with

respect

to

the

Solactive

Indexes

and

Solactive

shall

not

be

liable

for

any

miscalculation

of

or

any

incorrect,

delayed

or

interrupted

publication

with

respect

to

the

Solactive

Indexes.

Solactive

shall

not

be

liable

for

any

damages,

including,

without

limitation,

any

loss

of

profits

or

business,

or

any

special,

incidental,

punitive,

indirect

or

consequential

damages

suffered

or

incurred

as

a

result

of

the

use

(or

inability

to

use)

of

the

Solactive

Indexes.

††

Bloomberg

®

is

a

trademark

and

service

mark

of

Bloomberg

Finance

L.P.

and

its

affiliates

(collectively,

“Bloomberg”).

Bloomberg

or

Bloomberg’s

licensors

own

all

proprietary

rights

in

the

Bloomberg

Indices.

Bloomberg

is

not

affiliated

with

the

Trust,

and

neither

approves,

endorses,

reviews

or

recommends

the

fund.

Bloomberg

does

not

guarantee

the

timeliness,

accurateness

or

completeness

of

any

data

or

information

relating

to

the

index,

and

neither

shall

be

liable

in

any

way

to

the

Adviser,

investors

in

the

fund

or

other

third

parties

in

respect

of

the

use

or

accuracy

of

the

index

or

any

data

included

therein.

The

shares

of

the

funds

are

referred

to

herein

as

“Shares”

or

“Fund

Shares.”

Fund

Shares

are

listed

and

traded

on

NYSE

Arca,

Inc.

The

market

price

of

each

Share

may

differ

to

some

degree

from

a

fund’s

net

asset

value

(“NAV”).

Unlike

conventional

mutual

funds,

each

fund

issues

and

redeems

Shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

Shares,

each

called

a

“Creation

Unit”.

Creation

Units

are

issued

and

redeemed

principally

in

exchange

for

the

deposit

or

delivery

of

a

basket

of

securities.

Except

when

aggregated

in

Creation

Units

by

Authorized

Participants,

the

Shares

are

not

individually

redeemable

securities

of

the

funds.

Individual

Fund

Shares

may

only

be

purchased

and

sold

on

the

NYSE

Arca,

Inc.,

other

national

securities

exchanges,

electronic

crossing

networks

and

other

alternative

trading

systems

through

your

broker-dealer

at

market

prices.

Because

Fund

Shares

trade

at

market

prices

rather

than

at

NAV,

Fund

Shares

may

trade

at

a

price

greater

than

NAV

(premium)

or

less

than

NAV

(discount).

When

buying

or

selling

Shares

in

the

secondary

market,

you

may

incur

costs

attributable

to

the

difference

between

the

highest

price

a

buyer

is

willing

to

pay

to

purchase

Shares

of

the

fund

(bid)

and

the

lowest

price

a

seller

is

willing

to

accept

for

Shares

of

the

fund

(ask).

NOTE

2—Significant

Accounting

Policies:

The

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

is

the

exclusive

reference

of

authoritative

U.S.

generally

accepted

accounting

principles

(“GAAP”)

recognized

by

the

FASB

to

be

applied

by

nongovernmental

entities.

Rules

and

interpretive

releases

of

the

SEC

under

authority

of

federal

laws

are

also

sources

of

authoritative

GAAP

for

SEC

registrants.

Each

fund

is

an

investment

company

and

applies

the

accounting

and

reporting

guidance

of

the

FASB

ASC

Topic

946

Financial

Services-Investment

Companies.

Each

fund’s

financial

statements

are

prepared

in

accordance

with

GAAP,

which

may

require

the

use

of

management

estimates

and

assumptions.

Actual

results

could

differ

from

those

estimates.

The

Trust

accounts

separately

for

the

assets,

liabilities

and

operations

of

each

fund.

Expenses

directly

attributable

to

each

fund

are

charged

to

that

fund’s

operations;

expenses

which

are

applicable

to

all

funds

are

allocated

among

them

on

a

pro

rata

basis.

The

Trust

enters

into

contracts

that

contain

a

variety

of

indemnifications.

The

funds’

maximum

exposure

under

these

arrangements

is

unknown.

The

funds

do

not

anticipate

recognizing

any

loss

related

to

these

arrangements. 

 Fund

Name

Underlying

Index

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

Solactive

GBS

United

States

500

Index

TR

†

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Solactive

GBS

United

States

400

Index

TR

†

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Solactive

GBS

United

States

600

Index

TR

†

BNY

Mellon

International

Equity

ETF

Solactive

GBS

Developed

Markets

ex

United

States

Large

&

Mid

Cap

USD

Index

NTR

†

BNY

Mellon

Emerging

Markets

Equity

ETF

Solactive

GBS

Emerging

Markets

Large

&

Mid

Cap

USD

Index

NTR

†

BNY

Mellon

Core

Bond

ETF

Bloomberg

US

Aggregate

Total

Return

Index

††

208

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

(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

each

fund’s

investments

relating

to

fair

value

measurements.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

unadjusted

quoted

prices

in

active

markets

for

identical

investments.

Level

2

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Level

3

—

significant

unobservable

inputs

(including

the

funds’

own

assumptions

in

determining

the

fair

value

of

investments).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

Valuation

techniques

used

to

value

each

fund’s

investments

are

as

follows:

The

Trust’s

Board

of

Trustees

(the

“Board”)

has

designated

the

Adviser

as

each

fund’s

valuation

designee to

make

all

fair

value

determinations

with

respect

to

each

fund’s

portfolio

of

investments,

subject

to

the

Board’s

oversight

and

pursuant

to

Rule

2a-5

under

the

Act.

Investments

in

equity

securities,

including

ETFs

(but

not

including

investments

in

other

open-end

registered

investment

companies),

are

valued

at

the

last

sales

price

on

the

securities

exchange

or

national

securities

market

on

which

such

securities

are

primarily

traded.

Securities

listed

on

the

National Association

of

Securities

Dealers

Automated

Quotation

System

for

which

market

quotations

are

available

are

valued

at

the

official

closing

price

or,

if

there

is

no

official

closing

price

that

day,

at

the

last

sales

price.

For

open

short

positions,

asked

prices

are

used

for

valuation

purposes.

Bid

price

is

used

when

no

asked

price

is

available.

Registered

investment

companies

that

are

not

traded

on

an

exchange

are

valued

at

their

net

asset

value.

All

of

the

preceding

securities

are

generally

categorized

within

Level

1

of

the

fair

value

hierarchy.

Investments

in

debt

securities

excluding

short-term

investments

(other

than

U.S.

Treasury

Bills)

are

valued

each

business

day

by

one

or

more

independent

pricing

services

(each,

a

“Service”)

approved

by

the

Board.

Investments

for

which

quoted

bid

prices

are

readily

available

and

are

representative

of

the

bid

side

of

the

market

in

the

judgment

of

the

Service

are

valued

at

the

quoted

bid

prices

(as

obtained

by

the

Service

from

dealers

in

such

securities).

Securities

are

valued

as

determined

by

a

Service,

based

on

methods

which

include

consideration

of

the

following:

yields

or

prices

of

securities

of

comparable

quality,

coupon,

maturity

and

type;

indications

as

to

values

from

dealers;

and

general

market

conditions.

Each

Service

and

independent

valuation

firm

is

engaged

under

the

general

oversight

of

the

Board.

These

securities

are

generally

categorized

within

Level

2

of

the

fair

value

hierarchy.

When

market

quotations

or

official

closing

prices

are

not

readily

available,

or

are

determined

not

to

reflect

fair

value

accurately,

they are

valued

at

fair

value as

determined

in

good

faith based

on

procedures

approved

by

the

Board.

Fair

value

of

investments

may

be

determined

by

valuation

designee

using

such

information

as

it deems

appropriate

under

the

circumstances. Certain

factors

may

be

considered

when

fair

valuing

investments

such

as:

fundamental

analytical

data,

the

nature

and

duration

of

restrictions

on

disposition,

an

evaluation

of

the

forces

that

influence

the

market

in

which

the

securities

are

purchased

and

sold,

and

public

trading

in

similar

securities

of

the

issuer

or

comparable

issuers.

These

securities

are

either

categorized

within

Level

2

or

3

of

the

fair

value

hierarchy

depending

on

the

relevant

inputs

used.

For

securities

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

and

are

generally

categorized

within

Level

3

of

the

fair

value

hierarchy.

Investments

denominated

in

foreign

currencies

are

translated

to

U.S.

dollars

at

the

prevailing

rates

of

exchange.

Futures,

which

are

traded

on

an

exchange,

are

valued

at

the

last

sales

price

on

securities

exchange

on

which

such

contracts

are

primarily

traded

or

at

the

last

sales

price

on

the

exchange

on

each

business

day and

are

generally

categorized

within

Level

1

of

the

fair

value

hierarchy.

The

table

below

summarizes

the

inputs

used

as

of April

30,

2025

in

valuing

each

fund’s

investments:

209

Fair

Value

Measurements

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-  Significant

Unobservable

Inputs

Total

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

Assets

($)

Investments

In

Securities:

†

Common

Stocks

2,572,466,955

—

—

2,572,466,955

Investment

Companies

2,805,124

—

—

2,805,124

Investment

of

Cash

Collateral

for

Securities

Loaned

59,822

—

—

59,822

2,575,331,901

—

—

2,575,331,901

Other

Financial

Instruments:

Futures

††

44,188

—

—

44,188

44,188

—

—

44,188

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Assets

($)

Investments

In

Securities:

†

Common

Stocks

325,598,278

—

—

325,598,278

Investment

Companies

525,654

—

—

525,654

Investment

of

Cash

Collateral

for

Securities

Loaned

4,353,368

—

—

4,353,368

330,477,300

—

—

330,477,300

Liabilities

($)

Other

Financial

Instruments:

Futures

††

(29,180)

—

—

(29,180)

(29,180)

—

—

(29,180)

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Assets

($)

Investments

In

Securities:

†

Common

Stocks

86,771,435

—

—

86,771,435

Investment

Companies

367,281

—

—

367,281

Investment

of

Cash

Collateral

for

Securities

Loaned

2,288,403

—

—

2,288,403

89,427,119

—

—

89,427,119

Liabilities

($)

Other

Financial

Instruments:

Futures

††

(513)

—

—

(513)

(513)

—

—

(513)

BNY

Mellon

International

Equity

ETF

Assets

($)

Investments

In

Securities:

†

Common

Stocks

590,392,790

—

0

590,392,790

Preferred

Stocks

1,623,525

—

—

1,623,525

Rights

717

—

—

717

Warrants

—

0

—

0

Investment

Companies

1,492,031

—

—

1,492,031

Investment

of

Cash

Collateral

for

Securities

Loaned

44,563

—

—

44,563

593,553,626

0

0

593,553,626

Other

Financial

Instruments:

Futures

††

88,020

—

—

88,020

88,020

—

—

88,020

210

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

(b)

Foreign

currency

transactions:

Each

relevant

fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

on

investments.

Net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

on

securities

transactions

between

trade

and

settlement

date,

and

the

difference

between

the

amounts

of

dividends,

interest

and

foreign

withholding

taxes

recorded

on

the

funds’

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

the

value

of

assets

and

liabilities

other

than

investments

resulting

from

changes

in

exchange

rates.

Foreign

currency

gains

and

losses

on

foreign

currency

transactions

are

also

included

with

net

realized

and

unrealized

gain

or

loss

on

investments.

Foreign

Taxes:

Each

relevant

fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

realized

and

unrealized

capital

gains

on

investments

or

certain

foreign

currency

transactions.

Foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

funds

invest.

These

foreign

taxes,

if

any,

are

paid

by

the

funds

and

are

reflected

in

the

Statements

of

Operations,

if

applicable.

Foreign

taxes

payable

or

deferred

or

those

subject

to

reclaims as

of 

April

30,

2025

,

if

any,

are

disclosed

in

the

funds’

Statements

of

Assets

and

Liabilities.

(c)

Securities

transactions

and

investment

income:

Securities

transactions

are

recorded

on

a

trade

date

basis.

Realized

gains

and

losses

from

securities

transactions

are

recorded

on

the

identified

cost

basis.

Dividend

income

is

recognized

on

the

ex-dividend

date

and

interest

income,

including,

where

applicable,

accretion

of

discount

and

amortization

of

premium

on

investments,

is

recognized

on

the

accrual

basis.

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-  Significant

Unobservable

Inputs

Total

BNY

Mellon

Emerging

Markets

Equity

ETF

Assets

($)

Investments

In

Securities:

†

Common

Stocks

89,086,879

—

0

89,086,879

Preferred

Stocks

1,588,378

—

0

1,588,378

Rights

1,915

—

—

1,915

Investment

Companies

412,778

—

—

412,778

Investment

of

Cash

Collateral

for

Securities

Loaned

75,060

—

—

75,060

91,165,010

—

0

91,165,010

Liabilities

($)

Other

Financial

Instruments:

Futures

††

(4,882)

—

—

(4,882)

(4,882)

—

—

(4,882)

BNY

Mellon

Core

Bond

ETF

Assets

($)

Investments

In

Securities:

†

Asset-Backed

Securities

—

7,267,303

—

7,267,303

Commercial

Mortgage-Backed

Securities

—

14,273,055

—

14,273,055

Corporate

Bonds

—

451,006,689

—

451,006,689

Foreign

Governmental

—

27,943,145

—

27,943,145

Municipal

Securities

—

6,583,074

—

6,583,074

Supranational

Bank

—

27,044,350

—

27,044,350

U.S.

Government

Agencies

—

497,935,956

—

497,935,956

U.S.

Treasury

Government

Securities

—

847,201,509

—

847,201,509

Investment

Companies

46,361,398

—

—

46,361,398

Investment

of

Cash

Collateral

for

Securities

Loaned

5,846,211

—

—

5,846,211

52,207,609

1,879,255,081

—

1,931,462,690

Liabilities

($)

TBA

Sale

Commitments

—

(6,995,611)

—

(6,995,611)

—

(6,995,611)

—

(6,995,611)

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

††

Amount

shown

represents

unrealized

appreciation

(depreciation)

at

period

end,

but

only

variation

margin

on

exchange-traded

and

centrally

cleared

derivatives,

if

any,

are

reported

in

the

Statement

of

Assets

and

liabilities.

211

Pursuant

to

a

securities

lending

agreement

with

BNY,

the

funds

may

lend

securities

to

qualified

institutions.

It

is

the

funds’

policy

that,

at

origination,

all

loans

are

secured

by

collateral

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

and

105%

of

the

value

of

foreign

securities

loaned.

Collateral

equivalent

to

at

least

100%

of

the

market

value

of

securities

on

loan

is

maintained

at

all

times.

Collateral

is

either

in

the

form

of

cash,

which

can

be

invested

in

certain

money

market

mutual

funds

managed

by

the

Adviser,

or

U.S.

Government

and

Agency

securities.

Any

non-cash

collateral

received

cannot

be

sold

or

re-pledged

by

each

fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

fund’s

Statement

of

Investments.

The

funds

are

entitled

to

receive

all

dividends,

interest

and

distributions

on

securities

loaned,

in

addition

to

income

earned

as

a

result

of

the

lending

transaction.

Should

a

borrower

fail

to

return

the

securities

in

a

timely

manner,

BNY

is

required

to

replace

the

securities

for

the

benefit

of

the

funds

or

credit

the

funds

with

the

market

value

of

the

unreturned

securities

and

is

subrogated

to

the

funds’

rights

against

the

borrower

and

the

collateral.

Additionally,

the

contractual

maturity

of

security

lending

transactions

are

on

an

overnight

and

continuous

basis.

The

table

below

summarizes

the

amount BNY

earned

from

each

relevant

fund

from

lending

portfolio

securities,

pursuant

to

the

securities

lending

agreement

during

the

period

ended

April

30,

2025.

For

financial

reporting

purposes,

the

funds

elects

not

to

offset

assets

and

liabilities

subject

to

a

securities

lending

agreement,

if

any,

in

the

Statements

of

Assets

and

Liabilities.

Therefore,

all

qualifying

transactions

are

presented

on

a

gross

basis

in

the

Statements

of

Assets

and

Liabilities.

As

of

April

30,

2025,

the

funds

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:

Securities

Lending

Agreement

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

$

4,050

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

8,441

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

1,694

BNY

Mellon

International

Equity

ETF

382

BNY

Mellon

Emerging

Markets

Equity

ETF

1,111

BNY

Mellon

Core

Bond

ETF

7,459

Assets

($)

Liabilities

($)

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

Gross

amount

of

securities

loaned,

at

value,

as

disclosed

in

the

Statement

of

Assets

and

Liabilities

14,123,546

—

Collateral

(received)/posted

not

offset

in

the

Statement

of

Assets

and

Liabilities

(14,123,546)

†

—

Net

Amount

—

—

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Gross

amount

of

securities

loaned,

at

value,

as

disclosed

in

the

Statement

of

Assets

and

Liabilities

12,418,520

—

Collateral

(received)/posted

not

offset

in

the

Statement

of

Assets

and

Liabilities

(12,418,520)

†

—

Net

Amount

—

—

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Gross

amount

of

securities

loaned,

at

value,

as

disclosed

in

the

Statement

of

Assets

and

Liabilities

4,689,121

—

Collateral

(received)/posted

not

offset

in

the

Statement

of

Assets

and

Liabilities

(4,689,121)

†

—

Net

Amount

—

—

BNY

Mellon

International

Equity

ETF

Gross

amount

of

securities

loaned,

at

value,

as

disclosed

in

the

Statement

of

Assets

and

Liabilities

1,940,550

—

Collateral

(received)/posted

not

offset

in

the

Statement

of

Assets

and

Liabilities

(1,940,550)

†

—

Net

Amount

—

—

BNY

Mellon

Emerging

Markets

Equity

ETF

Gross

amount

of

securities

loaned,

at

value,

as

disclosed

in

the

Statement

of

Assets

and

Liabilities

282,172

—

Collateral

(received)/posted

not

offset

in

the

Statement

of

Assets

and

Liabilities

(282,172)

†

—

Net

Amount

—

—

BNY

Mellon

Core

Bond

ETF

Gross

amount

of

securities

loaned,

at

value,

as

disclosed

in

the

Statement

of

Assets

and

Liabilities

92,820,570

—

Collateral

(received)/posted

not

offset

in

the

Statement

of

Assets

and

Liabilities

(92,820,570)

†

—

Net

Amount

—

—

212

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

(d)

Affiliated

issuers:

Investments

in

other

investment

companies

advised

by

the

Adviser

or

its

affiliates

are

defined

as

“affiliated”

under

the

Act.

(e)

Market

Risk:

The

value

of

the

securities

in

which

each

fund

invests

may

be

affected

by

political,

regulatory,

economic

and

social

developments,

and

developments

that

impact

specific

economic

sectors,

industries

or

segments

of

the

market.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

each

fund.

Global

economies

and

financial

markets

are

becoming

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

world-wide.

Foreign

Investment

Risk:

To

the

extent

each

relevant

fund

invests

in

foreign

securities,

each

fund’s

performance

will

be

influenced

by

political,

social

and

economic

factors

affecting

investments

in

foreign

issuers.

Special

risks

associated

with

investments

in

foreign

issuers

include

exposure

to

currency

fluctuations,

less

liquidity,

less

developed

or

less

efficient

trading

markets,

lack

of

comprehensive

company

information,

political

and

economic

instability

and

differing

auditing

and

legal

standards.

The

imposition

of

sanctions,

confiscations,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

United

States

and

other

governments,

or

problems

in

share

registration,

settlement

or

custody,

may

result

in

losses

and/or

may

impact

the

correlation

between

each

fund

and

index

performance.

Investments

denominated

in

foreign

currencies

are

subject

to

the

risk

that

such

currencies

will

decline

in

value

relative

to

the

U.S.

dollar

and

affect

the

value

of

these

investments

held

by

each

fund.

To

the

extent

securities

held

by

each

fund

trade

in

a

market

that

is

closed

when

the

exchange

on

which

each

fund’s

shares

trade

is

open,

there

may

be

deviations

between

the

current

price

of

a

security

and

the

last

quoted

price

for

the

security

in

the

closed

foreign

market.

These

deviations

could

result

in

each

fund

experiencing

premiums

or

discounts

greater

than

those

of

ETFs

that

invest

in

domestic

securities.

Emerging

Market

Risk:

The

securities

of

issuers

located

or

doing

substantial

business

in

emerging

market

countries

tend

to

be

more

volatile

and

less

liquid

than

the

securities

of

issuers

located

in

countries

with

more

mature

economies.

There

may

be

less

information

publicly

available

about

an

emerging

market

issuer

than

about

a

developed

market

issuer

and/or

the

available

information

may

be

outdated

or

unreliable.

In

addition,

emerging

market

issuers

may

not

be

subject

to

accounting,

auditing,

legal

and

financial

reporting

standards

comparable

to

those

in

developed

markets,

potentially

making

it

difficult

to

evaluate

such

issuers.

Emerging

markets

generally

have

less

diverse

and

less

mature

economic

structures

and

less

stable

political

systems

than

those

of

developed

countries.

Additionally,

investments

in

these

countries

may

have

restrictions

that

make

it

difficult

or

impossible

for

each

fund

to

exercise

rights,

pursue

legal

remedies,

and

obtain

judgments

in

foreign

courts.

Investments

in

these

countries

may

be

subject

to

political,

economic,

legal,

market

and

currency

risks.

The

risks

may

include

less

protection

of

property

rights

and

uncertain

political

and

economic

policies,

greater

vulnerability

to

market

manipulation,

the

imposition

of

capital

controls

and/or

foreign

investment

limitations

by

a

country,

nationalization

of

businesses

and

the

imposition

of

sanctions

by

other

countries,

such

as

the

United

States.

These

risks

may

impact

the

correlation

between

each

fund

and

index

performance.

Fixed-Income

Market Risk:

BNY

Mellon

Core

Bond

ETF

invests

in

fixed-income

securities.

The

market

value

of

a

fixed-income

security

may

decline

due

to

general

market

conditions

that

are

not

specifically

related

to

a

particular

company,

such

as

real

or

perceived

adverse

economic

conditions,

changes

in

the

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates

or

adverse

investor

sentiment

generally.

The

fixed-income

securities

market

can

be

susceptible

to

increases

in

volatility

and

decreases

in

liquidity.

Liquidity

can

decline

unpredictably

in

response

to

overall

economic

conditions

or

credit

tightening.

Increases

in

volatility

and

decreases

in

liquidity

may

be

caused

by

a

rise

in

interest

rates

(or

the

expectation

of

a

rise

in

interest

rates).

Authorized

Participants,

Market

Makers

and

Liquidity

Providers

Risk:

Each

fund

has

a

limited

number

of

financial

institutions

that

may

act

as

Authorized

Participants,

which

are

responsible

for

the

creation

and

redemption

activity

for

each

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.

(f)

Dividends

and

distributions

to

shareholders:

Dividends

and

distributions

payable

to

shareholders

are

recorded

by

each

fund

on

the

ex-dividend

date.

BNY

Mellon

US

Large

Cap

Core

Equity

ETF,

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF,

BNY

Mellon

US

Small

Cap

Core

Equity

ETF,

BNY

Mellon

International

Equity

ETF

and

BNY

Mellon

Emerging

Markets

Equity

ETF

normally

declare

†

The

value

of

the

related

collateral

received

by

the

fund

normally

exceeded

the

value

of

the

securities

loaded

by

the

fund

pursuant

to

the

securities

lending

agreement.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

See

Statement

of

Investments

for

detailed

information

regarding

the

collateral

received

for

open

securities

lending.

213

and

pay

dividends

from

net investment

income

quarterly.

BNY

Mellon

Core

Bond

ETF

normally

declares

and

pays

dividends

from

net

investment

income

monthly.

Income

dividends

for

each

fund

may

vary

significantly

from

period

to

period. Dividends

from

net

realized

capital

gains,

if

any,

are

normally

declared

and

paid

annually,

but

each

fund

may

make

distributions

on

a

more

frequent

basis

to

comply

with

the

distribution

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

To

the

extent

that

net

realized

capital

gains

can

be

offset

by

capital

loss

carryovers

of

a

fund,

it

is

the

policy

of

each

fund

not

to

distribute

such

gains.

Income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP.

(g)

Federal

income

taxes:

It

is

the

policy

of

each

fund

to

continue

to

qualify

as

a

regulated

investment

company,

if

such

qualification

is

in

the

best

interests

of

its

shareholders,

by

complying

with

the

applicable

provisions

of

the

Code,

and

to

make

distributions

of

taxable

income

sufficient

to

relieve

it

from

substantially

all

federal

income

and

excise

taxes.

For

federal

income

tax

purposes,

each

fund

is

treated

as

a

separate

entity

for

the

purpose

of

determining

such

qualification.

As

of

and

during

the period ended April

30,

2025,

the

funds

did

not

have

any

liabilities

for

any

uncertain

tax

positions.

Each

fund

recognizes

interest

and

penalties,

if

any,

related

to

uncertain

tax

positions

as

income

tax

expense

in

the

Statements

of

Operations.

During

the period

ended April

30,

2025,

the

funds

did

not

incur

any

interest

or

penalties.

Each

tax

year

in

the

three-year

period

ended October

31,

2024 remains

subject

to

examination

by

the

Internal

Revenue

Service

and

state

taxing

authorities.

The

funds

are

permitted

to

carry

forward

capital

losses

for

an

unlimited

period.

Furthermore,

capital

loss

carryovers

retain

their

character

as

either

short-term

or

long-term

capital

losses. 

The

table below summarizes

each

relevant

fund’s

accumulated

capital

loss

carryover

available

for

federal

income

tax

purposes

to

be

applied

against

future

net

realized

capital

gains,

if

any,

realized

subsequent

to October

31,

2024.

The

table below

summarizes

each

fund’s

tax

character

of

distributions

paid

to

shareholders

during

the

fiscal

period

ended October

31,

2024.

The

tax

character

of

current

year

distributions

will

be

determined

at

the

end

of

the

current

fiscal

year.

Tax

Character

of

Distributions

Paid

(g)

Operating

Segment

Reporting:

In

this

reporting

period,

the

funds

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

funds’

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

funds

operate

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

funds’

prospectus.

The

accounting

policies

of

the

fund

are

consistent

with

those

described

in

these

Notes

to

the

Financial

Statements.

The

chief

operating

Capital

Loss

Carryover

Short-Term

Losses

Long-Term

Losses

Total

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

$

19,376,129

$

11,907,104

$

31,283,233

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

22,355,252

8,483,401

30,838,653

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

9,356,477

7,525,924

16,882,401

BNY

Mellon

International

Equity

ETF

8,828,001

5,481,775

14,309,776

BNY

Mellon

Emerging

Markets

Equity

ETF

3,080,828

3,420,020

6,500,848

BNY

Mellon

Core

Bond

ETF

5,050,244

12,133,946

17,184,190

Ordinary

Income

†

2024

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

$31,978,450

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

6,908,269

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

1,761,694

BNY

Mellon

International

Equity

ETF

18,099,472

BNY

Mellon

Emerging

Markets

Equity

ETF

2,562,381

BNY

Mellon

Core

Bond

ETF

62,713,522

†

Includes

short-term

capital

gain

distributions,

if

any.

214

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

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

Statements

of

Assets

and

Liabilities,

investments

held

on

the

Statements

of

Investments,

results

of

operations

and

significant

segment

expenses

on

the

Statements

of

Operations

and

other

information

about

the

funds’

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

payable

monthly

and computed

at

an

annual

rate on

the

average

daily

value

of

each

fund’s

net

assets

of

which

are

summarized

in

the

table

below.

Management

Agreement

Fees

For

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF,

BNY

Mellon

US

Small

Cap

Core

Equity

ETF,

BNY

Mellon

International

Equity

ETF

and

BNY

Mellon

Emerging

Markets

Equity

ETF,

each

fund’s

management

agreement

provides

that

the

Adviser

pays

substantially

all

expenses

of

such

fund,

except

for

the

management

fees,

payments

under

the

fund’s

12b-1

plan

(if

any),

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

brokerage

commissions,

costs

of

holding

shareholder

meetings,

fees

and

expenses

associated

with

the

fund’s

securities

lending

program,

and

litigation

and

potential

litigation

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

fund’s

business.

For

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

and

BNY

Mellon

Core

Bond

ETF,

each

fund’s

management

agreement

provides

that

the

Adviser

pays

substantially

all

expenses

of

such

fund,

except

for

the

management

fees,

interest

expenses,

taxes,

brokerage

commissions,

costs

of

holding

shareholder

meetings,

fees

and

expenses

associated

with

the

fund’s

securities

lending

program,

and

litigation

and

potential

litigation

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

fund’s

business.

For

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

and

BNY

Mellon

Core

Bond

ETF,

each

fund’s

management

agreement

provides

that

the

Adviser

pays

all

acquired

fund

fees

and

expenses.

The

Adviser

may

from

time

to

time

voluntarily

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

total

annual

fund

operating

expenses.

Any

such

voluntary

waiver

or

reimbursement

may

be

eliminated

by

the

Adviser

at

any

time.

For

financial

reporting

purposes

such

payments

pursuant

to

undertakings

above

will

be

considered

a

reduction

in

expenses

presented

in

the

Statement

of

Operations.

If

such

payments

made

to

certain

funds

would

be

excess

over

expenses

borne

directly

by

each

fund,

such

payments

will

be

considered

Capital

Contributions

from

Adviser

presented

in

the

Statement

of

Changes.

During

the

period

ended

April

30,

2025,

there

was

no

impact

on

the

Total

Return

of

each

relevant

fund

as

a

result

of

the

Capital

Contributions

from

Adviser.

The

table

below

summarizes

the

amounts

pursuant

to

undertakings

during

the period ended

April

30,

2025.

Reduction

in

expenses/Capital

Contributions

from

Adviser

Pursuant

to

undertakings

Pursuant

to

a

sub-investment

advisory

agreement

between

Mellon

and

the

Adviser,

the

Adviser

pays

Mellon

a

monthly

fee

at

an

annual

percentage

of

the

value

of

each

fund’s

average

daily

net

assets.

The

Adviser

has

obtained

an

exemptive

order

from

the

SEC

(the

“Order”),

upon

which

each

fund

may

rely,

to

use

a

manager

of

managers

approach

that

permits

the

Adviser,

subject

to

certain

conditions

and

approval

by

the

Board,

to

enter

into

and

materially

amend

sub-investment

advisory

agreements

with

one

or

more

sub-advisers

who

are

either

unaffiliated

or

affiliated

with

the

Adviser

without

obtaining

shareholder

approval.

The

Order

also

relieves

each

fund

from

disclosing

the

sub-advisory

fee

paid

by

the

Adviser

to

a

sub-adviser

in

documents

filed

with

the

SEC

and

provided

to

shareholders.

In

addition,

pursuant

to

the

Order,

it

is

not

necessary

to

disclose

the

sub-advisory

fee

payable

by

the

Adviser

separately

to

a

sub-adviser

that

is

a

wholly-

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

0.00%

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

0.04%

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

0.04%

BNY

Mellon

International

Equity

ETF

0.04%

BNY

Mellon

Emerging

Markets

Equity

ETF

0.11%

BNY

Mellon

Core

Bond

ETF

0.00%

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

$2,331

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

-

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

-

BNY

Mellon

International

Equity

ETF

-

BNY

Mellon

Emerging

Markets

Equity

ETF

-

BNY

Mellon

Core

Bond

ETF

23,708

215

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.

For

each

fund,

the

Adviser

pays

a

contractual

fee

rate

to

Mellon

as

applicable

to

each

fund’s

sub-investment

advisory

agreement,

at

the

annual

rate

set

forth

in

the

table

below

(stated

as

a

percentage

of

each

fund’s

average

daily

net

assets).

The

Adviser,

and

not

the

funds,

pays

the

Mellon

fee

rate

as

applicable

to

each

fund’s

sub-investment

advisory

agreement.

Sub-Investment

Advisory

Agreement

Fees

(b)

Each

fund

has

an

arrangement

with

The

Bank

of

New

York

Mellon

(the

“Custodian”),

a

subsidiary

of

BNY

and

an

affiliate

of

the

Adviser, whereby

the

funds

will

receive

interest

income

or

be

charged

overdraft

fees

when

cash

balances

are

maintained.

For

financial

reporting

purposes,

each

fund

includes

this

interest

income

and

overdraft

fees,

if

any,

as

interest

income

in

the

Statement

of

Operations.

The

table

below

summarized

the

components

of

“Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC”

in

the

Statements

of

Assets

and

Liabilities

for

each

fund.

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC

(c)

Each

Board

member

serves

as

a

Board

member

of each

fund

within

the

Trust.

The

Board

members

are

not

compensated

directly

by

the

funds.

The

Board

members

are

paid

by

the

Adviser

from

the

unitary

management

fees

paid

to

the

Adviser

by

the

funds.

NOTE

4—Securities

Transactions:

The

table

below

summarizes

each

fund’s

aggregate

amount

of

purchases

and

sales

(including

paydowns,

if

any)

of

investment

securities,

excluding

short-term

securities,

futures

and

in-kind

transactions,

during

the

period

ended

April

30,

2025.

Purchases

and

Sales

TBA

Securities:

During

the

period

ended April

30,

2025,

BNY

Mellon

Core

Bond

ETF

transacted

in

TBA

securities

that

involved

buying

or

selling

mortgage-backed

securities

on

a

forward

commitment

basis.

A

TBA

transaction

typically

does

not

designate

the

actual

security

to

be

delivered

and

only

includes

an

approximate

principal

amount;

however,

delivered

securities

must

meet

specified

terms

defined

by

industry

guidelines,

including

issuer,

rate

and

current

principal

amount

outstanding

on

underling

mortgage

pools.

TBA

securities

subject

to

a

forward

commitment

to

sell

at

period

end

are

included

at

the

end

of

the

fund’s

Statement

of

Investments

under

the

caption

“TBA

Sale

Commitments.”

The

proceeds

and

value

of

these

commitments

are

reflected

in

the

fund’s

Statement

of

Assets

and

Liabilities

 as

Receivable

for

TBA

sale

commitments

(included

in

receivable

securities

sold)

and

TBA

sale

commitments,

at

value,

respectively. 

Derivatives:

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

Rule

18f-4

under

the

Act

regulates

the

use

of

derivatives

transactions

for

certain

funds

registered

under

the

Act.

Each

relevant

fund

is

deemed

a

“limited”

derivatives

user

under

the

rule

and

is

required

to

limit

its

derivatives exposure

so

that

the total

notional

value

of

applicable

derivatives

does

not

exceed

10%

of

the

fund’s

net

assets,

and

is

subject

to

certain

reporting

requirements. Each

type

of

derivative

instrument

that

was

held

by

the

fund

during

the 

period

ended

April

30,

2025

is

discussed

below.

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

0.02%

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

0.02%

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

0.02%

BNY

Mellon

International

Equity

ETF

0.02%

BNY

Mellon

Emerging

Markets

Equity

ETF

0.055%

BNY

Mellon

Core

Bond

ETF

0.03%

Management

fees

Less/Excess

Reimbursement

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

$-

$217

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

11,549

–

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

2,946

–

BNY

Mellon

International

Equity

ETF

20,113

–

BNY

Mellon

Emerging

Markets

Equity

ETF

8,766

–

BNY

Mellon

Core

Bond

ETF

–

3,284

Purchases

Sales

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

$

37,776,255

$

38,642,944

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

69,597,118

69,918,786

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

25,216,266

24,710,659

BNY

Mellon

International

Equity

ETF

36,543,923

43,792,624

BNY

Mellon

Emerging

Markets

Equity

ETF

13,597,361

27,439,631

BNY

Mellon

Core

Bond

ETF

584,433,611

519,090,950

216

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

Futures:

In

the

normal

course

of

pursuing

their

investment

objective,

exposed

to

market

risk,

including

equity

price

risk,

as

a

result

of

changes

in

value

of

underlying

financial

instruments.

BNY

Mellon

US

Large

Cap

Core

Equity

ETF,

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF,

BNY

Mellon

US

Small

Cap

Core

Equity

ETF,

BNY

Mellon

International

Equity

ETF

and BNY

Mellon

Emerging

Markets

Equity ETF invest

in

futures

in

order

to

manage

their

exposure

to

or

protect

against

changes

in

the

market.

A

futures

contract

represents

a

commitment

for

the

future

purchase

or

a

sale

of

an

asset

at

a

specified

date.

Upon

entering

into

such

contracts,

these

investments

require

initial

margin

deposits

with

a

counterparty,

which

consist

of

cash

or

cash

equivalents.

The

amount

of

these

deposits

is

determined

by

the

exchange

or

Board

of

Trade

on

which

the

contract

is

traded

and

is

subject

to

change.

Accordingly,

variation

margin

payments

are

received

or

made

to

reflect

daily

unrealized

gains

or

losses

which

are

recorded

in

the

Statements

of

Operations.

When

the

contracts

are

closed,

the

fund

recognizes

a

realized

gain

or

loss

which

is

reflected

in

the

Statements

of

Operations.

There

is

minimal

counterparty

credit

risk

to

the

fund

with

futures

since

they

are

exchange

traded,

and

the

exchange

guarantees

the

futures

against

default.

Futures

open

at April

30,

2025,

are

set

forth

in

the

Statement

of

Investments

for

each

fund.

The

following

tables

show

the

funds’

exposure

to

different

types

of

market

risk

as

it

relates

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

respectively. 

Fair

value

of

derivative

instruments

as

of April

30,

2025

is

shown

below:

The

effect

of

derivative

instruments

in

the

Statements of

Operations

during

the period

ended

April

30,

2025 is

shown

below:

Derivative

Assets

($)

Derivative

Liabilities

($)

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

Equity

risk

(a)

44,188

–

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Equity

risk

(a)

–

(29,180)

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Equity

risk

(a)

–

(513)

BNY

Mellon

International

Equity

ETF

Equity

risk

(a)

88,020

–

BNY

Mellon

Emerging

Markets

Equity

ETF

Equity

risk

(a)

–

(4,882)

(a)

Includes

cumulative

appreciation

(depreciation)

on

futures

as

reported

in

the

Statement

of

Investments,

but

only

the

unpaid

variation

margin

is

reported

in

the

Statement

of

Assets

and

Liabilities.

Amount

of

realized

gain

(loss)

on

derivatives

($)

Underlying

Risk

Futures

(a)

Total

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

Equity

risk

(638,739)

(638,739)

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Equity

risk

(451,369)

(451,369)

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Equity

risk

(90,554)

(90,554)

BNY

Mellon

International

Equity

ETF

Equity

risk

(59,287)

(59,287)

BNY

Mellon

Emerging

Markets

Equity

ETF

Equity

risk

(2,816)

(2,816)

Net

change

in

unrealized

appreciation

(depreciation)

on

derivatives

($)

Underlying

Risk

Futures

(b)

Total

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

Equity

risk

39,103

39,103

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Equity

risk

(43,473)

(43,473)

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Equity

risk

5,877

5,877

BNY

Mellon

International

Equity

ETF

Equity

risk

160,271

160,271

BNY

Mellon

Emerging

Markets

Equity

ETF

Equity

risk

(10,264)

(10,264)

(a)

Net

realized

gain

(loss)

on

futures.

(b)

Net

change

in

unrealized

appreciation

(depreciation)

on

futures.

217

The following

table summarizes

the

monthly

average market

value of

derivatives

outstanding

during

the period

ended

April

30,

2025:

The

table

below

summarizes

the

gross

appreciation,

gross

depreciation

and

accumulated

net

unrealized

appreciation

(depreciation)

on

investments

for

each

fund

at

April

30,

2025.

At

April

30,

2025,

the

cost

of

investments

inclusive

of

derivative

contracts

for

federal

income

tax

purposes

was

substantially

the

same

as

the

cost

for

financial

reporting

purposes

(see

the

Statements

of

Investments).

NOTE

5—Shareholder

Transactions:

Each

fund

issues

and

redeems

its

shares

on

a

continuous

basis,

at

NAV,

to

certain

institutional

investors

known

as

“Authorized

Participants”

(typically

market

makers

or

other

broker-dealers)

only

in

a

large

specified

number

of

shares

called

a

Creation

Unit.

Except

when

aggregated

in

Creation

Units,

shares

of

each

fund

are

not

redeemable.

The

value

of

each

fund

is

determined

once

each

business

day.

The

Creation

Unit

size

for

a

fund

may

change.

Authorized

Participants

will

be

notified

of

such

change.

Creation

Unit

transactions

may

be

made

in-

kind,

for

cash,

or

for

a

combination

of

securities

and

cash.

The

principal

consideration

for

creations

and

redemptions

for

each

fund

is

in-kind,

although

this

may

be

revised

at

any

time

without

notice.

The

Trust

issues

and

sells

shares

of

each

fund

only:

in

Creation

Units

on

a

continuous

basis

through

the

Distributor,

without

a

sales

load,

at

their

NAV

per

share

determined

after

receipt

of

an

order,

on

any

Business

Day,

in

proper

form

pursuant

to

the

terms

of

the

Authorized

Participant

Agreement.

Transactions

in

capital

shares

for

each

fund

are

disclosed

in

detail

in

the

Statements

of

Changes

in

Net

Assets.

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

may

consist

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Trust

and/or

custodian

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

variable

charges,

if

any,

are

included

in

“Transaction

fees”

in

the

Statements

of

Changes

in

Net

Assets.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

funds.

Because

such

gains

or

losses

are

not

taxable

to

the

funds

and

are

not

distributed

to

existing

fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

per

share.

The

table

below

summarizes

each

fund’s

in-kind

transactions

associated

with

creations

and

redemptions,

during

the

period

ended

April

30,

2025.

Average

Market

Value

($)

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

Futures:

Equity

Futures

Long

419,450

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

Futures:

Equity

Futures

Long

1,550,003

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

Futures:

Equity

Futures

Long

6,006,945

BNY

Mellon

International

Equity

ETF

Futures:

Equity

Futures

Long

3,166,849

BNY

Mellon

Emerging

Markets

Equity

ETF

Futures:

Equity

Futures

Long

409,161

Accumulated

Net

Unrealized

Appreciation

(Depreciation)

Gross

Appreciation

($)

Gross

(Depreciation)

($)

Net

($)

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

378,207,135

(109,637,805)

268,569,330

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

40,462,513

(30,461,405)

10,001,108

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

8,985,267

(12,228,257)

(3,242,990)

BNY

Mellon

International

Equity

ETF

103,314,053

(29,723,986)

73,590,067

BNY

Mellon

Emerging

Markets

Equity

ETF

18,944,096

(5,827,554)

13,116,542

BNY

Mellon

Core

Bond

ETF

13,743,893

(42,698,043)

(28,954,150)

218

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

In-Kind

Transactions

Cost

of

Securities

Received

Value

of

Securities

Delivered

BNY

Mellon

US

Large

Cap

Core

Equity

ETF

$

615,410,636

$

779,899,200

BNY

Mellon

US

Mid

Cap

Core

Equity

ETF

54,240,217

186,061,545

BNY

Mellon

US

Small

Cap

Core

Equity

ETF

24,205,871

45,268,866

BNY

Mellon

International

Equity

ETF

74,248,678

216,010,324

BNY

Mellon

Emerging

Markets

Equity

ETF

1,045,115

11,306,941

BNY

Mellon

Core

Bond

ETF

47,965,301

233,445,053

219

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

220

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

221

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

funds.

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

funds.

222

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(Unaudited)

N/A

©

2025

BNY

Mellon

Securities

Corporation

Code-ETFNCSRSA0425

BNY

Mellon

ETF

Trust

SEMI-ANNUAL

FINANCIALS

AND

OTHER

INFORMATION

April

30,

2025

BNY

Mellon

High

Yield

ETF:

BKHY

Principal

U.S.

Listing

Exchange:

NYSE

Arca,

Inc.

Contents

The

Fund

Please

note

the

Semi-Annual

Financials

and

Other

Information

only

contains

Items

7-11

required

in

Form

N-CSR.

All

other

required

items

will

be

filed

with

the

Securities

and

Exchange

Commission

(the

“SEC”).

Investment

Companies

3

Statement

of

Investments

3

Statement

of

Assets

and

Liabilities

45

Statement

of

Operations

46

Statement

of

Changes

in

Net

Assets

47

Financial

Highlights

48

Notes

to

Financial

Statements

49

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

57

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

58

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Investment

Companies

59

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

60

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

High

Yield

ETF

Statement

of

Investments

April

30,

2025

(Unaudited)

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

Advertising

–

1.0%

Advantage

Sales

&

Marketing,

Inc.

,

6.50%

,

11/15/2028

(a)

130,000

104,662

Clear

Channel

Outdoor

Holdings,

Inc.

5.13%,

8/15/2027

(a)

180,000

175,075

7.75%,

4/15/2028

(a)

170,000

141,066

9.00%,

9/15/2028

(a)

47,000

48,721

7.50%,

6/01/2029

(a)

122,000

99,966

7.88%,

4/01/2030

(a)

124,000

124,125

CMG

Media

Corp.

,

8.88%

,

6/18/2029

(a)

96,000

84,338

Lamar

Media

Corp.

3.75%,

2/15/2028

97,000

92,456

4.88%,

1/15/2029

158,000

153,503

4.00%,

2/15/2030

153,000

143,014

3.63%,

1/15/2031

222,000

200,697

Neptune

Bidco

US,

Inc.

,

9.29%

,

4/15/2029

(a)

210,000

186,812

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

5.00%,

8/15/2027

(a)

47,000

46,114

4.25%,

1/15/2029

(a)

10,000

9,314

4.63%,

3/15/2030

(a)(b)

3,000

2,779

7.38%,

2/15/2031

(a)

40,000

41,946

Stagwell

Global

LLC

,

5.63%

,

8/15/2029

(a)

180,000

170,044

1,824,632

Aerospace

&

Defense

–

2.6%

Bombardier,

Inc.

7.13%,

6/15/2026

(a)

27,000

27,029

6.00%,

2/15/2028

(a)

84,000

82,999

7.50%,

2/01/2029

(a)

35,000

36,041

8.75%,

11/15/2030

(a)

39,000

41,824

7.25%,

7/01/2031

(a)

73,000

74,856

7.00%,

6/01/2032

(a)(b)

65,000

65,702

7.45%,

5/01/2034

(a)

65,000

68,255

Efesto

Bidco

SpA

Efesto

US

LLC

,

Series

XR

,

7.50%

,

2/15/2032

(a)

115,000

114,413

F-

Brasile

SpA

/

F-

Brasile

US

LLC

,

Series

XR

,

7.38%

,

8/15/2026

(a)

90,000

90,088

Goat

Holdco

LLC

,

6.75%

,

2/01/2032

(a)

122,000

119,645

Moog,

Inc.

,

4.25%

,

12/15/2027

(a)

96,000

92,725

Spirit

AeroSystems

,

Inc.

3.85%,

6/15/2026

35,000

34,421

4.60%,

6/15/2028

76,000

73,450

9.38%,

11/30/2029

(a)

95,000

101,314

9.75%,

11/15/2030

(a)

30,000

33,249

TransDigm

,

Inc.

5.50%,

11/15/2027

691,000

688,005

6.75%,

8/15/2028

(a)

513,000

523,206

4.63%,

1/15/2029

295,000

283,642

6.38%,

3/01/2029

(a)

650,000

662,701

4.88%,

5/01/2029

113,000

108,981

6.88%,

12/15/2030

(a)

330,000

340,020

7.13%,

12/01/2031

(a)

240,000

249,560

6.63%,

3/01/2032

(a)

542,000

555,203

6.00%,

1/15/2033

(a)

374,000

373,186

Triumph

Group,

Inc.

,

9.00%

,

3/15/2028

(a)

141,000

148,057

4,988,572

Agriculture

–

0.0%

Turning

Point

Brands,

Inc.

,

7.63%

,

3/15/2032

(a)

44,000

45,720

45,720

4

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Airlines

–

0.7%

Air

Canada

,

3.88%

,

8/15/2026

(a)

18,000

17,668

Air

Canada

Pass-Through

Trust

,

Series

2020-1

,

Class

C

,

10.50%

,

7/15/2026

(a)

187,000

197,351

Allegiant

Travel

Co.

,

7.25%

,

8/15/2027

(a)

22,000

20,336

American

Airlines,

Inc.

7.25%,

2/15/2028

(a)(b)

49,000

48,383

8.50%,

5/15/2029

(a)(b)

68,000

69,280

American

Airlines,

Inc.

/

Aadvantage

Loyalty

IP

Ltd.

,

5.75%

,

4/20/2029

(a)

209,600

203,146

Avianca

Midco

2

PLC

,

9.63%

,

2/14/2030

(a)

220,000

192,711

JetBlue

Airways

Corp.

/

JetBlue

Loyalty

LP

,

9.88%

,

9/20/2031

(a)

385,000

354,826

OneSky

Flight

LLC

,

8.88%

,

12/15/2029

(a)

74,000

74,617

United

Airlines

Pass-Through

Trust

,

Series

2016-2

,

Class

A

,

3.10%

,

10/07/2028

81,071

74,419

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding,

Inc.

,

9.50%

,

6/01/2028

(a)(b)

40,000

39,082

VistaJet

Malta

Finance

PLC

/

XO

Management

Holding,

Inc.

7.88%,

5/01/2027

(a)(b)

40,000

38,813

6.38%,

2/01/2030

(a)

80,000

69,012

1,399,644

Apparel

–

0.4%

Champ

Acquisition

Corp.

,

8.38%

,

12/01/2031

(a)

30,000

31,692

Crocs,

Inc.

4.25%,

3/15/2029

(a)

135,000

125,304

4.13%,

8/15/2031

(a)

36,000

31,467

Hanesbrands,

Inc.

,

9.00%

,

2/15/2031

(a)

56,000

58,059

Kontoor

Brands,

Inc.

,

4.13%

,

11/15/2029

(a)

180,000

165,650

S&S

Holdings

LLC

,

8.38%

,

10/01/2031

(a)

130,000

122,433

Under

Armour

,

Inc.

,

3.25%

,

6/15/2026

37,000

35,886

VF

Corp.

2.80%,

4/23/2027

30,000

27,838

2.95%,

4/23/2030

130,000

106,913

6.45%,

11/01/2037

45,000

37,588

Wolverine

World

Wide,

Inc.

,

4.00%

,

8/15/2029

(a)

4,000

3,332

746,162

Auto

Manufacturers

–

1.0%

Allison

Transmission,

Inc.

4.75%,

10/01/2027

(a)

115,000

113,141

5.88%,

6/01/2029

(a)

25,000

24,959

3.75%,

1/30/2031

(a)

194,000

174,320

Aston

Martin

Capital

Holdings

Ltd.

,

10.00%

,

3/31/2029

(a)

120,000

103,157

Jaguar

Land

Rover

Automotive

PLC

4.50%,

10/01/2027

(a)

150,000

143,208

5.88%,

1/15/2028

(a)

87,740

86,512

5.50%,

7/15/2029

(a)

151,000

145,070

JB

Poindexter

&

Co.,

Inc.

,

8.75%

,

12/15/2031

(a)

97,000

97,623

Nissan

Motor

Acceptance

Co.

LLC

6.95%,

9/15/2026

(a)

82,000

82,708

1.85%,

9/16/2026

(a)

7,000

6,630

5.30%,

9/13/2027

(a)

42,000

41,173

2.75%,

3/09/2028

(a)

7,000

6,391

2.45%,

9/15/2028

(a)

97,000

85,713

7.05%,

9/15/2028

(a)

78,000

79,757

5.55%,

9/13/2029

(a)

1,000

969

Nissan

Motor

Co.

Ltd.

4.35%,

9/17/2027

(a)

287,000

276,440

4.81%,

9/17/2030

(a)

290,000

267,915

5

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Auto

Manufacturers

–

1.0%

(continued)

PM

General

Purchaser

LLC

,

9.50%

,

10/01/2028

(a)

120,000

115,781

Wabash

National

Corp.

,

4.50%

,

10/15/2028

(a)

61,000

51,326

1,902,793

Auto

Parts

&

Equipment

–

1.2%

Adient

Global

Holdings

Ltd.

7.00%,

4/15/2028

(a)

73,000

73,612

8.25%,

4/15/2031

(a)

5,000

4,951

7.50%,

2/15/2033

(a)

29,000

27,481

American

Axle

&

Manufacturing,

Inc.

6.88%,

7/01/2028

(b)

20,000

19,253

5.00%,

10/01/2029

16,000

14,038

Aptiv

Swiss

Holdings

Ltd.

,

6.88%

,

12/15/2054

183,000

171,250

Clarios

Global

LP

/

Clarios

US

Finance

Co.

6.25%,

5/15/2026

(a)

61,000

60,994

8.50%,

5/15/2027

(a)

271,000

272,190

6.75%,

5/15/2028

(a)

113,000

114,898

6.75%,

2/15/2030

(a)

105,000

106,872

Cooper-Standard

Automotive,

Inc.

,

5.63%

,

5/15/2027

(a)(c)

64,000

52,203

Dana,

Inc.

5.38%,

11/15/2027

5,000

4,972

4.25%,

9/01/2030

21,000

19,349

4.50%,

2/15/2032

(b)

21,000

18,869

Dornoch

Debt

Merger

Sub,

Inc.

,

6.63%

,

10/15/2029

(a)

78,000

53,871

Garrett

Motion

Holdings,

Inc.

/

Garrett

LX

I

Sarl

,

7.75%

,

5/31/2032

(a)

122,000

121,700

IHO

Verwaltungs

GmbH

7.75%,

11/15/2030

(a)(c)

114,000

110,631

8.00%,

11/15/2032

(a)(c)

80,000

76,460

Phinia

,

Inc.

6.75%,

4/15/2029

(a)

35,000

35,395

6.63%,

10/15/2032

(a)

45,000

44,156

Real

Hero

Merger

Sub

2,

Inc.

,

6.25%

,

2/01/2029

(a)

124,000

92,446

Tenneco,

Inc.

,

8.00%

,

11/17/2028

(a)

280,000

267,004

The

Goodyear

Tire

&

Rubber

Company

5.00%,

5/31/2026

109,000

108,446

4.88%,

3/15/2027

60,000

59,161

5.00%,

7/15/2029

(b)

95,000

90,404

5.25%,

4/30/2031

(b)

69,000

64,330

5.25%,

7/15/2031

57,000

53,210

5.63%,

4/30/2033

2,000

1,848

Titan

International,

Inc.

,

7.00%

,

4/30/2028

60,000

58,727

ZF

North

America

Capital,

Inc.

6.88%,

4/14/2028

(a)

40,000

38,083

7.13%,

4/14/2030

(a)

50,000

46,129

6.88%,

4/23/2032

(a)

60,000

52,678

2,335,611

Banks

–

0.7%

Banc

of

California

,

3.25%

,

5/01/2031

170,000

160,196

Dresdner

Funding

Trust

I

,

8.15%

,

6/30/2031

(a)

30,000

32,584

Freedom

Mortgage

Corp.

7.63%,

5/01/2026

(a)

36,000

35,918

6.63%,

1/15/2027

(a)

89,000

88,374

12.00%,

10/01/2028

(a)

156,000

167,013

12.25%,

10/01/2030

(a)

57,000

62,720

6

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Banks

–

0.7%

(continued)

Intesa

Sanpaolo

SpA

,

4.20%

,

6/01/2032

(a)

23,000

20,642

Texas

Capital

Bancshares,

Inc.

,

4.00%

,

5/06/2031

160,000

152,662

UniCredit

SpA

5.86%,

6/19/2032

(a)

77,000

77,231

7.30%,

4/02/2034

(a)

109,000

113,969

5.46%,

6/30/2035

(a)

155,000

151,326

Valley

National

Bancorp

3.00%,

6/15/2031

168,000

152,571

6.25%,

9/30/2032

105,000

96,012

Walker

&

Dunlop,

Inc.

,

6.63%

,

4/01/2033

(a)

61,000

62,039

1,373,257

Beverages

–

0.2%

Primo

Water

Holdings,

Inc.

/

Triton

Water

Holdings,

Inc.

6.25%,

4/01/2029

(a)

130,000

129,412

4.38%,

4/30/2029

(a)

175,000

166,004

295,416

Biotechnology

–

0.0%

Emergent

BioSolutions

,

Inc.

,

3.88%

,

8/15/2028

(a)

76,000

48,939

48,939

Building

Materials

–

2.4%

ACProducts

Holdings,

Inc.

,

6.38%

,

5/15/2029

(a)

100,000

35,000

Ameritex

Holdco

Intermediate

LLC

,

10.25%

,

10/15/2028

(a)

140,000

144,266

Boise

Cascade

Co.

,

4.88%

,

7/01/2030

(a)

140,000

132,957

Builders

FirstSource

,

Inc.

5.00%,

3/01/2030

(a)

115,000

110,439

4.25%,

2/01/2032

(a)

145,000

130,715

6.38%,

6/15/2032

(a)

74,000

74,501

6.38%,

3/01/2034

(a)

160,000

159,018

Camelot

Return

Merger

Sub,

Inc.

,

8.75%

,

8/01/2028

(a)

68,000

58,926

Cornerstone

Building

Brands,

Inc.

6.13%,

1/15/2029

(a)

55,000

36,908

9.50%,

8/15/2029

(a)

120,000

104,424

CP

Atlas

Buyer,

Inc.

,

7.00%

,

12/01/2028

(a)

74,000

61,133

EMRLD

Borrower

LP

/

Emerald

Co.-Issuer,

Inc.

6.63%,

12/15/2030

(a)

446,000

452,741

6.75%,

7/15/2031

(a)

60,000

61,234

Griffon

Corp.

,

5.75%

,

3/01/2028

254,000

250,559

Knife

River

Corp.

,

7.75%

,

5/01/2031

(a)

137,000

143,399

Louisiana-Pacific

Corp.

,

3.63%

,

3/15/2029

(a)

30,000

28,015

Masterbrand,

Inc.

,

7.00%

,

7/15/2032

(a)

125,000

125,284

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWID

Borrower

LLC

,

6.75%

,

4/01/2032

(a)

111,000

110,631

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp.

,

5.50%

,

2/01/2030

(a)

21,000

18,915

New

Enterprise

Stone

&

Lime

Co.,

Inc.

5.25%,

7/15/2028

(a)

49,000

47,554

9.75%,

7/15/2028

(a)

45,000

45,006

Oscar

AcquisitionCo

LLC

/

Oscar

Finance,

Inc.

,

9.50%

,

4/15/2030

(a)

61,000

55,524

Quikrete

Holdings,

Inc.

6.38%,

3/01/2032

(a)

621,000

625,169

6.75%,

3/01/2033

(a)

232,000

232,885

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(a)

259,000

252,911

8.88%,

11/15/2031

(a)

295,000

302,706

7

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Building

Materials

–

2.4%

(continued)

Standard

Building

Solutions,

Inc.

,

6.50%

,

8/15/2032

(a)

87,000

88,135

Standard

Industries,

Inc.

5.00%,

2/15/2027

(a)

110,000

109,211

4.75%,

1/15/2028

(a)

170,000

166,447

4.38%,

7/15/2030

(a)

284,000

264,598

3.38%,

1/15/2031

(a)

155,000

136,984

Wilsonart

LLC

,

11.00%

,

8/15/2032

(a)

87,000

79,172

4,645,367

Chemicals

–

2.7%

ASP

Unifrax

Holdings,

Inc.

,

5.25%

,

9/30/2028

(a)

60,000

25,739

Avient

Corp.

7.13%,

8/01/2030

(a)

18,000

18,302

6.25%,

11/01/2031

(a)

75,000

74,134

Axalta

Coating

Systems

Dutch

Holding

B

BV

,

7.25%

,

2/15/2031

(a)

149,000

154,376

Axalta

Coating

Systems

LLC

,

3.38%

,

2/15/2029

(a)

92,000

85,319

Axalta

Coating

Systems

LLC

/

Axalta

Coating

Systems

Dutch

Holding

B

BV

,

4.75%

,

6/15/2027

(a)

115,000

113,599

Celanese

US

Holdings

LLC

6.42%,

7/15/2027

268,000

270,092

6.60%,

11/15/2028

163,000

164,656

6.58%,

7/15/2029

114,000

115,006

6.50%,

4/15/2030

121,000

118,142

6.80%,

11/15/2030

88,000

87,945

6.63%,

7/15/2032

176,000

173,019

6.75%,

4/15/2033

(b)

133,000

124,729

6.95%,

11/15/2033

(b)

170,000

170,388

Cerdia

Finanz

GmbH

,

9.38%

,

10/03/2031

(a)

165,000

165,648

Consolidated

Energy

Finance

SA

6.50%,

5/15/2026

(a)

20,000

19,331

5.63%,

10/15/2028

(a)

40,000

31,253

12.00%,

2/15/2031

(a)(b)

70,000

63,119

CVR

Partners

LP

/

CVR

Nitrogen

Finance

Corp.

,

6.13%

,

6/15/2028

(a)

195,000

188,767

Element

Solutions,

Inc.

,

3.88%

,

9/01/2028

(a)

95,000

89,941

GPD

Cos,

Inc.

,

10.13%

,

4/01/2026

(a)

60,000

54,174

HB

Fuller

Co.

4.00%,

2/15/2027

55,000

53,543

4.25%,

10/15/2028

50,000

47,293

Herens

Holdco

Sarl

,

4.75%

,

5/15/2028

(a)

120,000

104,474

Illuminate

Buyer

LLC

/

Illuminate

Holdings

IV,

Inc.

,

9.00%

,

7/01/2028

(a)

115,000

115,030

INEOS

Finance

PLC

6.75%,

5/15/2028

(a)

199,000

196,085

7.50%,

4/15/2029

(a)

180,000

169,226

INEOS

Quattro

Finance

2

PLC

,

9.63%

,

3/15/2029

(a)(b)

130,000

125,085

Ingevity

Corp.

,

3.88%

,

11/01/2028

(a)

2,000

1,851

Innophos

Holdings,

Inc.

,

11.50%

,

6/15/2029

(a)

60,625

61,311

Kobe

US

Midco

2,

Inc.

,

9.25%

,

11/01/2026

(a)(c)

40,488

34,828

Mativ

Holdings,

Inc.

,

8.00%

,

10/01/2029

(a)(b)

44,000

36,096

Methanex

US

Operations,

Inc.

,

6.25%

,

3/15/2032

(a)

65,000

61,464

Minerals

Technologies,

Inc.

,

5.00%

,

7/01/2028

(a)

85,000

82,024

Olin

Corp.

,

6.63%

,

4/01/2033

(a)

75,000

71,187

Olympus

Water

US

Holding

Corp.

4.25%,

10/01/2028

(a)

110,000

101,604

9.75%,

11/15/2028

(a)

258,000

269,638

6.25%,

10/01/2029

(a)

41,000

37,719

7.25%,

6/15/2031

(a)

105,000

105,176

8

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Chemicals

–

2.7%

(continued)

Rain

Carbon,

Inc.

,

12.25%

,

9/01/2029

(a)

4,000

4,065

SCIH

Salt

Holdings,

Inc.

4.88%,

5/01/2028

(a)

155,000

148,641

6.63%,

5/01/2029

(a)

130,000

126,399

SCIL

IV

LLC

/

SCIL

USA

Holdings

LLC

,

5.38%

,

11/01/2026

(a)

235,000

231,984

SK

Invictus

Intermediate

II

Sarl

,

5.00%

,

10/30/2029

(a)

10,000

9,386

SNF

Group

SACA

,

3.13%

,

3/15/2027

(a)

11,000

10,473

The

Chemours

Company

5.38%,

5/15/2027

10,000

9,727

5.75%,

11/15/2028

(a)

169,000

153,051

4.63%,

11/15/2029

(a)

33,000

27,631

8.00%,

1/15/2033

(a)

130,000

117,143

Tronox

,

Inc.

,

4.63%

,

3/15/2029

(a)

120,000

97,490

Vibrantz

Technologies,

Inc.

,

9.00%

,

2/15/2030

(a)

76,000

58,094

WR

Grace

Holdings

LLC

4.88%,

6/15/2027

(a)

46,000

44,614

5.63%,

8/15/2029

(a)

153,000

135,633

7.38%,

3/01/2031

(a)

30,000

30,139

5,185,783

Coal

–

0.2%

Alliance

Resource

Operating

Partners

LP

/

Alliance

Resource

Finance

Corp.

,

8.63%

,

6/15/2029

(a)

127,000

131,106

Conuma

Resources

Ltd.

,

13.13%

,

5/01/2028

(a)

68,000

66,855

Coronado

Finance

Pty

Ltd.

,

9.25%

,

10/01/2029

(a)

136,000

92,835

SunCoke

Energy,

Inc.

,

4.88%

,

6/30/2029

(a)

117,000

107,792

Warrior

Met

Coal,

Inc.

,

7.88%

,

12/01/2028

(a)

46,000

46,527

445,115

Commercial

Services

–

5.3%

Adtalem

Global

Education,

Inc.

,

5.50%

,

3/01/2028

(a)

166,000

163,796

Albion

Financing

1

Sarl

/

Aggreko

Holdings,

Inc.

,

6.13%

,

10/15/2026

(a)

100,000

99,721

Albion

Financing

2

Sarl

/

Aggreko

Holdings,

Inc.

,

8.75%

,

4/15/2027

(a)

165,000

166,359

Allied

Universal

Holdco

LLC

,

7.88%

,

2/15/2031

(a)

345,000

352,490

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

9.75%,

7/15/2027

(a)

155,000

155,448

6.00%,

6/01/2029

(a)

105,000

98,656

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

/

Atlas

Luxco

4

Sarl

4.63%,

6/01/2028

(a)

190,000

181,974

4.63%,

6/01/2028

(a)

114,000

109,600

AMN

Healthcare,

Inc.

4.63%,

10/01/2027

(a)

105,000

100,496

4.00%,

4/15/2029

(a)

39,000

34,973

APi

Group

DE,

Inc.

,

4.13%

,

7/15/2029

(a)

36,000

33,678

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance,

Inc.

5.75%,

7/15/2027

(a)

26,000

25,342

5.75%,

7/15/2027

(a)

25,000

24,304

4.75%,

4/01/2028

(a)(b)

4,000

3,724

5.38%,

3/01/2029

(a)

23,000

21,231

8.25%,

1/15/2030

(a)(b)

37,000

36,913

8.00%,

2/15/2031

(a)(b)

26,000

25,766

Belron

UK

Finance

PLC

,

5.75%

,

10/15/2029

(a)

175,000

174,625

Block,

Inc.

2.75%,

6/01/2026

2,000

1,952

3.50%,

6/01/2031

4,000

3,574

6.50%,

5/15/2032

(a)

62,000

63,407

9

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Commercial

Services

–

5.3%

(continued)

Boost

Newco

Borrower

LLC

,

7.50%

,

1/15/2031

(a)

235,000

247,823

Carriage

Services,

Inc.

,

4.25%

,

5/15/2029

(a)

63,000

57,824

Champions

Financing,

Inc.

,

8.75%

,

2/15/2029

(a)

30,000

26,414

Cimpress

PLC

,

7.38%

,

9/15/2032

(a)

110,000

100,340

CoreCivic

,

Inc.

4.75%,

10/15/2027

135,000

131,940

8.25%,

4/15/2029

50,000

52,767

CPI

CG,

Inc.

,

10.00%

,

7/15/2029

(a)

102,000

109,433

Dcli

Bidco

LLC

,

7.75%

,

11/15/2029

(a)

79,000

73,604

Deluxe

Corp.

8.00%,

6/01/2029

(a)

86,000

79,133

8.13%,

9/15/2029

(a)

150,000

150,180

EquipmentShare.com,

Inc.

9.00%,

5/15/2028

(a)

216,000

219,962

8.63%,

5/15/2032

(a)

120,000

122,173

8.00%,

3/15/2033

(a)

65,000

64,124

Garda

World

Security

Corp.

4.63%,

2/15/2027

(a)

15,000

14,734

7.75%,

2/15/2028

(a)

22,000

22,712

6.00%,

6/01/2029

(a)

80,000

74,846

8.25%,

8/01/2032

(a)

60,000

59,107

8.38%,

11/15/2032

(a)

165,000

162,765

Graham

Holdings

Co.

,

5.75%

,

6/01/2026

(a)

68,000

68,102

Herc

Holdings,

Inc.

5.50%,

7/15/2027

(a)

164,000

162,198

6.63%,

6/15/2029

(a)

90,000

88,903

Korn

Ferry

,

4.63%

,

12/15/2027

(a)

60,000

58,057

Matthews

International

Corp.

,

8.63%

,

10/01/2027

(a)

69,000

71,516

Mavis

Tire

Express

Services

Topco

Corp.

,

6.50%

,

5/15/2029

(a)

70,000

64,615

Mobius

Merger

Sub,

Inc.

,

9.00%

,

6/01/2030

(a)

93,000

82,380

NESCO

Holdings

II,

Inc.

,

5.50%

,

4/15/2029

(a)

105,000

95,184

OT

Midco

,

Inc.

,

10.00%

,

2/15/2030

(a)

74,000

60,415

Paysafe

Finance

PLC

/

Paysafe

Holdings

US

Corp.

,

4.00%

,

6/15/2029

(a)

13,000

12,178

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

5.75%,

4/15/2026

(a)

230,000

229,861

3.38%,

8/31/2027

(a)

250,000

238,945

6.25%,

1/15/2028

(a)(b)

133,000

132,853

R.R.

Donnelley

&

Sons

Company

9.50%,

8/01/2029

(a)

255,000

243,419

10.88%,

8/01/2029

(a)

195,000

185,154

Raven

Acquisition

Holdings

LLC

,

6.88%

,

11/15/2031

(a)

276,000

269,844

RRD

Intermediate

Holdings,

Inc.

,

11.00%

,

12/01/2030

(a)(c)

68,000

61,382

RRD

Parent,

Inc.

,

10.00%

,

10/15/2031

(a)(c)

144,900

257,086

Service

Corp.

International

7.50%,

4/01/2027

242,000

249,026

4.63%,

12/15/2027

16,000

15,754

5.13%,

6/01/2029

117,000

115,886

3.38%,

8/15/2030

80,000

71,784

4.00%,

5/15/2031

140,000

127,885

5.75%,

10/15/2032

130,000

128,715

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

4.63%,

11/01/2026

(a)

185,000

182,571

6.75%,

8/15/2032

(a)

167,000

169,380

10

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Commercial

Services

–

5.3%

(continued)

Signal

Parent,

Inc.

,

6.13%

,

4/01/2029

(a)

60,000

32,182

Sotheby's

,

7.38%

,

10/15/2027

(a)

100,000

93,832

Sotheby's

/

Bidfair

Holdings,

Inc.

,

5.88%

,

6/01/2029

(a)

40,000

34,005

StoneMor

,

Inc.

,

8.50%

,

5/15/2029

(a)

55,000

49,609

The

ADT

Security

Corp.

,

4.13%

,

8/01/2029

(a)

90,000

84,919

The

Brink's

Company

,

4.63%

,

10/15/2027

(a)

65,000

63,996

The

Geo

Group,

Inc.

8.63%,

4/15/2029

176,000

185,483

10.25%,

4/15/2031

205,000

223,969

The

Hertz

Corp.

4.63%,

12/01/2026

(a)

51,000

42,646

12.63%,

7/15/2029

(a)

174,000

169,282

5.00%,

12/01/2029

(a)(b)

117,000

72,996

TriNet

Group,

Inc.

3.50%,

3/01/2029

(a)

130,000

118,724

7.13%,

8/15/2031

(a)

108,000

109,955

United

Rentals

North

America,

Inc.

5.50%,

5/15/2027

18,000

17,986

3.88%,

11/15/2027

85,000

82,082

4.88%,

1/15/2028

304,000

299,522

5.25%,

1/15/2030

93,000

91,868

4.00%,

7/15/2030

73,000

68,002

3.88%,

2/15/2031

39,000

35,664

3.75%,

1/15/2032

95,000

84,449

6.13%,

3/15/2034

(a)

135,000

136,469

Upbound

Group,

Inc.

,

6.38%

,

2/15/2029

(a)

107,000

101,041

Valvoline,

Inc.

,

3.63%

,

6/15/2031

(a)

45,000

39,333

Verde

Operating

LLC

,

10.50%

,

11/30/2030

(a)

129,000

134,943

VT

Topco,

Inc.

,

8.50%

,

8/15/2030

(a)

60,000

62,786

Wand

NewCo

3,

Inc.

,

7.63%

,

1/30/2032

(a)

185,000

190,838

WASH

Multifamily

Acquisition,

Inc.

,

5.75%

,

4/15/2026

(a)

8,000

7,921

WEX,

Inc.

,

6.50%

,

3/15/2033

(a)

54,000

52,533

Williams

Scotsman,

Inc.

6.63%,

6/15/2029

(a)

135,000

137,003

6.63%,

4/15/2030

(a)

84,000

85,645

7.38%,

10/01/2031

(a)

81,000

83,929

WW

International,

Inc.

,

4.50%

,

4/15/2029

(a)

79,000

18,952

ZipRecruiter,

Inc.

,

5.00%

,

1/15/2030

(a)

80,000

67,022

10,170,589

Computers

–

1.3%

Ahead

DB

Holdings

LLC

,

6.63%

,

5/01/2028

(a)

90,000

87,575

Amentum

Holdings,

Inc.

,

7.25%

,

8/01/2032

(a)

60,000

61,043

ASGN,

Inc.

,

4.63%

,

5/15/2028

(a)

320,000

304,620

Conduent

Business

Services

LLC

/

Conduent

State

&

Local

Solutions,

Inc.

,

6.00%

,

11/01/2029

(a)

205,000

188,463

Crane

NXT

Co.

,

4.20%

,

3/15/2048

80,000

47,405

Diebold

Nixdorf,

Inc.

,

7.75%

,

3/31/2030

(a)

88,000

91,686

Fortress

Intermediate

3,

Inc.

,

7.50%

,

6/01/2031

(a)

60,000

61,396

Insight

Enterprises,

Inc.

,

6.63%

,

5/15/2032

(a)

76,000

77,168

KBR,

Inc.

,

4.75%

,

9/30/2028

(a)

271,000

256,989

McAfee

Corp.

,

7.38%

,

2/15/2030

(a)

208,000

179,738

NCR

Atleos

Corp.

,

9.50%

,

4/01/2029

(a)

225,000

242,287

NCR

Voyix

Corp.

5.00%,

10/01/2028

(a)

75,000

72,663

5.13%,

4/15/2029

(a)

3,000

2,889

11

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Computers

–

1.3%

(continued)

Science

Applications

International

Corp.

,

4.88%

,

4/01/2028

(a)

70,000

67,967

Seagate

HDD

Cayman

4.88%,

6/01/2027

10,000

9,896

4.09%,

6/01/2029

4,000

3,798

3.13%,

7/15/2029

80,000

71,940

8.50%,

7/15/2031

120,000

128,392

9.63%,

12/01/2032

200,000

225,923

5.75%,

12/01/2034

85,000

82,006

Unisys

Corp.

,

6.88%

,

11/01/2027

(a)

184,000

176,958

Vericast

Corp.

,

12.50%

,

12/15/2027

(a)

15,000

17,138

Virtusa

Corp.

,

7.13%

,

12/15/2028

(a)

99,000

94,208

2,552,148

Cosmetics/Personal

Care

–

0.4%

Edgewell

Personal

Care

Co.

5.50%,

6/01/2028

(a)

112,000

110,029

4.13%,

4/01/2029

(a)

46,000

43,072

Opal

Bidco

SAS

,

6.50%

,

3/31/2032

(a)

164,000

164,607

Oriflame

Investment

Holding

PLC

,

5.13%

,

5/04/2026

(a)

130,000

27,267

Perrigo

Finance

Unlimited

Co.

4.90%,

6/15/2030

123,000

116,992

Series

USD,

6.13%,

9/30/2032

64,000

63,556

4.90%,

12/15/2044

20,000

15,512

Prestige

Brands,

Inc.

5.13%,

1/15/2028

(a)

145,000

143,669

3.75%,

4/01/2031

(a)

110,000

99,360

784,064

Distribution/Wholesale

–

0.5%

American

Builders

&

Contractors

Supply

Co.,

Inc.

4.00%,

1/15/2028

(a)

33,000

31,887

3.88%,

11/15/2029

(a)

3,000

2,766

BCPE

Empire

Holdings,

Inc.

,

7.63%

,

5/01/2027

(a)

141,000

141,000

Dealer

Tire

LLC

/

DT

Issuer

LLC

,

8.00%

,

2/01/2028

(a)

70,000

68,081

H&E

Equipment

Services,

Inc.

,

3.88%

,

12/15/2028

(a)

190,000

189,335

RB

Global

Holdings,

Inc.

6.75%,

3/15/2028

(a)

120,000

122,422

7.75%,

3/15/2031

(a)

235,000

246,527

Resideo

Funding,

Inc.

,

4.00%

,

9/01/2029

(a)

85,000

78,270

Velocity

Vehicle

Group

LLC

,

8.00%

,

6/01/2029

(a)

40,000

40,482

Windsor

Holdings

III

LLC

,

8.50%

,

6/15/2030

(a)

86,000

90,490

1,011,260

Diversified

Financial

Services

–

5.4%

AG

TTMT

Escrow

Issuer

LLC

,

8.63%

,

9/30/2027

(a)

133,000

136,841

Ally

Financial,

Inc.

,

6.65%

,

1/17/2040

32,000

30,448

Aretec

Group,

Inc.

7.50%,

4/01/2029

(a)

25,000

24,345

10.00%,

8/15/2030

(a)

80,000

86,231

Armor

Holdco,

Inc.

,

8.50%

,

11/15/2029

(a)

70,000

64,244

Azorra

Finance

Ltd.

,

7.75%

,

4/15/2030

(a)

146,000

145,100

Bread

Financial

Holdings,

Inc.

9.75%,

3/15/2029

(a)

168,000

176,922

8.38%,

6/15/2035

(a)

108,000

100,920

Burford

Capital

Global

Finance

LLC

6.25%,

4/15/2028

(a)

210,000

208,083

6.88%,

4/15/2030

(a)

155,000

154,754

9.25%,

7/01/2031

(a)

145,000

153,074

12

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Diversified

Financial

Services

–

5.4%

(continued)

Cobra

Acquisitionco

LLC

6.38%,

11/01/2029

(a)

63,000

50,611

12.25%,

11/01/2029

(a)

29,000

28,233

Coinbase

Global,

Inc.

3.38%,

10/01/2028

(a)

165,000

152,348

3.63%,

10/01/2031

(a)

120,000

104,142

Credit

Acceptance

Corp.

9.25%,

12/15/2028

(a)

89,000

94,211

6.63%,

3/15/2030

(a)

72,000

70,891

Encore

Capital

Group,

Inc.

,

8.50%

,

5/15/2030

(a)

161,000

167,041

Enova

International,

Inc.

11.25%,

12/15/2028

(a)

121,000

128,825

9.13%,

8/01/2029

(a)

60,000

61,565

Focus

Financial

Partners

LLC

,

6.75%

,

9/15/2031

(a)

110,000

110,602

Freedom

Mortgage

Holdings

LLC

9.25%,

2/01/2029

(a)

214,000

218,275

9.13%,

5/15/2031

(a)

226,000

228,684

8.38%,

4/01/2032

(a)(b)

70,000

68,433

GGAM

Finance

Ltd.

7.75%,

5/15/2026

(a)

180,000

182,175

8.00%,

2/15/2027

(a)

135,000

138,505

8.00%,

6/15/2028

(a)

130,000

136,036

Global

Aircraft

Leasing

Co.

Ltd.

,

8.75%

,

9/01/2027

(a)

260,000

259,287

Goeasy

Ltd.

9.25%,

12/01/2028

(a)

168,000

175,932

7.63%,

7/01/2029

(a)

119,000

119,961

6.88%,

5/15/2030

(a)

41,000

39,997

7.38%,

10/01/2030

(a)

100,000

98,276

Hightower

Holding

LLC

6.75%,

4/15/2029

(a)

56,000

53,502

9.13%,

1/31/2030

(a)

70,000

71,599

Jane

Street

Group

/

JSG

Finance,

Inc.

7.13%,

4/30/2031

(a)

186,000

191,793

6.13%,

11/01/2032

(a)

158,000

155,353

6.75%,

5/01/2033

(a)

108,000

108,635

Jefferies

Finance

LLC

/

JFIN

Co.-Issuer

Corp.

,

5.00%

,

8/15/2028

(a)

269,000

250,178

Jefferson

Capital

Holdings

LLC

6.00%,

8/15/2026

(a)

157,000

156,186

9.50%,

2/15/2029

(a)

135,000

141,411

LD

Holdings

Group

LLC

8.75%,

11/01/2027

(a)

30,000

27,373

6.13%,

4/01/2028

(a)

52,000

42,750

LFS

Topco

LLC

,

5.88%

,

10/15/2026

(a)

6,000

5,762

Midcap

Financial

Issuer

Trust

6.50%,

5/01/2028

(a)

281,000

268,294

5.63%,

1/15/2030

(a)

220,000

194,277

Nationstar

Mortgage

Holdings,

Inc.

6.00%,

1/15/2027

(a)

103,000

103,107

5.50%,

8/15/2028

(a)

190,000

188,683

6.50%,

8/01/2029

(a)

150,000

152,528

5.13%,

12/15/2030

(a)

80,000

80,017

5.75%,

11/15/2031

(a)

53,000

53,150

7.13%,

2/01/2032

(a)

95,000

98,546

13

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Diversified

Financial

Services

–

5.4%

(continued)

Navient

Corp.

6.75%,

6/15/2026

54,000

54,496

5.00%,

3/15/2027

69,000

68,381

5.50%,

3/15/2029

80,000

75,785

9.38%,

7/25/2030

54,000

57,407

11.50%,

3/15/2031

20,000

22,301

5.63%,

8/01/2033

30,000

25,702

OneMain

Finance

Corp.

3.50%,

1/15/2027

140,000

134,026

6.63%,

1/15/2028

109,000

109,802

3.88%,

9/15/2028

90,000

83,282

9.00%,

1/15/2029

86,000

89,913

6.63%,

5/15/2029

130,000

130,515

5.38%,

11/15/2029

86,000

82,189

7.88%,

3/15/2030

121,000

125,136

4.00%,

9/15/2030

125,000

110,728

7.50%,

5/15/2031

111,000

112,679

7.13%,

11/15/2031

60,000

60,253

6.75%,

3/15/2032

91,000

89,239

Osaic

Holdings,

Inc.

,

10.75%

,

8/01/2027

(a)

60,000

60,101

Oxford

Finance

LLC

/

Oxford

Finance

Co.-Issuer

II,

Inc.

,

6.38%

,

2/01/2027

(a)

139,000

138,432

PennyMac

Financial

Services,

Inc.

4.25%,

2/15/2029

(a)

202,000

188,750

7.88%,

12/15/2029

(a)

85,000

88,616

7.13%,

11/15/2030

(a)

74,000

75,426

5.75%,

9/15/2031

(a)

102,000

97,166

6.88%,

2/15/2033

(a)

76,000

75,969

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

9.88%

,

11/01/2029

(a)

65,000

63,211

Planet

Financial

Group

LLC

,

10.50%

,

12/15/2029

(a)

130,000

128,151

PRA

Group,

Inc.

8.38%,

2/01/2028

(a)

241,000

243,410

5.00%,

10/01/2029

(a)(b)

135,000

123,068

8.88%,

1/31/2030

(a)

130,000

133,976

Provident

Funding

Associates

LP

/

PFG

Finance

Corp.

,

9.75%

,

9/15/2029

(a)

100,000

102,725

RFNA

LP

,

7.88%

,

2/15/2030

(a)

51,000

50,119

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co.-Issuer,

Inc.

2.88%,

10/15/2026

(a)

92,000

88,815

3.63%,

3/01/2029

(a)

30,000

27,963

3.88%,

3/01/2031

(a)

107,000

96,821

4.00%,

10/15/2033

(a)(b)

7,000

6,055

StoneX

Group,

Inc.

,

7.88%

,

3/01/2031

(a)

120,000

124,918

Synchrony

Financial

,

7.25%

,

2/02/2033

23,000

23,526

Truenoord

Capital

DAC

,

8.75%

,

3/01/2030

(a)

42,000

42,893

United

Wholesale

Mortgage

LLC

5.75%,

6/15/2027

(a)

202,000

199,271

5.50%,

4/15/2029

(a)

130,000

126,061

UWM

Holdings

LLC

,

6.63%

,

2/01/2030

(a)

110,000

108,996

VFH

Parent

LLC

/

Valor

Co.-Issuer,

Inc.

,

7.50%

,

6/15/2031

(a)

80,000

82,189

World

Acceptance

Corp.

,

7.00%

,

11/01/2026

(a)

85,000

83,710

10,270,308

14

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Electric

–

2.5%

Algonquin

Power

&

Utilities

Corp.

,

4.75%

,

1/18/2082

215,000

201,877

Alpha

Generation

LLC

,

6.75%

,

10/15/2032

(a)

114,000

116,349

Atlantica

Sustainable

Infrastructure

PLC

,

4.13%

,

6/15/2028

(a)

5,000

4,759

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

PLC

,

6.38%

,

2/15/2032

(a)

120,000

117,879

Calpine

Corp.

4.50%,

2/15/2028

(a)

114,000

111,477

5.13%,

3/15/2028

(a)

229,000

226,626

4.63%,

2/01/2029

(a)

9,000

8,695

5.00%,

2/01/2031

(a)

77,000

74,115

3.75%,

3/01/2031

(a)(b)

25,000

23,076

Clearway

Energy

Operating

LLC

,

4.75%

,

3/15/2028

(a)

124,000

121,048

ContourGlobal

Power

Holdings

SA

,

6.75%

,

2/28/2030

(a)

81,000

81,992

Edison

International

8.13%,

6/15/2053

(b)

110,000

105,058

7.88%,

6/15/2054

(b)

100,000

93,869

EUSHI

Finance,

Inc.

,

7.63%

,

12/15/2054

110,000

110,730

Leeward

Renewable

Energy

Operations

LLC

,

4.25%

,

7/01/2029

(a)

169,000

147,922

Lightning

Power

LLC

,

7.25%

,

8/15/2032

(a)

224,000

232,254

NRG

Energy,

Inc.

5.75%,

1/15/2028

75,000

75,227

5.25%,

6/15/2029

(a)

47,000

46,434

5.75%,

7/15/2029

(a)

137,000

136,448

3.63%,

2/15/2031

(a)

120,000

107,772

3.88%,

2/15/2032

(a)

30,000

26,876

6.00%,

2/01/2033

(a)

95,000

93,983

6.25%,

11/01/2034

(a)

105,000

104,785

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations,

Inc.

,

4.50%

,

8/15/2028

(a)

151,000

143,457

PG&E

Corp.

5.00%,

7/01/2028

91,000

88,812

5.25%,

7/01/2030

140,000

134,902

7.38%,

3/15/2055

282,000

274,814

Pike

Corp.

5.50%,

9/01/2028

(a)

31,000

30,496

8.63%,

1/31/2031

(a)

78,000

81,875

Talen

Energy

Supply

LLC

,

8.63%

,

6/01/2030

(a)

137,000

146,176

The

AES

Corp.

7.60%,

1/15/2055

160,000

158,482

6.95%,

7/15/2055

33,000

30,872

Vistra

Operations

Co.

LLC

5.50%,

9/01/2026

(a)

131,000

130,568

5.63%,

2/15/2027

(a)

171,000

170,842

5.00%,

7/31/2027

(a)

71,000

70,397

4.38%,

5/01/2029

(a)

177,000

170,279

7.75%,

10/15/2031

(a)

217,000

229,510

6.88%,

4/15/2032

(a)

150,000

155,484

XPLR

Infrastructure

Operating

Partners

LP

4.50%,

9/15/2027

(a)

20,000

18,918

7.25%,

1/15/2029

(a)(b)

52,000

51,543

8.38%,

1/15/2031

(a)(b)

114,000

114,447

8.63%,

3/15/2033

(a)(b)

129,000

128,937

4,700,062

Electrical

Components

&

Equipment

–

0.4%

Energizer

Holdings,

Inc.

6.50%,

12/31/2027

(a)

5,000

5,017

4.75%,

6/15/2028

(a)

78,000

75,250

15

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Electrical

Components

&

Equipment

–

0.4%

(continued)

Energizer

Holdings,

Inc.

(continued)

4.38%,

3/31/2029

(a)

129,000

120,458

EnerSys

4.38%,

12/15/2027

(a)

98,000

95,057

6.63%,

1/15/2032

(a)

91,000

92,737

WESCO

Distribution,

Inc.

7.25%,

6/15/2028

(a)

131,000

132,708

6.38%,

3/15/2029

(a)

88,000

89,284

6.38%,

3/15/2033

(a)

80,000

81,053

691,564

Electronics

–

0.4%

Coherent

Corp.

,

5.00%

,

12/15/2029

(a)

92,000

88,233

Imola

Merger

Corp.

,

4.75%

,

5/15/2029

(a)

370,000

354,005

Sensata

Technologies

BV

4.00%,

4/15/2029

(a)

150,000

138,003

5.88%,

9/01/2030

(a)

74,000

72,024

TTM

Technologies,

Inc.

,

4.00%

,

3/01/2029

(a)

12,000

11,171

663,436

Energy-Alternate

Sources

–

0.2%

Sunnova

Energy

Corp.

5.88%,

9/01/2026

(a)

100,000

29,851

11.75%,

10/01/2028

(a)(d)

40,000

11,725

TerraForm

Power

Operating

LLC

5.00%,

1/31/2028

(a)

153,000

149,066

4.75%,

1/15/2030

(a)

206,000

193,848

384,490

Engineering

&

Construction

–

0.8%

AECOM

,

5.13%

,

3/15/2027

110,000

109,636

Arcosa

,

Inc.

4.38%,

4/15/2029

(a)

105,000

98,547

6.88%,

8/15/2032

(a)

179,000

182,361

Artera

Services

LLC

,

8.50%

,

2/15/2031

(a)

81,000

76,802

ASG

Finance

Designated

Activity

Co.

,

9.75%

,

5/15/2029

(a)

141,000

134,559

Brand

Industrial

Services,

Inc.

,

10.38%

,

8/01/2030

(a)

210,000

199,722

Brundage

-Bone

Concrete

Pumping

Holdings,

Inc.

,

7.50%

,

2/01/2032

(a)

40,000

39,004

Dycom

Industries,

Inc.

,

4.50%

,

4/15/2029

(a)

30,000

28,313

Global

Infrastructure

Solutions,

Inc.

5.63%,

6/01/2029

(a)

190,000

180,640

7.50%,

4/15/2032

(a)

176,000

172,777

Great

Lakes

Dredge

&

Dock

Corp.

,

5.25%

,

6/01/2029

(a)

19,000

17,333

Railworks

Holdings

LP

/

Railworks

Rally,

Inc.

,

8.25%

,

11/15/2028

(a)

80,000

80,224

TopBuild

Corp.

,

3.63%

,

3/15/2029

(a)

70,000

65,051

Tutor

Perini

Corp.

,

11.88%

,

4/30/2029

(a)

45,000

48,522

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

4.88%

,

9/15/2028

(a)

35,000

32,747

1,466,238

Entertainment

–

2.6%

Affinity

Interactive

,

6.88%

,

12/15/2027

(a)

107,000

76,718

Allen

Media

LLC

/

Allen

Media

Co.-Issuer,

Inc.

,

10.50%

,

2/15/2028

(a)

120,000

36,095

AMC

Entertainment

Holdings,

Inc.

10.00%,

6/15/2026

(a)(c)

220,000

216,983

7.50%,

2/15/2029

(a)

95,000

65,767

16

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Entertainment

–

2.6%

(continued)

Banijay

Entertainment

SASU

,

8.13%

,

5/01/2029

(a)

90,000

92,174

Boyne

USA,

Inc.

,

4.75%

,

5/15/2029

(a)

64,000

60,930

Caesars

Entertainment,

Inc.

8.13%,

7/01/2027

(a)

52,000

52,137

4.63%,

10/15/2029

(a)(b)

13,000

12,014

7.00%,

2/15/2030

(a)

203,000

208,006

6.50%,

2/15/2032

(a)

174,000

174,958

6.00%,

10/15/2032

(a)(b)

9,000

8,484

CCM

Merger,

Inc.

,

6.38%

,

5/01/2026

(a)

10,000

10,016

Churchill

Downs,

Inc.

5.50%,

4/01/2027

(a)

131,000

129,882

4.75%,

1/15/2028

(a)

197,000

190,914

5.75%,

4/01/2030

(a)

344,000

336,562

6.75%,

5/01/2031

(a)

232,000

234,427

Cinemark

USA,

Inc.

5.25%,

7/15/2028

(a)

36,000

35,389

7.00%,

8/01/2032

(a)

50,000

51,144

Empire

Resorts,

Inc.

,

7.75%

,

11/01/2026

(a)

135,000

128,431

Everi

Holdings,

Inc.

,

5.00%

,

7/15/2029

(a)

30,000

30,077

Great

Canadian

Gaming

Corp.

,

8.75%

,

11/15/2029

(a)

76,000

75,462

International

Game

Technology

PLC

,

6.25%

,

1/15/2027

(a)

74,000

74,541

Jacobs

Entertainment,

Inc.

,

6.75%

,

2/15/2029

(a)

138,000

125,518

Light

&

Wonder

International,

Inc.

7.00%,

5/15/2028

(a)

150,000

150,057

7.25%,

11/15/2029

(a)

145,000

147,602

7.50%,

9/01/2031

(a)

163,000

167,541

Lions

Gate

Capital

Holdings

1,

Inc.

,

5.50%

,

4/15/2029

(a)

40,000

35,966

Lions

Gate

Capital

Holdings

LLC

,

5.50%

,

4/15/2029

(a)

26,000

20,058

Live

Nation

Entertainment,

Inc.

6.50%,

5/15/2027

(a)

186,000

188,137

4.75%,

10/15/2027

(a)

166,000

162,529

3.75%,

1/15/2028

(a)

80,000

76,733

Merlin

Entertainments

Group

US

Holdings,

Inc.

,

7.38%

,

2/15/2031

(a)

25,000

23,237

Midwest

Gaming

Borrower

LLC

/

Midwest

Gaming

Finance

Corp.

,

4.88%

,

5/01/2029

(a)

20,000

18,939

Mohegan

Tribal

Gaming

Authority

,

13.25%

,

12/15/2027

(a)

50,000

55,455

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

8.25%,

4/15/2030

(a)

80,000

79,987

11.88%,

4/15/2031

(a)

40,000

39,508

Motion

Bondco

DAC

,

6.63%

,

11/15/2027

(a)

80,000

75,580

Motion

Finco

Sarl

,

8.38%

,

2/15/2032

(a)

61,000

57,792

Odeon

Finco

PLC

,

12.75%

,

11/01/2027

(a)

78,000

79,348

Ontario

Gaming

GTA

LP

/

OTG

Co.-Issuer,

Inc.

,

8.00%

,

8/01/2030

(a)

23,000

22,153

Penn

Entertainment,

Inc.

5.63%,

1/15/2027

(a)(b)

5,000

4,928

4.13%,

7/01/2029

(a)(b)

9,000

7,903

Premier

Entertainment

Sub

LLC

/

Premier

Entertainment

Finance

Corp.

5.63%,

9/01/2029

(a)

83,000

48,530

5.88%,

9/01/2031

(a)

78,000

41,168

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

,

4.63%

,

4/16/2029

100,000

86,477

Rivers

Enterprise

Borrower

LLC

/

Rivers

Enterprise

Finance

Corp.

,

6.63%

,

2/01/2033

(a)

84,000

83,034

Scientific

Games

Holdings

LP/Scientific

Games

US

FinCo

,

Inc.

,

6.63%

,

3/01/2030

(a)

149,000

142,142

SeaWorld

Parks

&

Entertainment,

Inc.

,

5.25%

,

8/15/2029

(a)

76,000

72,222

Six

Flags

Entertainment

Corp.

5.50%,

4/15/2027

(a)

25,000

24,776

7.25%,

5/15/2031

(a)

136,000

137,882

17

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Entertainment

–

2.6%

(continued)

Six

Flags

Entertainment

Corp.

/

Canada's

Wonderland

Co.

/

Magnum

Management

Corp.

5.38%,

4/15/2027

50,000

49,735

6.50%,

10/01/2028

6,000

6,030

5.25%,

7/15/2029

60,000

57,186

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

5.13%,

10/01/2029

(a)

59,000

56,943

7.13%,

2/15/2031

(a)

143,000

147,602

6.25%,

3/15/2033

(a)

150,000

145,134

4,938,943

Environmental

Control

–

0.6%

Clean

Harbors,

Inc.

4.88%,

7/15/2027

(a)

202,000

198,963

5.13%,

7/15/2029

(a)

55,000

53,909

6.38%,

2/01/2031

(a)

105,000

106,646

Enviri

Corp.

,

5.75%

,

7/31/2027

(a)

65,000

62,768

GFL

Environmental,

Inc.

4.00%,

8/01/2028

(a)

80,000

76,246

3.50%,

9/01/2028

(a)

72,000

68,255

4.75%,

6/15/2029

(a)

8,000

7,751

4.38%,

8/15/2029

(a)

8,000

7,615

6.75%,

1/15/2031

(a)

72,000

74,976

Madison

IAQ

LLC

4.13%,

6/30/2028

(a)

1,000

955

5.88%,

6/30/2029

(a)

138,000

130,440

Reworld

Holding

Corp.

4.88%,

12/01/2029

(a)

90,000

84,065

5.00%,

9/01/2030

40,000

36,862

Waste

Pro

USA,

Inc.

,

7.00%

,

2/01/2033

(a)

168,000

171,832

Wrangler

Holdco

Corp.

,

6.63%

,

4/01/2032

(a)

55,000

56,397

1,137,680

Food

–

2.6%

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

4.63%,

1/15/2027

(a)

320,000

316,617

5.88%,

2/15/2028

(a)

190,000

189,983

6.50%,

2/15/2028

(a)

188,000

191,028

3.50%,

3/15/2029

(a)

152,000

141,907

4.88%,

2/15/2030

(a)

131,000

126,540

6.25%,

3/15/2033

(a)

98,000

99,447

B&G

Foods,

Inc.

5.25%,

9/15/2027

56,000

52,583

8.00%,

9/15/2028

(a)

52,000

51,575

C&S

Group

Enterprises

LLC

,

5.00%

,

12/15/2028

(a)

40,000

33,428

Chobani

Holdco

II

LLC

,

8.75%

,

10/01/2029

(a)(c)

106,713

113,127

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

7.63%

,

7/01/2029

(a)

85,000

89,170

Fiesta

Purchaser,

Inc.

7.88%,

3/01/2031

(a)

30,000

31,419

9.63%,

9/15/2032

(a)

20,000

20,906

KeHE

Distributors

LLC

/

KeHE

Finance

Corp.

/

NextWave

Distribution,

Inc.

,

9.00%

,

2/15/2029

(a)

184,000

188,424

Lamb

Weston

Holdings,

Inc.

4.88%,

5/15/2028

(a)

100,000

98,708

4.13%,

1/31/2030

(a)

92,000

86,356

4.38%,

1/31/2032

(a)

130,000

119,319

18

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Food

–

2.6%

(continued)

Land

O'Lakes

Capital

Trust

I

,

7.45%

,

3/15/2028

(a)

35,000

34,766

Performance

Food

Group,

Inc.

5.50%,

10/15/2027

(a)

249,000

247,240

4.25%,

8/01/2029

(a)

318,000

300,957

6.13%,

9/15/2032

(a)

292,000

293,082

Post

Holdings,

Inc.

5.50%,

12/15/2029

(a)

264,000

259,204

4.63%,

4/15/2030

(a)

381,000

359,841

4.50%,

9/15/2031

(a)

265,000

241,165

6.25%,

2/15/2032

(a)

195,000

196,694

6.38%,

3/01/2033

(a)

374,000

370,579

6.25%,

10/15/2034

(a)

210,000

208,591

TreeHouse

Foods,

Inc.

,

4.00%

,

9/01/2028

50,000

44,785

United

Natural

Foods,

Inc.

,

6.75%

,

10/15/2028

(a)

28,000

27,474

US

Foods,

Inc.

6.88%,

9/15/2028

(a)

10,000

10,266

4.75%,

2/15/2029

(a)

100,000

97,158

4.63%,

6/01/2030

(a)

50,000

47,635

7.25%,

1/15/2032

(a)

65,000

68,062

Viking

Baked

Goods

Acquisition

Corp.

,

8.63%

,

11/01/2031

(a)

125,000

118,752

4,876,788

Food

Service

–

0.2%

Aramark

Services,

Inc.

,

5.00%

,

2/01/2028

(a)

161,000

158,468

TKC

Holdings,

Inc.

6.88%,

5/15/2028

(a)

50,000

50,130

10.50%,

5/15/2029

(a)

170,000

170,512

379,110

Forest

Products

&

Paper

–

0.2%

Ahlstrom

Holding

3

Oy

,

4.88%

,

2/04/2028

(a)(b)

21,000

19,684

Domtar

Corp.

,

6.75%

,

10/01/2028

(a)

195,000

163,316

Magnera

Corp.

4.75%,

11/15/2029

(a)

8,000

6,981

7.25%,

11/15/2031

(a)

90,000

85,075

Mercer

International,

Inc.

12.88%,

10/01/2028

(a)

108,000

110,397

5.13%,

2/01/2029

75,000

61,621

447,074

Gas

–

0.2%

AltaGas

Ltd.

,

7.20%

,

10/15/2054

(a)

100,000

97,482

AmeriGas

Partners

LP

/

AmeriGas

Finance

Corp.

5.88%,

8/20/2026

115,000

113,639

5.75%,

5/20/2027

23,000

21,965

9.38%,

6/01/2028

(a)

71,000

70,559

South

Jersey

Industries,

Inc.

,

5.02%

,

4/15/2031

160,000

130,261

433,906

Hand/Machine

Tools

–

0.1%

Werner

FinCo

LP

/

Werner

FinCo

,

Inc.

,

11.50%

,

6/15/2028

(a)

134,000

140,699

140,699

Healthcare-Products

–

1.2%

Avantor

Funding,

Inc.

4.63%,

7/15/2028

(a)

227,000

218,944

3.88%,

11/01/2029

(a)

59,000

54,483

19

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Healthcare-Products

–

1.2%

(continued)

Bausch

+

Lomb

Corp.

,

8.38%

,

10/01/2028

(a)

235,000

245,094

Embecta

Corp.

5.00%,

2/15/2030

(a)

11,000

9,900

6.75%,

2/15/2030

(a)

150,000

145,125

Hologic

,

Inc.

4.63%,

2/01/2028

(a)

32,000

31,451

3.25%,

2/15/2029

(a)

100,000

93,347

Insulet

Corp.

,

6.50%

,

4/01/2033

(a)

85,000

86,939

Medline

Borrower

LP

3.88%,

4/01/2029

(a)

621,000

579,284

5.25%,

10/01/2029

(a)

324,000

307,871

Medline

Borrower

LP

/

Medline

Co.-Issuer,

Inc.

,

6.25%

,

4/01/2029

(a)

210,000

211,668

Sotera

Health

Holdings

LLC

,

7.38%

,

6/01/2031

(a)

120,000

123,390

Teleflex,

Inc.

4.63%,

11/15/2027

30,000

29,370

4.25%,

6/01/2028

(a)

80,000

76,577

Varex

Imaging

Corp.

,

7.88%

,

10/15/2027

(a)

170,000

163,293

2,376,736

Healthcare-Services

–

3.8%

Acadia

Healthcare

Co.,

Inc.

5.50%,

7/01/2028

(a)

65,000

63,622

5.00%,

4/15/2029

(a)

71,000

67,109

7.38%,

3/15/2033

(a)

158,000

158,187

AHP

Health

Partners,

Inc.

,

5.75%

,

7/15/2029

(a)

95,000

87,809

Charles

River

Laboratories

International,

Inc.

,

4.25%

,

5/01/2028

(a)

84,000

79,918

CHS/Community

Health

Systems,

Inc.

5.63%,

3/15/2027

(a)

132,000

128,705

8.00%,

12/15/2027

(a)

70,000

70,028

6.88%,

4/01/2028

(a)

72,000

55,474

6.00%,

1/15/2029

(a)

45,000

41,971

6.88%,

4/15/2029

(a)

65,000

47,545

6.13%,

4/01/2030

(a)

178,000

120,532

5.25%,

5/15/2030

(a)

100,000

85,350

4.75%,

2/15/2031

(a)

105,000

86,697

10.88%,

1/15/2032

(a)

433,000

447,219

DaVita,

Inc.

4.63%,

6/01/2030

(a)

745,000

692,859

3.75%,

2/15/2031

(a)

252,000

221,447

6.88%,

9/01/2032

(a)

289,000

291,651

Encompass

Health

Corp.

4.50%,

2/01/2028

244,000

239,941

4.75%,

2/01/2030

171,000

166,347

4.63%,

4/01/2031

41,000

39,001

Fortrea

Holdings,

Inc.

,

7.50%

,

7/01/2030

(a)(b)

19,000

16,511

HAH

Group

Holding

Co.

LLC

,

9.75%

,

10/01/2031

(a)

38,000

36,500

HealthEquity

,

Inc.

,

4.50%

,

10/01/2029

(a)

63,000

59,521

Heartland

Dental

LLC

/

Heartland

Dental

Finance

Corp.

,

10.50%

,

4/30/2028

(a)

140,000

147,597

IQVIA,

Inc.

5.00%,

10/15/2026

(a)

282,000

280,288

5.00%,

5/15/2027

(a)

165,000

163,693

6.50%,

5/15/2030

(a)

5,000

5,081

Kedrion

SpA

,

6.50%

,

9/01/2029

(a)

142,000

136,080

LifePoint

Health,

Inc.

5.38%,

1/15/2029

(a)

51,000

45,827

9.88%,

8/15/2030

(a)

215,000

228,511

20

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Healthcare-Services

–

3.8%

(continued)

LifePoint

Health,

Inc.

(continued)

11.00%,

10/15/2030

(a)

351,000

384,411

8.38%,

2/15/2032

(a)

75,000

76,484

10.00%,

6/01/2032

(a)

130,000

126,103

ModivCare

,

Inc.

,

5.00%

,

10/01/2029

(a)

88,000

3,707

Molina

Healthcare,

Inc.

4.38%,

6/15/2028

(a)

138,000

132,675

3.88%,

5/15/2032

(a)

5,000

4,403

6.25%,

1/15/2033

(a)

107,000

106,255

MPH

Acquisition

Holdings

LLC

,

5.75%

,

12/31/2030

(a)

85,000

65,465

Prime

Healthcare

Services,

Inc.

,

9.38%

,

9/01/2029

(a)(b)

98,000

93,383

Radiology

Partners,

Inc.

,

9.78%

,

2/15/2030

(a)(c)

117,086

109,237

Select

Medical

Corp.

,

6.25%

,

12/01/2032

(a)

81,000

80,434

Star

Parent,

Inc.

,

9.00%

,

10/01/2030

(a)

140,000

141,640

Surgery

Center

Holdings,

Inc.

,

7.25%

,

4/15/2032

(a)

50,000

49,883

Tenet

Healthcare

Corp.

5.13%,

11/01/2027

161,000

159,702

4.63%,

6/15/2028

70,000

68,147

6.13%,

10/01/2028

261,000

260,421

4.25%,

6/01/2029

151,000

143,936

4.38%,

1/15/2030

195,000

184,899

6.13%,

6/15/2030

225,000

226,018

6.75%,

5/15/2031

140,000

143,545

The

Toledo

Hospital

,

Series

B

,

5.33%

,

11/15/2028

218,000

209,853

US

Acute

Care

Solutions

LLC

,

9.75%

,

5/15/2029

(a)

121,000

122,688

7,204,310

Holding

Companies-Diversified

–

0.3%

Benteler

International

AG

,

10.50%

,

5/15/2028

(a)

174,000

177,552

Clue

Opco

LLC

,

9.50%

,

10/15/2031

(a)(b)

95,000

91,056

Stena

International

SA

7.25%,

1/15/2031

(a)

155,000

153,018

7.63%,

2/15/2031

(a)

160,000

160,367

581,993

Home

Builders

–

1.9%

Adams

Homes,

Inc.

,

9.25%

,

10/15/2028

(a)

187,000

187,805

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

6.63%,

1/15/2028

(a)

5,000

4,986

4.63%,

4/01/2030

(a)

36,000

33,044

Beazer

Homes

USA,

Inc.

5.88%,

10/15/2027

40,000

38,933

7.25%,

10/15/2029

(b)

5,000

4,859

7.50%,

3/15/2031

(a)

45,000

43,241

Brookfield

Residential

Properties,

Inc.

/

Brookfield

Residential

US

LLC

,

6.25%

,

9/15/2027

(a)

219,000

214,748

Century

Communities,

Inc.

6.75%,

6/01/2027

32,000

32,001

3.88%,

8/15/2029

(a)

142,000

127,041

Dream

Finders

Homes,

Inc.

,

8.25%

,

8/15/2028

(a)

155,000

159,312

Empire

Communities

Corp.

,

9.75%

,

5/01/2029

(a)

106,000

103,372

Forestar

Group,

Inc.

5.00%,

3/01/2028

(a)

192,000

186,477

6.50%,

3/15/2033

(a)

42,000

40,847

Installed

Building

Products,

Inc.

,

5.75%

,

2/01/2028

(a)

90,000

88,543

K.Hovnanian

Enterprises,

Inc.

8.00%,

9/30/2028

(a)

35,000

35,368

11.75%,

9/30/2029

(a)

151,000

160,561

21

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Home

Builders

–

1.9%

(continued)

Landsea

Homes

Corp.

,

8.88%

,

4/01/2029

(a)(b)

130,000

123,276

LGI

Homes,

Inc.

8.75%,

12/15/2028

(a)

157,000

158,620

4.00%,

7/15/2029

(a)

224,000

194,634

7.00%,

11/15/2032

(a)

143,000

131,979

M/I

Homes,

Inc.

4.95%,

2/01/2028

116,000

113,223

3.95%,

2/15/2030

30,000

27,230

Mattamy

Group

Corp.

5.25%,

12/15/2027

(a)

168,000

163,291

4.63%,

3/01/2030

(a)

123,000

112,706

Shea

Homes

LP

/

Shea

Homes

Funding

Corp.

4.75%,

2/15/2028

131,000

127,015

4.75%,

4/01/2029

43,000

40,514

STL

Holding

Co.

LLC

,

8.75%

,

2/15/2029

(a)

116,000

118,033

Taylor

Morrison

Communities,

Inc.

5.88%,

6/15/2027

(a)

125,000

125,683

5.75%,

1/15/2028

(a)

155,000

155,136

5.13%,

8/01/2030

(a)

20,000

19,380

The

New

Home

Company,

Inc.

,

9.25%

,

10/01/2029

(a)

43,000

44,402

Thor

Industries,

Inc.

,

4.00%

,

10/15/2029

(a)

175,000

157,385

TRI

Pointe

Group,

Inc.

5.25%,

6/01/2027

76,000

75,706

5.70%,

6/15/2028

226,000

226,357

Winnebago

Industries,

Inc.

,

6.25%

,

7/15/2028

(a)

111,000

110,377

3,686,085

Home

Furnishings

–

0.1%

Somnigroup

International,

Inc.

4.00%,

4/15/2029

(a)

136,000

126,276

3.88%,

10/15/2031

(a)

6,000

5,274

131,550

Household

Products/Wares

–

0.0%

ACCO

Brands

Corp.

,

4.25%

,

3/15/2029

(a)

10,000

8,684

Central

Garden

&

Pet

Co.

,

5.13%

,

2/01/2028

5,000

4,936

Kronos

Acquisition

Holdings,

Inc.

8.25%,

6/30/2031

(a)

50,000

41,394

10.75%,

6/30/2032

(a)

48,000

28,889

83,903

Housewares

–

0.3%

CD&R

Smokey

Buyer,

Inc.

/

Radio

Systems

Corp.

,

9.50%

,

10/15/2029

(a)

120,000

103,274

Newell

Brands,

Inc.

5.70%,

4/01/2026

155,000

153,071

6.38%,

9/15/2027

45,000

44,029

6.63%,

9/15/2029

2,000

1,886

6.38%,

5/15/2030

47,000

42,811

6.88%,

4/01/2036

(b)

40,000

34,830

7.00%,

4/01/2046

45,000

34,776

SWF

Holdings

I

Corp.

6.50%,

10/01/2029

(a)

116,000

49,052

6.50%,

10/06/2029

(a)

28,000

14,263

The

Scotts

Miracle-GRO

Company

5.25%,

12/15/2026

3,000

2,978

4.50%,

10/15/2029

5,000

4,674

4.00%,

4/01/2031

26,000

22,783

4.38%,

2/01/2032

34,000

29,741

22

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Housewares

–

0.3%

(continued)

The

Scotts

Miracle-GRO

Company

(continued)

538,168

Insurance

–

2.5%

Acrisure

LLC

/

Acrisure

Finance,

Inc.

8.25%,

2/01/2029

(a)

187,000

191,487

4.25%,

2/15/2029

(a)

60,000

56,097

8.50%,

6/15/2029

(a)

65,000

67,028

6.00%,

8/01/2029

(a)

93,000

88,807

7.50%,

11/06/2030

(a)

80,000

81,689

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

4.25%,

10/15/2027

(a)

44,000

42,485

6.75%,

10/15/2027

(a)

245,000

243,983

6.75%,

4/15/2028

(a)

156,000

156,974

5.88%,

11/01/2029

(a)

71,000

68,325

7.00%,

1/15/2031

(a)

215,000

218,099

6.50%,

10/01/2031

(a)

180,000

179,760

AmWINS

Group,

Inc.

,

4.88%

,

6/30/2029

(a)

8,000

7,617

APH

Somerset

Investor

2

LLC

/

APH2

Somerset

Investor

2

LLC

/

APH3

Somerset

Invesvestor

2

LLC

,

7.88%

,

11/01/2029

(a)

150,000

146,593

Ardonagh

Finco

Ltd.

,

7.75%

,

2/15/2031

(a)

225,000

230,063

Ardonagh

Group

Finance

Ltd.

,

8.88%

,

2/15/2032

(a)

250,000

254,919

AssuredPartners

,

Inc.

5.63%,

1/15/2029

(a)

105,000

104,852

7.50%,

2/15/2032

(a)

50,000

53,191

Baldwin

Insurance

Group

Holdings

LLC

/

Baldwin

Insurance

Group

Holdings

Finance

,

7.13%

,

5/15/2031

(a)

49,000

49,949

BroadStreet

Partners,

Inc.

,

5.88%

,

4/15/2029

(a)

156,000

150,642

Genworth

Holdings,

Inc.

,

6.50%

,

6/15/2034

30,000

28,179

Global

Atlantic

Finance

Co.

4.70%,

10/15/2051

(a)

234,000

222,647

7.95%,

10/15/2054

(a)

10,000

10,179

Howden

UK

Refinance

PLC

/

Howden

UK

Refinance

2

PLC

/

Howden

US

Refinance

LLC

7.25%,

2/15/2031

(a)

65,000

66,787

8.13%,

2/15/2032

(a)

70,000

70,972

HUB

International

Ltd.

5.63%,

12/01/2029

(a)

93,000

91,042

7.25%,

6/15/2030

(a)

430,000

445,979

7.38%,

1/31/2032

(a)

330,000

340,000

Jones

Deslauriers

Insurance

Management,

Inc.

,

10.50%

,

12/15/2030

(a)

132,000

142,087

Liberty

Mutual

Group,

Inc.

4.13%,

12/15/2051

(a)

35,000

33,037

4.30%,

2/01/2061

(a)

58,000

35,966

Panther

Escrow

Issuer

LLC

,

7.13%

,

6/01/2031

(a)

360,000

369,502

Ryan

Specialty

LLC

,

5.88%

,

8/01/2032

(a)

179,000

177,117

Sagicor

Financial

Co.

Ltd.

,

5.30%

,

5/13/2028

(a)

58,000

56,845

USI,

Inc.

,

7.50%

,

1/15/2032

(a)

125,000

129,400

Wilton

RE

Ltd.

,

6.00%

(a)(e)

135,000

133,647

4,745,946

Internet

–

1.9%

Acuris

Finance

US,

Inc.

/

Acuris

Finance

Sarl

5.00%,

5/01/2028

(a)

115,000

101,788

9.00%,

8/01/2029

(a)

159,000

151,688

ANGI

Group

LLC

,

3.88%

,

8/15/2028

(a)

32,000

29,250

Arches

Buyer,

Inc.

4.25%,

6/01/2028

(a)

67,000

63,060

6.13%,

12/01/2028

(a)

75,000

67,278

23

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Internet

–

1.9%

(continued)

Cablevision

Lightpath

LLC

3.88%,

9/15/2027

(a)

14,000

13,230

5.63%,

9/15/2028

(a)

80,000

74,106

Cars.com,

Inc.

,

6.38%

,

11/01/2028

(a)

20,000

19,658

Cogent

Communications

Group

LLC

3.50%,

5/01/2026

(a)

20,000

19,642

7.00%,

6/15/2027

(a)

136,000

136,680

Cogent

Communications

Group,

Inc.

/

Cogent

Communications

Finance,

Inc.

,

7.00%

,

6/15/2027

(a)

100,000

100,452

Gen

Digital,

Inc.

6.75%,

9/30/2027

(a)

266,000

270,480

7.13%,

9/30/2030

(a)

100,000

102,896

6.25%,

4/01/2033

(a)

137,000

136,675

GoDaddy

Operating

Company

LLC

/

GD

Finance

Co.,

Inc.

5.25%,

12/01/2027

(a)

74,000

73,361

3.50%,

3/01/2029

(a)

158,000

147,368

GrubHub

Holdings,

Inc.

,

5.50%

,

7/01/2027

(a)(b)

21,000

18,949

ION

Trading

Technologies

Sarl

5.75%,

5/15/2028

(a)

135,000

121,429

9.50%,

5/30/2029

(a)

195,000

189,949

Match

Group

Holdings

II

LLC

5.00%,

12/15/2027

(a)

120,000

117,966

4.63%,

6/01/2028

(a)

100,000

96,231

5.63%,

2/15/2029

(a)

23,000

22,549

4.13%,

8/01/2030

(a)

135,000

122,060

3.63%,

10/01/2031

(a)

9,000

7,700

Millennium

Escrow

Corp.

,

6.63%

,

8/01/2026

(a)

141,000

102,358

Newfold

Digital

Holdings

Group,

Inc.

11.75%,

10/15/2028

(a)

65,000

34,191

6.00%,

2/15/2029

(a)

76,000

42,675

Rakuten

Group,

Inc.

11.25%,

2/15/2027

(a)

448,000

481,214

9.75%,

4/15/2029

(a)

270,000

285,421

8.13%

(a)(e)

102,000

95,846

6.25%

(a)(e)

90,000

78,591

Snap,

Inc.

,

6.88%

,

3/01/2033

(a)

128,000

127,794

Wayfair

LLC

7.25%,

10/31/2029

(a)

83,000

75,831

7.75%,

9/15/2030

(a)(b)

111,000

101,679

Ziff

Davis,

Inc.

,

4.63%

,

10/15/2030

(a)

57,000

50,504

3,680,549

Investment

Companies

–

0.6%

Compass

Group

Diversified

Holdings

LLC

,

5.25%

,

4/15/2029

(a)

156,000

147,166

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp.

6.25%,

5/15/2026

153,000

152,403

5.25%,

5/15/2027

282,000

267,129

9.75%,

1/15/2029

180,000

177,664

4.38%,

2/01/2029

190,000

158,228

10.00%,

11/15/2029

(a)

130,000

127,311

9.00%,

6/15/2030

160,000

150,192

Prospect

Capital

Corp.

3.36%,

11/15/2026

(b)

13,000

12,175

3.44%,

10/15/2028

13,000

11,366

1,203,634

24

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Iron/Steel

–

0.7%

ATI,

Inc.

5.88%,

12/01/2027

3,000

2,993

4.88%,

10/01/2029

107,000

102,186

Baffinland

Iron

Mines

Corp.

/

Baffinland

Iron

Mines

LP

,

8.75%

,

7/15/2026

(a)

85,000

74,682

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

6.63%

,

1/31/2029

(a)

73,000

73,457

Carpenter

Technology

Corp.

6.38%,

7/15/2028

35,000

35,020

7.63%,

3/15/2030

95,000

97,808

Cleveland-Cliffs,

Inc.

5.88%,

6/01/2027

2,000

1,973

4.63%,

3/01/2029

(a)

31,000

28,383

6.88%,

11/01/2029

(a)

64,000

62,017

6.75%,

4/15/2030

(a)

56,000

53,944

4.88%,

3/01/2031

(a)

51,000

43,622

7.50%,

9/15/2031

(a)

63,000

61,034

7.00%,

3/15/2032

(a)(b)

118,000

111,119

7.38%,

5/01/2033

(a)

61,000

57,306

Infrabuild

Australia

Pty

Ltd.

,

14.50%

,

11/15/2028

(a)

98,000

102,468

Mineral

Resources

Ltd.

8.13%,

5/01/2027

(a)

152,000

146,568

8.00%,

11/01/2027

(a)

51,000

48,323

9.25%,

10/01/2028

(a)

53,000

50,065

8.50%,

5/01/2030

(a)

49,000

44,586

TMS

International

Corp.

,

6.25%

,

4/15/2029

(a)

96,000

88,897

United

States

Steel

Corp.

6.88%,

3/01/2029

28,000

28,056

6.65%,

6/01/2037

70,000

68,008

1,382,515

Leisure

Time

–

1.6%

Acushnet

Co.

,

7.38%

,

10/15/2028

(a)

111,000

115,074

Amer

Sports

Co.

,

6.75%

,

2/16/2031

(a)

95,000

96,145

Carnival

Corp.

5.75%,

3/01/2027

(a)

359,000

357,837

6.00%,

5/01/2029

(a)

160,000

159,021

5.75%,

3/15/2030

(a)

46,000

45,738

6.13%,

2/15/2033

(a)(b)

146,000

144,683

Lindblad

Expeditions

Holdings,

Inc.

,

9.00%

,

5/15/2028

(a)

5,000

5,140

MajorDrive

Holdings

IV

LLC

,

6.38%

,

6/01/2029

(a)

94,000

69,775

NCL

Corp.

Ltd.

5.88%,

2/15/2027

(a)

108,000

107,518

8.13%,

1/15/2029

(a)

99,000

103,502

7.75%,

2/15/2029

(a)

61,000

62,974

6.25%,

3/01/2030

(a)

29,000

28,261

6.75%,

2/01/2032

(a)

127,000

123,993

NCL

Finance

Ltd.

,

6.13%

,

3/15/2028

(a)

65,000

64,514

Royal

Caribbean

Cruises

Ltd.

4.25%,

7/01/2026

(a)

90,000

88,686

5.50%,

8/31/2026

(a)

163,000

163,208

5.38%,

7/15/2027

(a)

138,000

137,813

3.70%,

3/15/2028

7,000

6,709

5.50%,

4/01/2028

(a)

186,000

185,794

5.63%,

9/30/2031

(a)

200,000

198,623

6.25%,

3/15/2032

(a)

167,000

169,592

6.00%,

2/01/2033

(a)

259,000

259,712

25

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Leisure

Time

–

1.6%

(continued)

Sabre

GLBL,

Inc.

8.63%,

6/01/2027

(a)

129,000

123,787

10.75%,

11/15/2029

(a)

51,000

48,791

Viking

Cruises

Ltd.

5.88%,

9/15/2027

(a)

88,000

87,611

7.00%,

2/15/2029

(a)

51,000

51,159

9.13%,

7/15/2031

(a)

27,000

28,869

VOC

Escrow

Ltd.

,

5.00%

,

2/15/2028

(a)

100,000

98,025

3,132,554

Lodging

–

2.6%

Boyd

Gaming

Corp.

4.75%,

12/01/2027

177,000

173,518

4.75%,

6/15/2031

(a)

291,000

271,477

Full

House

Resorts,

Inc.

,

8.25%

,

2/15/2028

(a)

45,000

42,229

Genting

New

York

LLC

/

Genny

Capital,

Inc.

,

7.25%

,

10/01/2029

(a)

60,000

59,411

Hilton

Domestic

Operating

Co.,

Inc.

5.75%,

5/01/2028

(a)

120,000

120,066

5.88%,

4/01/2029

(a)

147,000

148,587

3.75%,

5/01/2029

(a)

185,000

174,432

4.88%,

1/15/2030

259,000

253,961

4.00%,

5/01/2031

(a)

265,000

242,971

3.63%,

2/15/2032

(a)

218,000

192,989

6.13%,

4/01/2032

(a)

157,000

159,344

5.88%,

3/15/2033

(a)(b)

240,000

240,665

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower,

Inc.

5.00%,

6/01/2029

(a)

94,000

86,912

6.63%,

1/15/2032

(a)

80,000

78,544

Hilton

Worldwide

Finance

LLC

/

Hilton

Worldwide

Finance

Corp.

,

4.88%

,

4/01/2027

91,000

90,564

Marriott

Ownership

Resorts,

Inc.

4.75%,

1/15/2028

7,000

6,642

4.50%,

6/15/2029

(a)

9,000

8,193

Melco

Resorts

Finance

Ltd.

5.25%,

4/26/2026

129,000

127,122

5.63%,

7/17/2027

144,000

138,839

5.75%,

7/21/2028

(a)

255,000

241,389

5.38%,

12/04/2029

(a)

125,000

113,201

7.63%,

4/17/2032

(a)

180,000

173,731

MGM

China

Holdings

Ltd.

5.88%,

5/15/2026

(a)

180,000

179,269

4.75%,

2/01/2027

(a)

119,000

116,095

7.13%,

6/26/2031

(a)

50,000

50,418

MGM

Resorts

International

4.63%,

9/01/2026

3,000

2,975

4.75%,

10/15/2028

5,000

4,818

6.13%,

9/15/2029

48,000

47,817

6.50%,

4/15/2032

(b)

49,000

48,292

Station

Casinos

LLC

4.50%,

2/15/2028

(a)

115,000

111,096

4.63%,

12/01/2031

(a)

15,000

13,617

6.63%,

3/15/2032

(a)

35,000

34,804

Studio

City

Co.

Ltd.

,

7.00%

,

2/15/2027

(a)

60,000

59,874

Studio

City

Finance

Ltd.

6.50%,

1/15/2028

(a)

195,000

187,456

5.00%,

1/15/2029

(a)

155,000

136,678

26

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Lodging

–

2.6%

(continued)

Travel

+

Leisure

Co.

6.63%,

7/31/2026

(a)

152,000

153,001

6.00%,

4/01/2027

131,000

131,724

4.50%,

12/01/2029

(a)

54,000

50,681

4.63%,

3/01/2030

(a)

46,000

42,809

Wyndham

Hotels

&

Resorts,

Inc.

,

4.38%

,

8/15/2028

(a)

180,000

172,958

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

,

5.25%

,

5/15/2027

(a)

160,000

158,440

Wynn

Macau

Ltd.

5.50%,

10/01/2027

(a)

10,000

9,699

5.63%,

8/26/2028

(a)

109,000

104,077

5.13%,

12/15/2029

(a)

54,000

49,607

5,010,992

Machinery-Construction

&

Mining

–

0.3%

BWX

Technologies,

Inc.

4.13%,

6/30/2028

(a)

110,000

106,000

4.13%,

4/15/2029

(a)

39,000

37,049

Terex

Corp.

5.00%,

5/15/2029

(a)

75,000

71,735

6.25%,

10/15/2032

(a)

83,000

79,455

The

Manitowoc

Company,

Inc.

,

9.25%

,

10/01/2031

(a)

84,000

85,255

Vertiv

Group

Corp.

,

4.13%

,

11/15/2028

(a)

190,000

183,402

562,896

Machinery-Diversified

–

0.6%

ATS

Corp.

,

4.13%

,

12/15/2028

(a)

65,000

60,356

Chart

Industries,

Inc.

7.50%,

1/01/2030

(a)

139,000

144,464

9.50%,

1/01/2031

(a)

75,000

79,961

ESAB

Corp.

,

6.25%

,

4/15/2029

(a)

88,000

89,199

GrafTech

Finance,

Inc.

,

4.63%

,

12/23/2029

(a)

50,000

29,867

GrafTech

Global

Enterprises,

Inc.

,

9.88%

,

12/23/2029

(a)

67,000

50,442

Husky

Injection

Molding

Systems

Ltd.

/

Titan

Co.-Borrower

LLC

,

9.00%

,

2/15/2029

(a)

220,000

223,227

Maxim

Crane

Works

Holdings

Capital

LLC

,

11.50%

,

9/01/2028

(a)

100,000

98,756

OT

Merger

Corp.

,

7.88%

,

10/15/2029

(a)

23,000

9,000

SPX

Flow,

Inc.

,

8.75%

,

4/01/2030

(a)

108,000

109,123

TK

Elevator

Holdco

GmbH

,

7.63%

,

7/15/2028

(a)

75,000

75,244

TK

Elevator

US

Newco

,

Inc.

,

5.25%

,

7/15/2027

(a)

159,000

156,371

1,126,010

Media

–

8.3%

AMC

Networks,

Inc.

10.25%,

1/15/2029

(a)

40,000

41,358

4.25%,

2/15/2029

120,000

88,330

Beasley

Mezzanine

Holdings

LLC

,

9.20%

,

8/01/2028

(a)

35,000

15,050

Belo

Corp.

7.75%,

6/01/2027

105,000

108,209

7.25%,

9/15/2027

140,000

143,675

Block

Communications,

Inc.

,

4.88%

,

3/01/2028

(a)

75,000

70,204

Cable

One,

Inc.

,

4.00%

,

11/15/2030

(a)(b)

35,000

28,481

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.50%,

5/01/2026

(a)

105,000

104,886

5.13%,

5/01/2027

(a)

370,000

364,792

5.00%,

2/01/2028

(a)

409,000

398,983

5.38%,

6/01/2029

(a)

185,000

181,147

6.38%,

9/01/2029

(a)

216,000

217,950

4.75%,

3/01/2030

(a)

520,000

491,379

4.50%,

8/15/2030

(a)

375,000

348,354

27

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Media

–

8.3%

(continued)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

(continued)

4.25%,

2/01/2031

(a)

595,000

537,910

7.38%,

3/01/2031

(a)(b)

165,000

169,731

4.75%,

2/01/2032

(a)

165,000

149,517

4.50%,

5/01/2032

420,000

373,332

4.50%,

6/01/2033

(a)

250,000

217,763

4.25%,

1/15/2034

(a)

326,000

274,309

CSC

Holdings

LLC

5.50%,

4/15/2027

(a)

156,000

145,006

5.38%,

2/01/2028

(a)

117,000

102,231

7.50%,

4/01/2028

(a)

115,000

84,345

11.25%,

5/15/2028

(a)

110,000

107,371

11.75%,

1/31/2029

(a)

234,000

220,932

6.50%,

2/01/2029

(a)

206,000

168,410

5.75%,

1/15/2030

(a)

264,000

132,376

4.13%,

12/01/2030

(a)

130,000

89,057

4.63%,

12/01/2030

(a)

277,000

128,140

3.38%,

2/15/2031

(a)

130,000

86,834

4.50%,

11/15/2031

(a)

195,000

132,638

5.00%,

11/15/2031

(a)

70,000

32,001

Cumulus

Media

New

Holdings,

Inc.

,

8.00%

,

7/01/2029

(a)

78,000

21,409

DIRECTV

Financing

LLC

/

DIRECTV

Financing

Co.-Obligor,

Inc.

5.88%,

8/15/2027

(a)

1,015,000

981,314

8.88%,

2/01/2030

(a)

153,000

145,941

10.00%,

2/15/2031

(a)

303,000

287,854

DISH

DBS

Corp.

7.75%,

7/01/2026

322,000

280,532

5.25%,

12/01/2026

(a)

442,000

402,327

7.38%,

7/01/2028

176,000

118,927

5.75%,

12/01/2028

(a)

420,000

352,957

5.13%,

6/01/2029

240,000

149,631

DISH

Network

Corp.

,

11.75%

,

11/15/2027

(a)

592,000

621,952

GCI

LLC

,

4.75%

,

10/15/2028

(a)

148,000

140,056

Gray

Media,

Inc.

7.00%,

5/15/2027

(a)

52,000

50,592

10.50%,

7/15/2029

(a)

145,000

148,855

4.75%,

10/15/2030

(a)

89,000

53,368

5.38%,

11/15/2031

(a)

138,000

82,305

iHeartcommunications

,

Inc.

4.75%,

1/15/2028

(a)

46,000

33,841

9.13%,

5/01/2029

(a)

120,500

92,943

10.88%,

5/01/2030

(a)

117,600

49,395

7.75%,

8/15/2030

(a)

117,100

84,453

7.00%,

1/15/2031

(a)

36,000

24,836

LCPR

Senior

Secured

Financing

DAC

6.75%,

10/15/2027

(a)

120,000

98,604

5.13%,

7/15/2029

(a)

62,000

45,433

McGraw-Hill

Education,

Inc.

5.75%,

8/01/2028

(a)

154,000

151,192

8.00%,

8/01/2029

(a)

105,000

104,072

7.38%,

9/01/2031

(a)

100,000

102,207

Midcontinent

Communications

,

8.00%

,

8/15/2032

(a)

1,000

1,021

Nexstar

Media,

Inc.

5.63%,

7/15/2027

(a)

505,000

499,584

4.75%,

11/01/2028

(a)(b)

297,000

279,554

28

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Media

–

8.3%

(continued)

Paramount

Global

6.25%,

2/28/2057

190,000

176,149

6.38%,

3/30/2062

317,000

304,740

Radiate

Holdco

LLC

/

Radiate

Finance,

Inc.

4.50%,

9/15/2026

(a)

160,000

138,314

6.50%,

9/15/2028

(a)

145,000

94,119

Scripps

Escrow

II,

Inc.

3.88%,

1/15/2029

(a)

50,000

38,438

5.38%,

1/15/2031

(a)

70,000

39,802

Scripps

Escrow,

Inc.

,

5.88%

,

7/15/2027

(a)

40,000

31,638

Sinclair

Television

Group,

Inc.

5.13%,

2/15/2027

(a)

30,000

27,771

5.50%,

3/01/2030

(a)

56,000

40,014

4.38%,

12/31/2032

(a)

64,000

39,426

8.13%,

2/15/2033

(a)

145,000

143,679

9.75%,

2/15/2033

(a)

10,000

10,324

Sirius

XM

Radio

LLC

3.13%,

9/01/2026

(a)

118,000

114,887

5.00%,

8/01/2027

(a)

221,000

218,534

4.00%,

7/15/2028

(a)

277,000

260,918

5.50%,

7/01/2029

(a)

98,000

95,496

4.13%,

7/01/2030

(a)

191,000

170,860

3.88%,

9/01/2031

(a)(b)

110,000

94,382

Sunrise

FinCo

I

BV

,

4.88%

,

7/15/2031

(a)

173,000

157,991

TEGNA,

Inc.

4.63%,

3/15/2028

230,000

219,820

5.00%,

9/15/2029

(b)

240,000

224,056

Telenet

Finance

Luxembourg

Notes

Sarl

,

5.50%

,

3/01/2028

(a)

200,000

194,934

Univision

Communications,

Inc.

6.63%,

6/01/2027

(a)

290,000

280,787

8.00%,

8/15/2028

(a)

300,000

291,708

4.50%,

5/01/2029

(a)

176,000

151,107

7.38%,

6/30/2030

(a)(b)

155,000

141,299

8.50%,

7/31/2031

(a)

224,000

211,803

Urban

One,

Inc.

,

7.38%

,

2/01/2028

(a)

63,000

30,212

Virgin

Media

Finance

PLC

,

5.00%

,

7/15/2030

(a)

82,000

71,838

Virgin

Media

Secured

Finance

PLC

5.50%,

5/15/2029

(a)

255,000

245,609

4.50%,

8/15/2030

(a)

147,000

131,749

Virgin

Media

Vendor

Financing

Notes

IV

DAC

,

5.00%

,

7/15/2028

(a)

39,000

37,714

VZ

Secured

Financing

BV

,

5.00%

,

1/15/2032

(a)

90,000

78,497

Ziggo

Bond

Co.

BV

,

5.13%

,

2/28/2030

(a)

20,000

17,697

Ziggo

BV

,

4.88%

,

1/15/2030

(a)

185,000

169,916

15,856,084

Metal

Fabricate/Hardware

–

0.2%

Advanced

Drainage

Systems,

Inc.

5.00%,

9/30/2027

(a)

128,000

126,499

6.38%,

6/15/2030

(a)

84,000

85,290

Park-Ohio

Industries,

Inc.

,

6.63%

,

4/15/2027

40,000

38,603

Vallourec

SACA

,

7.50%

,

4/15/2032

(a)

160,000

165,762

416,154

Mining

–

0.8%

Alcoa

Nederland

Holding

BV

4.13%,

3/31/2029

(a)

36,000

33,444

7.13%,

3/15/2031

(a)

40,000

41,205

29

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Mining

–

0.8%

(continued)

Alumina

Pty

Ltd.

6.13%,

3/15/2030

(a)

70,000

69,147

6.38%,

9/15/2032

(a)

130,000

126,600

Arsenal

AIC

Parent

LLC

8.00%,

10/01/2030

(a)

54,000

55,865

11.50%,

10/01/2031

(a)

85,000

93,329

Capstone

Copper

Corp.

,

6.75%

,

3/31/2033

(a)

35,000

34,404

Century

Aluminum

Co.

,

7.50%

,

4/01/2028

(a)

44,000

44,433

Coeur

Mining,

Inc.

,

5.13%

,

2/15/2029

(a)

49,000

46,531

Compass

Minerals

International,

Inc.

,

6.75%

,

12/01/2027

(a)

20,000

19,802

Constellium

SE

5.63%,

6/15/2028

(a)

5,000

4,921

3.75%,

4/15/2029

(a)

9,000

8,264

FMG

Resources

(August

2006)

Pty

Ltd.

5.88%,

4/15/2030

(a)

15,000

14,829

4.38%,

4/01/2031

(a)

196,000

177,356

Hecla

Mining

Co.

,

7.25%

,

2/15/2028

54,000

54,127

JW

Aluminum

Continuous

Cast

Co.

,

10.25%

,

4/01/2030

(a)

53,000

52,073

Kaiser

Aluminum

Corp.

4.63%,

3/01/2028

(a)

71,000

68,366

4.50%,

6/01/2031

(a)

87,000

78,152

New

Gold,

Inc.

,

6.88%

,

4/01/2032

(a)

74,000

75,628

Novelis

Corp.

3.25%,

11/15/2026

(a)

127,000

123,268

4.75%,

1/30/2030

(a)

151,000

140,234

6.88%,

1/30/2030

(a)

78,000

79,137

3.88%,

8/15/2031

(a)

75,000

64,717

Perenti

Finance

Pty

Ltd.

,

7.50%

,

4/26/2029

(a)

51,000

52,066

Taseko

Mines

Ltd.

,

8.25%

,

5/01/2030

(a)

50,000

50,480

1,608,378

Miscellaneous

Manufacturing

–

0.5%

Amsted

Industries,

Inc.

4.63%,

5/15/2030

(a)

70,000

66,117

6.38%,

3/15/2033

(a)

27,000

27,170

Axon

Enterprise,

Inc.

6.13%,

3/15/2030

(a)

154,000

157,075

6.25%,

3/15/2033

(a)

86,000

87,759

Calderys

Financing

LLC

,

11.25%

,

6/01/2028

(a)

135,000

142,629

Enpro

,

Inc.

,

5.75%

,

10/15/2026

63,000

62,935

FXI

Holdings,

Inc.

12.25%,

11/15/2026

(a)

127,000

112,099

12.25%,

11/15/2026

(a)

92,000

81,080

LSB

Industries,

Inc.

,

6.25%

,

10/15/2028

(a)

70,000

65,661

Trinity

Industries,

Inc.

,

7.75%

,

7/15/2028

(a)

65,000

67,001

869,526

Office

Furnishings

–

0.1%

Interface,

Inc.

,

5.50%

,

12/01/2028

(a)

40,000

39,071

Steelcase,

Inc.

,

5.13%

,

1/18/2029

115,000

109,355

148,426

Office/Business

Equipment

–

0.1%

Pitney

Bowes,

Inc.

,

6.88%

,

3/15/2027

(a)

121,000

120,708

Xerox

Corp.

4.80%,

3/01/2035

31,000

13,244

6.75%,

12/15/2039

48,000

20,897

30

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Office/Business

Equipment

–

0.1%

(continued)

Xerox

Holdings

Corp.

,

8.88%

,

11/30/2029

(a)

56,000

33,526

188,375

Oil

&

Gas

–

6.0%

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp.

,

7.50%

,

10/01/2029

(a)

200,000

200,802

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp.

8.25%,

12/31/2028

(a)

98,000

98,991

5.88%,

6/30/2029

(a)

48,000

46,718

6.63%,

10/15/2032

(a)

101,000

99,720

Baytex

Energy

Corp.

8.50%,

4/30/2030

(a)

163,000

151,455

7.38%,

3/15/2032

(a)

51,000

43,976

California

Resources

Corp.

,

8.25%

,

6/15/2029

(a)

350,000

333,740

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

8.13%,

1/15/2027

(a)

40,400

37,981

9.75%,

7/15/2028

(a)

58,000

51,562

Chord

Energy

Corp.

,

6.75%

,

3/15/2033

(a)

116,000

112,952

Civitas

Resources,

Inc.

5.00%,

10/15/2026

(a)

140,000

135,391

8.38%,

7/01/2028

(a)

210,000

206,312

8.63%,

11/01/2030

(a)

149,000

143,931

8.75%,

7/01/2031

(a)

233,000

221,289

CNX

Resources

Corp.

6.00%,

1/15/2029

(a)

104,000

100,717

7.38%,

1/15/2031

(a)

152,000

152,168

7.25%,

3/01/2032

(a)

182,000

181,967

Comstock

Resources,

Inc.

6.75%,

3/01/2029

(a)

185,000

176,598

6.75%,

3/01/2029

(a)

29,000

27,520

5.88%,

1/15/2030

(a)

135,000

122,327

Crescent

Energy

Finance

LLC

9.25%,

2/15/2028

(a)

170,000

171,822

7.63%,

4/01/2032

(a)

178,000

161,755

7.38%,

1/15/2033

(a)

169,000

148,539

CVR

Energy,

Inc.

5.75%,

2/15/2028

(a)

74,000

67,492

8.50%,

1/15/2029

(a)

158,000

145,538

Diamond

Foreign

Asset

Co.

/

Diamond

Finance

LLC

,

8.50%

,

10/01/2030

(a)

90,000

86,035

Encino

Acquisition

Partners

Holdings

LLC

8.50%,

5/01/2028

(a)

78,000

78,080

8.75%,

5/01/2031

(a)

44,000

44,871

EnQuest

PLC

,

11.63%

,

11/01/2027

(a)

60,000

58,572

EQT

Corp.

4.50%,

1/15/2029

(a)

40,000

38,776

7.50%,

6/01/2030

(a)

11,000

11,826

FORESEA

Holding

SA

,

7.50%

,

6/15/2030

(a)

35,000

33,266

Global

Marine,

Inc.

,

7.00%

,

6/01/2028

45,000

38,603

Greenfire

Resources

Ltd.

,

12.00%

,

10/01/2028

(a)

150,000

157,815

Gulfport

Energy

Operating

Corp.

,

6.75%

,

9/01/2029

(a)

150,000

148,000

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

6.25%,

11/01/2028

(a)

77,000

74,610

5.75%,

2/01/2029

(a)

100,000

93,502

6.00%,

4/15/2030

(a)

20,000

18,276

6.00%,

2/01/2031

(a)

30,000

26,916

6.88%,

5/15/2034

(a)

50,000

42,473

7.25%,

2/15/2035

(a)

190,000

165,859

31

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Oil

&

Gas

–

6.0%

(continued)

Ithaca

Energy

North

Sea

PLC

,

8.13%

,

10/15/2029

(a)

80,000

79,983

Kimmeridge

Texas

Gas

LLC

,

8.50%

,

2/15/2030

(a)

92,000

88,337

Kraken

Oil

&

Gas

Partners

LLC

,

7.63%

,

8/15/2029

(a)

164,000

147,016

Long

Ridge

Energy

LLC

,

8.75%

,

2/15/2032

(a)

41,000

39,109

Matador

Resources

Co.

6.88%,

4/15/2028

(a)

190,000

188,934

6.50%,

4/15/2032

(a)

305,000

293,661

6.25%,

4/15/2033

(a)

117,000

109,921

MEG

Energy

Corp.

,

5.88%

,

2/01/2029

(a)

17,000

16,388

Moss

Creek

Resources

Holdings,

Inc.

,

8.25%

,

9/01/2031

(a)

176,000

161,705

Nabors

Industries

Ltd.

,

7.50%

,

1/15/2028

(a)(b)

37,000

29,424

Nabors

Industries,

Inc.

7.38%,

5/15/2027

(a)

119,000

112,219

9.13%,

1/31/2030

(a)

97,000

88,019

8.88%,

8/15/2031

(a)(b)

68,000

46,095

Noble

Finance

II

LLC

,

8.00%

,

4/15/2030

(a)

210,000

199,871

Northern

Oil

&

Gas,

Inc.

8.13%,

3/01/2028

(a)

264,000

260,139

8.75%,

6/15/2031

(a)

120,000

115,217

Parkland

Corp.

5.88%,

7/15/2027

(a)

41,000

40,657

4.50%,

10/01/2029

(a)

127,000

120,008

4.63%,

5/01/2030

(a)

21,000

19,732

6.63%,

8/15/2032

(a)

120,000

119,400

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

6.00%,

2/15/2028

81,000

71,653

9.88%,

3/15/2030

(a)

130,000

114,906

7.88%,

9/15/2030

(a)

91,000

74,691

Permian

Resources

Operating

LLC

8.00%,

4/15/2027

(a)

190,000

193,235

5.88%,

7/01/2029

(a)

210,000

205,146

9.88%,

7/15/2031

(a)

9,000

9,738

7.00%,

1/15/2032

(a)

131,000

132,019

6.25%,

2/01/2033

(a)

80,000

78,180

Petrofac

Ltd.

,

9.75%

,

11/15/2026

(a)(d)

120,000

20,101

Precision

Drilling

Corp.

,

6.88%

,

1/15/2029

(a)

120,000

112,381

Puma

International

Financing

SA

,

7.75%

,

4/25/2029

(a)

200,000

198,234

Range

Resources

Corp.

,

4.75%

,

2/15/2030

(a)

102,000

96,444

Saturn

Oil

&

Gas,

Inc.

,

9.63%

,

6/15/2029

(a)

32,000

28,932

Seadrill

Finance

Ltd.

,

8.38%

,

8/01/2030

(a)

145,000

136,593

SM

Energy

Co.

6.75%,

9/15/2026

74,000

73,388

6.63%,

1/15/2027

73,000

71,727

6.50%,

7/15/2028

179,000

171,556

6.75%,

8/01/2029

(a)

285,000

266,412

7.00%,

8/01/2032

(a)

131,000

120,793

Strathcona

Resources

Ltd.

,

6.88%

,

8/01/2026

(a)

110,000

108,207

Sunoco

LP

7.00%,

5/01/2029

(a)

85,000

87,391

7.25%,

5/01/2032

(a)

134,000

138,824

6.25%,

7/01/2033

(a)

99,000

98,900

Sunoco

LP

/

Sunoco

Finance

Corp.

6.00%,

4/15/2027

36,000

35,862

7.00%,

9/15/2028

(a)

20,000

20,482

4.50%,

5/15/2029

50,000

47,395

4.50%,

4/30/2030

158,000

148,709

32

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Oil

&

Gas

–

6.0%

(continued)

Talos

Production,

Inc.

9.00%,

2/01/2029

(a)

128,000

122,693

9.38%,

2/01/2031

(a)

98,000

91,796

TGNR

Intermediate

Holdings

LLC

,

5.50%

,

10/15/2029

(a)

83,000

76,167

Transocean

Aquila

Ltd.

,

8.00%

,

9/30/2028

(a)

35,062

34,581

Transocean

Poseidon

Ltd.

,

6.88%

,

2/01/2027

(a)

4,200

4,182

Transocean

Titan

Financing

Ltd.

,

8.38%

,

2/01/2028

(a)

9,048

8,962

Transocean,

Inc.

8.00%,

2/01/2027

(a)

83,000

77,210

8.25%,

5/15/2029

(a)

120,000

96,903

8.75%,

2/15/2030

(a)

122,600

119,641

7.50%,

4/15/2031

50,000

35,546

8.50%,

5/15/2031

(a)

107,000

83,229

6.80%,

3/15/2038

80,000

49,248

9.35%,

12/15/2041

3,000

2,154

Valaris

Ltd.

,

8.38%

,

4/30/2030

(a)

205,000

191,895

Vermilion

Energy,

Inc.

6.88%,

5/01/2030

(a)

25,000

21,963

7.25%,

2/15/2033

(a)

145,000

122,432

Viper

Energy,

Inc.

5.38%,

11/01/2027

(a)

185,000

184,224

7.38%,

11/01/2031

(a)

140,000

145,546

Vital

Energy,

Inc.

7.75%,

7/31/2029

(a)

60,000

50,574

7.88%,

4/15/2032

(a)(b)

130,000

100,401

W&T

Offshore,

Inc.

,

10.75%

,

2/01/2029

(a)(b)

10,000

7,849

Wildfire

Intermediate

Holdings

LLC

,

7.50%

,

10/15/2029

(a)

194,000

177,510

11,401,183

Oil

&

Gas

Services

–

1.1%

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp.

6.88%,

4/01/2027

(a)

9,000

8,971

6.25%,

4/01/2028

(a)

29,000

28,914

6.63%,

9/01/2032

(a)

125,000

124,225

Aris

Water

Holdings

LLC

,

7.25%

,

4/01/2030

(a)

69,000

68,525

Bristow

Group,

Inc.

,

6.88%

,

3/01/2028

(a)

116,000

112,720

Enerflex

Ltd.

,

9.00%

,

10/15/2027

(a)

191,000

195,495

Helix

Energy

Solutions

Group,

Inc.

,

9.75%

,

3/01/2029

(a)

210,000

212,515

Kodiak

Gas

Services

LLC

,

7.25%

,

2/15/2029

(a)

120,000

121,949

Nine

Energy

Service,

Inc.

,

13.00%

,

2/01/2028

50,000

29,331

Oceaneering

International,

Inc.

6.00%,

2/01/2028

232,000

220,953

6.00%,

2/01/2028

11,000

10,486

Star

Holding

LLC

,

8.75%

,

8/01/2031

(a)

164,000

150,508

TGS

ASA

,

8.50%

,

1/15/2030

(a)

69,000

67,982

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp.

6.88%,

9/01/2027

234,000

232,203

7.13%,

3/15/2029

(a)

130,000

131,227

Viridien

,

10.00%

,

10/15/2030

(a)

61,000

57,551

Weatherford

International

Ltd.

,

8.63%

,

4/30/2030

(a)

351,000

347,855

Welltec

International

ApS

,

8.25%

,

10/15/2026

(a)

35,000

34,659

2,156,069

33

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Packaging

&

Containers

–

1.6%

ARD

Finance

SA

,

6.50%

,

6/30/2027

(a)(c)

217,613

5,234

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

6.00%,

6/15/2027

(a)

197,000

196,358

3.25%,

9/01/2028

(a)

20,000

18,291

4.00%,

9/01/2029

(a)

160,000

138,956

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

4.13%,

8/15/2026

(a)

184,000

162,456

5.25%,

8/15/2027

(a)

101,000

46,458

5.25%,

8/15/2027

(a)

134,000

61,621

Ball

Corp.

6.88%,

3/15/2028

30,000

30,756

6.00%,

6/15/2029

22,000

22,455

Berry

Global,

Inc.

,

5.63%

,

7/15/2027

(a)

2,000

1,999

Cascades,

Inc.

/

Cascades

USA,

Inc.

,

5.38%

,

1/15/2028

(a)

95,000

92,616

Clearwater

Paper

Corp.

,

4.75%

,

8/15/2028

(a)

15,000

13,978

Clydesdale

Acquisition

Holdings,

Inc.

6.63%,

4/15/2029

(a)

72,000

72,584

6.88%,

1/15/2030

(a)

75,000

76,613

8.75%,

4/15/2030

(a)

200,000

206,044

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

V

,

4.25%

,

9/30/2026

10,000

9,845

Crown

Cork

&

Seal

Co.,

Inc.

,

7.38%

,

12/15/2026

45,000

46,246

Graham

Packaging

Co.,

Inc.

,

7.13%

,

8/15/2028

(a)

85,000

83,037

Intelligent

Packaging

Ltd.

Finco

,

Inc.

/

Intelligent

Packaging

Ltd.

Co.-Issuer

LLC

,

6.00%

,

9/15/2028

(a)

71,000

70,825

Iris

Holdings,

Inc.

,

10.00%

,

12/15/2028

(a)

47,000

41,501

LABL,

Inc.

10.50%,

7/15/2027

(a)

87,000

78,093

5.88%,

11/01/2028

(a)

55,000

45,477

9.50%,

11/01/2028

(a)

40,000

34,879

8.25%,

11/01/2029

(a)

42,000

28,447

8.63%,

10/01/2031

(a)

170,000

138,941

Mauser

Packaging

Solutions

Holding

Co.

7.88%,

8/15/2026

(a)

4,000

3,948

7.88%,

4/15/2027

(a)

397,000

397,771

9.25%,

4/15/2027

(a)

240,000

219,793

Owens-Brockway

Glass

Container,

Inc.

6.63%,

5/13/2027

(a)

40,000

39,938

7.25%,

5/15/2031

(a)

35,000

34,718

7.38%,

6/01/2032

(a)

35,000

34,222

Sealed

Air

Corp.

4.00%,

12/01/2027

(a)

23,000

22,208

5.00%,

4/15/2029

(a)

5,000

4,872

Sealed

Air

Corp.

/

Sealed

Air

Corp.

US

6.13%,

2/01/2028

(a)

88,000

88,570

7.25%,

2/15/2031

(a)

10,000

10,397

Silgan

Holdings,

Inc.

,

4.13%

,

2/01/2028

33,000

31,690

Trident

TPI

Holdings,

Inc.

,

12.75%

,

12/31/2028

(a)

86,000

90,087

TriMas

Corp.

,

4.13%

,

4/15/2029

(a)

155,000

144,291

Trivium

Packaging

Finance

BV

5.50%,

8/15/2026

(a)

69,000

68,284

8.50%,

8/15/2027

(a)

81,000

80,107

2,994,606

Pharmaceuticals

–

1.8%

AdaptHealth

LLC

6.13%,

8/01/2028

(a)

56,000

54,350

4.63%,

8/01/2029

(a)

9,000

8,054

34

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Pharmaceuticals

–

1.8%

(continued)

AdaptHealth

LLC

(continued)

5.13%,

3/01/2030

(a)

2,000

1,792

Bausch

Health

Americas,

Inc.

9.25%,

4/01/2026

(a)

110,000

107,248

8.50%,

1/31/2027

(a)

114,000

108,266

Bausch

Health

Cos.,

Inc.

7.00%,

1/15/2028

(a)

41,000

32,959

5.00%,

1/30/2028

(a)

80,000

61,276

4.88%,

6/01/2028

(a)

216,000

175,270

11.00%,

9/30/2028

(a)

193,000

181,476

5.00%,

2/15/2029

(a)

72,000

45,545

6.25%,

2/15/2029

(a)

137,000

89,718

7.25%,

5/30/2029

(a)

55,000

36,861

5.25%,

1/30/2030

(a)

158,000

95,080

14.00%,

10/15/2030

(a)

69,000

59,468

5.25%,

2/15/2031

(a)

76,000

41,039

BellRing

Brands,

Inc.

,

7.00%

,

3/15/2030

(a)

74,000

76,744

Cheplapharm

Arzneimittel

GmbH

,

5.50%

,

1/15/2028

(a)

95,000

84,592

CVS

Health

Corp.

6.75%,

12/10/2054

184,000

183,081

7.00%,

3/10/2055

644,000

651,563

Elanco

Animal

Health,

Inc.

,

6.65%

,

8/28/2028

40,000

40,581

Endo

Finance

Holdings,

Inc.

,

8.50%

,

4/15/2031

(a)(b)

95,000

98,780

Grifols

SA

,

4.75%

,

10/15/2028

(a)

43,000

40,034

HLF

Financing

Sarl

LLC

/

Herbalife

International,

Inc.

12.25%,

4/15/2029

(a)

328,000

348,320

4.88%,

6/01/2029

(a)

25,000

19,260

Jazz

Securities

DAC

,

4.38%

,

1/15/2029

(a)(b)

45,000

42,728

Mallinckrodt

International

Finance

SA

/

Mallinckrodt

CB

LLC

,

14.75%

,

11/14/2028

(a)

143,706

150,606

Organon

&

Co.

/

Organon

Foreign

Debt

Co.-Issuer

BV

4.13%,

4/30/2028

(a)

325,000

306,564

5.13%,

4/30/2031

(a)(b)

200,000

167,783

7.88%,

5/15/2034

(a)(b)

86,000

79,237

Owens

&

Minor,

Inc.

4.50%,

3/31/2029

(a)

24,000

19,468

6.63%,

4/01/2030

(a)(b)

27,000

22,993

3,430,736

Pipelines

–

4.1%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp.

5.75%,

3/01/2027

(a)

80,000

79,790

5.75%,

1/15/2028

(a)

93,000

92,401

5.38%,

6/15/2029

(a)

109,000

106,424

6.63%,

2/01/2032

(a)

85,000

85,846

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

,

6.63%

,

7/15/2026

(a)

5,000

4,975

Buckeye

Partners

LP

3.95%,

12/01/2026

32,000

31,197

4.13%,

12/01/2027

128,000

122,976

4.50%,

3/01/2028

(a)

70,000

67,570

6.88%,

7/01/2029

(a)

175,000

178,306

6.75%,

2/01/2030

(a)

97,000

98,597

6.75%,

8/15/2033

20,000

20,073

CQP

Holdco

LP

/

BIP-V

Chinook

Holdco

LLC

,

5.50%

,

6/15/2031

(a)

193,000

185,498

Delek

Logistics

Partners

LP

/

Delek

Logistics

Finance

Corp.

7.13%,

6/01/2028

(a)

203,000

200,772

8.63%,

3/15/2029

(a)

245,000

251,743

35

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Pipelines

–

4.1%

(continued)

DT

Midstream,

Inc.

4.13%,

6/15/2029

(a)

50,000

46,915

4.38%,

6/15/2031

(a)

184,000

169,754

Energy

Transfer

LP

8.00%,

5/15/2054

240,000

249,078

7.13%,

10/01/2054

(b)

128,000

126,596

FTAI

Infra

Escrow

Holdings

LLC

,

10.50%

,

6/01/2027

(a)

94,000

97,186

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp.

7.75%,

2/01/2028

115,000

114,563

8.25%,

1/15/2029

85,000

86,458

8.88%,

4/15/2030

42,000

42,870

7.88%,

5/15/2032

120,000

116,968

8.00%,

5/15/2033

106,000

103,115

Global

Partners

LP

/

GLP

Finance

Corp.

7.00%,

8/01/2027

68,000

67,534

6.88%,

1/15/2029

55,000

54,611

8.25%,

1/15/2032

(a)

68,000

69,237

Harvest

Midstream

I

LP

7.50%,

9/01/2028

(a)

212,000

214,969

7.50%,

5/15/2032

(a)

66,000

67,275

Hess

Midstream

Operations

LP

,

5.88%

,

3/01/2028

(a)

116,000

116,196

Howard

Midstream

Energy

Partners

LLC

8.88%,

7/15/2028

(a)

30,000

31,211

7.38%,

7/15/2032

(a)

2,000

2,047

ITT

Holdings

LLC

,

6.50%

,

8/01/2029

(a)

324,000

296,197

Kinetik

Holdings

LP

6.63%,

12/15/2028

(a)

75,000

75,557

5.88%,

6/15/2030

(a)

16,000

15,640

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

,

11.50%

,

2/15/2028

(a)

113,000

117,726

New

Fortress

Energy,

Inc.

,

6.50%

,

9/30/2026

(a)

10,000

8,200

NFE

Financing

LLC

,

12.00%

,

11/15/2029

(a)

322,000

221,677

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp.

8.13%,

2/15/2029

(a)

205,000

192,825

8.38%,

2/15/2032

(a)

236,000

214,994

NuStar

Logistics

LP

6.00%,

6/01/2026

20,000

20,002

5.63%,

4/28/2027

10,000

9,967

Prairie

Acquiror

LP

,

9.00%

,

8/01/2029

(a)

84,000

84,649

Rockies

Express

Pipeline

LLC

4.95%,

7/15/2029

(a)

20,000

19,169

6.88%,

4/15/2040

(a)

5,000

4,719

South

Bow

Canadian

Infrastructure

Holdings

Ltd.

,

7.63%

,

3/01/2055

(a)

70,000

69,873

Summit

Midstream

Holdings

LLC

,

8.63%

,

10/31/2029

(a)

160,000

157,414

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp.

6.00%,

3/01/2027

(a)

80,000

78,872

5.50%,

1/15/2028

(a)

130,000

126,648

7.38%,

2/15/2029

(a)

155,000

154,455

6.00%,

12/31/2030

(a)

123,000

114,579

6.00%,

9/01/2031

(a)

13,000

11,978

TransMontaigne

Partners

LLC

,

8.50%

,

6/15/2030

(a)

81,000

81,513

Venture

Global

Calcasieu

Pass

LLC

3.88%,

8/15/2029

(a)

100,000

91,730

6.25%,

1/15/2030

(a)

120,000

120,265

4.13%,

8/15/2031

(a)

140,000

125,921

3.88%,

11/01/2033

(a)

137,000

115,534

36

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Pipelines

–

4.1%

(continued)

Venture

Global

LNG,

Inc.

8.13%,

6/01/2028

(a)

548,000

544,519

9.50%,

2/01/2029

(a)

441,000

456,950

7.00%,

1/15/2030

(a)

151,000

142,276

8.38%,

6/01/2031

(a)

497,000

479,098

9.88%,

2/01/2032

(a)

430,000

437,301

7,892,999

Real

Estate

–

4.1%

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co.-Issuer

Corp.

,

7.00%

,

4/15/2030

(a)(b)

39,000

34,589

Anywhere

Real

Estate

Group

LLC

/

Realogy

Co.-Issuer

Corp.

5.75%,

1/15/2029

(a)(b)

58,000

45,858

5.25%,

4/15/2030

(a)

46,000

33,883

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

4.63%

,

6/15/2029

(a)

59,000

54,462

Blackstone

Mortgage

Trust,

Inc.

3.75%,

1/15/2027

(a)

87,000

82,629

7.75%,

12/01/2029

(a)

50,000

51,978

Brandywine

Operating

Partnership

LP

3.95%,

11/15/2027

100,000

94,237

8.88%,

4/12/2029

80,000

84,036

4.55%,

10/01/2029

100,000

91,251

Brookfield

Property

REIT,

Inc.

/

BPR

Cumulus

LLC

/

BPR

Nimbus

LLC

/

GGSI

Sellco

LLC

5.75%,

5/15/2026

(a)

155,000

153,524

4.50%,

4/01/2027

(a)

132,000

127,913

CoreLogic

,

Inc.

,

4.50%

,

5/01/2028

(a)

130,000

122,924

Cushman

&

Wakefield

US

Borrower

LLC

6.75%,

5/15/2028

(a)

225,000

226,076

8.88%,

9/01/2031

(a)

38,000

40,652

Diversified

Healthcare

Trust

4.75%,

2/15/2028

57,000

51,001

4.38%,

3/01/2031

60,000

46,494

Global

NET

Lease,

Inc.

/

Global

NET

Lease

Operating

Partnership

LP

,

3.75%

,

12/15/2027

(a)

19,000

17,874

Greystar

Real

Estate

Partners

LLC

,

7.75%

,

9/01/2030

(a)

55,000

57,837

Hudson

Pacific

Properties

LP

3.95%,

11/01/2027

99,000

85,979

5.95%,

2/15/2028

133,000

111,092

4.65%,

4/01/2029

(b)

105,000

75,193

3.25%,

1/15/2030

90,000

59,596

Hunt

Cos.,

Inc.

,

5.25%

,

4/15/2029

(a)

100,000

94,924

Iron

Mountain

Information

Management

Services,

Inc.

,

5.00%

,

7/15/2032

(a)

97,000

90,760

Iron

Mountain,

Inc.

4.88%,

9/15/2027

(a)

151,000

148,856

5.25%,

3/15/2028

(a)

75,000

73,760

5.00%,

7/15/2028

(a)

67,000

65,420

7.00%,

2/15/2029

(a)

206,000

211,754

4.88%,

9/15/2029

(a)

100,000

96,401

5.25%,

7/15/2030

(a)

285,000

276,912

4.50%,

2/15/2031

(a)

265,000

245,572

5.63%,

7/15/2032

(a)

198,000

192,394

6.25%,

1/15/2033

(a)

226,000

225,522

Kennedy-Wilson,

Inc.

4.75%,

3/01/2029

50,000

45,024

4.75%,

2/01/2030

41,000

35,976

5.00%,

3/01/2031

66,000

56,549

37

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Real

Estate

–

4.1%

(continued)

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

,

4.25%

,

2/01/2027

(a)

203,000

197,915

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

5.00%,

10/15/2027

166,000

147,759

4.63%,

8/01/2029

98,000

74,665

3.50%,

3/15/2031

130,000

86,631

8.50%,

2/15/2032

(a)

180,000

183,312

Office

Properties

Income

Trust

3.25%,

3/15/2027

(a)(b)

68,117

54,566

9.00%,

9/30/2029

(a)

100,000

74,001

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co.-Issuer

5.88%,

10/01/2028

(a)

24,000

23,450

4.88%,

5/15/2029

(a)

109,000

102,068

7.00%,

2/01/2030

(a)

70,000

69,988

Pebblebrook

Hotel

LP

/

PEB

Finance

Corp.

,

6.38%

,

10/15/2029

(a)

45,000

44,313

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

4.75%,

10/15/2027

63,000

61,821

7.25%,

7/15/2028

(a)

80,000

82,257

4.50%,

2/15/2029

(a)

40,000

38,288

6.50%,

4/01/2032

(a)

213,000

212,441

Rithm

Capital

Corp.

,

8.00%

,

4/01/2029

(a)

175,000

175,057

RLJ

Lodging

Trust

LP

3.75%,

7/01/2026

(a)

130,000

127,558

4.00%,

9/15/2029

(a)

75,000

67,737

SBA

Communications

Corp.

3.88%,

2/15/2027

208,000

203,701

3.13%,

2/01/2029

210,000

194,516

Service

Properties

Trust

4.75%,

10/01/2026

60,000

58,125

4.95%,

2/15/2027

7,000

6,654

5.50%,

12/15/2027

52,000

49,688

8.38%,

6/15/2029

45,000

43,753

4.95%,

10/01/2029

28,000

21,975

4.38%,

2/15/2030

(b)

23,000

17,160

8.63%,

11/15/2031

(a)

110,000

116,694

8.88%,

6/15/2032

35,000

33,834

Starwood

Property

Trust,

Inc.

3.63%,

7/15/2026

(a)

88,000

85,916

4.38%,

1/15/2027

(a)

30,000

29,406

7.25%,

4/01/2029

(a)

90,000

93,410

6.00%,

4/15/2030

(a)

80,000

79,294

6.50%,

7/01/2030

(a)

22,000

22,187

The

Howard

Hughes

Corp.

5.38%,

8/01/2028

(a)

194,000

187,131

4.13%,

2/01/2029

(a)

210,000

192,449

4.38%,

2/01/2031

(a)

162,000

143,676

The

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner

LP

,

4.50%

,

9/30/2028

(a)

171,000

161,234

Uniti

Group

LP

/

Uniti

Fiber

Holdings,

Inc.

/

CSL

Capital

LLC

,

6.00%

,

1/15/2030

(a)

90,000

80,318

Uniti

Group

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

10.50%,

2/15/2028

(a)

288,000

305,857

4.75%,

4/15/2028

(a)

34,000

32,529

6.50%,

2/15/2029

(a)

142,000

129,832

Vornado

Realty

LP

,

2.15%

,

6/01/2026

105,000

101,245

XHR

LP

4.88%,

6/01/2029

(a)

90,000

84,913

6.63%,

5/15/2030

(a)

8,000

7,890

38

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Real

Estate

–

4.1%

(continued)

XHR

LP

(continued)

7,916,116

Retail

–

4.7%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

3.88%,

1/15/2028

(a)

165,000

158,631

4.38%,

1/15/2028

(a)

105,000

101,693

6.13%,

6/15/2029

(a)

166,000

168,901

5.63%,

9/15/2029

(a)

60,000

59,875

4.00%,

10/15/2030

(a)

325,000

295,867

Academy

Ltd.

,

6.00%

,

11/15/2027

(a)

49,000

49,020

Advance

Auto

Parts,

Inc.

,

5.95%

,

3/09/2028

5,000

4,959

Arko

Corp.

,

5.13%

,

11/15/2029

(a)

27,000

21,601

Asbury

Automotive

Group,

Inc.

4.50%,

3/01/2028

31,000

30,048

4.63%,

11/15/2029

(a)

66,000

62,139

4.75%,

3/01/2030

74,000

69,184

At

Home

Group,

Inc.

7.13%,

5/12/2028

(a)(c)

83,810

36,143

4.88%,

7/15/2028

(a)

50,000

13,270

Bath

&

Body

Works,

Inc.

5.25%,

2/01/2028

3,000

2,972

6.63%,

10/01/2030

(a)

131,000

133,382

6.95%,

3/01/2033

11,000

10,893

6.88%,

11/01/2035

113,000

113,591

6.75%,

7/01/2036

61,000

60,065

7.60%,

7/15/2037

40,000

39,486

BCPE

Ulysses

Intermediate,

Inc.

,

7.75%

,

4/01/2027

(a)(c)

65,000

63,066

Beacon

Roofing

Supply,

Inc.

,

4.13%

,

5/15/2029

(a)

45,000

45,409

Bloomin

'

Brands,

Inc.

/

OSI

Restaurant

Partners

LLC

,

5.13%

,

4/15/2029

(a)(b)

10,000

8,644

BlueLinx

Holdings,

Inc.

,

6.00%

,

11/15/2029

(a)

40,000

38,160

Brinker

International,

Inc.

,

8.25%

,

7/15/2030

(a)

55,000

57,830

Carvana

Co.

9.00%,

12/01/2028

(a)(c)

150,870

155,074

9.00%,

6/01/2030

(a)(c)

280,550

297,240

9.00%,

6/01/2031

(a)(c)

215,348

242,756

CEC

Entertainment

LLC

,

6.75%

,

5/01/2026

(a)

96,000

94,312

eG

Global

Finance

PLC

,

12.00%

,

11/30/2028

(a)

195,000

214,433

Evergreen

AcqCo

1

LP

/

TVI,

Inc.

,

9.75%

,

4/26/2028

(a)

76,000

78,572

Ferrellgas

LP

/

Ferrellgas

Finance

Corp.

5.38%,

4/01/2026

(a)

67,000

65,174

5.88%,

4/01/2029

(a)

65,000

56,401

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

4.63%,

1/15/2029

(a)

86,000

79,769

6.75%,

1/15/2030

(a)

125,000

109,189

FirstCash

,

Inc.

,

6.88%

,

3/01/2032

(a)

75,000

76,734

Foot

Locker,

Inc.

,

4.00%

,

10/01/2029

(a)

97,000

78,560

Foundation

Building

Materials,

Inc.

,

6.00%

,

3/01/2029

(a)

41,000

34,498

Global

Auto

Holdings

Ltd.

/

AAG

FH

UK

Ltd.

8.38%,

1/15/2029

(a)

55,000

48,534

11.50%,

8/15/2029

(a)

180,000

170,480

8.75%,

1/15/2032

(a)

60,000

48,070

GPS

Hospitality

Holding

Co.

LLC

/

GPS

Finco

,

Inc.

,

7.00%

,

8/15/2028

(a)

89,000

51,933

Group

1

Automotive,

Inc.

4.00%,

8/15/2028

(a)

72,000

68,413

6.38%,

1/15/2030

(a)

121,000

122,480

39

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Retail

–

4.7%

(continued)

GYP

Holdings

III

Corp.

,

4.63%

,

5/01/2029

(a)

45,000

42,335

Ken

Garff

Automotive

LLC

,

4.88%

,

9/15/2028

(a)

100,000

96,514

KFC

Holding

Co.

/

Pizza

Hut

Holdings

LLC

/

Taco

Bell

of

America

LLC

,

4.75%

,

6/01/2027

(a)

197,000

196,550

Kohl's

Corp.

,

4.63%

,

5/01/2031

100,000

62,620

LBM

Acquisition

LLC

,

6.25%

,

1/15/2029

(a)

85,000

74,479

LCM

Investments

Holdings

II

LLC

,

4.88%

,

5/01/2029

(a)

46,000

43,490

Liberty

Interactive

LLC

8.50%,

7/15/2029

59,000

22,747

8.25%,

2/01/2030

92,000

34,379

Lithia

Motors,

Inc.

4.63%,

12/15/2027

(a)

7,000

6,794

3.88%,

6/01/2029

(a)

78,000

72,422

Macy's

Retail

Holdings

LLC

5.88%,

3/15/2030

(a)

45,000

42,011

6.70%,

7/15/2034

(a)

65,000

54,472

Murphy

Oil

USA,

Inc.

5.63%,

5/01/2027

2,000

1,993

4.75%,

9/15/2029

98,000

94,608

Nordstrom,

Inc.

4.00%,

3/15/2027

70,000

66,866

6.95%,

3/15/2028

60,000

60,440

5.00%,

1/15/2044

140,000

98,134

Papa

John's

International,

Inc.

,

3.88%

,

9/15/2029

(a)(b)

27,000

25,068

Park

River

Holdings,

Inc.

5.63%,

2/01/2029

(a)

48,000

37,629

6.75%,

8/01/2029

(a)

40,000

31,715

Patrick

Industries,

Inc.

4.75%,

5/01/2029

(a)

26,000

24,759

6.38%,

11/01/2032

(a)

62,000

60,284

Penske

Automotive

Group,

Inc.

,

3.75%

,

6/15/2029

133,000

123,234

PetSmart,

Inc.

/

PetSmart

Finance

Corp.

4.75%,

2/15/2028

(a)

156,000

148,920

7.75%,

2/15/2029

(a)

189,000

176,268

QVC,

Inc.

6.88%,

4/15/2029

(a)

57,000

37,949

5.45%,

8/15/2034

60,000

29,416

5.95%,

3/15/2043

40,000

18,123

Saks

Global

Enterprises

LLC

,

11.00%

,

12/15/2029

(a)

336,000

203,507

Sally

Holdings

LLC

/

Sally

Capital,

Inc.

,

6.75%

,

3/01/2032

(b)

25,000

25,212

Sonic

Automotive,

Inc.

,

4.88%

,

11/15/2031

(a)(b)

6,000

5,476

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp.

,

7.75%

,

10/15/2029

(a)

93,000

87,459

Staples,

Inc.

10.75%,

9/01/2029

(a)

400,000

347,589

12.75%,

1/15/2030

(a)

140,000

81,108

Suburban

Propane

Partners

LP

/

Suburban

Energy

Finance

Corp.

5.88%,

3/01/2027

110,000

109,298

5.00%,

6/01/2031

(a)

99,000

90,487

Superior

Plus

LP

/

Superior

General

Partner,

Inc.

,

4.50%

,

3/15/2029

(a)

50,000

46,693

The

Gap,

Inc.

3.63%,

10/01/2029

(a)

86,000

77,952

3.88%,

10/01/2031

(a)

85,000

73,580

The

Michaels

Companies,

Inc.

5.25%,

5/01/2028

(a)

70,000

36,674

7.88%,

5/01/2029

(a)

132,000

46,157

40

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Retail

–

4.7%

(continued)

Victoria's

Secret

&

Co.

,

4.63%

,

7/15/2029

(a)(b)

28,000

24,373

Victra

Holdings

LLC

/

Victra

Finance

Corp.

,

8.75%

,

9/15/2029

(a)

19,000

19,350

Walgreen

Co.

,

4.40%

,

9/15/2042

60,000

54,313

Walgreens

Boots

Alliance,

Inc.

3.45%,

6/01/2026

280,000

273,491

8.13%,

8/15/2029

(b)

173,000

179,881

3.20%,

4/15/2030

120,000

112,922

4.50%,

11/18/2034

70,000

65,896

4.80%,

11/18/2044

142,000

131,175

4.65%,

6/01/2046

60,000

54,428

4.10%,

4/15/2050

(b)

139,000

121,430

White

Capital

Buyer

LLC

,

6.88%

,

10/15/2028

(a)

95,000

92,318

Yum!

Brands,

Inc.

4.75%,

1/15/2030

(a)

208,000

202,035

3.63%,

3/15/2031

295,000

266,324

4.63%,

1/31/2032

304,000

286,388

5.38%,

4/01/2032

260,000

255,757

6.88%,

11/15/2037

76,000

79,004

8,971,947

Semiconductors

–

0.2%

Amkor

Technology,

Inc.

,

6.63%

,

9/15/2027

(a)

75,000

75,022

ams

-OSRAM

AG

,

12.25%

,

3/30/2029

(a)

15,000

15,197

Entegris

,

Inc.

4.38%,

4/15/2028

(a)

10,000

9,668

3.63%,

5/01/2029

(a)

37,000

34,049

5.95%,

6/15/2030

(a)

132,000

131,413

Synaptics

,

Inc.

,

4.00%

,

6/15/2029

(a)(b)

20,000

18,514

283,863

Software

–

2.3%

AthenaHealth

Group,

Inc.

,

6.50%

,

2/15/2030

(a)

355,000

339,493

Camelot

Finance

SA

,

4.50%

,

11/01/2026

(a)

7,000

6,900

Capstone

Borrower,

Inc.

,

8.00%

,

6/15/2030

(a)

75,000

76,642

Castle

US

Holding

Corp.

,

9.50%

,

2/15/2028

(a)

48,000

21,213

Central

Parent

LLC

/

CDK

Global

II

LLC

/

CDK

Financing

Co.,

Inc.

,

8.00%

,

6/15/2029

(a)

36,000

31,705

Central

Parent,

Inc.

/

CDK

Global,

Inc.

,

7.25%

,

6/15/2029

(a)

87,000

74,778

Clarivate

Science

Holdings

Corp.

3.88%,

7/01/2028

(a)

155,000

146,371

4.88%,

7/01/2029

(a)

88,000

80,083

Cloud

Software

Group,

Inc.

6.50%,

3/31/2029

(a)

555,000

555,365

9.00%,

9/30/2029

(a)

620,000

625,141

8.25%,

6/30/2032

(a)

235,000

245,276

Consensus

Cloud

Solutions,

Inc.

6.00%,

10/15/2026

(a)

41,000

40,858

6.50%,

10/15/2028

(a)

6,000

5,884

Dye

&

Durham

Ltd.

,

8.63%

,

4/15/2029

(a)

93,000

94,628

Elastic

NV

,

4.13%

,

7/15/2029

(a)

135,000

127,089

Ellucian

Holdings,

Inc.

,

6.50%

,

12/01/2029

(a)

100,000

100,193

Fair

Isaac

Corp.

5.25%,

5/15/2026

(a)

16,000

15,972

4.00%,

6/15/2028

(a)

34,000

32,654

Helios

Software

Holdings,

Inc.

/

ION

Corporate

Solutions

Finance

Sarl

4.63%,

5/01/2028

(a)

42,000

37,866

8.75%,

5/01/2029

(a)

120,000

116,375

41

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Software

–

2.3%

(continued)

Open

Text

Corp.

3.88%,

2/15/2028

(a)

130,000

124,201

3.88%,

12/01/2029

(a)

100,000

92,251

Open

Text

Holdings,

Inc.

4.13%,

2/15/2030

(a)

135,000

124,873

4.13%,

12/01/2031

(a)

40,000

35,758

Playtika

Holding

Corp.

,

4.25%

,

3/15/2029

(a)

70,000

61,891

PTC,

Inc.

,

4.00%

,

2/15/2028

(a)

33,000

31,916

Rackspace

Finance

LLC

,

3.50%

,

5/15/2028

(a)

62,000

23,326

RingCentral,

Inc.

,

8.50%

,

8/15/2030

(a)

110,000

115,773

Rocket

Software,

Inc.

9.00%,

11/28/2028

(a)

112,000

115,485

6.50%,

2/15/2029

(a)

150,000

142,669

SS&C

Technologies,

Inc.

5.50%,

9/30/2027

(a)

313,000

311,700

6.50%,

6/01/2032

(a)

40,000

40,609

The

Dun

&

Bradstreet

Corp.

,

5.00%

,

12/15/2029

(a)

2,000

1,997

Twilio

,

Inc.

3.63%,

3/15/2029

4,000

3,745

3.88%,

3/15/2031

59,000

53,554

UKG,

Inc.

,

6.88%

,

2/01/2031

(a)

240,000

247,093

West

Technology

Group

LLC

,

8.50%

,

4/10/2027

(a)

70,000

45,863

ZoomInfo

Technologies

LLC

/

ZoomInfo

Finance

Corp.

,

3.88%

,

2/01/2029

(a)

102,000

93,720

4,440,910

Telecommunications

–

5.3%

Altice

Financing

SA

9.63%,

7/15/2027

(a)

70,000

60,376

5.00%,

1/15/2028

(a)

206,000

158,011

5.75%,

8/15/2029

(a)

360,000

264,715

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

6.88%,

9/15/2055

170,000

170,358

7.00%,

9/15/2055

200,000

199,158

British

Telecommunications

PLC

,

4.25%

,

11/23/2081

(a)

89,000

86,204

CommScope

LLC

8.25%,

3/01/2027

(a)

110,000

100,069

7.13%,

7/01/2028

(a)

108,000

91,396

4.75%,

9/01/2029

(a)

106,000

93,758

9.50%,

12/15/2031

(a)(b)

93,000

95,122

CommScope

Technologies

LLC

,

5.00%

,

3/15/2027

(a)

128,000

111,188

Connect

Finco

Sarl

/

Connect

US

Finco

LLC

,

9.00%

,

9/15/2029

(a)

208,000

194,513

Consolidated

Communications,

Inc.

5.00%,

10/01/2028

(a)

50,000

47,452

6.50%,

10/01/2028

(a)

120,000

117,902

EchoStar

Corp.

10.75%,

11/30/2029

885,000

935,617

6.75%,

11/30/2030

(c)

317,000

294,871

Embarq

LLC

,

8.00%

,

6/01/2036

220,000

99,049

Fibercop

SpA

6.00%,

9/30/2034

(a)

10,000

9,300

7.20%,

7/18/2036

(a)

53,000

51,754

7.72%,

6/04/2038

(a)

60,000

59,741

Frontier

Communications

Holdings

LLC

5.88%,

10/15/2027

(a)

141,000

140,866

5.00%,

5/01/2028

(a)

200,000

198,052

6.75%,

5/01/2029

(a)

190,000

190,895

42

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Telecommunications

–

5.3%

(continued)

Frontier

Communications

Holdings

LLC

(continued)

5.88%,

11/01/2029

144,000

144,099

6.00%,

1/15/2030

(a)

194,000

194,950

8.75%,

5/15/2030

(a)

178,000

186,300

8.63%,

3/15/2031

(a)

90,000

95,460

Frontier

North,

Inc.

,

Series

G

,

6.73%

,

2/15/2028

41,000

41,644

GoTo

Group,

Inc.

5.50%,

5/01/2028

(a)

69,000

59,580

5.50%,

5/01/2028

(a)

100,000

35,556

Hughes

Satellite

Systems

Corp.

5.25%,

8/01/2026

(b)

95,000

88,518

6.63%,

8/01/2026

95,000

77,162

Iliad

Holding

SASU

7.00%,

10/15/2028

(a)

255,000

258,053

8.50%,

4/15/2031

(a)

200,000

210,954

7.00%,

4/15/2032

(a)

140,000

141,808

Intelsat

Jackson

Holdings

SA

,

6.50%

,

3/15/2030

(a)

285,000

281,174

Level

3

Financing,

Inc.

3.63%,

1/15/2029

(a)

64,000

49,796

10.50%,

4/15/2029

(a)

100,000

110,891

4.88%,

6/15/2029

(a)

120,000

104,946

3.75%,

7/15/2029

(a)

79,000

60,081

11.00%,

11/15/2029

(a)

250,000

279,671

4.50%,

4/01/2030

(a)

130,000

108,252

10.50%,

5/15/2030

(a)

57,000

61,758

3.88%,

10/15/2030

(a)

40,000

31,589

10.75%,

12/15/2030

(a)

100,000

110,948

4.00%,

4/15/2031

(a)

60,000

46,778

10.00%,

10/15/2032

(a)

48,660

48,674

Lumen

Technologies,

Inc.

4.50%,

1/15/2029

(a)

39,000

31,668

4.13%,

4/15/2029

(a)

79,659

75,462

5.38%,

6/15/2029

(a)

6,000

4,784

4.13%,

4/15/2030

(a)

9,333

8,736

10.00%,

10/15/2032

(a)

43,550

43,453

Series

P,

7.60%,

9/15/2039

21,000

15,414

Series

U,

7.65%,

3/15/2042

10,000

7,266

Rogers

Communications,

Inc.

7.00%,

4/15/2055

264,000

265,159

7.13%,

4/15/2055

238,000

236,916

5.25%,

3/15/2082

(a)

280,000

272,851

Sunrise

Holdco

IV

BV

,

5.50%

,

1/15/2028

(a)

90,000

88,318

Telecom

Italia

Capital

SA

6.38%,

11/15/2033

15,000

15,004

6.00%,

9/30/2034

20,000

19,322

7.20%,

7/18/2036

75,000

76,853

7.72%,

6/04/2038

70,000

72,999

Telesat

Canada

/

Telesat

LLC

5.63%,

12/06/2026

(a)

70,000

39,644

4.88%,

6/01/2027

(a)

40,000

21,738

6.50%,

10/15/2027

(a)

45,000

18,498

ViaSat

,

Inc.

5.63%,

4/15/2027

(a)

15,000

14,677

6.50%,

7/15/2028

(a)(b)

25,000

21,947

7.50%,

5/30/2031

(a)

74,000

56,422

43

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

97.3%

(continued)

Telecommunications

–

5.3%

(continued)

Viavi

Solutions,

Inc.

,

3.75%

,

10/01/2029

(a)

95,000

87,046

VMED

O2

UK

Financing

I

PLC

4.25%,

1/31/2031

(a)

212,000

184,891

4.75%,

7/15/2031

(a)

275,000

241,630

7.75%,

4/15/2032

(a)

220,000

221,880

Vodafone

Group

PLC

7.00%,

4/04/2079

457,000

469,940

3.25%,

6/04/2081

40,000

38,469

5.13%,

6/04/2081

100,000

74,404

Windstream

Services

LLC

/

Windstream

Escrow

Finance

Corp.

,

8.25%

,

10/01/2031

(a)

385,000

394,757

Zayo

Group

Holdings,

Inc.

4.00%,

3/01/2027

(a)

85,000

78,193

6.13%,

3/01/2028

(a)(b)

145,000

118,947

Zegona

Finance

PLC

,

8.63%

,

7/15/2029

(a)

180,000

191,792

10,108,089

Transportation

–

0.5%

Brightline

East

LLC

,

11.00%

,

1/31/2030

(a)

39,492

32,348

Carriage

Purchaser,

Inc.

,

7.88%

,

10/15/2029

(a)

49,000

40,344

Danaos

Corp.

,

8.50%

,

3/01/2028

(a)

155,000

157,092

First

Student

Bidco

,

Inc.

/

First

Transit

Parent,

Inc.

,

4.00%

,

7/31/2029

(a)

4,000

3,707

Genesee

&

Wyoming,

Inc.

,

6.25%

,

4/15/2032

(a)

55,000

55,705

Rand

Parent

LLC

,

8.50%

,

2/15/2030

(a)

143,000

133,039

Seaspan

Corp.

,

5.50%

,

8/01/2029

(a)

187,000

171,426

Star

Leasing

Co.

LLC

,

7.63%

,

2/15/2030

(a)

147,000

131,820

Stonepeak

Nile

Parent

LLC

,

7.25%

,

3/15/2032

(a)

75,000

76,152

XPO,

Inc.

7.13%,

6/01/2031

(a)

50,000

51,202

7.13%,

2/01/2032

(a)

75,000

76,749

929,584

Trucking

&

Leasing

–

0.4%

Fortress

Transportation

and

Infrastructure

Investors

LLC

5.50%,

5/01/2028

(a)

289,000

283,678

7.88%,

12/01/2030

(a)

80,000

83,493

7.00%,

5/01/2031

(a)

125,000

126,851

7.00%,

6/15/2032

(a)

130,000

131,671

5.88%,

4/15/2033

(a)

30,000

28,738

NAC

Aviation

29

DAC

,

4.75%

,

6/30/2026

61,876

61,724

716,155

Total

Corporate

Bonds

and

Notes

(cost

$189,833,222)

186,062,411

Shares

Investment

Companies

–

0.9%

Registered

Investment

Companies

–

0.9%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(f)(g)

(cost

$1,691,960)

1,691,960

1,691,960

Investment

of

Cash

Collateral

for

Securities

Loaned

–

2.1%

Registered

Investment

Companies

–

2.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(f)(g)

(cost

$3,975,491)

3,975,491

3,975,491

Total

Investments

(cost

$195,500,673)

100.3%

191,729,862

Liabilities,

Less

Cash

and

Receivables

(0.3)%

(542,457)

Net

Assets

100.0%

191,187,405

REIT—Real

Estate

Investment

Trust

44

Statement

of

Investments

(continued)

See

Notes

to

Financial

Statements

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

April

30,

2025,

these

securities

were

valued

at

$155,360,270

or

81.26%

of

net

assets.

(b)

Security,

or

portion

thereof,

on

loan.

At

April

30,

2025,

the

value

of

the

fund’s

securities

on

loan

was

$5,432,441

and

the

value

of

the

collateral

was

$5,707,194,

consisting

of

cash

collateral

of

$3,975,491

and

U.S.

Government

&

Agency

securities

valued

at

$1,731,703.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

(c)

Payment-in-kind

security

and

interest

may

be

paid

in

additional

par.

(d)

Defaulted

security.

Currently,

the

issuer

is

in

default

with

respect

to

principal

and/or

interest

payments.

The

aggregate

value

of

these

securities

at

April

30,

2025

was

$31,826,

which

represented

0.02%

of

the

Fund’s

Net

Assets.

(e)

Perpetual

bond

with

no

specified

maturity

date.

(f)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(g)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2025.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2025

are

as

follows:

Description

Value

($)

10/31/24

Purchases

($)

1

Sales

($)

Value

($)

4/30/25

Dividends/

Distributions

($)

Investment

Companies

–

0.9%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

2,002,458

26,146,026

(26,456,524)

1,691,960

40,094

Investment

of

Cash

Collateral

for

Securities

Loaned

–

2.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

6,846,960

21,914,589

(24,786,058)

3,975,491

45,627

2

Total

–

3.0%

8,849,418

48,060,615

(51,242,582)

5,667,451

85,721

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.

Futures

Description

Number

of

Contracts

Expiration

Notional

Value

($)

Market

Value

($)

Unrealized

Appreciation

($)

Futures

Long

U.S.

Treasury

10

Year

Notes

23

6/18/2025

2,523,088

2,581,031

57,943

U.S.

Treasury

10

Year

Ultra

Notes

15

6/18/2025

1,700,781

1,721,016

20,235

U.S.

Treasury

Long

Bonds

5

6/18/2025

576,362

583,125

6,763

Futures

Short

U.S.

Treasury

5

Year

Notes

10

6/30/2025

1,092,721

1,091,953

768

Gross

Unrealized

Appreciation

85,709

Centrally

Cleared

Credit

Default

Swaps

Reference

Obligation

Maturity

Date

Notional

Amount

($)

(1)

Market

Value

($)

Upfront

Payments/

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Sold

Contracts

(2)

Markit

CDX

North

America

High

Yield

Index,

Series

43

6/20/2030

5,000,000

210,105

292,819

(82,714)

Gross

Unrealized

Depreciation

(82,714)

(1)

The

maximum

potential

amount

the

fund

could

be

required

to

pay

as

a

seller

of

credit

protection

or

receive

as

a

buyer

of

credit

protection

if

a

credit

event

occurs

as

defined

under

the

terms

of

the

swap

agreement.

(2)

If

the

fund

is

a

seller

of

protection

and

a

credit

event

occurs,

as

defined

under

the

terms

of

the

swap

agreement,

the

fund

will

either

(i)

pay

to

the

buyer

of

protection

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

reference

obligation

or

(ii)

pay

a

net

settlement

amount

in

the

form

of

cash

or

securities

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

reference

obligation.

45

STATEMENT

OF

ASSETS

AND

LIABILITIES

April

30,

2025

(Unaudited)

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments

(including

securities

on

loan,

valued

at

$5,432,441)—Note

2(c):

–

Unaffiliated

issuers

189,833,222

186,062,411‌

Affiliated

issuers

5,667,451

5,667,451‌

Cash

162,719‌

Cash

collateral

held

by

broker—Note

4

456,002‌

Interest

receivable

3,302,862‌

Receivable

for

investment

securities

sold

313,178‌

Receivable

for

futures

variation

margin—Note

4

135,943‌

Affiliated

income

receivable

net

of

rebates

from

securities

lending

4,902‌

Dividends

receivable

4,762‌

196,110,230‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(b)

41,782‌

Liability

for

securities

on

loan—Note

2(c)

3,975,491‌

Payable

for

investment

securities

purchased

896,766‌

Payable

for

swaps

variation

margin—Note

4

8,786‌

4,922,825‌

Net

Assets

($)

191,187,405‌

Composition

of

Net

Assets

($):

Paid-in

capital

198,660,623‌

Total

distributable

earnings

(loss)

(7,473,218‌)

Net

Assets

($)

191,187,405‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

4,050,000‌

Net

asset

value

per

share

47.21‌

Market

price

per

share

47.14‌

46

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2025

(Unaudited)

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends:

Affiliated

issuers

40,094‌

Interest

12,241,445‌

Affiliated

income

net

of

rebates

from

securities

lending—Note

2(b)

45,627‌

Total

Income

12,327,166‌

Expenses:

Management

fee—Note

3(a)

359,854‌

Total

Expenses

359,854‌

Net

Investment

Income

11,967,312‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

28,558‌

Net

realized

gain

(loss)

on

in-kind

redemptions

(2,735,475‌)

Net

realized

gain

(loss)

on

futures

(134,984‌)

Net

realized

gain

(loss)

on

swap

agreements

(64,111‌)

Net

realized

gain

(loss)

(2,906,012‌)

Net

change

in

unrealized

appreciation

(depreciation

)

on

investments

(7,048,960‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

futures

218,723‌

Net

change

in

unrealized

appreciation

(depreciation)

on

swap

agreements

(67,751‌)

Net

change

in

unrealized

appreciation

(depreciation)

(6,897,988‌)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

(9,804,000‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,163,312‌

47

STATEMENT

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

Operations

($):

Net

investment

income

11,967,312‌

19,739,761‌

Net

realized

gain

(loss)

on

investments

(2,906,012‌)

38,280‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(6,897,988‌)

7,897,024‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,163,312‌

27,675,065‌

Distributions

($):

Distributions

to

shareholders

(12,483,490‌)

(18,171,955‌)

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

24,038,931‌

297,543,069‌

Cost

of

shares

redeemed

(164,621,083‌)

(18,468,386‌)

Transaction

fees—Note

5

—‌

174‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

(140,582,152‌)

279,074,857‌

Total

Increase

(Decrease)

in

Net

Assets

(150,902,330‌)

288,577,967‌

Net

Assets

($):

Beginning

of

Period

342,089,735‌

53,511,768‌

End

of

Period

191,187,405‌

342,089,735‌

Changes

in

Shares

Outstanding:

Shares

sold

500,00

0‌

6,300,000‌

Shares

redeemed

(3,550,000‌)

(400,000‌)

Net

Increase

(Decrease)

in

Shares

Outstanding

(3,050,000‌)

5,900,000‌

48

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

For

the

Period

from

April

24,

2020

(a)

to

October

31,

2020

2024

2023

2022

2021

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

48.18‌

44.59‌

45.83‌

56.23‌

54.06‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

1.74‌

3.56‌

3.53‌

2.76‌

2.80‌

1.70‌

Net

realized

and

unrealized

gain

(loss)

on

investments

(1.00‌)

3.46‌

(0.67‌)

(9.25‌)

2.66‌

3.74‌

Total

from

Investment

Operations

0.74‌

7.02‌

2.86‌

(6.49‌)

5.46‌

5.44‌

Distributions:

–

–

–

–

–

–

Dividends

from

net

investment

income

(1.71‌)

(3.43‌)

(4.10‌)

(2.93‌)

(2.87‌)

(1.38‌)

Dividends

from

net

realized

gain

on

investments

—‌

—‌

—‌

(0.98‌)

(0.42‌)

—‌

Total

Distributions

(1.71‌)

(3.43‌)

(4.10‌)

(3.91‌)

(3.29‌)

(1.38‌)

Transaction

fees

(b)

—‌

0.00‌

(c)

—‌

—‌

—‌

—‌

Net

asset

value,

end

of

period

47.21‌

48.18‌

44.59‌

45.83‌

56.23‌

54.06‌

Market

price,

end

of

period

47.14‌

48.15‌

44.61‌

45.76‌

56.24‌

54.08‌

Net

Asset

Value

Total

Return

(%)

(d)

1.54‌

16.19‌

6.30‌

(12.09‌)

10.27‌

10.94‌

Market

Price

Total

Return

(%)

(d)

1.45‌

16.07‌

6.53‌

(12.26‌)

10.25‌

10.98‌

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.22‌

(e),(f)

0.22‌

(f)

0.22‌

(f)

0.22‌

(f)

0.22‌

(f)

0.22‌

(e)

Ratio

of

net

investment

income

to

average

net

assets

7.32‌

(e),(f)

7.53‌

(f)

7.60‌

(f)

5.51‌

(f)

4.98‌

(f)

6.06‌

(e)

Portfolio

Turnover

Rate

(g)

33.90‌

96.25‌

39.89‌

35.81‌

61.03‌

39.43‌

Net

Assets,

end

of

period

($

x

1,000)

191,187‌

342,090‌

53,512‌

50,416‌

47,793‌

54,062‌

(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)

Annualized.

(f)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(g)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

49

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

NOTE

1—Organization:

BNY

Mellon

High

Yield

ETF (the “fund”) is a

separate

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

total

return

consisting

of

capital

appreciation

and

income.

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. Insight

North

America

LLC (the

“Sub-Adviser”),

an

indirect wholly-owned

subsidiary

of

BNY

and

an

affiliate

of

the

Adviser,

serves

as

the

fund’s

sub-adviser.

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

NYSE

Arca,

Inc.

The

market

price

of

each

Share

may

differ

to

some

degree

from

the

fund’s

net

asset

value

(“NAV”).

Unlike

conventional

mutual

funds,

the

fund

issues

and

redeems

Shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

Shares,

each

called

a

“Creation

Unit”.

Creation

Units

are

issued

and

redeemed

principally

in

exchange

for

the

deposit

or

delivery

of

a

basket

of

securities.

Except

when

aggregated

in

Creation

Units

by

Authorized

Participants,

the

Shares

are

not

individually

redeemable

securities

of

the

fund.

Individual

Fund

Shares

may

only

be

purchased

and

sold

on

the

NYSE

Arca,

Inc.,

other

national

securities

exchanges,

electronic

crossing

networks

and

other

alternative

trading

systems

through

your

broker-dealer

at

market

prices.

Because

Fund

Shares

trade

at

market

prices

rather

than

at

NAV,

Fund

Shares

may

trade

at

a

price

greater

than

NAV

(premium)

or

less

than

NAV

(discount).

When

buying

or

selling

Shares

in

the

secondary

market,

you

may

incur

costs

attributable

to

the

difference

between

the

highest

price

a

buyer

is

willing

to

pay

to

purchase

Shares

of

the

fund

(bid)

and

the

lowest

price

a

seller

is

willing

to

accept

for

Shares

of

the

fund

(ask). 

NOTE

2—Significant

Accounting

Policies: 

The

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

is

the

exclusive

reference

of

authoritative

U.S.

generally

accepted

accounting

principles

(“GAAP”)

recognized

by

the

FASB

to

be

applied

by

nongovernmental

entities.

Rules

and

interpretive

releases

of

the

SEC

under

authority

of

federal

laws

are

also

sources

of

authoritative

GAAP

for

SEC

registrants. The

fund

is an

investment

company

and

applies

the

accounting

and

reporting

guidance

of

the

FASB

ASC

Topic

946

Financial

Services-Investment

Companies. The

fund’s

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.

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:

Registered

investment

companies

that

are

not

traded

on

an

exchange

are

valued

at

their

net

asset

value

and

are

generally

categorized

within

Level 1

of

the

fair

value

hierarchy.

50

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

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

debt

securities

excluding

short-term

investments

(other

than

U.S.

Treasury

Bills),

are

valued

each

business

day

by

one

or

more

independent

pricing

services

(each,

a

“Service”)

approved

by the Board.

Investments

for

which

quoted

bid

prices

are

readily

available

and

are

representative

of

the

bid

side

of

the

market

in

the

judgment

of

a

Service

are

valued

at

the

mean

between

the

quoted

bid

prices

(as

obtained

by

a

Service

from

dealers

in

such

securities)

and

asked

prices

(as

calculated

by

a

Service

based

upon

its

evaluation

of

the

market

for

such

securities).

Securities

are

valued

as

determined

by

a

Service,

based

on

methods

which

include

consideration

of

the

following:

yields

or

prices

of

securities

of

comparable

quality,

coupon,

maturity

and

type;

indications

as

to

values

from

dealers;

and

general

market

conditions.

Each

Service

and

independent

valuation

firm

is

engaged

under

the

general

oversight

of

the

Board.

Overnight

and

certain

other

short-term

debt

instruments

(excluding

U.S.

Treasury

Bills)

will

be

valued

by

the

amortized

cost

method,

which

approximates

value,

unless

a

Service

provides

a

valuation

for

such

security

or,

in

the

opinion

of

the

Board

or

a

committee

or

other

persons

designated

by

the

Board,

the

amortized

cost

method

would

not

represent

fair

value. These

securities

are

generally

categorized

within

Level

2

of

the

fair

value

hierarchy.

When

market

quotations

or

official

closing

prices

are

not

readily

available,

or

are

determined

not

to

reflect

fair

value

accurately,

they are

valued

at

fair

value

as

determined

in

good

faith

based

on

procedures

approved

by

the

Board.

Fair

value

of

investments

may

be

determined

by

valuation

designee

using

such

information

as

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.

Futures,

which

are

traded

on

an

exchange,

are

valued

at

the

last

sales

price

on

securities

exchange

on

which

such

contracts

are

primarily

traded

or

at

the

last

sales

price

on

the

exchange

on

each

business

day

and

are

generally

categorized

within

Level

1

of

the

fair

value

hierarchy.

Swap

agreements

are

valued

by

the

Service

by

using

a

swap

pricing

model

which

incorporates

among

other

factors,

default

probabilities,

recovery

rates,

credit

curves

of

the

underlying

issuer

and

swap

spreads

on

interest

rates

and

are

generally

categorized

within

Level

2

of

the

fair

value

hierarchy.

The

table

below

summarizes

the

inputs

used

as

of April

30,

2025

in

valuing

the

fund’s

investments:

Fair

Value

Measurements

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

($)

Investments

In

Securities:

†

Corporate

Bonds

—

186,062,411

—

186,062,411

Investment

Companies

1,691,960

—

—

1,691,960

Investment

of

Cash

Collateral

for

Securities

Loaned

3,975,491

—

—

3,975,491

5,667,451

186,062,411

—

191,729,862

Other

Financial

Instruments:

Futures

††

85,709

—

—

85,709

85,709

—

—

85,709

Liabilities

($)

Other

Financial

Instruments:

Centrally

Cleared

Credit

Default

Swaps

††

—

(82,714)

—

(82,714)

—

(82,714)

—

(82,714)

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

††

Amount

shown

represents

unrealized

appreciation

(depreciation)

at

period

end,

but

only

variation

margin

on

exchange-traded

and

centrally

cleared

derivatives,

if

any,

are

reported

in

the

Statement

of

Assets

and

liabilities.

51

(b)

Securities

transactions

and

investment

income:

Securities

transactions

are

recorded

on

a

trade

date

basis.

Realized

gains

and

losses

from

securities

transactions

are

recorded

on

the

identified

cost

basis.

Dividend

income

is

recognized

on

the

ex-dividend

date

and

interest

income,

including,

where

applicable,

accretion

of

discount

and

amortization

of

premium

on

investments,

is

recognized

on

the

accrual

basis.

Pursuant

to

a

securities

lending

agreement

with

BNY,

the

fund

may

lend

securities

to

qualified

institutions.

It

is

the

fund’s

policy

that,

at

origination,

all

loans

are

secured

by

collateral

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

and

105%

of

the

value

of

foreign

securities

loaned.

Collateral

equivalent

to

at

least

100%

of

the

market

value

of

securities

on

loan

is

maintained

at

all

times.

Collateral

is

either

in

the

form

of

cash,

which

can

be

invested

in

certain

money

market

mutual

funds

managed

by

the

Adviser,

or

U.S.

Government

and

Agency

securities.

Any

non-cash

collateral

received

cannot

be

sold

or

re-pledged

by

the

fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

the

fund’s

Statement

of

Investments.

The

fund is

entitled

to

receive

all

dividends,

interest

and

distributions

on

securities

loaned,

in

addition

to

income

earned

as

a

result

of

the

lending

transaction.

Should

a

borrower

fail

to

return

the

securities

in

a

timely

manner,

BNY

is

required

to

replace

the

securities

for

the

benefit

of

the

fund

or

credit

the

fund

with

the

market

value

of

the

unreturned

securities

and

is

subrogated

to

the

fund’s

rights

against

the

borrower

and

the

collateral.

Additionally,

the

contractual

maturity

of

security

lending

transactions

are

on

an

overnight

and

continuous

basis.

During

the

period

ended

April

30,

2025,

BNY

earned

$6,185 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

April

30,

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.

High

Yield

Securities Risk:

High

yield

(“junk”)

securities

involve

greater

credit

risk,

including

the

risk

of

default,

than

investment

grade

securities,

and

are

considered

predominantly

speculative

with

respect

to

the

issuer's

ability

to

make

principal

and

interest

payments.

The

prices

of

high

yield

securities

can

fall

in

response

to

unfavorable

news

about

the

issuer

or

its

industry,

or

the

economy

in

general,

to

a

greater

extent

than

those

of

higher

rated

securities.

Fixed-Income

Market

Risk:

The

market

value

of

a

fixed-income

security

may

decline

due

to

general

market

conditions

that

are

not

specifically

related

to

a

particular

company,

such

as

real

or

perceived

adverse

economic

conditions,

changes

in

the

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates

or

adverse

investor

sentiment

generally.

The

fixed-income

securities

market

can

be

susceptible

to

increases

in

volatility

and

decreases

in

liquidity.

Liquidity

can

decline

unpredictably

in

response

to

overall

economic

conditions

or

credit

tightening.

Increases

in

volatility

and

decreases

in

liquidity

may

be

caused

by

a

rise

in

interest

rates

(or

the

expectation

of

a

rise

in

interest

rates).

Interest

Rate

Risk:

Prices

of

bonds

and

other

fixed

rate

fixed-income

securities

tend

to

move

inversely

with

changes

in

interest

rates.

Typically,

a

rise

in

rate

swill

adversely

affect

fixed-income

securities

and,

accordingly,

will

cause

the

value

of

the

fund’s

investments

in

these

securities

to

decline.

A

wide

variety

of

market

factors

can

cause

interest

rates

to

rise,

including

central

bank

monetary

policy,

Assets

($)

Liabilities

($)

Gross

amount

of

securities

loaned,

at

value,

as

disclosed

in

the

Statement

of

Assets

and

Liabilities

5,432,441

—

Collateral

(received)/posted

not

offset

in

the

Statement

of

Assets

and

Liabilities

(5,432,441)

†

—

Net

Amount

—

—

†

The

value

of

the

related

collateral

received

by

the

fund

normally

exceeded

the

value

of

the

securities

loaded

by

the

fund

pursuant

to

the

securities

lending

agreement.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

See

Statement

of

Investments

for

detailed

information

regarding

the

collateral

received

for

open

securities

lending.

52

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

rising

inflation

and

changes

in

general

economic

conditions.

During

periods

of

very

low

interest

rates,

which

occur

from

time

to

time

due

to

market

forces

or

actions

of

governments

and/or

their

central

banks,

including

the

Board

of

Governors

of

the

Federal

Reserve

System

in

the

U.S.,

the

fund

maybe

subject

to

a

greater

risk

of

principal

decline

from

rising

interest

rates.

When

interest

rates

fall,

the

fund’s

investments

in

new

securities

maybe

at

lower

yields

and

may

reduce

the

fund’s

income.

Changing

interest

rates

may

have

unpredictable

effects

on

markets,

may

result

in

heightened

market

volatility

and

may

detract

from

fund

performance.

The

magnitude

of

these

fluctuations

in

the

market

price

of

fixed-income

securities

is

generally

greater

for

securities

with

longer

effective

maturities

and

durations

because

such

instruments

do

not

mature,

reset

interest

rates

or

become

callable

for

longer

periods

of

time.

Duration

is

an

indication

of

an

investment's

“interest

rate

risk,”

or

how

sensitive

a

bond

or

the

fund’s

portfolio

may

be

to

changes

in

interest

rates.

The

change

in

the

value

of

a

fixed-income

security

or

portfolio

can

be

approximated

by

multiplying

its

duration

by

a

change

in

interest

rates.

Derivatives

Risk:

A

small

investment

in

derivatives

could

have

a

potentially

large

impact

on

the

fund's

performance.

The

use

of

derivatives

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

the

underlying

assets,

and

the

fund’s

use

of

derivatives

may

result

in

losses

to

the

fund.

Derivatives

in

which

the

fund

may

invest

can

be

highly

volatile,

illiquid

and

difficult

to

value,

and

there

is

the

risk

that

changes

in

the

value

of

a

derivative

held

by

the

fund

will

not

correlate

with

the

underlying

assets

or

the

fund's

other

investments

in

the

manner

intended.

Certain

derivatives

have

the

potential

for

unlimited

loss,

regardless

of

the

size

of

the

initial

investment,

and

involve

greater

risks

than

the

underlying

assets

because,

in

addition

to

general

market

risks,

they

are

subject

to

liquidity

risk

(lack

of

a

liquid

secondary

market),

credit

and

counterparty

risk

(failure

of

the

counterparty

to

the

derivatives

transaction

to

honor

its

obligation)

and

pricing

risk

(risk

that

the

derivative

cannot

or

will

not

be

accurately

valued).

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.

(e)

Dividends

and

distributions

to

shareholders:

Dividends

and

distributions

payable

to

shareholders

are

recorded

by

the

fund

on

the

ex-dividend

date.

The

fund

normally

declares

and

pays

dividends

from

net

investment

income

monthly.

Income

dividends

for

the

fund

may

vary

significantly

from

period

to

period.

 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.

For

federal

income

tax

purposes,

the

fund

is

treated

as

a

separate

entity.

As

of

and

during

the period

ended April

30,

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 April

30,

2025,

the

fund

did

not

incur

any

interest

or

penalties.

Each

tax

year

in

the

three-year

period

ended October

31,

2024

remains

subject

to

examination

by

the

Internal

Revenue

Service

and

state

taxing

authorities.

The

fund

is

permitted

to

carry

forward

capital

losses

for

an

unlimited

period.

Furthermore,

capital

loss

carryovers

retain

their

character

as

either

short-term

or

long-term

capital

losses.

The

fund

has

an

unused

capital

loss

carryover

of

$1,996,161

available

for

federal

income

tax

purposes

to

be

applied

against

future

net

realized

capital

gains,

if

any,

realized

subsequent

to

October

31,

2024.

These

long-term

capital

losses

can

be

carried

forward

for

an

unlimited

period.

The

tax

character

of

distributions

paid

to

shareholders

during

the

fiscal

year

ended

October

31,

2024

were

as

follows:

ordinary

income

$18,171,955.

The

tax

character

of

current

year

distributions

will

be

determined

at

the

end

of

the

current

fiscal

year.

53

(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

0.22%

of

the

value

of

the

fund’s

average

daily

net

assets

and

is

payable

monthly.

The

fund’s

management

agreement

provides

that

the

Adviser

pays

substantially

all

expenses

of

the

fund,

except

for

the

management

fees,

payments

under

the

fund’s

12b-1

plan

(if

any),

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

brokerage

commissions,

costs

of

holding

shareholder

meetings,

fees

and

expenses

associated

with

the

fund’s

securities

lending

program,

and

litigation

and

potential

litigation

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

fund’s

business.

The

Adviser

may

from

time

to

time

voluntarily

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

total

annual

fund

operating

expenses.

Any

such

voluntary

waiver

or

reimbursement

may

be

eliminated

by

the

Adviser

at

any

time.

During

the

period

ended

April

30,

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

0.11%

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 $41,782.

(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

(including

paydowns)

of

investment

securities,

excluding

short-term

securities,

derivatives

and

in-kind

transactions,

if

any,

during

the

period

ended

April

30,

2025, amounted

to $108,337,594

and

$111,373,875,

respectively.

54

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

Derivatives:

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

fund

enters

into

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

or

similar

agreements

(collectively,

“Master

Agreements”)

with

its

over-the-counter

(“OTC”)

derivative

contract

counterparties

in

order

to,

among

other

things,

reduce

its

credit

risk

to

counterparties.

Master

Agreements

include

provisions

for

general

obligations,

representations,

collateral

and

events

of

default

or

termination.

Under

a

Master

Agreement,

the

fund

may

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment

in

the

event

of

default

or

termination.

Rule

18f-4

under

the

Act

regulates

the

use

of

derivative

transactions

for

certain

funds

registered

under

the

Act.

The

fund’s

derivative

transactions

are

subject

to

a

value-at-

risk

leverage

limit

and

certain

reporting

and

other

requirements

pursuant

to

a

derivatives

risk

management

program

adopted

by

the

fund.

Each

type

of

derivative

instrument

that

was

held

by

the

fund

during

the period

ended

April

30,

2025

is

discussed

below.

Futures:

In

the

normal

course

of

pursuing

its

investment

objective,

exposed

to

market

risk,

including

interest

risk,

as

a

result

of

changes

in

value

of

underlying

financial

instruments.

The

fund

invests

in

futures

in

order

to

manage

the

exposure

to

or

protect

against

changes

in

the

market.

A

futures

contract

represents

a

commitment

for

the

future

purchase

or

a

sale

of

an

asset

at

a

specified

date.

Upon

entering

into

such

contracts,

these

investments

require

initial

margin

deposits

with

a

counterparty,

which

consist

of

cash

or

cash

equivalents.

The

amount

of

these

deposits

is

determined

by

the

exchange

or

Board

of

Trade

on

which

the

contract

is

traded

and

is

subject

to

change.

Accordingly,

variation

margin

payments

are

received

or

made

to

reflect

daily

unrealized

gains

or

losses

which

are

recorded

in

the

Statements

of

Operations.

When

the

contracts

are

closed,

the

fund

recognizes

a

realized

gain

or

loss

which

is

reflected

in

the

Statements

of

Operations.

There

is

minimal

counterparty

credit

risk

to

the

fund

with

futures

since

they

are

exchange

traded,

and

the

exchange

guarantees

the

futures

against

default.

Futures

open

at April

30,

2025,

are

set

forth

in

the

Statement

of

Investments.

Swap

Agreements:

The

fund enters

into

swap

agreements

to

exchange

the

interest

rate

on,

or

return

generated

by,

one

nominal

instrument

for

the

return

generated

by

another

nominal

instrument.

Swap

agreements

are

privately

negotiated

in

the over-the-counter

(“OTC”) market

or

centrally

cleared.

The

fund

enters

into

these

agreements

to

hedge

certain

market

or

interest

rate

risks,

to

manage

the

interest

rate

sensitivity

(sometimes

called

duration)

of

fixed

income

securities,

to

provide

a

substitute

for

purchasing

or

selling

particular

securities

or

to

increase

potential

returns.

For

OTC

swaps,

the

fund

accrues

for

interim

payments

on

a

daily

basis,

with

the

net

amount

recorded

within

unrealized

appreciation

(depreciation)

on

swap

agreements

in

the

Statement

of

Assets

and

Liabilities. Once

the

interim

payments

are

settled

in

cash,

the

net

amount

is

recorded

as

a

realized

gain

(loss)

on

swaps,

in

addition

to

realized

gain

(loss)

recorded

upon

the

termination

of

swap

agreements

in

the

Statement

of

Operations.

Upfront

payments

made

and/or

received

by

the

fund,

are

recorded

as

an

asset

and/or

liability

in

the

Statement

of

Assets

and

Liabilities

and

are

recorded

as

a

realized

gain

or

loss

ratably

over

the

agreement’s

term/event

with

the

exception

of

forward

starting

interest

rate

swaps

which

are

recorded

as

realized

gains

or

losses

on

the

termination

date.

Upon

entering

into

centrally

cleared

swap

agreements,

an

initial

margin

deposit

is

required

with

a

counterparty,

which

consists

of

cash

or

cash

equivalents.

The

amount

of

these

deposits

is

determined

by

the

exchange

on

which

the

agreement

is

traded

and

is

subject

to

change.

The

change

in

valuation

of

centrally

cleared

swaps

is

recorded

as

a

receivable

or

payable

for

variation

margin

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty,

including

upon

termination,

are

recorded

as

realized

gain

(loss)

in

the

Statement

of

Operations.

Fluctuations

in

the

value

of

swap

agreements

are

recorded

for

financial

statement

purposes

as

unrealized

appreciation

or

depreciation

on

swap

agreements.

Credit

Default

Swaps:

Credit

default

swaps

involve

commitments

to

pay

a

fixed

interest

rate

in

exchange

for

payment

if

a

credit

event

affecting

a

third

party

(the

referenced

obligation

or

index)

occurs.

Credit

events

may

include

a

failure

to

pay

interest

or

principal,

bankruptcy,

or

restructuring.

The

fund

enters

into

these

agreements

to

manage

its

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

its

risk

exposure

to

defaults

of

corporate

and

sovereign

issuers,

or

to

create

exposure

to

corporate

or

sovereign

issuers

to

which

it

is

not

otherwise

exposed.

For

those

credit

default

swaps

in

which

the

fund

is

paying

a

fixed

rate,

the

fund

is

buying

credit

protection

on

the

instrument.

In

the

event

of

a

credit

event,

the

fund

would

receive

the

full

notional

amount

for

the

reference

obligation.

For

those

credit

default

swaps

in

which

the

fund

is

receiving

a

fixed

rate,

the

fund

is

selling

credit

protection

on

the

underlying

instrument.

The

maximum

payouts

for

these

agreements

are

limited

to

the

notional

amount

of

each

swap.

Credit

default

swaps

may

involve

greater

risks

than

if

the

fund

had

invested

in

the

reference

obligation

directly

and

are

subject

to

general

market

risk,

liquidity

risk,

counterparty

risk

and

credit

risk.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

a

fund

as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

would

be

an

amount

equal

to

the

notional

amount

of

the

agreement

which

may

exceed

the

amount

of

unrealized

appreciation

or

depreciation

reflected

in

the

Statement

of

Assets

and

Liabilities.

Notional

amounts

of

all

credit

default

swap

agreements

are

disclosed

in

the

Statement

of

Investments

of

the

fund,

which

summarizes

open

credit

default

swaps

entered

into

by

the

fund.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

underlying

55

securities

comprising

the

referenced

index,

upfront

payments

received

upon

entering

into

the

agreement,

or

net

amounts

received

from

the

settlement

of

buy

protection

credit

default

swap

agreements

entered

into

by

the

fund

for

the

same

referenced

entity

or

entities.

Credit

default

swaps

open

at

April

30,

2025

are

set

forth

in

the

Statement

of

Investments

for

the

fund.  

GAAP

requires

disclosure

for

(i)

the

nature

and

terms

of

the

credit

derivative,

reasons

for

entering

into

the

credit

derivative,

the

events

or

circumstances

that

would

require

the

seller

to

perform

under

the

credit

derivative,

and

the

current

status

of

the

payment/performance

risk

of

the

credit

derivative,

(ii)

the

maximum

potential

amount

of

future

payments

(undiscounted)

the

seller

could

be

required

to

make

under

the

credit

derivative,

(iii)

the

fair

value

of

the

credit

derivative,

and

(iv)

the

nature

of

any

recourse

provisions

and

assets

held

either

as

collateral

or

by

third

parties.

All

required

disclosures

have

been

made

and

are

incorporated

within

the

current

period

as

part

of

the

Notes

to

the

Statement

of

Investments

and

disclosures

within

this

Note.

The

following

tables

show

the

fund’s

exposure

to

different

types

of

market

risk

as

it

relates

to

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively. 

Fair

value

of

derivative

instruments

as

of April

30,

2025

is

shown

below:

Statement

of

Assets

and

Liabilities

location:

The

effect

of

derivative

instruments

in

the

Statements of

Operations

during

the period

ended

April

30,

2025 is

shown

below:

Statement

of

Operations

location:

The following

table summarizes

the

monthly

average market

value of

derivatives

outstanding

during

the period

ended

April

30,

2025:

The following

table summarizes

the

monthly

average

notional

value of

derivatives

outstanding

during

the period ended

April

30,

2025:

Derivative

Assets

($)

Derivative

Liabilities

($)

Interest

rate

risk

85,709

(a)

Interest

rate

risk

–

Credit

risk

–

Credit

risk

(82,714)

(b)

Gross

fair

value

of

derivative

contracts

85,709

(82,714)

(a)

Includes

cumulative

appreciation

(depreciation)

on

futures

as

reported

in

the

Statement

of

Investments,

but

only

the

unpaid

variation

margin

is

reported

in

the

Statement

of

Assets

and

Liabilities.

(b)

Includes

cumulative

appreciation

(depreciation)

on

swap

agreements

as

reported

in

the

Statement

of

Investments.

Only

unpaid

variation

margin

on

cleared

swap

agreements

is

reported

in

the

Statements

of

Assets

and

Liabilities.

Amount

of

realized

gain

(loss)

on

derivatives

recognized

in

income

($)

Underlying

Risk

Futures

(a)

Swap

Agreements

(b)

Total

Interest

rate

(134,984)

—

(134,984)

Credit

—

(64,111)

(64,111)

Total

(134,984)

(64,111)

(199,095)

Net

change

in

unrealized

appreciation

(depreciation)

on

derivatives

recognized

in

income

($)

Underlying

Risk

Futures

(c)

Swap

Agreements

(d)

Total

Interest

rate

218,723

—

218,723

Credit

—

(67,751)

(67,751)

Total

218,723

(67,751)

150,972

(a)

Net

realized

gain

(loss)

on

futures.

(b)

Net

realized

gain

(loss)

on

swap

agreements.

(c)

Net

change

in

unrealized

appreciation

(depreciation)

on

futures.

(d)

Net

change

in

unrealized

appreciation

(depreciation)

on

swap

agreements.

Average

Market

Value

($)

Futures:

Interest

Rate

Futures

Long

7,682,319

Interest

Rate

Futures

Short

1,792,527

Average

Notional

Value

($)

Swap

Agreements:

Credit

risk

swap

agreements

bought

314,286

56

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

At April

30,

2025,

accumulated

net

unrealized

depreciation on

investments

was

$3,767,816,

consisting

of

gross

appreciation

of

$1,507,706

and

gross

depreciation

of

$5,275,522.

At

April

30,

2025,

the

cost

of

investments

for

federal

income

tax

purposes

was

substantially

the

same

as

the

cost

for

financial

reporting

purposes

(see

the

Statement

of

Investments).

NOTE

5—Shareholder

Transactions:

The

fund

issues

and

redeems

its

shares

on

a

continuous

basis,

at

NAV,

to

certain

institutional

investors

known

as

“Authorized

Participants”

(typically

market

makers

or

other

broker-dealers)

only

in

a

large

specified

number

of

shares

called

a

Creation

Unit.

Except

when

aggregated

in

Creation

Units,

shares

of

the

fund

are

not

redeemable.

The

value

of

the

fund

is

determined

once

each

business

day.

The

Creation

Unit

size

for the

fund

may

change.

Authorized

Participants

will

be

notified

of

such

change.

Creation

Unit

transactions

may

be

made

in-kind,

for

cash,

or

for

a

combination

of

securities

and

cash.

The

principal

consideration

for

creations

and

redemptions

for

the

fund

is

in-kind,

although

this

may

be

revised

at

any

time

without

notice.

The

Trust

issues

and

sells

shares

of

the

fund

only:

in

Creation

Units

on

a

continuous

basis

through

the

Distributor,

without

a

sales

load,

at

their

NAV

per

share

determined

after

receipt

of

an

order,

on

any

Business

Day,

in

proper

form

pursuant

to

the

terms

of

the

Authorized

Participant

Agreement.

Transactions

in

capital

shares

for

the

fund

are

disclosed

in

detail

in

the

Statement

of

Changes

in

Net

Assets.

The

consideration

for

the

purchase

of

Creation

Units

of the

fund

may

consist

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Trust

and/or

custodian

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

The

Adviser

or

its

affiliates

(the

“Selling

Shareholder”)

may

purchase

Creation

Units

through

a

broker-dealer

to

“seed”

(in

whole

or

in

part)

funds

as

they

are

launched

or

may

purchase shares

from

broker-dealers

or

other

investors

that

have

previously

provided

“seed”

for

funds

when

they

were

launched

or

otherwise

in

secondary

market

transactions.

Because

the

Selling

Shareholder

may

be

deemed

an

affiliate

of

such

funds,

the

fund shares

are

being

registered

to

permit

the

resale

of

these

shares

from

time

to

time

after

purchase.

The

fund

will

not

receive

any

of

the

proceeds

from

resale

by

the

Selling

Shareholders

of

these

fund

shares. An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

variable

charges,

if

any,

are

included

in

“Transaction

fees”

on

the

Statement

of

Changes

in

Net

Assets.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

fund.

Because

such

gains

or

losses

are

not

taxable

to

the

fund

and

are

not

distributed

to

existing

fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

per

share.

During

the

period

ended

April

30,

2025

,

the

fund

had

in-kind

transactions

associated

with

creations

of

$23,508,278

and

redemptions

of

$160,880,154

.

Credit

risk

swap

agreements

sold

8,042,857

57

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

58

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

59

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.

60

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

N/A

©

2025

BNY

Mellon

Securities

Corporation

4848NCSRSA0425

BNY

Mellon

ETF

Trust

SEMI-ANNUAL

FINANCIALS

AND

OTHER

INFORMATION

April

30,

2025

BNY

Mellon

Concentrated

International

ETF:

BKCI

Principal

U.S.

Listing

Exchange:

NYSE

Arca,

Inc.

Contents

The

Fund

Please

note

the

Semi-Annual

Financials

and

Other

Information

only

contains

Items

7-11

required

in

Form

N-CSR.

All

other

required

items

will

be

filed

with

the

Securities

and

Exchange

Commission

(the

“SEC”).

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-end

Management

Investment

Companies

3

Statement

of

Investments

3

Statement

of

Assets

and

Liabilities

5

Statement

of

Operations

6

Statement

of

Changes

in

Net

Assets

7

Financial

Highlights

8

Notes

to

Financial

Statements

9

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Open-End

Management

Investment

Companies

14

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

15

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Investment

Companies

16

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

17

Save

time.

Save

paper.

View

your

next

shareholder

report

online

as

soon

as

it’s

available.

Log

into

www.bny.com/investments

and

sign

up

for

eCommunications.

It’s

simple

and

only

takes

a

few

minutes.

The

views

expressed

herein

are

current

to

the

date

of

this

report.

These

views

and

the

composition

of

the

fund’s

portfolio

is

subject

to

change

at

any

time

based

on

market

and

other

conditions.

Not

FDIC-Insured

•

Not

Bank-Guaranteed

•

May

Lose

Value

3

BNY

Mellon

Concentrated

International

ETF

Statement

of

Investments

April

30,

2025

(Unaudited)

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Description

Shares

Value

($)

Common

Stocks

–

96.9%

Australia

–

2.6%

CSL

Ltd.

26,465

4,257,191

Canada

–

7.6%

Alimentation

Couche-Tard,

Inc.

139,273

7,269,755

Canadian

National

Railway

Co.

52,887

5,121,822

12,391,577

Denmark

–

6.5%

Coloplast

A/S,

Class

B

53,677

6,044,670

Novo

Nordisk

A/S,

Class

B

68,646

4,532,991

10,577,661

Finland

–

3.2%

Kone

OYJ,

Class

B

85,420

5,273,855

France

–

14.7%

Air

Liquide

SA

34,636

7,084,699

L'Oréal

SA

13,990

6,133,393

LVMH

Moet

Hennessy

Louis

Vuitton

SE

9,109

5,034,700

TotalEnergies

SE

100,292

5,812,580

24,065,372

Germany

–

11.3%

adidas

AG

20,100

4,592,764

Merck

KGaA

35,625

4,919,610

SAP

SE

30,743

8,891,380

18,403,754

Hong

Kong

–

3.9%

AIA

Group

Ltd.

858,514

6,431,438

Ireland

–

3.9%

Experian

PLC

129,886

6,430,600

Japan

–

11.8%

Daikin

Industries

Ltd.

26,800

3,054,315

Hoya

Corp.

40,200

4,717,835

Keyence

Corp.

12,800

5,357,057

Shin-Etsu

Chemical

Co.

Ltd.

132,800

4,021,710

SMC

Corp.

6,700

2,177,570

19,328,487

Netherlands

–

7.0%

ASML

Holding

NV

8,796

5,804,346

Universal

Music

Group

NV

191,434

5,605,982

11,410,328

Singapore

–

3.3%

CapitaLand

Ascendas

REIT

2,680,000

5,458,081

Spain

–

5.7%

Amadeus

IT

Group

SA

119,245

9,345,291

Switzerland

–

6.1%

Roche

Holding

AG

14,941

4,875,037

SGS

SA

52,860

5,169,757

10,044,794

Taiwan

–

4.2%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

40,996

6,833,623

4

Statement

of

Investments

(continued)

See

Notes

to

Financial

Statements

Description

Shares

Value

($)

Common

Stocks

–

96.9%

(continued)

United

Kingdom

–

5.1%

Compass

Group

PLC

247,267

8,297,595

Total

Common

Stocks

(cost

$163,319,931)

158,549,647

Investment

Companies

–

2.8%

Registered

Investment

Companies

–

2.8%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(a)(b)

(cost

$4,610,916)

4,610,916

4,610,916

Total

Investments

(cost

$167,930,847)

99.7%

163,160,563

Cash

and

Receivables

(Net)

0.3%

549,757

Net

Assets

100.0%

163,710,320

ADR—American

Depositary

Receipt

REIT—Real

Estate

Investment

Trust

(a)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(b)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2025.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2025

are

as

follows:

Description

Value

($)

10/31/24

Purchases

($)

1

Sales

($)

Value

($)

4/30/25

Dividends/

Distributions

($)

Investment

Companies

–

2.8%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

4,040,537

10,202,230

(9,631,851)

4,610,916

50,611

Total

–

2.8%

4,040,537

10,202,230

(9,631,851)

4,610,916

50,611

1

Includes

reinvested

dividends/distributions.

5

STATEMENT

OF

ASSETS

AND

LIABILITIES

April

30,

2025

(Unaudited)

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments:

–

Unaffiliated

issuers

163,319,931

158,549,647‌

Affiliated

issuers

4,610,916

4,610,916‌

Cash

denominated

in

foreign

currency

123,784

123,499‌

Tax

reclaim

receivable—Note

2(b)

368,068‌

Dividends

receivable

141,445‌

Receivable

for

investment

securities

sold

58,405‌

163,851,980‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(b)

83,615‌

Payable

for

in

vestment

securities

purchased

58,045‌

141,660‌

Net

Assets

($)

163,710,320‌

Composition

of

Net

Assets

($):

Paid-in

capital

168,154,117‌

Total

distributable

earnings

(loss)

(4,443,797‌)

Net

Assets

($)

163,710,320‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

3,350,001‌

Net

asset

value

per

share

48.87‌

Market

price

per

share

48.92‌

6

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2025

(Unaudited)

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends

(net

of

$191,784

foreign

taxes

withheld

at

source):

Unaffiliated

issuers

1,586,842‌

Affiliated

issuers

50,611‌

Total

Income

1,637,453‌

Expenses:

Management

fee—Note

3(a)

572,497‌

Total

Expenses

572,497‌

Less—reduction

in

fees

due

pursuant

to

undertaking—Note

3(a)

(76,332‌)

Net

Expenses

496,165‌

Net

Investment

Income

1,141,288‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

(1,094,914‌)

Net

realized

gain

(loss)

on

in-kind

redemptions

1,110,953‌

Net

realized

gain

(loss)

16,039‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

transactions

(5,507,556‌)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

(5,491,517‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(4,350,229‌)

7

STATEMENT

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

Operations

($):

Net

investment

income

1,141,288‌

1,119,793‌

Net

realized

gain

(loss)

on

investments

16,039‌

6,540,678‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(5,507,556‌)

2,336,390‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(4,350,229‌)

9,996,861‌

Distributions

($):

Distributions

to

shareholders

(1,162,130‌)

(826,298‌)

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

22,002,917‌

118,958,611‌

Cost

of

shares

redeemed

(7,388,057‌)

(42,337,709‌)

Transaction

fees—Note

5

1,619‌

981‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

14,616,479‌

76,621,883‌

Total

Increase

(Decrease)

in

Net

Assets

9,104,120‌

85,792,446‌

Net

Assets

($):

Beginning

of

Period

154,606,200‌

68,813,754‌

End

of

Period

163,710,320‌

154,606,200‌

Changes

in

Shares

Outstanding:

Shares

sold

450,000‌

2,300,000‌

Shares

redeemed

(150,000‌)

(850,000‌)

Net

Increase

(Decrease)

in

Shares

Outstanding

300,000‌

1,450,000‌

8

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

For

the

Period

from

December

8,

2021

(a)

to

October

31,

2022

2024

2023

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

50.69‌

43.01‌

37.52‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

0.36‌

0.57‌

0.56‌

0.30‌

Net

realized

and

unrealized

gain

(loss)

on

investments

(1.81‌)

7.47‌

5.12‌

(12.78‌)

Total

from

Investment

Operations

(1.45‌)

8.04‌

5.68‌

(12.48‌)

Distributions:

–

–

–

–

Dividends

from

net

investment

income

(0.37‌)

(0.36‌)

(0.19‌)

—‌

Transaction

fees

(b)

0.00‌

(c)

0.00‌

(c)

—‌

0.00‌

(c)

Net

asset

value,

end

of

period

48.87‌

50.69‌

43.01‌

37.52‌

Market

price,

end

of

period

48.92‌

50.65‌

43.32‌

37.12‌

Net

Asset

Value

Total

Return

(%)

(d)

(2.85‌)

18.73‌

15.14‌

(24.96‌)

(e)

Market

Price

Total

Return

(%)

(d)

(2.67‌)

17.78‌

17.23‌

(25.76‌)

(e)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

(f)

0.75‌

(g)

0.79‌

0.80‌

0.80‌

(g)

Ratio

of

net

expenses

to

average

net

assets

(f)

0.65‌

(g),(h)

0.76‌

(h)

0.80‌

0.80‌

(g)

Ratio

of

net

investment

income

to

average

net

assets

1.50‌

(g),(h)

1.14‌

(h)

1.23‌

0.82‌

(g)

Portfolio

Turnover

Rate

(i)

9.04‌

7.83‌

2.37‌

–‌

Net

Assets,

end

of

period

($

x

1,000)

163,710‌

154,606‌

68,814‌

56,281‌

(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

NYSE

Arca,

Inc.

(f)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(g)

Annualized.

(h)

Amount

inclusive

of

reduction

in

expenses

pursuant

to

undertaking.

(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

(Unaudited)

NOTE

1—Organization:

BNY

Mellon

Concentrated

International

ETF (the “fund”) is a

separate

non-diversified series

of

BNY

Mellon

ETF

Trust

(the

“Trust”),

which is

registered as

a

Massachusetts

business

trust

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”),

as

an

open-

ended

management

investment

company.

The

Trust

operates

as

a

series

company

currently

consisting

of

twelve

series,

including

the

fund.

The

investment

objective

of

the

fund

is

to

seek

long-term

total

return.

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”),

a

wholly-owned

subsidiary

of

The

Bank

of

New

York

Mellon

Corporation

(“BNY”),

serves

as

the

fund’s

investment

adviser. Walter

Scott

&

Partners

Limited (the

“Sub-Adviser”),

an

indirect wholly-owned

subsidiary

of

BNY

and

an

affiliate

of

the

Adviser,

serves

as

the

fund’s

sub-adviser.

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

NYSE

Arca,

Inc..

The

market

price

of

each

Share

may

differ

to

some

degree

from

the

fund’s

net

asset

value

(“NAV”).

Unlike

conventional

mutual

funds,

the

fund

issues

and

redeems

Shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

Shares,

each

called

a

“Creation

Unit”.

Creation

Units

are

issued

and

redeemed

principally

in

exchange

for

the

deposit

or

delivery

of

a

basket

of

securities.

Except

when

aggregated

in

Creation

Units

by

Authorized

Participants,

the

Shares

are

not

individually

redeemable

securities

of

the

fund.

Individual

Fund

Shares

may

only

be

purchased

and

sold

on

the

NYSE

Arca,

Inc..,

other

national

securities

exchanges,

electronic

crossing

networks

and

other

alternative

trading

systems

through

your

broker-dealer

at

market

prices.

Because

Fund

Shares

trade

at

market

prices

rather

than

at

NAV,

Fund

Shares

may

trade

at

a

price

greater

than

NAV

(premium)

or

less

than

NAV

(discount).

When

buying

or

selling

Shares

in

the

secondary

market,

you

may

incur

costs

attributable

to

the

difference

between

the

highest

price

a

buyer

is

willing

to

pay

to

purchase

Shares

of

the

fund

(bid)

and

the

lowest

price

a

seller

is

willing

to

accept

for

Shares

of

the

fund

(ask). 

NOTE

2—Significant

Accounting

Policies: 

The

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

is

the

exclusive

reference

of

authoritative

U.S.

generally

accepted

accounting

principles

(“GAAP”)

recognized

by

the

FASB

to

be

applied

by

nongovernmental

entities.

Rules

and

interpretive

releases

of

the

SEC

under

authority

of

federal

laws

are

also

sources

of

authoritative

GAAP

for

SEC

registrants. The

fund

is an

investment

company

and

applies

the

accounting

and

reporting

guidance

of

the

FASB

ASC

Topic

946

Financial

Services-Investment

Companies. The

fund’s

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.

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.

10

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

Investments

in

equity

securities,

including

ETFs

(but

not

including

investments

in

other

open-end

registered

investment

companies),

generally

are

valued

at

the

last

sales

price

on

the

day

of

valuation

on

the

securities

exchange

or

national

securities

market

on

which

such

securities

primarily

are

traded.

Securities

listed

on

the

National

Association

of

Securities

Dealers

Automated

Quotation

System

(“NASDAQ”)

for

which

market

quotations

are

available

will

be

valued

at

the

official

closing

price.

If

there

are

no

transactions

in

a

security,

or

no

official

closing

prices

for

a

NASDAQ

market-listed

security

on

that

day,

the

security

will

be

valued

at

the

average

of

the

most

recent

bid

and

asked

prices.

Bid

price

is

used

when

no

asked

price

is

available.

Open

short

positions

for

which

there

is

no

sale

price

on

a

given

day

are

valued

at

the

lowest

asked

price.

Registered

investment

companies

that

are

not

traded

on

an

exchange

are

valued

at

their

net

asset

value.

All

of

the

preceding

securities

are

generally

categorized

within

Level

1

of

the

fair

value

hierarchy. 

When

market

quotations

or

official

closing

prices

are

not

readily

available,

or

are

determined

not

to

reflect

fair

value

accurately,

they are

valued

at

fair

value

as

determined

in

good

faith

based

on

procedures

approved

by

the

Board.

Fair

value

of

investments

may

be

determined

by

valuation

designee

using

such

information

as

it

deems

appropriate

under

the

circumstances.

Certain

factors

may

be

considered

when

fair

valuing

investments

such

as:

fundamental

analytical

data,

the

nature

and

duration

of

restrictions

on

disposition,

an

evaluation

of

the

forces

that

influence

the

market

in

which

the

securities

are

purchased

and

sold,

and

public

trading

in

similar

securities

of

the

issuer

or

comparable

issuers.

These

securities

are

either

categorized

within

Level

2

or

3

of

the

fair

value

hierarchy

depending

on

the

relevant

inputs

used.

For

securities

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

and

are

generally

categorized

within

Level

3

of

the

fair

value

hierarchy.

Investments

denominated

in

foreign

currencies

are

translated

to

U.S.

dollars

at

the

prevailing

rates

of

exchange.

The

table

below

summarizes

the

inputs

used

as

of April

30,

2025

in

valuing

the

fund’s

investments:

Fair

Value

Measurements

(b)

Foreign

currency

transactions:

The

fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

on

investments.

Net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

on

securities

transactions

between

trade

and

settlement

date,

and

the

difference

between

the

amounts

of

dividends,

interest

and

foreign

withholding

taxes

recorded

on

the

fund’s

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

the

value

of

assets

and

liabilities

other

than

investments

resulting

from

changes

in

exchange

rates.

Foreign

currency

gains

and

losses

on

foreign

currency

transactions

are

also

included

with

net

realized

and

unrealized

gain

or

loss

on

investments.

Foreign

Taxes:

The

fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

realized

and

unrealized

capital

gains

on

investments

or

certain

foreign

currency

transactions.

Foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

fund

and

are

reflected

in

the

Statement

of

Operations,

if

applicable.

Foreign

taxes

payable

or

deferred

or

those

subject

to

reclaims

as

of

April

30,

2025,

if

any,

are

disclosed

in

the

fund’s

Statement

of

Assets

and

Liabilities.

(c) Securities

transactions

and

investment

income:

Securities

transactions

are

recorded

on

a

trade

date

basis.

Realized

gains

and

losses

from

securities

transactions

are

recorded

on

the

identified

cost

basis.

Dividend

income

is

recognized

on

the

ex-dividend

date

and

interest

income,

including,

where

applicable,

accretion

of

discount

and

amortization

of

premium

on

investments,

is

recognized

on

the

accrual

basis.

(d)

Affiliated

issuers:

Investments

in

other

investment

companies

advised

by

the

Adviser

or

its

affiliates are

defined

as

“affiliated”

under

the

Act. 

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

($)

Investments

In

Securities:

†

Common

Stocks

158,549,647

—

—

158,549,647

Investment

Companies

4,610,916

—

—

4,610,916

163,160,563

—

—

163,160,563

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

11

(e)

Market

Risk:

 The

value

of

the

securities

in

which

the

fund

invests

may

be

affected

by

political,

regulatory,

economic

and

social

developments,

and

developments

that

impact

specific

economic

sectors,

industries

or

segments

of

the

market.

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.

Foreign

Investment

Risk:

Because

the

fund

invests

in

foreign

securities,

the

fund’s

performance

will

be

influenced

by

political,

social

and

economic

factors

affecting

investments

in

foreign

issuers.

Special

risks

associated

with

investments

in

foreign

issuers

include

exposure

to

currency

fluctuations,

less

liquidity,

less

developed

or

less

efficient

trading

markets,

lack

of

comprehensive

company

information,

political

and

economic

instability

and

differing

auditing

and

legal

standards.

The

imposition

of

sanctions,

confiscations,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

United

States

and

other

governments,

or

problems

in

share

registration,

settlement

or

custody,

may

result

in

losses

for

the

fund.

Investments

denominated

in

foreign

currencies

are

subject

to

the

risk

that

such

currencies

will

decline

in

value

relative

to

the

U.S.

dollar

and

affect

the

value

of

these

investments

held

by

the

fund.

To

the

extent

securities

held

by

the

fund

trade

in

a

market

that

is

closed

when

the

exchange

on

which

the

fund’s

shares

trade

is

open,

there

may

be

deviations

between

the

current

price

of

a

security

and

the

last

quoted

price

for

the

security

in

the

closed

foreign

market.

These

deviations

could

result

in

the

fund

experiencing

premiums

or

discounts

greater

than

those

of

ETFs

that

invest

in

domestic

securities.

To

the

extent

the

fund’s

investments

are

focused

in

a

limited

number

of

foreign

countries,

the

fund’s

performance

could

be

more

volatile

than

that

of

more

geographically

diversified

funds.

Non-Diversification

Risk:

The

fund

is

non-diversified,

which

means

that

the

fund

may

invest

a

relatively

high

percentage

of

its

assets

in

a

limited

number

of

issuers.

Therefore,

the

fund’s

performance

may

be

more

vulnerable

to

changes

in

the

market

value

of

a

single

issuer

or

group

of

issuers

and

more

susceptible

to

risks

associated

with

a

single

economic,

political

or

regulatory

occurrence

than

a

diversified

fund.  

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.

(f)

Dividends

and

distributions

to

shareholders:

Dividends

and

distributions are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

income

and

dividends

from net

realized

capital

gains,

if

any,

are

normally

declared

and

paid

annually,

but

the

fund

may

make

distributions

on

a

more

frequent

basis

to

comply

with

the

distribution

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

To

the

extent

that

net

realized

capital

gains

can

be

offset

by

capital

loss

carryovers

of

a

fund,

it

is

the

policy

of

the

fund

not

to

distribute

such

gains.

Income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP.

(g)

Federal

income

taxes:

It

is

the

policy

of

the

fund

to

continue

to qualify

as

a

regulated

investment

company,

if

such

qualification

is

in

the

best

interests

of

its

shareholders,

by

complying

with

the

applicable

provisions

of

the

Code,

and

to

make

distributions

of

taxable

income

and

net

realized

capital

gain sufficient

to

relieve

it

from

substantially

all

federal

income

and

excise

taxes.

As

of

and

during

the period

ended April

30,

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 April

30,

2025,

the

fund

did

not

incur

any

interest

or

penalties.

Each

tax

year

in

the

three-year

period

ended October

31,

2024

remains

subject

to

examination

by

the

Internal

Revenue

Service

and

state

taxing

authorities. 

The

fund

is

permitted

to

carry

forward

capital

losses

for

an

unlimited

period.

Furthermore,

capital

loss

carryovers

retain

their

character

as

either

short-term

or

long-term

capital

losses. 

The

fund

has

an

unused

capital

loss

carryover

of

$753,390

available

for

federal

income

tax

purposes

to

be

applied

against

future

net

realized

capital

gains,

if

any,

realized

subsequent

to

October

31,

2024.

These

long-term

capital

losses

can

be

carried

forward

for

an

unlimited

period. 

12

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

The

tax

character

of

distributions

paid

to

shareholders

during

the

fiscal

year

ended

October

31,

2024

were

as

follows:

ordinary

income

$826,298.

The

tax

character

of

current

year

distributions

will

be

determined

at

the

end

of

the

current

fiscal

year. 

(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

0.75%

of

the

value

of

the

fund’s

average

daily

net

assets

and

is

payable

monthly.

The

fund’s

management

agreement

provides

that

the

Adviser

pays

substantially

all

expenses

of

the

fund,

except

for

the

management

fees,

payments

under

the

fund’s

12b-1

plan

(if

any),

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

brokerage

commissions,

costs

of

holding

shareholder

meetings,

fees

and

expenses

associated

with

the

fund’s

securities

lending

program,

and

litigation

and

potential

litigation

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

fund’s

business.

The

Adviser

may

from

time

to

time

voluntarily

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

total

annual

fund

operating

expenses.

Any

such

voluntary

waiver

or

reimbursement

may

be

eliminated

by

the

Adviser

at

any

time.

During

the

period

ended

April

30,

2025,

there

was

no

reduction

in

expenses

pursuant

to

the

undertaking.

In

addition,

the

Adviser

has

contractually

agreed,

from

November

1,

2024

through

March

1,

2026,

to

assume

the

direct

expenses

of

the

fund

so

that

the

fund’s

total

annual

operating

expenses

(including

acquired

fund

fees

and

expenses

(if

any))

(excluding

payments

under

the

fund’s

12b-1

plan

(if

any),

taxes,

brokerage

commissions,

costs

of

holding

shareholder

meetings,

fees

and

expenses

associated

with

any

securities

lending

program

adopted

by

the

fund,

and

litigation

and

potential

litigation

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

fund’s

business)

do

not

exceed

0.65%

of

the

fund’s

average

daily

net

assets.

Prior

to

March

1,

2026,

this

expense

limitation

agreement

may

only

be

terminated

by

the

fund’s

Board.

On

or

after

March

1,

2026,

the

Adviser

terminate

this

expense

limitation

agreement

at

any

time.

The

reduction

in

expenses

pursuant

to

the

undertaking

amounted

to

$76,332

during

the

period

ended

April

30,

2025.

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

0.375%

of

the

value

of

the

fund’s

average

daily

net

assets.

The

Adviser,

and

not

the

fund,

pays

the

Sub-Adviser

fee

rate.

(b)

The

fund

has

an

arrangement

with

The

Bank

of

New

York

Mellon

(the

“Custodian”),

a

subsidiary

of

BNY

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.

13

The

components

of

“Due

to

BNY

Mellon

ETF Investment

Adviser,

LLC”

in

the

Statement

of

Assets

and

Liabilities

consist

of:

Management

fee

of $83,615.

(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

April

30,

2025, amounted

to $13,821,120

and

$13,852,991,

respectively.

At April

30,

2025,

accumulated

net

unrealized

depreciation on

investments

was

$4,770,284,

consisting

of

gross

appreciation

of

$10,105,774

and

gross

depreciation

of

$14,876,058.

At

April

30,

2025,

the

cost

of

investments

for

federal

income

tax

purposes

was

substantially

the

same

as

the

cost

for

financial

reporting

purposes

(see

the

Statement

of

Investments).

NOTE

5—Shareholder

Transactions:

The

fund

issues

and

redeems

its

shares

on

a

continuous

basis,

at

NAV,

to

certain

institutional

investors

known

as

“Authorized

Participants”

(typically

market

makers

or

other

broker-dealers)

only

in

a

large

specified

number

of

shares

called

a

Creation

Unit.

Except

when

aggregated

in

Creation

Units,

shares

of

the

fund

are

not

redeemable.

The

value

of

the

fund

is

determined

once

each

business

day.

The

Creation

Unit

size

for the

fund

may

change.

Authorized

Participants

will

be

notified

of

such

change.

Creation

Unit

transactions

may

be

made

in-kind,

for

cash,

or

for

a

combination

of

securities

and

cash.

The

principal

consideration

for

creations

and

redemptions

for

the

fund

is

in-kind,

although

this

may

be

revised

at

any

time

without

notice.

The

Trust

issues

and

sells

shares

of

the

fund

only:

in

Creation

Units

on

a

continuous

basis

through

the

Distributor,

without

a

sales

load,

at

their

NAV

per

share

determined

after

receipt

of

an

order,

on

any

Business

Day,

in

proper

form

pursuant

to

the

terms

of

the

Authorized

Participant

Agreement.

Transactions

in

capital

shares

for

the

fund

are

disclosed

in

detail

in

the

Statement

of

Changes

in

Net

Assets.

The

consideration

for

the

purchase

of

Creation

Units

of the

fund

may

consist

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Trust

and/or

custodian

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

The

Adviser

or

its

affiliates

(the

“Selling

Shareholder”)

may

purchase

Creation

Units

through

a

broker-dealer

to

“seed”

(in

whole

or

in

part)

funds

as

they

are

launched

or

may

purchase shares

from

broker-dealers

or

other

investors

that

have

previously

provided

“seed”

for

funds

when

they

were

launched

or

otherwise

in

secondary

market

transactions.

Because

the

Selling

Shareholder

may

be

deemed

an

affiliate

of

such

funds,

the

fund shares

are

being

registered

to

permit

the

resale

of

these

shares

from

time

to

time

after

purchase.

The

fund

will

not

receive

any

of

the

proceeds

from

resale

by

the

Selling

Shareholders

of

these

fund

shares. An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

variable

charges,

if

any,

are

included

in

“Transaction

fees”

on

the

Statement

of

Changes

in

Net

Assets.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

fund.

Because

such

gains

or

losses

are

not

taxable

to

the

fund

and

are

not

distributed

to

existing

fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

per

share.

During

the

period

ended

April

30,

2025

,

the

fund

had

in-kind

transactions

associated

with

creations

of

$21,136,740

and

redemptions

of

$7,339,289

.

14

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

15

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

16

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Investment

Companies

(Unaudited)

Each

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.

17

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

N/A

©

2025

BNY

Mellon

Securities

Corporation

Code-4864NCSRSA0425

BNY

Mellon

ETF

Trust

SEMI-ANNUAL

FINANCIALS

AND

OTHER

INFORMATION

April

30,

2025

BNY

Mellon

Global

Infrastructure

Income

ETF:

BKGI

Principal

U.S.

Listing

Exchange:

Cboe

BZX

Exchange,

Inc.

Contents

The

Fund

Please

note

the

Semi-Annual

Financials

and

Other

Information

only

contains

Items

7-11

required

in

Form

N-CSR.

All

other

required

items

will

be

filed

with

the

Securities

and

Exchange

Commission

(the

“SEC”).

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-end

Management

Investment

Companies

3

Statement

of

Investments

3

Statement

of

Assets

and

Liabilities

5

Statement

of

Operations

6

Statement

of

Changes

in

Net

Assets

7

Financial

Highlights

8

Notes

to

Financial

Statements

9

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Open-End

Management

Investment

Companies

14

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

15

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Investment

Companies

16

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

17

Save

time.

Save

paper.

View

your

next

shareholder

report

online

as

soon

as

it’s

available.

Log

into

www.bny.com/investments

and

sign

up

for

eCommunications.

It’s

simple

and

only

takes

a

few

minutes.

The

views

expressed

herein

are

current

to

the

date

of

this

report.

These

views

and

the

composition

of

the

fund’s

portfolio

is

subject

to

change

at

any

time

based

on

market

and

other

conditions.

Not

FDIC-Insured

•

Not

Bank-Guaranteed

•

May

Lose

Value

3

BNY

Mellon

Global

Infrastructure

Income

ETF

Statement

of

Investments

April

30,

2025

(Unaudited)

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Description

Shares

Value

($)

Common

Stocks

–

99.3%

Belgium

–

1.1%

Proximus

SADP

168,190

1,289,915

Canada

–

3.7%

Enbridge,

Inc.

88,886

4,156,739

China

–

1.9%

Jiangsu

Expressway

Co.

Ltd.,

Class

H

1,759,072

2,188,747

Finland

–

6.7%

Fortum

OYJ

452,089

7,551,632

France

–

21.3%

Bouygues

SA

111,322

4,880,497

Engie

SA

251,622

5,183,631

Orange

SA

412,200

5,970,089

Veolia

Environnement

SA

101,475

3,699,280

Vinci

SA

31,700

4,402,728

24,136,225

Germany

–

3.2%

Deutsche

Post

AG

20,936

889,637

E.ON

SE

156,744

2,737,200

3,626,837

Italy

–

12.5%

ENEL

SpA

1,153,860

9,991,850

Italgas

SpA

506,788

4,156,588

14,148,438

Norway

–

0.8%

SFL

Corp.

Ltd.

111,934

920,098

Spain

–

1.4%

Enagas

SA

98,994

1,544,240

United

Kingdom

–

8.0%

Drax

Group

PLC

433,548

3,564,944

Pennon

Group

PLC

811,751

5,419,895

8,984,839

United

States

–

38.7%

Antero

Midstream

Corp.

241,527

3,997,272

Clearway

Energy,

Inc.,

Class

C

114,911

3,371,489

Constellation

Energy

Corp.

12,537

2,801,267

Dominion

Energy,

Inc.

139,669

7,595,200

Edison

International

38,749

2,073,459

Eversource

Energy

56,468

3,358,717

Exelon

Corp.

56,616

2,655,290

Hess

Midstream

LP,

Class

A

194,408

7,226,145

OMEGA

Healthcare

Investors,

Inc.

(a)

94,738

3,699,519

ONEOK,

Inc.

52,837

4,341,088

Vistra

Corp.

20,538

2,662,341

43,781,787

Total

Common

Stocks

(cost

$102,588,456)

112,329,497

4

Statement

of

Investments

(continued)

See

Notes

to

Financial

Statements

Description

Shares

Value

($)

Investment

Companies

–

0.4%

Registered

Investment

Companies

–

0.4%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(b)(c)

(cost

$458,379)

458,379

458,379

Total

Investments

(cost

$103,046,835)

99.7%

112,787,876

Cash

and

Receivables

(Net)

0.3%

337,727

Net

Assets

100.0%

113,125,603

(a)

Investment

in

a

real

estate

investment

trust

within

the

United

States.

(b)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(c)

The

rate

shown

is

the

1-day

yield

as

of

April

30,

2025.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

April

30,

2025

are

as

follows:

Description

Value

($)

10/31/24

Purchases

($)

1

Sales

($)

Value

($)

4/30/25

Dividends/

Distributions

($)

Investment

Companies

–

0.4%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

1,042,870

9,174,148

(9,758,639)

458,379

18,108

Total

–

0.4%

1,042,870

9,174,148

(9,758,639)

458,379

18,108

1

Includes

reinvested

dividends/distributions.

5

STATEMENT

OF

ASSETS

AND

LIABILITIES

April

30,

2025

(Unaudited)

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments:

–

Unaffiliated

issuers

102,588,456

112,329,497‌

Affiliated

issuers

458,379

458,379‌

Cash

denominated

in

foreign

currency

459,432

458,545‌

Receivable

for

investment

securities

sold

535,909‌

Tax

reclaim

receivable—Note

2(b)

211,491‌

Receivable

for

shares

of

Beneficial

Interest

subscribed

120,344‌

Dividends

receivable

119,303‌

114,233,468‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(b)

39,274‌

Payable

for

investment

securities

purchased

1,068,591‌

1,107,865‌

Net

Assets

($)

113,125,603‌

Composition

of

Net

Assets

($):

Paid-in

capital

100,433,423‌

Total

distributable

earnings

(loss)

12,692,180‌

Net

Assets

($)

113,125,603‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

3,150,001‌

Net

asset

value

per

share

35.91‌

Market

price

per

share

36.14‌

6

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2025

(Unaudited)

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends

(net

of

$190,815

foreign

taxes

withheld

at

source):

Unaffiliated

issuers

1,581,345‌

Affiliated

issuers

18,108‌

Total

Income

1,599,453‌

Expenses:

Management

fee—Note

3(a)

157,460‌

Total

Expenses

157,460‌

Less—reduction

in

fees

due

pursuant

to

undertaking—Note

3(a)

(12,549‌)

Net

Expenses

144,911‌

Net

Investment

Income

1,454,542‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

1,458,986‌

Net

realized

gain

(loss)

on

in-kind

redemptions

631,368‌

Net

realized

gain

(loss)

2,090,354‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

transactions

6,188,613‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

8,278,967‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

9,733,509‌

7

STATEMENT

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

Operations

($):

Net

investment

income

1,454,542‌

1,124,920‌

Net

realized

gain

(loss)

on

investments

2,090,354‌

463,663‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

6,188,613‌

3,493,666‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

9,733,509‌

5,082,249‌

Distributions

($):

Distributions

to

shareholders

(602,433‌)

(973,778‌)

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

69,426,587‌

22,460,731‌

Cost

of

shares

redeemed

(3,186,406‌)

(2,959,352‌)

Transaction

fees—Note

5

3,808‌

3,901‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

66,243,989‌

19,505,280‌

Total

Increase

(Decrease)

in

Net

Assets

75,375,065‌

23,613,750‌

Net

Assets

($):

Beginning

of

Period

37,750,538‌

14,136,787‌

End

of

Period

113,125,603‌

37,750,538‌

Changes

in

Shares

Outstanding:

Shares

sold

2,050,000‌

750,000‌

Shares

redeemed

(100,000‌)

(100,000‌)

Net

Increase

(Decrease)

in

Shares

Outstanding

1,950,000‌

650,000‌

8

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

For

the

Period

from

November

3,

2022

(a)

to

October

31,

2023

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

31.46‌

25.70‌

25.00‌

Investment

Operations:

Net

investment

income

(b)

0.97‌

1.39‌

1.22‌

Net

realized

and

unrealized

gain

(loss)

on

investments

3.96‌

5.58‌

0.65‌

(c)

Total

from

Investment

Operations

4.93‌

6.97‌

1.87‌

Distributions:

–

–

–

Dividends

from

net

investment

income

(0.48‌)

(1.21‌)

(1.13‌)

Return

of

capital

—‌

—‌

(0.04‌)

Total

Distributions

(0.48‌)

(1.21‌)

(1.17‌)

Transaction

fees

(b)

0.00‌

(d)

0.00‌

(d)

0.00‌

(d)

Net

asset

value,

end

of

period

35.91‌

31.46‌

25.70‌

Market

price,

end

of

period

36.14‌

31.56‌

25.76‌

Net

Asset

Value

Total

Return

(%)

(e)

15.94‌

27.52‌

7.33‌

(f)

Market

Price

Total

Return

(%)

(e)

16.30‌

27.61‌

7.56‌

(f)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

(g)

0.65‌

(h)

0.65‌

0.65‌

(h)

Ratio

of

net

expenses

to

average

net

assets

(g)

0.60‌

(h),(i)

0.65‌

0.65‌

(h)

Ratio

of

net

investment

income

to

average

net

assets

6.00‌

(h),(i)

4.74‌

4.46‌

(h)

Portfolio

Turnover

Rate

(j)

28.03‌

58.69‌

53.98‌

Net

Assets,

end

of

period

($

x

1,000)

113,126‌

37,751‌

14,137‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

In

addition

to

net

realized

and

unrealized

gains

(losses)

on

investments,

this

amount

includes

an

increase

in

net

asset

value

per

share

resulting

from

the

timing

of

issuances

and

redemptions

of

shares

in

relation

to

fluctuating

market

values

for

the

fund's

investments.

(d)

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

Cboe

BZX

Exchange,

Inc.

(g)

Amounts

do

not

include

the

expenses

of

the

underlying

fund.

(h)

Annualized.

(i)

Amount

inclusive

of

reduction

in

expenses

pursuant

to

undertaking.

(j)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

9

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

NOTE

1—Organization:

BNY

Mellon

Global

Infrastructure

Income

ETF (the “fund”) is a

separate

non-diversified series

of

BNY

Mellon

ETF

Trust

(the

“Trust”),

which is

registered as

a

Massachusetts

business

trust

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”),

as

an

open-

ended

management

investment

company.

The

Trust

operates

as

a

series

company

currently

consisting

of

twelve

series,

including

the

fund.

The

investment

objective

of

the

fund

is

to

seek

long-term

total

return

(consisting

of

capital

growth

and

income).

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”),

a

wholly-owned

subsidiary

of

The

Bank

of

New

York

Mellon

Corporation

(“BNY”),

serves

as

the

fund’s

investment

adviser. Newton

Investment

Management

North

America,

LLC (the

“Sub-Adviser”),

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

Cboe

BZX

Exchange,

Inc.

The

market

price

of

each

Share

may

differ

to

some

degree

from

the

fund’s

net

asset

value

(“NAV”).

Unlike

conventional

mutual

funds,

the

fund

issues

and

redeems

Shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

Shares,

each

called

a

“Creation

Unit”.

Creation

Units

are

issued

and

redeemed

principally

in

exchange

for

the

deposit

or

delivery

of

a

basket

of

securities.

Except

when

aggregated

in

Creation

Units

by

Authorized

Participants,

the

Shares

are

not

individually

redeemable

securities

of

the

fund.

Individual

Fund

Shares

may

only

be

purchased

and

sold

on

the

Cboe

BZX

Exchange,

Inc.,

other

national

securities

exchanges,

electronic

crossing

networks

and

other

alternative

trading

systems

through

your

broker-dealer

at

market

prices.

Because

Fund

Shares

trade

at

market

prices

rather

than

at

NAV,

Fund

Shares

may

trade

at

a

price

greater

than

NAV

(premium)

or

less

than

NAV

(discount).

When

buying

or

selling

Shares

in

the

secondary

market,

you

may

incur

costs

attributable

to

the

difference

between

the

highest

price

a

buyer

is

willing

to

pay

to

purchase

Shares

of

the

fund

(bid)

and

the

lowest

price

a

seller

is

willing

to

accept

for

Shares

of

the

fund

(ask). 

NOTE

2—Significant

Accounting

Policies: 

The

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

is

the

exclusive

reference

of

authoritative

U.S.

generally

accepted

accounting

principles

(“GAAP”)

recognized

by

the

FASB

to

be

applied

by

nongovernmental

entities.

Rules

and

interpretive

releases

of

the

SEC

under

authority

of

federal

laws

are

also

sources

of

authoritative

GAAP

for

SEC

registrants. The

fund

is an

investment

company

and

applies

the

accounting

and

reporting

guidance

of

the

FASB

ASC

Topic

946

Financial

Services-Investment

Companies. The

fund’s

financial

statements

are

prepared

in

accordance

with

GAAP,

which

may

require

the

use

of

management

estimates

and

assumptions.

Actual

results

could

differ

from

those

estimates.  

The

Trust

enters

into

contracts

that

contain

a

variety

of

indemnifications.

The

fund’s

maximum

exposure

under

these

arrangements

is

unknown.

The

fund

does

not

anticipate

recognizing

any

loss

related

to

these

arrangements. 

(a)

Portfolio

valuation:

The

fair

value

of

a

financial

instrument

is

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price).

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

of

valuation

techniques

used

to

measure

fair

value.

This

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Additionally,

GAAP

provides

guidance

on

determining

whether

the

volume

and

activity

in

a

market

has

decreased

significantly

and

whether

such

a

decrease

in

activity

results

in

transactions

that

are

not

orderly.

GAAP

requires

enhanced

disclosures

around

valuation

inputs

and

techniques

used

during

annual

and

interim

periods.

Various

inputs

are

used

in

determining

the

value

of

the

fund’s

investments

relating

to

fair

value

measurements.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

unadjusted

quoted

prices

in

active

markets

for

identical

investments.

Level

2

—

other

significant

observable

inputs

(including

quoted

prices

for

similar investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Level

3

—

significant

unobservable

inputs

(including

the

fund’s

own

assumptions

in

determining

the

fair

value

of

investments).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

10

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

Valuation

techniques

used

to

value

the

fund’s

investments

are

as

follows:

The

Trust’s Board

of

Trustees

(the

“Board”)

has

designated

the

Adviser

as

the

fund’s

valuation

designee

to

make

all

fair

value

determinations

with

respect

to

the

fund’s

portfolio

of

investments,

subject

to

the

Board’s

oversight

and

pursuant

to

Rule

2a-5

under

the

Act.

Investments

in

equity

securities,

including

ETFs

(but

not

including

investments

in

other

open-end

registered

investment

companies),

generally

are

valued

at

the

last

sales

price

on

the

day

of

valuation

on

the

securities

exchange

or

national

securities

market

on

which

such

securities

primarily

are

traded.

Securities

listed

on

the

National

Association

of

Securities

Dealers

Automated

Quotation

System

(“NASDAQ”)

for

which

market

quotations

are

available

will

be

valued

at

the

official

closing

price.

If

there

are

no

transactions

in

a

security,

or

no

official

closing

prices

for

a

NASDAQ

market-listed

security

on

that

day,

the

security

will

be

valued

at

the

average

of

the

most

recent

bid

and

asked

prices.

Bid

price

is

used

when

no

asked

price

is

available.

Open

short

positions

for

which

there

is

no

sale

price

on

a

given

day

are

valued

at

the

lowest

asked

price.

Registered

investment

companies

that

are

not

traded

on

an

exchange

are

valued

at

their

net

asset

value.

All

of

the

preceding

securities

are

generally

categorized

within

Level

1

of

the

fair

value

hierarchy. 

When

market

quotations

or

official

closing

prices

are

not

readily

available,

or

are

determined

not

to

reflect

fair

value

accurately,

they are

valued

at

fair

value

as

determined

in

good

faith

based

on

procedures

approved

by

the

Board.

Fair

value

of

investments

may

be

determined

by

valuation

designee

using

such

information

as

it

deems

appropriate

under

the

circumstances.

Certain

factors

may

be

considered

when

fair

valuing

investments

such

as:

fundamental

analytical

data,

the

nature

and

duration

of

restrictions

on

disposition,

an

evaluation

of

the

forces

that

influence

the

market

in

which

the

securities

are

purchased

and

sold,

and

public

trading

in

similar

securities

of

the

issuer

or

comparable

issuers.

These

securities

are

either

categorized

within

Level

2

or

3

of

the

fair

value

hierarchy

depending

on

the

relevant

inputs

used.

For

securities

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

and

are

generally

categorized

within

Level

3

of

the

fair

value

hierarchy.

Investments

denominated

in

foreign

currencies

are

translated

to

U.S.

dollars

at

the

prevailing

rates

of

exchange.

The

table

below

summarizes

the

inputs

used

as

of April

30,

2025

in

valuing

the

fund’s

investments:

Fair

Value

Measurements

(b)

Foreign

currency

transactions:

The

fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

on

investments.

Net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

on

securities

transactions

between

trade

and

settlement

date,

and

the

difference

between

the

amounts

of

dividends,

interest

and

foreign

withholding

taxes

recorded

on

the

fund’s

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

the

value

of

assets

and

liabilities

other

than

investments

resulting

from

changes

in

exchange

rates.

Foreign

currency

gains

and

losses

on

foreign

currency

transactions

are

also

included

with

net

realized

and

unrealized

gain

or

loss

on

investments.

Foreign

Taxes:

The

fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

realized

and

unrealized

capital

gains

on

investments

or

certain

foreign

currency

transactions.

Foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

fund

and

are

reflected

in

the

Statement

of

Operations,

if

applicable.

Foreign

taxes

payable

or

deferred

or

those

subject

to

reclaims

as

of

April

30,

2025,

if

any,

are

disclosed

in

the

fund’s

Statement

of

Assets

and

Liabilities.

(c) Securities

transactions

and

investment

income:

Securities

transactions

are

recorded

on

a

trade

date

basis.

Realized

gains

and

losses

from

securities

transactions

are

recorded

on

the

identified

cost

basis.

Dividend

income

is

recognized

on

the

ex-dividend

date

and

interest

income,

including,

where

applicable,

accretion

of

discount

and

amortization

of

premium

on

investments,

is

recognized

on

the

accrual

basis.

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

($)

Investments

In

Securities:

†

Common

Stocks

112,329,497

—

—

112,329,497

Investment

Companies

458,379

—

—

458,379

112,787,876

—

—

112,787,876

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

11

(d)

Affiliated

issuers:

Investments

in

other

investment

companies

advised

by

the

Adviser

or

its

affiliates are

defined

as

“affiliated”

under

the

Act. 

(e)

Market

Risk:

 The

value

of

the

securities

in

which

the

fund

invests

may

be

affected

by

political,

regulatory,

economic

and

social

developments,

and

developments

that

impact

specific

economic

sectors,

industries

or

segments

of

the

market.

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.

Foreign

Investment

Risk:

Because

the

fund

invests

in

foreign

securities,

the

fund’s

performance

will

be

influenced

by

political,

social

and

economic

factors

affecting

investments

in

foreign

issuers.

Special

risks

associated

with

investments

in

foreign

issuers

include

exposure

to

currency

fluctuations,

less

liquidity,

less

developed

or

less

efficient

trading

markets,

lack

of

comprehensive

company

information,

political

and

economic

instability

and

differing

auditing

and

legal

standards.

The

imposition

of

sanctions,

confiscations,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

United

States

and

other

governments,

or

problems

in

share

registration,

settlement

or

custody,

may

result

in

losses

for

the

fund.

Investments

denominated

in

foreign

currencies

are

subject

to

the

risk

that

such

currencies

will

decline

in

value

relative

to

the

U.S.

dollar

and

affect

the

value

of

these

investments

held

by

the

fund.

To

the

extent

securities

held

by

the

fund

trade

in

a

market

that

is

closed

when

the

exchange

on

which

the

fund’s

shares

trade

is

open,

there

may

be

deviations

between

the

current

price

of

a

security

and

the

last

quoted

price

for

the

security

in

the

closed

foreign

market.

These

deviations

could

result

in

the

fund

experiencing

premiums

or

discounts

greater

than

those

of

ETFs

that

invest

in

domestic

securities.

To

the

extent

the

fund’s

investments

are

focused

in

a

limited

number

of

foreign

countries,

the

fund’s

performance

could

be

more

volatile

than

that

of

more

geographically

diversified

funds.

Infrastructure

company

risk:

Because

the

fund

invests

significantly

in

companies

that

are

engaged

in

the

infrastructure

business,

the

fund

is

more

susceptible

to

adverse

economic,

regulatory,

political,

legal

and

other

changes

affecting

such

companies.

Infrastructure

companies

are

subject

to

a

variety

of

factors

that

may

adversely

affect

their

business

or

operations,

including

high

interest

costs

in

connection

with

capital

construction

programs,

costs

associated

with

environmental

and

other

regulations,

difficulty

in

raising

capital

in

adequate

amounts

on

reasonable

terms

in

periods

of

high

inflation

or

unsettled

capital

markets,

the

effects

of

economic

slowdown

and

surplus

capacity,

increased

competition

from

other

providers

of

services,

uncertainties

concerning

the

availability

of

fuel

at

reasonable

prices,

the

effects

of

energy

conservation

policies,

service

interruption

due

to

environmental,

operational

or

other

mishaps,

and

other

factors.

Additionally,

infrastructure

companies

may

be

subject

to

regulation

by

various

governmental

authorities

and

may

also

be

affected

by

governmental

regulation

of

rates

charged

to

customers;

service

interruption

and/or

legal

challenges

due

to

environmental,

operational

or

other

mishaps;

the

imposition

of

special

tariffs

and

changes

in

tax

laws,

regulatory

policies

and

accounting

standards;

nationalization;

and

general

changes

in

market

sentiment

towards

infrastructure

assets.  There

is

also

the

risk

that

corruption

may

negatively

affect

publicly-funded

infrastructure

projects,

resulting

in

delays

and

cost

overruns.  At

times,

the

performance

of

securities

of

companies

in

the

infrastructure

group

of

industries

may

lag

the

performance

of

other

industries

or

the

broader

market

as

a

whole.

A

downturn

in

the

infrastructure

group

of

industries

could

have

an

adverse

impact

on

the

fund.

Non-Diversification

Risk:

The

fund

is

non-diversified,

which

means

that

the

fund

may

invest

a

relatively

high

percentage

of

its

assets

in

a

limited

number

of

issuers.

Therefore,

the

fund’s

performance

may

be

more

vulnerable

to

changes

in

the

market

value

of

a

single

issuer

or

group

of

issuers

and

more

susceptible

to

risks

associated

with

a

single

economic,

political

or

regulatory

occurrence

than

a

diversified

fund.  

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.

(f)

Dividends

and

distributions

to

shareholders:

Dividends

and

distributions are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

income

are

normally

declared

and

paid

on

a

quarterly

basis.

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.

12

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

(g)

Federal

income

taxes:

It

is

the

policy

of

the

fund

to

continue

to qualify

as

a

regulated

investment

company,

if

such

qualification

is

in

the

best

interests

of

its

shareholders,

by

complying

with

the

applicable

provisions

of

the

Code,

and

to

make

distributions

of

taxable

income

and

net

realized

capital

gain sufficient

to

relieve

it

from

substantially

all

federal

income

and

excise

taxes.

As

of

and

during

the period

ended April

30,

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 April

30,

2025,

the

fund

did

not

incur

any

interest

or

penalties.

Each

tax

year

in

the

two-year

period

ended October

31,

2024

remains

subject

to

examination

by

the

Internal

Revenue

Service

and

state

taxing

authorities. 

The

tax

character

of

distributions

paid

to

shareholders

during

the

fiscal

year

ended

October

31,

2024

were

as

follows:

ordinary

income

$973,778.

The

tax

character

of

current

year

distributions

will

be

determined

at

the

end

of

the

current

fiscal

year. 

(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

0.65%

of

the

value

of

the

fund’s

average

daily

net

assets

and

is

payable

monthly.

The

fund’s

management

agreement

provides

that

the

Adviser

pays

substantially

all

expenses

of

the

fund,

except

for

the

management

fees,

payments

under

the

fund’s

12b-1

plan

(if

any),

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

brokerage

commissions,

costs

of

holding

shareholder

meetings,

fees

and

expenses

associated

with

the

fund’s

securities

lending

program,

and

litigation

and

potential

litigation

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

fund’s

business.

The

Adviser

may

from

time

to

time

voluntarily

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

total

annual

fund

operating

expenses.

Any

such

voluntary

waiver

or

reimbursement

may

be

eliminated

by

the

Adviser

at

any

time.

During

the

period

ended

April

30,

2025,

there

was

no

reduction

in

expenses

pursuant

to

the

undertaking.

In

addition,

the

Adviser

has

contractually

agreed,

from

February

28,

2025

through

February

28,

2026,

to

assume

the

direct

expenses

of

the

fund

so

that

the

fund’s

total

annual

operating

expenses

(including

acquired

fund

fees

and

expenses

(if

any))

(excluding

payments

under

the

fund’s

12b-1

plan

(if

any),

taxes,

brokerage

commissions,

costs

of

holding

shareholder

meetings,

fees

and

expenses

associated

with

any

securities

lending

program

adopted

by

the

fund,

and

litigation

and

potential

litigation

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

fund’s

business)

do

not

exceed

0.55%

of

the

fund’s

average

daily

net

assets.

Prior

to

February

28,

2026,

this

expense

limitation

agreement

may

only

be

terminated

by

the

Board.

On

or

after

February

28,

2026,

the

Adviser

terminate

this

expense

limitation

agreement

at

any

time.

The

reduction

in

expenses,

pursuant

to

the

undertaking,

amounted

to

$12,549

during

the

period

ended

April

30,

2025.

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

13

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

0.325%

of

the

value

of

the

fund’s

average

daily

net

assets.

The

Adviser,

and

not

the

fund,

pays

the

Sub-Adviser

fee

rate.

(b)

The

fund

has

an

arrangement

with

The

Bank

of

New

York

Mellon

(the

“Custodian”),

a

subsidiary

of

BNY

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 $39,274.

(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

April

30,

2025, amounted

to $17,576,024

and

$14,848,170,

respectively.

At April

30,

2025,

accumulated

net

unrealized

appreciation on

investments

was

$9,741,041,

consisting

of

gross

appreciation

of

$10,427,583

and

gross

depreciation

of

$686,542.

At

April

30,

2025,

the

cost

of

investments

for

federal

income

tax

purposes

was

substantially

the

same

as

the

cost

for

financial

reporting

purposes

(see

the

Statement

of

Investments).

NOTE

5—Shareholder

Transactions:

The

fund

issues

and

redeems

its

shares

on

a

continuous

basis,

at

NAV,

to

certain

institutional

investors

known

as

“Authorized

Participants”

(typically

market

makers

or

other

broker-dealers)

only

in

a

large

specified

number

of

shares

called

a

Creation

Unit.

Except

when

aggregated

in

Creation

Units,

shares

of

the

fund

are

not

redeemable.

The

value

of

the

fund

is

determined

once

each

business

day.

The

Creation

Unit

size

for the

fund

may

change.

Authorized

Participants

will

be

notified

of

such

change.

Creation

Unit

transactions

may

be

made

in-kind,

for

cash,

or

for

a

combination

of

securities

and

cash.

The

principal

consideration

for

creations

and

redemptions

for

the

fund

is

in-kind,

although

this

may

be

revised

at

any

time

without

notice.

The

Trust

issues

and

sells

shares

of

the

fund

only:

in

Creation

Units

on

a

continuous

basis

through

the

Distributor,

without

a

sales

load,

at

their

NAV

per

share

determined

after

receipt

of

an

order,

on

any

Business

Day,

in

proper

form

pursuant

to

the

terms

of

the

Authorized

Participant

Agreement.

Transactions

in

capital

shares

for

the

fund

are

disclosed

in

detail

in

the

Statement

of

Changes

in

Net

Assets.

The

consideration

for

the

purchase

of

Creation

Units

of the

fund

may

consist

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Trust

and/or

custodian

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

The

Adviser

or

its

affiliates

(the

“Selling

Shareholder”)

may

purchase

Creation

Units

through

a

broker-dealer

to

“seed”

(in

whole

or

in

part)

funds

as

they

are

launched

or

may

purchase shares

from

broker-dealers

or

other

investors

that

have

previously

provided

“seed”

for

funds

when

they

were

launched

or

otherwise

in

secondary

market

transactions.

Because

the

Selling

Shareholder

may

be

deemed

an

affiliate

of

such

funds,

the

fund shares

are

being

registered

to

permit

the

resale

of

these

shares

from

time

to

time

after

purchase.

The

fund

will

not

receive

any

of

the

proceeds

from

resale

by

the

Selling

Shareholders

of

these

fund

shares. An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

variable

charges,

if

any,

are

included

in

“Transaction

fees”

on

the

Statement

of

Changes

in

Net

Assets.

Seed

Capital:

As

of

April

30,

2025,

MBC

Investments

Corporation,

a

wholly-owned

subsidiary

of

BNY,

held

57,201

shares

of

the

fund.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

fund.

Because

such

gains

or

losses

are

not

taxable

to

the

fund

and

are

not

distributed

to

existing

fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

per

share.

During

the

period

ended

April

30,

2025

,

the

fund

had

in-kind

transactions

associated

with

creations

of

$67,238,162

and

redemptions

of

$2,495,227

.

14

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

15

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

16

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Investment

Companies

(Unaudited)

Each

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.

17

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

N/A

©

2025

BNY

Mellon

Securities

Corporation

Code-4865NCSRSA0425

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. Controls and Procedures.

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

(b)     There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.

(a)(1)               Not applicable.

(a)(2)               Not applicable.

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

(a)(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    6/19/2025                               

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    6/19/2025                               

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

                                                (Principal Financial and Accounting Officer)

Date    6/18/2025                               

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