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:  June 30

Date of reporting period:  June 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 Ultra Short Income ETF

Item 1. Reports to Stockholders.

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

BNY Mellon Ultra Short Income ETF 

Annual Shareholder Report

June 30, 2025

Ticker - BKUI (NYSE Arca, Inc.)

This annual shareholder report contains important information about BNY Mellon Ultra Short Income ETF (the “Fund”) for the period of July 1, 2024 to June 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 year? 

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BNY Mellon Ultra Short Income ETF	$12	0.12%

How did the Fund perform last year?

• For the 12 month period ended June 30, 2025, the Fund’s shares returned 5.58% on a net asset value basis and 5.61% on a market price basis.

• In comparison, the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”) returned 4.68% for the same period.

What affected the Fund's performance?  

• U.S. Treasury yields on bonds maturing within 10-years fell significantly over the past year.

• The Fund’s performance relative to the Index benefited from significant exposure to credit assets as credit spreads moved modestly tighter over the period.

• Exposure to investment-grade corporate securities was a positive factor affecting the Fund’s relative performance, due both to yield carry and to modestly tighter credit spreads.

• There were no significant detractors from the Fund’s relative returns during the period. 

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

How did the fund perform since its inception?

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

CUMULATIVE PERFORMANCE FROM AUGUST 9, 2021 THROUGH JUNE 30, 2025

INITIAL INVESTMENT OF $10,000

	BNY Mellon Ultra Short Income ETF - $11,394	Bloomberg U.S. Aggregate Bond Index (broad-based index) - $9,621	ICE BofA 3-Month U.S. Treasury Bill Index - $11,448
8/9/2021	10,000	10,000	10,000
9/30/2021	10,004	9,950	10,001
12/31/2021	9,976	9,951	10,002
3/31/2022	9,880	9,361	10,006
6/30/2022	9,846	8,921	10,016
9/30/2022	9,863	8,497	10,062
12/31/2022	9,966	8,656	10,147
3/31/2023	10,074	8,913	10,256
6/30/2023	10,204	8,838	10,376
9/30/2023	10,336	8,552	10,512
12/31/2023	10,538	9,135	10,656
3/31/2024	10,660	9,064	10,794
6/30/2024	10,792	9,070	10,937
9/30/2024	11,005	9,541	11,086
12/31/2024	11,114	9,249	11,216
3/31/2025	11,261	9,506	11,331
6/30/2025	11,394	9,621	11,448

Years Ended 6/30

The above graph compares a hypothetical $10,000 investment in the Fund’s shares to a hypothetical investment of $10,000 made in each index on August 9, 2021, the Fund’s inception. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund’s performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, an index is not subject to fees and other expenses. Investors cannot invest directly in any index.

AVERAGE ANNUAL TOTAL RETURNS (AS OF 6/30/25)

Fund	1 YR	Since Inception (August 9, 2021)
BNY Mellon Ultra Short Income ETF - NAV Return	5.58%	3.42%
Bloomberg U.S. Aggregate Bond Index (broad-based index)	6.08%	-0.99%
ICE BofA 3-Month U.S. Treasury Bill Index	4.68%	3.54%

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

KEY FUND STATISTICS (AS OF 6/30/25)

Fund size (Millions)	Number of Holdings	Total Advisory Fee Paid During Period ($)	Annual Portfolio Turnover
$234	139	176,043	15.39%

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

Portfolio Holdings (as of 6/30/25)

Sector Allocation

(Based on Net Assets)

Value	Value
Net Other Assets and Liabilities	0.5%
Energy	0.6%
Technology	1.0%
Industrial	1.7%
Investment Companies	2.9%
Government	3.4%
Communications	3.7%
Consumer, Non-cyclical	4.0%
Consumer, Cyclical	5.1%
Financial	77.1%

Allocation of Holdings

(Based on Net Assets)

Value	Value
Net Other Assets and Liabilities	0.5%
Investment Companies	2.9%
U.S. Treasury Government Securities	3.4%
Corporate Bonds and Notes	42.9%
Commercial Paper	50.3%

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

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

© 2025 BNY Mellon Securities Corporation,

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

Code-4862AR0625

Item 1. Reports to Stockholders (cont.).

(b)        Not applicable.

Item 2. Code of Ethics.

(a)        As of the period ended June 30, 2025 (the “Reporting Period”), the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer, controller or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

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

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a)        Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $44,165 in 2024 and $21,330 in 2025.

(b)        Audit-Related Fees

The aggregate fees billed for each of the last two fiscal years for assurance and related services rendered to the Registrant by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $12,484 in 2024 and $6,367 in 2025. These services consisted of security counts required by Rule 17f-2 under the 1940 Act.

(c)        Tax Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered to the Registrant by the principal accountant for tax compliance, tax advice and tax planning were $7,908 in 2024 and $3,954 in 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local entity tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification.

(d)       All Other Fees

The aggregate fees billed for each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $0 in 2024 and $0 in 2025.

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

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

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

(g)        The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant were $282,787 in 2024 and $124,633 in 2025.

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

(i)         Not applicable.

(j)         Not applicable.

Item 5. Audit Committee of Listed Registrants.

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

(b)        Not applicable.

Item 6. Investments.

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

(b)        Not applicable.

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

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

BNY

Mellon

ETF

Trust

ANNUAL

FINANCIALS

AND

OTHER

INFORMATION

June

30,

2025

BNY

Mellon

Ultra

Short

Income

ETF:

BKUI

Principal

U.S.

Listing

Exchange:

NYSE

Arca,

Inc.

Contents

The

Fund

Please

note

the

Annual

Financials

and

Other

Information

only

contains

Items

7-11

required

in

Form

N-CSR.

All

other

required

items

will

be

filed

with

the

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

8

Statement

of

Operations

9

Statement

of

Changes

in

Net

Assets

10

Financial

Highlights

11

Notes

to

Financial

Statements

12

Report

of

Independent

Registered

Public

Accounting

Firm

17

Important

Tax

Information

18

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

19

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

20

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Investment

Companies

21

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

22

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

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takes

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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

Ultra

Short

Income

ETF

Statement

of

Investments

June

30,

2025

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Description

Principal

Amount

($)

Value

($)

Commercial

Paper

–

50.3%

ABN

AMRO

Funding

USA

LLC

,

4.49%,

7/07/2025

(a)(b)

5,000,000

4,995,785

BPCE

,

4.31%,

2/11/2026

(a)(b)

5,000,000

4,868,950

Canadian

Imperial

Bank

of

Commerce

,

4.79%

(1

Month

SOFR

+

0.34%),

9/08/2025

(a)(c)

750,000

750,328

Cooperatieve

Rabobank

UA

4.66%

(1

Month

SOFR

+

0.21%),

8/04/2025

(c)

2,500,000

2,500,303

4.47%,

8/21/2025

(b)

2,500,000

2,484,232

Credit

Industriel

et

Commercial

,

4.70%

(1

Month

SOFR

+

0.25%),

7/07/2025

(a)(c)

2,500,000

2,500,082

Danske

Bank

4.50%,

7/21/2025

(a)(b)

5,000,000

4,987,260

4.36%,

3/23/2026

(a)(b)

2,000,000

1,938,360

DZ

Bank

AG

,

4.49%,

7/08/2025

(b)

6,000,000

5,994,216

Federation

des

caisses

Desjardins

du

Quebec

,

4.53%,

7/14/2025

(a)(b)

5,000,000

4,991,530

ING

US

Funding

LLC

,

4.48%,

7/14/2025

(a)(b)

5,000,000

4,991,575

Liberty

Street

Funding

LLC

,

4.50%,

10/23/2025

(a)(b)

5,000,000

4,929,985

Lloyds

Bank

Corp.

,

4.24%,

2/09/2026

(b)

5,000,000

4,868,915

LMA

Americas

LLC

,

4.54%,

10/20/2025

(a)(b)

6,500,000

6,411,268

Manhattan

Asset

Funding

Co.

LLC

,

4.66%

(1

Month

SOFR

+

0.21%),

9/26/2025

(a)(c)

5,000,000

5,000,847

National

Australia

Bank

Ltd.

,

4.77%

(1

Month

SOFR

+

0.32%),

3/05/2026

(a)(c)

5,000,000

5,000,321

National

Bank

of

Canada

,

4.58%,

1/29/2026

(a)(b)

4,000,000

3,900,160

Natixis

SA

,

4.64%,

7/18/2025

(b)

2,750,000

2,744,060

Nordea

Bank

,

4.47%,

11/26/2025

(b)

5,000,000

4,911,685

Old

Line

Funding

LLC

,

4.73%

(1

Month

SOFR

+

0.28%),

11/20/2025

(a)(c)

2,500,000

2,500,484

Paradelle

Funding

LLC

,

4.74%

(1

Month

SOFR

+

0.29%),

2/26/2026

(c)

4,500,000

4,499,349

Podium

Funding

Trust

,

4.56%,

8/07/2025

(b)

4,000,000

3,981,512

Standard

Chartered

Bank

,

4.55%,

8/04/2025

(a)(b)

4,500,000

4,480,781

Starbird

Funding

Corp.

,

4.52%,

11/14/2025

(a)(b)

7,000,000

6,883,905

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

4.55%,

7/14/2025

(b)

5,000,000

4,991,650

Svenska

Handelsbanken AB

4.56%,

7/21/2025

(a)(b)

2,750,000

2,743,004

4.47%,

8/21/2025

(b)

5,000,000

4,968,425

Westpac

Banking

Corp.

,

4.73%

(1

Month

SOFR

+

0.28%),

5/29/2026

(a)(c)

4,000,000

4,000,299

Total

Commercial

Paper

(cost

$117,817,706)

117,819,271

Corporate

Bonds

and

Notes

–

42.9%

Auto

Manufacturers

–

3.1%

American

Honda

Finance

Corp.

,

1.30%

,

9/09/2026

300,000

289,460

BMW

US

Capital

LLC

4.90%,

4/02/2027

(a)

600,000

606,238

5.31%

(3

Month

SOFRIX

+

0.92%),

8/13/2027

(a)(c)

1,200,000

1,203,303

General

Motors

Financial

Co.,

Inc.

5.40%,

4/06/2026

250,000

251,181

5.74%

(3

Month

SOFRIX

+

1.35%),

5/08/2027

(c)

1,350,000

1,348,677

Mercedes-Benz

Finance

North

America

LLC

5.20%,

8/03/2026

(a)

325,000

327,716

3.45%,

1/06/2027

(a)

325,000

320,566

PACCAR

Financial

Corp.

3.55%,

8/11/2025

300,000

299,710

4.55%,

3/03/2028

1,750,000

1,775,373

Toyota

Motor

Credit

Corp.

,

5.10%

(

3

Month

SOFR

+

0.65%

)

,

3/19/2027

(c)

750,000

751,216

7,173,440

Banks

–

25.1%

ASB

Bank

Ltd.

,

5.40%

,

11/29/2027

(a)

2,000,000

2,053,549

Australia

&

New

Zealand

Banking

Group

Ltd.

5.13%

(3

Month

SOFR

+

0.68%),

7/16/2027

(a)(c)

900,000

904,227

5.10%

(3

Month

SOFR

+

0.65%),

9/30/2027

(a)(c)

1,000,000

1,003,329

4

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

42.9%

(continued)

Banks

–

25.1%

(continued)

Bank

of

America

Corp.

,

3.25%

,

10/21/2027

2,000,000

1,962,281

Bank

of

America

NA

,

5.53%

,

8/18/2026

300,000

304,327

Bank

of

Montreal

5.27%,

12/11/2026

325,000

329,699

5.20%,

2/01/2028

1,800,000

1,841,499

Barclays

PLC

6.33%

(3

Month

SOFR

+

1.88%),

9/13/2027

(c)

750,000

761,079

4.34%,

1/10/2028

1,000,000

997,676

Canadian

Imperial

Bank

of

Commerce

3.95%,

8/04/2025

275,000

274,795

5.67%

(3

Month

SOFR

+

1.22%),

10/02/2026

(c)

375,000

378,515

5.17%

(3

Month

SOFR

+

0.72%),

1/13/2028

(c)

1,500,000

1,499,206

Citigroup,

Inc.

,

5.22%

(

3

Month

SOFR

+

0.77%

)

,

6/09/2027

(c)

1,600,000

1,601,685

Commonwealth

Bank

of

Australia

,

5.20%

(

3

Month

SOFR

+

0.75%

)

,

3/13/2026

(a)(c)

350,000

351,087

DBS

Group

Holdings

Ltd.

,

5.05%

(

3

Month

SOFR

+

0.60%

)

,

3/21/2028

(a)(c)

2,250,000

2,254,797

ING

Groep

NV

,

3.95%

,

3/29/2027

600,000

597,405

JPMorgan

Chase

&

Co.

,

5.37%

(

3

Month

SOFR

+

0.92%

)

,

4/22/2028

(c)

2,000,000

2,006,139

JPMorgan

Chase

Bank

NA

,

5.11%

,

12/08/2026

325,000

329,216

KeyBank

NA

4.70%,

1/26/2026

300,000

299,887

5.85%,

11/15/2027

750,000

774,503

Lloyds

Banking

Group

PLC

,

5.92%

(

3

Month

SOFRIX

+

1.58%

)

,

1/05/2028

(c)

1,850,000

1,869,397

Macquarie

Bank

Ltd.

,

5.39%

(

3

Month

SOFRIX

+

0.92%

)

,

7/02/2027

(a)(c)

2,050,000

2,065,579

Manufacturers

&

Traders

Trust

Co.

,

4.65%

,

1/27/2026

300,000

300,029

Morgan

Stanley

Bank

NA

5.62%

(3

Month

SOFR

+

1.17%),

10/30/2026

(c)

500,000

503,406

5.32%

(3

Month

SOFR

+

0.87%),

5/26/2028

(c)

2,280,000

2,287,091

National

Australia

Bank

Ltd.

1.89%,

1/12/2027

(a)

375,000

363,294

5.05%

(3

Month

SOFR

+

0.60%),

10/26/2027

(a)(c)

1,750,000

1,755,989

National

Bank

of

Canada

,

5.51%

(

3

Month

SOFRIX

+

1.03%

)

,

7/02/2027

(c)

750,000

751,741

NatWest

Markets

PLC

1.60%,

9/29/2026

(a)

225,000

217,658

5.35%

(3

Month

SOFR

+

0.90%),

5/17/2027

(a)(c)

500,000

502,315

5.40%

(3

Month

SOFR

+

0.95%),

3/21/2028

(a)(c)

1,400,000

1,401,166

PNC

Bank

NA

,

3.10%

,

10/25/2027

2,000,000

1,951,352

Royal

Bank

of

Canada

,

Series

G

,

5.31%

(

3

Month

SOFRIX

+

0.95%

)

,

1/19/2027

(c)

650,000

654,335

Standard

Chartered

PLC

6.38%

(3

Month

SOFR

+

1.93%),

7/06/2027

(a)(c)

400,000

404,574

5.62%

(3

Month

SOFR

+

1.17%),

5/14/2028

(a)(c)

2,250,000

2,259,572

State

Street

Corp.

3.55%,

8/18/2025

98,000

97,860

5.23%

(3

Month

SOFRIX

+

0.85%),

8/03/2026

(c)

600,000

603,972

5.27%,

8/03/2026

225,000

227,307

Sumitomo

Mitsui

Financial

Group,

Inc.

,

1.40%

,

9/17/2026

300,000

289,748

Sumitomo

Mitsui

Trust

Bank

Ltd.

5.57%

(3

Month

SOFR

+

1.12%),

3/09/2026

(a)(c)

300,000

301,684

5.65%,

9/14/2026

(a)

325,000

330,099

The

Bank

of

Nova

Scotia

5.35%,

12/07/2026

750,000

760,917

5.25%,

6/12/2028

2,000,000

2,061,416

The

Goldman

Sachs

Group

Inc.

5.24%

(3

Month

SOFR

+

0.79%),

12/09/2026

(c)

725,000

726,179

5.57%

(3

Month

SOFR

+

1.12%),

2/24/2028

(c)

2,000,000

2,006,880

5

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

42.9%

(continued)

Banks

–

25.1%

(continued)

The

PNC

Financial

Services

Group,

Inc.

,

2.60%

,

7/23/2026

325,000

319,855

The

Toronto-Dominion

Bank

5.53%,

7/17/2026

200,000

202,514

Series

G,

5.08%

(3

Month

SOFR

+

0.73%),

4/05/2027

(c)

850,000

853,265

5.18%,

1/10/2028

1,000,000

1,020,846

Truist

Financial

Corp.

,

1.13%

,

8/03/2027

1,950,000

1,833,376

UBS

Group

AG

,

4.28%

,

1/09/2028

(a)

1,800,000

1,792,419

US

Bancorp

,

Series

V

,

2.38%

,

7/22/2026

325,000

319,190

US

Bank

NA

,

5.14%

(

3

Month

SOFR

+

0.69%

)

,

10/22/2027

(c)

1,600,000

1,601,118

Wells

Fargo

&

Co.

,

5.23%

(

3

Month

SOFR

+

0.78%

)

,

1/24/2028

(c)

2,000,000

2,001,844

Wells

Fargo

Bank

NA

5.55%,

8/01/2025

750,000

750,000

5.52%

(3

Month

SOFR

+

1.07%),

12/11/2026

(c)

900,000

907,198

Westpac

Banking

Corp.

,

4.97%

(

3

Month

SOFR

+

0.52%

)

,

6/03/2026

(c)

1,900,000

1,904,071

58,724,157

Beverages

–

1.6%

PepsiCo,

Inc.

,

4.45%

,

2/07/2028

2,000,000

2,025,421

The

Coca-Cola

Company

,

1.00%

,

3/15/2028

1,900,000

1,764,085

3,789,506

Computers

–

0.8%

International

Business

Machines

Corp.

4.00%,

7/27/2025

300,000

299,872

4.65%,

2/10/2028

1,500,000

1,517,660

1,817,532

Diversified

Financial

Services

–

1.3%

American

Express

Co.

5.21%

(3

Month

SOFR

+

0.76%),

2/13/2026

(c)

250,000

250,433

2.55%,

3/04/2027

750,000

730,523

The

Charles

Schwab

Corp.

4.91%

(3

Month

SOFRIX

+

0.52%),

5/13/2026

(c)

300,000

300,092

5.88%,

8/24/2026

350,000

355,959

3.20%,

1/25/2028

1,500,000

1,468,894

3,105,901

Healthcare-Services

–

0.3%

Roche

Holdings,

Inc.

,

5.19%

(

3

Month

SOFR

+

0.74%

)

,

11/13/2026

(a)(c)

650,000

654,570

654,570

Insurance

–

0.1%

Prudential

Financial,

Inc.

,

1.50%

,

3/10/2026

300,000

294,353

294,353

Internet

–

0.8%

Amazon.com,

Inc.

,

3.15%

,

8/22/2027

1,950,000

1,918,862

1,918,862

Machinery-Construction

&

Mining

–

0.7%

Caterpillar

Financial

Services

Corp.

4.97%

(3

Month

SOFR

+

0.52%),

5/14/2027

(c)

750,000

750,806

5.01%

(3

Month

SOFR

+

0.56%),

11/15/2027

(c)

1,000,000

1,000,352

1,751,158

Machinery-Diversified

–

1.0%

John

Deere

Capital

Corp.

4.80%,

1/09/2026

300,000

300,687

1.70%,

1/11/2027

350,000

337,959

4.75%,

1/20/2028

1,750,000

1,778,317

2,416,963

6

Statement

of

Investments

(continued)

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

and

Notes

–

42.9%

(continued)

Media

–

0.7%

Comcast

Corp.

2.35%,

1/15/2027

750,000

729,927

5.35%,

11/15/2027

1,000,000

1,026,585

1,756,512

Oil

&

Gas

–

0.6%

BP

Capital

Markets

America,

Inc.

,

3.41%

,

2/11/2026

300,000

298,044

Chevron

USA,

Inc.

,

4.48%

,

2/26/2028

1,000,000

1,012,274

1,310,318

Pharmaceuticals

–

2.1%

AbbVie,

Inc.

,

2.95%

,

11/21/2026

350,000

344,325

Bristol-Myers

Squibb

Co.

,

3.90%

,

2/20/2028

2,000,000

1,991,137

CVS

Health

Corp.

,

3.00%

,

8/15/2026

300,000

295,325

Eli

Lilly

&

Co.

,

4.55%

,

2/12/2028

2,000,000

2,026,847

Pfizer

Investment

Enterprises

Pte

Ltd.

,

4.45%

,

5/19/2026

250,000

250,325

Shire

Acquisitions

Investments

Ireland

DAC

,

3.20%

,

9/23/2026

7,000

6,912

4,914,871

Real

Estate

–

0.3%

Simon

Property

Group

LP

,

1.38%

,

1/15/2027

725,000

694,617

694,617

Retail

–

2.0%

Starbucks

Corp.

,

2.00%

,

3/12/2027

1,950,000

1,877,113

Target

Corp.

1.95%,

1/15/2027

700,000

678,292

4.35%,

6/15/2028

1,000,000

1,006,246

The

Home

Depot,

Inc.

,

4.00%

,

9/15/2025

750,000

749,262

Walmart,

Inc.

,

3.90%

,

9/09/2025

300,000

299,744

4,610,657

Semiconductors

–

0.1%

Intel

Corp.

,

3.70%

,

7/29/2025

300,000

299,022

299,022

Software

–

0.1%

Oracle

Corp.

,

2.65%

,

7/15/2026

300,000

294,664

294,664

Telecommunications

–

2.2%

AT&T,

Inc.

,

4.25%

,

3/01/2027

1,900,000

1,898,967

Cisco

Systems

Inc.

,

4.55%

,

2/24/2028

1,250,000

1,266,878

T-Mobile

USA,

Inc.

3.75%,

4/15/2027

600,000

594,009

4.75%,

2/01/2028

1,300,000

1,300,578

5,060,432

Total

Corporate

Bonds

and

Notes

(cost

$99,939,817)

100,587,535

U.S.

Treasury

Government

Securities

–

3.4%

U.S.

Treasury

Notes

3.13%,

8/15/2025

600,000

598,980

4.88%,

11/30/2025

1,500,000

1,503,318

4.00%,

1/15/2027

3,800,000

3,809,648

4.13%,

11/15/2027

2,000,000

2,018,828

Total

U.S.

Treasury

Government

Securities

(cost

$7,875,142)

7,930,774

7

See

Notes

to

Financial

Statements

Description

Shares

Value

($)

Investment

Companies

–

2.9%

Registered

Investment

Companies

–

2.9%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

4.31%

(d)(e)

(cost

$6,908,482)

6,908,482

6,908,482

Total

Investments

(cost

$232,541,147)

99.5%

233,246,062

Cash

and

Receivables

(Net)

0.5%

1,167,404

Net

Assets

100.0%

234,413,466

SOFR—Secured

Overnight

Financing

Rate

SOFRIX—Secured

Overnight

Financing

Rate

Index

(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

June

30,

2025,

these

securities

were

valued

at

$96,948,655

or

41.36%

of

net

assets.

(b)

Security

is

a

discount

security.

Income

is

recognized

through

the

accretion

of

discount.

(c)

Variable

rate

security

-

rate

shown

is

the

interest

rate

in

effect

at

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(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

June

30,

2025.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

June

30,

2025

are

as

follows:

Description

Value

($)

6/30/24

Purchases

($)

1

Sales

($)

Value

($)

6/30/25

Dividends/

Distributions

($)

Investment

Companies

–

2.9%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

1,494,113

205,000,191

(199,585,822)

6,908,482

410,033

Total

–

2.9%

1,494,113

205,000,191

(199,585,822)

6,908,482

410,033

1

Includes

reinvested

dividends/distributions.

8

STATEMENT

OF

ASSETS

AND

LIABILITIES

June

30,

2025

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments:

–

Unaffiliated

issuers

225,632,665

226,337,580‌

Affil

iated

issuers

6,908,482

6,908,482‌

Interest

receivable

1,169,088‌

Dividends

receivable

21,153‌

234,436,303‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—Note

3(b)

22,837‌

22,837‌

Net

Assets

($)

234,413,466‌

Composition

of

Net

Assets

($):

Paid-in

capital

233,209,125‌

Total

distributable

earnings

(loss)

1,204,341‌

Net

Assets

($)

234,413,466‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

4,700,001‌

Net

asset

value

per

share

49.88‌

Market

price

per

share

49.88‌

9

STATEMENT

OF

OPERATIONS

Year

Ended

June

30,

2025

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends:

Affiliated

issuers

410,033‌

Interest

6,6

34,544‌

Total

Income

7,044,577‌

Expenses:

Management

fee—Note

3(a)

176,043‌

Total

Expenses

176,043‌

Net

Investment

Income

6,868,534‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

4,430‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

790,315‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

794,745‌

Net

Increase

in

Net

Assets

Resulting

from

Operations

7,663,279‌

10

STATEMENT

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements

Year

Ended

June

30,

2025

2024

Operations

($):

Net

investment

income

6,868,534‌

2,587,443‌

Net

realized

gain

(loss)

on

investments

4,430‌

(16,315‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

790,315‌

241,251‌

Net

Increase

in

Net

Assets

Resulting

from

Operations

7,663,279‌

2,812,379‌

Distributions

($):

Distributions

to

shareholders

(6,348,430‌)

(2,459,830‌)

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

176,112,044‌

47,001,580‌

Cost

of

shares

redeemed

(17,416,483‌)

(2,473,521‌)

Transaction

fees—Note

5

19,353‌

4,948‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

158,714,914‌

44,533,007‌

Total

Increase

(Decrease)

in

Net

Assets

160,029,763‌

44,885,556‌

Net

Assets

($):

Beginning

of

Period

74,383,703‌

29,498,147‌

End

of

Period

234,413,466‌

74,383,703‌

Changes

in

Shares

Outstanding:

Shares

sold

3,550,000‌

950,000‌

Shares

redeemed

(350,000‌)

(50,000‌)

Net

Increase

(Decrease)

in

Shares

Outstanding

3,200,000‌

900,000‌

11

FINANCIAL

HIGHLIGHTS

The

following

table

describes

the

performance

for

the

fiscal

periods

indicated.

See

Notes

to

Financial

Statements

Year

Ended

June

30,

For

the

Period

from

August

11,

2021

(a)

to

June

30,

2022

2025

2024

2023

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

49.59‌

49.16‌

48.97‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

2.32‌

2.41‌

1.56‌

0.17‌

Net

realized

and

unrealized

gain

(loss)

on

investments

0.37‌

0.36‌

0.18‌

(0.94‌)

Total

from

Investment

Operations

2.69‌

2.77‌

1.74‌

(0.77‌)

Distributions:

–

–

–

–

Dividends

from

net

investment

income

(2.41‌)

(2.34‌)

(1.55‌)

(0.27‌)

Transaction

fees

(b)

0.01‌

0.00‌

(c)

0.00‌

(c)

0.01‌

Net

asset

value,

end

of

period

49.88‌

49.59‌

49.16‌

48.97‌

Market

price,

end

of

period

49.88‌

49.58‌

49.15‌

48.96‌

Net

Asset

Value

Total

Return

(%)

(d)

5.58‌

5.76‌

3.64‌

(1.54‌)

(e)

Market

Price

Total

Return

(%)

(d)

5.61‌

5.77‌

3.62‌

(1.55‌)

(e)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

(f

)

0.12‌

0.12‌

0.12‌

0.12‌

(g)

Ratio

of

net

investment

income

to

average

net

assets

4.68‌

4.90‌

3.19‌

0.39‌

(g)

Portfolio

Turnover

Rate

(h)

15.39‌

42.44‌

20.55‌

43.10‌

Net

Assets,

end

of

period

($

x

1,000)

234,413‌

74,384‌

29,498‌

26,931‌

(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)

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.

12

NOTES

TO

FINANCIAL

STATEMENTS

NOTE

1—Organization:

BNY

Mellon

Ultra

Short

Income

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

high

current

income

consistent

with

the

maintenance

of

liquidity

and

low

volatility

of

principal.

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. Dreyfus,

a

division

of

Mellon

Investments

Corporation (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

for

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.

13

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.

The

table

below

summarizes

the

inputs

used

as

of June

30,

2025

in

valuing

the

fund’s

investments:

Fair

Value

Measurements

(b) Securities

transactions

and

investment

income:

Securities

transactions

are

recorded

on

a

trade

date

basis.

Realized

gains

and

losses

from

securities

transactions

are

recorded

on

the

identified

cost

basis.

Dividend

income

is

recognized

on

the

ex-dividend

date

and

interest

income,

including,

where

applicable,

accretion

of

discount

and

amortization

of

premium

on

investments,

is

recognized

on

the

accrual

basis.

(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.

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

($)

Investments

In

Securities:

†

Commercial

Paper

—

117,819,271

—

117,819,271

Corporate

Bonds

—

100,587,535

—

100,587,535

U.S.

Treasury

Government

Securities

—

7,930,774

—

7,930,774

Investment

Companies

6,908,482

—

—

6,908,482

6,908,482

226,337,580

—

233,246,062

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

14

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

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

rates

will

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,

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

Systemin

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

may

be

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.

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).

An

unexpected

increase

in

redemption

requests,

including

requests

from

Authorized

Participants

who

may

own

a

significant

percentage

of

the

fund’s

shares,

which

may

be

triggered

by

market

turmoil

or

an

increase

in

interest

rates,

could

cause

the

fund

to

sell

its

holdings

at

a

loss

or

at

undesirable

prices

and

adversely

affect

the

fund’s

share

price

and

increase

the

fund’s

liquidity

risk,

fund

expenses

and/or

taxable

distributions.

Federal

Reserve

policy

in

response

to

market

conditions,

including

with

respect

to

interest

rates,

may

adversely

affect

the

value,

volatility

and

liquidity

of

dividend

and

interest

paying

securities.

Policy

and

legislative

changes

worldwide

are

affecting

many

aspects

of

financial

regulation.

The

impact

of

these

changes

on

the

markets

and

the

practical

implications

for

market

participants

may

not

be

fully

known

for

some

time.

Commercial

Paper

Risk:

Commercial

paper

is

a

short-term

obligation

with

a

maturity

generally

ranging

from one

to

270

days

and

is

issued

by

U.S.

or

foreign

companies

or

other

entities

in

order

to

finance

their

current

operations.

Such

investments

are

unsecured

and

usually

discounted

from

their

value

at

maturity.

The

value

of

commercial

paper

may

be

affected

by

changes

in

the

credit

rating

or

financial

condition

of

the

issuing

entities

and

will

tend

to

fall

when

interest

rates

rise

and

rise

when

interest

rates

fall.  

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

are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

income

are

normally

declared

and

paid

on

a

monthly

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.

(f)

Federal

income

taxes:

It

is

the

policy

of

the

fund

to

continue to

qualify

as

a

regulated

investment

company,

if

such

qualification

is

in

the

best

interests

of

its

shareholders,

by

complying

with

the

applicable

provisions

of

the

Code,

and

to

make

distributions

of

taxable

income

and

net

realized

capital

gain sufficient

to

relieve

it

from

substantially

all

federal

income

and

excise

taxes.

As

of

and

during

the period

ended June

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 June

30,

2025,

the

fund

did

not

incur

any

interest

or

penalties.

Each

tax

year

in

the

four-year

period

ended June

30,

2025

remains

subject

to

examination

by

the

Internal

Revenue

Service

and

state

taxing

authorities.

At June

30,

2025,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

undistributed

ordinary

income

$925,904,

accumulated

capital

losses

$336,882,

and

unrealized appreciation

$615,319.

15

The

fund is

permitted

to

carry

forward

capital

losses

for

an

unlimited

period.

Furthermore,

capital

loss

carryovers

retain

their

character

as

either

short-term

or

long-term

capital

losses.

The

accumulated

capital

loss

carryover

is

available

for

federal

income

tax

purposes

to

be

applied

against

future

net

realized

capital

gains,

if

any,

realized

subsequent

to

June

30,

2025.

The

fund

has

$119,985

of

short-term

capital

losses

and

$216,897

of

long-term

capital

losses

which

can

be

carried

forward

for

an

unlimited

period.

The

tax

character

of

distributions

paid

to

shareholders

during

the

fiscal

years

ended

June

30,

2025

and

June

30,

2024

were

as

follows:

ordinary

income

$6,348,430

and

$2,459,830,

respectively.

(g)

Operating

Segment

Reporting:

In

this

reporting

period,

the

fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07”).

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

fund’s

financial

position

or

the

results

of

its

operations.

The

ASU

2023-07

is

effective

for

public

entities

for

fiscal

years

beginning

after

December

15,

2023,

and

requires

retrospective

application

for

all

prior

periods

presented

within

the

financial

statements.

Since

its

commencement,

the

fund

operates

and

is

managed

as

a

single

reportable

segment

deriving

returns

in

the

form

of

dividends,

interest

and/or

gains

from

the

investments

made

in

pursuit

of

its

single

stated

investment

objective

as

outlined

in

the

fund’s

prospectus.

The

accounting

policies

of

the

fund

are

consistent

with

those

described

in

these

Notes

to

the

Financial

Statements.

The

chief

operating

decision

maker

(“CODM”)

is

represented

by

BNY

Investments,

the

management

of

the

fund’s

adviser,

comprising

of

Senior

management

and

Directors.

The

CODM

considers

net

increase

in

net

assets

resulting

from

operations

in

deciding

whether

to

purchase

additional

investments

or

to

make

distributions

to

its

shareholders.

Detailed

financial

information

for

the

fund

is

disclosed

within

these

financial

statements

with

total

assets

and

liabilities

disclosed

on

the

Statement

of

Assets

and

Liabilities,

investments

held

on

the

Statement

of

Investments,

results

of

operations

and

significant

segment

expenses

on

the

Statement

of

Operations

and

other

information

about

the

fund’s

performance,

including

total

return,

portfolio

turnover

and

ratios

within

the

Financial

Highlights.

NOTE

3—Management

Fee,

Sub-Advisory

Fee

and

Other

Transactions

with

Affiliates:

(a)

Pursuant

to

a

management

agreement

with

the

Adviser,

the

management

fee

is computed

at

an

annual

rate of

0.12%

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

June

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

0.06%

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 $22,837.

16

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

(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

and

in-kind

transactions,

if

any,

during

the

period

ended

June

30,

2025, amounted

to $82,285,935

and

$10,362,431,

respectively.

At June

30,

2025,

the

cost

of

investments

for

federal

income

tax

purposes

was

$232,630,743;

accordingly,

accumulated

net

unrealized

appreciation on

investments

for

federal

income

tax

purposes

was

$615,319,

consisting

of

gross

appreciation

of

$705,325

and

gross

depreciation

of

$90,006.

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

June

30,

2025,

MBC

Investments

Corporation,

a

wholly-owned

subsidiary

of

BNY,

held

499,001

shares

of

the

fund.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

fund.

Because

such

gains

or

losses

are

not

taxable

to

the

fund

and

are

not

distributed

to

existing

fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

per

share.

During

the

year

ended

June

30,

2025

,

the

fund

had

no

in-kind

transactions

.

17

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Shareholders

and

the

Board

of

Trustees

of

BNY

Mellon

Ultra

Short

Income

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BNY

Mellon

Ultra

Short

Income

ETF

(the

“Fund”)

(one

of

the

funds

constituting

BNY

Mellon

ETF

Trust

(the

“Trust”)),

including

the

statement

of

investments,

as

of

June

30,

2025,

and

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended

and

the

period

from

August

11,

2021

(commencement

of

operations)

through

June

30,

2022

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

(one

of

the

funds

constituting

BNY

Mellon

ETF

Trust)

at

June

30,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended

and

its

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended

and

the

period

from

August

11,

2021

(commencement

of

operations)

through

June

30,

2022,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Trust’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Trust

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Trust

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Trust’s

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Trust’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

June

30,

2025,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

BNY

Mellon

Family

of

Funds

since

at

least

1957,

but

we

are

unable

to

determine

the

specific

year.

New

York,

New

York

August

22,

2025

18

IMPORTANT

TAX

INFORMATION

(Unaudited)

Form

1099-DIV,

Form

1042-S

and

other

year–end

tax

information

provide

shareholders

with

actual

calendar

year

amounts

that

should

be

included

in

their

tax

returns.

Shareholders

should

consult

their

tax

advisers.

The

following

distribution

information

is

being

provided

as

required

by

the

Internal

Revenue

Code

or

to

meet

a

specific

state’s

requirement.

The

fund

designates

the

following

amounts

or,

if

subsequently

determined

to

be

different,

the

maximum

amount

allowable

for

its

fiscal

year

ended June

30,

2025:

For

federal

tax

purposes

the

fund

hereby

reports

84.07%

of

ordinary

income

dividends

paid

during

the

fiscal

year

ended

June

30,

2025 as

qualifying

interest

related

dividends.

19

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

20

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

(Unaudited)

N/A

21

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.

22

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(Unaudited)

At

a

meeting

held

on

May

20,

2025,

the

Board

of

Trustees

(the

“Board”)

of

BNY

Mellon

ETF

Trust

(the

“Trust”),

all

the

members

of

which

are

not

“interested

persons”

of

the

Trust

as

defined

in

the

Investment

Company

Act

of

1940,

as

amended,

evaluated

proposals

to

(i)

continue

the

management

agreement

(the

“Management

Agreement”)

between

the

Trust

and

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”)

with

respect

to

the

BNY

Mellon

Ultra

Short

Income

ETF

(the

“fund”);

and

(ii)

continue

the

sub-investment

advisory

agreement

between

the

Adviser

and

Mellon

Investments

Corporation

(the

“Sub-Adviser”),

an

affiliate

of

the

Adviser,

pursuant

to

which

Dreyfus,

a

division

of

the

Sub-Adviser,

provides

day-to-day

management

of

the

fund’s

investments.

The

Management

Agreement

and

the

sub-investment

advisory

agreement

are

each

referred

to

herein

as

an

“Agreement”

and

together,

as

the

“Agreements.”

The

Trustees

met

separately

to

consider

the

Agreements

and

were

advised

by

legal

counsel

throughout

the

process.

To

evaluate

the

Agreements,

the

Board

requested,

and

the

Adviser

and

the

Sub-Adviser

provided,

such

materials

as

the

Board,

with

the

advice

of

counsel,

deemed

reasonably

necessary.

In

addition,

the

Board

considered

information

it

reviewed

at

other

Board

and

Board

committee

meetings.

In

deciding

whether

to

approve

the

Agreements,

the

Board

considered

various

factors,

including

the

(i)

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

Sub-Adviser

under

each

respective

Agreement,

(ii)

investment

performance

of

the

fund,

(iii)

profits

realized

by

the

Adviser

and

its

affiliates

from

its

relationship

with

the

fund,

(iv)

fees

charged

to

comparable

funds,

(v)

other

benefits

to

the

Adviser,

Sub-Adviser

and/or

their

affiliates,

and

(vi)

extent

to

which

economies

of

scale

would

be

shared

as

the

fund

grows.

The

Board

considered

the

Agreements

for

the

fund

and

the

engagement

of

the

Adviser

and

the

Sub-Adviser

separately.

The

Board

reviewed

reports

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

which

included

information

(i)

comparing

the

fund’s

performance

with

the

performance

of

a

group

of

other

ultrashort

bond

exchange

traded

funds

(“ETFs”)

(the

“Performance

Group”)

and

with

a

broader

group

of

ultrashort

bond

ETFs

(the

“Performance

Universe”)

for

the

periods

ended

March

31,

2025;

and

(ii)

comparing

the

fund’s

contractual

management

fees

and

total

expenses

with

a

group

of

other

ultrashort

bond

ETFs

(the

“Expense

Group”)

and,

with

respect

to

total

expenses,

with

a

broader

group

of

ultrashort

bond

ETFs

(the

“Expense

Universe”),

the

information

for

which

was

derived

in

part

from

fund

financial

statements

available

to

Broadridge

as

of

the

date

of

its

analysis.

Nature,

Extent

and

Quality

of

Services

The

Board

considered

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

Sub-Adviser.

In

doing

so,

the

Trustees

relied

on

their

prior

experience

in

overseeing

the

management

of

the

fund

and

the

materials

provided

prior

to

and

at

the

meeting.

The

Board

reviewed

the

Agreements

and

the

Adviser’s

and

the

Sub-Adviser’s

responsibilities

for

managing

investment

operations

of

the

fund

in

accordance

with

the

fund’s

investment

objective

and

policies,

and

applicable

legal

and

regulatory

requirements.

The

Board

appreciated

the

nature

of

the

fund

as

an

ETF

and

considered

the

background

and

experience

of

the

Adviser’s

and

the

Sub-Adviser’s

senior

management,

including

those

individuals

responsible

for

portfolio

management

and

regulatory

compliance

of

the

fund.

The

Board

also

considered

the

portfolio

management

resources,

structures

and

practices

of

the

Adviser

and

the

Sub-Adviser,

including

those

associated

with

monitoring

and

ensuring

the

fund’s

compliance

with

its

investment

objective

and

policies

and

with

applicable

laws

and

regulations.

The

Board

further

considered

information

about

the

Sub-Adviser’s

best

execution

procedures

as

well

as

the

Adviser’s

and

the

Sub-

Adviser’s

overall

investment

management

business.

The

Board

looked

at

the

Adviser’s

general

knowledge

of

the

investment

management

business

and

that

of

its

affiliates,

including

the

Sub-Adviser.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered

the

Adviser’s

favorable

assessment

of

the

nature

and

quality

of

the

services

provided

by

the

Sub-Adviser.

Investment

Performance

The

Board

then

reviewed

the

results

of

the

fund’s

performance

comparisons

and

considered

that

the

fund’s

total

return

performance,

for

periods

ended

March

31,

2025,

was

above

the

Performance

Group

median

for

the

one-year

period,

the

same

as

the

Performance

Group

median

for

the

two-year

period,

and

slightly

below

the

Performance

Group

median

for

the

three-year

period.

The

Board

also

considered

that

the

fund’s

total

return

performance,

for

periods

ended

March

31,

2025,

was

above

the

Performance

Universe

average

for

the

one-year

period,

and

below

the

Performance

Universe

average

for

the

two-year

and

three-year

periods.

With

respect

to

each

period

of

underperformance,

the

Board

noted

the

fund’s

performance

was

not

significantly

below

the

respective

median

or

average.

Representatives

of

the

Adviser

indicated

that

the

usefulness

of

performance

comparisons

may

be

affected

by

a

number

of

factors,

including

different

investment

limitations

and

policies

that

may

be

applicable

to

the

fund

and

comparison

funds

and

the

end

date

selected.

Profits

Realized

by

the

Adviser

The

Board

considered

the

profitability

of

the

advisory

arrangement

with

the

fund

to

the

Adviser

and

its

affiliates.

The

Board

had

the

opportunity

to

discuss

with

representatives

of

the

Adviser

the

process

and

methodology

used

to

calculate

profitability.

23

Fees

Charged

to

Comparable

Funds

The

Board

evaluated

the

fund’s

unitary

fee

through

review

of

comparative

information

with

respect

to

fees

paid

by

similar

funds

-

i.e.,

other

ultrashort

bond

ETFs.

The

Board

explored

with

management

the

differences

between

the

fund’s

fee

and

fees

paid

by

similar

funds.

The

Board

noted

the

fund’s

contractual

management

fee

was

below

the

Expense

Group

median

and

the

fund’s

total

expenses

were

below

the

Expense

Group

median

and

the

Expense

Universe

median

total

expenses.

The

Board

considered

the

fee

paid

to

the

Sub-Adviser

in

relation

to

the

fee

paid

to

the

Adviser

by

the

fund

and

the

respective

services

provided

by

the

Sub-Adviser

and

the

Adviser.

The

Board

also

took

into

consideration

that

the

Sub-Adviser’s

fee

is

paid

by

the

Adviser

and

not

the

fund.

Other

Benefits

The

Board

also

considered

whether

the

Adviser,

the

Sub-Adviser

or

their

affiliates

benefited

in

other

ways

from

their

relationship

with

the

fund,

noting

that

neither

the

Adviser

nor

the

Sub-Adviser

maintains

soft-dollar

arrangements

in

connection

with

the

fund’s

brokerage

transactions.

The

Board

noted

The

Bank

of

New

York

Mellon

Corporation

may

derive

certain

benefits

from

an

incremental

growth

in

its

businesses

that

may

possibly

result

from

the

availability

of

the

fund

to

clients.

Economies

of

Scale

The

Board

reviewed

information

regarding

economies

of

scale

or

other

efficiencies

that

may

result

as

the

fund’s

assets

grow

in

size.

The

Board

noted

that

the

advisory

fee

rate

for

the

fund

did

not

provide

for

breakpoints

as

assets

of

the

fund

increase.

The

Adviser

asserted

that

one

of

the

benefits

of

the

unitary

fee

was

to

provide

an

unvarying

expense

structure,

which

could

be

lost

or

diluted

with

the

addition

of

breakpoints.

The

Board

noted

that

it

intends

to

continue

to

monitor

fees

as

the

fund

grows

in

size

and

assess

whether

fee

breakpoints

may

be

warranted.

Conclusion

After

weighing

the

foregoing

factors,

none

of

which

was

dispositive

in

itself

and

may

have

been

weighed

differently

by

each

Trustee,

the

Board

approved

the

continuation

of

the

Agreements

for

the

fund.

In

approving

the

continuance

of

the

Agreements,

the

Board

found

that

the

terms

of

the

Agreements

are

fair

and

reasonable

and

that

the

continuance

of

the

Agreements

is

in

the

best

interests

of

the

fund

and

its

shareholders.

©

2025

BNY

Mellon

Securities

Corporation

Code-4862NCSRAR0625

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 16. Controls and Procedures.

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.

(a)(1)               Code of ethics that is the subject of disclosure required by Item 2 of this Form N-CSR is attached hereto.

(a)(2)               Not applicable.

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

(a)(4)               Not applicable.

(a)(5)               Not applicable.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)                             BNY Mellon ETF Trust                                                         

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

                                                (Principal Executive Officer)

Date    8/25/25                                   

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    8/25/25                                   

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

                                                (Principal Financial and Accounting Officer)

Date    8/25/25                                   

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