BNY
Mellon
ETF
Trust
ANNUAL
REPORT
October
31,
2023
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
BNY
Mellon
International
Equity
ETF
BNY
Mellon
Emerging
Markets
Equity
ETF
BNY
Mellon
Core
Bond
ETF
BNY
Mellon
High
Yield
Beta
ETF
Contents
The
Funds
Discussion
of
Funds’
Performance
3
Fund
Performance
17
Understanding
Your
Fund’s
Expenses
24
Statements
of
Investments
25
Statements
of
Assets
and
Liabilities
123
Statements
of
Operations
126
Statements
of
Changes
in
Net
Assets
129
Financial
Highlights
133
Notes
to
Financial
Statements
140
Report
of
Independent
Registered
Public
Accounting
Firm
152
Important
Tax
Information
153
Board
Members
Information
154
Officers
of
the
Trust
155
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MORE
INFORMATION
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The
views
expressed
herein
are
current
to
the
date
of
this
report.
These
views
and
the
composition
of
the
funds’
portfolios
are
subject
to
change
at
any
time
based
on
market
and
other
conditions.
Not
FDIC-Insured
•
Not
Bank-Guaranteed
•
May
Lose
Value
3
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
For
the
period
from
November
1,
2022,
through
October
31,
2023,
as
provided
by
David
France,
CFA,
Todd
Frysinger,
CFA,
Vlasta
Sheremeta,
CFA,
Michael
Stoll
and
Marlene
Walker
Smith,
Portfolio
Managers
employed
by
the
fund’s
sub-adviser,
Mellon
Investments
Corporation.
Market
and
Fund
Performance
Overview
For
the
12-month
period
ended
October
31,
2023,
the
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
(the
“fund”)
produced
a
net
asset
value
total
return
of
13.00%.
1
In
comparison,
the
Morningstar
®
US
Large
Cap
Index
SM
(the
“Index”)
2
,
the
fund’s
benchmark,
returned
13.01%
for
the
same
period.
3,4
Large-cap
equities
gained
ground
during
the
reporting
period
as
inflationary
pressures
eased,
the
U.S.
Federal
Reserve
(the
“Fed”)
reduced
the
pace
of
interest-rate
hikes,
and
economic
growth
remained
positive.
The
difference
in
returns
between
the
fund
and
the
Index
resulted
primarily
from
transaction
costs
and
operating
expenses
that
are
not
reflected
in
Index
results.
The
Fund’s
Investment
Approach
The
fund
seeks
to
match
the
performance
of
the
Index
5
.
To
pursue
its
goal,
the
fund
normally
invests
substantially
all
of
its
assets
in
equity
securities
comprising
the
Index.
The
Index
is
a
float-adjusted,
market
capitalization-weighted
index
designed
to
measure
the
performance
of
U.S.
large-
capitalization
stocks.
The
Index’s
initial
universe
of
eligible
securities
includes
common
stock,
tracking
stock
and
shares
of
real
estate
investment
trusts
(REITs)
issued
by
U.S.
companies
and
traded
on
the
New
York
Stock
Exchange,
NASDAQ
or
NYSE
Market
LLC.
At
each
reconstitution,
the
initial
universe
is
screened
to
exclude
securities
based
on
the
number
of
non-
trading
days
in
the
preceding
quarter
and
trading
volume
during
the
preceding
six-month
period.
Securities
with
more
than
10
non-trading
days
in
the
preceding
quarter,
or
that
have
a
bottom
25%
liquidity
score,
as
ranked
by
the
Index
provider
based
on
the
preceding
six-month
trading
volume,
are
excluded.
The
remaining
securities
comprise
the
investable
universe.
The
Index
is
composed
of
the
securities
of
companies
whose
cumulative
total
market
capitalization
represents
approximately
the
top
70%
of
the
remaining
securities
comprising
the
investable
universe.
The
Index
rebalances
quarterly
in
March,
June,
September
and
December,
and
reconstitutes
semi-annually
in
June
and
December.
Equities
Gain
Ground
as
Inflation
Eases
Large-cap
U.S.
equities
gained
ground
during
the
reporting
period
as
interest-rate
hikes
implemented
by
the
Fed
gained
traction
in
the
fight
against
inflation.
Inflation
decreased
from
more
than
7%
annually
in
November
2022
to
between
3%
and
4%
from
June
through
September
2023,
while
the
federal
funds
rate
rose
by
more
than
2%
to
a
range
of
5.25%–5.50%.
Counter
to
expectations,
despite
the
rise
in
interest
rates,
economic
growth
remained
relatively
strong,
bolstered
by
robust
consumer
spending.
As
a
result,
investor
expectations
turned
to
hopes
for
a
“soft
landing,”
in
which
the
Fed
would
bring
inflation
under
control
without
triggering
a
serious
recession.
Growth-oriented
stocks
performed
particularly
well
in
this
environment,
with
market
strength
led
by
mega-cap
technology-related
names
leveraged
to
advances
in
artificial
intelligence
(“AI”).
Value-
oriented
and
interest-rate-sensitive
stocks
underperformed,
with
the
utilities,
real
estate
and
health
care
sectors
lagging
the
Index
by
the
widest
margin.
Market
sentiment
shifted
during
the
last
three
months
of
the
period,
as
hawkish
comments
from
the
Fed
dashed
hopes
that
the
central
bank
might
soon
reverse
course
and
begin
to
reduce
interest
rates.
As
investors
absorbed
the
increasing
likelihood
that
rates
would
remain
higher
for
longer,
stocks
lost
some
of
their
earlier
gains.
Growth-Oriented
Technology
Shares
Lead
Markets
Higher
Communication
services
stocks
produced
the
strongest
returns
in
the
Index,
led
by
fast-growing
technology-centric
companies
such
as
Meta
Platforms,
Inc.
and
Netflix,
Inc.
as
investors’
risk
appetites
increased.
The
information
technology
sector,
with
an
abundance
of
growth-oriented
technology
companies,
outperformed
as
well,
with
notably
strong
returns
from
AI-
related
semiconductor
manufacturers,
such
as
NVIDIA
Corp.
and
Broadcom,
Inc.
The
materials
sector,
leveraged
to
robust
industrial
activity,
also
produced
relatively
strong
returns,
with
leading
names
including
metals
producer
Southern
Copper
Corp.
and
specialty
chemicals
company
Air
Products
&
Chemicals,
Inc.
Conversely,
the
utilities
sector
came
under
pressure
as
rising
interest
rates
undermined
the
appeal
of
high
yielding
stocks.
Notable
underperformers
included
Dominion
Energy,
Inc.
and
NextEra
Energy,
Inc.
Real
estate
stocks,
such
as
Crown
Castle,
Inc.
and
Public
Storage,
lost
ground
as
rising
mortgage
rates
impacted
the
residential
market,
while
underused
office
space
hurt
commercial
property
values.
Finally,
health
care
lagged
as
demand
for
COVID-19
vaccines
and
treatments
slowed
as
the
pandemic
waned,
driving
share
price
contraction
for
companies
such
as
Moderna,
Inc.
and
Pfizer,
Inc.
The
fund’s
use
of
derivatives
during
the
period
was
limited
to
futures
contracts
employed
solely
to
offset
the
impact
of
cash
positions,
which
the
fund
holds
pursuant
to
its
operations,
but
the
Index
does
not.
Such
holdings
helped
the
fund
more
closely
match
the
performance
of
the
Index.
Replicating
the
Performance
of
the
Index
Although
the
Fed
may
not
raise
rates
further
in
the
coming
months,
the
impact
of
recent
rate
hikes
is
likely
to
continue
rippling
through
the
economy
for
some
time
to
come.
Time
will
tell
if
the
rate
increases
already
imposed
can
bring
inflation
down
to
the
Fed’s
target
of
2%,
and
if
the
economy
can
continue
to
grow,
despite
the
impact
of
higher
borrowing
costs
for
consumers
and
businesses
alike.
However
developments
unfold,
in
seeking
to
match
the
performance
of
the
Index,
we
do
not
actively
manage
investments
in
response
to
macroeconomic
trends.
As
always,
we
continue
to
monitor
factors
that
affect
the
fund’s
investments.
4
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
(continued)
November
15,
2023
1
Total
return
includes
reinvestment
of
dividends
and
any
capital
gains
paid.
A
fund’s
net
asset
value
(NAV)
is
the
sum
of
all
its
assets
less
any
liabilities,
divided
by
the
number
of
shares
outstanding.
Exchange-Traded
Funds
(“ETFs”)
are
bought
and
sold
at
market
prices,
not
NAV,
therefore
an
investor’s
return
at
market
price
may
differ
from
NAV.
Past
performance
is
no
guarantee
of
future
results.
Share
price,
yield
and
investment
return
fluctuate
such
that
upon
redemption,
fund
shares
may
be
worth
more
or
less
than
their
original
cost.
2
Effective
November
15,
2023,
the
fund
changed
its
benchmark
to
Solactive
GBS
United
States
500
Index
TR.
3
Source:
Morningstar,
Inc.
—
The
Morningstar
®
US
Large
Cap
Index
SM
is
a
float-
adjusted,
market
capitalization-weighted
index
that
is
designed
to
measure
the
performance
of
U.S.
large-capitalization
stocks.
The
Index’s
initial
universe
of
eligible
securities
includes
common
stock,
tracking
stock
and
shares
of
real
estate
investment
trusts
(REITs)
issued
by
U.S.
companies
and
traded
on
the
New
York
Stock
Exchange,
NASDAQ
or
NYSE
Market
LLC.
At
each
reconstitution,
the
initial
universe
is
screened
to
exclude
securities
based
on
the
number
of
non-trading
days
in
the
preceding
quarter
and
trading
volume
during
the
preceding
six-month
period.
Securities
with
more
than
10
non-trading
days
in
the
preceding
quarter,
or
that
have
a
bottom
25%
liquidity
score,
as
ranked
by
the
index
provider
based
on
the
preceding
six-month
trading
volume,
are
excluded.
The
remaining
securities
comprise
the
investable
universe.
The
Index
is
composed
of
the
securities
of
companies
whose
cumulative
total
market
capitalization
represents
approximately
the
top
70%
of
the
remaining
securities
comprising
the
investable
universe.
Investors
cannot
invest
directly
in
any
index.
Investors
cannot
invest
directly
in
any
index.
4
Morningstar
®
is
a
service
mark
of
Morningstar,
Inc.
and
has
been
licensed
for
use
for
certain
purposes
by
BNY
Mellon
ETF
Investment
Adviser,
LLC.
The
fund
is
not
sponsored,
endorsed,
sold
or
promoted
by
Morningstar,
and
Morningstar
makes
no
representation
regarding
the
advisability
of
investing
in
the
fund.
5
Effective
November
15,
2023,
the
fund
changed
its
investment
objective.
Please
see
Note
6
and
the
fund’s
prospectus
for
more
details.
ETFs
trade
like
stocks,
are
subject
to
investment
risk,
including
possible
loss
of
principal.
ETF
shares
are
listed
on
an
exchange,
and
shares
are
generally
purchased
and
sold
in
the
secondary
market
at
market
price.
At
times,
the
market
price
may
be
at
a
premium
or
discount
to
the
ETF’s
per
share
NAV.
In
addition,
ETFs
are
subject
to
the
risk
that
an
active
trading
market
for
an
ETF’s
shares
may
not
develop
or
be
maintained.
Buying
or
selling
ETF
shares
on
an
exchange
may
require
payment
of
brokerage
commissions.
Equities
are
subject
generally
to
market,
market
sector,
market
liquidity,
issuer
and
investment
style
risks,
among
other
factors,
to
varying
degrees,
all
of
which
are
more
fully
described
in
the
fund’s
prospectus.
The
fund
may,
but
is
not
required,
to
use
derivative
instruments.
A
small
investment
in
derivatives
could
have
a
potentially
large
impact
on
the
fund’s
performance.
The
use
of
derivatives
involves
risks
different
from,
or
possibly
greater
than,
the
risks
associated
with
investing
directly
in
the
underlying
assets.
The
BNY
Mellon
ETFs
are
not
sponsored,
promoted,
sold
or
supported
in
any
other
manner
by
Solactive
AG
nor
does
Solactive
AG
offer
any
express
or
implicit
guarantee
or
assurance
either
with
regard
to
the
results
of
using
the
Index
and/or
Index
trade
mark
or
the
Index
Price
at
any
time
or
in
any
other
respect.
The
Index
is
calculated
and
published
by
Solactive
AG.
Solactive
AG
uses
its
best
efforts
to
ensure
that
the
Index
is
calculated
correctly.
Irrespective
of
its
obligations
towards
BNY
Mellon,
Solactive
AG
has
no
obligation
to
point
out
errors
in
the
Index
to
third
parties
including
but
not
limited
to
investors
and/or
financial
intermediaries
of
the
BNY
Mellon
ETFs.
Neither
publication
of
the
Index
by
Solactive
AG
nor
the
licensing
of
the
Index
or
Index
trade
mark
for
the
purpose
of
use
in
connection
with
the
BNY
Mellon
ETFs
constitutes
a
recommendation
by
Solactive
AG
to
invest
capital
in
said
financial
instrument
nor
does
it
in
any
way
represent
an
assurance
or
opinion
of
Solactive
AG
with
regard
to
any
investment
in
the
BNY
Mellon
ETFs.
5
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
For
the
period
from
November
1,
2022,
through
October
31,
2023,
as
provided
by
David
France,
CFA,
Todd
Frysinger,
CFA,
Vlasta
Sheremeta,
CFA,
Michael
Stoll
and
Marlene
Walker
Smith,
Portfolio
Managers
employed
by
the
fund’s
sub-adviser,
Mellon
Investments
Corporation.
Market
and
Fund
Performance
Overview
For
the
12-month
period
ended
October
31,
2023,
the
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
(the
“fund”)
produced
a
net
asset
value
total
return
of
-0.89%.
1
In
comparison,
the
Morningstar
®
US
Mid
Cap
Index
SM
(the
“Index”)
2
,
the
fund’s
benchmark,
returned
-0.87%
for
the
same
period.
3,4
Equities
produced
mixed
performance
during
the
reporting
period
as
inflationary
pressures
eased
and
economic
growth
remained
positive,
but
the
U.S.
Federal
Reserve
(the
“Fed”)
warned
that
interest
rates
were
likely
to
remain
elevated.
The
difference
in
returns
between
the
fund
and
the
Index
resulted
primarily
from
transaction
costs
and
operating
expenses
that
are
not
reflected
in
Index
results.
The
Fund’s
Investment
Approach
The
fund
seeks
to
match
the
performance
of
the
Index
5
.
To
pursue
its
goal,
the
fund
normally
invests
substantially
all
of
its
assets
in
equity
securities
comprising
the
Index.
The
Index
is
a
float-adjusted,
market
capitalization-weighted
index
designed
to
measure
the
performance
of
U.S.
medium-
capitalization
stocks.
The
Index’s
initial
universe
of
eligible
securities
includes
common
stock,
tracking
stock
and
shares
of
real
estate
investment
trusts
(REITs)
issued
by
U.S.
companies
and
traded
on
the
New
York
Stock
Exchange,
NASDAQ
or
NYSE
Market
LLC.
At
each
reconstitution,
the
initial
universe
is
screened
to
exclude
securities
based
on
the
number
of
non-
trading
days
in
the
preceding
quarter
and
trading
volume
during
the
preceding
six-month
period.
Securities
with
more
than
10
non-trading
days
in
the
preceding
quarter,
or
that
have
a
bottom
25%
liquidity
score,
as
ranked
by
the
Index
provider
based
on
the
preceding
six-month
trading
volume,
are
excluded.
The
remaining
securities
comprise
the
investable
universe.
The
Index
is
composed
of
the
securities
of
companies
whose
cumulative
total
market
capitalization
falls
approximately
between
the
bottom
10%-30%
of
the
remaining
securities
comprising
the
investable
universe.
The
Index
rebalances
quarterly
in
March,
June,
September
and
December,
and
reconstitutes
semi-annually
in
June
and
December.
Equities
Deliver
Mixed
Returns
as
Inflation
Eases
and
Rates
Rise
U.S.
equities
gained
ground
during
the
first
three
quarters
of
the
reporting
period
as
interest-rate
hikes
implemented
by
the
Fed
gained
traction
in
the
fight
against
inflation.
Inflation
decreased
from
more
than
7%
annually
in
November
2022
to
between
3%
and
4%
from
June
through
September
2023,
while
the
federal
funds
rate
rose
by
more
than
2%
to
a
range
of
5.25%–5.50%.
Counter
to
expectations,
despite
the
rise
in
interest
rates,
economic
growth
remained
relatively
strong,
bolstered
by
robust
consumer
spending.
As
a
result,
investor
expectations
turned
to
hopes
for
a
“soft
landing,”
in
which
the
Fed
would
bring
inflation
under
control
without
triggering
a
serious
recession.
Growth-
oriented
stocks
performed
particularly
well
in
this
environment,
with
market
strength
led
by
mega-cap
technology-related
names
leveraged
to
advances
in
artificial
intelligence
(“AI”).
Small-
and
mid-cap
stocks
underperformed
their
large-cap
counterparts
by
a
significant
margin.
Value-oriented
and
interest-rate-sensitive
stocks
underperformed
as
well,
with
the
consumer
staples,
health
care
and
financial
sector
producing
the
weakest
returns.
Market
sentiment
shifted
during
the
last
three
months
of
the
period,
as
hawkish
comments
from
the
Fed
dashed
hopes
that
the
central
bank
might
soon
reverse
course
and
begin
to
reduce
interest
rates.
As
investors
absorbed
the
increasing
likelihood
that
rates
would
remain
higher
for
longer,
stocks
lost
their
earlier
gains,
with
the
Index
ending
in
slightly
negative
territory.
Economically
Sensitive
Shares
Outperform
While
Defensives
Lag
Sectors
leveraged
to
U.S.
economic
growth
produced
the
strongest
returns
in
the
Index,
led
by
industrials.
Top
performers
included
building
products
and
equipment
makers
Builders
FirstSource,
Inc.
and
Lennox
International,
Inc.,
both
of
which
benefited
from
unexpectedly
strong
residential
housing
demand,
and
online
vehicle
auctioneer
Copart,
Inc.,
which
saw
brisk
trade
in
used
vehicles.
The
information
technology
sector,
with
an
abundance
of
growth-oriented
technology
companies,
outperformed
as
well,
with
notably
strong
returns
from
electric
component
maker
Jabil,
Inc.
and
database
software
developer
MongoDB,
Inc.
The
consumer
discretionary
sector
also
delivered
positive
returns,
bolstered
by
high
levels
of
consumer
spending.
Leading
names
included
residential
construction
company
PulteGroup,
Inc.
and
home
delivery
service
DoorDash,
Inc.
Conversely,
the
consumer
staples
sector
came
under
pressure
as
market
sentiment
turned
away
from
relatively
defensive
areas.
Notably
weak
performers
included
food
ingredient
producer
Darling
Ingredients,
Inc.,
retail
pharmacy
chain
Walgreens
Boots
Alliance,
Inc.
and
discount
retailer
Dollar
Tree,
Inc.
In
the
financials
sector,
rising
interest
rates
led
to
balance
sheet
difficulties
for
some
regional
banks,
causing
Signature
Bank
,
SVB
Financial
Group
and
First
Republic
Bank
to
fail
in
March
2023,
and
undermining
the
stock
prices
of
others
due
to
fear
of
spreading
financial
contagion.
In
health
care,
significant
underperformers
included
medical
device
makers
Masimo
Corp.
and
Insulet
Corp.,
and
drug-related
products
supplier
Catalent,
Inc.
The
fund’s
use
of
derivatives
during
the
period
was
limited
to
futures
contracts
employed
solely
to
offset
the
impact
of
cash
positions,
which
the
fund
holds
pursuant
to
its
operations,
but
the
Index
does
not.
Such
holdings
helped
the
fund
more
closely
match
the
performance
of
the
Index.
Replicating
the
Performance
of
the
Index
Although
the
Fed
may
not
raise
rates
further
in
the
coming
months,
the
impact
of
recent
rate
hikes
is
likely
to
continue
rippling
through
the
economy
for
some
time
to
come.
Time
will
6
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
(continued)
tell
if
the
rate
increases
already
imposed
can
bring
inflation
down
the
Fed’s
target
of
2%,
and
if
the
economy
can
continue
to
grow
despite
the
impact
of
higher
borrowing
costs
for
consumers
and
businesses
alike.
However
developments
unfold,
in
seeking
to
match
the
performance
of
the
Index,
we
do
not
actively
manage
investments
in
response
to
macroeconomic
trends.
As
always,
we
continue
to
monitor
factors
that
affect
the
fund’s
investments.
November
15,
2023
1
Total
return
includes
reinvestment
of
dividends
and
any
capital
gains
paid.
A
fund’s
net
asset
value
(NAV)
is
the
sum
of
all
its
assets
less
any
liabilities,
divided
by
the
number
of
shares
outstanding.
ETFs
are
bought
and
sold
at
market
prices,
not
NAV,
therefore
an
investor’s
return
at
market
price
may
differ
from
NAV.
Past
performance
is
no
guarantee
of
future
results.
Share
price,
yield
and
investment
return
fluctuate
such
that
upon
redemption,
fund
shares
may
be
worth
more
or
less
than
their
original
cost.
2
Effective
November
15,
2023,
the
fund
changed
its
benchmark
to
Solactive
GBS
United
States
400
Index
TR.
3
Source:
Morningstar,
Inc.
—
The
Morningstar
®
US
Mid
Cap
Index
SM
is
a
float-adjusted,
market
capitalization-weighted
index
that
is
designed
to
measure
the
performance
of
U.S.
mid-capitalization
stocks.
The
Index’s
initial
universe
of
eligible
securities
includes
common
stock,
tracking
stock
and
shares
of
real
estate
investment
trusts
(REITs)
issued
by
U.S.
companies
and
traded
on
the
New
York
Stock
Exchange,
NASDAQ
or
NYSE
Market
LLC.
At
each
reconstitution,
the
initial
universe
is
screened
to
exclude
securities
based
on
the
number
of
non-trading
days
in
the
preceding
quarter
and
trading
volume
during
the
preceding
six-month
period.
Securities
with
more
than
10
non-trading
days
in
the
preceding
quarter,
or
that
have
a
bottom
25%
liquidity
score,
as
ranked
by
the
Index
provider
based
on
the
preceding
six-month
trading
volume,
are
excluded.
The
remaining
securities
comprise
the
investable
universe.
The
Index
is
composed
of
the
securities
of
companies
whose
cumulative
total
market
capitalization
falls
approximately
between
the
bottom
10%-30%
of
the
remaining
securities
comprising
the
investable
universe.
Investors
cannot
invest
directly
in
any
index.
4
Morningstar
®
is
a
service
mark
of
Morningstar,
Inc.
and
has
been
licensed
for
use
for
certain
purposes
by
BNY
Mellon
ETF
Investment
Adviser,
LLC.
The
fund
is
not
sponsored,
endorsed,
sold
or
promoted
by
Morningstar,
and
Morningstar
makes
no
representation
regarding
the
advisability
of
investing
in
the
fund.
5
Effective
November
15,
2023,
the
fund
changed
its
investment
objective.
Please
see
Note
6
and
the
fund’s
prospectus
for
more
details.
Please
note:
the
position
in
any
security
highlighted
with
italicized
typeface
was
sold
during
the
reporting
period.
ETFs
trade
like
stocks,
are
subject
to
investment
risk,
including
possible
loss
of
principal.
ETF
shares
are
listed
on
an
exchange,
and
shares
are
generally
purchased
and
sold
in
the
secondary
market
at
market
price.
At
times,
the
market
price
may
be
at
a
premium
or
discount
to
the
ETF’s
per
share
NAV.
In
addition,
ETFs
are
subject
to
the
risk
that
an
active
trading
market
for
an
ETF’s
shares
may
not
develop
or
be
maintained.
Buying
or
selling
ETF
shares
on
an
exchange
may
require
payment
of
brokerage
commissions.
Equities
are
subject
generally
to
market,
market
sector,
market
liquidity,
issuer
and
investment
style
risks,
among
other
factors,
to
varying
degrees,
all
of
which
are
more
fully
described
in
the
fund’s
prospectus.
The
fund
may,
but
is
not
required,
to
use
derivative
instruments.
A
small
investment
in
derivatives
could
have
a
potentially
large
impact
on
the
fund’s
performance.
The
use
of
derivatives
involves
risks
different
from,
or
possibly
greater
than,
the
risks
associated
with
investing
directly
in
the
underlying
assets.
The
prices
of
mid-cap
company
stocks
tend
to
be
more
volatile
than
the
prices
of
large
company
stocks,
mainly
because
these
companies
have
less
established
and
more
volatile
earnings
histories.
They
also
tend
to
be
less
liquid
than
larger
company
stocks.
The
BNY
Mellon
ETFs
are
not
sponsored,
promoted,
sold
or
supported
in
any
other
manner
by
Solactive
AG
nor
does
Solactive
AG
offer
any
express
or
implicit
guarantee
or
assurance
either
with
regard
to
the
results
of
using
the
Index
and/or
Index
trade
mark
or
the
Index
Price
at
any
time
or
in
any
other
respect.
The
Index
is
calculated
and
published
by
Solactive
AG.
Solactive
AG
uses
its
best
efforts
to
ensure
that
the
Index
is
calculated
correctly.
Irrespective
of
its
obligations
towards
BNY
Mellon,
Solactive
AG
has
no
obligation
to
point
out
errors
in
the
Index
to
third
parties
including
but
not
limited
to
investors
and/or
financial
intermediaries
of
the
BNY
Mellon
ETFs.
Neither
publication
of
the
Index
by
Solactive
AG
nor
the
licensing
of
the
Index
or
Index
trade
mark
for
the
purpose
of
use
in
connection
with
the
BNY
Mellon
ETFs
constitutes
a
recommendation
by
Solactive
AG
to
invest
capital
in
said
financial
instrument
nor
does
it
in
any
way
represent
an
assurance
or
opinion
of
Solactive
AG
with
regard
to
any
investment
in
the
BNY
Mellon
ETFs.
7
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
For
the
period
from
November
1,
2022,
through
October
31,
2023,
as
provided
by
David
France,
CFA,
Todd
Frysinger,
CFA,
Vlasta
Sheremeta,
CFA,
Michael
Stoll
and
Marlene
Walker
Smith,
Portfolio
Managers
employed
by
the
fund’s
sub-adviser,
Mellon
Investments
Corporation.
Market
and
Fund
Performance
Overview
For
the
12-month
period
ended
October
31,
2023,
the
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
(the
“fund”)
produced
a
net
asset
value
total
return
of
-2.59%.
1
In
comparison,
the
Morningstar
®
US
Small
Cap
Index
SM
(the
“Index”)
2
,
the
fund’s
benchmark,
produced
a
return
of
-2.66%
for
the
same
period.
3,4
Equities
produced
mixed
performance
during
the
reporting
period
as
inflationary
pressures
eased
and
economic
growth
remained
positive,
but
the
U.S.
Federal
Reserve
(the
“Fed”)
warned
that
interest
rates
were
likely
to
remain
elevated.
The
difference
in
returns
between
the
fund
and
the
Index
resulted
primarily
from
transaction
costs
and
operating
expenses
that
are
not
reflected
in
Index
results.
The
Fund’s
Investment
Approach
The
fund
seeks
to
match
the
performance
of
the
Index
5
.
To
pursue
its
goal,
the
fund
normally
invests
substantially
all
of
its
assets
in
equity
securities
comprising
the
Index.
The
Index
is
a
float-adjusted,
market
capitalization-weighted
index
designed
to
measure
the
performance
of
U.S.
small-
capitalization
stocks.
The
Index’s
initial
universe
of
eligible
securities
includes
common
stock,
tracking
stock
and
shares
of
real
estate
investment
trusts
(REITs)
issued
by
U.S.
companies
and
traded
on
the
New
York
Stock
Exchange,
NASDAQ
or
NYSE
Market
LLC.
At
each
reconstitution,
the
initial
universe
is
screened
to
exclude
securities
based
on
the
number
of
non-
trading
days
in
the
preceding
quarter
and
trading
volume
during
the
preceding
six-month
period.
Securities
with
more
than
10
non-trading
days
in
the
preceding
quarter,
or
that
have
a
bottom
25%
liquidity
score,
as
ranked
by
the
Index
provider
based
on
the
preceding
six-month
trading
volume,
are
excluded.
The
remaining
securities
comprise
the
investable
universe.
The
Index
is
composed
of
the
securities
of
companies
whose
cumulative
total
market
capitalization
represents
approximately
the
bottom
3%-10%
of
the
remaining
securities
comprising
the
investable
universe.
The
Index
rebalances
quarterly
in
March,
June,
September
and
December,
and
reconstitutes
semi-annually
in
June
and
December.
Equities
Deliver
Mixed
Returns
as
Inflation
Eases
and
Rates
Rise
U.S.
equities
gained
ground
during
the
first
three
quarters
of
the
reporting
period
as
interest-rate
hikes
implemented
by
the
Fed
gained
traction
in
the
fight
against
inflation.
Inflation
decreased
from
more
than
7%
annually
in
November
2022
to
between
3%
and
4%
from
June
through
September
2023,
while
the
federal
funds
rate
rose
by
more
than
2%
to
a
range
of
5.25%–5.50%.
Counter
to
expectations,
despite
the
rise
in
interest
rates,
economic
growth
remained
relatively
strong,
bolstered
by
robust
consumer
spending.
As
a
result,
investor
expectations
turned
to
hopes
for
a
“soft
landing,”
in
which
the
Fed
would
bring
rates
under
control
without
triggering
a
serious
recession.
Growth-
oriented
stocks
performed
particularly
well
in
this
environment,
with
market
strength
led
by
mega-cap
technology-related
names
leveraged
to
advances
in
artificial
intelligence
(“AI”).
Small-
and
mid-cap
stocks
underperformed
their
large-cap
counterparts
by
a
significant
margin.
Value-oriented
and
interest-rate-sensitive
stocks
underperformed
as
well,
with
the
consumer
staples,
health
care
and
financial
sector
producing
the
weakest
returns.
Market
sentiment
shifted
during
the
last
three
months
of
the
period,
as
hawkish
comments
from
the
Fed
dashed
hopes
that
the
central
bank
might
soon
reverse
course
and
begin
to
reduce
interest
rates.
As
investors
absorbed
the
increasing
likelihood
that
rates
would
remain
higher
for
longer,
stocks
lost
their
earlier
gains,
with
the
Index
ending
in
mildly
negative
territory.
Defensive
sectors,
particularly
consumer
staples,
performed
relatively
well
during
this
portion
of
the
period.
Mixed
Performance
Across
Sectors
Stocks
delivered
mixed
returns
across
sectors,
with
some
traditionally
defensive
areas,
such
as
consumer
staples,
outperforming
while
others,
such
as
utilities
and
communication
services,
lagged.
Within
consumer
staples,
top
performers
included
nutrition
products
maker
BellRing
Brands,
Inc.
and
cosmetics
and
beauty
products
company
e.l.f.
Beauty,
Inc.
In
energy,
where
rising
oil
prices
bolstered
corporate
earnings,
notably
strong
names
included
oilfield
services
provider
Weatherford
International
PLC,
offshore
contract
drilling
company
Transocean
Ltd.
and
exploration
&
production
firm
Permian
Resources
Corp.
In
information
technology,
leading
names
included
mobile
application
development
platform
AppLovin
Corp.,
computer
server
and
storage
solutions
provider
Super
Micro
Computer,
Inc.
and
semiconductor
provider
Rambus,
Inc.
Conversely,
the
utilities
sector
came
under
pressure
as
rising
interest
rates
undermined
the
appeal
of
high
yielding
stocks.
Notable
underperformers
included
Hawaiian
Electric
Industries,
Inc.,
which
faced
potential
liability
related
to
wildfires
that
occurred
in
Hawaii
in
August
2023,
Sunnova
Energy
International,
Inc.
and
Clearway
Energy,
Inc.
In
communication
services,
shares
in
movie
chain
operator
AMC
Entertainment
Holdings,
Inc.,
satellite
provider
DISH
Network
Corp.
and
communications
services
provider
Altice
USA,
Inc.
lagged.
Finally,
in
health
care,
relatively
weak
performers
included
biotechnology
developers
Fate
Therapeutics,
Inc.
and
Revance
Therapeutics,
Inc.
and
medical
device
maker
NovoCure
Ltd.
The
fund’s
use
of
derivatives
during
the
period
was
limited
to
futures
contracts
employed
solely
to
offset
the
impact
of
cash
positions,
which
the
fund
holds
pursuant
to
its
operations,
but
the
Index
does
not.
Such
holdings
helped
the
fund
more
closely
match
the
performance
of
the
Index.
8
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
(continued)
Replicating
the
Performance
of
the
Index
Although
the
Fed
may
not
raise
rates
further
in
the
coming
months,
the
impact
of
recent
rate
hikes
is
likely
to
continue
rippling
through
the
economy
for
some
time
to
come.
Time
will
tell
if
the
rate
increases
already
imposed
can
bring
inflation
down
the
Fed’s
target
of
2%,
and
if
the
economy
can
continue
to
grow
despite
the
impact
of
higher
borrowing
costs
for
consumers
and
businesses
alike.
However
developments
unfold,
in
seeking
to
match
the
performance
of
the
Index,
we
do
not
actively
manage
investments
in
response
to
macroeconomic
trends.
As
always,
we
continue
to
monitor
factors
that
affect
the
fund’s
investments.
November
15,
2023
1
Total
return
includes
reinvestment
of
dividends
and
any
capital
gains
paid.
A
fund’s
net
asset
value
(NAV)
is
the
sum
of
all
its
assets
less
any
liabilities,
divided
by
the
number
of
shares
outstanding.
ETFs
are
bought
and
sold
at
market
prices,
not
NAV,
therefore
an
investor’s
return
at
market
price
may
differ
from
NAV.
Past
performance
is
no
guarantee
of
future
results.
Share
price,
yield
and
investment
return
fluctuate
such
that
upon
redemption,
fund
shares
may
be
worth
more
or
less
than
their
original
cost.
2
Effective
November
15,
2023,
the
fund
changed
its
benchmark
to
Solactive
GBS
United
States
600
Index
TR.
3
Source:
Morningstar,
Inc.
—
The
Morningstar
®
US
Small
Cap
Index
SM
is
a
float-
adjusted,
market
capitalization-weighted
index
that
is
designed
to
measure
the
performance
of
U.S.
small-capitalization
stocks.
The
Index’s
initial
universe
of
eligible
securities
includes
common
stock,
tracking
stock
and
shares
of
real
estate
investment
trusts
(REITs)
issued
by
U.S.
companies
and
traded
on
the
New
York
Stock
Exchange,
NASDAQ
or
NYSE
Market
LLC.
At
each
reconstitution,
the
initial
universe
is
screened
to
exclude
securities
based
on
the
number
of
non-trading
days
in
the
preceding
quarter
and
trading
volume
during
the
preceding
six-month
period.
Securities
with
more
than
10
non-trading
days
in
the
preceding
quarter,
or
that
have
a
bottom
25%
liquidity
score,
as
ranked
by
the
Index
provider
based
on
the
preceding
six-month
trading
volume,
are
excluded.
The
remaining
securities
comprise
the
investable
universe.
The
Index
is
composed
of
the
securities
of
companies
whose
cumulative
total
market
capitalization
represents
approximately
the
bottom
3%-10%
of
the
remaining
securities
comprising
the
investable
universe.
Investors
cannot
invest
directly
in
any
index.
4
Morningstar
®
is
a
service
mark
of
Morningstar,
Inc.
and
has
been
licensed
for
use
for
certain
purposes
by
BNY
Mellon
ETF
Investment
Adviser,
LLC.
The
fund
is
not
sponsored,
endorsed,
sold
or
promoted
by
Morningstar,
and
Morningstar
makes
no
representation
regarding
the
advisability
of
investing
in
the
fund.
5
Effective
November
15,
2023,
the
fund
changed
its
investment
objective.
Please
see
Note
6
and
the
fund’s
prospectus
for
more
details.
Please
note:
the
position
in
any
security
highlighted
with
italicized
typeface
was
sold
during
the
reporting
period.
ETFs
trade
like
stocks,
are
subject
to
investment
risk,
including
possible
loss
of
principal.
ETF
shares
are
listed
on
an
exchange,
and
shares
are
generally
purchased
and
sold
in
the
secondary
market
at
market
price.
At
times,
the
market
price
may
be
at
a
premium
or
discount
to
the
ETF’s
per
share
NAV.
In
addition,
ETFs
are
subject
to
the
risk
that
an
active
trading
market
for
an
ETF’s
shares
may
not
develop
or
be
maintained.
Buying
or
selling
ETF
shares
on
an
exchange
may
require
payment
of
brokerage
commissions.
Equities
are
subject
generally
to
market,
market
sector,
market
liquidity,
issuer
and
investment
style
risks,
among
other
factors,
to
varying
degrees,
all
of
which
are
more
fully
described
in
the
fund’s
prospectus.
The
prices
of
small
company
stocks
tend
to
be
more
volatile
than
the
prices
of
large
company
stocks,
mainly
because
these
companies
have
less
established
and
more
volatile
earnings
histories.
They
also
tend
to
be
less
liquid
than
larger
company
stocks.
The
fund
may,
but
is
not
required,
to
use
derivative
instruments.
A
small
investment
in
derivatives
could
have
a
potentially
large
impact
on
the
fund’s
performance.
The
use
of
derivatives
involves
risks
different
from,
or
possibly
greater
than,
the
risks
associated
with
investing
directly
in
the
underlying
assets.
The
BNY
Mellon
ETFs
are
not
sponsored,
promoted,
sold
or
supported
in
any
other
manner
by
Solactive
AG
nor
does
Solactive
AG
offer
any
express
or
implicit
guarantee
or
assurance
either
with
regard
to
the
results
of
using
the
Index
and/or
Index
trade
mark
or
the
Index
Price
at
any
time
or
in
any
other
respect.
The
Index
is
calculated
and
published
by
Solactive
AG.
Solactive
AG
uses
its
best
efforts
to
ensure
that
the
Index
is
calculated
correctly.
Irrespective
of
its
obligations
towards
BNY
Mellon,
Solactive
AG
has
no
obligation
to
point
out
errors
in
the
Index
to
third
parties
including
but
not
limited
to
investors
and/or
financial
intermediaries
of
the
BNY
Mellon
ETFs.
Neither
publication
of
the
Index
by
Solactive
AG
nor
the
licensing
of
the
Index
or
Index
trade
mark
for
the
purpose
of
use
in
connection
with
the
BNY
Mellon
ETFs
constitutes
a
recommendation
by
Solactive
AG
to
invest
capital
in
said
financial
instrument
nor
does
it
in
any
way
represent
an
assurance
or
opinion
of
Solactive
AG
with
regard
to
any
investment
in
the
BNY
Mellon
ETFs.
9
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
For
the
period
from
November
1,
2022,
through
October
31,
2023,
as
provided
by
David
France,
CFA,
Todd
Frysinger,
CFA,
Vlasta
Sheremeta,
CFA,
Michael
Stoll
and
Marlene
Walker
Smith,
Portfolio
Managers
employed
by
the
fund’s
sub-adviser,
Mellon
Investments
Corporation.
Market
and
Fund
Performance
Overview
For
the
12-month
period
ended
October
31,
2023,
the
BNY
Mellon
International
Equity
ETF
(the
“fund”)
produced
a
net
asset
value
total
return
of
13.32%.
1
This
compares
with
a
13.12%
total
return
for
the
fund’s
benchmark,
the
Morningstar
®
Developed
Markets
ex-US
Large
Cap
Index
SM
(the
“Index”)
2
,
during
the
same
period.
3,4
International
markets
gained
ground
during
the
reporting
period
as
central
bank
rate
hikes
showed
progress
in
slowing
inflation
rates,
the
Chinese
economy
reopened
after
the
government
rescinded
its
“zero-COVID-19”
policy,
and
the
U.S.
dollar
weakened
relative
to
most
international
currencies.
The
difference
in
returns
between
the
fund
and
the
Index
resulted
primarily
from
transaction
costs
and
operating
expenses
that
are
not
reflected
in
Index
results.
The
Fund’s
Investment
Approach
The
fund
seeks
to
track
the
performance
of
the
Index
5
.
To
pursue
its
goal,
the
fund
normally
invests
substantially
all
of
its
assets
in
equity
securities
comprising
the
Index,
depositary
receipts
based
on
securities
comprising
the
Index,
exchange-traded
funds
(ETFs)
providing
exposure
to
such
securities,
and
derivatives
with
economic
characteristics
similar
to
such
securities
or
the
Index.
The
fund’s
derivatives
investments
may
include
futures,
currency
forwards,
total
return
swaps
and
structured
notes.
The
Index
is
a
float-adjusted,
market
capitalization-weighted
index
designed
to
measure
the
performance
of
developed-
markets
(excluding
the
United
States)
large-capitalization
stocks.
The
Index’s
initial
universe
of
eligible
securities
includes
equity
securities
(including
common
stock,
preferred
stock
and
shares
of
real
estate
investment
trusts
(REITs)),
issued
by
developed-
markets
companies
(excluding
the
United
States)
and
traded
on
a
major
foreign
exchange.
At
each
reconstitution,
the
initial
universe
is
screened
to
exclude
securities
based
on
the
number
of
non-trading
days,
trading
volume
and
turnover
during
the
preceding
six-month
period,
and
market
capitalization.
The
Index
rebalances
quarterly
in
March,
June,
September
and
December,
and
reconstitutes
semi-annually
in
June
and
December.
Equities
Gain
Ground
as
Inflation
Eases
International
developed-markets
equities
climbed
during
the
reporting
period
as
interest-rate
hikes
implemented
by
central
banks
gained
traction
in
the
fight
against
rampant
inflation.
In
October
2022,
just
prior
to
the
start
of
the
reporting
period,
inflation
in
the
20-member
eurozone
averaged
10.60%,
its
highest
level
since
the
eurozone
group
was
established
in
1999.
The
European
Central
Bank
raised
its
fixed
benchmark
rate
from
0.75%
to
1.50%
on
November
2,
2022,
followed
by
seven
additional
increases
to
a
range
of
4.00%
to
4.50%
as
of
September
20,
2023.
Inflation
appeared
to
respond,
declining
to
4.30%
as
of
September
2023.
Economic
growth
rates
declined
as
well,
dipping
into
slightly
negative
territory
near
the
end
of
the
period,
but
remained
positive
on
average
for
the
period
as
a
whole.
Similar
trends
in
the
United
States
and
elsewhere
encouraged
hopes
that
inflation
might
be
tamed
without
prompting
a
major
global
recession.
International
markets
were
further
buoyed
by
the
Chinese
government’s
decision
in
December
2022
to
end
its
“zero-COVID-19”
strategy,
which
had
resulted
in
lockdowns
that
slowed
Chinese
economic
growth
and
disrupted
global
supply
chains,
with
negative
effects
felt
throughout
the
world’s
economies.
Although
Chinese
economic
growth
remained
sluggish
in
the
aftermath
of
the
lockdowns,
exacerbated
by
restrictive
government
and
regulatory
policies,
investors
continued
to
anticipate
an
eventual
return
to
the
more
rapid
pre-pandemic
growth
patterns.
Developed-markets
equities,
particularly
those
denominated
in
U.S.
dollars,
also
benefited
from
a
weakening
U.S.
dollar
relative
to
most
international
currencies.
The
U.S.
dollar
weakened
during
the
first
half
of
the
period
as
U.S.
inflation
moderated,
and
the
Fed
appeared
to
near
the
end
of
its
current
rate-hike
cycle.
Most
international
equities
benefited
from
these
conditions,
with
strongest
returns
seen
in
cyclical
growth-oriented
sectors,
including
industrials,
consumer
discretionary
and
information
technology.
Conversely,
interest-rate-sensitive
and
traditionally
defensive
sectors
lagged,
with
real
estate
and
health
care
trailing
the
Index
average
by
the
most
significant
margin.
From
a
country
perspective,
markets
in
Poland,
Denmark
and
Italy
provided
the
strongest
returns,
while
Israel,
Finland
and
Portugal
underperformed.
Economically
Sensitive
Shares
Lead
Markets
Higher
While
better-than-expected
global
economic
growth
supported
the
performance
of
consumer-facing
and
technology-oriented
companies,
slowing
growth
rates
also
favored
defensive,
high
yielding
utilities
stocks.
In
consumer
discretionary,
gains
were
led
by
Germany-based
sportswear
apparel
and
accessories
company
adidas
AG,
Spain-based
apparel
retailer
Industria
de
Diseño
Textil
SA
and
Italy-based
luxury
car
maker
Ferrari
NV.
In
information
technology,
top
names
included
semiconductor
and
equipment
maker
Advantest
Corp.,
semiconductor
equipment
provider
DISCO
Corp.
and
specialty
semiconductor
designer
Renesas
Electronics
Corp.,
all
based
in
Japan.
Leading
performers
among
utilities
included
The
Kansai
Electric
Power
Co.,
Inc.
based
in
Japan,
ENEL
SpA
based
in
Italy
and
E.ON
SE
based
in
Germany.
Conversely,
real
estate
stocks
lost
ground
amid
rising
mortgage
rates
and
a
variety
of
regionally
related
challenges.
Notable
underperformers
included
Israel-based
Azrieli
Group
Ltd.,
Hong
Kong-based
Link
REIT
and
Australia-based
Scentre
Group.
In
health
care,
declines
were
led
by
Japan-based
health
information
services
provider
M3,
Inc.,
France-based
biotechnology
developer
Sartorius
Stedim
Biotech
and
Japan-based
medical
equipment
company
Olympus
Corp.
In
communication
services,
10
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
(continued)
significant
underperformers
included
Canada-based
TELUS
Corp.,
Sweden-based
Telia
Co.
AB
and
UK-based
Vodafone
Group
PLC.
The
fund’s
use
of
derivatives
during
the
period
was
limited
to
futures
contracts
employed
solely
to
offset
the
impact
of
cash
positions,
which
the
fund
holds
pursuant
to
its
operations,
but
the
Index
does
not.
Such
holdings
helped
the
fund
more
closely
match
the
performance
of
the
Index.
Replicating
the
Performance
of
the
Index
Whether
the
central
banks
can
continue
to
curb
inflation,
while
avoiding
a
more
significant
global
economic
slowdown
than
already
seen,
remains
an
open
question
that
is
likely
to
continue
to
drive
market
behavior
in
the
coming
months.
However,
in
seeking
to
match
the
performance
of
the
Index,
we
do
not
actively
manage
investments
in
response
to
macroeconomic
trends.
As
always,
we
continue
to
monitor
factors
that
affect
the
fund’s
investments.
November
15,
2023
1
Total
return
includes
reinvestment
of
dividends
and
any
capital
gains
paid.
A
fund’s
net
asset
value
(NAV)
is
the
sum
of
all
its
assets
less
any
liabilities,
divided
by
the
number
of
shares
outstanding.
ETFs
are
bought
and
sold
at
market
prices,
not
NAV,
therefore
an
investor’s
return
at
market
price
may
differ
from
NAV.
Past
performance
is
no
guarantee
of
future
results.
Share
price,
yield
and
investment
return
fluctuate
such
that
upon
redemption,
fund
shares
may
be
worth
more
or
less
than
their
original
cost.
2
Effective
November
15,
2023,
the
fund
changed
its
benchmark
to
Solactive
GBS
Developed
Markets
ex
United
States
Large
&
Mid
Cap
Index
NTR.
3
Source:
Morningstar
Inc.
—
The
Morningstar
®
Developed
Markets
ex-US
Large
Cap
Index
SM
is
a
float-adjusted,
market
capitalization-weighted
index
designed
to
measure
the
performance
of
developed-markets
(excluding
the
United
States,)
large-capitalization
stocks.
A
country
is
considered
developed
if
it
meets
the
following
criteria:
(i)
its
annual
per
capita
gross
national
income
falls
in
the
World
Bank’s
high-income
category
for
the
most
recent
three
years;
(ii)
it
has
not
had
any
broad-based
discriminatory
controls
against
non-domiciled
investors
for
the
most
recent
three
years;
and
(iii)
its
stock
markets
exhibit
the
following
characteristics:
transparency,
market
regulation,
operational
efficiency,
and
the
absence
of
broad-based
investment
restrictions.
The
Index’s
initial
universe
of
eligible
securities
includes
equity
securities
(including
common
stock,
preferred
stock
and
shares
of
real
estate
investment
trusts
(REITs)),
issued
by
developed-markets
companies
(excluding
the
United
States)
and
traded
on
a
major
foreign
exchange.
At
each
reconstitution,
the
initial
universe
is
screened
to
exclude
securities
based
on
the
number
of
non-trading
days,
trading
volume
and
turnover
during
the
preceding
six-month
period,
and
market
capitalization.
Securities
not
previously
part
of
the
last
reconstitution
are
excluded
from
a
current
reconstitution
if
the
security
has
20
or
more
non-trading
days
during
the
last
six
months
or
their
trading
volume
and
turnover
ranks
in
the
bottom
25%
of
the
initial
universe
as
determined
by
the
index
provider
based
on
the
preceding
six
months
of
trade
data.
Securities
previously
part
of
the
last
reconstitution
are
provided
a
one-time
buffer
and
not
excluded
unless
the
security
has
30
or
more
non-trading
days
(20
or
more
non-trading
days
after
the
one-time
buffer)
during
the
last
six
months
or
their
trading
volume
and
turnover
ranks
in
the
bottom
20%
(bottom
25%
after
the
one-time
buffer)
of
the
initial
universe
as
determined
by
the
index
provider
based
on
the
preceding
six
months
of
trade
data.
Of
the
remaining
securities,
the
Index
includes
large-capitalization
securities
from
each
eligible
country,
targeting
the
top
70%
of
stocks
by
market
capitalization
from
each
eligible
country.
Investors
cannot
invest
directly
in
any
index.
4
Morningstar
®
is
a
service
mark
of
Morningstar,
Inc.
and
has
been
licensed
for
use
for
certain
purposes
by
BNY
Mellon
ETF
Investment
Adviser,
LLC.
The
fund
is
not
sponsored,
endorsed,
sold
or
promoted
by
Morningstar,
and
Morningstar
makes
no
representation
regarding
the
advisability
of
investing
in
the
fund.
5
Effective
November
15,
2023,
the
fund
changed
its
investment
objective.
Please
see
Note
6
and
the
fund’s
prospectus
for
more
details.
ETFs
trade
like
stocks,
are
subject
to
investment
risk,
including
possible
loss
of
principal.
ETF
shares
are
listed
on
an
exchange,
and
shares
are
generally
purchased
and
sold
in
the
secondary
market
at
market
price.
At
times,
the
market
price
may
be
at
a
premium
or
discount
to
the
ETF’s
per
share
NAV.
In
addition,
ETFs
are
subject
to
the
risk
that
an
active
trading
market
for
an
ETF’s
shares
may
not
develop
or
be
maintained.
Buying
or
selling
ETF
shares
on
an
exchange
may
require
payment
of
brokerage
commissions.
Equities
are
subject
generally
to
market,
market
sector,
market
liquidity,
issuer
and
investment
style
risks,
among
other
factors,
to
varying
degrees,
all
of
which
are
more
fully
described
in
the
fund’s
prospectus.
Currencies
are
subject
to
the
risk
that
those
currencies
will
decline
in
value
relative
to
a
local
currency,
or,
in
the
case
of
hedged
positions,
that
the
local
currency
will
decline
relative
to
the
currency
being
hedged.
Each
of
these
risks
could
increase
the
fund’s
volatility.
Investing
in
foreign-denominated
and/or
domiciled
securities
involves
special
risks,
including
changes
in
currency
exchange
rates,
political,
economic
and
social
instability,
limited
company
information,
differing
auditing
and
legal
standards
and
less
market
liquidity.
These
risks
generally
are
greater
with
emerging-markets
countries.
Diversification
cannot
assure
a
profit
or
protect
against
loss.
The
fund
may,
but
is
not
required,
to
use
derivative
instruments.
A
small
investment
in
derivatives
could
have
a
potentially
large
impact
on
the
fund’s
performance.
The
use
of
derivatives
involves
risks
different
from,
or
possibly
greater
than,
the
risks
associated
with
investing
directly
in
the
underlying
assets.
The
BNY
Mellon
ETFs
are
not
sponsored,
promoted,
sold
or
supported
in
any
other
manner
by
Solactive
AG
nor
does
Solactive
AG
offer
any
express
or
implicit
guarantee
or
assurance
either
with
regard
to
the
results
of
using
the
Index
and/or
Index
trade
mark
or
the
Index
Price
at
any
time
or
in
any
other
respect.
The
Index
is
calculated
and
published
by
Solactive
AG.
Solactive
AG
uses
its
best
efforts
to
ensure
that
the
Index
is
calculated
correctly.
Irrespective
of
its
obligations
towards
BNY
Mellon,
Solactive
AG
has
no
obligation
to
point
out
errors
in
the
Index
to
third
parties
including
but
not
limited
to
investors
and/or
financial
intermediaries
of
the
BNY
Mellon
ETFs.
Neither
publication
of
the
Index
by
Solactive
AG
nor
the
licensing
of
the
Index
or
Index
trade
mark
for
the
purpose
of
use
in
connection
with
the
BNY
Mellon
ETFs
constitutes
a
recommendation
by
Solactive
AG
to
invest
capital
in
said
financial
instrument
nor
does
it
in
any
way
represent
an
assurance
or
opinion
of
Solactive
AG
with
regard
to
any
investment
in
the
BNY
Mellon
ETFs.
11
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
For
the
period
from
November
1,
2022,
through
October
31,
2023,
as
provided
by
David
France,
CFA,
Todd
Frysinger,
CFA,
Vlasta
Sheremeta,
CFA,
Michael
Stoll
and
Marlene
Walker
Smith,
Portfolio
Managers
employed
by
the
fund’s
sub-adviser,
Mellon
Investments
Corporation.
Market
and
Fund
Performance
Overview
For
the
12-month
period
ended
October
31,
2023,
the
BNY
Mellon
Emerging
Markets
Equity
ETF
(the
“fund”)
produced
a
net
asset
value
total
return
of
10.14%.
1
This
compares
with
a
10.34%
total
return
for
the
fund’s
benchmark,
the
Morningstar
®
Emerging
Markets
Large
Cap
Index
SM
(the
“Index”)
2
,
during
the
same
period.
3,4
Emerging-markets
equities
gained
ground
during
the
reporting
period
as
central
bank
rate
hikes
showed
progress
in
slowing
inflation
rates,
the
Chinese
economy
reopened
after
the
government
rescinded
its
“zero-COVID-19”
policy,
and
the
U.S.
dollar
weakened
relative
to
most
international
currencies.
The
difference
in
returns
between
the
fund
and
the
Index
resulted
primarily
from
transaction
costs
and
operating
expenses
that
are
not
reflected
in
Index
results.
The
Fund’s
Investment
Approach
The
fund
seeks
to
track
the
performance
of
the
Index
5
.
To
pursue
its
goal,
the
fund
normally
invests
substantially
all
of
its
assets
in
equity
securities
comprising
the
Index,
depositary
receipts
based
on
securities
comprising
the
Index,
exchange-traded
funds
(ETFs)
providing
exposure
to
such
securities,
and
derivatives
with
economic
characteristics
similar
to
such
securities
or
the
Index.
The
fund’s
derivatives
investments
may
include
futures,
currency
forwards,
total
return
swaps
and
structured
notes.
The
Index
is
a
float-adjusted,
market
capitalization-weighted
index
designed
to
measure
the
performance
of
emerging-
markets,
large-capitalization
stocks.
The
Index’s
initial
universe
of
eligible
securities
includes
equity
securities
(including
common
stock,
preferred
stock
and
shares
of
real
estate
investment
trusts
(REITs)),
issued
by
emerging-markets
companies
and
traded
on
a
major
foreign
exchange.
At
each
reconstitution,
the
initial
universe
is
screened
to
exclude
securities
based
on
the
number
of
non-trading
days,
trading
volume
and
turnover
during
the
preceding
six-month
period,
and
market
capitalization.
The
Index
rebalances
quarterly
in
March,
June,
September
and
December,
and
reconstitutes
semi-annually
in
June
and
December.
Emerging
Market
Equities
Gain
on
Positive
Macroeconomic
Trends
In
the
wake
of
sharp
declines
during
the
prior
year
related
to
the
pandemic,
the
war
in
Ukraine
and
rising
inflation,
emerging-
markets
equities
rebounded
during
the
reporting
period.
The
period
started
on
a
positive
note,
as
inflation
eased,
the
U.S.
dollar
weakened,
and
the
U.S.
Federal
Reserve
(the
“Fed”)
signaled
slower
interest-rate
increases
to
come.
Stocks
maintained
their
upward
trajectory
at
year
end
as
China
eased
its
draconian
COVID-19
policies,
clearing
the
way
for
a
widely
anticipated
economic
reopening.
The
Chinese
government
also
loosened
its
regulatory
crackdown
on
wide
swaths
of
its
domestic
technology,
real
estate
and
education
industries,
offering
hopes
for
an
even
wider
economic
reawakening.
Positive
trends
continued
in
early
2023,
with
risk-on
sentiment
predominating
in
January
and
February.
However,
in
early
March,
signs
of
stress
emerged
in
the
U.S.
banking
sector,
when
two
major
regional
U.S.
banks
collapsed
as
a
result
of
heavy
losses
in
their
government
bond
portfolios,
combined
with
massive
deposit
flight.
This
was
soon
followed
by
the
enforced
takeover
of
the
ailing
Credit
Suisse
by
UBS
under
the
auspices
of
the
Swiss
authorities.
However,
fears
of
further
contagion
in
the
banking
industry
were
quelled
following
rapid
action
by
the
U.S.
authorities
and
major
banks,
enabling
global
equities
to
regain
their
upward
momentum
through
the
end
of
July.
Emerging
markets
gave
up
some
these
gains
during
the
last
three
months
of
the
period
in
response
to
continued
hawkish
rhetoric
from
central
banks,
prompting
concern
that
U.S.
and
European
interest
rates
could
remain
higher
for
longer
than
previously
expected.
Other
headwinds
included
the
strengthening
U.S.
dollar,
rising
bond
yields,
continued
weakness
in
the
Chinese
economy
and
the
outbreak
of
hostilities
in
the
Middle
East.
Technology-
and
Energy-Related
Shares
Outperform
From
a
sector
perspective,
technology-related
shares
in
communication
services
and
information
technology
shares
delivered
the
Index’s
strongest
performance,
partly
driven
by
growing
momentum
in
artificial
intelligence
(“AI”)
developments.
Top
performers
in
communication
services,
all
based
in
China,
included
online
information
and
entertainment
services
provider
NetEase,
Inc.,
advertising
agency
Focus
Media
Information
Technology
Co.,
Ltd.
and
online
services
company
Kuaishou
Technology.
In
information
technology,
leading
names
included
Taiwan-based
computer
hardware
manufacturer
Quanta
Computer,
Inc.,
China-based
smart
electronics
maker
Shenzhen
Transsion
Holdings
Co.
Ltd.
and
Taiwan-based
enterprise
computing
solutions
provider
Wiwynn
Corp.
Energy
stocks
also
generated
relatively
strong
returns
as
oil
prices
rose,
led
by
gains
in
Indonesia-based
coal
miner
Bayan
Resources
Tbk
PT,
China-
based
integrated
oil
&
gas
company
PetroChina
Co.
Ltd.
and
Brazil-based
integrated
oil
&
gas
company
Petróleo
Brasileiro
SA.
Conversely,
the
utilities
sector
significantly
lagged
the
benchmark,
coming
under
pressure
as
rising
interest
rates
undermined
the
appeal
of
high
yielding
stocks.
Notable
underperformers
included
several
names
connected
to
the
corruption-plagued,
India-based
Adani
conglomerate,
including
Adani
Total
Gas
Ltd.,
Adani
Energy
Solutions
Ltd.
and
Adani
Green
Energy
Ltd.
Significant
underperformers
in
health
care
included
patent
medicine
maker
Shijiazhuang
Yiling
Pharmaceutical
Co.
Ltd.,
pharmaceutical
firm
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co.
Ltd.
and
specialty
chemicals
producer
Bloomage
BioTechnology
Corp.
Ltd.,
all
based
in
China.
In
materials,
Turkey-based
agricultural
12
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
(continued)
chemical
company
Hektas
Ticaret
TAS,
South
Africa-based
metals
mining
firm
Impala
Platinum
Holdings
Ltd.
and
South
Africa-based
miner
Anglo
American
Platinum
Ltd.
lagged.
The
fund’s
use
of
derivatives
during
the
period
was
limited
to
futures
contracts
employed
solely
to
offset
the
impact
of
cash
positions,
which
the
fund
holds
pursuant
to
its
operations,
but
the
Index
does
not.
Such
holdings
helped
the
fund
more
closely
match
the
performance
of
the
Index.
Replicating
the
Performance
of
the
Index
Whether
the
central
banks
can
curb
inflation
while
avoiding
a
significant,
global
economic
slowdown
remains
an
open
question
that
is
likely
to
continue
to
drive
market
behavior
in
the
coming
months.
Economic
developments
in
China
and
broader
geopolitical
uncertainties
remain
concerning
as
well.
However,
in
seeking
to
match
the
performance
of
the
Index,
we
do
not
actively
manage
investments
in
response
to
macroeconomic
trends.
As
always,
we
continue
to
monitor
factors
that
affect
the
fund’s
investments.
November
15,
2023
1
Total
return
includes
reinvestment
of
dividends
and
any
capital
gains
paid.
A
fund’s
net
asset
value
(NAV)
is
the
sum
of
all
its
assets
less
any
liabilities,
divided
by
the
number
of
shares
outstanding.
ETFs
are
bought
and
sold
at
market
prices,
not
NAV,
therefore
an
investor’s
return
at
market
price
may
differ
from
NAV.
Past
performance
is
no
guarantee
of
future
results.
Share
price,
yield
and
investment
return
fluctuate
such
that
upon
redemption,
fund
shares
may
be
worth
more
or
less
than
their
original
cost.
2
Effective
November
15,
2023,
the
fund
changed
its
benchmark
to
Solactive
GBS
Emerging
Markets
Large
&
Mid
Cap
Index
NTR.
3
Source:
Morningstar
Inc.
—
The
Morningstar
®
Emerging
Markets
Large
Cap
Index
SM
is
a
float-adjusted,
market
capitalization-weighted
index
designed
to
measure
the
performance
of
emerging-markets,
large-capitalization
stocks.
A
country
is
considered
emerging
if:
(i)
its
annual
per
capita
gross
national
income
does
not
fall
in
the
World
Bank’s
high
income
category
for
the
most
recent
three
years;
(ii)
it
has
had
broad-based
discriminatory
controls
against
non-domiciled
investors
during
the
most
recent
three
years;
and
(iii)
its
stock
markets
do
not
exhibit
any
of
the
following
characteristics:
transparency,
market
regulation,
operational
efficiency,
and
the
absence
of
broad-based
investment
restrictions.
The
index’s
initial
universe
of
eligible
securities
includes
equity
securities
(including
common
stock,
preferred
stock
and
shares
of
real
estate
investment
trusts
(REITs)),
issued
by
emerging-markets
companies
and
traded
on
a
major
foreign
exchange.
At
each
reconstitution,
the
initial
universe
is
screened
to
exclude
securities
based
on
the
number
of
non-trading
days,
trading
volume
and
turnover
during
the
preceding
six-month
period,
and
market
capitalization.
Securities
not
previously
part
of
the
last
reconstitution
are
excluded
from
a
current
reconstitution
if
the
security
has
20
or
more
non-trading
days
during
the
last
six
months
or
their
trading
volume
and
turnover
ranks
in
the
bottom
25%
of
the
initial
universe
as
determined
by
the
index
provider
based
on
the
preceding
six
months
of
trade
data.
Securities
previously
part
of
the
last
reconstitution
are
provided
a
one-time
buffer
and
not
excluded
unless
the
security
has
30
or
more
non-trading
days
(20
or
more
non-trading
days
after
the
one-time
buffer)
during
the
last
six
months
or
their
trading
volume
and
turnover
ranks
in
the
bottom
20%
(bottom
25%
after
the
one-time
buffer)
of
the
initial
universe
as
determined
by
the
index
provider
based
on
the
preceding
six
months
of
trade
data.
Of
the
remaining
securities,
the
Index
includes
large-capitalization
securities
from
each
eligible
country,
targeting
the
top
70%
of
stocks
by
market
capitalization
from
each
eligible
country.
Investors
cannot
invest
directly
in
any
index.
4
Morningstar
®
is
a
service
mark
of
Morningstar,
Inc.
and
has
been
licensed
for
use
for
certain
purposes
by
BNY
Mellon
ETF
Investment
Adviser,
LLC.
The
fund
is
not
sponsored,
endorsed,
sold
or
promoted
by
Morningstar,
and
Morningstar
makes
no
representation
regarding
the
advisability
of
investing
in
the
fund.
5
Effective
November
15,
2023,
the
fund
changed
its
investment
objective.
Please
see
Note
6
and
the
fund’s
prospectus
for
more
details.
ETFs
trade
like
stocks,
are
subject
to
investment
risk,
including
possible
loss
of
principal.
ETF
shares
are
listed
on
an
exchange,
and
shares
are
generally
purchased
and
sold
in
the
secondary
market
at
market
price.
At
times,
the
market
price
may
be
at
a
premium
or
discount
to
the
ETF’s
per
share
NAV.
In
addition,
ETFs
are
subject
to
the
risk
that
an
active
trading
market
for
an
ETF’s
shares
may
not
develop
or
be
maintained.
Buying
or
selling
ETF
shares
on
an
exchange
may
require
payment
of
brokerage
commissions.
Equities
are
subject
generally
to
market,
market
sector,
market
liquidity,
issuer
and
investment
style
risks,
among
other
factors,
to
varying
degrees,
all
of
which
are
more
fully
described
in
the
fund’s
prospectus.
Emerging
markets
tend
to
be
more
volatile
than
the
markets
of
more
mature
economies
and
generally
have
less
diverse
and
less
mature
economic
structures
and
less
stable
political
systems
than
those
of
developed
countries.
The
securities
of
companies
located
in
emerging
markets
are
often
subject
to
rapid
and
large
changes
in
price.
An
investment
in
this
fund
should
be
considered
only
as
a
supplement
to
a
complete
investment
program
for
those
investors
willing
to
accept
the
greater
risks
associated
with
investing
in
emerging-markets
countries.
Investing
internationally
involves
special
risks,
including
changes
in
currency
exchange
rates,
political,
economic,
and
social
instability,
a
lack
of
comprehensive
company
information,
differing
auditing
and
legal
standards
and
less
market
liquidity.
These
risks
generally
are
greater
with
emerging-markets
countries
than
with
more
economically
and
politically
established
foreign
countries.
The
fund
may,
but
is
not
required
to,
use
derivative
instruments.
A
small
investment
in
derivatives
could
have
a
potentially
large
impact
on
the
fund’s
performance.
The
use
of
derivatives
involves
risks
different
from,
or
possibly
greater
than,
the
risks
associated
with
investing
directly
in
the
underlying
assets.
The
BNY
Mellon
ETFs
are
not
sponsored,
promoted,
sold
or
supported
in
any
other
manner
by
Solactive
AG
nor
does
Solactive
AG
offer
any
express
or
implicit
guarantee
or
assurance
either
with
regard
to
the
results
of
using
the
Index
and/or
Index
trade
mark
or
the
Index
Price
at
any
time
or
in
any
other
respect.
The
Index
is
calculated
and
published
by
Solactive
AG.
Solactive
AG
uses
its
best
efforts
to
ensure
that
the
Index
is
calculated
correctly.
Irrespective
of
its
obligations
towards
BNY
Mellon,
Solactive
AG
has
no
obligation
to
point
out
errors
in
the
Index
to
third
parties
including
but
not
limited
to
investors
and/or
financial
intermediaries
of
the
BNY
Mellon
ETFs.
Neither
publication
of
the
Index
by
Solactive
AG
nor
the
licensing
of
the
Index
or
Index
trade
mark
for
the
purpose
of
use
in
connection
with
the
BNY
Mellon
ETFs
constitutes
a
recommendation
by
Solactive
AG
to
invest
capital
in
said
financial
instrument
nor
does
it
in
any
way
represent
an
assurance
or
opinion
of
Solactive
AG
with
regard
to
any
investment
in
the
BNY
Mellon
ETFs.
13
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
For
the
period
from
November
1,
2022,
through
October
31,
2023,
as
provided
by
Gregory
A.
Lee,
CFA
and
Nancy
G.
Rogers,
CFA,
Portfolio
Managers
employed
by
the
fund's
sub-adviser,
Mellon
Investments
Corporation.
Market
and
Fund
Performance
Overview
For
the
12-month
period
ended
October
31,
2023,
the
BNY
Mellon
Core
Bond
ETF
(the
“fund”)
produced
a
net
asset
value
total
return
of
0.31%.
1
In
comparison,
the
Bloomberg
US
Aggregate
Total
Return
Index
(the
“Index”)
achieved
a
total
return
of
0.36%
for
the
same
period.
2,3
Absolute
returns
were
slightly
positive
in
the
fixed-income
market,
but
all
sectors
posted
excess
returns
versus
Treasuries.
The
difference
in
returns
between
the
fund
and
the
Index
was
primarily
due
to
sampling
risk,
the
choice
of
securities
selected
to
replicate
the
Index’s
performance.
The
Fund’s
Investment
Approach
The
fund
seeks
to
track
the
performance
of
the
Index.
To
pursue
its
goal,
the
fund
normally
invests
substantially
all,
but
at
least
80%,
of
its
assets
in
bonds
comprising
the
Index
and
TBA
transactions
representing
bonds
included
in
the
Index.
The
Index
is
designed
to
measure
the
investment-grade,
U.S.
dollar-denominated,
fixed-rate,
taxable
bond
market.
The
Index
includes
Treasuries,
government-related
and
corporate
securities,
mortgage-backed
pass-through
securities
(agency
fixed-rate),
commercial
mortgage-backed
securities
(agency
and
non-agency)
and
other
asset-backed
securities
having
at
least
one
year
until
final
maturity.
Treasury,
government-related
and
corporate
securities
must
have
$300
million
or
more
par
amount
outstanding.
For
mortgage-backed
pass-through
securities,
pool
aggregates
must
have
$1
billion
or
more
par
amount
outstanding.
Asset-backed
securities
must
have
a
minimum
deal
size
of
$500
million
and
a
minimum
tranche
size
of
$25
million.
Commercial
mortgage-
backed
securities
must
have
a
minimum
deal
size
of
$500
million
with
at
least
$300
million
outstanding
and
a
minimum
tranche
size
of
$25
million.
To
be
included
in
the
Index,
securities
must
be
rated
investment
grade
(Baa3/BBB-/BBB-
or
higher)
using
the
middle
rating
of
Moody’s,
S&P
and
Fitch.
When
a
rating
from
only
two
agencies
is
available,
the
lower
is
used;
when
only
one
agency
rates
a
bond,
that
rating
is
used.
In
cases
where
explicit
bond
level
ratings
may
not
be
available,
the
Index
provider
may
use
other
sources
to
classify
securities
by
credit
quality.
The
Index
may
include
U.S.
dollar-denominated
bonds
issued
by
foreign
issuers.
Securities
in
the
Index
are
updated
on
the
last
business
day
of
each
month.
The
fund
seeks
to
maintain
a
dollar-weighted
average
maturity
consistent
with
that
of
the
Index.
Inflation
Declines,
Rate
Hikes
Eased
Fixed-income
markets
posted
a
positive
performance
during
the
reporting
period.
Despite
a
rise
in
longer-term
Treasury
yields,
the
yield
curve
remained
inverted,
driven
in
part
by
continued
rate
hikes
by
the
U.S.
Federal
Reserve
(the
“Fed”).
The
Fed
raised
the
federal
funds
rate
six
times
during
the
reporting
period,
bringing
the
target
rate
to
5.25%-5.50%.
Yields
rose
across
the
curve,
with
the
two-year
maturity
rising
to
5.09%
and
30-year
maturity
finishing
the
period
at
5.09%
as
well.
The
yield
on
the
10-year
Treasury
hit
a
low
of
3.31%
and
rose
to
a
high
of
4.99%,
finishing
the
period
at
4.93%.
The
dominant
theme
during
the
reporting
period
was
the
Fed’s
continued
efforts
to
fight
inflation
while
also
hoping
to
avoid
causing
a
recession.
Inflation
continued
to
respond
to
the
Fed’s
policy,
though
it
remained
well
above
the
2%
target
rate.
Easing
pricing
pressures
allowed
the
Fed
to
slow
the
size
of
its
rate
increases.
After
hikes
of
75
basis
points
(“bps”)
in
November
2022
and
50
bps
in
December
2022,
the
Fed
followed
with
increases
of
25
bps
in
February,
March
and
May
2023,
before
implementing
pauses
at
the
June
and
September
2023
meetings.
Total
rate
increases
numbered
six,
and
the
total
magnitude
came
to
225
bps.
Broad-based
gains
in
the
bond
market
came
despite
a
banking
crisis
in
March
2023
that
involved
two
bank
failures,
Silicon
Valley
Bank
and
Signature
Bank.
In
addition,
First
Republic
Bank
was
acquired
by
J.P.
Morgan,
and
Credit
Suisse
was
acquired
by
UBS.
Markets
were
largely
calmed
by
the
FDIC’s
regulatory
response,
which
secured
deposits,
and
by
the
Fed,
which
provided
extra
liquidity.
These
banks
comprised
a
negligible
portion
of
the
Index,
and
performance
was
not
affected.
In
August
2023,
an
impasse
in
Congress
regarding
whether
to
raise
the
debt
ceiling
produced
some
volatility.
In
October
2023,
the
market
experienced
a
delayed
and
slight
reaction
to
the
decision
of
Fitch
Ratings
to
downgrade
the
U.S.
government’s
credit
rating
from
AAA
to
AA+,
based
on
the
growing
debt
burden
and
the
government’s
apparent
inability
to
take
necessary
actions.
Given
the
large
portion
of
the
Index
that
consists
of
Treasury
securities,
the
downgrade
lowered
the
overall
index
rating
on
U.S.
government
bonds,
but
from
a
market
perspective
this
proved
to
be
a
non-event.
Also
in
October
2023,
the
attack
on
Israel
by
Hamas
raised
concerns
about
the
possibility
of
a
broader
conflict
in
the
Middle
East.
The
prospect
of
a
wider
war
also
brought
to
the
forefront
the
possibility
that
a
resulting
increase
in
oil
prices
could
further
stoke
inflation.
Market
Posts
Broad-based,
but
Minimal
Gains
The
Index
gained
0.36%,
with
gains
relative
to
Treasuries
occurring
across
the
board.
Corporates
were
the
leading
sector,
outperforming
Treasuries
by
over
400
bps.
The
leading
portions
of
this
sector
were
industrials,
utilities
and
financials.
On
the
other
hand,
the
securitized
sector,
which
includes
mortgage-backed
securities,
asset-backed
securities
and
commercial
mortgage-backed
securities,
produced
a
negative
absolute
return.
But
relative
to
Treasuries,
the
return
was
positive.
14
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
(continued)
Replicating
the
Composition
of
the
Index
As
an
index
fund,
we
attempt
to
match
closely
the
returns
of
the
Index
by
approximating
its
composition
and
credit
quality.
Although
we
do
not
actively
manage
the
fund’s
investments
in
response
to
the
macroeconomic
environment,
we
continue
to
monitor
factors
which
affect
the
fund’s
investments.
November
15,
2023
1
Total
return
includes
reinvestment
of
dividends
and
any
capital
gains
paid.
A
fund’s
net
asset
value
(NAV)
is
the
sum
of
all
its
assets
less
any
liabilities,
divided
by
the
number
of
shares
outstanding.
ETFs
are
bought
and
sold
at
market
prices,
not
NAV,
therefore
an
investor’s
return
at
market
price
may
differ
from
NAV.
Past
performance
is
no
guarantee
of
future
results.
Share
price,
yield
and
investment
return
fluctuate
such
that
upon
redemption,
fund
shares
may
be
worth
more
or
less
than
their
original
cost
2
Source:
Lipper
Inc.
—
The
Bloomberg
US
Aggregate
Total
Return
Index
is
a
broad-
based,
flagship
benchmark
that
measures
the
investment-grade,
U.S.
dollar-denominated,
fixed-rate,
taxable
bond
market.
The
Index
includes
Treasuries,
government-related
and
corporate
securities,
MBS
(agency
fixed-rate),
ABS
and
CMBS
(agency
and
nonagency).
Investors
cannot
invest
directly
in
any
Index.
3
Bloomberg
®
is
a
trademark
and
service
mark
of
Bloomberg
Finance
L.P.
and
its
affiliates
(collectively,
“Bloomberg”).
Bloomberg
or
Bloomberg’s
licensors
own
all
proprietary
rights
in
the
Bloomberg
Indices.
Bloomberg
is
not
affiliated
with
BNY
Mellon
ETF
Trust,
and
does
not
approve,
endorse,
review
or
recommend
the
fund.
Bloomberg
does
not
guarantee
the
timeliness,
accurateness
or
completeness
of
any
data
or
information
relating
to
the
Index,
and
neither
shall
be
liable
in
any
way
to
the
Adviser,
investors
in
the
fund
or
other
third
parties
in
respect
of
the
use
or
accuracy
of
the
Index
or
any
data
included
therein.
ETFs
trade
like
stocks,
are
subject
to
investment
risk,
including
possible
loss
of
principal.
ETF
shares
are
listed
on
an
exchange,
and
shares
are
generally
purchased
and
sold
in
the
secondary
market
at
market
price.
At
times,
the
market
price
may
be
at
a
premium
or
discount
to
the
ETF’s
per
share
NAV.
In
addition,
ETFs
are
subject
to
the
risk
that
an
active
trading
market
for
an
ETF’s
shares
may
not
develop
or
be
maintained.
Buying
or
selling
ETF
shares
on
an
exchange
may
require
payment
of
brokerage
commissions.
Bonds
are
subject
generally
to
interest-rate,
credit,
liquidity
and
market
risks,
to
varying
degrees,
all
of
which
are
more
fully
described
in
the
fund’s
prospectus.
Generally,
all
other
factors
being
equal,
bond
prices
are
inversely
related
to
interest-rate
changes,
and
rate
increases
can
cause
price
declines.
Indexing
does
not
attempt
to
manage
market
volatility,
use
defensive
strategies,
or
reduce
the
effects
of
any
long-term
periods
of
poor
Index
performance.
The
correlation
between
fund
and
Index
performance
may
be
affected
by
the
fund’s
expenses
and
use
of
sampling
techniques,
changes
in
securities
markets,
changes
in
the
composition
of
the
Index,
and
the
timing
of
purchases
and
redemptions
of
fund
shares.
15
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
For
the
period
from
November
1,
2022,
through
October
31,
2023,
as
provided
by
Paul
Benson,
CFA,
CAIA,
Manuel
Hayes
and
Stephanie
Shu,
CFA,
portfolio
managers
employed
by
the
fund's
sub-adviser,
Insight
North
America
LLC.
Market
and
Fund
Performance
Overview
For
the
12-month
period
ended
October
31,
2023,
the
BNY
Mellon
High
Yield
Beta
ETF
(the
“fund”)
produced
a
net
asset
value
total
return
of
6.30%.
1
In
comparison,
the
Bloomberg
US
Corporate
High
Yield
Total
Return
Index
(the
“Index”)
achieved
a
total
return
of
6.23%
for
the
same
period.
2,3
U.S.
high
yield
securities
produced
positive
returns
over
the
reporting
period
in
an
environment
of
easing
inflation
and
an
inverted
yield
curve.
The
fund
outperformed
the
index
by
7
basis
points
(“bps”)
net
of
fee,
or
31
bps
gross
of
fees.
The
outperformance
primarily
arose
from
positive
contributions
from
our
proprietary
credit
model.
The
Fund’s
Investment
Approach
The
fund
seeks
to
track
performance
of
the
Index.
The
fund
uses
a
rules-based,
systematic
investment
strategy
that
seeks
to
track
an
index
designed
to
measure
the
performance
of
the
high
yield
bond
market.
To
pursue
its
goal,
the
fund
normally
invests
substantially
all,
but
at
least
80%,
of
its
assets
in
bonds
comprising
the
Index
and
derivatives
with
economic
characteristics
similar
to
such
bonds
or
the
Index.
The
fund’s
derivatives
investments
may
include
credit
default
swap
indexes,
total
return
swaps,
structured
notes
and
futures.
The
fund
may
also
invest
in
derivatives
with
economic
characteristics
similar
to
such
bonds
or
the
Index.
The
Index
is
designed
to
measure
the
U.S.
dollar-denominated,
high
yield
(junk),
fixed-rate,
taxable
corporate
bond
market.
Bonds
included
in
the
Index
must
have
$150
million
or
more
par
amount
outstanding
and
at
least
one
year
until
final
maturity.
Bonds
are
classified
as
high
yield
if
the
middle
rating
of
Moody’s,
Fitch
and
S&P
is
Ba1/BB+/BB+
or
below.
When
a
rating
from
only
two
agencies
is
available,
the
lower
is
used;
when
only
one
agency
rates
a
bond,
that
rating
is
used.
In
cases
where
explicit
bond
level
ratings
may
not
be
available,
the
Index
provider
may
use
other
sources
to
classify
securities
by
credit
quality.
The
Index
may
include
U.S.
dollar-denominated
bonds
issued
by
foreign
issuers.
Securities
in
the
Index
are
updated
on
the
last
business
day
of
each
month.
The
fund
seeks
to
maintain
a
dollar-weighted
average
maturity
consistent
with
that
of
the
Index.
Inflation
and
Rate
Hikes
Ease
Fixed-income
markets
posted
a
positive
performance
during
the
reporting
period
as
the
yield
curve
remained
inverted,
driven
in
part
by
continued
rate
hikes
by
the
Federal
Reserve
(the
“Fed”),
which
caused
the
short
end
of
the
curve
to
rise.
The
Fed
raised
the
federal
funds
rate
six
times
during
the
reporting
period,
bringing
the
target
rate
to
5.25%–5.50%.
The
Index
returned
6.23%,
with
4.09
percentage
points
coming
from
spreads
(or
credit)
and
2.14
percentage
points
coming
from
rates.
Easing
inflation,
strong
to
stable
fundamentals
and
a
normalizing
rate
environment
boosted
investor
confidence.
As
a
result,
credit
spreads
tightened
27
bps—from
464
bps
to
437
bps
during
the
period—which
translated
into
about
100
bps
of
positive
spread
contribution
to
complement
the
attractive
carry
already
inherent
in
high
yield
spreads.
Although
the
five-year
U.S.
Treasury
rate
rose
over
the
past
year,
the
attractive
carry
from
higher
rates
overcame
the
rising
rates
environment
and
led
to
a
positive
contribution
as
well.
Returns
Bolstered
by
Identification
of
Mispriced
Bonds
The
fund
returned
6.30%
while
the
Index
was
up
6.23%,
for
a
difference
of
0.07%.
The
fund’s
model-driven
approach
to
identifying
mispriced
bonds
was
the
largest
contributor
to
outperformance..
The
fund’s
modest
tilt
away
from
lower-quality
bonds,
which
typically
provides
downside
protection,
slightly
detracted
as
investors
were
less
concerned
about
the
downside.
Security
selection
detracted
modestly,
largely
due
to
idiosyncratic
drivers,
but
not
enough
to
overcome
the
positive
contribution
from
the
value
signal.
Consumer
discretionary
and
non-cyclical
sector
positions
detracted
modestly,
offset
partially
by
positive
contributions
in
the
communication
sector.
Attractive
Yields
and
Fundamentals
Attractive
yields,
strong
fundamentals
and
low
default
rates
have
been
and
continue
to
create
a
fertile
environment
for
yield
hunters.
Yields
remain
range
bound
in
the
8.0%–9.5%
range,
finishing
the
reporting
period
at
an
attractive
9.49%.
In
addition,
defaults
remain
contained.
In
2023,
year-to-date
as
of
October
31,
defaults
came
to
only
about
1.24%
as
a
percentage
of
par
amounts.
As
for
technical
factors,
gross
and
net
issuance
remain
low,
leading
to
positive
technical
tailwinds.
Fundamentals
(cash
on
the
balance
sheet,
leverage
ratios,
etc.)
also
remain
strong,
and
this
is
reflected
in
the
yield
spread
of
437
bps
(as
of
October
31,
2023)
–
only
slightly
above
the
10-year
average
of
428
bps.
November
15,
2023
1
Total
return
includes
reinvestment
of
dividends
and
any
capital
gains
paid.
A
fund’s
net
asset
value
(NAV)
is
the
sum
of
all
its
assets
less
any
liabilities,
divided
by
the
number
of
shares
outstanding.
ETFs
are
bought
and
sold
at
market
prices,
not
NAV,
therefore
an
investor’s
return
at
market
price
may
differ
from
NAV.
Past
performance
is
no
guarantee
of
future
results.
Share
price,
yield
and
investment
return
fluctuate
such
that
upon
redemption,
fund
shares
may
be
worth
more
or
less
than
their
original
cost.
2
Source:
Lipper
Inc.
—
The
Bloomberg
US
Corporate
High
Yield
Total
Return
Index
is
designed
to
measure
the
U.S.
dollar-denominated,
high
yield
(junk),
fixed-rate,
taxable
corporate
bond
market.
Bonds
included
in
the
Index
must
have
$150
million
or
more
par
amount
outstanding
and
at
least
one
year
until
final
maturity.
Bonds
are
classified
as
high
yield
if
the
middle
rating
of
Moody’s,
Fitch
and
S&P
is
Ba1/BB+/BB+
or
below.
When
a
rating
from
only
two
agencies
is
available,
the
lower
is
used;
when
only
one
agency
rates
a
bond,
that
rating
is
used.
In
cases
where
explicit
bond
level
ratings
may
not
be
available,
the
Index
provider
may
use
other
sources
to
classify
securities
by
credit
quality.
The
Index
may
include
U.S.
dollar-denominated
bonds
issued
by
foreign
issuers.
3
Bloomberg
®
is
a
trademark
and
service
mark
of
Bloomberg
Finance
L.P.
and
its
affiliates
(collectively,
“Bloomberg”).
Bloomberg
or
Bloomberg’s
licensors
own
all
proprietary
rights
in
the
Bloomberg
Indices.
Bloomberg
is
not
affiliated
with
BNY
Mellon
ETF
Trust,
and
does
not
approve,
endorse,
review
or
recommend
the
fund.
Bloomberg
does
not
guarantee
the
timeliness,
accurateness
or
completeness
of
any
data
or
information
relating
to
the
index,
and
16
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
(continued)
neither
shall
be
liable
in
any
way
to
the
Adviser,
investors
in
the
fund
or
other
third
parties
in
respect
of
the
use
or
accuracy
of
the
index
or
any
data
included
therein.
ETFs
trade
like
stocks,
are
subject
to
investment
risk,
including
possible
loss
of
principal.
ETF
shares
are
listed
on
an
exchange,
and
shares
are
generally
purchased
and
sold
in
the
secondary
market
at
market
price.
At
times,
the
market
price
may
be
at
a
premium
or
discount
to
the
ETF’s
per
share
NAV.
In
addition,
ETFs
are
subject
to
the
risk
that
an
active
trading
market
for
an
ETF’s
shares
may
not
develop
or
be
maintained.
Buying
or
selling
ETF
shares
on
an
exchange
may
require
payment
of
brokerage
commissions.
Bonds
are
subject
generally
to
interest-rate,
credit,
liquidity
and
market
risks,
to
varying
degrees,
all
of
which
are
more
fully
described
in
the
fund’s
prospectus.
Generally,
all
other
factors
being
equal,
bond
prices
are
inversely
related
to
interest-rate
changes,
and
rate
increases
can
cause
price
declines.
Indexing
does
not
attempt
to
manage
market
volatility,
use
defensive
strategies,
or
reduce
the
effects
of
any
long-term
periods
of
poor
Index
performance.
The
correlation
between
fund
and
Index
performance
may
be
affected
by
the
fund’s
expenses
and
use
of
sampling
techniques,
changes
in
securities
markets,
changes
in
the
composition
of
the
Index
and
the
timing
of
purchases
and
redemptions
of
fund
shares.
FUND
PERFORMANCE
(Unaudited)
17
Comparison
of
change
in
value
of
a
$10,000
investment
in
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
with
a
hypothetical
investment
of
$10,000
in
the
Morningstar
®
US
Large
Cap
Index
SM
(the
“Index”).
†
Sources:
Morningstar,
Inc.
††
Effective
November
15,
2023,
the
fund
changed
its
benchmark
index
and
investment
objective.
Please
see
Note
6
and
the
fund’s
prospectus
for
more
details.
Past
performance
is
not
predictive
of
future
performance.
The
above
graph
compares
a
hypothetical
$10,000
investment
made
in
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
on
4/7/20
to
a
hypothetical
investment
of
$10,000
made
in
the
Index
on
that
date
using
closing
market
price
return.
All
dividends
and
capital
gain
distributions
are
reinvested.
The
fund’s
performance
shown
in
the
line
graph
above
takes
into
account
all
applicable
fees
and
expenses.
The
Index
is
a
float-adjusted
market
capitalization
weighted
index
that
is
designed
to
measure
the
performance
of
U.S.
large-capitalization
stocks.
The
Index’s
initial
universe
of
eligible
securities
includes
common
stock,
tracking
stock
and
shares
of
real
estate
investment
trusts
(REITs)
issued
by
U.S.
companies
and
traded
on
the
New
York
Stock
Exchange,
NASDAQ
or
NYSE
Market
LLC.
At
each
reconstitution,
the
initial
universe
is
screened
to
exclude
securities
based
on
the
number
of
non-
trading
days
in
the
preceding
quarter
and
trading
volume
during
the
preceding
six-month
period.
Securities
with
more
than
10
non-trading
days
in
the
preceding
quarter,
or
that
have
a
bottom
25%
liquidity
score
as
ranked
by
the
index
provider
based
on
the
preceding
six-month
trading
volume,
are
excluded.
The
remaining
securities
comprise
the
investable
universe.
The
Index
is
composed
of
the
securities
of
companies
whose
cumulative
total
market
capitalization
represents
approximately
the
top
70%
of
the
remaining
securities
comprising
the
investable
universe.
Investors
cannot
invest
directly
in
any
index.
Morningstar
®
is
a
service
mark
of
Morningstar,
Inc.
and
has
been
licensed
for
use
for
certain
purposes
by
the
Adviser.
The
fund
is
not
sponsored,
endorsed,
sold
or
promoted
by
Morningstar,
and
Morningstar
makes
no
representation
regarding
the
advisability
of
investing
in
the
fund.
Further
information
relating
to
fund
performance,
including
expense
reimbursements,
if
applicable,
is
contained
in
the
Financial
Highlight
section
of
the
prospectus
and
elsewhere
in
this
report.
The
performance
data
quoted
represents
past
performance,
which
is
no
guarantee
of
future
results.
Share
price
and
investment
return
fluctuate
and
an
investor’s
shares
may
be
worth
more
or
less
than
original
cost
upon
redemption.
Current
performance
may
be
lower
or
higher
than
the
performance
quoted.
Go
to
www.
im.bnymellon.com
for
the
fund’s
most
recent
month-end
returns.
The
fund’s
performance
shown
in
the
graph
and
table
does
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Average
Annual
Total
Returns
as
of
October
31,
2023
Inception
Date
1
Year
3
Years
From
Inception
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
NAV
Return
4/7/20
13.00%
10.08%
66.41%
Market
Price
Return
4/7/20
12.85%
10.13%
66.31%
Morningstar
®
US
Large
Cap
Index
SM††
4/7/20
13.01%
33.43%
66.60%
FUND
PERFORMANCE
(Unaudited)
18
Comparison
of
change
in
value
of
a
$10,000
investment
in
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
with
a
hypothetical
investment
of
$10,000
in
the
Morningstar
®
US
Mid
Cap
Index
SM
(the
“Index”).
†
Sources:
Morningstar,
Inc.
††
Effective
November
15,
2023,
the
fund
changed
its
benchmark
index
and
investment
objective.
Please
see
Note
6
and
the
fund’s
prospectus
for
more
details.
Past
performance
is
not
predictive
of
future
performance.
The
above
graph
compares
a
hypothetical
$10,000
investment
made
in
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
on
4/7/20
to
a
hypothetical
investment
of
$10,000
made
in
the
Index
on
that
date
using
closing
market
price
return.
All
dividends
and
capital
gain
distributions
are
reinvested.
The
fund’s
performance
shown
in
the
line
graph
above
takes
into
account
all
applicable
fees
and
expenses.
The
Index
is
a
float-adjusted
market
capitalization
weighted
index
that
is
designed
to
measure
the
performance
of
U.S.
mid-capitalization
stocks.
The
Index’s
initial
universe
of
eligible
securities
includes
common
stock,
tracking
stock
and
shares
of
real
estate
investment
trusts
(REITs)
issued
by
U.S.
companies
and
traded
on
the
New
York
Stock
Exchange,
NASDAQ
or
NYSE
Market
LLC.
At
each
reconstitution,
the
initial
universe
is
screened
to
exclude
securities
based
on
the
number
of
non-trading
days
in
the
preceding
quarter
and
trading
volume
during
the
preceding
six-month
period.
Securities
with
more
than
10
non-trading
days
in
the
preceding
quarter,
or
that
have
a
bottom
25%
liquidity
score
as
ranked
by
the
index
provider
based
on
the
preceding
six-month
trading
volume,
are
excluded.
The
remaining
securities
comprise
the
investable
universe.
The
Index
is
composed
of
the
securities
of
companies
whose
cumulative
total
market
capitalization
falls
approximately
between
the
bottom
10%-30%
of
the
remaining
securities
comprising
the
investable
universe.
Investors
cannot
invest
directly
in
any
index.
Morningstar
®
is
a
service
mark
of
Morningstar,
Inc.
and
has
been
licensed
for
use
for
certain
purposes
by
the
Adviser.
The
fund
is
not
sponsored,
endorsed,
sold
or
promoted
by
Morningstar,
and
Morningstar
makes
no
representation
regarding
the
advisability
of
investing
in
the
fund.
Further
information
relating
to
fund
performance,
including
expense
reimbursements,
if
applicable,
is
contained
in
the
Financial
Highlights
section
of
the
prospectus
and
elsewhere
in
this
report.
The
performance
data
quoted
represents
past
performance,
which
is
no
guarantee
of
future
results.
Share
price
and
investment
return
fluctuate
and
an
investor’s
shares
may
be
worth
more
or
less
than
original
cost
upon
redemption.
Current
performance
may
be
lower
or
higher
than
the
performance
quoted.
Go
to
www.
im.bnymellon.com
for
the
fund’s
most
recent
month-end
returns.
The
fund’s
performance
shown
in
the
graph
and
table
does
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Average
Annual
Total
Returns
as
of
October
31,
2023
Inception
Date
1
Year
3
Years
From
Inception
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
NAV
Return
4/7/20
(0.89)%
6.50%
59.79%
Market
Price
Return
4/7/20
(0.83)%
6.58%
59.79%
Morningstar
®
US
Mid
Cap
Index
SM
††
4/7/20
(0.87)%
21.02%
60.23%
FUND
PERFORMANCE
(Unaudited)
19
Comparison
of
change
in
value
of
a
$10,000
investment
in
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
with
a
hypothetical
investment
of
$10,000
in
the
Morningstar
®
US
Small
Cap
Index
SM
(the
“Index”).
†
Sources:
Morningstar,
Inc.
††
Effective
November
15,
2023,
the
fund
changed
its
benchmark
index
and
investment
objective.
Please
see
Note
6
and
the
fund’s
prospectus
for
more
details.
Past
performance
is
not
predictive
of
future
performance.
The
above
graph
compares
a
hypothetical
$10,000
investment
made
in
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
on
4/7/20
to
a
hypothetical
investment
of
$10,000
made
in
the
Index
on
that
date
using
closing
market
price
return.
All
dividends
and
capital
gain
distributions
are
reinvested.
The
fund’s
performance
shown
in
the
line
graph
above
takes
into
account
all
applicable
fees
and
expenses.
The
Index
is
a
float-adjusted
market
capitalization
weighted
index
designed
to
measure
the
performance
of
U.S.
small-capitalization
stocks.
The
Index’s
initial
universe
of
eligible
securities
includes
common
stock,
tracking
stock
and
shares
of
real
estate
investment
trusts
(REITs)
issued
by
U.S.
companies
and
traded
on
the
New
York
Stock
Exchange,
NASDAQ
or
NYSE
Market
LLC.
At
each
reconstitution,
the
initial
universe
is
screened
to
exclude
securities
based
on
the
number
of
non-trading
days
in
the
preceding
quarter
and
trading
volume
during
the
preceding
six-month
period.
Securities
with
more
than
10
non-trading
days
in
the
preceding
quarter,
or
that
have
a
bottom
25%
liquidity
score
as
ranked
by
the
index
provider
based
on
the
preceding
six-month
trading
volume,
are
excluded.
The
remaining
securities
comprise
the
investable
universe.
The
Index
is
composed
of
the
securities
of
companies
whose
cumulative
total
market
capitalization
represents
approximately
the
bottom
3%-10%
of
the
remaining
securities
comprising
the
investable
universe.
Investors
cannot
invest
directly
in
any
index.
Morningstar
®
is
a
service
mark
of
Morningstar,
Inc.
and
has
been
licensed
for
use
for
certain
purposes
by
the
Adviser.
The
fund
is
not
sponsored,
endorsed,
sold
or
promoted
by
Morningstar,
and
Morningstar
makes
no
representation
regarding
the
advisability
of
investing
in
the
fund.
Further
information
relating
to
fund
performance,
including
expense
reimbursements,
if
applicable,
is
contained
in
the
Financial
Highlights
section
of
the
prospectus
and
elsewhere
in
this
report.
The
performance
data
quoted
represents
past
performance,
which
is
no
guarantee
of
future
results.
Share
price
and
investment
return
fluctuate
and
an
investor’s
shares
may
be
worth
more
or
less
than
original
cost
upon
redemption.
Current
performance
may
be
lower
or
higher
than
the
performance
quoted.
Go
to
www.
im.bnymellon.com
for
the
fund’s
most
recent
month-end
returns.
The
fund’s
performance
shown
in
the
graph
and
table
does
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Average
Annual
Total
Returns
as
of
October
31,
2023
Inception
Date
1
Year
3
Years
From
Inception
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
NAV
Return
4/7/20
(2.59)%
5.75%
60.04%
Market
Price
Return
4/7/20
(2.57)%
5.86%
60.15%
Morningstar
®
US
Small
Cap
Index
SM
††
4/7/20
(2.66)%
18.51%
60.27%
FUND
PERFORMANCE
(Unaudited)
20
Comparison
of
change
in
value
of
a
$10,000
investment
in
BNY
Mellon
International
Equity
ETF
with
a
hypothetical
investment
of
$10,000
in
the
Morningstar
®
Developed
Markets
ex-US
Large
Cap
Index
SM
(the
“Index”).
†
Sources:
Morningstar,
Inc.
††
Effective
November
15,
2023,
the
fund
changed
its
benchmark
index
and
investment
objective.
Please
see
Note
6
and
the
fund’s
prospectus
for
more
details.
Past
performance
is
not
predictive
of
future
performance.
The
above
graph
compares
a
hypothetical
$10,000
investment
made
in
BNY
Mellon
International
Equity
ETF
on
4/22/20
to
a
hypothetical
investment
of
$10,000
made
in
the
Index
on
that
date
using
closing
market
price
return.
All
dividends
and
capital
gain
distributions
are
reinvested.
The
fund’s
performance
shown
in
the
line
graph
above
takes
into
account
all
applicable
fees
and
expenses.
The
Index
is
a
float-adjusted
market
capitalization
weighted
index
designed
to
measure
the
performance
of
developed
market
(excluding
the
United
States)
large-capitalization
stocks.
A
country
is
considered
developed
if
it
meets
the
following
criteria:
(i)
its
annual
per
capita
gross
national
income
falls
in
the
World
Bank’s
high-income
category
for
the
most
recent
three
years;
(ii)
it
has
not
had
any
broad-based
discriminatory
controls
against
non-domiciled
investors
for
the
most
recent
three
years;
and
(iii)
its
stock
markets
exhibit
the
following
characteristics:
transparency,
market
regulation,
operational
efficiency,
and
the
absence
of
broad-based
investment
restrictions.
The
Index’s
initial
universe
of
eligible
securities
includes
equity
securities
(including
common
stock,
preferred
stock
and
shares
of
real
estate
investment
trusts
(REITs)),
issued
by
developed
market
companies
(excluding
the
United
States)
and
traded
on
a
major
foreign
exchange.
At
each
reconstitution,
the
initial
universe
is
screened
to
exclude
securities
based
on
the
number
of
non-trading
days,
trading
volume
and
turnover
during
the
preceding
six-month
period,
and
market
capitalization.
Securities
not
previously
part
of
the
last
reconstitution
are
excluded
from
a
current
reconstitution
if
the
security
has
20
or
more
non-trading
days
during
the
last
six
months
or
their
trading
volume
and
turnover
ranks
in
the
bottom
25%
of
the
initial
universe
as
determined
by
the
index
provider
based
on
the
preceding
six
months
of
trade
data.
Securities
previously
part
of
the
last
reconstitution
are
provided
a
one-time
buffer
and
not
excluded
unless
the
security
has
30
or
more
non-trading
days
(20
or
more
non-trading
days
after
the
one-time
buffer)
during
the
last
six
months
or
their
trading
volume
and
turnover
ranks
in
the
bottom
20%
(bottom
25%
after
the
one-time
buffer)
of
the
initial
universe
as
determined
by
the
index
provider
based
on
the
preceding
six
months
of
trade
data.
Of
the
remaining
securities,
the
Index
includes
large
capitalization
securities
from
each
eligible
country,
targeting
the
top
70%
of
stocks
by
market
capitalization
from
each
eligible
country.
Investors
cannot
invest
directly
in
any
index.
Morningstar
®
is
a
service
mark
of
Morningstar,
Inc.
and
has
been
licensed
for
use
for
certain
purposes
by
the
Adviser.
The
fund
is
not
sponsored,
endorsed,
sold
or
promoted
by
Morningstar,
and
Morningstar
makes
no
representation
regarding
the
advisability
of
investing
in
the
fund.
Further
information
relating
to
fund
performance,
including
expense
reimbursements,
if
applicable,
is
contained
in
the
Financial
Highlights
section
of
the
prospectus
and
elsewhere
in
this
report.
The
performance
data
quoted
represents
past
performance,
which
is
no
guarantee
of
future
results.
Share
price
and
investment
return
fluctuate
and
an
investor’s
shares
may
be
worth
more
or
less
than
original
cost
upon
redemption.
Current
performance
may
be
lower
or
higher
than
the
performance
quoted.
Go
to
www.
im.bnymellon.com
for
the
fund’s
most
recent
month-end
returns.
The
fund’s
performance
shown
in
the
graph
and
table
does
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Average
Annual
Total
Returns
as
of
October
31,
2023
Inception
Date
1
Year
3
Years
From
Inception
BNY
Mellon
International
Equity
ETF
NAV
Return
4/22/20
13.32%
6.59%
37.43%
Market
Price
Return
4/22/20
14.43%
6.58%
38.87%
Morningstar
®
Developed
Markets
ex-US
Large
Cap
Index
SM
††
4/22/20
13.12%
20.79%
36.98%
FUND
PERFORMANCE
(Unaudited)
21
Comparison
of
change
in
value
of
a
$10,000
investment
in
BNY
Emerging
Markets
Equity
ETF
with
a
hypothetical
investment
of
$10,000
in
the
Morningstar
®
Emerging
Markets
Large
Cap
Index
SM
(the
“Index”).
†
Sources:
Morningstar,
Inc.
††
Effective
November
15,
2023,
the
fund
changed
its
benchmark
index
and
investment
objective.
Please
see
Note
6
and
the
fund’s
prospectus
for
more
details.
Past
performance
is
not
predictive
of
future
performance.
The
above
graph
compares
a
hypothetical
$10,000
investment
made
in
BNY
Mellon
Emerging
Markets
Equity
ETF
on
4/22/20
to
a
hypothetical
investment
of
$10,000
made
in
the
Index
on
that
date
using
closing
market
price
return.
All
dividends
and
capital
gain
distributions
are
reinvested.
The
fund’s
performance
shown
in
the
line
graph
above
takes
into
account
all
applicable
fees
and
expenses.
The
Index
is
a
float-adjusted
market
capitalization
weighted
index
designed
to
measure
the
performance
of
emerging
market
large-capitalization
stocks.
A
country
is
considered
emerging
if:
(i)
its
annual
per
capita
gross
national
income
does
not
fall
in
the
World
Bank’s
high-income
category
for
the
most
recent
three
years;
(ii)
it
has
had
broad-based
discriminatory
controls
against
non-domiciled
investors
during
the
most
recent
three
years;
and
(iii)
its
stock
markets
do
not
exhibit
any
of
the
following
characteristics:
transparency,
market
regulation,
operational
efficiency,
and
the
absence
of
broad-based
investment
restrictions.
The
Index’s
initial
universe
of
eligible
securities
includes
equity
securities
(including
common
stock,
preferred
stock
and
shares
of
real
estate
investment
trusts
(REITs)),
issued
by
emerging
market
companies
and
traded
on
a
major
foreign
exchange.
At
each
reconstitution,
the
initial
universe
is
screened
to
exclude
securities
based
on
the
number
of
non-trading
days,
trading
volume
and
turnover
during
the
preceding
six-month
period,
and
market
capitalization.
Securities
not
previously
part
of
the
last
reconstitution
are
excluded
from
a
current
reconstitution
if
the
security
has
20
or
more
non-trading
days
during
the
last
six
months
or
their
trading
volume
and
turnover
ranks
in
the
bottom
25%
of
the
initial
universe
as
determined
by
the
index
provider
based
on
the
preceding
six
months
of
trade
data.
Securities
previously
part
of
the
last
reconstitution
are
provided
a
one-time
buffer
and
not
excluded
unless
the
security
has
30
or
more
non-trading
days
(20
or
more
non-trading
days
after
the
one-time
buffer)
during
the
last
six
months
or
their
trading
volume
and
turnover
ranks
in
the
bottom
20%
(bottom
25%
after
the
one-time
buffer)
of
the
initial
universe
as
determined
by
the
index
provider
based
on
the
preceding
six
months
of
trade
data.
Of
the
remaining
securities,
the
Index
includes
large
capitalization
securities
from
each
eligible
country,
targeting
the
top
70%
of
stocks
by
market
capitalization
from
each
eligible
country.
Investors
cannot
invest
directly
in
any
index.
Morningstar
®
is
a
service
mark
of
Morningstar,
Inc.
and
has
been
licensed
for
use
for
certain
purposes
by
the
Adviser.
The
fund
is
not
sponsored,
endorsed,
sold
or
promoted
by
Morningstar,
and
Morningstar
makes
no
representation
regarding
the
advisability
of
investing
in
the
fund.
Further
information
relating
to
fund
performance,
including
expense
reimbursements,
if
applicable,
is
contained
in
the
Financial
Highlights
section
of
the
prospectus
and
elsewhere
in
this
report.
The
performance
data
quoted
represents
past
performance,
which
is
no
guarantee
of
future
results.
Share
price
and
investment
return
fluctuate
and
an
investor’s
shares
may
be
worth
more
or
less
than
original
cost
upon
redemption.
Current
performance
may
be
lower
or
higher
than
the
performance
quoted.
Go
to
www.
im.bnymellon.com
for
the
fund’s
most
recent
month-end
returns.
The
fund’s
performance
shown
in
the
graph
and
table
does
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Average
Annual
Total
Returns
as
of
October
31,
2023
Inception
Date
1
Year
3
Years
From
Inception
BNY
Mellon
Emerging
Markets
Equity
ETF
NAV
Return
4/22/20
10.14%
(4.01)%
11.92%
Market
Price
Return
4/22/20
9.55%
(4.32)%
11.63%
Morningstar
®
Emerging
Markets
Large
Cap
Index
SM††
4/22/20
10.34%
(10.56)%
13.54%
FUND
PERFORMANCE
(Unaudited)
22
Comparison
of
change
in
value
of
a
$10,000
investment
in
BNY
Mellon
Core
Bond
ETF
with
a
hypothetical
investment
of
$10,000
in
the
Bloomberg
US
Aggregate
Bond
Index
(the
“Index”).
†
Sources:
FactSet
and
Morningstar,
Inc.
Past
performance
is
not
predictive
of
future
performance.
The
above
graph
compares
a
hypothetical
$10,000
investment
made
in
BNY
Mellon
Core
Bond
ETF
on
4/22/20
to
a
hypothetical
investment
of
$10,000
made
in
the
Index
on
that
date
using
closing
market
price
return.
All
dividends
and
capital
gain
distributions
are
reinvested.
The
fund’s
performance
shown
in
the
line
graph
above
takes
into
account
all
applicable
fees
and
expenses.
The
Index
is
designed
to
measure
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
The
Index
includes
Treasuries,
government-related
and
corporate
securities,
mortgage-backed
pass-through
securities
(agency
fixed-rate),
commercial
mortgage-backed
securities
(agency
and
non-agency)
and
other
asset-backed
securities
having
at
least
one
year
until
final
maturity.
Treasury,
government-related
and
corporate
securities
must
have
$300
million
or
more
par
amount
outstanding.
For
mortgage-backed
pass-through
securities,
pool
aggregates
must
have
$1
billion
or
more
par
amount
outstanding.
Asset-backed
securities
must
have
a
minimum
deal
size
of
$500
million
and
a
minimum
tranche
size
of
$25
million.
Commercial
mortgage-backed
securities
must
have
a
minimum
deal
size
of
$500
million
with
at
least
$300
million
outstanding
and
a
minimum
tranche
size
of
$25
million.
To
be
included
in
the
Index,
securities
must
be
rated
investment
grade
(Baa3/BBB-/BBB-
or
higher)
using
the
middle
rating
of
Moody’s,
S&P
and
Fitch.
When
a
rating
from
only
two
agencies
is
available,
the
lower
is
used;
when
only
one
agency
rates
a
bond,
that
rating
is
used.
In
cases
where
explicit
bond
level
ratings
may
not
be
available,
the
index
provider
may
use
other
sources
to
classify
securities
by
credit
quality.
The
Index
may
include
U.S.
dollar-denominated
bonds
issued
by
foreign
issuers.
Investors
cannot
invest
directly
in
any
index.
Bloomberg
®
is
a
trademark
and
service
mark
of
Bloomberg
Finance
L.P.
and
its
affiliates
(collectively,
“Bloomberg”).
Bloomberg
or
Bloomberg’s
licensors
own
all
proprietary
rights
in
the
Bloomberg
Indices.
Bloomberg
is
not
affiliated
with
BNY
Mellon
ETF
Trust,
and
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.
Further
information
relating
to
fund
performance,
including
expense
reimbursements,
if
applicable,
is
contained
in
the
Financial
Highlights
section
of
the
prospectus
and
elsewhere
in
this
report.
The
performance
data
quoted
represents
past
performance,
which
is
no
guarantee
of
future
results.
Share
price
and
investment
return
fluctuate
and
an
investor’s
shares
may
be
worth
more
or
less
than
original
cost
upon
redemption.
Current
performance
may
be
lower
or
higher
than
the
performance
quoted.
Go
to
www.
im.bnymellon.com
for
the
fund’s
most
recent
month-end
returns.
The
fund’s
performance
shown
in
the
graph
and
table
does
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Average
Annual
Total
Returns
as
of
October
31,
2023
Inception
Date
1
Year
3
Years
From
Inception
BNY
Mellon
Core
Bond
ETF
NAV
Return
4/22/20
0.31%
(5.61)%
(14.80)%
Market
Price
Return
4/22/20
0.44%
(5.59)%
(14.72)%
Bloomberg
US
Aggregate
Total
Return
Index
4/22/20
0.36%
(15.79)%
(14.60)%
FUND
PERFORMANCE
(Unaudited)
23
Comparison
of
change
in
value
of
a
$10,000
investment
in
BNY
Mellon
High
Yield
Beta
ETF
with
a
hypothetical
investment
of
$10,000
in
the
Bloomberg
US
Corporate
High
Yield
Total
Return
Index
(the
“Index”).
†
Sources:
FactSet
Past
performance
is
not
predictive
of
future
performance.
The
above
graph
compares
a
hypothetical
$10,000
investment
made
in
BNY
Mellon
High
Yield
Beta
ETF
on
4/22/20
to
a
hypothetical
investment
of
$10,000
made
in
the
Index
on
that
date
using
closing
market
price
return.
All
dividends
and
capital
gain
distributions
are
reinvested.
The
fund’s
performance
shown
in
the
line
graph
above
takes
into
account
all
applicable
fees
and
expenses.
The
Index
is
designed
to
measure
the
U.S.
dollar-denominated,
high
yield
(junk),
fixed-rate,
taxable
corporate
bond
market.
Bonds
included
in
the
Index
must
have
$150
million
or
more
par
amount
outstanding
and
at
least
one
year
until
final
maturity.
Bonds
are
classified
as
high
yield
if
the
middle
rating
of
Moody’s,
Fitch
and
S&P
is
Ba1/BB+/BB+
or
below.
When
a
rating
from
only
two
agencies
is
available,
the
lower
is
used;
when
only
one
agency
rates
a
bond,
that
rating
is
used.
In
cases
where
explicit
bond
level
ratings
may
not
be
available,
the
index
provider
may
use
other
sources
to
classify
securities
by
credit
quality.
The
Index
may
include
U.S.
dollar-denominated
bonds
issued
by
foreign
issuers.
Investors
cannot
invest
directly
in
any
index.
Bloomberg
®
is
a
trademark
and
service
mark
of
Bloomberg
Finance
L.P.
and
its
affiliates
(collectively,
“Bloomberg”).
Bloomberg
or
Bloomberg’s
licensors
own
all
proprietary
rights
in
the
Bloomberg
Indices.
Bloomberg
is
not
affiliated
with
BNY
Mellon
ETF
Trust,
and
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.
Further
information
relating
to
fund
performance,
including
expense
reimbursements,
if
applicable,
is
contained
in
the
Financial
Highlights
section
of
the
prospectus
and
elsewhere
in
this
report.
The
performance
data
quoted
represents
past
performance,
which
is
no
guarantee
of
future
results.
Share
price
and
investment
return
fluctuate
and
an
investor’s
shares
may
be
worth
more
or
less
than
original
cost
upon
redemption.
Current
performance
may
be
lower
or
higher
than
the
performance
quoted.
Go
to
www.
im.bnymellon.com
for
the
fund’s
most
recent
month-end
returns.
The
fund’s
performance
shown
in
the
graph
and
table
does
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Average
Annual
Total
Returns
as
of
October
31,
2023
Inception
Date
1
Year
3
Years
From
Inception
BNY
Mellon
High
Yield
Beta
ETF
NAV
Return
4/22/20
6.30%
1.01%
14.31%
Market
Price
Return
4/22/20
6.53%
1.01%
14.35%
Bloomberg
US
Corporate
High
Yield
Total
Return
Index
4/22/20
6.23%
3.61%
15.34%
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
24
As
a
shareholder
of
the
funds,
you
pay
ongoing
expenses,
such
as
management
fees
and
other
expenses.
Using
the
information
below,
you
can
estimate
how
these
expenses
affect
your
investment
and
compare
them
with
the
expenses
of
other
funds.
For
more
information,
see
your
funds’
prospectus
or
talk
to
your
financial
adviser.
Actual
Expenses
The
table
below
shows
the
expenses
you
would
have
paid
on
a
$1,000
investment
in
each
fund
from
May
1,
2023
to
October
31,
2023.
The
information
under
each
column
in
the
table
below
entitled
“Actual”
provides
information
about
on
how
much
a
$1,000
investment
would
be
worth
at
the
close
of
the
period,
assuming
net
asset
value
total
returns
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
Securities
and
Exchange
Commission
(“SEC”)
has
established
guidelines
to
help
investors
assess
fund
expenses.
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
expenses
(but
not
transaction
expenses
or
total
cost)
of
investing
in
the
funds
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
are
useful
in
comparing
ongoing
fund
expenses
(but
not
transaction
expenses
or
total
cost)
of
investing
in
the
funds
with
those
of
other
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
(a)
Expenses
are
calculated
using
the
annualized
expense
ratio,
which
represents
the
ongoing
expenses
as
a
percentage
of
net
assets
for
the
six-month
period
ended
October
31,
2023
.
Expenses
are
calculated
by
multiplying
the
fund’s
annualized
expense
ratio
by
the
average
account
value
for
the
period,
then
multiplying
the
result
by
184/365
(to
reflect
the
one-half
period).
For
the
six
months
ended
October
31,
2023
Beginning
account
value
($)
Ending
account
value($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
(a)
Hypothetical
(a)
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
1,000.00
1,000.00
1,033.30
1,025.21
0.00
0.00
0.00
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
1,000.00
1,000.00
954.50
1,025.00
0.20
0.20
0.04
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
1,000.00
1,000.00
959.10
1,025.00
0.20
0.20
0.04
BNY
Mellon
International
Equity
ETF
1,000.00
1,000.00
926.30
1,025.00
0.19
0.20
0.04
BNY
Mellon
Emerging
Markets
Equity
ETF
1,000.00
1,000.00
954.70
1,024.65
0.54
0.56
0.11
BNY
Mellon
Core
Bond
ETF
1,000.00
1,000.00
938.50
1,025.21
0.00
0.00
0.00
BNY
Mellon
High
Yield
Beta
ETF
1,000.00
1,000.00
998.50
1,024.10
1.11
1.12
0.22
25
STATEMENT
OF
INVESTMENTS
October
31,
2023
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
Description
Shares
Value
($)
Common
Stocks
–
99.8%
Communication
Services
–
9.9%
Alphabet,
Inc.,
Class
A
(a)
339,625
42,140,670
Alphabet,
Inc.,
Class
C
(a)
289,203
36,237,136
AT&T,
Inc.
414,931
6,389,937
Charter
Communications,
Inc.,
Class
A
(a)
5,825
2,346,310
Comcast
Corp.,
Class
A
232,074
9,582,336
Meta
Platforms,
Inc.,
Class
A
(a)
127,228
38,329,980
Netflix,
Inc.
(a)
25,368
10,443,752
T-Mobile
US,
Inc.
(a)
30,224
4,348,025
Verizon
Communications,
Inc.
240,656
8,454,245
Walt
Disney
Co.
(The)
(a)
104,743
8,545,981
166,818,372
Consumer
Discretionary
–
10.9%
Airbnb,
Inc.,
Class
A
(a)
24,505
2,898,696
Amazon.com,
Inc.
(a)
519,579
69,150,769
AutoZone,
Inc.
(a)
1,036
2,566,307
Booking
Holdings,
Inc.
(a)
2,063
5,754,862
Chipotle
Mexican
Grill,
Inc.
(a)
1,581
3,070,618
Ford
Motor
Co.
230,853
2,250,817
General
Motors
Co.
78,762
2,221,088
Home
Depot,
Inc.
(The)
57,551
16,384,194
Las
Vegas
Sands
Corp.
19,413
921,341
Lowe's
Cos.,
Inc.
33,853
6,451,366
Lululemon
Athletica
,
Inc.
(a)
6,638
2,611,920
Marriott
International,
Inc.,
Class
A
14,769
2,784,843
McDonald's
Corp.
41,739
10,942,714
MercadoLibre
,
Inc.
(a)
2,604
3,230,887
NIKE,
Inc.,
Class
B
70,128
7,207,055
O'Reilly
Automotive,
Inc.
(a)
3,475
3,233,279
Starbucks
Corp.
65,109
6,005,654
Tesla,
Inc.
(a)
158,034
31,739,549
TJX
Cos.,
Inc.
(The)
65,915
5,805,134
185,231,093
Consumer
Staples
–
6.8%
Altria
Group,
Inc.
101,162
4,063,677
Archer-Daniels-Midland
Co.
30,879
2,210,010
Coca-Cola
Co.
(The)
223,042
12,599,643
Colgate-Palmolive
Co.
47,373
3,558,660
Constellation
Brands,
Inc.,
Class
A
9,525
2,230,279
Costco
Wholesale
Corp.
25,467
14,068,989
Dollar
General
Corp.
12,618
1,502,047
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
13,272
1,710,363
General
Mills,
Inc.
31,289
2,041,294
Kenvue
,
Inc.
99,118
1,843,595
Keurig
Dr
Pepper,
Inc.
57,375
1,740,184
Kimberly-Clark
Corp.
19,439
2,325,682
Kraft
Heinz
Co.
(The)
41,539
1,306,817
Mondelez
International,
Inc.,
Class
A
78,649
5,207,350
Monster
Beverage
Corp.
(a)
43,686
2,232,355
PepsiCo,
Inc.
78,812
12,868,423
Philip
Morris
International,
Inc.
88,940
7,929,890
Procter
&
Gamble
Co.
(The)
135,079
20,265,902
Target
Corp.
25,654
2,842,207
Walmart,
Inc.
81,699
13,350,434
115,897,801
Energy
–
4.3%
Chevron
Corp.
101,201
14,748,022
ConocoPhillips
68,420
8,128,296
EOG
Resources,
Inc.
33,432
4,220,790
Exxon
Mobil
Corp.
229,158
24,256,374
Hess
Corp.
15,813
2,283,397
Marathon
Petroleum
Corp.
23,237
3,514,596
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Energy
–
4.3%
(continued)
Occidental
Petroleum
Corp.
38,744
2,394,767
Phillips
66
25,880
2,952,132
Pioneer
Natural
Resources
Co.
13,310
3,181,090
Schlumberger
NV
80,708
4,492,207
Valero
Energy
Corp.
20,469
2,599,563
72,771,234
Financials
–
12.6%
Aflac,
Inc.
30,773
2,403,679
American
Express
Co.
33,436
4,882,659
Aon
PLC,
Class
A
11,712
3,623,693
Arthur
J
Gallagher
&
Co.
12,170
2,865,913
Bank
of
America
Corp.
395,745
10,423,923
Berkshire
Hathaway,
Inc.,
Class
B
(a)
104,395
35,633,145
BlackRock,
Inc.
8,161
4,996,817
Blackstone,
Inc.
40,697
3,758,368
Charles
Schwab
Corp.
(The)
84,168
4,380,103
Chubb
Ltd.
23,645
5,074,690
Citigroup,
Inc.
107,940
4,262,551
CME
Group,
Inc.
20,604
4,398,130
Fiserv,
Inc.
(a)
35,213
4,005,479
Goldman
Sachs
Group,
Inc.
(The)
19,087
5,795,004
Intercontinental
Exchange,
Inc.
32,764
3,520,164
JPMorgan
Chase
&
Co.
166,480
23,150,709
KKR
&
Co.,
Inc.
36,696
2,032,958
Marsh
&
McLennan
Cos.,
Inc.
28,238
5,355,337
Mastercard
,
Inc.,
Class
A
47,768
17,977,487
MetLife,
Inc.
37,249
2,235,312
Moody's
Corp.
9,099
2,802,492
Morgan
Stanley
73,982
5,239,405
PayPal
Holdings,
Inc.
(a)
62,856
3,255,941
PNC
Financial
Services
Group,
Inc.
(The)
22,796
2,609,458
Progressive
Corp.
(The)
33,380
5,277,044
S&P
Global,
Inc.
18,773
6,557,597
Travelers
Cos.,
Inc.
(The)
13,334
2,232,645
Truist
Financial
Corp.
76,249
2,162,422
US
Bancorp
91,451
2,915,458
Visa,
Inc.,
Class
A
(b)
92,213
21,679,276
Wells
Fargo
&
Co.
210,483
8,370,909
213,878,768
Health
Care
–
13.7%
Abbott
Laboratories
99,840
9,439,872
AbbVie,
Inc.
101,038
14,264,545
Amgen,
Inc.
30,629
7,831,835
Becton,
Dickinson
&
Co.
16,608
4,198,170
Biogen,
Inc.
(a)
8,419
1,999,849
Boston
Scientific
Corp.
(a)
83,253
4,261,721
Bristol-Myers
Squibb
Co.
120,090
6,188,238
Cigna
Group
(The)
16,831
5,204,145
CVS
Health
Corp.
72,918
5,032,071
Danaher
Corp.
37,713
7,241,650
DexCom
,
Inc.
(a)
22,151
1,967,673
Edwards
Lifesciences
Corp.
(a)
34,800
2,217,456
Elevance
Health,
Inc.
13,524
6,087,017
Eli
Lilly
&
Co.
45,647
25,285,243
Gilead
Sciences,
Inc.
70,814
5,561,732
HCA
Healthcare,
Inc.
11,744
2,655,788
Humana,
Inc.
7,245
3,794,134
Intuitive
Surgical,
Inc.
(a)
20,113
5,274,031
Johnson
&
Johnson
138,040
20,476,854
McKesson
Corp.
7,722
3,516,290
Medtronic
PLC
76,199
5,376,602
26
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Health
Care
–
13.7%
(continued)
Merck
&
Co.,
Inc.
145,070
14,898,689
Moderna
,
Inc.
(a)
18,955
1,439,822
Pfizer,
Inc.
323,195
9,876,839
Regeneron
Pharmaceuticals,
Inc.
(a)
6,172
4,813,481
Stryker
Corp.
19,313
5,218,759
Thermo
Fisher
Scientific,
Inc.
22,159
9,855,658
UnitedHealth
Group,
Inc.
53,026
28,398,605
Vertex
Pharmaceuticals,
Inc.
(a)
14,847
5,376,247
Zoetis,
Inc.
26,591
4,174,787
231,927,803
Industrials
–
6.4%
3M
Co.
30,729
2,794,803
Automatic
Data
Processing,
Inc.
23,617
5,153,702
Boeing
Co.
(The)
(a)
32,269
6,028,495
Caterpillar,
Inc.
29,409
6,647,904
Cintas
Corp.
5,101
2,586,819
CSX
Corp.
117,322
3,502,062
Deere
&
Co.
15,610
5,703,270
Eaton
Corp.
PLC
22,760
4,732,032
Emerson
Electric
Co.
33,217
2,955,316
FedEx
Corp.
13,211
3,171,961
General
Dynamics
Corp.
12,736
3,073,324
General
Electric
Co.
62,142
6,750,485
Honeywell
International,
Inc.
38,188
6,998,333
Illinois
Tool
Works,
Inc.
15,887
3,560,594
Johnson
Controls
International
PLC
36,297
1,779,279
Lockheed
Martin
Corp.
12,899
5,864,401
Norfolk
Southern
Corp.
12,914
2,463,862
Northrop
Grumman
Corp.
8,189
3,860,540
Republic
Services,
Inc.
11,688
1,735,551
RTX
Corp.
(b)
83,667
6,809,657
Uber
Technologies,
Inc.
(a)
115,600
5,003,168
Union
Pacific
Corp.
35,170
7,301,644
United
Parcel
Service,
Inc.,
Class
B
41,403
5,848,174
Waste
Management,
Inc.
21,348
3,508,117
107,833,493
Information
Technology
–
31.4%
Accenture
PLC,
Class
A
36,109
10,727,623
Adobe,
Inc.
(a)
25,794
13,723,956
Advanced
Micro
Devices,
Inc.
(a)
92,720
9,132,920
Amphenol
Corp.,
Class
A
34,218
2,756,260
Analog
Devices,
Inc.
28,846
4,538,341
Apple,
Inc.
841,260
143,661,970
Applied
Materials,
Inc.
47,906
6,340,359
Arista
Networks,
Inc.
(a)
14,329
2,871,102
Autodesk,
Inc.
(a)
12,233
2,417,608
Broadcom,
Inc.
23,607
19,862,222
Cadence
Design
Systems,
Inc.
(a)
15,673
3,759,169
Cisco
Systems,
Inc.
233,945
12,195,553
Fortinet,
Inc.
(a)
37,309
2,132,955
Intel
Corp.
239,737
8,750,400
International
Business
Machines
Corp.
52,150
7,542,976
Intuit,
Inc.
15,736
7,788,533
KLA
Corp.
7,775
3,651,917
LAM
Research
Corp.
7,712
4,536,353
Micron
Technology,
Inc.
62,318
4,167,205
Microsoft
Corp.
425,307
143,800,550
Motorola
Solutions,
Inc.
9,589
2,670,153
NVIDIA
Corp.
141,393
57,660,065
Oracle
Corp.
90,115
9,317,891
Palo
Alto
Networks,
Inc.
(a)
17,297
4,203,517
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Information
Technology
–
31.4%
(continued)
QUALCOMM,
Inc.
63,884
6,962,717
Roper
Technologies,
Inc.
6,193
3,025,714
Salesforce,
Inc.
(a)
54,998
11,045,248
ServiceNow
,
Inc.
(a)
11,701
6,808,227
Snowflake,
Inc.,
Class
A
(a)
19,036
2,762,695
Synopsys,
Inc.
(a)
8,705
4,086,475
Texas
Instruments,
Inc.
51,980
7,381,680
VMware,
Inc.,
Class
A
(a)
12,110
1,763,821
532,046,175
Materials
–
1.5%
Air
Products
&
Chemicals,
Inc.
12,652
3,573,431
Corteva
,
Inc.
40,640
1,956,410
Ecolab,
Inc.
14,616
2,451,688
Freeport-McMoRan,
Inc.
81,147
2,741,146
Linde
PLC
27,987
10,695,512
Sherwin-Williams
Co.
(The)
13,274
3,161,999
Southern
Copper
Corp.
5,177
367,049
24,947,235
Real
Estate
–
1.1%
American
Tower
Corp.
(c)
27,137
4,835,542
Crown
Castle,
Inc.
(c)
25,707
2,390,237
Equinix
,
Inc.
(c)
5,349
3,902,844
Prologis,
Inc.
(c)
51,565
5,195,174
Public
Storage
(c)
8,520
2,033,809
18,357,606
Utilities
–
1.2%
American
Electric
Power
Co.,
Inc.
27,616
2,086,113
Dominion
Energy,
Inc.
49,740
2,005,517
Duke
Energy
Corp.
42,484
3,776,403
NextEra
Energy,
Inc.
113,235
6,601,600
Sempra
33,940
2,376,818
Southern
Co.
(The)
60,188
4,050,652
20,897,103
Total
Common
Stocks
(cost
$1,655,185,809)
1,690,606,683
Investment
Companies
–
0.1%
Registered
Investment
Companies
–
0.1%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.32%
(d)(e)
(cost
$2,097,480)
2,097,480
2,097,480
Total
Investments
(cost
$1,657,283,289)
99.9%
1,692,704,163
Cash
and
Receivables
(Net)
0.1%
1,770,200
Net
Assets
100.0%
1,694,474,363
(a)
Non-income
producing
security.
(b)
Security,
or
portion
thereof,
on
loan.
At
October
31,
2023,
the
value
of
the
fund’s
securities
on
loan
was
$27,381,198
and
the
value
of
the
collateral
was
$27,581,211,
consisting
of
U.S.
Government
&
Agency
securities.
In
addition,
the
value
of
collateral
may
include
pending
sales
that
are
also
on
loan.
(c)
Investment
in
a
real
estate
investment
trust.
(d)
Investment
in
affiliated
issuer.
The
investment
objective
of
this
investment
company
is
publicly
available
and
can
be
found
within
the
investment
company’s
prospectus.
(e)
The
rate
shown
is
the
1-day
yield
as
of
October
31,
2023.
27
See
Notes
to
Financial
Statements
Portfolio
Summary
(Unaudited)
†
Value
(%)
Information
Technology
31.4
Health
Care
13.7
Financials
12.6
Consumer
Discretionary
10.9
Communication
Services
9.9
Consumer
Staple
s
6.8
Industrials
6.4
Energy
4.3
Materials
1.5
Utilities
1.2
Real
Estate
1.1
Registered
Investment
Companies
0.1
99.9
†
Based
on
net
assets.
Holdings
and
transactions
in
these
affiliated
companies
during
the
period
ended
October
31,
2023
are
as
follows:
Description
Value
($)
10/31/22
Purchases
($)
1
Sales
($)
Value
($)
10/31/23
Dividends/
Distributions
($)
Investment
Companies
–
0.1%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares
1,160,584
32,363,948
(31,427,052)
2,097,480
130,378
Investment
of
Cash
Collateral
for
Securities
Loaned
–
0.0%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares
—
26,112,996
(26,112,996)
—
48,109
2
Total
–
0.1%
1,160,584
58,476,944
(57,540,048)
2,097,480
178,487
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)
($)
Futures
Long
S&P
500
E-mini
15
12/15/2023
3,260,935
3,159,188
(101,747)
Gross
Unrealized
Depreciation
(101,747)
28
STATEMENT
OF
INVESTMENTS
October
31,
2023
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
Description
Shares
Value
($)
Common
Stocks
–
99.8%
Communication
Services
–
3.1%
Electronic
Arts,
Inc.
13,529
1,674,755
Fox
Corp.,
Class
A
13,935
423,485
Fox
Corp.,
Class
B
7,019
195,900
Interpublic
Group
of
Cos.,
Inc.
(The)
20,836
591,742
Liberty
Broadband
Corp.,
Class
A
(a)
914
76,154
Liberty
Broadband
Corp.,
Class
C
(a)
6,129
510,607
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A
(a)
2,061
118,611
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C
(a)
11,285
730,027
Liberty
Media
Corp.-Liberty
Siriusxm
(a)
7,703
189,109
Liberty
Media
Corp.-Liberty
Siriusxm,
Class
A
(a)
4,228
103,544
Live
Nation
Entertainment,
Inc.
(a)
7,801
624,236
Match
Group,
Inc.
(a)
15,483
535,712
News
Corp.,
Class
A
21,396
442,469
News
Corp.,
Class
B
6,376
136,701
Omnicom
Group,
Inc.
10,740
804,533
Paramount
Global,
Class
A
(b)
1,114
15,485
Paramount
Global,
Class
B
(b)
25,451
276,907
Pinterest,
Inc.,
Class
A
(a)
31,417
938,740
ROBLOX
Corp.,
Class
A
(a)
26,495
842,806
Sirius
XM
Holdings,
Inc.
(b)
34,703
148,529
Snap,
Inc.,
Class
A
(a)
56,238
562,942
Take-Two
Interactive
Software,
Inc.
(a)
8,566
1,145,703
Trade
Desk,
Inc.
(The),
Class
A
(a)
24,493
1,738,023
ZoomInfo
Technologies,
Inc.,
Class
A
(a)
15,863
205,584
13,032,304
Consumer
Discretionary
–
8.9%
Advance
Auto
Parts,
Inc.
3,118
162,229
Aptiv
PLC
(a)
15,999
1,395,113
Aramark
14,092
379,497
Bath
&
Body
Works,
Inc.
12,835
380,558
Best
Buy
Co.,
Inc.
10,465
699,271
BorgWarner,
Inc.
13,073
482,394
Burlington
Stores,
Inc.
(a)
3,479
421,063
Caesars
Entertainment,
Inc.
(a)
11,560
461,128
CarMax,
Inc.
(a)(b)
8,642
527,940
Carnival
Corp.
(a)
55,095
631,389
Churchill
Downs,
Inc.
3,790
416,294
Coupang,
Inc.,
Class
A
(a)
62,798
1,067,566
D.R.
Horton,
Inc.
16,613
1,734,397
Darden
Restaurants,
Inc.
6,630
964,864
Deckers
Outdoor
Corp.
(a)
1,423
849,616
Dick's
Sporting
Goods,
Inc.
3,452
369,191
Domino's
Pizza,
Inc.
1,932
654,929
DoorDash,
Inc.,
Class
A
(a)
16,484
1,235,476
DraftKings,
Inc.,
Class
A
(a)
25,612
707,403
eBay,
Inc.
28,999
1,137,631
Etsy,
Inc.
(a)(b)
6,517
406,009
Expedia
Group,
Inc.
(a)
7,484
713,150
Five
Below,
Inc.
(a)
3,302
574,482
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)(b)
5,811
478,826
Garmin
Ltd.
8,286
849,564
Genuine
Parts
Co.
7,639
984,361
Hasbro,
Inc.
7,055
318,533
Hilton
Worldwide
Holdings,
Inc.
14,344
2,173,546
Lear
Corp.
3,131
406,279
Lennar
Corp.,
Class
A
13,797
1,471,864
Lennar
Corp.,
Class
B
(b)
728
71,788
LKQ
Corp.
14,673
644,438
Lucid
Group,
Inc.
(a)(b)
46,050
189,726
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Consumer
Discretionary
–
8.9%
(continued)
MGM
Resorts
International
15,355
536,197
NVR,
Inc.
(a)
185
1,001,335
Penske
Automotive
Group,
Inc.
1,082
154,813
Pool
Corp.
2,128
671,959
PulteGroup,
Inc.
11,872
873,660
Ross
Stores,
Inc.
18,712
2,170,031
Royal
Caribbean
Cruises
Ltd.
(a)
12,905
1,093,441
Service
Corp.
International
8,045
437,809
Tapestry,
Inc.
13,129
361,835
Tractor
Supply
Co.
(b)
5,919
1,139,763
Ulta
Beauty,
Inc.
(a)
2,708
1,032,587
Vail
Resorts,
Inc.
2,111
448,060
VF
Corp.
17,263
254,284
Whirlpool
Corp.
2,934
306,779
Williams-Sonoma,
Inc.
3,516
528,244
Wynn
Resorts
Ltd.
5,256
461,372
Yum!
Brands,
Inc.
15,296
1,848,675
37,281,359
Consumer
Staples
–
4.7%
Albertsons
Cos.,
Inc.,
Class
A
21,716
471,237
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
7,193
489,987
Brown-Forman
Corp.,
Class
A
4,127
236,972
Brown-Forman
Corp.,
Class
B
9,830
552,053
Bunge
Ltd.
8,286
878,150
Campbell
Soup
Co.
10,466
422,931
Casey's
General
Stores,
Inc.
2,015
547,899
Church
&
Dwight
Co.,
Inc.
13,448
1,222,961
Clorox
Co.
(The)
6,856
806,951
ConAgra
Brands,
Inc.
26,196
716,723
Coty,
Inc.,
Class
A
(a)
18,728
175,481
Darling
Ingredients,
Inc.
(a)
8,589
380,407
Dollar
Tree,
Inc.
(a)
11,547
1,282,756
Hershey
Co.
(The)
8,192
1,534,771
Hormel
Foods
Corp.
15,907
517,773
JM
Smucker
Co.
(The)
5,566
633,634
Kellanova
15,618
788,241
Kroger
Co.
(The)
36,076
1,636,768
Lamb
Weston
Holdings,
Inc.
7,861
705,918
McCormick
&
Co.,
Inc.
13,627
870,765
Molson
Coors
Beverage
Co.,
Class
B
10,203
589,427
Performance
Food
Group
Co.
(a)
9,312
537,861
SYSCO
Corp.
27,707
1,842,239
Tyson
Foods,
Inc.,
Class
A
15,401
713,836
US
Foods
Holding
Corp.
(a)
12,467
485,465
Walgreens
Boots
Alliance,
Inc.
39,257
827,538
19,868,744
Energy
–
5.3%
APA
Corp.
16,932
672,539
Baker
Hughes
Co.,
Class
A
55,435
1,908,073
Cheniere
Energy,
Inc.
13,158
2,189,754
Chesapeake
Energy
Corp.
(b)
6,668
573,981
Coterra
Energy,
Inc.
43,032
1,183,380
Devon
Energy
Corp.
35,161
1,637,448
Diamondback
Energy,
Inc.
9,681
1,552,058
EQT
Corp.
19,607
830,945
Halliburton
Co.
49,266
1,938,124
HF
Sinclair
Corp.
8,869
491,165
Kinder
Morgan,
Inc.
106,355
1,722,951
Marathon
Oil
Corp.
33,247
907,976
ONEOK,
Inc.
31,876
2,078,315
Ovintiv,
Inc.
13,236
635,328
29
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Energy
–
5.3%
(continued)
Targa
Resources
Corp.
12,179
1,018,286
Texas
Pacific
Land
Corp.
335
618,393
Williams
Cos.,
Inc.
(The)
66,684
2,293,930
22,252,646
Financials
–
13.5%
Allstate
Corp.
(The)
14,221
1,822,137
Ally
Financial,
Inc.
14,887
360,117
American
Financial
Group,
Inc.
3,512
384,072
American
International
Group,
Inc.
39,064
2,395,014
Ameriprise
Financial,
Inc.
5,562
1,749,638
Annaly
Capital
Management,
Inc.
(c)
26,399
412,088
Apollo
Global
Management,
Inc.
23,694
1,834,863
Arch
Capital
Group
Ltd.
(a)
20,308
1,760,297
Ares
Management
Corp.,
Class
A
9,443
930,985
Bank
of
New
York
Mellon
Corp.
(The)
42,709
1,815,132
Block,
Inc.,
Class
A
(a)
30,247
1,217,442
Brown
&
Brown,
Inc.
12,992
901,905
Capital
One
Financial
Corp.
20,886
2,115,543
Carlyle
Group,
Inc.
(The)
11,720
322,769
Cincinnati
Financial
Corp.
8,610
858,159
Citizens
Financial
Group,
Inc.
25,400
595,122
Coinbase
Global,
Inc.,
Class
A
(a)(b)
9,382
723,540
Corebridge
Financial,
Inc.
9,464
189,280
Discover
Financial
Services
13,680
1,122,854
East
West
Bancorp,
Inc.
7,764
416,306
Equitable
Holdings,
Inc.
20,618
547,820
Erie
Indemnity
Co.,
Class
A
1,372
378,933
Everest
Group
Ltd.
2,342
926,542
FactSet
Research
Systems,
Inc.
2,101
907,401
Fidelity
National
Financial,
Inc.
14,255
557,228
Fidelity
National
Information
Services,
Inc.
32,374
1,589,887
Fifth
Third
Bancorp
37,353
885,640
First
Citizens
BancShares,
Inc.,
Class
A
645
890,577
First
Horizon
National
Corp.
31,259
336,034
FleetCor
Technologies,
Inc.
(a)
4,081
918,919
Franklin
Resources,
Inc.
15,593
355,364
Global
Payments,
Inc.
14,269
1,515,653
Globe
Life,
Inc.
4,647
540,725
Hartford
Financial
Services
Group,
Inc.
(The)
16,656
1,223,383
Huntington
Bancshares,
Inc.
78,149
754,138
Interactive
Brokers
Group,
Inc.,
Class
A
5,869
469,931
Invesco
Ltd.
23,716
307,597
Jack
Henry
&
Associates,
Inc.
3,929
553,950
KeyCorp
50,112
512,145
Kinsale
Capital
Group,
Inc.
1,172
391,343
Loews
Corp.
10,280
658,023
LPL
Financial
Holdings,
Inc.
4,179
938,269
M&T
Bank
Corp.
9,026
1,017,681
Markel
Group,
Inc.
(a)
736
1,082,303
MarketAxess
Holdings,
Inc.
2,000
427,500
Morningstar,
Inc.
1,427
361,373
MSCI,
Inc.,
Class
A
4,347
2,049,828
NASDAQ,
Inc.
18,533
919,237
Northern
Trust
Corp.
11,341
747,485
Old
Republic
International
Corp.
14,622
400,350
Principal
Financial
Group,
Inc.
12,019
813,446
Prudential
Financial,
Inc.
19,908
1,820,388
Raymond
James
Financial,
Inc.
10,362
988,949
Regions
Financial
Corp.
50,713
736,860
Reinsurance
Group
of
America,
Inc.,
Class
A
3,697
552,591
RenaissanceRe
Holdings
Ltd.
2,824
620,122
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Financials
–
13.5%
(continued)
SEI
Investments
Co.
5,562
298,457
State
Street
Corp.
17,283
1,117,000
Synchrony
Financial
23,051
646,581
T
Rowe
Price
Group,
Inc.
12,303
1,113,421
Unum
Group
10,215
499,513
W.R.
Berkley
Corp.
11,923
803,849
WEX,
Inc.
(a)
2,398
399,219
Willis
Towers
Watson
PLC
5,690
1,342,214
56,845,132
Health
Care
–
10.3%
Agilent
Technologies,
Inc.
16,171
1,671,596
agilon
health,
Inc.
(a)(b)
16,814
302,652
Align
Technology,
Inc.
(a)
3,912
722,116
Alnylam
Pharmaceuticals,
Inc.
(a)
6,894
1,046,509
Apellis
Pharmaceuticals,
Inc.
(a)(b)
5,471
266,219
Avantor,
Inc.
(a)
36,902
643,202
Baxter
International,
Inc.
27,424
889,360
BioMarin
Pharmaceutical,
Inc.
(a)
10,141
825,984
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)
1,107
304,735
Bio-Techne
Corp.
8,774
479,324
Bruker
Corp.
5,282
301,074
Cardinal
Health,
Inc.
13,836
1,259,076
Catalent,
Inc.
(a)
9,859
339,051
Cencora,
Inc.
9,071
1,679,496
Centene
Corp.
(a)
29,599
2,041,739
Charles
River
Laboratories
International,
Inc.
(a)
2,752
463,327
Chemed
Corp.
802
451,245
Cooper
Cos.,
Inc.
(The)
2,722
848,584
DaVita,
Inc.
(a)
3,041
234,856
DENTSPLY
SIRONA,
Inc.
11,236
341,687
Exact
Sciences
Corp.
(a)
9,901
609,803
GE
Healthcare
Technologies,
Inc.
21,414
1,425,530
Henry
Schein,
Inc.
(a)
6,990
454,210
Hologic,
Inc.
(a)
13,298
879,929
IDEXX
Laboratories,
Inc.
(a)
4,519
1,805,205
Illumina,
Inc.
(a)
8,981
982,701
Incyte
Corp.
(a)
10,384
560,009
Insulet
Corp.
(a)
3,758
498,198
IQVIA
Holdings,
Inc.
(a)
10,075
1,821,862
Jazz
Pharmaceuticals
PLC
(a)
3,390
430,598
Karuna
Therapeutics,
Inc.
(a)
1,968
327,888
Laboratory
Corp.
of
America
Holdings
5,083
1,015,228
Masimo
Corp.
(a)
2,356
191,142
Mettler-Toledo
International,
Inc.
(a)
1,181
1,163,521
Molina
Healthcare,
Inc.
(a)
3,209
1,068,437
Neurocrine
Biosciences,
Inc.
(a)
5,385
597,412
Penumbra,
Inc.
(a)
2,111
403,518
Quest
Diagnostics,
Inc.
6,149
799,985
Repligen
Corp.
(a)
2,861
384,976
ResMed,
Inc.
8,057
1,137,810
Revvity,
Inc.
6,675
553,024
Royalty
Pharma
PLC,
Class
A
21,154
568,408
Sarepta
Therapeutics,
Inc.
(a)
5,146
346,377
Seagen,
Inc.
(a)
7,632
1,624,166
Shockwave
Medical,
Inc.
(a)
2,201
453,978
STERIS
PLC
5,447
1,143,761
Teleflex,
Inc.
2,509
463,538
United
Therapeutics
Corp.
(a)
2,528
563,390
Universal
Health
Services,
Inc.,
Class
B
3,335
419,843
Veeva
Systems,
Inc.,
Class
A
(a)
8,009
1,543,414
30
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Health
Care
–
10.3%
(continued)
Viatris,
Inc.
65,131
579,666
Waters
Corp.
(a)
3,248
774,745
West
Pharmaceutical
Services,
Inc.
4,038
1,285,255
Zimmer
Biomet
Holdings,
Inc.
11,468
1,197,374
43,186,733
Industrials
–
18.0%
AECOM
7,938
607,654
AGCO
Corp.
3,328
381,588
Allegion
PLC
4,728
465,046
American
Airlines
Group,
Inc.
(a)
39,996
445,955
AMETEK,
Inc.
12,624
1,777,080
AO
Smith
Corp.
6,901
481,414
Avis
Budget
Group,
Inc.
(a)
1,080
175,824
Axon
Enterprise,
Inc.
(a)
3,857
788,718
Booz
Allen
Hamilton
Holding
Corp.,
Class
A
7,176
860,618
Broadridge
Financial
Solutions,
Inc.
6,470
1,104,041
Builders
FirstSource,
Inc.
(a)
6,718
729,037
Carlisle
Cos.,
Inc.
2,774
704,846
Carrier
Global
Corp.
45,582
2,172,438
Ceridian
HCM
Holding,
Inc.
(a)
8,498
543,957
CH
Robinson
Worldwide,
Inc.
6,389
522,812
Copart,
Inc.
(a)
47,169
2,052,795
Cummins,
Inc.
7,962
1,722,181
Delta
Air
Lines,
Inc.
35,062
1,095,687
Dover
Corp.
7,593
986,710
EMCOR
Group,
Inc.
2,513
519,311
Equifax,
Inc.
6,741
1,143,071
Expeditors
International
of
Washington,
Inc.
8,171
892,682
Fastenal
Co.
31,345
1,828,667
Ferguson
PLC
11,196
1,681,639
Fortive
Corp.
20,056
1,309,256
Fortune
Brands
Innovations,
Inc.
6,949
387,754
Genpact
Ltd.
9,129
306,187
Graco,
Inc.
9,157
680,823
HEICO
Corp.
2,191
347,076
HEICO
Corp.,
Class
A
4,150
527,590
Howmet
Aerospace,
Inc.
21,554
950,531
Hubbell,
Inc.,
Class
B
2,894
781,669
Huntington
Ingalls
Industries,
Inc.
2,411
529,986
IDEX
Corp.
4,141
792,629
Ingersoll
Rand,
Inc.
22,157
1,344,487
Jacobs
Solutions,
Inc.
6,939
924,969
JB
Hunt
Transport
Services,
Inc.
4,428
761,040
KBR,
Inc.
7,170
416,936
Knight-Swift
Transportation
Holdings,
Inc.,
Class
A
8,843
432,334
L3Harris
Technologies,
Inc.
10,330
1,853,305
Leidos
Holdings,
Inc.
7,621
755,394
Lennox
International,
Inc.
1,727
639,923
Lincoln
Electric
Holdings,
Inc.
3,146
549,921
Masco
Corp.
13,210
688,109
Middleby
Corp.
(The)
(a)
2,925
330,145
Nordson
Corp.
2,959
629,054
Old
Dominion
Freight
Line,
Inc.
4,873
1,835,464
Otis
Worldwide
Corp.
22,561
1,741,935
Owens
Corning
4,988
565,490
PACCAR,
Inc.
28,539
2,355,324
Parker-Hannifin
Corp.
7,016
2,588,273
Paychex,
Inc.
17,603
1,954,813
Paycom
Software,
Inc.
2,663
652,355
Paylocity
Holding
Corp.
(a)
2,371
425,357
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Industrials
–
18.0%
(continued)
Pentair
PLC
9,131
530,694
Quanta
Services,
Inc.
7,868
1,314,900
Regal
Rexnord
Corp.
3,682
435,986
Robert
Half,
Inc.
6,027
450,639
Rockwell
Automation,
Inc.
6,279
1,650,184
Rollins,
Inc.
15,368
577,990
Snap-On,
Inc.
2,843
733,323
Southwest
Airlines
Co.
32,316
718,385
SS&C
Technologies
Holdings,
Inc.
11,591
582,448
Stanley
Black
&
Decker,
Inc.
8,255
702,088
Tetra
Tech,
Inc.
3,133
472,801
Textron,
Inc.
10,816
822,016
Toro
Co.
(The)
5,531
447,126
Trane
Technologies
PLC
12,490
2,376,972
TransDigm
Group,
Inc.
(a)
3,025
2,504,972
TransUnion
10,459
458,941
U-Haul
Holding
Co.
(a)
555
27,262
U-Haul
Holding
Co.,
Class
B
5,469
258,191
United
Airlines
Holdings,
Inc.
(a)
17,818
623,808
United
Rentals,
Inc.
3,757
1,526,356
Verisk
Analytics,
Inc.,
Class
A
7,924
1,801,601
Watsco,
Inc.
(b)
1,842
642,655
Westinghouse
Air
Brake
Technologies
Corp.
9,818
1,040,904
Willscot
Mobile
Mini
Holdings
Corp.,
Class
A
(a)
10,628
418,849
WW
Grainger,
Inc.
2,432
1,774,947
Xylem,
Inc.
13,288
1,242,960
75,878,898
Information
Technology
–
14.7%
Akamai
Technologies,
Inc.
(a)
8,290
856,606
ANSYS,
Inc.
(a)
4,888
1,360,135
Aspen
Technology,
Inc.
(a)
1,559
277,112
Atlassian
Corp.,
Class
A
(a)
8,290
1,497,506
Bentley
Systems,
Inc.,
Class
B
12,597
612,718
BILL
Holdings,
Inc.
(a)
5,160
471,056
CDW
Corp.
7,363
1,475,545
Cloudflare,
Inc.,
Class
A
(a)
15,986
906,246
Cognex
Corp.
10,692
384,805
Cognizant
Technology
Solutions
Corp.,
Class
A
27,723
1,787,302
Corning,
Inc.
41,721
1,116,454
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
12,293
2,173,034
Datadog,
Inc.,
Class
A
(a)
16,422
1,337,900
Dell
Technologies,
Inc.,
Class
C
13,809
923,960
DocuSign,
Inc.,
Class
A
(a)
11,023
428,574
Dynatrace,
Inc.
(a)
13,085
585,030
Enphase
Energy,
Inc.
(a)
7,817
622,077
Entegris,
Inc.
8,273
728,355
EPAM
Systems,
Inc.
(a)
3,172
690,132
F5,
Inc.
(a)
3,227
489,181
Fair
Isaac
Corp.
(a)
1,345
1,137,695
First
Solar,
Inc.
(a)
5,852
833,617
Flex
Ltd.
(a)
24,531
630,937
Gartner,
Inc.
(a)
4,300
1,427,772
GEN
Digital,
Inc.
30,737
512,079
GoDaddy,
Inc.,
Class
A
(a)
8,035
588,403
Hewlett
Packard
Enterprise
Co.
70,835
1,089,442
HP,
Inc.
47,424
1,248,674
HubSpot,
Inc.
(a)
2,752
1,166,215
Jabil,
Inc.
7,187
882,564
Juniper
Networks,
Inc.
17,149
461,651
Keysight
Technologies,
Inc.
(a)
9,780
1,193,649
Lattice
Semiconductor
Corp.
(a)
7,472
415,518
31
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Information
Technology
–
14.7%
(continued)
Manhattan
Associates,
Inc.
(a)
3,379
658,838
Marvell
Technology,
Inc.
47,216
2,229,540
Microchip
Technology,
Inc.
29,894
2,131,143
MongoDB,
Inc.,
Class
A
(a)
3,857
1,329,084
Monolithic
Power
Systems,
Inc.
2,631
1,162,218
NetApp,
Inc.
11,624
845,995
NXP
Semiconductors
NV
14,100
2,431,263
Okta,
Inc.,
Class
A
(a)
8,305
559,840
ON
Semiconductor
Corp.
(a)
23,567
1,476,237
Palantir
Technologies,
Inc.,
Class
A
(a)
104,371
1,544,691
Procore
Technologies,
Inc.
(a)
4,844
295,920
PTC,
Inc.
(a)
6,517
915,117
Qorvo,
Inc.
(a)
5,260
459,829
Seagate
Technology
Holdings
PLC
10,601
723,518
Skyworks
Solutions,
Inc.
8,569
743,275
SolarEdge
Technologies,
Inc.
(a)
3,015
228,989
Splunk,
Inc.
(a)
8,282
1,218,779
TD
Synnex
Corp.
3,081
282,466
TE
Connectivity
Ltd.
17,216
2,028,906
Teledyne
Technologies,
Inc.
(a)
2,560
958,950
Teradyne,
Inc.
8,307
691,724
Trimble,
Inc.
(a)
13,641
642,900
Twilio,
Inc.,
Class
A
(a)
9,988
511,985
Tyler
Technologies,
Inc.
(a)
2,404
896,452
Unity
Software,
Inc.
(a)
12,865
326,385
VeriSign,
Inc.
(a)
4,909
980,131
Western
Digital
Corp.
(a)
17,269
693,350
Workday,
Inc.,
Class
A
(a)
11,184
2,367,765
Zebra
Technologies
Corp.,
Class
A
(a)
2,766
579,283
Zoom
Video
Communications,
Inc.,
Class
A
(a)
14,495
869,410
Zscaler,
Inc.
(a)
4,819
764,727
61,860,654
Materials
–
6.4%
Albemarle
Corp.
6,432
815,449
Amcor
PLC
79,222
704,284
Avery
Dennison
Corp.
4,420
769,389
Ball
Corp.
16,941
815,709
Celanese
Corp.,
Class
A
(b)
5,537
634,042
CF
Industries
Holdings,
Inc.
10,522
839,445
Cleveland-Cliffs,
Inc.
(a)
26,937
452,003
Crown
Holdings,
Inc.
7,136
575,162
Dow,
Inc.
38,488
1,860,510
DuPont
de
Nemours,
Inc.
25,834
1,882,782
Eastman
Chemical
Co.
6,331
473,116
FMC
Corp.
6,656
354,099
International
Flavors
&
Fragrances,
Inc.,
Class
W
13,887
949,176
International
Paper
Co.
18,586
626,906
LyondellBasell
Industries
NV,
Class
A
14,044
1,267,330
Martin
Marietta
Materials,
Inc.
3,389
1,385,898
Mosaic
Co.
(The)
18,159
589,804
Newmont
Corp.
63,079
2,363,570
Nucor
Corp.
13,630
2,014,378
Olin
Corp.
7,057
301,475
Packaging
Corp.
of
America
4,983
762,648
PPG
Industries,
Inc.
12,820
1,573,911
Reliance
Steel
&
Aluminum
Co.
3,250
826,735
Royal
Gold,
Inc.
3,610
376,631
RPM
International,
Inc.
7,181
655,410
Steel
Dynamics,
Inc.
8,414
896,175
Vulcan
Materials
Co.
7,287
1,431,823
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Materials
–
6.4%
(continued)
Westlake
Corp.
1,825
210,532
Westrock
Co.
13,761
494,433
26,902,825
Real
Estate
–
8.0%
Alexandria
Real
Estate
Equities,
Inc.
(c)
8,426
784,713
American
Homes
4
Rent,
Class
A
(c)
19,254
630,376
Americold
Realty
Trust,
Inc.
(c)
14,024
367,709
AvalonBay
Communities,
Inc.
(c)
7,755
1,285,314
Boston
Properties,
Inc.
(c)
7,710
413,025
Camden
Property
Trust
(c)
5,851
496,633
CBRE
Group,
Inc.,
Class
A
(a)
17,617
1,221,563
CoStar
Group,
Inc.
(a)
22,353
1,640,934
CubeSmart
(c)
13,720
467,715
Digital
Realty
Trust,
Inc.
(c)
16,636
2,068,853
Equity
LifeStyle
Properties,
Inc.
(c)
10,219
672,410
Equity
Residential
(c)
18,703
1,034,837
Essex
Property
Trust,
Inc.
(c)
3,485
745,511
Extra
Space
Storage,
Inc.
(c)
11,482
1,189,420
Federal
Realty
Investment
Trust
(c)
3,882
354,000
Gaming
and
Leisure
Properties,
Inc.
(c)
14,394
653,344
Healthpeak
Properties,
Inc.
(c)
29,325
456,004
Host
Hotels
&
Resorts,
Inc.
(c)
38,403
594,478
Invitation
Homes,
Inc.
(c)
31,426
933,038
Iron
Mountain,
Inc.
(c)
16,999
1,004,131
Kimco
Realty
Corp.
(c)
33,997
609,906
Lamar
Advertising
Co.,
Class
A
(c)
4,646
382,226
Mid-America
Apartment
Communities,
Inc.
(c)
6,390
754,979
NNN
REIT,
Inc.
(c)
9,983
362,682
Realty
Income
Corp.
(c)
38,853
1,840,855
Regency
Centers
Corp.
(c)
9,010
542,943
Rexford
Industrial
Realty,
Inc.
(c)
11,249
486,407
SBA
Communications
Corp.,
Class
A
(c)
5,874
1,225,493
Simon
Property
Group,
Inc.
(c)
17,939
1,971,317
Sun
Communities,
Inc.
(c)
6,702
745,530
UDR,
Inc.
(c)
16,333
519,553
Ventas,
Inc.
(c)
22,053
936,370
VICI
Properties,
Inc.,
Class
A
(c)
55,476
1,547,780
W.P.
Carey,
Inc.
(c)
11,523
618,209
Welltower,
Inc.
(c)
29,007
2,425,275
Weyerhaeuser
Co.
(c)
39,815
1,142,292
Zillow
Group,
Inc.,
Class
A
(a)
3,025
107,478
Zillow
Group,
Inc.,
Class
C
(a)
8,476
307,255
33,540,558
Utilities
–
6.9%
AES
Corp.
(The)
36,635
545,861
Alliant
Energy
Corp.
13,866
676,522
Ameren
Corp.
14,241
1,078,186
American
Water
Works
Co.,
Inc.
10,584
1,245,207
Atmos
Energy
Corp.
8,151
877,537
Avangrid,
Inc.
4,072
121,631
CenterPoint
Energy,
Inc.
34,361
923,624
CMS
Energy
Corp.
15,752
855,964
Consolidated
Edison,
Inc.
18,763
1,647,204
Constellation
Energy
Corp.
17,454
1,970,906
DTE
Energy
Co.
11,179
1,077,432
Edison
International
21,008
1,324,764
Entergy
Corp.
11,458
1,095,270
Essential
Utilities,
Inc.
13,343
446,457
Evergy,
Inc.
12,349
606,830
Eversource
Energy
18,928
1,018,137
Exelon
Corp.
54,606
2,126,358
32
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Utilities
–
6.9%
(continued)
FirstEnergy
Corp.
27,926
994,165
NiSource,
Inc.
22,635
569,497
NRG
Energy,
Inc.
13,886
588,489
OGE
Energy
Corp.
10,984
375,653
PG&E
Corp.
(a)
114,766
1,870,686
Pinnacle
West
Capital
Corp.
6,168
457,542
PPL
Corp.
40,420
993,119
Public
Service
Enterprise
Group,
Inc.
27,390
1,688,593
Vistra
Corp.
19,114
625,410
WEC
Energy
Group,
Inc.
17,135
1,394,618
Xcel
Energy,
Inc.
30,008
1,778,574
28,974,236
Total
Common
Stocks
(cost
$457,559,151)
419,624,089
Investment
Companies
–
0.1%
Registered
Investment
Companies
–
0.1%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.32%
(d)(e)
(cost
$360,984)
360,984
360,984
Investment
of
Cash
Collateral
for
Securities
Loaned
–
0.2%
Registered
Investment
Companies
–
0.2%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.32%
(d)(e)
(cost
$992,299)
992,299
992,299
Total
Investments
(cost
$458,912,434)
100.1%
420,977,372
Liabilities,
Less
Cash
and
Receivables
(0.1)%
(461,704)
Net
Assets
100.0%
420,515,668
REIT—Real
Estate
Investment
Trust
(a)
Non-income
producing
security.
(b)
Security,
or
portion
thereof,
on
loan.
At
October
31,
2023,
the
value
of
the
fund’s
securities
on
loan
was
$6,212,992
and
the
value
of
the
collateral
was
$6,280,563,
consisting
of
cash
collateral
of
$992,299
and
U.S.
Government
&
Agency
securities
valued
at
$5,288,264.
In
addition,
the
value
of
collateral
may
include
pending
sales
that
are
also
on
loan.
(c)
Investment
in
a
real
estate
investment
trust.
(d)
Investment
in
affiliated
issuer.
The
investment
objective
of
this
investment
company
is
publicly
available
and
can
be
found
within
the
investment
company’s
prospectus.
(e)
The
rate
shown
is
the
1-day
yield
as
of
October
31,
2023.
Portfolio
Summary
(Unaudited)
†
Value
(%)
Industrials
18.0
Information
Technology
14.7
Financials
13.5
Health
Care
10.3
Consumer
Discretionary
8.9
Real
Estate
8.0
Utilities
6.9
Materials
6.4
Energy
5.3
Consumer
Staples
4.7
Communication
Services
3.1
Registered
Investment
Companies
0.3
100.1
†
Based
on
net
assets.
33
See
Notes
to
Financial
Statements
Holdings
and
transactions
in
these
affiliated
companies
during
the
period
ended
October
31,
2023
are
as
follows:
Description
Value
($)
10/31/22
Purchases
($)
1
Sales
($)
Value
($)
10/31/23
Dividends/
Distributions
($)
Investment
Companies
–
0.1%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares
210,028
13,821,670
(13,670,714)
360,984
46,953
Investment
of
Cash
Collateral
for
Securities
Loaned
–
0.2%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares
705,019
24,898,821
(24,611,541)
992,299
53,392
2
Total
–
0.3%
915,047
38,720,491
(38,282,255)
1,353,283
100,345
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)
($)
Futures
Long
S&P
500
E-mini
2
12/15/2023
425,198
421,225
(3,973)
S&P
MidCap
400
E-mini
2
12/15/2023
490,576
475,020
(15,556)
Gross
Unrealized
Depreciation
(19,529)
34
STATEMENT
OF
INVESTMENTS
October
31,
2023
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
Description
Shares
Value
($)
Common
Stocks
–
99.8%
Communication
Services
–
2.8%
AMC
Entertainment
Holdings,
Inc.,
Class
A
(a)
2,254
24,073
Bumble,
Inc.,
Class
A
(a)
3,804
51,126
Cable
One,
Inc.
172
94,578
Cogent
Communications
Holdings,
Inc.
1,676
108,906
DISH
Network
Corp.,
Class
A
(a)
9,681
47,437
Endeavor
Group
Holdings,
Inc.,
Class
A
7,182
163,462
Frontier
Communications
Parent,
Inc.
(a)
8,535
152,947
IAC,
Inc.
(a)
2,618
111,396
Iridium
Communications,
Inc.
4,777
176,988
John
Wiley
&
Sons,
Inc.,
Class
A
1,626
49,219
Lumen
Technologies,
Inc.
(a)
38,916
56,817
Madison
Square
Garden
Sports
Corp.
(a)
636
106,937
New
York
Times
Co.
(The),
Class
A
6,249
251,897
Nexstar
Media
Group,
Inc.,
Class
A
1,273
178,322
Playtika
Holding
Corp.
(a)
2,525
21,210
Roku,
Inc.,
Class
A
(a)
4,739
282,302
Shutterstock,
Inc.
926
37,670
TEGNA,
Inc.
7,699
111,712
Tko
Group
Holdings,
Inc.
1,996
163,632
TripAdvisor,
Inc.
(a)
4,117
60,767
Warner
Music
Group
Corp.,
Class
A
5,270
164,951
Yelp,
Inc.,
Class
A
(a)
2,630
110,960
Ziff
Davis,
Inc.
(a)
1,744
105,442
2,632,751
Consumer
Discretionary
–
13.4%
Academy
Sports
&
Outdoors,
Inc.
2,936
131,650
Acushnet
Holdings
Corp.
1,172
59,725
Adient
PLC
(a)
3,578
120,543
ADT,
Inc.
8,561
48,455
American
Eagle
Outfitters,
Inc.
7,050
123,163
Asbury
Automotive
Group,
Inc.
(a)
787
150,608
Autoliv,
Inc.
2,903
266,060
AutoNation,
Inc.
(a)
1,010
131,381
Bloomin'
Brands,
Inc.
3,345
78,072
Boyd
Gaming
Corp.
2,713
149,893
Bright
Horizons
Family
Solutions,
Inc.
(a)
2,211
163,747
Brunswick
Corp.
2,668
185,346
Capri
Holdings
Ltd.
(a)
4,434
226,932
Carter's,
Inc.
1,423
95,569
Cavco
Industries,
Inc.
(a)
314
78,346
Chegg,
Inc.
(a)
4,440
33,433
Chewy,
Inc.,
Class
A
(a)(b)
4,465
86,308
Choice
Hotels
International,
Inc.
962
106,301
Columbia
Sportswear
Co.
1,337
98,671
Cracker
Barrel
Old
Country
Store,
Inc.
(b)
866
57,468
Crocs,
Inc.
(a)
2,355
210,349
Dana,
Inc.
4,931
56,608
Dillard's,
Inc.,
Class
A
131
40,669
Dorman
Products,
Inc.
(a)
1,073
66,719
Foot
Locker,
Inc.
3,119
65,468
Fox
Factory
Holding
Corp.
(a)
1,626
132,470
Frontdoor,
Inc.
(a)
3,065
88,670
GameStop
Corp.,
Class
A
(a)(b)
10,214
140,647
Gap,
Inc.
(The)
8,162
104,474
Gentex
Corp.
8,919
255,797
Goodyear
Tire
&
Rubber
Co.
(The)
(a)
10,852
129,139
Graham
Holdings
Co.,
Class
B
141
81,599
Grand
Canyon
Education,
Inc.
(a)
1,139
134,778
Group
1
Automotive,
Inc.
536
135,249
H&R
Block,
Inc.
5,818
238,829
Harley-Davidson,
Inc.
4,926
132,263
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Consumer
Discretionary
–
13.4%
(continued)
Helen
of
Troy
Ltd.
(a)
931
91,536
Hilton
Grand
Vacations,
Inc.
(a)
2,780
99,941
Hyatt
Hotels
Corp.,
Class
A
1,754
179,680
Installed
Building
Products,
Inc.
907
101,285
KB
Home
2,969
131,230
Kohl's
Corp.
(b)
4,251
95,860
Kontoor
Brands,
Inc.
1,928
89,556
Krispy
Kreme,
Inc.
(b)
3,105
40,148
LCI
Industries
(b)
967
104,910
Leggett
&
Platt,
Inc.
5,117
119,891
LGI
Homes,
Inc.
(a)
766
72,395
Life
Time
Group
Holdings,
Inc.
(a)
2,325
27,481
Light
&
Wonder,
Inc.
(a)
3,481
254,496
Lithia
Motors,
Inc.,
Class
A
1,052
254,805
Macy's,
Inc.
10,460
127,403
Marriott
Vacations
Worldwide
Corp.
1,295
116,369
Mattel,
Inc.
(a)
13,483
257,256
MDC
Holdings,
Inc.
2,256
85,615
Meritage
Homes
Corp.
1,404
160,084
Mister
Car
Wash,
Inc.
(a)(b)
3,547
18,444
Mohawk
Industries,
Inc.
(a)
2,027
162,930
Murphy
USA,
Inc.
745
270,204
Newell
Brands,
Inc.
14,376
96,607
Nordstrom,
Inc.
(b)
3,598
50,300
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
16,251
221,014
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
2,353
181,746
Papa
John's
International,
Inc.
1,259
81,860
Peloton
Interactive,
Inc.,
Class
A
(a)
12,741
60,647
Penn
Entertainment,
Inc.
(a)
5,809
114,612
Petco
Health
&
Wellness
Co.,
Inc.,
Class
A
(a)
3,057
10,577
Planet
Fitness,
Inc.,
Class
A
(a)
3,230
178,522
Polaris,
Inc.
2,041
176,383
PVH
Corp.
2,401
178,514
QuantumScape
Corp.,
Class
A
(a)(b)
12,892
67,296
Ralph
Lauren
Corp.,
Class
A
1,519
170,933
Red
Rock
Resorts,
Inc.,
Class
A
1,892
74,829
RH
(a)(b)
590
128,596
SeaWorld
Entertainment,
Inc.
(a)
1,333
57,426
Shake
Shack,
Inc.,
Class
A
(a)
1,434
80,361
Signet
Jewelers
Ltd.
1,728
120,666
Skechers
USA,
Inc.,
Class
A
(a)
5,249
253,107
Skyline
Champion
Corp.
(a)
2,039
119,547
Sonos,
Inc.
(a)
4,868
52,477
Steven
Madden
Ltd.
2,683
87,976
Taylor
Morrison
Home
Corp.,
Class
A
(a)
4,302
164,853
Tempur
Sealy
International,
Inc.
6,728
268,649
Texas
Roadhouse,
Inc.,
Class
A
2,550
258,927
Thor
Industries,
Inc.
2,042
179,553
Toll
Brothers,
Inc.
4,155
293,800
TopBuild
Corp.
(a)
1,209
276,571
Topgolf
Callaway
Brands
Corp.
(a)
5,470
66,843
Travel
+
Leisure
Co.
2,772
94,331
Under
Armour,
Inc.,
Class
A
(a)
7,203
49,340
Under
Armour,
Inc.,
Class
C
(a)
7,591
48,810
Urban
Outfitters,
Inc.
(a)
2,197
76,060
Valvoline,
Inc.
5,220
154,877
Victoria's
Secret
&
Co.
(a)
2,858
51,101
Visteon
Corp.
(a)
1,083
124,686
Wayfair,
Inc.,
Class
A
(a)(b)
3,438
146,493
Wendy's
Co.
(The)
6,460
122,869
Wingstop,
Inc.
1,148
209,820
Wyndham
Hotels
&
Resorts,
Inc.
3,219
233,056
35
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Consumer
Discretionary
–
13.4%
(continued)
YETI
Holdings,
Inc.
(a)
3,316
140,996
12,792,549
Consumer
Staples
–
3.5%
BellRing
Brands,
Inc.
(a)
5,022
219,612
Boston
Beer
Co.,
Inc.
(The),
Class
A
(a)
362
120,890
Cal-Maine
Foods,
Inc.
1,530
69,324
Celsius
Holdings,
Inc.
(a)
1,881
286,081
Coca-Cola
Consolidated,
Inc.
181
115,190
e.l.f
Beauty,
Inc.
(a)
2,072
191,929
Edgewell
Personal
Care
Co.
1,952
68,125
Energizer
Holdings,
Inc.
2,566
81,034
Flowers
Foods,
Inc.
7,355
161,295
Freshpet,
Inc.
(a)(b)
1,843
105,788
Grocery
Outlet
Holding
Corp.
(a)
3,776
104,482
Hostess
Brands,
Inc.,
Class
A
(a)
5,076
169,538
Ingredion,
Inc.
2,526
236,383
Inter
Parfums,
Inc.
689
87,579
J&J
Snack
Foods
Corp.
583
91,304
Lancaster
Colony
Corp.
769
130,092
MGP
Ingredients,
Inc.
602
56,985
National
Beverage
Corp.
(a)
927
42,994
Olaplex
Holdings,
Inc.
(a)
4,582
6,507
Pilgrim's
Pride
Corp.
(a)
1,482
37,791
Post
Holdings,
Inc.
(a)
1,941
155,824
PriceSmart,
Inc.
978
61,115
Reynolds
Consumer
Products,
Inc.
2,061
52,411
Seaboard
Corp.
9
31,563
Simply
Good
Foods
Co.
(The)
(a)
3,421
127,569
Spectrum
Brands
Holdings,
Inc.
1,363
102,661
Sprouts
Farmers
Market,
Inc.
(a)
3,924
164,887
TreeHouse
Foods,
Inc.
(a)
1,976
82,380
WD-40
Co.
519
109,717
Weis
Markets,
Inc.
632
41,143
3,312,193
Energy
–
6.3%
Antero
Midstream
Corp.
12,929
159,544
Antero
Resources
Corp.
(a)
10,712
315,361
Cactus,
Inc.,
Class
A
2,485
116,646
California
Resources
Corp.
2,436
128,109
Callon
Petroleum
Co.
(a)(b)
2,141
79,966
Championx
Corp.
7,513
231,400
Chord
Energy
Corp.
1,586
262,197
Civitas
Resources,
Inc.
3,250
245,147
CNX
Resources
Corp.
(a)
6,065
131,732
Comstock
Resources,
Inc.
(b)
3,629
45,725
CONSOL
Energy,
Inc.
1,099
100,987
CVR
Energy,
Inc.
1,116
36,549
Denbury,
Inc.
(a)
1,947
173,069
DT
Midstream,
Inc.
3,692
199,257
Equitrans
Midstream
Corp.
16,659
147,765
Helmerich
&
Payne,
Inc.
3,798
150,287
HighPeak
Energy,
Inc.
(b)
722
12,787
Kosmos
Energy
Ltd.
(a)
17,563
127,156
Liberty
Energy,
Inc.,
Class
A
5,891
116,053
Magnolia
Oil
&
Gas
Corp.,
Class
A
(b)
7,232
162,358
Matador
Resources
Co.
4,233
261,134
Murphy
Oil
Corp.
5,826
261,413
New
Fortress
Energy,
Inc.,
Class
A
2,508
75,992
Northern
Oil
&
Gas,
Inc.
3,423
131,238
NOV,
Inc.
15,261
304,610
Patterson-UTI
Energy,
Inc.
12,266
155,778
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Energy
–
6.3%
(continued)
PBF
Energy,
Inc.,
Class
A
4,189
199,103
Peabody
Energy
Corp.
4,262
100,541
Permian
Resources
Corp.,
Class
A
10,670
155,462
Range
Resources
Corp.
9,221
330,481
SM
Energy
Co.
4,533
182,771
Southwestern
Energy
Co.
(a)
42,084
300,059
Transocean
Ltd.
(a)
25,777
170,644
Valaris
Ltd.
(a)
2,427
160,279
Weatherford
International
PLC
(a)
2,744
255,439
5,987,039
Financials
–
15.8%
Affiliated
Managers
Group,
Inc.
1,318
161,798
Affirm
Holdings,
Inc.,
Class
A
(a)(b)
8,168
143,839
AGNC
Investment
Corp.
(b)(c)
23,156
170,891
American
Equity
Investment
Life
Holding
Co.
(a)
2,373
125,674
Ameris
Bancorp
2,492
92,952
Artisan
Partners
Asset
Management,
Inc.,
Class
A
2,620
86,460
Associated
Banc-Corp.
5,675
91,992
Assurant,
Inc.
2,025
301,523
Assured
Guaranty
Ltd.
2,126
132,662
Atlantic
Union
Bankshares
Corp.
2,880
82,973
Axis
Capital
Holdings
Ltd.
2,917
166,561
Axos
Financial,
Inc.
(a)
1,988
71,628
BancFirst
Corp.
539
43,718
Bank
OZK
4,020
143,956
Blackstone
Mortgage
Trust,
Inc.,
Class
A
(b)(c)
6,591
131,490
Blue
Owl
Capital,
Inc.,
Class
A
(b)
15,389
189,746
BOK
Financial
Corp.
1,044
68,403
Brighthouse
Financial,
Inc.
(a)
2,502
113,341
Cadence
Bank
6,977
147,773
Cathay
General
Bancorp
2,788
94,541
CNO
Financial
Group,
Inc.
4,317
100,068
Cohen
&
Steers,
Inc.
987
51,561
Columbia
Banking
System,
Inc.
7,968
156,731
Comerica,
Inc.
5,033
198,300
Commerce
Bancshares,
Inc.
4,341
190,396
Community
Bank
System,
Inc.
2,056
82,137
Credit
Acceptance
Corp.
(a)
245
98,595
Cullen/Frost
Bankers,
Inc.
2,449
222,835
CVB
Financial
Corp.
5,048
78,850
Eastern
Bankshares,
Inc.
6,031
66,401
Enact
Holdings,
Inc.
1,184
32,631
Enstar
Group
Ltd.
(a)
508
120,381
Essent
Group
Ltd.
4,087
193,070
Euronet
Worldwide,
Inc.
(a)
1,800
138,312
Evercore,
Inc.,
Class
A
1,331
173,270
EVERTEC,
Inc.
2,439
77,511
F&G
Annuities
&
Life,
Inc.
(b)
681
20,900
Federated
Hermes,
Inc.,
Class
B
3,400
107,780
First
American
Financial
Corp.
3,930
202,159
First
BanCorp.
6,812
90,940
First
Financial
Bankshares,
Inc.
4,824
116,017
First
Hawaiian,
Inc.
4,800
86,064
First
Interstate
BancSystem,
Inc.,
Class
A
3,186
73,501
FirstCash
Holdings,
Inc.
1,415
154,122
Flywire
Corp.
(a)
4,024
108,205
FNB
Corp.
13,804
147,565
Freedom
Holding
Corp.
(a)(b)
639
52,424
Glacier
Bancorp,
Inc.
4,248
128,247
Hamilton
Lane,
Inc.,
Class
A
1,457
122,563
36
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Financials
–
15.8%
(continued)
Hancock
Whitney
Corp.
3,296
113,481
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
(b)(c)
3,999
68,543
Hanover
Insurance
Group,
Inc.
(The)
1,361
159,523
Home
BancShares,
Inc.
7,210
147,445
Houlihan
Lokey,
Inc.,
Class
A
1,970
198,024
Independent
Bank
Corp.
1,694
82,667
International
Bancshares
Corp.
2,048
89,764
Jackson
Financial,
Inc.,
Class
A
2,786
102,274
Janus
Henderson
Group
PLC
5,106
117,795
Jefferies
Financial
Group,
Inc.
6,752
217,279
Kemper
Corp.
2,323
92,641
Lincoln
National
Corp.
6,464
140,721
MGIC
Investment
Corp.
10,811
182,057
Moelis
&
Co.,
Class
A
(b)
2,639
109,888
Mr.
Cooper
Group,
Inc.
(a)
2,554
144,378
Navient
Corp.
3,253
51,755
Nelnet,
Inc.,
Class
A
680
57,671
New
York
Community
Bancorp,
Inc.
27,510
260,795
Old
National
Bancorp
11,186
153,248
OneMain
Holdings,
Inc.,
Class
A
4,609
165,601
Pacific
Premier
Bancorp,
Inc.
3,676
69,844
PennyMac
Financial
Services,
Inc.
1,109
74,525
Pinnacle
Financial
Partners,
Inc.
2,932
182,840
Popular,
Inc.
2,760
179,510
Primerica,
Inc.
1,366
261,125
Prosperity
Bancshares,
Inc.
3,580
195,253
Radian
Group,
Inc.
5,983
151,609
Remitly
Global,
Inc.
(a)
5,044
135,835
Rithm
Capital
Corp.
(c)
18,506
172,661
RLI
Corp.
1,533
204,257
Robinhood
Markets,
Inc.,
Class
A
(a)
20,886
190,898
Ryan
Specialty
Holdings,
Inc.,
Class
A
(a)(b)
3,809
164,549
Selective
Insurance
Group,
Inc.
2,314
240,911
ServisFirst
Bancshares,
Inc.
1,864
87,906
Shift4
Payments,
Inc.,
Class
A
(a)(b)
2,158
96,074
Simmons
First
National
Corp.,
Class
A
4,867
69,160
SLM
Corp.
8,638
112,294
SoFi
Technologies,
Inc.
(a)(b)
36,117
272,683
SouthState
Corp.
2,907
192,153
Starwood
Property
Trust,
Inc.
(b)(c)
11,352
201,498
Stifel
Financial
Corp.
3,990
227,430
Synovus
Financial
Corp.
5,584
145,575
Texas
Capital
Bancshares,
Inc.
(a)
1,853
102,026
TFS
Financial
Corp.
1,876
22,249
Toast,
Inc.,
Class
A
(a)(b)
13,774
220,246
TPG,
Inc.,
Class
A
2,328
64,346
Tradeweb
Markets,
Inc.,
Class
A
4,380
394,244
UMB
Financial
Corp.
1,682
105,495
United
Bankshares,
Inc.
5,169
147,006
United
Community
Banks,
Inc.
4,494
99,272
Valley
National
Bancorp
16,205
126,075
Voya
Financial,
Inc.
4,020
268,415
Walker
&
Dunlop,
Inc.
1,277
82,750
Webster
Financial
Corp.
6,619
251,323
Western
Alliance
Bancorp
4,185
172,004
Western
Union
Co.
(The)
14,313
161,594
White
Mountains
Insurance
Group
Ltd.
98
140,214
Wintrust
Financial
Corp.
2,462
183,887
WSFS
Financial
Corp.
2,371
83,933
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Financials
–
15.8%
(continued)
Zions
Bancorp
NA
5,652
174,364
15,037,040
Health
Care
–
10.4%
10X
Genomics,
Inc.,
Class
A
(a)
3,941
139,039
Acadia
Healthcare
Co.,
Inc.
(a)
3,521
258,829
ACADIA
Pharmaceuticals,
Inc.
(a)
4,561
102,942
Agiliti,
Inc.
(a)
1,373
7,730
Alkermes
PLC
(a)
6,363
153,921
Amedisys,
Inc.
(a)
1,238
113,265
Amicus
Therapeutics,
Inc.
(a)
9,681
106,201
AMN
Healthcare
Services,
Inc.
(a)
1,454
110,300
Arrowhead
Pharmaceuticals,
Inc.
(a)
4,113
101,139
AtriCure,
Inc.
(a)
1,801
62,387
Axonics,
Inc.
(a)
1,943
99,501
Axsome
Therapeutics,
Inc.
(a)
1,457
90,742
Azenta,
Inc.
(a)
2,298
104,444
Beam
Therapeutics,
Inc.
(a)(b)
2,582
54,584
Blueprint
Medicines
Corp.
(a)
2,307
135,790
Cerevel
Therapeutics
Holdings,
Inc.
(a)
2,947
69,697
Certara,
Inc.
(a)
4,128
50,320
CONMED
Corp.
1,164
113,443
Corcept
Therapeutics,
Inc.
(a)
3,455
97,016
CorVel
Corp.
(a)
347
67,297
CRISPR
Therapeutics
AG
(a)(b)
3,036
118,192
Cytokinetics,
Inc.
(a)
3,676
128,145
Denali
Therapeutics,
Inc.
(a)
4,732
89,104
Doximity,
Inc.,
Class
A
(a)
4,805
98,166
Elanco
Animal
Health,
Inc.
(a)
18,738
165,082
Encompass
Health
Corp.
3,829
239,542
Enovis
Corp.
(a)
2,007
92,121
Ensign
Group,
Inc.
(The)
2,213
213,776
Envista
Holdings
Corp.
(a)
6,257
145,600
Evolent
Health,
Inc.,
Class
A
(a)
4,287
104,731
Exelixis,
Inc.
(a)
12,164
250,457
Glaukos
Corp.
(a)
1,849
126,102
Globus
Medical,
Inc.,
Class
A
(a)
4,484
204,964
Guardant
Health,
Inc.
(a)
4,474
115,787
Haemonetics
Corp.
(a)
1,926
164,153
Halozyme
Therapeutics,
Inc.
(a)
5,016
169,892
HealthEquity,
Inc.
(a)
3,265
234,035
Hims
&
Hers
Health,
Inc.
(a)
5,363
32,071
ICU
Medical,
Inc.
(a)
771
75,604
Inari
Medical,
Inc.
(a)
1,965
119,295
Insmed,
Inc.
(a)
5,488
137,529
Inspire
Medical
Systems,
Inc.
(a)
1,115
164,083
Integer
Holdings
Corp.
(a)
1,277
103,654
Integra
LifeSciences
Holdings
Corp.
(a)
2,683
96,481
Intellia
Therapeutics,
Inc.
(a)
3,384
84,769
Intra-Cellular
Therapies,
Inc.
(a)
3,420
170,179
Ionis
Pharmaceuticals,
Inc.
(a)(b)
5,457
241,581
iRhythm
Technologies,
Inc.
(a)
1,177
92,418
Krystal
Biotech,
Inc.
(a)
916
107,053
Lantheus
Holdings,
Inc.
(a)
2,604
168,218
LifeStance
Health
Group,
Inc.
(a)
3,684
21,478
LivaNova
PLC
(a)
2,051
100,602
Madrigal
Pharmaceuticals,
Inc.
(a)
587
77,120
Medpace
Holdings,
Inc.
(a)
887
215,248
Merit
Medical
Systems,
Inc.
(a)
2,178
149,716
Mirati
Therapeutics,
Inc.
(a)
2,396
133,050
Natera,
Inc.
(a)
4,130
163,011
Neogen
Corp.
(a)
7,526
112,062
37
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Health
Care
–
10.4%
(continued)
NovoC
ure
Ltd.
(a)
3,621
48,159
Omnicell,
Inc.
(a)
1,744
61,982
Option
Care
Health,
Inc.
(a)
6,840
189,673
Organon
&
Co.
9,727
143,862
Pacific
Biosciences
of
California,
Inc.
(a)
8,745
54,044
Pacira
BioSciences,
Inc.
(a)
1,741
49,201
Patterson
Cos.,
Inc.
3,252
99,056
Perrigo
Co.
PLC
5,173
142,982
Premier,
Inc.,
Class
A
4,567
87,778
Prestige
Consumer
Healthcare,
Inc.
(a)
1,892
112,309
Privia
Health
Group,
Inc.
(a)
3,915
82,293
Progyny,
Inc.
(a)
3,172
97,888
PTC
Therapeutics,
Inc.
(a)
2,866
53,738
QuidelOrtho
Corp.
(a)
1,888
115,319
R1
RCM,
Inc.
(a)
7,554
89,062
Revance
Therapeutics,
Inc.
(a)
3,370
26,589
REVOLUTION
Medicines,
Inc.
(a)
3,772
74,686
Roivant
Sciences
Ltd.
(a)(b)
12,330
106,531
Sage
Therapeutics,
Inc.
(a)
2,007
37,591
Select
Medical
Holdings
Corp.
4,006
91,056
Sotera
Health
Co.
(a)
3,881
49,133
STAAR
Surgical
Co.
(a)
1,863
77,911
Surgery
Partners,
Inc.
(a)(b)
2,540
58,750
Tandem
Diabetes
Care,
Inc.
(a)
2,430
42,039
Teladoc
Health,
Inc.
(a)
6,313
104,417
Tenet
Healthcare
Corp.
(a)
3,879
208,302
TG
Therapeutics,
Inc.
(a)
5,361
41,441
TransMedics
Group,
Inc.
(a)
1,237
46,363
Ultragenyx
Pharmaceutical,
Inc.
(a)
2,750
97,350
Vaxcyte,
Inc.
(a)
3,263
156,950
Vir
Biotechnology,
Inc.
(a)
3,309
26,240
9,936,353
Industrials
–
19.5%
AAON,
Inc.
2,576
140,340
ABM
Industries,
Inc.
2,555
100,514
Acuity
Brands,
Inc.
1,175
190,315
Advanced
Drainage
Systems,
Inc.
2,631
281,070
AeroVironment,
Inc.
(a)
987
113,169
Air
Lease
Corp.,
Class
A
4,118
142,606
Alaska
Air
Group,
Inc.
(a)
4,860
153,722
Albany
International
Corp.,
Class
A
1,192
97,279
Alight,
Inc.,
Class
A
(a)
13,807
91,678
Allison
Transmission
Holdings,
Inc.
3,372
170,016
API
Group
Corp.
(a)
8,134
210,427
Applied
Industrial
Technologies,
Inc.
1,480
227,195
ArcBest
Corp.
915
99,625
Arcosa,
Inc.
1,874
129,437
Armstrong
World
Industries,
Inc.
1,725
130,910
ASGN,
Inc.
(a)
1,849
154,318
Atkore,
Inc.
(a)
1,425
177,099
AZEK
Co.,
Inc.
(The),
Class
A
(a)
5,689
149,052
Beacon
Roofing
Supply,
Inc.
(a)
1,993
141,842
Bloom
Energy
Corp.,
Class
A
(a)(b)
7,857
81,713
Boise
Cascade
Co.
1,513
141,844
Brady
Corp.,
Class
A
1,721
88,563
Brink's
Co.
(The)
1,744
116,604
BWX
Technologies,
Inc.
3,493
259,460
CACI
International,
Inc.,
Class
A
(a)
886
287,737
Casella
Waste
Systems,
Inc.,
Class
A
(a)
2,243
169,234
CBIZ,
Inc.
(a)
1,919
99,711
ChargePoint
Holdings,
Inc.
(a)
11,052
28,072
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Industrials
–
19.5%
(continued)
Chart
Industries,
Inc.
(a)(b)
1,603
186,317
Clarivate
PLC
(a)(b)
16,774
107,018
Clean
Harbors,
Inc.
(a)
1,924
295,661
Comfort
Systems
USA,
Inc.
1,363
247,862
Concentrix
Corp.
1,643
125,213
Core
&
Main,
Inc.,
Class
A
(a)
4,018
120,861
Crane
Co.
1,840
179,087
Curtiss-Wright
Corp.
1,463
290,859
Donaldson
Co.,
Inc.
4,617
266,216
Driven
Brands
Holdings,
Inc.
(a)
2,370
26,971
Dun
&
Bradstreet
Holdings,
Inc.
8,903
77,990
Dycom
Industries,
Inc.
(a)
1,115
94,976
Encore
Wire
Corp.
630
112,663
EnerSys
1,573
134,617
Esab
Corp.
2,159
136,665
ExlService
Holdings,
Inc.
(a)
6,354
165,903
Exponent,
Inc.
1,928
141,303
Federal
Signal
Corp.
2,338
135,698
Flowserve
Corp.
5,027
184,591
Fluor
Corp.
(a)
5,493
182,862
Forward
Air
Corp.
988
63,637
Franklin
Electric
Co.,
Inc.
1,515
131,381
Frontier
Group
Holdings,
Inc.
(a)
1,441
4,885
FTAI
Aviation
Ltd.
3,805
143,106
FTI
Consulting,
Inc.
(a)
1,299
275,726
Gates
Industrial
Corp.
PLC
(a)
4,911
53,628
GATX
Corp.
1,349
141,078
Generac
Holdings,
Inc.
(a)
2,378
199,918
GMS,
Inc.
(a)
1,556
90,995
GXO
Logistics,
Inc.
(a)
4,486
226,588
Hayward
Holdings,
Inc.
(a)
4,685
49,193
Herc
Holdings,
Inc.
1,121
119,712
Hertz
Global
Holdings,
Inc.
(a)
5,001
42,158
Hexcel
Corp.
3,227
199,816
Hillenbrand,
Inc.
2,622
99,715
Hub
Group,
Inc.,
Class
A
(a)
1,176
80,850
ICF
International,
Inc.
659
83,515
Insperity,
Inc.
1,386
146,694
ITT,
Inc.
3,136
292,746
JetBlue
Airways
Corp.
(a)
13,156
49,467
Joby
Aviation,
Inc.
(a)(b)
14,135
74,491
John
Bean
Technologies
Corp.
1,223
127,216
Kadant,
Inc.
449
98,780
Kennametal,
Inc.
3,014
69,654
Kirby
Corp.
(a)
2,241
167,403
Korn
Ferry
2,058
93,680
Landstar
System,
Inc.
1,373
226,243
Leonardo
DRS,
Inc.
(a)
2,027
38,655
Lyft,
Inc.,
Class
A
(a)
12,843
117,770
ManpowerGroup,
Inc.
1,905
133,293
MasTec,
Inc.
(a)
2,302
136,831
Matson,
Inc.
1,361
118,475
MAXIMUS,
Inc.
2,289
171,034
McGrath
RentCorp
928
93,357
MDU
Resources
Group,
Inc.
7,835
145,809
Mercury
Systems,
Inc.
(a)
1,911
68,758
Moog,
Inc.,
Class
A
1,146
132,993
MSA
Safety,
Inc.
1,404
221,664
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
1,818
172,256
Mueller
Industries,
Inc.
4,360
164,416
nVent
Electric
PLC
6,333
304,807
Oshkosh
Corp.
2,494
218,799
38
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Industrials
–
19.5%
(continued)
Parsons
Corp.
(a)
1,567
88,614
Paycor
HCM,
Inc.
(a)
2,729
58,892
Plug
Power,
Inc.
(a)(b)
20,596
121,310
RBC
Bearings,
Inc.
(a)
1,111
244,242
Resideo
Technologies,
Inc.
(a)
5,567
80,610
Rush
Enterprises,
Inc.,
Class
A
2,416
85,961
Rush
Enterprises,
Inc.,
Class
B
320
12,941
Ryder
System,
Inc.
1,739
169,622
Saia,
Inc.
(a)
1,013
363,150
Schneider
National,
Inc.,
Class
B
1,565
39,641
Science
Applications
International
Corp.
2,051
224,051
Sensata
Technologies
Holding
PLC
5,830
185,860
Simpson
Manufacturing
Co.,
Inc.
1,633
217,483
SiteOne
Landscape
Supply,
Inc.
(a)
1,746
240,546
Spirit
AeroSystems
Holdings,
Inc.,
Class
A
3,947
89,202
SPX
Technologies,
Inc.
(a)
1,734
138,928
Stericycle,
Inc.
(a)
3,552
146,484
SunPower
Corp.,
Class
A
(a)(b)
3,369
14,386
Sunrun,
Inc.
(a)
8,367
80,742
Terex
Corp.
2,535
116,103
Timken
Co.
(The)
2,497
172,593
Trex
Co.,
Inc.
(a)
4,096
230,236
TriNet
Group,
Inc.
(a)
1,251
128,540
UFP
Industries,
Inc.
2,363
224,887
UniFirst
Corp.
579
95,205
Valmont
Industries,
Inc.
804
158,316
Verra
Mobility
Corp.,
Class
A
(a)
6,472
127,951
Vertiv
Holdings
Co.,
Class
A
13,375
525,236
Watts
Water
Technologies,
Inc.,
Class
A
1,049
181,488
Werner
Enterprises,
Inc.
2,574
93,488
WESCO
International,
Inc.
1,691
216,786
Woodward,
Inc.
2,302
287,059
XPO,
Inc.
(a)
4,423
335,308
Zurn
Elkay
Water
Solutions
Corp.
5,333
141,111
18,615,049
Information
Technology
–
13.8%
ACI
Worldwide,
Inc.
(a)
4,175
85,045
Advanced
Energy
Industries,
Inc.
1,426
124,433
Alarm.com
Holdings,
Inc.
(a)
1,914
97,863
Allegro
MicroSystems,
Inc.
(a)
2,729
70,845
Altair
Engineering,
Inc.,
Class
A
(a)
2,062
128,091
Alteryx,
Inc.,
Class
A
(a)
2,427
77,688
Ambarella,
Inc.
(a)
1,438
64,696
Amkor
Technology,
Inc.
3,965
82,710
Appfolio,
Inc.,
Class
A
(a)
749
140,490
AppLovin
Corp.,
Class
A
(a)
5,168
188,322
Arrow
Electronics,
Inc.
(a)
2,126
241,110
Asana,
Inc.,
Class
A
(a)
2,942
54,339
Avnet,
Inc.
3,492
161,784
Axcelis
Technologies,
Inc.
(a)
1,248
159,120
Badger
Meter,
Inc.
1,116
154,622
Belden,
Inc.
1,590
112,731
Blackbaud,
Inc.
(a)
1,646
107,648
BlackLine,
Inc.
(a)
1,934
94,959
Box,
Inc.,
Class
A
(a)
5,517
137,153
Calix,
Inc.
(a)
2,248
74,454
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
7,781
83,801
Ciena
Corp.
(a)
5,707
240,835
Cirrus
Logic,
Inc.
(a)
2,090
139,884
Clear
Secure,
Inc.,
Class
A
3,139
52,798
Coherent
Corp.
(a)
4,972
147,171
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Information
Technology
–
13.8%
(continued)
CommVault
Systems,
Inc.
(a)
1,675
109,461
Confluent,
Inc.,
Class
A
(a)
8,089
233,853
Crane
NXT
Co.
1,809
94,068
DigitalOcean
Holdings,
Inc.
(a)(b)
1,945
39,795
Diodes,
Inc.
(a)
1,737
113,044
Dolby
Laboratories,
Inc.,
Class
A
2,276
184,219
DoubleVerify
Holdings,
Inc.
(a)
4,793
133,389
Dropbox,
Inc.,
Class
A
(a)
9,852
259,108
DXC
Technology
Co.
(a)
7,860
158,536
Elastic
NV
(a)
3,051
228,947
EngageSmart,
Inc.
(a)
1,747
39,570
Envestnet,
Inc.
(a)
1,907
70,559
Extreme
Networks,
Inc.
(a)
4,883
100,687
Fabrinet
(a)
1,389
215,295
Five9,
Inc.
(a)
2,757
159,548
Gitlab,
Inc.,
Class
A
(a)
3,057
132,307
Guidewire
Software,
Inc.
(a)
3,111
280,394
Impinj,
Inc.
(a)
865
55,888
Informatica,
Inc.,
Class
A
(a)
1,551
29,748
Insight
Enterprises,
Inc.
(a)
1,190
170,527
Instructure
Holdings,
Inc.
(a)
732
18,029
Intapp,
Inc.
(a)(b)
997
34,097
IPG
Photonics
Corp.
(a)
1,142
98,098
Itron,
Inc.
(a)
1,741
99,724
Jamf
Holding
Corp.
(a)(b)
1,959
31,462
Kulicke
&
Soffa
Industries,
Inc.
2,267
94,330
Kyndryl
Holdings,
Inc.
(a)
8,736
127,808
Littelfuse,
Inc.
948
205,403
Lumentum
Holdings,
Inc.
(a)
2,626
102,965
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
2,056
145,030
MicroStrategy,
Inc.,
Class
A
(a)(b)
462
195,606
MKS
Instruments,
Inc.
2,401
157,650
N-able,
Inc.
(a)
2,685
34,798
nCino,
Inc.
(a)
2,332
65,529
NCR
Voyix
Corp.
(a)
5,031
76,924
New
Relic,
Inc.
(a)
2,068
179,234
Novanta,
Inc.
(a)
1,364
180,130
Nutanix,
Inc.,
Class
A
(a)
8,999
325,674
Onto
Innovation,
Inc.
(a)
1,877
210,918
PagerDuty,
Inc.
(a)
3,556
71,725
Pegasystems,
Inc.
1,620
69,239
Perficient,
Inc.
(a)
1,345
78,266
Plexus
Corp.
(a)
1,051
103,334
Power
Integrations,
Inc.
2,176
150,862
PowerSchool
Holdings,
Inc.,
Class
A
(a)
2,214
44,103
Progress
Software
Corp.
1,669
85,753
Pure
Storage,
Inc.,
Class
A
(a)
11,045
373,431
Qualys,
Inc.
(a)
1,414
216,271
Rambus,
Inc.
(a)
4,169
226,502
Rapid7,
Inc.
(a)
2,329
108,275
RingCentral,
Inc.,
Class
A
(a)
3,245
86,252
Rogers
Corp.
(a)
642
78,895
Sanmina
Corp.
(a)
2,186
111,202
SentinelOne,
Inc.,
Class
A
(a)
9,102
142,264
Silicon
Laboratories,
Inc.
(a)
1,222
112,644
SiTime
Corp.
(a)
651
64,970
Smartsheet,
Inc.,
Class
A
(a)
5,120
202,445
Sprout
Social,
Inc.,
Class
A
(a)
1,853
80,198
SPS
Commerce,
Inc.
(a)
1,431
229,447
Squarespace,
Inc.,
Class
A
(a)
1,732
49,206
Super
Micro
Computer,
Inc.
(a)
1,744
417,636
Synaptics,
Inc.
(a)
1,523
127,414
39
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Information
Technology
–
13.8%
(continued)
Tenable
Holdings,
Inc.
(a)
4,382
184,526
Teradata
Corp.
(a)
3,757
160,499
UiPath,
Inc.,
Class
A
(a)
15,316
237,857
Universal
Display
Corp.
1,658
230,760
Varonis
Systems,
Inc.,
Class
B
(a)
4,189
140,918
Verint
Systems,
Inc.
(a)
2,423
45,577
Viasat,
Inc.
(a)(b)
2,869
52,904
Viavi
Solutions,
Inc.
(a)
8,314
64,683
Vishay
Intertechnology,
Inc.
4,807
106,908
Vontier
Corp.
5,912
174,759
Wolfspeed,
Inc.
(a)(b)
4,742
160,469
Workiva,
Inc.,
Class
A
(a)
1,806
157,285
Xerox
Holdings
Corp.
4,261
54,711
13,217,134
Materials
–
5.6%
Alcoa
Corp.
6,807
174,532
Alpha
Metallurgical
Resources,
Inc.
465
102,281
AptarGroup,
Inc.
2,507
306,531
Arch
Resources,
Inc.
696
104,978
Ashland,
Inc.
2,021
154,869
ATI,
Inc.
(a)
4,963
187,453
Avient
Corp.
3,610
114,148
Axalta
Coating
Systems
Ltd.
(a)
8,485
222,562
Balchem
Corp.
1,231
143,091
Berry
Global
Group,
Inc.
4,512
248,160
Cabot
Corp.
2,121
141,004
Carpenter
Technology
Corp.
1,856
116,408
Chemours
Co.
(The)
5,657
136,390
Commercial
Metals
Co.
4,462
188,698
Eagle
Materials,
Inc.
1,353
208,240
Element
Solutions,
Inc.
8,488
154,736
Graphic
Packaging
Holding
Co.
11,733
252,377
Greif,
Inc.,
Class
A
948
60,198
Greif,
Inc.,
Class
B
180
11,531
HB
Fuller
Co.
2,060
136,269
Hecla
Mining
Co.
22,189
90,309
Huntsman
Corp.
6,321
147,469
Ingevity
Corp.
(a)
1,304
52,525
Innospec,
Inc.
935
91,630
Livent
Corp.
(a)(b)
6,904
100,729
Louisiana-Pacific
Corp.
2,451
125,687
MP
Materials
Corp.
(a)(b)
5,401
88,576
NewMarket
Corp.
262
126,323
O-I
Glass,
Inc.,
Class
I
(a)
5,813
89,811
Quaker
Chemical
Corp.
523
75,166
Scotts
Miracle-GRO
Co.
(The)
(b)
1,570
69,771
Sealed
Air
Corp.
5,497
169,253
Sensient
Technologies
Corp.
1,614
91,062
Silgan
Holdings,
Inc.
3,220
128,993
Sonoco
Products
Co.
3,741
193,821
Stepan
Co.
814
60,887
Summit
Materials,
Inc.,
Class
A
(a)
4,543
149,465
United
States
Steel
Corp.
8,518
288,675
Worthington
Industries,
Inc.
1,138
70,124
5,374,732
Real
Estate
–
5.9%
Agree
Realty
Corp.
(c)
3,678
205,747
Apartment
Income
REIT
Corp.
(c)
5,724
167,198
Apple
Hospitality
REIT,
Inc.
(c)
8,129
127,463
Brixmor
Property
Group,
Inc.
(c)
11,896
247,318
Broadstone
NET
Lease,
Inc.,
Class
A
(c)
7,173
101,498
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Real
Estate
–
5.9%
(continued)
Copt
Defense
Properties
(c)
4,221
96,239
Cousins
Properties,
Inc.
(c)
5,805
103,735
Cushman
&
Wakefield
PLC
(a)
6,305
46,468
Douglas
Emmett,
Inc.
(c)
6,402
71,766
EastGroup
Properties,
Inc.
(c)
1,772
289,279
EPR
Properties
(c)
2,877
122,848
Equity
Commonwealth
(c)
4,173
79,037
Essential
Properties
Realty
Trust,
Inc.
(c)
5,862
128,671
First
Industrial
Realty
Trust,
Inc.
(c)
5,052
213,699
Four
Corners
Property
Trust,
Inc.
(c)
3,452
73,528
Highwoods
Properties,
Inc.
(c)
4,031
72,114
Howard
Hughes
Holdings,
Inc.
(a)
1,250
82,912
Independence
Realty
Trust,
Inc.
(c)
8,576
106,257
Jones
Lang
LaSalle,
Inc.
(a)
1,821
232,942
Kennedy-Wilson
Holdings,
Inc.
4,502
57,941
Kilroy
Realty
Corp.
(c)
4,008
114,549
Kite
Realty
Group
Trust
(c)
8,399
179,067
LXP
Industrial
Trust,
Class
B
(c)
11,199
88,584
Macerich
Co.
(The)
(c)
8,059
78,333
Medical
Properties
Trust,
Inc.
(b)(c)
22,800
108,984
National
Health
Investors,
Inc.
(c)
1,679
84,017
National
Storage
Affiliates
Trust
(c)
3,155
89,981
OMEGA
Healthcare
Investors,
Inc.
(c)
9,298
307,764
Outfront
Media,
Inc.
(c)
5,562
54,285
Park
Hotels
&
Resorts,
Inc.
(c)
8,115
93,566
Phillips
Edison
&
Co.,
Inc.
(b)(c)
4,486
158,401
Physicians
Realty
Trust
(c)
9,093
98,750
PotlatchDeltic
Corp.
(c)
3,070
131,549
Rayonier,
Inc.
(c)
5,128
129,431
Ryman
Hospitality
Properties,
Inc.
(c)
2,349
201,074
Sabra
Health
Care
REIT,
Inc.
(c)
8,890
121,260
SITE
Centers
Corp.
(c)
6,887
80,302
Spirit
Realty
Capital,
Inc.
(c)
5,393
194,094
St.
Joe
Co.
(The)
1,359
63,384
STAG
Industrial,
Inc.
(c)
6,840
227,225
Sunstone
Hotel
Investors,
Inc.
(c)
7,754
72,112
Terreno
Realty
Corp.
(c)
3,206
170,816
Vornado
Realty
Trust
(b)(c)
6,018
115,546
5,589,734
Utilities
–
2.8%
ALLETE,
Inc.
2,195
117,520
American
States
Water
Co.
1,413
110,285
Avista
Corp.
2,947
93,390
Black
Hills
Corp.
2,550
123,293
California
Water
Service
Group
2,215
107,826
Chesapeake
Utilities
Corp.
678
60,078
Clearway
Energy,
Inc.,
Class
A
1,375
28,009
Clearway
Energy,
Inc.,
Class
C
3,162
68,647
Hawaiian
Electric
Industries,
Inc.
4,199
54,503
IDACORP,
Inc.
1,924
182,222
MGE
Energy,
Inc.
1,367
97,918
National
Fuel
Gas
Co.
3,503
178,478
New
Jersey
Resources
Corp.
3,721
150,998
Northwestern
Energy
Group,
Inc.
2,293
110,087
ONE
Gas,
Inc.
(b)
2,118
127,927
Ormat
Technologies,
Inc.
2,040
125,542
Otter
Tail
Corp.
1,603
123,335
PNM
Resources,
Inc.
3,302
139,543
Portland
General
Electric
Co.
3,852
154,157
SJW
Group
1,104
68,978
Southwest
Gas
Holdings,
Inc.
2,294
134,451
40
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.8%
(continued)
Utilities
–
2.8%
(continued)
Spire,
Inc.
2,010
111,816
Sunnova
Energy
International,
Inc.
(a)(b)
3,878
35,406
UGI
Corp.
7,969
165,755
2,670,164
Total
Common
Stocks
(cost
$108,739,969)
95,164,738
Investment
Companies
–
0.1%
Registered
Investment
Companies
–
0.1%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.32%
(d)(e)
(cost
$124,243)
124,243
124,243
Investment
of
Cash
Collateral
for
Securities
Loaned
–
2.0%
Registered
Investment
Companies
–
2.0%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.32%
(d)(e)
(cost
$1,934,033)
1,934,033
1,934,033
Total
Investments
(cost
$110,798,245)
101.9%
97,223,014
Liabilities,
Less
Cash
and
Receivables
(1.9)%
(1,855,104)
Net
Assets
100.0%
95,367,910
REIT—Real
Estate
Investment
Trust
(a)
Non-income
producing
security.
(b)
Security,
or
portion
thereof,
on
loan.
At
October
31,
2023,
the
value
of
the
fund’s
securities
on
loan
was
$4,892,337
and
the
value
of
the
collateral
was
$4,905,981,
consisting
of
cash
collateral
of
$1,934,033
and
U.S.
Government
&
Agency
securities
valued
at
$2,971,948.
In
addition,
the
value
of
collateral
may
include
pending
sales
that
are
also
on
loan.
(c)
Investment
in
a
real
estate
investment
trust.
(d)
Investment
in
affiliated
issuer.
The
investment
objective
of
this
investment
company
is
publicly
available
and
can
be
found
within
the
investment
company’s
prospectus.
(e)
The
rate
shown
is
the
1-day
yield
as
of
October
31,
2023.
Portfolio
Summary
(Unaudited)
†
Value
(%)
Industrials
19.5
Financials
15.8
Information
Technology
13.8
Consumer
Discretionary
13.4
Health
Care
10.4
Energy
6.3
Real
Estate
5.9
Materials
5.6
Consumer
Staples
3.5
Utilities
2.8
Communication
Services
2.8
Registered
Investment
Companies
2.1
101.9
†
Based
on
net
assets.
41
See
Notes
to
Financial
Statements
Holdings
and
transactions
in
these
affiliated
companies
during
the
period
ended
October
31,
2023
are
as
follows:
Description
Value
($)
10/31/22
Purchases
($)
1
Sales
($)
Value
($)
10/31/23
Dividends/
Distributions
($)
Investment
Companies
–
0.1%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares
65,751
4,014,188
(3,955,696)
124,243
10,125
Investment
of
Cash
Collateral
for
Securities
Loaned
–
2.0%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares
714,417
14,937,335
(13,717,719)
1,934,033
107,330
2
Total
–
2.1%
780,168
18,951,523
(17,673,415)
2,058,276
117,455
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)
($)
Futures
Long
Russell
2000
E-mini
2
12/15/2023
178,996
166,840
(12,156)
Gross
Unrealized
Depreciation
(12,156)
42
STATEMENT
OF
INVESTMENTS
October
31,
2023
BNY
Mellon
International
Equity
ETF
Description
Shares
Value
($)
Common
Stocks
–
99.0%
Australia
–
6.3%
ANZ
Group
Holdings
Ltd.
90,205
1,411,274
APA
Group
41,598
217,024
Aristocrat
Leisure
Ltd.
19,294
470,684
ASX
Ltd.
5,316
188,924
BHP
Group
Ltd.
12,756
361,892
BHP
Group
Ltd.
142,779
4,022,835
Brambles
Ltd.
41,945
348,170
Cochlear
Ltd.
2,071
315,803
Coles
Group
Ltd.
42,118
407,206
Commonwealth
Bank
of
Australia
50,966
3,115,915
Computershare
Ltd.
17,651
277,047
CSL
Ltd.
14,819
2,180,065
Endeavour
Group
Ltd.
44,304
138,573
Fortescue
Metals
Group
Ltd.
52,953
747,659
Goodman
Group
(a)
52,457
688,843
Insurance
Australia
Group
Ltd.
73,255
262,983
Macquarie
Group
Ltd.
10,807
1,101,501
Mineral
Resources
Ltd.
5,019
183,549
National
Australia
Bank
Ltd.
95,118
1,689,287
Northern
Star
Resources
Ltd.
33,851
250,550
Origin
Energy
Ltd.
52,280
302,214
Pilbara
Minerals
Ltd.
86,822
201,745
QBE
Insurance
Group
Ltd.
44,683
441,341
Ramsay
Health
Care
Ltd.
5,129
158,085
REA
Group
Ltd.
1,596
145,220
Rio
Tinto
Ltd.
11,924
887,694
Santos
Ltd.
100,027
485,759
Scentre
Group
(a)
175,657
270,259
Sonic
Healthcare
Ltd.
14,762
268,714
South32
Ltd.
126,030
264,923
Suncorp
Group
Ltd.
38,366
325,020
Telstra
Group
Ltd.
124,654
300,704
Transurban
Group
96,053
718,847
Wesfarmers
Ltd.
34,615
1,107,224
Westpac
Banking
Corp.
108,129
1,410,319
Wisetech
Global
Ltd.
5,634
207,467
Woodside
Energy
Group
Ltd.
2,305
50,038
Woodside
Energy
Group
Ltd.
55,728
1,208,840
Woolworths
Group
Ltd.
37,643
839,424
27,973,621
Austria
–
0.2%
Erste
Group
Bank
AG
10,825
386,170
OMV
AG
4,194
183,352
Verbund
AG
2,586
224,140
793,662
Belgium
–
0.8%
Ageas
SA/NV
5,393
206,697
Anheuser-Busch
InBev
SA/NV
32,059
1,817,333
D'ieteren
Group
718
106,326
Elia
Group
SA
1,151
109,069
Groupe
Bruxelles
Lambert
NV
3,083
224,853
KBC
Group
NV
10,183
558,624
Solvay
SA,
Class
A
2,192
231,093
UCB
SA
3,695
269,723
Umicore
SA
4,805
114,022
3,637,740
Canada
–
9.9%
Agnico
Eagle
Mines
Ltd.
15,063
705,707
Alimentation
Couche-Tard,
Inc.
22,686
1,233,615
Bank
of
Montreal
21,443
1,618,593
Bank
of
Nova
Scotia
(The)
36,939
1,494,057
BNY
Mellon
International
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.0%
(continued)
Canada
–
9.9%
(continued)
Barrick
Gold
Corp.
54,589
870,986
BCE,
Inc.
9,723
360,555
Brookfield
Corp.,
Class
A
44,622
1,298,562
Canadian
Imperial
Bank
of
Commerce
28,694
1,010,930
Canadian
National
Railway
Co.
18,109
1,914,017
Canadian
Natural
Resources
Ltd.
33,520
2,126,253
Canadian
Pacific
Kansas
City
Ltd.
28,462
2,018,634
Cenovus
Energy,
Inc.
41,013
780,525
CGI,
Inc.,
Class
A
(b)
6,375
614,792
Constellation
Software,
Inc.
601
1,203,520
Dollarama,
Inc.
8,691
592,860
Enbridge,
Inc.
61,183
1,958,561
Fairfax
Financial
Holdings
Ltd.
683
567,767
First
Quantum
Minerals
Ltd.
16,492
190,907
Fortis,
Inc.
15,595
618,520
Franco-Nevada
Corp.
5,908
717,940
George
Weston
Ltd.
1,876
203,269
Great-West
Lifeco,
Inc.
8,255
228,458
Hydro
One
Ltd.
(c)
10,145
262,787
Imperial
Oil
Ltd.
5,243
298,472
Intact
Financial
Corp.
5,368
753,395
Loblaw
Cos.
Ltd.
4,537
370,673
Magna
International,
Inc.
7,875
378,023
Manulife
Financial
Corp.
55,092
957,984
National
Bank
of
Canada
10,661
662,122
Nutrien
Ltd.
15,188
814,840
Pembina
Pipeline
Corp.
18,347
564,055
Power
Corp.
of
Canada
16,598
399,452
Restaurant
Brands
International,
Inc.
9,669
648,779
Rogers
Communications,
Inc.,
Class
B
11,176
413,631
Royal
Bank
of
Canada
43,125
3,440,681
Shopify,
Inc.,
Class
A
(b)
36,594
1,726,304
Sun
Life
Financial,
Inc.
17,756
810,131
Suncor
Energy,
Inc.
39,931
1,291,771
TC
Energy
Corp.
30,516
1,049,843
Teck
Resources
Ltd.,
Class
B
14,212
501,630
TELUS
Corp.
15,597
251,215
Thomson
Reuters
Corp.
4,424
529,350
Toronto-Dominion
Bank
(The)
56,843
3,171,661
Tourmaline
Oil
Corp.,
Class
Common
Subscription
Receipt
10,016
529,064
Waste
Connections,
Inc.
7,811
1,010,296
Wheaton
Precious
Metals
Corp.
13,486
568,972
WSP
Global,
Inc.
3,658
478,221
44,212,380
Chile
–
0.0%
Antofagasta
PLC
10,559
172,332
China
–
0.2%
Wuxi
Biologics
Cayman,
Inc.
(b)(c)
112,000
695,652
Denmark
–
3.0%
AP
Moller
-
Maersk
A/S,
Class
A
72
117,258
AP
Moller
-
Maersk
A/S,
Class
B
163
270,653
Carlsberg
A/S,
Class
B
2,714
322,850
Coloplast
A/S,
Class
B
3,285
341,928
Danske
Bank
A/S
20,990
491,209
DSV
A/S
5,420
807,472
Genmab
A/S
(b)
2,054
578,850
Novo
Nordisk
A/S,
Class
B
98,883
9,480,310
Orsted
A/S
(c)
5,393
259,517
43
BNY
Mellon
International
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.0%
(continued)
Denmark
–
3.0%
(continued)
Tryg
A/S
11,474
223,668
Vestas
Wind
Systems
A/S
(b)
31,324
675,422
13,569,137
Finland
–
1.0%
Elisa
OYJ
4,828
204,537
Fortum
OYJ
12,597
149,129
Kone
OYJ,
Class
B
11,865
512,816
Neste
OYJ
12,715
426,176
Nokia
OYJ
156,203
518,437
Nordea
Bank
Abp
108,914
1,143,472
Sampo
OYJ,
Class
A
14,411
565,278
Stora
ENSO
OYJ,
Class
A
646
7,887
Stora
ENSO
OYJ,
Class
R
20,411
244,331
UPM-Kymmene
OYJ
16,347
548,949
4,321,012
France
–
10.7%
Aeroports
de
Paris
SA
1,201
134,309
Air
Liquide
SA
16,018
2,737,419
Airbus
SE
18,810
2,510,730
AXA
SA
53,421
1,578,513
BNP
Paribas
SA
33,206
1,905,518
Bollore
SE
25,696
139,878
Capgemini
SE
4,754
836,662
Carrefour
SA
16,714
292,915
Cie
de
Saint-Gobain
SA
15,741
855,209
CIE
Generale
des
Etablissements
Michelin
SCA
21,608
639,970
Credit
Agricole
SA
35,111
422,266
Danone
SA
18,993
1,127,250
Dassault
Aviation
SA
707
140,119
Dassault
Systemes
SE
20,114
825,230
Edenred
SE
7,551
400,987
Engie
SA
53,589
849,884
EssilorLuxottica
SA
8,717
1,572,261
Hermes
International
SCA
1,023
1,902,682
Kering
SA
2,059
833,986
Legrand
SA
8,171
703,725
L'Oréal
SA
7,017
2,938,244
LVMH
Moet
Hennessy
Louis
Vuitton
SE
8,006
5,707,873
Orange
SA
57,052
669,980
Pernod
Ricard
SA
6,074
1,075,391
Publicis
Groupe
SA
7,136
540,968
Safran
SA
10,608
1,648,491
Sanofi
SA
33,977
3,077,815
Sartorius
Stedim
Biotech
746
139,214
Schneider
Electric
SE
16,485
2,526,235
Societe
Generale
SA
21,677
484,489
Sodexo
SA
2,568
271,113
STMicroelectronics
NV
19,972
759,555
Thales
SA
2,897
426,097
TotalEnergies
SE
71,095
4,749,336
Veolia
Environnement
SA
18,775
512,603
Vinci
SA
15,631
1,726,222
47,663,139
Germany
–
6.6%
adidas
AG
5,057
893,729
Allianz
SE
12,324
2,877,558
BASF
SE
26,565
1,222,433
Bayer
AG
30,205
1,298,144
Bayerische
Motoren
Werke
AG
8,986
832,331
Beiersdorf
AG
2,977
390,348
Daimler
Truck
Holding
AG
15,805
494,830
BNY
Mellon
International
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.0%
(continued)
Germany
–
6.6%
(continued)
Deutsche
Bank
AG
62,612
685,372
Deutsche
Boerse
AG
5,853
960,167
Deutsche
Post
AG
28,012
1,088,420
Deutsche
Telekom
AG
106,851
2,312,487
E.ON
SE
68,144
808,160
Fresenius
SE
&
Co.
KGaA
12,551
321,579
Hannover
Rueck
SE
1,856
408,643
Henkel
AG
&
Co.
KGaA
2,872
181,111
Infineon
Technologies
AG
40,225
1,168,182
Mercedes-Benz
Group
AG
24,626
1,442,831
Merck
KGaA
3,929
591,175
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
4,150
1,660,316
RWE
AG
20,848
796,176
SAP
SE
31,072
4,162,552
Siemens
AG
23,004
3,038,443
Siemens
Energy
AG
(b)
15,083
133,441
Siemens
Healthineers
AG
(c)
9,070
444,071
Symrise
AG,
Class
A
4,150
421,988
Vonovia
SE
24,298
557,323
29,191,810
Hong
Kong
–
2.1%
AIA
Group
Ltd.
351,600
3,048,854
Budweiser
Brewing
Co.
APAC
Ltd.
(c)
60,100
114,292
CK
Asset
Holdings
Ltd.
62,500
312,316
CK
Hutchison
Holdings
Ltd.
84,000
424,584
CLP
Holdings
Ltd.
53,500
391,442
Galaxy
Entertainment
Group
Ltd.
66,000
369,872
Hang
Seng
Bank
Ltd.
21,500
246,335
Henderson
Land
Development
Co.
Ltd.
32,000
83,429
Hong
Kong
&
China
Gas
Co.
Ltd.
351,507
244,832
Hong
Kong
Exchanges
&
Clearing
Ltd.
36,800
1,293,357
Jardine
Matheson
Holdings
Ltd.
6,200
250,790
Link
REIT
(a)
75,503
346,415
MTR
Corp.
Ltd.
(d)
43,000
160,743
Prudential
PLC
84,343
877,920
Sun
Hung
Kai
Properties
Ltd.
47,000
482,638
Techtronic
Industries
Co.
Ltd.
42,000
382,716
Wharf
Real
Estate
Investment
Co.
Ltd.
41,000
143,311
9,173,846
Ireland
–
0.5%
Experian
PLC
27,752
838,857
Flutter
Entertainment
PLC
(b)
5,391
843,065
James
Hardie
Industries
PLC,
CDI
(b)
13,380
331,154
Kerry
Group
PLC,
Class
A
4,580
352,818
2,365,894
Israel
–
0.4%
Azrieli
Group
Ltd.
1,108
47,573
Bank
Hapoalim
BM
36,948
263,670
Bank
Leumi
Le-Israel
BM
48,424
311,092
Elbit
Systems
Ltd.
701
130,010
ICL
Group
Ltd.
21,389
103,626
Mizrahi
Tefahot
Bank
Ltd.
4,183
129,247
Nice
Ltd.
(b)
1,933
298,440
Teva
Pharmaceutical
Industries
Ltd.
(b)
33,251
281,177
1,564,835
Italy
–
2.1%
Assicurazioni
Generali
SpA
34,396
681,507
Davide
Campari-Milano
NV
17,212
189,755
ENEL
SpA
231,079
1,462,578
ENI
SpA
73,452
1,197,816
44
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
International
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.0%
(continued)
Italy
–
2.1%
(continued)
Ferrari
NV
3,858
1,164,247
FinecoBank
Banca
Fineco
SpA
19,060
223,928
Infrastrutture
Wireless
Italiane
SpA
(c)
11,100
121,082
Intesa
Sanpaolo
SpA
496,790
1,289,931
Moncler
SpA
6,326
327,243
Nexi
SpA
(b)(c)
27,206
157,472
Poste
Italiane
SpA
(c)
12,695
125,330
Prysmian
SpA
8,301
309,641
Recordati
Industria
Chimica
e
Farmaceutica
SpA
2,885
132,956
Snam
SpA
60,759
278,083
Terna
Rete
Elettrica
Nazionale
SpA
42,889
327,582
UniCredit
SpA
55,047
1,374,619
9,363,770
Japan
–
22.4%
Advantest
Corp.
23,800
599,538
AEON
Co.
Ltd.
26,600
556,256
AGC,
Inc.
7,200
242,987
Aisin
Corp.
5,200
178,615
Ajinomoto
Co.,
Inc.
16,100
582,575
ANA
Holdings,
Inc.
(b)
4,800
93,563
Asahi
Group
Holdings
Ltd.
15,200
545,592
Asahi
Kasei
Corp.
41,100
250,598
Astellas
Pharma,
Inc.
55,200
692,529
Bandai
Namco
Holdings,
Inc.
21,000
430,275
Bridgestone
Corp.
17,600
658,584
Canon,
Inc.
30,400
712,803
Capcom
Co.
Ltd.
4,700
150,175
Central
Japan
Railway
Co.
31,700
710,840
Chubu
Electric
Power
Co.,
Inc.
23,500
282,801
Chugai
Pharmaceutical
Co.
Ltd.
19,600
577,213
Dai
Nippon
Printing
Co.
Ltd.
8,300
214,234
Daifuku
Co.
Ltd.
12,700
206,838
Dai-ichi
Life
Holdings,
Inc.
29,900
627,042
Daiichi
Sankyo
Co.
Ltd.
59,900
1,525,928
Daikin
Industries
Ltd.
9,000
1,285,417
Daito
Trust
Construction
Co.
Ltd.
1,900
202,615
Daiwa
House
Industry
Co.
Ltd.
20,700
564,092
Daiwa
Securities
Group,
Inc.
44,800
255,586
Denso
Corp.
60,800
883,024
Dentsu
Group,
Inc.
7,100
203,935
Disco
Corp.
2,700
466,298
East
Japan
Railway
Co.
11,500
597,762
Eisai
Co.
Ltd.
9,100
478,359
ENEOS
Holdings,
Inc.
89,600
329,954
FANUC
Corp.
28,300
682,623
Fast
Retailing
Co.
Ltd.
6,500
1,417,214
Fujifilm
Holdings
Corp.
12,700
687,894
Fujitsu
Ltd.
5,200
666,631
Hamamatsu
Photonics
KK
4,300
157,781
Hankyu
Hanshin
Holdings,
Inc.
8,100
252,822
Hitachi
Ltd.
28,700
1,795,965
Honda
Motor
Co.
Ltd.
152,400
1,516,000
Hoya
Corp.
10,900
1,031,738
Idemitsu
Kosan
Co.
Ltd.
7,200
162,546
INPEX
Corp.
31,400
452,511
Isuzu
Motors
Ltd.
19,300
211,612
ITOCHU
Corp.
44,400
1,575,233
Japan
Airlines
Co.
Ltd.
3,900
71,178
Japan
Exchange
Group,
Inc.
16,000
313,196
Japan
Post
Bank
Co.
Ltd.
41,800
386,273
BNY
Mellon
International
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.0%
(continued)
Japan
–
22.4%
(continued)
Japan
Post
Holdings
Co.
Ltd.
60,900
536,436
Japan
Tobacco,
Inc.
32,600
757,929
JFE
Holdings,
Inc.
17,500
240,871
Kajima
Corp.
13,900
227,529
Kansai
Electric
Power
Co.,
Inc.
(The)
25,300
321,836
KAO
Corp.
13,800
500,625
KDDI
Corp.
45,200
1,339,182
Keyence
Corp.
6,100
2,342,203
Kikkoman
Corp.
5,700
320,709
Kintetsu
Group
Holdings
Co.
Ltd.
5,400
151,148
Kirin
Holdings
Co.
Ltd.
24,600
344,281
Kobe
Bussan
Co.
Ltd.
4,700
116,162
Komatsu
Ltd.
29,800
681,418
Konami
Group
Corp.
3,000
153,600
Kose
Corp.
700
45,792
Kubota
Corp.
31,500
418,905
Kyocera
Corp.
10,700
520,993
Kyowa
Kirin
Co.
Ltd.
8,300
129,231
Lasertec
Corp.
2,400
399,432
Ly
Corp.
82,200
207,501
M3,
Inc.
14,400
220,024
Makita
Corp.
9,000
229,450
Marubeni
Corp.
52,400
753,588
MatsukiyoCocokara
&
Co.
11,200
195,091
MEIJI
Holdings
Co.
Ltd.
8,800
216,041
Minebea
Mitsumi,
Inc.
14,000
215,346
Misumi
Group,
Inc.
9,500
141,736
Mitsubishi
Chemical
Group
Corp.
45,100
252,562
Mitsubishi
Corp.
43,800
2,011,483
Mitsubishi
Electric
Corp.
66,500
736,596
Mitsubishi
Estate
Co.
Ltd.
41,200
520,696
Mitsubishi
HC
Capital,
Inc.
27,800
181,527
Mitsubishi
Heavy
Industries
Ltd.
10,500
533,303
Mitsubishi
UFJ
Financial
Group,
Inc.
387,900
3,219,587
Mitsui
&
Co.
Ltd.
47,200
1,688,286
Mitsui
Fudosan
Co.
Ltd.
28,700
615,332
Mitsui
OSK
Lines
Ltd.
10,800
276,908
Mizuho
Financial
Group,
Inc.
77,460
1,301,954
MonotaRO
Co.
Ltd.
6,900
54,696
MS&AD
Insurance
Group
Holdings,
Inc.
13,600
493,280
Murata
Manufacturing
Co.
Ltd.
57,600
942,283
NEC
Corp.
8,100
385,358
Nexon
Co.
Ltd.
13,800
250,176
Nidec
Corp.
15,800
565,564
Nintendo
Co.
Ltd.
35,600
1,462,363
Nippon
Building
Fund,
Inc.
(a)
54
216,435
Nippon
Paint
Holdings
Co.
Ltd.
32,900
218,761
Nippon
Sanso
Holdings
Corp.
6,800
169,321
Nippon
Steel
Corp.
29,200
623,160
Nippon
Telegraph
&
Telephone
Corp.
917,200
1,070,758
Nippon
Yusen
KK
15,300
371,475
Nissan
Chemical
Corp.
4,700
189,154
Nissan
Motor
Co.
Ltd.
73,700
276,123
Nissin
Foods
Holdings
Co.
Ltd.
2,400
208,393
Nitori
Holdings
Co.
Ltd.
2,600
281,726
Nitto
Denko
Corp.
4,400
281,325
Nomura
Holdings,
Inc.
89,300
341,940
Nomura
Research
Institute
Ltd.
14,000
364,594
NTT
Data
Group
Corp.
18,600
226,413
OBIC
Co.
Ltd.
1,900
279,082
Olympus
Corp.
39,500
521,381
Omron
Corp.
5,900
208,309
45
BNY
Mellon
International
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.0%
(continued)
Japan
–
22.4%
(continued)
ONO
Pharmaceutical
Co.
Ltd.
15,000
257,668
Oracle
Corp.
Japan
900
63,409
Oriental
Land
Co.
Ltd.
35,700
1,144,936
ORIX
Corp.
35,600
638,212
Osaka
Gas
Co.
Ltd.
13,000
243,957
Otsuka
Corp.
3,400
135,219
Otsuka
Holdings
Co.
Ltd.
16,800
560,203
Pan
Pacific
International
Holdings
Corp.
16,500
316,664
Panasonic
Holdings
Corp.
74,900
647,391
Rakuten
Group,
Inc.
42,400
155,887
Recruit
Holdings
Co.
Ltd.
52,100
1,490,636
Renesas
Electronics
Corp.
(b)
43,700
564,267
Resona
Holdings,
Inc.
71,100
377,225
ROHM
Co.
Ltd.
11,100
174,879
Secom
Co.
Ltd.
6,700
462,313
Sekisui
House
Ltd.
19,600
380,365
Seven
&
i
Holdings
Co.
Ltd.
24,100
874,121
SG
Holdings
Co.
Ltd.
15,000
211,166
Shimadzu
Corp.
9,000
210,671
Shimano,
Inc.
2,500
355,822
Shin-Etsu
Chemical
Co.
Ltd.
61,900
1,826,202
Shionogi
&
Co.
Ltd.
8,900
410,607
Shiseido
Co.
Ltd.
12,500
393,047
SMC
Corp.
1,800
816,296
SoftBank
Corp.
84,200
947,942
SoftBank
Group
Corp.
32,200
1,302,075
Sompo
Holdings,
Inc.
10,600
455,441
Sony
Group
Corp.
38,800
3,183,268
Subaru
Corp.
18,700
316,040
Sumitomo
Corp.
37,600
729,556
Sumitomo
Electric
Industries
Ltd.
23,600
244,501
Sumitomo
Metal
Mining
Co.
Ltd.
8,000
222,708
Sumitomo
Mitsui
Financial
Group,
Inc.
40,800
1,945,102
Sumitomo
Mitsui
Trust
Holdings,
Inc.
10,900
403,770
Sumitomo
Realty
&
Development
Co.
Ltd.
14,500
359,424
Suntory
Beverage
&
Food
Ltd.
4,200
124,188
Suzuki
Motor
Corp.
15,000
572,881
Sysmex
Corp.
4,600
217,266
T&D
Holdings,
Inc.
16,700
294,699
Takeda
Pharmaceutical
Co.
Ltd.
47,800
1,282,389
TDK
Corp.
12,400
455,077
Terumo
Corp.
22,000
594,434
TIS,
Inc.
6,700
141,791
Toho
Co.
Ltd.
3,700
125,357
Tokio
Marine
Holdings,
Inc.
61,200
1,350,930
Tokyo
Electron
Ltd.
14,500
1,891,429
Tokyo
Gas
Co.
Ltd.
12,400
276,665
Tokyu
Corp.
19,200
215,524
Toppan
Holdings,
Inc.
10,100
230,217
Toray
Industries,
Inc.
50,400
241,209
Toshiba
Corp.
(b)
3,500
106,286
Toyota
Industries
Corp.
5,800
423,381
Toyota
Motor
Corp.
379,400
6,488,468
Toyota
Tsusho
Corp.
7,400
386,308
Trend
Micro,
Inc.
4,500
167,645
Unicharm
Corp.
13,900
470,018
West
Japan
Railway
Co.
7,700
292,147
Yakult
Honsha
Co.
Ltd.
8,300
194,943
Yamaha
Corp.
5,400
141,877
Yamaha
Motor
Co.
Ltd.
10,500
252,161
Yamato
Holdings
Co.
Ltd.
10,500
173,608
Yaskawa
Electric
Corp.
8,100
260,845
BNY
Mellon
International
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.0%
(continued)
Japan
–
22.4%
(continued)
ZOZO,
Inc.
3,800
71,674
99,819,015
Luxembourg
–
0.2%
ArcelorMittal
SA
14,126
311,764
Eurofins
Scientific
SE
4,025
203,490
Tenaris
SA
13,444
212,374
727,628
Macau
–
0.0%
Sands
China
Ltd.
(b)
78,800
211,487
Netherlands
–
4.1%
ABN
AMRO
Bank
NV,
CVA
(c)
12,763
171,128
Adyen
NV
(b)(c)
909
609,062
Argenx
SE
(b)
1,794
842,131
Asm
International
NV
1,374
564,228
ASML
Holding
NV
12,380
7,397,353
EXOR
NV
3,157
270,094
Heineken
Holding
NV
3,009
228,362
Heineken
NV
7,883
706,085
ING
Groep
NV
110,326
1,402,646
JDE
Peet's
NV
4,297
119,181
Koninklijke
Ahold
Delhaize
NV
29,931
885,841
Koninklijke
KPN
NV
102,024
342,391
Koninklijke
Philips
NV
(b)
28,443
538,092
Prosus
NV
(b)
45,819
1,280,028
Stellantis
NV
67,326
1,252,484
Universal
Music
Group
NV
23,572
575,553
Wolters
Kluwer
NV
7,860
1,006,105
18,190,764
New
Zealand
–
0.1%
Auckland
International
Airport
Ltd.
38,715
165,286
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
16,865
204,136
Meridian
Energy
Ltd.
39,068
109,756
479,178
Norway
–
0.7%
Adevinta
ASA,
Class
B
(b)
8,909
78,191
AKER
BP
ASA
9,369
269,286
AutoStore
Holdings
Ltd.
(b)(c)
29,129
32,123
DNB
Bank
ASA
27,147
489,155
Equinor
ASA
30,273
1,014,682
Gjensidige
Forsikring
ASA
5,605
83,937
Kongsberg
Gruppen
ASA
2,721
111,064
Mowi
ASA
13,228
214,671
Norsk
Hydro
ASA
43,974
250,657
Orkla
ASA
23,536
162,094
Telenor
ASA
19,814
202,455
Var
Energi
ASA
16,816
56,642
Yara
International
ASA
4,988
162,967
3,127,924
Poland
–
0.2%
Allegro.eu
SA
(b)(c)
13,015
93,119
Dino
Polska
SA
(b)(c)
1,461
138,160
Orlen
SA
17,937
283,059
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
(b)
27,179
280,691
Santander
Bank
Polska
SA
(b)
1,115
120,761
915,790
Portugal
–
0.1%
EDP
-
Energias
de
Portugal
SA
90,159
378,335
46
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
International
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.0%
(continued)
Portugal
–
0.1%
(continued)
Jeronimo
Martins
SGPS
SA
8,406
193,519
571,854
Russia
–
0.0%
Evraz
PLC
(b),(e)
2,845
0
Singapore
–
1.2%
CapitaLand
Ascendas
REIT
(a)
106,096
201,343
CapitaLand
Integrated
Commercial
Trust
(a)
151,454
194,562
CapitaLand
Investment
Ltd.
63,800
136,909
DBS
Group
Holdings
Ltd.
55,863
1,339,440
Genting
Singapore
Ltd.
166,800
104,703
Jardine
Cycle
&
Carriage
Ltd.
2,600
53,516
Keppel
Corp.
Ltd.
42,600
193,092
Keppel
REIT
(a)
8,520
4,944
Oversea-Chinese
Banking
Corp.
Ltd.
118,919
1,100,612
Singapore
Airlines
Ltd.
(d)
41,800
186,415
Singapore
Exchange
Ltd.
26,600
183,863
Singapore
Technologies
Engineering
Ltd.
47,100
129,262
Singapore
Telecommunications
Ltd.
222,200
385,998
United
Overseas
Bank
Ltd.
46,400
915,096
Wilmar
International
Ltd.
92,800
241,136
5,370,891
Spain
–
2.4%
Aena
SME
SA
(c)
2,234
322,914
Amadeus
IT
Group
SA
13,675
777,943
Banco
Bilbao
Vizcaya
Argentaria
SA
182,375
1,430,748
Banco
Santander
SA
495,764
1,816,269
CaixaBank
SA
124,264
503,718
Cellnex
Telecom
SA
(c)
17,898
524,414
EDP
Renovaveis
SA
8,499
136,459
Endesa
SA
9,114
171,140
Ferrovial
SE
14,861
446,740
Iberdrola
SA
176,945
1,963,832
Industria
de
Diseno
Textil
SA
34,194
1,176,461
Naturgy
Energy
Group
SA
5,254
148,278
Repsol
SA
39,733
580,622
Telefonica
SA
175,296
675,562
10,675,100
Sweden
–
2.6%
ALFA
Laval
AB
8,700
280,795
ASSA
Abloy
AB,
Class
B
30,660
651,748
Atlas
Copco
AB,
Class
A
78,475
1,012,839
Atlas
Copco
AB,
Class
B
48,646
544,471
Beijer
Ref
AB,
Class
B
11,726
110,935
Boliden
AB
7,024
179,645
Epiroc
AB,
Class
A
18,450
303,023
Epiroc
AB,
Class
B
12,458
172,497
EQT
AB
10,944
198,748
Essity
AB,
Class
A
2,367
54,129
Essity
AB,
Class
B
16,841
383,317
Evolution
AB
(c)
5,891
522,999
H
&
M
Hennes
&
Mauritz
AB,
Class
B
19,042
254,458
Hexagon
AB,
Class
B
60,792
493,512
Industrivarden
AB,
Class
A
4,628
119,380
Industrivarden
AB,
Class
C
5,093
130,919
Indutrade
AB
7,551
133,243
Investment
AB
Latour,
Class
B
4,719
81,412
Investor
AB,
Class
A
18,512
335,854
Investor
AB,
Class
B
54,039
988,626
Lifco
AB,
Class
B
7,163
130,660
Nibe
Industrier
AB,
Class
B
47,866
274,961
BNY
Mellon
International
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.0%
(continued)
Sweden
–
2.6%
(continued)
Sagax
AB,
Class
B
6,629
119,555
Sagax
AB,
Class
D
2,304
5,176
Sandvik
AB
31,401
532,875
Skandinaviska
Enskilda
Banken
AB,
Class
A
51,100
568,507
Skandinaviska
Enskilda
Banken
AB,
Class
C
136
1,560
SKF
AB,
Class
A
1,605
25,886
SKF
AB,
Class
B
9,809
158,118
Svenska
Cellulosa
AB
SCA,
Class
A
1,236
16,860
Svenska
Cellulosa
AB
SCA,
Class
B
17,375
237,858
Svenska
Handelsbanken
AB,
Class
A
47,728
405,827
Svenska
Handelsbanken
AB,
Class
B
(d)
2,223
22,881
Swedbank
AB,
Class
A
27,936
456,947
Telefonaktiebolaget
LM
Ericsson,
Class
A
(d)
7,594
35,480
Telefonaktiebolaget
LM
Ericsson,
Class
B
87,402
391,221
Telia
Co.
AB
76,432
161,516
Volvo
AB,
Class
A
5,197
103,915
Volvo
AB,
Class
B
50,007
988,713
Volvo
Car
AB,
Class
B
(b)
15,637
53,618
11,644,684
Switzerland
–
9.4%
ABB
Ltd.
49,419
1,653,002
Alcon,
Inc.
15,232
1,084,927
Chocoladefabriken
Lindt
&
Spruengli
AG
3
326,356
Chocoladefabriken
Lindt
&
Spruengli
AG,
PC
32
353,387
CIE
Financiere
Richemont
SA,
Class
A
16,060
1,886,505
DSM-Firmenich
AG
5,935
536,933
EMS-Chemie
Holding
AG
214
145,794
Geberit
AG
993
460,247
Givaudan
SA
245
813,032
Glencore
PLC
344,789
1,820,591
Holcim
AG
16,291
1,003,900
Kuehne
+
Nagel
International
AG
1,699
456,465
Lonza
Group
AG
2,228
775,595
Nestle
SA
81,770
8,810,907
Novartis
AG
63,224
5,873,256
Partners
Group
Holding
AG
666
700,213
Roche
Holding
AG
21,573
5,543,482
Roche
Holding
AG,
BR
792
215,134
Schindler
Holding
AG
579
112,294
Schindler
Holding
AG,
PC
1,310
263,713
SGS
SA
4,688
381,098
Sika
AG
4,725
1,126,150
Sonova
Holding
AG
1,404
330,925
Straumann
Holding
AG
3,445
404,860
Swatch
Group
AG
(The)
1,475
71,153
Swatch
Group
AG
(The),
BR
1,011
257,958
Swiss
Life
Holding
AG
916
585,604
Swiss
RE
AG
8,774
955,639
Swisscom
AG
763
456,098
UBS
Group
AG
92,827
2,164,484
Zurich
Insurance
Group
AG
4,500
2,129,224
41,698,926
United
Kingdom
–
11.8%
3i
Group
PLC
29,485
692,134
Anglo
American
PLC
41,677
1,060,258
Ashtead
Group
PLC
13,758
785,313
Associated
British
Foods
PLC
10,228
251,449
AstraZeneca
PLC
47,475
5,904,851
Aviva
PLC
82,730
399,144
BAE
Systems
PLC
92,702
1,241,876
Barclays
PLC
448,021
715,442
47
BNY
Mellon
International
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.0%
(continued)
United
Kingdom
–
11.8%
(continued)
BP
PLC
530,047
3,232,637
British
American
Tobacco
PLC
67,314
2,004,472
BT
Group
PLC,
Class
A
174,921
239,320
CNH
Industrial
NV
29,285
323,937
Coca-Cola
Europacific
Partners
PLC
6,615
387,044
Compass
Group
PLC
54,666
1,375,108
Diageo
PLC
67,979
2,562,926
GSK
PLC
124,989
2,210,399
Haleon
PLC
148,634
594,283
HSBC
Holdings
PLC
612,884
4,404,941
Imperial
Brands
PLC
27,753
589,680
Legal
&
General
Group
PLC
185,458
475,741
Lloyds
Banking
Group
PLC
2,064,441
1,000,531
London
Stock
Exchange
Group
PLC
12,610
1,266,967
National
Grid
PLC
111,999
1,329,963
NatWest
Group
PLC
170,411
368,490
Reckitt
Benckiser
Group
PLC
22,397
1,495,307
RELX
PLC
59,559
2,072,749
Rentokil
Initial
PLC
77,266
390,783
Rio
Tinto
PLC
34,126
2,176,097
Shell
PLC
204,931
6,581,117
SSE
PLC
33,395
661,740
Standard
Chartered
PLC
70,297
537,400
Tesco
PLC
215,726
705,998
Unilever
PLC
76,562
3,613,028
Vodafone
Group
PLC
663,725
609,683
52,260,808
Total
Common
Stocks
(cost
$458,494,915)
440,392,879
Preferred
Stocks
–
0.3%
Germany
–
0.3%
Bayerische
Motoren
Werke
AG,
10.51%
1,746
147,919
Henkel
AG
&
Co.
KGaA,
2.70%
4,969
357,574
Sartorius
AG,
0.59%
837
208,969
Volkswagen
AG,
27.82%
5,429
572,872
1,287,334
Total
Preferred
Stocks
(cost
$1,625,205)
1,287,334
Warrants
–
0.0%
Canada
–
0.0%
Constellation
Software,
Inc.,
Warrants
expiring
8/22/2028
(b)
563
0
Total
Warrants
(cost
$0)
0
Investment
Companies
–
0.1%
Registered
Investment
Companies
–
0.1%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.32%
(f)(g)
(cost
$658,664)
658,664
658,664
Investment
of
Cash
Collateral
for
Securities
Loaned
–
0.1%
Registered
Investment
Companies
–
0.1%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.32%
(f)(g)
(cost
$247,970)
247,970
247,970
Total
Investments
(cost
$461,026,754)
99.5%
442,586,847
Cash
and
Receivables
(Net)
0.5%
2,037,397
Net
Assets
100.0%
444,624,244
BR—Bearer
Shares
CDI—CREST
Depositary
Interest
CVA—Dutch
Certificates
PC—Participation
Certificate
REIT—Real
Estate
Investment
Trust
48
STATEMENT
OF
INVESTMENTS
(continued)
See
Notes
to
Financial
Statements
(a)
Investment
in
a
real
estate
investment
trust.
(b)
Non-income
producing
security.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
October
31,
2023,
these
securities
were
valued
at
$4,594,122
or
1.03%
of
net
assets.
(d)
Security,
or
portion
thereof,
on
loan.
At
October
31,
2023,
the
value
of
the
fund’s
securities
on
loan
was
$247,338
and
the
value
of
the
collateral
was
$263,716,
consisting
of
cash
collateral
of
$247,970
and
U.S.
Government
&
Agency
securities
valued
at
$15,746.
In
addition,
the
value
of
collateral
may
include
pending
sales
that
are
also
on
loan.
(e)
The
fund
held
Level
3
securities
at
October
31,
2023.
These
securities
were
valued
at
$0
or
0.00%
of
net
assets.
(f)
Investment
in
affiliated
issuer.
The
investment
objective
of
this
investment
company
is
publicly
available
and
can
be
found
within
the
investment
company’s
prospectus.
(g)
The
rate
shown
is
the
1-day
yield
as
of
October
31,
2023.
Portfolio
Summary
(Unaudited)
†
Value
(%)
Financials
21.4
Industrials
15.3
Health
Care
12.3
Consumer
Discretionary
10.8
Consumer
Staples
9.7
Information
Technology
7.5
Materials
7.4
Energy
6.8
Communication
Services
3.6
Utilities
3.2
Real
Estate
1.3
Registered
Investment
Companies
0.2
99.5
†
Based
on
net
assets.
Holdings
and
transactions
in
these
affiliated
companies
during
the
period
ended
October
31,
2023
are
as
follows:
Description
Value
($)
10/31/22
Purchases
($)
1
Sales
($)
Value
($)
10/31/23
Dividends/
Distributions
($)
Investment
Companies
–
0.1%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares
48,900
19,364,107
(18,754,343)
658,664
16,998
Investment
of
Cash
Collateral
for
Securities
Loaned
–
0.1%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares
113,577
4,638,152
(4,503,759)
247,970
1,821
2
Total
–
0.2%
162,477
24,002,259
(23,258,102)
906,634
18,819
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)
($)
Futures
Long
MSCI
EAFE
Index
20
12/15/2023
2,062,300
1,974,100
(88,200)
S&P/TSX
60
Index
1
12/14/2023
174,126
*
163,515
(10,611)
Gross
Unrealized
Depreciation
(98,811)
*
Notional
amounts
in
foreign
currency
have
been
converted
to
USD
using
relevant
foreign
exchange
rates.
49
STATEMENT
OF
INVESTMENTS
October
31,
2023
BNY
Mellon
Emerging
Markets
Equity
ETF
Description
Shares
Value
($)
Common
Stocks
–
97.6%
Brazil
–
3.2%
Ambev
SA
63,120
160,710
B3
SA
-
Brasil
Bolsa
Balcao
87,413
193,269
Banco
Bradesco
SA
25,950
63,035
Banco
BTG
Pactual
SA
17,626
103,876
Banco
do
Brasil
SA
21,280
204,107
BB
Seguridade
Participacoes
SA
9,696
58,987
Centrais
Eletricas
Brasileiras
SA
14,074
96,841
CPFL
Energia
SA
2,724
18,101
Energisa
S/A
3,914
36,284
Itausa
SA
13,988
24,437
JBS
S/A
10,205
40,614
Localiza
Rent
A
Car
SA
11,949
120,817
Petroleo
Brasileiro
SA
55,073
412,802
Raia
Drogasil
SA
16,940
86,699
Rede
D'Or
Sao
Luiz
SA
(a)
15,245
65,448
Rumo
SA
17,080
75,493
Suzano
SA
10,914
111,759
Telefonica
Brasil
SA
4,742
42,464
Vale
SA
52,518
718,881
WEG
SA
21,900
143,003
2,777,627
Chile
–
0.3%
Banco
de
Chile
652,952
66,866
Banco
de
Credito
e
Inversiones
SA
1,149
27,384
Banco
Santander
Chile
943,504
41,002
Cencosud
SA
19,828
32,020
Cia
Sud
Americana
de
Vapores
SA
232,263
12,856
Empresas
COPEC
SA
5,383
35,521
Enel
Americas
SA
(b)
291,210
29,838
Falabella
SA
11,162
22,656
Latam
Airlines
Group
SA
(b)
2,252,783
17,563
Quinenco
SA
3,225
8,700
294,406
China
–
26.4%
360
Security
Technology,
Inc.,
Class
A
(b)
9,300
11,412
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.,
Class
A
2,700
7,637
AECC
Aviation
Power
Co.
Ltd.,
Class
A
3,400
16,424
Agricultural
Bank
of
China
Ltd.,
Class
A
197,300
96,788
Agricultural
Bank
of
China
Ltd.,
Class
H
479,000
176,918
Alibaba
Group
Holding
Ltd.
(b)
224,580
2,297,578
Aluminum
Corp.
of
China
Ltd.,
Class
A
16,400
13,894
Aluminum
Corp.
of
China
Ltd.,
Class
H
58,000
31,058
Anhui
Conch
Cement
Co.
Ltd.,
Class
A
4,100
13,553
Anhui
Conch
Cement
Co.
Ltd.,
Class
H
16,500
41,162
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
A
500
19,064
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
B
1,600
24,947
Anhui
Yingjia
Distillery
Co.
Ltd.,
Class
A
700
7,337
Anjoy
Foods
Group
Co.
Ltd.,
Class
A
300
5,297
ANTA
Sports
Products
Ltd.
17,200
194,211
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
340
7,013
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
H
(a)
340
4,410
Avary
Holding
Shenzhen
Co.
Ltd.,
Class
A
2,900
8,488
Baidu,
Inc.,
Class
A
(b)
33,350
437,728
Bank
of
Beijing
Co.
Ltd.,
Class
A
23,100
14,394
Bank
of
Chengdu
Co.
Ltd.,
Class
A
3,800
6,418
Bank
of
China
Ltd.,
Class
A
88,900
47,377
Bank
of
China
Ltd.,
Class
H
1,309,000
458,383
Bank
of
Communications
Co.
Ltd.,
Class
A
45,400
34,927
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
97.6%
(continued)
China
–
26.4%
(continued)
Bank
of
Communications
Co.
Ltd.,
Class
H
313,000
185,209
Bank
of
Hangzhou
Co.
Ltd.,
Class
A
7,200
10,527
Bank
of
Jiangsu
Co.
Ltd.,
Class
A
16,100
15,180
Bank
of
Nanjing
Co.
Ltd.,
Class
A
13,600
14,570
Bank
of
Ningbo
Co.
Ltd.,
Class
A
7,300
24,928
Bank
of
Shanghai
Co.
Ltd.,
Class
A
17,200
14,267
Baoshan
Iron
&
Steel
Co.
Ltd.,
Class
A
30,700
26,261
Beijing
Kingsoft
Office
Software,
Inc.,
Class
A
498
19,537
Beijing
New
Building
Materials
PLC,
Class
A
2,700
9,036
Beijing
Shiji
Information
Technology
Co.
Ltd.,
Class
A
(b)
3,290
4,729
Beijing
Tongrentang
Co.
Ltd.,
Class
A
2,000
14,034
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co.
Ltd.,
Class
A
866
5,190
Beijing
Yanjing
Brewery
Co.
Ltd.,
Class
A
3,200
4,552
Bilibili,
Inc.,
Class
Z
(b)
3,700
50,077
Bloomage
Biotechnology
Corp.
Ltd.,
Class
A
336
3,511
BOE
Technology
Group
Co.
Ltd.,
Class
A
46,600
24,962
BOE
Technology
Group
Co.
Ltd.,
Class
B
5,800
1,912
BYD
Co.
Ltd.,
Class
A
1,500
48,894
BYD
Co.
Ltd.,
Class
H
14,000
424,763
BYD
Electronic
International
Co.
Ltd.
11,000
45,830
Cambricon
Technologies
Corp.
Ltd.,
Class
A
(b)
460
6,740
CGN
Power
Co.
Ltd.,
Class
A
14,100
5,722
CGN
Power
Co.
Ltd.,
Class
H
(a)
149,000
35,800
Changchun
High
&
New
Technology
Industry
Group,
Inc.,
Class
A
500
10,633
China
CITIC
Bank
Corp.
Ltd.,
Class
H
135,000
60,214
China
Coal
Energy
Co.
Ltd.,
Class
A
5,100
5,993
China
Coal
Energy
Co.
Ltd.,
Class
H
32,000
25,111
China
Construction
Bank
Corp.,
Class
A
13,200
11,309
China
Construction
Bank
Corp.,
Class
H
1,400,000
794,418
China
CSSC
Holdings
Ltd.,
Class
A
5,400
19,097
China
Eastern
Airlines
Corp.
Ltd.,
Class
A
(b)
20,300
12,094
China
Eastern
Airlines
Corp.
Ltd.,
Class
H
(b)
32,000
10,960
China
Energy
Engineering
Corp.
Ltd.,
Class
A
43,800
13,048
China
Energy
Engineering
Corp.
Ltd.,
Class
H
76,000
8,256
China
Everbright
Bank
Co.
Ltd.,
Class
A
49,700
20,170
China
Everbright
Bank
Co.
Ltd.,
Class
H
65,000
18,525
China
Feihe
Ltd.
(a)
57,000
35,404
China
Galaxy
Securities
Co.
Ltd.,
Class
A
3,200
5,304
China
Galaxy
Securities
Co.
Ltd.,
Class
H
59,500
30,417
China
Greatwall
Technology
Group
Co.
Ltd.,
Class
A
3,600
5,401
China
Hongqiao
Group
Ltd.
(c)
31,000
29,001
China
International
Capital
Corp.
Ltd.,
Class
A
3,200
16,109
China
International
Capital
Corp.
Ltd.,
Class
H
(a)
18,400
29,300
China
Jushi
Co.
Ltd.,
Class
A
3,800
6,008
China
Life
Insurance
Co.
Ltd.,
Class
H
111,000
150,372
China
Longyuan
Power
Group
Corp.
Ltd.,
Class
H
50,000
42,366
China
Mengniu
Dairy
Co.
Ltd.
40,000
130,614
China
Merchants
Bank
Co.
Ltd.,
Class
A
20,900
87,848
China
Merchants
Bank
Co.
Ltd.,
Class
H
50,500
192,329
China
Merchants
Energy
Shipping
Co.
Ltd.,
Class
A
10,500
9,226
China
Merchants
Expressway
Network
&
Technology
Holdings
Co.
Ltd.,
Class
A
4,100
5,227
China
Merchants
Securities
Co.
Ltd.,
Class
A
9,900
19,129
China
Merchants
Securities
Co.
Ltd.,
Class
H
(a)
7,200
5,954
50
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
97.6%
(continued)
China
–
26.4%
(continued)
China
Merchants
Shekou
Industrial
Zone
Holdings
Co.
Ltd.,
Class
A
9,000
13,577
China
Minsheng
Banking
Corp.
Ltd.,
Class
A
45,500
23,129
China
Minsheng
Banking
Corp.
Ltd.,
Class
H
100,000
33,229
China
National
Nuclear
Power
Co.
Ltd.,
Class
A
22,400
22,712
China
National
Software
&
Service
Co.
Ltd.,
Class
A
990
4,647
China
Northern
Rare
Earth
Group
High-Tech
Co.
Ltd.,
Class
A
3,800
10,853
China
Oilfield
Services
Ltd.,
Class
A
3,000
6,395
China
Oilfield
Services
Ltd.,
Class
H
32,000
37,788
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
A
8,700
32,990
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
H
38,600
95,111
China
Petroleum
&
Chemical
Corp.,
Class
A
56,800
42,378
China
Petroleum
&
Chemical
Corp.,
Class
H
372,000
190,169
China
Railway
Group
Ltd.,
Class
A
24,300
20,089
China
Railway
Group
Ltd.,
Class
H
49,000
23,108
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
A
19,574
12,571
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
H
(a)
10,000
3,131
China
Resources
Microelectronics
Ltd.,
Class
A
1,675
12,165
China
Resources
Mixc
Lifestyle
Services
Ltd.
(a)
9,000
35,082
China
Resources
Pharmaceutical
Group
Ltd.
(a)
28,000
17,391
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co.
Ltd.,
Class
A
1,000
5,895
China
Shenhua
Energy
Co.
Ltd.,
Class
A
9,300
38,531
China
Shenhua
Energy
Co.
Ltd.,
Class
H
49,000
150,295
China
Southern
Airlines
Co.
Ltd.,
Class
A
(b)
11,700
9,880
China
Southern
Airlines
Co.
Ltd.,
Class
H
(b)
36,000
17,023
China
Three
Gorges
Renewables
Group
Co.
Ltd.,
Class
A
33,700
22,104
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
A
2,300
29,732
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
H
(a)
1,900
21,453
China
Tower
Corp.
Ltd.,
Class
H
(a)
690,000
64,374
China
Vanke
Co.
Ltd.,
Class
A
10,500
16,256
China
Vanke
Co.
Ltd.,
Class
H
27,900
26,101
China
Yangtze
Power
Co.
Ltd.,
Class
A
30,000
92,524
China
Zhenhua
Group
Science
&
Technology
Co.
Ltd.,
Class
A
600
5,486
China
Zheshang
Bank
Co.
Ltd.,
Class
A
16,800
5,854
China
Zheshang
Bank
Co.
Ltd.,
Class
H
31,000
7,686
Chongqing
Brewery
Co.
Ltd.,
Class
A
700
7,509
Chongqing
Changan
Automobile
Co.
Ltd.,
Class
A
10,486
21,680
Chongqing
Changan
Automobile
Co.
Ltd.,
Class
B
13,750
6,326
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
8,500
4,936
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
H
40,000
15,132
CITIC
Ltd.
87,000
73,940
CITIC
Pacific
Special
Steel
Group
Co.
Ltd.,
Class
A
6,500
12,888
CITIC
Securities
Co.
Ltd.,
Class
A
15,435
45,790
CITIC
Securities
Co.
Ltd.,
Class
H
21,500
41,821
CMOC
Group
Ltd.,
Class
A
13,600
10,296
CMOC
Group
Ltd.,
Class
H
54,000
32,160
CNPC
Capital
Co.
Ltd.,
Class
A
11,900
9,643
COSCO
Shipping
Energy
Transportation
Co.
Ltd.,
Class
A
3,700
7,291
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
97.6%
(continued)
China
–
26.4%
(continued)
COSCO
Shipping
Energy
Transportation
Co.
Ltd.,
Class
H
18,000
19,048
COSCO
Shipping
Holdings
Co.
Ltd.,
Class
H
52,000
52,833
Country
Garden
Holdings
Co.
Ltd.
(b)
169,000
15,119
CSC
Financial
Co.
Ltd.,
Class
A
3,600
11,895
CSPC
Pharmaceutical
Group
Ltd.
109,760
95,808
Daqin
Railway
Co.
Ltd.,
Class
A
17,700
17,439
Datang
International
Power
Generation
Co.
Ltd.,
Class
A
9,400
3,327
Datang
International
Power
Generation
Co.
Ltd.,
Class
H
42,000
6,334
Dongfang
Electric
Corp.
Ltd.,
Class
A
3,300
6,719
Dongfang
Electric
Corp.
Ltd.,
Class
H
4,800
4,601
Eastroc
Beverage
Group
Co.
Ltd.,
Class
A
100
2,624
Ecovacs
Robotics
Co.
Ltd.,
Class
A
700
4,128
ENN
Energy
Holdings
Ltd.
11,200
85,525
ENN
Natural
Gas
Co.
Ltd.,
Class
A
3,800
8,962
Everbright
Securities
Co.
Ltd.,
Class
A
4,000
8,997
Everbright
Securities
Co.
Ltd.,
Class
H
(a)
7,800
5,293
Flat
Glass
Group
Co.
Ltd.,
Class
A
3,400
11,987
Flat
Glass
Group
Co.
Ltd.,
Class
H
6,000
10,751
Focus
Media
Information
Technology
Co.
Ltd.,
Class
A
20,300
19,196
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
6,382
32,834
Fosun
International
Ltd.
34,500
20,635
Foxconn
Industrial
Internet
Co.
Ltd.,
Class
A
17,800
35,804
Full
Truck
Alliance
Co.
Ltd.,
ADR
(b)
9,626
63,243
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
A
2,100
10,675
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
(a)
8,800
40,094
Ganfeng
Lithium
Co.
Ltd.,
Class
A
4,700
28,439
Ganfeng
Lithium
Co.
Ltd.,
Class
H
(a)
3,360
12,045
G-bits
Network
Technology
Xiamen
Co.
Ltd.,
Class
A
100
3,635
GD
Power
Development
Co.
Ltd.,
Class
A
20,400
10,147
Gemdale
Corp.,
Class
A
7,600
5,369
Genscript
Biotech
Corp.
(b)
16,000
46,418
GF
Securities
Co.
Ltd.,
Class
A
5,100
10,342
GF
Securities
Co.
Ltd.,
Class
H
18,800
24,459
GigaDevice
Semiconductor
Beijing,
Inc.,
Class
A
780
11,405
GoerTek,
Inc.,
Class
A
3,600
8,870
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
A
3,200
3,844
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
H
15,000
7,151
Gongniu
Group
Co.
Ltd.,
Class
A
400
5,780
Gotion
High-tech
Co.
Ltd.,
Class
A
(b)
3,100
9,641
Great
Wall
Motor
Co.
Ltd.,
Class
A
3,400
13,650
Great
Wall
Motor
Co.
Ltd.,
Class
H
35,000
48,846
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
A
6,900
31,991
Greenland
Holdings
Corp.
Ltd.,
Class
A
(b)
16,500
5,749
Guangdong
Haid
Group
Co.
Ltd.,
Class
A
1,600
9,847
Guanghui
Energy
Co.
Ltd.,
Class
A
7,200
7,379
Guangxi
Guiguan
Electric
Power
Co.
Ltd.,
Class
A
3,800
2,846
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
A
7,200
9,858
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
H
42,000
19,646
Guangzhou
Baiyun
International
Airport
Co.
Ltd.,
Class
A
(b)
3,100
4,486
51
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
97.6%
(continued)
China
–
26.4%
(continued)
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.,
Class
A
2,200
8,962
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.,
Class
H
2,000
5,317
Guangzhou
Kingmed
Diagnostics
Group
Co.
Ltd.,
Class
A
500
4,229
Guangzhou
Shiyuan
Electronic
Technology
Co.
Ltd.,
Class
A
800
4,590
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
Class
A
2,500
9,500
Guosen
Securities
Co.
Ltd.,
Class
A
9,900
13,001
Guotai
Junan
Securities
Co.
Ltd.,
Class
A
4,900
9,890
Guotai
Junan
Securities
Co.
Ltd.,
Class
H
(a)
6,800
7,587
H
World
Group
Ltd.
(b)
20,700
77,381
Haidilao
International
Holding
Ltd.
(a)
25,000
62,495
Haier
Smart
Home
Co.
Ltd.,
Class
A
7,000
21,254
Haier
Smart
Home
Co.
Ltd.,
Class
H
34,800
99,624
Hainan
Airlines
Holding
Co.
Ltd.,
Class
A
(b)
54,200
10,813
Hainan
Airport
Infrastructure
Co.
Ltd.,
Class
A
(b)
14,500
7,549
Haitong
Securities
Co.
Ltd.,
Class
A
13,400
17,890
Haitong
Securities
Co.
Ltd.,
Class
H
41,600
23,871
Hangzhou
First
Applied
Material
Co.
Ltd.,
Class
A
2,428
8,484
Hangzhou
Oxygen
Plant
Group
Co.
Ltd.,
Class
A
1,000
4,512
Hangzhou
Silan
Microelectronics
Co.
Ltd.,
Class
A
900
2,984
Hansoh
Pharmaceutical
Group
Co.
Ltd.
(a)
16,000
30,141
Henan
Shuanghui
Investment
&
Development
Co.
Ltd.,
Class
A
3,600
12,894
Hengli
Petrochemical
Co.
Ltd.,
Class
A
(b)
6,200
12,403
Hengtong
Optic-electric
Co.
Ltd.,
Class
A
2,800
5,043
Hongta
Securities
Co.
Ltd.,
Class
A
4,300
4,583
Hoshine
Silicon
Industry
Co.
Ltd.,
Class
A
700
5,476
Hoyuan
Green
Energy
Co.
Ltd.,
Class
A
279
1,423
Hua
Hong
Semiconductor
Ltd.
(a),(b)
15,000
36,807
Huadian
Power
International
Corp.
Ltd.,
Class
A
10,000
6,709
Huadian
Power
International
Corp.
Ltd.,
Class
H
24,000
9,631
Huadong
Medicine
Co.
Ltd.,
Class
A
1,800
10,572
Hualan
Biological
Engineering,
Inc.,
Class
A
2,600
8,338
Huaneng
Lancang
River
Hydropower,
Inc.,
Class
A
10,200
10,704
Huaneng
Power
International,
Inc.,
Class
A
(b)
13,300
13,830
Huaneng
Power
International,
Inc.,
Class
H
(b)
54,000
25,259
Huatai
Securities
Co.
Ltd.,
Class
A
9,800
21,466
Huatai
Securities
Co.
Ltd.,
Class
H
(a)
21,800
28,530
Huaxia
Bank
Co.
Ltd.,
Class
A
15,100
11,555
Huayu
Automotive
Systems
Co.
Ltd.,
Class
A
3,400
8,149
Huizhou
Desay
Sv
Automaotive
Co.
Ltd.,
Class
A
500
8,581
Humanwell
Healthcare
Group
Co.
Ltd.,
Class
A
2,000
6,392
Hundsun
Technologies,
Inc.,
Class
A
2,200
9,355
IEIT
Co.
Ltd.,
Class
A
1,900
7,631
Iflytek
Co.
Ltd.,
Class
A
3,100
19,300
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
A
122,800
79,371
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
1,008,000
484,380
Industrial
Bank
Co.
Ltd.,
Class
A
25,100
51,722
Industrial
Securities
Co.
Ltd.,
Class
A
13,000
11,085
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
97.6%
(continued)
China
–
26.4%
(continued)
Inner
Mongolia
BaoTou
Steel
Union
Co.
Ltd.,
Class
A
(b)
44,500
9,851
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.,
Class
A
7,600
28,476
Innovent
Biologics,
Inc.
(a),(b)
17,500
102,992
JA
Solar
Technology
Co.
Ltd.,
Class
A
3,976
12,192
JCET
Co.
Ltd.,
Class
A
2,100
8,838
JD
Health
International,
Inc.
(a),(b)
14,300
64,970
JD
Logistics,
Inc.
(a),(b)
27,800
32,900
JD.com,
Inc.,
Class
A
35,866
457,458
Jiangsu
Eastern
Shenghong
Co.
Ltd.,
Class
A
6,200
9,014
Jiangsu
Expressway
Co.
Ltd.,
Class
H
18,000
16,379
Jiangsu
Hengli
Hydraulic
Co.
Ltd.,
Class
A
1,944
14,956
Jiangsu
Hengrui
Medicine
Co.
Ltd.,
Class
A
7,840
51,359
Jiangsu
King's
Luck
Brewery
JSC
Ltd.,
Class
A
1,700
13,590
Jiangsu
Pacific
Quartz
Co.
Ltd.,
Class
A
400
5,030
Jiangsu
Yanghe
Brewery
Joint-Stock
Co.
Ltd.,
Class
A
2,100
35,038
Jiangsu
Zhongtian
Technology
Co.
Ltd.,
Class
A
3,700
7,073
Jiangxi
Copper
Co.
Ltd.,
Class
A
3,500
8,776
Jiangxi
Copper
Co.
Ltd.,
Class
H
17,000
24,073
Jinduicheng
Molybdenum
Co.
Ltd.,
Class
A
3,300
4,527
Jinko
Solar
Co.
Ltd.
5,470
7,086
Juneyao
Airlines
Co.
Ltd.,
Class
A
(b)
3,000
5,981
KE
Holdings,
Inc.,
Class
A
30,700
153,410
Kingdee
International
Software
Group
Co.
Ltd.
(b)
41,000
54,390
Kingnet
Network
Co.
Ltd.,
Class
A
2,500
3,655
Kingsoft
Corp.
Ltd.
14,400
50,242
Kuaishou
Technology,
Class
B
(a),(b)
36,900
237,445
Kuang-Chi
Technologies
Co.
Ltd.,
Class
A
3,200
6,117
Kweichow
Moutai
Co.
Ltd.,
Class
A
1,500
345,290
LB
Group
Co.
Ltd.,
Class
A
3,600
9,165
Lenovo
Group
Ltd.
94,000
109,322
Levima
Advanced
Materials
Corp.,
Class
A
1,300
3,379
Li
Auto,
Inc.,
Class
A
(b)
17,000
290,481
Li
Ning
Co.
Ltd.
32,500
99,686
Lingyi
iTech
Guangdong
Co.
,
Class
A
7,600
6,304
Longfor
Group
Holdings
Ltd.
(a)
23,000
33,451
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
9,336
30,784
Luxshare
Precision
Industry
Co.
Ltd.,
Class
A
9,100
40,749
Luzhou
Laojiao
Co.
Ltd.,
Class
A
1,800
52,787
Meituan,
Class
B
(a),(b)
63,870
902,797
Metallurgical
Corp.
of
China
Ltd.,
Class
A
24,000
10,855
Metallurgical
Corp.
of
China
Ltd.,
Class
H
37,000
7,329
Ming
Yang
Smart
Energy
Group
Ltd.,
Class
A
2,600
4,963
MINISO
Group
Holding
Ltd.
7,200
47,205
Montage
Technology
Co.
Ltd.,
Class
A
1,140
8,572
Muyuan
Foods
Co.
Ltd.,
Class
A
6,820
35,190
NARI
Technology
Co.
Ltd.,
Class
A
9,444
29,101
NAURA
Technology
Group
Co.
Ltd.,
Class
A
600
20,989
NetEase,
Inc.
27,500
591,500
New
China
Life
Insurance
Co.
Ltd.,
Class
A
3,400
15,518
New
China
Life
Insurance
Co.
Ltd.,
Class
H
13,100
28,696
New
Hope
Liuhe
Co.
Ltd.,
Class
A
(b)
6,200
8,608
New
Oriental
Education
&
Technology
Group,
Inc.
(b)
22,600
147,882
Ninestar
Corp.,
Class
A
1,700
5,705
Ningbo
Deye
Technology
Co.
Ltd.,
Class
A
440
4,156
Ningbo
Tuopu
Group
Co.
Ltd.,
Class
A
1,200
10,567
Ningbo
Zhoushan
Port
Co.
Ltd.,
Class
A
16,300
7,684
52
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
97.6%
(continued)
China
–
26.4%
(continued)
Ningxia
Baofeng
Energy
Group
Co.
Ltd.,
Class
A
7,200
14,187
NIO,
Inc.,
Class
A
(b)
19,730
145,997
Nongfu
Spring
Co.
Ltd.,
Class
H
(a)
26,200
149,172
Oppein
Home
Group,
Inc.,
Class
A
600
7,139
Orient
Securities
Co.
Ltd.,
Class
A
6,792
8,047
Orient
Securities
Co.
Ltd.,
Class
H
(a)
14,800
6,885
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
H
135,000
44,513
Perfect
World
Co.
Ltd.,
Class
A
2,500
4,099
PetroChina
Co.
Ltd.,
Class
H
306,000
199,448
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
106,000
121,110
Ping
An
Bank
Co.
Ltd.,
Class
A
22,300
31,874
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
13,500
83,862
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
87,000
445,863
Poly
Developments
and
Holdings
Group
Co.
Ltd.,
Class
A
13,300
20,028
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
A
33,900
21,170
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
H
(a)
101,000
46,082
Power
Construction
Corp.
of
China
Ltd.,
Class
A
19,700
14,160
Pylon
Technologies
Co.
Ltd.,
Class
A
213
3,315
Qi
An
Xin
Technology
Group,
Inc.,
Class
A
(b)
909
5,722
Qingdao
Port
International
Co.
Ltd.,
Class
H
(a)
11,000
5,497
Quinghai
Salt
Lake
Industry
Co.
Ltd.,
Class
A
(b)
6,900
15,963
Rongsheng
Petro
Chemical
Co.
Ltd.,
Class
A
13,300
20,700
SAIC
Motor
Corp.
Ltd.,
Class
A
13,900
27,579
Sanan
Optoelectronics
Co.
Ltd.,
Class
A
6,000
12,200
Sany
Heavy
Industry
Co.
Ltd.,
Class
A
10,400
20,564
Satellite
Chemical
Co.
Ltd.,
Class
A
(b)
3,642
8,097
SDIC
Capital
Co.
Ltd.,
Class
A
7,100
6,626
Seres
Group
Co.
Ltd.,
Class
A
(b)
2,200
24,498
SF
Holding
Co.
Ltd.,
Class
A
5,700
30,610
Shaanxi
Coal
Industry
Co.
Ltd.,
Class
A
10,900
26,840
Shandong
Gold
Mining
Co.
Ltd.,
Class
A
3,400
11,099
Shandong
Gold
Mining
Co.
Ltd.,
Class
H
(a)
12,400
23,359
Shandong
Hualu
Hengsheng
Chemical
Co.
Ltd.,
Class
A
3,100
13,627
Shandong
Nanshan
Aluminum
Co.
Ltd.,
Class
A
19,400
8,218
Shandong
Weigao
Group
Medical
Polymer
Co.
Ltd.,
Class
H
36,400
33,727
Shanghai
Aiko
Solar
Energy
Co.
Ltd.,
Class
A
1,700
4,553
Shanghai
Bairun
Investment
Holding
Group
Co.
Ltd.,
Class
A
1,200
4,318
Shanghai
Baosight
Software
Co.
Ltd.,
Class
A
2,328
13,574
Shanghai
Baosight
Software
Co.
Ltd.,
Class
B
8,820
18,134
Shanghai
Electric
Group
Co.
Ltd.,
Class
A
(b)
13,500
8,191
Shanghai
Electric
Group
Co.
Ltd.,
Class
H
(b)
60,000
12,652
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
A
3,000
11,659
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
H
8,000
18,444
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.,
Class
A
799
5,284
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.,
Class
H
3,000
5,659
Shanghai
International
Airport
Co.
Ltd.,
Class
A
(b)
3,300
16,779
Shanghai
International
Port
Group
Co.
Ltd.,
Class
A
24,000
16,398
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
97.6%
(continued)
China
–
26.4%
(continued)
Shanghai
Jinjiang
International
Hotels
Co.
Ltd.,
Class
A
1,100
4,938
Shanghai
Jinjiang
International
Hotels
Co.
Ltd.,
Class
B
3,100
4,557
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
A
(b)
864
5,417
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
H
(a),(b)
3,400
9,429
Shanghai
M&G
Stationery,
Inc.,
Class
A
1,100
5,825
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
A
3,400
8,377
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
H
13,100
19,052
Shanghai
Pudong
Development
Bank
Co.
Ltd.,
Class
A
31,100
28,983
Shanghai
Putailai
New
Energy
Technology
Co.
Ltd.,
Class
A
2,330
7,960
Shanghai
RAAS
Blood
Products
Co.
Ltd.,
Class
A
8,500
8,107
Shanghai
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
4,400
3,583
Shanxi
Coking
Coal
Energy
Group
Co.
Ltd.,
Class
A
6,600
7,792
Shanxi
Lu'an
Environmental
Energy
Development
Co.
Ltd.,
Class
A
3,400
8,827
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.,
Class
A
1,360
45,940
Shede
Spirits
Co.
Ltd.,
Class
A
400
6,292
Shengyi
Technology
Co.
Ltd.,
Class
A
3,100
7,451
Shennan
Circuits
Co.
Ltd.,
Class
A
600
5,703
Shenwan
Hongyuan
Group
Co.
Ltd.,
Class
A
30,300
18,176
Shenwan
Hongyuan
Group
Co.
Ltd.,
Class
H
(a)
27,200
5,041
Shenzhen
Overseas
Chinese
Town
Co.
Ltd.,
Class
A
(b)
10,900
5,392
Shenzhen
Salubris
Pharmaceuticals
Co.
Ltd.,
Class
A
1,200
5,337
Shenzhen
Transsion
Holdings
Co.
Ltd.,
Class
A
832
15,253
Shenzhou
International
Group
Holdings
Ltd.
11,800
115,744
Shijiazhuang
Yiling
Pharmaceutical
Co.
Ltd.,
Class
A
2,100
6,376
Sichuan
Chuantou
Energy
Co.
Ltd.,
Class
A
6,300
12,664
Sichuan
Kelun
Pharmaceutical
Co.
Ltd.,
Class
A
1,800
6,754
Sichuan
Road
and
Bridge
Group
Co.
Ltd.,
Class
A
9,160
9,651
Silergy
Corp.
4,600
40,632
Skshu
Paint
Co.
Ltd.,
Class
A
(b)
600
4,887
Smoore
International
Holdings
Ltd.
(a)
29,000
22,349
Spring
Airlines
Co.
Ltd.,
Class
A
(b)
1,100
8,230
StarPower
Semiconductor
Ltd.,
Class
A
100
2,350
Sunny
Optical
Technology
Group
Co.
Ltd.
9,300
77,910
Suzhou
Dongshan
Precision
Manufacturing
Co.
Ltd.,
Class
A
2,200
5,625
TBEA
Co.
Ltd.,
Class
A
5,720
10,935
TCL
Technology
Group
Corp.,
Class
A
(b)
18,300
9,828
Tencent
Holdings
Ltd.
91,000
3,363,392
Tencent
Music
Entertainment
Group,
Class
A
(b)
19,200
66,621
Tianjin
Zhonghuan
Semiconductor
Co.
Ltd.,
Class
A
4,550
11,477
Tianqi
Lithium
Corp.,
Class
A
1,900
14,280
Tingyi
Cayman
Islands
Holding
Corp.
24,000
31,838
Tongwei
Co.
Ltd.,
Class
A
5,000
18,652
Topchoice
Medical
Corp.,
Class
A
(b)
400
4,895
Topsports
International
Holdings
Ltd.
(a)
42,000
35,319
Trip.com
Group
Ltd.
(b)
8,050
276,543
53
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
97.6%
(continued)
China
–
26.4%
(continued)
Tsingtao
Brewery
Co.
Ltd.,
Class
A
900
10,278
Tsingtao
Brewery
Co.
Ltd.,
Class
H
10,000
75,787
Unigroup
Guoxin
Microelectronics
Co.
Ltd.,
Class
A
(b)
979
10,073
Unisplendour
Corp.
Ltd.,
Class
A
(b)
3,500
9,379
Verisilicon
Microelectronics
Shanghai
Co.
Ltd.,
Class
A
(b)
718
5,234
Vipshop
Holdings
Ltd.,
ADR
(b)
4,319
61,589
Wanhua
Chemical
Group
Co.
Ltd.,
Class
A
3,800
46,110
Weichai
Power
Co.
Ltd.,
Class
A
8,800
16,691
Weichai
Power
Co.
Ltd.,
Class
H
23,000
34,392
Western
Superconducting
Technologies
Co.
Ltd.,
Class
A
784
4,912
Will
Semiconductor
Ltd.,
Class
A
1,640
24,721
Wingtech
Technology
Co.
Ltd.,
Class
A
(b)
1,800
12,242
Wuliangye
Yibin
Co.
Ltd.,
Class
A
4,500
95,927
WUS
Printed
Circuit
Kunshan
Co.
Ltd.,
Class
A
2,300
6,141
Wuxi
AppTec
Co.
Ltd.,
Class
A
3,640
43,030
Wuxi
AppTec
Co.
Ltd.,
Class
H
(a)
4,800
57,664
XCMG
Construction
Machinery
Co.
Ltd.,
Class
A
14,100
11,040
Xinjiang
Daqo
New
Energy
Co.
Ltd.,
Class
A
1,254
6,117
Xinyi
Solar
Holdings
Ltd.
66,266
38,957
XPeng,
Inc.,
Class
A
(b)
15,900
117,453
Yadea
Group
Holdings
Ltd.
(a)
16,000
29,241
Yankuang
Energy
Group
Co.
Ltd.,
Class
A
5,100
13,604
Yankuang
Energy
Group
Co.
Ltd.,
Class
H
30,000
52,143
YongXing
Special
Materials
Technology
Co.
Ltd.,
Class
A
630
4,300
Yonyou
Network
Technology
Co.
Ltd.,
Class
A
3,500
7,829
YTO
Express
Group
Co.
Ltd.,
Class
A
3,600
6,680
Yum
China
Holdings,
Inc.
6,222
327,028
Yunnan
Aluminium
Co.
Ltd.,
Class
A
4,500
8,560
Yunnan
Baiyao
Group
Co.
Ltd.,
Class
A
2,180
15,148
Yunnan
Energy
New
Material
Co.
Ltd.,
Class
A
1,000
9,155
Zhangzhou
Pientzehuang
Pharmaceutical
Co.
Ltd.,
Class
A
700
23,932
Zhejiang
Century
Huatong
Group
Co.
Ltd.,
Class
A
(b)
9,000
7,207
Zhejiang
China
Commodities
City
Group
Co.
Ltd.,
Class
A
6,500
6,910
Zhejiang
Chint
Electrics
Co.
Ltd.,
Class
A
3,200
10,097
Zhejiang
Dahua
Technology
Co.
Ltd.,
Class
A
4,000
11,150
Zhejiang
Huayou
Cobalt
Co.
Ltd.,
Class
A
1,750
8,798
Zhejiang
Juhua
Co.
Ltd.,
Class
A
3,200
6,625
Zhejiang
NHU
Co.
Ltd.,
Class
A
2,780
6,146
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.,
Class
A
4,200
15,347
Zhejiang
Supcon
Technology
Co.
Ltd.,
Class
A
674
4,016
Zhejiang
Supor
Co.
Ltd.,
Class
A
700
4,795
Zhejiang
Zheneng
Electric
Power
Co.
Ltd.,
Class
A
(b)
14,500
9,035
Zheshang
Securities
Co.
Ltd.,
Class
A
5,600
7,706
Zhongjin
Gold
Corp.
Ltd.,
Class
A
5,000
7,481
Zhongsheng
Group
Holdings
Ltd.
9,500
21,903
Zhongtai
Securities
Co.
Ltd.,
Class
A
9,900
9,686
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
A
5,271
27,903
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
H
800
2,582
Zijin
Mining
Group
Co.
Ltd.,
Class
A
27,300
46,407
Zijin
Mining
Group
Co.
Ltd.,
Class
H
82,000
127,434
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
A
7,200
6,316
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
97.6%
(continued)
China
–
26.4%
(continued)
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
H
27,000
14,010
ZTE
Corp.,
Class
A
4,200
15,008
ZTE
Corp.,
Class
H
13,000
28,876
ZTO
Express
Cayman,
Inc.
6,300
147,424
22,763,242
Colombia
–
0.1%
Bancolombia
SA
4,031
28,599
Ecopetrol
SA
73,214
42,882
Grupo
Nutresa
SA
1,729
20,809
Interconexion
Electrica
SA
ESP
6,431
22,541
114,831
Czech
Republic
–
0.1%
CEZ
AS
2,538
108,433
Egypt
–
0.1%
Commercial
International
Bank
Egypt
SAE
37,145
72,488
Greece
–
0.3%
Eurobank
Ergasias
Services
&
Holdings
SA
(b)
39,259
63,988
Hellenic
Telecommunications
Organization
SA
3,059
42,778
Mytilineos
SA
1,396
51,616
National
Bank
of
Greece
SA
(b)
7,696
43,927
OPAP
SA
2,331
39,422
Public
Power
Corp.
SA
(b)
3,020
30,740
272,471
Hong
Kong
–
1.3%
Alibaba
Health
Information
Technology
Ltd.
(b)
64,000
37,707
BOC
Hong
Kong
Holdings
Ltd.
53,000
140,212
Bosideng
International
Holdings
Ltd.
52,000
20,535
C&D
International
Investment
Group
Ltd.
9,000
20,198
China
Gas
Holdings
Ltd.
46,000
41,329
China
Merchants
Port
Holdings
Co.
Ltd.
20,000
25,433
China
Overseas
Land
&
Investment
Ltd.
55,000
103,890
China
Resources
Beer
Holdings
Co.
Ltd.
22,000
116,402
China
Resources
Gas
Group
Ltd.
13,700
40,533
China
Resources
Land
Ltd.
40,000
149,784
China
Resources
Power
Holdings
Co.
Ltd.
24,000
46,500
Chow
Tai
Fook
Jewellery
Group
Ltd.
34,400
48,536
GCL
Technology
Holdings
Ltd.
273,000
40,123
Geely
Automobile
Holdings
Ltd.
76,000
86,154
Guangdong
Investment
Ltd.
46,000
31,393
Kunlun
Energy
Co.
Ltd.
60,000
49,996
Orient
Overseas
International
Ltd.
(c)
2,000
25,215
Sino
Biopharmaceutical
Ltd.
157,500
61,192
Want
Want
China
Holdings
Ltd.
58,000
36,025
Xinyi
Glass
Holdings
Ltd.
33,000
37,915
1,159,072
Hungary
–
0.2%
MOL
Hungarian
Oil
&
Gas
PLC
5,869
46,595
OTP
Bank
NYRT
3,436
127,575
174,170
India
–
17.0%
ABB
India
Ltd.
775
38,251
Adani
Energy
Solutions
Ltd.
(b)
5,330
49,280
Adani
Enterprises
Ltd.
5,343
147,256
Adani
Green
Energy
Ltd.
(b)
5,239
57,365
Adani
Ports
&
Special
Economic
Zone
Ltd.
10,335
97,412
Adani
Power
Ltd.
(b)
11,685
50,952
Adani
Total
Gas
Ltd.
3,750
25,416
54
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
97.6%
(continued)
India
–
17.0%
(continued)
Adani
Wilmar
Ltd.
(b)
2,203
8,642
Ambuja
Cements
Ltd.
10,697
54,533
Apollo
Hospitals
Enterprise
Ltd.
1,453
84,115
Asian
Paints
Ltd.
6,495
233,694
Avenue
Supermarts
Ltd.
(a),(b)
2,295
100,153
Axis
Bank
Ltd.
33,341
393,182
Bajaj
Auto
Ltd.
1,016
64,847
Bajaj
Finance
Ltd.
3,888
349,890
Bajaj
Finserv
Ltd.
5,832
109,942
Bajaj
Holdings
&
Investment
Ltd.
406
33,776
Bank
of
Baroda
15,785
37,197
Berger
Paints
India
Ltd.
3,754
25,186
Bharat
Electronics
Ltd.
54,313
86,924
Bharat
Petroleum
Corp.
Ltd.
13,066
54,809
Bharti
Airtel
Ltd.
36,046
395,880
Britannia
Industries
Ltd.
1,774
94,316
Canara
Bank
4,472
20,644
Cholamandalam
Investment
&
Finance
Co.
Ltd.
5,384
73,544
Cipla
Ltd.
8,104
116,802
Coal
India
Ltd.
33,837
127,714
Dabur
India
Ltd.
8,848
56,207
Divi's
Laboratories
Ltd.
1,909
77,690
DLF
Ltd.
10,007
67,728
Dr.
Reddy's
Laboratories
Ltd.
1,701
109,661
Eicher
Motors
Ltd.
2,098
83,043
Gail
India
Ltd.
38,843
55,751
Godrej
Consumer
Products
Ltd.
(b)
5,928
70,619
Grasim
Industries
Ltd.
5,709
129,370
Havells
India
Ltd.
3,719
55,663
HCL
Technologies
Ltd.
15,765
241,610
HDFC
Bank
Ltd.
81,579
1,446,712
HDFC
Life
Insurance
Co.
Ltd.
(a)
15,170
112,665
Hindalco
Industries
Ltd.
21,216
117,090
Hindustan
Aeronautics
Ltd.
2,446
53,558
Hindustan
Unilever
Ltd.
12,940
386,061
ICICI
Bank
Ltd.
75,808
833,436
ICICI
Lombard
General
Insurance
Co.
Ltd.
(a)
3,436
56,695
ICICI
Prudential
Life
Insurance
Co.
Ltd.
(a)
5,515
34,792
Indian
Oil
Corp.
Ltd.
56,740
61,130
Indusind
Bank
Ltd.
8,767
151,766
Infosys
Ltd.
52,246
858,690
InterGlobe
Aviation
Ltd.
(a),(b)
1,784
52,579
ITC
Ltd.
44,954
231,307
Jindal
Steel
&
Power
Ltd.
5,858
44,593
Jio
Financial
Services
Ltd.
(b)
48,842
128,472
JSW
Steel
Ltd.
14,168
125,303
Kotak
Mahindra
Bank
Ltd.
15,626
326,451
Larsen
&
Toubro
Ltd.
9,898
348,212
LTImindtree
Ltd.
(a)
1,401
85,152
Mahindra
&
Mahindra
Ltd.
14,300
250,520
Marico
Ltd.
7,497
48,313
Maruti
Suzuki
India
Ltd.
1,999
249,514
Nestle
India
Ltd.
506
147,285
NTPC
Ltd.
71,934
203,727
Oil
&
Natural
Gas
Corp.
Ltd.
59,031
131,982
Pidilite
Industries
Ltd.
2,231
65,864
Power
Grid
Corp.
of
India
Ltd.
69,838
169,565
Reliance
Industries
Ltd.
50,177
1,378,834
SBI
Cards
&
Payment
Services
Ltd.
3,871
34,691
SBI
Life
Insurance
Co.
Ltd.
(a)
6,807
111,832
Shree
Cement
Ltd.
133
40,982
Siemens
Ltd.
1,345
53,810
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
97.6%
(continued)
India
–
17.0%
(continued)
SRF
Ltd.
2,241
59,089
State
Bank
of
India
26,888
182,642
Sun
Pharmaceutical
Industries
Ltd.
16,133
210,937
Tata
Consultancy
Services
Ltd.
14,896
602,710
Tata
Consumer
Products
Ltd.
8,734
94,464
Tata
Motors
Ltd.
26,133
197,319
Tata
Motors
Ltd.,
Class
A
5,911
29,825
Tata
Power
Co.
Ltd.
(The)
25,027
71,947
Tata
Steel
Ltd.
122,038
174,060
Tech
Mahindra
Ltd.
9,544
129,894
Titan
Co.
Ltd.
5,987
229,362
UltraTech
Cement
Ltd.
1,738
175,812
United
Spirits
Ltd.
(b)
4,522
56,061
Varun
Beverages
Ltd.
7,083
77,314
Vedanta
Ltd.
16,406
42,681
Wipro
Ltd.
20,205
92,654
14,647,418
Indonesia
–
2.3%
Adaro
Energy
Indonesia
Tbk
PT
214,200
34,520
Amman
Mineral
Internasional
PT
(b)
419,100
171,492
Astra
International
Tbk
PT
308,900
112,301
Bank
Central
Asia
Tbk
PT
795,300
438,078
Bank
Mandiri
(Persero)
Tbk
PT
674,900
241,112
Bank
Negara
Indonesia
(Persero)
Tbk
PT
222,600
67,123
Bank
Rakyat
Indonesia
(Persero)
Tbk
PT
1,026,900
320,644
Barito
Pacific
Tbk
PT
434,648
30,783
Bayan
Resources
Tbk
PT
113,300
129,990
Chandra
Asri
Petrochemical
Tbk
PT
96,000
18,009
Charoen
Pokphand
Indonesia
Tbk
PT
(b)
104,200
38,046
Goto
Gojek
Tokopedia
Tbk
PT,
Class
A
(b)
14,727,600
55,628
Indofood
CBP
Sukses
Makmur
Tbk
PT
31,000
20,198
Kalbe
Farma
Tbk
PT
306,100
32,566
Merdeka
Copper
Gold
Tbk
PT
(b)
125,700
17,646
Sumber
Alfaria
Trijaya
Tbk
PT
281,200
51,160
Telekomunikasi
Indonesia
(Persero)
Tbk
PT
715,800
157,264
Trimegah
Bangun
Persada
Tbk
PT
136,200
8,360
Unilever
Indonesia
Tbk
PT
51,600
11,759
United
Tractors
Tbk
PT
22,400
35,430
Vale
Indonesia
Tbk
PT
30,500
9,504
2,001,613
Ireland
–
1.2%
PDD
Holdings,
Inc.,
ADR
(b)
10,017
1,015,924
Kuwait
–
0.9%
Agility
Public
Warehousing
Co.
KSCP
(b)
24,402
41,465
Boubyan
Bank
KSCP
18,105
34,274
Kuwait
Finance
House
KSCP
134,268
296,687
Mobile
Telecommunications
Co.
KSCP
29,996
46,610
National
Bank
of
Kuwait
SAKP
113,587
321,808
740,844
Malaysia
–
1.6%
Axiata
Group
BHD
40,400
18,485
Celcomdigi
BHD
51,000
45,278
CIMB
Group
Holdings
BHD
111,429
133,542
Genting
BHD
30,300
25,629
Genting
Malaysia
BHD
57,300
29,104
Hong
Leong
Bank
BHD
10,000
40,718
Hong
Leong
Financial
Group
BHD
2,800
10,320
IHH
Healthcare
BHD
46,400
58,432
IOI
Corp.
BHD
50,400
41,572
Kuala
Lumpur
Kepong
BHD
8,700
40,135
55
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
97.6%
(continued)
Malaysia
–
1.6%
(continued)
Malayan
Banking
BHD
104,899
198,591
Maxis
BHD
35,500
29,506
MISC
BHD
20,300
30,890
Mr
DIY
Group
M
BHD
(a)
55,750
17,318
Nestle
Malaysia
BHD
1,000
25,984
Petronas
Chemicals
Group
BHD
38,700
59,620
Petronas
Dagangan
BHD
6,400
30,707
Petronas
Gas
BHD
14,600
52,706
PPB
Group
BHD
10,500
33,454
Press
Metal
Aluminium
Holdings
BHD
53,800
55,556
Public
Bank
BHD
224,400
195,929
RHB
Bank
BHD
23,517
27,542
Sime
Darby
Plantation
BHD
50,700
46,183
Telekom
Malaysia
BHD
27,200
28,944
Tenaga
Nasional
BHD
40,500
84,154
1,360,299
Mexico
–
1.9%
Arca
Continental
SAB
de
CV
6,807
61,000
Becle
SAB
de
CV
6,543
11,562
Cemex
SAB
de
CV
(b)
225,606
134,841
El
Puerto
de
Liverpool
SAB
de
CV,
Series
C
3,034
15,426
Fomento
Economico
Mexicano
SAB
de
CV
26,576
300,075
GMexico
Transportes
SAB
de
CV
(a)
6,666
13,884
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
5,695
66,401
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
2,795
60,381
Grupo
Bimbo
SAB
de
CV,
Series
A
22,314
90,452
Grupo
Carso
SAB
de
CV,
Series
A
8,098
51,836
Grupo
Elektra
SAB
de
CV
814
51,898
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
36,339
293,985
Grupo
Financiero
Inbursa
SAB
de
CV,
Class
O
(b)
24,837
51,193
Grupo
Mexico
SAB
de
CV,
Series
B
46,145
191,374
Wal-Mart
de
Mexico
SAB
de
CV
70,536
252,403
1,646,711
Peru
–
0.2%
Credicorp
Ltd.
1,027
128,334
Philippines
–
0.7%
Aboitiz
Equity
Ventures,
Inc.
35,050
28,292
Aboitiz
Power
Corp.
19,100
12,102
Ayala
Corp.
3,770
40,231
Ayala
Land,
Inc.
88,000
43,194
Bank
of
The
Philippine
Islands
28,422
50,342
BDO
Unibank,
Inc.
31,464
70,703
Emperador,
Inc.
33,400
12,244
International
Container
Terminal
Services,
Inc.
11,790
41,807
JG
Summit
Holdings,
Inc.
44,422
28,772
Manila
Electric
Co.
4,440
27,779
Metropolitan
Bank
&
Trust
Co.
26,710
24,620
PLDT,
Inc.
1,270
27,083
San
Miguel
Food
and
Beverage,
Inc.
10,800
9,688
SM
Investments
Corp.
6,825
96,349
SM
Prime
Holdings,
Inc.
170,400
90,095
Universal
Robina
Corp.
9,320
17,953
621,254
Qatar
–
0.8%
Commercial
Bank
PSQC
(The)
47,760
67,239
Industries
Qatar
QSC
28,079
94,239
Masraf
Al
Rayan
QSC
81,258
46,867
Mesaieed
Petrochemical
Holding
Co.
69,811
30,486
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
97.6%
(continued)
Qatar
–
0.8%
(continued)
Ooredoo
QPSC
10,990
29,852
Qatar
Islamic
Bank
SAQ
23,832
113,891
Qatar
National
Bank
QPSC
64,920
265,493
648,067
Russia
–
0.0%
Alrosa
PJSC
(d)
11,270
0
Gazprom
PJSC
(b),(d)
67,050
0
LUKOIL
PJSC
(d)
2,071
0
Magnitogorsk
Iron
&
Steel
Works
PJSC
(b),(d)
5,210
0
MMC
Norilsk
Nickel
PJSC
(b),(d)
341
0
Novatek
PJSC
(d)
5,535
0
Novolipetsk
Steel
PJSC
(b),(d)
6,530
0
Phosagro
PJSC
(b),(d)
229
0
PIK
Group
PJSC
(b),(d)
401
0
Polyus
PJSC
(b),(d)
181
0
Rosneft
Oil
Co.
PJSC
(d)
13,131
0
Sberbank
of
Russia
PJSC
(d)
59,440
0
Severstal
PAO
PJSC
(b),(d)
859
0
Surgutneftegas
PJSC
(d)
45,300
0
Tatneft
PJSC
(d)
7,934
0
United
Co.
RUSAL
International
PJSC,
Class
A
(d)
10,710
0
VTB
Bank
PJSC
(b),(d)
21,230,000
0
0
Saudi
Arabia
–
3.8%
ACWA
Power
Co.
1,994
120,652
Al
Rajhi
Bank
28,700
513,320
Alinma
Bank
14,609
128,115
Almarai
Co.
JSC
4,050
60,346
Arabian
Internet
&
Communications
Services
Co.
339
28,265
Bank
Albilad
7,370
73,079
Banque
Saudi
Fransi
8,919
85,229
Dr.
Sulaiman
Al
Habib
Medical
Services
Group
Co.
1,124
75,501
Elm
Co.
376
70,277
Etihad
Etisalat
Co.
5,239
64,377
Riyad
Bank
20,304
143,691
SABIC
Agri-Nutrients
Co.
3,472
123,828
Sahara
International
Petrochemical
Co.
4,849
41,684
Saudi
Arabian
Mining
Co.
(b)
17,349
166,479
Saudi
Arabian
Oil
Co.
(a)
64,318
570,900
Saudi
Awwal
Bank
5,615
50,065
Saudi
Basic
Industries
Corp.
13,128
269,447
Saudi
Electricity
Co.
9,770
46,355
Saudi
National
Bank
(The)
43,092
385,365
Saudi
Telecom
Co.
26,166
267,826
3,284,801
Singapore
–
0.0%
BOC
Aviation
Ltd.
(a)
3,000
18,442
South
Africa
–
2.4%
ABSA
Group
Ltd.
11,193
101,452
Anglo
American
Platinum
Ltd.
816
27,161
Bid
Corp.
Ltd.
5,114
107,859
Capitec
Bank
Holdings
Ltd.
1,332
117,583
FirstRand
Ltd.
78,499
257,268
Gold
Fields
Ltd.
13,504
178,981
Impala
Platinum
Holdings
Ltd.
12,373
51,269
Kumba
Iron
Ore
Ltd.
912
24,023
MTN
Group
Ltd.
24,983
121,244
Naspers
Ltd.,
Class
N
2,757
427,859
56
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
97.6%
(continued)
South
Africa
–
2.4%
(continued)
Nedbank
Group
Ltd.
7,115
76,122
Sanlam
Ltd.
27,429
95,644
Sasol
Ltd.
8,046
101,366
Shoprite
Holdings
Ltd.
6,644
84,643
Sibanye
Stillwater
Ltd.
36,015
45,915
Standard
Bank
Group
Ltd.
20,002
195,135
Vodacom
Group
Ltd.
8,795
47,599
2,061,123
South
Korea
–
11.1%
Amorepacific
Corp.
410
38,373
Celltrion
Healthcare
Co.
Ltd.
1,423
70,067
Celltrion,
Inc.
1,736
192,168
Doosan
Enerbility
Co.
Ltd.
(b)
6,138
60,991
Ecopro
BM
Co.
Ltd.
680
98,786
Ecopro
Co.
Ltd.
283
129,917
Hana
Financial
Group,
Inc.
4,344
126,086
Hanwha
Solutions
Corp.
(b)
1,613
34,218
HD
Hyundai
Heavy
Industries
Co.
Ltd.
(b)
307
23,209
HMM
Co.
Ltd.
5,262
56,767
HYBE
Co.
Ltd.
(b)
275
44,695
Hyundai
Glovis
Co.
Ltd.
336
42,568
Hyundai
Mobis
Co.
Ltd.
924
142,649
Hyundai
Motor
Co.
2,059
258,719
Industrial
Bank
of
Korea
5,073
41,957
Kakao
Corp.
4,432
124,045
KakaoBank
Corp.
5,212
70,083
Kakaopay
Corp.
(b)
390
9,876
KB
Financial
Group,
Inc.
5,635
214,877
KIA
Corp.
3,721
211,873
Korea
Electric
Power
Corp.
(b)
3,670
45,979
Korea
Zinc
Co.
Ltd.
199
69,106
Korean
Air
Lines
Co.
Ltd.
2,555
38,782
Krafton,
Inc.
(b)
459
55,669
KT
Corp.
1,735
41,944
KT&G
Corp.
1,456
91,960
L&F
Co.
Ltd.
355
34,276
LG
Chem
Ltd.
684
222,843
LG
Corp.
1,713
97,918
LG
Electronics,
Inc.
1,512
111,619
LG
Energy
Solution
(b)
583
166,411
LG
H&H
Co.
Ltd.
132
30,836
LG
Innotek
Co.
Ltd.
206
34,014
Meritz
Financial
Group,
Inc.
1,611
59,881
NAVER
Corp.
2,239
310,680
NCSoft
Corp.
220
37,873
POSCO
Future
M
Co.
Ltd.
469
82,128
POSCO
Holdings,
Inc.
1,098
334,550
Samsung
Biologics
Co.
Ltd.
(a),(b)
266
139,642
Samsung
C&T
Corp.
1,307
103,259
Samsung
Electro-Mechanics
Co.
Ltd.
809
74,458
Samsung
Electronics
Co.
Ltd.
75,578
3,743,785
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
504
96,467
Samsung
Life
Insurance
Co.
Ltd.
1,404
75,161
Samsung
SDI
Co.
Ltd.
750
236,293
Samsung
SDS
Co.
Ltd.
627
64,160
Shinhan
Financial
Group
Co.
Ltd.
6,729
173,139
SK
Holdings
Co.
Ltd.
482
50,679
SK
Hynix,
Inc.
7,966
685,977
SK
Innovation
Co.
Ltd.
(b)
788
71,300
SK
Square
Co.
Ltd.
(b)
1,644
51,795
SK
Telecom
Co.
Ltd.
1,754
63,833
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
97.6%
(continued)
South
Korea
–
11.1%
(continued)
S-Oil
Corp.
665
32,695
Woori
Financial
Group,
Inc.
9,928
87,478
9,608,514
Taiwan
–
15.5%
Accton
Technology
Corp.
7,000
107,584
Advantech
Co.
Ltd.
6,928
70,807
Airtac
International
Group
2,046
66,865
ASE
Technology
Holding
Co.
Ltd.
50,000
174,965
Asia
Cement
Corp.
37,000
45,630
Asustek
Computer,
Inc.
10,000
104,208
AUO
Corp.
81,600
39,246
Catcher
Technology
Co.
Ltd.
10,000
55,958
Cathay
Financial
Holding
Co.
Ltd.
142,836
193,325
Chailease
Holding
Co.
Ltd.
22,506
121,776
Chang
Hwa
Commercial
Bank
Ltd.
102,264
54,072
China
Development
Financial
Holding
Corp.
(b)
252,000
87,794
China
Steel
Corp.
188,000
139,978
Chunghwa
Telecom
Co.
Ltd.
56,000
200,277
CTBC
Financial
Holding
Co.
Ltd.
283,000
212,457
Delta
Electronics,
Inc.
27,000
241,822
E
Ink
Holdings,
Inc.
12,000
62,155
E.Sun
Financial
Holding
Co.
Ltd.
224,714
165,236
Eclat
Textile
Co.
Ltd.
3,000
47,541
ememory
Technology,
Inc.
1,000
62,124
Eva
Airways
Corp.
37,000
31,256
Evergreen
Marine
Corp.
Taiwan
Ltd.
12,600
41,760
Far
Eastern
New
Century
Corp.
57,000
51,842
Far
EasTone
Telecommunications
Co.
Ltd.
26,000
60,842
Feng
TAY
Enterprise
Co.
Ltd.
10,512
57,851
First
Financial
Holding
Co.
Ltd.
165,478
132,138
Formosa
Chemicals
&
Fibre
Corp.
61,000
114,534
Formosa
Petrochemical
Corp.
26,000
63,407
Formosa
Plastics
Corp.
71,000
168,552
Fubon
Financial
Holding
Co.
Ltd.
126,935
235,203
Global
Unichip
Corp.
1,000
44,242
Globalwafers
Co.
Ltd.
3,000
43,888
Hon
Hai
Precision
Industry
Co.
Ltd.
177,000
526,607
Hotai
Motor
Co.
Ltd.
5,120
95,186
Hua
Nan
Financial
Holdings
Co.
Ltd.
136,139
85,205
Largan
Precision
Co.
Ltd.
1,152
73,521
Lite-On
Technology
Corp.
32,000
98,659
MediaTek,
Inc.
24,000
623,031
Mega
Financial
Holding
Co.
Ltd.
170,780
193,237
Momo.com,
Inc.
1,100
18,076
Nan
Ya
Plastics
Corp.
79,000
150,766
Nan
Ya
Printed
Circuit
Board
Corp.
4,000
29,104
Nanya
Technology
Corp.
20,000
39,895
Novatek
Microelectronics
Corp.
8,000
112,101
Pegatron
Corp.
30,000
69,739
President
Chain
Store
Corp.
8,000
63,512
Quanta
Computer,
Inc.
40,000
233,082
Realtek
Semiconductor
Corp.
7,000
86,650
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
70,686
93,493
Shin
Kong
Financial
Holding
Co.
Ltd.
(b)
230,000
61,622
SinoPac
Financial
Holdings
Co.
Ltd.
179,094
98,561
Taishin
Financial
Holding
Co.
Ltd.
180,216
95,845
Taiwan
Cement
Corp.
99,117
98,552
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
164,974
127,920
Taiwan
High
Speed
Rail
Corp.
34,000
30,819
Taiwan
Mobile
Co.
Ltd.
26,000
76,794
57
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
97.6%
(continued)
Taiwan
–
15.5%
(continued)
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
358,000
5,838,816
Unimicron
Technology
Corp.
19,000
83,768
Uni-President
Enterprises
Corp.
70,000
146,539
United
Microelectronics
Corp.
168,000
239,297
Vanguard
International
Semiconductor
Corp.
11,000
23,774
Voltronic
Power
Technology
Corp.
1,000
39,926
Walsin
Lihwa
Corp.
44,000
46,598
Wan
HAI
Lines
Ltd.
22,590
32,177
Wistron
Corp.
42,000
115,764
Wiwynn
Corp.
1,049
49,159
Yageo
Corp.
4,591
74,452
Yang
Ming
Marine
Transport
Corp.
21,000
27,258
Yuanta
Financial
Holding
Co.
Ltd.
191,529
143,492
13,342,332
Thailand
–
1.7%
Advanced
Info
Service
PCL,
NVDR
16,100
98,546
Airports
of
Thailand
PCL,
NVDR
(b)
66,500
123,499
Asset
World
Corp.
PCL,
NVDR
139,300
13,410
Bangkok
Bank
PCL,
NVDR
8,600
37,685
Bangkok
Dusit
Medical
Services
PCL,
NVDR
58,800
43,353
Bangkok
Expressway
&
Metro
PCL,
NVDR
122,300
26,881
Bank
of
Ayudhya
PCL,
NVDR
28,000
22,202
Berli
Jucker
PCL,
NVDR
13,800
10,846
Bumrungrad
Hospital
PCL,
NVDR
5,900
42,679
Central
Pattana
PCL,
NVDR
20,200
35,126
Central
Retail
Corp.
PCL,
NVDR
45,300
46,318
Charoen
Pokphand
Foods
PCL,
NVDR
43,100
22,424
CP
ALL
PCL,
NVDR
67,700
104,067
CP
Axtra
PCL,
NVDR
22,200
17,449
Delta
Electronics
Thailand
PCL,
NVDR
67,100
147,483
Energy
Absolute
PCL,
NVDR
22,700
26,526
Global
Power
Synergy
PCL,
NVDR
2,800
3,038
Gulf
Energy
Development
PCL,
NVDR
81,220
97,733
Home
Product
Center
PCL,
NVDR
64,800
21,454
Indorama
Ventures
PCL,
NVDR
30,200
19,913
Intouch
Holdings
PCL,
NVDR
8,800
17,383
Kasikornbank
PCL,
NVDR
17,200
62,928
Krung
Thai
Bank
PCL,
NVDR
60,700
31,750
Krungthai
Card
PCL,
NVDR
17,300
21,058
Minor
International
PCL,
NVDR
37,300
29,057
PTT
Exploration
&
Production
PCL,
NVDR
20,700
94,451
PTT
Global
Chemical
PCL,
NVDR
24,500
23,517
PTT
Oil
&
Retail
Business
PCL,
NVDR
45,800
23,319
PTT
PCL,
NVDR
126,400
116,931
SCB
X
PCL,
NVDR
13,100
35,900
SCG
Packaging
PCL,
NVDR
17,200
17,228
Siam
Cement
PCL
(The),
NVDR
3,300
26,442
Thai
Life
Insurance
PCL,
NVDR
39,400
12,168
TMBThanachart
Bank
PCL,
NVDR
659,700
30,652
1,503,416
Turkey
–
0.9%
Akbank
T.A.S.
45,627
47,509
Arcelik
AS
3,991
19,156
Aselsan
Elektronik
Sanayi
ve
Ticaret
AS
17,240
25,190
BIM
Birlesik
Magazalar
AS
6,974
67,046
Coca-Cola
Icecek
AS
1,035
13,455
Enka
Insaat
ve
Sanayi
AS
27,476
29,542
Eregli
Demir
ve
Celik
Fabrikalari
TAS
(b)
26,926
36,031
Ford
Otomotiv
Sanayi
AS
976
27,125
Gubre
Fabrikalari
TAS
(b)
587
6,807
Haci
OMER
Sabanci
Holding
AS
20,349
38,479
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Common
Stocks
–
97.6%
(continued)
Turkey
–
0.9%
(continued)
Hektas
Ticaret
TAS
(b)
14,475
11,215
KOC
Holding
AS
17,700
85,582
Koza
Altin
Isletmeleri
AS
13,167
10,220
Sasa
Polyester
Sanayi
AS
(b)
15,056
22,755
Tofas
Turk
Otomobil
Fabrikasi
AS
1,561
13,280
Turk
Hava
Yollari
AO
(b)
9,915
76,151
Turkcell
Iletisim
Hizmetleri
AS
(b)
16,408
27,837
Turkiye
Garanti
Bankasi
AS
9,629
15,996
Turkiye
Is
Bankasi
AS,
Class
C
51,476
38,171
Turkiye
Petrol
Rafinerileri
AS
11,707
58,716
Turkiye
Sise
ve
CAM
Fabrikalari
AS
20,211
33,818
Yapi
ve
Kredi
Bankasi
AS
39,206
23,890
727,971
United
Arab
Emirates
–
3.3%
Abu
Dhabi
Commercial
Bank
PJSC
44,479
97,241
Abu
Dhabi
Islamic
Bank
PJSC
22,078
61,912
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
42,175
38,581
Abu
Dhabi
Ports
Co.
PJSC
(b)
12,975
21,089
ADNOC
Drilling
Co.
PJSC
25,358
25,130
Aldar
Properties
PJSC
56,516
80,012
Alpha
Dhabi
Holding
PJSC
(b)
18,894
97,119
Americana
Restaurants
International
PLC
37,138
37,411
Dubai
Electricity
&
Water
Authority
PJSC
138,566
89,787
Dubai
Islamic
Bank
PJSC
43,106
63,374
Emaar
Properties
PJSC
92,031
167,625
Emirates
NBD
Bank
PJSC
37,326
172,250
Emirates
Telecommunications
Group
Co.
PJSC
48,086
241,674
Fertiglobe
PLC
22,189
19,392
First
Abu
Dhabi
Bank
PJSC
64,926
224,139
International
Holdings
Co.
PJSC
(b)
12,424
1,351,655
Multiply
Group
PJSC
(b)
48,361
44,767
2,833,158
United
Kingdom
–
0.1%
AngloGold
Ashanti
PLC
6,291
115,606
United
States
–
0.2%
BeiGene
Ltd.
(b)
11,500
166,520
Total
Common
Stocks
(cost
$89,956,521)
84,209,087
Preferred
Stocks
–
2.3%
Brazil
–
1.5%
Banco
Bradesco
SA,
7.21%
76,431
212,485
Centrais
Eletricas
Brasileiras
SA,
Class
B,
3.88%
3,773
28,730
Gerdau
SA,
14.60%
16,079
69,762
Itau
Unibanco
Holding
SA,
5.58%
69,456
369,385
Itausa
SA,
8.56%
84,026
144,125
Petroleo
Brasileiro
SA,
15.10%
67,283
463,363
1,287,850
Chile
–
0.1%
Sociedad
Quimica
y
Minera
de
Chile
SA,
Class
B,
13.50%
1,986
95,772
Colombia
–
0.0%
Bancolombia
SA,
13.00%
6,904
44,059
Russia
–
0.0%
Sberbank
of
Russia
PJSC,
9.30%
(d)
4,890
0
Surgutneftegas
PJSC,
1.42%
(d)
37,000
0
Tatneft
PJSC,
Series
3,
13.85%
(d)
266
0
0
58
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Emerging
Markets
Equity
ETF
(continued)
Description
Shares
Value
($)
Preferred
Stocks
–
2.3%
(continued)
South
Korea
–
0.7%
Amorepacific
Corp.,
1.78%
127
3,432
Hyundai
Motor
Co.,
9.06%
300
22,124
Hyundai
Motor
Co.,
Series
2,
9.05%
505
37,430
LG
Chem
Ltd.,
3.57%
132
27,416
LG
Electronics,
Inc.,
1.65%
309
10,307
LG
H&H
Co.
Ltd.,
2.87%
37
3,879
Samsung
Electro-Mechanics
Co.
Ltd.,
3.47%
62
2,791
Samsung
Electronics
Co.
Ltd.,
2.60%
12,097
480,100
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.,
7.44%
67
9,173
Samsung
SDI
Co.
Ltd.,
0.49%
67
10,815
607,467
Total
Preferred
Stocks
(cost
$1,951,288)
2,035,148
Investment
Companies
–
0.1%
Registered
Investment
Companies
–
0.1%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.32%
(e)(f)
(cost
$49,361)
49,361
49,361
Investment
of
Cash
Collateral
for
Securities
Loaned
–
0.0%
Registered
Investment
Companies
–
0.0%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.32%
(e)(f)
(cost
$11,880)
11,880
11,880
Total
Investments
(cost
$91,969,050)
100.0%
86,305,476
Liabilities,
Less
Cash
and
Receivables
0.0%
(2,104)
Net
Assets
100.0%
86,303,372
ADR—American
Depositary
Receipt
NVDR—Non-Voting
Depositary
Receipt
(a)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
October
31,
2023,
these
securities
were
valued
at
$3,619,386
or
4.19%
of
net
assets.
(b)
Non-income
producing
security.
(c)
Security,
or
portion
thereof,
on
loan.
At
October
31,
2023,
the
value
of
the
fund’s
securities
on
loan
was
$36,429
and
the
value
of
the
collateral
was
$38,419,
consisting
of
cash
collateral
of
$11,880
and
U.S.
Government
&
Agency
securities
valued
at
$26,539.
In
addition,
the
value
of
collateral
may
include
pending
sales
that
are
also
on
loan.
(d)
The
fund
held
Level
3
securities
at
October
31,
2023.
These
securities
were
valued
at
$0
or
0.00%
of
net
assets.
(e)
Investment
in
affiliated
issuer.
The
investment
objective
of
this
investment
company
is
publicly
available
and
can
be
found
within
the
investment
company’s
prospectus.
(f)
The
rate
shown
is
the
1-day
yield
as
of
October
31,
2023.
Portfolio
Summary
(Unaudited)
†
Value
(%)
Financials
24.3
Information
Technology
20.6
Consumer
Discretionary
12.8
Communication
Services
9.1
Materials
7.1
Industrials
7.3
Consumer
Staples
6.2
Energy
5.8
Utilities
2.6
Health
Care
2.7
Real
Estate
1.4
Registered
Investment
Companies
0.1
100.0
†
Based
on
net
assets.
59
See
Notes
to
Financial
Statements
Holdings
and
transactions
in
these
affiliated
companies
during
the
period
ended
October
31,
2023
are
as
follows:
Description
Value
($)
10/31/22
Purchases
($)
1
Sales
($)
Value
($)
10/31/23
Dividends/
Distributions
($)
Investment
Companies
–
0.1%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares
15,604
28,787,783
(28,754,026)
49,361
13,899
Investment
of
Cash
Collateral
for
Securities
Loaned
–
0.0%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares
—
1,363,818
(1,351,938)
11,880
1,179
2
Total
–
0.1%
15,604
30,151,601
(30,105,964)
61,241
15,078
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)
($)
Futures
Long
MSCI
Emerging
Markets
Index
5
12/15/2023
237,509
229,800
(7,709)
Gross
Unrealized
Depreciation
(7,709)
60
STATEMENT
OF
INVESTMENTS
October
31,
2023
BNY
Mellon
Core
Bond
ETF
Description
Principal
Amount
($)
Value
($)
Asset-Backed
Securities
–
0.4%
Ally
Auto
Receivables
Trust,
Series
2022-3,
Class
A4,
5.07%,
6/15/2031
125,000
122,877
American
Express
Credit
Account
Master
Trust
Series
2022-2,
Class
A,
3.39%,
5/15/2027
250,000
241,410
Series
2022-3,
Class
A,
3.75%,
8/15/2027
100,000
96,706
BA
Credit
Card
Trust,
Series
2023-A1,
Class
A1,
4.79%,
5/15/2028
75,000
73,551
Barclays
Dryrock
Issuance
Trust
Series
2022-1,
Class
A,
3.07%,
2/15/2028
100,000
96,142
Series
2023-1,
Class
A,
4.72%,
2/15/2029
100,000
97,793
Capital
One
Multi-Asset
Execution
Trust
Series
2022-A1,
Class
A1,
2.80%,
3/15/2027
40,000
38,413
Series
2022-A2,
Class
A,
3.49%,
5/15/2027
100,000
96,624
Series
2023-A1,
Class
A,
4.42%,
5/15/2028
80,000
77,762
Series
2019-A3,
Class
A3,
2.06%,
8/15/2028
40,000
36,382
CarMax
Auto
Owner
Trust
Series
2021-4,
Class
A4,
0.82%,
4/15/2027
140,000
126,023
Series
2023-2,
Class
A3,
5.05%,
1/18/2028
30,000
29,603
Series
2023-3,
Class
A3,
5.28%,
5/15/2028
100,000
98,634
Discover
Card
Execution
Note
Trust
Series
2022-A4,
Class
A,
5.03%,
10/15/2027
100,000
98,814
Series
2023-A1,
Class
A,
4.31%,
3/15/2028
75,000
72,770
Ford
Credit
Auto
Owner
Trust
Series
2022-A,
Class
A3,
1.29%,
6/15/2026
25,624
24,796
Series
2022-B,
Class
A3,
3.74%,
9/15/2026
25,000
24,482
Harley-Davidson
Motorcycle
Trust,
Series
2022-A,
Class
A3,
3.06%,
2/15/2027
24,178
23,658
John
Deere
Owner
Trust,
Series
2021-A,
Class
A4,
0.62%,
12/15/2027
100,000
94,903
Nissan
Auto
Lease
Trust,
Series
2023-A,
Class
A4,
4.80%,
7/15/2027
325,000
319,536
Toyota
Auto
Receivables
Owner
Trust,
Series
2023-A,
Class
A3,
4.63%,
9/15/2027
160,000
156,724
Verizon
Master
Trust,
Series
2022-7,
Class
A1A,
5.23%,
11/22/2027
100,000
99,134
Volkswagen
Auto
Loan
Enhanced
Trust,
Series
2021-1,
Class
A4,
1.26%,
10/20/2028
100,000
92,424
World
Omni
Auto
Receivables
Trust
Series
2022-B,
Class
A3,
3.25%,
7/15/2027
100,000
96,979
Series
2021-C,
Class
A4,
0.64%,
9/15/2027
100,000
91,332
Total
Asset-Backed
Securities
(cost
$2,475,136)
2,427,472
Commercial
Mortgage-Backed
Securities
–
0.9%
Bank
Trust
Series
2019-BN16,
Class
A4,
4.01%,
2/15/2052
85,000
76,096
Series
2019-BN21,
Class
A5,
2.85%,
10/17/2052
50,000
41,206
Series
2020-BN30,
Class
A4,
1.93%,
12/15/2053
60,000
44,008
Series
2021-BN31,
Class
A4,
2.04%,
2/15/2054
25,000
18,787
Series
2023-5YR1,
Class
A3,
6.26%,
4/15/2056
110,000
109,014
Series
2017-BNK6,
Class
A4,
3.25%,
7/15/2060
50,000
45,309
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Commercial
Mortgage-Backed
Securities
–
0.9%
(continued)
Series
2018-BN10,
Class
A5,
3.69%,
2/15/2061
93,000
83,956
Series
2018-BN11,
Class
A2,
3.78%,
3/15/2061
188,258
169,221
Series
2018-BN12,
Class
A3,
3.99%,
5/15/2061
80,000
72,422
Series
2019-BN18,
Class
A4,
3.58%,
5/15/2062
45,000
38,383
Series
2021-BN37,
Class
A4,
2.37%,
11/15/2064
100,000
75,266
Barclays
Commercial
Mortgage
Trust,
Series
2019-C4,
Class
A5,
2.92%,
8/15/2052
25,000
20,943
BBCMS
Mortgage
Trust
Series
2018-C2,
Class
A4,
4.05%,
12/15/2051
85,000
76,625
Series
2020-C6,
Class
A4,
2.64%,
2/15/2053
60,000
48,697
Series
2021-C9,
Class
A5,
2.30%,
2/15/2054
50,000
38,320
Series
2022-C18,
Class
A5,
5.71%,
12/15/2055
100,000
95,738
Benchmark
Mortgage
Trust
Series
2020-IG1,
Class
AS,
2.91%,
9/15/2043
50,000
37,396
Series
2018-B2,
Class
A4,
3.61%,
2/15/2051
50,000
44,653
Series
2018-B3,
Class
A3,
3.75%,
4/10/2051
175,000
167,400
Series
2021-B27,
Class
A5,
2.39%,
7/15/2054
120,000
90,322
Series
2022-B32,
Class
A5,
3.00%,
1/15/2055
150,000
112,173
Series
2022-B34,
Class
A5,
3.79%,
4/15/2055
100,000
79,185
Series
2022-B35,
Class
A5,
4.44%,
5/15/2055
140,000
118,920
BMO
Mortgage
Trust,
Series
2023-C4,
Class
A5,
5.12%,
2/15/2056
50,000
46,031
Citigroup
Commercial
Mortgage
Trust
Series
2015-GC35,
Class
A4,
3.82%,
11/10/2048
100,000
94,737
Series
2016-P4,
Class
AS,
3.08%,
7/10/2049
120,000
106,050
Series
2017-C4,
Class
A4,
3.47%,
10/12/2050
125,000
112,240
COMM
Mortgage
Trust
Series
2014-UBS6,
Class
AM,
4.05%,
12/10/2047
125,000
117,117
Series
2015-CR26,
Class
A3,
3.36%,
10/10/2048
85,903
81,786
Series
2015-LC23,
Class
A4,
3.77%,
10/10/2048
50,000
47,444
Series
2019-GC44,
Class
A5,
2.95%,
8/15/2057
200,000
164,877
CSAIL
Commercial
Mortgage
Trust
Series
2015-C4,
Class
C,
4.56%,
11/15/2048
108,000
96,225
Series
2018-CX11,
Class
A4,
3.77%,
4/15/2051
50,000
46,040
GS
Mortgage
Securities
Trust
Series
2016-GS2,
Class
A4,
3.05%,
5/10/2049
100,000
92,351
Series
2017-GS8,
Class
A3,
3.21%,
11/10/2050
80,000
71,573
Series
2017-GS8,
Class
A4,
3.47%,
11/10/2050
25,000
22,402
61
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Commercial
Mortgage-Backed
Securities
–
0.9%
(continued)
Series
2020-GC45,
Class
AAB,
2.84%,
2/13/2053
330,000
297,156
JPMBB
Commercial
Mortgage
Securities
Trust
Series
2014-C24,
Class
A4A1,
3.37%,
11/15/2047
50,000
48,628
Series
2015-C32,
Class
A5,
3.60%,
11/15/2048
100,000
93,691
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2017-JP6,
Class
A4,
3.22%,
7/15/2050
100,000
91,077
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2016-C29,
Class
A4,
3.33%,
5/15/2049
150,000
139,776
Morgan
Stanley
Capital
I
Trust
Series
2016-UBS9,
Class
A4,
3.59%,
3/15/2049
50,000
46,873
Series
2020-L4,
Class
A3,
2.70%,
2/15/2053
100,000
80,866
Series
2021-L5,
Class
A2,
1.52%,
5/15/2054
175,000
154,189
UBS
Commercial
Mortgage
Trust
Series
2017-C7,
Class
A3,
3.42%,
12/15/2050
64,456
59,278
Series
2018-C8,
Class
A3,
3.72%,
2/15/2051
24,006
21,642
Series
2019-C16,
Class
A4,
3.60%,
4/15/2052
75,000
64,596
Wells
Fargo
Commercial
Mortgage
Trust
Series
2015-NXS1,
Class
A5,
3.15%,
5/15/2048
95,000
90,440
Series
2015-C28,
Class
A4,
3.54%,
5/15/2048
60,000
57,202
Series
2016-C34,
Class
AS,
3.48%,
6/15/2049
100,000
89,398
Series
2017-C41,
Class
A3,
3.21%,
11/15/2050
250,000
226,938
Series
2017-C41,
Class
A4,
3.47%,
11/15/2050
10,000
8,953
Series
2019-C50,
Class
A5,
3.73%,
5/15/2052
150,000
130,597
Series
2020-C55,
Class
A5,
2.73%,
2/15/2053
100,000
81,070
Series
2016-NXS5,
Class
A5,
3.37%,
1/15/2059
50,000
46,646
WFRBS
Commercial
Mortgage
Trust
Series
2014-C24,
Class
A5,
3.61%,
11/15/2047
30,000
29,009
Series
2014-C22,
Class
A5,
3.75%,
9/15/2057
10,000
9,724
Total
Commercial
Mortgage-Backed
Securities
(cost
$5,236,839)
4,670,662
Corporate
Bonds
–
24.8%
Basic
Materials
–
0.6%
Air
Products
&
Chemicals,
Inc.
2.05%,
5/15/2030
31,000
24,964
2.70%,
5/15/2040
50,000
32,407
2.80%,
5/15/2050
35,000
20,638
Albemarle
Corp.,
5.45%,
12/01/2044
(a)
50,000
41,005
Arcelormittal
SA,
6.75%,
3/01/2041
200,000
182,024
Barrick
PD
Australia
Finance
Pty
Ltd.,
5.95%,
10/15/2039
50,000
46,793
BHP
Billiton
Finance
USA
Ltd.
5.25%,
9/08/2026
20,000
19,821
5.10%,
9/08/2028
15,000
14,625
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Basic
Materials
–
0.6%
(continued)
5.25%,
9/08/2030
20,000
19,240
5.25%,
9/08/2033
280,000
263,029
4.13%,
2/24/2042
35,000
27,351
5.50%,
9/08/2053
15,000
13,627
Celanese
US
Holdings
LLC
6.05%,
3/15/2025
28,000
27,918
6.35%,
11/15/2028
20,000
19,526
6.55%,
11/15/2030
20,000
19,217
6.70%,
11/15/2033
(a)
20,000
18,988
CF
Industries,
Inc.,
4.95%,
6/01/2043
46,000
35,500
Dow
Chemical
Co.
(The),
4.38%,
11/15/2042
20,000
14,858
DuPont
de
Nemours,
Inc.
4.49%,
11/15/2025
65,000
63,347
4.73%,
11/15/2028
35,000
33,451
5.42%,
11/15/2048
100,000
86,735
Eastman
Chemical
Co.,
4.65%,
10/15/2044
50,000
36,789
Ecolab,
Inc.
5.25%,
1/15/2028
100,000
99,185
4.80%,
3/24/2030
35,000
33,194
1.30%,
1/30/2031
20,000
14,733
2.13%,
8/15/2050
10,000
4,919
2.75%,
8/18/2055
60,000
31,983
EIDP,
Inc.
1.70%,
7/15/2025
130,000
120,946
4.50%,
5/15/2026
10,000
9,709
4.80%,
5/15/2033
10,000
9,087
FMC
Corp.
5.15%,
5/18/2026
10,000
9,651
3.45%,
10/01/2029
50,000
41,401
5.65%,
5/18/2033
50,000
44,043
4.50%,
10/01/2049
25,000
16,551
6.38%,
5/18/2053
10,000
8,383
Freeport-McMoRan,
Inc.
4.38%,
8/01/2028
200,000
181,456
4.25%,
3/01/2030
55,000
47,709
5.45%,
3/15/2043
20,000
16,441
Huntsman
International
LLC
4.50%,
5/01/2029
10,000
8,945
2.95%,
6/15/2031
50,000
37,978
International
Flavors
&
Fragrances,
Inc.,
5.00%,
9/26/2048
96,000
69,538
International
Paper
Co.,
4.80%,
6/15/2044
88,000
68,645
Linde,
Inc.,
1.10%,
8/10/2030
100,000
76,258
LYB
International
Finance
III
LLC
5.63%,
5/15/2033
10,000
9,372
3.38%,
10/01/2040
20,000
12,931
3.63%,
4/01/2051
33,000
19,882
3.80%,
10/01/2060
10,000
5,777
LyondellBasell
Industries
NV,
4.63%,
2/26/2055
10,000
6,966
Mosaic
Co.
(The),
4.88%,
11/15/2041
10,000
7,649
NewMarket
Corp.,
2.70%,
3/18/2031
25,000
19,159
Newmont
Corp.,
4.88%,
3/15/2042
35,000
28,797
Nucor
Corp.,
2.00%,
6/01/2025
80,000
75,316
Nutrien
Ltd.
4.20%,
4/01/2029
20,000
18,353
2.95%,
5/13/2030
70,000
57,633
4.13%,
3/15/2035
100,000
80,930
3.95%,
5/13/2050
23,000
15,514
62
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Basic
Materials
–
0.6%
(continued)
Rio
Tinto
Alcan,
Inc.,
7.25%,
3/15/2031
26,000
27,784
Rio
Tinto
Finance
USA
PLC,
5.00%,
3/09/2033
55,000
51,510
Sherwin-Williams
Co.
(The)
2.30%,
5/15/2030
86,000
68,544
4.00%,
12/15/2042
40,000
28,662
4.50%,
6/01/2047
25,000
18,852
3.30%,
5/15/2050
75,000
44,906
Southern
Copper
Corp.
3.88%,
4/23/2025
30,000
29,008
6.75%,
4/16/2040
100,000
98,710
Steel
Dynamics,
Inc.
3.25%,
1/15/2031
37,000
30,562
3.25%,
10/15/2050
25,000
14,276
Suzano
Austria
GmbH
6.00%,
1/15/2029
25,000
23,997
5.00%,
1/15/2030
187,000
167,852
Series
DM3N,
3.13%,
1/15/2032
130,000
97,999
Vale
Overseas
Ltd.
3.75%,
7/08/2030
257,000
216,265
6.88%,
11/21/2036
100,000
98,227
Westlake
Corp.
3.60%,
8/15/2026
34,000
31,858
5.00%,
8/15/2046
25,000
19,080
3,438,979
Communications
–
2.0%
Alphabet,
Inc.
1.10%,
8/15/2030
24,000
18,389
1.90%,
8/15/2040
50,000
29,873
2.05%,
8/15/2050
285,000
147,160
2.25%,
8/15/2060
10,000
4,992
Amazon.com,
Inc.
3.80%,
12/05/2024
50,000
49,127
0.80%,
6/03/2025
25,000
23,278
3.30%,
4/13/2027
40,000
37,478
1.20%,
6/03/2027
100,000
86,659
3.15%,
8/22/2027
80,000
74,022
1.65%,
5/12/2028
75,000
64,028
1.50%,
6/03/2030
25,000
19,488
2.10%,
5/12/2031
75,000
59,088
3.60%,
4/13/2032
35,000
30,370
4.80%,
12/05/2034
50,000
46,770
3.88%,
8/22/2037
100,000
81,856
2.88%,
5/12/2041
30,000
20,127
4.05%,
8/22/2047
35,000
26,685
2.50%,
6/03/2050
155,000
85,641
3.10%,
5/12/2051
50,000
31,042
3.95%,
4/13/2052
59,000
43,178
4.25%,
8/22/2057
25,000
18,911
2.70%,
6/03/2060
10,000
5,317
3.25%,
5/12/2061
260,000
155,543
4.10%,
4/13/2062
40,000
28,743
America
Movil
SAB
de
CV
6.13%,
3/30/2040
70,000
66,373
4.38%,
7/16/2042
305,000
233,855
AT&T,
Inc.
3.88%,
1/15/2026
115,000
110,299
1.70%,
3/25/2026
25,000
22,693
2.95%,
7/15/2026
50,000
46,424
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Communications
–
2.0%
(continued)
3.80%,
2/15/2027
35,000
32,688
1.65%,
2/01/2028
200,000
167,274
4.10%,
2/15/2028
75,000
69,391
4.30%,
2/15/2030
25,000
22,404
2.75%,
6/01/2031
50,000
39,323
2.25%,
2/01/2032
50,000
36,936
2.55%,
12/01/2033
80,000
57,409
4.85%,
3/01/2039
35,000
28,520
3.50%,
6/01/2041
25,000
16,708
5.15%,
3/15/2042
139,000
115,388
3.10%,
2/01/2043
(a)
40,000
25,240
4.50%,
3/09/2048
50,000
36,254
4.55%,
3/09/2049
50,000
36,044
3.65%,
6/01/2051
55,000
33,779
3.30%,
2/01/2052
200,000
116,255
3.50%,
9/15/2053
295,000
173,719
3.55%,
9/15/2055
50,000
29,097
3.80%,
12/01/2057
115,000
69,205
3.65%,
9/15/2059
50,000
28,910
3.85%,
6/01/2060
45,000
27,092
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
(The)
5.10%,
5/11/2033
15,000
13,660
4.30%,
7/29/2049
50,000
35,670
Booking
Holdings,
Inc.,
3.65%,
3/15/2025
50,000
48,676
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
4.91%,
7/23/2025
210,000
205,332
4.20%,
3/15/2028
31,000
28,232
5.05%,
3/30/2029
50,000
46,266
2.80%,
4/01/2031
294,000
225,615
2.30%,
2/01/2032
45,000
32,168
6.38%,
10/23/2035
25,000
22,608
3.50%,
6/01/2041
57,000
34,335
5.75%,
4/01/2048
50,000
38,219
5.13%,
7/01/2049
125,000
86,463
4.80%,
3/01/2050
10,000
6,590
3.70%,
4/01/2051
15,000
8,211
3.85%,
4/01/2061
100,000
52,869
4.40%,
12/01/2061
60,000
34,911
5.50%,
4/01/2063
50,000
35,273
Cisco
Systems,
Inc.
2.95%,
2/28/2026
25,000
23,724
5.50%,
1/15/2040
25,000
23,717
Comcast
Corp.
2.35%,
1/15/2027
45,000
40,650
3.55%,
5/01/2028
50,000
45,814
4.15%,
10/15/2028
25,000
23,355
4.55%,
1/15/2029
15,000
14,240
1.95%,
1/15/2031
85,000
65,127
1.50%,
2/15/2031
50,000
36,990
4.25%,
1/15/2033
50,000
43,719
4.65%,
2/15/2033
(a)
50,000
45,218
4.80%,
5/15/2033
(a)
15,000
13,680
4.20%,
8/15/2034
50,000
42,254
5.65%,
6/15/2035
25,000
23,826
4.60%,
10/15/2038
25,000
20,751
3.25%,
11/01/2039
93,000
64,057
3.97%,
11/01/2047
50,000
35,050
63
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Communications
–
2.0%
(continued)
4.00%,
3/01/2048
100,000
70,531
4.70%,
10/15/2048
100,000
79,770
4.00%,
11/01/2049
50,000
34,947
2.80%,
1/15/2051
70,000
38,242
5.35%,
5/15/2053
25,000
21,505
4.95%,
10/15/2058
90,000
72,446
2.65%,
8/15/2062
50,000
24,340
2.99%,
11/01/2063
185,000
95,078
5.50%,
5/15/2064
25,000
21,333
Corning,
Inc.,
3.90%,
11/15/2049
50,000
33,845
Deutsche
Telekom
International
Finance
BV
8.75%,
6/15/2030
10,000
11,203
9.25%,
6/01/2032
100,000
119,146
Discovery
Communications
LLC
3.95%,
3/20/2028
25,000
22,561
3.63%,
5/15/2030
100,000
83,231
4.88%,
4/01/2043
25,000
17,771
4.65%,
5/15/2050
50,000
32,911
4.00%,
9/15/2055
92,000
52,801
eBay,
Inc.
4.00%,
7/15/2042
100,000
70,299
3.65%,
5/10/2051
3,000
1,875
Expedia
Group,
Inc.,
3.80%,
2/15/2028
33,000
29,865
Fox
Corp.
4.71%,
1/25/2029
10,000
9,347
3.50%,
4/08/2030
10,000
8,479
6.50%,
10/13/2033
30,000
29,324
5.48%,
1/25/2039
100,000
82,715
Grupo
Televisa
SAB,
6.63%,
1/15/2040
71,000
66,717
Interpublic
Group
of
Cos.,
Inc.
(The),
3.38%,
3/01/2041
60,000
37,916
Juniper
Networks,
Inc.
1.20%,
12/10/2025
10,000
9,026
3.75%,
8/15/2029
50,000
43,837
Meta
Platforms,
Inc.
4.60%,
5/15/2028
25,000
24,233
4.80%,
5/15/2030
15,000
14,450
3.85%,
8/15/2032
100,000
86,842
4.95%,
5/15/2033
30,000
28,117
5.60%,
5/15/2053
40,000
36,158
4.65%,
8/15/2062
65,000
49,044
5.75%,
5/15/2063
30,000
26,924
Motorola
Solutions,
Inc.
2.30%,
11/15/2030
45,000
34,379
5.50%,
9/01/2044
22,000
18,434
Omnicom
Group,
Inc.
4.20%,
6/01/2030
25,000
22,011
2.60%,
8/01/2031
25,000
19,225
Paramount
Global
4.00%,
1/15/2026
80,000
75,906
2.90%,
1/15/2027
37,000
32,488
5.90%,
10/15/2040
200,000
147,922
5.85%,
9/01/2043
25,000
18,067
4.95%,
5/19/2050
110,000
69,611
Rogers
Communications,
Inc.,
2.90%,
11/15/2026
35,000
31,902
Sprint
Capital
Corp.
6.88%,
11/15/2028
40,000
40,922
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Communications
–
2.0%
(continued)
8.75%,
3/15/2032
35,000
39,355
Sprint
LLC
7.63%,
2/15/2025
25,000
25,344
7.63%,
3/01/2026
46,000
47,249
TCI
Communications,
Inc.,
7.88%,
2/15/2026
100,000
104,416
Telefonica
Emisiones
SA
7.05%,
6/20/2036
30,000
30,017
4.90%,
3/06/2048
200,000
143,992
Telefonica
Europe
BV,
8.25%,
9/15/2030
75,000
81,550
TELUS
Corp.
2.80%,
2/16/2027
80,000
72,569
3.70%,
9/15/2027
36,000
33,338
4.60%,
11/16/2048
50,000
36,844
Time
Warner
Cable
LLC
7.30%,
7/01/2038
110,000
102,718
5.50%,
9/01/2041
50,000
37,469
4.50%,
9/15/2042
50,000
32,844
T-Mobile
USA,
Inc.
3.50%,
4/15/2025
100,000
96,616
1.50%,
2/15/2026
20,000
18,136
2.25%,
2/15/2026
50,000
46,024
2.63%,
4/15/2026
50,000
46,233
3.75%,
4/15/2027
110,000
102,265
2.05%,
2/15/2028
30,000
25,568
4.95%,
3/15/2028
100,000
96,113
4.80%,
7/15/2028
(a)
215,000
204,612
2.40%,
3/15/2029
100,000
83,215
3.88%,
4/15/2030
10,000
8,704
2.55%,
2/15/2031
20,000
15,578
2.70%,
3/15/2032
100,000
76,219
5.05%,
7/15/2033
50,000
45,173
5.75%,
1/15/2034
20,000
18,968
4.38%,
4/15/2040
50,000
38,657
4.50%,
4/15/2050
10,000
7,293
3.40%,
10/15/2052
25,000
14,806
5.65%,
1/15/2053
150,000
129,437
5.75%,
1/15/2054
45,000
39,522
6.00%,
6/15/2054
20,000
18,104
5.80%,
9/15/2062
25,000
21,518
TWDC
Enterprises
18
Corp.
Series
E,
4.13%,
12/01/2041
100,000
76,182
4.13%,
6/01/2044
15,000
11,255
VeriSign,
Inc.
5.25%,
4/01/2025
100,000
98,832
4.75%,
7/15/2027
35,000
33,322
Verizon
Communications,
Inc.
2.63%,
8/15/2026
35,000
32,203
4.33%,
9/21/2028
292,000
271,893
1.75%,
1/20/2031
80,000
59,157
2.55%,
3/21/2031
175,000
136,635
2.36%,
3/15/2032
150,000
111,996
5.05%,
5/09/2033
(a)
215,000
196,708
4.50%,
8/10/2033
50,000
43,329
3.40%,
3/22/2041
35,000
23,586
2.85%,
9/03/2041
50,000
30,869
6.55%,
9/15/2043
200,000
199,032
4.86%,
8/21/2046
50,000
39,746
4.52%,
9/15/2048
150,000
112,251
2.88%,
11/20/2050
55,000
30,034
64
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Communications
–
2.0%
(continued)
5.01%,
8/21/2054
25,000
19,943
4.67%,
3/15/2055
25,000
18,751
3.00%,
11/20/2060
10,000
5,121
3.70%,
3/22/2061
50,000
30,560
Vodafone
Group
PLC
4.13%,
5/30/2025
54,000
52,624
5.25%,
5/30/2048
10,000
8,075
5.63%,
2/10/2053
50,000
42,025
5.13%,
6/19/2059
193,000
144,827
5.75%,
2/10/2063
50,000
41,645
Walt
Disney
Co.
(The)
3.70%,
10/15/2025
250,000
241,666
3.70%,
3/23/2027
200,000
189,454
3.80%,
3/22/2030
150,000
133,688
2.65%,
1/13/2031
175,000
141,982
3.50%,
5/13/2040
30,000
21,560
3.60%,
1/13/2051
105,000
69,373
10,952,801
Consumer,
Cyclical
–
1.7%
American
Airlines
Pass-Through
Trust
Series
2014-1,
Class
A,
3.70%,
10/01/2026
5,281
4,720
Series
2015-1,
Class
A,
3.38%,
5/01/2027
6,005
5,296
Series
2017-1,
Class
AA,
3.65%,
2/15/2029
34,313
30,365
Series
2017-2,
Class
AA,
3.35%,
10/15/2029
158,024
136,673
American
Honda
Finance
Corp.
Series
G,
5.80%,
10/03/2025
20,000
20,079
Series
G,
5.25%,
7/07/2026
15,000
14,878
Series
G,
5.13%,
7/07/2028
15,000
14,625
4.60%,
4/17/2030
100,000
93,064
Series
G,
5.85%,
10/04/2030
10,000
9,937
AutoNation,
Inc.,
4.75%,
6/01/2030
30,000
26,257
AutoZone,
Inc.
3.25%,
4/15/2025
15,000
14,442
3.63%,
4/15/2025
25,000
24,202
5.05%,
7/15/2026
10,000
9,835
6.25%,
11/01/2028
10,000
10,113
6.55%,
11/01/2033
10,000
10,044
Choice
Hotels
International,
Inc.,
3.70%,
1/15/2031
50,000
39,272
Costco
Wholesale
Corp.,
3.00%,
5/18/2027
73,000
67,623
Cummins,
Inc.,
2.60%,
9/01/2050
(a)
50,000
27,447
Darden
Restaurants,
Inc.
6.30%,
10/10/2033
10,000
9,716
4.55%,
2/15/2048
20,000
14,594
Dick's
Sporting
Goods,
Inc.,
4.10%,
1/15/2052
50,000
29,239
Dollar
General
Corp.
5.20%,
7/05/2028
10,000
9,605
3.50%,
4/03/2030
50,000
42,215
5.45%,
7/05/2033
(a)
15,000
13,697
4.13%,
4/03/2050
25,000
16,264
5.50%,
11/01/2052
41,000
32,796
Ford
Motor
Co.
7.45%,
7/16/2031
100,000
100,995
3.25%,
2/12/2032
100,000
75,373
6.10%,
8/19/2032
100,000
92,531
5.29%,
12/08/2046
50,000
36,315
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Consumer,
Cyclical
–
1.7%
(continued)
Ford
Motor
Credit
Co.
LLC
3.38%,
11/13/2025
200,000
186,615
2.70%,
8/10/2026
200,000
179,406
6.80%,
5/12/2028
200,000
199,499
General
Motors
Co.
6.13%,
10/01/2025
150,000
149,729
4.20%,
10/01/2027
100,000
92,604
6.80%,
10/01/2027
50,000
50,748
5.15%,
4/01/2038
100,000
80,428
5.95%,
4/01/2049
(a)
53,000
42,896
General
Motors
Financial
Co.,
Inc.
3.80%,
4/07/2025
200,000
193,068
6.05%,
10/10/2025
70,000
69,730
4.00%,
10/06/2026
50,000
46,736
4.35%,
1/17/2027
20,000
18,777
6.00%,
1/09/2028
122,000
119,823
5.80%,
6/23/2028
25,000
24,216
5.85%,
4/06/2030
15,000
14,178
2.35%,
1/08/2031
45,000
33,483
2.70%,
6/10/2031
50,000
37,630
Genuine
Parts
Co.,
1.88%,
11/01/2030
25,000
18,461
Hasbro,
Inc.
3.55%,
11/19/2026
50,000
45,994
6.35%,
3/15/2040
50,000
45,534
Home
Depot,
Inc.
(The)
3.35%,
9/15/2025
25,000
24,100
2.70%,
4/15/2030
168,000
140,663
1.38%,
3/15/2031
127,000
93,904
4.50%,
9/15/2032
(a)
200,000
183,571
5.88%,
12/16/2036
100,000
99,032
4.25%,
4/01/2046
150,000
114,040
3.63%,
4/15/2052
50,000
33,324
3.50%,
9/15/2056
15,000
9,510
Honda
Motor
Co.,
Ltd.,
2.27%,
3/10/2025
300,000
286,842
Hyatt
Hotels
Corp.
4.85%,
3/15/2026
50,000
48,590
4.38%,
9/15/2028
25,000
22,903
5.75%,
4/23/2030
25,000
23,751
JetBlue
Pass-Through
Trust,
Series
2020-1,
Class
A,
4.00%,
11/15/2032
32,148
28,266
Lear
Corp.,
3.50%,
5/30/2030
63,000
52,104
Lennar
Corp.,
4.75%,
5/30/2025
80,000
78,360
Lowe's
Cos.,
Inc.
3.10%,
5/03/2027
250,000
229,039
1.70%,
9/15/2028
75,000
62,068
1.70%,
10/15/2030
40,000
30,039
3.75%,
4/01/2032
(a)
100,000
83,824
5.00%,
4/15/2040
50,000
41,707
3.70%,
4/15/2046
433,000
284,804
4.05%,
5/03/2047
10,000
6,892
3.00%,
10/15/2050
10,000
5,500
3.50%,
4/01/2051
30,000
18,252
4.45%,
4/01/2062
59,000
40,283
Magna
International,
Inc.,
2.45%,
6/15/2030
20,000
16,122
Marriott
International,
Inc.
3.75%,
10/01/2025
100,000
96,026
5.45%,
9/15/2026
10,000
9,873
5.55%,
10/15/2028
15,000
14,612
Series
AA,
4.65%,
12/01/2028
50,000
46,714
65
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Consumer,
Cyclical
–
1.7%
(continued)
Mattel,
Inc.,
5.45%,
11/01/2041
25,000
19,401
McDonald's
Corp.
3.38%,
5/26/2025
95,000
91,826
3.30%,
7/01/2025
60,000
57,791
4.80%,
8/14/2028
10,000
9,653
2.63%,
9/01/2029
20,000
17,022
4.95%,
8/14/2033
100,000
92,746
4.70%,
12/09/2035
19,000
16,680
4.88%,
12/09/2045
30,000
24,658
4.45%,
3/01/2047
156,000
119,722
4.45%,
9/01/2048
40,000
30,628
5.45%,
8/14/2053
15,000
13,206
MDC
Holdings,
Inc.
2.50%,
1/15/2031
75,000
54,955
6.00%,
1/15/2043
40,000
31,497
3.97%,
8/06/2061
25,000
13,250
NIKE,
Inc.
2.40%,
3/27/2025
100,000
95,990
2.38%,
11/01/2026
40,000
36,795
3.25%,
3/27/2040
40,000
28,790
3.88%,
11/01/2045
50,000
37,368
O'Reilly
Automotive,
Inc.
3.60%,
9/01/2027
50,000
46,406
3.90%,
6/01/2029
45,000
40,767
1.75%,
3/15/2031
20,000
14,812
PulteGroup,
Inc.,
6.00%,
2/15/2035
25,000
23,273
PVH
Corp.,
4.63%,
7/10/2025
50,000
47,911
Sands
China
Ltd.
2.55%,
3/08/2027
200,000
170,518
5.65%,
8/08/2028
200,000
184,717
Southwest
Airlines
Co.
5.25%,
5/04/2025
164,000
161,717
5.13%,
6/15/2027
25,000
24,132
2.63%,
2/10/2030
5,000
4,035
Starbucks
Corp.
2.00%,
3/12/2027
25,000
22,205
3.55%,
8/15/2029
101,000
90,372
4.80%,
2/15/2033
(a)
120,000
109,812
3.75%,
12/01/2047
150,000
100,991
4.45%,
8/15/2049
40,000
30,152
3.50%,
11/15/2050
112,000
71,700
Target
Corp.
2.25%,
4/15/2025
200,000
191,043
2.50%,
4/15/2026
50,000
46,967
2.35%,
2/15/2030
40,000
32,837
4.50%,
9/15/2032
(a)
100,000
90,691
4.80%,
1/15/2053
100,000
81,360
Toyota
Motor
Corp.
5.28%,
7/13/2026
10,000
9,966
5.12%,
7/13/2028
10,000
9,867
5.12%,
7/13/2033
10,000
9,624
Toyota
Motor
Credit
Corp.
4.80%,
1/10/2025
150,000
148,703
5.60%,
9/11/2025
10,000
10,020
4.45%,
5/18/2026
15,000
14,644
5.00%,
8/14/2026
15,000
14,812
1.15%,
8/13/2027
20,000
17,066
4.55%,
9/20/2027
100,000
96,606
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Consumer,
Cyclical
–
1.7%
(continued)
5.45%,
11/10/2027
100,000
99,706
4.63%,
1/12/2028
200,000
193,580
5.25%,
9/11/2028
15,000
14,768
4.55%,
5/17/2030
10,000
9,362
Tractor
Supply
Co.,
5.25%,
5/15/2033
15,000
13,721
United
Airlines
Pass-Through
Trust
Series
2013-1,
Class
A,
4.30%,
8/15/2025
27,663
26,275
Series
2018-1,
Class
AA,
3.50%,
3/01/2030
75,955
66,126
Series
2023-1,
Class
A,
5.80%,
1/15/2036
25,000
23,505
Walgreens
Boots
Alliance,
Inc.
3.20%,
4/15/2030
(a)
50,000
38,926
4.80%,
11/18/2044
25,000
16,748
4.10%,
4/15/2050
(a)
50,000
29,117
Walmart,
Inc.
4.00%,
4/15/2026
15,000
14,597
5.88%,
4/05/2027
77,000
78,974
3.90%,
4/15/2028
15,000
14,217
1.50%,
9/22/2028
50,000
42,091
2.38%,
9/24/2029
3,000
2,569
4.00%,
4/15/2030
10,000
9,227
4.10%,
4/15/2033
25,000
22,379
3.95%,
6/28/2038
10,000
8,225
2.50%,
9/22/2041
100,000
63,178
4.05%,
6/29/2048
60,000
46,268
4.50%,
9/09/2052
50,000
40,566
4.50%,
4/15/2053
25,000
20,268
WarnerMedia
Holdings,
Inc.
3.64%,
3/15/2025
30,000
29,000
3.79%,
3/15/2025
10,000
9,674
3.76%,
3/15/2027
70,000
64,451
4.05%,
3/15/2029
25,000
22,115
4.28%,
3/15/2032
85,000
70,455
5.05%,
3/15/2042
75,000
55,465
5.14%,
3/15/2052
120,000
84,947
5.39%,
3/15/2062
250,000
175,097
Whirlpool
Corp.,
4.75%,
2/26/2029
(a)
10,000
9,350
9,031,133
Consumer,
Non-cyclical
–
4.2%
Abbott
Laboratories
6.00%,
4/01/2039
25,000
25,019
4.90%,
11/30/2046
170,000
146,493
AbbVie,
Inc.
2.60%,
11/21/2024
150,000
144,975
3.80%,
3/15/2025
100,000
97,360
3.20%,
11/21/2029
45,000
39,217
4.05%,
11/21/2039
35,000
27,310
4.40%,
11/06/2042
45,000
35,665
4.70%,
5/14/2045
75,000
60,856
4.25%,
11/21/2049
217,000
162,734
Adventist
Health
System/West,
3.63%,
3/01/2049
20,000
12,644
Advocate
Health
&
Hospitals
Corp.
3.83%,
8/15/2028
50,000
46,310
Series
2020,
2.21%,
6/15/2030
15,000
11,956
Aetna,
Inc.
6.63%,
6/15/2036
50,000
50,285
4.75%,
3/15/2044
35,000
27,001
3.88%,
8/15/2047
50,000
32,887
66
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Consumer,
Non-cyclical
–
4.2%
(continued)
Agilent
Technologies,
Inc.
2.75%,
9/15/2029
50,000
42,114
2.30%,
3/12/2031
47,000
36,389
Ahold
Finance
USA
LLC,
6.88%,
5/01/2029
25,000
26,059
AHS
Hospital
Corp.,
5.02%,
7/01/2045
50,000
42,160
Altria
Group,
Inc.
4.40%,
2/14/2026
10,000
9,666
3.40%,
5/06/2030
150,000
125,252
2.45%,
2/04/2032
35,000
25,536
5.80%,
2/14/2039
75,000
66,563
3.40%,
2/04/2041
50,000
30,606
4.50%,
5/02/2043
40,000
28,188
3.88%,
9/16/2046
150,000
92,592
4.45%,
5/06/2050
15,000
9,901
4.00%,
2/04/2061
10,000
6,014
Amgen,
Inc.
5.51%,
3/02/2026
150,000
149,162
2.20%,
2/21/2027
50,000
44,808
5.25%,
3/02/2030
100,000
96,018
2.30%,
2/25/2031
45,000
35,161
5.60%,
3/02/2043
112,000
99,841
4.40%,
5/01/2045
75,000
56,295
4.56%,
6/15/2048
20,000
15,146
3.38%,
2/21/2050
200,000
123,419
5.65%,
3/02/2053
54,000
47,472
2.77%,
9/01/2053
10,000
5,204
5.75%,
3/02/2063
150,000
129,835
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.,
4.90%,
2/01/2046
36,000
29,944
Anheuser-Busch
InBev
Finance,
Inc.,
4.90%,
2/01/2046
25,000
20,705
Anheuser-Busch
InBev
Worldwide,
Inc.
3.50%,
6/01/2030
110,000
96,613
4.90%,
1/23/2031
75,000
71,636
4.38%,
4/15/2038
25,000
20,658
8.20%,
1/15/2039
25,000
29,220
5.45%,
1/23/2039
25,000
23,047
8.00%,
11/15/2039
25,000
28,497
4.35%,
6/01/2040
100,000
80,773
4.95%,
1/15/2042
25,000
21,460
4.50%,
6/01/2050
150,000
119,763
5.80%,
1/23/2059
45,000
41,475
Archer-Daniels-Midland
Co.
2.50%,
8/11/2026
25,000
23,182
4.54%,
3/26/2042
87,000
70,680
Ascension
Health
3.95%,
11/15/2046
25,000
18,128
4.85%,
11/15/2053
25,000
20,797
AstraZeneca
Finance
LLC,
1.20%,
5/28/2026
75,000
67,436
AstraZeneca
PLC
0.70%,
4/08/2026
90,000
80,467
6.45%,
9/15/2037
100,000
103,930
4.00%,
9/18/2042
50,000
38,795
4.38%,
11/16/2045
75,000
59,607
Banner
Health,
2.34%,
1/01/2030
25,000
20,307
Baptist
Healthcare
System
Obligated
Group,
Series
20B,
3.54%,
8/15/2050
25,000
15,627
BAT
Capital
Corp.
3.22%,
9/06/2026
40,000
37,014
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Consumer,
Non-cyclical
–
4.2%
(continued)
3.56%,
8/15/2027
14,000
12,689
4.39%,
8/15/2037
20,000
14,530
3.73%,
9/25/2040
50,000
31,665
5.28%,
4/02/2050
50,000
35,570
5.65%,
3/16/2052
200,000
150,193
BAT
International
Finance
PLC,
1.67%,
3/25/2026
30,000
27,017
Baxalta,
Inc.
4.00%,
6/23/2025
15,000
14,557
5.25%,
6/23/2045
35,000
29,935
Baxter
International,
Inc.
1.92%,
2/01/2027
50,000
43,816
2.54%,
2/01/2032
(a)
50,000
37,463
Becton,
Dickinson
&
Co.
3.73%,
12/15/2024
10,000
9,755
3.70%,
6/06/2027
10,000
9,310
3.79%,
5/20/2050
28,000
18,840
Biogen,
Inc.
2.25%,
5/01/2030
75,000
58,872
5.20%,
9/15/2045
45,000
37,468
BIO-RAD
Laboratories,
Inc.,
3.70%,
3/15/2032
100,000
80,299
Boston
Scientific
Corp.
1.90%,
6/01/2025
10,000
9,407
2.65%,
6/01/2030
25,000
20,559
Bristol-Myers
Squibb
Co.
1.13%,
11/13/2027
(a)
150,000
127,412
3.90%,
2/20/2028
10,000
9,394
1.45%,
11/13/2030
10,000
7,536
2.95%,
3/15/2032
15,000
12,189
2.35%,
11/13/2040
20,000
12,009
3.55%,
3/15/2042
10,000
7,082
4.55%,
2/20/2048
28,000
22,045
4.25%,
10/26/2049
200,000
148,901
2.55%,
11/13/2050
20,000
10,654
3.70%,
3/15/2052
100,000
67,135
3.90%,
3/15/2062
30,000
19,618
Brown
University,
in
Providence
in
the
State
of
Rhode
Island
&
Providence
Plantations,
Series
A,
2.92%,
9/01/2050
30,000
18,046
Bunge
Ltd.
Finance
Corp.,
1.63%,
8/17/2025
50,000
46,305
California
Endowment
(The),
Series
2021,
2.50%,
4/01/2051
100,000
54,218
California
Institute
of
Technology,
4.70%,
11/01/2111
35,000
25,570
Campbell
Soup
Co.
2.38%,
4/24/2030
29,000
22,967
3.13%,
4/24/2050
15,000
8,542
Cardinal
Health,
Inc.
4.60%,
3/15/2043
25,000
19,062
4.50%,
11/15/2044
40,000
29,120
Cencora,
Inc.,
3.45%,
12/15/2027
50,000
46,051
Centene
Corp.
2.45%,
7/15/2028
135,000
113,536
2.63%,
8/01/2031
165,000
124,409
Children's
Hospital,
Series
2020,
2.93%,
7/15/2050
50,000
28,138
Children's
Hospital
of
Philadelphia
(The),
Series
2020,
2.70%,
7/01/2050
10,000
5,549
67
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Consumer,
Non-cyclical
–
4.2%
(continued)
Cigna
Group
(The)
4.13%,
11/15/2025
30,000
29,067
4.50%,
2/25/2026
5,000
4,852
3.40%,
3/01/2027
30,000
27,808
3.05%,
10/15/2027
50,000
45,184
2.38%,
3/15/2031
160,000
124,625
3.40%,
3/15/2051
25,000
15,405
City
of
Hope
(The),
Series
2013,
5.62%,
11/15/2043
135,000
117,530
Clorox
Co.
(The),
4.60%,
5/01/2032
(a)
75,000
67,620
Coca-Cola
Co.
(The)
1.45%,
6/01/2027
363,000
318,856
1.00%,
3/15/2028
20,000
16,786
2.13%,
9/06/2029
50,000
42,090
3.45%,
3/25/2030
65,000
57,903
1.65%,
6/01/2030
50,000
39,473
2.25%,
1/05/2032
(a)
25,000
19,792
2.60%,
6/01/2050
100,000
56,900
3.00%,
3/05/2051
25,000
15,543
2.50%,
3/15/2051
135,000
74,474
Coca-Cola
Femsa
SAB
de
CV,
2.75%,
1/22/2030
50,000
41,948
Colgate-Palmolive
Co.,
3.70%,
8/01/2047
(a)
70,000
51,433
CommonSpirit
Health,
3.35%,
10/01/2029
60,000
51,461
Community
Health
Network,
Inc.,
Series
20-A,
3.10%,
5/01/2050
65,000
36,958
ConAgra
Brands,
Inc.,
5.30%,
10/01/2026
10,000
9,819
Constellation
Brands,
Inc.
4.65%,
11/15/2028
40,000
37,826
4.50%,
5/09/2047
25,000
18,735
5.25%,
11/15/2048
25,000
20,871
3.75%,
5/01/2050
65,000
43,332
CVS
Health
Corp.
3.88%,
7/20/2025
25,000
24,183
3.00%,
8/15/2026
10,000
9,271
3.63%,
4/01/2027
110,000
102,122
1.30%,
8/21/2027
20,000
16,870
4.30%,
3/25/2028
23,000
21,547
3.25%,
8/15/2029
30,000
25,907
5.13%,
2/21/2030
50,000
47,054
3.75%,
4/01/2030
15,000
13,043
5.25%,
1/30/2031
200,000
188,257
1.88%,
2/28/2031
45,000
33,441
5.25%,
2/21/2033
138,000
127,246
4.88%,
7/20/2035
100,000
86,303
6.13%,
9/15/2039
35,000
32,626
4.13%,
4/01/2040
20,000
14,793
5.05%,
3/25/2048
40,000
31,491
4.25%,
4/01/2050
200,000
138,579
5.63%,
2/21/2053
150,000
127,073
Danaher
Corp.,
2.60%,
10/01/2050
50,000
27,451
DENTSPLY
SIRONA,
Inc.,
3.25%,
6/01/2030
50,000
40,689
DH
Europe
Finance
II
Sarl,
3.25%,
11/15/2039
75,000
53,521
Diageo
Capital
PLC
5.38%,
10/05/2026
200,000
200,268
5.63%,
10/05/2033
200,000
196,662
Duke
University,
Series
2020,
2.83%,
10/01/2055
25,000
14,176
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Consumer,
Non-cyclical
–
4.2%
(continued)
Elevance
Health,
Inc.
2.88%,
9/15/2029
90,000
76,432
2.25%,
5/15/2030
10,000
7,971
2.55%,
3/15/2031
20,000
15,820
5.50%,
10/15/2032
50,000
47,842
6.38%,
6/15/2037
10,000
9,897
4.63%,
5/15/2042
35,000
28,055
4.65%,
8/15/2044
15,000
11,854
4.38%,
12/01/2047
48,000
35,899
4.55%,
3/01/2048
28,000
21,412
3.60%,
3/15/2051
50,000
32,062
Eli
Lilly
&
Co.
5.50%,
3/15/2027
25,000
25,273
3.38%,
3/15/2029
100,000
91,022
2.50%,
9/15/2060
100,000
50,679
Emory
University,
Series
2020,
2.14%,
9/01/2030
15,000
12,037
Equifax,
Inc.
2.60%,
12/15/2025
15,000
14,007
5.10%,
6/01/2028
10,000
9,540
2.35%,
9/15/2031
100,000
74,387
Estee
Lauder
Cos.,
Inc.
(The)
4.38%,
5/15/2028
10,000
9,547
4.65%,
5/15/2033
(a)
10,000
9,082
5.15%,
5/15/2053
(a)
74,000
63,364
Fomento
Economico
Mexicano
SAB
de
CV,
3.50%,
1/16/2050
70,000
45,100
GE
HealthCare
Technologies,
Inc.
5.55%,
11/15/2024
100,000
99,572
5.60%,
11/15/2025
100,000
99,382
5.65%,
11/15/2027
100,000
98,989
5.86%,
3/15/2030
200,000
195,376
General
Mills,
Inc.
4.20%,
4/17/2028
25,000
23,437
5.50%,
10/17/2028
10,000
9,827
2.88%,
4/15/2030
10,000
8,270
George
Washington
University
(The),
Series
2014,
4.30%,
9/15/2044
20,000
15,448
Georgetown
University
(The),
Series
B,
4.32%,
4/01/2049
20,000
15,259
Gilead
Sciences,
Inc.
3.50%,
2/01/2025
25,000
24,294
3.65%,
3/01/2026
40,000
38,183
2.95%,
3/01/2027
25,000
22,910
1.65%,
10/01/2030
(a)
25,000
19,093
5.25%,
10/15/2033
20,000
18,945
2.60%,
10/01/2040
100,000
62,505
4.50%,
2/01/2045
25,000
19,545
4.75%,
3/01/2046
157,000
126,656
2.80%,
10/01/2050
25,000
14,092
5.55%,
10/15/2053
20,000
18,070
GlaxoSmithKline
Capital,
Inc.
3.88%,
5/15/2028
50,000
46,868
6.38%,
5/15/2038
70,000
72,787
Global
Payments,
Inc.
2.65%,
2/15/2025
30,000
28,602
3.20%,
8/15/2029
128,000
107,520
5.95%,
8/15/2052
100,000
84,236
68
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Consumer,
Non-cyclical
–
4.2%
(continued)
Hackensack
Meridian
Health,
Inc.,
Series
2020,
2.68%,
9/01/2041
45,000
27,857
HCA,
Inc.
5.25%,
4/15/2025
110,000
108,464
5.88%,
2/15/2026
50,000
49,558
5.25%,
6/15/2026
69,000
67,355
4.50%,
2/15/2027
50,000
47,262
5.20%,
6/01/2028
15,000
14,280
4.13%,
6/15/2029
150,000
133,111
3.63%,
3/15/2032
66,000
53,001
5.50%,
6/01/2033
20,000
18,250
4.38%,
3/15/2042
10,000
7,201
5.25%,
6/15/2049
94,000
72,277
4.63%,
3/15/2052
50,000
34,850
5.90%,
6/01/2053
15,000
12,681
Hershey
Co.
(The),
2.05%,
11/15/2024
40,000
38,511
Hormel
Foods
Corp.,
1.80%,
6/11/2030
40,000
31,330
Humana,
Inc.
5.88%,
3/01/2033
75,000
72,704
5.50%,
3/15/2053
81,000
69,744
Illumina,
Inc.,
2.55%,
3/23/2031
(a)
100,000
76,140
Indiana
University
Health,
Inc.
Obligated
Group,
3.97%,
11/01/2048
50,000
36,909
Inova
Health
System
Foundation,
4.07%,
5/15/2052
25,000
18,579
IQVIA,
Inc.,
5.70%,
5/15/2028
(b)
250,000
239,751
J.M.
Smucker
Co.
(The)
3.50%,
3/15/2025
40,000
38,728
5.90%,
11/15/2028
15,000
14,894
2.38%,
3/15/2030
88,000
70,233
2.13%,
3/15/2032
(a)
50,000
36,611
6.20%,
11/15/2033
20,000
19,465
6.50%,
11/15/2043
15,000
14,232
6.50%,
11/15/2053
20,000
18,889
JBS
USA
Lux
SA
/
JBS
USA
Food
Co.
/
JBS
Luxembourg
Sarl
6.75%,
3/15/2034
(b)
35,000
32,744
7.25%,
11/15/2053
(b)
20,000
17,766
JBS
USA
Lux
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
2.50%,
1/15/2027
20,000
17,549
5.13%,
2/01/2028
20,000
18,754
3.00%,
2/02/2029
10,000
8,222
5.50%,
1/15/2030
100,000
91,429
3.75%,
12/01/2031
10,000
7,784
3.00%,
5/15/2032
20,000
14,505
5.75%,
4/01/2033
100,000
87,945
4.38%,
2/02/2052
100,000
60,664
Johns
Hopkins
University,
Series
A,
2.81%,
1/01/2060
25,000
13,715
Johnson
&
Johnson
2.63%,
1/15/2025
40,000
38,780
2.45%,
3/01/2026
100,000
93,896
2.95%,
3/03/2027
131,000
122,060
1.30%,
9/01/2030
(a)
25,000
19,309
4.38%,
12/05/2033
50,000
46,512
3.55%,
3/01/2036
50,000
40,884
2.10%,
9/01/2040
100,000
60,726
Kaiser
Foundation
Hospitals
3.15%,
5/01/2027
70,000
64,878
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Consumer,
Non-cyclical
–
4.2%
(continued)
4.15%,
5/01/2047
25,000
18,821
Series
2021,
3.00%,
6/01/2051
5,000
2,927
Kellanova
4.30%,
5/15/2028
75,000
70,013
2.10%,
6/01/2030
25,000
19,462
5.25%,
3/01/2033
60,000
55,000
Kenvue,
Inc.
5.50%,
3/22/2025
15,000
14,978
5.35%,
3/22/2026
15,000
14,940
5.05%,
3/22/2028
20,000
19,600
5.00%,
3/22/2030
50,000
48,074
4.90%,
3/22/2033
20,000
18,711
5.05%,
3/22/2053
25,000
21,476
Keurig
Dr
Pepper,
Inc.
4.42%,
5/25/2025
50,000
48,907
3.40%,
11/15/2025
61,000
58,200
3.95%,
4/15/2029
(a)
35,000
31,864
3.20%,
5/01/2030
28,000
23,616
3.80%,
5/01/2050
10,000
6,633
4.50%,
4/15/2052
35,000
25,881
Kimberly-Clark
Corp.,
1.05%,
9/15/2027
45,000
38,246
Kraft
Heinz
Foods
Co.
3.00%,
6/01/2026
50,000
46,707
4.38%,
6/01/2046
150,000
109,649
Kroger
Co.
(The),
3.95%,
1/15/2050
(a)
150,000
101,488
Laboratory
Corp.
of
America
Holdings
2.30%,
12/01/2024
40,000
38,423
3.60%,
2/01/2025
10,000
9,712
2.95%,
12/01/2029
50,000
42,170
Leland
Stanford
Junior
University
(The),
2.41%,
6/01/2050
50,000
27,296
Mass
General
Brigham,
Inc.,
Series
2020,
3.19%,
7/01/2049
25,000
15,510
Massachusetts
Institute
of
Technology,
3.96%,
7/01/2038
25,000
20,684
McCormick
&
Co.,
Inc.
0.90%,
2/15/2026
20,000
17,882
1.85%,
2/15/2031
15,000
11,121
4.95%,
4/15/2033
10,000
8,996
McKesson
Corp.,
5.10%,
7/15/2033
10,000
9,297
Mead
Johnson
Nutrition
Co.,
5.90%,
11/01/2039
20,000
18,819
MedStar
Health,
Inc.,
Series
20A,
3.63%,
8/15/2049
25,000
16,124
Medtronic
Global
Holdings
SCA,
4.50%,
3/30/2033
50,000
45,394
Medtronic,
Inc.,
4.38%,
3/15/2035
350,000
306,093
Memorial
Health
Services,
3.45%,
11/01/2049
50,000
32,246
Memorial
Sloan-Kettering
Cancer
Center,
Series
2015,
4.20%,
7/01/2055
50,000
36,267
Merck
&
Co.,
Inc.
4.05%,
5/17/2028
(a)
10,000
9,520
3.40%,
3/07/2029
50,000
45,205
4.30%,
5/17/2030
15,000
13,895
1.45%,
6/24/2030
149,000
114,477
2.15%,
12/10/2031
20,000
15,412
4.50%,
5/17/2033
25,000
22,724
3.90%,
3/07/2039
10,000
7,942
69
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Consumer,
Non-cyclical
–
4.2%
(continued)
4.15%,
5/18/2043
215,000
168,589
4.90%,
5/17/2044
15,000
12,976
5.00%,
5/17/2053
66,000
56,372
2.90%,
12/10/2061
25,000
13,429
5.15%,
5/17/2063
15,000
12,777
Molson
Coors
Beverage
Co.
3.00%,
7/15/2026
50,000
46,408
5.00%,
5/01/2042
25,000
20,458
Mondelez
International,
Inc.,
2.63%,
9/04/2050
75,000
40,659
Montefiore
Obligated
Group,
4.29%,
9/01/2050
50,000
28,081
Moody's
Corp.
3.25%,
1/15/2028
135,000
122,691
4.25%,
8/08/2032
100,000
88,170
4.88%,
12/17/2048
25,000
20,116
Mount
Nittany
Medical
Center
Obligated
Group,
Series
2022,
3.80%,
11/15/2052
25,000
16,925
Mount
Sinai
Hospital
Series
2017,
3.98%,
7/01/2048
20,000
14,011
Series
2019,
3.74%,
7/01/2049
75,000
49,673
Mylan,
Inc.,
4.55%,
4/15/2028
60,000
54,676
New
York
&
Presbyterian
Hospital
(The),
Series
2019,
3.95%,
8/01/2119
60,000
36,972
Northwell
Healthcare,
Inc.
3.98%,
11/01/2046
25,000
17,400
4.26%,
11/01/2047
50,000
35,833
Northwestern
University,
4.64%,
12/01/2044
35,000
30,186
Novartis
Capital
Corp.
2.00%,
2/14/2027
50,000
44,999
3.10%,
5/17/2027
25,000
23,192
4.40%,
5/06/2044
70,000
57,134
NYU
Langone
Hospitals
4.78%,
7/01/2044
75,000
60,774
Series
2020,
3.38%,
7/01/2055
100,000
59,784
Ochsner
LSU
Health
System
of
North
Louisiana,
Series
2021,
2.51%,
5/15/2031
250,000
157,000
Orlando
Health
Obligated
Group,
4.09%,
10/01/2048
100,000
72,192
PayPal
Holdings,
Inc.
2.65%,
10/01/2026
50,000
46,057
3.25%,
6/01/2050
125,000
76,830
PeaceHealth
Obligated
Group
Series
2018,
4.79%,
11/15/2048
50,000
38,390
Series
2020,
3.22%,
11/15/2050
10,000
5,590
PepsiCo,
Inc.
2.25%,
3/19/2025
158,000
151,362
3.50%,
7/17/2025
25,000
24,227
4.55%,
2/13/2026
167,000
164,645
2.38%,
10/06/2026
16,000
14,817
3.60%,
2/18/2028
50,000
46,814
3.50%,
3/19/2040
20,000
14,903
3.60%,
8/13/2042
25,000
18,453
3.45%,
10/06/2046
50,000
34,659
2.88%,
10/15/2049
20,000
12,152
2.75%,
10/21/2051
160,000
92,740
4.65%,
2/15/2053
100,000
83,803
Pfizer
Investment
Enterprises
Pte
Ltd.
4.65%,
5/19/2025
50,000
49,367
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Consumer,
Non-cyclical
–
4.2%
(continued)
4.45%,
5/19/2026
50,000
48,805
4.45%,
5/19/2028
145,000
138,538
4.65%,
5/19/2030
50,000
47,011
4.75%,
5/19/2033
85,000
78,015
5.11%,
5/19/2043
50,000
43,886
5.30%,
5/19/2053
100,000
87,486
5.34%,
5/19/2063
70,000
59,967
Pfizer,
Inc.
3.60%,
9/15/2028
55,000
50,839
2.63%,
4/01/2030
50,000
41,753
4.00%,
12/15/2036
139,000
115,519
2.55%,
5/28/2040
125,000
79,331
5.60%,
9/15/2040
100,000
93,725
4.13%,
12/15/2046
20,000
15,137
4.00%,
3/15/2049
25,000
18,521
Pharmacia
LLC,
6.60%,
12/01/2028
50,000
52,105
Philip
Morris
International,
Inc.
0.88%,
5/01/2026
50,000
44,478
4.88%,
2/15/2028
100,000
96,087
2.10%,
5/01/2030
100,000
78,484
4.13%,
3/04/2043
50,000
35,825
4.88%,
11/15/2043
100,000
79,443
4.25%,
11/10/2044
80,000
57,634
Piedmont
Healthcare,
Inc.,
Series
2032,
2.04%,
1/01/2032
50,000
37,413
Pilgrim's
Pride
Corp.,
6.25%,
7/01/2033
15,000
13,816
Procter
&
Gamble
Co.
(The)
2.80%,
3/25/2027
35,000
32,323
2.85%,
8/11/2027
50,000
45,955
3.00%,
3/25/2030
20,000
17,419
1.20%,
10/29/2030
113,000
85,481
3.50%,
10/25/2047
50,000
35,330
Providence
St.
Joseph
Health
Obligated
Group,
Series
I,
3.74%,
10/01/2047
33,000
22,070
Quest
Diagnostics,
Inc.,
3.45%,
6/01/2026
50,000
47,122
Regeneron
Pharmaceuticals,
Inc.
1.75%,
9/15/2030
45,000
33,886
2.80%,
9/15/2050
50,000
26,897
Revvity,
Inc.
3.30%,
9/15/2029
50,000
42,615
2.55%,
3/15/2031
50,000
38,506
Reynolds
American,
Inc.
6.15%,
9/15/2043
25,000
20,860
5.85%,
8/15/2045
50,000
39,085
Royalty
Pharma
PLC,
3.30%,
9/02/2040
400,000
252,682
RWJ
Barnabas
Health,
Inc.,
3.48%,
7/01/2049
50,000
32,524
S&P
Global,
Inc.
2.45%,
3/01/2027
50,000
45,236
2.70%,
3/01/2029
50,000
43,299
4.25%,
5/01/2029
50,000
46,534
1.25%,
8/15/2030
10,000
7,436
2.90%,
3/01/2032
100,000
80,220
5.25%,
9/15/2033
(b)
15,000
14,176
3.90%,
3/01/2062
100,000
67,337
Seattle
Children's
Hospital,
Series
2021,
2.72%,
10/01/2050
25,000
13,958
Sharp
HealthCare,
Series
20B,
2.68%,
8/01/2050
45,000
24,683
70
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Consumer,
Non-cyclical
–
4.2%
(continued)
Shire
Acquisitions
Investments
Ireland
DAC,
3.20%,
9/23/2026
55,000
51,202
Smith
&
Nephew
PLC,
2.03%,
10/14/2030
45,000
33,856
SSM
Health
Care
Corp.,
4.89%,
6/01/2028
250,000
241,490
STERIS
Irish
FinCo
UnLtd.
Co.,
2.70%,
3/15/2031
150,000
118,690
Stryker
Corp.,
3.38%,
11/01/2025
40,000
38,227
Sutter
Health
Series
20A,
3.16%,
8/15/2040
40,000
26,657
Series
2018,
4.09%,
8/15/2048
190,000
137,942
SYSCO
Corp.
5.95%,
4/01/2030
50,000
49,618
4.85%,
10/01/2045
15,000
11,673
3.30%,
2/15/2050
20,000
12,021
6.60%,
4/01/2050
20,000
19,767
Texas
Health
Resources,
4.33%,
11/15/2055
35,000
26,931
Thermo
Fisher
Scientific,
Inc.
4.95%,
8/10/2026
10,000
9,902
4.98%,
8/10/2030
15,000
14,305
4.95%,
11/21/2032
100,000
93,060
5.09%,
8/10/2033
20,000
18,709
5.40%,
8/10/2043
(a)
10,000
9,043
4.10%,
8/15/2047
25,000
18,627
Toledo
Hospital
(The),
5.75%,
11/15/2038
150,000
142,952
Trinity
Health
Corp.,
Series
2021,
2.63%,
12/01/2040
45,000
27,984
Trustees
of
Princeton
University
(The),
Series
2020,
2.52%,
7/01/2050
275,000
158,802
Trustees
of
The
University
of
Pennsylvania
(The),
3.61%,
2/15/2119
10,000
5,918
Tyson
Foods,
Inc.,
4.00%,
3/01/2026
150,000
143,812
Unilever
Capital
Corp.
2.00%,
7/28/2026
100,000
91,543
4.88%,
9/08/2028
100,000
97,637
2.13%,
9/06/2029
100,000
83,188
5.00%,
12/08/2033
100,000
94,058
UnitedHealth
Group,
Inc.
3.75%,
7/15/2025
33,000
32,138
3.70%,
12/15/2025
28,000
27,056
3.10%,
3/15/2026
40,000
37,967
4.25%,
1/15/2029
50,000
47,000
2.88%,
8/15/2029
25,000
21,680
2.30%,
5/15/2031
35,000
27,533
4.20%,
5/15/2032
50,000
44,305
4.50%,
4/15/2033
25,000
22,496
4.63%,
7/15/2035
96,000
85,315
5.80%,
3/15/2036
22,000
21,642
6.50%,
6/15/2037
180,000
186,768
6.88%,
2/15/2038
67,000
71,904
5.95%,
2/15/2041
30,000
28,825
3.05%,
5/15/2041
10,000
6,667
4.63%,
11/15/2041
17,000
13,984
3.95%,
10/15/2042
50,000
37,248
4.20%,
1/15/2047
50,000
37,295
3.75%,
10/15/2047
50,000
34,498
4.25%,
6/15/2048
18,000
13,471
4.45%,
12/15/2048
10,000
7,716
3.70%,
8/15/2049
50,000
33,838
3.25%,
5/15/2051
10,000
6,145
5.05%,
4/15/2053
30,000
25,228
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Consumer,
Non-cyclical
–
4.2%
(continued)
3.88%,
8/15/2059
15,000
9,933
4.95%,
5/15/2062
35,000
28,202
5.20%,
4/15/2063
150,000
125,373
Universal
Health
Services,
Inc.
1.65%,
9/01/2026
50,000
44,082
2.65%,
1/15/2032
50,000
36,680
University
of
Chicago
(The)
Series
20B,
2.76%,
4/01/2045
100,000
68,634
3.00%,
10/01/2052
(a)
75,000
46,414
4.00%,
10/01/2053
50,000
37,507
University
of
Southern
California
Series
2017,
3.84%,
10/01/2047
25,000
18,598
5.25%,
10/01/2111
25,000
21,077
UPMC,
5.04%,
5/15/2033
10,000
9,297
Utah
Acquisition
Sub,
Inc.,
3.95%,
6/15/2026
143,000
133,880
Verisk
Analytics,
Inc.,
5.50%,
6/15/2045
50,000
42,332
Viatris,
Inc.
3.85%,
6/22/2040
117,000
72,705
4.00%,
6/22/2050
10,000
5,739
Washington
University
(The)
Series
2022,
3.52%,
4/15/2054
25,000
16,954
4.35%,
4/15/2122
25,000
17,548
William
Marsh
Rice
University,
3.57%,
5/15/2045
15,000
10,857
Wyeth
LLC
6.50%,
2/01/2034
25,000
25,792
5.95%,
4/01/2037
50,000
49,243
Yale
University,
Series
2020,
2.40%,
4/15/2050
50,000
27,436
Yale-New
Haven
Health
Services
Corp.,
Series
2020,
2.50%,
7/01/2050
150,000
77,455
Zimmer
Biomet
Holdings,
Inc.
3.05%,
1/15/2026
15,000
14,099
5.75%,
11/30/2039
35,000
31,192
Zoetis,
Inc.
3.90%,
8/20/2028
40,000
37,162
4.70%,
2/01/2043
100,000
82,041
4.45%,
8/20/2048
25,000
19,324
22,456,337
Energy
–
1.7%
Apache
Corp.
4.38%,
10/15/2028
100,000
89,290
4.25%,
1/15/2030
(a)
44,000
38,506
6.00%,
1/15/2037
10,000
8,856
5.10%,
9/01/2040
25,000
19,447
Baker
Hughes
Holdings
LLC,
5.13%,
9/15/2040
34,000
29,629
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co.-Obligor,
Inc.,
3.34%,
12/15/2027
100,000
91,109
Boardwalk
Pipelines
LP
5.95%,
6/01/2026
95,000
94,193
3.40%,
2/15/2031
15,000
12,236
BP
Capital
Markets
America,
Inc.
3.80%,
9/21/2025
24,000
23,311
3.12%,
5/04/2026
25,000
23,598
3.59%,
4/14/2027
30,000
28,129
3.63%,
4/06/2030
10,000
8,831
1.75%,
8/10/2030
10,000
7,745
71
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Energy
–
1.7%
(continued)
4.81%,
2/13/2033
50,000
45,696
4.89%,
9/11/2033
25,000
22,896
3.06%,
6/17/2041
125,000
82,857
2.77%,
11/10/2050
65,000
36,283
2.94%,
6/04/2051
104,000
59,966
3.38%,
2/08/2061
200,000
119,268
BP
Capital
Markets
PLC,
3.28%,
9/19/2027
230,000
212,169
Canadian
Natural
Resources
Ltd.
2.95%,
7/15/2030
186,000
151,637
7.20%,
1/15/2032
15,000
15,486
Cenovus
Energy,
Inc.
5.25%,
6/15/2037
27,000
23,117
6.75%,
11/15/2039
2,000
1,935
Cheniere
Corpus
Christi
Holdings
LLC
5.88%,
3/31/2025
60,000
59,695
2.74%,
12/31/2039
50,000
36,138
Cheniere
Energy
Partners
LP,
5.95%,
6/30/2033
(b)
25,000
23,391
Chevron
Corp.,
3.08%,
5/11/2050
100,000
62,775
ConocoPhillips
Co.
5.05%,
9/15/2033
20,000
18,640
3.76%,
3/15/2042
50,000
36,285
3.80%,
3/15/2052
130,000
88,614
5.30%,
5/15/2053
20,000
17,269
5.55%,
3/15/2054
20,000
17,906
4.03%,
3/15/2062
100,000
67,847
5.70%,
9/15/2063
15,000
13,525
Coterra
Energy,
Inc.,
4.38%,
3/15/2029
50,000
45,772
DCP
Midstream
Operating
LP,
5.60%,
4/01/2044
50,000
42,141
Devon
Energy
Corp.
5.85%,
12/15/2025
70,000
69,548
4.50%,
1/15/2030
100,000
89,028
4.75%,
5/15/2042
30,000
22,885
Diamondback
Energy,
Inc.
3.25%,
12/01/2026
115,000
107,188
6.25%,
3/15/2033
30,000
29,606
4.40%,
3/24/2051
100,000
71,210
Enbridge
Energy
Partners
LP,
5.88%,
10/15/2025
25,000
24,942
Enbridge,
Inc.
4.25%,
12/01/2026
130,000
123,476
5.50%,
12/01/2046
55,000
45,923
Energy
Transfer
LP
2.90%,
5/15/2025
75,000
71,437
5.95%,
12/01/2025
50,000
49,737
3.90%,
7/15/2026
85,000
80,270
6.05%,
12/01/2026
20,000
19,987
5.50%,
6/01/2027
108,000
105,289
6.10%,
12/01/2028
10,000
9,887
6.40%,
12/01/2030
20,000
19,780
6.55%,
12/01/2033
35,000
34,495
4.90%,
3/15/2035
98,000
83,024
6.50%,
2/01/2042
25,000
23,093
5.95%,
10/01/2043
25,000
21,137
5.30%,
4/01/2044
100,000
78,595
5.35%,
5/15/2045
50,000
39,279
6.00%,
6/15/2048
25,000
21,289
5.00%,
5/15/2050
50,000
37,483
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Energy
–
1.7%
(continued)
Enterprise
Products
Operating
LLC
2.80%,
1/31/2030
50,000
41,797
4.85%,
8/15/2042
20,000
16,745
4.45%,
2/15/2043
40,000
31,539
4.85%,
3/15/2044
30,000
24,835
4.25%,
2/15/2048
85,000
63,705
4.20%,
1/31/2050
50,000
36,655
3.70%,
1/31/2051
50,000
33,495
4.95%,
10/15/2054
25,000
20,211
3.95%,
1/31/2060
10,000
6,735
EOG
Resources,
Inc.,
4.15%,
1/15/2026
50,000
48,430
Equinor
ASA
3.25%,
11/10/2024
25,000
24,378
1.75%,
1/22/2026
110,000
101,546
3.00%,
4/06/2027
55,000
50,781
4.25%,
11/23/2041
70,000
55,675
3.70%,
4/06/2050
100,000
69,344
Equities
Corp.,
5.00%,
1/15/2029
107,000
100,208
Exxon
Mobil
Corp.
2.28%,
8/16/2026
40,000
36,951
4.23%,
3/19/2040
25,000
20,328
3.10%,
8/16/2049
10,000
6,205
4.33%,
3/19/2050
110,000
85,342
3.45%,
4/15/2051
188,000
123,533
Halliburton
Co.
4.85%,
11/15/2035
108,000
94,995
4.50%,
11/15/2041
25,000
19,319
5.00%,
11/15/2045
10,000
8,216
Hess
Corp.
4.30%,
4/01/2027
100,000
95,702
7.88%,
10/01/2029
30,000
32,940
7.30%,
8/15/2031
25,000
27,059
7.13%,
3/15/2033
20,000
21,554
6.00%,
1/15/2040
25,000
24,106
Kinder
Morgan
Energy
Partners
LP
7.75%,
3/15/2032
150,000
157,271
5.00%,
8/15/2042
35,000
27,288
5.00%,
3/01/2043
100,000
77,213
Kinder
Morgan,
Inc.
1.75%,
11/15/2026
170,000
150,577
4.80%,
2/01/2033
50,000
43,789
3.25%,
8/01/2050
35,000
19,805
3.60%,
2/15/2051
20,000
12,047
Magellan
Midstream
Partners
LP
4.25%,
9/15/2046
50,000
33,731
4.20%,
10/03/2047
100,000
66,164
Marathon
Oil
Corp.
6.80%,
3/15/2032
50,000
50,405
6.60%,
10/01/2037
25,000
23,868
5.20%,
6/01/2045
25,000
19,298
Marathon
Petroleum
Corp.
3.80%,
4/01/2028
88,000
80,327
6.50%,
3/01/2041
10,000
9,486
4.75%,
9/15/2044
50,000
37,875
4.50%,
4/01/2048
10,000
7,179
MPLX
LP
4.88%,
6/01/2025
75,000
73,548
1.75%,
3/01/2026
15,000
13,606
72
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Energy
–
1.7%
(continued)
4.13%,
3/01/2027
100,000
93,988
4.95%,
9/01/2032
100,000
88,851
5.00%,
3/01/2033
50,000
44,296
5.20%,
3/01/2047
35,000
27,134
5.20%,
12/01/2047
25,000
19,326
5.50%,
2/15/2049
25,000
20,204
4.95%,
3/14/2052
100,000
74,194
5.65%,
3/01/2053
50,000
41,132
4.90%,
4/15/2058
10,000
7,064
NOV,
Inc.,
3.60%,
12/01/2029
30,000
25,912
Occidental
Petroleum
Corp.
5.88%,
9/01/2025
10,000
9,966
5.50%,
12/01/2025
10,000
9,892
5.55%,
3/15/2026
15,000
14,796
8.50%,
7/15/2027
10,000
10,656
6.38%,
9/01/2028
10,000
10,067
8.88%,
7/15/2030
15,000
16,659
6.63%,
9/01/2030
25,000
25,092
6.13%,
1/01/2031
20,000
19,497
7.50%,
5/01/2031
15,000
15,729
7.88%,
9/15/2031
10,000
10,695
6.45%,
9/15/2036
30,000
29,140
6.20%,
3/15/2040
10,000
9,297
6.60%,
3/15/2046
(a)
20,000
19,220
ONEOK
Partners
LP,
6.20%,
9/15/2043
15,000
13,469
ONEOK,
Inc.
5.55%,
11/01/2026
15,000
14,819
5.65%,
11/01/2028
15,000
14,640
4.35%,
3/15/2029
25,000
22,728
5.80%,
11/01/2030
10,000
9,630
6.35%,
1/15/2031
100,000
98,813
6.05%,
9/01/2033
30,000
28,768
6.63%,
9/01/2053
35,000
32,705
Ovintiv,
Inc.
5.65%,
5/15/2025
10,000
9,946
5.38%,
1/01/2026
100,000
98,279
5.65%,
5/15/2028
10,000
9,713
7.20%,
11/01/2031
50,000
50,387
6.25%,
7/15/2033
10,000
9,491
Patterson-UTI
Energy,
Inc.
3.95%,
2/01/2028
10,000
8,858
7.15%,
10/01/2033
10,000
9,753
Phillips
66
Co.
3.55%,
10/01/2026
20,000
18,778
3.90%,
3/15/2028
20,000
18,537
3.15%,
12/15/2029
10,000
8,529
2.15%,
12/15/2030
5,000
3,863
4.65%,
11/15/2034
50,000
43,480
4.68%,
2/15/2045
10,000
7,668
4.90%,
10/01/2046
10,000
7,854
Pioneer
Natural
Resources
Co.,
2.15%,
1/15/2031
50,000
39,303
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
3.80%,
9/15/2030
50,000
42,140
5.15%,
6/01/2042
40,000
30,404
4.90%,
2/15/2045
200,000
144,156
Sabine
Pass
Liquefaction
LLC
5.63%,
3/01/2025
50,000
49,675
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Energy
–
1.7%
(continued)
5.00%,
3/15/2027
125,000
120,364
Schlumberger
Investment
SA
4.50%,
5/15/2028
10,000
9,576
2.65%,
6/26/2030
(a)
45,000
37,266
4.85%,
5/15/2033
10,000
9,208
Shell
International
Finance
BV
3.25%,
5/11/2025
215,000
208,126
3.88%,
11/13/2028
214,000
199,344
6.38%,
12/15/2038
50,000
51,138
4.38%,
5/11/2045
160,000
125,092
3.75%,
9/12/2046
35,000
24,491
3.13%,
11/07/2049
35,000
21,516
Spectra
Energy
Partners
LP,
4.50%,
3/15/2045
45,000
32,483
Suncor
Energy,
Inc.
6.50%,
6/15/2038
50,000
48,047
3.75%,
3/04/2051
35,000
22,219
Targa
Resources
Corp.,
6.50%,
2/15/2053
100,000
91,289
TC
PipeLines
LP
4.38%,
3/13/2025
200,000
195,369
3.90%,
5/25/2027
25,000
23,163
Teck
Resources
Ltd.,
6.13%,
10/01/2035
150,000
139,259
Texas
Eastern
Transmission
LP,
7.00%,
7/15/2032
25,000
26,140
Tosco
Corp.,
8.13%,
2/15/2030
50,000
55,202
TotalEnergies
Capital
International
SA
2.43%,
1/10/2025
99,000
95,463
3.46%,
2/19/2029
10,000
9,049
2.83%,
1/10/2030
100,000
85,315
2.99%,
6/29/2041
100,000
66,013
TransCanada
PipeLines
Ltd.
4.88%,
1/15/2026
30,000
29,273
4.63%,
3/01/2034
122,000
103,338
5.85%,
3/15/2036
50,000
46,059
4.75%,
5/15/2038
80,000
63,669
5.00%,
10/16/2043
35,000
27,715
Transcontinental
Gas
Pipe
Line
Co.
LLC
4.00%,
3/15/2028
53,000
48,752
3.25%,
5/15/2030
15,000
12,559
4.45%,
8/01/2042
35,000
26,412
Valero
Energy
Corp.,
4.35%,
6/01/2028
250,000
234,190
Western
Midstream
Operating
LP
4.05%,
2/01/2030
50,000
43,299
6.15%,
4/01/2033
50,000
47,152
5.50%,
8/15/2048
50,000
37,657
Williams
Cos.,
Inc.
(The)
5.30%,
8/15/2028
20,000
19,282
4.65%,
8/15/2032
100,000
88,192
6.30%,
4/15/2040
30,000
28,299
4.90%,
1/15/2045
50,000
38,618
5.10%,
9/15/2045
100,000
80,399
9,439,772
Financial
–
8.7%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
4.45%,
10/01/2025
150,000
143,858
6.10%,
1/15/2027
150,000
147,657
4.63%,
10/15/2027
210,000
194,810
73
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Financial
–
8.7%
(continued)
6.15%,
9/30/2030
150,000
143,902
3.40%,
10/29/2033
50,000
37,595
Affiliated
Managers
Group,
Inc.,
3.30%,
6/15/2030
25,000
20,746
Aflac,
Inc.,
4.75%,
1/15/2049
50,000
39,779
Air
Lease
Corp.
3.63%,
12/01/2027
50,000
44,736
2.10%,
9/01/2028
25,000
20,496
3.00%,
2/01/2030
45,000
36,481
3.13%,
12/01/2030
102,000
81,241
Alexandria
Real
Estate
Equities,
Inc.
4.90%,
12/15/2030
20,000
18,226
1.88%,
2/01/2033
100,000
68,136
3.00%,
5/18/2051
92,000
48,735
Alleghany
Corp.,
3.63%,
5/15/2030
57,000
50,093
Allstate
Corp.
(The)
5.25%,
3/30/2033
156,000
143,824
4.50%,
6/15/2043
50,000
37,844
Ally
Financial,
Inc.
6.99%,
6/13/2029
15,000
14,331
8.00%,
11/01/2031
220,000
212,751
American
Express
Co.
2.25%,
3/04/2025
331,000
314,859
4.20%,
11/06/2025
25,000
24,203
4.90%,
2/13/2026
370,000
362,506
3.13%,
5/20/2026
100,000
93,819
2.55%,
3/04/2027
238,000
213,015
American
Financial
Group,
Inc.,
4.50%,
6/15/2047
25,000
17,987
American
International
Group,
Inc.
2.50%,
6/30/2025
31,000
29,257
4.20%,
4/01/2028
25,000
23,198
3.40%,
6/30/2030
25,000
21,070
6.25%,
5/01/2036
50,000
48,443
American
Tower
Corp.
2.40%,
3/15/2025
100,000
94,967
1.60%,
4/15/2026
31,000
27,765
5.80%,
11/15/2028
15,000
14,650
3.95%,
3/15/2029
596,000
530,876
2.10%,
6/15/2030
25,000
19,043
1.88%,
10/15/2030
25,000
18,479
2.70%,
4/15/2031
25,000
19,328
2.30%,
9/15/2031
25,000
18,426
5.90%,
11/15/2033
15,000
14,165
3.70%,
10/15/2049
10,000
6,187
3.10%,
6/15/2050
10,000
5,518
2.95%,
1/15/2051
50,000
26,615
Ameriprise
Financial,
Inc.,
3.00%,
4/02/2025
10,000
9,606
AON
Corp.,
2.80%,
5/15/2030
55,000
44,874
AON
Corp.
/
AON
Global
Holdings
PLC
5.00%,
9/12/2032
80,000
72,531
5.35%,
2/28/2033
60,000
55,907
Arch
Capital
Group
Ltd.,
3.64%,
6/30/2050
45,000
28,608
Ares
Capital
Corp.,
3.88%,
1/15/2026
10,000
9,350
Arthur
J
Gallagher
&
Co.,
3.50%,
5/20/2051
10,000
6,008
Assurant,
Inc.
4.90%,
3/27/2028
30,000
28,426
3.70%,
2/22/2030
50,000
41,421
Athene
Holding
Ltd.,
3.95%,
5/25/2051
30,000
18,808
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Financial
–
8.7%
(continued)
AvalonBay
Communities,
Inc.
2.30%,
3/01/2030
10,000
8,016
2.45%,
1/15/2031
20,000
15,787
5.00%,
2/15/2033
50,000
46,441
AXIS
Specialty
Finance
LLC,
3.90%,
7/15/2029
15,000
13,265
Bain
Capital
Specialty
Finance,
Inc.
2.95%,
3/10/2026
65,000
57,860
2.55%,
10/13/2026
50,000
42,940
Banco
Santander
SA
5.29%,
8/18/2027
200,000
190,910
5.59%,
8/08/2028
200,000
192,923
2.75%,
12/03/2030
200,000
146,196
Bank
of
America
Corp.
4.00%,
1/22/2025
20,000
19,464
1.53%,
12/06/2025
75,000
70,834
3.37%,
1/23/2026
400,000
384,363
2.02%,
2/13/2026
105,000
99,006
4.45%,
3/03/2026
50,000
47,886
3.50%,
4/19/2026
45,000
42,457
1.32%,
6/19/2026
10,000
9,193
4.83%,
7/22/2026
175,000
170,440
6.22%,
9/15/2026
50,000
50,415
4.25%,
10/22/2026
100,000
94,434
Series
N,
1.66%,
3/11/2027
50,000
44,715
3.56%,
4/23/2027
20,000
18,675
1.73%,
7/22/2027
25,000
22,055
5.93%,
9/15/2027
30,000
29,690
3.25%,
10/21/2027
100,000
90,384
Series
L,
4.18%,
11/25/2027
30,000
27,606
3.71%,
4/24/2028
143,000
130,576
3.59%,
7/21/2028
50,000
45,248
4.95%,
7/22/2028
50,000
47,523
6.20%,
11/10/2028
200,000
198,726
4.27%,
7/23/2029
54,000
49,100
5.82%,
9/15/2029
55,000
53,552
3.97%,
2/07/2030
50,000
44,195
3.19%,
7/23/2030
50,000
41,919
2.88%,
10/22/2030
200,000
163,556
2.59%,
4/29/2031
50,000
39,431
1.90%,
7/23/2031
5,000
3,719
1.92%,
10/24/2031
25,000
18,439
2.69%,
4/22/2032
15,000
11,503
2.57%,
10/20/2032
20,000
14,992
2.97%,
2/04/2033
35,000
26,811
5.02%,
7/22/2033
100,000
89,362
5.29%,
4/25/2034
85,000
76,803
5.87%,
9/15/2034
80,000
75,365
2.48%,
9/21/2036
274,000
195,319
6.11%,
1/29/2037
111,000
105,484
4.24%,
4/24/2038
50,000
39,451
2.68%,
6/19/2041
10,000
6,090
5.00%,
1/21/2044
150,000
125,845
4.44%,
1/20/2048
50,000
37,758
4.33%,
3/15/2050
130,000
95,596
4.08%,
3/20/2051
160,000
112,237
Series
N,
3.48%,
3/13/2052
104,000
65,681
Bank
of
America
NA
5.65%,
8/18/2025
250,000
249,305
5.53%,
8/18/2026
250,000
247,874
74
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Financial
–
8.7%
(continued)
Bank
of
Montreal
5.92%,
9/25/2025
25,000
24,936
0.95%,
1/22/2027
120,000
106,943
2.65%,
3/08/2027
99,000
88,553
5.72%,
9/25/2028
20,000
19,575
Bank
of
Nova
Scotia
(The)
5.25%,
12/06/2024
250,000
247,893
5.45%,
6/12/2025
20,000
19,798
4.50%,
12/16/2025
20,000
19,289
1.05%,
3/02/2026
200,000
178,287
1.30%,
9/15/2026
272,000
238,546
5.25%,
6/12/2028
15,000
14,377
Barclays
PLC
5.83%,
5/09/2027
200,000
195,242
6.50%,
9/13/2027
200,000
198,088
6.49%,
9/13/2029
200,000
195,067
2.67%,
3/10/2032
50,000
36,860
7.44%,
11/02/2033
200,000
199,481
6.22%,
5/09/2034
200,000
183,207
Berkshire
Hathaway
Finance
Corp.
4.20%,
8/15/2048
127,000
97,253
4.25%,
1/15/2049
307,000
237,389
BGC
Group,
Inc.,
8.00%,
5/25/2028
10,000
9,744
BlackRock,
Inc.
3.20%,
3/15/2027
169,000
157,344
2.40%,
4/30/2030
50,000
41,028
Blackstone
Private
Credit
Fund,
7.05%,
9/29/2025
150,000
149,453
Blackstone
Secured
Lending
Fund,
2.13%,
2/15/2027
50,000
42,184
Blue
Owl
Capital
Corp.,
2.88%,
6/11/2028
50,000
40,763
Blue
Owl
Capital
Corp.
III,
3.13%,
4/13/2027
50,000
42,613
Blue
Owl
Credit
Income
Corp.
4.70%,
2/08/2027
50,000
45,171
7.95%,
6/13/2028
(b)
10,000
9,779
Blue
Owl
Technology
Finance
Corp.,
2.50%,
1/15/2027
50,000
41,555
Boston
Properties
LP
3.65%,
2/01/2026
50,000
46,472
4.50%,
12/01/2028
75,000
65,933
3.40%,
6/21/2029
52,000
42,106
3.25%,
1/30/2031
26,000
19,714
6.50%,
1/15/2034
15,000
13,701
BPCE
SA,
3.38%,
12/02/2026
250,000
230,142
Brighthouse
Financial,
Inc.
5.63%,
5/15/2030
70,000
64,081
3.85%,
12/22/2051
150,000
81,901
Brookfield
Capital
Finance
LLC,
6.09%,
6/14/2033
10,000
9,423
Brookfield
Corp.,
4.00%,
1/15/2025
50,000
48,664
Brookfield
Finance
LLC
/
Brookfield
Finance,
Inc.,
3.45%,
4/15/2050
60,000
34,473
Brookfield
Finance,
Inc.,
3.90%,
1/25/2028
50,000
45,574
Brown
&
Brown,
Inc.
4.50%,
3/15/2029
50,000
45,787
2.38%,
3/15/2031
50,000
37,451
Camden
Property
Trust,
3.35%,
11/01/2049
35,000
21,847
Canadian
Imperial
Bank
of
Commerce,
5.62%,
7/17/2026
10,000
9,903
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Financial
–
8.7%
(continued)
Capital
One
Financial
Corp.
3.20%,
2/05/2025
20,000
19,116
4.20%,
10/29/2025
100,000
94,874
3.65%,
5/11/2027
40,000
36,072
3.80%,
1/31/2028
50,000
44,075
6.31%,
6/08/2029
30,000
28,709
5.82%,
2/01/2034
250,000
218,236
6.38%,
6/08/2034
30,000
27,368
CBOE
Global
Markets,
Inc.,
1.63%,
12/15/2030
75,000
56,530
CBRE
Services,
Inc.
4.88%,
3/01/2026
25,000
24,172
5.95%,
8/15/2034
15,000
13,625
Charles
Schwab
Corp.
(The)
3.00%,
3/10/2025
50,000
47,921
4.20%,
3/24/2025
25,000
24,318
3.63%,
4/01/2025
37,000
35,673
5.88%,
8/24/2026
20,000
19,841
5.64%,
5/19/2029
20,000
19,261
2.75%,
10/01/2029
157,000
129,123
5.85%,
5/19/2034
56,000
51,351
6.14%,
8/24/2034
25,000
23,410
Chubb
INA
Holdings,
Inc.
3.35%,
5/03/2026
15,000
14,204
1.38%,
9/15/2030
125,000
93,681
CI
Financial
Corp.,
3.20%,
12/17/2030
100,000
72,984
Cincinnati
Financial
Corp.,
6.92%,
5/15/2028
100,000
103,902
Citigroup,
Inc.
5.50%,
9/13/2025
75,000
73,955
3.29%,
3/17/2026
100,000
95,745
3.11%,
4/08/2026
15,000
14,310
4.45%,
9/29/2027
135,000
124,728
3.89%,
1/10/2028
50,000
46,360
4.13%,
7/25/2028
87,000
78,035
3.98%,
3/20/2030
20,000
17,679
2.98%,
11/05/2030
23,000
18,870
4.41%,
3/31/2031
40,000
35,348
2.57%,
6/03/2031
250,000
195,717
6.63%,
6/15/2032
145,000
143,678
3.06%,
1/25/2033
25,000
19,253
5.88%,
2/22/2033
40,000
37,632
3.79%,
3/17/2033
100,000
81,244
4.91%,
5/24/2033
180,000
159,419
6.27%,
11/17/2033
45,000
43,708
6.17%,
5/25/2034
200,000
186,524
2.90%,
11/03/2042
100,000
61,305
4.65%,
7/30/2045
90,000
69,088
4.75%,
5/18/2046
15,000
11,185
4.65%,
7/23/2048
30,000
23,060
Citizens
Financial
Group,
Inc.
2.85%,
7/27/2026
205,000
181,711
2.50%,
2/06/2030
50,000
37,105
5.64%,
5/21/2037
75,000
60,200
CME
Group,
Inc.,
3.00%,
3/15/2025
117,000
113,221
CNA
Financial
Corp.,
2.05%,
8/15/2030
50,000
38,188
Comerica,
Inc.,
4.00%,
2/01/2029
50,000
40,848
Commonwealth
Bank
of
Australia
5.50%,
9/12/2025
250,000
249,654
5.32%,
3/13/2026
250,000
248,521
75
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Financial
–
8.7%
(continued)
Cooperatieve
Rabobank
UA
5.00%,
1/13/2025
250,000
247,551
3.75%,
7/21/2026
250,000
232,378
Corebridge
Financial,
Inc.
3.50%,
4/04/2025
15,000
14,427
3.65%,
4/05/2027
20,000
18,310
3.90%,
4/05/2032
20,000
16,360
6.05%,
9/15/2033
(b)
10,000
9,389
4.35%,
4/05/2042
10,000
7,242
4.40%,
4/05/2052
35,000
24,170
Corporate
Office
Properties
LP,
2.00%,
1/15/2029
50,000
37,936
Crown
Castle,
Inc.
4.45%,
2/15/2026
25,000
24,077
1.05%,
7/15/2026
48,000
41,959
2.90%,
4/01/2041
60,000
36,153
4.00%,
11/15/2049
150,000
97,380
4.15%,
7/01/2050
15,000
10,007
Deutsche
Bank
AG
3.73%,
1/14/2032
200,000
145,089
3.74%,
1/07/2033
200,000
140,242
Digital
Realty
Trust
LP
4.45%,
7/15/2028
95,000
87,881
3.60%,
7/01/2029
(a)
34,000
29,494
Discover
Financial
Services
3.95%,
11/06/2024
200,000
194,507
4.10%,
2/09/2027
40,000
35,889
Eaton
Vance
Corp.,
3.50%,
4/06/2027
50,000
46,209
Enstar
Finance
LLC,
5.75%,
9/01/2040
45,000
39,918
EPR
Properties,
4.50%,
6/01/2027
50,000
44,073
Equinix,
Inc.
2.63%,
11/18/2024
22,000
21,243
2.90%,
11/18/2026
20,000
18,236
3.90%,
4/15/2032
50,000
41,603
3.00%,
7/15/2050
50,000
27,292
2.95%,
9/15/2051
55,000
29,579
Equitable
Holdings,
Inc.,
5.00%,
4/20/2048
50,000
38,060
ERP
Operating
LP
3.38%,
6/01/2025
25,000
24,015
3.00%,
7/01/2029
20,000
17,193
4.00%,
8/01/2047
50,000
33,662
Essex
Portfolio
LP,
2.65%,
9/01/2050
50,000
24,766
Extra
Space
Storage
LP
3.50%,
7/01/2026
72,000
67,017
5.50%,
7/01/2030
10,000
9,464
Fairfax
Financial
Holdings
Ltd.,
4.63%,
4/29/2030
25,000
22,210
Fidelity
National
Financial,
Inc.,
3.40%,
6/15/2030
135,000
111,040
Fifth
Third
Bancorp
2.38%,
1/28/2025
50,000
47,539
4.77%,
7/28/2030
50,000
44,296
First
American
Financial
Corp.,
4.00%,
5/15/2030
25,000
20,802
Franklin
Resources,
Inc.,
1.60%,
10/30/2030
75,000
55,556
Globe
Life,
Inc.,
2.15%,
8/15/2030
29,000
22,110
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
5.30%,
1/15/2029
50,000
45,655
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Financial
–
8.7%
(continued)
4.00%,
1/15/2030
140,000
116,802
3.25%,
1/15/2032
125,000
94,569
Goldman
Sachs
Group,
Inc.
(The)
3.50%,
4/01/2025
165,000
158,823
5.80%,
8/10/2026
45,000
44,535
3.50%,
11/16/2026
300,000
278,167
1.09%,
12/09/2026
10,000
8,923
5.95%,
1/15/2027
150,000
147,947
3.85%,
1/26/2027
325,000
302,698
1.43%,
3/09/2027
60,000
53,264
1.54%,
9/10/2027
10,000
8,694
1.95%,
10/21/2027
50,000
43,847
2.64%,
2/24/2028
30,000
26,578
3.69%,
6/05/2028
37,000
33,757
4.22%,
5/01/2029
20,000
18,242
6.48%,
10/24/2029
60,000
60,025
2.60%,
2/07/2030
50,000
40,139
2.62%,
4/22/2032
25,000
19,047
Series
D,
2.38%,
7/21/2032
20,000
14,858
2.65%,
10/21/2032
20,000
15,041
3.10%,
2/24/2033
85,000
66,044
6.56%,
10/24/2034
(a)
30,000
29,864
6.45%,
5/01/2036
25,000
24,056
6.75%,
10/01/2037
203,000
198,257
4.41%,
4/23/2039
25,000
19,801
6.25%,
2/01/2041
400,000
387,194
3.21%,
4/22/2042
30,000
19,501
2.91%,
7/21/2042
5,000
3,082
4.75%,
10/21/2045
50,000
39,955
Golub
Capital
BDC,
Inc.,
2.05%,
2/15/2027
50,000
42,078
Hanover
Insurance
Group,
Inc.
(The),
2.50%,
9/01/2030
25,000
18,714
Hartford
Financial
Services
Group,
Inc.
(The),
3.60%,
8/19/2049
115,000
74,248
Healthcare
Realty
Holdings
LP,
3.50%,
8/01/2026
5,000
4,629
Healthpeak
OP
LLC,
5.25%,
12/15/2032
100,000
90,522
Highwoods
Realty
LP
4.13%,
3/15/2028
100,000
86,103
3.05%,
2/15/2030
50,000
37,389
HSBC
Holdings
PLC
3.00%,
3/10/2026
200,000
190,686
5.89%,
8/14/2027
200,000
196,471
6.16%,
3/09/2029
200,000
195,786
2.85%,
6/04/2031
375,000
294,357
5.40%,
8/11/2033
200,000
179,571
6.25%,
3/09/2034
200,000
189,766
6.33%,
3/09/2044
200,000
185,503
HSBC
USA,
Inc.,
5.63%,
3/17/2025
550,000
546,457
Hudson
Pacific
Properties
LP
4.65%,
4/01/2029
50,000
35,767
3.25%,
1/15/2030
150,000
96,353
Huntington
Bancshares,
Inc.
6.21%,
8/21/2029
25,000
24,029
2.49%,
8/15/2036
50,000
33,835
ING
Groep
NV
6.08%,
9/11/2027
200,000
198,155
4.25%,
3/28/2033
100,000
83,764
6.11%,
9/11/2034
200,000
187,314
76
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Financial
–
8.7%
(continued)
Intercontinental
Exchange,
Inc.
3.65%,
5/23/2025
25,000
24,178
3.75%,
12/01/2025
50,000
48,037
3.10%,
9/15/2027
15,000
13,651
4.35%,
6/15/2029
247,000
228,366
4.60%,
3/15/2033
25,000
22,331
2.65%,
9/15/2040
30,000
18,783
4.25%,
9/21/2048
10,000
7,402
3.00%,
6/15/2050
85,000
49,386
4.95%,
6/15/2052
10,000
8,195
3.00%,
9/15/2060
50,000
26,769
5.20%,
6/15/2062
40,000
33,045
Invitation
Homes
Operating
Partnership
LP
2.30%,
11/15/2028
47,000
38,838
5.45%,
8/15/2030
10,000
9,326
Jefferies
Financial
Group,
Inc.,
6.25%,
1/15/2036
50,000
47,493
JPMorgan
Chase
&
Co.
5.55%,
12/15/2025
150,000
148,885
2.08%,
4/22/2026
318,000
298,826
4.13%,
12/15/2026
50,000
47,208
1.58%,
4/22/2027
265,000
236,323
8.00%,
4/29/2027
400,000
424,822
4.25%,
10/01/2027
25,000
23,569
6.07%,
10/22/2027
45,000
44,953
3.78%,
2/01/2028
250,000
231,775
4.85%,
7/25/2028
213,000
203,486
5.30%,
7/24/2029
45,000
43,317
6.09%,
10/23/2029
50,000
49,725
4.45%,
12/05/2029
91,000
83,673
2.74%,
10/15/2030
35,000
28,740
4.49%,
3/24/2031
30,000
27,059
2.52%,
4/22/2031
100,000
79,583
1.76%,
11/19/2031
100,000
73,889
2.96%,
1/25/2033
30,000
23,375
4.91%,
7/25/2033
150,000
134,830
5.72%,
9/14/2033
(a)
150,000
140,701
6.25%,
10/23/2034
65,000
64,163
6.40%,
5/15/2038
25,000
25,251
5.50%,
10/15/2040
85,000
77,390
3.11%,
4/22/2041
35,000
23,240
2.53%,
11/19/2041
50,000
29,897
5.40%,
1/06/2042
75,000
67,465
5.63%,
8/16/2043
116,000
104,786
4.26%,
2/22/2048
50,000
36,938
4.03%,
7/24/2048
80,000
56,717
3.90%,
1/23/2049
200,000
138,315
3.11%,
4/22/2051
50,000
29,467
3.33%,
4/22/2052
90,000
55,194
Kemper
Corp.,
2.40%,
9/30/2030
25,000
18,160
KeyCorp
2.25%,
4/06/2027
40,000
33,162
4.10%,
4/30/2028
50,000
42,755
Kilroy
Realty
LP,
2.50%,
11/15/2032
100,000
66,127
Kimco
Realty
OP
LLC
3.30%,
2/01/2025
10,000
9,636
6.40%,
3/01/2034
10,000
9,819
3.70%,
10/01/2049
25,000
15,535
Kite
Realty
Group
LP,
4.00%,
10/01/2026
15,000
13,660
Kite
Realty
Group
Trust,
4.75%,
9/15/2030
10,000
8,691
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Financial
–
8.7%
(continued)
Kreditanstalt
Fuer
Wiederaufbau
0.38%,
7/18/2025
70,000
64,466
0.63%,
1/22/2026
395,000
357,937
3.63%,
4/01/2026
200,000
193,475
1.00%,
10/01/2026
167,000
149,250
3.75%,
2/15/2028
100,000
95,228
0.75%,
9/30/2030
50,000
37,742
4.13%,
7/15/2033
70,000
64,835
0.00%,
4/18/2036
(c)
225,000
118,443
Landwirtschaftliche
Rentenbank
2.00%,
1/13/2025
50,000
47,998
2.38%,
6/10/2025
40,000
38,176
Series
44,
3.88%,
6/14/2028
50,000
47,780
0.88%,
9/03/2030
50,000
37,941
Lazard
Group
LLC,
4.50%,
9/19/2028
20,000
18,384
Legg
Mason,
Inc.,
4.75%,
3/15/2026
25,000
24,361
Lincoln
National
Corp.
3.05%,
1/15/2030
25,000
19,745
3.40%,
3/01/2032
50,000
37,496
4.35%,
3/01/2048
45,000
29,322
Lloyds
Banking
Group
PLC
4.65%,
3/24/2026
200,000
189,500
4.72%,
8/11/2026
200,000
193,836
5.99%,
8/07/2027
200,000
197,024
M&T
Bank
Corp.,
4.55%,
8/16/2028
100,000
90,976
Main
Street
Capital
Corp.,
3.00%,
7/14/2026
25,000
22,118
Manulife
Financial
Corp.
4.15%,
3/04/2026
25,000
24,054
4.06%,
2/24/2032
395,000
356,423
5.38%,
3/04/2046
50,000
43,908
Markel
Group,
Inc.,
5.00%,
4/05/2046
50,000
39,316
Marsh
&
McLennan
Cos.,
Inc.
2.25%,
11/15/2030
50,000
39,289
2.38%,
12/15/2031
50,000
38,272
5.40%,
9/15/2033
10,000
9,503
4.75%,
3/15/2039
25,000
21,256
2.90%,
12/15/2051
50,000
27,906
5.70%,
9/15/2053
20,000
18,364
Mastercard,
Inc.
2.95%,
11/21/2026
148,000
138,063
3.30%,
3/26/2027
15,000
14,004
2.95%,
6/01/2029
200,000
175,589
3.85%,
3/26/2050
10,000
7,302
MetLife,
Inc.
6.50%,
12/15/2032
50,000
51,160
5.38%,
7/15/2033
20,000
18,698
5.70%,
6/15/2035
200,000
190,338
4.05%,
3/01/2045
15,000
10,807
MID-America
Apartments
LP
4.00%,
11/15/2025
35,000
33,740
1.10%,
9/15/2026
50,000
43,955
3.60%,
6/01/2027
45,000
41,818
Mitsubishi
UFJ
Financial
Group,
Inc.
3.96%,
3/02/2028
100,000
92,600
5.35%,
9/13/2028
285,000
275,782
5.47%,
9/13/2033
200,000
186,826
5.41%,
4/19/2034
(a)
200,000
185,769
3.75%,
7/18/2039
200,000
150,177
77
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Financial
–
8.7%
(continued)
Mizuho
Financial
Group,
Inc.
1.55%,
7/09/2027
200,000
176,543
4.25%,
9/11/2029
75,000
68,230
2.59%,
5/25/2031
50,000
39,208
Morgan
Stanley
4.00%,
7/23/2025
372,000
360,062
5.00%,
11/24/2025
250,000
244,267
2.19%,
4/28/2026
100,000
94,052
4.68%,
7/17/2026
175,000
170,014
3.13%,
7/27/2026
50,000
46,265
0.99%,
12/10/2026
295,000
262,491
3.63%,
1/20/2027
150,000
139,332
3.95%,
4/23/2027
50,000
46,019
1.51%,
7/20/2027
40,000
35,111
3.59%,
7/22/2028
95,000
86,081
Series
G,
3.77%,
1/24/2029
50,000
45,061
5.16%,
4/20/2029
45,000
42,783
5.45%,
7/20/2029
40,000
38,459
4.43%,
1/23/2030
125,000
113,796
3.62%,
4/01/2031
45,000
38,116
7.25%,
4/01/2032
200,000
213,374
1.93%,
4/28/2032
125,000
90,614
2.24%,
7/21/2032
15,000
11,068
2.51%,
10/20/2032
15,000
11,220
2.94%,
1/21/2033
25,000
19,180
4.89%,
7/20/2033
50,000
44,260
6.34%,
10/18/2033
50,000
49,015
5.25%,
4/21/2034
207,000
186,496
5.30%,
4/20/2037
177,000
153,694
4.46%,
4/22/2039
160,000
128,125
4.38%,
1/22/2047
25,000
18,661
NASDAQ,
Inc.
3.85%,
6/30/2026
33,000
31,464
1.65%,
1/15/2031
55,000
40,633
3.25%,
4/28/2050
25,000
14,604
6.10%,
6/28/2063
50,000
44,224
National
Australia
Bank
Ltd.,
5.20%,
5/13/2025
250,000
248,530
National
Health
Investors,
Inc.,
3.00%,
2/01/2031
35,000
25,218
NatWest
Group
PLC
7.47%,
11/10/2026
200,000
203,437
5.08%,
1/27/2030
50,000
45,893
NNN
REIT,
Inc.,
5.60%,
10/15/2033
10,000
9,208
Northern
Trust
Corp.
3.15%,
5/03/2029
25,000
21,894
3.38%,
5/08/2032
50,000
43,977
OMEGA
Healthcare
Investors,
Inc.
4.50%,
4/01/2027
15,000
13,809
4.75%,
1/15/2028
25,000
22,823
3.63%,
10/01/2029
75,000
60,970
ORIX
Corp.
5.00%,
9/13/2027
50,000
48,547
4.00%,
4/13/2032
200,000
171,778
PartnerRe
Finance
B
LLC,
3.70%,
7/02/2029
50,000
44,159
Physicians
Realty
LP,
3.95%,
1/15/2028
25,000
22,444
PNC
Bank
NA,
2.70%,
10/22/2029
75,000
59,424
PNC
Financial
Services
Group,
Inc.
(The)
2.20%,
11/01/2024
35,000
33,664
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Financial
–
8.7%
(continued)
5.81%,
6/12/2026
15,000
14,801
2.60%,
7/23/2026
180,000
165,410
4.76%,
1/26/2027
200,000
192,409
6.62%,
10/20/2027
30,000
30,100
5.58%,
6/12/2029
45,000
43,081
4.63%,
6/06/2033
50,000
41,682
5.94%,
8/18/2034
15,000
13,974
6.88%,
10/20/2034
50,000
50,025
Principal
Financial
Group,
Inc.
3.10%,
11/15/2026
44,000
40,607
4.30%,
11/15/2046
50,000
35,534
Private
Export
Funding
Corp.,
Series
PP,
1.40%,
7/15/2028
50,000
42,453
Progressive
Corp.
(The),
4.00%,
3/01/2029
10,000
9,297
ProLogis
LP
3.25%,
10/01/2026
54,000
50,509
2.88%,
11/15/2029
144,000
121,366
1.75%,
2/01/2031
10,000
7,480
Prospect
Capital
Corp.
3.36%,
11/15/2026
40,000
34,316
3.44%,
10/15/2028
25,000
19,276
Prudential
Financial,
Inc.
3.88%,
3/27/2028
51,000
47,424
5.38%,
5/15/2045
50,000
47,626
3.94%,
12/07/2049
108,000
73,176
4.35%,
2/25/2050
165,000
120,898
Radian
Group,
Inc.,
4.88%,
3/15/2027
50,000
46,530
Raymond
James
Financial,
Inc.
4.65%,
4/01/2030
20,000
18,530
4.95%,
7/15/2046
33,000
26,093
Realty
Income
Corp.
3.88%,
4/15/2025
94,000
91,122
5.05%,
1/13/2026
200,000
196,302
3.00%,
1/15/2027
50,000
45,591
3.95%,
8/15/2027
60,000
55,653
4.90%,
7/15/2033
10,000
8,889
4.65%,
3/15/2047
50,000
39,224
Regency
Centers
LP
2.95%,
9/15/2029
25,000
20,852
3.70%,
6/15/2030
10,000
8,496
4.40%,
2/01/2047
25,000
17,521
Reinsurance
Group
of
America,
Inc.,
3.90%,
5/15/2029
150,000
132,147
RenaissanceRe
Finance,
Inc.,
3.45%,
7/01/2027
75,000
67,996
RenaissanceRe
Holdings
Ltd.,
5.75%,
6/05/2033
15,000
13,816
Rexford
Industrial
Realty
LP,
2.15%,
9/01/2031
50,000
36,207
Royal
Bank
of
Canada
2.25%,
11/01/2024
100,000
96,440
1.15%,
6/10/2025
153,000
142,158
6.00%,
11/01/2027
200,000
199,970
Series
G,
5.20%,
8/01/2028
20,000
19,276
Series
G,
5.00%,
2/01/2033
50,000
45,203
Sabra
Health
Care
LP
5.13%,
8/15/2026
100,000
94,826
3.90%,
10/15/2029
50,000
41,268
3.20%,
12/01/2031
50,000
36,825
78
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Financial
–
8.7%
(continued)
Safehold
GL
Holdings
LLC,
2.80%,
6/15/2031
60,000
44,197
Santander
Holdings
USA,
Inc.
3.24%,
10/05/2026
275,000
246,855
6.50%,
3/09/2029
80,000
77,371
6.57%,
6/12/2029
10,000
9,647
Santander
UK
Group
Holdings
PLC
1.67%,
6/14/2027
50,000
43,574
2.90%,
3/15/2032
125,000
94,851
Simon
Property
Group
LP
3.50%,
9/01/2025
72,000
68,985
3.25%,
11/30/2026
34,000
31,426
3.38%,
6/15/2027
23,000
21,037
2.45%,
9/13/2029
100,000
81,586
2.20%,
2/01/2031
76,000
57,356
5.50%,
3/08/2033
30,000
27,897
4.75%,
3/15/2042
20,000
15,413
Sixth
Street
Specialty
Lending,
Inc.,
2.50%,
8/01/2026
50,000
44,073
Spirit
Realty
LP
4.45%,
9/15/2026
50,000
47,625
4.00%,
7/15/2029
15,000
13,081
3.20%,
2/15/2031
10,000
7,904
2.70%,
2/15/2032
25,000
18,549
State
Street
Corp.
2.90%,
3/30/2026
50,000
47,674
5.27%,
8/03/2026
25,000
24,589
2.20%,
3/03/2031
145,000
108,514
4.16%,
8/04/2033
50,000
42,307
Stewart
Information
Services
Corp.,
3.60%,
11/15/2031
125,000
88,969
STORE
Capital
Corp.
4.50%,
3/15/2028
30,000
25,932
4.63%,
3/15/2029
35,000
29,520
2.70%,
12/01/2031
28,000
18,726
Sumitomo
Mitsui
Financial
Group,
Inc.
0.95%,
1/12/2026
251,000
224,730
2.63%,
7/14/2026
50,000
45,755
3.45%,
1/11/2027
40,000
36,938
5.52%,
1/13/2028
200,000
194,749
5.72%,
9/14/2028
200,000
195,735
2.14%,
9/23/2030
45,000
34,109
5.81%,
9/14/2033
200,000
189,281
6.18%,
7/13/2043
20,000
18,732
Sun
Communities
Operating
LP,
5.70%,
1/15/2033
75,000
68,492
Synchrony
Financial
4.50%,
7/23/2025
55,000
51,642
3.70%,
8/04/2026
90,000
79,793
Tanger
Properties
LP,
2.75%,
9/01/2031
50,000
35,339
Toronto-Dominion
Bank
(The)
1.25%,
12/13/2024
75,000
71,215
4.69%,
9/15/2027
100,000
95,214
5.52%,
7/17/2028
20,000
19,489
3.20%,
3/10/2032
100,000
79,440
4.46%,
6/08/2032
25,000
21,795
Travelers
Cos.,
Inc.
(The),
5.35%,
11/01/2040
25,000
22,777
Travelers
Property
Casualty
Corp.,
6.38%,
3/15/2033
15,000
15,611
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Financial
–
8.7%
(continued)
Truist
Bank
1.50%,
3/10/2025
275,000
257,296
3.30%,
5/15/2026
217,000
198,538
Truist
Financial
Corp.
4.26%,
7/28/2026
50,000
47,882
6.05%,
6/08/2027
25,000
24,472
4.87%,
1/26/2029
250,000
230,787
5.87%,
6/08/2034
30,000
27,302
UBS
AG,
1.25%,
6/01/2026
200,000
177,172
UBS
Group
AG
4.55%,
4/17/2026
350,000
334,457
4.88%,
5/15/2045
50,000
39,818
UDR,
Inc.
2.95%,
9/01/2026
40,000
36,937
Series
G,
3.50%,
1/15/2028
50,000
44,945
3.00%,
8/15/2031
50,000
39,581
2.10%,
8/01/2032
25,000
17,628
Unum
Group,
4.50%,
12/15/2049
10,000
6,597
US
Bancorp
1.45%,
5/12/2025
40,000
37,284
Series
V,
2.38%,
7/22/2026
45,000
40,720
6.79%,
10/26/2027
20,000
20,165
3.90%,
4/26/2028
140,000
127,257
4.55%,
7/22/2028
132,000
122,479
5.78%,
6/12/2029
30,000
28,852
1.38%,
7/22/2030
55,000
39,080
4.97%,
7/22/2033
100,000
83,896
4.84%,
2/01/2034
64,000
54,695
5.84%,
6/12/2034
30,000
27,667
Ventas
Realty
LP
3.85%,
4/01/2027
40,000
36,938
3.00%,
1/15/2030
15,000
12,247
4.38%,
2/01/2045
15,000
10,250
4.88%,
4/15/2049
10,000
7,294
Visa,
Inc.
3.15%,
12/14/2025
25,000
23,862
1.90%,
4/15/2027
125,000
111,340
1.10%,
2/15/2031
200,000
148,164
4.15%,
12/14/2035
50,000
43,553
2.70%,
4/15/2040
25,000
16,724
4.30%,
12/14/2045
100,000
79,820
Voya
Financial,
Inc.
5.70%,
7/15/2043
50,000
41,984
4.80%,
6/15/2046
50,000
36,147
W.P.
Carey,
Inc.,
4.25%,
10/01/2026
35,000
33,339
Wachovia
Corp.,
5.50%,
8/01/2035
35,000
31,151
Wells
Fargo
&
Co.
3.55%,
9/29/2025
25,000
23,871
2.19%,
4/30/2026
15,000
14,111
4.10%,
6/03/2026
100,000
94,419
4.54%,
8/15/2026
255,000
247,131
3.00%,
10/23/2026
10,000
9,159
3.20%,
6/17/2027
45,000
41,554
3.58%,
5/22/2028
150,000
136,541
2.39%,
6/02/2028
90,000
78,447
4.81%,
7/25/2028
50,000
47,295
4.15%,
1/24/2029
20,000
18,161
5.57%,
7/25/2029
75,000
72,230
79
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Financial
–
8.7%
(continued)
6.30%,
10/23/2029
60,000
59,528
Series
B,
7.95%,
11/15/2029
15,000
15,894
2.88%,
10/30/2030
240,000
196,149
2.57%,
2/11/2031
125,000
99,072
4.90%,
7/25/2033
125,000
109,843
5.39%,
4/24/2034
65,000
58,847
6.49%,
10/23/2034
70,000
68,829
3.07%,
4/30/2041
80,000
51,117
5.38%,
11/02/2043
160,000
131,441
5.61%,
1/15/2044
150,000
126,346
Series
G,
4.90%,
11/17/2045
30,000
22,835
4.75%,
12/07/2046
20,000
14,715
5.01%,
4/04/2051
120,000
95,180
Wells
Fargo
Bank
NA
5.55%,
8/01/2025
250,000
249,104
5.45%,
8/07/2026
250,000
247,586
Welltower
OP
LLC
4.00%,
6/01/2025
200,000
193,398
4.25%,
4/15/2028
45,000
41,495
4.13%,
3/15/2029
25,000
22,556
2.75%,
1/15/2031
115,000
90,282
Western
Union
Co.
(The)
2.85%,
1/10/2025
65,000
62,327
1.35%,
3/15/2026
50,000
44,478
2.75%,
3/15/2031
25,000
18,998
Westpac
Banking
Corp.
1.15%,
6/03/2026
40,000
35,746
1.95%,
11/20/2028
200,000
167,099
2.89%,
2/04/2030
25,000
23,661
5.41%,
8/10/2033
25,000
22,024
4.11%,
7/24/2034
50,000
42,517
2.67%,
11/15/2035
45,000
32,748
3.02%,
11/18/2036
50,000
36,116
2.96%,
11/16/2040
41,000
23,898
Weyerhaeuser
Co.
4.75%,
5/15/2026
15,000
14,602
4.00%,
4/15/2030
15,000
13,118
Willis
North
America,
Inc.,
5.35%,
5/15/2033
15,000
13,671
WP
Carey,
Inc.,
3.85%,
7/15/2029
25,000
21,813
XL
Group
Ltd.,
5.25%,
12/15/2043
25,000
21,303
46,928,688
Industrial
–
2.1%
3M
Co.
2.88%,
10/15/2027
122,000
109,861
3.63%,
9/14/2028
49,000
44,455
3.05%,
4/15/2030
(a)
29,000
24,486
3.63%,
10/15/2047
150,000
96,903
3.25%,
8/26/2049
(a)
10,000
5,878
Allegion
US
Holding
Co.,
Inc.,
3.55%,
10/01/2027
90,000
80,991
Amcor
Finance
USA,
Inc.,
3.63%,
4/28/2026
25,000
23,558
Amphenol
Corp.,
2.80%,
2/15/2030
20,000
16,629
Arrow
Electronics,
Inc.,
2.95%,
2/15/2032
50,000
37,933
Avnet,
Inc.,
5.50%,
6/01/2032
50,000
44,606
Berry
Global,
Inc.,
1.65%,
1/15/2027
25,000
21,554
Boeing
Co.
(The)
4.88%,
5/01/2025
10,000
9,825
2.20%,
2/04/2026
25,000
22,975
3.25%,
2/01/2028
134,000
119,605
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Industrial
–
2.1%
(continued)
2.95%,
2/01/2030
10,000
8,258
5.15%,
5/01/2030
10,000
9,369
6.13%,
2/15/2033
105,000
103,207
3.60%,
5/01/2034
90,000
70,187
3.25%,
2/01/2035
45,000
33,178
6.63%,
2/15/2038
32,000
31,455
3.63%,
3/01/2048
25,000
15,466
3.85%,
11/01/2048
50,000
32,242
3.75%,
2/01/2050
100,000
63,529
5.81%,
5/01/2050
85,000
73,246
3.83%,
3/01/2059
145,000
86,842
5.93%,
5/01/2060
25,000
21,031
Burlington
Northern
Santa
Fe
LLC
7.00%,
12/15/2025
20,000
20,652
6.15%,
5/01/2037
25,000
25,116
5.75%,
5/01/2040
20,000
19,076
4.90%,
4/01/2044
15,000
12,585
4.55%,
9/01/2044
27,000
21,497
4.70%,
9/01/2045
40,000
32,262
5.20%,
4/15/2054
35,000
30,229
Canadian
National
Railway
Co.
6.25%,
8/01/2034
25,000
25,322
4.45%,
1/20/2049
100,000
77,662
Canadian
Pacific
Railway
Co.
2.88%,
11/15/2029
53,000
44,703
4.70%,
5/01/2048
50,000
39,079
Carrier
Global
Corp.
2.72%,
2/15/2030
25,000
20,362
3.38%,
4/05/2040
20,000
13,471
3.58%,
4/05/2050
62,000
38,943
Caterpillar
Financial
Services
Corp.
4.90%,
1/17/2025
205,000
203,794
1.45%,
5/15/2025
20,000
18,822
5.15%,
8/11/2025
65,000
64,625
0.90%,
3/02/2026
373,000
336,317
Series
D,
4.35%,
5/15/2026
20,000
19,497
Caterpillar,
Inc.
5.20%,
5/27/2041
20,000
18,350
4.75%,
5/15/2064
24,000
19,232
CNH
Industrial
Capital
LLC
4.55%,
4/10/2028
10,000
9,395
5.50%,
1/12/2029
10,000
9,683
CSX
Corp.
3.35%,
11/01/2025
25,000
23,926
2.40%,
2/15/2030
450,000
367,430
5.20%,
11/15/2033
10,000
9,383
6.00%,
10/01/2036
40,000
39,366
6.22%,
4/30/2040
20,000
19,677
4.75%,
11/15/2048
13,000
10,338
3.35%,
9/15/2049
175,000
109,124
Deere
&
Co.
2.75%,
4/15/2025
10,000
9,617
5.38%,
10/16/2029
50,000
49,885
3.90%,
6/09/2042
25,000
19,559
Dover
Corp.,
5.38%,
10/15/2035
25,000
23,596
Eaton
Corp.
4.35%,
5/18/2028
10,000
9,535
4.15%,
3/15/2033
45,000
39,572
80
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Industrial
–
2.1%
(continued)
4.15%,
11/02/2042
77,000
59,763
Emerson
Electric
Co.,
1.95%,
10/15/2030
75,000
58,905
FedEx
Corp.
3.25%,
4/01/2026
50,000
47,256
4.25%,
5/15/2030
10,000
9,048
2.40%,
5/15/2031
97,000
75,744
4.90%,
1/15/2034
30,000
27,224
3.88%,
8/01/2042
75,000
53,648
4.75%,
11/15/2045
15,000
11,641
4.55%,
4/01/2046
30,000
22,600
4.40%,
1/15/2047
10,000
7,341
4.05%,
2/15/2048
50,000
34,747
Flex
Ltd.
3.75%,
2/01/2026
25,000
23,662
4.88%,
5/12/2030
75,000
68,031
Fortune
Brands
Innovations,
Inc.,
5.88%,
6/01/2033
10,000
9,313
GATX
Corp.
3.85%,
3/30/2027
50,000
46,134
4.70%,
4/01/2029
30,000
27,658
3.50%,
6/01/2032
75,000
59,252
3.10%,
6/01/2051
50,000
27,152
GE
Capital
International
Funding
Co.
Unlimited
Co.,
4.42%,
11/15/2035
200,000
174,075
General
Dynamics
Corp.
3.25%,
4/01/2025
50,000
48,438
3.50%,
5/15/2025
110,000
106,762
2.13%,
8/15/2026
100,000
91,708
3.50%,
4/01/2027
40,000
37,508
4.25%,
4/01/2040
10,000
8,102
GXO
Logistics,
Inc.
1.65%,
7/15/2026
142,000
124,968
2.65%,
7/15/2031
50,000
37,350
HEICO
Corp.
5.25%,
8/01/2028
10,000
9,648
5.35%,
8/01/2033
10,000
9,179
Hexcel
Corp.,
4.95%,
8/15/2025
380,000
370,093
Honeywell
International,
Inc.
2.50%,
11/01/2026
50,000
46,232
4.25%,
1/15/2029
15,000
14,151
1.75%,
9/01/2031
50,000
37,459
4.50%,
1/15/2034
15,000
13,477
5.70%,
3/15/2037
17,000
16,588
3.81%,
11/21/2047
70,000
50,077
Hubbell,
Inc.,
3.15%,
8/15/2027
50,000
45,548
Huntington
Ingalls
Industries,
Inc.
3.84%,
5/01/2025
75,000
72,575
3.48%,
12/01/2027
50,000
45,264
4.20%,
5/01/2030
25,000
22,105
IDEX
Corp.,
2.63%,
6/15/2031
25,000
19,476
Illinois
Tool
Works,
Inc.
2.65%,
11/15/2026
35,000
32,292
3.90%,
9/01/2042
95,000
73,149
Ingersoll
Rand,
Inc.
5.40%,
8/14/2028
10,000
9,744
5.70%,
8/14/2033
20,000
18,899
Jabil,
Inc.
4.25%,
5/15/2027
50,000
46,902
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Industrial
–
2.1%
(continued)
3.95%,
1/12/2028
10,000
9,111
Jacobs
Engineering
Group,
Inc.
6.35%,
8/18/2028
10,000
9,945
5.90%,
3/01/2033
50,000
46,321
John
Deere
Capital
Corp.
2.13%,
3/07/2025
300,000
286,737
4.95%,
6/06/2025
10,000
9,930
4.80%,
1/09/2026
183,000
180,613
4.75%,
6/08/2026
10,000
9,843
5.15%,
9/08/2026
10,000
9,947
2.35%,
3/08/2027
(a)
5,000
4,517
4.95%,
7/14/2028
25,000
24,391
2.80%,
7/18/2029
50,000
43,262
2.45%,
1/09/2030
25,000
20,834
4.70%,
6/10/2030
215,000
202,467
Series
I,
5.15%,
9/08/2033
20,000
19,007
Keysight
Technologies,
Inc.,
3.00%,
10/30/2029
60,000
50,414
Kirby
Corp.,
4.20%,
3/01/2028
65,000
59,838
L3Harris
Technologies,
Inc.
3.83%,
4/27/2025
125,000
121,043
4.40%,
6/15/2028
100,000
93,398
1.80%,
1/15/2031
50,000
37,284
Lafarge
SA,
7.13%,
7/15/2036
40,000
41,164
Lennox
International,
Inc.,
5.50%,
9/15/2028
10,000
9,757
Lockheed
Martin
Corp.
3.55%,
1/15/2026
49,000
47,078
5.25%,
1/15/2033
100,000
96,286
3.80%,
3/01/2045
90,000
65,490
4.09%,
9/15/2052
100,000
73,740
4.15%,
6/15/2053
50,000
37,157
Martin
Marietta
Materials,
Inc.
3.50%,
12/15/2027
25,000
22,820
3.20%,
7/15/2051
50,000
29,673
Mohawk
Industries,
Inc.
5.85%,
9/18/2028
10,000
9,833
3.63%,
5/15/2030
(a)
10,000
8,579
Nordson
Corp.,
5.80%,
9/15/2033
10,000
9,516
Norfolk
Southern
Corp.
5.05%,
8/01/2030
200,000
189,061
4.84%,
10/01/2041
50,000
41,202
4.15%,
2/28/2048
50,000
35,922
2.90%,
8/25/2051
100,000
55,529
5.35%,
8/01/2054
50,000
42,724
Northrop
Grumman
Corp.
5.05%,
11/15/2040
20,000
17,296
4.75%,
6/01/2043
35,000
28,672
4.03%,
10/15/2047
100,000
72,671
nVent
Finance
Sarl,
2.75%,
11/15/2031
100,000
74,494
Oshkosh
Corp.,
3.10%,
3/01/2030
105,000
88,686
Otis
Worldwide
Corp.
2.29%,
4/05/2027
40,000
35,640
5.25%,
8/16/2028
15,000
14,594
3.36%,
2/15/2050
50,000
31,499
Owens
Corning,
3.40%,
8/15/2026
100,000
93,105
Packaging
Corp.
of
America,
3.40%,
12/15/2027
45,000
41,131
81
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Industrial
–
2.1%
(continued)
Parker-Hannifin
Corp.
3.25%,
6/14/2029
25,000
21,961
4.50%,
9/15/2029
150,000
139,545
4.10%,
3/01/2047
70,000
51,163
Regal
Rexnord
Corp.,
6.05%,
4/15/2028
(b)
75,000
71,784
Republic
Services,
Inc.
2.30%,
3/01/2030
50,000
40,517
1.75%,
2/15/2032
20,000
14,551
3.05%,
3/01/2050
25,000
15,048
Rockwell
Automation,
Inc.,
2.80%,
8/15/2061
75,000
40,193
RTX
Corp.
3.13%,
5/04/2027
58,000
52,826
2.25%,
7/01/2030
200,000
156,951
2.38%,
3/15/2032
60,000
45,064
6.05%,
6/01/2036
20,000
19,280
4.45%,
11/16/2038
50,000
39,892
4.80%,
12/15/2043
31,000
24,539
4.15%,
5/15/2045
100,000
71,690
4.35%,
4/15/2047
55,000
40,271
4.63%,
11/16/2048
55,000
42,183
2.82%,
9/01/2051
100,000
53,670
3.03%,
3/15/2052
100,000
55,827
5.38%,
2/27/2053
50,000
42,359
Ryder
System,
Inc.
4.63%,
6/01/2025
72,000
70,406
1.75%,
9/01/2026
45,000
40,343
5.25%,
6/01/2028
10,000
9,622
Snap-On,
Inc.,
3.25%,
3/01/2027
25,000
23,208
Stanley
Black
&
Decker,
Inc.,
4.25%,
11/15/2028
362,000
334,369
Textron,
Inc.
4.00%,
3/15/2026
25,000
23,920
3.65%,
3/15/2027
25,000
23,263
3.38%,
3/01/2028
84,000
75,553
Trane
Technologies
Global
Holding
Co.
Ltd.,
4.30%,
2/21/2048
60,000
44,086
Tyco
Electronics
Group
SA,
3.13%,
8/15/2027
35,000
32,081
Union
Pacific
Corp.
3.00%,
4/15/2027
67,000
61,595
2.40%,
2/05/2030
50,000
41,080
3.60%,
9/15/2037
50,000
38,414
3.55%,
8/15/2039
50,000
36,696
4.05%,
3/01/2046
125,000
89,811
4.00%,
4/15/2047
100,000
71,419
4.50%,
9/10/2048
10,000
7,760
4.10%,
9/15/2067
15,000
10,127
3.75%,
2/05/2070
50,000
31,132
3.80%,
4/06/2071
50,000
31,226
3.85%,
2/14/2072
15,000
9,523
United
Parcel
Service,
Inc.
3.90%,
4/01/2025
50,000
48,827
3.05%,
11/15/2027
25,000
22,837
4.88%,
3/03/2033
367,000
342,947
5.30%,
4/01/2050
60,000
53,655
5.05%,
3/03/2053
117,000
100,382
Veralto
Corp.
5.50%,
9/18/2026
(b)
15,000
14,847
5.35%,
9/18/2028
(b)
15,000
14,548
5.45%,
9/18/2033
(b)
15,000
14,005
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Industrial
–
2.1%
(continued)
Vontier
Corp.,
2.40%,
4/01/2028
35,000
28,890
Waste
Connections,
Inc.,
3.20%,
6/01/2032
150,000
121,530
Waste
Management,
Inc.
3.13%,
3/01/2025
75,000
72,554
4.10%,
3/01/2045
25,000
18,824
4.15%,
7/15/2049
15,000
11,250
2.50%,
11/15/2050
20,000
10,635
Westinghouse
Air
Brake
Technologies
Corp.,
4.70%,
9/15/2028
150,000
139,853
WRKCo,
Inc.
4.65%,
3/15/2026
75,000
72,657
4.00%,
3/15/2028
50,000
45,886
3.90%,
6/01/2028
35,000
31,779
11,172,914
Technology
–
1.7%
Activision
Blizzard,
Inc.
3.40%,
9/15/2026
10,000
9,444
1.35%,
9/15/2030
30,000
23,067
4.50%,
6/15/2047
25,000
20,945
Adobe,
Inc.,
2.15%,
2/01/2027
40,000
36,164
Amdocs
Ltd.,
2.54%,
6/15/2030
65,000
51,072
Analog
Devices,
Inc.
2.95%,
4/01/2025
10,000
9,632
3.45%,
6/15/2027
10,000
9,271
Apple,
Inc.
1.13%,
5/11/2025
15,000
14,075
3.20%,
5/13/2025
125,000
121,095
3.25%,
2/23/2026
150,000
143,551
4.42%,
5/08/2026
15,000
14,717
2.45%,
8/04/2026
300,000
278,636
3.35%,
2/09/2027
281,000
264,941
2.90%,
9/12/2027
50,000
45,994
4.00%,
5/10/2028
225,000
214,294
4.15%,
5/10/2030
10,000
9,400
1.25%,
8/20/2030
10,000
7,678
1.65%,
2/08/2031
60,000
46,666
4.30%,
5/10/2033
15,000
13,866
2.38%,
2/08/2041
60,000
38,300
3.85%,
5/04/2043
211,000
163,075
4.65%,
2/23/2046
75,000
63,894
2.65%,
5/11/2050
400,000
231,431
2.70%,
8/05/2051
100,000
57,767
4.85%,
5/10/2053
(a)
20,000
17,362
2.55%,
8/20/2060
(a)
50,000
27,405
2.80%,
2/08/2061
10,000
5,521
Applied
Materials,
Inc.
1.75%,
6/01/2030
180,000
141,655
5.10%,
10/01/2035
30,000
28,378
2.75%,
6/01/2050
10,000
5,928
AutoDesk,
Inc.,
2.85%,
1/15/2030
91,000
75,908
Booz
Allen
Hamilton,
Inc.,
5.95%,
8/04/2033
15,000
14,239
Broadcom,
Inc.
4.00%,
4/15/2029
(b)
50,000
44,642
2.45%,
2/15/2031
(b)
305,000
233,988
4.15%,
4/15/2032
(b)
50,000
42,277
4.93%,
5/15/2037
(b)
50,000
41,559
3.50%,
2/15/2041
(b)
5,000
3,322
3.75%,
2/15/2051
(b)
50,000
31,952
82
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Technology
–
1.7%
(continued)
Broadridge
Financial
Solutions,
Inc.,
3.40%,
6/27/2026
60,000
56,117
CDW
LLC
/
CDW
Finance
Corp.
2.67%,
12/01/2026
55,000
49,280
4.25%,
4/01/2028
50,000
45,445
3.28%,
12/01/2028
100,000
85,646
Concentrix
Corp.
6.65%,
8/02/2026
15,000
14,902
6.60%,
8/02/2028
15,000
14,373
6.85%,
8/02/2033
10,000
9,037
Dell
International
LLC
/
EMC
Corp.
4.90%,
10/01/2026
50,000
48,648
3.38%,
12/15/2041
20,000
12,874
3.45%,
12/15/2051
110,000
65,466
DXC
Technology
Co.,
2.38%,
9/15/2028
30,000
24,220
Electronic
Arts,
Inc.,
1.85%,
2/15/2031
25,000
19,011
Fidelity
National
Information
Services,
Inc.
4.50%,
7/15/2025
50,000
48,848
1.65%,
3/01/2028
250,000
209,220
Fiserv,
Inc.
5.38%,
8/21/2028
15,000
14,667
5.63%,
8/21/2033
25,000
23,438
4.40%,
7/01/2049
50,000
36,241
Fortinet,
Inc.,
1.00%,
3/15/2026
50,000
44,578
Hewlett
Packard
Enterprise
Co.
5.25%,
7/01/2028
10,000
9,648
6.20%,
10/15/2035
50,000
48,959
6.35%,
10/15/2045
20,000
18,313
HP,
Inc.
3.00%,
6/17/2027
100,000
90,117
6.00%,
9/15/2041
(a)
88,000
79,817
Intel
Corp.
4.88%,
2/10/2026
(a)
50,000
49,309
3.15%,
5/11/2027
30,000
27,651
4.88%,
2/10/2028
50,000
48,600
2.45%,
11/15/2029
80,000
67,164
5.13%,
2/10/2030
50,000
48,386
3.90%,
3/25/2030
150,000
134,804
4.00%,
12/15/2032
31,000
26,979
5.20%,
2/10/2033
50,000
47,195
2.80%,
8/12/2041
50,000
31,313
5.63%,
2/10/2043
75,000
68,616
4.10%,
5/19/2046
59,000
42,994
4.75%,
3/25/2050
150,000
117,717
5.70%,
2/10/2053
50,000
44,727
5.05%,
8/05/2062
45,000
35,487
5.90%,
2/10/2063
(a)
50,000
45,214
International
Business
Machines
Corp.
4.00%,
7/27/2025
50,000
48,690
3.45%,
2/19/2026
100,000
95,288
3.30%,
1/27/2027
210,000
195,353
1.70%,
5/15/2027
50,000
43,630
4.15%,
5/15/2039
100,000
78,469
2.85%,
5/15/2040
150,000
96,354
4.00%,
6/20/2042
25,000
18,621
Intuit,
Inc.
5.25%,
9/15/2026
15,000
14,953
5.13%,
9/15/2028
15,000
14,756
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Technology
–
1.7%
(continued)
1.65%,
7/15/2030
69,000
53,278
5.20%,
9/15/2033
25,000
23,782
5.50%,
9/15/2053
25,000
22,706
KLA
Corp.
5.00%,
3/15/2049
50,000
41,808
4.95%,
7/15/2052
26,000
21,772
Kyndryl
Holdings,
Inc.,
2.70%,
10/15/2028
50,000
40,408
LAM
Research
Corp.,
3.13%,
6/15/2060
50,000
28,008
Marvell
Technology,
Inc.
5.75%,
2/15/2029
10,000
9,713
5.95%,
9/15/2033
10,000
9,497
Micron
Technology,
Inc.
5.38%,
4/15/2028
10,000
9,591
4.66%,
2/15/2030
25,000
22,392
5.88%,
2/09/2033
50,000
46,469
5.88%,
9/15/2033
15,000
13,847
3.37%,
11/01/2041
100,000
63,072
Microsoft
Corp.
2.40%,
8/08/2026
195,000
181,264
3.30%,
2/06/2027
313,000
295,744
4.20%,
11/03/2035
50,000
44,982
4.50%,
10/01/2040
75,000
65,922
4.25%,
2/06/2047
40,000
32,664
2.53%,
6/01/2050
25,000
14,278
2.92%,
3/17/2052
170,000
104,885
3.95%,
8/08/2056
125,000
93,461
3.04%,
3/17/2062
81,000
48,260
NetApp,
Inc.,
1.88%,
6/22/2025
15,000
14,029
NVIDIA
Corp.
2.85%,
4/01/2030
124,000
105,951
3.50%,
4/01/2040
25,000
18,716
3.50%,
4/01/2050
40,000
27,354
Oracle
Corp.
1.65%,
3/25/2026
50,000
45,331
2.65%,
7/15/2026
225,000
207,040
2.80%,
4/01/2027
317,000
286,723
2.95%,
4/01/2030
22,000
18,231
2.88%,
3/25/2031
10,000
8,019
6.25%,
11/09/2032
45,000
44,551
4.90%,
2/06/2033
300,000
269,182
4.30%,
7/08/2034
100,000
83,289
3.85%,
7/15/2036
125,000
95,197
3.80%,
11/15/2037
50,000
36,800
6.13%,
7/08/2039
50,000
46,648
4.50%,
7/08/2044
25,000
18,452
4.13%,
5/15/2045
200,000
138,758
4.00%,
11/15/2047
30,000
19,966
3.60%,
4/01/2050
85,000
52,024
3.95%,
3/25/2051
300,000
194,722
5.55%,
2/06/2053
50,000
41,566
4.38%,
5/15/2055
25,000
16,977
3.85%,
4/01/2060
125,000
74,829
QUALCOMM,
Inc.
2.15%,
5/20/2030
100,000
80,882
4.65%,
5/20/2035
100,000
91,128
4.80%,
5/20/2045
87,000
73,298
4.50%,
5/20/2052
10,000
7,687
ServiceNow,
Inc.,
1.40%,
9/01/2030
157,000
118,228
83
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Technology
–
1.7%
(continued)
Take-Two
Interactive
Software,
Inc.
5.00%,
3/28/2026
10,000
9,791
4.95%,
3/28/2028
10,000
9,607
Teledyne
FLIR
LLC,
2.50%,
8/01/2030
25,000
19,651
Texas
Instruments,
Inc.
1.13%,
9/15/2026
50,000
44,739
2.25%,
9/04/2029
(a)
13,000
10,926
1.90%,
9/15/2031
50,000
38,486
4.15%,
5/15/2048
100,000
75,663
5.05%,
5/18/2063
85,000
70,912
TSMC
Arizona
Corp.,
2.50%,
10/25/2031
200,000
158,139
VMware,
Inc.
4.50%,
5/15/2025
25,000
24,416
1.40%,
8/15/2026
50,000
44,035
Western
Digital
Corp.,
3.10%,
2/01/2032
100,000
70,449
Xilinx,
Inc.,
2.38%,
6/01/2030
40,000
32,587
9,247,028
Utilities
–
2.1%
AEP
Texas,
Inc.,
Series
I,
2.10%,
7/01/2030
115,000
88,974
AEP
Transmission
Co.
LLC
4.25%,
9/15/2048
90,000
66,062
3.80%,
6/15/2049
30,000
20,406
AES
Corp.
(The)
1.38%,
1/15/2026
200,000
177,648
5.45%,
6/01/2028
115,000
109,726
2.45%,
1/15/2031
50,000
37,577
Alabama
Power
Co.
3.75%,
3/01/2045
50,000
34,461
3.13%,
7/15/2051
15,000
8,700
Ameren
Corp.,
1.75%,
3/15/2028
50,000
41,860
Ameren
Illinois
Co.,
1.55%,
11/15/2030
10,000
7,479
American
Water
Capital
Corp.
2.95%,
9/01/2027
100,000
90,500
3.75%,
9/01/2028
40,000
36,710
2.80%,
5/01/2030
25,000
20,762
6.59%,
10/15/2037
60,000
62,105
4.00%,
12/01/2046
25,000
17,742
Arizona
Public
Service
Co.
4.25%,
3/01/2049
50,000
34,469
3.50%,
12/01/2049
65,000
39,110
Atmos
Energy
Corp.
1.50%,
1/15/2031
45,000
33,236
5.90%,
11/15/2033
10,000
9,873
3.38%,
9/15/2049
50,000
31,504
2.85%,
2/15/2052
110,000
61,908
6.20%,
11/15/2053
10,000
9,731
Avangrid,
Inc.,
3.20%,
4/15/2025
25,000
23,932
Avista
Corp.,
4.00%,
4/01/2052
75,000
49,911
Baltimore
Gas
&
Electric
Co.,
5.40%,
6/01/2053
10,000
8,684
Berkshire
Hathaway
Energy
Co.
4.05%,
4/15/2025
40,000
39,040
6.13%,
4/01/2036
35,000
34,159
4.50%,
2/01/2045
200,000
153,277
4.45%,
1/15/2049
50,000
36,647
2.85%,
5/15/2051
55,000
30,261
Black
Hills
Corp.
3.05%,
10/15/2029
150,000
123,967
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Utilities
–
2.1%
(continued)
6.15%,
5/15/2034
10,000
9,423
CenterPoint
Energy
Houston
Electric
LLC,
5.20%,
10/01/2028
10,000
9,780
CenterPoint
Energy
Resources
Corp.,
1.75%,
10/01/2030
50,000
37,678
CenterPoint
Energy,
Inc.,
5.25%,
8/10/2026
10,000
9,850
Cleveland
Electric
Illuminating
Co.
(The),
5.95%,
12/15/2036
30,000
27,617
Commonwealth
Edison
Co.
3.70%,
3/01/2045
100,000
68,737
Series
123,
3.75%,
8/15/2047
100,000
68,276
4.00%,
3/01/2048
20,000
14,296
4.00%,
3/01/2049
20,000
14,182
5.30%,
2/01/2053
100,000
86,437
Connecticut
Light
&
Power
Co.
(The)
Series
A,
2.05%,
7/01/2031
50,000
38,099
5.25%,
1/15/2053
42,000
36,142
Consolidated
Edison
Co.
of
New
York,
Inc.
Series
20A,
3.35%,
4/01/2030
50,000
43,030
2.40%,
6/15/2031
150,000
117,932
6.15%,
11/15/2052
100,000
95,140
4.63%,
12/01/2054
30,000
22,345
Series
C,
4.00%,
11/15/2057
50,000
33,489
Series
C,
3.00%,
12/01/2060
20,000
10,491
Constellation
Energy
Generation
LLC
3.25%,
6/01/2025
50,000
47,841
5.75%,
10/01/2041
30,000
26,117
Consumers
Energy
Co.
4.90%,
2/15/2029
10,000
9,660
4.63%,
5/15/2033
50,000
45,275
3.50%,
8/01/2051
100,000
65,309
4.20%,
9/01/2052
100,000
73,350
Delmarva
Power
&
Light
Co.,
4.15%,
5/15/2045
25,000
18,020
Dominion
Energy
South
Carolina,
Inc.
5.45%,
2/01/2041
25,000
22,272
4.60%,
6/15/2043
50,000
39,588
6.25%,
10/15/2053
10,000
9,753
5.10%,
6/01/2065
50,000
40,569
Dominion
Energy,
Inc.
Series
A,
3.30%,
3/15/2025
132,000
127,382
Series
A,
1.45%,
4/15/2026
30,000
26,973
Series
D,
2.85%,
8/15/2026
100,000
91,955
7.00%,
6/15/2038
112,000
112,147
Series
B,
3.30%,
4/15/2041
25,000
16,308
Series
C,
4.90%,
8/01/2041
25,000
19,968
DTE
Energy
Co.,
4.88%,
6/01/2028
15,000
14,276
Duke
Energy
Carolinas
LLC
2.85%,
3/15/2032
100,000
79,364
4.95%,
1/15/2033
100,000
92,336
4.25%,
12/15/2041
30,000
22,908
3.75%,
6/01/2045
75,000
50,990
3.88%,
3/15/2046
75,000
51,584
3.70%,
12/01/2047
50,000
33,495
5.35%,
1/15/2053
100,000
85,809
5.40%,
1/15/2054
29,000
25,053
Duke
Energy
Corp.
2.65%,
9/01/2026
50,000
45,806
2.45%,
6/01/2030
95,000
75,636
84
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Utilities
–
2.1%
(continued)
2.55%,
6/15/2031
50,000
38,574
5.75%,
9/15/2033
10,000
9,496
3.75%,
9/01/2046
20,000
13,017
4.20%,
6/15/2049
25,000
17,267
6.10%,
9/15/2053
15,000
13,672
Duke
Energy
Florida
LLC,
1.75%,
6/15/2030
100,000
76,943
Duke
Energy
Indiana
LLC
3.75%,
5/15/2046
173,000
116,373
Series
YYY,
3.25%,
10/01/2049
25,000
15,008
Duke
Energy
Ohio,
Inc.,
3.70%,
6/15/2046
50,000
32,896
Duke
Energy
Progress
LLC
5.25%,
3/15/2033
50,000
47,114
4.38%,
3/30/2044
100,000
75,712
Eastern
Energy
Gas
Holdings
LLC,
Series
A,
2.50%,
11/15/2024
34,000
32,771
Edison
International,
5.25%,
11/15/2028
10,000
9,485
El
Paso
Electric
Co.,
6.00%,
5/15/2035
28,000
25,941
Emera
US
Finance
LP,
3.55%,
6/15/2026
10,000
9,368
ENEL
Americas
SA,
4.00%,
10/25/2026
50,000
46,652
Entergy
Arkansas
LLC,
3.50%,
4/01/2026
50,000
47,510
Entergy
Corp.,
2.95%,
9/01/2026
72,000
66,339
Entergy
Louisiana
LLC
2.40%,
10/01/2026
35,000
31,903
4.20%,
9/01/2048
60,000
42,753
Essential
Utilities,
Inc.
2.70%,
4/15/2030
100,000
80,849
3.35%,
4/15/2050
15,000
8,817
Evergy
Kansas
Central,
Inc.,
4.25%,
12/01/2045
50,000
36,264
Evergy
Metro,
Inc.,
Series
2020,
2.25%,
6/01/2030
40,000
31,691
Evergy,
Inc.,
2.90%,
9/15/2029
100,000
83,981
Eversource
Energy
Series
O,
4.25%,
4/01/2029
100,000
91,717
Series
R,
1.65%,
8/15/2030
100,000
74,913
5.13%,
5/15/2033
15,000
13,567
Florida
Power
&
Light
Co.
2.85%,
4/01/2025
214,000
205,823
4.45%,
5/15/2026
10,000
9,781
Series
A,
3.30%,
5/30/2027
30,000
27,608
5.05%,
4/01/2028
100,000
97,882
4.40%,
5/15/2028
15,000
14,277
4.63%,
5/15/2030
10,000
9,344
4.80%,
5/15/2033
15,000
13,748
5.96%,
4/01/2039
25,000
24,299
3.80%,
12/15/2042
50,000
36,787
Georgia
Power
Co.
Series
B,
2.65%,
9/15/2029
100,000
84,009
4.30%,
3/15/2042
100,000
76,480
4.30%,
3/15/2043
25,000
18,768
5.13%,
5/15/2052
100,000
82,978
Idaho
Power
Co.,
Series
K,
4.20%,
3/01/2048
25,000
18,234
Indiana
Michigan
Power
Co.,
5.63%,
4/01/2053
100,000
88,731
Interstate
Power
&
Light
Co.
2.30%,
6/01/2030
15,000
11,789
6.25%,
7/15/2039
40,000
37,881
ITC
Holdings
Corp.,
3.35%,
11/15/2027
50,000
45,364
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Utilities
–
2.1%
(continued)
Kentucky
Utilities
Co.,
Series
KENT,
5.45%,
4/15/2033
25,000
23,812
Louisville
Gas
&
Electric
Co.,
4.25%,
4/01/2049
25,000
18,024
MidAmerican
Energy
Co.
3.65%,
4/15/2029
100,000
90,142
5.80%,
10/15/2036
50,000
48,428
3.65%,
8/01/2048
50,000
33,845
4.25%,
7/15/2049
30,000
22,191
3.15%,
4/15/2050
50,000
29,990
5.85%,
9/15/2054
20,000
18,724
National
Fuel
Gas
Co.,
2.95%,
3/01/2031
100,000
75,987
National
Grid
PLC
5.60%,
6/12/2028
10,000
9,757
5.81%,
6/12/2033
15,000
14,147
National
Grid
USA,
5.80%,
4/01/2035
25,000
23,100
National
Rural
Utilities
Cooperative
Finance
Corp.
4.45%,
3/13/2026
50,000
48,718
1.00%,
6/15/2026
45,000
39,965
4.80%,
3/15/2028
257,000
248,652
4.30%,
3/15/2049
15,000
10,972
Nevada
Power
Co.
Series
EE,
3.13%,
8/01/2050
25,000
14,319
6.00%,
3/15/2054
10,000
9,190
NextEra
Energy
Capital
Holdings,
Inc.
5.75%,
9/01/2025
40,000
39,810
1.88%,
1/15/2027
100,000
87,890
5.00%,
2/28/2030
50,000
46,739
2.25%,
6/01/2030
157,000
122,325
2.44%,
1/15/2032
50,000
37,489
5.00%,
7/15/2032
50,000
45,454
5.05%,
2/28/2033
(a)
160,000
145,256
3.00%,
1/15/2052
57,000
31,262
5.25%,
2/28/2053
50,000
40,605
3.80%,
3/15/2082
200,000
160,083
NiSource,
Inc.
0.95%,
8/15/2025
15,000
13,707
5.25%,
2/15/2043
35,000
29,344
5.65%,
2/01/2045
50,000
43,347
Northern
States
Power
Co.
3.40%,
8/15/2042
25,000
17,068
4.00%,
8/15/2045
40,000
28,635
2.90%,
3/01/2050
35,000
20,129
5.10%,
5/15/2053
15,000
12,717
Oglethorpe
Power
Corp.,
5.38%,
11/01/2040
50,000
41,286
Oklahoma
Gas
&
Electric
Co.
3.25%,
4/01/2030
150,000
126,763
5.40%,
1/15/2033
26,000
24,573
4.15%,
4/01/2047
85,000
60,469
3.85%,
8/15/2047
25,000
16,785
Oncor
Electric
Delivery
Co.
LLC
4.30%,
5/15/2028
(b)
10,000
9,454
3.10%,
9/15/2049
40,000
23,744
Pacific
Gas
&
Electric
Co.
3.15%,
1/01/2026
10,000
9,251
2.10%,
8/01/2027
28,000
23,706
3.00%,
6/15/2028
50,000
42,336
4.65%,
8/01/2028
100,000
90,484
85
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Utilities
–
2.1%
(continued)
6.10%,
1/15/2029
15,000
14,432
4.55%,
7/01/2030
5,000
4,327
2.50%,
2/01/2031
50,000
37,070
6.40%,
6/15/2033
(a)
20,000
18,795
4.50%,
7/01/2040
30,000
21,323
3.30%,
8/01/2040
30,000
18,236
4.20%,
6/01/2041
75,000
49,876
4.60%,
6/15/2043
100,000
68,305
4.00%,
12/01/2046
50,000
30,088
3.95%,
12/01/2047
50,000
29,893
4.95%,
7/01/2050
130,000
90,823
PacifiCorp
4.10%,
2/01/2042
35,000
24,721
5.50%,
5/15/2054
20,000
16,297
PECO
Energy
Co.
4.90%,
6/15/2033
10,000
9,268
3.00%,
9/15/2049
40,000
23,333
2.85%,
9/15/2051
50,000
27,534
PG&E
Energy
Recovery
Funding
LLC,
Series
A-3,
2.82%,
7/15/2046
25,000
15,742
PG&E
Wildfire
Recovery
Funding
LLC
Series
A-1,
3.59%,
6/01/2030
61,690
57,665
Series
A-2,
4.72%,
6/01/2037
50,000
44,945
Series
A-4,
5.21%,
12/01/2047
160,000
137,168
Piedmont
Natural
Gas
Co.,
Inc.
2.50%,
3/15/2031
25,000
19,287
3.35%,
6/01/2050
15,000
8,711
Public
Service
Co.
of
Colorado
Series
17,
6.25%,
9/01/2037
10,000
9,700
3.60%,
9/15/2042
25,000
17,083
4.05%,
9/15/2049
30,000
20,638
Series
34,
3.20%,
3/01/2050
20,000
11,819
Public
Service
Co.
of
New
Hampshire,
5.15%,
1/15/2053
100,000
85,318
Public
Service
Co.
of
Oklahoma,
5.25%,
1/15/2033
100,000
92,239
Public
Service
Electric
&
Gas
Co.
5.20%,
8/01/2033
10,000
9,490
3.95%,
5/01/2042
35,000
26,239
3.65%,
9/01/2042
25,000
17,949
3.80%,
3/01/2046
25,000
17,649
5.45%,
8/01/2053
10,000
9,022
Public
Service
Enterprise
Group,
Inc.
0.80%,
8/15/2025
10,000
9,151
5.88%,
10/15/2028
15,000
14,858
1.60%,
8/15/2030
60,000
45,080
6.13%,
10/15/2033
10,000
9,768
Puget
Energy,
Inc.,
4.10%,
6/15/2030
75,000
64,132
Puget
Sound
Energy,
Inc.
5.80%,
3/15/2040
27,000
24,616
3.25%,
9/15/2049
150,000
89,879
2.89%,
9/15/2051
25,000
13,665
San
Diego
Gas
&
Electric
Co.
2.50%,
5/15/2026
55,000
50,894
4.95%,
8/15/2028
10,000
9,643
Series
XXX,
3.00%,
3/15/2032
100,000
80,568
Series
RRR,
3.75%,
6/01/2047
60,000
40,347
Series
TTT,
4.10%,
6/15/2049
10,000
6,918
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Utilities
–
2.1%
(continued)
Sempra
5.40%,
8/01/2026
10,000
9,853
3.25%,
6/15/2027
35,000
31,738
5.50%,
8/01/2033
10,000
9,296
Sempra
Energy,
3.80%,
2/01/2038
15,000
11,187
Sierra
Pacific
Power
Co.,
5.90%,
3/15/2054
(b)
10,000
9,025
Southern
California
Edison
Co.
5.85%,
11/01/2027
50,000
49,989
Series
G,
2.50%,
6/01/2031
275,000
213,805
5.95%,
11/01/2032
100,000
97,633
Series
05-E,
5.35%,
7/15/2035
40,000
36,708
4.50%,
9/01/2040
75,000
58,151
Series
13-A,
3.90%,
3/15/2043
50,000
34,676
Series
B,
4.88%,
3/01/2049
25,000
19,501
5.88%,
12/01/2053
10,000
8,910
Southern
California
Gas
Co.
5.20%,
6/01/2033
10,000
9,244
3.75%,
9/15/2042
35,000
24,099
Series
VV,
4.30%,
1/15/2049
65,000
46,661
Series
WW,
3.95%,
2/15/2050
20,000
13,416
5.75%,
6/01/2053
10,000
8,849
Southern
Co.
(The)
4.85%,
6/15/2028
15,000
14,346
5.50%,
3/15/2029
10,000
9,800
Series
A,
3.70%,
4/30/2030
10,000
8,671
5.20%,
6/15/2033
15,000
13,787
5.70%,
3/15/2034
15,000
14,273
Southern
Co.
Gas
Capital
Corp.
5.75%,
9/15/2033
10,000
9,544
4.40%,
5/30/2047
45,000
32,335
Series
21A,
3.15%,
9/30/2051
25,000
14,067
Southern
Power
Co.,
5.25%,
7/15/2043
20,000
16,242
Southwest
Gas
Corp.
2.20%,
6/15/2030
130,000
100,823
4.15%,
6/01/2049
67,000
44,636
Southwestern
Electric
Power
Co.
Series
N,
1.65%,
3/15/2026
125,000
113,157
Series
J,
3.90%,
4/01/2045
40,000
26,547
Spire
Missouri,
Inc.,
4.80%,
2/15/2033
50,000
45,804
Tampa
Electric
Co.,
3.63%,
6/15/2050
50,000
31,884
Toledo
Edison
Co.
(The),
6.15%,
5/15/2037
25,000
24,138
Tucson
Electric
Power
Co.
1.50%,
8/01/2030
50,000
37,262
5.50%,
4/15/2053
50,000
42,730
Union
Electric
Co.
2.95%,
3/15/2030
50,000
42,060
3.90%,
9/15/2042
50,000
35,875
3.25%,
10/01/2049
75,000
44,110
5.45%,
3/15/2053
50,000
43,647
Virginia
Electric
&
Power
Co.
Series
A,
3.15%,
1/15/2026
180,000
170,640
Series
A,
3.80%,
4/01/2028
50,000
46,139
5.30%,
8/15/2033
10,000
9,265
Series
B,
3.80%,
9/15/2047
20,000
13,388
4.60%,
12/01/2048
20,000
15,302
2.45%,
12/15/2050
35,000
17,788
5.70%,
8/15/2053
110,000
97,355
86
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
24.8%
(continued)
Utilities
–
2.1%
(continued)
WEC
Energy
Group,
Inc.
5.60%,
9/12/2026
10,000
9,938
2.20%,
12/15/2028
50,000
41,556
Wisconsin
Power
&
Light
Co.,
1.95%,
9/16/2031
50,000
37,097
Xcel
Energy,
Inc.
2.60%,
12/01/2029
10,000
8,264
5.45%,
8/15/2033
15,000
13,974
3.50%,
12/01/2049
125,000
77,326
11,479,174
Total
Corporate
Bonds
(cost
$153,201,380)
134,146,826
Foreign
Governmental
–
1.7%
Chile
Government
International
Bond
3.24%,
2/06/2028
40,000
36,429
2.45%,
1/31/2031
20,000
16,080
2.55%,
1/27/2032
250,000
196,250
3.10%,
1/22/2061
351,000
187,851
Export
Development
Canada,
3.88%,
2/14/2028
50,000
47,811
Hydro-Quebec,
Series
HH,
8.50%,
12/01/2029
25,000
28,622
Indonesia
Government
International
Bond
3.50%,
1/11/2028
199,000
183,020
3.40%,
9/18/2029
70,000
61,900
2.85%,
2/14/2030
400,000
338,571
1.85%,
3/12/2031
20,000
15,272
4.85%,
1/11/2033
200,000
186,602
3.05%,
3/12/2051
20,000
12,109
Israel
Government
AID
Bond,
5.50%,
9/18/2033
40,000
40,415
Israel
Government
International
Bond
2.88%,
3/16/2026
200,000
185,251
3.88%,
7/03/2050
160,000
105,312
Korea
International
Bond,
4.13%,
6/10/2044
200,000
161,461
Mexico
Government
International
Bond
4.50%,
4/22/2029
50,000
46,247
3.25%,
4/16/2030
75,000
63,057
2.66%,
5/24/2031
50,000
38,831
4.75%,
4/27/2032
60,000
53,078
Series
A,
7.50%,
4/08/2033
150,000
157,966
Series
A,
6.75%,
9/27/2034
89,000
88,240
6.05%,
1/11/2040
40,000
35,772
4.28%,
8/14/2041
100,000
71,194
4.75%,
3/08/2044
174,000
128,174
4.50%,
1/31/2050
(a)
150,000
102,992
6.34%,
5/04/2053
200,000
173,520
5.75%,
10/12/2110
20,000
15,193
Panama
Government
International
Bond
7.13%,
1/29/2026
175,000
176,783
8.88%,
9/30/2027
200,000
214,427
9.38%,
4/01/2029
100,000
110,544
6.70%,
1/26/2036
40,000
37,345
4.50%,
4/01/2056
200,000
121,283
Peruvian
Government
International
Bond
4.13%,
8/25/2027
100,000
95,126
2.78%,
1/23/2031
200,000
160,156
1.86%,
12/01/2032
165,000
116,140
8.75%,
11/21/2033
20,000
23,308
3.23%,
7/28/2121
100,000
50,472
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Foreign
Governmental
–
1.7%
(continued)
Philippine
Government
International
Bond
7.50%,
9/25/2024
66,667
67,174
9.50%,
2/02/2030
267,000
316,440
1.95%,
1/06/2032
100,000
74,728
2.65%,
12/10/2045
350,000
202,915
Province
of
Alberta
Canada
3.30%,
3/15/2028
125,000
115,907
1.30%,
7/22/2030
325,000
252,430
Province
of
British
Columbia
Canada
0.90%,
7/20/2026
50,000
44,688
1.30%,
1/29/2031
(a)
220,000
169,013
4.20%,
7/06/2033
115,000
104,765
Province
of
Manitoba
Canada,
2.13%,
6/22/2026
(a)
368,000
340,292
Province
of
Ontario
Canada
0.63%,
1/21/2026
10,000
9,044
1.05%,
4/14/2026
95,000
86,040
2.50%,
4/27/2026
300,000
281,319
1.05%,
5/21/2027
65,000
56,634
1.13%,
10/07/2030
350,000
267,587
1.60%,
2/25/2031
130,000
101,617
1.80%,
10/14/2031
90,000
70,196
Province
of
Quebec
Canada
Series
QX,
1.50%,
2/11/2025
127,000
120,696
0.60%,
7/23/2025
651,000
600,601
2.50%,
4/20/2026
235,000
220,587
2.75%,
4/12/2027
150,000
139,072
1.90%,
4/21/2031
15,000
11,958
Republic
of
Italy
Government
International
Bond
1.25%,
2/17/2026
216,000
194,870
5.38%,
6/15/2033
40,000
37,210
4.00%,
10/17/2049
20,000
13,041
3.88%,
5/06/2051
255,000
158,283
Republic
of
Poland
Government
International
Bond
3.25%,
4/06/2026
322,000
305,463
5.75%,
11/16/2032
108,000
106,901
Svensk
Exportkredit
AB
Series
G,
0.63%,
5/14/2025
200,000
185,722
4.13%,
6/14/2028
200,000
191,911
0.00%,
5/11/2037
(c)
30,000
13,526
Uruguay
Government
International
Bond
4.38%,
10/27/2027
50,000
49,404
5.10%,
6/18/2050
284,000
245,021
Total
Foreign
Governmental
(cost
$10,285,632)
9,037,859
Municipal
Securities
–
0.3%
California
State
University,
RB,
2.72%,
11/01/2052
50,000
28,501
Chicago
Transit
Authority
Sales
&
Transfer
Tax
Receipts,
RB,
6.90%,
12/01/2040
100,000
104,244
City
of
Los
Angeles
Department
of
Airports
Customer
Facility
Charge,
RB,
4.24%,
5/15/2048
200,000
153,324
City
of
San
Francisco,
CA
Public
Utilities
Commission
Water,
RB,
6.95%,
11/01/2050
110,000
120,029
Commonwealth
of
Massachusetts,
RB,
4.11%,
7/15/2031
75,338
72,171
87
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Municipal
Securities
–
0.3%
(continued)
Dallas
Fort
Worth
International
Airport,
RB,
4.51%,
11/01/2051
40,000
31,917
Los
Angeles
County
Metropolitan
Transportation
Authority
Sales
Tax,
RB,
5.74%,
6/01/2039
100,000
97,110
Los
Angeles
Department
of
Water
&
Power,
RB,
5.72%,
7/01/2039
200,000
194,337
Los
Angeles
Unified
School
District,
GO,
5.75%,
7/01/2034
50,000
49,436
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority,
RB,
Series
2022-ELL,
Class
A4,
4.48%,
8/01/2039
100,000
87,270
Michigan
State
University,
RB,
4.17%,
8/15/2122
100,000
66,639
Municipal
Electric
Authority
of
Georgia,
RB,
6.64%,
4/01/2057
99,000
100,650
New
Jersey
Turnpike
Authority,
RB,
7.10%,
1/01/2041
20,000
21,808
North
Texas
Tollway
Authority,
RB,
6.72%,
1/01/2049
15,000
16,303
Ohio
State
University
(The),
RB
4.91%,
6/01/2040
50,000
43,957
4.80%,
6/01/2111
10,000
7,780
Oklahoma
Development
Finance
Authority,
RB,
Series
2022-ONG,
Class
A1,
3.88%,
5/01/2037
92,582
85,829
Port
Authority
of
New
York
&
New
Jersey,
RB
4.96%,
8/01/2046
100,000
85,352
4.46%,
10/01/2062
50,000
38,104
Regents
of
The
University
of
California
Medical
Center
Pooled,
RB,
6.58%,
5/15/2049
100,000
105,099
State
Board
of
Administration
Finance
Corp.,
RB,
1.71%,
7/01/2027
100,000
86,714
State
of
California,
GO
7.30%,
10/01/2039
50,000
54,859
7.60%,
11/01/2040
15,000
17,085
State
of
Illinois
Sales
Tax
Securitization
Corp.,
RB,
3.59%,
1/01/2043
30,000
22,704
State
of
Illinois,
GO,
5.10%,
6/01/2033
20,000
18,567
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
RB,
3.92%,
12/31/2049
10,000
7,139
University
of
Michigan,
RB
2.44%,
4/01/2040
54,000
34,911
4.45%,
4/01/2122
50,000
36,282
University
of
Virginia,
RB,
2.58%,
11/01/2051
50,000
27,800
Total
Municipal
Securities
(cost
$2,261,557)
1,815,921
Supranational
Bank
–
1.6%
African
Development
Bank,
Series
G,
4.38%,
11/03/2027
150,000
147,079
Asian
Development
Bank
1.50%,
10/18/2024
10,000
9,625
Series
G,
2.00%,
1/22/2025
150,000
143,822
Series
G,
0.38%,
9/03/2025
95,000
87,046
4.25%,
1/09/2026
150,000
147,322
Series
G,
1.00%,
4/14/2026
50,000
45,338
Series
G,
1.50%,
1/20/2027
220,000
197,550
Series
G,
3.13%,
8/20/2027
465,000
436,805
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Supranational
Bank
–
1.6%
(continued)
2.75%,
1/19/2028
50,000
45,756
Series
G,
4.50%,
8/25/2028
695,000
680,568
1.75%,
9/19/2029
150,000
125,804
0.75%,
10/08/2030
150,000
112,558
Asian
Infrastructure
Investment
Bank
(The)
0.50%,
10/30/2024
50,000
47,537
0.50%,
5/28/2025
125,000
115,790
Corp.
Andina
de
Fomento,
1.63%,
9/23/2025
92,000
85,076
Council
of
Europe
Development
Bank,
3.75%,
5/25/2026
15,000
14,522
European
Bank
For
Reconstruction
&
Development
1.63%,
9/27/2024
150,000
144,745
Series
G,
0.50%,
11/25/2025
50,000
45,508
Series
G,
0.50%,
1/28/2026
40,000
36,097
European
Investment
Bank
1.88%,
2/10/2025
75,000
71,797
1.63%,
3/14/2025
505,000
480,246
0.38%,
12/15/2025
5,000
4,530
2.38%,
5/24/2027
150,000
137,719
0.63%,
10/21/2027
155,000
131,461
3.25%,
11/15/2027
100,000
94,107
3.88%,
3/15/2028
100,000
95,804
1.75%,
3/15/2029
150,000
127,769
3.63%,
7/15/2030
200,000
184,244
1.25%,
2/14/2031
150,000
116,511
3.75%,
2/14/2033
50,000
45,305
Inter-American
Development
Bank
2.13%,
1/15/2025
50,000
48,081
2.00%,
6/02/2026
15,000
13,884
1.50%,
1/13/2027
100,000
89,824
2.38%,
7/07/2027
45,000
41,196
0.63%,
9/16/2027
(a)
65,000
55,340
1.13%,
7/20/2028
50,000
41,966
3.13%,
9/18/2028
50,000
45,997
3.50%,
9/14/2029
58,000
53,793
1.13%,
1/13/2031
260,000
199,340
3.88%,
10/28/2041
150,000
121,522
Inter-American
Investment
Corp.
2.63%,
4/22/2025
100,000
95,966
4.13%,
2/15/2028
50,000
48,025
International
Bank
For
Reconstruction
&
Development
2.50%,
11/25/2024
320,000
310,074
0.75%,
3/11/2025
50,000
46,983
0.38%,
7/28/2025
350,000
321,952
2.50%,
7/29/2025
123,000
117,462
0.50%,
10/28/2025
75,000
68,480
3.13%,
11/20/2025
75,000
72,070
3.13%,
6/15/2027
135,000
126,999
2.50%,
11/22/2027
85,000
77,645
Series
GDIF,
4.50%,
6/26/2028
200,000
194,686
3.88%,
2/14/2030
50,000
46,840
0.88%,
5/14/2030
50,000
38,432
4.00%,
7/25/2030
255,000
239,652
0.75%,
8/26/2030
75,000
56,530
1.25%,
2/10/2031
10,000
7,727
2.50%,
3/29/2032
(a)
100,000
82,830
Series
G,
4.75%,
2/15/2035
160,000
152,984
International
Finance
Corp.
Series
G,
1.38%,
10/16/2024
350,000
336,525
88
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Supranational
Bank
–
1.6%
(continued)
Series
G,
0.75%,
10/08/2026
150,000
132,891
Series
G,
4.50%,
7/13/2028
35,000
34,351
Japan
Bank
For
International
Cooperation
0.63%,
7/15/2025
50,000
46,052
2.25%,
11/04/2026
224,000
205,047
2.75%,
11/16/2027
64,000
58,361
4.63%,
7/19/2028
200,000
194,719
1.25%,
1/21/2031
260,000
195,835
Japan
International
Cooperation
Agency,
3.38%,
6/12/2028
50,000
45,982
Korea
Development
Bank
(The)
2.13%,
10/01/2024
15,000
14,520
3.38%,
9/16/2025
200,000
192,314
2.00%,
10/25/2031
100,000
76,234
Total
Supranational
Bank
(cost
$9,077,631)
8,507,152
U.S.
Government
Agencies
–
28.4%
Federal
Farm
Credit
Banks
Funding
Corp.
0.73%,
5/27/2025
200,000
185,699
0.61%,
8/25/2025
118,000
108,443
0.75%,
12/16/2026
116,000
101,447
1.12%,
9/01/2028
50,000
41,388
1.10%,
8/10/2029
96,000
76,318
1.23%,
7/29/2030
26,000
19,911
1.15%,
8/12/2030
150,000
114,440
1.24%,
9/03/2030
550,000
421,039
1.38%,
1/14/2031
150,000
114,226
1.79%,
6/22/2035
200,000
131,663
Federal
Home
Loan
Banks
2.75%,
12/13/2024
10,000
9,716
0.50%,
4/14/2025
475,000
443,298
3.13%,
9/12/2025
140,000
134,753
0.96%,
3/05/2026
370,000
335,592
1.00%,
3/23/2026
185,250
167,812
3.00%,
3/12/2027
300,000
281,375
3.25%,
11/16/2028
200,000
185,259
Federal
Home
Loan
Mortgage
Corporation
1.50%,
2/12/2025
(d)
779,000
742,660
0.38%,
7/21/2025
(d)
300,000
276,706
0.38%,
9/23/2025
(d)
525,000
480,258
0.63%,
11/25/2025
(d)
250,000
228,097
0.70%,
12/23/2025
(d)
200,000
181,458
2.50%,
9/01/2027
10,150
9,668
4.00%,
7/01/2029
5,960
5,830
6.75%,
9/15/2029
(d)
50,000
54,307
3.00%,
2/01/2031
21,981
20,566
6.75%,
3/15/2031
(d)
50,000
54,973
2.50%,
12/01/2031
13,804
12,642
2.50%,
3/01/2032
79,956
73,006
6.25%,
7/15/2032
(a)(d)
170,000
183,509
3.00%,
9/01/2032
39,196
35,389
3.00%,
10/01/2032
15,713
14,633
3.00%,
1/01/2033
4,815
4,445
3.00%,
2/01/2033
15,087
14,012
3.50%,
2/01/2033
21,635
20,285
3.00%,
4/01/2033
56,235
52,750
3.00%,
4/01/2033
22,938
21,785
3.00%,
7/01/2033
78,922
71,213
4.00%,
4/01/2034
21,985
20,782
3.00%,
8/01/2034
15,844
14,358
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Federal
Home
Loan
Mortgage
Corporation
(continued)
3.50%,
3/01/2035
7,291
6,686
2.50%,
4/01/2035
118,558
104,107
3.00%,
4/01/2035
106,633
96,641
3.00%,
4/01/2035
27,199
24,569
2.50%,
5/01/2035
34,408
30,193
3.00%,
6/01/2035
69,084
64,508
3.00%,
6/01/2035
39,454
35,639
2.00%,
8/01/2035
197,834
168,362
2.50%,
9/01/2035
111,797
98,103
2.00%,
10/01/2035
328,428
279,500
2.50%,
10/01/2035
22,843
20,045
1.50%,
11/01/2035
728,006
598,660
2.00%,
11/01/2035
342,254
290,478
1.50%,
12/01/2035
71,403
58,717
2.50%,
1/01/2036
33,668
29,542
1.50%,
2/01/2036
155,311
127,717
2.00%,
2/01/2036
184,125
156,260
1.50%,
3/01/2036
69,434
57,330
1.50%,
4/01/2036
105,101
87,171
2.50%,
6/01/2036
301,599
263,573
2.00%,
8/01/2036
189,183
160,299
1.50%,
9/01/2036
39,488
32,529
1.00%,
10/01/2036
61,541
49,943
1.50%,
10/01/2036
72,254
59,402
2.00%,
10/01/2036
98,077
83,103
1.50%,
11/01/2036
81,692
67,162
2.00%,
11/01/2036
107,159
90,798
2.00%,
12/01/2036
20,153
17,076
1.50%,
1/01/2037
192,911
158,599
2.00%,
1/01/2037
106,186
89,974
1.50%,
2/01/2037
160,586
132,023
1.50%,
2/01/2037
169,398
139,268
1.50%,
2/01/2037
168,647
138,582
2.00%,
2/01/2037
220,160
186,547
1.50%,
3/01/2037
214,242
176,026
2.00%,
3/01/2037
205,887
175,047
2.50%,
3/01/2037
41,050
35,801
2.00%,
4/01/2037
73,187
61,962
2.00%,
4/01/2037
217,286
183,961
2.50%,
5/01/2037
172,431
150,380
3.00%,
5/01/2037
(d)
14,462
12,731
3.00%,
5/01/2037
19,282
16,950
3.00%,
5/01/2037
22,648
20,458
3.00%,
9/01/2037
80,182
71,677
3.50%,
9/01/2037
21,455
19,609
4.00%,
9/01/2037
62,579
58,386
3.50%,
10/01/2037
65,066
59,468
3.50%,
12/01/2037
22,206
20,295
4.50%,
5/01/2038
22,820
21,630
5.50%,
8/01/2038
22,759
22,331
3.00%,
11/01/2039
39,640
34,200
3.00%,
3/01/2040
84,181
72,628
2.50%,
4/01/2040
6,638
5,507
2.00%,
8/01/2040
283,080
227,028
2.50%,
9/01/2040
51,921
43,018
2.50%,
10/01/2040
14,760
12,229
2.00%,
11/01/2040
119,958
96,122
4.00%,
11/01/2040
49,991
45,246
1.50%,
1/01/2041
18,987
14,442
2.00%,
3/01/2041
19,041
15,036
89
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Federal
Home
Loan
Mortgage
Corporation
(continued)
1.50%,
5/01/2041
184,274
139,134
4.50%,
5/01/2041
(d)
95,156
88,511
2.50%,
6/01/2041
134,641
109,612
2.00%,
8/01/2041
136,586
107,697
2.00%,
12/01/2041
323,329
254,642
1.50%,
2/01/2042
44,575
33,545
2.00%,
3/01/2042
309,435
241,587
2.00%,
4/01/2042
45,058
35,179
2.50%,
4/01/2042
40,447
32,508
2.00%,
5/01/2042
71,188
55,579
2.50%,
5/01/2042
90,105
72,420
3.00%,
6/01/2042
22,550
18,803
3.00%,
7/01/2042
22,743
18,963
4.00%,
9/01/2042
22,515
19,900
3.00%,
12/01/2042
(d)
15,922
13,368
3.00%,
1/01/2043
(d)
42,852
35,980
3.50%,
2/01/2043
46,531
40,382
3.00%,
4/01/2043
60,633
50,791
5.00%,
6/01/2043
24,072
22,537
3.50%,
10/01/2043
158,449
136,986
3.50%,
12/01/2044
(d)
41,502
35,709
4.00%,
12/01/2044
19,293
17,147
3.00%,
1/01/2045
299,967
248,075
4.00%,
2/01/2045
43,291
38,592
3.00%,
5/01/2045
9,001
7,416
3.50%,
7/01/2045
(d)
66,090
56,559
3.50%,
7/01/2045
49,502
42,301
4.00%,
9/01/2045
108,609
96,211
3.50%,
10/01/2045
53,968
46,518
4.50%,
10/01/2045
61,764
56,959
4.00%,
11/01/2045
185,796
164,587
3.50%,
12/01/2045
6,870
5,870
3.50%,
3/01/2046
293,839
251,096
3.50%,
6/01/2046
388,529
333,430
3.50%,
8/01/2046
(d)
58,242
50,173
3.00%,
11/01/2046
49,102
40,420
3.00%,
12/01/2046
147,763
121,635
3.00%,
1/01/2047
48,034
39,677
3.00%,
8/01/2047
41,345
34,034
4.00%,
8/01/2047
(d)
37,893
33,498
3.00%,
9/01/2047
202,296
165,047
3.50%,
9/01/2047
16,766
14,273
4.50%,
10/01/2047
62,186
56,708
3.50%,
6/01/2048
63,357
54,195
3.50%,
7/01/2048
16,105
13,647
4.50%,
8/01/2048
73,771
67,191
4.00%,
1/01/2049
136,740
120,593
4.50%,
3/01/2049
(d)
23,254
21,210
3.50%,
5/01/2049
107,595
91,032
4.00%,
7/01/2049
179,072
157,939
3.00%,
9/01/2049
33,351
27,231
3.00%,
10/01/2049
267,626
217,150
3.00%,
10/01/2049
38,536
31,465
5.00%,
10/01/2049
51,466
48,307
2.50%,
1/01/2050
33,301
25,912
3.00%,
2/01/2050
49,572
40,553
4.50%,
2/01/2050
18,577
16,860
3.00%,
3/01/2050
32,196
26,289
3.00%,
4/01/2050
150,308
121,775
2.50%,
6/01/2050
67,464
52,276
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Federal
Home
Loan
Mortgage
Corporation
(continued)
2.50%,
6/01/2050
171,667
133,327
2.50%,
6/01/2050
57,405
44,584
2.00%,
7/01/2050
72,549
54,491
2.50%,
7/01/2050
370,321
288,799
2.50%,
7/01/2050
158,809
123,004
2.50%,
8/01/2050
12,969
10,046
2.50%,
8/01/2050
657,929
513,800
3.00%,
8/01/2050
227,993
185,772
2.00%,
9/01/2050
124,633
92,407
2.00%,
9/01/2050
302,153
224,862
2.00%,
9/01/2050
587,743
435,536
2.50%,
9/01/2050
264,448
202,927
4.00%,
9/01/2050
203,879
181,292
2.00%,
10/01/2050
110,878
82,164
2.00%,
10/01/2050
149,936
111,107
2.50%,
10/01/2050
138,095
107,860
2.50%,
10/01/2050
120,688
93,972
3.00%,
10/01/2050
32,263
26,116
2.00%,
12/01/2050
177,366
131,291
1.50%,
1/01/2051
65,782
45,781
1.50%,
1/01/2051
739,877
514,493
2.50%,
1/01/2051
1,119,847
867,464
3.00%,
1/01/2051
277,427
224,700
1.50%,
2/01/2051
181,483
126,276
2.00%,
2/01/2051
76,710
56,818
2.50%,
2/01/2051
16,090
12,440
2.50%,
3/01/2051
250,853
194,819
1.50%,
4/01/2051
261,720
181,788
2.00%,
4/01/2051
458,951
344,491
2.00%,
4/01/2051
264,641
195,379
2.00%,
4/01/2051
226,907
168,410
2.50%,
4/01/2051
466,715
360,031
2.00%,
5/01/2051
333,296
245,983
2.00%,
5/01/2051
492,919
364,051
2.00%,
5/01/2051
102,411
76,590
2.00%,
5/01/2051
316,429
233,456
2.50%,
5/01/2051
55,905
43,112
2.50%,
5/01/2051
391,920
300,891
2.50%,
5/01/2051
200,245
154,775
1.50%,
6/01/2051
238,136
165,356
2.50%,
7/01/2051
121,600
93,955
3.00%,
7/01/2051
323,350
261,621
3.00%,
7/01/2051
643,512
516,722
1.50%,
8/01/2051
131,191
91,124
1.50%,
8/01/2051
53,373
37,049
2.00%,
8/01/2051
1,442,461
1,068,909
2.00%,
8/01/2051
308,207
227,314
1.50%,
9/01/2051
22,211
15,415
2.00%,
9/01/2051
350,498
258,266
2.00%,
9/01/2051
22,082
16,279
2.00%,
9/01/2051
305,407
225,144
2.00%,
9/01/2051
22,861
16,853
2.50%,
9/01/2051
214,598
165,310
2.50%,
9/01/2051
173,622
134,143
2.50%,
9/01/2051
62,875
48,424
3.50%,
9/01/2051
108,712
90,815
1.50%,
10/01/2051
428,134
297,099
2.00%,
10/01/2051
537,168
396,181
2.00%,
10/01/2051
57,332
42,246
2.00%,
10/01/2051
199,685
148,051
90
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Federal
Home
Loan
Mortgage
Corporation
(continued)
2.50%,
10/01/2051
261,951
203,239
2.50%,
10/01/2051
343,362
264,363
1.50%,
11/01/2051
134,122
93,058
2.00%,
11/01/2051
393,384
289,365
2.50%,
11/01/2051
86,271
67,081
2.00%,
12/01/2051
132,426
98,044
2.50%,
12/01/2051
205,387
159,270
2.50%,
12/01/2051
388,007
299,984
2.00%,
1/01/2052
363,335
270,894
2.00%,
2/01/2052
1,446,137
1,063,617
2.00%,
2/01/2052
298,663
219,969
2.50%,
2/01/2052
199,712
154,863
2.50%,
2/01/2052
261,155
201,905
2.50%,
2/01/2052
246,920
189,865
2.00%,
3/01/2052
365,378
269,605
2.00%,
3/01/2052
43,587
32,066
2.00%,
3/01/2052
23,624
17,356
3.00%,
3/01/2052
444,519
356,061
2.00%,
4/01/2052
162,503
119,388
2.50%,
4/01/2052
680,772
527,176
2.50%,
4/01/2052
711,217
546,037
3.50%,
4/01/2052
89,149
74,809
2.50%,
5/01/2052
558,351
428,675
3.00%,
5/01/2052
70,969
57,113
3.00%,
5/01/2052
130,758
105,925
3.00%,
5/01/2052
325,038
261,549
3.50%,
5/01/2052
22,900
19,083
3.50%,
5/01/2052
747,378
622,817
3.50%,
5/01/2052
279,746
233,078
2.50%,
6/01/2052
187,910
144,268
3.00%,
6/01/2052
170,564
137,222
3.00%,
6/01/2052
116,675
93,430
3.50%,
6/01/2052
108,733
90,625
3.50%,
6/01/2052
70,867
59,235
4.00%,
6/01/2052
22,551
19,554
4.50%,
6/01/2052
195,587
175,878
4.00%,
7/01/2052
94,175
81,482
4.00%,
7/01/2052
239,415
207,109
4.00%,
8/01/2052
70,134
60,670
4.50%,
8/01/2052
23,040
20,587
4.50%,
8/01/2052
184,103
164,502
5.00%,
8/01/2052
194,744
179,608
5.00%,
8/01/2052
149,430
137,911
2.50%,
9/01/2052
246,792
189,766
3.00%,
9/01/2052
208,900
167,256
4.50%,
9/01/2052
92,088
82,294
4.50%,
9/01/2052
206,512
184,520
4.50%,
9/01/2052
302,920
270,661
5.00%,
9/01/2052
23,215
21,437
4.00%,
10/01/2052
467,205
405,570
4.00%,
10/01/2052
97,444
84,234
4.00%,
10/01/2052
227,703
196,907
5.50%,
10/01/2052
45,964
43,667
5.00%,
11/01/2052
116,995
107,902
4.50%,
12/01/2052
144,721
129,309
4.50%,
12/01/2052
188,931
169,946
4.50%,
12/01/2052
57,151
51,064
5.00%,
12/01/2052
23,743
21,948
5.00%,
12/01/2052
151,683
139,894
5.50%,
12/01/2052
23,211
22,042
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Federal
Home
Loan
Mortgage
Corporation
(continued)
4.00%,
1/01/2053
332,605
287,517
4.50%,
1/01/2053
24,009
21,452
5.00%,
1/01/2053
47,607
43,937
5.00%,
1/01/2053
142,743
131,649
5.00%,
2/01/2053
408,627
376,867
5.50%,
2/01/2053
469,734
445,909
4.00%,
3/01/2053
72,506
63,096
4.50%,
3/01/2053
385,416
344,233
6.00%,
3/01/2053
22,825
22,220
4.00%,
4/01/2053
24,449
21,122
5.00%,
4/01/2053
892,218
822,768
5.00%,
5/01/2053
494,206
455,737
6.00%,
5/01/2053
472,817
460,281
5.50%,
6/01/2053
49,207
46,874
5.50%,
6/01/2053
503,211
477,494
4.50%,
7/01/2053
147,724
131,940
5.50%,
7/01/2053
314,260
298,199
6.00%,
8/01/2053
97,194
94,617
5.50%,
9/01/2053
197,243
187,163
5.50%,
9/01/2053
124,236
118,043
6.00%,
9/01/2053
196,277
191,073
Federal
Home
Loan
Mortgage
Corporation
Mutifamily
Structured
Pass-Through
Ctfs.
Series
2015-KS03,
Class
A4,
3.16%,
5/25/2025
(d)
35,000
33,958
Series
2015-K051,
Class
A2,
3.31%,
9/25/2025
(d)
200,000
192,369
Series
2019-K734,
Class
A2,
3.21%,
2/25/2026
(d)
225,000
214,680
Series
2019-K736,
Class
A2,
2.28%,
7/25/2026
(d)
50,000
46,256
Series
2016-K057,
Class
A2,
2.57%,
7/25/2026
(d)
125,000
116,536
Series
2016-K058,
Class
AM,
2.72%,
8/25/2026
(d)
90,000
83,561
Series
2017-K064,
Class
A2,
3.22%,
3/25/2027
(d)
20,000
18,715
Series
2017-K069,
Class
A2,
3.19%,
9/25/2027
(d)
150,000
138,719
Series
2018-K072,
Class
A1,
3.25%,
11/25/2027
(d)
78,264
74,753
Series
2018-K072,
Class
A2,
3.44%,
12/25/2027
(d)
160,000
148,674
Series
2018-K077,
Class
A1,
3.70%,
3/25/2028
(d)
23,091
22,225
Series
2021-K743,
Class
A2,
1.77%,
5/25/2028
(d)
75,000
63,876
Series
2018-K077,
Class
A2,
3.85%,
5/25/2028
(d)
50,000
46,924
Series
2018-K081,
Class
AM,
3.90%,
8/25/2028
(d)
50,000
46,686
Series
2019-K087,
Class
A2,
3.77%,
12/25/2028
(d)
130,000
120,368
Series
2019-K089,
Class
AM,
3.63%,
1/25/2029
(d)
60,000
54,895
Series
2019-K099,
Class
A2,
2.60%,
9/25/2029
(d)
40,000
34,237
Series
2020-K106,
Class
A1,
1.78%,
10/25/2029
(d)
35,354
31,133
Series
2019-K101,
Class
A2,
2.52%,
10/25/2029
(d)
10,000
8,493
91
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Federal
Home
Loan
Mortgage
Corporation
Mutifamily
Structured
Pass-Through
Ctfs.
(continued)
Series
2020-K105,
Class
A2,
1.87%,
1/25/2030
(d)
90,000
72,840
Series
2023-K751,
Class
AM,
4.22%,
4/25/2030
(d)
150,000
138,029
Series
2016-K152,
Class
A1,
2.83%,
5/25/2030
(d)
35,422
32,023
Series
2020-K116,
Class
A2,
1.38%,
7/25/2030
(d)
120,000
92,141
Series
2020-K121,
Class
A2,
1.55%,
10/25/2030
(d)
140,000
107,464
Series
2021-K123,
Class
A2,
1.62%,
12/25/2030
(d)
200,000
153,840
Series
2021-K126,
Class
A2,
2.07%,
1/25/2031
(d)
50,000
39,665
Series
2019-1510,
Class
A2,
3.72%,
1/25/2031
(d)
145,000
128,306
Series
2021-K135,
Class
A2,
2.15%,
10/25/2031
(d)
200,000
155,874
Series
2017-K153,
Class
A3,
3.12%,
10/25/2031
(d)
50,000
42,062
Series
2021-K136,
Class
A2,
2.13%,
11/25/2031
(d)
120,000
93,024
Series
2022-K137,
Class
A2,
2.35%,
11/25/2031
(d)
400,000
315,195
Series
2022-K142,
Class
A2,
2.40%,
3/25/2032
(d)
30,000
23,587
Series
2023-155,
Class
AM,
4.25%,
4/25/2033
(d)
250,000
222,766
Series
2018-K157,
Class
A2,
3.99%,
5/25/2033
(d)
260,000
235,828
Series
2023-157,
Class
A2,
4.20%,
5/25/2033
(d)
100,000
89,246
Series
2019-1513,
Class
A3,
2.80%,
8/25/2034
(d)
20,000
15,272
Federal
National
Mortgage
Association
1.63%,
1/07/2025
(d)
340,000
325,505
0.63%,
4/22/2025
(d)
30,000
28,051
0.38%,
8/25/2025
(d)
30,000
27,545
0.50%,
11/07/2025
(d)
171,000
156,005
0.56%,
11/17/2025
(d)
450,000
409,707
0.64%,
12/30/2025
(d)
200,000
181,579
3.00%,
11/01/2026
(d)
13,066
12,650
3.00%,
12/01/2026
(d)
7,323
7,091
3.00%,
12/01/2026
(d)
26,982
26,123
3.00%,
12/01/2026
(d)
7,621
7,373
3.00%,
6/01/2027
(d)
7,841
7,534
0.75%,
10/08/2027
(d)
100,000
85,061
3.00%,
2/01/2028
(d)
12,244
11,757
2.50%,
6/01/2028
(d)
28,752
27,162
3.00%,
9/01/2028
(d)
54,335
51,839
7.13%,
1/15/2030
(d)
50,000
55,211
3.00%,
7/01/2030
(d)
35,916
34,186
2.00%,
8/01/2030
(d)
36,722
33,584
3.50%,
8/01/2030
(d)
10,742
10,468
0.88%,
8/05/2030
(d)
165,000
125,086
2.00%,
10/01/2030
(d)
8,427
7,733
2.50%,
3/01/2031
(d)
40,426
38,066
3.50%,
4/01/2031
(d)
54,985
52,203
3.00%,
8/01/2031
(d)
14,960
13,910
2.50%,
10/01/2031
(d)
83,064
77,633
2.00%,
11/01/2031
(d)
25,264
22,812
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Federal
National
Mortgage
Association
(continued)
2.50%,
11/01/2031
(d)
293,669
270,030
3.50%,
11/01/2031
(d)
12,031
11,578
2.50%,
1/01/2032
(d)
60,149
55,121
2.50%,
1/01/2032
(d)
10,790
9,986
3.00%,
1/01/2032
(d)
155,832
145,019
3.50%,
1/01/2032
(d)
12,809
11,916
3.00%,
2/01/2032
(d)
15,139
14,110
3.50%,
4/01/2032
(d)
13,420
12,683
2.50%,
5/01/2032
(d)
83,690
77,329
3.00%,
8/01/2032
(d)
62,696
56,606
3.50%,
8/01/2032
(d)
57,382
54,377
3.00%,
9/01/2032
(d)
22,731
20,523
2.50%,
1/01/2033
(d)
18,472
17,257
3.00%,
2/01/2033
(d)
105,396
97,503
3.00%,
2/01/2033
(d)
33,237
30,655
3.50%,
5/01/2033
(d)
22,134
20,562
3.50%,
10/01/2033
(d)
26,384
24,530
4.00%,
4/01/2034
(d)
8,563
8,203
2.50%,
8/01/2034
(d)
41,592
36,540
3.50%,
9/01/2034
(d)
19,470
18,094
4.00%,
10/01/2034
(d)
45,898
43,378
2.50%,
1/01/2035
(d)
132,437
116,352
3.00%,
1/01/2035
(d)
114,008
103,319
2.50%,
2/01/2035
(d)
130,805
114,921
3.00%,
2/01/2035
(d)
6,674
6,048
2.50%,
3/01/2035
(d)
157,863
138,693
3.50%,
3/01/2035
(d)
7,843
7,286
4.00%,
3/01/2035
(d)
29,170
27,576
2.00%,
7/01/2035
(d)
23,593
20,024
2.00%,
7/01/2035
(d)
198,361
168,353
2.50%,
7/01/2035
(d)
21,697
19,039
2.50%,
7/01/2035
(d)
96,224
84,450
2.00%,
9/01/2035
(d)
88,585
75,184
2.50%,
9/01/2035
(d)
41,742
36,635
2.50%,
9/01/2035
(d)
82,684
72,556
3.00%,
9/01/2035
(d)
20,939
18,914
1.50%,
10/01/2035
(d)
234,011
192,434
2.00%,
10/01/2035
(d)
173,684
147,416
2.00%,
10/01/2035
(d)
31,491
26,728
2.00%,
10/01/2035
(d)
14,252
12,129
2.00%,
10/01/2035
(d)
259,751
220,467
5.50%,
10/01/2035
(d)
11,749
11,724
1.50%,
11/01/2035
(d)
15,234
12,527
2.00%,
11/01/2035
(d)
142,255
120,739
2.50%,
11/01/2035
(d)
36,675
32,183
2.00%,
12/01/2035
(d)
90,308
76,641
2.00%,
12/01/2035
(d)
28,892
24,510
2.50%,
1/01/2036
(d)
67,398
59,124
3.00%,
1/01/2036
(d)
48,615
43,914
2.00%,
2/01/2036
(d)
69,355
58,863
2.50%,
2/01/2036
(d)
41,162
36,128
2.00%,
3/01/2036
(d)
130,986
111,170
1.50%,
4/01/2036
(d)
18,589
15,349
2.50%,
4/01/2036
(d)
14,744
13,897
3.00%,
4/01/2036
(d)
63,152
56,357
1.50%,
5/01/2036
(d)
186,583
153,397
1.50%,
5/01/2036
(d)
36,969
30,663
2.00%,
5/01/2036
(d)
35,517
30,192
2.00%,
5/01/2036
(d)
66,703
56,533
1.50%,
6/01/2036
(d)
125,203
102,958
92
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Federal
National
Mortgage
Association
(continued)
2.00%,
6/01/2036
(d)
308,420
261,332
2.00%,
6/01/2036
(d)
221,645
187,806
1.50%,
7/01/2036
(d)
93,221
77,310
2.00%,
7/01/2036
(d)
79,199
67,107
2.00%,
8/01/2036
(d)
34,272
29,040
1.50%,
9/01/2036
(d)
27,382
22,512
1.50%,
9/01/2036
(d)
260,173
214,322
2.00%,
9/01/2036
(d)
188,985
160,628
2.50%,
9/01/2036
(d)
78,394
68,491
2.50%,
9/01/2036
(d)
35,842
31,323
1.50%,
10/01/2036
(d)
41,118
34,095
1.50%,
10/01/2036
(d)
40,755
33,506
2.00%,
10/01/2036
(d)
118,328
100,262
1.50%,
11/01/2036
(d)
61,947
50,929
2.00%,
11/01/2036
(d)
44,752
37,919
2.00%,
11/01/2036
(d)
223,621
189,480
1.50%,
12/01/2036
(d)
83,210
68,410
2.00%,
12/01/2036
(d)
81,211
69,027
2.00%,
12/01/2036
(d)
122,078
103,440
3.50%,
12/01/2036
(d)
51,732
48,096
2.50%,
1/01/2037
(d)
230,294
201,259
3.50%,
1/01/2037
(d)
14,960
13,566
2.00%,
2/01/2037
(d)
289,581
245,369
2.50%,
2/01/2037
(d)
14,835
12,470
2.50%,
2/01/2037
(d)
48,282
42,195
1.50%,
3/01/2037
(d)
150,014
123,255
2.00%,
3/01/2037
(d)
293,519
249,553
2.50%,
3/01/2037
(d)
103,435
90,208
2.00%,
4/01/2037
(d)
21,349
18,074
2.00%,
4/01/2037
(d)
274,226
232,168
2.50%,
4/01/2037
(d)
65,932
55,419
1.50%,
5/01/2037
(d)
109,576
90,030
2.50%,
5/01/2037
(d)
44,427
38,863
3.00%,
5/01/2037
(d)
83,103
74,287
3.50%,
5/01/2037
(d)
95,481
87,985
3.00%,
6/01/2037
(d)
42,538
38,026
1.50%,
8/01/2037
(d)
186,694
153,488
2.00%,
8/01/2037
(d)
47,728
40,408
3.50%,
9/01/2037
(d)
42,667
38,996
3.50%,
11/01/2037
(d)
80,353
72,824
4.00%,
11/01/2037
(d)
64,838
60,493
4.50%,
11/01/2037
(d)
42,613
40,399
3.00%,
12/01/2037
(d)
39,546
34,764
2.50%,
3/01/2038
(d)
17,052
14,635
3.00%,
4/01/2038
(d)
48,645
43,485
3.00%,
5/01/2038
(d)
30,416
26,816
3.50%,
6/01/2038
(d)
96,553
88,244
1.50%,
11/15/2038
(d)(e)
125,000
102,681
2.00%,
11/15/2038
(d)(e)
25,000
21,143
3.00%,
11/15/2038
(d)(e)
175,000
156,390
4.50%,
11/15/2038
(d)(e)
75,000
71,064
5.00%,
11/15/2038
(d)(e)
100,000
96,462
5.50%,
11/15/2038
(d)(e)
50,000
49,041
3.00%,
12/15/2038
(d)(e)
50,000
44,714
4.00%,
12/15/2038
(d)(e)
25,000
23,316
5.00%,
12/15/2038
(d)(e)
25,000
24,108
5.50%,
12/15/2038
(d)(e)
25,000
24,510
3.50%,
6/01/2039
(d)
59,144
50,743
4.50%,
6/01/2039
(d)
18,875
17,699
4.00%,
11/01/2039
(d)
13,428
12,412
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Federal
National
Mortgage
Association
(continued)
4.50%,
2/01/2040
(d)
21,405
20,071
6.00%,
4/01/2040
(d)
28,661
29,172
2.50%,
5/01/2040
(d)
8,349
6,925
2.00%,
8/01/2040
(d)
61,903
49,646
2.50%,
8/01/2040
(d)
37,417
31,009
2.00%,
9/01/2040
(d)
55,017
44,217
4.00%,
10/01/2040
(d)
140,807
127,421
2.00%,
11/01/2040
(d)
160,434
128,529
2.00%,
1/01/2041
(d)
136,605
109,366
4.50%,
2/01/2041
(d)
24,732
22,971
2.00%,
4/01/2041
(d)
78,776
62,187
4.50%,
4/01/2041
(d)
133,315
123,951
1.50%,
5/01/2041
(d)
66,071
49,886
2.00%,
5/01/2041
(d)
219,152
172,952
2.50%,
5/01/2041
(d)
39,643
32,282
1.50%,
6/01/2041
(d)
20,686
15,612
1.50%,
7/01/2041
(d)
62,537
47,179
5.50%,
7/01/2041
(d)
13,901
13,884
2.00%,
8/01/2041
(d)
122,402
96,513
1.50%,
9/01/2041
(d)
43,068
32,464
2.50%,
10/01/2041
(d)
82,291
66,923
1.50%,
11/01/2041
(d)
65,873
49,614
2.50%,
11/01/2041
(d)
166,049
135,001
2.00%,
12/01/2041
(d)
93,387
73,545
3.50%,
12/01/2041
(d)
20,607
17,870
1.50%,
1/01/2042
(d)
175,411
132,061
2.00%,
2/01/2042
(d)
45,399
35,733
2.00%,
3/01/2042
(d)
31,040
24,232
2.50%,
4/01/2042
(d)
67,190
54,001
3.00%,
4/01/2042
(d)
13,230
11,092
3.50%,
4/01/2042
(d)
53,203
46,176
5.00%,
4/01/2042
(d)
37,609
35,998
2.00%,
5/01/2042
(d)
22,749
17,761
2.50%,
5/01/2042
(d)
22,414
18,015
3.00%,
5/01/2042
(d)
46,160
40,771
3.00%,
5/01/2042
(d)
194,381
162,074
4.50%,
5/01/2042
(d)
55,769
51,792
3.50%,
6/01/2042
(d)
16,601
14,408
3.00%,
7/01/2042
(d)
45,315
37,784
3.50%,
7/01/2042
(d)
46,117
39,578
4.00%,
7/01/2042
(d)
24,892
22,443
2.00%,
8/01/2042
(d)
122,204
96,187
2.50%,
9/01/2042
(d)
23,408
18,814
4.50%,
9/01/2042
(d)
21,746
19,807
2.50%,
10/01/2042
(d)
56,415
45,086
4.00%,
10/01/2042
(d)
22,922
20,260
3.50%,
12/01/2042
(d)
33,221
28,511
3.00%,
4/01/2043
(d)
26,754
22,411
3.00%,
4/01/2043
(d)
152,256
127,541
3.50%,
6/01/2043
(d)
99,584
86,430
4.00%,
10/01/2043
(d)
193,919
174,810
5.50%,
5/01/2044
(d)
110,625
109,700
4.00%,
9/01/2044
(d)
25,895
23,015
3.00%,
10/01/2044
(d)
119,898
100,436
4.00%,
11/01/2044
(d)
25,094
22,314
4.00%,
1/01/2045
(d)
82,840
74,488
4.00%,
2/01/2045
(d)
55,663
50,187
3.00%,
4/01/2045
(d)
47,449
39,747
3.50%,
4/01/2045
(d)
14,005
12,072
3.50%,
5/01/2045
(d)
18,357
15,796
93
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Federal
National
Mortgage
Association
(continued)
3.50%,
6/01/2045
(d)
258,139
223,172
3.50%,
8/01/2045
(d)
86,483
73,903
3.50%,
11/01/2045
(d)
24,487
20,925
3.50%,
12/01/2045
(d)
177,642
151,801
3.50%,
1/01/2046
(d)
120,992
103,392
4.00%,
1/01/2046
(d)
54,150
47,969
4.00%,
1/01/2046
(d)
228,941
202,808
3.50%,
2/01/2046
(d)
95,182
81,955
3.50%,
2/01/2046
(d)
42,149
36,253
4.50%,
6/01/2046
(d)
28,922
26,663
3.00%,
9/01/2046
(d)
67,111
55,367
3.50%,
9/01/2046
(d)
82,739
70,703
4.50%,
9/01/2046
(d)
95,851
89,025
3.00%,
10/01/2046
(d)
72,024
59,289
3.00%,
10/01/2046
(d)
169,501
139,564
3.00%,
11/01/2046
(d)
864,801
711,888
3.00%,
11/01/2046
(d)
49,688
40,902
3.00%,
11/01/2046
(d)
129,571
106,660
3.00%,
11/01/2046
(d)
378,765
311,793
4.00%,
11/01/2046
(d)
15,530
13,725
3.50%,
1/01/2047
(d)
57,486
49,617
3.00%,
2/01/2047
(d)
200,027
167,596
3.50%,
2/01/2047
(d)
54,378
46,337
4.00%,
2/01/2047
(d)
11,625
10,298
3.00%,
3/01/2047
(d)
489,777
403,175
3.50%,
4/01/2047
(d)
17,648
15,185
4.00%,
5/01/2047
(d)
39,474
34,925
4.50%,
5/01/2047
(d)
50,404
46,453
4.00%,
6/01/2047
(d)
302,262
267,125
3.50%,
7/01/2047
(d)
151,446
131,434
3.00%,
8/01/2047
(d)
77,439
63,769
3.50%,
8/01/2047
(d)
69,822
59,440
3.50%,
9/01/2047
(d)
222,521
190,190
3.50%,
10/01/2047
(d)
205,778
176,840
3.50%,
10/01/2047
(d)
122,536
104,316
4.00%,
10/01/2047
(d)
61,157
53,976
3.50%,
11/01/2047
(d)
232,541
197,966
3.50%,
12/01/2047
(d)
50,720
43,525
3.00%,
1/01/2048
(d)
98,310
80,729
3.50%,
1/01/2048
(d)
79,211
67,433
4.00%,
1/01/2048
(d)
93,023
82,101
3.50%,
2/01/2048
(d)
415,730
353,916
3.50%,
2/01/2048
(d)
40,781
34,950
4.00%,
2/01/2048
(d)
66,198
58,425
3.50%,
3/01/2048
(d)
180,189
152,691
3.00%,
4/01/2048
(d)
169,835
142,267
3.50%,
4/01/2048
(d)
132,995
114,134
4.50%,
4/01/2048
(d)
10,493
9,557
4.50%,
8/01/2048
(d)
25,159
22,915
4.50%,
8/01/2048
(d)
135,677
123,812
3.00%,
9/01/2048
(d)
398,354
328,034
3.50%,
10/01/2048
(d)
149,180
126,999
4.50%,
10/01/2048
(d)
23,527
21,429
3.00%,
11/01/2048
(d)
137,322
113,041
4.00%,
11/01/2048
(d)
59,792
52,772
4.00%,
11/01/2048
(d)
26,804
23,604
4.00%,
2/01/2049
(d)
17,237
15,179
4.00%,
3/01/2049
(d)
120,274
105,915
3.50%,
4/01/2049
(d)
40,476
34,361
4.50%,
4/01/2049
(d)
45,709
41,635
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Federal
National
Mortgage
Association
(continued)
4.00%,
5/01/2049
(d)
51,426
45,301
4.50%,
5/01/2049
(d)
7,717
7,002
4.50%,
5/01/2049
(d)
18,229
16,604
3.50%,
6/01/2049
(d)
104,740
88,617
4.00%,
6/01/2049
(d)
56,289
49,680
4.00%,
6/01/2049
(d)
141,842
125,188
4.00%,
6/01/2049
(d)
537,867
474,714
3.50%,
7/01/2049
(d)
40,412
34,197
4.00%,
7/01/2049
(d)
10,409
9,151
5.00%,
7/01/2049
(d)
9,589
9,001
3.50%,
8/01/2049
(d)
113,299
94,645
3.50%,
8/01/2049
(d)
197,919
168,015
4.50%,
8/01/2049
(d)
82,590
75,294
3.00%,
9/01/2049
(d)
34,856
27,908
3.50%,
9/01/2049
(d)
35,649
30,161
3.50%,
9/01/2049
(d)
67,138
56,994
4.00%,
9/01/2049
(d)
137,212
120,633
4.00%,
9/01/2049
(d)
85,155
75,535
4.50%,
9/01/2049
(d)
13,345
12,036
5.00%,
9/01/2049
(d)
179,673
170,715
5.00%,
9/01/2049
(d)
58,699
55,102
3.00%,
10/01/2049
(d)
103,208
84,271
2.50%,
11/01/2049
(d)
206,096
160,366
2.50%,
11/01/2049
(d)
343,136
266,998
3.00%,
11/01/2049
(d)
101,018
82,557
3.00%,
11/01/2049
(d)
132,448
107,467
3.50%,
11/01/2049
(d)
243,428
205,956
4.50%,
11/01/2049
(d)
6,376
5,787
5.00%,
11/01/2049
(d)
156,754
147,045
3.00%,
12/01/2049
(d)
62,026
50,690
3.50%,
12/01/2049
(d)
51,536
43,610
3.50%,
1/01/2050
(d)
414,858
353,174
3.50%,
1/01/2050
(d)
37,918
32,189
3.00%,
2/01/2050
(d)
430,536
352,204
3.00%,
2/01/2050
(d)
50,513
41,322
3.00%,
2/01/2050
(d)
82,988
67,821
3.00%,
3/01/2050
(d)
52,733
42,739
4.00%,
3/01/2050
(d)
312,049
274,795
4.50%,
3/01/2050
(d)
61,481
56,001
5.00%,
3/01/2050
(d)
90,824
85,270
2.50%,
4/01/2050
(d)
49,128
38,321
3.00%,
4/01/2050
(d)
51,734
41,914
4.00%,
4/01/2050
(d)
29,889
26,278
2.50%,
5/01/2050
(d)
87,958
68,636
3.50%,
5/01/2050
(d)
165,386
140,242
3.50%,
5/01/2050
(d)
13,794
11,571
2.50%,
6/01/2050
(d)
191,796
149,619
4.00%,
6/01/2050
(d)
37,236
32,496
4.00%,
6/01/2050
(d)
20,495
18,016
2.50%,
7/01/2050
(d)
82,036
63,934
3.00%,
7/01/2050
(d)
52,186
42,265
3.00%,
7/01/2050
(d)
27,319
22,123
3.00%,
7/01/2050
(d)
119,890
97,075
3.00%,
7/01/2050
(d)
57,460
46,668
3.50%,
7/01/2050
(d)
466,654
401,047
3.50%,
7/01/2050
(d)
22,503
18,864
4.00%,
7/01/2050
(d)
153,820
134,222
2.50%,
8/01/2050
(d)
159,936
123,876
2.50%,
8/01/2050
(d)
75,513
58,631
4.00%,
8/01/2050
(d)
326,765
288,780
94
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Federal
National
Mortgage
Association
(continued)
2.00%,
9/01/2050
(d)
306,081
226,939
2.00%,
9/01/2050
(d)
380,057
283,054
2.00%,
9/01/2050
(d)
378,938
282,874
2.00%,
9/01/2050
(d)
37,313
27,650
2.00%,
9/01/2050
(d)
45,001
33,347
2.00%,
9/01/2050
(d)
30,092
22,576
2.50%,
9/01/2050
(d)
67,656
52,587
3.00%,
9/01/2050
(d)
38,933
31,595
3.00%,
9/01/2050
(d)
651,479
527,433
3.00%,
9/01/2050
(d)
180,595
146,214
4.50%,
9/01/2050
(d)
188,156
171,374
2.00%,
10/01/2050
(d)
234,169
174,659
2.00%,
10/01/2050
(d)
73,849
54,958
3.00%,
10/01/2050
(d)
80,985
65,711
1.50%,
11/01/2050
(d)
120,628
83,928
2.00%,
11/01/2050
(d)
734,788
545,450
2.00%,
11/01/2050
(d)
454,931
334,250
2.00%,
11/01/2050
(d)
133,507
100,092
2.50%,
11/01/2050
(d)
199,233
155,282
3.50%,
11/01/2050
(d)
199,104
167,024
1.50%,
12/01/2050
(d)
80,490
56,002
1.50%,
12/01/2050
(d)
111,093
77,273
2.00%,
12/01/2050
(d)
710,734
526,103
2.00%,
12/01/2050
(d)
219,678
163,484
2.00%,
12/01/2050
(d)
242,745
179,882
2.00%,
12/01/2050
(d)
115,720
86,312
2.00%,
12/01/2050
(d)
258,265
191,174
2.00%,
12/01/2050
(d)
152,734
113,145
2.00%,
12/01/2050
(d)
58,139
43,036
2.00%,
12/01/2050
(d)
441,287
326,019
2.50%,
12/01/2050
(d)
246,852
190,926
3.00%,
12/01/2050
(d)
279,531
226,809
1.50%,
1/01/2051
(d)
82,483
57,357
2.00%,
1/01/2051
(d)
156,514
116,642
2.00%,
1/01/2051
(d)
181,918
134,587
2.00%,
1/01/2051
(d)
1,243,463
931,150
2.00%,
1/01/2051
(d)
716,217
528,913
2.00%,
1/01/2051
(d)
464,986
343,384
3.00%,
1/01/2051
(d)
54,606
44,183
1.50%,
2/01/2051
(d)
80,293
55,868
2.00%,
2/01/2051
(d)
220,423
163,890
2.00%,
2/01/2051
(d)
1,341,029
991,581
2.50%,
2/01/2051
(d)
218,659
170,205
2.50%,
2/01/2051
(d)
135,839
105,043
2.50%,
2/01/2051
(d)
17,568
13,632
2.50%,
2/01/2051
(d)
864,748
673,927
2.50%,
2/01/2051
(d)
414,851
320,737
1.50%,
3/01/2051
(d)
61,616
43,217
2.00%,
3/01/2051
(d)
871,290
644,096
2.00%,
3/01/2051
(d)
252,520
185,758
2.50%,
3/01/2051
(d)
294,443
229,351
2.00%,
4/01/2051
(d)
569,984
421,163
2.00%,
4/01/2051
(d)
121,834
90,148
2.00%,
4/01/2051
(d)
88,689
65,502
2.00%,
4/01/2051
(d)
166,189
122,639
2.00%,
4/01/2051
(d)
44,699
32,836
2.50%,
4/01/2051
(d)
158,717
121,793
2.00%,
5/01/2051
(d)
220,042
161,642
2.00%,
5/01/2051
(d)
311,655
230,176
2.50%,
5/01/2051
(d)
653,464
502,973
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Federal
National
Mortgage
Association
(continued)
2.50%,
5/01/2051
(d)
173,075
132,810
2.50%,
5/01/2051
(d)
270,383
209,178
2.50%,
5/01/2051
(d)
453,256
349,536
3.00%,
5/01/2051
(d)
104,942
84,643
1.50%,
6/01/2051
(d)
65,079
45,189
1.50%,
6/01/2051
(d)
170,792
119,755
2.50%,
6/01/2051
(d)
119,186
92,809
3.00%,
6/01/2051
(d)
141,560
114,141
2.00%,
7/01/2051
(d)
320,162
236,241
2.00%,
7/01/2051
(d)
117,023
86,718
2.00%,
7/01/2051
(d)
255,207
190,499
2.00%,
7/01/2051
(d)
284,328
209,702
2.00%,
7/01/2051
(d)
179,879
132,852
2.50%,
7/01/2051
(d)
258,837
200,003
2.50%,
7/01/2051
(d)
81,766
63,496
1.50%,
8/01/2051
(d)
89,331
62,010
2.00%,
8/01/2051
(d)
21,962
16,198
2.00%,
8/01/2051
(d)
609,822
449,558
2.00%,
8/01/2051
(d)
239,905
177,908
2.50%,
8/01/2051
(d)
284,886
219,482
2.50%,
8/01/2051
(d)
420,131
325,505
2.50%,
8/01/2051
(d)
137,387
105,401
1.50%,
9/01/2051
(d)
112,483
78,069
2.00%,
9/01/2051
(d)
549,234
404,706
2.00%,
9/01/2051
(d)
534,488
393,938
2.00%,
9/01/2051
(d)
347,154
255,018
2.50%,
9/01/2051
(d)
85,641
66,144
2.50%,
9/01/2051
(d)
282,492
216,846
2.50%,
9/01/2051
(d)
393,953
303,412
1.50%,
10/01/2051
(d)
382,621
265,516
2.00%,
10/01/2051
(d)
704,746
519,295
2.00%,
10/01/2051
(d)
109,782
81,505
2.00%,
10/01/2051
(d)
196,328
145,759
2.00%,
10/01/2051
(d)
177,687
130,918
2.00%,
10/01/2051
(d)
174,316
129,471
2.50%,
10/01/2051
(d)
883,412
680,161
2.50%,
10/01/2051
(d)
438,961
339,115
3.00%,
10/01/2051
(d)
254,813
204,489
2.50%,
11/01/2051
(d)
272,647
209,688
3.00%,
11/01/2051
(d)
106,844
85,793
2.00%,
12/01/2051
(d)
134,050
99,439
2.00%,
12/01/2051
(d)
470,235
346,174
2.50%,
12/01/2051
(d)
656,521
505,146
2.50%,
12/01/2051
(d)
1,030,416
800,511
2.50%,
12/01/2051
(d)
85,970
66,580
2.50%,
12/01/2051
(d)
532,683
412,212
3.00%,
12/01/2051
(d)
704,767
571,843
3.00%,
12/01/2051
(d)
149,927
121,432
3.00%,
12/01/2051
(d)
164,160
132,028
2.00%,
1/01/2052
(d)
1,419,152
1,044,255
2.50%,
1/01/2052
(d)
150,231
116,529
2.50%,
1/01/2052
(d)
145,758
111,823
2.50%,
1/01/2052
(d)
444,324
344,073
2.50%,
1/01/2052
(d)
240,781
187,156
2.50%,
1/01/2052
(d)
426,733
331,616
2.50%,
1/01/2052
(d)
145,965
112,017
3.50%,
1/01/2052
(d)
71,874
61,043
2.00%,
2/01/2052
(d)
247,537
183,865
2.00%,
2/01/2052
(d)
1,604,096
1,180,890
2.00%,
2/01/2052
(d)
437,111
322,833
95
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Federal
National
Mortgage
Association
(continued)
2.50%,
2/01/2052
(d)
88,935
69,050
2.50%,
2/01/2052
(d)
86,462
66,948
2.50%,
2/01/2052
(d)
269,488
207,218
2.50%,
3/01/2052
(d)
587,992
453,002
2.50%,
3/01/2052
(d)
155,704
120,565
3.00%,
3/01/2052
(d)
49,870
40,033
3.00%,
3/01/2052
(d)
630,633
507,130
3.00%,
3/01/2052
(d)
181,323
146,145
3.00%,
3/01/2052
(d)
92,275
73,926
3.50%,
3/01/2052
(d)
44,198
36,887
1.50%,
4/01/2052
(d)
557,556
387,032
2.00%,
4/01/2052
(d)
489,069
359,311
2.50%,
4/01/2052
(d)
675,062
518,255
3.00%,
4/01/2052
(d)
252,461
202,259
3.50%,
4/01/2052
(d)
143,067
119,219
3.50%,
4/01/2052
(d)
175,737
146,892
3.50%,
4/01/2052
(d)
120,480
100,401
2.50%,
5/01/2052
(d)
139,734
107,281
2.50%,
5/01/2052
(d)
98,884
75,862
3.00%,
5/01/2052
(d)
405,656
328,650
3.50%,
5/01/2052
(d)
187,711
157,066
3.50%,
5/01/2052
(d)
96,199
80,166
3.50%,
5/01/2052
(d)
46,317
38,597
4.00%,
5/01/2052
(d)
92,849
80,295
4.00%,
5/01/2052
(d)
23,892
20,696
2.00%,
6/01/2052
(d)
630,196
463,717
3.00%,
6/01/2052
(d)
126,351
101,178
3.50%,
6/01/2052
(d)
23,183
19,316
3.50%,
6/01/2052
(d)
203,112
169,920
4.00%,
6/01/2052
(d)
257,614
223,204
4.00%,
7/01/2052
(d)
212,786
183,941
4.50%,
7/01/2052
(d)
23,035
20,584
4.50%,
7/01/2052
(d)
140,489
125,999
2.50%,
8/01/2052
(d)
23,395
17,962
4.00%,
8/01/2052
(d)
93,648
80,986
4.50%,
8/01/2052
(d)
163,902
146,508
5.00%,
8/01/2052
(d)
22,676
20,913
5.00%,
8/01/2052
(d)
45,578
42,035
4.00%,
9/01/2052
(d)
93,987
81,290
4.50%,
9/01/2052
(d)
252,059
225,216
4.50%,
9/01/2052
(d)
268,355
239,784
4.50%,
9/01/2052
(d)
93,036
83,128
5.00%,
9/01/2052
(d)
116,397
107,348
5.00%,
9/01/2052
(d)
46,833
43,192
5.00%,
9/01/2052
(d)
41,188
37,987
3.50%,
10/01/2052
(d)
646,142
538,216
5.00%,
10/01/2052
(d)
299,392
276,414
5.50%,
10/01/2052
(d)
22,153
21,046
3.50%,
11/01/2052
(d)
47,809
39,823
4.00%,
11/01/2052
(d)
23,915
20,677
4.50%,
11/01/2052
(d)
141,665
126,579
5.50%,
11/01/2052
(d)
187,528
178,205
4.50%,
12/01/2052
(d)
128,788
115,073
5.50%,
12/01/2052
(d)
68,963
65,501
4.00%,
1/01/2053
(d)
192,933
166,779
4.00%,
2/01/2053
(d)
216,830
187,403
5.00%,
2/01/2053
(d)
166,990
154,011
5.50%,
2/01/2053
(d)
148,211
141,041
6.00%,
2/01/2053
(d)
23,590
23,087
4.00%,
3/01/2053
(d)
73,451
63,693
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Federal
National
Mortgage
Association
(continued)
5.50%,
3/01/2053
(d)
118,725
112,659
5.00%,
4/01/2053
(d)
48,999
45,185
5.50%,
4/01/2053
(d)
94,685
89,846
5.00%,
5/01/2053
(d)
72,925
67,248
5.50%,
5/01/2053
(d)
695,223
659,693
5.50%,
6/01/2053
(d)
48,344
45,874
5.50%,
6/01/2053
(d)
97,313
92,355
5.50%,
6/01/2053
(d)
48,186
45,724
4.00%,
7/01/2053
(d)
244,946
211,619
4.50%,
7/01/2053
(d)
196,320
175,343
5.00%,
7/01/2053
(d)
294,002
271,117
5.00%,
7/01/2053
(d)
73,830
68,348
6.00%,
7/01/2053
(d)
48,170
46,893
4.00%,
9/01/2053
(d)
74,411
64,287
6.00%,
9/01/2053
(d)
98,877
96,278
2.00%,
11/15/2053
(d)(e)
550,000
403,841
2.50%,
11/15/2053
(d)(e)
50,000
38,325
4.00%,
11/15/2053
(d)(e)
400,000
345,530
4.50%,
11/15/2053
(d)(e)
850,000
759,002
5.00%,
11/15/2053
(d)(e)
550,000
507,038
5.50%,
11/15/2053
(d)(e)
875,000
829,998
6.00%,
11/15/2053
(d)(e)
1,400,000
1,362,368
6.50%,
11/15/2053
(d)(e)
1,075,000
1,068,649
7.00%,
11/15/2053
(d)(e)
50,000
50,542
1.50%,
12/15/2053
(d)(e)
50,000
34,697
3.00%,
12/15/2053
(d)(e)
50,000
39,991
5.00%,
12/15/2053
(d)(e)
100,000
92,184
5.50%,
12/15/2053
(d)(e)
275,000
260,850
6.00%,
12/15/2053
(d)(e)
425,000
413,374
6.50%,
12/15/2053
(d)(e)
250,000
248,338
7.00%,
12/15/2053
(d)(e)
75,000
75,704
Federal
National
Mortgage
Association
REMICs
Series
2017-M13,
Class
A2,
2.93%,
9/25/2027
(d)
227,282
208,848
Series
2022-M11,
Class
A2,
2.95%,
10/25/2027
(d)
176,596
162,241
Series
2018-M1,
Class
A2,
2.99%,
12/25/2027
(d)
34,948
32,096
Series
2019-M1,
Class
A2,
3.55%,
9/25/2028
(d)
21,803
20,201
Series
2019-M5,
Class
A2,
3.27%,
2/25/2029
(d)
39,053
35,460
Series
2019-M7,
Class
A2,
3.14%,
4/25/2029
(d)
16,538
14,773
Series
2019-M12,
Class
A2,
2.89%,
6/25/2029
(d)
98,240
86,401
Series
2019-M22,
Class
A2,
2.52%,
8/25/2029
(d)
35,730
30,667
Series
2020-M20,
Class
A2,
1.44%,
10/25/2029
(d)
200,000
158,585
Series
2020-M1,
Class
A1,
2.15%,
10/25/2029
(d)
19,870
18,338
Series
2020-M1,
Class
A2,
2.44%,
10/25/2029
(d)
200,000
168,901
Series
2018-M13,
Class
A2,
3.74%,
9/25/2030
(d)
7,836
7,047
Series
2021-M1G,
Class
A2,
1.47%,
11/25/2030
(d)
60,000
45,655
Series
2021-M13,
Class
2A1,
1.49%,
11/25/2032
(d)
82,692
72,905
96
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Government
National
Mortgage
Association
II
3.50%,
10/20/2026
11,971
11,636
2.50%,
12/20/2037
39,512
34,308
5.00%,
9/20/2039
63,272
61,061
4.50%,
2/20/2040
27,193
25,281
4.00%,
10/20/2040
17,851
16,191
5.00%,
10/20/2040
21,541
20,789
4.00%,
11/20/2040
47,213
42,823
4.50%,
1/20/2041
12,458
11,582
4.50%,
9/20/2041
23,944
22,260
4.00%,
11/20/2041
16,467
14,873
3.00%,
6/20/2042
19,540
16,492
3.00%,
8/20/2042
47,514
40,103
2.50%,
2/20/2043
233,589
190,103
3.50%,
2/20/2043
38,670
33,819
3.50%,
3/20/2043
29,146
25,471
3.00%,
4/20/2043
61,220
51,663
3.50%,
7/20/2043
77,692
67,896
3.50%,
9/20/2044
168,923
147,213
4.00%,
11/20/2044
194,183
174,335
4.50%,
1/20/2045
24,250
22,392
3.50%,
2/20/2045
30,094
26,226
3.50%,
6/20/2045
227,172
197,811
3.00%,
8/20/2045
267,292
224,363
3.50%,
11/20/2045
205,542
178,977
3.50%,
12/20/2045
40,368
35,150
3.50%,
3/20/2046
210,928
183,667
4.00%,
3/20/2046
95,232
85,291
3.00%,
4/20/2046
37,665
31,601
3.00%,
6/20/2046
205,466
172,386
3.50%,
6/20/2046
75,574
65,542
4.00%,
6/20/2046
115,092
102,730
3.00%,
9/20/2046
183,011
153,547
2.50%,
10/20/2046
8,468
6,839
3.00%,
10/20/2046
186,384
156,376
3.00%,
11/20/2046
35,633
29,896
3.50%,
11/20/2046
80,383
69,713
2.50%,
12/20/2046
142,408
115,011
3.00%,
1/20/2047
79,249
66,490
4.00%,
1/20/2047
98,637
88,043
3.00%,
2/20/2047
360,751
302,670
3.50%,
2/20/2047
309,704
268,594
4.00%,
2/20/2047
66,432
59,296
3.00%,
5/20/2047
66,583
55,804
3.50%,
5/20/2047
109,980
94,982
4.00%,
8/20/2047
172,943
154,123
4.50%,
9/20/2047
30,305
27,824
3.00%,
10/20/2047
9,875
8,276
3.00%,
1/20/2048
431,979
362,047
3.50%,
1/20/2048
377,616
326,118
3.50%,
2/20/2048
146,300
126,348
4.50%,
3/20/2048
163,891
150,476
4.00%,
4/20/2048
320,089
285,151
3.50%,
5/20/2048
135,729
117,219
4.50%,
5/20/2048
132,045
121,236
4.50%,
6/20/2048
82,969
75,931
5.00%,
6/20/2048
70,030
66,224
4.00%,
7/20/2048
11,557
10,296
4.00%,
9/20/2048
12,025
10,712
3.50%,
10/20/2048
56,105
48,440
4.00%,
11/20/2048
35,228
31,383
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Government
National
Mortgage
Association
II
(continued)
4.50%,
11/20/2048
87,887
80,431
5.00%,
12/20/2048
38,772
36,635
3.50%,
1/20/2049
98,327
84,917
4.50%,
1/20/2049
22,227
20,341
4.00%,
2/20/2049
17,861
15,912
3.50%,
3/20/2049
20,982
18,116
4.00%,
3/20/2049
79,093
70,460
3.50%,
4/20/2049
135,744
117,200
4.00%,
5/20/2049
50,310
44,704
3.00%,
8/20/2049
32,254
26,876
3.50%,
9/20/2049
174,955
150,850
3.00%,
10/20/2049
165,355
137,692
4.50%,
10/20/2049
75,414
69,017
2.50%,
12/20/2049
77,568
62,297
3.50%,
12/20/2049
42,855
36,941
3.00%,
1/20/2050
221,186
183,998
3.00%,
2/20/2050
274,086
227,928
3.50%,
4/20/2050
13,344
11,500
4.00%,
5/20/2050
13,303
11,821
5.00%,
5/20/2050
29,628
28,073
2.50%,
6/20/2050
701,091
560,864
2.50%,
7/20/2050
443,583
354,765
3.00%,
7/20/2050
54,818
45,528
3.50%,
7/20/2050
239,018
205,948
2.00%,
8/20/2050
603,705
468,670
3.00%,
8/20/2050
29,770
24,715
4.00%,
8/20/2050
80,298
71,349
4.50%,
8/20/2050
18,354
16,797
2.50%,
9/20/2050
531,406
424,774
4.50%,
9/20/2050
15,536
14,218
2.00%,
10/20/2050
133,280
103,402
2.50%,
10/20/2050
162,910
130,185
2.00%,
11/20/2050
650,110
503,177
3.00%,
11/20/2050
217,928
180,861
2.00%,
12/20/2050
323,698
250,974
2.50%,
12/20/2050
287,917
229,956
3.50%,
12/20/2050
11,519
9,896
2.00%,
1/20/2051
503,206
389,351
2.50%,
1/20/2051
354,671
283,195
3.00%,
1/20/2051
616,238
511,041
1.50%,
2/20/2051
76,926
57,397
2.50%,
2/20/2051
229,282
182,788
3.00%,
2/20/2051
183,626
152,223
2.00%,
3/20/2051
551,109
426,293
2.50%,
3/20/2051
336,137
267,922
4.00%,
3/20/2051
49,996
44,425
2.00%,
4/20/2051
206,764
159,935
2.50%,
4/20/2051
305,545
243,491
3.50%,
4/20/2051
97,399
83,544
2.00%,
5/20/2051
345,578
267,504
2.50%,
5/20/2051
365,435
291,162
2.50%,
6/20/2051
202,324
161,171
2.00%,
7/20/2051
180,754
139,828
2.50%,
7/20/2051
19,821
15,786
3.50%,
7/20/2051
89,357
76,522
2.50%,
8/20/2051
424,023
337,645
2.00%,
9/20/2051
1,019,339
788,038
2.50%,
9/20/2051
28,833
22,955
2.00%,
10/20/2051
702,555
542,127
2.50%,
10/20/2051
987,296
785,868
97
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Government
National
Mortgage
Association
II
(continued)
3.50%,
10/20/2051
82,097
70,023
2.00%,
11/20/2051
973,543
751,079
3.00%,
11/20/2051
174,724
144,160
2.00%,
12/20/2051
436,671
336,845
2.50%,
12/20/2051
305,506
243,129
3.00%,
12/20/2051
182,292
150,348
2.00%,
1/20/2052
796,084
613,952
2.50%,
1/20/2052
573,759
456,523
3.00%,
1/20/2052
623,224
513,819
3.50%,
1/20/2052
131,635
112,276
2.00%,
2/20/2052
111,549
85,997
2.50%,
2/20/2052
743,611
591,554
3.00%,
2/20/2052
223,841
184,676
3.50%,
2/20/2052
75,343
64,322
2.00%,
3/20/2052
293,945
226,612
2.50%,
3/20/2052
733,919
583,972
2.00%,
4/20/2052
31,657
24,406
3.50%,
4/20/2052
571,799
487,261
3.00%,
5/20/2052
68,505
56,423
3.50%,
5/20/2052
160,790
137,018
2.50%,
6/20/2052
31,472
25,038
3.00%,
6/20/2052
114,725
94,492
4.00%,
6/20/2052
69,658
61,195
3.50%,
7/20/2052
139,768
119,104
4.50%,
7/20/2052
420,285
379,847
5.00%,
7/20/2052
126,023
117,368
3.00%,
8/20/2052
159,574
131,431
4.00%,
8/20/2052
330,400
290,258
4.50%,
8/20/2052
423,526
382,776
3.50%,
9/20/2052
94,588
80,604
4.00%,
9/20/2052
190,314
167,192
4.50%,
9/20/2052
47,461
42,895
5.50%,
9/20/2052
136,179
130,241
4.00%,
10/20/2052
23,964
21,052
3.00%,
11/20/2052
281,430
231,939
4.00%,
12/20/2052
101,509
89,176
6.50%,
12/20/2052
89,353
89,219
5.00%,
1/20/2053
121,131
112,813
3.50%,
2/20/2053
47,718
40,886
5.00%,
2/20/2053
510,552
475,491
4.50%,
3/20/2053
210,752
190,475
4.00%,
4/20/2053
97,523
85,675
5.50%,
4/20/2053
34,328
32,826
4.00%,
5/20/2053
34,490
30,299
5.50%,
5/20/2053
49,361
47,201
6.50%,
5/20/2053
172,048
171,781
4.00%,
6/20/2053
49,198
43,221
5.00%,
6/20/2053
24,788
23,057
4.50%,
7/20/2053
124,264
112,180
5.00%,
7/20/2053
297,955
277,147
5.00%,
8/20/2053
49,789
46,312
5.00%,
10/20/2053
300,000
279,049
2.00%,
11/15/2053
(e)
25,000
19,269
3.00%,
11/15/2053
(e)
525,000
432,225
3.50%,
11/15/2053
(e)
125,000
106,494
4.00%,
11/15/2053
(e)
625,000
548,958
4.50%,
11/15/2053
(e)
550,000
496,559
5.00%,
11/15/2053
(e)
575,000
534,816
5.50%,
11/15/2053
(e)
1,375,000
1,314,599
6.00%,
11/15/2053
(e)
925,000
905,973
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Government
Agencies
–
28.4%
(continued)
Government
National
Mortgage
Association
II
(continued)
6.50%,
11/15/2053
(e)
150,000
149,649
7.00%,
11/15/2053
(e)
100,000
101,173
4.50%,
12/15/2053
(e)
50,000
45,156
5.00%,
12/15/2053
(e)
75,000
69,755
5.50%,
12/15/2053
(e)
200,000
191,154
6.00%,
12/15/2053
(e)
200,000
195,743
6.50%,
12/15/2053
(e)
125,000
124,490
Tennessee
Valley
Authority
Series
B,
4.70%,
7/15/2033
157,000
149,237
5.25%,
9/15/2039
170,000
160,065
Total
U.S.
Government
Agencies
(cost
$175,104,419)
153,716,161
U.S.
Treasury
Government
Securities
–
41.2%
U.S.
Treasury
Bonds
7.50%,
11/15/2024
440,000
449,470
6.88%,
8/15/2025
520,000
533,528
4.50%,
2/15/2036
(a)
375,000
361,172
4.75%,
2/15/2037
600,000
588,375
5.00%,
5/15/2037
(a)
635,000
635,992
4.38%,
2/15/2038
580,000
540,216
4.50%,
5/15/2038
640,000
601,800
4.38%,
11/15/2039
495,000
451,146
1.13%,
5/15/2040
1,195,000
650,902
1.13%,
8/15/2040
1,400,000
755,781
3.88%,
8/15/2040
1,135,000
964,041
1.38%,
11/15/2040
885,000
498,642
4.25%,
11/15/2040
74,000
65,848
1.88%,
2/15/2041
2,505,000
1,544,098
4.75%,
2/15/2041
490,000
463,586
2.25%,
5/15/2041
755,000
494,879
4.38%,
5/15/2041
170,000
153,345
1.75%,
8/15/2041
1,080,000
641,081
2.00%,
11/15/2041
1,250,000
773,633
3.13%,
11/15/2041
120,000
90,225
2.38%,
2/15/2042
865,000
571,170
3.13%,
2/15/2042
880,000
660,000
3.00%,
5/15/2042
1,410,000
1,032,384
3.25%,
5/15/2042
1,115,000
848,968
2.75%,
8/15/2042
717,000
501,676
3.38%,
8/15/2042
410,000
317,237
2.75%,
11/15/2042
347,000
241,761
4.00%,
11/15/2042
160,000
135,600
3.13%,
2/15/2043
300,000
221,812
3.88%,
2/15/2043
600,000
498,844
2.88%,
5/15/2043
270,000
190,941
3.88%,
5/15/2043
1,840,000
1,527,775
4.38%,
8/15/2043
810,000
722,166
3.75%,
11/15/2043
290,000
235,308
3.63%,
2/15/2044
150,000
119,039
3.38%,
5/15/2044
45,000
34,228
3.13%,
8/15/2044
140,000
101,872
3.00%,
11/15/2044
1,175,000
834,066
2.50%,
2/15/2045
2,410,000
1,554,450
3.00%,
5/15/2045
295,000
208,436
2.88%,
8/15/2045
400,000
275,375
3.00%,
11/15/2045
150,000
105,422
2.50%,
2/15/2046
1,225,000
778,832
2.50%,
5/15/2046
355,000
224,926
2.25%,
8/15/2046
275,000
164,699
2.88%,
11/15/2046
145,000
98,577
98
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Treasury
Government
Securities
–
41.2%
(continued)
U.S.
Treasury
Bonds
(continued)
3.00%,
2/15/2047
265,000
184,051
3.00%,
5/15/2047
325,000
225,367
2.75%,
8/15/2047
1,165,000
767,262
2.75%,
11/15/2047
925,000
608,332
3.00%,
2/15/2048
1,391,000
959,573
3.13%,
5/15/2048
1,110,000
783,937
3.00%,
8/15/2048
375,000
258,164
3.38%,
11/15/2048
970,000
717,497
3.00%,
2/15/2049
665,000
457,291
2.88%,
5/15/2049
1,625,000
1,090,020
2.25%,
8/15/2049
615,000
358,910
2.38%,
11/15/2049
1,355,000
813,635
2.00%,
2/15/2050
735,000
402,183
1.25%,
5/15/2050
1,638,000
719,952
1.38%,
8/15/2050
2,195,000
998,382
1.63%,
11/15/2050
1,715,000
839,278
1.88%,
2/15/2051
1,415,000
742,654
2.38%,
5/15/2051
1,785,000
1,063,191
2.00%,
8/15/2051
2,700,000
1,459,266
1.88%,
11/15/2051
1,245,000
649,345
2.25%,
2/15/2052
1,350,000
777,094
2.88%,
5/15/2052
1,420,000
947,406
3.00%,
8/15/2052
970,000
665,359
4.00%,
11/15/2052
650,000
543,258
3.63%,
2/15/2053
1,050,000
818,180
3.63%,
5/15/2053
1,345,000
1,048,259
4.13%,
8/15/2053
790,000
675,820
U.S.
Treasury
Notes
0.75%,
11/15/2024
1,095,000
1,043,586
2.25%,
11/15/2024
865,000
837,259
1.50%,
11/30/2024
885,000
848,701
2.13%,
11/30/2024
25,000
24,138
4.50%,
11/30/2024
1,000,000
990,039
1.00%,
12/15/2024
1,120,000
1,066,844
1.75%,
12/31/2024
1,020,000
978,483
2.25%,
12/31/2024
210,000
202,617
4.25%,
12/31/2024
1,300,000
1,283,242
1.13%,
1/15/2025
1,855,000
1,764,569
1.38%,
1/31/2025
575,000
547,755
2.50%,
1/31/2025
100,000
96,594
4.13%,
1/31/2025
1,375,000
1,355,127
1.50%,
2/15/2025
760,000
724,019
2.00%,
2/15/2025
850,000
815,004
1.13%,
2/28/2025
1,075,000
1,017,597
4.63%,
2/28/2025
140,000
138,780
1.75%,
3/15/2025
1,085,000
1,034,649
0.50%,
3/31/2025
1,915,000
1,791,497
2.63%,
3/31/2025
500,000
482,012
3.88%,
3/31/2025
1,550,000
1,520,877
2.63%,
4/15/2025
680,000
655,137
0.38%,
4/30/2025
1,300,000
1,209,762
2.88%,
4/30/2025
240,000
231,881
3.88%,
4/30/2025
710,000
696,244
2.13%,
5/15/2025
605,000
577,586
2.75%,
5/15/2025
375,000
361,362
0.25%,
5/31/2025
1,570,000
1,452,802
2.88%,
5/31/2025
755,000
728,693
4.25%,
5/31/2025
1,740,000
1,714,920
2.88%,
6/15/2025
580,000
559,247
0.25%,
6/30/2025
1,825,000
1,683,277
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Treasury
Government
Securities
–
41.2%
(continued)
U.S.
Treasury
Notes
(continued)
4.63%,
6/30/2025
(a)
230,000
228,041
0.25%,
7/31/2025
1,800,000
1,653,961
2.88%,
7/31/2025
150,000
144,322
4.75%,
7/31/2025
440,000
437,130
2.00%,
8/15/2025
1,180,000
1,117,174
3.13%,
8/15/2025
910,000
878,825
0.25%,
8/31/2025
1,915,000
1,753,422
2.75%,
8/31/2025
1,920,000
1,840,275
5.00%,
8/31/2025
905,000
903,126
3.50%,
9/15/2025
615,000
597,367
0.25%,
9/30/2025
2,535,000
2,314,079
5.00%,
9/30/2025
1,395,000
1,392,439
4.25%,
10/15/2025
1,130,000
1,112,300
0.25%,
10/31/2025
1,665,000
1,513,914
5.00%,
10/31/2025
1,150,000
1,148,607
2.25%,
11/15/2025
990,000
936,555
4.50%,
11/15/2025
645,000
637,945
0.38%,
11/30/2025
1,425,000
1,294,746
2.88%,
11/30/2025
100,000
95,727
4.00%,
12/15/2025
665,000
651,129
0.38%,
12/31/2025
1,435,000
1,300,357
2.63%,
12/31/2025
(a)
450,000
427,957
3.88%,
1/15/2026
690,000
673,612
0.38%,
1/31/2026
1,820,000
1,642,266
2.63%,
1/31/2026
(a)
325,000
308,572
1.63%,
2/15/2026
600,000
556,406
4.00%,
2/15/2026
2,310,000
2,259,830
0.50%,
2/28/2026
1,090,000
983,384
2.50%,
2/28/2026
560,000
529,594
4.63%,
3/15/2026
500,000
495,938
0.75%,
3/31/2026
1,040,000
942,012
2.25%,
3/31/2026
580,000
544,384
3.75%,
4/15/2026
1,625,000
1,579,424
0.75%,
4/30/2026
860,000
776,016
2.38%,
4/30/2026
245,000
230,262
1.63%,
5/15/2026
880,000
810,494
3.63%,
5/15/2026
180,000
174,347
0.75%,
5/31/2026
610,000
548,523
4.13%,
6/15/2026
600,000
588,000
0.88%,
6/30/2026
920,000
828,719
1.88%,
6/30/2026
140,000
129,500
4.50%,
7/15/2026
725,000
717,014
0.63%,
7/31/2026
965,000
859,905
1.88%,
7/31/2026
254,000
234,255
1.50%,
8/15/2026
1,240,000
1,130,434
4.38%,
8/15/2026
405,000
399,178
0.75%,
8/31/2026
2,670,000
2,379,012
1.38%,
8/31/2026
1,195,000
1,084,276
4.63%,
9/15/2026
710,000
704,730
0.88%,
9/30/2026
1,830,000
1,633,847
1.63%,
9/30/2026
310,000
282,851
4.63%,
10/15/2026
1,015,000
1,007,388
1.13%,
10/31/2026
1,120,000
1,003,800
1.63%,
10/31/2026
240,000
218,362
2.00%,
11/15/2026
920,000
845,466
1.25%,
11/30/2026
1,260,000
1,130,259
1.63%,
11/30/2026
375,000
340,459
1.25%,
12/31/2026
2,290,000
2,050,266
1.75%,
12/31/2026
435,000
395,476
1.50%,
1/31/2027
3,225,000
2,900,736
99
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Treasury
Government
Securities
–
41.2%
(continued)
U.S.
Treasury
Notes
(continued)
2.25%,
2/15/2027
775,000
713,666
1.13%,
2/28/2027
125,000
110,801
1.88%,
2/28/2027
915,000
831,292
0.63%,
3/31/2027
830,000
720,155
0.50%,
4/30/2027
645,000
555,103
2.75%,
4/30/2027
200,000
186,437
0.50%,
5/31/2027
1,190,000
1,020,518
0.50%,
6/30/2027
1,710,000
1,461,649
0.38%,
7/31/2027
2,380,000
2,016,678
2.75%,
7/31/2027
460,000
426,686
2.25%,
8/15/2027
1,755,000
1,596,502
0.50%,
8/31/2027
1,850,000
1,570,043
3.13%,
8/31/2027
1,095,000
1,028,616
0.38%,
9/30/2027
2,170,000
1,825,852
4.13%,
9/30/2027
1,247,000
1,214,071
0.50%,
10/31/2027
965,000
813,239
4.13%,
10/31/2027
705,000
685,943
2.25%,
11/15/2027
1,125,000
1,017,686
0.63%,
11/30/2027
2,130,000
1,798,685
0.63%,
12/31/2027
1,405,000
1,182,725
3.88%,
12/31/2027
715,000
688,690
3.50%,
1/31/2028
390,000
369,860
2.75%,
2/15/2028
780,000
716,808
1.13%,
2/29/2028
275,000
235,254
4.00%,
2/29/2028
495,000
478,758
1.25%,
3/31/2028
385,000
330,258
1.25%,
4/30/2028
565,000
483,428
3.50%,
4/30/2028
650,000
615,063
2.88%,
5/15/2028
732,000
673,326
1.25%,
5/31/2028
925,000
788,852
3.63%,
5/31/2028
1,495,000
1,421,652
1.25%,
6/30/2028
2,750,000
2,338,574
4.00%,
6/30/2028
745,000
719,158
1.00%,
7/31/2028
2,630,000
2,202,420
4.13%,
7/31/2028
490,000
475,338
2.88%,
8/15/2028
1,479,000
1,353,863
1.13%,
8/31/2028
2,490,000
2,092,378
4.38%,
8/31/2028
350,000
343,301
1.25%,
9/30/2028
2,290,000
1,930,577
4.63%,
9/30/2028
1,100,000
1,089,859
1.38%,
10/31/2028
1,300,000
1,099,820
4.88%,
10/31/2028
1,150,000
1,152,516
3.13%,
11/15/2028
1,025,000
945,162
1.50%,
11/30/2028
1,930,000
1,639,294
1.38%,
12/31/2028
2,135,000
1,796,069
1.75%,
1/31/2029
2,060,000
1,763,392
2.63%,
2/15/2029
997,000
892,704
1.88%,
2/28/2029
2,480,000
2,132,219
2.38%,
3/31/2029
900,000
792,562
2.88%,
4/30/2029
800,000
722,312
2.38%,
5/15/2029
665,000
584,473
2.75%,
5/31/2029
1,115,000
998,448
3.25%,
6/30/2029
2,000,000
1,836,406
2.63%,
7/31/2029
1,350,000
1,196,543
1.63%,
8/15/2029
500,000
419,258
3.13%,
8/31/2029
770,000
700,339
3.88%,
9/30/2029
545,000
515,877
4.00%,
10/31/2029
415,000
395,223
3.88%,
11/30/2029
555,000
524,562
3.88%,
12/31/2029
580,000
547,783
BNY
Mellon
Core
Bond
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
U.S.
Treasury
Government
Securities
–
41.2%
(continued)
U.S.
Treasury
Notes
(continued)
3.50%,
1/31/2030
2,500,000
2,309,570
1.50%,
2/15/2030
2,100,000
1,716,914
4.00%,
2/28/2030
550,000
522,414
3.63%,
3/31/2030
350,000
325,090
3.50%,
4/30/2030
580,000
534,461
0.63%,
5/15/2030
1,560,000
1,189,012
3.75%,
5/31/2030
595,000
555,953
3.75%,
6/30/2030
300,000
280,125
4.00%,
7/31/2030
635,000
601,563
0.63%,
8/15/2030
3,405,000
2,572,371
4.13%,
8/31/2030
(a)
970,000
925,289
4.63%,
9/30/2030
765,000
752,091
4.88%,
10/31/2030
840,000
838,425
0.88%,
11/15/2030
965,000
737,773
1.13%,
2/15/2031
(a)
575,000
445,355
1.63%,
5/15/2031
645,000
513,581
1.25%,
8/15/2031
2,655,000
2,033,564
1.38%,
11/15/2031
3,080,000
2,363,900
1.88%,
2/15/2032
3,765,000
2,991,999
2.88%,
5/15/2032
1,005,000
862,416
2.75%,
8/15/2032
3,420,000
2,893,106
4.13%,
11/15/2032
3,285,000
3,095,086
3.50%,
2/15/2033
3,060,000
2,739,656
3.38%,
5/15/2033
(a)
1,950,000
1,724,531
3.88%,
8/15/2033
(a)
590,000
543,077
Total
U.S.
Treasury
Government
Securities
(cost
$244,103,119)
222,615,733
Shares
Investment
Companies
–
2.5%
Registered
Investment
Companies
–
2.5%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.32%
(f)(g)
(cost
$13,640,121)
13,640,121
13,640,121
Investment
of
Cash
Collateral
for
Securities
Loaned
–
0.5%
Registered
Investment
Companies
–
0.5%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.32%
(f)(g)
(cost
$2,568,411)
2,568,411
2,568,411
Total
Investments
Before
TBA
Sale
Commitments  (cost
$617,954,245)
102.3%
553,146,318
TBA
Sale
Commitments
–
(
0.0%
)
Principal
Amount
($)
Federal
National
Mortgage
Association
(h)
2.50%,
12/15/2038
(d)
50,000
(43,513)
3.50%,
12/15/2038
(d)
25,000
(22,842)
Total
TBA
Sale
Commitments
(proceeds$(66,415))
(66,355)
Total
Investments
(cost
net
of
proceeds
$617,887,830)
102.3%
553,079,963
Liabilities,
Less
Cash
and
Receivables
(2.3)%
(12,165,154)
Net
Assets
100.0%
540,914,809
GO—General
Obligation
RB—Revenue
Bond
REIT—Real
Estate
Investment
Trust
REMICs—Real
Estate
Mortgage
Investment
Conduits
100
STATEMENT
OF
INVESTMENTS
(continued)
See
Notes
to
Financial
Statements
(a)
Security,
or
portion
thereof,
on
loan.
At
October
31,
2023,
the
value
of
the
fund’s
securities
on
loan
was
$8,412,809
and
the
value
of
the
collateral
was
$9,385,892,
consisting
of
cash
collateral
of
$2,568,411
and
U.S.
Government
&
Agency
securities
valued
at
$6,817,481.
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
October
31,
2023,
these
securities
were
valued
at
$878,399
or
0.16%
of
net
assets.
(c)
Denotes
a
zero
coupon
security
issued
at
a
substantial
discount
from
its
value
at
maturity.
(d)
The
Federal
Housing
Finance
Agency
(“FHFA”)
placed
the
Federal
Home
Loan
Mortgage
Corporation
and
Federal
National
Mortgage
Association
into
conservatorship
with
FHFA
as
the
conservator.
As
such,
the
FHFA
oversees
the
continuing
affairs
of
these
companies.
(e)
Purchased
on
a
forward
commitment
basis.
(f)
Investment
in
affiliated
issuer.
The
investment
objective
of
this
investment
company
is
publicly
available
and
can
be
found
within
the
investment
company’s
prospectus.
(g)
The
rate
shown
is
the
1-day
yield
as
of
October
31,
2023.
(h)
Sales
on
a
forward
commitment
basis.
Portfolio
Summary
(Unaudited)
†
Value
(%)
Government
43.2
Financial
40.0
Consumer,
Non-cyclical
4.2
Registered
Investment
Companies
3.0
Utilities
2.1
Industrial
2.1
Communications
2.0
Energy
1.7
Technology
1.7
Consumer,
Cyclical
1.7
Basic
Materials
0.6
102.3
†
Based
on
net
assets.
Holdings
and
transactions
in
these
affiliated
companies
during
the
period
ended
October
31,
2023
are
as
follows:
Description
Value
($)
10/31/22
Purchases
($)
1
Sales
($)
Value
($)
10/31/23
Dividends/
Distributions
($)
Investment
Companies
–
2.5%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares
5,347,220
78,799,986
(70,507,085)
13,640,121
469,587
Investment
of
Cash
Collateral
for
Securities
Loaned
–
0.5%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares
1,851,370
25,027,393
(24,310,352)
2,568,411
31,415
2
Total
–
3.0%
7,198,590
103,827,379
(94,817,437)
16,208,532
501,002
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.
101
STATEMENT
OF
INVESTMENTS
October
31,
2023
BNY
Mellon
High
Yield
Beta
ETF
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
Basic
Materials
–
4.8%
Ahlstrom
Holding
3
Oy,
4.88%,
2/04/2028
(a)
21,000
17,189
Allegheny
Ludlum
LLC,
6.95%,
12/15/2025
10,000
9,956
AngloGold
Ashanti
Holdings
PLC,
6.50%,
4/15/2040
15,000
13,063
Arsenal
AIC
Parent
LLC,
8.00%,
10/01/2030
(a)
30,000
29,623
Ashland,
Inc.,
6.88%,
5/15/2043
15,000
14,124
ASP
Unifrax
Holdings,
Inc.
5.25%,
9/30/2028
(a)
70,000
47,584
7.50%,
9/30/2029
(a)
12,000
6,484
ATI,
Inc.
5.88%,
12/01/2027
33,000
30,659
4.88%,
10/01/2029
12,000
10,249
Avient
Corp.
5.75%,
5/15/2025
(a)
24,000
23,498
7.13%,
8/01/2030
(a)
3,000
2,899
Axalta
Coating
Systems
LLC,
3.38%,
2/15/2029
(a)
15,000
12,363
Axalta
Coating
Systems
LLC
/
Axalta
Coating
Systems
Dutch
Holding
B
BV,
4.75%,
6/15/2027
(a)
5,000
4,605
Baffinland
Iron
Mines
Corp.
/
Baffinland
Iron
Mines
LP,
8.75%,
7/15/2026
(a)
41,000
39,456
Big
River
Steel
LLC
/
BRS
Finance
Corp.,
6.63%,
1/31/2029
(a)
33,000
32,685
Carpenter
Technology
Corp.,
6.38%,
7/15/2028
5,000
4,750
Century
Aluminum
Co.,
7.50%,
4/01/2028
(a)
24,000
22,817
Cerdia
Finanz
GMBH,
10.50%,
2/15/2027
(a)
25,000
24,613
Chemours
Co.
(The)
5.38%,
5/15/2027
5,000
4,530
5.75%,
11/15/2028
(a)
45,000
38,061
4.63%,
11/15/2029
(a)
53,000
40,981
Cleveland-Cliffs,
Inc.
6.75%,
3/15/2026
(a)
12,000
11,953
5.88%,
6/01/2027
2,000
1,908
4.63%,
3/01/2029
(a)
21,000
18,114
6.75%,
4/15/2030
(a)
16,000
14,853
4.88%,
3/01/2031
(a)
11,000
9,077
6.25%,
10/01/2040
15,000
12,387
Coeur
Mining,
Inc.,
5.13%,
2/15/2029
(a)(b)
4,000
3,333
Commercial
Metals
Co.
3.88%,
2/15/2031
9,000
7,294
4.38%,
3/15/2032
20,000
16,110
Compass
Minerals
International,
Inc.,
6.75%,
12/01/2027
(a)
38,000
35,804
Consolidated
Energy
Finance
SA,
6.50%,
5/15/2026
(a)
15,000
13,642
Constellium
SE
5.88%,
2/15/2026
(a)
16,000
15,438
5.63%,
6/15/2028
(a)
25,000
22,970
3.75%,
4/15/2029
(a)
60,000
49,355
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.,
6.13%,
6/15/2028
(a)
30,000
26,541
Domtar
Corp.,
6.75%,
10/01/2028
(a)
19,000
15,486
Element
Solutions,
Inc.,
3.88%,
9/01/2028
(a)
60,000
51,062
FMG
Resources
(August
2006)
Pty
Ltd.
4.50%,
9/15/2027
(a)
15,000
13,495
5.88%,
4/15/2030
(a)
68,000
60,946
4.38%,
4/01/2031
(a)
67,000
54,005
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Basic
Materials
–
4.8%
(continued)
6.13%,
4/15/2032
(a)
35,000
30,917
Glatfelter
Corp.,
4.75%,
11/15/2029
(a)
18,000
11,812
GPD
Cos.,
Inc.,
10.13%,
4/01/2026
(a)
5,000
4,524
HB
Fuller
Co.
4.00%,
2/15/2027
15,000
13,621
4.25%,
10/15/2028
15,000
12,994
Hecla
Mining
Co.,
7.25%,
2/15/2028
50,000
48,045
Herens
Holdco
Sarl,
4.75%,
5/15/2028
(a)
25,000
19,377
Hudbay
Minerals,
Inc.
4.50%,
4/01/2026
10,000
9,292
6.13%,
4/01/2029
50,000
44,921
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.,
9.00%,
7/01/2028
(a)
20,000
18,690
INEOS
Finance
PLC,
6.75%,
5/15/2028
(a)
40,000
37,338
INEOS
Quattro
Finance
2
PLC,
3.38%,
1/15/2026
(a)
53,000
50,575
Ingevity
Corp.,
3.88%,
11/01/2028
(a)
61,000
49,957
Innophos
Holdings,
Inc.,
9.38%,
2/15/2028
(a)
42,000
39,592
Iris
Holdings,
Inc.,
8.75%,
2/15/2026
(a)(c)
15,000
13,362
Kaiser
Aluminum
Corp.
4.63%,
3/01/2028
(a)
56,000
46,689
4.50%,
6/01/2031
(a)
22,000
16,256
Kobe
US
Midco
2,
Inc.,
9.25%,
11/01/2026
(a)(c)
15,000
10,883
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/2029
(a)
11,000
9,008
Mativ
Holdings,
Inc.,
6.88%,
10/01/2026
(a)
42,000
37,801
Mercer
International,
Inc.
5.50%,
1/15/2026
5,000
4,665
5.13%,
2/01/2029
(b)
38,000
29,804
Methanex
Corp.
5.13%,
10/15/2027
34,000
31,048
5.25%,
12/15/2029
40,000
35,438
Mineral
Resources
Ltd.
8.13%,
5/01/2027
(a)
30,000
29,144
8.00%,
11/01/2027
(a)
3,000
2,907
8.50%,
5/01/2030
(a)
44,000
42,334
Minerals
Technologies,
Inc.,
5.00%,
7/01/2028
(a)
35,000
30,776
New
Gold,
Inc.,
7.50%,
7/15/2027
(a)
8,000
7,531
Novelis
Corp.
3.25%,
11/15/2026
(a)
2,000
1,783
4.75%,
1/30/2030
(a)
74,000
62,993
3.88%,
8/15/2031
(a)
46,000
35,961
Nufarm
Australia
Ltd.
/
Nufarm
Americas,
Inc.,
5.00%,
1/27/2030
(a)
40,000
34,822
Olin
Corp.
5.13%,
9/15/2027
11,000
10,153
5.63%,
8/01/2029
(b)
14,000
12,798
5.00%,
2/01/2030
6,000
5,189
Olympus
Water
US
Holding
Corp.
7.13%,
10/01/2027
(a)
20,000
18,551
4.25%,
10/01/2028
(a)
60,000
47,874
9.75%,
11/15/2028
(a)
83,000
81,116
6.25%,
10/01/2029
(a)
11,000
8,326
Perenti
Finance
Pty,
Ltd.,
6.50%,
10/07/2025
(a)
35,000
34,190
Polar
US
Borrower
LLC
/
Schenectady
International
Group,
Inc.,
6.75%,
5/15/2026
(a)
25,000
11,197
Rain
Carbon,
Inc.,
12.25%,
9/01/2029
(a)
9,000
9,158
102
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Basic
Materials
–
4.8%
(continued)
Rayonier
AM
Products,
Inc.,
7.63%,
1/15/2026
(a)
36,000
30,574
SCIH
Salt
Holdings,
Inc.
4.88%,
5/01/2028
(a)
40,000
34,803
6.63%,
5/01/2029
(a)
39,000
32,851
SCIL
IV
LLC
/
SCIL
USA
Holdings
LLC,
5.38%,
11/01/2026
(a)
60,000
53,106
SK
Invictus
Intermediate
II
Sarl,
5.00%,
10/30/2029
(a)
35,000
26,602
SNF
Group
SACA
3.13%,
3/15/2027
(a)
6,000
5,300
3.38%,
3/15/2030
(a)
11,000
8,814
Tacora
Resources,
Inc.,
8.25%,
5/15/2026
(a)(d)
64,000
34,951
Taseko
Mines
Ltd.,
7.00%,
2/15/2026
(a)
25,000
22,800
TMS
International
Corp.,
6.25%,
4/15/2029
(a)
11,000
8,709
TPC
Group,
Inc.,
13.00%,
12/16/2027
(a)
30,000
30,057
Trinseo
Materials
Operating
SCA
/
Trinseo
Materials
Finance,
Inc.,
5.13%,
4/01/2029
(a)
40,000
16,855
Tronox,
Inc.,
4.63%,
3/15/2029
(a)
91,000
71,449
United
States
Steel
Corp.
6.88%,
3/01/2029
23,000
22,426
6.65%,
6/01/2037
20,000
19,224
Valvoline,
Inc.,
3.63%,
6/15/2031
(a)
70,000
53,237
Vibrantz
Technologies,
Inc.,
9.00%,
2/15/2030
(a)
5,000
3,998
WR
Grace
Holdings
LLC
4.88%,
6/15/2027
(a)
53,000
47,676
5.63%,
8/15/2029
(a)
49,000
37,976
2,558,782
Communications
–
14.5%
Acuris
Finance
US,
Inc.
/
Acuris
Finance
Sarl,
5.00%,
5/01/2028
(a)
20,000
15,748
Altice
Financing
SA
5.00%,
1/15/2028
(a)
50,000
40,750
5.75%,
8/15/2029
(a)
90,000
69,502
Altice
France
Holding
SA
10.50%,
5/15/2027
(a)
60,000
32,696
6.00%,
2/15/2028
(a)
65,000
28,478
Altice
France
SA
8.13%,
2/01/2027
(a)
20,000
16,900
5.50%,
1/15/2028
(a)
59,000
43,840
5.13%,
1/15/2029
(a)
59,000
40,756
5.13%,
7/15/2029
(a)
125,000
85,629
5.50%,
10/15/2029
(a)
100,000
69,007
AMC
Networks,
Inc.
4.75%,
8/01/2025
53,000
48,354
4.25%,
2/15/2029
60,000
37,595
Angi
Group
LLC,
3.88%,
8/15/2028
(a)(b)
16,000
12,025
Arches
Buyer,
Inc.
4.25%,
6/01/2028
(a)
4,000
3,312
6.13%,
12/01/2028
(a)
21,000
16,966
Beasley
Mezzanine
Holdings
LLC,
8.63%,
2/01/2026
(a)
30,000
19,798
Belo
Corp.,
7.25%,
9/15/2027
30,000
28,639
British
Telecommunications
PLC
4.25%,
11/23/2081
(a)
54,000
47,316
4.88%,
11/23/2081
(a)
35,000
28,278
Cable
One,
Inc.,
4.00%,
11/15/2030
(a)
48,000
35,796
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Communications
–
14.5%
(continued)
Cablevision
Lightpath
LLC
3.88%,
9/15/2027
(a)
25,000
20,394
5.63%,
9/15/2028
(a)
11,000
8,250
Cars.com,
Inc.,
6.38%,
11/01/2028
(a)
25,000
22,251
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.50%,
5/01/2026
(a)
2,000
1,914
5.13%,
5/01/2027
(a)
205,000
188,590
5.00%,
2/01/2028
(a)
50,000
44,753
5.38%,
6/01/2029
(a)
50,000
43,760
6.38%,
9/01/2029
(a)
59,000
54,115
4.75%,
3/01/2030
(a)
157,000
129,544
4.50%,
8/15/2030
(a)
130,000
104,369
4.25%,
2/01/2031
(a)
149,000
115,935
7.38%,
3/01/2031
(a)
42,000
39,691
4.75%,
2/01/2032
(a)
81,000
63,233
4.50%,
5/01/2032
159,000
121,677
4.50%,
6/01/2033
(a)
95,000
70,870
4.25%,
1/15/2034
(a)
90,000
64,978
Ciena
Corp.,
4.00%,
1/31/2030
(a)
25,000
20,832
Clear
Channel
International
BV,
6.63%,
8/01/2025
(a)
23,000
22,611
Clear
Channel
Outdoor
Holdings,
Inc.
5.13%,
8/15/2027
(a)
40,000
35,536
7.75%,
4/15/2028
(a)
55,000
42,143
9.00%,
9/15/2028
(a)(b)
37,000
36,041
7.50%,
6/01/2029
(a)
15,000
10,931
CMG
Media
Corp.,
8.88%,
12/15/2027
(a)
60,000
46,633
Cogent
Communications
Group,
Inc.
3.50%,
5/01/2026
(a)
20,000
18,231
7.00%,
6/15/2027
(a)
30,000
28,683
CommScope
Technologies
LLC
6.00%,
6/15/2025
(a)
54,000
32,568
5.00%,
3/15/2027
(a)
26,000
9,927
CommScope,
Inc.
6.00%,
3/01/2026
(a)
74,000
62,167
8.25%,
3/01/2027
(a)
45,000
18,691
7.13%,
7/01/2028
(a)
29,000
11,087
4.75%,
9/01/2029
(a)
51,000
34,803
Connect
Finco
Sarl
/
Connect
US
Finco
LLC,
6.75%,
10/01/2026
(a)
119,000
110,774
Consolidated
Communications,
Inc.
5.00%,
10/01/2028
(a)
28,000
21,084
6.50%,
10/01/2028
(a)(b)
45,000
35,666
CSC
Holdings
LLC
5.50%,
4/15/2027
(a)
45,000
37,574
5.38%,
2/01/2028
(a)
2,000
1,593
7.50%,
4/01/2028
(a)
20,000
12,881
11.25%,
5/15/2028
(a)
4,000
3,817
6.50%,
2/01/2029
(a)
67,000
52,908
5.75%,
1/15/2030
(a)
90,000
47,245
4.13%,
12/01/2030
(a)
61,000
40,871
4.63%,
12/01/2030
(a)
92,000
46,515
3.38%,
2/15/2031
(a)
35,000
22,419
4.50%,
11/15/2031
(a)
53,000
35,011
5.00%,
11/15/2031
(a)
35,000
17,960
Cumulus
Media
New
Holdings,
Inc.,
6.75%,
7/01/2026
(a)
20,000
14,517
103
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Communications
–
14.5%
(continued)
DIRECTV
Financing
LLC
/
DIRECTV
Financing
Co.-Obligor,
Inc.,
5.88%,
8/15/2027
(a)
194,000
169,884
DISH
DBS
Corp.
7.75%,
7/01/2026
80,000
53,561
5.25%,
12/01/2026
(a)
78,000
63,015
7.38%,
7/01/2028
40,000
22,476
5.75%,
12/01/2028
(a)
116,000
82,932
5.13%,
6/01/2029
50,000
25,706
DISH
Network
Corp.,
11.75%,
11/15/2027
(a)
130,000
128,758
Embarq
Corp.,
8.00%,
6/01/2036
63,000
34,590
Equipmentshare.com,
Inc.,
9.00%,
5/15/2028
(a)
45,000
42,578
Frontier
Communications
Holdings
LLC
5.88%,
10/15/2027
(a)
46,000
41,917
5.00%,
5/01/2028
(a)
19,000
16,461
6.75%,
5/01/2029
(a)
45,000
35,629
5.88%,
11/01/2029
34,000
25,608
6.00%,
1/15/2030
(a)
54,000
40,661
8.75%,
5/15/2030
(a)
50,000
47,650
8.63%,
3/15/2031
(a)
30,000
28,220
Frontier
North,
Inc.,
Series
G,
6.73%,
2/15/2028
11,000
10,172
Gannett
Holdings
LLC,
6.00%,
11/01/2026
(a)
11,000
9,209
Gen
Digital,
Inc.
5.00%,
4/15/2025
(a)
50,000
48,632
6.75%,
9/30/2027
(a)
31,000
30,204
7.13%,
9/30/2030
(a)(b)
27,000
26,279
Getty
Images,
Inc.,
9.75%,
3/01/2027
(a)
2,000
1,976
Go
Daddy
Operating
Co.
LLC
/
GD
Finance
Co.,
Inc.
5.25%,
12/01/2027
(a)
54,000
50,974
3.50%,
3/01/2029
(a)
38,000
31,959
GoTo
Group,
Inc.,
5.50%,
9/01/2027
(a)
50,000
26,265
Gray
Escrow
II,
Inc.,
5.38%,
11/15/2031
(a)
50,000
31,355
Gray
Television,
Inc.
5.88%,
7/15/2026
(a)
22,000
19,599
7.00%,
5/15/2027
(a)(b)
1,000
843
4.75%,
10/15/2030
(a)
20,000
12,832
GrubHub
Holdings,
Inc.,
5.50%,
7/01/2027
(a)
15,000
11,066
Hughes
Satellite
Systems
Corp.
5.25%,
8/01/2026
60,000
53,951
6.63%,
8/01/2026
40,000
33,966
iHeartCommunications,
Inc.
6.38%,
5/01/2026
24,500
19,966
8.38%,
5/01/2027
22,000
13,479
5.25%,
8/15/2027
(a)
64,000
46,925
4.75%,
1/15/2028
(a)
19,000
13,446
Iliad
Holding
SASU
6.50%,
10/15/2026
(a)
47,000
43,869
7.00%,
10/15/2028
(a)
50,000
45,213
Intelsat
Jackson
Holdings
SA,
6.50%,
3/15/2030
(a)
138,000
121,444
ION
Trading
Technologies
Sarl,
5.75%,
5/15/2028
(a)
30,000
24,898
Lamar
Media
Corp.
3.75%,
2/15/2028
27,000
24,109
4.88%,
1/15/2029
3,000
2,748
4.00%,
2/15/2030
3,000
2,536
3.63%,
1/15/2031
(b)
41,000
33,157
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Communications
–
14.5%
(continued)
LCPR
Senior
Secured
Financing
DAC,
5.13%,
7/15/2029
(a)
84,000
65,959
Level
3
Financing,
Inc.
3.40%,
3/01/2027
(a)
31,000
28,830
4.63%,
9/15/2027
(a)
55,000
37,042
4.25%,
7/01/2028
(a)
81,000
45,744
3.63%,
1/15/2029
(a)
45,000
23,072
3.75%,
7/15/2029
(a)
15,000
7,619
10.50%,
5/15/2030
(a)
75,000
75,064
Liberty
Interactive
LLC
8.50%,
7/15/2029
20,000
5,236
8.25%,
2/01/2030
20,000
5,211
Lumen
Technologies,
Inc.
4.00%,
2/15/2027
(a)
75,000
51,095
4.50%,
1/15/2029
(a)
54,000
14,916
Series
P,
7.60%,
9/15/2039
20,000
5,378
Series
U,
7.65%,
3/15/2042
30,000
7,921
Match
Group
Holdings
II
LLC
5.00%,
12/15/2027
(a)
30,000
27,698
4.63%,
6/01/2028
(a)
15,000
13,465
5.63%,
2/15/2029
(a)(b)
28,000
25,386
4.13%,
8/01/2030
(a)
25,000
20,513
3.63%,
10/01/2031
(a)
14,000
10,815
McGraw-Hill
Education,
Inc.
5.75%,
8/01/2028
(a)
25,000
21,082
8.00%,
8/01/2029
(a)
44,000
36,518
Midcontinent
Communications
/
Midcontinent
Finance
Corp.,
5.38%,
8/15/2027
(a)
18,000
16,433
Millennium
Escrow
Corp.,
6.63%,
8/01/2026
(a)
45,000
33,431
News
Corp.
3.88%,
5/15/2029
(a)
65,000
55,654
5.13%,
2/15/2032
(a)
35,000
30,226
Nexstar
Media,
Inc.
5.63%,
7/15/2027
(a)
81,000
72,873
4.75%,
11/01/2028
(a)
45,000
37,868
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
4.75%,
4/30/2027
(a)
40,000
35,780
6.00%,
2/15/2028
(a)
5,000
4,145
10.75%,
6/01/2028
(a)
20,000
19,082
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
5.00%,
8/15/2027
(a)
6,000
5,345
4.25%,
1/15/2029
(a)
40,000
32,597
4.63%,
3/15/2030
(a)
3,000
2,421
Paramount
Global
6.25%,
2/28/2057
54,000
38,928
6.38%,
3/30/2062
62,000
45,366
Qwest
Corp.,
7.25%,
9/15/2025
23,000
22,041
Radiate
Holdco
LLC
/
Radiate
Finance,
Inc.
4.50%,
9/15/2026
(a)
5,000
3,833
6.50%,
9/15/2028
(a)
60,000
29,698
Rakuten
Group,
Inc.
5.13%
(a)(e)
39,000
28,443
6.25%
(a)(e)
44,000
27,833
10.25%,
11/30/2024
(a)
70,000
70,911
Rogers
Communications,
Inc.,
5.25%,
3/15/2082
(a)(b)
45,000
39,574
104
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Communications
–
14.5%
(continued)
Scripps
Escrow
II,
Inc.
3.88%,
1/15/2029
(a)
4,000
3,034
5.38%,
1/15/2031
(a)
10,000
6,200
Scripps
Escrow,
Inc.,
5.88%,
7/15/2027
(a)
5,000
3,739
Sinclair
Television
Group,
Inc.
5.13%,
2/15/2027
(a)
5,000
3,957
5.50%,
3/01/2030
(a)
11,000
5,968
4.13%,
12/01/2030
(a)
26,000
16,329
Sirius
XM
Radio,
Inc.
3.13%,
9/01/2026
(a)
43,000
38,591
5.00%,
8/01/2027
(a)
71,000
65,190
4.00%,
7/15/2028
(a)
87,000
73,960
5.50%,
7/01/2029
(a)
53,000
46,977
4.13%,
7/01/2030
(a)
76,000
60,337
3.88%,
9/01/2031
(a)
60,000
45,138
Spanish
Broadcasting
System,
Inc.,
9.75%,
3/01/2026
(a)
25,000
15,507
Stagwell
Global
LLC,
5.63%,
8/15/2029
(a)
40,000
33,054
Summer
BC
Bidco
B
LLC,
5.50%,
10/31/2026
(a)
20,000
17,406
TEGNA,
Inc.
4.75%,
3/15/2026
(a)
10,000
9,378
4.63%,
3/15/2028
40,000
34,647
5.00%,
9/15/2029
66,000
55,417
Telecom
Italia
Capital
SA
6.38%,
11/15/2033
45,000
38,473
6.00%,
9/30/2034
60,000
49,367
7.20%,
7/18/2036
44,000
38,252
7.72%,
6/04/2038
45,000
39,751
Telesat
Canada
/
Telesat
LLC
5.63%,
12/06/2026
(a)
30,000
19,044
4.88%,
6/01/2027
(a)
36,000
21,396
6.50%,
10/15/2027
(a)
12,000
5,795
Townsquare
Media,
Inc.,
6.88%,
2/01/2026
(a)
29,000
26,986
TripAdvisor,
Inc.,
7.00%,
7/15/2025
(a)
20,000
19,864
U.S.
Cellular
Corp.,
6.70%,
12/15/2033
25,000
23,792
Uber
Technologies,
Inc.
7.50%,
5/15/2025
(a)
15,000
15,033
8.00%,
11/01/2026
(a)
89,000
89,670
7.50%,
9/15/2027
(a)
59,000
59,165
6.25%,
1/15/2028
(a)
15,000
14,458
4.50%,
8/15/2029
(a)
55,000
48,535
Univision
Communications,
Inc.
5.13%,
2/15/2025
(a)
42,000
41,034
6.63%,
6/01/2027
(a)
95,000
86,774
8.00%,
8/15/2028
(a)
13,000
12,298
4.50%,
5/01/2029
(a)
64,000
50,888
7.38%,
6/30/2030
(a)
43,000
37,918
UPC
Broadband
Finco
BV,
4.88%,
7/15/2031
(a)
33,000
26,201
UPC
Holding
BV,
5.50%,
1/15/2028
(a)
20,000
17,478
ViaSat,
Inc.
5.63%,
9/15/2025
(a)
20,000
18,567
5.63%,
4/15/2027
(a)
7,000
6,118
6.50%,
7/15/2028
(a)
15,000
10,619
Viavi
Solutions,
Inc.,
3.75%,
10/01/2029
(a)
5,000
3,953
Videotron
Ltd.,
5.13%,
4/15/2027
(a)
15,000
14,131
Virgin
Media
Finance
PLC,
5.00%,
7/15/2030
(a)
22,000
17,298
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Communications
–
14.5%
(continued)
Virgin
Media
Secured
Finance
PLC
5.50%,
5/15/2029
(a)
100,000
88,538
4.50%,
8/15/2030
(a)
47,000
38,738
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
7/15/2028
(a)
14,000
11,909
VMED
O2
UK
Financing
I
PLC
4.25%,
1/31/2031
(a)
45,000
35,481
4.75%,
7/15/2031
(a)
56,000
45,076
Vodafone
Group
PLC
7.00%,
4/04/2079
148,000
143,212
4.13%,
6/04/2081
80,000
60,551
5.13%,
6/04/2081
50,000
32,197
VZ
Secured
Financing
BV,
5.00%,
1/15/2032
(a)
94,000
71,429
Warner
Media
LLC,
7.63%,
4/15/2031
10,000
10,160
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp.,
7.75%,
8/15/2028
(a)
65,000
51,504
Zayo
Group
Holdings,
Inc.
4.00%,
3/01/2027
(a)(b)
50,000
37,638
6.13%,
3/01/2028
(a)
65,000
42,896
Ziff
Davis,
Inc.,
4.63%,
10/15/2030
(a)
57,000
47,715
Ziggo
Bond
Co.
BV,
6.00%,
1/15/2027
(a)(b)
60,000
54,927
Ziggo
BV,
4.88%,
1/15/2030
(a)
40,000
31,991
7,770,841
Consumer,
Cyclical
–
21.9%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
3.88%,
1/15/2028
(a)
67,000
59,868
4.38%,
1/15/2028
(a)
28,000
25,213
3.50%,
2/15/2029
(a)
20,000
17,145
4.00%,
10/15/2030
(a)
114,000
93,440
99
Escrow
Issuer,
Inc.,
7.50%,
1/15/2026
(a)
25,000
8,861
Academy
Ltd.,
6.00%,
11/15/2027
(a)
34,000
31,999
Acushnet
Co.,
7.38%,
10/15/2028
(a)
22,000
22,046
Adams
Homes,
Inc.
7.50%,
2/15/2025
(a)
9,000
8,796
9.25%,
10/15/2028
(a)
15,000
14,651
Adient
Global
Holdings
Ltd.,
4.88%,
8/15/2026
(a)
57,000
53,080
Advance
Auto
Parts,
Inc.
5.90%,
3/09/2026
15,000
14,560
1.75%,
10/01/2027
15,000
12,160
5.95%,
3/09/2028
15,000
14,026
3.90%,
4/15/2030
(b)
10,000
8,112
3.50%,
3/15/2032
20,000
14,803
Affinity
Interactive,
6.88%,
12/15/2027
(a)
34,000
27,739
Air
Canada,
3.88%,
8/15/2026
(a)
53,000
48,248
Air
Canada
Pass-Through
Trust,
Series
2020-1,
Class
C,
10.50%,
7/15/2026
(a)
20,000
21,502
Allegiant
Travel
Co.,
7.25%,
8/15/2027
(a)
23,000
20,909
Allen
Media
LLC
/
Allen
Media
Co.-Issuer,
Inc.,
10.50%,
2/15/2028
(a)
40,000
20,789
Allison
Transmission,
Inc.
4.75%,
10/01/2027
(a)
35,000
31,996
5.88%,
6/01/2029
(a)
30,000
27,823
3.75%,
1/30/2031
(a)
70,000
55,510
AMC
Entertainment
Holdings,
Inc.
10.00%,
6/15/2026
(a)
64,000
48,383
7.50%,
2/15/2029
(a)
40,000
28,075
American
Airlines
Group,
Inc.,
3.75%,
3/01/2025
(a)
43,000
40,212
105
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Consumer,
Cyclical
–
21.9%
(continued)
American
Airlines,
Inc.,
11.75%,
7/15/2025
(a)
85,000
90,105
American
Airlines,
Inc.
/Aadvantage
Loyalty
IP
Ltd.
5.50%,
4/20/2026
(a)
100,454
97,681
5.75%,
4/20/2029
(a)
56,000
50,512
American
Axle
&
Manufacturing,
Inc.
6.50%,
4/01/2027
(b)
15,000
14,148
6.88%,
7/01/2028
20,000
17,781
5.00%,
10/01/2029
11,000
8,680
American
Builders
&
Contractors
Supply
Co.,
Inc.
4.00%,
1/15/2028
(a)
35,000
31,439
3.88%,
11/15/2029
(a)
10,000
8,336
American
Greetings
Corp.,
8.75%,
4/15/2025
(a)
13,000
12,803
Aramark
Services,
Inc.
5.00%,
4/01/2025
(a)
25,000
24,462
5.00%,
2/01/2028
(a)
51,000
46,779
Arko
Corp.,
5.13%,
11/15/2029
(a)
50,000
40,523
Asbury
Automotive
Group,
Inc.
4.50%,
3/01/2028
1,000
888
4.63%,
11/15/2029
(a)
46,000
38,883
4.75%,
3/01/2030
59,000
49,938
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
6.63%,
1/15/2028
(a)
20,000
18,316
4.63%,
8/01/2029
(a)
26,000
21,076
4.63%,
4/01/2030
(a)
4,000
3,122
Aston
Martin
Capital
Holdings
Ltd.,
10.50%,
11/30/2025
(a)
69,000
68,569
At
Home
Group,
Inc.,
4.88%,
7/15/2028
(a)
12,000
4,104
Bath
&
Body
Works,
Inc.
9.38%,
7/01/2025
(a)
34,000
35,031
6.69%,
1/15/2027
43,000
41,608
5.25%,
2/01/2028
3,000
2,763
7.50%,
6/15/2029
7,000
6,844
6.63%,
10/01/2030
(a)
42,000
38,700
6.95%,
3/01/2033
11,000
9,559
6.88%,
11/01/2035
43,000
37,941
6.75%,
7/01/2036
35,000
30,237
BCPE
Empire
Holdings,
Inc.,
7.63%,
5/01/2027
(a)
1,000
916
BCPE
Ulysses
Intermediate,
Inc.,
7.75%,
4/01/2027
(a)(c)
10,000
8,475
Beacon
Roofing
Supply,
Inc.
4.50%,
11/15/2026
(a)(b)
13,000
12,129
4.13%,
5/15/2029
(a)
20,000
16,792
Beazer
Homes
USA,
Inc.
6.75%,
3/15/2025
20,000
19,822
5.88%,
10/15/2027
5,000
4,465
7.25%,
10/15/2029
10,000
9,126
Bloomin'
Brands,
Inc.
/
OSI
Restaurant
Partners
LLC,
5.13%,
4/15/2029
(a)
10,000
8,693
BlueLinx
Holdings,
Inc.,
6.00%,
11/15/2029
(a)
25,000
21,092
Boyd
Gaming
Corp.
4.75%,
12/01/2027
52,000
47,431
4.75%,
6/15/2031
(a)
56,000
46,514
Boyne
USA,
Inc.,
4.75%,
5/15/2029
(a)
45,000
39,233
Brinker
International,
Inc.,
8.25%,
7/15/2030
(a)
45,000
43,451
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Consumer,
Cyclical
–
21.9%
(continued)
Brookfield
Residential
Properties,
Inc.
/
Brookfield
Residential
US
LLC,
6.25%,
9/15/2027
(a)
55,000
48,113
Caesars
Entertainment,
Inc.
6.25%,
7/01/2025
(a)
115,000
113,177
8.13%,
7/01/2027
(a)(b)
50,000
49,516
4.63%,
10/15/2029
(a)
35,000
28,784
7.00%,
2/15/2030
(a)
63,000
60,639
Carnival
Corp.
7.63%,
3/01/2026
(a)(b)
70,000
68,005
5.75%,
3/01/2027
(a)
98,000
87,469
9.88%,
8/01/2027
(a)(b)
36,000
37,514
6.65%,
1/15/2028
10,000
8,464
4.00%,
8/01/2028
(a)
75,000
65,281
6.00%,
5/01/2029
(a)
95,000
80,223
7.00%,
8/15/2029
(a)
12,000
11,760
10.50%,
6/01/2030
(a)
34,000
34,454
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
5/01/2028
(a)
52,000
55,447
Carnival
PLC,
7.88%,
6/01/2027
31,000
31,569
Carrols
Restaurant
Group,
Inc.,
5.88%,
7/01/2029
(a)
15,000
12,157
Carvana
Co.
12.00%,
12/01/2028
(a)(c)
60,000
44,842
13.00%,
6/01/2030
(a)(c)
65,000
48,339
14.00%,
6/01/2031
(a)(c)
80,000
59,856
CCM
Merger,
Inc.,
6.38%,
5/01/2026
(a)
20,000
18,970
CD&R
Smokey
Buyer,
Inc.,
6.75%,
7/15/2025
(a)
36,000
34,323
CDI
Escrow
Issuer,
Inc.,
5.75%,
4/01/2030
(a)
74,000
66,232
CEC
Entertainment
LLC,
6.75%,
5/01/2026
(a)
5,000
4,677
Cedar
Fair
LP,
5.25%,
7/15/2029
50,000
43,104
Cedar
Fair
LP
/
Canada's
Wonderland
Co.
/
Magnum
Management
Corp.
/
Millennium
Operations
LLC
5.50%,
5/01/2025
(a)
25,000
24,518
5.38%,
4/15/2027
15,000
13,891
6.50%,
10/01/2028
1,000
930
Century
Communities,
Inc.
6.75%,
6/01/2027
54,000
52,107
3.88%,
8/15/2029
(a)
32,000
25,835
Churchill
Downs,
Inc.
5.50%,
4/01/2027
(a)
73,000
68,636
4.75%,
1/15/2028
(a)
65,000
58,365
6.75%,
5/01/2031
(a)
62,000
57,898
Cinemark
USA,
Inc.
8.75%,
5/01/2025
(a)
7,000
7,073
5.88%,
3/15/2026
(a)(b)
25,000
23,831
5.25%,
7/15/2028
(a)
4,000
3,482
Clarios
Global
LP,
6.75%,
5/15/2025
(a)
23,000
22,848
Clarios
Global
LP
/
Clarios
US
Finance
Co.
6.25%,
5/15/2026
(a)
38,000
37,161
8.50%,
5/15/2027
(a)
86,000
84,734
Clubcorp
Holdings,
Inc.,
8.50%,
9/15/2025
(a)
20,000
16,952
Cooper-Standard
Automotive,
Inc.,
5.63%,
5/15/2027
(a)(c)
31,221
20,886
Crocs,
Inc.
4.25%,
3/15/2029
(a)
5,000
4,145
4.13%,
8/15/2031
(a)
11,000
8,408
106
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Consumer,
Cyclical
–
21.9%
(continued)
Dana
Financing
Luxembourg
Sarl,
5.75%,
4/15/2025
(a)
13,000
12,656
Dana,
Inc.
5.38%,
11/15/2027
35,000
32,186
5.63%,
6/15/2028
50,000
45,304
4.25%,
9/01/2030
11,000
8,723
4.50%,
2/15/2032
11,000
8,610
Dave
&
Buster's,
Inc.,
7.63%,
11/01/2025
(a)
11,000
10,920
Dealer
Tire
LLC
/
DT
Issuer
LLC,
8.00%,
2/01/2028
(a)
42,000
39,367
Delta
Air
Lines,
Inc.
2.90%,
10/28/2024
40,000
38,371
7.38%,
1/15/2026
37,000
37,374
3.75%,
10/28/2029
22,000
18,704
Dornoch
Debt
Merger
Sub,
Inc.,
6.63%,
10/15/2029
(a)
34,000
26,765
eG
Global
Finance
PLC,
6.75%,
2/07/2025
(a)
55,000
54,390
Empire
Communities
Corp.,
7.00%,
12/15/2025
(a)
35,000
32,548
Empire
Resorts,
Inc.,
7.75%,
11/01/2026
(a)
24,000
19,572
Evergreen
Acqco
1
LP
/
TVI,
Inc.,
9.75%,
4/26/2028
(a)
23,000
23,207
Everi
Holdings,
Inc.,
5.00%,
7/15/2029
(a)
32,000
26,880
Ferrellgas
LP
/
Ferrellgas
Finance
Corp.
5.38%,
4/01/2026
(a)
28,000
26,227
5.88%,
4/01/2029
(a)
25,000
22,079
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
4.63%,
1/15/2029
(a)
35,000
29,491
6.75%,
1/15/2030
(a)
58,000
46,091
FirstCash,
Inc.,
5.63%,
1/01/2030
(a)
37,000
32,967
Foot
Locker,
Inc.,
4.00%,
10/01/2029
(a)(b)
15,000
11,030
Ford
Motor
Credit
Co.
LLC,
4.95%,
5/28/2027
120,000
111,719
Forestar
Group,
Inc.
3.85%,
5/15/2026
(a)
15,000
13,410
5.00%,
3/01/2028
(a)
12,000
10,566
Foundation
Building
Materials,
Inc.,
6.00%,
3/01/2029
(a)
35,000
28,870
Full
House
Resorts,
Inc.,
8.25%,
2/15/2028
(a)
(b)
35,000
29,486
Gap,
Inc.
(The)
3.63%,
10/01/2029
(a)
11,000
8,415
3.88%,
10/01/2031
(a)
72,000
51,876
Genting
New
York
LLC
/
Genny
Capital,
Inc.,
3.30%,
2/15/2026
(a)
24,000
21,472
G-III
Apparel
Group
Ltd.,
7.88%,
8/15/2025
(a)
35,000
34,799
Golden
Entertainment,
Inc.,
7.63%,
4/15/2026
(a)
5,000
5,015
Goodyear
Tire
&
Rubber
Co.
(The)
5.00%,
5/31/2026
20,000
18,917
4.88%,
3/15/2027
18,000
16,562
5.00%,
7/15/2029
35,000
30,137
5.25%,
4/30/2031
(b)
14,000
11,536
5.25%,
7/15/2031
(b)
25,000
20,360
5.63%,
4/30/2033
32,000
25,687
GPS
Hospitality
Holding
Co.
LLC
/
GPS
Finco,
Inc.,
7.00%,
8/15/2028
(a)
29,000
19,712
Group
1
Automotive,
Inc.,
4.00%,
8/15/2028
(a)
76,000
65,546
Guitar
Center,
Inc.,
8.50%,
1/15/2026
(a)(b)
17,000
14,330
GYP
Holdings
III
Corp.,
4.63%,
5/01/2029
(a)
20,000
16,438
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Consumer,
Cyclical
–
21.9%
(continued)
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/2028
(a)
52,000
44,058
Hanesbrands,
Inc.
4.88%,
5/15/2026
(a)(b)
35,000
32,174
9.00%,
2/15/2031
(a)(b)
24,000
22,315
Hawaiian
Airlines
Pass-Through
Certificates,
Series
2013-1,
Class
A,
3.90%,
1/15/2026
2,482
2,209
Hawaiian
Brand
Intellectual
Property
Ltd.
/
HawaiianMiles
Loyalty
Ltd.,
5.75%,
1/20/2026
(a)
53,200
39,298
Hilton
Domestic
Operating
Co.,
Inc.
5.38%,
5/01/2025
(a)
15,000
14,761
5.75%,
5/01/2028
(a)
19,000
18,224
3.75%,
5/01/2029
(a)
70,000
60,332
4.88%,
1/15/2030
59,000
52,976
4.00%,
5/01/2031
(a)
65,000
53,706
3.63%,
2/15/2032
(a)
69,000
54,540
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Escrow,
Inc.
5.00%,
6/01/2029
(a)
36,000
30,293
4.88%,
7/01/2031
(a)
25,000
19,845
Hilton
Worldwide
Finance
LLC
/
Hilton
Worldwide
Finance
Corp.,
4.88%,
4/01/2027
20,000
18,887
IHO
Verwaltungs
GmbH
4.75%,
9/15/2026
(a)(c)
55,000
50,877
6.00%,
5/15/2027
(a)(c)
20,000
18,638
6.38%,
5/15/2029
(a)(c)
30,000
26,367
Installed
Building
Products,
Inc.,
5.75%,
2/01/2028
(a)
15,000
13,605
International
Game
Technology
PLC
4.13%,
4/15/2026
(a)
35,000
32,978
6.25%,
1/15/2027
(a)
34,000
33,131
5.25%,
1/15/2029
(a)
25,000
22,755
IRB
Holding
Corp.,
7.00%,
6/15/2025
(a)
34,000
33,959
Jacobs
Entertainment,
Inc.,
6.75%,
2/15/2029
(a)
68,000
57,891
Jaguar
Land
Rover
Automotive
PLC
7.75%,
10/15/2025
(a)
10,000
10,020
4.50%,
10/01/2027
(a)
30,000
25,890
5.88%,
1/15/2028
(a)
32,740
29,389
5.50%,
7/15/2029
(a)
31,000
26,746
JB
Poindexter
&
Co.,
Inc.,
7.13%,
4/15/2026
(a)
50,000
47,653
KB
Home
6.88%,
6/15/2027
15,000
14,889
4.80%,
11/15/2029
7,000
6,065
7.25%,
7/15/2030
55,000
52,790
4.00%,
6/15/2031
36,000
28,236
Ken
Garff
Automotive
LLC,
4.88%,
9/15/2028
(a)
25,000
21,247
KFC
Holding
Co.
/
Pizza
Hut
Holdings
LLC
/
Taco
Bell
of
America
LLC,
4.75%,
6/01/2027
(a)
37,000
35,063
Kohl's
Corp.
4.25%,
7/17/2025
(b)
30,000
28,102
4.63%,
5/01/2031
42,000
28,722
5.55%,
7/17/2045
26,000
14,892
Kontoor
Brands,
Inc.,
4.13%,
11/15/2029
(a)
14,000
11,590
107
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Consumer,
Cyclical
–
21.9%
(continued)
Las
Vegas
Sands
Corp.
2.90%,
6/25/2025
28,000
26,432
3.50%,
8/18/2026
9,000
8,279
3.90%,
8/08/2029
16,000
13,829
LBM
Acquisition
LLC,
6.25%,
1/15/2029
(a)
38,000
30,023
LCM
Investments
Holdings
II
LLC
4.88%,
5/01/2029
(a)
25,000
20,996
8.25%,
8/01/2031
(a)
42,000
40,145
Levi
Strauss
&
Co.,
3.50%,
3/01/2031
(a)
50,000
39,163
LGI
Homes,
Inc.,
4.00%,
7/15/2029
(a)
14,000
10,776
Life
Time,
Inc.
5.75%,
1/15/2026
(a)
46,000
44,575
8.00%,
4/15/2026
(a)
10,000
9,761
Light
&
Wonder
International,
Inc.
7.00%,
5/15/2028
(a)
27,000
26,355
7.25%,
11/15/2029
(a)
50,000
48,496
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
5/15/2028
(a)
10,000
9,776
Lindblad
Expeditions
LLC,
6.75%,
2/15/2027
(a)(b)
25,000
22,706
Lions
Gate
Capital
Holdings
LLC,
5.50%,
4/15/2029
(a)
55,000
36,126
Lithia
Motors,
Inc.
4.63%,
12/15/2027
(a)
17,000
15,350
3.88%,
6/01/2029
(a)(b)
38,000
31,443
4.38%,
1/15/2031
(a)
72,000
58,303
Live
Nation
Entertainment,
Inc.
4.88%,
11/01/2024
(a)
5,000
4,903
5.63%,
3/15/2026
(a)
15,000
14,408
6.50%,
5/15/2027
(a)
37,000
36,112
4.75%,
10/15/2027
(a)
42,000
38,399
3.75%,
1/15/2028
(a)
17,000
14,931
LSF9
Atlantis
Holdings
LLC
/
Victra
Finance
Corp.,
7.75%,
2/15/2026
(a)
26,000
23,531
M/I
Homes,
Inc.
4.95%,
2/01/2028
11,000
9,867
3.95%,
2/15/2030
32,000
25,503
Macy's
Retail
Holdings
LLC
5.88%,
3/15/2030
(a)
5,000
4,251
6.13%,
3/15/2032
(a)
6,000
4,962
4.50%,
12/15/2034
14,000
9,477
6.38%,
3/15/2037
30,000
22,319
5.13%,
1/15/2042
5,000
3,078
4.30%,
2/15/2043
26,000
14,241
MajorDrive
Holdings
IV
LLC,
6.38%,
6/01/2029
(a)
4,000
3,099
Marks
&
Spencer
PLC,
7.13%,
12/01/2037
(a)
5,000
4,546
Marriott
Ownership
Resorts,
Inc.
4.75%,
1/15/2028
5,000
4,336
4.50%,
6/15/2029
(a)(b)
20,000
16,394
Mattamy
Group
Corp.
5.25%,
12/15/2027
(a)
21,000
18,914
4.63%,
3/01/2030
(a)
53,000
43,337
Melco
Resorts
Finance
Ltd.
4.88%,
6/06/2025
50,000
47,001
5.25%,
4/26/2026
4,000
3,663
5.63%,
7/17/2027
9,000
7,843
5.75%,
7/21/2028
(a)
64,000
54,114
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Consumer,
Cyclical
–
21.9%
(continued)
5.38%,
12/04/2029
(a)
53,000
42,124
Merlin
Entertainments
Ltd.,
5.75%,
6/15/2026
(a)
9,000
8,503
MGM
China
Holdings
Ltd.
5.25%,
6/18/2025
(a)
54,000
51,346
5.88%,
5/15/2026
(a)
65,000
62,625
4.75%,
2/01/2027
(a)
4,000
3,506
MGM
Resorts
International
6.75%,
5/01/2025
25,000
24,859
5.75%,
6/15/2025
24,000
23,481
4.63%,
9/01/2026
18,000
16,716
5.50%,
4/15/2027
30,000
28,013
4.75%,
10/15/2028
40,000
34,918
Michaels
Cos.,
Inc.
(The)
5.25%,
5/01/2028
(a)
60,000
43,211
7.88%,
5/01/2029
(a)
65,000
36,247
Midwest
Gaming
Borrower
LLC
/
Midwest
Gaming
Finance
Corp.,
4.88%,
5/01/2029
(a)
15,000
12,496
Mohegan
Tribal
Gaming
Authority
8.00%,
2/01/2026
(a)
105,000
96,467
13.25%,
12/15/2027
(a)
30,000
31,659
Murphy
Oil
USA,
Inc.
5.63%,
5/01/2027
12,000
11,601
4.75%,
9/15/2029
39,000
34,633
3.75%,
2/15/2031
(a)
58,000
46,723
NCL
Corp.
Ltd.
3.63%,
12/15/2024
(a)
40,000
37,837
5.88%,
3/15/2026
(a)
105,000
94,408
5.88%,
2/15/2027
(a)
43,000
39,582
7.75%,
2/15/2029
(a)(b)
6,000
5,236
NCL
Finance
Ltd.,
6.13%,
3/15/2028
(a)
20,000
16,710
New
Home
Co.,
Inc.
(The),
8.25%,
10/15/2027
(a)
55,000
51,021
Newell
Brands,
Inc.
4.88%,
6/01/2025
34,000
32,652
5.20%,
4/01/2026
80,000
75,484
6.38%,
9/15/2027
(b)
9,000
8,429
6.63%,
9/15/2029
69,000
63,531
6.38%,
4/01/2036
25,000
19,626
NMG
Holding
Co.,
Inc.
/
Neiman
Marcus
Group
LLC,
7.13%,
4/01/2026
(a)
66,000
61,723
Nordstrom,
Inc.
4.00%,
3/15/2027
25,000
22,104
4.38%,
4/01/2030
65,000
50,465
4.25%,
8/01/2031
7,000
5,126
5.00%,
1/15/2044
35,000
21,045
Odeon
Finco
PLC,
12.75%,
11/01/2027
(a)
20,000
20,045
Ontario
Gaming
GTA
LP,
8.00%,
8/01/2030
(a)
13,000
12,758
OPENLANE,
Inc.,
5.13%,
6/01/2025
(a)
21,000
20,288
Papa
John's
International,
Inc.,
3.88%,
9/15/2029
(a)
47,000
38,883
Park
River
Holdings,
Inc.
5.63%,
2/01/2029
(a)
15,000
11,046
6.75%,
8/01/2029
(a)
15,000
11,414
Patrick
Industries,
Inc.
7.50%,
10/15/2027
(a)
15,000
14,291
4.75%,
5/01/2029
(a)
51,000
41,700
Penn
Entertainment,
Inc.,
4.13%,
7/01/2029
(a)
19,000
14,764
108
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Consumer,
Cyclical
–
21.9%
(continued)
Penske
Automotive
Group,
Inc.
3.50%,
9/01/2025
25,000
23,822
3.75%,
6/15/2029
5,000
4,121
PetSmart,
Inc.
/
PetSmart
Finance
Corp.
4.75%,
2/15/2028
(a)
41,000
36,276
7.75%,
2/15/2029
(a)
46,000
42,375
PM
General
Purchaser
LLC,
9.50%,
10/01/2028
(a)
55,000
51,704
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.
5.63%,
9/01/2029
(a)
36,000
25,294
5.88%,
9/01/2031
(a)
3,000
2,037
QVC,
Inc.
4.45%,
2/15/2025
25,000
21,538
4.75%,
2/15/2027
24,000
13,665
4.38%,
9/01/2028
70,000
35,317
5.45%,
8/15/2034
25,000
10,549
5.95%,
3/15/2043
11,000
4,499
Raptor
Acquisition
Corp.
/
Raptor
Co.-Issuer
LLC,
4.88%,
11/01/2026
(a)
10,000
9,308
Real
Hero
Merger
Sub
2,
Inc.,
6.25%,
2/01/2029
(a)
11,000
8,747
Resorts
World
Las
Vegas
LLC/RWLV
Capital
Inc.,
4.63%,
4/16/2029
100,000
76,622
Ritchie
Bros
Holdings,
Inc.
6.75%,
3/15/2028
(a)
25,000
24,637
7.75%,
3/15/2031
(a)
45,000
45,172
Rite
Aid
Corp.,
7.70%,
2/15/2027
(d)
17,000
1,656
Royal
Caribbean
Cruises
Ltd.
4.25%,
7/01/2026
(a)
5,000
4,601
5.50%,
8/31/2026
(a)
45,000
42,535
5.38%,
7/15/2027
(a)
43,000
39,632
11.63%,
8/15/2027
(a)
70,000
75,929
7.50%,
10/15/2027
5,000
4,924
3.70%,
3/15/2028
18,000
15,344
5.50%,
4/01/2028
(a)
59,000
53,801
8.25%,
1/15/2029
(a)
44,000
45,132
9.25%,
1/15/2029
(a)
43,000
44,948
7.25%,
1/15/2030
(a)
35,000
34,592
Sally
Holdings
LLC
/
Sally
Capital,
Inc.,
5.63%,
12/01/2025
20,000
19,330
Scientific
Games
Holdings
LP/Scientific
Games
US
FinCo,
Inc.,
6.63%,
3/01/2030
(a)
15,000
12,902
Scotts
Miracle-GRO
Co.
(The)
5.25%,
12/15/2026
13,000
12,073
4.50%,
10/15/2029
10,000
7,906
4.00%,
4/01/2031
5,000
3,722
4.38%,
2/01/2032
9,000
6,601
SeaWorld
Parks
&
Entertainment,
Inc.,
5.25%,
8/15/2029
(a)
26,000
22,645
Shea
Homes
LP
/
Shea
Homes
Funding
Corp.
4.75%,
2/15/2028
36,000
31,816
4.75%,
4/01/2029
13,000
11,013
Six
Flags
Entertainment
Corp.,
5.50%,
4/15/2027
(a)
35,000
31,857
Six
Flags
Theme
Parks,
Inc.,
7.00%,
7/01/2025
(a)
2,000
1,988
Sonic
Automotive,
Inc.
4.63%,
11/15/2029
(a)(b)
31,000
25,832
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Consumer,
Cyclical
–
21.9%
(continued)
4.88%,
11/15/2031
(a)(b)
21,000
16,731
Specialty
Building
Products
Holdings
LLC
/
SBP
Finance
Corp.,
6.38%,
9/30/2026
(a)
43,000
40,149
Speedway
Motorsports
LLC
/
Speedway
Funding
II,
Inc.,
4.88%,
11/01/2027
(a)
11,000
9,835
Spirit
Loyalty
Cayman
Ltd.
/
Spirit
IP
Cayman
Ltd.
8.00%,
9/20/2025
(a)
20,000
14,758
8.00%,
9/20/2025
(a)
30,000
22,211
SRS
Distribution,
Inc.
4.63%,
7/01/2028
(a)
36,000
31,410
6.00%,
12/01/2029
(a)
39,000
32,471
Staples,
Inc.
7.50%,
4/15/2026
(a)
51,000
41,559
10.75%,
4/15/2027
(a)
47,000
25,896
Station
Casinos
LLC
4.50%,
2/15/2028
(a)
50,000
43,202
4.63%,
12/01/2031
(a)
40,000
31,630
Steelcase,
Inc.,
5.13%,
1/18/2029
30,000
26,429
Studio
City
Co.
Ltd.,
7.00%,
2/15/2027
(a)
15,000
13,980
Studio
City
Finance
Ltd.
6.00%,
7/15/2025
(a)
84,000
79,034
6.50%,
1/15/2028
(a)
76,000
62,223
5.00%,
1/15/2029
(a)
62,000
44,339
Suburban
Propane
Partners
LP/Suburban
Energy
Finance
Corp.
5.88%,
3/01/2027
25,000
23,806
5.00%,
6/01/2031
(a)
35,000
29,295
Superior
Plus
LP
/
Superior
General
Partner,
Inc.,
4.50%,
3/15/2029
(a)
15,000
12,810
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/2029
(a)
29,000
16,391
Taylor
Morrison
Communities,
Inc.
5.88%,
6/15/2027
(a)
45,000
42,187
5.75%,
1/15/2028
(a)
40,000
36,396
5.13%,
8/01/2030
(a)
45,000
37,919
Tempur
Sealy
International,
Inc.
4.00%,
4/15/2029
(a)
91,000
74,636
3.88%,
10/15/2031
(a)
48,000
35,970
Tenneco,
Inc.,
8.00%,
11/17/2028
(a)
135,000
108,338
Thor
Industries,
Inc.,
4.00%,
10/15/2029
(a)
35,000
28,543
Titan
International,
Inc.,
7.00%,
4/30/2028
25,000
22,837
TKC
Holdings,
Inc.
6.88%,
5/15/2028
(a)
55,000
47,462
10.50%,
5/15/2029
(a)
22,000
17,599
Travel
+
Leisure
Co.
6.60%,
10/01/2025
4,000
3,929
6.63%,
7/31/2026
(a)
2,000
1,947
6.00%,
4/01/2027
41,000
38,275
4.50%,
12/01/2029
(a)(b)
60,000
49,462
4.63%,
3/01/2030
(a)
3,000
2,442
TRI
Pointe
Group,
Inc.
5.25%,
6/01/2027
11,000
10,051
5.70%,
6/15/2028
11,000
9,834
Under
Armour,
Inc.,
3.25%,
6/15/2026
(b)
27,000
24,579
United
Airlines
Holdings,
Inc.,
4.88%,
1/15/2025
15,000
14,568
United
Airlines
Pass-Through
Trust,
Series
2019-2,
Class
B,
3.50%,
5/01/2028
17,685
15,651
109
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Consumer,
Cyclical
–
21.9%
(continued)
United
Airlines,
Inc.
4.38%,
4/15/2026
(a)
96,000
89,289
4.63%,
4/15/2029
(a)
146,000
123,435
Universal
Entertainment
Corp.,
8.75%,
12/11/2024
(a)(f)
32,000
33,141
Vail
Resorts,
Inc.,
6.25%,
5/15/2025
(a)
28,000
27,839
Victoria's
Secret
&
Co.,
4.63%,
7/15/2029
(a)
14,000
10,293
Viking
Cruises
Ltd.
6.25%,
5/15/2025
(a)
2,000
1,954
5.88%,
9/15/2027
(a)
28,000
25,217
7.00%,
2/15/2029
(a)
52,000
47,019
9.13%,
7/15/2031
(a)
52,000
51,083
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
2/15/2029
(a)
5,000
4,424
Vista
Outdoor,
Inc.,
4.50%,
3/15/2029
(a)
20,000
18,617
VistaJet
Malta
Finance
PLC
/
XO
Management
Holding,
Inc.
7.88%,
5/01/2027
(a)
26,000
20,016
6.38%,
2/01/2030
(a)
58,000
38,824
VOC
Escrow
Ltd.,
5.00%,
2/15/2028
(a)
64,000
57,588
Wabash
National
Corp.,
4.50%,
10/15/2028
(a)
20,000
16,564
White
Capital
Buyer
LLC,
6.88%,
10/15/2028
(a)
32,000
28,018
White
Capital
Parent
LLC,
8.25%,
3/15/2026
(a)(c)
30,000
28,518
William
Carter
Co.
(The),
5.63%,
3/15/2027
(a)
6,000
5,730
Windsor
Holdings
III
LLC,
8.50%,
6/15/2030
(a)
6,000
5,880
Winnebago
Industries,
Inc.,
6.25%,
7/15/2028
(a)
15,000
14,116
WMG
Acquisition
Corp.
3.75%,
12/01/2029
(a)
20,000
16,787
3.88%,
7/15/2030
(a)
20,000
16,679
3.00%,
2/15/2031
(a)(b)
35,000
27,193
Wolverine
World
Wide,
Inc.,
4.00%,
8/15/2029
(a)
36,000
26,807
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
8/15/2028
(a)
45,000
39,727
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
5.50%,
3/01/2025
(a)
60,000
58,881
5.25%,
5/15/2027
(a)
20,000
18,505
Wynn
Macau
Ltd.
5.50%,
1/15/2026
(a)
1,000
926
5.50%,
10/01/2027
(a)
55,000
47,871
5.63%,
8/26/2028
(a)
59,000
49,349
5.13%,
12/15/2029
(a)
55,000
43,100
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
5.13%,
10/01/2029
(a)
5,000
4,269
7.13%,
2/15/2031
(a)
51,000
47,495
Yum!
Brands,
Inc.
4.75%,
1/15/2030
(a)
73,000
65,286
3.63%,
3/15/2031
61,000
49,551
4.63%,
1/31/2032
64,000
54,372
5.38%,
4/01/2032
40,000
35,945
6.88%,
11/15/2037
11,000
10,887
ZF
North
America
Capital,
Inc.
4.75%,
4/29/2025
(a)
61,000
58,936
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Consumer,
Cyclical
–
21.9%
(continued)
7.13%,
4/14/2030
(a)
40,000
38,852
11,744,244
Consumer,
Non-cyclical
–
14.2%
180
Medical,
Inc.,
3.88%,
10/15/2029
(a)
30,000
25,086
Acadia
Healthcare
Co.,
Inc.
5.50%,
7/01/2028
(a)
45,000
41,590
5.00%,
4/15/2029
(a)
11,000
9,855
ACCO
Brands
Corp.,
4.25%,
3/15/2029
(a)
15,000
12,440
AdaptHealth
LLC
6.13%,
8/01/2028
(a)
6,000
4,959
4.63%,
8/01/2029
(a)
9,000
6,729
5.13%,
3/01/2030
(a)
6,000
4,564
ADT
Security
Corp.
(The)
4.13%,
8/01/2029
(a)
25,000
21,452
4.88%,
7/15/2032
(a)
28,000
23,415
Adtalem
Global
Education,
Inc.,
5.50%,
3/01/2028
(a)
1,000
916
AHP
Health
Partners,
Inc.,
5.75%,
7/15/2029
(a)
15,000
12,362
Akumin,
Inc.,
7.00%,
11/01/2025
(a)(d)
65,000
55,291
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
3.25%,
3/15/2026
(a)
45,000
41,608
4.63%,
1/15/2027
(a)
61,000
57,263
5.88%,
2/15/2028
(a)
10,000
9,584
6.50%,
2/15/2028
(a)
10,000
9,817
3.50%,
3/15/2029
(a)
62,000
52,855
4.88%,
2/15/2030
(a)
94,000
83,940
Albion
Financing
1
Sarl
/
Aggreko
Holdings,
Inc.,
6.13%,
10/15/2026
(a)
10,000
9,251
Albion
Financing
2
Sarl,
8.75%,
4/15/2027
(a)
25,000
22,879
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
6.63%,
7/15/2026
(a)
52,000
48,681
9.75%,
7/15/2027
(a)
54,000
47,029
6.00%,
6/01/2029
(a)
45,000
32,531
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
/
Atlas
Luxco
4
Sarl
4.63%,
6/01/2028
(a)
46,000
38,124
4.63%,
6/01/2028
(a)
14,000
11,426
Alta
Equipment
Group,
Inc.,
5.63%,
4/15/2026
(a)
39,000
34,968
AMN
Healthcare,
Inc.
4.63%,
10/01/2027
(a)
5,000
4,484
4.00%,
4/15/2029
(a)
25,000
20,824
APi
Group
DE,
Inc.
4.13%,
7/15/2029
(a)
11,000
9,087
4.75%,
10/15/2029
(a)
40,000
34,410
Aptim
Corp.,
7.75%,
6/15/2025
(a)
37,000
34,037
APX
Group,
Inc.
6.75%,
2/15/2027
(a)
4,000
3,864
5.75%,
7/15/2029
(a)
60,000
50,112
Avantor
Funding,
Inc.
4.63%,
7/15/2028
(a)
53,000
47,269
3.88%,
11/01/2029
(a)
60,000
50,195
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance,
Inc.
5.75%,
7/15/2027
(a)
1,000
918
5.75%,
7/15/2027
(a)
5,000
4,569
110
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Consumer,
Non-cyclical
–
14.2%
(continued)
B&G
Foods,
Inc.
5.25%,
4/01/2025
30,000
28,799
5.25%,
9/15/2027
25,000
20,576
8.00%,
9/15/2028
(a)
26,000
25,353
Bausch
&
Lomb
Escrow
Corp.,
8.38%,
10/01/2028
(a)
75,000
74,539
Bausch
Health
Americas,
Inc.
9.25%,
4/01/2026
(a)
11,000
9,676
8.50%,
1/31/2027
(a)
37,000
16,624
Bausch
Health
Cos.,
Inc.
5.50%,
11/01/2025
(a)
131,000
113,368
9.00%,
12/15/2025
(a)
11,000
9,608
6.13%,
2/01/2027
(a)
15,000
8,358
5.75%,
8/15/2027
(a)
12,000
6,366
7.00%,
1/15/2028
(a)
18,000
7,493
5.00%,
1/30/2028
(a)
30,000
11,043
4.88%,
6/01/2028
(a)
90,000
44,706
11.00%,
9/30/2028
(a)
98,000
59,771
5.00%,
2/15/2029
(a)
42,000
14,709
6.25%,
2/15/2029
(a)
51,000
18,558
5.25%,
1/30/2030
(a)
60,000
20,790
14.00%,
10/15/2030
(a)
1,000
545
5.25%,
2/15/2031
(a)
10,000
3,500
BellRing
Brands,
Inc.,
7.00%,
3/15/2030
(a)
44,000
42,738
Block,
Inc.
2.75%,
6/01/2026
42,000
37,819
3.50%,
6/01/2031
(b)
32,000
24,759
Brink's
Co.
(The)
5.50%,
7/15/2025
(a)
27,000
26,324
4.63%,
10/15/2027
(a)
35,000
31,713
C&S
Group
Enterprises
LLC,
5.00%,
12/15/2028
(a)
15,000
11,613
Cano
Health
LLC,
6.25%,
10/01/2028
(a)
23,000
9,198
Carriage
Services,
Inc.,
4.25%,
5/15/2029
(a)
3,000
2,453
Catalent
Pharma
Solutions,
Inc.
5.00%,
7/15/2027
(a)
6,000
5,360
3.13%,
2/15/2029
(a)
50,000
39,583
3.50%,
4/01/2030
(a)(b)
1,000
785
Central
Garden
&
Pet
Co.
5.13%,
2/01/2028
10,000
9,267
4.13%,
10/15/2030
8,000
6,519
4.13%,
4/30/2031
(a)
11,000
8,773
Charles
River
Laboratories
International,
Inc.
4.25%,
5/01/2028
(a)
10,000
8,900
3.75%,
3/15/2029
(a)
1,000
847
4.00%,
3/15/2031
(a)
4,000
3,266
Cheplapharm
Arzneimittel
GmbH,
5.50%,
1/15/2028
(a)
5,000
4,469
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
7.50%,
4/15/2025
(a)
35,000
34,502
4.63%,
11/15/2028
(a)
20,000
17,370
CHS/Community
Health
Systems,
Inc.
8.00%,
3/15/2026
(a)
113,000
103,366
5.63%,
3/15/2027
(a)
111,000
90,682
8.00%,
12/15/2027
(a)
40,000
33,981
6.88%,
4/01/2028
(a)
35,000
15,076
6.00%,
1/15/2029
(a)
5,000
3,789
6.88%,
4/15/2029
(a)
58,000
23,765
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Consumer,
Non-cyclical
–
14.2%
(continued)
6.13%,
4/01/2030
(a)
55,000
21,319
5.25%,
5/15/2030
(a)
40,000
28,409
4.75%,
2/15/2031
(a)
24,000
16,142
Cimpress
PLC,
7.00%,
6/15/2026
25,000
23,126
CoreCivic,
Inc.
8.25%,
4/15/2026
40,000
40,664
4.75%,
10/15/2027
5,000
4,343
CoreLogic,
Inc.,
4.50%,
5/01/2028
(a)
30,000
23,777
Coty,
Inc.
5.00%,
4/15/2026
(a)
55,000
52,684
6.50%,
4/15/2026
(a)
24,000
23,671
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC,
4.75%,
1/15/2029
(a)
23,000
20,352
CPI
CG,
Inc.,
8.63%,
3/15/2026
(a)
25,000
23,928
Darling
Ingredients,
Inc.
5.25%,
4/15/2027
(a)
13,000
12,374
6.00%,
6/15/2030
(a)
65,000
60,570
DaVita,
Inc.
4.63%,
6/01/2030
(a)
196,000
153,668
3.75%,
2/15/2031
(a)
88,000
63,292
Edgewell
Personal
Care
Co.,
5.50%,
6/01/2028
(a)
25,000
22,820
Elanco
Animal
Health,
Inc.,
6.65%,
8/28/2028
31,000
29,648
Embecta
Corp.
5.00%,
2/15/2030
(a)
21,000
16,669
6.75%,
2/15/2030
(a)
7,000
5,802
Emergent
Biosolutions,
Inc.,
3.88%,
8/15/2028
(a)
45,000
17,685
Encompass
Health
Corp.
5.75%,
9/15/2025
25,000
24,394
4.50%,
2/01/2028
44,000
39,667
4.75%,
2/01/2030
56,000
48,589
FAGE
International
SA
/
FAGE
USA
Dairy
Industry,
Inc.,
5.63%,
8/15/2026
(a)
15,000
14,387
Garda
World
Security
Corp.
4.63%,
2/15/2027
(a)
5,000
4,462
9.50%,
11/01/2027
(a)
3,000
2,726
7.75%,
2/15/2028
(a)
27,000
25,958
6.00%,
6/01/2029
(a)
6,000
4,589
GEO
Group,
Inc.
(The)
10.50%,
6/30/2028
25,000
25,036
9.50%,
12/31/2028
(a)
15,000
14,530
Global
Medical
Response,
Inc.,
6.50%,
10/01/2025
(a)
29,000
18,476
Graham
Holdings
Co.,
5.75%,
6/01/2026
(a)
53,000
51,044
Grand
Canyon
University
4.38%,
10/01/2026
10,000
9,621
5.13%,
10/01/2028
11,000
9,728
Grifols
SA,
4.75%,
10/15/2028
(a)
68,000
56,988
GTCR
W-2
Merger
Sub
LLC,
7.50%,
1/15/2031
(a)
120,000
118,333
HealthEquity,
Inc.,
4.50%,
10/01/2029
(a)
24,000
20,588
Heartland
Dental
LLC/
Heartland
Dental
Finance
Corp.,
8.50%,
5/01/2026
(a)
22,000
20,176
Herbalife
Nutrition
Ltd.
/
HLF
Financing,
Inc.,
7.88%,
9/01/2025
(a)
10,000
9,408
Herc
Holdings,
Inc.,
5.50%,
7/15/2027
(a)
54,000
50,808
111
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Consumer,
Non-cyclical
–
14.2%
(continued)
Hertz
Corp.
(The)
4.63%,
12/01/2026
(a)
25,000
21,101
5.00%,
12/01/2029
(a)
25,000
17,972
H-Food
Holdings
LLC
/
Hearthside
Finance
Co.,
Inc.,
8.50%,
6/01/2026
(a)
31,000
6,874
HLF
Financing
Sarl
LLC
/
Herbalife
International,
Inc.,
4.88%,
6/01/2029
(a)
70,000
47,805
Hologic,
Inc.
4.63%,
2/01/2028
(a)
54,000
49,309
3.25%,
2/15/2029
(a)
35,000
29,391
Ingles
Markets,
Inc.,
4.00%,
6/15/2031
(a)
20,000
15,906
IQVIA,
Inc.
5.00%,
10/15/2026
(a)
62,000
59,114
5.00%,
5/15/2027
(a)
90,000
84,850
6.50%,
5/15/2030
(a)
5,000
4,851
Jazz
Securities
DAC,
4.38%,
1/15/2029
(a)
84,000
73,011
Kedrion
SpA,
6.50%,
9/01/2029
(a)
50,000
41,801
KeHE
Distributors
LLC
/
KeHE
Finance
Corp.,
8.63%,
10/15/2026
(a)
20,000
20,000
Korn
Ferry,
4.63%,
12/15/2027
(a)
10,000
9,127
Kronos
Acquisition
Holdings,
Inc.
/
KIK
Custom
Products,
Inc.
5.00%,
12/31/2026
(a)
29,000
26,258
7.00%,
12/31/2027
(a)
5,000
4,269
Lamb
Weston
Holdings,
Inc.
4.13%,
1/31/2030
(a)
54,000
45,892
4.38%,
1/31/2032
(a)
60,000
49,598
Land
O'Lakes
Capital
Trust
I,
7.45%,
3/15/2028
(a)
20,000
18,579
LifePoint
Health,
Inc.
5.38%,
1/15/2029
(a)
45,000
27,201
9.88%,
8/15/2030
(a)
100,000
90,341
Medline
Borrower
LP
3.88%,
4/01/2029
(a)
206,000
173,849
5.25%,
10/01/2029
(a)
116,000
98,770
Metis
Merger
Sub
LLC,
6.50%,
5/15/2029
(a)
15,000
12,243
ModivCare
Escrow
Issuer,
Inc.,
5.00%,
10/01/2029
(a)
41,000
29,879
ModivCare,
Inc.,
5.88%,
11/15/2025
(a)
21,000
19,996
Molina
Healthcare,
Inc.
4.38%,
6/15/2028
(a)
33,000
29,461
3.88%,
11/15/2030
(a)
11,000
8,975
3.88%,
5/15/2032
(a)
50,000
39,438
MPH
Acquisition
Holdings
LLC
5.50%,
9/01/2028
(a)
8,000
6,682
5.75%,
11/01/2028
(a)(b)
60,000
44,753
Neptune
Bidco
US,
Inc.,
9.29%,
4/15/2029
(a)
143,000
126,314
NESCO
Holdings
II,
Inc.,
5.50%,
4/15/2029
(a)
60,000
51,575
Option
Care
Health,
Inc.,
4.38%,
10/31/2029
(a)
33,000
27,689
Organon
&
Co.
/
Organon
Foreign
Debt
Co.-
Issuer
BV
4.13%,
4/30/2028
(a)
86,000
74,295
5.13%,
4/30/2031
(a)
85,000
66,419
Oriflame
Investment
Holding
PLC,
5.13%,
5/04/2026
(a)
20,000
6,296
Owens
&
Minor,
Inc.
4.38%,
12/15/2024
10,000
9,636
4.50%,
3/31/2029
(a)(b)
44,000
35,473
6.63%,
4/01/2030
(a)(b)
2,000
1,756
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Consumer,
Non-cyclical
–
14.2%
(continued)
P&L
Development
LLC
/
PLD
Finance
Corp.,
7.75%,
11/15/2025
(a)
19,000
12,759
Paysafe
Finance
PLC
/
Paysafe
Holdings
US
Corp.,
4.00%,
6/15/2029
(a)
3,000
2,430
PECF
USS
Intermediate
Holding
III
Corp.,
8.00%,
11/15/2029
(a)
25,000
11,881
Pediatrix
Medical
Group,
Inc.,
5.38%,
2/15/2030
(a)
15,000
12,947
Performance
Food
Group,
Inc.
5.50%,
10/15/2027
(a)
65,000
60,820
4.25%,
8/01/2029
(a)
60,000
50,849
Perrigo
Finance
Unlimited
Co.
3.90%,
12/15/2024
50,000
48,564
4.38%,
3/15/2026
25,000
23,473
4.65%,
6/15/2030
23,000
19,211
4.90%,
12/15/2044
10,000
6,844
Port
of
Newcastle
Investments
Financing
Pty
Ltd.,
5.90%,
11/24/2031
(a)
21,000
17,376
Post
Holdings,
Inc.
5.75%,
3/01/2027
(a)
30,000
28,620
5.63%,
1/15/2028
(a)
57,000
52,943
5.50%,
12/15/2029
(a)
74,000
65,638
4.63%,
4/15/2030
(a)
92,000
77,194
4.50%,
9/15/2031
(a)
66,000
53,573
PRA
Health
Sciences,
Inc.,
2.88%,
7/15/2026
(a)
41,000
37,649
Prestige
Brands,
Inc.
5.13%,
1/15/2028
(a)
5,000
4,617
3.75%,
4/01/2031
(a)
40,000
31,819
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/2025
(a)
46,000
42,090
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
5.75%,
4/15/2026
(a)
50,000
48,527
6.25%,
1/15/2028
(a)
41,000
38,057
Primo
Water
Holdings,
Inc.,
4.38%,
4/30/2029
(a)
51,000
43,107
PROG
Holdings,
Inc.,
6.00%,
11/15/2029
(a)
55,000
46,629
Radiology
Partners,
Inc.,
9.25%,
2/01/2028
(a)
34,000
12,658
RegionalCare
Hospital
Partners
Holdings,
Inc.
/
LifePoint
Health,
Inc.,
9.75%,
12/01/2026
(a)
71,000
66,862
RP
Escrow
Issuer
LLC,
5.25%,
12/15/2025
(a)(b)
19,000
13,725
Sabre
GLBL,
Inc.
8.63%,
6/01/2027
(a)
54,000
44,912
11.25%,
12/15/2027
(a)
18,000
16,018
Safeway,
Inc.,
7.25%,
2/01/2031
15,000
15,127
SEG
Holding
LLC
/
SEG
Finance
Corp.,
5.63%,
10/15/2028
(a)
16,000
16,023
Select
Medical
Corp.,
6.25%,
8/15/2026
(a)
54,000
52,534
Service
Corp.
International
4.63%,
12/15/2027
21,000
19,461
5.13%,
6/01/2029
42,000
38,638
3.38%,
8/15/2030
65,000
52,059
4.00%,
5/15/2031
25,000
20,248
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.,
4.63%,
11/01/2026
(a)
12,000
11,082
Sigma
Holdco
BV,
7.88%,
5/15/2026
(a)
30,000
25,183
Signal
Parent,
Inc.,
6.13%,
4/01/2029
(a)
15,000
8,623
112
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Consumer,
Non-cyclical
–
14.2%
(continued)
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./Simmons
Pet
Food,
Inc./
Simmons
Feed
Ingredients,
Inc.,
4.63%,
3/01/2029
(a)
45,000
36,555
Sotheby's,
7.38%,
10/15/2027
(a)
7,000
6,252
Sotheby's
/
Bidfair
Holdings,
Inc.,
5.88%,
6/01/2029
(a)
1,000
801
Spectrum
Brands,
Inc.
5.00%,
10/01/2029
(a)
12,000
10,765
3.88%,
3/15/2031
(a)
4,000
3,210
StoneMor,
Inc.,
8.50%,
5/15/2029
(a)
25,000
20,044
Surgery
Center
Holdings,
Inc.,
10.00%,
4/15/2027
(a)
12,000
12,019
Team
Health
Holdings,
Inc.,
6.38%,
2/01/2025
(a)
11,000
8,817
Teleflex,
Inc.
4.63%,
11/15/2027
30,000
27,547
4.25%,
6/01/2028
(a)
25,000
22,107
Tenet
Healthcare
Corp.
4.88%,
1/01/2026
89,000
85,384
6.25%,
2/01/2027
88,000
84,536
5.13%,
11/01/2027
46,000
42,501
6.13%,
10/01/2028
(b)
96,000
88,813
4.25%,
6/01/2029
26,000
22,277
4.38%,
1/15/2030
70,000
59,275
6.13%,
6/15/2030
90,000
83,480
6.75%,
5/15/2031
(a)
40,000
37,995
Toledo
Hospital
(The)
4.98%,
11/15/2045
15,000
8,897
6.02%,
11/15/2048
20,000
13,373
Tower
Health,
Series
2020,
4.45%,
2/01/2050
10,000
4,490
TreeHouse
Foods,
Inc.,
4.00%,
9/01/2028
40,000
32,856
TriNet
Group,
Inc.
3.50%,
3/01/2029
(a)
15,000
12,403
7.13%,
8/15/2031
(a)
39,000
37,791
Triton
Water
Holdings,
Inc.,
6.25%,
4/01/2029
(a)
50,000
41,023
United
Natural
Foods,
Inc.,
6.75%,
10/15/2028
(a)
28,000
21,879
United
Rentals
North
America,
Inc.
5.50%,
5/15/2027
3,000
2,896
3.88%,
11/15/2027
78,000
71,748
4.88%,
1/15/2028
71,000
65,964
5.25%,
1/15/2030
23,000
21,034
4.00%,
7/15/2030
13,000
10,927
3.88%,
2/15/2031
(b)
82,000
67,368
3.75%,
1/15/2032
10,000
7,956
Upbound
Group,
Inc.,
6.38%,
2/15/2029
(a)
38,000
32,696
US
Acute
Care
Solutions
LLC,
6.38%,
3/01/2026
(a)
13,000
11,106
US
Foods,
Inc.
6.88%,
9/15/2028
(a)
20,000
19,640
4.75%,
2/15/2029
(a)
10,000
8,810
4.63%,
6/01/2030
(a)
45,000
38,450
7.25%,
1/15/2032
(a)
20,000
19,649
Varex
Imaging
Corp.,
7.88%,
10/15/2027
(a)
30,000
29,542
Vector
Group
Ltd.
10.50%,
11/01/2026
(a)
40,000
39,960
5.75%,
2/01/2029
(a)
1,000
848
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Consumer,
Non-cyclical
–
14.2%
(continued)
Verscend
Escrow
Corp.,
9.75%,
8/15/2026
(a)
47,000
46,676
WASH
Multifamily
Acquisition,
Inc.,
5.75%,
4/15/2026
(a)
53,000
49,035
Williams
Scotsman,
Inc.
6.13%,
6/15/2025
(a)
13,000
12,805
4.63%,
8/15/2028
(a)
40,000
35,555
WW
International,
Inc.,
4.50%,
4/15/2029
(a)
11,000
6,873
ZipRecruiter,
Inc.,
5.00%,
1/15/2030
(a)
45,000
35,116
7,617,397
Diversified
–
0.0%
Benteler
International
AG,
10.50%,
5/15/2028
(a)(b)
4,000
4,039
Stena
International
SA,
6.13%,
2/01/2025
(a)
23,000
22,620
26,659
Energy
–
13.1%
Aethon
United
BR
LP
/
Aethon
United
Finance
Corp.,
8.25%,
2/15/2026
(a)
41,000
40,733
Alliance
Resource
Operating
Partners
LP
/
Alliance
Resource
Finance
Corp.,
7.50%,
5/01/2025
(a)
21,000
20,987
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp.
7.88%,
5/15/2026
(a)
50,000
50,465
5.75%,
3/01/2027
(a)
45,000
43,048
5.75%,
1/15/2028
(a)
23,000
21,592
5.38%,
6/15/2029
(a)
14,000
12,760
Antero
Resources
Corp.
7.63%,
2/01/2029
(a)
3,000
3,041
5.38%,
3/01/2030
(a)
29,000
26,483
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp.
6.88%,
4/01/2027
(a)
1,000
965
6.25%,
4/01/2028
(a)
54,000
50,238
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp.
7.00%,
11/01/2026
(a)
54,000
52,185
8.25%,
12/31/2028
(a)
55,000
54,620
5.88%,
6/30/2029
(a)
40,000
35,289
Athabasca
Oil
Corp.,
9.75%,
11/01/2026
(a)
13,000
13,471
Baytex
Energy
Corp.
8.75%,
4/01/2027
(a)
50,000
50,462
8.50%,
4/30/2030
(a)
48,000
47,600
Berry
Petroleum
Co.
LLC,
7.00%,
2/15/2026
(a)
20,000
19,200
Blue
Racer
Midstream
LLC
/
Blue
Racer
Finance
Corp.
7.63%,
12/15/2025
(a)
51,000
51,067
6.63%,
7/15/2026
(a)
20,000
19,464
Bristow
Group,
Inc.,
6.88%,
3/01/2028
(a)
11,000
10,194
Buckeye
Partners
LP
4.13%,
3/01/2025
(a)
84,000
80,100
3.95%,
12/01/2026
1,000
912
4.50%,
3/01/2028
(a)
4,000
3,501
5.85%,
11/15/2043
35,000
24,745
California
Resources
Corp.,
7.13%,
2/01/2026
(a)
53,000
53,196
Callon
Petroleum
Co.
6.38%,
7/01/2026
(b)
11,000
10,728
8.00%,
8/01/2028
(a)
59,000
58,484
7.50%,
6/15/2030
(a)(b)
25,000
24,216
113
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Energy
–
13.1%
(continued)
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
11.00%,
4/15/2025
(a)
11,000
11,050
8.13%,
1/15/2027
(a)
10,400
9,713
9.75%,
7/15/2028
(a)(b)
18,000
16,844
CGG
SA,
8.75%,
4/01/2027
(a)
27,000
23,846
Chesapeake
Energy
Corp.
5.50%,
2/01/2026
(a)
60,000
58,259
5.88%,
2/01/2029
(a)
39,000
36,729
6.75%,
4/15/2029
(a)
85,000
83,296
Chord
Energy
Corp.,
6.38%,
6/01/2026
(a)
30,000
29,501
Civitas
Resources,
Inc.
5.00%,
10/15/2026
(a)
15,000
14,029
8.38%,
7/01/2028
(a)
80,000
80,574
8.63%,
11/01/2030
(a)
17,000
17,321
8.75%,
7/01/2031
(a)
78,000
78,759
CNX
Midstream
Partners
LP,
4.75%,
4/15/2030
(a)
15,000
12,362
CNX
Resources
Corp.
7.25%,
3/14/2027
(a)
20,000
19,695
6.00%,
1/15/2029
(a)
1,000
918
7.38%,
1/15/2031
(a)(b)
47,000
45,099
Comstock
Resources,
Inc.
6.75%,
3/01/2029
(a)
30,000
27,327
5.88%,
1/15/2030
(a)
81,000
69,254
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC,
5.50%,
6/15/2031
(a)
48,000
41,892
Crescent
Energy
Finance
LLC
7.25%,
5/01/2026
(a)
36,000
34,825
9.25%,
2/15/2028
(a)
33,000
33,465
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
5.75%,
4/01/2025
25,000
24,689
5.63%,
5/01/2027
(a)
32,000
30,778
6.00%,
2/01/2029
(a)
36,000
34,729
8.00%,
4/01/2029
(a)
41,000
41,964
7.38%,
2/01/2031
(a)
16,000
16,183
CrownRock
LP
/
CrownRock
Finance,
Inc.
5.63%,
10/15/2025
(a)
55,000
54,480
5.00%,
5/01/2029
(a)
4,000
3,769
CVR
Energy,
Inc.
5.25%,
2/15/2025
(a)
30,000
29,397
5.75%,
2/15/2028
(a)
1,000
898
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp.
6.75%,
5/15/2025
38,000
37,513
7.13%,
6/01/2028
(a)
38,000
34,704
Diamond
Foreign
Asset
Co.
/
Diamond
Finance
LLC,
8.50%,
10/01/2030
(a)
10,000
9,734
DT
Midstream,
Inc.
4.13%,
6/15/2029
(a)
65,000
55,927
4.38%,
6/15/2031
(a)
59,000
49,053
Earthstone
Energy
Holdings
LLC
8.00%,
4/15/2027
(a)
25,000
25,340
9.88%,
7/15/2031
(a)
28,000
30,191
Encino
Acquisition
Partners
Holdings
LLC,
8.50%,
5/01/2028
(a)
59,000
57,547
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.,
5.75%,
1/30/2028
(a)
45,000
43,192
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Energy
–
13.1%
(continued)
Enerflex
Ltd.,
9.00%,
10/15/2027
(a)
30,000
27,203
Energy
Ventures
Gom
LLC
/
Enven
Finance
Corp.,
11.75%,
4/15/2026
(a)
46,000
47,665
EnLink
Midstream
LLC
5.63%,
1/15/2028
(a)
30,000
28,291
5.38%,
6/01/2029
34,000
31,148
6.50%,
9/01/2030
(a)
29,000
27,858
EnLink
Midstream
Partners
LP
4.15%,
6/01/2025
23,000
22,118
4.85%,
7/15/2026
30,000
28,278
5.60%,
4/01/2044
11,000
8,667
5.05%,
4/01/2045
15,000
10,860
5.45%,
6/01/2047
20,000
15,021
EnQuest
PLC,
11.63%,
11/01/2027
(a)
15,000
14,121
Enviva
Partners
LP
/
Enviva
Partners
Finance
Corp.,
6.50%,
1/15/2026
(a)(b)
50,000
35,135
EQM
Midstream
Partners
LP
6.00%,
7/01/2025
(a)
14,000
13,733
4.13%,
12/01/2026
22,000
20,434
7.50%,
6/01/2027
(a)
15,000
14,900
6.50%,
7/01/2027
(a)
25,000
24,417
5.50%,
7/15/2028
2,000
1,868
4.50%,
1/15/2029
(a)
11,000
9,639
7.50%,
6/01/2030
(a)
26,000
25,591
4.75%,
1/15/2031
(a)
31,000
25,964
6.50%,
7/15/2048
30,000
25,315
FTAI
Infra
Escrow
Holdings
LLC,
10.50%,
6/01/2027
(a)
35,000
34,285
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp.
6.50%,
10/01/2025
38,000
37,237
6.25%,
5/15/2026
25,000
23,847
8.00%,
1/15/2027
61,000
58,665
7.75%,
2/01/2028
61,000
57,528
8.88%,
4/15/2030
2,000
1,941
Global
Marine,
Inc.,
7.00%,
6/01/2028
25,000
20,933
Global
Partners
LP
/
GLP
Finance
Corp.
7.00%,
8/01/2027
23,000
21,672
6.88%,
1/15/2029
25,000
22,221
Greenfire
Resources
Ltd.,
12.00%,
10/01/2028
(a)
25,000
24,883
Gulfport
Energy
Corp.,
8.00%,
5/17/2026
15,000
14,993
Harvest
Midstream
I
LP,
7.50%,
9/01/2028
(a)
64,000
60,831
Hess
Midstream
Operations
LP
5.63%,
2/15/2026
(a)
37,000
36,050
5.13%,
6/15/2028
(a)
31,000
28,738
4.25%,
2/15/2030
(a)
24,000
20,628
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
6.25%,
11/01/2028
(a)
21,000
19,635
5.75%,
2/01/2029
(a)
50,000
45,029
6.00%,
4/15/2030
(a)
40,000
35,529
6.00%,
2/01/2031
(a)
31,000
27,165
6.25%,
4/15/2032
(a)
2,000
1,746
Holly
Energy
Partners
LP
/
Holly
Energy
Finance
Corp.
6.38%,
4/15/2027
(a)
25,000
24,347
5.00%,
2/01/2028
(a)
20,000
18,524
Howard
Midstream
Energy
Partners
LLC,
6.75%,
1/15/2027
(a)
17,000
16,128
114
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Energy
–
13.1%
(continued)
Ithaca
Energy
North
Sea
PLC,
9.00%,
7/15/2026
(a)
19,000
18,265
ITT
Holdings
LLC,
6.50%,
8/01/2029
(a)
61,000
51,174
KCA
Deutag
UK
Finance
PLC,
9.88%,
12/01/2025
(a)
56,000
56,247
Kinetik
Holdings
LP,
5.88%,
6/15/2030
(a)
51,000
47,341
KLX
Energy
Services
Holdings,
Inc.,
11.50%,
11/01/2025
(a)
15,000
14,825
Magnolia
Oil
&
Gas
Operating
LLC
/
Magnolia
Oil
&
Gas
Finance
Corp.,
6.00%,
8/01/2026
(a)
27,000
25,813
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.,
11.50%,
2/15/2028
(a)
5,000
4,909
Matador
Resources
Co.,
5.88%,
9/15/2026
31,000
29,933
MEG
Energy
Corp.,
5.88%,
2/01/2029
(a)
27,000
25,257
Moss
Creek
Resources
Holdings,
Inc.
7.50%,
1/15/2026
(a)
63,000
60,280
10.50%,
5/15/2027
(a)
65,000
64,267
Murphy
Oil
Corp.
5.88%,
12/01/2027
48,000
46,192
6.38%,
7/15/2028
11,000
10,654
7.05%,
5/01/2029
25,000
24,577
5.88%,
12/01/2042
25,000
19,235
Nabors
Industries
Ltd.
7.25%,
1/15/2026
(a)
44,000
41,226
7.50%,
1/15/2028
(a)
23,000
20,284
Nabors
Industries,
Inc.
5.75%,
2/01/2025
58,000
56,297
7.38%,
5/15/2027
(a)
30,000
28,058
Neptune
Energy
Bondco
PLC,
6.63%,
5/15/2025
(a)
47,000
46,613
New
Fortress
Energy,
Inc.
6.75%,
9/15/2025
(a)
75,000
69,617
6.50%,
9/30/2026
(a)
91,000
81,463
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.,
7.50%,
2/01/2026
(a)
92,000
89,831
NGL
Energy
Partners
LP
/
NGL
Energy
Finance
Corp.
6.13%,
3/01/2025
20,000
19,575
7.50%,
4/15/2026
5,000
4,754
Noble
Finance
II
LLC,
8.00%,
4/15/2030
(a)
15,000
15,052
Northern
Oil
&
Gas,
Inc.,
8.13%,
3/01/2028
(a)
44,000
43,432
Northriver
Midstream
Finance
LP,
5.63%,
2/15/2026
(a)
50,000
47,448
NuStar
Logistics
LP
6.00%,
6/01/2026
35,000
33,884
5.63%,
4/28/2027
30,000
28,474
6.38%,
10/01/2030
20,000
18,518
Oceaneering
International,
Inc.
6.00%,
2/01/2028
4,000
3,694
6.00%,
2/01/2028
(a)
12,000
10,979
Parkland
Corp.
5.88%,
7/15/2027
(a)
1,000
958
4.50%,
10/01/2029
(a)
35,000
30,190
4.63%,
5/01/2030
(a)
49,000
41,778
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
6.00%,
2/15/2028
9,000
8,320
7.88%,
9/15/2030
(a)
28,000
27,126
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Energy
–
13.1%
(continued)
Permian
Resources
Operating
LLC
5.38%,
1/15/2026
(a)
25,000
24,023
7.75%,
2/15/2026
(a)
17,000
17,002
6.88%,
4/01/2027
(a)
30,000
29,402
5.88%,
7/01/2029
(a)
30,000
27,996
Petrofac
Ltd.,
9.75%,
11/15/2026
(a)
59,000
40,118
Precision
Drilling
Corp.
7.13%,
1/15/2026
(a)
15,000
14,793
6.88%,
1/15/2029
(a)
43,000
39,985
Range
Resources
Corp.
4.88%,
5/15/2025
25,000
24,342
8.25%,
1/15/2029
25,000
25,632
4.75%,
2/15/2030
(a)
2,000
1,779
Rockcliff
Energy
II
LLC,
5.50%,
10/15/2029
(a)
43,000
38,905
Rockies
Express
Pipeline
LLC
3.60%,
5/15/2025
(a)
22,000
20,819
4.95%,
7/15/2029
(a)
30,000
26,515
4.80%,
5/15/2030
(a)
1,000
838
7.50%,
7/15/2038
(a)
15,000
13,769
6.88%,
4/15/2040
(a)
35,000
29,152
SM
Energy
Co.
5.63%,
6/01/2025
36,000
35,165
6.75%,
9/15/2026
44,000
43,207
6.63%,
1/15/2027
5,000
4,882
Southwestern
Energy
Co.
5.70%,
1/23/2025
47,000
46,456
8.38%,
9/15/2028
25,000
25,850
5.38%,
2/01/2029
30,000
27,756
5.38%,
3/15/2030
53,000
48,619
4.75%,
2/01/2032
20,000
17,199
Strathcona
Resources
Ltd.,
6.88%,
8/01/2026
(a)
50,000
46,706
Summit
Midstream
Holdings
LLC
/
Summit
Midstream
Finance
Corp.
5.75%,
4/15/2025
20,000
18,860
9.00%,
10/15/2026
(a)(f)
68,000
65,283
SunCoke
Energy,
Inc.,
4.88%,
6/30/2029
(a)
30,000
25,092
Sunnova
Energy
Corp.,
5.88%,
9/01/2026
(a)
55,000
44,514
Sunoco
LP
/
Sunoco
Finance
Corp.
6.00%,
4/15/2027
31,000
29,890
5.88%,
3/15/2028
4,000
3,791
7.00%,
9/15/2028
(a)
25,000
24,389
4.50%,
5/15/2029
54,000
46,792
4.50%,
4/30/2030
53,000
45,453
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp.
7.50%,
10/01/2025
(a)
17,000
16,790
6.00%,
3/01/2027
(a)
45,000
41,299
5.50%,
1/15/2028
(a)
35,000
30,803
6.00%,
12/31/2030
(a)
28,000
23,736
6.00%,
9/01/2031
(a)
3,000
2,525
Talos
Production,
Inc.,
12.00%,
1/15/2026
9,000
9,348
TechnipFMC
PLC,
6.50%,
2/01/2026
(a)
10,000
9,856
TerraForm
Power
Operating
LLC
5.00%,
1/31/2028
(a)
29,000
26,547
4.75%,
1/15/2030
(a)
42,000
35,724
Topaz
Solar
Farms
LLC
4.88%,
9/30/2039
(a)
13,965
12,471
5.75%,
9/30/2039
(a)
26,618
24,247
115
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Energy
–
13.1%
(continued)
TransMontaigne
Partners
LP
/
TLP
Finance
Corp.,
6.13%,
2/15/2026
21,000
18,001
Transocean
Aquila
Ltd.,
8.00%,
9/30/2028
(a)
23,000
22,633
Transocean
Poseidon
Ltd.,
6.88%,
2/01/2027
(a)
11,250
11,024
Transocean,
Inc.
7.25%,
11/01/2025
(a)
11,000
10,727
7.50%,
1/15/2026
(a)
24,000
23,045
11.50%,
1/30/2027
(a)
29,000
30,162
8.00%,
2/01/2027
(a)
28,000
26,270
8.75%,
2/15/2030
(a)
34,438
34,381
7.50%,
4/15/2031
25,000
20,181
6.80%,
3/15/2038
25,000
17,837
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp.
6.88%,
4/01/2026
48,000
46,791
6.88%,
9/01/2027
39,000
37,375
Valaris
Ltd.,
8.38%,
4/30/2030
(a)
35,000
34,374
Venture
Global
Calcasieu
Pass
LLC
3.88%,
8/15/2029
(a)
78,000
65,073
6.25%,
1/15/2030
(a)
70,000
66,040
4.13%,
8/15/2031
(a)
54,000
43,501
3.88%,
11/01/2033
(a)
45,000
34,095
Venture
Global
Lng,
Inc.
9.50%,
2/01/2029
(a)
115,000
116,811
9.88%,
2/01/2032
(a)
115,000
116,781
Venture
Global
LNG,
Inc.
8.13%,
6/01/2028
(a)
99,000
96,117
8.38%,
6/01/2031
(a)
104,000
99,255
Vermilion
Energy,
Inc.,
5.63%,
3/15/2025
(a)
20,000
19,499
Viper
Energy
Partners
LP,
5.38%,
11/01/2027
(a)
45,000
42,674
Vital
Energy,
Inc.
9.50%,
1/15/2025
30,000
30,141
10.13%,
1/15/2028
1,000
1,003
7.75%,
7/31/2029
(a)
17,000
15,327
W&T
Offshore,
Inc.,
11.75%,
2/01/2026
(a)
25,000
25,841
Warrior
Met
Coal,
Inc.,
7.88%,
12/01/2028
(a)
21,000
20,562
Weatherford
International
Ltd.
6.50%,
9/15/2028
(a)
29,000
29,189
8.63%,
4/30/2030
(a)
59,000
59,658
7,004,601
Financial
–
10.7%
Acrisure
LLC
/
Acrisure
Finance,
Inc.
7.00%,
11/15/2025
(a)
40,000
38,825
10.13%,
8/01/2026
(a)
6,000
6,040
4.25%,
2/15/2029
(a)
30,000
24,601
6.00%,
8/01/2029
(a)
8,000
6,459
AG
Issuer
LLC,
6.25%,
3/01/2028
(a)
57,000
52,681
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
9/30/2027
(a)
26,000
26,112
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co.-Issuer
4.25%,
10/15/2027
(a)
36,000
31,640
6.75%,
10/15/2027
(a)
57,000
52,006
6.75%,
4/15/2028
(a)
56,000
53,252
5.88%,
11/01/2029
(a)
6,000
5,015
Ally
Financial,
Inc.
5.75%,
11/20/2025
(b)
48,000
45,873
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Financial
–
10.7%
(continued)
6.70%,
2/14/2033
21,000
17,666
AmWINS
Group,
Inc.,
4.88%,
6/30/2029
(a)
68,000
58,318
Anywhere
Real
Estate
Group
LLC
/
Anywhere
Co.-Issuer
Corp.,
7.00%,
4/15/2030
(a)
25,000
19,650
Apollo
Commercial
Real
Estate
Finance,
Inc.,
4.63%,
6/15/2029
(a)
19,000
14,563
Aretec
Escrow
Issuer,
Inc.,
7.50%,
4/01/2029
(a)
25,000
21,250
Armor
Holdco,
Inc.,
8.50%,
11/15/2029
(a)
15,000
13,102
ASG
Finance
Designated
Activity
Co.,
7.88%,
12/03/2024
(a)
51,000
49,445
Assurant,
Inc.,
7.00%,
3/27/2048
30,000
28,749
AssuredPartners,
Inc.
7.00%,
8/15/2025
(a)
34,000
33,316
5.63%,
1/15/2029
(a)
7,000
5,951
Avation
Capital
SA,
8.25%,
10/31/2026
(a)(c)
15,876
13,538
Blackstone
Mortgage
Trust,
Inc.,
3.75%,
1/15/2027
(a)
6,000
4,994
Brandywine
Operating
Partnership
LP
3.95%,
11/15/2027
(b)
30,000
24,900
7.80%,
3/15/2028
8,000
7,218
4.55%,
10/01/2029
50,000
38,312
Brightsphere
Investment
Group,
Inc.,
4.80%,
7/27/2026
19,000
17,269
Broadstreet
Partners,
Inc.,
5.88%,
4/15/2029
(a)
21,000
18,300
Brookfield
Property
REIT,
Inc.
/
BPR
Cumulus
LLC
/
BPR
Nimbus
LLC
/
GGSI
Sellco
LLC,
4.50%,
4/01/2027
(a)
45,000
37,502
Burford
Capital
Global
Finance
LLC
6.25%,
4/15/2028
(a)
5,000
4,559
6.88%,
4/15/2030
(a)
15,000
13,544
9.25%,
7/01/2031
(a)
34,000
33,629
Castlelake
Aviation
Finance
DAC,
5.00%,
4/15/2027
(a)
37,000
32,646
Cobra
Acquisitionco
LLC,
6.38%,
11/01/2029
(a)
25,000
18,014
Coinbase
Global,
Inc.,
3.38%,
10/01/2028
(a)
80,000
58,816
Compass
Group
Diversified
Holdings
LLC,
5.00%,
1/15/2032
(a)
21,000
16,507
Constellation
Insurance,
Inc.
6.80%,
1/24/2030
(a)
11,000
9,741
6.63%,
5/01/2031
(a)(b)
20,000
17,376
Credit
Acceptance
Corp.
5.13%,
12/31/2024
(a)
18,000
17,417
6.63%,
3/15/2026
(b)
18,000
17,133
CTR
Partnership
LP
/
CareTrust
Capital
Corp.,
3.88%,
6/30/2028
(a)
45,000
38,114
Curo
Group
Holdings
Corp.,
7.50%,
8/01/2028
(a)
10,000
2,273
Cushman
&
Wakefield
US
Borrower
LLC
6.75%,
5/15/2028
(a)
30,000
27,377
8.88%,
9/01/2031
(a)
13,000
12,330
Diversified
Healthcare
Trust
9.75%,
6/15/2025
50,000
48,522
4.75%,
2/15/2028
11,000
8,013
4.38%,
3/01/2031
20,000
13,767
Dresdner
Funding
Trust
I,
8.15%,
6/30/2031
(a)
50,000
52,295
Enova
International,
Inc.,
8.50%,
9/15/2025
(a)
33,000
31,202
116
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Financial
–
10.7%
(continued)
Finance
of
America
Funding
LLC,
7.88%,
11/15/2025
(a)
1,000
812
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.,
7.88%,
11/15/2025
(a)
27,000
25,484
Freedom
Mortgage
Corp.,
12.00%,
10/01/2028
(a)
14,000
14,048
Genworth
Holdings,
Inc.,
6.50%,
6/15/2034
20,000
17,377
GGAM
Finance
Ltd.,
8.00%,
6/15/2028
(a)
60,000
59,239
Global
NET
Lease,
Inc.
/
Global
NET
Lease
Operating
Partnership
LP,
3.75%,
12/15/2027
(a)
65,000
49,325
goeasy
Ltd.
5.38%,
12/01/2024
(a)
23,000
22,574
4.38%,
5/01/2026
(a)
25,000
22,627
GTCR
AP
Finance,
Inc.,
8.00%,
5/15/2027
(a)
10,000
9,725
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
6.00%,
4/15/2025
(a)
21,000
20,409
3.38%,
6/15/2026
(a)
4,000
3,523
3.75%,
9/15/2030
(a)
24,000
17,273
Hightower
Holding
LLC,
6.75%,
4/15/2029
(a)
11,000
9,374
Howard
Hughes
Corp.
(The)
5.38%,
8/01/2028
(a)
37,000
32,559
4.13%,
2/01/2029
(a)
45,000
36,499
4.38%,
2/01/2031
(a)
59,000
45,328
HUB
International
Ltd.
7.00%,
5/01/2026
(a)
134,000
130,567
5.63%,
12/01/2029
(a)
34,000
29,315
Hunt
Cos.,
Inc.,
5.25%,
4/15/2029
(a)
60,000
47,307
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
6.38%,
12/15/2025
14,000
13,174
6.25%,
5/15/2026
55,000
50,325
5.25%,
5/15/2027
65,000
55,670
4.38%,
2/01/2029
35,000
27,067
Intesa
Sanpaolo
SpA
5.71%,
1/15/2026
(a)
67,000
63,597
4.20%,
6/01/2032
(a)
55,000
39,205
4.95%,
6/01/2042
(a)
39,000
23,035
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
7/15/2032
(a)
110,000
90,095
Iron
Mountain,
Inc.
4.88%,
9/15/2027
(a)
81,000
74,314
5.25%,
3/15/2028
(a)
30,000
27,463
5.00%,
7/15/2028
(a)
56,000
50,162
4.88%,
9/15/2029
(a)
80,000
69,719
5.25%,
7/15/2030
(a)
85,000
73,806
4.50%,
2/15/2031
(a)
15,000
12,281
5.63%,
7/15/2032
(a)
3,000
2,563
Jane
Street
Group
/
JSG
Finance,
Inc.,
4.50%,
11/15/2029
(a)
72,000
61,336
Jefferies
Finance
LLC
/
JFIN
Co.-Issuer
Corp.,
5.00%,
8/15/2028
(a)
89,000
71,260
Jefferson
Capital
Holdings
LLC,
6.00%,
8/15/2026
(a)
13,000
11,370
Jones
Deslauriers
Insurance
Management,
Inc.
8.50%,
3/15/2030
(a)
40,000
39,381
10.50%,
12/15/2030
(a)
15,000
15,001
Kennedy-Wilson,
Inc.
4.75%,
3/01/2029
65,000
49,316
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Financial
–
10.7%
(continued)
4.75%,
2/01/2030
6,000
4,371
5.00%,
3/01/2031
1,000
717
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
5.25%,
10/01/2025
(a)
10,000
9,517
4.25%,
2/01/2027
(a)
59,000
51,807
4.75%,
6/15/2029
(a)
40,000
32,238
LD
Holdings
Group
LLC
6.50%,
11/01/2025
(a)
25,000
20,155
6.13%,
4/01/2028
(a)
38,000
21,079
LFS
Topco
LLC,
5.88%,
10/15/2026
(a)
20,000
16,904
Liberty
Mutual
Group,
Inc.
7.80%,
3/15/2037
(a)
25,000
24,002
4.13%,
12/15/2051
(a)
15,000
11,939
4.30%,
2/01/2061
(a)
56,000
29,179
Macquarie
Airfinance
Holdings
Ltd.,
8.38%,
5/01/2028
(a)
35,000
34,886
MGIC
Investment
Corp.,
5.25%,
8/15/2028
28,000
25,845
Midcap
Financial
Issuer
Trust
6.50%,
5/01/2028
(a)
46,000
39,169
5.63%,
1/15/2030
(a)
33,000
25,555
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
5.00%,
10/15/2027
51,000
39,509
4.63%,
8/01/2029
60,000
41,695
3.50%,
3/15/2031
78,000
47,444
Nationstar
Mortgage
Holdings,
Inc.
5.00%,
2/01/2026
(a)
44,000
40,810
6.00%,
1/15/2027
(a)
30,000
27,921
5.50%,
8/15/2028
(a)
45,000
39,743
5.13%,
12/15/2030
(a)
47,000
38,197
5.75%,
11/15/2031
(a)
33,000
27,321
Navient
Corp.
6.75%,
6/25/2025
8,000
7,813
6.75%,
6/15/2026
29,000
27,534
5.00%,
3/15/2027
30,000
26,415
4.88%,
3/15/2028
18,000
14,899
5.50%,
3/15/2029
70,000
56,818
5.63%,
8/01/2033
6,000
4,088
Necessity
Retail
REIT,
Inc.
(The)
/
American
Finance
Operating
Partner
LP,
4.50%,
9/30/2028
(a)
55,000
41,167
NFP
Corp.
4.88%,
8/15/2028
(a)
38,000
33,416
6.88%,
8/15/2028
(a)
95,000
81,181
7.50%,
10/01/2030
(a)
16,000
15,177
NMI
Holdings,
Inc.,
7.38%,
6/01/2025
(a)
40,000
40,074
Office
Properties
Income
Trust
4.50%,
2/01/2025
50,000
43,202
2.65%,
6/15/2026
5,000
3,293
2.40%,
2/01/2027
30,000
16,760
3.45%,
10/15/2031
24,000
11,939
OneMain
Finance
Corp.
6.88%,
3/15/2025
50,000
49,366
7.13%,
3/15/2026
80,000
77,745
3.50%,
1/15/2027
14,000
11,852
6.63%,
1/15/2028
9,000
8,231
3.88%,
9/15/2028
75,000
59,592
9.00%,
1/15/2029
20,000
19,507
117
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Financial
–
10.7%
(continued)
5.38%,
11/15/2029
35,000
28,909
4.00%,
9/15/2030
80,000
58,596
Osaic
Holdings,
Inc.,
10.75%,
8/01/2027
(a)
1,000
995
Oxford
Finance
LLC
/
Oxford
Finance
Co.-
Issuer
II,
Inc.,
6.38%,
2/01/2027
(a)
25,000
22,789
Pacific
Western
Bank,
3.25%,
5/01/2031
35,000
25,899
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co.-Issuer
7.50%,
6/01/2025
(a)
26,000
25,786
5.88%,
10/01/2028
(a)
9,000
8,106
4.88%,
5/15/2029
(a)
69,000
57,870
PennyMac
Financial
Services,
Inc.
5.38%,
10/15/2025
(a)
16,000
15,231
4.25%,
2/15/2029
(a)
60,000
48,997
5.75%,
9/15/2031
(a)
22,000
18,031
PHH
Mortgage
Corp.,
7.88%,
3/15/2026
(a)
35,000
30,293
PRA
Group,
Inc.
7.38%,
9/01/2025
(a)
10,000
9,353
8.38%,
2/01/2028
(a)
26,000
21,395
5.00%,
10/01/2029
(a)
45,000
30,310
Provident
Financing
Trust
I,
7.41%,
3/15/2038
5,000
4,923
Provident
Funding
Associates
LP
/
PFG
Finance
Corp.,
6.38%,
6/15/2025
(a)
13,000
11,567
Realogy
Group
LLC
/
Realogy
Co.-Issuer
Corp.
5.75%,
1/15/2029
(a)(b)
20,000
12,643
5.25%,
4/15/2030
(a)(b)
20,000
12,500
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
7.25%,
7/15/2028
(a)
17,000
16,577
4.50%,
2/15/2029
(a)
7,000
5,960
Rithm
Capital
Corp.,
6.25%,
10/15/2025
(a)
25,000
23,747
RLJ
Lodging
Trust
LP
3.75%,
7/01/2026
(a)
5,000
4,512
4.00%,
9/15/2029
(a)
5,000
4,078
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-
Issuer,
Inc.
2.88%,
10/15/2026
(a)
25,000
21,782
3.63%,
3/01/2029
(a)
37,000
30,084
3.88%,
3/01/2031
(a)
55,000
42,516
4.00%,
10/15/2033
(a)
35,000
25,735
Ryan
Specialty
LLC,
4.38%,
2/01/2030
(a)
35,000
30,134
Sagicor
Financial
Co.
Ltd.,
5.30%,
5/13/2028
(a)
46,000
42,811
SBA
Communications
Corp.
3.88%,
2/15/2027
44,000
40,127
3.13%,
2/01/2029
45,000
37,305
Service
Properties
Trust
4.35%,
10/01/2024
37,000
35,473
4.50%,
3/15/2025
16,000
14,939
7.50%,
9/15/2025
25,000
24,290
5.25%,
2/15/2026
25,000
22,371
4.75%,
10/01/2026
18,000
15,296
4.95%,
2/15/2027
7,000
5,840
5.50%,
12/15/2027
12,000
10,119
4.95%,
10/01/2029
20,000
14,413
4.38%,
2/15/2030
70,000
48,216
SLM
Corp.,
3.13%,
11/02/2026
11,000
9,611
Starwood
Property
Trust,
Inc.
3.75%,
12/31/2024
(a)
30,000
28,378
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Financial
–
10.7%
(continued)
4.75%,
3/15/2025
9,000
8,644
3.63%,
7/15/2026
(a)
1,000
882
4.38%,
1/15/2027
(a)
22,000
18,968
Stonex
Group,
Inc.,
8.63%,
6/15/2025
(a)
25,000
25,128
Synchrony
Financial,
7.25%,
2/02/2033
32,000
27,166
Texas
Capital
Bancshares,
Inc.,
4.00%,
5/06/2031
15,000
12,261
UniCredit
SpA
5.86%,
6/19/2032
(a)
87,000
78,473
7.30%,
4/02/2034
(a)
40,000
37,154
5.46%,
6/30/2035
(a)
65,000
53,351
United
Wholesale
Mortgage
LLC
5.50%,
11/15/2025
(a)
33,000
31,450
5.75%,
6/15/2027
(a)
32,000
29,164
5.50%,
4/15/2029
(a)
31,000
25,934
Uniti
Group
LP
/
Uniti
Fiber
Holdings,
Inc.
/
CSL
Capital
LLC,
6.00%,
1/15/2030
(a)
51,000
31,301
Uniti
Group
LP
/
Uniti
Group
Finance,
Inc.
/
CSL
Capital
LLC
10.50%,
2/15/2028
(a)
80,000
77,083
4.75%,
4/15/2028
(a)
21,000
16,904
6.50%,
2/15/2029
(a)
46,000
29,863
USI,
Inc.,
6.88%,
5/01/2025
(a)
50,000
49,569
Valley
National
Bancorp
3.00%,
6/15/2031
(b)
13,000
10,399
6.25%,
9/30/2032
15,000
12,276
Western
Alliance
Bancorp,
3.00%,
6/15/2031
(b)
44,000
33,804
Western
Alliance
Bank,
5.25%,
6/01/2030
10,000
8,647
Wilton
RE
Ltd.,
6.00%
(a)(e)
15,000
13,107
World
Acceptance
Corp.,
7.00%,
11/01/2026
(a)
11,000
8,972
XHR
LP
6.38%,
8/15/2025
(a)
40,000
38,961
4.88%,
6/01/2029
(a)
4,000
3,418
5,734,785
Industrial
–
11.7%
Acproducts
Holdings,
Inc.,
6.38%,
5/15/2029
(a)
9,000
5,402
Advanced
Drainage
Systems,
Inc.
5.00%,
9/30/2027
(a)
13,000
12,202
6.38%,
6/15/2030
(a)
24,000
22,743
AECOM,
5.13%,
3/15/2027
20,000
18,859
AerCap
Global
Aviation
Trust,
6.50%,
6/15/2045
(a)
9,000
8,828
Ameritex
Holdco
Intermediate
LLC,
10.25%,
10/15/2028
(a)
10,000
9,467
Amsted
Industries,
Inc.
5.63%,
7/01/2027
(a)
40,000
36,958
4.63%,
5/15/2030
(a)
35,000
28,582
ARD
Finance
SA,
6.50%,
6/30/2027
(a)(c)
39,000
22,738
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC
6.00%,
6/15/2027
(a)
50,000
47,306
3.25%,
9/01/2028
(a)
5,000
4,083
4.00%,
9/01/2029
(a)(b)
76,000
56,993
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA,
Inc.
5.25%,
4/30/2025
(a)
37,000
35,659
4.13%,
8/15/2026
(a)
60,000
52,957
118
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Industrial
–
11.7%
(continued)
5.25%,
8/15/2027
(a)
70,000
50,969
5.25%,
8/15/2027
(a)
38,000
27,648
Artera
Services
LLC,
9.03%,
12/04/2025
(a)
45,000
40,619
Atkore,
Inc.,
4.25%,
6/01/2031
(a)
20,000
16,529
ATS
Corp.,
4.13%,
12/15/2028
(a)
20,000
17,158
Ball
Corp.
5.25%,
7/01/2025
40,000
39,380
4.88%,
3/15/2026
33,000
31,790
6.88%,
3/15/2028
34,000
33,947
6.00%,
6/15/2029
33,000
31,606
2.88%,
8/15/2030
45,000
35,079
3.13%,
9/15/2031
40,000
30,929
Berry
Global,
Inc.
4.50%,
2/15/2026
(a)
5,000
4,714
5.63%,
7/15/2027
(a)(b)
12,000
11,468
Boise
Cascade
Co.,
4.88%,
7/01/2030
(a)
25,000
21,503
Bombardier,
Inc.
7.13%,
6/15/2026
(a)
85,000
81,798
7.88%,
4/15/2027
(a)
88,000
84,732
6.00%,
2/15/2028
(a)
4,000
3,551
7.50%,
2/01/2029
(a)(b)
8,000
7,410
7.45%,
5/01/2034
(a)
5,000
5,597
Brand
Industrial
Services,
Inc.,
10.38%,
8/01/2030
(a)
41,000
40,738
Brundage-Bone
Concrete
Pumping
Holdings,
Inc.,
6.00%,
2/01/2026
(a)
44,000
41,590
Builders
FirstSource,
Inc.
4.25%,
2/01/2032
(a)
60,000
47,762
6.38%,
6/15/2032
(a)
15,000
13,748
BWX
Technologies,
Inc.
4.13%,
6/30/2028
(a)
47,000
41,533
4.13%,
4/15/2029
(a)
11,000
9,505
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
8/01/2028
(a)
76,000
70,961
Cargo
Aircraft
Management,
Inc.,
4.75%,
2/01/2028
(a)
3,000
2,647
Carriage
Purchaser,
Inc.,
7.88%,
10/15/2029
(a)
15,000
11,015
Cascades,
Inc.
/
Cascades
USA,
Inc.
5.13%,
1/15/2026
(a)
16,000
15,276
5.38%,
1/15/2028
(a)
25,000
22,648
Cellnex
Finance
Co.
SA,
3.88%,
7/07/2041
(a)
30,000
20,482
Chart
Industries,
Inc.
7.50%,
1/01/2030
(a)
39,000
38,318
9.50%,
1/01/2031
(a)
13,000
13,393
Clean
Harbors,
Inc.
4.88%,
7/15/2027
(a)
5,000
4,667
5.13%,
7/15/2029
(a)
15,000
13,498
6.38%,
2/01/2031
(a)
50,000
47,592
Clearwater
Paper
Corp.
5.38%,
2/01/2025
(a)
10,000
9,790
4.75%,
8/15/2028
(a)
10,000
8,827
Clydesdale
Acquisition
Holdings,
Inc.
6.63%,
4/15/2029
(a)
36,000
32,706
8.75%,
4/15/2030
(a)
66,000
52,652
Coherent
Corp.,
5.00%,
12/15/2029
(a)
47,000
39,930
Cornerstone
Building
Brands,
Inc.,
6.13%,
1/15/2029
(a)
3,000
2,200
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Industrial
–
11.7%
(continued)
Covanta
Holding
Corp.
4.88%,
12/01/2029
(a)
65,000
50,852
5.00%,
9/01/2030
1,000
779
CP
Atlas
Buyer,
Inc.,
7.00%,
12/01/2028
(a)
38,000
28,956
Crown
Americas
LLC,
5.25%,
4/01/2030
25,000
22,625
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
V,
4.25%,
9/30/2026
5,000
4,726
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
VI,
4.75%,
2/01/2026
44,000
42,446
Danaos
Corp.,
8.50%,
3/01/2028
(a)
20,000
20,003
Dycom
Industries,
Inc.,
4.50%,
4/15/2029
(a)
15,000
12,951
Eco
Material
Technologies,
Inc.,
7.88%,
1/31/2027
(a)
69,000
65,492
Emerald
Debt
Merger
Sub
LLC,
6.63%,
12/15/2030
(a)
120,000
114,248
Energizer
Holdings,
Inc.
6.50%,
12/31/2027
(a)
30,000
28,140
4.75%,
6/15/2028
(a)
13,000
11,167
4.38%,
3/31/2029
(a)
24,000
19,689
EnerSys,
4.38%,
12/15/2027
(a)
13,000
11,635
EnPro
Industries,
Inc.,
5.75%,
10/15/2026
18,000
17,158
Enviri
Corp.,
5.75%,
7/31/2027
(a)
20,000
16,944
F-Brasile
SpA
/
F-Brasile
US
LLC,
Series
XR,
7.38%,
8/15/2026
(a)
10,000
9,517
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.,
4.00%,
7/31/2029
(a)
39,000
31,402
Fluor
Corp.,
4.25%,
9/15/2028
20,000
18,155
Fortress
Transportation
&
Infrastructure
Investors
LLC
6.50%,
10/01/2025
(a)
16,000
15,877
9.75%,
8/01/2027
(a)
4,000
4,112
5.50%,
5/01/2028
(a)
46,000
41,902
Forward
Air
Corp.,
9.50%,
10/15/2031
(a)
34,000
33,145
FXI
Holdings,
Inc.
12.25%,
11/15/2026
(a)
32,000
26,601
12.25%,
11/15/2026
(a)
20,000
16,618
Gates
Global
LLC
/
Gates
Corp.,
6.25%,
1/15/2026
(a)(b)
29,000
28,340
GFL
Environmental,
Inc.
4.25%,
6/01/2025
(a)
43,000
41,385
3.75%,
8/01/2025
(a)
34,000
32,325
5.13%,
12/15/2026
(a)
22,000
20,936
4.00%,
8/01/2028
(a)
74,000
63,885
3.50%,
9/01/2028
(a)
6,000
5,161
4.38%,
8/15/2029
(a)
40,000
34,122
Global
Infrastructure
Solutions,
Inc.
5.63%,
6/01/2029
(a)
35,000
28,271
7.50%,
4/15/2032
(a)
15,000
12,342
Graftech
Finance,
Inc.,
4.63%,
12/15/2028
(a)
40,000
29,361
Graftech
Global
Enterprises,
Inc.,
9.88%,
12/15/2028
(a)
50,000
44,953
Graham
Packaging
Co.,
Inc.,
7.13%,
8/15/2028
(a)
5,000
3,879
Graphic
Packaging
International
LLC
4.75%,
7/15/2027
(a)
5,000
4,670
3.50%,
3/15/2028
(a)
11,000
9,667
3.50%,
3/01/2029
(a)
13,000
10,905
3.75%,
2/01/2030
(a)
15,000
12,338
Great
Lakes
Dredge
&
Dock
Corp.,
5.25%,
6/01/2029
(a)(b)
25,000
20,457
119
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Industrial
–
11.7%
(continued)
Griffon
Corp.,
5.75%,
3/01/2028
45,000
40,646
Hillenbrand,
Inc.
5.75%,
6/15/2025
22,000
21,596
5.00%,
9/15/2026
1,000
963
3.75%,
3/01/2031
6,000
4,720
Howmet
Aerospace,
Inc.
5.13%,
10/01/2024
20,000
19,732
6.88%,
5/01/2025
30,000
30,127
5.90%,
2/01/2027
11,000
10,850
6.75%,
1/15/2028
22,000
22,055
3.00%,
1/15/2029
30,000
25,293
5.95%,
2/01/2037
30,000
27,456
Husky
III
Holding
Ltd.,
13.00%,
2/15/2025
(a)(c)
35,000
33,818
Imola
Merger
Corp.,
4.75%,
5/15/2029
(a)
102,000
89,071
Innovate
Corp.,
8.50%,
2/01/2026
(a)
15,000
11,547
Intelligent
Packaging
Ltd.
Finco,
Inc.
/
Intelligent
Packaging
Ltd.
Co.-Issuer
LLC,
6.00%,
9/15/2028
(a)
61,000
50,438
Iris
Holdings,
Inc.,
10.00%,
12/15/2028
(a)
25,000
18,344
James
Hardie
International
Finance
DAC,
5.00%,
1/15/2028
(a)
55,000
50,990
JELD-WEN,
Inc.
4.63%,
12/15/2025
(a)
6,000
5,691
4.88%,
12/15/2027
(a)
16,000
13,636
Knife
River
Corp.,
7.75%,
5/01/2031
(a)
2,000
1,993
LABL,
Inc.
6.75%,
7/15/2026
(a)
34,000
31,330
10.50%,
7/15/2027
(a)
43,000
37,387
5.88%,
11/01/2028
(a)
49,000
41,864
8.25%,
11/01/2029
(a)
20,000
14,850
Likewize
Corp.,
9.75%,
10/15/2025
(a)
10,000
9,941
Louisiana-Pacific
Corp.,
3.63%,
3/15/2029
(a)
15,000
12,450
LSB
Industries,
Inc.,
6.25%,
10/15/2028
(a)
40,000
35,537
Madison
IAQ
LLC
4.13%,
6/30/2028
(a)
26,000
21,712
5.88%,
6/30/2029
(a)
36,000
27,885
Manitowoc
Co.,
Inc.
(The),
9.00%,
4/01/2026
(a)(b)
21,000
20,654
Masonite
International
Corp.
5.38%,
2/01/2028
(a)
63,000
58,027
3.50%,
2/15/2030
(a)
15,000
12,001
Mauser
Packaging
Solutions
Holding
Co.
7.88%,
8/15/2026
(a)
142,000
133,041
9.25%,
4/15/2027
(a)
61,000
51,000
MIWD
Holdco
II
LLC
/
MIWD
Finance
Corp.,
5.50%,
2/01/2030
(a)
6,000
4,762
Moog,
Inc.,
4.25%,
12/15/2027
(a)
41,000
37,102
NAC
Aviation
29
DAC,
4.75%,
6/30/2026
4,984
4,587
New
Enterprise
Stone
&
Lime
Co.,
Inc.
5.25%,
7/15/2028
(a)
9,000
7,958
9.75%,
7/15/2028
(a)
20,000
19,953
OI
European
Group
BV,
4.75%,
2/15/2030
(a)
34,000
28,923
OT
Merger
Corp.,
7.88%,
10/15/2029
(a)
18,000
10,621
Owens-Brockway
Glass
Container,
Inc.
6.38%,
8/15/2025
(a)
14,000
13,654
6.63%,
5/13/2027
(a)
7,000
6,659
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.,
4.38%,
10/15/2028
(a)
54,000
46,154
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Industrial
–
11.7%
(continued)
Pactiv
LLC
7.95%,
12/15/2025
17,000
16,832
8.38%,
4/15/2027
10,000
9,810
Park-Ohio
Industries,
Inc.,
6.63%,
4/15/2027
26,000
22,528
PGT
Innovations,
Inc.,
4.38%,
10/01/2029
(a)
16,000
14,932
Railworks
Holdings
LP
/
Railworks
Rally,
Inc.,
8.25%,
11/15/2028
(a)
15,000
14,210
Rand
Parent
LLC,
8.50%,
2/15/2030
(a)(b)
40,000
36,450
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/2029
(a)
2,000
1,697
Rolls-Royce
PLC
3.63%,
10/14/2025
(a)
63,000
59,264
5.75%,
10/15/2027
(a)
48,000
45,497
Sealed
Air
Corp.
5.13%,
12/01/2024
(a)
20,000
19,655
4.00%,
12/01/2027
(a)
13,000
11,561
6.13%,
2/01/2028
(a)
11,000
10,462
5.00%,
4/15/2029
(a)
41,000
36,514
6.88%,
7/15/2033
(a)
28,000
26,384
Seaspan
Corp.,
5.50%,
8/01/2029
(a)
35,000
26,998
Sensata
Technologies
BV
5.63%,
11/01/2024
(a)
14,000
13,879
5.00%,
10/01/2025
(a)
42,000
40,895
4.00%,
4/15/2029
(a)
60,000
51,027
5.88%,
9/01/2030
(a)
45,000
41,102
Sensata
Technologies,
Inc.
4.38%,
2/15/2030
(a)
32,000
26,995
3.75%,
2/15/2031
(a)
18,000
14,409
Silgan
Holdings,
Inc.,
4.13%,
2/01/2028
23,000
20,478
Smyrna
Ready
Mix
Concrete
LLC,
6.00%,
11/01/2028
(a)
50,000
46,235
Spirit
AeroSystems,
Inc.
7.50%,
4/15/2025
(a)
5,000
4,987
3.85%,
6/15/2026
10,000
9,245
4.60%,
6/15/2028
1,000
792
9.38%,
11/30/2029
(a)
14,000
14,382
SPX
Flow,
Inc.,
8.75%,
4/01/2030
(a)
3,000
2,746
Standard
Industries,
Inc.
5.00%,
2/15/2027
(a)
80,000
73,978
4.38%,
7/15/2030
(a)
81,000
66,267
3.38%,
1/15/2031
(a)
51,000
38,578
Stericycle,
Inc.,
3.88%,
1/15/2029
(a)
55,000
46,874
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp.
6.50%,
3/15/2027
(a)
25,000
24,368
5.25%,
1/15/2029
(a)
80,000
72,538
Terex
Corp.,
5.00%,
5/15/2029
(a)
55,000
48,398
Tervita
Corp.,
11.00%,
12/01/2025
(a)
16,000
16,686
Titan
Acquisition
Ltd.
/
Titan
Co.-Borrower
LLC,
7.75%,
4/15/2026
(a)
37,000
34,671
TK
Elevator
US
Newco,
Inc.,
5.25%,
7/15/2027
(a)
82,000
74,648
TopBuild
Corp.,
4.13%,
2/15/2032
(a)
22,000
17,445
TransDigm,
Inc.
6.25%,
3/15/2026
(a)
248,000
242,482
7.50%,
3/15/2027
13,000
12,979
5.50%,
11/15/2027
151,000
140,699
6.75%,
8/15/2028
(a)
118,000
114,680
4.63%,
1/15/2029
70,000
60,310
120
STATEMENT
OF
INVESTMENTS
(continued)
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Industrial
–
11.7%
(continued)
4.88%,
5/01/2029
60,000
52,076
6.88%,
12/15/2030
(a)
80,000
77,390
Trident
TPI
Holdings,
Inc.,
12.75%,
12/31/2028
(a)
15,000
15,374
TriMas
Corp.,
4.13%,
4/15/2029
(a)
35,000
29,333
Triumph
Group,
Inc.
7.75%,
8/15/2025
3,000
2,850
9.00%,
3/15/2028
(a)
53,000
51,296
Trivium
Packaging
Finance
BV
5.50%,
8/15/2026
(a)
48,000
43,564
8.50%,
8/15/2027
(a)
74,000
61,788
TTM
Technologies,
Inc.,
4.00%,
3/01/2029
(a)
47,000
38,612
Tutor
Perini
Corp.,
6.88%,
5/01/2025
(a)
47,000
40,430
Vertiv
Group
Corp.,
4.13%,
11/15/2028
(a)
76,000
66,434
VM
Consolidated,
Inc.,
5.50%,
4/15/2029
(a)
40,000
35,392
Waste
Pro
USA,
Inc.,
5.50%,
2/15/2026
(a)
7,000
6,447
Watco
Cos.
LLC
/
Watco
Finance
Corp.,
6.50%,
6/15/2027
(a)
45,000
42,157
Weekley
Homes
LLC
/
Weekley
Finance
Corp.,
4.88%,
9/15/2028
(a)
30,000
25,774
WESCO
Distribution,
Inc.
7.13%,
6/15/2025
(a)
65,000
65,094
7.25%,
6/15/2028
(a)
48,000
47,740
XPO
CNW,
Inc.,
6.70%,
5/01/2034
10,000
9,275
XPO
Escrow
Sub
LLC,
7.50%,
11/15/2027
(a)
23,000
22,970
6,235,400
Technology
–
4.9%
Ahead
DB
Holdings
LLC,
6.63%,
5/01/2028
(a)
35,000
28,886
Alteryx,
Inc.,
8.75%,
3/15/2028
(a)
35,000
34,556
Amkor
Technology,
Inc.,
6.63%,
9/15/2027
(a)
10,000
9,739
ams-OSRAM
AG,
7.00%,
7/31/2025
(a)
45,000
44,050
athenahealth
Group,
Inc.,
6.50%,
2/15/2030
(a)
99,000
80,694
Black
Knight
Infoserv
LLC,
3.63%,
9/01/2028
(a)
71,000
63,323
Boxer
Parent
Co.,
Inc.,
7.13%,
10/02/2025
(a)
29,000
28,619
Camelot
Finance
SA,
4.50%,
11/01/2026
(a)
32,000
29,684
Castle
US
Holding
Corp.,
9.50%,
2/15/2028
(a)
13,000
6,810
Central
Parent
LLC
/
CDK
Global
II
LLC
/
CDK
Financing
Co.,
Inc.,
8.00%,
6/15/2029
(a)
36,000
35,710
Central
Parent,
Inc.
/
CDK
Global,
Inc.,
7.25%,
6/15/2029
(a)
66,000
63,350
Clarivate
Science
Holdings
Corp.
3.88%,
7/01/2028
(a)
34,000
29,311
4.88%,
7/01/2029
(a)
2,000
1,686
Cloud
Software
Group,
Inc.
6.50%,
3/31/2029
(a)
209,000
183,422
9.00%,
9/30/2029
(a)
180,000
153,431
Conduent
Business
Services
LLC
/
Conduent
State
&
Local
Solutions,
Inc.,
6.00%,
11/01/2029
(a)
29,000
24,295
Consensus
Cloud
Solutions,
Inc.
6.00%,
10/15/2026
(a)(b)
35,000
32,457
6.50%,
10/15/2028
(a)
20,000
16,572
Crane
NXT
Co.,
4.20%,
3/15/2048
20,000
12,266
CWT
Travel
Group,
Inc.,
8.50%,
11/19/2026
(a)
28,000
8,311
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/2029
(a)(b)
32,000
27,543
Entegris
Escrow
Corp.,
5.95%,
6/15/2030
(a)
42,000
38,420
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Technology
–
4.9%
(continued)
Entegris,
Inc.
4.38%,
4/15/2028
(a)
25,000
22,310
3.63%,
5/01/2029
(a)(b)
42,000
35,121
Fair
Isaac
Corp.
5.25%,
5/15/2026
(a)
36,000
34,708
4.00%,
6/15/2028
(a)
39,000
34,683
Helios
Software
Holdings,
Inc.
/
ION
Corporate
Solutions
Finance
Sarl,
4.63%,
5/01/2028
(a)
20,000
16,818
KBR,
Inc.,
4.75%,
9/30/2028
(a)
21,000
18,477
McAfee
Corp.,
7.38%,
2/15/2030
(a)
70,000
55,975
Microstrategy,
Inc.,
6.13%,
6/15/2028
(a)
60,000
54,329
NCR
Atleos
Escrow
Corp.,
9.50%,
4/01/2029
(a)
75,000
73,502
NCR
Voyix
Corp.
5.00%,
10/01/2028
(a)
40,000
34,555
5.13%,
4/15/2029
(a)
55,000
47,311
5.25%,
10/01/2030
(a)
51,000
42,229
ON
Semiconductor
Corp.,
3.88%,
9/01/2028
(a)
60,000
51,494
Open
Text
Corp.
3.88%,
2/15/2028
(a)
35,000
30,460
3.88%,
12/01/2029
(a)
39,000
31,970
Open
Text
Holdings,
Inc.
4.13%,
2/15/2030
(a)
29,000
24,053
4.13%,
12/01/2031
(a)
42,000
33,072
Pitney
Bowes,
Inc.
6.88%,
3/15/2027
(a)
11,000
9,098
7.25%,
3/15/2029
(a)
30,000
22,653
Playtika
Holding
Corp.,
4.25%,
3/15/2029
(a)
25,000
20,153
Presidio
Holdings,
Inc.
4.88%,
2/01/2027
(a)
16,000
14,623
8.25%,
2/01/2028
(a)
40,000
37,908
PTC,
Inc.
3.63%,
2/15/2025
(a)
34,000
32,838
4.00%,
2/15/2028
(a)
27,000
24,055
Rackspace
Technology
Global,
Inc.
3.50%,
2/15/2028
(a)
25,000
10,978
5.38%,
12/01/2028
(a)
20,000
5,877
RingCentral,
Inc.,
8.50%,
8/15/2030
(a)
48,000
45,609
ROBLOX
Corp.,
3.88%,
5/01/2030
(a)
38,000
30,829
Rocket
Software,
Inc.,
6.50%,
2/15/2029
(a)
20,000
16,283
RRD
Parent,
Inc.,
10.00%,
10/15/2031
(a)(c)
46,044
78,632
Science
Applications
International
Corp.,
4.88%,
4/01/2028
(a)
55,000
49,358
Seagate
HDD
Cayman
4.75%,
1/01/2025
20,000
19,579
4.88%,
6/01/2027
20,000
18,788
4.09%,
6/01/2029
39,000
33,725
3.13%,
7/15/2029
2,000
1,486
4.13%,
1/15/2031
21,000
16,762
9.63%,
12/01/2032
(a)
44,000
47,032
5.75%,
12/01/2034
25,000
21,100
SS&C
Technologies,
Inc.,
5.50%,
9/30/2027
(a)
73,000
68,476
Twilio,
Inc.
3.63%,
3/15/2029
2,000
1,666
3.88%,
3/15/2031
(b)
37,000
29,541
Unisys
Corp.,
6.88%,
11/01/2027
(a)
30,000
22,152
Vericast
Corp.
11.00%,
9/15/2026
(a)
72,000
76,071
12.50%,
12/15/2027
(a)
15,000
16,708
121
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Technology
–
4.9%
(continued)
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.,
7.50%,
9/01/2025
(a)
97,000
79,413
Virtusa
Corp.,
7.13%,
12/15/2028
(a)
29,000
23,080
West
Technology
Group
LLC,
8.50%,
4/10/2027
(a)
15,000
12,585
Xerox
Corp.,
6.75%,
12/15/2039
30,000
19,533
Xerox
Holdings
Corp.
5.00%,
8/15/2025
(a)
42,000
38,637
5.50%,
8/15/2028
(a)
41,000
31,681
ZoomInfo
Technologies
LLC
/
ZoomInfo
Finance
Corp.,
3.88%,
2/01/2029
(a)
30,000
24,764
2,595,875
Utilities
–
2.3%
Algonquin
Power
&
Utilities
Corp.,
4.75%,
1/18/2082
45,000
35,514
AmeriGas
Partners
LP
/
AmeriGas
Finance
Corp.
5.50%,
5/20/2025
30,000
28,798
5.88%,
8/20/2026
30,000
28,126
5.75%,
5/20/2027
23,000
21,131
9.38%,
6/01/2028
(a)
25,000
24,783
Atlantica
Sustainable
Infrastructure
PLC,
4.13%,
6/15/2028
(a)
45,000
38,843
Calpine
Corp.
5.25%,
6/01/2026
(a)
4,000
3,854
4.50%,
2/15/2028
(a)
96,000
86,585
5.13%,
3/15/2028
(a)
49,000
43,853
4.63%,
2/01/2029
(a)
29,000
24,454
5.00%,
2/01/2031
(a)
69,000
55,703
3.75%,
3/01/2031
(a)
3,000
2,395
Clearway
Energy
Operating
LLC
4.75%,
3/15/2028
(a)
9,000
8,061
3.75%,
1/15/2032
(a)
16,000
12,128
DPL,
Inc.,
4.35%,
4/15/2029
31,000
25,555
Drax
Finco
PLC,
6.63%,
11/01/2025
(a)
24,000
23,176
Edison
International,
8.13%,
6/15/2053
40,000
38,629
FirstEnergy
Corp.
Series
A,
1.60%,
1/15/2026
50,000
44,938
Series
B,
4.15%,
7/15/2027
65,000
60,209
2.65%,
3/01/2030
25,000
20,172
Series
B,
2.25%,
9/01/2030
35,000
27,003
Series
C,
7.38%,
11/15/2031
15,000
16,147
Series
C,
5.10%,
7/15/2047
32,000
26,549
Series
C,
3.40%,
3/01/2050
22,000
13,287
Leeward
Renewable
Energy
Operations
LLC,
4.25%,
7/01/2029
(a)
20,000
16,365
NextEra
Energy
Operating
Partners
LP
3.88%,
10/15/2026
(a)
6,000
5,457
4.50%,
9/15/2027
(a)
1,000
897
NRG
Energy,
Inc.
5.75%,
1/15/2028
30,000
28,173
5.25%,
6/15/2029
(a)
37,000
32,717
3.88%,
2/15/2032
(a)
41,000
30,624
Panoche
Energy
Center
LLC,
6.89%,
7/31/2029
(a)
15,926
15,851
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations,
Inc.,
4.50%,
8/15/2028
(a)
75,000
65,245
BNY
Mellon
High
Yield
Beta
ETF
(continued)
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
98.1%
(continued)
Utilities
–
2.3%
(continued)
PG&E
Corp.
5.00%,
7/01/2028
(b)
5,000
4,531
5.25%,
7/01/2030
42,000
36,780
Pike
Corp.,
5.50%,
9/01/2028
(a)
1,000
855
Solaris
Midstream
Holdings
LLC,
7.63%,
4/01/2026
(a)
20,000
19,116
TerraForm
Global
Operating
LP,
6.13%,
3/01/2026
(a)
35,000
33,710
TransAlta
Corp.
7.75%,
11/15/2029
32,000
32,019
6.50%,
3/15/2040
5,000
4,436
Vistra
Operations
Co.
LLC
5.50%,
9/01/2026
(a)
93,000
88,663
5.63%,
2/15/2027
(a)
71,000
66,819
5.00%,
7/31/2027
(a)
11,000
10,092
4.38%,
5/01/2029
(a)
46,000
38,994
1,241,237
Total
Corporate
Bonds
(cost
$57,296,673)
52,529,821
Shares
Investment
Companies
–
0.4%
Registered
Investment
Companies
–
0.4%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.32%
(g)(h)
(cost
$191,178)
191,178
191,178
Investment
of
Cash
Collateral
for
Securities
Loaned
–
3.3%
Registered
Investment
Companies
–
3.3%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.32%
(g)(h)
(cost
$1,756,613)
1,756,613
1,756,613
Total
Investments
(cost
$59,244,464)
101.8%
54,477,612
Liabilities,
Less
Cash
and
Receivables
(1.8)%
(965,844)
Net
Assets
100.0%
53,511,768
REIT—Real
Estate
Investment
Trust
122
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
October
31,
2023,
these
securities
were
valued
at
$42,320,805
or
79.09%
of
net
assets.
(b)
Security,
or
portion
thereof,
on
loan.
At
October
31,
2023,
the
value
of
the
fund’s
securities
on
loan
was
$1,720,576
and
the
value
of
the
collateral
was
$2,015,994,
consisting
of
cash
collateral
of
$1,756,613
and
U.S.
Government
&
Agency
securities
valued
at
$259,381.
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
October
31,
2023
was
$91,898,
which
represented
0.17%
of
the
Fund’s
Net
Assets.
(e)
Perpetual
bond
with
no
specified
maturity
date.
(f)
Step
coupon
bond.
The
interest
rate
represents
the
coupon
rate
at
which
the
bond
will
accrue
at
a
specified
future
date.
(g)
Investment
in
affiliated
issuer.
The
investment
objective
of
this
investment
company
is
publicly
available
and
can
be
found
within
the
investment
company’s
prospectus.
(h)
The
rate
shown
is
the
1-day
yield
as
of
October
31,
2023.
Portfolio
Summary
(Unaudited)
†
Value
(%)
Consumer,
Cyclical
21.9
Communications
14.5
Consumer,
Non-cyclical
14.2
Energy
13.1
Industrial
11.7
Financial
10.7
Technology
4.9
Basic
Materials
4.8
Registered
Investment
Companies
3.7
Utilities
2.3
Diversified
0.0
101.8
†
Based
on
net
assets.
Holdings
and
transactions
in
these
affiliated
companies
during
the
period
ended
October
31,
2023
are
as
follows:
Description
Value
($)
10/31/22
Purchases
($)
1
Sales
($)
Value
($)
10/31/23
Dividends/
Distributions
($)
Investment
Companies
–
0.4%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares
751,976
27,777,801
(28,338,599)
191,178
63,147
Investment
of
Cash
Collateral
for
Securities
Loaned
–
3.3%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares
1,486,128
36,686,898
(36,416,413)
1,756,613
67,589
2
Total
–
3.7%
2,238,104
64,464,699
(64,755,012)
1,947,791
130,736
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.
123
STATEMENTS
OF
ASSETS
AND
LIABILITIES
October
31,
2023
See
Notes
to
Financial
Statements
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
Assets
($):
Investments
in
securities—See
Statements
of
Investments
†
(including
securities
on
loan)
††
—Note
2(c):
–
–
–
Unaffiliated
issuers
1,690,606,683‌
419,624,089‌
95,164,738‌
Affiliated
issuers
2,097,480‌
1,353,283‌
2,058,276‌
Collateral
with
brokers
for
initial
margin—Note
4
475,000‌
274,000‌
43,000‌
Dividends
receivable
1,259,327‌
260,711‌
33,733‌
Receivable
for
futures
variation
margin—Note
4
19,875‌
5,521‌
1,480‌
Tax
reclaim
receivable—Note
2(b)
13,319‌
502‌
277‌
Securities
lending
income
receivable
2,401‌
4,270‌
3,751‌
Due
from
BNY
Mellon
ETF
Investment
Adviser,
LLC—Note
3(b)
278‌
—‌
—‌
1,694,474,363‌
421,522,376‌
97,305,255‌
Liabilities
($):
Due
to
BNY
Mellon
ETF
Investment
Adviser,
LLC—Note
3(b)
—‌
14,409‌
3,312‌
Liability
for
securities
on
loan—Note
2(c)
—‌
992,299‌
1,934,033‌
—‌
1,006,708‌
1,937,345‌
Net
Assets
($)
1,694,474,363‌
420,515,668‌
95,367,910‌
Composition
of
Net
Assets
($):
Paid-in
capital
1,679,764,729‌
472,003,889‌
120,986,777‌
Total
distributable
earnings
(loss)
14,709,634‌
(51,488,221‌)
(25,618,867‌)
Net
Assets
($)
1,694,474,363‌
420,515,668‌
95,367,910‌
Shares
outstanding
no
par
value
(unlimited
shares
authorized):
21,370,000‌
5,530,000‌
1,250,000‌
Net
asset
value
per
share
79.29‌
76.04‌
76.29‌
Market
price
per
share
79.24‌
76.08‌
76.35‌
†
Investments
at
cost
($)
Unaffiliated
issuers
1,655,185,809‌
457,559,151‌
108,739,969‌
Affiliated
issuers
2,097,480‌
1,353,283‌
2,058,276‌
††
Value
of
securities
on
loan
($)
27,381,198‌
6,212,992‌
4,892,337‌
124
STATEMENTS
OF
ASSETS
AND
LIABILITIES
(continued)
See
Notes
to
Financial
Statements
BNY
Mellon
International
Equity
ETF
BNY
Mellon
Emerging
Markets
Equity
ETF
Assets
($):
Investments
in
securities—See
Statements
of
Investments
†
(including
securities
on
loan)
††
—Note
2(c):
–
–
Unaffiliated
issuers
441,680,213‌
86,244,235‌
Affiliated
issuers
906,634‌
61,241‌
Cash
denominated
in
foreign
currency
†††
438,953‌
70,579‌
Collateral
with
brokers
for
initial
margin—Note
4
114,000‌
53,000‌
Dividends
receivable
1,006,299‌
99,309‌
Tax
reclaim
receivable—Note
2(b)
735,211‌
1,550‌
Receivable
for
futures
variation
margin—Note
4
6,087‌
—‌
Securities
lending
income
receivable
123‌
9‌
444,887,520‌
86,529,923‌
Liabilities
($):
Due
to
BNY
Mellon
ETF
Investment
Adviser,
LLC—Note
3(b)
15,306‌
8,259‌
Liability
for
securities
on
loan—Note
2(c)
247,970‌
11,880‌
Payable
for
futures
variation
margin—Note
4
—‌
1,525‌
Payable
for
foreign
capital
gains
tax—Note
2(b)
—‌
204,887‌
263,276‌
226,551‌
Net
Assets
($)
444,624,244‌
86,303,372‌
Composition
of
Net
Assets
($):
Paid-in
capital
475,873,057‌
96,415,749‌
Total
distributable
earnings
(loss)
(31,248,813‌)
(10,112,377‌)
Net
Assets
($)
444,624,244‌
86,303,372‌
Shares
outstanding
no
par
value
(unlimited
shares
authorized):
7,150,000‌
1,700,000‌
Net
asset
value
per
share
62.19‌
50.77‌
Market
price
per
share
62.88‌
50.67‌
†
Investments
at
cost
($)
Unaffiliated
issuers
460,120,120‌
91,907,809‌
Affiliated
issuers
906,634‌
61,241‌
††
Value
of
securities
on
loan
($)
247,338‌
36,429‌
†††
Cash
denominated
in
foreign
currency
(cost)
($)
440,156‌
70,502‌
125
See
Notes
to
Financial
Statements
BNY
Mellon
Core
Bond
ETF
BNY
Mellon
High
Yield
Beta
ETF
Assets
($):
Investments
in
securities—See
Statements
of
Investments
†
(including
securities
on
loan)
††
—Note
2(c):
–
–
Unaffiliated
issuers
536,937,786‌
52,529,821‌
Affiliated
issuers
16,208,532‌
1,947,791‌
Cash
178,137‌
22,777‌
Receivable
for
investment
securities
sold
5,731,374‌
1,670,424‌
Interest
receivable
3,728,264‌
927,065‌
Receivable
for
investment
securities
sold—TBA
317,763‌
—‌
Dividends
receivable
57,935‌
1,830‌
Securities
lending
income
receivable
2,500‌
1,797‌
Due
from
BNY
Mellon
ETF
Investment
Adviser,
LLC—Note
3(b)
1,090‌
—‌
563,163,381‌
57,101,505‌
Liabilities
($):
Due
to
BNY
Mellon
ETF
Investment
Adviser,
LLC—Note
3(b)
—‌
11,762‌
TBA
sale
commitments
at
value—Note
4
†††
66,355‌
—‌
Liability
for
securities
on
loan—Note
2(c)
2,568,411‌
1,756,613‌
Payable
for
investment
securities
purchased—TBA
12,856,744‌
—‌
Payable
for
investment
securities
purchased
6,757,062‌
1,821,362‌
22,248,572‌
3,589,737‌
Net
Assets
($)
540,914,809‌
53,511,768‌
Composition
of
Net
Assets
($):
Paid-in
capital
618,355,537‌
60,419,299‌
Total
distributable
earnings
(loss)
(77,440,728‌)
(6,907,531‌)
Net
Assets
($)
540,914,809‌
53,511,768‌
Shares
outstanding
no
par
value
(unlimited
shares
authorized):
13,700,000‌
1,200,000‌
Net
asset
value
per
share
39.48‌
44.59‌
Market
price
per
share
39.52‌
44.61‌
†
Investments
at
cost
($)
Unaffiliated
issuers
601,745,713‌
57,296,673‌
Affiliated
issuers
16,208,532‌
1,947,791‌
††
Value
of
securities
on
loan
($)
8,412,809‌
1,720,576‌
†††
TBA
sale
commitments
proceeds
($)
66,415‌
—‌
126
STATEMENTS
OF
OPERATIONS
Year
Ended
October
31,
2023
See
Notes
to
Financial
Statements
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
Investment
Income
($):
Income:
Cash
dividends:
Unaffiliated
issuers
†
22,038,733‌
5,277,249‌
1,155,438‌
Affiliated
issuers
130,378‌
46,953‌
10,125‌
Interest
—‌
—‌
5‌
Income
from
securities
lending—Note
2(c)
48,109‌
53,392‌
107,330‌
Total
Income
22,217,220‌
5,377,594‌
1,272,898‌
Expenses:
Management
fee—Note
3(a)
—‌
126,496‌
31,448‌
Total
Expenses
—‌
126,496‌
31,448‌
Net
Investment
Income
22,217,220‌
5,251,098‌
1,241,450‌
Realized
and
Unrealized
Gain
(Loss)
on
Investments—Note
4
($):
Net
realized
gain
(loss)
on
investments
(13,856,070‌)
(10,451,099‌)
(3,169,216‌)
Net
realized
gain
(loss)
on
in-kind
redemptions
60,968,717‌
(6,562,589‌)
(641,349‌)
Net
realized
gain
(loss)
on
futures
352,263‌
201,381‌
(29,543‌)
Net
realized
gain
(loss)
47,464,910‌
(16,812,307‌)
(3,840,108‌)
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
75,102,312‌
(39,403,595‌)
(7,278,977‌)
Net
change
in
unrealized
appreciation
(depreciation)
on
futures
(107,642‌)
(42,774‌)
(15,791‌)
Net
change
in
unrealized
appreciation
(depreciation)
74,994,670‌
(39,446,369‌)
(7,294,768‌)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
122,459,580‌
(56,258,676‌)
(11,134,876‌)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
144,676,800‌
(51,007,578‌)
(9,893,426‌)
†
Net
of
foreign
taxes
withheld
at
source
($)
5,303‌
2,020‌
733‌
127
See
Notes
to
Financial
Statements
BNY
Mellon
International
Equity
ETF
BNY
Mellon
Emerging
Markets
Equity
ETF
Investment
Income
($):
Income:
Cash
dividends:
Unaffiliated
issuers
†
12,413,065‌
2,135,433‌
Affiliated
issuers
16,998‌
13,899‌
Income
from
securities
lending—Note
2(c)
1,821‌
1,179‌
Total
Income
12,431,884‌
2,150,511‌
Expenses:
Management
fee—Note
3(a)
148,866‌
80,134‌
Total
Expenses
148,866‌
80,134‌
Net
Investment
Income
12,283,018‌
2,070,377‌
Realized
and
Unrealized
Gain
(Loss)
on
Investments—Note
4
($):
Net
realized
gain
(loss)
on
investments
and
foreign
currency
transactions
(6,249,164‌)
(2,373,603‌)
Net
realized
gain
(loss)
on
futures
180,288‌
(8,293‌)
Net
realized
gain
(loss)
on
foreign
capital
gains
tax—Note
2(b)
—‌
(48,798‌)
Net
realized
gain
(loss)
(6,068,876‌)
(2,430,694‌)
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
and
foreign
currency
transactions
(6,589,069‌)
(3,207,800‌)
Net
change
in
unrealized
appreciation
(depreciation)
on
futures
(117,887‌)
(5,197‌)
Net
change
in
unrealized
appreciation
(depreciation)
on
deferred
foreign
capital
gains
tax—Note
2(b)
—‌
(81,586‌)
Net
change
in
unrealized
appreciation
(depreciation)
(6,706,956‌)
(3,294,583‌)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
(12,775,832‌)
(5,725,277‌)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(492,814‌)
(3,654,900‌)
†
Net
of
foreign
taxes
withheld
at
source
($)
1,364,288‌
277,036‌
128
STATEMENTS
OF
OPERATIONS
(continued)
See
Notes
to
Financial
Statements
BNY
Mellon
Core
Bond
ETF
BNY
Mellon
High
Yield
Beta
ETF
Investment
Income
($):
Income:
Cash
dividends:
Affiliated
issuers
469,587‌
63,147‌
Interest
15,069,097‌
12,281,031‌
Income
from
securities
lending—Note
2(c)
31,415‌
67,589‌
Total
Income
15,570,099‌
12,411,767‌
Expenses:
Management
fee—Note
3(a)
—‌
349,287‌
Total
Expenses
—‌
349,287‌
Net
Investment
Income
15,570,099‌
12,062,480‌
Realized
and
Unrealized
Gain
(Loss)
on
Investments—Note
4
($):
Net
realized
gain
(loss)
on
investments
(8,888,614‌)
(1,990,708‌)
Net
realized
gain
(loss)
on
in-kind
redemptions
(2,151,550‌)
(10,029,125‌)
Net
realized
gain
(loss)
on
swap
agreements
—‌
41,739‌
Net
realized
gain
(loss)
(11,040,164‌)
(11,978,094‌)
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
(9,764,935‌)
(23,291‌)
Net
change
in
unrealized
appreciation
(depreciation)
on
swap
agreements
—‌
(55,823‌)
Net
change
in
unrealized
appreciation
(depreciation)
(9,764,935‌)
(79,114‌)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
(20,805,099‌)
(12,057,208‌)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(5,235,000‌)
5,272‌
129
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
See
Notes
to
Financial
Statements
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
Year
Ended
October
31,
Year
Ended
October
31,
2023
2022
2023
2022
Operations
($):
Net
investment
income
22,217,220‌
6,706,091‌
5,251,098‌
1,609,247‌
Net
realized
gain
(loss)
on
investments
47,464,910‌
11,579,473‌
(16,812,307‌)
5,782,007‌
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
74,994,670‌
(106,801,762‌)
(39,446,369‌)
(25,352,625‌)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
144,676,800‌
(88,516,198‌)
(51,007,578‌)
(17,961,371‌)
Distributions
($):
Distributions
to
shareholders
(20,945,065‌)
(6,591,566‌)
(5,046,679‌)
(1,602,989‌)
Capital
Contributions
($):
Capital
contributions
from
BNY
Mellon
ETF
Investment
Adviser,
LLC—Note
3(a)
2,614
608
—
—
Beneficial
Interest
Transactions
($):
Proceeds
from
shares
sold
1,505,088,913‌
241,331,150‌
746,766,023‌
36,473,708‌
Cost
of
shares
redeemed
(372,505,231‌)
(99,553,901‌)
(356,623,557‌)
(43,323,279‌)
Increase
(Decrease)
in
Net
Assets
from
Beneficial
Interest
Transactions
1,132,583,682‌
141,777,249‌
390,142,466‌
(6,849,571‌)
Total
Increase
(Decrease)
in
Net
Assets
1,256,318,031‌
46,670,093‌
334,088,209‌
(26,413,931‌)
Net
Assets
($):
Beginning
of
Period
438,156,332‌
391,486,239‌
86,427,459‌
112,841,390‌
End
of
Period
1,694,474,363‌
438,156,332‌
420,515,668‌
86,427,459‌
Changes
in
Shares
Outstanding:
Shares
sold
19,960,000‌
2,920,000‌
8,920,000‌
430,000‌
Shares
redeemed
(4,740,000‌)
(1,270,000‌)
(4,500,000‌)
(520,000‌)
Net
Increase
(Decrease)
in
Shares
Outstanding
15,220,000‌
1,650,000‌
4,420,000‌
(90,000‌)
130
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
(continued)
See
Notes
to
Financial
Statements
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
BNY
Mellon
International
Equity
ETF
Year
Ended
October
31,
Year
Ended
October
31,
2023
2022
2023
2022
Operations
($):
Net
investment
income
1,241,450‌
1,071,686‌
12,283,018‌
3,664,805‌
Net
realized
gain
(loss)
on
investments
(3,840,108‌)
3,330,623‌
(6,068,876‌)
(6,111,982‌)
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
(7,294,768‌)
(23,799,420‌)
(6,706,956‌)
(25,971,464‌)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(9,893,426‌)
(19,397,111‌)
(492,814‌)
(28,418,641‌)
Distributions
($):
Distributions
to
shareholders
(1,210,938‌)
(1,135,186‌)
(12,099,003‌)
(3,935,206‌)
Beneficial
Interest
Transactions
($):
Proceeds
from
shares
sold
128,271,521‌
23,680,450‌
330,181,592‌
58,965,267‌
Cost
of
shares
redeemed
(57,552,862‌)
(148,204,287‌)
—‌
—‌
Transaction
fees—Note
5
—‌
—‌
13,918‌
—‌
Increase
(Decrease)
in
Net
Assets
from
Beneficial
Interest
Transactions
70,718,659‌
(124,523,837‌)
330,195,510‌
58,965,267‌
Total
Increase
(Decrease)
in
Net
Assets
59,614,295‌
(145,056,134‌)
317,603,693‌
26,611,420‌
Net
Assets
($):
Beginning
of
Period
35,753,615‌
180,809,749‌
127,020,551‌
100,409,131‌
End
of
Period
95,367,910‌
35,753,615‌
444,624,244‌
127,020,551‌
Changes
in
Shares
Outstanding:
Shares
sold
1,520,000‌
260,000‌
4,900,000‌
900,000‌
Shares
redeemed
(720,000‌)
(1,660,000‌)
—‌
—‌
Net
Increase
(Decrease)
in
Shares
Outstanding
800,000‌
(1,400,000‌)
4,900,000‌
900,000‌
131
See
Notes
to
Financial
Statements
BNY
Mellon
Emerging
Markets
Equity
ETF
BNY
Mellon
Core
Bond
ETF
Year
Ended
October
31,
Year
Ended
October
31,
2023
2022
2023
2022
Operations
($):
Net
investment
income
2,070,377‌
965,378‌
15,570,099‌
6,192,345‌
Net
realized
gain
(loss)
on
investments
(2,430,694‌)
(1,092,332‌)
(11,040,164‌)
(5,998,306‌)
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
(3,294,583‌)
(11,232,453‌)
(9,764,935‌)
(53,636,794‌)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(3,654,900‌)
(11,359,407‌)
(5,235,000‌)
(53,442,755‌)
Distributions
($):
Distributions
to
shareholders
(2,258,499‌)
(1,005,494‌)
(14,363,073‌)
(5,914,515‌)
Capital
Contributions
($):
Capital
contributions
from
BNY
Mellon
ETF
Investment
Adviser,
LLC—Note
3(a)
—
—
9,696
9,023
Beneficial
Interest
Transactions
($):
Proceeds
from
shares
sold
66,084,881‌
—‌
240,849,540‌
253,670,821‌
Cost
of
shares
redeemed
—‌
—‌
(52,681,766‌)
(17,019,797‌)
Transaction
fees—Note
5
85,652‌
—‌
147,929‌
135,595‌
Increase
(Decrease)
in
Net
Assets
from
Beneficial
Interest
Transactions
66,170,533‌
—‌
188,315,703‌
236,786,619‌
Total
Increase
(Decrease)
in
Net
Assets
60,257,134‌
(12,364,901‌)
168,727,326‌
177,438,372‌
Net
Assets
($):
Beginning
of
Period
26,046,238‌
38,411,139‌
372,187,483‌
194,749,111‌
End
of
Period
86,303,372‌
26,046,238‌
540,914,809‌
372,187,483‌
Changes
in
Shares
Outstanding:
Shares
sold
1,150,000‌
—‌
5,800,000‌
5,600,000‌
Shares
redeemed
—‌
—‌
(1,250,000‌)
(400,000‌)
Net
Increase
(Decrease)
in
Shares
Outstanding
1,150,000‌
—‌
4,550,000‌
5,200,000‌
132
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
(continued)
See
Notes
to
Financial
Statements
BNY
Mellon
High
Yield
Beta
ETF
Year
Ended
October
31,
2023
2022
Operations
($):
Net
investment
income
12,062,480‌
2,680,876‌
Net
realized
gain
(loss)
on
investments
(11,978,094‌)
(2,134,045‌)
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
(79,114‌)
(6,138,689‌)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
5,272‌
(5,591,858‌)
Distributions
($):
Distributions
to
shareholders
(11,992,910‌)
(3,578,680‌)
Beneficial
Interest
Transactions
($):
Proceeds
from
shares
sold
370,594,918‌
68,727,238‌
Cost
of
shares
redeemed
(355,512,001‌)
(56,933,620‌)
Increase
(Decrease)
in
Net
Assets
from
Beneficial
Interest
Transactions
15,082,917‌
11,793,618‌
Total
Increase
(Decrease)
in
Net
Assets
3,095,279‌
2,623,080‌
Net
Assets
($):
Beginning
of
Period
50,416,489‌
47,793,409‌
End
of
Period
53,511,768‌
50,416,489‌
Changes
in
Shares
Outstanding:
Shares
sold
7,800,000‌
1,400,000‌
Shares
redeemed
(7,700,000‌)
(1,150,000‌)
Net
Increase
(Decrease)
in
Shares
Outstanding
100,000‌
250,000‌
133
FINANCIAL
HIGHLIGHTS
The
following
tables
describe
the
performance
for
the
fiscal
periods
indicated
and
these
figures
have
been
derived
from
the
funds’
financial
statements.
See
Notes
to
Financial
Statements
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
Year
Ended
October
31,
For
the
Period
from
April
9,
2020
(a)
to
October
31,
2020
2023
2022
2021
Per
Share
Data
($):
Net
asset
value,
beginning
of
period
71.24‌
87.00‌
61.95‌
50.00‌
Investment
Operations:
Net
investment
income
(b)
1.23‌
1.15‌
1.06‌
0.56‌
Net
realized
and
unrealized
gain
(loss)
on
investments
7.99‌
(15.81‌)
24.90‌
11.81‌
Total
from
Investment
Operations
9.22‌
(14.66‌)
25.96‌
12.37‌
Distributions:
–
–
–
–
Dividends
from
net
investment
income
(1.17‌)
(1.10‌)
(0.91‌)
(0.42‌)
Net
asset
value,
end
of
period
79.29‌
71.24‌
87.00‌
61.95‌
Market
price,
end
of
period
79.24‌
71.29‌
87.03‌
61.82‌
Net
Asset
Value
Total
Return
(%)
(c)
13.00‌
(16.91‌)
42.08‌
24.76‌
Market
Price
Total
Return
(%)
(c)
12.85‌
(16.90‌)
42.42‌
24.50‌
Ratios/Supplemental
Data
(%):
Ratio
of
total
expenses
to
average
net
assets
–‌
(d)
–‌
(d)
–‌
(d)
–‌
(e)
Ratio
of
net
investment
income
to
average
net
assets
1.57‌
(d)
1.47‌
(d)
1.35‌
(d)
1.63‌
(e)
Portfolio
Turnover
Rate
(f)
5.33‌
5.74‌
10.53‌
10.62‌
Net
Assets,
end
of
period
($
x
1,000)
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)
Amounts
do
not
include
the
expenses
of
the
underlying
fund.
(e)
Annualized.
(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.
134
See
Notes
to
Financial
Statements
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
Year
Ended
October
31,
For
the
Period
from
April
9,
2020
(a)
to
October
31,
2020
2023
2022
2021
Per
Share
Data
($):
Net
asset
value,
beginning
of
period
77.86‌
94.03‌
65.66‌
50.00‌
Investment
Operations:
Net
investment
income
(b)
1.35‌
1.32‌
1.07‌
0.50‌
Net
realized
and
unrealized
gain
(loss)
on
investments
(1.99‌)
(16.18‌)
28.28‌
15.63‌
Total
from
Investment
Operations
(0.64‌)
(14.86‌)
29.35‌
16.13‌
Distributions:
–
–
–
–
Dividends
from
net
investment
income
(1.18‌)
(1.31‌)
(0.98‌)
(0.47‌)
Net
asset
value,
end
of
period
76.04‌
77.86‌
94.03‌
65.66‌
Market
price,
end
of
period
76.08‌
77.86‌
94.11‌
65.55‌
Net
Asset
Value
Total
Return
(%)
(c)
(0.89‌)
(15.88‌)
44.87‌
32.27‌
Market
Price
Total
Return
(%)
(c)
(0.83‌)
(15.94‌)
45.23‌
32.06‌
Ratios/Supplemental
Data
(%):
Ratio
of
total
expenses
to
average
net
assets
0.04‌
(d)
0.04‌
(d)
0.04‌
(d)
0.04‌
(e)
Ratio
of
net
investment
income
to
average
net
assets
1.66‌
(d)
1.55‌
(d)
1.24‌
(d)
1.43‌
(e)
Portfolio
Turnover
Rate
(f)
11.76‌
25.97‌
32.65‌
21.26‌
Net
Assets,
end
of
period
($
x
1,000)
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)
Amounts
do
not
include
the
expenses
of
the
underlying
fund.
(e)
Annualized.
(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.
135
FINANCIAL
HIGHLIGHTS
(continued)
See
Notes
to
Financial
Statements
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
Year
Ended
October
31,
For
the
Period
from
April
9,
2020
(a)
to
October
31,
2020
2023
2022
2021
Per
Share
Data
($):
Net
asset
value,
beginning
of
period
79.45‌
97.73‌
67.17‌
50.00‌
Investment
Operations:
Net
investment
income
(b)
1.30‌
1.22‌
1.25‌
0.49‌
Net
realized
and
unrealized
gain
(loss)
on
investments
(3.30‌)
(18.22‌)
30.31‌
17.14‌
Total
from
Investment
Operations
(2.00‌)
(17.00‌)
31.56‌
17.63‌
Distributions:
–
–
–
–
Dividends
from
net
investment
income
(1.16‌)
(1.28‌)
(1.00‌)
(0.46‌)
Net
asset
value,
end
of
period
76.29‌
79.45‌
97.73‌
67.17‌
Market
price,
end
of
period
76.35‌
79.50‌
97.86‌
67.03‌
Net
Asset
Value
Total
Return
(%)
(c)
(2.59‌)
(17.45‌)
47.08‌
35.30‌
Market
Price
Total
Return
(%)
(c)
(2.57‌)
(17.50‌)
47.59‌
35.03‌
Ratios/Supplemental
Data
(%):
Ratio
of
total
expenses
to
average
net
assets
0.04‌
(d)
0.04‌
(d)
0.04‌
(d)
0.04‌
(e)
Ratio
of
net
investment
income
to
average
net
assets
1.58‌
(d)
1.36‌
(d)
1.34‌
(d)
1.37‌
(e)
Portfolio
Turnover
Rate
(f)
20.13‌
37.93‌
50.09‌
32.54‌
Net
Assets,
end
of
period
($
x
1,000)
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)
Amounts
do
not
include
the
expenses
of
the
underlying
fund.
(e)
Annualized.
(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.
136
See
Notes
to
Financial
Statements
BNY
Mellon
International
Equity
ETF
Year
Ended
October
31,
For
the
Period
from
April
24,
2020
(a)
to
October
31,
2020
2023
2022
2021
Per
Share
Data
($):
Net
asset
value,
beginning
of
period
56.45‌
74.38‌
56.06‌
50.00‌
Investment
Operations:
Net
investment
income
(b)
2.19‌
2.03‌
1.82‌
0.76‌
Net
realized
and
unrealized
gain
(loss)
on
investments
5.43‌
(c)
(17.83‌)
18.31‌
6.00‌
Total
from
Investment
Operations
7.62‌
(15.80‌)
20.13‌
6.76‌
Distributions:
–
–
–
–
Dividends
from
net
investment
income
(1.88‌)
(2.13‌)
(1.81‌)
(0.70‌)
Transaction
fees
(b)
0.00‌
(d)
—‌
—‌
—‌
Net
asset
value,
end
of
period
62.19‌
56.45‌
74.38‌
56.06‌
Market
price,
end
of
period
62.88‌
56.52‌
74.86‌
56.66‌
Net
Asset
Value
Total
Return
(%)
(e)
13.32‌
(21.49‌)
36.10‌
13.49‌
Market
Price
Total
Return
(%)
(e)
14.43‌
(21.92‌)
35.52‌
14.69‌
Ratios/Supplemental
Data
(%):
Ratio
of
total
expenses
to
average
net
assets
0.04‌
(f)
0.04‌
(f)
0.04‌
(f)
0.04‌
(g)
Ratio
of
net
investment
income
to
average
net
assets
3.30‌
(f)
3.15‌
(f)
2.57‌
(f)
2.55‌
(g)
Portfolio
Turnover
Rate
(h)
13.57‌
19.30‌
13.49‌
12.82‌
Net
Assets,
end
of
period
($
x
1,000)
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
$0.01
per
share.
(e)
Net
asset
value
total
return
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period,
and
redemption
at
net
asset
value
on
the
last
day
of
the
period.
Net
asset
value
total
return
includes
adjustments
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
and
as
such,
the
net
asset
value
for
financial
reporting
purposes
and
the
returns
based
upon
those
net
asset
values
may
differ
from
the
net
asset
value
and
returns
for
shareholder
transactions.
Market
price
total
return
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period,
and
sale
at
the
market
price
on
the
last
day
of
the
period.
Total
investment
returns
calculated
for
a
period
of
less
than
one
year
are
not
annualized.
(f)
Amounts
do
not
include
the
expenses
of
the
underlying
fund.
(g)
Annualized.
(h)
Portfolio
turnover
rate
is
not
annualized
for
periods
less
than
one
year,
if
applicable,
and
does
not
include
securities
received
or
delivered
from
processing
creations
or
redemptions.
137
FINANCIAL
HIGHLIGHTS
(continued)
See
Notes
to
Financial
Statements
BNY
Mellon
Emerging
Markets
Equity
ETF
Year
Ended
October
31,
For
the
Period
from
April
24,
2020
(a)
to
October
31,
2020
2023
2022
2021
Per
Share
Data
($):
Net
asset
value,
beginning
of
period
47.36‌
69.84‌
62.45‌
50.00‌
Investment
Operations:
Net
investment
income
(b)
1.55‌
1.76‌
1.47‌
0.81‌
Net
realized
and
unrealized
gain
(loss)
on
investments
3.28‌
(c)
(22.41‌)
7.69‌
12.40‌
Total
from
Investment
Operations
4.83‌
(20.65‌)
9.16‌
13.21‌
Distributions:
–
–
–
–
Dividends
from
net
investment
income
(1.48‌)
(1.83‌)
(1.77‌)
(0.76‌)
Transaction
fees
(b)
0.06‌
—‌
—‌
—‌
Net
asset
value,
end
of
period
50.77‌
47.36‌
69.84‌
62.45‌
Market
price,
end
of
period
50.67‌
47.53‌
69.90‌
62.92‌
Net
Asset
Value
Total
Return
(%)
(d)
10.14‌
(29.91‌)
14.61‌
26.52‌
Market
Price
Total
Return
(%)
(d)
9.55‌
(29.76‌)
13.83‌
27.44‌
Ratios/Supplemental
Data
(%):
Ratio
of
total
expenses
to
average
net
assets
0.11‌
(e)
0.11‌
(e)
0.11‌
(e)
0.11‌
(f)
Ratio
of
net
expenses
to
average
net
assets
0.11‌
(e)
0.11‌
(e)
0.11‌
(e)
0.11‌
(f)
Ratio
of
net
investment
income
to
average
net
assets
2.84‌
(e)
2.90‌
(e)
2.00‌
(e)
2.63‌
(f)
Portfolio
Turnover
Rate
(g)
19.90‌
15.00‌
17.42‌
12.84‌
Net
Assets,
end
of
period
($
x
1,000)
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)
Amounts
do
not
include
the
expenses
of
the
underlying
fund.
(f)
Annualized.
(g)
Portfolio
turnover
rate
is
not
annualized
for
periods
less
than
one
year,
if
applicable,
and
does
not
include
securities
received
or
delivered
from
processing
creations
or
redemptions.
138
See
Notes
to
Financial
Statements
BNY
Mellon
Core
Bond
ETF
Year
Ended
October
31,
For
the
Period
from
April
24,
2020
(a)
to
October
31,
2020
2023
2022
2021
Per
Share
Data
($):
Net
asset
value,
beginning
of
pe
riod
40.68‌
49.30‌
50.27‌
50.00‌
Investment
Operations:
Net
investment
income
(b)
1.47‌
0.96‌
0.55‌
0.32‌
Net
realized
and
unrealized
gain
(loss)
on
investments
(1.31‌)
(8.68‌)
(0.75‌)
0.33‌
Total
from
Investment
Operations
0.16‌
(7.72‌)
(0.20‌)
0.65‌
Distributions:
–
–
–
–
Dividends
from
net
investment
income
(1.37‌)
(0.92‌)
(0.77‌)
(0.38‌)
Transaction
fees
(b)
0.01‌
0.02‌
—‌
—‌
Net
asset
value,
end
of
period
39.48‌
40.68‌
49.30‌
50.27‌
Market
price,
end
of
period
39.52‌
40.66‌
49.33‌
50.29‌
Net
Asset
Value
Total
Return
(%)
(c)
0.31‌
(15.82‌)
(0.41‌)
1.30‌
Market
Price
Total
Return
(%)
(c)
0.44‌
(15.89‌)
(0.38‌)
1.33‌
Ratios/Supplemental
Data
(%):
Ratio
of
total
expenses
to
average
net
assets
–‌
(d)
–‌
(d)
–‌
(d)
–‌
(e)
Ratio
of
net
investment
income
to
average
net
assets
3.53‌
(d)
2.15‌
(d)
1.12‌
(d)
1.20‌
(e)
Portfolio
Turnover
Rate
(f)
64.39‌
84.75‌
105.97‌
27.32‌
Net
Assets,
end
of
period
($
x
1,000)
540,915‌
372,187‌
194,745‌
45,248‌
(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)
Amounts
do
not
include
the
expenses
of
the
underlying
fund.
(e)
Annualized.
(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.
139
See
Notes
to
Financial
Statements
BNY
Mellon
High
Yield
Beta
ETF
Year
Ended
October
31,
For
the
Period
from
April
24,
2020
(a)
to
October
31,
2020
2023
2022
2021
Per
Share
Data
($):
Net
asset
value,
beginning
of
period
45.83‌
56.23‌
54.06‌
50.00‌
Investment
Operations:
Net
investment
income
(b)
3.53‌
2.76‌
2.80‌
1.70‌
Net
realized
and
unrealized
gain
(loss)
on
investments
(0.67‌)
(9.25‌)
2.66‌
3.74‌
Total
from
Investment
Operations
2.86‌
(6.49‌)
5.46‌
5.44‌
Distributions:
–
–
–
–
Dividends
from
net
investment
income
(4.10‌)
(2.93‌)
(2.87‌)
(1.38‌)
Dividends
from
net
realized
gain
on
investments
—‌
(0.98‌)
(0.42‌)
—‌
Total
Distributions
(4.10‌)
(3.91‌)
(3.29‌)
(1.38‌)
Net
asset
value,
end
of
period
44.59‌
45.83‌
56.23‌
54.06‌
Market
price,
end
of
period
44.61‌
45.76‌
56.24‌
54.08‌
Net
Asset
Value
Total
Return
(%)
(c)
6.30‌
(12.09‌)
10.27‌
10.94‌
Market
Price
Total
Return
(%)
(c)
6.53‌
(12.26‌)
10.25‌
10.98‌
Ratios/Supplemental
Data
(%):
Ratio
of
total
expenses
to
average
net
assets
0.22‌
(d)
0.22‌
(d)
0.22‌
(d)
0.22‌
(e)
Ratio
of
net
investment
income
to
average
net
assets
7.60‌
(d)
5.51‌
(d)
4.98‌
(d)
6.06‌
(e)
Portfolio
Turnover
Rate
(f)
39.89‌
35.81‌
61.03‌
39.43‌
Net
Assets,
end
of
period
($
x
1,000)
53,512‌
50,416‌
47,793‌
54,062‌
(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)
Amounts
do
not
include
the
expenses
of
the
underlying
fund.
(e)
Annualized.
(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.
140
NOTES
TO
FINANCIAL
STATEMENTS
NOTE
1—Organization:
BNY
Mellon
ETF
Trust
(the
“Trust”) is
registered as
a
Massachusetts
business
trust
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Act”),
as
an
open-end
management
investment
company.
The
Trust
operates
as
a
series
company
currently
consisting
of
sixteen
series,
including
the
following
diversified
funds:
BNY
Mellon
US
Large
Cap
Core
Equity
ETF,
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF,
BNY
Mellon
US
Small
Cap
Core
Equity
ETF,
BNY
Mellon
International
Equity
ETF,
BNY
Mellon
Emerging
Markets
Equity
ETF,
BNY
Mellon
Core
Bond
ETF
and
BNY
Mellon
High
Yield
Beta
ETF
(each,
a
“fund”
and
collectively,
the
“funds”).
The
investment
objective
of
each
fund
is
to
seek
to
track
the
performance
of
an
underlying
index,
as
reflected
in
the
table below.
BNY
Mellon
ETF
Investment
Adviser,
LLC
(the
“Adviser”),
a
wholly-owned
subsidiary
of
The
Bank
of
New
York
Mellon
Corporation
(“BNY
Mellon”),
serves
as
each
fund’s
investment
adviser.
The
Bank
of
New
York
Mellon,
a
subsidiary
of
BNY
Mellon
and
an
affiliate
of
the
Adviser,
serves
as
administrator,
custodian
and
transfer
agent
with
the
Trust.
Mellon
Investments
Corporation
(“Mellon”),
an
indirect wholly-owned
subsidiary
of
BNY
Mellon
and
an
affiliate
of
the
Adviser,
serves
as
each
fund’s
sub-adviser,
except
for
BNY
Mellon
High
Yield
Beta
ETF.
Insight
North
America
LLC
(“INA”),
an
indirect wholly-owned
subsidiary
of
BNY
Mellon
and
an
affiliate
of
the
Adviser,
serves
as
BNY
Mellon
High
Yield
Beta
ETF’s
sub-adviser.
BNY
Mellon
Securities
Corporation
(the
“Distributor”),
a wholly-owned
subsidiary
of
the
Adviser,
is
the
distributor
of
each
fund’s
shares.
†
Morningstar
®
is
a
service
mark
of
Morningstar,
Inc.
and
has
been
licensed
for
use
for
certain
purposes
by
the
Adviser.
The
fund
is
not
sponsored,
endorsed,
sold
or
promoted
by
Morningstar,
and
Morningstar
makes
no
representation
regarding
the
advisability
of
investing
in
the
fund.
††
Bloomberg
®
is
a
trademark
and
service
mark
of
Bloomberg
Finance
L.P.
and
its
affiliates
(collectively,
“Bloomberg”).
Bloomberg
or
Bloomberg’s
licensors
own
all
proprietary
rights
in
the
Bloomberg
Indices.
Bloomberg
is
not
affiliated
with
the
Trust,
and
neither
approves,
endorses,
reviews
or
recommends
the
fund.
Bloomberg
does
not
guarantee
the
timeliness,
accurateness
or
completeness
of
any
data
or
information
relating
to
the
index,
and
neither
shall
be
liable
in
any
way
to
the
Adviser,
investors
in
the
fund
or
other
third
parties
in
respect
of
the
use
or
accuracy
of
the
index
or
any
data
included
therein.
The
shares
of
the
funds
are
referred
to
herein
as
“Shares”
or
“Fund’s
Shares.”
Each
Fund’s
Shares
are
listed
and
traded
on
NYSE
Arca,
Inc.
The
market
price
of
each
Share
may
differ
to
some
degree
from
a
fund’s
net
asset
value
(“NAV”).
Unlike
conventional
mutual
funds,
each
fund
issues
and
redeems
Shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
Shares,
each
called
a
“Creation
Unit.”
Creation
Units
are
issued
and
redeemed
principally
in
exchange
for
the
deposit
or
delivery
of
a
basket
of
securities.
Except
when
aggregated
in
Creation
Units
by
Authorized
Participants,
the
Shares
are
not
individually
redeemable
securities
of
the
funds.
Individual
Fund
Shares
may
only
be
purchased
and
sold
on
the
NYSE
Arca,
Inc.,
other
national
securities
exchanges,
electronic
crossing
networks
and
other
alternative
trading
systems
through
your
broker-dealer
at
market
prices.
Because
Fund
Shares
trade
at
market
prices
rather
than
at
NAV,
Fund
Shares
may
trade
at
a
price
greater
than
NAV
(premium)
or
less
than
NAV
(discount).
When
buying
or
selling
Shares
in
the
secondary
market,
you
may
incur
costs
attributable
to
the
difference
between
the
highest
price
a
buyer
is
willing
to
pay
to
purchase
Shares
of
the
fund
(bid)
and
the
lowest
price
a
seller
is
willing
to
accept
for
Shares
of
the
fund
(ask).
NOTE
2—Significant
Accounting
Policies:
The
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
(“ASC”)
is
the
exclusive
reference
of
authoritative
U.S.
generally
accepted
accounting
principles
(“GAAP”)
recognized
by
the
FASB
to
be
applied
by
nongovernmental
entities.
Rules
and
interpretive
releases
of
the
SEC
under
authority
of
federal
laws
are
also
sources
of
authoritative
GAAP
for
SEC
registrants.
Each
fund
is
an
investment
company
and
applies
the
accounting
and
reporting
guidance
of
the
FASB
ASC
Topic
946
Financial
Services-
Investment
Companies.
Each
fund’s
financial
statements
are
prepared
in
accordance
with
GAAP,
which
may
require
the
use
of
management
estimates
and
assumptions.
Actual
results
could
differ
from
those
estimates.
The
Trust
accounts
separately
for
the
assets,
liabilities
and
operations
of
each
fund.
Expenses
directly
attributable
to
each
fund
are
charged
to
that
fund’s
operations;
expenses
which
are
applicable
to
all
funds
are
allocated
among
them
on
a
pro
rata
basis.
The
Trust
enters
into
contracts
that
contain
a
variety
of
indemnifications.
The
funds’
maximum
exposure
under
these
arrangements
is
unknown.
The
funds
do
not
anticipate
recognizing
any
loss
related
to
these
arrangements. 
(a)
Portfolio
valuation:
The
fair
value
of
a
financial
instrument
is
the
amount
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(i.e.,
the
exit
price).
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
of
valuation
techniques
used
to
measure
fair
value.
This
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
 Fund
Name
Underlying
Index
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
Morningstar
®
US
Large
Cap
Index
SM
†
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
Morningstar
®
US
Mid
Cap
Index
SM
†
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
Morningstar
®
US
Small
Cap
Index
SM
†
BNY
Mellon
International
Equity
ETF
Morningstar
®
Developed
Markets
ex-US
Large
Cap
Index
SM
†
BNY
Mellon
Emerging
Markets
Equity
ETF
Morningstar
®
Emerging
Markets
Large
Cap
Index
SM
†
BNY
Mellon
Core
Bond
ETF
Bloomberg
US
Aggregate
Total
Return
Index
††
BNY
Mellon
High
Yield
Beta
ETF
Bloomberg
US
Corporate
High
Yield
Total
Return
Index
††
141
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 October
31,
2023
in
valuing
each
fund’s
investments:
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
($)
Investments
In
Securities:
†
Common
Stocks
1,690,606,683
—
—
1,690,606,683
Investment
Companies
2,097,480
—
—
2,097,480
Liabilities
($)
Other
Financial
Instruments:
Futures
††
(101,747)
—
—
(101,747)
142
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
Level
1
-
Unadjusted
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-  Significant
Unobservable
Inputs
Total
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
Assets
($)
Investments
In
Securities:
†
Common
Stocks
419,624,089
—
—
419,624,089
Investment
Companies
360,984
—
—
360,984
Investment
of
Cash
Collateral
for
Securities
Loaned
992,299
—
—
992,299
Liabilities
($)
Other
Financial
Instruments:
Futures
††
(19,529)
—
—
(19,529)
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
Assets
($)
Investments
In
Securities:
†
Common
Stocks
95,164,738
—
—
95,164,738
Investment
Companies
124,243
—
—
124,243
Investment
of
Cash
Collateral
for
Securities
Loaned
1,934,033
—
—
1,934,033
Liabilities
($)
Other
Financial
Instruments:
Futures
††
(12,156)
—
—
(12,156)
BNY
Mellon
International
Equity
ETF
Assets
($)
Investments
In
Securities:
†
Common
Stocks
440,392,879
—
0
440,392,879
Preferred
Stocks
1,287,334
—
—
1,287,334
Warrants
—
0
—
0
Investment
Companies
658,664
—
—
658,664
Investment
of
Cash
Collateral
for
Securities
Loaned
247,970
—
—
247,970
Liabilities
($)
Other
Financial
Instruments:
Futures
††
(98,811)
—
—
(98,811)
BNY
Mellon
Emerging
Markets
Equity
ETF
Assets
($)
Investments
In
Securities:
†
Common
Stocks
84,209,087
—
0
84,209,087
Preferred
Stocks
2,035,148
—
0
2,035,148
Investment
Companies
49,361
—
—
49,361
Investment
of
Cash
Collateral
for
Securities
Loaned
11,880
—
—
11,880
Liabilities
($)
Other
Financial
Instruments:
Futures
††
(7,709)
—
—
(7,709)
BNY
Mellon
Core
Bond
ETF
Assets
($)
Investments
In
Securities:
†
Asset-Backed
Securities
—
2,427,472
—
2,427,472
Commercial
Mortgage-Backed
Securities
—
4,670,662
—
4,670,662
Corporate
Bonds
—
134,146,826
—
134,146,826
Foreign
Governmental
—
9,037,859
—
9,037,859
Municipal
Securities
—
1,815,921
—
1,815,921
Supranational
Bank
—
8,507,152
—
8,507,152
U.S.
Government
Agencies
—
153,716,161
—
153,716,161
U.S.
Treasury
Government
Securities
—
222,615,733
—
222,615,733
Investment
Companies
13,640,121
—
—
13,640,121
Investment
of
Cash
Collateral
for
Securities
Loaned
2,568,411
—
—
2,568,411
Liabilities
($)
TBA
Sale
Commitments
—
(66,355)
—
(66,355)
143
The
following
is
a
reconciliation
of
Level
3
assets
for
which
significant
unobservable
inputs
were
used
to
determine
fair
value:
(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 
October
31,
2023
,
if
any,
are
disclosed
in
the
funds’
Statements
of
Assets
and
Liabilities.
Level
1
-
Unadjusted
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-  Significant
Unobservable
Inputs
Total
BNY
Mellon
High
Yield
Beta
ETF
Assets
($)
Investments
In
Securities:
†
Corporate
Bonds
—
52,529,821
—
52,529,821
Investment
Companies
191,178
—
—
191,178
Investment
of
Cash
Collateral
for
Securities
Loaned
1,756,613
—
—
1,756,613
†
See
Statement
of
Investments
for
additional
detailed
categorizations,
if
any.
††
Amount
shown
represents
unrealized
appreciation
(depreciation)
at
period
end,
but
only
variation
margin
on
exchange-traded
and
centrally
cleared
derivatives,
if
any,
are
reported
in
the
Statement
of
Assets
and
liabilities.
Common
Stocks
($)
BNY
Mellon
International
Equity
ETF
Balance
as
of
10/31/2022
†
0
Purchases/Issuances
—
Sales/Dispositions
—
Net
realized
gain
(loss)
—
Change
in
unrealized
appreciation
(depreciation)
—
Transfers
into
Level
3
—
Transfers
out
of
Level
3
—
Balance
as
of
10/31/2023
†
0
The
amount
of
total
net
gain
(loss)
for
the
period
included
in
earnings
attributable
to
the
change
in
unrealized
appreciation
(depreciation)
relating
to
investments
still
held
at
10/31/2023
—
Common
Stocks
($)
BNY
Mellon
Emerging
Markets
Equity
ETF
Balance
as
of
10/31/2022
†
0
Purchases/Issuances
—
Sales/Dispositions
—
Net
realized
gain
(loss)
—
Change
in
unrealized
appreciation
(depreciation)
—
Transfers
into
Level
3
—
Transfers
out
of
Level
3
—
Balance
as
of
10/31/2023
†
0
The
amount
of
total
net
gain
(loss)
for
the
period
included
in
earnings
attributable
to
the
change
in
unrealized
appreciation
(depreciation)
relating
to
investments
still
held
at
10/31/2023
—
†
Securities
deemed
as
Level
3
due
to
the
lack
of
observable
inputs
by
management
assessment.
144
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
(c)
Securities
transactions
and
investment
income:
Securities
transactions
are
recorded
on
a
trade
date
basis.
Realized
gains
and
losses
from
securities
transactions
are
recorded
on
the
identified
cost
basis.
Dividend
income
is
recognized
on
the
ex-dividend
date
and
interest
income,
including,
where
applicable,
accretion
of
discount
and
amortization
of
premium
on
investments,
is
recognized
on
the
accrual
basis.
Pursuant
to
a
securities
lending
agreement
with
BNY
Mellon,
the
funds
may
lend
securities
to
qualified
institutions.
It
is
the
funds’
policy
that,
at
origination,
all
loans
are
secured
by
collateral
of
at
least
102%
of
the
value
of
U.S.
securities
loaned
and
105%
of
the
value
of
foreign
securities
loaned.
Collateral
equivalent
to
at
least
100%
of
the
market
value
of
securities
on
loan
is
maintained
at
all
times.
Collateral
is
either
in
the
form
of
cash,
which
can
be
invested
in
certain
money
market
mutual
funds
managed
by
the
Adviser,
or
U.S.
Government
and
Agency
securities.
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,
The
Bank
of
New
York
Mellon
is
required
to
replace
the
securities
for
the
benefit
of
the
funds
or
credit
the
funds
with
the
market
value
of
the
unreturned
securities
and
is
subrogated
to
the
funds’
rights
against
the
borrower
and
the
collateral.
Additionally,
the
contractual
maturity
of
security
lending
transactions
are
on
an
overnight
and
continuous
basis.
The
table
below
summarizes
the
amount BNY
Mellon
earned
from
each
relevant
fund
from
lending
portfolio
securities,
pursuant
to
the
securities
lending
agreement
during
the
year
ended
October
31,
2023.
Securities
Lending
Agreement
For
financial
reporting
purposes,
the
funds
elect
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
October
31,
2023,
the
funds
had
securities
on
loan
and
the
value
of
the
related
collateral
received
by
each
of
the
funds
exceeded
the
value
of
the
securities
loaned
by
each
of
the
funds.
The
value
of
the
securities
loaned
by
each
fund,
if
any,
are
also
disclosed
in
the
Statements
of
Assets
and
Liabilities
and
in
each
fund’s
Statement
of
Investments.
The
total
amount
of
cash
and
non-cash
securities
lending
collateral
received
is
disclosed
in
the
footnotes
to
each
fund’s
Statement
of
Investments.
(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
the
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
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
$6,569
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
7,269
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
14,611
BNY
Mellon
International
Equity
ETF
247
BNY
Mellon
Emerging
Markets
Equity
ETF
160
BNY
Mellon
Core
Bond
ETF
4,259
BNY
Mellon
High
Yield
Beta
ETF
9,190
145
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:
Each
of
BNY
Mellon
Core
Bond
ETF
and
BNY
Mellon
High
Yield
Beta
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).
High
Yield
Securities
Risk:
BNY
Mellon
High
Yield
Beta
ETF
invests
in
high
yield
securities.
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
bad
news
about
the
issuer
or
its
industry,
or
the
economy
in
general,
to
a
greater
extent
than
those
of
higher
rated
securities.
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
and
pay
dividends
from
net investment
income
quarterly.
BNY
Mellon
Core
Bond
ETF
and
BNY
Mellon
High
Yield
Beta
ETF
normally
declare
and
pay
dividends
from
net
investment
income
monthly.
Income
dividends
for
each
fund
may
vary
significantly
from
period
to
period. Dividends
from
net
realized
capital
gains,
if
any,
are
normally
declared
and
paid
annually,
but
each
fund
may
make
distributions
on
a
more
frequent
basis
to
comply
with
the
distribution
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended
(the
“Code”).
To
the
extent
that
net
realized
capital
gains
can
be
offset
by
capital
loss
carryovers
of
a
fund,
it
is
the
policy
of
each
fund
not
to
distribute
such
gains.
Income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP.
(g)
Federal
income
taxes:
It
is
the
policy
of
each
fund
to
continue
to
qualify
as
a
regulated
investment
company,
if
such
qualification
is
in
the
best
interests
of
its
shareholders,
by
complying
with
the
applicable
provisions
of
the
Code,
and
to
make
distributions
of
taxable
income
sufficient
to
relieve
it
from
substantially
all
federal
income
and
excise
taxes.
For
federal
income
tax
purposes,
each
fund
is
treated
as
a
separate
entity
for
the
purpose
of
determining
such
qualification.
As
of
and
during
the year ended October
31,
2023,
the
funds
did
not
have
any
liabilities
for
any
uncertain
tax
positions.
Each
fund
recognizes
interest
and
penalties,
if
any,
related
to
uncertain
tax
positions
as
income
tax
expense
in
the
Statements
of
Operations.
During
the year
ended October
31,
2023,
the
funds
did
not
incur
any
interest
or
penalties.
Each
tax
year
in
the
four-year
period
ended October
31,
2023 remains
subject
to
examination
by
the
Internal
Revenue
Service
and
state
taxing
authorities.
The
table below
summarizes
each
fund’s
components
of
accumulated
earnings
on
a
tax
basis
at October
31,
2023.
Components
of
Accumulated
Earnings
Undistributed
Ordinary
Income
Accumulated
Capital
(losses)
Unrealized
Appreciation
(Depreciation)
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
$1,574,237
$(17,727,498)
$30,862,895
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
194,036
(11,147,242)
(40,535,015)
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
54,825
(11,444,668)
(14,229,024)
BNY
Mellon
International
Equity
ETF
1,069,916
(8,989,322)
(23,329,407)
BNY
Mellon
Emerging
Markets
Equity
ETF
271,618
(3,175,937)
(7,208,058)
BNY
Mellon
Core
Bond
ETF
1,877,380
(12,727,350)
(66,590,758)
BNY
Mellon
High
Yield
Beta
ETF
423,942
(2,478,376)
(4,853,097)
146
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
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,
2023.
Capital
Loss
Carryover
The
table below
summarizes
each
fund’s
tax
character
of
distributions
paid
to
shareholders
during
the
fiscal
periods
ended October
31,
2023 and
October
31,
2022.
The
tax
character
of
current
year
distributions
will
be
determined
at
the
end
of
the
current
fiscal
year.
Tax
Character
of
Distributions
Paid
During
the
year
ended
October
31,
2023,
as
a
result
of
permanent
book
to
tax
differences,
each
relevant
fund
increased/decreased
total
distributable
earnings
(loss)
and
increased/decreased
paid-
in
capital
as
summarized
in
Table
below.
These
permanent
book
to
tax
differences
are
primarily
due
to
the
tax
treatment
for
in-
kind
transactions,
foreign
currency
transactions reclassification,
paydowns, taxable
spinoffs
and
taxable
overdistributions.
Net
assets
and
net
asset
value
per
share
were
not
affected
by
these
reclassifications.  
Return
of
Capital
Statement
of
Position
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,
BNY
Mellon
Emerging
Markets
Equity
ETF
and
BNY
Mellon
High
Yield
Beta
ETF,
each
fund’s
management
agreement
provides
that
the
Adviser
pays
substantially
all
expenses
of
such
Short-Term
Losses
Long-Term
Losses
Total
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
$
11,461,233
$
6,266,265
$17,727,498
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
6,152,170
4,995,072
11,147,242
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
6,321,163
5,123,505
11,444,668
BNY
Mellon
International
Equity
ETF
6,083,116
2,906,206
8,989,322
BNY
Mellon
Emerging
Markets
Equity
ETF
1,794,704
1,381,233
3,175,937
BNY
Mellon
Core
Bond
ETF
5,647,114
7,080,236
12,727,350
BNY
Mellon
High
Yield
Beta
ETF
1,535,041
943,335
2,478,376
Ordinary
Income
†
2023
Ordinary
Income
†
2022
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
$20,945,065
$6,591,566
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
5,046,679
1,602,989
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
1,210,938
1,135,186
BNY
Mellon
International
Equity
ETF
12,099,003
3,935,206
BNY
Mellon
Emerging
Markets
Equity
ETF
2,258,499
1,005,494
BNY
Mellon
Core
Bond
ETF
14,363,073
5,914,515
BNY
Mellon
High
Yield
Beta
ETF
11,992,910
3,578,680
†
Includes
short-term
capital
gain
distributions,
if
any.
Total
Distributable
Earnings
(Loss)
Paid-in
Capital
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
$(57,716,416)
$57,716,416
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
10,792,112
(10,792,112)
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
1,251,226
(1,251,226)
BNY
Mellon
International
Equity
ETF
94,003
(94
,003)
BNY
Mellon
Core
Bond
ETF
2,503,067
(2,503,067)
BNY
Mellon
High
Yield
Beta
ETF
10,448,959
(10,448,959)
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
High
Yield
Beta
ETF
0.22%
147
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
October
31,
2023,
there
was
no
impact
on
the
Total
Return
of
each
relevant
fund
as
a
result
of
the
Capital
Contributions
from
Adviser.
The
table
below
summarizes
the
amounts
pursuant
to
undertakings
during
the year ended
October
31,
2023.
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,
except
for
BNY
Mellon
High
Yield
Beta
ETF
which
pays
INA
a
monthly
fee
at
an
annual
percentage
of
the
value
of
the
fund’s
average
daily
net
assets.
The
Adviser
has
obtained
an
exemptive
order
from
the
SEC
(the
“Order”),
upon
which
each
fund
may
rely,
to
use
a
manager
of
managers
approach
that
permits
the
Adviser,
subject
to
certain
conditions
and
approval
by
the
Board,
to
enter
into
and
materially
amend
sub-
investment
advisory
agreements
with
one
or
more
sub-advisers
who
are
either
unaffiliated
or
affiliated
with
the
Adviser
without
obtaining
shareholder
approval.
The
Order
also
relieves
each
fund
from
disclosing
the
sub-advisory
fee
paid
by
the
Adviser
to
a
sub-adviser
in
documents
filed
with
the
SEC
and
provided
to
shareholders.
In
addition,
pursuant
to
the
Order,
it
is
not
necessary
to
disclose
the
sub-advisory
fee
payable
by
the
Adviser
separately
to
a
sub-adviser
that
is
a
wholly-owned
subsidiary
(as
defined
in
the
1940
Act)
of
BNY
Mellon
in
documents
filed
with
the
SEC
and
provided
to
shareholders;
such
fees
are
to
be
aggregated
with
fees
payable
to
the
Adviser.
The
Adviser
has
ultimate
responsibility
(subject
to
oversight
by
the
Board)
to
supervise
any
sub-adviser
and
recommend
the
hiring,
termination,
and
replacement
of
any
sub-adviser
to
the
Board.
For
each
fund,
the
Adviser
pays
a
contractual
fee
rate
to
Mellon
and
INA
as
applicable
to
each
fund’s
sub-investment
advisory
agreement,
at
the
annual
rate
set
forth
in
the
table
below
(stated
as
a
percentage
of
each
fund’s
average
daily
net
assets).
The
Adviser,
and
not
the
funds,
pays
the
Mellon
and
INA
fee
rate
as
applicable
to
each
fund’s
sub-investment
advisory
agreement.
Sub-Investment
Advisory
Agreement
Fees
(b)
Each
fund
has
an
arrangement
with
The
Bank
of
New
York
Mellon
(the
“Custodian”),
a
subsidiary
of
BNY
Mellon
and
an
affiliate
of
the
Adviser, whereby
the
funds
will
receive
interest
income
or
be
charged
overdraft
fees
when
cash
balances
are
maintained.
For
financial
reporting
purposes,
each
fund
includes
this
interest
income
and
overdraft
fees,
if
any,
as
interest
income
in
the
Statement
of
Operations.
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.
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
$2,614
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
9,696
BNY
Mellon
High
Yield
Beta
ETF
-
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
0.02%
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
0.02%
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
0.02%
BNY
Mellon
International
Equity
ETF
0.02%
BNY
Mellon
Emerging
Markets
Equity
ETF
0.055%
BNY
Mellon
Core
Bond
ETF
0.03%
BNY
Mellon
High
Yield
Beta
ETF
0.11%
148
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
Due
to
BNY
Mellon
ETF
Investment
Adviser,
LLC
(c)
Each
Board
member
serves
as
a
Board
member
of each
fund
within
the
Trust.
The
Board
members
are
not
compensated
directly
by
the
funds.
The
Board
members
are
paid
by
the
Adviser
from
the
unitary
management
fee
paid
to
the
Adviser
by
the
funds.
The
quarterly
fees
are
paid
by
the Adviser
from
unitary
management
fees
paid
to
the
Adviser
by
the
funds.
NOTE
4—Securities
Transactions:
The
table
below
summarizes
each
fund’s
aggregate
amount
of
purchases
and
sales
(including
paydowns,
if
any)
of
investment
securities,
excluding
short-term
securities,
futures
and
swap
agreements and
in-kind
transactions,
during
the
year
ended
October
31,
2023.
Purchases
and
Sales
TBA
Securities:
During
the
period
ended October
31,
2023,
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 year
ended
October
31,
2023
is
discussed
below.
Futures:
In
the
normal
course
of
pursuing
their
investment
objective,
exposed
to
market
risk,
including
equity
price
risk,
as
a
result
of
changes
in
value
of
underlying
financial
instruments.
BNY
Mellon
US
Large
Cap
Core
Equity
ETF,
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF,
BNY
Mellon
US
Small
Cap
Core
Equity
ETF,
BNY
Mellon
International
Equity
ETF
and
BNY
Mellon
Emerging
Markets
Equity ETF
invest
in
futures
in
order
to
manage
their
exposure
to
or
protect
against
changes
in
the
market.
A
futures
contract
represents
a
commitment
for
the
future
purchase
or
a
sale
of
an
asset
at
a
specified
date.
Upon
entering
into
such
contracts,
these
investments
require
initial
margin
deposits
with
a
counterparty,
which
consist
of
cash
or
cash
equivalents.
The
amount
of
these
deposits
is
determined
by
the
exchange
or
Board
of
Trade
on
which
the
contract
is
traded
and
is
subject
to
change.
Accordingly,
variation
margin
payments
are
received
or
made
to
reflect
daily
unrealized
gains
or
losses
which
are
recorded
in
the
Statements
of
Operations.
When
the
contracts
are
closed,
the
fund
recognizes
a
realized
gain
or
loss
which
is
reflected
in
the
Statements
of
Operations.
There
is
minimal
counterparty
credit
risk
to
the
fund
with
futures
since
they
are
exchange
traded,
and
the
exchange
guarantees
the
futures
against
default.
Futures
open
at October
31,
2023,
are
set
forth
in
the
Statement
of
Investments
for
each
fund.
Swap
Agreements:
BNY
Mellon
High
Yield
Beta
ETF enters
into
swap
agreements
to
exchange
the
interest
rate
on,
or
return
generated
by,
one
nominal
instrument
for
the
return
generated
by
another
nominal
instrument.
Swap
agreements
are
privately
negotiated
in
the over-the-counter
(“OTC”) market
or
centrally
cleared.
The
fund
enters
into
these
agreements
to
hedge
certain
market
or
interest
rate
risks,
to
manage
the
interest
rate
sensitivity
(sometimes
called
duration)
of
fixed
income
securities,
to
provide
a
substitute
for
purchasing
or
selling
particular
securities
or
to
increase
potential
returns.
For
OTC
swaps,
the
fund
accrues
for
interim
payments
on
a
daily
basis,
with
the
net
amount
recorded
within
unrealized
appreciation
(depreciation)
on
swap
agreements
in
the
Statement
Management
fees
Less/Excess
Reimbursement
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
$-
$278
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
14,409
–
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
3,312
–
BNY
Mellon
International
Equity
ETF
15,306
–
BNY
Mellon
Emerging
Markets
Equity
ETF
8,259
–
BNY
Mellon
Core
Bond
ETF
–
1,090
BNY
Mellon
High
Yield
Beta
ETF
11,762
–
Purchases
Sales
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
$
71,900,093
$
72,251,637
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
38,278,242
35,223,351
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
15,530,439
15,316,779
BNY
Mellon
International
Equity
ETF
55,270,865
48,292,645
BNY
Mellon
Emerging
Markets
Equity
ETF
71,411,378
13,828,319
BNY
Mellon
Core
Bond
ETF
341,083,222
281,933,060
BNY
Mellon
High
Yield
Beta
ETF
51,898,835
54,045,083
149
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
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.
There
were
no
credit
default
swaps
open
at
October
31,
2023.  
GAAP
requires
disclosure
for
(i)
the
nature
and
terms
of
the
credit
derivative,
reasons
for
entering
into
the
credit
derivative,
the
events
or
circumstances
that
would
require
the
seller
to
perform
under
the
credit
derivative,
and
the
current
status
of
the
payment/performance
risk
of
the
credit
derivative,
(ii)
the
maximum
potential
amount
of
future
payments
(undiscounted)
the
seller
could
be
required
to
make
under
the
credit
derivative,
(iii)
the
fair
value
of
the
credit
derivative,
and
(iv)
the
nature
of
any
recourse
provisions
and
assets
held
either
as
collateral
or
by
third
parties.
All
required
disclosures
have
been
made
and
are
incorporated
within
the
current
period
as
part
of
the
Notes
to
the
Statement
of
Investments
and
disclosures
within
this
Note.
The
following
tables
show
the
funds’
exposure
to
different
types
of
market
risk
as
it
relates
to
the
Statements
of
Assets
and
Liabilities
and
the
Statements
of
Operations,
respectively. 
Fair
value
of
derivative
instruments
as
of October
31,
2023
is
shown
below:
Statement
of
Assets
and
Liabilities
location:
(a)
Includes
cumulative
appreciation
(depreciation)
on
futures
as
reported
in
the
Statement
of
Investments,
but
only
the
unpaid
variation
margin
is
reported
in
the
Statement
of
Assets
and
Liabilities.
The
effect
of
derivative
instruments
in
the
Statements of
Operations
during
the year
ended
October
31,
2023 is
shown
below:
Derivative
Assets
($)
Derivative
Liabilities
($)
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
Equity
risk
(a)
-
101,747
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
Equity
risk
(a)
-
19,529
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
Equity
risk
(a)
-
12,156
BNY
Mellon
International
Equity
ETF
Equity
risk
(a)
-
98,811
BNY
Mellon
Emerging
Markets
Equity
ETF
Equity
risk
(a)
-
7,709
150
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
The following
table summarizes
the
average market
value of
derivatives
outstanding
during
the year
ended
October
31,
2023:
The following
table summarizes
the
average
notional
value of
derivatives
outstanding
during
the year ended
October
31,
2023:
The table
below
summarizes
the
cost
of
investments
inclusive
of
derivative
contracts
for
federal
income
tax
purposes,
gross
appreciation,
gross
depreciation
and
accumulated
net
unrealized
appreciation
(depreciation)
on
investments
for
each
fund
at
October
31,
2023.
Accumulated
Net
Unrealized
Appreciation
(Depreciation)
Amount
of
realized
gain
(loss)
on
derivatives
($)
Underlying
risk
Futures
Swap
Agreements
Total
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
Equity
risk
352,263
-
352,263
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
Equity
risk
201,381
-
201,381
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
Equity
risk
(29,543)
-
(29,543)
BNY
Mellon
International
Equity
ETF
Equity
risk
180,288
-
180,288
BNY
Mellon
Emerging
Markets
Equity
ETF
Equity
risk
(8,293)
-
(8,293)
BNY
Mellon
High
Yield
Beta
ETF
Credit
risk
-
41,739
41,739
Net
change
in
unrealized
appreciation
(depreciation)
on
derivatives
($)
Underlying
risk
Futures
Swap
Agreements
Total
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
Equity
risk
(107,642)
-
(107,642)
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
Equity
risk
(42,774)
-
(42,774)
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
Equity
risk
(15,791)
-
(15,791)
BNY
Mellon
International
Equity
ETF
Equity
risk
(117,887)
-
(117,887)
BNY
Mellon
Emerging
Markets
Equity
ETF
Equity
risk
(5,197)
-
(5,197)
BNY
Mellon
High
Yield
Beta
ETF
Credit
risk
-
(55,823)
(55,823)
Average
Market
Value
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
Equity
risk
futures
$3,630,917
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
Equity
risk
futures
1,304,489
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
Equity
risk
futures
276,510
BNY
Mellon
International
Equity
ETF
Equity
risk
futures
1,577,720
BNY
Mellon
Emerging
Markets
Equity
ETF
Equity
risk
futures
345,570
Average
Notional
Value
BNY
Mellon
High
Yield
Beta
ETF
Credit
risk
swap
agreements
$1,242,615
Cost
of
Investments
Gross
Appreciation
Gross
(Depreciation)
Net
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
$1,661,841,268
$163,344,565
$(132,481,670)
$30,862,895
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
461,512,387
11,973,044
(52,508,059)
(40,535,015)
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
111,452,038
4,054,001
(18,283,025)
(14,229,024)
BNY
Mellon
International
Equity
ETF
465,889,370
28,763,617
(52,093,024)
(23,329,407)
BNY
Mellon
Emerging
Markets
Equity
ETF
93,513,534
7,198,270
(14,406,328)
(7,208,058)
BNY
Mellon
Core
Bond
ETF
619,737,076
27,121
(66,617,879)
(66,590,758)
BNY
Mellon
High
Yield
Beta
ETF
59,330,709
94,910
(4,948,007)
(4,853,097)
151
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.
Seed
Capital:
As
of
October
31,
2023,
MBC
Investments
Corporation,
an
indirect
subsidiary
of
BNY
Mellon,
held
500,000
shares
of
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
and
226,222
shares
of
BNY
Mellon
High
Yield
Beta
ETF.
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
year
ended
October
31,
2023.
In-Kind
Transactions
NOTE
6—Subsequent
Event:
Effective
November
15,
2023,
each
of
BNY
Mellon
US
Large
Cap
Core
Equity
ETF,
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF,
BNY
Mellon
US
Small
Cap
Core
Equity
ETF,
BNY
Mellon
International
Equity
ETF
and
BNY
Mellon
Emerging
Markets
Equity
ETF
changed
its
benchmark
and
its
investment
objective.
Beginning
November
15,
2023,
the
objective
of
each
fund
is
to
seek
to
track
the
performance
of
the
underlying
index
as
reflected
in
the
table
below.
†
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.
Cost
of
Securities
Received
Value
of
Securities
Delivered
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
$
1,503,790,738
$
371,980,720
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
743,193,392
356,072,903
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
127,920,613
57,441,003
BNY
Mellon
International
Equity
ETF
321,274,034
–
BNY
Mellon
Emerging
Markets
Equity
ETF
8,372,396
–
BNY
Mellon
Core
Bond
ETF
169,593,813
37,034,337
BNY
Mellon
High
Yield
Beta
ETF
362,720,857
347,060,545
 Fund
Name
New
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
†
152
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Shareholders
of
BNY
Mellon
US
Large
Cap
Core
Equity
ETF,
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF,
BNY
Mellon
US
Small
Cap
Core
Equity
ETF,
BNY
Mellon
International
Equity
ETF,
BNY
Mellon
Emerging
Markets
Equity
ETF,
BNY
Mellon
Core
Bond
ETF
and
BNY
Mellon
High
Yield
Beta
ETF
and
the
Board
of
Trustees
of
BNY
Mellon
ETF
Trust
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
BNY
Mellon
US
Large
Cap
Core
Equity
ETF,
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF,
BNY
Mellon
US
Small
Cap
Core
Equity
ETF,
BNY
Mellon
International
Equity
ETF,
BNY
Mellon
Emerging
Markets
Equity
ETF,
BNY
Mellon
Core
Bond
ETF
and
BNY
Mellon
High
Yield
Beta
ETF
(collectively
referred
to
as
the
“Funds”),
(seven
of
the
funds
constituting
BNY
Mellon
ETF
Trust
(the
“Trust”)),
including
the
statements
of
investments,
as
of
October
31,
2023,
and
the
related
statements
of
operations
and
changes
in
net
assets,
and
the
financial
highlights
for
each
of
the
periods
indicated
in
the
table
below
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
each
of
the
Funds
(seven
of
the
funds
constituting
BNY
Mellon
ETF
Trust)
at
October
31,
2023,
and
the
results
of
their
operations,
changes
in
net
assets
and
financial
highlights
for
each
of
the
periods
indicated
in
the
table
below,
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
each
of
the
Funds’
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
October
31,
2023,
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
December
20
,
2023
Individual
fund
constituting
the
BNY
Mellon
ETF
Trust
Statement
of
operations
Statements
of
changes
in
net
assets
Financial
highlights
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
For
the
year
ended
October
31,
2023
For
each
of
the
two
years
in
the
period
ended
October
31,
2023
For
each
of
the
three
years
in
the
period
ended
October
31,
2023
and
the
period
from
April
9,
2020
(commencement
of
operations)
through
October
31,
2020
BNY
Mellon
International
Equity
ETF
BNY
Mellon
Emerging
Markets
Equity
ETF
BNY
Mellon
Core
Bond
ETF
BNY
Mellon
High
Yield
Beta
ETF
For
the
year
ended
October
31,
2023
For
each
of
the
two
years
in
the
period
ended
October
31,
2023
For
each
of
the
three
years
in
the
period
ended
October
31,
2023
and
the
period
from
April
24,
2020
(commencement
of
operations)
through
October
31,
2020
153
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.
Each
fund
designates
the
following
amounts
or,
if
subsequently
determined
to
be
different,
the
maximum
amount
allowable
for
its
fiscal
year
ended October
31,
2023:
(a)
The
above
percentages
are
based
on
ordinary
income
dividends
paid
to
shareholders
during
the
Fund’s
fiscal
year.
The
funds
intend
to
elect
to
pass
through
to
shareholders
the
credit
for
taxes
paid
to
foreign
countries.
The
foreign
source
income
received and
foreign
taxes
paid
are
as
follows:
Qualified
Dividend
Income
(a)
Dividends-
Received
Deduction
(a)
Interest
Related
Dividends
(a)
Long
Term
Capital
Gains
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
100.00%
93.80%
-%
$
-
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
81.64%
77.39%
-%
-
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
65.42%
62.36%
-%
-
BNY
Mellon
International
Equity
ETF
86.20%
-%
-%
-
BNY
Mellon
Emerging
Markets
Equity
ETF
49.18%
-%
-%
-
BNY
Mellon
Core
Bond
ETF
-%
-%
98.58%
-
BNY
Mellon
High
Yield
Beta
ETF
-%
-%
90.35%
-
Foreign
Source
Income
Received
Foreign
Taxes
Paid
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
13,961,469
1,361,385
BNY
Mellon
Emerging
Markets
Equity
ETF
2,563,079
277,022
BNY
Mellon
Core
Bond
ETF
-
-
BNY
Mellon
High
Yield
Beta
ETF
-
-
154
BOARD
MEMBERS
INFORMATION
(Unaudited)
INDEPENDENT
BOARD
MEMBERS
J.
Charles
Cardona
(67)
Chairman
of
the
Board
(2020)
Principal
Occupation
During
Past
5
Years:
BNY
Mellon
Family
of
Funds,
Interested
Director
(2014-2018),
Independent
Director
(2019-Present)
BNY
Mellon
Liquidity
Funds,
Director
(2004-Present)
and
Chairman
(2019-2021)
No.
of
Portfolios
for
which
Board
Member
Serves:
38,
including
22
managed
by
an
affiliate
of
the
Adviser
Kristen
M.
Dickey
(63)
Board
Member
(2020)
Principal
Occupation
During
Past
5
Years:
Independent
board
director
of
Marstone,
Inc.,
a
financial
technology
company
(since
2018);
Lead
non-executive
director
for
Aperture
Investors,
LLC,
an
investment
management
firm
(since
2018);
Managing
Director—Global
Head
of
Index
Strategy
at
BlackRock,
Inc.
(until
2017).
No.
of
Portfolios
for
which
Board
Member
Serves:
16
F.
Jack
Liebau,
Jr.
(60)
Board
Member
(2020)
Principal
Occupation
During
Past
5
Years:
Managing
Director
at
Beach
Investment
Counsel,
a
financial
advisory
firm
(since
2020)
Corporate
director
(since
2015)
Other
Public
Company
Board
Memberships
During
Past
5
Years:
Myers
Industries,
an
industrial
company,
Director
(2015
–
Present;
Chairman
of
Board
2016
–
Present)
No.
of
Portfolios
for
which
Board
Member
Serves:
16
Jill
I.
Mavro
(51)
Board
Member
(2020)
Principal
Occupation
During
Past
5
Years:
Managing
director
at
CapWGlobal,
LLC,
a
financial
technology
consulting
company
(since
2020)
Founder
and
Principal
of
Spoondrift
Advisory,
LLC
(since
2018);
Senior
Managing
Director,
Head
of
Strategic
Relationships
and
Member
of
SPDR
Executive
Committee
at
State
Street
Global
Advisors
(until
2018)
No.
of
Portfolios
for
which
Board
Member
Serves:
16
Kevin
W.
Quinn
(64)
Board
Member
(2020)
Principal
Occupation
During
Past
5
Years:
Partner
at
PricewaterhouseCoopers,
LLC
(until
2019)
No.
of
Portfolios
for
which
Board
Member
Serves:
16
Stacy
L.
Schaus
(63)
Board
Member
(2020)
Principal
Occupation
During
Past
5
Years:
Chief
Executive
Officer
of
the
Schaus
Group
LLC,
a
consulting
firm
(since
2019);
Advisory
board
member
of
A&P
Capital,
a
consulting
firm
(from
2019-2021);
Executive
Vice
President—
Defined
Contribution
Practice
Founder
at
PIMCO
Investment
Management
(until
2018).
No.
of
Portfolios
for
which
Board
Member
Serves:
16
The
address
of
the
Board
Members
and
Officers
is
c/o
BNY
Mellon
ETF
Investment
Adviser,
LLC,
240
Greenwich
Street,
New
York,
New
York
10286.
Additional
information
about
each
Board
Member
is
available
in
the
fund’s
Statement
of
Additional
Information
which
can
be
obtained
from
the
Adviser
free
of
charge
by
calling
this
toll
free
number:
1-833-383-2696.
155
OFFICERS
OF
THE
TRUST
(Unaudited)
DAVID
DIPETRILLO,
President
since
February
2020.
Vice
President
and
Director
of
BNY
Mellon
Investment
Adviser,
Inc.
since
February
2021;
Head
of
North
America
Distribution,
BNY
Mellon
Investment
Management
since
February
2023;
Head
of
North
America
Product,
BNY
Mellon
Investment
Management
from
January
2018
to
February
2023.
He
is
an
officer
of
53
investment
companies
(comprised
of
102
portfolios)
managed
by
the
Adviser
or
an
affiliate
of
the
Adviser.
He
is
45
years
old
and
has
been
an
employee
of
BNY
Mellon
since
2005.
PETER
M.
SULLIVAN,
Chief
Legal
Officer
since
July
2021,
Vice
President
and
Assistant
Secretary
since
February
2020.
Chief
Legal
Officer
of
BNY
Mellon
Investment
Adviser,
Inc.
and
Associate
General
Counsel
of
BNY
Mellon
since
July
2021;
Senior
Managing
Counsel
of
BNY
Mellon
from
December
2020
to
July
2021;
and
Managing
Counsel
of
BNY
Mellon
from
March
2009
to
December
2020.
He
is
an
officer
of
54
investment
companies
(comprised
of
121
portfolios)
managed
by
the
Adviser
or
an
affiliate
of
the
Adviser.
He
is
55
years
old
and
has
been
an
employee
of
BNY
Mellon
since
April
2004.
JAMES
WINDELS,
Treasurer
since
February
2020.
Director
of
BNY
Mellon
Investment
Adviser,
Inc.
since
February
2023;
Vice
President
of
BNY
Mellon
Investment
Adviser,
Inc.
since
September
2020;
and
Director
–
BNY
Mellon
Fund
Administration.
He
is
an
officer
of
54
investment
companies
(comprised
of
121
portfolios)
managed
by
the
Adviser
or
an
affiliate
of
the
Adviser.
He
is
65
years
old
and
has
been
an
employee
of
BNY
Mellon
Investment
Adviser,
Inc.,
an
affiliate
of
the
Adviser,
since
April
1985.
SARAH
S.
KELLEHER,
Vice
President
and
Secretary
since
February
2020.
Vice
President
of
BNY
Mellon
ETF
Investment
Adviser,
LLC
since
February
2020;
Senior
Managing
Counsel
of
BNY
Mellon
since
September
2021;
and
Managing
Counsel
of
BNY
Mellon
from
December
2017
to
September
2021.
She
is
an
officer
of
54
investment
companies
(comprised
of
121
portfolios)
managed
by
the
Adviser
or
an
affiliate
of
the
Adviser.
She
is
48
years
old
and
has
been
an
employee
of
BNY
Mellon
since
March
2013.
JAMES
BITETTO,
Vice
President
and
Assistant
Secretary
since
February
2020.
Senior
Managing
Counsel
of
BNY
Mellon
since
December
2019;
Managing
Counsel
of
BNY
Mellon
from
April
2014
to
December
2019;
and
Secretary
of
BNY
Mellon
Investment
Adviser,
Inc.
He
is
an
officer
of
54
investment
companies
(comprised
of
121
portfolios)
managed
by
the
Adviser
or
an
affiliate
of
the
Adviser.
He
is
57
years
old
and
has
been
an
employee
of
BNY
Mellon
Investment
Adviser,
Inc.,
an
affiliate
of
the
Adviser,
since
December
1996.
DEIRDRE
CUNNANE,
Vice
President
and
Assistant
Secretary
since
February
2020.
Managing
Counsel
of
BNY
Mellon
since
December
2021;
and
Counsel
of
BNY
Mellon
from
August
2018
to
December
2021.
She
is
an
officer
of
54
investment
companies
(comprised
of
121
portfolios)
managed
by
the
Adviser
or
an
affiliate
of
the
Adviser.
She
is
32
years
old
and
has
been
an
employee
of
BNY
Mellon
Investment
Adviser,
Inc.,
an
affiliate
of
the
Adviser,
since
August
2018.
JEFF
PRUSNOFSKY,
Vice
President
and
Assistant
Secretary
since
February
2020.
Senior
Managing
Counsel
of
BNY
Mellon.
He
is
an
officer
of
54
investment
companies
(comprised
of
121
portfolios)
managed
by
the
Adviser
or
an
affiliate
of
the
Adviser.
He
is
58
years
old
and
has
been
an
employee
of
BNY
Mellon
Investment
Adviser,
Inc.,
an
affiliate
of
the
Adviser,
since
October
1990.
AMANDA
QUINN,
Vice
President
and
Assistant
Secretary
since
February
2020.
Counsel
of
BNY
Mellon
since
June
2019;
and
Regulatory
Administration
Manager
at
BNY
Mellon
Investment
Management
Services
from
September
2018
to
May
2019.
She
is
an
officer
of
54
investment
companies
(comprised
of
121
portfolios)
managed
by
the
Adviser
or
an
affiliate
of
the
Adviser.
She
is
38
years
old
and
has
been
an
employee
of
BNY
Mellon
since
June
2012.
JOANNE
SKERRETT,
Vice
President
and
Assistant
Secretary
since
March
2023.
Managing
Counsel
of
BNY
Mellon
since
June
2022;
and
Senior
Counsel
with
the
Mutual
Fund
Directors
Forum,
a
leading
funds
industry
organization,
from
2016
to
June
2022. 
She
is
an
officer
of
54
investment
companies
(comprised
of
121
portfolios)
managed
by
the
Adviser
or
an
affiliate
of
the
Adviser.
She
is
51
years
old
and
has
been
an
employee
of
BNY
Mellon
Investment
Adviser,
Inc.,
an
affiliate
of
the
Adviser,
since
June
2022.
DANIEL
GOLDSTEIN,
Vice
President
since
March
2022
Head
of
Product
Development
of
North
America
Distribution,
BNY
Mellon
Investment
Management
since
January
2018;
Executive
Vice
President
of
North
America
Product,
BNY
Mellon
Investment
Management
since
April
2023;
and
Senior
Vice
President,
Development
&
Oversight
of
North
America
Product,
BNY
Mellon
Investment
Management
from
2010
to
March
2023.
He
is
an
officer
of
53
investment
companies
(comprised
of
102
portfolios)
managed
by
the
Adviser
or
an
affiliate
of
the
Adviser.
He
is
54
years
old
and
has
been
an
employee
of
the
Distributor
since
1991.
JOSEPH
MARTELLA,
Vice
President
since
March
2022
Vice
President
of
BNY
Mellon
Investment
Adviser,
Inc.
since
December
2022;
Head
of
Product
Management
of
North
America
Distribution,
BNY
Mellon
Investment
Management
since
January
2018;
Executive
Vice
President
of
North
America
Product,
BNY
Mellon
Investment
Management
since
April
2023,
and
Senior
Vice
President
of
North
America
Product,
BNY
Mellon
Investment
Management
from
2010
to
March
2023.
He
is
an
officer
of
53
investment
companies
(comprised
of
102
portfolios)
managed
by
the
Adviser
or
an
affiliate
of
the
Adviser.
He
is
47
years
old
and
has
been
an
employee
of
the
Distributor
since
1999.
GAVIN
C.
REILLY,
Assistant
Treasurer
since
February
2020.
Tax
Manager-BNY
Mellon
Fund
Administration.
He
is
an
officer
of
54
investment
companies
(comprised
of
121
portfolios)
managed
by
the
Adviser
or
an
affiliate
of
the
Adviser.
He
is
55
years
old
and
has
been
an
employee
of
BNY
Mellon
Investment
Adviser,
Inc.,
an
affiliate
of
the
Adviser,
since
April
1991.
ROBERT
SALVIOLO,
Assistant
Treasurer
since
February
2020.
Senior
Accounting
Manager
–
BNY
Mellon
Fund
Administration.
He
is
an
officer
of
54
investment
companies
(comprised
of
121
portfolios)
managed
by
the
Adviser
or
an
affiliate
of
the
Adviser.
He
is
56
years
old
and
has
been
an
employee
of
BNY
Mellon
Investment
Adviser,
Inc.,
an
affiliate
of
the
Adviser,
since
June
1989.
ROBERT
SVAGNA,
Assistant
Treasurer
since
February
2020.
Senior
Accounting
Manager
–
BNY
Mellon
Fund
Administration.
He
is
an
officer
of
54
investment
companies
(comprised
of
121
portfolios)
managed
by
the
Adviser
or
an
affiliate
of
the
Adviser.
He
is
56
years
old
and
has
been
an
employee
of
BNY
Mellon
Investment
Adviser,
Inc.,
an
affiliate
of
the
Adviser,
since
November
1990.
NATALYA
ZELENSKY,
Vice
President
and
Assistant
Secretary
since
February
2020
and
Chief
Compliance
Officer
since
August
2021.
Chief
Compliance
Officer
since
August
2021
and
Vice
President
since
February
2020
of
BNY
Mellon
ETF
Investment
Adviser,
LLC;
Managing
Counsel
of
BNY
Mellon
from
December
2019
to
August
2021;
Counsel
of
BNY
Mellon
from
May
2016
to
December
2019;
and
Assistant
Secretary
of
BNY
Mellon
Investment
Adviser,
Inc.
from
April
2018
to
August
2021.
She
is
an
officer
of
54
investment
companies
(comprised
of
121
portfolios)
managed
by
the
Adviser
or
an
affiliate
of
the
Adviser.
She
is
38
years
old
and
has
been
an
employee
of
BNY
Mellon
since
May
2016.
CARIDAD
M.
CAROSELLA,
Anti-Money
Laundering
Compliance
Officer
since
February
2020.
Anti-Money
Laundering
Compliance
Officer
of
the
BNY
Mellon
Family
of
Funds
and
BNY
Mellon
Funds
Trust.
She
is
an
officer
of
47
investment
companies
(comprised
of
114
portfolios)
managed
by
the
Adviser
or
an
156
OFFICERS
OF
THE
TRUST
(Unaudited)
(continued)
affiliate
of
the
Adviser.
She
is
55
years
old
and
has
been
an
employee
of
the
Distributor
since
1997.
For
More
Information
2023
BNY
Mellon
Securities
Corporation
ETFAR1023
Telephone
Call
your
financial
representative
or
1-833-ETF-BNYM
(383-2696)
(inside
the
U.S.
only)
Mail
BNY
Mellon
ETF
Trust,
240
Greenwich
Street,
New
York,
New
York
10286
E-Mail
Send
your
request
to
[email protected]
Internet
Information
can
be
viewed
online
or
downloaded
at
www.im.bnymellon.com
BNY
Mellon
ETF
Trust
discloses,
at
www.im.bnymellon.com
,
the
identities
and
quantities
of
the
securities
held
by
each
fund
daily.
Each
fund
files
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(
“
SEC
”
)
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
Each
fund
’
s
Forms
N-PORT
are
available
on
the
SEC
’
s
website
at
www.sec.gov
.
Additionally,
each
fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
the
most
recent
fiscal
year
available
at
https://
im.bnymellon.com/etfliterature
.
Each
fund
’
s
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
can
also
be
obtained
without
charge,
upon
request,
by
calling
1-833-383-2696.
A
description
of
the
policies
and
procedures
that
each
fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
information
regarding
how
each
fund
voted
these
proxies
for
the
most
recent
12-month
period
ended
June
30
is
available
at
www.
im.bnymellon.com
and
on
the
SEC’s
website
at
www.sec.gov
.
The
description
of
the
policies
and
procedures
is
also
available
without
charge,
upon
request,
by
calling
1-833-383-2696.
BNY
Mellon
ETF
Trust
Custodian
BNY
Mellon
ETF
Investment
Adviser,
LLC
240
Greenwich
Street
New
York,
NY
10286
The
Bank
of
New
York
Mellon
240
Greenwich
Street
New
York,
NY
10286
Adviser
Transfer
Agent
&
Dividend
Disbursing
Agent
BNY
Mellon
ETF
Investment
Adviser,
LLC
201
Washington
Street
Boston,
MA
02108
The
Bank
of
New
York
Mellon
240
Greenwich
Street
New
York,
NY
10286
Sub-Adviser
Distributor
Mellon
Investments
Corporation
BNY
Mellon
Center
One
Boston
Place
Boston,
MA
02108
BNY
Mellon
Securities
Corporation
240
Greenwich
Street
New
York,
NY
10286
Insight
North
America
LLC
200
Park
Avenue,
7th
Floor
New
York,
NY
10166
Ticker
Symbols:
BNY
Mellon
US
Large
Cap
Core
Equity
ETF
BKLC
BNY
Mellon
US
Mid
Cap
Core
Equity
ETF
BKMC
BNY
Mellon
US
Small
Cap
Core
Equity
ETF
BKSE
BNY
Mellon
International
Equity
ETF
BKIE
BNY
Mellon
Emerging
Markets
Equity
ETF
BKEM
BNY
Mellon
Core
Bond
ETF
BKAG
BNY
Mellon
High
Yield
Beta
ETF
BKHY