BNY
Mellon
ETF
Trust
ANNUAL
REPORT
October
31,
2023
BNY
Mellon
Sustainable
US
Equity
ETF
Contents
The
Fund
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The
views
expressed
herein
are
current
to
the
date
of
this
report.
These
views
and
the
composition
of
the
fund’s
portfolio
is
subject
to
change
at
any
time
based
on
market
and
other
conditions.
Not
FDIC-Insured
Not
Bank-Guaranteed
May
Lose
Value
Discussion
of
Fund
Performance
3
Fund
Performance
7
Understanding
Your
Fund’s
Expenses
8
Statement
of
Investments
9
Statement
of
Assets
and
Liabilities
12
Statement
of
Operations
13
Statement
of
Changes
in
Net
Assets
14
Financial
Highlights
15
Notes
to
Financial
Statements
16
Report
of
Independent
Registered
Public
Accounting
Firm
25
Important
Tax
Information
26
Information
About
the
Approval
of
the
Fund’s
Sub-Sub-Investment
Advisory
Agreement
27
Board
Members
Information
29
Officers
of
the
Trust
31
FOR
MORE
INFORMATION
Back
Cover
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
3
For
the
period
from
November
1,
2022,
through
October
31,
2023,
as
provided
by
Julianne
D.
McHugh
and
Nick
Pope,
Portfolio
Managers
employed
by
the
fund’s
sub-adviser,
Newton
Investment
Management
Limited.
Market
and
Fund
Performance
Overview
For
the
12-month
period
ending
October
31,
2023,
the
BNY
Mellon
Sustainable
US
Equity
ETF
(the
“fund”)
produced
a
net
asset
value
total
return
of
6.55%.
1
In
comparison,
the
fund’s
benchmark,
the
S&P
500
®
Index
(the
“Index”),
produced
a
total
return
of
10.13%
for
the
same
period.
2
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
fund
underperformed
the
Index
largely
due
to
disappointing
stock
selections
and
sector
allocations.
The
Fund’s
Investment
Approach
The
fund
seeks
long-term
capital
appreciation.
To
pursue
its
goal,
the
fund
normally
invests
at
least
80%
of
its
net
assets
(plus
the
amount
of
any
borrowings
for
investment
purposes)
in
equity
securities
of
U.S.
companies
that
demonstrate
attractive
investment
attributes
and
sustainable
business
practices.
The
fund
considers
a
U.S.
company
to
be
a
company
organized
or
with
its
principal
place
of
business
in,
or
that
has
a
majority
of
its
assets
or
business
in,
or
whose
securities
are
primarily
listed
or
traded
on
exchanges
in,
the
United
States.
The
fund’s
sub-adviser,
Newton
Investment
Management
Limited
(“NIM”),
an
affiliate
of
BNY
Mellon
ETF
Investment
Adviser,
LLC,
considers
a
company
to
be
engaged
in
“sustainable
business
practices”
if
the
company
engages
in
business
practices
that
are,
in
NIM's
view,
sustainable
in
an
economic
sense
(i.e.,
the
company’s
strategy,
operations
and
finances
are
stable
and
durable),
and
takes
appropriate
measures
to
manage
any
material
consequences
or
impact
of
its
policies
and
operations
in
relation
to
environmental,
social
and
governance
(ESG)
matters
(e.g.,
the
company’s
environmental
footprint,
labor
standards,
board
structure,
etc.).
Companies
engaged
in
sustainable
business
practices
also
may
include
companies
that
have
committed
explicitly
to
improving
their
environmental
and/or
social
impacts
that
will
lead
to
a
transformation
of
their
business
models.
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
rates
under
control
without
triggering
a
serious
recession.
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
(continued)
4
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.
Stock
Selections
and
Allocation
Detract
The
fund’s
performance
relative
to
the
Index
suffered
due
to
stock
selection
in
the
materials
and
information
technology
sectors
and,
to
a
lesser
extent,
communication
services
and
consumer
staples.
From
a
sector
perspective,
underweight
exposure
to
communication
services
and
overweight
exposure
to
utilities
detracted
as
well.
Among
notable
individual
detractors,
shares
in
Albemarle
Corp.,
the
world’s
largest
producer
of
lithium
for
electric
vehicle
(“EV”)
batteries,
declined
amid
slumping
lithium
prices.
Lack
of
exposure
to
surging
social
media
company
Meta
Platforms
detracted
as
well,
as
did
the
fund’s
position
in
food
ingredient
company
Darling
Ingredients,
Inc.
due
to
higher
energy
costs
in
Europe
and
operational
challenges.
Among
financials,
holdings
in
First
Republic
Bank
came
under
pressure
as
a
crisis
of
confidence
swept
the
regional
banking
sector
after
the
collapse
of
Silicon
Valley
Bank
and
closure
of
Signature
Bank
in
March
2023.
We
moved
swiftly
to
sell
the
fund’s
position
given
a
lack
of
clarity
as
to
whether
the
bank
would
remain
liquid.
Renewable
energy-related
holdings,
including
utility
NextEra
Energy,
Inc.
and
solar
battery
system
supplier
Enphase
Energy
,
proved
vulnerable
to
rising
interest
rates
and
inflation.
On
the
positive
side,
strong
stock
selection
bolstered
relative
returns
in
health
care
and
consumer
discretionary.
Lack
of
exposure
to
energy
and
real
estate
also
contributed
positively
against
a
backdrop
of
weak
economic
growth
in
China
and
rising
interest
rates.
Overweight
exposure
to
the
information
technology
sector
also
enhanced
the
fund’s
relative
performance,
although
disappointing
stock
selection
in
the
sector
more
than
offset
the
positive
impact.
At
the
stock
level,
leading
health
care
performers
included
pharmaceutical
companies
Eli
Lilly
&
Co.
and
Novo
Nordisk
.
Gains
in
Eli
Lilly
&
Co.
were
fueled
by
positive
news
regarding
the
company’s
treatments
for
obesity
and
Alzheimer’s,
and
strong
sales
of
diabetes
drug
Mounjaro.
Novo
Nordisk
also
saw
strong
sales
for
its
obesity
and
diabetes
drug,
Ozempic,
along
with
encouraging
news
from
a
study
that
found
significant
cardiovascular
benefits
for
patients
taking
the
medication.
Other
top
performers
included
technology
companies
benefiting
from
AI-driven
momentum,
including
enterprise
software
developer
Microsoft
Corp.,
which
made
progress
infusing
AI
across
its
platform
and
reported
strong
revenue
and
earnings.
Lack
of
exposure
to
EV
car
maker
Tesla
proved
beneficial
due
to
a
challenging
near-
term
demand
outlook.
5
Maintaining
Conviction
Despite
Macroeconomic
Challenges
If
prevailing
expectations
of
interest
rates
remaining
higher
for
longer
than
previously
expected
are
borne
out,
we
expect
the
associated
higher
cost
of
capital
to
negatively
affect
valuations
across
asset
classes.
However,
structural
demand
trends
remain
in
place
as
several
global
transitions
continue,
supported
in
some
cases
by
government
stimulus
and
support.
Against
this
backdrop,
we
continue
to
seek
out
businesses
with
attractive
sustainability
credentials,
durable
returns
and
quality
characteristics
leveraged
to
emerging
needs
and
demands.
As
of
October
31,
2023,
the
fund
holds
its
largest
overweight
position
relative
to
the
Index
in
information
technology.
We
see
strong
potential
given
the
sector’s
exposure
to
rapid
developments
in
AI
and
the
potential
for
our
“internet
of
things”
and
“smart
everything”
investment
themes.
The
fund
also
emphasizes
the
health
care
sector,
targeting
companies
offering
best-in-class
and
innovative
products,
services
and
solutions
to
serve
the
needs
and
tastes
of
an
aging
global
population.
Conversely,
the
fund
holds
relatively
underweight
exposure
to
the
consumer
discretionary
sector,
reflecting
our
caution
regarding
the
health
of
a
consumer
strained
by
higher
interest
rates.
The
fund
also
holds
zero
exposure
to
energy,
given
the
lack
of
business
characteristics
in
the
sector
consistent
with
the
portfolio’s
sustainable
mandate.
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
Source:
Lipper
Inc.
The
S&P
500
®
Index
is
widely
regarded
as
the
best
single
gauge
of
large-cap
U.S.
equities.
The
Index
includes
500
leading
companies
and
captures
approximately
80%
coverage
of
available
market
capitalization.
Investors
cannot
invest
directly
in
any
index.
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.
“Standard
&
Poor’s
®
,”
“S&P
®
,”
“Standard
&
Poor’s
®
500,”
and
“S&P
500
®
are
registered
trademarks
of
Standard
&
Poor’s
Financial
Services
LLC
and
have
been
licensed
for
use
on
behalf
of
the
fund.
The
fund
is
not
sponsored,
managed,
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
(continued)
6
advised,
sold
or
promoted
by
Standard
&
Poor’s
and
its
affiliates,
and
Standard
&
Poor’s
and
its
affiliates
make
no
representation
regarding
the
advisability
of
investing
in
the
fund.
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.
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
is
non-diversified,
which
means
that
the
fund
may
invest
a
relatively
high
percentage
of
its
assets
in
a
limited
number
of
issuers.
Therefore,
the
fund’s
performance
may
be
more
vulnerable
to
changes
in
the
market
value
of
a
single
issuer
or
group
of
issuers
and
more
susceptible
to
risks
associated
with
a
single
economic,
political
or
regulatory
occurrence
than
a
diversified
fund.
Environmental,
social
and
governance
(ESG)
managers
may
take
into
consideration
factors
beyond
traditional
financial
information
to
select
securities,
which
could
result
in
relative
investment
performance
deviating
from
other
strategies
or
broad
market
benchmarks,
depending
on
whether
such
sectors
or
investments
are
in
or
out
of
favor
in
the
market.
Further,
ESG
strategies
may
rely
on
certain
values-based
criteria
to
eliminate
exposures
found
in
similar
strategies
or
broad
market
benchmarks,
which
could
also
result
in
relative
investment
performance
deviating.
FUND
PERFORMANCE
(Unaudited)
7
Comparison
of
change
in
value
of
a
$10,000
investment
in
BNY
Mellon
Sustainable
US
Equity
ETF
with
a
hypothetical
investment
of
$10,000
in
the
S&P
500
®
Index
(the
“Index”).
Source:
Lipper
Inc.
††
The
inception
date
is
the
first
date
the
fund
was
available
on
NYSE
Arca,
Inc.
Past
performance
is
not
predictive
of
future
performance.
The
above
graph
compares
a
hypothetical
$10,000
investment
made
in
BNY
Mellon
Sustainable
US
Equity
ETF
on
12/14/21
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
(Europe,
Australasia,
Far
East)
is
a
free
float-adjusted,
market
capitalization-weighted
index
that
is
designed
to
measure
the
equity
market
performance
of
developed
markets,
excluding
the
U.S.
and
Canada.
It
reflects
reinvestment
of
net
dividends
and,
where
applicable,
capital
gain
distributions.
Investors
cannot
invest
directly
in
any
index.
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
From
Inception
BNY
Mellon
Sustainable
US
Equity
ETF
Net
Asset
Value
Return
12/14/21
6.55%
(14.68)%
Market
Price
Return
12/14/21
6.56%
(14.68)%
S&P
500
®
Index
12/14/21
10.13%
(5.30)%
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
8
As
a
shareholder
of
the
fund,
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
fund’s
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
the
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
the
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
the
fund’s
actual
expense
ratio
and
assuming
a
hypothetical
5%
annualized
return,
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
fund
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
expenses
(but
not
transaction
expenses
or
total
cost)
of
investing
in
the
fund
with
those
of
other
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
For
the
six
months
ended
October
31,
2023
(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).
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)
1,000.00
1,000.00
1,006.10
1,022.68
2.53
2.55
0.50
STATEMENT
OF
INVESTMENTS
October
31,
2023
9
Description
Shares
Value
($)
Common
Stocks
97.7%
Banks
3.1%
JPMorgan
Chase
&
Co.
1,860
258,652
Capital
Goods
4.1%
Ingersoll
Rand,
Inc.
2,940
178,399
Trane
Technologies
PLC
866
164,809
343,208
Commercial
&
Professional
Services
2.5%
Veralto
Corp.
(a)
866
59,754
Waste
Management,
Inc.
934
153,484
213,238
Consumer
Discretionary
Distribution
&
Retail
4.7%
Amazon.com,
Inc.
(a)
2,967
394,878
Consumer
Durables
&
Apparel
2.1%
Lululemon
Athletica,
Inc.
(a)
455
179,033
Consumer
Staples
Distribution
&
Retail
3.1%
Costco
Wholesale
Corp.
473
261,304
Financial
Services
4.7%
Goldman
Sachs
Group,
Inc.
(The)
479
145,429
Mastercard,
Inc.,
Class
A
674
253,660
399,089
Food,
Beverage
&
Tobacco
4.0%
Darling
Ingredients,
Inc.
(a)
2,260
100,095
PepsiCo,
Inc.
1,438
234,797
334,892
Health
Care
Equipment
&
Services
6.1%
Boston
Scientific
Corp.
(a)
4,776
244,484
DexCom,
Inc.
(a)
1,080
95,936
UnitedHealth
Group,
Inc.
335
179,413
519,833
Insurance
5.0%
Progressive
Corp.
(The)
1,493
236,028
RenaissanceRe
Holdings
Ltd.
852
187,091
423,119
Materials
3.6%
Albemarle
Corp.
700
88,746
CF
Industries
Holdings,
Inc.
1,393
111,133
Ecolab,
Inc.
643
107,857
307,736
Media
&
Entertainment
5.1%
Alphabet,
Inc.,
Class
A
(a)
3,458
429,069
STATEMENT
OF
INVESTMENTS
(continued)
10
Description
Shares
Value
($)
Common
Stocks
97.7%
(continued)
Pharmaceuticals,
Biotechnology
&
Life
Sciences
10.0%
AbbVie,
Inc.
1,518
214,311
BioMarin
Pharmaceutical,
Inc.
(a)
1,011
82,346
Danaher
Corp.
921
176,850
Eli
Lilly
&
Co.
450
249,269
Zoetis,
Inc.
806
126,542
849,318
Semiconductors
&
Semiconductor
Equipment
6.6%
Applied
Materials,
Inc.
1,066
141,085
NVIDIA
Corp.
787
320,939
Texas
Instruments,
Inc.
671
95,289
557,313
Software
&
Services
19.0%
Accenture
PLC,
Class
A
760
225,789
Akamai
Technologies,
Inc.
(a)
1,325
136,912
ANSYS,
Inc.
(a)
409
113,808
Intuit,
Inc.
449
222,233
Microsoft
Corp.
2,138
722,879
Roper
Technologies,
Inc.
386
188,588
1,610,209
Technology
Hardware
&
Equipment
9.0%
Apple,
Inc.
3,667
626,213
TE
Connectivity
Ltd.
1,175
138,474
764,687
Transportation
1.6%
Norfolk
Southern
Corp.
718
136,987
Utilities
3.4%
CMS
Energy
Corp.
2,548
138,458
NextEra
Energy,
Inc.
2,520
146,916
285,374
Total
Common
Stocks
(cost
$8,733,148)
8,267,939
Investment
Companies
2.2%
Registered
Investment
Companies
2.2%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.32%
(b)(c)
(cost
$183,887)
183,887
183,887
Total
Investments
(cost
$8,917,035)
99.9%
8,451,826
Cash
and
Receivables
(Net)
0.1%
5,972
Net
Assets
100.0%
8,457,798
(a)
Non-income
producing
security.
(b)
Investment
in
affiliated
issuer.
The
investment
objective
of
this
investment
company
is
publicly
available
and
can
be
found
within
the
investment
company’s
prospectus.
(c)
The
rate
shown
is
the
1-day
yield
as
of
October
31,
2023.
11
See
Notes
to
Financial
Statements
Portfolio
Summary
(Unaudited)
Value
(%)
Information
Technology
34.6
Health
Care
16.1
Financials
12.8
Industrials
8.2
Consumer
Staples
7.1
Consumer
Discretionary
6.8
Communication
Services
5.1
Materials
3.6
Utilities
3.4
Registered
Investment
Companies
2.2
99.9
Based
on
net
assets.
Holdings
and
transactions
in
these
affiliated
companies
during
the
period
ended
October
31,
2023
are
as
follows:
Description
Value
($)
10/31/22
Purchases
($)
1
Sales
($)
Value
($)
10/31/23
Dividends/
Distributions
($)
Investment
Companies
2.2%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares
212,002
918,856
(946,971)
183,887
11,255
Total
2.2%
212,002
918,856
(946,971)
183,887
11,255
1
Includes
reinvested
dividends/distributions.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2023
12
See
Notes
to
Financial
Statements
Cost
Value
Assets
($):
Investments
in
securities—See
Statement
of
Investments:
Unaffiliated
issuers
8,733,148
8,267,939‌
Affiliated
issuers
183,887
183,887‌
Receivable
for
investment
securities
sold
41,683‌
Dividends
receivable
5,419‌
Tax
reclaim
receivable—Note
2(b)
245‌
8,499,173‌
Liabilities
($):
Due
to
BNY
Mellon
ETF
Investment
Adviser,
LLC—
Note
3(b)
3,638‌
Payable
for
investment
securities
purchased
37,737‌
41,375‌
Net
Assets
($)
8,457,798‌
Composition
of
Net
Assets
($):
Paid-in
capital
10,000,050‌
Total
distributable
earnings
(loss)
(1,542,252‌)
Net
Assets
($)
8,457,798‌
Shares
outstanding
no
par
value
(unlimited
shares
authorized):
200,001‌
Net
asset
value
per
share
42.29‌
Market
price
per
share
42.29‌
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2023
13
See
Notes
to
Financial
Statements
Investment
Income
($):
Income:
Cash
dividends:
Unaffiliated
issuers
101,416‌
Affiliated
issuers
11,255‌
Total
Income
112,671‌
Expenses:
Management
fee—Note
3(a)
50,739‌
Total
Expenses
50,739‌
Less—reduction
in
fees
due
pursuant
to
undertaking—Note
3(a)
(5,797‌)
Net
Expenses
44,942‌
Net
Investment
Income
67,729‌
Realized
and
Unrealized
Gain
(Loss)
on
Investments—Note
4
($):
Net
realized
gain
(loss)
on
investments
(804,192‌)
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
1,254,221‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
450,029‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
517,758‌
STATEMENT
OF
CHANGES
IN
NET
ASSETS
14
See
Notes
to
Financial
Statements
Year
Ended
October
31,
2023
For
the
Period
from
December
15,
2021
(a)
to
October
31,
2022
Operations
($):
Net
investment
income
67,729‌
55,436‌
Net
realized
gain
(loss)
on
investments
(804,192‌)
(328,618‌)
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
1,254,221‌
(1,719,430‌)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
517,758‌
(1,992,612‌)
Distributions
($):
Distributions
to
shareholders
(67,044‌)
(354‌)
Beneficial
Interest
Transactions
($):
Proceeds
from
shares
sold
—‌
10,000,050‌
Increase
(Decrease)
in
Net
Assets
from
Beneficial
Interest
Transactions
—‌
10,000,050‌
Total
Increase
(Decrease)
in
Net
Assets
450,714‌
8,007,084‌
Net
Assets
($):
Beginning
of
Period
8,007,084‌
—‌
End
of
Period
8,457,798‌
8,007,084‌
Changes
in
Shares
Outstanding:
Shares
sold
—‌
200,001‌
Net
Increase
(Decrease)
in
Shares
Outstanding
—‌
200,001‌
(a)
Commencement
of
operations.
FINANCIAL
HIGHLIGHTS
15
The
following
table
describes
the
performance
for
the
fiscal
periods
indicated
and
these
figures
have
been
derived
from
the
fund’s
financial
statements.
See
Notes
to
Financial
Statements
Year
Ended
October
31,
2023
For
the
Period
from
December
15,
2021
(a)
to
October
31,
2022
Per
Share
Data
($):
Net
asset
value,
beginning
of
period
40.04‌
50.00‌
Investment
Operations:
Net
investment
income
(b)
0.34‌
0.28‌
Net
realized
and
unrealized
gain
(loss)
on
investments
2.25‌
(10.24‌)
Total
from
Investment
Operations
2.59‌
(9.96‌)
Distributions:
Dividends
from
net
investment
income
(0.34‌)
(0.00‌)
(c)
Net
asset
value,
end
of
period
42.29‌
40.04‌
Market
price,
end
of
period
42.29‌
40.03‌
Net
Asset
Value
Total
Return
(%)
(d)
6.55‌
(19.93‌)
(e)
Market
Price
Total
Return
(%)
(d)
6.56‌
(19.94‌)
(e)
Ratios/Supplemental
Data
(%):
Ratio
of
total
expenses
to
average
net
assets
0.60‌
0.60‌
(f)
Ratio
of
net
expenses
to
average
net
assets
0.53‌
0.60‌
(f)
Ratio
of
net
investment
income
to
average
net
assets
0.80‌
0.72‌
(f)
Portfolio
Turnover
Rate
(g)
36.66‌
28.58‌
Net
Assets,
end
of
period
($
x
1,000)
8,458‌
8,007‌
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Amount
represents
less
than
$(0.01)
per
share.
(d)
Net
asset
value
total
return
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period,
and
redemption
at
net
asset
value
on
the
last
day
of
the
period.
Net
asset
value
total
return
includes
adjustments
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
and
as
such,
the
net
asset
value
for
financial
reporting
purposes
and
the
returns
based
upon
those
net
asset
values
may
differ
from
the
net
asset
value
and
returns
for
shareholder
transactions.
Market
price
total
return
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period,
and
sale
at
the
market
price
on
the
last
day
of
the
period.
Total
investment
returns
calculated
for
a
period
of
less
than
one
year
are
not
annualized.
(e)
The
net
asset
value
total
return
and
the
market
price
total
return
is
calculated
from
fund
inception.
The
inception
date
is
the
first
date
the
fund
was
available
on
NYSE
Arca,
Inc.
(f)
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.
NOTES
TO
FINANCIAL
STATEMENTS
16
NOTE
1—Organization:
BNY
Mellon
Sustainable
US
Equity
ETF (the “fund”) is a
separate
non-diversified series
of
BNY
Mellon
ETF
Trust
(the
“Trust”),
which is
registered as
a
Massachusetts
business
trust
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Act”),
as
an
open-ended
management
investment
company.
The
Trust
operates
as
a
series
company
currently
consisting
of
sixteen
series,
including
the
fund.
The
investment
objective
of
the
fund
is
to
seek
long-term
capital
appreciation.
BNY
Mellon
ETF
Investment
Adviser,
LLC
(the
“Adviser”),
a
wholly-owned
subsidiary
of
The
Bank
of
New
York
Mellon
Corporation
(“BNY
Mellon”),
serves
as
the
fund’s
investment
adviser. Newton
Investment
Management
Limited (the
“Sub-Adviser”
or
“NIM”),
an
indirect wholly-owned
subsidiary
of
BNY
Mellon
and
an
affiliate
of
the
Adviser,
serves
as
the
fund’s
sub-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.
BNY
Mellon
Securities
Corporation
(the
“Distributor”),
a wholly-owned
subsidiary
of
the
Adviser,
is
the
distributor
of
the
fund’s
shares.
Effective
May
31,
2023,
the
Sub-Adviser
entered
into
a
sub-sub-investment
advisory
agreement
with
its
affiliate,
Newton
Investment
Management
North
America,
LLC
(“NIMNA”),
to
enable
NIMNA
to
provide
certain
advisory
services
to
the
Sub-
Adviser
for
the
benefit
of
the
fund,
including,
but
not
limited
to,
portfolio
management
services.
NIMNA
is
subject
to
the
supervision
of
the
<