SEMI-ANNUAL
REPORT
April
30,
2023
BNY
Mellon
Sustainable
Global
Emerging
Markets
ETF
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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
Understanding
Your
Fund’s
Expenses
7
Statement
of
Investments
8
Statement
of
Assets
and
Liabilities
11
Statement
of
Operations
12
Statement
of
Changes
in
Net
Assets
13
Financial
Highlights
14
Notes
to
Financial
Statements
15
Information
About
the
Renewal
of
the
Fund’s
Management
and
Sub-Investment
Advisory
Agreements
25
FOR
MORE
INFORMATION
Back
Cover
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
For
the
period
from
November
1,
2022,
through
April
30,
2023,
as
provided
by
Paul
Birchenough,
Ian
Smith
and
Alex
Khosla,
Portfolio
Managers
employed
by
the
fund’s
sub-adviser,
Newton
Investment
Management
Limited.
Market
and
Fund
Performance
Overview
For
the
six-month
period
ended
April
30,
2023,
the
BNY
Mellon
Sustainable
Global
Emerging
Markets
ETF
(the
“fund”)
produced
a
total
return
of
8.55%
at
net
asset
value.
1
In
comparison,
the
fund’s
benchmark,
the
MSCI
Emerging
Markets
Index
(the
“Index”),
produced
a
total
return
of
16.36%
for
the
same
period.
2
Emerging-markets
equities
gained
ground
during
the
reporting
period
as
global
economic
growth
continued
in
the
face
of
high
inflation
and
rising
interest
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rescinded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
fund
underperformed
the
Index
largely
due
to
disappointing
individual
stock
selections.
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
emerging-markets
companies
that
demonstrate
attractive
investment
attributes
and
sustainable
business
practices.
The
fund
considers
an
emerging-markets
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,
an
emerging-markets
country.
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
(i)
engages
in
such
practices
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.)
and
(ii)
supports
sustainable
development
through
its
business
activities
or
operations
at
the
time
of
investment
(or
is
expected
to
do
so
over
the
long
term)
by
contributing
to
one
or
more
of
the
UN’s
Sustainable
Development
Goals
(SDGs),
as
described
in
the
fund’s
prospectus.
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.
Emerging
Market
Equities
Rebound
on
Positive
Macroeconomic
Trends
The
outlook
for
inflation
and
the
trajectory
of
monetary
policy
continued
to
dominate
the
narrative
within
financial
markets.
Despite
hawkish
rhetoric
and
actions
from
central
banks,
early
October
2022
saw
evidence
of
decelerating
price
growth
in
the
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
(continued)
U.S.
ISM
(Institute
for
Supply
Management)
Manufacturing
Report,
raising
hopes
that
inflation
had
peaked
and
ensuring
risk
assets
got
off
to
a
flying
start.
Further
positive
momentum
was
injected
the
following
month
when
U.S.
consumer
price
inflation
came
in
lower
than
expected.
Markets
were
also
encouraged
by
China’s
easing
of
its
strict
COVID-19
restrictions.
The
positive
sentiment
continued
into
2023.
However,
as
the
first
quarter
progressed,
several
issues
took
a
toll
on
sentiment.
January’s
U.S.
inflation
numbers
came
in
higher
than
expected,
while
headline
employment
data
also
proved
robust,
prompting
the
U.S.
Federal
Reserve
(the
“Fed”)
to
maintain
its
hawkish
rhetoric.
Another
major
challenge
arose
in
early
March,
as
signs
of
stress
emerged
within
the
U.S.
banking
sector,
soon
followed
by
the
enforced
takeover
of
Credit
Suisse
by
UBS
under
the
auspices
of
the
Swiss
authorities.
On
a
more
optimistic
note,
late
in
the
period,
China
revealed
that
its
gross
domestic
product
grew
4.5%
year
on
year
for
the
first
quarter,
well
above
analysts’
forecasts,
driven
by
a
strong
growth
in
exports
and
infrastructure
investment,
as
well
as
a
rebound
in
retail
consumption
and
property
prices.
However,
sentiment
turned
more
negative
again
on
doubts
regarding
the
extent
of
China’s
recovery
and
worsening
in
U.S.-China
relations,
including
the
threat
of
U.S.
restrictions
on
investments
in
China
in
areas
such
as
artificial
intelligence
(AI),
quantum
computing
and
semiconductors.
Stock
Selections
Detract
from
Relative
Performance
Several
individual
stock
selections
detracted
from
the
fund’s
performance
relative
to
the
Index.
The
fund’s
mandate
encourages
investments
in
companies
that
promote
energy
solutions
and
efficiency.
Notable
examples
included
LONGi
Green
Energy
Technology
Co.
Ltd.,
Wuhan
DR
Laser
Technology
Corp.
Ltd.,
StarPower
Semiconductor
Ltd.,
Wuxi
Lead
Intelligent
Equipment
Co.
Ltd.
and
Shenzhen
Inovance
Technology
Co.
Ltd.,
all
based
in
China
and
all
of
which
underperformed.
LONGi
Green
Energy
Technology
Co.
Ltd.
saw
intensifying
competition
from
other
players
in
the
expanding
solar
photovoltaic
wafer
industry,
while
further
weakness
in
the
information
technology
sector
came
from
Wuhan
DR
Laser
Technology
Corp.
Ltd.
and
StarPower
Semiconductor
Ltd.
Among
industrials,
battery
maker
Wuxi
Lead
Intelligent
Equipment
Co.
Ltd.
faced
concerns
regarding
the
resilience
of
orders
in
a
recessionary
environment
and
demand
challenges
for
electric
vehicles,
while
first
quarter
2023
profits
for
Shenzhen
Inovance
Technology
Co.
Ltd.
fell
short
of
market
expectations.
Elsewhere,
shares
in
U.S.-based
lithium
miner
Livent
Corp.
lost
ground
due
to
concerns
over
potential
overcapacity
and
short-term
headwinds
for
electric
vehicle
sales.
Further
weakness
came
from
India-based
diagnostic
and
health
care
testing
services
provider
Dr.
Lal
PathLabs
Ltd.,
which
reported
a
decline
in
quarterly
profits
and
margin
compression.
However,
the
most
significant
individual
detractor
from
relative
performance
was
the
fund’s
lack
of
exposure
to
Chinese
internet
giant
Tencent,
as
the
company
rode
the
China
optimism
wave
and
was
further
lifted
by
regulators
granting
licenses
for
several
new
video
games.
On
the
positive
side,
the
top
contributions
to
relative
performance
came
from
the
financials
sector,
led
by
the
holdings
in
China/Hong
Kong
insurers
AIA
Group
Ltd.
and
Ping
An
Insurance
Group
Co.
of
China
Ltd.
An,
both
of
which
outperformed
on
optimism
that
China’s
reopening
would
boost
economic
growth.
Shares
in
India-based
online
insurance
marketplace
PB
Fintech
Ltd.
also
performed
well
after
the
company
issued
positive
results,
with
the
path
to
profitability
much
clearer.
Underweight
exposure
to
banks
further
bolstered
relative
returns.
In
the
consumer
staples
sector,
France-based
L’Oreal
SA
benefited
from
China’s
reopening,
as
well
as
solid
financial
results.
Holdings
in
China-based
By-Health
Co.
Ltd.
rose
on
quarterly
revenue
figures
significantly
above
market
expectations,
driven
by
very
strong
demand
for
nutrition
supplements.
In
information
technology,
shares
in
Germany-based
semiconductor
manufacturer
Infineon
Technologies
AG
were
supported
by
the
company’s
robust
first
quarter
2023
results
showing
margin
expansion,
along
with
favorable,
forward-looking
guidance
from
management.
Netherlands-based
semiconductor
equipment
firm
ASML
Holding
NV
reported
record
order
backlog
and
earnings
that
exceeded
market
estimates,
while
management
forecast
strong
sales
growth
in
2023
despite
increasingly
tough
U.S.-led
restrictions
on
exports
to
China.
On
a
regional
basis,
the
fund
also
benefited
from
zero
weightings
in
Saudi
Arabia,
the
United
Arab
Emirates
and
Qatar,
amid
weak
oil
and
gas
prices.
Maintaining
the
Fund’s
Long-Term
Focus
Over
the
short
term,
we
believe
asset
prices
are
likely
to
continue
to
be
influenced
by
the
inflationary
forces
we
see
in
the
United
States,
along
with
the
Fed’s
response.
Other
variables
may
include
the
conflict
in
Ukraine,
commodity
prices,
the
strength
of
the
U.S.
dollar,
the
evolution
of
the
Chinese
recovery
and
global
macro-financial
conditions.
Emerging-markets
equities
currently
trade
at
an
unusually
high
discount
to
developed
markets,
providing
a
conducive
investment
backdrop
if
these
shorter-term
variables
prove
favorable
for
emerging
markets.
We
see
several
longer-term
opportunities
in
emerging
markets
based
on
relatively
higher
levels
of
income
growth,
rapid
increases
in
product
penetration
and
scope
for
industry
consolidation.
In
our
view,
unique
opportunities
exist
for
emerging-markets
companies
that
are
well
exposed
to
reliable
secular-growth
trends
and
that
can
exploit
these
opportunities
more
effectively
than
their
peers
through
differentiated
customer
offering
and
execution.
Accordingly,
we
believe
that
emerging-markets
investors
who
can
identify
the
right
growth
themes
and
companies
should
be
rewarded
over
the
long
term.
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
(continued)
As
of
April
30,
2023,
on
a
country
basis,
the
fund
holds
its
most
overweight
position
in
India,
where
we
find
many
of
the
best,
bottom-up
investment
opportunities
in
emerging
markets
for
the
next
five
years
and
beyond.
The
fund
also
holds
significant
exposure
to
businesses
in
China/Hong
Kong
that
are
positioned
to
benefit
as
China
upgrades
its
economy
to
become
self-sufficient
or
even
assume
leadership
in
certain
strategic
and
value-add
industries.
On
a
sector
basis,
the
fund
holds
its
most
overweight
positions
in
the
consumer
staples
and
industrial
sectors,
where
we
find
attractive
long-
term
growth
opportunities
and
high
returns
on
capital.
May
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.
—
Reflects
reinvestment
of
net
dividends
and,
where
applicable,
capital
gain
distributions.
The
MSCI
Emerging
Markets
Index
is
a
free,
float-adjusted,
market
capitalization-weighted
Index
that
is
designed
to
measure
equity
market
performance
of
emerging
markets.
Investors
cannot
invest
directly
in
any
Index.
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.
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.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
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
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
April
30,
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
April
30,
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
181/365.
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
1,085.50
1,021.08
3.88
3.76
0.75
STATEMENT
OF
INVESTMENTS
April
30,
2023
(Unaudited)
Description
Shares
Value
($)
Common
Stocks
–
97.2%
Brazil
–
7.4%
Afya
Ltd.,
Class
A
(a)
7,552
86,923
Fleury
SA
37,269
107,448
Raia
Drogasil
SA
44,644
235,223
WEG
SA
37,515
308,150
737,744
China
–
25.5%
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
23,135
98,374
By-H
ealth
Co.
Ltd.,
Class
A
87,000
299,870
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
6,480
215,916
Flat
Glass
Group
Co.
Ltd.,
Class
H
13,750
38,449
Guangzhou
Kingmed
Diagnostics
Group
Co.
Ltd.,
Class
A
13,497
159,357
Jiangsu
Hengrui
Medicine
Co.
Ltd.,
Class
A
30,400
213,470
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
26,980
135,792
Medlive
Technology
Co.
Ltd.
(b)
26,625
29,374
NARI
Technology
Co.
Ltd.,
Class
A
62,040
233,897
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(b)
20,790
89,653
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
19,875
143,562
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
36,600
326,474
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
3,200
144,060
StarPower
Semiconductor
Ltd.,
Class
A
1,600
55,894
Sungrow
Power
Supply
Co.
Ltd.,
Class
A
7,700
125,299
Wuhan
DR
Laser
Technology
Corp.
Ltd.,
Class
A
6,700
94,482
Wuxi
Lead
Intelligent
Equipment
Co.
Ltd.,
Class
A
26,100
144,096
2,548,019
Denmark
–
1.8%
Novozymes
A/S,
Class
B
3,514
182,544
France
–
2.6%
L'Oreal
SA
536
255,591
Germany
–
2.5%
Infineon
Technologies
AG
6,973
252,828
Hong
Kong
–
5.4%
AIA
Group
Ltd.
40,050
433,426
Vitasoy
International
Holdings
Ltd.
58,320
102,975
536,401
India
–
29.0%
Apollo
Hospitals
Enterprise
Ltd.
2,006
110,642
Bandhan
Bank
Ltd.
(a)(b)
61,573
172,524
Dr.
Lal
PathLabs
Ltd.
(b)
6,841
163,384
Godrej
Consumer
Products
Ltd.
(a)
21,365
236,921
Havells
India
Ltd.
8,035
120,786
HDFC
Bank
Ltd.
16,836
347,186
HDFC
Life
Insurance
Co.
Ltd.
(b)
19,705
127,556
Description
Shares
Value
($)
Common
Stocks
–
97.2%
(continued)
India
–
29.0%
(continued)
Hindustan
Unilever
Ltd.
8,861
266,070
Housing
Development
Finance
Corp.
Ltd.
7,249
245,861
Info
Edge
India
Ltd.
3,935
181,574
Marico
Ltd.
47,323
287,051
PB
Fintech
Ltd.
(a)
14,908
109,319
Sona
BLW
Precision
Forgings
Ltd.
(b)
22,722
133,273
Syngene
International
Ltd.
(b)
12,704
105,095
Tata
Consultancy
Services
Ltd.
7,354
289,289
2,896,531
Indonesia
–
3.5%
Bank
Rakyat
Indonesia
(
Persero
)
Tbk
PT
1,000,634
347,869
Mexico
–
1.5%
Bolsa
Mexicana
de
Valores
SAB
de
CV
67,481
148,703
Netherlands
–
2.6%
ASML
Holding
NV
406
256,568
Philippines
–
0.0%
ACEN
Corp.
(a)
38,130
4,138
Russia
–
0.0%
HeadHunter
Group
PLC,
ADR
(a),(c)
2,862
0
South
Africa
–
4.3%
Capitec
Bank
Holdings
Ltd.
1,471
128,091
Clicks
Group
Ltd.
10,965
160,251
Discovery
Ltd.
(a)
17,958
141,141
429,483
South
Korea
–
1.9%
Samsung
SDI
Co.
Ltd.
368
189,994
Taiwan
–
7.7%
Chroma
Ate,
Inc.
12,000
74,164
Delta
Electronics,
Inc.
16,000
156,136
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
32,750
534,781
765,081
United
States
–
1.5%
Livent
Corp.
(a)
6,690
146,176
Total
Investments
(cost
$10,838,495)
97.2%
9,697,670
Cash
and
Receivables
(Net)
2.8%
275,660
Net
Assets
100.0%
9,973,330
ADR—American
Depositary
Receipt
STATEMENT
OF
INVESTMENTS
(continued)
See
Notes
to
Financial
Statements
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
April
30,
2023,
these
securities
were
valued
at
$820,859
or
8.23%
of
net
assets.
(c)
The
fund
held
Level
3
securities
at
April
30,
2023.
These
securities
were
valued
at
$0
or
0.00%
of
net
assets.
Portfolio
Summary
(Unaudited)
†
Value
(%)
Financials
23.6
Information
Technology
20.9
Consumer
Staples
18.5
Industrials
14.8
Health
Care
12.1
Materials
3.3
Consumer
Discretionary
2.2
Communication
Services
1.8
Utilities
0.0
97.2
†
Based
on
net
assets.
STATEMENT
OF
ASSETS
AND
LIABILITIES
April
30,
2023
(Unaudited)
See
Notes
to
Financial
Statements
Cost
Value
Assets
($):
Investments
in
securities—See
Statement
of
Investments:
–
Unaffiliated
issuers
10,838,495
9,697,670
Cash
216,605
Cash
denominated
in
foreign
currency
60,297
61,180
Dividends
receivable
2,698
Tax
reclaim
receivable—Note
2(b)
1,273
9,979,426
Liabilities
($):
Due
to
BNY
Mellon
ETF
Investment
Adviser,
LLC—
Note
3(b)
6,096
6,096
Net
Assets
($)
9,973,330
Composition
of
Net
Assets
($):
Paid-in
capital
11,935,578
Total
distributable
earnings
(loss)
(1,962,248)
Net
Assets
($)
9,973,330
Shares
outstanding
no
par
value
(unlimited
shares
authorized):
250,001
Net
asset
value
per
share
39.89
Market
price
per
share
40.07
STATEMENT
OF
OPERATIONS
Six
Months
Ended
April
30,
2023
(Unaudited)
See
Notes
to
Financial
Statements
Investment
Income
($):
Income:
Cash
dividends
(net
of
$10,253
foreign
taxes
withheld
at
source):
Unaffiliated
issuers
49,975
Total
Income
49,975
Expenses:
Management
fee—Note
3(a)
36,946
Total
Expenses
36,946
Net
Investment
Income
13,029
Realized
and
Unrealized
Gain
(Loss)
on
Investments—Note
4
($):
Net
realized
gain
(loss)
on
investments
and
foreign
currency
transactions
(272,686)
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
and
foreign
currency
transactions
1,046,862
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
774,176
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
787,205
STATEMENT
OF
CHANGES
IN
NET
ASSETS
See
Notes
to
Financial
Statements
Six
Months
Ended
April
30,
2023
(Unaudited)
For
the
Period
from
December
15,
2021
(a)
to
October
31,
2022
Operations
($):
Net
investment
income
13,029
40,974
Net
realized
gain
(loss)
on
investments
(272,686)
(568,154)
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
1,046,862
(2,186,595)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
787,205
(2,713,775)
Distributions
($):
Distributions
to
shareholders
(35,678)
—
Beneficial
Interest
Transactions
($):
Proceeds
from
shares
sold
—
11,923,654
Transaction
fees—Note
5
—
11,924
Increase
(Decrease)
in
Net
Assets
from
Beneficial
Interest
Transactions
—
11,935,578
Total
Increase
(Decrease)
in
Net
Assets
751,527
9,221,803
Net
Assets
($):
Beginning
of
Period
9,221,803
—
End
of
Period
9,973,330
9,221,803
Changes
in
Shares
Outstanding:
Shares
sold
—
250,001
Net
Increase
(Decrease)
in
Shares
Outstanding
—
250,001
(a)
Commencement
of
operations.
The
following
table
describes
the
performance
for
the
fiscal
period
indicated
and
these
figures
have
been
derived
from
the
fund’s
financial
statements.
See
Notes
to
Financial
Statements
Six
Months
Ended
April
30,
2023
(Unaudited)
For
the
Period
from
December
15,
2021
(a)
to
October
31,
2022
Per
Share
Data
($):
Net
asset
value,
beginning
of
period
36.89
50.00
Investment
Operations:
Net
investment
income
(b)
0.05
0.18
Net
realized
and
unrealized
gain
(loss)
on
investments
3.09
(13.34)
Total
from
Investment
Operations
3.14
(13.16)
Distributions:
Dividends
from
net
investment
income
(0.14)
—
Transaction
fees
(b)
—
0.05
Net
asset
value,
end
of
period
39.89
36.89
Market
price,
end
of
period
(c)
40.07
36.99
Net
Asset
Value
Total
Return
(%)
(d)
8.55
(26.23)
(e)
Market
Price
Total
Return
(%)
(d)
8.73
(26.02)
(e)
Ratios/Supplemental
Data
(%):
Ratio
of
total
expenses
to
average
net
assets
0.75
(f)
0.75
(f)
Ratio
of
net
investment
income
to
average
net
assets
0.26
(f)
0.50
(f)
Portfolio
Turnover
Rate
(g)
7.78
22.52
Net
Assets,
end
of
period
($
x
1,000)
9,973
9,222
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
mean
between
the
last
bid
and
ask
prices.
(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.
(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
NOTE
1—Organization:
BNY
Mellon
Sustainable
Global
Emerging
Markets
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
fifteen
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”),
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”),
an
indirect
wholly-owned
subsidiary
of
the
Adviser,
is
the
distributor
of
the
fund’s
shares.
The
shares
of
the
fund
are
referred
to
herein
as
“Shares”
or
“fund’s
Shares.”
The
fund’s
Shares
are
listed
and
traded
on
NYSE
Arca,
Inc.
The
market
price
of
each
Share
may
differ
to
some
degree
from
the
fund’s
net
asset
value
(“NAV”).
Unlike
conventional
mutual
funds,
the
fund
issues
and
redeems
Shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
Shares,
each
called
a
“Creation
Unit.”
Creation
Units
are
issued
and
redeemed
principally
in
exchange
for
the
deposit
or
delivery
of
a
basket
of
securities.
Except
when
aggregated
in
Creation
Units
by
Authorized
Participants,
the
Shares
are
not
individually
redeemable
securities
of
the
fund.
Individual
fund
Shares
may
only
be
purchased
and
sold
on
the
NYSE
Arca,
Inc.,
other
national
securities
exchanges,
electronic
crossing
networks
and
other
alternative
trading
systems
through
your
broker-dealer
at
market
prices.
Because
fund
Shares
trade
at
market
prices
rather
than
at
NAV,
fund
Shares
may
trade
at
a
price
greater
than
NAV
(premium)
or
less
than
NAV
(discount).
When
buying
or
selling
Shares
in
the
secondary
market,
you
may
incur
costs
attributable
to
the
difference
between
the
highest
price
a
buyer
is
willing
to
pay
to
purchase
Shares
of
the
fund
(bid)
and
the
lowest
price
a
seller
is
willing
to
accept
for
Shares
of
the
fund
(ask).
NOTE
2—Significant
Accounting
Policies:
The
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
(“ASC”)
is
the
exclusive
reference
of
authoritative
U.S.
generally
accepted
accounting
principles
(“GAAP”)
recognized
by
the
FASB
to
be
applied
by
nongovernmental
entities.
Rules
and
interpretive
releases
of
the
SEC
under
authority
of
federal
laws
are
also
sources
of
authoritative
GAAP
for
SEC
registrants. The
fund
is an
investment
company
and
applies
the
accounting
and
reporting
guidance
of
the
FASB
ASC
Topic
946
Financial
Services-Investment
Companies. The
fund’s
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
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
series.
Expenses
directly
attributable
to
each
series
are
charged
to
that
series’
operations;
expenses
which
are
applicable
to
all
series
are
allocated
among
them
on
a
pro
rata
basis.
The
Trust
enters
into
contracts
that
contain
a
variety
of
indemnifications.
The
fund’s
maximum
exposure
under
these
arrangements
is
unknown.
The
fund
does
not
anticipate
recognizing
any
loss
related
to
these
arrangements.
(a)
Portfolio
valuation:
The
fair
value
of
a
financial
instrument
is
the
amount
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(i.e.,
the
exit
price).
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
of
valuation
techniques
used
to
measure
fair
value.
This
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Additionally,
GAAP
provides
guidance
on
determining
whether
the
volume
and
activity
in
a
market
has
decreased
significantly
and
whether
such
a
decrease
in
activity
results
in
transactions
that
are
not
orderly.
GAAP
requires
enhanced
disclosures
around
valuation
inputs
and
techniques
used
during
annual
and
interim
periods.
Various
inputs
are
used
in
determining
the
value
of
the
fund’s
investments
relating
to
fair
value
measurements.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
unadjusted
quoted
prices
in
active
markets
for
identical
investments.
Level
2
—
other
significant
observable
inputs
(including
quoted
prices
for
similar
investments,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Level
3
—
significant
unobservable
inputs
(including
the
fund’s
own
assumptions
in
determining
the
fair
value
of
investments).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Changes
in
valuation
techniques
may
result
in
transfers
in
or
out
of
an
assigned
level
within
the
disclosure
hierarchy.
Valuation
techniques
used
to
value
the
fund’s
investments
are
as
follows:
The
Trust’s Board
of
Trustees
(the
“Board”)
has
designated
the
Adviser
as
the
fund’s
valuation
designee
to
make
all
fair
value
determinations
with
respect
to
the
fund’s
portfolio
of
investments,
subject
to
the
Board’s
oversight
and
pursuant
to
Rule
2a-5
under
the
Act.
Investments
in
equity
securities,
including
ETFs
(but
not
including
investments
in
other
open-end
registered
investment
companies)
generally