BNY
Mellon
ETF
Trust
ANNUAL
REPORT
October
31,
2023
BNY
Mellon
Concentrated
International
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
Board
Members
Information
27
Officers
of
the
Trust
29
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
Fraser
Fox,
Jane
Henderson,
Roy
Leckie,
Charlie
Macquaker
and
Maxim
Skorniakov,
Portfolio
Managers
employed
by
the
fund’s
sub-adviser,
Walter
Scott
&
Partners
Limited.
Market
and
Fund
Performance
Overview
For
the
12-month
period
ended
October
31,
2023,
the
BNY
Mellon
Concentrated
International
ETF
(the
“fund”)
produced
a
net
asset
value
total
return
of
15.14%.
1
In
comparison,
the
fund’s
benchmark,
the
MSCI
EAFE
®
Index
(the
“Index”),
produced
a
total
return
of
14.40%
for
the
same
period.
2
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rescinded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
fund
outperformed
the
Index
largely
due
to
strong
individual
stock
selections.
The
Fund’s
Investment
Approach
The
fund
seeks
long-term
total
return.
To
pursue
its
goal,
the
fund
normally
invests
primarily
in
equity
securities
of
foreign
companies
located
in
developed
markets,
excluding
the
United
States.
The
fund
considers
“developed
markets”
to
be
countries
included
in
the
Morgan
Stanley
Capital
International
(MSCI)
Europe,
Australasia
and
Far
East
(EAFE
®
)
Index
and
Canada.
“Foreign
companies”
are
companies:
(i)
that
are
organized
under
the
laws
of
a
foreign
country;
(ii)
whose
principal
trading
market
is
in
a
foreign
country;
or
(iii)
that
have
a
majority
of
their
assets,
or
that
derive
a
majority
of
their
revenue
or
profits
from
businesses,
investments
or
sales,
outside
the
United
States.
The
fund
ordinarily
invests
in
at
least
three
countries
and
is
not
geographically
limited
in
its
investment
selection.
The
fund
invests
principally
in
common
stocks,
including
common
stocks
listed
on
foreign
exchanges.
The
fund
may
invest
in
equity
securities
of
companies
of
any
market
capitalization.
In
addition,
the
fund
may,
from
time
to
time,
invest
a
significant
portion
(more
than
20%)
of
its
total
assets
in
equity
securities
of
companies
in
certain
sectors
or
located
in
particular
regions
or
countries.
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.
Eurozone
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
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
(continued)
4
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
U.S.
Federal
Reserve
appeared
to
near
the
end
of
its
current
rate-hike
cycle.
Most
international
equities
benefited
from
these
conditions,
with
all
industry
sectors
generating
positive
returns.
Many
of
the
market’s
strongest
returns
were
seen
in
cyclical
sectors,
including
financials,
consumer
discretionary,
energy,
industrials,
information
technology
and
materials.
Conversely,
defensive
and
interest-rate-sensitive
sectors
lagged,
with
real
estate,
health
care,
communication
services
and
consumer
staples
significantly
trailing
the
Index
average.
Stock
Selections
Drive
Outperformance
As
we
have
noted
in
previous
reports,
the
fund’s
sector
and
country
exposures
are
a
function
of
individual
stock
selections,
and
performance
within
sectors
and
countries
is
determined
by
those
individual
selections.
It
is
also
important
to
point
out
that
the
fund
does
not
adopt
a
deliberate
bias
in
favor
of
growth
over
value;
rather
we
seek
solely
to
invest
the
fund’s
assets
in
quality
businesses
that
can
deliver
sustainable,
long-term
growth
based
on
all
of
a
company’s
fundamental
aspects,
including
growth,
profitability,
return
structure,
balance
sheet
strength,
sustainability
credentials
and
valuation.
The
fund’s
top-performing
holding
relative
to
the
Index
was
Denmark-
based
pharmaceutical
firm
Novo
Nordisk
A/S,
which
benefited
from
phenomenal
U.S.
demand
for
Wegovy,
a
recently
launched
weight-loss
drug.
In
addition
to
strong
sales,
clinical
trials
showed
positive
cardiovascular
effects
for
the
drug,
raising
expectations
for
eventual
Medicare
and
Medicaid
coverage.
Among
other
notably
strong
holdings,
shares
in
Germany-based
sportswear
company
adidas
AG
gained
ground
as
the
company
reset
its
operations
with
a
new
CEO
and
revised
public
relations
campaign.
Japan-based
chemicals
company
Shin-Etsu
Chemical
Co.
Ltd.
reported
exceptionally
robust
performance
due
to
demand
for
PVC
piping
from
the
housing
market
and
for
silicon
from
the
semiconductor
industry.
Shares
in
Germany-based
enterprise
software
company
SAP
SE
and
Taiwan-based
semiconductor
producer
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
recovered
from
the
market’s
bias
against
growth-oriented
technology
shares
during
the
prior
reporting
period.
5
On
the
negative
side,
several
holdings
detracted
from
the
fund’s
returns
relative
to
the
Index.
Among
the
most
notable,
shares
in
Australia-based
biotechnology
company
CSL
Ltd.
declined
due
to
corporate
margin
and
staffing
pressures.
Switzerland-based
drug
maker
Roche
Holding
AG
experienced
softening
demand
for
medications
to
treat
COVID-19
infections
and
setbacks
in
clinical
trials
for
some
experimental
drugs.
Shares
in
Switzerland-based
product
testing
and
verification
services
provider
SGS
SA
were
undermined
by
sluggish
growth
in
China
and
weakening
economic
activity
in
Europe.
In
all
three
cases,
we
believe
the
companies’
long-term
prospects
remain
intact.
Monitoring
Developments
in
Interest
Rates
and
Inflation
The
longer-term
effects
of
recent
central
bank
tightening
are
just
starting
to
be
felt
throughout
the
global
economy.
We
expect
the
prevailing
environment
of
high
interest
rates
to
create
headwinds
for
businesses
and
consumers
alike
as
the
costs
of
borrowing
increase.
Against
this
backdrop,
we
believe
that
high-quality
businesses
with
solid
balance
sheets,
relatively
little
debt
and
cash-generative
business
models
are
likely
to
outperform.
Accordingly,
we
remain
sharply
focused
on
the
long-term
prospects
of
the
individual
companies
in
which
the
fund
invests.
As
a
result
of
the
fund’s
individual
stock
selections,
as
of
October
31,
2023,
the
fund
holds
materially
overweight
exposure,
relative
to
the
Index,
to
the
health
care
and
information
technology
sectors,
and
significantly
underweight
exposure
to
financials.
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
MSCI
EAFE
®
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.
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
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
(continued)
6
liquidity.
These
risks
generally
are
greater
with
emerging-market
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
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.
FUND
PERFORMANCE
(Unaudited)
7
Comparison
of
change
in
value
of
a
$10,000
investment
in
BNY
Mellon
Concentrated
International
ETF
with
a
hypothetical
investment
of
$10,000
in
the
MSCI
EAFE
®
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
Concentrated
International
ETF
on
12/6/21
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
Concentrated
International
ETF
Net
Asset
Value
Return
12/6/21
15.14%
(13.60)%
Market
Price
Return
12/6/21
17.23%
(12.97)%
MSCI
EAFE
®
Index
12/6/21
14.40%
(7.61)%
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
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
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
905.60
1,021.17
3.84
4.08
0.80
STATEMENT
OF
INVESTMENTS
October
31,
2023
9
Description
Shares
Value
($)
Common
Stocks
97.9%
Australia
2.7%
CSL
Ltd.
12,640
1,863,021
Canada
6.0%
Alimentation
Couche-Tard,
Inc.
76,001
4,137,239
Denmark
8.4%
Coloplast
A/S,
Class
B
17,120
1,783,902
Novo
Nordisk
A/S,
Class
B
41,396
3,973,077
5,756,979
Finland
2.6%
Kone
OYJ,
Class
B
40,799
1,765,198
France
16.8%
Air
Liquide
SA
18,656
3,191,550
L'Oreal
SA
6,240
2,615,599
LVMH
Moet
Hennessy
Louis
Vuitton
SE
3,616
2,580,698
TotalEnergies
SE
47,901
3,203,233
11,591,080
Germany
9.2%
adidas
AG
9,600
1,698,378
Merck
KGaA
11,360
1,711,050
SAP
SE
21,760
2,918,095
6,327,523
Hong
Kong
8.9%
AIA
Group
Ltd.
264,028
2,289,294
CLP
Holdings
Ltd.
288,054
2,107,420
Prudential
PLC
164,444
1,714,516
6,111,230
Ireland
2.7%
Experian
PLC
62,024
1,877,893
Japan
14.1%
Daikin
Industries
Ltd.
12,800
1,826,581
Hoya
Corp.
19,200
1,815,814
Keyence
Corp.
5,800
2,225,103
Shin-Etsu
Chemical
Co.
Ltd.
80,000
2,358,172
SMC
Corp.
3,200
1,449,949
9,675,619
Netherlands
3.1%
ASML
Holding
NV
3,520
2,105,467
Singapore
3.5%
CapitaLand
Ascendas
REIT
(a)
1,280,000
2,430,705
STATEMENT
OF
INVESTMENTS
(continued)
10
Description
Shares
Value
($)
Common
Stocks
97.9%
(continued)
Spain
2.9%
Amadeus
IT
Group
SA
35,400
2,015,922
Switzerland
8.8%
Nestle
SA
21,760
2,345,722
Roche
Holding
AG
7,136
1,834,501
SGS
SA
23,200
1,886,809
6,067,032
Taiwan
3.0%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
24,000
2,071,440
United
Kingdom
5.2%
Compass
Group
PLC
140,826
3,548,294
Total
Common
Stocks
(cost
$68,914,453)
67,344,642
Investment
Companies
1.9%
Registered
Investment
Companies
1.9%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.32%
(b)(c)
(cost
$1,327,741)
1,327,741
1,327,741
Total
Investments
(cost
$70,242,194)
99.8%
68,672,383
Cash
and
Receivables
(Net)
0.2%
141,371
Net
Assets
100.0%
68,813,754
ADR—American
Depositary
Receipt
REIT—Real
Estate
Investment
Trust
(a)
Investment
in
a
real
estate
investment
trust.
(b)
Investment
in
affiliated
issuer.
The
investment
objective
of
this
investment
company
is
publicly
available
and
can
be
found
within
the
investment
company’s
prospectus.
(c)
The
rate
shown
is
the
1-day
yield
as
of
October
31,
2023.
Portfolio
Summary
(Unaudited)
Value
(%)
Health
Care
19.0
Consumer
Discretionary
14.3
Information
Technology
13.5
Consumer
Staples
13.2
Industrials
12.8
Materials
8.0
Financials
5.8
Energy
4.7
Real
Estate
3.5
Utilities
3.1
Registered
Investment
Companies
1.9
99.8
Based
on
net
assets.
11
See
Notes
to
Financial
Statements
Holdings
and
transactions
in
these
affiliated
companies
during
the
period
ended
October
31,
2023
are
as
follows:
Description
Value
($)
10/31/22
Purchases
($)
1
Sales
($)
Value
($)
10/31/23
Dividends/
Distributions
($)
Investment
Companies
1.9%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares
1,239,658
1,581,120
(1,493,037)
1,327,741
56,894
Total
1.9%
1,239,658
1,581,120
(1,493,037)
1,327,741
56,894
1
Includes
reinvested
dividends/distributions.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2023
12
See
Notes
to
Financial
Statements
Cost
Value
Assets
($):
Investments
in
securities—See
Statement
of
Investments:
Unaffiliated
issuers
68,914,453
67,344,642‌
Affiliated
issuers
1,327,741
1,327,741‌
Tax
reclaim
receivable—Note
2(b)
131,338‌
Dividends
receivable
55,417‌
68,859,138‌
Liabilities
($):
Due
to
BNY
Mellon
ETF
Investment
Adviser,
LLC—
Note
3(b)
45,382‌
Cash
overdraft
denominated
in
foreign
currency
2
2‌
45,384‌
Net
Assets
($)
68,813,754‌
Composition
of
Net
Assets
($):
Paid-in
capital
69,590,612‌
Total
distributable
earnings
(loss)
(776,858‌)
Net
Assets
($)
68,813,754‌
Shares
outstanding
no
par
value
(unlimited
shares
authorized):
1,600,001‌
Net
asset
value
per
share
43.01‌
Market
price
per
share
43.32‌
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2023
13
See
Notes
to
Financial
Statements
Investment
Income
($):
Income:
Cash
dividends
(net
of
$169,489
foreign
taxes
withheld
at
source):
Unaffiliated
issuers
1,387,230‌
Affiliated
issuers
56,894‌
Total
Income
1,444,124‌
Expenses:
Management
fee—Note
3(a)
568,053‌
Total
Expenses
568,053‌
Net
Investment
Income
876,071‌
Realized
and
Unrealized
Gain
(Loss)
on
Investments—Note
4
($):
Net
realized
gain
(loss)
on
investments
and
foreign
currency
transactions
(16,328‌)
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
and
foreign
currency
transactions
7,432,115‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
7,415,787‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
8,291,858‌
STATEMENT
OF
CHANGES
IN
NET
ASSETS
14
See
Notes
to
Financial
Statements
Year
Ended
October
31,
2023
For
the
Period
from
December
8,
2021
(a)
to
October
31,
2022
Operations
($):
Net
investment
income
876,071‌
221,836‌
Net
realized
gain
(loss)
on
investments
(16,328‌)
(4,061‌)
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
7,432,115‌
(9,004,851‌)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
8,291,858‌
(8,787,076‌)
Distributions
($):
Distributions
to
shareholders
(281,640‌)
—‌
Beneficial
Interest
Transactions
($):
Proceeds
from
shares
sold
4,522,946‌
65,065,947‌
Transaction
fees—Note
5
—‌
1,719‌
Increase
(Decrease)
in
Net
Assets
from
Beneficial
Interest
Transactions
4,522,946‌
65,067,666‌
Total
Increase
(Decrease)
in
Net
Assets
12,533,164‌
56,280,590‌
Net
Assets
($):
Beginning
of
Period
56,280,590‌
—‌
End
of
Period
68,813,754‌
56,280,590‌
Changes
in
Shares
Outstanding:
Shares
sold
100,000‌
1,500,001‌
Net
Increase
(Decrease)
in
Shares
Outstanding
100,000‌
1,500,001‌
(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
8,
2021
(a)
to
October
31,
2022
Per
Share
Data
($):
Net
asset
value,
beginning
of
period
37.52‌
50.00‌
Investment
Operations:
Net
investment
income
(b)
0.56‌
0.30‌
Net
realized
and
unrealized
gain
(loss)
on
investments
5.12‌
(12.78‌)
Total
from
Investment
Operations
5.68‌
(12.48‌)
Distributions:
Dividends
from
net
investment
income
(0.19‌)
—‌
Transaction
fees
(b)
—‌
0.00‌
(c)
Net
asset
value,
end
of
period
43.01‌
37.52‌
Market
price,
end
of
period
43.32‌
37.12‌
Net
Asset
Value
Total
Return
(%)
(d)
15.14‌
(24.96‌)
(e)
Market
Price
Total
Return
(%)
(d)
17.23‌
(25.76‌)
(e)
Ratios/Supplemental
Data
(%):
Ratio
of
total
expenses
to
average
net
assets
0.80‌
0.80‌
(f)
Ratio
of
net
investment
income
to
average
net
assets
1.23‌
0.82‌
(f)
Portfolio
Turnover
Rate
(g)
2.37‌
–‌
Net
Assets,
end
of
period
($
x
1,000)
68,814‌
56,281‌
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Amount
represents
less
than
$0.01
per
share.
(d)
Net
asset
value
total
return
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period,
and
redemption
at
net
asset
value
on
the
last
day
of
the
period.
Net
asset
value
total
return
includes
adjustments
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
and
as
such,
the
net
asset
value
for
financial
reporting
purposes
and
the
returns
based
upon
those
net
asset
values
may
differ
from
the
net
asset
value
and
returns
for
shareholder
transactions.
Market
price
total
return
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period,
and
sale
at
the
market
price
on
the
last
day
of
the
period.
Total
investment
returns
calculated
for
a
period
of
less
than
one
year
are
not
annualized.
(e)
The
net
asset
value
total
return
and
the
market
price
total
return
is
calculated
from
fund
inception.
The
inception
date
is
the
first
date
the
fund
was
available
on
NYSE
Arca,
Inc.
(f)
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
Concentrated
International
ETF (the “fund”) is a
separate
non-
diversified series
of
BNY
Mellon
ETF
Trust
(the
“Trust”),
which is
registered as
a
Massachusetts
business
trust
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Act”),
as
an
open-ended
management
investment
company.
The
Trust
operates
as
a
series
company
currently
consisting
of
sixteen
series,
including
the
fund.
The
investment
objective
of
the
fund
is
to
seek
long-term
total
return.
BNY
Mellon
ETF
Investment
Adviser,
LLC
(the
“Adviser”),
a
wholly-owned
subsidiary
of
The
Bank
of
New
York
Mellon
Corporation
(“BNY
Mellon”),
serves
as
the
fund’s
investment
adviser. Walter
Scott
&
Partners
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”),
a wholly-owned
subsidiary
of
the
Adviser,
is
the
distributor
of
the
fund’s
shares.
The
shares
of
the
fund
are
referred
to
herein
as
“Shares”
or
“Fund’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