BNY
Mellon
ETF
Trust
ANNUAL
REPORT
October
31,
2023
BNY
Mellon
Global
Infrastructure
Income
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
6
Understanding
Your
Fund’s
Expenses
7
Statement
of
Investments
8
Statement
of
Assets
and
Liabilities
10
Statement
of
Operations
11
Statement
of
Changes
in
Net
Assets
12
Financial
Highlights
13
Notes
to
Financial
Statements
14
Report
of
Independent
Registered
Public
Accounting
Firm
24
Important
Tax
Information
25
Information
About
the
Approval
of
the
Fund’s
Sub-Sub-Investment
Advisory
Agreement
26
Board
Members
Information
28
Officers
of
the
Trust
30
FOR
MORE
INFORMATION
Back
Cover
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
3
For
the
period
from
November
2,
2022,
the
fund’s
inception
1
,
through
October
31,
2023,
as
provided
by
James
A.
Lydotes
and
Brock
Campbell,
Portfolio
Managers
employed
by
the
fund’s
sub-adviser,
Newton
Investment
Management
North
America,
LLC.
Market
and
Fund
Performance
Overview
For
the
period
from
November
2,
2022,
the
fund’s
inception,
through
October
31,
2023,
the
BNY
Mellon
Global
Infrastructure
Income
ETF
(the
“fund”)
produced
a
net
asset
value
total
return
of
7.33%.
2
In
comparison,
the
fund’s
benchmark,
the
S&P
Global
Infrastructure
NR
Index
(the
“Index”),
produced
a
total
return
of
-2.24%
for
the
same
period.
3
Equities
gained
ground
during
the
reporting
period
as
central
bank
rate
hikes
showed
progress
in
slowing
inflation
rates.
The
fund
outperformed
the
Index
largely
due
to
overweight
exposure
to
European
versus
U.S.
utilities.
The
Fund’s
Investment
Approach
The
fund
seeks
long-term
total
return
(consisting
of
capital
growth
and
income).
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
securities
issued
by
dividend-
paying
infrastructure
companies.
The
fund’s
sub-adviser,
Newton
Investment
Management
North
America,
LLC
(“NIMNA”),
an
affiliate
of
the
BNY
Mellon
ETF
Investment
Adviser,
LLC,
seeks
to
select
for
the
fund
securities
of
infrastructure
companies
that
NIMNA
believes
benefit
from
consistent
regulatory
environments
(a
feature
more
common
in
developed
markets
than
emerging
markets),
stable
cash
flows
driven
by
sustainable
business
models,
and
consistent
dividend
payment
profiles.
NIMNA
utilizes
quantitative
and
fundamental
research
to
select
investments
by
focusing
on
infrastructure
companies
that
it
believes
possess
the
most
favorable
combination
of
cash
flow
stability,
dividend
payment
potential
and
valuation
metrics
(such
as
price
to
earnings
ratio,
price
to
book
ratio
and
price
to
cash
flow
ratio).
NIMNA’s
fundamental
research
includes
evaluating
key
areas
such
as
balance
sheet
strength,
competitive
landscape,
stock-price
valuations,
liquidity
and
analysis
of
regulatory
environment.
Equities
Gain
Ground
as
Inflation
Eases
Global
equities
climbed
during
the
prior
reporting
period
as
interest-rate
hikes
implemented
by
central
banks
gained
traction
in
the
fight
against
rampant
inflation.
In
the
United
States,
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%.
Similarly,
in
Europe,
inflation
declined
from
over
10%
to
under
3%,
while
the
European
Central
Bank’s
fixed
benchmark
rate
increased
from
0.75%–1.50%
to
4.00%–4.50%.
Economic
growth
rates
declined
in
Europe
as
well,
dipping
into
slightly
negative
territory
near
the
end
of
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
(continued)
4
the
period,
but
remained
positive
in
the
United
States.
These
trends
encouraged
hopes
that
inflation
might
be
tamed
without
prompting
a
major
global
recession.
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
global
equities
benefited
from
these
conditions,
with
U.S.
and
international
developed-markets
indexes
producing
positive
returns.
However,
performance
among
industry
sectors
and
investment
styles
varied
dramatically
from
region
to
region.
Most
significantly,
in
the
United
States,
growth-oriented
shares
led
market
gains,
while
value-oriented
and
dividend-paying
stocks
lagged.
Utilities,
in
particular,
trailed
the
market,
producing
double-digit
losses
as
high
interest
rates
undermined
the
appeal
of
high-dividend-paying
stocks.
Conversely,
in
Europe,
where
economic
growth
proved
relatively
weak,
value-oriented
shares
outperformed
their
growth-oriented
counterparts.
While
high-dividend-paying
stocks
underperformed
the
broader
European
market,
they
delivered
positive
returns
for
the
period,
with
the
utility
sector
benefiting
as
the
market
began
to
discount
an
improvement
in
the
energy
backdrop
in
Europe.
Allocations
Bolster
Relative
Performance
The
strongest
contributor
by
far
to
the
fund’s
performance
relative
to
the
Index
came
from
investments
in
the
utility
sector
and
from
regional
biases.
The
fund
held
sizably
overweight
exposure
to
European
utilities,
funded
by
marginally
underweight
exposure
to
U.S.
and
Asian
equities.
Similarly,
performance
benefited
from
a
substantially
underweight
position
in
the
U.S.
utility
sector.
Nevertheless,
the
fund
did
hold
some
exposure
to
U.S.
utilities,
with
issue
selection
detracting
from
relative
returns.
Notable
underperformers
included
NextEra
Energy
Partners
and
Clearway
Energy,
both
of
which
had
to
grapple
with
the
impact
that
higher
borrowing
rates
would
have
on
their
growth.
Shares
in
another
underperforming
utility,
Dominion
Energy,
one
of
the
fund’s
largest
positions,
suffered
as
the
company
took
longer
than
expected
to
execute
on
the
strategic
plan
management
had
announced
in
November
2022.
In
the
real
estate
sector,
holdings
in
Medical
Properties
Trust
detracted
from
relative
returns
as
the
company
struggled
to
diversify
its
counterparty
exposure
away
from
its
largest
tenant.
Increasing
U.S.
Exposure
and
Adding
to
Telecommunications
As
U.S.
bond
yields
have
spiked
higher
and
U.S.
utility
valuations
have
compressed,
we’ve
seen
increasingly
attractive
investment
opportunities
in
the
sector,
an
area
in
which
the
fund
has
generally
held
significantly
underweight
exposure
of
late.
We
have
begun
to
take
advantage
of
these
conditions
to
increase
the
fund’s
U.S.
utility
weighting.
As
of
October
31,
2023,
the
fund’s
U.S.
utility
exposure
has
increased
from
substantially
underweight
to
mildly
underweight,
with
additional
allocations
expected.
The
fund
is
also
starting
to
build
additional
exposure
to
telecommunication
names,
5
which
we
believe
are
well
positioned
to
increase
free
cash
flow
as
capital
spending
on
the
5G
buildout
winds
down.
In
energy,
the
fund
continues
to
hold
modestly
overweight
exposure,
reflecting
our
belief
in
the
value
of
U.S.
midstream
assets
amid
heightened
levels
of
global
geopolitical
tension,
including
the
recent
outbreak
of
hostilities
in
the
Middle
East.
November
15,
2023
1
The
inception
date
is
the
first
date
the
fund
was
available
on
Cboe
BZX
Exchange,
Inc.
2
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.
3
Source:
Lipper
Inc.
—
The
S&P
Global
Infrastructure
NR
Index
is
designed
to
track
75
companies
from
around
the
world
chosen
to
represent
the
listed
infrastructure
industry
while
maintaining
liquidity
and
tradability.
To
create
diversified
exposure,
the
index
includes
three
distinct
infrastructure
clusters:
energy,
transportation,
and
utilities.
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
liquidity.
These
risks
generally
are
greater
with
emerging-market
countries.
Diversification
cannot
assure
a
profit
or
protect
against
loss.
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.
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.
FUND
PERFORMANCE
(Unaudited)
6
Comparison
of
change
in
value
of
a
$10,000
investment
in
BNY
Mellon
Global
Infrastructure
Income
ETF
with
a
hypothetical
investment
of
$10,000
in
the
S&P
Global
Infrastructure
NR
Index
(the
“Index”).
†
Source:
FactSet
††
The
inception
date
is
the
first
date
the
fund
was
available
on
Cboe
BZX
Exchange,
Inc.
Past
performance
is
not
predictive
of
future
performance.
The
above
graph
compares
a
hypothetical
$10,000
investment
made
in
BNY
Mellon
Global
Infrastructure
Income
ETF
on
11/2/22
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
track
75
companies
from
around
the
world
chosen
to
represent
the
listed
infrastructure
industry
while
maintaining
liquidity
and
tradability.
To
create
diversified
exposure,
the
Index
includes
three
distinct
infrastructure
clusters:
energy,
transportation,
and
utilities.
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
††
From
Inception
BNY
Mellon
Global
Infrastructure
Income
ETF
Net
Asset
Value
Return
11/2/22
7.33%
Market
Price
Return
11/2/22
7.56%
S&P
Global
Infrastructure
NR
Index
11/2/22
(2.24)%
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
7
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
915.60
1,021.93
3.14
3.31
0.65
STATEMENT
OF
INVESTMENTS
October
31,
2023
8
Description
Shares
Value
($)
Common
Stocks
–
99.3%
Belgium
–
3.7%
Proximus
SADP
62,955
521,044
Canada
–
0.4%
Enbridge,
Inc.
1,926
61,721
China
–
3.1%
Jiangsu
Expressway
Co.
Ltd.,
Class
H
490,577
446,364
France
–
21.7%
Bouygues
SA
23,109
812,039
Engie
SA
2,482
39,404
Orange
SA
92,495
1,087,324
Veolia
Environnement
SA
14,972
409,196
Vinci
SA
6,484
716,808
3,064,771
Germany
–
2.4%
Deutsche
Post
AG
8,724
339,327
Italy
–
6.9%
ENEL
SpA
95,624
605,865
Italgas
SpA
72,312
367,111
972,976
Norway
–
2.4%
SFL
Corp.
Ltd.
30,837
334,890
Spain
–
3.1%
Enagas
SA
6,158
102,917
Endesa
SA
9,734
182,971
Redeia
Corp.
SA
10,044
156,278
442,166
United
Kingdom
–
6.2%
Drax
Group
PLC
60,853
312,571
SSE
PLC
28,283
561,370
873,941
United
States
–
49.4%
Antero
Midstream
Corp.
69,069
852,311
AT&T,
Inc.
23,716
365,226
Clearway
Energy,
Inc.,
Class
C
27,091
588,146
Dominion
Energy,
Inc.
19,183
773,458
Exelon
Corp.
18,900
735,966
Hess
Midstream
LP,
Class
A
22,175
665,250
NextEra
Energy
Partners
LP
20,084
543,674
OMEGA
Healthcare
Investors,
Inc.
(a)
14,790
489,549
ONEOK,
Inc.
15,109
985,107
PPL
Corp.
16,152
396,855
9
See
Notes
to
Financial
Statements
Description
Shares
Value
($)
Common
Stocks
–
99.3%
(continued)
United
States
–
49.4%
(continued)
Vistra
Corp.
6,610
216,279
Williams
Cos.,
Inc.
(The)
10,652
366,429
6,978,250
Total
Common
Stocks
(cost
$13,972,008)
14,035,450
Investment
Companies
–
2.9%
Registered
Investment
Companies
–
2.9%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.32%
(b)(c)
(cost
$408,439)
408,439
408,439
Total
Investments
(cost
$14,380,447)
102.2%
14,443,889
Liabilities,
Less
Cash
and
Receivables
(2.2)%
(307,102)
Net
Assets
100.0%
14,136,787
(a)
Investment
in
a
real
estate
investment
trust.
(b)
Investment
in
affiliated
issuer.
The
investment
objective
of
this
investment
company
is
publicly
available
and
can
be
found
within
the
investment
company’s
prospectus.
(c)
The
rate
shown
is
the
1-day
yield
as
of
October
31,
2023.
Portfolio
Summary
(Unaudited)
†
Value
(%)
Utilities
42.4
Energy
23.1
Industrials
16.3
Communication
Services
14.0
Real
Estate
3.5
Registered
Investment
Companies
2.9
102.2
†
Based
on
net
assets.
Holdings
and
transactions
in
these
affiliated
companies
during
the
period
ended
October
31,
2023
are
as
follows:
Description
Value
($)
11/3/22
1
Purchases
($)
2
Sales
($)
Value
($)
10/31/23
Dividends/
Distributions
($)
Investment
Companies
–
2.9%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares
—
3,612,746
(3,204,307)
408,439
5,979
Total
–
2.9%
—
3,612,746
(3,204,307)
408,439
5,979
1
Commencement
of
operations.
2
Includes
reinvested
dividends/distributions.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2023
10
See
Notes
to
Financial
Statements
Cost
Value
Assets
($):
Investments
in
securities—See
Statement
of
Investments:
–
Unaffiliated
issuers
13,972,008
14,035,450‌
Affiliated
issuers
408,439
408,439‌
Cash
denominated
in
foreign
currency
10
10‌
Receivable
for
investment
securities
sold
385,259‌
Dividends
receivable
64,776‌
Tax
reclaim
receivable—Note
2(b)
22,420‌
14,916,354‌
Liabilities
($):
Due
to
BNY
Mellon
ETF
Investment
Adviser,
LLC—
Note
3(b)
7,714‌
Payable
for
investment
securities
purchased
771,853‌
779,567‌
Net
Assets
($)
14,136,787‌
Composition
of
Net
Assets
($):
Paid-in
capital
14,160,143‌
Total
distributable
earnings
(loss)
(23,356‌)
Net
Assets
($)
14,136,787‌
Shares
outstanding
no
par
value
(unlimited
shares
authorized):
550,001‌
Net
asset
value
per
share
25.70‌
Market
price
per
share
25.76‌
STATEMENT
OF
OPERATIONS
For
the
Period
from
November
3,
2022
(commencement
of
operations)
to
October
31,
2023
11
See
Notes
to
Financial
Statements
Investment
Income
($):
Income:
Cash
dividends
(net
of
$66,580
foreign
taxes
withheld
at
source):
Unaffiliated
issuers
676,586‌
Affiliated
issuers
5,979‌
Total
Income
682,565‌
Expenses:
Management
fee—Note
3(a)
86,743‌
Total
Expenses
86,743‌
Net
Investment
Income
595,822‌
Realized
and
Unrealized
Gain
(Loss)
on
Investments—Note
4
($):
Net
realized
gain
(loss)
on
investments
and
foreign
currency
transactions
(80,748‌)
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
and
foreign
currency
transactions
61,846‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
(18,902‌)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
576,920‌
STATEMENT
OF
CHANGES
IN
NET
ASSETS
12
See
Notes
to
Financial
Statements
For
the
Period
from
November
3,
2022
(a)
to
October
31,
2023
Operations
($):
Net
investment
income
595,822‌
Net
realized
gain
(loss)
on
investments
(80,748‌)
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
61,846‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
576,920‌
Distributions
($):
Distributions
to
shareholders
(600,276‌)
Return
of
capital
(23,072‌)
Total
distributions
(623,348‌)
Beneficial
Interest
Transactions
($):
Proceeds
from
shares
sold
14,182,951‌
Transaction
fees—Note
5
264‌
Increase
(Decrease)
in
Net
Assets
from
Beneficial
Interest
Transactions
14,183,215‌
Total
Increase
(Decrease)
in
Net
Assets
14,136,787‌
Net
Assets
($):
Beginning
of
Period
—‌
End
of
Period
14,136,787‌
Changes
in
Shares
Outstanding:
Shares
sold
550,001‌
Net
Increase
(Decrease)
in
Shares
Outstanding
550,001‌
(a)
Commencement
of
operations.
FINANCIAL
HIGHLIGHTS
13
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
For
the
Period
from
November
3,
2022
(a)
to
October
31,
2023
Per
Share
Data
($):
Net
asset
value,
beginning
of
period
25.00‌
Investment
Operations:
Net
investment
income
(b)
1.22‌
Net
realized
and
unrealized
gain
(loss)
on
investments
0.65‌
(c)
Total
from
Investment
Operations
1.87‌
Distributions:
–
Dividends
from
net
investment
income
(1.13‌)
Return
of
capital
(0.04‌)
Total
Distributions
(1.17‌)
Transaction
fees
(b)
0.00‌
(d)
Net
asset
value,
end
of
period
25.70‌
Market
price,
end
of
period
25.76‌
Net
Asset
Value
Total
Return
(%)
(e)
7.33‌
(f)
Market
Price
Total
Return
(%)
(e)
7.56‌
(f)
Ratios/Supplemental
Data
(%):
Ratio
of
total
expenses
to
average
net
assets
0.65‌
(g)
Ratio
of
net
investment
income
to
average
net
assets
4.46‌
(g)
Portfolio
Turnover
Rate
(h)
53.98‌
Net
Assets,
end
of
period
($
x
1,000)
14,137‌
(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)
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
Cboe
BZX
Exchange,
Inc.
(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.
NOTES
TO
FINANCIAL
STATEMENTS
14
NOTE
1—Organization:
BNY
Mellon
Global
Infrastructure
Income
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
(consisting
of
capital
growth
and
income).
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
North
America,
LLC (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.
Effective
May
31,
2023,
the
Sub-Adviser
entered
into
a
sub-sub-investment
advisory
agreement
with
its
affiliate,
Newton
Investment
Management
Limited
(“NIM”),
to
enable
NIM
to
provide
certain
advisory
services
to
the
Sub-Adviser
for
the
benefit
of
the
fund,
including,
but
not
limited
to,
portfolio
management
services.
NIM
is
subject
to
the
supervision
of
the
Sub-Adviser
and
the
Adviser.
NIM
is
also
an
affiliate
of
the
Adviser.
NIM,
located
at
160
Queen
Victoria
Street,
London,
EC4V
4LA,
England,
was
formed
in
1978.
NIM
is
an
indirect
subsidiary
of
BNY
Mellon.
The
shares
of
the
fund
are
referred
to
herein
as
“Shares”
or
“Fund’s
Shares.”
The
Fund’s
Shares
are
listed
and
traded
on
Cboe
BZX
Exchange,
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
Cboe
BZX
Exchange,
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). 
15
NOTE
2—Significant
Accounting
Policies: 
The
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
(“ASC”)
is
the
exclusive
reference
of
authoritative
U.S.
generally
accepted
accounting
principles
(“GAAP”)
recognized
by
the
FASB
to
be
applied
by
nongovernmental
entities.
Rules
and
interpretive
releases
of
the
SEC
under
authority
of
federal
laws
are
also
sources
of
authoritative
GAAP
for
SEC
registrants. The
fund
is an
investment
company
and
applies
the
accounting
and
reporting
guidance
of
the
FASB
ASC
Topic
946
Financial
Services-Investment
Companies. The
fund’s
financial
statements
are
prepared
in
accordance
with
GAAP,
which
may
require
the
use
of
management
estimates
and
assumptions.
Actual
results
could
differ
from
those
estimates.  
The
Trust
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
16
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
are
valued
at
the
last
sales
price
on
the
day
of
valuation
on
the
securities
exchange
or
national
securities
market
on
which
such
securities
primarily
are
traded.
Securities
listed
on
the
National
Association
of
Securities
Dealers
Automated
Quotation
System
(“NASDAQ”)
for
which
market
quotations
are
available
will
be
valued
at
the
official
closing
price.
If
there
are
no
transactions
in
a
security,
or
no
official
closing
prices
for
a
NASDAQ
market-listed
security
on
that
day,
the
security
will
be
valued
at
the
average
of
the
most
recent
bid
and
asked
prices.
Bid
price
is
used
when
no
asked
price
is
available.
Open
short
positions
for
which
there
is
no
sale
price
on
a
given
day
are
valued
at
the
lowest
asked
price.
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. 
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.
The
table
below
summarizes
the
inputs
used
as
of October
31,
2023
in
valuing
the
fund’s
investments:
17
Fair
Value
Measurements
(b)
Foreign
currency
transactions:
The
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
fund’s
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:
The
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
fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
fund
and
are
reflected
in
the
Statement
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
fund’s
Statement
of
Assets
and
Liabilities.
(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.
(d)
Affiliated
issuers:
Investments
in
other
investment
companies
advised
by
the
Adviser
or
its
affiliates are
defined
as
“affiliated”
under
the
Act. 
Level
1
-
Unadjusted
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Total
Assets
($)
Investments
In
Securities:
†
Common
Stocks
14,035,450
—
—
14,035,450
Investment
Companies
408,439
—
—
408,439
†
See
Statement
of
Investments
for
additional
detailed
categorizations,
if
any.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
18
(e)
Market
Risk:
The
value
of
the
securities
in
which
the
fund
invests
may
be
affected
by
political,
regulatory,
economic
and
social
developments,
and
developments
that
impact
specific
economic
sectors,
industries
or
segments
of
the
market.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/
or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
fund.
Global
economies
and
financial
markets
are
becoming
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
world-wide.
Foreign
Investment
Risk:
Because
the
fund
invests
in
foreign
securities,
the
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
for
the
fund.
Investments
denominated
in
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
the
fund.
To
the
extent
securities
held
by
the
fund
trade
in
a
market
that
is
closed
when
the
exchange
on
which
the
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
the
fund
experiencing
premiums
or
discounts
greater
than
those
of
ETFs
that
invest
in
domestic
securities.
To
the
extent
the
fund’s
investments
are
focused
in
a
limited
number
of
foreign
countries,
the
fund’s
performance
could
be
more
volatile
than
that
of
more
geographically
diversified
funds.
Infrastructure
company
risk:
Because
the
fund
invests
significantly
in
companies
that
are
engaged
in
the
infrastructure
business,
the
fund
is
more
susceptible
to
adverse
economic,
regulatory,
political,
legal
and
other
changes
affecting
such
companies.
Infrastructure
companies
are
subject
to
a
variety
of
factors
that
may
adversely
affect
their
business
or
operations,
including
high
interest
costs
in
connection
with
capital
construction
programs,
costs
associated
with
environmental
and
other
regulations,
difficulty
in
raising
capital
in
adequate
amounts
on
reasonable
terms
in
periods
of
high
inflation
or
unsettled
capital
markets,
the
effects
of
economic
slowdown
and
surplus
capacity,
increased
competition
from
other
providers
of
services,
uncertainties
concerning
the
availability
of
fuel
at
reasonable
prices,
the
effects
of
energy
conservation
policies,
service
interruption
due
to
environmental,
operational
or
other
mishaps,
and
other
factors.
Additionally,
infrastructure
companies
may
be
subject
to
regulation
by
19
various
governmental
authorities
and
may
also
be
affected
by
governmental
regulation
of
rates
charged
to
customers;
service
interruption
and/or
legal
challenges
due
to
environmental,
operational
or
other
mishaps;
the
imposition
of
special
tariffs
and
changes
in
tax
laws,
regulatory
policies
and
accounting
standards;
nationalization;
and
general
changes
in
market
sentiment
towards
infrastructure
assets.  There
is
also
the
risk
that
corruption
may
negatively
affect
publicly-funded
infrastructure
projects,
resulting
in
delays
and
cost
overruns.  At
times,
the
performance
of
securities
of
companies
in
the
infrastructure
group
of
industries
may
lag
the
performance
of
other
industries
or
the
broader
market
as
a
whole.
A
downturn
in
the
infrastructure
group
of
industries
could
have
an
adverse
impact
on
the
fund.
Non-Diversification
Risk:
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.
Authorized
Participants,
Market
Makers
and
Liquidity
Providers Risk:
The
fund
has
a
limited
number
of
financial
institutions
that
may
act
as
Authorized
Participants, which
are
responsible
for
the
creation
and
redemption
activity
for
the
fund.
In
addition,
there
may
be
a
limited
number
of
market
makers
and/or
liquidity
providers
in
the
marketplace.
To
the
extent
either
of
the
following
events
occur,
fund
shares
may
trade
at
a
material
discount
to
net
asset
value
and
possibly
face
delisting:
(i)
Authorized
Participants
exit
the
business
or
otherwise
become
unable
to
process
creation
and/or
redemption
orders
and
no
other
Authorized
Participants
step
forward
to
perform
these
services,
or
(ii)
market
makers
and/or
liquidity
providers
exit
the
business
or
significantly
reduce
their
business
activities
and
no
other
entities
step
forward
to
perform
their
functions.
(f)
Dividends
and
distributions
to
shareholders:
Dividends
and
distributions are
recorded
on
the
ex-dividend
date.
Dividends
from
net
investment
income
and
dividends
from net
realized
capital
gains,
if
any,
are
normally
declared
and
paid
annually,
but
the
fund
may
make
distributions
on
a
more
frequent
basis
to
comply
with
the
distribution
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended
(the
“Code”).
To
the
extent
that
net
realized
capital
gains
can
be
offset
by
capital
loss
carryovers
of
a
fund,
it
is
the
policy
of
the
fund
not
to
distribute
such
gains.
Income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP.
(g)
Federal
income
taxes:
It
is
the
policy
of
the
fund
to
continue
to qualify
as
a
regulated
investment
company,
if
such
qualification
is
in
the
best
interests
of
its
shareholders,
by
complying
with
the
applicable
provisions
of
the
Code,
and
to
make
distributions
of
taxable
income
and
net
realized
capital
gain sufficient
to
relieve
it
from
substantially
all
federal
income
and
excise
taxes.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
20
As
of
and
during
the period
ended October
31,
2023,
the
fund
did
not
have
any
liabilities
for
any
uncertain
tax
positions.
The
fund
recognizes
interest
and
penalties,
if
any,
related
to
uncertain
tax
positions
as
income
tax
expense
in
the
Statement
of
Operations.
During
the period
ended October
31,
2023,
the
fund
did
not
incur
any
interest
or
penalties.
The
tax
year
in
the
period
ended October
31,
2023
remains
subject
to
examination
by
the
Internal
Revenue
Service
and
state
taxing
authorities. 
At October
31,
2023,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
accumulated
capital
losses
$35,005,
and
unrealized appreciation
$11,649.
The
fund is
permitted
to
carry
forward
capital
losses
for
an
unlimited
period.
Furthermore,
capital
loss
carryovers
retain
their
character
as
either
short-term
or
long-
term
capital
losses.
The
accumulated
capital
loss
carryover
is
available
for
federal
income
tax
purposes
to
be
applied
against
future
net
realized
capital
gains,
if
any,
realized
subsequent
to
October
31,
2023.
The
fund
has
$35,005
of
short-term
capital
losses
which
can
be
carried
forward
for
an
unlimited
period.
The
tax
character
of
distributions
paid
to
shareholders
during
the
fiscal
year
ended
October
31,
2023
were
as
follows:
ordinary
income
$600,276
and
return
of
capital
$23,072.
During
the
period
ended
October
31,
2023,
as
a
result
of
permanent
book
to
tax
differences,
the
fund
increased
total
distributable
earnings
(loss)
by
$23,072
and
decreased
paid-in
capital
by
$23,072.
These
permanent
book
to
tax
differences
are
primarily
due
to
the
tax
treatment
for
return
of
capital
reclassification.
Net
assets
and
net
asset
value
per
share
were
not
affected
by
these
reclassifications.
NOTE
3—Management
Fee,
Sub-Advisory
Fee
and
Other
Transactions
with
Affiliates:
(a)
Pursuant
to
a
management
agreement
with
the
Adviser,
the
management
fee
is computed
at
an
annual
rate of
0.65%
of
the
value
of
the
fund’s
average
daily
net
assets
and
is
payable
monthly.
The
fund’s
management
agreement
provides
that
the
Adviser
pays
substantially
all
expenses
of
the
fund,
except
for
the
management
fees,
payments
under
the
fund’s
12b-1
plan
(if
any),
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
brokerage
commissions,
costs
of
holding
shareholder
meetings,
fees
and
expenses
associated
with
the
fund’s
securities
lending
program,
and
litigation
and
potential
litigation
and
other
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
fund’s
business.
21
The
Adviser
may
from
time
to
time
voluntarily
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
total
annual
fund
operating
expenses.
Any
such
voluntary
waiver
or
reimbursement
may
be
eliminated
by
the
Adviser
at
any
time.
During
the
period
ended
October
31,
2023,
there
was
no
reduction
in
expenses
pursuant
to
the
undertaking.
Pursuant
to
a
sub-investment
advisory
agreement
between
the
Adviser
and
the
Sub-
Adviser,
the
Sub-Adviser
serves
as
the
fund’s
sub-adviser
responsible
for
the
day-to-day
management
of
the
fund’s
portfolio.
The
Adviser
pays
the
Sub-Adviser
a
monthly
fee
at
an
annual
percentage
of
the
value
of
the
fund’s
average
daily
net
assets.
The
Adviser
has
obtained
an
exemptive
order
from
the
SEC
(the
“Order”),
upon
which
the
fund
may
rely,
to
use
a
manager
of
managers
approach
that
permits
the
Adviser,
subject
to
certain
conditions
and
approval
by
the
Board,
to
enter
into
and
materially
amend
sub-investment
advisory
agreements
with
one
or
more
sub-advisers
who
are
either
unaffiliated
or
affiliated
with
the
Adviser
without
obtaining
shareholder
approval.
The
Order
also
relieves
the
fund
from
disclosing
the
sub-advisory
fee
paid
by
the
Adviser
to
a
Sub-Adviser
in
documents
filed
with
the
SEC
and
provided
to
shareholders.
In
addition,
pursuant
to
the
Order,
it
is
not
necessary
to
disclose
the
sub-advisory
fee
payable
by
the
Adviser
separately
to
a
Sub-Adviser
that
is
a
wholly-owned
subsidiary
(as
defined
in
the
1940
Act)
of
BNY
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.
Pursuant
to
a
sub-investment
advisory
agreement
between
the
Adviser
and
the
Sub-
Adviser,
the
Adviser
pays
the
Sub-Adviser
a
monthly
fee
at
an
annual
rate
of
0.325%
of
the
value
of
the
fund’s
average
daily
net
assets.
The
Adviser,
and
not
the
fund,
pays
the
Sub-Adviser
fee
rate.
(b)
The
fund
has
an
arrangement
with
The
Bank
of
New
York
Mellon
(the
“Custodian”),
a
subsidiary
of
BNY
Mellon
and
an
affiliate
of
the
Adviser, whereby
the
fund
will
receive
interest
income
or
be
charged
overdraft
fees
when
cash
balances
are
maintained.
For
financial
reporting
purposes,
the
fund
includes
this
interest
income
and
overdraft
fees,
if
any,
as
interest
income
in
the
Statement
of
Operations.
The
components
of
“Due
to
BNY
Mellon
ETF Investment
Adviser,
LLC”
in
the
Statement
of
Assets
and
Liabilities
consist
of:
management
fee
of $7,714.
(c)
Each
Board
member
serves
as
a
Board
member
of
each
fund
within
the
Trust.
The
Board
members
are
not
compensated
directly
by
the
fund.
The
Board
members
are
paid
by
the
Adviser
from
the
unitary
management
fee
paid
to
the
Adviser
by
the
fund.
The
quarterly
fees
are
paid
by
the
Adviser
from
unitary
management
fees
paid
to
the
Adviser
by
the
funds
within
the
Trust,
including
the
fund.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
22
NOTE
4—Securities
Transactions:
The
aggregate
amount
of
purchases
and
sales
of
investment
securities,
excluding
short-term
securities
and
in-kind
transactions,
during
the
period
ended
October
31,
2023, amounted
to $7,838,467
and
$7,153,517,
respectively.
At October
31,
2023,
the
cost
of
investments
for
federal
income
tax
purposes
was
$14,432,240;
accordingly,
accumulated
net
unrealized
appreciation on
investments
for
federal
income
tax
purposes
was
$11,649,
consisting
of
gross
appreciation
of
$1,084,702
and
gross
depreciation
of
$1,073,053.
NOTE
5—Shareholder
Transactions:
The
fund
issues
and
redeems
its
shares
on
a
continuous
basis,
at
NAV,
to
certain
institutional
investors
known
as
“Authorized
Participants”
(typically
market
makers
or
other
broker-dealers)
only
in
a
large
specified
number
of
shares
called
a
Creation
Unit.
Except
when
aggregated
in
Creation
Units,
shares
of
the
fund
are
not
redeemable.
The
value
of
the
fund
is
determined
once
each
business
day.
The
Creation
Unit
size
for the
fund
may
change.
Authorized
Participants
will
be
notified
of
such
change.
Creation
Unit
transactions
may
be
made
in-kind,
for
cash,
or
for
a
combination
of
securities
and
cash.
The
principal
consideration
for
creations
and
redemptions
for
the
fund
is
in-kind,
although
this
may
be
revised
at
any
time
without
notice.
The
Trust
issues
and
sells
shares
of
the
fund
only:
in
Creation
Units
on
a
continuous
basis
through
the
Distributor,
without
a
sales
load,
at
their
NAV
per
share
determined
after
receipt
of
an
order,
on
any
Business
Day,
in
proper
form
pursuant
to
the
terms
of
the
Authorized
Participant
Agreement.
Transactions
in
capital
shares
for
the
fund
are
disclosed
in
detail
in
the
Statement
of
Changes
in
Net
Assets.
The
consideration
for
the
purchase
of
Creation
Units
of the
fund
may
consist
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
the
Trust
and/or
custodian
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
The
Adviser
or
its
affiliates
(the
“Selling
Shareholder”)
may
purchase
Creation
Units
through
a
broker-dealer
to
“seed”
(in
whole
or
in
part)
funds
as
they
are
launched
or
may
purchase shares
from
broker-dealers
or
other
investors
that
have
previously
provided
“seed”
for
funds
when
they
were
launched
or
otherwise
in
secondary
market
transactions.
Because
the
Selling
Shareholder
may
be
deemed
an
affiliate
of
such
funds,
the
fund shares
are
being
registered
to
permit
the
resale
of
these
shares
from
time
to
time
after
purchase.
The
fund
will
not
receive
any
of
the
proceeds
from
resale
by
the
Selling
Shareholders
of
these
fund
shares. An
additional
variable
fee
may
be
charged
for
certain
transactions.
Such
variable
charges,
if
any,
are
included
in
“Transaction
fees”
on
the
Statement
of
Changes
in
Net
Assets.
Seed
Capital:
As
of
October
31,
2023,
MBC
Investments
Corporation,
an
indirect
subsidiary
of
BNY
Mellon,
held
294,201
shares
of
the
fund.
23
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
fund.
Because
such
gains
or
losses
are
not
taxable
to
the
fund
and
are
not
distributed
to
existing
fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
fund’s
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
per
share.
During
the
year
ended
October
31,
2023,
the
fund
had
in-kind
transactions
associated
with
creations
of
$13,470,626
and
redemptions
of
$0.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
24
To
the
Shareholders
and
the
Board
of
Trustees
of
BNY
Mellon
Global
Infrastructure
Income
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities
of
BNY
Mellon
Global
Infrastructure
Income
ETF
(the
“Fund”)
(one
of
the
funds
constituting
BNY
Mellon
ETF
Trust
(the
“Trust”)),
including
the
statement
of
investments,
as
of
October
31,
2023,
and
the
related
statements
of
operations,
changes
in
net
assets,
and
the
financial
highlights
for
the
period
from
November
3,
2022
(commencement
of
operations)
through
October
31,
2023
and
the
related
notes
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
(one
of
the
funds
constituting
BNY
Mellon
ETF
Trust)
at
October
31,
2023,
the
results
of
its
operations,
the
changes
in
its
net
assets
and
its
financial
highlights
for
the
period
from
November
3,
2022
(commencement
of
operations)
through
October
31,
2023,
in
conformity
with
U.S.
generally
accepted
accounting
principles.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Trust’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audit.
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
audit
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
audit,
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
audit
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
audit
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
audit
provides
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
IMPORTANT
TAX
INFORMATION
(Unaudited)
25
Form
1099-DIV,
Form
1042-S
and
other
year–end
tax
information
provide
shareholders
with
actual
calendar
year
amounts
that
should
be
included
in
their
tax
returns.
Shareholders
should
consult
their
tax
advisers.
The
following
distribution
information
is
being
provided
as
required
by
the
Internal
Revenue
Code
or
to
meet
a
specific
state’s
requirement.
The
fund
designates
the
following
amounts
or,
if
subsequently
determined
to
be
different,
the
maximum
amount
allowable
for
its
fiscal
year
ended October
31,
2023:
For
federal
tax
purposes
the
fund
hereby
reports
100.00%
and
45.98%
of
ordinary
income
dividends
paid
during
the
fiscal
year
ended
October
31,
2023 as
qualified
dividend
income
and
corporate
dividends
received
deduction,
respectively.
INFORMATION
ABOUT
THE
APPROVAL
OF
THE
FUND’S
SUB-SUB-INVESTMENT
ADVISORY
AGREEMENT
(Unaudited)
26
At
a
meeting
held
May
9,
2023
(the
“May
Meeting”),
the
Board
of
Trustees
of
the
Trust
(the
“Board”),
all
the
members
of
which
are
not
“interested
persons”
of
the
Trust
as
defined
in
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
considered
the
approval
of
a
delegation
arrangement
between
Newton
Investment
Management
North
America
LLC
(“NIMNA”
or
the
“Sub-Adviser”)
and
its
affiliate,
Newton
Investment
Management
Limited
(“NIM”),
which
permits
NIMNA,
as
the
Sub-Adviser
to
BNY
Mellon
Global
Infrastructure
Income
ETF
(the
“fund”),
to
use
the
investment
advisory
personnel,
resources
and
capabilities
(“Investment
Advisory
Services”)
available
at
its
sister
company,
NIM,
in
providing
the
day-to-day
management
of
the
fund’s
investments.
In
connection
therewith,
the
Board
considered
the
approval
of
a
sub-sub-investment
advisory
agreement
(the
“SSIA
Agreement”)
between
NIMNA
and
NIM,
with
respect
to
the
fund.
The
Trustees
were
advised
by
legal
counsel
throughout
the
process.
The
Trustees
also
met
separately
from
management
to
consider
the
SSIA
Agreement.
NIMNA
and
NIM
are
affiliates
of
the
fund’s
investment
adviser,
BNY
Mellon
ETF
Investment
Adviser,
LLC
(the
“Adviser”).
At
the
May
Meeting,
the
Adviser
recommended
the
approval
of
the
SSIA
Agreement
to
enable
NIM
to
provide
Investment
Advisory
Services
to
the
Sub-Adviser
for
the
benefit
of
the
fund,
including,
but
not
limited
to,
portfolio
management
services,
subject
to
the
supervision
of
the
Sub-Adviser
and
the
Adviser.
The
recommendation
for
the
approval
of
the
SSIA
Agreement
was
based
on
the
following
considerations,
among
others:
(i)
approval
of
the
SSIA
Agreement
would
permit
the
Sub-Adviser
to
use
investment
personnel
employed
primarily
by
NIM
as
primary
portfolio
managers
of
the
fund
and
to
use
the
investment
research
services
of
NIM
in
the
day-to-day
management
of
the
fund’s
investments;
and
(ii)
there
would
be
no
material
changes
to
the
fund’s
investment
objective,
strategies
or
policies,
no
reduction
in
the
nature
or
level
of
services
provided
to
the
fund,
and
no
increases
in
the
management
fee
payable
by
the
fund
or
the
sub-advisory
fee
payable
by
the
Adviser
to
the
Sub-Adviser
as
a
result
of
the
delegation
arrangement.
The
Board
noted
NIM
currently
serves
as
the
sub-adviser
for
certain
other
series
of
the
Trust,
and
had
presented
to
the
Board
at
a
meeting
held
on
February
8,
2023
(the
“February
Meeting”)
with
respect
to
the
re-approval
of
the
NIM
sub-advisory
agreement
with
respect
to
those
series.
The
Board
further
noted
NIM
had
represented
there
had
been
no
material
changes
to
the
information
it
had
provided
at
the
February
Meeting.
In
approving
the
SSIA
Agreement,
the
Board
considered
the
materials
prepared
by
the
Adviser,
Sub-Adviser
and
NIM,
and
other
information
received
in
advance
of
the
May
Meeting,
which
included:
(i)
a
form
of
the
SSIA
Agreement
and
related
documents;
(ii)
information
regarding
the
delegation
arrangement
and
how
it
is
expected
to
enhance
investment
capabilities
for
the
benefit
of
the
fund;
(iii)
information
regarding
NIM;
and
(iv)
an
opinion
of
counsel
that
the
proposed
delegation
arrangement
would
not
result
in
an
“assignment”
of
the
Sub-Investment
Advisory
Agreement
under
the
1940
Act
and
the
Investment
Advisers
Act
of
1940,
as
amended,
and,
therefore,
did
not
require
the
approval
of
fund
shareholders.
The
Board
also
considered
materials
27
provided
by
the
Adviser,
Sub-Adviser
and
NIM
received
in
advance
of:
(i)
a
meeting
held
on
August
11,
2022
(the
“August
Meeting”),
in
connection
with
the
Board’s
initial
approval
of
the
Management
Agreement
between
the
Trust
and
the
Adviser,
pursuant
to
which
the
Adviser
provides
the
fund
with
investment
advisory
and
administrative
services,
and
the
Sub-Investment
Advisory
Agreement
between
the
Adviser
and
Sub-
Adviser,
pursuant
to
which
the
Sub-Adviser
provides
day-to-day
management
of
the
fund’s
investments;
and
(ii)
the
February
Meeting,
in
connection
with
the
Board’s
re-
approval
of
the
NIM
sub-investment
advisory
agreement
with
respect
to
the
other
series
of
the
Trust
for
which
NIM
serves
as
a
sub-adviser.
The
Board
also
took
into
consideration
the
substance
of
discussions
with
representatives
of
the
Adviser,
Sub-
Adviser
and
NIM
at
the
May
Meeting,
February
Meeting
and
August
Meeting.
BOARD
MEMBERS
INFORMATION
(Unaudited)
INDEPENDENT
BOARD
MEMBERS
28
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
29
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.
OFFICERS
OF
THE
TRUST
(Unaudited)
30
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
31
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
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
4865AR1023
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
the
fund
daily.
The
fund
files
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(
“
SEC
”
)
for
the
first
and
third
quarters
of
the
fiscal
year
on
Form
N-PORT.
The
fund
’
s
Forms
N-PORT
are
available
on
the
SEC
’
s
website
at
www.sec.gov
.
Additionally,
the
fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
the
most
recent
fiscal
year
available
at
https://im.bnymellon.com/etfliterature
.
The
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
the
fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
information
regarding
how
the
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
Newton
Investment
Management
North
America,
LLC
BNY
Mellon
Center
201
Washington
Street
Boston,
MA
02108
BNY
Mellon
Securities
Corporation
240
Greenwich
Street
New
York,
NY
10286
Ticker
Symbol:
BNY
Mellon
Global
Infrastructure
Income
ETF
BKGI