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