BNY Mellon International Equity ETF (BKIE) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number            811-23477                  

                          BNY Mellon ETF Trust                               

(Exact name of registrant as specified in charter)

240 Greenwich Street

_____________New York, New York 10286_____________

(Address of principal executive offices) (Zip code)

Deirdre Cunnane, Esq.

240 Greenwich Street

_________________New York, New York 10286_____________

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 922-6400

Date of fiscal year end:  June 30

Date of reporting period:  June 30, 2023

The following N-CSR relates only to the Registrant's series listed below and does not relate to any series of the Registrant with a different fiscal year end and, therefore, different N-CSR reporting requirements.  A separate N-CSR will be filed for any series with a different fiscal year end, as appropriate.

BNY Mellon Ultra Short Income ETF

BNY Mellon Responsible Horizons Corporate Bond ETF

Item 1. Reports to Stockholders.

(a)

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

BNY

Mellon

ETF

Trust

ANNUAL

REPORT

June

30,

2023

BNY

Mellon

Ultra

Short

Income

ETF

Contents

The

Fund

Save

time.

Save

paper.

View

your

next

shareholder

report

online

as

soon

as

it’s

available.

Log

into

www.

im.bnymellon.com

and

sign

up

for

eCommunications.

It’s

simple

and

only

takes

a

few

minutes.

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

13

Statement

of

Operations

14

Statement

of

Changes

in

Net

Assets

15

Financial

Highlights

16

Notes

to

Financial

Statements

17

Report

of

Independent

Registered

Public

Accounting

Firm

25

Important

Tax

Information

26

Information

About

the

Review

and

Renewal

of

the

Fund’s

Management

and

Sub-Investment

Advisory

Agreements

27

Board

Members

Information

30

Officers

of

the

Trust

32

FOR

MORE

INFORMATION

Back

Cover

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

3

For

the

period

from

July

1,

2022,

through

June

30,

2023,

as

provided

by

Stephen

Murphy,

CFA,

and

Anthony

Honko,

portfolio

managers

employed

by

the

fund’s

sub-adviser,

Dreyfus,

a

division

of

Mellon

Investments

Corporation.

Market

and

Fund

Performance

Overview

For

the

12-month

period

ended

June

30,

2023,

BNY

Mellon

Ultra

Short

Income

ETF

(the

“fund”)

produced

a

net

asset

value

total

return

of

3.64%.

1

In

comparison,

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(the

“Index”),

the

fund’s

benchmark,

returned

3.59%

for

the

same

period.

2

Short-term,

fixed-income

yields

rose

during

the

period

as

interest

rates

rose.

The

fund

outperformed

the

Index

largely

as

a

result

of

its

reinvestment

of

maturing,

short-term,

fixed-rate

corporate

instruments

in

higher-yielding,

fixed-

and

floating-rate

assets.

The

Fund’s

Investment

Approach

The

fund

seeks

high

current

income

consistent

with

the

maintenance

of

liquidity

and

low

volatility

of

principal.

To

pursue

its

goal,

the

fund

normally

invests

at

least

80%

of

its

net

assets

in

investment-grade,

U.S.

dollar-denominated,

fixed,

variable,

and

floating-rate

debt

or

cash

equivalents.

The

fund

typically

seeks

to

maintain

an

effective

duration

of

one

year

or

less,

although,

under

certain

market

conditions,

such

as

in

periods

of

significant

volatility

in

interest

rates

and

spreads,

the

fund’s

duration

may

be

longer

than

one

year.

The

fund’s

portfolio,

under

normal

market

conditions,

will

have

an

average

credit

rating

of

at

least

A

or

the

equivalent.

The

fund’s

portfolio

managers

seek

to

achieve

what

they

believe

provides

the

optimal

portfolio

for

the

fund

in

terms

of

preservation

of

principal,

liquidity

and

high

current

income.

To

do

so,

the

portfolio

managers

use

a

top-down

and

bottom-up

investment

process,

and

leverage

the

breadth

and

depth

of

Dreyfus’

research

resources.

The

portfolio

managers

focus

on

preservation

of

principal

and

downside

protection,

by

proactively

monitoring

issuer

and

counterparty

risk,

and

ensure

appropriate

portfolio

liquidity

through

a

combination

of

overnight

investments

and

short-term,

highly

liquid

securities.

Inflation

Drives

Yields

Higher

Persistently

high

inflation

led

the

U.S.

Federal

Reserve

(the

“Fed”)

to

implement

a

series

of

aggressive

interest

rate

hikes,

raising

the

federal

funds

rate

by

a

total

of

3.50%

during

the

period.

Rising

rates

drove

bond

yields

sharply

higher,

with

the

one-year

Treasury

bill

increasing

nearly

3%

and

the

two-year

Treasury

bill

up

nearly

2%.

The

yield

curve

inverted

as

the

two-year

Treasury

rate

exceeded

the

10-year

Treasury

rate,

a

condition

widely

viewed

as

a

precursor

to

a

recession.

Credit

spreads

widened

amid

fears

of

a

marked

economic

slowdown.

Credit

spreads

refer

to

the

comparative

yields

of

bonds

of

different

credit

quality

but

the

same

maturity.

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

4

Rising

rates

caused

turmoil

in

the

regional

banking

industry,

leading

to

a

few

high-

profile

bank

failures

in

March

and

April

2023.

While

volatility

spiked

higher,

and

spreads

widened

sharply

in

the

banking

sector,

swift

action

by

federal

authorities

appeared

to

limit

the

impact,

reducing

stresses

and

easing

concerns.

Uncertainty

regarding

federal

debt

ceiling

negotiations

in

May

added

further

short-term

volatility,

which

ended

with

Congressional

agreement

to

raise

the

debt

ceiling.

For

the

period

as

a

whole,

while

long-term

U.S.

bond

prices

struggled

against

the

backdrop

of

rising

yields,

short-term

notes

and

floating-rate

instruments

produced

positive

returns.

Returns

Benefit

from

Reinvesting

in

Higher-Yielding

Instruments

The

fund

benefited

from

the

rising

yield

environment.

By

maintaining

a

duration

of

approximately

six

months

during

the

reporting

period,

we

positioned

the

fund

to

continually

reinvest

funds

from

maturing

assets

at

more

attractive

yields.

Approximately

two-thirds

of

the

fund’s

assets

were

invested

in

short-term

money

market

and

floating-

rate

securities.

Our

focus

on

higher-quality

corporate

credit

rated

A

or

better

enabled

the

fund

to

withstand

the

regional

banking

crisis

of

2023

relatively

well,

and

to

add

exposure

to

credits

in

the

banking

sector

at

more

attractive

spreads

at

the

height

of

the

turmoil.

Conversely,

the

fund’s

modest

exposure

to

longer-term,

fixed-rate

securities,

which

comprised

approximately

10%

to

15%

of

the

portfolio,

detracted

from

returns

relative

to

the

Index.

The

fund

maintained

those

longer-term

positions

for

diversification

and

as

a

hedge

against

the

possibility

of

declining

rates.

Expecting

Rates

to

Remain

Elevated

While

inflation

has

declined

from

an

annualized

rate

of

9.06%

in

June

2022

to

4.05%

as

of

May

2023,

it

remains

well

above

the

Fed

target

of

2%.

Accordingly,

while

the

pace

of

the

Fed’s

interest

rate

increases

has

slowed

in

2023,

we

expect

at

least

one

additional

increase

later

this

year.

Although

the

market

has

priced

in

an

expectation

for

rate

cuts

in

the

near

to

medium

term,

we

expect

the

Fed

to

maintain

rates

higher

for

longer

than

the

market

expects,

particularly

in

view

of

recent

labor

market

strength.

Until

we

see

a

likelihood

of

rate

reductions,

we

expect

to

maintain

the

fund’s

current

duration

position,

increasing

exposure

to

floating-rate

credit

as

attractive

opportunities

present

themselves.

We

may

also

seek

to

take

advantage

of

attractive

pricing

in

six-to-

nine

month

fixed-rate

commercial

paper.

July

17,

2023

1

Total

return

includes

reinvestment

of

dividends

and

any

capital

gains

paid.

A

fund’s

net

asset

value

(NAV)

is

the

sum

of

all

its

assets

less

any

liabilities,

divided

by

the

number

of

shares

outstanding.

ETFs

are

bought

and

sold

at

market

prices,

not

NAV,

therefore

an

investor’s

return

at

market

price

may

differ

from

NAV.

Past

performance

is

no

guarantee

of

future

results.

Share

price,

yield

and

investment

return

fluctuate

such

that

upon

redemption,

fund

shares

may

be

worth

more

or

less

than

their

original

cost.

2

Source:

FactSet

-

The

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

is

an

unmanaged

market

index

of

U.S.

Treasury

securities

maturing

in

90

days

that

assumes

reinvestment

of

all

income.

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

5

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.

Bonds

are

subject

generally

to

interest-rate,

credit,

liquidity

and

market

risks,

to

varying

degrees,

all

of

which

are

more

fully

described

in

the

fund’s

prospectus.

Generally,

all

other

factors

being

equal,

bond

prices

are

inversely

related

to

interest-rate

changes,

and

rate

increases

can

cause

price

decline.

FUND

PERFORMANCE

(Unaudited)

6

Comparison

of

change

in

value

of

a

$10,000

investment

in

BNY

Mellon

Ultra

Short

Income

ETF

with

a

hypothetical

investment

of

$10,000

in

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index.

†

Sources:

FactSet

Past

performance

is

not

predictive

of

future

performance.

The

above

graph

compares

a

hypothetical

$10,000

investment

made

in

BNY

Mellon

Ultra

Short

Income

ETF

on

8/9/21

to

a

hypothetical

investment

of

$10,000

made

in

the

Index

on

that

date

using

closing

market

price

return.

All

dividends

and

capital

gain

distributions

are

reinvested.

The

fund’s

performance

shown

in

the

line

graph

above

takes

into

account

all

applicable

fees

and

expenses.

The

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

is

an

unmanaged

market

index

of

U.S.

Treasury

securities

maturing

in

90

days

that

assumes

reinvestment

of

all

income.

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

June

30,

2023

Inception

Date

1

Year

From

Inception

BNY

Mellon

Ultra

Short

Income

ETF

Net

Asset

Value

Return

8/9/21

3.64%

2.05%

Market

Price

Return

8/9/21

3.62%

2.02%

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

8/9/21

3.59%

3.76%

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

information

under

each

column

in

the

table

below

entitled

“Actual”

provides

information

about

on

how

much

a

$1,000

investment

would

be

worth

at

the

close

of

the

period,

assuming

net

asset

value

total

returns

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

for

the

fund

under

the

heading

entitled

“Expenses

paid

for

the

period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

For

Comparison

Purposes

The

Securities

and

Exchange

Commission

(“SEC”)

has

established

guidelines

to

help

investors

assess

fund

expenses.

The

information

under

each

column

in

the

table

entitled

“Hypothetical”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

ending

account

values

and

expenses

paid

for

the

period

in

the

table

are

useful

in

comparing

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

For

the

six

months

ended

June

30,

2023

(a)

Expenses

are

calculated

using

the

annualized

expense

ratio,

which

represents

the

ongoing

expenses

as

a

percentage

of

net

assets

for

the

six-month

period

ended

June

30,

2023.

Expenses

are

calculated

by

multiplying

the

fund’s

annualized

expense

ratio

by

the

average

account

value

for

the

period,

then

multiplying

the

result

by

181/365.

Beginning

account

value

($)

Ending

account

value($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

(a)

Hypothetical

(a)

1,000.00

1,000.00

1,023.80

1,024.20

0.60

0.60

0.12

STATEMENT

OF

INVESTMENTS

June

30,

2023

8

Description

Principal

Amount

($)

Value

($)

Asset-Backed

Securities

–

7.8%

Ford

Credit

Auto

Lease

Trust,

Series

2021-B,

Class

A4,

0.40%,

12/15/2024

350,000

344,091

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2019-2,

Class

A,

3.06%,

4/15/2026

300,000

293,692

GMF

Floorplan

Owner

Revolving

Trust,

Series

2020-1,

Class

A,

0.68%,

8/15/2025

(a)

300,000

298,298

Honda

Auto

Receivables

Owner

Trust,

Series

2021-3,

Class

A3,

0.41%,

11/18/2025

292,211

281,309

Hyundai

Auto

Lease

Securitization

Trust,

Series

2021-C,

Class

A4,

0.48%,

9/15/2025

(a)

350,000

339,454

Kubota

Credit

Owner

Trust,

Series

2020-1A,

Class

A4,

2.26%,

7/15/2026

(a)

255,416

254,010

Oscar

US

Funding

XII

LLC,

Series

2021-1A,

Class

A3,

0.70%,

4/10/2025

(a)

197,049

193,106

World

Omni

Automobile

Lease

Securitization

Trust,

Series

2022-A,

Class

A3,

3.21%,

2/18/2025

300,000

294,444

Total

Asset-Backed

Securities

(cost

$2,374,756)

2,298,404

Commercial

Paper

–

35.4%

Australia

&

New

Zealand

Banking

Group

Ltd.,

5.35%,

8/28/2023

(a)

(b)

550,000

545,326

Bedford

Row

Funding

Corp.,

5.36%

(1

Month

SOFR

+

0.30%),

7/27/2023

(a)(c)

300,000

300,032

Collateralized

Commercial

Paper

V

Co.,

LLC,

5.31%

(1

Month

SOFR

+

0.25%),

8/10/2023

(c)

300,000

300,029

Federation

Caisses

Desjardins,

5.20%,

8/14/2023

(a)(b)

575,000

571,266

HSBC

Bank

PLC,

5.72%

(1

Month

SOFR

+

0.66%),

6/21/2024

(a)(c)

460,000

460,017

ING

Funding,

LLC,

5.14%,

9/01/2023

(b)

750,000

742,977

LMA

SA/LMA-Americas,

LLC

5.47%,

10/12/2023

(a)(b)

275,000

270,612

5.84%,

1/22/2024

(a)(b)

250,000

241,864

Manhattan

Asset

Funding

Co.,

LLC,

5.73%,

12/06/2023

(a)(b)

375,000

365,730

Mizuho

Bank

Ltd.,

5.10%,

7/25/2023

(a)(b)

850,000

846,996

Natixis

NY

Branch,

5.59%,

9/05/2023

(b)

750,000

742,789

Old

Line

Funding,

LLC,

5.56%

(1

Month

SOFR

+

0.50%),

3/04/2024

(a)(c)

275,000

275,000

Sheffield

Receivables

Corp.,

5.47%,

10/10/2023

(a)(b)

850,000

836,742

Skandinav

Enskilda

Bank,

5.81%

(1

Month

SOFR

+

0.75%),

8/02/2023

(a)(c)

850,000

850,469

Societe

Generale

SA,

5.89%,

3/13/2024

(a)(b)

675,000

647,615

Starbird

Funding

Corp.,

5.28%

(1

Month

SOFR

+

0.22%),

12/08/2023

(a)(c)

900,000

899,239

Swedbank

,

5.53%

(1

Month

SOFR

+

0.47%),

12/19/2023

(c)

900,000

900,466

Westpac

Banking

Corp.,

5.39%

(1

Month

SOFR

+

0.33%),

11/27/2023

(a)(c)

650,000

650,052

Total

Commercial

Paper

(cost

$10,449,306)

10,447,221

9

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

56.2%

Auto

Manufacturers

–

4.9%

American

Honda

Finance

Corp.,

2.90%,

2/16/2024

300,000

294,989

BMW

US

Capital

LLC,

5.47%

(3

Month

SOFRIX

+

0.38%),

8/12/2024

(a)(c)

300,000

299,335

General

Motors

Financial

Co.,

Inc.,

5.40%,

4/06/2026

250,000

247,215

PACCAR

Financial

Corp.,

3.55%,

8/11/2025

300,000

291,086

Toyota

Motor

Credit

Corp.,

5.34%

(3

Month

SOFR

+

0.32%),

1/13/2025

(c)

300,000

298,093

1,430,718

Banks

–

33.6%

ANZ

New

Zealand

Int'l

Ltd.,

5.69%

(3

Month

SOFR

+

0.60%),

2/18/2025

(a)(c)

300,000

299,434

ASB

Bank

Ltd.,

3.13%,

5/23/2024

(a)

350,000

342,058

Banco

Santander

SA,

6.33%

(3

Month

SOFR

+

1.24%),

5/24/2024

(c)

350,000

351,412

Bank

of

Montreal

5.44%

(3

Month

SOFRIX

+

0.35%),

12/08/2023

(c)

350,000

349,905

6.15%

(3

Month

SOFRIX

+

1.06%),

6/07/2025

(c)

350,000

351,265

Bank

of

Nova

Scotia

(The),

5.47%

(3

Month

SOFR

+

0.46%),

1/10/2025

(c)

300,000

298,161

Canadian

Imperial

Bank

of

Commerce

5.49%

(3

Month

SOFRIX

+

0.40%),

12/14/2023

(c)

300,000

299,721

3.95%,

8/04/2025

275,000

265,947

Citigroup,

Inc.,

5.75%

(3

Month

SOFR

+

0.67%),

5/01/2025

(c)

300,000

299,074

Commonwealth

Bank

of

Australia,

5.84%

(3

Month

SOFR

+

0.75%),

3/13/2026

(a)(c)

350,000

349,456

Goldman

Sachs

Group,

Inc.

(The),

5.75%

(3

Month

SOFR

+

0.70%),

1/24/2025

(c)

200,000

199,715

HSBC

Holdings

PLC,

5.67%

(3

Month

SOFR

+

0.58%),

11/22/2024

(c)

350,000

348,709

JPMorgan

Chase

&

Co.,

6.38%

(3

Month

SOFR

+

1.32%),

4/26/2026

(c)

300,000

302,160

Keybank

NA/Cleveland

Oh,

4.70%,

1/26/2026

300,000

279,450

Manufacturers

&

Traders

Trust

Co.,

4.65%,

1/27/2026

300,000

286,705

Mitsubishi

UFJ

Financial

Group,

Inc.,

6.47%

(3

Month

SOFR

+

1.39%),

9/12/2025

(c)

350,000

352,023

Morgan

Stanley,

5.69%

(3

Month

SOFR

+

0.63%),

1/24/2025

(c)

300,000

299,489

National

Australia

Bank

Ltd.,

5.40%

(3

Month

SOFR

+

0.38%),

1/12/2025

(a)(c)

300,000

299,232

National

Bank

of

Canada,

5.25%,

1/17/2025

300,000

297,427

Natwest

Markets

PLC,

5.62%

(3

Month

SOFR

+

0.53%),

8/12/2024

(a)(c)

350,000

347,965

Nordea

Bank

Abp

,

0.63%,

5/24/2024

(a)

300,000

286,005

PNC

Financial

Services

Group,

Inc.

(The),

3.50%,

1/23/2024

300,000

296,284

Royal

Bank

of

Canada,

Series

G,

5.49%

(3

Month

SOFRIX

+

0.44%),

1/21/2025

(c)

300,000

298,669

Standard

Chartered

PLC,

6.83%

(3

Month

SOFR

+

1.74%),

3/30/2026

(a)(c)

350,000

352,630

State

Street

Corp.,

3.55%,

8/18/2025

98,000

94,462

STATEMENT

OF

INVESTMENTS

(continued)

10

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

56.2%

(continued)

Banks

–

33.6%

(continued)

Sumitomo

Mitsui

Financial

Group,

Inc.,

0.51%,

1/12/2024

300,000

291,727

Sumitomo

Mitsui

Trust

Bank

Ltd.,

5.53%

(3

Month

SOFR

+

0.44%),

9/16/2024

(a)(c)

300,000

298,723

Svenska

Handelsbanken

AB,

3.90%,

11/20/2023

300,000

297,511

Toronto-Dominion

Bank

(The),

5.44%

(3

Month

SOFR

+

0.35%),

9/10/2024

(c)

300,000

299,119

Truist

Bank,

3.20%,

4/01/2024

300,000

294,086

UBS

AG,

0.45%,

2/09/2024

(a)

300,000

289,993

Wells

Fargo

&

Co.,

3.00%,

2/19/2025

300,000

288,085

Westpac

Banking

Corp.,

5.39%

(3

Month

SOFR

+

0.30%),

11/18/2024

(c)

300,000

298,917

9,905,519

Beverages

–

0.8%

Diageo

Capital

PLC,

3.50%,

9/18/2023

250,000

248,865

248,865

Computers

–

1.0%

International

Business

Machines

Corp.,

4.00%,

7/27/2025

300,000

293,336

293,336

Diversified

Financial

Services

–

3.0%

American

Express

Co.

3.40%,

2/22/2024

300,000

295,601

5.85%

(3

Month

SOFR

+

0.76%),

2/13/2026

(c)

250,000

249,516

Charles

Schwab

Corp.

(The),

5.59%

(3

Month

SOFRIX

+

0.50%),

3/18/2024

(c)

350,000

349,128

894,245

Food

–

1.0%

Mondelez

International,

Inc.,

2.13%,

3/17/2024

300,000

292,720

292,720

Insurance

–

0.9%

Prudential

Financial,

Inc.,

1.50%,

3/10/2026

300,000

274,196

274,196

Machinery-Construction

&

Mining

–

1.0%

Caterpillar

Financial

Services

Corp.,

5.18%

(3

Month

SOFR

+

0.17%),

1/10/2024

(c)

300,000

299,853

299,853

Machinery-Diversified

–

2.0%

John

Deere

Capital

Corp.

0.45%,

1/17/2024

300,000

291,950

4.80%,

1/09/2026

300,000

299,028

590,978

Oil

&

Gas

–

1.0%

BP

Capital

Markets

America,

Inc.,

3.41%,

2/11/2026

300,000

288,383

288,383

11

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

56.2%

(continued)

Pharmaceuticals

–

2.8%

AstraZeneca

Finance

LLC,

0.70%,

5/28/2024

300,000

287,535

GlaxoSmithKline

Capital

PLC,

3.00%,

6/01/2024

300,000

293,209

Pfizer

Investment

Enterprises

Pte

Ltd.,

4.45%,

5/19/2026

250,000

247,060

827,804

Retail

–

1.0%

Walmart,

Inc.,

3.90%,

9/09/2025

300,000

294,104

294,104

Semiconductors

–

1.0%

Intel

Corp.,

3.70%,

7/29/2025

300,000

291,850

291,850

Software

–

1.0%

Salesforce,

Inc.,

0.63%,

7/15/2024

300,000

285,672

285,672

Telecommunications

–

1.2%

Verizon

Communications,

Inc.,

5.59%

(3

Month

SOFRIX

+

0.50%),

3/22/2024

(c)

350,000

350,063

350,063

Total

Corporate

Bonds

(cost

$16,816,520)

16,568,306

Shares

Investment

Companies

–

0.1%

Registered

Investment

Companies

–

0.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

5.07%

(d)(e)

(cost

$39,339)

39,339

39,339

Total

Investments

(cost

$29,679,921)

99.5%

29,353,270

Cash

and

Receivables

(Net)

0.5%

144,877

Net

Assets

100.0%

29,498,147

SOFR—Secured

Overnight

Financing

Rate

SOFRIX—Secured

Overnight

Financing

Rate

Index

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

June

30,

2023,

these

securities

were

valued

at

$12,010,659

or

40.72%

of

net

assets.

(b)

Security

is

a

discount

security.

Income

is

recognized

through

the

accretion

of

discount.

(c)

Variable

rate

security

-

rate

shown

is

the

interest

rate

in

effect

at

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(d)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(e)

The

rate

shown

is

the

1-day

yield

as

of

June

30,

2023.

STATEMENT

OF

INVESTMENTS

(continued)

12

See

Notes

to

Financial

Statements

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

June

30,

2023

are

as

follows:

Description

Value

6/30/22

Purchases

($)

1

Sales

($)

Value

6/30/23

Dividends/

Distributions

($)

Investment

Companies

–

0.1%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

119,646

14,659,356

(14,739,663)

39,339

9,553

Total

–

0.1%

119,646

14,659,356

(14,739,663)

39,339

9,553

1

Includes

reinvested

dividends/distributions.

Portfolio

Summary

(Unaudited)

†

Value

(%)

Financial

80.7

Consumer,

Cyclical

5.9

Consumer,

Non-cyclical

4.6

Industrial

3.0

Technology

3.0

Communications

1.2

Energy

1.0

Registered

Investment

Companies

0.1

99.5

†

Based

on

net

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

June

30,

2023

13

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments:

–

Unaffiliated

issuers

29,640,582

29,313,931‌

Affiliated

issuers

39,339

39,339‌

Interest

receivable

147,123‌

Dividends

receivable

658‌

29,501,051‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—

Note

3(b)

2,904‌

2,904‌

Net

Assets

($)

29,498,147‌

Composition

of

Net

Assets

($):

Paid-in

capital

29,961,204‌

Total

distributable

earnings

(loss)

(463,057‌)

Net

Assets

($)

29,498,147‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

600,001‌

Net

asset

value

per

share

49.16‌

Market

price

per

share

49.15‌

STATEMENT

OF

OPERATIONS

Year

Ended

June

30,

2023

14

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends:

Affiliated

issuers

9,553‌

Interest

910,939‌

Total

Income

920,492‌

Expenses:

Management

fee—Note

3(a)

33,344‌

Total

Expenses

33,344‌

Net

Investment

Income

887,148‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

(9,700‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

117,584‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

107,884‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

995,032‌

STATEMENT

OF

CHANGES

IN

NET

ASSETS

15

See

Notes

to

Financial

Statements

Year

Ended

June

30,

2023

For

the

Period

from

August

11,

2021

(a)

to

June

30,

2022

Operations

($):

Net

investment

income

887,148‌

94,676‌

Net

realized

gain

(loss)

on

investments

(9,700‌)

(82,212‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

117,584‌

(444,235‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

995,032‌

(431,771‌)

Distributions

($):

Distributions

to

shareholders

(878,254‌)

(148,064‌)

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

4,886,067‌

29,996,289‌

Cost

of

shares

redeemed

(2,436,261‌)

(2,488,871‌)

Transaction

fees—Note

5

732‌

3,248‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

2,450,538‌

27,510,666‌

Total

Increase

(Decrease)

in

Net

Assets

2,567,316‌

26,930,831‌

Net

Assets

($):

Beginning

of

Period

26,930,831‌

—‌

End

of

Period

29,498,147‌

26,930,831‌

Changes

in

Shares

Outstanding:

Shares

sold

100,000‌

600,001‌

Shares

redeemed

(50,000‌)

(50,000‌)

Net

Increase

(Decrease)

in

Shares

Outstanding

50,000‌

550,001‌

(a)

Commencement

of

operations.

FINANCIAL

HIGHLIGHTS

16

The

following

table

describes

the

performance

for

the

fiscal

periods

indicated

and

these

figures

have

been

derived

from

the

fund’s

financial

statements.

See

Notes

to

Financial

Statements

Year

Ended

June

30,

2023

For

the

Period

from

August

11,

2021

(a)

to

June

30,

2022

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

48.97‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

1.56‌

0.17‌

Net

realized

and

unrealized

gain

(loss)

on

investments

0.18‌

(0.94‌)

Total

from

Investment

Operations

1.74‌

(0.77‌)

Distributions:

Dividends

from

net

investment

income

(1.55‌)

(0.27‌)

Transaction

fees

(b)

0.00‌

(c)

0.01‌

Net

asset

value,

end

of

period

49.16‌

48.97‌

Market

price,

end

of

period

(d)

49.15‌

48.96‌

Net

Asset

Value

Total

Return

(%)

(e)

3.64‌

(1.54‌)

(f)

Market

Price

Total

Return

(%)

(e)

3.62‌

(1.55‌)

(f)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.12‌

0.12‌

(g)

Ratio

of

net

investment

income

to

average

net

assets

3.19‌

0.39‌

(g)

Portfolio

Turnover

Rate

(h)

20.55‌

43.10‌

Net

Assets,

end

of

period

($

x

1,000)

29,498‌

26,931‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Amount

represents

less

than

$0.01

per

share.

(d)

The

mean

between

the

last

bid

and

ask

prices.

(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.

(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

17

NOTE

1—Organization:

BNY

Mellon

Ultra

Short

Income

ETF (the “fund”) is a

separate

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

seventeen

series,

including

the

fund.

The

investment

objective

of

the

fund

is

to

seek

high

current

income

consistent

with

the

maintenance

of

liquidity

and

low

volatility

of

principal.

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. Dreyfus,

a

division

of

Mellon

Investments

Corporation (the

“Sub-Adviser”),

an

indirect wholly-

owned

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

the

fund’s

sub-adviser.

The

Bank

of

New

York

Mellon,

a

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

administrator,

custodian

and

transfer

agent

with

the

Trust.

BNY

Mellon

Securities

Corporation

(the

“Distributor”),

a

wholly-owned

subsidiary

of

the

Adviser,

is

the

distributor

of

the

fund’s

shares.

The

shares

of

the

fund

are

referred

to

herein

as

“Shares”

or

“fund’s

Shares.”

The

fund’s

Shares

are

listed

and

traded

on

NYSE

Arca,

Inc.

The

market

price

of

each

Share

may

differ

to

some

degree

from

the

fund’s

net

asset

value

(“NAV”).

Unlike

conventional

mutual

funds,

the

fund

issues

and

redeems

Shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

Shares,

each

called

a

“Creation

Unit.”

Creation

Units

are

issued

and

redeemed

principally

in

exchange

for

the

deposit

or

delivery

of

a

basket

of

securities.

Except

when

aggregated

in

Creation

Units

by

Authorized

Participants,

the

Shares

are

not

individually

redeemable

securities

of

the

fund.

Individual

fund

Shares

may

only

be

purchased

and

sold

on

the

NYSE

Arca,

Inc.,

other

national

securities

exchanges,

electronic

crossing

networks

and

other

alternative

trading

systems

through

your

broker-dealer

at

market

prices.

Because

fund

Shares

trade

at

market

prices

rather

than

at

NAV,

fund

Shares

may

trade

at

a

price

greater

than

NAV

(premium)

or

less

than

NAV

(discount).

When

buying

or

selling

Shares

in

the

secondary

market,

you

may

incur

costs

attributable

to

the

difference

between

the

highest

price

a

buyer

is

willing

to

pay

to

purchase

Shares

of

the

fund

(bid)

and

the

lowest

price

a

seller

is

willing

to

accept

for

Shares

of

the

fund

(ask). 

NOTE

2—Significant

Accounting

Policies: 

The

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

is

the

exclusive

reference

of

authoritative

U.S.

generally

accepted

accounting

principles

(“GAAP”)

recognized

by

the

FASB

to

be

applied

by

nongovernmental

entities.

Rules

and

interpretive

releases

of

the

SEC

under

authority

of

federal

laws

are

also

sources

of

authoritative

GAAP

for

SEC

registrants. The

fund

is an

investment

company

and

applies

the

accounting

and

reporting

guidance

of

the

FASB

ASC

Topic

946

Financial

Services-Investment

Companies. The

fund’s

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

18

financial

statements

are

prepared

in

accordance

with

GAAP,

which

may

require

the

use

of

management

estimates

and

assumptions.

Actual

results

could

differ

from

those

estimates.  

The

Trust

accounts

separately

for

the

assets,

liabilities

and

operations

of

each

series.

Expenses

directly

attributable

to

each

series

are

charged

to

that

series’

operations;

expenses

which

are

applicable

to

all

series

are

allocated

among

them

on

a

pro

rata

basis.

The

Trust

enters

into

contracts

that

contain

a

variety

of

indemnifications.

The

fund’s

maximum

exposure

under

these

arrangements

is

unknown.

The

fund

does

not

anticipate

recognizing

any

loss

related

to

these

arrangements. 

(a)

Portfolio

valuation:

The

fair

value

of

a

financial

instrument

is

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price).

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

of

valuation

techniques

used

to

measure

fair

value.

This

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Additionally,

GAAP

provides

guidance

on

determining

whether

the

volume

and

activity

in

a

market

has

decreased

significantly

and

whether

such

a

decrease

in

activity

results

in

transactions

that

are

not

orderly.

GAAP

requires

enhanced

disclosures

around

valuation

inputs

and

techniques

used

during

annual

and

interim

periods.

Various

inputs

are

used

in

determining

the

value

of

the

fund’s

investments

relating

to

fair

value

measurements.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

unadjusted

quoted

prices

in

active

markets

for

identical

investments.

Level

2

—

other

significant

observable

inputs

(including

quoted

prices

for

similar 

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Level

3

—

significant

unobservable

inputs

(including

the

fund’s

own

assumptions

in

determining

the

fair

value

of

investments).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

Valuation

techniques

used

to

value

the

fund’s

investments

are

as

follows:

Registered

investment

companies

that

are

not

traded

on

an

exchange

are

valued

at

their

net

asset

value

and

are

generally

categorized

within

Level 1

of

the

fair

value

hierarchy.

19

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

debt

securities

excluding

short-term

investments

(other

than

U.S.

Treasury

Bills)

are

valued

each

business

day

by

one

or

more

independent

pricing

services

(each,

a

“Service”)

approved

by the Board.

Investments

for

which

quoted

bid

prices

are

readily

available

and

are

representative

of

the

bid

side

of

the

market

in

the

judgment

of

a

Service

are

valued

at

the

mean

between

the

quoted

bid

prices

(as

obtained

by

a

Service

from

dealers

in

such

securities)

and

asked

prices

(as

calculated

by

a

Service

based

upon

its

evaluation

of

the

market

for

such

securities).

Securities

are

valued

as

determined

by

a

Service,

based

on

methods

which

include

consideration

of

the

following:

yields

or

prices

of

securities

of

comparable

quality,

coupon,

maturity

and

type;

indications

as

to

values

from

dealers;

and

general

market

conditions.

Each

Service

and

independent

valuation

firm

is

engaged

under

the

general

oversight

of

the

Board.

Overnight

and

certain

other

short-term

debt

instruments

(excluding

U.S.

Treasury

Bills)

will

be

valued

by

the

amortized

cost

method,

which

approximates

value,

unless

a

Service

provides

a

valuation

for

such

security

or,

in

the

opinion

of

the

Board

or

a

committee

or

other

persons

designated

by

the

Board,

the

amortized

cost

method

would

not

represent

fair

value. These

securities

are

generally

categorized

within

Level

2

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.

The

table

below

summarizes

the

inputs

used

as

of June

30,

2023

in

valuing

the

fund’s

investments:

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

20

Fair

Value

Measurements

(b) 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.

(c)

Affiliated

issuers:

Investments

in

other

investment

companies

advised

by

the

Adviser

are

defined

as

“affiliated”

under

the

Act. 

(d)

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.

The

value

of

a

security

may

also

decline

due

to

general

market

conditions

that

are

not

specifically

related

to

a

particular

company

or

industry,

such

as

real

or

perceived

adverse

economic

conditions,

changes

in

the

general

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates,

changes

to

inflation,

adverse

changes

to

credit

markets

or

adverse

investor

sentiment

generally.

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.

Recent

examples

include

pandemic

risks

related

to

COVID-19

and

aggressive

measures

taken

world-wide

in

response

by

governments,

including

closing

borders,

restricting

international

and

domestic

travel,

and

the

imposition

of

prolonged

quarantines

of

large

populations,

and

by

businesses,

including

changes

to

operations

and

reducing

staff.

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

($)

Investments

In

Securities:

†

Asset-Backed

Securities

—

2,298,404

—

2,298,404

Commercial

Paper

—

10,447,221

—

10,447,221

Corporate

Bonds

—

16,568,306

—

16,568,306

Investment

Companies

39,339

—

—

39,339

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

21

Debt

Risk:

The

fund

invests

in

debt

securities.

Failure

of

an

issuer

of

the

debt

securities

to

make

timely

interest

or

principal

payments,

or

a

decline

or

the

perception

of

a

decline

in

the

credit

quality

of

a

debt

security,

can

cause

the

debt

security’s

price

to

fall,

potentially

lowering

the

fund’s

share

price.

In

addition,

the

value

of

debt

securities

may

decline

due

to

general

market

conditions

that

are

not

specifically

related

to

a

particular

issuer,

such

as

real

or

perceived

adverse

economic

conditions,

changes

in

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates

or

adverse

investor

sentiment.

They

may

also

decline

because

of

factors

that

affect

a

particular

industry.

Commercial

Paper

Risk:

Commercial

paper

is

a

short-term

obligation

with

a

maturity

generally

ranging

from

one

to

270

days

and

is

issued

by

U.S.

or

foreign

companies

or

other

entities

in

order

to

finance

their

current

operations.

Such

investments

are

unsecured

and

usually

discounted

from

their

value

at

maturity.

The

value

of

commercial

paper

may

be

affected

by

changes

in

the

credit

rating

or

financial

condition

of

the

issuing

entities

and

will

tend

to

fall

when

interest

rates

rise

and

rise

when

interest

rates

fall.

(e)

Dividends

and

distributions

to

shareholders:

Dividends

and

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

income

are

normally

declared

and

paid

on

a

monthly

basis.

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.

(f)

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.

As

of

and

during

the period

ended June

30,

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 June

30,

2023,

the

fund

did

not

incur

any

interest

or

penalties.

Each

tax

year

in

the

two-year

period

ended

June

30,

2023

remains

subject

to

examination

by

the

Internal

Revenue

Service

and

state

taxing

authorities.

At June

30,

2023,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

undistributed

ordinary

income

$113,069,

accumulated

capital

losses

$156,066, and

unrealized depreciation

$420,060.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

22

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

June

30,

2023.

The

fund

has

$105,384

of

short-term

capital

losses

and

$50,682

of

long-

term

capital

losses

which

can

be

carried

forward

for

an

unlimited

period.

The

tax

character

of

distributions

paid

to

shareholders

during

the

fiscal

years

ended

June

30,

2023

and

June

30,

2022

were

as

follows:

ordinary

income

$878,254

and

$148,064,

respectively.

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

0.12%

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

expense,

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.

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

June

30,

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

23

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

0.06%

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 $2,904.

(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.

NOTE

4—Securities

Transactions:

The

aggregate

amount

of

purchases

and

sales

(including

paydowns,

if

any)

of

investment

securities,

excluding

short-term

securities

and

in-kind

transactions,

during

the

period

ended

June

30,

2023, amounted

to $6,778,498

and

$3,649,997,

respectively.

At June

30,

2023,

the

cost

of

investments

for

federal

income

tax

purposes

was

$29,773,330;

accordingly,

accumulated

net

unrealized

depreciation on

investments

for

federal

income

tax

purposes was

$420,060,

consisting

of

gross

appreciation

of

$14,552

and

gross

depreciation

of

$434,612.

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

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

24

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.

As

of

June

30,

2023,

BNY

Mellon

held

499,001

shares

of

the

fund.

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

June

30,

2023,

the

fund

had

no

in-kind

transactions.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

25

To

the

Shareholders

and

the

Board

of

Trustees

of

BNY

Mellon

Ultra

Short

Income

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BNY

Mellon

Ultra

Short

Income

ETF

(the

“Fund”)

(one

of

the

funds

constituting

BNY

Mellon

ETF

Trust

(the

“Trust”)),

including

the

statement

of

investments,

as

of

June

30,

2023,

and

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

June

30,

2023

and

the

period

from

August

11,

2021

(commencement

of

operations)

through

June

30,

2022

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

June

30,

2023,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

and

its

financial

highlights

for

the

year

ended

June

30,

2023

and

the

period

from

August

11,

2021

(commencement

of

operations)

through

June

30,

2022,

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

audits.

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

audits

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

audits,

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

audits

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

June

30,

2023,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

Our

audits

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

audits

provide

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

August

21,

2023

IMPORTANT

TAX

INFORMATION

(Unaudited)

26

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 June

30,

2023:

For

federal

tax

purposes

the

fund

hereby

reports

71.17%

of

ordinary

income

dividends

paid

during

the

fiscal

year

ended

June

30,

2023 as

qualifying

interest

related

dividends.

INFORMATION

ABOUT

THE

REVIEW

AND

RENEWAL

OF

THE

FUND’S

MANAGEMENT

AND

SUB-INVESTMENT

ADVISORY

AGREEMENTS

(Unaudited)

27

At

a

meeting

held

February

8,

2023,

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,

evaluated

(i)

a

proposal

to

continue

the

Management

Agreement

between

the

Trust

and

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”)

with

respect

to

the

BNY

Mellon

Ultra

Short

Income

ETF

(the

“fund”);

and

(ii)

a

proposal

to

continue

the

sub-investment

advisory

agreement

between

the

Adviser

and

Mellon

Investments

Corporation

(the

“Sub-

Adviser”),

an

affiliate

of

the

Adviser,

pursuant

to

which

Dreyfus,

a

division

of

the

Sub-Adviser,

provides

day-to-day

management

of

the

fund’s

investments

(each

of

the

Management

Agreement

and

the

sub-investment

advisory

agreement,

an

“Agreement,”

and

collectively,

the

“Agreements”).

The

Trustees

also

met

separately

to

consider

the

Agreements.

The

Trustees

were

advised

by

legal

counsel

throughout

the

process.

To

evaluate

the

Agreements,

the

Board

requested,

and

the

Adviser

and

the

Sub-Adviser

provided,

such

materials

as

the

Board,

with

the

advice

of

counsel,

deemed

reasonably

necessary.

In

addition,

the

Board

considered

information

it

reviewed

at

other

Board

and

Board

committee

meetings.

In

deciding

whether

to

approve

the

Agreements,

the

Board

considered

various

factors,

including

the

(i)

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

Sub-Adviser

under

each

respective

Agreement,

(ii)

investment

performance

of

the

fund,

(iii)

profits

realized

by

the

Adviser

and

its

affiliates

from

its

relationship

with

the

fund,

(iv)

fees

charged

to

comparable

funds,

(v)

other

benefits

to

the

Adviser,

Sub-Adviser

and/or

their

affiliates,

and

(vi)

extent

to

which

economies

of

scale

would

be

shared

as

the

fund

grows.

The

Board

considered

the

Agreements

for

the

fund

and

the

engagement

of

the

Adviser

and

the

Sub-Adviser

separately.

The

Board

reviewed

reports

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

which

included

information

(i)

comparing

the

fund’s

performance

with

the

performance

of

a

group

of

other

actively-managed

ultrashort

bond

exchange

traded

funds

(“ETFs”)

(the

“Performance

Group”)

and

with

a

broader

group

of

retail

and

institutional

ultrashort

bond

funds

and

ETFs

(the

“Performance

Universe”)

for

the

one-year

period

ended

December

31,

2022;

and

(ii)

comparing

the

fund’s

contractual

management

fees

and

total

expenses

with

a

group

of

other

actively-managed

ultrashort

bond

ETFs

(the

“Expense

Group”)

and,

with

respect

to

total

expenses,

with

a

broader

group

of

actively-managed

ultrashort

bond

ETFs

(the

“Expense

Universe”),

the

information

for

which

was

derived

in

part

from

fund

financial

statements

available

to

Broadridge

as

of

the

date

of

its

analysis.

Nature,

Extent

and

Quality

of

Services

The

Board

considered

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

Sub-Adviser.

In

doing

so,

the

Trustees

relied

on

their

prior

experience

in

overseeing

the

management

of

the

fund

and

the

materials

provided

prior

to

and

at

the

INFORMATION

ABOUT

THE

REVIEW

AND

RENEWAL

OF

THE

FUND’S

MANAGEMENT

AND

SUB-INVESTMENT

ADVISORY

AGREEMENTS

(Unaudited)

(continued)

28

meeting.

The

Board

reviewed

the

Agreements

and

the

Adviser’s

and

the

Sub-Adviser’s

responsibilities

for

managing

investment

operations

of

the

fund

in

accordance

with

the

fund’s

investment

objective

and

policies,

and

applicable

legal

and

regulatory

requirements.

The

Board

appreciated

the

nature

of

the

fund

as

an

exchange-traded

fund

and

considered

the

background

and

experience

of

the

Adviser’s

and

the

Sub-

Adviser’s

senior

management,

including

those

individuals

responsible

for

portfolio

management

and

regulatory

compliance

of

the

funds.

The

Board

also

considered

the

portfolio

management

resources,

structures

and

practices

of

the

Adviser

and

the

Sub-Adviser,

including

those

associated

with

monitoring

and

ensuring

the

fund’s

compliance

with

its

investment

objective

and

policies

and

with

applicable

laws

and

regulations.

The

Board

further

considered

information

about

the

Sub-Adviser’s

best

execution

procedures

as

well

as

the

Adviser’s

and

the

Sub-Adviser’s

overall

investment

management

business.

The

Board

looked

at

the

Adviser’s

general

knowledge

of

the

investment

management

business

and

that

of

its

affiliates,

including

the

Sub-Adviser.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered

the

Adviser’s

favorable

assessment

of

the

nature

and

quality

of

the

services

provided

by

the

Sub-Adviser.

Investment

Performance

The

Board

then

reviewed

the

results

of

the

fund’s

performance

comparisons

and

considered

that

the

fund's

total

return

performance

was

below

the

Performance

Group

and

Performance

Universe

medians

for

the

one-year

period.

The

Board

discussed

with

management

the

reasons

for

the

fund’s

underperformance,

noting

the

fund’s

performance

was

not

significantly

below

the

Performance

Group

and

Performance

Universe

medians

for

the

period.

Representatives

of

the

Adviser

noted

the

fund

is

managed

more

conservatively

than

certain

other

comparison

funds

and

discussed

the

effect

of

security

selection

on

the

Fund’s

relative

performance

during

the

period.

Representatives

of

the

Adviser

also

stated

that

the

usefulness

of

performance

comparisons

may

be

affected

by

a

number

of

factors,

including

different

investment

limitations

and

policies

that

may

be

applicable

to

the

fund

and

comparison

funds

and

the

end

date

selected.

Profits

Realized

by

the

Adviser

The

Board

considered

the

profitability

of

the

advisory

arrangement

with

the

fund

to

the

Adviser

and

its

affiliates.

The

Board

had

the

opportunity

to

discuss

with

representatives

of

the

Adviser

the

process

and

methodology

used

to

calculate

profitability.

Fees

Charged

to

Comparable

Funds

The

Board

evaluated

the

fund’s

unitary

fee

through

review

of

comparative

information

with

respect

to

fees

paid

by

similar

funds

-

i.e.,

other

actively-managed

ultrashort

bond

ETFs.

The

Board

explored

with

management

the

differences

between

the

fund’s

fee

29

and

fees

paid

by

similar

funds.

The

Board

noted

the

fund's

contractual

management

fee

was

lower

than

the

Expense

Group

median

and

the

fund's

total

expenses

were

lower

than

the

Expense

Group

median

and

the

Expense

Universe

median

total

expenses.

The

Board

considered

the

fee

paid

to

the

Sub-Adviser

in

relation

to

the

fee

paid

to

the

Adviser

by

the

fund

and

the

respective

services

provided

by

the

Sub-Adviser

and

the

Adviser.

The

Board

also

took

into

consideration

that

the

Sub-Adviser's

fee

is

paid

by

the

Adviser

and

not

the

fund.

Other

Benefits

The

Board

also

considered

whether

the

Adviser,

the

Sub-Adviser

or

their

affiliates

benefited

in

other

ways

from

their

relationship

with

the

funds,

noting

that

neither

the

Adviser

nor

the

Sub-Adviser

maintains

soft-dollar

arrangements

in

connection

with

the

fund’s

brokerage

transactions.

Economies

of

Scale

The

Board

reviewed

information

regarding

economies

of

scale

or

other

efficiencies

that

may

result

as

the

fund’s

assets

grow

in

size.

The

Board

noted

that

the

advisory

fee

rate

for

the

fund

did

not

provide

for

breakpoints

as

assets

of

the

fund

increases.

The

Adviser

asserted

that

one

of

the

benefits

of

the

unitary

fee

was

to

provide

an

unvarying

expense

structure,

which

could

be

lost

or

diluted

with

the

addition

of

breakpoints.

The

Board

noted

that

it

intends

to

continue

to

monitor

fees

as

the

fund

grows

in

size

and

assess

whether

fee

breakpoints

may

be

warranted.

Conclusion

After

weighing

the

foregoing

factors,

none

of

which

was

dispositive

in

itself

and

may

have

been

weighed

differently

by

each

Trustee,

the

Board

approved

the

continuation

of

the

Agreements

for

the

fund.

In

approving

the

continuance

of

the

Agreements,

the

Board

found

that

the

terms

of

the

Agreements

are

fair

and

reasonable

and

that

the

continuance

of

the

Agreements

are

in

the

best

interests

of

the

fund

and

its

shareholders.

BOARD

MEMBERS

INFORMATION

(Unaudited)

INDEPENDENT

BOARD

MEMBERS

30

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:

39,

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:

17

F.

Jack

Liebau,

Jr.

(59)

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:

17

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:

17

31

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:

17

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:

17

OFFICERS

OF

THE

TRUST

(Unaudited)

32

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

103

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

123

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

123

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

He

is

64

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

123

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

She

is

47

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

123

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

December

1996.

DEIRDRE

CUNNANE,

Vice

President

and

Assistant

Secretary

since

February

2020.

Managing

Counsel

of

BNY

Mellon

since

December

2021;

Counsel

of

BNY

Mellon

from

August

2018

to

December

2021;

and

Senior

Regulatory

Specialist

at

BNY

Mellon

Investment

Management

Services

from

February

2016

to

August

2018.

She

is

an

officer

of

54

investment

companies

(comprised

of

123

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

123

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;

Regulatory

Administration

Manager

at

BNY

Mellon

Investment

Management

Services from

September

2018

to

May

2019;

and

Senior

Regulatory

Specialist

at

BNY

Mellon

Investment

Management

Services

from

April

2015

to

August

2018.

She

is

an

officer

of

54

investment

companies

(comprised

of

123

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

33

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

Fund

Directors

Forum,

a

leading

funds

industry

organization,

from

2016

to

June

2022. 

She

is

an

officer

of

54

investment

companies

(comprised

of

123

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

103

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

103

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

He

is

46

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

123

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

He

is

54

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

123

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

123

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

123

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

116

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

She

is

54

years

old

and

OFFICERS

OF

THE

TRUST

(Unaudited)

(continued)

34

has

been

an

employee

of

the

Distributor

since

1997.

For

More

Information

2023

BNY

Mellon

Securities

Corporation

4862AR0623

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

info@bnymellon.com

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

Dreyfus,

a

division

of

Mellon

Investments

Corporation

BNY

Mellon

Center

One

Boston

Place

Boston,

MA

02108

BNY

Mellon

Securities

Corporation

240

Greenwich

Street

New

York,

NY

10286

Ticker

Symbol:

BNY

Mellon

Ultra

Short

Income

ETF

BKUI

BNY

Mellon

ETF

Trust

ANNUAL

REPORT

June

30,

2023

BNY

Mellon

Responsible

Horizons

Corporate

Bond

ETF

Contents

The

Fund

Save

time.

Save

paper.

View

your

next

shareholder

report

online

as

soon

as

it’s

available.

Log

into

www.

im.bnymellon.com

and

sign

up

for

eCommunications.

It’s

simple

and

only

takes

a

few

minutes.

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

8

Statement

of

Investments

9

Statement

of

Assets

and

Liabilities

20

Statement

of

Operations

21

Statement

of

Changes

in

Net

Assets

22

Financial

Highlights

23

Notes

to

Financial

Statements

24

Report

of

Independent

Registered

Public

Accounting

Firm

37

Important

Tax

Information

38

Information

About

the

Review

and

Renewal

of

the

Fund’s

Management

and

Sub-Investment

Advisory

Agreements

39

Board

Members

Information

42

Officers

of

the

Trust

44

FOR

MORE

INFORMATION

Back

Cover

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

3

For

the

12-month

period

from

July

1,

2022,

through

June

30,

2023,

as

provided

by

Portfolio

Managers,

Erin

Spalsbury,

CFA

and

Jonathan

William

Earle,

CFA,

of

Insight

North

America

LLC,

sub-adviser.

Market

and

Fund

Performance

Overview

For

the

12-month

period

ended

June

30,

2023,

the

BNY

Mellon

Responsible

Horizons

Corporate

Bond

ETF

(the

“fund”)

produced

a

net

asset

value

total

return

of

2.01%.

1

In

comparison,

the

ICE

BofA

U.S.

Corporate

Index

(the

“Index”)

achieved

a

total

return

of

1.68%

for

the

same

period.

2

Fixed-income

markets

produced

positive

returns

over

the

reporting

period

in

an

environment

of

tightening

monetary

conditions

and

declining

inflation.

Because

the

fund

cannot

hold

all

of

the

securities

in

the

Index,

the

difference

in

returns

between

the

fund

and

the

Index

is

due

primarily

to

active

management

decisions.

The

Fund’s

Investment

Approach

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

corporate

debt

securities

issued

by

companies

that

demonstrate

attractive

investment

attributes

and

attractive

business

practices

based

on

an

environmental,

social

and

governance

(ESG)

evaluation

methodology.

The

fund’s

investment

in

corporate

debt

securities

principally

includes

corporate

bonds,

notes

and

debentures

of

U.S.

and

non-U.S.

issuers,

including

the

securities

of

issuers

in

emerging-markets

countries.

The

fund

may,

from

time

to

time,

invest

a

significant

portion

(more

than

20%)

of

its

total

assets

in

securities

of

companies

in

certain

sectors

or

located

in

particular

countries

or

regions.

The

fund

currently

expects

to

invest

a

significant

portion

of

its

assets

in

securities

of

companies

located

in

the

broader

European

region.

Market

Aided

by

Easing

Inflation

Markets

were

affected

largely

by

monetary

tightening

by

central

banks

and

by

declining

inflation.

The

Federal

Reserve

(the

“Fed”)

increased

the

federal

funds

rate

350

basis

points

(bps)

over

the

reporting

period,

tightening

credit

conditions

and

bringing

down

inflation. 

The

pace

of

monetary

tightening

had

slowed

late

in

2022

and

early

2023

as

there

were

signs,

in

some

countries

more

than

others,

that

inflationary

pressures

were

beginning

to

subside.

U.S.

inflation

continued

its

trend

lower

from

its

peak

in

2022.

With

inflation

falling,

the

Fed

paused

its

rate-hiking

program

in

June

2023

to

assess

the

impacts. 

The

Fed’s

tightening

affected

financial

markets.

Treasury

yields

rose

significantly,

up

112

bps

on

the

five-year

bond,

82

bps

on

the

10

year

bond

and

68

bps

on

the

30

year

bond.

In

the

stock

market,

the

S&P

500

gained

19.5%

during

the

period,

though

16.9%

has

been

in

the

first

half

of

2023.

The

index

fell

20.2%

in

the

first

half

of

2022.

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

4

In

the

investment-grade

market,

credit

spreads

tightened

32

bps

over

the

period,

though

absolute

returns

were

negative,

and

spread

performance

over

the

period

was

volatile,

impacted

by

the

crisis

in

British

gilts

late

in

2022

and

the

regional

banking

crisis

in

March

2023.

Both

events

resulted

in

spikes

in

spreads,

but

markets

rebounded

quickly

as

central

banks

stepped

in

to

ensure

proper

market

functioning. 

Fundamentals

generally

remained

stable

in

the

investment-grade

market,

supported

by

continued

strength

in

earnings,

including

an

uptick

in

positive

earnings

surprises.

The

second

quarter

of

2023

was

dominated

by

the

primary

market,

which

was

robust,

as

many

corporates

issued

debt

to

finance

mergers

and

acquisitions.

The

high

yield

market

tightened

significantly,

with

spreads

tightening

by

179

bps,

from

569

bps

to

390

bps,

as

many

names

received

credit

rating

upgrades,

and

few

needed

to

borrow.

One-year

returns

in

the

high

yield

market

were

positive

and

all-in

yields

remained

attractive

at

more

than

8.5%.

While

flows

into

investment-grade

credit

were

negative

for

2022

and

turned

positive

in

2023,

flows

into

high

yield

were

mixed. 

Security

Selection

Aided

Performance

Security

selection

was

a

strong

contributor

to

the

fund’s

outperformance.

Sector

selection

was

strong

in

consumer

sectors,

capital

goods

and

REITs,

though

somewhat

poorer

in

the

banking

sector.

Leading

contributors

included

Italian

power

company

ENEL

Finance

America

LLC,

multinational

brewer

Anheuser-Busch

InBev

Worldwide,

Inc.,

Dutch

investment

firm

Prosus

,

and

Bank

of

America

Corp.

Exposure

to

credit

also

made

a

modest

contribution

as

spreads

rebounded

in

early

2023.

Duration

contributed

20

bps

to

performance

as

well,

as

periodic

short-duration

positioning

proved

favorable

when

the

Fed

repeatedly

raised

the

federal

funds

rate.

On

the

other

hand,

yield

curve

positioning

detracted

from

performance.

The

fund

was

overweight

in

the

short-to-intermediate

part

of

the

yield

curve

(less

than

10

years)

as

the

yield

curve

flattened

when

shorter

rates

rose

more

than

longer

rates.

Sector

selection

also

detracted,

with

our

overweight

to

the

banking

sector

and

REITs

and

our

underweight

to

foreign

agencies

hampering

returns.

This

was

partially

offset

by

overweight

to

the

automobile

sector

and

underweight

to

the

electric

utilities

sectors.

A

portion

of

the

positive

selection

effect

was

offset

somewhat

by

underperformance

from

Credit

Suisse

and

Citizens

Financial

Group,

Inc.

A

lack

of

exposure

to

gaming

companies,

such

as

Macau-based

Sands

China

,

a

subsidiary

of

Las

Vegas

Sands,

also

detracted.

These

rebounded

as

China’s

economy

reopened

in

the

wake

of

the

pandemic.

5

Rate

Hikes

Likely

Near

an

End

Despite

some

positive

economic

data,

the

risks

of

a

global

recession

remain.

Labor

markets

remain

robust,

particularly

in

services

sectors,

but

personal

savings

have

declined

due

to

higher

prices

and

increasing

rents

(though

savings

started

at

extraordinarily

high

levels). 

An

interest-rate

hike

is

expected

in

July

2023,

and

another

may

occur

in

September

2023,

but

the

Fed

is

likely

near

the

end

of

its

hiking

cycle,

and

we

do

not

expect

to

see

a

recession

in

2023.

We

do

recognize,

however,

that

recession

is

more

likely

in

the

first

half

of

2024.

We

continue

to

expect

spreads

on

investment-grade

credit

to

be

in

a

range

of

130

bps

to

170

bps

for

the

remainder

of

the

year,

given

that

strong

technical

factors

are

likely

to

keep

them

near

the

tight

end

of

the

range.

With

marginally

deteriorating

fundamentals,

spreads

could

widen

in

the

back

half

of

the

year,

however.

July

17,

2023

1

Total

return

includes

reinvestment

of

dividends

and

any

capital

gains

paid.

A

fund’s

net

asset

value

(NAV)

is

the

sum

of

all

its

assets

less

any

liabilities,

divided

by

the

number

of

shares

outstanding.

ETFs

are

bought

and

sold

at

market

prices,

not

NAV,

therefore

an

investor’s

return

at

market

price

may

differ

from

NAV.

Past

performance

is

no

guarantee

of

future

results.

Share

price,

yield

and

investment

return

fluctuate

such

that

upon

redemption,

fund

shares

may

be

worth

more

or

less

than

their

original

cost.

2

Source:

Lipper

Inc.

—

ICE

BofA

U.S.

Corporate

Index

is

an

unmanaged

index

comprised

of

U.S.

dollar

denominated

investment

grade,

fixed

rate

corporate

debt

securities

publicly

issued

in

the

U.S.

domestic

market

with

at

least

$250

million

outstanding.

Investors

cannot

invest

directly

in

any

index.

Bonds

are

subject

generally

to

interest-rate,

credit,

liquidity

and

market

risks,

to

varying

degrees,

all

of

which

are

more

fully

described

in

the

fund’s

prospectus.

Generally,

all

other

factors

being

equal,

bond

prices

are

inversely

related

to

interest-rate

changes,

and

rate

increases

can

cause

price

declines.

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.

The

fund’s

incorporation

of

ESG

considerations

into

its

investment

approach

may

cause

it

to

make

different

investments

than

funds

that

invest

principally

in

corporate

bonds

but

do

not

incorporate

ESG

considerations

when

selecting

investments.

Under

certain

economic

conditions,

this

could

cause

the

fund

to

underperform

funds

that

do

not

incorporate

ESG

considerations.

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,

and

the

fund's

use

of

derivatives

may

result

in

losses

to

the

fund

and

increased

portfolio

volatility.

Please

note:

the

position

in

any

security

highlighted

with

italicized

typeface

was

sold

during

the

reporting

period.

FUND

PERFORMANCE

(Unaudited)

6

Comparison

of

change

in

value

of

a

$10,000

investment

in

BNY

Mellon

Responsible

Horizons

Corporate

Bond

ETF

with

a

hypothetical

investment

of

$10,000

in

the

ICE

BofA

U.S.

Corporate

Index

(the

“Index”).

†

Source:

FactSet

Past

performance

is

not

predictive

of

future

performance.

The

above

graph

compares

a

hypothetical

$10,000

investment

made

in

BNY

Mellon

Responsible

Horizons

Corporate

Bond

ETF

on

3/21/22

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

a

float

adjusted

market

capitalization

weighted

index

that

is

designed

to

measure

the

performance

of

U.S.

large-capitalization

stocks.

The

Index’s

initial

universe

of

eligible

securities

includes

common

stocks,

tracking

stock

and

shares

of

real

estate

investment

trusts

(REITs)

issued

by

U.S.

companies

and

traded

on

the

New

York

Stock

Exchange,

NASDAQ,

or

NYSE

Market

LLC.

At

each

reconstitution,

the

initial

universe

is

screened

to

exclude

securities

based

on

the

number

of

non-trading

days

in

the

preceding

quarter

and

trading

volume

during

the

preceding

six-month

period.

Securities

with

more

than

10

non-trading

days

in

the

preceding

quarter,

or

that

have

a

bottom

25%

liquidity

score

as

ranked

by

the

index

provider

based

on

the

preceding

six-

month

trading

volume,

are

excluded.

The

remaining

securities

comprise

the

investable

universe.

The

Index

is

composed

of

the

6

securities

of

companies

whose

cumulative

total

market

capitalization

represents

approximately

the

top

70%

of

the

remaining

securities

comprising

the

investable

universe.

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

Average

Annual

Total

Returns

as

of

June

30,

2023

Inception

Date

1

Year

From

Inception

BNY

Mellon

Responsible

Horizons

Corporate

Bond

ETF

Net

Asset

Value

Return

3/21/22

2.01%

(5.06)%

Market

Price

Return

3/21/22

1.69%

(4.86)%

ICE

BofA

U.S.

Corporate

Index

3/21/22

1.68%

(4.33)%

7

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.

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

8

As

a

shareholder

of

the

fund,

you

pay

ongoing

expenses,

such

as

management

fees

and

other

expenses.

Using

the

information

below,

you

can

estimate

how

these

expenses

affect

your

investment

and

compare

them

with

the

expenses

of

other

funds.

For

more

information,

see

your

fund’s

prospectus

or

talk

to

your

financial

adviser.

Actual

Expenses

The

information

under

each

column

in

the

table

below

entitled

“Actual”

provides

information

about

on

how

much

a

$1,000

investment

would

be

worth

at

the

close

of

the

period,

assuming

net

asset

value

total

returns

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

for

the

fund

under

the

heading

entitled

“Expenses

paid

for

the

period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

For

Comparison

Purposes

The

Securities

and

Exchange

Commission

(“SEC”)

has

established

guidelines

to

help

investors

assess

fund

expenses.

The

information

under

each

column

in

the

table

entitled

“Hypothetical”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

ending

account

values

and

expenses

paid

for

the

period

in

the

table

are

useful

in

comparing

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

For

the

six

months

ended

June

30,

2023

(a)

Expenses

are

calculated

using

the

annualized

expense

ratio,

which

represents

the

ongoing

expenses

as

a

percentage

of

net

assets

for

the

six-month

period

ended

June

30,

2023.

Expenses

are

calculated

by

multiplying

the

fund’s

annualized

expense

ratio

by

the

average

account

value

for

the

period,

then

multiplying

the

result

by

181/365.

Beginning

account

value

($)

Ending

account

value($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

(a)

Hypothetical

(a)

1,000.00

1,000.00

1,034.10

1,023.06

1.77

1.76

0.35

STATEMENT

OF

INVESTMENTS

June

30,

2023

9

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.7%

Airlines

–

0.3%

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.,

4.75%,

10/20/2028

(a)

80,000

77,720

77,720

Auto

Manufacturers

–

2.9%

Ford

Motor

Co.

3.25%,

2/12/2032

75,000

59,070

6.10%,

8/19/2032

35,000

33,955

General

Motors

Co.

5.60%,

10/15/2032

(b)

142,000

137,448

5.95%,

4/01/2049

140,000

130,912

Mercedes-Benz

Finance

North

America

LLC,

1.45%,

3/02/2026

(a)

150,000

136,217

Stellantis

Finance

US,

Inc.,

2.69%,

9/15/2031

(a)

200,000

159,915

657,517

Banks

–

22.1%

Bank

of

America

Corp.

3.82%,

1/20/2028

165,000

156,122

5.20%,

4/25/2029

113,000

111,836

3.19%,

7/23/2030

200,000

176,448

2.57%,

10/20/2032

134,000

109,195

5.29%,

4/25/2034

65,000

64,425

Bank

of

Nova

Scotia

(The),

4.85%,

2/01/2030

108,000

104,304

Canadian

Imperial

Bank

of

Commerce,

5.00%,

4/28/2028

100,000

98,460

Citigroup,

Inc.

3.11%,

4/08/2026

125,000

119,410

3.98%,

3/20/2030

195,000

180,468

6.17%,

5/25/2034

54,000

54,500

Citizens

Financial

Group,

Inc.,

5.64%,

5/21/2037

80,000

68,963

Cooperatieve

Rabobank

UA,

1.00%,

9/24/2026

(a)

250,000

223,457

Deutsche

Bank

AG,

7.08%,

2/10/2034

200,000

185,091

Goldman

Sachs

Group,

Inc.

(The)

1.09%,

12/09/2026

150,000

133,748

2.64%,

2/24/2028

60,000

54,487

4.41%,

4/23/2039

220,000

192,174

HSBC

Holdings

PLC,

6.33%,

3/09/2044

200,000

207,520

JPMorgan

Chase

&

Co.

0.77%,

8/09/2025

300,000

282,662

3.88%,

7/24/2038

170,000

146,866

3.11%,

4/22/2051

100,000

69,984

Morgan

Stanley

3.88%,

1/27/2026

250,000

241,414

4.68%,

7/17/2026

130,000

127,623

1.93%,

4/28/2032

250,000

195,276

5.95%,

1/19/2038

38,000

37,529

NatWest

Group

PLC,

7.47%,

11/10/2026

200,000

204,670

Nordea

Bank

Abp,

5.38%,

9/22/2027

(a)

200,000

197,599

STATEMENT

OF

INVESTMENTS

(continued)

10

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.7%

(continued)

Banks

–

22.1%

(continued)

PNC

Financial

Services

Group,

Inc.

(The)

4.76%,

1/26/2027

250,000

244,453

4.63%,

6/06/2033

95,000

87,452

Societe

Generale

SA,

6.22%,

6/15/2033

(a)

200,000

186,358

Sumitomo

Mitsui

Financial

Group,

Inc.,

2.35%,

1/15/2025

200,000

189,736

Truist

Financial

Corp.

6.05%,

6/08/2027

14,000

14,012

5.87%,

6/08/2034

10,000

10,009

UBS

Group

AG

2.59%,

9/11/2025

(a)

250,000

238,396

1.49%,

8/10/2027

(a)

200,000

171,903

US

Bancorp,

5.78%,

6/12/2029

86,000

86,032

Westpac

Banking

Corp.,

2.67%,

11/15/2035

50,000

38,409

5,010,991

Beverages

–

1.2%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.,

4.90%,

2/01/2046

100,000

95,663

Anheuser-Busch

InBev

Worldwide,

Inc.

4.60%,

4/15/2048

73,000

67,831

5.55%,

1/23/2049

100,000

105,496

268,990

Biotechnology

–

1.5%

Amgen,

Inc.

1.65%,

8/15/2028

75,000

64,189

5.25%,

3/02/2030

33,000

33,091

5.60%,

3/02/2043

33,000

33,123

4.66%,

6/15/2051

100,000

89,644

4.88%,

3/01/2053

22,000

20,257

5.65%,

3/02/2053

31,000

31,416

Illumina,

Inc.,

5.75%,

12/13/2027

68,000

68,341

340,061

Building

Materials

–

1.4%

Builders

FirstSource,

Inc.,

6.38%,

6/15/2032

(a)

28,000

27,849

Carrier

Global

Corp.,

2.72%,

2/15/2030

150,000

129,232

Johnson

Controls

International

PLC

/

Tyco

Fire

&

Security

Finance

SCA,

4.90%,

12/01/2032

94,000

93,196

Trane

Technologies

Financing

Ltd.,

5.25%,

3/03/2033

60,000

60,770

311,047

Chemicals

–

2.7%

Braskem

Netherlands

Finance

BV,

4.50%,

1/31/2030

(a)

200,000

171,963

Dow

Chemical

Co.

(The),

6.30%,

3/15/2033

(b)

33,000

35,516

Nutrien

Ltd.

4.00%,

12/15/2026

200,000

192,126

4.90%,

3/27/2028

12,000

11,779

11

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.7%

(continued)

Chemicals

–

2.7%

(continued)

Sherwin-Williams

Co.

(The),

3.45%,

6/01/2027

200,000

188,617

600,001

Commercial

Services

–

1.7%

Ashtead

Capital,

Inc.,

4.25%,

11/01/2029

(a)

200,000

181,689

ERAC

USA

Finance

LLC

3.80%,

11/01/2025

(a)

125,000

119,628

4.90%,

5/01/2033

(a)

77,000

75,304

376,621

Computers

–

4.3%

Apple,

Inc.

2.20%,

9/11/2029

100,000

87,803

4.65%,

2/23/2046

100,000

98,722

3.95%,

8/08/2052

25,000

22,052

4.10%,

8/08/2062

33,000

28,918

Dell

International

LLC

/

EMC

Corp.

3.38%,

12/15/2041

(a)

80,000

56,485

3.45%,

12/15/2051

(a)

70,000

47,012

Hewlett

Packard

Enterprise

Co.,

1.45%,

4/01/2024

125,000

121,023

HP,

Inc.,

1.45%,

6/17/2026

130,000

116,706

International

Business

Machines

Corp.,

1.95%,

5/15/2030

160,000

132,640

Kyndryl

Holdings,

Inc.

3.15%,

10/15/2031

40,000

30,036

4.10%,

10/15/2041

40,000

26,758

Lenovo

Group

Ltd.,

6.54%,

7/27/2032

(a)

200,000

201,915

970,070

Diversified

Financial

Services

–

4.0%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust,

3.85%,

10/29/2041

150,000

114,077

Ally

Financial,

Inc.

3.88%,

5/21/2024

100,000

97,705

8.00%,

11/01/2031

100,000

103,896

Capital

One

Financial

Corp.,

2.36%,

7/29/2032

79,000

55,832

Discover

Financial

Services,

6.70%,

11/29/2032

89,000

91,725

Intercontinental

Exchange,

Inc.

4.60%,

3/15/2033

80,000

77,687

4.95%,

6/15/2052

24,000

22,854

LSEGA

Financing

PLC,

1.38%,

4/06/2026

(a)

200,000

178,460

NASDAQ,

Inc.,

5.95%,

8/15/2053

27,000

27,665

Synchrony

Financial,

4.38%,

3/19/2024

150,000

147,108

917,009

Electric

–

5.4%

Avangrid,

Inc.,

3.20%,

4/15/2025

130,000

123,682

STATEMENT

OF

INVESTMENTS

(continued)

12

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.7%

(continued)

Electric

–

5.4%

(continued)

Consolidated

Edison

Co.

of

New

York,

Inc.

Series

05-A,

5.30%,

3/01/2035

135,000

133,523

Series

A,

4.13%,

5/15/2049

100,000

82,147

Electricite

de

France

SA,

9.13%

(a)(c)

200,000

205,596

ENEL

Finance

America

LLC,

7.10%,

10/14/2027

(a)

200,000

210,298

ENEL

Finance

International

NV,

5.00%,

6/15/2032

(a)

200,000

189,218

Eversource

Energy,

Series

R,

1.65%,

8/15/2030

110,000

87,314

New

England

Power

Co.,

5.94%,

11/25/2052

(a)

71,000

74,307

Public

Service

Electric

&

Gas

Co.

4.65%,

3/15/2033

80,000

78,564

5.13%,

3/15/2053

44,000

44,426

1,229,075

Entertainment

–

1.1%

Warnermedia

Holdings,

Inc.

3.64%,

3/15/2025

150,000

144,760

5.14%,

3/15/2052

67,000

54,599

5.39%,

3/15/2062

50,000

40,782

240,141

Environmental

Control

–

0.5%

Waste

Management,

Inc.,

4.63%,

2/15/2030

115,000

113,397

113,397

Food

–

2.4%

General

Mills,

Inc.,

4.95%,

3/29/2033

134,000

132,862

JM

Smucker

Co.

(The),

4.25%,

3/15/2035

50,000

45,424

Kraft

Heinz

Foods

Co.

3.88%,

5/15/2027

100,000

96,067

5.20%,

7/15/2045

55,000

52,407

5.50%,

6/01/2050

56,000

55,592

SYSCO

Corp.,

2.40%,

2/15/2030

175,000

149,193

531,545

Forest

Products

&

Paper

–

0.4%

Suzano

Austria

GmbH,

3.75%,

1/15/2031

100,000

85,417

85,417

Gas

–

0.2%

Atmos

Energy

Corp.,

5.50%,

6/15/2041

55,000

55,168

55,168

Healthcare-Products

–

2.4%

Alcon

Finance

Corp.,

5.38%,

12/06/2032

(a)

200,000

202,803

Medtronic

Global

Holdings

SCA,

1.75%,

7/02/2049

100,000

69,541

Thermo

Fisher

Scientific,

Inc.,

1.50%,

10/01/2039

100,000

76,762

Zimmer

Biomet

Holdings,

Inc.,

1.45%,

11/22/2024

200,000

188,430

537,536

13

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.7%

(continued)

Healthcare-Services

–

2.4%

HCA,

Inc.

5.25%,

6/15/2026

150,000

148,413

4.63%,

3/15/2052

(a)

55,000

45,245

Roche

Holdings,

Inc.,

2.08%,

12/13/2031

(a)

200,000

164,892

UnitedHealth

Group,

Inc.

5.15%,

10/15/2025

43,000

43,134

3.05%,

5/15/2041

50,000

38,692

5.88%,

2/15/2053

25,000

27,795

4.95%,

5/15/2062

29,000

27,922

6.05%,

2/15/2063

42,000

47,537

543,630

Home

Builders

–

0.3%

KB

Home,

4.00%,

6/15/2031

28,000

24,175

PulteGroup,

Inc.,

5.50%,

3/01/2026

50,000

49,743

73,918

Insurance

–

3.4%

Allstate

Corp.

(The),

3.85%,

8/10/2049

50,000

38,910

Jackson

Financial,

Inc.,

1.13%,

11/22/2023

250,000

245,464

Liberty

Mutual

Group,

Inc.,

4.30%,

2/01/2061

(a)

54,000

34,123

Marsh

&

McLennan

Cos.,

Inc.,

5.45%,

3/15/2053

50,000

50,953

MetLife,

Inc.

6.40%,

12/15/2036

100,000

99,931

5.00%,

7/15/2052

8,000

7,527

Metropolitan

Life

Global

Funding

I,

1.55%,

1/07/2031

(a)

150,000

116,831

Principal

Life

Global

Funding

II,

0.88%,

1/12/2026

(a)

200,000

177,949

771,688

Internet

–

0.3%

Amazon.com,

Inc.,

2.88%,

5/12/2041

100,000

77,202

77,202

Lodging

–

0.5%

Marriott

International,

Inc.

5.00%,

10/15/2027

38,000

37,724

Series

HH,

2.85%,

4/15/2031

90,000

75,728

113,452

Media

–

2.9%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

6.48%,

10/23/2045

60,000

56,447

4.40%,

12/01/2061

50,000

33,794

Comcast

Corp.

4.15%,

10/15/2028

55,000

53,317

4.65%,

2/15/2033

225,000

223,465

2.94%,

11/01/2056

150,000

97,789

STATEMENT

OF

INVESTMENTS

(continued)

14

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.7%

(continued)

Media

–

2.9%

(continued)

Walt

Disney

Co.

(The)

3.35%,

3/24/2025

150,000

145,423

3.50%,

5/13/2040

68,000

56,281

666,516

Mining

–

0.2%

Newmont

Corp.,

2.80%,

10/01/2029

60,000

51,641

51,641

Miscellaneous

Manufacturing

–

0.6%

Eaton

Corp.

4.15%,

3/15/2033

119,000

113,101

4.70%,

8/23/2052

13,000

12,479

125,580

Oil

&

Gas

–

3.9%

AKER

BP

ASA

5.60%,

6/13/2028

(a)

300,000

298,026

3.10%,

7/15/2031

(a)

200,000

165,635

BP

Capital

Markets

America,

Inc.

3.54%,

4/06/2027

200,000

191,076

3.00%,

2/24/2050

65,000

45,367

Ecopetrol

SA,

8.88%,

1/13/2033

25,000

24,777

Parkland

Corp.,

4.50%,

10/01/2029

(a)

50,000

43,425

TotalEnergies

Capital

International

SA,

3.13%,

5/29/2050

90,000

65,460

TotalEnergies

Capital

SA,

3.88%,

10/11/2028

60,000

57,557

891,323

Oil

&

Gas

Services

–

0.8%

Schlumberger

Holdings

Corp.,

4.30%,

5/01/2029

(a)

200,000

190,634

190,634

Packaging

&

Containers

–

0.1%

Ball

Corp.,

6.00%,

6/15/2029

(b)

27,000

26,831

26,831

Pharmaceuticals

–

6.6%

AbbVie,

Inc.

2.60%,

11/21/2024

250,000

239,988

4.05%,

11/21/2039

150,000

130,674

4.25%,

11/21/2049

35,000

30,232

AstraZeneca

Finance

LLC,

2.25%,

5/28/2031

150,000

126,645

CVS

Health

Corp.

5.13%,

2/21/2030

115,000

114,277

5.25%,

1/30/2031

23,000

22,935

5.63%,

2/21/2053

60,000

59,691

5.88%,

6/01/2053

8,000

8,210

ELI

Lilly

&

Co.,

4.70%,

2/27/2033

45,000

45,607

15

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.7%

(continued)

Pharmaceuticals

–

6.6%

(continued)

Merck

&

Co.,

Inc.

4.90%,

5/17/2044

48,000

48,155

2.75%,

12/10/2051

50,000

34,541

5.15%,

5/17/2063

14,000

14,312

Pfizer

Investment

Enterprises

Pte

Ltd.

5.30%,

5/19/2053

46,000

47,862

5.34%,

5/19/2063

72,000

72,920

Pfizer,

Inc.,

2.63%,

4/01/2030

240,000

213,498

Shire

Acquisitions

Investments

Ireland

DAC,

3.20%,

9/23/2026

100,000

93,932

Takeda

Pharmaceutical

Co.

Ltd.,

5.00%,

11/26/2028

200,000

198,928

1,502,407

Pipelines

–

2.4%

Enbridge,

Inc.

0.55%,

10/04/2023

150,000

148,093

5.50%,

7/15/2077

60,000

53,511

Galaxy

Pipeline

Assets

Bidco

Ltd.,

2.16%,

3/31/2034

(a)

177,420

151,081

ONEOK,

Inc.,

7.15%,

1/15/2051

100,000

104,767

Williams

Cos.,

Inc.

(The),

5.75%,

6/24/2044

80,000

78,060

535,512

Real

Estate

–

5.3%

Alexandria

Real

Estate

Equities,

Inc.,

1.88%,

2/01/2033

167,000

122,233

American

Homes

4

Rent

LP

2.38%,

7/15/2031

100,000

79,552

4.30%,

4/15/2052

34,000

26,579

Boston

Properties

LP,

2.75%,

10/01/2026

100,000

88,373

Crown

Castle,

Inc.,

1.05%,

7/15/2026

127,000

111,279

Equinix,

Inc.,

1.00%,

9/15/2025

(b)

100,000

90,343

Extra

Space

Storage

LP

3.90%,

4/01/2029

16,000

14,597

2.35%,

3/15/2032

65,000

50,875

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

7/15/2032

(a)

50,000

43,236

ProLogis

Euro

Finance

LLC,

1.50%,

9/10/2049

100,000

59,733

Public

Storage,

1.95%,

11/09/2028

125,000

107,320

Rexford

Industrial

Realty

LP,

5.00%,

6/15/2028

135,000

131,256

Simon

Property

Group

LP

1.75%,

2/01/2028

100,000

85,614

3.25%,

9/13/2049

75,000

50,489

WP

Carey,

Inc.,

3.85%,

7/15/2029

160,000

145,436

1,206,915

Retail

–

1.9%

7-Eleven,

Inc.,

2.50%,

2/10/2041

(a)

100,000

67,012

Home

Depot,

Inc.

(The),

3.50%,

9/15/2056

150,000

115,531

STATEMENT

OF

INVESTMENTS

(continued)

16

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.7%

(continued)

Retail

–

1.9%

(continued)

Lowe's

Cos.,

Inc.

1.70%,

9/15/2028

50,000

42,408

2.80%,

9/15/2041

100,000

70,803

4.25%,

4/01/2052

6,000

4,901

5.63%,

4/15/2053

47,000

47,009

4.45%,

4/01/2062

37,000

29,745

Macy's

Retail

Holdings

LLC,

5.88%,

3/15/2030

(a)

67,000

59,777

437,186

Semiconductors

–

1.7%

Advanced

Micro

Devices,

Inc.,

4.39%,

6/01/2052

46,000

41,927

Intel

Corp.

5.20%,

2/10/2033

37,000

37,370

5.63%,

2/10/2043

30,000

30,487

5.70%,

2/10/2053

12,000

12,216

KLA

Corp.,

5.25%,

7/15/2062

41,000

41,544

Micron

Technology,

Inc.,

5.88%,

9/15/2033

72,000

71,385

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.,

3.25%,

5/11/2041

120,000

87,446

Qualcomm,

Inc.,

1.65%,

5/20/2032

50,000

39,489

Texas

Instruments,

Inc.,

5.05%,

5/18/2063

31,000

31,088

392,952

Software

–

3.1%

Fidelity

National

Information

Services,

Inc.,

1.15%,

3/01/2026

130,000

116,032

Microsoft

Corp.

2.70%,

2/12/2025

200,000

192,974

2.68%,

6/01/2060

100,000

67,152

Oracle

Corp.

4.65%,

5/06/2030

49,000

47,374

3.65%,

3/25/2041

100,000

77,108

4.00%,

7/15/2046

50,000

38,463

5.55%,

2/06/2053

48,000

46,515

VMware,

Inc.,

1.40%,

8/15/2026

130,000

114,859

700,477

Telecommunications

–

3.6%

AT&T,

Inc.

2.30%,

6/01/2027

100,000

89,984

2.55%,

12/01/2033

200,000

157,164

3.50%,

6/01/2041

100,000

76,865

3.55%,

9/15/2055

50,000

35,040

Rogers

Communications,

Inc.

4.50%,

3/15/2042

(a)

80,000

66,482

4.55%,

3/15/2052

(a)

62,000

49,905

T-Mobile

USA,

Inc.,

3.50%,

4/15/2031

150,000

132,507

17

Description

Principal

Amount

($)

Value

($)

Corporate

Bonds

–

97.7%

(continued)

Telecommunications

–

3.6%

(continued)

Verizon

Communications,

Inc.

1.50%,

9/18/2030

100,000

79,086

2.85%,

9/03/2041

60,000

42,722

3.88%,

3/01/2052

100,000

78,951

808,706

Transportation

–

3.2%

Canadian

National

Railway

Co.,

4.40%,

8/05/2052

23,000

21,134

Canadian

Pacific

Railway

Co.

1.75%,

12/02/2026

50,000

44,958

2.45%,

12/02/2031

8,000

7,011

CSX

Corp.,

3.95%,

5/01/2050

90,000

73,715

FedEx

Corp.,

4.75%,

11/15/2045

84,000

74,739

Ryder

System,

Inc.,

5.65%,

3/01/2028

80,000

80,120

Simpar

Europe

SA,

5.20%,

1/26/2031

(a)

200,000

158,951

Union

Pacific

Corp.

2.15%,

2/05/2027

225,000

205,715

4.95%,

9/09/2052

58,000

57,657

724,000

Total

Corporate

Bonds

(cost

$23,812,219)

22,162,876

Municipal

Securities

–

0.1%

California

Health

Facilities

Financing

Authority,

RB,

Series

2022,

4.35%,

6/01/2041

10,000

9,226

Total

Municipal

Securities

(cost

$10,000)

9,226

U.S.

Treasury

Government

Securities

–

0.5%

U.S.

Treasury

Bonds

3.88%,

2/15/2043

31,000

30,235

4.00%,

11/15/2052

84,000

86,310

Total

U.S.

Treasury

Government

Securities

(cost

$117,017)

116,545

Shares

Investment

Companies

–

0.4%

Registered

Investment

Companies

–

0.4%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

5.07%

(d)(e)

(cost

$100,316)

100,316

100,316

Investment

of

Cash

Collateral

for

Securities

Loaned

–

1.3%

Registered

Investment

Companies

–

1.3%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

5.07%

(d)(e)

(cost

$299,170)

299,170

299,170

Total

Investments

(cost

$24,338,722)

100.0%

22,688,133

Liabilities,

Less

Cash

and

Receivables

0.0%

(6,241)

Net

Assets

100.0%

22,681,892

STATEMENT

OF

INVESTMENTS

(continued)

18

RB—Revenue

Bond

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

June

30,

2023,

these

securities

were

valued

at

$5,167,296

or

22.78%

of

net

assets.

(b)

Security,

or

portion

thereof,

on

loan.

At

June

30,

2023,

the

value

of

the

fund’s

securities

on

loan

was

$290,139

and

the

value

of

the

collateral

was

$299,170,

consisting

of

cash

collateral.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

(c)

Perpetual

bond

with

no

specified

maturity

date.

(d)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(e)

The

rate

shown

is

the

1-day

yield

as

of

June

30,

2023.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

June

30,

2023

are

as

follows:

Description

Value

6/30/22

Purchases

($)

1

Sales

($)

Value

6/30/23

Dividends/

Distributions

($)

Investment

Companies

–

0.4%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

358,629

6,274,141

(6,532,454)

100,316

7,645

Investment

of

Cash

Collateral

for

Securities

Loaned

–

1.3%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

426,428

4,339,544

(4,466,802)

299,170

2,147

2

Total

–

1.7%

785,057

10,613,685

(10,999,256)

399,486

9,792

1

Includes

reinvested

dividends/distributions.

2

Represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Portfolio

Summary

(Unaudited)

†

Value

(%)

Financial

34.8

Consumer,

Non-cyclical

18.2

Technology

9.1

Energy

7.1

Consumer,

Cyclical

7.0

Communications

6.8

Industrial

5.8

Utilities

5.6

Basic

Materials

3.3

Registered

Investment

Companies

1.7

Government

0.6

100.0

†

Based

on

net

assets.

19

See

Notes

to

Financial

Statements

Futures

Description

Number

of

Contracts

Expiration

Notional

Value

($)

Market

Value

($)

Unrealized

Appreciation

(Depreciation)

($)

Futures

Long

U.S.

Treasury

Long

Bonds

11

9/20/2023

1,399,360

1,395,969

(3,391)

U.S.

Treasury

5

Year

Notes

7

9/29/2023

758,910

749,656

(9,254)

U.S.

Treasury

Ultra

Bonds

2

9/20/2023

269,757

272,438

2,681

Futures

Short

Euro-Buxl

2

9/7/2023

300,226

*

304,664

(4,438)

U.S.

Treasury

10

Year

Notes

3

9/20/2023

340,073

336,797

3,276

U.S.

Treasury

10

Year

Ultra

Notes

9

9/20/2023

1,079,621

1,065,938

13,683

Gross

Unrealized

Appreciation

19,640

Gross

Unrealized

Depreciation

(17,083)

*

Notional

amounts

in

foreign

currency

have

been

converted

to

USD

using

relevant

foreign

exchange

rates.

Forward

Foreign

Currency

Exchange

Contracts

Counterparty

/

Purchased

Currency

Purchased

Currency

Amounts

Currency

Sold

Sold

Currency

Amounts

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

Goldman

Sachs

&

Co.

United

States

Dollar

123,443

Euro

112,000

7/18/2023

1,110

United

States

Dollar

222,057

Euro

205,000

8/8/2023

(2,099)

Gross

Unrealized

Appreciation

1,110

Gross

Unrealized

Depreciation

(2,099)

STATEMENT

OF

ASSETS

AND

LIABILITIES

June

30,

2023

20

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments

(including

securities

on

loan,

valued

at

$290,139)—Note

2(c):

–

Unaffiliated

issuers

23,939,236

22,288,647‌

Affiliated

issuers

399,486

399,486‌

Cash

denominated

in

foreign

currency

46

46‌

Interest

receivable

227,215‌

Receivable

for

futures

variation

margin—Note

4

72,065‌

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts—Note

4

1,110‌

Dividends

receivable

705‌

Securities

lending

income

receivable

385‌

22,989,659‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—

Note

3(b)

6,498‌

Liability

for

securities

on

loan—Note

2(c)

299,170‌

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts—Note

4

2,099‌

307,767‌

Net

Assets

($)

22,681,892‌

Composition

of

Net

Assets

($):

Paid-in

capital

25,050,050‌

Total

distributable

earnings

(loss)

(2,368,158‌)

Net

Assets

($)

22,681,892‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

500,001‌

Net

asset

value

per

share

45.36‌

Market

price

per

share

45.47‌

STATEMENT

OF

OPERATIONS

Year

Ended

June

30,

2023

21

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends:

Affiliated

issuers

7,645‌

Interest

978,821‌

Income

from

securities

lending—Note

2(c)

2,147‌

Total

Income

988,613‌

Expenses:

Management

fee—Note

3(a)

79,396‌

Total

Expenses

79,396‌

Net

Investment

Income

909,217‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

(651,494‌)

Net

realized

gain

(loss)

on

futures

81,364‌

Net

realized

gain

(loss)

on

forward

foreign

currency

exchange

contracts

(1,984‌)

Net

realized

gain

(loss)

(572,114‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

transactions

155,537‌

Net

change

in

unrealized

appreciation

(depreciation)

on

futures

(37,154‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

forward

foreign

currency

exchange

contracts

(13,271‌)

Net

change

in

unrealized

appreciation

(depreciation)

105,112‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

(467,002‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

442,215‌

STATEMENT

OF

CHANGES

IN

NET

ASSETS

22

See

Notes

to

Financial

Statements

Year

Ended

June

30,

2023

For

the

Period

from

March

22,

2022

(a)

to

June

30,

2022

Operations

($):

Net

investment

income

909,217‌

225,556‌

Net

realized

gain

(loss)

on

investments

(572,114‌)

(252,911‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

105,112‌

(1,753,981‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

442,215‌

(1,781,336‌)

Distributions

($):

Distributions

to

shareholders

(865,717‌)

(163,320‌)

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

—‌

25,000,050‌

Transaction

fees—Note

5

—‌

50,000‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

—‌

25,050,050‌

Total

Increase

(Decrease)

in

Net

Assets

(423,502‌)

23,105,394‌

Net

Assets

($):

Beginning

of

Period

23,105,394‌

—‌

End

of

Period

22,681,892‌

23,105,394‌

Changes

in

Shares

Outstanding:

Shares

sold

—‌

500,001‌

Net

Increase

(Decrease)

in

Shares

Outstanding

—‌

500,001‌

(a)

Commencement

of

operations.

FINANCIAL

HIGHLIGHTS

23

The

following

table

describes

the

performance

for

the

fiscal

periods

indicated

and

these

figures

have

been

derived

from

the

fund’s

financial

statements.

See

Notes

to

Financial

Statements

Year

Ended

June

30,

2023

For

the

Period

from

March

22,

2022

(a)

to

June

30,

2022

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

46.21‌

50.00‌

Investment

Operations:

Net

investment

income

(b)

1.82‌

0.45‌

Net

realized

and

unrealized

gain

(loss)

on

investments

(0.94‌)

(4.01‌)

Total

from

Investment

Operations

0.88‌

(3.56‌)

Distributions:

Dividends

from

net

investment

income

(1.73‌)

(0.33‌)

Transaction

fees

(b)

—‌

0.10‌

Net

asset

value,

end

of

period

45.36‌

46.21‌

Market

price,

end

of

period

(c)

45.47‌

46.46‌

Net

Asset

Value

Total

Return

(%)

(d)

2.01‌

(6.94‌)

(e)

Market

Price

Total

Return

(%)

(d)

1.69‌

(6.44‌)

(e)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.35‌

0.35‌

(f)

Ratio

of

net

investment

income

to

average

net

assets

4.01‌

3.41‌

(f)

Portfolio

Turnover

Rate

(g)

53.59‌

13.06‌

Net

Assets,

end

of

period

($

x

1,000)

22,682‌

23,105‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

mean

between

the

last

bid

and

ask

prices.

(d)

Net

asset

value

total

return

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period,

and

redemption

at

net

asset

value

on

the

last

day

of

the

period.

Net

asset

value

total

return

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Market

price

total

return

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period,

and

sale

at

the

market

price

on

the

last

day

of

the

period.

Total

investment

returns

calculated

for

a

period

of

less

than

one

year

are

not

annualized.

(e)

The

net

asset

value

total

return

and

the

market

price

total

return

is

calculated

from

fund

inception.

(f)

Annualized.

(g)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

NOTES

TO

FINANCIAL

STATEMENTS

24

NOTE

1—Organization:

BNY

Mellon

Responsible

Horizons

Corporate

Bond

ETF (the “fund”) is a

separate

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

seventeen

series,

including

the

fund.

The

investment

objective

of

the

fund

is

to

seek

total

return

consisting

of

capital

appreciation

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. Insight

North

America

LLC (the

“Sub-Adviser”

or

“Insight”),

an

indirect wholly-owned

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

the

fund’s

sub-adviser.

The

Bank

of

New

York

Mellon,

a

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

administrator,

custodian

and

transfer

agent

with

the

Trust.

BNY

Mellon

Securities

Corporation

(the

“Distributor”),

a wholly-owned

subsidiary

of

the

Adviser,

is

the

distributor

of

the

fund’s

shares.

The

shares

of

the

fund

are

referred

to

herein

as

“Shares”

or

“fund’s

Shares.”

The

fund’s

Shares

are

listed

and

traded

on

NYSE

Arca,

Inc.

The

market

price

of

each

Share

may

differ

to

some

degree

from

the

fund’s

net

asset

value

(“NAV”).

Unlike

conventional

mutual

funds,

the

fund

issues

and

redeems

Shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

Shares,

each

called

a

“Creation

Unit.”

Creation

Units

are

issued

and

redeemed

principally

in

exchange

for

the

deposit

or

delivery

of

a

basket

of

securities.

Except

when

aggregated

in

Creation

Units

by

Authorized

Participants,

the

Shares

are

not

individually

redeemable

securities

of

the

fund.

Individual

fund

Shares

may

only

be

purchased

and

sold

on

the

NYSE

Arca,

Inc.,

other

national

securities

exchanges,

electronic

crossing

networks

and

other

alternative

trading

systems

through

your

broker-dealer

at

market

prices.

Because

fund

Shares

trade

at

market

prices

rather

than

at

NAV,

fund

Shares

may

trade

at

a

price

greater

than

NAV

(premium)

or

less

than

NAV

(discount).

When

buying

or

selling

Shares

in

the

secondary

market,

you

may

incur

costs

attributable

to

the

difference

between

the

highest

price

a

buyer

is

willing

to

pay

to

purchase

Shares

of

the

fund

(bid)

and

the

lowest

price

a

seller

is

willing

to

accept

for

Shares

of

the

fund

(ask). 

NOTE

2—Significant

Accounting

Policies: 

The

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

is

the

exclusive

reference

of

authoritative

U.S.

generally

accepted

accounting

principles

(“GAAP”)

recognized

by

the

FASB

to

be

applied

by

nongovernmental

entities.

Rules

and

interpretive

releases

of

the

SEC

under

authority

of

federal

laws

are

also

sources

of

authoritative

GAAP

for

SEC

registrants. The

fund

is an

investment

company

and

applies

the

accounting

and

reporting

guidance

of

the

FASB

ASC

Topic

946

Financial

Services-Investment

Companies. The

fund’s

25

financial

statements

are

prepared

in

accordance

with

GAAP,

which

may

require

the

use

of

management

estimates

and

assumptions.

Actual

results

could

differ

from

those

estimates.  

The

Trust

accounts

separately

for

the

assets,

liabilities

and

operations

of

each

series.

Expenses

directly

attributable

to

each

series

are

charged

to

that

series’

operations;

expenses

which

are

applicable

to

all

series

are

allocated

among

them

on

a

pro

rata

basis.

The

Trust

enters

into

contracts

that

contain

a

variety

of

indemnifications.

The

fund’s

maximum

exposure

under

these

arrangements

is

unknown.

The

fund

does

not

anticipate

recognizing

any

loss

related

to

these

arrangements. 

(a)

Portfolio

valuation:

The

fair

value

of

a

financial

instrument

is

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price).

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

of

valuation

techniques

used

to

measure

fair

value.

This

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Additionally,

GAAP

provides

guidance

on

determining

whether

the

volume

and

activity

in

a

market

has

decreased

significantly

and

whether

such

a

decrease

in

activity

results

in

transactions

that

are

not

orderly.

GAAP

requires

enhanced

disclosures

around

valuation

inputs

and

techniques

used

during

annual

and

interim

periods.

Various

inputs

are

used

in

determining

the

value

of

the

fund’s

investments

relating

to

fair

value

measurements.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

unadjusted

quoted

prices

in

active

markets

for

identical

investments.

Level

2

—

other

significant

observable

inputs

(including

quoted

prices

for

similar 

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Level

3

—

significant

unobservable

inputs

(including

the

fund’s

own

assumptions

in

determining

the

fair

value

of

investments).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

Valuation

techniques

used

to

value

the

fund’s

investments

are

as

follows:

Registered

investment

companies

that

are

not

traded

on

an

exchange

are

valued

at

their

net

asset

value

and

are

generally

categorized

within

Level 1

of

the

fair

value

hierarchy.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

26

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

debt

securities

excluding

short-term

investments

(other

than

U.S.

Treasury

Bills),

futures

and

forward

foreign

currency

exchange

contracts

(“forward

contracts”)

are

valued

each

business

day

by

one

or

more

independent

pricing

services

(each,

a

“Service”)

approved

by the Board.

Investments

for

which

quoted

bid

prices

are

readily

available

and

are

representative

of

the

bid

side

of

the

market

in

the

judgment

of

a

Service

are

valued

at

the

mean

between

the

quoted

bid

prices

(as

obtained

by

a

Service

from

dealers

in

such

securities)

and

asked

prices

(as

calculated

by

a

Service

based

upon

its

evaluation

of

the

market

for

such

securities).

Securities

are

valued

as

determined

by

a

Service,

based

on

methods

which

include

consideration

of

the

following:

yields

or

prices

of

securities

of

comparable

quality,

coupon,

maturity

and

type;

indications

as

to

values

from

dealers;

and

general

market

conditions.

Each

Service

and

independent

valuation

firm

is

engaged

under

the

general

oversight

of

the

Board.

Overnight

and

certain

other

short-term

debt

instruments

(excluding

U.S.

Treasury

Bills)

will

be

valued

by

the

amortized

cost

method,

which

approximates

value,

unless

a

Service

provides

a

valuation

for

such

security

or,

in

the

opinion

of

the

Board

or

a

committee

or

other

persons

designated

by

the

Board,

the

amortized

cost

method

would

not

represent

fair

value. These

securities

are

generally

categorized

within

Level

2

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.

Futures,

which

are

traded

on

an

exchange,

are

valued

at

the

last

sales

price

on

securities

exchange

on

which

such

contracts

are

primarily

traded

or

at

the

last

sales

price

on

the

exchange

on

each

business

day

and

are

generally

categorized

within

Level

1

of

the

fair

value

hierarchy.

Forward

contracts

are

valued

at

the

forward

rate

and

are

generally

categorized

within

Level

2

of

the

fair

value

hierarchy.

27

The

table

below

summarizes

the

inputs

used

as

of June

30,

2023

in

valuing

the

fund’s

investments:

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.

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

($)

Investments

In

Securities:

†

Corporate

Bonds

—

22,162,876

—

22,162,876

Municipal

Securities

—

9,226

—

9,226

U.S.

Treasury

Government

Securities

—

116,545

—

116,545

Investment

Companies

100,316

—

—

100,316

Investment

of

Cash

Collateral

for

Securities

Loaned

299,170

—

—

299,170

Other

Financial

Instruments:

Futures

††

19,640

—

—

19,640

Forward

Foreign

Currency

Exchange

Contracts

††

—

1,110

—

1,110

Liabilities

($)

Other

Financial

Instruments:

Futures

††

(17,083)

—

—

(17,083)

Forward

Foreign

Currency

Exchange

Contracts

††

—

(2,099)

—

(2,099)

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

††

Amount

shown

represents

unrealized

appreciation

(depreciation)

at

period

end,

but

only

variation

margin

on

exchange-

traded

and

centrally

cleared

derivatives,

if

any,

are

reported

in

the

Statement

of

Assets

and

liabilities.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

28

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 June

30,

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.

Pursuant

to

a

securities

lending

agreement

with

BNY

Mellon,

the

fund

may

lend

securities

to

qualified

institutions.

It

is

the

fund’s

policy

that,

at

origination,

all

loans

are

secured

by

collateral

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

and

105%

of

the

value

of

foreign

securities

loaned.

Collateral

equivalent

to

at

least

100%

of

the

market

value

of

securities

on

loan

is

maintained

at

all

times.

Collateral

is

either

in

the

form

of

cash,

which

can

be

invested

in

certain

money

market

mutual

funds

managed

by

the

Adviser,

or

U.S.

Government

and

Agency

securities.

The

fund is

entitled

to

receive

all

dividends,

interest

and

distributions

on

securities

loaned,

in

addition

to

income

earned

as

a

result

of

the

lending

transaction.

Should

a

borrower

fail

to

return

the

securities

in

a

timely

manner,

BNY

Mellon

is

required

to

replace

the

securities

for

the

benefit

of

the

fund

or

credit

the

fund

with

the

market

value

of

the

unreturned

securities

and

is

subrogated

to

the

fund’s

rights

against

the

borrower

and

the

collateral.

Additionally,

the

contractual

maturity

of

security

lending

transactions

are

on

an

overnight

and

continuous

basis.

During

the

year

ended

June

30,

2023,

BNY

Mellon

earned

$293 from

the

lending

of

the

fund’s portfolio

securities,

pursuant

to

the

securities

lending

agreement.

(d)

Affiliated

issuers:

Investments

in

other

investment

companies

advised

by

the

Adviser

are

defined

as

“affiliated”

under

the

Act. 

(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.

The

value

of

a

security

may

also

decline

due

to

general

market

conditions

that

are

not

specifically

related

to

a

particular

company

or

industry,

such

as

real

or

perceived

adverse

economic

conditions,

changes

in

the

general

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates,

changes

to

inflation,

adverse

changes

to

credit

markets

or

adverse

investor

sentiment

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

29

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.

Recent

examples

include

pandemic

risks

related

to

COVID-19

and

aggressive

measures

taken

world-wide

in

response

by

governments,

including

closing

borders,

restricting

international

and

domestic

travel,

and

the

imposition

of

prolonged

quarantines

of

large

populations,

and

by

businesses,

including

changes

to

operations

and

reducing

staff.

ESG

Investment

Approach

Risk:

The

fund’s

incorporation

of

ESG

considerations

into

its

investment

approach

may

cause

it

to

make

different

investments

than

funds

that

invest

principally

in

corporate

bonds

but

do

not

incorporate

ESG

considerations

when

selecting

investments.

Under

certain

economic

conditions,

this

could

cause

the

fund

to

underperform

funds

that

do

not

incorporate

ESG

considerations.

For

example,

the

incorporation

of

ESG

considerations

may

result

in

the

fund

forgoing

opportunities

to

buy

certain

securities

when

it

might

otherwise

be

advantageous

to

do

so

or

selling

securities

when

it

might

otherwise

be

disadvantageous

for

the

fund

to

do

so.

The

incorporation

of

ESG

considerations

may

also

affect

the

fund’s

exposure

to

certain

sectors

and/or

types

of

investments,

and

may

adversely

impact

the

fund’s

performance

depending

on

whether

such

sectors

or

investments

are

in

or

out

of

favor

in

the

market.

Insight’s

security

selection

process

incorporates

ESG

data

provided

by

third

parties,

which

may

be

limited

for

certain

issuers

and/or

only

take

into

account

one

or

a

few

ESG

related

components.

In

addition,

ESG

data

may

include

quantitative

and/or

qualitative

measures,

and

consideration

of

this

data

may

be

subjective.

Different

methodologies

may

be

used

by

the

various

data

sources

that

provide

ESG

data.

ESG

data

from

third

parties

used

by

Insight

as

part

of

its

proprietary

ESG

process

often

lacks

standardization,

consistency

and

transparency,

and

for

certain

issuers

such

data

may

not

be

available

complete

or

accurate.

Insight’s

evaluation

of

ESG

factors

relevant

to

a

particular

issuer

may

be

adversely

affected

in

such

instances.

As

a

result,

the

fund’s

investments

may

differ

from,

and

potentially

underperform,

funds

that

incorporate

ESG

data

from

other

sources

or

utilize

other

methodologies.

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

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

30

decline

in

value

relative

to

the

U.S.

dollar

and

affect

the

value

of

these

investments

held

by

the

fund.

Some

sovereign

obligors

have

been

among

the

world’s

largest

debtors

to

commercial

banks,

other

governments,

international

financial

organizations

and

other

financial

institutions.

These

obligors,

in

the

past,

may

have

experienced

substantial

difficulties

in

servicing

their

external

debt

obligations,

which

led

to

defaults

on

certain

obligations

and

the

restructuring

of

certain

indebtedness.

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.

Debt

Risk:

The

fund

invests

in

debt

securities.

Failure

of

an

issuer

of

the

debt

securities

to

make

timely

interest

or

principal

payments,

or

a

decline

or

the

perception

of

a

decline

in

the

credit

quality

of

a

debt

security,

can

cause

the

debt

security’s

price

to

fall,

potentially

lowering

the

fund’s

share

price.

High

Yield

(“junk”)

bonds

involve

greater

credit

risk,

including

the

risk

of

default,

than

investment

grade

bonds,

and

are

considered

predominantly

speculative

with

respect

to

the

issuer’s

continuing

ability

to

make

principal

and

interest

payments.

In

addition,

the

value

of

debt

securities

may

decline

due

to

general

market

conditions

that

are

not

specifically

related

to

a

particular

issuer,

such

as

real

or

perceived

adverse

economic

conditions,

changes

in

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates

or

adverse

investor

sentiment.

They

may

also

decline

because

of

factors

that

affect

a

particular

industry.

(f)

Dividends

and

distributions

to

shareholders:

Dividends

and

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

income

are

normally

declared

and

paid

on

a

monthly

basis. 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.

For

federal

income

tax

purposes,

the

fund

is

treated

as

a

separate

entity.

31

As

of

and

during

the period

ended June

30,

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 June

30,

2023,

the

fund

did

not

incur

any

interest

or

penalties.

Each

tax

year

in

the

two-year

period

ended June

30,

2023

remains

subject

to

examination

by

the

Internal

Revenue

Service

and

state

taxing

authorities.

At June

30,

2023,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

undistributed

ordinary

income

$164,499,

accumulated

capital

losses

$851,515, and

unrealized depreciation

$1,681,142.

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

June

30,

2023.

The

fund

has

$798,748

of

short-term

capital

losses

and

$52,767

of

long-

term

capital

losses

which

can

be

carried

forward

for

an

unlimited

period.

The

tax

character

of

distributions

paid

to

shareholders

during

the

fiscal

years

ended

June

30,

2023

and

June

30,

2022

were

as

follows:

ordinary

income

$865,717

and

$163,320,

respectively.

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

0.35%

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

expense,

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.

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

June

30,

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

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

32

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

0.175%

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 $6,498.

(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.

NOTE

4—Securities

Transactions:

The

aggregate

amount

of

purchases

and

sales

(including

paydowns,

if

any)

of

investment

securities,

excluding

short-term

securities,

futures,

forward

contracts

and

in-kind

transactions,

during

the

period

ended

June

30,

2023, amounted

to $12,119,875

and

$11,927,997,

respectively.

Derivatives:

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

fund

enters

into

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

or

similar

agreements

(collectively,

33

“Master

Agreements”)

with

its

over-the-counter

(“OTC”)

derivative

contract

counterparties

in

order

to,

among

other

things,

reduce

its

credit

risk

to

counterparties.

Master

Agreements

include

provisions

for

general

obligations,

representations,

collateral

and

events

of

default

or

termination.

Under

a

Master

Agreement,

the

fund

may

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/

or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment

in

the

event

of

default

or

termination.

The

SEC

adopted

Rule

18f-4

under

the

Act,

which

regulates

the

use

of

derivative

transactions

for

certain

funds

registered

under

the

Act.

The

fund’s

derivative

transactions

are

subject

to

a

value-at-risk

leverage

limit

and

certain

reporting

and

other

requirements

pursuant

to

a

derivatives

risk

management

program

adopted

by

the

fund.

Each

type

of

derivative

instrument

that

was

held

by

the

fund

during

the year

ended

June

30,

2023

is

discussed

below.

Futures:

In

the

normal

course

of

pursuing

its

investment

objective,

exposed

to

market

risk,

including

interest

risk,

as

a

result

of

changes

in

value

of

underlying

financial

instruments.

The

fund

invests

in

futures

in

order

to

manage

the

exposure

to

or

protect

against

changes

in

the

market.

A

futures

contract

represents

a

commitment

for

the

future

purchase

or

a

sale

of

an

asset

at

a

specified

date.

Upon

entering

into

such

contracts,

these

investments

require

initial

margin

deposits

with

a

counterparty,

which

consist

of

cash

or

cash

equivalents.

The

amount

of

these

deposits

is

determined

by

the

exchange

or

Board

of

Trade

on

which

the

contract

is

traded

and

is

subject

to

change.

Accordingly,

variation

margin

payments

are

received

or

made

to

reflect

daily

unrealized

gains

or

losses

which

are

recorded

in

the

Statements

of

Operations.

When

the

contracts

are

closed,

the

fund

recognizes

a

realized

gain

or

loss

which

is

reflected

in

the

Statements

of

Operations.

There

is

minimal

counterparty

credit

risk

to

the

fund

with

futures

since

they

are

exchange

traded,

and

the

exchange

guarantees

the

futures

against

default.

Futures

open

at June

30,

2023,

are

set

forth

in

the

Statement

of

Investments.

Forward

Foreign

Currency

Exchange

Contracts:

The

fund

enters

into

forward

contracts

in

order

to

hedge

its

exposure

to

changes

in

foreign

currency

exchange

rates

on

its

foreign

portfolio

holdings,

to

settle

foreign

currency

transactions

or

as

a

part

of

its

investment

strategy.

When

executing

forward

contracts,

the

fund

is

obligated

to

buy

or

sell

a

foreign

currency

at

a

specified

rate

on

a

certain

date

in

the

future.

With

respect

to

sales

of

forward

contracts,

the

fund

incurs

a

loss

if

the

value

of

the

contract

increases

between

the

date

the

forward

contract

is

opened

and

the

date

the

forward

contract

is

closed.

The

fund

realizes

a

gain

if

the

value

of

the

contract

decreases

between

those

dates.

With

respect

to

purchases

of

forward

contracts,

the

fund

incurs

a

loss

if

the

value

of

the

contract

decreases

between

the

date

the

forward

contract

is

opened

and

the

date

the

forward

contract

is

closed.

The

fund

realizes

a

gain

if

the

value

of

the

contract

increases

between

those

dates.

Any

realized

or

unrealized

gains

or

losses

which

occurred

during

the

period

are

reflected

in

the

Statement

of

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

34

Operations.

The

fund

is

exposed

to

foreign

currency

risk

as

a

result

of

changes

in

value

of

underlying

financial

instruments.

The

fund

is

also

exposed

to

credit

risk

associated

with

counterparty

nonperformance

on

these

forward

contracts,

which

is

generally

limited

to

the

unrealized

gain

on

each

open

contract.

This

risk

may

be

mitigated

by

Master

Agreements,

if

any,

between

the

fund

and

the

counterparty

and

the

posting

of

collateral,

if

any,

by

the

counterparty

to

the

fund

to

cover

the

fund’s

exposure

to

the

counterparty.

Forward

contracts

open

at June

30,

2023

are

set

forth

in

the

Statement

of

Investments.

The

following

tables

show

the

fund’s

exposure

to

different

types

of

market

risk

as

it

relates

to

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively. 

Fair

value

of

derivative

instruments

as

of June

30,

2023

is

shown

below:

Statement

of

Assets

and

Liabilities

location:

The

effect

of

derivative

instruments

in

the

Statements of

Operations

during

the year

ended

June

30,

2023 is

shown

below:

Statement

of

Operations

location:

Derivative

Assets

($)

Derivative

Liabilities

($)

Interest

rate

risk

19,640

(a)

Interest

rate

risk

(17,083)

(a)

Foreign

exchange

risk

1,110

(b)

Foreign

exchange

risk

(2,099)

(b)

Gross

fair

value

of

derivative

contracts

20,750

(19,182)

(a)

Includes

cumulative

appreciation

(depreciation)

on

futures

as

reported

in

the

Statement

of

Investments,

but

only

the

unpaid

variation

margin

is

reported

in

the

Statement

of

Assets

and

Liabilities.

(b)

Unrealized

appreciation

(depreciation)

on

forward

foreign

currency

exchange

contracts.

Amount

of

realized

gain

(loss)

on

derivatives

recognized

in

income

($)

Underlying

Risk

Futures

(a)

Forward

Contracts

(b)

Total

Interest

rate

81,364

—

81,364

Foreign

exchange

—

(1,984)

(1,984)

Total

81,364

(1,984)

79,380

Net

change

in

unrealized

appreciation

(depreciation)

on

derivatives

recognized

in

income

($)

Underlying

Risk

Futures

(c)

Forward

Contracts

(d)

Total

Interest

rate

(37,154)

—

(37,154)

Foreign

exchange

—

(13,271)

(13,271)

Total

(37,154)

(13,271)

(50,425)

(a)

Net

realized

gain

(loss)

on

futures.

(b)

Net

realized

gain

(loss)

on

forward

foreign

currency

exchange

contracts.

(c)

Net

change

in

unrealized

appreciation

(depreciation)

on

futures.

(d)

Net

change

in

unrealized

appreciation

(depreciation)

on

forward

foreign

currency

exchange

contracts.

35

The

provisions

of

ASC

Topic

210

“Disclosures

about

Offsetting

Assets

and

Liabilities”

require

disclosure

on

the

offsetting

of

financial

assets

and

liabilities.

These

disclosures

are

required

for

certain

investments,

including

derivative

financial

instruments

subject

to

Master

Agreements

which

are

eligible

for

offsetting

in

the

Statement

of

Assets

and

Liabilities

and

require

the

fund

to

disclose

both

gross

and

net

information

with

respect

to

such

investments.

For

financial

reporting

purposes,

the

fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

Master

Agreements

in

the

Statement

of

Assets

and

Liabilities.

At June

30,

2023,

derivative

assets

and

liabilities

(by

type)

on

a

gross

basis

are

as

follows:

The

following

tables

present

derivative

assets

and

liabilities

net

of

amounts

available

for

offsetting

under

Master

Agreements

and

net

of

related

collateral

received

or

pledged,

if

any,

as

of June

30,

2023:

The following

table summarizes

the

average market

value of

derivatives

outstanding

during

the year

ended

June

30,

2023:

At June

30,

2023,

the

cost

of

investments

for

federal

income

tax

purposes

was

$24,369,275;

accordingly,

accumulated

net

unrealized

depreciation on

investments

for

federal

income

tax

purposes

was

$1,681,142,

consisting

of

gross

appreciation

of

$72,040

and

gross

depreciation

of

$1,753,182.

Derivative

Financial

Instruments:

Assets

($)

Liabilities

($)

Futures

19,640

(17,083)

Forward

contracts

1,110

(2,099)

Total

gross

amount

of

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

20,750

(19,182)

Derivatives

not

subject

to  Master

Agreements

19,640

(17,083)

Total

gross

amount

of

derivative

assets

and

liabilities

subject

to

Master

Agreements

1,110

(2,099)

Counterparty

Gross

Amount

of

Assets

($)

†

Financial

Instruments

and

Derivatives

Available

for

Offset

($)

Collateral

Received

($)

Net

Amount

of

Assets

($)

Goldman

Sachs

&

Co.

1,110

(1,110)

–

–

Counterparty

Gross

Amount

of

Liabilities($)

†

Financial

Instruments

and

Derivatives

Available

for

Offset

($)

Collateral

Pledged

($)

Net

Amount

of

Liabilities

($)

Goldman

Sachs

&

Co.

(2,099)

1,110

–

(989)

†

Absent

a

default

event

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

at

gross

amounts

and

are

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Average

Market

Value

($)

Interest

rate

futures

2,789,910

Forward

contracts

848,824

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

36

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.

As

of

June

30,

2023,

BNY

Mellon

held

490,001

shares

of

the

fund.

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

June

30,

2023,

the

fund

had

no

in-kind

transactions.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

37

To

the

Shareholders

and

the

Board

of

Trustees

of

BNY

Mellon

Responsible

Horizons

Corporate

Bond

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BNY

Mellon

Responsible

Horizons

Corporate

Bond

ETF

(the

“Fund”)

(one

of

the

funds

constituting

BNY

Mellon

ETF

Trust

(the

“Trust”)),

including

the

statement

of

investments,

as

of

June

30,

2023,

and

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

June

30,

2023

and

the

period

from

March

22,

2022

(commencement

of

operations)

through

June

30,

2022

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

June

30,

2023,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

and

its

financial

highlights

for

the

year

ended

June

30,

2023

and

the

period

from

March

22,

2022

(commencement

of

operations)

through

June

30,

2022,

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

audits.

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

audits

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

audits,

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

audits

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

June

30,

2023,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

Our

audits

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

audits

provide

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

August

21,

2023

IMPORTANT

TAX

INFORMATION

(Unaudited)

38

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 June

30,

2023:

For

federal

tax

purposes

the

fund

hereby

reports

67.23%

of

ordinary

income

dividends

paid

during

the

fiscal

year

ended

June

30,

2023 as

qualifying

interest

related

dividends.

INFORMATION

ABOUT

THE

REVIEW

AND

RENEWAL

OF

THE

FUND’S

MANAGEMENT

AND

SUB-INVESTMENT

ADVISORY

AGREEMENTS

(Unaudited)

39

At

a

meeting

held

February

8,

2023,

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,

evaluated

(i)

a

proposal

to

continue

the

Management

Agreement

between

the

Trust

and

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”)

with

respect

to

the

BNY

Mellon

Responsible

Horizons

Corporate

Bond

ETF

(the

“fund”);

and

(ii)

a

proposal

to

continue

the

sub-investment

advisory

agreement

between

the

Adviser

and

Insight

North

America

LLC

(the

“Sub-

Adviser”),

an

affiliate

of

the

Adviser,

on

behalf

of

the

fund

(each

of

the

Management

Agreement

and

the

sub-investment

advisory

agreement,

an

“Agreement,”

and

collectively,

the

“Agreements”).

The

Trustees

also

met

separately

to

consider

the

Agreements.

The

Trustees

were

advised

by

legal

counsel

throughout

the

process.

To

evaluate

the

Agreements,

the

Board

requested,

and

the

Adviser

and

the

Sub-Adviser

provided,

such

materials

as

the

Board,

with

the

advice

of

counsel,

deemed

reasonably

necessary.

In

addition,

the

Board

considered

information

it

reviewed

at

other

Board

and

Board

committee

meetings.

In

deciding

whether

to

approve

the

Agreements,

the

Board

considered

various

factors,

including

the

(i)

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

Sub-Adviser

under

each

respective

Agreement,

(ii)

investment

performance

of

the

fund,

(iii)

profits

realized

by

the

Adviser

and

its

affiliates

from

its

relationship

with

the

fund,

(iv)

fees

charged

to

comparable

funds,

(v)

other

benefits

to

the

Adviser,

Sub-Adviser

and/or

their

affiliates,

and

(vi)

extent

to

which

economies

of

scale

would

be

shared

as

the

fund

grows.

The

Board

considered

the

Agreements

for

the

fund

and

the

engagement

of

the

Adviser

and

the

Sub-Adviser

separately.

The

Board

reviewed

reports

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

which

included

information

(i)

comparing

the

fund’s

performance

with

the

performance

of

a

group

of

other

actively-managed

corporate

bond

exchange

traded

funds

(“ETFs”)

(the

“Performance

Group”)

and

with

a

broader

group

of

retail

and

institutional

corporate

bond

funds

and

ETFs

(the

“Performance

Universe”)

for

the

one-year

period

ended

December

31,

2022;

and

(ii)

comparing

the

fund’s

contractual

management

fees

and

total

expenses

with

a

group

of

other

actively-managed

corporate

bond

ETFs

(the

“Expense

Group”)

and,

with

respect

to

total

expenses,

with

a

broader

group

of

actively-managed

corporate

bond

ETFs

(the

“Expense

Universe”),

the

information

for

which

was

derived

in

part

from

fund

financial

statements

available

to

Broadridge

as

of

the

date

of

its

analysis.

Nature,

Extent

and

Quality

of

Services

The

Board

considered

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

Sub-Adviser.

In

doing

so,

the

Trustees

relied

on

their

prior

experience

in

overseeing

the

management

of

the

fund

and

the

materials

provided

prior

to

and

at

the

meeting.

The

Board

reviewed

the

Agreements

and

the

Adviser’s

and

the

Sub-Adviser’s

INFORMATION

ABOUT

THE

REVIEW

AND

RENEWAL

OF

THE

FUND’S

MANAGEMENT

AND

SUB-INVESTMENT

ADVISORY

AGREEMENTS

(Unaudited)

(continued)

40

responsibilities

for

managing

investment

operations

of

the

fund

in

accordance

with

the

fund’s

investment

objective

and

policies,

and

applicable

legal

and

regulatory

requirements.

The

Board

appreciated

the

nature

of

the

fund

as

an

exchange-traded

fund

and

considered

the

background

and

experience

of

the

Adviser’s

and

the

Sub-

Adviser’s

senior

management,

including

those

individuals

responsible

for

portfolio

management

and

regulatory

compliance

of

the

funds.

The

Board

also

considered

the

portfolio

management

resources,

structures

and

practices

of

the

Adviser

and

the

Sub-Adviser,

including

those

associated

with

monitoring

and

ensuring

the

fund’s

compliance

with

its

investment

objective

and

policies

and

with

applicable

laws

and

regulations.

The

Board

further

considered

information

about

the

Sub-Adviser’s

best

execution

procedures

as

well

as

the

Adviser’s

and

the

Sub-Adviser’s

overall

investment

management

business.

The

Board

looked

at

the

Adviser’s

general

knowledge

of

the

investment

management

business

and

that

of

its

affiliates,

including

the

Sub-Adviser.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered

the

Adviser’s

favorable

assessment

of

the

nature

and

quality

of

the

services

provided

by

the

Sub-Adviser.

Investment

Performance

The

Board

then

reviewed

the

results

of

the

fund’s

performance

comparisons

and

considered

that

the

fund's

total

return

performance

was

above

the

Performance

Group

and

Performance

Universe

medians

for

the

one-year

period.

Representatives

of

the

Adviser

stated

that

the

usefulness

of

performance

comparisons

may

be

affected

by

a

number

of

factors,

including

different

investment

limitations

and

policies

that

may

be

applicable

to

the

fund

and

comparison

funds

and

the

end

date

selected.

Profits

Realized

by

the

Adviser

The

Board

considered

the

profitability

of

the

advisory

arrangement

with

the

fund

to

the

Adviser

and

its

affiliates.

The

Board

had

the

opportunity

to

discuss

with

representatives

of

the

Adviser

the

process

and

methodology

used

to

calculate

profitability.

Fees

Charged

to

Comparable

Funds

The

Board

evaluated

the

fund’s

unitary

fee

through

review

of

comparative

information

with

respect

to

fees

paid

by

similar

funds

-

i.e.,

other

actively-managed

corporate

bond

ETFs.

The

Board

explored

with

management

the

differences

between

the

fund’s

fee

and

fees

paid

by

similar

funds.

The

Board

noted

the

fund's

contractual

management

fee

was

slightly

higher

than

the

Expense

Group

median

and

the

fund's

total

expenses

were

slightly

higher

than

the

Expense

Group

median

and

the

same

as

the

Expense

Universe

median

total

expenses.

The

Board

considered

the

fee

paid

to

the

Sub-Adviser

in

relation

to

the

fee

paid

to

the

Adviser

by

the

fund

and

the

respective

services

provided

by

the

Sub-Adviser

and

the

Adviser.

The

Board

also

took

into

consideration

that

the

Sub-Adviser's

fee

is

paid

by

the

Adviser

and

not

the

fund.

41

Other

Benefits

The

Board

also

considered

whether

the

Adviser,

the

Sub-Adviser

or

their

affiliates

benefited

in

other

ways

from

their

relationship

with

the

funds,

noting

that

neither

the

Adviser

nor

the

Sub-Adviser

maintains

soft-dollar

arrangements

in

connection

with

the

fund’s

brokerage

transactions.

Economies

of

Scale

The

Board

reviewed

information

regarding

economies

of

scale

or

other

efficiencies

that

may

result

as

the

fund’s

assets

grow

in

size.

The

Board

noted

that

the

advisory

fee

rate

for

the

fund

did

not

provide

for

breakpoints

as

assets

of

the

fund

increases.

The

Adviser

asserted

that

one

of

the

benefits

of

the

unitary

fee

was

to

provide

an

unvarying

expense

structure,

which

could

be

lost

or

diluted

with

the

addition

of

breakpoints.

The

Board

noted

that

it

intends

to

continue

to

monitor

fees

as

the

fund

grows

in

size

and

assess

whether

fee

breakpoints

may

be

warranted.

Conclusion

After

weighing

the

foregoing

factors,

none

of

which

was

dispositive

in

itself

and

may

have

been

weighed

differently

by

each

Trustee,

the

Board

approved

the

continuation

of

the

Agreements

for

the

fund.

In

approving

the

continuance

of

the

Agreements,

the

Board

found

that

the

terms

of

the

Agreements

are

fair

and

reasonable

and

that

the

continuance

of

the

Agreements

are

in

the

best

interests

of

the

fund

and

its

shareholders.

BOARD

MEMBERS

INFORMATION

(Unaudited)

INDEPENDENT

BOARD

MEMBERS

42

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:

39,

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:

17

F.

Jack

Liebau,

Jr.

(59)

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:

17

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:

17

43

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:

17

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:

17

OFFICERS

OF

THE

TRUST

(Unaudited)

44

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

103

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

123

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

123

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

He

is

64

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

123

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

She

is

47

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

123

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

December

1996.

DEIRDRE

CUNNANE,

Vice

President

and

Assistant

Secretary

since

February

2020.

Managing

Counsel

of

BNY

Mellon

since

December

2021;

Counsel

of

BNY

Mellon

from

August

2018

to

December

2021;

and

Senior

Regulatory

Specialist

at

BNY

Mellon

Investment

Management

Services

from

February

2016

to

August

2018.

She

is

an

officer

of

54

investment

companies

(comprised

of

123

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

123

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;

Regulatory

Administration

Manager

at

BNY

Mellon

Investment

Management

Services from

September

2018

to

May

2019;

and

Senior

Regulatory

Specialist

at

BNY

Mellon

Investment

Management

Services

from

April

2015

to

August

2018.

She

is

an

officer

of

54

investment

companies

(comprised

of

123

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

45

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

Fund

Directors

Forum,

a

leading

funds

industry

organization,

from

2016

to

June

2022. 

She

is

an

officer

of

54

investment

companies

(comprised

of

123

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

103

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

103

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

He

is

46

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

123

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

He

is

54

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

123

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

123

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

123

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

116

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

She

is

54

years

old

and

OFFICERS

OF

THE

TRUST

(Unaudited)

(continued)

46

has

been

an

employee

of

the

Distributor

since

1997.

For

More

Information

2023

BNY

Mellon

Securities

Corporation

4863AR0623

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

info@bnymellon.com

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

Insight

North

America

LLC

200

Park

Avenue,

7th

Floor

New

York,

NY

10166

BNY

Mellon

Securities

Corporation

240

Greenwich

Street

New

York,

NY

10286

Ticker

Symbol:

BNY

Mellon

Responsible

Horizons

Corporate

Bond

ETF

RHCB

Item 1. Reports to Stockholders (cont.).

(b)        Not applicable.

Item 2. Code of Ethics.

(a)        As of the period ended June 30, 2023 (the “Reporting Period”), the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer, controller or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

(c)        During the Reporting Period, there have been no amendments to a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the code of ethics description.

(d)       During the Reporting Period, the Registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that Mr. Kevin W. Quinn is qualified to serve as an audit committee financial expert serving on the Registrant’s audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)        Audit Fees

The aggregate fees billed for each of the last two fiscal years

for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $42,450 in 2022 and $43,299 in 2023. 

(b)        Audit-Related Fees

The aggregate fees billed for each of the last two fiscal years for assurance and related services rendered to the Registrant by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $12,000 in 2022 and $12,240 in 2023. These services consisted of security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended.

(c)        Tax Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered to the Registrant by the principal accountant for tax compliance, tax advice and tax planning were $7600 in 2022 and $7,752 in 2023. These services consisted

of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local entity tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification

.

(d)       All Other Fees

The aggregate fees billed for each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $0 in 2022 and $0 in 2023.

(e)(1)   Pursuant to the Registrant’s Audit Committee Charter that has been adopted by the audit committee, the audit committee shall approve all audit and permissible non-audit services to be provided to the Registrant and all permissible non-audit services to be provided to its investment adviser or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant if the engagement relates directly to the operations and financial reporting of the Registrant.

(e)(2)   The percentage of services described in paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, with respect to: Audit-Related Fees was 100%; Tax Fees was 100%; and All Other Fees was 0%. 

(f)        The percentage of hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent. 

(g)        The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant were $500,896 in 2022 and $269,097 in 2023.

(h)        The Registrant’s audit committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i)         Not applicable.

(j)         Not applicable.

Item 5. Audit Committee of Listed Registrants.

(a)        The Registrant has a separately designated audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists of independent trustees of the Registrant.  The audit committee members are J. Charles Cardona, Kristen M. Dickey, F. Jack Liebau, Jr., Jill I. Mavro, Kevin W. Quinn, and Stacy L. Schaus.

(b)        Not applicable.

Item 6. Investments.

(a)        The Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included as part of the report to shareholders filed under Item 1(a) of this Form N-CSR.

(b)        Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S‑K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a)

The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)  

Code of ethics that is the subject of disclosure required by Item 2 of this Form N-CSR is attached hereto.

(a)(2)  

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(2)(1) Not applicable.

(a)(2)(2) Not applicable.

(b)        

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)                             BNY Mellon ETF Trust                                             

By (Signature and Title)*       /s/ David J. DiPetrillo                                                 
                                                David J. DiPetrillo, President

                                                (Principal Executive Officer)

Date    08/21/2023                             

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*       /s/ David J. DiPetrillo                                                 
                                                David J. DiPetrillo, President

                                                (Principal Executive Officer)

Date    08/21/2023                             

By (Signature and Title)*       /s/ James Windels                                                      
                                                James Windels, Treasurer

                                                (Principal Financial and Accounting Officer)

Date    08/21/2023                             

*

Print the name and title of each signing officer under his or her signature.