BNY Mellon International Equity ETF (BKIE) N-CSRS Certified semi-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:  February 28

Date of reporting period:  August 31, 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 Innovators ETF

BNY Mellon Women’s Opportunities 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

SEMI-ANNUAL

REPORT

August

31,

2023

BNY

Mellon

Innovators

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

Understanding

Your

Fund’s

Expenses

7

Statement

of

Investments

8

Statement

of

Assets

and

Liabilities

11

Statement

of

Operations

12

Statement

of

Changes

in

Net

Assets

13

Financial

Highlights

14

Notes

to

Financial

Statements

15

Information

About

the

Approval

of

the

Fund’s

Management,

Sub-Advisory

and

Sub-Sub

Advisory

Agreements

23

FOR

MORE

INFORMATION

Back

Cover

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

3

For

the

period

from

May

17,

2023,

the

fund’s

inception

1

,

through

August

31,

2023,

as

provided

by

John

Porter

and

Edward

Walter,

portfolio

managers

employed

by

the

fund’s

sub-adviser,

Newton

Investment

Management

North

America,

LLC.

Market

and

Fund

Performance

Overview

For

the

period

from

May

17,

2023,

the

fund’s

inception,

through

August

31,

2023,

the

BNY

Mellon

Innovators

ETF

(the

“fund”)

produced

a

net

asset

value

total

return

of

8.03%.

2

In

comparison,

the

fund’s

benchmark,

the

Russell

3000

®

Growth

Index

(the

“Index”),

produced

a

total

return

of

13.30%

for

the

same

period.

3

Equities

gained

ground

during

the

reporting

period

as

inflationary

pressures

eased,

the

U.S.

Federal

Reserve

(the

“Fed”)

reduced

the

pace

of

interest-rate

hikes,

and

economic

growth

remained

positive.

The

fund

underperformed

the

Index

largely

due

to

overweight

exponent

sure

to

the

lagging

health

care

sector.

The

Fund’s

Investment

Approach

The

fund

seeks

long-term

capital

growth.

To

pursue

its

goal,

the

fund

normally

invests

principally

in

equity

securities

of

U.S.

innovation-driven

companies.

The

fund’s

sub-

adviser,

Newton

Investment

Management

North

America

LLC

(“NIMNA”),

an

affiliate

of

the

Adviser,

considers

innovation-driven

companies

to

be

(i)

leading

edge

companies

that,

through

their

intellectual

property,

provide

ground-breaking

and/or

innovative

products

and

services

that

can

be

disruptive

and

transformative

to

existing

business

models

and

practices

and

(ii)

business

enterprises

that

are

positively

impacted

by

the

transformation

of

their

business

models

and

practices

through

the

use

of

such

products

or

services.

NIMNA

employs

a

growth-oriented

investment

style

in

managing

the

fund’s

portfolio

and

focuses

on

individual

stock

selection.

NIMNA

selects

stocks

for

the

fund

by

using

fundamental

research

complemented

by

“thematic

insights”

to

identify

companies

that

it

considers

to

have

attractive

investment

characteristics,

such

as

strong

business

models

and

competitive

positions,

attractive

valuation,

solid

cash

flows

and

balance

sheets,

high

quality

management

and

high

sustainable

earnings

growth.

The

combination

of

fundamental

research

and

thematic

insights

enables

NIMNA

to

better

understand

the

drivers

and

beneficiaries

of

innovation

and

disruption

as

well

as

structural

headwinds

and

tailwinds

for

a

company’s

overall

business.

Thematic

insights

refer

to

overarching

or

recurring

themes,

trends

or

shifts

that

emerge

from

NIMNA’s

research

and

analysis

of

global

economic

information.

Equities

Advance

Despite

Macroeconomic

Concerns

Market

sentiment

proved

generally

positive

during

the

reporting

period,

with

hopes

for

continued

economic

growth

outweighing

concerns

regarding

persistently

high

levels

of

inflation

and

the

impact

of

central

bank

interest-rate

hikes

designed

to

curb

inflation.

In

May

2023,

as

the

period

began,

U.S.

inflation

averaged

4.05%

on

an

annualized

basis,

down

from

the

9.1%

peak

set

in

June

2022

but

above

the

target

of

2%

set

by

the

Fed.

The

benchmark

federal

funds

rate

stood

at

5.00%–5.25%,

the

highest

level

since

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

4

2007.

During

the

reporting

period,

inflation

fell

below

4%,

and

the

Fed

raised

rates

by

an

additional

0.25%,

with

few,

if

any,

additional

increases

expected

by

the

market.

Although

U.S.

economic

growth

and

corporate

profits

showed

signs

of

moderating,

indications

remained

broadly

positive,

supported

by

robust

consumer

spending,

rising

wages

and

low

levels

of

unemployment.

These

encouraging

economic

trends

eased

concerns

that

high

rates

might

tip

the

economy

into

a

recession.

Accordingly,

while

equity

markets

dipped

or

spiked

in

response

to

the

economic

news

of

the

day,

stocks

trended

higher

on

balance,

largely

driven

by

momentum

factors

among

large-cap

issues

and

further

bolstered

by

the

improving

performance

of

value

factors.

Stock

Selections

Detract

from

Relative

Performance

Given

the

prevailing

environment

of

high

interest

rates

and

tightening

credit

conditions,

the

fund

emphasized

investments

in

well-capitalized

companies

with

sufficient

capital

to

finance

operations.

We

identified

a

relatively

large

number

of

innovative

companies

meeting

our

investment

criteria

in

the

health

care

sector,

many

areas

of

which

appeared

well

positioned

to

see

increased

revenue

streams

in

the

wake

of

the

COVID-19

pandemic.

However,

health

care

stocks

lagged

the

Index

as

investors

flocked

to

mega-

cap,

growth-oriented

names

with

exposure

to

developments

in

artificial

intelligence

(“AI”).

Many

of

the

fund’s

most

significant

underperforming

holdings

were

in

the

development-stage

biotechnology

space,

where

even

short-term

setbacks

in

the

drug

development

process

were

harshly

punished

by

the

market.

Notable

underperformers

included

Sarepta

Therapeutics,

Inc.

and

Denali

Therapeutics,

Inc.,

both

of

which

faced

drug

approval

concerns,

and

Prothena

Corp.

PLC

and

Keros

Therapeutics,

Inc.,

which

saw

the

emergence

of

potential

competition

from

drugs

under

development

by

larger

pharmaceutical

firms.

In

each

case,

our

research

reaffirmed

our

initial

investment

thesis,

leading

us

to

maintain

the

fund’s

positions.

Other

health

care

sector

underperformers

included

device

companies,

such

as

Inspire

Medical

Systems,

Inc.,

Outset

Medical,

Inc.

and

DexCom,

Inc.,

each

of

which

saw

shares

decline

in

the

face

of

potential

business

headwinds.

Again,

in

each

case,

our

research

indicated

that

the

companies’

business

prospects

remained

sound,

and

market

reactions

were

overblown.

The

fund’s

relative

performance

also

suffered

due

to

declines

in

a

small

number

of

specialty

retail

holdings,

including

international

luxury

fashion

retailer

Farfetch

Ltd.,

which

experienced

negative

impacts

from

slowing

consumer

spending,

and

exercise

equipment

company

Peloton

Interactive,

Inc.,

which

lost

ground

due

to

disappointing

corporate

execution

and

changing

post-pandemic

exercise

habits.

On

the

positive

side,

the

fund’s

relative

returns

benefited

from

several

relatively

strong

individual

stock

selections.

Top

performers

included

oil

and

gas

drilling

and

wellhead

equipment

maker

Cactus,

Inc.,

which

benefited

from

cutting-edge

product

design

and

rising

petroleum

prices;

semiconductor

maker

NVIDIA

Corp.,

which

posted

much

better-than-expected

financial

results

due

to

strong

demand

for

AI-related

chips;

and

database

company

MongoDB,

Inc.,

which

also

experienced

gains

related

to

the

AI

5

trend.

Relative

performance

further

benefited

from

the

fund’s

underweight

exposure

to

productivity

software

and

cloud

computing

company

Microsoft

Corp.,

which

trailed

the

Index.

From

a

sector

perspective,

energy

provided

the

strongest

relative

returns,

while

lack

of

exposure

to

some

consumer

staples

industries,

such

as

distribution,

household

products

and

beverages,

further

bolstered

performance.

Maintaining

a

Cautiously

Optimistic

Outlook

While

headline

inflation

is

falling

from

peak

levels,

as

of

August

31,

2023,

core

inflation

remains

stickier

than

investors

had

anticipated

in

many

markets.

With

the

Fed

currently

seen

as

poised

to

keep

interest

rates

elevated

for

longer

than

previously

expected,

the

real

economy

remains

vulnerable

as

the

impacts

of

past

rate

increases

work

their

way

through

the

system.

Accordingly,

we

remain

watchful

of

the

timing

and

extent

of

any

economic

weakness.

However,

structural

demand

trends

remain

in

place

as

many

global

transitions

continue

apace,

supported

in

some

cases

by

government

stimulus

and

support.

Against

this

backdrop,

we

maintain

our

emphasis

on

well-capitalized,

innovative

companies

exposed

to

resilient,

long-term

business

trends.

As

of

August

31,

2023,

we

continue

to

find

a

relatively

large

number

of

such

companies

in

the

health

care

sector,

where

the

successful

development

of

a

key

new

drug

or

device

can

position

a

company

to

dominate

a

sizeable

market.

We

are

also

finding

substantial

opportunities

in

a

variety

of

areas,

such

as

information

technology

and

consumer

products

and

services,

where

far-reaching

AI

applications

can

enable

companies

to

add

value

and

transform

the

competitive

landscape.

September

15,

2023

1

The

inception

date

is

the

first

date

the

fund

was

available

on

The

NASDAQ

Stock

Market

LLC.

2

Total

return

includes

reinvestment

of

dividends

and

any

capital

gains

paid.

A

fund’s

net

asset

value

(NAV)

is

the

sum

of

all

its

assets

less

any

liabilities,

divided

by

the

number

of

shares

outstanding.

ETFs

are

bought

and

sold

at

market

prices,

not

NAV,

therefore

an

investor’s

return

at

market

price

may

differ

from

NAV.

Past

performance

is

no

guarantee

of

future

results.

Share

price,

yield

and

investment

return

fluctuate

such

that

upon

redemption,

fund

shares

may

be

worth

more

or

less

than

their

original

cost.

3

Source:

Lipper

Inc.

—

The

Russell

3000

®

Growth

Index

measures

the

performance

of

the

broad

growth

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

3000

®

companies

with

relatively

higher

price-to-book

ratios,

higher

forecasted

growth

rates

and

higher

sales

per

share

historical

growth.

The

index

is

completely

reconstituted

annually

to

ensure

new

and

growing

equities

are

included

and

that

the

represented

companies

continue

to

reflect

growth

characteristics.

Investors

cannot

invest

directly

in

any

index.

ETFs

trade

like

stocks,

are

subject

to

investment

risk,

including

possible

loss

of

principal.

ETF

shares

are

listed

on

an

exchange,

and

shares

are

generally

purchased

and

sold

in

the

secondary

market

at

market

price.

At

times,

the

market

price

may

be

at

a

premium

or

discount

to

the

ETF’s

per

share

NAV.

In

addition,

ETFs

are

subject

to

the

risk

that

an

active

trading

market

for

an

ETF’s

shares

may

not

develop

or

be

maintained.

Buying

or

selling

ETF

shares

on

an

exchange

may

require

payment

of

brokerage

commissions.

Equities

are

subject

generally

to

market,

market

sector,

market

liquidity,

issuer

and

investment

style

risks,

among

other

factors,

to

varying

degrees,

all

of

which

are

more

fully

described

in

the

fund’s

prospectus.

Small

and

midsized

company

stocks

tend

to

be

more

volatile

and

less

liquid

than

larger

company

stocks

as

these

companies

are

less

established

and

have

more

volatile

earnings

histories.

The

healthcare

sector

is

subject

to

government

regulation

and

reimbursement

rates,

as

well

as

government

approval

of

products

and

services,

which

could

have

a

significant

effect

on

price

and

availability.

Furthermore,

the

types

of

products

or

services

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

6

produced

or

provided

by

healthcare

companies

quickly

can

become

obsolete.

In

addition,

companies

in

the

healthcare

sector

can

be

significantly

affected

by

patent

expirations,

pricing

pressure,

and

product

liability

claims.

The

information

technology

sector

has

been

among

the

most

volatile

sectors

of

the

stock

market.

Information

technology

companies

involve

greater

risk

because

their

revenue

and/or

earnings

tend

to

be

less

predictable

(and

some

companies

may

be

experiencing

significant

losses)

and

their

share

prices

tend

to

be

more

volatile.

Certain

information

technology

companies

may

have

limited

product

lines,

markets

or

financial

resources,

or

may

depend

on

a

limited

management

group.

In

addition,

these

companies

are

strongly

affected

by

worldwide

technological

developments,

and

their

products

and

services

may

not

be

economically

successful

or

may

quickly

become

outdated.

Investor

perception

may

play

a

greater

role

in

determining

the

day-to-day

value

of

information

technology

stocks

than

it

does

in

other

sectors.

Fund

investments

may

decline

dramatically

in

value

if

anticipated

products

or

services

are

delayed

or

canceled.

The

fund

is

non-diversified,

which

means

that

the

fund

may

invest

a

relatively

high

percentage

of

its

assets

in

a

limited

number

of

issuers.

Therefore,

the

fund’s

performance

may

be

more

vulnerable

to

changes

in

the

market

value

of

a

single

issuer

or

group

of

issuers

and

more

susceptible

to

risks

associated

with

a

single

economic,

political

or

regulatory

occurrence

than

a

diversified

fund.

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

assuming

a

hypothetical

5%

annualized

return,

which

is

not

the

fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

ending

account

values

and

expenses

paid

for

the

period

in

the

table

are

useful

in

comparing

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

For

the

six

months

ended

August

31,

2023

(a)

Expenses

are

calculated

using

the

annualized

expense

ratio,

which

represents

the

ongoing

expenses

as

a

percentage

of

net

assets

for

the

period

May

18,

2023

(commencement

of

operations)

to

August

31,

2023.

Expenses

are

calculated

by

multiplying

the

fund’s

annualized

expense

ratio

by

the

average

account

value

for

the

period,

then

multiplying

the

result

by

106/366

(to

reflect

the

actual

days

in

the

period).

Hypothetical

expenses

reflect

projected

activity

for

the

full

six

month

period

for

purposes

of

comparability

and

are

calculated

by

multiplying

the

fund’s

annualized

expense

ratio

by

the

average

account

value

for

the

period,

then

multiplying

the

result

by

184/366

(to

reflect

the

one-half

period).

Beginning

account

value

($)

Ending

account

value

($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

(a)

Hypothetical

(a)

1,000.00

1,000.00

1,080.30

1,022.62

1.51

2.54

0.50

STATEMENT

OF

INVESTMENTS

August

31,

2023

(Unaudited)

8

Description

Shares

Value

($)

Common

Stocks

–

99.7%

Capital

Goods

–

1.9%

AZEK

Co.,

Inc.

(The)

(a)

6,111

207,835

Consumer

Discretionary

Distribution

&

Retail

–

1.3%

Chewy,

Inc.,

Class

A

(a)

2,969

71,197

Farfetch

Ltd.,

Class

A

(a)

24,745

70,523

141,720

Consumer

Durables

&

Apparel

–

5.0%

Garmin

Ltd.

981

104,006

Lululemon

Athletica

,

Inc.

(a)

678

258,494

Peloton

Interactive,

Inc.,

Class

A

(a)

28,280

180,426

542,926

Consumer

Services

–

2.9%

Airbnb,

Inc.,

Class

A

(a)

1,398

183,907

DraftKings

,

Inc.,

Class

A

(a)

4,416

130,934

314,841

Energy

–

3.8%

Cactus,

Inc.,

Class

A

7,721

411,838

Financial

Services

–

4.8%

Ares

Management

Corp.,

Class

A

3,034

313,837

Block,

Inc.

(a)

3,496

201,545

515,382

Food,

Beverage

&

Tobacco

–

2.9%

Freshpet

,

Inc.

(a)

3,150

237,857

Vital

Farms,

Inc.

(a)

6,799

80,092

317,949

Health

Care

Equipment

&

Services

–

13.3%

Align

Technology,

Inc.

(a)

866

320,541

DexCom

,

Inc.

(a)

2,128

214,886

Inspire

Medical

Systems,

Inc.

(a)

790

179,235

Intuitive

Surgical,

Inc.

(a)

655

204,806

iRhythm

Technologies,

Inc.

(a)

1,200

124,044

Outset

Medical,

Inc.

(a)

7,531

102,497

Privia

Health

Group,

Inc.

(a)

5,953

156,266

TransMedics

Group,

Inc.

(a)

2,010

131,916

1,434,191

Materials

–

1.8%

Albemarle

Corp.

971

192,948

Media

&

Entertainment

–

12.3%

Alphabet,

Inc.,

Class

C

(a)

4,155

570,689

Atlanta

Braves

Holdings,

Inc.,

Class

C

(a)

78

2,874

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C

(a)

2,727

187,590

Liberty

Media

Corp.-Liberty

Live,

Class

C

(a)

116

3,903

Netflix,

Inc.

(a)

742

321,791

9

Description

Shares

Value

($)

Common

Stocks

–

99.7%

(continued)

Media

&

Entertainment

–

12.3%

(continued)

Trade

Desk,

Inc.

(The),

Class

A

(a)

3,052

244,252

1,331,099

Pharmaceuticals,

Biotechnology

&

Life

Sciences

–

25.0%

10X

Genomics,

Inc.,

Class

A

(a)

2,882

149,432

Alnylam

Pharmaceuticals,

Inc.

(a)

1,045

206,722

Ascendis

Pharma

A/S,

ADR

(a)

2,229

218,487

BioMarin

Pharmaceutical,

Inc.

(a)

2,736

250,016

Crinetics

Pharmaceuticals,

Inc.

(a)

4,507

78,061

Cytokinetics,

Inc.

(a)

4,005

139,935

Denali

Therapeutics,

Inc.

(a)

5,092

117,574

Illumina,

Inc.

(a)

1,534

253,447

Insmed

,

Inc.

(a)

10,879

238,141

Keros

Therapeutics,

Inc.

(a)

2,185

76,715

Pacific

Biosciences

of

California,

Inc.

(a)

11,878

133,984

Prothena

Corp.

PLC

(a)

1,993

105,270

Repligen

Corp.

(a)

1,319

229,387

Sarepta

Therapeutics,

Inc.

(a)

1,577

190,833

Twist

Bioscience

Corp.

(a)

7,778

171,038

Xenon

Pharmaceuticals,

Inc.

(a)

3,666

142,901

2,701,943

Real

Estate

Management

&

Development

–

3.6%

CoStar

Group,

Inc.

(a)

4,684

384,041

Semiconductors

&

Semiconductor

Equipment

–

7.7%

NVIDIA

Corp.

1,673

825,709

Software

&

Services

–

13.4%

DoubleVerify

Holdings,

Inc.

(a)

5,288

178,787

Dynatrace

,

Inc.

(a)

4,290

206,778

MongoDB,

Inc.

(a)

536

204,377

Shopify,

Inc.,

Class

A

(a)

3,323

220,946

Snowflake,

Inc.,

Class

A

(a)

1,906

298,956

Twilio

,

Inc.,

Class

A

(a)

5,256

334,860

1,444,704

Total

Common

Stocks

(cost

$9,963,961)

10,767,126

Investment

Companies

–

0.3%

Registered

Investment

Companies

–

0.3%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

5.30%

(b)(c)

(cost

$35,460)

35,460

35,460

Total

Investments

(cost

$9,999,421)

100.0%

10,802,586

Cash

and

Receivables

(Net)

0.0%

548

Net

Assets

100.0%

10,803,134

ADR—American

Depositary

Receipt

STATEMENT

OF

INVESTMENTS

(continued)

10

See

Notes

to

Financial

Statements

(a)

Non-income

producing

security.

(b)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(c)

The

rate

shown

is

the

1-day

yield

as

of

August

31,

2023.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

August

31,

2023

are

as

follows:

Description

Value

5/18/23

1

Purchases

($)

2

Sales

($)

Value

8/31/23

Dividends/

Distributions

($)

Investment

Companies

–

0.3%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

—

357,967

(322,507)

35,460

1,712

Total

–

0.3%

—

357,967

(322,507)

35,460

1,712

1

Commencement

of

operations.

2

Includes

reinvested

dividends/distributions.

Portfolio

Summary

(Unaudited)

†

Value

(%)

Health

Care

38.3

Information

Technology

21.1

Communication

Services

12.3

Consumer

Discretionary

9.2

Financials

4.8

Energy

3.8

Real

Estate

3.6

Consumer

Staples

2.9

Industrials

1.9

Materials

1.8

Registered

Investment

Companies

0.3

100.0

†

Based

on

net

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

August

31,

2023

(Unaudited)

11

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments:

–

Unaffiliated

issuers

9,963,961

10,767,126‌

Affiliated

issuers

35,460

35,460‌

Receivable

for

shares

of

Beneficial

Interest

subscribed

3,973‌

Dividends

receivable

1,101‌

10,807,660‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—

Note

3(b)

4,526‌

4,526‌

Net

Assets

($)

10,803,134‌

Composition

of

Net

Assets

($):

Paid-in

capital

10,003,998‌

Total

distributable

earnings

(loss)

799,136‌

Net

Assets

($)

10,803,134‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

400,001‌

Net

asset

value

per

share

27.01‌

Market

price

per

share

27.04‌

STATEMENT

OF

OPERATIONS

For

the

Period

from

May

18,

2023

(commencement

of

operations)

to

August

31,

2023

(Unaudited)

12

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends:

Unaffiliated

issuers

5,201‌

Affiliated

issuers

1,712‌

Total

Income

6,913‌

Expenses:

Management

fee—Note

3(a)

15,713‌

Total

Expenses

15,713‌

Net

Investment

(Loss)

(8,800‌)

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

4,771‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

803,165‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

807,936‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

799,136‌

STATEMENT

OF

CHANGES

IN

NET

ASSETS

13

See

Notes

to

Financial

Statements

For

the

Period

from

May

18,

2023

(a)

to

August

31,

2023

(Unaudited)

Operations

($):

Net

investment

(loss)

(8,800‌)

Net

realized

gain

(loss)

on

investments

4,771‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

803,165‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

799,136‌

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

10,000,025‌

Transaction

fees—Note

5

3,973‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

10,003,998‌

Total

Increase

(Decrease)

in

Net

Assets

10,803,134‌

Net

Assets

($):

Beginning

of

Period

—‌

End

of

Period

10,803,134‌

Changes

in

Shares

Outstanding:

Shares

sold

400,001‌

Net

Increase

(Decrease)

in

Shares

Outstanding

400,001‌

(a)

Commencement

of

operations.

FINANCIAL

HIGHLIGHTS

14

The

following

table

describes

the

performance

for

the

fiscal

period

indicated

and

these

figures

have

been

derived

from

the

fund’s

financial

statements.

See

Notes

to

Financial

Statements

For

the

Period

from

May

18,

2023

(a)

to

August

31,

2023

(Unaudited)

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

25.00‌

Investment

Operations:

Net

investment

(loss)

(b)

(0.02‌)

Net

realized

and

unrealized

gain

(loss)

on

investments

2.02‌

Total

from

Investment

Operations

2.00‌

Transaction

fees

(b)

0.01‌

Net

asset

value,

end

of

period

27.01‌

Market

price,

end

of

period

(c)

27.04‌

Net

Asset

Value

Total

Return

(%)

(d)

8.03‌

(e)

Market

Price

Total

Return

(%)

(d)

8.16‌

(e)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.50‌

(f)

Ratio

of

net

investment

(loss)

to

average

net

assets

(0.28‌)

(f)

Portfolio

Turnover

Rate

(g)

4.85‌

Net

Assets,

end

of

period

($

x

1,000)

10,803‌

(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.

The

inception

date

is

the

first

date

the

fund

was

available

on

The

NASDAQ

Stock

Market

LLC.

(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

(Unaudited)

15

NOTE

1—Organization:

BNY

Mellon

Innovators

ETF (the “fund”) is a

separate

non-diversified series

of

BNY

Mellon

ETF

Trust

(the

“Trust”),

which is

registered as

a

Massachusetts

business

trust

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”),

as

an

open-ended

management

investment

company.

The

Trust

operates

as

a

series

company

currently

consisting

of

seventeen

series,

including

the

fund.

The

fund

had

no

operations

until

May

18,

2023

(commencement

of

operations),

other

than

matters

relating

to

its

organization

and

registration

under

the

Act.

The

commencement

of

operations

date

is

considered

to

be

the

date

that

the

fund

began

trading

in

the

secondary

market.

The

investment

objective

of

the

fund

is

to

seek

long-term

capital

growth.

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”),

a

wholly-owned

subsidiary

of

The

Bank

of

New

York

Mellon

Corporation

(“BNY

Mellon”),

serves

as

the

fund’s

investment

adviser. Newton

Investment

Management

North

America,

LLC (the

“Sub-Adviser”

or

“NIMNA”),

an

indirect wholly-owned

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

the

fund’s

sub-adviser.

The

Bank

of

New

York

Mellon,

a

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

administrator,

custodian

and

transfer

agent

with

the

Trust.

BNY

Mellon

Securities

Corporation

(the

“Distributor”),

a wholly-owned

subsidiary

of

the

Adviser,

is

the

distributor

of

the

fund’s

shares.

Effective

May

31,

2023,

the

Sub-Adviser

entered

into

a

sub-sub-investment

advisory

agreement

with

its

affiliate,

Newton

Investment

Management

Limited

(“NIM”),

to

enable

NIM

to

provide

certain

advisory

services

to

the

Sub-Adviser

for

the

benefit

of

the

fund,

including,

but

not

limited

to,

portfolio

management

services.

NIM

is

subject

to

the

supervision

of

the

Sub-Adviser

and

the

Adviser.

NIM

is

also

an

affiliate

of

the

Adviser.

NIM,

located

at

160

Queen

Victoria

Street,

London,

EC4V

4LA,

England,

was

formed

in

1978.

NIM

is

an

indirect

subsidiary

of

BNY

Mellon.

The

shares

of

the

fund

are

referred

to

herein

as

“Shares”

or

“fund’s

Shares.”

The

fund’s

Shares

are

listed

and

traded

on

The

NASDAQ

Stock

Market

LLC.

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

NASDAQ

Stock

Market

LLC,

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

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

16

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

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.).

17

Level

3

—

significant

unobservable

inputs

(including

the

fund’s

own

assumptions

in

determining

the

fair

value

of

investments).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

Valuation

techniques

used

to

value

the

fund’s

investments

are

as

follows:

The

Trust’s Board

of

Trustees

(the

“Board”)

has

designated

the

Adviser

as

the

fund’s

valuation

designee

to

make

all

fair

value

determinations

with

respect

to

the

fund’s

portfolio

of

investments,

subject

to

the

Board’s

oversight

and

pursuant

to

Rule

2a-5

under

the

Act.

Investments

in

equity

securities,

including

ETFs

(but

not

including

investments

in

other

open-end

registered

investment

companies),

generally

are

valued

at

the

last

sales

price

on

the

day

of

valuation

on

the

securities

exchange

or

national

securities

market

on

which

such

securities

primarily

are

traded.

Securities

listed

on

the

National

Association

of

Securities

Dealers

Automated

Quotation

System

(“NASDAQ”)

for

which

market

quotations

are

available

will

be

valued

at

the

official

closing

price.

If

there

are

no

transactions

in

a

security,

or

no

official

closing

prices

for

a

NASDAQ

market-listed

security

on

that

day,

the

security

will

be

valued

at

the

average

of

the

most

recent

bid

and

asked

prices.

Bid

price

is

used

when

no

asked

price

is

available.

Open

short

positions

for

which

there

is

no

sale

price

on

a

given

day

are

valued

at

the

lowest

asked

price.

Registered

investment

companies

that

are

not

traded

on

an

exchange

are

valued

at

their

net

asset

value.

All

of

the

preceding

securities

are

generally

categorized

within

Level

1

of

the

fair

value

hierarchy. 

When

market

quotations

or

official

closing

prices

are

not

readily

available,

or

are

determined

not

to

reflect

fair

value

accurately,

they are

valued

at

fair

value

as

determined

in

good

faith

based

on

procedures

approved

by

the

Board.

Fair

value

of

investments

may

be

determined

by

valuation

designee

using

such

information

as

it

deems

appropriate

under

the

circumstances.

Certain

factors

may

be

considered

when

fair

valuing

investments

such

as:

fundamental

analytical

data,

the

nature

and

duration

of

restrictions

on

disposition,

an

evaluation

of

the

forces

that

influence

the

market

in

which

the

securities

are

purchased

and

sold,

and

public

trading

in

similar

securities

of

the

issuer

or

comparable

issuers.

These

securities

are

either

categorized

within

Level

2

or

3

of

the

fair

value

hierarchy

depending

on

the

relevant

inputs

used.

For

securities

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

and

are

generally

categorized

within

Level

3

of

the

fair

value

hierarchy.

The

table

below

summarizes

the

inputs

used

as

of August

31,

2023

in

valuing

the

fund’s

investments:

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

18

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

or

its

affiliates

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.

Innovation-Driven

Company

Risk:

There

can

be

no

assurance

that

a

company

identified

as

an

innovation-driven

company

by

NIMNA

will

ultimately

introduce

or

benefit

from

a

new

product

or

service

or

that

such

product

or

service

may

not

be

significantly

delayed

or

have

the

affect

NIMNA

anticipated.

The

returns

on

a

portfolio

of

securities

that

are

viewed

by

NIMNA

as

innovation-driven

companies

may

trail

the

returns

of

a

portfolio

that

is

not

limited

to

securities

of

innovation-driven

companies.

Investing

only

in

securities

of

innovation-driven

companies

may

affect

the

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

($)

Investments

In

Securities:

†

Common

Stocks

10,767,126

—

—

10,767,126

Investment

Companies

35,460

—

—

35,460

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

19

fund’s

exposure

to

certain

types

of

investments

and

may

adversely

impact

the

fund’s

performance

depending

on

whether

such

investments

are

in

or

out

of

favor

in

the

market.

Authorized

Participants,

Market

Makers

and

Liquidity

Providers

Risk:

The

fund

has

a

limited

number

of

financial

institutions

that

may

act

as

Authorized

Participants,

which

are

responsible

for

the

creation

and

redemption

activity

for

the

fund.

In

addition,

there

may

be

a

limited

number

of

market

makers

and/or

liquidity

providers

in

the

marketplace.

To

the

extent

either

of

the

following

events

occur,

fund

shares

may

trade

at

a

material

discount

to

net

asset

value

and

possibly

face

delisting:

(i)

Authorized

Participants

exit

the

business

or

otherwise

become

unable

to

process

creation

and/or

redemption

orders

and

no

other

Authorized

Participants

step

forward

to

perform

these

services,

or

(ii)

market

makers

and/or

liquidity

providers

exit

the

business

or

significantly

reduce

their

business

activities

and

no

other

entities

step

forward

to

perform

their

functions.

Non-Diversification

Risk:

Because

the fund

is

non-diversified,

its

performance

may

be

more

vulnerable

to

changes

in

the

market

value

of

a

single

issuer

or

group

of

issuers

and

more

susceptible

to

risks

associated

with

a

single

economic,

political

or

regulatory

occurrence

than

a

diversified

fund.

(e)

Dividends

and

distributions

to

shareholders:

Dividends

and

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

income

and

dividends

from

net

realized

capital

gains,

if

any,

are

normally

declared

and

paid

annually,

but

the

fund

may

make

distributions

on

a

more

frequent

basis

to

comply

with

the

distribution

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

To

the

extent

that

net

realized

capital

gains

can

be

offset

by

capital

loss

carryovers

of

a

fund,

it

is

the

policy

of

the

fund

not

to

distribute

such

gains.

Income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP.

(f)

Federal

income

taxes:

It

is

the

policy

of

the

fund

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 August

31,

2023,

the

fund

did

not

have

any

liabilities

for

any

uncertain

tax

positions.

The

fund

recognizes

interest

and

penalties,

if

any,

related

to

uncertain

tax

positions

as

income

tax

expense

in

the

Statement

of

Operations.

During

the period

ended August

31,

2023,

the

fund

did

not

incur

any

interest

or

penalties.

The

tax

character

of

current

year

distributions

will

be

determined

at

the

end

of

the

current

fiscal

year.

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

20

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

0.50%

of

the

value

of

the

fund’s

average

daily

net

assets

and

is

payable

monthly.

The

fund’s

management

agreement

provides

that

the

Adviser

pays

substantially

all

expenses

of

the

fund,

except

for

the

management

fees,

payments

under

the

fund’s

12b-1

plan

(if

any),

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

brokerage

commissions,

costs

of

holding

shareholder

meetings,

fees

and

expenses

associated

with

the

fund’s

securities

lending

program,

and

litigation

and

potential

litigation

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

fund’s

business.

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

August

31,

2023,

there

was

no

reduction

in

expenses

pursuant

to

the

undertaking.

Pursuant

to

a

sub-investment

advisory

agreement

between

the

Adviser

and

the

Sub-

Adviser,

the

Sub-Adviser

serves

as

the

fund’s

sub-adviser

responsible

for

the

day-to-day

management

of

the

fund’s

portfolio.

The

Adviser

pays

the

Sub-Adviser

a

monthly

fee

at

an

annual

percentage

of

the

value

of

the

fund’s

average

daily

net

assets.

The

Adviser

has

obtained

an

exemptive

order

from

the

SEC

(the

“Order”),

upon

which

the

fund

may

rely,

to

use

a

manager

of

managers

approach

that

permits

the

Adviser,

subject

to

certain

conditions

and

approval

by

the

Board,

to

enter

into

and

materially

amend

sub-investment

advisory

agreements

with

one

or

more

sub-advisers

who

are

either

unaffiliated

or

affiliated

with

the

Adviser

without

obtaining

shareholder

approval.

The

Order

also

relieves

the

fund

from

disclosing

the

sub-advisory

fee

paid

by

the

Adviser

to

a

Sub-Adviser

in

documents

filed

with

the

SEC

and

provided

to

shareholders.

In

addition,

pursuant

to

the

Order,

it

is

not

necessary

to

disclose

the

sub-advisory

fee

payable

by

the

Adviser

separately

to

a

Sub-Adviser

that

is

a

wholly-owned

subsidiary

(as

defined

in

the

1940

Act)

of

BNY

Mellon

in

documents

filed

with

the

SEC

and

provided

to

shareholders;

such

fees

are

to

be

aggregated

with

fees

payable

to

the

Adviser.

The

Adviser

has

ultimate

responsibility

(subject

to

oversight

by

the

Board)

to

supervise

any

Sub-Adviser

and

recommend

the

hiring,

termination,

and

replacement

of

any

Sub-Adviser

to

the

Board.

Pursuant

to

a

sub-investment

advisory

agreement

between

the

Adviser

and

the

Sub-

Adviser,

the

Adviser

pays

the

Sub-Adviser

a

monthly

fee

at

an

annual

rate

of

0.25%

of

the

value

of

the

fund’s

average

daily

net

assets.

The

Adviser,

and

not

the

fund,

pays

the

Sub-Adviser

fee

rate.

21

(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 $4,526.

(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

of

investment

securities,

excluding

short-term

securities

and

in-kind

transactions,

during

the

period

ended

August

31,

2023, amounted

to $708,270

and

$419,903,

respectively.

At August

31,

2023,

accumulated

net

unrealized

appreciation on

investments

was

$803,165,

consisting

of

gross

appreciation

of

$1,365,870

and

gross

depreciation

of

$562,705.

At

August

31,

2023,

the

cost

of

investments

for

federal

income

tax

purposes

was

substantially

the

same

as

the

cost

for

financial

reporting

purposes

(see

the

Statement

of

Investments).

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

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

22

of

securities

and

a

specified

amount

of

cash.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Trust

and/or

custodian

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

The

Adviser

or

its

affiliates

(the

“Selling

Shareholder”)

may

purchase

Creation

Units

through

a

broker-dealer

to

“seed”

(in

whole

or

in

part)

funds

as

they

are

launched

or

may

purchase shares

from

broker-dealers

or

other

investors

that

have

previously

provided

“seed”

for

funds

when

they

were

launched

or

otherwise

in

secondary

market

transactions.

Because

the

Selling

Shareholder

may

be

deemed

an

affiliate

of

such

funds,

the

fund shares

are

being

registered

to

permit

the

resale

of

these

shares

from

time

to

time

after

purchase.

The

fund

will

not

receive

any

of

the

proceeds

from

resale

by

the

Selling

Shareholders

of

these

fund

shares. An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

variable

charges,

if

any,

are

included

in

“Transaction

fees”

on

the

Statement

of

Changes

in

Net

Assets.

Seed

Capital:

As

of

August

31,

2023,

MBC

Investments

Corporation,

an

indirect

subsidiary

of

BNY

Mellon,

held

379,401

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

period

ended

August

31,

2023,

the

fund

had

in-kind

transactions

associated

with

creations

of

$9,670,888

and

redemptions

of

$0.

INFORMATION

ABOUT

THE

APPROVAL

OF

THE

FUND’S

MANAGEMENT,

SUB-ADVISORY

AND

SUB-SUB

ADVISORY

AGREEMENTS

(Unaudited)

23

At

a

meeting

held

February

8,

2023

(the

“February

Meeting”),

the

Board

of

Trustees

of

the

Trust

(the

“Board”),

all

the

members

of

which

are

not

“interested

persons”

of

the

Trust

as

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

evaluated

proposals

to

approve

the

Management

Agreement

between

the

Trust

and

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”),

pursuant

to

which

the

Adviser

will

provide

the

BNY

Mellon

Innovators

ETF

(the

“fund”),

which

commenced

operations

during

the

period

covered

by

this

semi-annual

report,

with

investment

advisory

and

administrative

services,

and

the

Sub-Investment

Advisory

Agreement

(each

of

the

Management

Agreement

and

the

Sub-Investment

Advisory

Agreement,

an

“Agreement,”

and

collectively,

the

“Agreements”),

between

the

Adviser

and

Newton

Investment

Management

North

America,

LLC

(“NIMNA”

or

the

“Sub-

Adviser”),

an

affiliate

of

the

Adviser,

pursuant

to

which

the

Sub-Adviser

will

provide

day-to-day

management

of

the

fund’s

investments.

The

Trustees

were

advised

by

legal

counsel

throughout

the

process.

The

Trustees

also

met

separately

from

management

to

consider

the

Agreements.

To

evaluate

the

Agreements,

the

Board

requested,

and

the

Adviser

and

Sub-Adviser

provided,

such

materials

as

the

Board,

with

the

advice

of

counsel,

deemed

reasonably

necessary.

In

deciding

whether

to

approve

the

Agreements,

the

Board

considered

various

factors,

including

the

(i)

nature,

extent

and

quality

of

services

expected

to

be

provided

by

the

Adviser

and

Sub-Adviser

under

each

respective

Agreement,

(ii)

fees

charged

to

comparable

funds,

(iii)

other

benefits

to

the

Adviser,

Sub-Adviser

and/or

their

affiliates,

and

(iv)

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.

Nature,

Extent

and

Quality

of

Services

The

Board

considered

the

nature,

extent

and

quality

of

services

expected

to

be

provided

by

the

Adviser

and

Sub-Adviser.

The

Board

reviewed

the

Agreements

and

the

Adviser’s

anticipated

responsibilities

of

investment

advisory

and

administrative

services

for

the

fund,

including

oversight

of

day-to-day

fund

operations,

fund

accounting,

administration,

and

assistance

in

meeting

legal

and

regulatory

requirements.

The

Board

considered

the

background

and

experience

of

the

Adviser’s

and

Sub-Adviser’s

senior

management,

including

those

individuals

responsible

for

portfolio

management

and

regulatory

compliance

of

the

fund.

The

Board

also

considered

the

Adviser’s

extensive

administrative,

accounting,

and

compliance

infrastructures,

as

well

as

the

Adviser’s

supervisory

activities

over

the

Sub-Adviser.

The

Board

appreciated

the

nature

of

the

fund

as

an

exchange-traded

fund

and

considered

the

portfolio

management

resources,

structures

and

practices

of

the

Adviser

and

Sub-Adviser,

including

those

associated

with

monitoring

and

securing

the

fund’s

compliance

with

its

investment

objective

and

policy

and

with

applicable

laws

and

regulations.

The

Board

also

considered

information

about

the

Sub-Adviser’s

best

INFORMATION

ABOUT

THE

APPROVAL

OF

THE

FUND’S

MANAGEMENT,

SUB-ADVISORY

AND

SUB-SUB

ADVISORY

AGREEMENTS

(Unaudited)

(continued)

24

execution

procedures

and

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.

As

the

fund

had

not

yet

commenced

operations,

the

Board

was

not

able

to

review

the

fund’s

performance.

The

Board

discussed

with

representatives

of

the

Adviser

and

the

Sub-Adviser

the

proposed

portfolio

management

team

and

the

investment

strategy

to

be

employed

in

the

management

of

the

fund’s

assets.

The

Board

considered

the

reputation

and

experience

of

the

Adviser

and

its

affiliates,

including

the

Sub-Adviser.

Fees

Charged

to

Comparable

Funds

The

Board

evaluated

the

fund’s

proposed

unitary

fee

through

review

of

comparative

information

with

respect

to

fees

paid

by

similar

funds

–

i.e.,

actively

managed

mid-cap

growth

exchange-traded

funds.

The

Board

reviewed

the

universe

of

similar

exchange-

traded

funds

for

the

fund

based

upon

data

independently

obtained

from

Broadridge

Financial

Solutions,

Inc.

and

related

comparative

information

for

similar

exchange-

traded

funds.

The

Board

also

reviewed

the

estimated

expense

ratio

for

the

fund.

The

Board

considered

the

fee

to

be

paid

to

the

Sub-Adviser

in

relation

to

the

fee

to

be

paid

to

the

Adviser

by

the

fund

and

the

respective

services

to

be

provided

by

the

Sub-Adviser

and

the

Adviser.

The

Board

also

took

into

consideration

that

the

Sub-

Adviser’s

fee

will

be

paid

by

the

Adviser

and

not

the

fund.

Other

Benefits

The

Board

also

considered

whether

the

Adviser,

Sub-Adviser

or

their

affiliates

benefited

in

other

ways

from

their

relationship

with

the

fund.

The

Board

noted

The

Bank

of

New

York

Mellon

Corporation

may

derive

certain

benefits

from

an

incremental

growth

in

its

businesses

that

may

possibly

result

from

the

availability

of

the

fund

to

clients.

Profitability

and

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

Agreement

did

not

provide

for

breakpoints

in

the

fund’s

advisory

fee

rate

as

assets

of

the

fund

increase.

The

Board

noted

that,

because

the

fund

is

new,

there

are

no

economies

of

scale

to

share,

but

it

intends

to

continue

to

monitor

fees

as

the

fund

grows

in

size

and

to

the

extent

in

the

future

it

were

determined

that

material

economies

of

scale

had

not

been

shared

with

the

fund,

the

Board

would

seek

to

have

those

economies

of

scale

shared

with

the

fund

in

connection

with

future

renewals.

As

the

fund

had

not

yet

commenced

operations,

the

Adviser’s

representatives

were

not

able

to

review

the

dollar

amount

of

expenses

allocated

and

profit

received

by

the

Adviser

or

Sub-Adviser.

.

25

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

Agreements

for

the

fund.

**********

At

a

meeting

held

May

9,

2023

(the

“May

Meeting”),

the

Board

considered

the

approval

of

a

delegation

arrangement

between

NIMNA

and

its

affiliate,

Newton

Investment

Management

Limited

(“NIM”),

which

permits

NIMNA,

as

the

fund’s

Sub-Adviser,

to

use

the

investment

advisory

personnel,

resources

and

capabilities

(“Investment

Advisory

Services”)

available

at

its

sister

company,

NIM,

in

providing

the

day-to-day

management

of

the

fund’s

investments.

In

connection

therewith,

the

Board

considered

the

approval

of

a

sub-sub-investment

advisory

agreement

(the

“SSIA

Agreement”)

between

NIMNA

and

NIM,

with

respect

to

the

fund.

The

Trustees

were

advised

by

legal

counsel

throughout

the

process.

The

Trustees

also

met

separately

from

management

to

consider

the

SSIA

Agreement.

At

the

May

Meeting,

the

Adviser

recommended

the

approval

of

the

SSIA

Agreement

to

enable

NIM

to

provide

Investment

Advisory

Services

to

the

Sub-Adviser

for

the

benefit

of

the

fund,

including,

but

not

limited

to,

portfolio

management

services,

subject

to

the

supervision

of

the

Sub-Adviser

and

the

Adviser.

The

recommendation

for

the

approval

of

the

SSIA

Agreement

was

based

on

the

following

considerations,

among

others:

(i)

approval

of

the

SSIA

Agreement

would

permit

the

Sub-Adviser

to

use

investment

personnel

employed

primarily

by

NIM

as

primary

portfolio

managers

of

the

fund

and

to

use

the

investment

research

services

of

NIM

in

the

day-to-day

management

of

the

fund’s

investments;

and

(ii)

there

would

be

no

material

changes

to

the

fund’s

investment

objective,

strategies

or

policies,

no

reduction

in

the

nature

or

level

of

services

provided

to

the

fund,

and

no

increases

in

the

management

fee

payable

by

the

fund

or

the

sub-advisory

fee

payable

by

the

Adviser

to

the

Sub-Adviser

as

a

result

of

the

delegation

arrangement.

The

Board

noted

NIM

currently

serves

as

the

sub-adviser

for

certain

other

series

of

the

Trust,

and

had

presented

to

the

Board

at

the

February

Meeting

with

respect

to

the

reapproval

of

the

NIM

sub-advisory

agreement

with

respect

to

those

series.

The

Board

further

noted

NIM

had

represented

there

had

been

no

material

changes

to

the

information

it

provided

at

the

February

Meeting.

In

approving

the

SSIA

Agreement,

the

Board

considered

the

materials

prepared

by

the

Adviser,

Sub-Adviser

and

NIM,

and

other

information

received

in

advance

of

the

May

Meeting,

which

included:

(i)

a

form

of

the

SSIA

Agreement

and

related

documents;

(ii)

information

regarding

the

delegation

arrangement

and

how

it

is

expected

to

enhance

investment

capabilities

for

the

benefit

of

the

fund;

(iii)

information

regarding

NIM;

and

(iv)

an

opinion

of

counsel

that

the

proposed

delegation

arrangement

would

not

result

in

an

“assignment”

of

the

Sub-Investment

Advisory

Agreement

under

the

1940

Act

and

the

Investment

Advisers

Act

of

1940,

as

amended,

and,

therefore,

did

INFORMATION

ABOUT

THE

APPROVAL

OF

THE

FUND’S

MANAGEMENT,

SUB-ADVISORY

AND

SUB-SUB

ADVISORY

AGREEMENTS

(Unaudited)

(continued)

26

not

require

the

approval

of

fund

shareholders.

The

Board

also

considered

materials

provided

by

the

Adviser,

Sub-Adviser

and

NIM

received

in

advance

of

the

February

Meeting,

in

connection

with

(i)

the

Board’s

approval

of

the

Management

Agreement

and

Sub-Investment

Advisory

Agreement

with

respect

to

the

fund

and

(ii)

the

Board’s

re-approval

of

the

NIM

sub-investment

advisory

agreement

with

respect

to

the

other

series

of

the

Trust

for

which

NIM

serves

as

a

sub-adviser.

The

Board

also

took

into

consideration

the

substance

of

discussions

with

representatives

of

the

Adviser

and

Sub-Adviser

at

the

February

Meeting

and

May

Meeting.

For

More

Information

2023

BNY

Mellon

Securities

Corporation

4867SA0823

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

Newton

Investment

Management

North

America,

LLC

BNY

Mellon

Center

201

Washington

Street

Boston,

MA

02108

BNY

Mellon

Securities

Corporation

240

Greenwich

Street

New

York,

NY

10286

Ticker

Symbol:

BNY

Mellon

Innovators

ETF

BKIV

BNY

Mellon

ETF

Trust

SEMI-ANNUAL

REPORT

August

31,

2023

BNY

Mellon

Women’s

Opportunities

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

Understanding

Your

Fund’s

Expenses

6

Statement

of

Investments

7

Statement

of

Assets

and

Liabilities

10

Statement

of

Operations

11

Statement

of

Changes

in

Net

Assets

12

Financial

Highlights

13

Notes

to

Financial

Statements

14

Information

About

the

Approval

of

the

Fund’s

Management,

Sub-Advisory

and

Sub-Sub

Advisory

Agreements

23

FOR

MORE

INFORMATION

Back

Cover

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

3

For

the

period

from

May

17,

2023,

the

fund’s

inception

1

,

through

August

31,

2023,

as

provided

by

Karen

Behr

and

Julianne

McHugh,

portfolio

managers

of

Newton

Investment

Management

North

America,

LLC

(NIMNA),

sub-adviser.

Market

and

Fund

Performance

Overview

For

the

period

from

May

17,

2023,

the

fund’s

inception,

through

August

31,

2023,

the

BNY

Mellon

Women’s

Opportunities

ETF

(the

“fund”)

produced

a

net

asset

value

total

return

of

7.29%.

2

In

comparison,

the

fund’s

benchmark,

the

S&P

500

®

Index

(the

“Index”),

produced

a

total

return

of

10.23%

for

the

same

period.

3

Equities

gained

ground

during

the

reporting

period

as

inflationary

pressures

eased,

the

U.S.

Federal

Reserve

(the

“Fed”)

reduced

the

pace

of

interest-rate

hikes,

and

economic

growth

remained

positive.

The

fund

underperformed

the

Index

largely

due

to

relatively

weak

stock

selection.

The

Fund’s

Investment

Approach

The

fund

seeks

long-term

capital

growth.

To

pursue

its

goal,

the

fund

normally

invests

in

equity

securities

of

U.S.

companies

that

in

the

view

of

the

NIMNA,

an

affiliate

of

BNY

Mellon

ETF

Investment

Adviser,

LLC,

demonstrate

attractive

financial

attributes

and

promote

“Women’s

Opportunities.”

NIMNA

defines

“Women’s

Opportunities”

as

opportunities

that

enhance

the

professional

development

and

advancement

of

women

and/or

the

ability

of

women

to

meet

their

work

or

other

personal

life

responsibilities

and

needs.

NIMNA

considers

companies

that

promote

Women’s

Opportunities

to

be

companies

that

demonstrate

gender

equitable

practices

in

the

workplace

and/or

that

provide

products

or

services

that

NIMNA

believes

enhance

the

ability

of

women

to

meet

their

work

or

other

personal

life

responsibilities

and

needs.

NIMNA

utilizes

fundamental

research

and

analysis

to

select

investments

that

NIMNA

believes

possess

a

favorable

combination

of

qualitative

and

quantitative

metrics

relating

to

Women’s

Opportunities.

Equities

Advance

Despite

Macroeconomic

Concerns

Market

sentiment

proved

generally

positive

during

the

reporting

period,

with

hopes

for

continued

economic

growth

outweighing

concerns

regarding

persistently

high

levels

of

inflation

and

the

impact

of

central

bank

interest-rate

hikes

designed

to

curb

inflation.

In

May

2023,

as

the

period

began,

U.S.

inflation

averaged

4.05%

on

an

annualized

basis,

down

from

the

9.1%

peak

set

in

June

2022

but

above

the

target

of

2%

set

by

the

Fed.

The

benchmark

federal

funds

rate

stood

at

5.00%–5.25%,

the

highest

level

since

2007.

During

the

reporting

period,

inflation

fell

below

4%,

and

the

Fed

raised

rates

by

an

additional

0.25%,

with

few,

if

any,

additional

increases

expected

by

the

market.

Although

U.S.

economic

growth

and

corporate

profits

showed

signs

of

moderating,

indications

remained

broadly

positive,

supported

by

robust

consumer

spending,

rising

wages

and

low

levels

of

unemployment.

These

encouraging

economic

trends

eased

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

4

concerns

that

high

rates

might

tip

the

economy

into

a

recession.

Accordingly,

while

equity

markets

dipped

or

spiked

in

response

to

the

economic

news

of

the

day,

stocks

trended

higher

on

balance,

largely

driven

by

momentum

factors

among

large-cap

issues,

and

further

bolstered

by

the

improving

performance

of

value

factors.

Stock

Selections

Detract

from

Relative

Performance

Relative

to

the

Index,

the

fund’s

performance

was

impacted

by

stock

selection

in

communication

services

and

an

overweight

to

healthcare.

Within

Communication

Services,

Omnicom

Group,

Inc.

and

The

Walt

Disney

Company

detracted.

Omnicom

Group,

Inc.

shares

pulled

back

following

their

Q2

report

as

organic

growth

fell

short

of

expectations.

The

Walt

Disney

Company

underperformed

during

the

quarter

as

concerns

around

the

organization’s

Direct

to

Consumer

business—its

subscription

growth

and

profitability—weighed

on

shares.

The

fund’s

underweight

to

NVIDIA

Corp.

impacted

relative

performance

in

the

quarter

as

well.

While

we

maintained

a

positive

view

on

NVIDIA

Corp.’s

fundamental

positioning

and

its

practices

to

promote

a

gender

equitable

environment,

we

balanced

this

view

with

the

company’s

valuation

which

drove

initial

positioning

in

the

name.

Supporting

performance,

the

fund

saw

solid

performance

from

the

Industrials

sector.

Strong

stock

selection

drove

both

absolute

and

relative

outperformance.

Several

industrial

holdings

reported

better

than

expected

results

and

positive

outlooks

despite

slowing

US

economic

growth.

During

the

quarter,

the

fund’s

top

performers

overall

included

Uber

Technologies,

Inc.,

industrial

equipment

maker

Caterpillar,

Inc.,

and

software

firms

Intuit,

Inc.

and

Workday,

Inc.

Shares

in

Uber

Technologies,

Inc.

gained

as

improving

rideshare

volumes

supported

earnings

and

drove

a

positive

outlook.

The

company

continues

to

expand

their

global

offerings

addressing

customer

needs

with

their

offerings.

Caterpillar,

Inc.

shares

rose

as

the

company

exceeded

earnings

expectations

and

raised

guidance

on

strong

pricing

and

margins.

Intuit,

Inc.

and

Workday,

Inc.

both

benefited

from

resilient

demand

for

their

mission

critical

software

products.

The

fund’s

underweight

to

utilities

also

aided

relative

returns

in

the

quarter,

as

did

strong

stock

selection

in

the

sector.

Maintaining

a

Cautiously

Optimistic

Outlook

While

headline

inflation

is

falling

from

peak

levels,

as

of

August

31,

2023,

core

inflation

remains

stickier

than

investors

had

anticipated

in

many

markets.

With

the

Fed

currently

seen

as

poised

to

keep

interest

rates

elevated

for

longer

than

previously

expected,

the

real

economy

remains

vulnerable

as

the

impacts

of

past

rate

increases

work

their

way

through

the

system.

Accordingly,

we

remain

watchful

of

the

timing

and

extent

of

any

economic

weakness.

However,

structural

demand

trends

remain

in

place

as

many

global

transitions

continue

apace,

supported

in

some

cases

by

government

stimulus

and

support.

Against

this

backdrop,

we

will

continue

to

seek

out

those

businesses

with

attractive

sustainability

credentials,

durable

returns

and

quality

characteristics.

5

As

a

function

of

our

focus

on

investing

in

companies

that

deliver

products

and

services

that

enhance

women’s

opportunities

and

productivity,

the

fund

currently

holds

materially

overweight

exposure

to

the

health

care

sector.

We

believe

health

care

companies

that

offer

elder

care

services

should

benefit

from

increased

demand

as

a

result

of

a

growing

market

opportunity

given

the

country’s

aging

demographics

and

the

need

for

family

members

to

find

means

to

meet

dependent

care

responsibilities

while

balancing

paid

employment

responsibilities.

In

addition,

pharmaceutical

and

medical

device

companies

that

focus

on

women’s

health

issues

offer

critical

services

that

might

promote

women’s

productivity

by

reducing

sick

time.

Conversely,

the

fund

holds

underweight

exposure

to

communication

services,

partly

as

a

result

of

avoiding

Alphabet,

Inc.,

a

large

Index

position

that

we

do

not

believe

demonstrates

a

strong

gender

equality

environment.

The

company

has

faced

several

lawsuits

and

complaints

concerning

gender

pay

gap

discrimination

allegations,

has

relatively

weak

female

participation

trends

within

management,

and

lacks

evidence

of

strong

benefits.

We

believe

companies

that

work

to

level

the

playing

field

and

provide

women’s

opportunities

can

generate

more

resilient

returns,

regardless

of

the

economic

environment.

At

an

individual

company

level,

studies

show

that

companies

that

have

gender

diversity

in

senior

leadership

outperform

those

lacking

such

diversity

with

regards

to

profits,

return

on

asset

and

stock

performance.

Additional

studies

show

the

importance

of

strong

human

capital

metrics

on

financial

returns—those

companies

with

higher

employee

satisfaction

ratings

have

higher

returns.

Similarly,

companies

with

relatively

small

disparities

between

how

men

and

women

view

corporate

practices

outperform

those

with

wider

disparities.

We

further

believe

those

companies

offering

products

and

services

that

allow

women

to

better

balance

unpaid

and

paid

responsibilities

will

benefit

from

more

resilient

demand

and

offer

attractive

investment

opportunities.

September

15,

2023

1

The

inception

date

is

the

first

date

the

fund

was

available

on

The

NASDAQ

Stock

Market

LLC.

2

Total

return

includes

reinvestment

of

dividends

and

any

capital

gains

paid.

A

fund’s

net

asset

value

(NAV)

is

the

sum

of

all

its

assets

less

any

liabilities,

divided

by

the

number

of

shares

outstanding.

ETFs

are

bought

and

sold

at

market

prices,

not

NAV,

therefore

an

investor’s

return

at

market

price

may

differ

from

NAV.

Past

performance

is

no

guarantee

of

future

results.

Share

price,

yield

and

investment

return

fluctuate

such

that

upon

redemption,

fund

shares

may

be

worth

more

or

less

than

their

original

cost.

3

Source:

Lipper

Inc.

—

The

S&P

500

®

Index

is

widely

regarded

as

the

best

single

gauge

of

large-cap

U.S.

equities.

The

index

includes

500

leading

companies

and

captures

approximately

80%

coverage

of

available

market

capitalization.

Investors

cannot

invest

directly

in

any

index.

ETFs

trade

like

stocks,

are

subject

to

investment

risk,

including

possible

loss

of

principal.

ETF

shares

are

listed

on

an

exchange,

and

shares

are

generally

purchased

and

sold

in

the

secondary

market

at

market

price.

At

times,

the

market

price

may

be

at

a

premium

or

discount

to

the

ETF’s

per

share

NAV.

In

addition,

ETFs

are

subject

to

the

risk

that

an

active

trading

market

for

an

ETF’s

shares

may

not

develop

or

be

maintained.

Buying

or

selling

ETF

shares

on

an

exchange

may

require

payment

of

brokerage

commissions.

Equities

are

subject

generally

to

market,

market

sector,

market

liquidity,

issuer

and

investment

style

risks,

among

other

factors,

to

varying

degrees,

all

of

which

are

more

fully

described

in

the

fund’s

prospectus.

The

fund

is

non-diversified,

which

means

that

the

fund

may

invest

a

relatively

high

percentage

of

its

assets

in

a

limited

number

of

issuers.

Therefore,

the

fund’s

performance

may

be

more

vulnerable

to

changes

in

the

market

value

of

a

single

issuer

or

group

of

issuers

and

more

susceptible

to

risks

associated

with

a

single

economic,

political

or

regulatory

occurrence

than

a

diversified

fund.

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

6

As

a

shareholder

of

the

fund,

you

pay

ongoing

expenses,

such

as

management

fees

and

other

expenses.

Using

the

information

below,

you

can

estimate

how

these

expenses

affect

your

investment

and

compare

them

with

the

expenses

of

other

funds.

For

more

information,

see

your

fund’s

prospectus

or

talk

to

your

financial

adviser.

Actual

Expenses

The

information

under

each

column

in

the

table

below

entitled

“Actual”

provides

information

about

on

how

much

a

$1,000

investment

would

be

worth

at

the

close

of

the

period,

assuming

net

asset

value

total

returns

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

for

the

fund

under

the

heading

entitled

“Expenses

paid

for

the

period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

For

Comparison

Purposes

The

Securities

and

Exchange

Commission

(“SEC”)

has

established

guidelines

to

help

investors

assess

fund

expenses.

The

information

under

each

column

in

the

table

entitled

“Hypothetical”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

fund’s

actual

expense

ratio

and

assuming

a

hypothetical

5%

annualized

return,

which

is

not

the

fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

ending

account

values

and

expenses

paid

for

the

period

in

the

table

are

useful

in

comparing

ongoing

expenses

(but

not

transaction

expenses

or

total

cost)

of

investing

in

the

fund

with

those

of

other

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

For

the

six

months

ended

August

31,

2023

(a)

Expenses

are

calculated

using

the

annualized

expense

ratio,

which

represents

the

ongoing

expenses

as

a

percentage

of

net

assets

for

the

period

May

18,

2023

(commencement

of

operations)

to

August

31,

2023.

Expenses

are

calculated

by

multiplying

the

fund’s

annualized

expense

ratio

by

the

average

account

value

for

the

period,

then

multiplying

the

result

by

106/366

(to

reflect

the

actual

days

in

the

period).

Hypothetical

expenses

reflect

projected

activity

for

the

full

six

month

period

for

purposes

of

comparability

and

are

calculated

by

multiplying

the

fund’s

annualized

expense

ratio

by

the

average

account

value

for

the

period,

then

multiplying

the

result

by

184/366

(to

reflect

the

one-half

period).

Beginning

account

value

($)

Ending

account

value($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

(a)

Hypothetical

(a)

1,000.00

1,000.00

1,072.90

1,022.62

1.50

2.54

0.50

STATEMENT

OF

INVESTMENTS

August

31,

2023

(Unaudited)

7

Description

Shares

Value

($)

Common

Stocks

–

98.8%

Banks

–

4.3%

Bank

of

America

Corp.

3,648

104,588

JPMorgan

Chase

&

Co.

2,416

353,533

458,121

Capital

Goods

–

3.2%

Caterpillar,

Inc.

616

173,176

Trane

Technologies

PLC

848

174,061

347,237

Consumer

Discretionary

Distribution

&

Retail

–

6.3%

Amazon.com,

Inc.

(a)

4,280

590,683

Etsy,

Inc.

(a)

1,213

89,240

679,923

Consumer

Durables

&

Apparel

–

1.9%

Lululemon

Athletica,

Inc.

(a)

536

204,355

Consumer

Services

–

2.5%

Bright

Horizons

Family

Solutions,

Inc.

(a)

2,826

266,831

Energy

–

4.6%

ConocoPhillips

1,012

120,458

Occidental

Petroleum

Corp.

2,773

174,117

Schlumberger

NV

3,384

199,521

494,096

Financial

Services

–

4.0%

Block,

Inc.

(a)

1,784

102,847

Mastercard,

Inc.,

Class

A

784

323,510

426,357

Food,

Beverage

&

Tobacco

–

2.1%

PepsiCo,

Inc.

1,288

229,161

Health

Care

Equipment

&

Services

–

9.4%

Addus

Homecare

Corp.

(a)

1,152

101,030

Boston

Scientific

Corp.

(a)

4,176

225,253

Centene

Corp.

(a)

1,604

98,887

Cooper

Cos.,

Inc.

(The)

643

237,904

Hologic,

Inc.

(a)

1,816

135,728

Progyny,

Inc.

(a)

5,520

206,117

1,004,919

Household

&

Personal

Products

–

2.0%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

1,328

213,184

Insurance

–

2.4%

Progressive

Corp.

(The)

1,888

251,991

STATEMENT

OF

INVESTMENTS

(continued)

8

Description

Shares

Value

($)

Common

Stocks

–

98.8%

(continued)

Materials

–

1.9%

Alcoa

Corp.

3,318

99,806

Constellium

SE

(a)

5,856

105,408

205,214

Media

&

Entertainment

–

4.0%

Meta

Platforms,

Inc.,

Class

A

(a)

633

187,298

Omnicom

Group,

Inc.

1,714

138,851

Walt

Disney

Co.

(The)

(a)

1,248

104,433

430,582

Pharmaceuticals,

Biotechnology

&

Life

Sciences

–

12.5%

AbbVie,

Inc.

2,248

330,366

Alnylam

Pharmaceuticals,

Inc.

(a)

480

94,954

Danaher

Corp.

992

262,880

Eli

Lilly

&

Co.

630

349,146

Illumina,

Inc.

(a)

1,352

223,377

Zoetis,

Inc.

423

80,586

1,341,309

Real

Estate

Management

&

Development

–

1.4%

CoStar

Group,

Inc.

(a)

1,779

145,860

Semiconductors

&

Semiconductor

Equipment

–

6.4%

Applied

Materials,

Inc.

1,335

203,935

NVIDIA

Corp.

720

355,356

Texas

Instruments,

Inc.

756

127,053

686,344

Software

&

Services

–

22.7%

Accenture

PLC,

Class

A

761

246,389

Akamai

Technologies,

Inc.

(a)

1,517

159,422

ANSYS,

Inc.

(a)

588

187,496

HubSpot,

Inc.

(a)

470

256,864

Intuit,

Inc.

592

320,751

Microsoft

Corp.

2,424

794,490

Shopify,

Inc.,

Class

A

(a)

4,488

298,407

Workday,

Inc.,

Class

A

(a)

720

176,040

2,439,859

Transportation

–

5.4%

FedEx

Corp.

1,104

288,166

Uber

Technologies,

Inc.

(a)

6,040

285,269

573,435

Utilities

–

1.8%

Exelon

Corp.

4,896

196,428

Total

Common

Stocks

(cost

$9,867,449)

10,595,206

9

See

Notes

to

Financial

Statements

Description

Shares

Value

($)

Investment

Companies

–

1.2%

Registered

Investment

Companies

–

1.2%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

5.30%

(b)(c)

(cost

$128,320)

128,320

128,320

Total

Investments

(cost

$9,995,769)

100.0%

10,723,526

Cash

and

Receivables

(Net)

0.0%

5,153

Net

Assets

100.0%

10,728,679

(a)

Non-income

producing

security.

(b)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(c)

The

rate

shown

is

the

1-day

yield

as

of

August

31,

2023.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

August

31,

2023

are

as

follows:

Description

Value

5/18/23

1

Purchases

($)

2

Sales

($)

Value

8/31/23

Dividends/

Distributions

($)

Investment

Companies

–

1.2%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

—

523,507

(395,187)

128,320

2,621

Total

–

1.2%

—

523,507

(395,187)

128,320

2,621

1

Commencement

of

operations.

2

Includes

reinvested

dividends/distributions.

Portfolio

Summary

(Unaudited)

†

Value

(%)

Information

Technology

29.1

Health

Care

21.9

Consumer

Discretionary

10.7

Financials

10.7

Industrials

8.6

Energy

4.6

Consumer

Staples

4.1

Communication

Services

4.0

Materials

1.9

Utilities

1.8

Real

Estate

1.4

Registered

Investment

Companies

1.2

100.0

†

Based

on

net

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

August

31,

2023

(Unaudited)

10

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments:

–

Unaffiliated

issuers

9,867,449

10,595,206‌

Affiliated

issuers

128,320

128,320‌

Dividends

receivable

9,459‌

Tax

reclaim

receivable—Note

2(b)

159‌

10,733,144‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—

Note

3(b)

4,465‌

4,465‌

Net

Assets

($)

10,728,679‌

Composition

of

Net

Assets

($):

Paid-in

capital

10,000,025‌

Total

distributable

earnings

(loss)

728,654‌

Net

Assets

($)

10,728,679‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

400,001‌

Net

asset

value

per

share

26.82‌

Market

price

per

share

26.84‌

STATEMENT

OF

OPERATIONS

For

the

Period

from

May

18,

2023

(commencement

of

operations)

to

August

31,

2023

(Unaudited)

11

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends

(net

of

$159

foreign

taxes

withheld

at

source):

Unaffiliated

issuers

30,857‌

Affiliated

issuers

2,621‌

Total

Income

33,478‌

Expenses:

Management

fee—Note

3(a)

15,180‌

Total

Expenses

15,180‌

Net

Investment

Income

18,298‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

(17,401‌

)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

727,75

7‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

710,356‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

728,654‌

STATEMENT

OF

CHANGES

IN

NET

ASSETS

12

See

Notes

to

Financial

Statements

For

the

Period

from

May

18,

2023

(a)

to

August

31,

2023

(Unaudited)

Operations

($):

Net

investment

income

18,298‌

Net

realized

gain

(loss)

on

investments

(17,401‌

)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

727,75

7‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

728,654‌

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

10,000,025‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

10,000,025‌

Total

Increase

(Decrease)

in

Net

Assets

10,728,679‌

Net

Assets

($):

Beginning

of

Period

—‌

End

of

Period

10,728,679‌

Changes

in

Shares

Outstanding:

Shares

sold

400,001‌

Net

Increase

(Decrease)

in

Shares

Outstanding

400,001‌

(a)

Commencement

of

operations.

FINANCIAL

HIGHLIGHTS

13

The

following

table

describes

the

performance

for

the

fiscal

period

indicated

and

these

figures

have

been

derived

from

the

fund’s

financial

statements.

See

Notes

to

Financial

Statements

For

the

Period

from

May

18,

2023

(a)

to

August

31,

2023

(Unaudited)

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

25.00‌

Investment

Operations:

Net

investment

income

(b)

0.05‌

Net

realized

and

unrealized

gain

(loss)

on

investments

1.77‌

Total

from

Investment

Operations

1.82‌

Net

asset

value,

end

of

period

26.82‌

Market

price,

end

of

period

(c)

26.84‌

Net

Asset

Value

Total

Return

(%)

(d)

7.29‌

(e)

Market

Price

Total

Return

(%)

(d)

7.36‌

(e)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.50‌

(f)

Ratio

of

net

investment

income

to

average

net

assets

0.60‌

(f)

Portfolio

Turnover

Rate

(g)

15.16‌

Net

Assets,

end

of

period

($

x

1,000)

10,729‌

(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.

The

inception

date

is

the

first

date

the

fund

was

available

on

The

NASDAQ

Stock

Market

LLC.

(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

(Unaudited)

14

NOTE

1—Organization:

BNY

Mellon

Women's

Opportunities

ETF (the “fund”) is a

separate

non-

diversified series

of

BNY

Mellon

ETF

Trust

(the

“Trust”),

which is

registered as

a

Massachusetts

business

trust

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”),

as

an

open-ended

management

investment

company.

The

Trust

operates

as

a

series

company

currently

consisting

of

seventeen

series,

including

the

fund.

The

fund

had

no

operations

until

May

18,

2023

(commencement

of

operations),

other

than

matters

relating

to

its

organization

and

registration

under

the

Act.

The

commencement

of

operations

date

is

considered

to

be

the

date

that

the

fund

began

trading

in

the

secondary

market.

The

investment

objective

of

the

fund

is

to

seek

long-term

capital

growth.

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”),

a

wholly-owned

subsidiary

of

The

Bank

of

New

York

Mellon

Corporation

(“BNY

Mellon”),

serves

as

the

fund’s

investment

adviser. Newton

Investment

Management

North

America,

LLC (the

“Sub-Adviser”

or

“NIMNA”),

an

indirect wholly-owned

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

the

fund’s

sub-adviser.

The

Bank

of

New

York

Mellon,

a

subsidiary

of

BNY

Mellon

and

an

affiliate

of

the

Adviser,

serves

as

administrator,

custodian

and

transfer

agent

with

the

Trust.

BNY

Mellon

Securities

Corporation

(the

“Distributor”),

a wholly-owned

subsidiary

of

the

Adviser,

is

the

distributor

of

the

fund’s

shares.

Effective

May

31,

2023,

the

Sub-Adviser

entered

into

a

sub-sub-investment

advisory

agreement

with

its

affiliate,

Newton

Investment

Management

Limited

(“NIM”),

to

enable

NIM

to

provide

certain

advisory

services

to

the

Sub-Adviser

for

the

benefit

of

the

fund,

including,

but

not

limited

to,

portfolio

management

services.

NIM

is

subject

to

the

supervision

of

the

Sub-Adviser

and

the

Adviser.

NIM

is

also

an

affiliate

of

the

Adviser.

NIM,

located

at

160

Queen

Victoria

Street,

London,

EC4V

4LA,

England,

was

formed

in

1978.

NIM

is

an

indirect

subsidiary

of

BNY

Mellon.

The

shares

of

the

fund

are

referred

to

herein

as

“Shares”

or

“fund’s

Shares.”

The

fund’s

Shares

are

listed

and

traded

on

The

NASDAQ

Stock

Market

LLC.

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

NASDAQ

Stock

Market

LLC,

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

15

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

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.).

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

16

Level

3

—

significant

unobservable

inputs

(including

the

fund’s

own

assumptions

in

determining

the

fair

value

of

investments).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

Valuation

techniques

used

to

value

the

fund’s

investments

are

as

follows:

The

Trust’s Board

of

Trustees

(the

“Board”)

has

designated

the

Adviser

as

the

fund’s

valuation

designee

to

make

all

fair

value

determinations

with

respect

to

the

fund’s

portfolio

of

investments,

subject

to

the

Board’s

oversight

and

pursuant

to

Rule

2a-5

under

the

Act.

Investments

in

equity

securities,

including

ETFs

(but

not

including

investments

in

other

open-end

registered

investment

companies),

generally

are

valued

at

the

last

sales

price

on

the

day

of

valuation

on

the

securities

exchange

or

national

securities

market

on

which

such

securities

primarily

are

traded.

Securities

listed

on

the

National

Association

of

Securities

Dealers

Automated

Quotation

System

(“NASDAQ”)

for

which

market

quotations

are

available

will

be

valued

at

the

official

closing

price.

If

there

are

no

transactions

in

a

security,

or

no

official

closing

prices

for

a

NASDAQ

market-listed

security

on

that

day,

the

security

will

be

valued

at

the

average

of

the

most

recent

bid

and

asked

prices.

Bid

price

is

used

when

no

asked

price

is

available.

Open

short

positions

for

which

there

is

no

sale

price

on

a

given

day

are

valued

at

the

lowest

asked

price.

Registered

investment

companies

that

are

not

traded

on

an

exchange

are

valued

at

their

net

asset

value.

All

of

the

preceding

securities

are

generally

categorized

within

Level

1

of

the

fair

value

hierarchy. 

When

market

quotations

or

official

closing

prices

are

not

readily

available,

or

are

determined

not

to

reflect

fair

value

accurately,

they are

valued

at

fair

value

as

determined

in

good

faith

based

on

procedures

approved

by

the

Board.

Fair

value

of

investments

may

be

determined

by

valuation

designee

using

such

information

as

it

deems

appropriate

under

the

circumstances.

Certain

factors

may

be

considered

when

fair

valuing

investments

such

as:

fundamental

analytical

data,

the

nature

and

duration

of

restrictions

on

disposition,

an

evaluation

of

the

forces

that

influence

the

market

in

which

the

securities

are

purchased

and

sold,

and

public

trading

in

similar

securities

of

the

issuer

or

comparable

issuers.

These

securities

are

either

categorized

within

Level

2

or

3

of

the

fair

value

hierarchy

depending

on

the

relevant

inputs

used.

For

securities

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

and

are

generally

categorized

within

Level

3

of

the

fair

value

hierarchy.

The

table

below

summarizes

the

inputs

used

as

of August

31,

2023

in

valuing

the

fund’s

investments:

17

Fair

Value

Measurements

(b)

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

August

31,

2023,

if

any,

are

disclosed

in

the

fund’s

Statement

of

Assets

and

Liabilities.

(c) Securities

transactions

and

investment

income:

Securities

transactions

are

recorded

on

a

trade

date

basis.

Realized

gains

and

losses

from

securities

transactions

are

recorded

on

the

identified

cost

basis.

Dividend

income

is

recognized

on

the

ex-

dividend

date

and

interest

income,

including,

where

applicable,

accretion

of

discount

and

amortization

of

premium

on

investments,

is

recognized

on

the

accrual

basis.

(d)

Affiliated

issuers:

Investments

in

other

investment

companies

advised

by

the

Adviser

or

its

affiliates

are

defined

as

“affiliated”

under

the

Act. 

(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

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.

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

($)

Investments

In

Securities:

†

Common

Stocks

10,595,206

—

—

10,595,206

Investment

Companies

128,320

—

—

128,320

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

18

Investment

Theme Risk:

The

fund’s

incorporation

of

Women’s

Opportunities

considerations

into

its

investment

approach

may

cause

the

fund

to

make

different

investments

than

funds

that

invest

principally

in

equity

securities

but

do

not

incorporate

Women’s

Opportunities

considerations

when

selecting

investments.

Under

certain

economic

conditions,

this

could

cause

the

fund

to

underperform

funds

that

do

not

incorporate

Women’s

Opportunities

considerations.

For

example,

the

incorporation

of

Women’s

Opportunities

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

Women’s

Opportunities

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.

NIMNA’s

security

selection

process

incorporates

Women’s

Opportunities

data

provided

by

third

parties,

which

may

be

limited

for

certain

issuers

and/or

only

take

into

account

one

or

a

few

Women’s

Opportunities

related

components.

In

addition,

Women’s

Opportunities

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

Women’s

Opportunities

data.

Women’s

Opportunities

data

from

third

parties

used

by

NIMNA

as

part

of

its

process

often

lacks

standardization,

consistency

and

transparency,

and

for

certain

issuers

such

data

may

not

be

available

complete

or

accurate.

NIMNA’s

evaluation

of

Women’s

Opportunities

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

Women’s

Opportunities

data

from

other

sources

or

utilize

other

methodologies.

Authorized

Participants,

Market

Makers

and

Liquidity

Providers Risk:

The

fund

has

a

limited

number

of

financial

institutions

that

may

act

as

Authorized

Participants,

which

are

responsible

for

the

creation

and

redemption

activity

for

the

fund.

In

addition,

there

may

be

a

limited

number

of

market

makers

and/or

liquidity

providers

in

the

marketplace.

To

the

extent

either

of

the

following

events

occur,

fund

shares

may

trade

at

a

material

discount

to

net

asset

value

and

possibly

face

delisting:

(i)

Authorized

Participants

exit

the

business

or

otherwise

become

unable

to

process

creation

and/or

redemption

orders

and

no

other

Authorized

Participants

step

forward

to

perform

these

services,

or

(ii)

market

makers

and/or

liquidity

providers

exit

the

business

or

significantly

reduce

their

business

activities

and

no

other

entities

step

forward

to

perform

their

functions.

Non-Diversification

Risk:

Because

the

fund

is

non-diversified,

its

performance

may

be

more

vulnerable

to

changes

in

the

market

value

of

a

single

issuer

or

group

of

issuers

and

more

susceptible

to

risks

associated

with

a

single

economic,

political

or

regulatory

occurrence

than

a

diversified

fund.

19

(f)

Dividends

and

distributions

to

shareholders:

Dividends

and

distributions are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

income

and

dividends

from net

realized

capital

gains,

if

any,

are

normally

declared

and

paid

annually,

but

the

fund

may

make

distributions

on

a

more

frequent

basis

to

comply

with

the

distribution

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

To

the

extent

that

net

realized

capital

gains

can

be

offset

by

capital

loss

carryovers

of

a

fund,

it

is

the

policy

of

the

fund

not

to

distribute

such

gains.

Income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP.

(g)

Federal

income

taxes:

It

is

the

policy

of

the

fund

to

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 August

31,

2023,

the

fund

did

not

have

any

liabilities

for

any

uncertain

tax

positions.

The

fund

recognizes

interest

and

penalties,

if

any,

related

to

uncertain

tax

positions

as

income

tax

expense

in

the

Statement

of

Operations.

During

the period

ended August

31,

2023,

the

fund

did

not

incur

any

interest

or

penalties.

The

tax

character

of

current

year

distributions

will

be

determined

at

the

end

of

the

current

fiscal

year.

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

0.50%

of

the

value

of

the

fund’s

average

daily

net

assets

and

is

payable

monthly.

The

fund’s

management

agreement

provides

that

the

Adviser

pays

substantially

all

expenses

of

the

fund,

except

for

the

management

fees,

payments

under

the

fund’s

12b-1

plan

(if

any),

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

brokerage

commissions,

costs

of

holding

shareholder

meetings,

fees

and

expenses

associated

with

the

fund’s

securities

lending

program,

and

litigation

and

potential

litigation

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

fund’s

business.

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

August

31,

2023,

there

was

no

reduction

in

expenses

pursuant

to

the

undertaking.

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

20

Pursuant

to

a

sub-investment

advisory

agreement

between

the

Adviser

and

the

Sub-

Adviser,

the

Sub-Adviser

serves

as

the

fund’s

sub-adviser

responsible

for

the

day-to-day

management

of

the

fund’s

portfolio.

The

Adviser

pays

the

Sub-Adviser

a

monthly

fee

at

an

annual

percentage

of

the

value

of

the

fund’s

average

daily

net

assets.

The

Adviser

has

obtained

an

exemptive

order

from

the

SEC

(the

“Order”),

upon

which

the

fund

may

rely,

to

use

a

manager

of

managers

approach

that

permits

the

Adviser,

subject

to

certain

conditions

and

approval

by

the

Board,

to

enter

into

and

materially

amend

sub-investment

advisory

agreements

with

one

or

more

sub-advisers

who

are

either

unaffiliated

or

affiliated

with

the

Adviser

without

obtaining

shareholder

approval.

The

Order

also

relieves

the

fund

from

disclosing

the

sub-advisory

fee

paid

by

the

Adviser

to

a

Sub-Adviser

in

documents

filed

with

the

SEC

and

provided

to

shareholders.

In

addition,

pursuant

to

the

Order,

it

is

not

necessary

to

disclose

the

sub-advisory

fee

payable

by

the

Adviser

separately

to

a

Sub-Adviser

that

is

a

wholly-owned

subsidiary

(as

defined

in

the

1940

Act)

of

BNY

Mellon

in

documents

filed

with

the

SEC

and

provided

to

shareholders;

such

fees

are

to

be

aggregated

with

fees

payable

to

the

Adviser.

The

Adviser

has

ultimate

responsibility

(subject

to

oversight

by

the

Board)

to

supervise

any

Sub-Adviser

and

recommend

the

hiring,

termination,

and

replacement

of

any

Sub-Adviser

to

the

Board.

Pursuant

to

a

sub-investment

advisory

agreement

between

the

Adviser

and

the

Sub-

Adviser,

the

Adviser

pays

the

Sub-Adviser

a

monthly

fee

at

an

annual

rate

of

0.25%

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 $4,465.

(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

of

investment

securities,

excluding

short-term

securities

and

in-kind

transactions,

during

the

period

ended

August

31,

2023, amounted

to $1,406,934

and

$1,259,296,

respectively.

21

At August

31,

2023,

accumulated

net

unrealized

appreciation on

investments

was

$727,757,

consisting

of

gross

appreciation

of

$956,655

and

gross

depreciation

of

$228,898.

At

August

31,

2023,

the

cost

of

investments

for

federal

income

tax

purposes

was

substantially

the

same

as

the

cost

for

financial

reporting

purposes

(see

the

Statement

of

Investments).

NOTE

5—Shareholder

Transactions:

The

fund

issues

and

redeems

its

shares

on

a

continuous

basis,

at

NAV,

to

certain

institutional

investors

known

as

“Authorized

Participants”

(typically

market

makers

or

other

broker-dealers)

only

in

a

large

specified

number

of

shares

called

a

Creation

Unit.

Except

when

aggregated

in

Creation

Units,

shares

of

the

fund

are

not

redeemable.

The

value

of

the

fund

is

determined

once

each

business

day.

The

Creation

Unit

size

for the

fund

may

change.

Authorized

Participants

will

be

notified

of

such

change.

Creation

Unit

transactions

may

be

made

in-kind,

for

cash,

or

for

a

combination

of

securities

and

cash.

The

principal

consideration

for

creations

and

redemptions

for

the

fund

is

in-kind,

although

this

may

be

revised

at

any

time

without

notice.

The

Trust

issues

and

sells

shares

of

the

fund

only:

in

Creation

Units

on

a

continuous

basis

through

the

Distributor,

without

a

sales

load,

at

their

NAV

per

share

determined

after

receipt

of

an

order,

on

any

Business

Day,

in

proper

form

pursuant

to

the

terms

of

the

Authorized

Participant

Agreement.

Transactions

in

capital

shares

for

the

fund

are

disclosed

in

detail

in

the

Statement

of

Changes

in

Net

Assets.

The

consideration

for

the

purchase

of

Creation

Units

of the

fund

may

consist

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Trust

and/or

custodian

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

The

Adviser

or

its

affiliates

(the

“Selling

Shareholder”)

may

purchase

Creation

Units

through

a

broker-dealer

to

“seed”

(in

whole

or

in

part)

funds

as

they

are

launched

or

may

purchase shares

from

broker-dealers

or

other

investors

that

have

previously

provided

“seed”

for

funds

when

they

were

launched

or

otherwise

in

secondary

market

transactions.

Because

the

Selling

Shareholder

may

be

deemed

an

affiliate

of

such

funds,

the

fund shares

are

being

registered

to

permit

the

resale

of

these

shares

from

time

to

time

after

purchase.

The

fund

will

not

receive

any

of

the

proceeds

from

resale

by

the

Selling

Shareholders

of

these

fund

shares. An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

variable

charges,

if

any,

are

included

in

“Transaction

fees”

on

the

Statement

of

Changes

in

Net

Assets.

Seed

Capital:

As

of

August

31,

2023,

MBC

Investments

Corporation,

an

indirect

subsidiary

of

BNY

Mellon,

held

381,701

shares

of

the

fund.

NOTES

TO

FINANCIAL

STATEMENTS

(Unaudited)

(continued)

22

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

period

ended

August

31,

2023,

the

fund

had

in-kind

transactions

associated

with

creations

of

$9,737,212

and

redemptions

of

$0.

INFORMATION

ABOUT

THE

APPROVAL

OF

THE

FUND’S

MANAGEMENT,

SUB-ADVISORY

AND

SUB-SUB

ADVISORY

AGREEMENTS

(Unaudited)

23

At

a

meeting

held

February

8,

2023

(the

“February

Meeting”),

the

Board

of

Trustees

of

the

Trust

(the

“Board”),

all

the

members

of

which

are

not

“interested

persons”

of

the

Trust

as

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

evaluated

proposals

to

approve

the

Management

Agreement

between

the

Trust

and

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”),

pursuant

to

which

the

Adviser

will

provide

the

BNY

Mellon

Women’s

Opportunities

ETF

(the

“fund”),

which

commenced

operations

during

the

period

covered

by

this

semi-annual

report,

with

investment

advisory

and

administrative

services,

and

the

Sub-Investment

Advisory

Agreement

(each

of

the

Management

Agreement

and

the

Sub-Investment

Advisory

Agreement,

an

“Agreement,”

and

collectively,

the

“Agreements”),

between

the

Adviser

and

Newton

Investment

Management

North

America,

LLC

(“NIMNA”

or

the

“Sub-Adviser”),

an

affiliate

of

the

Adviser,

pursuant

to

which

the

Sub-Adviser

will

provide

day-to-day

management

of

the

fund’s

investments.

The

Trustees

were

advised

by

legal

counsel

throughout

the

process.

The

Trustees

also

met

separately

from

management

to

consider

the

Agreements.

To

evaluate

the

Agreements,

the

Board

requested,

and

the

Adviser

and

Sub-Adviser

provided,

such

materials

as

the

Board,

with

the

advice

of

counsel,

deemed

reasonably

necessary.

In

deciding

whether

to

approve

the

Agreements,

the

Board

considered

various

factors,

including

the

(i)

nature,

extent

and

quality

of

services

expected

to

be

provided

by

the

Adviser

and

Sub-Adviser

under

each

respective

Agreement,

(ii)

fees

charged

to

comparable

funds,

(iii)

other

benefits

to

the

Adviser,

Sub-Adviser

and/or

their

affiliates,

and

(iv)

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.

Nature,

Extent

and

Quality

of

Services

The

Board

considered

the

nature,

extent

and

quality

of

services

expected

to

be

provided

by

the

Adviser

and

Sub-Adviser.

The

Board

reviewed

the

Agreements

and

the

Adviser’s

anticipated

responsibilities

of

investment

advisory

and

administrative

services

for

the

fund,

including

oversight

of

day-to-day

fund

operations,

fund

accounting,

administration,

and

assistance

in

meeting

legal

and

regulatory

requirements.

The

Board

considered

the

background

and

experience

of

the

Adviser’s

and

Sub-Adviser’s

senior

management,

including

those

individuals

responsible

for

portfolio

management

and

regulatory

compliance

of

the

fund.

The

Board

also

considered

the

Adviser’s

extensive

administrative,

accounting,

and

compliance

infrastructures,

as

well

as

the

Adviser’s

supervisory

activities

over

the

Sub-Adviser.

The

Board

appreciated

the

nature

of

the

fund

as

an

exchange-traded

fund

and

considered

the

portfolio

management

resources,

structures

and

practices

of

the

Adviser

and

Sub-Adviser,

including

those

associated

with

monitoring

and

securing

the

fund’s

compliance

with

its

investment

objective

and

policy

and

with

applicable

laws

and

regulations.

The

Board

also

considered

information

about

the

Sub-Adviser’s

best

INFORMATION

ABOUT

THE

APPROVAL

OF

THE

FUND’S

MANAGEMENT,

SUB-ADVISORY

AND

SUB-SUB

ADVISORY

AGREEMENTS

(Unaudited)

(continued)

24

execution

procedures

and

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.

As

the

fund

had

not

yet

commenced

operations,

the

Board

was

not

able

to

review

the

fund’s

performance.

The

Board

discussed

with

representatives

of

the

Adviser

and

the

Sub-Adviser

the

proposed

portfolio

management

team

and

the

investment

strategy

to

be

employed

in

the

management

of

the

fund’s

assets.

The

Board

considered

the

reputation

and

experience

of

the

Adviser

and

its

affiliates,

including

the

Sub-Adviser.

Fees

Charged

to

Comparable

Funds

The

Board

evaluated

the

fund’s

proposed

unitary

fee

through

review

of

comparative

information

with

respect

to

fees

paid

by

similar

funds

–

i.e.,

actively

managed

large

blend

exchange-traded

funds.

The

Board

reviewed

the

universe

of

similar

exchange-

traded

funds

for

the

fund

based

upon

data

independently

obtained

from

Broadridge

Financial

Solutions,

Inc.

and

related

comparative

information

for

similar

exchange-

traded

funds.

The

Board

also

reviewed

the

estimated

expense

ratio

for

the

fund.

The

Board

considered

the

fee

to

be

paid

to

the

Sub-Adviser

in

relation

to

the

fee

to

be

paid

to

the

Adviser

by

the

fund

and

the

respective

services

to

be

provided

by

the

Sub-Adviser

and

the

Adviser.

The

Board

also

took

into

consideration

that

the

Sub-

Adviser’s

fee

will

be

paid

by

the

Adviser

and

not

the

fund.

Other

Benefits

The

Board

also

considered

whether

the

Adviser,

Sub-Adviser

or

their

affiliates

benefited

in

other

ways

from

their

relationship

with

the

fund.

The

Board

noted

The

Bank

of

New

York

Mellon

Corporation

may

derive

certain

benefits

from

an

incremental

growth

in

its

businesses

that

may

possibly

result

from

the

availability

of

the

fund

to

clients.

Profitability

and

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

Agreement

did

not

provide

for

breakpoints

in

the

fund’s

advisory

fee

rate

as

assets

of

the

fund

increase.

The

Board

noted

that,

because

the

fund

is

new,

there

are

no

economies

of

scale

to

share,

but

it

intends

to

continue

to

monitor

fees

as

the

fund

grows

in

size

and

to

the

extent

in

the

future

it

were

determined

that

material

economies

of

scale

had

not

been

shared

with

the

fund,

the

Board

would

seek

to

have

those

economies

of

scale

shared

with

the

fund

in

connection

with

future

renewals.

As

the

fund

had

not

yet

commenced

operations,

the

Adviser’s

representatives

were

not

able

to

review

the

dollar

amount

of

expenses

allocated

and

profit

received

by

the

Adviser

or

Sub-Adviser.

25

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

Agreements

for

the

fund.

**********

At

a

meeting

held

May

9,

2023

(the

“May

Meeting”),

the

Board

considered

the

approval

of

a

delegation

arrangement

between

NIMNA

and

its

affiliate,

Newton

Investment

Management

Limited

(“NIM”),

which

permits

NIMNA,

as

the

fund’s

Sub-Adviser,

to

use

the

investment

advisory

personnel,

resources

and

capabilities

(“Investment

Advisory

Services”)

available

at

its

sister

company,

NIM,

in

providing

the

day-to-day

management

of

the

fund’s

investments.

In

connection

therewith,

the

Board

considered

the

approval

of

a

sub-sub-investment

advisory

agreement

(the

“SSIA

Agreement”)

between

NIMNA

and

NIM,

with

respect

to

the

fund.

The

Trustees

were

advised

by

legal

counsel

throughout

the

process.

The

Trustees

also

met

separately

from

management

to

consider

the

SSIA

Agreement.

At

the

May

Meeting,

the

Adviser

recommended

the

approval

of

the

SSIA

Agreement

to

enable

NIM

to

provide

Investment

Advisory

Services

to

the

Sub-Adviser

for

the

benefit

of

the

fund,

including,

but

not

limited

to,

portfolio

management

services,

subject

to

the

supervision

of

the

Sub-Adviser

and

the

Adviser.

The

recommendation

for

the

approval

of

the

SSIA

Agreement

was

based

on

the

following

considerations,

among

others:

(i)

approval

of

the

SSIA

Agreement

would

permit

the

Sub-Adviser

to

use

investment

personnel

employed

primarily

by

NIM

as

primary

portfolio

managers

of

the

fund

and

to

use

the

investment

research

services

of

NIM

in

the

day-to-day

management

of

the

fund’s

investments;

and

(ii)

there

would

be

no

material

changes

to

the

fund’s

investment

objective,

strategies

or

policies,

no

reduction

in

the

nature

or

level

of

services

provided

to

the

fund,

and

no

increases

in

the

management

fee

payable

by

the

fund

or

the

sub-advisory

fee

payable

by

the

Adviser

to

the

Sub-Adviser

as

a

result

of

the

delegation

arrangement.

The

Board

noted

NIM

currently

serves

as

the

sub-adviser

for

certain

other

series

of

the

Trust,

and

had

presented

to

the

Board

at

the

February

Meeting

with

respect

to

the

reapproval

of

the

NIM

sub-advisory

agreement

with

respect

to

those

series.

The

Board

further

noted

NIM

had

represented

there

had

been

no

material

changes

to

the

information

it

provided

at

the

February

Meeting.

In

approving

the

SSIA

Agreement,

the

Board

considered

the

materials

prepared

by

the

Adviser,

Sub-Adviser

and

NIM,

and

other

information

received

in

advance

of

the

May

Meeting,

which

included:

(i)

a

form

of

the

SSIA

Agreement

and

related

documents;

(ii)

information

regarding

the

delegation

arrangement

and

how

it

is

expected

to

enhance

investment

capabilities

for

the

benefit

of

the

fund;

(iii)

information

regarding

NIM;

and

(iv)

an

opinion

of

counsel

that

the

proposed

delegation

arrangement

would

not

result

in

an

“assignment”

of

the

Sub-Investment

Advisory

Agreement

under

the

1940

Act

and

the

Investment

Advisers

Act

of

1940,

as

amended,

and,

therefore,

did

INFORMATION

ABOUT

THE

APPROVAL

OF

THE

FUND’S

MANAGEMENT,

SUB-ADVISORY

AND

SUB-SUB

ADVISORY

AGREEMENTS

(Unaudited)

(continued)

26

not

require

the

approval

of

fund

shareholders.

The

Board

also

considered

materials

provided

by

the

Adviser,

Sub-Adviser

and

NIM

received

in

advance

of

the

February

Meeting,

in

connection

with

(i)

the

Board’s

approval

of

the

Management

Agreement

and

Sub-Investment

Advisory

Agreement

with

respect

to

the

fund

and

(ii)

the

Board’s

re-approval

of

the

NIM

sub-investment

advisory

agreement

with

respect

to

the

other

series

of

the

Trust

for

which

NIM

serves

as

a

sub-adviser.

The

Board

also

took

into

consideration

the

substance

of

discussions

with

representatives

of

the

Adviser

and

Sub-Adviser

at

the

February

Meeting

and

May

Meeting.

For

More

Information

2023

BNY

Mellon

Securities

Corporation

4868SA0823

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

Newton

Investment

Management

North

America,

LLC

BNY

Mellon

Center

201

Washington

Street

Boston,

MA

02108

BNY

Mellon

Securities

Corporation

240

Greenwich

Street

New

York,

NY

10286

Ticker

Symbol:

BNY

Mellon

Women’s

Opportunities

ETF

BKWO

Item 1. Reports to Stockholders (cont.).

(b)Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

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)   Not applicable.

(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    10/23/2023                             

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    10/23/2023                             

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

                                                (Principal Financial and Accounting Officer)

Date    10/20/2023                             

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