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

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number            811-23477                  

                          BNY Mellon ETF Trust                               

(Exact name of registrant as specified in charter)

240 Greenwich Street

_____________New York, New York 10286_____________

(Address of principal executive offices) (Zip code)

Deirdre Cunnane, Esq.

240 Greenwich Street

_________________New York, New York 10286_____________

(Name and address of agent for service)

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

Date of fiscal year end:  February 29

Date of reporting period:  February 29, 2024

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 Equity 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, as amended (17 CFR 270.30e-1)(“1940 Act”).

BNY

Mellon

ETF

Trust

ANNUAL

REPORT

February

29,

2024

BNY

Mellon

Innovators

ETF

IMPORTANT

NOTICE

–

UPCOMING

CHANGES

TO

ANNUAL

AND

SEMI-ANNUAL

REPORTS 

The

Securities

and

Exchange

Commission

(the

“SEC”)

has

adopted

rule

and

form

amendments

that

will

result

in

changes

to

the

design

and

delivery

of

annual

and

semi-annual

fund

reports

(“Reports”).

Beginning

in

July

2024,

Reports

will

be

streamlined

to

highlight

key

information.

Certain

information

currently

included

in

Reports,

including

financial

statements,

will

no

longer

appear

in

the

Reports

but

will

be

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC. 

If

you

previously

elected

to

receive

the

fund’s

Reports

electronically,

you

will

continue

to

do

so.

Otherwise,

you

will

receive

paper

copies

of

the

fund’s

re-designed

Reports

by

USPS

mail

in

the

future.

If

you

would

like

to

receive

the

fund’s

Reports

(and/or

other

communications)

electronically

instead

of

by

mail,

please

contact

your

financial

advisor.

Contents

The

Fund

Save

time.

Save

paper.

View

your

next

shareholder

report

online

as

soon

as

it’s

available.

Log

into

www.

im.bnymellon.com

and

sign

up

for

eCommunications.

It’s

simple

and

only

takes

a

few

minutes.

The

views

expressed

herein

are

current

to

the

date

of

this

report.

These

views

and

the

composition

of

the

fund’s

portfolio

is

subject

to

change

at

any

time

based

on

market

and

other

conditions.

Not

FDIC-Insured

•

Not

Bank-Guaranteed

•

May

Lose

Value

Discussion

of

Fund

Performance

3

Fund

Performance

7

Understanding

Your

Fund’s

Expenses

8

Statement

of

Investments

9

Statement

of

Assets

and

Liabilities

12

Statement

of

Operations

13

Statement

of

Changes

in

Net

Assets

14

Financial

Highlights

15

Notes

to

Financial

Statements

16

Report

of

Independent

Registered

Public

Accounting

Firm

25

Important

Tax

Information

26

Liquidity

Risk

Management

Program

27

Board

Members

Information

29

Officers

of

the

Trust

31

FOR

MORE

INFORMATION

Back

Cover

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

3

For

the

period

from

May

17,

2023,

the

fund’s

inception

1

,

through

February

29,

2024,

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

February

29,

2024,

the

BNY

Mellon

Innovators

ETF

(the

“fund”)

produced

a

net

asset

value

total

return

of

24.11%.

2

In

comparison,

the

fund’s

benchmark,

the

Russell

3000

®

Growth

Index

(the

“Index”),

produced

a

total

return

of

33.05%

for

the

same

period.

3

Equities

gained

ground

during

the

reporting

period

as

inflationary

pressures

eased,

the

U.S.

Federal

Reserve

(the

“Fed”)

paused

its

program

of

interest-rate

hikes,

and

economic

growth

remained

positive.

The

fund

underperformed

the

Index

largely

due

to

overweight

exposure

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

BNY

Mellon

ETF

Investment

Adviser,

LLC

(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

Gain

Ground

Despite

Macroeconomic

Concerns

Market

sentiment

proved

strongly

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

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

4

the

Fed.

The

benchmark

federal

funds

rate

stood

at

5.00%–5.25%,

the

highest

level

since

2007.

During

the

period,

inflation

fell

to

near

3%,

and

the

Fed

raised

rates

by

an

additional

0.25%,

with

few,

if

any,

additional

increases

expected

by

the

market.

In

fact,

in

December

2023,

the

Fed

signaled

an

increasing

likelihood

of

rate

cuts

in

2024.

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.

The

Index

reached

several

new

record

levels

in

January

and

February

2024,

ending

the

period

at

an

all-time

high.

Health

Care

Positioning

Detracts

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

health

care

holdings

were

in

the

equipment

and

supplies

space,

where

shares

in

hemodialysis

system

maker

Outset

Medical,

Inc.

declined

sharply

as

the

company

faced

a

challenging

product

environment,

and

shares

in

sleep

apnea

treatment

developer

Inspire

Medical

Systems,

Inc.

fell

after

the

company

provided

disappointing

guidance.

The

life

sciences

area

also

detracted

materially

from

relative

returns,

due

in

part

to

declines

in

shares

of

gene

sequencing

company

Illumina,

Inc.,

which

faced

increasing

competition

and

a

gap

in

revenue

related

to

new

product

introductions,

and

sequencing

solutions

provider

Pacific

Biosciences

of

California,

Inc.,

which

reported

disappointing

revenues

and

underwhelming

guidance.

Other

sectors

that

detracted

from

relative

return,

though

to

a

lesser

extent

than

health

care,

included

consumer

discretionary

and

materials,

largely

due

to

stock

selection.

In

consumer

discretionary,

exercise

equipment

company

Peloton

Interactive,

Inc.

lost

ground

due

to

disappointing

corporate

execution

and

changing

post-pandemic

exercise

habits,

while

luxury

fashion

retailer

Farfetch

experienced

negative

impacts

from

slowing

consumer

spending.

In

materials,

specialty

chemicals

producer

Albemarle

faced

pressure

from

weak

lithium

prices

and

slowing

sales

due

to

oversupply.

5

On

the

positive

side,

the

fund’s

relative

returns

benefited

from

relatively

strong

individual

stock

selections

in

several

sectors.

In

consumer

staples,

shares

in

energy

drink

maker

Celsius

Holdings,

Inc.

rose

on

the

company’s

accelerating

growth,

while

holdings

in

pet

food

company

Freshpet,

Inc.

benefited

from

the

company’s

strong

volume

gains,

better-than-expected

profits

and

solid

outlook.

In

information

technology,

although

underweight

sector

exposure

detracted

from

relative

returns,

overweight

exposure

to

AI-related

semiconductor

maker

NVIDIA

Corp.

strongly

bolstered

performance.

In

finance,

shares

in

alternative

asset

manager

Ares

Management

Corp.

gained

ground

in

the

prevailing

environment

of

rising

interest

rates

and

tightening

banking

conditions,

while

commerce

and

payments

services

provider

Block,

Inc.

benefited

from

the

institutionalization

of

cryptocurrencies.

Maintaining

a

Cautiously

Optimistic

Outlook

While

the

U.S.

economy

has

performed

well

of

late

despite

high

interest

rates,

we

believe

wage

inflation

remains

a

cause

for

concern,

with

potential

to

spark

a

second

wave

of

inflation,

which—along

with

the

resilience

of

the

economy—may

prompt

the

Fed

to

delay

rate

cuts

longer

than

the

market

expects.

Nevertheless,

we

continue

to

find

attractive,

innovation-driven

investment

opportunities,

particularly

in

the

health

care

sector,

where

advances

in

genomics

and

AI

are

accelerating

drug

discovery

and

device

development.

Accordingly,

as

of

February

29,

2024,

the

fund

holds

significantly

overweight

exposure

to

health

care,

with

an

emphasis

on

biotechnology.

The

fund

also

holds

more

moderately

overweight

exposure

to

the

real

estate,

consumer

staples

and

energy

sectors.

Conversely,

as

of

the

same

date,

the

fund

holds

significantly

underweight

exposure

to

the

information

technology

sector,

where

innovation

remains

an

important

driver,

but

where

valuations

appear

higher

than

warranted

by

fundamentals.

The

fund

also

holds

underweight

exposure

to

the

consumer

discretionary

sector,

and

zero

exposure

to

industrials.

March

15,

2024

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

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

6

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

fund

may,

but

is

not

required

to,

use

derivative

instruments.

A

small

investment

in

derivatives

could

have

a

potentially

large

impact

on

the

fund's

performance.

The

use

of

derivatives

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

the

underlying

assets.

The

fund

is

non-diversified,

which

means

that

the

fund

may

invest

a

relatively

high

percentage

of

its

assets

in

a

limited

number

of

issuers.

Therefore,

the

fund’s

performance

may

be

more

vulnerable

to

changes

in

the

market

value

of

a

single

issuer

or

group

of

issuers

and

more

susceptible

to

risks

associated

with

a

single

economic,

political

or

regulatory

occurrence

than

a

diversified

fund.

Please

note:

the

position

in

any

security

highlighted

with

italicized

typeface

was

sold

during

the

reporting

period.

FUND

PERFORMANCE

(Unaudited)

7

Comparison

of

change

in

value

of

a

$10,000

investment

in

BNY

Mellon

Innovators

ETF

with

a

hypothetical

investment

of

$10,000

in

the

Russell

3000

®

Growth

Index

(the

“Index”).

†

Source:

FactSet

††

The

inception

date

is

the

first

date

the

fund

was

available

on

The

NASDAQ

Stock

Market

LLC.

Past

performance

is

not

predictive

of

future

performance.

The

above

graph

compares

a

hypothetical

$10,000

investment

made

in

BNY

Mellon

Innovators

ETF

on

5/17/23

to

a

hypothetical

investment

of

$10,000

made

in

the

Index

on

that

date

using

closing

market

price

return.

All

dividends

and

capital

gain

distributions

are

reinvested.

The

fund’s

performance

shown

in

the

line

graph

above

takes

into

account

all

applicable

fees

and

expenses.

The

Index

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.

An

investor

cannot

invest

directly

in

any

index.

Further

information

relating

to

fund

performance,

including

expense

reimbursements,

if

applicable,

is

contained

in

the

Financial

Highlight

section

of

the

prospectus

and

elsewhere

in

this

report.

The

performance

data

quoted

represents

past

performance,

which

is

no

guarantee

of

future

results.

Share

price

and

investment

return

fluctuate

and

an

investor’s

shares

may

be

worth

more

or

less

than

original

cost

upon

redemption.

Current

performance

may

be

lower

or

higher

than

the

performance

quoted.

Go

to

www.

im.bnymellon.com

for

the

fund’s

most

recent

month-end

returns.

The

fund’s

performance

shown

in

the

graph

and

table

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Average

Annual

Total

Returns

as

of

February

29,

2024

Inception

Date

††

From

Inception

BNY

Mellon

Innovators

ETF

Net

Asset

Value

Return

5/17/23

24.11%

Market

Price

Return

5/17/23

23.92%

Russell

3000

®

Growth

Index

5/17/23

33.05%

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

8

As

a

shareholder

of

the

fund,

you

pay

ongoing

expenses,

such

as

management

fees

and

other

expenses.

Using

the

information

below,

you

can

estimate

how

these

expenses

affect

your

investment

and

compare

them

with

the

expenses

of

other

funds.

For

more

information,

see

your

fund’s

prospectus

or

talk

to

your

financial

adviser.

Actual

Expenses

The

table

below

shows

the

expenses

you

would

have

paid

on

a

$1,000

investment

in

the

fund

from

September

1,

2023

to

February

29,

2024.

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

February

29,

2024

(a)

Expenses

are

calculated

using

the

annualized

expense

ratio,

which

represents

the

ongoing

expenses

as

a

percentage

of

net

assets

for

the

period

ended

February

29,

2024.

Expenses

are

calculated

by

multiplying

the

fund’s

annualized

expense

ratio

by

the

average

account

value

for

the

period,

then

multiplying

the

result

by

182/366

(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

1,148.90

1,022.38

2.67

2.51

0.50

STATEMENT

OF

INVESTMENTS

February

29,

2024

9

Description

Shares

Value

($)

Common

Stocks

–

98.4%

Consumer

Discretionary

Distribution

&

Retail

–

0.4%

Chewy,

Inc.,

Class

A

(a)

3,352

59,129

Consumer

Durables

&

Apparel

–

3.8%

Garmin

Ltd.

741

101,776

Lululemon

Athletica,

Inc.

(a)

618

288,662

Peloton

Interactive,

Inc.,

Class

A

(a)

31,932

144,333

534,771

Consumer

Services

–

3.3%

Airbnb,

Inc.,

Class

A

(a)

1,579

248,644

DraftKings,

Inc.,

Class

A

(a)

4,986

215,994

464,638

Energy

–

2.9%

Cactus,

Inc.,

Class

A

8,718

400,156

Financial

Services

–

5.3%

Ares

Management

Corp.,

Class

A

2,865

379,985

Block,

Inc.,

Class

A

(a)

4,531

360,078

740,063

Food,

Beverage

&

Tobacco

–

6.3%

Celsius

Holdings,

Inc.

(a)

4,199

342,722

Freshpet,

Inc.

(a)

3,557

402,048

Vital

Farms,

Inc.

(a)

7,677

137,956

882,726

Health

Care

Equipment

&

Services

–

13.4%

Align

Technology,

Inc.

(a)

978

295,767

DexCom,

Inc.

(a)

3,478

400,213

Inspire

Medical

Systems,

Inc.

(a)

1,376

246,359

Intuitive

Surgical,

Inc.

(a)

740

285,344

iRhythm

Technologies,

Inc.

(a)

1,549

183,789

Outset

Medical,

Inc.

(a)

8,504

26,788

Privia

Health

Group,

Inc.

(a)

6,722

150,035

PROCEPT

BioRobotics

Corp.

(a)(b)

1,103

53,319

TransMedics

Group,

Inc.

(a)

2,805

228,888

1,870,502

Media

&

Entertainment

–

12.0%

Alphabet,

Inc.,

Class

C

(a)

4,692

655,848

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C

(a)

3,079

224,028

Netflix,

Inc.

(a)

838

505,247

Trade

Desk,

Inc.

(The),

Class

A

(a)

3,446

294,392

1,679,515

Pharmaceuticals,

Biotechnology

&

Life

Sciences

–

23.8%

10X

Genomics,

Inc.,

Class

A

(a)

3,254

151,767

Alnylam

Pharmaceuticals,

Inc.

(a)

1,180

178,286

Ascendis

Pharma

A/S,

ADR

(a)

2,517

371,912

BioMarin

Pharmaceutical,

Inc.

(a)

3,089

266,519

STATEMENT

OF

INVESTMENTS

(continued)

10

Description

Shares

Value

($)

Common

Stocks

–

98.4%

(continued)

Pharmaceuticals,

Biotechnology

&

Life

Sciences

–

23.8%

(continued)

Crinetics

Pharmaceuticals,

Inc.

(a)

2,873

117,621

Cytokinetics,

Inc.

(a)

1,580

114,139

Denali

Therapeutics,

Inc.

(a)

5,750

113,735

Illumina,

Inc.

(a)

1,732

242,186

Insmed,

Inc.

(a)

12,284

340,512

Keros

Therapeutics,

Inc.

(a)

2,467

166,523

Natera,

Inc.

(a)

2,075

179,467

Pacific

Biosciences

of

California,

Inc.

(a)(b)

22,182

122,666

Repligen

Corp.

(a)

1,489

288,851

Sarepta

Therapeutics,

Inc.

(a)

1,781

227,790

Twist

Bioscience

Corp.

(a)

8,782

345,045

Xenon

Pharmaceuticals,

Inc.

(a)

1,946

91,851

3,318,870

Real

Estate

Management

&

Development

–

4.0%

CoStar

Group,

Inc.

(a)

6,347

552,379

Semiconductors

&

Semiconductor

Equipment

–

10.7%

NVIDIA

Corp.

1,889

1,494,426

Software

&

Services

–

12.5%

DoubleVerify

Holdings,

Inc.

(a)

5,971

184,444

Dynatrace,

Inc.

(a)

4,844

240,020

MongoDB,

Inc.,

Class

A

(a)

605

270,786

Shopify,

Inc.,

Class

A

(a)

3,752

286,540

Snowflake,

Inc.,

Class

A

(a)

2,152

405,179

Twilio,

Inc.,

Class

A

(a)

5,935

353,667

1,740,636

Total

Common

Stocks

(cost

$11,139,748)

13,737,811

Investment

Companies

–

1.6%

Registered

Investment

Companies

–

1.6%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

5.28%

(c)(d)

(cost

$228,888)

228,888

228,888

Investment

of

Cash

Collateral

for

Securities

Loaned

–

1.3%

Registered

Investment

Companies

–

1.3%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

5.28%

(c)(d)

(cost

$180,158)

180,158

180,158

Total

Investments

(cost

$11,548,794)

101.3%

14,146,857

Liabilities,

Less

Cash

and

Receivables

(1.3)%

(183,985)

Net

Assets

100.0%

13,962,872

ADR—American

Depositary

Receipt

(a)

Non-income

producing

security.

11

See

Notes

to

Financial

Statements

(b)

Security,

or

portion

thereof,

on

loan.

At

February

29,

2024,

the

value

of

the

fund’s

securities

on

loan

was

$174,178

and

the

value

of

the

collateral

was

$180,158,

consisting

of

cash

collateral.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

(c)

Investment

in

affiliated

issuer.

The

investment

objective

of

this

investment

company

is

publicly

available

and

can

be

found

within

the

investment

company’s

prospectus.

(d)

The

rate

shown

is

the

1-day

yield

as

of

February

29,

2024.

Portfolio

Summary

(Unaudited)

†

Value

(%)

Health

Care

37.2

Information

Technology

23.2

Communication

Services

12.0

Consumer

Discretionary

7.5

Consumer

Staples

6.3

Financials

5.3

Real

Estate

4.0

Registered

Investment

Companies

2.9

Energy

2.9

101.3

†

Based

on

net

assets.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

February

29,

2024

are

as

follows:

Description

Value

($)

5/18

/23

1

Purchases

($)

2

Sales

($)

Value

($)

2/29/24

Dividends/

Distributions

($)

Investment

Companies

–

1.6%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

—

978,889

(750,001)

228,888

4,940

Investment

of

Cash

Collateral

for

Securities

Loaned

–

1.3%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

—

554,757

(374,599)

180,158

41

3

Total

–

2.9%

—

1,533,646

(1,124,600)

409,046

4,981

1

Commencement

of

operations.

2

Includes

reinvested

dividends/distributions.

3

Represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

STATEMENT

OF

ASSETS

AND

LIABILITIES

February

29,

2024

12

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments

(including

securities

on

loan,

valued

at

$174,178)—Note

2(b):

–

Unaffiliated

issuers

11,139,748

13,737,811‌

Affiliated

issuers

409,046

409,046‌

Dividends

receivable

1,564‌

Securities

lending

income

receivable

37‌

14,148,458‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—

Note

3(b)

5,428‌

Liability

for

securities

on

loan—Note

2(b

)

180,158‌

185,586‌

Net

Assets

($)

13,962,872‌

Composition

of

Net

Assets

($):

Paid-in

capital

11,404,422‌

Total

distributable

earnings

(loss)

2,558,450‌

Net

Assets

($)

13,962,872‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

450,001‌

Net

asset

value

per

share

31.03‌

Market

price

per

share

30.98‌

STATEMENT

OF

OPERATIONS

For

the

Period

from

May

18,

2023

(commencement

of

operations)

to

February

29,

2024

13

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends:

Unaffiliated

issuers

9,399‌

Affiliated

issuers

4,940‌

Income

from

securities

lending—Note

2(b

)

41‌

Total

Income

14,380‌

Expenses:

Management

fee—Note

3(a)

43,509‌

Total

Expenses

43,509‌

Net

Investment

(Loss)

(29,129‌)

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

(20,599‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

2,598,063‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

2,577,464‌

Net

Increase

from

Payment

by

Affiliate—Note

6

3,973‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,552,308‌

STATEMENT

OF

CHANGES

IN

NET

ASSETS

14

See

Notes

to

Financial

Statements

For

the

Period

from

May

18,

2023

(a)

to

February

29,

2024

Operations

($):

Net

investment

(loss)

(29,129‌)

Net

realized

gain

(loss)

on

investments

(20,599‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

2,598,063‌

Net

Increase

from

Payment

by

Affiliate—Note

6

3,973‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,552,308‌

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

11,410,535‌

Transaction

fees—Note

5

29‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

11,410,564‌

Total

Increase

(Decrease)

in

Net

Assets

13,962,872‌

Net

Assets

($):

Beginning

of

Period

—‌

End

of

Period

13,962,872‌

Changes

in

Shares

Outstanding:

Shares

sold

450,001‌

Net

Increase

(Decrease)

in

Shares

Outstanding

450,001‌

(a)

Commencement

of

operations.

FINANCIAL

HIGHLIGHTS

15

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

February

29,

2024

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

25.00‌

Investment

Operations:

Net

investment

(loss)

(b)

(0.07‌)

Net

realized

and

unrealized

gain

(loss)

on

investments

6.09‌

Payment

by

Affiliate

(c)

0.01‌

Total

from

Investment

Operations

6.03‌

Transaction

fees

(b)

0.00‌

(d)

Net

asset

value,

end

of

period

31.03‌

Market

price,

end

of

period

30.98‌

Net

Asset

Value

Total

Return

(%)

(e)

24.11‌

(f)

Market

Price

Total

Return

(%)

(e)

23.92‌

(f)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.50‌

(g)

Ratio

of

net

investment

(loss)

to

average

net

assets

(0.33‌)

(g)

Portfolio

Turnover

Rate

(h)

12.39‌

Net

Assets,

end

of

period

($

x

1,000)

13,963‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

total

return

for

the

fund

was

not

materially

impacted

by

the

reimbursement

to

the

fund

for

fund

losses

relating

to

trade

processing

error.

See

Note

6.

(d)

Amount

represents

less

than

$0.01

per

share.

(e)

Net

asset

value

total

return

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period,

and

redemption

at

net

asset

value

on

the

last

day

of

the

period.

Net

asset

value

total

return

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Market

price

total

return

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period,

and

sale

at

the

market

price

on

the

last

day

of

the

period.

Total

investment

returns

calculated

for

a

period

of

less

than

one

year

are

not

annualized.

(f)

The

net

asset

value

total

return

and

the

market

price

total

return

is

calculated

from

fund

inception.

The

inception

date

is

the

first

date

the

fund

was

available

on

The

NASDAQ

Stock

Market

LLC.

(g)

Annualized.

(h)

Portfolio

turnover

rate

is

not

annualized

for

periods

less

than

one

year,

if

applicable,

and

does

not

include

securities

received

or

delivered

from

processing

creations

or

redemptions.

NOTES

TO

FINANCIAL

STATEMENTS

16

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

thirteen

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

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

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

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). 

17

NOTE

2—Significant

Accounting

Policies: 

The

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

is

the

exclusive

reference

of

authoritative

U.S.

generally

accepted

accounting

principles

(“GAAP”)

recognized

by

the

FASB

to

be

applied

by

nongovernmental

entities.

Rules

and

interpretive

releases

of

the

SEC

under

authority

of

federal

laws

are

also

sources

of

authoritative

GAAP

for

SEC

registrants. The

fund

is an

investment

company

and

applies

the

accounting

and

reporting

guidance

of

the

FASB

ASC

Topic

946

Financial

Services-Investment

Companies. The

fund’s

financial

statements

are

prepared

in

accordance

with

GAAP,

which

may

require

the

use

of

management

estimates

and

assumptions.

Actual

results

could

differ

from

those

estimates.  

The

Trust

accounts

separately

for

the

assets,

liabilities

and

operations

of

each

series.

Expenses

directly

attributable

to

each

series

are

charged

to

that

series’

operations;

expenses

which

are

applicable

to

all

series

are

allocated

among

them

on

a

pro

rata

basis.

The

Trust

enters

into

contracts

that

contain

a

variety

of

indemnifications.

The

fund’s

maximum

exposure

under

these

arrangements

is

unknown.

The

fund

does

not

anticipate

recognizing

any

loss

related

to

these

arrangements. 

(a)

Portfolio

valuation:

The

fair

value

of

a

financial

instrument

is

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price).

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

of

valuation

techniques

used

to

measure

fair

value.

This

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Additionally,

GAAP

provides

guidance

on

determining

whether

the

volume

and

activity

in

a

market

has

decreased

significantly

and

whether

such

a

decrease

in

activity

results

in

transactions

that

are

not

orderly.

GAAP

requires

enhanced

disclosures

around

valuation

inputs

and

techniques

used

during

annual

and

interim

periods.

Various

inputs

are

used

in

determining

the

value

of

the

fund’s

investments

relating

to

fair

value

measurements.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

unadjusted

quoted

prices

in

active

markets

for

identical

investments.

Level

2

—

other

significant

observable

inputs

(including

quoted

prices

for

similar 

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Level

3

—

significant

unobservable

inputs

(including

the

fund’s

own

assumptions

in

determining

the

fair

value

of

investments).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

18

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 February

29,

2024

in

valuing

the

fund’s

investments:

19

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.

Pursuant

to

a

securities

lending

agreement

with

BNY

Mellon,

the

fund

may

lend

securities

to

qualified

institutions.

It

is

the

fund’s

policy

that,

at

origination,

all

loans

are

secured

by

collateral

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

and

105%

of

the

value

of

foreign

securities

loaned.

Collateral

equivalent

to

at

least

100%

of

the

market

value

of

securities

on

loan

is

maintained

at

all

times.

Collateral

is

either

in

the

form

of

cash,

which

can

be

invested

in

certain

money

market

mutual

funds

managed

by

the

Adviser,

or

U.S.

Government

and

Agency

securities.

Any

non-cash

collateral

received

cannot

be

sold

or

re-pledged

by

the

fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

the

fund’s

Statement

of

Investments.

The

fund is

entitled

to

receive

all

dividends,

interest

and

distributions

on

securities

loaned,

in

addition

to

income

earned

as

a

result

of

the

lending

transaction.

Should

a

borrower

fail

to

return

the

securities

in

a

timely

manner,

BNY

Mellon

is

required

to

replace

the

securities

for

the

benefit

of

the

fund

or

credit

the

fund

with

the

market

value

of

the

unreturned

securities

and

is

subrogated

to

the

fund’s

rights

against

the

borrower

and

the

collateral.

Additionally,

the

contractual

maturity

of

security

lending

transactions

are

on

an

overnight

and

continuous

basis.

During

the

period

from

May

18,

2023

(commencement

of

operations)

to

February

29,

2024,

BNY

Mellon

earned

$6 from

the

lending

of

the

fund’s portfolio

securities,

pursuant

to

the

securities

lending

agreement.

For

financial

reporting

purposes,

the

fund

elects

not

to

offset

assets

and

liabilities

subject

to

a

securities

lending

agreement,

if

any,

in

the

Statement

of

Assets

and

Liabilities.

Therefore,

all

qualifying

transactions

are

presented

on

a

gross

basis

in

the

Statement

of

Assets

and

Liabilities.

As

of

February

29,

2024,

the

fund

had

securities

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

($)

Investments

In

Securities:

†

Common

Stocks

13,737,811

—

—

13,737,811

Investment

Companies

228,888

—

—

228,888

Investment

of

Cash

Collateral

for

Securities

Loaned

180,158

—

—

180,158

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

20

lending

and

the

impact

of

netting

of

assets

and

liabilities

and

the

offsetting

of

collateral

pledged

or

received,

if

any,

based

on

contractual

netting/set-off

provisions

in

the

securities

lending

agreement

are

detailed

in

the

following

table:

(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.

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

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

Assets

($)

Liabilities

($)

Securities

Lending

174,178

—

Total

gross

amount

of

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

174,178

—

Collateral

(received)/posted

not

offset

in

the

Statement

of

Assets

and

Liabilities

(174,178)

†

—

Net

Amount

—

—

†

The

value

of

the

related

collateral

received

by

the

fund

normally

exceeded

the

value

of

the

securities

loaded

by

the

fund

pursuant

to

the

securities

lending

agreement.

In

addition,

the

value

of

collateral

may

include

pending

sales

that

are

also

on

loan.

See

Statement

of

Investments

for

detailed

information

regarding

the

collateral

received

for

open

securities

lending.

21

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

continue

to

qualify

as

a

regulated

investment

company,

if

such

qualification

is

in

the

best

interests

of

its

shareholders,

by

complying

with

the

applicable

provisions

of

the

Code,

and

to

make

distributions

of

taxable

income

and

net

realized

capital

gain

sufficient

to

relieve

it

from

substantially

all

federal

income

and

excise

taxes.

As

of

and

during

the period

ended February

29,

2024,

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 February

29,

2024,

the

fund

did

not

incur

any

interest

or

penalties.

The

tax

year

in

the

period

ended February

29,

2024

remains

subject

to

examination

by

the

Internal

Revenue

Service

and

state

taxing

authorities. 

At February

29,

2024,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

accumulated

capital

losses

$20,599

and

unrealized appreciation

$2,587,208.

In

addition,

the

fund

had

$8,159

of

late

year

ordinary

losses

deferred

for

tax

purposes

to

the

first

day

of

the

following

fiscal

year.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

22

The

fund is

permitted

to

carry

forward

capital

losses

for

an

unlimited

period.

Furthermore,

capital

loss

carryovers

retain

their

character

as

either

short-term

or

long-

term

capital

losses.

The

accumulated

capital

loss

carryover

is

available

for

federal

income

tax

purposes

to

be

applied

against

future

net

realized

capital

gains,

if

any,

realized

subsequent

to

February

29,

2024.

The

fund

has

$20,599

of

short-term

capital

losses

which

can

be

carried

forward

for

an

unlimited

period.

The

fund

had

no

distributions

paid

to

shareholders

during

the

fiscal

year

ended

February

29,

2024.

During

the

period

ended

February

29,

2024,

as

a

result

of

permanent

book

to

tax

differences,

the

fund

increased

total

distributable

earnings

by

$10,115

and

decreased

paid-in

capital

by

the

same

amount.

These

permanent

book

to

tax

differences

are

primarily

due

to

the

tax

treatment

for

net

operating

losses.

Net

assets

and

net

asset

value

per

share

were

not

affected

by

these

reclassifications.

NOTE

3—Management

Fee,

Sub-Advisory

Fee

and

Other

Transactions

with

Affiliates:

(a)

Pursuant

to

a

management

agreement

with

the

Adviser,

the

management

fee

is computed

at

an

annual

rate of

0.50%

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

February

29,

2024,

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

23

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 $5,428.

(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

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

February

29,

2024, amounted

to $1,447,143

and

$1,367,460,

respectively.

At February

29,

2024,

the

cost

of

investments

for

federal

income

tax

purposes

was

$11,559,649;

accordingly,

accumulated

net

unrealized

appreciation on

investments

for

federal

income

tax

purposes

was

$2,587,208,

consisting

of

gross

appreciation

of

$3,360,413

and

gross

depreciation

of

$773,205.

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

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

24

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

February

29,

2024,

MBC

Investments

Corporation,

a

wholly-

owned

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

year

ended

February

29,

2024,

the

fund

had

in-kind

transactions

associated

with

creations

of

$11,085,519

and

redemptions

of

$0.

NOTE

6—Payment

from

Affiliate:

During

the

period

ended

February

29,

2024,

the

fund

was

reimbursed

$3,973

by

BNY

Mellon

for

fund

losses

relating

to a

trade

processing

error.

The

error

occurred

on

May

16,

2023

and

had

an

immaterial

impact

to

the

NAV

and

total

return

of

the

fund.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

25

To

the

Shareholders

and

the

Board

of

Trustees

of

BNY

Mellon

Innovators

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BNY

Mellon

Innovators

ETF

(the

“Fund”)

(one

of

the

funds

constituting

BNY

Mellon

ETF

Trust

(the

“Trust”)),

including

the

statement

of

investments,

as

of

February

29,

2024,

and

the

related

statements

of

operations,

changes

in

net

assets,

and

the

financial

highlights

for

the

period

from

May

18,

2023

(commencement

of

operations)

through

February

29,

2024

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

(one

of

the

funds

constituting

BNY

Mellon

ETF

Trust)

at

February

29,

2024,

the

results

of

its

operations,

the

changes

in

its

net

assets

and

its

financial

highlights

for

the

period

from

May

18,

2023

(commencement

of

operations)

through

February

29,

2024,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Trust’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Trust

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Trust

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Trust’s

internal

control

over

financial

reporting.

As

part

of

our

audit,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Trust’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

February

29,

2024,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

BNY

Mellon

Family

of

Funds

since

at

least

1957,

but

we

are

unable

to

determine

the

specific

year.

New

York,

New

York

April

19,

2024

IMPORTANT

TAX

INFORMATION

(Unaudited)

26

Form

1099-DIV,

Form

1042-S

and

other

year–end

tax

information

provide

shareholders

with

actual

calendar

year

amounts

that

should

be

included

in

their

tax

returns.

Shareholders

should

consult

their

tax

advisers.

The

following

distribution

information

is

being

provided

as

required

by

the

Internal

Revenue

Code

or

to

meet

a

specific

state’s

requirement.

The

fund

designates

the

following

amounts

or,

if

subsequently

determined

to

be

different,

the

maximum

amount

allowable

for

its

fiscal

year

ended February

29,

2024:

For

federal

tax

purposes

the

fund

hereby

reports

0.00%

of

ordinary

income

dividends

paid

during

the

fiscal

year

ended

February

29,

2024 as

qualified

dividend

income.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(Unaudited)

27

The

funds

of

the

Trust

have

adopted

a

liquidity

risk

management

program

(the

“Program”)

pursuant

to

the

requirements

of

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended.

Rule

22e-4

requires

registered

open-end

funds,

including

exchange-traded

funds,

to

establish

liquidity

risk

management

programs

in

order

to

effectively

manage

fund

liquidity

and

shareholder

redemptions.

The

rule

is

designed

to

mitigate

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significantly

diluting

the

interests

of

remaining

investors.

The

Board

has

appointed

BNY

Mellon

ETF

Investment

Adviser,

LLC,

the

investment

adviser

to

the

funds,

as

the

Program

Administrator.

The

rule

requires

each

fund

to

assess,

manage

and

review

its

liquidity

risk

at

least

annually,

considering

applicable

factors

such

as

investment

strategy

and

liquidity

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

strategy

is

appropriate

for

an

open-end

fund

and

whether

the

fund

has

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers.

Each

fund

must

also

assess

its

use

of

borrowings

and

derivatives,

short-

term

and

long-term

cash

flow

projections

in

normal

and

reasonably

foreseeable

stressed

conditions,

holdings

of

cash

and

cash

equivalents,

and

borrowing

arrangements

and

other

funding

sources.

In

addition,

with

respect

to

an

exchange-traded

fund,

a

fund

must

assess

the

relationship

between

the

fund’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

the

fund’s

shares

trade,

and

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

fund’s

portfolio.

The

rule

also

generally

requires

funds

to

classify

each

of

their

investments

as

highly

liquid,

moderately

liquid,

less

liquid

or

illiquid

based

on

the

number

of

days

the

fund

expects

it

would

take

to

liquidate

the

investment,

and

to

review

these

classifications

at

least

monthly

or

more

often

under

certain

conditions.

Illiquid

investments

are

those

a

fund

does

not

expect

to

be

able

to

sell

or

dispose

of

within

seven

calendar

days

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

is

prohibited

from

acquiring

an

investment

if,

after

the

acquisition,

its

holdings

of

illiquid

assets

will

exceed

15%

of

its

net

assets.

In

addition,

if

a

fund

permits

redemptions

in-kind,

the

rule

requires

the

fund

to

establish

redemption

in-kind

policies

and

procedures

governing

how

and

when

it

will

engage

in

such

redemptions.

Pursuant

to

the

rule’s

requirements,

the

Program

has

been

reviewed

and

approved

by

the

Board.

Furthermore,

at

its

November

2023

meeting,

the

Board

received

a

written

report

prepared

by

the

Program

Administrator,

for

the

period

October

1,

2022

to

September

30,

2023,

addressing

the

operation

of

the

Program,

assessing

the

Program’s

adequacy

and

effectiveness

and

describing

any

material

changes

made

to

the

Program.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(Unaudited)

(continued)

28

Assessment

of

Program

In

the

opinion

of

the

Program

Administrator,

the

Program

approved

by

the

Board

continues

to

be

adequate

for

the

funds

and

the

Program

has

been

implemented

effectively.

The

Program

Administrator

has

monitored

each

fund’s

liquidity

risk

and

the

liquidity

classification

of

the

securities

held

by

the

funds

and

has

determined

that

the

Program

is

operating

effectively.

During

the

period

from

October

31,

2022

to

September

30,

2023,

there

were

no

material

changes

to

the

Program

and

no

material

liquidity

events

that

impacted

the

funds.

During

the

period,

each

fund

held

sufficient

highly

liquid

assets

to

meet

fund

redemptions.

Under

normal

expected

foreseeable

fund

redemption

forecasts

and

foreseeable

stressed

fund

redemption

forecasts,

the

Program

Administrator

believes

that

each

fund

maintains

sufficient

highly

liquid

assets

to

meet

expected

fund

redemptions.

BOARD

MEMBERS

INFORMATION

(Unaudited)

INDEPENDENT

BOARD

MEMBERS

29

J.

Charles

Cardona

(68)

Chairman

of

the

Board

(2020)

Principal

Occupation

During

Past

5

Years:

BNY

Mellon

Family

of

Funds,

Interested

Director

(2014-2018),

Independent

Director

(2019-Present)

BNY

Mellon

Liquidity

Funds,

Director

(2004-Present)

and

Chairman

(2019-2021)

No.

of

Portfolios

for

which

Board

Member

Serves:

35,

including

19

managed

by

an

affiliate

of

the

Adviser

Kristen

M.

Dickey

(63)

Board

Member

(2020)

Principal

Occupation

During

Past

5

Years:

Independent

board

director

of

Marstone,

Inc.,

a

financial

technology

company

(since

2018);

Lead

non-executive

director

for

Aperture

Investors,

LLC,

an

investment

management

firm

(since

2018);

Managing

Director—Global

Head

of

Index

Strategy

at

BlackRock,

Inc.

(until

2017).

No.

of

Portfolios

for

which

Board

Member

Serves:

13

F.

Jack

Liebau,

Jr.

(60)

Board

Member

(2020)

Principal

Occupation

During

Past

5

Years:

Managing

Director

at

Beach

Investment

Counsel,

a

financial

advisory

firm

(since

2020)

Corporate

director

(since

2015)

Other

Public

Company

Board

Memberships

During

Past

5

Years:

Myers

Industries,

an

industrial

company,

Director

(2015

–

Present)

and

Chairman

of

Board

(2016

–

Present)

STRATTEC

Security

Corp.,

an

automotive

power

and

security

solutions

company,

Director

(2023

–

Present)

and

Chairman

of

Board

(2024

–

Present)

No.

of

Portfolios

for

which

Board

Member

Serves:

13

Jill

I.

Mavro

(51)

Board

Member

(2020)

Principal

Occupation

During

Past

5

Years:

Managing

director

at

Ecoban

Securities,

LLC,

a

financial

technology

consulting

company

(since

2020)

Founder

and

Principal

of

Spoondrift

Advisory,

LLC

(since

2018);

Senior

Managing

Director,

Head

of

Strategic

Relationships

and

Member

of

SPDR

Executive

Committee

at

State

Street

Global

Advisors

(until

2018)

No.

of

Portfolios

for

which

Board

Member

Serves:

13

30

BOARD

MEMBERS

INFORMATION

(Unaudited)

(continued)

INDEPENDENT

BOARD

MEMBERS

Kevin

W.

Quinn

(64)

Board

Member

(2020)

Principal

Occupation

During

Past

5

Years:

Partner

at

PricewaterhouseCoopers,

LLC

(until

2019)

No.

of

Portfolios

for

which

Board

Member

Serves:

13

Stacy

L.

Schaus

(63)

Board

Member

(2020)

Principal

Occupation

During

Past

5

Years:

Chief

Executive

Officer

of

the

Schaus

Group

LLC,

a

consulting

firm

(since

2019);

Advisory

board

member

of

A&P

Capital,

a

consulting

firm

(from

2019-2021);

Executive

Vice

President—Defined

Contribution

Practice

Founder

at

PIMCO

Investment

Management

(until

2018).

No.

of

Portfolios

for

which

Board

Member

Serves:

13

The

address

of

the

Board

Members

and

Officers

is

c/o

BNY

Mellon

ETF

Investment

Adviser,

LLC,

240

Greenwich

Street,

New

York,

New

York

10286.

Additional

information

about

each

Board

Member

is

available

in

the

fund’s

Statement

of

Additional

Information

which

can

be

obtained

from

the

Adviser

free

of

charge

by

calling

this

toll

free

number:

1-833-383-2696.

OFFICERS

OF

THE

TRUST

(Unaudited)

31

DAVID

DIPETRILLO,

President

since

February

2020.

Vice

President

and

Director

of

BNY

Mellon

Investment

Adviser,

Inc.

since

February

2021;

Head

of

North

America

Distribution,

BNY

Mellon

Investment

Management

since

February

2023;

Head

of

North

America

Product,

BNY

Mellon

Investment

Management

from

January

2018

to

February

2023.

He

is

an

officer

of

53

investment

companies

(comprised

of

99

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

He

is

46

years

old

and

has

been

an

employee

of

BNY

Mellon

since

2005. 

PETER

M.

SULLIVAN,

Chief

Legal

Officer

since

July

2021,

Vice

President

and

Assistant

Secretary

since

February

2020.

Chief

Legal

Officer

of

BNY

Mellon

Investment

Adviser,

Inc.

and

Associate

General

Counsel

of

BNY

Mellon

since

July

2021;

Senior

Managing

Counsel

of

BNY

Mellon

from

December

2020

to

July

2021;

and

Managing

Counsel

of

BNY

Mellon

from

March

2009

to

December

2020.

He

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

He

is

55

years

old

and

has

been

an

employee

of

BNY

Mellon

since

April

2004.

JAMES

WINDELS,

Treasurer

since

February

2020.

Director

of

BNY

Mellon

Investment

Adviser,

Inc.

since

February

2023;

Vice

President

of

BNY

Mellon

Investment

Adviser,

Inc.

since

September

2020;

and

Director

–

BNY

Mellon

Fund

Administration.

 He

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

He

is

65

years

old

and

has

been

an

employee

of

BNY

Mellon

Investment

Adviser,

Inc.,

an

affiliate

of

the

Adviser,

since

April

1985.

SARAH

S.

KELLEHER,

Vice

President

and

Secretary

since

February

2020.

Vice

President

of

BNY

Mellon

ETF

Investment

Adviser,

LLC

since

February

2020;

Senior

Managing

Counsel

of

BNY

Mellon

since

September

2021;

and

Managing

Counsel

of

BNY

Mellon

from

December

2017

to

September

2021. 

She

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

She

is

48

years

old

and

has

been

an

employee

of

BNY

Mellon

since

March

2013.

JAMES

BITETTO,

Vice

President

and

Assistant

Secretary

since

February

2020.

Senior

Managing

Counsel

of

BNY

Mellon

since

December

2019;

Managing

Counsel

of

BNY

Mellon

from

April

2014

to

December

2019;

and

Secretary

of

BNY

Mellon

Investment

Adviser,

Inc.

He

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

He

is

57

years

old

and

has

been

an

employee

of

BNY

Mellon

Investment

Adviser,

Inc.,

an

affiliate

of

the

Adviser,

since

December

1996.

DEIRDRE

CUNNANE,

Vice

President

and

Assistant

Secretary

since

February

2020.

Managing

Counsel

of

BNY

Mellon

since

December

2021;

and

Counsel

of

BNY

Mellon

from

August

2018

to

December

2021.

She

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

She

is

32

years

old

and

has

been

an

employee

of

BNY

Mellon

Investment

Adviser,

Inc.,

an

affiliate

of

the

Adviser,

since

August

2018.

JEFF

PRUSNOFSKY,

Vice

President

and

Assistant

Secretary

since

February

2020.

Senior

Managing

Counsel

of

BNY

Mellon.

He

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

He

is

58

years

old

and

has

been

an

employee

of

BNY

Mellon

Investment

Adviser,

Inc.,

an

affiliate

of

the

Adviser,

since

October

1990.

OFFICERS

OF

THE

TRUST

(Unaudited)

(continued)

32

AMANDA

QUINN,

Vice

President

and

Assistant

Secretary

since

February

2020.

Counsel

of

BNY

Mellon

since

June

2019;

and

Regulatory

Administration

Manager

at

BNY

Mellon

Investment

Management

Services from

September

2018

to

May

2019.

She

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

She

is

38

years

old

and

has

been

an

employee

of

BNY

Mellon

since

June

2012.

JOANNE

SKERRETT,

Vice

President

and

Assistant

Secretary

since

March

2023.

Managing

Counsel

of

BNY

Mellon

since

June

2022;

and

Senior

Counsel

with

the

Mutual

Fund

Directors

Forum,

a

leading

funds

industry

organization,

from

2016

to

June

2022. 

She

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

She

is

51

years

old

and

has

been

an

employee

of

BNY

Mellon

Investment

Adviser,

Inc.,

an

affiliate

of

the

Adviser,

since

June

2022.

DANIEL

GOLDSTEIN,

Vice

President

since

March

2022

Head

of

Product

Development

of

North

America

Distribution,

BNY

Mellon

Investment

Management

since

January

2018;

Executive

Vice

President

of

North

America

Product,

BNY

Mellon

Investment

Management

since

April

2023;

and

Senior

Vice

President,

Development

&

Oversight

of

North

America

Product,

BNY

Mellon

Investment

Management

from

2010

to

March

2023.

He

is

an

officer

of

53

investment

companies

(comprised

of

99

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

He

is

54

years

old

and

has

been

an

employee

of

the

Distributor

since

1991.

JOSEPH

MARTELLA,

Vice

President

since

March

2022

Vice

President

of

BNY

Mellon

Investment

Adviser,

Inc.

since

December

2022;

Head

of

Product

Management

of

North

America

Distribution,

BNY

Mellon

Investment

Management

since

January

2018;

Executive

Vice

President

of

North

America

Product,

BNY

Mellon

Investment

Management

since

April

2023,

and

Senior

Vice

President

of

North

America

Product,

BNY

Mellon

Investment

Management

from

2010

to

March

2023.

He

is

an

officer

of

53

investment

companies

(comprised

of

99

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

He

is

47

years

old

and

has

been

an

employee

of

the

Distributor

since

1999.

GAVIN

C.

REILLY,

Assistant

Treasurer

since

February

2020.

Tax

Manager-BNY

Mellon

Fund

Administration.

He

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

He

is

55

years

old

and

has

been

an

employee

of

BNY

Mellon

Investment

Adviser,

Inc.,

an

affiliate

of

the

Adviser,

since

April

1991.

ROBERT

SALVIOLO,

Assistant

Treasurer

since

February

2020.

Senior

Accounting

Manager

–

BNY

Mellon

Fund

Administration.

He

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

He

is

56

years

old

and

has

been

an

employee

of

BNY

Mellon

Investment

Adviser,

Inc.,

an

affiliate

of

the

Adviser,

since

June

1989.

ROBERT

SVAGNA,

Assistant

Treasurer

since

February

2020.

Senior

Accounting

Manager

–

BNY

Mellon

Fund

Administration.

He

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

He

is

56

years

old

and

has

been

an

employee

of

BNY

Mellon

Investment

Adviser,

Inc.,

an

affiliate

of

the

Adviser,

since

November

1990.

33

NATALYA

ZELENSKY,

Vice

President

and

Assistant

Secretary

since

February

2020

and

Chief

Compliance

Officer

since

August

2021.

Chief

Compliance

Officer

since

August

2021

and

Vice

President

since

February

2020

of

BNY

Mellon

ETF

Investment

Adviser,

LLC;

Managing

Counsel

of

BNY

Mellon

from

December

2019

to

August

2021;

Counsel

of

BNY

Mellon

from

May

2016

to

December

2019;

and

Assistant

Secretary

of

BNY

Mellon

Investment

Adviser,

Inc.

from

April

2018

to

August

2021.

She

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser or

an

affiliate

of

the

Adviser.

She

is

38

years

old

and

has

been

an

employee

of

BNY

Mellon

since

May

2016.

CARIDAD

M.

CAROSELLA,

Anti-Money

Laundering

Compliance

Officer

since

February

2020.

Anti-Money

Laundering

Compliance

Officer

of

the

BNY

Mellon

Family

of

Funds

and

BNY

Mellon

Funds

Trust.

She

is

an

officer

of

47

investment

companies

(comprised

of

110

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

She

is

55

years

old

and

has

been

an

employee

of

the

Distributor

since

1997.

For

More

Information

2024

BNY

Mellon

Securities

Corporation

4867AR0224

Telephone

Call

your

financial

representative

or

1-833-ETF-BNYM

(383-2696)

(inside

the

U.S.

only)

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York,

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York

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,

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daily.

The

fund

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schedule

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portfolio

holdings

with

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Securities

and

Exchange

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“

SEC

”

)

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quarters

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fiscal

year

on

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The

fund

’

s

Forms

N-PORT

are

available

on

the

SEC

’

s

website

at

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.

Additionally,

the

fund

makes

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holdings

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most

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charge,

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request,

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calling

1-833-383-2696.

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description

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policies

and

procedures

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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

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The

description

of

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policies

and

procedures

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also

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without

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upon

request,

by

calling

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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

&

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BNY

Mellon

ETF

Investment

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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

ANNUAL

REPORT

February

29,

2024

BNY

Mellon

Women’s

Opportunities

ETF

IMPORTANT

NOTICE

–

UPCOMING

CHANGES

TO

ANNUAL

AND

SEMI-ANNUAL

REPORTS 

The

Securities

and

Exchange

Commission

(the

“SEC”)

has

adopted

rule

and

form

amendments

that

will

result

in

changes

to

the

design

and

delivery

of

annual

and

semi-annual

fund

reports

(“Reports”).

Beginning

in

July

2024,

Reports

will

be

streamlined

to

highlight

key

information.

Certain

information

currently

included

in

Reports,

including

financial

statements,

will

no

longer

appear

in

the

Reports

but

will

be

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC. 

If

you

previously

elected

to

receive

the

fund’s

Reports

electronically,

you

will

continue

to

do

so.

Otherwise,

you

will

receive

paper

copies

of

the

fund’s

re-designed

Reports

by

USPS

mail

in

the

future.

If

you

would

like

to

receive

the

fund’s

Reports

(and/or

other

communications)

electronically

instead

of

by

mail,

please

contact

your

financial

advisor.

Contents

The

Fund

Save

time.

Save

paper.

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your

next

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report

online

as

soon

as

it’s

available.

Log

into

www.

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sign

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few

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The

views

expressed

herein

are

current

to

the

date

of

this

report.

These

views

and

the

composition

of

the

fund’s

portfolio

is

subject

to

change

at

any

time

based

on

market

and

other

conditions.

Not

FDIC-Insured

•

Not

Bank-Guaranteed

•

May

Lose

Value

Discussion

of

Fund

Performance

3

Fund

Performance

7

Understanding

Your

Fund’s

Expenses

8

Statement

of

Investments

9

Statement

of

Assets

and

Liabilities

12

Statement

of

Operations

13

Statement

of

Changes

in

Net

Assets

14

Financial

Highlights

15

Notes

to

Financial

Statements

16

Report

of

Independent

Registered

Public

Accounting

Firm

25

Important

Tax

Information

26

Liquidity

Risk

Management

Program

27

Board

Members

Information

29

Officers

of

the

Trust

31

FOR

MORE

INFORMATION

Back

Cover

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

3

For

the

period

from

May

17,

2023,

the

fund’s

inception

1

,

through

February

29,

2024,

as

provided

by

Karen

Behr

and

Julianne

McHugh,

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

February

29,

2024,

the

BNY

Mellon

Women’s

Opportunities

ETF

(the

“fund”)

produced

a

net

asset

value

total

return

of

26.36%.

2

In

comparison,

the

fund’s

benchmark,

the

S&P

500

®

Index

(the

“Index”),

produced

a

total

return

of

24.78%

for

the

same

period.

3

Equities

gained

ground

during

the

reporting

period

as

inflationary

pressures

eased,

the

U.S.

Federal

Reserve

(the

“Fed”)

paused

its

program

of

interest-rate

hikes,

and

economic

growth

remained

positive.

The

fund

outperformed

the

Index

largely

due

to

relatively

strong

stock

selection

in

the

industrials

and

consumer

discretionary

sectors.

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

Newton

Investment

Management

North

America

LLC

(“NIMNA”),

an

affiliate

of

BNY

Mellon

ETF

Investment

Adviser,

LLC

(the

“Adviser”),

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

strongly

positive

during

the

reporting

period.

Hopes

for

continued

economic

growth

outweighed

concerns

regarding

persistently

high

levels

of

inflation

and

the

need

for

central

bank

interest-rate

hikes

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

2%

set

by

the

Fed.

The

benchmark

federal

funds

rate

stood

at

5.00%-5.25%,

the

highest

level

since

2007.

During

the

period,

inflation

fell

to

near

3%,

and

the

Fed

raised

rates

by

an

additional

0.25%

with

few,

if

any

additional

increases

expected

by

the

market.

In

fact,

in

December

2023,

the

Fed

signaled

an

increasing

likelihood

of

rate

cuts

in

2024.

Although

U.S.

economic

growth

and

corporate

profits

showed

signs

of

moderating,

indications

remained

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

4

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.

The

Index

reached

new

record

levels

in

late

January

and

February

2024,

ending

the

period

at

an

all-time

high.

Stock

Selection

Bolsters

Relative

Performance

Relative

to

the

Index,

the

fund’s

performance

was

enhanced

by

stock

selection

in

the

industrials

and

consumer

discretionary

sectors.

Within

industrials,

Uber

Technologies,

Inc.,

Trane

Technologies

PLC

and

Caterpillar,

Inc.

drove

relative

returns.

Uber

Technologies,

Inc.,

a

ridesharing

and

delivery

company,

reported

a

solid

quarter

as

driver

costs

continued

to

normalize

and

end

markets

recovered.

The

company

also

continued

to

build

out

complementary

businesses

highlighting

developments

in

delivery

and

advertising

which

supported

recent

performance

and

contributes

to

their

long

term

outlook.

Trane

Technologies

PLC,

a

heating,

ventilation

and

air

conditioning

(HVAC)

company,

benefited

from

continued

corporate

investment

in

industrial

HVAC

system

installations.

Given

the

energy

reduction

associated

with

updating

older

systems,

companies

continued

to

spend

on

these

products.

Increasing

infrastructure

spend

provided

a

further

tailwind

for

Trane

Technologies

PLC

and

supported

Caterpillar,

Inc.,

a

construction

equipment

maker,

as

well.

In

consumer

discretionary,

top

positive

contributors

included

online

retailer

Amazon.com,

Inc.

and

childcare

and

education

services

provider

Bright

Horizons

Family

Solutions,

Inc.

Amazon.com,

Inc.

delivered

solid

performance,

capitalizing

on

earlier

investments

in

its

distribution

network

and

growing

business

demand

for

Amazon

Web

Services.

Bright

Horizons

Family

Solutions,

Inc.

benefited

from

increased

enrollment

at

their

centers

coupled

with

a

positive

outlook

for

utilization

rates

at

backup-care

centers

as

parents

reap

the

benefits

of

opportunities

to

stay

fully

engaged

within

the

workforce.

Other

notably

strong

contributors

to

performance

included

pharmaceutical

company

Eli

Lilly

&

Co.,

which

saw

strong

demand

for

their

new

obesity

drugs,

and

financial

software

developer

Intuit,

Inc.

Performance

relative

to

the

Index

further

benefited

from

the

fund’s

lack

of

exposure

to

consumer

electronics

maker

Apple

and

electronic

vehicle

company

Tesla,

both

of

which

lagged

during

the

period.

From

an

industry

perspective,

top

performing

industries

included

technology,

hardware,

storage

and

peripherals,

ground

transportation,

and

pharmaceuticals.

With

respect

to

detractors,

investments

in

consumer

staples

and

healthcare

weighed

on

the

fund’s

relative

returns.

Notable

detractors

included

cosmetics

and

personal

care

products

maker

The

Estée

Lauder

Companies

(“Estée

Lauder”)

.

Estée

Lauder

encountered

headwinds

this

past

year

related

to

softness

in

the

company’s

key

Chinese

market.

Concerns

regarding

the

duration

of

this

Chinese

consumer

slowdown

prompted

the

fund

to

sell

its

position.

Illumina,

Inc.

shares

were

hurt

by

sector-wide

biotechnology

5

funding

softness,

a

marked

reduction

in

Chinese

health

care

capital

expenditure

spending,

as

well

as

disruption

associated

with

a

new

product

launch;

however,

we

view

these

issues

as

transient

and

remain

constructive

around

the

firm’s

long

term

outlook.

Returns

were

impacted

by

the

fund’s

underweight

to

semiconductor

maker

NVIDIA

Corp.

early

in

the

reporting

period,

although

notably

the

underweight

was

closed.

Industries

that

materially

detracted

from

relative

returns

included

semiconductors,

personal

care

products

and

life

science

tools.

Focusing

on

Companies

Positioned

to

Navigate

the

Changing

Landscape

Thus

far,

tighter

monetary

policy

and

financial

conditions

appear

to

have

been

absorbed

by

investors

without

significant

disruption

to

global

financial

markets.

Economic

conditions

also

appear

to

have

been

more

resilient

than

anticipated,

and

soft-landing

conditions

appear

in

prospect.

However,

inflation

continues

to

be

stickier

than

hoped

for,

which

is

acting

as

a

brake

on

the

ability

of

central

banks

to

cut

interest

rates.

A

higher-for-longer

rates

scenario

may

yet

give

investors

pause

for

thought.

Geopolitics,

ongoing

conflicts,

trade

wars

and

China’s

recovery

from

economic

malaise

all

have

the

potential

to

have

a

disruptive

influence

on

economies

and

markets

over

the

short

term.

Nonetheless,

we

continue

to

see

attractive

long-term

investment

opportunities

given

the

structural

demand

trends

that

remain

in

place.

Following

a

period

during

which

Index

performance

was

dominated

by

a

handful

of

stocks,

we

expect

that

careful

selection

will

be

central

to

effective

portfolio

positioning

in

the

coming

months.

Given

the

body

of

data

supporting

higher

returns

at

companies

that

invest

in

and

nurture

gender

diversity

and

employee

satisfaction,

we

believe

companies

that

work

to

level

the

playing

field

can

generate

more

resilient

returns

regardless

of

the

economic

backdrop.

As

such,

we

remain

focused

on

identifying

those

companies

that

promote

gender

diversity

with

the

objective

of

generating

long

term

capital

growth

for

our

clients.

March

15,

2024

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

DISCUSSION

OF

FUND

PERFORMANCE

(Unaudited)

(continued)

6

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

may,

but

is

not

required

to,

use

derivative

instruments.

A

small

investment

in

derivatives

could

have

a

potentially

large

impact

on

the

fund's

performance.

The

use

of

derivatives

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

the

underlying

assets.

The

fund

is

non-diversified,

which

means

that

the

fund

may

invest

a

relatively

high

percentage

of

its

assets

in

a

limited

number

of

issuers.

Therefore,

the

fund’s

performance

may

be

more

vulnerable

to

changes

in

the

market

value

of

a

single

issuer

or

group

of

issuers

and

more

susceptible

to

risks

associated

with

a

single

economic,

political

or

regulatory

occurrence

than

a

diversified

fund.

Please

note:

the

position

in

any

security

highlighted

with

italicized

typeface

was

sold

during

the

reporting

period.

FUND

PERFORMANCE

(Unaudited)

7

Comparison

of

change

in

value

of

a

$10,000

investment

in

BNY

Mellon

Women’s

Opportunities

ETF

with

a

hypothetical

investment

of

$10,000

in

the

S&P

500

®

Index

(the

“Index”).

†

Source:

Lipper

Inc.

††

The

inception

date

is

the

first

date

the

fund

was

available

on

The

NASDAQ

Stock

Market

LLC.

Past

performance

is

not

predictive

of

future

performance.

The

above

graph

compares

a

hypothetical

$10,000

investment

made

in

BNY

Mellon

Women’s

Opportunities

ETF

on

5/17/23

to

a

hypothetical

investment

of

$10,000

made

in

the

Index

on

that

date

using

closing

market

price

return.

All

dividends

and

capital

gain

distributions

are

reinvested.

The

fund’s

performance

shown

in

the

line

graph

above

takes

into

account

all

applicable

fees

and

expenses.

The

Index

is

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.

Further

information

relating

to

fund

performance,

including

expense

reimbursements,

if

applicable,

is

contained

in

the

Financial

Highlight

section

of

the

prospectus

and

elsewhere

in

this

report.

The

performance

data

quoted

represents

past

performance,

which

is

no

guarantee

of

future

results.

Share

price

and

investment

return

fluctuate

and

an

investor’s

shares

may

be

worth

more

or

less

than

original

cost

upon

redemption.

Current

performance

may

be

lower

or

higher

than

the

performance

quoted.

Go

to

www.

im.bnymellon.com

for

the

fund’s

most

recent

month-end

returns.

The

fund’s

performance

shown

in

the

graph

and

table

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Average

Annual

Total

Returns

as

of

February

29,

2024

Inception

Date

††

From

Inception

BNY

Mellon

Women’s

Opportunities

ETF

Net

Asset

Value

Return

5/17/23

26.36%

Market

Price

Return

5/17/23

26.53%

S&P

500

®

Index

5/17/23

24.78%

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

8

As

a

shareholder

of

the

fund,

you

pay

ongoing

expenses,

such

as

management

fees

and

other

expenses.

Using

the

information

below,

you

can

estimate

how

these

expenses

affect

your

investment

and

compare

them

with

the

expenses

of

other

funds.

For

more

information,

see

your

fund’s

prospectus

or

talk

to

your

financial

adviser.

Actual

Expenses

The

table

below

shows

the

expenses

you

would

have

paid

on

a

$1,000

investment

in

the

fund

from

September

1,

2023

to

February

29,

2024.

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

February

29,

2024

(a)

Expenses

are

calculated

using

the

annualized

expense

ratio,

which

represents

the

ongoing

expenses

as

a

percentage

of

net

assets

for

the

period

ended

February

29,

2024.

Expenses

are

calculated

by

multiplying

the

fund’s

annualized

expense

ratio

by

the

average

account

value

for

the

period,

then

multiplying

the

result

by

182/366

(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

1,177.80

1,022.38

2.71

2.51

0.50

STATEMENT

OF

INVESTMENTS

February

29,

2024

9

Description

Shares

Value

($)

Common

Stocks

–

99.1%

Banks

–

5.5%

Bank

of

America

Corp.

4,582

158,171

First

Horizon

Corp.

7,739

109,120

JPMorgan

Chase

&

Co.

2,252

419,007

686,298

Capital

Goods

–

3.0%

Caterpillar,

Inc.

420

140,263

Trane

Technologies

PLC

848

239,111

379,374

Commercial

&

Professional

Services

–

0.7%

Veralto

Corp.

1,031

89,099

Consumer

Discretionary

Distribution

&

Retail

–

6.0%

Amazon.com,

Inc.

(a)

4,280

756,533

Consumer

Durables

&

Apparel

–

1.4%

Lululemon

Athletica,

Inc.

(a)

390

182,165

Consumer

Services

–

2.6%

Bright

Horizons

Family

Solutions,

Inc.

(a)

2,826

324,594

Energy

–

3.5%

ConocoPhillips

1,012

113,890

Occidental

Petroleum

Corp.

2,773

168,072

Schlumberger

NV

3,384

163,549

445,511

Financial

Services

–

4.1%

Block,

Inc.,

Class

A

(a)

1,784

141,774

Mastercard,

Inc.,

Class

A

784

372,212

513,986

Food,

Beverage

&

Tobacco

–

1.7%

PepsiCo,

Inc.

1,288

212,958

Health

Care

Equipment

&

Services

–

8.7%

Addus

HomeCare

Corp.

(a)

1,152

106,307

Boston

Scientific

Corp.

(a)

4,676

309,598

Centene

Corp.

(a)

2,400

188,232

Cooper

Cos.,

Inc.

(The)

1,652

154,627

Hologic,

Inc.

(a)

1,816

134,021

Progyny,

Inc.

(a)

5,520

201,590

1,094,375

Household

&

Personal

Products

–

1.5%

Procter

&

Gamble

Co.

(The)

1,165

185,165

STATEMENT

OF

INVESTMENTS

(continued)

10

Description

Shares

Value

($)

Common

Stocks

–

99.1%

(continued)

Insurance

–

2.3%

Progressive

Corp.

(The)

1,537

291,354

Materials

–

0.9%

Constellium

SE

(a)

5,856

113,548

Media

&

Entertainment

–

5.8%

Meta

Platforms,

Inc.,

Class

A

976

478,367

Pinterest,

Inc.,

Class

A

(a)

3,204

117,586

Walt

Disney

Co.

(The)

1,248

139,252

735,205

Pharmaceuticals,

Biotechnology

&

Life

Sciences

–

10.3%

AbbVie,

Inc.

2,248

395,761

Alnylam

Pharmaceuticals,

Inc.

(a)

480

72,523

Avantor,

Inc.

(a)

5,402

133,105

Eli

Lilly

&

Co.

452

340,663

Illumina,

Inc.

(a)

1,352

189,050

Zoetis,

Inc.,

Class

A

868

172,151

1,303,253

Real

Estate

Management

&

Development

–

1.2%

CoStar

Group,

Inc.

(a)

1,779

154,826

Semiconductors

&

Semiconductor

Equipment

–

9.9%

Applied

Materials,

Inc.

1,335

269,163

Micron

Technology,

Inc.

1,757

159,202

NVIDIA

Corp.

876

693,021

Texas

Instruments,

Inc.

756

126,501

1,247,887

Software

&

Services

–

23.0%

Accenture

PLC,

Class

A

761

285,208

Akamai

Technologies,

Inc.

(a)

1,517

168,266

DoubleVerify

Holdings,

Inc.

(a)

3,869

119,513

HubSpot,

Inc.

(a)

470

290,841

Intuit,

Inc.

496

328,793

Microsoft

Corp.

2,496

1,032,445

PTC,

Inc.

(a)

658

120,421

Shopify,

Inc.,

Class

A

(a)

4,488

342,749

Workday,

Inc.,

Class

A

(a)

720

212,155

2,900,391

Transportation

–

5.6%

FedEx

Corp.

1,104

274,863

Uber

Technologies,

Inc.

(a)

5,337

424,291

699,154

Utilities

–

1.4%

Exelon

Corp.

4,896

175,473

Total

Common

Stocks

(cost

$9,830,350)

12,491,149

11

See

Notes

to

Financial

Statements

Description

Shares

Value

($)

Investment

Companies

–

0.9%

Registered

Investment

Companies

–

0.9%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares,

5.28%

(b)(c)

(cost

$107,148)

107,148

107,148

Total

Investments

(cost

$9,937,498)

100.0%

12,598,297

Cash

and

Receivables

(Net)

0.0%

4,458

Net

Assets

100.0%

12,602,755

(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

February

29,

2024.

Portfolio

Summary

(Unaudited)

†

Value

(%)

Information

Technology

32.9

Health

Care

19.0

Financials

11.9

Consumer

Discretionary

10.0

Industrials

9.3

Communication

Services

5.8

Energy

3.5

Consumer

Staples

3.2

Utilities

1.4

Real

Estate

1.2

Materials

0.9

Registered

Investment

Companies

0.9

100.0

†

Based

on

net

assets.

Holdings

and

transactions

in

these

affiliated

companies

during

the

period

ended

February

29,

2024

are

as

follows:

Description

Value

($)

5/18

/23

1

Purchases

($)

2

Sales

($)

Value

($)

2/29/24

Dividends/

Distributions

($)

Investment

Companies

–

0.9%

Dreyfus

Institutional

Preferred

Government

Money

Market

Fund,

Institutional

Shares

—

678,416

(571,268)

107,148

6,410

Total

–

0.9%

—

678,416

(571,268)

107,148

6,410

1

Commencement

of

operations.

2

Includes

reinvested

dividends/distributions.

STATEMENT

OF

ASSETS

AND

LIABILITIES

February

29,

2024

12

See

Notes

to

Financial

Statements

Cost

Value

Assets

($):

Investments

in

securities—See

Statement

of

Investments:

–

Unaffiliated

issuers

9,830,350

12,491,149‌

Affiliated

issuers

107,148

107,148‌

Dividends

receivable

9,169‌

Tax

reclaim

receivable—Note

2(b)

178‌

12,607,644‌

Liabilities

($):

Due

to

BNY

Mellon

ETF

Investment

Adviser,

LLC—

Note

3(b)

4,889‌

4,889‌

Net

Assets

($)

12,602,755‌

Composition

of

Net

Assets

($):

Paid-in

capital

10,000,029‌

Total

distributable

earnings

(loss)

2,602,726‌

Net

Assets

($)

12,602,755‌

Shares

outstanding

no

par

value

(unlimited

shares

authorized):

400,001‌

Net

asset

value

per

share

31.51‌

Market

price

per

share

31.55‌

STATEMENT

OF

OPERATIONS

For

the

Period

from

May

18,

2023

(commencement

of

operations)

to

February

29,

2024

13

See

Notes

to

Financial

Statements

Investment

Income

($):

Income:

Cash

dividends

(net

of

$159

foreign

taxes

withheld

at

source):

Unaffiliated

issuers

78,673‌

Affiliated

issuers

6,410‌

Total

Income

85,083‌

Expenses:

Management

fee—Note

3(a)

42,577‌

Total

Expenses

42,577‌

Net

Investment

Income

42,506‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments—Note

4

($):

Net

realized

gain

(loss)

on

investments

(70,123‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

2,660,799‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

2,590,676‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,633,182‌

STATEMENT

OF

CHANGES

IN

NET

ASSETS

14

See

Notes

to

Financial

Statements

For

the

Period

from

May

18,

2023

(a)

to

February

29,

2024

Operations

($):

Net

investment

income

42,506‌

Net

realized

gain

(loss)

on

investments

(70,123‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

2,660,799‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,633,182‌

Distributions

($):

Distributions

to

shareholders

(30,456‌)

Beneficial

Interest

Transactions

($):

Proceeds

from

shares

sold

10,000,025‌

Transaction

fees—Note

5

4‌

Increase

(Decrease)

in

Net

Assets

from

Beneficial

Interest

Transactions

10,000,029‌

Total

Increase

(Decrease)

in

Net

Assets

12,602,755‌

Net

Assets

($):

Beginning

of

Period

—‌

End

of

Period

12,602,755‌

Changes

in

Shares

Outstanding:

Shares

sold

400,001‌

Net

Increase

(Decrease)

in

Shares

Outstanding

400,001‌

(a)

Commencement

of

operations.

FINANCIAL

HIGHLIGHTS

15

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

February

29,

2024

Per

Share

Data

($):

Net

asset

value,

beginning

of

period

25.00‌

Investment

Operations:

Net

investment

income

(b)

0.11‌

Net

realized

and

unrealized

gain

(loss)

on

investments

6.48‌

Total

from

Investment

Operations

6.59‌

Distributions:

–

Dividends

from

net

investment

income

(0.08‌)

Transaction

fees

(b)

0.00‌

(c)

Net

asset

value,

end

of

period

31.51‌

Market

price,

end

of

period

31.55‌

Net

Asset

Value

Total

Return

(%)

(d)

26.36‌

(e)

Market

Price

Total

Return

(%)

(d)

26.53‌

(e)

Ratios/Supplemental

Data

(%):

Ratio

of

total

expenses

to

average

net

assets

0.50‌

(f)

Ratio

of

net

investment

income

to

average

net

assets

0.50‌

(f)

Portfolio

Turnover

Rate

(g)

24.71‌

Net

Assets,

end

of

period

($

x

1,000)

12,603‌

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Amount

represents

less

than

$0.01

per

share.

(d)

Net

asset

value

total

return

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period,

and

redemption

at

net

asset

value

on

the

last

day

of

the

period.

Net

asset

value

total

return

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Market

price

total

return

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period,

and

sale

at

the

market

price

on

the

last

day

of

the

period.

Total

investment

returns

calculated

for

a

period

of

less

than

one

year

are

not

annualized.

(e)

The

net

asset

value

total

return

and

the

market

price

total

return

is

calculated

from

fund

inception.

The

inception

date

is

the

first

date

the

fund

was

available

on

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

16

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

thirteen

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

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

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

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). 

17

NOTE

2—Significant

Accounting

Policies: 

The

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

is

the

exclusive

reference

of

authoritative

U.S.

generally

accepted

accounting

principles

(“GAAP”)

recognized

by

the

FASB

to

be

applied

by

nongovernmental

entities.

Rules

and

interpretive

releases

of

the

SEC

under

authority

of

federal

laws

are

also

sources

of

authoritative

GAAP

for

SEC

registrants. The

fund

is an

investment

company

and

applies

the

accounting

and

reporting

guidance

of

the

FASB

ASC

Topic

946

Financial

Services-Investment

Companies. The

fund’s

financial

statements

are

prepared

in

accordance

with

GAAP,

which

may

require

the

use

of

management

estimates

and

assumptions.

Actual

results

could

differ

from

those

estimates.  

The

Trust

accounts

separately

for

the

assets,

liabilities

and

operations

of

each

series.

Expenses

directly

attributable

to

each

series

are

charged

to

that

series’

operations;

expenses

which

are

applicable

to

all

series

are

allocated

among

them

on

a

pro

rata

basis.

The

Trust

enters

into

contracts

that

contain

a

variety

of

indemnifications.

The

fund’s

maximum

exposure

under

these

arrangements

is

unknown.

The

fund

does

not

anticipate

recognizing

any

loss

related

to

these

arrangements. 

(a)

Portfolio

valuation:

The

fair

value

of

a

financial

instrument

is

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price).

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

of

valuation

techniques

used

to

measure

fair

value.

This

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Additionally,

GAAP

provides

guidance

on

determining

whether

the

volume

and

activity

in

a

market

has

decreased

significantly

and

whether

such

a

decrease

in

activity

results

in

transactions

that

are

not

orderly.

GAAP

requires

enhanced

disclosures

around

valuation

inputs

and

techniques

used

during

annual

and

interim

periods.

Various

inputs

are

used

in

determining

the

value

of

the

fund’s

investments

relating

to

fair

value

measurements.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

unadjusted

quoted

prices

in

active

markets

for

identical

investments.

Level

2

—

other

significant

observable

inputs

(including

quoted

prices

for

similar 

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Level

3

—

significant

unobservable

inputs

(including

the

fund’s

own

assumptions

in

determining

the

fair

value

of

investments).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

18

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 February

29,

2024

in

valuing

the

fund’s

investments:

19

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

February

29,

2024,

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.

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.

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

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

($)

Investments

In

Securities:

†

Common

Stocks

12,491,149

—

—

12,491,149

Investment

Companies

107,148

—

—

107,148

†

See

Statement

of

Investments

for

additional

detailed

categorizations,

if

any.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

20

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.

(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

21

the

extent

that

net

realized

capital

gains

can

be

offset

by

capital

loss

carryovers

of

a

fund,

it

is

the

policy

of

the

fund

not

to

distribute

such

gains.

Income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP.

(g)

Federal

income

taxes:

It

is

the

policy

of

the

fund

to

continue

to qualify

as

a

regulated

investment

company,

if

such

qualification

is

in

the

best

interests

of

its

shareholders,

by

complying

with

the

applicable

provisions

of

the

Code,

and

to

make

distributions

of

taxable

income

and

net

realized

capital

gain sufficient

to

relieve

it

from

substantially

all

federal

income

and

excise

taxes.

As

of

and

during

the period

ended February

29,

2024,

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 February

29,

2024,

the

fund

did

not

incur

any

interest

or

penalties.

The

tax

year

in

the

period

ended February

29,

2024

remains

subject

to

examination

by

the

Internal

Revenue

Service

and

state

taxing

authorities. 

At February

29,

2024,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

undistributed

ordinary

income

$11,386,

accumulated

capital

losses

$69,408,

and

unrealized appreciation

$2,660,748.

The

fund is

permitted

to

carry

forward

capital

losses

for

an

unlimited

period.

Furthermore,

capital

loss

carryovers

retain

their

character

as

either

short-term

or

long-

term

capital

losses.

The

accumulated

capital

loss

carryover

is

available

for

federal

income

tax

purposes

to

be

applied

against

future

net

realized

capital

gains,

if

any,

realized

subsequent

to

February

29,

2024.

The

fund

has

$69,408

of

short-term

capital

losses

which

can

be

carried

forward

for

an

unlimited

period.

The

tax

character

of

distributions

paid

to

shareholders

during

the

fiscal

year

ended

February

29,

2024

was

as

follows:

ordinary

income

$30,456.

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,

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

22

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

February

29,

2024,

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.

(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 $4,889.

23

(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

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

February

29,

2024, amounted

to $2,816,265

and

$2,652,946,

respectively.

At February

29,

2024,

the

cost

of

investments

for

federal

income

tax

purposes

was

$9,937,549;

accordingly,

accumulated

net

unrealized

appreciation on

investments

for

federal

income

tax

purposes

was

$2,660,748,

consisting

of

gross

appreciation

of

$2,860,412

and

gross

depreciation

of

$199,664.

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

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

24

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

February

29,

2024,

MBC

Investments

Corporation,

a

wholly-

owned

subsidiary

of

BNY

Mellon,

held

381,701

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

February

29,

2024,

the

fund

had

in-kind

transactions

associated

with

creations

of

$9,737,212

and

redemptions

of

$0.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

25

To

the

Shareholders

and

the

Board

of

Trustees

of

BNY

Mellon

Women’s

Opportunities

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BNY

Mellon

Women’s

Opportunities

ETF

(the

“Fund”)

(one

of

the

funds

constituting

BNY

Mellon

ETF

Trust

(the

“Trust”)),

including

the

statement

of

investments,

as

of

February

29,

2024,

and

the

related

statements

of

operations,

changes

in

net

assets,

and

the

financial

highlights

for

the

period

from

May

18,

2023

(commencement

of

operations)

through

February

29,

2024

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

(one

of

the

funds

constituting

BNY

Mellon

ETF

Trust)

at

February

29,

2024,

the

results

of

its

operations,

the

changes

in

its

net

assets

and

its

financial

highlights

for

the

period

from

May

18,

2023

(commencement

of

operations)

through

February

29,

2024,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Trust’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Trust

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Trust

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Trust’s

internal

control

over

financial

reporting.

As

part

of

our

audit,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Trust’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

February

29,

2024,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

BNY

Mellon

Family

of

Funds

since

at

least

1957,

but

we

are

unable

to

determine

the

specific

year.

New

York,

New

York

April

19,

2024

IMPORTANT

TAX

INFORMATION

(Unaudited)

26

Form

1099-DIV,

Form

1042-S

and

other

year–end

tax

information

provide

shareholders

with

actual

calendar

year

amounts

that

should

be

included

in

their

tax

returns.

Shareholders

should

consult

their

tax

advisers.

The

following

distribution

information

is

being

provided

as

required

by

the

Internal

Revenue

Code

or

to

meet

a

specific

state’s

requirement.

The

fund

designates

the

following

amounts

or,

if

subsequently

determined

to

be

different,

the

maximum

amount

allowable

for

its

fiscal

year

ended February

29,

2024:

For

federal

tax

purposes

the

fund

hereby

reports

100%

of

ordinary

income

dividends

paid

during

the

fiscal

year

ended

February

29,

2024 as

qualified

dividend

income

and

corporate

dividends

received

deduction.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(Unaudited)

27

The

funds

of

the

Trust

have

adopted

a

liquidity

risk

management

program

(the

“Program”)

pursuant

to

the

requirements

of

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended.

Rule

22e-4

requires

registered

open-end

funds,

including

exchange-traded

funds,

to

establish

liquidity

risk

management

programs

in

order

to

effectively

manage

fund

liquidity

and

shareholder

redemptions.

The

rule

is

designed

to

mitigate

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significantly

diluting

the

interests

of

remaining

investors.

The

Board

has

appointed

BNY

Mellon

ETF

Investment

Adviser,

LLC,

the

investment

adviser

to

the

funds,

as

the

Program

Administrator.

The

rule

requires

each

fund

to

assess,

manage

and

review

its

liquidity

risk

at

least

annually,

considering

applicable

factors

such

as

investment

strategy

and

liquidity

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

strategy

is

appropriate

for

an

open-end

fund

and

whether

the

fund

has

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers.

Each

fund

must

also

assess

its

use

of

borrowings

and

derivatives,

short-

term

and

long-term

cash

flow

projections

in

normal

and

reasonably

foreseeable

stressed

conditions,

holdings

of

cash

and

cash

equivalents,

and

borrowing

arrangements

and

other

funding

sources.

In

addition,

with

respect

to

an

exchange-traded

fund,

a

fund

must

assess

the

relationship

between

the

fund’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

the

fund’s

shares

trade,

and

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

fund’s

portfolio.

The

rule

also

generally

requires

funds

to

classify

each

of

their

investments

as

highly

liquid,

moderately

liquid,

less

liquid

or

illiquid

based

on

the

number

of

days

the

fund

expects

it

would

take

to

liquidate

the

investment,

and

to

review

these

classifications

at

least

monthly

or

more

often

under

certain

conditions.

Illiquid

investments

are

those

a

fund

does

not

expect

to

be

able

to

sell

or

dispose

of

within

seven

calendar

days

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

is

prohibited

from

acquiring

an

investment

if,

after

the

acquisition,

its

holdings

of

illiquid

assets

will

exceed

15%

of

its

net

assets.

In

addition,

if

a

fund

permits

redemptions

in-kind,

the

rule

requires

the

fund

to

establish

redemption

in-kind

policies

and

procedures

governing

how

and

when

it

will

engage

in

such

redemptions.

Pursuant

to

the

rule’s

requirements,

the

Program

has

been

reviewed

and

approved

by

the

Board.

Furthermore,

at

its

November

2023

meeting,

the

Board

received

a

written

report

prepared

by

the

Program

Administrator,

for

the

period

October

1,

2022

to

September

30,

2023,

addressing

the

operation

of

the

Program,

assessing

the

Program’s

adequacy

and

effectiveness

and

describing

any

material

changes

made

to

the

Program.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(Unaudited)

(continued)

28

Assessment

of

Program

In

the

opinion

of

the

Program

Administrator,

the

Program

approved

by

the

Board

continues

to

be

adequate

for

the

funds

and

the

Program

has

been

implemented

effectively.

The

Program

Administrator

has

monitored

each

fund’s

liquidity

risk

and

the

liquidity

classification

of

the

securities

held

by

the

funds

and

has

determined

that

the

Program

is

operating

effectively.

During

the

period

from

October

31,

2022

to

September

30,

2023,

there

were

no

material

changes

to

the

Program

and

no

material

liquidity

events

that

impacted

the

funds.

During

the

period,

each

fund

held

sufficient

highly

liquid

assets

to

meet

fund

redemptions.

Under

normal

expected

foreseeable

fund

redemption

forecasts

and

foreseeable

stressed

fund

redemption

forecasts,

the

Program

Administrator

believes

that

each

fund

maintains

sufficient

highly

liquid

assets

to

meet

expected

fund

redemptions.

BOARD

MEMBERS

INFORMATION

(Unaudited)

INDEPENDENT

BOARD

MEMBERS

29

J.

Charles

Cardona

(68)

Chairman

of

the

Board

(2020)

Principal

Occupation

During

Past

5

Years:

BNY

Mellon

Family

of

Funds,

Interested

Director

(2014-2018),

Independent

Director

(2019-Present)

BNY

Mellon

Liquidity

Funds,

Director

(2004-Present)

and

Chairman

(2019-2021)

No.

of

Portfolios

for

which

Board

Member

Serves:

35,

including

19

managed

by

an

affiliate

of

the

Adviser

Kristen

M.

Dickey

(63)

Board

Member

(2020)

Principal

Occupation

During

Past

5

Years:

Independent

board

director

of

Marstone,

Inc.,

a

financial

technology

company

(since

2018);

Lead

non-executive

director

for

Aperture

Investors,

LLC,

an

investment

management

firm

(since

2018);

Managing

Director—Global

Head

of

Index

Strategy

at

BlackRock,

Inc.

(until

2017).

No.

of

Portfolios

for

which

Board

Member

Serves:

13

F.

Jack

Liebau,

Jr.

(60)

Board

Member

(2020)

Principal

Occupation

During

Past

5

Years:

Managing

Director

at

Beach

Investment

Counsel,

a

financial

advisory

firm

(since

2020)

Corporate

director

(since

2015)

Other

Public

Company

Board

Memberships

During

Past

5

Years:

Myers

Industries,

an

industrial

company,

Director

(2015

–

Present)

and

Chairman

of

Board

(2016

–

Present)

STRATTEC

Security

Corp.,

an

automotive

power

and

security

solutions

company,

Director

(2023

–

Present)

and

Chairman

of

Board

(2024

–

Present)

No.

of

Portfolios

for

which

Board

Member

Serves:

13

Jill

I.

Mavro

(51)

Board

Member

(2020)

Principal

Occupation

During

Past

5

Years:

Managing

director

at

Ecoban

Securities,

LLC,

a

financial

technology

consulting

company

(since

2020)

Founder

and

Principal

of

Spoondrift

Advisory,

LLC

(since

2018);

Senior

Managing

Director,

Head

of

Strategic

Relationships

and

Member

of

SPDR

Executive

Committee

at

State

Street

Global

Advisors

(until

2018)

No.

of

Portfolios

for

which

Board

Member

Serves:

13

30

BOARD

MEMBERS

INFORMATION

(Unaudited)

(continued)

INDEPENDENT

BOARD

MEMBERS

Kevin

W.

Quinn

(64)

Board

Member

(2020)

Principal

Occupation

During

Past

5

Years:

Partner

at

PricewaterhouseCoopers,

LLC

(until

2019)

No.

of

Portfolios

for

which

Board

Member

Serves:

13

Stacy

L.

Schaus

(63)

Board

Member

(2020)

Principal

Occupation

During

Past

5

Years:

Chief

Executive

Officer

of

the

Schaus

Group

LLC,

a

consulting

firm

(since

2019);

Advisory

board

member

of

A&P

Capital,

a

consulting

firm

(from

2019-2021);

Executive

Vice

President—Defined

Contribution

Practice

Founder

at

PIMCO

Investment

Management

(until

2018).

No.

of

Portfolios

for

which

Board

Member

Serves:

13

The

address

of

the

Board

Members

and

Officers

is

c/o

BNY

Mellon

ETF

Investment

Adviser,

LLC,

240

Greenwich

Street,

New

York,

New

York

10286.

Additional

information

about

each

Board

Member

is

available

in

the

fund’s

Statement

of

Additional

Information

which

can

be

obtained

from

the

Adviser

free

of

charge

by

calling

this

toll

free

number:

1-833-383-2696.

OFFICERS

OF

THE

TRUST

(Unaudited)

31

DAVID

DIPETRILLO,

President

since

February

2020.

Vice

President

and

Director

of

BNY

Mellon

Investment

Adviser,

Inc.

since

February

2021;

Head

of

North

America

Distribution,

BNY

Mellon

Investment

Management

since

February

2023;

Head

of

North

America

Product,

BNY

Mellon

Investment

Management

from

January

2018

to

February

2023.

He

is

an

officer

of

53

investment

companies

(comprised

of

99

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

He

is

46

years

old

and

has

been

an

employee

of

BNY

Mellon

since

2005. 

PETER

M.

SULLIVAN,

Chief

Legal

Officer

since

July

2021,

Vice

President

and

Assistant

Secretary

since

February

2020.

Chief

Legal

Officer

of

BNY

Mellon

Investment

Adviser,

Inc.

and

Associate

General

Counsel

of

BNY

Mellon

since

July

2021;

Senior

Managing

Counsel

of

BNY

Mellon

from

December

2020

to

July

2021;

and

Managing

Counsel

of

BNY

Mellon

from

March

2009

to

December

2020.

He

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

He

is

55

years

old

and

has

been

an

employee

of

BNY

Mellon

since

April

2004.

JAMES

WINDELS,

Treasurer

since

February

2020.

Director

of

BNY

Mellon

Investment

Adviser,

Inc.

since

February

2023;

Vice

President

of

BNY

Mellon

Investment

Adviser,

Inc.

since

September

2020;

and

Director

–

BNY

Mellon

Fund

Administration.

 He

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

He

is

65

years

old

and

has

been

an

employee

of

BNY

Mellon

Investment

Adviser,

Inc.,

an

affiliate

of

the

Adviser,

since

April

1985.

SARAH

S.

KELLEHER,

Vice

President

and

Secretary

since

February

2020.

Vice

President

of

BNY

Mellon

ETF

Investment

Adviser,

LLC

since

February

2020;

Senior

Managing

Counsel

of

BNY

Mellon

since

September

2021;

and

Managing

Counsel

of

BNY

Mellon

from

December

2017

to

September

2021. 

She

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

She

is

48

years

old

and

has

been

an

employee

of

BNY

Mellon

since

March

2013.

JAMES

BITETTO,

Vice

President

and

Assistant

Secretary

since

February

2020.

Senior

Managing

Counsel

of

BNY

Mellon

since

December

2019;

Managing

Counsel

of

BNY

Mellon

from

April

2014

to

December

2019;

and

Secretary

of

BNY

Mellon

Investment

Adviser,

Inc.

He

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

He

is

57

years

old

and

has

been

an

employee

of

BNY

Mellon

Investment

Adviser,

Inc.,

an

affiliate

of

the

Adviser,

since

December

1996.

DEIRDRE

CUNNANE,

Vice

President

and

Assistant

Secretary

since

February

2020.

Managing

Counsel

of

BNY

Mellon

since

December

2021;

and

Counsel

of

BNY

Mellon

from

August

2018

to

December

2021.

She

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

She

is

32

years

old

and

has

been

an

employee

of

BNY

Mellon

Investment

Adviser,

Inc.,

an

affiliate

of

the

Adviser,

since

August

2018.

JEFF

PRUSNOFSKY,

Vice

President

and

Assistant

Secretary

since

February

2020.

Senior

Managing

Counsel

of

BNY

Mellon.

He

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

He

is

58

years

old

and

has

been

an

employee

of

BNY

Mellon

Investment

Adviser,

Inc.,

an

affiliate

of

the

Adviser,

since

October

1990.

OFFICERS

OF

THE

TRUST

(Unaudited)

(continued)

32

AMANDA

QUINN,

Vice

President

and

Assistant

Secretary

since

February

2020.

Counsel

of

BNY

Mellon

since

June

2019;

and

Regulatory

Administration

Manager

at

BNY

Mellon

Investment

Management

Services from

September

2018

to

May

2019.

She

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

She

is

38

years

old

and

has

been

an

employee

of

BNY

Mellon

since

June

2012.

JOANNE

SKERRETT,

Vice

President

and

Assistant

Secretary

since

March

2023.

Managing

Counsel

of

BNY

Mellon

since

June

2022;

and

Senior

Counsel

with

the

Mutual

Fund

Directors

Forum,

a

leading

funds

industry

organization,

from

2016

to

June

2022. 

She

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

She

is

51

years

old

and

has

been

an

employee

of

BNY

Mellon

Investment

Adviser,

Inc.,

an

affiliate

of

the

Adviser,

since

June

2022.

DANIEL

GOLDSTEIN,

Vice

President

since

March

2022

Head

of

Product

Development

of

North

America

Distribution,

BNY

Mellon

Investment

Management

since

January

2018;

Executive

Vice

President

of

North

America

Product,

BNY

Mellon

Investment

Management

since

April

2023;

and

Senior

Vice

President,

Development

&

Oversight

of

North

America

Product,

BNY

Mellon

Investment

Management

from

2010

to

March

2023.

He

is

an

officer

of

53

investment

companies

(comprised

of

99

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

He

is

54

years

old

and

has

been

an

employee

of

the

Distributor

since

1991.

JOSEPH

MARTELLA,

Vice

President

since

March

2022

Vice

President

of

BNY

Mellon

Investment

Adviser,

Inc.

since

December

2022;

Head

of

Product

Management

of

North

America

Distribution,

BNY

Mellon

Investment

Management

since

January

2018;

Executive

Vice

President

of

North

America

Product,

BNY

Mellon

Investment

Management

since

April

2023,

and

Senior

Vice

President

of

North

America

Product,

BNY

Mellon

Investment

Management

from

2010

to

March

2023.

He

is

an

officer

of

53

investment

companies

(comprised

of

99

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

He

is

47

years

old

and

has

been

an

employee

of

the

Distributor

since

1999.

GAVIN

C.

REILLY,

Assistant

Treasurer

since

February

2020.

Tax

Manager-BNY

Mellon

Fund

Administration.

He

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

He

is

55

years

old

and

has

been

an

employee

of

BNY

Mellon

Investment

Adviser,

Inc.,

an

affiliate

of

the

Adviser,

since

April

1991.

ROBERT

SALVIOLO,

Assistant

Treasurer

since

February

2020.

Senior

Accounting

Manager

–

BNY

Mellon

Fund

Administration.

He

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

He

is

56

years

old

and

has

been

an

employee

of

BNY

Mellon

Investment

Adviser,

Inc.,

an

affiliate

of

the

Adviser,

since

June

1989.

ROBERT

SVAGNA,

Assistant

Treasurer

since

February

2020.

Senior

Accounting

Manager

–

BNY

Mellon

Fund

Administration.

He

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser. 

He

is

56

years

old

and

has

been

an

employee

of

BNY

Mellon

Investment

Adviser,

Inc.,

an

affiliate

of

the

Adviser,

since

November

1990.

33

NATALYA

ZELENSKY,

Vice

President

and

Assistant

Secretary

since

February

2020

and

Chief

Compliance

Officer

since

August

2021.

Chief

Compliance

Officer

since

August

2021

and

Vice

President

since

February

2020

of

BNY

Mellon

ETF

Investment

Adviser,

LLC;

Managing

Counsel

of

BNY

Mellon

from

December

2019

to

August

2021;

Counsel

of

BNY

Mellon

from

May

2016

to

December

2019;

and

Assistant

Secretary

of

BNY

Mellon

Investment

Adviser,

Inc.

from

April

2018

to

August

2021.

She

is

an

officer

of

54

investment

companies

(comprised

of

117

portfolios)

managed

by

the

Adviser or

an

affiliate

of

the

Adviser.

She

is

38

years

old

and

has

been

an

employee

of

BNY

Mellon

since

May

2016.

CARIDAD

M.

CAROSELLA,

Anti-Money

Laundering

Compliance

Officer

since

February

2020.

Anti-Money

Laundering

Compliance

Officer

of

the

BNY

Mellon

Family

of

Funds

and

BNY

Mellon

Funds

Trust.

She

is

an

officer

of

47

investment

companies

(comprised

of

110

portfolios)

managed

by

the

Adviser

or

an

affiliate

of

the

Adviser.

She

is

55

years

old

and

has

been

an

employee

of

the

Distributor

since

1997.

For

More

Information

2024

BNY

Mellon

Securities

Corporation

4868AR0224

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.

(a)        As of the period ended February 29, 2024 (the “Reporting Period”), the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer, controller or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

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

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a)        Audit Fees

The aggregate fees billed for the period May 18, 2023 (commencement of operations) through February 29, 2024 for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements was $39,536. 

(b)        Audit-Related Fees

The aggregate fees billed for the period May 18, 2023 (commencement of operations) through February 29, 2024 for assurance and related services rendered to the Registrant by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item was $12,484. These services consisted of security counts required by Rule 17f-2 under the 1940 Act.

(c)        Tax Fees

The aggregate fees billed for the period May 18, 2023 (commencement of operations) through February 29, 2024 for professional services rendered to the Registrant by the principal accountant for tax compliance, tax advice and tax planning was $7,908. These services consisted

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

.

(d)       All Other Fees

The aggregate fees billed for the period May 18, 2023 (commencement of operations) through February 29, 2024 for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item was $0.

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

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

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

(g)        The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant for the period May 18, 2023 (commencement of operations) through February 29, 2024 of the Registrant was $280,962.

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

(i)         Not applicable.

(j)         Not applicable.

Item 5. Audit Committee of Listed Registrants.

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

(b)        Not applicable.

Item 6. Investments.

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

(b)        Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a)

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

(b)

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

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

Not applicable.

Item 13. Exhibits.

(a)(1)  

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

(a)(2)  

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

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

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

(b)        

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

SIGNATURES

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

(Registrant)                             BNY Mellon ETF Trust                                                         

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

                                                (Principal Executive Officer)

Date    04/23/2024                             

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    04/23/2024      ___________

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

                                                (Principal Financial and Accounting Officer)

Date    04/22/2024                             

*

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