STATEMENT
OF
INVESTMENTS
September
30,
2023
(Unaudited)
1
Description
Principal
Amount
($)
Value
($)
Asset-Backed
Securities
–
5.5%
Ford
Credit
Auto
Lease
Trust,
Series
2021-B,
Class
A4,
0.40%,
12/15/2024
350,000
348,704
Ford
Credit
Floorplan
Master
Owner
Trust,
Series
2019-2,
Class
A,
3.06%,
4/15/2026
300,000
295,355
Honda
Auto
Receivables
Owner
Trust,
Series
2021-3,
Class
A3,
0.41%,
11/18/2025
233,140
225,813
Hyundai
Auto
Lease
Securitization
Trust,
Series
2021-C,
Class
A4,
0.48%,
9/15/2025
(a)
350,000
344,450
Oscar
US
Funding
XII
LLC,
Series
2021-1A,
Class
A3,
0.70%,
4/10/2025
(a)
118,389
117,047
World
Omni
Automobile
Lease
Securitization
Trust,
Series
2022-A,
Class
A3,
3.21%,
2/18/2025
300,000
296,494
Total
Asset-Backed
Securities
(cost
$1,671,015)
1,627,863
Commercial
Paper
–
28.2%
Credit
Industriel
et
Commercial,
5.84%,
3/06/2024
(a)(b)
900,000
877,565
HSBC
Bank
PLC,
5.98%
(1
Month
SOFR
+
0.66%),
6/21/2024
(a)(c)
460,000
460,539
Liberty
Street
Funding
LLC,
5.87%,
2/12/2024
(a)(b)
700,000
685,255
LMA
SA/LMA-Americas
LLC
5.47%,
10/12/2023
(a)(b)
275,000
274,465
5.84%,
1/22/2024
(a)(b)
250,000
245,556
Macquarie
Bank
Ltd.,
5.72%
(1
Month
SOFR
+
0.40%),
1/22/2024
(a)(c)
700,000
700,263
Manhattan
Asset
Funding
Co.,
LLC,
5.73%,
12/06/2023
(a)(b)
375,000
371,121
Old
Line
Funding
LLC,
5.82%
(1
Month
SOFR
+
0.50%),
3/04/2024
(a)(c)
275,000
275,161
Sheffield
Receivables
Corp.,
5.47%,
10/10/2023
(a)(b)
850,000
848,608
Skandinaviska
Enskilda
Banken,
5.70%
(1
M
onth
SOFR
+
0.38%),
3/04/2024
(a)(c)
500,000
500,222
Societe
Generale
SA,
5.89%,
3/13/2024
(a)(b)
675,000
657,738
Starbird
Funding
Corp.,
5.53%
(1
Month
SOFR
+
0.22%),
12/08/2023
(a)(c)
900,000
900,053
Swedbank
AB,
5.78%
(1
Month
SOFR
+
0.47%),
12/19/2023
(c)
900,000
900,576
Westpac
Banking
Corp.,
5.64%
(1
Month
SOFR
+
0.33%),
11/27/2023
(a)(c)
650,000
650,180
Total
Commercial
Paper
(cost
$8,244,605)
8,347,302
Corporate
Bonds
–
65.2%
Auto
Manufacturers
–
6.8%
American
Honda
Finance
Corp.
2.90%,
2/16/2024
300,000
296,698
1.30%,
9/09/2026
300,000
266,334
BMW
US
Capital
LLC,
5.72%
(3
Month
SOFRIX
+
0.38%),
8/12/2024
(a)(c)
300,000
299,797
General
Motors
Financial
Co.,
Inc.,
5.40%,
4/06/2026
250,000
244,892
Mercedes-Benz
Finance
North
America
LLC,
5.20%,
8/03/2026
(a)
325,000
321,831
PACCAR
Financial
Corp.,
3.55%,
8/11/2025
300,000
290,361
STATEMENT
OF
INVESTMENTS
(continued)
2
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
65.2%
(continued)
Auto
Manufacturers
–
6.8%
(continued)
Toyota
Motor
Credit
Corp.,
5.62%
(3
Month
SOFR
+
0.32%),
1/13/2025
(c)
300,000
299,420
2,019,333
Banks
–
40.8%
ANZ
New
Zealand
Int'l
Ltd.,
5.94%
(3
Month
SOFR
+
0.60%),
2/18/2025
(a)(c)
300,000
299,704
ASB
Bank
Ltd.,
3.13%,
5/23/2024
(a)
350,000
343,989
Banco
Santander
SA,
6.58%
(3
Month
SOFR
+
1.24%),
5/24/2024
(c)
350,000
351,641
Bank
of
America
NA,
5.53%,
8/18/2026
300,000
298,649
Bank
of
Montreal
5.69%
(3
Month
SOFRIX
+
0.35%),
12/08/2023
(c)
350,000
350,007
6.40%
(3
Month
SOFRIX
+
1.06%),
6/07/2025
(c)
350,000
350,994
Bank
of
Nova
Scotia
(The),
5.74%
(3
Month
SOFR
+
0.46%),
1/10/2025
(c)
300,000
298,335
Canadian
Imperial
Bank
of
Commerce
5.74%
(3
Month
SOFRIX
+
0.40%),
12/14/2023
(c)
300,000
300,033
3.95%,
8/04/2025
275,000
265,614
Citigroup,
Inc.,
6.01%
(3
Month
SOFR
+
0.67%),
5/01/2025
(c)
300,000
299,618
Commonwealth
Bank
of
Australia,
6.09%
(3
Month
SOFR
+
0.75%),
3/13/2026
(a)(c)
350,000
351,581
Goldman
Sachs
Group,
Inc.
(The),
6.02%
(3
Month
SOFR
+
0.70%),
1/24/2025
(c)
200,000
199,354
HSBC
Holdings
PLC,
5.92%
(3
Month
SOFR
+
0.58%),
11/22/2024
(c)
350,000
350,018
JPMorgan
Chase
&
Co.,
6.65%
(3
Month
SOFR
+
1.32%),
4/26/2026
(c)
300,000
302,072
Keybank
NA/Cleveland
Oh,
4.70%,
1/26/2026
300,000
284,572
Manufacturers
&
Traders
Trust
Co.,
4.65%,
1/27/2026
300,000
286,023
Mitsubishi
UFJ
Financial
Group,
Inc.,
6.73%
(3
Month
SOFR
+
1.39%),
9/12/2025
(c)
350,000
352,676
Morgan
Stanley,
5.96%
(3
Month
SOFR
+
0.63%),
1/24/2025
(c)
300,000
299,513
National
Australia
Bank
Ltd.,
5.67%
(3
Month
SOFR
+
0.38%),
1/12/2025
(a)(c)
300,000
299,614
National
Bank
of
Canada,
5.25%,
1/17/2025
300,000
297,780
Natwest
Markets
PLC,
5.87%
(3
Month
SOFR
+
0.53%),
8/12/2024
(a)(c)
350,000
348,954
Nordea
Bank
Abp,
0.63%,
5/24/2024
(a)
300,000
290,116
PNC
Financial
Services
Group,
Inc.
(The)
3.50%,
1/23/2024
300,000
297,736
2.60%,
7/23/2026
325,000
300,137
Royal
Bank
of
Canada,
Series
G,
5.76%
(3
Month
SOFRIX
+
0.44%),
1/21/2025
(c)
300,000
298,699
Standard
Chartered
PLC,
7.09%
(3
Month
SOFR
+
1.74%),
3/30/2026
(a)(c)
350,000
352,201
3
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
65.2%
(continued)
Banks
–
40.8%
(continued)
State
Street
Corp.
3.55%,
8/18/2025
98,000
94,182
5.27%,
8/03/2026
225,000
222,940
Sumitomo
Mitsui
Financial
Group,
Inc.
0.51%,
1/12/2024
300,000
295,577
1.40%,
9/17/2026
300,000
263,958
Sumitomo
Mitsui
Trust
Bank
Ltd.
5.78%
(3
Month
SOFR
+
0.44%),
9/16/2024
(a)(c)
300,000
299,293
5.65%,
9/14/2026
(a)
325,000
323,821
Svenska
Handelsbanken
AB,
3.90%,
11/20/2023
300,000
299,162
Toronto-Dominion
Bank
(The)
5.69%
(3
Month
SOFR
+
0.35%),
9/10/2024
(c)
300,000
299,339
5.53%,
7/17/2026
200,000
198,605
Truist
Bank,
3.20%,
4/01/2024
300,000
295,542
Truist
Financial
Corp.,
5.74%
(3
Month
SOFR
+
0.40%),
6/09/2025
(c)
200,000
195,617
UBS
AG,
0.45%,
2/09/2024
(a)
300,000
294,148
US
Bancorp,
Series
V,
2.38%,
7/22/2026
325,000
296,827
Wells
Fargo
&
Co.,
3.00%,
2/19/2025
300,000
288,308
Westpac
Banking
Corp.,
5.64%
(3
Month
SOFR
+
0.30%),
11/18/2024
(c)
300,000
299,161
12,036,110
Computers
–
1.0%
International
Business
Machines
Corp.,
4.00%,
7/27/2025
300,000
292,231
292,231
Diversified
Financial
Services
–
3.0%
American
Express
Co.
3.40%,
2/22/2024
300,000
297,015
6.10%
(3
Month
SOFR
+
0.76%),
2/13/2026
(c)
250,000
249,359
Charles
Schwab
Corp.
(The),
5.84%
(3
Month
SOFRIX
+
0.50%),
3/18/2024
(c)
350,000
349,608
895,982
Food
–
1.0%
Mondelez
International,
Inc.,
2.13%,
3/17/2024
300,000
294,980
294,980
Insurance
–
0.9%
Prudential
Financial,
Inc.,
1.50%,
3/10/2026
300,000
272,288
272,288
Machinery-Construction
&
Mining
–
1.0%
Caterpillar
Financial
Services
Corp.,
5.45%
(3
Month
SOFR
+
0.17%),
1/10/2024
(c)
300,000
299,939
299,939
STATEMENT
OF
INVESTMENTS
(continued)
4
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
65.2%
(continued)
Machinery-Diversified
–
2.0%
John
Deere
Capital
Corp.
0.45%,
1/17/2024
300,000
295,452
4.80%,
1/09/2026
300,000
296,597
592,049
Oil
&
Gas
–
1.0%
BP
Capital
Markets
America,
Inc.,
3.41%,
2/11/2026
300,000
286,856
286,856
Pharmaceuticals
–
3.8%
AstraZeneca
Finance
LLC,
0.70%,
5/28/2024
300,000
290,342
CVS
Health
Corp.,
3.00%,
8/15/2026
300,000
279,047
GlaxoSmithKline
Capital
PLC,
3.00%,
6/01/2024
300,000
294,861
Pfizer
Investment
Enterprises
Pte
Ltd.,
4.45%,
5/19/2026
250,000
244,276
1,108,526
Retail
–
1.0%
Walmart,
Inc.,
3.90%,
9/09/2025
300,000
292,555
292,555
Semiconductors
–
1.0%
Intel
Corp.,
3.70%,
7/29/2025
300,000
290,512
290,512
Software
–
1.9%
Oracle
Corp.,
2.65%,
7/15/2026
300,000
276,707
Salesforce,
Inc.,
0.63%,
7/15/2024
300,000
288,413
565,120
Total
Corporate
Bonds
(cost
$19,578,326
)
19,246,481
Shares
Investment
Companies
–
0.6%
Registered
Investment
Companies
–
0.6%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.30%
(d)(e)
(cost
$166,401)
166,401
166,401
Total
Investments
(cost
$29,660,347)
99.5%
29,388,047
Cash
and
Receivables
(Net)
0.5%
142,520
Net
Assets
100.0%
29,530,567
SOFR—Secured
Overnight
Financing
Rate
SOFRIX—Secured
Overnight
Financing
Rate
Index
(a)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
September
30,
2023,
these
securities
were
valued
at
$11,733,272
or
39.73%
of
net
assets.
(b)
Security
is
a
discount
security.
Income
is
recognized
through
the
accretion
of
discount.
(c)
Variable
rate
security
-
rate
shown
is
the
interest
rate
in
effect
at
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
5
See
Notes
to
Statement
of
Investments
(d)
Investment
in
affiliated
issuer.
The
investment
objective
of
this
investment
company
is
publicly
available
and
can
be
found
within
the
investment
company’s
prospectus.
(e)
The
rate
shown
is
the
1-day
yield
as
of
September
30,
2023.
NOTES
TO
STATEMENT
OF
INVESTMENTS
(Unaudited)
6
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
Securities
and
Exchange
Commission
(“SEC”)
under
authority
of
federal
laws
are
also
sources
of
authoritative
GAAP
for
SEC
registrants. BNY
Mellon
Ultra
Short
Income
ETF (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.
(a)
Portfolio
valuation:
The
fair
value
of
a
financial
instrument
is
the
amount
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(i.e.,
the
exit
price).
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
of
valuation
techniques
used
to
measure
fair
value.
This
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Additionally,
GAAP
provides
guidance
on
determining
whether
the
volume
and
activity
in
a
market
has
decreased
significantly
and
whether
such
a
decrease
in
activity
results
in
transactions
that
are
not
orderly.
GAAP
requires
enhanced
disclosures
around
valuation
inputs
and
techniques
used
during
annual
and
interim
periods.
Various
inputs
are
used
in
determining
the
value
of
the
fund’s
investments
relating
to
fair
value
measurements.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
unadjusted
quoted
prices
in
active
markets
for
identical
investments.
Level
2
—
other
significant
observable
inputs
(including
quoted
prices
for
similar
investments,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Level
3
—
significant
unobservable
inputs
(including
the
fund’s
own
assumptions
in
determining
the
fair
value
of
investments).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Changes
in
valuation
techniques
may
result
in
transfers
in
or
out
of
an
assigned
level
within
the
disclosure
hierarchy.
Valuation
techniques
used
to
value
the
fund’s
investments
are
as
follows:
Registered
investment
companies
that
are
not
traded
on
an
exchange
are
valued
at
their
net
asset
value
and
are
generally
categorized
within
Level 1
of
the
fair
value
hierarchy.
7
BNY
Mellon
ETF
Trust’s
(the
“Trust”) Board
of
Trustees
(the
“Board”)
has
designated
the
Adviser
as
the
fund’s
valuation
designee
to
make
all
fair
value
determinations
with
respect
to
the
fund’s
portfolio
of
investments,
subject
to
the
Board’s
oversight
and
pursuant
to
Rule
2a-5
under
the
Act.
Investments
in
debt
securities
excluding
short-term
investments
(other
than
U.S.
Treasury
Bills)
are
valued
each
business
day
by
one
or
more
independent
pricing
services
(each,
a
“Service”)
approved
by the Board.
Investments
for
which
quoted
bid
prices
are
readily
available
and
are
representative
of
the
bid
side
of
the
market
in
the
judgment
of
a
Service
are
valued
at
the
mean
between
the
quoted
bid
prices
(as
obtained
by
a
Service
from
dealers
in
such
securities)
and
asked
prices
(as
calculated
by
a
Service
based
upon
its
evaluation
of
the
market
for
such
securities).
Securities
are
valued
as
determined
by
a
Service,
based
on
methods
which
include
consideration
of
the
following:
yields
or
prices
of
securities
of
comparable
quality,
coupon,
maturity
and
type;
indications
as
to
values
from
dealers;
and
general
market
conditions.
Each
Service
and
independent
valuation
firm
is
engaged
under
the
general
oversight
of
the
Board.
Overnight
and
certain
other
short-term
debt
instruments
(excluding
U.S.
Treasury
Bills)
will
be
valued
by
the
amortized
cost
method,
which
approximates
value,
unless
a
Service
provides
a
valuation
for
such
security
or,
in
the
opinion
of
the
Board
or
a
committee
or
other
persons
designated
by
the
Board,
the
amortized
cost
method
would
not
represent
fair
value. These
securities
are
generally
categorized
within
Level
2
of
the
fair
value
hierarchy.
When
market
quotations
or
official
closing
prices
are
not
readily
available,
or
are
determined
not
to
reflect
fair
value
accurately,
they are
valued
at
fair
value
as
determined
in
good
faith
based
on
procedures
approved
by
the
Board.
Fair
value
of
investments
may
be
determined
by
valuation
designee
using
such
information
as
it
deems
appropriate
under
the
circumstances.
Certain
factors
may
be
considered
when
fair
valuing
investments
such
as:
fundamental
analytical
data,
the
nature
and
duration
of
restrictions
on
disposition,
an
evaluation
of
the
forces
that
influence
the
market
in
which
the
securities
are
purchased
and
sold,
and
public
trading
in
similar
securities
of
the
issuer
or
comparable
issuers.
These
securities
are
either
categorized
within
Level
2
or
3
of
the
fair
value
hierarchy
depending
on
the
relevant
inputs
used.
For
securities
where
observable
inputs
are
limited,
assumptions
about
market
activity
and
risk
are
used
and
are
generally
categorized
within
Level
3
of
the
fair
value
hierarchy.
The
table
below
summarizes
the
inputs
used
as
of September
30,
2023
in
valuing
the
fund’s
investments:
NOTES
TO
STATEMENT
OF
INVESTMENTS
(Unaudited)
(continued)
8
Fair
Value
Measurements
Additional
investment
related
disclosures
are
hereby
incorporated
by
reference
to
the
annual
and
semi-annual
reports
previously
filed
with
the
SEC
on
Form
N-CSR.
At September
30,
2023,
accumulated
net
unrealized
depreciation on
investments
was
$272,300,
consisting
of
gross
appreciation
of
$118,308
and
gross
depreciation
of
$390,608.
At
September
30,
2023,
the
cost
of
investments
for
federal
income
tax
purposes
was
substantially
the
same
as
the
cost
for
financial
reporting
purposes
(see
the
Statement
of
Investments).
Level
1
-
Unadjusted
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Total
Assets
($)
Investments
In
Securities:
†
Asset-Backed
Securities
—
1,627,863
—
1,627,863
Commercial
Paper
—
8,347,302
—
8,347,302
Corporate
Bonds
—
19,246,481
—
19,246,481
Investment
Companies
166,401
—
—
166,401
†
See
Statement
of
Investments
for
additional
detailed
categorizations,
if
any.