STATEMENT
OF
INVESTMENTS
March
31,
2024
(Unaudited)
1
Description
Principal
Amount
($)
Value
($)
Asset-Backed
Securities
–
0.8%
Ford
Credit
Floorplan
Master
Owner
Trust,
Series
2019-2,
Class
A,
3.06%,
4/15/2026
300,000
299,679
Honda
Auto
Receivables
Owner
Trust,
Series
2021-3,
Class
A3,
0.41%,
11/18/2025
131,802
129,129
World
Omni
Automobile
Lease
Securitization
Trust,
Series
2022-A,
Class
A3,
3.21%,
2/18/2025
129,596
129,230
Total
Asset-Backed
Securities
(cost
$580,714)
558,038
Commercial
Paper
–
46.7%
Atlantic
Asset
Securitization
LLC
5.58%,
4/01/2024
(a)(b)
450,000
449,734
5.41%,
5/14/2024
(a)(b)
1,000,000
984,462
Bank
of
Montreal,
5.48%,
9/04/2024
(a)(b)
1,400,000
1,367,136
CAFCO
LLC,
5.69%,
4/30/2024
(a)(b)
1,250,000
1,243,853
Commonwealth
Bank
of
Australia,
5.22%,
10/16/2024
(a)(b)
1,600,000
1,553,893
Credit
Industriel
et
Commercial,
5.28%,
10/09/2024
(a)(b)
1,000,000
970,893
DNB
ASA,
5.47%,
6/20/2024
(b)
2,000,000
1,975,305
Gotham
Funding
Corp.,
5.56%,
4/01/2024
(a)(b)
1,200,000
1,199,291
HSBC
Bank
PLC,
5.98%
(1
Month
SOFR
+
0.66%),
6/21/2024
(a)(c)
460,000
460,548
ING
(U.S.)
Funding
LLC
5.63%,
6/03/2024
(a)(b)
1,250,000
1,237,524
5.40%,
9/05/2024
(b)
500,000
488,174
Liberty
Street
Funding
Corp.,
5.53%,
5/20/2024
(a)(b)
1,000,000
973,573
LMA
SA/LMA-Americas
LLC,
5.89%,
4/11/2024
(a)(b)
800,000
798,331
Macqurie
Bank
Ltd.,
5.29%,
9/16/2024
(a)(b)
2,000,000
1,948,989
MetLife,
5.44%
(1
Month
SOFR
+
0.12%),
8/16/2024
(a)(c)
1,500,000
1,499,801
MUFG
Bank
Ltd.,
5.79%,
5/20/2024
(b)
500,000
496,098
Natixis
SA,
5.45%,
8/05/2024
(b)
2,000,000
1,961,862
Old
Line
Funding
LLC,
5.56%
(1
Month
SOFR
+
0.24%),
8/01/2024
(a)(c)
1,850,000
1,850,952
Oversea-Chinese
Banking
Corp.
Ltd.,
5.50%,
6/21/2024
(b)
2,500,000
2,468,497
Standard
Chartered
Bank,
5.26%,
10/01/2024
(a)(b)
1,500,000
1,458,872
Starbird
Funding
Corp.,
5.56%,
6/18/2024
(a)(b)
2,000,000
1,975,593
Svenska
Handelsbanken
AB
5.45%,
6/03/2024
(a)(b)
1,500,000
1,485,318
6.02%,
9/18/2024
(b)
425,000
414,221
Swedbank
AB
5.40%,
7/17/2024
(b)
2,000,000
1,967,241
5.37%,
3/13/2025
(a)(b)
750,000
712,983
Toronto-Dominion
Bank
(The),
5.88%
(3
Month
SOFR
+
0.56%),
10/28/2024
(a)(c)
350,000
350,652
United
Overseas
Bank
Ltd.,
5.55%
(1
Month
SOFR
+
0.20%),
9/30/2024
(a)(c)
2,000,000
2,000,000
Westpac
Banking
Corp.,
5.79%,
11/14/2024
(b)
500,000
483,444
Total
Commercial
Paper
(cost
$34,796,729)
34,777,240
STATEMENT
OF
INVESTMENTS
(continued)
2
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
35.1%
Auto
Manufacturers
–
2.8%
American
Honda
Finance
Corp.
,
1.30%
,
9/09/2026
300,000
274,940
BMW
US
Capital
LLC
,
5.74%
(
3
Month
SOFRIX
+
0.38%
)
,
8/12/2024
(a)(c)
300,000
300,344
General
Motors
Financial
Co.,
Inc.
,
5.40%
,
4/06/2026
250,000
250,170
Mercedes-Benz
Finance
North
America
LLC
5.20%,
8/03/2026
(a)
325,000
325,848
3.45%,
1/06/2027
(a)
325,000
313,122
PACCAR
Financial
Corp.
,
3.55%
,
8/11/2025
300,000
294,000
Toyota
Motor
Credit
Corp.
,
5.67%
(
3
Month
SOFR
+
0.32%
)
,
1/13/2025
(c)
300,000
300,431
2,058,855
Banks
–
19.8%
ANZ
New
Zealand
Int'l
Ltd.
,
5.96%
(
3
Month
SOFR
+
0.60%
)
,
2/18/2025
(a)(c)
300,000
300,826
ASB
Bank
Ltd.
,
3.13%
,
5/23/2024
(a)
350,000
348,763
Banco
Santander
SA
,
6.60%
(
3
Month
SOFR
+
1.24%
)
,
5/24/2024
(c)
350,000
350,499
Bank
of
America
NA
,
5.53%
,
8/18/2026
300,000
303,114
Bank
of
Montreal
6.43%
(3
Month
SOFRIX
+
1.06%),
6/07/2025
(c)
350,000
352,900
5.27%,
12/11/2026
325,000
326,544
Bank
of
Nova
Scotia
(The)
5.81%
(3
Month
SOFR
+
0.46%),
1/10/2025
(c)
300,000
300,376
5.35%,
12/07/2026
750,000
754,071
Canadian
Imperial
Bank
of
Commerce
3.95%,
8/04/2025
275,000
270,168
6.60%
(3
Month
SOFR
+
1.22%),
10/02/2026
(c)
375,000
379,243
Chariot
Funding
LLC
,
5.67%
,
7/01/2024
(a)
750,000
750,117
Citigroup,
Inc.
6.03%
(3
Month
SOFR
+
0.67%),
5/01/2025
(c)
300,000
300,130
6.90%
(3
Month
SOFR
+
1.53%),
3/17/2026
(c)
300,000
302,776
Commonwealth
Bank
of
Australia
,
6.12%
(
3
Month
SOFR
+
0.75%
)
,
3/13/2026
(a)(c)
350,000
351,557
Goldman
Sachs
Group,
Inc.
(The)
,
6.16%
(
3
Month
SOFR
+
0.79%
)
,
12/09/2026
(c)
725,000
726,665
JPMorgan
Chase
&
Co.
,
6.67%
(
3
Month
SOFR
+
1.32%
)
,
4/26/2026
(c)
300,000
302,731
JPMorgan
Chase
Bank
NA
,
5.11%
,
12/08/2026
325,000
326,017
KeyBank
NA
,
4.70%
,
1/26/2026
300,000
293,153
Manufacturers
&
Traders
Trust
Co.
,
4.65%
,
1/27/2026
300,000
293,632
Mitsubishi
UFJ
Financial
Group,
Inc.
,
6.75%
(
3
Month
SOFR
+
1.39%
)
,
9/12/2025
(c)
350,000
351,609
Morgan
Stanley
Bank
NA
,
6.52%
(
3
Month
SOFR
+
1.17%
)
,
10/30/2026
(c)
500,000
507,368
National
Australia
Bank
Ltd.
5.73%
(3
Month
SOFR
+
0.38%),
1/12/2025
(a)(c)
300,000
300,269
3
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
35.1%
(continued)
Banks
–
19.8%
(continued)
National
Australia
Bank
Ltd.
(continued)
1.89%,
1/12/2027
(a)
375,000
346,339
National
Bank
of
Canada
,
5.25%
,
1/17/2025
300,000
299,364
NatWest
Markets
PLC
5.89%
(3
Month
SOFR
+
0.53%),
8/12/2024
(a)(c)
350,000
350,115
1.60%,
9/29/2026
(a)
225,000
205,773
Nordea
Bank
Abp
,
0.63%
,
5/24/2024
(a)
300,000
297,871
PNC
Financial
Services
Group,
Inc.
(The)
,
2.60%
,
7/23/2026
325,000
307,660
Royal
Bank
of
Canada
,
Series
G
,
5.79%
(
3
Month
SOFRIX
+
0.44%
)
,
1/21/2025
(c)
300,000
300,301
Standard
Chartered
PLC
,
7.12%
(
3
Month
SOFR
+
1.74%
)
,
3/30/2026
(a)(c)
350,000
352,508
State
Street
Corp.
3.55%,
8/18/2025
98,000
96,052
5.27%,
8/03/2026
225,000
226,265
6.20%
(3
Month
SOFRIX
+
0.85%),
8/03/2026
(c)
350,000
351,860
Sumitomo
Mitsui
Financial
Group,
Inc.
,
1.40%
,
9/17/2026
300,000
274,355
Sumitomo
Mitsui
Trust
Bank
Ltd.
5.81%
(3
Month
SOFR
+
0.44%),
9/16/2024
(a)(c)
300,000
300,235
6.49%
(3
Month
SOFR
+
1.12%),
3/09/2026
(a)(c)
300,000
302,245
5.65%,
9/14/2026
(a)
325,000
328,222
Toronto-Dominion
Bank
(The)
5.72%
(3
Month
SOFR
+
0.35%),
9/10/2024
(c)
300,000
300,178
5.53%,
7/17/2026
200,000
201,825
Truist
Bank
,
3.20%
,
4/01/2024
300,000
300,000
Truist
Financial
Corp.
,
5.77%
(
3
Month
SOFR
+
0.40%
)
,
6/09/2025
(c)
200,000
199,541
US
Bancorp
,
Series
V
,
2.38%
,
7/22/2026
325,000
306,305
Wells
Fargo
&
Co.
,
3.00%
,
2/19/2025
300,000
293,563
Westpac
Banking
Corp.
,
5.66%
(
3
Month
SOFR
+
0.30%
)
,
11/18/2024
(c)
300,000
300,202
14,733,307
Computers
–
0.4%
International
Business
Machines
Corp.
,
4.00%
,
7/27/2025
300,000
295,394
295,394
Diversified
Financial
Services
–
1.2%
American
Express
Co.
,
6.12%
(
3
Month
SOFR
+
0.76%
)
,
2/13/2026
(c)
250,000
250,720
Charles
Schwab
Corp.
(The)
5.88%
(3
Month
SOFRIX
+
0.52%),
5/13/2026
(c)
300,000
299,741
5.88%,
8/24/2026
350,000
355,921
906,382
STATEMENT
OF
INVESTMENTS
(continued)
4
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
35.1%
(continued)
Healthcare-Services
–
0.9%
Roche
Holdings,
Inc.
,
6.10%
(
3
Month
SOFR
+
0.74%
)
,
11/13/2026
(a)(c)
650,000
652,540
652,540
Insurance
–
0.4%
Prudential
Financial,
Inc.
,
1.50%
,
3/10/2026
300,000
280,882
280,882
Machinery-Diversified
–
0.8%
John
Deere
Capital
Corp.
4.80%,
1/09/2026
300,000
299,262
1.70%,
1/11/2027
350,000
321,882
621,144
Media
–
0.9%
Comcast
Corp.
,
2.35%
,
1/15/2027
750,000
701,734
701,734
Oil
&
Gas
–
0.4%
BP
Capital
Markets
America,
Inc.
,
3.41%
,
2/11/2026
300,000
291,785
291,785
Pharmaceuticals
–
3.2%
AbbVie,
Inc.
,
2.95%
,
11/21/2026
350,000
333,399
AstraZeneca
Finance
LLC
,
0.70%
,
5/28/2024
300,000
297,766
Cigna
Group
(The)
,
5.69%
,
3/15/2026
650,000
649,948
CVS
Health
Corp.
,
3.00%
,
8/15/2026
300,000
286,036
GlaxoSmithKline
Capital
PLC
,
3.00%
,
6/01/2024
300,000
298,670
Pfizer
Investment
Enterprises
Pte
Ltd.
,
4.45%
,
5/19/2026
250,000
247,481
Shire
Acquisitions
Investments
Ireland
DAC
,
3.20%
,
9/23/2026
300,000
287,012
2,400,312
Real
Estate
–
0.9%
Simon
Property
Group
LP
,
1.38%
,
1/15/2027
725,000
659,822
659,822
Retail
–
1.3%
Target
Corp.
,
1.95%
,
1/15/2027
700,000
650,874
Walmart,
Inc.
,
3.90%
,
9/09/2025
300,000
295,802
946,676
Semiconductors
–
0.4%
Intel
Corp.
,
3.70%
,
7/29/2025
300,000
294,133
294,133
Software
–
0.8%
Oracle
Corp.
,
2.65%
,
7/15/2026
300,000
283,982
Salesforce,
Inc.
,
0.63%
,
7/15/2024
300,000
295,866
579,848
5
See
Notes
to
Statement
of
Investments
Description
Principal
Amount
($)
Value
($)
Corporate
Bonds
–
35.1%
(continued)
Telecommunications
–
0.9%
AT&T,
Inc.
,
4.25%
,
3/01/2027
700,000
687,448
687,448
Total
Corporate
Bonds
(cost
$26,129,178)
26,110,262
U.S.
Treasury
Government
Securities
–
6.6%
U.S.
Treasury
Notes
3.13%,
8/15/2025
2,500,000
2,443,408
4.88%,
11/30/2025
2,500,000
2,504,004
Total
U.S.
Treasury
Government
Securities
(cost
$4,976,052)
4,947,412
Shares
Investment
Companies
–
7.7%
Registered
Investment
Companies
–
7.7%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.28%
(d)(e)
(cost
$5,756,059)
5,756,059
5,756,059
Total
Investments
(cost
$72,238,732)
96.9%
72,149,011
Cash
and
Receivables
(Net)
3.1%
2,274,163
Net
Assets
100.0%
74,423,174
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
March
31,
2024,
these
securities
were
valued
at
$30,649,092
or
41.18%
of
net
assets.
(b)
Security
is
a
discount
security.
Income
is
recognized
through
the
accretion
of
discount.
(c)
Variable
rate
security
-
rate
shown
is
the
interest
rate
in
effect
at
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(d)
Investment
in
affiliated
issuer.
The
investment
objective
of
this
investment
company
is
publicly
available
and
can
be
found
within
the
investment
company’s
prospectus.
(e)
The
rate
shown
is
the
1-day
yield
as
of
March
31,
2024.
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 March
31,
2024
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 March
31,
2024,
accumulated
net
unrealized
depreciation on
investments
was
$89,721,
consisting
of
gross
appreciation
of
$79,829
and
gross
depreciation
of
$169,550.
At
March
31,
2024,
the
cost
of
investments
for
federal
income
tax
purposes
was
substantially
the
same
as
the
cost
for
financial
reporting
purposes
(see
the
Statement
of
Investments).
Level
1
-
Unadjusted
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Total
Assets
($)
Investments
In
Securities:
†
Asset-Backed
Securities
—
558,038
—
558,038
Commercial
Paper
—
34,777,240
—
34,777,240
Corporate
Bonds
—
26,110,262
—
26,110,262
U.S.
Treasury
Government
Securities
—
4,947,412
—
4,947,412
Investment
Companies
5,756,059
—
—
5,756,059
†
See
Statement
of
Investments
for
additional
detailed
categorizations,
if
any.